Document:

exhibit103.htm

    INDEPENDENT DIRECTOR
AGREEMENT

     

    THIS INDEPENDENT DIRECTOR
AGREEMENT is made effective as of April 6, 2009 (“Agreement”)
between CHINA YCT INTERNATIONAL
GROUP, INC., a Delaware  corporation (“Company”),
and Zhang
Wengao (“Director”).

     

    WHEREAS, it is essential to
the Company to attract and retain  as directors the most capable
persons available to serve on the board of directors of the Company (the “Board”);
and

     

    WHEREAS, the Company believes
that Director possesses the necessary qualifications and abilities to serve as a
director of the Company and to perform the functions and meet the Company’s
needs related to its Board.

     

    NOW, THEREFORE, the parties
agree as follows:

     

    1.    Service
as Director.
Director will serve as a director of the Company and perform all duties as a
director of the Company, including without limitation (1) attending
meetings of the Board, (2) attending meetings of each Committee of which
Director is a member, (3) using reasonable efforts to promote the business
of the Company. The Company currently intends to meet on the first Wednesday of
each quarter except January, together with additional meetings of the Board and
Committees as may be required by the business and affairs of the
Company.

      

    2.    Compensation and
Expenses.

     

    (a)    Retainer.    The
Company will pay to Director an annual retainer (the “Retainer”)
of $10,000 cash plus $25,000 in the form of restricted shares of the Company’s
common stock, calculated on the average closing price per share for the five (5)
trading days preceding and including the date stock is issued. The Board
reserves the right to increase the Retainer from time to time, but may not
reduce the Retainer below the amounts stated above. If Director’s service on the
Board or any Committee does not begin or end at the beginning of a calendar
year, the Retainer for that year will be prorated on a per diem basis as
appropriate to reflect the portion of the year during which services were
rendered.

     

    (b)    Expenses.   The Company
will reimburse Director for all reasonable, out-of-pocket expenses, approved by
the Company in advance, incurred in connection with the performance of
Director’s duties under this Agreement (“Expenses”).

    

    (c)    Other
Benefits.    The
Board may from time to time authorize additional compensation and benefits for
Director, including stock options or restricted stock.

     

       
(d)   Payments,  The
Company will pay the cash portion of the Retainer in two equal installments
following the close of six and twelve months service of each year, measured from
the Effective Date of the Agreement, and so forth in six month
intervals. The Restricted Share portion of the Retainer shall also be
issued in two equal installments, the number of shares for the
entire restricted stock portion of the retainer will be determined as of
the effective date. The "dates of issue" for the restricted stock for the
first installment will be the effective date of this agreement and the second
installment will be the date six months after the effective date, and so forth
in six month intervals.  The Company will pay for Expenses as incurred upon
submission of receipts and a request for payment.  The Company may withhold
from any payment any amount of withholding required by law.

     

    3.    Amendments
and Waiver.    No
supplement, modification or amendment of this Agreement will be binding unless
executed in writing by both parties. No waiver of any provision of this
Agreement on a particular occasion will be deemed or will constitute a waiver of
that provision on a subsequent occasion or a waiver of any other provision of
this Agreement.

     

    4.    Binding
Effect.    This
Agreement will be binding upon and inure to the benefit of and be enforceable by
the parties and their respective successors and assigns.

     

    5.    Severability.    The
provisions of this Agreement are severable, and any provision of this Agreement
that is held by a court of competent jurisdiction to be invalid, void, or
otherwise unenforceable in any respect will not affect the validity or
enforceability of any other provision of this Agreement.

     

    6.    Governing
Law.    This
Agreement will be governed by and construed and enforced in accordance with the
laws of the State of  Delaware applicable to contracts made and to be
performed in that state without giving effect to the principles of conflicts of
laws.

     

    IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date shown above.

     

    
    

     

    
      	 CHINA YCT INTERNATIONAL GROUP,
    INC.	 	 DIRECTOR:
	 	 	 
	 By:         
      /s/Tinghe
      Yan	 	 By:       
      /s/Zhang
      Wengao
	 Name:   
      Tinghe Yan	 	 Name:  
      Zhang Wengao
	 Title:     
      Chief Executive Officer	 	 
	 Date:     
      April 6, 2009	 	 Date:    
      April 6, 2009PURCHASE AND SALE CONTRACT

Exhibit 10 O

 

 

 

 

 

PURCHASE AND SALE
CONTRACT

 

BETWEEN

 

 

 

PLAINVIEWAPARTMENTS, L.P.,

 

a South Carolina limited
partnership

 

 

 

 

 

AS SELLER

 

 

 

 

AND

 

 

 

 

NTS-PLAINVIEW
ASSOCIATES,

 

a Kentucky limited
partnership

 

 

 

AS PURCHASER

 

 

PLAINVIEWAPARTMENTS

 

 

Table of Contents

 

	
Article
I
	
DEFINED
TERMS
	
   1

	
Article
II
	
PURCHASE
AND SALE, PURCHASE PRICE & DEPOSIT
	
   1

	
 
	
2.1
	
Purchase
and Sale
	
1

	
 
	
2.2
	
Purchase
Price and Deposit
	
1

	
 
	
2.3
	
Escrow
Provisions Regarding Deposit
	
2

	
Article
III
	
FEASIBILITY
PERIOD
	
  
3

	
 
	
3.1
	
Feasibility
Period
	
3

	
 
	
3.2
	
Expiration
of Feasibility Period
	
3

	
 
	
3.3
	
Conduct
of Investigation
	
4

	
 
	
3.4
	
Purchaser
Indemnification
	
4

	
 
	
3.5
	
Property
Materials
	
5

	
 
	
3.6
	
Property
Contracts
	
5

	
Article
IV
	
TITLE
	
  
6

	
 
	
4.1
	
Title
Documents
	
6

	
 
	
4.2
	
Survey
	
6

	
 
	
4.3
	
Objection
and Response Process
	
6

	
 
	
4.4
	
Permitted
Exceptions
	
7

	
 
	
4.5
	
Existing
Loans
	
7

	
 
	
4.6
	
Subsequently
Disclosed Exceptions
	
9

	
 
	
4.7
	
Purchaser
Financing
	
10

	
Article
V
	
CLOSING
	
 10

	
 
	
5.1
	
Closing
Date
	
10

	
 
	
5.2
	
Seller
Closing Deliveries
	
10

	
 
	
5.3
	
Purchaser
Closing Deliveries
	
11

	
 
	
5.4
	
Closing
Prorations and Adjustments
	
12

	
 
	
5.5
	
Post
Closing Adjustments
	
15

	
Article
VI
	
REPRESENTATIONS
AND WARRANTIES OF SELLER AND PURCHASER
	
  15

	
 
	
6.1
	
Seller's
Representations
	
15

	
 
	
6.2
	
AS-IS
	
17

	
 
	
6.3
	
Survival
of Seller's Representations
	
18

	
 
	
6.4
	
Definition
of Seller's Knowledge
	
18

	
 
	
6.5
	
Representations
and Warranties of Purchaser
	
18

	
Article
VII
	
OPERATION
OF THE PROPERTY
	
 19

	
 
	
7.1
	
Leases
and Property Contracts
	
19

	
 
	
7.2
	
General
Operation of Property
	
20

	
 
	
7.3
	
Liens
	
20

	
 
	
7.4
	
Seller's
(or Seller's Manager's) Employees
	
20

	
Article
VIII
	
CONDITIONS
PRECEDENT TO CLOSING
	
 20

	
 
	
8.1
	
Purchaser's
Conditions to Closing
	
20

	
 
	
8.2
	
Seller's
Conditions to Closing
	
21

	
Article
IX
	
BROKERAGE
	
 22

	
 
	
9.1
	
Indemnity
	
22

	
Article
X
	
DEFAULTS
AND REMEDIES
	
 22

	
 
	
10.1
	
Purchaser
Default
	
22

	
 
	
10.2
	
Seller
Default
	
23

	
Article
XI
	
RISK
OF LOSS OR CASUALTY
	
 24

	
 
	
11.1
	
Major
Damage
	
24

	
 
	
11.2
	
Minor
Damage
	
24

	
 
	
11.3
	
Closing
	
24

	
 
	
11.4
	
Repairs
	
25

	
Article
XII
	
EMINENT
DOMAIN
	
 25

	
 
	
12.1
	
Eminent
Domain
	
25

	
Article
XIII
	
MISCELLANEOUS
	
 25

	
 
	
13.1
	
Binding
Effect of Contract
	
26

	
 
	
13.2
	
Exhibits
and Schedules
	
26

	
 
	
13.3
	
Assignability
	
26

	
 
	
13.4
	
Captions
	
26

	
 
	
13.5
	
Number
and Gender of Words
	
26

	
 
	
13.6
	
Notices
	
26

	
 
	
13.7
	
Governing
Law and Venue
	
28

	
 
	
13.8
	
Entire
Agreement
	
28

	
 
	
13.9
	
Amendments
	
28

	
 
	
13.10
	
Severability
	
29

	
 
	
13.11
	
Multiple
Counterparts/Facsimile Signatures
	
29

	
 
	
13.12
	
Construction
	
29

	
 
	
13.13
	
Confidentiality
	
29

	
 
	
13.14
	
Time
of the Essence
	
29

	
 
	
13.15
	
Waiver
	
29

	
 
	
13.16
	
Attorneys'
Fees
	
30

	
 
	
13.17
	
Time
Zone/Time Periods
	
30

	
 
	
13.18
	
1031
Exchange
	
30

	
 
	
13.19
	
No
Personal Liability of Officers, Trustees or Directors of Seller's
Partners
	
30

	
 
	
13.20
	
Exclusive
Negotiations
	
30

	
 
	
13.21
	
ADA
Disclosure
	
30

	
 
	
13.22
	
No
Recording
	
30

	
 
	
13.23
	
Relationship
of Parties
	
31

	
 
	
13.24
	
[Intentionally
Deleted]
	
31

	
 
	
13.25
	
AIMCO
Marks
	
31

	
 
	
13.26
	
Non-Solicitation
of Employees
	
31

	
 
	
13.27
	
Survival
	
31

	
 
	
13.28
	
Multiple
Purchasers
	
31

	
Article
XIV
	
LEAD–BASED
PAINT DISCLOSURE
	
 31

	
 
	
14.1
	
Disclosure
	
31

	
 
	
14.2
	
Consent
Agreement
	
32

				

 

 

PURCHASE AND SALE CONTRACT

 

THIS
PURCHASE AND SALE CONTRACT (this "Contract") is entered
into as of the 6th day of April, 2009 (the "Effective
Date"), by and between PLAINVIEW APARTMENTS, L.P., a South Carolina
limited partnership, having an address at 4582 South Ulster Street Parkway,
Suite 1100, Denver, Colorado 80237 ("Seller"), and NTS-PLAINVIEW
ASSOCIATES, a Kentucky limited partnership, having a principal address at 1000
Stone Spring Way, Louisville, Kentucky 40223 ("Purchaser").

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

RECITALS

A.       
Seller owns the real estate located in Jefferson County, Kentucky, as more
particularly described in Exhibit A attached hereto and made a part
hereof, and the improvements thereon, commonly known as Plainview
Apartments.

