Common use of FEASIBILITY STUDY AND INSPECTION Clause in Contracts

FEASIBILITY STUDY AND INSPECTION. (a) Buyer is granted the right to conduct engineering and/or market and economic feasibility studies of the Property and a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenants, Buyer or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections deemed necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the Property. If Buyer determines, in its sole judgment, that the Property is not suitable for any reason for Buyer’s intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract by written notice to Seller prior to expiration of the Feasibility Period, in which case the Exxxxxx Money will be returned to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that survive termination. If the Contract is not terminated in the manner and within the time provided in this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study shall be deemed to have been waived by Buyer for all purposes. The Feasibility Study shall be at Buyer’s sole cost and expense.

FEASIBILITY STUDY AND INSPECTION. (a) Buyer is granted the right Prior to conduct engineering and/or market and economic feasibility studies expiration of the Property Inspection Period (as defined below), Buyer shall have the right, at its sole cost and a physical inspection expense, to review and copy all of Seller's non-privileged and non-confidential documents and information relating to the Property, including studies operation or inspections to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination condition of the Property and to provide at least twenty-four conduct whatever inspections, studies, tests and investigations Buyer desires to conduct relating to the Property including, without limitation, the physical, environmental, economic and legal condition of the Property (24the "Inspections"). Buyer shall have through 5 P.M. on that date which is the thirtieth (30th) hours advance written notice day following the Effective Date of this Contract ("Inspection Period") to any affected tenantsperform such Inspections and in this regard, Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of analysis or other such analysis, tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the PropertyBuyer. If Buyer determines, in its his sole judgment, that the Property is not suitable for any reason for Buyer’s 's intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract may, by written notice to Seller prior to ("Disapproval Notice") on or before the end of the first business day following the expiration of the Feasibility Inspection Period, in which case the Exxxxxx Money will be returned to Buyer, and neither party shall have any further right or obligation hereunder other than terminate this Contract for all purposes (except as set forth herein with respect to rights or obligations that survive terminationotherwise specifically provided herein). If Buyer does not timely give the Contract is not terminated in the manner and within the time provided in this Section 5Disapproval Notice, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been waived by Buyer for all purposes. The Feasibility Study In the event the transaction contemplated in this Contract shall be at not close, through no fault of Seller, Buyer shall restore the Property to its original condition, if changed due to the tests and inspections performed by Buyer’s sole cost , and expenseshall provide Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. Buyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising from Buyer's Inspections (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER AND SELLER ACKNOWLEDGE AND AGREE THAT THE ATTACHED ADDENDUM IS A PART OF THIS CONTRACT AND SHALL BE APPLICABLE TO THE TRANSACTION CONTEMPLATED HEREIN.

FEASIBILITY STUDY AND INSPECTION. (a) Buyer is granted the right to conduct engineering an engineering, and/or market and economic feasibility studies study of the Property Property, and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, "Inspections"). Buyer shall have through 5 P.M. on that date which is the “Feasibility Study”twentieth (20th) during the period (the “Feasibility Period”) commencing on business day following the Effective Date of this Contract ("Inspection Period") to perform such Inspections and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenantsthis regard, Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of analysis or other such analysis, tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the PropertyBuyer. If Buyer determines, in its his sole judgment, that the Property is not suitable for any reason for Buyer’s 's intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract may, by written notice to Seller ("Disapproval Notice") on or before the end of the Inspection Period, terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less (i) the sum of $100 to be delivered to and retained by Seller as consideration for this Contract, which consideration is deemed earned as of the date of this Contract, and (ii) any escrow or title cancellation fees or charges of Title Company. If Xxxxx does not give the Disapproval Notice prior to expiration of the Feasibility Inspection Period, in which case the Exxxxxx Money will be returned to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that survive termination. If the Contract is not terminated in the manner and within the time provided in this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been waived by Buyer for all purposes. The Feasibility Study In the event the transaction contemplated in this Contract shall not close, through no fault of Seller, Buyer shall restore the Property to its original condition, if changed due to the tests and inspections performed by Buyer, and shall provide Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer’s sole cost 's expense and expenseBuyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER AND SELLER ACKNOWLEDGE AND AGREE THAT THE ATTACHED ADDENDUM IS A PART OF THIS CONTRACT AND SHALL BE APPLICABLE TO THE TRANSACTION CONTEMPLATED HEREIN.

