Document:

Exhibit 10.27

PROPERTY MANAGEMENT AGREEMENT

This Property
Management Agreement (the “Agreement”) made as of the 31st day of
October, 2006, by and between TRT Eagle Creek West LLC, a  Delaware limited liability company (“Owner”),
and Opus Northwest Management, L.L.C., a Delaware limited liability company (“Property
Manager”).

Owner desires to
retain the services of Property Manager, as an independent contractor, in
connection with the management and operation of the real property owned by
Owner identified on Exhibit A, attached hereto (“Property”) and
Property Manager desires to assume such responsibilities, upon the terms and
conditions set forth in this Agreement. 
If Exhibit A includes more than one property, or if additional
properties are added to this Agreement by the written agreement of the parties
from time to time, the term Property means one property, some properties or all
properties subject to the Agreement, as the context may require.

In consideration
of the premises and the mutual promises and covenants herein contained, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Owner and Property Manager agree as follows:

1.             Appointment.  Subject to the terms and provisions of this
Agreement, Owner hereby grants to Property Manager, as an independent
contractor, the exclusive right to manage and operate the Property.  Owner and Property Manager have entered into
this Agreement in reliance upon the unique knowledge, experience, reputation
and expertise of the other party and in reliance upon the duties of loyalty and
confidentiality which each party hereby agrees to undertake.  Except as otherwise expressly provided in
this Agreement, neither party shall be required to accept performance under
this Agreement from any person, including, without limitation, Owner or
Property Manager, as the case may be, should it become a debtor in possession
under the United States Bankruptcy Code, or any trustee of either appointed
under the United States Bankruptcy Code and any assignee of such party or
trustee, other than the other party.

2.             Term and Termination.

(a)           Initial Term.  The initial term of this Agreement shall
commence on October 31, 2006, or, if Owner is not the owner of the Property on
such date, on the date Owner closes on the purchase of the property, and except
as otherwise expressly provided in this Agreement, shall continue until one
year following the commencement of the term of this Agreement and from year to
year thereafter subject to termination as provided in subsection (b).  Owner shall have the right to terminate this
Agreement at anytime prior to the commencement of the initial term by providing
Property Manager with written notice of such termination.

(b)           Termination.  Notwithstanding anything to the contrary
contained in this Agreement, Property Manager may terminate this Agreement
without cause upon 60 days prior written notice to the Owner and Owner may
terminate this Agreement without cause upon 30 days prior written notice to the
Property Manager.  Owner may from time to
time, by written notice, without affecting this Agreement with respect to any
other Properties, delete individual properties from this Agreement.

 

	
  

  	
   

  	
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  Owner

  	
   

  

 

 

(c)           Effect of Expiration
or Termination.  Any expiration or
termination of this Agreement shall not affect or impair any rights or
obligations which have accrued to either party hereto prior to such expiration
or termination, including, without limitation, the rights of Property Manager
to receive payments provided for hereunder. 
Upon Owner’s delivery to Property Manager of notice of termination of
this Agreement under this Section 2, Owner may send a transition team to the
Property to participate in the day-to-day operations of the Property and
Property Manager shall cause its employees and other personnel engaged in the
management and operation of the Property to cooperate with Owner’s transition
team.  Immediately upon the expiration of
the term hereof, Property Manager shall deliver to Owner all funds, including
tenant security deposits, tenant correspondence, property files, vendor
invoices and books and records of Owner related to the Property then in
possession or control of Property Manager. 
Within 60 days following expiration or termination, Property Manager
shall deliver to Owner a final accounting, in writing, with respect to the
operations of the Property.

(d)           Default.  Upon the occurrence of any breach of any term
or provision of this Agreement by a party (“defaulting party”), and after
giving notice of such breach and an opportunity to cure as provided below, the
nondefaulting party shall be entitled to terminate this Agreement immediately
in addition to any remedy such party may have at law or in equity.  A defaulting party shall be entitled to cure
a monetary breach within 10 days after receipt of written notice of such
breach, or, in the case of a nonmonetary breach, within 30 days after such
notice provided that the defaulting party proceeds to diligently cure such
breach upon receipt of such notice.

(e)           Bankruptcy,
Insolvency.  If either party shall
file a petition in bankruptcy or for a reorganization or arrangement or other
relief under the United States Bankruptcy Code or any similar statute, or if
any such proceeding shall be filed against either party and is not dismissed or
vacated within 60 days after its filing, or if a court having jurisdiction
shall issue an order or decree appointing a receiver, custodian or liquidator
for a substantial part of the property of either party which decree or order
remains in force undischarged and unstayed for a period of 60 days, or if
either party shall make an assignment for the benefit of creditors or shall
admit in writing its inability to pay its debts as they become due, the other
party may terminate this Agreement upon five days written notice.

(f)            Termination by Mortgagee.  Notwithstanding anything to the contrary
contained in this Agreement, the holder or holders of any indebtedness of Owner
secured by a first lien mortgage or deed of trust encumbering the Property (a “Mortgagee,”
as provided for in Section 9 of this Agreement) shall have the right to
terminate this Agreement without cause upon thirty (30) days prior written
notice to Property Manager in the event such Mortgagee forecloses its lien on
the Property, or accepts a deed in lieu of foreclosure from Owner, or otherwise
becomes a mortgagee in possession of the Property.

3.             Compensation.

(a)           Management Fee.  As consideration for the performance by
Property Manager of all of its property management duties under this Agreement,
Owner agrees to pay to Property Manager for each individual property subject to
this Agreement and each month during the term of this Agreement that the
individual Property is subject to this Agreement, a property

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management fee equal to the greater of  3%
of gross receipts or the minimum amount as detailed on the attached Exhibit
B – Schedule of Property Management Fees (the “Management Fee”).  The Management Fee shall be paid not later than
the tenth (10th) day of the month following the month for which such fee is
earned.  “Gross Receipts” means all
receipts of every kind and nature derived from the operation of the Property
during a specified period determined on a cash basis, including, without
limitation, rent, rent adjustments, utility charges, parking charges, service
charges, proceeds of rent interruption insurance and tenant reimbursements for
operating expenses, taxes and insurance; excluding: (i) security deposits (to
the extent not applied to delinquent rents) and other refundable deposits; (ii)
lump sum payments, which are not amortized, for above-standard tenant
improvements; (iii) interest on bank accounts for the operation of the
Property; (iv) proceeds from the sale or refinancing of the Property, or any
part thereof; (v) insurance proceeds or dividends received from any insurance
policies pertaining to physical loss or damage to the Property or any part
thereof (but not proceeds of rent interruption insurance); (vi) condemnation
awards or payments received in lieu of condemnation of the Property or any part
thereof; and (vii) any trade discounts and rebates received in connection with
the purchase of personal property.

(b)           Payment of
Management Fee.  Provided that
Property Manager is not in default under this Agreement, Property Manager shall
be entitled to pay itself the monthly Management Fee from the Property bank
account referred to in Section 6(a) hereof.

(c)           Reimbursable and
Nonreimbursable Costs.  All costs
incurred by Property Manager in the performance of its duties under this
Agreement that are in accordance with the approved Budget or within $500 or 10%
of the applicable line items in the approved Budget shall be reimbursed by
Owner.  Notwithstanding any other provision
herein or in any Budget, the following costs shall not be reimbursable by Owner
to Property Manager:

(i)            costs relating to
bookkeeping services required to be performed by Property Manager hereunder
unless such costs are approved by Owner in writing to Property Manager;

(ii)           salaries and payroll
expenses of Property Manager’s executives, personnel, and employees of Property
Manager, except maintenance personnel billed on an hourly or other periodic
basis and subject to the limitations in the Budget;

(iii)          Property Manager’s
off-site overhead and general administrative expenses, except long distance
telephone, fax, overnight delivery, courier, registered mail, copying,
entertainment (subject to Owner’s prior approval in each instance), uniforms,
and two-way radios, where such charges are directly related to the operation of
the Property;

(iv)          premiums for insurance
required to be maintained by Property Manager or any subcontractors hereunder;
and

(v)           costs of Property
Manager’s principal and branch offices.

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4.             Duties.

(a)           General Management
Duties.  Subject to the availability
of funds provided under the Budget, Property Manager shall manage and operate
the Property in a manner consistent with the management and operation of
comparable properties, shall provide such services as are customarily provided
by a manager of properties of comparable class and standing, and shall consult
with Owner and keep Owner advised as to all material or extraordinary matters
and decisions affecting the Property. 
Specifically, Property Manager shall, at Owner’s expense, perform the
following services and duties for Owner in a faithful, diligent and efficient
manner:

(i)            Property Manager shall
timely prepare and deliver to Owner such accounting and operations reports as
and in the manner required pursuant to Owner’s standard reporting requirements,
as may be amended from time to time;

(ii)           Maintain businesslike
relations with tenants of the Property whose service requests shall be
received, considered and recorded in systematic fashion in order to show the
action taken with respect to each request. 
Complaints of a serious nature shall, after thorough investigation, be
reported to Owner with appropriate recommendations for addressing such
complaints;

(iii)          Exercise its best efforts
to collect all rents and other sums and charges due from tenants, subtenants,
licensees and concessionaires of the Property;

(iv)          Prepare or cause to be
prepared for execution and filing by Owner all forms, reports and returns, if
any, required by all federal, state, or local laws in connection with
unemployment insurance, workmen’s compensation insurance, disability benefits,
Social Security and other similar taxes now in effect or hereafter imposed, and
also any other requirements relating to the contracting of third party vendors
for the Property;  however, Property
Manager shall not be obligated to prepare any of Owner’s local, state, or
federal income tax returns;

(v)           Pay prior to
delinquency all real estate taxes, sales tax, personal property taxes and
assessments levied against the Property, or any part thereof; and

(vi)          Subject to the
limitations of the applicable approved Budget adopted pursuant to subsection
(b) hereof, perform such other acts as are reasonable, necessary and proper in
the discharge of its duties under this Agreement.

(b)           Budgets.

(i)            Budget Approval
Process.  Property Manager shall
submit by September 1st of each year during the term hereof (or such other
date as Owner may request) a proposed detailed, written estimate or projection
of all receipts and expenditures for the operation of the Property during the
next Fiscal Year, including, without limitation, all estimated rentals
(including fixed, percentage and escalation rents) and all estimated repairs,
maintenance and capital projects (“Budget”) for the ensuing Fiscal
Year.  Property Manager shall submit the
preliminary budget to Owner within 15 days after the date hereof for the
remainder of the Fiscal Year beginning on the date of this Agreement.  A “Fiscal Year” is a calendar year all
or part of which falls within the term of this Agreement.  In the event Owner, in Owner’s sole judgment,

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disapproves of any
proposed Budget submitted by Property Manager, Owner shall give Property
Manager written notice thereof in which event Property Manager shall make all
revisions thereto which Owner shall direct. 
Property Manager shall resubmit the revised proposed Budget to Owner for
approval.  Until Owner has approved the
revised approved Budget, Property Manager may continue to operate pursuant to
the last approved Budget except for increased expenses relating to taxes,
insurance and utilities which should be paid on a current basis.  In the absence of any written notice of
approval within 60 days after delivery of a proposed Budget to Owner, the
proposed Budget shall be deemed to have been approved by Owner.

(ii)           Payment of Budgeted
Expenses.  Property Manager shall
have the right to pay all expenses according to the approved Budget, including
the Management Fee. Notwithstanding any other provision in this Agreement,
without the prior written consent of Owner, Property Manager shall not incur or
permit to be incurred expenses under this Agreement (excluding only utility
expenses, general real estate taxes, insurance premiums, financing costs and
emergency expenses) that exceed 10% of the applicable line items in the Budget
(e.g., cleaning expenses, HVAC expenses, maintenance expenses, etc.) but in no
event that exceed $500.00.  Property
Manager shall promptly notify Owner whenever Property Manager determines that
the Budget or any expense item in the Budget is insufficient to cover the
expenses of operating the Property or the applicable expense item.

(c)           Property Personnel.  Property Manager shall  employ, supervise, and discharge all employees
required in connection with the operation and management of the Property.  All such personnel shall, in every instance,
be employees of Property Manager or independent contractors.  Property Manager shall provide and maintain,
so long as this Agreement is in force, worker’s compensation insurance in full
compliance with all applicable state and federal laws and regulations covering
all employees of Property Manager performing work in respect of the Property
operations.  The granting of unbudgeted
employee fringe benefits and plans not required by law or union contract shall
be subject to the reasonable prior written approval of Owner.  Property Manager agrees to comply with all
governmental anti-discrimination laws and shall not, unless acting at the direction
of Owner, do any act, nor permit any act to be done that would constitute a
violation of any or all of such laws. 
Property Manager shall indemnify and hold Owner harmless from and
against any and all claims, penalties, liabilities and expenses of whatsoever
kind and nature which may be asserted by any governmental body having authority
or by any person claiming to be aggrieved by reason of any acts or failure to
act by Property Manager in accordance with or in violation of any said
anti-discrimination laws, as long as such act or failure to act is not caused
or directed by Owner.