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

Article I
DEFINED
TERMS

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

Article
II
PURCHASE AND SALE, PURCHASE PRICE & DEPOSIT

2.1             
Purchase and Sale.  Seller agrees to
sell and convey the Property to Purchaser and Purchaser agrees to purchase the
Property from Seller, all in accordance with the terms and conditions set forth
in this Contract.

2.2             
Purchase Price and Deposit.  The total purchase price
("Purchase Price") for the Property shall be an amount equal to
$21,035,000.00, payable by Purchaser, as follows:

2.2.1       
No later than two (2) Business Days after Effective Date, Purchaser shall
deliver to Fidelity National Title, 8450 East Crescent Parkway, Suite 410
Greenwood Village, Colorado 80111, Attention: Valena Bloomquist, Telephone:
(720) 200-1200, Facsimile: (303) 292-3752 ("Escrow Agent") an
initial deposit (the "Initial Deposit") of $225,000.00 by wire
transfer of immediately available funds ("Good Funds"). 

2.2.2       
No later than one (1) Business Day after the day on which the Feasibility
Period expires, Purchaser shall deliver to Escrow Agent an additional deposit
(the "Additional Deposit") of $200,000.00 by wire transfer of Good
Funds.  

2.2.3       
At the Closing, subject to the occurrence of the Junior Loan Assumption
and Release, Purchaser shall receive a credit against the Purchase Price in the
total amount of the outstanding principal balance of the Junior Note, together
with all accrued but unpaid interest (if any) thereon, as of the Closing Date,
which total amount is as of the Effective Date $15,336,151.57 (the "Junior
Loan Balance").

2.2.4       
The balance of the Purchase Price for the Property, after application of
the credit for the Junior Loan Balance and subject to the prorations provided
for in this Contract, shall be paid to and received by Escrow Agent by wire
transfer of Good Funds no later than 3:00 p.m. Eastern Time on the Closing
Date.

2.3             
Escrow Provisions Regarding Deposit.  

2.3.1       
Escrow Agent shall hold the Deposit and make delivery of the Deposit to
the party entitled thereto under the terms of this Contract.  Escrow Agent
shall invest the Deposit in such short-term, high-grade securities,
interest-bearing bank accounts, money market funds or accounts, bank
certificates of deposit or bank repurchase contracts as Escrow Agent, in its
discretion, deems suitable, and all interest and income thereon shall become
part of the Deposit and shall be remitted to the party entitled to the Deposit
pursuant to this Contract.  The Deposit shall be refundable to Purchaser
during the Feasibility Period as provided in Section 3.2.  After the expiration of the
Feasibility Period the Deposit shall be non-refundable to Purchaser except as
otherwise provided in this Contract.  

2.3.2       
Escrow Agent shall hold the Deposit until the earlier occurrence of (i)
the Closing Date, at which time the Deposit shall be applied against the
Purchase Price, (ii) the time that the Deposit is released to Seller pursuant to
Section 10.1 or Purchaser
pursuant to Section 10.2 or (iii)
the date on which Escrow Agent shall be authorized to disburse the Deposit as
set forth in Section 2.3.3. 
If this Contract is terminated by Purchaser in accordance with Section 3.2, Escrow Agent shall return the Initial
Deposit to Purchaser within one (1) Business Day of such termination provided
that Purchaser has complied with the requirements of Section 3.5.2 regarding return or destruction of
the Materials.  The tax identification numbers of the parties shall be
furnished to Escrow Agent upon request.

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

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

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

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

Article
III
FEASIBILITY PERIOD

3.1             
Feasibility Period.  Subject to the terms of
Sections 3.3 and 3.4 and the rights of Tenants under the
Leases, from the Effective Date to and including the date which is thirty
(30)     days after the Effective Date (the
"Feasibility Period"), Purchaser, and its agents, contractors,
engineers, surveyors, attorneys, accountants, lenders and employees
(collectively, "Consultants") shall, at no cost or expense to
Seller, have the right from time to time to enter onto the Property to conduct
and make any and all customary studies, tests, examinations, inquiries,
inspections and investigations of or concerning the Property, review the
Materials and otherwise confirm any and all matters which Purchaser may
reasonably desire to confirm with respect to the Property and Purchaser's
intended use thereof (collectively, the "Inspections").  

3.2             
Expiration of Feasibility Period.  If Purchaser shall
be unsatisfied with the Property or determine that it is not feasible for it to
Purchase the Property for any reason, or for no reason whatsoever, in
Purchaser's sole and absolute discretion, then Purchaser shall have the right to
terminate this Contract by giving written notice to that effect to Seller and
Escrow Agent no later than 5:00 p.m. Eastern Time on the date of the expiration
of the Feasibility Period.  If Purchaser provides such notice, this
Contract shall terminate and be of no further force and effect, except for the
Survival Provisions and as expressly provided in this Contract, and Escrow Agent
shall return the Initial Deposit to Purchaser.  If Purchaser fails to
provide Seller with written notice of termination prior to the expiration of the
Feasibility Period, Purchaser's right to terminate
under this Section 3.2 shall be
permanently waived, this Contract shall remain in full force and effect and the
Deposit shall be non-refundable except as provided in this Contract.

3.3             
Conduct of Investigation.  Purchaser shall not permit
any mechanics' or materialmen's liens or any other liens to attach to the
Property by reason of the performance of any work or the purchase of any
materials by Purchaser or any other party in connection with any Inspections
conducted by or for Purchaser.  Purchaser shall give reasonable advance
notice to Seller prior to any entry onto the Property and shall permit Seller to
have a representative present during all Inspections conducted at the
Property.  Purchaser shall take all reasonable actions and implement all
protections necessary to ensure that all actions taken in connection with the
Inspections, and all equipment, materials and substances generated, used or
brought onto the Property pose no material threat to the safety of persons,
property or the environment.

3.4             
Purchaser Indemnification.  

3.4.1       
Purchaser shall indemnify, hold harmless and, if requested by Seller (in
Seller's sole discretion), defend (with counsel reasonably approved by Seller)
Seller, together with Seller's affiliates, parent and subsidiary entities,
successors, assigns, partners, managers, members, employees, officers,
directors, trustees, shareholders, counsel, representatives, agents, Property
Manager, Regional Property Manager, Community Manager and AIMCO (collectively,
including Seller, "Seller's Indemnified Parties"), from and
against any and all damages, mechanics' liens, materialmen's liens, liabilities,
penalties, interest, losses, demands, actions, causes of action, claims, costs
and expenses (including reasonable attorneys' fees, including the cost of
appeals) (collectively, "Losses") arising from or related to
Purchaser's or its Consultants' entry onto the Property, and any Inspections or
other acts by Purchaser or Purchaser's Consultants with respect to the Property
during the Feasibility Period or otherwise.  Purchaser shall, however,
not be liable for any damages incurred by Seller resulting from the mere
discovery by Purchaser of a pre-existing condition at or with regard to the
Property; provided, however, that if Purchaser proceeds with the acquisition of
the Property after the expiration of the Feasibility Period, Purchaser shall
accept the Property with such pre-existing condition and Seller's and
Purchaser's rights and obligations with respect thereto shall be governed by the
terms of this Contract, including, without limitation, Section 6.2.  

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

3.5             
Property Materials.  

3.5.1       
Within three (3) days after the Effective Date, and to the extent the
same exist and are in Seller's possession or reasonable control (subject to
Section 3.5.2), Seller agrees
to make the documents set forth on Schedule 3.5 (together with any other documents or
information provided by Seller or its agents to Purchaser with respect to the
Property, the "Materials") available at the Property for review
and copying by Purchaser at Purchaser's sole cost and expense.  In the
alternative, at Seller's option and within the foregoing time period, Seller
shall deliver to Purchaser any Materials not made available at the Property, or
make the same available to Purchaser on a secure web site.

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

3.5.3       
Seller shall deliver to Purchaser, together with Seller's executed
signature pages to this Contract, the most recent rent roll for the Property
listing the move-in date, monthly base rent payable, lease expiration date and
unapplied security deposit for each Lease (the "Rent Roll"). 
Seller makes no representations or warranties regarding the Rent Roll other than
the express representation set forth in Section 6.1.6.   

3.6             
Property Contracts.  On or before the expiration of
the Feasibility Period, Purchaser may deliver written notice to Seller (the
"Property Contracts Notice") specifying any Property Contracts
which Purchaser desires to terminate at the Closing (the "Terminated
Contracts"); provided that (a) the effective date of such termination on
or after Closing shall be subject to the express terms of such Terminated
Contracts, (b) if any such Property Contract cannot by its terms be terminated
at Closing, it shall be assumed by Purchaser and not be a Terminated Contract,
and (c) to the extent that any such Terminated Contract requires payment of a penalty, premium, or damages, including liquidated
damages, for cancellation, Purchaser shall be solely responsible for the payment
of any such cancellation fees, penalties, or damages, including liquidated
damages.  If Purchaser fails to deliver the Property Contracts Notice on or
before the expiration of the Feasibility Period, there shall be no Terminated
Contracts and Purchaser shall assume all Property Contracts at the
Closing.  If Purchaser delivers the Property Contracts Notice to Seller on
or before the expiration of the Feasibility Period, then Seller shall prepare a
vendor termination notice (in the form attached hereto as Exhibit F)
for each Terminated Contract informing the vendor(s) of the termination of such
Terminated Contract as of the Closing Date (subject to any delay in the
effectiveness of such termination pursuant to the express terms of each
applicable Terminated Contract) (the "Vendor Terminations"). 
Seller shall sign and deliver the Vendor Terminations to all applicable vendors
on the Closing Date.  To the extent that any Property Contract to be
assigned to Purchaser requires vendor consent, then, prior to the Closing,
Seller shall attempt to obtain from each applicable vendor a consent (each a
"Required Assignment Consent") to such assignment.  Seller
shall indemnify, hold harmless and, if requested by Purchaser (in Purchaser's
sole discretion), defend (with counsel reasonably approved by Purchaser)
Purchaser and Purchaser's affiliates, parents, subsidiaries, successors,
assigns, partners, managers, members, employees, officers, directors, trustees,
shareholders, counsel, representatives and agents (collectively,
"Purchaser's Indemnified Parties") from and against any and all
Losses arising from or related to Seller's failure to obtain any Required
Assignment Consent.

Article
IV
TITLE

4.1             
Title Documents.  During the Feasibility Period,
Purchaser shall obtain from Commonwealth Land Title Insurance Company, 9510
Ornsby Station Road, Louisville, Kentucky 40223, Attention: Andrew B. Cox
("Title Insurer") a standard form commitment or preliminary title
report ("Title Commitment") to provide an American Land Title
Association owner's title insurance policy for the Property, using the ALTA 2006
form of policy, in an amount equal to the Purchase Price (the "Title
Policy"), together with copies of all instruments identified as
exceptions therein (together with the Title Commitment, referred to herein as
the "Title Documents").  Purchaser shall be solely
responsible for payment of all costs relating to procurement of the Title
Commitment, the Title Policy, and any requested endorsements. 
Purchaser shall coordinate with Escrow Agent to cause the Title Policy to be
issued by Title Insurer.

