EXHIBIT 10.05
AGREEMENT FOR PURCHASE AND SALE
THIS AGREEMENT FOR PURCHASE AND SALE (the “ Agreement” ) is made and entered into as of the 1st day of
November, 2005, by and between SCHAEDLE WORTHINGTON HYDE PROPERTIES, L.P., a Delaware limited partnership
(the “Seller ”), and NTS REALTY HOLDINGS LIMITED PARTNERSHIP, a Delaware limited partnership (the ‘ Purchaser”) ,
and is joined in by LANDAMERICA NATIONAL COMMERCIAL SERVICES, Atlanta, Georgia (the “ Escrow Agent ”) as
follows:
WITNESSETH
WHEREAS , Seller is the owner of certain real estate located at 420 and 444 Elmington Avenue, Nashville, Davidson
County, Tennessee, and known as The Grove at Richland (“Richland”) and The Grove at Whitworth (“Whitworth”) all of which
is more particularly described on Exhibit “A ” attached hereto and incorporated herein by reference, together with all easements,
privileges, rights to access to any adjacent roadways, and all other appurtenances pertaining to or accruing to the benefit of
such real estate (collectively, the “ Real Property ”);
WHEREAS , the Real Property has been improved by the construction thereon of two apartment complexes having 292
units in the case of Richland and 301 units in the case of Whitworth (collectively, the “Improvements”);
WHEREAS , Seller owns certain tangible personal property used in connection with its ownership and operation of the
Real Property and the Improvements, which is described on Exhibit “B” hereto and incorporated herein by reference and certain
intangible personal property used in connection with its ownership and operation of the Real Property and Improvements
including, but not limited to, all telephone numbers, and all licenses, permits, consents, certificates (including certificates of
occupancy), government entitlements and approvals pertaining to the ownership and/or operation of the Real Property and
Improvements (collectively, the “ Personal Property ”);
WHEREAS , Seller is the landlord under