Document:

Exhibit 10.44

 

CW Loan No. 06-4882/9799

Flextronics Plano 600-640 Shiloh

 

PROMISSORY NOTE

(Fixed Rate)

 

	
  $22,700,000.00

  	
   

  	
  December     ,
  2006

  

 

FOR VALUE RECEIVED, WESTCORE SHILOH, LLC, a Delaware
limited liability company (“Maker”), promises to pay to the order of
COUNTRYWIDE COMMERCIAL REAL ESTATE FINANCE, INC., a California corporation
(together with any subsequent holder of this Note, and their respective
successors and assigns, “Holder”) at such address as Holder may from
time to time designate in writing, the principal sum of TWENTY-TWO MILLION SEVEN
HUNDRED THOUSAND AND 00/100 DOLLARS ($22,700,000.00) together with interest
thereon and all other sums due and/or payable under any Loan Document; such
principal and other sums to be calculated and payable as provided in this Note.
This Note is being executed and delivered in connection with, and is entitled
to the rights and benefits of, that certain Loan Agreement of even date
herewith between Maker and Holder (as amended, modified and supplemented and in
effect from time to time, the “Loan Agreement”). Capitalized terms used
herein without definition shall have the meanings ascribed to such terms in the
Loan Agreement.

 

Maker agrees to pay the principal sum of this Note
together with interest thereon and all other sums due and/or payable under any
Loan Document in accordance with the following terms and conditions:

 

1.                                       Interest Rate. Interest shall
accrue on the Principal Indebtedness at five and 57/100 percent (5.57%) per
annum (the “Interest Rate”) commencing on the date of this Note. Interest
shall be computed on the actual number of days elapsed based on a 360-day year.

 

2.                                       Payments. Maker shall make the
following payments to Holder:

 

(a)                                  On
February 8, 2007 (the “First Payment Date”), a payment of $66,731.69
representing interest for the first Interest Accrual Period.

 

(b)                                 On
the First Payment Date and on the same calendar day of each calendar month
(each, a “Payment Date”) through and including the Payment Date
occurring in December, 2016, Maker shall pay to Holder a monthly payment of
interest only based on the Interest Rate, which interest has accrued through
the last day of the Interest Accrual Period immediately preceding such Payment
Date, and the outstanding Principal Indebtedness.

 

(c)                                  The
entire outstanding Indebtedness shall be due and payable on the Payment Date
occurring in January, 2017 (the “Maturity Date”), or such earlier date
resulting from acceleration of the Indebtedness by Holder.

 

(d)                                 “Interest
Accrual Period” means, initially, the period commencing on the Closing Date
and continuing to and including the calendar day preceding the First Payment
Date, and thereafter each period running from and including a Payment Date to
and including the calendar day preceding the next Payment Date during the term
of the Loan.

 

 

(e)                                  For
purposes of making payments hereunder, but not for purposes of calculating
Interest Accrual Periods, if the Payment Date of a given month shall not be a
Business Day, then the Payment Date for such month shall be the succeeding
Business Day.

 

3.                                       Event of Default; Default Interest; Late Charge.
Upon the occurrence and during the continuance of an Event of Default, the
Indebtedness shall (a) become due and payable as provided in Article 8
of the Loan Agreement, and (b) bear interest at a per annum interest rate
equal to the lesser of (i) the Maximum Amount (as defined in Section 8),
and (ii) the Interest Rate plus five percent (5%) (the “Default
Rate”). If Maker fails to pay any interest due under the Loan Documents on
the date when the same is due, Maker shall pay to Holder upon demand a late
charge on such sum in an amount equal to the lesser of (i) five percent
(5%) of such unpaid amount, and (ii) the maximum late charge permitted to
be charged under the laws of the State of where the Property is located (a “Late
Charge”). Maker will also pay to Holder upon demand, after an Event of
Default occurs, in addition to the amount due and any Late Charges, all
reasonable costs of collecting, securing, or attempting to collect or secure
this Note or any other Loan Document, including, without limitation, court
costs and reasonable attorneys’ fees (including reasonable attorneys’ fees on
any appeal by either Maker or Holder and in any bankruptcy proceedings).

 

4.                                       Prepayment; Defeasance.

 

(a)                                  Maker
shall not be permitted at any time to prepay all or any part of the Loan
except as expressly provided in this Section 4. Provided no Event
of Default then exists, and so long as Maker has given Holder not less than
fifteen (15) days’ prior written notice, Maker may voluntarily prepay the
Indebtedness in full but not in part only on or after the date which is
three (3) Payment Dates prior to the Maturity Date (the “Open Period
Date”) (and there shall be no Yield Maintenance Premium or penalty assessed
against Maker by reason of such prepayment). If any such prepayment is not made
on a Payment Date, Maker shall also pay to Holder interest calculated at the
Interest Rate that would have accrued on such prepaid Principal Indebtedness
through the end of the Interest Accrual Period in which such prepayment occurs.
In connection with such prepayment, the remaining balance of any funds on
deposit in the Reserve Accounts shall be applied to the outstanding
Indebtedness.

 

(b)                                 Provided
that no Event of Default then exists, after the earlier to occur of (i) two
(2) years after “start-up day”
(within the meaning of Section 860G(a)(9) of the Code) of any real
estate mortgage investment conduit (as defined under Section 860D of the
Code) (a “REMIC”) that holds the Note, and (ii) three (3) years
after the Closing Date, Maker may cause the release of the Property from
the Liens of the Loan Documents upon satisfaction of the following conditions:

 

(i)                                     Maker
shall (A) provide not less than fifteen (15) days’ prior written notice to
Holder specifying a Payment Date (the “Defeasance Release Date”) on
which the payments and deposits provided in clauses (B) through (E) below
are to be made; (B) pay all interest accrued and unpaid on the
Indebtedness to and including the Defeasance Release Date; (C) pay all
reasonable fees and expenses associated with the defeasance of the Loan
(including, without limitation, fees of Rating Agencies and accountants, and
attorneys) and all other sums then due and payable under the Loan Documents; (D) deliver
to Holder, “government securities” 

 

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as used in section 2(a)(16)
of the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1) and which
are not subject to prepayment, call or early redemption (“U.S.
Obligations”) (1) having maturity dates or being redeemable on or
prior to, but as close as possible to, the Business Day immediately preceding
each successive scheduled Payment Date (after the Defeasance Release Date)
through and including the Open Period Date, (2) in amounts sufficient to
pay (y) all scheduled principal and interest payments on this Note on each
Payment Date through and including the Open Period Date, and (z) the
Principal Indebtedness as of the Open Period Date, and (3) payable
directly to Holder; and (E) deliver to Holder (1) a security
agreement, in form and substance satisfactory to Holder, creating a first
priority perfected Lien on the deposits required pursuant to this Section 4(b) and
the U.S. Obligations purchased in accordance with this Section 4(b) (a
“Security Agreement”), (2) for execution by Holder, a release of
the Property from the Lien of the Mortgage in a form appropriate for the
jurisdiction in which the Property is located, (3) a written certification
that the requirements set forth in this Section 4(b) have been
satisfied, (4) an opinion of Maker’s counsel in form and substance
satisfactory to Holder stating, among other things, that (x) the U.S.
Obligations have been duly and validly assigned and delivered to Holder and
Holder has a first priority perfected security interest in and Lien on the
deposits required pursuant to this Section 4(b) and a first
priority perfected security interest in and Lien on the U.S. Obligations
purchased pursuant hereto and the proceeds thereof, (y) the defeasance
will not adversely affect the status of any REMIC formed in connection with a
Secondary Market Transaction, and (z) in the event of a bankruptcy proceeding or similar occurrence with
respect to Maker, none of the U.S. Obligations purchased pursuant hereto nor
any proceeds thereof will be property of Maker’s estate under Section 541
of the Bankruptcy Code or any similar statute and the grant of security
interest therein to Holder shall not constitute an avoidable preference under Section 547
of the Bankruptcy Code or applicable state law, and (5) such other
certificates, documents or instruments as Holder may request including,
without limitation, (y) written confirmation from the relevant Rating Agencies
that such defeasance will not cause any Rating Agency to withdraw, qualify or
downgrade the then-applicable rating on any security issued in connection with
any Secondary Market Transaction, and (z) a certificate from a certified public
accountant reasonably acceptable to Holder certifying that the amounts of the
U.S. Obligations satisfy all of the requirements of this Note. In connection
with the foregoing, Maker appoints Holder as Maker’s agent for the purpose of
applying the amounts delivered pursuant to this Section 4(b) to
purchase U.S. Obligations.

 

(ii)                                  If
any notice of defeasance is given, Maker shall be required to defease the Loan
on the Defeasance Release Date (unless such notice is revoked in writing by
Maker prior to the date specified therein in which event Maker shall
immediately reimburse Holder for any reasonable costs incurred by Holder in
connection with Maker’s giving of such notice and revocation).

 

(iii)                               In
connection with a defeasance of the Loan, Maker may assign to such other
entity or entities established or designated by Maker and approved by Holder in
its reasonable discretion (the “Successor Obligor”) all of Maker’s
obligations under this Note, the other Loan Documents and the Security
Agreement together with the pledged U.S. Obligations. The Successor Obligor
shall assume, in a writing or writings reasonably satisfactory to Holder, all
of Maker’s obligations under this Note, the other Loan Documents and the
Security Agreement and, upon such assignment Maker shall, except as set forth
herein, be relieved of its obligations hereunder. If a Successor Obligor
assumes all or any part of Maker’s obligations, 

 

2

 

Holder may require as a condition to such
defeasance, such additional legal opinions from Maker’s counsel as Holder
reasonably deems necessary to confirm the valid creation and authority of the
Successor Obligor, the assignment and assumption of the Loan, the Security
Agreement and the pledged U.S. Obligations between Maker and Successor Obligor,
and the enforceability of the assignment documents and of the Loan Documents as
the obligation of Successor Obligor. Notwithstanding the foregoing or anything
else in this Section 4(b), nothing in this Section 4(b) shall
release Maker from any liability or obligation relating to any environmental
matters arising under Article 9 of the Loan Agreement.

 

(c)                                  Except
as specifically set forth in Sections 2, 4(a) and 4(b) above,
or in Sections 7.6(c) or 12.28 of the Loan Agreement, upon
any other repayment of the Principal Indebtedness (including in connection with
an acceleration of the Loan), Maker shall pay to Holder on the date of such
repayment, the amount that, when added to the amount otherwise being repaid
would be sufficient to purchase U.S. Obligations that satisfy the requirements
of Section 4(b) above (the “Yield Maintenance Premium”);
provided, however, under no circumstances shall the Yield
Maintenance Premium be less than zero. All Yield Maintenance Premium payments
hereunder shall be deemed earned by Holder upon the funding of the Loan, shall
be required whether payment is made by Maker or any other Person, and may be
included in any bid by Holder at a foreclosure sale. Maker acknowledges that
the provisions of this Section 4 were independently bargained for
and constitute a specific material part of the consideration given by
Maker to Holder for the making of the Loan.

 

5.                                       Method and Place of Payments; Application of
Payments; Maker Obligations Absolute.

 

(a)                                  Except
as otherwise specifically provided herein, all payments under this Note and the
other Loan Documents shall be made to Holder not later than 2:00 p.m., New
York City time, on or before the date when due, and shall be made in lawful
money of the United States of America in federal or other immediately available
funds to an address specified to Maker by Holder in writing, and any funds
received by Holder after such time, for all purposes hereof, shall be deemed to
have been paid on the next succeeding Business Day.

 

(b)                                 All
proceeds of payment, including any payment or recovery on the Property, shall
be applied to the Indebtedness in such order and in such manner as Holder shall
elect in Holder’s discretion.

 

(c)                                  Except
as specifically set forth in any Loan Document, all sums payable by Maker under
any Loan Document shall be paid without notice, demand, counterclaim (other
than mandatory counterclaims), setoff, deduction or defense and without
abatement, suspension, deferment, diminution or reduction.

 

6.                                       Security. The obligations of Maker
under this Note are secured by, among other things, the Mortgage and Liens of
the other Loan Documents granted in favor of Holder by Maker and/or encumbering
or affecting the Property.

