Document:

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                                                                    Exhibit 10.7

                                    AGREEMENT

                              BANK OF AMERICA, N.A.
                                   ("Seller")

                                       and

                     AMERICAN FINANCIAL RESOURCE GROUP, LLC
                                  ("Purchaser")

                             Dated: MARCH ___, 2002

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                               TABLE OF CONTENTS

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                                                                                           Page
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     PRELIMINARY STATEMENT ..............................................................     1

1.   DEFINED TERMS ......................................................................     1

2.   [INTENTIONALLY OMITTED] ............................................................     2

3.   SALE AND PURCHASE OF FEE PROPERTIES ................................................     2

4.   FEE PROPERTIES - REAL AND PERSONAL ASSETS ..........................................     3

5.   PURCHASE PRICE .....................................................................     3

6.   ADDITIONAL PURCHASE PRICE PAYMENT ON RESALE OF FEE PROPERTIES ......................     3

7.   RETAINED PREMISES LEASE; ADDITIONAL COMPENSATION ...................................     4

8.   SETTLEMENT .........................................................................     5

9.   TITLE ..............................................................................     5

10.  SERVICE AND MAINTENANCE CONTRACTS ..................................................     7

11.  DOCUMENTS TO BE DELIVERED BY SELLER AT SETTLEMENT ..................................     8

12.  DOCUMENTS TO BE DELIVERED BY PURCHASER AT SETTLEMENT ...............................     9

13.  POSSESSION .........................................................................     9

14.  ADJUSTMENTS ........................................................................     9

15.  EXPENSES ...........................................................................    10

16.  DEFAULT ............................................................................    10

17.  RISK OF LOSS .......................................................................    11

18.  BROKERS ............................................................................    12

19.  FEE PROPERTIES "AS-IS." ............................................................    12

20.  DISCLAIMER .........................................................................    13

21.  DUE DILIGENCE PERIOD; PURCHASER'S ACCESS TO FEE PROPERTIES .........................    15

22.  NOTICES AND ASSESSMENTS: TAX APPEALS ...............................................    16

23.  NOTICES ............................................................................    16

24.  NO SURVIVAL ........................................................................    17

25.  FURTHER ASSURANCES .................................................................    17

26.  ESTOPPEL CERTIFICATES; SNDA ........................................................    17

27.  MISCELLANEOUS ......................................................................    18

28.  PURCHASER'S REPRESENTATIONS ........................................................    19

29.  SELLER'S REPRESENTATIONS ...........................................................    19

30.  INDEMNIFICATION ....................................................................    20

31.  CONFIDENTIALITY ....................................................................    21

32.  NO OFFER ...........................................................................    21

33.  NO LIABILITY .......................................................................    21
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                                      -i-

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                                   AGREEMENT

         THIS AGREEMENT ("Agreement"), made as of March __, 2002, between BANK
OF AMERICA, N.A., a national banking association, having an address at
NC1-007-52-02, 100 North Tryon Street, Suite 5210, Charlotte, NC 28255
("Seller") and AMERICAN FINANCIAL RESOURCE GROUP, LLC, a Delaware limited
liability company, having an address at 1725 The Fairway, Jenkintown,
Pennsylvania 19046 ("Purchaser").

                             Preliminary Statement

         WHEREAS, Seller owns various real properties more particularly
described on Exhibit A attached hereto; and

         WHEREAS, Seller desires to sell to Purchaser those Fee Properties
(defined herein) and Purchaser desires to purchase such Fee Properties from
Seller, all on the terms and conditions hereinafter provided.

         NOW, THEREFORE, in consideration of the covenants and mutual promises
contained herein and other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), Seller and Purchaser, intending
to be legally bound hereby, agree as follows:

         1.  Defined Terms. The following terms shall have the meanings set
forth below when used in this Agreement:

             (a)  "Additional Compensation" shall have the meaning give such
term in the Retained Premises Lease (defined below).

             (b)  "Gross Operating Expenses" mean the actual operating expenses
of a Fee Property, annualized on any reasonable basis determined by Purchaser,
including without limitation the following items: (i) operating expenses as set
forth in each of the Leases (defined below); (ii) reserves, including without
limitation, reserves for tenant improvements, leasing commissions, and repairs;
and (iii) debt service expenses, including without limitation payments of
principal and interest and contributions to lender required escrows, reserves,
and holdbacks. For purposes of calculating Gross Operating Expenses, debt
service expenses shall be limited to those expenses for debt service equal to no
more than eighty percent (80%) of the fair market value of a Fee Property.

             (c)  "Gross Operating Income" means the sum, annualized on any
reasonable basis determined by Purchaser, of all monthly base and additional
rent under the Leases for a Fee Property with tenants in occupancy and paying
rent for the previous calendar year. For purposes of calculating Gross Operating
Income, rent and income from temporary or month-to-month tenant, or from tenant
operating under bankruptcy protection will be included in Property Income only
to the extent that such rent and income is actually received by Purchaser.

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             (d)  "Cumulative Cash Flow" means Gross Operating Income reduced
by Gross Operating Expenses.

             (e)  "Due Diligence Period" means the period that ends seventy-
five (75) days after the date this Agreement is executed by Purchaser and
Seller.

             (f)  "Fee Property" or "Fee Properties" mean one or more real
properties identified on Exhibit A attached hereto, including the buildings,
structures, improvements and fixtures located thereon.

             (g)  "Jonesboro" means that certain leasehold property located at
_____________, Jonesboro, Arkansas.

             (h)  "Leases" means those leases for tenant's occupying space in
the Fee Properties as set forth on the Rent Roll (defined below) and including
the Retained Premises Lease.

             (i)  "Makewhole Payment" means for each Fee Property, the sum
payable in accordance with Section 6(a) and identified as the "Makewhole
Payment" on Exhibit A attached hereto.

             (j)  "Rent Roll" means the rent roll attached hereto as Exhibit K.

             (k)  "Retained Premises" means the aggregate rentable square feet
located in the Fee Properties as allocated to each Fee Property as set forth on
Exhibit B leased by Seller from Purchaser pursuant to the terms of the Retained
Premises Lease.

             (l)  "Retained Premises Lease" shall have the meaning given such
term in Section 7(a).

         2.  [Intentionally Omitted].

         3.  Sale and Purchase of Fee Properties. On the terms and conditions
hereinafter provided, Seller shall convey to Purchaser, and Purchaser shall
acquire from Seller, Seller's right, title and interest in and to all Fee
Properties, provided that Purchaser shall not be obligated to acquire, nor shall
Seller be obligated to sell, any Fee Properties withdrawn from this Agreement
because Seller elects not (or otherwise fails) to remediate an identified
environmental condition as expressed in Section 21(b) below. In addition to the
foregoing, on the Settlement Date, Purchaser shall assume the leasehold
obligations of Jonesboro. The assumption by Purchaser of the leasehold

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obligations of Jonesboro shall be made in accordance with the terms and
conditions of that certain Agreement dated November 22, 2000, as amended,
between Seller and Purchaser.

         4.  Fee Properties - Real and Personal Assets.

             (a)  The conveyance to Purchaser by Seller of each Fee Property
shall include Seller's fee interest in all those certain identified tracts or
parcels of land ("Parcels") with the buildings ("Buildings"), and all other
improvements erected on the Parcels and fixtures and equipment attached thereto,
all building, plans, licenses and permits to the extent transferable, and
warranties and guaranties to the extent transferable, together with all rights,
privileges, tenements, hereditaments, rights of way, easements, appendages and
appurtenances of such land, but specifically excluding, the existing teller
counters, drive-through facilities and equipment, safe deposit boxes, bank
vaults and the wiring for the security systems, the Automated Teller Machine
("ATM") machines connected to or located within the Buildings or situated as
freestanding structures on the Parcels, alarms and security equipment,
telecommunication equipment, computers, computer terminals and computer
equipment, supplies, documents, records, cash and coin, any office equipment
(whether leased or owned) located in the Buildings including, without
limitation, furniture, furnishings and artwork, and any personal property
belonging to any tenant occupying any portion of the Fee Property.

             (b)  Prior to the Settlement Date, Seller and Purchaser shall
identify any and all fixtures, equipment and other personal property included as
part of such Fee Property (collectively, "Personal Property") and allocate a
portion of the Purchase Price (as hereinafter defined) for such Fee Property to
the value of the Personal Property. If the parties cannot agree upon an
appropriate allocation, they shall retain Price Waterhouse Consulting or another
qualified consultant agreed to by Seller and Purchaser to advise them as to the
proper allocation of the Purchase Price. The cost of the allocation and
valuation report shall be divided equally by Seller and Purchaser and the
conclusions contained in the allocation and valuation report shall be binding on
Purchaser and Seller.

         5.  Purchase Price. The purchase price ("Purchase Price") of the Fee
Properties shall be _________ Dollars ($________). The Purchase Price shall be
allocated among each Fee Property as set forth on Exhibit D attached hereto.

         6.  Additional Purchase Price Payment on Resale of Fee Properties.

             (a)  As a material inducement for Purchaser to enter into the
Retained Premises Lease, Seller shall pay to Purchaser the Makewhole Payment.
The Makewhole Payment for each Fee Property shall be paid to Purchaser in
twenty-four (24) equal and consecutive monthly installments after the Settlement
Date. The first monthly installment of the Makewhole Payment shall be due on the
first day of the first calendar month after the Settlement Date and shall
continue

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on the first day of each subsequent calendar month until the Makewhole Payment
is paid in full to Purchaser. If Seller fails to pay all or any portion of an
installment of the Makewhole Payment within ten (10) days of the date that such
installment is due, Seller shall pay Purchaser a late charge equal to five
percent (5%) of that portion of the installment that is outstanding.
Installments of Makewhole Payments that remain unpaid for more than thirty (30)
days after their due date shall accrue interest at the rate equal to one and
one-half percent (1.5%) per month.

             (b)  On the date that is twenty-seven (27) months after the
Settlement Date, Purchaser shall pay a one-time payment to Seller calculated in
accordance with this Section 6(b) (the "Profit Sharing Payment"). The Profit
Sharing Payment shall equal one half of the Cumulative Cash Flow for the period
of time starting on the Settlement Date and ending twenty-four (24) months
thereafter (the "Initial Period"). The Profit Sharing Payment shall be
calculated on the Cumulative Cash Flow produced from Fee Properties owned by
Purchaser at the end of the Initial Period. Within thirty (30) days after the
end of the Initial Period, Purchaser shall calculate the Cumulative Cash Flow
for the Initial Period and deliver a copy of Purchaser's determination of
Cumulative Cash Flow to Seller. Seller shall have thirty (30) days to review
Purchaser's calculation of the Profit Sharing Payment ("Seller's Review
Period"). If Seller disagrees with Purchaser's determination of the Profit
Sharing Payment, Seller shall notify Purchaser in writing before the expiration
of Seller's Review Period and shall specify Seller's objections to Purchaser's
calculation. Upon receipt of Seller's objection, Purchaser shall have the
calculation of the Profit Sharing Payment reviewed by Purchaser's certified
public accountants, whose determination shall be binding on Purchaser and
Seller. Notwithstanding anything to the contrary contained in this Section 6(b),
if Seller requests the review of the Profit Sharing Payment by Purchaser's
certified public accountants, Purchaser shall not be obligated to pay the Profit
Sharing Payment until fifteen (15) days after the decision of Purchaser's
certified public accountants.

             (c)  Notwithstanding anything to the contrary contained in this
Agreement, the provisions of this Section 6 shall survive Settlement until such
time as all payments have been made as herein required.

         7.  Retained Premises Lease; Additional Compensation.

             (a)  Seller and Purchaser acknowledge that Seller currently
occupies space in a portion of the Fee Properties and following Settlement will
continue to occupy space in the Retained Premises. In connection with the
execution of this Agreement, Seller, as tenant, and Purchaser, as landlord,
shall enter into a Lease Agreement for the Retained Premises in the form
attached as Exhibit C of this Agreement (the "Retained Premises Lease). Seller
and Purchaser agree to negotiate the terms of the Retained Premises Lease in
good faith. If Seller and Purchaser are unable to agree upon the terms and
conditions of the Retained Premises Lease prior to the expiration of the Due
Diligence Period, Purchaser may terminate this Agreement by delivering notice to
Seller prior to the expiration of the Due Diligence Period.

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             (b)  As a material inducement for Purchaser to enter into the
Retained Premises Lease, Seller shall pay to Purchaser the Additional
Compensation set forth in the Retained Premises Lease. The first monthly
installment of Additional Compensation shall be due on the first day of the
first calendar month after the Settlement Date and shall continue on the first
day of each subsequent calendar month until the Additional Compensation is paid
in full to Purchaser. If Seller fails to pay all or any portion of an
installment of Additional Compensation within ten (10) days of the date that
such installment is due, Seller shall pay Purchaser a late charge equal to five
percent (5%) of that portion of the installment that is outstanding.
Installments of Additional Compensation that remain unpaid for more than thirty
(30) days after their due date shall accrue interest at the rate equal to one
and one-half percent (1.5%) per month. If the Seller elects to increase or
decrease the size of the Retained Premises (as permitted under the Retained
Premises Lease), Purchaser or Seller may request that the Additional
Compensation be adjusted to reflect the change in the size of the Retained
Premises. The provisions of this Section 7(b) shall survive Settlement until
such time as Seller has paid the Additional Compensation to Purchaser in full.

         8.  Settlement. Settlement shall be the meeting at which Seller
transfers ownership of the Fee Properties to Purchaser by deed and Purchaser
pays the Purchase Price (as adjusted in accordance with this Agreement) to
Seller ("Settlement"). Settlement shall occur on the later of (a) sixty (60)
days after the expiration of the Due Diligence Period, or (b) May 15, 2002
("Settlement Date"). Settlement shall occur at the office of Morgan, Lewis &
Bockius LLP, 1701 Market Street, Philadelphia, Pennsylvania, or at such other
place as Seller and Purchaser may mutually agree, commencing at 10:00 AM on the
Settlement Date. Notwithstanding anything to the contrary contained in this
Section 8, Purchaser, at Purchaser's election, may complete Settlement on one or
more Fee Properties before the Settlement Date by delivering written notice to
Seller of Purchaser's election to complete Settlement before the Settlement Date
for the Fee Properties identifies in Purchaser's notice to Seller.

         9.  Title.

             (a)  As to each Fee Property, the title conveyed shall be good and
indefeasible and such as will be insured by any reputable title insurance
company at regular rates, free and clear of all liens, judgments and similar
encumbrances, subject however to:

                  (i)     the state of facts shown on an accurate survey of the
Fee Property, other than a matter which would constitute an Objection (as
hereinafter defined) that Purchaser does not waive pursuant to Section 9(c)
below;

                  (ii)    zoning regulations, municipal building restrictions
and all other laws, ordinances, regulations and restrictions of any duly
constituted public authority enacted prior to the Settlement Date;

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                  (iii)   grants to governmental entities or to utility and/or
power companies, the right of the public in sidewalks and abutting public
rights-of-way, and easements given to the public for water course maintenance,
slope rights or sight rights;

                  (iv)    the lien of current taxes and assessments not yet due
and payable;

                  (v)     special taxes and assessments becoming a lien on or
after the Settlement Date;

                  (vi)    if applicable, the Leases, and any other leases of the
Fee Property entered into with Purchaser's consent pursuant to Section 10(b)
below;

                  (vii)   standard exceptions set forth in the form of title
insurance policy of the title insurance company selected by Purchaser; and

                  (viii)  any other matter which would constitute an Objection
(as hereinafter defined) that Purchaser waives pursuant to Section 9(c) below,
provided that with respect to any Monetary Objection (as hereinafter defined)
against Seller, same shall not constitute an Objection if a title insurance
company authorized to do business in the state in which the affected Fee
Property is located agrees that it will insure title free of such Monetary
Objection or with affirmative insurance against the enforcement of such Monetary
Objection against the affected Fee Property, and such removal or affirmative
coverage does not require Purchaser to defend an action brought on any such
judgment.

             (b)  The term "Objection" shall mean any matter shown on the survey
obtained by Purchaser or which would be shown on a current survey or any
covenant, easement, restriction or other title defect or encumbrance (including
any lien), other than the matters referred to in Section 9(a) above, which
renders title to the Fee Property either unmarketable or uninsurable at regular
rates, materially reduces the value of the Fee Property or impairs or restricts
its use for the uses contemplated by the Purchaser.

             (c)  As to each Fee Property, Purchaser shall order, at Purchaser's
expense, a title commitment from a title insurance company authorized to do
business in the state in which such Fee Property is located and, if so desired
by Purchaser, a survey. Prior to the expiration of the Due Diligence Period,
Purchaser shall deliver to Seller a copy of the title commitment and, if
applicable, survey for such Fee Property, along with written notice of any
Objection ("Title Objection Notice") to Seller. Purchaser shall be deemed to
have waived any Objection existing on the last day of the Due Diligence Period
and not specified in the Title Objection Notice.

             (d)  Seller shall have no obligation to bring any action or
proceeding or otherwise

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to incur any expense or liability (contingent or otherwise) to remedy an
Objection; provided, however, that if an Objection is a monetary lien, judgment
or encumbrance of an ascertainable amount (a "Monetary Objection"), Seller shall
be obligated at or prior to the Settlement Date, to cause such Monetary
Objection to be satisfied or to cause the title insurance company to insure
title free of such Monetary Objection or with affirmative insurance against the
enforcement of such Monetary Objection by delivery of an acceptable indemnity.
If Seller is unable to convey title to a Fee Property in accordance with this
Agreement or does not elect to remedy an Objection (other than a Monetary
Objection), Purchaser may elect either (i) to accept such title as Seller is
able to convey at Settlement, without any reduction of the Purchase Price or any
credit or allowance on account thereof or any other claim against Seller, or
(ii) to terminate this Agreement as to such Fee Property. Such election shall be
made by Purchaser within ten (10) days after written notice from Seller to
Purchaser stating that Seller is unable to convey title in accordance with this
Agreement or does not elect to remedy an Objection (other than a Monetary
Objection), such notice from Seller to be given within ten days after its
receipt of the Title Objection Notice, in which event this Agreement shall be
null and void as to such Fee Property and the parties shall have no further
liabilities or obligations hereunder with respect to that Fee Property only, but
in all other respects this Agreement shall continue in full force and effect as
to all of the other Fee Properties.

             (e)  Although Seller is not obligated to do so, Seller shall have
the right to remedy any Objection with respect to a Fee Property on written
notice given to Purchaser within ten (10) days after Seller's receipt of the
Title Objection Notice. For the purpose of remedying an Objection, Seller shall
have the right to one or more adjournments of the Settlement for such Fee
Property for an aggregate period not to exceed forty-five (45) days. If Seller
fails to remedy the Objection prior to the adjourned Settlement, the provisions
of Section 9(d) above shall be applicable, and Seller shall be deemed to have
elected not to remedy the Objection.