FEASIBILITY STUDY AND INSPECTION. (a) Buyer is granted the right to conduct engineering an engineering, and/or market and economic feasibility studies of the Property Property, and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on "Inspections"). Buyer shall have from the Effective Date through 5 P.M. on February 6, 1997 ("Inspection Period") to perform such Inspections and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenantsthis regard, Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of analysis or other such analysis, tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the PropertyBuyer. If Buyer determines, in its his sole judgment, that the Property is not suitable for any reason for Buyer’s 's intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract may, by written notice to Seller ("Disapproval Notice") on or before the end of the Inspection Period, terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less (i) the sum of $100 to be delivered to and retained by Seller as consideration for this Contract, which consideration is deemed earned as of the date of this Contract, and (ii) any escrow or title cancellation fees or charges of Title Company. If Buyer does not give the Disapproval Notice prior to expiration of the Feasibility Inspection Period, in which case the Exxxxxx Money will be returned to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that survive termination. If the Contract is not terminated in the manner and within the time provided in this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been waived by Buyer for all purposes. The Feasibility Study In the event the transaction contemplated in this Contract shall not close, through no fault of Seller, Buyer shall restore the Property to its original condition, if changed due to the tests and inspections performed by Buyer, and shall provide Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer’s sole cost 's expense and expenseBuyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER AND SELLER ACKNOWLEDGE AND AGREE THAT THE ATTACHED ADDENDUM IS A PART OF THIS CONTRACT AND SHALL BE APPLICABLE TO THE TRANSACTION CONTEMPLATED HEREIN.

FEASIBILITY STUDY AND INSPECTION. (a) Buyer is granted the right to conduct engineering and/or market and economic feasibility studies of the Property and a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m., DallasAustin, Texas time on May 5, 2006the date that is thirty (30) days after the Effective Date. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenants, Buyer or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections deemed necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the Property. If Buyer determines, in its sole judgment, that the Property is not suitable for any reason for Buyer’s intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract by written notice to Seller prior to expiration of the Feasibility Period, in which case the Exxxxxx Money Initial Deposit will be returned to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that survive termination. If the Contract is not terminated in the manner and within the time provided in this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study shall be deemed to have been waived by Buyer for all purposes, and Buyer shall deliver the additional amount of TWO-HUNDRED FIFTY-THOUSAND DOLLARS AND NO/100 ($250,000.00) (the “Additional Deposit”) to the Title Company within two (2) Business Days after the expiration of the Feasibility Period, which Additional Deposit shall be held by the Title Company as escrow agent and distributed (or refunded to Buyer, as applicable) according to the terms of this Contract and at such time the Initial Deposit and the Additional Deposit shall (i) become non-refundable to Purchaser except as provided in this Contract (including, without limitation, as a result of a default by Seller or failure of a condition to Closing under this Contract); and (ii) be applicable to the Purchase Price at Closing. The Feasibility Study shall be at Buyer’s sole cost and expense.

FEASIBILITY STUDY AND INSPECTION. (a) Buyer is granted the right to conduct engineering an engineering, and/or market and economic feasibility studies study of the Property Property, and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on "Inspections"). Buyer shall have from the Effective Date through 5 P.M. on March 14, 1997 ("Inspection Period") to perform such Inspections and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenantsthis regard, Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of such analysis or other tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the PropertyBuyer. If Buyer determines, in its his sole judgment, that the Property is not suitable for any reason for Buyer’s 's intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract may, by written notice to Seller ("Disapproval Notice") on or before the end of the Inspection Period, terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less any escrow or title cancellation fees or charges of Title Company. If Xxxxx does not give the Disapproval Notice prior to expiration of the Feasibility Inspection Period, in which case the Exxxxxx Money will be returned to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that survive termination. If the Contract is not terminated in the manner and within the time provided in this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been waived by Buyer for all purposes. The Feasibility Study In the event the transaction contemplated in this Contract shall not close, through no fault of Seller, Buyer shall restore the Property to its original condition, if changed due to the inspections performed by Buyer, and shall provide Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer’s sole cost 's expense and expenseBuyer shall indemnify, protect, defend and hold Seller /s/ BH JH harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER AND SELLER ACKNOWLEDGE AND AGREE THAT THE ATTACHED ADDENDUM IS A PART OF THIS CONTRACT AND SHALL BE APPLICABLE TO THE TRANSACTION CONTEMPLATED HEREIN.

