Document:

Agreement

 

	 	 	
      

    	
      EXHIBIT 10.2

    

  

  SEPARATION AND SETTLEMENT AGREEMENT 

       This Separation and Settlement Agreement (this
  "Agreement") is entered into as of April 25, 2009, by and between
  Corey S. Goodman, Ph.D. ("Dr. Goodman"), and Pfizer Inc ("Pfizer").
  Dr. Goodman and Pfizer are referred to as the "Parties," and each
  as a "Party," in this Agreement. 

Recitals 

       A.      Dr. Goodman currently
  is employed by Pfizer as Senior Vice President, President of its Biotherapeutics
  and Bioinnovation Center, Elected Executive Officer, and a member of Pfizer's
  Executive Leadership Team. Dr. Goodman commenced employment with Pfizer on or
  about October 4, 2007, pursuant to the terms of an offer letter dated September
  27, 2007 (the "Offer Letter"). 

  

       B.      In the negotiation,
  drafting, and execution of this Agreement, Dr. Goodman has been represented
  by Alan C. Mendelson and Linda M. Inscoe of Latham & Watkins LLP; and Pfizer
  has been represented by Mia Farber of Jackson Lewis LLP and Jeffrey D. Wohl
  of Paul, Hastings, Janofsky & Walker LLP. 

  

       C.      This Agreement
  is the product of good-faith negotiations and compromise. Accordingly, nothing
  in this Agreement is intended or will be construed as an admission by either
  Party of any act or omission that breached any duty owed to, or violated the
  rights of, the other Party. 

  

  Based on these recitals, the Parties agree as follows: 

  Terms 

     1.      Resignation
  from employment; final compensation arrangements. Upon his execution of
  this Agreement, Dr. Goodman will tender his resignation from all aspects of
  his employment with Pfizer, and all positions he holds with Pfizer, effective
  May 31, 2009 (his "Resignation Date"), by means of a letter of resignation
  in the form and substance evidenced by Appendix A to this Agreement. Prior to
  his Resignation Date, Dr. Goodman will be on a paid leave of absence from Pfizer,
  with all of his current compensation and benefits arrangements remaining in
  full force and effect until his Resignation Date. Upon his Resignation Date,
  Dr. Goodman will be paid all of his salary and unused vacation earned or accrued
  through his Resignation Date. In addition, Dr. Goodman will be provided with
  notice of his right to continue his health-insurance coverage, at his own expense,
  pursuant to COBRA. 

     2.      Forgiveness
  of repayment of replacement cash compensation. Although, under his Offer
  Letter, Dr. Goodman's voluntary resignation prior to his two-year service anniversary
  date ordinarily would trigger his obligation to repay to Pfizer the second installment
  of his replacement cash compensation which he previously received ($1,700,000
  less applicable tax withholding, or $1,066,990) ("Replacement Cash Compensation"),
  in consideration of (i) Dr. Goodman's acceptance of this Agreement and full
  abidance by it; (ii) execution and return to Pfizer not earlier than his Resignation
  Date of a Supplemental Release of Claims ("Supplemental Release")
  in the form and substance evidenced by Appendix B to this Agreement; and (iii)
  his non-revocation of his acceptance of the Supplemental Release within the
  seven-day period it provides, Pfizer will forgive the repayment of the Replacement
  Cash Compensation and waive the right to seek that repayment from Dr. Goodman.
  

  

       3.      Agreed-upon
  internal communication. Pfizer will release internally within Pfizer an
  announcement of Dr. Goodman's resignation with the content of Appendix C to
  this Agreement. 

     4.      Release of
  claims by Dr. Goodman. 

  

         a.     In consideration
    of and in exchange for the benefits provided to him under this Agreement,
    including but not necessarily limited to Pfizer's acceptance of Dr. Goodman's
    resignation effective May 31, 2009, and forgiveness of the repayment of the
    Replacement Cash Compensation, and except as provided in paragraph 4.d. of
    this Agreement, Dr. Goodman, on behalf of himself and his heirs, administrators,
    executors and assigns, releases and forever discharges Pfizer, its parents,
    subsidiaries, affiliated companies, successors and assigns, and its and their
    current and former employees, agents, representatives, shareholders, officers
    and directors (collectively, the "Pfizer Released Parties," each
    a "Pfizer Released Party") from any and all claims, injuries, damages,
    remedies, attorneys' fees and costs or any other losses, whether known or
    unknown, including but not limited to those arising out of or in any way relating
    to the Offer Letter, Dr. Goodman's employment with Pfizer, the termination
    of Dr. Goodman's employment with Pfizer, or otherwise, that he has or may
    have by reason of any facts or circumstances from the beginning of time through
    the date Dr. Goodman executes this Agreement (collectively, the "Goodman
    Released Claims," each a "Goodman Released Claim"). 

  

         b.     The Goodman
    Released Claims include but are not limited to any and all claims for breach
    of contract, personal injury, wages, benefits, defamation, wrongful discharge,
    discrimination, harassment, retaliation, impairment of economic opportunity,
    intentional infliction of emotional harm, negligence, or other tort, and any
    and all other claims based on any oral or written agreements or promises,
    whether arising under statute (including but not limited to claims arising
    under the Civil Rights Act of 1866, the Civil Rights Act of 1964, the Civil
    Rights Act of 1991, the Equal Pay Act, the Age Discrimination in Employment
    Act of 1967, the Americans With Disabilities Act of 1990, the Worker Adjustment
    and Retraining Notification Act, the Employee Retirement Income Security Act,
    the National Labor Relations Act, the California Fair Employment and Housing
    Act, the California Labor Code, and/or any and all other federal, state, local
    or foreign statutes, executive orders or regulations), contract (express or
    implied), constitutional provision, common law, public policy or otherwise,
    from the beginning of time through the date Dr. Goodman executes this Agreement.
    

  

       c.     The Goodman
    Released Claims include all such known and unknown claims. Dr. Goodman therefore
    waives the protections of California Civil Code section 1542, which states:
  

  
    A general release does not extend to claims which the creditor does not
      know or suspect to exist in his or her favor at the time of executing the
      release, which if known by him or her must have materially affected his
      or her settlement with the debtor. 

  

  

         d.      Notwithstanding
    the foregoing, the Goodman Released Claims do not include: 

  
    
      (1) any claim to benefits under any Pfizer employee-benefit plan that
        that already are or will be vested as of Dr. Goodman's Resignation Date;
      

      (2) any claim Dr. Goodman has or could assert as a Pfizer stockholder;
      

      (3) any claim for unemployment-insurance or workers-compensation benefits;
      

      (4) any charge or complaint with the U.S. Equal Employment Opportunity
        Commission or the California Department of Fair Employment and Housing
        alleging discrimination or other conduct prohibited by applicable anti-discrimination
        or equal employment opportunity law; a complaint with the National Labor
        Relations Board; or a charge or complaint with any other administrative
        agency to the extent that right may not be waived by private agreement
        absent judicial or governmental supervision; provided that Dr. Goodman
        still waives and releases the right to recover monetary damages in any
        charge, complaint or lawsuit filed by him or by anyone else on his behalf;
      

      (5) any claim against Pfizer for indemnity or contribution with respect
        to any claim asserted against Dr. Goodman by any third party arising from
        or related to Dr. Goodman's employment with Pfizer for which indemnity
        or contribution is provided by law or Pfizer's articles of incorporation
        or corporate by-laws; and 

      (6) any other claim that may not be waived by private agreement without
        judicial or governmental supervision. 

    

  

     5.      Release of
  claims by Pfizer. 

       a.      In consideration
    of and in exchange for Dr. Goodman's acceptance of this Agreement and the
    obligations it imposes upon him, and except as provided in paragraph 5.d.
    of this Agreement, Pfizer, on behalf of itself and its parents, subsidiaries,
    affiliated companies, successors and assigns, releases and forever discharges
    Dr. Goodman and his heirs, administrators, executors and assigns (the "Goodman
    Released Parties," each a "Goodman Released Party") from any
    and all claims, injuries, damages, remedies, attorneys' fees and costs or
    any other losses, whether known or unknown, arising from or related to Dr.
    Goodman's employment with Pfizer (collectively, the "Pfizer Released
    Claims," each a "Pfizer Released Claim"). 

    

         b.      The Pfizer
    Released Claims include but are not limited to any and all claims under the
    law of contract or tort, any claim based on breach of a statutory duty, and
    any other claim, from the beginning of time through the date Pfizer executes
    this Agreement. 

    

         c.      The Pfizer
    Released Claims include all such known and unknown claims. Pfizer therefore
    waives the protections of California Civil Code section 1542, which states:
  

  
    
      

        A general release does not extend to claims which the creditor does not
        know or suspect to exist in his or her favor at the time of executing
        the release, which if known by him or her must have materially affected
        his or her settlement with the debtor. 

    

  

  

         d.      Notwithstanding
    the foregoing, the Pfizer Released Claims do not include: 

  
    
      (1) any claim against Dr. Goodman for indemnity or contribution with
        respect to any claim asserted against Pfizer by any third party arising
        from or related to Dr. Goodman's employment with Pfizer for which indemnity
        or contribution is provided by law or Pfizer's articles of incorporation
        or corporate by-laws; and 

      (2) any other claim that may not be waived by private agreement without
        judicial or governmental supervision. 

    

  

       6.      Non-alienation
  of claims. Dr. Goodman represents and warrants that he has not assigned,
  transferred, or otherwise alienated any of the Goodman Released Claims to any
  third party, and Pfizer represents that it has not assigned, transferred, or
  otherwise alienated any of the Pfizer Released Claims to any third party. Dr.
  Goodman will indemnify Pfizer and hold it harmless from all damages, losses,
  costs and expenses which Pfizer may suffer or incur as a result of the assertion
  against it of any Goodman Released Claim by any third party, and Pfizer will
  indemnify Dr. Goodman and hold him harmless from all damages, losses, costs
  and expenses which Dr. Goodman may suffer or incur as a result of the assertion
  against him of any Pfizer Released Claim by any third party. 

     7.      Non-disparagement.
  Dr. Goodman will not disparage any Pfizer Released Party or any Pfizer Released
  Party's goods, services, employees, customers, business relationships, or financial
  condition. No member of Pfizer's Executive Leadership Team will disparage Dr.
  Goodman. For purposes of this Agreement, to "disparage" means to make
  statements, whether true or false, that cast the subject of the statement in
  a critical or unfavorable light. Nothing in the foregoing will preclude Dr.
  Goodman or the other individuals referenced in this paragraph from providing
  truthful disclosures to an appropriate government agency, arbitrator, or court
  related to a legally-required filing, a governmental investigation, or a pending
  matter in controversy. 

     8.      Confidentiality.
  Neither Dr. Goodman nor anyone acting by, through, under or in concert with
  him will speak to the press or other news or public media about his employment
  at Pfizer, the circumstances of his resignation from employment with Pfizer,
  or this Agreement, other than remarks or responses consistent with the agreed-upon
  communication described in paragraph 3 of this Agreement. Neither any member
  of Pfizer's Executive Leadership Team, nor any member of the Pfizer media relations
  team or the Pfizer investor relations team, nor anyone acting by, through, under
  or in concert with such person, will speak to the press or other news or public
  media about Dr. Goodman's employment at Pfizer, the circumstances of his resignation
 from employment with Pfizer, or this Agreement, other than remarks or responses
  consistent with the agreed-upon communication described in paragraph 3 of this
  Agreement. Notwithstanding the foregoing, this Agreement may be disclosed as
  required by applicable securities or other laws, and introduced as evidence
  in a subsequent proceeding in which either Dr. Goodman or a Released Party alleges
  a breach of this Agreement, or one of them asserts any claim or commences any
  legal proceeding against the other. 

       9.      Protection
  of Pfizer Confidential Information; return of Pfizer property; injunctive relief.

  

         a.     Except as otherwise
    required by law, Dr. Goodman will not disclose, directly or indirectly, any
    trade secrets, confidential information, intellectual property, or other proprietary
    information belonging to Pfizer or any business partner of Pfizer's that he
    learned, obtained, acquired or had access to while employed by Pfizer, including
    but not limited to technologies, financial information and data, personnel
    and compensation information, marketing data or information, customer identities,
    customer lists, and business information, including without limitation files,
    papers, memoranda, correspondence, reports, mailing lists, rolodexes, tape
    or other recordings, pictures, software and hardware, laptop, BlackBerry,
    cell telephone, keys, identification card, security access cards, credit cards,
    computer print-outs, computer disks and tapes, etc. (collectively, the "Confidential
    Information"). Confidential Information does not include information
    that is or becomes publicly available, other than by the actions of Dr. Goodman.
    Dr. Goodman also will not use any such Confidential Information to damage
    Pfizer or its interests, customers, or business partners. 

    

         b.     Dr. Goodman
    will remain bound and strictly abide by the applicable terms of any agreement
    related to Confidential Information or the assignment of inventions and patent
    rights and protection of Pfizer property to which he previously agreed.

    

         c.     In executing
    this Agreement, Dr. Goodman certifies that he has removed and returned to
    Pfizer, or will do so as soon as possible and by not later than May 31, 2009,
    all Confidential Information from his home and/or personal-computer drives
    and from any other personal electronic, digital or magnetic storage devices;
    and all property belonging to Pfizer. 

    

         d.     Dr. Goodman
    acknowledges that Pfizer would be irreparably injured by a violation by him
    of any provision of this paragraph 9. In the event of any such breach or threatened
    breach, Pfizer will be entitled to a temporary restraining order and/or preliminary
    and/or permanent injunction, or other equivalent relief, restraining Dr. Goodman
    from any actual or threatened breach of this paragraph, as well as any other
    relief provided by law, including damages. 

       10.      Non-solicitation.
  While he remains a Pfizer employee and continuing during the period ending on
  August 31, 2009, Dr. Goodman will not directly or indirectly solicit, or induce
  any other person to solicit, any Pfizer employee to leave Pfizer's employ and
  become employed by a Pfizer competitor. 

     11.      Cooperation
  with requests for information and assistance. Dr. Goodman will be available,
  upon reasonable notice, to respond to questions and provide assistance to Pfizer
  regarding matters for which he was responsible and about which he had knowledge
  in connection with his employment with Pfizer. Dr. Goodman also will fully cooperate
  in any potential or pending litigation that may involve him in any capacity
  as a result of his employment with Pfizer. This includes, if necessary, meeting
  at mutually convenient times with Pfizer's attorneys, attending meetings, depositions
  and trial, and providing truthful testimony. Except to the extent that Dr. Goodman
  is a defendant or co-defendant in such proceedings under circumstances in which
  he is not entitled to indemnity by Pfizer, or a subpoenaed witness (other than
  being subpoenaed by Pfizer or at Pfizer's request), Pfizer will reasonably compensate
  Dr. Goodman, at rates consistent with those applicable to an expert of Dr. Goodman's
  qualifications and experience, for his time in complying with this paragraph
  and will provide prompt reimbursement for all reasonable out-of-pocket expenses
  he incurs in complying with this paragraph, including, without limitation, business-class
  airfare, hotels, meals, ground transportation, and other travel expenses. 

  

       12.      No admission
  of fault. This Agreement is the product of good-faith negotiations and compromise.
  Accordingly, nothing in this Agreement is intended or will be construed as an
  admission by either Party of any act or omission that breached any duty owed
  to, or violated the rights of, the other Party. 

     13.      Arbitration.
  Any claim or controversy arising from or related to this Agreement will be settled
  by binding arbitration conducted by Judicial Arbitration & Mediation Services
  ("JAMS") pursuant to its applicable rules, to be conducted in the
  City and County of San Francisco. The award of the arbitrator may be enforced
  as a judgment by a court of competent jurisdiction. 

