Exhibit 10.15

PURCHASE AND SALE CONTRACT


BETWEEN




DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES II LIMITED PARTNERSHIP,
a New York limited partnership


AS SELLER




AND




ADVENIR, INC.
a Florida corporation


AS PURCHASER




PRESIDENTIAL HOUSE
1572 NE 191 ^st STREET
MIAMI, FLORIDA 33179

Table of Contents

Page

PURCHASE AND SALE CONTRACT

THIS PURCHASE AND SALE CONTRACT (this " Contract ") is entered into as of the 25 ^th day of March, 2009 (the " Effective Date "), by and between DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES II LIMITED PARTNERSHIP , a New York limited partnership, having an address at 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237 (" Seller "), and ADVENIR, INC. , a Florida corporation, having a principal address at 17501 Biscayne Blvd., Suite 300, Aventura, Florida 33160 (" Purchaser ").

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

RECITALS

A.                  Seller owns the real estate located in Miami-Dade County, Florida, as more particularly described in Exhibit A attached hereto and made a part hereof, and the improvements thereon, commonly known as Presidential House.

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

ARTICLE I
DEFINED TERMS

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

ARTICLE II
PURCHASE AND SALE, PURCHASE PRICE & DEPOSIT

2.1       Purchase and Sale .

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

2.2       Purchase Price and Deposit .

  The total purchase price (" Purchase Price ") for the Property shall be an amount equal to Twelve Million Eight Hundred Thousand  Dollars ($12,800,000.00), payable by Purchaser, as follows:

2.2.1    Within 2 Business Days following the Effective Date, Purchaser shall deliver to First American Title Insurance Company of New York, 633 Third Avenue, New York, New York 10017, Attention: Linda J. Isaacson, Telephone: (212) 850-0664; Fax: (212) 331-1467 (" Escrow Agent " or " Title Insurer ") an initial deposit (the " Initial Deposit ") of One Hundred Twenty-Eight Thousand  Dollars ($128,000.00) by wire transfer of immediately available funds (" Good Funds ").  

2.2.2    On or before the day that the Feasibility Period expires, Purchaser shall deliver to Escrow Agent an additional deposit (the " Additional Deposit ") of One Hundred Twenty-Eight Thousand  Dollars ($128,000.00) by wire transfer of Good Funds.  

2.2.3    At the Closing, subject to the occurrence of the Loan Assumption and Release, Purchaser shall receive a credit against the Purchase Price in the aggregate amount of (i) the outstanding principal balance of the Notes, together with all accrued but unpaid interest (if any) thereon, as of the Closing Date (the “ Loan Balance ”) and (ii) the Deposit.

2.2.4    The balance of the Purchase Price for the Property, plus or minus the adjustments or prorations required by this Contract, shall be paid to and received by Escrow Agent by wire transfer of Good Funds no later than 10:00 a.m. on the Closing Date.

2.3       Escrow Provisions Regarding Deposit .

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

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

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

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

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

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

ARTICLE III
FEASIBILITY PERIOD

3.1       Feasibility Period .

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

3.2       Expiration of Feasibility Period .

  If any of the matters in Section 3.1 or any other title or survey matters are unsatisfactory to Purchaser for any reason, or for no reason whatsoever, in Purchaser's sole and absolute discretion, then Purchaser shall have the right to terminate this Contract by giving written notice to that effect to Seller and Escrow Agent no later than 5:00 p.m. on or before the date of expiration of the Feasibility Period.  If Purchaser provides such notice, this Contract shall terminate and be of no further force and effect subject to and except for the Survival Provisions, and Escrow Agent shall (x) deliver a portion of the Initial Deposit in the amount of $35,000.00 to Seller as consideration for Seller agreeing to enter into this Contract and (y) return the balance of the Initial Deposit (i.e. the Initial Deposit less $35,000.00) to Purchaser.  Notwithstanding the foregoing, (i) if an environmental study (prepared by a reputable environmental engineer) discloses the existence of hazardous or toxic materials on, in or under the Property, (ii) as a condition to obtaining the Loan Assumption and Release (as such term is defined in Schedule 1 attached hereto), the Lender requires that Purchaser remediate such environmental condition(s), and (iii) as a result thereof, Purchaser terminates this Contract pursuant to this Section 3.2, then Escrow Agent shall return the full Initial Deposit to Purchaser.  If Purchaser elects to terminate this Contract pursuant to the foregoing sentence, then Seller shall have the right, exercisable by written notice delivered to Purchaser within two (2) Business Days after Seller receives Purchaser’s termination notice, to agree that Seller shall, at Seller’s sole cost and expense, remediate such environmental condition.  In such event, (i) Purchaser’s termination notice shall be deemed null and void, and this Contract shall remain in full force and effect, (ii) Seller shall proceed diligently to remediate the identified environmental conditions and (iii) Seller shall be entitled to reasonable adjournments of the Closing Date to remediate such environmental condition, provided, however, that Seller shall not adjourn the Closing Date to a date less than five (5) days prior to the date that Lender’s approval of the Loan Assumption and Release expires.  If Purchaser fails to provide Seller with written notice of termination prior to the expiration of the Feasibility Period, Purchaser's right to terminate under this Section 3.2 shall be permanently waived and this Contract shall remain in full force and effect, the Deposit shall be non-refundable, and Purchaser's obligation to purchase the Property shall be conditional only as provided in Section 8.1 .

