LOAN NO.: 50-2850918                              6116 EXECUTIVE BOULEVARD (NIH)

                                 PROMISSORY NOTE

$65,188,000.00                                                 September 9, 2005

      FOR VALUE  RECEIVED,  the  undersigned,  CAPLEASE  CREDIT  LLC, a Delaware
limited liability  company  ("Maker"),  having an address c/o Caplease,  LP, 110
Maiden Lane, 36th Floor, New York, New York 10005,  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 Sixty-Five Million One Hundred Eighty-Eight Thousand and No/100
Dollars  ($65,188,000.00),  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,  at the rate of five and thirty-two  one-hundredths
percent (5.32%) (the "NOTE RATE"), 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.  Computation of Interest.  Interest shall be computed hereunder based
on a 360-day year and based on the actual  number of days elapsed for any period
in which  interest  is  being  calculated  including,  without  limitation,  the
Interest Only Period  (hereinafter  defined),  as more particularly set forth on
Annex 1 attached  hereto and  incorporated  by this  reference.  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 1.2 hereof.

      1.2.  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 the  next day on  which  Payee is open for  business.
Interest only shall be payable in twelve (12) consecutive  monthly  installments
in the amount set forth on Annex 1,  beginning  on October  11, 2005 (the "FIRST
PAYMENT  DATE"),  and  continuing  on the eleventh  (11th) day of each and every
calendar  month  thereafter  through  and  including  September  11,  2006  (the
"INTEREST ONLY PERIOD") and, thereafter, principal and interest shall be payable
in one hundred eight (108)  consecutive  monthly  installments in the amount set
forth on Annex 1,  beginning on October 11, 2006 and  continuing on the eleventh
(11th) day of each and every  calendar  month  thereafter  through and including
August 11, 2015 (each, a "PAYMENT  DATE").  On September 11, 2015 (the "MATURITY
DATE"),  the entire  outstanding  principal  balance  hereof,  together with all
accrued but unpaid interest thereon, shall be due and payable in full.

      Maker hereby  authorizes  Payee to use its automated loan payment  service
pursuant to which on each Payment Date Maker shall have its monthly  payments of
principal and interest  payments  together with any other sums then due to Payee
automatically  drawn by Payee or its  servicer in  accordance  with that certain
Auto-Draft  Request Form by and between  Maker and Payee  executed in connection
with the Loan.

      In the event that, on any Payment Date,  there are  insufficient  funds in
such  account for sums due to Payee,  then Payee shall be  permitted to withdraw
sums from such account on any day thereafter until such time as all payments due
to Payee have been drawn from such  account;  provided,  however,  the foregoing
shall in no event limit or otherwise modify Maker's obligations to make payments
of principal  and interest and other sums due  hereunder or under any other Loan
Document.

      After the  occurrence  of a Trigger  Event,  as  defined  in that  certain
Lock-Box Account and Security Agreement (the "Lock-Box  Agreement") of even date
herewith  among  Maker,  Payee and the  Depository  (as defined in the  Lock-Box
Agreement),  monthly payments of principal and interest  together with any other
sums then due to Payee shall be drawn by Payee or its servicer from the Lock-Box
Account (as defined in the Lock-Box  Agreement) in accordance  with the Lock-Box
Agreement.

      1.3.  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,  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.

      1.4.   Payment   of   "Short   Interest".   Maker   shall   pay  to  Payee
contemporaneously  with the  execution  hereof  interest  at the Note Rate for a
period from the date hereof through September 10, 2005.

