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Law Offices Apperson, Crump, Duzane & Maxwell, PLC 1755 Kirby Parkway, Suite 100 Memphis, Tennessee 38120-4376 901/756-6300 Facsimile 901/757-1296 February 24, 1997 Bw Associates, Ltd. via Federal Express C/O the Balcor Company Bannockburn Lake Office Plaza 2355 Waukegan Road, Suite A200 Bannockburn, Il 60015 Attention: Ilona Adams Re: Agreement of Sale Dated February 11, 1997 by and Between Mid-America Apartments of Texas, L.P. and Bw Associates, Ltd. (The Contract) Dear Ms. Adams: In Accordance With the Provisions of Section 27 of the Contract, This Is to Provide Notice That the Purchaser Hereby Extends the Closing Date for 30 Days Because of the Inability to Obtain the Lender Consent. the New Closing Date Will Be April 2, 1997. Yours Very Truly, /S/ John Maxwell John B. Maxwell, Jr. Jbm/Sh CC: The Balcor Company Mr. Daniel J. Perlman Mr. Don Aldridge <page> Law Offices Apperson, Crump, Duzane & Maxwell, PLC 1755 Kirby Parkway, Suite 100 Memphis, Tennessee 38120-4376 901/756-6300 Facsimile 901/757-1296 February 26, 1997 Bw Associates, Ltd. via Federal Express C/O the Balcor Company Bannockburn Lake Office Plaza 355 Waukegan Road, Suite A200 Bannockburn, Il 60015 Attention: Ilona Adams Dear Ms. Adams: In Accordance With Paragraph 3.b of the Agreement of Sale Between Bw Associates, Ltd. as Seller and Mid-America Apartments of Texas, L.P. as Purchaser, for That Property Commonly Known as Balcones Woods Apartments Located in Austin, Texas, Purchaser Hereby Waives Its Objection to the Disapproved Title Exception, Written Notice of Which Was Given on February 5, 1997. Accordingly, Purchaser Elects to Proceed Toward Closing in Accordance With the Agreement, and as Per John Maxwell's Letter of February 24, 1997 Extending the Closing Date. Sincerely, /S/ Jane P. Long Jane P. Long Jpl/Sh CC: The Balcor Company, Attention: James Mendelson Mr. Daniel J. Perlman Charter Title Company, Attention: Frances A. Chetta Mr. Don Aldridge <page>
