PURCHASE AND SALE AGREEMENT BETWEEN NORTHCROSS PROPERTY, LLC, AS SELLER AND THE PHILLIPS EDISON GROUP LLC, AS PURCHASER DATED MAY 6, 2013Purchase and Sale Agreement • July 16th, 2013 • Phillips Edison - ARC Shopping Center REIT Inc. • Real estate investment trusts
NOW, THEREFORE, in consideration of the mutual terms, provisions, covenants and agreements set forth herein, as well as the sums to be paid by Purchaser to Seller, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Purchaser and Seller agree as follows:
ASSIGNMENT AND ASSUMPTION OF RIGHTS UNDER SHOPPING CENTER PURCHASE AGREEMENTAssignment and Assumption Of • July 16th, 2013 • Phillips Edison - ARC Shopping Center REIT Inc. • Real estate investment trusts
For good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, THE PHILLIPS EDISON GROUP LLC, an Ohio limited liability company (“Assignor”), hereby assigns, transfers and sets over to NORTHCROSS STATION LLC (“Assignee”), all of Assignor’s right, title, and interest as Purchaser in and to that certain Purchase and Sale Agreement dated May 6, 2013, as same may have been or may be amended, including any addendum thereto (“Agreement”) with NORTHCROSS PROPERTY, LLC (“Seller”), as Seller, with respect to the land and improvements thereon located in Austin, Texas, more particularly described in the Agreement, including, but not limited to, its right, title and interest in and to the Deposit (as defined in the Agreement).
