Document:

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                                                                  EXHIBIT 10.107

                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT

         This AMENDED AND RESTATED EMPLOYMENT AGREEMENT ("Agreement") is entered
into as of January 1, 2004 ("Effective Date") by and between TIMCO AVIATION
SERVICES, INC. ("TIMCO"), a Delaware corporation, and DON MITACEK (the
"Employee").

                                    RECITALS

TIMCO'S subsidiary, Triad International Maintenance Corporation, currently
employs Employee pursuant to that certain Employment Agreement, dated effective
as of September 12, 2001 (the "Old Agreement");

TIMCO wishes to amend and restate the Old Agreement and to employ the Employee
on the terms and conditions set forth in this Agreement.

In consideration of the mutual representations, warranties, covenants and
agreements contained in this Agreement, the parties hereto agree as follows:

         1. Agreement to Supercede Old Agreement. This Agreement shall supercede
the Old Agreement, which shall be of no further force and effect.

         2. Employment

         (a) Employment. TIMCO agrees to employ the Employee as Senior Vice
President of Airframe Maintenance. Employee agrees to accept such employment and
serve in such position, on the terms and subject to the conditions of this
Agreement.

         (b) Employment Period. The period during which the Employee shall serve
as an employee of TIMCO under this Agreement shall commence on the Effective
Date, and unless earlier terminated pursuant to this Agreement or extended
through agreement of the parties, shall expire on December 31, 2006 (the period
for which the Employee is an employee of TIMCO is hereinafter referred to as the
"Employment Period").

         (c) Duties and Responsibilities. During the Employment Period, the
Employee shall have such authority and responsibility and perform such duties as
may be assigned to him from time to time at the direction of the Chief Operating
Officer of TIMCO, or, if no Chief Operating Officer is then serving, by the
Chief Executive Officer of TIMCO, and in the absence of such assignment, such
duties customary to Employee's office as are necessary to the business and
operations of TIMCO and its affiliates. During the Employment Period, the
Employee's employment shall be full time and the Employee shall perform his
duties honestly, diligently, competently, in good faith and in the best
interests of TIMCO and shall use his best efforts to promote the interests of
TIMCO and shall refer to TIMCO opportunities in the aerospace industry that have
been referred to Employee.

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         3. Compensation and Benefits.

         (a) Base Salary. In consideration for the Employee's services hereunder
and the restrictive covenants contained herein, the Employee shall be paid an
annual base salary of $225,000 (the "Salary"), payable in accordance with the
Company's customary payroll practices. Notwithstanding the foregoing, Employee's
annual Salary may be increased at any time and from time to time to levels
greater than the level set forth in the preceding sentence at the sole
discretion of the Compensation Committee of the Board of Directors of TIMCO
("Committee") to reflect merit or other increases.

         (b) Bonus. In addition to the Salary, the Employee shall be eligible to
receive an annual bonus ("Bonus") equal to 65% of the Employee's Base Salary.
The Bonus shall be based on the achievement of corporate goals and objectives as
established by the Committee after consultation with the management of TIMCO.
The achievement of said goals and objectives shall be determined by the
Committee. With respect to any Fiscal Year during which the Employee is employed
by the Company for less than the entire Fiscal Year, the Bonus shall be prorated
for the period during which the Employee was so employed. The Bonus shall be
payable within thirty (30) days after the completion of the financial statements
for the particular Fiscal Year as to which the Bonus relates. The term "Fiscal
Year" as used herein shall mean each period of twelve (12) calendar months
commencing on January 1st of each calendar year during the Employment Period and
expiring on December 31st of such year.

         (c) Retention Bonus. In consideration for Employee entering into the
Agreement, and in addition to the other compensation and benefits payable
hereunder, Employee shall receive a retention bonus (the "Retention Bonus") in
the amount of $75,000, $25,000 of which shall be paid on the Effective Date,
$25,000 of which shall be paid on January 1, 2005 (so long as Employee has not
been terminated for Cause or voluntarily resigned from his employment with TIMCO
as of such date), and $25,000 of which shall be paid on January 1, 2006 (so long
as Employee has not been terminated for Cause or voluntarily resigned from his
employment with TIMCO as of such date).

         (d) Remainder of Signing Bonus due under Old Agreement. Under the Old
Agreement, Employee was entitled to a signing bonus, $30,000 of which remains
payable on September 12, 2004 if Employee has not been terminated for Cause or
voluntarily resigned his employment with Triad International Maintenance
Corporation as of that date. In addition to the other benefits payable
hereunder, Employee shall receive the remaining balance of his signing bonus due
under the Old Agreement if as of September 12, 2004 Employee has not been
terminated for Cause or voluntarily resigned from his employment with TIMCO as
of such date.

         (e) Stock Options. Employee shall be eligible to receive grants of
stock options or other equity incentives at the discretion of the Committee.

         (f) Other Compensation Programs. The Employee shall be entitled to
participate in TIMCO's incentive and deferred compensation programs and such
other programs as are established and maintained generally for the benefit of
TIMCO's employees or executive officers, subject to the provisions of such plans
or programs.

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         (g) Vacations. The Employee shall be entitled to three weeks of
vacation on an annual basis. Employee shall be entitled to be reimbursed for any
accrued and unused vacation time as of the date he is no longer an employee of
TIMCO.

         (h) Other Benefits. During the term of this Agreement, the Employee
shall also be entitled to participate in any other health insurance programs,
life insurance programs, disability programs, stock option plans, bonus plans,
pension plans and other fringe benefit plans and programs as are from time to
time established and maintained for the benefit of TIMCO's employees or
executive officers, subject to the provisions of such plans and programs.

         (i) Expenses. The Employee shall be reimbursed for all out-of-pocket
expenses reasonably incurred by him on behalf of or in connection with the
business of TIMCO, pursuant to the normal standards and guidelines followed from
time to time by TIMCO.

         (j) Withholding. All payments made to the Employee hereunder shall be
made net of any applicable withholding for income taxes and the Employee's share
of FICA, FUTA or other taxes. The Company shall withhold such amounts from such
payments to the extent required by applicable law and remit such amounts to the
applicable governmental authorities in accordance with applicable law.

         4. Termination.

         (a) For Cause. The Company shall have the right to terminate this
Agreement and to discharge the Employee for Cause (as defined below), at any
time during the term of this Agreement. Termination for Cause shall mean, during
the term of this Agreement, (i) Employee's willful and continued failure to
substantially perform his duties after he has received written notice from the
Company identifying the actions or omissions constituting willful and continued
failure to perform, (ii) Employee's conduct that would constitute a crime under
federal or state law, (iii) Employee's actions or omissions that constitute
fraud, dishonesty or gross misconduct, (iv) Employee's breach of any fiduciary
duty that causes material injury to the Company, (v) Employee's breach of any
duty causing material injury to the Company, (vi) Employee's inability to
perform his material duties to the reasonable satisfaction of the Company due to
alcohol or other substance abuse, or (vii) any violation of the Company's
policies or procedures involving discrimination, harassment, substance abuse or
work place violence. Any termination for Cause pursuant to this Section shall be
given to the Employee in writing and shall set forth in detail all acts or
omissions upon which the Company is relying to terminate the Employee for Cause.

