NOTICE OF DISAPPROVAL
October 1, 1996
VIA FACSIMILE MAIL
W.R. Partners
Limited Partnership The Balcor Company Xxxxxx X. Xxxxxxx, Esq.
c/o The Balcor Company 0000 Xxxxxxxx Xxxx Xxxxxx Xxxxxx & Xxxxx
0000 Xxxxxxxx Xxxx Xxxxx X000 Xxxxx 0000
Xxxxx X000 Xxxxxxxxxxx, XX 00000 000 X. Xxxxxx Xxxxxx
Xxxxxxxxxxx, XX 00000 Attn: Xxxx X. Xxxxxxxxx Chicago, IL 60661
Attn: Xxxxx Xxxxx
Re: Agreement of Sale, dated as of the 6th day of September, 1996
(the "Agreement") between W.R. Partners Limited Partnership,
as Seller, and ERP Operating Limited Partnership, as Purchaser, for
the purchase of Walnut Ridge Apartments, Corpus Christi, Florida
(the "Property").
Dear Xx. Xxxxx and Messrs. Xxxxxxxxx and Xxxxxxx:
Pursuant to Section 16(C) of the Agreement, we hereby give you notice that
we disapprove the Documents and the condition of the Property and as the
Property is unsuitable for our purposes, we are hereby terminating the
Agreement and all rights and obligations of the Seller and Purchaser
thereunder. By execution of this Notice of Disapproval, we are hereby
authorizing and directing Charter Title Company, as Escrow Agent, to disburse
the Xxxxxxx Money, plus all accrued interest, to us via the attached wire
instructions.
ERP OPERATING LIMITED PARTNERSHIP,
an Illinois limited partnership
By: Equity Residential Properties Trust,
a Maryland Real Estate Investment
Trust, its general partner
By: /s/ Xxxxxxx X. Xxxxx
------------------------------------
Xxxxxxx X. Xxxxx
Vice President
Seller's Authorization for Release of Xxxxxxx Money
to Purchaser given this 1st day of October, 1996
W.R. PARTNERS LIMITED PARTNERSHIP, an
Illinois limited partnership
By: W.R. Partners, Inc., an Illinois corporation
By: /s/ Xxxxx X. Xxxxxxxxx
-----------------------------------
Name: Xxxxx X. Xxxxxxxxx
Title: Authorized Rep.
