ASSIGNMENT OF GROUND LEASE AND PURCHASE OPTION AGREEMENT
Exhibit 10.42
This Assignment of Ground Lease Agreement and Purchase Option Agreement is entered as of this
28th day of July, 2008, by Campus Crest Development, LLC, a North Carolina limited liability
company (the “Assignor”), and Campus Crest at Moscow, LLC, a Delaware limited liability company
(the “Assignee”).
Recitals
A. The Assignor and Indian Hills Trading Company, LLC, an Idaho limited
liability company (the “Landlord”), entered into that certain Ground Lease Agreement dated
March 20, 2008 (the “Lease”), whereby the Assignor agreed to lease from the Landlord that
certain parcel of real property as more particularly described therein.
B. The Assignor and the Landlord entered into that certain Purchase Option
Agreement dated March 20, 2008 (the “Purchase Option Agreement”, and together with the
Lease, the “Agreements”), whereby the Landlord granted the Assignor the option to purchase
from the Landlord that certain parcel of real property as more particularly described therein.
C. The Assignor desires to assign its interest in the Agreements to the
Assignee, and the Assignee desires to assume the responsibilities of the Assignor under the
Agreements.
Agreement
NOW, THEREFORE, in consideration of the Recitals, the Assignor does hereby sell, assign and
convey unto the Assignee all of its right, title and interest in and to the Agreements.
By the acceptance of this Assignment, the Assignee accepts and assumes all obligations of the
Assignor under the terms of the Agreements and agrees that Assignee will indemnify, defend and hold
Assignor harmless against any and all claims that may be asserted against Assignor or arise in
connection with the Agreements.
[Signature Page Follows]
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IN WITNESS WHEREOF, the Assignor and Assignee have caused this Assignment to be executed by
their respective duly authorized representatives as of the date first set forth above.
| ASSIGNOR: CAMPUS CREST DEVELOPMENT, LLC |
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| By: | /s/ F. Xxxxx Xxxxxxxxxxxx | |||
| Name: | F. Xxxxx Xxxxxxxxxxxx | |||
| Title: | General Counsel | |||
| ASSIGNEE: CAMPUS CREST AT MOSCOW, LLC |
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| By: | Campus Crest Properties, LLC | |||
| Its: | Manager | |||
| By: | /s/ F. Xxxxx Xxxxxxxxxxxx | |||
| Name: | F. Xxxxx Xxxxxxxxxxxx | |||
| Title: | Manager | |||
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