3.3       Conduct of Investigation .

  Purchaser shall not permit any mechanics' or materialmen's liens or any other liens to attach to the Property by reason of the performance of any work or the purchase of any materials by Purchaser or any other party in connection with any Inspections conducted by or for Purchaser.  Purchaser shall give not less than 24 hours advance notice by telephone to the Community Manager and the Broker prior to any entry onto the Property and shall permit Seller to have a representative present during all Inspections conducted at the Property.  Purchaser shall take all reasonable actions and implement all protections necessary to ensure that all actions taken in connection with the Inspections, and all equipment, materials and substances generated, used or brought onto the Property pose no material threat to the safety of persons, property or the environment. 

3.4       Purchaser Indemnification .

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

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

3.5       Property Materials .

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

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

3.5.3    In addition to the items set forth on Schedule 3.5 , no later than 5 Business Days after the Effective Date, Seller shall deliver to Purchaser (or otherwise make available to Purchaser as provided under Section 3.5.1 ) the most recent rent roll for the Property listing the move-in date, monthly base rent payable, lease expiration date and unapplied security deposit for each Lease (the " Rent Roll ").  Seller makes no representations or warranties regarding the Rent Roll other than the express representation set forth in Section 6.1.6 .  

3.5.4    In addition to the items set forth on Schedule 3.5 , no later than 5 Business Days after the Effective Date, and to the extent same have not been heretofore provided by Seller to Purchaser, Seller shall deliver to Purchaser (or otherwise make available to Purchaser as provided under Section 3.5.1 ) a list of all current Property Contracts (the " Property Contracts List ").  Seller makes no representations or warranties regarding the Property Contracts List other than the express representations set forth in Section 6.1.7 .

3.6       Property Contracts .

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

ARTICLE IV
TITLE

4.1       Title Documents .

  Purchaser acknowledges that, prior to the Effective Date, Purchaser has received from Title Insurer a commitment or preliminary title report, Commitment No.:  FA-C-385501FL24, dated February 18, 2009 (" Title Commitment ") to provide an American Land Title Association owner's title insurance policy for the Property, using the current policy jacket customarily provided by the Title Insurer, in an amount equal to the Purchase Price (the " Title Policy "), together with copies of all instruments identified as exceptions therein (together with the Title Commitment, referred to herein as the " Title Documents ").  Seller shall be responsible for payment of the basic premium for the Title Policy.  Purchaser shall be solely responsible for payment of all other costs relating to procurement of the Title Commitment, the Title Policy, and any requested endorsements, including for “extended” coverage.

4.2       Survey .

  Purchaser acknowledges that, prior to the Effective Date, Seller has delivered to Purchaser a copy of the existing survey of the Property dated January 11, 2008 and prepared by Bock & Clark Corporation (the " Existing Survey ").  Purchaser may, at its sole cost and expense, order a new or updated survey of the Property either before or after the Effective Date (such new or updated survey together with the Existing Survey, is referred to herein as the " Survey "). 

