Document:

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                                  Exhibit 10.2

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                                                                    Exhibit 10.2

                        AGREEMENT FOR PURCHASE AND SALE
                        -------------------------------
                   OF REAL PROPERTY AND ESCROW INSTRUCTIONS
                   ----------------------------------------

THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS
("Agreement") is made and entered into as of this day of October, 2000, by and
between S-SI SEGUIN, LP, a Texas limited partnership ("Seller") and T REIT,
L.P., a Virginia limited partnership ("Buyer"), with reference to the following
facts:

          A.      Seller owns certain real property located in Guadalupe County,
          Texas, commonly known as Seguin Corner Shopping Center and such other
          assets, as the same are herein described.

          B.      Seller desires to sell to Buyer and Buyer desires to purchase
          from Seller such real property and the associated assets.

NOW, THEREFORE, in consideration of the mutual covenants, premises and
agreements herein contained, the parties hereto do hereby agree as follows:

1.   Purchase and Sale.
     -----------------

     1.1. The purchase and sale includes, and at Close of Escrow Seller shall
          sell, transfer, grant and assign to Buyer, Seller's entire right and
          interest in and to all of the following (hereinafter sometimes
          collectively, the "Property"):

          1.1.1.  All of Seller's rights, title and interest in and to that
                  certain real property commonly known as Seguin Corner Shopping
                  Center, located at 596 South 123, Seguin, Texas and more
                  specifically described in Exhibit A attached hereto, together
                  with all structures, buildings, improvements, machinery,
                  fixtures, and equipment affixed or attached to the real
                  property and all easements, development rights, rights of way,
                  and other rights appurtenant to the real property (all of the
                  foregoing being collectively referred to herein as the "Real
                  Property");

          1.1.2.  All leases, including associated amendments, with all persons
                  ("Tenants") leasing the Real Property or any part thereof (the
                  "Leases") or hereafter entered into in accordance with the
                  terms hereof prior to Close of Escrow, together with all
                  security deposits, other deposits held in connection with the
                  Leases, Lease guarantees and other similar credit enhancements
                  providing additional security for such Leases;

          1.1.3.  All tangible and intangible personal property (not to include
                  bank accounts, cash, accounts receivables or any computer
                  related equipment) owned by Seller located on or used in
                  connection with the Real Property, including, specifically,
                  without limitation, equipment, furniture, tools and

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                  supplies, and all related intangibles including Seller's
                  interest in the name "Seguin Corner Shopping Center" (the
                  "Personal Property").

          1.1.4.  All service contracts, agreements, warranties, and guaranties
                  relating to the operation, use or maintenance of the Property
                  (the "Contracts"); and

          1.1.5.  To the extent transferable, all building permits, certificates
                  of occupancy and other certificates, permits, licenses and
                  approvals relating to the Property (the "Permits").

     2.   Purchase Price.
          --------------

     The total Purchase Price of the Property shall be TWO FOUR HUNDRED FIFTY
     THOUSAND and No/100 Dollars ($2,450,000) ("Purchase Price") payable as
     follows:

     2.1. Deposit/Further Payments.
          ------------------------

          2.1.1.  Within two (2) business days following the date a fully
                  executed original of this Agreement is delivered to the Escrow
                  Holder (such delivery date hereafter the "Effective Date"),
                  Buyer shall deposit into Escrow the amount of FIFTY THOUSAND
                  and No/100 Dollars ($50,000) (the "Deposit"), in the form of a
                  check or immediately available funds made payable to Chicago
                  Title Company, 560 East Hospitality Lane, San Bernardino, CA
                  92408, Attn: Kandy Knotts ("Escrow Holder"). Escrow Holder
                  shall place the Deposit into an interest bearing money market
                  account at a bank or other financial institution reasonably
                  satisfactory to Buyer, and interest thereon shall be deemed a
                  part of the Deposit. In the event that this Agreement is
                  terminated by Buyer, in accordance with Section 5 herein
                  below, the Deposit shall be immediately and automatically paid
                  over to Buyer without the need for any further action by
                  either party hereto.

