Document:

Exhibit 10.16 Management Agreement - Northtown

    
      

    

    M
      A N A G E M E N T   A G R E E M E N
      T

    

    

    

    

    

    

    OWNER:   NORTHTOWN
      BUSINESS CENTER, L.L.C.

     

    

    AGENT:   MAXUS
      PROPERTIES, INC.

    

    

    PREMISES:    NORTHTOWN
      BUSINESS CENTER

             
      105 W. 26th
      Avenue

                                        
      N.
      Kansas City, MO 64116

    

    

    BEGINNING:  AUGUST
      30, 2006

    

    

    ENDING:  
AUGUST
      29, 2011

    
      
         

        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    IN
      CONSIDERATION
      of the
      covenants herein contained, NORTHTOWN BUSINESS CENTER, L.L.C. (hereinafter
      called "Owner@),
      and
      MAXUS PROPERTIES, INC. (hereinafter called AAgent@),
      agree
      as follows:

    

    1. The
      Owner
      hereby
      employs the Agent
      exclusively to rent and manage the property known as Northtown Business Center
      (hereinafter the APremises@)
      upon
      the terms and conditions hereinafter set forth, for a term of five (5) years,
      commencing upon acquisition, and terminating five (5) years from August 30,
      2006, and thereafter for monthly periods from time-to-time, unless on or before
      thirty (30) days prior to the date last above-mentioned, or on or before thirty
      (30) days prior to the expiration of any such renewal period, either party
      hereto shall notify the other in writing that it elects to terminate this
      Agreement, in which case this Agreement shall be thereby terminated on said
      last
      mentioned date. (See also Paragraph 6.3 below.)

    

    2. THE
      AGENT
      AGREES:

    

    2.1 To
      accept
      the management of the Premises, to the extent, for the period, and upon the
      terms herein provided, and agrees to furnish the services of its organization
      for the rental operation and management of the Premises.

    

    2.2 To
      prepare a monthly statement of receipts and disbursements and to remit, on
      a
      monthly basis, the net cash flow generated by the Premises after payment of
      all
      operating expenses, debt service and escrow payments if applicable, to the
      following party:

    

    Northtown
      Business Center, L.L.C.

    104
      Armour Road

    North
      Kansas City, Missouri 64116

    

    In
      the
      event total monthly disbursements are in excess of total monthly receipts,
      the
Owner
      shall
      promptly provide funds to cover such shortfalls. Nothing contained herein shall
      obligate the Agent
      to
      advance its own funds on behalf of the Owner
      to cover
      any shortfalls.

    

    2.3 To
      cause
      all employees of the Agent
      who
      handle or are responsible for the safekeeping of any monies of the Owner
      to be
      covered by a fidelity bond in an amount and with a company determined by the
      Agent.

    

    3. THE
      OWNER
      AGREES:

    

    To
      give
      the Agent
      the
      following authority and powers (all or any of which may be exercised in the
      name
      of the Owner
      and
      agrees to assume all expenses in connection therewith:

    

    3.1 To
      advertise the Premises or any part thereof; to display signs thereon and to
      rent
      the same; to cause references of prospective tenants to be investigated; to
      sign
      leases for terms not in excess of one (1) year and to renew and/or cancel the
      existing leases and prepare and execute the new leases without additional charge
      to the Owner;
      provided, however, that the Agent
      may
      collect from tenant all or any of the following: a late rent administrative
      charge, a non-negotiable check charge, credit report fee, a sub-leasing
      administrative charge, and/or broker's commission and need not account for
      such
      charges and/or commission to the Owner;
      to
      terminate tenancies and to sign and

    
      
         

        
        

      

      
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    serve
      such notices as are deemed needful by the Agent;
      to
      institute and prosecute actions to oust tenants and to recover possession of
      the
      Premises; to sue for and recover rent; and, when expedient, to settle,
      compromise, and release such actions or suits, or reinstate such tenancies.
      Owner
      shall
      reimburse Agent
      for all
      expenses of litigation including attorneys' fees, filing fees, and court costs
      which Agent
      does not
      recover from tenants. Agent
      may
      select the attorney of its choice to handle such litigation.

    

    3.2 To
      hire,
      discharge, and pay all managers, engineers, janitors, and other employees;
      to
      make or cause to be made all ordinary repairs and replacements necessary to
      preserve the Premises in its present condition and for the operating efficiency
      thereof, and all alterations required to comply with lease requirements, and
      to
      do decorating on the Premises; to negotiate contracts for non-recurring items
      not exceeding $5,000.00, and to enter into agreements for all necessary repairs,
      maintenance, minor alterations, and utility services; and to purchase supplies
      and pay bills. Agent
      shall
      secure the approval of the Owner
      for
      items, except monthly or recurring operating charges and emergency repairs
      in
      excess of the maximum, if, in the opinion of the Agent,
      such
      repairs are necessary to protect the property from damage or to maintain
      services to the tenants as called for by their tenancy.

    

    3.3 To
      collect rents and/or assessments and other items due or to become due and give
      receipts therefore and to deposit all funds collected hereunder in the
Agent's
      custodial account.

    

    3.4 Agent
      agrees
      to collect all tenant security deposits. Owner
      instructs Agent
      to
      deposit all security deposits in the general operating account of the property.
      Agent
      is not
      to segregate the security deposits into a separate account or into an escrow
      account.

    

    3.5 To
      execute and file all returns and other instruments and do and perform all acts
      required of the Owner
      as an
      employer with respect to the Premises under the Federal Insurance Contributions
      Acts, the Federal Unemployment Tax Act and Subtitle C of the Internal Revenue
      Code of 1954 with respect to wages paid by the Agent
      on
      behalf of the Owner
      and
      under any similar federal and state law now or hereafter in force (and in
      connection therewith, the Owner
      agrees
      upon request to promptly execute and deliver to the Agent
      all
      necessary powers of attorney, notices of appointment, and the
      like).

    

    3.6 The
      Agent
      shall
      not be required to advance any monies for the care or management of said
      property, and the Owner
      agrees
      to advance all monies necessary therefore. If the Agent
      shall
      elect to advance any money in connection with the property, the Owner
      agrees
      to reimburse the Agent
      forthwith and hereby authorizes the Agent
      to
      deduct such advances from any monies due the Owner.
      The
Agent,
      shall,
      upon instruction from the Owner,
      impound
      reserves each month for the payment of real estate taxes, insurance, or any
      other special expenditure. 

    

    
      	 	
              4.

            	
              THE
                OWNER
                FURTHER AGREES:

            

    

    

    4.1 To
      indemnify, defend, and save the Agent
      harmless
      from all suits in connection with the Premises and from liability for damage
      to
      property and injuries to or death of any employee or other person whomsoever,
      and to carry at his (its) own expense public liability, elevator liability
      (if
      elevators are part of the equipment of the Premises), and workmen's compensation
      insurance naming

    
      
         

        
        

      

      
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    the
      Owner
      and
Agent,
      adequate to protect their interests in form, substance, and amounts reasonably
      satisfactory to the Agent,
      and to
      furnish to the Agent
      certificates evidencing the existence of such insurance. Unless the Owner
      shall
      provide such insurance and furnish such certificate within thirty (30) days
      from
      the date of this Agreement, the Agent
      may, but
      shall not be obligated to, place said insurance and charge the cost thereof
      to
      the account of the Owner.
      All
      such insurance policies shall provide that the Agent
      shall
      receive thirty (30) days' written notice prior to cancellation of the
      policy.

    

    4.2 To
      pay
      all expenses incurred by the Agent,
      including, but not limited to, reasonable attorneys' fees and Agent's
      costs
      and time in connection with any claim, proceeding, or suit involving an alleged
      violation by the Agent
      or the
Owner,
      or
      both, of any law pertaining to fair employment, fair credit reporting,
      environmental protection, rent control, taxes, or fair housing, including,
      but
      not limited to, any law prohibiting or making illegal, discrimination on the
      basis of race, sex, creed, color, religion, national origin, or mental or
      physical handicap; provided, however, that the Owner
      shall
      not be responsible to the Agent
      for any
      such expenses in the event the Agent
      is
      finally adjudicated to have personally, and not in a representative capacity,
      violated any such law. Nothing contained herein shall obligate the Agent
      to
      employ counsel to represent the Owner
      in any
      such proceeding or suit, and the Owner
      may
      elect to employ counsel to represent the Owner
      in any
      such proceeding or suit. The Owner
      also
      agrees to pay reasonable expenses (or an apportioned amount of such expenses
      where other employers of Agent
      also
      benefit from the expenditure) incurred by the Agent
      in
      obtaining legal advice regarding compliance with any law affecting the premises
      or activities related thereto.

    

    4.3 To
      indemnify, defend, and save the Agent
      harmless
      from all claims, investigations, and suits, or from actions or failures to
      act
      of the Owner,
      with
      respect to any alleged or actual violation of state or federal labor laws,
      it
      being expressly agreed and understood that as between the Owner
      and the
Agent,
      all
      persons employed in connection with the Premises are employees of the
Owner,
      not the
Agent.
      However, it shall be the responsibility of the Agent
      to
      comply with all applicable state or federal labor laws. The Owner's
      obligation under this paragraph 4.3 shall include the payment of all
      settlements, judgments, damages, liquidated damages, penalties, forfeitures,
      back pay awards, court costs, litigation expenses, and attorneys'
      fees.

    

    4.4 To
      give
      adequate advance written notice to the Agent
      if the
Owner
      desires
      that the Agent
      make
      payment, out of the proceeds from the premises, or mortgage indebtedness,
      general taxes, special assessments, or fire, steam boiler, or any other
      insurance premiums. In no event shall the Agent
      be
      required to advance its own money in payment of any such indebtedness, taxes,
      assessments, or premiums.

    

    5. THE
      OWNER
      AGREES
      TO PAY THE AGENT
      EACH
      MONTH:

    

    5.1 MANAGEMENT:
      Owner
      agrees
      to pay Agent
      for the
      ordinary management of the Premises: THREE
      PERCENT (3%)
      of the
      monthly gross receipts from the operation of the Premises during the period
      this
      Agreement remains in full force and effect. Gross receipts are all amounts
      received from the operation of the Premises including, but not limited to,
      rents, parking fees, deposits, laundry income, and fees. 

