TESTING (THE "TESTING") HAS BEEN PERFORMED AT
THE PROPERTY WITH RESPECT TO LEAD-BASED PAINT.
LAW ENGINEERING AND
ENVIRONMENTAL SERVICES, INC. PERFORMED THE TESTING AND REPORTED ITS FINDINGS IN
THE MULTIFAMILY COMPONENT TYPE REPORT AND CERTIFICATION DATED MAY 14, 2001, A
COPY OF WHICH IS ATTACHED HERETO AS EXHIBIT I (THE "REPORT").
THE REPORT
CERTIFIES THE PROPERTY AS LEAD-BASED PAINT FREE.
BY EXECUTION HEREOF, PURCHASER
ACKNOWLEDGES RECEIPT OF A COPY OF THE REPORT, THE LEAD-BASED PAINT DISCLOSURE
STATEMENT ATTACHED HERETO AS EXHIBIT H, AND ACKNOWLEDGES RECEIPT OF THAT CERTAIN
CONSENT AGREEMENT (THE "CONSENT AGREEMENT") BY AND AMONG THE UNITED STATES
ENVIRONMENTAL PROTECTION AGENCY (EXECUTED DECEMBER 19, 2001), THE UNITED STATES
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (EXECUTED JANUARY 2, 2002), AND
AIMCO (EXECUTED DECEMBER 18, 2001).
PURCHASER ACKNOWLEDGES AND AGREES THAT (1)
AFTER CLOSING, THE PURCHASER AND THE PROPERTY SHALL BE SUBJECT TO THE CONSENT
AGREEMENT AND THE PROVISIONS CONTAINED HEREIN RELATED THERETO, ALL TO THE EXTENT
RELATING TO THE PROPERTY, AND (2) THAT PURCHASER SHALL NOT BE DEEMED TO BE A
THIRD PARTY BENEFICIARY TO THE CONSENT AGREEMENT.
NOTWITHSTANDING THAT
PURCHASER IS ACCEPTING THE PROPERTY SUBJECT TO THE CONSENT AGREEMENT, PURCHASER
SHALL HAVE NO LIABILITY TO SELLER, AIMCO OR ANY OF THEIR RESPECTIVE AFFILIATES
FOR ANY OF THE MATTERS SET FORTH IN OR RELATING TO THE CONSENT AGREEMENT.
[Remainder of Page Intentionally Left Blank]
NOW, THEREFORE, the parties hereto have executed this Contract as of the date
first set forth above.
Seller:
CCIP PALM LAKE, L.L.C.,
a Delaware limited liability company
By:
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES, LP,
a Delaware limited partnership,
its member
By:
CONCAP EQUITIES, INC.,
a Delaware corporation,
its general partner
By:
/s/John Spiegleman
Name:
John Spiegleman
Title:
Senior Vice President
[Purchaser's Signature Appears on Next Page]
Purchaser:
BLACKHAWK APARTMENT OPPORTUNITY FUND II, LLC, an Illinois limited liability
company
By:
Blackhawk Fund Manager II LLC,
its manager
By:
/s/Gary S. Richman
Name:
Gary S. Richman
Title:
Manager
SCHEDULE A
SELLER INFORMATION SCHEDULE
Common Name of Property
Community Name
Purchase Price
Regional Property Manager
Excluded Permits
Excluded FF&E
Utility Contracts
Lender and Servicer
Note
Litigation
Palm Lake
Palm Lake Apartments
$7,000,000.00
Kelly Mursch
None
None
None
Lender - Federal Home Loan Mortgage Corporation, assignee of GMAC Commercial
Mortgage Corporation
Servicer - Capmark Finance, Inc.
Multifamily Note dated September 28, 2000 in the original principal amount of
$3,000,000 given by Consolidated Capital Equity Partners, L.P to GMAC Commercial
Mortgage Corporation, as assigned to Federal Home Loan Mortgage Corporation
Complaint by Dennis Diecidue, as Personal Representative of the Estate of Sally
Genuardi, against Seller et al., filed November 30, 2007 in the Hillsborough
County, Florida Circuit Court, Case No. D7 16475 (covered by Seller's insurance)