 

7.                                       Waivers. With respect to the
amounts due pursuant to this Note or any other Loan Document except as
expressly provided in this Note or the Loan Documents, Maker waives 

 

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the following:  (a) all
rights of exemption of property from levy or sale under execution or other process
for the collection of debts under the Constitution or laws of the United States
or any State thereof; (b) demand, presentment, protest, notice of
dishonor, notice of nonpayment, notice of protest, notice of intent to
accelerate, notice of acceleration, suit against any party, diligence in
collection of this Note and in the handling of securities at any time existing
in connection herewith, and all other requirements necessary to enforce this
Note except for notices required by Governmental Authorities and notices
required by the Loan Agreement; and (c) any further receipt by Holder or
acknowledgment by Holder of any collateral now or hereafter deposited as
security for the Loan.

 

8.                                       Usury Savings Clause. This Note and
the other Loan Documents are subject to the express condition that at no time
shall Maker be obligated or required to pay interest on the Indebtedness at a
rate which could subject Holder to either civil or criminal liability as a
result of being in excess of the maximum rate of interest designated by
applicable laws relating to payment of interest and usury (the “Maximum
Amount”). If, by the terms of this Note or the other Loan Documents, Maker
is at any time required or obligated to pay interest on the Indebtedness at a
rate in excess of the Maximum Amount, the Interest Rate shall be deemed to be
immediately reduced to the Maximum Amount and all previous payments in excess
of the Maximum Amount shall be deemed to have been payments in reduction of
principal and not on account of the interest due hereunder. All sums paid or
agreed to be paid to Holder for the use, forbearance, or detention of the sums
due under the Loan, shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full stated term of
the Loan until payment in full so that the rate or amount of interest on
account of the Loan does not exceed the Maximum Amount from time to time in
effect and applicable to the Loan for so long as the Loan is outstanding.

 

9.                                       Modifications; Remedies Cumulative; Setoffs.
Holder shall not by any act, delay, omission or otherwise be deemed to have
modified, amended, waived, extended, discharged or terminated any of its rights
or remedies, and no modification, amendment, waiver, extension, discharge or
termination of any kind shall be valid unless in writing and signed by Holder
and Maker. All rights and remedies of Holder under the terms of this Note and
applicable statutes or rules of law shall be cumulative, and may be
exercised successively or concurrently. Maker agrees that there are no
defenses, equities or setoffs with respect to the obligations set forth herein
as of the date hereof, and to the extent any such defenses, equities, or
setoffs may exist, the same are hereby expressly released, forgiven,
waived and forever discharged.

 

10.                                 Severability. Wherever
possible, each provision of this Note shall be interpreted in such manner as to
be effective and valid under applicable Legal Requirements, but if any
provision of this Note shall be prohibited by or invalid under applicable Legal
Requirements, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Note.

 

11.                                 Release. Holder may,
at its option, release any Property given to secure the Indebtedness, and no
such release shall impair the obligations of Maker to Holder.

 

4

 

12.                                 Governing Law. This Note and each of the other Loan Documents
shall be interpreted and enforced according to the laws of the state where the
Property is located (without giving effect to rules regarding conflict of
laws).

 

13.                                 Venue. Maker hereby consents and submits to the exclusive jurisdiction and
venue of any state or federal court sitting in the county and state where the
Property is located with respect to any legal action or proceeding arising with
respect to the Loan Documents and waives all objections which it may have
to such jurisdiction and venue. Nothing herein shall, however, preclude or
prevent Holder from bringing actions against Maker in any other jurisdiction as
may be necessary to enforce or realize upon the security for the Loan
provided in any of the Loan Documents.

 

14.                                 Waiver of Jury Trial. MAKER AND
HOLDER TO THE FULLEST EXTENT THAT THEY MAY LAWFULLY DO SO, WAIVE TRIAL BY
JURY IN ANY ACTION OR PROCEEDING, INCLUDING, WITHOUT LIMITATION, ANY TORT
ACTION, BROUGHT BY ANY PARTY HERETO WITH RESPECT TO THIS NOTE OR THE OTHER LOAN
DOCUMENTS. EACH OF MAKER AND HOLDER AGREES THAT THE OTHER MAY FILE A COPY
OF THIS WAIVER WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND
BARGAINED AGREEMENT OF THE OTHER IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY
JURY, AND THAT, TO THE FULLEST EXTENT THAT IT MAY LAWFULLY DO SO, ANY
DISPUTE OR CONTROVERSY WHATSOEVER BETWEEN MAKER AND HOLDER SHALL INSTEAD BE
TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

 

15.                                 Sales and Assignments. Holder may assign,
sell, securitize, participate, pledge and/or otherwise transfer all or any
portion of Holder’s right, title and interest in, to and under this Note and/or
the other Loan Documents in one or more transactions as set forth in the Loan
Agreement.

 

16.                                 Due on Sale; Due on Encumbrance. Maker
understands that in making the Loan, Holder is relying to a material extent
upon the business expertise and/or net worth of Maker and, if Maker is also an
entity, its partners, members, officers or principals and upon the continuing
interest which Maker or its partners, members, officers or principals will have
in the Property and in Maker, respectively, and that a violation of Section 6.1
of the Loan Agreement may significantly and materially alter or reduce
Holder’s security for this Note. Accordingly, in the event that a violation of Section 6.1
of the Loan Agreement occurs, then the same shall be deemed to increase the
risk of Holder and Holder may then, or at any time thereafter, declare the
entire Indebtedness immediately due and payable.

 

17.                                 Exculpation. Subject to the qualifications below, Holder
shall not enforce the liability and obligation of Maker to perform and
observe the obligations contained in the Loan Documents by any action or
proceeding wherein a money judgment shall be sought against Maker or its
Affiliates, principals, shareholders or members, except that Holder may bring
a foreclosure action, an action for specific performance or any other
appropriate action or proceeding to enable Holder to enforce and realize upon
its interest and rights under the Loan Documents, or in the Property, the
Rents, the Insurance Proceeds, the Condemnation Proceeds or 

 

5

 

any other collateral given
to Holder pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any judgment
in any such action or proceeding shall be enforceable against Maker only to the
extent of Maker’s interest in the Property, the Rents, the Insurance Proceeds,
the Condemnation Proceeds and any other collateral given to Holder, and Holder
agrees that it shall not sue for, seek or demand any deficiency judgment
against Maker in any such action or proceeding under or by reason of or under
or in connection with any Loan Document. The provisions of this Section 17
shall not, however, (a) constitute a waiver, release or impairment of any
obligation evidenced or secured by any Loan Document; (b) impair the right
of Holder to name Maker as a party defendant in any action or suit for
foreclosure and sale under the Mortgage; (c) affect the validity or
enforceability of any of the Loan Documents or any guaranty made in connection
with the Loan or any of the rights and remedies of the Holder thereunder; (d) impair
the right of Holder to obtain the appointment of a receiver; (e) impair
the enforcement of the Mortgage; (f) constitute a prohibition against
Holder to seek a deficiency judgment against Maker in order to fully realize
the security granted by the Mortgage or to commence any other appropriate
action or proceeding in order for Holder to exercise its remedies against all
of the Property; or (g) constitute a waiver of the right of Holder to
enforce the liability and obligation of Maker by money judgment or otherwise,
to the extent of any Losses incurred by Holder arising out of or in connection
with the following (each, a “Recourse Liability” and collectively, the “Recourse
Liabilities”):

 

(i)                                     intentional
fraud or intentional misrepresentation by Maker or Guarantor in connection with
the Loan;

 

(ii)                                  the
intentional material breach of any representation, warranty, covenant or
indemnification provision in any Loan Document by Maker or Guarantor concerning
Environmental Laws or Hazardous Substances, and any indemnification of Holder
with respect thereto contained in any Loan Document;

 

(iii)                               any
act of active intentional physical waste by Maker or Guarantor of the Property
or any portion thereof, or, during the continuance of any Event of Default, the
removal or disposal of any portion of the Property by Maker or Guarantor;

 

(iv)                              the
intentional misapplication, misappropriation, or conversion by Maker,
Guarantor, or any Affiliate of either of (A) any Insurance Proceeds paid
by reason of any Casualty, (B) any Condemnation Proceeds received in
connection with any Taking or (C) security deposits; or

 

(v)                                 the
intentional misapplication, misappropriation or conversion by Maker or
Guarantor or any Affiliate of any Rents during the continuance of any Event of
Default.

 

Notwithstanding anything
to the contrary in this Note or any of the Loan Documents, (A) Holder
shall not be deemed to have waived any right which Holder may have under Section 506(a),
506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to
file a claim for the full amount of the Indebtedness or to require that all
collateral shall continue to secure all of the Indebtedness in accordance with
the Loan Documents, and (B) Holder’s agreement not to pursue personal
liability of Maker as set forth above SHALL BECOME NULL AND VOID and shall be
of no further force and effect, and the Indebtedness shall be fully recourse to
Maker in the event 

 

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that one or more of the
following occurs (each, a “Full Recourse Event”):  (1) a voluntary Event of Default occurs
under Article 6 of the Loan Agreement; (2) Maker files a
voluntary petition under the U.S. Bankruptcy Code or any other federal or state
bankruptcy or insolvency law, or (3) Maker,
Guarantor, or any Affiliate, officer, director, or representative of Maker or
Guarantor, files or acquiesces in the filing of, or Maker acquiesces in the
filing of, an involuntary petition under the U.S. Bankruptcy Code or any other
federal or state bankruptcy or insolvency law against Maker.

 

[Signature on the
following page]

 

7

 

CW Loan No. 06-4882/9799

Flextronics Plano 600-640 Shiloh

 

IN WITNESS WHEREOF, Maker has caused this Promissory
Note to be properly executed as of the date first above written and has
authorized this Promissory Note to be dated as of the day and year first above
written.

 

	
   

  	
  MAKER:

  
	
   

  	
   

  
	
   

  	
  WESTCORE SHILOH, LLC, a Delaware limited liability 

  company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  WESTCORE SHILOH PARTNERS, a Delaware 

  general partnership, its Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  WP SHILOH, LLC, a Delaware limited liability 

  company, its Managing Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MRB MANAGER, LLC, a Delaware limited 

  liability company, its Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Manish Malhotra

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Manish Malhotra, Vice
  PresidentExhibit 10.45

 

SALE
AND PURCHASE AGREEMENT

 

THIS SALE AND PURCHASE
AGREEMENT (“Agreement”) is made between BOULEVARD 40 OFFICE L.L.C. (“Seller”),
and ALLIANCE COMMERCIAL PARTNERS, LLC, a Colorado limited
liability company (“Buyer”). FIRST AMERICAN TITLE INSURANCE COMPANY (“Escrow
Agent”) joins in this Agreement for the purposes set forth below. The effective
date of this Agreement (the “Effective Date”) shall be the date on which the
last of Seller or Buyer sign this Agreement below.

 

WHEREAS, Seller is the owner
of certain real property known as “Boulevard 40”, located at 40 Skokie
Boulevard, Northbrook, Illinois, which real property is more particularly
described in Exhibit A attached hereto (the “Property”).

 

AND, WHEREAS, Seller has
agreed to sell the Property to Buyer, and Buyer has agreed to purchase the
Property from Seller, under all of the terms set forth herein.

 

NOW, THEREFORE, for good and
valuable consideration, Seller hereby agrees to sell to Buyer, and Buyer hereby
agrees to purchase from Seller, the Property, together with (a) all buildings
thereon, improvements thereto, all structures thereon, (b) all licenses,
approvals, permits, rights, privileges, easements, rights-of-way and
appurtenances thereto, (c) all fixtures, equipment and personal property owned
by Seller and located at such Property (including without limitation all of the
personal property listed on Schedule I attached hereto)
(collectively, the “Personal Property”), (d) all trade names under which such
Property is operated or advertised, (e) all of Seller’s right, title and
interest in and to any warranties, guaranties or similar agreements in
connection with the Property (all of the rights listed in (b), (d) and (e)
above being referred to herein as the “Intangibles”), and (f) all Leases of any portions of such Property, under all of the following
terms and conditions:

 

1.                                       Price and Deposit.

 

1.0.1        Purchase Price. The purchase price for the Property (the “Purchase
Price”) shall be Ten Million One Hundred Thousand and No/100 Dollars
($10,100,000.00).

 

1.02         Payment. The Purchase Price shall be paid as follows:

 

(a)           Within one business day after the Effective Date, Buyer shall deliver
to Escrow Agent a deposit (together with any interest earned, the “Initial
Deposit”) in the amount of One Hundred Thousand and No/100 Dollars
($100,000.00) in cash, which Initial Deposit shall be held by the Escrow Agent
in accounts (investing solely in US. government
securities) approved by Buyer and applied in accordance with the terms of this
Agreement.