         Upon any determination by the Company that Cause exists to terminate
the Employee, the Company shall cause a special meeting of the Board of
Directors to be called and held at a time mutually convenient to the Board of
Directors and Employee, but in no event later than ten (10) business days after
Employee's receipt of the notice that the Company intends to terminate the
Employee for Cause. Employee shall have the right to appear before such special
meeting of the Board of Directors with legal counsel of his choosing to refute
such allegations and shall have a reasonable period of time to cure any actions
or omissions which provide the Company with a basis to terminate the Employee
for Cause (provided that such cure period shall not exceed 30 days). A majority
of the members of the Board of Directors must affirm that Cause

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exists to terminate the Employee. No finding by the Board of Directors will
prevent the Employee from contesting such determination through appropriate
legal proceedings provided that the Employee's sole remedy shall be to sue for
damages, not reinstatement, and damages shall be limited to those that would be
paid to the Employee if he had been terminated without Cause.

         (b) Without Cause. At any time during the Employment Period, TIMCO
shall have the right to terminate the Employment Period and to discharge the
Employee without cause effective upon delivery of written notice to the
Employee. Upon any such termination by TIMCO without cause, provided that
Employee is otherwise in compliance with the provisions of Sections 5 and 6
hereof, the Employee shall be entitled to receive each month for every month
remaining in the Employment Period an amount equal to the monthly portion of his
Salary, when and as the same would have been due and payable hereunder but for
such termination, and otherwise TIMCO shall not have any further obligations
hereunder from and after the date of such termination.

         (c) Death or Disability. At any time during the Employment Period if
Employee is unable to perform his duties and responsibilities as provided
herein, due to his death or due to a physical or mental disability for more than
one hundred eighty (180) days, TIMCO upon written notice may terminate the
Employment Period provided that Employee shall receive disability payments
during the term of Employees disability which Employee is entitled to receive
under the applicable Companies (as defined hereafter) Disability Plan.

         5. Restrictive Covenants. In consideration of the foregoing, the
Employee agrees that he shall not:

         (a) during the Employment Period and for a period of one-year following
the termination of the Employment Period for any reason, directly or indirectly,
alone or as a partner, joint venture, officer, director, member, employee,
consultant, agent, independent contractor or shareholder of, or lender to, any
company or business, engage in any business in the aerospace industry directly
or indirectly in competition with the business of TIMCO or its affiliates (TIMCO
and its affiliates being referred to herein collectively as the "Companies") as
such business now exists or as it may exist at the time of termination;
provided, however, that, the beneficial ownership of less than five percent (5%)
of the shares of stock of any other corporation having a class of equity
securities actively traded on a national securities exchange or over-the-counter
market shall not be deemed, in and of itself, to violate the prohibitions of
this Section; and, provided further, that Employee shall be entitled to receive
each month for one-year following the termination of the Employment Period
Employee's monthly portion of the Salary, unless Employee has been was
terminated for "Cause," in which case this restrictive covenant shall apply
notwithstanding the payment of severance;

         (b) for a period of one-year following the termination of the
Employment Period, directly or indirectly (i) induce any Person which is a
customer of any of the Companies, to patronize any business in the aerospace
industry directly or indirectly in competition with business conducted by any of
the Companies; (ii) canvass, solicit or accept from any Person which is a
customer of any of the Companies, any such competitive business; or (iii)
request or advise any Person which is a customer or supplier of any of the
Companies, to withdraw, curtail

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or cancel any such customer's or supplier's business with any of the Companies,
or its or their successors;

         (c) for a period of one year following the Employment Period, directly
or indirectly employ, or knowingly permit any company or business directly or
indirectly controlled by him, to employ, any person who was employed by any of
the Companies, at or within the prior three months, or in any manner seek to
induce any such person to leave his or her employment;

         (d) at any time following the date hereof, directly or indirectly, in
any way outside of his employment with any of the Companies utilize, disclose,
copy, reproduce or retain in his possession any of the Companies' proprietary
rights or records, including, but not limited to, any of its customer lists.

         6. Confidentiality. The Employee agrees that at all times during and
after the Employment Period, the Employee shall (i) hold in confidence and
refrain from disclosing to any other party all information, whether written or
oral, tangible or intangible, of a private, secret, proprietary or confidential
nature, of or concerning the Companies and their business and operations, and
all files, letters, memoranda, reports, records, computer disks or other
computer storage medium, data, models or any photographic or other tangible
materials containing such information ("Confidential Information"), including
without limitation, any technical specifications, any sales, promotional or
marketing plans, programs, techniques, practices or strategies, any expansion
plans (including existing entry into new geographic and/or product markets), and
any customer lists, (ii) use the Confidential Information solely in connection
with his employment with the Companies and for no other purpose, (iii) take all
reasonable precautions necessary to ensure that the Confidential Information
shall not be, or be permitted to be, shown, copied or disclosed to third
parties, without the prior written consent of AVS, and (iv) observe all security
policies implemented by the Companies from time to time with respect to the
Confidential Information. In the event that the Employee is ordered to disclose
any Confidential Information, whether in a legal or regulatory proceeding or
otherwise, the Employee shall provide AVS with prompt notice of such request or
order so that the Companies may seek to prevent disclosure. In the case of any
disclosure, the Employee shall disclose only that portion of the Confidential
Information that he is ordered to disclose.

         7. Acknowledgments of the Parties. The parties agree and acknowledge
that the restrictions contained in Sections 5 and 6 are reasonable in scope and
duration and are necessary to protect the Companies. If any provision of Section
5 or 6 as applied to any party or to any circumstance is adjudged by a court to
be invalid or unenforceable, the same shall in no way affect any other
circumstance or the validity or enforceability of any other provision of this
Agreement. If any such provision, or any part thereof, is held to be
unenforceable because of the duration of such provision or the area covered
thereby, the parties agree that the court making such determination shall have
the power to reduce the duration and/or area of such provision, and/or to delete
specific words or phrases, and in its reduced form, such provision shall then be
enforceable and shall be enforced. The Employee agrees and acknowledges that the
breach of Section 5 or 6 will cause irreparable injury to the Companies and upon
breach of any provision of such Sections, the Companies shall be entitled to
injunctive relief, specific performance or

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other equitable relief; provided, however, that, this shall in no way limit any
other remedies which the Companies may have.

