Document:

EX-10.3

This space reserved for Recorder’s use only

MODIFICATION OF LOAN DOCUMENTS

THIS MODIFICATION OF LOAN DOCUMENTS (this “Agreement”) is made as of the 24th day of
June, 2008 but is effective as of May 12, 2008, by and among NNN VF 901 CIVIC, LLC, a Delaware
limited liability company, whose mailing address is c/o Grubb & Ellis Realty Investors, LLC, 1551
North Tustin Avenue, Suite 200, Santa Ana, California 92705 and NNN 901 CIVIC, LLC, a Delaware
limited liability company, whose mailing address is c/o Grubb & Ellis Realty Investors, LLC, 1551
North Tustin Avenue, Suite 200, Santa Ana, California 92705 (jointly, “Borrower”), NNN
2003 VALUE FUND, LLC, a Delaware limited liability company (“Guarantor”) and LASALLE BANK
NATIONAL ASSOCIATION, a national banking association, its successors and assigns
(“Lender”).

R E CI T A L S:

A. Pursuant to the terms of that certain Mezzanine Loan Agreement dated May 12, 2006 by and
between Lender and Borrower, Lender has heretofore made a loan (“Loan”) to Borrower in the
principal amount of One Million Five Hundred Thousand and no/100 Dollars ($1,500,000.00) as
evidenced by a Promissory Note (Mezzanine) dated May 12, 2006, in the principal amount of the Loan
made payable by Borrower to the order of Lender (as amended, modified or restated from time, to
time, the “Note”).

	 
	This document prepared by and

	after recording return to:

	Michael D. Rothstein, Esq.

Schwartz Cooper Chartered

180 North LaSalle Street

Suite 2700

Chicago, IL 60601

B. The Loan is secured by a Junior Deed of Trust, Assignment of Leases and Rents, Security
Agreement and Financing Statement dated May 12, 2006 from Borrower to First American Title
Insurance Company, as Trustee, for the benefit of Lender recorded in the Official Records of Orange
County, California (the “Recorder’s Office”) on May 12, 2006, as Document No. 2006000322275
(as amended, modified or restated from time, to time, the “Deed of Trust”), which Deed of
Trust encumbers the real property and all improvements thereon legally described on Exhibit A
hereto (“Property”), (ii) that certain Junior Assignment of Rents and Leases dated May 12,
2006, from Borrower to Lender and recorded in the Recorder’s Office on May 12, 2006, as Document
No. 2006000322276 (as amended, modified or restated from time, to time, the “Assignment of
Leases”); (iii) that certain Environmental Indemnity Agreement dated May 12, 2006 from Borrower
and Guarantor to Lender (as amended, modified or restated from time, to time, the “Indemnity
Agreement”); and (iv) certain other loan documents (the Note, the Deed of Trust, the Assignment
of Leases, the Indemnity Agreement, the Side Letter (as defined below) and the other documents
evidencing, securing and guarantying the Loan, in their original form and as amended, are sometimes
collectively referred to herein as the “Loan Documents”). All capitalized terms not
defined herein shall have the meanings ascribed to them in the Deed of Trust.

C. The Loan is further secured by a Guaranty of Recourse Obligations dated May 12, 2006 from
Guarantor to Lender (the “Original Guaranty”). Concurrently herewith, the Original
Guaranty is being amended and restated in its entirety pursuant to that certain Amended and
Restated Guaranty of even date herewith made by Guarantor in favor of Lender (the
"Guaranty”).

D. Borrower has failed to maintain the Actual Debt Service Coverage Ratio required
pursuant to the terms of the Deed of Trust and Lender is willing to waive such requirement upon the
terms and conditions set forth below.

AGREEMENTS:

NOW, THEREFORE, in consideration of (i) the facts set forth hereinabove (which are hereby
incorporated into and made a part of this Agreement), (ii) the agreements by Lender to modify the
Loan Documents, as provided herein, (iii) the covenants and agreements contained herein, and
(iv) for other good and valuable consideration, the receipt, adequacy and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

1. Maturity Date. The Maturity Date of the Note is extended to May 12, 2009. Any
reference in the Note, Deed of Trust or any other Loan Document to the Maturity Date shall mean May
12, 2009. Notwithstanding anything in the Loan Documents to the contrary, Borrower shall have no
right to extend the Maturity Date beyond May 12, 2009 and Section 3.2 of the Note is hereby deleted
in its entirety.

2. Loan Amount. The principal amount of the Loan is hereby reduced to One Million
Four Hundred Fifty Five Thousand and No/100 Dollars ($1,455,201.00). All references in the Note,
Deed of Trust and other Loan Documents to “Loan”, “Loan Amount” or similar terms shall mean
$1,455,201.00. Borrower acknowledges the Loan has been fully disbursed has no right to receive any
additional Loan proceeds.

3. Deed of Trust.

(a) Section 26(a) of the Deed of Trust is hereby deleted in its entirety and replaced
with the following:

“As used herein the term “Combined Debt Service Coverage Ratio” shall mean the ratio of
Operating Cash Flow to “Combined Debt Service” (as defined below). During any calendar
quarter ending on March 31, June 30, September 30 or December 31 (each a “Quarter”)
during the time periods set forth below, Trustor shall not permit the Combined Debt Service
Coverage Ratio during such Quarter to be less than the ratios shown below:

	 	 	 
	Combined Debt Service Coverage Ratio	 	 
	June 1, 2008 – August 12, 2008

August 13, 2008 – May 12, 2009

	 	1.0 to 1.0

1.10 to 1.0

4. Representations and Warranties of Borrower. Borrower hereby represents, covenants
and warrants to Lender as follows:

(a) The representations and warranties in the Deed of Trust and the other Loan
Documents are true and correct as of the date hereof.

