Document:

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                                 EXHIBIT 10.60

                           REVOLVING LOAN AGREEMENT
   RELATING TO THE SOUTHTRUST BANK N.A. $19,003,000 REVOLVING LINE OF CREDIT
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                           REVOLVING LOAN AGREEMENT

     THIS REVOLVING LOAN AGREEMENT (this "Loan Agreement") is entered into as of
the 15/th/ day of December, 2000, by and between WELLS OPERATING PARTNERSHIP,
L.P., a Delaware limited partnership ("Borrower"), and SOUTHTRUST BANK, an
Alabama banking corporation ("Lender").

                               R e c i t a l s:

     Lender has agreed, subject to the terms and conditions set forth herein, to
make available to Borrower a revolving credit facility in the maximum principal
amount of $19,003,000.00 (or, if lesser, the Borrowing Base hereinafter
described).  Borrower and Lender have entered into this Loan Agreement to
establish the terms and conditions of the such revolving credit facility.

     NOW, THEREFORE, in consideration of the premises and of the mutual
covenants, agreements, and warranties hereinafter set forth and of the sum of
Ten Dollars ($10.00) in hand paid by each party hereto to the other, Borrower
agrees with Lender, and represents and warrants to Lender, and Lender agrees
with Borrower, as follows:

               ARTICLE ONE - DEFINITIONS OF GENERAL APPLICATION

     In addition to any other terms that are defined in this Loan Agreement, the
following terms shall have the following meanings unless the context hereof
otherwise indicates:

          "Acquiring Person" means a "person" or "group of persons"
     within the meaning of Sections 13(d) and 14(d) of the Securities
     Exchange Act of 1934, as amended, but shall not include any such
     person or group of persons who buy shares pursuant to an offering
     filed with the Securities Exchange Commission.

          "Advance" means any principal advance under the Revolving
     Loan made by Lender pursuant to the terms of this Loan Agreement.

          "Advance Request" means a written request for an Advance
     delivered by Borrower to Lender pursuant to Section 2.4 hereof.

          "Affiliate" means, as to any Person, any other Person (i) who
     directly or indirectly controls, is controlled by, or is under
     common control with such Person, (ii) who is a substantial
     creditor, customer, or supplier of such Person, (iii) who is a
     director, officer, manager, partner, member, shareholder,
     employee, or employer of such Person, or (iv) who is a member of
     the immediate family of such Person. "Control," as used in this
     definition, shall mean the possession, directly or indirectly, of
     the power to direct or cause the direction of the management or
     policies of a Person, whether through the ownership of voting
     securities, by contract or otherwise, including the power to
     elect a majority of the directors or trustees of a corporation or
     trust, as the case might be.

          "Authorized Representative" means the Person or Persons
     designated as such in Disbursement Authorization. If more than
     one Person is designated as an Authorized Representative, then
     the provisions of this Loan Agreement relating to the Authorized
     Representative shall apply to

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                                               Revolving Loan Agreement - Page 1
                                                  Wells Operating Partnership LP
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     each such Person individually, and not jointly with any or all other
     Persons designated as the Authorized Representative.

          "Borrowing Base" means, for any specified date, the amount equal to
     the least of the following amounts:

               (i)    Sixty percent (60%) of the aggregate appraised
          fair market value of Properties, as determined by Lender
          based upon the most recent appraisals delivered to Lender
          pursuant to Section 3.2.4 or Section 5.2.4 hereof; or

               (ii)   Seventy percent (70%) of the aggregate actual
          cost of Borrower's acquisition and/or construction of the
          Properties, as determined by Lender based upon information
          and data furnished to Lender by Borrower and other
          independent sources reasonably acceptable to Lender; or

               (iii)  The quotient of (A) the combined Net Operating
          Income from the Properties for the Trailing 12 Month Period
          (unless Lender, in its sole discretion, selects a shorter
          period of calculation), divided by (B) the Debt Service
          Coverage Ratio, with the resulting figure being further
          divided by (C) the Mortgage Constant.

          "Borrower" means Wells Operating Partnership, L.P., a Delaware limited
     partnership, and its successors and permitted assigns under the terms of
     this Loan Agreement.

          "Borrower Party" means each of Borrower, any general partner of
     Borrower, and Guarantor, and "Borrower Parties" means all of such Persons
     collectively.

          "Business Day" means a day which is not a public holiday and on which
     banks in Atlanta, Georgia, are customarily open for business.

          "Change in Control" means the earliest to occur of (i) the date on
     which Wells REIT ceases for any reason whatsoever to be the sole general
     partner of Borrower, or (ii) the date on which Wells REIT shall cease for
     any reason to be the holder of 90% of the voting interest of Borrower or to
     own at least 90% of the equity, profits,or other limited partnership
     interests in, or any other securities or ownership interests) of, Borrower,
     or (c) the date on which any Acquiring Person becomes (by acquisition,
     consolidation, merger or otherwise), directly or indirectly, the beneficial
     owner of more than 20% of the total voting equity capital (or of any other
     securities or ownership interest) of Wells REIT then outstanding, or (d)
     the replacement (other than solely by reason of retirement at age sixty-
     five or older, death, or disability) of more than fifty percent (50%) (or
     such lesser percentage as is required for decision-making by the board of
     directors or an equivalent governing body) of the members of the board of
     directors or an equivalent governing body) of Wells REIT over a one-year
     period from the directors who constituted such board of directors at the
     beginning of such period and such replacement shall not have been approved
     by a vote of at least a majority of the board of directors of Wells REIT
     then still in office who either were members of such board of directors at
     the beginning of such one-year period or whose election as members of the
     board of directors was previously so approved.

          "Closing Date" means the date on which the initial Advance is made by
     Lender to Borrower hereunder.

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                                             Revolving Loan Agreement - Page 2
                                                  Wells Operating Partnership LP
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          "Collateral" means the Properties and other collateral from
     time to time or at any time encumbered by the Security Documents,
     including all after-acquired property and all other collateral
     from time to time given by Borrower or any other Person to secure
     the Obligations.

          "Collateral Addition Date" means the date on which any
     Property is added to the Collateral Pool in accordance with the
     conditions set forth in Article Three hereof.

          "Collateral Pool" means the aggregate total of the
     Collateral.

          "Commitment Period" means the period beginning on the Closing
     Date and ending on the date that is sixty (60) days before the
     Maturity Date.

          "Debt Service Coverage Ratio" means 1.35.

          "Default" means the occurrence of any event or circumstance
     that, but for only the giving of any notice by Lender or the
     passage of any cure period (or both) required under the terms of
     this Loan Agreement or any other Loan Document, would constitute
     an Event of Default.

          "Default Rate" shall have the meaning assigned to such term
     in the Note.

          "Event of Default" shall have the meaning assigned to such
     term in Section 7.1 hereof.

          "GAAP" means general accepted accounting principles,
     consistently applied.

          "Governmental Authority" means any court, board, agency,
     commission, office, or authority of any nature whatsoever for any
     governmental or quasi-governmental unit (federal, state, county,
     district, municipal, city, or otherwise), whether now or
     hereafter in existence.

          "Guarantor" means, whether one or more, all present or future
     endorsers, Guarantor, and sureties of the Obligations (or any
     portion thereof). The initial Guarantor is Wells REIT.

          "Guaranty Agreement" means each agreement or instrument at
     any time executed by Guarantor for the benefit of Lender with
     respect to the Obligations, as from time to time amended,
     replaced, restated, supplemented, or consolidated pursuant to the
     applicable term thereof.

          "Leases" means any and all existing and future leases,
     subleases, rental agreements, and other occupancy agreements,
     whether oral or written and whether or not of record, for the use
     or occupancy of any portion of any Property, together with all
     amendments to, and renewals and extensions of, said leases,
     subleases, rental agreements, and other occupancy agreements, all
     guaranties with respect thereto, all work letter agreements,
     improvements agreements, and other agreements with any tenant,
     all default letters or notices, estoppel letters, rental
     adjustment notices, escalations notices, and other correspondence
     in regard thereto, and all credit reports and accounting records
     in regard thereto.

          "Legal Requirement" and "Legal Requirements" means, as the
     case might be, any one or more of all present and future laws,
     codes, ordinances, orders, judgments, decrees, injunctions,
     rules, regulations, and requirements, even if unforseen or
     extraordinary, of every duly constituted Governmental Authority
     (but excluding those which by their terms are not applicable to
     and do not impose any obligation on Borrower or any Property),
     including, without limitation, the requirements and

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                                               Revolving Loan Agreement - Page 3
                                                  Wells Operating Partnership LP
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     conditions of any Permits and all covenants, restrictions, and
     conditions now or hereafter of record that might be applicable to
     Borrower or any Property or to the use, manner of use, occupancy,
     possession, operation, maintenance, alteration, repair, or
     reconstruction of any Property, even if compliance therewith (i)
     necessitates structural changes or improvements (including
     changes required to comply with the Americans with Disabilities
     Act and regulations promulgated thereunder) or results in
     interference with the use or enjoyment of any Property or (ii)
     requires Borrower to carry insurance other than as required by
     the provisions of this Loan Agreement, the Leases, and the Loan
     Documents.

          "Loan Account" means the depositary account established by
     Borrower with Lender, as more particularly identified in the
     Disbursement Authorization.

          "Loan Agreement" means this Revolving Loan Agreement, as from
     time to time amended, replaced, restated, supplemented, restated,
     or consolidated pursuant to the applicable provisions hereof.

          "Loan Documents" means collectively this Loan Agreement, the
     Note, the Security Documents, the Guaranty Agreements, and any
     and all other documents now or hereafter executed by Borrower,
     Guarantor, or any other Person which evidences, relates to, is
     executed in connection with, or secures the Loan.

          "Management Agreement" means (i) that certain Management
     Agreement by and between Wells REIT, as owner, and Wells
     Management Company, Inc., as manager, dated January 30, 1998, and
     as assigned to Borrower pursuant to that certain Assignment and
     Assumption of Management Agreement dated May 3, 2000, and (ii)
     any management agreement for the Property hereafter approved in
     writing by Lender pursuant to the applicable provisions of the
     Loan Documents.

          "Manager" means the Person initially selected by Borrower to
     manage the Property pursuant to the Management Agreement, and any
     replacement manager of the Property hereafter approved in writing
     by Lender in accordance with the applicable provisions of the
     Loan Documents.

          "Material Adverse Effect" means, with respect to any
     circumstance, act, condition, or event of whatever nature
     (including any adverse determination in any litigation,
     arbitration, or governmental investigation or proceeding),
     whether singly or in conjunction with any other event or events,
     act or acts, condition or conditions, or circumstance or
     circumstances, whether or not related, a material adverse change
     in or a materially adverse effect upon any of (i) the business,
     operations, property, or condition (financial or otherwise) of
     any Borrower Party, (ii) the present or future ability of any
     Borrower Party to perform the Obligations for which it is liable,
     (iii) the validity, priority, perfection or enforceability of
     this Agreement or any other Loan Document or the rights or
     remedies of the Lender under any Loan Document, or (iv) the value
     of, or the Lender's ability to have recourse against, any
     Collateral.

          "Maturity Date" means June 10, 2002.

          "Maximum Loan Amount" means the principal sum of
     $19,003,000.00.

          "Mortgage Constant" means a mortgage constant of 10.07%, as
     such mortgage constant may be adjusted from time to time in
     Lender's reasonable judgment based upon Lender's then current
     permanent loan underwriting criteria for projects comparable to
     the Properties.

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                                               Revolving Loan Agreement - Page 4
                                                  Wells Operating Partnership LP
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          "Net Operating Income" shall mean the net operating income for a
     Property, as determined by Lender based on reasonable and prudent
     underwriting standards and in accordance with GAAP, with the following
     considerations and qualifications:

               (i)    Operating income shall be reduced by an sub-
          market economic vacancy and collection adjustment, as
          determined by Lender, unless the actual vacancy and
          collections adjustment for a Property is higher, in which
          case Lender may, in its discretion, choose between the
          actual vacancy rate and collection adjustment and the sub-
          market vacancy rate and collections adjustment;

               (ii)   operating income shall include sundry, parking,
          and reimbursable expenses, to the extent reported on the
          Operating Statements for the Property and deemed recurring
          and sustainable (provided that aggregate other income shall
          not exceed five percent (5%) of total gross income), and all
          extraordinary and non-recurring income shall be excluded
          from operating income ;

               (iii)  non-cash expenses shall be excluded from
          operating expenses;

               (iv)   operating expenses, insurance, and real estate
          taxes shall be determined on a Stabilized Basis (as defined
          below);

               (v)    the actual management fees payable pursuant to
          the Management Agreement shall be treated as an operating
          expenses during each month of the Trailing 12 Month Period;

               (vi)   a reasonable, market replacement reserve shall
          be treated as an operating expense during each month of the
          Trailing 12 Month Period;

               (vi)   with respect to any Lease with a term that
          commenced during the Trailing 12 Month Period, the minimum
          base rent from such Lease shall be included in the
          calculation of Net Operating Income as if such Lease had
          been in effect throughout the Trailing 12 Month Period,
          provided that the Tenant thereunder has accepted possession
          of its demised premises and as commenced payment of minimum
          base rent prior to the end of the Trailing 12 Month Period;

               (vii)  rent payable pursuant to any Lease that is in
          default or is subject to rental abatement, and any Lease
          that expires or terminates (or the Tenant thereunder has the
          unilateral right to terminate such Lease) during the
          Trailing 12 Month Period or shall expire within ninety (90)
          days following the end of the Trailing 12 Month Period shall
          not be treated as operating income; and

               (viii) any discount, concession, free rent, allowance,
          inducement, or other agreement whereby any item or
          consideration of value of any nature (other than the right
          of occupancy of the Tenant's demised premises) is granted or
          provided under any Lease shall be prorated over the current
          term of such Lease for purposes of calculating operating
          income.

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                                               Revolving Loan Agreement - Page 5
                                                  Wells Operating Partnership LP
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          "Obligations" means the aggregate of all principal and
     interest owing from time to time under the Note, and all
     expenses, charges, and other amounts from time to time owing
     under the Note, this Loan Agreement, or any of the other Loan
     Documents, and all covenants, agreements, and other obligations
     from time to time owing to, or for the benefit of, Lender
     pursuant to the Note, this Loan Agreement, and the other Loan
     Documents.

          "Officer's Certificate" shall mean a certificate in the form
     of Exhibit A attached hereto executed by the chief executive
     officer or executive vice president of the Person on whose behalf
     such certificate is being executed (or, if applicable, the chief
     executive officer of the general partner or manager of such
     Person).

          "Operating Statement" shall mean any operating statement,
     including income and expense statement and statement of cash
     flows, with respect to the Property, of which shall be prepared
     in accordance with GAAP throughout the periods covered by such
     statement and which fairly present the financial condition of
     Borrower and the Property as of their respective dates and the
     results of operations and changes in financing position of
     Borrower and the Property for the periods then ended. Each
     Operating Statement shall be prepared on an accrual basis or, in
     the alternative, Borrower shall provide Lender all data necessary
     to constitute the adjustments necessary to convert such Operating
     Statement to accrual basis Operating Statement.

          "Permits" means all licenses, permits, certificates,
     approvals, authorizations, and registrations required by or
     obtained from any Governmental Authority with respect to the
     construction, ownership, rental, operation, use, or occupancy of
     the Property, including, without limitation, business licenses,
     zoning approvals and variances, food and beverage service
     licenses, and licenses to conduct business.

          "Permitted Encumbrances" means collectively (i) liens at any
     time existing in favor of Lender, (ii) the matters affecting
     title to the Land described in title insurance commitment issued
     in favor of Lender in connection with the execution and delivery
     of this Loan Agreement, provided that such matters are accepted
     by Lender in writing in Lender's discretion, (iii) statutory
     liens incurred in the ordinary course of business for the
     purchase of labor, services, materials, equipment, or supplies,
     or with respect to workmen's compensation, unemployment
     insurance, or other forms of governmental insurance or benefits,
     which are not delinquent or are paid or bonded and removed of
     record in a manner satisfactory to Lender, and (iv) liens for
     real property taxes, assessments, or governmental charges or
     levies for the current year, the payment of which is not
     delinquent.

          "Person" means any individual, corporation, partnership,
     joint venture, association, trust, unincorporated organization,
     and any Governmental Authority.

          "Property" means each of the improved parcels of real estate
     described in Exhibit A attached hereto, which are intended to be
     included in the Collateral Pool on or after the Closing Date. No
     property other than the Properties shall be eligible for
     inclusion into the Collateral Pool except as may be approved by
     Lender in writing in its discretion.

          "Rent Roll" shall mean each rent roll for any Property
     delivered by Borrower pursuant to this Loan Agreement, each of
     which shall show (i) a description (by rentable square feet and
     location or unit number) of the lease space; (ii) the name of the
     current tenants; (iii) the commencement and expiration dates of
     the original Leases and any renewal terms thereof; (iv) the rents
     during the term thereof; (v) all rents prepaid by tenants; (vi)
     all delinquent rents; (vii) all  concessions, allowances,

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                                               Revolving Loan Agreement - Page 6
                                                  Wells Operating Partnership LP
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     credits, and abatements to which any tenant is entitled; (viii)
     the security deposit given by any tenant and interest accrued
     thereon; and (ix) the identification of any security given to
     secure any tenant's obligations including, without limitation,
     the identity of any guarantor of any Lease.

          "Revolving Loan" means the revolving loan facility
     established by Lender in favor of Borrower pursuant to Section
     2.1 hereof.

          "Revolving Note" means the Revolving Note of even date
     herewith evidencing Borrower's promise to repay the Revolving
     Loan with interest thereon, as the same might hereafter be
     amended, extended, renewed, replaced, supplemented, restated, or
     consolidated pursuant to the applicable provisions thereof.

          "Security Documents" means collectively all Security Instruments,
     separate assignments of leases and rents, and any and all other
     documents, instruments, or financing statements heretofore or
     hereafter executed by Borrower, Guarantor, or any other Person
     for the benefit of Lender as security for all or any part of the
     Obligations.

          "Security Instrument" means any mortgage or deed of trust
     executed by Borrower for the benefit of Lender with respect to
     any Property, as the same might hereafter be amended, extended,
     replaced, supplemented, restated, or consolidated pursuant to the
     applicable provisions thereof.

          "Senior Management" shall mean (i) the Chief Executive
     Officer, Chairman of the Board, President, and Chief Operating
     Officer of Borrower or Guarantor, and (ii) any other Persons with
     responsibility for any of the functions typically performed in a
     corporation by the officers described in clause (i).

          "Stabilized Basis" shall mean the annualization of payments,
     including the adjustments for payments that have seasonal
     variation, together with adjustment, as necessary for levels of
     occupancy and service, to reflect the level of expense that would
     exist upon achievement of a stabilized occupancy for properties
     similar in nature and in the general vicinity of the Property, as
     determined by Lender. Lender may rely solely upon pro forma
     payments estimated by Lender's appraiser and other prevailing
     market conditions and information in determining the Stabilized
     Basis of any payments and such determination shall control
     regardless of the actual level of payments experienced by
     Borrower before or after the Property achieves stabilized
     occupancy.

          "Title Company" means the issuer of the mortgagee's policy
     of title insurance with respect to any Security Instrument, as
     approved by Lender in its discretion.

          "Trailing 12 Month Period" means, for any specified date,
     the twelve (12) month period ending with the last day of the most
     recent fiscal quarter of Borrower for which financial statements
     have been delivered by Borrower to the Lender pursuant to Section
     5.1.5 hereof.

          "Wells REIT" means Wells Real Estate Investment Trust, Inc.,
     a Maryland corporation.

                    ARTICLE TWO - REVOLVING LOAN

     2.1  Commitment.  Subject to the terms and conditions set forth in this
          ----------
Loan Agreement, Lender agrees and commits to make Advances to Borrower from time
to time during the Commitment Period in an aggregate principal

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                                               Revolving Loan Agreement - Page 7
                                                  Wells Operating Partnership LP
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amount not to exceed, at any one time outstanding, the lesser of (i) the Maximum
Loan Amount or (b) the Borrowing Base. Within the aforesaid limits, Borrower
may, at its option, from time to time, subject to the terms and conditions
hereof, without penalty, borrow, repay, and reborrow amounts under the Revolving
Loan.

     2.2   Calculation of Borrowing Base.  Lender shall calculate the Borrowing
           -----------------------------
Base on the Closing Date and as of the end of each fiscal quarter of Borrower
subsequent to the Closing Date within ten (10) days after Lender's receipt of
the financial statements, reports, and certificates required under Section 5.1.5
hereof with respect to the Properties.  If Borrower fails to deliver any such
financial statements, reports, and certificates within the time limits
prescribed in Section 5.1.5 hereof with respect to any Property, then Lender
may, in its sole discretion, exclude such Property entirely for purposes of
calculating the Borrowing Base.  At Borrower's request, Lender shall notify
Borrower in writing as to the amount of the Borrowing Base so calculated by
Lender and the basis thereof in reasonably detail.  Lender's calculation of the
Borrowing Base shall be binding and conclusive upon Borrower absent manifest
error.  Lender may, in good faith but in its discretion, consider any and all
information and data available to Lender regarding the Properties in determining
the Borrowing Base and shall not be restricted only to the financial statements,
reports, and certificates delivered by Borrower to Lender.

     2.3   Overadvances.  If the aggregate amount of Advances outstanding under
           ------------
the Revolving Loan at any time exceeds the Borrowing Base as the result of a
decline in the Borrowing Base or for any other reason whatsoever (the amount of
such excess being herein referred to as an "Overadvance"), then Borrower shall
pay to Lender an amount equal to such Overadvance within seven (7) Business Days
after notice from Lender of such Overadvance.  Until so paid, any Overadvance
shall bear interest as provided in the Revolving Note and shall constitute
Obligations which are secured by the Collateral pursuant the Security Documents.

     2.4   Funding of Advances.  To obtain an Advance, Borrower may from time to
           -------------------
time deliver to Lender a written request for an Advance (an "Advance Request").
In each Advance Request, Borrower shall specify the amount and intended use of
the requested Advance and the date that the requested Advance is to be made
(which date shall be at least five (5) Business Days after Lender's receipt of
the Advance Request).  Each Advance shall be accompanied by an Officer's
Certificate certifying that (i) Borrower has complied with and is in compliance
with all terms, covenants, and conditions of this Loan Agreement and the other
Loan Documents, (ii) no  Default or Event of Default exists or, if such is not
the case, that one or more specified Defaults or Events of Default have
occurred, and (iii) the representations and warranties contained in this Loan
Agreement are true with the same effect as though made on the date of such
Officer's Certificate.  Each Advance shall be in the minimum amount of
$2,000,000.00.  If all conditions precedent to such Advance contained in Article
Three hereof are satisfied, Lender shall make the requested Advance by
depositing the proceeds thereof into the Loan Account.  Each Advance shall be
made at the main office of Lender in Birmingham, Alabama (or such other place as
Lender may designate), and Lender not be obligated to make more an one (1)
Advance per calendar month during the Commitment Period.  Each submission by
Borrower to Lender of an Advance Request (whether or not such Advance Request
complies with the provisions of this Section) shall constitute Borrower's
representation and warranty to Lender that all conditions to the Advance set
forth in this Loan Agreement are satisfied.  The provisions of this Section are
solely for the benefit of Lender.  Lender may, at its election, make one or more
Advances to Borrower upon written or oral disbursement requests not complying
with the requirements of this Section, and all such Advances shall, in the
absence of bad faith by Lender, conclusively be deemed to be within the
Obligations to the same extent as if they were made in strict compliance with
the requirements of this Section.

     2.5   Interest Rate and Repayment Terms.  Interest shall accrue of the
           ---------------------------------
principal amount outstanding under the Revolving Loan at the rate(s), and
calculated by the method, set forth in the Revolving Note.  Accrued interest
shall be paid monthly on the dates set forth in the Note.   Unless payment is
required to be made earlier under the terms of the Note or this Loan Agreement
following the occurrence of an Event of Default, Borrower shall pay the entire
principal amount outstanding under the Revolving Loan, together with all accrued
but unpaid interest and other agreed charges, in full on the Maturity Date.

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                                               Revolving Loan Agreement - Page 8
                                                  Wells Operating Partnership LP
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     2.6  Commitment Fee.  Borrower shall pay to Lender a commitment fee in the
          --------------
amount of $33,357.00 (the "Commitment Fee"), which Commitment Fee (i) shall be
deemed fully earned at the closing of the transactions contemplated hereby, (ii)
shall be paid at the time of the initial Advance under the Loan, and (iii) shall
not be subject to refund or rebate under any circumstance whatsoever.  The
Commitment Fee is intended to compensate Lender for the costs associated with
the origination, structuring, processing, approving, and closing of the
transactions contemplated by this Loan Agreement, including, but not limited to,
administrative and general overhead, but not including any out-of-pocket or
other expenses for which Borrower has agreed to reimburse Lender pursuant to any
other provisions of this Loan Agreement or any of the Loan Documents.

     2.7  Advance Fee.  Concurrently with the making of any Advance by Lender to
          -----------
Borrower, Borrower shall pay to Lender a fee in the amount equal to 0.125% of
the Advance amount (each an "Advance Fee").  Each Advance Fee (i) shall be
deemed fully earned at the time the Advance is made  and (ii) shall not be
subject to refund or rebate under any circumstance whatsoever.  The Advance Fee
is intended to compensate Lender for the costs associated with the
administration, processing, and closing of each Advance, including, but not
limited to, administrative and general overhead, but not including any out-of-
pocket or other expenses for which Borrower has agreed to reimburse Lender
pursuant to any other provisions of this Loan Agreement or any of the Loan
Documents.

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                                               Revolving Loan Agreement - Page 9
                                                  Wells Operating Partnership LP
<PAGE>

                     ARTICLE THREE - CONDITIONS PRECEDENT

     3.1  General Conditions Precedent.  The obligations of Lender under this
          ----------------------------
Loan Agreement to close the Revolving Loan, to make the initial Advance
hereunder, and to add any Property to the Collateral Pool (and to include such
Property in the determination of the Borrowing Base) are subject to the
satisfaction of the following conditions precedent:

          3.1.1   Execution of Loan Documents.  Execution, delivery,
                  ---------------------------
     and, when appropriate, recording or filing of this Loan
     Agreement, the Note, the Guaranty Agreement, the Security
     Documents, and all other Loan Documents, all in form and content
     satisfactory to Lender.

          3.1.2   Delivery of Advance Request.  Receipt by Lender of
                  ---------------------------
     an Advance Request with respect to the initial Advance.

          3.1.3   Payment of Commitment Fee and Advance Fee.  With
                  -----------------------------------------
     respect to the closing of the Revolving Loan and the making of
     the initial Advance, payment by Borrower of the Commitment Fee
     and the Advance Fee applicable to the initial Advance.

          3.1.4   Payment of Expenses.  The payment or reimbursement
                  -------------------
     by Borrower of all expenses incurred by or due to Lender in
     connection with the Revolving Loan, the Loan Documents, and the
     addition of the Property to the Collateral Pool, including, but
     not limited to, tax service monitoring fees, fees and taxes on
     the Security Documents (including recording taxes), title
     insurance premiums, and fees and expenses of Lender's counsel.

          3.1.5   Proceedings.  Receipt by Lender of certified copies
                  -----------
     of the organizational documents for Borrower, together with
     evidence that Borrower is qualified, registered, and in good
     standing in the state of its organization or formation and in the
     state where the Property is located (or evidence satisfactory to
     Lender and its counsel that such qualification and registration
     is not required under Legal Requirements), and certified
     resolutions of the governing body of Borrower authorizing the
     Loan, the execution and delivery of the Loan Documents, the
     addition of the Property to the Collateral Pool, and the
     consummation or undertaking of all Obligations.