      1.5. 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 last two (2)
Payment Dates  occurring  immediately  prior to the Maturity  Date. In the event
that  Maker  wishes  to have the  Security  Property  (as  hereinafter  defined)
released from the lien of the Security Instrument (as hereinafter defined) prior
to the last two (2) Payment Dates  occurring  immediately  prior to the Maturity
Date,  Maker's sole option shall be a Defeasance (as  hereinafter  defined) upon
satisfaction  of the terms and  conditions  set forth in Section  1.5(d) hereof.
This Note may be prepaid in whole but not in part without  premium or penalty on
any Payment Date occurring on or after the last two (2) 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 Payment Date occurring
on or after the last two (2) 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,  as  though  such  prepayment  had not
occurred.
<PAGE>

            (b) If, prior to the fourth (4th)  anniversary  of the First Payment
Date (the "LOCKOUT  EXPIRATION DATE"),  the indebtedness  evidenced by this Note
shall have been declared due and payable by Payee  pursuant to Article II 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 Lockout  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  Lockout
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 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 (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 or full prepayments of this Note shall not be permitted,
except for partial or full 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,  or an event which,  with
notice or the passage of time,  or both,  would  constitute an Event of Default,
shall have  occurred,  which  default or 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.
No notice of prepayment shall be required under the  circumstances  specified in
the preceding sentence.  No principal amount repaid may be reborrowed.  Any such
partial  prepayments  of  principal  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 1.2 above.
Except as otherwise  expressly  provided in this Section,  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 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 earlier to occur of (x)
the Lockout  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 (a "REMIC TRUST"), 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:


                                       2
<PAGE>

            (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,  (x)  direct,  non-callable,   fixed  rate
                  obligations   of  the   United   States  of   America  or  (y)
                  non-callable, fixed rate obligations, other than U.S. Treasury
                  Obligations,  that  are  "government  securities"  within  the
                  meaning of Section  2(a)(16) of the Investment  Company Act of
                  1940,  as amended,  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 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 Payee,  creating  a first  priority  security
                  interest in favor of Payee in the Defeasance  Collateral  (the
                  "DEFEASANCE SECURITY AGREEMENT"),;

            (3)   a certificate of Maker certifying that all of the requirements
                  set forth in this subsection 1.5(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 Payee  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, as amended,  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,  as  amended,  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 any  applicable  Rating  Agency (as
                  defined in the  Security  Instrument)  to the effect  that the
                  Defeasance  will not result in a  downgrading,  withdrawal  or
                  qualification of the respective  ratings in effect immediately
                  prior to such  Defeasance for any  Securities (as  hereinafter
                  defined)  issued in connection with the  securitization  which
                  are then outstanding;  provided,  however,  no evidence from a
                  Rating Agency shall be required if this Note does not meet the
                  then-current review requirements of such Rating Agency.

            (6)   a  certificate  in form and scope  acceptable  to Payee in its
                  sole  discretion  from an  acceptable  independent  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
                  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  reasonable  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.


                                       3
<PAGE>

                  (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 1.5 shall be refunded to Maker.

            (ii) Upon compliance with the requirements of subsection  1.5(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  1.5(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
      2.29 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 conditions to such
      assignment and assumption,  Maker shall (x) deliver to Payee an opinion of
      counsel  in form  and  substance  satisfactory  to a  prudent  lender  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  1.5(d)(i)(C)(7)  above and  under  the  Defeasance
      Security Agreement (or other Defeasance document).

      1.6. Security. The indebtedness evidenced by this Note and the obligations
created  hereby  are   guaranteed  by  Capital   Property   Associates   Limited
Partnership,  a Maryland limited partnership (the "Indemnitor"),  pursuant to an
Indemnity and Guaranty Agreement,  dated of even date herewith (the "Guaranty"),
which Guaranty is secured by, among other things, that certain Indemnity Deed of
Trust,  Security  Agreement and Fixture Filing (the "SECURITY  INSTRUMENT") from
Indemnitor for the benefit of Payee,  dated of even date herewith,  covering the
Security  Property.  The Security  Instrument,  together  with this Note and all
other  documents to or of which Payee is a party or beneficiary now or hereafter
evidencing,  securing,  guarantying,  modifying  or  otherwise  relating  to the
indebtedness  evidenced hereby, are herein referred to collectively as the "LOAN
DOCUMENTS".  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. - DEFAULT

      2.1.  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 be 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 the
stipulated date of maturity.

      2.2. Late Charges.  In the event that any payment is not received by Payee
on the date when due (subject to any applicable grace period), 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.