4.3       Delivery of Title .

  Seller shall be obligated, at Seller’s sole cost and expense, to cause Title Insurer to omit as an exception to title (i) the Notices of Commencement set forth in items 10 – 20 of Schedule B-I of the Title Commitment, (ii) all mortgages, deeds of trust and UCC-1 filings granted by Seller affecting the Property, other than the Assumed Encumbrances and (iii) mechanics' liens and taxes due and payable with respect to the period preceding Closing.  Seller shall be entitled to reasonable adjournments of the Closing Date to cure any title exceptions which are not Permitted Exceptions , provided, however, Seller shall not adjourn the Closing Date to a date less than five (5) days prior to the date that Lender’s approval of the Loan Assumption and Release expires. 

4.4       Permitted Exceptions .

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

4.4.1    (a) all matters set forth on Schedule 4.4 attached hereto, (b) the standard exception regarding the rights of parties in possession, which shall be limited to those parties in possession pursuant to the Leases as tenants only (without rights of first refusal or options to purchase), and (c) the standard exception pertaining to taxes, which shall be limited to taxes and assessments not yet due and payable in the year in which the Closing occurs and subsequent taxes and assessments;

4.4.2    All Leases;

4.4.3    The Assumed Encumbrances;

4.4.4    Applicable zoning and governmental regulations and ordinances; and

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

4.5       Assumed Encumbrances . 

4.5.1    Purchaser recognizes and agrees that, in connection with the Loans made to Seller by Lender, the Property presently is encumbered by the Assumed Deeds of Trust and certain other security and related documents in connection with the Loans (collectively, the " Assumed Encumbrances ").  The Loans are evidenced by the Notes. 

4.5.2    Purchaser agrees that, at the Closing, (a) Purchaser shall assume Seller's obligations under the Notes and all of the other Assumed Loan Documents and accept title to the Property subject to the Assumed Deeds of Trust and the Assumed Encumbrances, and (b) the Lender shall release Seller, as well as any guarantors and other obligated parties under the Assumed Loan Documents, from all obligations under the Assumed Loan Documents (and any related guarantees or letters of credit), including, without limitation, any obligation to make payments of principal and interest under the Notes (collectively, the foregoing (a) and (b) referred to herein as the " Loan Assumption and Release ").  Purchaser acknowledges and agrees that (x) certain of the provisions of the Assumed Loan Documents may have been negotiated for the exclusive benefit of Seller, AIMCO or their respective affiliates (the " Specific AIMCO Provisions "), and (y) unless Lender otherwise agrees in Lender's sole and arbitrary discretion, Purchaser will not be permitted to assume the benefit of the Specific AIMCO Provisions and the same shall be of no further force or effect from and after the Closing Date.  

4.5.3    Purchaser further acknowledges that the Assumed Loan Documents require the satisfaction by Purchaser of certain requirements as set forth therein to allow for the Loan Assumption and Release.  Accordingly, Purchaser, at its sole cost and expense and within 15 days after the Effective Date (the " Loan Assumption Application Submittal Deadline "), shall satisfy the requirements set forth in the Assumed Loan Documents to allow for the Loan Assumption and Release, including, without limitation, submitting one or more complete application(s) to Lender for assumption of the Loans together with all documents and information required in connection therewith (collectively, the " Loan Assumption Application ").  Purchaser agrees to provide Seller with a copy of the Loan Assumption Application and evidence of its submission to Lender on or before the Loan Assumption Application Submittal Deadline.  Purchaser acknowledges and agrees that Purchaser is solely responsible for the preparation and submittal of the Loan Assumption Application, including the collection of all materials, documents, certificates, financials, signatures, and other items required to be submitted to Lender in connection with the Loan Assumption Application.

4.5.4    Purchaser shall comply with Lender's assumption guidelines in connection with the Loan Assumption and Release.  Purchaser shall be responsible at its sole cost and expense for responding to, and providing such additional information as requested by, Lender in connection with the Loan Assumption Application, no later than 5 Business Days after receipt of such request(s) from Lender. Purchaser also shall provide Seller with a copy of any correspondence from Lender with respect to the Loan Assumption Application no later than 3 Business Days after receipt of such correspondence from Lender.  Purchaser acknowledges that Lender's assumption guidelines may not be consistent with the provisions of the Assumed Loan Documents concerning the Loan Assumption and Release.  Purchaser shall coordinate with the Lender to comply with the appropriate provisions of both the Assumed Loan Documents and Lender assumption guidelines in order to allow for the Loan Assumption and Release. 

