##### 



2525 N WOODLAWN VSTRM WICHITA KS, LLC,
CI05 CLINTONVILLE WI LLC and
MSI05-3 LLC
  IXIS REAL ESTATE CAPITAL INC.
 
 th




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TABLE OF CONTENTS
 Page1.
    
    DEFINITIONS; PRINCIPLES OF CONSTRUCTION
    
    
    11.1
    
    Terms and Definitions
    
    
    11.2
    
    Index of Other Definitions
    
    
    101.3
    
    Principles of Construction
    
    
    102.
    
    GENERAL LOAN TERMS
    
    
    102.1
    
    The Loan
    
    
    102.2
    
    Interest; Monthly Payments
    
    
    102.3
    
    Loan Repayment and Defeasance
    
    
    112.4
    
    Release of Property
    
    
    142.5
    
    Payments and Computations
    
    
    153.
    
    CASH MANAGEMENT AND RESERVES
    
    
    163.1
    
    Cash Management Arrangements
    
    
    163.2
    
    Required Repairs
    
    
    163.3
    
    Taxes and Insurance
    
    
    173.4
    
    [Intentionally Deleted]
    
    
    183.5
    
    Rollover Reserves
    
    
    183.6
    
    Operating Expense Subaccount
    
    
    193.7
    
    Casualty/Condemnation Subaccount
    
    
    193.8
    
    Security Deposits
    
    
    203.9
    
    Grant of Security Interest; Application of Funds
    
    
    203.10
    
    Property Cash Flow Allocation
    
    
    204.
    
    REPRESENTATIONS AND WARRANTIES
    
    
    214.1
    
    Organization; Special Purpose
    
    
    214.2
    
    Proceedings; Enforceability
    
    
    214.3
    
    No Conflicts
    
    
    224.4
    
    Litigation
    
    
    224.5
    
    Agreements
    
    
    224.6
    
    Title
    
    
    224.7
    
    No Bankruptcy Filing
    
    
    234.8
    
    Full and Accurate Disclosure
    
    
    234.9
    
    No Plan Assets
    
    
    234.10
    
    Compliance
    
    
    244.11
    
    Contracts
    
    
    244.12
    
    Federal Reserve Regulations; Investment Company Act
    
    
    244.13
    
    Utilities and Public Access
    
    
    244.14
    
    Physical Condition
    
    
    254.15
    
    Leases
    
    
    254.16
    
    Fraudulent Transfer
    
    
    254.17
    
    Ownership of Borrower
    
    
    26-i-




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TABLE OF CONTENTS
 Page4.18
    
    Management Agreement
    
    
    264.19
    
    Hazardous Substances
    
    
    264.20
    
    Principal Place of Business
    
    
    274.21
    
    Other Debt
    
    
    274.22
    
    Embargoed Person
    
    
    274.23
    
    Anti-Money Laundering
    
    
    274.24
    
    Ground Lease and Other Bond Documents
    
    
    275.
    
    COVENANTS
    
    
    285.1
    
    Existence
    
    
    285.2
    
    Taxes
    
    
    285.3
    
    Repairs; Maintenance and Compliance; Alterations
    
    
    285.4
    
    Performance of Other Agreements
    
    
    295.5
    
    Cooperate in Legal Proceedings
    
    
    295.6
    
    Further Assurances
    
    
    295.7
    
    Environmental Matters
    
    
    305.8
    
    Title to the Property; Liens
    
    
    325.9
    
    Leases
    
    
    325.10
    
    Estoppel Statement
    
    
    345.11
    
    Property Management
    
    
    345.12
    
    Special Purpose Bankruptcy Remote Entity
    
    
    355.13
    
    Intentionally Deleted
    
    
    355.14
    
    Change In Business or Operation of Property
    
    
    355.15
    
    Certain Prohibited Actions
    
    
    355.16
    
    Prohibited Transfers
    
    
    365.17
    
    Expenses
    
    
    385.18
    
    Indemnity
    
    
    385.19
    
    Embargoed Person
    
    
    395.20
    
    Anti-Money Laundering
    
    
    405.21
    
    ERISA
    
    
    415.22
    
    Ground Lease
    
    
    416.
    
