ELEVENTH AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE
Exhibit 10.55
ELEVENTH AMENDMENT
TO
THIS ELEVENTH AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE (the “Eleventh Amendment”), dated as of January 11, 2018, is made by and between KBS LEGACY PARTNERS PIKESVILLE LLC, a Delaware limited liability company ("Seller"), and ELITE STREET CAPITAL WATERSTONE EQUITY DE, LLC, a Delaware limited liability company ("Buyer"), with reference to the following:
WHEREAS, Buyer and Seller are parties to that certain Agreement for Purchase and Sale dated as of September 5, 2017, that certain First Amendment to Agreement for Purchase and Sale dated as of October 2, 2017, that certain Second Amendment to Agreement for Purchase and Sale dated as of November 6, 2017, that certain Third Amendment to Agreement for Purchase and Sale dated as of November 17, 2017, that certain Fourth Amendment to Agreement for Purchase and Sale dated as of November 27, 2017, that certain Fifth Amendment to Agreement for Purchase and Sale dated as of November 29, 2017, that certain Sixth Amendment to Agreement for Purchase and Sale dated as of December 4, 2017, that certain Seventh Amendment to Agreement for Purchase and Sale dated as of December 7, 2017, that certain Eighth Amendment to Agreement for Purchase and Sale dated as of December 14, 2017, that certain Ninth Amendment to Agreement for Purchase and Sale dated as of December 15, 2017, and that certain Tenth Amendment to Agreement for Purchase and Sale dated as of December 19, 2017 (collectively, the "Purchase Agreement");
WHEREAS, Seller and Buyer have agreed to enter into this Eleventh Amendment to set forth their agreement regarding the matters set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller hereby agree to the following:
1.Terms. All initially capitalized terms which are used in this Eleventh Amendment, but not otherwise defined herein, shall have the same meanings as ascribed thereto in the Purchase Agreement.
2. Closing Date and Extension Deposit. The last sentence of the second paragraph of Section 1.1 is hereby deleted and replaced with the following: “Buyer shall deposit the Extension Deposit (as defined in Section 2.4.1 hereof) in accordance with the provisions of Section 2.4.1 hereof.” Section 2.4.1 of the Purchase Agreement is hereby deleted and replaced with the following:
“2.4.1 The closing of the sale of the Property in accordance with the terms of this Agreement (the "Closing") shall occur on the date (the “Closing Date”) that is the earlier of:
a) the date that is thirty (30) days after Buyer has received the Lender’s Approval (as defined in Section 2.12 below)(the
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“Lender’s Approval Closing Deadline”) provided that, in the event Buyer has received the Lender’s Approval, Buyer may elect to extend the Lender’s Approval Closing Deadline for thirty (30) days (the “Post-Lender Approval Closing Extension”) by delivering not less than five (5) business days prior to the then-set Lender Approval Closing Deadline written notice to Seller, and
b) March 20, 2018 (the “Closing Deadline”), provided that, in the event Buyer has either received a Rejection Notice (as defined in Section 2.12 below) or Buyer has delivered a Withdrawal Notice (as defined in Section 2.12 below), Buyer may elect by delivering written notice to Seller not less than five (5) business days prior to the then-set Closing Deadline, to extend the Closing Deadline for sixty (60) days.
In addition to Buyer’s delivery of the Additional ▇▇▇▇▇▇▇ Money Deposit to Escrow Agent on or prior to January 11, 2018, Buyer shall also deliver to Escrow Agent not later than January 11, 2018 additional immediately available funds in the amount of THREE HUNDRED THOUSAND FIVE HUNDRED DOLLARS AND NO CENTS ($300,500.00) (the "Extension Deposit"). The Extension Deposit shall be non-refundable to Buyer except as otherwise expressly provided herein. The Closing shall take place at the office of the Escrow Agent, or such other place as shall be mutually agreed upon by the parties hereto.”
3. Purchase Agreement Ratified. In all other respects, except as otherwise provided by this Eleventh Amendment, the undersigned hereby ratify and confirm the Purchase Agreement which remains in full force and effect.
4. Counterparts. This Eleventh Amendment may be executed in counterparts, each of which shall be deemed an original and all of said counterparts shall constitute but one and the same instrument. Signatures delivered via facsimile or other electronic means shall be accepted as if original.
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IN WITNESS WHEREOF, the undersigned hereby execute this Eleventh Amendment to
be effective as of the date set forth above.
SELLER:
KBS LEGACY PARTNERS PIKESVILLE LLC, a Delaware
limited liability company
By: | KBS Legacy Partners Properties LLC, a Delaware limited |
liability company, its sole member
By: | KBS Legacy Partners Limited Partnership, a |
Delaware limited partnership, its sole member
By: | KBS Legacy Partners Apartment REIT, |
Inc., a Maryland corporation, its sole
general partner
By: | /s/ ▇▇▇ ▇. ▇▇▇▇ |
▇▇▇ ▇. ▇▇▇▇, Executive Vice President
BUYER:
ELITE STREET CAPITAL WATERSTONE EQUITY DE,
LLC, a Delaware limited liability company
By: | Rialto Elite 2017 4 Pack Borrower GP, LLC, a Delaware |
limited liability company, its manager
By: | Rialto Elite 2017 4 Pack GP Member, LLC, a |
Delaware limited liability company, its manager
By: | RREF III-P Elite Venture, LLC, a Delaware |
limited liability company, its manager
By: | Elite Street Capital, LLC, a Texas limited |
liability company, Its authorized member
By: | /s/ Yehonatan Sade |
Name: | Yehonatan Sade |
Title: | Managing Manager |
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The undersigned joins in the execution of this Eleventh Amendment in order to acknowledge the terms hereof.
ESCROW AGENT:
FIDELITY NATIONAL TITLE INSURANCE COMPANY
By: | /s/ J. ▇▇▇ ▇▇▇▇ |
Name: | J. ▇▇▇ ▇▇▇▇ |
Title: | VP/Sr. Commercial Escrow Officer |
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