FEASIBILITY STUDY AND INSPECTION. (a) After the Effective Date, Buyer is granted the right to conduct engineering and/or market a physical inspection and economic feasibility studies study of the Property and a physical inspection of during normal business hours. Buyer shall have until 5:00 p.m., on the Property, including studies or inspections first day following the thirtieth (30th) day following the Effective Date (said 30-day period is herein referred to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period (as the “Feasibility Period”) commencing on the Effective Date to perform such inspection and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenantsthis regard, Buyer or its his designated agents may may, upon not less than 24 hours prior notice to Seller, enter upon the Property (so long as Buyer permits Seller to accompany Buyer during such inspections) for purposes of analysis or other tests and inspections such inspection which may be deemed necessary by Buyer for Buyer, subject to the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition provisions of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the Propertyimmediately following paragraph hereof. If Buyer determines, in its sole judgment, determines that the Property is not suitable for any reason for Buyer’s intended use or purpose, or is for any or no reason Buyer elects not in satisfactory conditionto proceed with the purchase of the Property, then Buyer may terminate this Contract may, by written notice to Seller prior to Seller, on or before the expiration of the Feasibility Period, terminate this Contract, in which case the Exxxxxx Money will be returned to Buyerevent this Contract shall terminate, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights rights, duties or obligations that survive terminationhereunder, and the Xxxxxxx Money shall immediately be returned to Buyer. If the Contract written notice described in the preceding sentence is not terminated in given to Seller prior to the manner and within expiration of the time provided in Feasibility Period, then the conditions of this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study 7 shall be deemed to have been waived by fully satisfied, and Buyer for all purposesmay not thereafter terminate this Contract pursuant to this Section 7. The Feasibility Study In the event the transaction described in this Contract shall not close, Buyer shall restore the Property to its prior condition. All inspections and studies shall be at Buyer’s sole cost expense. WHETHER OR NOT THE TRANSACTION DESCRIBED IN THIS CONTRACT SHALL CLOSE, BUYER SHALL INDEMNIFY, DEFEND AND HOLD SELLER HARMLESS FROM AND AGAINST ALL CLAIMS, ACTIONS, DAMAGES, LIABILITY, LOSS, COSTS, ATTORNEY’S FEES AND EXPENSES RELATED TO OR ARISING FROM SUCH INSPECTIONS AND STUDIES, INCLUDING THOSE ARISING FROM SELLER’S NEGLIGENCE TO THE EXTENT (BUT NO FURTHER) SELLER IS ALLEGED OR FOUND TO HAVE BEEN NEGLIGENT IN ENTERING INTO THIS CONTRACT, NEGLIGENT FOR GRANTING ACCESS TO THE PROPERTY TO BUYER OR NEGLIGENT IN FAILING TO SUPERVISE THE CONDUCT OF BUYER, ITS AGENTS, CONTRACTORS AND EMPLOYEES IN, ON, OR ABOUT THE PROPERTY. The provisions of this Section 7 shall survive the Closing or any termination or cancellation of this Contract notwithstanding any contrary provision hereof and expenseBuyer’s indemnification obligations (and Seller’s right to enforce the same) shall, notwithstanding any contrary provision hereof, in no way be limited by the limitations on Seller’s remedies set forth in Section 14 hereof, Seller to have all rights and remedies in the enforcement of Buyer’s indemnification and other obligations under this Section 7 with regard to restoration of the Property. Notwithstanding any other provision of this Contract, at least three (3) business days prior to performing any such inspection or study of the Property which will involve the intrusive or destructive sampling or analysis of any portion of the Property or its improvements, including without limitation any soil, water or ground water on or under the Property (“Intrusive Investigation”), Buyer shall provide to Seller a detailed description of the work to be performed during the Intrusive Investigation. During the three (3) business day period after receipt of Buyer’s description, Seller shall have the right to object to any portion of the proposed Intrusive Investigation, and Buyer shall refrain from performing any such portion of the proposed Intrusive Investigation. Seller or its representative shall have the right, but not the obligation, to observe any and all activities of Buyer or its representative during the performance of Intrusive Investigation activities.