             (f)  The sale includes whatever right, title and interest Seller
has in and to the equipment and fixtures presently on each Fee Property which
are appurtenant to or used in the operation thereof (subject to the exclusions
set forth in Section 4 above). Seller makes no representations as to the
quality, kind or condition thereof, and Purchaser agrees to take the same
"WHERE-IS" and "AS-IS."

         10. Service and Maintenance Contracts.

             (a)  Seller has entered into certain maintenance and service
contracts for certain of the Fee Properties, all of which shall be terminated at
or prior to the Settlement for each such Fee Property. Seller shall indemnify,
defend and hold Purchaser harmless from and against all claims for payment by
such contractors for services with respect to such Fee Property rendered prior
to the date of the Settlement for such Fee Property. The foregoing provisions of
this Section 10(a) shall survive the Settlement for such Fee Property and
delivery of the Deed (as hereinafter defined) or Assignment (as hereinafter
defined), as applicable.

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             (b)  Seller hereby agrees that from and after the date hereof,
Seller shall not enter into any leases of or contracts for any Fee Property, the
term of which leases or contracts extend beyond the Settlement for such property
without Purchaser's prior written consent, which consent may be given or
withheld in Purchaser's sole discretion.

         11. Documents to be Delivered by Seller at Settlement. At Settlement,
Seller shall deliver to Purchaser:

             (a)  for each Fee Property, the customary form of special or
limited warranty deed (such that Seller shall only warrant for claims arising
by, through or under Seller, but none others) for the state for which the Fee
Property is located (collectively, the "Deeds") shall be duly executed by
Seller, be in form for recordation, and be accompanied by completed realty
transfer tax forms;

             (b)  for each Fee Property, an assignment and assumption of leases
in the form attached hereto as Exhibit E ("Assignment"), pursuant to which
Seller shall assign and Purchaser shall assume Seller's interest as lessor in
the Leases;

             (c)  bill of sale in the form attached hereto as Exhibit F ("Bill
of Sale"), pursuant to which Seller shall sell and transfer the personal
property at each Fee Property subject to this Agreement to Purchaser;

             (d)  a closing statement showing the applicable Settlement
adjustments, duly executed by Seller;

             (e)  FIRPTA affidavit in the form attached hereto as Exhibit G and
the customary form of mechanic's lien and possession affidavit, each duly
executed by Seller, together with such documents and other evidence as is
reasonably required by Purchaser's title insurance company to establish that
Seller is authorized to execute the closing documents;

             (f)  a Certificate of Seller in the form attached hereto as Exhibit
H, confirming the truth, accuracy and completeness of the representations and
warranties of Section 29 hereof with respect to Seller;

             (g)  a certified copy of the Bylaws adopted by the Board of
Directors of Seller confirming the authority of certain officers to execute
documents and a certified statement of incumbency of the officer of Seller
executing the documents described in this Section 11; and

             (h)  originals, to the extent in Seller's possession, of surveys,
permits, licenses,

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leases, subleases, warranties and guarantees covered by this Agreement.

         12. Documents to be Delivered by Purchaser at Settlement. At Settlement
on each Fee Property, Purchaser shall deliver to Seller:

             (a)  the Purchase Price as described in Section 5, as adjusted
pursuant to Sections 14, 15, 17 and 21(c), by wire transfer of immediately
available funds;

             (b)  the Assignment described in Section 11(b) above duly executed
by Purchaser;

             (c)  a closing statement showing the applicable Settlement
adjustments, duly executed by Purchaser; and

             (d)  a Certificate of Purchaser or Purchaser's permitted assignee,
in the form attached hereto as Exhibit I, confirming the truth, accuracy and
completeness of the representations and warranties of Section 28 hereof with
respect to Purchaser or such assignee, as applicable, and duly executed by
Purchaser or Purchaser's permitted assignee.

         13. Possession. At Settlement on each Fee Property, Seller shall give
Purchaser possession of the Fee Property in broom clean condition, free and
clear of all tenants except for the Leases and such other permitted leases
pursuant to Section 10(b).

         14. Adjustments.

             (a)  At Settlement, Purchaser and Seller shall adjust for real
estate taxes and assessments on the Fee Property, municipal water and sewer
charges, fuel, utility charges, rent, and lease liabilities, such adjustments to
be calculated as of 11:59 PM on the day immediately preceding Settlement. In
addition, Seller shall account to and turn over to Purchaser any and all
security deposits paid by existing tenants of the Fee Property. Prior to the
Settlement, Seller shall have paid all service providers under the service and
maintenance contracts for the Fee Property for services rendered up to the day
prior to the Settlement. If the Settlement shall occur before the tax rate or
assessed valuation of the subject Fee Property is fixed for the then-current
year, the apportionment of real estate taxes for the year of Settlement shall be
upon the basis of the most recent tax bills and the tax rate for the most recent
tax year applied to the latest assessed valuation. There shall be no
post-Settlement reconciliations or reprorations.

             (b)  All rents (including operating expense reimbursements and
similar charges (collectively, "Tenant Pass-Throughs"), credits, security
deposits and set-offs due or required to

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be paid under or by reason of the Leases shall be adjusted by appropriate credit
to the Purchaser on the Settlement Date. Tax contributions shall be pro-rated as
and when received. If, at the Settlement Date, any tenant is in arrears in the
payment of rents, Seller will disclose the same to Purchaser in writing and such
amounts shall not be adjusted on the Settlement Date. Prior to the Settlement
Date, Seller shall use Seller's current business practices to collect such
arrearages. If Purchaser shall collect any such arrearages within six (6) months
after the Settlement Date, then Purchaser shall turn over to Seller the
arrearages so collected, less the reasonable cost of collection thereof;
provided, however, Seller may continue to seek to collect the arrearages by
legal action following the Settlement Date. All rents collected by Purchaser
after the Settlement Date (except for amounts specifically billed and paid as
end of year reconciliation payments for Tenant Pass-Throughs, which shall be
separately accounted for and allocated, pro rata, between Seller and Purchaser
as their interest may appear) shall be first applied to rents payable after the
Settlement Date and only the excess thereof shall be paid over to Seller on
account of the arrearages. To the extent that items to be apportioned hereunder
may be required to be paid directly by a tenant under its Lease, same shall not
be apportioned, provided, however, that such items shall have been paid by such
tenant currently through the month including the Settlement Date.

             (c)  Seller shall pay at or prior to Settlement all brokerage fees
and commissions for existing Leases entered into prior to the date hereof. If
Settlement takes place, all brokerage fees and commissions, if any, for
renewals, extensions and expansions of existing Leases exercised after the date
hereof, and for new Leases and modifications of existing Leases entered into
after the date hereof and approved by the Purchaser as provided in Section 10(b)
above, shall be paid by the Purchaser.

         15. Expenses. Subject to the last sentence of this Section 15, at
Settlement, Purchaser shall pay the realty transfer taxes applicable to the
conveyance of the Fee Properties, if any, all title insurance search fees and
premiums, and all escrow and closing charges of the settlement or closing agent.
Seller shall pay any recording fees for the satisfaction of any mortgages, liens
or judgments affecting the Fee Property and Purchaser shall pay all recording
fees in connection with the conveyances of the Fee Properties. Each party shall
bear all other fees, charges and expenses incurred by it, without contribution
from the other, in connection with this transaction. Except as specifically set
forth in this Section 15, Seller's portion of the realty transfer taxes, title
insurance searches and premiums and any other usual and customary closing costs
of charges payable by Seller according to local custom for the state in which
the Fee Property is located shall be paid in twelve equal monthly installments
by Seller as additional rent under the Retained Premises Lease.

         16. Default.

             (a)  If Seller materially breaches this Agreement prior to or at
Settlement, and if such default continues for more than ten (10) business days
following written notice thereof to Seller, the sole liability of Seller shall
be and the sole remedy of Purchaser shall be limited to either (i) payment to
Purchaser, as liquidated damages, for each Fee Property for which Settlement has
not

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occurred and for which Purchaser has performed some or all of its investigations
pursuant to Sections 9 and 21, the sum equal to Purchaser's actual, reasonable
out-of-pocket costs and expenses incurred subsequent to the date of this
Agreement (to the extent documented to Seller's reasonable satisfaction by
copies of paid invoices and bills and canceled checks) for title, survey and
other due diligence reports and evaluations, whereupon Purchaser shall deliver
to Seller complete copies (with all appendices and exhibits) of all (interim
drafts as well as final reports, if any) due diligence reports, evaluations,
investigations, surveys and title searches in Purchaser's possession or control
(without representation or warranty and with a disclaimer of reliance), and this
Agreement shall become null and void and the parties shall have no further
liabilities or obligations hereunder; or (ii) a suit by Purchaser for specific
performance only.

         (b) If Purchaser materially breaches this Agreement prior to or at any
Settlement, and if such default continues for more than ten (10) business days
following written notice thereof to Purchaser, Seller shall be entitled to
terminate this Agreement (either in its entirety or, at Seller's election, only
as to the Fee Properties for which Settlement did not occur as a result of
Purchaser's breach) and to receive liquidated damages in an amount equal to 10%
of the Purchase Price for each Fee Property which Purchaser fails to make
Settlement, provided that (i) except as provided in subsection (d) below, in no
event shall the amount of Purchaser's liability hereunder exceed, in the
aggregate, $100,000 and (ii) notwithstanding an election by Seller to terminate
this Agreement in its entirety as a result a material breach hereof by
Purchaser, Purchaser shall nevertheless remain entitled and obligated to
complete Settlement on all Fee Properties and Seller shall only be entitled to
receive liquidated damages as aforesaid for Fee Properties if, as and when
Purchaser fails to complete Settlement thereon as required hereby. In addition,
Purchaser shall deliver to Seller complete copies (with all appendices and
exhibits) of all (interim drafts as well as final reports, if any) due diligence
reports, evaluations, investigations, surveys and title searches in Purchaser's
possession or control (without representation or warranty and with a disclaimer
of reliance). The provisions of this subparagraph (b) shall survive the
expiration or earlier termination of this Agreement. The parties acknowledge
that the aforesaid liquidated damages are reasonable and do not constitute a
penalty and are being agreed upon due to the difficulty of calculating the
actual amount of damages that Seller might sustain in the event of a default by
Purchaser and termination of this Agreement.

             (c)  Notwithstanding anything to the contrary contained in Section
16(a), in the event Seller's breach is caused by or arises out of regulatory
issues, Seller shall have no liability whatsoever to Purchaser; this Agreement
shall become null and void as to such affected Fee Properties only, and the
parties shall have no further liabilities or obligations hereunder with respect
to such affected Fee Properties; and this Agreement shall continue to be
effective as to the remaining Fee Properties and the Purchase Price shall be
adjust to reflect the Seller's inability to convey the affected Fee Properties.

         17. Risk of Loss. If a condemnation proceeding is instituted against a
Fee Property or any portion thereof, or if a Fee Property is substantially
damaged by fire or other casualty, prior to Settlement, Purchaser may terminate
this Agreement as to such Fee Property upon written notice to

                                       11

<PAGE>

Seller, whereupon the parties shall have no further liabilities or obligations
hereunder with respect to such Fee Property, but this Agreement shall continue
in full force and effect as to the remaining Fee Properties. If Purchaser does
not so terminate this Agreement as to a Fee Property in the case of condemnation
or substantial damage by fire or other casualty, or if in the case of fire or
other casualty to a Fee Property there is less than substantial damage, then in
each of such cases, this Agreement shall continue to be effective as to such Fee
Property, and Seller shall assign to Purchaser at Settlement all of Seller's
right to receive any award for such condemnation or insurance proceeds as a
result of such damage (as the case may be), together with all of Seller's rights
to litigate such claim and to negotiate a settlement with the condemning
authority or the insurance carrier; provided, however, to the extent Seller
self-insures (including a deductible or any under-insured amount) against a
casualty, then the Purchase Price for the affected Fee Property shall be
adjusted to reflect a credit in favor of Purchaser for the amount of such
under-insured amount. For purposes of this Section, a Fee Property shall be
deemed to have been "substantially damaged" if such damage occurs at a Fee
Property that Seller is responsible to restore and such restoration either will
require more than one-hundred twenty (120) days to complete or will cost in
excess of twenty-five percent (25%) of the Purchase Price of such Fee Property.
Seller agrees to maintain its current property insurance policies on the Fee
Properties during the pendency of this Agreement.

         18. Brokers. Each party represents and warrants to the other that it
has not dealt with any real estate broker, agent or finder in connection with
this Agreement or the negotiation, renewal or extension of the Leases. The
parties agree to indemnify and hold one another harmless based upon their
actions and dealings from any claims or causes of action concerning brokerage or
finder's fees or commissions. If any claim against Seller is asserted by any
person, firm or corporation claiming a commission and/or finder's fee with
respect to the transactions contemplated by this Agreement, and resulting from
any act, representation or promise of Purchaser, Purchaser shall indemnify,
defend and save harmless Seller from such claim resulting from any act,
representation or promise of Purchaser. If any claim against Purchaser is
asserted by any person, firm or corporation claiming a commission and/or a
finder's fee with respect to the transactions contemplated by this Agreement,
and resulting from any act, representation or promise of Seller, Seller shall
indemnify, defend and save harmless Purchaser from such claim resulting form any
act, representation or promise of Seller. The terms of this Section 18 shall
survive the Settlement on each Fee Property and the delivery of the Deed or
Assignment, as applicable, and shall survive the expiration or earlier
termination of this Agreement.

         19. Fee Properties "AS-IS." Purchaser either (a) has heretofore
inspected each of the Fee Properties, or caused an inspection thereof to be made
on Purchaser's behalf, or (b) will have done so prior to the end of the Due
Diligence Period (as hereinafter defined) or (c) will have waived its right to
do so as hereinbelow set forth, so that, by the end of the Due Diligence Period
(as hereinafter defined), Purchaser shall be (or shall have had the opportunity
to become) acquainted with the condition of the Fee Properties and the
improvements located therein. Purchaser agrees to take the Fee Properties
"AS-IS," "WHERE-IS," and in their present condition, subject to reasonable use,
wear and tear, and (subject to Section 17 above) damage by fire and other
casualties, and (subject to Section 17 above) due to a taking by condemnation or
eminent domain, between the date hereof and the Settlement on each of the Fee
Properties. Until the Settlement, Seller agrees to

                                       12

<PAGE>

maintain each Fee Property in its present condition, reasonable wear and tear
excepted.

         20. Disclaimer.

             (A)  PURCHASER ACKNOWLEDGES AND AGREES THAT SELLER HAS NOT MADE,
DOES NOT MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS,
WARRANTIES (OTHER THAN THE WARRANTY OF TITLE AS SET OUT IN THE DEED), PROMISES,
COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER
EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO,
CONCERNING OR WITH RESPECT TO (A) THE VALUE, NATURE, QUALITY OR CONDITION OF ANY
FEE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY; (B)
THE INCOME TO BE DERIVED FROM THE PROPERTY; (C) THE SUITABILITY OF THE FEE
PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER OR ANYONE ELSE MAY
CONDUCT THEREON; (D) THE COMPLIANCE OF OR BY THE FEE PROPERTY OR ITS OPERATION
WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL
AUTHORITY OR BODY; (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY,
PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF ANY FEE PROPERTY; (F) THE
MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO
ANY FEE PROPERTY; (G) THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF
ANY FEE PROPERTY; OR (H) ANY OTHER MATTER WITH RESPECT TO ANY FEE PROPERTY, AND
SPECIFICALLY, THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS
ANY REPRESENTATIONS REGARDING COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION,
POLLUTION, ZONING OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS,
INCLUDING THE EXISTENCE IN OR ON ANY FEE PROPERTY OF HAZARDOUS MATERIALS (AS
DEFINED BELOW). PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT, HAVING BEEN
GIVEN THE OPPORTUNITY TO INSPECT EACH FEE PROPERTY, PURCHASER IS RELYING SOLELY
ON ITS OWN INVESTIGATION OF EACH FEE PROPERTY AND NOT ON ANY INFORMATION
PROVIDED OR TO BE PROVIDED BY SELLER. PURCHASER FURTHER ACKNOWLEDGES AND AGREES
THAT ANY INFORMATION PROVIDED OR TO BE PROVIDED WITH RESPECT TO EACH FEE
PROPERTY WAS OBTAINED FROM A VARIETY OF SOURCES AND THAT SELLER HAS NOT MADE ANY
INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION AND MAKES NO
REPRESENTATIONS AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. SELLER
IS NOT LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS,
REPRESENTATIONS OR INFORMATION PERTAINING TO EACH FEE PROPERTY, OR THE OPERATION
THEREOF, FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR OTHER PERSON. PURCHASER
FURTHER ACKNOWLEDGES AND AGREES THAT TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE
SALE OF THE PROPERTY AS PROVIDED FOR HEREIN IS MADE ON AN "AS IS" CONDITION AND
BASIS WITH ALL FAULTS. ALL PROVISIONS OF THIS ARTICLE SHALL SURVIVE SETTLEMENT
OR THE EXPIRATION

                                       13

<PAGE>

OR EARLIER TERMINATION OF THIS AGREEMENT WITHOUT SETTLEMENT, AS APPLICABLE.

             (B)  "Hazardous Materials" shall mean any substance which is or
contains (i) any "hazardous substance" as now or hereafter defined in the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as amended (42 U.S.C. ss.9601 et. seq.) "CERCLA") or any regulations promulgated
under or pursuant to CERCLA; (ii) any "hazardous waste" as now or hereafter
defined in the Resource Conservation and Recovery Act, as amended (42 U.S.C. ss.
6901 et seq.) ("RCRA") or regulations promulgated under or pursuant to RCRA;
(iii) any substance regulated by the Toxic Substances Control Act, as amended
(15 U.S.C. ss. 2601 et seq.); (iv) gasoline, diesel fuel, or other petroleum
hydrocarbons; (v) asbestos and asbestos containing materials, in any form,
whether friable or non-friable; (vi) polychlorinated biphenyls; (vii) radon gas;
and (viii) any additional substances or materials which are now or hereafter
classified or considered to be hazardous or toxic under Environmental
Requirements (as hereinafter defined) or the common law, or any other applicable
laws relating to each Fee Property. Hazardous Materials shall include, without
limitation, any substance, the presence of which on each Fee Property, (A)
requires reporting, investigation or remediation under Environmental
Requirements; (B) causes or threatens to cause a nuisance on the Fee Property or
adjacent property or poses or threatens to pose a hazard to the health or safety
of persons on the Fee Property or adjacent property; or (C) which, if it
emanated or migrated from the Fee Property, could constitute a trespass.

