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): May 31, 2017
 
_____________________________
 
 
UMH Properties, Inc.
(Exact name of registrant as specified in its charter)
_____________________________
 
 
Maryland
001-12690
22-1890929
(State or other jurisdiction of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
   
Juniper Business Plaza, Suite 3-C
3499 Route 9 North
Freehold, New Jersey
(Address of principal executive offices)
07728
(Zip Code)
   
Registrant's telephone number,
including area code:
(732) 577-9997
   
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 (see General Instruction A.2. below):
 
[  ]
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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company [  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Item 1.01                            Entry Into a Material Definitive Agreement.
On May 31, 2017, UMH Properties, Inc. (the "Company") entered into two purchase agreements with an institutional investor pursuant to which the Company agreed to sell a total of 1,400,000 shares of its common stock, par value $0.10 per share (the "Common Stock"), in a registered direct placement at a purchase price of $16.60 per share.  The Company's total net proceeds from the offering, after deducting the placement agent's fee and other estimated offering expenses, are expected to be approximately $22.5 million.  The offering is expected to close on or about June 5, 2017, subject to satisfaction of customary closing conditions.  The Company intends to use the proceeds of this offering for general corporate purposes, which may include purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, potential acquisitions of additional properties, and possible repayment of indebtedness on a short-term basis.
In connection with the offering, the Company entered into a placement agent agreement dated May 31, 2017 with CSCA Capital Advisors, LLC ("CSCA") pursuant to which CSCA agreed to act as the Company's placement agent.  As placement agent, CSCA will receive a placement agent fee equal to 2.25% of the gross proceeds from the offering, plus certain expenses.  In the ordinary course of business, CSCA and/or its affiliates have engaged, and may in the future engage, in financial advisory, investment banking and other transactions with the Company for which customary compensation has been, and will be, paid.
The shares of Common Stock are being offered and sold pursuant to the Company's prospectus supplement dated May 31, 2017 (the "Prospectus Supplement") which supplements the Company's prospectus filed with the Securities and Exchange Commission (the "SEC") pursuant to the Company's Registration Statement on Form S-3 (File No. 333-209078), filed with the SEC on January 21, 2016, as Amended by Amendment No. 1 thereto filed with the Commission on February 5, 2016 and declared effective on February 5, 2016 (the "Registration Statement").  The Common Stock is described in the Company's Registration Statement.  After giving effect to the issuance of the 1,400,000 shares of Common Stock being offered and sold, the Company will have a total of 33,076,868 shares of Common Stock outstanding.  The shares of Common Stock are listed on the New York Stock Exchange under the symbol "UMH."
The foregoing summaries of the terms of the purchase agreements and placement agent agreement are only a brief description of certain terms therein, do not purport to be a complete description of the rights and obligations of the parties thereunder, and are qualified in their entirety by such documents attached hereto.  A copy of the form of purchase agreement is attached hereto as Exhibit 10.1 and is incorporated by reference herein.  A copy of the placement agent agreement is attached hereto as Exhibit 1.1 and is incorporated by reference herein.
 
Item 3.03                            Material Modifications to Rights of Security Holders.
Increase in Authorized Shares
On June 2, 2017, the Company filed with the Department of Assessments and Taxation of the State of Maryland (the "Maryland Department") an amendment (the "Articles of Amendment") to the Company's Articles of Incorporation (the "Articles") to increase the Company's authorized shares of common stock, par value $0.10 per share ("Common Stock").  As a result of this amendment, the Company's total authorized shares will be increased from 85,663,800 shares (classified as 75,000,000 shares of Common Stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock"), 4,000,000 shares of 8.0% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock") and 3,000,000 shares of excess stock) to 95,663,800 shares (classified as 85,000,000 shares of Common Stock, 3,663,800 shares of Series A Preferred Stock, 4,000,000 shares of Series B Preferred Stock and 3,000,000 shares of excess stock).  The foregoing description of the Articles of Amendment is qualified in its entirety by reference to the Articles of Amendment, a copy of which is filed as Exhibit 3.1 to this Form 8-K and incorporated herein by reference.

Item 5.03                            Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
The information set forth in Item 3.03 above with respect to the Articles of Amendment is incorporated in this Item 5.03 in its entirety.
Item 7.01                           Regulation FD Disclosure.
The Company issued a press release concerning the offering of the Common Stock on June 1, 2017.  This press release is attached as Exhibit 99.1 hereto and is incorporated by reference herein.
Item 9.01                            Financial Statements and Exhibits.
 
(d)
Exhibits.
     
 
1.1
Placement Agent Agreement dated May 31, 2017 by and between UMH Properties, Inc. and CSCA Capital Advisors, LLC.
     
 
3.1
Articles of Amendment.
     
 
5.1
Opinion of Stroock & Stroock & Lavan LLP.
     
 
8.1
Tax Opinion of Stroock & Stroock & Lavan LLP.
     
 
10.1
Form of Purchase Agreement.
     
 
23.1
Consent of Stroock & Stroock & Lavan LLP (included in Exhibits 5.1 and 8.1).
     
 
99.1
Press Release dated June 1, 2017.



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.
Date:              June 5, 2017
UMH PROPERTIES, INC.
   
   
 
By:
/ s/ Anna T. Chew                                                                                                  
  Name:
Anna T. Chew
  Title:
Vice President and Chief Financial Officer
     