4.5.5    Purchaser shall pay all fees and expenses (including, without limitation, all servicing fees and charges, transfer fees, assumption fees, title fees and endorsement fees) imposed or charged by the Lender or its counsel (such fees and expenses collectively being referred to as the " Lender Fees "), in connection with the Loan Assumption Application and the Loan Assumption and Release.

4.5.6    Purchaser shall be responsible for funding any new, additional or increased reserves, impounds or accounts required by Lender to be maintained by Purchaser in connection with the Loans after the Loan Assumption and Release (the " Required Loan Fund Amounts "), provided, however, Purchaser shall not be required to fund any reserves, impounds or accounts that are (i) for real estate taxes or insurance in amounts not customary and reasonable for loans on multi-family property in Miami-Dade County, Florida which are similar in type, age and condition as the Property or (ii) for capital improvements or repairs in excess of $400 per unit per year.

4.5.7    Purchaser agrees promptly to deliver to the Lender all documents and information required by the Assumed Loan Documents, and such other information or documentation as the Lender reasonably may request, including, without limitation, financial statements, income tax returns and other financial information for Purchaser and any required guarantor.  Seller agrees that it will cooperate with Purchaser and Lender, at no cost or expense to Seller, in connection with Purchaser's application to Lender for approval of the Loan Assumption and Release. 

4.5.8    To the extent required by the Lender, Purchaser shall order a Phase I Environmental study (prepared by an environmental engineer reasonably acceptable to Seller and Lender), and covenants that such Phase I Environmental study shall be delivered to Seller and Lender no later than 10 days prior to the Closing Date in connection with and as a precondition to the Loan Assumption and Release.

4.5.9    Purchaser shall use commercially reasonable good faith efforts to obtain the Loan Assumption and Release on or before the date which is forty-five (45) days after the Effective Date (the “ Loan Assumption Approval Period ”).

 4.5.9.1 If (a) Purchaser fully complies with its obligations under this Contract (including this Section 4.5 ) and the requirements of the Assumed Loan Documents in connection with obtaining the Loan Assumption and Release, (b) Purchaser has used and is using commercially reasonable good faith efforts to obtain the Loan Assumption and Release, and (c) Purchaser does not obtain the consent of the Lender to the Loan Assumption and Release on or before the expiration of the Loan Assumption Approval Period, then Purchaser shall have the right (the “ Loan Assumption Extension Right ”), exercisable by delivering written notice to Seller five (5) Business Days prior to the expiration of the Loan Assumption Approval Period (the " Loan Assumption Period Extension Notice "), to extend the expiration date of the Loan Assumption Approval Period to the date which is seventy-five (75) days after the Effective Date for the sole purpose of obtaining Lender's approval of the Loan Assumption and Release; provided that concurrently with delivering the Loan Assumption Period Extension Notice, Purchaser delivers to Escrow Agent an additional deposit of $50,000.00 (the “ Loan Assumption Period Extension Deposit ”).  The Loan Assumption Period Extension Deposit shall be deemed part of the Deposit. 

4.5.9.2 If (a) Purchaser fully complies with its obligations under this Contract (including this Section 4.5 ) and the requirements of the Assumed Loan Documents in connection with obtaining the Loan Assumption and Release, (b) Purchaser uses commercially reasonable good faith efforts to obtain the Loan Assumption and Release, and (c) Purchaser is unable to obtain the consent of the Lender to the Loan Assumption and Release on or before the expiration of the Loan Assumption Approval Period (as the same may be extended pursuant to Purchaser's Loan Assumption Extension Right), then Purchaser shall have the right, exercisable on or before the expiration of the Loan Assumption Approval Period, to give Escrow Agent notice terminating this Contract based solely on the fact that the Loan Assumption and Release has not been approved by the Lender. If Purchaser timely exercises such termination right, then (i) this Contract shall be of no further force and effect, subject to and except for the Survival Provisions and (ii) the full Deposit shall be returned to Purchaser.

