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                                                                  EXHIBIT 10.24

                                                                CVS - ALPHARETTA
                                                             LOAN NO. 50-2853997

                                 PROMISSORY NOTE

$2,480,000.00                                                   December 1, 2005

      FOR VALUE RECEIVED, the undersigned, COLE CV ALPHARETTA GA, LLC, a
Delaware limited liability company ("Maker"), having an address at 2555 East
Camelback Road, Suite 400, Phoenix, Arizona 85016, promises to pay to the order
of WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association
("Payee"), at the office of Payee at Commercial Real Estate Services, 8739
Research Drive URP - 4, NC 1075, Charlotte, North Carolina 28262, or at such
other place as Payee may designate to Maker in writing from time to time, the
principal sum of TWO MILLION FOUR HUNDRED EIGHTY THOUSAND AND NO/100 DOLLARS
($2,480,000.00), together with interest on so much thereof as is from time to
time outstanding and unpaid, from the date of the advance of the principal
evidenced hereby and as allocated to Fixed Rate Tranche A and Floating Rate
Tranche B (as each term is hereinafter defined) for each such tranche, at the
Note Rate (as hereinafter defined), together with all other amounts due
hereunder or under the other Loan Documents (as defined herein), in lawful money
of the United States of America, which shall at the time of payment be legal
tender in payment of all debts and dues, public and private.

                        ARTICLE I -- TERMS AND CONDITIONS

      1.1 Definitions. The following terms, as used in this Note, shall have the
following meanings, which meanings shall be applicable equally to the singular
and the plural of the terms defined:

            (a) "Business Day" shall mean a day of the year on which banks are
not required or authorized to close in Charlotte, North Carolina.

            (b) "Determination Date" shall mean a date on which the LIBOR-Based
Rate shall be selected as the applicable interest rate in respect of Floating
Rate Tranche B, which date shall be the day that is two (2) London Business Days
prior to the commencement of an Interest Period or, with respect to the first
Interest Period, the date the Loan shall be advanced by Payee.

            (c) "Extended Maturity Date" shall mean December 11, 2030.

            (d) "Fixed Rate Tranche A" shall mean Two Million Fifteen Thousand
and No/100 Dollars ($2,015,000.00) of the aggregate amount of the Loan which
shall bear interest as set forth in Section 1.3 hereof.

            (e) "Floating Rate Tranche B" shall mean Four Hundred Sixty-Five
Thousand and No/100 Dollars ($465,000.00) of the aggregate amount of the Loan
which shall bear interest at the LIBOR-Based Rate (as hereinafter defined).

            (f) "Interest Period" shall mean initially, the period commencing on
the date hereof and ending on and including the day of the tenth (10th) day of
the calendar month

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following the date of this Note, unless principal is advanced on the tenth
(10th) of a month, in which case the first Interest Period shall consist only
such tenth (10th) day. Each Interest Period thereafter shall commence on the
eleventh (11th) day of each calendar month during the term of this Note and
shall end on and include the tenth (10th) day of the next occurring calendar
month. Interest shall accrue from the date on which funds are advanced hereunder
(regardless of the time of day) through and including the day on which funds are
credited pursuant to Section 1.4 hereof.

            (g) "LIBOR-Based Rate" shall mean (i) for the first Interest Period,
an interest rate per annum equal to six and twenty-one one-hundredths percent
(6.21%) and (ii) for each succeeding Interest Period until Floating Rate Tranche
B is satisfied, an interest rate per annum equal at all times to two hundred
(200) basis points above the one-month LIBOR, in each case as determined by
Payee prior to the commencement of each Interest Period.

            (h) "LIBOR" shall mean with respect to each day during each Interest
Period, the rate for U.S. dollar deposits of that many months maturity as
reported on Telerate page 3750 as of 11:00 a.m., London time, on the second
London Business Day before the relevant Interest Period begins (or if not so
reported, then as determined by Payee from another recognized source or
interbank quotation), rounded up to the nearest one-eighth of one percent
(1/8%).

            (i) "Loan" shall mean that certain loan made by Payee to Maker in
respect of the Property which is evidenced by this Note and secured by, among
other things, the Security Instrument and all other Loan Documents.

            (j) "Loan Documents" shall mean the Security Instrument, this Note
and all other documents now or hereafter evidencing, securing, guarantying,
modifying or otherwise relating to the indebtedness evidenced hereby.

            (k) "London Business Day" shall mean a day of the year on which
dealings in United States dollars are carried on in the London interbank market
and banks are not required or authorized to close in London or in New York, New
York.

            (l) "Maturity Date" shall mean December 11, 2010.

            (m) "Monthly Payment Amount" shall mean the sum of (A) from and
including the First Payment Date through the Maturity Date, an amount equal to
the interest payable under this Note on the portion allocated as Fixed Rate
Tranche A at the Fixed Interest Rate in the amounts for each such Payment Date
set forth on Annex 1 attached hereto and incorporated herein by this reference
or as provided by Payee to Maker in connection with the initial Fixed Interest
Rate Interest Period, plus (B) through and until Floating Rate Tranche B is
satisfied, an amount equal to the interest payable under this Note on the
portion allocated as Floating Rate Tranche B at the LIBOR-Based Rate pursuant to
the provisions of Section 1.2 hereof. Annex 1 is for reference purposes only and
any payment incorrectly referenced thereon or omitted therefrom shall not limit
or reduce Maker's obligations for actual amounts due under this Note in
accordance with its payment terms, and Maker agrees that Payee may substitute a
replacement Annex 1 in the event the attached does not accurately reflect
Maker's scheduled payment obligations.

            (n) "Optional Prepayment Date" shall mean December 11, 2010.

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            (o) "Optional Prepayment Determination Date" shall mean October 11,
2010.

            (p) "Security Instrument" shall mean that certain mortgage, deed of
trust or deed to secure debt and security agreement from Maker for the benefit
of Payee, dated of even date herewith, covering property located in Fulton
County, Georgia.

      Each of the capitalized terms not otherwise defined in this Note shall
have the respective meaning ascribed to it in the Security Instrument of even
date herewith from Maker to Payee.

            1.2 LIBOR-Based Rate; Pay-Down Date. (a) From the date of the
advance of the principal evidenced hereby through the Pay-Down Date (as
hereinafter defined) for Floating Rate Tranche B, Floating Rate Tranche B shall
bear interest at the LIBOR-Based Rate. The LIBOR-Based Rate shall remain in
effect, subject to the provisions hereof, from and including the first day of
the Interest Period to and excluding the last day of the Interest Period for
which it is determined.

            (b) If requested by Payee, Maker shall immediately confirm the
LIBOR-Based Rate and the duration of the applicable Interest Period by
acknowledging receipt of a written confirmation of the LIBOR-Based Rate and
Interest Period delivered by Payee to Maker. Only one Interest Period may be in
effect at any given time.

            (c) Without limiting the effect of any other provision of this Note,
Maker shall pay to Payee on the last day of each and every Interest Period, so
long as and to the extent that Payee (or its source of funds) may directly or
indirectly be required to maintain reserves against "Eurocurrency liabilities"
under Federal Reserve Regulation D (as at any time amended), additional interest
(as determined by Payee and disclosed to Maker) for each such Interest Period at
an interest rate per annum equal, at all times during such Interest Period for
the principal balance of Floating Rate Tranche B, to the excess of (i) the rate
obtained by dividing LIBOR for such Interest Period by a percentage equal to
100% minus the reserve percentage applicable during such Interest Period under
regulations issued from time to time by the Board of Governors of the Federal
Reserve System (or if more than one such percentage is so applicable, minus the
daily average of such percentages for those days in such Interest Period during
which any such percentage shall be so applicable) for determining the maximum
reserve requirement (including, without limitation, any marginal reserve
requirement) for Payee (or its source of funds) in respect of liabilities or
assets consisting of or including "Eurocurrency liabilities" under Federal
Reserve Regulation D (as at any time amended) having a term equal to such
Interest Period over (ii) LIBOR for such Interest Period. Terms used in
Regulation D shall have the same meanings when used herein. Each such
determination made by Payee and each such notification by Payee to Maker under
this subparagraph of the amount of additional interest payable hereunder shall
be conclusive as to the matters set forth therein.