         8. Notices. All notices, requests, demands, claims and other
communications hereunder shall be in writing and shall be deemed given on the
date delivered if delivered by certified or registered mail (first class postage
pre-paid) or guaranteed overnight delivery and on the date sent if sent by
facsimile transmission if such transmission is confirmed by delivery by
certified or registered mail (first class postage pre-paid) or guaranteed
overnight delivery, in each case to the following addresses and facsimile
numbers (or to such other addresses or telecopy numbers which such party shall
designate in writing to the other party): (a) if to TIMCO, at 623 Radar Road,
Greensboro, North Carolina 27410, Attention: Gil West, Chief Operating Officer
(facsimile: 1-336-664-0339), with a copy to Philip B. Schwartz, Esq., One
Southeast Third Avenue, Miami, Florida 33131 (facsimile: 1-305-374-5095); and
(b) if to the Employee at the address and facsimile number listed on the
signature page hereto.

         9. Amendment; Waiver. This Agreement may not be modified, amended,
supplemented, canceled or discharged, except by written instrument executed by
all parties. No failure to exercise, and no delay in exercising, any right,
power or privilege under this Agreement shall operate as a waiver, nor shall any
single or partial exercise of any right, power or privilege hereunder preclude
the exercise of any other right, power or privilege. No waiver of any breach of
any provision shall be deemed to be a waiver of any preceding or succeeding
breach of the same or any other provision, nor shall any waiver be implied from
any course of dealing between the parties. No extension of time for performance
of any obligations or other acts hereunder or under any other Agreement shall be
deemed to be an extension of the time for performance of any other obligations
or any other acts. The rights and remedies of the parties under this Agreement
are in addition to all other rights and remedies, at law or equity, that they
may have against each other.

         10. Assignment; Third Party Beneficiary; Guaranty. This Agreement, and
the Employee's rights and obligations hereunder, may not be assigned or
delegated by him. The rights and obligations of TIMCO under this Agreement shall
inure to the benefit of and be binding upon their respective successors and
assigns.

         11. Severability; Survival. In the event that any provision of this
Agreement is found to be void and unenforceable by a court of competent
jurisdiction, then such unenforceable provision shall be deemed modified so as
to be enforceable (or if not subject to modification then eliminated herefrom)
for the purpose of those procedures to the extent necessary to permit the
remaining provisions to be enforced. The provisions of Sections 5, 6, 10 and 11
will survive the termination of this Agreement and the Employment Period for any
reason.

         12. Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original but all of which together shall
constitute one and the same instrument.

         13. Governing Law. This Agreement shall be construed in accordance with
and governed for all purposes by the laws of the State of North Carolina
applicable to contracts executed and to be wholly performed within such State.

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         (a) Entire Agreement. This Agreement contains the entire understanding
of the parties in respect of its subject matter and supersedes all prior
agreements and understandings (oral or written) between or among the parties
with respect to such subject matter.

         14. Headings. The headings of Paragraphs and Sections are for
convenience of reference and are not part of this Agreement and shall not affect
the interpretation of any of its terms.

         15. Construction. This Agreement shall be construed as a whole
according to its fair meaning and not strictly for or against any party. The
parties acknowledge that each of them has reviewed this Agreement and has had
the opportunity to have it reviewed by their respective attorneys and that any
rule of construction to the effect that ambiguities are to be resolved against
the drafting party shall not apply in the interpretation of this Agreement.

                            [SIGNATURES ON NEXT PAGE]

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                                 SIGNATURE PAGE

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                             TIMCO AVIATION SERVICES, INC.

                                             By: /s/ Gil West
                                               --------------
                                               Name: Gil West
                                               Title: President

                                             EMPLOYEE:

                                               /s/ Don Mitacek
                                             --------------------
                                             Name: Don Mitacek

                                             Address for Notices:
                                             ------------------------
                                             ------------------------
                                             ------------------------
                                             Fax:
                                                 --------------------

                                       8<PAGE>
                                                                  EXHIBIT 10.109

                           PURCHASE AND SALE AGREEMENT

         THIS PURCHASE AND SALE AGREEMENT ("AGREEMENT") is made and entered into
as of this 5th day of February, 2004, by and between TIMCO AVIATION SERVICES,
INC., a Delaware corporation (the "SELLER") and KEYSTONE OPERATING PARTNERSHIP,
L.P., a Delaware limited partnership (the "PURCHASER"). In consideration of the
mutual covenants and promises herein set forth, the parties agree as follows:

         1. PURCHASE AND SALE. Seller agrees to sell to Purchaser and Purchaser
agrees to purchase from Seller that certain approximate 31.84 acre parcel of
real property (collectively, the "LAND") located in Miramar, Broward County,
Florida as more particularly described in Exhibit "A" attached to this
Agreement, together with the following property and rights:

         (a)      all improvements located on the Land, including that certain
                  approximate 536,435 building, together with all structures and
                  other facilities (the "IMPROVEMENTS"). The Land and the
                  Improvements are hereinafter collectively referred to as the
                  "REALTY;"

         (b)      All fixtures, equipment, furnishings and items of personal
                  property used or useful in the operation, repair and
                  maintenance of the Realty, and situated on the Realty and
                  owned by Seller.

         (c)      All of Seller's interest, as landlord, in and to that certain
                  lease for the Realty with Kellstrom Industries a true copy of
                  which is attached hereto as Exhibit "B" (the "LEASE").

         (d)      All deposits, licenses, permits, authorizations, warranties,
                  approvals and contract rights pertaining to ownership and/or
                  operation of the Realty to the extent assignable.

         (e)      All strips and gores of land lying adjacent to the Realty,
                  together with all easements, privileges, rights-of-way,
                  riparian and other water rights, lands underlying any adjacent
                  streets or roads, and appurtenances pertaining to or accruing
                  to the benefit of the Realty.

         (f)      All general intangible rights pertaining to the ownership
                  and/or operation of the Realty.

The Realty and all of the other property and rights described in this paragraph
1 are hereinafter collectively called the "PROPERTY".

         2. PURCHASE PRICE. The purchase price to be paid by Purchaser to Seller
for the Property is Twenty Six Million and No/100 ($26,000,000.00) Dollars (the
"PURCHASE PRICE").

         To secure the performance by Purchaser of its obligations under this
Agreement: (i) within two (2) business days of receipt of the Agreement executed
by Seller, Purchaser shall deliver to the law firm of Greenberg Traurig, P.A.,
as Escrow Agent (the "ESCROW AGENT"), the sum of Fifty Thousand and No/100
($50,000.00) Dollars

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which shall be held as an initial earnest money deposit hereunder (the "INITIAL
DEPOSIT") and (ii) on or before the expiration of the Inspection Period (as
hereinafter defined), Purchaser shall deliver to the Escrow Agent the additional
sum of Two Hundred Thousand and No/100 ($200,000.00) Dollars which shall be held
as an additional earnest money deposit hereunder (the "ADDITIONAL DEPOSIT"). The
Initial Deposit and the Additional Deposit are hereinafter collectively referred
to as the "DEPOSIT". All interest earned on the Deposit shall accrue to the
benefit of Purchaser.

