BERKSHIRE INCOME REALTY, INC.
c/o The Berkshire Group
One Beacon Street, Suite 1500
Boston, Massachusetts 02110
Termination Notice
March 31, 2005
Via Facsimile (410) 527-4950
and Via Federal Express
Owings Manor Investors, LLC
216 Schilling Circle, Suite 300
Hunt Valley, Maryland 21031
Attention: Lawrence E. Julio
Re: | Owings Manor Apartments, Reistertown, Maryland |
Gentlemen:
Reference is hereby made to that certain Agreement of Sale dated as of March 16, 2005 by and between Owings Manor Realty, LLC and GMAC Commercial Realty Partners, L.P., collectively, as seller, and Berkshire Income Realty, Inc., as buyer (“Buyer”), concerning the Property defined therein (the “Purchase Agreement”). All capitalized terms used herein and not otherwise defined shall have the same respective meanings herein as in the Purchase Agreement.
Pursuant to Section 20(c) of the Purchase Agreement, the undersigned Buyer hereby terminates the Purchase Agreement. By copy of this letter, Buyer directs the Title Company to return the Initial Deposit to Buyer in accordance with the terms of the Purchase Agreement.
BUSDOCS/1457589.1
[signature page to Termination Notice]
Very truly yours,
BERKSHIRE INCOME REALTY, INC.
By: | /s/ Christopher M. Nichols | ||
Name: | Christopher M. Nichols |
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Title: | Vice President |
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cc: | Levy & Marino, P.A. |
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| 609 Bosley Avenue |
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| Towson, Maryland 21204 |
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| Attention: Michael E. Marino, Esq. | ||||
| Fax: (410) 296-0057 |
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Mr. Stephen J. Zaleski |
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Richard A. Toelke, Esq. | ||
Robert G. Soule |
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BUSDOCS/1457589.1