            (d) In addition to the payment of interest and fees as aforesaid,
Maker shall, from time to time, upon demand by Payee pay to Payee amounts as
shall be sufficient to compensate Payee for (i) any loss, cost, fee, breakage or
other expense incurred or sustained directly or indirectly by reason of the
liquidation or reemployment of deposits or other funds acquired by Payee to fund
or maintain Floating Rate Tranche B during any Interest Period as a result of
any prepayment of Floating Rate Tranche B or any portion thereof or any attempt
by

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Maker to rescind the selection of the LIBOR-Based Rate as the applicable
interest rate for Floating Rate Tranche B and (ii) any increased costs incurred
by Payee, by reason of:

            (x) taxes (or the withholding of amounts for taxes) of any nature
      whatsoever, including, without limitation, income, excise and interest
      equalization taxes (other than United States or state income taxes) as
      well as all levies, imports, duties, or fees whether now in existence or
      as the result of a change in, or promulgation of, any treaty, statute or
      regulation or interpretation thereof, or any directive, guideline or
      otherwise, by a central bank or fiscal authority or any other entity
      (whether or not having the force of law) or a change in the basis of, or
      time of payment of, such taxes and other amounts resulting therefrom;

            (y) any reserve or special deposit requirements against or with
      respect to assets or liabilities or deposits outstanding under LIBOR
      (including, without limitation, those imposed under the Monetary Control
      Act of 1978) currently required by, or resulting from a change in, or the
      promulgation of, such requirements by treaty, statute, regulation,
      interpretation thereof, or any directive, guidelines, or otherwise by a
      central bank or fiscal authority (whether or not having the force of law);
      and

            (z) any other costs resulting from compliance with treaties,
      statutes, regulations, interpretations or any directives or guidelines or
      otherwise, promulgated by or of a central bank or fiscal authority or
      other entity with similar authority (whether or not having the force of
      law).

A certificate as to the amount of any such costs prepared by Payee, signed by an
authorized officer of Payee and submitted to Maker shall be conclusive as to the
matters therein set forth.

      (e) The selection at any time of an interest rate based upon LIBOR shall
be expressly conditioned upon the existence of an adequate and fair means of
determining LIBOR and the absence of any legal prohibition against the charging
of interest based on LIBOR.

      (f) On or prior to March 1, 2006 (the "Pay-Down Date"), Maker shall fully
prepay the principal balance of this Note allocated as Floating Rate Tranche B.
Floating Rate Tranche B shall not be deemed to have been paid and/or satisfied
in full until all such additional costs, in addition to the principal balance
thereof and all interest thereon and all other sums due and payable under the
Loan Documents in regards to Floating Rate Tranche B, shall have been paid.

      1.3 Note Rate; Computation of Interest. The term "Note Rate" as used in
this Note shall mean (a) for Fixed Rate Tranche A, from the date of this Note
through but not including the Optional Prepayment Date, a rate per annum equal
to five and fifty-two one hundredths percent (5.52%) (the "Fixed Interest
Rate"), (b) for Floating Rate Tranche B, from the date of this Note through the
Pay-Down Date and satisfaction of Floating Rate Tranche B, a rate per annum
equal to the LIBOR-Based Rate, and (c) from the Optional Prepayment Date through
and including the date this Note is paid in full, a rate per annum equal to the
greater of (i) the Fixed Interest Rate plus two (2%) percent or (ii) the
Treasury Constant Maturity Yield Index (as hereinafter defined) plus two (2%)
percent ((i) or (ii), as applicable, the "Revised Interest Rate"). Interest
shall be computed hereunder based on a 360-day year and based on the actual
number of days elapsed for

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any period in which interest is being calculated. For purposes of this Section
1.3, the term "Treasury Constant Maturity Yield Index" shall mean the average
yield for "This Week" as reported by the Federal Reserve Board in Federal
Statistical Release H.15 (519) published during the second full week preceding
the Optional Prepayment Date for instruments having a maturity coterminous with
the remaining term of this Note. If there is no Treasury Constant Maturity Yield
Index for instruments having a maturity coterminous with the remaining term of
this Note, then the index shall be equal to the weighted average yield to
maturity of the Treasury Constant Maturity Yield Indices with maturities next
longer and shorter than such remaining average life to maturity, calculated by
averaging (and rounding upward to the nearest whole multiple of 1/100 of 1% per
annum, if the average is not such a multiple) the yields of the relevant
Treasury Constant Maturity Yield Indices (rounded, if necessary, to the nearest
1/100 of 1% with any figure of 1/200 of 1% or above rounded upward). If such
Release is not available or no longer published, Payee may refer to another
recognized source of financial market information.

      1.4 Payment of Principal and Interest. Payments in federal funds
immediately available at the place designated for payment received by Payee
prior to 2:00 p.m. local time on a day on which Payee is open for business at
said place of payment shall be credited prior to close of business, while other
payments, at the option of Payee, may not be credited until immediately
available to Payee in federal funds at the place designated for payment prior to
2:00 p.m. local time on a day on which Payee is open for business. Interest only
shall be payable in consecutive monthly installments of the Monthly Payment
Amount, beginning on January 11, 2006 (the "First Payment Date"), and continuing
on the eleventh (11th) day of each and every calendar month thereafter (each, a
"Payment Date"). On the Maturity Date or the Optional Prepayment Date, the
entire outstanding principal balance hereof, together with all accrued but
unpaid interest thereon, shall be due and payable in full provided, however,
that in the event that such amounts are not paid on such date, the Maturity Date
shall be extended to the Extended Maturity Date. In computing the number of days
during which interest accrues, the day on which funds are initially advanced
shall be included regardless of the time of day such advance is made, and the
day on which funds are repaid shall be included unless repayment is credited
prior to close of business. Payments in federal funds immediately available in
the place designated for payment received by Payee prior to 2:00 p.m. local time
on a Business Day at said place of payment shall be credited prior to close of
business, while other payments, at the option of Payee, may not be credited
until immediately available to Payee in federal funds in the place designated
for payment prior to 2:00 p.m. local time at said place of payment on a Business
Day.

      1.5 Application of Payments. So long as no Event of Default (as
hereinafter defined) exists hereunder or under any other Loan Document, each
such monthly installment shall be applied, prior to the Optional Prepayment
Date, first, to any amounts hereafter advanced by Payee hereunder or under any
other Loan Document, second, to any late fees and other amounts payable to
Payee, third, to the payment of accrued interest and last to reduction of
principal, and from and after the Optional Prepayment Date, as provided in
Section 2.2 of this Note.

      1.6 Payment of "Short Interest". If the advance of the principal amount
evidenced by this Note is made on a date on or after the first (1st) day of a
calendar month and prior to the eleventh (11th) day of a calendar month, Maker
shall pay to Payee contemporaneously with the execution hereof interest at the
Note Rate for a period from the date hereof through and including

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the tenth (10th) day of this calendar month. If the advance of the principal
amount evidenced by this Note is made on a date after the eleventh (11th) day of
a calendar month and prior to or on the last day of a calendar month, Maker
shall pay to Payee contemporaneously with the execution hereof interest at the
Note Rate for a period from the date hereof through and including the tenth
(10th) day of the immediately succeeding calendar month.