Employees
of the Property Manager or independent contractors shall include the following:

(i)            Property Manager.  A person who is primarily responsible for
overseeing the management of the Property hereunder and who is experienced in
the administration and operation of warehouse, and/or light industrial, and/or
service center facilities of the size, type, use, and quality of the Property;

(ii)           Others. Such
other personnel required to operate and maintain the Property, including, but
not limited to, an assistant property manager, maintenance manager,

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administrative and
accounting personnel, grounds keepers, and janitorial and custodial persons, as
Property Manager reasonably deems necessary or consistent with the level of
service provided by other similarly situated property.

(d)           Contracts and
Supplies.  Property Manager shall, at
Owner’s expense, at the lowest cost as in its judgment is consistent with good
quality, workmanship and service standards, enter into contracts on behalf of
Owner for the furnishing to the Property of required utility services, heating
and air-conditioning services and other maintenance, pest control, and any
other services and concessions which are reasonably required in connection with
the maintenance and operation of the Property. 
Property Manager shall also place purchase orders for services and
Personal Property as are reasonably necessary to properly maintain the
Property.  All such contracts and orders
shall be subject to the limitations set forth in the approved Budget.  When taking bids or issuing purchase orders,
Property Manager shall use all reasonable efforts to secure for and credit to
Owner, any discounts, commissions or rebates obtainable as a result of such
purchases or services.  Property Manager
shall use all reasonable efforts to make purchases and (where necessary or
desirable) let bids for necessary labor and materials at the lowest possible cost
as in its judgment is consistent with good quality, workmanship and service
standards.  Property Manager shall not
incur obligations to any person or entity in which Property Manager or any of
Property Manager’s employees has a financial or other interest or with which
Property Manager or any such employee(s) is affiliated unless: i) the price or
fee therefore is not higher than that which would have been charged as a result
of a bona fide arms-length negotiation for goods or services of comparable
quality; and ii) Property Manager delivers to Owner prior written notice and
Owner gives its prior written approval of any such proposed transaction.

(e)           Alterations, Repairs
and Maintenance.

(i)            Budgeted
Repairs/Emergency Repairs.  Property
Manager shall, at Owner’s expense, perform or cause to be performed all
necessary or desirable repairs, maintenance, cleaning, painting and decorating,
alterations, replacements and improvements in and to the Property as are
customarily made by property managers in the operation of properties of the
kind, size, and quality of the Property; provided, however, that no unbudgeted
alterations, additions or improvements involving a fundamental change in the
character of the Property or constituting a major new construction program
shall be made without the prior written approval of Owner unless specifically
referenced in and performed pursuant to any lease previously approved by
Owner.  In addition, no unbudgeted
expenditure in excess of $250 per item or a total of $1,000 per Fiscal Year
shall be made for such purposes in connection with any single Property without
the prior written approval of Owner. 
Emergency repairs involving manifest danger to life or property, or
immediately necessary for the preservation or the safety of the Property, or
for the safety of the tenants of the Property, or required to avoid the
suspension of any necessary service to the Property may be made, however,  by the Property Manager without prior
approval and regardless of the cost limitations imposed by this subsection
(e).  Property Manager shall as soon as
practicable give written notice to Owner of any such emergency repairs for
which prior approval is not required.

(ii)           Capital Improvements.  In accordance with the terms of approved
Budgets and upon written request and/or approval of Owner, Property Manager
shall, from time to time

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during the term hereof, at Owner’s expense, make or
cause to be made all required capital improvements, replacements, or repairs to
the Property.  All major repairs and
capital replacements shall be managed by a person who specializes in
construction projects for the Property Manager (the “Construction Manager”).  The Property Manager shall be paid a
construction management fee of: 5% of the total budgeted construction cost
(excluding the construction management fee) up to $50,000; 4% of the total
budgeted construction cost exceeding $50,001 and up to $200,000; and 3% of the
total budgeted construction costs exceeding $200,001 and up to $350,000; 2.5%
of the total budgeted construction costs exceeding $350,001 and up.  For example and not by way of limitation, the
construction management fee for a $50,000 construction job would be
$2,500.  The construction management fee
shall be paid upon the completion of the construction and written acceptance of
the work by the Owner.  The construction
management fee shall be based on the actual cost of the project, including any
change orders approved by Owner. Notwithstanding anything in this Section
4(e)(ii) to the contrary, it is understood and agreed that, instead of Property
Manager making or causing to be made all required capital improvements,
replacements or repairs to the Property (“Construction Work”) as provided
above, Owner may elect to engage a third party consultant to perform
construction management with respect to all or any portion of such Construction
Work, and, with respect to such Construction Work managed by such a third party
consultant, (i) Property Manager shall not be required to make or cause to be
made such Construction Work, (ii) the Property Manager shall continue to be
responsible for handling activities associated with the Construction Work
(other than the actual design and construction activities), including, without
limitation, processing of invoices and coordination with tenants, and (iii) the
construction management fee payable to Property Manager on construction
projects which are the responsibility of a third party consultant shall be
equal to 2% of the actual cost of the project (and the fee schedule provided
above shall not be applicable to such construction projects).

(iii)          In connection with all
improvements, replacements, or repairs to the Property (the “Work”), the
Construction Manager shall do the following:

(A)          prepare a detailed list
of the Work to be performed and review the preparation of all plans for the
construction of all improvements and repairs to the Property.  Except for any Work which is less than
$2,500, the plans for the Work to be performed shall be submitted to the Owner
for its approval;

(B)           except for any Work
which is less than $2,500, prepare all bid documents which shall be distributed
to at least three (3) contractors on the approved contractor list;

(C)           except for any Work
which is less than $2,500, receive all submitted bids and evaluate such
bids.  In evaluating the submitted bids,
Construction Manager shall evaluate the price listed in the bid, the timeliness
of the work to be performed as stated in the bid, the reputation of the
contractor submitting the bid, and any other relevant factors that Construction
Manager determines should be taken into account when evaluating the submitted
bids.  Once Construction Manager
evaluates all the submitted bids, Construction Manager shall recommend to Owner
the bid, if any, it believes is the best and shall explain to Owner why the
recommended bid is the best.  Once Owner

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determines which bid to
accept, Construction Manager shall contact the contractor with the approved bid
to award the contract;

(D)          review, inspect, and
oversee the construction of all improvements, replacements, or repairs to the
Property to ensure that all said improvements, replacements, and repairs comply
with the construction contract requirements and all applicable laws, including
but not limited to local building codes and ordinances;

(E)           ensure that all
improvements, replacements, or repairs to the Property are completed;

(F)           except for any Work
which is less than $2,500 or for Work for which a single payment will satisfy
the obligation, prepare a draw package for the disbursement of funds to the
Contractor.  The draw package or single
payment invoices shall be submitted to Owner for its approval;

(G)           ensure that all
guaranties and warranties for the materials, labor, and for work in connection
with or relating to the Work shall be in the name of the Owner or shall be
assigned to Owner upon the completion of the Work; and

(H)          after receiving adequate
and complete lien waivers from all workers and suppliers and other applicable
parties in connection with the Work, after taking any and all steps necessary to
release and to otherwise prevent perfection or enforcement of any liens filed
or recorded against the Property in connection with the construction of any and
all improvements or replacements or repairs to the Property, and after
receiving written approval from Owner, disburse all funds to the proper and
correct parties.

The Construction Manager
shall provide written reports to Owner, no less frequently than once a
month,  summarizing the repairs,
improvements, and replacements being constructed on the Property, as well as
such other reports as Owner may reasonably request.  These reports shall, among other things,
summarize any material problems or issues which may arise in connection with
said construction.

(iv)          Defects and
Warranties.  Property Manager shall
give Owner written notice of any material or latent defect in the Property and
all parts thereof known to Property Manager promptly after any of the foregoing
comes to Property Manager’s attention including, without limitation, material
defects in the roof, foundation and walls of the Property and in the sewer,
water, electrical, structural, plumbing, heating, ventilation and air
conditioning systems.  Property Manager
shall make periodic visual inspections of the Property consistent with its
employees’ and agents’ expertise as referenced in Section 4(c)(i)
hereinabove.  Property Manager shall have
no obligation to discover any such condition or make any other inspections, but
Property Manager shall be required to ascertain the existence of any contractor/subcontractor
warranty or guaranty and to submit a request to the appropriate
contractor/subcontractor to repair the defect as necessary.

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(f)            Licenses and
Permits.  Property Manager shall, at
Owner’s expense, attempt to obtain and maintain in the name of Owner all
licenses and permits required of Owner or Property Manager in connection with
the management and operation of the Property. 
Owner agrees to execute and deliver any and all applications and other
documents and to otherwise cooperate with Property Manager in applying for,
obtaining and maintaining such licenses and permits.

(g)           Compliance with laws.  To the extent permitted by the approved
Budget, Property Manager shall use best efforts to comply with all applicable
laws, regulations and requirements of any federal, state or municipal
government having jurisdiction with respect to the use or manner of use of the
Property or the maintenance or operation thereof.

(h)           Legal Proceedings.  Property Manager cannot and may not terminate
any lease, lock out a tenant, institute suit for rent or for use and occupancy,
or proceedings for recovery of possession, without the prior written approval
of Owner.  In connection with such suits
or proceedings only legal counsel designated by Owner shall be retained, and
all such suits or proceedings shall be brought in the name of Owner and shall
be handled in such manner as Owner directs.

(i)            Inventory.  Property Manager shall maintain a current
inventory of all equipment supplies, furnishings, furniture and all other items
of personal property now or hereafter owned by Owner and located upon or used,
or useful for, or necessary or adapted for the operation of the Property.

(j)            Signs.  Property Manager may place one or more signs
on or about the Property stating, among other things, that Property Manager is
the management and leasing agent for the Property.  All such signs and locations thereof shall be
subject to Owner’s prior written approval.

(k)           Third Party Vendors.  All third party vendors with whom Property
Manager contracts on behalf of Owner shall be required to submit certificates
of insurance evidencing that such vendor carries at least $1,000,000 in
comprehensive general liability insurance and such workers compensation
insurance as may be required by statute in the state in which the Property is
located.  If required by other provisions
of this Agreement, Owner shall be added as an additional named insured on such
policies of insurance.

(l)            Leases.  In accordance with the terms and provisions
of this Agreement, Property Manager shall use commercially reasonable efforts
to ensure that all tenants comply with the terms and provisions of their leases
and shall take customary actions to enforce such leases.

(m)          Additional Services.  If Property Manager shall perform such
additional services as Owner may reasonably request in writing, which are not
specifically provided for in this Section 4 above, Property Manager will be
compensated for such services on an hourly basis or on a negotiated fee basis.

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5.             Procedure For
Handling Receipts And Operating Capital.

(a)           Receipts.  All monies received by Property Manager for
or on behalf of Owner in connection with the operation and management of the
Property shall be promptly deposited by Property Manager in an operating account
or accounts established in Owner’s name at such bank as directed by Owner (“Operating
Accounts”).  Periodically throughout
the month, Owner, in its sole discretion, may remove any excess funds from such
Operating Accounts.

(b)           Disbursements.  Owner shall deposit and maintain sufficient
funds in the Operating Accounts, and Property Manager shall withdraw and pay
from such account or accounts, such amounts at such times as the same are
required in connection with the management and operation of the Property in
accordance with the provisions of this Agreement.

(c)           Authorized
Signatories.  Certain officers and
employees of Property Manager, approved by Owner and designated on Exhibit C
hereto, shall be authorized signatories on the Operating Accounts and shall
have authority to make withdrawals from such Operating Accounts.  In addition, Owner shall have at least one
officer or employee of Owner as an authorized signatory on each Operating
Account, which officer(s) or employee(s) of Owner shall also be designated on Exhibit
C hereto.  Property Manager shall
cause all officers and employees of Property Manager who are so designated to
be bonded, at Property Manager’s expense, in an amount required by Owner, but
not less than $50,000.  Property Manager
shall also cause all other officers, employees, affiliates or agents of
Property Manager who in any way handle funds for the Property to be bonded, at
no expense to Owner, in an amount not less than $50,000.

(d)           Security Deposits.  All security deposits of tenants of the
Property shall be maintained under the joint control of Owner and Property
Manager in such manner as Owner shall approve and as required by the applicable
state law.

6.             Accounting.

(a)           Books and Records.  In accordance with the guidelines and operating
procedures established by Owner, Property Manager shall maintain, at the
central office of Property Manager, a comprehensive system of office records,
books, computer files and data and accounts pertaining to the Property (using
such property management accounting software that Owner may choose), which
system currently is MRI.  Owner also has
a website, xdrive.com,  which Property
Manager shall also be required to maintain and/or access for additional
required forms and reports.  Such systems
(MRI & xdrive.com), records, books, computer files and data and accounts
shall be available for examination, copying and audit by Owner and its agents,
accountants and attorneys during regular business hours.  Property Manager, during the term, shall
preserve all records, books, computer files and data and accounts for a period
of three years and at the end of such period shall deliver or make available to
Owner such records, books, computer files and data and accounts.  All such records, books and computer files and
data shall, at all times, be the property of Owner.