(b) There is currently no Event of Default (as defined in the Deed of Trust) under the
Note, the Deed of Trust or the other Loan Documents and Borrower does not know of any event
or circumstance which with the giving of notice or passing of time, or both, would
constitute an Event of Default under the Note, the Deed of Trust or the other Loan
Documents.

(c) The Loan Documents are in full force and effect and, following the execution and
delivery of this Agreement, they continue to be the legal, valid and binding obligations of
Borrower enforceable in accordance with their respective terms, subject to limitations
imposed by general principles of equity.

(d) There has been no material adverse change in the financial condition of Borrower,
Guarantor or any other party whose financial statement has been delivered to Lender in
connection with the Loan from the date of the most recent financial statement received by
Lender.

(e) As of the date hereof, Borrower has no claims, counterclaims, defenses, or set-offs
with respect to the Loan or the Loan Documents as modified herein.

(f) Borrower is validly existing under the laws of the State of its formation or
organization and has the requisite power and authority to execute and deliver this Agreement
and to perform the Loan Documents as modified herein. The execution and delivery of this
Agreement and the performance of the Loan Documents as modified herein have been duly
authorized by all requisite action by or on behalf of Borrower. This Agreement has been
duly executed and delivered on behalf of Borrower.

5. Title Policy. As a condition precedent to the agreements contained herein, Borrower
shall, at its sole cost and expense, cause First American Title Insurance Company to issue an
endorsement to Lender’s Title Insurance Policy No. NCS-217556-SA1 (the “Title Policy”), as
of the date this Agreement is recorded, reflecting the recording of this Agreement and insuring the
first priority of the lien of the Deed of Trust, subject only to the exceptions set forth in the
Title Policy as of its date of issuance and any other encumbrances expressly agreed to by Lender.

6. Reaffirmation of Guaranty. Guarantor ratifies and affirms the Guaranty and agrees
that the Guaranty is in full force and effect following the execution and delivery of this
Agreement. The representations and warranties of Guarantor in the Guaranty are, as of the date
hereof, true and correct and Guarantor does not know of any default thereunder. The Guaranty
continues to be the valid and binding obligation of Guarantor, enforceable in accordance with its
terms and Guarantor has no claims or defenses to the enforcement of the rights and remedies of
Lender thereunder.

7. Expenses. As a condition precedent to the agreements contained herein, Borrower
shall pay Lender an extension fee in the amount of $3,638.00 plus all out-of-pocket costs and
expenses incurred by Lender in connection with this Agreement, including, without limitation, title
charges, recording fees, appraisal fees and attorneys’ fees and expenses.

8. Miscellaneous.

(a) This Agreement shall be governed by and construed in accordance with the laws of
the State of Illinois.

(b) This Agreement shall not be construed more strictly against Lender than against
Borrower or Guarantor merely by virtue of the fact that the same has been prepared by
counsel for Lender, it being recognized that Borrower, Guarantor and Lender have contributed
substantially and materially to the preparation of this Agreement, and Borrower, Guarantor
and Lender each acknowledges and waives any claim contesting the existence and the adequacy
of the consideration given by the other in entering into this Agreement. Each of the
parties to this Agreement represents that it has been advised by its respective counsel of
the legal and practical effect of this Agreement, and recognizes that it is executing and
delivering this Agreement, intending thereby to be legally bound by the terms and provisions
thereof, of its own free will, without promises or threats or the exertion of duress upon
it. The signatories hereto state that they have read and understand this Agreement, that
they intend to be legally bound by it and that they expressly warrant and represent that
they are duly authorized and empowered to execute it.

(c) Notwithstanding the execution of this Agreement by Lender, the same shall not be
deemed to constitute Lender a venturer or partner of or in any way associated with Borrower
or Guarantor nor shall privity of contract be presumed to have been established with any
third party.

(d) Borrower, Guarantor and Lender each acknowledges that there are no other
understandings, agreements or representations, either oral or written, express or implied,
that are not embodied in the Loan Documents and this Agreement, which collectively represent
a complete integration of all prior and contemporaneous agreements and understandings of
Borrower, Guarantor and Lender; and that all such prior understandings, agreements and
representations are hereby modified as set forth in this Agreement. Except as expressly
modified hereby, the terms of the Loan Documents are and remain unmodified and in full force
and effect.

(e) This Agreement shall bind and inure to the benefit of the parties hereto and their
respective heirs, executors, administrators, successors and assigns.

(f) Any references to the “Note”, the “Deed of Trust” or the “Loan Documents” contained
in any of the Loan Documents shall be deemed to refer to the Note, the Deed of Trust and the
other Loan Documents as amended hereby. The paragraph and section headings used herein are
for convenience only and shall not limit the substantive provisions hereof. All words
herein which are expressed in the neuter gender shall be deemed to include the masculine,
feminine and neuter genders. Any word herein which is expressed in the singular or plural
shall be deemed, whenever appropriate in the context, to include the plural and the
singular.

(g) This Agreement may be executed in one or more counterparts, all of which, when
taken together, shall constitute one original Agreement.

(h) Time is of the essence of each of Borrower’s obligations under this Agreement.

9. Customer Identification — USA Patriot Act Notice; OFAC and Bank Secrecy Act.
Lender hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title III
of Pub. L. 107-56, signed into law October 26, 2001) (the “Act”), and Lender’s policies and
practices, Lender is required to obtain, verify and record certain information and documentation
that identifies Borrower, which information includes the name and address of Borrower and such
other information that will allow Lender to identify Borrower in accordance with the Act. In
addition, Borrower shall (a) ensure that no person who owns a controlling interest in or otherwise
controls Borrower or any subsidiary of Borrower is or shall be listed on the Specially Designated
Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets
Control (“OFAC”), the Department of the Treasury or included in any Executive Orders, (b) not use
or permit the use of the proceeds of the Loan to violate any of the foreign asset control
regulations of OFAC or any enabling statute or Executive Order relating thereto, and (c) comply,
and cause any of its subsidiaries to comply, with all applicable Bank Secrecy Act (“BSA”) laws and
regulations, as amended.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

1

IN WITNESS WHEREOF, the parties hereto have executed this Agreement dated as of the day and
year first above written.

