EX-10.5






PROMISSORY NOTE




$23,500,000.00 October 25, 2007



For value received, NNN VF 7777 BONHOMME AVENUE, LLC, a Delaware limited liability company
(“Borrower”), promises and agrees to pay to the order of GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation (“Lender”), in lawful money of the United States of
America, the principal sum of TWENTY-THREE MILLION FIVE HUNDRED AND NO/100 DOLLARS ($23,500,000.00)
or so much thereof as may be outstanding under the Loan Agreement of even date herewith between
Borrower and Lender (the “Loan Agreement”), with interest on the unpaid principal sum owing
thereunder at the rate or rates or in the amounts computed in accordance with the Loan Agreement,
together with all other amounts due Lender under the Loan Agreement, all payable in the manner and
at the time or times provided in the Loan Agreement. Capitalized terms used herein, but not
defined, shall have the meanings assigned to them in the Loan Agreement.



If not sooner due and payable in accordance with the Loan Agreement, Borrower shall pay to
Lender all amounts due and unpaid under the Loan Agreement on October 31, 2010, or on any earlier
Maturity Date as set forth in the Loan Agreement. Unless otherwise specified in writing by Lender,
all payments hereunder shall be paid to Lender at c/o GEMSA Loan Services, L.P., File 59229, Los
Angeles, California 90074-9229. Lender reserves the right to require any payment on this Note,
whether such payment is a regular installment, prepayment or final payment, to be by wired federal
funds or other immediately available funds. All payments to Lender shall be drawn on an account
owned by Borrower or another Person approved in writing in advance by Lender and maintained at a
banking institution organized under the laws of the United States or one of its constituent States,
or at a federally-regulated securities broker-dealer.



Borrower, co-makers, sureties, endorsers and guarantors, and each of them, expressly waive
demand and presentment for payment, notice of nonpayment, protest, notice of protest, notice of
dishonor, notice of intent to accelerate the maturity hereof, notice of the acceleration of the
maturity hereof, bringing of suit and diligence in taking any action to collect amounts called for
hereunder and in the handling of securities at any time existing in connection herewith; such
parties are and shall be jointly, severally, directly and primarily liable for the payment of all
sums owing and to be owing hereon, regardless of and without any notice, diligence, act or omission
as or with respect to the collection of any amount called for hereunder or in connection with any
right, lien, interest or property at any and all times had or existing as security for any amount
called for hereunder.



This Note evidences all advances made, interest due and all amounts otherwise owed to Lender
under the Loan Agreement. This Note is executed in conjunction with the Loan Agreement and is
secured by the liens and security interests created under the Loan Documents (including those
arising under the Mortgage). Reference is made to the Loan Agreement for provisions relating to
repayment of the indebtedness evidenced by this Note, including mandatory repayment, acceleration
following default, late charges, default rate of interest, limitations on interest, restrictions on
prepayment, and participation interest (if any).



If this Note is placed in the hands of an attorney for collection, by suit or otherwise, or to
enforce its collection, or to protect the security of its payment, the undersigned shall pay all
reasonable costs of collection including reasonable attorneys’ fees.



The right to plead any and all statutes of limitation as a defense to any demand on this Note,
or any guaranty hereof, or any agreement to pay the same, or any demand secured by the Loan
Documents, or any and all obligations or liabilities arising out of or in connection with this Note
or in the Loan Documents, is expressly waived by Borrower, co-makers, sureties, endorsers and
guarantors to the fullest extent permitted by law.



Borrower’s liability hereunder is subject to the limitation on liability provisions of Article
13 of the Loan Agreement. This Note has been executed and delivered in and shall be construed in
accordance with and governed by the laws of the State of Missouri and of the United States of
America.



Oral agreements or commitments to loan money, extend credit or to forbear from enforcing
repayment of a debt including promises to extend or renew such debt are not enforceable. To
protect you (borrower[s]) and us (creditor) from misunderstanding or disappointment, any agreements
we reach covering such matters are contained in this writing, which is the complete and exclusive
statement of the agreement between us, except as we may later agree in writing to modify it.



Executed as of the date first written above.




NNN VF 7777 BONHOMME AVENUE, LLC,


a Delaware limited liability company



	 	 	 	 	 
	By:	 	NNN 2003 VALUE FUND, LLC,
	 	 	a Delaware limited liability company,
	
 
	 	Sole Member
	 	

	
 
	 	By:
	 	TRIPLE NET PROPERTIES, LLC,







a Virginia limited liability company,


Manager




By: /s/ Richard Hutton

Name: Richard Hutton

Title: Executive Vice President