             (C)  "Environmental Requirements" shall mean all laws, ordinances,
statutes, codes, rules, regulations, agreements, judgments, orders, and decrees,
now or hereafter enacted, promulgated, or amended, of the United States, the
states, the counties, the cities, or any other political subdivisions in which
the Fee Property is located, and any other political subdivision, agency or
instrumentality exercising jurisdiction over the owner of the Fee Property, the
Fee Property or the use of the Fee Property, relating to pollution, the
protection or regulation of human health, natural resources, or the environment,
or the emission, discharge, release or threatened release of pollutants,
contaminants, chemicals, or industrial, toxic or hazardous substances or waste
or Hazardous Materials into the environment (including, without limitation,
ambient air, surface, water, ground water or soil).

             (D)  Purchaser acknowledges that, subject to the termination rights
set forth in Section 21(b), Purchaser shall accept all Fee Properties (including
all improvements located thereon) at Settlement in their AS IS physical
condition WITH ALL FAULTS, including, without limitation, with the presence of
Hazardous Materials thereon or therein. Purchaser, on behalf of itself and its
successors and assigns, hereby waives, releases, acquits and forever discharges
Seller its current and former officers, directors, shareholders, employees,
agents, attorneys, representatives, and any other persons acting on behalf of
Seller and the successors and assigns of any of the preceding, of and from any
and all claims, actions, causes of action, demands, rights, damages, costs,
expenses or compensation whatsoever, direct and indirect, known or unknown,
foreseen or unforeseen, which Purchaser or its successors or assigns now has or
which may arise in the future on account of or in any way related to or in
connection with any past, present, or future physical

                                       14

<PAGE>

characteristic or condition of each Fee Property or the improvements thereon,
including, without limitation, any Hazardous Materials in, at, on, under or
related to the Fee Property or the improvements thereon or any violation or
potential violation of any Environmental Requirement applicable thereto and
further including, without limitation, any claim for contribution or
indemnification arising under any Environmental Requirements, common law or
otherwise. Notwithstanding anything to the contrary set forth herein, this
release shall survive the Settlement and the expiration or earlier termination
of this Agreement.

         21. Due Diligence Period; Purchaser's Access to Fee Properties. During
the Due Diligence Period, Purchaser shall be granted access to each of the Fee
Properties in order to perform such due diligence review and analysis of the Fee
Properties as Purchaser deems necessary including, without limitation, to
investigate, review, survey and physically inspect each Fee Property, to obtain
a title search and survey, to conduct Phase I environmental studies and
engineering studies of each Fee Property as described below, and to review the
leases being assigned to Purchaser.

             (a)  During the Due Diligence Period for each Fee Property, as same
may be extended with respect to such Fee Property pursuant to Sections 21(b) and
(c) hereof, Purchaser, its employees and agents, at Purchaser's sole cost and
expense, shall have the right to enter upon such Fee Property to inspect such
Fee Property. Purchaser shall give Seller prior written notice of its entry upon
the Fee Property and shall coordinate such entry and inspection with Seller so
that the entry is at a mutually convenient time. Prior to each such entry,
Purchaser shall provide certificates of insurance to Seller evidencing liability
insurance in the minimum amount of $2,000,000.00 combined per occurrence limit
carried by Purchaser and/or Purchaser's agents in order to insure any loss
arising out of or in connection with entry upon the Fee Property. The aforesaid
insurance shall be issued by an insurance company licensed in the state where
the Fee Property is located and said insurance company shall be acceptable to
Seller. Upon completion of any inspections, Purchaser, shall restore the Fee
Property to the condition in which it existed prior to said inspections.
Purchaser shall and hereby does indemnify, defend, and save harmless Seller from
and against any and all claims arising out of the entry on and inspection of
each and every Fee Property by Purchaser and/or Purchaser's employees and
agents, including, without limitation, Seller's attorneys' fees and costs.
Notwithstanding anything contained in this Agreement to the contrary, the terms
of this subsection shall survive (i) Settlement on such Fee Property and the
delivery of the Deed, (ii) the termination of this Agreement as to such Fee
Property and (iii) the expiration or earlier termination of this Agreement.

             (b)  Prior to the expiration of the Due Diligence Period for each
Fee Property, if Purchaser's environmental consultant, based on records and
other documentation obtained during its Phase I environmental investigation
("Phase I Study"), determines that a Phase II environmental study ("Phase II
Study") is necessary with respect to such Fee Property, Purchaser shall either
perform the Phase II Study at Purchaser's sole cost and expense or terminate
this Agreement as to such Fee Property within ten (10) days of Purchaser's
receipt of the Phase I Study, in which event, this Agreement shall terminate and
be null and void as to such withdrawn Fee Property, but shall

                                       15

<PAGE>

continue in full force and effect as to the remaining Fee Properties. If
Purchaser obtains a Phase II Study for such Fee Property and if the Phase II
Study identifies one or more environmental conditions requiring remediation,
then, within ten days after Purchaser delivers the Phase II Study to Seller,
Seller, at its sole election, shall either (i) agree to remediate and abate the
disclosed environmental condition(s) at Seller's sole cost and expense in
conformity with all applicable Environmental Requirements or (ii) withdraw such
Fee Property from this Agreement, and in the latter event, this Agreement shall
terminate and be null and void as to such withdrawn Fee Property, but shall
continue in full force and effect as to the remaining Fee Properties. Unless
Seller notifies Purchaser during such ten-day period of Seller's election to
remediate and abate the disclosed environmental condition(s), Seller shall be
deemed to have elected to withdraw the Fee Property from this Agreement as
expressed in clause (ii) above. Unless the Fee Property is withdrawn from this
Agreement by Seller as aforesaid, the Due Diligence Period and Settlement
automatically shall be extended for such time as is necessary for Seller or
Purchaser, as applicable, to complete the environmental investigations and
remediations described above. In the event of a withdrawal of a Fee Property
pursuant to this subparagraph or a termination of this Agreement as provided
herein as to such Fee Property, Purchaser shall be solely responsible for all of
Purchaser's due diligence and investigation costs and expenses.

             (c)  [Intentionally Omitted].

             (d)  Within five (5) days following the execution date of this
Agreement, Seller shall make available to Purchaser for inspection and copying
at Purchaser's expense all documents and records relating to the Fee Property
which to Seller's best knowledge, Seller has in its possession, such documents
to be made available to Purchaser at the location or locations where such
documents are kept in the ordinary course of Seller's business.

         22. Notices and Assessments: Tax Appeals.

             (a)  Seller shall (i) comply with the requirements of any and all
notices relating to each Fee Property which may be issued by municipal or other
public authorities prior to the date of this Agreement and (ii) pay for all work
and improvements done or ordered to be done prior to the date of this Agreement
by any such authority which results in the imposition of a confirmed lien
against a Fee Property prior to Settlement. If Settlement takes place as to such
Fee Property, all other requirements and notices shall be complied with by
Purchaser and all other work or improvements done or ordered done shall be
performed and paid for Purchaser.

             (b)  Seller agrees that from and after Seller's execution of this
Agreement that Seller will not file any real estate tax assessment appeal with
respect to any Fee Property prior to Settlement on such Fee Property without
Purchaser's prior written consent.

         23. Notices. All notices hereunder shall be in writing and shall be
deemed to have been

                                       16

<PAGE>

properly given if personally delivered, sent via facsimile or sent by private
overnight express carrier, such as Federal Express, next business day delivery,
charges prepaid, addressed to Seller at Bank of America, NC1-007-52-02, 100
North Tryon Street, Suite 5210, Charlotte, NC 28255, Attention: Robert
Patterson, facsimile number (704) 386-0372; with a copy to Bank of America,
N.A., TX1-492-68-01, 901 Main Street, Dallas, TX 75202, Attention: Michael Hord,
Esquire, facsimile number (214) 209-0871; addressed to Purchaser at 1725 The
Fairway, Jenkintown, PA 19046, Attention: Mr. Nicholas Schorsch, facsimile
number (215) 887-2585; with a copy to Morgan, Lewis Bockius LLP, 1701 Market
Street, Philadelphia, PA 19103, Attention: Edward J. Matey Jr., Esquire,
facsimile number (215) 963-5299. Notices by the parties may be given on their
behalf by their respective counsel. Notice shall be deemed to have been given
upon the date of delivery, if personally delivered, or sent via facsimile or one
business day after the date of deposit if sent by private overnight express
carrier, next business day delivery.

         24. No Survival. Except as otherwise provided, none of the provisions
of this Agreement shall survive any Settlement and delivery of any of the Deeds
or Assignments, as applicable.

         25. Further Assurances. From time to time and at the request of either
Seller or Purchaser (whether before, at or after the Settlement for a Fee
Property), the other party shall execute, acknowledge and deliver such other and
further documents as the requesting party may reasonably request to effectuate
the provisions of this Agreement. The provisions of this Section 25 shall
survive the expiration or earlier termination of this Agreement.

         26. Estoppel Certificates; SNDA.

             (a)  Seller shall, as tenant under the Retained Premises, execute
and deliver to Purchaser and Purchaser's lender, a tenant estoppel in
substantially the form attached as Exhibit J hereto ("Tenant Estoppel"). Within
ten (10) days of Purchaser's receipt of the Rent Roll, Purchaser shall notify
Seller in writing of those tenant's listed on the Rent Roll that Purchaser shall
require a Tenant Estoppel and Seller shall use commercially reasonably efforts
to obtain and deliver to Purchaser and Purchaser's lender, Tenant Estoppels
executed by at least eighty-five percent (85%) of the tenants under the Leases
identified by Purchaser in Purchaser's notice, provided that Seller obtains and
delivers to Purchaser and Purchaser's lender, at least one Tenant Estoppel from
a tenant in each Fee Property that does not contain Retained Premises. All
Tenant Estoppels shall be dated no earlier than thirty (30) days prior to the
Settlement Date. Seller shall not be deemed to have satisfied its obligations
under this Subsection 26(a) unless Seller delivers to Purchaser and Purchaser's
lender, Tenant Estoppels containing no material adverse discrepancies from the
information set forth on the rent roll attached as Exhibit K hereto.

             (b)  Seller shall, as tenant under the Retained Premises, execute
and deliver to Purchaser a Subordination, Non-Disturbance and Attornment
Agreements in the form reasonably required by Purchaser's lender ("SNDA") and
use commercially reasonable efforts to obtain and deliver to Purchaser a SNDA
from each of the Tenants under the Leases.

                                       17

<PAGE>

         27. Miscellaneous.

             (a)  This Agreement shall not be recorded in the office for the
recording of deeds or in any other office or place of public record. Prior to
Settlement, this Agreement shall not be deemed or construed to give Purchaser
any equitable ownership of, or title to, any Fee Property, Fee Property.

             (b)  This Agreement and the exhibits attached hereto contain the
entire agreement between Seller and Purchaser and there are no other terms,
obligations, covenants, representations, statements or conditions, oral or
otherwise, of any kind or nature whatsoever. This Agreement may be modified only
by an agreement in writing between the parties hereto.

             (c)  This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective heirs, personal and legal
representatives, successors and permitted assigns; provided, however, that
Purchaser shall not assign or otherwise transfer this Agreement without the
prior written consent of Seller, which Seller may grant or deny in its sole
discretion. Notwithstanding anything to the contrary in the preceding sentence,
Purchaser, may, with Seller's prior written consent, not to be unreasonably
withheld, assign this Agreement in its entirety to a partnership, limited
liability company or corporation which is an "Affiliate" of Purchaser and in
which Nicholas Schorsch is the principal. Purchaser's request for consent to the
assignment to an Affiliate must be accompanied by evidence satisfactory to
Seller of the relationship among Purchaser, such Affiliate, and Nicholas
Schorsch. For purposes hereof, the term "Affiliate" shall mean a partnership,
limited liability company, or corporation that is owned by or is under common
control and ownership with, Purchaser. In no event shall any assignment of this
Agreement relieve Purchaser named herein from liability hereunder.

             (d)  This Agreement shall be governed and construed in accordance
with the laws of the State of North Carolina.

             (e)  Whenever in this Agreement a period of time is stated as a
number of days, it shall be construed to mean calendar days; provided, however,
that when any period of time so stated would end upon a Saturday, Sunday, or
legal holiday, such period shall be deemed to end upon the next day following
which is not a Saturday, Sunday or legal holiday.

             (f)  The date and time for the performance of all obligations
hereunder shall be deemed to be of the essence of this Agreement.

             (g)  If any term or provision of this Agreement shall, to any
extent, be invalid or unenforceable, the remainder of this Agreement shall not
be affected and each such remaining provision of this Agreement shall be valid
and enforceable to the fullest extent permitted by law.

                                       18

<PAGE>

             (h)  This Agreement may be executed in two or more counterparts,
each of which shall be deemed to be an original, but all of which taken together
shall constitute one and the same instrument. The date of this Agreement shall
be the date of Seller's execution hereof.

         28. Purchaser's Representations. Purchaser (and, if applicable,
Purchaser's Affiliate) represents to Seller, which representations shall be
true, correct and complete as of each Settlement Date hereunder and which shall
survive each Settlement, as follows:

             (a)  Purchaser is, and at the Settlement shall be, a corporation
(or limited liability company, or limited partnership, as applicable) duly
organized, validly existing, and in good standing under the laws of the state of
formation, and as of each Settlement, with full power and authority to conduct
its business affairs in the state where the Fee Property is located.

             (b)  The execution, delivery and performance of this Agreement, in
accordance with its terms, do not violate Purchaser's articles of incorporation,
by-laws, or any contract, agreement, commitment, order, judgment or decree to
which Purchaser is a party or by which it is bound.

             (c)  The execution and delivery of this Agreement and the
performance by Purchaser of its obligations hereunder have been duly authorized
by all required action of Purchaser and the officers of Purchaser in full
compliance with the provisions of Purchaser's articles of incorporation and
by-laws. The person executing this Agreement on behalf of Purchaser is duly
authorized to do so.

             (d)  Purchaser has the right, power and authority to make and
perform its obligations under this Agreement and this Agreement is a valid and
binding obligation of Purchaser enforceable against Purchaser in accordance with
its terms.

             (e)  Purchaser executing this Agreement is wholly owned and
controlled by Nicholas Schorsch.

         29. Seller's Representations. Seller represents to Purchaser, which
representations shall be true, correct and complete as of each Settlement Date
hereunder and which shall survive each Settlement, as follows:

             (a)  Seller is, and at the Settlement shall be, a national banking
association, duly organized and validly existing, with full power and authority
to conduct its business affairs in the state in which the Fee Property is
located.

                                       19

<PAGE>

             (b)  The execution, delivery and performance of this Agreement by
Seller, in accordance with its terms, do not violate Seller's articles of
incorporation, by-laws, or any contract, agreement, commitment, order, judgment
or decree to which Seller is a party or by which it is bound.

             (c)  The execution and delivery of this Agreement and the
performance by Seller of its obligations hereunder have been duly authorized by
all required action of Seller and the officers of Seller in full compliance with
the provisions of Seller's articles of incorporation and by-laws. The person
executing this Agreement on behalf of Seller is duly authorized to do so.

             (d)  Seller has the right, power and authority to make and perform
its obligations under this Agreement and this Agreement is a valid and binding
obligation of Seller enforceable against Seller in accordance with its terms.

             (e)  The square-footage measurements of the improvements on each of
the Fee Properties as set forth on Exhibit A has been measured in accordance
with BOMA measurement standards.

         30. Indemnification. With respect to and following the Settlement on
each Fee Property.

             (a)  Purchaser shall indemnify and hold Seller harmless from and
against all claims, lawsuits, costs (including reasonable counsel fees), losses,
damages and liabilities that arise out of or relate to (i) the presence of any
Hazardous Materials in, on or at a Fee Property (or any improvements) at the
time of Settlement, but only to the extent that the presence of such Hazardous
Materials were disclosed in a Phase I Study or Phase II Study obtained by either
Seller of Purchaser, (ii) transactions or operations at the Fee Property on and
after the Settlement Date or (iii) any breach by Purchaser of any
representation, warranty or covenant of Purchaser contained in this Agreement
that survives the Settlement. If any claim or lawsuit is made or commenced as to
which Seller proposes to demand such indemnification, it shall notify Purchaser
with reasonable promptness; provided, however, that any failure of Seller to
notify Purchaser shall not relieve Purchaser from its obligations hereunder,
except to the extent Purchaser is actually prejudiced by such failure to give
notice. Purchaser shall have the option of defending such claim or lawsuit with
counsel of its own choosing at its own cost and expense and such counsel shall,
to the extent consistent with its professional responsibilities, cooperate with
Seller and any counsel designated by Seller. Purchaser shall be liable for any
settlement of any claim or lawsuit against Seller made with Purchaser's written
consent, which consent shall not be unreasonably withheld.

             (b)  Seller shall indemnify and hold Purchaser harmless from and
against all claims, lawsuits, costs (including reasonable counsel fees), losses,
damages and liabilities that arise out of or relate to (i) transactions or
operations at the Fee Property before the Settlement Date, but

                                       20

<PAGE>

specifically excluding any matter relating to the physical condition of the Fee
Property or the presence of any Hazardous Materials in, on or at a Fee Property
(or any improvements) at the time of Settlement, and (ii) any breach by Seller
of any representation, warranty or covenant of Seller contained in this
Agreement that survives the Settlement. If any claim or lawsuit is made or
commenced as to which Purchaser proposes to demand such indemnification, it
shall notify Seller with reasonable promptness; provided, however, that any
failure of Purchaser to notify Seller shall not relieve Seller from its
obligations hereunder, except to the extent that Seller is actually prejudiced
by such failure to give notice. Seller shall have the option of defending such
claim or lawsuit with counsel of its own choosing at its own cost and expense
and such counsel shall, to the extent consistent with its professional
responsibilities, cooperate with Purchaser and any counsel designated by
Purchaser. Seller shall be liable for any settlement of any claim or lawsuit
against Purchaser made with Seller's written consent, which consent shall not be
unreasonably withheld.

         31. Confidentiality.

             (a)  Purchaser agrees that this Agreement and any and all
information obtained by Purchaser, its agents, representatives and employees, in
connection with any examinations and inspections of the Fee Properties will be
held in strict confidence by Purchaser and its agents, representatives and
employees and will not be disclosed to anyone other than Purchaser's investors
and its and their professional advisers on a "need to know " basis, without the
prior written consent of Seller. No news release, public or private
announcement, denial or confirmation relating to this Agreement or any part of
the transactions contemplated herein shall be made without the prior written
consent of Seller. In the event this Agreement is terminated prior to the
Settlement on a Fee Property, Purchaser will return to Seller any documents and
other materials received from Seller with respect to such Fee Property.
Purchaser shall indemnify, defend and hold Seller harmless from any loss,
damages, costs or expenses (including reasonable attorney's fees) arising as a
result of Purchaser's breach of this Section 31.