      1.7 Prepayment; Defeasance.

      (a) This Note may not be prepaid, in whole or in part (except as otherwise
specifically provided herein), at any time prior to the Optional Prepayment
Date. In the event that Maker wishes to have the Security Property (as
hereinafter defined) released from the lien of the Security Instrument prior to
the Optional Prepayment Date, Maker's sole option shall be a Defeasance (as
hereinafter defined) upon satisfaction of the terms and conditions set forth in
Section 1.7(d) hereof. This Note may be prepaid in whole but not in part without
premium or penalty on any of the three (3) Payment Dates occurring immediately
prior to the Maturity Date provided (i) written notice of such prepayment is
received by Payee not more than ninety (90) days and not less than thirty (30)
days prior to the date of such prepayment, and (ii) such prepayment is
accompanied by all interest accrued hereunder through and including the date of
such prepayment and all other sums due hereunder or under the other Loan
Documents. If, upon any such permitted prepayment on any of the three (3)
Payment Dates occurring immediately prior to the Maturity Date, the aforesaid
prior written notice has not been timely received by Payee, there shall be due a
prepayment fee equal to, an amount equal to the lesser of (i) thirty (30) days'
interest computed at the Note Rate on the outstanding principal balance of this
Note so prepaid and (ii) interest computed at the Note Rate on the outstanding
principal balance of this Note so prepaid that would have been payable for the
period from, and including, the date of prepayment through the Maturity Date of
this Note as though such prepayment had not occurred.

      (b) If, prior to the fourth (4th) anniversary of the First Payment Date
(the "Lock-out Expiration Date"), the indebtedness evidenced by this Note shall
have been declared due and payable by Payee pursuant to Article III hereof or
the provisions of any other Loan Document due to a default by Maker, then, in
addition to the indebtedness evidenced by this Note being immediately due and
payable, there shall also then be immediately due and payable a sum equal to the
interest which would have accrued on the principal balance of this Note at the
Note Rate from the date of such acceleration to the Lock-out Expiration Date,
together with a prepayment fee in an amount equal to the Yield Maintenance
Premium (as hereinafter defined) based on the entire indebtedness on the date of
such acceleration. If such acceleration is on or following the Lock-out
Expiration Date, the Yield Maintenance Premium shall also then be immediately
due and payable as though Maker were prepaying the entire indebtedness on the
date of such acceleration. In addition to the amounts described in the two
preceding sentences, in the event of any such acceleration or tender of payment
of such indebtedness occurs or is made on or prior to the first (1st)
anniversary of the date of this Note, there shall also then be immediately due
and payable an additional prepayment fee of three percent (3%) of the principal
balance of this Note. The term "Yield Maintenance Premium" shall mean an amount
equal to the greater of (A) two percent (2.0%) of the principal amount being
prepaid, and (B) the present value of a series of payments each equal to the
Payment Differential (as hereinafter defined) and payable on each

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Payment Date over the remaining original term of this Note and on the Maturity
Date, discounted at the Reinvestment Yield (as hereinafter defined) for the
number of months remaining as of the date of such prepayment to each such
Payment Date and the Maturity Date. The term "Payment Differential" shall mean
an amount equal to (i) the Note Rate less the Reinvestment Yield, divided by
(ii) twelve (12) and multiplied by (iii) the principal sum outstanding under
this Note after application of the constant monthly payment due under this Note
on the date of such prepayment, provided that the Payment Differential shall in
no event be less than zero. The term "Reinvestment Yield" shall mean an amount
equal to the lesser of (i) the yield on the U.S. Treasury issue (primary issue)
with a maturity date closest to the Maturity Date, or (ii) the yield on the U.S.
Treasury issue (primary issue) with a term equal to the remaining average life
of the indebtedness evidenced by this Note, with each such yield being based on
the bid price for such issue as published in the Wall Street Journal on the date
that is fourteen (14) days prior to the date of such prepayment set forth in the
notice of prepayment (or, if such bid price is not published on that date, the
next preceding date on which such bid price is so published) and converted to a
monthly compounded nominal yield. In the event that any prepayment fee is due
hereunder, Payee shall deliver to Maker a statement setting forth the amount and
determination of the prepayment fee, and, provided that Payee shall have in good
faith applied the formula described above, Maker shall not have the right to
challenge the calculation or the method of calculation set forth in any such
statement in the absence of manifest error, which calculation may be made by
Payee on any day during the fifteen (15) day period preceding the date of such
prepayment. Payee shall not be obligated or required to have actually reinvested
the prepaid principal balance at the Reinvestment Yield or otherwise as a
condition to receiving the prepayment fee.

      (c) Partial prepayments of this Note shall not be permitted, except for
(i) partial prepayments resulting from Payee's election to apply insurance or
condemnation proceeds to reduce the outstanding principal balance of this Note
as provided in the Security Instrument, in which event no prepayment fee or
premium shall be due unless, at the time of either Payee's receipt of such
proceeds or the application of such proceeds to the outstanding principal
balance of this Note, an Event of Default shall have occurred, which Event of
Default is unrelated to the applicable casualty or condemnation, in which event
the applicable prepayment fee or premium shall be due and payable based upon the
amount of the prepayment or (ii) any partial prepayment required on or prior to
the Pay-Down Date pursuant to Section 1.2(f) above, in which event no prepayment
fee or premium shall be due. No notice of prepayment shall be required under the
circumstances specified in subclause (i) of the preceding sentence. No principal
amount repaid may be reborrowed. Any such partial prepayments of principal under
subclause (i) above shall be applied to the unpaid principal balance evidenced
hereby but such application shall not reduce the amount of the fixed monthly
installments required to be paid pursuant to Section 1.4 above. Except as
otherwise expressly provided herein, the prepayment fees provided above shall be
due, to the extent permitted by applicable law, under any and all circumstances
where all or any portion of this Note is paid prior to the Maturity Date,
whether such prepayment is voluntary or involuntary, including, without
limitation, if such prepayment results from Payee's exercise of its rights upon
Maker's default and acceleration of the Maturity Date of this Note (irrespective
of whether foreclosure proceedings have been commenced), and shall be in
addition to any other sums due hereunder or under any of the other Loan
Documents. No tender of a prepayment of this Note

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with respect to which a prepayment fee is due shall be effective unless such
prepayment is accompanied by the applicable prepayment fee.

      (d) (i) On any Payment Date on or after the later to occur of (x) the
      Lock-out Expiration Date, and (y) the day immediately following the date
      which is two (2) years after the "startup day," within the meaning of
      Section 860G(a)(9) of the Internal Revenue Code of 1986, as amended from
      time to time or any successor statute (the "Code"), of a "real estate
      mortgage investment conduit," within the meaning of Section 860D of the
      Code, that holds this Note, and provided no Event of Default has occurred
      hereunder or under any of the other Loan Documents, at Maker's option,
      Payee shall cause the release of the Security Property from the lien of
      the Security Instrument and the other Loan Documents (a "Defeasance") upon
      the satisfaction of the following conditions:

                        (A) Maker shall give not more than ninety (90) days' or
            less than sixty (60) days' prior written notice to Payee specifying
            the date Maker intends for the Defeasance to be consummated (the
            "Release Date"), which date shall be a Payment Date.

                        (B) All accrued and unpaid interest and all other sums
            due under this Note and under the other Loan Documents up to and
            including the Release Date shall be paid in full on or prior to the
            Release Date.