(b)           Periodic Statements;
Audits.

(i)            Periodic Statements.  Property Manager shall timely prepare and
deliver to Owner such accounting and operations reports as and in the manner
required pursuant to Owner’s standard reporting requirements, as may be amended
from time to time.

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(ii)           Data Processes.  Property Manager shall timely meet all
designated deadlines for inputting and maintaining data on Owner’s MRI system
(or other system hereafter designated by Owner) so that Owner may download such
data from Property Manager’s computers to Owner’s computers on such designated
deadlines.

(iii)          Audit.  In the event that Owner requires an audit,
the audit shall be at Owner’s expense and the Property Manager shall cooperate
with the auditors.

(iv)          Other Statements.  Owner may request and Property Manager shall
provide when available such monthly, quarterly and/or annual leasing and
management reports that relate to the operations of the Property as Property
Manager customarily provides the owners of other properties it manages.

(c)           Return of Computer
Hardware and Software.  Immediately
following the termination of this Agreement by either Owner or Property
Manager, Property Manager shall return and/or deliver to Owner, in good
condition and working order, all hardware, software, documentation, backup
tapes, signature cartridges and all other computer hardware and software
purchased or otherwise provided by Owner to Property Manager for Property
Manager’s use during the term of this Agreement.

7.             Insurance.

(a)           Insurance by Owner.  Owner, at its expense, will obtain and keep
in force adequate insurance against physical damage (e.g., fire and extended
coverage endorsement, boiler, and machinery, etc.) and not less than $5,000,000
Occurrence and Aggregate general liability insurance against liability for
loss, damage, or injury to property or persons which might arise out of the
occupancy, management, operating, or maintenance of the Property covered by
this Agreement.  Property Manager will be
covered as an insured in its capacity as a Real Estate Manager on all
commercial general liability insurance obtained by Owner.  Owner shall save Property Manager harmless
from any liability on account of loss, damage, or injury, to the extent
actually insured against by Owner provided:

(i)            Property Manager
notifies Owner within twenty-four hours after Property Manager receives notice
of any such loss, damage or injury;

(ii)           Property Manager takes
no action (such as admission of liability) which bars Owner from obtaining any
protection afforded by any policy Owner may hold; and

(iii)          Property Manager agrees
that Owner shall have the exclusive right, at its option, to conduct the
defense to any claim, demand or suit within limits prescribed by the policy or
policies of insurance.

The Property Manager
shall furnish whatever information is requested by Owner for the purpose of
establishing the placement of insurance coverages and shall aid and cooperate
in every reasonable way with respect to such insurance and any loss
thereunder.  Owner shall include in its
hazard policy covering the Property, the personal property, fixtures and
equipment located thereon (owned by either Property Manager or Owner),
appropriate clauses pursuant to

 11
 

 

 

which the
insurance carriers shall waive the rights of subrogation with respect to losses
payable under such policies.

(b)           Indemnity.  Owner agrees to indemnify, defend and hold
Property Manager harmless from and against any and all loss, cost, damage,
liability or expense (including, without limitation, attorneys’ fees,
accountants’ fees, consultants’ fees, court costs and interest) resulting from
bodily injury or tangible property damage and arising in connection with the
Property to the extent the same were caused by the negligence or willful
misconduct of Owner, or its officers or employees.

(c)           Property Manager’s
Insurance.  Property Manager shall
maintain, at its  expense, insurance
coverages in the following amounts:

(i)            Worker’s Compensation – Coverage A: statutory
amount

Coverage B: Employer’s Liability insurance:

$500,000 Each Accident

$500,000 Disease, Policy Limit

$500,000 Disease, Each Employee

(ii)           Commercial General Liability, on an occurrence basis, including Bodily
Injury and Property Damage Liability, Personal and Advertising Injury Liability
for the following limits:

	
  General Aggregate

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Products -
  Completed Operations Aggregate

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Each Occurrence

  	
   

  	
  $

  	
  1,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Personal and Advertising
  Injury Liability

  	
   

  	
  $

  	
  1,000,000

  	
   

  

 

(iii)          Owned, Hired and Non-Owned Business Automobile liability insurance in
an amount no less than $1,000,000 per accident Combined Single Limit for bodily
injury and property damage

(iv)          Property Manager’s Errors & Omissions Insurance in an amount not
less than $1,000,000 per loss, aggregate.

(v)           Employee Theft Insurance in an amount not less than $1,000,000.
Employee Theft Insurance policy shall provide coverage for theft of Owner’s
money, securities and other property by employees of Property Manager.

(vi)          Property Insurance coverage for personal property of Property Manager.

 12
 

 

 

All
coverage shall be provided by insurance companies with a current Best’s Rating
of A VIII or higher. At the commencement of the Agreement, Property Manager
shall furnish Owner with Certificates of Insurance. All insurance policies
shall provide for 30 days’ written notice to Owner prior to the cancellation or
any material change to any provisions therein. Certificates of Insurance shall
be modified so the words “endeavor to”, “but failure to mail such notice shall
impose no obligation or liability of any kind upon the company, its agents or
representatives”, and all provisions of similar effect shall be deleted from
the certificate form’s cancellation provision. At least ten (10) days prior to
the expiration of any such policy, Property Manager will provide to Owner
evidence of the renewal or replacement of the aforesaid policies.

(d)           Indemnification of Owner. 
Property Manager agrees to defend and hold and save Owner free and
harmless from and against all expenses, claims, liabilities, losses, judgments
or damages, including reasonable attorneys’ fees actually incurred (except to
the extent covered by insurance carried by Owner), which Owner may suffer or
incur as a result of any gross negligence or willful misconduct of Property
Manager or its agents, employees, independent contractors or others under the
direction or control of Property Manager, any claim by or relating to any
employee of Property Manager against Owner that is predicated on the claim that
such employee is the employee of Owner and not of Property Manager or acts
outside the scope of Property Manager’s authority hereunder, and agrees to
retain legal counsel reasonably acceptable to Owner and at Property Manager’s
sole expense to defend promptly and diligently any claim, action or proceeding
brought against Owner or Property Manager, jointly or severally, arising out of
or in connection with any of the foregoing. 
Owner shall have the right to be represented by advisory counsel of its
own selection and at its own expense.

It is
expressly understood and agreed that the provisions of Section 7(b) hereinabove
and the provisions of this Section 7(d) shall survive the termination of this
Agreement to the extent of any cause of action arising from events occurring
prior to such termination.

(e)           Subcontractor’s Insurance. 
Property Manager shall require that all subcontractors brought onto the
Property have insurance coverage, at the subcontractor’s expense, in the
following minimum amounts (which amounts may be increased at Owner’s written
request, depending on the work to be performed):

(i)            Workman’s Compensation – statutory amount;

(ii)           Employer’s Liability - $500,000/$500,000/$500,000 minimum;

(iii)          Broad Form Commercial General Liability (naming Owner and Property
Manager as additional insureds) - $1,000,000 per occurrence Combined Single
Limit; $2,000,000 aggregate (i.e., such insurance shall include contractual
liability, personal injury protection and completed operations coverage and
hold harmless provision in favor or Owner and Property Manager);

(iv)          Auto Liability - $1,000,000 minimum; and

 13
 

 

 

(v)           Property Insurance coverage for tools and equipment brought onto
and/or used on the Property by the subcontractor – an amount equal to the
replacement costs of all such tools and equipment.

All
such general liability policies of insurance shall name Owner, Property Manager
and all other parties and/or entities required by Owner as additional insureds
thereunder, as their respective interests may appear.

Property
Manager must obtain Owner’s prior permission to waive any of the above
requirements.  Property Manager shall
obtain and keep on file a certificate of insurance that shows the contractor is
so insured.

8.             Subordination to
Mortgages.

(a)           Subordination.  This Agreement and Property Manager’s
interest and rights hereunder, are subject and subordinate to the lien of any
first mortgage, whether now existing or hereafter created on or against the
Property, and all amendments, restatements, renewals, modifications,
consolidations, refinancings, assignments and extensions thereof (“Mortgage”),
without the necessity of any further instrument or act on the part of the
Property Manager.  Property Manager
agrees, at request of the holder of any such Mortgage (the “Mortgagee”),
to attorn to the Mortgagee and/or to execute such documentation as the
Mortgagee may reasonably require to evidence that Property Manager’s interest
and rights hereunder are and shall be subject and subordinate at all times to
the lien of the Mortgage.  The term “Mortgage”
as used herein shall be deemed to include deeds of trust, security agreements,
assignments and any other encumbrances, and any reference to the “Mortgagee” of
a Mortgage shall be deemed to include the beneficiary under a deed of
trust.  Notwithstanding the foregoing,
nothing herein shall obligate the Property Manager to continue its performance
under this Agreement unless it continues to be paid in accordance with the
terms of this Agreement.

(b)           Rights after Events
of Default.  In the event of any
default under any Mortgage, the Property Manager shall continue to perform its
obligation under this Agreement until the termination of this Agreement by the
Mortgagee, which may occur in the Mortgagee’s sole discretion, as provided for
in Section 2(f) of this Agreement.

9.             Miscellaneous
Provisions.

(a)           Notices.  All notices, waivers, demands, requests, or
other communications, except for those approvals required under this Agreement
which shall be sent by facsimile or regular mail to the asset manager for that
individual Property, required or permitted hereunder shall, unless otherwise
expressly provided, be in writing and be deemed to have been properly given,
served and received (i) if delivered by messenger, when delivered, (ii) if
mailed, upon deposit in the United States mail, certified or registered,
postage prepaid, return receipt requested, (iii) if telexed, telegraphed, or
telecopied, if such dispatch is followed by delivery pursuant to (iv) below the
next business day, or (v) if delivered by reputable overnight express courier,
freight prepaid, the next business day after delivery to such courier; in every
case addressed to the party to be notified as follows:

 14
 

 

 

To
Property Manager:                          Opus
Northwest Management, L.L.C.

10350 Bren Road West

Minnetonka, MN 55343

Attn: Michael E.
Dwyer

Telephone:     952-656-4550

Telefax:          952-352-8550

With a copy to:

Opus Corporation

10350 Bren Road
West

Minnetonka, MN
55343

Attn: Legal

To Owner:                                                                                        TRT
Eagle Creek West LLC

c/o DCT Industrial Fund II LLC

518 17th St, Ste 1700

Denver, CO  80202

Attn:  Bonnie Micus

Telephone:    303-228-2200

Telefax:         303-228-2201

or to such other
address(es) or addressee(s) as any party entitled to receive notice hereunder
shall designate to the others in the manner provided herein for the service of
notices.  Rejection or refusal to accept
or inability to deliver because of changed address or because no notice of
changed address was given, shall be deemed receipt.

(b)           Severability.  If any term, covenant or condition of this
Agreement or the application thereof to any person or circumstance shall, to
any extent, be held to be invalid or unenforceable, the remainder of this
Agreement, or the application of such term, covenant or condition to persons or
circumstances other than those as to which it is held invalid or unenforceable,
shall not be affected thereby, and each term, covenant or condition of this
Agreement shall be valid and shall be enforced to the fullest extent permitted
by law.

(c)           No Joint Venture or
Partnership.  Owner and Property
Manager hereby renounce the existence of any joint venture or partnership
between them and agree that nothing contained herein or in any document executed
in connection herewith shall be construed as making Property Manager and Owner
joint venturers or partners.

(d)           Modification,
Termination.  This Agreement may be
amended or modified only by a written instrument executed by Property Manager
and Owner.

(e)           Total Agreement.  This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof.

(f)            Article and Section
Headings.  Article and Section
headings contained in this Agreement are for reference only and shall not be
deemed to have any substantive effect or to limit or define the provisions
contained herein.

 15
 

 

 

(g)           Successors and
Assigns.  This Agreement shall be
binding on the parties hereto, and their successors and permitted assigns.  Property Manager may not assign or otherwise
transfer its interest hereunder without the prior written consent of Owner,
which consent may be withheld arbitrarily in Owner’s sole discretion.  This Agreement is freely assignable by Owner.

(h)           Governing Law.  This Agreement shall be construed in
accordance with the internal laws of the state in which the Property is
located.

(i)            Sarbanes Oxley Act.  Property Manager, at it sole expense, shall
comply with all requirements set forth in the Sarbanes Oxley Act of 2002 with
respect to the Project.  Specifically,
Property Manager will be required to produce documentation of all accounting
policies and procedures which identify all key controls and describes in detail
the processes which ultimately affect the Project financial statements.  In addition, Property Manager may be required
to perform periodic testing of such identified controls and remediate any
control weaknesses identified through such test work.  All policies and procedures, documentation
and test work will be performed to the specification of the Owner including but
not limited to, implementation of appropriate controls, scope of test work
including such as sample size, measures to be taken from remediation, etc.