Exhibit Index
 
1.1
Placement Agent Agreement dated May 31, 2017 by and between UMH Properties, Inc. and CSCA Capital Advisors, LLC.
     
 
3.1
Articles of Amendment.
     
 
5.1
Opinion of Stroock & Stroock & Lavan LLP.
     
 
8.1
Tax Opinion of Stroock & Stroock & Lavan LLP.
     
 
10.1
Form of Purchase Agreement.
     
 
23.1
Consent of Stroock & Stroock & Lavan LLP (included in Exhibits 5.1 and 8.1).
     
 
99.1
Press Release dated June 1, 2017.

Exhibit 1.1
 
EXECUTION VERSION
May 31, 2017
CSCA Capital Advisors, LLC
800 Third Avenue, 25 th Floor
New York, New York 10022
Re:              Placement of Common Stock of UMH Properties, Inc.
Dear Sirs:
This letter (the " Agreement ") confirms our agreement to retain CSCA Capital Advisors, LLC (the " Placement Agent ") as our exclusive agent for a period commencing on the date of this letter and terminating on June 5, 2017, unless extended by the parties, to introduce UMH Properties, Inc., a Maryland corporation (the " Company "), to one or more prospective purchasers (the " Offer ") of up to 2,000,000 shares (the " Shares " and such number of Shares actually sold, the " Securities ") of the Company's common stock, par value $0.10 per share (the " Common Stock ").  The engagement described herein (i) may be terminated by the Company at any time prior to the Closing (as defined below) and (ii) shall be in accordance with applicable laws and pursuant to the following procedures and terms and conditions:
1.              The Company will:
(a)              Cause the Company's independent public accountants to address to the Company, the Placement Agent and each sub-placement agent, if any, and deliver to the Company, the Placement Agent and each sub-placement agent, (i) a letter or letters (which letters are frequently referred to as "comfort letters") dated the date hereof, and (ii) a "bring-down" letter or letters dated as of, and delivered on, the date on which the sale of the Securities is consummated pursuant to one or more purchase agreement(s) dated the date hereof between the Company and the purchasers party thereto (collectively, the " Purchase Agreement ") (such date, a " Closing Date " and the time of such consummation on the Closing Date, a " Closing "), each of which letter or letters shall be in form and substance reasonably satisfactory to the Placement Agent.
(b)              On the Closing Date, cause special securities counsel to the Company to deliver one or more opinions to the Placement Agent and each sub-placement agent in form and substance reasonably satisfactory to the Placement Agent and its counsel, and cause Maryland counsel to the Company to deliver one or more opinions to the Placement Agent and any sub-placement agent in form and substance reasonably satisfactory to the Placement Agent and its counsel.
(c)              Prior to the Closing, the Company shall not sell or approve the solicitation of offers for the purchase of additional Shares in excess of the amount which shall be authorized by the Company or in excess of the aggregate offering price of the Shares registered pursuant to the Registration Statement (as defined below).
(d)              Use the proceeds of the offering contemplated hereby as will be set forth under the caption "Use of Proceeds" in the Prospectus Supplement (as defined below).
(e)              On the Closing Date, the Company shall deliver to the Placement Agent and the Purchasers a certificate of the Chief Executive Officer and Chief Financial Officer of the Company, dated as of the Closing Date, setting forth that each of the representations and warranties contained in this Agreement shall be true on and as of the Closing Date as if made as of the Closing Date and each of the conditions and covenants contained herein shall have been complied with to the extent compliance is required prior to the Closing Date, and shall have delivered such other customary certificates as the Placement Agent shall have reasonably requested.
(f)              Prior to the Closing Date, the Company will file an amendment to the Company's Articles of Incorporation (the " Charter ") to increase the Company's authorized capital stock by 10 million shares of Common Stock (the " Charter Amendment "), and will cause the Charter Amendment to become effective.
2.              The Company authorizes the Placement Agent and each sub-placement agent, if any, to use the Prospectus (as defined below) in connection with the Offer for such period of time as any such materials are required by law to be delivered in connection therewith and the Placement Agent agrees to do so (or to cause each sub-placement agent to do so).
(a)              The Placement Agent will use commercially reasonable efforts on behalf of the Company in connection with the Placement Agent's services hereunder.  No offers or sales of Securities shall be made to any person without the prior approval of such person by the Company, such approval to be at the reasonable discretion of the Company.  The Placement Agent's aggregate fee for its services hereunder will be an amount equal to 2.25% of the gross proceeds from the sale of Securities sold to the Purchasers (such fee payable by the Company at and subject to the consummation of the Closing).  The Company, upon consultation with the Placement Agent, may establish in the Company's discretion a maximum aggregate amount of Shares to be sold in the offering contemplated hereby, which maximum aggregate amount shall be reflected in the Prospectus.  The Placement Agent will not enter into any agreement or arrangement with any broker, dealer or other person in connection with the placement of Securities (individually, a " Participating Person " and collectively, " Participating Persons ") which will obligate the Company to pay additional fees or expenses to or on behalf of a Participating Person without the prior written consent of the Company.  The Company hereby consents to the Placement Agent entering into an agreement or arrangement with Weeden & Co. L.P. (" Weeden ") pursuant to which Weeden will act as settlement agent (in such capacity, the " Settlement Agent ") in connection with the Closing and the Company will pay fees of the Settlement Agent at the rate of $0.02 per Security sold and the Placement Agent will pay any amounts due to the Settlement Agent in excess of such amount.
(b)              The Company agrees that it will pay its own costs and expenses incident to the performance of its obligations hereunder whether or not any Securities are offered or sold pursuant to the Offer, including, without limitation, (i) the filing fees and expenses, if any, incurred with respect to any filing with the New York Stock Exchange, (ii) all costs and expenses incident to the preparation, issuance, execution and delivery of the Securities, (iii) all costs and expenses (including filing fees) incident to the preparation, printing and filing under the Securities Act of 1933, as amended (the " Act "), of the Registration Statement and the Prospectus, including, without limitation, in each case, all exhibits, amendments and supplements thereto, (iv) all costs and expenses incurred in connection with the required registration or qualification of the Securities issuable under the laws of such jurisdictions as the Placement Agent may reasonably designate, if any, (v) all costs and expenses incurred by the Company in connection with the printing (including word processing and duplication costs) and delivery of the Prospectus and Registration Statement (including, without limitation, any preliminary and supplemental blue sky memoranda) including, without limitation, mailing and shipping, (vi) all fees and expenses incurred in marketing the Offer, and (vii) the fees and disbursements of Stroock & Stroock & Lavan LLP, special securities counsel to the Company, Venable LLP, Maryland counsel to the Company, any other counsel to the Company, and PKF O'Connor Davies LLP, auditors to the Company.  In addition, the Company agrees to reimburse the Placement Agent for all out-of-pocket expenses of the Placement Agent in connection with the Offer including, without limitation, the reasonable legal fees, expenses and disbursements of the Placement Agent's counsel in connection with the Offer in an amount not to exceed $35,000.
