BERKSHIRE INCOME REALTY INC
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>yorktowne8ksalesagrmnt.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>





<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>YORKTOWNE AT OLDE MILL
APARTMENTS </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MILLERSVILLE, MARYLAND </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REAL ESTATE SALE
AGREEMENT </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THIS REAL ESTATE SALE AGREEMENT (this
&#147;Agreement&#148;) is made as of the 15th day of December, 2004, by and between
EQR-YORKTOWNE VISTAS, INC., an Illinois corporation (&#147;Seller&#148;), with an office
at c/o Equity Residential, Two North Riverside Plaza, Suite 400, Chicago, Illinois 60606,
and BIR YORKTOWNE, L.L.C., a Delaware limited liability company (&#147;Purchaser&#148;),
with an office at c/o Berkshire Income Realty, Inc., One Beacon Street, Suite 1550,
Boston, Massachusetts 02108. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RECITALS </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Seller is the owner of a certain parcel of real estate (the &#147;Real
          Property&#148;) in the City of Millersville, County of Anne Arundel, State of
          Maryland, which parcel is more particularly described in attached Exhibit A, and
          upon which is located a 216-unit multi-family residential apartment community
          commonly known as &#147;Yorktowne at Olde Mill Apartments&#148;. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Seller desires to sell to Purchaser, and Purchaser desires to purchase from
          Seller, the Property (as such term is hereinafter defined), each in accordance
          with and subject to the terms and conditions set forth in this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THEREFORE,
in consideration of the above Recitals, the mutual covenants and agreements herein set
forth and the benefits to be derived therefrom, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Purchaser and Seller agree
as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          PURCHASE AND SALE. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to and in accordance with the terms and conditions set forth in this Agreement, Purchaser
shall purchase from Seller and Seller shall sell to Purchaser the Real Property, together
with: (i) all buildings and improvements owned by Seller (&#147;Improvements&#148;) and
any and all of Seller&#146;s rights, easements, licenses and privileges presently thereon
or appertaining thereto; (ii) Seller&#146;s right, title and interest in and to the leases
(the &#147;Leases&#148;) affecting the Property or any part thereof, other than any Former
Tenant Lease Files (as defined in Section 14.11 below); (iii) all furniture, furnishings,
fixtures, equipment, (excluding computer hardware and software), tools and other tangible
property (excluding the EQR legal manual and any marketing information containing a logo)
(collectively, the &#147;Personal Property&#148;) owned by Seller, located on the Real
Property and used solely in connection therewith, a list of which is attached hereto as
Exhibit B; (iv) all right, title and interest of Seller under any and all of the union,
maintenance, service, advertising and other like contracts and agreements with respect to
the ownership and operation of the Property (collectively, the &#147;Service
Contracts&#148;), a list of which is attached hereto as Exhibit C; and (v) all of
Seller&#146;s right, title and interest in and to any intangible property now or hereafter
owned by Seller and solely used in connection with the Real Property, Improvements and
Personal Property, including, without limitation, the name of the Real Property and any
trademarks, trade names, trade styles, service marks, domain names and web sites related
to the Real Property (to the extent non-proprietary and do not contain the EQR logo) and
all rights under any certificates of occupancy, licenses, permits and approvals relating
the Real Property, tenant files in Seller&#146;s possession containing the information
(subject to Section 14.11 below) set forth in the Rent Roll (as hereinafter defined), and
all contract rights related to the ownership of or use and operation of the Real Property
(collectively, the &#147;Intangible Property&#148;), all to the extent applicable to the
period from and after the Closing (as such term is hereinafter defined); (items (i)
through (v) above, together with the Real Property, are collectively referred to in this
Agreement as the &#147;Property&#148;). All of the foregoing expressly excludes all
property owned by tenants or other users or occupants of the Property. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          PURCHASE PRICE. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total consideration to be paid by Purchaser to Seller for the Property is Twenty-One
Million Five Hundred Thousand and No/100ths Dollars ($21,500,000.00) (the &#147;Purchase
Price&#148;). The Purchase Price shall be paid as follows: </FONT></P>

 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1      EARNEST MONEY</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;2.1.1</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;Seller, Purchaser and a duly authorized representative of the Boston Office of LandAmerica
National Commercial Services (&#147;Escrowee&#148;) shall concurrently herewith execute
Earnest Money Escrow Instructions, in the form attached hereto as Exhibit D, and Purchaser
shall deliver to Escrowee initial earnest money (the &#147;Initial Earnest Money&#148;) in
the sum of One Hundred Fifty Thousand and No/100ths Dollars ($150,000.00). If Purchaser
does not terminate this Agreement pursuant to and in accordance with Section 8.1.1 below,
Purchaser shall, on or before the expiration of the Review Period (as hereinafter
defined), deposit with the Escrowee additional earnest money (the &#147;Additional Earnest
Money&#148;) in the sum of One Hundred Fifty Thousand and No/100ths Dollars ($150,000.00).
The Initial Earnest Money and, if deposited or required to be deposited with the Escrowee,
the Additional Earnest Money, together with any interest earned thereon net of investment
costs, are referred to in this Agreement as the &#147;Earnest Money&#148;. The Earnest
Money shall be invested as Seller and Purchaser so direct. Any and all interest earned on
the Earnest Money shall be reported to Purchaser&#146;s federal tax identification number. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;2.1.2 </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;If the transaction closes in accordance with the terms of this Agreement, at Closing, the
Earnest Money shall be delivered by Escrowee to Seller as part payment of the Purchase
Price. If the transaction fails to close due to a default on the part of Purchaser, Seller
shall have the remedy options provided for in Section 7.2 below. If the transaction fails
to close due to a default on the part of Seller, Purchaser shall have the remedy options
provided for in Section 7.1 below. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.2&nbsp;&nbsp;&nbsp;&nbsp;
Cash at Closing &nbsp;&nbsp;&nbsp;&nbsp;At Closing, Purchaser shall pay to Seller, with current, federal funds
wire transferred to an account designated by Seller in writing, an amount equal to the
Purchase Price, minus the sum of the Earnest Money which Seller shall receive at Closing
from the Escrowee, and plus or minus, as the case may require, the closing prorations and
adjustments to be made pursuant to Section 4.4 below. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;
          EVIDENCE OF TITLE. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1
Title Insurance. Purchaser shall obtain a current commitment for an ALTA Owner&#146;s
Title Insurance Policy (the &#147;Title Commitment&#148;), in the amount of the Purchase
Price, issued by LandAmerica National Commercial Services (the &#147;Title Insurer&#148;).
