ASSIGNMENT AND ASSUMPTION OF AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY
Exhibit 10.7
AGREEMENT FOR PURCHASE AND
SALE OF REAL PROPERTY
THIS ASSIGNMENT AND ASSUMPTION OF
AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY (this “Assignment”) is made and
entered into as of the 18th day
of June, 2010 by and between AMERICAN REALTY CAPITAL II, LLC, a Delaware limited
liability company (“Assignor”) and XXX XXX00XX000,
LLC, a Delaware limited liability company (“Assignee”).
WHEREAS, Assignor, entered into that
certain Agreement for Purchase and Sale of Real Property dated January 21, 2010
(as amended form time to time, the “Purchase Agreement”) for that certain real
property located at 000 Xxxx 00xx Xxxxxx, Xxx Xxxx, Xxx Xxxx (the
“Property”), with Urban Development Partners (61), LLC (“Seller”),
and
WHEREAS, Assignor wishes to assign to
Assignee its rights under the Purchase Agreement with respect to the Property
and Assignee wishes to accept such assignment and assume the obligations of
Assignor as Buyer thereunder.
NOWTHEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Assignor hereby assigns to Assignee all of Assignors right, title and interest
in and to the Purchase Agreement in order to expressly confer upon Assignee all
of the benefits of a successor, assign or nominee of Assignor under the Purchase
Agreement for the purchase of the Property. Nothing in this
Assignment shall be deemed a release Assignor from being directly liable to
Seller under the Purchase Agreement. By executing this Assignment,
Assignee hereby accepts the assignment of and assumes the obligations set forth
in the Purchase Agreement, as aforesaid.
[Signatures
appear on following pages]
IN WITNESS WHEREOF, Assignor and
Assignee have caused this Assignment to be executed as of the date and year
first set forth above. .
ASSIGNOR:
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AMERICAN
REALTY CAPITAL II, LLC a Delaware limited liability company |
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By:
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Name:
Xxxxxxx X. Xxxxxx
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Title: President
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ASSIGNEE: | |||
ARC
NYE61ST001, LLC, a Delaware limited liability company |
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By:
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Name: Xxxxxxx
X. Xxxxxx
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Title: President | |||