     14.      Time to
  consider whether to accept Agreement; advice to consult counsel; right to revoke
  acceptance. Dr. Goodman has 21 days after being presented with this Agreement,
  or not later than May 16, 2009, to consider and accept this Agreement, although
  he is free to accept this Agreement at any time within that 21-day period. Dr.
  Goodman is advised to consult an attorney about this Agreement. If Dr. Goodman
  accepts this Agreement, he must send a copy of the signed Agreement by facsimile,
  and mail or deliver the original of the signed Agreement, to: 

  
    
      Jeffrey D. Wohl

        Paul, Hastings, Janofsky & Walker LLP

        55 Second Street, 24th Floor

        San Francisco, California 94105 

        Telephone: (415) 856-7255

        Facsimile: (415) 856-7355 

    

  

  Dr. Goodman will have an additional seven days after he signs this Agreement
  in which to revoke his acceptance, which he may do by sending by facsimile and
  delivering or mailing a signed notice of revocation to Jeffrey D. Wohl at the
  facsimile number and address shown above. If this seven-day period elapses without
  a timely revocation by Dr. Goodman, the Agreement will become final and effective.

       15.      Applicable
  law. Except to the extent that federal law governs, this Agreement will
  be governed by and construed and enforced in accordance with the laws of the
  State of California. 

     16.      Integrated
  agreement; changes. This Agreement contains the entire agreement between
  Dr. Goodman and Pfizer and replaces any prior agreements or understandings between
  the parties (including, but not limited to, the Offer Letter), whether written
  or oral, except for any agreements Dr. Goodman may have signed in connection
  with or during his employment governing the protection of Confidential Information
  or the assignment of inventions and patent rights and protection of Pfizer property,
  all of which will remain in full force and effect. This Agreement may not be
  changed unless the changes are in writing and signed by Dr. Goodman and an authorized
  representative of Pfizer. 

     17.      Severability.
  If any provisions of this Agreement are declared unenforceable by a court of
  competent jurisdiction, then such provisions will be deemed to be removed from
  the Agreement and the remaining provisions will be unaffected and remain valid
  and binding upon the Parties. 

     18.      Representations
  and warranties by Dr. Goodman. By signing this Agreement, Dr. Goodman warrants
  that he: 

  
    
      

        a.     has carefully read and reviewed this Agreement;
        

        

        b.     fully understands all of its terms and
        conditions; 

        

        c.     fully understands that this Agreement
        is legally binding and that by signing it he is giving up certain rights;

        

        d.     has not relied on any other representations
        by Pfizer or its employees or agents, whether written or oral, concerning
        the terms 

        of this Agreement; 

        

        e.    has been provided up to 21 days to consider
        whether to accept this Agreement; 

        

        f.     will have seven days to revoke his acceptance
        after signing it; 

        

        g.    has been advised, and have had the opportunity,
        to consult with an attorney prior to executing this Agreement; 

        

        h.    executes and delivers this Agreement freely
        and voluntarily; 

        

        i.     is waiving any rights or claims he may
        have under the Age Discrimination in Employment Act of 1967; and 

        

        j.     is not waiving any rights or claims which
        may arise after this Agreement is signed. 

    

  

 

Execution by Parties 

  The Parties accept and agree to this Agreement.

 Dated: April 26, 2009.                                                       COREY
  S. GOODMAN, PH.D. 

                                                       
                                       /s/
  Corey S. Goodman

  Dated: April 27, 2009.                                                       PFIZER
  INC 

                                                                                            By:
  /s/  Amy W. Schulman

                                                                                                Amy
  W. Schulman, Senior Vice President and General Counsel 

  

 

APPENDIX A 

  

  [LETTER OF RESIGNATION] 

  

  

  [CG LETTERHEAD] 

  

  _____ __, 2009 

  Board of Directors

  Pfizer Inc 235 East 42nd Street 

  New York, New York 10017 

  

       Re: Resignation from Employment 

  Ladies and Gentlemen: 

       Effective May 31, 2009, I hereby resign from my
  positions as Senior Vice President, President, Biotherapeutics and Bioinnovation
  Center of Pfizer Inc, and any and all other positions of employment or otherwise
  with Pfizer Inc, its subsidiaries, and any other of its affiliated entities
  held by me. 

  Very truly yours, 

  Corey S. Goodman, Ph.D. 

 APPENDIX B 

  [SUPPLEMENTAL RELEASE OF CLAIMS] 

  

  SUPPLEMENTAL RELEASE OF CLAIMS 

            YOU ARE ADVISED
  TO CONSULT AN ATTORNEY ABOUT THIS RELEASE 

     1.      In consideration
  of and in exchange for the benefits provided to me under my Separation and Settlement
  Agreement dated as of April 25, 2009 (the "Agreement"), including
  but not necessarily limited to the acceptance by Pfizer Inc ("Pfizer")
  of my resignation effective May 31, 2009 (my "Resignation Date"),
  and forgiveness of the repayment of the Replacement Cash Compensation as set
  forth in the Agreement, I, on behalf of myself and my heirs, administrators,
  executors and assigns, release and forever discharge Pfizer, its parents, subsidiaries,
  affiliated companies, successors and assigns, and its and their current and
  former employees, agents, representatives, shareholders, officers and directors
  (collectively, the "Released Parties," each a "Released Party")
  from any and all claims, injuries, damages, remedies, attorneys' fees and costs
  or any other losses, whether known or unknown, including but not limited to
  those arising out of or in any way relating to my September 27, 2007, offer
  letter, my employment with Pfizer, the termination of my employment with Pfizer,
  or otherwise, that I have or may have by reason of any facts or circumstances
  from the beginning of time through the date I execute this Supplemental Release
  of Claims (collectively, the "Released Claims," each a "Released
  Claim"). 

     2.      The Released
  Claims include but are not limited to any and all claims for breach of contract,
  personal injury, wages, benefits, defamation, wrongful discharge, discrimination,
  harassment, retaliation, impairment of economic opportunity, intentional infliction
  of emotional harm, negligence, or other tort, and any and all other claims based
  on any oral or written agreements or promises, whether arising under statute
  (including but not limited to claims arising under the Civil Rights Act of 1866,
  the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act,
  the Age Discrimination in Employment Act of 1967, the Americans With Disabilities
  Act of 1990, the Worker Adjustment and Retraining Notification Act, the Employee
  Retirement Income Security Act, the National Labor Relations Act, the California
  Fair Employment and Housing Act, the California Labor Code, and/or any and all
  other federal, state, local or foreign statutes, executive orders or regulations),
  contract (express or implied), constitutional provision, common law, public
  policy or otherwise, from the beginning of time through the date he executes
  this Agreement. 

     3.      The Released
  Claims include all such known and unknown claims. I therefore waive the protections
  of California Civil Code section 1542, which states: 

A general release does not extend to claims which the creditor does not know
  or suspect to exist in his or her favor at the time of executing the release,
  which if known by him or her must have materially affected his or her settlement
  with the debtor. 

  

       4.      Notwithstanding
  the foregoing, the Released Claims do not include: 

  
     a.     any claim to benefits under any Pfizer
      employee-benefit plan that that already are or will be vested as of my Resignation
      Date; 

      

      b.     any claim I have or could assert as a Pfizer
      stockholder; 

      

      c.     any claim for unemployment-insurance or
      workers-compensation benefits; 

      

      d.     any charge or complaint with the US Equal
      Employment Opportunity Commission or the California Department of Fair Employment
      and Housing alleging discrimination or other conduct prohibited by applicable
      anti-discrimination or equal employment opportunity law; a complaint with
      the National Labor Relations Board; or a charge or complaint with any other
      administrative agency to the extent that right may not be waived by private
      agreement absent judicial or governmental supervision; provided that I still
      waive and release the right to recover monetary damages in any charge, complaint
      or lawsuit filed by me or by anyone else on my behalf; 

      

      e.     any claim against Pfizer for indemnity or
      contribution with respect to any claim asserted against me by any third
      party arising from or related to my employment with Pfizer for which indemnity
      or contribution or indemnity is provided by law or Pfizer's articles of
      incorporation or corporate bylaws; and 

      

      f.     any other claim that may not be waived by
      private agreement without judicial or governmental supervision. 

  

     5.      In signing this
  Supplemental Release of Claims ("Supplemental Release"), I represent
  and warrant that I: 

  
    

      a.     have carefully read and reviewed this Supplemental
      Release; 

      

      b.     fully understand all of its terms and conditions;
      

      

      c.     fully understand that this Supplemental
      Release is legally binding and that by signing it I am giving up certain
      rights; 

      

      d.     have not relied on any other representations
      by Pfizer or its employees or agents, whether written or oral, concerning
      the terms of this Supplemental Release; 

      

      e.     have been provided up to 21 days to consider
      whether to accept this Supplemental Release; 

      

      f.     will have seven days to revoke my acceptance
      after signing it, and may do so by submitting by facsimile and mailing or
      delivering a notice of revocation to: 

  

    
      Jeffrey D. Wohl

        Paul, Hastings, Janofsky & Walker LLP

        55 Second Street, 24th Floor 

        San Francisco, California 94105

        Telephone: (415) 856-7255

        Facsimile: (415) 856-7355 

    

    

        g.      have been advised, and
      have had the opportunity, to consult with an attorney prior to executing
      this Supplemental Release; 

      

        h.     execute and deliver this Supplemental
      Release freely and voluntarily; 

      

        i.      am waiving any rights
      or claims I may have under the Age Discrimination in Employment Act of 1967;
      and

      

        j.      am not waiving any rights
      or claims which may arise after this Supplemental Release is signed.

  

   

 Dated: ______________, 2009.                               COREY
  S. GOODMAN, Ph.D.

  
    
      
        
          
            
              
                
                  
                    
                      

                        _____________________ 

                    

                  

                

              

            

          

        

      

    

  

  

 

APPENDIX C 

  [INTERNAL COMMUNICATION REGARDING DR. GOODMAN'S RESIGNATION] 

 

  Dear BBC Colleagues, 

  

        I am writing to inform you that after much consideration
  Corey Goodman, President, Biotherapeutics and Bioinnovation Center (BBC), a
  truly outstanding scientist and Pfizer leader, has decided to leave the organization.

     With the BBC federation thriving and well positioned
  to help Pfizer achieve leadership in biotherapeutics, Corey felt that the time
  was right for him to pursue other opportunities, which will undoubtedly include
  what had once drawn him to launch two biotech startups and enter the pharmaceutical
  industry-innovation and challenge. We can be certain that the next chapter in
  his career will heavily involve these two areas where science and society interface
  and where he can continue to make a meaningful difference for human health and
  major medical needs. 

  

       Corey's career has been marked by academic and
  scientific excellence and distinction. At Pfizer, it has been no different.
  Corey joined Pfizer nearly two years ago to help build a research organization
  that, through its biotech strengths, capabilities and spirit, would be truly
  innovative. The BBC has been tremendously successful in driving our biotherapeutics
  strategy forward, advancing Pfizer as a leader in cutting-edge biotherapeutic
  technologies and positioning us for clinical, commercial and competitive success.
  

  

       Under Corey's leadership, we began to see significant
  results, and are grateful for all that he and each of you have done to shape
  our burgeoning biotherapeutics capabilities and portfolio and foster an entrepreneurial
  spirit that has spread beyond the BBC. 

  

       Once our acquisition of Wyeth is completed later
  this year, the new Biotherapeutics Research Group will build on the strong foundation
  and momentum from both the BBC and Wyeth Biotech. Under the future leadership
  of Mikael Dolsten, who is greatly impressed by what you have achieved, and the
  way you have achieved it, the BBC will continue as a federation of distinct
  research units and will have an even greater opportunity to advance scientific
  programs within the future organization that Corey helped design. 

  

       Until the close of the Wyeth acquisition, I have
  asked Rodney Lappe, Chief Scientific Officer for CovX, to lead the BBC, ensure
  a smooth transition and continue to help all of you propel the BBC forward in
  meeting your 2009 commitments. He will report into Martin Mackay until Mikael
  is in his new role. 

  

       Corey has had many impressive chapters in his
  career, and we wish him all the best in his next one. I hope that you will join
  me in thanking Corey for his contributions and for his leadership of the BBC
  and our company. 

  

  Sincerely, 

  

  JeffThe Dunes - Contract (based on Island Club)

Exhibit 10.74

 

 

 

 

 

 

 

PURCHASE
AND SALE CONTRACT

 

 

 

BETWEEN

 

 

 

CCIP SOCIETY PARK EAST, L.L.C.,

a Delaware limited liability
company

 

 

 

AS
SELLER

 

 

 

AND

 

 

 

CD GROUP, LLC

a Florida limited liability
company

 

 

 

AS
PURCHASER

 

 

 

 

THE DUNES APARTMENT
HOMES

201 Harbour City
Parkway

Indian Harbour
Beach, FL  32937

 

table of contents

Page

 

 

	
 
	
ARTICLE
I
	
DEFINED
TERMS
	
1

	
 
	
ARTICLE
II
	
PURCHASE
AND SALE, PURCHASE PRICE & DEPOSIT
	
2

	
 
	
2.1
	
Purchase
and Sale
	
2

	
 
	
2.2
	
Purchase
Price and Deposit
	
2

	
 
	
2.3
	
Escrow
Provisions Regarding Deposit
	
3

	
 
	
ARTICLE
III
	
FEASIBILITY
PERIOD
	
5

	
 
	
3.1
	
Feasibility
Period
	
5

	
 
	
3.2
	
Expiration
of Feasibility Period
	
5

	
 
	
3.3
	
Conduct
of Investigation
	
6

	
 
	
3.4
	
Purchaser
Indemnification
	
6

	
 
	
3.5
	
Property
Materials
	
8

	
 
	
3.6
	
Property
Contracts
	
9

	
 
	
ARTICLE
IV
	
TITLE
	
11

	
 
	
4.1
	
Title
Documents
	
11

	
 
	
4.2
	
Survey
	
11

	
 
	
4.3
	
Objection
and Response Process
	
11

	
 
	
4.4
	
Permitted
Exceptions
	
12

	
 
	
4.5
	
Existing
Deed of Trust
	
13

	
 
	
4.6
	
Subsequently
Disclosed Exceptions
	
13

	
 
	
4.7
	
Purchaser
Financing
	
14

	
 
	
ARTICLE
V
	
CLOSING
	
14

	
 
	
5.1
	
Closing
Date
	
14

	
 
	
5.2
	
Seller
Closing Deliveries
	
16

	
 
	
5.3
	
Purchaser
Closing Deliveries
	
18

	
 
	
5.4
	
Closing
Prorations and Adjustments
	
19

	
 
	
5.5
	
Post
Closing Adjustments
	
24

	
 
	
ARTICLE
VI
	
REPRESENTATIONS
AND WARRANTIES OF SELLER AND
	
 

	
 
	
 
	
PURCHASER
	
25

	
 
	
6.1
	
Seller’s
Representations
	
25

	
 
	
6.2
	
AS-IS
	
27

	
 
	
6.3
	
Survival
of Seller’s Representations
	
29

	
 
	
6.4
	
Definition
of Seller’s Knowledge
	
30

	
 
	
6.5
	
Representations
and Warranties of Purchaser
	
30

	
 
	
ARTICLE
VII
	
OPERATION
OF THE PROPERTY
	
32

	
 
	
7.1
	
Leases
and Property Contracts
	
32

	
 
	
7.2
	
General
Operation of Property
	
33

	
 
	
7.3
	
Liens
	
33

	
 
	
7.4
	
Violation
	
33

	
 
	
ARTICLE
VIII
	
CONDITIONS
PRECEDENT TO CLOSING
	
34

	
 
