Exhibit 10.159
REINSTATEMENT OF AND AMENDMENT
TO PURCHASE AND SALE CONTRACT
Reinstatement of and Amendment to Purchase and Sale Contract (the “Amendment”) is made as of January 28, 2011, between CCIP IV ARBOURS OF HERMITAGE, LLC, a Delaware limited liability company, with an address c/o AIMCO Properties, L.P., 4582 South Ulster Street Parkway, Suite 1100, Denver, CO 80237 (“Seller”) and CORE REAL ESTATE SERVICES LLC, a Michigan limited liability company, with an address at 191 North Old Woodward Avenue, Suite 100, Birmingham, Michigan 48009 (“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 December 8, 2010 (the “Agreement”) with respect to the sale of certain property known as The Arbours of Hermitage Apartments located in Hermitage, Tennessee, 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 January 24, 2011;
WHEREAS, Purchaser exercised such termination right pursuant to that certain email dated January 19, 2011 from Purchaser to Seller and Escrow Agent (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:
3. Feasibility Period. The Feasibility Period is hereby extended to March 15, 2011.
4. Closing Date. Section 5.1.1 of the Agreement shall be deleted and replaced as follows: “The Closing shall occur on March 30, 2011 (the "Closing Date") through an escrowwith Escrow Agent, whereby Seller, Purchaser, and their attorneys need not be physically present at the Closing and may deliver documents by overnight air courier or other means.”
6. Closing Condition. The following is hereby added as Section 8.1.5 of the Contract:
“8.1.5 If Seller has entered into a Pool Contract, then the required building permit for the work to the back pool shall have been delivered to Purchaser.”
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date and year hereinabove written.
Seller:
CCP IV ARBOURS OF HERMITAGE, LLC, a Delaware limited liability company
By: CCP IV ASSOCIATES, LTD., a Texas limited partnership, its member
By: CCP/IV RESIDENTIAL GP, L.L.C., a South Carolina limited liability company, its general partner
By: CONSOLIDATED CAPITAL PROPERTIES IV, LP, a Delaware limited partnership, its manager
By: CONCAP EQUITIES, INC., a Delaware corporation, its general partner
By: /s/John Spiegleman
Name: John Spiegleman
Title: Senior Vice President
Purchaser:
CORE REAL ESTATE SERVICES LLC,a Michigan limited liability company
By: /s/Martin Seltzer
Name: Martin Seltzer
Title: Managing Member