ASSIGNMENT AND ASSUMPTION OF PURCHASE AND SALE AGREEMENT
PURCHASE
AND SALE AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION OF
PURCHASE AND SALE AGREEMENT (this "Assignment") is made
and entered into this 19th day of
October, 2010 by and between PREFERRED APARTMENT COMMUNITIES, INC., a Maryland
corporation, as Assignor ("Assignor"), and
PREFERRED APARTMENT COMMUNITIES OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership, as Assignee ("Assignee").
WHEREAS, Oxford Summit Partners, LLC, a
Georgia limited liability company ("Oxford"), and
Xxxxxxxx Realty Fund I, LLC, a Georgia limited liability company ("Fund I", and
collectively with Oxford, "Seller"), as sellers,
and Assignor, as buyer, entered into that certain Contract of Purchase and Sale
Agreement dated September 29, 2010 (as at any time amended, the "Contract") related to
the purchase of all of the membership interest of Oxford Summit Partners, LLC, a
Georgia limited liability company ("Summit"), the owner
of that certain property located at 0000 Xxx Xxxxxx Xxxxx, Xxxxxxx, Xxxxxxx
Xxxxxx, Xxxxxxx, consisting of a 345 unit apartment complex and related
facilities more commonly known as the Oxford Summit Apartments; and
WHEREAS, Assignor wishes to assign to
Assignee its rights pursuant to the Contract relating to the purchase of those
certain membership interests of Summit, as more particularly described in the
Contract.
NOW, THEREFORE, in consideration of the
premises, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Assignor hereby assigns to
Assignee all of Assignor’s right, title and interest in and to the Contract in
order to expressly confer upon Assignee all of the benefits of a successor,
assign and nominee of Assignor under the Contract.
By executing this Agreement, Assignee
hereby accepts the assignment of the Contract and all obligations of Assignor
thereunder, as aforesaid.
This Assignment shall be governed by,
and constructed in accordance with, the internal laws of the State of
Delaware. This Assignment may be executed in multiple counterparts,
including counterparts delivered by facsimile or electronic PDF transmission,
and each of which shall be deemed an original and all of which shall constitute
one and the same instrument.
[SIGNATURE
PAGES FOLLOW]
IN WITNESS WHEREOF, Assignor and
Assignee have caused this Assignment to be executed as of the date and year
first set forth herein.
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ASSIGNOR:
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PREFERRED
APARTMENT
COMMUNITIES,
INC.
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By:
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/s/ Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx
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Chief Executive Officer
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ASSIGNEE:
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PREFERRED
APARTMENT
COMMUNITIES
OPERATING
PARTNERSHIP,
L.P.
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By:
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PREFERRED APARTMENT
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COMMUNITIES, INC.
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its General Partner
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By:
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/s/ Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx
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Chief Executive
Officer
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Assignment
and Assumption of Purchase Contract - Summit