Seller shall cause the Title Insurer to agree to issue to the Purchaser as soon as
practicable after Closing, an updated ALTA Standard Coverage Owner&#146;s Policy of Title
Insurance for the Real Property and Improvements (the &#147;Owner&#146;s Policy&#148;),
based upon the owner&#146;s policy of title insurance issued to Seller (or its predecessor
in interest, as the case may be) (the &#147;Original Title Policy&#148;) in connection
with Seller&#146;s (or Seller&#146;s predecessor in interest&#146;s) purchase of the Real
Property, dated as of the Closing Date (as hereinafter defined), in the amount of the
Purchase Price, and insuring good and indefeasible fee simple title to the Real Property
and Improvements to be in Purchaser. Purchaser may request that the Title Company issue,
but Seller shall have no obligation to cause the Title Company to issue, any available
endorsements to the Owner&#146;s Policy. Except as permitted under this Agreement, after
the date of issuance of the Title Commitment, additional encumbrances may not be created
on the Property by Seller without the prior consent of Purchaser; provided, however,
notwithstanding the foregoing, at Closing, the Owner&#146;s Policy will except from
coverage only the general exceptions (unless Purchaser obtains coverage over the general
exceptions) and the Permitted Exceptions (as defined in Section 3.3 below). </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Survey. Within five (5) days of the date of this Agreement, Seller shall deliver to
Purchaser one copy of the most recent existing plat of survey (if any) of the Real
Property (the &#147;Existing Survey&#148;) in Seller&#146;s possession and control.
Purchaser shall obtain, at Purchaser&#146;s sole expense, and deliver to Seller, and the
Title Insurer, on or before the expiration of the Review Period (as hereinafter defined)
an updated or new as-built survey of the Real Property (the &#147;Updated Survey&#148;)
prepared by the surveyor who provided the Existing Survey or another surveyor selected by
Purchaser. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title Review. Purchaser shall have until the expiration of the Review Period, to give
Seller a detailed notice objecting to any exception or condition contained in the Title
Commitment or shown on the Updated Survey. If Purchaser does not give notice of any
objections to Seller within the Review Period, Purchaser shall be deemed to have approved
the title as shown in the Title Commitment, the title exceptions, and all matters shown on
the Updated Survey. If Purchaser provides timely objections, Seller shall have five (5)
days after receipt of Purchaser&#146;s notice (the &#147;Title Cure Period&#148;) in which
to cure or attempt to cure Purchaser&#146;s objections. Notwithstanding the preceding
sentence, Seller shall be obligated at Closing to cause the Title Insurer to remove (by
waiver or endorsement) (a) any mortgage or deed of trust granted by Seller at the
Property, and (b) Monetary Liens (as hereinafter defined) with respect to the Property
provided that Seller has received written notice of any such Monetary Lien prior to
Closing and the cost to remove any such Monetary Liens does not exceed the sum of $500,000
in the aggregate. Seller may bond around any mechanics&#146; or materialmen&#146;s lien(s)
and abstract(s) of judgment to the Title Company&#146;s reasonable satisfaction in order
to satisfy the foregoing requirement. If Purchaser provides timely objections and all of
Purchaser&#146;s objections are not cured (or agreed to be cured by Seller prior to
Closing) within the Title Cure Period for any reason, then, within five (5) days after the
last day of the Title Cure Period, Purchaser shall, as its sole and exclusive remedy,
waiving all other remedies, either: (a) terminate this Agreement by giving a termination
notice to Seller, at which time Escrowee shall return the Earnest Money to Purchaser and
the parties shall have no further rights, liabilities, or obligations under this Agreement
(other than those that expressly survive termination); or (b) waive the uncured objections
by proceeding to Closing and thereby be deemed to have approved the Purchaser&#146;s title
as shown in the Title Commitment, the title exception documents, and the Updated Survey,
if any. If Seller does not timely receive notice of Purchaser&#146;s election to terminate
under this Section&nbsp;3.3, Purchaser will be deemed to have waived the uncured
objections and to approve the title as shown in the Commitment, the title exception
documents, and the Updated Survey. All exceptions shown on the Original Title Policy, the
Existing Survey, the Title Commitment, the title exception documents, or the Updated
Survey, and any matters which would otherwise be disclosed by an accurate survey or
inspection of the Property, that are not cured within the Title Cure Period shall be the
&#147;Permitted Exceptions&#148;. For the purposes hereof, the term &#147;Monetary
Liens&#148; shall mean mechanics&#146; liens, attachments, judgments, liens to secure the
payment of income taxes of Seller or Seller&#146;s constituents, delinquent property tax
and assessment liens against the Property and any other liens against the Property that
can be removed by the payment of a sum. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.
CLOSING. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Closing Date. The &#147;Closing&#148; of the transaction contemplated by this Agreement
(that is, the payment of the Purchase Price pursuant to a so-called &#147;New York
style&#148; closing, the transfer of title to the Property, and the satisfaction of all of
the terms and conditions of this Agreement) shall occur at 11:00 a.m. on December 28, 2004
(Eastern Standard Time), at the Boston office of the Title Insurer, or at such other time
and place as Seller and Purchaser shall agree in writing. The &#147;Closing Date&#148;
shall be the date of Closing. If the date for Closing above provided for falls on a
Saturday, Sunday or legal holiday, then the Closing Date shall be the next business day. </FONT></P>

 <!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller's Closing Deliveries.   At Closing, Seller shall execute and deliver to Purchaser the following:</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1
a &#147;special&#148; Warranty Deed (&#147;Deed&#148;), subject to the Permitted
Exceptions in the form attached hereto as Exhibit E and acceptable to the Title Insurer; </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2&nbsp;&nbsp;&nbsp;&nbsp;a bill of sale in the form attached hereto as Exhibit F;
</FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3
a letter advising tenants under the Leases of the change in ownership of the Property in
the form attached hereto as Exhibit G; </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4
an  Assignment  and  Assumption  of Leases,  Security  Deposits  and Service  Contracts in the form
         attached hereto as Exhibit H;</FONT>
</TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5
an affidavit stating, under penalty of perjury, Seller&#146;s U.S. taxpayer identification
number and that Seller is not a foreign person within the meaning of Section 1445 of the
Internal Revenue Code; </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6
such evidence of Seller&#146;s power and authority and such affidavits as the Title
Insurer may reasonably require to consummate the transaction contemplated by this
Agreement (including a gap undertaking); </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.7
a closing statement (&#147;Closing Statement&#148;) setting forth the prorations and
adjustments to the Purchase Price as required by Section 4.4 below; </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.8
an update of the Rent Roll (hereinafter defined) in the form of the Rent Roll attached
hereto as Exhibit J, dated no earlier than five (5) business days prior to the Closing
Date, certified by Seller to be to Seller&#146;s knowledge, true and correct in all
material respects, and subject to the limitations on survival and liability provided in
Section 10 and Section 12 below (&#147;Updated Rent Roll&#148;); </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.9
an Assignment of Intangibles in the form attached hereto as Exhibit K; </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.10
any transfer tax declaration required to be filed in connection with the recording of the Deed; </FONT>
</TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.11
a Gap Undertaking and such affidavits as the Title Insurer may reasonably require in order
to omit from the Owner&#146;s Policy all exceptions for (i) parties in possession other
than under the rights to possession granted under the Leases; and (ii) mechanics&#146;