	 	 	 
	
 
	 	BORROWER:
	
 
	 	 
	LENDER:

LASALLE BANK NATIONAL ASSOCIATION

By: /s/ Christopher A. Thangaraj

Name: Christopher A. Thangaraj

Title: VP

	 	NNN VF 901 CIVIC, LLC, a Delaware

limited liability company

By: Grubb & Ellis Realty Investors,

LLC, f/k/a Triple Net Properties, LLC,

a Virginia limited liability company,

its Vice President

By: /s/ Andrea R. Biller

Name: Andrea R. Biller

Title: Executive Vice President
	
 
	 	NNN 901 CIVIC, LLC, a Delaware limited

liability company

By: Grubb & Ellis Realty Investors,

LLC, f/k/a Triple Net Properties, LLC,

a Virginia limited liability company,

its Manager

By: /s/ Andrea R. Biller

Name: Andrea R. Biller

Title: Executive Vice President
	
 
	 	GUARANTOR:
	
 
	 	 
	
 
	 	NNN 2003 VALUE FUND, LLC, a Delaware

limited liability company

By: Grubb & Ellis Realty Investors,

LLC, f/k/a Triple Net Properties, LLC,

a Virginia limited liability company,

Manager

By: /s/ Francene LaPoint

Name: Francene LaPoint

Title: Chief Financial Officer

2

3

	 	 	 
	Acknowledged and agreed this 24th day of June, 2008.	 
	GRUBB & ELLIS REALTY INVESTORS, LLC, f/k/a Triple Net Properties, LLC a	 
	Virginia limited liability company	 
	By:	 	/s/ Andrea R. Biller	 
	Name:	Andrea R. Biller	 
	Title: Executive Vice President	 
	TRIPLE NET PROPERTIES REALTY, INC., a California corporation	 
	By:	 	/s/ Francene LaPoint	 
	Name: Francene LaPoint	 	 	 
	Title:	Chief Financial Officer	 
	/s/ Ryan Gallagher	 	 	 
	RYAN GALLAGHER, individually	 
	THE HANSON FAMILY TRUST DATED JUNE 14, 2005	 
	By:	 	/s/ Jeff Hanson	 	 	/s/ April Hanson (Trustee)
	Name: Jeff Hanson
	Title: trustee

	 	 	 
	 	 	STATE OF ILLINOIS )
	 	 	) .ss
	 	 	COUNTY OF COOK )

I Ckeotre A. Roca-Dawson a Notary Public in and for said County, in the State aforesaid, DO
HEREBY CERTIFY that Christopher A. Thangaraj, VP of LaSalle Bank National Association, is
personally known to me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person and acknowledged that he signed and delivered said instrument
as his own free and voluntary act for the uses and purposes therein set forth.

GIVEN under my hand and Notarial Seal this 25th day of June, 2008.

/s/ Ckeotre A. Roca-Dawson

Notary Public

My Commission Expires: 9/29/09

[Official Seal

Ckeotre A. Roca-Dawson

Notary Public Stat of Illinois

My Commission Expires: 09/29/09]

4

ACKNOWLEDGEMENT

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 	 	 	 	 
	STATE OF CALIFORNIA

	 	 
	 	 
	 	 	)	 	 	 
	 

	 	 
	 	 
	 	 	 	 	 	 
	 	 	 	 	) SS.
	COUNTY OF ORANGE

	 	 
	 	 
	 	 	)	 	 	 
	 

	 	 
	 	 
	 	 	 	 	 	 

On June 23, 2008 before me, Monica Chavez, Notary Public, personally appeared Andrea R.
Biller, who proved to me on the basis of satisfactory evidence to be the person whose name is
subscribed to the within instrument and acknowledged to me that she executed the same in her
authorized capacity, and that by her signature on the instrument the person, or the entity upon
behalf of which person acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.

WITNESS my hand and official seal.

Signature /s/ Monica Chavez

My Commission Expires: August 21, 2011

[Seal] Monica Chavez

[Seal] Commission # 1762879

[Seal] Notary Public – California

[Seal] Orange County

[Seal] My Comm. Expires Aug 21, 2011

5

CALIFORNIA ALL-PURPOSE NOTARY ACKNOWLEDGMENT

	 
	State of California

County of Orange

On this 6/20/2008, before me, Mary Yee, Notary Public

	 

	,

Name, Title of Officer

personally appeared RYAN GALLAGHER,

who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is subscribed to the

within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his

signature on the instrument the person, or the entity upon behalf of which the person acted, executed the

instrument.

WITNESS my hand and official seal.

/s/ Mary Yee

SIGNATURE OF NOTARY

	[Seal] Mary Yee

[Seal] Commission # 1718509

[Seal] Notary Public – California

[Seal] Orange County

[Seal] My Comm. Expires Feb 9, 2011

******************************* OPTIONAL SECTION *****************************

THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMENT DESCRIBED BELOW:

	TITLE OR TYPE OF DOCUMENT

NUMBER OF PAGES                        DATE OF DOCUMENT

	 

	SIGNER(S) OTHER THAN NAMED ABOVE

Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form.

