Item 1.02 Termination of Material Definitive Agreement
On March 17, 2016, American Housing Income Trust, Inc. (the “Company”) and Empire Residential Opportunity Fund III, LLC (“Fund III”) and Empire Residential Opportunity Fund V, LLC (“Fund V”) terminated their respective Purchase and Sale Agreements, as originally disclosed on Form 8-K on February 25, 2016 at Exhibit 10.1 and Exhibit 10.2, respectively. The date of termination coincides with the return of the earnest money deposit by Fund III and Fund V to the Company. There is no material relationship between the Company and either Fund III or Fund V.
The Purchase and Sale Agreement between the Company and Fund III was for the purchase of twenty-five (25) single family, residential properties located in Maricopa County, Arizona by the Company for Four Million, Four Hundred Forty-Three Thousand, Two Hundred Ninety-Eight Dollars and 52/100 ($4,443,298.52). Similarly, the Purchase and Sale Agreement between the Company and Fund V was for the purchase of twenty-four (24) single family, residential properties located in Maricopa County, Arizona by the Company for Four Million Two Thousand Seven Hundred One Dollars and 48/100 ($4,002,701.48). The Company intends on amending its pending registration statement on Form S-11/A accordingly. The Company, and Fund III and Fund V mutually terminated their respective agreements without any dispute or controversy. The Company did not incur any early termination penalties.
You can lead a horse to water. But you can't make him get down on one knee and do an Al Jolson impression!