    
      
         

        
        

      

      
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    5.2 OTHER
      ITEMS OF MUTUAL AGREEMENT: In the event
      Owner
      requests
      and Agent
      agrees
      to perform services outside the scope of ordinary management of the Premises,
      the parties will agree to a fee and payment structure for these services prior
      to commencement of the work.

    

    6. IT
      IS
      MUTUALLY AGREED THAT:

    

    6.1 The
      Owner
      expressly withholds from the Agent
      any
      power or authority to make any structural changes in any building or to make
      any
      other major alterations or additions in or to any such building or equipment
      therein, or to incur any expense chargeable to Owner
      other
      than expenses related to exercising the express powers above vested in
Agent
      without
      the prior written direction of an authorized representative of Owner.
      Agent
      is
      granted the authority to make structural changes or major alterations if such
      actions are required because of danger to life or which are immediately
      necessary for the preservation and safety of the Premises or the safety of
      the
      occupants thereof or are required to avoid the suspension of any necessary
      service to the Premises.

    

    6.2 The
      Agent
      does not
      assume and is given no responsibility for compliance of any building on the
      Premises or any equipment therein with the requirements of any statute,
      ordinance, law, or regulation of any governmental body or of any public
      authority or official thereof having jurisdiction, except to notify the
Owner
      promptly
      or forward to the Owner
      promptly
      any complaints, warnings, notices, or summonses received by it relating to
      such
      matters. The Owner
      represents that to the best of his (its) knowledge the Premises and such
      equipment comply with all such requirements and authorizes the Agent,
      its
      representatives, servants, and employees, of and from all loss, cost, expense,
      and liability whatsoever which may be imposed on them or any of them by reason
      of any present or future violation or alleged violation of such laws,
      ordinances, statutes, or regulations.

    

    6.3 In
      the
      event it is alleged or charged that any building on the Premises or any
      equipment therein or any act or failure to act by the Owner
      with
      respect to the Premises or the sale, rental, or other disposition thereof fails
      to comply with, or is in violation of, any of the requirements of a
      constitutional provision, statute, ordinance, law, or regulation of any
      governmental body or any order or ruling of any public authority or official
      thereof having or claiming to have jurisdiction thereover, and the Agent,
      in its
      sole and absolute discretion, considers that the action or position of the
      Owner
      or
      registered managing Agent
      with
      respect thereto may result in damage or liability to the Agent,
      the
Agent
      shall
      have the right to cancel this Agreement at any time by written notice to the
      Owner
      of its
      election so to do, which cancellation shall be effective upon the service of
      such notice. Such notice may be served personally or by registered mail, on
      or
      to the person named to receive the Agent's
      monthly
      statement at the address designated for such person as provided in Paragraph
      2.2
      above, and if service by mail shall be deemed to have been served when deposited
      in the U.S. Mail. Such cancellation shall not release the indemnities of the
      Owner
      set
      forth in Paragraph 4 and 6.2 above and shall not terminate any liability or
      obligation of the Owner
      to the
Agent
      for any
      payment, reimbursement, or other sum of money then due and payable to the
Agent
      hereunder.

    

    7. This
      Agreement may be canceled by Owner
      before
      the termination date specified in Paragraph 1, without payment of penalty,
      premium or other termination fee, on not less than thirty (30) days' prior
      written notice to the Agent.
      

    
      
         

        
        

      

      
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    8. The
      Owner
      shall
      pay or reimburse the Agent
      for any
      sums of money due it under this Agreement for service for actions prior to
      termination, notwithstanding any termination of this Agreement. All provisions
      of this Agreement that require the Owner
      to have
      insured or to defend, reimburse, or indemnify the Agent
      (including, but not limited to, Paragraphs 4.1, 4.2, and 4.3) shall survive
      any
      termination and, if Agent
      is or
      becomes involved in any proceeding or litigation by reason of having been the
      Owner's
      agent,
      such provisions shall apply as if this Agreement were still in effect. The
      parties understand and agree that the Agent
      may
      withhold funds for thirty (30) days after the end of the month in which the
      Agreement is terminated to pay bills previously incurred but not yet invoiced
      and to close accounts.

    

    This
      Agreement shall be binding upon the successors and assigns of the Agent
      and
      their successors and assigns of the Owner.

    

    

    IN
      WITNESS THEREOF,
      the
      parties hereto have affixed or caused to be affixed their respective signatures
      effective this 30th
      day of
      August, 2006.

    

    
      	 	
              OWNER:

            
	 	 
	 	
              NORTHTOWN
                BUSINESS CENTER, L.L.C.

            
	 	
              By:
                Maxus Realty Trust, Inc., Manager

            
	 	 
	 	 
	 	
              By:    /s/
                John Alvey

            
	 	
              John
                Alvey

            
	 	
              Vice
                President

            
	 	 
	 	
              AGENT:

            
	 	 
	 	
              MAXUS
                PROPERTIES, INC.

            
	 	 
	 	 
	 	
              By:    /s/
                Michael P.
                McRobert

            
	 	
              Michael
                P. McRobert

            
	 	
              CEO/President

            

    

    
6Exhibit 10.18 Membership Interest Purchase and Sale Agreement - Highland Pointe

    MEMBERSHIP
      INTEREST

    

    PURCHASE
      AND SALE AGREEMENT

    

    Highland
      Pointe Apartments

    Yukon,
      Oklahoma

    

    ARTICLE
      1

    PROPERTY/PURCHASE
      PRICE

    

    
      	1.1  	
              CERTAIN
                BASIC TERMS:

            

    

    

    
      	
              (a)

            	
              Purchaser
                and Notice Address:

            	
              Highland
                Pointe Acquisition, L.L.C.

            
	 	 	
              Attn.:
                Chadwick T. Sneed

            
	 	 	
              104
                Armour Road

            
	 	 	
              P.
                O. Box 34729

            
	 	 	
              North
                Kansas City, Missouri 64116

            
	 	 	
              ATTN:
                

            
	 	 	
              Telephone:
                (816)303-4500 

            
	 	 	
              Facsimile:
                (816)221-1829

            
	 	 	
              E-Mail:
                csneed@maxusprop.com

            
	 	 	 
	 	
              With
                a copy to:

            	
              Robert
                B. Thomson

            
	 	 	
              Attorney-at-Law

            
	 	 	
              4324
                Belleview, Ste. 201

            
	 	 	
              Kansas
                City, Missouri 64111

            
	 	 	
              Telephone:
                (816) 421-2835

            
	 	 	
              Facsimile:
                (816) 531-6828 

            
	 	 	
              E-Mail:
                rthomson@maxusprop.com

            
	 	 	 
	
              (b)

            	
              Company
                and Notice Address:

            	
              West
                OKC HighlandPointe Associates LLC

            
	 	 	
              ATTN:
                John Clayton, Manager

            
	 	 	
              c/o
                ERC Properties, Inc.

            
	 	 	
              815
                Fort Street

            
	 	 	
              Barling,
                Arkansas 72923

            
	 	 	
              Telephone:
                (479) 478-5117

            
	 	 	
              Facsimile:
                (479) 452-7252

            
	 	 	
              E-Mail:
                jclayton@erc.com

            
	 	 	 
	 	
              With
                a copy to:

            	
              JOHN
                ALAN LEWIS

            
	 	 	
              Mitchell,
                Williams, Selig, Gates & Woodyard

            
	 	 	
              5414
                Pinnacle Pointe Drive, Suite 500

            
	 	 	
              Rogers,
                Arkansas 72758-8131

            
	 	 	
              Telephone:
                (479) 273-9561

            
	 	 	
              Facsimile:
                (479) 273-0527

            
	 	 	
              E-Mail:
                jalewis@mwsgw.com

            

    

    
      
        
        

      

      
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              (c)

            	
              Date
                of this Agreement:

            	
              December
                22, 2006

            
	 	 	 
	
              (d)

            	
              Purchase
                Price:

            	
              $16,250,000
                in cash at Closing as adjusted for the 

            
	 	 	
              Loan,
                credits and prorations set forth below. 

            
	 	 	 
	
              (e)

            	
              Earnest
                Money:

            	
              $50,000
                to be delivered to the Escrow Agent within

            
	 	 	
              two
                (2) business days after delivery of a fully

            
	 	 	
              executed
                copy hereof to the Escrow Agent to be

            
	 	 	
              held
                pursuant to the terms hereof. In the event the

            
	 	 	
              Transfer
                has not been approved by the Closing

            
	 	 	
              Date,
                the deposit shall be increased to $100,000 by

            
	 	 	
              depositing
                an additional $50,000 and the Closing

            
	 	 	
              Date
                shall be extended until January 31, 2007.

            
	 	 	 
	
              (f)

            	
              Closing
                Date:

            	
              January
                16, 2007, with Purchaser being able

            
	 	 	
              to
                obtain an extension of thirty (30) day if solely

            
	 	 	
              waiting
                on lender approval of the Transfer.

            
	 	 	 
	
              (g)

            	
              Title
                Company:

            	
              Assured
                Quality Title Company

            
	 	 	
              ATTN:
                Jose Evans

            
	 	 	
              (As
                agents for Lawyers Title Insurance
                Company)

            
	 	 	
              1001
                Walnut

            
	 	 	
              Kansas
                City, Missouri 64106

            
	 	 	
              Telephone:
                (816) 221-2880

            
	 	 	
              Facsimile:
                (816) 221-2884

            
	 	 	
              E-Mail

            
	 	 	 
	
              (h)

            	
              Escrow
                Agent:

            	
              Assured
                Quality Title Company

            
	 	 	
              ATTN:
                Jose Evans

            
	 	 	
              1001
                Walnut

            
	 	 	
              Kansas
                City, Missouri 64106

            
	 	 	
              Telephone:
                (816) 221-2880

            
	 	 	
              Facsimile:
                (816) 221-2884

            
	 	 	
              E-Mail

            
	 	 	 
	
              (i)

            	
              Broker:

            	
              CBRE
                Oklahoma

            
	 	 	
              Attn:
                William Forrest

            
	 	 	
              1200
                Northwest 63rd Street, Suite 300

            
	 	 	
              Oklahoma
                City, Oklahoma 73103

            
	 	 	
              Telephone:

            
	 	 	
              Facsimile:

            
	 	 	
              E-Mail:

            

    

     

    
      
        
        

      

      
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    RECITALS

    

    A. Manager,
      as identified below, is the authorized representative of the Sellers, the owners
      of all of the preferred and common membership interests (“Interests”) in West
      OKC HighlandPointe Associates, LLC, an Oklahoma limited liability company (the
      “Company”). 