FEASIBILITY STUDY AND INSPECTION. During the one hundred and eighty day period commencing upon delivery of Optionee's Notice to proceed with feasibility studies and inspections pursuant to this Section 5 (a) Buyer is granted the "Feasibility Period"), Optionee shall have the right to conduct engineering and/or market physical inspections and economic feasibility studies of the Property during normal business hours, including, without limitation, environmental site assessments, engineering studies, title and a physical inspection of zoning review and survey work. During the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”, (i) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenants, Buyer Optionee or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections such inspection which may be deemed necessary by Buyer for the Feasibility Study; providedOptionee, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining Optionee may engage an accountant to audit Optionor's books and records for the prior Contract purpose of Sale — Hidden Lake Apartments written consent of Seller which verifying the Adjusted Book Value and (iii) Optionee may be withheld in Seller’s sole provide the appraiser(s) with environmental due diligence information regarding the Property and absolute discretion. Buyer shall not alter the physical condition appraiser(s) shall, within ten business days of the receipt of such information, determine the amount of an appropriate discount to the Appraised Value (the "Environmental Contingency Reserve"), to reflect the risk adjusted anticipated cost of environmental claims, demands, causes of action, judgments, damages, costs and expenses that relate to hazardous materials on the Property without notifying Seller of its requested tests, and obtaining other environmental matters that arose prior to the written consent of Seller to any physical alteration of Closing Date and which would not otherwise be the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of Optionee's obligation under the PropertyLease. If Buyer determines, in its sole judgment, Optionee determines that the Property is not suitable for any reason for Buyer’s Optionee's intended use or purpose, or is not in satisfactory conditioncondition in Optionee's sole discretion, then Buyer may terminate this Contract Optionee may, by written notice to Seller prior to Optionor, on or before the expiration of the Feasibility Period, rescind the Preliminary Exercise Notice. Upon any such rescission of the Preliminary Exercise Notice, the Optionee shall retain the right to exercise the Option at a later date in which case accordance with this Agreement, provided, however, that the Exxxxxx Money will be returned to Buyer, and neither party shall have Optionee may not deliver more than one Preliminary Exercise Notice in any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that survive terminationcalendar year. If the Contract written notice described in the preceding sentence is not terminated in given to Optionor prior to the manner and within expiration of the time provided in Feasibility Period, or should Optionee indicate its written acceptance of the Property prior to the end of such period, then the conditions of this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study 5 shall be deemed to have been waived by Buyer for all purposesfully satisfied, and Optionee may not thereafter rescind the Preliminary Exercise Notice. The Feasibility Study All inspections, studies and audits shall be at Buyer’s Optionee's sole cost expense. If the Optionee elects to proceed with the Closing, then the notice of such election shall be accompanied by a deposit in the amount of Three Hundred Thousand Dollars ($300,000.00) (including accrued interest thereon, the "Deposit"). The Deposit shall be held in escrow by a nationally recognized title insurance company in an interest bearing account. Such notice shall also designate a closing date (the "Closing Date") which shall be not less than ninety days and expenseno more than one hundred and twenty days following the expiration of the Feasibility Period (subject to extension pursuant to Section 31).

FEASIBILITY STUDY AND INSPECTION. (a) Commencing on the Effective Date, but subject to Buyer’s compliance with the terms of this Section 4 and to Buyer’s not being in default under this Contract, Buyer is granted the right right, at Buyer’s sole expense, to enter onto the Property in order to conduct any engineering and/or market and economic feasibility studies of the Property and a Property, physical inspection inspections of the Property, including studies a Phase I environmental study (but not a Phase II without Seller’s prior written consent, which will not be unreasonably withheld), and any other non-invasive test, study, review or inspections inspection of the Property and, to determine the existence extent copies are not provided to Buyer by Seller pursuant to Section 6, to review and copy Seller’s books and records relating to the Property and any of any environmental hazards or conditions the documents described in Section 6, and other matters necessary in the sole discretion of Buyer to evaluate and analyze the feasibility of the Property for Buyer’s intended use thereof (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006). With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenants, Buyer or its designated agents agents, independent contractors, prospective lender(s) or investor(s), and/or employees (collectively, “Buyer’s Agents”) may enter upon the Property for purposes of analysis or other tests any tests, reviews and inspections deemed that Buyer deems necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testingall such tests, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope reviews and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner so as not to cause permanent damage to the Property and at times which will not unreasonably interfere with any tenant’s use that minimize inconveniences to and occupancy interruption of the tenants of the Property. If Buyer determines, in its sole judgment, that Buyer wishes to proceed with the Property is not suitable for any reason for Buyer’s intended use or purposepurchase of the Property, or is not in satisfactory condition, then Buyer may terminate waive its termination rights under this Contract Section by delivering written notice to Seller prior to expiration of (the “Waiver Notice”) not later than 4:00 p.m., pacific standard time on May 27, 2015 (the “Feasibility Period Expiration Date”), and within one (1) business day following the Feasibility PeriodPeriod Expiration Date, delivering the Additional Xxxxxxx Money to the Title Company. If Buyer does not deliver the Waiver Notice and deposit the Additional Xxxxxxx Money as required in which case the Exxxxxx Money prior sentence, this Contract will automatically terminate without any further action by either party, the Xxxxxxx Money, less the Non-refundable Xxxxxxx Money, will be returned to Buyer, and the Non-refundable Xxxxxxx Money will be delivered to Seller, and, thereafter, neither party shall will have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that hereunder, except those rights and obligations which are expressly stated to survive terminationtermination of this Contract. If Buyer delivers the Contract is not terminated Waiver Notice and Additional Xxxxxxx Money in the manner and within the time provided in this Section 5Section, the condition right of Buyer to terminate this Contract provided in this Section 5(a4.(a) and any and all objections with respect to the Feasibility Study shall will be deemed to have been waived by Buyer for all purposes. The At any time prior to the Feasibility Study shall Period Expiration Date, Buyer may terminate this Contract for any reason or for no reason whatsoever by delivery of written notice of such termination to Seller and Escrow Agent (the “Termination Notice”), in which event this Contract will automatically terminate without any further action by either party, the Xxxxxxx Money, less the Non-refundable Xxxxxxx Money, will be at returned to Buyer’s sole cost , the Non-refundable Xxxxxxx Money will be delivered to Seller, and, thereafter, neither party will have any further rights or obligations hereunder, except those rights and expenseobligations which are expressly stated to survive termination of this Contract.