6

ACKNOWLEDGEMENT

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 	 	 	 	 
	STATE OF CALIFORNIA

	 	 
	 	 
	 	 	)	 	 	 
	 

	 	 
	 	 
	 	 	 	 	 	 
	 	 	 	 	) SS.
	COUNTY OF ORANGE

	 	 
	 	 
	 	 	)	 	 	 
	 

	 	 
	 	 
	 	 	 	 	 	 

On June 23, 2008 before me, Monica Chavez, Notary Public, personally appeared Jeff
Hanson, who proved to me on the basis of satisfactory evidence to be the person whose name is
subscribed to the within instrument and acknowledged to me that he executed the same in his
authorized capacity, and that by his signature on the instrument the person, or the entity upon
behalf of which person acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.

WITNESS my hand and official seal.

Signature /s/ Monica Chavez

My Commission Expires: August 21, 2011

[Seal] Monica Chavez

[Seal] Commission # 1762879

[Seal] Notary Public – California

[Seal] Orange County

[Seal] My Comm. Expires Aug 21, 2011

7EX-10.4

AMENDED AND RESTATED GUARANTY OF PAYMENT

This AMENDED AND RESTATED GUARANTY OF PAYMENT dated as of June 24, 2008 (this
“Guaranty”), is executed by NNN 2003 VALUE FUND, LLC, a Delaware limited liability company
(the “Guarantor”), to and for the benefit of LASALLE BANK NATIONAL ASSOCIATION, a national
banking association (the “Lender”).

R E C I T A L S:

A. The Lender has previously made a loan in the principal amount of up to One Million Five
Hundred Thousand and 00/100 Dollars ($1,500,000.00) (the “Loan”) to NNN VF 901 Civic, LLC,
a Delaware limited liability company and NNN 901 Civic, LLC, a Delaware limited liability company
(collectively, the “Borrower”).

B. As a condition precedent to the Lender’s extension of the Loan to the Borrower and in
consideration therefor, the Lender has required the execution and delivery of (i) that certain
Guaranty of Recourse Obligations dated May 12, 2006 made by Guarantor in favor of Lender (the
“Original Guaranty”), (ii) that certain Promissory Note dated May 12, 2006, executed by the
Borrower and made payable to the order of the Lender (as amended, modified or restated from time to
time, the “Note”), evidencing the Loan, (iii) that certain Junior Deed of Trust, Assignment
of Leases and Rents, Security Agreement, Fixture Filing and Financing Statement dated as May 12,
2006, executed by the Borrower to First American Title Insurance Company, as trustee for the
benefit of the Lender (as amended, modified or restated from time to time, the “Deed of
Trust”) encumbering the real property, improvements and personalty described therein (the
“Premises”), and (iv) the other which evidence or secure the Note, including without
limitation the Modification (as defined below) (collectively, as may be amended, modified or
restated from time to time, the “Loan Documents”).

C. Concurrently herewith, Borrower and Lender are modifying certain provisions of the Loan
Documents pursuant to the terms of that certain Modification of Loan Documents of even date
herewith by and among Borrower, Lender and Guarantor (the “Modification”). As a condition
precedent to Lender entering into the Modification, Lender has required the execution and delivery
of this Guaranty.

D. Guarantor has a direct or indirect ownership interest in NNN VF 901 Civic, LLC and, having
a financial interest in the Premises, has agreed to execute and deliver this Guaranty to the
Lender. This Guaranty amends and restates the Original Guaranty in its entirety.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
hereby are acknowledged, the Guarantor hereby agrees as follows:

A G R E E M E N T S:

1. Guaranty of Payment. The Guarantor hereby unconditionally, absolutely and
irrevocably guaranties to Lender the punctual payment and performance when due, whether at stated
maturity or by acceleration or otherwise, of the indebtedness and other obligations of the Borrower
to Lender evidenced by the Note and any other amounts that may become owing by the Borrower under
the Loan Documents including, but not limited to, Borrower’s obligations under any interest rate,
currency or commodity swap agreement, cap agreement or collar agreement, executed by and between
the Borrower and Lender (collectively, the “Interest Rate Agreements”) (such indebtedness,
obligations and other amounts are hereinafter referred to as “Payment Obligations”),
subject to the limitations set forth in Section 22 below. This Guaranty is a present and
continuing guaranty of payment and not of collectability, and Lender shall not be required to
prosecute collection, enforcement or other remedies against the Borrower or any other guarantor of
the Payment Obligations, or to enforce or resort to any collateral for the repayment of the Payment
Obligations or other rights or remedies pertaining thereto, before calling on the Guarantor for
payment. If for any reason the Borrower shall fail or be unable to pay, punctually and fully, any
of the Payment Obligations when due and payable, the Guarantor shall pay such obligations to
Lender, in full immediately upon demand, subject to the limitations set forth in Section 22 below.
One or more successive actions may be brought against the Guarantor, as often as Lender deems
advisable, until all of the Payment Obligations are paid and performed in full, subject to the
limitations set forth in Section 22 below. The Payment Obligations, together with all other
payment and performance obligations of the Guarantor hereunder, are referred to herein as the
“Obligations”.

2. Representations and Warranties. The following shall constitute representations and
warranties of the Guarantor, and the Guarantor hereby acknowledges that the Lender intends to make
the Loan in reliance thereon:

(a) Guarantor is not in default, and no event has occurred of which Guarantor has
actual knowledge and which, with the passage of time and/or the giving of notice, would
constitute a default, under any agreement to which the Guarantor is a party (beyond
applicable notice and/or cure periods), the effect of which will impair performance by the
Guarantor of its obligations under this Guaranty. Neither the execution and delivery of
this Guaranty nor compliance with the terms and provisions hereof will violate any
applicable law, rule, regulation, judgment, decree or order, or will conflict with or result
in any breach of any of the terms, covenants, conditions or provisions of any indenture,
mortgage, deed of trust, instrument, document, agreement or contract of any kind that
creates, represents, evidences or provides for any lien, charge or encumbrance upon any of
the property or assets of Guarantor, or any other indenture, mortgage, deed of trust,
instrument, document, agreement or contract of any kind to which Guarantor is a party or to
which Guarantor or the property of Guarantor may be subject, the result of which would
materially adversely impair performance by Guarantor of its obligations under the Guaranty.

