NOTICE OF DISAPPROVAL
September 6, 1996
VIA FACSIMILE AND
CERTIFIED MAIL
Valley Point Partners The Balcor Company Xxxxxx X. Xxxxxxx, Esq.
Limited Partnership 0000 Xxxxxxxx Xxxx Xxxxxx Xxxxxx & Xxxxx
c/o The Balcor Company Suite A200 Suite 2100
0000 Xxxxxxxx Xxxx Xxxxxxxxxxx, XX 00000 000 X. Xxxxxx Xxxxxx
Xxxxx X000 Attn: Xxxx X. Xxxxxxxxx Chicago, IL 00000
Xxxxxxxxxxx, XX 00000
Attn: Xxxxx Xxxxx
Re: Agreement of Sale, dated as of the 2nd day of August, 1996
(the "Agreement") between Valley Point Partners Limited Partnership,
as Seller, and ERP Operating Limited Partnership, as Purchaser, for
the purchase of Canyon Point Apartments, San Antonio, Texas (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 Partners 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/ Xxxx X. Xxxxxxxx
------------------------------------
Xxxx X. Xxxxxxxx
Vice President
Seller's Authorization for Release of Xxxxxxx Money
to Purchaser gived this 6th day of September, 1996
VALLEY POINT PARTNERS LIMITED PARTNERSHIP, an Illinois
limited partnership
By: Valley Point Partners, Inc., an Illinois corporation
By: /s/ Xxxxx X. Xxxxxxxxx
------------------------------------
Name: Xxxxx X. Xxxxxxxxx
Title: Authorized Rep.
NOTICE OF TERMINATION
State of Illinois )
) SS.
County of Cook )
The undersigned, having been first duly sworn, does hereby affirm, depose
and state that the undersigned is terminating tht certain Agreement of Sale
between the undersigned and Valley Point Partners Limited Partnership in
accordance with its terms for the following reasons.
Purchaser is terminating the Agreement of Sale pursuant to Section 16 (C)
thereof.
The undersigned demands return of all xxxxxxx money deposited under the
Agreement pursuant to its right therein.
IN WITNESS WHEREOF, the undersigned has executed this Affidavit on this
6th day of September, 1996.
ERP OPERATING LIMITED PARTNERSHIP,
an Illinois limited partnership
By: /s/ Xxxx X. Xxxxxxxx
--------------------------------------
Name: Xxxx X. Xxxxxxxx
Title: Vice President
Subscribed and sworn to before me, a Notary
Public in and for said County and State.
/s/ Xxxxxxx X. Xxxxxxxx
----------------------------------
Notary Public
SEAL