          3.1.6   Legal Opinions.  Receipt by Lender's counsel of an
                  --------------
     opinion of counsel for Borrower Parties in form and substance
     satisfactory to Lender's counsel.

          3.1.7   Other Matters. Such additional legal opinions,
                  -------------
     certificates, proceedings, instruments, and other documents
     required under the terms of the Commitment or as Lender or its
     counsel may reasonably request to evidence (i) compliance by
     Borrower with Legal Requirements, (ii) the truth and accuracy, as
     of the date of this Loan Agreement, of the representations and
     warranties of Borrower contained herein, and (iii) the due
     performance or satisfaction by Borrower, at or prior to the date
     hereof, of all agreements required to be performed and all
     conditions required to be satisfied by Borrower pursuant hereto.

     3.2  Further Conditions Precedent to Addition of Properties to Collateral
          --------------------------------------------------------------------
Pool.  In addition to the conditions precedent set forth in Section 3.1 above,
----
no Property shall be added to the Collateral Pool, nor shall any Property be
included for purposes of determining the Borrowing Base, unless and until the
following conditions precedent have been satisfied with respect to such
Property:

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 10
                                                  Wells Operating Partnership LP
<PAGE>

          3.2.1  Survey.  Receipt by Lender of a current survey of the
                 ------
      Property prepared by a registered land surveyor in accordance with
      Lender's standard survey memorandum and including the certification
      of the surveyor as to whether the Property or any portion thereof is
      within or without a special flood hazard area according to a FIA
      flood hazard boundary map issued by the Department of Housing and
      Urban Development Federal Insurance Administration.

          3.2.2  Title Insurance.  Receipt by Lender of a paid title
                 ---------------
     insurance policy issued by the Title Company in form and content
     acceptable to Lender, which insures that Lender holds a valid first
     lien and security interest in the Mortgaged Property pursuant to the
     Security Instrument, free and clear of all defects and encumbrances
     except the Permitted Encumbrances and such other matters as Lender
     might approve in its discretion, and containing (i) full coverage
     against liens of mechanics, materialman, laborers, and any other
     parties who might claim statutory or common law liens, (ii) no other
     "standard exceptions" to coverage, including survey exceptions, other
     than those approved by Lender, (iii) a "tie in" endorsement in form
     and substance satisfactory to counsel for Lender, and (iv) any
     additional endorsements reasonably required by Lender.

          3.2.3  Lien Search.  Receipt by Lender of a certification from
                 -----------
     the Title Company or an attorney acceptable to Lender (which shall
     be updated from time to time at Borrower's expense upon request by
     Lender) that a search of the public records disclosed no
     conditional sales contract, chattel mortgages, leases of
     personalty, financing statements, title retention agreements, tax
     liens, or judgment liens that affects the Property, except those in
     favor of Lender.

          3.2.4  Appraisal.  Receipt by Lender of an appraisal of the
                 ---------
     Property prepared in conformity with Lender's standard
     requirements.

          3.2.5  Environmental Assessment.  Receipt by Lender of an
                 ------------------------
     environmental site assessment of the Property prepared in
     conformity with Lender's standard guidelines and otherwise
     acceptable to Lender in all respects.

          3.2.6  Operating Statements and Rent Roll.  Receipt by Lender
                 ----------------------------------
     of current Operating Statements and Rent Rolls for the Property,
     certified as true and correct by the chief financial officer of
     Borrower, which shall be in form and content acceptable to Lender
     and are sufficient for Lender to determine the Net Operating Income
     for the Property for the Trailing 12 Month Period.

          3.2.7  Insurance.  Receipt by Lender of suitable policies of
                 ---------
     insurance against fire and other hazards in accordance with
     applicable requirements of this Loan Agreement, the Security
     Documents, any Major Lease, and Legal Requirements.

          3.2.8  Access and Utilities.  Receipt by Lender of evidence
                 --------------------
     satisfactory to Lender as to (i) the methods of access to and
     egress from the Property and nearby or adjoining public ways,
     meeting the reasonable requirements of projects that are similar to
     the Property and the status of completion of any required
     improvements to such access, (ii) the availability of storm and
     sanitary sewer facilities meeting the reasonable requirements of
     the Property, and (iii) the availability of all other required
     utilities, in location and capacity sufficient to meet the
     reasonable needs of the Property.

          3.2.9  Legal Requirements.  Receipt by Lender of evidence
                 ------------------
     satisfactory to Lender as to the compliance of the Property with
     Legal Requirements.

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 11
                                                  Wells Operating Partnership LP
<PAGE>

          3.2.10  Leases.  Receipt by Lender of a certified copy of all
                  ------
     Leases in effect with respect to the Property, containing terms and
     conditions that are acceptable to Lender in its discretion,
     together with such supplementary agreements from Tenants as Lender
     might request, including an estoppel letter and a subordination and
     attornment agreement in form and substance satisfactory to Lender.

          3.2.11  Management Agreement.  Receipt by Lender of the
                  --------------------
     Management Agreement, together with a subordination agreement, in
     form satisfactory to Lender, pursuant to which the Manager's rights
     under the Management Agreement are subordinated to the rights of
     Lender pursuant to the Loan Documents and addressing such other
     matters as Lender may request.

          3.2.12  Accuracy of Representations and Warranties.  All
                  ------------------------------------------
     representations and warranties of Borrower contained in this Loan
     Agreement or in the other Loan Documents pertaining to the Property
     (other than those representations and warranties which are, by
     their terms, expressly limited to the date made or given) shall be
     true and correct in all material respects as of the Collateral
     Addition Date with the same effect as those such representations
     and warranties had been made on and as of the date of such
     Collateral Addition Date, and Lender shall have received an
     Officer's Certificate dated as of the Collateral Additional Date
     from Borrower certifying to the foregoing matters.

          3.2.13  Other Matters. Such additional legal opinions,
                  -------------
     certificates, proceedings, instruments, and other documents as
     Lender or its counsel may reasonably request to evidence (i)
     compliance of the Property with Legal Requirements, (ii) the truth
     and accuracy, as of the Closing Date of the representations and
     warranties of Borrower contained herein, and (iii) the due
     performance or satisfaction by Borrower, at or prior to the Closing
     Date, of all agreements required to be performed and all conditions
     required to be satisfied by Borrower pursuant hereto.

     3.3  Conditions Precedent to Future Advances.  The obligation of Lender to
          ---------------------------------------
make any Advance after the initial Advance hereunder is subject to the
performance by Borrower of its Obligations to be performed hereunder at or prior
to the disbursement of such Advance and to the satisfaction of the following
conditions at the time of (and after giving effect to) the making of such
Advance:

          3.3.1   No Default.  After giving effect to the Advance to be
                  ----------
     made, no Default or Event of Default has occurred or will occur as
     of the date of such Advance.

          3.3.2   Accuracy of Representations and Warranties.  All
                  ------------------------------------------
     representations and warranties of Borrower contained in this Loan
     Agreement or in the other Loan Documents (other than those
     representations and warranties which are, by their terms, expressly
     limited to the date made or given) shall be true and correct in all
     material respects with the same effect as those such
     representations and warranties had been made on and as of the date
     of such Advance.

          3.3.3   No Adverse Proceedings.  No action or proceeding have
                  ----------------------
     been instituted or be pending before any court or other
     Governmental Authority or, to the knowledge of Borrower,
     threatened, which reasonably could be expected to have a Material
     Adverse Effect or the intended or actual use, occupancy, or
     operation of the Properties.

          3.3.4   No Violations.  The Advance to be made and the use
                  -------------
     thereof shall not contravene, violate, or conflict with, or involve
     Lender in any violation of, any Legal Requirement.

     3.4  No Waiver.  If Lender, at its option, elects to make one or more
          ---------
Advances prior to receipt and approval of all items required by this Article
Three, such election shall not obligate Lender to make any subsequent Advance
________________________________________________________________________________
                                              Revolving Loan Agreement - Page 12
                                                 Wells Operating Partnership LP
<PAGE>

requested by Borrower.  The closing of the Revolving Loan and execution of this
Loan Agreement shall not be construed as approval by Lender of items submitted
prior to closing or as a waiver of the right to require other items required by
this Loan Agreement or corrections or additional items that might be necessary
to Lender upon Lender's review of any items received after closing.

                 ARTICLE FOUR - REPRESENTATIONS AND WARRANTIES

     4.1  Representations and Warranties Regarding Borrower Parties.  Borrower
          ---------------------------------------------------------
represents and warrants to Lender that:

          4.1.1  Due Organization and Qualification. Borrower is a
                 ----------------------------------
     limited partnership duly organized, validly existing, and in good
     standing under the laws of the state of its formation as set forth
     in the heading of this Loan Agreement and is qualified to transact
     business and is in good standing in each state in which the
     Properties are located and in each other jurisdiction where the
     failure to be so qualified and to be in good standing would
     adversely affect the conduct of its business or the validity of,
     the enforceability of, or the ability of Borrower to perform, the
     Obligations.

          4.1.2  Power and Authority.  Borrower has the requisite power
                 -------------------
     and authority to (i) to own the its properties and to carry on its
     business as now conducted and as contemplated to be conducted in
     connection with the performance of the Obligations hereunder and
     under the other Loan Documents and (ii) to execute and deliver this
     Loan Agreement and the other Loan Documents, to incur and perform
     the Obligations, and to carry out the transactions contemplated by
     this Loan Agreement and the other Loan Documents.

          4.1.3  Due Authorization.  The execution, delivery, and
                 -----------------
     performance of this Loan Agreement and the other Loan Documents
     have been duly authorized by all necessary action and proceedings
     by or on behalf of Borrower, and no further approvals or filings of
     any kind, including any approval of or filing with any Governmental
     Authority, are required by or on behalf of Borrower as a condition
     to the valid execution, delivery, and performance by Borrower of
     this Loan Agreement and the other Loan Documents.

          4.1.4  Enforceability.  This Loan Agreement and each of the
                 --------------
     other Loan Documents have been duly authorized, executed, and
     delivered by Borrower and constitute the legal, valid, and binding
     obligation of Borrower, enforceable against Borrower in accordance
     with their respective terms, except as such enforceability may be
     affected by applicable conservatorship, bankruptcy, insolvency,
     reorganization, moratorium, or similar laws affecting the
     enforcement of creditors' rights generally. This Loan Agreement and
     the other Loan Documents are not subject to any right of
     rescission, set-off, counterclaim, or defense by Borrower,
     including the defense of usury, and Borrower has not asserted any
     right of rescission, set-off, counterclaim, or defense with respect
     thereto.

          4.1.5  No Conflicts.  Neither the execution and delivery of
                 ------------
     this Loan Agreement and the other Loan Documents, nor the
     fulfillment of or compliance with the terms and conditions of this
     Loan Agreement and the other Loan Documents, nor the performance of
     the Obligations (i) conflicts with or result in (or will conflict
     with or result in) any breach or violation of any Legal Requirement
     enacted or issued by any Governmental Authority or other agency
     having jurisdiction over Borrower or any of the Properties, or any
     judgment or order applicable to Borrower, or to which Borrower or
     any of the Properties is subject; (ii) conflicts with or result in
     (or will conflict with or result in) any material breach or
     violation of, or constitute a default under, any of the terms,
     conditions, or provisions of Borrower's

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 13
                                                  Wells Operating Partnership LP
<PAGE>

     organizational documents, any indenture, existing agreement, or other
     instrument to which Borrower is a party, or to which Borrower or any
     of the Properties is subject; (iii) results in or requires (or will
     result in or require) the creation of any lien on all or any of the
     Properties, except for the Permitted Encumbrances; or (iv) requires
     (or will require) the consent or approval of any creditor of Borrower,
     any Governmental Authority, or any other Person except such consents
     or approvals that have already been obtained.

          4.1.6  Pending Litigation or other Proceedings.  There is no
                 ---------------------------------------
     pending or, to the best knowledge of Borrower, threatened action,
     suit, proceeding, or investigation, at law or in equity, before any
     court, board, body, or official of any Governmental Authority or
     arbitrator against or affecting any of the Properties or any other
     portion of the Collateral or other assets of Borrower, which, if
     decided adversely to Borrower, would have, or may reasonably be
     expected to have, a Material Adverse Effect. Borrower is not in
     default with respect to any order of any Governmental Authority.

          4.1.7  Solvency.  Borrower is not insolvent and will not be
                 --------
     rendered insolvent by the transactions contemplated by this Loan
     Agreement or the other Loan Documents, and after giving effect to such
     transactions, Borrower will not be left with an unreasonably small
     amount of capital with which to engage in its business or
     undertakings, nor will Borrower have incurred, have intended to incur,
     or believe that it has incurred, debts beyond its ability to pay such
     debts as they mature. Borrower did not receive less than a reasonably
     equivalent value in exchange for incurrence of the Obligations. There
     (i) is no contemplated, pending or, to the best of Borrower's
     knowledge, threatened bankruptcy, reorganization, receivership,
     insolvency, or like proceeding, whether voluntary or involuntary,
     affecting any Borrower Party or any of the Properties and (ii) has
     been no assertion or exercise of jurisdiction over any Borrower Party
     or any of the Properties by any court empowered to exercise bankruptcy
     powers.

          4.1.8  No Contractual Defaults.  There are no defaults by
                 -----------------------
     Borrower or, to the knowledge of Borrower, by any other Person under
     any contract to which Borrower is a party relating to any of the
     Properties, including any management, rental, service, supply,
     security, maintenance, or similar contract, other than defaults which
     do not permit the non-defaulting party to terminate the contract and
     which do not have, and are not reasonably be expected to have, a
     Material Adverse Effect. Neither Borrower nor, to the knowledge of
     Borrower, any other Person, has received notice or has any knowledge
     of any existing circumstances in respect of which it could receive any
     notice of default or breach in respect of any contracts affecting or
     concerning any of the Properties.

          4.1.9  Compliance with the Loan Documents.  Borrower is in
                 ----------------------------------
     compliance with all provisions of the Loan Documents to which it is a
     party or by which it is bound. The representations and warranties made
     by Borrower in the Loan Documents are true, complete and correct and
     do not contain any untrue statement of material fact or omit to state
     a material fact required to be stated therein or necessary in order to
     make the statements made therein, in light of the circumstances under
     which they were made, not misleading.

          4.1.10 Non-Foreign Person.  Borrower is not a "foreign person"
                 ------------------
     within the meaning of (S) 1445(f)(3) of the Internal Revenue Code.

          4.1.11 ERISA.  Neither Borrower nor Wells REIT has established
                 -----
     and is a party to an "employee benefit plan" within the meaning of
     Section 3(3) of Employee Retirement Income Security Act of 1974, as
     amended from time to time ("ERISA"), or any other option or deferred
     compensation plan or contract for the benefit of its employees or
     officers, pension, profit sharing or retirement plan,

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 14
                                                  Wells Operating Partnership LP
<PAGE>

     redemption agreement, or any other agreement or arrangement with any
     officer, director or owner, members of their families, or trusts for
     their benefit, and the assets of Borrower do not and shall not
     constitute "plan assets" of one more such plans for purposes of ERISA.

          4.1.12  Ownership.  The ownership of all interests in Borrower
                  ---------
     have been accurately disclosed to Lender in writing. Except for
     warrants that have been issued to some of the directors of Wells REIT,
     there are no outstanding warrants, options, or rights to purchase any
     ownership interests of Borrower, nor does any Person have a Lien upon
     any of the ownership interests of Borrower.

          4.1.13  Investment Company Act.  Borrower is not (i) an
                  ----------------------
     "investment company" or a company "controlled" by an "investment
     company," within the meaning of the Investment Company Act of 1940, as
     amended, (ii) a "holding company" or a "subsidiary company" of a
     "holding company" or an "affiliate" of either a "holding company" or a
     "subsidiary company" within the meaning of the Public Utility Holding
     Company Act of 1935, as amended, or (iii) subject to any other federal
     or state law or regulation that purports to restrict or regulate its
     ability to borrow money.

          4.1.14  Financial Information.  The financial projections
                  ---------------------
     relating to Borrower and delivered to the Lender on or prior to the
     date hereof, if any, were prepared on the basis of assumptions
     believed by Borrower, in good faith at the time of preparation, to be
     reasonable, and Borrower is not aware of any fact or information that
     would lead it to believe that such assumptions are incorrect or
     misleading in any material respect; provided, however, that no
     representation or warranty is made that any result set forth in such
     financial projections shall be achieved. The financial statements of
     Borrower and any Rent Roll for the Properties which have been
     furnished to Lender are complete and accurate in all material respects
     and present fairly the financial condition of Borrower and the leasing
     status of the Properties, and there are no liabilities, direct or
     indirect, fixed or contingent, as of the respective dates of such
     financial statements which are not reflected therein or in the notes
     thereto or in a written certificate delivered with such statements.
     The financial statements of Borrower have been prepared in accordance
     with GAAP. Since the date of the most recent of such financial
     statements, no event has occurred which would have, or may reasonably
     be expected to have, a Material Adverse Effect, and there has not been
     any material transaction entered into by Borrower other than
     transactions in the ordinary course of business. Borrower has filed
     all federal, state, and local tax returns that are required to be
     filed and has paid, or made adequate provision for the payment of, all
     taxes that have or may become due pursuant to such returns or to
     assessments received by Borrower.

          4.1.15  Accuracy of Information.  No information, statement, or
                  -----------------------
     report furnished in writing to Lender by Borrower in connection with
     this Loan Agreement or any other Loan Document, or in connection with
     the consummation of the transactions contemplated hereby and thereby,
     contains any material misstatement of fact or omits to state a
     material fact necessary to make the statements contained therein, in
     light of the circumstances under which they were made, not misleading.

          4.1.16  No Conflicts of Interest.  To the best knowledge of
                  ------------------------
     Borrower, no officer, agent, or employee of Lender has been or is in
     any manner interested, directly or indirectly, in that Person's own
     name, or in the name of any other Person, in the Loan Documents,
     Borrower, or any of the Properties, in any contract for property or
     materials to be furnished or used in connection with the Property, or
     in any aspect of the transactions contemplated by the Loan Documents.

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 15
                                                  Wells Operating Partnership LP
<PAGE>

          4.1.17  No Reliance.  Borrower acknowledges, represents, and
                  -----------
     warrants that it understands the nature and structure of the
     transactions contemplated by this Loan Agreement and the other Loan
     Documents, that it is familiar with the provisions of all of the
     documents and instruments relating to such transactions, that it
     understands the risks inherent in such transactions, including the
     risk of loss of the Collateral or a part thereof, and that it has not
     relied on Lender for any guidance or expertise in analyzing the
     financial or other consequences of the transactions contemplated by
     this Loan Agreement or any other Loan Document or otherwise relied on
     Lender in any manner in connection with interpreting, entering into,
     or otherwise in connection with this Loan Agreement, any other Loan
     Document, or any of the matters contemplated hereby or thereby.

          4.1.18  Contracts with Affiliates.  Except as otherwise approved
                  -------------------------
     in writing by Lender, Borrower has not entered into and is not a party
     to any contract, lease, or other agreement with any Affiliate of
     Borrower for the provision of any service, materials, or supplies to
     the Property (including any contract, lease, or agreement for the
     provision of property management services (other than the Management
     Agreement), cable television services or equipment, gas, electric or
     other utilities, security services or equipment, laundry services or
     equipment or telephone services or equipment).

          4.1.19  Lines of Business.  Borrower is not engaged in any
                  -----------------
     businesses other than the acquisition, ownership, development,
     construction, leasing, financing, or management of commercial
     properties, and the conduct of these businesses does not violate the
     organizational documents pursuant to which it is formed.

     4.2  Representations and Warranties Regarding Properties.  Borrower
          ---------------------------------------------------
represents and warrants to Lender that, as of the Closing Date with respect to
each Property included in the Collateral Pool as of the Closing Date, and as of
the Collateral Addition Date with respect to each Property added to the
Collateral Pool subsequent to the Closing Date:

          4.2.1   Title.  Borrower has good, valid, marketable, and
                  -----
     indefeasible title to the Property, free and clear of all liens
     whatsoever except the Permitted Encumbrances. The Security Instrument,
     if and when properly recorded in the appropriate records, together
     with any Uniform Commercial Code financing statements required to be
     filed in connection therewith, will create a valid, perfected first
     lien on the Collateral intended to be encumbered thereby (including
     the Leases and the rents and all rights to collect rents under such
     Leases), subject only to Permitted Encumbrances. Except for any
     Permitted Encumbrances, there are no lens or claims for work, labor,or
     materials affecting the Property that are or may be prior to,
     subordinate to, or of equal priority with, the liens created by the
     Loan Documents. The Permitted Encumbrances do not have, and may not
     reasonably be expected to have, a Material Adverse Effect.

          4.2.2   Impositions.  Borrower has filed all property and similar
                  -----------
     tax returns required to have been filed by it with respect to the
     Property and has paid and discharged, or caused to be paid and
     discharged, all installments for the payment of all taxes due to date,
     and all other material Impositions imposed against, affecting, or
     relating to the Property other than those which have not become due,
     together with any fine, penalty, interest, or cost for nonpayment
     pursuant to such returns or pursuant to any assessment received by it.
     Borrower has no knowledge of any new proposed tax, levy, or other
     governmental or private assessment or charge in respect of the
     Property which has not been disclosed in writing to Lender.

          4.2.3   Zoning.  The Property complies in all material respects
                  ------
     with all Legal Requirements. Without limiting the foregoing, all
     material Permits, including certificates of occupancy, have been
     issued and are in full force and effect. Neither Borrower nor, to the
     knowledge of Borrower, any former

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 16
                                                  Wells Operating Partnership LP
<PAGE>

     owner of the Property, has received any written notification or threat
     of any actions or proceedings regarding the noncompliance or
     nonconformity of the Property with any Legal Requirements, nor is
     Borrower otherwise aware of any such pending actions or proceedings.

          4.2.4  Leases.  The Leases described in Exhibit A attached hereto
                 ------
     are the only Leases in effect with respect to the Property. Borrower
     has delivered to Lender a true and correct copy of all such Leases,
     and such Leases have not been modified, altered, or amended and
     constitute the complete agreement among the parties named therein with
     respect to the subject matter thereof.

          4.2.5  Status of Landlord under Leases.  Except for any
                 -------------------------------
     assignment of leases and rents which is a Permitted Lien or which is
     to be released in connection with the consummation of the transactions
     contemplated by this Loan Agreement, Borrower is the owner and holder
     of the landlord's interest under each of the Leases, and there are no
     prior outstanding assignments of any such Lease, or any portion of the
     rents, additional rents, charges, issues or profits due and payable or
     to become due and payable thereunder.

          4.2.6  Enforceability of Leases.  Each Lease constitutes the
                 ------------------------
     legal, valid, and binding obligation of Borrower and, to the knowledge
     of Borrower, of each of the other parties thereto, enforceable in
     accordance with its terms, subject only to bankruptcy, insolvency,
     reorganization or other similar laws relating to creditors' rights
     generally, and equitable principles, and except as disclosed in
     writing to Lender, no notice of any default by Borrower which remains
     uncured has been sent by any tenant under any such Lease, other than
     defaults which do not have, and are not reasonably expected to have, a
     Material Adverse Effect on the Project.

          4.2.7  No Lease Options.  All premises demised to Tenants under
                 ----------------
     Leases are occupied by such Tenants as tenants only. Except as
     otherwise provided in the Leases, no Lease contains any option or
     right to purchase, right of first refusal, or any other similar
     provisions. No option or right to purchase, right of first refusal,
     purchase contract, or similar right exists with respect to the
     Property, except as set forth in the Lease.

          4.2.8  Insurance.  Borrower has delivered to Lender true and
                 ---------
     correct certified copies of all insurance policies currently in effect
     with respect to the Property. Each such insurance policy complies in
     all material respects with the requirements set forth in the Loan
     Documents.

          4.2.9  Tax Parcels.  The Property is on one or more separate tax
                 -----------
     parcels, and each such parcel (or parcels) is (or are) separate and
     apart from any other property.

          4.2.11 Encroachments.  Except as disclosed on the survey
                 -------------
     delivered to Lender with respect to the Property, none of the
     Improvements encroaches upon the property of any other Person or upon
     any easement encumbering the Property nor lies outside of the
     boundaries and building restriction lines of the Property, and no
     improvement located on property adjoining the Property lies within the
     boundaries of or in any way encroaches upon the Property.

          4.2.12 Independent Unit.  Except for Permitted Encumbrances or as
                 ----------------
     disclosed in the title insurance policy or survey for the Property
     delivered to Lender, the Property is an independent unit that does not
     rely on any drainage, sewer, access, parking, structural, or other
     facilities located on any property not included in either the Property
     or on public or utility easements for the (i) fulfillment of any
     zoning, building code, or other requirement of any Governmental
     Authority that has jurisdiction over the Property, (ii) structural
     support, or (iii) the fulfillment of the requirements of any Lease or
     other

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 17
                                                  Wells Operating Partnership LP
<PAGE>

     agreement affecting such Property. Borrower, directly or indirectly,
     has the right to use all amenities, easements, public or private
     utilities, parking, access routes, or other items necessary or
     currently used for the operation of the Property. All public utilities
     are installed and operating at the Property, and all billed
     installation and connection charges have been paid in full. The
     Property is either (x) contiguous to or (y) benefits from an
     irrevocable unsubordinated easement permitting access from the
     Property to a physically open, dedicated public street, and has all
     necessary permits for ingress and egress and is adequately serviced by
     public water, sewer systems, and utilities. No building or other
     improvement not located on the Property relies on any part of the
     Property to fulfill any zoning requirements, building code, or other
     requirement of any Governmental Authority that has jurisdiction over
     the Property for structural support or to furnish to such building or
     improvement any essential building systems or utilities.

          4.2.13  Condition of the Property.  Except as disclosed in any
                  -------------------------
     third party report delivered to Lender or otherwise disclosed in
     writing by Borrower to Lender prior to the Closing Date, the Property
     is in good condition, order, and repair, there exist no structural or
     other material defects in the Property (whether patent or, to the best
     knowledge of Borrower, latent or otherwise), and Borrower has not
     received notice from any insurance company or bonding company of any
     defects or inadequacies in the Property, or any part of it, which
     would adversely affect the insurability of the Property or cause the
     imposition of extraordinary premiums or charges for insurance, or of
     any termination or threatened termination of any policy of insurance
     or bond. No claims have been made against any contractor, architect,
     or other party with respect to the condition of the Property or the
     existence of any structural or other material defect therein. The
     Property has not been materially damaged by casualty which has not
     been fully repaired or for which insurance proceeds have not been
     received or are not expected to be received except as previously
     disclosed in writing to Lender. No proceedings are pending or, to the
     best of Borrower's knowledge, threatened to acquire by power of
     condemnation or eminent domain any portion of the Property, or any
     interest therein, or to enjoin or similarly prevent the use of the
     Property.

     4.3  Continuing Effectiveness.  Borrower acknowledges and agrees that
          ------------------------
Lender has materially relied upon the representations and warranties set forth
in this Article.  All representations and warranties contained herein shall
continue in effect at all times while any Obligations remain outstanding and
shall be incorporated by reference in each Request submitted by Borrower, unless
Borrower specifically notifies Lender of any change therein.

