AGREEMENT OF PURCHASE AND SALEPurchase and Sale Agreement • October 26th, 2006 • Apple REIT Seven, Inc. • Real estate investment trusts • New Jersey
BY THIS AGREEMENT OF PURCHASE AND SALE (this “Agreement”), and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto declare, covenant and agree as follows:
PURCHASE CONTRACT between Larry G. Blumberg Watson & Downs Investments, L.L.C. Robert Hayne Hollis III Richard Blumberg Barry Kraselsky Helen B. Lifland (“INTEREST OWNERS”), SUNBELT – CHM, L.L.C. (“COMPANY”) AND APPLE SEVEN HOSPITALITY OWNERSHIP, INC....Purchase Contract • October 26th, 2006 • Apple REIT Seven, Inc. • Real estate investment trusts
This PURCHASE CONTRACT (this “Contract”) is made and entered into as of the date set forth in Item 1 of Schedule 1 by and between the persons and entities set forth in Item 2(a) of Schedule 1 (each, an “Interest Owner” and, collectively, the “Interest Owners”), with an address c/o Larry Blumberg & Associates, Inc., 2733 Ross Clark Circle, P.O. Box 5566, Dothan, Alabama 36302; the entity set forth in Item 2(b) of Schedule 1 (the “Company”), with its principal office c/o Larry Blumberg & Associates, Inc., 2733 Ross Clark Circle, P.O. Box 5566, Dothan, Alabama 36302; and APPLE SEVEN HOSPITALITY OWNERSHIP, INC., a Virginia corporation, with its principal office at 814 East Main Street, Richmond, Virginia 23219, or its affiliates or assigns (“Buyer”).
MASTER PURCHASE AGREEMENTMaster Purchase Agreement • October 26th, 2006 • Apple REIT Seven, Inc. • Real estate investment trusts
This Master Purchase Agreement (this “Master Agreement”) is entered into this 27th day of September, 2006, by and among the parties identified on Exhibit C-1 attached hereto as the “Interest Owners” (the “Interest Owners”), with an address at c/o Larry Blumberg & Associates, Post Office 5566, Dothan, Alabama 36302; SUNBELT-CHM, L.L.C., an Alabama limited liability company, SUNBELT-CPA, L.L.C., an Alabama limited liability company, and SUNBELT-CTR, L.L.C., an Alabama limited liability company (collectively, the “Companies” and individually, a “Company”), with an address at c/o Larry Blumberg & Associates, Post Office 5566, Dothan, Alabama 36302; APPLE SEVEN HOSPITALITY OWNERSHIP, INC., a Virginia corporation whose mailing address is 814 East Main Street, Richmond, Virginia 23219 (“Buyer”); and LARRY BLUMBERG and BARRY KRASELSKY (collectively, the “Primary Obligors”).