     

    B. Sellers
      desire to sell to Purchaser, and Purchaser desires to purchase from Sellers,
      all
      of Sellers right, title, and interest in and to the Interests upon the terms
      set
      forth in this Agreement.

     

    C. HP
      Partners of West OKC, LLC (“Manager”) is the manager of the
      Company.

     

    AGREEMENT

     

    In
      consideration of the foregoing, and for other good and valuable consideration,
      the receipt and sufficiency of which are hereby acknowledged, the parties agree
      as follows:

     

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.1
      Certain
      Definitions.

     

    (a) In
      this
      Agreement, in addition to the terms defined in the Recitals and elsewhere in
      this Agreement, the following terms have the following meanings:

     

    “Affiliate”
      means, with respect to any Person: (a) any Person directly or indirectly
      controlling, controlled by or under common control with such Person; (b) any
      Person owning or controlling 10% or more of the outstanding voting securities
      of
      such Person; (c) any officer, director, partner or trustee of such Person;
      or
      (d) any Person who is an officer, director, general partner, trustee or holder
      of 10% or more of the voting securities of any Person described in clauses
      (a)
      through (c) of this subparagraph.

     

    “Assignment
      and Assumption Agreement” means the Assignment and Assumption of Interest,
      relating to the Interests, in the form attached to this Agreement as Exhibit
      B
      pursuant to which the Interests are assigned to Purchaser by the
      Sellers.

     

    “Breakup
      Fee” shall have the meaning set out in Section 14.2.

     

    “Company
      Documents” means the Operating Agreement of the Company and the Other
      Documents.

     

    
      
        
        

      

      
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     “Encumbrance”
      means any lien, claim, charge, security interest, pledge, rights of others,
      title retention agreement, defect in title, covenant, or other restriction
      of
      any kind.

     

    “Governmental
      Authority” means any federal, state, or local government, or any other
      governmental, administrative, or judicial authority, body, entity, or agency
      with jurisdiction.

     

    “Inspection
      Period” shall mean up to and including December 29, 2006.

     

    “Interest
      or Interests”, mean the membership interests in the Company including both
      common and preferred units of each Member of the Company.

     

    “Lender”
      means the current construction lender which has a first mortgage loan secured
      by
      the Property in the approximate principal balance of $13,700,000.

     

    “Lender
      Approval” is the consent of the Transfer required by the Lender under the Loan
      Documents.

     

    “Loan
      Documents” means the documents executed by the Company and Lender evidencing a
      loan secured by the Property.

     

     “Member”
      means each of the Members of the Company as defined in the Operating Agreement
      of the Company, (colletively the “Sellers”).

     

    “Other
      Documents” is defined in Section 3.6.

     

    “Operating
      Agreement” means the Operating Agreement of the Company dated Januray 8,
      2003.

     

    “Person”
      means any individual, corporation, partnership, joint venture, association,
      joint stock company, trust, unincorporated organization, or Governmental
      Authority.

     

    “Property”
      means the real property and other assets owned by the Company and legally
      described in Exhibit A hereto.

     

    “Purchaser
      Agreements” is defined in Section 4.2(a).

     

    “Purchase
      Price” is defined in Section 2.3.

     

    “Required
      Consents” means: the duly executed and delivered written consent of each lender
      to the Company which, pursuant to the applicable loan documents, is required
      with respect to the transactions contemplated by this Agreement. Purchaser
      understands that consummation of this Purchase Agreement is expressly contingent
      upon the written consent and approval of the Board of Trustees of Maxus Realty
      Trust, Inc. (the “Maxus Approval”) and the approval of a majority in interest of
      the Sellers holding preferred units in the Company (the “Sellers’ Consent”),
      said approval to be obtained at a special meeting of the Company’s members to be
      held as soon as permitted following Purchaser’s execution of this Agreement. In
      the event the Maxus Approval is not received by the Purchaser and delivered
      to
      Company prior to December 22, 2006 and the Sellers Consent received by the
      Company and delivered to

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    Purchaser
      prior to January 31, 2007, then this Purchase Agreement shall automatically
      teminate and neither party shall have any liability hereunder other than
      Seller’s payment to Purchaser of the Breakup Fee as set forth in Section 14.2.

     

    “Reserve
      Holdback Fund” is defined in Section 2.3(c).

     

    “Rights”
      means, with respect to an Interest, any agreement, warrant, option, put, call,
      right, or other commitment relating to the issuance, sale, purchase, redemption,
      conversion, exchange, voting, or other transfer of such interest.

     

    “Sellers”
      means each of the Members of the Company.

     

    “Sellers
      Consent” shall have meaning given it in the definition of “Required
      Consents”.

     

    “Seller
      Agreements” is defined in Section 3.3(a).

     

    “Transfer”
      means the sale of the Interests to Purchaser by the Sellers which requires
      Lender approval.

     

     

    ARTICLE
      II

     

    EARNEST
      MONEY; PURCHASE AND SALE OF INTEREST

     

    Section
      2.1 Earnest
      Money.
      Upon
      execution of this Agreement, Purchaser will deposit with the Escrow Agent the
      Earnest Money, (the "Earnest Money"). If this Agreement is terminated or the
      transactions contemplated by this Agreement are not consummated because of
      a
      default by Sellers under this Agreement, the failure to obtain the Sellers’
Consent or the failure to obtain Lender Approval, then the Earnest Money will
      be
      refunded to Purchaser. If the transaction described in this Agreement is not
      consummated due to a default by Purchaser under this Agreement, then the Earnest
      Money will be paid to the Company as liquidated damages and as Sellers and
      athe
      Company’s sole remedy. If the transactions described in this Agreement are
      consummated, at closing the Earnest Money and any interest thereon will be
      applied to payment of the Purchase Price. Notwithstanding anything to the
      contrary, Purchaser shall have the sole right to terminate this Agreement prior
      to the expiration of the Inspection Period, in its sole discretion, in which
      event the Earnest Money shall be returned to Purchaser. 

     

    Section
      2.2 Purchase
      and Sale of Interests.
      On the
      Closing Date, Sellers agree to sell, transfer, assign, and convey all of the
      Interests (both preferred units and common units) to Purchaser, and Purchaser
      agrees to purchase and accept from Sellers, the Interests and all of Sellers,
      right, title, and interest relating to the Interest, free and clear of all
      Encumbrances and Rights, including but not limited to any unpaid preferred
      distributions, development fees and any other fees, distributions or payments
      owing or owed to Sellers or 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Manager
      by the Company (“Fees”). Provided, however, that the following must occur prior
      to or simultaneously with, the Closing: 

     

    
      	(a)  	
              the
                Required Consents are obtained; 

            

    

     

    
      	(b)  	
              each
                of the Sellers has executed an Assignment and Assumption
                Agreement;

            

    

     

    (c)
      the
      Company shall have paid or caused the management agent for the Property to
      have
      waived any of its accrued but unpaid management fees and other monies owed
      to it
      as evidenced by a release from such management company, in form and substance
      acceptable to Purchaser and such management agreement shall have been
      terminated, 

     

    (d)
      the
      Title Company has issued its Title Policy in the amount of the Purchase Price
      containing only those Permitted Exceptions accepted by Purchaser.

     

    Section
      2.3 Purchase
      Price.

     

    (a) Purchaser
      agrees to pay to Sellers for the Interests and the Sellers right, title, and
      interest relating to the Interests, a purchase price of U.S.$16,250,000 (the
      “Purchase Price) payable as follows:

     

    (i) Assumption
      of the loan with the Lender which currently encumbers the Property in the
      approximate amount of $13,700,000 which shall reduce the Purchase
      Price;

     

    (ii) the
      remainder in cash as adjusted for deposits, credits, debits and prorations,
      to
      be paid to the Sellers to those persons and in such amounts as shall be directed
      by the Company to the Escrow Agent.

     

    (b) The
      Purchase Price, less the Earnest Money, will be payable, in full by the
      Purchaser to the Manager on the Closing Date; less and except the Reserve
      Holdback Fund as defined and identified in Section 2.3(c) below. The Manager
      shall be solely responsible for distributing the proceeds of the Sale to the
      Sellers.

     

    (c) From
      the
      Purchase Price, Buyer shall deposit with the Escrow Agent the sum of $75,000
      (the “Reserve Holdback Fund”) which shall be used to pay those costs or expenses
      set out in Section 3.5 and that were either unknown as of the date of the
      Closing or incapable of being determined as of the Closing. The Escrow Agent
      shall draw upon the Reserve Holdback Fund to pay only those bills or expenses
      that Seller and Purchaser authorize it in writing to pay pursuant to the terms
      of the Escrow Agreement set out in Exhibit D, attached. Thirty (30) days
      following the Closing, the lesser of Fifty Thousand Dollars or two-thirds
      (2/3rds) of the Reserve Holdback Fund shall be paid by the Escrow Agent to
      Seller with the remaining balance of the Reserve Holdback Fund being paid to
      Seller sixty (60) days following the Closing.

     

    

     

    Section
      2.4 Access
      To Property; Indemnification.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

     

    (a) Prior
      to
      the Closing, subject to the rights of the existing tenants at the Property,
      Purchaser and Purchaser’s representatives will have access to the Property at
      all reasonable times for the purpose of inspecting the Property.

     

    (b) Purchaser
      will hold harmless, indemnify, and defend the Company from and against any
      Claim, as defined below, whether direct, contingent, or consequential, based
      upon Purchaser’s, or Purchaser’s agents', acts or omissions in any way related
      to Purchaser’s inspection of the Property. The provisions of this paragraph will
      survive the closing or termination of this Agreement.

     

    (c) The
      indemnity described in subparagraph (b) above will cover the costs and expenses
      of the Company, including reasonable attorneys' fees, related to any action,
      suit, or judgment incident to any of the matters covered by such
      indemnity.