                           ARTICLE FIVE - COVENANTS

     5.1  Covenants Pertaining To Borrower Generally.  Borrower covenants and
          ------------------------------------------
agrees that, from the date of this Loan Agreement and so long as the Obligations
remain outstanding, Borrower shall comply with, perform, and observe at all
times the following covenants:

          5.1.1  Maintain Existence.  Borrower shall maintain its existence
                 ------------------
     as a limited partnership in good standing under the laws of the state
     of its formation. Borrower Party shall continue to be duly qualified
     to do business in each jurisdiction in which such qualification is
     necessary to the conduct of its business and where the failure to be
     so qualified would adversely affect the validity of, the
     enforceability of, or the ability to perform, its obligations under
     this Loan Agreement or any other Loan Document and its qualification
     to conduct business in the state in which the Property is located.
     Borrower shall permit no amendment or modification of, in any material
     respect, the organizational documents of Borrower without obtaining
     the prior written consent of Lender, which consent shall not

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 18
                                                  Wells Operating Partnership LP
<PAGE>

     be unreasonably withheld or delayed. Borrower shall not dissolve or
     liquidate in whole or in part, or merge or consolidate with any
     Person. Borrower shall not change the location of its chief executive
     office without first giving Lender at least thirty (30) days prior
     written notice thereof and promptly providing Lender such information
     as Lender may request in connection therewith.

          5.1.2  Operation and Separateness.  Borrower shall (i) engage in
                 --------------------------
     no business or activity other than the ownership, management, and
     operation of the Properties and commercial properties, (ii) enter into
     no contract or agreement with any Affiliate except upon terms and
     conditions that are intrinsically fair and substantially similar to
     those that would be available on an arms-length basis with third
     parties other than such Affiliate, (iii) make no loan or advance to
     any Person (including any Affiliate), (iv) hold itself out to the
     public as a legal entity separate and distinct from any other Person
     (including any Affiliate), (v) maintain adequate capital for the
     normal obligations reasonably foreseeable in a business of its size
     and character and in light of its contemplated business operations,
     and (vi) maintain its assets in such a manner that it shall not be
     costly or difficult to segregate, ascertain, or identify its
     individual assets from those of any Affiliate or any other Person.

          5.1.3  Books and Records.  Borrower shall keep and maintain at
                 -----------------
     all times complete and accurate books of accounts and records in
     sufficient detail to correctly reflect all of Borrower's financial
     transactions and assets and the results of the operation of the
     Properties, which books and records shall reflect the consistent
     application of accepted accounting methods, and copies of all written
     contracts, Leases and other instruments which affect the Properties
     (including all bills, invoices and contracts for electrical service,
     gas service, water and sewer service, waste management service,
     telephone service and management services). Borrower shall make such
     books and records available at reasonable times for inspection and
     copying by Lender or its agent. Borrower shall not change its methods
     of accounting without the prior written consent of Lender.

          5.1.4  Reports and Notices.  Borrower shall promptly inform
                 -------------------
     Lender in writing of any of the following (and shall deliver to the
     Lender copies of any related written communications, complaints,
     orders, judgments and other documents relating to the following) of
     which Borrower has actual knowledge: (a) The occurrence of any Default
     or Event of Default under this Loan Agreement or any other Loan
     Document; (b) the commencement or threat of, or amendment to, any
     proceedings by or against Borrower in any federal, state, or local
     court or before any Governmental Authority, or before any arbitrator,
     which, if adversely determined, would have, or at the time of
     determination may reasonably be expected to have, a Material Adverse
     Effect; (c) the commencement or threat of any condemnation or similar
     proceedings with respect to any Property or of any proceeding seeking
     to enjoin the intended use of any Property or any portion thereof; (d)
     the occurrence of any material change in Legal Requirements; (e) the
     commencement of any proceedings by or against Borrower under any
     applicable bankruptcy, reorganization, liquidation, insolvency, or
     other similar law now or hereafter in effect or of any proceeding in
     which a receiver, liquidator, trustee, or other similar official is
     sought to be appointed for it; (f) the receipt of notice from any
     Governmental Authority having jurisdiction over Borrower that (i)
     Borrower is being placed under regulatory supervision, (ii) any
     license, Permit, charter, membership, or registration material to the
     conduct of Borrower's business or any Property is to be suspended or
     revoked, or (iii) Borrower is to cease and desist any practice,
     procedure, or policy employed by Borrower, as the case may be, in the
     conduct of its business, and such cessation would have, or may
     reasonably be expected to have, a Material Adverse Effect; and (g) the
     occurrence of any act, omission, change, or event which has a Material
     Adverse Effect.

          5.1.5  Future Financial and Operating Statements.  Borrower shall
                 -----------------------------------------
     furnish or cause to be furnish to Lender within the time periods
     specified, the following financial reports and information:

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 19
                                                  Wells Operating Partnership LP
<PAGE>

               (a)  Annual Financial Statements.  As soon as available, and in
                    ---------------------------
          any event within ninety (90) days after the close of its fiscal year,
          the audited consolidated balance sheet of Wells REIT and Borrower as
          of the end of such fiscal year, the audited consolidated statement of
          income, equity and retained earnings of Wells REIT and Borrower for
          such fiscal year, and the audited consolidated statement of cash flows
          of Wells REIT and Borrower for such fiscal year, all in reasonable
          detail and stating in comparative form the respective figures for the
          corresponding date and period in the prior fiscal year, prepared in
          accordance with GAAP, consistently applied, and accompanied by a
          certificate of Wells REIT's independent certified public accountants
          to the effect that such financial statements have been prepared in
          accordance with GAAP, consistently applied, and that such financial
          statements fairly present the results of its operations and financial
          condition for the periods and dates indicated, with such certification
          to be free of exceptions and qualifications as to the scope of the
          audit or as to the going concern nature of the business.

               (b)  Quarterly Financial Statements. As soon as avail-able,
                    ------------------------------
          and in any event within forty-five (45) days after each of the
          first three fiscal quarters of each fiscal year, the unaudited
          consolidated balance sheet of Wells REIT and Borrower as of the
          end of such fiscal quarter, the unaudited consolidated statement
          of income and retained earnings of Wells REIT and Borrower, and
          the unaudited consolidated statement of cash flows of Wells REIT
          and Borrower for the portion of the fiscal year ended with the
          last day of such quarter, all in reasonable detail and stating in
          comparative form the respective figures for the corresponding
          date and period in the previous fiscal year, accompanied by a
          certificate of the Chief Financial Officer of Wells REIT to the
          effect that such financial statements have been prepared in
          accordance with GAAP, consistently applied, and that such
          financial statements fairly present the results of its operations
          and financial condition for the periods and dates indicated
          subject to year end adjustments in accordance with GAAP.

               (c)  Quarterly Project Statements. As soon as available, and
                    ----------------------------
          in any event within forty-five (45) days after the first three
          fiscal quarters of each fiscal year, an Operating Statement and
          Rent Roll for the Project accompanied by a certificate of the
          Chief Financial Officer of Wells REIT to the effect that each
          such Operating Statement and Rent Roll fairly, accurately, and
          completely present the operations and leasing status of the
          Project for, or as of the end of, the period indicated (provided
          that no Rent Roll shall be required for the Project which is
          leased entirely under a single Lease).

               (d)  Annual Property Statements.  As soon as available and
                    --------------------------
          in any event within forty-five (45) days of the end of its fiscal
          year, an annual Operating Statement for each Property accompanied
          by a certificate of the Chief Financial Officer of Wells REIT to
          the effect that each such Operating Statement fairly, accurately,
          and completely presents the operations of each such Property for
          the period indicated.

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 20
                                                  Wells Operating Partnership LP
<PAGE>

               (e) Security Law Reporting Information.  So long as
                   ----------------------------------
          Wells REIT is a reporting company under the Securities and
          Exchange Act of 1934, promptly upon becoming available, (i)
          copies of all financial statements, reports, and proxy
          statements sent or made available generally by Wells REIT or
          Borrower, or any of their Affiliates, to their respective
          security holders, (ii) all regular and periodic reports and
          all registration statements (other than the exhibits thereto
          and any registration statements on Form S-8 or a similar
          form) and prospectuses, if any, filed by Wells REIT or
          Borrower, or any of their Affiliates, with the Securities
          and Exchange Commission or other Governmental Authorities,
          and (iii) all press releases and other statements made
          available generally by Wells REIT or Borrower, or any of
          their Affiliates, to the public concerning material
          developments in the business of Wells REIT or other party.

               (f) Accountants' Reports.  Promptly upon receipt
                   --------------------
          thereof, copies of any reports or management letters
          submitted to Wells REIT or Borrower by their independent
          certified public accountants in connection with the
          examination of its financial statements made by such
          accountants (except for reports otherwise provided pursuant
          to subsection (a) above); provided, however, that Borrower
          shall only be required to deliver such reports and
          management letters to the extent that they relate to Wells
          REIT, Borrower, or any Property.

               (g) Tenant Information.  As soon as available, all
                   ------------------
          financial reports and statements furnished by tenants to
          Borrower pursuant to the Leases.

               (h) Additional Information.  Such additional financial
                   ----------------------
          information (including tax returns, detailed cash flow
          information, and contingent liability information) of
          Borrower at such times as Lender shall deem necessary.

     Borrower shall furnished to Lender with each quarterly and annual
     financial statements an Officer's Certificate certifying that (x)
     Borrower has complied with and is in compliance with all terms,
     covenants and conditions of this Loan Agreement, (y) no Default
     or Event of Default exists or, if such is not the case, that one
     or more specified Defaults or Events of Default have occurred,
     and (z) the representations and warranties contained in this Loan
     Agreement are true with the same effect as though made on the
     date of such certificate.

          5.1.6  Security Deposit Information.  Upon the Lender's
                 ----------------------------
     request, Borrower shall furnish an accounting of all security
     deposits held in connection with any Lease of any part of the
     Property, including the name and identification number of the
     accounts in which such security deposits are held, the name and
     address of the financial institutions in which such security
     deposits are held and the name and telephone number of the person
     to contact at such financial institution, along with any
     authority or release necessary for the Lender to access
     information regarding such accounts.

          5.1.7  Changes in Accounting.  Borrower shall not change its
                 ---------------------
     methods of accounting, unless such change is permitted by GAAP,
     and provided such change does not have the effect of curing or
     preventing what would otherwise be a Default or an Event of
     Default had such change not taken place.

          5.1.8  Taxes and Insurance.  Borrower shall pay promptly
                 -------------------
     when due and before the accrual of penalties thereon all taxes,
     including all real and personal property taxes and assessments
     levied or assessed against Borrower or the Properties (or any
     portion thereof), and provide Lender with

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 21
                                                  Wells Operating Partnership LP
<PAGE>

     receipted bills therefor if requested by Lender. Borrower shall
     acquire and maintain in effect all insurance policies required by
     the Security Documents, the Leases, and Legal Requirements.

          5.1.9   ERISA.  Borrower shall engage in no transaction
                  -----
     which would which cause any obligation, or action taken or to be
     taken, hereunder (or the exercise by Lender of any of its rights
     under this Loan Agreement or any of the other Loan Documents) to
     be a non-exempt (under a statutory or administrative class
     exemption) prohibited transaction under the ERISA. Borrower shall
     deliver to Lender such certifications or other evidence from time
     to time, as requested by Lender in its sole discretion, that the
     representations and warranties of Borrower contained in Section
     4.1.11 above are true and correct.

          5.1.10  Comply with Other Loan Documents.  Borrower shall
                  --------------------------------
     perform all its obligations under the Note, the Security
     Documents, and all other Loan Documents.

          5.2.11  Other Acts.  At Lender's request, Borrower shall
                  ----------
     execute and deliver to Lender all further documents and perform
     all other acts that Lender reasonably deems necessary or
     appropriate to perfect or protect its security for the
     Obligations.

     5.2  Covenants Relating to Each Property.  Borrower further covenants and
          -----------------------------------
agrees that, from the date that any Property is added to the Collateral Pool in
accordance with the terms of this Loan Agreement and thereafter so long as the
Obligations remain outstanding, Borrower shall comply with, perform, and observe
at all times the following covenants with respect to such Property:

          5.2.1  Inspection Rights and Promotion.  Borrower shall
                 -------------------------------
     permit, and require Manager to permit, Persons designated by
     Lender to visit and inspect the Property, to examine and make
     excerpts from the books and records of Borrower and Manager, and
     to discuss the business affairs, finances, and accounts of
     Borrower, Manager, and the Property with representatives of
     Borrower and Manager, as designated by Lender, all in such detail
     and at such times as Lender may reasonably request.

          5.2.2  Zoning Changes.  Borrower hall not initiate or consent
                 --------------
     to any zoning reclassification of the Property or seek any
     variance under any zoning ordinance or use or permit the use of
     the Property in any manner that could result in the use becoming
     a nonconforming use under any zoning ordinance or any other
     applicable land use law, rule, or regulation.

          5.2.3  Legal Requirements.  Borrower shall comply with all
                 ------------------
     Legal Requirements in all respects. Borrower shall procure and
     continuously maintain in full force and effect, and shall abide
     by and satisfy all material terms and conditions of, all Permits.
     Without limiting the generality of the foregoing covenant,
     Borrower specifically agrees that the Property shall at all times
     strictly comply, to the extent applicable, with the requirements
     of the Americans with Disabilities Act of 1990, all state and
     local laws and ordinances related to handicapped access and all
     rules, regulations, and orders issued pursuant thereto including,
     without limitation, the Americans with Disabilities Act
     Accessibility Guidelines for Buildings and Facilities
     (collectively "Access Laws"). Notwithstanding any provisions set
     forth herein or in any other document regarding Lender's approval
     of alterations of the Property, Borrower shall not alter or
     permit the Property to be altered in any manner which would
     increase Borrower's responsibilities for compliance with the
     applicable Access Laws without the prior written approval of
     Lender. Lender may condition any such approval upon receipt of a
     certificate of Access Law compliance from an architect, engineer,
     or other person acceptable to Lender. Borrower agrees to give
     prompt notice to Lender of the receipt by Borrower of any
     complaints related to violation of any

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 22
                                                  Wells Operating Partnership LP
<PAGE>

     Access Laws and of the commencement of any proceedings or
     investigations which relate to compliance with applicable Access
     Laws.

          5.2.4  Appraisals.  Borrower shall permit Lender and its
                 ----------
     agents, employees, or independent contractors, at any time (but
     not more often than once in any calendar year so long as no Event
     of Default has occurred), while the Obligations remain
     outstanding, to enter upon and appraise the Property, and
     Borrower shall cooperate with and provide any information
     requested in connection with such appraisal. Borrower shall pay
     the costs of any such appraisal (i) if an Event of Default has
     occurred and is continuing or (ii) if such appraisal is required
     by external regulatory authorities having jurisdiction over
     Lender.

          5.2.5  Conduct of Business.  Borrower shall cause the
                 -------------------
     operation of the Property to be conducted at all times in a
     manner consistent with the level of operation of the Property as
     of the date hereof. Without limiting the foregoing, Borrower
     shall (i) operate the Property in a prudent manner in compliance
     with Legal Requirements, (ii) maintain sufficient equipment and
     supplies of types and quantities at the Property to enable
     Borrower or Manager adequately to perform the operation of the
     Property and Borrower's obligations under the Leases, and (iii)
     keep all Improvements in good repair, working order and
     condition, reasonable wear and tear excepted, and from time to
     time make all needed and proper repairs, renewals, replacements,
     additions, and improvements thereto to keep the same in good
     condition.

          5.2.6  Leases.  Borrower shall observe and perform all the
                 ------
     obligations imposed upon the lessor under the Leases and shall
     not do or permit to be done anything to impair the value of the
     Leases or any guaranty of any Lease as a security for the
     Obligations. Borrower shall, in the ordinary course of its
     business, enforce all of the terms, covenants, and conditions
     contained in the Leases upon the part of the Tenants thereunder
     to be observed or performed. Borrower shall hold, or cause
     Manager to hold, all security deposits with respect to Leases in
     a segregated account and otherwise in conformity with Legal
     Requirements. Borrower (i) shall not alter, modify, or change the
     terms of any Lease without the prior consent of Lender, or cancel
     or terminate any Lease or accept a surrender thereof or approve
     or consent to the cancellation or termination of any guaranty
     with respect thereto, or convey or transfer or suffer or permit a
     conveyance or transfer of the premises demised by any Lease or of
     any interest therein so as to effect a merger of the estates and
     rights of, or termination or diminution of the obligations of
     lessee thereunder, (ii) shall not consent to, reject, approve or
     disapprove any action or inaction requested by any tenant under
     any Lease, including, without limitation any assignment of or
     subletting under any Lease (provided, however, that Lender's
     consent to a subletting or assignment shall not be required if
     such subletting or assignment is in accordance with the terms of
     such Lease), which consent may be unreasonably withheld by Lender
     in its discretion, and (iii) shall not pursue any remedies under
     any Lease or any guaranty with respect thereto without the prior
     written consent of Lender. Notwithstanding the foregoing,
     Borrower may, without the prior written consent of Lender, make
     minor modifications or amendments, or give consents, with respect
     to any Lease so long as such modification, amendment, or consent
     does not potentially affect the length of the term of such Lease
     and does not result in the reduction of the tenant's obligations
     for the payment of rent, additional rent, or any other charges
     payable by the tenant under such Lease, or amend or modify any
     provision of such Lease relating to exclusivity of use, co-
     tenancy rights, or kick-out rights.

          5.2.7  Management Agreement.  Borrower shall maintain the
                 --------------------
     Management Agreement in full force and effect and duly observe,
     perform, and comply with all of Borrower's obligations thereunder
     and enforce performance of all obligations of Manager thereunder.
     Borrower shall promptly

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 23
                                                  Wells Operating Partnership LP
<PAGE>

     notify Lender of any dispute, default, event of default, or
     repudiation by Manager under the Management Agreement. Borrower
     shall not enter into any management agreement for the Property
     other than the Management Agreement, unless Borrower first
     notifies Lender and provides Lender a copy of the proposed
     management agreement, obtains Lender's written consent thereto
     and obtains and provides Lender with a subordination agreement in
     form satisfactory to Lender from such manager subordinating to
     all rights of Lender. Borrower shall not enter into, terminate,
     amend, modify, or extend the Management Agreement, or consent to
     any such action on the part of Manager, without the prior written
     consent of Lender, which consent shall not be unreasonably
     withheld.

          5.2.8  Ownership of Personalty.  Borrower shall furnish to
                 -----------------------
     Lender, if Lender so requests, the contracts, bills of sale, receipted
     vouchers, and agreements, or any of them, under which Borrower claims title
     to the materials, articles, fixtures, and other personal property used or
     to be used in the construction or operation of the Improvements.

             ARTICLE SIX - PROHIBITION ON TRANSFERS OF COLLATERAL

     6.1  General Prohibition.  Borrower acknowledges that Lender has examined
          -------------------
and relied on the experience of Borrower and the owners of the beneficial
interest in Borrower and Borrower's constituent entities in owning and operating
properties such as the Properties in agreeing to make the Loan, and that Lender
will continue to rely on Borrower's ownership of the Properties as a means of
maintaining the value of the Collateral as security for repayment of the
Obligations.  Borrower acknowledges that Lender has a valid interest in
maintaining the value of the Properties so as to ensure that, should Borrower
default in the repayment of the Obligations, Lender can recover all or a portion
of the Obligations by a sale of the Collateral.  Except as expressly provided
herein, Lender may, at Lender's option, declare all the Obligations immediately
due and payable, and Lender may invoke any rights and remedies permitted by this
Loan Agreement and the other Loan Documents, in the event that Borrower, without
the prior written consent of Lender, which consent may not be unreasonably
withheld by Lender after consideration of all relevant factors, sells, conveys,
alienates, mortgages, encumbers, pledges, or otherwise transfers the Collateral
or any part thereof or any interest therein, or permits the Collateral or any
part thereof or any interest therein to be sold, conveyed, alienated, mortgaged,
encumbered, pledged or otherwise transferred (collectively, a "Transfer").

     6.2  Transactions Included. A Transfer within the meaning of Section 6.1
          ---------------------
shall be deemed to include, without limitation, (i) an installment sales
agreement wherein Borrower agrees to sell the Collateral or any part thereof for
a price to be paid in installments; (ii) an agreement by Borrower leasing all or
a substantial part of the Project for other than actual occupancy by a space
lessee thereunder or a sale, assignment or other transfer of, or the grant of a
security interest in, Borrower's right, title and interest in and to the Leases
or any rents therefrom; (iii) any divestiture of Borrower's title to the
Collateral or any interest therein in any manner or way, whether voluntary or
involuntary, or any merger, consolidation, dissolution or syndication affecting
Borrower; (iv) if Borrower or any general partner of Borrower is a corporation,
the voluntary or involuntary sale, conveyance, or transfer of any of such
corporation's stock or the creation or issuance of new stock in one or a series
of transactions by which an aggregate of more than ten percent (10%) of such
corporation's stock shall be vested in an Acquiring Person who is not now a
stockholder of such corporation or any change in the control of such corporation
directly or indirectly; (v) if Borrower or any general partner of Borrower is a
limited or general partnership, joint venture, or limited liability company, the
change, removal, resignation, or addition of a general partner, managing
partner, limited partner, joint venturer, manager, or member, or the transfer of
any partnership interest of any general partner, managing partner, or limited
partner, or the transfer of any interest of any joint venturer or member (or the
transfer of any interest of any Person directly or indirectly controlling such
partner, joint venturer, or member by operation of law or otherwise) to an
Acquiring Person; and (vi) if Borrower or any general partner of Borrower is a
business trust, the change, removal, resignation, or addition of a trustee, or
the voluntary or involuntary sale, conveyance, or transfer of any beneficial
interest.

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 24
                                                  Wells Operating Partnership LP
<PAGE>

     6.3  Permitted Transfers.  Notwithstanding the provisions of Section 6.1
          -------------------
above, the following Transfers are permitted without the consent of Lender:

          (a) The Transfer of shares of common stock or other
     beneficial or ownership interest or other forms of securities in
     Wells REIT, and the issuance of all varieties of convertible
     debt, equity and other similar securities of Wells REIT and the
     subsequent Transfer of such securities, provided that no Change
     in Control occurs as a result of such Transfer, either upon such
     Transfer or upon the subsequent conversion to equity or such
     convertible debt or other securities.

          (b) The Transfer of limited partnership interests by the
     limited partners of Borrower, including, without limitation, the
     conversion or exchange of limited partnership interests in
     Borrower to shares of common stock or other beneficial or
     ownership interests or other forms of securities in Wells REIT,
     provided that no Change in Control occurs as the result of such
     Transfer.

          (c) The issuance by Borrower of additional limited
     partnership units or convertible debt, equity, and other similar
     securities, and the subsequent Transfer of such units or other
     securities, provided that no Change in Control occurs as the
     result of such Transfer, either upon such Transfer or upon the
     subsequent conversion to equity of such convertible debt or other
     securities.

          (d) A sale or other disposition of obsolete or worn out
     personal property, provided that such personal property is
     contemporaneously replaced by comparable personal property of
     equal or greater value that is free and clear of Liens other than
     the Permitted Encumbrances.

          (e) Any Transfer that constitutes a Permitted Encumbrance at
     the time such Transfer occurs.

          (f)  The grant of an easement, if prior to the granting of
     the easement Borrower causes to be submitted to Lender all
     information required by Lender to evaluate the easement, and if
     Lender determines that the easement shall not materially affect
     the operation of the Property or Lender's interest in the
     Property and Borrower pays to Lender, on demand, all cost and
     expenses incurred by Lender in connection with reviewing
     Borrower's request.

     6.4  Prohibition Absolute.  Lender shall not be required to demonstrate any
          --------------------
actual impairment of its security or any increased risk of default hereunder in
order to declare the Obligations immediately due and payable upon the occurrence
of a Transfer without Lender's prior written consent or as otherwise expressly
permitted herein.  This provision shall apply to every Transfer regardless of
whether voluntary or not, or whether or not Lender has consented to any previous
Transfer, except for those expressly allowed herein.  Any Transfer made in
contravention of this Section shall be null and void and of no force and effect.

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 25
                                                  Wells Operating Partnership LP
<PAGE>

                 ARTICLE SEVEN - EVENTS OF DEFAULT AND REMEDIES

     7.1   Events of Default.  Each of the following events shall constitute an
           -----------------
"Event of Default" under this Loan Agreement, whatever the reason for such event
and whether it shall be voluntary or involuntary, or within or without the
control of a Borrower Party, or be effected by operation of law or pursuant to
any judgment or order of any court or any order, rule, or regulation of any
Governmental Authority:

          7.1.1   Borrower fails to pay interest, principal or any
     other sum due under the terms of this Loan Agreement, the Note,
     or any other Loan Document within ten (10) days after such
     payment is due; or

          7.1.2   Any default or event of default (other than those
     specified elsewhere in this Section) occurs pursuant to and as
     defined in the Guaranty, the Note, the Security Documents, or any
     of the other Loan Documents; or

          7.1.3  Borrower assigns or attempts to assign this Loan
     Agreement, any rights hereunder, or any Advance to be made
     hereunder to any Person, or if Borrower's interest in or rights
     under this Loan Agreement are voluntarily or involuntarily
     transferred to any Person, by operation of law or otherwise,
     including, without limitation, such transfer by Borrower as
     debtor-in-possession or by a trustee for Borrower under the
     United States Bankruptcy Code, whether or not the Obligations are
     assumed by such Person; or

          7.1.4  Any Borrower Party files a voluntary petition in
     bankruptcy or any Borrower Party is adjudicated as bankrupt or
     insolvent, or any Borrower Party files any petition or answer
     seeking or acquiescing in any reorganization, arrangement,
     composition, readjustment, liquidation, dissolution, or similar
     relief for such Borrower Party under any present or future
     federal, state, or other statute, law, or regulation relating to
     bankruptcy, insolvency, or other relief for debtors, or any
     Borrower Party seeks or consents to, or acquiesces in, the
     appointment of any trustee, receiver, or liquidator of such
     Borrower Party or of all or any substantial part of such Borrower
     Party's property or of any or all of the rents, revenues, issues,
     earnings, profits, or income thereof, or any Borrower Party makes
     any general assignment for the benefit of creditors or admits in
     writing an inability to pay such Borrower Party's debts generally
     as they become due; or

          7.1.5  A court of competent jurisdiction enters an order,
     judgment, or decree approving a petition filed against any
     Borrower Party seeking any reorganization, arrangement,
     composition, readjustment, liquidation, dissolution, or similar
     relief under any present or future federal, state, or other
     statute, law, or regulation relating to bankruptcy, insolvency,
     or other relief for debtors, which order, judgment, or decree
     remains unvacated and unstayed for an aggregate of sixty (60)
     days (whether or not consecutive) from the date of entry thereof,
     or any trustee, receiver, or liquidator is appointed for any
     Borrower Party or of all or any substantial part of such Borrower
     Party's property or of any or all of the rents, revenues, issues,
     earnings, profits, or income thereof, which appointment remains
     unvacated and unstayed for an aggregate of sixty (60) days
     (whether or not consecutive); or

          7.1.6  Any certificate, statement, representation, warranty,
     or audit, whether written or unwritten, heretofore or hereafter
     furnished by or on behalf of any Borrower Party pursuant to or in
     connection with this Loan Agreement or otherwise (including,
     without limitation, representations and warranties contained
     herein) or as an inducement to Lender to extend any credit to or
     to enter into this or any other agreement with Borrower proves to
     have been false in any material respect at the time

________________________________________________________________________________
                                             Revolving Loan Agreement - Page 26
                                                 Wells Operating Partnership LP
<PAGE>

     as of which the facts therein set forth were stated or certified
     or to have omitted any substantial contingent or unliquidated
     liability or claim against any Borrower Party, or if on the date
     of execution of this Loan Agreement any materially adverse change
     has occurred in any of the facts previously disclosed by any such
     certificate, statement, representation, warranty, or audit, and
     such change was not disclosed to Lender at or prior to the time
     of the execution of this Loan Agreement; or

          7.1.7  A final judgment in an amount equal to or greater by
     $150,000 is entered by a court of law or equity against any
     Borrower Party that remains undischarged for a period of thirty
     (30) days, unless such judgment is either (i) fully covered by
     collectible insurance and such insurer has within such period
     acknowledged such coverage in writing, or (ii) although not fully
     covered by insurance, enforcement of such judgment has been
     effectively stayed, such judgment is being contested or appealed
     by appropriate proceedings and such Borrower Party has
     established reserves adequate for payment in the event such
     Borrower Party is ultimately unsuccessful in such contest or
     appeal and evidence thereof is provided to Lender; or

          7.1.8  If any provision of this Agreement or any other Loan
     Document or the lien and security interest purported to be
     created hereunder or under any Loan Document shall at any time
     for any reason cease to be valid and binding in accordance with
     its terms on any Borrower Party, or shall be declared to be null
     and void, or the validity or enforceability hereof or thereof or
     the validity or priority of the lien and security interest
     created hereunder or under any other Loan Document shall be
     contested by any Borrower Party seeking to establish the
     invalidity or unenforceability hereof or thereof, or any Borrower
     Party shall deny that it has any further liability or obligation
     hereunder or thereunder; or

          7.1.9  The failure by any Borrower Party to comply with any
     requirement of any Governmental Authority within 30 days after
     written notice of such requirement shall have been given to the
     Borrower Party by such Governmental Authority; provided that, if
     action is commenced and diligently pursued by the Borrower Party
     within such 30 days, then the Borrower Party shall have an
     additional 30 days to comply with such requirement; or

          7.1.10  A dissolution or liquidation for any reason (whether
     voluntary or involuntary) of any Borrower Party; or

          7.1.11  The failure of Wells REIT to be qualified, and be
     taxed as, a real estate investment trust under Subchapter M of
     the Internal Revenue Code; or

          7.1.12  Borrower fails to properly and timely to perform or
     observe any other covenant or condition set forth in this Loan
     Agreement that is not cured within any applicable cure period as
     set forth herein or, if no cure period is specified therefor, is
     not cured within thirty (30) days of Lender's notice to Borrower
     thereof; provided that, if such default is not reasonably
     susceptible to cure within such thirty (30) days period and
     Borrower diligently and continuously pursues the cure of such
     default, then upon Borrower's written request therefor, Lender
     shall grant a reasonable extension of such cure period, but not
     exceeding ninety (90) days; or

          7.1.13  If an "Event of Default" occurs under any Lease,
     which default remains uncured after the giving of any applicable
     notice or the passage of any applicable cure period, or any Lease
     is terminated, canceled, repudiated, or rescinded for any reason
     whatsoever.