liens; and </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MAR<!-- MARKER FORMAT-SHEET="Para Flush Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Originals
(or copies, if originals are unavailable) of all certificates, licenses, permits,
authorizations and approvals issued for or with respect to the Property by any
governmental authority shall be located on the Property as of the Closing Date. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MAR<!-- MARKER FORMAT-SHEET="Para Flush Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.12
A Certification of Representations and Warranties in the form attached hereto as Exhibit
P. </FONT>
</TD>
</TR>
</TABLE>
<BR>



 <!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchaser's Closing Deliveries.    At Closing, Purchaser shall execute and deliver to Seller the following:</FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1
 the funds required pursuant to Section 2.2 above;</FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2
a counterpart original of the Closing Statement referenced in 4.2.7 above;</FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3
counterpart originals of the Assignment and Assumption of Leases, Security Deposits and
Service Contracts referenced in Section 4.2.4 above); and </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4
such evidence of Purchaser&#146;s power and authority as the Title Insurer may reasonably
require. </FONT>
</TD>
</TR>
</TABLE>
<BR>



 <!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closing Prorations and Adjustments. Seller shall prepare the Closing Statement of the
prorations and adjustments required by this Agreement and submit it to Purchaser at least
three (3) days prior to the Closing Date. The following items are to be prorated, adjusted
or credited (as appropriate) as of the close of business on the Closing Date, it being
understood that for purposes of prorations and adjustments, Seller shall be deemed the
owner of the Property up until 11:59 p.m. (Central Standard Time) on the day before the
Closing Date and Purchaser shall be deemed the owner of the Property as of the Closing
Date:</FONT></P>



<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1
real estate and personal property taxes and assessments (on the basis of the most recent
ascertainable tax bill if the current bill is not then available); </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2
the rent payable by tenants under the Leases; provided, however, that rent and all other
sums which are due and payable to Seller by any tenant but uncollected as of the Closing
(collectively, &#147;Delinquent Amounts&#148;) shall not be adjusted. At Closing, Seller
shall deliver to Purchaser a schedule of all such Delinquent Amounts. In the event any
Delinquent Amounts are inadvertently omitted from such schedule, Seller will not be deemed
to have waived its rights to such Delinquent Amounts. Purchaser shall include such
Delinquent Amounts in the first bills thereafter submitted to the tenants in question
after the Closing, and shall continue to do so for twelve (12) months thereafter.
Purchaser shall promptly remit to Seller any such Delinquent Amounts paid by tenants; </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3
the amount of unapplied security deposits held by Seller under the Leases;</FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.4
water, electric, telephone and all other utility and fuel charges, fuel on hand (at cost
plus sales tax); provided, however, that any deposits with utility companies shall remain
the property of the Seller and shall not be prorated or credited (to the extent possible,
utility prorations will be handled by meter readings on the day immediately preceding the
Closing Date); </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.5
amounts due and prepayments under the Service Contracts; </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.6
 assignable license and permit fees; and</FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.7
 other similar items of income and expenses of operation.</FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
with respect to general real estate and personal property taxes (which shall be reprorated
upon the issuance of the actual bills, if necessary), any proration which must be
estimated at Closing shall be reprorated and finally adjusted as soon as practicable after
the Closing Date; otherwise, subject to the provisions of Section 4.4.2 above, all
prorations shall be final. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5
Transaction Costs.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller shall pay for one-half (1/2) of the transfer  taxes due in connection  with the  consummation  of the transaction contemplated by this
Agreement. All other closing and transaction costs [including, without limitation, title
insurance premiums or other title costs (including endorsements and extended coverage over
the general exceptions), premiums for any loan policy or endorsements thereto required by
Purchaser&#146;s lender, if any, or similar charges, recording charges, escrow fees, and
any costs relating to the Updated Survey) shall be paid by Purchaser, whether or not the
Closing occurs. Seller and Purchaser shall, however, be responsible for the fees of their
respective attorneys. This Section 4.5 shall survive any termination of this Agreement. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6
Possession.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon Closing,  Seller shall deliver to Purchaser possession of the Property,  subject to such matters as are permitted by or pursuant to this
Agreement.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          CASUALTY LOSS AND CONDEMNATION. <BR><BR>Prior to Closing, the risk of loss shall remain
          with Seller. If, prior to Closing, the Property or any part thereof shall be
          condemned, or destroyed or damaged by fire or other casualty, Seller shall
          promptly so notify Purchaser. If the Property or any part thereof shall be
          condemned such that damages are in excess of One Million Five Hundred Thousand
          Dollars ($1,500,000) (as determined by Seller in good faith) or if the Property
          or any part thereof shall be destroyed or damaged by fire or other casualty the
          repair of which would cost in excess of One Million Five Hundred Thousand
          Dollars ($1,500,000) (as determined by Seller in good faith), then, at the
          option of Purchaser, which option shall be exercisable, if at all, by written
          notice thereof to Seller within ten (10) business days after Purchaser receives
          written notice of such fire, earthquake or other casualty or condemnation and
          Seller&#146;s good faith determination of resulting damages, this Agreement may
          be terminated. If Purchaser elects to terminate this Agreement, the Earnest
          Money shall be returned to Purchaser by Escrowee, in which event this Agreement
          shall, without further action of the parties, become null and void and neither
          party shall have any rights or obligations under this Agreement, except those
          which expressly survive termination. In the event that Purchaser does not
          exercise the option to terminate the Agreement set forth above, or if the
          condemnation or casualty is below the $1,500,000 threshold described above, then
          the Closing shall take place on the Closing Date and Purchaser shall be entitled
          to receive the condemnation proceeds in the event of a condemnation, or in the
          event of a casualty, a credit against the Purchase Price payable at Closing in
          the total amount of (i) the estimated cost of repair plus (ii) the estimated
          amount of lost rental income subsequent to the Closing Date (but not to exceed
          90 days), all as reasonably determined by Seller&#146;s applicable insurance
          representatives, minus (iii) any sums expended by Seller in repairs or
          restoration. In addition, in the event of the foregoing, Purchaser shall deliver
          to Seller at Closing a release in form reasonably satisfactory to Seller whereby
          Purchaser releases Seller from all ongoing liability and/or claims in connection
          with such condemnation or casualty. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in this Section 5, in the event any condemnation below
the One Million Five Hundred Thousand Dollars ($1,500,000) threshold described above
either (i) prohibits, as a matter of applicable law, the rebuilding or repair of the
Improvements or any portion thereof (including, without limitation, the parking areas in