    NOTICES AND REPORTING
    
    
    426.1
    
    Borrower Notices and Deliveries
    
    
    436.2
    
    Financial Reporting
    
    
    437.
    
    INSURANCE; CASUALTY; AND CONDEMNATION
    
    
    457.1
    
    Insurance
    
    
    457.2
    
    Casualty
    
    
    487.3
    
    Condemnation
    
    
    487.4
    
    Application of Proceeds or Award
    
    
    49-ii-




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TABLE OF CONTENTS
 Page8.
    
    DEFAULTS
    
    
    508.1
    
    Events of Default
    
    
    508.2
    
    Remedies
    
    
    529.
    
    SECONDARY MARKET PROVISIONS
    
    
    539.1
    
    Transfer of Loan
    
    
    539.2
    
    Use of Information
    
    
    549.3
    
    Borrower Indemnity
    
    
    549.4
    
    Restructuring of Loan
    
    
    5510.
    
    MISCELLANEOUS
    
    
    5510.1
    
    Exculpation
    
    
    5510.2
    
    Brokers and Financial Advisors
    
    
    5710.3
    
    Retention of Servicer
    
    
    5710.4
    
    Survival
    
    
    5710.5
    
    Lenders Discretion
    
    
    5710.6
    
    Governing Law
    
    
    5810.7
    
    Modification, Waiver in Writing
    
    
    5810.8
    
    Trial by Jury
    
    
    5910.9
    
    Headings/Exhibits
    
    
    5910.10
    
    Severability
    
    
    5910.11
    
    Preferences
    
    
    5910.12
    
    Waiver of Notice
    
    
    5910.13
    
    Remedies of Borrower
    
    
    5910.14
    
    Prior Agreements
    
    
    6010.15
    
    Offsets, Counterclaims and Defenses
    
    
    6010.16
    
    Publicity
    
    
    6010.17
    
    No Usury
    
    
    6010.18
    
    Conflict; Construction of Documents
    
    
    6110.19
    
    No Third Party Beneficiaries
    
    
    6110.20
    
    Yield Maintenance Premium
    
    
    6110.21
    
    Assignment
    
    
    6110.22
    
    Counterparts
    
    
    62-iii-




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LOAN AGREEMENT
 LOAN AGREEMENT Agreement 2525 N WOODLAWN VSTRM WICHITA KS, LLC CI05 CLINTONVILLE WI LLC MSI05-3 LLC Borrower IXIS REAL ESTATE CAPITAL INC. Lender
 1. DEFINITIONS; PRINCIPLES OF CONSTRUCTION
 1.1 Terms and Definitions
 1.1.1 Key Terms and Definitions
 Amortization Schedule
 Borrower Representative
 Converting Borrower
 Deposit Bank
 Guarantor
 Interest Rate 6.580
 Manager
 Monthly Debt Service Payment Amount 101,351.97.00.
 Principal
 Property Converting Property T-Mobile




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Property Wohlert Property th Rock Falls Property Growth Property Spinners Property Spinners Properties
 Spinners Borrower
 Start-up Date
 Stated Maturity Date
 T-Mobile Borrower
 1.1.2 Additional Terms and Definitions
 Affiliate
 Allocated Loan Amount :
 Approved Capital Expenses
 Approved Leasing Expenses
 Approved Operating Expenses
 2




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Bond Documents
 Business Day
 Capital Expenses
 Cash Management Period:
 Code
 Control
 Debt
 Debt Service
 Debt Service Coverage Ratio
 Default
 3




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Default Rate
 Defeasance Percentage
 ERISA
 ERISA Affiliate
 Escrows
 Excess Cash Flow:
 GAAP
 Governmental Authority
 Ground Lease
 Ground Lease Option
 Indenture : Bond Trustee
 4




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Industrial Revenue Bonds :
 Interest Period
 Leases
 Legal Requirements
 Lien
 Loan to Value Ratio:
 5




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Loan Documents Note Mortgage Clearing Account Agreement Deposit Account Agreement Pledge Pledged Collateral
 Management Agreement
 Material Alteration
 Material Lease
 Maturity Date
 Minor Lease
 6