4.5.9.3 Notwithstanding anything to the contrary contained in this Section 4.5 , if, as a condition to consenting to the Loan Assumption and Release, the Lender requires a Material Loan Modification, then Purchaser shall have the right to terminate this Contract by written notice delivered to Seller and Escrow Agent on or before the expiration of the Loan Assumption Approval Period (as the same may be extended pursuant to Purchaser's Loan Assumption Extension Right). If Purchaser timely exercises such right, then this Contract shall be of no further force and effect, subject to and except for the Survival Provisions, and Escrow Agent shall forthwith return the full Deposit to Purchaser.  The term “ Material Loan Modification ” shall mean any of the following: (i) an increase of the fixed interest rate under either or both of the Loans, (ii) a shortening of the stated maturity date for either or both of the Loans, (iii) an increase in the prepayment fee or penalty (if any) under either or both of the Loans, (iv) the imposition of new or additional borrower reserve accounts in connection with either or both of the Loans that are (a) for real estate taxes or insurance in amounts not customary and reasonable for loans on multi-family property in Miami-Dade County, Florida which are similar in type, age and condition as the Property or (b) for capital improvements or repairs in excess of $400 per unit per year and (v) a requirement that Purchaser shall cause a person or entity to execute and deliver a full-recourse guaranty of all or any portion of the Loans in favor of Lender (as opposed to a so-called “non-recourse carve-out” guaranty).  The term Material Loan Modification shall not include any requirement of the Lender that Purchaser shall cause a person or entity to execute and deliver a “non-recourse carve-out” guaranty and/or an environmental indemnity in favor of Lender.

4.5.9.4 If Purchaser fails to deliver to Seller a written notice of termination prior to the expiration of the Loan Assumption Approval Period (as the same may be extended pursuant to Purchaser's Loan Assumption Extension Right) in accordance with the terms of this Section 4.5.9 , then the Purchaser's right to terminate this Contract under this Section 4.5.9 shall be permanently waived, this Contract shall remain in full force and effect, and Purchaser shall have no further right to terminate this Contract on account of Purchaser’s inability or failure to obtain the Loan Assumption and Release.

4.5.10  Purchaser shall be in default hereunder if (i) Purchaser fails to submit a complete Loan Assumption Application by the Loan Assumption Application Submittal Deadline, (ii) Purchaser fails to use commercially reasonable good faith efforts to diligently obtain Lender's consent to the Loan Assumption and Release during the Loan Assumption Approval Period (as the same may be extended pursuant to Purchaser's Loan Assumption Extension Right) or (iii) the Loan Assumption Approval Period (as the same may be extended pursuant to Purchaser's Loan Assumption Extension Right) expires, Purchaser is entitled to, but does not timely terminate this Contract in accordance with the terms of this Section 4.5.9 , and Purchaser fails to obtain the Loan Assumption and Release prior to the Closing Date, in which events Seller may terminate this Contract and the Deposit shall be immediately released by the Escrow Agent to Seller. 

4.6       Subsequently Disclosed Exceptions .

  If at any time after the Effective Date, any update to the Title Commitment or Existing Survey discloses any additional item that materially adversely affects title to the Property which was not disclosed on any version of the Title Commitment or Existing Survey delivered to Purchaser and which is not a Permitted Exception (the " New Exception "), Purchaser shall have a period of 5 days from the date of its receipt of such update (the " New Exception Review Period ") to review and notify Seller in writing of Purchaser's approval or disapproval of the New Exception.  If Purchaser disapproves of the New Exception, Seller may, in Seller's sole discretion, notify Purchaser as to whether it is willing to cure (or cause the Title Insurer to remove or otherwise insure over) the New Exception.  If Seller elects to cure the New Exception, Seller shall be entitled to reasonable adjournments of the Closing Date to cure the New Exception, provided, however, that Seller shall not adjourn the Closing Date to a date less than five (5) days prior to the date that Lender’s approval of the Loan Assumption and Release expires.  If Seller fails to deliver a notice to Purchaser within 3 days after the expiration of the New Exception Review Period, Seller shall be deemed to have elected not to cure the New Exception.  If Purchaser is dissatisfied with Seller's response, or lack thereof, Purchaser may, as its exclusive remedy elect either:  (i) to terminate this Contract, in which event the full Deposit shall be promptly returned to Purchaser or (ii) to waive the New Exception and proceed with the transactions contemplated by this Contract, in which event Purchaser shall be deemed to have approved the New Exception.  If Purchaser fails to notify Seller of its election to terminate this Contract in accordance with the foregoing sentence within 6 days after the expiration of the New Exception Review Period, Purchaser shall be deemed to have elected to approve and irrevocably waive any objections to the New Exception.