4.2             
Survey.  Purchaser may, at its sole cost and expense,
obtain a new survey of the Property prior to the expiration of the Feasibility
Period in a form satisfactory to Purchaser (such new or updated survey is
referred to herein as the "Survey").  

4.3             
Objection and Response Process.  On or before the date
which is twenty five (25) days after the Effective Date (the "Objection
Deadline"), Purchaser shall give written notice (the "Objection
Notice") to the attorneys for Seller of any matter set forth in the
Title Documents and the Survey to which Purchaser objects (the
"Objections").  If Purchaser fails to tender an Objection
Notice on or before the Objection Deadline, Purchaser shall be deemed to have
approved and irrevocably waived any objections to any matters included in the
Title Documents and the Survey.  On or before the date which is twenty
eight (28) days after the Effective Date (the
"Response Deadline"), Seller may, in Seller's sole discretion,
give Purchaser notice (the "Response Notice") of those Objections
which Seller is willing to cure, if any.  If Seller fails to deliver a
Response Notice by the Response Deadline, Seller shall be deemed to have elected
not to cure or otherwise resolve any matter set forth in the Objection
Notice.  If Purchaser is dissatisfied with the Response Notice or the lack
of Response Notice, Purchaser may, as its exclusive remedy, exercise its right
to terminate this Contract prior to the expiration of the Feasibility Period in
accordance with the provisions of Section 3.2.  If Purchaser fails to timely
exercise such right, Purchaser shall be deemed to accept the Title Documents and
Survey with resolution, if any, of the Objections set forth in the Response
Notice (or if no Response Notice is tendered, without any resolution of the
Objections) and without any reduction or abatement of the Purchase Price. 

4.4             
Permitted Exceptions.  The Deed delivered pursuant to
this Contract shall be subject to the following, all of which shall be deemed
"Permitted Exceptions":

4.4.1       
All matters shown in the Title Documents and the Survey, other than (a)
those Objections, if any, which Seller has agreed to cure pursuant to the
Response Notice under Section 4.3, (b) the standard exception regarding the
rights of tenants as tenants only under unrecorded leases, which shall be
limited to those parties in possession pursuant to the Leases, and (c) the
standard exception pertaining to taxes, which shall be limited to taxes and
assessments payable for the year in which the Closing occurs and subsequent
taxes and assessments; 

4.4.2       
The Senior Encumbrances (as hereinafter defined);

4.4.3       
The Junior Encumbrances (as hereinafter defined);

4.4.4       
Applicable zoning and governmental regulations and ordinances;
and

4.4.5       
Any defects in or objections to title to the Property, or title
exceptions or encumbrances, arising by, through or under Purchaser.

4.5             
Existing Loans.  

4.5.1       
Description of Senior Loans.  Purchaser acknowledges that the
Property presently is encumbered by certain loans (collectively, the
"Senior Loans") made to Purchaser by Nationwide Life Insurance
Company and West Coast Life Insurance Company (collectively and together with
their successors and assigns, "Senior Lender"), that certain
Mortgage, Security Agreement and Fixture Financing Statement dated November 6,
1995 and recorded in the public records of Jefferson County, Kentucky at Book
3965 Page 910 (the "Senior Mortgage") and certain other security
and related documents in connection with the Senior Loans (collectively, the
"Senior Encumbrances").  The Senior Loans are evidenced by
that certain Promissory Note A dated November 6, 1995 in the original principal
amount of $6,600,000.00 and that certain Promissory Note B dated November 6,
1995 in the original principal amount of $750,000.00 (collectively, the
"Senior Notes"; and together with the Senior Mortgage, the Senior
Encumbrances and any other documents executed by Seller or Purchaser in
connection with the Senior Loans, the "Senior Loan Documents"),
executed by Purchaser and payable to the order of Senior Lender.

4.5.2       
Description of Junior Loan.  Purchaser acknowledges that the
Property is encumbered by that certain loan (the "Junior Loan")
made to Seller by Purchaser, that certain Amended, Restated and Substituted
Second Mortgage dated November 6, 1995 and recorded in the public records of
Jefferson County, Kentucky at Book 3965 Page 957 (the "Junior
Mortgage") and certain other security and related documents in
connection with the Junior Loan (collectively, the "Junior
Encumbrances").  The Junior Loan is evidenced by that certain
Amended, Restated and Substituted Mortgage Note dated November 6, 1995 in the
stated principal amount of $14,500,000.00 (the "Junior Note," and
together with the Junior Mortgage, the Junior Encumbrances and any other
documents executed by Seller in connection with the Junior Loan, the
"Junior Loan Documents"), executed by Seller and payable to the
order of the Purchaser.

4.5.3       
Release of Senior Loans.  

4.5.3.1           
Purchaser shall at all times be responsible for all payment and other
obligations in accordance the terms of the Senior Notes and such payment and
other obligations shall not be affected by the terms or performance of this
Contract.  On or before the Closing Date, Purchaser, at no cost or expense
to Seller, shall be solely responsible for paying off the outstanding principal
balance of the Senior Notes together with all interest accrued under the Senior
Notes, causing the Senior Encumbrances to be released of record and causing
Senior Lender to fully release Seller as well as any of Seller's guarantors and
other parties obligated on behalf of Seller under the Senior Loan Documents,
from all obligations accruing under the Senior Mortgage and the Senior Loan
Documents (and any related guarantees and letters of credit), if any, on and
after the Closing Date (collectively, the "Senior Loan
Release").  Seller acknowledges that it shall remain liable to
Senior Lender pursuant to the Senior Mortgage for the period of time prior to
the Closing Date.  

4.5.3.2           
Purchaser shall pay all fees and expenses (including, without limitation,
all servicing fees and charges, transfer fees, assumption fees, prepayment fees,
title fees, endorsement fees, and any other fees to release Seller of all
liability under the Senior Loan Documents) imposed or charged by Senior Lender
or its counsel (such fees and expenses collectively being referred to as the
"Senior Loan Release Fees"), in connection with the Senior Loan
Release.  Any existing reserves, impounds and other accounts maintained on
behalf of Seller in connection with the Senior Loans shall be released in Good
Funds to Seller at Closing.

4.5.4       
Assumption and Release of Junior Loan.

4.5.4.1           
Seller shall give Purchaser a credit against the Purchase Price (as
provided in Section 2.2.3) in
an amount equal to the Junior Loan Balance.  Purchaser shall be responsible
for all principal required to be paid under the terms of the Junior Note after
Closing, together with all interest accruing under the Junior Note after
Closing.  

4.5.4.2           
At the Closing, (a) Purchaser shall assume Seller's obligations under the
Junior Note and all of the other Junior Loan Documents and accept title to the
Property subject to the Junior Mortgage and the Junior Encumbrances, (b)
Purchaser shall release Seller, as well as any of Seller's guarantors and other
parties obligated on behalf of Seller under the Junior Loan Documents, from all
obligations under the Junior Loan Documents (and any related guarantees or letters of credit), including, without
limitation, any obligation to make payments of principal and interest under the
Junior Note and (c) notwithstanding anything to the contrary in the Junior Loan
Documents, Seller shall pay to Purchaser a loan assumption fee in the amount of
$130,000.00 (the "Junior Loan Assumption Fee") (collectively, the
foregoing (a), (b) and (c) referred to herein as the "Junior Loan
Assumption and Release").  The Junior Loan Assumption Fee shall be
inclusive of any fees and expenses required to be paid by Seller pursuant to the
Junior Loan Documents in connection with the Junior Loan Assumption and Release,
and Seller shall not be required to pay any other costs or expenses in
connection with the Junior Loan Assumption and Release, notwithstanding any
provisions of the Junior Loan Documents to the contrary.  Seller
acknowledges that it shall remain liable to Purchaser pursuant to the Junior
Loan Documents for the period of time prior to the Closing Date.

4.5.4.3           
Purchaser acknowledges that, because Purchaser is the lender with regard
to the Junior Loan, Purchaser has complete control over whether the Junior Loan
Assumption and Release is effected at Closing.  Accordingly, Purchaser, at
no cost or expense to Seller, shall diligently prosecute the Junior Loan
Assumption and Release, shall satisfy the requirements set forth in Junior Loan
Documents to allow for the Junior Loan Assumption and Release and shall fulfill
whatever internal procedures and requirements Purchaser may impose on the Junior
Loan Assumption and Release.  The Junior Loan and Assumption and Release is
not a condition to Purchaser's obligation to Close.  Seller, at no cost
or expense to Seller, shall cooperate with Purchaser to effect the Junior Loan
Assumption and Release in accordance with the terms of this Contract.  

4.5.4.4           
Except for the Junior Loan Assumption Fee, Purchaser shall pay all fees
and expenses (including, without limitation, all servicing fees and charges,
transfer fees, assumption fees, prepayment fees, title fees, endorsement fees,
and other fees to release Seller of all liability under the Junior Loan) imposed
or charged by Purchaser or its counsel in connection with the Junior Loan
Assumption and Release.  Purchaser shall be responsible for all amounts
due and owing under the Junior Loan Documents as a result of the Junior Loan
Assumption and Release.  Any existing reserves, impounds and other accounts
maintained in connection with the Junior Loan shall be released in Good Funds to
Seller at Closing.

4.5.4.5           
Purchaser shall be in default under this Contract if Purchaser fails to
effect the Junior Loan Assumption and Release at Closing, in which event Seller
may terminate this Contract and the Deposit shall be immediately released by the
Escrow Agent to Seller.

4.6             
Subsequently Disclosed Exceptions.  If at any time
after the expiration of the Feasibility Period, any update to the Title
Commitment discloses any additional item that materially adversely affects title
to the Property which was not disclosed on any version of or update to the Title
Commitment delivered to Purchaser during the Feasibility Period (the "New
Exception"), Purchaser shall have a period of five (5) days from the
date of its receipt of such update (the "New Exception Review
Period") to review and notify Seller in writing of Purchaser's approval
or disapproval of the New Exception.  If Purchaser disapproves of the New
Exception, Seller may, in Seller's sole discretion, notify Purchaser as to
whether it is willing to cure the New Exception.  If Seller elects to cure
the New Exception, Seller shall be entitled to reasonable adjournments of the
Closing Date to cure the New Exception.  If Seller fails to deliver a notice to Purchaser within two (2) days after the
expiration of the New Exception Review Period, Seller shall be deemed to have
elected not to cure the New Exception.  If Purchaser is dissatisfied with
Seller's response, or lack thereof, Purchaser may, as its exclusive remedy elect
either:  (i) to terminate this Contract, in which event the Deposit shall
be promptly returned to Purchaser or (ii) to waive the New Exception and proceed
with the transactions contemplated by this Contract, in which event Purchaser
shall be deemed to have approved the New Exception.  If Purchaser fails to
notify Seller of its election to terminate this Contract in accordance with the
foregoing sentence within four (4) days after the expiration of the New
Exception Review Period, Purchaser shall be deemed to have elected to approve
and irrevocably waive any objections to the New Exception.  

4.7             
Purchaser Financing .  Purchaser assumes full
responsibility to obtain the funds required for settlement, and Purchaser's
acquisition of such funds shall not be a contingency to the Closing. 