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Net Operating Income
 Officers Certificate
 Open Prepayment Date
 Payment Date
 Permitted Encumbrances
 Permitted Indebtedness
 Permitted Transfers Controlling Interest Transfer
 7




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Person
 Plan
 Property Leases
 Release Amount
 Rating Agency S&P Moodys
 Rating Comfort Letter
 REMIC Trust
 Rents
 8




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Servicer
 State
 T-Mobile Lease
 T-Mobile Management Agreement:
 Taxes
 Term
 Toxic Mold
 Transfer
 UCC
 9




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U.S. Obligations
 Welfare Plan
 Yield Maintenance Premium
 1.2 Index of Other Definitions
 1.3 Principles of Construction
 2. GENERAL LOAN TERMS
 2.1 The Loan Loan Principal
 2.2 Interest; Monthly Payments
 2.2.1 Generally
 10




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2.2.2 Default Rate
 2.2.3 Taxes Applicable Taxes
 2.3 Loan Repayment and Defeasance
 2.3.1 Repayment First Second Third
 2.3.2 Mandatory Prepayments Casualty/Condemnation Prepayment
 11




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2.3.3 Voluntary Defeasance of the Note
 Full
Defeasance Partial Defeasance Defeasance
 Defeasance Date
   Defeasance Deposit
  Defeased Note Undefeased Note
 12




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Security Agreement
 Scheduled Defeasance Payments
 Successor
Borrower
 13




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2.3.4 Permitted Prepayment
 2.4 Release of Property
 2.4.1 Release on Defeasance
 2.4.2 Release on Payment in Full
 2.4.3 Sale and Release of Properties
  14




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15




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2.5 Payments and Computations
 2.5.1 Making of Payments
 2.5.2 Computations
 2.5.3 Late Payment Charge Late
Payment Charge
 3. CASH MANAGEMENT AND RESERVES
 3.1 Cash Management Arrangements Clearing
Account Clearing Bank Deposit Account
 16




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Subaccounts
 3.2 Required Repairs
 3.2.1 Completion of Required Repairs Required Repairs
 3.2.2 Required Repairs Reserves Required Repairs
Subaccount
 3.3 Taxes and Insurance
 17




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Tax and Insurance Subaccount
  3.4
 3.5 Rollover Reserve/Letter of Credit
 3.5.1 Rollover Reserve . T-Mobile
Rollover Reserve Subaccount T-Mobile Rollover Reserve
Cap
 18




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3.5.2 Letter of Credit Letter of Credit
 19




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3.6 Operating Expense Subaccount Operating Expense Subaccount
 3.7 Casualty/Condemnation Subaccount Casualty/Condemnation Subaccount
 3.8 Security Deposits Security
Deposit Account Security Deposit Subaccount
 3.9 Grant of Security Interest; Application of Funds
 20




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Cash Management Accounts
 3.10 Property Cash Flow Allocation
 Monthly Debt Service Subaccount
  21




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4. REPRESENTATIONS AND WARRANTIES
  4.1 Organization; Special Purpose
 4.2 Proceedings; Enforceability
 4.3 No Conflicts
 4.4 Litigation
 22




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4.5 Agreements
 4.6 Title
 23




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4.7 No Bankruptcy Filing Bankruptcy Proceeding
 4.8 Full and Accurate Disclosure
 4.9 No Plan Assets
 4.10 Compliance Licenses
 24




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4.11 Contracts
 4.12 Federal Reserve Regulations; Investment Company Act
 4.13 Utilities and Public Access
 4.14 Physical Condition
 4.15 Leases Rent Roll
 25




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4.16 Fraudulent Transfer
 4.17 Ownership of Borrower
 26




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4.18 Management Agreement
 4.19 Hazardous Substances Environmental Laws Hazardous Substances
 4.20 Principal Place of Business
 4.21 Other Debt
 27




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4.22 Embargoed Person
 4.23 Anti-Money Laundering
 4.24 Ground Lease and Other Bond Documents .
  5. COVENANTS
  5.1 Existence
 28




