Exhibit 10.2
ASSIGNMENT OF BID AND ASSUMPTION
Nantucket, Massachusetts
December 15, 2014
For value received, and for Ten and 00/100 Dollars ($10.00) paid, and for other good and valuable consideration, Cornerstone Operating Partnership, L.P., ("Assignor") hereby assigns Assignor's bid and all of Assignor's right, title and interest, as Buyer, in and to that Memorandum of Sale dated October 6, 2014 ("Memorandum of Sale") executed in connection with the public auction foreclosure of the premises known as 21 South Shore Road, Nantucket, Massachusetts, pursuant to the foreclosure of a mortgage given to Cornerstone Operating Partnership, L.P., by Nantucket Acquisition, LLC, ("Mortgagor") dated as of December 14, 2009, recorded with Nantucket County Registry of Deeds in Book 1213, Page 232, to The Residences at Sherburne Commons, Inc., a Massachusetts c. 180 non-profit corporation ("Assignee").
This Assignment is made without recourse and subject to all the terms and conditions of said Memorandum of Sale and the Notice of Mortgagee's Sale of Real Estate, and Assignee assumes all of the obligations of Assignor
| Assignor: | ||
| CORNERSTONE OPERATING PARTNERSHIP, L.P., | ||
| a Delaware limited partnership | ||
| By: | Summit Healthcare REIT, Inc., | |
| a Maryland corporation, its sole | ||
| general partner | ||
| By: | /S/ Kent Eikanas | |
| Kent Eikanas, President | ||
| By: | /s/ Elizabeth Pagliarini | |
| Elizabeth Pagliarini, Treasurer |
| Assignee: | ||
| THE RESIDENCES AT SHERBURNE COMMONS, INC. | ||
| By: | /s/ David D. Worth | |
| David D. Worth, President | ||
STATE OF CALIFORNIA
__________, ss.
On this _____ day of December, 2014, before me, the undersigned notary public/justice of the peace, personally appeared Kent Eikanas, being President of Summit Healthcare REIT, Inc., proved to me through satisfactory evidence of identification, which was California drivers license, to be the person whose name is signed on the preceding document, and acknowledged to me that he signed it voluntarily on behalf of Summit Healthcare REIT, Inc., as it is General Partner of Cornerstone Operating Partnership, L.P., for its stated purpose.
| Notary Public/Justice of the Peace | |
| My commission expires: |
| 2 |