      2.3.  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.

      2.4. 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.


                                       4
<PAGE>

      2.5. 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.

      2.6.  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

            (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 Indemnitor 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 or any event which,  with notice or the passage of time, or
both,  would  constitute  an  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, Indemnitor or any of
their  respective  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 or Indemnitor  under the Loan Documents  relating to Hazardous  Substances
(as  defined  in  the  Security   Instrument)   or  radon  or  compliance   with
environmental  laws and  regulations to the full extent of any losses or damages
(including  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,  Indemnitor  or any of their  respective  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 or Indemnitor,  any principal,
officer, general partner or member of Maker or Indemnitor,  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  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) the  Indemnity  and Guaranty  Agreement  (the
"INDEMNITY  AGREEMENT")  or  (B)  the  Environmental  Indemnity  Agreement  (the
"ENVIRONMENTAL  INDEMNITY  Agreement"),  each of even date herewith 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 Agreement or the Environmental Indemnity Agreement.

      Notwithstanding  the  foregoing,  the  agreement  of Payee  not to  pursue
recourse  liability  as set forth in this Section 2.6 SHALL BECOME NULL AND VOID
and shall be of no further  force and effect in the event of a default by Maker,
Indemnitor  (as defined in the  Security  Instrument)  or any  general  partner,
manager or managing member of Maker which is a Single-Purpose Entity (as defined
in the  Security  Instrument)  (if  any) of any of the  covenants  set  forth in
Section 2.9 or Section 2.29 of the Security Instrument (excluding,  however, the
covenants set forth in Sections 2.29(n) and (t)).

      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.


                                       5
<PAGE>

                        ARTICLE III. - GENERAL CONDITIONS

      3.1.  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.

      3.2.  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, 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.

      3.3. 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) 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 3.3 will control all agreements between Maker and Payee.

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

      3.5.  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 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.

      3.6. Governing Law. THIS NOTE SHALL BE INTERPRETED, CONSTRUED AND ENFORCED
ACCORDING TO THE LAWS OF THE STATE IN WHICH THE SECURITY PROPERTY IS LOCATED.

      3.7.  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.


                                       6
<PAGE>

      3.8.  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.

      3.9.  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.

      3.10.  Splitting the Loan.  Payee shall have the right at no cost to Maker
from time to time to sever  this Note and the other Loan  Documents  into one or
more separate notes, mortgages, deeds of trust and other security documents (the
"SEVERED LOAN  DOCUMENTS") in such  denominations  and priorities as Payee shall
determine in its sole discretion,  provided, however, that the terms, provisions
and clauses of the Severed Loan Documents shall be no more adverse to Maker than
those  contained  in this  Note,  the  Security  Instrument  and the other  Loan
Documents.  Maker shall execute and deliver to Payee from time to time, promptly
after the request of Payee,  a severance  agreement and such other  documents as
Payee shall reasonably request in order to effect the severance described in the
preceding sentence, all in form and substance reasonably  satisfactory to Payee.
Maker hereby  absolutely and  irrevocably  appoints Payee as its true and lawful
attorney,  coupled with an  interest,  in its name and stead to make and execute
all documents  necessary or desirable to effect the aforesaid  severance,  Maker
ratifying  all that its said  attorney  shall do by  virtue  thereof;  provided,
however,  that Payee  shall not make or execute  any such  documents  under such
power  until  three (3) days  after  notice  has been given to Maker by Payee of
Payee's intent to exercise its rights under such power.

                     ARTICLE IV. - MISCELLANEOUS PROVISIONS

      4.1. 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.