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5.2 Taxes
  5.3 Repairs; Maintenance and Compliance; Alterations
 5.3.1 Repairs; Maintenance and Compliance
 29




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5.3.2 Alterations
 5.4 Performance of Other Agreements
 5.5 Cooperate in Legal Proceedings
 30




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5.6 Further Assurances
 5.7 Environmental Matters
 5.7.1 Hazardous Substances
 5.7.2 Environmental Monitoring
  31




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Remedial Work
 32




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5.8 Title to the Property; Liens
 5.9 Leases
 5.9.1 Generally
 5.9.2 Material Leases Proposed Material
Lease
 33




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5.9.3 Minor Leases
 5.9.4 Additional Covenants with respect to Leases
 34




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5.10 Estoppel Statement
 5.11 Property Management
 5.11.1 Management Agreement
 35




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5.11.2 Termination of Manager
 5.12 Special Purpose Bankruptcy Remote Entity Special Purpose Bankruptcy Remote Entity
 5.13
 5.14 Change In Business or Operation of Property
 36




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5.15 Certain Prohibited Actions
 5.16 Prohibited Transfers
  Special Transfer Buyer
     37




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Successor Guarantor
 38




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39




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5.17 Expenses
 5.18 Indemnity Indemnified Party Indemnified Liabilities
 40




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5.19 Embargoed Person Embargoed Person Embargoed Persons OFAC
 41




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FATF
  5.20 Anti-Money Laundering
 42




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5.21 ERISA
 5.22 Ground Lease
 43




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6. NOTICES AND REPORTING
 6.1 Notices Notice nd
 6.2 Borrower Notices and Deliveries
 44




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6.3 Financial Reporting
 6.3.1 Bookkeeping
 6.3.2 Annual Reports
 6.3.3 Quarterly Reports .
 45




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6.3.4 Other Reports
 6.3.5 Annual Budget Annual Budget Operating Budget Capital Budget
 46




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6.3.6 Breach Required Records
 7. INSURANCE; CASUALTY; AND CONDEMNATION
 7.1 Insurance
 7.1.1 Coverage
   47




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Per Location Aggregate Endorsement
      48




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7.1.2 Policies Policies Insurance Premiums
 7.2 Casualty
 7.2.1 Notice; Restoration Casualty
 49




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7.2.2 Settlement of Proceeds Insured Casualty Proceeds Significant
Casualty
 7.3 Condemnation
 7.3.1 Notice; Restoration Condemnation
 7.3.2 Collection of Award Award
 50




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7.4 Application of Proceeds or Award
 7.4.1 Application to Restoration Restoration
 7.4.2 Application to Debt
 7.4.3 Procedure for Application to Restoration
 51




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8. DEFAULTS
 8.1 Events of Default
      52




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53




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8.2 Remedies
 8.2.1 Acceleration
 8.2.2 Remedies Cumulative
 8.2.3 Severance
 54




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8.2.4 Delay
 8.2.5 Lenders Right to Perform
 9. SECONDARY MARKET PROVISIONS
 9.1 Transfer of Loan Securities Secondary Market Transaction Investor
 55




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Provided Information
 9.2 Use of Information
 9.3 Borrower Indemnity Liabilities
 9.4
 10. MISCELLANEOUS
 10.1 Exculpation
 56




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Springing Recourse Event
 57




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10.2 Brokers and Financial Advisors
 10.3 Retention of Servicer
 10.4 Survival
 10.5 Lenders Discretion
 58




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10.6 Governing Law .
   10.7 Modification, Waiver in Writing
 59




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10.8 Trial by Jury
 10.9 Headings/Exhibits
 10.10 Severability
 10.11 Preferences
 10.12 Waiver of Notice
 10.13 Remedies of Borrower
 60




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10.14 Prior Agreements
 10.15 Offsets, Counterclaims and Defenses
 10.16 Publicity
 10.17 No Usury
 61




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10.18 Conflict; Construction of Documents
 10.19 No Third Party Beneficiaries
 10.20 Yield Maintenance Premium
 62




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10.21 Assignment
 10.22 Counterparts
  63