             (b)  Notwithstanding anything to the contrary contained in Section
31(a) above, following expiration of the Due Diligence Period, Purchaser may
market the Fee Properties to Purchaser's contacts (including existing tenants
occupying space in a Fee Property and persons who Purchaser believes may be
interested in using such Fee Property and persons, including brokers, who may
have contacts and relationships with such users), but in doing so, shall not
publicly market or advertise or promote in any manner the availability of such
Fee Property for sale, lease or other disposition.

         32. No Offer. This Agreement shall neither be deemed an offer to sell
nor shall it bind, obligate or be effective against Seller unless and until (a)
the Agreement has been approved in writing by Seller's appropriate management
authority and (b) this Agreement has been fully executed by Seller and Purchaser
and an executed copy is delivered to Seller.

         33. No Liability. No individual officers, directors, shareholders,
agents or

                                       21

<PAGE>

representatives of Seller or of Purchaser shall have any personal liability
under this Agreement, either for the observance or performance of such party's
rights, duties or obligations hereunder, or for the default of such party to
observe and perform its obligations hereunder, or under any document executed in
connection with the transactions contemplated hereby, or otherwise.

         IN WITNESS WHEREOF, the parties hereto, intending to be legally bound
hereby, have executed this Agreement as of the date first written above.

                                         SELLER

                                         BANK OF AMERICA, N.A.

                                         By:____________________________________
                                                 Robert Patterson, Senior Vice
                                                 President

                                         Date of Execution:____________, 2002

                                         PURCHASER

                                         AMERICAN FINANCIAL RESOURCE GROUP, LLC

                                         By:____________________________________
                                                 Nicholas Schorsch, Manager

                                         Date of Execution:____________, 2002

                                       22<PAGE>

                                                                    Exhibit 10.8

                            MASTER PURCHASE, SALE AND
                            LEASE TRANSFER AGREEMENT

                                     between

                      WACHOVIA BANK, NATIONAL ASSOCIATION,
                                   as Seller,

                                       and

                            FIRST STATES GROUP, L.P.,
                                    as Buyer,

                            Dated September 12, 2002

<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                        Page
<S>                                                                                     <C>
ARTICLE 1    PROVISIONS OF GENERAL APPLICATION ........................................    4

      1.1        TERM .................................................................    4

      1.2        KEY DATES ............................................................    5

      1.3        SALE AND ASSIGNMENT OF QUALIFYING PROPERTIES .........................    6

      1.4        QUALIFYING PROPERTIES ................................................    6

      1.5        EXCLUDED QUALIFYING PROPERTY .........................................    8

      1.6        QUALIFYING PROPERTY DESIGNATION NOTICE ...............................    9

      1.7        FINANCING ............................................................    9

ARTICLE 2    FEE QUALIFYING PROPERTIES ................................................    9

      2.1        DETERMINATION OF VALUE ...............................................    9

      2.2        PURCHASE PRICE .......................................................   12

      2.3        DUE DILIGENCE ........................................................   12

      2.4        TITLE; ZONING REVIEW .................................................   15

      2.5        CONDITIONS PRECEDENT TO TRANSFER .....................................   16

      2.6        TRANSFER OF FEE QUALIFYING PROPERTIES ................................   16

      2.7        TRANSFER COSTS .......................................................   18

      2.8        ADJUSTMENTS ..........................................................   18

      2.9        LOCATION OF TRANSFERS ................................................   18

      2.10       POSSESSION; PERMITTED LEASES .........................................   19

      2.11       SERVICE AND MAINTENANCE CONTRACTS ....................................   19

      2.12       NOTICES AND ASSESSMENTS; TAX APPEALS .................................   19

ARTICLE 3  LEASED QUALIFYING PROPERTIES ...............................................   20

      3.1        OBLIGATIONS OF THE BUYER; LEASE TRANSFER .............................   20

      3.2        LEASE TRANSFER DATE ..................................................   22

      3.3        SPECIAL CONDITIONS - SELLER NOT RELEASED .............................   22

      3.4        POSSESSION; PERMITTED SUBLEASES ......................................   23

ARTICLE 4    PERSONAL PROPERTY, FIXTURES AND EQUIPMENT ................................   23

      4.1        PERSONAL PROPERTY FIXTURES AND EQUIPMENT .............................   23
</TABLE>

                                       i

<PAGE>

                               TABLE OF CONTENTS
                                  (continued)

<TABLE>
<CAPTION>
                                                                                        Page
<S>                                                                                     <C>
ARTICLE 5    SPECIAL PROVISIONS .......................................................   24

      5.1        RECAPTURE ............................................................   24

      5.2        OPTION FOR EARLY TRANSFER ............................................   25

ARTICLE 6    DEFAULT AND TERMINATION ..................................................   26

      6.1        BUYER DEFAULT ........................................................   26

      6.2        Seller Default .......................................................   27

ARTICLE 7    MISCELLANEOUS ............................................................   28

      7.1        AGREEMENT CONSTRUCTION ...............................................   28

      7.2        NOTICE ...............................................................   28

      7.3        ASSIGNMENT ...........................................................   29

      7.4        SUCCESSORS AND ASSIGNS ...............................................   29

      7.5        AMENDMENTS AND TERMINATION ...........................................   30

      7.6        GOVERNING LAW ........................................................   30

      7.7        SECTION HEADINGS .....................................................   30

      7.8        COUNTERPARTS .........................................................   30

      7.9        ENTIRE AGREEMENT .....................................................   30

      7.10       TIME .................................................................   30

      7.11       ATTORNEYS' FEES ......................................................   30

      7.12       WAIVER ...............................................................   30

      7.13       APPROVAL .............................................................   30

      7.14       COMMISSIONS ..........................................................   31

      7.15       COOPERATION WITH MARKETING ...........................................   31

      7.16       CONDEMNATION .........................................................   31

      7.17       CASUALTY .............................................................   31

      7.18       ESCROW AGENT AND ESCROW PROCEDURE ....................................   32

      7.19       CONFIDENTIALITY ......................................................   33

      7.20       WAIVER OF JURY TRIAL .................................................   33

ARTICLE 8    REPRESENTATIONS ..........................................................   33

      8.1        REPRESENTATIONS OF BUYER .............................................   33

      8.2        REPRESENTATIONS OF SELLER ............................................   34
</TABLE>

                                       ii

<PAGE>

                              SCHEDULE OF EXHIBITS

1.  2.1           Appraisal Requirements

2.  2.3(f)        Environmental Indemnity Agreement

3.  2.6(a)(i)     Florida Special Warranty Deed

4.  2.6(a)(ii)    Bill of Sale

5.  2.6(a)(v)     Assignment and Assumption of Permitted Leases

6.  3.2           Assignment, Assumption and Indemnity

7.  5.2           Early Transfer Lease

                                      iii

<PAGE>

                           MASTER PURCHASE, SALE AND
                            LEASE TRANSFER AGREEMENT

         This Master Purchase, Sale and Lease Transfer Agreement (this
"Agreement") is made this September 12, 2002, but effective as of the Effective
Date, defined in paragraph 1.2(a), between WACHOVIA BANK, NATIONAL ASSOCIATION,
formerly known as First Union National Bank and as successor by merger to
Wachovia Bank, N.A. (the "Seller") and FIRST STATES GROUP, L.P., a Delaware
limited partnership (the "Buyer").

                             PRELIMINARY STATEMENT

         WHEREAS Seller operates a retail banking franchise throughout the
states of Florida, Georgia, South Carolina, North Carolina, Virginia, Maryland,
Delaware, Pennsylvania, New Jersey, New York, Connecticut and the District of
Columbia (such states collectively, the "Designated Territory"), and

         WHEREAS Seller owns or leases certain real estate for the purposes of
operating retail bank branches and providing retail banking services to
customers throughout the Designated Territory (the "Branches"), and

         WHEREAS Seller may, from time to time and in its sole and absolute
discretion, make decisions to close certain Branches and to subsequently dispose
of the real estate (the "Surplus Branches"), and

         WHEREAS Subject to the terms and conditions contained in this
Agreement, Seller agrees to sell or assign and Buyer agrees to purchase or
accept assignment of qualifying Surplus Branches owned or leased by Seller, and

         WHEREAS This Agreement amends, supercedes and restates in its entirety
that certain Agreement dated October 28, 1999, between Seller's predecessor in
interest and American Financial Resource Group, LLC, an affiliate of Buyer (as
amended, the "Prior Agreement"), which Prior Agreement shall automatically
terminate and become null and void as of the Effective Date of this Agreement.

         NOW THEREFORE, in consideration of the covenants and mutual promises
contained herein and other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), Seller and Buyer, intending to be
legally bound hereby, agree as follows:

                                   ARTICLE 1
                       PROVISIONS OF GENERAL APPLICATION

         1.1   TERM.

               (a)   The term of this Agreement is two (2) years from the
Effective Date unless terminated sooner because of (i) Buyer's failure to
perform (after any applicable

<PAGE>

notice and cure periods) its obligations or covenants in this Agreement as
expressed in paragraph 6.1, (ii) Seller's failure to perform (after any
applicable notice and cure periods) its obligations or covenants in this
Agreement as expressed in paragraph 6.2, (iii) at Seller's election, the merger
of Seller, or its parent corporation with and into another financial
institution, or the acquisition of all of the capital stock of Seller or its
merger with and into a parent corporation, or (iv) either party's election to
terminate this Agreement, without cause, at any time upon written notice to the
other party.

               (b)   Any party seeking early termination of this Agreement as
aforesaid shall provide the other party with written notice of the cause of the
termination ("Notice of Termination"), in which event Seller shall have no
further obligation to offer Qualifying Properties to Buyer and, subject to the
terms and conditions of this Agreement, Seller shall only be obligated to convey
and assign, and Buyer shall only be obligated to purchase and assume, Fee
Qualifying Properties and Leased Qualifying Properties, each defined in
paragraph 1.4(c), that have been offered to Buyer as of the date of the Notice
of Termination. Notwithstanding the foregoing, if the early termination occurs
as a result of Buyer's default under clause (i) above or Seller's default under
clause (ii) above, at the election of the non-defaulting party, Seller shall not
be obligated to convey or assign, and Buyer shall not be obligated or permitted
to purchase or assume, previously offered Qualifying Properties that have not
been Transferred, defined in paragraph 1.3, by Seller and Buyer as of the date
of the Notice of Termination.

         1.2   KEY DATES. For purpose of this Agreement:

               (a)   The "Effective Date" is the date on which Seller and Buyer
both fully execute and deliver this Agreement.

               (b)   The "Offering Date" is the date Seller affirmatively
establishes a Surplus Branch to be a Qualifying Property, defined in paragraph
1.4(a), and provides Buyer with a Qualifying Property Designation Notice as
expressed in paragraph 1.6.

               (c)   The "Operations Closing Date" is the date that Seller
ceases retail banking operations at the Qualifying Property, it being understood
that maintenance of automated teller machine ("ATM") operations alone shall not
constitute retail banking operations.

               (d)   The "Transfer Date" is, as applicable, a Fee Transfer Date
or a Lease Transfer Date.

               (e)   The "Fee Transfer Date" is defined in paragraph 2.6(a).

               (f)   The "Fee Vacate Date" for each Fee Qualifying Property is
the date on which Seller vacates the Fee Qualifying Property, removes its
Personal Property therefrom, defined in paragraph 4.1(b), and relinquishes
possession thereof to Buyer, free and clear of all tenancies and rights of
possession, except for Permitted Leases, defined in paragraph

                                       5

<PAGE>

2.10. The Fee Vacate Date shall occur not more than ninety (90) days following
the Operations Closing Date for each Fee Qualifying Property or, in the case of
an Early Transfer, not later than twenty-four (24) months after the Early
Transfer Date as provided in paragraph 5.2.

               (g)   The "Lease Transfer Date" is defined in paragraph 3.1(b).

               (h)   The "Lease Vacate Date" for each Leased Qualifying Property
is the date on which Seller vacates the Leased Qualifying Property, removes its
Personal Property therefrom and relinquishes possession thereof to Buyer, free
and clear of all tenancies and rights of possession, except for Permitted
Subleases, defined in paragraph 3.4. The Leased Vacate Date shall occur not more
than one hundred fifty (150) days following the Operations Closing Date for each
Leased Qualifying Property.

               (i)   The "Extended Lease Transfer Date" is defined in paragraph
3.1(d).

               (j)   The "Early Transfer Date" is defined in paragraph 5.2.

         1.3   SALE AND ASSIGNMENT OF QUALIFYING PROPERTIES. On the terms and
conditions herein provided, (a) Seller shall sell and convey to Buyer, and Buyer
shall purchase from Seller, all Surplus Branches (other than Excluded
Properties) that become Fee Qualifying Properties during the term of this
Agreement and (b) Seller shall assign and transfer to Buyer, and Buyer shall
accept and assume from Seller, Seller's leasehold interest in all Surplus
Branches (other than Excluded Properties) that become Leased Qualifying
Properties during the term of this Agreement. The "Transfer" of a Qualifying
Property is the closing and settlement by Seller and Purchaser of the sale and
conveyance (as to Fee Qualifying Properties) or assignment and assumption (as to
Leased Qualifying Properties) of the Qualifying Property.

         1.4   QUALIFYING PROPERTIES.

               (a)   "Qualifying Properties" are Surplus Branches within the
Designated Territory that are owned or leased by Seller and have at least
forty-five (45%) of their gross building area (or, in the case of a Leased
Qualifying Property, forty-five (45%) percent of the total area leased) used or
readily usable without material modification for retail banking operations,
provided that a Surplus Branch shall not become a Qualifying Property unless or
until Seller, in its sole and absolute discretion, (aa) determines the property
is no longer needed for its banking operations now or in the future, (bb) elects
to cease business operations and vacate the property and (cc) elects to dispose
of the real estate. Measurements of the square footage to qualify as Qualifying
Properties are the measurements made by Seller and located in its files.

               (b)   For the purposes of determining Qualifying Properties, the
following properties shall not qualify:

                                       6

<PAGE>

                     (i)     Any property not meeting the requirements of a
Qualifying Property.

                     (ii)    Qualifying Properties that may be designated for
divesture as an operating bank branch with deposits to satisfy regulatory
requirements.

                     (iii)   Qualifying Properties that Seller may elect to
divest as an operating bank branch with deposits.

                     (iv)    Qualifying Properties Seller may elect to sell,
donate, assign, sub-lease or otherwise make available to any community interest
group, charitable organization or subsidiary.

                     (v)     Leased Qualifying Properties with a remaining base
term (assuming that any early termination rights under the Lease, defined in
paragraph 3.1(b), are exercised at the earliest opportunity) of five (5) years
or less as of the Operations Closing Date, or, if later, the Offering Date.

                     (vi)    Any Leased Qualifying Property where the Lease is a
synthetic lease or was created for separate consideration which created an above
market rental obligation as part of a merger, asset or stock acquisition.

                     (vii)   Any Leased Qualifying Property Seller may elect to
terminate the lease obligation or obtain a release from the lease obligation
through direct negotiations with the landlord.

                     (viii)  Any Qualifying Property that Seller, from and after
the Offering Date but prior to the Operations Closing Date or, in the case of an
Early Transfer, defined in paragraph 5.2, the Early Transfer Date, determines it
may need to retain as a banking facility or to support its business operations.
In such event the Qualifying Property would be excluded from this Agreement,
Escrow Agent, defined in paragraph 7.17, shall refund any Deposit, defined in
paragraph 2.2(a), to Buyer and Seller shall reimburse Buyer for all Buyer's
reasonable due diligence costs actually incurred not to exceed $5,000.00.

                     (ix)    Freestanding ATMs and banking kiosks, specialty
banking offices located within hospitals, grocery stores, gated communities or
similar facilities or co-branding environments, even if configured to operate as
a bank branch.

                     (x)     Any property or leasehold, even if otherwise
meeting all conditions of a Qualifying Property, that, prior to the Effective
Date of this Agreement, Seller has (aa) listed for sale, lease, sub-lease or
assignment with a real estate broker, (bb) contracted, entered into a letter of
intent to sell which meets the requirements of a letter of intent in paragraph
1.5 or otherwise committed to sell, lease, sub-lease, terminate or assign the
property or leasehold, as the case may be, or (cc) granted an option, right of
first offer, right of first refusal, right of recapture or similar right to
purchase, lease, sub-lease or assume the property or leasehold (any such
occurrence, a "Seller Disqualifying Action"), provided

                                       7

<PAGE>

that once the Seller Disqualifying Action has expired, terminated, lapsed or
otherwise been satisfied or released without the property or leasehold having
been sold, leased, sub-leased, terminated or assigned, the property or leasehold
shall thereafter become a Qualifying Property as soon as all of the conditions
required for a Qualifying Property have been met.

               (c)   For purpose of this Agreement:

                     (i)     "Fee Qualifying Properties" are Qualifying
Properties that are owned by Seller in fee simple.

                     (ii)    "Leased Qualifying Properties" are Qualifying
Properties in which Seller holds a leasehold estate.

         1.5   EXCLUDED QUALIFYING PROPERTY.

               (a)   Notwithstanding anything to the contrary contained herein,
but subject to the limitations expressed in paragraph 1.5(c), Seller may, in its
sole and absolute discretion, exclude certain Qualifying Properties from this
Agreement upon the following terms and conditions (any property so excluded, an
"Excluded Property"). Seller may elect to cause a Qualifying Property to be an
Excluded Property prior to, on or after the Offering Date, but if after the
Offering Date, Seller's election shall be made prior to the Operations Closing
Date or, if earlier, prior to the expiration of the Due Diligence Period,
defined in paragraph 2.3(a). Seller may not elect to exclude a Qualifying
Property after the Offering Date if, as of the date of Seller's election, Buyer
has signed an arms-length letter of intent with an unaffiliated third party
(that expresses the material terms and conditions of the proposed transaction
and imposes on the parties an obligation to endeavor to negotiate and execute a
definitive agreement in good faith) or otherwise contracted to sell or lease the
Qualifying Property in an arms-length transaction to another unaffiliated third
party (any such occurrence, a "Buyer Disqualifying Action"). If the Buyer
Disqualifying Action expires, terminates, lapses or is otherwise satisfied
without the Qualifying Property having been sold, leased, sub-leased or assigned
to another party (or, in the case of a letter of intent, if sixty (60) days have
elapsed following Buyer's receipt of Seller's Excluded Property designation
notice and Buyer and an unaffiliated third party have failed to execute a
definitive agreement to sell or lease the Qualifying Property), Buyer shall
promptly notify Seller of such event in writing and Seller may thereafter elect,
in its sole and absolute discretion, anytime prior to the Operations Closing
Date or, if earlier, prior to the expiration of the Due Diligence Period, to
cause the Qualifying Property to be an Excluded Property.