	
8.1
	
Purchaser’s
Conditions to Closing
	
34

	
 
	
8.2
	
Seller’s
Conditions to Closing
	
35

	
 
	
ARTICLE
IX
	
BROKERAGE
	
37

	
 
	
9.1
	
Indemnity
	
37

	
 
	
9.2
	
Broker
Commission
	
37

	
 
	
ARTICLE
X
	
DEFAULTS
AND REMEDIES
	
38

	
 
	
10.1
	
Purchaser
Default
	
38

	
 
	
10.2
	
Seller
Default
	
39

	
 
	
ARTICLE
XI
	
RISK
OF LOSS OR CASUALTY
	
41

	
 
	
11.1
	
Major
Damage
	
41

	
 
	
11.2
	
Minor
Damage
	
41

	
 
	
11.3
	
Closing
	
41

	
 
	
11.4
	
Repairs
	
42

	
 
	
11.5
	
Adjustment
	
43

	
 
	
ARTICLE
XII
	
EMINENT
DOMAIN
	
43

	
 
	
12.1
	
Eminent
Domain
	
43

	
 
	
ARTICLE
XIII
	
MISCELLANEOUS
	
44

	
 
	
13.1
	
Binding
Effect of Contract
	
44

	
 
	
13.2
	
Exhibits
and Schedules
	
44

	
 
	
13.3
	
Assignability
	
44

	
 
	
13.4
	
Captions
	
44

	
 
	
13.5
	
Number
and Gender of Words
	
44

	
 
	
13.6
	
Notices
	
45

	
 
	
13.7
	
Governing
Law and Venue
	
48

	
 
	
13.8
	
Entire
Agreement
	
49

	
 
	
13.9
	
Amendments
	
49

	
 
	
13.10
	
Severability
	
49

	
 
	
13.11
	
Multiple
Counterparts/Facsimile Signatures
	
49

	
 
	
13.12
	
Construction
	
49

	
 
	
13.13
	
Confidentiality
	
50

	
 
	
13.14
	
Time
of the Essence
	
50

	
 
	
13.15
	
Waiver
	
51

	
 
	
13.16
	
Attorneys’
Fees
	
51

	
 
	
13.17
	
Time
Zone/Time Periods
	
51

	
 
	
13.18
	
Intentionally
Omitted
	
51

	
 
	
13.19
	
No
Personal Liability of Officers, Trustees or Directors of
	
 

	
 
	
 
	
Seller’s
Partners
	
51

	
 
	
13.20
	
No
Exclusive Negotiations
	
52

	
 
	
13.21
	
ADA
Disclosure
	
52

	
 
	
13.22
	
No
Recording
	
52

	
 
	
13.23
	
Relationship
of Parties
	
53

	
 
	
13.24
	
Dispute
Resolution
	
53

	
 
	
13.25
	
AIMCO
Marks
	
54

	
 
	
13.26
	
Non-Solicitation
of Employees
	
54

	
 
	
13.27
	
Survival
	
54

	
 
	
13.28
	
Multiple
Purchasers
	
55

	
 
	
13.29
	
Energy
Efficiency
	
55

	
 
	
13.30
	
Radon
Gas
	
55

	
ARTICLE
XIV
	
LEAD-BASED
PAINT DISCLOSURE
	
56

	
 
	
14.1
	
Disclosure
	
56

	
 
	
14.2
	
Consent
Agreement
	
56

								

 

 

 

PURCHASE AND SALE CONTRACT

THIS
PURCHASE AND SALE CONTRACT (this “Contract”) is entered
into as of the 21st day of April, 2009 (the “Effective
Date”), by and between CCIP
Society Park East, L.L.C., a Delaware limited liability company,
having an address at 4582 South Ulster Street Parkway, Suite 1100, Denver,
Colorado 80237 (“Seller”) and CD GROUP,
LLC, a Florida limited liability company, having a principal address
at c/o CFH Group, LLC, 3850 Bird Road, 8th Floor, Miami, Florida
33146 (“Purchaser”).

NOW,
THEREFORE, in consideration of mutual covenants set forth herein, Seller and
Purchaser hereby agree as follows:

RECITALS

A.       
Seller owns the real estate located in Brevard County, Florida, as more
particularly described in Exhibit A attached hereto and made a part
hereof, and the improvements thereon, commonly known as The Dunes Apartment
Homes.

B.        
Purchaser desires to purchase, and Seller desires to sell, such land,
improvements and certain associated property, on the terms and conditions set
forth below.

Article I
DEFINED TERMS

Unless
otherwise defined herein, any term with its initial letter capitalized in this
Contract shall have the meaning set forth in Schedule 1 attached hereto and
made a part hereof. 

Article II
PURCHASE AND SALE, PURCHASE PRICE & DEPOSIT

2.1             
Purchase and Sale.

 
Seller agrees to sell and convey the Property to Purchaser and Purchaser agrees
to purchase the Property from Seller, all in accordance with the terms and
conditions set forth in this Contract.

2.2             
Purchase Price and Deposit.

 
The total purchase price (“Purchase Price”) for the Property shall
be an amount equal to Six Million Six Hundred Thousand ($6,600,000), payable by
Purchaser, as follows:

2.2.1       
Within 2 Business Days following the Effective Date, Purchaser
shall deliver to First American Title Insurance Company of New York, 633 Third
Avenue, New York, New York 10017, Attention: Linda J. Isaacson, lisaacson@firstam.com (“Escrow
Agent” or “Title Insurer”) an initial deposit (the
“Initial Deposit”) of $100,000 by wire transfer of immediately
available funds (“Good Funds”).  

2.2.2       
On or before the day that is one (1) Business Day after the
Feasibility Period expires, Purchaser shall deliver to Escrow Agent an
additional deposit (the “Additional Deposit”) of $100,000 by wire
transfer of Good Funds.  

2.2.3       
The balance of the Purchase Price (subject to adjustment for
prorations) and credits in accordance with the terms of this Contract) for the
Property shall be paid to and received by Escrow Agent by wire transfer of Good
Funds no later than 1:00 p.m. on the Closing Date.

2.3             
Escrow Provisions Regarding Deposit.

2.3.1       
Escrow Agent shall hold the Deposit and make delivery of the
Deposit to the party entitled thereto under the terms of this Contract. 
Escrow Agent shall invest the Deposit in such short-term, high-grade securities,
interest-bearing bank accounts, money market funds or accounts, bank
certificates of deposit or bank repurchase contracts as Escrow Agent, in its
reasonable discretion, deems suitable, and all interest and income thereon shall
become part of the Deposit and shall be remitted to the party entitled to the
Deposit pursuant to this Contract.

2.3.2       
Escrow Agent shall hold the Deposit until the earlier occurrence
of (i) the Closing Date, at which time the Deposit shall be applied against the
Purchase Price, or released to Seller pursuant to Section 10.1, or (ii) the date on which Escrow Agent
shall be authorized to disburse the Deposit as set forth in Section 2.3.3.  The tax identification
numbers of the parties shall be furnished to Escrow Agent upon request.

2.3.3       
If prior to the Closing Date either party makes a written demand
upon Escrow Agent for payment of the Deposit, Escrow Agent shall give written
notice to the other party of such demand.  If Escrow Agent does not receive
a written objection from the other party to the proposed payment within 5
Business Days (or 2 Business Days if the demand for payment of the Deposit is
made by Purchaser pursuant to the provisions of Section 3.2 of this
Contract) after the receipt (or deemed receipt) of such notice, Escrow Agent is
hereby authorized to make such payment.  If Escrow Agent does receive such
written objection within such 5-Business Day (or 2-Business Day period, if
applicable) Escrow Agent shall continue to hold such amount until otherwise
directed by joint or like written instructions from the parties to this Contract
or a final judgment or final arbitrator’s decision.  However, Escrow Agent
shall have the right at any time to deliver the Deposit and interest thereon, if
any, with a court of competent jurisdiction in the state in which the Property
is located.  Escrow Agent shall give written notice of such deposit to
Seller and Purchaser.  Upon such deposit, Escrow Agent shall be relieved
and discharged of all further obligations and responsibilities hereunder. 
Any return of the Deposit to Purchaser provided for in this Contract shall be
subject to Purchaser’s obligations set forth in Section 3.5.2.

2.3.4       
The parties acknowledge that Escrow Agent is acting solely as a
stakeholder at their request and for their convenience, and that Escrow Agent
shall not be deemed to be the agent of either of the parties for any act or
omission on its part unless taken or suffered in bad faith in willful disregard
of this Contract or involving gross negligence.  Seller and Purchaser
jointly and severally shall indemnify and hold Escrow Agent harmless from and
against all costs, claims and expenses, including reasonable attorney’s fees,
incurred in connection with the performance of Escrow Agent’s duties hereunder,
except with respect to actions or omissions taken or suffered by Escrow Agent in
bad faith, in willful disregard of this Contract or involving gross negligence
on the part of the Escrow Agent.

2.3.5       
The parties shall deliver to Escrow Agent an executed copy of this
Contract.  Escrow Agent shall execute the signature page for Escrow Agent
attached hereto which shall confirm Escrow Agent’s agreement to comply with the
terms of Seller’s and Purchaser’s closing instruction letter delivered at
Closing and the provisions of this Section 2.3.

2.3.6       
Escrow Agent, as the person responsible for closing the
transaction within the meaning of Section 6045(e)(2)(A) of the Internal Revenue
Code of 1986, as amended (the “Code”), shall file all necessary
information, reports, returns, and statements regarding the transaction required
by the Code including, but not limited to, the tax reports required pursuant to
Section 6045 of the Code.  Further, Escrow Agent agrees to indemnify and
hold Purchaser, Seller, and their respective attorneys and brokers harmless from
and against any Losses resulting from Escrow Agent’s failure to file the reports
Escrow Agent is required to file pursuant to this section.

Article III
FEASIBILITY PERIOD

3.1             
Feasibility Period.

 
Subject to the terms of Sections 3.3 and 3.4 and the rights of Tenants under the Leases, from
the Effective Date to and including the date which is ten (10) Business Days
after the Effective Date (the “Feasibility Period”), Purchaser, and its
agents, contractors, engineers, surveyors, attorneys, and employees
(collectively, “Consultants”) shall, at no cost or expense to Seller,
have the right from time to time to enter onto the Property to conduct and make
any and all customary studies, tests, examinations, inquiries, inspections and
investigations  of or concerning the Property, review the Materials and
otherwise confirm any and all matters which Purchaser may reasonably desire to
confirm with respect to the Property and Purchaser’s intended use thereof
(collectively, the “Inspections”).  Notwithstanding the foregoing,
Purchaser and its Consultants shall, at no cost or expense to Seller, have the
right through the Closing Date to enter onto the Property to conduct
Inspections, subject to the terms of Sections 3.3
and 3.4 and the rights of Tenants under the Leases.

3.2             
Expiration of Feasibility Period.

 
If any of the matters in Section 3.1
or any other title or survey matters are unsatisfactory to Purchaser for any
reason, or for no reason whatsoever, in Purchaser’s sole and absolute
discretion, then Purchaser shall have the right to terminate this Contract by
giving written notice to that effect to Seller and Escrow Agent no later than
5:00 p.m. on or before the date of expiration of the Feasibility Period. 
If Purchaser provides such notice, this Contract shall terminate and be of no
further force and effect subject to and except for the Survival Provisions, and
Escrow Agent shall return the Initial Deposit to Purchaser.  If Purchaser
fails to provide Seller with written notice of termination prior to the
expiration of the Feasibility Period, Purchaser’s right to terminate under this
Section 3.2 shall be permanently
waived and this Contract shall remain in full force and effect, the Deposit
shall be non-refundable (except as otherwise provided for in this Contract) and
Purchaser’s obligation to purchase the Property shall be conditional only as
provided in Section 8.1.

3.3             
Conduct of Investigation.

 
Purchaser shall not permit any mechanics’ or materialmen’s liens or any other
liens to attach to the Property by reason of the performance of any work or the
purchase of any materials by Purchaser or any other party in connection with any
Inspections conducted by or for Purchaser.  Purchaser shall give reasonable
advance notice to Seller prior to any entry onto the
Property and shall permit Seller to have a representative present during all
Inspections conducted at the Property.  Purchaser shall take all reasonable
actions and implement all reasonable protections necessary to ensure that all
actions taken in connection with the Inspections, and all equipment, materials
and substances generated, used or brought onto the Property pose no material
threat to the safety of persons, property or the environment.  

3.4             
Purchaser Indemnification.

3.4.1       
Purchaser shall indemnify, hold harmless and, if requested by
Seller (in Seller’s sole discretion), defend (with counsel approved by Seller)
Seller, together with Seller’s affiliates, parent and subsidiary entities,
successors, assigns, partners, managers, members, employees, officers,
directors, trustees, shareholders, counsel, representatives, agents, Property
Manager, Regional Property Manager, and AIMCO (collectively, including Seller,
“Seller’s Indemnified Parties”), from and against any and all
damages, mechanics’ liens, materialmen’s liens, liabilities, penalties,
interest, losses, demands, actions, causes of action, claims, costs and expenses
(including reasonable attorneys’ fees, including the cost of in-house counsel
and appeals) (collectively, “Losses”) arising from or related to
Purchaser’s or its Consultants’ entry onto the Property, and any Inspections or
other acts by Purchaser or Purchaser’s Consultants with respect to the Property
during the Feasibility Period or otherwise.

3.4.2       
Notwithstanding anything in this Contract to the contrary,
Purchaser shall not be permitted to perform any invasive tests on the Property
without Seller’s prior written consent, which consent may be withheld in
Seller’s sole but reasonable discretion.  Further, Seller shall have the
right, without limitation, to disapprove any and all entries, surveys, tests
(including, without limitation, a Phase II environmental study of the Property),
investigations and other matters that in Seller’s reasonable judgment could
result in any injury to the Property or breach of any contract, or expose Seller
to any Losses or violation of applicable law, or otherwise adversely affect the
Property or Seller’s interest therein.  Purchaser shall use reasonable
efforts to minimize disruption to Tenants in connection with Purchaser’s or its
Consultants’ activities pursuant to this Section.  No consent by Seller to
any such activity shall be deemed to constitute a waiver by Seller or assumption
of liability or risk by Seller.  Purchaser hereby agrees to restore, at
Purchaser’s sole cost and expense, the Property to substantially the same
condition existing immediately prior to Purchaser’s exercise of its rights
pursuant to this Article
III.  Purchaser shall maintain and cause its third party consultants to
maintain (a) casualty insurance and commercial general liability insurance with
coverages of not less than $1,000,000.00 for injury or death to any one person
and $2,000,000.00 for injury or death to more than one person and $1,000,000.00
with respect to property damage, and (b) worker’s compensation insurance for all
of their respective employees in accordance with the law of the state in which
the Property is located.  Purchaser shall deliver proof of the insurance
coverage required pursuant to this Section 3.4.2 to Seller (in the form of a
certificate of insurance) prior to the earlier to occur of (i) Purchaser’s or
Purchaser’s Consultants’ entry onto the Property, or (ii) the expiration of 5
days after the Effective Date.  

