Exhibit 10.76
REINSTATEMENT OF AND AMENDMENT
TO PURCHASE AND SALE CONTRACT
Reinstatement of and Amendment to Purchase and Sale Contract (the “Amendment”) is made as of June 1, 2009, between CCIP SOCIETY PARK EAST, L.L.C. (“Seller”) and CD GROUP, LLC (“Purchaser”).
W I T N E S S E T H:
WHEREAS, Seller and Purchaser entered into a Purchase and Sale Contract dated as of April 21, 2009 (the “Agreement”) with respect to the sale of certain property known as The Dunes Apartment Homes located in Brevard County, Florida, as described in the Agreement;
WHEREAS, pursuant to Section 3.2 of the Agreement, Purchaser had a right to terminate the Agreement by written notice given to Seller on or prior to May 5, 2009;
WHEREAS, Purchaser exercised such termination right pursuant to that certain letter dated May 5, 2009 from Purchaser to Seller (the “Termination Notice”); and
WHEREAS, Seller and Purchaser desire to (i) rescind the Termination Notice, (ii) reinstate the Agreement in its entirety and (iii) amend the Agreement on the terms set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sum of $10.00 and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
5. Right to Terminate. Purchaser's right to terminate the Agreement pursuant toSection 3.2 thereof is hereby permanently waived, and Purchaser shall have no further right to terminatethe Agreement pursuant to the terms of saidSection 3.2. Purchaser acknowledges and agrees that (i) it has completed its due diligence investigations of the Property and accepts the Property (including, without limitation, the physical and financial condition of the Property) as of the date of this Amendment in its current “as is”, “where is” condition, “with all faults”, (ii) the Initial Deposit currently being held by Escrow Agent is non-refundable (except as otherwise provided for in the Agreement) and (iii) Purchaser’s obligation to purchase the Property shall be conditional only as provided inSection 8.1 of the Agreement.
[Signature Page to Follow]
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date and year hereinabove written.
Seller:
CCIP Society Park East, L.L.C., a Delaware limited liability company
By: CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES, LP SERIES C, a Delaware limited partnership, its member
By: CONCAP EQUITIES, INC., a Delaware corporation, its general partner
By:/s/Brian J. Bornhorst
Name:Brian J. Bornhorst
Title:Vice President
Purchaser:
CD GROUP, LLC,
a Florida limited liability company
By: /s/Maurice Cayon
Name:Maurice Cayon
Title:Managing Agent