(c)              The Company will indemnify and hold harmless the Placement Agent, each sub-placement agent, and each of their respective partners, directors, officers, associates, affiliates, subsidiaries, employees, consultants, attorneys, agents, and each person, if any, controlling the Placement Agent, any sub-placement agent or any of their affiliates within the meaning of either Section 15 of the Act or Section 20 of the Securities Exchange Act of 1934, as amended (the " Exchange Act ") (collectively, the " Placement Agent Indemnitees "), from and against any and all losses, claims, damages, liabilities or costs (and any reasonable legal or other expenses incurred by such Placement Agent Indemnitee in investigating or defending the same or in giving testimony or furnishing documents in response to a request of any government agency or to a subpoena) in any way relating to, arising out of or caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or in the Prospectus or in any way relating to, arising out of or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.  The  Placement Agent Indemnitees shall be third-party beneficiaries of this paragraph 2(c)).  The indemnity agreement by the Company for the Placement Agent Indemnitees described herein shall apply solely in their capacity as Placement Agent or sub-placement agent, as applicable.  Such indemnity agreement shall not, however, apply to any such loss, claim, damage, liability, cost or expense (i) if such statement or omission was made in reliance upon or in conformity with information furnished in writing to the Company by the Placement Agent or its affiliates or any sub-placement agent or its affiliates expressly for use in the Prospectus Supplement, or (ii) which is held in a final judgment of a court of competent jurisdiction (not subject to further appeal) to have arisen out of (x) the gross negligence or willful misconduct of the Placement Agent, any sub-placement agent or any other Placement Agent Indemnitee described in this paragraph 2(c), or (y) a breach of the Placement Agent's representations and warranties in paragraph 4 hereof.
(d)              The Placement Agent will indemnify and hold harmless the Company and each of its directors, officers, associates, affiliates, subsidiaries, employees, consultants, attorneys, agents, and each person controlling the Company or any of its affiliates within the meaning of either Section 15 of the Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages, liabilities, costs or expenses (and any reasonable legal or other expenses incurred by such indemnitee in investigating or defending the same or in giving testimony or furnishing documents in response to a request of any government agency or to a subpoena) (i) which are held in a final judgment of a court of competent jurisdiction (not subject to further appeal) to have arisen out of the gross negligence or willful misconduct of such Placement Agent or any of its respective partners, directors, officers, associates, affiliates, subsidiaries, employees, consultants, attorneys, agents, or any person controlling the Placement Agent or any of its affiliates within the meaning of Section 15 of the Act or Section 20 of the Exchange Act or (ii) relating to, arising out of or caused by any untrue statement or alleged untrue statement of a material fact contained in the Prospectus Supplement or in any way relating to, arising out of or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, if such statement or omission was made in reliance upon or in conformity with information furnished in writing to the Company by the Placement Agent or its affiliates or any sub-placement agent or its affiliates expressly for use in the Prospectus Supplement, or (iii) which result from violations by the Placement Agent of law or of requirements, rules or regulations of federal or state securities regulators, self-regulatory associations or organizations in the securities industry, stock exchanges or organizations with similar functions or responsibilities with respect to securities brokers or dealers, as determined by a court of competent jurisdiction or applicable federal or state securities regulators, self-regulatory associations or organizations in the securities industry or stock exchanges or organizations, as applicable.
(e)              If any action, proceeding or investigation is commenced as to which any indemnified party hereunder proposes to demand indemnification under this Agreement, such indemnified party will notify the indemnifying party with reasonable promptness.  The indemnifying party shall have the right to retain counsel of its own choice (which counsel shall be reasonably satisfactory to the indemnified party) to represent it and such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the indemnified party and any counsel designated by the indemnified party; provided , however , it is understood and agreed that if the indemnifying party assumes the defense of a claim for which indemnification is sought hereunder, it shall have no obligation to pay the expenses of separate counsel for the indemnified party, unless defenses are available to the indemnified party that make it impracticable for the indemnifying party and the indemnified party to be represented by the same counsel in which case the indemnified party shall be entitled to retain one counsel (in addition to local counsel).  The indemnifying party will not be liable under this Agreement for any settlement of any claim against the indemnified party made without the indemnifying party's written consent.
(f)              In order to provide for just and equitable contribution, if a claim for indemnification pursuant to this paragraph 2 is made but it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification may not be enforced in such case, even though the express provisions hereof provided for indemnification in such case, then the Company, on the one hand, and the Placement Agent, on the other hand, shall contribute to the losses, claims, damages, liabilities or costs to which the indemnified persons may be subject in accordance with the relative benefits received from the offering and sale of the Securities by the Company, on the one hand, and the Placement Agent, on the other hand (it being understood that, with respect to the Placement Agent, such benefits received are limited to fees actually paid by the Company and received by the Placement Agent pursuant to this Agreement), and also the relative fault of the Company, on the one hand, and the Placement Agent, on the other hand, in connection with the statements, acts or omissions which resulted in such losses, claims, damages, liabilities or costs, and any relevant equitable considerations shall also be considered.  No person found liable for a fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who is not also found liable for such fraudulent misrepresentation.  Notwithstanding the foregoing, the Placement Agent shall not be obligated to contribute any amount hereunder that exceeds the fees received by the Placement Agent in respect to the offering and sale of the Securities.
3.              The Company represents and warrants to the Placement Agent as of the date hereof and as of the Closing Date as follows:
