ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT
EXHIBIT 10.5
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 STAR III BELMAR, LLC, a Delaware limited liability company (“Assignee”), all of Assignor’s rights and obligations under and in regard to that certain Purchase and Sale Agreement dated May 22, 2017, (as may have been amended or may hereafter be amended, the “Purchase Agreement”), between Seagate Belmar Associates, LLC, a Colorado limited liability company (“Seller”) and Assignor for the purchase and sale of that certain real property located in Lakewood, Colorado, 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 APPEAR ON FOLLOWING PAGE)
Assignment of PSA | 1 | |
WITNESS THE EXECUTION HEREOF, as of this July 21, 2017.
ASSIGNOR:
STEADFAST ASSET HOLDINGS, INC.,
a California corporation
By: _/s/ Xxx Xxxxx del Rio____________
Xxx Xxxxx del Rio, Vice President
ASSIGNEE:
STAR III BELMAR, LLC
a Delaware limited liability company
By: Steadfast Apartment Advisor III, LLC,
a Delaware limited liability company,
its Manager
By: _/s/ Xxxxx X. Keating___________
Xxxxx X. Xxxxxxx, Treasurer
Assignment of PSA | 2 | |
EXHIBIT A
Legal Description
Parcel One:
Xxx 0, Xxxxx 0, Xxxxxxxxx West Subdivision Filing No. 5, as per the plat recorded November 10, 2005 at Reception Xx. 0000000000, Xxxxxx xx Xxxxxxxxx, Xxxxx of Colorado.
Parcel Two:
Non-exclusive easements for access purposes over Tract A and Xxxx 0 xxx 0, Xxxxx 0, Xxxxxxxxx Xxxx Subdivision Filing No. 5, as more particularly described in the Declaration of Covenants, Easements and Restrictions recorded November 1, 2006 at Reception Xx. 0000000000, Xxxxxx xx Xxxxxxxxx, Xxxxx xx Xxxxxxxx.
Parcel Three:
Xxx 0, Xxxxx 0, Xxxxxxxxx Xxxx Subdivision Filing Xx. 0 Xxx Xxxx Xxxxxxxxxx Xx. 0 Xxxx, according to the plat thereof recorded March 7, 2008 at Reception Xx. 0000000000, Xxxxxx xx Xxxxxxxxx, Xxxxx of Colorado.
Assignment of PSA | 3 | |