(j)            Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same instrument.

SIGNATURES
BEGIN ON NEXT PAGE

 16
 

 

 

SIGNATURE PAGE TO PROPERTY MANAGEMENT AGREEMENT DATED
October 31, 2006 BETWEEN DCT Eagle Creek LLC AND Opus Northwest Management,
L.L.C.

IN
WITNESS WHEREOF, this Agreement has been executed as of the date first above
written.

	
  

  	
  OWNER:

  
	
   

  	
   

  
	
   

  	
  TRT
  EAGLE CREEK WEST LLC, a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By: DCT
  Industrial Fund II LLC, a Delaware limited liability company, pursuant to
  written agreement

  
	
   

  	
   

  
	
   

  	
   

  	
  By: DCT
  Industrial Operating Partnership LP (f/k/a Dividend Capital Operating
  Partnership LP), a Delaware limited partnership, its sole member

  
	
   

  	
   

  
	
   

  	
   

  	
  By: DCT
  Industrial Trust Inc. (f/k/a Dividend Capital Trust Inc.), a Maryland
  corporation, its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Teresa
  L. Corral

  
	
   

  	
   

  	
  Sr. Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  PROPERTY
  MANAGER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Opus Northwest
  Management, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  
											

 17
 

 

 

EXHIBIT A

to Property Management Agreement dated October 31,
2006

by and between TRT Eagle Creek West LLC and Opus Northwest Management, L.L.C.

LIST OF PROPERTIES COVERED BY THIS AGREEMENT

Addresses:

1.    8401 Eagle Creek Parkway   Savage, MN

Which
property(ies) are more particularly described as follows:

1. Lot 2, Block 4,
SAVAGE BUSINESS PARK SECOND ADDITION, and the West 61.29 feet of Lot 1, Block
4, SAVAGE BUSINESS PARK SECOND ADDITION, Scott County, Minnesota.

 18
 

 

 

EXHIBIT B

to Property Management Agreement dated October 31,
2006

by and between TRT Eagle Creek West LLC and Opus Northwest Management, L.L.C.

SCHEDULE OF PROPERTY MANAGEMENT FEES

	
  Property
  Address

  	
   

  	
  Monthly Minimum

  
	
   

  	
   

  	
   

  
	
  8401 Eagle Creek
  Parkway Savage, MN

  	
   

  	
  3% or $1,870

  

 19
 

 

 

EXHIBIT C

to Property Management Agreement dated October 31,
2006

by and between TRT Eagle Creek West LLC and Opus Northwest Management, L.L.C.

DESIGNATED SIGNATORIES

TRT Eagle
Creek West LLC, a Delaware limited liability company

Matthew T. Murphy, Vice
President

 

 

 

Opus
Northwest Management, L.L.C.

Michael E. Dwyer

Vicki M. Ribich

Joanne Lehrke

 20Exhibit 10.28

PURCHASE AND SALE AGREEMENT

Between

DCT PARK WEST III LLC

and

TRT PARK WEST L LLC

Dated as of October 31, 2006

PURCHASE
AND SALE AGREEMENT

THIS
PURCHASE AND SALE AGREEMENT (this “Agreement”),
dated as of October 31, 2006, by and between DCT PARK WEST III LLC, a Delaware
limited liability company (“Seller”)
and TRT PARK WEST L LLC, a Delaware limited liability company (“Buyer”).

RECITALS:

A.            Seller holds title to the property
commonly known as 1605-1645 Worldwide Blvd, Heron, Kentucky and legally
described on Exhibit A (the “Real Property”).

B.            Seller desires to sell the Property
(hereinafter defined) and Buyer desires to buy the Property on the terms and
conditions hereafter set forth.

NOW,
THEREFORE, in consideration of the premises, the mutual covenants set forth
herein, and other good and valuable consideration, the receipt and sufficiency
of which the parties hereby acknowledge, the parties hereto agree as follows:

ARTICLE I

PROPERTY

SECTION
1.1. Certain Basic Terms.

	
  (a)           Seller Notice Address:

  	
   

  	
  With copies to:

  
	
   

  	
   

  	
   

  
	
  c/o DCT Leasing Corp.

  	
   

  	
  Mayer, Brown, Rowe
  & Maw LLP

  
	
  518 17th Street

  	
   

  	
  Attn: Milos Markovic

  
	
  Suite 1700

  	
   

  	
  71 South Wacker Drive

  
	
  Denver, Colorado 80202

  	
   

  	
  Chicago, Illinois 60606

  
	
  Attention: Teresa L.
  Corral

  	
   

  	
  Telephone: 312/701-7202

  
	
  Telephone: 303/228-2200

  	
   

  	
  Facsimile: 312/706-8505

  
	
  Facsimile: 303/228-2201

  	
   

  	
  E-mail:
  mmarkovic@mayerbrownrowe.com

  
	
  E-mail:
  tcorral@dividendcapital.com

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (b)           Buyer Notice Address:

  	
   

  	
  With a copy to:

  
	
   

  	
   

  	
   

  
	
  c/o Dividend Capital
  Total Realty Trust

  	
   

  	
  Heller Ehrman LLP

  
	
  518 17th Street

  	
   

  	
  Attn: Steven C. Koppell

  
	
  Suite 1700

  	
   

  	
  Times Square Tower

  
	
  Denver, Colorado 80202

  	
   

  	
  7 Times Square

  
	
  Attention: Greg Moran

  	
   

  	
  New York, NY 10036

  
	
  Telephone: 303/228-2200

  	
   

  	
  Telephone: 212.847.8782

  
	
  Facsimile: 303/996-8486

  	
   

  	
  Facsimile: 212.763.7600

  
	
  E-mail:
  gmoran@dividendcapital.com

  	
   

  	
  email:
  steven.koppel@hellerehrman.com

  

 

(c)           Purchase Price:     $7,958,700.00.

 

(d)           Closing Date:        The date hereof (the “Closing Date”).

SECTION
1.2. Properties. The term “Property”
shall mean:

(a)           Fee Simple title to, or as
applicable, a leasehold interest in, (i) the land (“Land”)
comprising the applicable Property and (ii) the improvements located thereon (“Improvements”), together with all
rights, privileges, easements, servitudes and appurtences thereunto belonging
or appertaining, including all right, title and interest, if any, of Seller in
and to oil, gas, mineral and other subterranean rights, the streets, alleys and
rights-of-way adjacent to the Land (the Land and the Improvements being,
collectively, the “Real Property”).

(b)           All right, title and interest of the
Seller in and to all fixtures, furniture, equipment, and other tangible
personal property, if any, owned, directly or indirectly, by Seller (the “Personal Property”) presently
located on such Real Property, but excluding any items of personal property
owned by tenants.

(c)           All interest of Seller, as landlord,
in all executed leases under which a tenant occupies or is to occupy such
Property or a portion thereof, and all amendments thereto (all such leases and
all amendments thereto being the “Leases”).

(d)           All right, title and interest, if
any, of Seller in and to all of the following items, to the extent assignable
and, except as provided herein, without warranty (the “Intangible
Personal Property”): (i) licenses, and permits relating to the
operation of the Real Property, (ii) the right to use the name of the Real
Property (if any) in connection with the Real Property (but excluding any
tradenames, trademarks or goodwill of the relevant Seller or any of their
Affiliates), (iii) if still in effect, guaranties and warranties received by or
assigned to Seller from any contractor, manufacturer or other person in
connection with the construction or operation of the Property, and (iv) if any
of the guaranties and warranties described in clause (iii) (the “Contractor Guaranties”) are unassignable,
the beneficial interest of Seller in such Contractor Guaranty, to the extent
the assignment of such beneficial interest does not void such Contractor
Guaranty.

ARTICLE II

INSPECTION OF PROPERTIES

SECTION
2.1. Property Information. Seller has made or will make
available to Buyer copies of, or access to with the right to copy, the
following (“Property Information”) for
the Property:

(a)           copies of the existing Leases for the
Property, a schedule of which is attached hereto as Exhibit B;

(b)           a current rent roll and aging report
for the Property, indicating rents collected, scheduled rents and concessions,
delinquencies, and security deposits held (the “Rent
Roll”);

(c)           operating statements for the two
previous fiscal years, or such lesser period of ownership as may be available,
and year to date (the “Operating Statements”),
true and complete copies of which are attached hereto as Exhibit C;

 2
 

 

(d)           a list of Personal Property, if any,
and a list and copies of any, and service or maintenance agreements, if any,
relating to such Property (“Service Contracts”),
a schedule of which is attached hereto as Exhibit D;

(e)           a statement detailing projected cash
flow for such Property over ten (10) years (the “Cash
Flow Projection”);

(f)            a policy of title insurance for such
Property (the “Existing Title Policy”);

(g)           a land title survey for such Property
(the “Existing Survey”); and

(h)           all environmental, engineering or
physical condition reports relating to such Property and delivered to Seller or
its Affiliates by the seller of such Property at the time such Property was
acquired by Seller or its Affiliates, or obtained by Seller or any of its
Affiliates at the time such Property was acquired by Seller or its Affiliates,
or prepared by or on behalf of Seller or any of its Affiliates since the date
such Property was acquired by Seller or its Affiliates, a true and complete
listing of which is attached hereto as Exhibit E.

Except as otherwise expressly provided in Section 9,
Seller makes no representations or warranties as to the accuracy or
completeness of the Property Information.

SECTION
2.2. Confidentiality. The Property Information and all
other information, other than matters of public record or matters generally
known to the public, furnished to, or obtained through inspection of the
Property by, Buyer, its affiliates, employees, attorneys, accountants and other
professionals or agents relating to the Property, will be treated by Buyer, its
affiliates, employees and agents as confidential, and will not be disclosed to
anyone other than on a need-to-know basis, which persons may include persons or
entities considering an investment, directly or indirectly, in Buyer, and to
Buyer’s consultants who agree to maintain the confidentiality of such
information. The confidentiality provisions of this Section 2.2
shall not apply to any disclosures made by Buyer as required by law, by court
order or in connection with any subpoena served upon Buyer, provided Buyer
shall provide Seller with written notice before making any such disclosure, and
in connection with the enforcement of this Agreement. The obligations of the
parties under this Section 2.2 are in addition to the obligations of the
parties under Section 8.3.

SECTION
2.3. “AS-IS” Transaction. Except for Seller’s representations
and warranties expressly provided herein, and any representations and
warranties contained in any other document or instrument executed and delivered
by Seller at the Closing (“Seller’s Warranties”),
the sale of the Property to Buyer will be made without representation, covenant
or warranty of any kind (whether express or implied, or, to the maximum extent
permitted by applicable law, statutory) by Seller or any of Seller’s
Affiliates. As a material part of the consideration for this Agreement, Buyer
acknowledges and agrees that it will accept the Property on an “as is” and “where
is” basis, with all faults, and without any representation or warranty, all of
which Seller hereby disclaims, except for Seller’s Warranties. Except for
Seller’s Warranties, no warranty or representation is made by Seller as to
fitness for any particular purpose, merchantability, design, quality,
condition, operation or income, compliance with drawings or specifications,
absence of defects, absence of hazardous or toxic substances, absence of
faults, flooding, or compliance with

 3
 

 

laws and regulations including, without limitation,
those relating to health, safety, and the environment. The provisions of this Section 2.3
shall survive indefinitely the Closing or termination of this Agreement and
shall not be merged into the Closing documents.

ARTICLE III

TITLE AND SURVEY REVIEW

SECTION
3.1. Delivery of Title Report. Seller has caused to be
delivered to Buyer prior to the date hereof, (i) a preliminary report or title
commitment (collectively, the “Title Commitment”)
issued by Fidelity National Title Insurance Partnership (the “Title Company”), covering the Real
Property, together with copies of all documents referenced in the Title
Commitment, and (ii) a ALTA-ACSM Urban survey of the Property (collectively,
the “Surveys”) together with an affidavit
of “no change” executed by Seller addressed to Buyer and the Title Company.

SECTION
3.2. Title Review and Cure. On the Closing Date, Seller
shall convey to Buyer good and indefeasible fee simple title to the Property
subject only to the Permitted Exceptions (as defined below), which title shall
be insurable at regular rates by Escrow Agent (in such capacity, “Title Company”) under a standard
form of Owner’s Policy of Title Insurance, without exception for creditor’s
rights (“Title Policy”).

