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Treasury Regulations promulgated thereunder) the Like
Kind Property by notifying Buyer in writing of the
identity of the Like Kind Property.
(b) Buyer to Enter into Assignable Contract to
Acquire Identified Like Kind Property. Upon identifi-
cation of such Like Kind Property as provided in
(a) above, Buyer agrees to execute a Contract with the
Owner thereof providing for the acquisition by Buyer or
his assigns of the Like Kind Property upon terms and
conditions acceptable to, and approved in writing by
Exchangor, which contract shall be executed by Buyer
within three (3) days following the receipt by Buyer of
written direction from Exchangor to execute said Con-
tract. It is agreed that Buyer shall not be required
to execute a contract for the acquisition of the Like
Kind Property unless Buyer's total potential liability
upon default under said contract does not exceed an
amount equal to the "Agreed Amount" (as hereinafter
defined) payable with respect to such Like Kind Prop-
erty. Buyer will simultaneously assign any such con-
tract to Exchangor which will close in its own name.
Buyer will expend the escrow funds to complete the
purchase of the exchange properties in Exchangor's
name.
(d) Disposition of Funds If Some or All Like Kind
Properties Are Not Acquired. In the event that the non
simultaneous like kind exchange of the Exchange Prop-
erty contemplated hereunder is not consummated in whole
or in part in accordance with the provisions of this
paragraph 5, Buyer and Exchangor agree that the Escrow
Agent shall distribute the Escrow Fund as follows:
(1) In the event Exchangor does not identify all
or any of the Like Kind Property within the forty-five
(45) day period referred to in (a) above, then Exchang-
or shall notify Buyer in writing at any time after the
expiration of such forty-five (45) day period and
Buyer, within three (3) business days of receipt of
said written notice, shall cause Escrow Agent to pay to
Exchangor an amount equal to the Agreed Amount.
(2) If any portion of the Agreed Amount has not
been expended by Buyer at the expiration of the one
hundred eighty (180) day period [after July 26, 1990]
* * * and has not previously been paid by Escrow Agent
or Buyer to Exchangor under (1) above, such unpaid
portion shall be paid by Escrow Agent to Exchangor no
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