EXHIBIT 10.14.11
DESIGN AND DEVELOPMENT AGREEMENT
This Agreement made as of the 24th day of June 1998, by and between
XXXXXXX PROPERTIES RESIDENTIAL, L.P., a Georgia limited partnership (the
"Partnership"), and XXXXXXX PROPERTIES, INC., a Georgia corporation (the
"Developer"),
W I T N E S S E T H:
WHEREAS, the Partnership has acquired approximately 49.14 acres of land
at the intersection of Abbotts Bridge Road and Xxxxx Bridge Road in Atlanta,
Georgia (the "Property") as described in the 1998 Form 10-K of Xxxxxxx Realty
Investors, Inc., (the "10-K"), and the Partnership intends to develop,
construct, own and operate on the Property a 405 unit apartment community
("Abbotts Bridge") consisting of 118 townhomes and 287 garden-style apartments;
and
WHEREAS, the Partnership desires that the Developer perform certain
advisory, administrative and supervisory services relating to the Partnership's
design, development and construction of Abbotts Bridge;
NOW, THEREFORE, the parties hereto hereby agree as follows:
1.
Services
The Developer will create and develop Abbotts Bridge and manage the
team of professionals involved, including engineers, land planners, architects
and designers, and manage the design team involved in developing the interior
design and models, as well as selecting the materials, finishes, features and
colors for Abbotts Bridge. The Developer shall also provide supervisory services
to ensure that Abbotts Bridge is built in accordance with the approved Plans and
Specifications provided.
2.
Compensation
For the above services, the Developer shall be paid a total of Two
Million Twenty-Five Thousand Dollars ($2,025,000), payable upon demand by the
Developer.
IN WITNESS WHEREOF, the parties hereto have executed this agreement as
of the date first above written.
XXXXXXX PROPERTIES RESIDENTIAL, XXXXXXX PROPERTIES, INC., a
L.P., a Georgia limited partnership Georgia corporation
By: Xxxxxxx Realty Investors, Inc., By: /s/ Xxxxxxx X. Xxxxxxx
its General Partner ----------------------------------
Xxxxxxx X. Xxxxxxx, President
By: /s/ Xxxxxxx X. Xxxxxxx
-------------------------------------------
Xxxxxxx X. Xxxxxxx, Chief Financial Officer