(b) Except as previously disclosed to Lender in writing, there are no litigation,
arbitration, governmental or administrative proceedings, actions, examinations, claims or
demands pending, or to the knowledge of Guarantor, threatened that could adversely affect
performance by Guarantor of its obligations under this Guaranty.

(c) Neither this Guaranty nor any statement or certification as to facts previously
furnished or required herein to be furnished to the Lender by Guarantor, contains any
material inaccuracy or material untruth in any representation, covenant or warranty or omits
to state a fact material to this Guaranty.

3. Continuing Guaranty. The Guarantor agrees that, other than as set forth in this
Guaranty, performance of the Obligations by the Guarantor shall be a primary obligation, shall not
be subject to any counterclaim (other than a mandatory counterclaim), set-off, abatement, deferment
or defense (other than the defense of payment) based upon any claim that the Guarantor may have
against the Lender, the Borrower, any other guarantor of the Obligations or any other person or
entity, and shall remain in full force and effect without regard to, and shall not be released,
discharged or affected in any way by, any circumstance or condition (whether or not the Guarantor
shall have any knowledge thereof), including without limitation:

(a) any lack of validity or enforceability of any of the Loan Documents;

(b) any termination, amendment, modification or other change in any of the Loan
Documents, including, without limitation, any modification of the interest rate(s) described
therein;

(c) any furnishing, exchange, substitution or release of any collateral securing
repayment of the Loan, or any failure to perfect any lien in such collateral;

(d) any failure, omission or delay on the part of the Borrower, the Guarantor, any
other guarantor of the Obligations or the Lender to conform or comply with any term of any
of the Loan Documents or any failure of the Lender to give notice of any Event of Default
(as defined in the Note);

(e) any waiver, compromise, release, settlement or extension of time of payment or
performance or observance of any of the obligations or agreements contained in any of the
Loan Documents;

(f) any action or inaction by the Lender under or in respect of any of the Loan
Documents, any failure, lack of diligence, omission or delay on the part of the Lender to
perfect, enforce, assert or exercise any lien, security interest, right, power or remedy
conferred on it in any of the Loan Documents, or any other action or inaction on the part of
the Lender;

(g) any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement,
readjustment, assignment for the benefit of creditors, composition, receivership,
liquidation, marshalling of assets and liabilities or similar events or proceedings with
respect to the Borrower, the Guarantor or any other guarantor of the Obligations, as
applicable, or any of their respective property or creditors, or any action taken by any
trustee or receiver or by any court in any such proceeding;

(h) any merger or consolidation of the Borrower into or with any entity, or any sale,
lease or transfer of any of the assets of the Borrower, the Guarantor or any other guarantor
of the Obligations to any other person or entity;

(i) any change in the ownership of the Borrower or any change in the relationship
between the Borrower, the Guarantor or any other guarantor of the Obligations, or any
termination of any such relationship;

(j) any release or discharge by operation of law of the Borrower, the Guarantor or any
other guarantor of the Obligations from any obligation or agreement contained in any of the
Loan Documents; or

(k) any other occurrence, circumstance, happening or event, whether similar or
dissimilar to the foregoing and whether foreseen or unforeseen, which otherwise might
constitute a legal or equitable defense or discharge of the liabilities of a guarantor or
surety or which otherwise might limit recourse against the Borrower or the Guarantor to the
fullest extent permitted by law.

4. Waivers. Guarantor expressly and unconditionally waives (i) notice of any of the
matters referred to in Paragraph 3 above, (ii) all notices which may be required by statute, rule
of law or otherwise, now or hereafter in effect, to preserve intact any rights against the
Guarantor, including, without limitation, any demand, presentment and protest, proof of notice of
non-payment under any of the Loan Documents and notice of any Event of Default or any failure on
the part of the Borrower, the Guarantor or any other guarantor of the Obligations to perform or
comply with any covenant, agreement, term or condition of any of the Loan Documents, (iii) any
right to the enforcement, assertion or exercise against the Borrower, the Guarantor or any other
guarantor of the Obligations of any right or remedy conferred under any of the Loan Documents,
(iv) any requirement of diligence on the part of any person or entity, (v) any requirement on the
part of the Lender to exhaust any remedies or to mitigate the damages resulting from any default
under any of the Loan Documents, and (vi) any notice of any sale, transfer or other disposition of
any right, title or interest of the Lender under any of the Loan Documents.

5. The Guarantor agrees that any and all present and future debts and obligations of the
Borrower to the Guarantor are hereby subordinated to the claims of the Lender and are hereby
assigned by the Guarantor to the Lender as security for the Obligations and the obligations of the
Guarantor under this Guaranty.

6. Subrogation Waiver. Until the Obligations are paid in full and all periods under
applicable bankruptcy law for the contest of any payment by the Guarantor or the Borrower as a
preferential or fraudulent payment have expired, the Guarantor knowingly, and with advice of
counsel, waives, relinquishes, releases and abandons all rights and claims to indemnification,
contribution, reimbursement, subrogation and payment which the Guarantor may now or hereafter have
by and from the Borrower and the successors and assigns of the Borrower, for any payments made by
the Guarantor to the Lender, including, without limitation, any rights which might allow the
Borrower, the Borrower’s successors, a creditor of the Borrower, or a trustee in bankruptcy of the
Borrower to claim in bankruptcy or any other similar proceedings that any payment made by the
Borrower or the Borrower’s successors and assigns to the Lender was on behalf of or for the benefit
of the Guarantor and that such payment is recoverable by the Borrower, a creditor or trustee in
bankruptcy of the Borrower as a preferential payment, fraudulent conveyance, payment of an insider
or any other classification of payment which may otherwise be recoverable from the Lender.