     

    (d) The
      Company will notify Purchaser of any Claim against the Company covered by the
      indemnity described in subparagraph (b) above within 45 days after receipt
      of
      actual notice of such Claim, but failure to so notify Purchaser will in no
      case
      prejudice the Company’s rights under this Agreement unless Purchaser is
      materially prejudiced by such failure and then only to the extent of such
      prejudice. Should Purchaser fail to discharge or undertake to defend the Company
      against such liability upon learning of the same, then the Company may settle
      such liability, and Purchaser’ liability under this provision will be
      conclusively established by such settlement, the amount of such liability to
      include both the settlement consideration and the reasonable costs and expenses,
      including reasonable attorneys' fees, incurred by the Company in effecting
      such
      settlement.

     

    (e) "Claim"
      means any obligation, liability, claim (including, but not limited to, any
      claim
      for damage to property or injury to or death of any persons), lien or
      encumbrance, loss, damage, cost or expense.

     

    

     

    Section
      2.5 Indemnification
      As To Partnership Creditors and Claimants

     

    (a) Purchaser
      agrees to defend, indemnify and hold harmless the Manager and the Sellers,
      for
      all claims that occur subsequent to the closing of the transaction, with respect
      to acts of the Purchaser that occur after the Closing Date.

     

    (b) The
      Manager shall defend, indemnify and hold harmless Purchaser for all claims
      from
      creditors of the Company that result from the Company’s operations prior to the
      Closing Date.   

     

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    ARTICLE
      III

     

    REPRESENTATIONS
      AND WARRANTIES OF MANAGER

     

    The
      Manager represents and warrants to the Purchaseras representative of the
      Sellers, but only to the best of its knowledge, that, as of the date of this
      Agreement and as of the Closing Date:

     

    Section
      3.1 Existence
      and Authority.

     

    (a) Sellers
      have the power and authority to carry out the obligations contemplated by this
      Agreement and each of the other Seller Agreements to which they are a
      party.

     

    Section
      3.2 Interest
      and Title.

     

    (a) Sellers
      are the owners of the Interests (both preferred and common units), free and
      clear of all Encumbrances and Rights. The sole consideration for the purchase
      of
      the Interests is the Purchase Price. Sellers have no claim to receive any
      additional amounts from the Company. Sellers will transfer to Purchaser title
      to
      the Interests free and clear of all Fees, Encumbrances and Rights.

     

    (b) Sellers
      are the owners of 100% of all the membership

     

    interests
      in the Company, both preferred and common units.

     

    Section
      3.3 Action. 

     

    (a) Sellers
      have all requisite power and authority to execute, deliver, and perform this
      Agreement and the Assignment and Assumption Agreement (collectively, the “Seller
      Agreements”). The execution, delivery, and performance by Sellers of each of the
      Seller Agreements have been duly authorized by all necessary company action
      on
      the part of Sellers. When executed and delivered by Sellers, the Seller
      Agreements will have been validly executed and delivered by Sellers. When
      executed and delivered by Sellers, each of the Seller Agreements will be the
      legal, valid, and binding obligation of Sellers, enforceable against Sellers
      in
      accordance with its terms subject to the effect of bankruptcy, insolvency,
      reorganization, receivership, moratorium and other similar laws affecting the
      rights and remedies of creditors generally and the effect of general principles
      of equity, whether applied by a court of law or equity.

     

    Section
      3.4 No
      Consent Required.
      Except
      for the Required Consents, no consent, authorization, approval, license,
      exemption or permit of or from, or notice to or filing with, any Authority
      or
      any other party, is required for the transfer of the Interests as contemplated
      hereby or for the execution, delivery, or compliance with the terms of this
      agreement or the other Seller Agreements.

     

    Section
      3.5 Title;
      Existence; Current Payables.
      The
      Sellers have not previously transferred the Interests. The Company exists and
      is
      in good standing. Attached to this Agreement as Exhibit C is a list of the
      payables of 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    the
      Company as of the date set forth on such Exhibit C, which list of payables
      the
      Manager will update at Closing to a date as close to the Closing Date as is
      practicable. The Manager agrees to pay all of the Payables set forth on Exhibit
      C prior to or on the Closing Date.
      The
      Reserve Holdback Fund (as identified in Section 2.3(c) shall be placed in escrow
      from the Purchase Price at Closing pursuant to the terms of the Escrow Agreement
      attached hereto as Exhibit D.

     

    Section
      3.6 Operating
      Documents.
      To the
      best actual knowledge of the Manager, the Operating Agreement and the other
      documents delivered to or to be delivered to Purchaser by Sellers (the “Other
      Documents”) listed on Exhibit E are the only documents executed by the Sellers
      in connection with Sellers acquisition and/or ownership of the Interests, and
      the copies of the Operating Agreement and the Other Documents that have been
      delivered to Purchaser are true, correct, and complete copies of such
      documents.

     

    

     

    ARTICLE
      IV

     

    REPRESENTATIONS
      AND WARRANTIES OF PURCHASER

     

    The
      Purchaser represents and warrants to Seller that:

     

    Section
      4.1 Entity
      Existence; Qualification.
      The
      Purchaser is a Missouri limited liability company, duly formed, validly
      existing, and in good standing under the laws of the State of
      Missouri.

     

    Section
      4.2 Entity
      Action.

     

    (a) The
      Purchaser has all requisite company power and authority to execute, deliver,
      and
      perform each of this Agreement, and the Assignment and Assumption Agreements
      (collectively, the “Purchaser Agreements”). The execution, delivery, and
      performance by Purchaser of each of the Purchaser Agreements have been duly
      authorized by all necessary company action on the part of Purchaser. When
      executed and delivered by Purchaser, the Purchaser Agreements will have been
      validly executed and delivered by Purchaser. When executed and delivered by
      Purchaser, each of the Purchaser Agreements will be the legal, valid, and
      binding obligation of Purchaser, in each case enforceable against Purchaser
      in
      accordance with its terms subject to the effect of bankruptcy, insolvency,
      reorganization, receivership, moratorium and other similar laws affecting the
      rights and remedies of creditors generally and the effect of general principles
      of equity, whether applied by a court of law or equity.

     

    Section
      4.3 No
      Consent Required.
      No
      consent, authorization, approval, order, license, certificate, or permit or
      act
      of or from, or declaration or filing with, any governmental authority or any
      party to any contract, agreement, instrument, lease, or license to which either
      Purchaser is a party or by which either Purchaser is bound, is required for
      the
      execution, delivery, or compliance with the Purchaser Agreements, other than
      the
      Required Consents.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      V

     

    EXPENSES

     

    Section
      5.1 Expenses.
      Each
      party will pay all costs and expenses incident to such party’s negotiation and
      preparation of this Agreement and the other documents contemplated by this
      Agreement, and to such party’s performance and compliance with all agreements
      and conditions contained in this Agreement to be performed or complied with
      by
      such party, including the fees, expenses, and disbursements of such party’s
      counsel and accountants.

     

    

     

    ARTICLE
      VI

     

    CLOSING;
      ITEMS DELIVERED; ACTIONS PENDING CLOSING

     

    Section
      6.1 Items
      To Be Delivered to Purchaser at the Closing.
      The
      following items will be delivered to Purchaser and or Title Company as
      dispersing agent for the closing, by the Manager and/or Sellers on the Closing
      Date:

     

    (a) An
      update
      to Exhibit C updating the list of Company or Property payables to a date as
      close to the Closing Date as is practicable.

     

    (b) A
      certificate from the Manager of the Company that, to the best actual knowledge
      of the Manager, there has been no “Material Adverse Change” (as defined below)
      with respect to the Company or the Property since the date of this Agreement
      except as may be set forth in such certificate. For the purposes of this Section
      6.1(d), “Material Adverse Change” means any increase in any single liability
      item of the Company greater than $10,000, an increase in the aggregate of all
      liabilities items of the Company greater than $100,000.

     

    (c) The
      Assignment and Assumption Agreement from the Sellers as set forth in Exhibit
      B.

     

    (d) A
      new
      Owner’s Title Policy in the amount of the Purchase Price.

     

    (e) A
      signed
      Closing Statement.

     

    (f)
      A
      copy of BKD’s audit of the Company delivered to Purchaser on or before March 15,
      2007.

     

    Section
      6.2 Items
      To Be Delivered at Closing.
      The
      following items will be delivered to the Title Company, as dispursing agent
      for
      the Closing, on the Closing Date:

     

    (a) the
      Purchase Price in collected funds.

     

    (b) a
      signed
      Closing Statement

     

    Section
      6.3 Additional
      Items To Be Delivered at Closing.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (a) Sellers
      and Purchaser will execute and mutually deliver, to one another, the Assignment
      and Assumption Agreements.

     

    (b) Manager
      and Purchaser will execute and deliver, as appropriate, such additional
      documents as may be reasonably required to effectuate the complete sale and
      transfer of the Interests to Purchaser pursuant to this Agreement.

     

    (c)
      Prorations of Income. All income of the Property will be prorated as of the
      Closing Date. All security deposits will be credited to Purchaser.

     

    (d)
      Establishment of the Reserve Holdback Fund with Escrow Agent.

     

    ARTICLE
      VII

    

    THE
      PROPERTY

    

    

    Section
      7.1 PROPERTY:
      The
      Company owns the following Real Property, Personal Property and Intangible
      Property each of the foregoing items being defined collectively as the
“Property”):

    

    
      	
              (a)

            	
              The
                “Real Property” is as described in Exhibit
                "A",
                together with the roads, utilities, buildings, improvements and fixtures
                (such term to include all heating, air conditioning, plumbing, electrical
                and mechanical systems, lighting systems, carpeting, draperies, the
                satellite TV system (including all related components), and like
                items)
                thereon (the "Improvements")
                commonly known as “Highland
                Point Apartments”, a
                232 unit apartment project located in Oklahoma City, Oklahoma, and
                with an
                address in Yukon, Oklahoma, including easements or rights-of-way
                relating
                thereto and all appurtenances thereunto belonging, and, without warranty,
                all rights, title, and interest, if any, of the Company in and to
                the land
                lying within any street or roadway adjoining the real property described
                above or any vacated or hereafter vacated street or alley adjoining
                said
                real property, and any and all oil, gas and other mineral interests
                in and
                under said land, and all rights incident thereto, not previously
                reserved
                or conveyed of record.

