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SUI > SEC Filings for SUI > Form 8-K on 27-Aug-2009All Recent SEC Filings

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Form 8-K for SUN COMMUNITIES INC


27-Aug-2009

Entry into a Material Definitive Agreement


ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On August 27, 2009, Sun Communities, Inc. (the "Company"), entered into a Sales Agreement (the "Sales Agreement") with Brinson Patrick Securities Corporation (the "Sales Manager") to issue and sell through the Sales Manager, as agent, up to 1,600,000 shares of common stock from time to time pursuant to the Company's effective shelf registration statement on Form S-3. Pursuant to the Sales Agreement, the Company has agreed to pay the Sales Manager a commission at a fixed commission rate of 3% of the gross sales price per share sold; provided however, that if aggregate sales proceeds raised through the period ending December 31, 2009 exceed $10 million, then the commission rate for any sales made after December 31, 2009 will be 2.5%. The Company has also agreed to provide the Sales Manager with customary indemnification rights under the Sales Agreement. Additional information regarding the Sales Agreement is set forth in the Company's prospectus supplement, dated August 27, 2009, which will be filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended.

The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text of the Agreement which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

ITEM 9.01.   EXHIBITS



(d)              Exhibits.
EXHIBIT #                                DESCRIPTION
10.1                                     Sales Agreement dated August 27, 2009,
                                         executed by and between Sun Communities,
                                         Inc. and Brinson Patrick Securities
                                         Corporation


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