compliance with the applicable zoning code in effect at the time of such casualty) as they
currently exist, or (ii) prevents access to the Property from a publicly dedicated street,
then Purchaser may elect to terminate this Agreement by written notice thereof to Seller
within ten (10) business days of such determination, and upon the exercise of such option
by Purchaser, this Agreement shall become null and void, the Earnest Money shall be
returned to Purchaser and neither party shall have any further liability or obligations
hereunder, except those that expressly survive termination. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;
BROKERAGE. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
agrees to pay upon Closing (but not otherwise) a brokerage commission due to Transwestern
Commercial Services pursuant to a separate agreement for services rendered in connection
with the sale and purchase of the Property. Seller and Purchaser shall each indemnify and
hold the other harmless from and against any and all claims of all other brokers and
finders claiming by, through or under the indemnifying party and in any way related to the
sale and purchase of the Property, this Agreement or otherwise, including, without
limitation, attorneys&#146; fees and expenses incurred by the indemnified party in
connection with such claim. This Section 6 shall survive the termination of this
Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          DEFAULT AND REMEDIES. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1
Purchaser&#146;s Remedies. Notwithstanding anything to the contrary contained in this
Agreement, if Seller fails to perform in accordance with the terms of this Agreement at or
prior to Closing, then, as Purchaser&#146;s sole and exclusive remedy hereunder and at
Purchaser&#146;s option, either (i) the Earnest Money shall be returned to Purchaser, in
which event this Agreement shall be null and void, and neither party shall have any rights
or obligations under this Agreement except those which expressly survive termination, or
(ii) within forty-five (45) days following the Closing Date, Purchaser may seek specific
performance of this Agreement, but not damages. Purchaser&#146;s failure to seek specific
performance as aforesaid shall constitute its election to proceed under clause (i) above. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2
Seller&#146;s Remedies. If Purchaser fails to perform any of the obligations required to
be performed by Purchaser under the terms of this Agreement, Seller shall have the right
to terminate this Agreement by delivering written notice to Purchaser whereupon the
Earnest Money shall be forfeited to Seller as liquidated damages (which shall be
Seller&#146;s sole and exclusive remedy against Purchaser), it being agreed between the
parties hereto that the actual damages to Seller in such event are impractical to
ascertain and the amount of the Earnest Money is a reasonable estimate thereof and shall
be and constitute valid liquidated damages, at which time this Agreement shall be null and
void and neither party shall have any rights or obligations under this Agreement;
provided, however, if Purchaser is required to but does not deposit with the Escrowee the
Additional Earnest Money as provided for in Section 2.1.1 above, the sum of $300,000.00
shall nonetheless be recoverable by Seller from Purchaser as Earnest Money.
Notwithstanding the foregoing, nothing in this Section 7.2 shall limit any indemnification
obligation of Purchaser under this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3
Pre-Closing Knowledge. If at any time after the execution of this Agreement, either
Purchaser or Seller becomes aware of any fact which makes a representation and warranty
contained in this Agreement to become untrue in any material respect, said party shall
promptly disclose such fact in writing to the other party hereto. Provided, that the party
making the representation has taken no willful act which is not permitted under this
Agreement to cause the representation to become untrue, said party shall not be in default
under this Agreement and the sole remedy of the other party shall be to either (i)
terminate this Agreement by written notice within five (5) business days of the date on
which the non-breaching party receives written notice from the breaching party
(&#147;Notice Date&#148;), in which event this Agreement, without further action of the
parties, shall become null and void such that neither party shall have any further rights
or obligations under this Agreement except for those rights and obligations which by their
terms expressly survive any such termination, or (ii) elect to proceed to Closing, in
which case such party shall be deemed to have waived its rights with respect to any such
breach of representation or warranty. In the event the non-breaching party fails to
deliver such termination notice to the breaching party on or before the Notice Date, then
the non-breaching party shall conclusively deemed to have elected to proceed under clause
(ii) of the preceding sentence. Notwithstanding anything to the contrary set forth in this
Agreement and without limitation to anything in Section 10.4 below, Purchaser and Seller
are prohibited from making any claims against the other party hereto after the Closing
with respect to any breaches of the other party&#146;s representations and warranties
contained in this Agreement that the claiming party has actual knowledge of prior to the
Closing. Nowithstanding clause (i) above in this Section 7.3, in the event the
representation and warranty in Section 10.1.6 below becomes untrue and Purchaser does not
have the right to terminate this Agreement under Section 5 above, then Purchaser shall not
have the right to terminate the Agreement under this Section 7.3 (however, Purchaser shall
have the rights provided under Section 5 above.). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4
Post-Closing Remedies. From and after the Closing, Seller and Purchaser shall, subject to
the terms and conditions of this Agreement, have such rights and remedies as are available
at law or in equity, except that neither Seller nor Purchaser shall be entitled to recover
from the other consequential or special damages. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          CONDITIONS PRECEDENT. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1
Condition Precedent &#151; Purchaser.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1
Purchaser shall have until 5:00 p.m. (Central Standard Time) on December 23, 2004, within
which to inspect the Property (the &#147;Review Period&#148;). If Purchaser determines, in
its sole and absolute discretion, for any reason or no reason, that the Property is
unsuitable for its purposes and so notifies Seller in writing within the Review Period,
the Earnest Money shall be returned to Purchaser, at which time this Agreement shall be
null and void and neither party shall have any further rights or obligations under this
Agreement except those which expressly survive termination. Purchaser&#146;s failure to
terminate this Agreement within the Review Period shall be conclusively deemed a waiver by
Purchaser of Purchaser&#146;s termination right contained in this Section 8. If
applicable, then within ten (10) days of execution of this Agreement, Seller and Purchaser
agree to complete and execute the Disclosure of Information on Lead-Based Paint and/or
Lead Based-Paint Hazard, a form of which is attached hereto as Exhibit&nbsp;I, and
Purchaser acknowledges such form satisfies Seller&#146;s obligations under 40 C.F.R. Part
745. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2
Purchaser&#146;s right of inspection pursuant to this Section 8 shall be subject to the
rights of tenants under the Leases and other occupants and users of the Property. Before
entering upon the Property, Purchaser shall furnish to Seller evidence of (i) general
liability insurance coverage (naming Seller as an additional insured) of not less than One
Million Dollars ($1,000,000) per occurrence and Two Million Dollars ($2,000,000) in the
aggregate, and (ii) commercial automobile insurance coverage (naming Seller as additional
insured) of not less than One Million Dollars ($1,000,000) per occurrence which shall
cover liability arising in connection with any automobile at the Property (including
owned, hired and non-owned automobiles). No inspection shall be undertaken without
reasonable prior notice to Seller. Seller shall have the right to be present at any or all
inspections. Neither Purchaser nor its agents or representatives shall contact any tenants
without the prior consent of Seller. No inspection shall involve the taking of samples or
other physically invasive procedures without the prior written consent of Seller.