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 27
                                                  Wells Operating Partnership LP
<PAGE>

     7.2  Remedies.  Upon the occurrence of an Event of Default, Lender may do
          --------
any one or more of the following (without presentment, protest or notice of
protest, all of which are expressly waived by the Borrower):

          7.2.1  By written notice to the Borrower, to be effective
     upon dispatch, terminate any obligation Lender might have to make
     further Advances hereunder and declare the principal of, and
     interest on, the Advances and all other sums owing by Borrower to
     Lender under any of the Loan Documents forthwith due and payable,
     and the principal of, and interest on, the Advances and all other
     sums owing by Borrower to Lender under any of the Loan Documents
     will become forthwith due and payable.

          7.2.2  Lender shall have the right to pursue any other
     remedies available to it under any of the Loan Documents.

          7.2.3  Lender shall have the right to pursue all remedies
     available to it at law or in equity, including obtaining specific
     performance and injunctive relief.

     7.3  Waivers; Rescission of Declaration.   Lender shall have the right, to
          ----------------------------------
be exercised in its complete discretion, to waive any breach hereunder
(including the occurrence of an Event of Default), by a writing setting forth
the terms, conditions, and extent of such waiver signed by the Lender and
delivered to the Borrower Parties.  Unless such writing expressly provides to
the contrary, any waiver so granted shall extend only to the specific event or
occurrence which gave rise to the waiver and not to any other similar event or
occurrence which occurs subsequent to the date of such waiver.

     7.4  Lender's Right to Protect Collateral and Perform Covenants and Other
          --------------------------------------------------------------------
Obligations.  If any Borrower Party fails to perform the covenants and
-----------
agreements contained in this Loan Agreement or any of the other Loan Documents,
then the Lender at the Lender's option may make such appearances, disburse such
sums and take such action as the Lender deems necessary, in its sole discretion,
to protect the Lender's interest, including (i) disbursement of attorneys' fees,
(ii) entry upon any Property to make repairs and replacements, (iii) procurement
of satisfactory insurance as provided in the Security Instruments encumbering
the Properties, and (iv) if the Security Instrument is on a leasehold, exercise
of any option to renew or extend the ground lease on behalf of the Borrower and
the curing of any default of the Borrower in the terms and conditions of the
ground lease.  Any amounts disbursed by the Lender pursuant to this Section,
with interest thereon, shall become additional indebtedness of the Borrower
secured by the Loan Documents.  Unless the Borrower and the Lender agree to
other terms of payment, such amounts shall be immediately due and payable and
shall bear interest from the date of disbursement at the Default Rate unless
collection from the Borrower of interest at such rate would be contrary to
applicable law, in which event such amounts shall bear interest at the highest
rate which may be collected from the Borrower under applicable law.  Nothing
contained in this Section shall require the Lender to incur any expense or take
any action hereunder.

     7.5  No Remedy Exclusive.  Unless otherwise expressly provided, no remedy
          -------------------
herein conferred upon or reserved is intended to be exclusive of any other
available remedy, but each remedy shall be cumulative and shall be in addition
to other remedies given under the Loan Documents or existing at law or in
equity.

     7.6  Application of Payments.  Except as otherwise expressly provided in
          -----------------------
the Loan Documents, and unless applicable law provides otherwise, (i) all
payments received by Lender from any of the Borrower Parties under the Loan
Documents shall be applied by Lender against any amounts then due and payable
under the Loan Documents by any of the Borrower Parties, in any order of
priority that the Lender may determine and (ii) the Borrower shall have no right
to determine the order of priority or the allocation of any payment it makes to
Lender.

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 28
                                                  Wells Operating Partnership LP
<PAGE>

     7.7  Crossing of Security Documents.  Each of the Security Documents shall
          ------------------------------
be cross-defaulted (i.e., a default under any Security Document, or under this
Loan Agreement, shall constitute a default under each Security Document and this
Loan Agreement) and cross-collateralized (i.e., each Security Instrument shall
secure all Obligations under this Loan Agreement and the other Loan Documents),
and it is the intent of the parties to this Loan Agreement that the Lender may,
except as provided in this Loan Agreement, exercise and perfect any and all of
its rights in and under the Loan Documents with regard to any Property without
the necessity to exercise and perfect its rights and remedies with respect to
any other Property and that any such exercise shall be without regard to the
amount of Advances allocable to such Property and that Lender may recover an
amount equal to the full amount of the outstanding Obligations in connection
with such exercise and any such amount shall be applied as determined by Lender
in its sole and absolute discretion.

                   ARTICLE EIGHT - MISCELLANEOUS PROVISIONS

     8.1    Loan Agreement Part of Note and Other Loan Documents.  The Note and
            ----------------------------------------------------
the other Loan Documents specifically incorporate this Loan Agreement by
reference, and in the event that the Note and the other Loan Documents are duly
assigned, this Loan Agreement shall be considered assigned in like manner.  If a
conflict exists or arises between any of the provisions of this Loan Agreement
and any other Loan Document, the provisions of this Loan Agreement shall
control.

     8.2    Indemnification.  Borrower shall, at its sole cost and expense,
            ---------------
protect, defend, indemnify, release and hold harmless the Indemnified Parties
(defined below) from and against any and all claims, suits, liabilities
(including, without limitation, strict liabilities), actions, proceedings,
obligations, debts, damages, losses, costs, expenses, diminutions in value,
fines, penalties, charges, fees, expenses, judgments, awards, amounts paid in
settlement, or punitive damages, of whatever kind or nature (including, but not
limited to reasonable attorney's fees and other costs of defense) (the "Losses")
imposed upon or incurred by or asserted against any Indemnified Party (but
excluding (x) Losses arising out of Lender's gross negligence or willful
misconduct and (y) Losses arising out of Lender's ownership or operation of any
Property after title to such Property is transferred to Lender or another Person
following the foreclosure of the applicable Security Instrument or transfer in
lieu of foreclosure) and directly or indirectly arising out of or in any way
relating to (i) Lender's interest in any Property or Lender's relationship with
any Borrower Party by virtue of Lender's ownership of the Loan, the Note, the
Security Documents, or any other Loan Document, (ii) any amendment to, or
restructuring of, the Loan or the Loan Documents; (iii) any and all lawful
action that may be taken by Lender in connection with the enforcement of the
provisions of this Loan Agreement, the Security Documents, or any of the other
Loan Documents, whether or not suit is filed in connection with same, or in
connection with Borrower, Guarantor, and/or any member, partner, joint venturer,
or shareholder of Borrower becoming a party to a voluntary or involuntary
federal or state bankruptcy, insolvency or similar proceeding, (iv) any
accident, injury to or death of persons or loss of or damage to property
occurring  in, on or about any Property or any part thereof or adjacent parking
areas, streets or ways, (v) any use, nonuse or condition in, on or about any
Property or any part thereof or on the adjoining sidewalks, curbs, adjacent
property or adjacent parking areas, streets, or ways, (vi) any failure on the
part of Borrower to perform or be in compliance with any of the terms of this
Loan Agreement, the Security Documents, or any of the other Loan Documents,
(vii) performance of any labor or services or the furnishing of any materials or
other property in respect of any Property or any part thereof, (viii) the
failure of any person to file timely with the Internal Revenue Service an
accurate Form 1099-B, Statement or Recipients of Proceeds from Real Estate,
Broker and Barter Exchange Transactions, which may be required in connection
with the Loan, or to supply copy thereof in a timely fashion to the recipient of
the proceeds of the Loan, (ix) any failure of any Property to be in compliance
with any Legal Requirement, (x) the enforcement by any Indemnified Party of the
provisions of this Section, (xi) the payment of any commission, charge or
brokerage fee to anyone which may be payable in connection with the funding of
the Loan, or (xii) any misrepresentation made by Borrower in this Loan Agreement
or in any of the other Loan Documents.  Any amounts payable to Lender by reason
of the application of this Section shall become immediately due and payable and
shall bear interest at the Default Rate

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 29
                                                  Wells Operating Partnership LP
<PAGE>

from the date loss or damage is sustained by Lender until paid. For purposes of
this Section, the term "Indemnified Parties" means Lender and any Person who is
or shall have been involved in the origination or administration of the Loan,
any Person in whose name the encumbrance created by the Security Documents is or
shall have been recorded, Persons who may hold or acquire or shall have held a
full or partial interest in the Loan (including, but not limited to Investors or
prospective investors who hold or have held a full or partial interest in the
Loan for the benefit of third parties) as well as the respective directors,
officers, shareholders, members, partners, employees, agents, servants,
representatives, contractors, subcontractors, affiliates, subsidiaries,
participants, successors and assigns of any other Person who holds or acquires
or shall have held a participation or other full or partial interest in the Loan
or any Property, whether during the term of the Loan or as a part of or
following a foreclosure of the Loan and including, but not limited to any
successors by merger, consolidation or acquisition of all or a substantial
portion of Lender's assets and business.

     8.3   Costs and Expenses.  Borrower shall bear all taxes, fees, and
           ------------------
expenses (including reasonable fees and expenses of counsel for Lender) in
connection with the Loan, the Note, the preparation and, if applicable, the
recordation of this Loan Agreement and the other Loan Documents, and in
connection with any amendments, waivers, or consents pursuant to the provisions
hereof hereafter made and any workout or restructuring relating  to the Loan.
If, at any time, an Event of Default occurs or Lender becomes a party to any
suit or proceeding in order to protect its interests or priority in any Property
or its rights under this Loan Agreement or any of the other Loan Documents, or
if Lender is made a party to any suit or proceeding by virtue of the Loan, this
Loan Agreement, or any Property and as a result of any of the foregoing, Lender
employs counsel to advise or provide other representation with respect to this
Loan Agreement, any Property, or to collect the Obligations, or to take any
action in or with respect to any suit or proceeding relating to this Loan
Agreement, any of the other Loan Documents, any Property, Borrower, or any other
Borrower Party, or to protect, collect, or liquidate any of the Collateral, or
attempt to enforce any security interest or lien granted to Lender by any of the
Loan Documents, then in any such event, all of the attorney's fees arising from
such services, including fees on appeal and in any bankruptcy proceedings, and
any expenses, costs, and charges relating thereto shall constitute additional
obligations of Borrower to Lender payable on demand of Lender.  Without limiting
the foregoing, Borrower has undertaken the obligation for payment of, and shall
pay, all recording and filing fees, revenue or documentary stamps or taxes,
intangibles taxes, transfer taxes, recording taxes and other taxes, expenses and
charges payable in connection with this Loan Agreement, any of the other Loan
Documents, the Obligations, or the filing of any financing statements or other
instruments required to effectuate the purposes of this Loan Agreement, and if
Borrower fails to do so, Borrower agrees to reimburse Lender for the amounts
paid by Lender, together with penalties or interest, if any, incurred by Lender
as a result of underpayment or nonpayment.  This Section shall survive for
eighteen (18) months after repayment of the Obligations.

     8.3   Assignability.  Neither this Loan Agreement, nor any rights or
           -------------
obligations hereunder, nor any Advance to be made hereunder, is assignable by
Borrower.  The rights of Lender under this Loan Agreement are assignable in part
or wholly and any assignee of Lender shall succeed to and be possessed of the
rights of Lender hereunder to the extent of the assignment made, including the
right to make Advances to Borrower or any approved assignee of Borrower in
accordance with this Loan Agreement.

     8.4   Relationship of the Parties.  Borrower agrees that its relationship
           ---------------------------
with Lender is solely that of debtor and creditor.  Nothing contained in this
Loan Agreement or in any other Loan Document shall be deemed to create a
partnership, tenancy-in-common, joint tenancy, joint venture, or co-ownership by
or between Borrower and Lender, or make Lender the agent or representative of
Borrower.  Lender shall not be in any way liable or responsible for any debts,
losses, obligations, or duties of Borrower with respect to the Property or
otherwise, including, without limitation, any debts, obligations, or duties owed
at any time to materialmen, contractors, craftsmen, laborers, or others for
goods delivered to or services performed by them in relation to any Property, it
being understood that no contractual relationship, either expressed or implied,
exists between Lender and any materialmen, subcontractors, craftsmen, laborers,
or any other person supplying any work, labor, or materials for any Property.
Borrower, at all times consistent with the terms and provisions of this Loan
Agreement and the other Loan Documents, shall be free to determine and follow
its own policies and practices in the conduct of its business.

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 30
                                                  Wells Operating Partnership LP
<PAGE>

     8.5  Participation.  Borrower acknowledges and agrees that Lender may, at
          -------------
its option, sell participation interests in the Loan to other participating
lenders, provided, however, that Borrower shall continue to be entitled to deal
with Lender as though no such participations had been sold.  Borrower agrees
with all present and future such participants that if an Event of Default
occurs, each participant shall have all of the rights and remedies of Lender
with respect to any deposit due from any participant to Borrower, including,
without limitation, the right to set off such deposits against Borrower's
obligations hereunder.  The execution by a participant of a participation
agreement with Lender and the execution by Borrower of this Loan Agreement,
regardless of the order of execution, with a copy to Borrower, shall evidence an
agreement between Borrower and such participant in accordance with the terms
hereof.

                       ARTICLE NINE - DOCUMENT PROTOCOLS

     This Loan Agreement and each of the other Loan Documents shall be governed
by the following protocols (the "Document Protocols"), unless any Loan Document
expressly states that the Document Protocols shall not apply to such Loan
Document in whole or in part:

     9.1  General Rules of Usage.  These Document Protocols shall apply to such
          ----------------------
Loan Document as from time to time amended, modified, replaced, restated,
extended or supplemented, including by waiver or consent, and to all attachments
thereto and all other documents or instruments incorporated therein.  When used
in any Loan Document governed by these Document Protocols, (i) references to a
Person are, unless the context otherwise requires, also to its heirs, executors,
legal representatives, successors, and assigns, as applicable, (ii)  "hereof,"
"herein," "hereunder" and comparable terms refer to the entire Loan Document in
which such terms are used and not to any particular article, section, or other
subdivision thereof or attachment thereto, (iii) references to any gender
include, unless the context otherwise requires, references to all genders, and
references to the singular include, unless the context otherwise requires,
references to the plural, and vice versa, (iv)  "shall" and "will" have equal
force and effect, (v) references in a Loan Document to "Article," "Section,"
"paragraph" or another subdivision or to an attachment are, unless the context
otherwise requires, to an article, section, paragraph, or subdivision of or an
attachment to such Loan Document, (vi)  all accounting terms not otherwise
defined therein have the meanings assigned to them in accordance with GAAP, and
(vii) "include," "includes" and "including" shall be deemed to be followed by
"without limitation" whether or not they are in fact followed by such words or
words of like import.

     9.2  Notices.  All notices, consents, approvals, statements, requests,
          -------
reports, demands, instruments or other communications to be made, given or
furnished pursuant to, under or by virtue of such Loan Document (a "notice")
shall be in writing and shall be deemed given or furnished if addressed to the
party intended to receive the same at the address of such party as set forth
below (i) upon receipt when personally delivered at such address, (ii) three (3)
Business Days after the same is deposited in the United States mail as first
class registered or certified mail, return receipt requested, postage prepaid,
or (iii) one Business Day after the date of delivery of such notice to a
nationwide, reputable commercial courier service:

        Lender:                  SouthTrust Bank
                                 420 North Twentieth Street
                                 SouthTrust Tower - 11th Floor
                                 Birmingham, Alabama 35203
                                 Attention:  Commercial Real Estate Loan Dept.

                                 with copy to (which alone shall not constitute

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 31
                                                  Wells Operating Partnership LP
<PAGE>

                                 notice):

                                 Gary W. Farris, Esq.
                                 Burr & Forman LLP
                                 One Georgia Center, Suite 1200
                                 600 West Peachtree Street
                                 Atlanta, Georgia 30308

        Borrower:                Wells Operating Partnership, L.P.
                                 6200 Corners Parkway
                                 Suite 250
                                 Norcross, Georgia 30092
                                 Attention: Leo F. Wells, III

        Guarantor:               Wells Real Estate Investment Trust, Inc.
                                 6200 Corners Parkway
                                 Suite 250
                                 Norcross, Georgia 30092
                                 Attention: Leo F. Wells, III

Any party may change the address to which any notice is to be delivered to any
other address within the United States of America by furnishing written notice
of such change at least fifteen (15) days prior to the effective date of such
change to the other parties in the manner set forth above, but no such notice of
change shall be effective unless and until received by such other parties.
Rejection or refusal to accept, or inability to deliver because of changed
address or because no notice of changed address was given, shall be deemed to be
receipt of any such notice.  Any notice to an entity shall be deemed to be given
on the date specified in this Section without regard to when such notice is
delivered by the entity to the individual to whose attention it is directed and
without regard to the fact that proper delivery may be refused by someone other
than the individual to whose attention it is directed.  If a notice is received
by an entity, the fact that the individual to whose attention it is directed is
no longer at such address or associated with such entity shall not affect the
effectiveness of such notice.  Notices may be given on behalf of any party by
such party's attorneys.

     9.3  Severability.  Whenever possible, each provision of such Loan Document
          ------------
shall be interpreted in such a manner as to be effective and valid under
applicable law, but if any provision of such Loan Document shall be prohibited
by or invalid or unenforceable under the applicable law of any jurisdiction with
respect to any Person or circumstance, such provision shall be ineffective to
the extent of such prohibition, invalidity or unenforceability, without
invalidating the remaining provisions of such Loan Document or affecting the
validity or enforceability of such provisions in any other jurisdiction or with
respect to other Persons or circumstances.  To the extent permitted by
applicable law, the parties to such Loan Document thereby waive any provision of
law that renders any provision thereof prohibited, invalid or unenforceable in
any respect.

     9.4  Remedies Not Exclusive.  No remedy therein conferred upon or reserved
          ----------------------
to Lender is intended to be exclusive of any other remedy or remedies available
to Lender under such Loan Document, at law, in equity or by statute, and each
and every such remedy shall be cumulative and

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 32
                                                  Wells Operating Partnership LP
<PAGE>

in addition to every other remedy given thereunder or now or hereafter existing
at law, in equity or by statute.

     9.5  Liability.  If Borrower or Guarantor consists of more than one Person,
          ---------
the obligations and liabilities of each such Person under such Loan Document
shall be joint and several, except as expressly provided to the contrary in such
Loan Document.

     9.6  Binding Obligations; Covenants Run with the Land.  Such Loan Document
          ------------------------------------------------
shall be binding upon Borrower or Guarantor, as the case may be, and the
successors, assigns, heirs and personal representatives of Borrower or
Guarantor, as the case may be, and shall inure to the benefit of Lender and all
subsequent holders of such Loan Document and their respective officers,
directors, employees, shareholders, agents, successors and assigns.  Nothing in
such Loan Document, whether express or implied, shall be construed to give any
Person (other than the parties thereto and their permitted successors and
assigns and as expressly provided therein) any legal or equitable right, remedy
or claim under or in respect of such Loan Document or any covenants, conditions
or provisions contained therein.  If such Loan Document is to be recorded, all
of the grants, covenants, terms, provisions, covenants and conditions of such
Loan Document shall run with the land.

     9.7  No Oral Modifications.  Such Loan Document, and any of the provisions
          ---------------------
thereof, cannot be altered, modified, amended, waived, extended, changed,
discharged or terminated orally or by any act on the part of Borrower,
Guarantor, or Lender, but only by an agreement in writing signed by the party
against whom enforcement of any alteration, modification, amendment, waiver,
extension, change, discharge or termination is sought.  Without limiting the
generality of the foregoing, any payment made by Lender for insurance premiums,
impositions or any other charges affecting any Property shall not constitute a
waiver of Borrower's or any Guarantor's default in making such payments and
shall not obligate Lender to make any further payments.

     9.8  Entire Agreement.  Such Loan Document, together with the other
          ----------------
applicable Loan Documents and this Rider, constitutes the entire agreement of
the parties thereto with respect to the subject matter thereof and supersedes
all prior written and oral agreements and understandings with respect to such
subject matter.

     9.9  Waiver of Acceptance.  Borrower and Guarantor hereby waive any
          --------------------
acceptance of such Loan Document by Lender in writing, and such Loan Document
shall immediately be binding upon Borrower or Guarantor, as the case may be.

     9.10 Jurisdiction, Court Proceedings.  Each of Lender, Borrower, and
          -------------------------------
Guarantor, to the fullest extent permitted by law, hereby knowingly,
intentionally, and voluntarily, with and upon the advice of competent counsel,
(i) submits to personal, nonexclusive jurisdiction in the State of Georgia with
respect to any suit, action, or proceeding by any person arising from, relating
to, or in connection with such Loan Document or the Loan, (ii) agrees that any
such suit, action, or proceeding may be brought in any state or federal court of
competent jurisdiction sitting in the State of Georgia, and (iii) submits to the
jurisdiction of such courts.  Each of Borrower and Guarantor, to the fullest
extent permitted by law, hereby knowingly, intentionally, and voluntarily, with
and upon the advice of competent counsel, further agrees that it shall not bring
any action, suit, or proceeding in any forum other than

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 33
                                                  Wells Operating Partnership LP
<PAGE>

in the state or federal courts of the State of Georgia (but nothing herein shall
affect the right of Lender to bring any action, suit, or proceeding in any other
forum), and irrevocably agrees not to assert any objection which it may ever
have to the laying of venue of any such suit, action, or proceeding in any
federal or state court located in Georgia and any claim that any such action,
suit, or proceeding brought in any such court has been brought in an
inconvenient forum.

     9.11  Waiver of Counterclaim.  Borrower and Guarantor each hereby knowingly
           ----------------------
waives the right to assert any counterclaim, other than a compulsory or
mandatory counterclaim, in any action or proceeding brought against either of
them by Lender.

     9.12  Waiver of Jury Trial.  Borrower, Guarantor, and Lender, to the full
           --------------------
extent permitted by law, each hereby knowingly, intentionally, and voluntarily,
with and upon the advice of competent counsel, waives, relinquishes, and forever
forgoes hereby the right to a trial by jury in any action or proceeding,
including, without limitation, any tort action, brought by any of them against
the other based upon, arising out of, or in any way relating to or in connection
with such Loan Document, the Loan, or any course of conduct, act, omission,
course of dealing, statements (whether verbal or written) or actions of any
Person (including, without limitation, such Person's directors, officers,
partners, members, employees, agents or attorneys, or any other Persons
affiliated with such Person), in connection with the Loan or such Loan Document,
including, without limitation, in any counterclaim which Borrower or Guarantor
may be permitted to assert thereunder or which may be asserted by Lender against
Borrower or Guarantor, whether sounding in contract, tort, or otherwise.  This
waiver by Borrower and Guarantor of their right to a jury trial is a material
inducement for Lender to make the Loan.

     9.13  No Waivers by Lender.  No delay or omission of Lender in exercising
           --------------------
any right or power accruing upon any default under such Loan Document shall
impair any such right or power or shall be construed to be a waiver of any
default under such Loan Document or any acquiescence therein, nor shall any
single or partial exercise of any such right or power or any abandonment or
discontinuance of steps to enforce such right or power, preclude any other or
further exercise thereof or the exercise of any other right or power.
Acceptance of any payment after the occurrence of a default under such Loan
Document shall not be deemed to waive or cure such default under such Loan
Document; and every power and remedy given by such Loan Document to Lender may
be exercised from time to time as often as may be deemed expedient by Lender.
Borrower and Guarantor hereby waive any right to require Lender at any time to
pursue any remedy in Lender's power whatsoever.

     9.14  Waiver of Notice.  Neither Borrower nor Guarantor shall be entitled
           ----------------
to any notices of any nature whatsoever from Lender except with respect to
matters for which such Loan Document specifically and expressly provides for the
giving of notice by Lender to Borrower or Guarantor, as the case may be, and
except with respect to matters for which Borrower or Guarantor, as the case may
be, is not, pursuant to applicable legal requirements, permitted to waive the
giving of notice.  Each of Borrower and Guarantor hereby expressly waives the
right to receive any notice from Lender with respect to any matter for which
such Loan Document does not specifically and expressly provide for the giving of
notice by Lender to Borrower or Guarantor, as the case may be.  Any provision of
such Loan Document which expressly provides for the giving

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 34
                                                  Wells Operating Partnership LP
<PAGE>

of notice by Lender to Borrower or Guarantor shall be deemed eliminated ab
initio if Lender is prevented from giving such notice by bankruptcy or other
applicable law.

     9.15  Offsets, Counterclaims and Defenses.  Any assignee of such Loan
           -----------------------------------
Document from Lender or any successor or assignee of Lender shall take the same
free and clear of all offsets, counterclaims, or defenses that are unrelated to
such Loan Document which Borrower or Guarantor may otherwise have against any
assignor of such Loan Document, and no such unrelated counterclaim or defense
shall be interposed or asserted by Borrower or Guarantor in any action or
proceeding brought by any such assignee upon such Loan Document, and any such
right to interpose or assert any such unrelated offset, counterclaim or defense
in any such action or proceeding is hereby expressly waived by Borrower and
Guarantor.

     9.16  Time of the Essence.  Time shall be of the essence in the performance
           -------------------
of all obligations of Borrower and Guarantor under such Loan Document.

     9.17  Governing Law.  Such Loan Document shall be governed by, and
           -------------
construed in accordance with, the laws of the State of Georgia.

