Notice of Termination of Purchase and Sale Agreement between RRE Memorial Towers Holdings, LLC and Lloyd Jones Capital, LLC

In re: That certain Agreement of Purchase and Sale (the "Contract"), with an effective date of July 28, 2015, by and between RRE Memorial Towers Holdings, LLC, a Delaware limited liability company ("Seller") and Lloyd Jones Capital, LLC, a Florida limited liability company ("Purchaser"), as amended, for the purchase and sale of the Memorial Towers Apartments (the "Property"). Defined terms used herein shall have meanings ascribed to such terms in the Contract unless otherwise defined herein. Our File No.: 51240.5

As you are aware, this law firm represents Purchaser with regard to the above referenced matter, and I have been requested by Purchaser to write you this letter on its behalf. This letter shall serve as notice to Seller that pursuant to Section 5(d) of the Contract, Purchaser has elected to terminate the Contract and the transaction contemplated thereby.