                        (C) Maker shall deliver to Payee on or prior to the
            Release Date:

                        (1) a sum of money in immediately available funds (the
                  "Defeasance Deposit"), equal to the outstanding principal
                  balance of this Note plus an amount, if any, which together
                  with the outstanding principal balance of this Note, shall be
                  sufficient to enable Payee to purchase, through means and
                  sources customarily employed and available to Payee, for the
                  account of Maker, direct, non-callable obligations of the
                  United States of America that provide for payments prior, but
                  as close as possible, to all successive monthly Payment Dates
                  occurring after the Release Date and to the Maturity Date,
                  with each such payment being equal to or greater than the
                  amount of the corresponding installment of principal and/or
                  interest required to be paid under this Note (including, but
                  not limited to, all amounts due on the Maturity Date) for the
                  balance of the term hereof (the "Defeasance Collateral"), each
                  of which shall be duly endorsed by the holder thereof as
                  directed by Payee or accompanied by a written instrument of
                  transfer in form and substance satisfactory to Payee in its
                  sole discretion (including, without limitation, such
                  instruments as may be required by the depository institution
                  holding such securities or the issuer thereof, as the case may
                  be, to effectuate book-entry transfers and pledges through the
                  book-entry facilities of such institution) in order to perfect
                  upon the delivery of the Defeasance Security Agreement (as
                  hereinafter defined) the first priority security interest in
                  the Defeasance Collateral in

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                  favor of Payee in conformity with all applicable state and
                  federal laws governing granting of such security interests;

                        (2) a pledge and security agreement, in form and
                  substance satisfactory to a prudent lender, creating a first
                  priority security interest in favor of Payee in the Defeasance
                  Collateral (the "Defeasance Security Agreement"), which shall
                  provide, among other things, that any excess received by Payee
                  from the Defeasance Collateral over the amounts payable by
                  Maker hereunder shall be refunded to Maker promptly after each
                  monthly Payment Date;

                        (3) a certificate of Maker certifying that all of the
                  requirements set forth in this Section 1.7(d)(i) have been
                  satisfied;

                        (4) one or more opinions of counsel for Maker in form
                  and substance and delivered by counsel which would be
                  satisfactory to a prudent lender stating, among other things,
                  that (i) Payee has a perfected first priority security
                  interest in the Defeasance Collateral and that the Defeasance
                  Security Agreement is enforceable against Maker in accordance
                  with its terms, (ii) in the event of a bankruptcy proceeding
                  or similar occurrence with respect to Maker, none of the
                  Defeasance Collateral nor any proceeds thereof will be
                  property of Maker's estate under Section 541 of the U.S.
                  Bankruptcy Code or any similar statute and the grant of
                  security interest therein to Payee shall not constitute an
                  avoidable preference under Section 547 of the U.S. Bankruptcy
                  Code or applicable state law, (iii) the release of the lien of
                  the Security Instrument and the pledge of Defeasance
                  Collateral will not directly or indirectly result in or cause
                  any REMIC Trust that then holds this Note to fail to maintain
                  its status as a REMIC Trust and (iv) the defeasance will not
                  cause any REMIC Trust to be an "investment company" under the
                  Investment Company Act of 1940;

                        (5) evidence in writing from the applicable rating
                  agencies to the effect that the collateral substitution will
                  not result in a downgrading, withdrawal or qualification of
                  the respective ratings in effect immediately prior to such
                  defeasance event for any securities issued in connection with
                  the securitization which are then outstanding;

                        (6) a certificate in form and scope acceptable to Payee
                  in its sole discretion from an acceptable accountant
                  certifying that the Defeasance Collateral will generate
                  amounts sufficient to make all payments of principal and
                  interest due under this Note (including the scheduled
                  outstanding principal balance of the Loan due on the Maturity
                  Date);

                        (7) Maker and any guarantor or indemnitor of Maker's
                  obligations under the Loan Documents for which Maker has
                  personal

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                  liability executes and delivers to Payee such documents and
                  agreements as Payee shall reasonably require to evidence and
                  effectuate the ratification of such personal liability and
                  guaranty or indemnity, respectively;

                        (8) such other certificates, documents or instruments as
                  Payee may reasonably require; and

                        (9) payment of all fees, costs, expenses and charges
                  incurred by Payee in connection with the Defeasance of the
                  Security Property and the purchase of the Defeasance
                  Collateral, including, without limitation, all legal fees and
                  costs and expenses incurred by Payee or its agents in
                  connection with release of the Security Property, review of
                  the proposed Defeasance Collateral and preparation of the
                  Defeasance Security Agreement and related documentation, any
                  revenue, documentary, stamp, intangible or other taxes,
                  charges or fees due in connection with transfer of the Note,
                  assumption of the Note, or substitution of collateral for the
                  Security Property shall be paid on or before the Release Date.
                  Without limiting Maker's obligations with respect thereto,
                  Payee shall be entitled to deduct all such fees, costs,
                  expenses and charges from the Defeasance Deposit to the extent
                  of any portion of the Defeasance Deposit which exceeds the
                  amount necessary to purchase the Defeasance Collateral.

                        (D) In connection with the Defeasance Deposit, Maker
            hereby authorizes and directs Payee using the means and sources
            customarily employed and available to Payee to use the Defeasance
            Deposit to purchase for the account of Maker the Defeasance
            Collateral. Furthermore, the Defeasance Collateral shall be arranged
            such that payments received from such Defeasance Collateral shall be
            paid directly to Payee to be applied on account of the indebtedness
            of this Note. Any part of the Defeasance Deposit in excess of the
            amount necessary to purchase the Defeasance Collateral and to pay
            the other and related costs Maker is obligated to pay under this
            Section 1.7 shall be refunded to Maker.

            (ii) Upon compliance with the requirements of Section 1.7(d)(i), the
      Security Property shall be released from the lien of the Security
      Instrument and the other Loan Documents, and the Defeasance Collateral
      shall constitute collateral which shall secure this Note and all other
      obligations under the Loan Documents. Payee will, at Maker's expense,
      execute and deliver any agreements reasonably requested by Maker to
      release the lien of the Security Instrument from the Security Property.

            (iii) Upon the release of the Security Property in accordance with
      this Section 1.7(d), Maker shall assign all its obligations and rights
      under this Note, together with the pledged Defeasance Collateral, to a
      newly created successor entity which complies with the terms of Section
      1.33 of the Security Instrument designated by Maker and approved by Payee
      in its sole discretion. Such successor entity shall execute an assumption
      agreement in form and substance satisfactory to Payee in its sole
      discretion pursuant to which it shall assume Maker's obligations under
      this Note and the Defeasance Security Agreement. As

                                       10

<PAGE>

      conditions to such assignment and assumption, Maker shall (x) deliver to
      Payee an opinion of counsel in form and substance and delivered by counsel
      satisfactory to a prudent lender stating, among other things, that such
      assumption agreement is enforceable against Maker and such successor
      entity in accordance with its terms and that this Note and the Defeasance
      Security Agreement, as so assumed, are enforceable against such successor
      entity in accordance with their respective terms, and (y) pay all costs
      and expenses (including, but not limited to, legal fees) incurred by Payee
      or its agents in connection with such assignment and assumption
      (including, without limitation, the review of the proposed transferee and
      the preparation of the assumption agreement and related documentation).
      Upon such assumption, Maker shall be relieved of its obligations
      hereunder, under the other Loan Documents other than as specified in
      Section 1.7(d)(i)(C)(7) above and under the Defeasance Security Agreement.

      1.8 Security. The indebtedness evidenced by this Note and the obligations
created hereby are secured by, among other things, the Security Instrument. All
of the terms and provisions of the Loan Documents are incorporated herein by
reference. Some of the Loan Documents are to be filed for record on or about the
date hereof in the appropriate public records.

                ARTICLE II -- OPTIONAL PREPAYMENT DATE PROVISIONS

      2.1 Optional Prepayment Determination Date. The following subsections
shall apply from and after the Optional Prepayment Determination Date:

      (a) [Reserved].