     9.18  Sole Discretion of Lender.  Wherever pursuant to such Loan Document,
           -------------------------
Lender exercises any right given to it to approve or disapprove, or any
arrangement or term is to be satisfactory to Lender, the decision of Lender to
approve or disapprove or to decide that arrangements or terms are satisfactory
or not satisfactory shall be in the sole discretion of Lender exercised in
subjective good faith and shall be final and conclusive, except as may be
otherwise specifically provided therein.  In addition, Lender shall have the
right to refuse to grant its consent, approval or acceptance or to indicate its
satisfaction whenever such consent, approval, acceptance or satisfaction shall
be required under such Loan Document, subject to the applicable standard of
discretion.

     9.19  Counterparts.  Such Loan Document may be executed in any number of
           ------------
separate counterparts, each of which, when so executed and delivered, shall be
deemed an original, but all of which, collectively and separately, shall
constitute one and the same Loan Document.  All signatures need not be on the
same counterpart.  The failure of any party thereto to execute such Loan
Document, or any counterpart hereof, shall not relieve the other signatories
from their obligations hereunder.

     9.20  Exhibits Incorporated; Headings.  The information set forth on the
           -------------------------------
cover of such Loan Document, the table of contents, the headings, and the
exhibits annexed thereto, if any, shall be deemed to be incorporated therein as
a part thereof with the same effect as if set forth in the body thereof.  The
headings and captions of the various articles, sections, and paragraphs of such
Loan Document are for convenience of reference only and shall not be construed
as modifying, defining, or limiting, in any way, the scope or intent of the
provisions thereof.

     9.21  Interpretation.  No provision of such Loan Document shall  be
           --------------
construed against or interpreted to the disadvantage of any party thereto by any
court or other governmental or judicial authority by reason of such party's
having or being deemed to have structured or dictated such provision.

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 35
                                                  Wells Operating Partnership LP
<PAGE>

     9.22  Remedies of Borrower and Guarantor.  If Borrower or Guarantor, as the
           ----------------------------------
case may be, shall seek the approval or consent of Lender under such Loan
Document, which Loan Document expressly provides that Lender's approval shall
not be unreasonably withheld, and Lender shall fail or refuse to give such
consent or approval, the burden of proof as to whether or not Lender acted
unreasonably shall be upon Borrower or Guarantor, as the case may be, provided
Lender has given Borrower a written explanation for the disapproval or lack of
consent.

     9.23  Release of any Party or Collateral.  Lender may at any time, without
           ----------------------------------
releasing or impairing the liability of any Person liable upon or in respect of
such Loan Document, release, surrender, substitute, or exchange any Collateral
securing this Note and may at any time release any other Person primarily or
secondarily liable for the Obligations.

     9.24  Attorneys' Fees.  Wherever it is provided in such Loan Document that
           ---------------
Borrower or Guarantor pay any costs and expenses, such costs and expenses shall
include, without limitation, all reasonable attorneys', paralegal and law clerk
fees and disbursements, including, without limitation, fees and disbursements at
the pre-trial, trial and appellate levels, which are actually incurred or paid
by Lender at standard billable rates; provided that the foregoing reference to
"reasonable" fees and disbursements (and any other such references in such Loan
Document) shall be deemed to include only such fees and disbursement actually
incurred at normal billing rates.

     9.25  Method of Payment.  All amounts required to be paid by any party to
           -----------------
such Loan Document to any other party shall be paid in such freely transferable
coin or currency of the United States of America as at the time of payment shall
be legal tender for the payment of public and private debts.

     9.26  True Copy.  By executing such Loan Document, Borrower or Guarantor,
           ---------
as the case may be, acknowledges that it has received a true copy of such Loan
Document.

           [THE REMAINDER OF THIS PAGE WAS LEFT BLANK INTENTIONALLY]

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 36
                                                  Wells Operating Partnership LP
<PAGE>

     IN WITNESS WHEREOF, Borrower and Lender have caused this Loan Agreement to
be executed by their duly authorized representatives under seal as of the date
first set forth above, with the intention that this instrument take effect as an
instrument under seal.

                                  WELLS OPERATING PARTNERSHIP, L.P.,
                                  a Delaware limited partnership

                                  By:  Wells Real Estate Investment Trust, Inc.,
                                       a Maryland corporation

                                       By: /s/ Douglas P. Williams
                                          ------------------------------------
                                       Name:  Douglas P. Williams
                                            ----------------------------------
                                       Title: Executive Vice President
                                             ---------------------------------

                                                                    [Affix seal]

                      [EXECUTIONS CONTINUED ON NEXT PAGE]

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 37
                                                  Wells Operating Partnership LP
<PAGE>

                                                SOUTHTRUST BANK,
                                                an Alabama banking corporation

                                                By: /s/ James R. Potter
                                                   ----------------------------
                                                Name:  James R. Potter
                                                Title: Vice President

                              [END OF EXECUTIONS]

________________________________________________________________________________
                                              Revolving Loan Agreement - Page 38
                                                  Wells Operating Partnership LP
<PAGE>

                                  EXHIBIT  A

                              List of Properties

--------------------------------------------------------------------------------
        Name and Location                               Leases and Area
--------------------------------------------------------------------------------

Motorola Office Building               Motorola, Inc. (133,225 sf)
8075 South River Parkway               Ryan Companies US, Inc. (Subground Lease)
Tempe, Maricopa County, Arizona        Price-Elliott Research Park, Inc.
                                       (Ground Lease)
--------------------------------------------------------------------------------

Avnet CMG Facility                     Avnet, Inc. (132,070 sf)
8700 South Price Road                  Ryan Companies US, Inc. (Subground Lease)
Tempe, Maricopa County, Arizona        Price-Elliott Research Park, Inc.
                                       (Ground Lease)
--------------------------------------------------------------------------------

________________________________________________________________________________
                                            Revolving Loan Agreement - Exhibit A
                                                  Wells Operating Partnership LP
<PAGE>

                                   EXHIBIT B

                         FORM OF OFFICER'S CERTIFICATE

SouthTrust Bank
420 North 20th Street
Birmingham, Alabama 35203
Attn: Commercial Real Estate Department

Date of Certificate:

     The undersigned, as __________ of Wells Real Estate Investment Trust, Inc.,
a Maryland corporation, as the sole general partner of Wells Operating
Partnership, L.P., a Delaware limited partnership ("Borrower"), does hereby
certify to you as follows:

     (1)  We have reviewed the provisions of the Revolving Loan Agreement
between Borrower and you, dated as of _______________, 2000 (the "Loan
Agreement"), and we have caused to be made under our supervision a review of the
activities of Borrower during the above-referenced period with a view toward
determining whether Borrower has kept, observed, performed, and fulfilled all of
its obligations under the Loan Agreement. Capitalized terms used herein but not
otherwise defined herein shall have the meanings set forth in the Loan
Agreement.

     (2)  To the best of our knowledge, Borrower has kept, observed, performed,
and fulfilled each and every undertaking contained in the Loan Agreement and is
not at this time in default in the observance or performance of any of the terms
or conditions of the Loan Agreement, and no Default or Event of Default has
occurred and is continuing, except as follows:

     (3)  We further certify to you that no material adverse change has occurred
in the financial condition or the business of Borrower or Wells REIT since the
date of the Loan Agreement and that all representations and warranties set forth
within the Loan Agreement are true and complete as of the date hereof.

     Executed this ____ day of __________________, 20___.

                              _________________________________________
                              Name:____________________________________
                              Title:___________________________________

________________________________________________________________________________
                                            Revolving Loan Agreement - Exhibit B
                                                 Wells Operating Partnership LP.<PAGE>

                                 EXHIBIT 10.61

                LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT
                           WITH SOUTHTRUST BANK N.A.
        RELATING TO THE MOTOROLA TEMPE BUILDING AND THE AVNET BUILDING
<PAGE>

                LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT

                       Wells Operating Partnership, L.P.

                                      to

             Old Republic Title Insurance Agency, Inc., as Trustee

                              For the Benefit of

                                SouthTrust Bank

                           Dated:  December 15, 2000

This instrument was prepared by
the attorney described below in
consultation with counsel in the
State in which the Property
is located and, when recorded, the recorded
counterparts should be returned to:

Burr & Forman LLP
One Georgia Center - Suite 1200
600 West Peachtree Street
Atlanta, Georgia 30308
Attention: Vanessa G. Morris, Esq.

================================================================================
THE PRINCIPAL INDEBTEDNESS SECURED HEREBY SHALL NOT EXCEED $19,003,000.00.  THE
FINAL PAYMENT DATE OF THE INDEBTEDNESS SECURED HEREBY IS JUNE 10, 2002.

________________________________________________________________________________
                                   Deed of Trust and Security Agreement - Page 1
<PAGE>

                Leasehold Deed Of Trust and Security Agreement

     THIS LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT (this "Security
Instrument") is entered into on this 15/th/ day of December, 2000, by and
between WELLS OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, as
grantor and debtor, whose address is c/o Wells Real Estate Funds, 6200 Corners
Parkway, Suite 250, Norcross, Georgia 30092 (hereinafter referred to as
"Borrower"), in favor of Old Republic Title Insurance Agency, Inc., an Arizona
corporation, whose address is 2201 East Camelback Road, Suite 118B, Phoenix,
Arizona 85016 (hereinafter referred to as "Trustee," said term referring always
to the named Trustee and his successors in trust), for the use and benefit of
SOUTHTRUST BANK, an Alabama banking corporation, whose address is P.O. Box 2554,
Attention: Commercial Real Estate, Birmingham, Alabama 35290 (hereinafter
referred to as "Beneficiary," said term referring always to the lawful owner and
holder of the Secured Obligations (as herein defined)).

                             W i t n e s s e t h:

     Borrower and Beneficiary have entered into a Revolving Loan Agreement of
even date herewith (as the same might hereafter be extended, renewed, modified,
consolidated, substituted, replaced, or restated pursuant to the applicable
provisions thereof, the "Loan Agreement") pursuant to which Beneficiary has
agreed to make a loan to Borrower in the principal sum of Nineteen Million Three
Thousand and No/100 Dollars ($19,003,000.00) in lawful money of the United
States of America (the "Loan"), which Loan will be evidenced by a Revolving Note
of even date herewith payable by Borrower to the order of Beneficiary in said
principal amount (as the same might hereafter be extended, renewed, modified,
consolidated, substituted, replaced, restated, or increased, the "Note"), with
interest thereon from the date of the Note at the rates set forth in the Note,
such principal and interest to be paid in installments as provided in the Loan
Agreement and the Note, with the final installment being due and payable on June
10, 2002.

     As a condition precedent to making the Loan, Beneficiary has required that
Borrower execute and deliver this Security Instrument as security for the Loan
and the other Secured Obligations (as hereinafter defined).

                        Article I - Grants of Security

     NOW THEREFORE, for and in consideration of the foregoing and other good and
valuable consideration, and the sum of One Hundred and No/100 Dollars ($100.00)
in hand paid, and the other considerations hereinafter mentioned, the receipt
and sufficiency whereof are hereby acknowledged, Borrower does hereby
irrevocably grant, bargain, sell, pledge, assign, warrant, transfer, and convey
to Trustee and Trustee's successors and assigns, the following property,
appurtenances, rights, interests, and Beneficiary in, the following property,
appurtenances, rights, interests, and estates of Borrower, whether now owned or
hereafter acquired by Borrower (all such property, appurtenances, rights,
interests, and estates being herein referred to collectively as the "Property"):

________________________________________________________________________________
                         Leasehold Deed of Trust and Security Agreement - Page 2
                              Wells Operating Partnership, L.P. - Revolving Loan
                                               (Tempe, Maricopa County, Arizona)
<PAGE>

          (a)  The leasehold estate (the "Leasehold Estate") in the real
     property described in Exhibit A attached hereto and made a part hereof (the
     "Land") created by virtue of the ASU Research Park Leases more particularly
     described in Exhibit B annexed hereto and made a part hereof, and all
     rights and privileges created thereunder (the "Ground SubLeases"), which in
     turn were created by virtue of the Arizona State University Research Park
     Ground Lease more particularly described in said Exhibit B, and all rights
     and privileges created thereunder (the "Ground Prime Lease"), as the Ground
     Subleases and the Ground Prime Lease have been modified and supplemented
     pursuant to the Recognition, Non-Disturbance, and Attornment Agreement more
     particularly described in said Exhibit B (the "Recognition Agreement") (the
     Ground Subleases and the Ground Prime Lease, as so modified and
     supplemented by the Recognition Agreement are each referred to hereinafter
     as a "Ground Lease" and collectively as the "Ground Leases");

          (b)  All additional lands, estates and development rights hereafter
     acquired by Borrower for use in connection with the Leasehold Estate or the
     Land and the development of the Land and all additional lands and estates
     therein which may, from time to time, by supplemental mortgage or otherwise
     be expressly made subject to the lien of this Security Instrument;

          (c)  All buildings, structures, fixtures, additions, enlargements,
     extensions, modifications, repairs, replacements, and improvements of every
     nature whatsoever now or hereafter erected or located on the Land (the
     "Improvements");

          (d)  All easements, rights-of-way, strips and gores of land, vaults,
     streets, ways, alleys, passages, sewer rights, waters, water courses, water
     rights and powers, air rights, and development rights, minerals, flowers,
     shrubs, crops, trees, timber, and other emblements now or hereafter located
     on, under, or above the Land or any part or parcel thereof, and all
     estates, rights, titles, interests, privileges, liberties, tenements,
     hereditaments, appurtenances, reversions, and remainders whatsoever in any
     way belonging, relating, or appertaining to the Land and the Improvements
     or any part thereof, or which hereafter shall in any way belong, relate, or
     be appurtenant thereto, and all land lying in the bed of any street, road,
     or avenue, opened or proposed, in front of or adjoining the Land, to the
     center line thereof, and all the estates, rights, titles, interests, dower
     and rights of dower, curtesy and rights of curtesy, property, possession,
     claim, and demand whatsoever, both at law and in equity, of Borrower of,
     in, and to the Land and the Improvements and every part and parcel thereof,
     with the appurtenances thereto;

          (e)  All machinery, equipment, fixtures, appliances, and personal
     property of every kind and nature whatsoever now or hereafter owned by
     Borrower, or in which Borrower has or shall have an interest, now or
     hereafter located in, on, or about the Land and the Improvements, or the
     appurtenances thereof, or used or intended to be used with or in connection
     with the present or future operation, occupancy, or enjoyment of the Land
     and the Improvements (including, without limitation, appliances, machinery,
     equipment, signs, artwork, office furnishings and

________________________________________________________________________________
                         Leasehold Deed of Trust and Security Agreement - Page 3
                             Wells Operating Partnership, L.P. - Revolving Loan
                                               (Tempe, Maricopa County, Arizona)
<PAGE>

     equipment, all partitions, screens, awnings, shades, blinds, floor
     coverings, hall and lobby equipment, heating, lighting, plumbing,
     ventilating, refrigerating, incinerating, elevators, escalators, air
     conditioning and communication plants or systems with appurtenant fixtures,
     vacuum cleaning systems, call or beeper systems, security systems,
     sprinkler systems and other fire prevention and extinguishing apparatus and
     materials; all equipment, manual, mechanical or motorized, for the
     construction, maintenance, repair and cleaning of, parking areas, walks,
     underground ways, truck ways, driveways, common areas, roadways, highways
     and streets), and all building equipment, materials, and supplies of any
     nature whatsoever now or hereafter located in, on, or about the Land and
     the Improvements, or the appurtenances thereof, and whether in storage or
     otherwise, or used or intended to be used with or in connection with the
     present or future operation, occupancy, or enjoyment of the Land and the
     Improvements (hereinafter collectively referred to as the "Equipment"),
     including the proceeds of any sale or transfer of the foregoing, and the
     right, title and interest of Borrower in and to any of the Equipment which
     may be subject to any security interests, as defined in the Uniform
     Commercial Code, as adopted and enacted by the State or States where any of
     the Property is located (the "UCC") superior in priority to the lien of
     this Security Instrument. In connection with Equipment which is leased to
     Borrower or which is subject to a lien or security interest which is
     superior to the lien of this Security Instrument, this Security Instrument
     shall also cover all right, title and interest of Borrower in and to all
     deposits, and the benefit of all payments now or hereafter made with
     respect to such Equipment

          (f)  All leases, subleases, subtenancies, licenses, occupancy
     agreements, and concessions relating to the use and enjoyment of all or any
     part of the Land or the Improvements heretofore or hereafter entered into
     whether before or after the filing by or against Borrower of any petition
     for relief under the United States Bankruptcy Code, 11 U.S.C. (S) 101 et
     seq. (the "Bankruptcy Code"), as the same might be amended from time to
     time (the "Leases"), and any and all guaranties and other agreements
     relating to or made in connection with any of the Leases, and all right,
     title, and interest of Borrower, its successors and assigns therein and
     thereunder to secure the performance by the lessees of their obligations
     thereunder and all rents, additional rents, revenues, issues, and profits
     (including oil and gas or other mineral royalties and bonuses) from the
     Land and the Improvements, whether paid or accruing before or after the
     filing by or against Borrower of any petition for relief under the
     Bankruptcy Code (the "Rents"), and all proceeds from the sale or other
     disposition of the Leases and the right to receive and apply the Rents to
     the payment of the Secured Obligations, and all of Borrower's claims and
     rights to damages and any other remedies in connection with or arising from
     the rejection of any Lease by the lessee or any trustee, custodian or
     receiver pursuant to the Bankruptcy Code in the event that there shall be
     filed by or against the lessee any petition, action or proceeding under the
     Bankruptcy Code or under any other similar federal or state law now or
     hereafter in effect;

          (g)  All proceeds, including all claims to and demands for them, of
     the voluntary or involuntary conversion of any of the Land, the
     Improvements, or any

________________________________________________________________________________
                         Leasehold Deed of Trust and Security Agreement - Page 4
                              Wells Operating Partnership, L.P. - Revolving Loan
                                               (Tempe, Maricopa County, Arizona)
<PAGE>

     of the other Property into cash or liquidated claims, including proceeds of
     all present and future fire, hazard, or casualty insurance policies and all
     condemnation awards or payments now or hereafter to be made by any public
     body or decree by any court of competent jurisdiction for any taking or in
     connection with any condemnation or eminent domain proceeding, and all
     causes of action and their proceeds for any damage or injury to the Land,
     Improvements, or any of the other Property or any part of them, or breach
     of warranty in connection with the construction of the Improvements,
     including causes of action arising in tort, contract, fraud, or concealment
     of a material fact;

          (h)  All rights to the payment of money, accounts, accounts
     receivable, reserves, deferred payments, refunds, cost savings, payments
     and deposits, whether now or hereafter to be received from third parties
     (including all earnest money deposits) or deposited by Borrower with
     Beneficiary or third parties (including all utility deposits, accounts for
     the deposit, collection, and/or disbursement of Rents, and all reserve
     accounts provided for under any documentation entered into or delivered by
     Borrower in connection with the Loan), chattel paper, instruments,
     documents, notes, drafts and letters of credit, which arise from or relate
     to construction on the Land, to any business now or hereafter to be
     conducted on the Land, or to the Land and the Improvements generally;

          (i)  All franchises, trade names, trademarks, symbols, goodwill,
     service marks, trade styles, books, records, development and use rights,
     architectural and engineering plans, specifications and drawings, and as-
     built drawings, contracts, licenses, approvals, applications, consents,
     subcontracts, service contracts, management contracts, permits, and other
     agreements of any nature whatsoever now or hereafter obtained or entered
     into by Borrower, or any managing agent of the Property on behalf of
     Borrower, with respect to the use, occupation, development, construction,
     management, name and/or operation of the Property or any part thereof or
     the activities conducted thereon or therein, or otherwise pertaining to the
     Property or any part thereof, including, without limitation, (i) all rights
     of Borrower to receive moneys due and to become due to it under or in
     connection with any of the foregoing, (ii) all rights of Borrower to
     damages arising out of or for a breach or default in respect thereof, and
     (iii) all rights of Borrower to perform and to exercise all remedies
     thereunder;

          (j)  All rights that Borrower now has or may hereafter acquire, to be
     indemnified and/or held harmless from any liability, loss, damage, costs or
     expense (including, without limitation, attorneys' fees and disbursements)
     relating to the Property or any part thereof;

          (k)  All books and records pertaining to any and all of the property
     described above, including computer-readable memory and any computer
     hardware or software necessary to access and process such memory;

          (l)  All appurtenances in respect of or otherwise relating to the
     Ground Leases, including, without limitation, renewal option and expansion
     rights, and all estate and rights of Borrower of, in and to (i) all
     modifications, extensions and

________________________________________________________________________________
                         Leasehold Deed of Trust and Security Agreement - Page 5
                              Wells Operating Partnership, L.P. - Revolving Loan
                                               (Tempe, Maricopa County, Arizona)
<PAGE>

     renewals of the Ground Leases and all rights to renew or extend the term
     thereof, (ii) all credits to and deposits of Borrower under the Ground
     Leases, (iii) all other options, privileges and rights granted and demised
     to Borrower under either Ground Lease, (iv) all of the right and privilege
     of Borrower to terminate, cancel, abridge, surrender, merge, modify or
     amend either Ground Lease, and (v) any and all possessory rights of
     Borrower and other rights or privileges of possession, including, without
     limitation, Borrower's right to elect to remain in possession of the
     Property and the Leasehold Estate pursuant to Section 365(h)(1) of the
     Bankruptcy Code;

          (m)  All of Borrower's claims and rights to damages and any other
     remedies in connection with or arising from the rejection of either Ground
     Lease by the lessor thereunder (such lessors under the Ground Leases,
     including any successors and assigns thereof, being each referred to herein
     as a "Ground Lessor" and collectively as the "Ground Lessors") or any
     trustee, custodian or receiver appointed pursuant to the Bankruptcy Code in
     the event that there shall be filed by or against either Ground Lessor any
     petition, action or proceeding under the Bankruptcy Code or under any other
     similar federal or state law now or hereafter in effect (collectively,
     "Ground Lessor's Bankruptcy"); and

          (n)  All proceeds of, additions and accretions to, substitutions and
     replacements for, and any changes in any of the property described above;

     TO HAVE AND TO HOLD the Property and all parts, rights, members and
appurtenances thereof, to the use, benefit and behoof of Beneficiary, its
successors and assigns, as a leasehold estate forever.

                       Article II - Obligations Secured

     This Security Instrument and the grants, assignments, and transfers made in
Article I hereof are given for the purpose of securing the following obligations
in any order of priority as Beneficiary may determine in its sole discretion
(the "Secured Obligations"):

          (a) Payment of all indebtedness evidenced by the Note, including
     principal, interest, default interest, late charges, prepayment
     consideration, and other sums, as provided in the Note, and the
     performance of all other obligations set forth in the Note;

          (b)  The full and prompt payment and performance of all of the
     provisions, agreements, covenants and obligations herein contained and
     contained in the Loan Agreement or any of the other Loan Documents (as
     defined in the Loan Agreement) and the payment of all other sums therein
     covenanted to be paid;

          (c)  Any and all additional advances made by Beneficiary pursuant to
     this Security Instrument or the other Loan Documents to protect or preserve
     the Property or the lien or security interest created hereby on the
     Property, or for taxes, assessments or insurance premiums as hereinafter
     provided or for performance of

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     any of Borrower's obligations hereunder or under the other Loan Documents
     or for any other purpose provided herein or in the other Loan Documents
     (whether or not the original Borrower remains the owner of the Property at
     the time of such advances); and

          (d)  Payment and performance of all modifications, amendments,
     extensions, consolidations, and renewals, however evidenced, of any of the
     obligations described in (a) through (c) above.

                            Article III - Covenants

     3.01.   Payment of Secured Obligations.  Borrower will perform, observe and
comply with the provisions hereof and of each of the other Loan Documents and
duly and punctually will pay to Beneficiary the sum of money expressed in the
Note with interest thereon and all other sums required to be paid by the
Borrower pursuant to the provisions of this Security Instrument, all without any
deduction or credit for taxes or other similar charges paid by the Borrower.

     3.02.   Incorporation by Reference.  All the covenants, conditions, and
agreements contained in the Loan Agreement, the Note, and all of the other Loan
Documents are hereby made a part of this Security Instrument to the same extent
and with the same force as if fully set forth herein.

     3.03.   Warranty of Title.  Borrower is lawfully seized of an indefeasible
leasehold estate in the Property hereby conveyed and has good title to all other
Property in which a security interest is herein granted, and Borrower has good
right, full power, and lawful authority to sell, convey, and grant a security
interest in the same in the manner and form aforesaid. Except for the Permitted
Encumbrances described in the Loan Agreement, the Property is free and clear of
all liens, charges, and encumbrances whatsoever, including conditional sales
contracts, chattel mortgages, security agreements, financing statements, and
anything of a similar nature, and that Borrower shall and will warrant and
forever defend the title thereto unto the Beneficiary, its successors and
assigns, against the lawful claims of all persons whomsoever. Borrower shall not
acquire any portion of the Property subject to any security interest,
conditional sales contract, title retention arrangement, or other charge or lien
taking precedence over the security interest and lien of this Security
Instrument.

     3.04.   Taxes, Utilities, and Other Charges.

     (a)     Borrower will pay or cause to be paid, on or before the due date
thereof, all taxes, assessments, levies, license fees, permit fees, dues,
charges, fines, and impositions (in each case whether general or special,
ordinary or extraordinary, or foreseen or unforeseen) of every character
whatsoever (including all penalties and interest thereon) now or hereafter
levied, assessed, confirmed, or imposed on, or in respect of, or which might
constitute a lien upon the Property, or any part thereof, or any estate, right,
or interest therein, or upon the rents, issues, income, or profits thereof, and
shall submit to Beneficiary such evidence of the due and punctual payment of all
such taxes, assessments, and other fees and charges as Beneficiary might
require.  Borrower shall have the right, before any such tax, assessment, fee,
or charges become delinquent, to contest or object

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to the amount or validity of any such tax, assessment, fee, or charge by
appropriate legal proceedings, provided that said right shall not be deemed or
construed in any way as relieving, modifying, or extending Borrower's covenant
to pay any such tax, assessment, fee, or charge at the time and in the manner
provided herein unless (i) Borrower has given prior written notice to
Beneficiary of Borrower's intent to so contest or object, (ii) Borrower shall
demonstrate to Beneficiary's satisfaction that the legal proceedings shall
conclusively operate to prevent the sale of the Property, or any part thereof,
to satisfy such tax, assessment, fee, or charge prior to final determination of
such proceedings, (iii) Borrower shall furnish a good and sufficient bond or
surety as requested by and satisfactory to Beneficiary, and (iv) Borrower shall
have provided a good and sufficient undertaking as might be required or
permitted by law to accomplish a stay of such proceedings.

     (b)   Borrower will pay or cause to be paid, on or before the due date
thereof, (i) all premiums on policies of insurance covering, affecting, or
relating to the Property, as required pursuant to the Loan Agreement, (ii) all
ground rentals, other lease rentals, and other sums, if any, owing by Borrower
and becoming due under any lease or rental contract affecting the Property, and
(iii) all utility charges that are incurred by Borrower for the benefit of the
Property, or which might become a charge or lien against the Property for gas,
electricity, water, sewer services, and the like furnished to the Property, and
all other public or private assessments or charges of a similar nature affecting
the Property or any portion thereof, whether or not the nonpayment of same might
result in a lien thereon.  Borrower shall submit to Beneficiary such evidence of
the due and punctual payment of all such premiums, rentals, and other sums as
Beneficiary might require.

     (c)   Borrower shall not suffer any mechanic's, materialman's, laborer's,
statutory, or other lien (except as expressly permitted by the Loan Agreement)
to be created or remain outstanding against the Property; provided that Borrower
may contest any such lien in good faith by appropriate legal proceedings
provided the lien is bonded off and removed as an encumbrance upon the Property.
Beneficiary has not consented and will not consent to the performance of any
work or the furnishing of any materials that might be deemed to create a lien or
liens against the Property that is superior to the lien and security interest
hereof.