               (b)   In the event Seller elects to exclude a Qualifying Property
prior to or on the Offering Date, Seller shall notify Buyer in writing of such
election and thereafter have no responsibility or obligation whatsoever to Buyer
under the terms of this Agreement as to the Excluded Property. In the event
Seller timely elects to exclude a Qualifying Property after the Offering Date,
Seller shall do so in writing, Escrow Agent shall refund any Deposit to Buyer
and Seller shall reimburse Buyer its reasonable due diligence costs actually
incurred

                                       8

<PAGE>

not to exceed $5,000.00. Thereafter, neither party shall have any responsibility
or obligation whatsoever to the other party under the terms of this Agreement as
to the Excluded Property.

               (c)   The number of Qualifying Properties eligible to be excluded
under this paragraph 1.5 shall not at any time exceed, as applicable, (a)
one-third of the Qualifying Properties offered to Buyer in any single offering
that contains three (3) or more Qualifying Properties or (b) one-third, in the
aggregate, of the Qualifying Properties offered to Buyer on a moving
twelve-month basis during the term of this Agreement in offerings that contain
less than three Qualifying Properties. Any Qualifying Property withdrawn due to
environmental, material physical or structural defects, defined in paragraph
2.3(e), or title or for which the Conditional Lease Assumption Period has
expired, or any Qualifying Property that has been recaptured shall not be
counted towards the one-third of Qualifying Properties that Seller may exclude.

         1.6   QUALIFYING PROPERTY DESIGNATION NOTICE. On each Offering Date,
Seller shall send Buyer a written notice ("Qualifying Property Designation
Notice") that sets forth, at a minimum, (a) the location and street address of
each Surplus Property that Seller has determined to be a Qualifying Property
since the previous Offering Date, (b) whether each Qualifying Property is a Fee
Qualifying Property or a Leased Qualifying Property, (c) the location and street
address of any Qualifying Property that Seller elects, as of the Offering Date,
to designate as an Excluded Property, (d) the anticipated Operations Closing
Date for the Qualifying Property (provided that Seller may not specify an
anticipated Operations Closing Date for a Fee Qualifying Property that is more
than ninety (90) days following the Offering Date unless Seller simultaneously
elects an Early Transfer, defined in paragraph 5.2, for such Fee Qualifying
Property with an Early Transfer Date that is less than one hundred twenty (120)
days following the Offering Date), (e) as to each Fee Qualifying Property, the
Purchase Price, defined in paragraph 2.2, and Deposit for such Fee Qualifying
Property, together with a copy of the appraisal, (f) as to each Leased
Qualifying Property, the anticipated Rent Discount and Rent Guaranty for such
Leased Qualifying Property, defined in paragraphs 3.1(b) and 3.1(c),
respectively, and (g) the name and telephone number of a local contact person
for each Qualifying Property.

         1.7   FINANCING. Prior to execution of this Agreement by Seller and
Buyer, Buyer shall provide Seller with evidence satisfactory to Seller of
Buyer's ability to finance, or otherwise fund contemplated transactions, during
the term of this Agreement.

                                   ARTICLE 2
                           FEE QUALIFYING PROPERTIES

         2.1   DETERMINATION OF VALUE.

               (a)   Prior to the Offering Date, Seller shall select qualified,
independent MAI appraiser(s) (the "Valuation Appraiser(s)") to appraise and
value each Fee Qualifying Property, provided that Seller shall not use any
Valuation Appraiser that is reasonably objectionable to Buyer. From and after
the Effective Date, the Valuation Appraisers shall

                                       9

<PAGE>

be instructed to appraise the Fee Qualifying Properties for both (i) bank use
and (ii) alternative non-bank use in accordance with the specifications and
requirements set forth below and described in Exhibit 1-2.1 ("Appraisal
Requirements"). All appraisals, excluding any appraisals ordered by Seller prior
to the Effective Date, shall: (i) satisfy FIRREA standards; (ii) be certified to
Seller and Buyer (and any lender identified by Buyer); (iii) have been completed
not more than one hundred eighty (180) days prior to the Offering Date; (iv)
determine value based solely on alternative non-bank use if (aa) Seller was
actively, but unsuccessfully, marketing a Fee Qualifying Property for sale or
lease for more than one hundred eighty (180) days prior to Offering Date or (bb)
title restrictions or municipal codes prohibit or restrict a Fee Qualifying
Property from being used for banking purposes and the cost of removing the
prohibition or restriction is not included as a material physical or structural
defect as expressed in paragraph 2.3(e); (v) take into account the extent to
which the existing building and other improvements need to be converted for
non-bank use when determining the alternative non-bank use value; (vi) determine
value (for both bank use and alternative non-bank use) based upon (aa) recent
comparable sales from the market area where the Fee Qualifying Property is
located, (bb) an income capitalization of recent comparable leases from the
market area where the Fee Qualifying Property is located, but only if recent
local comparable sales are not available, or (cc) recent comparable sales from
outside of the market area where the Fee Qualifying Property is located, with an
appropriate adjustment (based on assumptions set forth in the appraisal) to
reflect conditions in the market area where the Fee Qualifying Property is
located, but only if neither recent local comparable sales nor leases are
available; (vii) not determine value based upon cost of construction or
replacement cost; (viii) take into account the value of any Permitted Leases;
and (ix) indicate that the appraiser has made a physical inspection of the Fee
Qualifying Property. The cost of the appraisals shall be borne by Seller. Except
for Seller's delivery of the written Appraisal Requirements to the Valuation
Appraiser and pertinent information related to the Fee Qualifying Property as
may be requested by the Valuation Appraiser, neither Seller nor Buyer shall have
any written or oral communications with, or supply any comparable sale or other
information to, the Valuation Appraiser.

               (b)   All appraisals completed by Seller prior to the Effective
Date shall be approved by Buyer and deemed to have been made in conformity with
all Appraisal Requirements unless objected to by Buyer in writing within seven
(7) business days following the date on which Seller makes such appraisals
available to Buyer (except that Buyer has already reviewed and approved all of
the appraisals completed by Seller prior to the Effective Date for Fee
Qualifying Properties located in the State of Florida). If Buyer timely notifies
Seller that Buyer believes one or more existing appraisals were not made in
conformity with the Appraisal Requirements (except for the requirement that such
appraisals be completed not more than one hundred eighty (180) days prior to the
Offering Date, which limitation shall not apply to appraisals completed prior to
the Effective Date), unless Seller and Buyer can within three (3) business days
thereafter satisfactorily resolve Buyer's objections, Seller may, in its sole
and absolute discretion, terminate this Agreement at any time thereafter either
(i) as to one or more of the Fee Qualifying Properties objected to by Buyer or
(ii) in its entirety. If Seller elects to terminate this Agreement as to one or
more of

                                       10

<PAGE>

the Fee Qualifying Properties objected to by Buyer, Escrow Agent shall refund
any Deposit for such Fee Qualifying Properties to Buyer, but Seller shall not be
obligated to reimburse Buyer for Buyer's due diligence costs as to the withdrawn
Fee Qualifying Properties. If Seller elects to terminate this Agreement in its
entirety, Escrow Agent shall refund all Deposits to Buyer, Seller shall not be
obligated to convey or assign, and Buyer shall not be obligated or permitted to
purchase or assume, any previously offered Qualifying Properties and Seller
shall not be obligated to reimburse Buyer for any of Buyer's due diligence
costs.

               (c)   On the Offering Date for each Fee Qualifying Property
(other than for Fee Qualifying Properties appraised by Seller prior to the
Effective Date, whose appraisals were reviewed by Buyer and deemed to be in
conformity with the Appraisal Requirements as aforesaid), Seller shall deliver
to Buyer and to qualified, independent MAI appraiser(s) (the "Review
Appraiser(s)") selected by Buyer (and not reasonably objectionable to Seller)
copies of (i) Seller's engagement letter and any and all other communications,
including attachments, with the Valuation Appraiser (ii) a copy of the Appraisal
Requirements, and (iii) the Valuation Appraiser's appraisal of the Fee
Qualifying Property, including any drafts or interim reports of value received
by Seller. The Review Appraiser shall be instructed to review each appraisal
only for conformity with the Appraisal Requirements, consistently applied, and,
within ten (10) business days following the Review Appraiser's receipt of the
same, to advise Seller and Buyer in writing whether or not the Review Appraiser
believes that that appraisal was prepared in accordance with the Appraisal
Requirements. The Review Appraiser shall have full and unrestricted access to
the Valuation Appraiser's reports, field logs and working files. If, after
reviewing the appraisal and supporting materials for a Fee Qualifying Property,
the Review Appraiser believes that it was not prepared in conformity with the
Appraisal Requirements, the Review Appraiser shall identify in writing to Buyer,
Seller and the Valuation Appraiser the specific area or areas of non-conformity
and, within ten (10) business days following thereafter, the Valuation Appraiser
shall revise the appraisal for such Fee Qualifying Property to conform with the
Appraisal Requirements as identified, and subject to final review and approval
by, the Review Appraiser. The cost of the Review Appraiser shall be borne by
Buyer. Except for Seller's delivery of the appraisal and other written materials
to the Review Appraiser, neither Seller nor Buyer shall have any written or oral
communications with, or supply any comparable sale or other information to, the
Valuation Appraiser.

               (d)   If the Review Appraiser concludes that the appraisal was
conducted in accordance with the Appraisal Requirements or, in the event the
Valuation Appraiser is instructed to revise the appraisal to conform with the
Appraisal Requirements and such revision does not result in any change to the
values determined by the Valuation Appraiser , then the purchase price for the
Fee Qualifying Property (the "Purchase Price") shall be 100 percent (100%) of
the arithmetical average of the bank use and alternative non-bank use values for
such Fee Qualifying Property as determined by the Valuation Appraiser. In the
event the Valuation Appraiser's revisions result in a change in values the
revised values shall be used.

                                       11

<PAGE>

         2.2   PURCHASE PRICE. The Purchase Price for each Fee Qualifying
Property will be paid as follows:

               (a)   Five percent (5%) of the Purchase Price shall be paid by
Buyer depositing such amount with Escrow Agent within three (3) business days
following the Offering Date for each Fee Qualifying Property (the "Deposit").
The Deposit shall be paid by Buyer's check or wire transfer. The Deposits are
non-refundable, except as expressly provided herein.

               (b)   The balance of the Purchase Price for each Fee Qualifying
Property shall be paid by title company check or wire transfer for the account
of Seller on the Fee Transfer Date, subject to credits and pro-rations as
provided herein. Credit for the Deposit for each Fee Qualifying Property will be
made on the Purchase Price at the Transfer, defined in paragraph 2.6, of each
Fee Qualifying Property.

         2.3   DUE DILIGENCE.

               (a)   The Fee Qualifying Properties are transferred AS IS,
without any representations or warranties, expressed or implied, subject to
permitted title exceptions and to the releases set forth in and, if applicable,
the Environmental Indemnity Agreement described in paragraph 2.3(f). Buyer
acknowledges and agrees that it is relying solely upon its own investigations of
the Fee Qualifying Properties. Commencing on the Offering Date, Buyer shall have
forty-five (45) days (the "Due Diligence Period"), subject to extension as
expressed in this paragraph 2.3(a) and in paragraph 2.3(b), to physically
inspect all of the Fee Qualifying Properties then offered and conduct and review
its studies and investigations (the "Pertinent Reports") as to environmental,
and material physical and structural condition. Except as expressly otherwise
provided in this Agreement, expenses associated with Buyer's due diligence shall
be borne by Buyer. Inspections of Leased Qualifying Properties shall be governed
solely by the provisions of Article 3 of this Agreement. Seller's files relating
to all Fee Qualifying Properties will be made available to Buyer upon the
Offering Date at locations designated by Seller. The files will contain all
pertinent information in Seller's possession (or the possession of Seller's
property manager) relating to the Fee Qualifying Properties, including, without
limitation, copies of any available real estate tax records, operating expense
data, title reports and policies, surveys, environmental studies and reports,
appraisals, municipal notices and Permitted Leases, but Seller does not
represent or warrant the completeness or accuracy of such information. If Buyer
desires an on-site review of Seller's files, the dates therefor will be
established mutually by Seller and Buyer.

               (b)   During the Due Diligence Period, Buyer, or its
representatives, at Buyer's expense, may enter upon the Fee Qualifying Property
for purposes of inspecting Fee Qualifying Properties to determine if there are
any material physical and structural defects, and to conduct a Phase I
Environmental Site Assessment ("Phase I") in accordance with the ASTM Standard
Practice for Environmental Site Assessments (E 1527-00), and, subject to
Seller's prior written approval, not to be unreasonably withheld, tests for
environmental conditions not included in a Phase I Environmental Site
Assessment, as Buyer may deem

                                       12

<PAGE>

appropriate. All inspections of a Fee Qualifying Property must be scheduled in
advance to occur at times determined reasonably by Seller, provided that if
Seller is unable to permit inspection of a Fee Qualifying Property within ten
(10) business day of the date requested in writing by Buyer, the Due Diligence
Period shall be extended one day for each day in excess of such five (5)
business day period until Seller is able to permit the inspection. A
representative of Seller must be present for all on-site inspections.

               (c)   Buyer shall not permit any liens to attach to the Fee
Qualifying Property by reason of the exercise of its inspection rights or
interfere with the conduct of Seller's business on the Fee Qualifying Property.
Buyer hereby indemnifies, defends and holds Seller harmless from and against any
and all liens by contractors, subcontractors, materialmen or laborers performing
such work and tests for Buyer and from and against any and all claims for losses
or damages incurred by Seller arising from or in connection with any personal
injury or property damage allegedly caused by Buyer or its representative's
entry or actions on the Fee Qualifying Property. Buyer shall immediately restore
the property being inspected to the condition prior to Buyer's entry and
testing. If a Fee Qualifying Property is withdrawn from this Agreement pursuant
to its terms, Buyer shall provide copies of all Pertinent Reports to Seller upon
its request, and shall otherwise destroy all copies of Pertinent Reports or
results of its inspection of the Fee Qualifying Property in its or its
representative's possession.

               (d)   If the environmental Pertinent Reports conclude there are
no "recognized environmental conditions" as defined in the ASTM Phase I
Standards (and expressly including, for purposes of this Agreement, "friable"
asbestos containing materials), the parties shall proceed with the Transfer. If
Buyer's environmental Pertinent Reports conclude there are "recognized
environmental conditions", then Buyer shall provide Seller with its
environmental Pertinent Reports within five (5) business days following receipt
by Buyer indicating the extent of the "recognized environmental conditions".
Seller, at Seller's option within five (5) business days following receipt of
the environmental Pertinent Reports, shall furnish Buyer with written notice of
its election to (i) further investigate the "recognized environmental condition"
and obtain estimates for remediation of such conditions to the least stringent
applicable state and federal required levels of remediation at a cost
satisfactory to Seller that allow for use of the Fee Qualifying Property for
non-residential purposes, and Seller shall have a reasonable period of time to
do so, or (ii) withdraw the Fee Qualifying Property from this Agreement. If
Seller elects to conduct further studies to determine the extent of the
"recognized environmental conditions," Seller shall do so at its own expense and
deliver its findings to Buyer within five (5) business days after receipt of the
findings, and Buyer shall have ten (10) business days following Buyer's receipt
of Seller's findings ("Environmental Condition Review Period") to review and
approve the same. In the event Buyer and Seller agree during the Environmental
Condition Review Period that the findings (i) sufficiently identify the extent
of environmental conditions and that the environmental conditions can be
remediated to the least stringent applicable state and federal levels of
remediation that allow for use of the Fee Qualifying Property for
non-residential purposes, or (ii) do not identify any environmental conditions
that require or necessitate remediation, then in either event the parties shall
proceed with the transfer and the estimated cost of

                                       13

<PAGE>

remediation, as mutually determined by Seller and Buyer, will be deducted from
the Purchase Price and responsibility for the environmental conditions and/or
remediation shall be borne by Buyer at its sole cost and expense. If the
parties, each in their sole discretions, cannot agree on the additional findings
or costs of remediation during the Environmental Condition Review Period, either
party may elect to withdraw the Fee Qualifying Property from this Agreement by
giving written notice thereof to the other party. In such event, the withdrawn
Fee Qualifying Property shall not be included in the calculation of Excluded
Properties. If the Fee Qualifying Property is withdrawn from this Agreement,
Escrow Agent shall refund any Deposit to Buyer and the party electing to
withdraw the Fee Qualifying Property shall reimburse the other party for that
party's reasonable due diligence costs actually incurred not to exceed
$5,000.00. Failure by Buyer to give written notice of withdrawal of a Fee
Qualifying Property prior to the expiration of the Environmental Condition
Review Period shall be deemed an acceptance of such property for transfer
subject to the recognized environmental conditions with a reduction in the
Purchase Price in an amount equal to the cost of remediation, if any, proposed
by Seller. In the event Seller elects to withdraw the Fee Qualifying Property
from this Agreement as provided herein, Buyer shall nonetheless have the option
to accept the Fee Qualifying Property subject to the recognized environmental
conditions and Seller shall have no responsibility to remediate the same or
reduce the Purchase Price on account thereof or to reimburse Buyer for any of
Buyer's due diligence costs.