Notwithstanding anything to the contrary contained in this Agreement, Purchaser shall
indemnify, defend (with counsel reasonably acceptable to Seller) and hold Seller and its
employees and agents, and each of them, harmless from and against any and all losses,
claims, damages and liabilities (including, without limitation, attorneys&#146; fees
incurred in connection therewith) arising out of Purchaser&#146;s exercise of its rights
under this Agreement, including, without limitation, its right of inspection as provided
for in this Section 8 but expressly excluding any loss, cost or damage arising out of
Purchaser&#146;s discovery of a condition existing prior to the date hereof. The
indemnification obligation of Purchaser in this Section 8.1.2 shall survive termination of
this Agreement. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3
At Closing, all management contracts relating to the Property shall be terminated.</FONT>
</TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2
CONDITION PRECENDENT &#150; SELLER.&nbsp;&nbsp;&nbsp; It shall be a condition of Seller&#146;s obligation to
close hereunder that Seller shall receive from the Board of Trustees of Equity Residential
(or its executive committee, as the case may be), prior to 5:00 p.m. (Central Standard
Time) on December 20, 2004 (the &#147;Approval Deadline&#148;), approval to consummate the
transaction described in this Agreement on the terms and conditions set forth herein (the
&#147;Approval&#148;). In the event Seller does not receive the Approval by the Approval
Deadline, Seller may terminate this Agreement by giving a termination notice to Purchaser
prior to the Approval Deadline, at which time Escrowee shall return the Earnest Money to
Purchaser, Seller shall reimburse Purchaser for documented third party costs and expenses
incurred by Purchaser in connection with this transaction up to the sum of Twenty-Five
Thousand and No/100ths Dollars ($25,000) and the parties hereto shall have no further
rights, liabilities, or obligations under this Agreement (other than those that expressly
survive termination); </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          SECTION 1031 EXCHANGE. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
may structure the disposition of the Property as a like-kind exchange under Internal
Revenue Code Section 1031 at Seller&#146;s sole cost and expense. Purchaser shall
reasonably cooperate therein, provided that Purchaser shall incur no material costs,
expenses or liabilities in connection with Seller&#146;s exchange. Seller shall indemnify,
defend and hold Purchaser harmless therefrom and Purchaser shall not be required to take
title to or contract for purchase of any other property. If Seller uses a qualified
intermediary to effectuate the exchange, any assignment of the rights or obligations of
Seller hereunder shall not relieve, release or absolve Seller of its obligations to
Purchaser. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.&nbsp;&nbsp;&nbsp;&nbsp;
          REPRESENTATIONS AND WARRANTIES. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1
Seller's Representations and Warranties.      Seller  represents and warrants to Purchaser as of the date of
this Agreement as follows:</FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1
Seller is a corporation, duly organized, validly existing and in good standing under the
laws of the State of Illinois. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2
Subject to Section 8.2 above, Seller has full power, right and authority to enter into and
perform its obligations under this Agreement. Subject to Section 8.2 above, the execution,
delivery and performance of this Agreement by Seller have been duly and properly
authorized by proper corporate action in accordance with applicable law and with the
Articles of Incorporation and Bylaws of Seller. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3
To Seller&#146;s knowledge, Exhibit C attached hereto lists all of the Service Contracts
entered into by Seller that affect the Property and the vendor under each Service
Contract. Notwithstanding anything in this Agreement to the contrary, Seller does not
covenant or represent that any particular Service Contract will be in force or effect as
of the Closing or the parties to the Service Contracts will not be in default under their
respective Service Contracts, and the existence of any default by any party under any
Service Contract shall not affect the obligations of Purchaser hereunder. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4
To Seller&#146;s knowledge, as of the date of this Agreement, there are no leases,
subleases, licenses or other rental agreements or occupancy agreements (written or verbal)
which grant any possessory interest in and to any space situated on or in the Improvements
other than the leases (the &#147;Leases&#148;) described in the Rent Roll. To
Seller&#146;s knowledge, Exhibit J attached hereto describes, in all material respects,
the following information concerning the Leases affecting the Property as of the date
thereon (&#147;Rent Roll&#148;): (a) name of tenant, (b) the apartment number, (c) the
rental rate, (d) the expiration date, (e) the move-in date, and (f) the amount of security
deposit. Seller makes no representation with respect to any rental rate or other
information provided in Exhibit J that is not described in the preceding sentence.
Notwithstanding anything in this Agreement to the contrary, Seller does not covenant or
represent that tenants under Leases will not be in default under their respective Leases,
and the existence of any default by any tenant under its Lease shall not affect the
obligations of Purchaser hereunder. To Seller&#146;s knowledge, no leasing commission
shall be due for any period subsequent to the time of Closing. To Seller&#146;s knowledge,
no rent has been paid under any Lease more than thirty (30) days in advance. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5
Except as set forth on Exhibit L attached hereto, to Seller&#146;s knowledge, the
apartment units in the Property are not subject to, nor do said apartment units receive
the benefit of any rent subsidies or rental assistance programs. To the best knowledge of
Seller, no apartment unit is subject to any rent control law, ordinance or regulation. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.6
To Seller&#146;s knowledge, except as set forth on Exhibit M attached hereto, Seller has
not received from any governmental authority having the power of eminent domain any
written notice of any condemnation of the Property or any part thereof or the widening,
change of grade or limitation on use of streets abutting the same; </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.7
To the Seller&#146;s knowledge, except as set forth on Exhibit N, attached hereto Seller
has received no written notice of any pending litigation initiated against Seller or the
Property which would affect the Property after Closing. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.8
To Seller&#146;s knowledge, other than with respect to matters set forth on Exhibit O, it
has not received from any governmental authority written notice of any material violation
of any building, fire or health code or any other statute applicable to the Property. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2
Seller&#146;s Knowledge. When used in this Agreement, the term &#147;to Seller&#146;s
knowledge&#148; shall mean and be limited to the actual (and not imputed, implied or
constructive) current knowledge of James Alexander, First Vice President of Equity
Residential and David Ohlrich, the asset manager for the Property. Notwithstanding
anything to the contrary set forth in this Agreement, none of the foregoing individuals
shall have any personal liability or liability whatsoever with respect to any matters set
forth in this Agreement or any of Seller&#146;s representations and/or warranties herein
being or becoming untrue, inaccurate or incomplete. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3
Survival. Except for the representation and warranty set forth in Section&nbsp;10.1.4
above (which shall be deemed to be superseded by the Updated Rent Roll) and subject to any
actions or conduct of Seller permitted under this Agreement, the representations and
warranties set forth in this Section 10 shall be deemed to be remade as of Closing and
together with the Updated Rent Roll shall survive the Closing and the delivery of the Deed
for a period of nine (9) months from the Closing Date. Notice of any claim as to a breach
of any representation or warranty must be made to Seller prior to the expiration of such
nine (9) month period or it shall be deemed a waiver of the right to assert such claim. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4
Modification of Representations, Warranties and/or Certifications. During the period from
and after the expiration of the Review Period and prior to Closing, as and to the extent
that Purchaser receives (or Seller receives and delivers to Purchaser) any Disclosures
with respect to matters addressed in Section 10.1 which contain information or facts that
are inconsistent with or different from the representations and warranties made in Section