(a)           In the event the Title Commitment, as
updated to Closing, or the Survey identifies any title exceptions or defects in
title that are unacceptable to Buyer (“Title Objections”),
Buyer shall notify Seller of such Title Objections prior to Closing. If Seller
fails to timely respond to any Title Objection(s), Seller shall be deemed to
have notified Buyer that Seller has elected not to cure the Title Objection(s)
in question. In the event Seller cannot correct such defects by Closing or
chooses not to correct (or is deemed to have elected not to correct) such
defects, then Buyer may accept title as is without abatement or reduction of
Purchase Price or Buyer may cancel this Agreement and receive a full refund of
the Deposit being held by Escrow Agent. Notwithstanding anything herein to the
contrary, at or prior to Closing, Seller, at its expense, shall (i) release any
mortgage lien secured by the Property and all related financing statements and
other instruments related to such financing, (ii) release any mechanic’s lien,
if any, arising directly from work performed at the request of Seller pursuant
to a written agreement with Seller (which liens may be insured around with the
Title Company), and (iii) satisfy all matters on Schedule C to the Title
Commitment that are applicable to Seller (all of the foregoing being herein
collectively referred to as “Mandatory Cure Items”).
As used herein, the term “Permitted Exceptions” means all matters shown in
Schedule B to the Title Commitment or on the Survey, except (i) those matters,
if any, with respect to which Buyer timely sends a Title Objection and that
Seller has agreed in writing to cure prior to Closing or which are waived by
Buyer in accordance with this Section 3.2(a), and (ii) the
Mandatory Cure Items.

(b)           Buyer may, at or prior to Closing,
notify Seller in writing (“Gap Notice”)
of any objections to title (a) raised by the Title Company between the
Inspection Period Expiration Date and the Closing Date and (b) not previously
disclosed by the Title Company. If Buyer sends a Gap Notice to Seller, Buyer
and Seller shall have the same rights and obligations with respect to such
notice as apply under Section 3.2(a) hereof.

 4
 

 

SECTION
3.3. Physical and Financial Inspection. Seller has
provided to Seller, prior to the date of this Agreement, the Property
Information. For a period (the “Inspection Period”)
commencing on the effective date hereof and expiring at the Closing (such date
is herein referred to as the “Inspection Period
Expiration Date”), Buyer has had the right to perform a physical
and mechanical inspection, measurement and audit of the Property and an
inspection of all books and records and financial information pertaining
thereto and to perform such other studies and evaluations to determine the
suitability of the Property for Buyer’s needs, and Seller has cooperated with
Buyer and has furnished to Buyer such information, materials and documents as
Buyer may reasonably request. The inspection, audit and measurement of the
Property’s operation, condition and maintenance shall include, without
limitation, such environmental and engineering inspections, reviews and
assessments that Buyer has deemed appropriate. If Buyer, at Buyer’s sole and
absolute discretion, shall find such inspection(s), studies or evaluations to
be unsatisfactory for any reason whatsoever, Buyer shall have the right, at its
option, to terminate this Agreement on or before the Inspection Period
Expiration Date, and upon such termination, the Property Information shall be
returned to Seller, and upon such return of the Property Information, and
thereupon the parties hereto shall have no further liabilities one to the other
with respect to the subject matter of this Agreement, except for the provisions
of this Agreement which expressly survive a termination hereof. Buyer shall
defend, indemnify and hold Seller harmless from and against any claims and
liabilities asserted against Seller arising out of Buyer’s inspections;
provided, however, the indemnity shall not extend to claims or liabilities
arising out of the discovery of any existing Property condition. This indemnity
shall survive the Closing and any termination of this Agreement.

ARTICLE IV

OPERATIONS AND RISK OF LOSS

SECTION
4.1. Ongoing Operations and Maintenance. From the date of
this Agreement through the Closing Date or earlier termination of this
Agreement, in relation to each Property (i) Seller shall carry on its
business and activities relating to such Property, substantially in the same
manner as it did before the date of this Agreement, and (ii) Seller shall not
sell or encumber such Property or any material portion thereof or interest
therein. At all times prior to the Closing Date, Seller shall maintain the
Property in good condition and repair, reasonable wear and tear excepted,
operate the Property in accordance with substantially the same management
practices and leasing standards as currently done, and pay in the normal course
of business prior to Closing, all sums due for work, materials or service
furnished or otherwise incurred in the ownership and operation of the Property
prior to Closing.

SECTION
4.2. Performance under Leases and Service Contracts. From
the date of this Agreement through the Closing Date or earlier termination of
this Agreement, Seller will perform its material obligations under the Leases
and Service Contracts and other agreements that may affect the Properties.

SECTION
4.3. New Contracts. Except for agreements which can be
terminated on not more than thirty (30) days notice without penalty or
termination fee, from the date of this Agreement through the Closing Date or
earlier termination of this Agreement, neither Seller will not enter into any
contract that will be an obligation affecting a Property subsequent to the
Closing, without the prior consent of Buyer, which shall not be unreasonably
withheld or delayed.

 5
 

 

SECTION
4.4. Termination of Service Contracts. From the date of
this Agreement through the Closing or earlier termination of this Agreement,
other than in the ordinary course of business, Seller shall not terminate any
Service Contract without Buyer’s prior consent, which shall not be unreasonably
withheld or delayed. Seller shall notify Buyer of any Service Contract that is
terminated by Seller in the ordinary course of business.

SECTION
4.5. Damage or Condemnation. Risk of loss resulting from
any condemnation or eminent domain proceeding which is commenced or has been
threatened before the Closing, and risk of loss to any Property due to fire,
flood or any other cause before the Closing, shall remain with Seller. If
before the Closing any Property or any portion thereof shall be materially
damaged, or if any Property or any portion thereof shall be subjected to a bona fide threat of condemnation or shall
become the subject of any proceedings, judicial, administrative or otherwise,
with respect to the taking by eminent domain or condemnation, then Buyer may
elect to exclude such Property from this Agreement, and Seller may propose a
substitute real property for consideration as a Property hereunder.

SECTION
4.6. Material Change. If before the Closing there is an
event not covered by Section 4.6 above that materially reduces the value
of any Property, then Buyer may elect to exclude such Property from this
Agreement, and Seller may propose a substitute real property for consideration
as a Property hereunder.

SECTION
4.7. Security Deposits. Except in the ordinary course,
Seller shall not apply any tenant’s security deposit to the discharge of such
tenant’s obligations, without Buyer’s consent, which shall not be unreasonably
withheld.

SECTION
4.8. Bill Tenants. Seller shall timely bill all tenants
for all rent billable under Leases and use its commercially reasonable efforts
to collect any rent in arrears.

SECTION
4.9. Notice to Buyer. Seller shall notify Buyer promptly
of the occurrence of any of the following: (i) a fire or other casualty causing
damage to the Property, or any portion thereof; (ii) receipt of notice of
eminent domain proceedings or condemnation of or affecting the Property, or any
portion thereof; (iii) receipt of notice from any governmental authority
relating to the condition, use or occupancy of the Property, or any portion
thereof, or any real property adjacent to any of the Property, or setting forth
any requirements with respect thereto; (iv) receipt or delivery of any default
or termination notice or claim of offset or defense to the payment of rent from
any tenant; (v) receipt of any notice of default from the holder of any lien or
security interest in or encumbering the Property, or any portion thereof; (vi)
a change in the occupancy of the leased portions of the Property; or (vii)
notice of any actual or threatened litigation against Seller or affecting or
relating to the Property, or any portion thereof.

ARTICLE V

FIRE OR OTHER CASUALTY

SECTION
5.1. Maintain Insurance. Seller shall maintain in effect
until the Closing Date the insurance policies (or like policies) now in effect
with respect to the Property.

 6
 

 

SECTION
5.2. Minimal Damage. If prior to the Closing Date any
portion of the Property is damaged or destroyed by fire or other casualty, and
the cost of repair or restoration thereof shall be $500,000 or less (as
established by good faith estimates obtained by Buyer which are reasonably
satisfactory to Seller), this Agreement shall remain in force and Seller shall
commence to repair any such damage prior to Closing, if possible.

SECTION
5.3. Substantial Damage. If prior to the Closing Date any
portion of the Property is damaged or destroyed by fire or other casualty, and
the cost of repair or restoration thereof shall be more than $500,000 (as
established by good faith estimates obtained by Buyer which are reasonably
satisfactory to Seller), Buyer may within thirty (30) days after receipt of
notice of said damage or destruction, terminate this Agreement by giving
written notice thereof to Seller, and if this Agreement is so terminated, then
the Deposit shall be immediately refunded to Buyer, and thereafter neither
party shall have any further liability hereunder thereafter, except for the
provisions hereof which expressly survive a termination of this Agreement. If
Buyer does not so terminate this Agreement, it shall remain in full force and
effect, and the provisions of Section 5.4 below shall apply.

SECTION
5.4. Closing After Substantial Damage. So long as this
Agreement shall remain in force under Section 5.2 or 5.3,
then (i) all proceeds of insurance collected prior to Closing, plus the amount
of deductible under Seller’ insurance policy, shall be adjusted subject to
Buyer’s approval and participation in any adjustment, and shall be credited to
Buyer against the Purchase Price payable by Buyer at Closing and, in the case
of a fire or other casualty described in Section 5.2, the Purchase
Price shall be further credited by the amount of an uninsured loss which has
not been repaired by Seller, and (ii) all unpaid claims and rights in
connection with losses shall be assigned to Buyer at Closing.

ARTICLE VI

EXPENSE ALLOCATIONS

SECTION
6.1. Buyer shall pay for all recording charges for the
Deed and any financing documents relating to Buyer’s financing, any
endorsements to the Title Policy, any update of the Survey and any other costs
incurred by Buyer in connection with its inspection of the Property.

SECTION
6.2. The following expenses shall be split between Buyer
and Seller in accordance with local custom: (i) the basic premium for the Title
Policy, (ii) any recording fees for the release of liens released by Seller,
(iii) documents required to effect any cure of Title Objections that Seller has
elected to cure in accordance with this Agreement and (iv) documentary stamp
taxes, transfer taxes or similar taxes which become payable by reason of the
Deed from Seller to Buyer.

SECTION
6.3. The parties shall be responsible for paying their
own attorney’s fees in connection with this transaction. Each of Buyer and
Seller shall be responsible for payment of fifty percent (50%) of the escrow
fees.

 7

 

ARTICLE VII

CLOSING

SECTION
7.1. Closing. The sale of the Property to Buyer (the “Closing”) shall occur on the Closing
Date at such location upon which the parties shall agree.

SECTION
7.2. Conditions to the Parties’ Obligations to Close. The
obligation of Seller and Buyer to consummate the transactions contemplated
hereunder is contingent upon the following:

(a)           The other party’s representations and
warranties contained herein shall be true and correct in all material respects
as of the date of this Agreement and the Closing Date;

(b)           As of the Closing Date, the other
party shall have performed its obligations hereunder in all material respects
and all deliveries to be made at Closing have been tendered;

(c)           The Property will be in substantially
the same condition as existed on the date of the engineering report listed on Exhibit E of this Agreement,
subject to ordinary wear and tear;

(d)           There shall exist no material
violation of any law, rule or regulation affecting or relating to the Property
or its use, including any environmental law or regulation;

(e)           There shall exist no actions, suits,
arbitrations, claims, attachments, proceedings, assignments for the benefit of
creditors, insolvency, bankruptcy, reorganization or other proceedings, pending
or threatened against the other party (including, in the case of Seller, each
Affiliate) that would materially and adversely affect the other party’s ability
to perform its obligations under this Agreement;

(f)            There shall exist no pending or
threatened action, suit or proceeding with respect to the Property or the other
party before or by any court or administrative agency which seeks to restrain
or prohibit, or to obtain damages or a discovery order with respect to, this
Agreement or the consummation of the transaction contemplated hereby;

(g)           With respect to each of the Leases,
Seller shall have delivered to Buyer (i) an estoppel certificate executed by
Seller in the form of Exhibit F
hereto (the “Seller’s Estoppel”) or (ii) a
tenant estoppel in the form of Exhibit G
hereto or the form required by the applicable Lease (each such certificate
being a “Tenant Estoppel”). To the
extent that Seller Estoppels are delivered with respect to any Lease, such
estoppel shall be deemed of no further force or effect upon the delivery of a
Tenant Estoppel from the applicable tenant which is not inconsistent with the
Seller Estoppel.

(h)           The Buyer shall not be obligated to
close the transactions contemplated by this Agreement unless upon the sole
condition of payment of the premium, at Closing, the Title Company shall
irrevocably commit to issue to Buyer, as the case may be, an ALTA Owner’s
Policy of title insurance, with extended coverage (i.e., with ALTA General
Exceptions 1 through 5 deleted), dated as of the date and time of the recording
of the Deed, in the amount of the Purchase Price, insuring the Buyer as owner
of good, marketable and indefeasible fee simple title to the Property, free and
clear

 8
 

 

of liens, subject only to permitted exceptions, and
containing the endorsements that the Title Company agreed to issue during the
Inspection Period (the “Title Policy”).