Article
V
CLOSING

5.1             
Closing Date.  The Closing shall occur at the time set
forth in Section 2.2.4 on the
date which is thirty (30) days after the expiration of the Feasibility Period
(the "Closing Date") through an escrow with Escrow Agent, whereby
Seller, Purchaser and their attorneys need not be physically present at the
Closing and may deliver documents by overnight air courier or other means. 
The Closing Date may be extended without penalty at the option of Seller to a
date not later than forty five (45) days following the Closing Date specified in
the first sentence of this paragraph above in order to either accomplish the
Senior Loan Release and/or the Junior Loan Assumption and Release or to satisfy
the condition set forth in Section 8.2.4.  

5.2             
Seller Closing Deliveries.  No later than one (1)
Business Day prior to the Closing Date, Seller shall deliver to Escrow Agent,
each of the following items:

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

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

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

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

5.2.5       
A closing statement setting forth the prorations and adjustments to the
Purchase Price to be made pursuant to this Contract, executed by Seller.

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

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

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

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

5.2.10    A list of all
current Property Contracts correct and complete in all material respects (the
"Property Contracts List") effective as of a date no more than
three (3) Business Days prior to the Closing Date; provided, however, that the
content of such Property Contracts List shall in no event expand or modify the
conditions to Purchaser's obligation to close as specified under Section
8.1.  Except as set forth in
Section 6.1.5, Seller makes no
representations or warranties regarding the Property Contracts List.

5.2.11    Tenant Notice
Letters countersigned by Seller.  

5.2.12    Any documents or
instruments required by Senior Lender in connection with the Senior Loan Release
and reasonably acceptable to Seller.

5.2.13    All documents and
instruments required by Purchaser in connection with the Junior Loan Assumption
and Release and reasonably acceptable to Seller.

5.2.14    Proof of
termination as of the Closing Date of any property management agreement entered
into by Seller for the Property.

5.3             
Purchaser Closing Deliveries.  No later than one (1)
Business Day prior to the Closing Date (except for the balance of the Purchase
Price which is to be delivered at the time specified in Section 2.2.4), Purchaser shall deliver to the
Escrow Agent (for disbursement to Seller upon the Closing) the following
items:

5.3.1       
The full Purchase Price (with credit for the Deposit, the Junior Loan
Assumption Fee and the Junior Loan Balance), plus or minus the adjustments or
prorations required by this Contract.

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

5.3.3       
[Intentionally Deleted].

5.3.4       
A closing statement setting forth the prorations and adjustments to the
Purchase Price to be made pursuant to this Contract, executed by
Purchaser.

5.3.5       
A countersigned counterpart of the General Assignment.

5.3.6       
A countersigned counterpart of the Leases Assignment.

5.3.7       
Notification letters to all Tenants prepared and executed by Purchaser in
the form attached hereto as Exhibit G (collectively, "Tenant Notice
Letters”), which shall be delivered to all Tenants by Purchaser
immediately after Closing.  

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

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

5.3.10    Fully and properly
executed releases or satisfactions of the Senior Loan Documents and the Senior
Encumbrances.

5.3.11    All documents and
instruments required by Purchaser in connection with the Junior Loan Assumption
and Release.

5.4             
Closing Prorations and Adjustments.  

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

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

5.4.3       
Utilities.  The final readings and final billings for
utilities will be made if possible as of the Closing Date, in which case Seller
shall pay all such bills as of the Closing Date and no proration shall be made
at the Closing with respect to utility bills.  Otherwise, a proration shall
be made based upon the parties' reasonable good faith estimate.  Seller
shall be entitled to the return of any deposit(s) posted by it with any utility
company, and Seller shall notify each utility company serving the Property to
terminate Seller's account, effective as of 12:01 a.m. Eastern Time on the
Closing Date.

5.4.4       
Real Estate Taxes.  Any real estate ad valorem or
similar taxes for the Property, or any installment of assessments payable in
installments which installment is payable in the calendar year of Closing, shall
be prorated to the date of Closing, based upon actual days involved.  The
proration of real property taxes or installments of assessments shall be based
upon the assessed valuation and tax rate figures (assuming payment at the
earliest time to allow for the maximum possible discount) for the year in which
the Closing occurs to the extent the same are available; provided, however, that
in the event that actual figures (whether for the assessed value of the Property
or for the tax rate) for the year of Closing are not available at the Closing
Date, the proration shall be made using figures which are one hundred three
percent (103%) above the figures for the preceding year (assuming payment at the
earliest time to allow for the maximum possible discount).  The proration
of real property taxes or installments of assessments shall be final and not
subject to re-adjustment after Closing.  Purchaser shall pay all taxes and
installments of assessments which may become due and payable following the
Closing Date.

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

5.4.6       
Leases.  

5.4.6.1           
All collected rent (whether fixed monthly rentals, additional rentals,
escalation rentals, retroactive rentals, operating cost pass-throughs or other
sums and charges payable by Tenants under the Leases), income and expenses from
any portion of the Property shall be prorated as of the Closing Date. 
Purchaser shall receive all collected rent and income attributable to dates from
and after the Closing Date.  Seller shall receive all collected rent and
income attributable to dates prior to the Closing Date.  Notwithstanding
the foregoing, no prorations shall be made in relation to either (a)
non-delinquent rents which have not been collected as of the Closing Date, or
(b) delinquent rents existing, if any, as of the Closing Date (the foregoing (a)
and (b) referred to herein as the "Uncollected Rents").  In
adjusting for Uncollected Rents, no adjustments shall be made in Seller's favor
for rents which have accrued and are unpaid as of the Closing, but Purchaser
shall pay Seller such accrued Uncollected Rents as and when collected by
Purchaser less Purchaser's actual reasonable costs of collecting the same. 
Purchaser agrees to bill Tenants of the Property for all Uncollected Rents and
to take reasonable actions to collect Uncollected Rents.  Notwithstanding
the foregoing, Purchaser's obligation to collect Uncollected Rents shall be
limited to Uncollected Rents of not more than 90 days past due, and Purchaser's
collection of rents shall be applied, first, towards current rent due and owing
under the Leases, and second, to Uncollected Rents.  After the Closing,
Seller shall continue to have the right, but not the obligation, in its own
name, to demand payment of and to collect Uncollected Rents owed to Seller by
any Tenant, which right shall include, without limitation, the right to continue
or commence legal actions or proceedings against any Tenant and the delivery of
the Leases Assignment shall not constitute a waiver by Seller of such right;
provided however, that (i) the foregoing right of Seller shall be limited to
actions seeking monetary damages, (ii) in no event shall Seller seek to evict
any Tenants in any action to collect Uncollected Rents, (iii) Seller shall give
Purchaser written notice if Seller intends to commence legal action or
proceedings against any Tenant and (iv) Seller shall not be permitted to
commence legal action or proceedings against any Tenant after the date which is
twelve (12) months after the Closing Date.  Purchaser agrees to cooperate
with Seller in connection with all efforts by Seller
to collect such Uncollected Rents and to take all steps, whether before or after
the Closing Date, as may be necessary to carry out the intention of the
foregoing, including, without limitation, the delivery to Seller, within seven
(7) days after a written request, of any relevant books and records (including,
without limitation, rent statements, receipted bills and copies of tenant checks
used in payment of such rent), the execution of any and all consents or other
documents, and the undertaking of any act reasonably necessary for the
collection of such Uncollected Rents by Seller; provided, however, that
Purchaser's obligation to cooperate with Seller pursuant to this sentence shall
not obligate Purchaser to terminate any Tenant lease with an existing Tenant or
evict any existing Tenant from the Property.

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

5.4.7       
[Intentionally Deleted].

5.4.8       
Insurance.  No proration shall be made in relation to
insurance premiums and insurance policies will not be assigned to
Purchaser.  Seller shall have the risk of loss of the Property until and
including 11:59 p.m. the day prior to the Closing Date, after which time the
risk of loss shall pass to Purchaser and Purchaser shall be responsible for
obtaining its own insurance thereafter.

5.4.9       
Employees.  All of Seller's and Seller's manager's
on-site employees shall have their employment at the Property terminated as of
the Closing Date.  Purchaser may interview any of Seller's or Seller's
property manager's on-site employees at any time after the expiration of the
Feasibility Period; provided, however, that Purchaser shall be under no
obligation to hire any such employees.

5.4.10    Closing
Costs.  Purchaser shall pay any mortgage assumption, sales, use,
gross receipts or similar taxes and the cost of recording any instruments
required to discharge any liens or encumbrances against the Property. 
Purchaser shall also pay the recording fees for the transfer documents, all
premiums or fees required to be paid by Purchaser with respect to the Title
Policy pursuant to Section 4.1,
all Survey costs and one-half of the customary closing costs of the Escrow
Agent.  Seller shall pay any transfer taxes and one-half of the customary
closing costs of the Escrow Agent.  

5.4.11    [Intentionally
Deleted]

5.4.12   
Possession.  Possession of the Property, subject to
the Leases, Property Contracts, other than Terminated Contracts, and Permitted
Exceptions, shall be delivered to Purchaser at the Closing upon release from
escrow of all items to be delivered by Purchaser pursuant to Section 5.3.  To the extent reasonably
available to Seller, originals or copies of the Leases and Property Contracts,
lease files, warranties, guaranties, operating manuals, keys to the property,
and Seller's and Seller's manager's books and records (other than proprietary
information) (collectively, "Seller's Property-Related Files and
Records") regarding the Property shall be made available to Purchaser at
the Property on the Closing Date.  Purchaser agrees, for a period of not
less than three (3) years after the Closing (the "Records Hold
Period"), to (a) provide and allow Seller reasonable access to Seller's
Property-Related Files and Records for purposes of inspection and copying
thereof, and (b) reasonably maintain and preserve Seller's Property-Related
Files and Records.  

5.5             
Post Closing Adjustments.  Purchaser or Seller may
request that Purchaser and Seller undertake to re-adjust any item on the
Proration Schedule (or any item omitted therefrom), with the exception of real
property taxes which shall be final and not subject to readjustment, in
accordance with the provisions of Section 5.4 of this Contract; provided, however, that
neither party shall have any obligation to re-adjust any items (a) after the
expiration of 60 days after Closing, or (b) subject to such 60-day period,
unless such items exceed $5,000.00 in magnitude (either individually or in the
aggregate).  