                  First Mortgage Loan: Buyer's will assume the remaining unpaid
                  balance of the loan (in the approximate amount of $1,735,000)
                  secured by, a first mortgage lien on the property, infavor of
                  Bank of America, which loan and mortgage Buyer will have
                  reviewed and approved with application for assumption made
                  during the due diligence period. The terms and conditions of
                  such assumption must be satisfactory to Buyer in its
                  discretion. Seller will provide Buyer with a copy of said Note
                  and Mortgage not less than 10 days prior to the end of the Due
                  Diligence Period.

                     2.1.2.  On or before Close of Escrow, Buyer shall deposit
                  with the Escrow Holder to be held in Escrow the balance of the
                  Purchase Price, in

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                  immediately available funds or a certified or cashier's check
                  made payable to Escrow Holder.

3.                              Title to Property.
                                -----------------

          3.1. Title Insurance.
               ---------------

               Seller will, at Seller's sole expense, cause Escrow Holder to
          obtain or issue an ALTA Owner's Policy of Title Insurance (the "Title
          Policy") from Chicago Title Company (the "Title Company") for and on
          behalf of Buyer in the total amount of the Purchase Price and
          obtainable at standard rates insuring indefeasible title in and to the
          Real Property. The Title Policy shall be free and clear of exceptions
          except as follows:

                    3.1.1.  Real property taxes and assessments, which are a
               lien not yet due;

                    3.1.2.  The Permitted Exceptions included in such policy and
               approved by Buyer as herein described.

          3.2. Procedure for Approval of Title.
               -------------------------------

               Seller shall, no later than two (2) days following the Effective
          Date, provide to Buyer a current title insurance commitment and/or
          preliminary title report for the Real Property, including good and
          legible copies of all related items certified as exceptions thereto
          (the "Title Documents"). Buyer shall have thirty (30) days following
          receipt of the Title Documents to review and approve, in writing, the
          condition of the title to the Real Property ("Title Review Period").
          If the Title Documents (or the Survey described in Paragraph 4.1.1)
          reflect or disclose any defect, exception or other matter affecting
          the Real Property ("Title Defects") that is unacceptable to Buyer,
          then Buyer shall provide Seller with written notice of Buyer's
          objections no later than the conclusion of the Title Review Period.
          Seller may, at its sole option, elect, by written notice given to
          Buyer within two (2) days following the conclusion of the Title Review
          Period ("Seller's Notice Period"), to cure or remove the objections
          made or deemed to have been made by Buyer; provided, however, Seller
          shall in all events have the obligation to (i) act in good faith in
          making such election and curing any Title Defects that Seller elects
          to cure, (ii) specifically remove any monetary encumbrances affecting
          the Real Property, and (iii) remove any Title Defect that attaches to
          the Real Property subsequent to the conclusion of the Title Review
          Period. The failure of Seller to deliver written notice electing to
          cure any or all such objected to exceptions during the Seller's Notice
          Period shall be deemed an election by Seller not to cure such
          exceptions. Should Seller elect to attempt to cure or remove any
          objection, Seller shall have ten (10) days from the conclusion of the
          Title Review Period ("Cure Period") in

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          which to accomplish the cure. In the event Seller elects (or is deemed
          to have elected) not to cure or remove any objection, then Buyer shall
          be entitled, as Buyer's sole and exclusive remedies, either to (i)
          terminate this Agreement and obtain a refund of the Deposit or (ii)
          waive any objections that Seller has not elected to cure and close
          this transaction as otherwise contemplated herein. Buyer shall provide
          written notice to Seller within five (5) days following the expiration
          of the Seller's Notice Period waiving any objections Seller has not
          elected to cure shall be deemed an election by Buyer to terminate this
          Agreement. Any exceptions to title accepted by Buyer pursuant to the
          terms of this paragraph shall be deemed "Permitted Exceptions."