            

    

    

    
      	
              (b)

            	
              All
                of the Company’s right, title and interest, in and to all tenant security
                and other deposits, prepaid rents, model furniture, appliances,
                maintenance equipment and supplies, office equipment and furnishings,
                and
                other tangible personal property, if any, owned by the Company (the
                "Personal
                Property")
                presently located on such Real Property, all as enumerated on Schedule
                1.2(b) hereof.

            

    

    

    
      	
              (c)

            	
              The
                “Intangible Property” consists of all of Company's right, title and
                interest, in and to all of the following items, relating to the ownership,
                operation and management of the Property: (i) licenses, and permits,
                (ii)
                telephone exchanges, trade names, marks, and other identifying materials,
                (iii) guaranties and warranties from all contractor, subcontractor,
                manufacturer or other person in connection with the construction
                or
                operation of the Property or Improvements, (iv) all of Company’s goodwill,
                name 

            

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      	 	
              recognition
                and Company’s rights, if any, in the current name of the Improvements, (v)
                service and other agreements assumed by Purchaser, if any, (vi) the
                "Leases", being all leases of the Improvements, together with each
                amendment, modification and renewal thereof, including leases which
                may be
                made by Company after the date hereof and prior to Closing as permitted
                by
                this Agreement, each as shown on the Rent Roll as such term is defined
                in
                Section 2.1 hereof, (vii) certificates of occupancy, (viii) plans,
                specifications, drawings for all onsite Improvements and all offsite
                Improvements benefiting the Property, and (ix) all other general
                intangible items of a like and similar
                nature.

            

    

     

    ARTICLE
      VIII

    INSPECTIONS

    

    Section
      8.1 PROPERTY
      INFORMATION:
      The
      Company shall make available to Purchaser copies of the following ("Property
      Information")
      within
      two (2) days of the Date of this Agreement and Purchaser shall acknowledge
      receipt of same in writing:

    

    (a) Existing
      title policy and commitments and land survey.

    

    
      	
              (b)

            	
              All
                engineering, environmental, structural, soils (including ongoing
                and final
                inspections), compaction, pest or wood destroying organism, or other
                certificates or reports pertaining to the Property.
                

            

    

    

    
      	
              (c)

            	
              Copies
                of all plans, specifications and final construction drawings and
                documents
                for the Property.

            

    

    

    
      	
              (d)

            	
              Copies
                of all Leases or other forms of occupancy or use agreements at the
                Property, Seller’s standard lease form, and all other agreements affecting
                the Property and any amendments thereto, together with tenant credit
                files, tenant correspondence, delinquency notices or default notices
                (the
                foregoing to be made available to Purchaser at the Property).
                

            

    

    
      	
              (e)

            	
              Copies
                of all warranties or guarantees from all contractors and subcontractors
                relating to the Property including any manufacturer’s warranties, owner’s
                manuals or other documents related
                thereto.

            

    

    

    
      	
              (f)

            	
              Copies
                of all real estate and personal property tax statements and/or estimates
                or other information in Seller’s possession with respect to the
                Property.

            

    

    

    
      	
              (g)

            	
              Copies
                of all operating information (including, all annual insurance premiums
                and
                utility expenses), income statements and general ledgers for year
                to date
                2006. Monthly statements shall be furnished within twenty (20) days
                after
                the end of each calendar month from the Date of this Agreement through
                Closing.

            

    

    

    
      	
              (h)

            	
              A
                “Rent Roll” dated no earlier than the date of this Agreement (Section 1.1
                (e)) certified as true, complete and accurate by Seller which shall
                be
                recertified and updated no more

            

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
      	 	
              than
                two (2) days prior to Closing listing tenant deposits, delinquencies,
                rents prepared in Seller’s ordinary course of
                business.

            

    

    

    
      	
              (i)

            	
              A
                list together with legible, complete copies of all service, management,
                maintenance or other contracts (“Service
                Contracts”)
                affecting the Property with addresses and telephone numbers for each
                vendor, together with a list of any such agreements which cannot
                be
                cancelled by Seller effective as of the Closing.
                

            

    

    

    
      	
              (j)

            	
              List
                of all Personal Property. 

            

    

    

    
      	
              (k)

            	
              A
                list of all litigation, claims, or proceedings affecting the
                Property.

            

    

    

    
      	
              (l)

            	
              Final
                certificates of occupancy for the Property and the
                Improvements.

            

    

    

    
      	
              (m)

            	
              Zoning/flood
                plain information and reports.

            

    

    

    
      	
              (n)

            	
              Copies
                of all material governmental notices received by Seller in relation
                to the
                Property.

            

    

    

    
      	
              (o)

            	
              A
                list of all persons currently employed at the Property, together
                with a
                schedule of wages, salaries and other compensation actually paid
                to them
                and their respective job
                descriptions.

            

    

    

    
      	
              (p)

            	
              The
                Termite Certificate referenced in Section
                9.4.

            

    

    

    Section
      8.2 CONFIDENTIALITY:
      The
      Property Information and all other information furnished to, or obtained through
      inspection of the Property by, Purchaser, its affiliates, employees or agents
      relating to the Property (other than matters of public record), will be treated
      by Purchaser, its affiliates, employees and agents as confidential, and unless
      legally required to do so, will not be disclosed by Purchaser to anyone other
      than on a need-to-know basis to Purchaser's consultants, investors, attorneys
      and lenders. The Company will not disclose the terms of this Agreement to anyone
      other than on a need-to-know basis to the Company's consultants, members,
      investors, attorneys and lenders.

    

    Section
      8.3 INSPECTIONS
      IN GENERAL:
      All of
      such entries upon the Property shall be during business days at reasonable
      times
      and Purchaser's inspection shall be subject to the rights of tenants under
      their
      Leases. If any inspection or test disturbs the Property, Purchaser will restore
      the Property to the same condition as existed prior to the inspection or test.
      Purchaser shall defend, indemnify Company and hold Company, Company's tenants,
      agents, members, and employees and the Property harmless from and against any
      and all losses, costs, damages, claims, or liabilities for physical damage
      to
      persons or property and claims for nonpayment for services and materials,
      including but not limited to, mechanic's and materialmen's liens arising out
      of
      or in connection with Purchaser's inspection of the Property as allowed herein.
      The Purchaser’s indemnity herein shall survive termination of this
      Contract.

    

    ARTICLE
      IX

    TITLE
      REVIEW/SURVEY, WOOD BORING INSECT REPORT

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    Section
      9.1 The
      Company shall deliver at no cost to Purchaser no later than ten (10) days from
      the Date of this Agreement, a current ALTA owners title commitment from the
      Title Company, but prepared through Lawyers Title of Oklahoma City, Inc., and
      copies of all exceptions to title shown thereon (“Title
      Report”)
      which
      shall include each easement or private road providing access to the Property,
      if
      any. The Company shall deliver, at no cost to Purchaser within like time frame
      a
      current ALTA minimum standard survey (“Survey”)
      addressed to Purchaser for the Property and any offsite easements providing
      access to the Property.

    

    Section
      9.2 TITLE
      REVIEW AND CURE:
      Purchaser shall review title to the Property as disclosed by the Title Report
      and Survey. Purchaser shall notify the Company in writing of any title
      objections no later than ten (10) business days after Purchaser's receipt of
      the
      last of the Survey and Title Report. The Company shall have no obligation to
      cure any title objections except liens of an ascertainable amount created by
      Seller. If the Title Company revises the Title Report to add or modify
      exceptions or requirements that affect title to the Property, Purchaser may
      object to such matter by notice to the Company within five (5) business days
      after such revised Title Report is delivered to Purchaser. The Company may,
      but
      shall not be obligated to, attempt to cure any title objection, except as above
      stated by the Closing Date. If the Company elects not to cure any title
      objection, or fails to cure any title objection by within fifteen (15) business
      days following Purchaser's notice of objections, then Purchaser may either
      terminate this Agreement by written notice to the Company given on or before
      five (5) business days after receipt of any notice by the Company that it elects
      not to cure or cannot cure any title objections, and the Earnest Money shall
      be
      refunded immediately to Purchaser, or waive such title objections, in which
      event the Closing shall occur as contemplated herein and Purchaser shall accept
      title to the Property subject to such title condition without reduction of
      Purchase Price.

    

    Section
      9.3 TITLE
      POLICY:
      At
      Closing, as a condition to Purchaser's obligation to close, the Title Company
      shall deliver to Purchaser a new Owner's Policy of Title Insurance dated as
      of
      the Closing, deleting each standard exception, containing a comprehensive
      endorsement, extended coverage, and any other endorsements required by Purchaser
      to close (the "Title
      Policy"),
      issued by the Title Company dated the date and time of Closing in the amount
      of
      the Purchase Price, insuring Purchaser as owner of fee simple title to the
      Property, in such form as permitted by, and subject to only such exceptions
      as
      have been approved by Purchaser previously, if any (the “Permitted Exceptions”).
      Charges for the Title Policy shall be assessed and paid as set forth in Section
      12.1 (d).

    

    Section
      9.4 TERMITE
      CERTIFICATE:
      The
      Company shall provide at its cost, a termite certificate showing the Property
      to
      be free and clear of infestation or damage from termites or other wood boring
      insects.

    

    ARTICLE
      X

    OPERATIONS
      AND RISK OF LOSS

    

    Section
      10.1 ONGOING
      OPERATIONS:
      During
      the pendency of this Agreement, Seller shall carry on its business and
      activities relating to the Property substantially in the same 

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    manner
      as
      carried out on the date hereof. All units vacated more than five (5) days prior
      to Closing shall be “rent ready” at Closing in accordance with the Company’s
      standard practices. Company shall maintain all insurance coverages and shall
      maintain the Property in accordance with existing standards and policies. The
      Manager shall not take or fail to take any action which would make any
      representation or warranty set forth herein to be untrue or
      incorrect.

    

    Section
      10.2 PERFORMANCE
      UNDER LEASES AND SERVICE CONTRACTS:
      During
      the pendency of this Agreement, the Company will perform all of its obligations
      under the Leases and Service Contracts and other agreements that may affect
      the
      Property. 

    

    Section
      10.3 NEW
      CONTRACTS:
      During
      the pendency of this Agreement, the Company will not enter into any Service
      Contract or other agreement that will be an obligation affecting the Property
      subsequent to the Closing, save and except leases entered into in the ordinary
      course and pursuant to this Agreement.

