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): June 25, 2014
REVEN HOUSING REIT, INC.
(Exact Name of Registrant as Specified in
Its Charter)
Maryland |
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000-54165 |
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84-1306078 |
(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(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. |
Reference is made to the Form 8-K filed
on May 6, 2014 by Reven Housing REIT, Inc. (the “Company”), which reported the entry by the Company into that certain
Single Family Homes Real Estate Purchase and Sale Agreement dated May 5, 2014 (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, and provided a description of the materials terms of the Agreement.
On June 25, 2014, the Company and the Sellers
entered into a First Amendment to Single Family Homes Real Estate Purchase and Sale Agreement (the “Amendment”), pursuant
to which the parties amended the Agreement (i) to decrease the total contract purchase price to $3,380,000 from $3,500,000, and
(ii) to create an escrow holdback of $82,265 to be withheld by the escrow agent until such time as Sellers has completed all repairs
to certain of the homes to the Company’s reasonable satisfaction. The holdback repairs are to be completed by Sellers, at
Sellers’ sole cost and expense, not later than 30 days after the closing, and upon the completion of all holdback repairs,
the escrowed funds will then be released to Sellers. Additionally, the Company has notified Sellers of its intention to purchase
the properties and has elected not to exercise its right to terminate the Agreement during the due diligence period.
The foregoing description of the Amendment
is qualified in its entirety by reference to the full text of the Amendment which is attached hereto as Exhibit 10.1 and is incorporated
herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
The following exhibit is filed with this report:
Exhibit 10.1 |
First Amendment to 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.
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REVEN HOUSING REIT,
INC. |
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Dated: June 27, 2014 |
/s/ Thad L. Meyer |
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Thad L. Meyer |
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Chief Financial Officer |
FIRST AMENDMENT TO
SINGLE FAMILY HOMES REAL ESTATE PURCHASE
AND SALE AGREEMENT
THIS FIRST AMENDMENT
TO SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT (this "First Amendment") is made as of June
25, 2014 by and among 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, “Seller”) and REVEN HOUSING REIT, INC.,
a Maryland corporation (together with any designee identified or appointed by REVEN HOUSING REIT, INC., “Buyer”),
with reference to the following recitals.
RECITALS
A. Seller and
Buyer entered into that certain Single Family Homes Real Estate Purchase and Sale Agreement dated May 5, 2014 (“Agreement”)
pursuant to which Seller agreed to sell and Buyer agreed to purchase from Seller, forty-nine (49) single family homes in the city
of Jacksonville, Florida.
B. Seller and Buyer have agreed
to amend the Agreement to decrease the Purchase Price and to create an escrow holdback for purposes of Seller’s repairs to
certain of the homes.
NOW THEREFORE, in consideration of the
mutual agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
Buyer and Seller hereby agree as follows:
AGREEMENT
1.
Definitions. All initially-capitalized terms used in this First Amendment without definition shall have the meanings
given such terms in the Agreement.
2.
Purchase Price. The Purchase Price is hereby changed to Three Million Three Hundred Eighty Thousand and 00/100 Dollars
($3,380,000.00).
3.
Escrow Holdback. Eighty Two Thousand Two Hundred Sixty-Five and 00/100 Dollars ($82,265.00) (the “Holdback
Funds”) shall be withheld by the Escrow Holder until such time as Seller has completed all repairs to the homes identified
in the attached Exhibit I (the “Holdback Repairs”) to Buyer’s reasonable satisfaction. Such Holdback
Repairs shall be completed by Seller, at Seller’s sole cost and expense, not later than thirty (30) days after Closing. Seller
shall provide to Buyer invoices and related back-up documentation reasonably acceptable to Buyer pertaining to all Holdback Repairs,
as well as photographs reasonably acceptable to Buyer depicting each and every item to be repaired before such repair has begun
and after such repair has been completed. All Holdback Funds shall remain held by the Escrow Holder until all Holdback Repairs
are completed to Buyer’s reasonable satisfaction. Upon the completion of all Holdback Repairs to Buyer’s reasonable
satisfaction, Buyer shall instruct the Escrow Holder to release the Holdback Funds to Seller.
4.
Buyer’s Intent to Close. Pursuant to Section 7 of the Agreement, Buyer hereby notifies Seller of Buyer’s
election to purchase the Property.
5.
Governing Law. This First Amendment shall be governed by the laws of the State of Florida.
6.
Full Force and Effect. Except as modified herein, Buyer and Seller agree and affirm that the Agreement remains in
full force and effect.
7.
Counterparts. This First Amendment may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. An electronically transmitted counterpart of
this First Amendment shall constitute an original for all purposes.
8.
Miscellaneous. This First Amendment, together with the Agreement, sets forth the entire agreement between the parties
with respect to the subject matter set forth herein and therein and may not be modified, amended or altered except by subsequent
written agreement between the parties. In case of any inconsistency between the provisions of the First Amendment and the Agreement,
the provisions of this First Amendment shall govern and control. This First Amendment shall be binding upon and shall inure to
the benefit of Buyer and Seller and their respective successors and assigns, if any.
[Remainder of this page deliberately left
blank]
IN WITNESS WHEREOF, Buyer and Seller have
caused this First Amendment to be duly executed on their behalfs as of the day and year first stated above.
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SELLER |
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BGF HOMES, LLC, a Florida limited liability company |
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By: |
/s/ Gary Moreau |
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Name: |
Gary Moreau |
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Its: |
Member |
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CJJ DEVELOPMENT II, LLC, a Florida limited liability company |
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By: |
/s/ Rob Udell |
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Name: |
Rob Udell |
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Its: |
Chief Financial Officer |
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DCCF PROPERTIES, LLC, a Florida limited liability company |
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By: |
/s/ Chris Funk |
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Name: |
Chris Funk |
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Its: |
Member |
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NBJW PROPERTIES, LLC, a Florida limited liability company |
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By: |
/s/ Chris Funk |
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Name: |
Chris Funk |
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Its: |
Member |
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NORTH JACKSONVILLE RENTALS, LLC, a Florida limited liability company |
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By: |
/s/ Chris Funk |
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Name: |
Chris Funk |
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Its: |
Member |
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RAMS REAL ESTATE HOLDINGS, LLC, a Florida limited liability company |
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By: |
Amal Soni |
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Name: |
Amal Soni |
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Its: |
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OBADIAH G. DORSEY, an individual |
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/s/ Obadiah G. Dorsey |
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BUYER |
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Reven HOUSING REIT, INC., a Maryland corporation |
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By: |
/s/ Thad Meyer |
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Thad Meyer |
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Chief Financial Officer |
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