FEASIBILITY STUDY AND INSPECTION. Purchaser shall have forty five (a45) Buyer is granted days from the right to conduct engineering and/or market and economic feasibility studies Effective Date of the Property and a physical inspection of the Propertythis Contract, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period as defined herein (the “Feasibility Period”) commencing on ), to interview the Effective Date and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination tenants of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenantsconduct a physical and economic inspection and study of the Property and in this regard, Buyer Purchaser or its designated agents may enter upon the Property Property, during normal business hours, for purposes of analysis or other tests and such inspections as may be deemed necessary by Buyer for the Feasibility Study; providedPurchaser, subject, however, Buyer is not permitted to perform the rights of tenants of the Property. Seller agrees that Purchaser may conduct engineering, environmental, architectural, mechanical and other studies and investigations of the Property that Purchaser deems necessary. Seller shall cooperate with Purchaser to obtain any intrusive testingconsent of the Association necessary for the conduct of Purchaser’s feasibility studies of the Property. Such tests, includingstudies and investigations may include, without limitation, soil, subsurface, structure, roof, plumbing, mechanical items and any other items which are a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration part of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of Purchaser has the Property. If Buyer determinesright, in its sole judgment, that the Property is not suitable for any reason for Buyer’s intended use or purposeno reason, or is not in satisfactory condition, then Buyer may terminate this Contract by written notice delivered to Seller prior to on or before the expiration of the Feasibility Period, to terminate this Contract, in which case the Exxxxxx Money will be returned to Buyerevent this Contract shall terminate, and neither party shall have any further right rights, duties or obligation obligations hereunder other than (except as set forth herein with respect to rights or obligations that survive termination. If the Contract is not terminated in the manner and within the time provided in next to last sentence of this Section 510), and the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study Xxxxxxx Money shall be deemed returned to have been waived Purchaser. Purchaser shall promptly restore the Property to its prior condition, if changed due to any physical inspections or tests performed by Buyer for all purposesPurchaser or at its request. The Feasibility Study All inspections and studies shall be at BuyerPurchaser’s sole cost expense. Whether or not the sale described in this Contract shall close, Purchaser shall indemnify, defend and expensehold Seller harmless from and against all claims, actions, damages, liability, loss, costs, attorney’s fees and expenses related to or arising from such inspections and studies. The provisions of this Section 10 shall survive the Closing or any termination or cancellation of this Contract notwithstanding any contrary provision hereof.

FEASIBILITY STUDY AND INSPECTION. (a) Buyer is granted the right to Purchaser may conduct engineering and/or market engineering, market, and economic feasibility studies of the Property and Property, a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility StudyInspection”) during the period (the “Feasibility Inspection Period”) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006thirty (30) days thereafter. With Seller’s permission, after Seller After Purchaser has received advance provided not less than three (3) Business Days’ notice sufficient to permit it to schedule in an orderly manner Buyer’s examination (which period shall be inclusive of the Property and notice required to provide be provided to the tenant under the Lease) to Seller (which for the purposes of this Section 5(a) only may be by email to Xxxx Xxxxx at least twenty-four (24) hours advance written notice xxxxxx@xxx-xxx.xxx, with a copy to any affected tenantsXxxxx Xxxx at xxxxx@xxx-xxx.xxx), Buyer Purchaser or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections deemed necessary by Buyer Purchaser for the Feasibility StudyInspection; provided, however, Buyer Purchaser is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such the testing; , and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer Seller may have a representative present at any inspection or testing made by Purchaser on the Property. Purchaser shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the prior written consent of Seller to any physical alteration of the Property. Buyer Purchaser will exercise its best diligent and good faith efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which that will not unreasonably interfere with any tenant’s use and occupancy of the Property. If Buyer Purchaser determines, in its sole judgment, that the Property is not suitable judgment and for any reason for Buyer’s intended use or purposeno reason, or is not in satisfactory conditionthat it has decided to terminate this Agreement, then Buyer Purchaser may terminate this Contract Agreement by written notice to Seller and the Title Company at any time prior to the expiration of the Feasibility Inspection Period, in which case the Exxxxxx Xxxxxxx Money will be returned to BuyerPurchaser, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that survive termination. If the Contract this Agreement is not terminated in the manner and within the time provided in this Section 55(a), the condition provided in this Section 5(a) and any and all objections with respect to regarding the Feasibility Study Inspection shall be deemed to have been waived by Buyer Purchaser for all purposes. The Feasibility Study Inspection shall be at BuyerPurchaser’s sole cost and expense.

