AND (B) SELLER'S APPROVAL
OF THIS AGREEMENT SHALL BE EVIDENCED ONLY BY SELLER'S EXECUTION OF THIS
AGREEMENT AND DELIVERY OF A COUNTERPART HEREOF EXECUTED BY BOTH SELLER AND
PURCHASER TO THE TITLE COMPANY. PURCHASER ACKNOWLEDGES THAT PURCHASER HAS NOT,
WILL NOT AND CANNOT RELY UPON ANY OTHER STATEMENT OR ACTION OF SELLER OR ITS
REPRESENTATIVES AS EVIDENCE OF SELLER'S APPROVAL OF THIS AGREEMENT.
9.24
LIKE KIND EXCHANGE. IN THE EVENT THAT SELLER
ELECTS TO SELL THE PROPERTY AS PART OF A LIKE KIND EXCHANGE PURSUANT TO
SECTION 1031 OF THE INTERNAL REVENUE CODE, PURCHASER AGREES TO COOPERATE WITH
SELLER IN CONNECTION THEREWITH AND TO EXECUTE AND DELIVER ALL DOCUMENTS WHICH
REASONABLY MAY BE REQUIRED TO EFFECTUATE SUCH EXCHANGE AS A QUALIFIED
TRANSACTION PURSUANT TO SECTION 1031 OF THE CODE; PROVIDED THAT: (A) THE CLOSING
SHALL NOT BE DELAYED; (B) PURCHASER INCURS NO ADDITIONAL COST OR LIABILITY IN
CONNECTION WITH THE LIKE-KIND EXCHANGE; (C) SELLER PAYS ALL COSTS ASSOCIATED
WITH THE LIKE-KIND EXCHANGE; AND (D) PURCHASER IS NOT OBLIGATED TO TAKE TITLE TO
ANY PROPERTY OTHER THAN THE PROPERTY.
9.25
BACK-UP CONTRACTS. NOTWITHSTANDING THE EXECUTION
OF THIS AGREEMENT, SELLER SHALL HAVE THE RIGHT TO ENTER INTO ONE OR MORE
"BACK-UP" CONTRACTS, PURSUANT TO WHICH SELLER AGREES TO SELL THE PROPERTY OR ANY
PORTION THEREOF TO ANOTHER PARTY IN THE EVENT THAT THIS AGREEMENT IS TERMINATED.
SELLER SHALL BE UNDER NO OBLIGATION TO DISCLOSE ANY SUCH "BACK-UP" CONTRACTS OR
THE TERMS THEREOF TO PURCHASER.
9.26
EFFECTIVE DATE. THE OFFER BY PURCHASER HEREIN
CONTAINED SHALL AUTOMATICALLY BE WITHDRAWN AND BECOME OF NO FORCE OR EFFECT
UNLESS THIS AGREEMENT IS EXECUTED BY SELLER AND DELIVERED TO THE TITLE COMPANY
ON OR BEFORE 5 P.M., DALLAS, TEXAS TIME, ON NOVEMBER 15, 2008. THE "EFFECTIVE
DATE" OF THIS AGREEMENT SHALL BE THE DATE OF DELIVERY TO THE TITLE COMPANY OF A
FULLY EXECUTED COUNTERPART OF THIS AGREEMENT, AS EVIDENCED BY THE TITLE
COMPANY'S NOTATION IN THE SPACE SET FORTH BELOW.
9.27
INSULATION. THE INFORMATION RELATING TO
INSULATION INSTALLED IN THE PROPERTY, AS REQUIRED BY THE FEDERAL TRADE
COMMISSION REGULATIONS, IS AS SET FORTH IN THIS SECTION 9.27:
(A)
THE EXTERIOR WALLS OF IMPROVED LIVING AREAS
ARE INSULATED WITH FIBERGLASS BATT AND/OR CONTINUOUS INSULATION TO A THICKNESS
OF 3.5 INCHES. THE THROUGH WALL R-VALUE EQUALS 11.
(B)
THE PARTY WALLS ARE INSULATED WITH ONE
LAYER OF 6 INCH FIBERGLASS BATT INSULATION. THE THROUGH WALL R-VALUE EQUALS 19.
(C)
THE CORRIDOR WALLS ARE INSULATED WITH ONE
LAYER OF 3.5 INCH FIBERGLASS BATT INSULATION. THE THROUGH WALL R-VALUE EQUALS
11.
(D)
THE MIDFLOORS ARE NOT INSULATED. THE
THROUGH FLOOR R-VALUE EQUALS 4 TO 6 BY USE OF THE 10 INCH CONCRETE SLAB.
23
(E)
THE ROOF ABOVE THE IMPROVED LIVING AREAS OF
THE TOP FLOOR ONLY IS INSULATED WITH 1-1/2 INCH RIGID ROOF INSULATION. THE
THROUGH CEILING R-VALUE EQUALS A MINIMUM OF 19.
(R VALUE MEANS RESISTANCE TO HEAT FLOW; THE HIGHER THE R VALUE, THE GREATER THE
INSULATING POWER.)
THE INSULATION INFORMATION WAS FURNISHED TO SELLER BY