October 25, 1996
Facsimile (000) 000-0000) & Federal Express
Xxxxxxxxx Investors
c/o The Balcor Company
Attn: Xxxxx Xxxxx
0000 Xxxxxxxx Xxxx
Xxxxx X000
Xxxxxxxxxxx, XX 00000
Facsimile (000) 000-0000 & Federal Express
Xx. Xxxxxxx Xxxxxx
Charter Title Company, as agent
for Lawyers Title Insurance Company
0000 Xxxxxxxxxx Xxxx., Xxxxx 000
Xxxxx Xxxx, XX 00000
Re: Agreement of Sale dated August 26, 1996 ("Agreement") by and between
Xxxxxxxxx Investors, an Illinois limited partnership ("Seller") and
Xxxxxxx/Blessings, Inc., a Colorado corporation or qualified assigns
("Purchaser")
Dear Xx. Xxxxx and Xx. Xxxxxx:
Pursuant to the terms of the Agreement and Escrow Agreement ("Escrow
Agreement") dated August 26, 1996 by and between Seller and Purchaser, please
find enclosed a Notice of Disapproval executed by Purchaser notifying Seller of
Purchaser's disapproval of the "Property" (as defined in the Agreement and
Escrow Agreement) and termination of the Agreement. Please refund to Purchaser
the refundable portion of the Xxxxxxx Money in accordance with the Agreement
and Escrow Agreement.
Copies of the reports received by the Purchaser are not included with this
letter because of their bulk and quantity. We will under separate cover
provide these reports to you for overnight delivery.
We regret to inform you of our decision to terminate the Agreement;
however we have been unable to timely resolve the few remaining issues with our
prospective lender. We wish to express our willingness to move forward with
the acquisition of the Property provided Seller extends the Approval Date and
Disapproval Date until such time as we have commitment from the lender, which
we anticipate will be within 2 to 3 weeks from delivery of the loan
application.
Thank you for your past courtesies and professional manner. Should you
have any questions, please do not hesitate to call me.
Sincerely yours,
XXXXXX, FRINDT, STINAR, & STAGEMEN, LLC
/s/ Xxxxxxx X. Xxxxxxxx
Xxxxxxx X. Xxxxxxxx
GGW:ce
Enclosure
cc: Xx Xxxxxxxxx
Xxxxxxx Xxxxxxxx
Xxxxxx Xxxxxx, Esq.
Ian Xxxxxxx
Xxxx Saas Esq.
Xxxxxx Xxxxx
Xxxxxx Xxxxxxxxx
EXHIBIT A
NOTICE OF DISAPPROVAL
The undersigned, the Purchaser under that certain Agreement dated August
26, 1996 providing for the sale by Xxxxxxxxx Investors, an Illinois limited
partnership of property located in Colorado Springs, Colorado and known as
Xxxxxxxxx Park Apartments does hereby, pursuant to the provisions of the
Agreement, terminate the Agreement prior to the "Disapproval Date" as defined
in this Escrow Agreement and does hereby request that Charter Title Company, as
Escrow Agent, return the Xxxxxxx Money under this Escrow Agreement to the
undersigned. The undersigned certifies that Purchaser has delivered copies of
all of the Reports (as that term is defined in the Agreement) to the Seller.
Dated: October 25, 1996
Xxxxxxx/Blessing, Inc., a Colorado
corporation
/s/ Xxxx Xxxxxxxx
----------------------------------
Xxxx Xxxxxxxx, as Vice President
and Secretary