3.5             
Property Materials.

3.5.1       
Within 3 Business Days after the Effective Date, and to the extent
the same exist and are in Seller’s possession or reasonable control (subject to
Section 3.5.2), Seller agrees
to make the documents set forth on Schedule 3.5 (together with
any other documents or information provided by Seller or its agents to Purchaser
with respect to the Property, the “Materials”) available at the
Property for review and copying by Purchaser at Purchaser’s sole cost and
expense.  In the alternative, at Seller’s option and within the foregoing
time period, Seller may deliver some or all of the Materials to Purchaser, or
make the same available to Purchaser on a secure web site (Purchaser agrees that
any item of a Material to be delivered by Seller under this Contract shall be
deemed delivered to the extent available to Purchaser on such secured web
site).  To the extent that Purchaser determines that any of the Materials
have not been made available or delivered to Purchaser pursuant to this
Section 3.5.1, Purchaser shall
notify Seller and Seller shall use commercially reasonable efforts to deliver
the same to Purchaser within 3 Business Days after such notification is received
by Seller; provided, however, that under no circumstances will the Feasibility
Period be extended and Purchaser’s sole remedy will be to terminate this
Contract pursuant to Section 3.2.

3.5.2       
In providing the Materials to Purchaser, other than Seller’s
Representations, Seller makes no representation or warranty, express, written,
oral, statutory, or implied, and all such representations and warranties are
hereby expressly excluded and disclaimed.  All Materials are provided for
informational purposes only and, together with all Third-Party Reports, shall be
returned by Purchaser to Seller (or the destruction thereof shall be certified
in writing by Purchaser to Seller) as a condition to return of the Deposit to
Purchaser if this Contract is terminated for any reason.  Recognizing that
the Materials delivered or made available by Seller pursuant to this Contract
may not be complete or constitute all of such documents which are in Seller’s
possession or control, but are those that are readily and reasonably available
to Seller, Purchaser shall not in any way be entitled to rely upon the
completeness or accuracy of the Materials and will instead in all instances rely
exclusively on its own Inspections and Consultants (and Seller’s
Representations) with respect to all matters which it deems relevant to its
decision to acquire, own and operate the Property.  

3.5.3       
In addition to the items set forth on Schedule 3.5, no later than 3
Business Days after the Effective Date, Seller shall deliver to Purchaser (or
otherwise make available to Purchaser as provided under Section 3.5.1) the most recent rent roll for
the Property listing the move-in date, monthly base rent payable, lease
expiration date and unapplied security deposit for each Lease (the “Rent
Roll”).  Seller makes no representations or warranties regarding
the Rent Roll other than the express representation set forth in Section 6.1.6.  

3.5.4       
In addition to the items set forth on Schedule 3.5, no later than 3
Business Days after the Effective Date, Seller shall deliver to Purchaser (or
otherwise make available to Purchaser as provided under Section 3.5.1) a list of all current Property
Contracts (the “Property Contracts List”).  Seller makes no
representations or warranties regarding the Property Contracts List other than
the express representations set forth in Section 6.1.7.  

3.6             
Property Contracts.

 
On or before the expiration of the Feasibility Period, Purchaser may deliver
written notice to Seller (the “Property Contracts Notice”)
specifying any Property Contracts which Purchaser desires
to terminate at the Closing (the “Terminated Contracts”); provided
that (a) the effective date of such termination on or after Closing shall be
subject to the express terms of such Terminated Contracts, (b) those Property
Contracts which by their terms cannot be terminated at Closing are listed on
Schedule 3.6 attached hereto, and shall be assumed by Purchaser at
Closing and not be Terminated Contracts, and (c) to the extent that any such
Terminated Contract requires payment of a penalty, premium, or damages,
including liquidated damages, for cancellation, Purchaser shall be solely
responsible for the payment of any such cancellation fees, penalties, or
damages, including liquidated damages.  If Purchaser fails to deliver the
Property Contracts Notice on or before the expiration of the Feasibility Period,
there shall be no Terminated Contracts and Purchaser shall assume all Property
Contracts at the Closing (but only to the extent of obligations first arising
thereunder after Closing).  If Purchaser delivers the Property Contracts
Notice to Seller on or before the expiration of the Feasibility Period, then
simultaneously therewith, Purchaser shall deliver to Seller a vendor termination
notice (in the form attached hereto as Exhibit F) for each Terminated
Contract informing the vendor(s) of the termination of
such Terminated Contract as of the Closing Date (subject to any delay in the
effectiveness of such termination pursuant to the express terms of each
applicable Terminated Contract) (the “Vendor
Terminations”).  Seller shall sign the Vendor Terminations
prepared by Purchaser, and deliver them to all applicable vendors.  To the
extent that any Property Contract to be assigned to Purchaser requires vendor
consent, then, prior to the Closing, Purchaser may attempt to obtain from each
applicable vendor a consent (each a “Required Assignment Consent”)
to such assignment.  Purchaser shall indemnify, hold harmless and, if
requested by Seller (in Seller’s sole discretion), defend (with counsel approved
by Seller) Seller’s Indemnified Parties from and against any and all Losses
arising from or related to Purchaser’s failure to obtain any Required Assignment
Consent for the contract between USIEnergy  and Seller dated May 23,
2005.  

Article IV
TITLE

4.1             
Title Documents.

 
Purchaser acknowledges that Seller has delivered to Purchaser a standard form
commitment or preliminary title report (“Title Commitment”) to
provide an American Land Title Association owner’s title insurance policy for
the Property, using the current policy jacket customarily provided by the Title
Insurer in the state where the Property is located in an amount equal to the
Purchase Price (the “Title Policy”), together with copies of all
instruments identified as exceptions therein (together with the Title
Commitment, referred to herein as the “Title Documents”). 
Purchaser shall be solely responsible for payment of all costs relating to
procurement of the Title Commitment, the Title Policy, and any requested
endorsements (all of which shall be provided with the maximum Butler
rebate).

4.2             
Survey.

 
Subject to Section 3.5.2, within
2 Business Days after the Effective Date, Seller shall deliver to Purchaser or
make available at the Property any existing survey of the Property (the
“Existing Survey”).  Purchaser may, at its sole cost and
expense, order a new or updated survey of the Property either before or after
the Effective Date (such new or updated survey, together with the Existing
Survey, is referred to herein as the “Survey”).  

4.3             
Objection and Response Process.

 
On or before the date which is five (5) Business Days after the Effective Date
(the “Objection Deadline”), Purchaser shall give written notice (the “Objection Notice”) to the
attorneys for Seller of any matter set forth in the Title Documents and the
Survey to which Purchaser objects (the “Objections”).  If
Purchaser fails to tender an Objection Notice on or before the Objection
Deadline, Purchaser shall be deemed to have approved and irrevocably waived any
objections to any matters covered by the Title Documents and the Survey. 
On or before seven (7) Business Days after the Effective Date (the
“Response Deadline”), Seller may, in Seller’s sole discretion,
give Purchaser notice (the “Response Notice”) of those Objections
which Seller is willing to cure, if any.  Seller shall be entitled to
reasonable adjournments of the Closing Date to cure the Objections, provided
that such adjournment does not exceed twenty (20) days in total and provided
that Seller may not adjourn if such adjournment will have any adverse effect on
Purchaser’s financing.  If Seller fails to deliver a Response Notice by the
Response Deadline, Seller shall be deemed to have elected not to cure or
otherwise resolve any matter set forth in the Objection Notice.  If
Purchaser is dissatisfied with the Response Notice or the lack of Response
Notice, Purchaser may, as its exclusive remedy, exercise its right to terminate
this Contract prior to the expiration of the Feasibility Period in accordance
with the provisions of Section 3.2.  If Purchaser fails to timely
exercise such right, Purchaser shall be deemed to accept the Title Documents and
Survey with resolution, if any, of the Objections set forth in the Response
Notice (or if no Response Notice is tendered, without any resolution of the
Objections) and without any reduction or abatement of the Purchase Price.

4.4             
Permitted Exceptions.

 
The Deed delivered pursuant to this Contract shall be subject to the following,
all of which shall be deemed “Permitted Exceptions”:

4.4.1       
All matters actually shown in the Title Documents and the Survey,
other than (a) those Objections, if any, which Seller has agreed to cure
pursuant to the Response Notice under Section 4.3, (b) mechanics’ liens and taxes due and
payable with respect to the period preceding Closing, (c) the standard exception
regarding the rights of parties in possession, which shall be limited to those
parties in possession pursuant to unrecorded Leases not having any option or
right of first refusal to purchase, and (d) the standard exception pertaining to
taxes, which shall be limited to taxes and assessments payable in the year in
which the Closing occurs and subsequent taxes and assessments; 

4.4.2       
All Leases;

4.4.3       
Applicable zoning and governmental regulations and
ordinances;

4.4.4       
Any defects in or objections to title to the Property, or title
exceptions or encumbrances, arising by, through or under Purchaser; and

4.4.5       
The terms and conditions of this Contract.

4.5             
Existing Deed of Trust

. 
It is understood and agreed that, whether or not Purchaser gives an Objection
Notice with respect thereto, any deeds of trust and/or mortgages which secure
the Note (collectively, the “Deed of Trust”) shall not be deemed
Permitted Exceptions, whether Purchaser gives further written notice of such or
not, and shall be paid off, satisfied, discharged and/or cured from proceeds of
the Purchase Price at Closing. Judgment liens and security interests caused by
Seller (“Monetary Liens”) shall not be deemed Permitted Exceptions, whether Purchaser gives further written notice of
such or not, and shall be paid off, satisfied, discharged, cured or otherwise
caused by Seller to be omitted by Title Insurer.

4.6             
Subsequently Disclosed Exceptions.

 
If at any time after the expiration of the Feasibility Period, any update to the
Title Commitment discloses any additional item that materially adversely affects
title to the Property which was not disclosed on any version of or update to the
Title Commitment delivered to Purchaser during the Feasibility Period (the
“New Exception”), Purchaser shall have a period of 5 days from the
date of its receipt of such update (the “New Exception Review
Period”) to review and notify Seller in writing of Purchaser’s approval
or disapproval of the New Exception.  If Purchaser disapproves of the New
Exception, Seller may, in Seller’s sole discretion, notify Purchaser as to
whether it is willing to cure the New Exception.  Notwithstanding anything
to the contrary contained herein, Seller shall be obligated to cure all
exceptions created by Seller in violation of this Contract.  If Seller
elects to cure the New Exception, Seller shall be entitled to reasonable
adjournments of the Closing Date to cure the New Exception (subject to the
limitations set forth above on adjournment).  If Seller fails to deliver a
notice to Purchaser within 3 days after the expiration of the New Exception
Review Period, Seller shall be deemed to have elected not to cure the New
Exception.  If Purchaser is dissatisfied with Seller’s response, or lack
thereof, Purchaser may, as its exclusive remedy elect either:  (i) to
terminate this Contract, in which event the Deposit shall be promptly returned
to Purchaser or (ii) to waive the New Exception and proceed with the
transactions contemplated by this Contract, in which event Purchaser shall be
deemed to have approved the New Exception.  If Purchaser fails to notify
Seller of its election to terminate this Contract in accordance with the
foregoing sentence within 6 days after the expiration of the New Exception
Review Period, Purchaser shall be deemed to have elected to approve and
irrevocably waive any objections to the New Exception.

4.7             
Purchaser Financing.

 
Purchaser assumes full responsibility to obtain the funds required for
settlement, and Purchaser’s acquisition of such funds shall not be a
contingency to the Closing.

Article V
CLOSING

5.1             
Closing Date.

           5.1.1       
The Closing shall occur on June 4, 2009 at the time set forth in
Section 2.2.3 (the “Closing Date”) through an escrow with
Escrow Agent, whereby Seller, Purchaser and their attorneys need not be
physically present at the Closing and may deliver documents by overnight air
courier or other means.  Notwithstanding the foregoing to the contrary,
Seller shall have the option, by delivering written notice to Purchaser no later
than 3 days prior to the scheduled Closing Date, to extend the Closing Date to
the last Business Day of the month in which the Closing Date otherwise would
occur pursuant to the preceding sentence.  

5.1.2       
If required in order to obtain any necessary consents or approvals
pursuant to Section 8.2.4, then Seller may extend the Closing Date to a
date not later than thirty (30) days following the Closing Date specified in the
first sentence of this paragraph.  In addition, if the condition set forth
in Section 8.2.4 is not satisfied as of the Closing Date, then Purchaser
shall have the right to extend the closing date up to
three (3) times, for periods of thirty (30) days each, during which time Seller
shall be obligated to pursue in good faith the filing and delivery of the
Information Statement as required by Section 8.2.4.  If Purchaser
exercises all of its extension options pursuant to the previous sentence (i.e.,
Purchaser extends the Closing for a period of 90 days from the initial Closing
Date) in order to allow Seller to satisfy the condition set forth in Section
8.2.4 and, at the end of such 90-day extension, Seller has still not been
able to satisfy the condition set forth in Section 8.2.4, then Purchaser
shall be entitled to terminate this Contract and recover the Deposit and Seller
shall reimburse Purchaser for Purchaser’s direct and actual out-of-pocket
expenses and costs (documented by paid invoices to third parties) in connection
with this transaction, which reimbursement shall not exceed $100,000 in
aggregate.

5.1.3       
Provided that Purchaser is not in default under the terms of this
Contract, Purchaser shall be permitted to extend the Closing Date for a period
up to an additional 15 days by delivering, no later than 5 Business Days prior
to the Closing Date specified in the first sentence of this Section 5.1
(i) to Escrow Agent, an additional deposit in the amount of $100,000.00,
which amount shall become immediately non-refundable and shall constitute part
of the “Deposit” for all purposes of this Contract; and (ii) to Seller,
written notice of such election.

Additionally,
if, the National Weather Service has issued a “Tropical Storm” or “Hurricane
Watch” (as defined by the National Weather Service), formally for a named storm
with a projected path towards Florida within 10 days prior to the then scheduled
Closing Date such that a situation exists where insurance underwriters are
either unwilling to provide property insurance quotes (including wind coverage)
for the Property or rescind quotes for the Property that have been provided to
Purchaser and, as a result, Purchaser is unable to procure acceptable insurance
by the Closing Date, then Purchaser may postpone the Closing until: the earlier
of (a) 30 days after the then scheduled Closing Date, and (b) such time as (i)
restoration of utilities and other services essential to the operation of the
Property; and (ii) Purchaser is able to procure acceptable insurance.

5.2             
Seller Closing Deliveries.

 
No later than 1 Business Day prior to the Closing Date, Seller shall deliver to
Escrow Agent, each of the following items:

5.2.1       
Special Warranty Deed (the “Deed”) in the form
attached as Exhibit B to Purchaser, subject to the Permitted
Exceptions.

5.2.2       
A Bill of Sale in the form attached as Exhibit C.

5.2.3       
A General Assignment in the form attached as Exhibit D (the
“General Assignment”).

5.2.4       
An Assignment of Leases and Security Deposits in the form attached
as Exhibit E (the “Leases Assignment”).

5.2.5       
Seller’s closing statement.

5.2.6       
A title affidavit or an indemnity form reasonably acceptable to
Seller, which is sufficient to enable Title Insurer to delete the standard
pre-printed exceptions to the title insurance policy to be issued pursuant to
the Title Commitment.

5.2.7       
A certification of Seller’s non-foreign status pursuant to Section
1445 of the Internal Revenue Code of 1986, as amended.

5.2.8       
Resolutions, certificates of good standing, and such other
organizational documents as Title Insurer shall reasonably require evidencing
Seller’s authority to consummate this transaction.

5.2.9       
An updated Rent Roll effective as of a date no more than 3
Business Days prior to the Closing Date; provided, however, that the content of
such updated Rent Roll shall in no event expand or modify the conditions to
Purchaser’s obligation to close as specified under Section 8.1.

5.2.10    An updated
Property Contracts List effective as of a date no more than 3 Business Days
prior to the Closing Date; provided, however, that the content of such updated
Property Contracts List shall in no event expand or modify the conditions to
Purchaser’s obligation to close as specified under Section 8.1.

5.2.11    A writing
signed by the management company managing the Property confirming that it has
been terminated effective as of the Closing, without any liability to Purchaser
and that Purchaser has no liability to the manager under or pursuant to the
terminated management agreement.

