ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT
ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT (this “Assignment”) dated as of September 5, 2007, is made and entered into by and between TRIPLE NET PROPERTIES, LLC, a Virginia limited liability company (“Assignor”), and NNN HEALTHCARE/OFFICE REIT ST. XXXX PHYSICIAN CENTER, LLC, a Delaware limited liability company (“Assignee”), with reference to the following Recitals:
R E C I T A L S
A. Assignor is “Buyer” under that certain Purchase Agreement effective as of July 26, 2007, by and between Assignor and St. Xxxx Physicians Center, LLC, a California limited liability company, as the same may be amended (the “Purchase Agreement”), wherein Assignor agreed to purchase certain real property commonly known as 0000 Xxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxxxx, 00000, as more particularly described in the Purchase Agreement, on the terms and conditions set forth in the Purchase Agreement.
B. Assignor desires to assign and transfer to Assignee, and Assignee desires to assume from Assignor, all of Assignor’s right, title, claim and interest in, to and under the Purchase Agreement.
NOW, THEREFORE, in consideration of the foregoing Recitals (which are incorporated herein by this reference) and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee hereby agree as follows:
A G R E E M E N T
1. Assignment; Assumption. Assignor hereby assigns and transfers to Assignee all of Assignor’s right, title, claim and interest as “Buyer” or otherwise in, to and under the Purchase Agreement. By executing this Assignment, Assignee hereby accepts such assignment and expressly agrees to assume and be bound by all of the provisions of the Purchase Agreement from and after the date hereof.
2. Successors and Assigns. This Assignment shall inure to the benefit of, and be binding upon, the successors, executors, administrators, legal representatives and assigns of the parties hereto.
3. Counterparts. This Assignment may be executed in any number of counterparts with the same effect as if all of the parties had signed the same document. All counterparts shall be construed together and shall constitute one agreement.
[Signatures on next page]
IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be executed by their duly authorized representatives as of the date first written above.
ASSIGNOR:
|
TRIPLE NET PROPERTIES, LLC, a Virginia limited liability company |
|
| By: /s/ Xxxx Xxxxxx Name: Xxxx Xxxxxx Title: Executive Vice President |
||
ASSIGNEE:
|
NNN HEALTHCARE/OFFICE REIT ST. XXXX PHYSICIAN CENTER, LLC, a Delaware limited liability company |
|
| By: /s/ Xxxxxx X. Xxxxxx Authorized Signatory |
Xxxxxx X. Xxxxxx
Executive Vice President
