Exhibit 10.25
Property Management Agreement Subcontract
This Property Management Agreement Subcontract (the "Agreement") is
made as of July 17, 1998 by and among Apple REIT V Limited Partnership, a
Virginia limited partnership trading as Pace's Point ("Apple"), Apple
Residential Management Group, Inc., a Virginia corporation ("ARMG"), and
Cornerstone Realty Income Trust, Inc., a Virginia corporation ("Cornerstone")
and provides:
RECITALS
A. As of the date of this Agreement, Apple and ARMG are parties to a
Property Management Agreement more particularly described on Exhibit A
hereto pursuant to which ARMG has agreed to provide certain property
management services to Apple, as more particularly described in such
agreement (the "Property Management Agreement").
B. ARMG desires to delegate and assign to Cornerstone, and Cornerstone
desires to accept the delegation and assignment from ARMG of, all of
ARMG's duties, obligations, rights, powers and benefits under the
Property Management Agreement attributable to the period beginning on
the date of this Agreement, and Apple is willing to consent to such
delegation and assignment, as more particularly set forth below.
NOW THEREFORE, in consideration of the foregoing, of the mutual
covenants and agreements contained herein, and other good and valuable
consideration, the parties agree as follows:
1. ARMG does hereby delegate and assign to Cornerstone all of ARMG's
duties, obligations, rights, powers and benefits under the Property
Management Agreement (including any renewal or extension thereof)
attributable to the period beginning on the date of this Agreement.
Cornerstone accepts such delegation and assignment. The intent of such
delegation and assignment is to impose upon Cornerstone all duties and
obligations of ARMG under the terms of the Property Management
Agreement attributable to the period beginning on the date of this
Agreement, and to confer upon Cornerstone all of the correlative
rights, powers and benefits (including without limitation, the right to
receive all fees and expense reimbursements) conferred by or provided
for in the Property Management Agreement, and this Agreement shall be
interpreted and construed consistently with such intent. For so long as
this Agreement remains in effect, the term "Manager," as used in the
Property Management Agreement as to which the delegation and assignment
described herein is effective shall be deemed to refer to Cornerstone,
unless the context clearly requires otherwise.
2. Apple consents to the delegation and assignment referred to in Section
1.
3. Cornerstone may, by written notice delivered to ARMG and Apple at 000
Xxxx Xxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx 00000, Attention: Xxxxx X. Xxxxxx,
terminate the delegation and assignment described herein as to the
Property Management Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement by
their duly authorized officers as of the date first written above.
APPLE REIT V LIMITED PARTNERSHIP,
a Virginia limited partnership
By: Apple General, Inc., General Partner
By: /s/ Xxxxx X. Xxxxxx
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Title: President
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APPLE RESIDENTIAL MANAGEMENT
GROUP, INC., a Virginia corporation
By: /s/ Xxxxx X. Xxxxxx
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Title: President
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CORNERSTONE REALTY INCOME TRUST,
INC., a Virginia corporation
By: /s/ Xxxxx X. Xxxxxx
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Title: Chief Executive Officer
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Exhibit A
Description of Property Management Agreement
between Apple and ARMG
Property Management Agreement dated as of July 17, 1998 pertaining to Pace's
Point Apartments.
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