10.1 above and/or the certification made in the Updated Rent Roll, and the Closing occurs,
then the representations and warranties in Section 10.1 and/or the certification made in
the Updated Rent Roll shall be deemed to be modified and/or superceded by such other
documentation (and, in such event, Seller shall no longer have any liability hereunder
with respect to the portion of the representation and warranty and/or certification
superceded herein, as applicable). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          AS-IS. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1
AS-IS CONDITION. ACKNOWLEDGING THE PRIOR USE OF THE PROPERTY AND PURCHASER&#146;S
OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER AGREES TO TAKE THE PROPERTY &#147;AS
IS&#148;, &#147;WHERE IS&#148;, WITH ALL FAULTS AND CONDITIONS THEREON. ANY INFORMATION,
REPORTS, STATEMENTS, DOCUMENTS OR RECORDS (&#147;DISCLOSURES&#148;) PROVIDED OR MADE TO
PURCHASER OR ITS CONSTITUENTS BY SELLER, ITS AGENTS OR EMPLOYEES CONCERNING THE CONDITION
(INCLUDING, BUT NOT LIMITED TO, THE ENVIRONMENTAL CONDITION) OF THE PROPERTY SHALL NOT BE
REPRESENTATIONS OR WARRANTIES, UNLESS SPECIFICALLY SET FORTH IN SECTION 10 OF THIS
AGREEMENT. PURCHASER SHALL NOT RELY ON SUCH DISCLOSURES, BUT RATHER, PURCHASER SHALL RELY
ONLY ON ITS OWN INSPECTION OF THE PROPERTY. PURCHASER ACKNOWLEDGES THAT THE PURCHASE PRICE
REFLECTS AND TAKES INTO ACCOUNT THAT THE PROPERTY IS BEING SOLD &#147;AS IS&#148;. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2
NO ADDITIONAL REPRESENTATIONS. PURCHASER ACKNOWLEDGES AND AGREES THAT EXCEPT AS
SPECIFICALLY SET FORTH IN SECTION 10 OF THIS AGREEMENT SELLER HAS NOT MADE, DOES NOT MAKE
AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS,
AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED,
ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO (A) THE
NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER,
SOIL AND GEOLOGY, (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF
THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, (D)
THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR
REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, (E) THE HABITABILITY,
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, OR (F) ANY OTHER
MATTER WITH RESPECT TO THE PROPERTY, AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS
REGARDING TERMITES OR WASTES, AS DEFINED BY THE U.S. ENVIRONMENTAL PROTECTION AGENCY
REGULATIONS AT 40 C.F.R., OR ANY HAZARDOUS SUBSTANCE, AS DEFINED BY THE COMPREHENSIVE
ENVIRONMENTAL RESPONSE COMPENSATION AND LIABILITY ACT OF 1980 (&#147;CERCLA&#148;), AS
AMENDED, AND REGULATIONS PROMULGATED THEREUNDER. PURCHASER, ITS SUCCESSORS AND ASSIGNS,
HEREBY WAIVE, RELEASE AND AGREE NOT TO MAKE ANY CLAIM OR BRING ANY COST RECOVERY ACTION OR
CLAIM FOR CONTRIBUTION OR OTHER ACTION OR CLAIM AGAINST SELLER OR ITS AFFILIATES,
DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, ATTORNEYS, OR ASSIGNS (COLLECTIVELY, &#147;SELLER
AND ITS AFFILIATES&#148;) BASED ON (A) ANY FEDERAL, STATE, OR LOCAL ENVIRONMENTAL OR
HEALTH AND SAFETY LAW OR REGULATION, INCLUDING CERCLA OR ANY STATE EQUIVALENT, OR ANY
SIMILAR LAW NOW EXISTING OR HEREAFTER ENACTED, (B) ANY DISCHARGE, DISPOSAL, RELEASE, OR
ESCAPE OF ANY CHEMICAL, OR ANY MATERIAL WHATSOEVER, ON, AT, TO, OR FROM THE PROPERTY; OR
(C) ANY ENVIRONMENTAL CONDITIONS WHATSOEVER ON, UNDER, OR IN THE VICINITY OF THE PROPERTY. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3
PURCHASER&#146;S DUE DILIGENCE. PURCHASER REPRESENTS TO SELLER THAT PURCHASER HAS
CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE PROPERTY,
INCLUDING, BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS
PURCHASER DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF THE
PROPERTY AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH RESPECT TO
ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTY, AND WILL RELY SOLELY
UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER OR ITS AGENTS OR
EMPLOYEES WITH RESPECT THERETO. UPON CLOSING, PURCHASER SHALL ASSUME THE RISK THAT ADVERSE
MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND
ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY PURCHASER&#146;S INVESTIGATIONS,
AND PURCHASER, UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED
SELLER (AND SELLER&#146;S OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES AND AGENTS) FROM
AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN
TORT), LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING REASONABLE
ATTORNEYS&#146; FEES) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH
PURCHASER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER (AND SELLER&#146;S OFFICERS,
DIRECTORS, SHAREHOLDERS, EMPLOYEES AND AGENTS) AT ANY TIME BY REASON OF OR ARISING OUT OF
ANY LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF ANY
APPLICABLE LAWS AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS
REGARDING THE PROPERTY. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
PROVISIONS OF THIS SECTION 11 SHALL SURVIVE THE CLOSING OR ANY TERMINATION OF THIS
AGREEMENT. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          LIMITATION OF LIABILITY. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1
Limitation of Liability. Notwithstanding anything to the contrary contained herein, if the
Closing shall have occurred (and Purchaser shall not have waived, relinquished or released
any applicable rights in further limitation), the aggregate liability of Seller arising
pursuant to or in connection with the representations, warranties, indemnifications,
covenants or other obligations (whether express or implied) of Seller under this Agreement
(or any document executed or delivered in connection herewith) shall not exceed $500,000. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2
No Personal Liability of Seller&#146;s Directors and Employees. No constituent partner in
or agent of Seller, nor any advisor, trustee, director, officer, employee, beneficiary,
shareholder, participant, representative or agent of any corporation or trust that is or
becomes a constituent partner in Seller (including, but not limited to, ERP Operating
Limited Partnership and Equity Residential shall have any personal liability, directly or
indirectly, under or in connection with this Agreement or any agreement made or entered
into under or pursuant to the provisions of this Agreement, or any amendment or amendments
to any of the foregoing made at any time or times, heretofore or hereafter, and Purchaser
and its successors and assigns and, without limitation, all other persons and entities,
shall look solely to Seller&#146;s assets for the payment of any claim or for any
performance, and Purchaser, on behalf of itself and its successors and assigns, hereby
waives any and all such personal liability. Notwithstanding anything to the contrary
contained in this Agreement, neither the negative capital account of any constituent
partner in Seller (or in any other constituent partner of Seller), nor any obligation of
any constituent partner in Seller (or in any other constituent partner of Seller) to
restore a negative capital account or to contribute capital to Seller (or to any other
constituent partner of Seller), shall at any time be deemed to be the property or an asset
of Seller or any such other constituent partner (and neither Purchaser nor any of its
successors or assigns shall have any right to collect, enforce or proceed against or with
respect to any such negative capital account of partner&#146;s obligations to restore or
contribute). The provisions of this Section 12.2 shall survive the Closing or any
termination of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          OPERATION OF THE PROPERTY </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
and after the date hereof until the Closing Date or earlier termination of this Agreement: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Ordinary
Course of Business. Seller shall operate, maintain and repair the Property in its ordinary
course of business and shall not sell, further pledge, or otherwise transfer or dispose of
all or any part of any Property (except for such items of Personal Property as become
obsolete or are disposed of in the ordinary course), subject to the provisions of Section
5 above. On or prior to the Closing Date, Seller shall have performed all work reasonably
necessary to make all apartments within the Property that have been vacant for more than
five (5) days prior to the Closing Date ready for occupancy by incoming tenants, in a
manner consistent with Seller&#146;s past practices (the &#147;Ready Work&#148;). In the
event that all Ready Work has not been completed prior to the Closing Date, Seller shall
give Purchaser a credit against the Purchase Price for incomplete Ready Work in an amount
equal to $500.00 per unit. Notwithstanding the foregoing, nothing contained in this
Section shall affect or otherwise diminish the rights and obligations of Purchaser and
Seller under Section 5 herein with respect to a casualty. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2
Property Insurance.     Seller shall maintain in full force and effect property insurance on the Property.
</FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3
Access. Seller shall allow Purchaser and Purchaser&#146;s representatives access to the
Property, the Leases and other documents required to be delivered under this Agreement
upon reasonable prior notice at reasonable times; provided Purchaser agrees that the
original leases ( or copies, when originals are unavailable) and all other original
documents shall remain on-site at the Property. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4
Leasing. Seller shall not, without Purchaser&#146;s prior written consent, enter into or
renew any new lease for an apartment unit unless the lease is on a form substantially
similar to the Seller&#146;s standard form, is for a period of no more than one (1) year,
and contains a rental rate and rental concessions consistent with those agreed upon in
Seller&#146;s ordinary course of business during the consecutive twelve (12) month period
preceding the date hereof.. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5
Listing and Other Offers. Seller shall not enter into any contracts or agreements
regarding the disposition of the Property or authorize any other party to do so on its
behalf. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6
Service Contracts. Seller shall not enter into any new written service contract with
respect to the Property that will not be cancelable by Purchaser without penalty upon no
greater than thirty (30) days notice, without the prior written consent of Purchaser,
which shall not be unreasonably withheld or delayed. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7
Termination of Service Contracts. During the Review Period, Purchaser shall notify Seller
in writing which Service Contracts Purchaser wishes to assume at Closing and which Service
Contracts Purchaser wants terminated as of Closing (the &#147;Rejected Contracts&#148;).
As to any Rejected Contracts which can be terminated in accordance with their terms,
Seller shall, at its sole cost and expense, terminate such Rejected Contracts as of the
Closing (the &#147;Terminated Rejected Contracts&#148;), and Purchaser shall assume all
Service Contracts other than the Terminated Rejected Contracts on and after the date of
Closing. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.
MISCELLANEOUS.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1
Indemnification Claims. The indemnifications contained in this Agreement shall be subject
to the following provisions: the indemnitee shall notify indemnitor of any such claim
against indemnitee within thirty (30) days after it has written notice of such claim, but
failure to notify indemnitor shall in no case prejudice the rights of indemnitee under
this Agreement unless indemnitor shall be prejudiced by such failure and then only to the
extent of such prejudice. Should indemnitor fail to discharge or undertake to defend
indemnitee against such liability within fifteen (15) business days after the indemnitee
gives the indemnitor written notice of the same, then indemnitee may settle such
liability, and indemnitor&#146;s liability to indemnitee shall be conclusively established
by such settlement, the amount of such liability to include both the settlement
consideration and the reasonable costs and expenses, including attorneys&#146; fees,
incurred by indemnitee in effecting such settlement. The obligations set forth in this
Section 14.1 shall survive the Closing or earlier termination of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2
Entire Agreement. All understandings and agreements heretofore had between Seller and
Purchaser with respect to the Property are merged in this Agreement, which alone fully and
completely expresses the agreement of the parties. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3
Assignment. Neither this Agreement nor any interest hereunder shall be assigned or
transferred by Purchaser without the prior written consent of Seller; provided, however,
notwithstanding the foregoing, Purchaser may assign or transfer this Agreement and its
interest hereunder to an affiliated entity in which Purchaser maintains direct control,
without the prior written consent of Seller.. Subject to the foregoing, this Agreement
shall inure to the benefit of and shall be binding upon Seller and Purchaser and their
respective successors and assigns. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4
 No Modification.    This Agreement  shall not be modified or amended except in a written  document signed by Seller and Purchaser.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5
Time of the Essence.      Time is of the essence of this Agreement.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6
Governing Law.   This Agreement  shall be governed and  interpreted in accordance with the laws of the State
in which the Property is located.</FONT></P>

 <!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7
Notice. All notices, requests, demands or other communications required or permitted under
this Agreement shall be in writing and delivered personally, by certified mail, return
receipt requested, postage prepaid, by overnight courier (such as Federal Express), or by
facsimile transmission with a copy to follow by certified mail, return receipt requested,
postage paid or by overnight courier, addressed as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If to Seller: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 3 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o
Equity Residential<BR> <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two North Riverside Plaza<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suite
400<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago, Illinois&nbsp;&nbsp;&nbsp;60606<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone:&nbsp;&nbsp;&nbsp;(312) 928-1382<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) 454-1962</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 3 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:
David Carlson, Assistant Vice President</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
a copy to: </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Sub 3 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o
Equity Residential<BR> <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two North Riverside Plaza<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suite
400<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago, Illinois&nbsp;&nbsp;&nbsp;60606<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone:&nbsp;&nbsp;&nbsp;(312) 928-1175<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) 454-0671</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 3 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:
Dede Berdelle, Assistant Vice President-Legal</FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If to Purchaser: </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 3 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Berkshire
Income Realty, Inc. <BR>One Beacon Street, Suite 1550 <BR>Boston, Massachusetts 02108<BR>Telephone:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617) 646-2453<BR>Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617) 646-2373</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 3 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention:
Stephen Zaleski</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
a copy to: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 3 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Scott D. Spelfogle, Esq. <BR>Berkshire
Income Realty, Inc. <BR>One Beacon Street, Suite 1550 <BR>Boston, Massachusetts 02108<BR>Telephone:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617) 574-8385<BR>Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617) 556-1408</FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
a copy to: </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 3 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ricahrd A. Toelke, Esq <BR>Bingham McCutchen, LLP<BR>150 Federal Street <BR>Boston, Massachusetts 02110<BR>Telephone:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617) 951-8830<BR>Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617) 951-8736</FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All notices given in accordance with
the terms hereof shall be deemed received on the next business day if sent by overnight
courier, on the same day if sent by facsimile before 5 P.M. (Central Standard Time) on a
business day, on the third (3rd) business day following deposit with the United States
Mail as a registered or certified matter with postage prepaid, or when delivered