4.   Due Diligence Items.
     -------------------

     4.1.  Seller shall, within five (5) days after the Effective Date (the
           "Delivery Date"), deliver to Buyer each of the following
           (collectively, the "Due Diligence Items"):

           4.1.1. An ALTA survey of the Real Property dated no earlier than
                  thirty (30) days prior to the Effective Date (the "Survey");

           4.1.2. Copies of all Leases presently in effect with respect to the
                  Real Property, together with any amendments or modifications
                  thereof;

           4.1.3. A "rent roll" with respect to the Real Property for the
                  calendar month immediately preceding the Effective Date,
                  showing with respect to each Tenant of the Real Property: (1)
                  the name of the Tenant, (2) the number of rentable square feet
                  in Tenant's premises as set forth in Tenant's Lease, (3) the
                  current monthly base rental payable by such Tenant, (4) the
                  term of the Lease, (5) any available options for the Tenant
                  under the Lease; and (6) the amount of any security deposit;

           4.1.4. A "rent roll" current as of 2000 year to date;

           4.1.5. An aging report showing, with respect to each Tenant of the
                  Real Property, the date through which such Tenant has paid
                  rent and a Tenant by Tenant monthly aging report for the
                  preceding 24 months;

           4.1.6. A list of all contracts, including service contracts,
                  warranties, management, maintenance, leasing commission or
                  other agreements affecting the Real Property, if any, together
                  with copies of the same;

           4.1.7. All site plans, leasing plans, as-built plans, drawings,
                  environmental, mechanical, electrical, structural, soils and
                  similar reports and/or audits and plans and specifications
                  relative to the Real Property in the possession of Seller or
                  under the control of Seller, if any;

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          4.1.8.  True and correct copies of the real estate and personal
                  property tax statements covering the Property or any part
                  thereof for each of the two (2) years prior to the current
                  year and, if available, for the current year;

          4.1.9.  A schedule of all current or pending litigation with respect
                  to the Real Property or any part thereof, if any, or otherwise
                  with respect to Seller that might have a material adverse
                  effect on Seller's ability to perform hereunder, together with
                  a brief description of each such proceeding;

          4.1.10. Operating statements for the Real Property for calendar year
                  2000 year to date, or if shorter, for any periods during which
                  Seller was owner of the Real Property;

          4.1.11. Copies of Tenant files and records relating to the ownership
                  and operation of the Real Property (provided, however, with
                  Buyer's consent and 15 day advance written notice to Seller,
                  such files and records may be made available for inspection by
                  Buyer during ordinary business hours at Seller's management
                  office);

          4.1.12. An inventory of all personal property located on the Real
                  Property which is used in the maintenance of the Real Property
                  or stored for future use with the Real Property;

          4.1.13. Copies of existing loan documents and notes affecting the Real
                  Property, if loan is to be assumed;

          4.1.14. Copies of utility bills for the Real Property for the calendar
                  years 2000 year to date;

          4.1.15. Intentionally deleted;

          4.1.16. Intentionally deleted;

          4.1.17. Seller hereby agrees to provide Buyer with a copy of its most
                  current Environmental Impact Report for the Real Property.
                  Furthermore, Seller delivers the same report without any
                  representation, warranty of its content and Buyer's
                  interpretation and reliance thereof;

          4.1.18. Intentionally deleted.

     4.2. Estoppel Certificates.
          ---------------------

          Seller shall obtain and deliver to Buyer, no later than ten (10) days
          prior to Close of Escrow, estoppel certificates from not less than
          eighty-five percent (85%) of all Tenants of the Real Property
          (measured by square footage occupied) (the

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          "Required Percentage Estoppels"), in all cases in a form provided by,
          or otherwise approved by, Buyer. In the event Seller is unable to
          obtain the Required Percentage Estoppels despite diligent efforts to
          do so, Seller may deliver to Buyer an estoppel certificate executed by
          Seller and otherwise in form approved by Buyer covering sufficient
          estoppels that, together with those obtained, equal the Required
          Percentage Estoppels; provided, however, Seller shall thereafter
          continue to use diligent efforts to obtain an estoppel certificate
          executed by any such Tenant. Whether executed by the Tenant or by
          Seller, the matters certified in the estoppel certificates shall be
          subject to Buyer's reasonable approval. Buyer shall notify Seller
          within three (3) business days following receipt of a copy of any
          executed estoppel certificate of Buyer's approval or disapproval and
          the basis of such disapproval, if disapproved. If (a) Buyer reasonably
          disapproves of any estoppel certificate, and Seller is unable to
          deliver a reasonably acceptable estoppel certificate prior to the
          Close of Escrow, and, without such estoppel certificate Seller will
          have failed to deliver the Required Percentage Estoppels or (b) Seller
          is unable to deliver acceptable forms of the Major Estoppels, this
          Agreement shall automatically terminate, Buyer shall be entitled to a
          refund of the Deposit without any further action required by any
          party, and neither party shall have any further obligation to the
          other. In addition to the foregoing, Seller shall use diligent efforts
          to obtain any and all subordination, attornment and non-disturbance
          agreements required by Bank of America.