               (e)   If as a result of Buyer's due diligence, Buyer's
investigation raises material physical or structural defects that were (i) not
considered by the appraiser and (ii) the costs to repair or remediate exceed
three percent (3%) of the Purchase Price of the affected Fee Qualifying
Property, as determined on the Offering Date, then Buyer shall, prior to the
expiration of the Due Diligence Period, provide Seller with its reports
indicating the extent of physical or structural defects and written estimates to
repair. Estimates shall be provided from a qualified contractor licensed in the
state in which the Fee Qualifying Property is located. "Material physical or
structural defects" are (a) non-deferrable repairs or replacements (other than
items deemed to be cosmetic) to the roof membrane, roof deck, footers,
foundations, plumbing, electrical and mechanical systems and exterior facade of
the building, (b) defects identified in any outstanding municipal notices of
violations or (c) other defects that would prevent the Fee Qualifying Property
from being legally occupied or utilized for banking purposes, if permitted, or
otherwise for other commercial purposes (it being understood that this clause
(c) does not require remediation of all defects necessary to bring the building,
grounds and systems of the building into full compliance with current municipal
and other applicable codes, but only the remediation of such defects as are
minimally sufficient under applicable codes to permit the Fee Qualifying
Property to continue to be used by a new occupant for banking purposes, if
permitted, or otherwise for other commercial purposes [assuming that no
alterations or additions to the Fee Qualifying Property are being made by the
new occupant that would require the issuance of a building permit]). Seller
shall have five (5) business days from receipt of the reports and estimates to
review the same and, at Seller's option, either elect to (i) accept Buyer's
reports and estimates and proceed with the transfer or (ii) withdraw the Fee
Qualifying Property from

                                       14

<PAGE>

this Agreement. If Seller elects to proceed with the Transfer, then the cost of
repairs in excess of three percent (3%) of the Purchase Price, as determined on
the Offering Date, shall be deducted from the Purchase Price and responsibility
for the repairs shall be borne by Buyer. If Seller elects to withdraw the Fee
Qualifying Property from this Agreement pursuant to item (ii) Escrow Agent shall
refund any Deposit to Buyer and Seller shall reimburse Buyer its reasonable due
diligence costs actually incurred not to exceed $5,000.00. In the event Seller
elects to withdraw the Fee Qualifying Property from this Agreement as provided
herein, Buyer shall nonetheless have the option to accept the Fee Qualifying
Property subject to its findings related to the material physical and structural
defects and Seller shall have no responsibility to repair, replace or reduce the
Purchase Price or to reimburse Buyer for any of its due diligence costs.

               (f)   From and after the Transfer Date for each Fee Qualifying
Property, Buyer hereby releases, waives, and forever discharges Seller and its
employees, agents, contractors, successors, assigns and attorneys of and from
any and all claims, actions, causes of action, demands, costs, expenses or
compensation whatsoever, that Buyer now has or may have in the future on account
of or in any way relating to (i) the physical condition of the Fee Qualifying
Property, including, but not limited to, any building code violations,
environmental conditions, violations of the Americans with Disabilities Act and
land use and zoning requirements, and (ii) any claim or expense arising out of
or in connection with the presence, known or unknown, of any petroleum or
hazardous substance, material or waste (all as defined in or subject to any
applicable federal, state or local law, rule or regulation) on, in or under the
Fee Qualifying Property or the migration or movement of such materials from the
Fee Qualifying Property onto or under any other property. In addition, at the
Transfer for each Fee Qualifying Property where Buyer's Pertinent Reports
conclude that there are "recognized environmental conditions" (all recognized
environmental conditions identified in Buyer's Pertinent Reports, collectively
the "Identified Conditions"), Buyer shall execute an environmental indemnity
agreement ("Environmental Indemnity Agreement") wherein Buyer indemnifies and
holds harmless Seller and its employees, agents, contractors, successors,
assigns and attorneys of and from any and all claims, actions, causes of action,
demands, costs, expenses or compensation whatsoever arising out of or in
connection with the Identified Conditions. A form of the Environmental Indemnity
Agreement is attached as Exhibit 2-2.3(f). In the event following Transfer
Seller or Buyer are required by any governmental agency to place a restrictive
covenant in the deed or property records relating to or encumbering the Fee
Qualifying Property, Buyer agrees that it shall have no claim or recourse
against Seller for any costs, expenses, charges or loss of value that may be
caused by such restriction or encumbrance. The provisions of this paragraph
shall survive Transfer of the Fee Qualifying Properties or termination of this
Agreement.

         2.4   TITLE; ZONING REVIEW. Buyer shall, during the Due Diligence
Period, at Seller's expense, order title searches (the cost of which is not to
exceed the amounts usually charged for title searches in the location of the Fee
Qualifying Property) and ALTA surveys with standard certifications (the cost of
which, including certifications, is not to exceed Four Thousand Dollars
($4,000.00) per Fee Qualifying Property at Seller's expense, with any excess
survey cost being paid by Buyer) from qualified, independent title companies

                                       15

<PAGE>

and surveyors mutually acceptable to the parties (using surveyors who prepared
existing surveys where possible), indicating good and marketable fee simple
absolute title insurable by any reputable insurance company at regular rates,
free and clear of all liens, judgments andsimilar encumbrances and subject only
to standard and usual exceptions found in title commitments, exceptions for
covenants, conditions, limitations and easements of record and matters of survey
which do not render title unmarketable or uninsurable at regular rates,
materially reduce the value of the Fee Qualifying Property or materially affect
the use thereof as a retail bank site. Buyer will make the title searches
available to Seller for its review. Buyer shall also, during the Due Diligence
Period, at Buyer's expense, perform such reviews and evaluations of the zoning,
building and other codes affecting the Fee Qualifying Property and its use for
commercial purposes as Buyer shall deem necessary. If the title searches or
surveys indicate issues unacceptable to Buyer, subject to the aforesaid
permitted exceptions and limitations, or the zoning compliance review states
that a banking or other commercial use is not a permitted use without first
obtaining a variance or exception therefor, then Buyer shall, prior to the
expiration of the Due Diligence Period, advise Seller in writing of those
matters deemed unsatisfactory and provide copies of the title searches, title
insurance commitments (if obtained by Buyer), surveys and zoning compliance
reports (if obtained by Buyer) for Seller's review. Seller shall have ten (10)
business days following receipt to review the title searches, surveys,
commitments, reports and objections and, at its option, either (i) elect to cure
the defects and proceed with the Transfer, Buyer and Seller agreeing that
judgments and liens may be removed by indemnity of Seller to the title insurer
or other agreement or method acceptable to the title insurer is an effective
method of curing those matters as title defects, or (ii) withdraw the Fee
Qualifying Property from this Agreement. If Seller elects to proceed with the
Transfer, Seller may by written notice to Buyer extend the Transfer Date in
thirty (30) day increments, but for a total of not more than ninety (90) days,
to permit Seller additional time to cure the defects and bear all associated
costs. Seller may also elect to withdraw the Fee Qualifying Property from this
Agreement at any time after it elects to cure the title defects. If Seller
withdraws a Fee Qualifying Property pursuant to this paragraph 2.4, Escrow Agent
shall refund any Deposit to Buyer and Seller shall reimburse Buyer its
reasonable due diligence costs actually incurred not to exceed $5,000.00,
provided that Buyer shall nonetheless have the option to accept the Fee
Qualifying Property subject to its findings related to the title and survey
defects and Seller shall have no responsibility to remedy the same or reduce the
Purchase Price or reimburse Buyer for its due diligence costs. If the Fee
Qualifying Property proceeds to Transfer and Buyer elects to purchase title
insurance, all costs of title insurance shall be Buyer's expense.

         2.5   CONDITIONS PRECEDENT TO TRANSFER. There shall be no conditions
precedent to Transfer other than as expressly set forth in this Agreement.

         2.6   TRANSFER OF FEE QUALIFYING PROPERTIES.

               (a)   The Transfer of Fee Qualifying Properties shall occur on
the date ("Fee Transfer Date") which date shall be mutually agreeable to the
parties but no later than the last to occur of (i) fifteen (15) days after
expiration and satisfaction of the Due Diligence

                                       16

<PAGE>

Period, or (ii) fifteen (15) days after the Fee Vacate Date. At Transfer, Seller
shall execute and deliver to Buyer, the following:

                     (i)     A customary form of special or limited warranty
deed (such that Seller shall only warrant for claims arising by, through or
under Seller, but none others) for the state in which the Fee Qualifying
Property is located, duly executed by Seller and in form for recordation
conveying fee simple title to the Fee Qualifying Property to Buyer, subject to
the matters permitted under paragraph 2.4 regarding exceptions to title, and to
any additional matters shown on the title commitment and survey for the Fee
Qualifying Property which are not objected to or are accepted by Buyer in
accordance with the provisions of paragraph 2.4. A form of special warranty deed
for Fee Qualifying Properties located in Florida is attached as Exhibit
3-2.6(a)(i);

                     (ii)    A bill of sale substantially in the form attached
as Exhibit 4-2.6(a)(ii) pursuant to which Seller shall transfer to Buyer
ownership of any Fixtures and Equipment, defined in paragraph 4.1(a), included
in the Fee Qualifying Property;

                     (iii)   An owner's affidavit sufficient in form and content
to satisfy the requirements of any title insurer and to permit deletion of the
standard ALTA general exceptions concerning proof of Seller's identity and legal
capacity, parties in possession, mechanics' liens and current and past due taxes
from Buyer's title commitment or title policy, as well as to permit Buyer's
title insurance company to insure Buyer against any reported judgments against
Seller;

                     (iv)    A non-foreign certificate in compliance with
Section 1445 of the Internal Revenue Code;

                     (v)     Where applicable, an assignment and assumption of
any Permitted Leases in the form attached as Exhibit 5-2.6(a)(v);

                     (vi)    Originals, to the extent in Seller's actual
possession (or in the actual possession of Seller's real estate management
company), of surveys, permits, licenses, Permitted Leases, warranties and
guarantees to be transferred to Buyer pursuant to this Agreement;

                     (vii)   A closing statement; and

                     (viii)  Such other customary documents, including, without
limitation, realty transfer tax or similar forms or certificates, as reasonably
may be required to consummate the transaction contemplated by this Agreement, or
which reasonably may be required by the title insurer in order to issue a title
policy as required by the title commitment for the Fee Qualifying Property.

               (b)   Buyer shall execute and deliver to Seller at closing, the
following:

                     (i)     A closing statement;

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<PAGE>

                     (ii)    Where applicable, an Environmental Indemnity
Agreement;

                     (iii)   Where applicable, an assignment and assumption of
any Permitted Leases in the form attached as Exhibit 5-2.6(a)(v);

                     (iv)    Evidence of the officers of Buyer executing the
documents described in this paragraph to execute the same; and

                     (v)     Such other customary documents as reasonably may be
required to consummate the transaction contemplated by this Agreement including
appropriate indemnities and releases called for under this Agreement, or which
may be required by the title insurer in order to issue a title policy as
required by the appropriate title commitment.

         2.7   TRANSFER COSTS. Seller shall pay for the cost of title searches,
surveys, governmentally imposed transfer taxes (if any) and recording fees.
Buyer shall pay for the cost of title insurance and taxes on any mortgage
instruments and transfer changes or other fees charged by any owners'
association when required under any covenant or easement affecting the Fee
Qualifying Property. Each party shall be responsible for their own legal
expenses.

         2.8   ADJUSTMENTS. At each Transfer, Seller and Buyer shall adjust for
real estate taxes and assessments (both general and special) on the Fee
Qualifying Property, municipal water and sewer charges, fuel, utility charges
and rent, such adjustments to be calculated as of 11:59 PM on the day
immediately preceding the Transfer. In addition, Seller shall account for and
turn over to Buyer any and all security deposits paid by existing tenants of the
Fee Qualifying Property under Permitted Leases. Prior to the Transfer, Seller
shall have paid or made binding arrangements to pay all service providers under
the service and maintenance contracts for the Fee Qualifying Property for
services rendered up to the day prior to the Transfer. If the Transfer shall
occur before the tax rate or assessed valuation of the subject Fee Qualifying
Property is fixed for the then-current year, the apportionment of real estate
taxes for the year of Transfer shall be upon the basis of the most recent tax
bills and the tax rate for the most recent tax year applied to the latest
assessed valuation. There shall be no post-Transfer reconciliations or
reprorations.

         2.9   LOCATION OF TRANSFERS. For Transfers involving the sale and
purchase (or assignment of Leases, defined in paragraph 3.1(a), at Leased
Qualifying Properties) of ten (10) or more Qualifying Properties, the Transfer
shall take place at the office of Buyer's counsel in Philadelphia, Pennsylvania.
All Transfers involving fewer than ten (10) Qualifying Properties shall be
conducted by escrow closing (via the mail) with Seller's and Buyer's counsel.
The parties will endeavor in good faith to schedule transfers of as many Fee
Qualifying Properties as practical on the same Fee Transfer Date, making
allowances for time consideration relating to specific Fee Qualifying Properties
in the Due Diligence and Title review for periods provided for in this
Agreement.

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<PAGE>

         2.10  POSSESSION; PERMITTED LEASES. At Transfer on each Fee Qualifying
Property, Seller shall give Buyer possession of the Fee Qualifying Property,
free and clear of all tenants except for tenants under Permitted Leases.
"Permitted Leases" are written leases pursuant to which Seller, as landlord,
leases a portion of a Fee Qualifying Property to third party tenants, provided
that Permitted Leases shall not include any leases where the tenant is paying no
or nominal rent or other than on a month-to-month basis, unless Buyer, prior to
the expiration of the Due Diligence Period for the Fee Qualifying Property,
notifies Seller in writing of Buyer's election to accept such lease as a
Permitted Lease. In the event Buyer elects not to accept such a lease, Buyer
will be obligated to purchase the Fee Qualifying Property if the tenant is
removed by Seller prior to the Fee Vacate Date. In the event Seller is unable to
remove the tenant by such date, Seller may withdraw the Fee Qualifying Property
from this Agreement, in which event Escrow Agent shall refund any Deposit to
Buyer and Seller shall reimburse Buyer for its reasonable due diligence costs
actually incurred not to exceed $5,000. In the event Seller elects to withdraw
the Fee Qualifying Property, Buyer shall have the option to accept the Fee
Qualifying Property subject to the unpermitted lease, and Seller shall have no
obligation to reimburse Buyer's due diligence costs. From and after the Offering
Date, Seller shall not enter into any leases or other occupancy agreements (or
amendments of any existing leases or other occupancy agreements) at any Fee
Qualifying Property without Buyer's prior written consent, which consent may be
given or withheld in Buyer's sole discretion.

         2.11  SERVICE AND MAINTENANCE CONTRACTS. Seller may have entered into
maintenance and service contracts for certain of the Fee Qualifying Properties,
all of which, unless otherwise mutually agreed in writing by Seller and Buyer
prior to the expiration of the Due Diligence Period, shall be terminated at or
prior to the Transfer for each such Fee Qualifying Property. Seller shall
indemnify, defend and hold Buyer harmless from and against all claims for
payment by such contractors for services with respect to such Fee Qualifying
Property rendered prior to the date of the Transfer for such Fee Qualifying
Property. The provisions of this paragraph shall survive Transfer of the Fee
Qualifying Properties.

         2.12  NOTICES AND ASSESSMENTS; TAX APPEALS.

               (a)   Seller shall (i) comply with the requirements of any and
all notices relating to Fee Qualifying Properties that are issued by municipal
or other public authorities prior to the Offering Date for such Fee Qualifying
Properties and (ii) pay for all work and improvements done or ordered to be done
in connection with such notices. If the Transfer occurs, Buyer shall be
responsible for complying with and paying the cost of any and all notices issued
on or following the Offering Date.

               (b)   Seller agrees that from and after the Offering Date for
each Fee Qualifying Property it will not file any real estate tax assessment
appeal with respect to any Fee Qualifying Property without Buyer's prior written
consent, which consent shall not be unreasonably withheld, unless the statute of
limitations to file the same otherwise would expire, in which case Buyer's
consent shall not be required. Seller may pursue any appeal which is pending as
of the applicable Offering Date and, in all events, shall be entitled to the
benefits of any successful appeal with respect to all periods preceding the
applicable Transfer Date.

                                       19

<PAGE>

                                   ARTICLE 3
                          LEASED QUALIFYING PROPERTIES

         3.1   OBLIGATIONS OF THE BUYER; LEASE TRANSFER.

               (a)    Seller shall make available to Buyer upon the Offering
Date at locations determined by Seller , to the extent available and in Seller's
possession (or the possession of Seller's property manager), lease abstracts,
copies of the leases and associated documents, financial records, any sub-leases
and other pertinent documents relating to the Leased Qualifying Property. Seller
makes no representation or warranty as to the accuracy or completeness of the
information to be provided Buyer. From and after the Offering Date and prior to
the Operations Closing Date (the "Lease Assumption Period"), which period may
vary but shall not be less than sixty (60) days, Buyer shall use its best
efforts and diligently endeavor to obtain from the landlord of Leased Qualifying
Properties all necessary documents and landlord consents, where applicable, to
(i) permit Seller to cease business operations at the Leased Qualifying Property
(and to permit Buyer's assignee or subtenant to continue without business
operations at the Leased Qualifying Property pending completion of any necessary
tenant improvements and granting of any required governmental approvals) without
causing a default under the lease (each lease of a Leased Qualifying Property
and collectively, all of the leases of Leased Qualifying Properties are
collectively defined as the "Lease"), (ii) permit assignment of the Lease to
Buyer (the "Landlord Consent to Assignment"), (iii) any other provisions that
Buyer and Seller deem necessary and appropriate to permit effective subleasing
of the Leased Qualifying Property by Buyer to a third party (the items described
in clauses (i) through (iii), collectively, the "Landlord Consents") and (iv)
obtain the landlord's release of Seller from the Lease and all obligations
thereunder (the "Landlord Release"). The Landlord Consents and Landlord Release
shall be in form mutually satisfactory to Seller and Buyer prior to execution
thereof by the landlord under the assigned Lease. Neither Seller nor Buyer shall
be obligated to expend any money or provide other value to or at the behest of
the landlord under the assigned Lease to obtain the Landlord Consents and
Landlord Release. In addition to the Landlord Consents and Landlord Release,
Buyer also may, if desired by Buyer, obtain a landlord estoppel verifying that
the Lease is in good standing, rents are current and no past due amounts are
owed.

               (b)    During the Lease Assumption Period and until the Lease
Transfer Date, Seller shall pay all rents, operating costs and other obligations
due under the Lease (collectively "Rent"). The Transfer of the Leased Qualifying
Property shall occur on the date ("Lease Transfer Date") which date shall be
mutually agreeable to the parties but no later than thirty (30) days after
satisfaction of all conditions required of Buyer during the Lease Assumption
Period, including, but not limited to, obtaining the Landlord's Consent and the
Landlord Release. On the Lease Transfer Date, Buyer shall assume all obligations
under the Lease accruing on and after the Lease Transfer Date, indemnify, defend
and hold Seller harmless from any liability under the Lease accruing on and
after the Lease Transfer Date, pay all future Rent due under the Lease and
permit Seller at Seller's election to continue in possession of the premises
until the Lease Vacate Date. On the Lease Transfer Date, Seller shall pay Buyer
twenty-five percent (25%) of the remaining Rent due under the Lease

                                       20

<PAGE>

calculated from and after the Lease Transfer Date through the expiration of the
term of lease term (without including renewal or extension rights) (the "Rent
Discount") or in the event the Lease provides for an earlier termination,
through the date of early termination plus an amount equal to four (4) months
Rent if Seller elects to stay in possession of the premises subject to the
Lease.