Article
VI
REPRESENTATIONS AND WARRANTIES OF SELLER AND PURCHASER

6.1             
Seller's Representations.  Except, in all cases, for
any fact, information or condition disclosed in the Title Documents, the
Permitted Exceptions, the Property Contracts, or the Materials, or which is
otherwise known by Purchaser prior to the Closing, Seller represents and
warrants to Purchaser the following (collectively, the "Seller's
Representations") as of the Effective Date and as of the Closing Date;
provided that Purchaser's remedies if any such Seller's Representations are
untrue as of the Closing Date are limited to those set forth in
Section 8.1:

6.1.1       
Seller is validly existing and in good standing under the laws of the
state of its formation set forth in the initial paragraph of this Contract; and,
subject to Section 8.2.4,
has or at the Closing shall have the entity power and authority to sell and
convey the Property and to execute the documents to be executed by Seller and
prior to the Closing will have taken as applicable, all corporate, partnership,
limited liability company or equivalent entity actions required for the
execution and delivery of this Contract, and the consummation of the
transactions contemplated by this Contract.  The compliance with or
fulfillment of the terms and conditions hereof will not conflict with, or result
in a breach of, the terms, conditions or provisions of, or constitute a default
under, any contract to which Seller is a party or by which Seller is otherwise
bound, which conflict, breach or default would have a material adverse affect on
Seller's ability to consummate the transaction contemplated by this Contract or
on the Property.  Subject to Section 8.2.4, this Contract is a valid and
binding agreement against Seller in accordance with its terms;

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

6.1.3       
Except as set forth on Exhibit J attached hereto, neither Seller,
the Regional Property Manager nor the Community Manager has received written
notice of any current or pending litigation (including any bankruptcy,
receivership, trusteeship or attachment proceeding) against Seller which, in the
reasonable judgment of Seller, if determined adversely to Seller, would
materially adversely affect the Property or Seller's obligation to close the
transaction contemplated by this Contract;

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

6.1.5       
To Seller's knowledge, the Property Contracts List is correct and
complete in all material respects;

6.1.6       
To Seller's knowledge, the Rent Roll (and as updated pursuant to
Section 5.2.9) is
correct and complete in all material respects;

6.1.7       
To Seller's knowledge, except for (A) the Property Contracts,
(B) Leases with tenants of the Property as set forth on the Rent Roll (as
updated pursuant to Section 5.2.9), and (C) matters, agreements
and instruments of record, there exist no contracts, subcontracts or agreements
affecting the Property that will be binding upon Purchaser after the
Closing;

6.1.8       
To Seller's knowledge, Seller is not aware of any uncured default on its
part, or any uncured failure or act which, with the giving of notice or the
passing of time, would become a default on its part, under the Leases or the
Property Contracts, and Seller has not received any written notice of default
from any parties to the Leases or Property Contracts which has not been cured by
Seller;

6.1.9       
To Seller's knowledge, the only tenants under leases or other occupancy
agreements at the Property are the tenants disclosed on the Rent Roll;

6.1.10    To Seller’s
knowledge, no public improvements, in the nature of sewer lines, sidewalks, road
extensions and the like, have been ordered to be made to the Property, which
have not, prior to the Effective Date, been completed, assessed, or paid
for;

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

6.1.12    Neither Seller,
the Regional Property Manager nor the Community Manager has received written
notice of, nor, to Seller's knowledge is there, any pending, threatened or
contemplated action by any governmental or quasi-governmental authority or
agency having the power of eminent domain which might result in any portion of
the Property, or any interest therein, being taken by condemnation or in lieu
thereof.

6.2             
AS-IS.  Except for Seller's Representations, the
Property is expressly purchased and sold "AS IS," "WHERE IS," and "WITH ALL
FAULTS."  The Purchase Price and the terms and conditions set forth herein
are the result of arm's-length bargaining between entities familiar with
transactions of this kind, and said price, terms and conditions reflect the fact
that, except for Seller's Representations, Purchaser shall not have the benefit
of, and is not relying upon, any information provided by Seller or statements,
representations or warranties, express or implied, made by or enforceable
directly against Seller, including, without limitation, any relating to the
value of the Property, the physical or environmental condition of the Property,
any state, federal, county or local law, ordinance, order or permit; or the
suitability, compliance or lack of compliance of the Property with any
regulation, or any other attribute or matter of or relating to the Property
(other than any covenants of title contained in the Deed conveying the Property
and Seller's Representations).  Except as provided in this Contract,
Purchaser agrees that Seller shall not be responsible or liable to Purchaser for
any defects, errors or omissions, or on account of any conditions affecting the
Property.  Except for Seller's Representations, Purchaser, its successors
and assigns, and anyone claiming by, through or under Purchaser, hereby fully
releases Seller's Indemnified Parties from, and irrevocably waives its right to
maintain, any and all claims and causes of action that it or they may now have
or hereafter acquire against Seller's Indemnified Parties with respect to any
and all Losses arising from or related to any defects, errors, omissions or
other conditions affecting the Property.  Purchaser represents and warrants
that, as of the date hereof and as of the Closing Date, it has and shall have
reviewed and conducted such independent analyses, studies (including, without
limitation, environmental studies and analyses concerning the presence of lead,
asbestos, water intrusion and/or fungal growth and any resulting damage, PCBs
and radon in and about the Property), reports, investigations and inspections as
it deems appropriate in connection with the Property.  If Seller 
provides or has provided any documents, summaries, opinions or work product of
consultants, surveyors, architects, engineers, title companies, governmental
authorities or any other person or entity with respect to the Property,
including, without limitation, Purchaser and Seller agree that Seller has done
so or shall do so only for the convenience of both parties, Purchaser shall not
rely thereon and the reliance by Purchaser upon any such documents, summaries,
opinions or work product shall not create or give rise to any liability of or
against Seller's Indemnified Parties.  Except for Seller's Representations,
Purchaser acknowledges and agrees that no representation has been made and no
responsibility is assumed by Seller with respect to current and future
applicable zoning or building code requirements or the compliance of the
Property with any other laws, rules, ordinances or regulations, the financial
earning capacity or expense history of the Property, the continuation of
contracts, continued occupancy levels of the Property, or any part thereof, or
the continued occupancy by tenants of any Leases or, without limiting any of the
foregoing, occupancy at Closing.  Prior to Closing, Seller shall have the
right, but not the obligation, to enforce its rights against any and all
Property occupants, guests or tenants subject to the requirements of Section
7.2.  Purchaser agrees that the
departure or removal, prior to Closing, of any of such guests, occupants or
tenants shall not be the basis for, nor shall it give rise to, any claim on the
part of Purchaser, nor shall it affect the obligations of Purchaser under this
Contract in any manner whatsoever; and Purchaser shall close title and accept
delivery of the Deed with or without such tenants in possession and without any
allowance or reduction in the Purchase Price under this Contract. 
Purchaser hereby releases Seller from any and all claims and liabilities
relating to the foregoing matters.  

6.3             
Survival of Seller's Representations.  Seller and Purchaser agree that Seller's
Representations shall survive Closing for a period of twelve (12) months (the
"Survival Period").  Seller shall have no liability after the
Survival Period with respect to Seller's Representations contained herein except
to the extent that Purchaser has made formal written demand (which may be an
e-mail) against Seller during the Survival Period for breach of any of Seller's
Representations.  Under no circumstances shall Seller be liable to
Purchaser for more than $500,000.00 in any individual instance or in the
aggregate for all breaches of Seller's Representations, nor shall Purchaser be
entitled to bring any claim for a breach of Seller's Representations unless the
claim for damages (either in the aggregate or as to any individual claim) by
Purchaser exceeds $5,000.  In the event that Seller breaches any
representation contained in Section 6.1 and Purchaser had knowledge of such
breach prior to the Closing Date, and elected to close regardless, Purchaser
shall be deemed to have waived any right of recovery, and Seller shall not have
any liability in connection therewith.

6.4             
Definition of Seller's Knowledge.  Any representations
and warranties made "to the knowledge of Seller" shall not be deemed to imply
any duty of inquiry.  For purposes of this Contract, the term Seller's
"knowledge" shall mean and refer only to actual knowledge of the
Regional Property Manager and Community Manager and shall not be construed to
refer to the knowledge of any other partner, officer, director, agent, employee
or representative of Seller, or any affiliate of Seller, or to impose upon such
Regional Property Manager or Community Manager any duty to investigate the
matter to which such actual knowledge or the absence thereof pertains, or to
impose upon such Regional Property Manager or Community Manager any individual
personal liability.  As used herein, the term "Regional Property
Manager" shall refer to Kristine Rank, who is the regional property
manager handling this Property.  The term "Community Manager"
shall refer to Lajos Szendi, who is the community manager handling this
Property.

6.5             
Representations and Warranties of Purchaser.  For the
purpose of inducing Seller to enter into this Contract and to consummate the
sale and purchase of the Property in accordance herewith, Purchaser represents
and warrants to Seller the following as of the Effective Date and as of the
Closing Date:

6.5.1       
Purchaser is a limited partnership duly organized, validly existing and
in good standing under the laws of Kentucky.

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

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

6.5.4       
Other than Seller's Representations, Purchaser has not relied on any
representation or warranty made by Seller or any representative of Seller in
connection with this Contract and the acquisition of the Property.

6.5.5       
[Intentionally Omitted]

6.5.6       
Purchaser is not a Prohibited Person.

6.5.7       
To Purchaser's knowledge, none of its investors, affiliates or brokers or
other agents (if any), acting or benefiting in any capacity in connection with
this Contract is a Prohibited Person.

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

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

6.5.10    With regard to the
Junior Loan, there are no reserves, impounds or other accounts required to be
maintained in connection with the Junior Loan, and no such reserves, impounds or
accounts will be required by Purchaser upon or after the Junior Loan Assumption
and Release.

6.5.11    To Purchaser's
knowledge, neither Seller nor any of its guarantors or other parties obligated
on behalf of Seller under the Junior Loan Documents are in default under any of
the Junior Loan Documents nor is there any condition which, with the giving of
notice or passage of time or both, would constitute a default under the Junior
Loan Documents by Seller or any of its guarantors or other parties obligated on
behalf of Seller under the Junior Loan Documents.

Article VII
OPERATION OF THE PROPERTY

7.1             
Leases and Property Contracts.  During the period of
time from the Effective Date to the Closing Date, in the ordinary course of
Seller's business Seller may enter into new Property Contracts and new Leases,
renew existing Leases or modify, terminate or accept the surrender or forfeiture
of any of the Leases, modify any Property Contracts, or institute and prosecute
any available remedies for default under any Lease or Property Contract without
first obtaining the written consent of Purchaser; provided, however, Seller
agrees that, unless Seller obtains the prior written consent of Purchaser, which
consent shall not be unreasonably withheld, conditioned or delayed, (a) any such
new Property Contracts or any new or renewed Leases shall not have a term in excess of one (1) year and (b) any such
new Property Contracts shall be terminable upon thirty (30) days notice without
penalty or additional charge.  During the period of time from the Effective
Date to the Closing Date, Seller shall notify Purchaser if Seller terminates any
Property Contracts or such termination shall be reflected in the Property
Contracts List delivered by Seller pursuant to Section 5.2.10.

7.2             
General Operation of Property.  Except as specifically
set forth in this Article
VII, Seller shall operate the Property after the Effective Date in the
ordinary course of Seller's business, and except as necessary in Seller's sole
discretion to address (a) any life or safety issue at the Property or (b) any
other matter which in Seller's reasonable discretion materially adversely
affects the use, operation or value of the Property, Seller will not make any
material alterations to the Property or remove any material Fixtures and
Tangible Personal Property without the prior written consent of Purchaser which
consent shall not be unreasonably withheld, denied or delayed.  Seller and
Purchaser agree that Seller shall have no liability for a breach of the
provisions of this Section 7.2 except
to the extent that Purchaser has made formal written demand (which may be an
e-mail) against Seller no later than six (6) months after the Closing
Date.  Under no circumstances shall Seller be liable to Purchaser for more
than $30,000.00 (less any amounts paid by Seller to Purchaser pursuant to
Sections 8.2 and 10.2) in any individual instance or in the
aggregate for all breaches of Seller's obligations under this Section 7.2, nor shall Purchaser be entitled to
bring any claim for the same unless the claim for damages (either in the
aggregate or as to any individual claim) by Purchaser exceeds $5,000.

