Attached files
| file | filename |
|---|---|
| EX-10.1 - EXHIBIT 10.1 - UNITED DEVELOPMENT FUNDING INCOME FUND V | v407533_ex10-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): April 15, 2015
| United Development Funding Income Fund V | |||||||||
| (Exact Name of Registrant as Specified in Its Charter) |
| Maryland | 333-194162 (1933 Act) | 46-3890365 | ||
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number)
|
(I.R.S. Employer Identification No.) |
|
1301 Municipal Way, Suite 100, Grapevine, Texas 76051 | |||||||||
| (Address of principal executive offices) | |||||||||
| (Zip Code) | |||||||||
| (214) 370-8960 | |||||||||
| (Registrant’s telephone number, including area code) | |||||||||
None | |||||||||
| (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 obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | 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 April 15, 2015, United Development Funding Income Fund V (“UDF V”) entered into an Amendment to Advisory Agreement (the “Amendment”) with UDF V OP, L.P., the affiliated operating partnership of UDF V (the “Partnership”), and American Realty Capital Residential Advisors, LLC, an unaffiliated entity (the “Advisor”). The Amendment modifies the Advisory Agreement by and among the Registrant, the Partnership and the Advisor dated July 25, 2014. The purpose of the Amendment is to clarify that no subordinated incentive fee may be paid to the Advisor until UDF V’s shareholders have received a return of their invested capital plus a 7.35% annual cumulative, non-compounded return on such invested capital.
The terms of the Amendment were approved by UDF V’s board of trustees, including all of UDF V’s independent trustees, and were deemed fair and reasonable to UDF V and on terms and conditions not less favorable to UDF V than those available from unaffiliated third parties.
The material terms of the Amendment are qualified in their entirety by the agreement attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| 10.1 | Amendment to Advisory Agreement by and among United Development Funding Income Fund V, UDF V OP, L.P. and American Realty Capital Residential Advisors, LLC, dated April 15, 2015. |
SIGNATURE
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.
| United Development Funding Income Fund V | ||
| Dated: April 17, 2015 | By: | /s/ Hollis M. Greenlaw |
| Hollis M. Greenlaw | ||
| Chief Executive Officer | ||
EXHIBIT INDEX
| Exhibit No. | Description |
| 10.1 | Amendment to Advisory Agreement by and among United Development Funding Income Fund V, UDF V OP, L.P. and American Realty Capital Residential Advisors, LLC, dated April 15, 2015. |