               (c)    In the event Buyer obtains the Landlord Consents, but not
the Landlord Release by the expiration of the Lease Assumption Period, the Lease
Transfer shall occur on the Lease Transfer Date as described above and Seller
shall continue to pay all Rent due under the Lease until the Lease Transfer
Date. Upon the Lease Transfer Date, Buyer shall assume all obligations under the
Lease accruing on and after the Lease Transfer Date and indemnify, defend and
hold Seller from any liability under the Lease, pay all future Rent due under
the Lease and permit Seller to continue occupying the premises until the Lease
Vacate Date. Seller shall withhold the Rent Discount and Buyer shall place with
Seller sufficient cash, cash equivalents or letters of credit acceptable to
Seller to secure twenty percent (20%) of the remaining Rent obligation
calculated from and after the Lease Transfer Date through the expiration of the
base lease term, or in the event the Lease provides for an earlier termination,
through the date of early termination (the "Rent Guarantee"). Provided there is
no condition or event of default under the Lease caused by Buyer or any
sub-tenant, the Rent Guarantee maintained with Seller shall decline quarterly
such that the balance is always equal to twenty percent (20%) of the remaining
Rent obligation and the pro rata portion of the Rent Discount shall be paid
quarterly by Seller to Buyer, in arrears, as rents are paid by Buyer to the
landlord. When and if the Landlord Release is obtained, the remaining Rent
Guarantee and Rent Discount shall be released and paid to Buyer.

               (d)    In the event Buyer has not obtained the Landlord Consents
by the expiration of the Lease Assumption Period, Buyer shall continue its
efforts (and Seller also may, but shall not be obligated to, endeavor) to obtain
the Landlord Consents for a period of one hundred fifty (150) days after the
expiration of the Lease Assumption Period (the "Conditional Lease Assumption
Period"). During the Conditional Lease Assumption Period, unless under the terms
and conditions of the Lease (or under applicable law governing the Lease) the
landlord may unreasonably withhold its approval of the matters requested in the
Landlord Consents (in which event, Seller, and not Buyer, shall continue to pay
all Rent due under the Lease and perform all other obligations thereunder),
Seller shall be responsible for the payment of all Rent due under the Lease and
for the performance of all lease obligations and Buyer shall reimburse Seller by
the 10th day of the following month for all Rent due under the Lease and paid by
Seller. Prior to the expiration of the Conditional Lease Assumption Period, if
Buyer (or Seller) obtains the Landlord Consents, then the Transfer shall occur
three (3) business days thereafter (the "Extended Lease Transfer Date"). On the
Extended Lease Transfer Date, Buyer shall assume all obligations under the Lease
accruing on and after the Extended Lease Transfer Date, pay all future Rent due
under the Lease indemnifying Seller from any obligations under the Lease, and in
the event the Extended Transfer Date occurs prior to the Lease Vacate Date,
permit Seller to continue occupying the premises until the Lease Vacate Date. On
the Extended Lease Transfer Date, Buyer shall place with Seller the Rent
Guarantee, calculated from and after the Extended Lease Transfer

                                       21

<PAGE>

Date. Provided there is no condition or event of default under the Lease caused
by Buyer or any sub-tenant, the Rent Guarantee shall decline quarterly such that
the balance held by Seller is always equal to the remaining Rent and the pro
rata portion of the Rent Discount shall be paid to Buyer quarterly, in arrears,
as rents are paid by Buyer to the landlord. If the Landlord Release is obtained,
the remaining Rent Guarantee and Rent Discount shall be returned and paid to
Buyer. If at the end of the Conditional Lease Assumption Period Buyer has not
obtained the Landlord Consents, the Leased Qualifying Property shall be
withdrawn from this Agreement, the Rent Discount released to Seller and the
balance of the Rent Guarantee returned to Buyer.

         3.2   LEASE TRANSFER DATE. For Transfers involving the assignment of
Leases (or sales and purchases of Fee Qualifying Qualifying Properties) at ten
(10) or more Qualifying Properties, the Transfer shall take place at the office
of Buyer's counsel in Philadelphia, Pennsylvania. All Transfers involving fewer
than ten (10) Qualifying Properties shall be conducted by escrow closing (via
the mail) with Seller's and Buyer's counsel. The parties will endeavor in good
faith to schedule Transfers of as many Leased Qualifying Properties as practical
on the same Lease Transfer Date or Extended Lease Transfer Date, making
allowances for time consideration relating to specific Lease Assumption Periods
provided for in this Agreement. Seller shall execute and deliver to Buyer an
assignment of its interest in the Leased Qualifying Properties and Buyer shall
execute an assumption and indemnity of Seller `s obligations under the Lease in
the form attached hereto as Exhibit 9-3.2 ("Assignment, Assumption and
Indemnity"). Seller's assignment shall be without representation or warranty,
except as expressly set forth therein. Rent shall be prorated as of that date
and Buyer shall pay to Seller all Rent paid by Seller to the Extended Transfer
Date. Releases and indemnities required of Buyer under this Agreement shall also
be delivered at the time of transfer. Buyer shall deliver to Seller the
Landlord's Release, or if not obtained as of the Lease Transfer Date or Extended
Lease Transfer Date, the Rent Guarantee.

         3.3   SPECIAL CONDITIONS - SELLER NOT RELEASED. Where a Leased
Qualifying Property is assigned or sub-let and the Landlord Release has not been
obtained, Buyer or any sub-tenant thereof may not exercise any renewal
option(s), expansion option(s), modify, amend or otherwise extend the base lease
term beyond its natural expiration date or otherwise increase the lease
obligation, until and if such time the Landlord Release is obtained from the
landlord and Seller is fully released from the lease obligation. If the Lease
contains a right of early termination, Buyer or sub-tenant, as the case may be,
shall exercise such right of early termination. In the event Buyer obtains an
assignee or sub-tenant for all or a portion of a Leased Qualifying Property,
Buyer shall provide Seller with written notice of the proposed assignee or
sub-tenant, which notice shall specify the name, address and intended use of the
Leased Qualifying Property by the assignee or sub-tenant, and Seller shall have
five (5) business days from the receipt of such notice to advise Buyer in
writing if Seller has any reasonable basis for disapproving the proposed
assignee or sub-tenant and, if so, state, in detail, the basis of Seller's
disapproval. In the event Seller does not provide Buyer with its written
approval or disapproval of the proposed assignee or sub-tenant within the review
period, Seller's approval shall be deemed given.

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<PAGE>

         3.4   POSSESSION; PERMITTED SUBLEASES. Prior to the Lease Vacate Date
or, if applicable, the Extended Lease Transfer Date, Seller shall remove from
the Leased Qualifying Property all of Seller's Personal Property and surrender
the premises to Buyer in the same condition as existed on the Offering Date,
reasonable wear and tear excepted. At Transfer on each Leased Qualifying
Property, Seller shall give Buyer possession of the Leased Qualifying Property,
free and clear of all tenants except for tenants under Permitted Subleases.
"Permitted Subleases" are written subleases pursuant to which Seller, as
sub-landlord, subleases a portion of a Leased Qualifying Property to third party
tenants, provided that Permitted Subleases shall not include any subleases where
the sub-tenant is paying no or nominal rent or other than a month-to-month
basis, unless Buyer, prior Operations Closing Date for the Leased Qualifying
Property, notifies Seller in writing of Buyer's election to accept such sublease
as a Permitted Sublease. In the event Buyer elects not to accept such sublease,
Buyer will be obligated to assume the Lease for the Leased Qualifying Property
if the sub-tenant is removed by Seller prior to the Lease Transfer Date or, if
applicable, Extended Lease Transfer Date. In the event Seller is unable to
remove the sub-tenant by such date, Seller may withdraw the Leased Qualifying
Property from this Agreement. From and after the Offering Date, Seller shall not
enter into any subleases or other occupancy agreements (or amendments of any
existing subleases or other occupancy agreements) at any Leased Qualifying
Property without Buyer's prior written consent, which consent may be given or
withheld in Buyer's sole discretion.

                                   ARTICLE 4
                   PERSONAL PROPERTY, FIXTURES AND EQUIPMENT

         4.1   PERSONAL PROPERTY FIXTURES AND EQUIPMENT.

               (a)    Trade fixtures and equipment customarily considered to be
part of the real property and/or permanently affixed to the real property (the
"Fixtures and Equipment") are included in the Purchase Price and/or lease
transfer, to the extent owned by Seller, and in the definition of Qualifying
Property. Fixtures and Equipment specifically includes (to the extent located at
the Qualifying Property), teller counters and under counter (but not cash
dispensing units or teller machines), vaults and vault doors, drive-in banking
kiosks, air conditioning equipment, kitchen equipment and appliances and
structural pylons or monument sign frames associated with exterior signs.

               (b)    Furniture, fixtures and non-building related equipment
(the "Personal Property") are not included in the Purchase Price and/or lease
transfer or in the definition of Qualifying Property. Personal Property includes
but is not limited to furniture, file cabinets, office equipment, audio/visual
equipment, artwork, antiques, oriental or area carpets, plants, telephone and
computer equipment, lockers and free standing vaults, cash dispensing units,
teller machines, safe deposit boxes, security systems and cameras, ATMs,
interior and exterior signs proprietary to Seller. Seller shall, at Seller's
expense, remove all of the Personal Property from the premises prior to the
Transfer Date.

                                       23

<PAGE>

               (c)    During the Due Diligence period for a Fee Qualifying
Property and during the Lease Assumption Period for Leased Qualifying Property,
Seller and Buyer will agree upon a list of Fixtures and Equipment to be
transferred to Buyer within the parameters of this Article 4 and such other
items of Personal Property Seller elects to sell and Buyer elects to purchase.
Buyer and Seller must mutually agree on the purchase price for any Personal
Property item to be sold.

                                   ARTICLE 5
                               SPECIAL PROVISIONS

         5.1   RECAPTURE.

               (a)    From and after the Transfer Date and for a period of six
(6) months thereafter or, from and after the Early Transfer Date and during the
term of the Early Transfer Lease (the "Recapture Period"), Seller may elect to
recapture any Fee Qualifying Property (the "Recapture Property") transferred to
Buyer under this Agreement (provided Buyer has not resold, leased or mortgaged
the Fee Qualifying Property in a manner that prohibits the release thereof, or
signed a letter of intent meeting the requirements of paragraph 1.5 hereof or
otherwise contracted to sell or lease the Fee Qualifying Property to another
party) by either:

                      (i)    purchasing the Recapture Property from Buyer, for
which the purchase price of the Recapture Property is determined by the
following formula:

         Purchase Price less any Buyer credits related to environmental,
         material physical or structural defects plus (i) actual transfer costs
         incurred by Buyer, (ii) Buyer's reasonable costs actually incurred for
         due diligence, (iii) Buyer's actual cost of capital to acquire the
         Recapture Property (calculated during the Recapture Period to and
         including the closing date for the transfer of the Recapture Property
         on a per diem based using an annual rate not to exceed eight percent
         (8%)), (iv) Buyer's actual out of pocket expenses incurred during the
         Recapture Period to and including the closing date of the Recapture
         Property solely for real estate taxes, insurance, repairs/improvements
         performed on the Recapture Property, any unaffiliated third party
         broker's commissions or legal fees incurred by Buyer to sell or lease
         the Recapture Property and any prepayment premiums or release fees
         imposed on Buyer by a mortgagee of the Fee Qualifying Property to
         obtain a release thereof; or

                      (ii)   Entering into a net lease with Buyer for the
Recapture Property on terms and in form mutually agreeable to Seller and Buyer
acting in good faith.

               (b)    If Seller elects to repurchase the Recapture Property, the
transfer by Buyer to Seller of a Recapture Property will be by the same type of
deed by which title was conveyed to Buyer, subject to the same encumbrances
existing as of the date of transfer. Any

                                       24

<PAGE>

and all transfer taxes, recording costs and similar conveyance charges will be
paid by Seller. All closing expenses, including Buyer's reasonable attorneys'
fees, are the responsibility of Seller. Upon closing of the transfer of the
Recapture Property back to Seller, the Environmental Indemnity Agreement given
by Buyer to Seller at the initial Transfer shall automatically become null, void
and of no further force or effect.

         5.2   OPTION FOR EARLY TRANSFER. Notwithstanding anything to the
contrary contained herein related to the transfer of Fee Qualifying Properties,
Seller, during the term of this Agreement, has the option to require Buyer to
accelerate the Transfer of Fee Qualifying Properties (any such requirement, an
"Early Transfer") to a date mutually agreeable to the parties, which date shall
not be earlier than fifteen (15) days after the expiration and satisfaction of
the Due Diligence Period (the date so agreed upon by Seller and Buyer, the
"Early Transfer Date"). In the event Seller elects to exercise its option for
Early Transfer, it will provide Buyer with written notice of such election prior
to the expiration of the Due Diligence Period or, if applicable, as part of the
Qualifying Property Designation Notice as expressed in paragraph 1.6(g). The
Early Transfer shall be conditioned upon Seller and Buyer entering into a net
lease on the Early Transfer Date, which shall be in a form attached as Exhibit
10-5.2 (the "Early Transfer Lease"). The Early Transfer Lease shall provide for
Seller's continued occupancy and use of the Fee Qualifying Property for a term
of twenty-four (24) months, commencing upon the Early Transfer Date. During the
term of the Early Transfer Lease, Seller shall have the right to terminate the
Early Transfer Lease at anytime by providing Buyer with sixty (60) days advance
written notice. The monthly rent during the Early Transfer Lease shall be fixed
during the term of the Early Transfer Lease and shall be one-twelfth (1/12) of
Buyer's cost basis of the property (both fee interest and Personal Property, if
any) multiplied by Buyer's actual cost of capital using an annual rate not to
exceed eight percent (8%). Buyer's cost basis of the Fee Qualifying Property
shall be the Purchase Price less any Buyer credits related to environmental,
material physical or structural defects plus actual transfer costs incurred by
Buyer and its reasonable costs incurred for Due Diligence. During the term of
the Early Transfer Lease, Seller shall be responsible for payment of all
utilities, real estate taxes, insurance and normal maintenance and repairs. In
the event, during the term of the Early Transfer Lease, a capital improvement or
repair to the Fee Qualifying Property is required to maintain the property in
tenantable condition and the capital improvement or repair would have a useful
life beyond the term of the Early Transfer Lease, then in such event Seller and
Buyer will agree on the extent and cost of such capital improvement or repair
and will share in the cost. Seller's share of the cost shall be determined by
multiplying the cost by a percentage determined by dividing the number of months
remaining during the Early Transfer Lease term, as of the date the capital
improvement or repair is completed, by the total number of months of useful life
of the capital improvement or repair, provided that, except for paying Buyer's
allocated share of the cost of capital improvements as aforesaid, Buyer shall
not be required to incur any cost or expense under an Early Transfer Lease.
Prior to the expiration or earlier termination of the Early Transfer Lease,
Seller shall vacate the property, removing all Personal Property, and leave the
property in the same condition as existed on the commencement date of the Early
Transfer Lease term, reasonable wear and tear excepted.

                                       25

<PAGE>

                                   ARTICLE 6
                            DEFAULT AND TERMINATION

         6.1   BUYER DEFAULT.

               (a)    Fee Qualifying Properties. If Buyer defaults in (i)
Buyer's obligation to consummate a Transfer of a Fee Qualifying Property or (ii)
the performance of any material covenant, agreement or obligation of Buyer
hereunder applicable to Fee Qualifying Properties (other than failing to
consummate a Transfer) and the same is not cured to Seller's reasonable
satisfaction with fifteen (15) days following written notice thereof to Buyer,
Seller's sole and exclusive remedy shall be to receive and retain all Deposits
previously paid or owed by Buyer, as agreed upon, full liquidated damages for
any and all such defaults, with Seller hereby waiving and releasing any rights
to sue Buyer for specific performance or to prove that Seller's actual damages
exceed the Deposits. In such event, this Agreement shall terminate as of the
date the Notice of Termination was provided to Buyer, and the parties hereunder
shall have no further rights or liabilities under this Agreement, except as to
those liabilities of Buyer which specifically survive closing and/or termination
of this Agreement. Notwithstanding the foregoing, the first time (but only once
during the term of this Agreement) that Buyer defaults in Buyer's obligation to
consummate a Transfer of a Fee Qualifying Property, Seller's sole and exclusive
remedy shall be to receive and retain only the Deposit previously paid or owed
by Buyer with respect to such Fee Qualifying Property, as agreed upon, full
liquidated damages for such default, with Seller hereby waiving and releasing
any rights to sue Buyer for specific performance, to prove that Seller's actual
damages exceed the Deposit for such Fee Qualifying Property, to terminate this
Agreement or to receive and retain the Deposits previously paid or owed by Buyer
with respect to any and all other Fee Qualifying Properties.

               (b)    Lease Qualifying Properties.

                      (i)    Buyer shall furnish Seller with written notice of
any default by Buyer or the landlord under any assigned Lease within three (3)
days following the occurrence of such default, or Buyer's acquiring actual
knowledge of such default, and Seller may, but shall not be obligated to, cure
the default, drawing against the Rent Guarantee or the Rent Discount for the
subject Leased Qualifying Property for this purpose. Seller's cure of the
default does not cure Buyer's default hereunder, and Buyer shall promptly repay
to Seller (or, if applicable, refund into the Rent Guarantee or the Rent
Discount) any and all amount actually expended by Seller to cure Buyer's default
under the assigned Lease. If (aa) as a result of Buyer's default, the Landlord
under the assigned Lease, after the expiration of any applicable notice and cure
periods, formally declares a default under the assigned Lease or (bb) Buyer
fails to repay to Seller any and all amounts actually expended by Seller to cure
Buyer's default under the assigned Lease within fifteen (15) days following
Seller's written demand therefor, the assigned Lease shall, upon the written
election by Seller be deemed automatically re-assigned to Seller in a form
satisfactory to Seller. Buyer agrees to promptly execute and obtain and deliver
any and all documentation necessary to effect the re-assignment to Seller. In
such event, in addition to the re-assignment of the Lease to Seller,

                                       26

<PAGE>

Seller shall receive and retain the Rent Guarantee and Rent Discount as to the
Lease subject to default, held by Seller or owed to Buyer, as agreed upon, full
liquidated damages for such default, with Seller hereby waiving and releasing
any rights to sue Buyer for specific performance, other than to compel the
re-assignment of the Lease, or to prove that Seller's actual damages exceed the
retained Rent Guarantee and Rent Discount. In such event, this Agreement shall
terminate as of the date the Notice of Termination was provided to Buyer, and
the parties hereunder shall have no further rights or liabilities under this
Agreement, except as to those liabilities of Buyer which specifically survive
closing and/or termination of this Agreement;

                      (ii)   In the event Buyer fails to accept the assignment
of a Lease on the Lease Transfer Date, and if such failure continues for more
than fifteen (15) days following written notice thereof to Buyer, Seller shall
have the right to recover from Buyer its damages arising from Buyer's breach
which shall be twenty percent (20%) of the Rent remaining for the balance of the
term of the applicable Lease ("Rent Damages") (excluding any renewal term but
anticipating the exercise of any right of earlier termination), as agreed upon,
full liquidated damages for such default by Buyer, with Seller hereby waiving
and releasing any rights to sue Buyer for specific performance or to prove that
Seller's actual damages exceed Rent Damages. In such event, this Agreement shall
terminate as of the date the Notice of Termination was provided to Buyer, and
the parties hereunder shall have no further rights or liabilities under this
Agreement, except as to those liabilities of Buyer which specifically survive
closing and/or termination of this Agreement. Rent Damages shall be paid to
Seller within fifteen (15) days following Seller's written request therefor and,
if not so paid by Buyer, Seller may, but shall not be obligated to, offset the
amount of any unpaid Rent Damages against any Deposits then held by Escrow
Agent.