      4.2.  Taxpayer  Identification.   Maker's  Tax  Identification  Number  is
13-4196336.

             [THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]








                                       7
<PAGE>

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

                                       MAKER:

                                       CAPLEASE CREDIT LLC,
                                       a Delaware limited liability company


                                       By: /s/ Robert Blanz
                                           -------------------------------------
                                               Name:  Robert Blanz
                                               Title: Senior Vice President
<PAGE>

                            ANNEX 1 TO $65,188,000.00
                     PROMISSORY NOTE BY CAPLEASE CREDIT LLC
                     TO WACHOVIA BANK, NATIONAL ASSOCIATION

--------------------------------------------------------------------------------

                                   LOAN TERMS

Original Principal Amount                                         $65,188,000.00
Note Rate % (Per Annum)                                                   5.320%
Original Amortization Term (Months)                                          300
Monthly Payment Amount (Excluding IO Period)                         $393,334.37
Note Date                                                               9/9/2005
First Pay Date                                                        10/11/2005
Original Loan Term (Months)                                                  120
Scheduled Maturity Date                                                9/11/2015
Interest Accrual Basis During Amortization Periods                    ACTUAL/360
Interest Only (IO) Periods (Months)                                           12
Interest Accrual Basis During IO Period                               ACTUAL/360

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
6116 EXECUTIVE BOULEVARD                                                                                                  502850918