      (b) For the calendar year in which the Optional Prepayment Determination
Date occurs and for each calendar year thereafter, Maker shall submit to Payee
for Payee's written approval an annual budget (an "Annual Budget") not later
than (i) the Optional Prepayment Determination Date for the calendar year in
which the Optional Prepayment Determination occurs and (ii) sixty (60) days
prior to the commencement of each calendar year thereafter, in form satisfactory
to Payee setting forth in reasonable detail budgeted monthly operating income
and monthly operating capital and other expenses for the Mortgaged Property.
Each Annual Budget shall contain, among other things, limitations on management
fees, third party service fees and other expenses as Maker may reasonably
determine. Payee shall have the right to approve such Annual Budget and in the
event that Payee objects to the proposed Annual Budget submitted by Maker, Payee
shall advise Maker of such objections within fifteen (15) days after receipt
thereof (and deliver to Maker a reasonably detailed description of such
objections) and Maker shall, within three (3) days after receipt of notice of
any such objections, revise such Annual Budget and resubmit the same to Payee.
Payee shall advise Maker of any objections to such revised Annual Budget within
ten (10) days after receipt thereof (and deliver to Maker a reasonably detailed
description of such objections) and Maker shall revise the same in accordance
with the process described in this subsection until Payee approves an Annual
Budget, provided, however, that if Payee shall not advise Maker of its
objections to any proposed Annual Budget within the applicable time period set
forth in this subsection, then such proposed Annual Budget shall be deemed
approved by Payee. Each such Annual Budget approved by Payee in accordance with
terms hereof shall hereinafter be referred to as an "Approved Annual Budget."
Until such time that Payee approves a proposed Annual Budget, the most recently

                                       11

<PAGE>

Approved Annual Budget shall apply; provided, that such Approved Annual Budget
shall be adjusted to reflect actual increases in real estate taxes, insurance
premiums and utilities expenses.

      (c) In the event that Maker must incur an extraordinary operating expense
or capital expense not set forth in the Annual Budget (an "Extraordinary
Expense"), then Maker shall promptly deliver to Payee a reasonably detailed
explanation of such proposed Extraordinary Expense for Payee's approval.

      (d) For the purposes of this Note, "Cash Expenses" shall mean, for any
period, the operating expenses for the operation and maintenance of the
Mortgaged Property as set forth in an Approved Annual Budget to the extent that
such expenses are actually incurred by Maker excluding payments into the Impound
Account and expenses for which Maker shall be reimbursed from, or which shall be
paid for out of, any such account or reserve.

      (e) Notwithstanding the other provisions of this Section 2.1, in the event
that, prior to the Optional Prepayment Determination Date, Maker delivers to
Payee either (i) a written commitment (the "Commitment") for the refinancing of
the loan evidenced by this Note from a Qualified Institutional Lender (as
hereinafter defined), which reasonably provides for the consummation of such
refinance prior to the Optional Prepayment Date or (ii) other evidence in form
and substance satisfactory to Payee in its sole determination of Maker's ability
to refinance the loan evidenced by this Note prior to the Optional Prepayment
Date, then, solely in either such event, the terms of Section 2.1(a), (b), (c)
and (d) of this Note shall be inoperative, provided, however, that upon (x) the
failure of such refinance to be consummated in accordance with the terms of the
Commitment or such other evidence, as applicable, (y) the termination of the
Commitment for any reason or (z) any adverse change in circumstances with
respect to Maker or any principals of Maker, the Mortgaged Property, the
proposed lender or otherwise, as determined by Payee in its sole determination,
which, in Payee's reasonable judgment, significantly decreases the likelihood of
such refinance being consummated prior to the Optional Prepayment Date, the
terms of Section 2.1(a), (b), (c) and (d) of this Note shall immediately become
operative and Maker shall immediately comply with any of the terms thereof
which, except for the operation of this subsection (e), Maker would theretofore
have been obligated to comply. "Qualified Institutional Lender" shall mean a
financial institution or other lender with a long term credit rating which is
not less than investment grade. The determination of whether the conditions set
forth in clause (i) or (ii) above, shall be made and notice of such
determination shall be delivered to Maker, within ten (10) business days
following Payee's receipt of the items set forth in such clauses.

      2.2 Failure to Prepay On or Before Optional Prepayment Date. In the event
that Maker does not prepay the entire principal balance of this Note and any
other amounts outstanding under this Note or any of the other Loan Documents on
or prior to the Optional Prepayment Date, the provisions of Section 2.1(b), (c)
and (d) as set forth above shall remain in full force and effect, and the
following subsections also shall apply:

      (a) From and after the Optional Prepayment Date, interest shall accrue on
the unpaid principal balance from time to time outstanding under this Note at
the Revised Interest Rate. Interest accrued at the Revised Interest Rate and not
paid pursuant to this Section 2.2 shall be deferred and added to the principal
balance of this Note and shall earn interest at the Revised

                                       12

<PAGE>

Interest Rate to the extent permitted by applicable law (such accrued interest
is hereinafter referred to as "Accrued Interest"). All of the unpaid principal
balance of this Note, including, without limitation, any Accrued Interest, shall
be due and payable on the Extended Maturity Date.

      (b) Maker shall be obligated to pay, and Payee shall collect from the Rent
Account (as defined in the Security Instrument) to the extent of funds on
deposit in such account, on the Optional Prepayment Date and on the eleventh
(11th) day of each calendar month thereafter to and including the Extended
Maturity Date the following payments from Rents (as defined in the Security
Instrument) received on or before such day in the listed order of priority:

            (i) First, the payment of the Monthly Payment Amount with interest
      computed at the Fixed Interest Rate;

            (ii) Second, payments to the Impound Account (as defined in the
      Security Instrument) in accordance with the terms and conditions of the
      Security Instrument;

            (iii) [Reserved];

            (iv) Fourth, payments for monthly Cash Expenses, less management
      fees payable to affiliates of Maker, pursuant to the terms and conditions
      of the related Approved Annual Budget;

            (v) Fifth, payment for Extraordinary Expenses approved by Payee, if
      any;

            (vi) Sixth, payments to Payee of the balance of the funds then on
      deposit in the Rent Account to be applied to (x) any other amounts due
      under the Loan Documents, (y) Accrued Interest and (z) the reduction of
      the outstanding principal balance of this Note until such principal
      balance is paid in full in whatever proportion and priority as Payee may
      determine.

      (c) Nothing in this Article II shall limit, reduce or otherwise affect
Maker's obligations to make payments of the Monthly Payment Amount (including
interest on the Note as provided in Section 1.3 hereof) payments to the Impound
Account and payments of other amounts due hereunder and under the other Loan
Documents, whether or not Rents (as defined in the Security Instrument) are
available to make such payments.

                             ARTICLE III -- DEFAULT

      3.1 Events of Default. It is hereby expressly agreed that should any
default occur in the payment of principal or interest as stipulated above and
such payment is not made on the date such payment is due, or should any other
default not cured within any applicable grace or notice period occur under any
other Loan Document, then an event of default (an "Event of Default") shall
exist hereunder, and in such event the indebtedness evidenced hereby, including
all sums advanced or accrued hereunder or under any other Loan Document, and all
unpaid interest accrued thereon, shall, at the option of Payee and without
notice to Maker, at once become due and payable and may be collected forthwith,
whether or not there has been a prior demand for payment and regardless of

                                       13

<PAGE>

the stipulated date of maturity.

      3.2 Late Charges. In the event that any payment is not received by Payee
on the date when due, then, in addition to any default interest payments due
hereunder, Maker shall also pay to Payee a late charge in an amount equal to
five percent (5%) of the amount of such overdue payment.

      3.3 Default Interest Rate. So long as any Event of Default exists
hereunder, regardless of whether or not there has been an acceleration of the
indebtedness evidenced hereby, and at all times after maturity of the
indebtedness evidenced hereby (whether by acceleration or otherwise), interest
shall accrue on the outstanding principal balance of this Note, from the date
due until the date credited, at a rate per annum equal to four percent (4%) in
excess of the Note Rate, or, if such increased rate of interest may not be
collected under applicable law, then at the maximum rate of interest, if any,
which may be collected from Maker under applicable law (the "Default Interest
Rate"), and such default interest shall be immediately due and payable.

      3.4 Maker's Agreements. Maker acknowledges that it would be extremely
difficult or impracticable to determine Payee's actual damages resulting from
any late payment or default, and such late charges and default interest are
reasonable estimates of those damages and do not constitute a penalty. The
remedies of Payee in this Note or in the Loan Documents, or at law or in equity,
shall be cumulative and concurrent, and may be pursued singly, successively or
together, in Payee's discretion.