     (d)   Borrower will pay, on or before the due date thereof, all taxes,
assessments, charges, expenses, costs, and fees that might now or hereafter be
levied upon, or assessed or charged against, or incurred in connection with, the
Note, the Secured Obligations, this Security Instrument, or any of the other
Loan Documents, including, without limitation, any sales or use tax that might
be imposed on Beneficiary with respect to the Secured Obligations (but excluding
taxes calculated solely based upon the income derived by Beneficiary from the
Secured Obligations).  In the event of the passage of any state, federal,
municipal, or other governmental law, order, rule, or regulation, subsequent to
the date hereof, in any manner changing or modifying the laws now in force
governing the taxation of deeds to secure debt or security agreements, or debts
secured thereby, or in the manner of collecting such taxes, so as to adversely
affect Beneficiary (excluding any tax upon Beneficiary's income derived from the
Secured Obligations), Borrower will pay any such tax on or before the due date
thereof.  If Borrower fails to make such prompt payment or if, in the opinion of
Beneficiary, any such state, federal, municipal, or other governmental law,
order, rule, or regulation prohibits Borrower from making such payment or would
penalize Borrower if Borrower makes such payment, or if, in the opinion of
Beneficiary, the making of such payment might result in the imposition of
interest beyond the maximum amount permitted by applicable law,

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<PAGE>

then the entire Secured Obligations will, at the option of Beneficiary, become
immediately due and payable.

     3.05.  Insurance.

     (a)    Borrower shall cause the Property at all times during the entire
term of this Security Instrument to be insured for the mutual benefit of
Borrower and Beneficiary against loss or damage by fire and against loss or
damage by other risks and hazards covered by a standard "all risk" insurance
policy. The amount of such insurance shall be not less than one hundred percent
(100%) of the full replacement cost of the Improvements, furniture, furnishings,
fixtures, equipment and other items (whether personalty or fixtures) included in
the Property and owned by Borrower from time to time, without reduction for
depreciation, but excluding footings and foundations and parts of the Property
to the extent not insurable. The determination of the replacement cost amount
shall be adjusted annually to comply with the requirements of the insurer
issuing such coverage or, at Beneficiary's election, by reference to such
indices, appraisals or information as Beneficiary determines in its reasonable
discretion. Full replacement cost, as used herein, means, with respect to the
Improvements, the cost of replacing the Improvements without regard to deduction
for depreciation, exclusive of the cost of excavations, foundations and footings
below the lowest basement floor, and means, with respect to such furniture,
furnishings, fixtures, equipment and other items, the cost of replacing the
same, in each case, with inflation guard coverage to reflect the effect of
inflation. Each such policy or policies, if so required, shall contain a
replacement cost endorsement and either an agreed amount endorsement (to avoid
the operation of any co-insurance provisions) or a waiver of any co-insurance
provisions, all subject to Beneficiary's reasonable approval. The premiums for
the policies of insurance carried in accordance with this Section shall be paid
annually in advance.

     (b)  Borrower, at its sole cost and expense, for the mutual benefit of
Borrower and Beneficiary, shall also obtain and maintain or cause to be obtained
and maintained during the entire term of this Security Instrument the following
insurance policies:

          (i)    Flood insurance if any part of the Improvements is located in
     an area identified by the Federal Emergency Management Agency as an area
     having special flood hazards and in which flood insurance has been made
     available under the National Flood Insurance Act of 1968 (and any successor
     act thereto) in an amount equal to at least the then full replacement value
     of the Property or the amount of flood insurance available under said Act,
     whichever is less;

          (ii)   Comprehensive general liability insurance, including broad form
     property damage, blanket contractual and personal injuries (including death
     resulting therefrom) coverages on an "occurrence basis" with minimum
     combined single limit coverage of not less than $10,000,000.00;

          (iii)  Insurance covering the major components of the central heating,
     air conditioning and ventilating systems, boilers, other pressure vessels,
     sprinkler systems, high pressure piping and machinery, elevators and
     escalators, if any, and other similar equipment installed in the
     Improvements, in an amount equal to one hundred percent (100%) of the full
     replacement cost of the Improvements which

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<PAGE>

     policies shall insure against physical damage to and loss of occupancy and
     use of the Improvements arising out of an accident or breakdown covered
     thereunder;

          (iv)      During the period of any construction of the Improvements or
     renovation or alteration of the Improvements, a so-called "Builder's All-
     Risk Completed Value" or "Course of Construction" insurance policy in non-
     reporting form for any Improvements under construction, renovation or
     alteration in an amount reasonably approved by Beneficiary and Worker's
     Compensation Insurance covering all persons engaged in such construction,
     renovation or alteration;

          (v)       Loss of rents or loss of business income insurance in
     amounts sufficient to compensate Borrower for all Rents during a period of
     not less than one (1) year in which the Improvements may be damaged or
     destroyed; and

          (vi)      Such other insurance as may from time to time be reasonably
     and customarily required by Beneficiary in order to protect its interests
     in the Property.

     (c)  All insurance policies required pursuant to this Section (the
"Policies") (i) shall be issued by an insurer satisfactory to Beneficiary in its
sole discretion, (ii) shall contain the standard New York mortgagee or
equivalent non-contribution clause naming Beneficiary as the person to which all
payments made by such insurance company shall be paid, (iii) shall be maintained
throughout the term of this Security Instrument without cost to Beneficiary,
(iv) a certificate thereof shall be delivered to Beneficiary, (v) shall contain
such provisions as Beneficiary deems reasonably necessary or desirable to
protect its interest including, without limitation, endorsements providing that
neither Borrower, Beneficiary nor any other party shall be a coinsurer under the
Policies and that Beneficiary shall receive at least thirty (30) days prior
written notice of any modification or cancellation, and (vi) shall be reasonably
satisfactory in form and substance to Beneficiary and shall be reasonably
approved by Beneficiary as to amounts, form, risk coverage, deductibles, loss
payees and insureds.  Not later than ten (10) days prior to the expiration date
of each of the Policies, Borrower shall deliver to Beneficiary satisfactory
evidence of the renewal of each Policy.

     (d)  Beneficiary is hereby authorized and empowered, at its option, to
adjust or compromise any loss under any Policies and to collect and receive the
proceeds from any such Policies.  Each insurance company is hereby authorized
and directed to make payment for all such losses directly to Beneficiary as its
interest might appear, instead of to Borrower and Beneficiary jointly.  If any
insurance company fails to disburse directly and solely to Beneficiary but
instead disburses either solely to Borrower or to Borrower and Beneficiary
jointly, Borrower agrees immediately to endorse and transfer such proceeds to
Beneficiary to the extent of Beneficiary's interest therein.  Upon the failure
of Borrower to endorse and transfer such proceeds as aforesaid, Beneficiary may
execute such endorsements or transfers for and in the name of Borrower, and
Borrower hereby irrevocably appoints Beneficiary as Borrower's agent and
attorney-in-fact so to do.  Beneficiary shall not be held responsible for any
failure to collect any insurance proceeds due under the terms of any policy
regardless of the cause of such failure.  The proceeds of any insurance
collected by Beneficiary arising from any casualty affecting the Property shall
be applied and disbursed in accordance with, and subject to the conditions of,
Section 3.07 of this Security Instrument.

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<PAGE>

     3.06.   Condemnation. Borrower shall promptly give Beneficiary written
notice of the actual or threatened commencement of any condemnation or eminent
domain proceeding affecting the Property and shall deliver to Beneficiary copies
of any and all papers served in connection with such proceedings. No taking by
any public or quasi-public authority through eminent domain or otherwise
(including but not limited to any transfer made in lieu of or in anticipation of
the exercise of such taking) shall limit or otherwise affect Borrower's
obligations under the Loan Agreement, this Security Instrument, or any of the
other Loan Documents to which Borrower is a party. Beneficiary is authorized, at
its option, to commence, appear in, and prosecute, through counsel selected by
Beneficiary, in its own or in Borrower's name, any action or proceeding relating
to any such condemnation, provided that, if Beneficiary's determines that the
compensation, award, or payment or relief to be collected from such action or
proceeding will likely be less than the Casualty Benchmark (as defined in
Section 3.07 below), then Beneficiary shall not unreasonably withhold its
consent to permitting Borrower the sole right to prosecute any such action or
proceeding. If an Event of Default exists, Beneficiary shall have the sole and
exclusive right to compromise or settle any claim for compensation. All such
compensation, awards, damages, claims, rights of action, and proceeds and the
right thereto are hereby assigned by Borrower to Beneficiary, and Beneficiary is
authorized, at its option, to collect and receive all such compensation, awards,
or damages and to give proper receipts and acquittances therefor without any
obligation to question the amount of any such compensation, awards, or damages.
Beneficiary will be entitled to all compensation, awards, and other payments or
relief therefor; provided that if the amount of such compensation, awards, and
other payments or relief is equal to or less than the Casualty Benchmark,
Borrower may collect same. Beneficiary shall not be limited to the interest paid
on the award by the condemning authority but shall be entitled to receive out of
the award interest at the rate or rates provided herein and in the Note. Any
such compensation, awards, and other payments received by Beneficiary, after
deducting therefrom all of Beneficiary's expenses incurred in the collection and
administration of such sums, including reasonable attorney's fees actually
incurred, shall be applied and disbursed in accordance with Section 3.07 below.
If the Property is sold, through foreclosure or otherwise, prior to the receipt
by Beneficiary of such award or payment, Beneficiary shall have the right,
whether or not a deficiency judgment on the Note shall have been sought,
recovered or denied, to receive said award or payment, or a portion thereof
sufficient to pay the Secured Obligations. Borrower shall file and prosecute or
cause to be filed and prosecuted its claim or claims for any such award or
payment in good faith and with due diligence and cause the same to be paid over
to Beneficiary, and hereby irrevocably authorizes and empowers Beneficiary, in
the name of Borrower or otherwise, to collect and receive any such award or
payment and to file and prosecute such claim or claims, and although it is
hereby expressly agreed that the same shall not be necessary in any event,
Borrower shall, upon demand of Beneficiary, make, execute and deliver any and
all assignments and other instruments sufficient for the purpose of assigning
any such award or payment to Beneficiary, free and clear of any encumbrances of
any kind or nature whatsoever.

     3.07.   Restoration and Repair of Property.  In the event of a casualty or
a taking by eminent domain of all or other portion of the Property, the
following provisions shall apply in connection with the repair and restoration
of the Property (a "Restoration"):

             (a)  In the event that (i) the net proceeds of insurance received
     by Beneficiary as a result of damage or destruction of the Property, or in
     the case of condemnation, the net amount of all awards and payments
     received by Beneficiary

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<PAGE>

     with respect to such taking, after deduction of Beneficiary's reasonable
     costs and expenses (including, but not limited to, reasonable legal costs
     and expenses actually incurred), in collecting the same, whichever the case
     may be (the "Net Proceeds") do not exceed $250,000.00 (the "Casualty
     Benchmark"), (ii) the costs of completing the Restoration, as reasonably
     estimated by Beneficiary, shall be less than or equal to the Casualty
     Benchmark, (iii) no Event of Default shall have occurred and be continuing,
     (iv) the Property and the use thereof after the Restoration shall be in
     compliance with, and permitted under, all Legal Requirements (as defined in
     the Loan Agreement), (v) such fire or other casualty or taking, as
     applicable, does not materially impair access to the Land or to the
     Improvements, then Beneficiary shall disburse the entire Net Proceeds
     directly to Borrower, and Borrower shall commence and diligently prosecute
     to completion the Restoration to as nearly as possible the condition the
     Property was in immediately prior to such fire or other casualty or to such
     taking or to such other condition as may be agreed upon between Borrower
     and Beneficiary. Borrower shall segregate the Net Proceeds from other funds
     of Borrower to be used to pay for the cost of the Restoration in accordance
     with the terms hereof.

          (b)  If the Net Proceeds are greater than the Casualty Benchmark, such
     Net Proceeds shall be held by Beneficiary in a segregated account to be
     made available to Borrower for the Restoration in accordance with the
     provisions of this Section.  Borrower shall commence and diligently
     prosecute to completion the Restoration of the Property (in the case of a
     taking, to the extent the Property is capable of being restored). The Net
     Proceeds shall be made available to Borrower for payment of, or
     reimbursement of Borrower's expenses in connection with, the Restoration,
     subject to the following conditions:

               (1)  No Event of Default shall have occurred and be continuing;

               (2)  Beneficiary shall, within a reasonable period to time prior
          to request for initial disbursement of the Net Proceeds, be furnished
          with an estimate of the cost of the Restoration accompanied by an
          independent architect's certification as to such costs and appropriate
          plans and specifications for the Restoration;

               (3)  The Net Proceeds, together with any cash or cash equivalent
          deposited by Borrower with Beneficiary, are sufficient to cover the
          cost of the Restoration as such costs are certified by the independent
          architect;

               (4)  Beneficiary shall be satisfied that any operating deficits,
          including all Monthly Payments, that shall be incurred with respect to
          the Property as a result of the occurrence of any such fire or other
          casualty or taking, whichever the case may be, shall be covered out of
          the Net Proceeds or other funds of Borrower;

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<PAGE>

               (5)  Beneficiary shall be satisfied that, upon the completion of
          the Restoration and related lease-up, the Lease Documents (as defined
          in the Loan Agreement) shall remain in full force and affect with no
          abatement of rent except to the extent covered by business
          interruption insurance and/or condemnation proceeds and the net cash
          flow and value of the Property shall otherwise be restored to levels
          that existed prior to such casualty or condemnation;

               (6)  The Restoration can reasonably be completed on or before the
          earlier to occur of (i) six (6) months prior to the maturity of the
          Note and (ii) the date required pursuant to Legal Requirements (as
          defined in the Loan Agreement);

               (7)  The Property and the use thereof after the Restoration shall
          be in compliance with, and permitted under, all Legal Requirements;
          and

               (8)  Such fire or other casualty or taking, as applicable, does
          not materially impair access to the Land or the Improvements.

          (b)  The Net Proceeds shall be held by Beneficiary, and until
     disbursed in accordance with the provisions of this Section, shall
     constitute additional security for the Obligations.  The Net Proceeds shall
     be disbursed by Beneficiary to, or directed by, Borrower from time to time
     during the course of the Restoration, in accordance with the Loan Agreement
     as if the Net Proceeds constituted the original proceeds of the Loan.

          (c)  Beneficiary shall have the use of the plans and specifications
     and all permits, licenses and approvals required or obtained in connection
     with the Restoration.  The identity of the contractors, subcontractors and
     materialmen engaged in the Restoration, as well as the contracts under
     which they have been engaged, shall be subject to prior review and
     acceptance by Beneficiary and Beneficiary's Consultant, which acceptance
     shall not be unreasonably withheld or delayed more than fifteen (15) days
     after submission to Beneficiary and Beneficiary's Consultant.  All costs
     and expenses incurred by Beneficiary in connection with making the Net
     Proceeds available for the Restoration including, without limitation,
     reasonable counsel fees and disbursements and Beneficiary's Consultant's
     fees, shall be paid by Borrower.

          (d)  In no event shall Beneficiary be obligated to make disbursements
     of the Net Proceeds in excess of an amount equal to the costs actually
     incurred from time to time for work in place as part of the Restoration, as
     certified by Beneficiary's Consultant, minus a reasonably retainage.  The
     retainage shall in no event, and notwithstanding anything to the contrary
     set forth above in this Section, be less than the amount actually held back
     by Borrower from contractors, subcontractors, and materialmen engaged in
     the Restoration.  The retainage shall not be released until

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<PAGE>

     Beneficiary's Consultant certifies to Beneficiary that the Restoration has
     been completed in accordance with the provisions of this Section and that
     all approvals necessary for the re-occupancy and use of the Property have
     been obtained from all appropriate governmental and quasi-governmental
     authorities, and Beneficiary receives evidence satisfactory to Beneficiary
     that the costs of the Restoration have been paid in full or shall be paid
     in full out of the retainage.

          (e)  If at any time the Net Proceeds or the undisbursed balance
     thereof shall not, in the opinion of Beneficiary, be sufficient to pay in
     full the balance of the costs which are estimated by Beneficiary's
     Consultant to be incurred in connection with the completion of the
     Restoration, Borrower shall deposit the deficiency (the "Net Proceeds
     Deficiency") with Beneficiary before any further disbursement of the Net
     Proceeds shall be made.  The Net Proceeds Deficiency deposited with
     Beneficiary shall be held by Beneficiary and shall be disbursed for costs
     actually incurred in connection with the Restoration on the same conditions
     applicable to the disbursement of the Net Proceeds, and until so disbursed
     pursuant to this Section shall constitute additional security for the
     Obligations.

          (f)  The excess, if any, of the Net Proceeds and the remaining
     balance, if any, of the Net Proceeds Deficiency deposited with Beneficiary
     after Beneficiary's Consultant certifies to Beneficiary that the
     Restoration has been completed in accordance with the provisions of this
     Section and the receipt by Beneficiary of evidence satisfactory to
     Beneficiary that all costs incurred in connection with the Restoration have
     been paid in full, shall be remitted by Beneficiary to Borrower, provided
     no Event of Default shall have occurred and be continuing.

          (g)  Any Net Proceeds not required (i) to be made available for the
     Restoration or (ii) to be returned to Borrower as excess Net Proceeds
     pursuant to the preceding subsection shall be retained and applied by
     Beneficiary toward the payment of the Obligations, whether or not then due
     and payable, in such order, priority, and proportions as Beneficiary in its
     discretion shall deem proper or, at the discretion of Beneficiary, the same
     shall be paid, either in whole or in part, to Borrower.

     3.08. Care of Property.

     (a)   Borrower will preserve and maintain the Property in good condition
and repair, will not commit or suffer any waste, and will not do or suffer to be
done anything that will increase the risk of fire or other hazard to the
Property or any part thereof.  Borrower will maintain the insurance required by
the Loan Agreement. Beneficiary is hereby authorized to enter upon and inspect
the Property at any time during normal business hours.  Borrower will comply
promptly with all present and future laws, ordinances, rules, and regulations of
any governmental authority affecting the Property or any part thereof,
including, without limitation, the Americans with Disabilities Act and
regulations thereunder, and all laws, ordinances, rules and regulations relating
to zoning, building codes, set back requirements, and environmental matters.

     (b)   No Improvements, Equipment, or other part of the Property shall be
removed, demolished, or substantially altered without the prior written consent
of Beneficiary.  Borrower may,

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                                                Tempe, Maricopa County, Arizona)
<PAGE>

free from the lien and security interest of this Security Instrument, sell or
consume Inventory in the ordinary course of business and, provided no Default or
Event of Default then exists, sell or otherwise dispose of Equipment that might
become worn out, undesirable, obsolete, disused or unnecessary for use in the
operation of the Property upon replacing the same by, or substituting for the
same, other Equipment not necessarily of the same character, but of at least
equal value to Borrower and costing not less than the amount realized from the
Equipment sold or otherwise disposed of, which shall forthwith become, without
further action, subject to the lien and security interest of this Security
Instrument.

     (c)    If the Property or any part thereof is damaged by fire or any other
cause or through condemnation, Borrower will give immediate written notice of
the same to Beneficiary.  Upon the occurrence of any such casualty or
condemnation and provided that Beneficiary makes any insurance proceeds or
condemnation awards collected as a result of such casualty or condemnation
available to Borrower pursuant to the provisions of the Loan Agreement, then
Borrower will restore promptly the Property to the equivalent of its original
condition, regardless of whether such insurance proceeds or condemnation awards
shall be sufficient in amount therefor.

     3.09.  Leases and Management Agreements.  Borrower shall not, without the
prior written consent and approval of Beneficiary, enter into any Lease or
permit any tenancy of or affecting the Property except for Leases conforming to
the requirements of the Loan Agreement, or enter into or permit any management
agreement, of or affecting the Property, except as expressly permitted by the
Loan Agreement.

     3.10.  Expenses.   Borrower will pay or reimburse Beneficiary for all
reasonable attorneys' fees, costs and expenses incurred by Beneficiary in any
proceedings involving the estate of a decedent or an insolvent, or in any
action, legal proceeding or dispute of any kind in which Beneficiary is made a
party, or appears as party plaintiff or defendant, affecting the Secured
Obligations, this Security Instrument or the interest created herein, or the
Property, including but not limited to the exercise of any power of sale of this
Security Instrument, any condemnation action involving the Property, any dispute
or other matter involving a Lease or any tenant thereunder, or any action to
protect the security hereof, and any such amounts paid by Beneficiary shall be
added to the Secured Obligations.

     3.11.  Further Assurances; After Acquired Property.  At any time, and from
time to time, upon request by Beneficiary, Borrower will make, execute and
deliver or cause to be made, executed and delivered, to Beneficiary, any and all
other further instruments, certificates, and other documents as may, in the
reasonable opinion of Beneficiary, be necessary or desirable to (i) perfect and
protect the lien and security interest created or purported to be created
hereby, (ii) enable Beneficiary to exercise and enforce any and all rights and
remedies hereunder in respect of the Property, or (iii) effect otherwise the
purposes of this Security Instrument, including, without limitation, (A)
executing and filing such financing or continuation statements, or amendments
thereto, as may be necessary or desirable or that Beneficiary might request to
perfect and preserve the security interest created by this Security Instrument
as a first and prior security interest upon and security title in and to all of
the Property, whether now owned or hereafter acquired by Borrower, (B) if
certificates of title are now or hereafter issued or outstanding with respect to
any of the Property, by immediately causing the interest of Beneficiary to be
properly noted thereon at Borrower's expense, and (C) furnishing to Beneficiary
from time to time statements and schedules

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further identifying and describing the Property and such other reports in
connection with the Property as Beneficiary might request, all in reasonable
detail. Upon any failure by Borrower so to do, Beneficiary may make, execute,
and record any and all such instruments, certificates, and documents for and in
the name of Borrower, and Borrower hereby irrevocably appoints Beneficiary the
agent and attorney in fact of Borrower so to do, which power of attorney is
coupled with an interest and irrevocable. The lien and security interest hereof
shall attach automatically without any further act or deed required of Borrower
or Beneficiary to all after-acquired property of the kind described herein
attached to or used in connection with the operation of the Property or any part
thereof.

     3.12. Indemnification of Expenses.

     (a)   Borrower will pay, reimburse, and indemnify Trustee and Beneficiary
for all reasonable attorney's fees, costs, and expenses incurred by Trustee or
Beneficiary in any suit, action, trial, appeal, bankruptcy or other legal
proceeding or dispute of any kind in which Trustee or Beneficiary is made a
party or appears as party plaintiff or defendant, affecting the Secured
Obligations, this Security Instrument or the interests created herein, or the
Property, or any appeal thereof, including, but not limited to, any foreclosure
action, any condemnation action involving the Property or any action to protect
the security hereof, any bankruptcy or other insolvency proceeding commenced by
or against Borrower, any lessee of the Property (or any part thereof), or any
guarantor of any of the Secured Obligations, and any such amounts paid by
Trustee or Beneficiary shall be added to the Secured Obligations and shall be
secured by this Security Instrument.  Borrower will indemnify and hold Trustee
and Beneficiary harmless from and against all claims, damages, and expenses,
including reasonable attorney's fees and court costs, resulting from any action
by a third party against Trustee or Beneficiary relating to this Security
Instrument or the interests created herein, or the Property, including, but not
limited to, any action or proceeding claiming loss, damage or injury to person
or property, or any action or proceeding claiming a violation of any national,
state or local law, rule or regulation, provided Borrower shall not be required
to indemnify Trustee or Beneficiary for matters directly and solely caused by
the willful misconduct or gross negligence of Trustee or Beneficiary or for
matters occurring after the title to the Property is for any reason transferred
to Beneficiary.

     (b)   Borrower acknowledges that it has undertaken the obligation to pay
all intangibles taxes and documentary taxes now or hereafter due in connection
with the Secured Obligations and the Loan Documents, and Borrower agrees to
indemnify and hold Beneficiary harmless from any intangibles taxes and
documentary stamp taxes, and any interest or penalties, that Beneficiary might
hereafter be required to pay in connection with the Secured Obligations or Loan
Documents. The agreements of this subsection (b) shall expressly survive
satisfaction of this Security Instrument and the repayment of the Secured
Obligations.

     3.13. Estoppel Certificates.

     (a)   Borrower shall use commercially reasonable efforts to obtain and
deliver to Beneficiary within twenty (20) days after written demand by
Beneficiary, an estoppel certificate from one or both Ground Lessors setting
forth (i) the name of the lessee and the lessor under the applicable Ground
Lease, (ii) that the applicable Ground Lease is in full force and effect and has
not been modified or, if it has been modified, the date of each modification
(together with copies

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of each such modification), (iii) the basic rent payable under the applicable
Ground Lease, (iv) the date to which all rental charges have been paid by the
lessee under the applicable Ground Lease, (v) whether a notice of default has
been received by Ground Lessor which has not been cured, and if such notice has
been received, the date it was received and the nature of the default, (vi)
whether there are any alleged defaults of the lessee under the applicable Ground
Lease and, if there are, setting forth the nature thereof in reasonable detail,
and (vii) if the lessee under the applicable Ground Lease shall be in default,
the default.

     (b)   If requested by Beneficiary, Borrower shall use commercially
reasonable efforts to obtain and promptly deliver to Beneficiary, duly executed
estoppel certificates from any one or more tenants as required by Beneficiary
attesting to such facts regarding the Leases as Beneficiary may require,
including, but not limited to attestations that each Lease covered thereby is in
full force and effect with no defaults thereunder or on the part of any party,
that none of the Rents have been paid more than one month in advance, except as
security, and that the tenant claims no defense or offset against the full and
timely performance of its obligations under the Lease.

     3.14. Splitting of Security Instrument.  This Security Instrument and the
Note shall, at any time until the same shall be fully paid and satisfied, at the
sole election of Beneficiary, be split or divided into two or more notes and two
or more security instruments, each of which shall cover all or a portion of the
Property upon written request of Beneficiary, shall execute, acknowledge and
deliver to Beneficiary and/or its designee or designees substitute notes and
security instruments in such principal amounts, aggregating not more than the
then unpaid principal amount secured by this Security Instrument, and containing
terms, provisions and clauses no less favorable to Borrower than those contained
herein and in the Note, and such other documents and instruments as may be
required by Beneficiary to effect the splitting of the Note and this Security
Instrument.

     3.15. Replacement Documents.  Upon receipt of an affidavit of an officer
of Beneficiary as to the loss, theft, destruction or mutilation of the Note or
any other Loan Document which is not of public record, and, in the case of any
such mutilation, upon surrender and cancellation of such Note or other Loan
Document which is not of public record, and, in the case of any such mutilation,
upon surrender and cancellation of such Note or other Loan Document, Borrower
will issue, in lieu thereof, a replacement note or other Loan Document, dated
the date of such lost, stolen, destroyed or mutilated note or other Loan
Document in the same principal amount thereof and otherwise of like tenor.

     3.16. Subrogation.  Beneficiary shall be subrogated to the claims and
liens of all parties whose claims or liens are discharged or paid by Beneficiary
in order to protect or preserve the Property and the value thereof as security
for Secured Obligations.

     3.17. Limit of Validity.  To the extent the fulfillment of any provision
of this Security Instrument at the time such provision is to be performed shall
involve transcending the limit of validity presently prescribed by any
applicable usury or similar law, the obligation to be fulfilled under such
provision shall ipso facto be reduced to the limit of such validity.