 

(b)           If this Agreement does not terminate on or
before the end of the Study Period, Buyer shall deliver to Escrow Agent the
additional sum of Three Hundred Thousand and No/100 Dollars ($300,000.00) (the “Additional
Deposit”) in cash on or before one business day after the
expiration of the Study Period, to be held by Escrow Agent in accounts
(investing solely in U.S. government securities) approved by Buyer and
applied in accordance with the terms of this Agreement. The “Deposit” under
this Agreement means the sum of One Hundred Thousand and No/l00 Dollars
($100,000.00) as the same may be increased to a sum of Four Hundred Thousand and No/100 Dollars ($400,000.00) and consists of
the Initial Deposit, as the same may be increased by the Additional Deposit, as each term is defined herein, together with
any interest thereon. Any interest earned on the Deposit shall be deemed part
of the Deposit and paid together with the principal portion of the Deposit
according to the terms hereof; provided that, unless the Deposit
is paid to Seller as liquidated damages, all interest earned thereon shall be
for the benefit of Buyer.

 

1

 

(c)           Upon expiration of the Study Period without this Agreement having
terminated, the Deposit shall not be refundable except in accordance with the express provisions
hereof. Upon closing under this Agreement, the Deposit and the remainder of the
Purchase Price, subject to closing adjustments provided herein, shall be paid
by wire transfer of funds to Seller’s account.

 

(d)           If Seller (or Buyer post-closing) enters into a lease agreement with
Oasis Legal Finance, LLC (or a related entity) substantially in accordance with
(or more favorable to landlord) all material terms set forth in the November 14, 2006 letter-of-intent at any time during the period commencing from and
after the Effective Date and ending on the date that is ninety (90) days
following Closing, then, in such event the Purchase Price shall be increased by
One Hundred Seventy-Five Thousand and No/100 Dollars ($175,000.00) (such
amount, the “Oasis Payment”). If Seller enters into the Oasis Lease on or
before the Closing Date, the Oasis Payment shall be due and payable with the
balance of the Purchase Price at Closing. If Buyer enters into the
Oasis Lease within the 90-day period following the Closing, Buyer shall pay the
Oasis Payment to Seller within five (5) days following full
execution of the Oasis Lease. The foregoing obligations of Buyer with respect
to the Oasis Payment shall survive the closing under this Agreement.

 

2.                                       Review of Property.

 

2.01         Property Information. Seller has delivered to Buyer, or made
available for review by Buyer, copies of the following documents to the extent
in Seller’s or its property manager’s possession or control:

 

(a)           Annual operating statements (including income and expense statements)
in the form periodically maintained by Seller for the prior two calendar years
and for the current year to date, together with a receivables report in the
form periodically maintained by Seller.

 

(b)           The most recent rent roll statement in the form and with the
information maintained by Seller from time to time (the “Rent Roll”).

 

(c)           All leases (with any amendments thereto) of any portions of the
Property which are in effect on the Effective Date (the “Leases”).

 

(d)           The most recent bill(s) for real estate taxes and assessments.

 

(e)           All contracts or agreements for maintenance, janitorial services, trash
removal, landscaping, snow removal, HVAC
maintenance and other ongoing services provided to Seller in connection
with the Property (collectively, the “Service Contracts”).

 

(f)            Any architectural plans, environmental
reports or certificates of occupancy.

 

(g)           Any tenant billing reconciliation statements
or general ledgers for the prior calendar year and the current year to date.

 

Except as otherwise
expressly set forth herein, Buyer acknowledges and agrees that Buyer shall be
responsible for verifying through Buyer’s own due diligence the accuracy and
completeness of all documents and information, including the foregoing,
provided by Seller to Buyer, and any reliance by Buyer on such documents and
information shall be at Buyer’s own risk. In addition, Buyer expressly
acknowledges and agrees that Seller shall not be obligated to furnish, nor
shall Buyer be entitled to review or have access to, any confidential or
proprietary documents or information connected with the Property, including but
not limited to opinions, appraisals, audits, internal memoranda or other
documents, internal work product or other similar documents, which are in the
possession or control of Seller. In addition,

 

2

 

subject to the immediately
preceding sentence, Buyer shall have the right to review, inspect, and make
copies of all of Seller’s and its property manager’s books, records, and files
related to the Property and Seller shall cause all such books, records and
files to be made available to Buyer.

 

2.02         Study Period. Buyer acknowledges having had a period,
ending on the Effective Date (the “Study Period”) in which to determine in its
sole and absolute discretion whether to purchase the Property, and has
determined to purchase the Property.

 

2.03         Right of Entry. From the Effective Date to
the earlier of the termination of this Agreement or the Closing, Buyer and its
agents shall have the right to enter the Property for the purpose of examining
the environmental, structural and other physical conditions of the Property,
and to interview tenants, and undertake such other inspections or due diligence
as Buyer shall deem necessary in its sole
discretion. Such right of entry shall be governed by the following provisions:

 

(a)           In exercising such right of entry, the Buyer agrees to not unreasonably
interfere with the operation of the Property or the rights of tenants therein.
Furthermore, Buyer shall not take any core samples, install any monitoring
wells or undertake any other invasive tests or studies without the Seller’s
prior written consent. In all events, Buyer shall fully repair and restore the
Property if any physical damage is caused by the exercise of such rights.

 

(b)           Buyer shall not contact or communicate with any tenants at the Property
without prior consent of Seller and without affording Seller an opportunity to
review written communications in advance or accompany Buyer on visits to
tenants (as the case may be). Seller shall cooperate with Buyer to make a
representative of Seller available upon request of Buyer in order to facilitate
Buyer’s interviews with tenants.

 

(c)           Prior to entering onto the Property, Buyer shall deliver to Seller
certificates evidencing (1) commercial general liability insurance coverage
against injury (including death) and property damage with a limit of not less
than $1,000,000 and naming Seller as an additional insured, (2) worker’s compensation insurance coverage with limits of not less than
that required by law, and (3) employer’s liability insurance coverage
against accident and disease with a limit of not less than $1,000,000 for each
employee. In addition, prior to allowing any consultant or
other third party performing audits or other inspections of the environmental
aspects of the Property, Buyer shall deliver to Seller certificates evidencing
that Buyer and such party are covered by environmental liability insurance with
a limit of not less than $1,000,000.

 

(d)           Buyer hereby indemnifies and holds harmless Seller from and against any
and all liability, losses and damages (whether actual, direct, indirect,
incidental or consequential), suits, claims, actions or other proceedings
(including attorneys’ fees), and costs and expenses (including the costs of
restoration, remediation and other similar activities) caused by the entry onto
the Property by Buyer or any of its
employees, agents, contractors
or consultants; except that Buyer shall not be required to indemnify Seller for
any liability, loss or damages arising out of (1) the discovery of
any preexisting condition or (2)
any action of Seller or its
employees, agents, contractors or consultants. The foregoing indemnity shall
survive any termination of or closing under this Agreement.

 

(e)           Buyer agrees that if the transaction contemplated by this Agreement
does not occur due to termination prior to closing or for any other reason
whatsoever, Buyer shall deliver to Seller within five days after such
termination copies of all engineering, environmental and similar studies,
reports and inspections prepared by third parties in connection with the
Property, other than any such reports prepared by Buyer’s attorneys or any
other reports which are otherwise confidential. Buyer makes no representations
or warranties of any nature whatsoever with respect to such reports.

 

3

 

Except as expressly set
forth herein, Buyer acknowledges and agrees that Seller makes no
representations or warranties of any kind regarding the physical (including
environmental and structural) condition of the Property, and Buyer shall rely
entirely on Buyer’s own examinations and inspections of the Property in
determining whether to purchase the Property.

 

2.04         Legal Review Period. Buyer has obtained a current title
insurance commitment No. 1252842, dated November 15, 2006 (“Title
Commitment”) with respect to the Property (together with legible copies of all
exception documents). Subject to Seller taking the actions on Schedule 2.04,
the Title Commitment is acceptable to Buyer. In all events, at or before
closing, Seller will cause to be paid off and released any mortgage or deed of
trust or other consensual monetary lien created or assumed by Seller and
encumbering title to the Property or any mechanics lien created or assumed by
Seller (but specifically excluding Item 11 of Schedule B to the Title Commitment which shall be a
Permitted Exception), and in connection with the closing Seller shall take the
actions set forth on Schedule 2.04 attached hereto. Notwithstanding anything in
this Agreement to the contrary: (u)
Buyer shall not have the right
to object to the fact that one of the tax parcels comprising a portion of the Property encompasses both a portion of the Property and
certain real property located immediately adjacent to the Property and owned by
a third party (such fact, the “Tax Parcel Matter”); (v) Seller shall not have
any obligation to take any action with respect to the Tax Parcel Matter; (w) the Tax Parcel Matter shall be a Permitted
Exception (as defined herein); (x) Buyer
shall not have the right to object to the fact that there exists a restriction
on the use of the Property for certain uses (including, without limitation,
dental offices, medical offices and clinics) (the “Restriction”) in that
certain Declaration of Covenants, Restrictions and Conditions, recorded April
28, 1983 as document number 26586204 (the “Restriction Agreement”); (y) Seller
shall not have any obligation to take any action with respect to the
Restriction or the Restriction Agreement; and (z) the Restriction and
the Restriction Agreement shall be
Permitted Exceptions.

 

3.                                       Representations and Warranties.

 

3.01         Seller’s Representations and Warranties. Seller hereby covenants, represents and
warrants that to Seller’s knowledge:

 

(a)           There are not pending or to Seller’s knowledge, threatened, any
condemnation actions with respect to the Property.

 

(b)           This Agreement has been, and all the documents to be delivered by
Seller to Buyer at closing will be, duly authorized and constitute a valid,
binding and enforceable obligation of Seller.

 

(c)           This Agreement, and the transfer of the Property by Seller, shall not
violate any contract, agreement or instrument to which Seller is a party or by which the Seller or the Property is bound.

 

(d)           The Seller is not a “foreign person” within the meaning of Section
1445(f)(3) of the Internal Revenue Code of 1986.

 

(e)           Attached hereto as Schedule 3.01(e) is a true and correct list of all
leases with respect to the Property, including all amendments, supplements and
modifications to such leases (the “Existing Leases”). Seller has neither given
nor received any written notice of default in connection with the Existing
Leases which has not been previously cured.

 

(f)            There is no litigation pending against Seller
with respect to its ownership or operation of the Property or affecting Seller’s
ability to consummate the transaction contemplated by this Agreement.

 

4

 

(g)           Attached hereto as Schedule
3.01(g) is a true and correct
list of all service contracts, equipment leases (“Equipment Leases”) and
similar agreements with respect to the Property (collectively, the “Service
Contracts”).

 

(h)           Seller has delivered or will deliver or make available to Buyer all
third party environmental reports and studies concerning the Property in Seller’s
possession or control.

 

(i)            Except for the Existing Leases, the Service
Contracts, the Permitted Exceptions and any other obligations Buyer expressly
assumes under this Agreement, there will not be any outstanding contracts
affecting the Property which will be binding upon Buyer following its purchase
of the Property.

 

(j)            Seller has not (a) made a general assignment
for the benefit of creditors, (b) filed any voluntary petition in bankruptcy or
suffered the filing of any involuntary petition by Seller’s creditors, (c)
suffered the appointment of a receiver to take possession of all, or
substantially all, of Seller’s assets, (d) suffered the attachment or other
judicial seizure of all, or substantially all, of Seller’s assets, (e) admitted
in writing its inability to pay its debts as they come due, or (f) made an offer of settlement, extension or composition to its creditors
generally.

 

(k)           To Seller’s knowledge, except as may be disclosed in the materials
delivered to Buyer pursuant to Section 2.01 or in any
environmental reports or studies prepared by or on behalf of Buyer, Seller has
not received any written notice of any violations of environmental laws with
respect to the Property from any governmental authority.

 

Any
reference in this
Agreement to “knowledge,” “actual knowledge” or “best of knowledge” of Seller,
or the receipt of notices or other communications by Seller, shall be deemed to
mean the actual knowledge of, or receipt of notice or communication by, Stephen
R. Inglis, who is a Vice President of Seller and the person
within Seller’s organization most knowledgeable about the Property. Buyer
acknowledges and agrees that neither such party nor any other employee or agent
of Seller shall have any duty or obligation under this Agreement or other law
to make any affirmative investigation of the matters covered by the foregoing
provisions in order to determine the accuracy or truthfulness thereof. In addition, Buyer hereby acknowledges
and agrees that except with respect to the foregoing representations and
warranties set forth in this Section 3.01
above, the Property is to be conveyed by Seller to Buyer in its “AS-IS, WHERE-IS, WITH ALL FAULTS” condition without warranty or representation, express or
implied, as to zoning, physical condition, environmental
condition, suitability for a particular purpose or any other matter whatsoever.