      3.5 Maker to Pay Costs. In the event that this Note, or any part hereof,
is collected by or through an attorney-at-law, Maker agrees to pay all costs of
collection, including, but not limited to, reasonable attorneys' fees.

      3.6 Exculpation. Notwithstanding anything in this Note or the Loan
Documents to the contrary, but subject to the qualifications hereinbelow set
forth, Payee agrees that:

      (a) Maker shall be liable upon the indebtedness evidenced hereby and for
the other obligations arising under the Loan Documents to the full extent (but
only to the extent) of the security therefor, the same being all properties
(whether real or personal), rights, estates and interests now or at any time
hereafter securing the payment of this Note and/or the other obligations of
Maker under the Loan Documents (collectively, the "Security Property");

      (b) if a default occurs in the timely and proper payment of all or any
part of such indebtedness evidenced hereby or in the timely and proper
performance of the other obligations of Maker under the Loan Documents, any
judicial proceedings brought by Payee against Maker shall be limited to the
preservation, enforcement and foreclosure, or any thereof, of the liens,
security titles, estates, assignments, rights and security interests now or at
any time hereafter securing the payment of this Note and/or the other
obligations of Maker under the Loan Documents, and no attachment, execution or
other writ of process shall be sought, issued or levied upon any assets,
properties or funds of Maker other than the Security Property, except with
respect to the liability described below in this section; and

                                       14
<PAGE>

            (c) in the event of a foreclosure of such liens, security titles,
estates, assignments, rights or security interests securing the payment of this
Note and/or the other obligations of Maker under the Loan Documents, no judgment
for any deficiency upon the indebtedness evidenced hereby shall be sought or
obtained by Payee against Maker, except with respect to the liability described
below in this section; provided, however, that, notwithstanding the foregoing
provisions of this section, Maker shall be fully and personally liable and
subject to legal action(i) for proceeds paid under any insurance policies (or
paid as a result of any other claim or cause of action against any person or
entity) by reason of damage, loss or destruction to all or any portion of the
Security Property, to the full extent of such proceeds not previously delivered
to Payee, but which, under the terms of the Loan Documents, should have been
delivered to Payee, (ii) for proceeds or awards resulting from the condemnation
or other taking in lieu of condemnation of all or any portion of the Security
Property, to the full extent of such proceeds or awards not previously delivered
to Payee, but which, under the terms of the Loan Documents, should have been
delivered to Payee, (iii) for all tenant security deposits or other refundable
deposits paid to or held by Maker or any other person or entity in connection
with leases of all or any portion of the Security Property which are not applied
in accordance with the terms of the applicable lease or other agreement, (iv)
for rent and other payments received from tenants under leases of all or any
portion of the Security Property paid more than one (1) month in advance, (v)
for rents, issues, profits and revenues of all or any portion of the Security
Property received or applicable to a period after the occurrence of any Event of
Default hereunder or under the Loan Documents, which are not either applied to
the ordinary and necessary expenses of owning and operating the Security
Property or paid to Payee, (vi) for waste committed on the Security Property,
damage to the Security Property as a result of the intentional misconduct or
gross negligence of Maker or any of its principals, officers, general partners
or members, any guarantor, any indemnitor, or any agent or employee of any such
person, or any removal of all or any portion of the Security Property in
violation of the terms of the Loan Documents, to the full extent of the losses
or damages incurred by Payee on account of such occurrence, (vii) for failure to
pay any valid taxes, assessments, mechanic's liens, materialmen's liens or other
liens which could create liens on any portion of the Security Property which
would be superior to the lien or security title of the Security Instrument or
the other Loan Documents, to the full extent of the amount claimed by any such
lien claimant except, with respect to any such taxes or assessments, to the
extent that funds have been deposited with Payee pursuant to the terms of the
Security Instrument specifically for the applicable taxes or assessments and not
applied by Payee to pay such taxes and assessments, (viii) for all obligations
and indemnities of Maker under the Loan Documents relating to hazardous or toxic
substances or radon or compliance with environmental laws and regulations to the
full extent of any losses or damages (including, but not limited to, those
resulting from diminution in value of any Security Property) incurred by Payee
as a result of the existence of such hazardous or toxic substances or radon or
failure to comply with environmental laws or regulations and (ix) for fraud,
material misrepresentation or failure to disclose a material fact by Maker or
any of its principals, officers, general partners or members, any guarantor, any
indemnitor or any agent, employee or other person authorized or apparently
authorized to make statements, representations or disclosures on behalf of
Maker, any principal, officer, general partner or member of Maker, any guarantor
or any indemnitor, to the full extent of any losses, damages and expenses of
Payee on account thereof.

      References herein to particular sections of the Loan Documents shall be
deemed references to such sections as affected by other provisions of the Loan
Documents relating thereto. Nothing contained in this section shall (1) be
deemed to be a release or impairment of the indebtedness

                                       15

<PAGE>

evidenced by this Note or the other obligations of Maker under the Loan
Documents or the lien of the Loan Documents upon the Security Property, or (2)
preclude Payee from foreclosing the Loan Documents in case of any default or
from enforcing any of the other rights of Payee except as stated in this
section, or (3) limit or impair in any way whatsoever (A) any Indemnity and
Guaranty Agreements (the "Indemnity Agreements") or (B) the Environmental
Indemnity Agreement (the "Environmental Indemnity Agreement"), executed and
delivered in connection with the indebtedness evidenced by this Note or release,
relieve, reduce, waive or impair in any way whatsoever, any obligation of any
party to the Indemnity Agreements or the Environmental Indemnity Agreement.

      Notwithstanding the foregoing, the agreement of Payee not to pursue
recourse liability as set forth in subsection (c) above SHALL BECOME NULL AND
VOID and shall be of no further force and effect (i) in the event of a default
by Maker or Indemnitor (as defined in the Security Instrument) of any of the
covenants set forth in Section 1.13 or Section 1.33 of the Security Instrument,
or (ii) if the Security Property or any part thereof shall become an asset in
(A) a voluntary bankruptcy or insolvency proceeding of Maker, or (B) an
involuntary bankruptcy or insolvency proceeding of Maker which is not dismissed
within sixty (60) days of filing.

      Notwithstanding anything to the contrary in this Note, the Security
Instrument or any of the other Loan Documents, Payee shall not be deemed to have
waived any right which Payee may have under Section 506(a), 506(b), 1111(b) or
any other provisions of the U.S. Bankruptcy Code to file a claim for the full
amount of the indebtedness evidenced hereby or secured by the Security
Instrument or any of the other Loan Documents or to require that all collateral
shall continue to secure all of the indebtedness owing to Payee in accordance
with this Note, the Security Instrument and the other Loan Documents.

                        ARTICLE IV -- GENERAL CONDITIONS

      4.1 No Waiver; Amendment. No failure to accelerate the indebtedness
evidenced hereby by reason of default hereunder, acceptance of a partial or past
due payment, or indulgences granted from time to time shall be construed (i) as
a novation of this Note or as a reinstatement of the indebtedness evidenced
hereby or as a waiver of such right of acceleration or of the right of Payee
thereafter to insist upon strict compliance with the terms of this Note, or (ii)
to prevent the exercise of such right of acceleration or any other right granted
hereunder or by any applicable laws; and Maker hereby expressly waives the
benefit of any statute or rule of law or equity now provided, or which may
hereafter be provided, which would produce a result contrary to or in conflict
with the foregoing. No extension of the time for the payment of this Note or any
installment due hereunder made by agreement with any person now or hereafter
liable for the payment of this Note shall operate to release, discharge, modify,
change or affect the original liability of Maker under this Note, either in
whole or in part, unless Payee agrees otherwise in writing. This Note may not be
changed orally, but only by an agreement in writing signed by the party against
whom enforcement of any waiver, change, modification or discharge is sought.

