Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed, on October 28, 2022, 150 CCM Black Oak Ltd. (the
"Seller"), a Texas Limited Partnership and an indirect, majority-owned
subsidiary of Alset Inc. (the "Company"), entered into a Contract for Purchase
and Sale and Escrow Instructions (the "Agreement") with Century Land Holdings of
Texas, LLC, a Colorado limited liability company (the "Buyer"). Pursuant to the
terms of the Agreement, the Seller agreed to sell all of the approximately 242
single-family detached residential lots comprising a residential community in
the city of Magnolia, Texas known as the "Lakes at Black Oak." The parties
agreed that the lots would be sold at a range of prices, and the Seller will
also be entitled to receive a community enhancement fee for each lot sold.
On November 28, 2022, the parties to the Agreement entered into an amendment to
the Agreement (the "Amendment"). Pursuant to the Amendment, the Buyer will now
proceed with the purchase of approximately 131 single-family detached
residential lots, instead of 242 lots.
The closing of the transactions described in the Agreement, as amended, depends
on the satisfaction of certain conditions set forth therein. There can be no
assurance that such closing will be completed on the terms outlined therein or
at all.
The Seller shall be required to develop and improve the property at the Seller's
cost pursuant to certain development plans and government regulations prior to
the closing described above.
This Agreement, as amended, to develop and sell lots for single family homes is
an integral part of our multi-pronged strategic approach to managing our real
estate business. In addition to developing and selling lots, the Company retains
other properties for future projects.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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