5.2.12    A Tenant
Notification letter prepared and executed by Seller and Purchaser in the form
attached hereto as Exhibit G, which shall be delivered to all Tenants by
Purchaser immediately after Closing.

5.2.13    All
documentation required by the Title Insurer to delete any notices of
commencement affecting the Property.

5.3             
Purchaser Closing Deliveries.

 
No later than 1 Business Day prior to the Closing Date (except for the balance
of the Purchase Price which is to be delivered at the time specified in
Section 2.2.3), Purchaser shall deliver to the Escrow Agent (for
disbursement to Seller upon the Closing) the following items:

5.3.1       
The full Purchase Price (with credit for the Deposit), plus or
minus the adjustments or prorations required by this Contract.

5.3.2       
A title affidavit or an indemnity form (pertaining to Purchaser’s
activity on the Property prior to Closing), reasonably acceptable to Purchaser,
which is sufficient to enable Title Insurer to delete the standard pre-printed
exceptions to the title insurance policy to be issued pursuant to the Title
Commitment.  

5.3.3       
Any declaration or other statement which may be required to be
submitted to the local assessor.

5.3.4       
Purchaser’s closing statement.

5.3.5       
A countersigned counterpart of the General Assignment.

5.3.6       
A countersigned counterpart of the Leases Assignment.

5.3.7       
Tenant Notification letters to all Tenants prepared by Seller and
executed by Purchaser in the form attached hereto as Exhibit G, which
shall be delivered to all Tenants by Purchaser immediately after Closing. 

5.3.8       
Any cancellation fees or penalties due to any vendor under any
Terminated Contract as a result of the termination thereof.

5.3.9       
Resolutions, certificates of good standing, and such other
organizational documents as Title Insurer shall reasonably require evidencing
Purchaser’s authority to consummate this transaction.

5.4             
Closing Prorations and Adjustments.

5.4.1       
General.  All normal and customarily proratable items,
including, without limitation, collected rents, operating expenses, personal
property taxes, other operating expenses and fees, shall be prorated as of the
Closing Date, Seller being charged or credited, as appropriate, for all of same
attributable to the period up to the Closing Date (and credited for any amounts
paid by Seller attributable to the period on or after the Closing Date, if
assumed by Purchaser) and Purchaser being responsible for, and credited or
charged, as the case may be, for all of the same attributable to the period on
and after the Closing Date.  Seller shall prepare a proration schedule (the
“Proration Schedule”) of the adjustments described in this
Section 5.4 prior to
Closing.  

5.4.2       
Operating Expenses.  All of the operating,
maintenance, taxes (other than real estate taxes), and other expenses (excluding
management fees) incurred in operating the Property that Seller customarily
pays, and any other costs incurred in the ordinary course of business for the
operation of the Property, shall be prorated on an accrual basis.  Seller
shall pay all such expenses that accrue prior to the Closing Date and Purchaser
shall pay all such expenses that accrue from and after the Closing
Date.

5.4.3       
Utilities.  The final readings and final billings for
utilities will be made if possible as of the Closing Date, in which case Seller
shall pay all such bills as of the Closing Date and no proration shall be made
at the Closing with respect to utility bills.  Otherwise, a proration shall
be made based upon the parties’ reasonable good faith estimate (with a
post-closing reconciliation once final readings are obtained).  Seller
shall be entitled to the return of any deposit(s) posted by it with any utility
company, and Seller shall notify each utility company serving the Property to
terminate Seller’s account, effective as of noon on the Closing Date.

5.4.4       
Real Estate Taxes.  Any real estate ad valorem or
similar taxes for the Property, or any installment of assessments payable in
installments which installment is payable in the calendar year of Closing, shall
be prorated to the date of Closing, based upon actual days involved.  The
proration of real property taxes or installments of assessments shall be based
upon the assessed valuation and tax rate figures
(assuming payment at the earliest time to allow for the maximum possible
discount) for the year in which the Closing occurs to the extent the same are
available; provided, however, that in the event that actual figures (whether for
the assessed value of the Property or for the tax rate) for the year of Closing
are not available at the Closing Date, the proration shall be made using figures
from the preceding year (assuming payment at the earliest time to allow for the
maximum possible discount).  The proration of real property taxes or
installments of assessments shall be final and not subject to re-adjustment
after Closing.  

5.4.5       
Property Contracts.  Purchaser shall assume at Closing
the obligations under the Property Contracts first arising after Closing assumed
by Purchaser; however, operating expenses shall be prorated under Section
5.4.2.

5.4.6       
Leases.

5.4.6.1 
All collected rent (whether fixed monthly rentals, additional
rentals, escalation rentals, retroactive rentals, operating cost pass-throughs
or other sums and charges payable by Tenants under the Leases), income and
expenses from any portion of the Property shall be prorated as of the Closing
Date.  Purchaser shall receive all collected rent and income attributable
to dates from and after the Closing Date.  Seller shall receive all
collected rent and income attributable to dates prior to the Closing Date. 
Notwithstanding the foregoing, no prorations shall be made in relation to either
(a) non-delinquent rents which have not been collected as of the Closing Date,
or (b) delinquent rents existing, if any, as of the Closing Date (the foregoing
(a) and (b) referred to herein as the “Uncollected Rents”). 
In adjusting for Uncollected Rents, no adjustments shall be made in Seller’s
favor for rents which have accrued and are unpaid as of the Closing, but
Purchaser shall pay Seller such accrued Uncollected Rents as and when collected
by Purchaser.  Purchaser agrees to bill Tenants of the Property for all
Uncollected Rents and to take reasonable actions to collect Uncollected
Rents.  Notwithstanding the foregoing, Purchaser’s obligation to collect
Uncollected Rents shall be limited to Uncollected Rents of not more than 90 days
past due, and Rents received by Seller or Purchaser after Closing shall be
applied in the following order of priority as it respects Uncollected Rent: (i)
if paid after Closing but during the month of Closing, such rent shall be
allocated to the month of Closing and be prorated in the same manner as
collected rent; and (ii) all other Rents shall be paid to Purchaser to be
applied, in inverse order, to rents falling due after Closing, until all Rents
accruing after Closing (with respect to the applicable tenant) have been paid in
full, after which any balance shall be remitted to Seller on account of
Uncollected Rent. After the Closing (but not before 30 days after Closing),
Seller shall continue to have the right, but not the obligation, in its own
name, to demand payment of and to collect Uncollected Rents owed to Seller by
any Tenant, which right shall include, without limitation, the right to continue
or commence legal actions or proceedings against any Tenant and the delivery of
the Leases Assignment shall not constitute a waiver by Seller of such right;
provided however, that the foregoing right of Seller shall be limited to actions
seeking monetary damages and, in no event, shall Seller seek to evict any
Tenants in any action to collect Uncollected Rents.  Purchaser agrees to
cooperate with Seller, at no expense to Purchaser, in connection with all
efforts by Seller to collect such Uncollected Rents and to take all steps,
whether before or after the Closing Date, as may be reasonably necessary to
carry out the intention of the foregoing, including, without limitation, the
delivery to Seller, within 7 days after a written request, of any relevant books
and records (including, without limitation, rent statements, receipted bills and
copies of tenant checks used in payment of such rent),
the execution of any and all consents or other documents, and the undertaking of
any act reasonably necessary for the collection of such Uncollected Rents by
Seller; provided, however, that Purchaser’s obligation to cooperate with Seller
pursuant to this sentence shall not obligate Purchaser to terminate any Tenant
lease with an existing Tenant or evict any existing Tenant from the
Property.

5.4.6.2 
At Closing, Purchaser shall receive a credit against the Purchase
Price in an amount equal to the received and unapplied balance of all cash (or
cash equivalent) Tenant Deposits, including, but not limited to, security,
damage or other refundable deposits paid by any of the Tenants to secure their
respective obligations under the Leases, together, in all cases, with any
interest payable to the Tenants thereunder as may be required by their
respective Tenant Lease or state law (the “Tenant Security Deposit
Balance”).  From and after the expiration of the Feasibility
Period, Seller shall not apply any security deposit to the obligations of any
tenant who is still in possession and not being evicted at Closing.  Any
cash (or cash equivalents) held by Seller which constitutes the Tenant Security
Deposit Balance shall be retained by Seller in exchange for the foregoing credit
against the Purchase Price and shall not be transferred by Seller pursuant to
this Contract (or any of the documents delivered at Closing), but the obligation
with respect to the Tenant Security Deposit Balance nonetheless shall be assumed
by Purchaser.  The Tenant Security Deposit Balance shall not include any
non-refundable deposits or fees paid by Tenants to Seller, either pursuant to
the Leases or otherwise.

5.4.7       
Insurance.  No proration shall be made in relation to
insurance premiums and insurance policies will not be assigned to
Purchaser.  Seller shall have the risk of loss of the Property until 12:01
a.m. on the day of Closing, after which time the risk of loss shall pass to
Purchaser and Purchaser shall be responsible for obtaining its own insurance
thereafter. 

5.4.8       
Employees.  All of Seller’s and Seller’s manager’s
on-site employees shall have their employment at the Property terminated as of
the Closing Date without any liability to Purchaser (and Seller shall indemnify,
defend and hold Purchaser harmless from any claim or liability with respect
thereto).

5.4.9       
Closing Costs.  Seller shall pay the cost of recording
any instruments required to discharge any liens or encumbrances, which Seller is
expressly required to release pursuant to this Contract, against the
Property.  Purchaser shall pay any premiums or fees required to be paid by
Purchaser with respect to the Title Policy pursuant to Section 4.1, and one-half of the customary closing
costs of the Escrow Agent.  Seller shall pay any transfer, documentary
stamp, sales, use, gross receipts or similar taxes and one-half of the customary
closing costs of the Escrow Agent.  

5.4.10   
Intentionally Omitted.  

5.4.11   
Possession.  Possession of the Property, subject to
the Leases, Property Contracts, other than Terminated Contracts, and Permitted
Exceptions, shall be delivered to Purchaser at the Closing upon release from
escrow of all items to be delivered by Purchaser pursuant to Section 5.3. 
To the extent reasonably available to Seller, originals or copies of the Leases
and Property Contracts, lease files, warranties, guaranties, operating manuals,
keys to the property, and Seller’s books and records (other than proprietary
information) (collectively, “Seller’s
Property-Related Files and Records”) regarding the Property shall be
made available to Purchaser at the Property after the Closing.  Purchaser
agrees, at no cost to Purchaser, for a period of not less than three (3) years
after the Closing (the “Records Hold Period”), to (a) provide and
allow Seller reasonable access to Seller’s Property-Related Files and Records
for purposes of inspection and copying thereof, and (b) reasonably maintain and
preserve Seller’s Property-Related Files and Records.

5.5             
Post Closing Adjustments.

 
Purchaser or Seller may request that Purchaser and Seller undertake to re-adjust
any item on the Proration Schedule (or any item omitted therefrom), with the
exception of real property taxes which shall be final and not subject to
readjustment, in accordance with the provisions of Section 5.4 of this Contract; provided, however,
that neither party shall have any obligation to re-adjust any items (a) after
the expiration of 75 days after Closing, or (b) subject to such 75-day period,
unless such items exceed $5,000.00 in magnitude (either individually or in the
aggregate).  

Article VI
REPRESENTATIONS AND WARRANTIES OF SELLER AND
PURCHASER

6.1             
Seller’s Representations.

 
Except, in all cases, for any fact, information or condition disclosed in the
Title Documents, the Permitted Exceptions, the Property Contracts, or the
Materials, or which is otherwise known by Purchaser prior to the Closing, Seller
represents and warrants to Purchaser the following (collectively, the
“Seller’s Representations”) as of the Effective Date and as of the
Closing Date; provided that Purchaser’s remedies if any such Seller’s
Representations are untrue as of the Closing Date are limited to those set forth
in Section 8.1:

6.1.1       
Seller is validly existing and in good standing under the laws of
the state of its formation set forth in the initial paragraph of this Contract;
and has or at the Closing shall have the entity power and authority to sell and
convey the Property and to execute the documents to be executed by Seller and
prior to the Closing will have taken as applicable, all corporate, partnership,
limited liability company or equivalent entity actions required for the
execution and delivery of this Contract, and the consummation of the
transactions contemplated by this Contract.  The compliance with or
fulfillment of the terms and conditions hereof will not conflict with, or result
in a breach of, the terms, conditions or provisions of, or constitute a default
under, any contract to which Seller is a party or by which Seller or the
Property is otherwise bound, which conflict, breach or default would have a
material adverse affect on Seller’s ability to consummate the transaction
contemplated by this Contract or on the Property.  This Contract is a valid
and binding agreement against Seller in accordance with its terms;

6.1.2       
Seller is not a “foreign person,” as that term is used and defined
in the Internal Revenue Code, Section 1445, as amended;

6.1.3       
Except for (a) any actions by Seller to evict Tenants under the
Leases, or (b) any matter covered by Seller’s current insurance
policy(ies), to Seller’s knowledge, there are no material actions, proceedings,
litigation or governmental investigations or condemnation actions either pending
or threatened against the Property, which will adversely impact Seller’s ability
to convey, which respects or affects the Property or Seller as it respects the
Property;

6.1.4       
To Seller’s knowledge, Seller has not received any written notice
from a governmental or quasi agency of any uncured material violations of any
federal, state, county or municipal law, ordinance, order, regulation or
requirement affecting the Property;

6.1.5       
To Seller’s knowledge, Seller has not received any written notice
of any material default by Seller under any of the Property Contracts that will
not be terminated on the Closing Date;

6.1.6       
To Seller’s knowledge, the Rent Roll (as updated pursuant to
Section 5.2.9) is accurate in
all material respects; 

6.1.7       
To Seller’s knowledge, the Property Contracts List (as updated
pursuant to Section 5.2.10)
is accurate in all material respects;

6.1.8       
To Seller’s knowledge, Seller has received no actual written
notice of default under the Leases;

6.1.9       
To Seller’s knowledge, no leasing or brokerage commission is or
will be or become due, payable or owing with respect to the Leases or any
extensions thereof;

6.1.10    To Seller’s
knowledge, Seller has not received any written notice from any insurance company
or bonding company of any defects or inadequacies in the Property or any part
thereof, which would adversely affect the insurability of same or cause the
imposition of extraordinary premiums or charges therefore or of any termination
or threatened termination of any policy of insurance or bond; 

6.1.11    To Seller’s
knowledge: (A) no hazardous or toxic materials or other substances regulated by
applicable federal or state environmental laws are stored by Seller on, in or
under the Property in quantities which violate applicable laws governing such
materials or substances, (B) the Property is not used by Seller for the storage,
treatment, generation or manufacture of any hazardous or toxic materials or
other substances in a manner which would constitute a violation of applicable
federal or state environmental laws, and (C) there are no underground storage
tanks in, on or under the Property; 

6.1.12    No
bankruptcy, insolvency, rearrangement or similar action involving Seller,
whether voluntary or involuntary, is pending or to the knowledge of Seller
threatened, and Seller has no intention of filing any such action or proceeding;
and

6.1.13    To Seller’s
knowledge, Seller has not received written notice from anyone claiming or
alleging that the Property is not in compliance with any applicable law, rule,
regulation, requirement or order governing or respecting hazardous or toxic
materials or other substances, that any remedial action is required in
connection therewith or that hazardous or toxic material or other substances
have been discharged from the Property in violation of applicable law.