 

3.02         Conditions to Buyer’s Closing. The continued accuracy in all material
respects of the representations and warranties set forth in §3.01 above shall be a condition precedent to the Buyer’s obligation
to close hereunder. If any
representation or warranty set forth in §3.01
above shall not be correct in any material respect at or before closing,
Buyer may, as its sole remedy on account thereof, terminate this Agreement and
receive a return of its Deposit, in
which event the parties shall
have no further liability hereunder (except as may be expressly
provided herein upon termination). Absent any such termination, upon closing
hereunder the covenants, representations and warranties set forth in §3.01 above shall be deemed remade as
of the date of closing hereunder and shall survive the closing for a period of nine (9) months only (such period, the “Survival
Period”). However, notwithstanding anything to the contrary herein, to the
extent that any documents or information regarding the Seller or the Property
are disclosed to Buyer prior to closing, and Buyer nevertheless closes on
purchase of the Property, Buyer shall be deemed to have accepted and to have
waived any objection to or claim based on such documents or information.
Furthermore, except with respect to any covenants, representations or
warranties which are intended to survive closing hereunder, any and all
covenants, representations and warranties contained in this Agreement shall
merge in the deed delivered at closing and shall not survive closing hereunder.
Buyer’s

 

5

 

obligation to close
hereunder shall be subject to satisfaction of the additional
condition precedent that Seller must obtain and deliver to Buyer at least 3 days prior to closing estoppel
certificates, substantially in the form attached as Schedule 3.02 hereto, as executed by: (y) Shell Vacations;
and (z)
tenants under the Leases
(inclusive of the Shell Vacations Lease and estoppel) occupying at least seventy-five
percent (75%) of the total occupied space in the Property.
If the condition precedent set forth in the immediately preceding sentence is
not timely satisfied, Buyer may, as its sole remedy on account thereof,
terminate this Agreement and receive a return of its Deposit, in which event
the parties shall have no further liability hereunder (except as may be
expressly provided herein upon termination). In addition, the conditions in
Schedule 2.04 shall be a
condition to Buyer’s closing.

 

3.03         Buyer’s Representations and Warranties. Buyer hereby covenants, represents and
warrants to Seller as follows:

 

(a)           This Agreement has been, and all the documents to be delivered by Buyer
to Seller at closing will be, duly authorized.

 

(b)           This Agreement, and the acquisition of the Property by Buyer, shall not
violate any contract, agreement or instrument to which Buyer is a party or by which the Buyer is bound.

 

3.04         Conditions to Seller’s Closing. The continued accuracy in all material
respects of the representations and warranties set forth in §3.03 above shall be a condition precedent to the Seller’s obligation to close hereunder. If
any representation or warranty set forth in §3.03 above shall not be correct in any material respect at or before
closing, Seller may terminate this Agreement without prejudice to or limitation
on Seller’s remedies on account of breach or default of contract by Buyer.

 

4.                                       Pre-Closing Obligations.

 

4.01         Operations. Between the Effective Date and closing hereunder, Seller shall
continue to operate the Property in the normal course of business and in
substantially the same manner that Seller has historically operated the
Property.

 

4.02         Actions Affecting Property. Between the Effective Date and closing
hereunder, Seller shall not execute any new leases (a “New Lease” and together
with the Existing Leases, the “Leases”) or lease amendments without Buyer’s
prior written approval, which approval shall be in its sole discretion. In
addition, during the same period, Seller shall not execute any documents,
agreements or instruments affecting title to the Property, or (to the extent
within Seller’s control) otherwise allow or permit the imposition of any liens
or other encumbrances which affect title to the Property, without the prior
written approval of the Buyer. In the event that Buyer fails to respond within
4 business days after any request for approval of a New Lease or any other
document submitted after the Effective Date, then Buyer’s approval shall be deemed granted. Furthermore, Buyer shall be responsible for paying, and
shall indemnify and hold harmless Seller from, space improvement costs, leasing
commissions and other similar expenses related to leases of space at the
Property which arise in connection with the execution of a New Lease after the
Effective Date when and as due, provided that such New Lease is approved or
deemed approved by Buyer pursuant to this section, and all such costs are
disclosed in writing to Buyer at the time Buyer approves such New Lease.

 

4.03         Service Contracts. Promptly following the Effective Date,
Seller shall terminate all Service Contracts in accordance with their terms
(with the understanding that to the extent that any such Service Contracts
require advance notice for termination to be effective, Buyer shall not assume
such Service Contracts but the parties shall prorate the amount due thereunder
until the first date on which the termination may become effective). Buyer
shall be responsible for, and shall pay as of closing, any cancellation
charges or fees for termination of
Service Contracts which Buyer elects to have terminated, up

 

6

 

to but not exceeding $500 in the aggregate. Notwithstanding the foregoing to the contrary, Seller
shall terminate any property management and leasing brokerage agreement at or
prior to closing, at Seller’s sole cost.

 

5.                                       Closing and Settlement.

 

5.01         Closing Date. The purchase and sale contemplated herein
shall close at the offices of Escrow Agent on January 24, 2007 (the “Closing
Date”), or on such earlier or later date and at such other location as may be mutually agreed upon in writing by the parties.

 

5.02         Deed and Title. At closing, Seller shall deliver to Buyer a special warranty deed (the “Deed”) in form reasonably satisfactory to
Buyer and Seller upon payment of the Purchase Price (subject to closing
adjustments provided herein) to Seller. Title to the Property as conveyed by
such Deed shall be subject to (a) liens securing payment of taxes, assessments
and other public charges imposed in connection with the Property but which are
not yet due as of the date of
closing, (b) all matters indicated on the Title Commitment, subject to the
requirements of Schedule 2.04, (c) any matters which could be disclosed by an accurate survey of the Property, (d) any zoning, subdivision or other public laws and regulations, and (e) the Leases (collectively,
the “Permitted Exceptions”).

 

5.03         Additional Conveyances. At closing, Seller shall execute and
deliver to Buyer the following documents, each of which shall be prepared by or
reasonably acceptable to Seller and Buyer:

 

(a)           A bill of sale, conveying to Buyer without warranty or representation
and without recourse, title to all personal property owned by Seller and located
at the Property.

 

(b)           An assignment by Seller, with an assumption by Buyer, of (i) all Leases affecting the Property, (ii) all Service Contracts which
Buyer elects not to have terminated at closing, and (iii) all Equipment Leases (if any) and all warranties and other rights relating to the Property which
are assignable without charge or restriction. Subject to the terms and
provisions set forth in Section 5.05
of this Agreement, the
assignment shall provide that each of Seller and Buyer is responsible for claims arising under the Leases with respect to its
respective period of ownership of the Property.

 

(c)           Evidence, in form reasonably satisfactory to the Escrow Agent, of
Seller’s power and authority to enter into this transaction.

 

(d)           A so-called “FIRPTA” certificate.

 

(e)           A notification letter to the tenants under the Leases regarding the
transfer of the Property.

 

In addition, the parties
hereby agree to execute and deliver at or before closing a settlement statement
(with Seller and Buyer to timely supply to the Escrow Agent the necessary
proration information to generate the settlement statement) and such additional
documents, certificates and instruments as are reasonably necessary to
consummate settlement of the transaction contemplated herein, provided that in
doing so the Seller shall not be deemed to be incurring any greater obligations
or liability than that which may be expressly stated in this Agreement. Seller
and Buyer agree to take all actions reasonably necessary in order to provide final
prorations to the Escrow Agent at least two business days
prior to the Closing Date.

 

5.04         Possession. Possession of the Property shall be delivered to the Buyer on the
date of closing.

 

7

 

5.05         Prorations. The following provisions shall apply to the division of funds,
obligations and payments between the parties as of closing hereunder:

 

(a)           The parties shall adjust and prorate the following items as of 11:59 p.m. on the day of closing:

 

(1)           All rent, including base rent, minimum rent and percentage rent (if
any), which relates to the months or other applicable periods up through the
month or other applicable period within which the closing occurs; provided,
however, that Seller shall not be credited if any tenant at the Property shall
be delinquent in the payment of rent, income or other charges
at the time of closing, but Seller shall be repaid such amounts by Buyer upon
receipt after deductions are first made for any rent, income or other charges
then due for the period after closing. Any rent which is payable in arrears
shall be adjusted on the basis of figures equivalent
to the like rent payable for the immediately preceding period, then readjusted
after closing upon determination of final, actual amounts in accordance with
this section.

 

(2)           All amounts payable by tenants at the
Property for the costs of utilities, taxes, insurance, maintenance, repairs and
other operating expenses during the month within which the closing occurs;
provided, however, that Seller shall not be credited if any
tenant at the Property shall be delinquent in the payment of such operating
expenses at the time of closing, but Seller shall be repaid such amounts by
Buyer upon receipt after deductions are first made for any operating expenses
then due for the period after closing. For purposes of clarity and
notwithstanding anything to the contrary contained herein, subject to the
proration applicable to amounts collected for the month of closing only, Seller
and Buyer acknowledge and agree that it is the intention of the parties,
subject to Section (d) below relating solely to taxes which are being paid
based on a current estimate, that Seller shall be entitled to retain, and Buyer
shall have no right to, any and all
amounts payable by tenants during any period prior to and including the Closing
Date on account of taxes, notwithstanding the fact that some portion of such
taxes will be due and payable in
arrears during periods following the Closing Date (e.g., additional rent payable by
tenants for taxes under their leases during 2006, but with the actual taxes
being payable by the owner of the Property to the taxing authorities in arrears
in 2007).

 

(3)           Subject to Section (d) below relating solely
to taxes which are being paid based on a current estimate, all real property
taxes, assessments and other governmental impositions of any kind or nature,
including any special assessments or similar charges, accrued or imposed in any
connection with the Property (collectively “Taxes”), on a current so-called “cash”
basis. With respect to Taxes payable to the authorities in arrears after
expiration of the applicable period (e.g., Taxes attributable to any portion of 2006,
but payable in arrears in any portion of 2007), and with respect to any portion of the Taxes which are payable by any
tenant directly to the authorities, no proration or adjustment shall be made
and Buyer shall have sole responsibility for payment of such Taxes.

 

(4)           All fees, costs and expenses under Service
Contracts which relate to the period within which the closing occurs.

 

(b)           The parties agree that in the event the Seller’s proceeds of the
Purchase Price are not delivered to Escrow Agent’s account pursuant to §1.02(b)
by 2:00 p.m. Eastern Time on the day of closing determined in accordance with §5.01
above, then the prorations described in subsection (a) above shall be recalculated as of 11:59
p.m. the next day (or, if later,
the first day on which Escrow Agent has received such funds by 2:00 p.m.
Eastern Time). Such recalculation shall not diminish or otherwise affect the
parties’ obligation to close at the time and at the place required by the terms
of this Agreement.

 

(c)           Seller shall transfer to Buyer a credit against the Purchase Price
equal to the total amount in cash deposited as security deposit money (and not
subsequently applied against tenant obligations) under tenant Leases in
connection with the Property. Any non-cash security deposits held by

 

8

 

Seller at closing (i.e., letters of
credit) shall be assigned to Buyer at Closing (or as soon thereafter as is reasonably practicable with respect to processing re-issuance and/or
assignment documents from the lenders providing the letters of credit securing
tenant Lease obligations), provided that Seller shall be responsible for paying any transfer or reissuance fees. All leasing
commissions and tenant improvement costs arising in connection with leases,
lease amendments or other agreements with tenants which are entered into by
Seller on or after the Effective Date and before closing shall be assumed and
paid by Buyer, with an adjustment of the Purchase Price to be made at closing in order to credit to Seller any payments of such
amounts made by Seller prior to closing, provided that all such costs are
disclosed to Buyer pursuant to Section 4.02 above. In addition, Buyer shall
assume and pay, and hereby indemnifies Seller from, those leasing commissions,
fees and/or tenant improvement costs coming payable to brokers or agents or
tenants which are listed on Schedule 5.05(c) attached hereto. Seller shall be
responsible for paying, and shall indemnify and hold harmless Buyer from, any
leasing commissions, fees and/or tenant improvement costs relating to Existing
Leases and agreements entered into prior to the Effective Date and not listed
on Schedule 5.05(c) attached hereto.