7. Reinstatement. The obligations of the Guarantor pursuant to this Guaranty shall
continue to be effective or automatically be reinstated, as the case may be, if at any time payment
of any of the Obligations or the obligations of the Guarantor under this Guaranty is rescinded or
otherwise must be restored or returned by the Lender upon the insolvency, bankruptcy, dissolution,
liquidation or reorganization of the Guarantor or the Borrower or otherwise, all as though such
payment had not been made.

8. Financial Statements. Guarantor represents and warrants to the Lender that (a) the
financial statements of Guarantor previously submitted to the Lender are true, complete and correct
in all material respects, disclose all actual and contingent liabilities, and fairly present the
financial condition of Guarantor, and do not contain any untrue statement of a material fact or
omit to state a fact material to the financial statements submitted or this Guaranty, and (b) no
material adverse change has occurred in the financial statements from the dates thereof until the
date hereof. Guarantor covenants and agrees to furnish to the Lender or its authorized
representatives information regarding the business affairs, operations and financial condition of
Guarantor, including, but not limited to, (i) promptly when available, and in any event, within the
earlier of (a) one hundred five (105) days after the end of each of Guarantor’s fiscal year or (b)
ten (10) days of filing of Guarantor’s financial statements with the Internal Revenue Service, a
copy of the annual audited financial statements of Guarantor, including balance sheet, statement of
income and retained earnings, statement of cash flows for the fiscal year then ended and such other
information (including nonfinancial information) as the Lender may reasonably request, in
reasonable detail, prepared and certified without adverse reference to going concern value and
without qualification by an independent certified public accountant, selected by Guarantor and
reasonably acceptable to the Lender; and (ii) promptly when available, and in any event, within
sixty (60) days following the end of each fiscal quarter, a copy of the financial statements of
Guarantor regarding such fiscal quarter, including balance sheet, statement of income and retained
earnings, statement of cash flows for the fiscal quarter then ended and such other information
(including nonfinancial information) as the Lender may reasonably request, in reasonable detail,
prepared and certified as true and correct by a financial reporting manager of Guarantor.

9. Guarantor shall not sell, lease, transfer, convey or assign any of its assets, unless such
sale, lease, transfer, conveyance or assignment will not have a material adverse effect on the
business or financial condition of Guarantor or its ability to perform its obligations hereunder.
In addition, Guarantor shall not become a party to any merger or consolidation, nor, except in the
ordinary course of its business consistent with past practices, acquire all or substantially all of
the assets of, a controlling interest in the stock of, or a partnership or joint venture interest
in, any other entity.

10. Enforcement Costs. If: (a) this Guaranty, is placed in the hands of one or more
attorneys for collection or is collected through any legal proceeding; (b) one or more attorneys is
retained to represent the Lender in any bankruptcy, reorganization, receivership or other
proceedings affecting creditors’ rights and involving a claim under this Guaranty, or (c) one or
more attorneys is retained to represent the Lender in any other proceedings whatsoever in
connection with this Guaranty, then the Guarantor shall pay to the Lender upon demand all fees,
costs and expenses incurred by the Lender in connection therewith, including, without limitation,
reasonable attorney’s fees, court costs and filing fees (all of which are referred to herein as the
“Enforcement Costs”), in addition to all other amounts due hereunder.

11. Successors and Assigns; Joint and Several Liability. This Guaranty shall inure to
the benefit of the Lender and its successors and assigns. This Guaranty shall be binding on the
Guarantor and the successors and assigns of the Guarantor. It is agreed that the liability of the
Guarantor hereunder is and independent of any other guarantees or other obligations at any time in
effect with respect to the Obligations or any part thereof and that the liability of the Guarantor
hereunder may be enforced regardless of the existence, validity, enforcement or non-enforcement of
any such other guarantees or other obligations.

12. No Waiver of Rights. No delay or failure on the part of the Lender to exercise
any right, power or privilege under this Guaranty or any of the other Loan Documents shall operate
as a waiver thereof, and no single or partial exercise of any right, power or privilege shall
preclude any other or further exercise thereof or the exercise of any other power or right, or be
deemed to establish a custom or course of dealing or performance between the parties hereto. The
rights and remedies herein provided are cumulative and not exclusive of any rights or remedies
provided by law. No notice to or demand on the Guarantor in any case shall entitle the Guarantor
to any other or further notice or demand in the same, similar or other circumstance.

13. Modification. The terms of this Guaranty may be waived, discharged, or terminated
only by an instrument in writing signed by the party against which enforcement of the change,
waiver, discharge or termination is sought. No amendment, modification, waiver or other change of
any of the terms of this Guaranty shall be effective without the prior written consent of the
Lender and Guarantor.

14. Joinder. Any action to enforce this Guaranty may be brought against the Guarantor
without any reimbursement or joinder of the Borrower or any other guarantor of the Obligations in
such action.

15. Severability. If any provision of this Guaranty is deemed to be invalid by reason
of the operation of law, or by reason of the interpretation placed thereon by any administrative
agency or any court, the Guarantor and the Lender shall negotiate an equitable adjustment in the
provisions of the same in order to effect, to the maximum extent permitted by law, the purpose of
this Guaranty and the validity and enforceability of the remaining provisions, or portions or
applications thereof, shall not be affected thereby and shall remain in full force and effect.

