Exhibit 10.48
THIRD AMENDMENT TO
PURCHASE AND SALE CONTRACT
THIS THIRD AMENDMENT TO PURCHASE AND SALE CONTRACT (this "Third Amendment") is made and entered into this 30th day of September, 2009 (the "Third Amendment Date"), by and among LANDMARK (NC), LLC, a Delaware limited liability company, having an address at 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237 ("Seller") and PENNSYLVANIA REALTY GROUP, INC., a Pennsylvania corporation, having a principal address at 2701 E. Luzerne Street, Philadelphia, Pennsylvania 19137("Purchaser").
RECITALS:
WHEREAS, Seller and Purchaser entered into that certain Purchase and Sale Contract dated July 31, 2009, as amended by that certain First Amendment to Purchase and Sale Contract dated August 18, 2009, as further amended by that certain Second Amendment to Purchase and Sale Contract dated September 11, 2009 (as amended, the "Contract"), for certain real property situated in the County of Wake, State of North Carolina, commonly known as Landmark Apartments, and more specifically described in the Contract (the "Property"); and
WHEREAS, Seller and Purchaser desire to amend the Contract on the terms and conditions set forth below.
AGREEMENT:
NOW, THEREFORE, in consideration of the mutual covenants set forth in the Contract and herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree to amend the Contract as follows:
2. Loan Approval Period Extension. The Loan Approval Period, as such term is defined inSection 4.5.9 of the Contract, is hereby extended to and shall expire upon the earlier tooccur of: (a) Purchaser's receipt of Lender's approval of the Loan Assumption and Release without any Onerous Requirements; or (b) October 19, 2009. If Purchaser provides Seller with a Loan Approval Termination prior to the expiration of the Loan Approval Period pursuant toSection 4.5.9 of the Contract, Purchaser shall not receive a return of the Non-Refundable Deposit Component.
3. General Provisions. The following provisions shall apply with respect to this Third Amendment:
NOW, THEREFORE, the parties hereto have executed this Third Amendment as of the Third Amendment Date.
SELLER:
LANDMARK (NC), LLC,
a Delaware limited liability company
By: ANGELES INCOME PROPERTIES, LTD. II,
a California limited partnership,
its member
By: ANGELES REALTY CORPORATION II,
a California corporation,
its managing general partner
By: /s/Trent A. Johnson
Name: Trent A. Johnson
Title: Vice President