6.2             
AS-IS.

 
Except for Seller’s Representations, the Property is expressly purchased and
sold “AS IS,” “WHERE IS,” and “WITH ALL FAULTS.”  The Purchase Price and
the terms and conditions set forth herein are the result of arm’s-length
bargaining between entities familiar with transactions of
this kind, and said price, terms and conditions reflect the fact that Purchaser
shall have the benefit of, and is not relying upon, any information provided by
Seller or Broker or statements, representations or warranties, express or
implied, made by or enforceable directly against Seller or Broker, including,
without limitation, any relating to the value of the Property, the physical or
environmental condition of the Property, any state, federal, county or local
law, ordinance, order or permit; or the suitability, compliance or lack of
compliance of the Property with any regulation, or any other attribute or matter
of or relating to the Property (other than any covenants of title contained in
the Deed conveying the Property and Seller’s Representations).  Purchaser
agrees that Seller shall not be responsible or liable to Purchaser for any
defects, errors or omissions, or on account of any conditions affecting the
Property.  Purchaser, its successors and assigns, and anyone claiming by,
through or under Purchaser, hereby fully releases Seller’s Indemnified Parties
from, and irrevocably waives its right to maintain, any and all claims and
causes of action that it or they may now have or hereafter acquire against
Seller’s Indemnified Parties with respect to any and all Losses arising from or
related to any defects, errors, omissions or other conditions affecting the
Property, subject in all cases to Seller’s Representations.  Purchaser
represents and warrants that as of the Closing Date it shall have reviewed and
conducted such independent analyses, studies (including, without limitation,
environmental studies and analyses concerning the presence of lead, asbestos,
water intrusion and/or fungal growth and any resulting damage, PCBs and radon in
and about the Property), reports, investigations and inspections as it deems
appropriate in connection with the Property.  If Seller  provides or
has provided any documents, summaries, opinions or work product of consultants,
surveyors, architects, engineers, title companies, governmental authorities or
any other person or entity with respect to the Property, including, without
limitation, the offering prepared by Broker, Purchaser and Seller agree that
Seller has done so or shall do so only for the convenience of both parties,
Purchaser shall not rely thereon and the reliance by Purchaser upon any such
documents, summaries, opinions or work product shall not create or give rise to
any liability of or against Seller’s Indemnified Parties.  Purchaser
acknowledges and agrees that no representation has been made and no
responsibility is assumed by Seller with respect to current and future
applicable zoning or building code requirements or the compliance of the
Property with any other laws, rules, ordinances or regulations, the financial
earning capacity or expense history of the Property, the continuation of
contracts, continued occupancy levels of the Property, or any part thereof, or
the continued occupancy by tenants of any Leases or, without limiting any of the
foregoing, occupancy at Closing (except as set forth in Seller’s
Representations).  Prior to Closing, Seller shall have the right, but not
the obligation, to enforce its rights against any and all Property occupants,
guests or tenants.  Purchaser agrees that the departure or removal, prior
to Closing, of any of such guests, occupants or tenants shall not be the basis
for, nor shall it give rise to, any claim on the part of Purchaser, nor shall it
affect the obligations of Purchaser under this Contract in any manner
whatsoever; and Purchaser shall close title and accept delivery of the Deed with
or without such tenants in possession and without any allowance or reduction in
the Purchase Price under this Contract.  Purchaser hereby releases Seller
from any and all claims and liabilities relating to the foregoing matters. 

6.3             
Survival of Seller’s Representations.

 
Seller and Purchaser agree that Seller’s Representations shall survive Closing
for a period of 6 months (the “Survival Period”).  Seller
shall have no liability after the Survival Period with respect to Seller’s
Representations contained herein except to the extent that Purchaser has
requested arbitration against Seller during the Survival Period for breach of
any of Seller’s Representations.  Under no circumstances shall Seller be liable to Purchaser for more than $250,000 in any
individual instance or in the aggregate for all breaches of Seller’s
Representations, nor shall Purchaser be entitled to bring any claim for a breach
of Seller’s Representations unless the claim for damages (either in the
aggregate or as to any individual claim) by Purchaser exceeds $5,000.  In
the event that Seller breaches any representation contained in Section 6.1 and Purchaser had knowledge of such
breach prior to the Closing Date, and elected to close regardless, Purchaser
shall be deemed to have waived any right of recovery, and Seller shall not have
any liability in connection therewith.

6.4             
Definition of Seller’s Knowledge.

 
Any representations and warranties made “to the knowledge of Seller” shall not
be deemed to imply any duty of inquiry.  For purposes of this Contract, the
term Seller’s “knowledge” shall mean and refer only to actual
knowledge of the Regional Property Manager and shall not be construed to refer
to the knowledge of any other partner, officer, director, agent, employee or
representative of Seller, or any affiliate of Seller, or to impose upon such
Regional Property Manager any duty to investigate the matter to which such
actual knowledge or the absence thereof pertains, or to impose upon such
Regional Property Manager any individual personal liability.  

6.5             
Representations and Warranties of Purchaser.

 
For the purpose of inducing Seller to enter into this Contract and to consummate
the sale and purchase of the Property in accordance herewith, Purchaser
represents and warrants to Seller the following as of the Effective Date and as
of the Closing Date:

6.5.1       
Purchaser is a limited liability company duly organized, validly
existing and in good standing under the laws of Florida.

6.5.2       
Purchaser, acting through any of its or their duly empowered and
authorized officers or members, has all necessary entity power and authority to
own and use its properties and to transact the business in which it is engaged,
and has full power and authority to enter into this Contract, to execute and
deliver the documents and instruments required of Purchaser herein, and to
perform its obligations hereunder; and no consent of any of Purchaser’s
partners, directors, officers or members are required to so empower or authorize
Purchaser.  The compliance with or fulfillment of the terms and conditions
hereof will not conflict with, or result in a breach of, the terms, conditions
or provisions of, or constitute a default under, any contract to which Purchaser
is a party or by which Purchaser is otherwise bound, which conflict, breach or
default would have a material adverse affect on Purchaser’s ability to
consummate the transaction contemplated by this Contract.  This Contract is
a valid, binding and enforceable agreement against Purchaser in accordance with
its terms.

6.5.3       
No pending or, to the actual knowledge of Purchaser, threatened
litigation exists which if determined adversely would restrain the consummation
of the transactions contemplated by this Contract or would declare illegal,
invalid or non-binding any of Purchaser’s obligations or covenants to
Seller.

6.5.4       
Other than Seller’s Representations, Purchaser has not relied on
any representation or warranty made by Seller or any representative of Seller
(including, without limitation, Broker) in connection with this Contract and the
acquisition of the Property.

6.5.5       
The Broker and its affiliates do not, and will not at the Closing,
have any direct or indirect legal, beneficial, economic or voting interest in
Purchaser (or in an assignee of Purchaser, which pursuant to Section 13.3, acquires the Property at the
Closing), nor has Purchaser or any affiliate of Purchaser granted (as of the
Effective Date or the Closing Date) the Broker or any of its affiliates any
right or option to acquire any direct or indirect legal, beneficial, economic or
voting interest in Purchaser.

6.5.6       
Purchaser is not a Prohibited Person.

6.5.7       
None of its investors, affiliates or brokers or other agents (if
any), acting or benefiting in any capacity in connection with this Contract is a
Prohibited Person.

6.5.8       
The funds or other assets Purchaser will transfer to Seller under
this Contract are not the property of, or beneficially owned, directly or
indirectly, by a Prohibited Person. 

6.5.9       
The funds or other assets Purchaser will transfer to Seller under
this Contract are not the proceeds of specified unlawful activity as defined by
18 U.S.C. § 1956(c)(7).

Article VII
OPERATION OF THE PROPERTY

7.1             
Leases and Property Contracts.

 
During the period of time from the Effective Date to the Closing Date, in the
ordinary course of business Seller may enter into new Property Contracts, new
Leases, renew existing Leases or modify, terminate or accept the surrender or
forfeiture of any of the Leases, modify any Property Contracts, or institute and
prosecute any available remedies for default under any Lease or Property
Contract without first obtaining the written consent of Purchaser; provided,
however, Seller agrees that any such new or amended or renewed Property
Contracts must provide that they are terminable upon no more than thirty (30)
days notice without the payment of any termination fee, payment or other sum and
any new or renewed Leases shall not have a term (including all renewal options)
in excess of 1 year without the prior written consent of Purchaser, which
consent shall not be unreasonably withheld, conditioned or delayed and shall be
on Seller’s now existing standard lease form.  Seller agrees that at the
Closing, Purchaser shall receive a credit against the Purchase Price in an
amount equal to the product of (i) the number of Tenant Units on the date of the
Closing that are vacant (and have been vacant for 15 days or more prior to
Closing) and not in Rent-Ready Condition, and (ii) $500.00.

7.2             
General Operation of Property.

 
Except as specifically set forth in this Article VII, Seller shall operate the
Property after the Effective Date in the ordinary course of business, and except
as necessary in Seller’s sole but reasonable discretion to address (a) any life
or safety issue at the Property or (b) any other matter which in Seller’s
reasonable discretion materially adversely affects the use, operation or value
of the Property, Seller will not make any material alterations to the Property
or remove any material Fixtures and Tangible Personal Property without the prior
written consent of Purchaser which consent shall not be unreasonably withheld,
denied or delayed.

7.3             
Liens.

 
Other than utility easements and temporary construction easements (none of which
shall encroach upon any structures or improvements) granted by Seller in the
ordinary course of business, Seller covenants that it will not voluntarily
create or cause any lien or encumbrance to attach to the Property between the
Effective Date and the Closing Date (other than Leases and Property Contracts as
provided in Section 7.1) unless
Purchaser approves such lien or encumbrance, which approval shall not be
unreasonably withheld, conditioned or delayed.  If Purchaser approves any
such subsequent lien or encumbrance, the same shall be deemed a Permitted
Encumbrance for all purposes hereunder.

7.4             
Violation.

 
If a violation or notice of violation is issued by a governmental or
quasi-governmental agency or authority against the Property (or Seller with
respect to the Property) after the expiration of the Feasibility Period (and
before Closing), then (a) if the amount reasonably estimated to cure or
correct the same is less than $100,000.00 then Seller shall cure the same prior
to Closing or give Purchaser a credit against the Purchase Price in an amount
equal to the cost to cure (as reasonably determined by Seller after consultation
with Purchaser) or (b) if the cost to cure equals or exceeds $100,000.00
and if Seller does not cure the violation prior to Closing, then Purchaser shall
have the right (i) to proceed to Closing and receive a credit against the
Purchase Price in the amount of $100,000.00 or (ii) terminate this
Contract, in which event Purchaser shall be entitled to a return of the
Deposit.

Article VIII
CONDITIONS PRECEDENT TO CLOSING

8.1             
Purchaser’s Conditions to Closing.

 
Purchaser’s obligation to close under this Contract shall be subject to and
conditioned upon the fulfillment of the following conditions precedent:

8.1.1       
All of the documents required to be delivered by Seller to
Purchaser at the Closing pursuant to the terms and conditions hereof shall have
been delivered;

8.1.2       
Each of Seller’s Representations shall be true in all material
respects as of the Closing Date;

8.1.3       
Seller shall have complied with, fulfilled and performed in all
material respects each of the covenants, terms and conditions to be complied
with, fulfilled or performed by Seller hereunder; and

8.1.4       
Neither Seller nor Seller’s general partner shall be a debtor in
any bankruptcy proceeding nor shall have been in the last 6 months a debtor in
any bankruptcy proceeding.

Notwithstanding
anything to the contrary, there are no other conditions to Purchaser’s
obligation to Close except as expressly set forth in this Section 8.1.  If any condition set forth in
Sections 8.1.1, 8.1.3 or 8.1.4 is not met, Purchaser may (a)
waive any of the foregoing conditions and proceed to Closing on the Closing Date
with no offset or deduction from the Purchase Price, or (b) if such failure
constitutes a default by Seller, exercise any of its remedies pursuant to
Section 10.2.  If the
condition set forth in Section 8.1.2 is not met, Seller shall not be
in default pursuant to Section 10.2, (unless Seller had knowledge that
either (i) the warranty or representation was knowingly
and intentionally false when made or (ii) was true when made but thereafter
ceased to be true by reason of the willful and intentional act of Seller) and
Purchaser may, as its sole and exclusive remedy, (i) notify Seller of
Purchaser’s election to terminate this Contract and receive a return of the
Deposit from the Escrow Agent, or (ii) waive such condition and proceed to
Closing on the Closing Date with no offset or deduction from the Purchase
Price.  

8.2             
Seller’s Conditions to Closing.

 
Without limiting any of the rights of Seller elsewhere provided for in this
Contract, Seller’s obligation to close with respect to conveyance of the
Property under this Contract shall be subject to and conditioned upon the
fulfillment of the following conditions precedent:

8.2.1       
All of the documents and funds required to be delivered by
Purchaser to Seller at the Closing pursuant to the terms and conditions hereof
shall have been delivered;

8.2.2       
Each of the representations, warranties and covenants of Purchaser
contained herein shall be true in all material respects as of the Closing
Date;

8.2.3       
Purchaser shall have complied with, fulfilled and performed in all
material respects each of the covenants, terms and conditions to be complied
with, fulfilled or performed by Purchaser hereunder;

8.2.4       
Seller has informed Purchaser that in connection with the sale of
the Property pursuant to this Contract, Seller is required to file an
information statement with the United States Securities Exchange Commission (the
“SEC”) pursuant to Rule 14(c) of the Securities Exchange Act of
1934, as amended (the “Information Statement”) and to distribute
the Information Statement to Seller's limited partners .  Seller shall file
the Information Statement with the SEC after the Effective Date.  It shall
be a condition to Seller’s closing obligations hereunder that (A) either (x)
Seller has not received any comments on the Information Statement from SEC for a
period of 10 business days after the Information Statement has been filed with
the SEC or (y) if Seller has received comments from the SEC within such 10
business day period, such comments have been addressed to the satisfaction of
the SEC and the SEC has confirmed that it has no further comments to the
Information Statement and (B) thereafter the Information Statement has been
delivered to each of the limited partners of Seller and a period of not less
than 20 days has expired; and

8.2.5       
There shall not be pending or, to the knowledge of Seller, any
litigation or threatened litigation which, if determined adversely, would
prohibit the consummation of any of the transactions contemplated by this
Contract or declare illegal, invalid or nonbinding any of the covenants or
obligations of the Purchaser;

If
any of the foregoing conditions to Seller’s obligation to close with respect to
conveyance of the Property under this Contract are not met (except for the
condition set forth in Section 8.2.4), Seller may (a) waive any of the
foregoing conditions and proceed to Closing on the Closing Date, or (b)
terminate this Contract, in which event Purchaser shall be entitled to the
return of the Deposit, and, if such failure constitutes a default by Purchaser,
exercise any of its remedies under Section 10.1.  If the condition set forth in
Section 8.2.2 is not met, Purchaser shall not be in default under
this Contract unless the warranty or representation was knowingly and intentionally false when made or was true when made and
thereafter ceased to be true by reason of the willful and intentional act of
Purchaser.  If the condition set forth in Section 8.2.4 is not met
as of the Closing Date (as the same may be extended pursuant to Section
5.1), then Seller shall have the right to terminate this Contract.

Article IX
BROKERAGE

9.1             
Indemnity.

 
Seller represents and warrants to Purchaser that it has dealt only with Walchle
Lear Multifamily Advisors, 1506 Roberts Drive, Jacksonville Beach, Florida
32250, Phone:  904-241-7600 extension 202, Attention:  Stephen D. Lear
and CB Richard Ellis – Capital Markets, 2415 E. Camelback Road, Phoenix, Arizona
85016 (collectively, “Broker”) in connection with this
Contract.  Seller and Purchaser each represents and warrants to the other
that, other than Broker, it has not dealt with or utilized the services of any
other real estate broker, sales person or finder in connection with this
Contract, and each party agrees to indemnify, hold harmless, and, if requested
in the sole and absolute discretion of the indemnitee, defend (with counsel
approved by the indemnitee) the other party from and against all Losses relating
to brokerage commissions and finder’s fees arising from or attributable to the
acts or omissions of the indemnifying party.  