16. Applicable Law. This Guaranty is governed as to validity, interpretation, effect
and in all other respects by laws and decisions of the State of Illinois.

17. Notices. All notices, communications and waivers under this Guaranty shall be in
writing and shall be (a) delivered in person, (b) mailed, postage prepaid, either by registered or
certified mail, return receipt requested, or (c) by overnight express carrier, addressed in each
case as follows:

	 	 	 	 	 
	To the Lender:
	 	LaSalle Bank National Association
	 
	 	Commercial Real Estate Division
	 
	 	135 South LaSalle Street
	 
	 	Suite 1260
	 
	 	Chicago, Illinois  60603
	 
	 	Attn:  Michelle Herrick
	With a copy to:
	 	Schwartz Cooper Chartered
	 
	 	180 North LaSalle Street
	 
	 	Suite 2700
	 
	 	Chicago, Illinois  60601
	 
	 	Attn:  Michael S. Kurtzon, Esq.
	To the Guarantor:
	 	NNN 2003 Value Fund, LLC
	 
	 	1551 North Tustin
	 
	 	Suite 200
	 
	 	Santa Ana, California  92705
	 
	 	Attn:  Andrea Biller, Esq.
	With a copy to:
	 	Gregory Kaplan, PLC
	 
	 	7 Second Street
	 
	 	Richmond, Virginia 23224
	 
	 	Attn:  Joseph J. McQuade

or to any other address as to any of the parties hereto, as such party shall designate in a written
notice to the other parties hereto. All notices sent pursuant to the terms of this Paragraph shall
be deemed received (i) if personally delivered, then on the date of delivery, (ii) if sent by
overnight, express carrier, then on the next federal banking day immediately following the day
sent, or (iii) if sent by registered or certified mail, then on the earlier of the third federal
banking day following the day sent or when actually received.

18. CONSENT TO JURISDICTION. TO INDUCE THE LENDER TO ACCEPT THIS GUARANTY, THE
GUARANTOR IRREVOCABLY AGREES THAT, SUBJECT TO THE LENDER’S SOLE AND ABSOLUTE ELECTION, ALL ACTIONS
OR PROCEEDINGS IN ANY WAY ARISING OUT OF OR RELATED TO THIS GUARANTY WILL BE LITIGATED IN COURTS
HAVING SITUS IN CHICAGO, ILLINOIS OR ORANGE COUNTY, CALIFORNIA. THE GUARANTOR HEREBY CONSENTS AND
SUBMITS TO THE JURISDICTION OF ANY COURT LOCATED WITHIN CHICAGO, ILLINOIS OR ORANGE COUNTY,
CALIFORNIA, WAIVE PERSONAL SERVICE OF PROCESS AND AGREE THAT ALL SUCH SERVICE OF PROCESS MAY BE
MADE BY REGISTERED MAIL DIRECTED TO THE GUARANTOR AT THE ADDRESS STATED HEREIN AND SERVICE SO MADE
WILL BE DEEMED TO BE COMPLETED UPON ACTUAL RECEIPT.

19. WAIVER OF DEFENSES. OTHER THAN CLAIMS BASED UPON THE FAILURE OF THE LENDER TO ACT
IN A COMMERCIALLY REASONABLE MANNER, THE GUARANTOR WAIVES EVERY PRESENT AND FUTURE DEFENSE (OTHER
THAN THE DEFENSE OF PAYMENT IN FULL), CAUSE OF ACTION, COUNTERCLAIM OR SETOFF WHICH THE GUARANTOR
OR THE BORROWER MAY NOW HAVE OR HEREAFTER MAY HAVE TO ANY ACTION BY LENDER IN ENFORCING THIS
GUARANTY OR ANY OF THE LOAN DOCUMENTS. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER
GRANTING ANY FINANCIAL ACCOMMODATION TO THE BORROWER.

20. WAIVER OF JURY TRIAL. THE GUARANTOR AND THE LENDER (BY ACCEPTANCE HEREOF), HAVING
BEEN REPRESENTED BY COUNSEL, EACH KNOWINGLY AND VOLUNTARILY WAIVES ANY RIGHT TO A TRIAL BY JURY IN
ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS GUARANTY OR UNDER ANY
AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN
CONNECTION HEREWITH AND AGREES THAT ANY SUCH ACTION OR PROCEEDING WILL BE TRIED BEFORE A COURT AND
NOT BEFORE A JURY. THE GUARANTOR AGREES THAT THE GUARANTOR WILL NOT ASSERT ANY CLAIM AGAINST THE
LENDER ON ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL, INCIDENTAL OR PUNITIVE
DAMAGES.

21. Facsimile Signatures. Receipt of an executed signature page to this Guaranty by
facsimile or other electronic transmission shall constitute effective delivery thereof.

22. Limitation of Liability. Notwithstanding anything to the contrary contained
herein, the Payment Obligations of the Guarantor under this Guaranty shall be limited to the
payment of (i) the sum of Seven Hundred Twenty Two Thousand Five Hundred and 00/100 Dollars
($722,500.00), plus (ii) interest on the foregoing amount from and after the date of
written demand from the Lender to the Guarantors for payment, at a per annum rate of interest equal
to the Default Rate (as defined in the Note), plus (iii) all Enforcement Costs; provided,
however, during such time as the Premises has achieved a Combined Debt Service Coverage Ratio of at
least 1.10 to 1.00, the Payment Obligations of the Guarantor under this Guaranty shall be limited
to the payment of (i) the sum of Three Hundred Sixty One Thousand Two Hundred Fifty and 00/100
Dollars ($361,250.00), plus (ii) interest on the foregoing amount from and after the date
of written demand from the Lender to the Guarantors for payment, at a per annum rate of interest
equal to the Default Rate (as defined in the Note), plus (iii) all Enforcement Costs;
provided, further, however, that at all times prior to the payment in full of the Obligations, the
Guarantor shall have:

