MEZZANINE LOAN AGREEMENTMezzanine Loan Agreement • April 2nd, 2013 • Preferred Apartment Communities Inc • Real estate investment trusts • Georgia
THIS MEZZANINE LOAN AGREEMENT (this “Agreement”) is made as of March 28, 2013, by and among LELY APARTMENTS, LLC, a Georgia limited liability company (“Borrower”), having its principal place of business at c/o 360° Residential, LLC, One Overton Park, 3625 Cumberland Blvd., Suite 430, Atlanta, Georgia 30339, Attn: Clark Butler and Jeff Warshaw, and ASTER LELY MEZZANINE LENDING, LLC, a Georgia limited liability company (the “Lender”).
NOTEPreferred Apartment Communities Inc • April 2nd, 2013 • Real estate investment trusts
FOR VALUE RECEIVED, the undersigned, LELY APARTMENTS, LLC, a Georgia limited liability company, hereby promises to pay to the order of ASTER LELY MEZZANINE LENDING, LLC, a Georgia limited liability company (“Lender”), in accordance with the terms of that certain Mezzanine Loan Agreement dated as of March 28, 2013, as from time to time in effect, among the undersigned and Lender (the “Loan Agreement”) to the extent not sooner paid, on or before the Maturity Date, the principal sum of TWELVE MILLION SEVEN HUNDRED THIRTEEN THOUSAND TWO HUNDRED FORTY-ONE AND 55/100 DOLLARS ($12,713,241.55), or such amount as may be advanced by the payee hereof under the Loan Agreement, together with such additional principal from time to time outstanding under the Loan Agreement, with daily interest from the date hereof, computed as provided in the Loan Agreement, on the principal amount hereof from time to time unpaid, at a rate per annum on each portion of the principal amount which shall at all times be
PURCHASE OPTION AGREEMENTPurchase Option Agreement • April 2nd, 2013 • Preferred Apartment Communities Inc • Real estate investment trusts
THIS PURCHASE OPTION AGREEMENT (“Agreement”) is made and entered into as of this 28th day of March, 2013, by and between ASTER LELY APARTMENTS LLC, a Georgia limited liability company (“Seller”), and ASTER LELY MEZZANINE LENDING, LLC, a Georgia limited liability company and its successors and assigns (collectively “Purchaser”).