4.7       Purchaser Financing .

  Except as otherwise provided in Section 4.5.9 above with respect to the Loan Assumption and Release, Purchaser assumes full responsibility to obtain the funds required for settlement, and Purchaser's acquisition of such funds shall not be a contingency to the Closing. 

ARTICLE V
CLOSING

5.1       Closing Date . 

5.1.1    The Closing shall occur on the date which is thirty (30) days after the expiration of the Feasibility Period (as the same may be extended as herein provided, the " Closing Date ") at the time set forth in Section 2.2.4 through an escrow with Escrow Agent, whereby Seller, Purchaser and their attorneys need not be physically present at the Closing and may deliver documents by overnight air courier or other means.

5.1.2    Notwithstanding the foregoing to the contrary, if Purchaser exercises Purchaser’s Loan Assumption Extension Right, then the Closing Date shall automatically be extended to the earlier to occur of (x) the date which is fifteen (15) days after receipt of Lender’s approval of the Loan Assumption and Release and (y) the date which is ninety (90) days after the Effective Date.  Purchaser shall provide Seller with written notice of Lender’s approval of the Loan Assumption and Release no later than two (2) days after Purchaser’s receipt of such approval.

5.1.3    Notwithstanding the foregoing to the contrary, Seller shall have the right, by delivering written notice to Purchaser, to extend the Closing Date to a date not later than forty-five (45) days following the then scheduled Closing Date.

5.2       Seller Closing Deliveries .

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

5.2.1    Special Warranty Deed (the " Parcel 1 Deed ") in the form attached as Exhibit B-1 to Purchaser, conveying Seller’s right, title and interest in and to the portion of the Property designated as “Parcel 1” on Exhibit A attached hereto, subject to the Permitted Exceptions.

5.2.2    Quitclaim Deed (the " Parcel 2 Deed ") in the form attached as Exhibit B-2 to Purchaser, conveying Seller’s right, title and interest in and to the portion of the Property designated as “Parcel 2” on Exhibit A attached hereto, subject to the Permitted Exceptions.

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

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

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

5.2.6    A countersigned counterpart of the closing statement.

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

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

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

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

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

5.2.12  Such other documents as are reasonably necessary to consummate the transactions herein contemplated in accordance with the terms of the Contract.

5.3       Purchaser Closing Deliveries .

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

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

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

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

5.3.4    A countersigned counterpart of the closing statement.

5.3.5    A countersigned counterpart of the General Assignment.

5.3.6    A countersigned counterpart of the Leases Assignment.

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

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

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

5.3.10  All documents, instruments, guaranties, Lender Fees, Required Loan Fund Amounts, and other items or funds required by the Lender to cause the Loan Assumption and Release.

5.3.11  Such other documents as are reasonably necessary to consummate the transactions herein contemplated in accordance with the terms of the Contract.

5.4       Closing Prorations and Adjustments .

5.4.1    General .  All normal and customarily proratable items, including, without limitation, collected rents, operating expenses, personal property taxes, other operating expenses and fees, shall be prorated as of the Closing Date, Seller being charged or credited, as appropriate, for all of same attributable to the period up to the Closing Date (and credited for any amounts paid by Seller attributable to the period on or after the Closing Date, if assumed by Purchaser) and Purchaser being responsible for, and credited or charged, as the case may be, for all of the same attributable to the period on and after the Closing Date.  Seller shall prepare a proration schedule (the " Proration Schedule ") of the adjustments described in this Section 5.4 no later than two (2) Business Days prior to Closing.  