(a)              The Company meets the requirements for use of Form S-3 under the Act and meets the requirements pursuant to the standards for such Form as (i) are in effect on the date hereof and (ii) were in effect immediately prior to October 21, 1992.  The Company's Registration Statement was declared effective by the SEC (as defined below) and the Company has filed such post-effective amendments thereto as may be required under applicable law prior to the execution of this Agreement and each such post-effective amendment became effective.  The SEC has not issued, nor to the Company's knowledge, has the SEC threatened to issue or intends to issue, a stop order with respect to the Registration Statement, nor has it otherwise suspended or withdrawn the effectiveness of the Registration Statement or, to the Company's knowledge, threatened to do so, either temporarily or permanently, nor, to the Company's knowledge, does it intend to do so.  On the effective date, the Registration Statement complied in all material respects with the requirements of the Act and the rules and regulations promulgated under the Act (the " Regulations "); at the effective date the Base Prospectus (as defined below) complied, and at the Closing the Prospectus will comply, in all material respects with the requirements of the Act and the Regulations; each of the Base Prospectus and the Prospectus as of its date and at the Closing Date did not, does not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided , however , that the representations and warranties in this subsection shall not apply to statements in or omissions from the Prospectus made in reliance upon and in conformity with information furnished to the Company in writing by the Placement Agent or its affiliates or by any sub-placement agent or its affiliates expressly for use therein.  As used in this Agreement, the term " Registration Statement " means the shelf registration statement on Form S-3 (File No. 333-209078) as declared effective by the Securities and Exchange Commission (the " SEC "), including exhibits, financial statements, schedules and documents incorporated by reference therein.  The term " Base Prospectus " means the prospectus included in the Registration Statement, as amended, or as supplemented.  The term " Prospectus Supplement " means the prospectus supplement specifically relating to the Securities as to be filed with the SEC pursuant to Rule 424 under the Act in connection with the sale of the Securities.  The term " Prospectus " means the Base Prospectus and the Prospectus Supplement taken together.  Any reference in this Agreement to the Registration Statement or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein as of the date hereof or the date of the Prospectus, and any reference herein to any amendment or supplement to the Registration Statement or the Prospectus shall be deemed to refer to and include any documents filed after the date of such documents and through the date of such amendment or supplement under the Exchange Act and so incorporated by reference.
(b)              Since the date as of which information is given in the Registration Statement and the Prospectus, except as otherwise stated therein, (i) there has been no material adverse change or any development which could reasonably be expected to give rise to a prospective material adverse change in or affecting the condition, financial or otherwise, or in the earnings, business affairs or, to the Company's knowledge, business prospects of the Company and the subsidiaries of the Company, if any (the " Subsidiaries "), considered as one enterprise, whether or not arising in the ordinary course of business, (ii) there have been no transactions entered into by the Company or any of its Subsidiaries, other than those in the ordinary course of business, which are material with respect to the Company and its Subsidiaries considered as one enterprise, and (iii) other than regular quarterly dividends, there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its shares of equity securities.
(c)              The Company has been duly organized as a corporation and is validly existing in good standing under the laws of the State of Maryland.  Each of the Subsidiaries of the Company has been duly organized and is validly existing in good standing under the laws of its jurisdiction of organization.  Each of the Company and its Subsidiaries has the required power and authority to own and lease its properties and to conduct its business as described in the Prospectus; and each of the Company and its Subsidiaries is duly qualified to transact business in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify would not have a material adverse effect on the condition, financial or otherwise, or the earnings, business affairs or, to the Company's knowledge, business prospects of the Company and its Subsidiaries considered as one enterprise.
(d)              As of the date hereof, the authorized capital stock of the Company consists of 75,000,000 shares of Common Stock, par value $0.10 per share (the " Common Stock "), 3,000,000 shares of excess stock, par value $0.10 per share (the " Excess Stock "), 3,663,800 shares of Series A Preferred Stock and 4,000,000 shares of Series B Preferred Stock (collectively, the " Capital Stock "), of which approximately 31 million shares of Common Stock, no shares of Excess Stock,  3,663,800 shares of the Series A Preferred Stock and 3,801,200 shares of Series B Preferred Stock are issued and outstanding and approximately 44 million shares of Common Stock and 198,800 shares of Series B Preferred Stock are authorized and unissued.  As of the Closing Date, after giving effect to the filing and effectiveness of the Charter Amendment, the authorized capital stock of the Company will consist of 85,000,000 shares of Common Stock, 3,000,000 shares of Excess Stock, 3,663,800 shares of Series A Preferred Stock and 4,000,000 shares of Series B Preferred Stock, of which, immediately prior to the Closing, approximately 31 million shares of Common Stock, no shares of excess stock, 3,663,800 shares of the Series A Preferred Stock and 3,801,200 shares of Series B Preferred Stock will be issued and outstanding and approximately 54 million shares of Common Stock will be authorized and unissued.  The issued and outstanding shares of the Company have been duly authorized and validly issued and are fully paid and non-assessable; the Shares have been duly authorized, and when issued in accordance with the terms of the Charter (after giving effect to the filing and effectiveness of the Charter Amendment) and delivered as contemplated hereby, will be validly issued, fully paid and non-assessable and will be listed, subject to notice of issuance, on the New York Stock Exchange, effective as of the Closing; the Common Stock, the Excess Stock, the Series A Preferred Stock and the Series B Preferred Stock of the Company conform to all statements relating thereto contained in the Prospectus; and the issuance of the Securities is not subject to preemptive or other similar rights.
(e)              Neither the Company nor any of its Subsidiaries is in violation of its organizational documents or in default in the performance or observance of any obligation, agreement, covenant or condition contained in any material contract, indenture, mortgage, loan agreement, note, lease or other instrument or agreement to which the Company or any of its Subsidiaries is a party or by which it or any of them are bound, or to which any of the property or assets of the Company or any of its Subsidiaries is subject except where such violation or default would not have a material adverse effect on the condition, financial or otherwise, or the earnings, business affairs or, to the Company's knowledge, business prospects of the Company and its Subsidiaries considered as one enterprise; and the execution, delivery and performance of this Agreement, and the issuance and delivery of the Securities and the consummation of the transactions contemplated herein have been duly authorized by all necessary action and will not conflict with or constitute a material breach of, or material default under, or result in the creation or imposition of any lien, charge or encumbrance upon any material property or assets of the Company or any of its Subsidiaries pursuant to, any material contract, indenture, mortgage, loan agreement, note, lease or other instrument or agreement to which the Company or any of its Subsidiaries is a party or by which it or any of them are bound, or to which any of the property or assets of the Company or any of its Subsidiaries is subject, nor will any such action result in any violation of the provisions of the Charter, as amended and supplemented (after giving effect the filing and effectiveness of the Charter Amendment), the bylaws or other organizational documents of the Company or any of its Subsidiaries or any law, administrative regulation or administrative or court decree applicable to the Company.