         3. TERMS OF PAYMENT. The Purchase Price shall be paid to Seller as
follows:

            $250,000.00    being the total Deposit referred to in paragraph 3
                           of this Agreement, which sum shall be paid to Seller
                           at closing.

         $25,750,000.00    in current funds at time of closing, subject to
                           prorations and adjustments as hereinafter provided,
                           to be paid by wire transfer of Federal Funds.

         $26,000,000.00    Total Purchase Price.

         4. TITLE. Prior to the expiration of the Inspection Period, Purchaser,
at Purchaser's expense, shall obtain a commitment (the "COMMITMENT") for an
owner's ALTA title insurance policy from Chicago Title Insurance Company (or
other national title company) in favor of Purchaser in the amount of the
Purchase Price. The Commitment shall be endorsed and updated at Purchaser's
expense within ten (10) days before Closing. The Commitment and any endorsement
thereof shall show Seller to be vested with good, marketable and insurable fee
simple title to the Realty, free and clear of all liens, encumbrances and other
matters, except only the following (the "PERMITTED EXCEPTIONS"):

         (a)      Ad valorem real estate taxes for 2004 and subsequent years.

         (b)      All applicable zoning ordinances and regulations, none of
                  which shall prohibit or otherwise interfere with all uses
                  presently being made of the Property.

         (c)      The matters set forth on Exhibit "C" attached hereto.

         Prior to expiration of the Inspection Period, Purchaser shall also
obtain at Purchaser's expense, a survey (the "SURVEY") of the Realty showing and
certifying the exact location and legal description of the Realty and meeting
the minimum technical standards of the American Land Title Association, the
Florida Board of Land

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Surveyors and the State of Florida Department of Professional Regulation,
certified to Purchaser and Purchaser's title insurer, and prepared as of a date
subsequent to the date of this Agreement.

         Title shall be deemed good, marketable and insurable only if the
Commitment allows for issuance of an Owner's ALTA Policy effective as of Closing
at minimum promulgated risk rate premiums, without any guarantees and without
any exceptions, standard or otherwise, other than the Permitted Exceptions.
Purchaser shall have until the expiration of the Inspection Period within which
to examine the Commitment and the Survey. If Purchaser finds title to be
defective, Purchaser shall, no later than the expiration of the Inspection
Period notify Seller in writing specifying the defect(s) (which defect(s) shall
also include any UCC-1 Financing Statements filed with the Florida Secretary of
State); provided that if Purchaser fails to give Seller written notice of
defect(s) before the expiration of the Inspection Period, the matters shown in
the Commitment or Survey shall be deemed to be waived as title objections to
closing this transaction. Purchaser may raise as additional objections, however,
any matters first shown by the endorsement of the Commitment as provided above.
If Purchaser has given Seller timely written notice of defect(s) and the
defect(s) render the title other than as represented in this Agreement, Seller
shall use its good faith diligent efforts to cause such defects to be cured by
the date of closing but shall not be required to institute any administrative or
judicial proceedings or to expend in excess of $20,000.00 in pursuit of such
cure, except for "Seller Liens" (as defined below). Seller agrees to remove by
payment, bonding, or otherwise any lien against the Property caused or created
by Seller capable of removal by the payment of money or bonding ("SELLER
LIENS"). In the event that Seller does not eliminate any defects as of the date
of closing, Purchaser shall have the option of either: (i) closing and accepting
the title "as is," without reduction in the Purchase Price and without claim
against Seller therefor except that Purchaser may deduct from the Purchase Price
the amount of any Seller Liens, or (ii) canceling this Agreement in which event
the Escrow Agent shall return the Deposit and all interest earned thereon to
Purchaser, whereupon both parties shall be released from all further obligations
under this Agreement, except those obligations which expressly survive
termination.

         5. DELIVERIES. Within three (3) days following the date hereof (and
thereafter, as applicable), Seller shall, to the extent in Seller's possession
or control and to the extent applicable to the Property, deliver to Purchaser
true, correct and complete copies of:

         (a)      The Lease;

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         (b)      Other than the Lease, all contracts, arrangements, licenses,
                  concessions, easements, service arrangements, employment
                  contracts or agreements, brokerage agreements, and any and all
                  other contracts or agreements, either recorded or unrecorded,
                  written or oral entered into by Seller (or at Seller's
                  direction), affecting the Property or any portion thereof, or
                  the use thereof (the "CONTRACTS"), a list of which Contracts
                  is attached hereto as Exhibit "D"; and

         (c)      Those items set forth on Exhibit "E" attached hereto.

         6. EXISTING LEASE. Seller hereby represents and warrants to Purchaser
that attached to this Agreement as composite Exhibit "B" is a true, correct and
complete copy of the Lease. Seller further represents and warrants to Purchaser
that:

         (a)      No other parties have any rights of occupancy or possession of
                  the Property or any portions thereof except as set forth in
                  the Lease, and no tenant of any portion of the Property has
                  any option to purchase the Property or any portion thereof,
                  nor any rights of first refusal with respect to same, except
                  as set forth in the Lease.

         (b)      Seller has not received any prepaid rent under the Lease
                  (including any advance rent or security deposit) and Seller
                  will not accept payment of any rent under the Lease for more
                  than one (1) month in advance.

         (c)      There are no modifications, understandings or agreements with
                  respect to the Lease except as set forth in the Lease. Seller
                  will not modify, terminate or renew the Lease or enter into
                  any new lease or agreement affecting the Property, or any
                  portion thereof, without the prior written consent of
                  Purchaser, which consent Purchaser may grant or withhold in
                  Purchaser's sole discretion.

         (d)      The Lease is in good standing and, to the knowledge of Seller,
                  without default on the part of Seller or the tenant as of the
                  date hereof, and through the date of Closing, Seller shall not
                  take any action or fail to take any action which would give
                  rise to a default on the part of Seller under the Lease.

         (e)      At least five (5) business days prior to Closing, Seller shall
                  use reasonable efforts to obtain and deliver to Purchaser
                  estoppel letter from the tenant under the Lease substantially
                  in the form attached hereto as Exhibit "F".

         (f)      There are no unpaid rental commissions, tenant improvements,
                  tenant concessions or tenant allowances due with respect to
                  the Lease nor for the renewal of same.

         The provisions of this paragraph shall survive Closing.