SECTION
7.3. Seller’ Deliveries in Escrow. On or before the
Closing Date, Seller shall cause to be delivered to Fidelity National Title
Insurance Company, the escrowee for the parties (the “Escrow
Agent”), the following:

(a)           Deed. A special
or limited warranty deed (warranting title against any party claiming by,
through or under the Seller) in the form provided for under the law of the
state where the Property is located, or otherwise in conformity with the custom
in such jurisdiction and satisfactory to Buyer, executed and acknowledged by
Seller, conveying Seller’s title to the Property (the “Deed”);

(b)           Assignment of Leases and
Contracts and Bill of Sale. An Assignment of Leases and Service
Contracts and Bill of Sale in the form of Exhibit H
attached hereto, executed by Seller;

(c)           Agreements. All
agreements, instruments, certificates and other documents required under this
Agreement, executed by Seller or the Seller’s Affiliates, if applicable.

(d)           State Law Disclosures.
Such disclosures and reports as are required by applicable state and local law
in connection with the conveyance of direct or indirect interests in real
property;

(e)           Certificate of Non-Foreign
Status. A certificate of non-foreign status for Seller (and/or the
relevant DCT Affiliate) sworn to by Seller (and/or the relevant DCT Affiliate);
and

(f)            Title Documents.
Such affidavits of title or other certifications as shall be reasonably
required by the Title Company to insure Buyer’s title to the Property as set
forth in Section 3.

(g)           RESERVED

(h)           Original Leases, Licenses,
Service Contracts and Other Personal Property. All original Leases
and licenses, Service Contracts, and other Personal Property, which may be
delivered outside of escrow as otherwise directed by Buyer.

(i)            Keys. All keys,
combinations and security codes for all locks and security devices on the
Property, which may be delivered outside of escrow as otherwise directed by
Buyer.

(j)            Tenant Letter.
Letters to each tenant advising of the change in ownership and directing the
payment of rent to such party as the Buyer shall designate, said letter to be
in form reasonably acceptable to Buyer, which may be handled outside of
Closing.

(k)           Tenant Estoppel.
Seller shall deliver at Closing either Seller Estoppels or Tenant Estoppels for
each Lease. In addition, Seller agrees to cooperate with Buyer in connection
with delivering to the tenants Subordination, Non Disturbance and Attornment
Agreements (“SNDAs”) which may be required
by Buyer’s lender.

(l)            Seller’s Authority.
Proof reasonably satisfactory to Title Company of Seller’s good standing and
authority to enter into this transaction and proof of existence and authority
of the

 9
 

 

general partner, manager, member, or officer of the
Seller to act on behalf of Seller, which may include, as determined by the
Title Company: (i) the certificate of incorporation or formation of Seller
certified by the Secretary of State of the state in which Seller is formed or
incorporated as of a recent date and by an officer of Seller, (ii) the bylaws
or operating agreement of Seller, certified by an officer of Seller, (iii) a
certificate of good standing as of a recent date for Seller from the Secretary
of State of the state in which Seller is formed or incorporated. and (iv) a
certificate of an officer from Seller certifying resolutions of the board of
directors or members approving and authorizing the execution, delivery and
performance by Seller of this Agreement and the consummation of the
transactions contemplated hereby (together with an incumbency and signature
certificate regarding the officer(s) signing on behalf of Seller).

(m)          A closing statement acceptable to
Seller.

SECTION
7.4. Buyer’s Deliveries in Escrow. On or before the
Closing Date, Buyer shall deliver in escrow to the Escrow Agent the following:

(a)           Purchase Price.
Subject to adjustment pursuant to Article 6, Buyer shall pay to Seller the
Purchase Price and the costs associated with the transaction.

(b)           Agreements. All
agreements, instruments, certificates and other documents required under this
Agreement, and counterparts to the Seller’s deliveries above (to the extent
applicable), executed by Buyer.

(c)           Authority Documentation.
Such evidence of authority for the transactions contemplated hereby as shall be
required by the Title Company, including (i) the certificate of incorporation
of Buyer certified by the Secretary of State of Delaware as of a recent date
and by its corporate secretary or assistant secretary, (ii) the bylaws of
Buyer, certified by its corporate secretary or assistant secretary, (iii) a
certificate of good standing as of a recent date for Buyer from the Secretary
of State of Delaware and (iv) a certificate of Buyer’s corporate secretary or
assistant secretary certifying resolutions of the board of directors of Buyer
approving and authorizing the execution, delivery and performance by Buyer of
this Agreement and the consummation of the transactions contemplated hereby
(together with an incumbency and signature certificate regarding the officer(s)
signing on behalf of Buyer).

ARTICLE VIII

EXPENSES AND PRORATIONS

SECTION
8.1. Prorations. Except as otherwise expressly provided
for in this Agreement, Seller shall be entitled to all revenue and shall be
responsible for all expenses for the period of time up to and including the day
before the Closing, and Buyer shall be entitled to all revenue and be
responsible for all expenses for the period of time on and after the date of
Closing. In each such proration set forth below, the portion thereof applicable
to periods beginning on the date of Closing shall be credited or charged to the
Buyer and the portion thereof applicable to periods ending as of the day before
the Closing shall be credited or charged to Seller. Net credits in favor of
Buyer shall be deducted from the balance of the Purchase Price at the Closing
and net credits in favor of Seller shall be added to the Purchase Price to be
paid by Buyer at the Closing.

 10
 

 

(a)           Collected Rent.
All collected rent (excluding tenant reimbursements for Operating Expenses) and
other collected income (and any applicable state or local tax on rent) under
Leases in effect on the Closing Date shall be prorated between Seller and the
Buyer as of the Closing. Seller shall be charged with any rent and other income
collected by Seller before Closing but applicable to any period of time after
Closing. Buyer shall apply rent, operating expenses and other income from
tenants that are collected after the Closing first to the post Closing costs of
collection and then to post Closing obligations then owing under the Leases,
and then remitting the balance, if any, to Seller. Any prepaid rents collected
by Seller before Closing applicable to the period following the Closing Date
shall be paid over by Seller to the Buyer. The Buyer will make reasonable
efforts, without suit, to collect any rents applicable to the period before
Closing. Seller may pursue collection as to any rent not collected by the Buyer
within six (6) months following the Closing Date, provided
that Seller shall have no right to terminate any Lease or any tenant’s
occupancy under any Lease in connection therewith.

(b)           Operating Expenses.
(i) Seller, as landlord under the Leases, is currently collecting from tenants
under the Leases (to the extent not paid directly by tenants) additional rent
to cover taxes, insurance, utilities, common area maintenance and other
operating costs and expenses (collectively, “Operating
Expenses”) in connection with the ownership, operation,
maintenance and management of the Property. At Closing, Seller will deliver to
the Buyer all such amounts collected from tenants under the Leases to the
extent not paid by Seller to the service provider or collecting authority,
together with evidence or a certificate indicating the date(s) to which such
reimbursable Operating Expenses have been paid by such Tenants and the date(s)
to which such reimbursable Operating Expenses have been paid by Seller to the
service provider or collecting authority. Operating Expenses that are not
payable by tenants either directly or reimbursable under the Leases shall be
prorated between Seller and Buyer as of the Closing Date. In connection with
such proration, Operating Expenses for the period prior to the Closing Date
shall be reasonably estimated by Seller and Buyer if final bills are not
available, and any final adjusting payments shall be made pursuant to Section
8.2 below.

(c)           Taxes and Assessments.
Real estate taxes and assessments imposed by governmental authority (“Property  Taxes”)
that are not yet due and payable and that are not reimbursable by tenants under
the leases as Operating Expenses shall be prorated between Seller and Buyer as
of the Closing Date based upon the most recent ascertainable assessed values
and tax rates. Seller shall receive a credit for any Property Taxes paid by
Seller and applicable to any period after the Closing. Seller shall be charged
for any unpaid Property Taxes owing and applicable to any period before closing
Final adjusting payments shall be made pursuant to Section 8.2, below.

SECTION
8.2. Final Adjustment After Closing. If final prorations
are not made at Closing for any item required to be prorated under Section
8.1, including Property Taxes, then Seller and Buyer agree to allocate such
items on a fair and equitable basis in a final adjustment to be made promptly
after December 31, 2006, to the effect that income and expenses are received
and paid by Seller and Buyer on an accrual basis (provided that real property
taxes shall be adjusted on the same basis upon which the Seller acquired the
Property) with respect to the periods before and after the Closing Date,
respectively. Payments in connection with the final adjustment shall be due
within 30 days of written notice. Seller shall have reasonable access to, and
the right to inspect, the books of Buyer. If by way of a tenant audit of
Operating Expenses or otherwise it is determined that

 11
 

 

a tenant under a Lease is entitled to reimbursement
for an Operating Expense collected under its Lease, the portion of such
reimbursement attributable to the period prior to the Closing shall be for the
account of Seller and shall be either paid by Seller to such tenant or promptly
reimbursed by Seller to Buyer if previously paid by Buyer to such tenant. If
any such tenant audit results in a payment to be made by such tenant and such
payment is attributable to a period prior to the Closing, such payment shall be
for the account of Seller.

SECTION
8.3. Schedule of Prorations. The parties have endeavored
to jointly prepare a schedule of prorations for the Property no less than five
(5) days prior to Closing.

SECTION
8.4. Readjustments. The parties shall correct any errors
in prorations as soon after the Closing as amounts are finally determined. The
provisions of this Article 8 shall survive the Closing.

SECTION
8.5. Tenant Deposits. All tenant security deposits in
Seller possession, as reflected on a final Rent Roll delivered to Buyer and not
theretofore applied to tenant obligations under the Leases, shall be credited
to Buyer, at Closing. Buyer shall assume Seller’s obligations related to such
tenant security deposits that are credited to Buyer. Buyer will indemnify,
defend, and hold Seller harmless from and against all demands and claims made
by tenants arising out of the improper failure or refusal of Buyer, to refund
to a tenant any security deposit of such tenant credited to Buyer and will
reimburse Seller for any reasonable expenses (including all reasonable
attorneys’ fees) incurred or that may be incurred by Seller as a result of any
such claims or demands by tenants. The Seller will indemnify, defend and hold
Buyer, harmless from and against all demands and claims made by tenants arising
out of any security deposits not credited to Buyer and will reimburse Buyer,
and for any reasonable expenses (including all reasonable attorneys’ fees)
incurred or that may be incurred by Buyer, as a result of any such claims or
demands by tenants.

SECTION
8.6. Deposits or Bonds. Buyer shall be responsible for
replacing or crediting to the Seller at the Closing any other deposits or bonds
that may be outstanding relating to any Property on the Closing Date.

SECTION
8.7. Leasing Commissions. Any leasing commissions that
may be owing to brokers in connection with lease renewals, expansions and
extensions that occur in relation to the Property prior to Closing, to the
extent not previously paid by Seller, shall be the responsibility of the Buyer.
Leasing commissions that may be owing to brokers under existing commission
agreements with Seller in connection with renewals, expansions, and extensions
that occur after Closing shall, as between Seller and Buyer, be the
responsibility of Buyer. All existing commission agreements and leasing
commissions that are owing in relation to any Property are set forth on Exhibit I attached to this
Agreement. As between Buyer and Seller, Buyer will assume these existing
commission agreements with respect to leasing activities occurring after
Closing.]

SECTION
8.8. Brokerage Commissions. Except as expressly stated
herein, Seller and Buyer represent and warrant each to the other that they have
not dealt with any real estate broker, sales person or finder in connection
with this transaction. If any claim is made for broker’s or finder’s fees or
commissions in connection with the negotiation, execution or consummation of
this Agreement or the transactions contemplated hereby, each party shall
defend, indemnify and hold

 12
 

 

harmless the other party from and against any such
claim based upon any statement, representation or agreement of such party.

ARTICLE IX

REPRESENTATIONS AND WARRANTIES

SECTION
9.1. Seller’ Representations and Warranties. As a
material inducement to Buyer to execute this Agreement and consummate this
transaction, Seller represents and warrants to Buyer, that:

(a)           Organization and Authority.
Seller has been duly organized and is validly existing as a limited liability
company, in good standing in the State of Delaware. Seller has the full right
and authority and has obtained any and all consents required to enter into this
Agreement and to consummate or cause to be consummated the transactions
contemplated hereby. This Agreement has been, and all of the documents, to be
delivered by Seller, at the Closing will be, authorized and properly executed
and constitutes, or will constitute, as appropriate, the valid and binding
obligation of Seller, enforceable in accordance with their terms, subject to
applicable laws of bankruptcy or insolvency and principles of equity. The execution,
delivery and performance of this Agreement by Seller does not in any material
respect (i) violate any decree or judgment of any court or governmental
authority applicable to Seller or the Property; (ii) violate any law (or
regulation promulgated under any law); (iii) violate or conflict with, or
result in a breach of, or constitute a default under (or an event with or
without notice or lapse of time or both would constitute a default) under any
contract or agreement to which Seller is a party or (iv) violate or conflict
with any provision of the organizational documents of Seller or any Seller’s
Affiliate.

