ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT
EXHIBIT 10.4
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 XXX XXXXXXX ON THE RIVER, 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 and Joint Escrow Instructions dated October 21, 2011 (as may be amended, the “Purchase Agreement”), between Windsor on the River, LLC (“Seller”) and Assignor for the purchase and sale of that certain real property located in Cedar Rapids, Iowa, 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 APPEARS ON FOLLOWING PAGE)
WITNESS THE EXECUTION HEREOF, as of this December 1, 2011.
ASSIGNOR:
STEADFAST ASSET HOLDINGS, INC.,
a California corporation
By: /s/ Xxx Xxxxx del Rio
Name: Xxx Xxxxx del Rio
Title: Vice President
ASSIGNEE:
XXX XXXXXXX ON THE RIVER, LLC
an Delaware limited liability company
By: Steadfast Income Advisor, LLC,
a Delaware limited liability
company, its Manager
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: CEO and President
Exhibit A
DESCRIPTION OF THE LAND
That certain real property described as:
Real property in the City of Cedar Rapids, County of Linn, State of Iowa, described as follows:
Lot 1 of Windsor-on-the-River First Addition to Cedar Rapids, Iowa, and Xxx 0 xxx Xxx 0 xx Xxxxxxx-xx-xxx-Xxxxx Second Addition to Cedar Rapids, Iowa, and Lot 4 of Windsor-on-the-River Third Addition to Cedar Rapids, Iowa, and Xxx 0 xx Xxxxxxx-xx-xxx-Xxxxx Xxxxxx Xxxxxxxx xx Xxxxx Xxxxxx, Xxxx; all in Linn County, Iowa