         7. CONDITIONS PRECEDENT. Purchaser's obligation to close the
transaction provided for in this Agreement shall be subject to the following
conditions precedent to closing:

         (a)      Purchaser shall have until thirty five (35) days following the
                  date of this Agreement to examine the Lease and all of the due
                  diligence deliveries and to decide whether they are
                  satisfactory to Purchaser and to make such physical, zoning,
                  land use, environmental and other examinations, inspections
                  and investigations of the Property or the use or operation
                  thereof which Purchaser, in

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                  Purchaser's sole discretion, may determine to make (subject to
                  the rights of the tenant under the terms of the Lease). In the
                  event Purchaser is not satisfied with any of the foregoing,
                  for any reason or for no reason, in Purchaser's sole and
                  absolute discretion, Purchaser may cancel this transaction by
                  written notice given by Purchaser to Seller within the
                  above-specified thirty five (35) day time period. Failure of
                  the Purchaser to deliver a notice of cancellation within such
                  thirty five (35) day time period shall be deemed a waiver by
                  Purchaser of this condition to the Closing.

         (b)      At all times during the term of this Agreement and as of
                  closing, all of the representations, warranties and covenants
                  by Seller contained in this Agreement shall be true and
                  correct.

         (c)      At least five (5) business days prior to Closing, Seller shall
                  have provided to Purchaser an executed estoppel from the
                  tenant under the Lease as required in subparagraph 6(e) above.

Seller's obligation to close the transaction provided for in this Agreement
shall be subject to the following condition precedent to closing:

         (d) Receipt of the Requisite Lenders' Consent to Asset Sale (as defined
in Paragraph 8 (g) below) prior to fourteen (14) days from the date of this
Agreement.

         In the event any of the foregoing conditions precedent are not
fulfilled as of closing (or earlier date if specified otherwise), then Purchaser
shall have the option of either: (i) waiving the condition and closing "as is",
without reduction in the Purchase Price or claim against Seller therefor, or
(ii) canceling this Agreement by written notice to Seller given by closing (or
earlier date if specified otherwise), in which event the Escrow Agent shall
return the Deposit(s) and all interest thereon to Purchaser, whereupon both
parties shall be released from all further obligations under this Agreement,
except those obligations which expressly survive termination.

         8. SELLER'S REPRESENTATIONS. Seller represents and warrants to
Purchaser and covenants and agrees with Purchaser as follows:

         (a)      Seller has not entered into any contracts, arrangements,
                  licenses, concessions, easements, or other agreements,
                  including, without limitation, service arrangements and
                  employment agreements, either recorded or unrecorded, written
                  or oral, affecting the Property, or any portion thereof or the
                  use thereof, other than the Lease and the Contracts. Each of
                  the Contracts: (i) is in good standing and free from default,
                  (ii) fully assignable to Purchaser without any change in the
                  terms and provisions thereof, and (iii) may be cancelled by
                  Purchaser upon not more than thirty (30) days notice and
                  without payment of premium or penalty therefor. Purchaser may
                  elect, by written notice to Seller delivered as of the
                  expiration of the Inspection Period, to not assume all or
                  certain of the Contracts, in which event Seller shall
                  terminate such Contracts as of Closing.

         (b)      Seller has no notice or knowledge of: (i) any pending
                  improvement liens to be made by any governmental authority
                  with respect to the Property; (ii) any violations of building
                  codes and/or zoning ordinances or other governmental
                  regulations with respect to the Property; (iii) any pending or
                  threatened lawsuits with respect to the Property; or (iv) any
                  pending or threatened condemnation proceedings with respect to
                  the Property.

                                       5
<PAGE>

         (c)      Seller will use reasonable efforts to request the books,
                  records, income and expense statements (the "BOOKS AND
                  RECORDS") relating to the operation of the Property from the
                  tenant under the Lease in accordance with Section 32 (m) of
                  the Lease. Purchaser acknowledges that Seller cannot and does
                  not warrant the accuracy or completeness of such Books and
                  Records and is endeavoring to provide such information to
                  Purchaser as an accommodation only. Seller knows of no fact or
                  condition which might, in the future, adversely affect the
                  performance of income and expenses.

         (d)      During the period between the date of this Agreement and
                  closing, Seller shall continue to operate and manage the
                  Property consistent with its operation and management prior to
                  the date of this Agreement and in accordance with all of the
                  requirements of the Lease.

         (e)      Seller shall use reasonable efforts to cause the tenant under
                  the Lease to comply prior to closing with all laws, rules,
                  regulations, and ordinances of all governmental authorities
                  having jurisdiction over the Property. Seller shall be
                  responsible for and shall promptly pay all amounts owed for
                  labor, materials supplied, services rendered and/or any other
                  bills or amounts incurred at the direction to Seller and
                  Seller's ownership and/or operation of the Property prior to
                  closing, and which are not the responsibility of the tenant
                  under the Lease.

         (f)      Prior to closing, no portion of the Property or Seller's
                  interest therein shall be alienated, encumbered, conveyed or
                  otherwise transferred.

         (g)      Seller is a corporation duly organized, validly existing and
                  in good standing under the laws of the State of Delaware. The
                  execution, delivery and performance of this Agreement by
                  Seller have been duly authorized and no consent of any other
                  person or entity to such execution, delivery and performance
                  is required to render this document a valid and binding
                  instrument enforceable against Seller in accordance with its
                  terms. Assuming the consent of the Requisite Lenders (as
                  defined in the Seller's Amended and Restated Credit Agreement
                  dated as of July, 12, 2002, among Seller, Citicorp USA, Inc.,
                  in its capacity as Agent for the Lenders and Issuing Banks
                  thereunder, and certain subsidiaries of the Seller)
                  (hereinafter referred to as the "Requisite Lenders' Consent to
                  Asset Sale"), the execution of this Agreement or the
                  consummation of the transactions contemplated hereby will not:
                  (i) result in a breach of, or default under, any agreement to
                  which Seller is a party or by which the Property is bound, or
                  (ii) violate any restrictions to which Seller is subject.

         (h)      Seller is not a "foreign person" within the meaning of the
                  United States tax laws and to which reference is made in
                  Internal Revenue Code Section 1445(b)(2). At closing, Seller
                  shall deliver to Purchaser an affidavit to such effect.

         (i)      To the knowledge of Seller, there has not been and there is
                  not now (i) any Hazardous Substance (as hereinafter defined)
                  present on the Realty, (ii) any present or past generation,
                  recycling, reuse, sale, storage, handling, transport and/or
                  disposal of any Hazardous Substance on the Realty, or (iii)
                  any failure to comply with any applicable local, state or
                  federal environmental laws, regulations, ordinances or
                  administrative or judicial orders relating to the generation,
                  recycling, reuse, sale, storage, handling, transport and/or
                  disposal of any Hazardous Substance. Seller has not received
                  any notice from any governmental authority regarding the
                  presence of any Hazardous Substance, any present or past
                  generation, recycling, reuse, sale, storage, handling,
                  transport and/or disposal of any Hazardous Substance or any
                  failure to comply with any applicable local, state or federal
                  environmental laws, regulations, ordinances or administrative
                  or judicial orders relating to the generation, recycling,
                  reuse, sale, storage, handling, transport and/or disposal of
                  any Hazardous Substance. As used herein, the term "HAZARDOUS
                  SUBSTANCE" means any substance or material defined or
                  designated as a hazardous or toxic waste material or
                  substance, or other similar term by any federal, state or
                  local

                                       6
<PAGE>

                  environmental statute, regulation or ordinance presently or
                  hereinafter in effect, as such statute, regulation or
                  ordinance may be amended from time to time.