9.2             
Broker Commission.

 
If the Closing occurs, Seller agrees to pay Broker at Closing a commission as
reflected on the settlement statement according to the terms of a separate
contract or co-brokerage agreement.  Broker shall not be deemed a party or
third party beneficiary of this Contract.  As a condition to Seller’s
obligation to pay the commission, Broker shall execute the signature page for
Broker attached hereto solely for purposes of confirming the matters set forth
therein.  

Article X
DEFAULTS AND REMEDIES

10.1         
Purchaser Default.

 
If Purchaser defaults in its obligations hereunder to (a) deliver the
Initial Deposit or Additional Deposit (or any other deposit or payment required
of Purchaser hereunder), (b) deliver to Seller the deliveries specified under
Section 5.3 on the date required
thereunder, or (c) deliver the Purchase Price at the time required by Section
2.2.2 and close on the purchase of
the Property on the Closing Date, then, immediately and without the right to
receive notice or to cure pursuant to Section 2.3.3, Purchaser shall forfeit the
Deposit, and the Escrow Agent shall deliver the Deposit to Seller, and neither
party shall be obligated to proceed with the purchase and sale of the
Property.  If, Purchaser defaults in any of its other representations,
warranties or obligations under this Contract, and such default continues for
more than 10 days after written notice from Seller, then Purchaser shall forfeit
the Deposit, and the Escrow Agent shall deliver the Deposit to Seller, and
neither party shall be obligated to proceed with the purchase and sale of the
Property.  The Deposit is liquidated damages and recourse to the Deposit
is, except for Purchaser’s indemnity and confidentiality obligations hereunder,
Seller’s sole and exclusive remedy for Purchaser’s failure to perform its
obligation to purchase the Property or breach of a representation or
warranty.  Seller expressly waives the remedies of specific performance and
additional damages for such default by Purchaser.  SELLER AND PURCHASER
ACKNOWLEDGE THAT SELLER’S DAMAGES WOULD BE DIFFICULT TO
DETERMINE, AND THAT THE DEPOSIT IS A REASONABLE ESTIMATE OF SELLER’S DAMAGES
RESULTING FROM A DEFAULT BY PURCHASER IN ITS OBLIGATION TO PURCHASE THE
PROPERTY.  SELLER AND PURCHASER FURTHER AGREE THAT THIS SECTION 10.1 IS INTENDED TO AND DOES LIQUIDATE
THE AMOUNT OF DAMAGES DUE SELLER, AND SHALL BE SELLER’S EXCLUSIVE REMEDY AGAINST
PURCHASER, BOTH AT LAW AND IN EQUITY, ARISING FROM OR RELATED TO A BREACH BY
PURCHASER OF ITS OBLIGATION TO CONSUMMATE THE TRANSACTIONS CONTEMPLATED BY THIS
CONTRACT, OTHER THAN WITH RESPECT TO PURCHASER’S INDEMNITY AND CONFIDENTIALITY
OBLIGATIONS HEREUNDER.

10.2         
Seller Default.

 
If Seller, prior to the Closing, defaults in its covenants or obligations under
this Contract (other than Seller’s obligation to close on the Closing Date and
to deliver Seller’s closing deliveries specified under Section 5.2, which
shall be an immediate default by Seller without notice or a right to cure) and
such default continues for more than 10 days after written notice from
Purchaser, then, at Purchaser’s election and as Purchaser’s sole and exclusive
remedy, either (a) this Contract shall terminate, and whereupon all payments and
things of value, including the Deposit, provided by Purchaser hereunder shall be
returned to Purchaser and Purchaser may recover, as its sole recoverable damages
(but without limiting its right to receive a refund of the Deposit), its direct
and actual out-of-pocket expenses and costs (documented by paid invoices to
third parties) in connection with this transaction, which damages shall not
exceed $100,000 in aggregate, or (b) subject to the conditions below,
Purchaser may seek specific performance of Seller’s obligation to deliver the
Deed and all other closing documents required pursuant to this Contract (but not
damages except in the event that Seller renders specific performance unavailable
by conveying the Property to a third party, in which case Purchaser shall be
entitled to damages equal to the difference between the purchase price set forth
in the contract relating to such conveyance less the Purchase Price). 
Purchaser may seek specific performance of Seller’s obligation to deliver the
Deed and all other closing documents required pursuant to this Contract only if,
as a condition precedent to initiating such litigation for specific performance,
Purchaser first shall (i) deliver all Purchaser Closing documents to Escrow
Agent in accordance with the requirements of this Contract, including, without
limitation, Section 5.3 (with the
exception of Section 5.3.1); (ii)
not otherwise be in default under this Contract; and (iii) file suit therefor
with the court on or before the 90th day after the Closing Date; if Purchaser
fails to file an action for specific performance within 90 days after the
Closing Date, then Purchaser shall be deemed to have elected to terminate the
Contract in accordance with subsection (a) above.  Purchaser agrees that it
shall promptly deliver to Seller an assignment (without recourse, warranty or
representation) of all of Purchaser’s right, title and interest in and to
(together with possession of) all plans, studies, surveys, reports, and other
materials paid for with the out-of-pocket expenses reimbursed by Seller pursuant
to this Section 10.2.  SELLER AND PURCHASER FURTHER AGREE THAT THIS
SECTION 10.2 IS INTENDED TO AND
DOES LIMIT THE AMOUNT OF DAMAGES DUE PURCHASER AND THE REMEDIES AVAILABLE TO
PURCHASER, AND SHALL BE PURCHASER’S EXCLUSIVE REMEDY AGAINST SELLER, BOTH AT LAW
AND IN EQUITY ARISING FROM OR RELATED TO A BREACH BY SELLER OF ITS COVENANTS OR
ITS OBLIGATION TO CONSUMMATE THE TRANSACTIONS CONTEMPLATED BY THIS
CONTRACT.  EXCEPT AS OTHERWISE SET FORTH IN THIS SECTION 10.2, UNDER NO
CIRCUMSTANCES MAY PURCHASER SEEK OR BE ENTITLED TO RECOVER ANY SPECIAL, CONSEQUENTIAL, PUNITIVE, SPECULATIVE OR INDIRECT
DAMAGES, ALL OF WHICH PURCHASER SPECIFICALLY WAIVES, FROM SELLER FOR ANY BREACH
BY SELLER, OF ITS COVENANTS OR ITS OBLIGATIONS UNDER THIS CONTRACT. 
PURCHASER SPECIFICALLY WAIVES THE RIGHT TO FILE ANY LIS PENDENS OR ANY LIEN
AGAINST THE PROPERTY UNLESS AND UNTIL IT HAS IRREVOCABLY ELECTED TO SEEK
SPECIFIC PERFORMANCE OF THIS CONTRACT AND HAS FILED AND IS DILIGENTLY PURSUING
AN ACTION SEEKING SUCH REMEDY.

Article XI
RISK OF LOSS OR CASUALTY

11.1         
Major Damage.

 
In the event that the Property is damaged or destroyed by fire or other casualty
prior to Closing, and the cost for demolition, site cleaning, restoration,
replacement, or other repairs (collectively, the “Repairs”) is
more than $350,000.00, then Seller shall have no obligation to make such
Repairs, and shall notify Purchaser in writing of such damage or destruction
(the “Damage Notice”).  Within 15 days after Purchaser’s
receipt of the Damage Notice, Purchaser may elect at its option to terminate
this Contract by delivering written notice to Seller in which event the Deposit
shall be refunded to Purchaser.  In the event Purchaser fails to terminate
this Contract within the foregoing 15-day period, this transaction shall be
closed in accordance with Section 11.3 below.

11.2         
Minor Damage.

 
In the event that the Property is damaged or destroyed by fire or other casualty
prior to the Closing, and the cost of Repairs is equal to or less than
$350,000.00, then this transaction shall be closed in accordance with Section
11.3, notwithstanding such
casualty.  In such event, Seller may at its election endeavor to make such
Repairs to the extent of any recovery from insurance carried on the Property, if
such Repairs can be reasonably effected before the Closing.  Regardless of
Seller’s election to commence such Repairs, or Seller’s ability to complete such
Repairs prior to Closing, this transaction shall be closed in accordance with
Section 11.3 below. 

11.3         
Closing.

 
In the event Purchaser fails to terminate this Contract following a casualty as
set forth in Section 11.1, or in
the event of a casualty as set forth in Section 11.2, then this transaction shall be
closed in accordance with the terms of the Contract, at Seller’s election,
either (i) for the full Purchase Price, notwithstanding any such casualty,
in which case Purchaser and Seller shall, at Closing, execute and deliver an
assignment and assumption (in a form mutually acceptable to Seller and
Purchaser) of Seller’s rights and obligations with respect to the insurance
claim related to such casualty, and thereafter Purchaser shall receive all
insurance proceeds pertaining to such claim, less any amounts which may already
have been spent by Seller for Repairs (plus a credit against the Purchase Price
at Closing in the amount of any deductible payable by Seller in connection
therewith plus in the case of minor damage, a credit in the amount of the cost
to repair any uninsured risk); or (ii) for the full Purchase Price less a credit
to Purchaser in the amount necessary to complete such Repairs (less any amounts
which may already have been spent by Seller for Repairs).  Notwithstanding
the foregoing, in the event there is a casualty which occurs on the day of
Closing and Purchaser’s lender refuses to fund as a result of same, then
Purchaser shall have the right to extend the Closing Date for up to 20
days.   

11.4         
Repairs.

 
To the extent that Seller elects to commence any Repairs prior to Closing, then
Seller shall be entitled to receive and apply available insurance proceeds to
any portion of such Repairs completed or installed prior to Closing, with
Purchaser being responsible for completion of such Repairs after Closing. 
To the extent that any Repairs have been commenced prior to Closing, then the
Property Contracts shall include, and Purchaser shall assume at Closing, all
construction and other contracts (collectively, the “Construction
Contracts”) entered into by Seller in connection with such Repairs;
provided, however, prior to entering into any Construction Contracts for repairs
(that are not emergency or immediate repairs) after the expiration of the
Feasibiliity Period, Seller shall first consult with Purchaser, but Seller shall
retain the absolute right and authority to enter into same. 
Notwithstanding any of the foregoing, Seller shall not be required to obtain any
prior consent of Purchaser in the event of the need for immediate or emergency
repairs.

11.5         
Adjustment.

 
Seller shall not settle or adjust any insurance claim without first obtaining
the prior written consent of Purchaser, which shall not be unreasonably
withheld, conditioned or delayed; provided, however, if Purchaser’s consent is
not given or denied within 5 Business Days of Seller’s request for same,
then Purchaser’s consent shall be deemed given.

Article XII
EMINENT DOMAIN

12.1         
Eminent Domain.

 
In the event that, at the time of Closing, any material part of the Property is
(or previously has been) acquired, or is about to be acquired, by any
governmental agency by the powers of eminent domain or transfer in lieu thereof
(or in the event that at such time there is any notice of any such acquisition
or intent to acquire by any such governmental agency), Purchaser shall have the
right, at Purchaser’s option, to terminate this Contract by giving written
notice within 15 days after Purchaser’s receipt from Seller of notice of the
occurrence of such event, and if Purchaser so terminates this Contract,
Purchaser shall recover the Deposit hereunder.  If Purchaser fails to
terminate this Contract within such 15‐day period, this transaction shall be
closed in accordance with the terms of this Contract for the full Purchase Price
and Purchaser shall receive the full benefit of any condemnation award. 
Seller shall not settle or adjust any condemnation claim without first obtaining
the prior consent of Purchaser, which shall not be unreasonably withheld,
conditioned or delayed; provided, however, if Purchaser’s consent is not given
or denied within 5 Business Days of Seller’s request for same, then Purchaser’s
consent shall be deemed given.

Article XIII
MISCELLANEOUS

13.1         
Binding Effect of Contract.

 
This Contract shall not be binding on either party until executed by both
Purchaser and Seller.  Neither the Escrow Agent’s nor the Broker’s
execution of this Contract shall be a prerequisite to its effectiveness. 
Subject to Section 13.3, this
Contract shall be binding upon and inure to the benefit of Seller and Purchaser,
and their respective successors and permitted assigns.

13.2         
Exhibits and Schedules.

 
All Exhibits and Schedules, whether or not annexed hereto, are a part of this
Contract for all purposes.

13.3         
Assignability.

 
This Contract is not assignable by Purchaser without first obtaining the prior
written approval of Seller.  Notwithstanding the foregoing, Purchaser may
assign this Contract, without first obtaining the prior written approval of
Seller, to one or more entities so long as (a) Purchaser or an affiliate of
Purchaser is an affiliate of the purchasing entity(ies), (b) Purchaser is not
released from its liability hereunder, and (c) Purchaser provides written notice
to Seller of any proposed assignment no later than 10 days prior to the Closing
Date.  As used herein, an affiliate is a person or entity controlled by,
under common control with, or controlling another person or entity.

13.4         
Captions.

 
The captions, headings, and arrangements used in this Contract are for
convenience only and do not in any way affect, limit, amplify, or modify the
terms and provisions hereof.

13.5         
Number and Gender of Words.

 
Whenever herein the singular number is used, the same shall include the plural
where appropriate, and words of any gender shall include each other gender where
appropriate.

13.6         
Notices.

 
All notices, demands, requests and other communications required or permitted
hereunder shall be in writing, and shall be (a) personally delivered with a
written receipt of delivery; (b) sent by a nationally-recognized overnight
delivery service requiring a written acknowledgement of receipt or providing a
certification of delivery or attempted delivery; (c) sent by certified or
registered mail, return receipt requested; or (d) sent by confirmed facsimile
transmission or electronic delivery with an original copy thereof transmitted to
the recipient by one of the means described in subsections (a) through (c) no
later than 2 Business Days thereafter.  All notices shall be deemed
effective when actually delivered as documented in a delivery receipt; provided,
however, that if the notice was sent by overnight courier or mail as aforesaid
and is affirmatively refused or cannot be delivered during customary business
hours by reason of the absence of a signatory to acknowledge receipt, or by
reason of a change of address with respect to which the addressor did not have
either knowledge or written notice delivered in accordance with this paragraph,
then the first attempted delivery shall be deemed to constitute delivery. 
Each party shall be entitled to change its address for notices from time to time
by delivering to the other party notice thereof in the manner herein provided
for the delivery of notices.  All notices shall be sent to the addressee at
its address set forth following its name below: 

To
Purchaser:

 

CD
Group, LLC

3850
Bird Road, 8th Floor

Miami,
Florida  33146

Attention:
Nathan Vedrani

Telephone: 
(305) 779-8047

Facsimile:
(305) 779-8347

Electronic
Mail:  nvedrani@paramountcompanies.com 

 

                       
With a copy to:

 

                       
Howard A. Kantrowitz, Esq.

                       
c/o CFH Group, LLC

                       
3850 Bird Road, 8th Floor

                       
Miami, Florida  33146

                       
Telephone:  (305) 779-8056

                       
Facsimile:  (305) 779-8058

                       
Electronic Mail:  hkantrowitz@cfhgroup.com

 

and
to:

 

Ricardo
Fraga, Esq.

                       
Greenberg Traurig, P.A.