(b)           Conflicts and Pending
Action. There is no agreement to which any Seller is a party or to
Seller’s knowledge binding on Seller which is in conflict with this Agreement.
There is no action or proceeding pending or, to Seller’s knowledge, threatened
against the Property, including condemnation or re-zoning proceedings, or
against Seller or any Seller’s Affiliate which challenges or impairs Seller’s or
ability to execute or perform its obligations under this Agreement.

(c)           Compliance with Zoning Law.
Other than disclosed in the third party diligence reports delivered by or on
behalf of Seller to Buyer, to Seller’ knowledge, no changes or alterations have
been made to the Property or any improvements thereon which render the same in
violation of any applicable zoning ordinances.

(d)           Rent Roll. The
Rent Roll as attached to this Agreement as Exhibit J
is true, correct and complete in all material respects as of the date hereof
and lists all of the leases and tenancies that affect the Property.

(e)           Leases. The
schedule of Leases attached to this Agreement is true, correct and complete.

(f)            Violations/Condemnation.
To Seller’s knowledge, (x) there is no litigation or proceedings pending
against or relating to the Property before any court or administrative body or

 13
 

 

agency and (y) no notice of any pending or threatened
condemnation or eminent domain proceedings which would affect the Property has
been received by Seller.

(g)           Environmental.
Other than disclosed in the third party diligence reports delivered by or on
behalf of any Seller to Buyer, to Seller’s knowledge, the Property is not in
violation of any existing and applicable law or regulation pertaining to
Hazardous Materials (including Environmental Laws) and are not subject to any
existing, pending or threatened investigation or inquiry by any governmental or
quasi-governmental authority and is not subject to any remedial action or
obligations under any law or regulation pertaining to Hazardous Materials
(including Environmental Laws). The term “Environmental Laws”
includes without limitation the Resource Conservation and Recovery Act and the
Comprehensive Environmental Response Compensation and Liability Act and other
federal laws governing the environment as in effect on the date of this
Agreement together with their implementing regulations and guidelines as of the
date of this Agreement, and all state, regional, county, municipal and other
local laws, regulations and ordinances that are equivalent or similar to the
federal laws recited above or that purport to regulate Hazardous Materials. The
term “Hazardous Materials” includes
petroleum, including crude oil or any fraction thereof, natural gas, natural
gas liquids, liquefied natural gas, or synthetic gas usable for fuel (or
mixtures of natural gas or such synthetic gas), asbestos and asbestos
containing materials and any substance, material waste, pollutant or
contaminant listed or defined as hazardous or toxic under any Environmental
Law.

(h)           Service Contracts:
The schedule of Service Contracts attached is true, correct and complete. No
written notice of default or breach by Seller in the terms of any of such
Service Contracts has been received by Seller. Seller has performed, and at
Closing shall have performed, all material obligations which it has under said
Service Contracts.

(i)            Condemnation: There
is no condemnation or eminent domain proceeding pending with regard to any part
of the Property, and to the best of Seller’s knowledge, no such proceedings are
proposed.

(j)            No Lawsuits: There
are no claims, lawsuits or proceedings pending, or to Seller’ knowledge,
threatened against or relating to the Property in any court or before any
governmental agency, except for actions for possession, damages and or rent, if
any, against defaulted tenants as disclosed by Seller. Notwithstanding anything
in this Agreement to the contrary, the filing or threatened filing of any
claim, lawsuit or proceeding described in this Section 9.1(j) after
the effective date of this Agreement shall not be deemed to be a breach of this
Section so long as (i) Seller promptly notifies Buyer of such matter, and (ii)
such proceeding is either a claim covered by any Seller’ insurance or a claim
against Buyer for which Seller agrees to indemnify Buyer.

(k)           FIRPTA. Seller
is not a “foreign person” as such term is defined in Section 1445(f)(3) of the
Internal Revenue Code of 1954, as amended (the “Code”).

(l)            Patriot Act. To
Seller’s knowledge, (a) it is in compliance with the requirements of Executive
Order No. 133224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the “Order”) and other similar
requirements contained in the rules and regulations of the Office of Foreign
Assets Control, Department of the Treasury (“OFAC”)
and in any enabling legislation or other Executive Orders or

 14
 

 

regulations in respect thereof (the Order and such
other rules, regulations, legislation, or orders are collectively called the “Orders”); and (b) Seller (i) is not
listed on the Specially Designated Nationals and Blocked Persons List
maintained by OFAC pursuant to the Order and/or on any other list of terrorists
or terrorist organizations maintained pursuant to any of the rules and
regulations of OFAC or pursuant to any other applicable Orders (such lists are
collectively referred to as the “Lists”), and (ii) is not a Person who has been
determined by competent authority to be subject to the prohibitions contained
in the Orders.

(m)          ERISA. Seller
is not an employee pension benefit plan subject to the provisions of Title IV
of ERISA or subject to the minimum funding standards under Part 3, Subtitle B,
Title I of ERISA or Section 412 of the Code or Section 302 of ERISA, and none
of its assets constitute assets of any such employee benefit plan subject to
Part 4, Subtitle B, Title I of ERISA under 29 C.F.R. Section 2510.3-101. Seller
is not a “governmental plan” within the meaning of Section 3(32) of ERISA and
none of its assets constitute assets of any such governmental plan and are not
subject to state statutes regulating investments of and fiduciary obligations
with respect to governmental plans.

(n)           No Insolvency.
As of the date hereof, and as of the Closing, (a) Seller has not committed an
act of bankruptcy, proposed a compromise or arrangement to its creditors
generally, taken any proceeding with respect to a compromise or arrangement,
taken any proceeding to have itself declared bankrupt or wound-up, or taken any
proceeding to have a receiver appointed in connection with its ownership of the
Property, and (b) to Seller’s knowledge, Seller has not had any petition for a
receiving order in bankruptcy filed against it, had any encumbrancer take
possession of its interest in the Property, or had any execution or distress
become enforceable or become levied upon its interest in the Property.

(o)           “Seller’ knowledge”
means and is limited by the current actual knowledge of James Cochran and
Teresa Corral, who collectively have made inquiry of, and would in the ordinary
course of their representation as officers of Dividend Capital Trust Inc.,
receive notice from other officers, agents, employees or consultants of the
Seller regarding the matters set forth in this Section 9.1;

SECTION
9.2. Buyer’s Representations and Warranties. As a material
inducement to Seller to execute this Agreement and consummate this transaction,
Buyer represents and warrants to Seller that:

(a)           Organization and Authority.
Buyer has been duly organized and is validly existing as a Delaware
corporation, in good standing in the State of Delaware. Buyer has the full
right and authority and has obtained any and all consents required to enter
into this Agreement and to consummate or cause to be consummated the
transactions contemplated hereby. This Agreement has been, and all of the
documents to be delivered by Buyer at the Closing will be, authorized and
properly executed and constitutes, or will constitute, as appropriate, the
valid and binding obligation of Buyer, enforceable in accordance with their
terms subject to applicable laws of bankruptcy or insolvency and general
principles of equity. The execution, delivery and performance of this Agreement
by Buyer do not in any material respect (i) violate any decree or judgment of
any court or governmental authority which may be applicable to Buyer; (ii)
violate any law (or regulation promulgated under any law); (iii) violate or
conflict with, or result in a breach of, or constitute a default under (or an
event with or without notice or lapse of time or both would constitute a
default)

 15
 

 

under any contract or agreement to which Buyer is a
party; or (iv) violate or conflict with any provision of the organizational
documents of Buyer.

(b)           Conflicts and Pending
Action. There is no agreement to which Buyer is a party or to Buyer’s
knowledge binding on Buyer which is in conflict with this Agreement. There is
no action or proceeding pending or, to Buyer’s knowledge, threatened against
Buyer which challenges or impairs Buyer’s ability to execute or perform its
obligations under this Agreement or the Partnership Agreement.

SECTION
9.3. Survival of Representations and Warranties and Limitation of Liability.
The representations and warranties set forth in Article 9 are made as of the
date of this Agreement and shall not be deemed to be merged into or waived by
the instruments of Closing, but shall survive the Closing for a period of
twelve (12) months. Seller and Buyer shall have the right to bring an action
thereon only if Seller or Buyer, as the case may be, has given the other party
written notice of the circumstances giving rise to the alleged breach within
such twelve (12) month period. Each party agrees to defend and indemnify the
other against any claim, liability, damage or expense asserted against or
suffered by such other party arising out of the breach or inaccuracy of any
such representation or warranty for which notice has been so given.
Notwithstanding anything in this Agreement or in the documents delivered in
connection with this Agreement, Seller’s aggregate collective liability for
claims arising out of matters that expressly survive the Closing shall be
limited and shall not exceed a sum equal to ten percent (10%) of the Purchase
Price.

ARTICLE X

MISCELLANEOUS

SECTION
10.1. Parties Bound. No party may assign this Agreement
without the prior written consent of the other parties, and any such prohibited
assignment shall be void. Subject to the foregoing, this Agreement shall be
binding upon and inure to the benefit of the respective legal representatives,
successors, assigns, heirs and devisees of the parties.

SECTION
10.2. Default. If any party defaults in its obligations
hereunder, the other parties may pursue any remedies available to them at law
or in equity; provided, however that Seller shall not be entitled
to pursue the remedy of specific performance against Buyer.

SECTION
10.3. Confidentiality. No party may issue a public
announcement concerning the transactions contemplated by this Agreement without
the prior written consent of the other parties, such consent not to be
unreasonably withheld or delayed, except as required by law or the rules of any
securities exchange on which securities of such party or one of its affiliates
are listed.

SECTION
10.4. Headings. The article and section headings of this
Agreement are for convenience only and in no way limit or enlarge the scope or
meaning of the language hereof.

SECTION
10.5. Invalidity and Waiver. If any portion of this
Agreement is held invalid or inoperative, then so far as is reasonable and
possible the remainder of this Agreement shall be deemed valid and operative,
and effect shall be given to the intent manifested by the portion held invalid
or inoperative. The failure by a party to enforce against any other party any
term or

 16
 

 

provision of this Agreement shall not be deemed to be
a waiver of such party’s right to enforce against the other party the same or
any other such term or provision in the future.

SECTION
10.6. Governing Law. This Agreement shall, in all
respects, be governed, construed, applied, and enforced in accordance with the
law of the State of Delaware.

SECTION
10.7. No Third Party Beneficiary. This Agreement is not
intended to give or confer any benefits, rights, privileges, claims, actions,
or remedies to any person or entity as a third party beneficiary or otherwise.

SECTION
10.8. Entirety and Amendments. This Agreement embodies
the entire agreement between the parties and supersedes all prior agreements
and understandings relating to the Properties except for any confidentiality
agreement binding on Buyer, which shall not be superseded by this Agreement.
This Agreement may be amended or supplemented only by an instrument in writing
executed by the party against whom enforcement is sought.

SECTION
10.9. Notices. Any notice or other communication provided
for or required by this Agreement shall be in writing and shall be delivered by
e-mail, by hand, by air courier service, by certified or registered mail,
return receipt requested, postage prepaid, or by facsimile transmission,
addressed to the person to whom such notice is intended to be given at such
address as such person may have previously furnished in writing to the
Partnership or to such person’s last known address. In the case of any
communication which requires a response within a specified period of time
pursuant to the terms of this Agreement, the time period in which such response
must be given shall commence upon the date of actual receipt of a hard copy
(including a facsimile copy) of any such communication. Delivery to any
officer, member, agent or employee of a party at the designated address of such
party shall constitute actual receipt for purposes hereof. Until receipt of
written notice to the contrary, the parties’ addresses for notices shall be
served on the parties at the addresses set forth in Section 1.1.

SECTION
10.10. Construction. The parties acknowledge that the
parties and their respective counsel have reviewed and revised this Agreement
and that the normal rule of construction — to the effect that any
ambiguities are to be resolved against the drafting party — shall not be
employed in the interpretation of this Agreement or any exhibits or amendments
hereto.

SECTION
10.11. Indemnity.

The
following provisions govern actions for indemnity under this Agreement.
Promptly after receipt by an indemnitee of notice of any claim, such indemnitee
will, if a claim in respect thereof is to be made against the indemnitor,
deliver to the indemnitor written notice thereof and the indemnitor shall have
the right to participate in such proceeding and, if the indemnitor agrees in
writing that it will be responsible for any costs, expenses, judgments,
damages, and losses incurred by the indemnitee with respect to such claim, to
assume the defense thereof, with counsel mutually satisfactory to the parties; provided, however,
that an indemnitee shall have the right to retain its own counsel, with the
fees and expenses to be paid by the indemnitor, if the indemnitee reasonably
believes that representation of such indemnitee by the counsel retained by the
indemnitor would be inappropriate due to actual or potential differing
interests between such indemnitee and any other

 17
 

 

party represented by such counsel in such proceeding.
The failure of indemnitee to deliver written notice to the indemnitor within a
reasonable time after indemnitee receives notice of any such claim shall
relieve such indemnitor of any liability to the indemnitee under this indemnity
only if and to the extent that such failure is prejudicial to its ability to
defend such action, and the omission so to deliver written notice to the
indemnitor will not relieve it of any other liability that it may have to any
indemnitee. If an indemnitee settles a claim without the prior written consent
of the indemnitor, then the indemnitor shall be released from liability with
respect to such claim unless the indemnitor has unreasonably withheld such
consent.