               (c)    In the event of termination of this Agreement, Buyer's
obligations under any assigned Lease shall expressly survive termination.

         6.2   Seller Default. If Seller defaults in (i) Seller's obligation to
consummate a Transfer of a Fee Qualifying Property or (ii) the performance of
any material covenant, agreement or obligation of Seller hereunder applicable to
Fee Qualifying Properties (other than failing to consummate a Transfer) and the
same is not cured to Buyer's reasonable satisfaction with fifteen (15) days
following written notice thereof to Seller, Buyer may elect to (i) terminate
this Agreement and recover from Seller all reasonable third-party, out-of-pocket
costs and expenses incurred by Buyer in its investigation of the Qualifying
Properties not transferred as of the date of Buyer's Notice of Termination to
Seller, in which event the Escrow Agent shall refund any Deposit to Buyer and,
thereafter, neither party shall have any responsibility or obligation whatsoever
to the other party under the terms of this Agreement or (ii) seek specific
performance of Seller's obligation to Transfer the applicable Qualifying
Properties or perform Seller's other covenants, agreements or obligations
hereunder. Buyer shall have no claim for damages of any type or nature other
than set forth in this provision.

                                       27

<PAGE>

                                   ARTICLE 7
                                 MISCELLANEOUS

         7.1   AGREEMENT CONSTRUCTION.

         Buyer and Seller acknowledge that this Agreement was prepared after
substantial negotiations between the parties. This Agreement shall not be
interpreted against either party solely because such party or its counsel
drafted this Agreement. The use of the single shall include the plural, and the
use of the plural shall include the single, as the context implies.

         7.2   NOTICE.

         Notices. Any notice required or permitted to be given under this
Agreement shall be in writing, and shall be deemed to have been given when: (i)
delivered, if delivered by hand delivery, (ii) when deposited in the United
States Post Office, or certified mail, postage prepaid, return-receipt
requested, if mailed, (iii) on the day after the deposit with any nationally or
regionally recognized overnight courier service which requires proof of
delivery; or (iv) upon confirmation of completed transmission and receipt, if
sent by telecopier. Notices shall be addressed as follows:

         If to Seller:           Neil C. King, Sr. Vice President
                                 Wachovia Bank, National Association
                                 225 Water Street, 8th Floor
                                 Jacksonville, Florida 32202
                                 Telephone:  (904) 489-3472
                                 Telecopier: (904) 489-3544

         With a copy to:         Amy E. Slater, Senior Vice President and
                                 Assistant General Counsel
                                 Wachovia Corporation
                                 123 South Broad Street, PA 4840
                                 Philadelphia, Pennsylvania 19109
                                 Telephone:  (215) 670-6896
                                 Telecopier: (215) 670-6906

         With a copy to:         Harry M. Wilson, III, Esq.
                                 Smith Hulsey & Busey
                                 1800 First Union Bank Tower
                                 225 Water Street
                                 Post Office Box 53315
                                 Jacksonville, Florida 32201-3315
                                 Telephone:  (904) 359-7717
                                 Telecopier: (904) 359-7708

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<PAGE>

         If to Buyer:            Nicholas S. Schorsch, President
                                 First States Group, L.P.
                                 c/o First States Group, LLC
                                 1725 The Fairway
                                 Jenkintown, Pennsylvania 19046
                                 Telephone:  (215) 887-2280
                                 Telecopier: (215) 887-2585

         With a copy to:         Edward J. Matey Jr., Esq.
                                 Morgan, Lewis & Bockius, LLP
                                 1701 Market Street
                                 Philadelphia, Pennsylvania 19103
                                 Telephone:  (215) 963-5418
                                 Telecopier: (215) 963-5299

The parties shall have the right from time to time to change their respective
addresses by giving at least five (5) days written notice to the other party.

         7.3   ASSIGNMENT.

               (a)    Buyer may not assign this Agreement, or any of the rights
or benefits hereof to any person or entity other than a Permitted Assign,
without the prior written consent of Seller, which consent shall be at Seller's
sole and absolute discretion. At Transfer of a Fee Qualifying Property or a
Leased Qualifying Property, Buyer may assign this Agreement as to any individual
Qualifying Property, without the consent of Seller, to a corporation,
partnership, joint venture or limited liability company that is controlled by,
controlling or under common control with Buyer (any such entity, a "Permitted
Assign"), but such assignment shall not relieve Buyer from any obligation
hereunder to indemnify Seller or to perform any surviving obligations, including
but not limited to assumption of Leases and indemnities.

               (b)    Any assignment consented to by Seller shall be binding on
Seller only if such assignment is in writing and executed by both Seller and
Buyer. Seller must acknowledge that it is not released from any of its
obligations or liabilities hereunder by virtue of either the assignment or
Seller's consent thereto, if required, and Buyer must assume and agree to pay
and perform all of the duties, obligations and liabilities of Buyer hereunder. A
fully executed counterpart of such assignment must be provided to Seller.

               (c)    Seller may not assign this Agreement, or any of the rights
or benefits hereof to any person or entity.

         7.4   SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.

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<PAGE>

         7.5   AMENDMENTS AND TERMINATION. This Agreement may be amended or
modified only by a written instrument executed by Seller and Buyer, acting by
their respective duly authorized agents or representatives.

         7.6   GOVERNING LAW.  This Agreement shall be governed by and construed
in accordance with the laws of the State of Florida.

         7.7   SECTION HEADINGS. The section headings inserted in this Agreement
are for convenience only and are not intended to, and shall not be construed to,
limit, enlarge or affect the scope or intent of this Agreement, nor the meaning
of any provision hereof.

         7.8   COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same document.

         7.9   ENTIRE AGREEMENT. This Agreement constitutes the entire Agreement
between the parties and supersedes all prior agreements and understandings
between the parties hereto relating to the Qualifying Properties.

         7.10  TIME. Time is of the essence of this Agreement and each and every
provision hereof. When any time period specified herein falls or ends upon a
Saturday, Sunday or legal holiday, the time period shall be automatically
extended to 5:00 P.M. on the next ensuing business day.

         7.11  ATTORNEYS' FEES. If there is a dispute regarding the enforcement,
interpretation, construction or termination of this Agreement, the prevailing
party shall be entitled to recover from the other party its reasonable
attorneys' and paralegals' fees and costs (whether or not an action is actually
commenced or whether incurred before, during or after trial, or upon any
appellate level, or in any administrative proceeding or bankruptcy or insolvency
proceeding).

         7.12  WAIVER. No failure of either party to exercise any power given
hereunder or to insist upon strict compliance with any obligations specified
herein, and no custom or practice at variance with the terms hereof, shall
constitute a waiver of any party's right to demand exact compliance with the
terms hereof; provided, however, that either party may waive any of the
conditions contained herein or any of the obligations of the other party
hereunder. Any such waiver shall be effective only if in writing and signed by
the party waiving such condition or obligation.

         7.13  APPROVAL. This Agreement is subject to the United States
Department of Justice waiving its requirement of Seller to first publicly
advertise the sale or sub-lease of Surplus Branches located in Virginia, North
Carolina and York County South Carolina to other banks as stipulated in a letter
from the United States Department of Justice dated July 26, 2001, paragraphs 4
and 5, a copy of which has been provided to Buyer. The parties will endeavor to
obtain waiver of this requirement prior to the Effective Date but in the event
the

                                       30

<PAGE>

parties are not able to obtain the waiver or modification of the requirement of
paragraphs 4 and 5, mutually acceptable to the parties within thirty (30) days
of the Effective Date then this Agreement shall terminate and be of no further
force and effect.

         7.14  COMMISSIONS. Each party warrants to the other they have not
employed or otherwise engaged any real estate broker or representative who might
claim a commission as a result of this Agreement.

         7.15  COOPERATION WITH MARKETING. During the term of this Agreement,
Seller shall use its best efforts to advise Buyer of prospects who may have
contacted Seller and expressed interest in purchasing, subleasing or accepting
assignment of any Qualifying Property. Seller's non-willful breach of this
provision does not constitute a default in its performance of its obligations
under this Agreement. From and after the Operations Closing Date, Buyer, or its
representatives, at Buyer's expense, may enter upon the Qualifying Property for
purposes of showing it to prospective tenants and purchasers at times scheduled
in advance with Seller and only when accompanied by a representative of Seller.

         7.16  CONDEMNATION. If, following the Offering Date but prior to a
Transfer Date, all or any part of any Fee Qualifying Property is condemned or
taken under power of eminent domain, or if Seller receives any notice or
knowledge that any such taking is threatened or contemplated by any governmental
agency or entity or any other entity having the power of eminent domain, then,
in any such event, Seller shall promptly give notice thereof to Buyer in
writing. Buyer shall proceed to close the Transfer of such Fee Qualifying
Property without reduction in the Purchase Price, but with the right to receive
any and all awards or monies attributable to the Fee Qualifying Property payable
as a result of any such taking, except if the taking is with respect to all or
substantially all of Fee Qualifying Property or would render the same not
readily usable for commercial business operations, in which event such
Qualifying Fee Property shall, at Buyer's election by written notice to Seller,
be excluded from this Agreement, Escrow Agent shall refund any Deposit to Buyer
and Seller shall reimburse Buyer for all Buyer's reasonable due diligence costs
actually incurred not to exceed $5,000.00.

         7.17  CASUALTY. If prior to the completion of the Transfer Date, a Fee
Qualifying Property is damaged by fire, storm, accident or other casualty the
Transfer will proceed pursuant to the terms of this Agreement with the proceeds
of insurance covering such damage assigned to Buyer at Transfer and without a
reduction in the Purchase Price but with a credit to Buyer equal to Seller's
deductible on its insurance policy covering the Qualifying Property and Seller's
portion of any co-pay obligation under such policy (both as certified to Buyer
by Seller). The proceeds assigned to Buyer shall be the actual amounts due
Seller and are not the replacement value or any other amount. Notwithstanding
the foregoing, if, in Buyer's reasonable determination, the cost to restore the
damage to the Fee Qualifying Property caused by the fire or other casualty
exceeds twenty-five percent (40%) of the Purchase Price for such Fee Qualifying
Property, Buyer may, by written notice to Seller exclude the Fee Qualifying
Property from this Agreement, in which event Escrow Agent shall refund any
Deposit to Buyer.

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         7.18  ESCROW AGENT AND ESCROW PROCEDURE . The parties agree that
Commonwealth Land Title Insurance Company ("Escrow Agent"), shall act as escrow
agent and further agree as follows:

               (a)    Escrow Account. Escrow Agent shall hold the Deposit(s) in
escrow in a trust account and shall disburse the same subject to clearance
thereof in accordance with the terms and conditions of this Agreement. In the
event any party makes demand of Escrow Agent for delivery of all or any portion
of the Deposit, Escrow Agent will provide the other party with notice of such
demand. If Escrow Agent does not receive written objection to such disbursement
within ten (10) days of transmitting such notice, Escrow Agent will be
authorized to disburse the Deposit to the requesting party. If Escrow Agent
receives an objection to such delivery, receives conflicting demands for same,
or otherwise has doubts about its duties hereunder or other reason not to make a
requested delivery, Escrow Agent shall deposit the Deposit into the registry of
the Clerk of a court of competent jurisdiction, and upon notifying all parties
promptly of such action, all liability on the part of Escrow Agent shall fully
terminate, except to the extent of accounting for any monies theretofore
delivered out of escrow. Escrow Agent will be entitled to reimbursement to the
extent of all costs and expenses reasonably incurred to obtain an order of
interpleader, including reasonable attorneys' fees, which will be secured by a
lien upon the property deposited with the court.

               (b)    Escrow Agent's Liability. The parties acknowledge that
Escrow Agent is acting solely as a stakeholder at their request and for their
convenience, that Escrow Agent shall not be deemed to be the agent of either of
the parties, and that Escrow Agent shall not be liable to either of the parties
for any act or omission on its part unless taken or suffered in bad faith, in
willful disregard of this Agreement or involving gross negligence. Escrow Agent
shall exercise ordinary care with respect to the custody and delivery of the
Deposit and interest and any other duties of Escrow Agent under this Agreement.
Without limitation, Escrow Agent may assume, without verification, the
genuineness of any signatures on any writings that are regular on their face and
may maintain the Deposit and interest thereon in a federally insured, commingled
trust account. Escrow Agent will not be liable for any act, omission, or failure
of the depository institution unless specifically authorized or directed by
Escrow Agent. No provision of this Agreement authorizes recovery of monetary
damages, costs, expenses, or attorneys' fees from or against Escrow Agent.
Escrow Agent will have a reasonable period of time to comply with all further
instructions received pursuant to this Agreement, which in all events will be
not less than five (5) working days. Escrow Agent's sole duty of collection with
respect to any instrument payable to Escrow Agent is to present such instrument
promptly for payment and to advise the parties promptly if it is not then
collected in the ordinary course of banking business. Escrow Agent shall not be
responsible for the performance of any financial institution into which the
Deposit is deposited. Seller and Buyer shall jointly and severally indemnify and
hold Escrow Agent harmless from and against all costs, claims and expenses,
including reasonable attorneys' fees, incurred in connection with the
performance by Escrow Agent of its duties hereunder, except with respect to
actions or omissions taken or suffered by Escrow

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Agent in bad faith, in willful disregard of this Agreement or involving gross
negligence on the part of Escrow Agent.

         7.19  CONFIDENTIALITY.

               (a)    Buyer agrees that neither it nor its representatives,
employees, agents and consultants, shall at any time or in any manner, either
directly or indirectly, divulge, disclose or communicate to any person, entity
or association any other knowledge or information acquired by Buyer, or its
representatives, employees, agents or consultants from Seller or by Buyer's own
inspections and investigations, other than matters that were in the public
domain at the time of receipt by Buyer, provided that Buyer may disclose such
terms of this Agreement and its reports, studies, documents and other matters
generated by it as Buyer deems necessary or desirable to Buyer's attorneys,
accountants, financial advisors, investors and lenders, in connection with
Buyer's investigation of the Qualifying Properties and/or purchase of the
Qualifying Properties, provided that the parties to whom such information is
disclosed are informed of the confidential nature thereof and agree to keep the
same confidential in accordance with this Agreement.

               (b)    Buyer acknowledges that damages alone may be an inadequate
remedy for any breach by it or its representatives, employees, agents or
consultants of the terms of this Agreement and agrees that, in addition to any
other remedies that Seller may have, Seller shall be entitled to injunctive
relief in any court of competent jurisdiction against any breach of this
Agreement.

         7.20  WAIVER OF JURY TRIAL. BUYER AND SELLER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION INVOLVING THIS AGREEMENT, ANY AGREEMENT ENTERED
INTO WHICH IS RELATED TO THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTION OF EITHER PARTY
RELATED TO OR INVOLVING THIS AGREEMENT OR ANY AGREEMENT ENTERED INTO WHICH IS
RELATED TO THIS AGREEMENT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR SELLER
ENTERING INTO THIS AGREEMENT.

                                   ARTICLE 8
                                REPRESENTATIONS

         8.1   REPRESENTATIONS OF BUYER. Buyer represents to Seller as follows,
which representations shall be true, correct and complete as of each Transfer
Date hereunder and which shall survive each Transfer:

               (a)    Buyer is, and at the Transfer shall be, a limited
partnership duly organized, validly existing and in good standing under the laws
of the State of Delaware.

                                       33

<PAGE>

               (b)    The execution, delivery and performance of this Agreement
do not violate Buyer's limited partnership certificate or agreement or any
contract, agreement, commitment, order, judgment or decree to which Buyer is a
party or by which it is bound.

               (c)    The execution and delivery of this Agreement and the
performance by Buyer of its obligations hereunder have been duly authorized by
all required action of Buyer in full compliance with the provisions of Buyer's
partnership documents. The person executing this Agreement on behalf of Buyer is
duly authorized to do so.

               (d)    Buyer has the right, power and authority to make and
perform its obligations under this Agreement, and this Agreement is a valid and
binding obligation of Buyer enforceable against Buyer in accordance with its
terms.

         8.2   REPRESENTATIONS OF SELLER. Seller represents to Buyer as follows,
which representations shall be true, correct and complete as of each Transfer
Date hereunder and which shall survive each Transfer:

               (a)    Seller is, and at the Transfer shall be, a national
banking association duly organized, validly existing and in good standing under
the laws of the United States of America.

               (b)    The execution, delivery and performance of this Agreement
do not violate Seller's articles or bylaws or any contract, agreement,
commitment, order, judgment or decree to which Seller is a party or by which it
is bound.

               (c)    The execution and delivery of this Agreement and the
performance by Seller of its obligations hereunder have been duly authorized by
all required action of Seller in full compliance with the provisions of Seller's
corporate documents. The person executing this Agreement on behalf of Seller is
duly authorized to do so.

               (d)    Seller has the right, power and authority to make and
perform its obligations under this Agreement, and this Agreement is a valid and
binding obligation of Seller enforceable against Seller in accordance with its
terms.

                            SIGNATURES ON NEXT PAGE

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         This Agreement is executed by Buyer and Seller on the dates set forth
herein. The Effective Date is the latest date of the execution of any of those
persons listed below.

                                                      "BUYER"

                                             FIRST STATES GROUP, L.P.

                                             By: FIRST STATES GROUP, LLC,
                                             its general partner

Date:__________________                      By:__________________________
                                             Name: Nicholas S. Schorsch
                                             Title:  President

                                                      "SELLER"

                                             WACHOVIA BANK, NATIONAL ASSOCIATION

Date:__________________                      By:________________________________
                                             Name:  Neil C. King
                                             Title: Senior Vice President

                                       35

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