PREFERRED APARTMENT COMMUNITIES INC - FORM 8-K - EX-10.5 - OPTION ELECTION NOTICE ASHFORD PARK AND MCNEIL RANCH - January 23, 2013

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8-K - 8-K - PREFERRED APARTMENT COMMUNITIES INCpac-2090xv5x8xk_xxjanuaryx.htm
EX-99.2 - TRAILING TWELVE MONTH FINANCIALS LAKE CAMERON - PREFERRED APARTMENT COMMUNITIES INCttmpllakecameron.htm
EX-99.1 - TRAILING TWELVE MONTH FINANCIALS ASHFORD PARK - PREFERRED APARTMENT COMMUNITIES INCttmplashfordpark.htm
EX-99.3 - TRAILING TWELVE MONTH FINANCIALS MCNEIL RANCH - PREFERRED APARTMENT COMMUNITIES INCttmplmcneilranch.htm
EX-10.4 - LOSS SHARING AGREEMENT - PREFERRED APARTMENT COMMUNITIES INClosssharingagreement.htm
EX-10.3 - PROMISSORY NOTE - PREFERRED APARTMENT COMMUNITIES INCpromissorynote-emerson.htm
EX-10.2 - FORM OF REGISTRATION RIGHTS AGREEMENT - PREFERRED APARTMENT COMMUNITIES INCformofregistrationrightsag.htm
EX-10.8 - EXCERPTS FROM LIQUIDATION AGREEMENT - PREFERRED APARTMENT COMMUNITIES INCliquidationagreementexcerp.htm
EX-4.1 - ARTICLES SUPPLEMENTARY - PREFERRED APARTMENT COMMUNITIES INCarticlessupplementaryserie.htm
EX-10.7 - FORM OF STOCK TRANSFER AGREEMENT - PREFERRED APARTMENT COMMUNITIES INCformofstocktransferagreeme.htm
EX-10.1 - FORM OF SECURITIES PURCHASE AGREEMENT - PREFERRED APARTMENT COMMUNITIES INCformofsecuritiespurchaseag.htm
EX-10.6 - OPTION ELECTION NOTICE LAKE CAMERON - PREFERRED APARTMENT COMMUNITIES INCoptionelectionnoticelakeca.htm
EX-99.4 - PRESS RELEASE - PREFERRED APARTMENT COMMUNITIES INCpressreleasedatedjanuary17.htm

Williams Multifamily Acquisition Venture, LLC
c/o Williams Realty Advisors, LLC
One Overton Park
3625 Cumberland Blvd.
Suite 400
Atlanta, Georgia 30339


January 18, 2013


By PDF/Email

OREC (Williams) Holdings, Inc.
c/o Oxford Properties Group
320 Park Avenue, 17th Floor
New York NY 10022
Attention: Neil Jacob
Email: njacob@oxfordproperties.com

Williams Multifamily Acquisition GP, LLC c/o Williams Realty Advisors, LLC
One Overton Park
3625 Cumberland Blvd.
Suite 400
Atlanta, Georgia 30339
Facsimile No.: (770) 818-4101
Attn: John A. Williams


Oxford Properties Group
c/o OPGI Management Limited Partnership
Royal Bank Plaza, North Tower
200 Bay Street, Suite 900
Toronto, Ontario M5J 2J2
Attention: Gawain Smart
E-mail: gsmart@oxfordproperties.com

Kilpatrick Townsend & Stockton LLP
1100 Peachtree Street
Suite 2800
Atlanta, GA 30309
Facsimile No.: (404) 541-3402
Attn: David A. Stockton, Esq.

DLA Piper US LLP (US)
33 Arch Street
Boston, Massachusetts 02110
Facsimile No.: (617) 406-6129
Attn: John L. Sullivan, Esq.

 
Re:     Williams Ashford/McNeil Option Exercise Notice
Ladies and Gentlemen:    
Reference is also made to that certain Liquidation Agreement dated as of January 18, 2013 by and among Williams Multifamily Acquisition Fund, L.P., OREC (Williams) Holdings, Inc., Williams Multifamily Acquisition GP, LLC, Williams Multifamily Acquisition Venture, LLC, and Williams Realty Advisors, LLC (the “Liquidation Agreement”). Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Liquidation Agreement.


This letter constitutes the Williams Ashford/McNeil Option Exercise Notice from the Williams LP pursuant to Section 2.4 of the Liquidation Agreement.
1.     The undersigned Williams LP irrevocably and unconditionally elects to cause the Williams Purchaser to acquire the Ashford REIT Shares for the Ashford REIT Purchase Price on the Initial Williams Option Closing Date. The Ashford REIT Purchase Price payable by the Williams Purchaser on the Initial Williams Option Closing Date is $777,028.46.
2.     The undersigned Williams LP irrevocably and unconditionally elects to cause the Williams Purchaser to acquire the McNeil REIT Shares for the McNeil REIT Purchase Price on the Initial Williams Option Closing Date. The McNeil REIT Purchase Price payable by the Williams Purchaser on the Initial Williams Option Closing Date is $7,629,023.35.
3.     The undersigned Williams LP irrevocably and unconditionally designates the entity shown below as the Williams Purchaser for purposes of the Liquidation Agreement.
Preferred Apartment Communities Operating Partnership, L.P.
The undersigned Williams LP irrevocably and unconditionally designates January 23, 2013 as the Initial Williams Option Closing Date.
The Williams Purchaser hereby covenants and agrees to acquire the Initial Williams Options REITs for the Initial Williams Option Purchase Price on the Initial Williams Option Closing Date. The Williams Purchaser hereby further covenants and agrees to be bound by all applicable terms of the Liquidation Agreement, including without limitation all obligations relating to the calculation of, and the making of payments with respect to, the Net Price Adjustment for the Initial Williams Options REITs.
This Williams Ashford/McNeil Option Exercise Notice is irrevocable and may only be amended or revoked by a written notice to the Escrow Agent executed by both Oxford and the Williams Partners.
[balance of page left blank]



Thank you for your attention to this matter.

Sincerely,
WILLIAMS MULTIFAMILY ACQUISITION VENTURE, LLC

By:/s/ John A. Williams
Name: John A. Williams
Title: Chief Executive Officer of Williams Realty Advisors, its Manager


PREFERRED APARTMENT COMMUNITIES OPERATING PARTNERSHIP, L.P.
By: Preferred Apartment Advisors, LLC, its Agent

By:/s/ John A. Williams
Name: John A. Williams
Title: Chief Executive Officer



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