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

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

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

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

5.4.6    Leases .

 5.4.6.1 All collected rent (whether fixed monthly rentals, additional rentals, escalation rentals, retroactive rentals, operating cost pass-throughs or other sums and charges payable by Tenants under the Leases), income and expenses from any portion of the Property shall be prorated as of the Closing Date.  Purchaser shall receive all collected rent and income attributable to dates from and after the Closing Date.  Seller shall receive all collected rent and income attributable to dates prior to the Closing Date.  Notwithstanding the foregoing, no prorations shall be made in relation to either (a) non-delinquent rents which have not been collected as of the Closing Date, or (b) delinquent rents existing, if any, as of the Closing Date (the foregoing (a) and (b) referred to herein as the " Uncollected Rents ").  In adjusting for Uncollected Rents, no adjustments shall be made in Seller's favor for rents which have accrued and are unpaid as of the Closing, but Purchaser shall pay Seller such accrued Uncollected Rents as and when collected by Purchaser.  Purchaser agrees to bill Tenants of the Property for all Uncollected Rents and to take reasonable actions to collect Uncollected Rents.  Notwithstanding the foregoing, Purchaser's obligation to collect Uncollected Rents shall be limited to Uncollected Rents of not more than 60 days past due, and Purchaser's collection of rents shall be applied, first, towards current rent due and owing under the Leases, and, second, to Uncollected Rents.  After the Closing, Seller shall continue to have the right, but not the obligation, in its own name, to demand payment of and to collect Uncollected Rents owed to Seller by any Tenant, which right shall include, without limitation, the right to continue or commence legal actions or proceedings against any Tenant and the delivery of the Leases Assignment shall not constitute a waiver by Seller of such right; provided however, that the foregoing right of Seller shall be limited to actions seeking monetary damages and, in no event, shall Seller seek to evict any Tenants in any action to collect Uncollected Rents.  Purchaser agrees to cooperate with Seller in connection with all efforts by Seller to collect such Uncollected Rents and to take all steps, whether before or after the Closing Date, as may be necessary to carry out the intention of the foregoing, including, without limitation, the delivery to Seller, within 7 days after a written request, of any relevant books and records (including, without limitation, rent statements, receipted bills and copies of tenant checks used in payment of such rent), the execution of any and all consents or other documents, and the undertaking of any act reasonably necessary for the collection of such Uncollected Rents by Seller; provided, however, that Purchaser's obligation to cooperate with Seller pursuant to this sentence shall not obligate Purchaser to terminate any Tenant lease with an existing Tenant or evict any existing Tenant from the Property.

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

5.4.7    Existing Loan .  Seller shall be responsible for all principal required to be paid under the terms of the Notes prior to Closing, together with all interest accrued under the Notes prior to Closing, all of which may be a credit against the Purchase Price as provided in Section 2.2.3 .  Purchaser shall be responsible for all Lender Fees and all other fees, interest and other amounts due and owing under the Assumed Loan Documents as a result of the Loan Assumption and Release to the extent required by Section 4.5.5 hereof.  As set forth in Section 4.5.6 , any existing reserves, impounds and other accounts maintained in connection with the Loan and required to be replaced by Purchaser, shall be released in Good Funds to Seller at Closing.

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

5.4.9    Employees .  All of Seller's and Seller's manager's on-site employees shall have their employment at the Property terminated as of the Closing Date.

5.4.10  Closing Costs .  Purchaser shall pay (i) all sales, use, gross receipts or similar taxes, (ii) all costs relating to procurement of any requested endorsements to the Title Policy, including for “extended” coverage pursuant to Section 4.1 hereof, (iii) all documentary stamp taxes imposed on the assumption by Purchaser of the Notes and (iv) one-half of the customary closing costs of the Escrow Agent not to exceed $250.  Seller shall pay (a) the base premium for the Title Policy to the extent required by Section 4.1 hereof and (b) one-half of the customary closing costs of the Escrow Agent. The transfer tax (including documentary stamp taxes and surtaxes) imposed on the conveyance and the recording of the Deed shall be split between Seller and Purchaser with Seller responsible for 75% of such transfer taxes and Purchaser responsible for 25% of such transfer taxes.

5.4.11  Utility Contracts .  If Seller has entered into an agreement for the purchase of electricity, gas or other utility service for the Property or a group of properties (including the Property) (a " Utility Contract "), or an affiliate of Seller has entered into a Utility Contract, then, at the option of Seller, either (a) Purchaser either shall assume the Utility Contract with respect to the Property, or (b) the reasonably calculated costs of the Utility Contract attributable to the Property from and after the Closing shall be paid to Seller at the Closing and Seller shall remain responsible for payments under the Utility Contract.  Purchaser acknowledges that Seller has entered into a Utility Contract with FPL Energy Services for natural gas which Utility Contract expires on April 30, 2010.

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