lennaragreement-8k.htm
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)
|
December
31, 2007
|
AMERICAN
COMMUNITY PROPERTIES TRUST
(Exact
name of registrant as specified in its charter)
MARYLAND
(State
or other jurisdiction
of
incorporation)
|
1-14369
(Commission
File
Number)
|
52-2058165
(I.R.S.
Employer
Identification
No.)
|
222
Smallwood Village Center
St.
Charles, Maryland 20602
(Address
of principal executive offices)(Zip Code)
(301)
843-8600
(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 obligation 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
|
On
December 31, 2007, American Community Properties Trust (“ACPT” or the “Company”)
amended its Purchase and Development Agreements with U.S. Home Corporation,
a
subsidiary of Lennar Corporation (“Lennar”). The amendment requires
Lennar to purchase approximately 100 lots for a total base purchase price of
$7.5 million. The first 51 lots, with an aggregate base purchase
price of approximately $3.8 million, were purchased on December 31, 2007
(“December 2007 Takedown”). The remaining lots subject to the
amendment are required to be purchased by Lennar on or before June 1, 2008
(the
“Initial 2008 Takedown”). The Company further agreed that upon
settlement of the December 2007 Takedown, Lennar will have satisfied their
lot
takedown requirements for calendar year 2007, resulting in 78 lot sales to
Lennar for an initial price of approximately $6.0 million.
The
amendment reduces the final purchase price for the lots within the December
2007
and Initial 2008 Takedowns to 22.5% of the selling price of homes constructed
on
such lots, provided the final price for a lot is not less than $78,000 per
single family building lot or $68,000 per townhome building lot. Lots
required to be purchased subsequent to the Initial 2008 Takedown will be
governed by the terms of the previous agreement.
The
complete text of the amendment is attached and filed as Exhibit 10.4 to this
current report on Form 8-K.
Item
9.01
|
Financial
Statements and Exhibits.
|
(d)
|
Exhibits
|
|
|
|
Purchase
Agreement
|
|
Development
Agreement
|
|
First
Amendment to Purchase Agreement
|
|
Second
Amendment to Purchase Agreement and to Development
Agreement
|
|
Press
Release dated January 4, 2008 |
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
AMERICAN
COMMUNITY PROPERTIES TRUST
|
|
(Registrant)
|
|
|
Dated:
January 4, 2008
|
By:/s/Matthew
M. Martin
|
|
Matthew
M. Martin
Vice
President and Chief Accounting
Officer
|