      4.2 Waivers. Presentment for payment, demand, protest and notice of
demand, protest and nonpayment and all other notices are hereby waived by Maker.
Maker hereby further waives and renounces, to the fullest extent permitted by
law, all rights to the benefits of any moratorium, reinstatement, marshaling,
forbearance, valuation, stay, extension, redemption, appraisement,

                                       16

<PAGE>

exemption and homestead now or hereafter provided by the Constitution and laws
of the United States of America and of each state thereof, both as to itself and
in and to all of its property, real and personal, against the enforcement and
collection of the obligations evidenced by this Note or the other Loan
Documents.

      4.3 Limit of Validity. The provisions of this Note and of all agreements
between Maker and Payee, whether now existing or hereafter arising and whether
written or oral, including, but not limited to, the Loan Documents, are hereby
expressly limited so that in no contingency or event whatsoever, whether by
reason of demand or acceleration of the maturity of this Note or otherwise,
shall the amount contracted for, charged, taken, reserved, paid or agreed to be
paid ("Interest") to Payee for the use, forbearance or detention of the money
loaned under this Note exceed the maximum amount permissible under applicable
law. If, from any circumstance whatsoever, performance or fulfillment of any
provision hereof or of any agreement between Maker and Payee shall, at the time
performance or fulfillment of such provision shall be due, exceed the limit for
Interest prescribed by law or otherwise transcend the limit of validity
prescribed by applicable law, then, ipso facto, the obligation to be performed
or fulfilled shall be reduced to such limit, and if, from any circumstance
whatsoever, Payee shall ever receive anything of value deemed Interest by
applicable law in excess of the maximum lawful amount, an amount equal to any
excessive Interest shall be applied to the reduction of the principal balance
owing under this Note in the inverse order of its maturity (whether or not then
due), in which event no prepayment fee or premium shall be due, or, at the
option of Payee, be paid over to Maker, and not to the payment of Interest. All
Interest (including any amounts or payments judicially or otherwise under the
law deemed to be Interest) contracted for, charged, taken, reserved, paid or
agreed to be paid to Payee shall, to the extent permitted by applicable law, be
amortized, prorated, allocated and spread throughout the full term of this Note,
including any extensions and renewals hereof until payment in full of the
principal balance of this Note so that the Interest thereon for such full term
will not exceed at any time the maximum amount permitted by applicable law. To
the extent United States federal law permits a greater amount of interest than
is permitted under the law of the State in which the Security Property is
located, Payee will rely on United States federal law for the purpose of
determining the maximum amount permitted by applicable law. Additionally, to the
extent permitted by applicable law now or hereafter in effect, Payee may, at its
option and from time to time, implement any other method of computing the
maximum lawful rate under the law of the State in which the Security Property is
located or under other applicable law by giving notice, if required, to Maker as
provided by applicable law now or hereafter in effect. This Section 4.3 will
control all agreements between Maker and Payee.

      4.4 Use of Funds. Maker hereby warrants, represents and covenants that no
funds disbursed hereunder shall be used for personal, family or household
purposes.

      4.5 Unconditional Payment. Maker is and shall be obligated to pay
principal, interest and any and all other amounts which become payable hereunder
or under the other Loan Documents absolutely and unconditionally and without any
abatement, postponement, diminution or deduction and without any reduction for
counterclaim or setoff. In the event that at any time any payment received by
Payee hereunder shall be deemed by a court of competent jurisdiction to have
been a voidable preference or fraudulent conveyance under any bankruptcy,
insolvency or other debtor relief law, then the obligation to make such payment
shall survive any cancellation or

                                       17

<PAGE>

satisfaction of this Note or return thereof to Maker and shall not be discharged
or satisfied with any prior payment thereof or cancellation of this Note, but
shall remain a valid and binding obligation enforceable in accordance with the
terms and provisions hereof, and such payment shall be immediately due and
payable upon demand.

      4.6 GOVERNING LAW. THIS NOTE SHALL BE INTERPRETED, CONSTRUED AND ENFORCED
ACCORDING TO THE LAWS OF THE STATE IN WHICH THE SECURITY PROPERTY IS LOCATED.

      4.7 WAIVER OF JURY TRIAL. MAKER, TO THE FULL EXTENT PERMITTED BY LAW,
HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF
COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY
RELATING TO THE DEBT EVIDENCED BY THIS NOTE OR ANY CONDUCT, ACT OR OMISSION OF
PAYEE OR MAKER, OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, PARTNERS,
MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH
PAYEE OR MAKER, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT,
TORT OR OTHERWISE.

      4.8 Secondary Market. Payee may sell, transfer and deliver the Loan
Documents to one or more investors in the secondary mortgage market. In
connection with such sale, Payee may retain or assign responsibility for
servicing the loan evidenced by this Note or may delegate some or all of such
responsibility and/or obligations to a servicer, including, but not limited to,
any subservicer or master servicer, on behalf of the investors. All references
to Payee herein shall refer to and include, without limitation, any such
servicer, to the extent applicable.

      4.9 Dissemination of Information. If Payee determines at any time to sell,
transfer or assign this Note, the Security Instrument and the other Loan
Documents, and any or all servicing rights with respect thereto, or to grant
participations therein (the "Participations") or issue mortgage pass-through
certificates or other securities evidencing a beneficial interest in a rated or
unrated public offering or private placement (the "Securities"), Payee may
forward to each purchaser, transferee, assignee, servicer, participant,
investor, or their respective successors in such Participations and/or
Securities (collectively, the "Investor") or any Rating Agency rating such
Securities, each prospective Investor and each of the foregoing's respective
counsel, all documents and information which Payee now has or may hereafter
acquire relating to the debt evidenced by this Note and to Maker, any guarantor,
any indemnitor and the Security Property, which shall have been furnished by
Maker, any guarantor or any indemnitor as Payee determines necessary or
desirable.

                                       18

<PAGE>

                      ARTICLE V -- MISCELLANEOUS PROVISIONS

      5.1 Miscellaneous. The terms and provisions hereof shall be binding upon
and inure to the benefit of Maker and Payee and their respective heirs,
executors, legal representatives, successors, successors-in-title and assigns,
whether by voluntary action of the parties or by operation of law. As used
herein, the terms "Maker" and "Payee" shall be deemed to include their
respective heirs, executors, legal representatives, successors,
successors-in-title and assigns, whether by voluntary action of the parties or
by operation of law. If Maker consists of more than one person or entity, each
shall be jointly and severally liable to perform the obligations of Maker under
this Note. All personal pronouns used herein, whether used in the masculine,
feminine or neuter gender, shall include all other genders; the singular shall
include the plural and vice versa. Titles of articles and sections are for
convenience only and in no way define, limit, amplify or describe the scope or
intent of any provisions hereof. Time is of the essence with respect to all
provisions of this Note. This Note and the other Loan Documents contain the
entire agreements between the parties hereto relating to the subject matter
hereof and thereof and all prior agreements relative hereto and thereto which
are not contained herein or therein are terminated.

      5.2 Maker's Tax Identification Number is 20-1676647.

             [THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       19

<PAGE>

      IN WITNESS WHEREOF, Maker has executed this Note as of the date first
written above.