                                                                           INTEREST          PRINCIPAL
                       ACCRUAL                                         COMPONENT OF       COMPONENT OF                ENDING UNPAID
   PAY                 DAYS IN                SCHEDULED                   SCHEDULED          SCHEDULED                    PRINCIPAL
PERIOD    PAY DATE      PERIOD                  PAYMENT                     PAYMENT            PAYMENT                      BALANCE
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>                 <C>             <C>                         <C>                <C>                      <C>
  0     9/11/2005            2                    $0.00                  $19,266.68              $0.00              $65,188,000.00
  1     10/11/2005          30              $289,000.13                 $289,000.13              $0.00              $65,188,000.00
  2     11/11/2005          31              $298,633.47                 $298,633.47              $0.00              $65,188,000.00
  3     12/11/2005          30              $289,000.13                 $289,000.13              $0.00              $65,188,000.00
  4     1/11/2006           31              $298,633.47                 $298,633.47              $0.00              $65,188,000.00
  5     2/11/2006           31              $298,633.47                 $298,633.47              $0.00              $65,188,000.00
  6     3/11/2006           28              $269,733.46                 $269,733.46              $0.00              $65,188,000.00
  7     4/11/2006           31              $298,633.47                 $298,633.47              $0.00              $65,188,000.00
  8     5/11/2006           30              $289,000.13                 $289,000.13              $0.00              $65,188,000.00
  9     6/11/2006           31              $298,633.47                 $298,633.47              $0.00              $65,188,000.00
 10     7/11/2006           30              $289,000.13                 $289,000.13              $0.00              $65,188,000.00
 11     8/11/2006           31              $298,633.47                 $298,633.47              $0.00              $65,188,000.00
 12     9/11/2006           31              $298,633.47                 $298,633.47              $0.00              $65,188,000.00
 13     10/11/2006          30              $393,334.37                 $289,000.13        $104,334.24              $65,083,665.76
 14     11/11/2006          31              $393,334.37                 $298,155.50         $95,178.87              $64,988,486.89
 15     12/11/2006          30              $393,334.37                 $288,115.63        $105,218.74              $64,883,268.15
 16     1/11/2007           31              $393,334.37                 $297,237.46         $96,096.91              $64,787,171.24
 17     2/11/2007           31              $393,334.37                 $296,797.23         $96,537.14              $64,690,634.10
 18     3/11/2007           28              $393,334.37                 $267,675.47        $125,658.90              $64,564,975.20
 19     4/11/2007           31              $393,334.37                 $295,779.33         $97,555.04              $64,467,420.16
 20     5/11/2007           30              $393,334.37                 $285,805.56        $107,528.81              $64,359,891.35
 21     6/11/2007           31              $393,334.37                 $294,839.81         $98,494.56              $64,261,396.79
 22     7/11/2007           30              $393,334.37                 $284,892.19        $108,442.18              $64,152,954.61
 23     8/11/2007           31              $393,334.37                 $293,891.81         $99,442.56              $64,053,512.05
 24     9/11/2007           31              $393,334.37                 $293,436.26         $99,898.11              $63,953,613.94
 25     10/11/2007          30              $393,334.37                 $283,527.69        $109,806.68              $63,843,807.26
 26     11/11/2007          31              $393,334.37                 $292,475.57        $100,858.80              $63,742,948.46
 27     12/11/2007          30              $393,334.37                 $282,593.74        $110,740.63              $63,632,207.83
 28     1/11/2008           31              $393,334.37                 $291,506.21        $101,828.16              $63,530,379.67
 29     2/11/2008           31              $393,334.37                 $291,039.73        $102,294.64              $63,428,085.03
 30     3/11/2008           29              $393,334.37                 $271,824.58        $121,509.79              $63,306,575.24
 31     4/11/2008           31              $393,334.37                 $290,014.46        $103,319.91              $63,203,255.33
 32     5/11/2008           30              $393,334.37                 $280,201.10        $113,133.27              $63,090,122.06
-----------------------------------------------------------------------------------------------------------------------------------
Page 1 of 3                                                                                            Thursday, September 08, 2005
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
6116 EXECUTIVE BOULEVARD                                                                                                  502850918
-----------------------------------------------------------------------------------------------------------------------------------
                                                         LOAN PAYMENT SCHEDULE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                           INTEREST          PRINCIPAL
                       ACCRUAL                                         COMPONENT OF       COMPONENT OF                ENDING UNPAID
   PAY                 DAYS IN                SCHEDULED                   SCHEDULED          SCHEDULED                    PRINCIPAL
PERIOD    PAY DATE      PERIOD                  PAYMENT                     PAYMENT            PAYMENT                      BALANCE
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>                 <C>             <C>                         <C>                <C>                      <C>
 33     6/11/2008           31              $393,334.37                 $289,022.86        $104,311.51              $62,985,810.55
