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of Section 1031 of the Internal Revenue Code of 1986
with respect to the Property; and
WHEREAS, Exchangor is in the process of identify-
ing a parcel or parcels of real property to be acquired
by Buyer (hereinafter referred to as the "Like Kind
Property"), which Like Kind Property, if acquired, will
be exchanged by Buyer with Exchangor for the Property;
and
WHEREAS, pursuant to the Contract, Buyer has, of
even date herewith, acquired the Property from Exchang-
or; and
WHEREAS, pursuant to the Contract the total pur-
chase price for the Property, after non cash adjust-
ments, prorations and allocation of expenses (but
without regard to Buyer's costs and expenses), would be
$1,023,626.00 [consisting of $323,626 due from Inter-
state with respect to its purchase of OIP's lots 11 and
12 and $700,000 due from Interstate with respect to its
purchase of OIP's 25-percent interests in lots 14 and
15] which sum shall hereinafter be referred to as the
"Escrow Deposit"; and
WHEREAS, Buyer, Exchangor and Escrow Agent have
agreed that Buyer shall deliver, or cause to be deliv-
ered, the Escrow Fund to Escrow Agent and Escrow Agent
shall hold and disburse the Escrow Fund, as agent for
Buyer, pursuant to the terms and conditions hereinafter
set forth.
NOW, THEREFORE, * * * the parties hereto agree as
follows:
1. Recitals. The recitations of fact and all
other matters set forth in the "Whereas clauses" above
are true and correct and are incorporated herein.
2. Escrow Deposit. Simultaneously with the
execution of this Agreement, as security for Buyer's
obligations under this Escrow Agreement and under the
Contract regarding cooperating in effecting like kind
exchanges by executing assignable contracts for acquir-
ing exchange property or properties from the owner(s)
thereof (hereinafter referred to as the "Owner"), Buyer
has delivered or caused to be delivered the Escrow
Deposit to Escrow Agent, * * * which Escrow Deposit
shall be deposited by Escrow Agent, within two
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Last modified: May 25, 2011