(f)              The Company is organized in conformity with the requirements for qualification and, as of the date hereof and as of the Closing, operates in a manner that qualifies it as a "real estate investment trust" under the Internal Revenue Code of 1986, as amended, and the rules and regulations thereunder and will be so qualified after giving effect to the sale of the Securities.
(g)              The Company is not required to be registered under the Investment Company Act of 1940, as amended.
(h)              No legal or governmental proceedings are pending to which the Company or any of its Subsidiaries is a party or to which the property of the Company or any of its Subsidiaries is subject that are required to be described in the Registration Statement or the Prospectus and are not described therein, and to the knowledge of the Company no such proceedings have been threatened against the Company or any of its Subsidiaries or with respect to any of their respective properties that are required to be described in the Registration Statement or the Prospectus and are not described therein.
(i)              No authorization, approval or consent of any court or United States federal or state governmental authority or agency is necessary in connection with the sale of the Securities as contemplated hereunder, except for the filing of the Charter Amendment as contemplated by Section 1(f) hereof and such as may be required under the Act or the Regulations or state securities laws or real estate syndication laws.
(j)              The Company and its Subsidiaries possess such certificates, authorities or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct the business now conducted by them, except where the failure to possess such certificates, authority or permits would not have a material adverse effect on the condition, financial or otherwise, or the earnings, business affairs or, to the Company's knowledge, business prospects of the Company and its Subsidiaries considered as one enterprise.  Neither the Company nor any of its Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate, authority or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would materially and adversely affect the condition, financial or otherwise, or the earnings, business affairs or, to the Company's knowledge, business prospects of the Company and its Subsidiaries considered as one enterprise, nor, to the knowledge of the Company, are any such proceedings threatened or contemplated.
(k)              The Company has full power and authority to enter into this Agreement, and this Agreement has been duly authorized, executed and delivered by the Company and constitutes a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms except as may be limited by (i) the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors or (ii) the effect of general principles of equity, whether enforcement is considered in a proceeding in equity or at law and the discretion of the court before which any proceeding therefor may be brought.
(l)              As of the dates set forth therein or incorporated by reference, the Company had good and marketable title to all of the properties and assets reflected in the audited financial statements contained in the Prospectus, subject to no lien, mortgage, pledge or encumbrance of any kind except (i) those reflected in such financial statements, (ii) as are otherwise described in the Prospectus, (iii) as do not materially adversely affect the value of such property or interests or interfere with the use made or proposed to be made of such property or interests by the Company and each of its Subsidiaries or (iv) those which constitute customary provisions of mortgage loans secured by the Company's properties creating obligations of the Company with respect to proceeds of the properties, environmental liabilities and other customary protections for the mortgagees.
(m)              Any certificate signed by any officer of the Company and delivered to the Placement Agent or to counsel for the Placement Agent shall be deemed a representation and warranty by the Company to the Placement Agent as to the matters covered thereby.
(n)              Neither the issuance, sale and delivery of the Securities nor the application of the proceeds thereof by the Company as described in the Prospectus will cause the Company to violate or be in violation of Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.
(o)              The statements set forth in the Base Prospectus under the caption "Description of Capital Stock—Common Stock" in so far as such statements purport to summarize provisions of laws or documents referred to therein, are correct in all material respects and fairly present the information required to be presented therein.
(p)              There is no contract, agreement, indenture or other document to which the Company or any of its Subsidiaries is a party required to be filed as an exhibit to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016 or any subsequent Exchange Act filings prior to the date hereof that has not been so filed as required.
4.              The Placement Agent represents and warrants to the Company that (i) it is duly registered and in good standing as a broker-dealer under the Exchange Act and licensed or otherwise qualified to do business as a broker-dealer with Financial Industry Regulatory Authority, Inc. and  in all states in which it will offer any of the Securities pursuant to this Agreement, (ii) assuming the Prospectus complies with all relevant provisions of the Act in connection with the offer and sale of the Securities, the Placement Agent will conduct all offers and sales of the Securities in compliance with the relevant provisions of the Act, the Regulations, the Exchange Act and the regulations promulgated thereunder, and various state securities laws and regulations, (iii) the Placement Agent will only act as agent in those jurisdictions in which it is authorized to do so, and (iv) the Placement Agent will not distribute to any sub-placement agent, any Purchaser or any Broker-Dealer (as defined in the Purchase Agreement) any written material relating to the offering contemplated hereby other than the Registration Statement and the Prospectus.
5.              Except as otherwise herein provided, all statements, requests, notices and agreements shall be in writing and, if to the Placement Agent, shall be sufficient in all respects if delivered or sent by facsimile to (212) 446-9181 or by certified mail to CSCA Capital Advisors, LLC, 800 Third Avenue, 25 th Floor, New York, NY, 10022, Attention:  Bradley Razook, and, if to the Company, shall be sufficient in all respects if delivered or sent to the Company by facsimile to (732) 577-9980 or by certified mail to the Company at 3499 Route 9 North, Suite 3C, Freehold, New Jersey 07728, Attention:  Anna Chew, Chief Financial Officer.
6.              This Agreement shall be construed in accordance with and governed by the substantive laws of the State of New York, without regard to conflict of laws principles.
7.              This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be the same Agreement.  Executed counterparts may be delivered by facsimile.
8.              When used herein, the phrase "to the knowledge of" the Company or "known to" the Company or any similar phrase means the actual knowledge of the Chief Executive Officer, Chief Financial Officer or Executive Vice President of the Company and includes the knowledge that such officers would have obtained of the matter represented after reasonable due and diligent inquiry of those employees of the Company whom such officers reasonably believe would have actual knowledge of the matters represented.
[Signature page follows]
 
