0000711642-10-000139.txt : 20100426 0000711642-10-000139.hdr.sgml : 20100426 20100426143106 ACCESSION NUMBER: 0000711642-10-000139 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100420 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100426 DATE AS OF CHANGE: 20100426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANGELES INCOME PROPERTIES LTD 6 CENTRAL INDEX KEY: 0000812564 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 954106139 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16210 FILM NUMBER: 10770033 BUSINESS ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET 17TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET 17TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 8-K 1 aipl6homestead_8k.htm 8K UNITED STATES

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 20, 2010

ANGELES INCOME PROPERTIES, LTD. 6

(Exact name of Registrant as specified in its charter)

California	0-16210	95-4106139
(State or other jurisdiction	(Commission	(I.R.S. Employer
Of incorporation or	File Number)	Identification Number)
Organization)

55 Beattie Place

Post Office Box 1089

Greenville, South Carolina 29602

(Address of principal executive offices)

(864) 239-1000

(Issuer's telephone number)

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:

[ ] 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.

Angeles Income Properties, Ltd. 6, a California limited partnership (the “Registrant”), owns Homestead Apartments (“Homestead”), a 168-unit apartment complex located in Lansing, Michigan. As previously disclosed, on October 26, 2009, the Registrant entered into a Purchase and Sale Contract (the “Purchase Contract”) with a third party, Homestead on Lake Lansing, LLC, a Michigan limited liability company (the “Purchaser”), to sell Homestead for a total sales price of $7,000,000.

As previously disclosed, the Purchase Contract was terminated on January 25, 2010 and reinstated on February 3, 2010 at the same sales price of $7,000,000.

As previously disclosed, on March 29, 2010, the Registrant and the Purchaser entered into a Second Amendment to the Purchase and Sale Contract pursuant to which the Registrant agreed to give the Purchaser a credit against the purchase price of $6,000 for capital improvements at Homestead required by the lender.

On April 20, 2010, the Registrant and the Purchaser entered into a Third Amendment to the Purchase and Sale Contract (the “Third Amendment”) pursuant to which the expected closing date was extended from April 26, 2010 to May 21, 2010. The parties agreed that the closing date may be extended without penalty at the option of the Registrant to June 30, 2010. In addition, under the terms of the Third Amendment, $25,000 of the deposits was released to the Registrant on April 21, 2010.

The summary of the terms and conditions of the Third Amendment is qualified in its entirety by reference to the Third Amendment to Purchase and Sale Contract, a copy of which is attached hereto as an exhibit.

Item 9.01 Financial Statements and Exhibits

(d) Exhibit

10.44 Third Amendment to Purchase and Sale Contract between Angeles Income Properties, Ltd. 6, a California limited partnership, and Homestead on Lake Lansing, LLC, a Michigan limited liability company, dated April 20, 2010. *

* Schedules and supplemental materials to the exhibit have been omitted but will be provided to the Securities and Exchange Commission upon request.

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.

ANGELES INCOME PROPERTIES, LTD. 6

By: Angeles Realty Corporation II

General Partner

By: /s/Stephen B. Waters

Stephen B. Waters

Senior Director of Partnership Accounting

Date: April 26, 2010

EX-10.44 2 aipl6homestead_ex10z44.htm EXHIBIT 10.44 FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT

Exhibit 10.44

THIRD AMENDMENT TO
PURCHASE AND SALE CONTRACT

THIS THIRD AMENDMENT TO PURCHASE AND SALE CONTRACT (this "Third Amendment") is made and entered into this 20^th day of April, 2010 (the "Third Amendment Date"), by and between ANGELES INCOME PROPERTIES, LTD. 6, a California limited partnership, having an address at 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237 ("Seller") and HOMESTEAD ON LAKE LANSING, LLC, a Michigan limited liability company, having a principal address at 1575 Watertower Place, East Lansing, Michigan 48823 ("Purchaser").

RECITALS:

WHEREAS, Seller and Purchaser entered into that certain Purchase and Sale Contract dated October 26, 2009, as amended by that certain First Amendment to Purchase and Sale Contract dated February 3, 2010, and as further amended by that certain Second Amendment to Purchase and Sale Contract dated March 29, 2010 (as amended, the "Contract"), for certain real property situated in the County of Ingham, State of Michigan, commonly known as Homestead Apartments, and more specifically described in the Contract (the "Property"); and

WHEREAS, Seller and Purchaser desire to reinstate and ratify the Contract and amend the Contract on the terms and conditions set forth below.

AGREEMENT:

NOW, THEREFORE, in consideration of the mutual covenants set forth in the Contract and herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree to amend the Contract as follows:

1. Closing Date. Section 5.1 of the Contract is hereby amended and restated in its entirety as follows:

"5.1 Closing Date. The Closing shall occur on May 21, 2010 at the time set forth in Section 2.2.3 (the "Closing Date"), or upon such earlier date as Seller and Purchaser may agree in writing, through an escrow with Escrow Agent, whereby Seller, Purchaser and their attorneys need not be physically present at the Closing and may deliver documents by overnight air courier or other means. Notwithstanding the foregoing to the contrary, Seller shall have the option, by delivering written notice to Purchaser, to extend the Closing Date to the last Business Day of the month in which the Closing Date otherwise would occur pursuant to the preceding sentence, in connection with Seller's payment in full of the Note (the "Loan Payoff"). Further, the Closing Date may be extended without penalty at the option of Seller to a date not later than thirty (30) days following the Closing Date specified in the first sentence of this paragraph above (or, if applicable, as extended by Seller pursuant to the second sentence of this paragraph above)."

2. Deposit. On the Third Amendment Date, the Escrow Agent shall immediately release in Good Funds to Seller $20,000.00 of the Refundable Deposit Component and $5,000.00 of the Non-Refundable Deposit Component (collectively, such amounts shall be referred to herein as the "Additional Release Deposit"), and such Additional Release Deposit shall be non-refundable to Purchaser under all circumstances and shall be credited against the Purchase Price at Closing.

3. Seller Closing Deliveries. No later than one day prior to the Closing Date, Seller shall deliver to the Escrow Agent (simultaneously with the other deliveries in Section 5.2 of the Contract) a quitclaim deed in substantially the form attached hereto as Exhibit A ("Perimeter Quitclaim Deed") conveying Parcels 1, 2 and 3 of the Property via the perimeter legal description attached hereto and incorporated herein as Exhibit B ("Perimeter Legal Description").

4. General Provisions. The following provisions shall apply with respect to this Third Amendment:

(a) Except as modified herein, the Contract is in full force and effect and is hereby ratified by Purchaser and Seller.

(b) Capitalized terms used, but not otherwise defined, herein shall have the same meaning as ascribed to such terms in the Contract.

(c) In the event of any conflict between the Contract and this Third Amendment, the terms and conditions of this Third Amendment shall control.

(d) This Third Amendment may be executed in counterparts, each of which (or any combination of which) when signed by all of the parties shall be deemed an original, but all of which when taken together shall constitute one agreement. Executed copies hereof may be delivered by telecopier or electronic mail and upon receipt shall be deemed originals and binding upon the parties hereto, and actual originals shall be promptly delivered thereafter.

NOW, THEREFORE, the parties hereto have executed this Third Amendment as of the Third Amendment Date.

SELLER:

ANGELES INCOME PROPERTIES, LTD. 6,

a California limited partnership

By: ANGELES REALTY CORPORATION II,

a California corporation,

its general partner