    

    Section
      10.4 TERMINATION
      OF SERVICE CONTRACTS:
      On the
      Closing Date, the Company shall terminate each Service Contract and other
      agreement affecting the Property other than the Leases, unless Purchaser
      notifies the Company during the Due Diligence Period as to which of such
      contracts should not be cancelled and will be assumed by Purchaser; provided,
      however, the Company shall, without further notice from Purchaser, terminate
      all
      management, leasing and employment contracts with respect to the Property prior
      to Closing, whether or not such contracts are terminable under their terms.
      Provided, the Company shall not be obligated to terminate those Service
      Contracts which by their terms are not subject to termination, or require the
      payment of money to terminate each of which Purchaser shall assume at
      Closing.

    

    Section
      10.5 DAMAGE
      OR CONDEMNATION:
      Risk of
      loss resulting from any condemnation or eminent domain proceeding which is
      commenced or has been threatened prior to the Closing, and risk of loss to
      the
      Property due to flood or any other cause prior to the Closing, shall remain
      with
      the Company. If prior to the Closing the Property or any portion thereof shall
      be damaged, or if any portion of the Property shall be subject to a bona fide
      threat of condemnation or shall become the subject of any proceedings, judicial,
      administrative or otherwise, with respect to the taking by eminent domain or
      condemnation, the Company shall immediately notify Purchaser thereof after
      receipt of actual notice thereof by the Company, but in any event prior to
      Closing. If the Property is materially damaged or a material portion of the
      Property is subject to eminent domain or condemnation, Purchaser may elect
      within ten (10) days after receipt of such notice, to terminate this Agreement
      (the “Election
      Period”)
      and
      receive an immediate refund of the Earnest Money or to proceed to Closing.
      If
      the Closing Date is within the Election Period, then Closing shall be extended
      to the next business day following the end of the Election Period. If Purchaser
      does not elect to terminate this Agreement, and in any event if the damage
      or
      taking is not material, this Agreement shall remain in full force and effect
      and
      the purchase contemplated herein, less any interest taken by eminent domain
      or
      condemnation, shall be effect and Purchaser shall accept an assignment from
      the
      Company of either the insurance or condemnation proceeds and receive a credit
      against the Purchase Price in an amount equal to the deductible of the Company’s
      insurance policy. For the purposes of this section, “material damage” means
      damage costing an amount equal to or exceed $50,000.00 to repair, and “material
      portion” as to a taking or condemnation means any portion of the

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    Improvements,
      or any portion of the parking areas, entry ways or access points to the Property
      or any taking resulting in a loss of access to any utility servicing the
      Property. 

     

    ARTICLE
      XI

    CLOSING

    

    Section
      11.1 CLOSING:
      The
      consummation of the transaction contemplated herein ("Closing")
      shall
      occur at 10:00 a.m. or such other time as the parties may mutually specify
      on
      the Closing Date at the offices of the Escrow Agent. 

    

    Section
      11.2 CONDITIONS
      TO PURCHASER'S OBLIGATIONS TO CLOSE:
      In
      addition to such other conditions to Closing as are specified throughout this
      Agreement, the obligation of Purchaser to consummate the transaction
      contemplated hereunder is contingent upon the following:

    

    
      	
              (a)

            	
              The
                representations and warranties of Sellers contained herein shall
                be true
                and correct in all material respects as of the Date of this Agreement
                and
                the Closing Date;

            

    

    

    
      	
              (b)

            	
              Manager
                and Sellers shall have performed its obligations hereunder and all
                deliveries to be made at Closing or before have been
                made;

            

    

    

    
      	
              (c)

            	
              There
                shall exist no pending or threatened action, suit or proceeding with
                respect to Sellers or the Property, before or by any court or
                administrative agency which seeks to restrain or prohibit, or to
                obtain
                damages or a discovery order with respect to, this Agreement or the
                consummation of the transaction contemplated hereby, or in which
                Purchaser
                would be required to participate in as a party following the Closing
                to
                protect its interest in the
                Property;

            

    

    

    
      	
              (d)

            	
              Each
                apartment unit shall be in “rent ready” condition as herein provided. The
                Company shall prorate and pay Purchaser for any post Closing concession
                or
                free rent under the Leases;

            

    

    

    
      	
              (e)

            	
              The
                Property shall be in substantially the same physical condition with
                occupancy rates at rents as existed as of the date hereof;
                and

            

    

    

    
      	
              (f)

            	
              The
                current Lender shall have approved of the Transfer of the Interests
                to
                Purchaser.

            

    

    

    If
      any of
      the foregoing conditions to Purchaser's obligation to proceed with the Closing
      hereunder has not been satisfied as of the Closing Date, Purchaser may, in
      its
      sole discretion, terminate this Agreement by delivering written notice to the
      Company on or before the Closing Date, in which event the Earnest Money shall
      be
      immediately returned to Purchaser, or elect to close, notwithstanding the
      non-satisfaction of such condition, in which event Purchaser shall be deemed
      to
      have waived any such condition. 

    

    Section
      11.3 SELLER'S
      DELIVERIES IN ESCROW:
      On or
      before the Closing Date, Manager shall deliver in escrow to the Escrow Agent
      the
      following:

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

    
      	
              (a)

            	
              Transfer
                Documents:
                Manager shall deliver to Purchaser, the following transfer documents,
                the
                form for which shall each be agreed upon prior to Closing:
                

            

    

    

    
      	 	
              (i)

            	
              Assignment
                and Assumption Agreement signed by all Sellers representing 100%
                of the
                Interests, both preferred and
                common.

            

    

    

    
      	
              (b)

            	
              Authority:
                Evidence of the existence, organization and authority of the persons
                executing documents on behalf of any of the Sellers reasonably
                satisfactory to Purchaser;

            

    

    

    
      	
              (c)

            	
              Additional
                Documents:
                Any additional documents that Escrow Agent or the Title Company may
                reasonably require for the proper consummation of the transaction
                contemplated by this Agreement;

            

    

    

    
      	
              (d)

            	
              Closing
                Statement:
                A
                Closing Statement accurately reflecting the Purchase Price, cost
                allocations and prorations as herein provided
                for;

            

    

    

    
      	
              (e)

            	
              Rent
                Roll:
                A
                Rent Roll certified as true, complete and accurate by the Seller,
                which
                shall be dated no more than two (2) days prior to
                Closing.

            

    

    

    
      	
              (f)

            	
              Representations:
                A
                certificate verifying that all representations and warranties remain
                true
                and accurate as of the Closing
                Date.

            

    

    

    Section
      11.4 PURCHASER'S
      DELIVERIES IN ESCROW:
      On or
      before the Closing Date, Purchaser shall deliver in escrow to the Escrow Agent
      the following:

    

    
      	
              (a)

            	
              Purchase
                Price:
                The Purchase Price, less the Earnest Money that is applied to the
                Purchase
                Price which shall be delivered to Seller by Escrow Agent, subject
                to the
                applicable prorations in Article XII. The cash portion of the Purchase
                Price shall be deposited by Purchaser with the Escrow Agent in immediate,
                same-day federal funds wired for credit into the Escrow Agent's escrow
                account.

            

    

    

    
      	
              (b)

            	
              Assignment
                and Assumption Agreement.
                

            

    

    

    
      	
              (c)

            	
              State
                Law Disclosures:
                Such disclosure and reports as are required by applicable state and
                local
                law in connection with the conveyance of real
                property;

            

    

    

    
      	
              (d)

            	
              Additional
                Documents:
                Any additional documents that Escrow Agent or the Title Company may
                reasonably require for the proper consummation of the transaction
                contemplated by this Agreement;

            

    

    

    
      	
              (e)

            	
              Closing
                Statement:
                A
                Closing Statement accurately reflecting the Purchase Price for the
                Interests, cost allocations and prorations as herein provided for;
                

            

    

    

    Section
      11.5 TITLE
      POLICY:
      The
      marked-up Title Commitment shall be delivered at Closing.

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

    Section
      11.6 POSSESSION:
      Manager
      shall deliver possession of the Property to Purchaser at the Closing, subject
      only to the exceptions reflected in the Title Policy and tenants in possession
      under Leases. 

    

    Section
      11.7 ADDITIONAL
      CLOSING DELIVERIES:
      At
      Closing, Manager shall deliver to the Purchaser the original Leases and tenant
      files, originals of all Service Contracts and original warranties and guaranties
      from all contractors, subcontractors and manufacturers, as well as all owner’s
      manuals and related documents, and all keys used in the operation of the
      Property.

    

    Section
      11.8 NOTICE
      TO TENANTS:
      Manager
      and Purchaser shall deliver to each tenant immediately after the Closing a
      notice regarding the sale directing that all future rents and notices be
      directed to Purchaser at the address for Purchaser herein
      indicated.

    

    Section
      11.9 COSTS/ESCROWS:
      The
      following shall be paid out of Seller’s proceeds: (i) the cost of its deliveries
      and the delivery of the Property Information, (ii) half the Escrow Agent closing
      fee; (iii) the cost of the documentary revenue stamp, transfer taxes or similar
      filing costs and recording cost; (iv) the cost of the Title Policy, (v) the
      cost
      of the Survey, and (vi) any other costs specifically allocated to it hereunder.
      Purchaser shall pay: (i) its inspection costs; (ii) one-half of the Escrow
      Agent
      closing fee; (iii) any applicable sales tax on the Personal Property, (iv)
      Purchaser’s attorney’s fees, and (v) all other costs and expenses specifically
      allocated to it hereunder. 

    

    Section
      11.10 CLOSE
      OF ESCROW:
      Upon
      satisfaction or completion of the foregoing conditions and deliveries, the
      parties shall direct the Escrow Agent to immediately deliver the documents
      described above to the appropriate parties and make disbursements according
      to
      the closing statements executed by Manager and Purchaser.

    

    Section
      11.11 UTILITIES:
      Manager
      shall contact all utility contracts serving the Property effective as of the
      Closing and be responsible for the payment of those pre-Closing utility charges
      not paid by Tenants under the Leases. Purchaser shall be responsible for
      contracting with the providers of all utilities for post-Closing utility service
      to the Property.

