XXXXXXXX & XXXXX
January 31, 1997
Xx. Xxxxx Xxxxx
Xx. Xxxxx Xxxxxxxxx
x/x Xxx Xxxxxx Xxxxxxx
Xxxxxxxxxxx Xxxx Xxxxxx Xxxxx
0000 Xxxxxxxx Xxxx
Xxxxx X-000
Xxxxxxxxxxx, Xxxxxxxx 00000
Xx. Xxxxxx X. Xxxxxxx
Katten, Muchin & Zavis
000 X. Xxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Re: Termination of Contracts (the "Contracts") by and between Xxxxxx
Xxxxx Limited Partnership ("Buyer 1") and Xxxxx-Xxxxxx Partners
Limited ("Seller 1") regarding The Xxxxx Apartments, Austin, Texas,
Beaumont Property Limited Partnership ("Buyer 2") and Lexington Drive
Limited Partnership ("Seller 2") regarding Towne Oaks Apartments, and
Saddlewood Lubbock Limited Partnership ("Buyer 3") and Utica Limited
Partnership ("Seller 3") regarding Saddlewoods Apartments
(Buyer 1, Buyer 2 and Buyer 3 shall be collectively referred to as
"Buyer" and Seller 1, Seller 2 and Seller 3 shall be collectively
referred to as "Seller")
Dear Xx. Xxxxx, Xx. Xxxxxxxxx and Xx. Xxxxxxx:
Please be advised that pursuant to the terms of the above-captioned
Contracts, the Buyer hereby terminates its obligations and rights under all of
the Contracts. Attached hereto please find an Affidavit of Due Diligence
Termination Notice for each of the above-captioned Contracts which has been
duly executed by Buyer 1, Buyer 2 and Buyer 3 and appropriately notarized.
These Affidavits/ Termination Notices have also been forwarded to Xxxxxxx
Xxxxxx at Charter Title Company, along with wire instructions/directions
regarding the return of the Buyer's escrow money (total of $350,000.) Please
contact the undersigned if you have any questions regarding the attached.
Sincerely,
/s/ Xxxxxx Xxxxxxxxxxxx
---------------------------------
Xxxxxx Xxxxxxxxxxxx
on behalf of Buyer
cc: Xxxxx Xxxxxxxxx
Xxxxxxx Xxxxxx, Charter Title Company, Escrow Agent
AFFIDAVIT OF DUE DILIGENCE TERMINATION NOTICE
State of Illinois )
) SS
County of Xxxx )
The undersigned, having been first duly sworn, does hereby affirm, depose
and state that XXXXXX XXXXX LIMITED PARTNERSHIP, an Illinois limited
partnership, as Purchaser under that certain Agreement of Sale dated January 9,
1997, providing for the sale of property located in Austin, Texas and known as
The Xxxxx Apartments, Austin, Texas, has terminated the Agreement of Sale
pursuant to Paragraph 7.1 thereof.
The undersigned demands return of all xxxxxxx money deposited under he
Agreement of Sale pursuant to its right therein.
IN WITNESS WHEREOF, the undersigned has executed this Affidavit on the
29th day of January, 1997.
XXXXXX XXXXX LIMITED PARTNERSHIP,
an Illinois limited partnership
By: XX Xxxxxx Property Company,
an Illinois corporation
By: /s/ Xxxxx Xxxxxxxxx
--------------------------------
Name: Xxxxx Xxxxxxxxx
--------------------------------
Its: President
--------------------------------
Subscribed and sworn to before
me, a Notary Public in and for
said County and State on January 29, 1997.
/s/ Xxxxxx X. Xxxxxx
------------------------------
Notary Public
SEAL
