----

**M        A N A G E M E N T   A G R E E M E N T**

| **OWNER:**     | **BICYCLE                  CLUB, L.L.C.**    |
|----------------|----------------------------------------------|
|           |                                         |
|           |                                         |
| **AGENT:**     | **MAXUS                  PROPERTIES, INC.**  |
|           |                                         |
|           |                                         |
| **PREMISES:**  | **BICYCLE                  CLUB APARTMENTS** |
|           | **7909                  N. Granby**          |
|           | **Kansas                  City, MO 64151**   |
|           |                                         |
|           |                                         |
| **BEGINNING:** | **July                  5, 2005**            |
|           |                                         |
|           |                                         |
| **ENDING:**    | **August                  4, 2010**          |

----

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**IN        WITNESS THEREOF,**

|   | **OWNER:**                                                         |
|--------|--------------------------------------------------------------------|
|   |                                                               |
|   | **BICYCLE                          CLUB, L.L.C.**                  |
|   | **By:                          Maxus Realty Trust, Inc., Manager** |
|   |                                                               |
|   |                                                               |
|   | By: /s/                          John W. Alvey                |
|   | John                          W. Alvey                             |
|   | Vice                          President                            |
|   |                                                               |
|   | **AGENT:**                                                         |
|   |                                                               |
|   | **MAXUS                          PROPERTIES, INC.**                |
|   |                                                               |
|   |                                                               |
|   | By: /s/                          Michael P. McRobert          |
|   | Michael                          P. McRobert                       |
|   | CEO                                                                |