                       
1221 Brickell Avenue, 18th Floor

                       
Miami, Florida  33131

                       
Telephone:  (305) 579-0652

                       
Facsimile:  (305) 961-5652

                       
Electronic Mail:  FragaR@gtlaw.com

 

To
Seller:

 

c/o
AIMCO

4582
South Ulster Street Parkway 

Suite
1100

Denver,
Colorado  80237

Attention:
Mark Reoch and Brian Bornhorst

Telephone: 
303-691-4337 (Mark Reoch) and 303-691-4472 (Brian Bornhorst)

Facsimile: 
303-300-3261 (Mark Reoch and Brian Bornhorst)

Electronic
Mail:  mark.reoch@aimco.com and
brian.bornhorst@aimco.com

 

and:

 

c/o
AIMCO

4582
South Ulster Street Parkway 

Suite
1100

Denver,
Colorado  80237

Attention: 
Mr. Harry Alcock

Telephone: 
303-691-4344

Facsimile: 
303-300-3282

Electronic
Mail:  harry.alcock@aimco.com 

 

with copy to:

 

AIMCO

4582
South Ulster Street Parkway 

Suite
1100

Denver,
Colorado  80237

Attention: 
John Spiegleman, Esq.

Telephone:
303-691-4303

Facsimile: 
303-300-3260

Electronic
Mail:  john.spiegleman@aimco.com

 

and
a copy to:

 

Walchle
Lear Multifamily Advisors

1506
Roberts Drive

Jacksonville
Beach, Florida 32250

Attention: 
Stephen D. Lear

Phone: 
904-241-7600 extension 202

Electronic
Mail:  steve@multifamilybrokers.com

 

and
a copy to:

 

Bryan
Cave LLP

1290
Avenue of the Americas

New
York, New York 10104

Attention: 
Sandor A. Green, Esq.

Telephone:
212-541-2049

Facsimile: 
212-541-1449

Electronic
Mail:  sagreen@bryancave.com

 

Any
notice required hereunder to be delivered to the Escrow Agent shall be delivered
in accordance with above provisions as follows:

First
American Title Insurance Company of New York
633 Third Avenue
New York,
New York 10017
Attention: Linda J. Isaacson
Telephone:
212-850-0664
Facsimile: 212-331-1467
lisaacson@firstam.com

 

Unless
specifically required to be delivered to the Escrow Agent pursuant to the terms
of this Contract, no notice hereunder must be delivered to the Escrow Agent in
order to be effective so long as it is delivered to the other party in
accordance with the above provisions.

13.7         
Governing Law and Venue.

 
The laws of the State of Florida shall govern the validity, construction,
enforcement, and interpretation of this Contract, unless otherwise specified herein except for the conflict of laws provisions
thereof.  Subject to Section 13.24, all claims, disputes and other
matters in question arising out of or relating to this Contract, or the breach
thereof, shall be decided by proceedings instituted and litigated in a court of
competent jurisdiction in the state in which the Property is situated, and the
parties hereto expressly consent to the venue and jurisdiction of such
court.

13.8         
Entire Agreement.

 
This Contract embodies the entire Contract between the parties hereto concerning
the subject matter hereof and supersedes all prior conversations, proposals,
negotiations, understandings and contracts, whether written or oral.

13.9         
Amendments.

 
This Contract shall not be amended, altered, changed, modified, supplemented or
rescinded in any manner except by a written contract executed by all of the
parties; provided, however, that, (a) the signature of the Escrow Agent shall
not be required as to any amendment of this Contract other than an amendment of
Section 2.3, and (b) the signature of
the Broker shall not be required as to any amendment of this Contract.

13.10     
Severability.

 
In the event that any part of this Contract shall be held to be invalid or
unenforceable by a court of competent jurisdiction, such provision shall be
reformed, and enforced to the maximum extent permitted by law.  If such
provision cannot be reformed, it shall be severed from this Contract and the
remaining portions of this Contract shall be valid and enforceable.

13.11     
Multiple Counterparts/Facsimile Signatures.

 
This Contract may be executed in a number of identical counterparts.  This
Contract may be executed by facsimile signatures or electronic delivery of
signatures which shall be binding on the parties hereto, with original
signatures to be delivered as soon as reasonably practical thereafter.

13.12     
Construction.

 
No provision of this Contract shall be construed in favor of, or against, any
particular party by reason of any presumption with respect to the drafting of
this Contract; both parties, being represented by counsel, having fully
participated in the negotiation of this instrument.

13.13     
Confidentiality.

 
Purchaser shall not disclose the terms and conditions contained in this Contract
and shall keep the same confidential, provided that Purchaser may disclose the
terms and conditions of this Contract (a) as required by law, (b) to consummate
the terms of this Contract, or any financing relating thereto, or (c) to
Purchaser’s or Seller’s lenders, attorneys and accountants.  Any
information (other than that which is contained in public records) obtained by
Purchaser in the course of its inspection of the Property, and any Materials
provided by Seller to Purchaser hereunder, shall be confidential and Purchaser
shall be prohibited prior to Closing from making such information public to any
other person or entity other than its Consultants, without Seller’s prior
written authorization, which may be granted or denied in Seller’s sole
discretion.  In addition, Purchaser shall use its reasonable efforts
to prevent its Consultants from divulging any such confidential information to
any unrelated third parties except as reasonably necessary to third parties
engaged by Purchaser for the limited purpose of analyzing and investigating such
information for the purpose of consummating the transaction contemplated by this
Contract.  Unless and until the Closing occurs, Purchaser shall not market
the Property (or any portion thereof) to any prospective purchaser or lessee
without the prior written consent of Seller, which consent
may be withheld in Seller’s sole discretion.  Notwithstanding the
provisions of Section 13.8,
Purchaser agrees that the covenants, restrictions and agreements of Purchaser
contained in any confidentiality agreement executed by Purchaser prior to the
Effective Date shall survive the execution of this Contract and shall not be
superseded hereby.

13.14     
Time of the Essence.

 
It is expressly agreed by the parties hereto that time is of the essence with
respect to this Contract and any aspect thereof.

13.15     
Waiver.

 
No delay or omission to exercise any right or power accruing upon any default,
omission, or failure of performance hereunder shall impair any right or power or
shall be construed to be a waiver thereof, but any such right and power may be
exercised from time to time and as often as may be deemed expedient.  No
waiver, amendment, release, or modification of this Contract shall be
established by conduct, custom, or course of dealing and all waivers must be in
writing and signed by the waiving party.

13.16     
Attorneys’ Fees.

 
In the event either party hereto commences litigation or arbitration against the
other to enforce its rights hereunder, the prevailing party in such litigation
shall be entitled to recover from the other party its reasonable attorneys’ fees
and expenses incidental to such litigation and arbitration, including the cost
of in-house counsel and any appeals.

13.17     
Time Zone/Time Periods.

 
Any reference in this Contract to a specific time shall refer to the time in the
time zone where the Property is located.  (For example, a reference to 3:00
p.m. refers to 3:00 p.m. MST if the Property is located in Denver, CO.) 
Should the last day of a time period fall on a weekend or legal holiday, the
next Business Day thereafter shall be considered the end of the time period.

13.18     
Intentionally Omitted.

13.19     
No Personal Liability of Officers, Trustees or Directors of
Seller’s Partners.

 
Purchaser acknowledges that this Contract is entered into by Seller which is a
Delaware limited partnership, and Purchaser agrees that none of Seller’s
Indemnified Parties shall have any personal liability under this Contract or any
document executed in connection with the transactions contemplated by this
Contract.

13.20     
No Exclusive Negotiations.

 
Seller shall have the right, at all times prior to the expiration of the
Feasibility Period, to solicit backup offers and enter into discussions,
negotiations, or any other communications concerning or related to the sale of
the Property with any third-party; provided, however, that such communications
are subject to the terms of this Contract, and that Seller shall not enter into
any binding contract with a third-party for the sale of the Property unless such
contract is contingent on the termination of this Contract without the Property
having been conveyed to Purchaser.

13.21     
ADA Disclosure.

 
Purchaser acknowledges that the Property may be subject to the federal Americans
With Disabilities Act (the “ADA”) and the federal Fair Housing Act
(the “FHA”).  The ADA requires, among other matters, that
tenants and/or owners of “public accommodations” remove barriers in order to
make the Property accessible to disabled persons and provide auxiliary aids and
services for hearing, vision or speech impaired persons.  Seller makes no warranty, representation or guarantee of any type or
kind with respect to the Property’s compliance with the ADA or the FHA (or any
similar state or local law), and Seller expressly disclaims any such
representations (except as covered by a Seller Representation).

13.22     
No Recording.

 
Purchaser shall not cause or allow this Contract or any contract or other
document related hereto, nor any memorandum or other evidence hereof, to be
recorded or become a public record without Seller’s prior written consent, which
consent may be withheld at Seller’s sole discretion (unless the same is done
pursuant to Purchaser’s exercise of its rights relating to specific performance
or a lis pendens as permitted under Section 10.2 hereof).  If Purchaser records
this Contract or any other memorandum or evidence thereof, Purchaser shall be in
default of its obligations under this Contract.  Purchaser hereby appoints
Seller as Purchaser’s attorney-in-fact to prepare and record any documents
necessary to effect the nullification and release of the Contract or other
memorandum or evidence thereof from the public records.  This appointment
shall be coupled with an interest and irrevocable.

13.23     
Relationship of Parties.

 
Purchaser and Seller acknowledge and agree that the relationship established
between the parties pursuant to this Contract is only that of a seller and a
purchaser of property.  Neither Purchaser nor Seller is, nor shall either
hold itself out to be, the agent, employee, joint venturer or partner of the
other party.

13.24     
Dispute Resolution.

 
Any controversy, dispute, or claim of any nature arising out of, in connection
with, or in relation to the interpretation, performance, enforcement or breach
of this Contract (and any closing document executed in connection herewith),
including any claim based on contract, tort or statute, shall be resolved at the
written request of any party to this Contract by binding arbitration.  The
arbitration shall be administered in accordance with the then current Commercial
Arbitration Rules of the American Arbitration Association.  Any matter to
be settled by arbitration shall be submitted to the American Arbitration
Association in the state in which the Property is located.  The parties
shall attempt to designate one arbitrator from the American Arbitration
Association.  If they are unable to do so within 30 days after written
demand therefor, then the American Arbitration Association shall designate an
arbitrator.  The arbitration shall be final and binding, and enforceable in
any court of competent jurisdiction.  The arbitrator shall award attorneys’
fees (including those of in-house counsel) and costs to the prevailing party and
charge the cost of arbitration to the party which is not the prevailing
party.  Notwithstanding anything herein to the contrary, this Section 13.24 shall not prevent Purchaser or
Seller from seeking and obtaining equitable relief on a temporary or permanent
basis, including, without limitation, a temporary restraining order, a
preliminary or permanent injunction or similar equitable relief, from a court of
competent jurisdiction located in the state in which the Property is located (to
which all parties hereto consent to venue and jurisdiction) by instituting a
legal action or other court proceeding in order to protect or enforce the rights
of such party under this Contract or to prevent irreparable harm and injury or
prevent Purchaser from filing a lis pendens pursuant to its exercise of its
rights under Section 10.2.  The court’s jurisdiction over any such
equitable matter, however, shall be expressly limited only to the temporary,
preliminary, or permanent equitable relief sought; all other claims initiated
under this Contract between the parties hereto shall be determined through final
and binding arbitration in accordance with this Section 13.24.

13.25     
AIMCO Marks.

 
Purchaser agrees that Seller, the Property Manager or AIMCO, or their respective
affiliates, are the sole owners of all right, title and interest in and to the
AIMCO Marks (or have the right to use such AIMCO Marks pursuant to license
agreements with third parties) and that no right, title or interest in or to the
AIMCO Marks is granted, transferred, assigned or conveyed as a result of this
Contract.  Purchaser further agrees that Purchaser will not use the AIMCO
Marks for any purpose.

13.26     
Non-Solicitation of Employees.

 
Prior to the expiration of the Feasibility Period, Purchaser acknowledges and
agrees that, without the express written consent of Seller, neither Purchaser
nor any of Purchaser’s employees, affiliates or agents shall solicit any of
Seller’s employees or any employees located at the Property (or any of Seller’s
affiliates’ employees located at any property owned by such affiliates) for
potential employment.

13.27     
Survival.

 
Except for (a) all of the provisions of this Article XIII (other than
Section 13.20); (b) Sections 2.3,
3.3, 3.4, 3.5, 3.6, 5.4, 5.5, 6.1, 6.2, 6.3, 6.5, 9.1, 11.4 and 14.1; (c) any
other provisions in this Contract, that by their express terms survive the
termination or Closing; and (d) any payment obligation of Purchaser or Seller
under this Contract (the foregoing (a), (b), (c) and (d) referred to herein as
the “Survival Provisions”), none of the terms and provisions of
this Contract shall survive the termination of this Contract, and if the
Contract is not so terminated, all of the terms and provisions of this Contract
(other than the Survival Provisions, which shall survive the Closing) shall be
merged into the Closing documents and shall not survive Closing. 

13.28     
Multiple Purchasers.

 
As used in this Contract, the term “Purchaser” means all entities
acquiring any interest in the Property at the Closing, including, without
limitation, any assignee(s) of the original Purchaser pursuant to Section 13.3 of this Contract.  In the event
that “Purchaser” has any obligations or makes any covenants,
representations or warranties under this Contract, the same shall be made
jointly and severally by all entities being a Purchaser hereunder. 

13.29     
Energy Efficiency.

 
Purchaser may have the building’s energy efficiency rating determined. 
Seller has, simultaneously with the execution hereof, delivered to Purchaser a
copy of the Florida Building Energy Efficiency Rating System pamphlet prepared
by the State of Florida Department of Community Affairs.  This paragraph is
provided for informational purposes pursuant to Section 553.996, Florida
Statutes.

13.30     
Radon Gas.

 
Radon is a naturally occurring radioactive gas that, when it has accumulated in
a building in sufficient quantities, may present health risks to persons who are
exposed to it over time.  Levels of radon that exceed federal and state
guidelines have been found in buildings in Florida.  Additional information
regarding radon and radon testing may be obtained from your county health
department.  This paragraph is provided for informational purposes pursuant
to Section 404.056(5), Florida Statutes. 

Article
XIV
LEAD–BASED PAINT DISCLOSURE

14.1         
Disclosure.

 
Seller and Purchaser hereby acknowledge delivery of the Lead Based Paint
Disclosure attached as Exhibit H hereto. 

14.2         
Consent Agreement.

 
Testing (the "Testing") has been performed at the Property with
respect to lead-based paint.  TRC performed the Testing and reported its
findings in the report dated December 7, 2007, a copy of which has been
delivered to Purchaser (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).  Because the Property has
been certified as lead based paint free, Seller is not required under the
Consent Agreement to remediate or abate any lead-based paint condition at the
Property prior to the Closing.  Purchaser acknowledges and agrees that (1)
after Closing, Purchaser and the Property shall be subject to the Consent
Agreement and the provisions contained herein related thereto and (2) that
Purchaser shall not be deemed to be a third party beneficiary to the Consent
Agreement.   

[Remainder
of page intentionally left blank; signatures to follow]

NOW, THEREFORE, the parties hereto have executed this
Contract as of the date first set forth above.

Seller:

CCIP
Society Park East, L.L.C., a Delaware limited liability company

By:      
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES, LP SERIES C, a Delaware limited
partnership, its member

 

By:      
CONCAP EQUITIES, INC., a Delaware corporation, its general partner

 

By: 
/s/Brian J.
Bornhorst                     

Name: 
Brian J.
Bornhorst                    

Title: 
Vice
President                            

 

Purchaser:

 

CD
GROUP, LLC,

a
Florida limited liability company 

 

By:
 /s/Maurice
Cayon                                                 

Name:
 Maurice
Cayon                                               

Title:
 Manager

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