Michelle and Barack Obama have been offered $460,000 by Laura and George W. Bush for their four bedroom townhouse in Chicago, IL. Even though they dislike Mr. Bush, the Obamas accept the offer. The Bushes want the Obamas to sign a general warranty deed in their favor. The Obamas are willing to do that subject to the following exception: The Bushes must agree not to post any political propaganda on the lawn or host any political parties in the townhouse at any time during Barack Obamas presidency. In the event they violate this agreement, the property automatically reverts to the Obamas. The Bushes agree to the above exception to title, meaning they are purchasing the property in Fee Simple Determinable. The apartment is located in Chicago, Illinois and the following is the property description provided by the Obamas: Lot 8, Block 1600, Hawaiian Hamlet, Third Addition, Cook County Public Records, Plat Book X, Page 79.
