ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT
EXHIBIT 10.3
ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, STEADFAST ASSET HOLDINGS, INC., a California corporation (“Assignor”), hereby assigns to SIR PRAIRIE WALK, LLC, a Delaware limited liability company (“Assignee”), all of Assignor’s rights and obligations under and in regard to that certain Agreement of Purchase and Sale dated November 30, 2011 (as may be amended, the “Purchase Agreement”), between Prairie Walk, LLC (“Seller”) and Assignor for the purchase and sale of that certain real property located in Kansas City, Missouri, as more particularly described in Exhibit A attached hereto (the “Property”).
Assignee hereby agrees to and shall assume, perform and be fully responsible for the performance of all of the obligations of Assignor under the Purchase Agreement.
All of the provisions, covenants and agreements contained in the Assignment shall extend to and be binding upon the respective legal representatives, successors and assigns of Assignor and Assignee. This Assignment represents the entire agreement between Assignor and Assignee with respect to the subject matter of the Assignment , and all prior or contemporaneous agreements regarding such matters are hereby rendered null and void and of no force and effect.
(SIGNATURES APPEARS ON FOLLOWING PAGE)
WITNESS THE EXECUTION HEREOF, as of this December 19, 2011.
| ASSIGNOR: | ||||
| STEADFAST ASSET HOLDINGS, INC., a California corporation | ||||
| By: | /s/ Xxx Xxxxx del Rio | |||
| Name: | Xxx Xxxxx del Rio | |||
| Title: | Secretary | |||
| ASSIGNEE: | ||||
| SIR PRAIRIE WALK, LLC an Delaware limited liability company | ||||
| By: | Steadfast Income Advisor, LLC, a Delaware limited liability company, its Manager | |||
| By: | /s/ Xxxxxx X. Xxxxx | |||
| Name: | Xxxxxx X. Xxxxx | |||
| Title: | CEO and President | |||
Exhibit A
LEGAL DESCRIPTION
Real property in the City of Kansas City, County of Xxxxxxx, State of Missouri, described as follows:
XXXX 0, 0 XXX 0, XXXXXXXX XXXX, A SUBDIVISION IN KANSAS CITY, XXXXXXX COUNTY, MISSOURI, AS CLARIFIED BY SURVEYOR’S AFFIDAVIT RECORDED FEBRUARY 14, 1983, AS DOCUMENT NO. K-549890 IN BOOK K-1193 AT PAGE 1971.
