May 1, 1997
Labroc II Limited Partnership ("Seller")
x/x Xxx Xxxxxx Xxxxxxx
Xxxxxxxxxxx Xxxx Xxxxxx Xxxxx
0000 Xxxxxxxx Xxxx
Xxxxx X-000
Xxxxxxxxxxx, Xxxxxxxx 00000
Attention: Xxxxx Xxxxx
Near North National Title Corporation ("Escrow Agent")
000 Xxxxx XxXxxxx Xxxxxx
Xxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Attention: Xxx Xxxxx
Re: Purchase Agreement dated March 18, 1997, as amended (the "Purchase
Agreement") between Seller and Crosstown Asset Corp. I ("Purchaser")
for Xxxx Xxxxx, Xxxxxxx Xxx, Xxxxxxxxxx
Ladies and Gentlemen:
Purchaser hereby terminates the Purchase Agreement pursuant to Section 7.1
thereof. Attached is the required Due Diligence Termination Notice. Escrow
Agent is hereby directed to return the xxxxxxx money together with all interest
accrued thereon to Purchaser in accordance with the attached wiring
instructions.
Sincerely,
CROSSTOWN ASSET CORP. I, a Delaware corporation
By: /s/ Xxxxxx Xxxxxx
-------------------------------
Name: Xxxxxx Xxxxxx
-------------------------------
Its: Vice President
-------------------------------
cc: The Balcor Company
Bannockburn Lake Office Plaza
0000 Xxxxxxxx Xxxx
Xxxxx X-000
Xxxxxxxxxxx, Xxxxxxxx 00000
Attention: Xxxxx Xxxxxxxxx
Xxxxxx Xxxxxx & Xxxxx
000 Xxxx Xxxxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000-0000
Attention: Xxxxxx X. Xxxxxxx, Esq.
DUE DILIGENCE TERMINATION NOTICE
May 1, 1997
Crosstown Asset Corp. I, a Delaware corporation, as Purchaser under that
certain Agreement of Sale dated March 18, 1997, as amended, providing for the
sale of property located in Federal Way, Washington and known as Xxxx Plaza has
terminated the Agreement of Sale pursuant to Paragraph 7.1 thereof.
The undersigned demands return of all xxxxxxx money deposited under the
Agreement of Sale pursuant to its right therein.
CROSSTOWN ASSET CORP. I, a Delaware corporation
By: /s/ Xxxxxx Xxxxxx
--------------------------------
Name: Xxxxxx Xxxxxx
--------------------------------
Its: Vice President
--------------------------------
