EXHIBIT 10-17.01
DESIGN AND DEVELOPMENT AGREEMENT
This Agreement made as of the 22nd 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 23.8 acres of land
at the intersection of Lancaster Highway (old NC-521) and Xxxx X. Xxxxxxx Drive
in Charlotte, North Carolina (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 332 unit garden-style
apartment community ("Ballantyne"); 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 Ballantyne;
NOW, THEREFORE, the parties hereto hereby agree as follows:
1.
Services
The Developer will create and develop Ballantyne 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 Ballantyne. The Developer shall also provide supervisory services to ensure
that Ballantyne 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 One
Million Six Hundred Sixty Thousand Dollars ($1,660,000), 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
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Xxxxxxx X. Xxxxxxx, Chief Financial Officer