(a) unlimited liability with respect to the guaranty of the payment and performance of
the Obligations if (i) there is fraud by the Borrower or the Guarantor with respect to the
Loan, (ii) a Prohibited Transfer (as defined in the Deed of Trust) occurs, (iii) the
Borrower contests, delays or otherwise hinders any action taken by the Lender in connection
with the appointment of a receiver for the Premises or the foreclosure of the liens,
mortgages or other security interests created by any of the Loan Documents, or (iv) the
Borrower voluntarily files for bankruptcy or is involuntarily placed into bankruptcy by an
affiliate, accountant, attorney, or other representative of the Borrower and such
involuntary bankruptcy is not dismissed within sixty (60) days after the filing thereof; and

(b) unlimited liability with respect to the guaranty of Borrower’s obligations under
any Interest Rate Agreements; and

(c) personal liability for the payment of the Additional Liabilities (as hereinafter
defined) without regard to the limitation of liability set forth above, which amount shall
be due and payable to the Lender on demand and shall be limited to any actual loss incurred
by Lender. As used herein, the “Additional Liabilities” of the Guarantor shall mean
an amount equal to the sum of the following:

(i) all damages, expenses or costs suffered or incurred by the Lender as a
result of any knowingly false material misrepresentation in any of the Loan
Documents;

(ii) all damages, expenses or costs suffered or incurred by the Lender as a
result of physical waste with respect to any portion of the Premises;

(iii) all damages, expenses or costs suffered or incurred by the Lender as a
result of the removal or disposal of any property in which the Lender has a security
interest in violation of the terms and conditions of the Loan Documents;

(iv) all damages, expenses or costs suffered or incurred by the Lender as a
result of claims for compensation asserted by any real estate broker not employed by
the Lender or as a result of any such broker’s liens on the Premises or mechanic’s
or materialmen’s liens not expressly permitted or contested under the Deed of Trust;

(v) all damages, expenses or costs suffered or incurred by the Lender as a
result of the application of any insurance proceeds or condemnation awards (to the
full extent of such proceeds or awards) not permitted by the Deed of Trust or the
failure of the Borrower to maintain the insurance coverages required by the Deed of
Trust where the Borrower has funds available to pay for such coverages;

(vi) all revenues received by or on behalf of the Borrower from the operation
or ownership of the Premises after the Lender has notified the Borrower of an Event
of Default under any of the provisions of the Loan Documents, less only that portion
of such revenues which is (A) actually used by the Borrower to operate the Premises
in the ordinary course of business and such use is approved in writing by the Lender
or (B) paid to the Lender;

(vii) all security deposits provided for in any leases for any part of the
Premises (together with interest thereon to the extent that interest is payable
under such leases) which are not used in the ordinary course of business to cure
defaults by tenants depositing the same, returned to tenants in accordance with the
terms of their leases or paid over to Lender and all lease termination fees payable
for terminating any such leases which are not paid jointly to Borrower and Lender;
and

(viii) all damages, expenses or costs suffered or incurred by the Lender as a
result of the nonpayment of real estate taxes; and

(ix) all damages, expenses or costs suffered or incurred by the Lender as a
result of the misappropriation of rental payments paid more than one month in
advance.

Notwithstanding anything herein or in the other Loan Documents to the contrary, in the event
the FBI Lease is not renewed by August 12, 2008 upon terms reasonably satisfactory to Lender, the
limitations on the Payment Obligations of Guarantor under this Section 22 of this Guaranty shall be
eliminated and Guarantor shall unlimited liability with respect to the Payment Obligations
including interest on the Payment Obligations from and after the date of written demand from the
Lender to the Guarantors for payment, at a per annum rate of interest equal to the Default Rate (as
defined in the Note), plus all Enforcement Costs; provided, however, in the event the FBI
Lease is thereafter renewed upon terms reasonably satisfactory to Lender, the Guarantor’s Payment
Obligations shall be reduced in accordance with the terms of the first paragraph of this Section
22.

Under no circumstances shall the liability of the Guarantor hereunder be reduced by, from or
as a result of any payment to or amount realized by the Lender from any rents, deposits, insurance
proceeds, condemnation awards, proceeds from bankruptcy sale, foreclosure or any conveyance in lieu
of foreclosure or from any other profits, avails, revenues or proceeds derived from the Premises,
and only payments made to the Lender by the Guarantor out of its personal funds not derived from
the Premises after demand therefor by the Lender shall be applied against such liability.
Furthermore, the foregoing limitation on liability shall not limit in any way the liability of the
Guarantor pursuant to or arising from any of the other covenants, representations, warranties or
other provisions hereof, other than the liability of the Guarantor arising with respect to the
Payment Obligations, nor shall such limitation limit the liability of the Guarantor that may arise
out of the obligations set forth in that certain Environmental Indemnity Agreement dated as of even
date herewith, jointly and severally executed by the Guarantor and the Borrower to and for the
benefit of the Lender (the “Environmental Indemnity”), the intent being that the Guarantor
shall have unlimited liability with respect to [such other covenants, representations, warranties
and other provisions, and under the Environmental Indemnity.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

1

IN WITNESS WHEREOF, the Guarantor has executed this Amended and Restated Guaranty of Payment
as of the date first above written.

	 
	NNN 2003 VALUE FUND, LLC, a Delaware limited liability company

By: Grubb & Ellis Realty Investors, LLC, f/k/a Triple Net Properties, LLC, a

Virginia limited liability company, Manager

By: /s/ Francene LaPoint

Name: Francene LaPoint

Title: Chief Financial Officer

2

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