         (j)      At closing, Seller shall terminate any existing Leasing or
                  Property Management Agreement affecting the Property to which
                  Seller is a party.

         (k)      Seller has a valid and enforceable contractual right to cause
                  Wells Fargo Bank Northwest, National Association, a national
                  banking association, (f/k/a First Security Bank, National
                  Association), not individually but solely as Owner Trustee of
                  the Aviation Sales Trust 1998-1 to convey fee simple title to
                  the Property directly to Purchaser at the Closing in
                  accordance with the terms of this Agreement.

         (l)      Seller agrees to use diligent efforts to obtain the Requisite
                  Lenders' Consent within fourteen (14) days from the date of
                  this Agreement; provided, however that if Seller is unable to
                  deliver to Purchaser evidence of such consent with such time
                  period, this Agreement shall automatically terminate in which
                  event the Deposit shall immediately be returned to Purchaser,
                  and Seller shall reimburse Purchaser for up to $10,000 of
                  Purchaser's actual out of pocket due diligence expenses within
                  ten (10) days after receipt from Purchaser of reasonable
                  documentation of the expenses for which such reimbursement is
                  requested.

         The foregoing representations and warranties that are to Seller's
knowledge, Seller's actual knowledge, the knowledge of Seller or words of
similar import, shall be limited to the current actual knowledge of Annemarie
Gifford, the Manager, Corporate Administration of Seller, with at least three
(3) years of experience with the Property and the person affiliated with Seller
with the most knowledge of the Property, without further investigation or
inquiry.

         EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH IN THIS AGREEMENT AND/OR ANY
CLOSING DOCUMENT DELIVERED OR CAUSED TO BE DELIVERED BY SELLER TO PURCHASER AT
CLOSING, THE PROPERTY IS BEING SOLD TO PURCHASER ON AN "AS-IS, WHERE-IS" BASIS,
WITHOUT WARRANTY. SELLER HEREBY DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR
IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE.

The provisions of this paragraph shall survive the Closing for a period of
twelve (12) months.

         9. DEFAULT PROVISIONS. In the event of a default by Purchaser under
this Agreement, Seller shall receive the Deposit together with all interest
earned thereon as agreed and liquidated damages for said breach, and as Seller's
sole and exclusive remedy for default of Purchaser, whereupon the parties shall
be relieved of all further obligations hereunder, except those obligations which
expressly survive termination.

                                       7
<PAGE>

         In the event of a default by Seller under this Agreement, Purchaser at
its option shall have the right to: (i) terminate this Agreement and receive the
return of the Deposit together with all interest earned thereon and all out of
pocket expenses incurred by Purchaser with respect to this transaction whereupon
the parties shall be released from all further obligations under this Agreement,
except those obligations which expressly survive termination, or, alternatively,
(ii) seek specific performance of the Seller's obligations hereunder and/or any
other equitable remedies.

         Notwithstanding the foregoing, in the event of a default by either
party of any obligations, indemnities, representations or warranties which
specifically survive Closing, then the non-defaulting party shall be entitled to
seek any legal redress permitted by law or equity. The provisions hereof shall
survive Closing.

         10. PRORATIONS. To the extent not payable by the tenant, the actual or
estimated charges for utilities accrued and payable by Seller shall be prorated
between Seller and Purchaser, provided Purchaser is required by law or elects to
assume Seller's utility account. . Rents actually collected under the Lease
shall be prorated as of the date of Closing. Purchaser shall receive a credit
against the Purchase Price at Closing for all security deposits and prepaid rent
of the tenant under the Lease. There shall be no proration of ad valorem or
property taxes at Closing since same are the responsibility of the tenant under
the Lease. The parties agree that, within ninety (90) days following Closing, to
perform a reconciliation of all items of income and expense which were not known
or available to the parties at Closing.

         The provisions of this paragraph shall survive the Closing.

         11. IMPROVEMENT LIENS. Certified, confirmed or ratified liens for
governmental improvements as of the date of Closing, if any, shall be paid in
full by Seller, and pending liens for governmental improvements as of the date
of Closing shall be assumed by the Purchaser, provided that where the
improvement has been substantially completed as of the date of Closing, such
pending lien shall be considered certified. The special assessments for the
Property include the City of Miramar ERC (water and sewer bond issue) which is
payable as part of the real property tax bill and is paid by the tenant and is
not the responsibility of Seller. As a result, Seller shall not be required to
pay such assessments liens at Closing.

         12. CLOSING COSTS. The parties shall bear the following costs:

                                       8
<PAGE>

         (a)      The Purchaser shall be responsible for payment of the
                  following: (i) the cost of examining title and obtaining any
                  title insurance policy update or report on the Property, and
                  the premiums and any other related fees and costs for any
                  owner's title insurance policies update and/or report and
                  endorsements, (ii) the updated Survey, and (iii) any and all
                  costs and expenses of architectural, engineering and other
                  inspection and feasibility studies and reports incident to
                  Purchaser's inspections.

         (b)      The Seller shall be responsible for payment of the following:
                  (i) the documentary stamps and surtax due on the warranty deed
                  of conveyance, and (ii) the recording costs on documents
                  necessary to clear title.

         (c)      Each party shall pay its own legal fees except as provided in
                  subparagraph 21(c) below.

         13. CLOSING. Subject to other provisions of this Agreement for
extension, the closing(s) (the "CLOSING") shall be held thirty (30) days
following expiration of the Inspection Period at the offices of the attorneys
for the Purchaser, Greenberg Traurig, P.A. at 1221 Brickell Avenue, Miami,
Florida 33131.

         At Closing, Seller shall execute and deliver (or shall cause to be
executed and delivered) to Purchaser the following closing documents:

         (i)      a good and sufficient trustee's deed and in the form attached
                  hereto as Exhibit "G" subject only to the Permitted
                  Exceptions,

         (ii)     an appropriate mechanic's lien affidavit,

         (iii)    an affidavit of exclusive possession, subject only to the
                  rights of the tenant under the Lease, together with estoppel
                  letters from the tenant pursuant to subparagraph 6(e) above,

         (iv)     a non-foreign affidavit ,

         (v)      an appropriate bill of sale with warranty of title for all
                  personal property included in this transaction,

         (vi)     appropriate assignments of all leases, deposits, licenses,
                  easements, rights-of-way, contract rights, guarantees and
                  warranties, intangible rights and other property and rights
                  included in this transaction,

         (vii)    appropriate evidence of Seller's formation, existence and
                  authority to sell and convey the Property,

         (viii)   an appropriate "gap" affidavit and/or indemnity as required by
                  Purchaser's Title Insurer, and

         (ix)     a corporate resolution and/or such other evidence of authority
                  and good standing with respect to Seller as may be reasonably
                  required by the title insurance company issuing title to
                  Purchaser.

