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Exhibit 10.62
Performance Bonus
Agreement
This Performance Bonus Agreement is
made this 16th day of December, 2004 by and between Cornerstone
Realty Income Trust, Inc. (“Cornerstone”) and Gustav G.
Remppies (the “Executive”).
RECITALS
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A.
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The Executive
serves as the Chief Investment 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, Cornerstone’s Chief Executive Officer
has recommended to the Compensation Committee of Cornerstone that
the Executive receive a year-end performance bonus of
$95,000.
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C.
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The
Compensation Committee of Cornerstone has agreed that Cornerstone
shall pay to the Executive a year-end performance bonus of $95,000,
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 Section 2 of this Agreement, the Executive shall be
entitled to receive from Cornerstone a year-end performance bonus
of $95,000 (the “Year-End Performance Bonus”), to be
paid by December 31, 2004. 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.
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2.
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Responsibility for Certain
Taxes . Notwithstanding
anything to the contrary contained in that certain Change in
Control Agreement dat
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