CONSENT OF THE LENDER TO THE LOAN
ASSUMPTION AND RELEASE ON OR BEFORE THE EXPIRATION OF THE LOAN ASSUMPTION
APPROVAL PERIOD, THEN PURCHASER SHALL HAVE THE RIGHT, EXERCISABLE ON OR BEFORE
THE EXPIRATION OF THE LOAN ASSUMPTION APPROVAL PERIOD, TO GIVE ESCROW AGENT
NOTICE TERMINATING THIS CONTRACT BASED SOLELY ON THE FACT THAT THE LOAN
ASSUMPTION AND RELEASE HAS NOT BEEN APPROVED BY THE LENDER. IF PURCHASER TIMELY
EXERCISES SUCH TERMINATION RIGHT, THEN (I) THE NON-REFUNDABLE DEPOSIT SHALL BE
PAID TO SELLER AS CONSIDERATION FOR SELLER ENTERING INTO THIS CONTRACT, (II) THE
REMAINDER OF THE DEPOSIT SHALL BE PAID TO PURCHASER AND (III) THIS CONTRACT
SHALL BE OF NO FURTHER FORCE AND EFFECT, SUBJECT TO AND EXCEPT FOR THE SURVIVAL
PROVISIONS.
IF PURCHASER FAILS TO DELIVER TO SELLER A WRITTEN NOTICE OF TERMINATION
PRIOR TO THE EXPIRATION OF THE LOAN ASSUMPTION APPROVAL PERIOD IN ACCORDANCE
WITH THE TERMS OF THIS SECTION 4.7.9, THEN PURCHASER'S RIGHT TO TERMINATE THIS
CONTRACT UNDER THIS SECTION 4.7.9 SHALL BE PERMANENTLY WAIVED, THIS CONTRACT
SHALL REMAIN IN FULL FORCE AND EFFECT, AND PURCHASER SHALL HAVE NO FURTHER RIGHT
TO TERMINATE THIS CONTRACT ON ACCOUNT OF PURCHASER'S INABILITY OR FAILURE TO
OBTAIN THE LOAN ASSUMPTION AND RELEASE.
4.8
AIMCO PURCHASE MONEY LOAN.
4.8.1
AT THE CLOSING, AND SUBJECT TO THE PROVISIONS OF SECTIONS 4.8.3 AND
4.8.4 BELOW, SELLER SHALL MAKE, OR CAUSE AN AFFILIATE OF SELLER (THE ENTITY
MAKING THE AIMCO LOAN BEING HEREIN CALLED "AIMCO LENDER") TO MAKE, A LOAN TO
PURCHASER (THE "AIMCO LOAN") IN THE PRINCIPAL AMOUNT OF TWO MILLION FIVE HUNDRED
THOUSAND DOLLARS ($2,500,000), WHICH LOAN SHALL BE MADE BY THE AIMCO LENDER TO
PURCHASER ON THE FOLLOWING TERMS: (A) MONTHLY PAYMENTS OF INTEREST ONLY SHALL BE
DUE AT AN INTEREST RATE OF FIVE PERCENT (5%) PER ANNUM FROM THE CLOSING DATE
THROUGH [SEPTEMBER 1, 2012], (B) THE OUTSTANDING PRINCIPAL BALANCE OF THE AIMCO
LOAN, TOGETHER WITH ALL ACCRUED AND UNPAID INTEREST THEREON, SHALL BE DUE AND
PAYABLE IN FULL ON [SEPTEMBER 1, 2012] AND (C) THE AIMCO LOAN SHALL BE SECURED
BY A SECOND LIEN MORTGAGE ON THE PROPERTY, SUBJECT ONLY TO THE PERMITTED
EXCEPTIONS.
4.8.2
AT THE CLOSING, PURCHASER SHALL EXECUTE AND DELIVER TO THE AIMCO LENDER
(OR CAUSE TO BE SO EXECUTED AND DELIVERED, AS THE CASE MAY BE) THE FOLLOWING
LOAN DOCUMENTS FOR THE AIMCO LOAN (THE " AIMCO LOAN DOCUMENTS"):
A PROMISSORY NOTE EXECUTED BY THE PURCHASER IN THE FORM ATTACHED HERETO
AS EXHIBIT I, EVIDENCING THE AIMCO LOAN;
A MORTGAGE EXECUTED BY THE PURCHASER IN THE FORM ATTACHED HERETO AS
EXHIBIT J, SECURING THE AIMCO LOAN (THE "AIMCO LOAN SECURITY INSTRUMENT");
A NON-RECOURSE CARVEOUT GUARANTY EXECUTED BY THE GUARANTOR IN THE FORM
ANNEXED HERETO AS EXHIBIT K;
AN ENVIRONMENTAL INDEMNITY AGREEMENT EXECUTED BY THE GUARANTOR IN THE
FORM ANNEXED HERETO AS EXHIBIT L;
AN OPINION LETTER FROM COUNSEL TO PURCHASER, SUBSTANTIALLY IN THE FORM
ANNEXED HERETO AS EXHIBIT M;
AND
SUCH OTHER CONSENTS OR AUTHORIZING DOCUMENTS AS THE AIMCO