EXHIBIT 10.2
LOFTON PLACE
APARTMENTS
TAMPA, FLORIDA
REINSTATEMENT OF AND FIRST
AMENDMENT TO REAL ESTATE SALE AGREEMENT
THIS REINSTATEMENT OF AND FIRST
AMENDMENT TO REAL ESTATE SALE AGREEMENT (this
“Agreement”) is made as of the 23rd day of July, 2009,
by and between ERP OPERATING LIMITED PARTNERSHIP, an Illinois
limited partnership (“Seller”), with an office at c/o
Equity Residential, Two North Riverside Plaza, Suite 400, Chicago,
Illinois 60606, and NORTHVIEW REALTY GROUP INC., a Canadian
corporation (“Purchaser”), with an office at 550
Sherbrook, Suite 1480, Montreal, OC Canada H3A 1B9.
RECITALS
A. Seller and
Purchaser entered into a Real Estate Sale Agreement dated as of
June 8, 2009 (the “Agreement”), pursuant to which
Seller agreed to sell to Purchaser, and Purchaser agreed to buy
from Seller the Property (as defined in the Agreement).
B. Purchaser
subsequently terminated the Agreement by letter dated July 8,
2009.
C. Seller and
Purchaser have agreed to reinstate and modify the terms of the
Agreement as set forth in this Amendment.
THEREFORE, in consideration of the
above Recitals, the mutual covenants and agreements herein set
forth and the benefits to be derived therefrom, and other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Purchaser and Seller agree as
follows:
1.
Reinstatement . Except as modified by the terms of this
Amendment, the Agreement is hereby reinstated by Purchaser and
Seller and shall be of full force and effect.
2.
Review Period . Seller and Purchaser hereby agree to
amend the Agreement to provide that the Review Period provided in
Section 8.1.1 of the Agreement shall be extended to 5:00 p.m.
(Chicago time) on August 6, 2009.