         At closing, Seller and Purchaser shall each execute counterpart closing
statements and such other documents as are reasonably necessary to consummate
this transaction. Purchaser shall also execute an assumption of Seller's
obligations under the Lease arising from and after the Closing.

                                       9
<PAGE>

         14. BROKERS. The parties each represent and warrant to the other that
there are no real estate brokers, salesmen or finders involved in this
transaction other than Easton & Associates ("E&A") and CB Richard Ellis ("CB").
Purchaser shall pay all commissions owing to E&A pursuant to separate agreement
and Seller shall pay all commissions owing to CB pursuant to separate agreement.
If a claim for brokerage in connection with the transaction is made by any
broker, salesman or finder, claiming to have dealt through or on behalf of one
of the parties hereto ("INDEMNITOR"), Indemnitor shall indemnify, defend and
hold harmless the other party hereunder ("INDEMNITEE"), and Indemnitee's
officers, directors, agents and representatives, from all liabilities, damages,
claims, costs, fees and expenses whatsoever (including reasonable attorney's
fees and court costs at trial and all appellate levels) with respect to said
claim for brokerage. The provisions of this paragraph shall survive the Closing
and any cancellation or termination of this Agreement.

         15. ASSIGNABILITY. Purchaser shall be entitled to assign its rights
hereunder in whole or in part. In the event of an assignment, Purchaser shall be
released from any and all of its obligations hereunder, provided that the
Purchaser's assignee agrees to be fully bound by the terms and conditions of
this Agreement as if said assignee were the original signatory hereto.

         16. INSPECTIONS. Purchaser, and Purchaser's agents and contractors,
shall have the right during the term of this Agreement to enter upon the
Property at reasonable times for purposes of inspection and making tests and
studies thereon subject, at all times, to the rights of Tenant under the
provisions of the Lease. Seller further agrees to permit Purchaser to interview
and negotiate a lease modification with the tenant under the Lease. Throughout
the term of this Agreement, Seller, its agents and employees shall at all times
cooperate with Purchaser, its agents and contractors in connection with their
performance of the inspections provided herein. Purchaser agrees to indemnify,
defend and hold harmless Seller from and against all liabilities, damages,
claims, costs, fees and expenses whatsoever (including reasonable attorney's
fees and court costs at trial and all appellate levels) arising out of or
resulting from any such inspection or investigation. Notwithstanding anything to
the contrary contained in this Agreement, the provisions of this paragraph shall
survive the Closing and any cancellation or termination of this Agreement. In
the event of any termination of this Agreement, Purchaser shall promptly: (i)
return all materials delivered by Seller pursuant to paragraph 5 above, and (ii)
deliver to Seller all third party physical inspections, engineering and
environmental reports prepared on behalf of Purchaser relating to the Property.

                                       10
<PAGE>

         17. ESCROW AGENT. The Escrow Agent shall not be liable for any actions
taken in good faith, but only for its gross or willful negligence. The parties
hereby indemnify and hold the Escrow Agent harmless from and against any loss,
liability, claim or damage whatsoever (including reasonable attorney's fees and
court costs at trial and all appellate levels) the Escrow Agent may incur or be
exposed to in its capacity as escrow agent hereunder except for gross negligence
or willful misconduct. If there be any dispute as to disposition of any proceeds
held by the Escrow Agent pursuant to the terms of this Agreement, the Escrow
Agent is hereby authorized to interplead said amount or the entire proceeds with
any court of competent jurisdiction and thereby be released from all obligations
hereunder. The parties recognize that the Escrow Agent is the law firm
representing Purchaser, and hereby agree that such law firm may continue to
represent Purchaser in any litigation pursuant to this Agreement. The Escrow
Agent shall not be liable for any failure of the depository.

         18. NOTICES. Any notices required or permitted to be given under this
Agreement shall be in writing and shall be deemed to have been given if
delivered by hand, sent by recognized overnight courier (such as Federal
Express) or mailed by certified or registered mail, return receipt requested, in
a postage prepaid envelope, and addressed as follows:

         If to the Purchaser at:             c/o Keystone Property Trust
                                             200 Four Falls, Suite 208
                                             West Conshohocken, PA 19428
                                             Attn: Lisa Kavanagh
                                             Attn: Saul Behar

         With a copy to:                     Greenberg Traurig, P.A.
                                             1221 Brickell Avenue
                                             Miami, Florida  33131
                                             Attn:  Richard J. Giusto, Esq.

         If to the Seller at:                Timco Aviation Services, Inc.
                                             623 Radar Road
                                             Greensboro, NC 27410
                                             Attn: Chief Executive Officer

         With a copy to:                     Akerman Senterfitt, P.A.
                                             One Southeast Third Ave.
                                             28th Floor
                                             Miami, FL 33131
                                             Attn: Janice L. Russell, Esq.

Notices personally delivered or sent by overnight courier shall be deemed given
on the date of delivery and notices mailed in accordance with the foregoing
shall be deemed given three (3) days after deposit in the U.S. mail.

                                       11
<PAGE>

         19. RISK OF LOSS. The Property shall be conveyed to Purchaser in the
same condition as on the date of this Agreement, ordinary wear and tear
excepted, free of all tenancies or occupancies except those under the Lease, and
Seller shall not remove anything from the Property between now and Closing. In
the event that the Property or any portion thereof is taken by eminent domain
prior to Closing, Purchaser shall have the option of either: (i) canceling this
Agreement and receiving a refund of the Deposit and all interest earned thereon,
whereupon both parties shall be relieved of all further obligations under this
Agreement, except those obligations which expressly survive termination, or (ii)
Purchaser may proceed with closing in which case Purchaser shall be entitled to
all condemnation awards and settlements. In the event that the Improvements or a
material portion thereof are damaged or destroyed by fire or other casualty
prior to Closing, then Purchaser shall have the option of either: (i) canceling
this Agreement and receiving a refund of the Deposit and all interest earned
thereon, whereupon both parties shall be released from all further obligations
under this Agreement, except those obligations which expressly survive
termination, or (ii) proceeding with closing in which case Purchaser shall be
entitled to all insurance proceeds and to a credit equal to the insurance
deductibles and any uninsured loss. In the event only a nonmaterial portion of
the Improvements (i.e. a value of $250,000 or less) are damaged or destroyed by
fire or other casualty prior to Closing, then Purchaser shall be required to
proceed with Closing without reduction in the Purchase Price and Purchaser shall
be entitled to all insurance proceeds and to a credit equal to the insurance
deductibles and any uninsured loss.