    

    ARTICLE
      XII

    PRORATIONS

    

    Section
      12.1 PRORATIONS:
      The
      items in this Section 11.1 shall be prorated between Sellers and Purchaser
      as of
      the Closing Date.

    

    
      	
              (a)

            	
              Taxes
                and Assessments:
                General real estate taxes imposed by governmental authority ("Taxes")
                not yet due and payable shall be prorated. If the Closing occurs
                prior to
                the receipt by Seller of the tax bill for the calendar year or other
                applicable tax period in which the Closing occurs, Purchaser and
                Sellers
                shall prorate Taxes for such calendar year or other applicable tax
                period
                based upon the most recent ascertainable assessed values and tax
                rates.
                

            

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

    
      	
              (b)

            	
              Collected
                Rent, Income and Expenses:
                All collected rent and other collected income under Leases and all
                operating expenses affecting the Property shall be prorated. Uncollected
                rent shall not be prorated. All prepaid rents for any period following
                the
                Closing Date shall be paid over by the Manager to Purchaser. In the
                event
                Purchaser collects rent post-Closing applicable to any period prior
                to
                Closing, it shall promptly remit same to the Manager. Provided: (i)
                Purchaser shall apply rent collected post-Closing first to current
                rents;
                and (ii) Purchaser shall have no obligation to file a lawsuit to
                collect
                pre-Closing rents on Sellers
                behalf.

            

    

    

    
      	
              (c)

            	
              Fees
                and Charges under Service Contracts:
                Fees and charges under such of the Service Contracts as are being
                assigned
                to and assumed by Purchaser at the Closing shall be prorated with
                the
                Manager responsible for fees and charges for pre-Closing periods
                and
                Purchaser responsible for post-Closing
                periods.

            

    

    

    
      	
              (d)

            	
              Company
                shall pay that portion of the premium for the Title Policy for the
                basic
                owner’s policy with all standard printed exceptions removed (the “Base
                Policy”) using those rates that Lawyers Title of Oklahoma City, Inc.
                (“Lawyers Title”) would customarily charge the Company taking into account
                reissue credits and any other credits or discounts generally made
                available to the Manager or its affiliates from time to time by Lawyers
                Title (the “Base Cost”). Purchaser shall pay that portion of the premium
                attributable to the Base Policy that exceeds the Base Cost. Purchaser
                shall also pay all cost or premium associated with any endorsements
                or
                other forms of affirmative coverage that Purchaser requires over
                and above
                the Base Policy. 

            

    

    

    
      	
              (e)

            	
              Any
                transfer taxes or fees assessed by any state or local governmental
                authority shall be divided evenly between the
                parties.

            

    

    

    Section
      12.2 FINAL
      ADJUSTMENT AFTER CLOSING:
      In the
      event that final prorations cannot be made at Closing for any item being
      prorated under Section 6.1, then Purchaser and the Manager agree to allocate
      such items on a fair and equitable basis as soon as invoices or bills are
      available, final adjustment to be made as soon as reasonably possible after
      the
      Closing. Payments in connection with the final adjustment shall be due within
      thirty (30) days of written notice. 

    

    Section
      12.3 TENANT
      DEPOSITS:
      All
      security or other tenant deposits paid by tenants under Leases shall be
      transferred or credited to Purchaser at Closing. As of the Closing, Purchaser
      shall assume all obligations related to tenant deposits. 

    

    Section
      12.4 COMMISSIONS:
      Sellers
      and Purchaser represent and warrant each to the other that they have not dealt
      with any real estate broker, sales person or finder in connection with this
      transaction other than the Broker identified in Section 1.1(i). Seller shall
      pay
      any fee or commission due Broker pursuant to separate agreement. In the event
      of
      any claim for broker's or finder's fees or commissions in connection with the
      negotiation, execution or consummation of this Agreement of the transactions
      contemplated hereby, each party shall defend, indemnify and 

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    hold
      harmless the other party from and against any such claim based upon any
      statement, representation or agreement of such party. 

    

    ARTICLE
      XIII

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      13.1 MANAGER'S
      REPRESENTATIONS AND WARRANTIES:
      As a
      material inducement to Purchaser to execute this Agreement and consummate this
      transaction, the Manager represents and warrant to Purchaser that:

    

    
      	
              (a)

            	
              Leases:
                The Leases to be made available for Purchaser's review are complete
                copies
                of all of the Leases, and will include all side agreements and letter
                agreements. There are no oral agreements between the Company and
                any
                tenants of the Property which have not been documented and included
                in the
                tenant Lease files to be made available for Purchaser's review. All
                of the
                leases and occupancy agreements in effect at the Property on the
                date
                hereof (the “Leases”)
                are described in the Rent Roll delivered to Purchaser. The Rent Roll
                at
                Closing will be an accurate and complete list of all presently effective
                Leases, rent payments, security deposits, monetary defaults and other
                agreements with all tenants leasing, using or occupying the Property
                or
                any part thereof. There are no persons leasing, using or occupying
                the
                Property or any part thereof except the tenants under the Leases
                described
                in the Rent Roll.

            

    

    

    
      	
              (b)

            	
              Litigation:
                Other than routine collection cases filed to collect unpaid rent,
                there is
                no litigation or arbitration or other legal or administrative suit,
                action, proceeding of any kind pending, or to the best of Manager’s
                knowledge, threatened or under investigation against or involving
                the
                Company, the Property, or any part
                thereof.

            

    

    

    
      	
              (c)

            	
              Business
                Records:
                The Property Information provided by the Manager to Purchaser is
                the same
                information prepared by and relied upon by the Manager in connection
                with
                the operation of the Property, and to Managers knowledge does not
                contain
                any materially false information.

            

    

    

    
      	
              (d)

            	
              Governmental
                Notices:
                To the Manager’s best knowledge and belief, there are no conditions
                existing with respect to the Property which violate any government
                rule,
                regulations ordinance, law or statute; and that the Manager has no
                notice
                of any pending or contemplated governmental taking or similar action
                with
                respect to the Property. 

            

    

    

    
      	
              (e)

            	
              Seller’s
                Deliveries:
                All of the Manager’s deliveries are true and correct copies of originals
                in all material respects. 

            

    

    

    
      	
              (f)

            	
              Operating
                Statements:
                The operating statements delivered by the Manager to Purchaser are
                in all
                material respects true, complete and
                correct.

            

    

    

    
      	
              (g)

            	
              Environmental:
                No underground storage tanks, toxic or hazardous substances or waste,
                including without limitation, asbestos or any substances defined
                as
                “hazardous” or “toxic” pursuant to any applicable law (“Hazardous
                Materials”)
                have been used, stored 

            

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    or
      disposed of on the Property by Seller, its agents, employees, or contractors,
      or
      to the Manager’s best knowledge, by any other person and the Manager has
      received no written notice or report indicting the presence of Hazardous
      Substances affecting the Property. The Manager shall indemnify Purchaser against
      any cost arising out of the breach of this warranty and representation
      including, without limitation, the cost of any required or necessary tests,
      repair, monitoring and/or removal of Hazardous Substances from the
      Property.

    

    
      	
              (h)

            	
              Unpaid
                Bills:
                There are no bills unpaid (other than routine matters incurred in
                the
                ordinary course of business), liens filed or claims pending in connection
                with the Company’s ownership of the Property, and none will exist as of
                the Closing Date, and Manager hereby agrees to indemnify and hold
                Purchaser harmless from any and all losses, damages, claims, costs,
                expenses, and causes of action, including, but not limited to, reasonable
                attorneys’ fees, resulting from or in any way related to any such unpaid
                bills, liens or other claims, either through the Reserve Holdback
                Fund or
                otherwise.

            

    

    

    
      	
              (i)

            	
              Roads,
                Streets and Improvements:
                All public and/or private streets, detention and storm water improvements
                and other improvements affecting the Property have been installed
                in
                accordance with each applicable rule, regulation, code or ordinance,
                have
                been dedicated and accepted by each required public
                authority.

            

    

    

    In
      the
      event of any material adverse change in any of the Manager representations
      and
      warranties, the Manager shall promptly notify Purchaser of such
      change.

    

    ARTICLE
      XIV

    DEFAULT
      AND DAMAGES

    

    Section
      14.1 DEFAULT
      BY PURCHASER:
      In the
      event that Purchaser shall fail or refuse to Close the purchase of the Property
      as provided for in this Agreement, Purchaser agrees that the Manager shall
      have
      the right to demand that the Escrow Agent deliver the Earnest Money to the
      Manager as liquidated damages to compensate the Company for time spent, labor
      and services performed, and the loss of its bargain. Purchaser and the Manager
      agree that it would be impracticable or extremely difficult to affix damages
      in
      the event of Purchaser's default and that the Earnest Money, together with
      the
      interest thereon, represents a reasonable estimate of the Company’s damages.
      Under such circumstances, the Manager agree to accept the Earnest Money as
      the
      Company’s total damages and relief hereunder in the event of Purchaser's default
      hereunder the Company expressly waives the right to sue for damages or to seek
      specific performance. In the event that Purchaser does so default, this
      Agreement shall be terminated and Purchaser shall have no further right, title,
      or interest in the Property.

    

    Section
      14.2 DEFAULT
      BY SELLER:
      In the
      event of default by the Manager or by any Seller in any of its obligations
      under
      this Agreement, Purchasers sole remedy shall be to terminate this Agreement,
      in
      which event Purchaser shall be entitled to the return by the Escrow Agent to
      Purchaser of the Earnest Money; provided, however, in the event Seller does
      not
      obtain the Sellers Consents on or before January 31, 2007, Seller shall owe
      Purchaser a fee of $35,000 (the “Breakup Fee”) for its expenses in costs
      expended in reliance upon Seller’s assurances that 

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    it
      could
      obtain the said consents, but upon payment of the Breakup Fee shall have no
      further liability to Purchaser.

     

    ARTICLE
      XV

    MISCELLANEOUS

    

    Section
      15.1 PARTIES
      BOUND:
      No party
      may assign this Agreement without the prior written consent of the other, and
      any such prohibited assignment shall be void, except to a qualified intermediary
      to facilitate a Internal Revenue Code § 1031 exchange. Subject to the foregoing,
      this Agreement shall be binding upon and inure to the benefit of the respective
      legal representatives, successors, assigns, heirs, and devisees of the parties.
      Provided, however, Purchaser may assign this Agreement to an entity related
      to
      or affiliated with Purchaser or an entity formed by Purchaser to acquire the
      Property, of which Purchaser shall provide written notice to Seller prior to
      each Closing. 

