SEC Contract Filing

Filing Date: 2015-07-17

Document Content:
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<TYPE>EX-10.2
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<FILENAME>condor_8kex10-2july16.htm
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Exhibit 10.2</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PURCHASE AND SALE AGREEMENT</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Courtyard by Marriott &#8211; 14402 Old St. Augustine Rd., Jacksonville, FL)</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">THIS PURCHASE AND SALE AGREEMENT</font> (including all exhibits and schedules, this &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Agreement</font>&#8221;) is made and entered into as of July 14, 2015 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Effective Date</font>&#8221;) by and among <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">PHG JAX FLAGLER, LLC</font>, a Georgia limited company (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Seller</font>&#8221;) and <font style="DISPLAY: inline; FONT-WEIGHT: bold">SUPERTEL LIMITED PARTNERSHIP</font>, a Virginia limited partnership (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Purchaser</font>&#8221; or &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Operating Partnership</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RECITALS</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Seller is the owner of the Courtyard by Marriott Jacksonville at Flagler Center, located on the Real Property and having an address of 14402 Old St. Augustine Road, Jacksonville, Florida (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Hotel</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Hotel is being managed by Peachtree Hospitality Management, LLC, a Georgia limited liability company (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Manager</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Hotel is being operated pursuant to a franchise/license agreement (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Franchise Agreement</font>&#8221;) between Seller and Marriott International (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Franchisor</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Purchaser desires to acquire the Property from Seller and Seller desires to transfer the Property to Purchaser in exchange for, among other things, cash consideration and units of limited partner interests (the &#8220;