         20. RADON GAS. RADON IS A NATURALLY OCCURRING RADIOACTIVE GAS THAT,
WHEN IT HAS ACCUMULATED IN A BUILDING IN SUFFICIENT QUANTITIES, MAY PRESENT
HEALTH RISKS TO PERSONS WHO ARE EXPOSED TO IT OVER TIME. LEVELS OF RADON THAT
EXCEED FEDERAL AND STATE GUIDELINES HAVE BEEN FOUND IN BUILDINGS IN FLORIDA.
ADDITIONAL INFORMATION REGARDING RADON AND RADON TESTING MAY BE OBTAINED FROM
YOUR COUNTY PUBLIC HEALTH UNIT. [NOTE: THIS PARAGRAPH IS PROVIDED FOR
INFORMATIONAL PURPOSES PURSUANT TO SECTION 404.056(8), FLORIDA STATUTES,
(1988).]

         21. MISCELLANEOUS.

                                       12
<PAGE>

         (a)      This Agreement shall be construed and governed in accordance
                  with the laws of the State of Florida. All of the parties to
                  this Agreement have participated fully in the negotiation and
                  preparation hereof; and, accordingly, this Agreement shall not
                  be more strictly construed against any one of the parties
                  hereto.

         (b)      In the event any term or provision of this Agreement be
                  determined by appropriate judicial authority to be illegal or
                  otherwise invalid, such provision shall be given its nearest
                  legal meaning or be construed as deleted as such authority
                  determines, and the remainder of this Agreement shall be
                  construed to be in full force and effect.

         (c)      In the event of any litigation between the parties under this
                  Agreement, the prevailing party shall be entitled to
                  reasonable attorney's fees and court costs at all trial and
                  appellate levels. The provisions of this subparagraph shall
                  survive the closing coextensively with other surviving
                  provisions of this Agreement.

         (d)      In construing this Agreement, the singular shall be held to
                  include the plural, the plural shall include the singular, the
                  use of any gender shall include every other and all genders,
                  and captions and paragraph headings shall be disregarded.

         (e)      All of the exhibits attached to this Agreement are
                  incorporated in, and made a part of, this Agreement.

         (f)      Time shall be of the essence for each and every provision
                  hereof.

         22. 1031 EXCHANGE. Each party acknowledges that the other may desire to
exchange the Property as part of a like-kind exchange transaction that would
qualify under Sections 1031 and/or 1033 of the Internal Revenue Code of 1986, as
amended (the "CODE") for non-recognition treatment. At a party's election, the
other party agrees, at the requesting party's expense, and provided that such
exchange shall not delay the Closing, to cooperate with the requesting party in
effecting a qualifying forward or reverse like-kind exchange for the sole
benefit of the requesting party or its assignee, including, without limitation,
by executing an instrument acknowledging and consenting to an assignment by the
requesting party or its assignee of its rights (but not its obligations)
hereunder to a qualified intermediary within the meaning of Treas. Reg. ss.
1.1031(k)-1(g)(4), or to an exchange accommodation titleholder within the
meaning of Rev. Proc. 2000-37, provided that: (i) the cooperating party shall
have no liability under such consent; and (ii) such consent shall contain no
language or provision that would cause the cooperating party to become part of
the chain of title with respect to any other property that is part of the
requesting party's exchange. Neither party makes any representations to the
other regarding qualification of the exchange under Sections 1031 and/or 1033 of
the Internal Revenue Code, and the cooperating party shall not be liable to the
requesting party in any manner whatsoever if the exchange completed in
accordance with this paragraph should not qualify for any reasons under Section
1031 and/or 1033 of the Internal Revenue Code. Both parties reserve the right to
assign their right

                                       13
<PAGE>

(but not their obligations) hereunder to a qualified intermediary or to an
exchange accommodation titleholder, on or before the Closing.

         23. AUDIT RIGHTS. For the period of time commencing on the date of
execution of this Agreement and continuing through the first anniversary of the
Closing, and without limitation of the other document production otherwise
required by Seller hereunder, Seller shall, from time to time, at no out of
pocket cost to Seller upon reasonable advance written notice from Purchaser,
provide to Purchaser and its representatives: (i) access to all financial and
other information pertaining to the period of Seller's ownership and operation
of the Property, which information is in Seller's possession and relevant and
reasonably necessary, in the opinion of Purchaser's outside, third party
accountants ("ACCOUNTANTS") to enable Purchaser and its Accountants to prepare
financial statements in compliance with any and all of (a) Rule 3-05 or Rule
3-14 of Regulation S-X of the Securities and Exchange Commission (the
"COMMISSION"), as applicable to Purchaser; (b) any other rule issued by the
Commission and applicable to Purchaser; and (c) any registration statement,
report or disclosure statement filed with the Commission by, or on behalf of
Purchaser; and (ii) a representation letter, in form specified by, or otherwise
satisfactory to the Accountants, signed by the individual(s) responsible for
Seller's financial reporting, as prescribed by generally accepted auditing
standards promulgated by the Auditing Standards Division of the American
Institute of Certified Public Accountants, which representation letter may be
required by the Accountants in order to render an opinion concerning Seller's
financial statements.

         24. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties and there are no other agreements, representations or
warranties other than as set forth herein. This Agreement may not be changed,
altered or modified except by an instrument in writing signed by the party
against whom enforcement of such change would be sought. This Agreement shall be
binding upon the parties hereto and their respective successors and assigns.

                                       14
<PAGE>

         EXECUTED as of the date first above written in several counterparts,
each of which shall be deemed an original, but all constituting only one
agreement.

Signed in the presence of:              SELLER:

Witnesses:
                                        TIMCO AVIATION SERVICES, INC.,
                                        a Florida corporation

                                        By:  /s/ Roy T. Rimmer, Jr.
                                           ------------------------
                                        Name: Roy T. Rimmer, Jr.
----------------------------------
Print Name:                             Title: Chairman and CEO
           -----------------------

----------------------------------
Print Name:
           -----------------------

                                        PURCHASER:

Witnesses:
                                        KEYSTONE OPERATING PARTNERSHIP, L.P.,
                                        a Delaware limited partnership

                                        By: Keystone Property Trust, a Maryland
                                        Real Estate Investment Trust; General
                                        Partner
----------------------------------
Print Name:
           -----------------------
                                        By: /s/ John R. Begier
                                        ---------------------------
                                        Name:John R. Begier
----------------------------------
Print Name:                             Tittle: Executive Vice President
           -----------------------

                                       15
<PAGE>

                                   EXHIBIT "A"

                                LEGAL DESCRIPTION

        Parcel G and Parcel H, COUNTYLINE CORPORATE CENTER, according
        to the Plat thereof, recorded in Plat Book 165, Page 29 of the
        Public Records of Broward County, Florida

                                       16

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