 
 
If the foregoing is in accord with your understanding of our agreement, please sign in the space provided below and return a signed copy of this letter to the Company.
Sincerely,
 
UMH PROPERTIES, INC.
 
By:
/s/ Anna T. Chew
 
Name:              Anna T. Chew
 
Title:              Vice President and Chief Financial Officer
 
 
 

Accepted by:
 
CSCA CAPITAL ADVISORS, LLC
 
 
By:
/s/ Laurent de Marval
 
Name:              Laurent de Marval
 
Title:              Managing Director


 
 
 
 
[ Signature Page to Placement Agent Agreement ]

 
Exhibit 3.1
 
UMH PROPERTIES, INC.

ARTICLES OF AMENDMENT


Section 1 of Article V of the charter of UMH Properties, Inc., a Maryland corporation (the "Company"), is hereby amended to increase the total number of shares of capital stock of all classes and series that the Company has authority to issue to 95,663,800 shares, the number of shares of common stock that the Company is authorized to issue to 85,000,000 shares, and the aggregate par value of all authorized shares of stock having par value to $ 9,566,380 .

 
1.
The foregoing amendment has been approved by resolution of the Board of Directors of the Company.
     
 
2.
The foregoing amendment is limited to a change expressly authorized by Section 2-105(a)(13) of the Maryland General Corporation Law (the "MGCL") and the charter of the Company, and may be approved without action by the stockholders.  The information required by Section 2-607(b)(2)(i) of the MGCL is not changed by foregoing amendment.
     
 
3.
The total number of shares of stock that the Company had authority to issue immediately before the foregoing amendment was 85,663,800, classified as 75,000,000   shares of common stock, par value $0.10 per share, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, par value $0.10 per share, 4,000,000 shares of 8.0% Series B Cumulative Redeemable Preferred Stock, par value $0.10 per share, and 3,000,000 shares of excess stock, par value $0.10 per share.  The aggregate par value of all authorized shares of stock having par value was $ 8,566,380 .
     
 
4.
The total number of shares of stock that the Company has authority to issue after the foregoing amendment is 95,663,800, classified as 85,000,000   shares of common stock, par value $0.10 per share, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, par value $0.10 per share, 4,000,000 shares of 8.0% Series B Cumulative Redeemable Preferred Stock, par value $0.10 per share, and 3,000,000 shares of excess stock, par value $0.10 per share.  The aggregate par value of all authorized shares of stock having par value is $9,566,380.

The undersigned President of the Corporation acknowledges these Articles of Amendment to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned officer acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

 

IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment to be executed in its name and on its behalf by its President and attested to by its Secretary on this 2nd day of June, 2017.

ATTEST:
UMH PROPERTIES, INC.
   
By:
/s/ Craig Koster
By:
/s/ Samuel A. Landy
 
Craig Koster
 
Samuel A. Landy
 
Secretary
 
President

 


Exhibit 5.1
 
 

 
 
June 5, 2017
UMH Properties, Inc.
Juniper Business Plaza
3499 Route 9 North, Suite 3-C
Freehold, New Jersey 07728
Ladies and Gentlemen:
You (the "Company") have requested our opinion in connection with your issuance on the date hereof of a total of 1,400,000 shares (the "Shares") of the Company's common stock (the "Common Stock") in a public offering covered by the Company's shelf registration statement on Form S-3 (Registration No. 333-209078) (the "Registration Statement") filed with the Securities and Exchange Commission (the "Commission") on January 21, 2016 and amended by Amendment No. 1 thereto filed on February 5, 2016, registering up to $150,000,000 aggregate initial offering price of shares of common stock, shares of preferred stock and debt securities to be issued to the public from time to time pursuant to Rule 415 under the Securities Act of 1933, as amended (the "Securities Act").
In furnishing this opinion, we have examined copies of the Registration Statement, the Company's Articles of Incorporation and By-Laws, as amended to date, resolutions adopted by the Company's Board of Directors, and by a duly authorized committee of such Board, authorizing the filing of the Registration Statement and the issuance and sale of the Shares, and evidence that the Company has executed and filed with the Department of Assessments and Taxation of the State of Maryland Articles of Amendment increasing the Company's authorized capital stock by 10,000,000 shares of Common Stock.
We have also examined such other documents, papers, statutes and authorities as we deemed necessary to form a basis for the opinion hereinafter expressed. In our examinations of such materials, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as original documents and the conformity to original documents of all documents supplied to us as copies. As to various questions of fact material to such opinion, we have relied upon statements and certificates of your officers and representatives and others.
Based upon and subject to the foregoing, we are of the opinion that (i) the Shares have been duly authorized for issuance by all necessary corporate action on the part of the Company and (ii) when the Shares have been issued, delivered and paid for, the Shares will be legally issued, fully paid and nonassessable.
Attorneys involved in the preparation of this opinion are admitted to practice law in the State of New York and we do not purport to be experts on, or to express any opinion herein concerning, any law other than the laws of the State of New York, the Maryland General Corporation Law and the federal laws of the United States of America.  This opinion is limited to the laws as in effect on the date hereof.
We hereby consent to the filing of this opinion as an exhibit to the Current Report on Form 8-K to be filed by the Company with the Commission relating to the sale of the Shares.  In giving such consent, we do not admit hereby that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.
Very truly yours,
/s/ STROOCK & STROOCK & LAVAN LLP
 