7.3             
Liens.  Other than utility easements and temporary
construction easements which were being negotiated prior to the Effective Date,
Seller covenants that it will not voluntarily create or cause any lien or
encumbrance to attach to the Property between the Effective Date and the Closing
Date (other than Leases and Property Contracts as provided in Section
7.1) unless Purchaser approves such
lien or encumbrance, which approval shall not be unreasonably withheld,
conditioned or delayed.  If Purchaser approves any such subsequent lien or
encumbrance, the same shall be deemed a Permitted Encumbrance for all purposes
hereunder.  Seller shall give Purchaser notice of any easements that Seller
is negotiating with respect to the Property.  

7.4             
Seller's (or Seller's Manager's) Employees.  From and
after the expiration of the Feasibility Period, Purchaser shall have the right
to interview all on-site employees at the Property to determine if Purchaser
desires to hire any such staff.

Article
VIII
CONDITIONS PRECEDENT TO CLOSING

8.1             
Purchaser's Conditions to Closing.  Purchaser's
obligation to close under this Contract shall be subject to and conditioned upon
the fulfillment of the following conditions precedent:

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

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

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

8.1.4       
Neither Seller, Seller's general partner nor any of the general partner's
members shall be a debtor in any bankruptcy proceeding nor shall have been in
the last six (6) months a debtor in any bankruptcy proceeding which would affect
the ability of Seller to convey the Property. 

Notwithstanding
anything to the contrary, there are no other conditions to Purchaser's
obligation to Close except as expressly set forth in this Section 8.1.  If any condition set forth in
Sections 8.1.1, 8.1.3 or 8.1.4 is not met, Purchaser may (a)
waive any of the foregoing conditions and proceed to Closing on the Closing Date
with no offset or deduction from the Purchase Price, or (b) if such failure
constitutes a default by Seller, exercise any of its remedies pursuant to
Section 10.2.  If the
condition set forth in Section 8.1.2 is not met, Seller shall not be
in default pursuant to Section 10.2, and Purchaser may, as its sole and
exclusive remedy, (i) notify Seller of Purchaser's election to terminate this
Contract and receive a return of the Deposit from the Escrow Agent, or (ii)
waive such condition and proceed to Closing on the Closing Date with no offset
or deduction from the Purchase Price.  

8.2             
Seller's Conditions to Closing.  Without limiting any
of the rights of Seller elsewhere provided for in this Contract, Seller's
obligation to close with respect to conveyance of the Property under this
Contract shall be subject to and conditioned upon the fulfillment of the
following conditions precedent:

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

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

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

8.2.4       
Seller shall have received all consents, documentation and approvals
necessary to consummate and facilitate the transactions contemplated hereby,
including, without limitation, a tax free exchange pursuant to Section
13.18 (and the amendment of
Seller's (or Seller's affiliates') partnership or other organizational documents
in connection therewith), (a) from Seller's partners, members, managers,
shareholders or directors to the extent required by Seller's (or Seller's
affiliates') organizational documents, and (b) as required by law; 

8.2.5       
There shall not be any litigation commenced by a third party which, if
determined adversely, would restrain the consummation of any of the transactions
contemplated by this Contract or declare illegal,
invalid or nonbinding any of the convents or obligations of Purchaser;

8.2.6       
The Senior Loan Release shall have occurred; and

8.2.7       
The Junior Loan Assumption and Release shall have occurred.

If
any of the foregoing conditions to Seller's obligation to close with respect to
conveyance of the Property under this Contract are not met, Seller may (a) waive
any of the foregoing conditions and proceed to Closing on the Closing Date, or
(b) terminate this Contract, and, if such failure constitutes a default by
Purchaser, exercise any of its remedies under Section 10.1.  In addition, if Seller
terminates this Contract as a result of a failure of the condition set forth in
Section 8.2.4, then Escrow Agent
shall return the Deposit to Purchaser and Seller shall pay to Purchaser, as
Purchaser's sole recoverable damages, Purchaser's direct and actual
out-of-pocket expenses and costs (documented by paid invoices to third parties
or to affiliated personnel at market rates) in connection with this transaction,
which damages shall not exceed $30,000 in the aggregate (less any amounts paid
by Seller to Purchaser pursuant to Sections 7.2 and 10.2).  

Article
IX
BROKERAGE

9.1             
Indemnity.   Seller and Purchaser each represents
and warrants to the other that it has not dealt with or utilized the services of
any real estate broker, sales person or finder in connection with this Contract,
and each party agrees to indemnify, hold harmless, and, if requested in the sole
and absolute discretion of the indemnitee, defend (with counsel reasonably
approved by the indemnitee) the other party from and against all Losses relating
to brokerage commissions and finder's fees arising from or attributable to the
acts or omissions of the indemnifying party.

Article
X
DEFAULTS AND REMEDIES

10.1         
Purchaser Default.  If Purchaser defaults in its
obligations hereunder to (a) deliver the Initial Deposit or Additional Deposit
(or any other deposit or payment required of Purchaser hereunder), (b) deliver
to Seller the deliveries specified under Section 5.3 on the date required thereunder, or (c)
deliver the Purchase Price at the time required by Section 2.2.4 and close on the purchase of the
Property on the Closing Date, then, immediately and without the right to receive
notice or to cure pursuant to Section 2.2.3, Purchaser shall forfeit the
Deposit, and the Escrow Agent shall deliver the Deposit to Seller, and neither
party shall be obligated to proceed with the purchase and sale of the
Property.  If, Purchaser defaults in any of its other representations,
warranties or obligations under this Contract, and such default continues for
more than ten (10) days after written notice from Seller, then Purchaser shall
forfeit the Deposit, and the Escrow Agent shall deliver the Deposit to Seller,
and neither party shall be obligated to proceed with the purchase and sale of
the Property.  The Deposit is liquidated damages and recourse to the
Deposit is, except for Purchaser's indemnity and confidentiality obligations
hereunder, Seller's sole and exclusive remedy for Purchaser's failure to perform
its obligation to purchase the Property or breach of a representation or
warranty.  Seller expressly waives the remedies of
specific performance and additional damages for such default by Purchaser. 
SELLER AND PURCHASER ACKNOWLEDGE THAT SELLER'S DAMAGES WOULD BE DIFFICULT TO
DETERMINE, AND THAT THE DEPOSIT IS A REASONABLE ESTIMATE OF SELLER'S DAMAGES
RESULTING FROM A DEFAULT BY PURCHASER IN ITS OBLIGATION TO PURCHASE THE
PROPERTY.  SELLER AND PURCHASER FURTHER AGREE THAT THIS SECTION 10.1 IS INTENDED TO AND DOES LIQUIDATE
THE AMOUNT OF DAMAGES DUE SELLER, AND SHALL BE SELLER'S EXCLUSIVE REMEDY AGAINST
PURCHASER, BOTH AT LAW AND IN EQUITY, ARISING FROM OR RELATED TO A BREACH BY
PURCHASER OF ITS OBLIGATION TO CONSUMMATE THE TRANSACTIONS CONTEMPLATED BY THIS
CONTRACT, OTHER THAN WITH RESPECT TO PURCHASER'S INDEMNITY AND CONFIDENTIALITY
OBLIGATIONS HEREUNDER.

10.2         
Seller Default.  If Seller, prior to the Closing,
defaults in its covenants or obligations under this Contract, including to sell
the Property as required by this Contract and such default continues for more
than ten (10) days after written notice from Purchaser, then, at Purchaser's
election and as Purchaser's sole and exclusive remedy, either (a) this Contract
shall terminate, and all payments and things of value, including the Deposit,
provided by Purchaser hereunder shall be returned to Purchaser and Purchaser may
recover, as its sole recoverable damages (but without limiting its right to
receive a refund of the Deposit), its direct and actual out-of-pocket expenses
and costs (documented by paid invoices to third parties or to affiliated
personnel at market rates) in connection with this transaction, which damages
shall not exceed $30,000 in aggregate (less any amounts paid by Seller to
Purchaser pursuant to Sections 7.2 and 8.2), or (b) subject to the conditions below,
Purchaser may seek specific performance of Seller's obligation to deliver the
Deed pursuant to this Contract (but not damages).  Purchaser may seek
specific performance of Seller's obligation to deliver the Deed pursuant to this
Contract only if, as a condition precedent to initiating such litigation for
specific performance, Purchaser first shall (i) deliver all Purchaser Closing
documents to Escrow Agent in accordance with the requirements of this Contract,
including, without limitation, Sections 2.2.3 and 5.3 (with the exception of Section 5.3.1); (ii) not otherwise be in
default under this Contract; and (iii) file suit therefor with the court on or
before the 90th day after the Closing Date; if Purchaser fails to file an action
for specific performance within 90 days after the Closing Date, then Purchaser
shall be deemed to have elected to terminate the Contract in accordance with
subsection (a) above.  Purchaser agrees that it shall promptly deliver to
Seller an assignment of all of Purchaser's right, title and interest in and to
(together with possession of) all plans, studies, surveys, reports, and other
materials paid for with the out-of-pocket expenses reimbursed by Seller pursuant
to the foregoing sentence.  SELLER AND PURCHASER FURTHER AGREE THAT THIS
SECTION 10.2 IS INTENDED TO AND
DOES LIMIT THE AMOUNT OF DAMAGES DUE PURCHASER AND THE REMEDIES AVAILABLE TO
PURCHASER, AND SHALL BE PURCHASER'S EXCLUSIVE REMEDY AGAINST SELLER, BOTH AT LAW
AND IN EQUITY ARISING FROM OR RELATED TO A BREACH BY SELLER OF ITS COVENANTS OR
ITS OBLIGATION TO CONSUMMATE THE TRANSACTIONS CONTEMPLATED BY THIS
CONTRACT.  UNDER NO CIRCUMSTANCES MAY PURCHASER SEEK OR BE ENTITLED TO
RECOVER ANY SPECIAL, CONSEQUENTIAL, PUNITIVE, SPECULATIVE OR INDIRECT DAMAGES,
ALL OF WHICH PURCHASER SPECIFICALLY WAIVES, FROM SELLER FOR ANY BREACH BY
SELLER, OF ITS COVENANTS OR ITS OBLIGATIONS UNDER THIS CONTRACT.  PURCHASER SPECIFICALLY WAIVES THE RIGHT TO FILE ANY LIS
PENDENS OR ANY LIEN AGAINST THE PROPERTY UNLESS AND UNTIL IT HAS IRREVOCABLY
ELECTED TO SEEK SPECIFIC PERFORMANCE OF THIS CONTRACT AND HAS FILED AND IS
DILIGENTLY PURSUING AN ACTION SEEKING SUCH REMEDY.