 34     7/11/2008           30              $393,334.37                 $279,237.09        $114,097.28              $62,871,713.27
 35     8/11/2008           31              $393,334.37                 $288,022.30        $105,312.07              $62,766,401.20
 36     9/11/2008           31              $393,334.37                 $287,539.86        $105,794.51              $62,660,606.69
 37     10/11/2008          30              $393,334.37                 $277,795.36        $115,539.01              $62,545,067.68
 38     11/11/2008          31              $393,334.37                 $286,525.90        $106,808.47              $62,438,259.21
 39     12/11/2008          30              $393,334.37                 $276,809.62        $116,524.75              $62,321,734.46
 40     1/11/2009           31              $393,334.37                 $285,502.79        $107,831.58              $62,213,902.88
 41     2/11/2009           31              $393,334.37                 $285,008.80        $108,325.57              $62,105,577.31
 42     3/11/2009           28              $393,334.37                 $256,979.08        $136,355.29              $61,969,222.02
 43     4/11/2009           31              $393,334.37                 $283,887.89        $109,446.48              $61,859,775.54
 44     5/11/2009           30              $393,334.37                 $274,245.00        $119,089.37              $61,740,686.17
 45     6/11/2009           31              $393,334.37                 $282,840.94        $110,493.43              $61,630,192.74
 46     7/11/2009           30              $393,334.37                 $273,227.19        $120,107.18              $61,510,085.56
 47     8/11/2009           31              $393,334.37                 $281,784.54        $111,549.83              $61,398,535.73
 48     9/11/2009           31              $393,334.37                 $281,273.51        $112,060.86              $61,286,474.87
 49     10/11/2009          30              $393,334.37                 $271,703.37        $121,631.00              $61,164,843.87
 50     11/11/2009          31              $393,334.37                 $280,202.95        $113,131.42              $61,051,712.45
 51     12/11/2009          30              $393,334.37                 $270,662.59        $122,671.78              $60,929,040.67
 52     1/11/2010           31              $393,334.37                 $279,122.71        $114,211.66              $60,814,829.01
 53     2/11/2010           31              $393,334.37                 $278,599.49        $114,734.88              $60,700,094.13
 54     3/11/2010           28              $393,334.37                 $251,163.50        $142,170.87              $60,557,923.26
 55     4/11/2010           31              $393,334.37                 $277,422.58        $115,911.79              $60,442,011.47
 56     5/11/2010           30              $393,334.37                 $267,959.58        $125,374.79              $60,316,636.68
 57     6/11/2010           31              $393,334.37                 $276,317.21        $117,017.16              $60,199,619.52
 58     7/11/2010           30              $393,334.37                 $266,884.98        $126,449.39              $60,073,170.13
 59     8/11/2010           31              $393,334.37                 $275,201.87        $118,132.50              $59,955,037.63
 60     9/11/2010           31              $393,334.37                 $274,660.69        $118,673.68              $59,836,363.95
 61     10/11/2010          30              $393,334.37                 $265,274.55        $128,059.82              $59,708,304.13
 62     11/11/2010          31              $393,334.37                 $273,530.38        $119,803.99              $59,588,500.14
 63     12/11/2010          30              $393,334.37                 $264,175.68        $129,158.69              $59,459,341.45
 64     1/11/2011           31              $393,334.37                 $272,389.85        $120,944.52              $59,338,396.93
 65     2/11/2011           31              $393,334.37                 $271,835.79        $121,498.58              $59,216,898.35
 66     3/11/2011           28              $393,334.37                 $245,026.37        $148,308.00              $59,068,590.35
 67     4/11/2011           31              $393,334.37                 $270,599.78        $122,734.59              $58,945,855.76
 68     5/11/2011           30              $393,334.37                 $261,326.63        $132,007.74              $58,813,848.02
 69     6/11/2011           31              $393,334.37                 $269,432.77        $123,901.60              $58,689,946.42
 70     7/11/2011           30              $393,334.37                 $260,192.10        $133,142.27              $58,556,804.15
 71     8/11/2011           31              $393,334.37                 $268,255.23        $125,079.14              $58,431,725.01
 72     9/11/2011           31              $393,334.37                 $267,682.22        $125,652.15              $58,306,072.86
 73     10/11/2011          30              $393,334.37                 $258,490.26        $134,844.11              $58,171,228.75
 74     11/11/2011          31              $393,334.37                 $266,488.86        $126,845.51              $58,044,383.24
 75     12/11/2011          30              $393,334.37                 $257,330.10        $136,004.27              $57,908,378.97
 76     1/11/2012           31              $393,334.37                 $265,284.72        $128,049.65              $57,780,329.32
 77     2/11/2012           31              $393,334.37                 $264,698.11        $128,636.26              $57,651,693.06
 78     3/11/2012           29              $393,334.37                 $247,069.53        $146,264.84              $57,505,428.22
 79     4/11/2012           31              $393,334.37                 $263,438.76        $129,895.61              $57,375,532.61
 80     5/11/2012           30              $393,334.37                 $254,364.86        $138,969.51              $57,236,563.10
-----------------------------------------------------------------------------------------------------------------------------------
Page 2 of 3                                                                                            Thursday, September 08, 2005