     

    Section
      15.2 CONFIDENTIALITY: The
      parties acknowledge that all information with respect to the Property furnished
      or to be furnished to either party is, has been and will be so furnished on
      the
      condition that both the Company and Purchaser maintain the confidentiality
      thereof. Accordingly, as a material inducement for Purchaser to enter into
      this
      Agreement, the Company covenants and agrees that it shall, and shall cause
      its
      representatives, agents and brokers, to, hold in strict confidence, and not
      disclose to any other party (including by advertisement or press release)
      without the prior written consent of the Purchaser: (i) any of the
      information with respect to the Property delivered to Purchaser by the Company
      or any of its agents, representatives or employees, or (ii) the existence
      of this Agreement or any term or condition hereof, (iii) the results of any
      inspections or studies undertaken in connection herewith or (iv) the Closing
      of
      the transaction or information related thereto. Notwithstanding the above,
      the
      Manager and Purchaser may disclose such information to individuals or entities
      necessary to consummate the transaction contemplated herein (such as lenders,
      engineers, attorneys, accountants and tax advisors (and as required by law)).
      This provision shall survive the Closing.

    

    Section
      15.3 HEADINGS:
      The
      article and section headings of this Agreement are of convenience only and
      in no
      way limit or enlarge the scope or meaning of the language hereof.

    

    Section
      15.4 INVALIDITY
      AND WAIVER:
      If any
      portion of this Agreement is held invalid or inoperative, then so far as is
      reasonable and possible and so long as each party obtains the principal benefits
      for which it bargained, the remainder of this Agreement shall be deemed valid
      and operative, and effect shall be given to the intent manifested by the portion
      held invalid or inoperative. The failure by either party to enforce against
      the
      other any term or provision of this Agreement shall not be deemed to be a waiver
      of such party's right to enforce against the other party the same or any other
      such term or provision in the future.

    

    Section
      15.5 GOVERNING
      LAW:
      This
      Agreement shall, in all respects, be governed, construed, applied, and enforced
      in accordance with the law of the state in which the Real Property is
      located.

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

    Section
      15.6 SURVIVAL:
      Unless
      otherwise expressly stated in this Agreement, each of the covenants,
      obligations, representations, and agreements contained in this Agreement shall
      survive the Closing and the execution and delivery of the Deed required
      hereunder for a period of twelve (12) months immediately following the Closing
      Date.

    

    Section
      15.7 NO
      THIRD PARTY BENEFICIARY:
      This
      Agreement is not intended to give or confer any benefits, rights, privileges,
      claims, actions, or remedies to any person or entity as a third party
      beneficiary, decree, or otherwise.

    

    Section
      15.8 ENTIRETY
      AND AMENDMENTS:
      This
      Agreement embodies the entire agreement between the parties and supersedes
      all
      prior agreements and understandings relating to the Property except for any
      confidentiality agreement binding on Purchaser, which shall not be superseded
      by
      this Agreement. This Agreement may be amended or supplemented only by an
      instrument in writing executed by the party against whom enforcement is
      sought.

    

    Section
      15.9 TIME:
      Time is
      of the essence in the performance of this Agreement.

    

    Section
      15.10 ATTORNEY'S
      FEES:
      Should
      either party employ attorneys to enforce any of the provisions hereof, the
      party
      against whom any final judgment is entered agrees to pay the prevailing party
      all reasonable costs, charges, and expenses, including attorneys' fees, expended
      or incurred in connection therewith.

    

    Section
      15.11 NOTICES:
      All
      notices required or permitted hereunder shall be in writing and shall be served
      on the parties at the addresses set forth in Section 1.1. Any such notices
      shall
      be either (a) sent by certified mail, return receipt requested, in which case
      notice shall be deemed delivered upon deposit, postage prepaid in the U.S.
      mail,
      (b) sent by overnight delivery for next business day delivery using a nationally
      recognized overnight courier, in which case notice shall be deemed delivered
      one
      business day after deposit with such courier, (c) sent by facsimile, in which
      case notice shall be deemed delivered upon transmission of such notice and
      evidence of receipt of said transmission, with a hard copy mailed the next
      business day, or (d) sent by personal delivery, in which case notice shall
      be
      deemed delivered upon receipt. A party's address may be changed by written
      notice to the other party; provided, however, that no notice of a change of
      address shall be effective until actual receipt of such notice. Copies of
      notices are for informational purposes only, and a failure to give or receive
      copies of any notice shall not be deemed a failure to give notice.

    

    Section
      15.12 CONSTRUCTION:
      The
      parties acknowledge that the parties and their counsel have reviewed and revised
      this Agreement and that the normal rule of construction to the effect that
      any
      ambiguities are to be resolved against the drafting party shall not be employed
      in the interpretation of this Agreement or any exhibits or amendments
      hereto.

    

    Section
      15.13 CALCULATION
      OF TIME PERIODS:
      Unless
      otherwise specified, in computing any period of time described herein, the
      day
      of the act or event after which the designated period of time begins to run
      is
      not to be included and the last day of the period so computed is to be included,
      unless such last day is a Saturday, Sunday or legal holiday for

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    national
      banks in the location where the Property is located, in which event the period
      shall run until the end of the next day which is neither a Saturday, Sunday,
      or
      legal holiday. 

    

    Section
      15.14 EXECUTION
      IN COUNTERPARTS:
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed to be an original, and all of such counterparts shall constitute one
      Agreement. To facilitate execution of this Agreement, the parties may execute
      and exchange by telephone facsimile counterparts of the signature
      pages.

    

    Section
      15.15 SECTION
      1031 EXCHANGE: At
      either
      party’s request the other will execute such documents and perform such other
      acts as are reasonably requested in cooperation with either party’s effort to
      have the sale of the Property hereunder considered to be part of a so-called
      "like-kind
      exchange" under §1031 of the Internal Revenue Code of 1986,
      as
      amended (the "Code"), provided:

    

    All
      such
      documents shall be prepared by or at the direction and expense of the requesting
      party; and the party to whom a request is directed shall not incur any expense
      in connection with the performance of this Section;

    

    Any
      such
      requested conduct will not delay the closing of the transaction beyond the
      specified Closing Date; 

    

    By
      this
      Agreement or acquiescence to the Exchange, neither party shall (1) have its
      rights under this Agreement affected or diminished in any manner, or (2) be
      responsible for compliance with or be deemed to have warranted to the other
      that
      the Exchange in fact complies with § 1031 of the Code; and

    

    Section
      15.16 LIABILITY:
      The
      individuals executing this Agreement are not so executing in their personal
      capacities, but solely as officers, partners, members or managers of the
      entities named herein in the exercise of the power and authority conferred
      upon
      and vested in said individuals in such capacity. It being understood and agreed
      that all of the warranties, indemnities, representations, covenants,
      undertakings and agreement herein made on the part of the parties hereto, are
      undertaken solely in its corporate or official capacity and not personally
      on
      behalf of the individuals executing on behalf of said parties. No personal
      liability or personal responsibility is assumed by or shall at any time be
      assessed or enforceable against any such individuals on account of any warranty,
      indemnity, representation, covenant, undertaking or agreement contained herein.
      The foregoing shall not limit the liability of any entity or person for fraud
      or
      misrepresentation. The provisions of this Section 15.16 shall survive
      Closing.

    

    [Signature
      Pages Follow.] 

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Agreement on the day and year written
      below.

    

    "THE
      COMPANY"

    WEST
      OKC HIGHLANDPOINTE 

    ASSOCIATES
      LLC,

    By
       HP
      Partners of West OKC, LLC,

    its
      Managing Member

     

    By:
      /s/
      John Clayton

    John
      Clayton, Manager 

    of
      HP
      Partners of West OKC, LLC

    

     

    

    DATE:
      12/26, 2006

    

    

    

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

    “PURCHASER”

    

    HIGHLAND
      POINTE ACQUISITION, L.L.C.

     

    By
      /s/
      Chad Sneed

    

    Name
      Chad
      Sneed

     

    Title
      Manager

    

    DATE:
      12/26,
      2006

    

     

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

    ACKNOWLEDGMENT
      BY ESCROW HOLDER

    

    

    The
      Escrow Holder hereby agrees to perform its obligations under this Agreement
      and
      acknowledges receipt of the Earnest Money of Fifty
      Thousand Dollars ($50,000),
      and a
      fully executed counterpart of this Agreement.

    

    Escrow
      Agent shall hold and dispose of the Earnest Money in accordance with the terms
      of this Agreement. Seller and Purchaser agree that the duties of the Escrow
      Agent hereunder are purely ministerial in nature and shall be expressly limited
      to the safekeeping and disposition of the Earnest Money in accordance with
      this
      Agreement. Escrow Agent shall incur no liability in connection with the
      safekeeping or disposition of the Earnest Money for any reason other than Escrow
      Agent's tortious acts or omissions. In the event that Escrow Agent shall be
      in
      doubt as to its duties or obligations with regard to the Earnest Money, or
      in
      the event that Escrow Agent receives conflicting instructions from Purchaser
      and
      Seller with respect to the Earnest Money, Escrow Agent shall not be required
      to
      disburse the Earnest Money and may, at its option, continue to hold the Earnest
      Money until both Purchaser and Seller agree as to its disposition or until
      a
      final judgment is entered by a court of competent jurisdiction directing its
      disposition, or Escrow Agent may interplead the Earnest Money in accordance
      with
      the laws of the state in which the Property is located.

    

    Escrow
      Agent shall not be responsible for any interest on the Earnest Money except
      as
      is actually earned, or for the loss of any interest resulting from the
      withdrawal of the Earnest Money prior to the date interest is posted thereon
      if
      such withdrawal is upon instruction of either the Seller or
      Purchaser.

    

    ASSURED
      QUALITY TITLE COMPANY

    

    By___________________________________

     

    Its
      __________________________________

    

    

    DATE:
      ________________, 2006

    

     

     

    
 

    

    27

    

    

    [Exhibits
      Omitted]

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