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Exhibit 10.61
Performance Bonus
Agreement
This Performance Bonus Agreement is
made this 25th day of February, 2005 by and between Cornerstone
Realty Income Trust, Inc. (“Cornerstone”) and S. J.
Olander, Jr. (the “Executive”).
RECITALS
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A.
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The Executive
serves as the President and Chief Financial Officer of Cornerstone
and has provided valuable services to Cornerstone throughout
2004.
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B.
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In recognition
of the valuable services provided to Cornerstone by the Executive
during the year 2004, and in specific recognition of the fact that
the Executive was elevated to the office of President of
Cornerstone during the year 2004 and that he simultaneously served
as both the President and Chief Financial Officer of Cornerstone
without any increase in his compensation by virtue of elevation to
the office of President and his service in those two offices
simultaneously, Cornerstone’s Chief Executive Officer has
recommended to the Compensation Committee of Cornerstone that the
Executive receive a year-end performance bonus of
$310,000.
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C.
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The
Compensation Committee of Cornerstone has recommended to the Board
of Directors of Cornerstone and the Board has agreed that
Cornerstone shall pay to the Executive a year-end performance bonus
of $310,000, subject, however, to the terms and conditions set
forth in this Agreement.
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Now therefore, the undersigned do
hereby agree as follows:
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1.
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Year-End
Performance Bonus . Upon
full execution of this Agreement by the parties, and subject to the
conditions of this Agreement, the Executive shall be entitled to
receive from Cornerstone a year-end performance bonus of $310,000
(the “Year-End Performance Bonus”), to be paid
immediately. It is expressly understood and agreed that this bonus
is in recognition of the services and performance of the Executive
rendered to Cornerstone during the year 2004 and is in recognition
of the efforts of the Executive during such year and the benefits
accruing to Cornerstone and its economic performance during that
year. Without limiting the generality of the foregoing, it is
specifically acknowledged and agreed that during the year 2004, the
Executive became President of Cornerstone, so that he
simultaneously served as both Cornerstone’s President and
Chief Financial Officer without any increase
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