 

(d)           Payments received from or due to tenants as a result of the annual
reconciliation of Property operating expenses and Property
taxes charged to tenants (but with respect to taxes, only those taxes which are
being paid by tenants based on an estimate of current taxes) for 2006
(collectively, the “Pass-Through Charges”) shall be prorated after Closing as
follows:

 

(1)           As soon as practicable, Buyer shall prepare for each lease the annual
reconciliation statement of the Pass-Through Charges for 2006, which shall be
subject to Seller’s reasonable review and approval.

 

(2)           If the amount collected by Seller from all tenants in 2006 for
Pass-Through Charges exceeds the actual amount of Pass-Through Charges for
which such Tenants are liable under the terms of the respective leases, then,
promptly after determination of such amount, Seller shall pay such excess
amount to Buyer (for payment to the relevant tenants). If the actual amount
collected by Seller from all tenants in 2006 for Pass-Through Charges is less
than the amount that tenants are liable for under the terms of the applicable
leases, Buyer shall attempt to collect such amounts from tenants and after collecting
such amounts from tenants shall immediately remit such amounts to Seller,
provided that any amount collected from tenants shall be first applied to
amounts which are due and payable for the period after Closing and prior to
paying any such amounts to Seller.

 

(e)           Notwithstanding anything to the contrary herein, in connection with the
existing tax protest for 2006 and/or prior years, Seller shall be entitled to
any amounts received from the taxing authorities as a result of such tax protests but shall immediately pay
to Buyer (for payment to the relevant tenants) an amount equal to any amount
which is required to be refunded to tenants as a result of such successful tax
protest.

 

(f)            The obligations under this section shall
survive closing. In the event that any errors in prorations or adjustments made
at closing are discovered after closing, the parties shall promptly re-adjust
the subject amounts, with such payments to be made between the parties as are necessary to correct the errors. In all events, the parties shall
make such adjustments, or confirm in writing that no such adjustments are
necessary, within 120 days after the end of the calendar year in which the closing occurs.

 

5.06         Closing Costs. Seller shall pay for any state or county,
and Buyer shall pay any local and/or municipal transfer or recordation taxes or
deed stamps or other taxes or charges imposed in connection with the delivery
and recordation of the Deed for the Property and otherwise in connection with
the consummation of the contemplated transaction. Seller and Buyer shall each
pay a 50% share of any escrow fees. Seller shall pay
the costs of a “basic” title insurance policy and Buyer shall pay for the cost
of any “extended coverage”, the costs of any endorsements and
the costs of preparing an updated survey. Buyer’s title
insurance shall be ordered and obtained solely through Escrow Agent. Buyer
shall be solely

 

9

 

responsible for all other
due diligence costs and expenses incurred by Buyer and for all costs associated
with Buyer’s mortgage financing, as applicable. Seller
and Buyer shall each pay the costs of its own counsel.

 

6.                                       Casualty and Condemnation.

 

6.01         Substantial Event. If between the date hereof and the date of
closing, any improvements on the Property are destroyed or damaged to such an
extent that the costs to repair are in excess of $200,000 (as determined by estimates of Seller’s insurer), or condemnation
proceedings are commenced against the Property or any part thereof which
involve the elimination of rentable space, parking or points of access to the
Property, cause the Property to fail to materially comply with all applicable
laws, rules, or regulations, cause a default under any Lease or otherwise have
a material adverse effect on the Property (a “Material Condemnation”), Buyer
may terminate this Agreement and receive a return of its Deposit. However, in
the event of such casualty or condemnation, Buyer shall have the right to elect
not to terminate this Agreement, in which case any proceeds of insurance or
condemnation awards paid or payable by reason of such damage or condemnation
shall be paid or assigned to Buyer, Buyer shall
receive a credit in an amount equal to any insurance deductible,
and Buyer shall proceed to closing.

 

6.02         Insubstantial Event. If between the date hereof and the date of
closing, the improvements on the Property are damaged to such an extent that
the costs to repair are equal to or less than $200,000 (as determined by
estimates of Seller’s insurer), or if any improvements on the Property are
destroyed or damaged to such an extent that the costs to repair are in excess
of $200,000 but Buyer elects not to terminate the Agreement, or condemnation
proceedings are commenced against the Property or any part thereof which do not
constitute a Material Condemnation, then any proceeds of insurance or
condemnation awards paid or payable by reason of such damage or condemnation
shall be paid or assigned to Buyer. Buyer shall receive a credit in an amount
equal to any insurance deductible, and Buyer shall proceed to closing.

 

7.                                       Default/Remedies.

 

7.01         Default by Seller. If Seller breaches or defaults in any
covenant or obligation under this Agreement prior to closing (but not including
the breach of any representation or warranty set forth in §3.01 hereof, which shall be addressed in §3.02 above) which causes closing not to
occur, then Buyer shall have, as
its sole option and remedy on
account thereof, the right to either (a) enforce this Agreement by specific
performance, or (b) terminate this Agreement and receive a return of the
Deposit. In addition, in the event that any such breach or default by Seller is
intentional or willful, and this Agreement is terminated on account thereof.
Buyer shall have a claim for its out-of-pocket costs and expenses incurred in
connection with the Property, up to but not exceeding an amount of Fifty
Thousand and No/100 Dollars ($50,000.00). Except with respect to the foregoing,
in no event shall Seller be liable to Buyer for any damages, including actual,
punitive, speculative, or consequential damages.

 

7.02         Default by Buyer. If prior to closing, Buyer breaches any
covenant or obligation under this Agreement which causes closing not to occur,
then Seller shall have the right to retain the full amount of the Deposit
hereunder, as Seller’s sole remedy and liquidated damages on account of the
Buyer’s default, and upon written notice of the exercise of such right from
Seller to the Escrow Agent, the Escrow Agent shall pay to Seller the full
amount of the Deposit then held by Escrow Agent.
Notwithstanding the foregoing, this provision shall not limit the Seller’s
right to pursue and recover on a claim with respect to any indemnity
obligations of Buyer that expressly survive termination of
this Agreement. The parties agree that the Seller’s actual damages would be
difficult to ascertain and that the total Deposit is the parties’ best and good
faith estimate of such damages and not a penalty.

 

10

 

8.                                       Provisions Regarding Escrow Agent.

 

8.01         Administration of Deposit. The Escrow Agent agrees to hold and apply
the Deposit in accordance with the terms and conditions of this Agreement.

 

8.02         Limitation on Liability. The following provisions shall control with respect to the rights, duties and liabilities of the Escrow Agent:

 

(a)           The Escrow Agent acts hereunder as a depository only and is not
responsible or liable in any manner whatsoever for the (i) sufficiency,
correctness, genuineness or validity of any written instrument, notice or
evidence of a party’s receipt of any instruction or notice which is received by
the Escrow Agent, or (ii) identity or authority of any person executing such
instruction, notice or evidence.

 

(b)           The Escrow Agent shall have no responsibility hereunder except for the
performance by it in good faith of the acts to be performed by it hereunder,
and the Escrow Agent shall have no liability except for its own willful
misconduct or gross negligence.

 

(c)           The Escrow Agent shall not be responsible for the solvency or financial
stability of any financial institution with which Escrow Agent is directed to
invest funds escrowed hereunder.

 

(d)           The Escrow Agent shall be reimbursed on an equal basis by Buyer and
Seller for any reasonable expenses incurred by the Escrow Agent arising from a
dispute with respect to the amount held in escrow, including the
cost of any legal expenses and court costs incurred by the Escrow Agent, should
the Escrow Agent deem it necessary to retain an attorney with respect to the
disposition of the amount held in escrow.

 

(e)           In the event of a dispute between the parties hereto with respect to
the disposition of the amount held in escrow, the Escrow Agent shall be
entitled, at its own discretion, to deliver such amount to an appropriate court
of law pending resolution of the dispute.

 

9.             Confidentiality. Buyer expressly agrees to protect and hold
in the strictest confidence the transactions contemplated by this Agreement,
the documents and information provided by Seller to Buyer under §2.01 hereof or otherwise (except for that
which is readily available to the public), and the results of any
inspections, studies or reports generated by or on behalf of the Buyer, and all
negotiations between the parties. Notwithstanding the foregoing, Buyer shall be
permitted to disclose such matters, as appropriate, to its officers,
directors, employees, potential investors, lenders and partners and to its
attorney(s), surveyor, title insurer, broker and accountants, provided that
Buyer requires such parties to observe the foregoing covenant regarding
confidentiality. Buyer further agrees that if the transaction contemplated by
this Agreement does not occur for any reason whatsoever, Buyer shall promptly
return to Seller all copies of documents and other written materials related to
the transaction furnished to the Buyer under §2.01 or otherwise. Buyer hereby indemnifies and holds harmless Seller from
and against any and all liability, losses and damages (whether actual, direct,
indirect, incidental or consequential), suits, claims, actions or other
proceedings (including reasonable attorneys’ fees), and costs and expenses
arising in any connection with any breach of the confidentiality of this
transaction, the documents and information and other matters described above by
any party. The provisions of this section shall survive any termination of this
Agreement, but not the closing of the transaction contemplated hereby.

 

10.                                 Miscellaneous.

 

10.01       Assignment. Buyer represents to Seller that Buyer intends to purchase the
Property for Buyer’s own investment purposes. Likewise, Buyer shall not assign
or transfer this Agreement or any interest herein or in the Property to any
third party (other than an entity in which Buyer or an affiliate of

 

11

 

Buyer owns an interest and
acts as manager or general partner) without the prior written consent of the
Seller. Seller may withhold its consent to, and Buyer hereby agrees to not
undertake, any assignment for the purpose of transferring directly or
indirectly the rights to purchase the Property in return for monetary consideration. Upon any assignment, the original
named Buyer herein shall not be released but shall remain primarily responsible
for all duties, obligations and liabilities of the Buyer hereunder. This
Agreement shall inure to the benefit of, and be binding upon, the successors
and assigns of the parties hereto.

 

10.02       No Personal Liability. No employee, member, officer, director, trustee,
partner or affiliate of Seller, or any investment manager or other agent of
Seller, shall be personally liable or responsible for any duties, obligations
or liabilities of the Seller hereunder or in any other connection
with the Property or this transaction.

 

10.03       Limitation of Assets.
To the extent that Seller has obligations or liabilities of any kind after
closing under this Agreement, recourse for enforcement of such obligations or
liabilities (if any) shall be limited to not more than $350,000 of Seller’s proceeds from sale of the Property hereunder, and no action
may be taken with respect to any greater amounts or other assets of Seller.
However, this provision shall not be construed or interpreted as creating any such obligations or liabilities of Seller, which shall be determined by
other provisions of this Agreement. During the Survival Period, and if
Purchaser delivers a written notice to Seller during the Survival
Period of a claim against Seller under this Agreement, then during all periods
thereafter until the final resolution of such claim (each a “Claims Period”).
Seller covenants that it shall retain (and not disburse to Seller’s partners or
investors) a portion of the Purchase Price in an amount not less than $350,000
(the “Reserved Amount”), which Reserved Amount Seller shall be entitled to: (i) hold in cash; or (ii) invest in one or more
investments to be determined by Seller in Seller’s sole
discretion. The covenant of Seller set forth in the immediately preceding
sentence shall survive closing for the Survival Period and for each Claims
Period.

 

10.04       Limitation of Claims.
Except as expressly set forth herein or in the transfer
documents upon closing hereunder, Buyer shall be deemed to have automatically
released and discharged forever the Seller and all employees, officers,
directors, trustees, partners and affiliates of Seller, as well as any
investment manager and other agents of Seller, from any and all claims, suits
and liability, including but not limited to actions for contribution or
reimbursement after environmental remediation, which might otherwise arise
under any law or regulation which is
not expressly contained in this
Agreement.

 

10.05       Notices. All notices
given in connection with this Agreement shall be effective as of the
date personally delivered or delivered by confirmed facsimile transmission, one
day after the date delivered to overnight courier, or three days after being
mailed by U.S. Mail (postage prepaid), as the case may be, if sent to the parties at the following addresses (or fax numbers, as applicable):

 

Seller’s notice address:

 

c/o LaSalle Investment
Management, Inc.

3424 Peachtree Road, NE, Suite 300

Atlanta, Georgia 30326

Attn: Stephen R. Inglis

Fax: 404-995-2109

 

With a copy to:

 

Wilmer Cutler Pickering Hale
and Dorr LLP

100 Light Street, Suite 1300

Baltimore, Maryland 21202

Attn: Matthew M. Reed, Esq.

 

12

 

Fax: 410-986-2864

 

Buyer’s notice address:

 

Alliance Commercial
Partners, LLC

I65
S. Union Boulevard, Suite
510

Lakewood, CO 80228

Attn: Doug McCormick

Fax: 303-986-7990

 

With a copy to:

 

Holme Roberts & Owen LLP

1700
Lincoln, Suite 4100

Denver, CO 80203-4541

Attn: Robert H. Bach, Esq.