FEASIBILITY STUDY AND INSPECTION. (a) Buyer is granted the right to conduct engineering an engineering, and/or market and economic feasibility studies study of the Property Property, an examination of a copy of the Lease and a copy of the Tenant Estoppel Certificate executed by Tenant and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, "Inspections"). Buyer shall have through 5 p.m. on that date which is the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on 30th day following the Effective Date of this Contract ("Inspection Period") to perform such Inspections and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenantsthis regard, Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of such analysis or other tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the PropertyBuyer. If Buyer determines, in its his sole judgment, that the Property is not suitable for any reason for Buyer’s 's intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract may, by written notice to Seller ("Disapproval Notice") on or before the end of the Inspection Period, terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less (i) the sum of $50 to be delivered to and retained by Seller as consideration for this Contract, which consideration is deemed earned as of the date of this Contract, and (ii) any escrow or title cancellation fees or charges of Title Company. Subject to the provisions of Paragraph 12 hereof with respect to title and survey matters, if Buyer does not give the Disapproval Notice prior to expiration of the Feasibility Inspection Period, in which case the Exxxxxx Money will be returned to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that survive termination. If the Contract is not terminated in the manner and within the time provided in this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been waived by Buyer for all purposes. The Feasibility Study In the event the transaction contemplated in this Contract shall not close, through no fault of Seller, Buyer shall restore the Property to its original condition, if changed due to the inspections performed by Buyer, and shall provide Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer’s sole cost 's expense and expenseBuyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER AND SELLER ACKNOWLEDGE AND AGREE THAT THE ATTACHED ADDENDUM IS A PART OF THIS CONTRACT AND SHALL BE APPLICABLE TO THE TRANSACTION CONTEMPLATED HEREIN.

FEASIBILITY STUDY AND INSPECTION. (a) Buyer is granted the right to conduct engineering an engineering, and/or market and economic feasibility studies of the Property Property, and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on "Inspections"). Buyer shall have from the Effective Date through 5 P.M. on February 28, 1997 ("Inspection Period") to perform such Inspections and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenantsthis regard, Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of analysis or other such analysis, tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the PropertyBuyer. If Buyer determines, in its his sole judgment, that the Property is not suitable for any reason for Buyer’s 's intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract may, by written notice to Seller ("Disapproval Notice") on or before the end of the Inspection Period, terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less (i) the sum of $100 to be delivered to and retained by Seller as consideration for this Contract, which consideration is deemed earned as of the date of this Contract, and (ii) any escrow or title cancellation fees or charges of Title Company. If Buyer does not give the Disapproval Notice prior to expiration of the Feasibility Inspection Period, in which case the Exxxxxx Money will be returned to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that survive termination. If the Contract is not terminated in the manner and within the time provided in this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been waived by Buyer for all purposes. The Feasibility Study In the event the transaction contemplated in this Contract shall not close, through no fault of Seller, Buyer shall restore the Property to its original condition, if changed due to the tests and inspections performed by Buyer, and shall provide Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer’s sole cost 's expense and expenseBuyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER AND SELLER ACKNOWLEDGE AND AGREE THAT THE ATTACHED ADDENDUM IS A PART OF THIS CONTRACT AND SHALL BE APPLICABLE TO THE TRANSACTION CONTEMPLATED HEREIN.