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IN WITNESS WHEREOF
 2525 N WOODLAWN VSTRM WICHITA KS, LLC,a Delaware limited liability companyBy:Name:
Its: Vice PresidentCI05 CLINTONVILLE WI LLC,a Delaware limited liability companyBy:Name:
Its: Vice PresidentMSI05-3 LLC,a Delaware limited liability companyBy:Name:
Its: Vice PresidentIXIS REAL ESTATE CAPITAL INC.By:Name:
Title:By:Name:
Title:




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Schedule 1
 Index of Other Definitions
 Act  Annual Budget  Applicable Taxes  Award  Bankruptcy Action  Bankruptcy Code  Bankruptcy Proceeding  Borrowers Recourse Liabilities  Buyer  Capital Budget  Capital Reserve Subaccount  Cash Management Accounts  Casualty  Casualty/Condemnation Prepayment  Casualty/Condemnation Subaccount  Clearing Account  Clearing Bank  Condemnation  Defeasance  Defeasance Date  Defeasance Deposit  Defeased Note  Deposit Account  Direct Pay Agreement   Eligible Account  Embargoed Person  Environmental Laws  Equipment  Full Defeasance  Hazardous Substances  Improvements  Indemnified Liabilities  Indemnified Party  Independent Director  Independent Manager  Insurance Premiums  Insured Casualty  Investor  Late Payment Charge  Liabilities  Licenses  Loan
 Schedule 1 - 1




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Monthly Debt Service Payment Amount  Monthly Debt Service Subaccount  New Mezzanine Loan  Notice  Operating Budget  Operating Expense Subaccount  Partial Defeasance  Permitted Investments  Policies  Principal  Proceeds  Provided Information  Registration Statement  Remedial Work  Rent Roll  Required Repairs Subaccount  Required Records  Required Repairs  Required Repairs Subaccount  Restoration  Rollover Reserve Subaccount  Scheduled Defeasance Payments  Secondary Market Transaction  Securities  Security Agreement  Security Deposit Account  Security Deposit Subaccount  Significant Casualty  Single Member Bankruptcy Remote LLC  Sole Member  Special Member  Special Purpose Bankruptcy Remote Entity  Special Transfer  Springing Recourse Event  Subaccounts  Successor Borrower  Successor Guarantor  Tax and Insurance Subaccount  Undefeased Note
 Schedule 1 - 2




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Schedule 2
 Required Repairs
 Converting Property:
 Spinners Property:
 Schedule 2 - 1




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Schedule 3
 Organization of Borrower
 Last Updated 01/24/06
Pending Entities: None
  GLADSTONE COMMERCIALORGANIZATION CHART 
 1% GP GCLP Business Trust I GCLP Business Trust II CI05 Clintonville WI LLC (DE)
2525 N. Woodlawn VStrm Wichita KS, LLC (DE)
MSI05-3 LLC (DE)
Gladstone Commercial
Partners, LLC (DE) 100% Interest
Last Updated 01/24/06
Pending Entities: None
100% Interest
100% Membership Interest
99% LP Interest
100% Membership Interest Gladstone Commercial
Limited Partnership (DE)
Gladstone Commercial
Corporation (MD)
GLADSTONE COMMERCIAL ORGANIZATION CHART Schedule 3 - 1




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Schedule 4
 Definition of Special Purpose Bankruptcy Remote Entity
 Special Purpose Bankruptcy Remote Entity
         Schedule 4 - 1




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Schedule 4 - 2




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Independent Director
   Schedule 4 - 3




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Independent Manager
     Single Member Bankruptcy Remote LLC
  Schedule 4 - 4




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Sole Member
   Special Member
    Act
 Schedule 4 - 5




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Bankruptcy Action
      Schedule 4 - 6




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Schedule 4 - 7




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Schedule 5
  Property
    
    Loan AllocationT-Mobile Property
    
    $
    9,032,280Wohlert Property
    
    $
    747,270Growth Property
    
    $
    779,760Rock Falls Property
    
    $
    714,780Converting Property
    
    $
    3,625,910Total
    
    $
    14,900,000
 Schedule 5 - 1