Fax: 303-866-0200

 

Escrow Agent’s notice
address:

 

First American Title Insurance
Company

c/o The Talon Group

401 East Pratt Street, Suite 800

Baltimore, Maryland 21202

Attn: John T. Kieley

Fax: 410-685-9292

 

10.06       Entire Agreement. This Agreement contains all agreements of
the parties with respect to the Property and supersedes any prior discussions,
contracts or other agreements, whether written or oral, with respect thereto.
No modifications to this Agreement or waivers of any rights or benefits
provided herein shall be binding unless signed by the party against whom such modification
or waiver is sought to be enforced.

 

10.07       Broker. Each of Seller and Buyer represents and warrants to the other that it
has not dealt with any broker or finder in connection with the transaction
contemplated by this Agreement, except for Jones Lang LaSalle Americas
(Illinois), L.P. (“Broker”), which is representing Seller in this transaction.
Seller shall pay a commission to Broker at closing according to separate
agreement. Furthermore, each of Seller and Buyer indemnifies and holds the
other harmless from and against any losses, damages, costs or expenses
(including attorneys’ fees) incurred by such other party due to a breach of the
foregoing warranty and representation. The foregoing indemnity shall survive
closing.

 

10.08       Attorney’s Fees. If any action is brought
by either party hereto against the other party, the party in whose favor a
final judgment shall be entered shall be entitled to recover court costs and
reasonable attorneys’ fees incurred in connection therewith.

 

10.09       Perpetuities. If the rule against
perpetuities would invalidate this Agreement or any portion hereof, due to the
potential failure of an interest in property created herein to vest within a
particular time, then notwithstanding anything to the contrary herein, each such
interest in property must vest, if at all, before the passing of 21 years from the date of this Agreement, or
this Agreement shall become null and void upon the expiration of such 21 year period and the parties shall have no
further liability hereunder.

 

13

 

10.10       Severability. No determination by any court, governmental body or otherwise that any
provision of this Agreement or any amendment hereof is invalid or unenforceable
in any instance shall affect the validity or enforceability of any other such
provision or such provision in any circumstance not controlled by such
determination. Each such provision shall be valid and enforceable to the
fullest extent allowed by, and shall be construed wherever
possible as being consistent with, applicable law.

 

10.11       Recording. This
Agreement may not be recorded among the land records or among any other public
records without the Seller’s prior written consent (which consent may be
withheld for any reason).

 

10.12       Counterparts/Execution. This Agreement may be signed in
counterparts and shall be fully enforceable when signed in such manner. This
Agreement may be executed by facsimile or electronic transmission of signatures
by the parties and such facsimile or electronic signatures shall be valid and
binding for all purposes and effective as of the date of delivery.
Notwithstanding the foregoing, within 3 business days of execution by facsimile
or other electronic means, the parties agree to exchange original signatures on
this Agreement.

 

10.13       Timing. The phrase “business
days” as
used herein shall mean the days
of Monday through Friday, excepting only federal holidays. The phrase “calendar
days” as used herein shall mean all days of the week, including all holidays.
The term “days” without reference to calendar or
business days shall mean calendar days. TIME IS OF THE ESSENCE OF THIS AGREEMENT. If the time for performance of any obligation
hereunder shall fall on a Saturday, Sunday or state or federal holiday such
that the obligation hereby cannot be performed, the time for performance shall be extended to the next succeeding business day.

 

IN
WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the dates set forth below.

 

	
  SELLER:

  	
  BOULEVARD
  40 OFFICE L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  LaSalle Investment
  Management, lnc.

  Authorized Agent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Chris Harris

  	
   

  	
  By:

  	
  /s/ Stephen R. Inglis

  	
   

  
	
  Witness

  	
   

  	
   

  	
  Name:

  	
  Stephen R. Inglis

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date of execution:

  	
  Jan 5, 2007

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BUYER:

  	
   

  	
  ALLIANCE COMMERCIAL
  PARTNERS, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David E. Ramsay

  	
   

  
	
  Witness

  	
   

  	
   

  	
  Name:

  	
  David E. Ramsay

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date of execution:

  	
  1/4/07

  	
   

  
								

 

14

 

	
  ESCROW AGENT:

  	
  FIRST AMERICAN TITLE
  INSURANCE COMPANY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Witness

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date of Execution:

  	
   

  	
   

  
								

 

15

 

EXHIBIT A

 

[PLAT OR DESCRIPTION OF PROPERTY]

 

[Attached]

 

16

 

EXHIBIT “A”

Legal
Description

 

5.             THE LAND REFERRED TO IN THIS COMMITMENT IS
DESCRIBED AS FOLLOWS:

 

PARCEL   1:

 

THAT PART OF THE EAST 1/2 OF THE NORTHWEST 1/4 OF SECTION 2,
TOWNSHIP 42 NORTH, RANGE 12. EAST OF THE THIRD PRINCIPAL MERIDIAN, BOUNDED AND
DESCRIBED AS FOLLOWS:

 

COMMENCING AT THE INTERSECTION OF THE NORTH LINE OF THE NORTHWEST
1/4 OF SAID SECTION 2 WITH THE EASTERLY LINE OF A COMMONWEALTH EDISON
COMPANY (PUBLIC SERVICE COMPANY OF NORTHERN ILLINOIS) RIGHT OF WAY, SAID
EASTERLY RIGHT OF WAY LINE, BEING 155.00 FEET NORTHEASTERLY OF, AS MEASURED AT
RIGHT ANGLES, AND PARALLEL WITH THE EASTERLY LINE OF THE ORIGINAL 100-FOOT
RIGHT OF WAY OF THE CHICAGO AND NORTHWESTERN RAILROAD COMPANY AS CONVEYED BY
WARRANTY DEED RECORDED MARCH 20, 1903 AS DOCUMENT 3365299; THENCE SOUTH 26
DEGREES, 02 MINUTES, 41 SECONDS EAST (ON AN ASSUMED BEARING) ALONG SAID
EASTERLY LINE OF THE COMMONWEALTH EDISON COMPANY RIGHT OF WAY, A DISTANCE OF
66.82 FEET TO A POINT ON THE SOUTH LINE OF LAKE-COOK ROAD, AS WIDENED BY
CONDEMNATION RECORDED SEPTEMBER 21, 1971 AS DOCUMENT 21633506 FOR THE
POINT OF BEGINNING; THENCE SOUTH 89 DEGREES, 56 MINUTES, 00 SECOND EAST ALONG
THE SOUTH LINE OF SAID LAKE-COOK ROAD, AS WIDENED, A DISTANCE OF 313.87 FEET;
THENCE SOUTH 60 DEGREES, 10 MINUTES, 25 SECONDS EAST ALONG A SOUTHERLY LINE OF
LAKE-COOK ROAD, AS WIDENED, A DISTANCE OF 39.73 FEET TO THE WESTERLY LINE OF
SKOKIE BOULEVARD; THENCE SOUTH 25 DEGREES, 59 MINUTES, 00 SECOND EAST ALONG
SAID WESTERLY LINE OF SKOKIE BOULEVARD, A DISTANCE OF 547.54 FEET TO A POINT OF
CURVE; THENCE CONTINUING ALONG SAID WESTERLY LINE OF SKOKIE BOULEVARD, ON AN
ARC CONVEX TO THE SOUTHWEST, HAVING A RADIUS OF 8235.16 FEET, AN ARC DISTANCE
OF 110.11 FEET TO AN INTERSECTION WITH THE CENTERLINE OF VACATED NEW
HAMPSHIRE AVENUE; THENCE CONTINUING ON SAID CURVE, AN ARC DISTANCE OF 29.22
FEET; THENCE NORTH 89 DEGREES, 42 MINUTES, 05 SECONDS WEST ON A LINE 26.00 FEET
SOUTH OF AND PARALLEL TO THE CENTERLINE OF SAID VACATED NEW HAMPSHIRE AVENUE, A
DISTANCE OF 94.00 FEET; THENCE NORTH 57 DEGREES, 31 MINUTES, 49 SECONDS WEST, A
DISTANCE OF 48.83 FEET TO AN INTERSECTION WITH THE SAID CENTERLINE; THENCE
NORTH 89 DEGREES, 42 MINUTES, 05 SECONDS WEST, A DISTANCE OF 153.98 FEET ALONG
SAID CENTERLINE TO AN INTERSECTION WITH THE CENTERLINE OF VACATED NEW
ENGLAND AVENUE; THENCE SOUTH 00 DEGREE, 01 MINUTE, 30 SECONDS EAST ALONG SAID
CENTERLINE, 49.53 FEET; THENCE SOUTH 68 DEGREES, 50 MINUTES, 24 SECONDS WEST, A
DISTANCE OF 35.24 FEET TO THE SAID EASTERLY LINE OF THE COMMONWEALTH EDISON
COMPANY RIGHT OF WAY; THENCE NORTH 26 DEGREES, 02 MINUTES, 41 SECONDS WEST
747.72 FEET TO THE PLACE OF BEGINNING, EXCEPTING THEREFROM THAT PART OF
THE EAST 1/2 OF THE NORTHWEST 1/4 OF SECTION 2, TOWNSHIP 42 NORTH, RANGE
12, EAST OF THE THIRD PRINCIPAL MERIDIAN, BOUNDED AND DESCRIBED AS FOLLOWS:

 

COMMENCING AT THE INTERSECTION OF THE NORTH LINE OF THE NORTHWEST
1/4 OF SAID SECTION 2 WITH THE EASTERLY LINE OF A COMMONWEALTH EDISON
COMPANY (PUBLIC SERVICE COMPANY OF NORTHERN ILLINOIS) RIGHT OF WAY, SAID
EASTERLY RIGHT OF WAY LINE, BEING 155.00 FEET NORTHEASTERLY OF, AS MEASURED AT
RIGHT ANGLES, AND PARALLEL WITH THE EASTERLY LINE OF THE ORIGINAL 100-FOOT
RIGHT OF WAY OF THE CHICAGO AND NORTHWESTERN RAILROAD COMPANY AS CONVEYED BY
WARRANTY DEED RECORDED MARCH 20, 1903 AS DOCUMENT 3365299; THENCE SOUTH 26
DEGREES, 02 MINUTES, 41 SECONDS EAST (ON AN ASSUMED BEARING) ALONG SAID
EASTERLY LINE OF THE COMMONWEALTH EDISON COMPANY RIGHT OF WAY, A DISTANCE OF
66.82 FEET TO A POINT ON THE SOUTH LINE OF

 

 

LAKE-COOK ROAD, AS WIDENED BY CONDEMNATION RECORDED SEPTEMBER 21,
1971 AS DOCUMENT 21633506; THENCE SOUTH 89 DEGREES, 56 MINUTES, 00 SECOND EAST
ALONG THE SOUTH LINE OF SAID LAKE-COOK ROAD, AS WIDENED, A DISTANCE OF 313.87
FEET; THENCE SOUTH 60 DEGREES, 10 MINUTES, 25 SECONDS EAST ALONG A SOUTHERLY
LINE OF LAKE-COOK ROAD, AS WIDENED, A DISTANCE OF 39.73 FEET TO THE WESTERLY
LINE OF SKOKIE BOULEVARD; THENCE WESTERLY TO A POINT ON THE EASTERLY LINE OF
THE COMMONWEALTH EDISON COMPANY RIGHT OF WAY AFORESAID, SAID POINT BEING 100
FEET SOUTH OF (AS MEASURED AT RIGHT ANGLES) THE NORTH LINE OF SAID NORTHWEST
1/4; THENCE NORTHWESTERLY ALONG SAID EASTERLY LINE TO THE POINT OF BEGINNING,
ALL IN COOK COUNTY, ILLINOIS.