FEASIBILITY STUDY AND INSPECTION. (a) Buyer is granted the right to conduct engineering an engineering, and/or market and economic feasibility studies of the Property Property, and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on "Inspections"). Buyer shall have from the Effective Date through 5 P.M. on December 12, 1996 ("Inspection Period") to perform such Inspections and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenantsthis regard, Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of analysis or other such analysis, tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the PropertyBuyer. If Buyer determines, in its his sole judgment, that the Property is not suitable for any reason for Buyer’s 's intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract may, by written notice to Seller ("Disapproval Notice") on or before the end of the Inspection Period, terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less (I) the sum of $100 to be delivered to and retained by Seller as consideration for this Contract, which consideration is deemed earned as of the date of this Contract, and (ii) any escrow or title cancellation fees or charges of Title Company. If Xxxxx does not give the Disapproval Notice prior to expiration of the Feasibility Inspection Period, in which case the Exxxxxx Money will be returned to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that survive termination. If the Contract is not terminated in the manner and within the time provided in this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been waived by Buyer for all purposes. The Feasibility Study In the event the transaction contemplated in this Contract shall not close, through no fault of Seller, Buyer shall restore the Property to its original condition, if changed due to the tests and inspections performed by Buyer, and shall provide Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer’s sole cost 's expense and expenseBuyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER AND SELLER ACKNOWLEDGE AND AGREE THAT THE ATTACHED ADDENDUM IS A PART OF THIS CONTRACT AND SHALL BE APPLICABLE TO THE TRANSACTION CONTEMPLATED HEREIN.

FEASIBILITY STUDY AND INSPECTION. (a) After the Effective Date, Buyer is granted the right right, on behalf of itself, its employees, agents and contractors, to conduct engineering and/or market a physical inspection and economic feasibility studies study of the Property and during normal business hours. Buyer shall have a physical inspection period of the Property, including studies or inspections time (such period is herein referred to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period (as the “Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m.pm, DallasHouston, Texas time local time, on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient the thirtieth (30th) day thereafter to permit it to schedule perform such inspection and in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenantsthis regard, Buyer or its designated agents may agents, employees or contractors may, upon not less than one (1) business day prior notice to Seller, enter upon the Property during normal business hours (so long as Buyer permits Seller to accompany Buyer during such inspections) for purposes of analysis or other tests and inspections such inspection which may be deemed necessary by Buyer for Buyer, subject to the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition provisions of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the Propertyimmediately following paragraph hereof. If Buyer determines, in its sole judgment, determines that the Property is not suitable for any reason for Buyer’s intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract may, by written notice to Seller prior to Seller, on or before the expiration of the Feasibility Period, terminate this Contract, in which case the Exxxxxx Money will be returned to Buyer, and event neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights rights, duties or obligations that survive terminationhereunder, and the Xxxxxxx Money shall be returned to Buyer. If the Contract written notice described in the preceding sentence is not terminated in given to Seller prior to the manner and within expiration of the time provided in Feasibility Period, then the conditions of this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study 6 shall be deemed to have been waived by fully satisfied, and Buyer for all purposesmay not thereafter terminate this Contract pursuant to this Section 6. The Feasibility Study In the event the transaction described in this Contract shall not close, Buyer shall restore the Property as near as reasonably possible to its prior condition. All inspections and studies shall be at Buyer’s sole cost expense. WHETHER OR NOT THE TRANSACTION DESCRIBED IN THIS CONTRACT SHALL CLOSE, BUYER SHALL INDEMNIFY, DEFEND AND HOLD SELLER HARMLESS FROM AND AGAINST ALL CLAIMS, ACTIONS, DAMAGES, LIABILITY, LOSS, COSTS, ATTORNEY’S FEES AND EXPENSES RELATED TO OR ARISING FROM SUCH INSPECTIONS AND STUDIES, INCLUDING THOSE ARISING FROM SELLER’S NEGLIGENCE TO THE EXTENT (BUT NO FURTHER) SELLER IS ALLEGED OR FOUND TO HAVE BEEN NEGLIGENT IN FAILING TO SUPERVISE THE CONDUCT OF BUYER, ITS AGENTS, CONTRACTORS AND EMPLOYEES IN, ON, OR ABOUT THE PROPERTY. The provisions of this Section 6 shall survive the Closing or any termination or cancellation of this Contract. Notwithstanding any contrary provision hereof, Buyer’s indemnification and expense.restoration obligations (and Seller’s right to enforce the same) shall, in no way be limited by the limitations on Seller’s remedies set forth in Section 13 hereof, and Seller to have all rights and remedies in the enforcement of Buyer’s indemnification and restoration obligations. Notwithstanding any other provision of this Contract, (a) at least three (3) business days prior to performing any such inspection or study of the Property which will involve the intrusive or destructive sampling or analysis of any portion of the Property or its improvements (“Intrusive Investigation”), Buyer shall provide to Seller a detailed description of the work to be performed during the Intrusive Investigation. During the three (3) business day period after receipt of Buyer’s description, Seller shall have the