                                  MAKER:

                                  COLE CV ALPHARETTA GA, LLC,
                                  a Delaware limited liability company

                                  By:    Cole REIT Advisors II, LLC,
                                         a Delaware limited liability company,
                                         its manager

                                         By:        /S/  John M. Pons
                                             ----------------------------------
                                             John M. Pons, Senior Vice President

<PAGE>

                                   Schedule A

                                   LOAN TERMS
<TABLE>
<S>                                                                            <C>
Original Principal Amount                                                      $2,015,000.00
Note Rate % (Per Annum)                                                                5.520%
Original Amortization Term (Months)                                                      999
Monthly Payment Amount (Excluding IO Period)                                   $    9,269.00
Note Date                                                                          12/1/2005
First Pay Date                                                                     1/11/2006
Original Loan Term (Months)                                                               60
Scheduled Maturity Date                                                           12/11/2010
Interest Accrual Basis During Amortization Periods                                ACTUAL/360
Interest Only (IO) Periods (Months)                                                       60
Interest Accrual Basis During IO Period                                           ACTUAL/360
</TABLE>

COLE CVS ALPHARETTA GA                                                 502853997

<TABLE>
<CAPTION>
                                                            INTEREST          PRINCIPAL
                         ACCRUAL                          COMPONENT OF      COMPONENT OF
  PAY                    DAYS IN         SCHEDULED         SCHEDULED          SCHEDULED               ENDING UNPAID
PERIOD   PAY DATE        PERIOD           PAYMENT           PAYMENT            PAYMENT              PRINCIPAL BALANCE
<S>     <C>              <C>           <C>                 <C>             <C>                      <C>
   0    12/11/2005          10         $        0.00       $  3,089.70     $        0.00               $2,015,000.00
   1    1/11/2006           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
   2    2/11/2006           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
   3    3/11/2006           28         $    8,651.07       $  8,651.07     $        0.00               $2,015,000.00
   4    4/11/2006           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
   5    5/11/2006           30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
   6    6/11/2006           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
   7    7/11/2006           30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
   8    8/11/2006           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
   9    9/11/2006           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
  10    10/11/2006          30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
  11    11/11/2006          31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
  12    12/11/2006          30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
  13    1/11/2007           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
  14    2/11/2007           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
  15    3/11/2007           28         $    8,651.07       $  8,651.07     $        0.00               $2,015,000.00
  16    4/11/2007           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
  17    5/11/2007           30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
  18    6/11/2007           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
  19    7/11/2007           30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
  20    8/11/2007           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
  21    9/11/2007           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
  22    10/11/2007          30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
</TABLE>

<PAGE>


<TABLE>
<S>   <C>                 <C>        <C>                 <C>             <C>                         <C>
23    11/11/2007          31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
24    12/11/2007          30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
25    1/11/2008           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
26    2/11/2008           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
27    3/11/2008           29         $    8,960.03       $  8,960.03     $        0.00               $2,015,000.00
28    4/11/2008           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
29    5/11/2008           30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
30    6/11/2008           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
31    7/11/2008           30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
32    8/11/2008           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
33    9/11/2008           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
34    10/11/2008          30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
35    11/11/2008          31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
36    12/11/2008          30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
37    1/11/2009           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
38    2/11/2009           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
39    3/11/2009           28         $    8,651.07       $  8,651.07     $        0.00               $2,015,000.00
40    4/11/2009           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
41    5/11/2009           30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
42    6/11/2009           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
43    7/11/2009           30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
44    8/11/2009           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
45    9/11/2009           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
46    10/11/2009          30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
47    11/11/2009          31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
48    12/11/2009          30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
49    1/11/2010           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
50    2/11/2010           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
51    3/11/2010           28         $    8,651.07       $  8,651.07     $        0.00               $2,015,000.00
52    4/11/2010           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
53    5/11/2010           30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
54    6/11/2010           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
55    7/11/2010           30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
56    8/11/2010           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
57    9/11/2010           31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
58    10/11/2010          30         $    9,269.00       $  9,269.00     $        0.00               $2,015,000.00
59    11/11/2010          31         $    9,577.97       $  9,577.97     $        0.00               $2,015,000.00
60    12/11/2010          30         $2,024,269.00       $  9,269.00     $2,015,000.00               $        0.00

60                        1,826      $2,579,173.26       $564,173.26     $2,015,000.00
</TABLE>

<PAGE>

                             AUTO DRAFT INFORMATION

If you would like to sign up for our automatic payment drafting service, fill
out and return the enclosed authorization form along with a voided check and
mail to the address listed below. Please continue to send your monthly payments
until you receive written confirmation that the auto-draft service has begun.
You will receive written notification confirming your auto-draft setup and first
auto-draft date within 7 business days of the 15th of the month submitted.

NOTE: REQUESTS MUST BE RECEIVED BY THE 15TH TO BE SET UP FOR THE FOLLOWING
MONTH.

Wachovia Securities
Attention: Customer Service Department
8739 Research Drive - URP4
Charlotte, NC 28288-1075

<PAGE>

[WACHOVIA SECURITIES LOGO]

                                 AUTO DRAFT FORM

I hereby request and authorize Wachovia Bank, National Association, doing
business as Wachovia Securities ("Wachovia Securities"), to draft my account
specified below made payable to the order of Wachovia Securities located in
Charlotte, NC, provided there are sufficient funds in said account to pay the
same upon presentation. I agree that your rights in respect to each such draft
shall be the same as if it were a check drawn on Wachovia Securities and signed
personally by me. This authorization is to remain in effect until revoked by me
in writing and until Wachovia Securities actually receives such notice. I agree
that Wachovia Securities shall be fully protected in honoring any such drafts.

LOAN NUMBER                                NAME OF BORROWING ENTITY
Wachovia Loan # (9 digits)                 Borrower Name
BANK'S ROUTING NUMBER FROM CHECK           ACCOUNT # TO BE DRAFTED
Bank Routing Number (9 digits)             Bank Account # (from check)
NAME OF BANK TO BE DRAFTED                 LOCATION OF THE BANK
Name of Bank                               City and State

         PLEASE INCLUDE A VOIDED CHECK WITH THIS FORM

J. L. Smith                                                   Date _____________
1000
        S.R. Smith
        1234 Sample Street
        Any Where, USA 12345

PAY TO THE

ORDER OF _________________________________________________________  $ _________

______________________________________________________________________DOLLARS

Memo______________________ _____   _____________________________________________
: 000000000 :    10000001234567    1000

   ROUTING #       ACCOUNT #

BORROWER'S SIGNATURE                            BORROWER'S NAME
Authorized Signature (as it appears             Print Name
on bank documents)

                                                TODAY'S DATE
                                                Date
DAY OF MONTH PAYMENT WILL DRAFT                 BORROWER'S FAX NUMBER
Draft Date (Payment due date)                   Fax #

TERMS AND CONDITIONS

EFFECTIVE DATE OF DRAFT: The draft will occur on the payment due date, unless
otherwise agreed upon by borrower and servicer. The borrower will receive a
confirmation letter to insure auto-draft set-up and to confirm draft date.

REVOCATION OF THIS AUTHORITY: The authority of Wachovia Securities to transfer
funds from the borrowers account will not cease until Wachovia Securities
receives written notification revoking this authorization agreement. Wachovia
Securities must receive this notice at least 15 days prior to the date on which
you wish the arrangement to end.

DISHONOR: Wachovia Securities shall be under no liability whatsoever if a
transfer of funds cannot be made, whether or not such failure is caused by the
act of omission of the borrower.

INSUFFICIENT FUNDS: If the automatic withdrawal is returned due to insufficient
funds both Wachovia Securities and the borrower's financial institution may
assess a fee.

ERRORS: The borrower has the right to have the amount of any incorrect deduction
immediately corrected by the borrower's financial institution provided the
borrower sends the appropriate notice to the financial institution.

AMOUNT OF DRAFT: Wachovia Securities will withdraw the amount of the current
monthly receivable. This amount may vary due to escrow analyses, interest rate
changes or reserve requirements as applicable.

ACH ROUTING NUMBER: Please contact the financial institution from which the
money will be drafted for this information.

Wachovia Securities is the trade name under which Wachovia Corporation conducts
its investment banking, capital markets and institutional securities business
through First Union Securities, Inc. ("FUSI"), Member NYSE, NASD, SIPC, and
through other bank and non-bank and broker-dealer subsidiaries of Wachovia
Corporation.