 

PARCEL 2:

 

NON-EXCLUSIVE EASEMENT APPURTENANT TO AND FOR THE BENEFIT OF PARCEL 1
FOR PEDESTRIAN AND VEHICULAR INGRESS, EGRESS AND PARKING OVER, ACROSS AND UPON
THE FOLLOWING DESCRIBED LAND, AS CREATED BY PARKING EASEMENT AGREEMENT DATED MAY 10,
1983 AND RECORDED MAY 17, 1983 AS DOCUMENT 26608668 MADE AMONG NATIONAL
BOULEVARD BANK OF CHICAGO, A NATIONAL BANKING ASSOCIATION, AS TRUSTEE UNDER
TRUST AGREEMENT DATED JUNE 12, 1981 AND KNOWN AS TRUST NUMBER 6817 AND
NATIONAL BOULEVARD BANK OF CHICAGO, A NATIONAL BANKING ASSOCIATION, AS TRUSTEE
UNDER TRUST AGREEMENT DATED DECEMBER 23, 1980 AND KNOWN AS TRUST NUMBER
5899:

 

THAT PART OF THE EAST 1/2 OF THE NORTHWEST 1/4 OF SECTION 2,
TOWNSHIP 42 NORTH, RANGE 12, EAST OF THE THIRD PRINCIPAL MERIDIAN, BOUNDED AND
DESCRIBED AS FOLLOWS:

 

COMMENCING AT THE INTERSECTION OF THE NORTH LINE OF THE NORTHWEST
1/4 OF SAID SECTION 2 WITH THE EASTERLY LINE OF A COMMONWEALTH EDISON
COMPANY (PUBLIC SERVICE COMPANY OF NORTHERN ILLINOIS) RIGHT OF WAY, SAID
EASTERLY RIGHT OF WAY LINE, BEING 155.00 FEET NORTHEASTERLY OF, AS MEASURED AT
RIGHT ANGLES, AND PARALLEL WITH THE EASTERLY LINE OF THE ORIGINAL 100-FOOT
RIGHT OF WAY OF THE CHICAGO AND NORTHWESTERN RAILROAD COMPANY AS CONVEYED BY
WARRANTY DEED RECORDED MARCH 20, 1903 AS DOCUMENT 3365299; THENCE SOUTH 26
DEGREES, 02 MINUTES, 41 SECONDS EAST (ON AN ASSUMED BEARING) ALONG SAID
EASTERLY LINE OF THE COMMONWEALTH EDISON COMPANY RIGHT OF WAY, A DISTANCE OF
66.82 FEET TO A POINT ON THE SOUTH LINE OF LAKE-COOK ROAD, AS WIDENED BY
CONDEMNATION RECORDED SEPTEMBER 21, 1971 AS DOCUMENT 21633506 FOR THE
POINT OF BEGINNING; THENCE SOUTH 89 DEGREES, 56 MINUTES, 00 SECOND EAST ALONG
THE SOUTH LINE OF SAID LAKE-COOK ROAD, AS WIDENED, A DISTANCE OF 313.87 FEET;
THENCE SOUTH 60 DEGREES, 10 MINUTES, 25 SECONDS EAST ALONG A SOUTHERLY LINE OF
LAKE-COOK ROAD, AS WIDENED, A DISTANCE OF 39.73 FEET TO THE WESTERLY LINE OF
SKOKIE BOULEVARD; THENCE SOOTH 25 DEGREES, 59 MINUTES, 00 SECOND EAST ALONG
SAID WESTERLY LINE OF SKOKIE BOULEVARD, A DISTANCE OF 547.54 FEET TO A POINT OF
CURVE; THENCE SOUTHEASTERLY ON A CURVE CONVEX TO THE SOUTHWEST, HAVING A RADIUS
OF 8235.16 FEET, AN ARC DISTANCE OF 110.11 FEET TO AN INTERSECTION WITH
THE CENTERLINE OF VACATED NEW HAMPSHIRE AVENUE; THENCE NORTH 89 DEGREES, 42
MINUTES, 05 SECONDS WEST ALONG SAID CENTERLINE, A DISTANCE OF 149.70 FEET TO A
PLACE OF BEGINNING; THENCE SOUTH 68 DEGREES, 50 MINUTES, 24 SECONDS WEST, A
DISTANCE OF 135.38 FEET TO AN INTERSECTION WITH THE CENTERLINE OF VACATED
NEW ENGLAND AVENUE; THENCE NORTH 00 DEGREE, 01 MINUTE, 30 SECONDS WEST ALONG
SAID CENTERLINE, A DISTANCE OF 49.53 FEET TO THE CENTERLINE OF AFORESAID
VACATED NEW HAMPSHIRE AVENUE; THENCE SOUTH 89 DEGREES, 42 MINUTES, 05 SECONDS
EAST 126.28 FEET ALONG SAID CENTERLINE TO THE PLACE OF BEGINNING ALL IN COOK
COUNTY, ILLINOIS.

 

A-3

 

SCHEDULE 1

 

LIST OF PERSONAL PROPERTY

 

 

[Attached]

 

 

Boulevard
40

Inventory List

 

Boulevard
40 Personal Property List

 

1.               1/2” DeWalt Drill

2.               Full set of hand tools, including socket set

3.               Tube puncher

4.               Pressure washer

5.               Drill press

6.               Key cutting machine

7.               8’, 6,’ 4’ step ladders

8.               Fluke digital multi meter

9.               Milwaukee portable band saw

10.         Brother fax machine

11.         Mita copier

12.         Desk and 2 chairs in the office of the building

13.         6 tables and 20 chairs in vending room

14.         Milwaukee drum drain rod

15.         Temperature recorder

16.         Shop Vacuum

17.         2 Micron Pentium II CPU’s with Magnavox 15” monitors (Windows 95 for
card access, Windows 98 for office).

 

 

SCHEDULE 2.04

 

TITLE CONDITIONS

 

A.            The following items are a condition to Buyer’s
closing:

 

(1)           Items 8, 9 and 10: Release of the mortgage
and related documents in favor of Security Life of Denver Insurance Agency.

 

B.            In connection with the Closing, Seller agrees
to do the following which shall be conditions to Buyer’s obligation to close.

 

(1)           Item 25: Execution of a plat act affidavit.

 

(2)           Item 26: Rent Roll.

 

(3)           Item 27: Executed estoppel certificate
relating to no outstanding amounts owing to the property manager for the
Property.

 

(4)           Item 28: Provide satisfactory evidence and
documentation listed by title company to remove the standard exceptions 1
through 5 (except that Item 11 shall be a Permitted Exception).

 

(5)           Items 29, 30, and 31: Provide satisfactory
evidence documentation to the title company pertaining to organizational
document requirements.

 

(6)           Items 32 and 33: Execute and provide title
company with a title company lien affidavit (except that Item 11 shall be a
Permitted Exception).

 

All references to “Items” by numbers refer to the Title Commitment.

 

C.            Prior to closing, Seller shall use good faith
efforts to obtain an estoppel certificate reasonably acceptable to Buyer
executed by the owner of the property to the south that is a party to the
easement described in Items 14 and 22, which estoppel shall provide that there
are no outstanding improvements or maintenance issues related to the easement
area. Delivery of the estoppel certificate shall not be a condition to closing.

 

 

SCHEDULE 3.01(E)

 

LIST OF EXISTING LEASES

 

	
  Tenant/Occupant

  	
   

  	
  Document

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Brozosky & Brosk P.C.

  	
   

  	
  Lease between Teachers Realty Corp &

  	
   

  	
  12/91

  
	
   

  	
   

  	
  Brozosky & Brosk, P.C.

  	
   

  	
   

  
	
   

  	
   

  	
  First Amendment

  	
   

  	
  7/31/97

  
	
   

  	
   

  	
  Second Amendment

  	
   

  	
  5/11/04

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Central Trading Enterprises, Inc.

  	
   

  	
  Lease between Boulevard 40 Office LLC &

  	
   

  	
  9/15/00

  
	
   

  	
   

  	
  Central Trading Enterprises, Inc.

  	
   

  	
   

  
	
   

  	
   

  	
  First Amendment

  	
   

  	
  4/15/03

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Chicago SMSA Limited Partnership

  	
   

  	
  Lease between Teachers Realty Corp & Chicago

  	
   

  	
  8/92

  
	
   

  	
   

  	
  SMSA Limited Partnership

  	
   

  	
   

  
	
   

  	
   

  	
  First Amendment

  	
   

  	
  4/22/03

  
	
   

  	
   

  	
  Second Amendment

  	
   

  	
  2/4/04

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Harness Dickey & Pierce PLC

  	
   

  	
  Lease between Boulevard 40 Office LLC & Harness

  	
   

  	
  9/11/06

  
	
   

  	
   

  	
  Dickey & Pierce PLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heritage Property Investment LP

  	
   

  	
  Lease between Boulevard 40 Office LLC &

  	
   

  	
  8/30/01

  
	
   

  	
   

  	
  Heritage Property Investment LP

  	
   

  	
   

  
	
   

  	
   

  	
  Storage Space License Agreement

  	
   

  	
  8/19/03

  
	
   

  	
   

  	
  First Amendment

  	
   

  	
  10/27/04

  
	
   

  	
   

  	
  Second Amendment

  	
   

  	
  5/17/05

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manpower International Inc.

  	
   

  	
  Lease between LaSalle National Bank &

  	
   

  	
  5/1/82

  
	
   

  	
   

  	
  Manpower Inc.

  	
   

  	
   

  
	
   

  	
   

  	
  Statement of Tenant - Teachers Insurance

  	
   

  	
  6/15/85

  
	
   

  	
   

  	
  & Annuity Association of America & Manpower Inc.

  	
   

  	
   

  
	
   

  	
   

  	
  Second Amendment - Teachers Realty Corp &

  	
   

  	
  10/30/89

  
	
   

  	
   

  	
  Manpower International Inc.

  	
   

  	
   

  
	
   

  	
   

  	
  Lease between Boulevard 40 Office LLC &

  	
   

  	
  11/1/93

  
	
   

  	
   

  	
  Manpower International Inc.

  	
   

  	
   

  
	
   

  	
   

  	
  First Amendment - Teachers Insurance & Annuity

  	
   

  	
  11/1/97

  
	
   

  	
   

  	
  Association of America & Manpower International

  	
   

  	
   

  
	
   

  	
   

  	
  Second Amendment - Boulevard 40 Office LLC &

  	
   

  	
  10/14/03

  
	
   

  	
   

  	
  Manpower International Inc.

  	
   

  	
   

  
	
   

  	
   

  	
  Third Amendment - Boulevard 40 Office LLC &

  	
   

  	
  9/2/04

  
	
   

  	
   

  	
  Manpower International Inc.

  	
   

  	
   

  
	
   

  	
   

  	
  Fourth Amendment - Boulevard 40 Office LLC &

  	
   

  	
  2/28/05

  
	
   

  	
   

  	
  Manpower International Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pine Tree Commercial Realty, LLC

  	
   

  	
  Lease between Boulevard 40 Office LLC & Pine

  	
   

  	
  9/11/06

  
	
   

  	
   

  	
  Tree Commercial Realty LLC

  	
   

  	
   

  
	
   

  	
   

  	
  First
  Amendment

  	
   

  	
  11/22/06

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  S&L, LLC

  	
   

  	
  Lease between Boulevard 40 Office LLC &

  	
   

  	
  12/7/01

  
	
   

  	
   

  	
  S&L, LLC

  	
   

  	
   

  
	
   

  	
   

  	
  First Amendment

  	
   

  	
  10/14/02

  
	
   

  	
   

  	
  Second Amendment

  	
   

  	
  2/13/04

  
	
   

  	
   

  	
  Third Amendment

  	
   

  	
  6/2/04

  
	
   

  	
   

  	
  Fourth Amendment

  	
   

  	
  4/1/05

  

 

 

	
  Shell Vacations LLC

  	
   

  	
  Lease between National Boulevard Bank of 

  	
   

  	
  5/1/84

  
	
   

  	
   

  	
  Chicago & Sheldon H. Ginsburg & Co.

  	
   

  	
   

  
	
   

  	
   

  	
  Lease between Teachers Realty Corp &

  	
   

  	
  4/29/87

  
	
   

  	
   

  	
  Shell Development

  	
   

  	
   

  
	
   

  	
   

  	
  First Amendment – Teachers Realty Corp & 

  	
   

  	
  12/1/88

  
	
   

  	
   

  	
  Shell Development

  	
   

  	
   

  
	
   

  	
   

  	
  Sublease between Shell Development & 

  	
   

  	
  5/1/93

  
	
   

  	
   

  	
  Chicago Commercial Realty Inc.