Exhibit 8.1
 







June 5, 2017
UMH Properties, Inc.
Juniper Business Plaza
3499 Route 9 North, Suite 3-C
Freehold, New Jersey 07728
Re:
UMH Properties, Inc. Common Stock Offering
Ladies and Gentlemen:
We have acted as legal counsel to UMH Properties, Inc., a Maryland corporation (the " Company "), in connection with its offering of common stock (the " Common Stock ") pursuant to a registration statement on Form S-3 (File No. 333-209078) filed with the Securities and Exchange Commission on January 21, 2016, as amended by Amendment No. 1 thereto filed on February 5, 2016 and declared effective on February 5, 2016 (the " Registration Statement "), as described in the Prospectus Supplement dated May 31, 2017 (the " Prospectus Supplement " and, together with the Prospectus dated February 5, 2016, the " Prospectus ").
You have requested our opinion with respect to certain federal income tax matters in connection with the offering of the Common Stock.  All capitalized terms used herein have their respective meanings set forth in the Prospectus unless otherwise stated.
In rendering this opinion, we have reviewed (i) the Registration Statement and the Prospectus; (ii) the Company's Articles of Incorporation as filed with the Secretary of State of Maryland; (iii) the Company's Bylaws, as amended; (iv) checklists provided by the Company for each of the taxable years ended December 31, 2012 through December 31, 2016, setting forth the information necessary to determine whether the Company met the asset, income, and distribution tests to be qualified as a real estate investment trust under Section 856 et seq. of the Internal Revenue Code of 1986, as amended (the " Code "), for such taxable years; and (v) such other documents, agreements and schedules as we have determined are necessary or relevant for purposes of rendering this opinion.
For purposes of this opinion, we have assumed that, as stated in the Company's public filings with the Securities and Exchange Commission, the Company qualified as a "real estate investment trust" under the Code for the taxable years ended December 31, 1992 through December 31, 2011.  Furthermore, with respect to matters of fact, in rendering this opinion we have relied upon the representations set forth in a certificate of an officer of the Company (the " Officer's Certificate ") dated June 5, 2017, relating to, among other things, the actual and proposed operations of the Company and the entities in which it holds, or has held, a direct or indirect interest.  For purposes of our opinion, we have not made an independent investigation of the facts, representations and covenants set forth in the Officer's Certificate or in any other document.  In particular, we note that the Company has engaged in, and may in the future engage in, transactions in connection with which we have not provided legal advice, have not reviewed, and of which we may be unaware.  We have, therefore, assumed and relied on the Company's representations that the information, statements and descriptions of the Company's businesses, properties and activities (including as relates to entities in which the Company holds, or has held, a direct or indirect interest) as described in the Officer's Certificate and other documents, or otherwise furnished to us, accurately and completely describe all material facts relevant to our opinion, and that the Company and the entities in which the Company holds, or has held, a direct or indirect interest at all times have been and will be organized and operated in accordance with the terms of their governing documents.  We have assumed that such statements, representations, descriptions and undertakings are true without regard to any qualification as to knowledge or belief and that the Company will fulfill any best efforts undertaking.  Our opinion is conditioned on the continuing accuracy and completeness of such statements, representations and descriptions.  Any material change or inaccuracy in the facts referred to, set forth, or assumed in the Officer's Certificate or in any other documents may affect our conclusions set forth herein.
In rendering the opinions set forth herein, we have also assumed (i) the genuineness of all signatures on documents we have examined, (ii) the authenticity of all documents submitted to us as originals, (iii) the conformity to the original documents of all documents submitted to us as copies, (iv) the authority and capacity of the individual or individuals who executed any such documents on behalf of any person, (v) the accuracy and completeness of all documents made available to us, and (vi) the accuracy of all representations, warranties and written statements.
Based upon and subject to the foregoing, we are of the opinion that: (1) for its taxable years ended December 31, 2012 through December 31, 2016, the Company has continuously been organized and has operated in conformity with the requirements for qualification as a "real estate investment trust" under the Code; (2) the Company's current organization and method of operation will permit it to continue to meet the requirements for taxation as a "real estate investment trust" under the Code for its December 31, 2017 taxable year; and (3) the statements set forth in (a) the Prospectus under the caption "Material United States Federal Income Tax Consequences" and (b) the Prospectus Supplement under the caption "Federal Income Tax Considerations," to the extent that they constitute summaries of matters of law or regulation or legal conclusions, fairly summarize in all material respects the federal income tax laws referred to therein.
We note, however, that the ability of the Company to qualify as a "real estate investment trust" for the 2017 taxable year or any future year will depend upon future events, some of which are not within the Company's control, and it is not possible to predict whether the facts set forth in the Registration Statement, the Prospectus, the Officer's Certificate and this letter will continue to be accurate in the future.  To the extent that actual facts and circumstances differ from those represented to us or assumed by us herein, our opinions should not be relied upon.  In addition, our opinions are based on the Code, the Treasury regulations thereunder (the " Regulations "), published rulings of the Internal Revenue Service (the " Service "), cases or other relevant authority, and the status of the Company as a "real estate investment trust" for federal income tax purposes may be affected by changes in the Code, the Regulations and other relevant authority, any of which can change at any time, possibly with retroactive effect.
In addition, some of the issues under existing law that could significantly affect our opinion have not yet been authoritatively addressed by the Service or the courts, and our opinion is not binding on the Service or the courts.  Hence, there can be no assurance that the Service will not challenge, or that the courts will agree, with our conclusions.
We undertake no obligation to update this opinion, or to ascertain after the date hereof whether circumstances occurring after such date may affect the conclusions set forth herein.  We express no opinion as to matters governed by any laws other than the Code, the Regulations, published administrative announcements and rulings of the Service, and court decisions.
We hereby consent to the filing of this opinion as an exhibit to the Company's Current Report on Form 8-K to be filed with the Securities and Exchange Commission on or about the date hereof.  In giving this consent, we do not acknowledge that we are in the category of  persons whose consent is required by Section 7 of the Securities Act of 1933.

Very truly yours,
/s/ STROOCK & STROOCK & LAVAN LLP
Exhibit 10.1
 

PURCHASE AGREEMENT
This Purchase Agreement (this " Agreement "), dated as of [_____], is by and between UMH Properties, Inc., a Maryland corporation (the " Company ") and [_______] (the " Purchaser ").
WHEREAS, the Purchaser desires to purchase from the Company, and the Company desires to issue and sell to the Purchaser, [_____] shares of the Company's common stock, par value $0.10 per share (the " Shares ").
NOW, THEREFORE , in consideration of the mutual promises herein contained, the parties hereto agree as follows:
1.              Purchase and Sale .  Subject to the terms and conditions hereof, the Purchaser agrees to purchase from the Company, and the Company agrees to issue, sell, transfer and convey to the Purchaser [_____] Shares (" Total Shares "), at a price per share equal to [______] (the " Price per Share ") for an aggregate purchase price equal to the product of the Total Shares and the Price per Share  (the " Purchase Price ") at the Closing (as defined below).
2.              Representations, Warranties and Agreement of the Company .  The Company represents and warrants that:
(a)              the issued and outstanding Shares of the Company have been duly authorized and validly issued and are fully paid and non-assessable;
(b)              the Shares have been duly authorized, and when issued in accordance with the terms of the Company's charter and delivered as contemplated hereby, will be validly issued, fully paid and non-assessable;
(c)              the Shares will be listed, are registered and not subject to any limitations on resale, subject to notice of issuance, on the New York Stock Exchange, effective as of the Closing;
(d)              the issuance of the Shares is not subject to preemptive or other similar rights;
(e)              the Company is not a party to any agreements that create rights or obligations in the Shares relating to any third party including voting or stockholder agreements;
(f)              the Company is the lawful owner of the Shares, free and clear of any encumbrances, security interests or liens of any kind and has full power and authority to sell and transfer the Shares as contemplated in this Agreement; and
(g)              the Company has full power and authority to enter into this Agreement, and this Agreement has been duly authorized, executed and delivered by the Company and constitutes a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms except as may be limited by (i) the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors or (ii) the effect of general principles of equity, whether enforcement is considered in a proceeding in equity or at law and the discretion of the court before which any proceeding therefor may be brought.
3.              Representations and Warranties of the Purchaser .   The Purchaser represents and warrants that this Agreement has been duly authorized by the Purchaser and duly executed and delivered by or on behalf of the Purchaser, and constitutes a legal, valid and binding agreement of the Purchaser, enforceable against the Purchaser in accordance with its terms except as may be limited by (i) the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors or (ii) the effect of general principles of equity, whether enforcement is considered in a proceeding in equity or at law and the discretion of the court before which any proceeding therefor may be brought.
The Purchaser represents that it has made its investment decision independently in accordance with the investment objectives and investment strategies of [_____], and the Purchaser represents that it did not make its investment decision based on any other information provided by the Company or CSCA Capital Advisors LLC (the " Placement Agent ") or any sub-placement agent, or on any recommendation of the Company, the Placement Agent, or any sub-placement agent. 