SECTION
10.12. Further Assurances. Each of the parties hereto
agrees to take such actions and execute such further documents, instruments and
other agreements as may be reasonably requested by any other party hereto as
may be reasonably necessary to carry out and implement the intent of this
Agreement.

SECTION
10.13. Execution in Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an
original, and all of such counterparts shall constitute one Agreement.

SECTION
10.14. WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

[Signature
Page Follows]

 18

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and
year written above.

SELLER:

DCT PARK
WEST III LLC, a Delaware limited liability company

By:
DCT Leasing Corp., a Delaware corporation, its sole member

	
  By:

  	
   

  	
   

  
	
  Name: Teresa L. Corral

  	
   

  
	
  Its: Authorized
  Signatory

  	
   

  

 

BUYER:

TRT PARK WEST L LLC, a Delaware
limited liability company

	
  By:

  	
   

  	
  DCTRT Real Estate Holdco LLC, a Delaware limited
  liability company, its sole member

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  Dividend Capital Total Realty Operating Partnership
  LP, a Delaware limited partnership, its sole member

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  Dividend Capital Total Realty Trust Inc., a Maryland
  corporation, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Michael J. Kelly

  
	
   

  	
   

  	
  Its: Managing Director/Chief Acquisitions Officer

  

 

JOINDER

Subject
to the express limitations set forth in Section 9.3, the undersigned,
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, hereby duly executes with proper authority and joins in
the execution of this Agreement, and agrees that it is jointly and severally
liable, as a principal and not as a surety, for the Seller’s obligations under
the Agreement and the documents executed in connection therewith.

	
  DCT LEASING CORP., a
  Delaware corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name: Teresa L. Corral

  	
   

  	
   

  
	
  Its: Authorized
  Signatory

  	
   

  	
   

  
					

 

 S-1

 

EXHIBIT A

LEGAL DESCRIPTION OF REAL PROPERTY

All that tract or parcel of land lying and being in
the District of Boone County, Kentucky, and being more particularly described
as follows:

Park West Building L-1 Land – Group 4675

Being the same property designated as “Lot 16A” on
that Plat entitled “Park West International, Boone County, Kentucky,
resubdivision of Lots 15 & 16, Section 7” and recorded at Cabinet 5, Page
155, in the Boone County Clerk’s Records of Burlington, Kentucky.

 

EXHIBIT B

SCHEDULE OF LEASES

See Rent Roll (Exhibit J)

 3
 

 

EXHIBIT C

OPERATING STATEMENTS

[See Attached]

 4
 

 

EXHIBIT D

SERVICE CONTRACTS

1.               Service Agreement
for quarterly exterior light audits at Park West L1 & Q with Riverside
Electric, Inc. dated January 23, 2006.

2.               Service Agreement
for fire protection inspections at Park West L1 & Q with RTF Fire
Protection dated January 23, 2006.

3.               Service Agreement
for landscaping services at Park West L1 & Q with T.R. Gear Landscaping,
Inc. dated February 9, 2006.

4.               Service Agreement
for quarterly lot sweeping at Park West L1 & Q with Superior Maintenance
Services, LLC dated February 27, 2006.

5.               Service Agreement
for quarterly pressure washing at Park West L1 & Q with Superior
Maintenance Services, LLC dated February 27, 2006.

6.               Service Agreement
for roof inspection at Park West L1 & Q with ATC Associates Inc. dated
August 15, 2006.

7.               Service Agreement
for snow removal at Park West L1 & Q with T.R. Gear Landscaping, Inc. dated
January 19, 2006.

8.               Service Agreement
for tax consulting at Park West L1 & Q with Nichols Advisory Services, Inc.
dated February 2, 2006.

9.               Service Agreement
for window cleaning services at Park West L1 & Q with Erlanger Window
Cleaning dated January 30, 2006.

10.         Service Agreement for
fire alarm monitoring at Park West Q with Honeywell dated August 16, 2004.

 5
 

 

EXHIBIT E

REPORTS

1.               Phase I
Environmental Site Assessment for Park West International Building L-1 by
Blackstone Consulting LLC dated December 16, 2005.

2.               Phase I
Environmental Site Assessment for Park West International Building L-1 by
Blackstone Consulting LLC dated September 25, 2006.

3.               Property Condition
Assessment for Park West International by Pond, Robinson & Associates, LP
dated December 2005.

 6
 

 

EXHIBIT F

SELLER’S ESTOPPEL

 

October 31, 2006

TRT PARK WEST Q LLC

c/o Dividend Capital Total Realty Trust

518 17th Street

Suite 1700

Denver, Colorado 80202

Attention:  Greg Moran

Greg:

The undersigned is the sole owner of the landlord to
the tenants described in the       (     )
Tenant Estoppel Certificates attached hereto as Exhibit A. Pursuant to Section
7.2(g) of that certain Purchase and Sale Agreement (the “Purchase Agreement”), dated as of
October 31, 2006, by and between the undersigned and TRT Rickenbacker LLC (the “Buyer”) the undersigned has agreed
to deliver this Seller’s Estoppel for your benefit as more particularly set
forth in Section 7.2(g) of the Purchase Agreement.

Accordingly, for good and valuable consideration and
in order to have you proceed with the Closing, the undersigned hereby certifies
the truth and accuracy of the factual statements set forth in the attached
Tenant Estoppel Certificates in all material respects, provided that with
respect to the matters covered in paragraph 12 we certify only to the actual
knowledge of the undersigned. Notwithstanding the foregoing, however, this
Seller’s Estoppel shall be superceded by the actual Tenant Estoppel
Certificates if and when delivered by the applicable tenants in accordance with
Section 7.2(g) of the Purchase Agreement.

The
undersigned is executing this certificate as an inducement for you to proceed
with the Closing.

[Signature Follows]

 7
 

 

 

	
  

  	
   

  	
  DCT LEASING CORP., a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Teresa L. Corral

  
	
   

  	
   

  	
  Its: Authorized Signatory

  

 

 8

 

EXHIBIT A TO SELLER’S ESTOPPEL

[attach Tenant Estoppels]

 

EXHIBIT G

TENANT ESTOPPEL CERTIFICATE

	
  To:

  	
  [                                                    ]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attention:

  	
   

  
	
   

  	
   

  	
   

  
	
  Re:

  	
  Property Address:

  	
                                                ,

  
	
   

  	
   

  	
                     ,                          

  
	
   

  	
   

  	
  (the “Property”)

  
				

 

The undersigned
tenant (the “Tenant”) hereby certifies to you as follows:

1.             Tenant is a tenant at the Property under a lease (the “Lease”)
dated                 ,
between                                 
and                        ,
a true, correct, and complete copy of which, including all amendments thereto
and guaranties thereof, is attached hereto as Exhibit A. There are no
other agreements, written or oral, affecting or relating to Tenant’s lease of
the leased premises described in the Lease (the “Premises”) or any other
portion of the Property.

2.             Tenant took possession of the Premises, consisting of                                 square
feet, on                 .
The Tenant currently has full possession of the Premises, has not assigned the
Lease or sublet any part of the Premises and does not hold the Premises under
an assignment or sublease [, except:                 ].

3.             Tenant has accepted possession of the Premises, and all
work to be performed by Landlord for Tenant under the Lease has been performed
and has been accepted by Tenant [, except                ]. All allowances to be paid to Tenant have
been paid, and there is no construction completed, ongoing, or planned for
which Landlord is obligated to reimburse Tenant.

4.             All base rent and additional rent under the Lease has
been paid through                              ,
20  . There is no prepaid rent [except                 ].

5.             Base rent is currently payable in the amount of $                       per
month.

6.             Tenant is currently paying estimated payments of
additional rent of $                on
account of real estate taxes, insurance, and common area maintenance expenses. Select correct alternative: A  Tenant pays its full proportionate
share of real estate taxes, insurance, and common area maintenance
expenses  OR  B 
Tenant pays Tenant’s proportionate share of the increase in real estate
taxes and insurance over the [base year/base amount] of                           and
its full proportionate share of common area maintenance charges OR  C                                                .

7.             The amount of security deposit is $                and
to Tenant’s knowledge none of the security deposit has been applied by the
landlord to any obligation under the Lease.

8.             The Lease term expires on                 ,
and Tenant has the following renewal or extension option(s):                  .
The renewal or extension options for the following periods have been exercised:
                                .

9.             The Lease is in full force and effect, free from default
and, to Tenant’s knowledge, from any event which could become a default under
the Lease. Tenant has no claims against the landlord or offsets or defenses
against rent, and there are no disputes with the landlord. Tenant is not
currently entitled to any rent abatement under the Lease.

 

10.           The Tenant has the following
expansion rights with respect to the Property:                                              .

11.           The Tenant has no rights or options
to purchase the Property.

12.           To the best of the Tenant’s
knowledge, no hazardous wastes have been generated, treated, stored, or
disposed of by or on behalf of the Tenant or anyone else on the Premises.

The undersigned
has executed this certificate with the knowledge and agreement that the
undersigned will be bound by the statements contained herein and that they may
be relied upon by the addressee, any mortgagee of the Property, and their
respective successors and assigns.

Dated this              day
of                           ,
200 .

	
   

  	
  [TENANT’S NAME]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

 

EXHIBIT H

ASSIGNMENT OF LEASES AND CONTRACTS AND BILL OF SALE

This instrument is executed and delivered as of the         day
of                 ,
200   pursuant to that certain Purchase and Sale Agreement (“Contract”)
dated                  ,
200 , by and between                 ,
a Delaware                        (“Seller”),
and                                 ,
a                                (“Buyer”),
covering the real property described in Exhibit A attached hereto (“Real
Property”).

1.             Sale of Personalty.
For good and valuable consideration, Seller hereby sells, transfers, sets over
and conveys to Buyer the following (the “Personal Property”):

(a)           Tangible Personalty.
All of Seller’s right, title and interest, in and to all the furniture,
fixtures, equipment, and other tangible personal property owned by Seller and
located in or on the Real Property except any such personal property belonging
to tenants under the Leases or the management agent; and

(b)           Intangible
Personalty. All the right, title and interest of Seller, in and to
assignable licenses and permits relating to the operation of the Property,
assignable guaranties and warranties from any contractor, manufacturer or other
person in connection with the construction or operation of the Property, and
the right to use the name of the Property (if any), but specifically excluding
any right, title or interest of Seller in any trademarks, service marks and
trade names of Seller and with reservation by Seller to use such name in
connection with other property owned by Seller in the vicinity of the Property.

2.             Assignment of
Leases and Contracts. For good and valuable consideration, Seller hereby
assigns, transfers, sets over and conveys to Buyer, and Buyer hereby accepts
the following:

(a)           Leases. All of
the landlord’s right, title and interest in and to the tenant leases (“Leases”);

(b)           Service Contracts
and Commission Contracts. Seller’s right, title and interest in and to the
service contracts and commission Contracts described in Exhibit B
attached hereto (the “Contracts”).

3.             Seller Indemnity.
Seller hereby agrees to indemnify, defend and hold Buyer harmless from and
against any and all claims, losses, costs, damages and obligations arising by
reason of the failure of Seller to fulfill, perform, discharge, and observe its
obligations with respect to the Contracts arising before the Closing Date.

4.             Assumption.
Buyer hereby assumes the obligations of Seller under the Leases and Contracts
arising from and after the Closing Date and shall defend, indemnify and hold
harmless Seller from and against any liability, damages, causes of action,
expenses, and attorneys’ fees incurred by Seller by reason of the failure of
Buyer to fulfill, perform, discharge, and observe its obligations with respect
to the Leases or the Contracts arising from and after the Closing Date

 

5.             Warranty of Title
to Leases and Contracts. Seller warrants that all Personal Property is free
and clear of all liens, encumbrances and interests whatsoever.

6.             Contract Applies.
The covenants, Contracts, disclaimers, representations, warranties, indemnities
and limitations provided in the Contract with respect to the Property
(including, without limitation, the limitations of liability provided in the
Contract), are hereby incorporated herein by this reference as if herein set
out in full and shall inure to the benefit of and shall be binding upon
Assignee and Assignor and their respective successors and assigns.

 

IN WITNESS WHEREOF, the
undersigned have caused this instrument to be executed as of the date written
above.

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  [ENTITY]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

 

	
  

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
						

 

 

[ACKNOWLEDGMENTS]

 

EXHIBIT I

LEASING
COMMISSIONS

1.               Listing Agreement
between IDI Services Group, LLC and DCT Park West III LLC dated January 6,
2006.

 

EXHIBIT J

RENT
ROLL

[See Attached]

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