Attached files
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EX-10.1 - EXHIBIT 10.1 - Reven Housing REIT, Inc. | v377447_ex10-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 5, 2014
REVEN HOUSING REIT, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland | 000-54165 | 84-1306078 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
7911 Herschel Avenue, Suite 201
La Jolla, CA 92037
(Address of principal executive offices)
(858) 459-4000
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions.
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14d-2(b) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) |
Item 1.01 | Entry into a Material Definitive Agreement. |
On May 5, 2014, Reven Housing REIT, Inc. (the “Company”) entered into a Single Family Homes Real Estate Purchase and Sale Agreement (the “Agreement”) with BGF Homes, LLC, a Florida limited liability company, CJJ Development II, LLC, a Florida limited liability company, DCCF Properties, LLC, a Florida limited liability company, NBJW Properties, LLC, a Florida limited liability company, North Jacksonville Rentals, LLC, a Florida limited liability company, Rams Real Estate Holdings, LLC, a Florida limited liability company, and Obadiah G. Dorsey, an individual, (collectively, the “Sellers”), to purchase a portfolio of 49 single family homes located in the Jacksonville, Florida, metropolitan area from the Sellers. The Sellers are unaffiliated with the Company. The Agreement provides for a deposit of $35,000 within five business days of the execution of the Agreement, and the total contract purchase price for the 49 properties is $3,500,000, excluding closing costs and subject to certain adjustments. The properties collectively encompass an aggregate of 64,117 rental square feet, of which 46 properties are subject to one-year leases with tenants and the remaining three properties are vacant as of the date of this report.
For a period commencing on the effective date of the Agreement and ending on the date that is 30 days after the Company has received all of the property information relating to the properties (the “Due Diligence Period”), the Company may conduct inspections to determine any necessary repairs or improvements to bring the properties into compliance with the applicable local building code and/or repairs if recommended. The costs for any such repairs will be deducted from the purchase price under certain conditions unless the Sellers agree to complete all such repairs within 45 days of the closing. The Agreement contains customary representations and warranties by the Sellers, and the Company would be obligated to purchase the properties only after satisfaction of agreed upon closing conditions.
The Agreement provides that the closing for the purchase of the properties is to occur within 30 days after the expiration of the Due Diligence Period. There can be no assurance that the Company will consummate the acquisition.
The Agreement is attached hereto as Exhibits 10.1 and is incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
The following exhibit is filed with this report:
Exhibit 10.1 | Single Family Homes Real Estate Purchase and Sale Agreement (Jacksonville 49) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
REVEN HOUSING REIT, INC. | |
Dated: May 6, 2014 | /s/ Chad M. Carpenter |
Chad M. Carpenter | |
Chief Executive Officer |