Article
XI
RISK OF LOSS OR CASUALTY

11.1         
Major Damage.  In the event that the Property is
damaged or destroyed by fire or other casualty after the Effective Date but
prior to Closing, and the cost for demolition, site cleaning, restoration,
replacement, or other repairs (collectively, the "Repairs") is
more than five percent (5%) of the Purchase Price, or there is an uninsured
casualty, then Seller shall have no obligation to make Repairs for the same, and
shall notify Purchaser in writing of such damage or destruction (the
"Damage Notice").  Within ten (10) days after Purchaser's
receipt of the Damage Notice, Purchaser may elect at its option to terminate
this Contract by delivering written notice to Seller in which event the Deposit
shall be refunded to Purchaser; provided, however, that if Purchaser terminates
this Contract due to an uninsured casualty, Seller shall have the right to
reinstate this Contract by delivering written notice of such reinstatement to
Purchaser within ten (10) days after Seller's receipt of Purchaser's termination
notice, in which event Seller shall either (i) make the necessary Repairs at its
sole cost and expense and this transaction shall be closed for the full Purchase
Price or (ii) not make any necessary Repairs and provide a credit to Purchaser
at Closing in an amount equal to the cost of any Repairs not covered by Seller's
insurance (as determined by a third-party contractor acceptable to Seller and
Purchaser).  In the event Purchaser fails to terminate this Contract within
the initial 10-day period, this transaction shall be closed in accordance with
Section 11.3 below.

11.2         
Minor Damage.  In the event that the Property is
damaged or destroyed by fire or other casualty after the Effective Date but
prior to the Closing, the fire or other casualty is insured and the cost of
Repairs is equal to or less than five percent (5%) of the Purchase Price, this
transaction shall be closed in accordance with Section 11.3, notwithstanding such casualty.  In
such event, Seller may at its election and with Purchaser's prior consent, which
consent shall not be unreasonably withheld, conditioned or delayed, endeavor to
make such Repairs to the extent of any recovery from insurance carried on the
Property, if such Repairs can be reasonably effected before the Closing. 
If Seller requests Purchaser's consent to Repairs as required by the previous
sentence, and Purchaser fails to respond to Seller's request within five (5)
days of Seller's request, Purchaser shall be deemed to have consented to
Seller's request.  Regardless of Seller's election to commence any Repairs,
or Seller's ability to complete any Repairs prior to Closing, this transaction
shall be closed in accordance with Section 11.3 below.  Notwithstanding
anything in this Article XI to the contrary, Seller shall be permitted to
commence Repairs of the Property after any fire or other casualty, whether
insured or uninsured, to address any life or safety issue at the Property as is
necessary in Seller's sole discretion, and Seller have the right to receive and
apply available insurance proceeds against the same in accordance with
Section 11.4.  

11.3         
Closing.  In the event this Contract is not terminated
following an insured casualty in accordance with Section 11.1, or in the event of a casualty as set
forth in Section 11.2, then this
transaction shall be closed in accordance with the terms of the
Contract for the full Purchase Price, notwithstanding any such casualty, in
which case Purchaser shall, at Closing, execute and
deliver an assignment and assumption (in a form reasonably required by Seller)
of Seller's rights and obligations with respect to the insurance claim related
to such casualty, if any, and thereafter Purchaser shall receive all insurance
proceeds pertaining to such claim, less any amounts which may already have been
spent by Seller for Repairs (plus a credit against the Purchase Price at Closing
in the amount of any deductible payable by Seller in connection therewith). 

11.4         
Repairs.  To the extent that Seller elects to commence
any Repairs prior to Closing as permitted under this Article XI, then
Seller shall be entitled to receive and apply available insurance proceeds to
any portion of such Repairs completed or installed prior to Closing, with
Purchaser being responsible for completion of such Repairs after
Closing.  To the extent that any Repairs have been commenced prior to
Closing as permitted under this Article XI to address any life or safety
issue, then the Property Contracts shall include, and Purchaser shall assume at
Closing, all construction and other contracts entered into by Seller in
connection with such Repairs to the extent the same have not been completed
prior to Closing.  Purchaser acknowledges that this Article XI
restricts Seller's ability to commence and complete Repairs of the Property
after any fire or other casualty and, as a result, Purchaser may be required to
take possession of the Property without commencement or completion of necessary
Repairs and without any credits or right of set-off to Purchaser at Closing
except as expressly provided in this Article XI.  

Article
XII
EMINENT DOMAIN

12.1         
Eminent Domain.  In the event that, at the time of
Closing, any material part of the Property (meaning a part with a value in
excess of five percent (5%) of the Purchase Price as reasonably determined by
Seller) is (or previously has been) acquired, or is about to be acquired, by any
governmental agency by the powers of eminent domain or transfer in lieu thereof
(or in the event that at such time there is any notice of any such acquisition
or intent to acquire by any such governmental agency), Purchaser shall have the
right, at Purchaser's option, to terminate this Contract by giving written
notice within 10 days after Purchaser's receipt from Seller of notice of the
occurrence of such event, and if Purchaser so terminates this Contract,
Purchaser shall recover the Deposit hereunder.  If Purchaser fails to
terminate this Contract within such 10-day period, this transaction shall be
closed in accordance with the terms of this Contract for the full Purchase
Price; provided, however, that at Closing Seller shall credit or pay to
Purchaser the amount of any award for, or other proceeds on account of, such
taking less Seller's reasonable costs in collecting the same, and, to the extent
such award or proceeds have not yet been paid, Seller shall assign to Purchaser
at the Closing all of Seller's rights to such award, and Purchaser shall be
entitled to receive and retain all awards or proceeds to be made for the taking
of the Property or any portion thereof.  It is expressly agreed between the
parties hereto that this section shall in no way apply to customary dedications
for public purposes which may be necessary for the development of the
Property.

Article
XIII
MISCELLANEOUS

13.1         
Binding Effect of Contract.  This Contract shall not
be binding on either party until executed by both Purchaser and Seller. 
The Escrow Agent's execution of this Contract shall be a prerequisite to its
effectiveness.  Subject to Section 13.3, this Contract shall be binding upon
and inure to the benefit of Seller and Purchaser, and their respective
successors and permitted assigns.

13.2         
Exhibits and Schedules.  All Exhibits and Schedules,
whether or not annexed hereto, are a part of this Contract for all
purposes.

13.3         
Assignability.  Except to the extent required to
comply with the provisions of Section 13.18 related to a 1031 Exchange, this
Contract is not assignable by Purchaser without first obtaining the prior
written approval of Seller, which consent shall not be unreasonably withheld,
conditioned or delayed.  Notwithstanding the foregoing, Purchaser may
assign this Contract, without first obtaining the prior written approval of
Seller, to one or more entities so long as (a) Purchaser is an affiliate of the
purchasing entity(ies), (b) Purchaser is not released from its liability
hereunder, and (c) Purchaser provides written notice to Seller of any proposed
assignment no later than five (5) days prior to the Closing Date.  As used
herein, an affiliate is a person or entity controlled by, under common control
with, or controlling another person or entity.

13.4         
Captions.  The captions, headings, and arrangements
used in this Contract are for convenience only and do not in any way affect,
limit, amplify, or modify the terms and provisions hereof.

13.5         
Number and Gender of Words.  Whenever herein the
singular number is used, the same shall include the plural where appropriate,
and words of any gender shall include each other gender where
appropriate.

13.6         
Notices.  All notices, demands, requests and other
communications required or permitted hereunder shall be in writing, and shall be
(a) personally delivered with a written receipt of delivery; (b) sent by a
nationally-recognized overnight delivery service; (c) sent by certified or
registered mail, return receipt requested; or (d) sent by confirmed facsimile
transmission or electronic delivery with an original copy thereof transmitted to
the recipient by one of the means described in subsections (a) through (c) no
later than 3 Business Days thereafter.  All notices shall be deemed
effective when actually delivered as documented in a delivery receipt, if
personally delivered; within one (1) Business Day after deposit with a
nationally-recognized overnight delivery service; on the date signed for if sent
via certified or registered mail; or upon confirmation of facsimile or
electronic delivery; provided, however, that if the notice was sent by overnight
courier or mail as aforesaid and is affirmatively refused or cannot be delivered
during customary business hours by reason of the absence of a signatory to
acknowledge receipt, or by reason of a change of address with respect to which
the addressor did not have either knowledge or written notice delivered in
accordance with this paragraph, then the first attempted delivery shall be
deemed to constitute delivery.  Each party shall be entitled to change its
address for notices from time to time by delivering to the other party notice
thereof in the manner herein provided for the delivery of notices.  All
notices shall be sent to the addressee at its address set forth following its
name below:

To Purchaser:

 

NTS-Plainview
Associates

10172
Linn Station Road

Louisville,
Kentucky 40223

Attention:
Neil A. Mitchell

Telephone:
(502) 426-4800

Facsimile:
(502) 426-4994

 

With
a copy to:

 

NTS
Development Company

10172
Linn Station Road

Louisville,
Kentucky 40223

Attention:
Rosann Tafel

Telephone:
(502) 426-4800

Facsimile:
(502) 426-4994

 

To
Seller:

 

c/o
AIMCO

4582
South Ulster Street Parkway 

Suite
1100

Denver,
Colorado  80237

Attention: 
Mark Reoch

Telephone: 
(303) 691-4337

Facsimile: 
(303) 300-3261

 

And:

 

c/o
AIMCO

4582
South Ulster Street Parkway 

Suite
1100

Denver,
Colorado  80237

Attention: 
Mr. Harry Alcock

Telephone: 
(303) 691-4344

Facsimile: 
(303) 300-3282

 

with copy to:

 

AIMCO

4582
South Ulster Street Parkway 

Suite
1100

Denver,
Colorado  80237

Attention: 
John Spiegleman, Esq.

Telephone:
(303) 691-4303

Facsimile: 
(303) 300-3260

 

and
a copy to:

 

Brownstein
Hyatt Farber Schreck, LLP

410
Seventeenth Street, Suite 2200

Denver,
Colorado  80202

Attention: 
Catherine C. Gale, Esq. or Greg A. Vallin, Esq.

Telephone:
(303) 223-1100

Facsimile: 
(303) 223-1111

 

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

Fidelity
National Title Insurance Company

8450
East Crescent Parkway, Suite 410

Greenwood
Village, Colorado 80111

Attention: 
Valena Bloomquist

Telephone: 
(720) 200-1200

Facsimile:  
(303) 292-3752

 

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

13.7         
Governing Law and Venue.  The laws of the
Commonwealth of Kentucky shall govern the validity, construction,
enforcement, and interpretation of this Contract, except for the conflict of
laws provisions thereof.  Subject to Section 13.24, all claims, disputes and other
matters in question arising out of or relating to this Contract, or the breach
thereof, shall be decided by proceedings instituted and litigated in a court of
competent jurisdiction in the state in which the Property is situated, and the
parties hereto expressly consent to the venue and jurisdiction of such
court.

13.8         
Entire Agreement.  This Contract embodies the entire
Contract between the parties hereto concerning the subject matter hereof and
supersedes all prior conversations, proposals, negotiations, understandings and
contracts, whether written or oral.