4.              Conditions to Obligations of the Parties .
(a)              The Purchaser's obligations to purchase the Shares shall be subject to the accuracy of the representations and warranties of the Company set forth in Section 2 of this Agreement on the date hereof and on the Closing.
(b)              The Company's obligation to issue and sell the Shares shall be subject to (i) the accuracy of the representations and warranties of the Purchaser set forth in Section 3 of this Agreement on the date hereof and on the Closing and (ii) receipt by the Settlement Agent (as defined below) of payment in full of the Purchase Price for the Shares by federal wire of immediately available funds, prior to the payment of fees and expenses.
5.              Closing .  Provided that the conditions set forth in Section 4 hereto and the last sentence of this Section 5 have been met or waived at such time, the transactions contemplated hereby shall be consummated on June 5, 2017, or at such other time and date as the parties hereto shall agree (each such time and date of payment and delivery being herein called the " Closing ").  At the Closing, settlement shall occur through Weeden & Co. LP (the " Settlement Agent "), or an affiliate thereof, on a delivery versus payment basis through the DTC ID System.
6.              Termination .  This Agreement may be terminated, and the transactions contemplated hereby may be abandoned, by written notice promptly given to the other parties hereto, at any time prior to the Closing by the Company, on the one hand, or if the Closing shall not have occurred on or prior to June 5, 2017 by the Purchaser on the other; provided that the Company or the Purchaser, as the case may be, shall not be entitled to terminate this Agreement pursuant to this Section 6 if the failure of Closing to occur on or prior to such dates results primarily from such party itself having materially breached any representation, warranty or covenant contained in this Agreement.
7.              Notices .  Except as otherwise herein provided, all statements, requests, notices and agreements shall be in writing and, if to the Purchaser, shall be sufficient in all respects if delivered or sent by facsimile to [_____] or by certified mail to:
[_____]
and, if to the Company, shall be sufficient in all respects if delivered or sent to the Company by facsimile to (732) 577-9980 or by certified mail to the Company at:

UMH Properties, Inc.
3499 Route 9 North, Suite 3C,
Freehold, New Jersey 07728
Attention:  Anna Chew, Chief Financial Officer

8.              Governing Law .  This Agreement shall be construed in accordance with and governed by the substantive laws of the State of New York, without regard to conflict of laws principles.
9.              Entire Agreement .  This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes any prior understanding or representation of any kind preceding the date of this Agreement. This Agreement may be amended only in a writing that is executed by each of the parties hereto.
10.              Counterparts .  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be the same Agreement.  Executed counterparts may be delivered by facsimile.
11.              Waiver . The failure of either party to enforce any provisions of this agreement shall not be deemed a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.



[Signature pages follow]
 
 
 
 
IN WITNESS WHEREOF, the parties hereto have caused this Purchase Agreement to be executed and delivered as of the date first above written.
UMH PROPERTIES, INC.
 
 
By:
 
 
Name:
 
Title:


 
By:
 
 
Name:
 
Title:

 
 
[Signature Page]
Exhibit 99.1

UMH Properties, Inc. Prices
Public Offering of 1,400,000 Shares of Common Stock

FREEHOLD, N.J.  – June 1, 2017 – UMH Properties, Inc. (NYSE: UMH) (the "Company") announced the pricing of a registered direct placement of 1,400,000 shares of its common stock at an offering price of $16.60 per share.  The Company's common stock is listed on The New York Stock Exchange under the symbol "UMH."

The Company expects to receive net proceeds from the offering before expenses of approximately $22.7 million and expects to close the transaction on or about June 5, 2017.  The Company intends to use the proceeds from the offering for general corporate purposes, which may include purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, potential acquisitions of additional properties, and possible repayment of indebtedness on a short-term basis.

CSCA Capital Advisors LLC acted as placement agent for the transaction.  Weeden & Co. LLP will act as settlement agent for the transaction.

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 107 manufactured home communities with approximately 19,400 developed homesites.  These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland.  In addition, the Company owns a portfolio of REIT securities.

The common stock is being issued pursuant to a prospectus supplement and accompanying prospectus under an effective shelf registration statement filed with the Securities and Exchange Commission.  This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale or offer to buy these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.  Any offer of the securities will be made only by means of a prospectus, forming part of the effective registration statement, the applicable preliminary prospectus supplement and other related documents.  Copies of the prospectus supplement and accompanying prospectus can be obtained by contacting: CSCA Capital Advisors LLC, 800 Third Avenue, New York, New York 10022, by phone at 212-446-9177, or by fax at 212-446-9181.  You may also obtain a copy of the prospectus and the prospectus supplement and other documents the Company has filed with the Securities and Exchange Commission for free by visiting the Commission's web site at http://www.sec.gov.

Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can provide no assurance those expectations will be achieved.  These risks include, among others, changes in the general economic climate, increased competition in the geographic areas in which the Company operates, changes in government laws and regulations and the ability of the Company to continue to identify, negotiate and acquire properties on terms favorable to the Company.  Additional information concerning these and other factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's SEC filings, including, but not limited to, Item 1A. Risk Factors of the Company's Annual Report on Form 10-K for the year ended December 31, 2016.  Copies of each filing may be obtained from the Company or the SEC.  Consequently, such forward-looking statements should be regarded solely as reflections of the Company's current operating plans and estimates.  Actual operating results may differ materially from what is expressed or forecast in this press release. Except as otherwise required by applicable securities law, the Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.


SOURCE:                            UMH Properties, Inc.