  	
   

  	
   

  
	
   

  	
   

  	
  First Amendment – Teachers Insurance & Annuity 

  	
   

  	
  9/10/97

  
	
   

  	
   

  	
  Association of America & Shell Development

  	
   

  	
   

  
	
   

  	
   

  	
  Second Amendment – Teachers Insurance &

  	
   

  	
  5/29/98

  
	
   

  	
   

  	
  Annuity Association of America & Shell Development

  	
   

  	
   

  
	
   

  	
   

  	
  Third Amendment – Boulevard 40 Office LLC & 

  	
   

  	
  4/4/02

  
	
   

  	
   

  	
  Shell Vacations LLC

  	
   

  	
   

  
	
   

  	
   

  	
  Fourth Amendment – Boulevard 40 Office LLC & 

  	
   

  	
  1/1/03

  
	
   

  	
   

  	
  Shell Vacations LLC

  	
   

  	
   

  
	
   

  	
   

  	
  License Agreement

  	
   

  	
  3/19/03

  
	
   

  	
   

  	
  Lease between Boulevard 40 Office LLC & 

  	
   

  	
  7/8/03

  
	
   

  	
   

  	
  Shell Vacations LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sunrise Lifestyle Centers LLC

  	
   

  	
  Lease between Boulevard 40 Office LLC & 

  	
   

  	
  1/2/02

  
	
   

  	
   

  	
  Sunrise Lifestyle Centers LLC

  	
   

  	
   

  
	
   

  	
   

  	
  First Amendment

  	
   

  	
  4/9/03

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  T. Rowe Price Investment Services LLC

  	
   

  	
  Lease between Boulevard 40 Office LLC & 

  	
   

  	
  9/1/05

  
	
   

  	
   

  	
  T. Rowe Price Investment Services LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Talent Resource Solutions LLC

  	
   

  	
  Lease between Boulevard 40 Office LLC & 

  	
   

  	
  8/6/05

  
	
   

  	
   

  	
  Talent Resource Solutions LLC

  	
   

  	
   

  
	
   

  	
   

  	
  First Amendment

  	
   

  	
  3/31/06

  

 

 

SCHEDULE 3.01(G)

 

LIST OF SERVICE CONTRACTS AND EQUIPMENT LEASES

 

	
  Service

  	
   

  	
  Company
  Name

  	
   

  	
  Company
  Address

  	
   

  	
  Phone
  Number

  	
   

  	
  Start

  	
   

  	
  End

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Alarm
  Monitoring

  	
   

  	
  ADT
  Security Services

  	
   

  	
  111
  Windsor, Oak Brook, IL 60523

  	
   

  	
  Julie
  Schlesinger

  630-458-7662

  	
   

  	
  3/5/2003

  	
   

  	
  3/4/2008

  
	
  Alarm
  Monitoring

  	
   

  	
  Fire &
  Security Systems

  	
   

  	
  724
  E. Kensington Rd., Arlington Hts, IL 60004

  	
   

  	
  Gail
  Fischer

  847-577-1950

  	
   

  	
  12/3/2001

  	
   

  	
  M-T-M

  
	
  Alarm
  Service/Systems

  	
   

  	
  Simplex
  Time Recorder

  	
   

  	
  91
  N. Mitchell Court, Addison, IL 60101

  	
   

  	
  James
  Bazzell

  630-948-1200

  	
   

  	
  4/1/2004

  	
   

  	
  12/31/2004

  
	
  Card
  Access

  	
   

  	
  Sonitrol
  Chicagoland North

  	
   

  	
  1894
  Techney Road, Northbrook, IL 60062

  	
   

  	
  Clayton
  Crost

  847-205-0670

  	
   

  	
  5/1/2006

  	
   

  	
  4/30/2007

  
	
  Construction

  	
   

  	
  J.C.
  Anderson, Inc.

  	
   

  	
  834
  N. Church Rd., Elmhurst, IL 60126

  	
   

  	
  Steve
  Boulukos

  630-834-1669

  	
   

  	
  5/1/2006

  	
   

  	
  12/31/2007

  
	
  Electrical

  	
   

  	
  City
  Service Electric

  	
   

  	
  5901
  W. Warwick Ave., Chicago, IL 60634

  	
   

  	
  Mark
  Rogus

  773-282-7186

  	
   

  	
  10/1/2006

  	
   

  	
  9/30/2007

  
	
  Elevator
  Maintenance

  	
   

  	
  Schindler
  Elevator Corporation

  	
   

  	
  853
  N. Church Ct., Elmhurst, IL 60126

  	
   

  	
  Jim
  Peterlin

  630-478-7179

  	
   

  	
  1/1/2006

  	
   

  	
  12/31/2008

  
	
  Flooring

  	
   

  	
  Flooring
  Enterprises

  	
   

  	
  636
  Meacham, Elk Grove Village, IL 60007

  	
   

  	
  Kyle
  Greenstein

  847-895-1425

  	
   

  	
  4/1/2006

  	
   

  	
  12/31/2007

  
	
  Flooring

  	
   

  	
  Olde
  Towne Floors, Inc.

  	
   

  	
  12344
  S. Industrial Dr. E., Plainfield, IL 60585

  	
   

  	
  ban
  Burdin

  815-230-3200

  	
   

  	
  4/1/2006

  	
   

  	
  12/31/2007

  
	
  HVAC
  Service

  	
   

  	
  Air
  Comfort

  	
   

  	
  2550
  Braga Dr.

  Broadview, IL 60154

  	
   

  	
  Chuck
  Albrecht

  708-345-1901

  	
   

  	
  1/1/2006

  	
   

  	
  12/31/2006

  
	
  Janitorial
  Service

  	
   

  	
  Crescent
  Cleaning Co.

  	
   

  	
  105
  W. Madison, Ste. 800, Chicago, IL 60602

  	
   

  	
  Rick
  Pankey

  312-726-7200

  	
   

  	
  10/1/2004

  	
   

  	
  M-T-M

  
	
  Landscaping-Exterior

  	
   

  	
  Sebert
  Landscaping Co.

  	
   

  	
  955
  Biesterfield Rd. Elk Grove Vllg, IL 60007

  	
   

  	
  Andrew
  Brennecke

  847-439-4324

  	
   

  	
  8/2/2006

  	
   

  	
  12/31/2006

  
	
  Landscaping-Interior

  	
   

  	
  Initial
  Tropical Plants

  	
   

  	
  730
  Landwehr Northbrook, IL 60062

  	
   

  	
  Jan
  Wemple

  847-291-8140

  	
   

  	
  8/3/2006

  	
   

  	
  12/31/2007

  
	
  Painting/Decorating

  	
   

  	
  Capitol
  Decorating

  	
   

  	
  3345
  N. Arlington Hts., Rd, Ste. J., Arlington Hts., IL 60004

  	
   

  	
  Alan
  LeGood

  847-255-0505

  	
   

  	
   

  	
   

  	
   

  
	
  Painting/Decorating

  	
   

  	
  Continental
  Commercial Interiors

  	
   

  	
  1701
  Golf Road, Tower II, Ste. 100, Rolling Meadows, IL 60008

  	
   

  	
  Reo
  Guerrieri

  847-593-3790

  	
   

  	
  7/1/2002

  	
   

  	
  6/30/2003

  
	
  Pest
  Control

  	
   

  	
  Anderson
  Pest Control

  	
   

  	
  65
  Century Dr. Wheeling, IL 60090

  	
   

  	
  Jim
  Kaltinger

  847-537-8000

  	
   

  	
  5/1/2006

  	
   

  	
  12/31/2007

  
	
  Security

  	
   

  	
  Security
  Partners International, Inc.

  	
   

  	
  296
  W. 18th St., Lombard, IL 60148

  	
   

  	
  Eric
  Lundt

  630-629-6326

  	
   

  	
  1/1/2006

  	
   

  	
  12/31/2006

  
	
  Snow
  Removal

  	
   

  	
  Mac’s
  Snow Removal

  	
   

  	
  1520
  N. Old Rand Rd. Wauconda, IL 60084

  	
   

  	
  Ed
  Wood

  847-487-9400

  	
   

  	
  11/1/2005

  	
   

  	
  10/31/2006

  
	
  Trash
  Removal

  	
   

  	
  ARC
  Disposal

  	
   

  	
  7
  N 540 Route 25

  Elgin, IL 60120

  	
   

  	
  Dan
  Camann

  847-981-0091

  	
   

  	
  8/1/2006

  	
   

  	
  12/31/2006

  
	
  Uniforms

  	
   

  	
  Cintas
  Corporation

  	
   

  	
  1025
  National Parkway, Schaumburg, IL 60173

  	
   

  	
  Jerry
  Paviatus

  847-882-1102

  	
   

  	
  7/1/2005

  	
   

  	
  6/30/2006

  
	
  Window
  Washing

  	
   

  	
  American
  National Skyline Industries

  	
   

  	
  614
  N. Michigan St., Elmhurst, IL 60126

  	
   

  	
  Lance
  Mareinkus

  630-941-8500

  	
   

  	
  1/1/2006

  	
   

  	
  12/31/2006

  

 

 

SCHEDULE 3.02

 

ESTOPPEL CERTIFICATE

 

TO:      [TBD], its
successors, assigns and lenders

 

	
  TENANT:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  RE:

  	
   

  	
  ,

  
	
   

  	
   

  	
   

  

 

THIS IS TO CERTIFY THAT:

 

1.            The undersigned is the “Tenant” under that
certain Lease, dated                        ,
         (the “Lease”) between Tenant and
                        (“Landlord”),
covering the premises described above (the “Premises”). The Premises consist of
                        rentable
square feet.

 

2.            The Lease constitutes the entire agreement
between Landlord and Tenant and has not been modified, assigned, supplemented,
or amended in any respect, except as indicated below (insert dates of all modifications,
assignments, supplements, or amendments; if none, state “none”), and the Lease
(as so amended, as applicable) is valid and in full force and effect on the date
hereof.

 

 

3.            Tenant has accepted and now occupies the
Premises. The Lease term commenced on                             ,          ,
and will expire on                        ,
20     . Any improvements to be constructed on the
Premises by Landlord have been completed and accepted by Tenant and any tenant construction
allowances payable by Landlord have been paid. Tenant has                        options
to renew the initial term of the Lease, each for a period of                        years
(if none, state “none”).

 

4.            The rent payable by Tenant presently is $                                              per
month. No such rent has been paid more than one (1) month in advance of
its due date except as follows (if none, state “none”):                                 .
Tenant’s security deposit is $                             .
Tenant has paid in full all other sums presently due and payable under the
Lease.

 

5.            As of this date, no breach exists on the part
of Tenant under the Lease and, to the best knowledge of Tenant, no breach
exists on the part of Landlord under the Lease.

 

6.            Tenant has no right or option whatsoever (a) to
purchase or otherwise acquire the Premises or any portion thereof, (b) to
terminate the Lease prior to the expiration date set forth above, (c) to
lease all or any portion of the building (other than the Premises) of which the
Premises is a part (including any right of first offer or right of first
refusal), except as indicated below (if none, state “none”).

 

 

7.            There are no existing offsets or defenses by
Tenant to the payment of rent and other charges payable by Tenant or otherwise
to the enforcement by Landlord of the Lease.

 

8.            There is no remaining free rent period or any
unexpired concession in or abatement of rent.

 

 

9.             Tenant is in sole possession of the Premises
and has not assigned, sublet, pledged, mortgaged, transferred or otherwise
conveyed all or any portion of its interest in the Premises or the Lease.

 

10.           There are no actions, whether voluntary or otherwise, pending against
Tenant under the bankruptcy or insolvency laws of the United States or of any
state or territory of the United States.

 

11.           The undersigned is authorized to execute this Estoppel Certificate on
behalf of Tenant and realizes that Landlord is proposing to sell the building
in which the Premises are located, and any proposed buyer of the building and
its assigns (including any parties providing financing for the building) shall
be entitled to rely upon this certification by Tenant.

 

Dated as of the            day
of                              ,
2004

 

[insert appropriate signature
block]

 

 

SCHEDULE 5.05(C)

 

LIST OF COMMISSIONS AND TENANT IMPROVEMENT COSTS TO BE PAID BY BUYER

 

PINE
TREE COMMERCIAL REALTY, L.L.C. (Expansion Into Suite 620 under First
Amendent to Lease dated November 22, 2006)

 

Leasing Commissions

 

Jones
Lang LaSalle — $4,785.21

 

Revest Partners, LLC — $10,406.25 (already paid by Seller, so Buyer to
credit Seller at closing)

 

Tenant Improvement Costs — $28,971.00. In this regard, Seller shall be
responsible for completing all of the tenant improvement work required in
connection with the Lease with Pine Tree Commercial Realty, L.L.C. (as amended)
in accordance with the terms of the Lease (as amended) and Buyer shall grant
Seller a license to enter the Property following closing in order to supervise
and complete such work. At Closing, Seller shall receive the aforesaid credit
from Buyer for $28,971.00 toward such costs as set forth in Section 5.05(c) and
this Schedule 5.05(C).

 

24

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