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
6116 EXECUTIVE BOULEVARD                                                                                                  502850918
-----------------------------------------------------------------------------------------------------------------------------------
                                                         LOAN PAYMENT SCHEDULE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                           INTEREST          PRINCIPAL
                       ACCRUAL                                         COMPONENT OF       COMPONENT OF                ENDING UNPAID
   PAY                 DAYS IN                SCHEDULED                   SCHEDULED          SCHEDULED                    PRINCIPAL
PERIOD    PAY DATE      PERIOD                  PAYMENT                     PAYMENT            PAYMENT                      BALANCE
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>                 <C>             <C>                         <C>                <C>                      <C>
 81     6/11/2012           31              $393,334.37                 $262,207.06        $131,127.31              $57,105,435.79
 82     7/11/2012           30              $393,334.37                 $253,167.43        $140,166.94              $56,965,268.85
 83     8/11/2012           31              $393,334.37                 $260,964.23        $132,370.14              $56,832,898.71
 84     9/11/2012           31              $393,334.37                 $260,357.82        $132,976.55              $56,699,922.16
 85     10/11/2012          30              $393,334.37                 $251,369.65        $141,964.72              $56,557,957.44
 86     11/11/2012          31              $393,334.37                 $259,098.29        $134,236.08              $56,423,721.36
 87     12/11/2012          30              $393,334.37                 $250,145.16        $143,189.21              $56,280,532.15
 88     1/11/2013           31              $393,334.37                 $257,827.37        $135,507.00              $56,145,025.15
 89     2/11/2013           31              $393,334.37                 $257,206.60        $136,127.77              $56,008,897.38
 90     3/11/2013           28              $393,334.37                 $231,752.37        $161,582.00              $55,847,315.38
 91     4/11/2013           31              $393,334.37                 $255,842.76        $137,491.61              $55,709,823.77
 92     5/11/2013           30              $393,334.37                 $246,980.22        $146,354.15              $55,563,469.62
 93     6/11/2013           31              $393,334.37                 $254,542.43        $138,791.94              $55,424,677.68
 94     7/11/2013           30              $393,334.37                 $245,716.07        $147,618.30              $55,277,059.38
 95     8/11/2013           31              $393,334.37                 $253,230.35        $140,104.02              $55,136,955.36
 96     9/11/2013           31              $393,334.37                 $252,588.52        $140,745.85              $54,996,209.51
 97     10/11/2013          30              $393,334.37                 $243,816.53        $149,517.84              $54,846,691.67
 98     11/11/2013          31              $393,334.37                 $251,258.79        $142,075.58              $54,704,616.09
 99     12/11/2013          30              $393,334.37                 $242,523.80        $150,810.57              $54,553,805.52
100     1/11/2014           31              $393,334.37                 $249,917.04        $143,417.33              $54,410,388.19
101     2/11/2014           31              $393,334.37                 $249,260.03        $144,074.34              $54,266,313.85
102     3/11/2014           28              $393,334.37                 $224,541.95        $168,792.42              $54,097,521.43
103     4/11/2014           31              $393,334.37                 $247,826.76        $145,507.61              $53,952,013.82
104     5/11/2014           30              $393,334.37                 $239,187.26        $154,147.11              $53,797,866.71
105     6/11/2014           31              $393,334.37                 $246,454.00        $146,880.37              $53,650,986.34
106     7/11/2014           30              $393,334.37                 $237,852.71        $155,481.66              $53,495,504.68
107     8/11/2014           31              $393,334.37                 $245,068.85        $148,265.52              $53,347,239.16
108     9/11/2014           31              $393,334.37                 $244,389.63        $148,944.74              $53,198,294.42
109     10/11/2014          30              $393,334.37                 $235,845.77        $157,488.60              $53,040,805.82
110     11/11/2014          31              $393,334.37                 $242,985.82        $150,348.55              $52,890,457.27
111     12/11/2014          30              $393,334.37                 $234,481.03        $158,853.34              $52,731,603.93
112     1/11/2015           31              $393,334.37                 $241,569.34        $151,765.03              $52,579,838.90
113     2/11/2015           31              $393,334.37                 $240,874.08        $152,460.29              $52,427,378.61
114     3/11/2015           28              $393,334.37                 $216,932.84        $176,401.53              $52,250,977.08
115     4/11/2015           31              $393,334.37                 $239,367.53        $153,966.84              $52,097,010.24
116     5/11/2015           30              $393,334.37                 $230,963.41        $162,370.96              $51,934,639.28
117     6/11/2015           31              $393,334.37                 $237,918.35        $155,416.02              $51,779,223.26
118     7/11/2015           30              $393,334.37                 $229,554.56        $163,779.81              $51,615,443.45
119     8/11/2015           31              $393,334.37                 $236,456.08        $156,878.29              $51,458,565.16
120     9/11/2015           31           $51,694,302.56                 $235,737.40     $51,458,565.16                       $0.00

Page 3 of 3                                                                                            Thursday, September 08, 2005
</TABLE>