Attached files
file | filename |
---|---|
8-K - FORM 8-K - Steadfast Income REIT, Inc. | g25554e8vk.htm |
EX-10.4 - EX-10.4 - Steadfast Income REIT, Inc. | g25554exv10w4.htm |
EX-10.6 - EX-10.6 - Steadfast Income REIT, Inc. | g25554exv10w6.htm |
EX-10.3 - EX-10.3 - Steadfast Income REIT, Inc. | g25554exv10w3.htm |
EX-10.2 - EX-10.2 - Steadfast Income REIT, Inc. | g25554exv10w2.htm |
EX-10.1 - EX-10.1 - Steadfast Income REIT, Inc. | g25554exv10w1.htm |
Exhibit 10.5
THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT
AND JOINT ESCROW INSTRUCTIONS
AND JOINT ESCROW INSTRUCTIONS
This Third Amendment to Purchase and Sale Agreement and Joint Escrow Instructions (Third
Amendment), dated as of November 22, 2010, is made between PARK PLACE CONDO, LLC, an Iowa limited
liability company (Seller), and STEADFAST ASSET HOLDINGS, INC., a California corporation
(Buyer), with reference to the following facts:
A. Seller and Buyer entered into that certain Purchase and Sale Agreement and Joint Escrow
Instructions dated September 7, 2010 (Original Agreement), as amended by that certain First
Amendment to Purchase and Sale Agreement and Joint Escrow
Instructions dated October 20, 2010
(First Amendment) and that certain Second Amendment to Purchase and Sale Agreement and Joint
Escrow Instructions dated November 22, 2010 (Second Amendment) (the Original Agreement, the First
Amendment and the Second Amendment shall be collectively referred to herein as the Agreement),
for the purchase and sale of that certain real property located in the City of Des Moines, County
of Polk and State of Iowa, consisting of one hundred forty-seven (147) condominium units, together
with a percentage interest in common elements related thereto, certain land with a parking lot
situated thereon, and other appurtenant rights, all as more particularly described in the Agreement
(collectively, Property).
B. Buyer and Seller now desire to extend the Due Diligence Period and to further amend the
Agreement as set forth below. Except as otherwise expressly defined in this Third Amendment, all
initially capitalized terms used in this Third Amendment have the same meanings as in the
Agreement.
THEREFORE, for valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the parties agree to amend the Agreement as follows:
1. Due Diligence Period. Notwithstanding anything to the contrary contained in the
Agreement, the Due Diligence Period, as such term is defined in Section 6.4 of the Original
Agreement, as extended pursuant to Section 2(b) of the First Amendment and Section 1 of the Second
Amendment, is hereby further extended until 5:00 p.m. California time
on December 13, 2010 (Third
Extended Due Diligence Period). Accordingly, (i) all references to the Due Diligence Period, the
Extended Due Diligence Period or the Second Extended Due Diligence Period throughout the
Agreement shall refer to the Third Extended Due Diligence
Period, and (ii) Buyer shall, if
applicable, deposit the Additional Deposit (as defined in Section 3.1 of the Original Agreement)
with Escrow Holder by 5:00 p.m. California time on December 20, 2010.
2. Counterparts; Copies. This Third Amendment may be executed and delivered in any
number of counterparts, each of which so executed and delivered shall be deemed to be an original
and all of which shall constitute one and the same instrument. Electronic, photocopy and facsimile
copies of signatures may be used in place and stead of original
signatures with the same force and
effect as originals.
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3. Conflicts. If any conflict between this Third Amendment and the Agreement should
arise, the terms of this Third Amendment shall control.
4. Continuing Effect. There are no other amendments or modifications to the
Agreement other than this Third Amendment. Except as expressly amended by this Third
Amendment, the Agreement shall remain in full force and effect and is hereby ratified and
reaffirmed.
5. Authority. The individual(s) executing this Third Amendment on behalf of each party
hereto hereby represent and warrant that he/she has the capacity, with full power and authority, to
bind such party to the terms and provisions of this Third Amendment.
6. Attorneys Fees. In any action to enforce or interpret the provisions of
this Third Amendment, the prevailing party shall be entitled to an award of its attorneys fees and
costs.
SIGNATURES ON NEXT PAGE
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NOW THEREFORE, the parties have executed this Third Amendment as of the date first
written above.
SELLER: | BUYER: | |||||||
PARK PLACE CONDO, LLC, | STEADFAST ASSET HOLDINGS, INC., | |||||||
an Iowa limited liability company | a California corporation | |||||||
By:
|
/s/ Michael K. McKernan | By: | /s/ Dinesh Davar | |||||
Name:
|
Michael K. McKernan | Name: | Dinesh Davar | |||||
Its:
|
Manager | Its: | Chief Financial Officer | |||||
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