personally or otherwise received. Either party hereto may change the address for receiving
notices, requests, demands or other communication by notice sent in accordance with the
terms of this Section 14.7. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8
Waiver of Trial by Jury. In any lawsuit or other proceeding initiated by Purchaser under
or with respect to this Agreement, Purchaser waives any right it may have to trial by
jury. In addition, Purchaser waives any right to seek rescission of the transaction
provided for in this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9
Confidentiality. Except as may be required by law, without the prior written consent of
Seller, Purchaser shall not disclose to any third party the existence of this Agreement or
any term or condition of this Agreement (including, without limitation, purchase price) or
the results of any inspections or studies undertaken in connection herewith. Purchaser
agrees to keep confidential and not to use, other than in connection with its
determination whether to proceed with the purchase of the Property in accordance with
Section 8 hereof, any of the documents, material or information regarding the Property
supplied to Purchaser by Seller or by any third party at the request of Seller, including,
without limitation any environmental site assessment reports furnished to Purchaser,
except Purchaser may disclose such information to any employees, agents, attorneys,
advisors and contractors of Purchaser involved in the inspection or investigation of the
Property conducted by Purchaser in accordance with the provisions of this Agreement, or to
any potential lenders or investors with whom Purchaser may be dealing in connection with
the purchase of the Property, provided that Purchaser shall be responsible to ensure that
such parties abide by the foregoing confidentiality restrictions (each such party being
herein referred to as a &#147;Related Party&#148;). The foregoing restrictions do not
apply to information in the public domain as a result of lawful disclosure, or if
disclosure is required by subpoena or under applicable laws, including, without
limitation, governmental regulatory, disclosure, tax and reporting requirements. Purchaser
agrees to indemnify and hold harmless Seller from and against any and all losses, damages,
claims and liabilities of any kind (including, without limitation, reasonable
attorneys&#146; fees) arising out of a breach of this Section 14.9 by either or both of
Purchaser and a Related Party. In the event that the Closing does not occur in accordance
with the terms of this Agreement, Purchaser shall promptly return to Seller all of the
documents, materials and information regarding the Property supplied to Purchaser by
Seller or at the request of Seller. The provisions of this Section 14.9 shall survive the
termination of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10
Assignment of Interest in Reports and Studies. If, for any reason other than a default by
Seller, Purchaser does not consummate the Closing, then Purchaser shall, upon
Seller&#146;s request and Seller&#146;s reimbursement to Purchaser of the cost thereof,
and to the extent assignable, assign and transfer to Seller all of its right, title and
interest in and to any and all third party studies, reports, surveys and other
information, data and/or documents relating to the Property or any part thereof prepared
by or at the request of Purchaser, its employees and agents, and shall deliver to Seller
copies of all of the foregoing. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11
Former Tenant Lease Files. Notwithstanding anything to the contrary set forth in this
Agreement, any and all files at the Property that relate to tenants who have vacated their
units at the Property and with whom there exists a dispute or a set of facts that could
lead to a dispute between Seller and such tenant regarding the payment of sums due and
owing to Seller (collectively, &#147;Former Tenant Lease Files&#148;), together with any
and all rights, causes of action and/or claims relating thereto shall not be transferred
or assigned to Purchaser at Closing but shall remain the property of Seller. Any and all
such Former Tenant Lease Files shall be removed from the Property by Seller on or before
the Closing Date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12
No Memorandum of Agreement. This Agreement or any notice or memorandum hereof shall not be
recorded in any public record. A violation of this prohibition shall constitute a material
breach by Purchaser, entitling Seller to terminate this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13
No Finance Contingency. Purchaser acknowledges and agrees that Purchaser&#146;s
obligations under this Agreement are not in any manner contingent or conditioned upon
Purchaser obtaining financing in order to Purchase the Property. In no event shall Seller
be obligated to comply with any requirements of Purchaser&#146;s lender or otherwise incur
any cost, expense or liability in connection with Purchaser&#146;s financing of the
Property. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14
Counterpart signatures. This Agreement may be signed in any number of counterparts each of
which shall be deemed to be an original and all of which taken together shall constitute
one and the same instrument. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15
Designation of Escrowee as Reporting Person. Seller and Purchaser hereby designate
Escrowee to act as and perform the duties and obligations of the &#147;reporting
person&#148; with respect to the transaction contemplated by this Agreement for purposes
of 26 C.F.R. Section 1.6045-4(e)(5) relating to the requirements for information reporting
on real estate transaction closed on or after January 1, 1991. In this regard, Seller and
Purchaser each agree to execute at Closing, and to cause the Escrowee to execute at
Closing, a Designation Agreement, designating Escrowee as the reporting person with
respect to the transaction contemplated by this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16
Financial Statements. Seller acknowledges that audited financial statements pertaining to
the Property for one prior calendar year of operation and the portion of the calendar year
in which the Closing occurs up to the Closing Date are required to be filed by the
Purchaser with the Securities and Exchange Commission after the Closing. Accordingly,
Seller agrees to provide Purchaser and its representatives with access to Seller&#146;s
books and records after the Closing upon reasonable advance notice in order to conduct the
required audit. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.17
Attorneys&#146; Fees. If any litigation arises in connection with this Agreement, the
prevailing party therein shall be entitled to receive from the losing party the prevailing
party&#146;s costs and expenses incurred in connection therewith, including
attorneys&#146; reasonable fees. </FONT></P>

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, Seller and Purchaser have executed and delivered this Agreement as of the
date first above written. </FONT></P>

<TABLE WIDTH=760 CELLPADDING=0 CELLSPACING=0 ALIGN=LEFT>
<TR VALIGN=Bottom>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=71% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=29% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SELLER</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> EQR-YORKTOWNE VISTAS, INC., an Illinois corporation</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Shelanda Haskell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelanda Haskell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Its:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice-President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></FONT></TD></TR>
</TABLE>
<br><br><br><br><br><br><br><br>

<TABLE WIDTH=760 CELLPADDING=0 CELLSPACING=0 ALIGN=LEFT>
<TR VALIGN=Bottom>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=71% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=29% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">PURCHASER: </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> BIR YORKTOWNE, L.L.C., a Delaware limited liability company</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Steven J. Zaleski&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen J. Zaleski&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Its:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice-President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></FONT></TD></TR>
</TABLE>


<br><br><br><br><br><br><br><br>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