13.9         
Amendments.  This Contract shall not be amended,
altered, changed, modified, supplemented or rescinded in any manner except by a
written contract executed by all of the parties;
provided, however, that the signature of the Escrow Agent shall not be required
as to any amendment of this Contract other than an amendment of Section 2.3.

13.10     
Severability.  In the event that any part of this
Contract shall be held to be invalid or unenforceable by a court of competent
jurisdiction, such provision shall be reformed, and enforced to the maximum
extent permitted by law.  If such provision cannot be reformed, it shall be
severed from this Contract and the remaining portions of this Contract shall be
valid and enforceable.

13.11     
Multiple Counterparts/Facsimile Signatures.  This
Contract may be executed in a number of identical counterparts.  This
Contract may be executed by facsimile signatures or electronic delivery of
signatures which shall be binding on the parties hereto, with original
signatures to be delivered as soon as reasonably practical thereafter.

13.12     
Construction.  No provision of this Contract shall be
construed in favor of, or against, any particular party by reason of any
presumption with respect to the drafting of this Contract; both parties, being
represented by counsel, having fully participated in the negotiation of this
instrument.

13.13     
Confidentiality.  Purchaser shall not disclose the
terms and conditions contained in this Contract and shall keep the same
confidential, provided that Purchaser may disclose the terms and conditions
of this Contract (a) as required by law or regulatory agency, (b) to consummate
the terms of this Contract, or any financing relating thereto, or (c) to
Purchaser's Consultants or Seller's lenders, attorneys and accountants. 
Any information obtained by Purchaser in the course of its inspection of the
Property, and any Materials provided by Seller to Purchaser hereunder, shall be
confidential and Purchaser shall be prohibited from making such information
public to any other person or entity other than its Consultants, without
Seller's prior written authorization, which may be granted or denied in Seller's
sole discretion.  In addition, Purchaser shall use its reasonable efforts
to prevent its Consultants from divulging any such confidential information to
any unrelated third parties except as reasonably necessary to third parties
engaged by Purchaser for the limited purpose of analyzing and investigating such
information for the purpose of consummating the transaction contemplated by this
Contract.  Unless and until the Closing occurs, Purchaser shall not market
the Property (or any portion thereof) to any prospective purchaser or lessee
without the prior written consent of Seller, which consent may be withheld in
Seller's sole discretion.  

13.14     
Time of the Essence.  It is expressly agreed by the
parties hereto that time is of the essence with respect to this Contract and any
aspect thereof.

13.15     
Waiver.  No delay or omission to exercise any right or
power accruing upon any default, omission, or failure of performance hereunder
shall impair any right or power or shall be construed to be a waiver thereof,
but any such right and power may be exercised from time to time and as often as
may be deemed expedient.  No waiver, amendment, release, or modification of
this Contract shall be established by conduct, custom, or course of dealing and
all waivers must be in writing and signed by the waiving party.

13.16     
Attorneys' Fees.  In the event either party hereto
commences litigation or arbitration against the other to enforce its rights
hereunder, the prevailing party in such litigation shall be entitled to recover
from the other party its reasonable attorneys' fees and expenses incidental to
such litigation and arbitration, including the cost of any appeals.

13.17     
Time Zone/Time Periods.  Any reference in this
Contract to a specific time shall refer to the time in the time zone where the
Property is located which is Eastern Time.  Should the last day of a time
period fall on a weekend or legal holiday, the next Business Day thereafter
shall be considered the end of the time period.

13.18     
1031 Exchange.  Seller and Purchaser acknowledge and
agree that the purchase and sale of the Property may be part of a tax-free
exchange for either Purchaser or Seller pursuant to Section 1031 of the Code,
the regulations promulgated thereunder, revenue procedures, pronouncements and
other guidance issued by the Internal Revenue Service.  Each party hereby
agrees to cooperate with each other and take all reasonable steps on or before
the Closing Date to facilitate such exchange if requested by the other party,
provided that (a) no party making such accommodation shall be required to
acquire any substitute property, (b) such exchange shall not affect the
representations, warranties, liabilities and obligations of the parties to each
other under this Contract, (c) no party making such accommodation shall incur
any additional cost, expense or liability in connection with such exchange
(other than expenses of reviewing and executing documents required in connection
with such exchange), and (d) no dates in this Contract will be extended as a
result thereof, except as specifically provided herein.  

13.19     
No Personal Liability of Officers, Trustees or Directors of
Seller's Partners.  Purchaser acknowledges that this Contract is
entered into by Seller which is a South Carolina limited partnership, and
Purchaser agrees that none of Seller's Indemnified Parties shall have any
personal liability under this Contract or any document executed in connection
with the transactions contemplated by this Contract.

13.20     
Exclusive Negotiations.  As of the Effective Date,
Seller shall not have the right to solicit backup offers or enter into
discussions, negotiations, or any other communications concerning or related to
the sale of the Property with any third-party unless and until this Contract is
terminated.

13.21     
ADA Disclosure.  Purchaser
acknowledges that the Property may be subject to the federal Americans With
Disabilities Act (the "ADA") and the federal Fair Housing Act (the
"FHA").  The ADA requires, among other matters, that tenants
and/or owners of "public accommodations" remove barriers in order to make the
Property accessible to disabled persons and provide auxiliary aids and services
for hearing, vision or speech impaired persons.  Seller makes no warranty,
representation or guarantee of any type or kind with respect to the Property's
compliance with the ADA or the FHA (or any similar state or local law), and
Seller expressly disclaims any such representations.

13.22     
No Recording.  Purchaser shall not cause or allow this
Contract or any contract or other document related hereto (except the Deed and
any other Closing documents), nor any memorandum or other evidence hereof, to be
recorded or become a public record without Seller's prior written consent, which
consent may be withheld at Seller's sole discretion.  If Purchaser records this Contract or any other memorandum or evidence
thereof, Purchaser shall be in default of its obligations under this
Contract.  

13.23     
Relationship of Parties.  Purchaser and Seller
acknowledge and agree that the relationship established between the parties
pursuant to this Contract is only that of a seller and a purchaser of
property.  Neither Purchaser nor Seller is, nor shall either hold itself
out to be, the agent, employee, joint venturer or partner of the other
party.

13.24     
[Intentionally Deleted].  

13.25     
AIMCO Marks.  Purchaser agrees that Seller, the
Property Manager or AIMCO, or their respective affiliates, are the sole owners
of all right, title and interest in and to the AIMCO Marks (or have the right to
use such AIMCO Marks pursuant to license agreements with third parties) and that
no right, title or interest in or to the AIMCO Marks is granted, transferred,
assigned or conveyed as a result of this Contract.  Purchaser further
agrees that Purchaser will not use the AIMCO Marks for any purpose.  Seller
shall remove all AIMCO Marks from the Property no later than three (3) days
after the Closing Date and shall repair any resulting damage where the AIMCO
marks were located.

13.26     
Non-Solicitation of Employees.  Prior to the
expiration of the Feasibility Period, Purchaser acknowledges and agrees that,
without the express written consent of Seller, neither Purchaser nor any of
Purchaser's employees, affiliates or agents shall solicit any of Seller's
employees or any employees located at the Property (or any of Seller's
affiliates' employees located at any property owned by such affiliates) for
potential employment.

13.27     
Survival.  Except for (a) all of the provisions of
this Article XIII (other than Sections 13.18 and 13.20, which provisions shall not survive);
(b) Sections 2.3, 3.3, 3.4, 3.5, 4.5, 5.4, 5.5, 6.2, 6.5, 9.1, 11.4, 14.1, and 14.2; (c) any other provisions in this
Contract, that by their express terms survive the termination or Closing; and
(d) any payment obligation of Purchaser under this Contract (the foregoing (a),
(b), (c) and (d) referred to herein as the "Survival Provisions"),
none of the terms and provisions of this Contract shall survive the termination
of this Contract, and if the Contract is not so terminated, all of the terms and
provisions of this Contract (other than the Survival Provisions, which shall
survive the Closing) shall be merged into the Closing documents and shall not
survive Closing. 

13.28     
Multiple Purchasers.  As used in this Contract, the
term "Purchaser" means all entities acquiring any interest in the
Property at the Closing, including, without limitation, any assignee(s) of the
original Purchaser pursuant to Section 13.3 of this Contract.  In the event
that "Purchaser" has any obligations or makes any covenants, representations or
warranties under this Contract, the same shall be made jointly and severally by
all entities being a Purchaser hereunder.  

Article
XIV
LEAD–BASED PAINT DISCLOSURE

14.1         
Disclosure.  Seller and Purchaser hereby acknowledge
delivery of the Lead Based Paint Disclosure attached as Exhibit H
hereto.  

14.2         
Consent Agreement.  Testing (the
"Testing") has been performed at that portion of the Property
known as "Stage 1" with respect to lead-based paint.  Law
Engineering and Environmental Services, Inc. performed the Testing and reported
its findings in the Lead-Based Paint Risk Assessment Report dated October 30,
2002, a copy of which is attached hereto as Exhibit I (the "LBP
Report").  The LBP Report certifies that Stage 1 of the Property as
lead-based paint free.  By execution hereof, Purchaser acknowledges receipt
of a copy of the LBP Report, the Lead-Based Paint Disclosure Statement attached
hereto as Exhibit H, and acknowledges receipt of that certain Consent
Agreement (the "Consent Agreement") by and among the United States
Environmental Protection Agency (executed December 19, 2001), the United States
Department of Housing and Urban Development (executed January 2, 2002), and
AIMCO (executed December 18, 2001).  Because Stage 1 of the Property has
been certified as lead based paint free and the remainder of the Property was
constructed after 1978, Seller is not required under the Consent Agreement to
remediate or abate any lead-based paint condition at the Property prior to the
Closing.  Purchaser acknowledges and agrees that (1) after Closing,
Purchaser and the Property shall be subject to the Consent Agreement and the
provisions contained herein related thereto and (2) that Purchaser shall not be
deemed to be a third party beneficiary to the Consent Agreement.

[Remainder of Page Intentionally Left Blank]

 

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

 

Seller:

 

                                                           
PLAINVIEW APARTMENTS, L.P.,

                                                           
a South Carolina limited partnership

 

                                                           
By:       NEW PLAINVIEW GP, L.L.C.,

                                                                       
a South Carolina limited liability company,

                                                                       
its general partner

 

                                                                       
By:       DAVIDSON DIVERSIFIED REAL 

                                                                                   
ESTATE III, L.P.,

                                                                                   
a Delaware limited partnership,

                                                                                   
its manager member

 

                                                                                   
By:       DAVIDSON DIVERSIFIED 

                                                                                               
PROPERTIES, INC.,

                                                                                               
a Tennessee corporation,

                                                                                               
its managing general partner

 

 

By: 
/s/Brian J.
Bornhorst                     

                                                                                               
Name:  Brian J.
Bornhorst                    

Title: 
Vice
President                            

                                                                                               

 

 

 

 

[Signatures Continue on Following Page]

           
Purchaser:

 

 

                                                                       
NTS-PLAINVIEW ASSOCIATES,

                                                                       
a Kentucky limited partnership

                                                                       

 

By: 
/s/Brian F.
Lavin                                       

                                                                       
Name:  Brian F.
Lavin                          

                                                                       
Title:  President and
CEO

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