     3.18. Hazardous Material.

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     (a)  Borrower hereby represents and warrants to Beneficiary that, as of the
date hereof Borrower has received no written notice (i) that the Property is in
direct or indirect violation of any local, state or federal law, rule or
regulation pertaining to environmental regulation, contamination or clean-up
(collectively, "Hazardous Material Laws"), including, without limitation, the
Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42
U.S.C. (S)9601 et seq. and 40 CFR (S)302.1 et seq.), the Resource Conservation
and Recovery Act of 1976 (42 U.S.C. (S)6901 et seq.), The Federal Water
Pollution Control Act (33 U.S.C. (S)1251 et seq. and 40 CFR (S)116.1 et seq.),
and the Hazardous Materials Transportation Act (49 U.S.C. (S)1801 et seq.), and
the regulations promulgated pursuant to said laws, all as amended; and any
similar laws and regulations of the state having jurisdiction over the Property;
(ii) of any hazardous, toxic or harmful substances, wastes, materials,
pollutants or contaminants (including, without limitation, asbestos,
polychlorinated biphenyls, petroleum products, flammable explosives, radioactive
materials, infectious substances or raw materials which include hazardous
constituents) or any other substances or materials which are included under or
regulated by Hazardous Material Laws (collectively, "Hazardous Material") are
located on or have been handled, generated, stored, processed or disposed of on
or released or discharged at, onto or under from the Property (including
underground contamination) except for those substances used by Borrower in the
ordinary course of its business and in compliance with all Hazardous Material
Laws; (iii) that the Property is subject to any private or governmental lien or
judicial or administrative notice or action relating to Hazardous Material; (iv)
of any existing or closed underground storage tanks or other underground storage
receptacles for Hazardous Material located on the Property; (v) of any
investigation, action, proceeding or claim by any agency, authority or unit of
government or by any third party which could result in any liability, penalty,
sanction or judgment under any Hazardous Material Laws with respect to any
condition, use or operation of the Property nor does Borrower know of any basis
for such a claim; and (vi) of any claim by any party that any use, operation or
condition of the Property violates any Hazardous Material Laws.

     (b)  Borrower shall keep or cause the Property to be kept free from
Hazardous Material (except those substances used by Borrower or tenants of the
Property in the ordinary course of their respective business and in compliance
with all Hazardous Material Laws) and in compliance with all Hazardous Material
Laws, shall not install or use any underground storage tanks, shall expressly
prohibit the use, generation, handling, storage, production, processing and
disposal of Hazardous Material (except those substances used by Borrower or
tenants of the Property in the ordinary course of their respective business and
in compliance with all Hazardous Material Laws) by all lessees of space in the
Improvements, and, without limiting the generality of the foregoing, during the
term of this Security Instrument, shall not install in the Improvements or
permit to be installed in the Improvements asbestos or any substance containing
asbestos.

     (c)  Borrower shall promptly notify Beneficiary if Borrower shall become
aware of the possible existence of any Hazardous Material (except those
substances used by Borrower or tenants of the Property in the ordinary course of
their respective business and in compliance with all Hazardous Material Laws) on
the Property or if Borrower shall become aware that the Property is or may be in
direct or indirect violation of any Hazardous Material Laws.  Further,
immediately upon receipt of the same, Borrower shall deliver to Beneficiary
copies of any and all orders, notices, permits, applications, reports, and other
communications, documents and instruments received by Borrower pertaining to the
actual, alleged or potential presence or existence of any such Hazardous
Material at, on, about, under, within, near or in connection with the Property.
Borrower shall,

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<PAGE>

promptly and when and as required by any Hazardous Material Laws, at Borrower's
sole cost and expense, take, or cause Lessee to take, all actions as shall be
necessary or advisable for the clean-up of any and all portions of the Property
or other affected property, including, without limitation, all investigative,
monitoring, removal, containment and remedial actions in accordance with all
applicable Hazardous Material Laws (and in all events in a manner satisfactory
to Beneficiary), and shall further pay or cause to be paid, at no expense to
Beneficiary, all clean-up, administrative and enforcement costs of applicable
governmental agencies which may be asserted against the Property. In the event
Borrower fails to do so, Beneficiary may, but shall not be obligated to, cause
the Property or other affected property to be freed from any Hazardous Material
(except those substances used by Borrower or tenants of the Property in the
ordinary course of their respective business and in compliance with all
Hazardous Material Laws) or otherwise brought into conformance with Hazardous
Material Laws and any and all costs and expenses incurred by Beneficiary in
connection therewith, together with interest thereon at the Default Rate (as
defined in the Loan Agreement) from the date incurred by Beneficiary until
actually paid by Borrower, shall be immediately paid by Borrower on demand and
shall be secured by this Security Instrument and by all of the other Loan
Documents securing all or any part of the indebtedness evidenced by the Note.
Borrower hereby grants to Beneficiary and its agents and employees access to the
Property and a license to remove any Hazardous Material (except those substances
used by Borrower or tenants of the Property in the ordinary course of their
respective business and in compliance with all Hazardous Material Laws) and to
do all things Beneficiary shall deem necessary to bring the Property in
conformance with Hazardous Material Laws. Borrower covenants and agrees, at
Borrower's sole cost and expense, to indemnify, defend (at trial and appellate
levels, and with attorneys, consultants and experts acceptable to Beneficiary),
and hold Beneficiary harmless from and against any and all liens, damages,
losses, liabilities, obligations, settlement payments, penalties, assessments,
citations, directives, claims, litigation, demands, defenses, judgments, suits,
proceedings, costs, disbursements or expenses of any kind or of any nature
whatsoever (including, without limitation, reasonable attorneys', consultants'
and experts' fees and disbursements actually incurred in investigating,
defending, settling or prosecuting any claim, litigation or proceeding) which
may at any time be imposed upon, incurred by or asserted or awarded against
Beneficiary or the Property, and arising directly or indirectly from or out of
(i) the presence, release or threat of release of any Hazardous Material on, in,
under or affecting all or any portion of the Property or any surrounding areas,
regardless of whether or not caused by or within control of Borrower; (ii) the
violation of any Hazardous Material Laws relating to or affecting the Property,
caused by Borrower; (iii) the failure by Borrower to comply fully with the terms
and conditions of this Section; (iv) the breach of any representation or
warranty contained in this Section; or (v) the enforcement of this Section,
including, without limitation, the cost of assessment, containment and/or
removal of any and all Hazardous Material from all or any portion of the
Property or any surrounding areas, the cost of any actions taken in response to
the presence, release or threat of release of any Hazardous Material on, in,
under or affecting any portion of the Property or any surrounding areas to
prevent or minimize such release or threat of release so that it does not
migrate or otherwise cause or threaten danger to present or future public
health, safety, welfare or the environment, and costs incurred to comply with
the Hazardous Material Laws in connection with all or any portion of the
Property or any surrounding areas. The indemnity set forth in this Section shall
also include any diminution in the value of the security afforded by the
Property or any future reduction in the sales price of the Property by reason of
any matter set forth in this Section. Beneficiary's rights under this paragraph
shall survive payment in full of the Secured Obligations and shall be in
addition to all other rights of Beneficiary under this Security Instrument,

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the Loan Agreement, the Note and the other Loan Documents. The foregoing
indemnity shall specifically not include any such costs relating to Hazardous
Materials that are initially placed on, in or under the Property after title
thereto is for any reason transferred to Trustee or Beneficiary, or which result
directly and solely from the willful misconduct or gross neglect of Trustee or
Beneficiary.

     (d)  Upon Beneficiary's request, at any time after the occurrence and
during the continuation of an Event of Default hereunder or at such other time
as Beneficiary has reasonable grounds to believe that Hazardous Material (except
those substances used by Borrower or tenants of the Property in the ordinary
course of their respective business and in compliance with all Hazardous
Material Laws) are or have been released, stored or disposed of on or around the
Property or that the Property may be in violation of the Hazardous Material
Laws, Borrower shall provide, at Borrower's sole cost and expense, an inspection
or audit of the Property prepared by a hydrogeologist or environmental engineer
or other appropriate consultant approved by Beneficiary indicating the presence
or absence of Hazardous Material on the Property or an inspection or audit of
the Improvements prepared by an engineering or consulting firm approved by
Beneficiary in writing indicating the presence or absence of friable asbestos or
substances containing asbestos on the Property.  If Borrower fails to provide
such inspection or audit within forty-five (45) days after such request,
Beneficiary may order the same, and Borrower hereby grants to Beneficiary and
its employees and agents access to the Property and a license to undertake such
inspection or audit.  The cost of such inspection or audit, together with
interest thereon at the Default Rate from the date incurred by Beneficiary until
actually paid by Borrower, shall be immediately paid by Borrower on demand and
shall be secured by this Security Instrument and by all of the other Loan
Documents.

     (e)  Without limiting the foregoing, where recommended by a "Phase I" or
"Phase II" assessment (an "Environmental Report"), Borrower shall establish and
comply with an operations and maintenance program relative to the Property, in
form and substance acceptable to Beneficiary, prepared by an environmental
consultant acceptable to Beneficiary, which program shall address any Hazardous
Material (including asbestos containing material or lead based paint) that may
now or in the future be detected on the Property.  Without limiting the
generality of the preceding sentence, Beneficiary may require (i) periodic
notices or reports to Beneficiary in form, substance and at such intervals as
Beneficiary may specify to address matters raised in the Environmental Report,
(ii) an amendment to such operations and maintenance program to address changing
circumstances, laws or other matters, (iii) at Borrower's sole expense,
supplemental examination of the Property by consultants specified by Beneficiary
to address matters raised in the Environmental Report, (iv) access to the
Property, by Beneficiary, its agents or servicer, to review and assess the
environmental condition of the Property and Borrower's compliance with any
operations and maintenance program, and (v) variation of the operations and
maintenance program in response to the reports provided by any such consultants.

     (f)  If any action shall be brought against Beneficiary based upon any of
the matters for which Beneficiary is indemnified under this Section, Beneficiary
shall notify Borrower in writing thereof and Borrower shall promptly assume the
defense thereof, including, without limitation, the employment of counsel
acceptable to Beneficiary and the negotiation of any settlement; provided,
however, that any failure of Beneficiary to notify Borrower of such matter shall
not impair or reduce the obligations of Borrower hereunder.  Beneficiary shall
have the right, at the expense of Borrower

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<PAGE>

(which expense shall be included in the costs described in subsection (c)
above), to employ separate counsel in any such action and to participate in the
defense thereof. In the event Borrower shall fail to discharge or undertake to
defend Beneficiary against any claim, loss or liability for which Beneficiary is
indemnified hereunder, Beneficiary may, at its sole option and election, defend
or settle such claim, loss or liability. The liability of Borrower to
Beneficiary hereunder shall be conclusively established by such settlement,
provided such settlement is made in good faith, the amount of such liability to
include both the settlement consideration and the costs and expenses, including,
without limitation attorneys' fees and disbursements, incurred by Beneficiary in
effecting such settlement. In such event, such settlement consideration, costs
and expenses shall be included in costs described in subsection (c) above and
Borrower shall pay the same as provided in this Section. Beneficiary's good
faith in any such settlement shall be conclusively established if the settlement
is made on the advice of independent legal counsel for Beneficiary.

                  Article IV - Events of Default and Remedies

     4.01.  Events of Default. As used in this Security Instrument, the term
"Event of Default" shall mean the occurrence of any one or more of the following
events:

            (a)   The default or failure of Borrower properly and
     timely to comply with the terms and conditions of this Security
     Instrument that is not cured within applicable cure periods set
     forth herein or, if no cure period is specified therefor, is not
     cured within thirty (30) days after notice is sent by Beneficiary
     to Borrower specifying such default;

            (b)   The occurrence of any Event of Default (as therein
     defined) under the Loan Agreement, the Note, or any of the other
     Loan Documents and not cured within any applicable cure period;

            (c)   The sale, transfer, lease, assignment, or other
     disposition, voluntarily or involuntarily, of the Property, or
     any part thereof or any interest therein, including a sale or
     transfer in lieu of condemnation, or, except for Permitted
     Encumbrances, any further encumbrance of the Property, unless
     expressly permitted by the Loan Agreement or unless the prior
     written consent of Beneficiary is obtained (which consent may be
     withheld with or without cause in Beneficiary's discretion);

            (d)   if any event or omission shall occur which, with the
     giving of notice or the passage or time, or both, would
     constitute a default under either Ground Lease which could permit
     any party to the Ground Lease validly to terminate such Ground
     Lease, or if either Ground Lease otherwise terminates for any
     reason whatsoever, provided that occurrence of a default under,
     or the termination of, the Ground Prime Lease shall not
     constitute an Event of Default so long as the Ground Lessor under
     the Ground Prime Lease recognizes and agrees to be bound by the
     Ground SubLeases in accordance with the terms of the Recognition
     Agreement); or

            (e)   if a default beyond any applicable notice or grace
     period, if any, occurs under any fee mortgage with respect to the
     Land, or if Borrower or

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<PAGE>

     Beneficiary shall be made a party in any action or proceeding in
     connection with any such fee mortgage, including, without
     limitation, a foreclosure or similar proceeding, unless the
     holder of such fee mortgage has agreed not to disturb the rights
     of Borrower under the applicable Ground Lease.

     4.02.  Acceleration of Maturity. If an Event of Default has occurred,
Beneficiary may declare all of the Secured Obligations to be forthwith due and
payable, whereupon all the Secured Obligations shall become and be forthwith due
and payable, without presentment, demand, protest or further notice of any kind,
all of which are hereby expressly waived by Borrower, and Beneficiary may
immediately enforce payment of all such amounts and exercise any or all of its
rights and remedies under this Security Instrument, the Loan Agreement, and the
other Loan Documents. No delay or omission on the part of Beneficiary to
exercise such option when entitled so to do shall be considered as a waiver of
such right.

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<PAGE>

     4.03.  Right of Beneficiary to Enter and Take Possession.

     (a)    If an Event of Default has occurred, Borrower, upon demand of
Beneficiary, shall forthwith surrender to Beneficiary the actual possession of
the Property and, if and to the extent permitted by law, Beneficiary itself, or
by such officers or agents as it may appoint, may enter and take possession of
all or any part of the Property without the appointment of a receiver or an
application therefor, and may exclude Borrower and its agents and employees
wholly therefrom, and take possession of the books, papers and accounts of
Borrower.

     (b)    If Borrower shall for any reason fail to surrender or deliver the
Property or any part thereof after such demand by Beneficiary, Beneficiary may
obtain a judgment or decree conferring upon Beneficiary the right to immediate
possession or requiring Borrower to deliver immediate possession of the Property
to Beneficiary. Borrower will pay to Beneficiary, upon demand, all expenses of
obtaining such judgment or decree, including compensation to Beneficiary, its
attorneys and agents, and all such expenses and compensation shall, until paid,
become part of the Secured Obligations and shall be secured by this Security
Instrument.

     (c)    Upon every such entering upon or taking of possession, Beneficiary
may hold, store, use, operate, manage and control the Property and conduct the
business thereof, and, from time to time (i) make all necessary and proper
repairs, renewals, replacements, additions, betterments, and improvements
thereto and purchase or otherwise acquire additional fixtures, personalty, and
other property; (ii) insure or keep the Property insured; (iii) manage and
operate the Property and exercise all the rights and powers of Borrower, in its
name or otherwise, with respect to the same, and (iv) enter into any and all
agreements with respect to the exercise by others of any of the powers herein
granted Beneficiary, all as Beneficiary may from time to time determine to be to
its best advantage. Beneficiary may collect and receive all Rents and Accounts,
including those past due as well as those accruing thereafter, and after
deducting (aa) all expenses of taking, holding, managing, and operating the
Property (including compensation for the services of all persons employed for
such purposes), (bb) the cost of all such maintenance, repairs, renewals,
replacements, additions, betterments, improvements, purchases, and acquisitions,
(cc) the cost of such insurance, (dd) such taxes, assessments, and other charges
as Beneficiary may reasonably determine to pay, (ee) other proper charges upon
the Property or any part thereof, and (ff) the compensation and expenses of
attorneys and agents of Beneficiary, Beneficiary shall apply the remainder of
the money so received to the other Secured Obligations in such order, priority,
and proportions as Beneficiary may elect. Beneficiary's sole duty with respect
to the custody, safekeeping, and physical preservation of the Property shall be
to deal with it in the same manner as Beneficiary deals with similar property
for its own account. For the purpose of carrying out the provisions of this
Section, Borrower hereby constitutes and appoints Beneficiary the true and
lawful attorney in fact of Borrower, which power of attorney is coupled with an
interest and irrevocable, to do and perform, from time to time, any and all
actions necessary and incidental to such purpose and does, by these presents,
ratify and confirm any and all actions of said attorney in fact on the Property.
Anything in this Section to the contrary notwithstanding, Beneficiary shall not
be obligated to discharge or perform the duties of a landlord to any tenant or
incur any liability as a result of any exercise by Beneficiary of its rights
under this Security Instrument, and Beneficiary shall be liable to account only
for the Rents actually received by Beneficiary.

     (d)    Whenever all the Secured Obligations shall have been paid and all
Events of Default shall have been cured, Beneficiary shall surrender possession
of the Property to Borrower and its

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<PAGE>

successors or assigns. The same right of taking possession, however, shall exist
if any subsequent Event of Default shall occur and be continuing.

     4.04.  Performance by Beneficiary. If Borrower defaults in the payment of
any tax, lien, assessment, or charge levied or assessed against the Property, or
in the payment of any utility charge, whether public or private, or in the
payment of any insurance premium, or in the procurement of insurance coverage
and the delivery of the insurance policies required in the Loan Agreement, or in
the performance or observance of any other covenant, condition, or term of this
Security Instrument, then Beneficiary, at its option, may perform or observe the
same, and all payments made or costs incurred by Beneficiary in connection
therewith shall constitute Secured Obligations and shall be, without demand,
immediately repaid by Borrower to Beneficiary with interest thereon at the
Default Rate specified in the Loan Agreement. Beneficiary shall be the sole
judge of the legality, validity, and priority of any such tax, lien, assessment,
charge, claim, and premium, of the necessity for any such actions, and of the
amount necessary to be paid in connection therewith. Beneficiary is hereby
empowered to enter and to authorize others to enter upon the Property or any
part thereof for the purpose of performing or observing any such defaulted
covenant, condition, or term, without thereby becoming liable to Borrower.

     4.05.  Appointment of a Receiver. If an Event of Default has occurred,
Beneficiary, upon application to a court of competent jurisdiction, shall be
entitled, without regard to the adequacy of any security for the Secured
Obligations or the solvency of any party bound for its payment, to the
appointment of a receiver to take possession of and to operate the Property and
to collect the rents, profits, issues and revenues thereof. Borrower will pay to
Beneficiary upon demand all expenses, including, without limitation, all
receivers' fees, reasonable attorneys' fees, and agent's compensation, incurred
pursuant to the provisions of this Section, and all such expenses shall
constitute Secured Obligations.

     4.06.  Beneficiary's Power of Enforcement. If an Event of Default shall
occur and be continuing, in addition to any or all of the remedies specified
herein:

            (a)  Beneficiary may, or Trustee may upon written or oral
     request of Beneficiary, proceed by suit or suits, at law or in
     equity, to enforce the payment and performance of the Secured
     Obligations in accordance with the terms hereof and of the Note
     or other instruments evidencing the Secured Obligations, to
     foreclose the liens of this Security Instrument as against all or
     any part of the Property, and to have all or any part of the
     Property sold under the judgment or decree of a court of
     competent jurisdiction.

            (b)  In the event a foreclosure hereunder should be
     commenced by Trustee in accordance with the powers of sale
     granted in this Security Instrument, Beneficiary may at any time
     before the sale, orally or in writing, direct Trustee to abandon
     the sale, and may then institute suit for the collection of the
     Secured Obligations, and/or for the foreclosure of the liens
     hereof. If Beneficiary should institute a suit for the collection
     of the Secured Obligations, and/or for a foreclosure of the liens
     hereof, Beneficiary may at any time before the entry of a final
     judgment in such suit dismiss such suit (either totally or as to
     the counts thereof for judicial foreclosure), and require Trustee
     to sell the Property, or any part thereof, in accordance with the
     provisions of this Security Instrument.

            (c)  Exercise all other rights and remedies provided
     herein, in any Loan Document or other document or agreement now
     or hereafter securing or guarantying all or any portion of the

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<PAGE>

     Secured Obligations, or by law, including, without limitation,
     the rights and remedies provided in A.R.S. Section 33-702.B.

     4.07.  Exercise of Power of Sale. If an Event of Default shall have
occurred and be continuing and Beneficiary elects to exercise the power of sale
herein contained, Beneficiary shall deliver to Trustee a written statement of
breach, notice of default and election to cause Borrower's interest in the
Property to be sold and shall deposit with Trustee this Security Instrument and
the Note and such receipts and evidence of expenditures made and secured hereby
as Trustee may require.

            (a)  Upon receipt of such statement and notice from
     Beneficiary, Trustee shall cause to be recorded, published and
     delivered to Borrower such notice of sale as then required by law
     (herein, the "Notice of Sale"). Trustee shall, without demand on
     Borrower, after lapse of such time as may then be required by law
     and after recordation of such Notice of Sale and Notice of Sale
     having been given as required by law, sell the Property at the
     time and place of sale fixed by it in said Notice of Sale, either
     as a whole, or in separate lots or parcels or items as Trustee
     shall deem expedient, and in such order as it may determine, at
     public auction to the highest bidder for cash in lawful money of
     the United States payable at the time of sale. Trustee shall
     deliver to such purchaser or purchasers thereof its good and
     sufficient deed or deeds conveying the property so sold, but
     without any covenant or warranty, express or implied. The
     recitals in such deed of any matters or facts shall be conclusive
     proof of the truthfulness thereof. Any person, including, without
     limitation, Borrower, Trustee or Beneficiary, may purchase at
     such sale and Borrower hereby covenants to warrant and defend the
     title of such purchaser or purchasers.

            (b)  After deducting all costs, fees and expenses of
     Trustee and of this Security Instrument, including, without
     limitation, Trustee's fees and reasonable attorney's fees, and
     costs of evidence of title in connection with sale, Trustee shall
     apply the proceeds of sale in the following priority, to payment
     of: (i) first all sums expended under the terms of the Loan
             -----
     Documents, not then repaid, with accrued interest at the rate of
     two percent (2%) in excess of the rate set forth in the Note, but
     not exceeding the maximum rate permitted by applicable law; (ii)
     second, all sums due under the Note; (iii) all other sums, then
     ------
     secured hereby; and (iv) the remainder, if any, to the person or
     persons legally entitled thereto or as provided in A.R.S. Section
     33-812 or any similar or successor statute.

            (c)  Subject to A.R.S. Section 33-810.B, Trustee may
     postpone sale of all or any portion of the Property by public
     announcement at such time and place of sale, and from time to
     time thereafter may postpone such sale by public announcement or
     subsequently noticed sale, and without further notice make such
     sale at the time fixed by the last postponement, or may, in its
     discretion, give a new notice of sale.

            (d)  In the event of the resignation or death of Trustee,
     or Trustee's failure, refusal, or inability, for any reason, to
     make any such sale or to perform any of the trusts herein
     declared, or, at the option of Beneficiary, without cause, then
     Beneficiary may appoint, in writing, a substitute trustee, who
     shall thereupon succeed to all the Property, and trusts herein
     granted to and vested in Trustee. If Beneficiary is a
     corporation, such appointment may be made on behalf of such
     Beneficiary by any person who is an authorized officer or agent
     of Beneficiary. In the event of the resignation or death of any
     such substitute trustee, or Trustee's failure, refusal, or
     inability to make any such sale or perform such trusts, or, at
     the option of Beneficiary, without cause, successive substitute
     trustees may thereafter, from time to time, be appointed in the
     same manner. Wherever herein the word "Trustee" is used, the same
     shall mean the person who is the duly appointed trustee or
     substitute trustee hereunder at the time in questions.

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<PAGE>

     4.08.  UCC Remedies. This Security Instrument is a "security agreement"
within the meaning of the UCC. The Property includes both real and personal
property and all other rights and interests, whether tangible or intangible in
nature, of Borrower in the Property. Borrower by executing and delivering this
Security Instrument has granted and hereby grants to Borrower, as security for
the Secured Obligations, a security interest in the Property to the full extent
that the Property may be subject to the UCC (said portion of the Property so
subject to the UCC being referred to in this Security Instrument as the
"Collateral"). If an Event of Default occurs, Beneficiary may exercise, in
addition to all other rights and remedies granted to it in this Security
Instrument and in any other Loan Document, all rights and remedies of a secured
party under the UCC. Without limiting the generality of the foregoing,
Beneficiary, without demand of performance or other demand, presentment,
protest, advertisement or notice of any kind (except any notice required by law
referred to below) to or upon Borrower or any other person (all and each of
which demands, defenses, advertisements and notices are hereby waived), may in
such circumstances forthwith collect, receive, appropriate and realize upon the
Collateral , or any part thereof, and/or may forthwith sell, lease, assign, give
option or options to purchase, or otherwise dispose of and deliver the
Collateral or any part thereof (or contract to do any of the foregoing), in one
or more parcels at public or private sale or sales, at any exchange, broker's
board or office of Beneficiary or elsewhere upon such terms and conditions as it
may deem advisable and at such prices as it may deem best, for cash or on credit
or for future delivery without assumption of any credit risk. Beneficiary shall
have the right upon any such public sale or sales, and, to the extent permitted
by law, upon any such private sale or sales, to purchase the whole or any part
of the Collateral so sold, free of any right or equity of redemption in
Borrower, which right or equity is hereby waived or released. Borrower further
agrees, at Beneficiary's request, to assemble the Collateral and make it
available to Beneficiary at places which Beneficiary shall reasonably select,
whether at Borrower's premises or elsewhere. If any notice of a proposed sale or
other disposition of the Collateral shall be required by law, such notice shall
be deemed reasonable and proper if given at least ten (10) days before such sale
or other disposition.

     4.09.  Purchase by Beneficiary.  Upon any foreclosure or other sale of or
any portion of the Property, Beneficiary may bid for and purchase the Property
or any part thereof and shall be entitled to apply all or any part of the
Secured Obligations as a credit to the purchase price.

     4.10.  Application of Proceeds of Sale.  Any purchase money, proceeds, and
avails of any sale or other disposition of the Property, or any part thereof, or
any other sums collected by Beneficiary pursuant to this Security Instrument,
the Note, or the other Loan Documents may be applied by Beneficiary to the
payment of the Secured Obligations in such priority and proportions as
Beneficiary in its discretion shall deem proper.

     4.11.  Borrower as Tenant Holding Over. If any sale of the Property or any
part thereof occurs pursuant to this Security Instrument, Borrower shall be
deemed a tenant holding over and shall forthwith deliver possession to the
purchaser or purchasers at such sale or be summarily dispossessed according to
provisions of law applicable to tenants holding over.

     4.12.  Discontinuance of Proceedings; Restoration of Parties. If
Beneficiary proceeds to enforce any right of remedy under this Security
Instrument by receiver, entry, or otherwise and such proceedings are
discontinued or abandoned for any reason or are determined adversely to
Beneficiary, then and in every such case Borrower and Beneficiary shall be
restored to their former positions and rights hereunder, and all rights, powers
and remedies of Beneficiary shall continue as if no such proceeding had been
taken.

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<PAGE>

     4.13.   Remedies Cumulative.  No right, power, or remedy conferred upon or
reserved to Beneficiary by this Security Instrument or any of the other Loan
Documents is intended to be exclusive of any other right, power, or remedy, but
each and every such right, power, and remedy shall be cumulative and concurrent
and shall be in addition to any other right, power, and remedy given under this
Security Instrument, any such other Loan Document, or now or hereafter existing
at law or in equity or by statute.  The exercise by Beneficiary of any such
right, power, and remedy shall not operate as an election of remedies by
Beneficiary and shall not preclude the exercise by Beneficiary of any or all
other such rights, powers, or remedies.  If the sale of all or any part of the
Property is permitted hereunder, then such sale of the Property may be in one or
more parcels and in such manner and order as Beneficiary, in its sole
discretion, may elect, it being expressly understood and agreed that the right
of sale arising out of an Event of Default shall not be exhausted by any one or
more sales, but other and successive sales may be made until all of the Property
has been sold or until the Secured Obligations have been fully satisfied.