FEASIBILITY STUDY AND INSPECTION. (a) Buyer is granted the right to conduct engineering an engineering, and/or market and economic feasibility studies study of the Property Property, and a physical inspection of the Propertyall improvements, including studies or inspections to determine the existence of any environmental hazards or conditions fixtures, mechanical equipment, and personal property being sold hereby (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on "Inspections"). Buyer shall have from the Effective Date through 5 P.M. on February 21, 1997 ("Inspection Period") to perform such Inspections and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenantsthis regard, Buyer or its his designated agents may enter upon the Property upon reasonable notice at reasonable times for purposes of analysis or other such analysis, tests and inspections which may be deemed necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the PropertyBuyer. If Buyer determines, in its his sole judgment, that the Property is not suitable for any reason for Buyer’s 's intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract may, by written notice to Seller ("Disapproval Notice") on or before the end of the Inspection Period, terminate this Contract for all purposes (except as provided herein) and the Deposit shall be returned to Buyer, less the sum of $100 to be delivered to and retained by Seller as consideration for this Contract, which consideration is deemed earned as of the date of this Contract. If Buyer does not give the Disapproval Notice prior to expiration of the Feasibility Inspection Period, in which case the Exxxxxx Money will be returned to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that survive termination. If the Contract is not terminated in the manner and within the time provided in this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study Inspections and to the condition and suitability of the Property shall be deemed to have been waived by Buyer for all purposes. The Feasibility Study In the event the transaction contemplated in this Contract shall not close, through no fault of Seller, Buyer shall restore the Property to its original condition, if changed due to the tests and inspections performed by Buyer, and shall provide Seller with a copy of the results of any tests and inspections made by Buyer, excluding any market and economic feasibility studies. All Inspections shall be at Buyer’s sole cost 's expense and expenseBuyer shall indemnify, protect, defend and hold Seller harmless from and against any damages, liabilities, claims, demands, costs or expenses arising therefrom (Buyer's obligations pursuant to this sentence shall survive Closing or termination of this Contract). BUYER AND SELLER ACKNOWLEDGE AND AGREE THAT THE ATTACHED ADDENDUM IS A PART OF THIS CONTRACT AND SHALL BE APPLICABLE TO THE TRANSACTION CONTEMPLATED HEREIN.

FEASIBILITY STUDY AND INSPECTION. (a) Buyer is granted the right to conduct engineering and/or market and economic feasibility studies of the Property and a physical inspection of the Property, including studies or inspections to determine the existence of any environmental hazards or conditions (collectively, the “Feasibility Study”) during the period (the “Feasibility Period”) commencing on the Effective Date and ending at 5:00 p.m., Dallas, Texas time on May 5, 2006. With Seller’s permission, after Seller has received advance notice sufficient to permit it to schedule in an orderly manner Buyer’s examination of the Property and to provide at least twenty-four (24) hours advance written notice to any affected tenants, Buyer or its designated agents may enter upon the Property for purposes of analysis or other tests and inspections deemed necessary by Buyer for the Feasibility Study; provided, however, Buyer is not permitted to perform any intrusive testing, including, without limitation, a Phase II environmental assessment or boring, without (i) submitting to Seller the scope and inspections for such testing; and (ii) obtaining the prior Contract of Sale — Hidden Lake Apartments written consent of Seller which may be withheld in Seller’s sole and absolute discretion. Buyer shall not alter the physical condition of the Property without notifying Seller of its requested tests, and obtaining the written consent of Seller to any physical alteration of the Property. Buyer will exercise its best efforts to conduct or cause to be conducted all inspections and tests in a manner and at times which will not unreasonably interfere with any tenant’s use and occupancy of the Property. If Buyer determines, in its sole judgment, that the Property is not suitable for any reason for Buyer’s intended use or purpose, or is not in satisfactory condition, then Buyer may terminate this Contract by written notice to Seller prior to expiration of the Feasibility Period, in which case the Exxxxxx Money will be returned to Buyer, and neither party shall have any further right or obligation hereunder other than as set forth herein with respect to rights or obligations that survive termination. If the Contract is not terminated in the manner and within the time provided in this Section 5, the condition provided in this Section 5(a) and any and all objections with respect to the Feasibility Study shall be deemed to have been waived by Buyer for all purposes. The Feasibility Study shall be at Buyer’s sole cost and expense.