February 8, 2005
Exhibit 10.7
February 8, 2005
Xxxxx X. Xxxxxx
000 Xxxx Xxxx Xxxxxx
Xxxxxxxx, Xxxxxxxx 00000
Re: | Amendment to Stock Option Agreement |
Dear Xx. Xxxxxx:
By signing below, you agree that the stock option agreement between you and Cornerstone Realty Income Trust, Inc., dated July 23, 1999 (your “Stock Option Agreement”), will terminate by means of your exercise of the options granted thereunder or the payment of cash to you pursuant to Section 8(b) in 2005.
This letter agreement will amend your Stock Option Agreement, a copy of which is annexed for your reference.
CORNERSTONE REALTY INCOME TRUST, INC. | ||
/s/ Xxxxxxx X. Xxxxxxx, Xx. | ||
By: |
Xxxxxxx X. Xxxxxxx, Xx. | |
Title: |
Chief Financial Officer |
Accepted and Agreed: |
/s/ Xxxxx X. Xxxxxx |
Xxxxx X. Xxxxxx |
Date: February 8, 2005