DESIGN AND DEVELOPMENT AGREEMENT
Exhibit 10.1
DESIGN AND DEVELOPMENT AGREEMENT
This Agreement made as of the 21st day of February 2006, 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 36.902 acres located in Land Lots 1199, 1200, 1249 and 1250 of the 3rd District, 1st Section, Forsyth County, Georgia, fronting on Highway 20, and the Partnership intends to develop, construct, own and operate on the Property a 210 unit apartment community (“Highway 20/Cumming”); 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 Highway 20/Cumming;
NOW, THEREFORE, the parties hereto hereby agree as follows:
1. Services
The Developer will create and develop Highway 20/Cumming 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 the interior and exterior of Highway 20/Cumming. The Developer shall also provide supervisory services to ensure that Highway 20/Cumming 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 and Fifty Thousand Dollars ($1,050,000), payable in equal monthly installments over the development period. The date of commencement of the development period is to be determined.
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. Xxxxxx | ||||
| Its Sole General Partner | Xxxxxxx X. Xxxxxx, | ||||
| Chief Financial Officer | |||||
| By: /s/ Xxxxxxx X. Xxxxxxx | |||||
| Xxxxxxx X. Xxxxxxx | |||||
| Chief Financial Officer | |||||