     4.14.   Waiver of Appraisement, Valuation, Exemption, Etc.  Borrower
agrees, to the full extent permitted by law, that in case of an Event of Default
hereunder, neither Borrower nor anyone claiming through or under Borrower will
set up, claim or seek to take advantage of any appraisement, valuation, stay,
extension, exemption, or laws now or hereafter in force, in order to prevent or
hinder the enforcement or foreclosure of this Security Instrument, or the
absolute sale of the Property or any part thereof, or the delivery of possession
thereof immediately after such sale to the purchaser at such sale, and Borrower,
for itself and all who may at any time claim through or under Borrower, hereby
waives to the full extent that it may lawfully so do, the benefit of all such
laws, and any and all right to have the assets subject to the lien and security
interest of this Security Instrument marshaled upon any foreclosure or sale
under the power herein granted.

     4.15.   Suits to Protect the Property.  Beneficiary shall have power (i) to
institute and maintain such suits and proceedings as it may deem expedient to
prevent any impairment of the Property by any acts which may be unlawful or any
violation of this Security Instrument, (ii) to preserve or protect its interest
in the Property and in the Rents, and (iii) to restrain the enforcement of or
compliance with any legislation or other governmental enactment, rule, or order
that may be unconstitutional or otherwise invalid, if the enforcement of or
compliance with such enactment, rule, or order would impair the security
hereunder or be prejudicial to the interest of Beneficiary.

     4.16.   Delay or Omission No Waiver.  No delay or omission of Beneficiary
or of any holder of the Note to exercise any right, power, or remedy accruing
upon any Event of Default shall exhaust or impair any such right, power, or
remedy or shall be construed to be a waiver of any such Event of Default, or
acquiescence therein, and every right, power, and remedy given by this Security
Instrument to Beneficiary may be exercised from time to time and as often as may
be deemed expedient by Beneficiary.

     4.17.   No Waiver of Event of Default to Affect Another, etc.  No waiver of
any Event of Default hereunder shall extend to or shall affect any subsequent or
any other then existing Event of Default or shall impair any rights, powers, or
remedies consequent thereon.  If Beneficiary (i) grants forbearance or an
extension of time for the payment of any of the Secured Obligations, (ii) takes
other or additional security for the payment of the Secured Obligations, (iii)
waives or does not exercise any right granted in the Note, this Security
Instrument, or any of the other Loan Documents, (iv) releases any part of the
Property from the lien and interest of this Security

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<PAGE>

Instrument or otherwise changes any of the terms of the Note, this Security
Instrument, or any of the other Loan Documents, (v) consents to the filing of
any map, plat, or replat pertaining to the Property, (vi) consents to the
granting of any easement or license affecting the Property, or (vii) makes or
consents to any agreement subordinating the lien and interest of this Security
Instrument, then any such act or omission shall not release, discharge, modify,
change, or affect the original liability under the Note, this Security
Instrument, or otherwise of Borrower or any subsequent purchaser of the Property
or any part thereof, or any maker, co-signer, endorser, surety, or guarantor,
nor shall any such act or omission preclude Beneficiary from exercising any
right, power, or privilege herein granted or intended to be granted in the event
of any other Event of Default then made or of any subsequent Event of Default,
nor, except as otherwise expressly provided in an instrument or instruments
executed by Beneficiary, shall the lien and security interest of this Security
Instrument be altered thereby. In the event of the sale or transfer by operation
of law or otherwise of all or any part of the Property, Beneficiary, at its
option, without notice to any person or entity, hereby is authorized and
empowered to deal with any such vendee or transferee with reference to the
Property or the Secured Obligations, or with reference to any of the terms or
conditions hereof, as fully and to the same extent as it might deal with the
original parties hereto and without in any way releasing or discharging any of
the liabilities or undertakings hereunder.

     4.18.  Proofs of Claim.  In the case of any receivership, insolvency,
bankruptcy, reorganization, arrangement, adjustment, composition or other
proceedings affecting Borrower or its creditors or property, Beneficiary, to the
extent permitted by law, shall be entitled to file such proofs of claim and
other documents as may be necessary or advisable in order to have the claims of
Beneficiary allowed in such proceedings for the entire amount due and payable by
Borrower under this Security Instrument at the date of the institution of such
proceedings and for any additional amount which may become due and payable by
Borrower hereunder after such date.

              Article V - Financing Statements and Fixture Filing

     5.01.  Financing Statements.  Borrower covenants and agrees to execute,
file, and refile such financing statements, continuation statements, or other
documents as Beneficiary shall require from time to time with respect to the
Collateral. Borrower agrees that the filing of financing statement(s) in the
records normally having to do with the Collateral shall not in any way affect
the agreement of Borrower that everything used in connection with the production
of income from the Property or adapted for use therein or that is described or
reflected in this Security Instrument is, and at all times and for all purposes
and in all proceedings, both legal or equitable, shall be, regarded as part of
the Land conveyed hereby regardless of whether (i) any such item is physically
attached to the Improvements, (ii) serial numbers are used for the better
identification of certain items capable of being thus identified in an exhibit
to this Security Instrument, or (iii) any such item is referred to or reflected
in any such financing statement(s) so filed at any time. Similarly, the mention
in any such financing statement(s) of the rights in and to (aa) the proceeds of
any insurance policy, (bb) any award in condemnation proceedings for taking or
for loss of value, or (cc) Borrower's interest as lessor in any present or
future Leases or Rents shall not in any way alter any of the rights of
Beneficiary as determined by this Security Instrument or affect the priority of
Beneficiary's security interest granted hereby or by any other recorded
document, it being understood and agreed that such mention in such financing
statement(s) is solely for the protection of Beneficiary in the event any court
shall at any time hold, with respect to the foregoing items (aa), (bb), or (cc),
that notice of Beneficiary's priority of interest, to be effective against a
particular class

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                              Wells Operating Partnership, L.P. - Revolving Loan
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<PAGE>

of persons, must be filed in the UCC records. This Security Instrument may be
filed as a financing statement in any office where Beneficiary deems such filing
necessary or desirable, and Borrower will promptly upon demand reimburse
Beneficiary for the costs therefor.

     5.02.  Fixture Filing.  To the extent that the Property includes items of
personal property that are or are to become fixtures under applicable law, and
to the extent permitted under applicable law, the filing of this Security
Instrument in the real estate records of the county in which such Property is
located shall also operate from the time of filing as a fixture filing with
respect to such Property, and the following information is applicable for the
purpose of such fixture filing:

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                              Wells Operating Partnership, L.P. - Revolving Loan
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<PAGE>

     (1)    Name and address of the debtor:

                  Wells Operating Partnership, L.P.
                  c/o Wells Real Estate Funds
                  6200 Corners Parkway
                  Suite 250
                  Norcross, Georgia 30092

     (2)    Name and address of the secured party:

                  SouthTrust Bank
                  P.O. Box 2554
                  Birmingham, Alabama 35290

     (3)    This documents covers goods or items of personal property which are
            or are to become fixtures upon the real estate described herein.

     (4)    The name of the record owner of the real estate on which such
            fixtures are or are to be located is Wells Operating Partnership,
            L.P.

                            Article VI - Defeasance

     6.01.  Defeasance Upon Payment of the Secured Obligations.  This Security
Instrument shall cease, terminate, and thereafter be of no further force and
effect in the event that all of the Secured Obligations shall have been paid,
performed, and satisfied in full.  Upon such termination and at Borrower's
request and expense, Beneficiary shall execute, acknowledge, and deliver to
Borrower an instrument, in proper form for recording, without warranty,
releasing the lien and security interest of this Security Instrument and
reconveying to Borrower the Property.

     6.02.  [Intentionally Omitted]

                      Article VII - Local Law Provisions

     7.01.  Inconsistencies. In the event of any inconsistencies or dichotomies
between the terms and conditions of this Article VI and the other provisions of
this Security Instrument, the terms and conditions of this Article VI shall be
controlling.

     7.02.  No Oral Agreements/Notice under Tex. Bus. & Com. Code Ann. (S)
26.02. The Security Documents executed in connection herewith represent the
final agreement between the parties and may not be contradicted by evidence of
prior, contemporaneous or subsequent oral agreements of the parties. There are
no unwritten oral agreements between the parties.

                       Article VIII - Document Protocols

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                              Wells Operating Partnership, L.P. - Revolving Loan
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<PAGE>

     This Security Instrument is governed by the Document Protocols set forth in
Exhibit A attached to the Loan Agreement, which are specifically incorporated
herein as if fully set forth herein.

                     Article IX - Deed of Trust Provisions

     9.01.  Concerning Trustee.  Trustee shall be under no duty to take any
action hereunder except as expressly required hereunder or by law or to perform
any act which would involve Trustee in any expense or liability or to institute
or defend any suit in respect hereof, unless properly indemnified to Trustee's
reasonable satisfaction.  Trustee, by acceptance of this Security Instrument,
covenants to perform and fulfill the trusts herein created.  Trustee shall not
be answerable or accountable hereunder except for its own willful misconduct or
gross negligence, and Borrower agrees to indemnify, defend and hold Trustee
harmless from and against any cost, loss, damage, liability or expense
(including, without limitation, reasonable attorney's fees and disbursements)
which Trustee may incur or sustain in the exercise or performance of its powers
and duties hereunder.  Trustee hereby waives any statutory fee and agrees to
accept reasonable compensation, in lieu thereof, for any services rendered by
Trustee in accordance with the terms hereof.  Trustee may resign at any time
upon giving at least thirty (30) days' notice to Borrower and Beneficiary.  In
the event of the death, removal, resignation, refusal or inability to act of
Trustee, or in its sole discretion for any reason whatsoever, Beneficiary may,
without notice and without specifying any reason therefor and without applying
to any court, select and appoint a successor trustee, by an instrument recorded
wherever this Security Instrument is recorded, and all powers, rights, duties
and authority of Trustee, as aforesaid, shall thereupon become vested in such
successor.  Such substitute trustee shall not be required to give bond for the
faithful performance of the duties of Trustee hereunder unless required by
Beneficiary.  The procedure provided for in this paragraph for substitution of
Trustee shall be in addition to and not in exclusion of any other provisions for
substitution, by law or otherwise.

     9.02.  Trustee's Fees. Borrower shall pay all reasonable costs, fees and
expenses incurred by Trustee and Trustee's agents and counsel in connection with
the performance by Trustee of Trustee's duties hereunder, and all such costs,
fees and expenses shall be secured by this Security Instrument.

     9.03.  Certain Rights. Trustee shall not be personally liable in case of
entry by Trustee, or anyone entering by virtue of the powers herein granted to
Trustee, upon the Property for debts contracted for or liability or damages
incurred in the management or operation of the Property. Trustee shall have the
right to rely on any instrument, document, or signature authorizing or
supporting an action taken or proposed to be taken by Trustee hereunder, which
is believed by Trustee in good faith to be genuine.

     9.04.  Retention of Money. All moneys received by Trustee shall, until used
or applied as herein provided, be held in trust for the purposes for which they
were received, but need not be segregated in any manner from any other moneys
(except to the extent required by applicable law), and Trustee shall be under no
liability for interest on any moneys received by Trustee hereunder.

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<PAGE>

     9.05.   Perfection of Appointment. If any deed, conveyance or other
instrument of any nature be required from Borrower by Trustee or any substitute
trustee to more fully and certainly vest in and confirm to Trustee or such
substitute trustee the estates rights, powers, and duties conferred hereunder
unto Trustee, then, upon request by Trustee or such substitute trustee, any and
all such deeds, conveyances and instruments shall be made, executed,
acknowledged, and delivered and shall be caused to be recorded and/or filed by
Borrower at its sole expense.

     9.06.   Succession Instruments.  Any substitute trustee appointed pursuant
to any of the provisions hereof shall, without any further act, deed or
conveyance, become vested with all the estates, properties, rights, powers, and
trusts of its predecessor in the rights hereunder with like effect as if
originally named as Trustee herein; but nevertheless, upon the written request
of Beneficiary or of the substitute trustee, the predecessor trustee ceasing to
act shall execute and deliver any instrument transferring to such substitute
trustee, upon the trusts herein expressed, all of the estates, properties,
rights, powers and trusts of such predecessor trustee so ceasing to act, and
shall duly assign, transfer and deliver any of the property and moneys held by
such trustee to such substitute trustee.

     9.07.   Conveyance by Trustee.  Upon receipt by Trustee of written notice
from Beneficiary that the Secured Obligations have been fully paid as provided
in Section 6.01 above, Trustee shall reconvey the Property, without warranty, to
Borrower or such Person or Persons lawfully entitled thereto.

                   Article X - Leasehold Mortgage Provisions

     10.01.  Leasehold Representations, Warranties, and Covenants.   Borrower
hereby represents, warrants and covenants as follows:

             (1)  the Ground SubLeases and, to the best knowledge of
     Borrower, the Ground Prime Lease, are in full force and effect,
     unmodified by any writing or otherwise, and Borrower has not
     waived, canceled or surrendered any of its rights thereunder;

             (2)  all rent, additional rent and/or other charges
     reserved in or payable under the Ground SubLeases and, to the
     best knowledge of Borrower, the Ground Prime Lease, have been
     paid to the extent that they are payable to the date hereof;

             (3)  Borrower enjoys the quiet and peaceful possession of
     the Leasehold Estate;

             (4)  Borrower has not delivered or received any notices
     of default under either Ground Lease and is not in default under
     any of the terms of the Ground SubLeases, and there are no
     circumstances which, with the passage of time or the giving of
     notice, or both, would constitute a default under the Ground
     SubLeases or, to the best knowledge of Borrower, the Ground Prime
     Lease;

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<PAGE>

          (5)  Ground Lessor is not in default under any of the terms of
     the Ground SubLeases or, to the best knowledge of Borrower, the Ground
     Prime Lease on its part to be observed or performed;

          (6)  Borrower has delivered to Beneficiary a true, accurate and
     complete copy of the Ground Leases;

          (7)  Borrower promptly shall pay the rent and all other sums and
     charges mentioned in, and payable under, the Ground SubLeases;

          (8)  Borrower promptly shall perform and observe all of the
     terms, covenants and conditions required to be performed and observed
     by the lessee under the Ground SubLeases, the breach of which could
     permit any party to the Ground SubLeases validly to terminate the
     Ground SubLeases (including, without limitation, all payment
     obligations), shall do all things necessary to preserve and to keep
     unimpaired its rights under the Ground SubLeases, shall not waive,
     excuse or discharge any of the obligations of Ground Lessor without
     Beneficiary's prior written consent in each instance, and shall
     diligently and continuously enforce the obligations of Ground Lessor;

          (9)  Borrower shall not do, permit or suffer any event or
     omission as a result of which there could occur a default under the
     Ground SubLeases or any event which, with the giving of notice or the
     passage or time, or both, would constitute a default under the Ground
     SubLeases which could permit any party to the Ground SubLeases validly
     to terminate the Ground SubLeases (including, without limitation, a
     default in any payment obligation), and Borrower shall obtain the
     consent or approval of Ground Lessor to the extent required pursuant
     to the terms of the Ground SubLeases;

          (10) Borrower shall not cancel, terminate, surrender, modify or
     amend or in any way alter, surrender all or any portion of the
     Property, permit the alteration of any of the provisions of the Ground
     SubLeases or agree to any termination, amendment, modification or
     surrender of the Ground SubLeases without Beneficiary's prior written
     consent in each instance, provided however, Borrower may negotiate an
     extension of the term of the Ground SubLeases at the then current fair
     market rent;

          (11) Borrower shall deliver to Beneficiary copies of any notice
     of default by any party under the Ground Leases, or of any notice from
     either Ground Lessor of its intention to terminate the applicable
     Ground Lease or to re-enter and take possession of the Property,
     immediately upon delivery or receipt of such notice, as the case may
     be;

          (12) Borrower shall promptly furnish to Beneficiary copies of
     such information and evidence as Beneficiary may request concerning
     Borrower's due observance, performance and compliance with the terms,
     covenants and conditions of the Ground SubLeases;

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<PAGE>

            (13)  Borrower knows of no adverse claim to the title or
     possession of Borrower or either Ground Lessor;

            (14)  Borrower shall not consent to the subordination of
     either Ground Lease to any mortgage or other lease of the fee
     interest in the Property; and

            (15)  Borrower, at its sole cost and expense, shall execute
     and deliver to Beneficiary, within five (5) days after request,
     such documents, instruments or agreements as may be required to
     permit Beneficiary to cure any default under either Ground Lease.

     10.02. Cure by Beneficiary.  In the event of a default by Borrower in
the performance of any of its obligations under the Ground SubLeases, including,
without limitation, any default in the payment of any sums payable thereunder,
then, in each and every case, Beneficiary may, at its option, cause the default
or defaults to be remedied and otherwise exercise any and all of the rights of
Borrower thereunder in the name of and on behalf of Borrower.  Borrower shall,
on demand, reimburse Beneficiary for all advances made and expenses incurred by
Beneficiary in curing any such default (including, without limitation,
reasonable attorneys' fees and disbursements), together with interest thereon
computed from the date that such advance is made to and including the date the
same is paid to Beneficiary.

     10.03. Options to Renew or Extend the Ground SubLeases. Borrower shall give
Beneficiary written notice of its intention to exercise each and every option,
if any, to renew or extend the term of the Ground SubLeases, at least thirty
(30) days prior to the expiration of the time to exercise such option under the
terms thereof. If required by Beneficiary, Borrower shall duly exercise any
renewal or extension option with respect to the Ground SubLeases if Beneficiary
reasonably determines that the exercise of such option is necessary to protect
Beneficiary's security for the Loan. If Borrower intends to renew or extend the
term of the Ground SubLeases, it shall deliver to Beneficiary, with the notice
of such decision, a copy of the notice of renewal or extension delivered to
Ground Lessor, together with the terms and conditions of such renewal or
extension. If Borrower does not renew or extend the term of the Ground
SubLeases, Beneficiary may, at its option, exercise the option to renew or
extend in the name of and on behalf of Borrower. Borrower hereby irrevocably
appoints Beneficiary as its attorney-in-fact, coupled with an interest, to
execute and deliver, for and in the name of Borrower, all instruments and
agreements necessary under the Ground SubLeases or otherwise to cause any
renewal or extension of the Ground SubLeases.

     10.04. Additional Ground Lease Covenants.

     (a)    In the event either Ground Lease shall be terminated by reason of a
default thereunder by Borrower or any other party, and Beneficiary shall require
from Ground Lessor a new ground lease, Borrower hereby waives any right, title
and interest in and to such new ground lease or the leasehold estate created
thereby, waiving all rights of redemption now or hereafter operable under any
law.

________________________________________________________________________________
                        Leasehold Deed of Trust and Security Agreement - Page 34
                              Wells Operating Partnership, L.P. - Revolving Loan
                                               (Tempe, Maricopa County, Arizona)
<PAGE>

     (b)  Borrower shall not elect to treat either Ground Lease as terminated,
canceled or surrendered pursuant to the applicable provisions of the Bankruptcy
Code (including, without limitation, Section 365(h)(1) thereof) without
Beneficiary's prior written consent in the event of Ground Lessor's Bankruptcy.
In addition, Borrower shall, in the event of Ground Lessor's Bankruptcy,
reaffirm and ratify the legality, validity, binding effect and enforceability of
the applicable Ground Lease and shall remain in possession of the Land and the
Leasehold Estate, notwithstanding any rejection thereof by Ground Lessor or any
trustee, custodian or receiver.

     (c)  Borrower shall give Beneficiary not less than thirty (30) days prior
written notice of the date on which Borrower shall apply to any court or other
governmental authority for authority and permission to reject the Ground
SubLeases in the event that there shall be filed by or against Borrower any
petition, action or proceeding under the Bankruptcy Code or under any other
similar federal or state law now or hereafter in effect and if Borrower
determines to reject the Ground SubLeases. Beneficiary shall have the right, but
not the obligation, to serve upon Borrower within such thirty (30) day period a
notice stating that (i) Beneficiary demands that Borrower assume and assign the
Ground SubLeases to Beneficiary subject to and in accordance with the Bankruptcy
Code, and (ii) Beneficiary covenants to cure or provide reasonably adequate
assurance thereof with respect to all defaults reasonably susceptible of being
cured by Beneficiary and of future performance under the Ground SubLeases. If
Beneficiary serves upon Borrower the notice described above, Borrower shall not
seek to reject the Ground SubLeases and shall comply with the demand provided
for in clause (i) above within fifteen (15) days after the notice shall have
been given by Beneficiary.

     (d)  During the continuance of an Event of Default, Beneficiary shall have
the right, but not the obligation, (i) to perform and comply with all
obligations of Borrower under the Ground SubLeases without relying on any grace
period provided therein, (ii) to do and take, without any obligation to do so,
such action as Beneficiary deems necessary or desirable to prevent or cure any
default by Borrower under the Ground SubLeases, including, without limitation,
any act, deed, matter or thing whatsoever that Borrower may do in order to cure
a default under the Ground SubLeases and (iii) to enter in and upon the Land or
any part thereof to such extent and as often as Beneficiary deems necessary or
desirable in order to prevent or cure any default of Borrower under the Ground
SubLeases. Borrower shall, within five (5) days after written request is made
therefor by Beneficiary, execute and deliver to Beneficiary or to any party
designated by Beneficiary, such further instruments, agreements, powers,
assignments, conveyances or the like as may be reasonably necessary to complete
or perfect the interest, rights or powers of Beneficiary pursuant to this
Section or as may otherwise be required by Beneficiary.

     (e)  In the event of any arbitration under or pursuant to the Ground
SubLeases in which Beneficiary elects to participate, Borrower hereby
irrevocably appoints Beneficiary as its true and lawful attorney-in-fact (which
appointment shall be deemed coupled with an interest) to exercise, during the
continuance of an Event of Default, all right, title and interest of Borrower in
connection with such arbitration, including, without limitation, the right to
appoint arbitrators and to conduct arbitration proceedings on behalf of Borrower
and Beneficiary. All costs and expenses incurred by Beneficiary in connection
with such arbitration and the settlement thereof shall be borne solely by
Borrower, including, without limitation, attorneys' fees and disbursements.
Nothing contained in this Section shall obligate Beneficiary to participate in
any such arbitration.

________________________________________________________________________________
                        Leasehold Deed of Trust and Security Agreement - Page 35
                              Wells Operating Partnership, L.P. - Revolving Loan
                                               (Tempe, Maricopa County, Arizona)
<PAGE>

     (f)    Beneficiary shall have the right, but not the obligation, to proceed
in respect of any claim, suit, action or proceeding relating to the rejection of
either Ground Lease by Ground Lessor as a result of Ground Lessor's Bankruptcy,
including, without limitation, the right to file and prosecute any and all
proofs of claims, complaints, notices and other documents in any case in respect
of Ground Lessor under and pursuant to the Bankruptcy Code.

     10.05. No Liability. Anything contained herein to the contrary
notwithstanding, this Security Instrument shall not constitute an assignment of
either Ground Lease within the meaning of any provision thereof prohibiting its
assignment and Beneficiary shall have no liability or obligation thereunder by
reason of its acceptance of this Security Instrument. Beneficiary shall be
liable for the obligations of the lessee arising under the Ground SubLeases for
only that period of time which Beneficiary is in possession of the Property or
has acquired, by foreclosure or otherwise, and is holding all of Borrower's
right, title and interest therein.

     10.06. No Merger. It is hereby agreed that the fee title to the Land and
the Leasehold Estate shall not merge but shall always be kept separate and
distinct, notwithstanding the union of said estates in either Ground Lessor,
Borrower, or a third party, whether by purchase or otherwise. If Borrower shall
acquire fee title to the Land or any other estate, title or interest in the Land
or any portion thereof, then, immediately upon Borrower's acquisition thereof,
this Security Instrument automatically shall spread to cover Borrower's interest
in such leased property on the same terms, covenants and conditions as set forth
herein. Upon such acquisition, Borrower, at it's sole cost and expense, shall
deliver to Beneficiary an ALTA Form B Mortgage Title Insurance Policy issued by
a title insurance company acceptable to Beneficiary insuring that this Security
Instrument as so spread to cover Borrower's interest in such leased property, is
a valid first lien on Borrower's interest therein, subject only to the Permitted
Exceptions. It is the intention of Borrower and Beneficiary that no documents,
instruments or agreements shall be necessary to confirm the foregoing spread of
this Security Instrument to cover Borrower's interest in such leased property,
as aforesaid, and that such spreading shall occur automatically upon the
consummation of Borrower's acquisition of such estate, title or interest to such
leased property. Notwithstanding the foregoing, Borrower shall make, execute,
acknowledge and deliver to Beneficiary or so cause to be made, executed,
acknowledged and delivered to Beneficiary, in form satisfactory to Beneficiary,
all such further or other documents, instruments, agreements or assurances as
may be required by Beneficiary to confirm the foregoing spread of this Security
Instrument to cover Borrower's interest in such leased property. Borrower shall
pay all reasonable expenses incurred by Beneficiary in connection with the
preparation, execution, acknowledgment, delivery and/or recording of any such
documents, including, without limitation, all filing, registration and recording
fees and charges, documentary stamps, mortgage taxes, intangible taxes, and
reasonable attorneys' fees, costs and disbursements.

           [THE REMAINDER OF THIS PAGE WAS LEFT BLANK INTENTIONALLY]

________________________________________________________________________________
                        Leasehold Deed of Trust and Security Agreement - Page 36
                              Wells Operating Partnership, L.P. - Revolving Loan
                                               (Tempe, Maricopa County, Arizona)
<PAGE>

     IN WITNESS WHEREOF, Borrower has caused this Security Instrument to be
signed and sealed by its duly authorized representative as of the day and year
first above written.

                              WELLS OPERATING PARTNERSHIP, L.P.,  a
                              Delaware limited partnership

                              By:   Wells Real Estate Investment Trust, Inc., a
                                    Maryland corporation,
                                    Its sole General Partner

                                    By:   /s/ Douglas P. Williams
                                       -----------------------------------------
                                    Name: Douglas P. Williams
                                         ---------------------------------------
                                    Title: Executive Vice President
                                          --------------------------------------

                                                          [Affix corporate seal]

                                Acknowledgment

STATE OF GEORGIA  )
COUNTY OF GWINNETT )

     Before me a Notary Public in and for the State of GEORGIA, on this day
personally appeared Douglas P. Williams, the Executive Vice President of Wells
Real Estate Investment Trust, Inc., a Maryland corporation, which is the sole
general partner of Wells Operating Partnership, L.P., a Delaware limited
partnership, known to me to be the person and officer whose name is subscribed
to the foregoing instrument, and acknowledged to me that he executed said
instrument as the act and deed of such limited partnership, for the purposes and
consideration therein expressed, and in the capacity therein stated.

     Given under my hand and seal of office this 13/th/ day of December, 2000.

[SEAL]

                      /s/ Martha Jean Cory
                      -----------------------------------
                              NOTARY PUBLIC in and for the State of GEORGIA
                                                                    ------------
                              Name (print): MARTHA JEAN CORY
                                            ------------------------------------
                              My Commission expiry: 6-24-2004
                                                    ----------------------------

________________________________________________________________________________
                        Leasehold Deed of Trust and Security Agreement - Page 37
                              Wells Operating Partnership, L.P. - Revolving Loan
                                               (Tempe, Maricopa County, Arizona)
<PAGE>

                                   Exhibit B

                             Description of Leases

________________________________________________________________________________
                        Leasehold Deed of Trust and Security Agreement - Page 38
                              Wells Operating Partnership, L.P. - Revolving Loan
                                               (Tempe, Maricopa County, Arizona)

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