AGREEMENT OF PURCHASE AND SALE OF LIMITED PARTNERSHIP INTERESTSAgreement of Purchase and Sale • April 22nd, 2009 • American Community Properties Trust • Land subdividers & developers (no cemeteries) • Puerto Rico
By this Agreement of Purchase and Sale of Limited Partnership Interests (this “Agreement”) dated as of March 31, 2009 (the “Effective Date”) AMERICAN COMMUNITY PROPERTIES TRUST, a Maryland real estate investment trust (“ACPT”), AMERICAN LAND DEVELOPMENT U.S., INC., a Maryland corporation (“American Land”), and IGP GROUP CORP., a Puerto Rico corporation (“IGP Group”) (ACPT, American Land and IGP Group are collectively referred to in this Agreement as “Seller”), agrees to sell and convey to PARTNERS BUSINESS EQUITIES, LLC, a Puerto Rico Limited Liability Company, and its associated capital investors, represented herein by Partners Business Equities, LLC or its permitted assignee (“Purchaser”), who agrees to purchase and pay for all of Seller’s limited partnership interests in Interstate General Properties Limited Partnership S.E., a Maryland limited partnership (“IGP”), and all rights of Seller associated therewith and/or pertaining thereto.