     5.   Inspections.
          -----------

          5.1    Procedure; Indemnity.
                 --------------------

          Buyer, at its sole expense, shall have the right to conduct a
          feasibility, environmental, engineering and physical study of the Real
          Property at any time from and after Effective Date and for a period of
          thirty (30) days thereafter (the "Due Diligence Period"). Buyer and
          its duly authorized agents or representatives shall be permitted to
          enter upon the Real Property at all reasonable times during the Due
          Diligence Period in order to conduct engineering studies, soil tests,
          make application of Bank of America Loan and any other inspections
          and/or tests that Buyer may deem necessary or advisable (collectively,
          the "Inspections"). Buyer agrees to promptly discharge any liens that
          may be imposed against the Real Property as a result of Buyer's
          Inspections and to defend, indemnify and hold Seller harmless from all
          claims, suits, losses, costs, expenses (including without limitation
          court costs and attorneys' fees), liabilities, judgments and damages
          incurred by Seller as a result of any Inspections performed by Buyer.

     5.2. Approval.
          --------

          5.2.1. Buyer shall have until the conclusion of the Due Diligence
                 Period (as the same may be extended in accordance with the
                 terms of Paragraph 5.1 above) to approve or disapprove of the
                 Inspections and the Due Diligence

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                 Items enumerated in Paragraph 4. If Buyer shall fail to deliver
                 a written notice to Seller and Escrow Holder within the Due
                 Diligence Period approving the condition of the Real Property
                 this Agreement shall thereupon be automatically terminated,
                 Buyer shall not be entitled to purchase the Real Property,
                 Seller shall not be obligated to sell the Real Property to
                 Buyer and the parties shall be relieved of any further
                 obligation to each other with respect to the Real Property.
                 Upon termination, Escrow Holder shall, without any further
                 action required from any party, return all documents and funds,
                 including the Deposit, to the parties who deposited same and no
                 further duties shall be required of Escrow Holder.

          5.2.2. Notwithstanding anything to the contrary contained herein,
                 Buyer hereby agrees that in the event this Agreement is
                 terminated for any reason, then Buyer shall promptly and at its
                 sole expense return to Seller all Due Diligence Items, which
                 have been delivered by Seller to Buyer in connection with
                 Buyer's inspection of the Real Property.

6.   Escrow.
     ------

     6.1. Opening.
          -------

          Purchase and sale of the Property shall be consummated through an
          escrow ("Escrow") to be opened with Escrow Holder within two (2)
          business days after the execution of this Agreement by Seller and
          Buyer. This Agreement shall be considered as the Escrow instructions
          between the parties, with such further consistent instructions, as
          Escrow Holder shall require in order to clarify its duties and
          responsibilities. If Escrow Holder shall require further Escrow
          instructions, Escrow Holder may prepare such instructions on its usual
          form. Such further instructions shall, so long as not inconsistent
          with the terms of this Agreement, be promptly signed by Buyer and
          Seller and returned to Escrow Holder within three (3) business days of
          receipt thereof. In the event of any conflict between the terms and
          conditions of this Agreement and any further Escrow instructions, the
          terms and conditions of this Agreement shall control.

     6.2. Close of Escrow.
          ---------------

          Escrow shall close at a mutually agreeable date ("Close of Escrow")
          within forty-five (45) days after the expiration of the Due Diligence
          Period (as such period may be extended pursuant to Paragraph 5.1
          hereof). The foregoing notwithstanding, Buyer may, at Buyer's
          election, and upon payment of TWENTY-FIVE THOUSAND and No/100 Dollars
          ($25,000) on each occasion, extend the Close of Escrow on not more
          than one (1) occasion for additional period of thirty (30) days. Any
          payments received shall be non-refundable and applicable to the
          Purchase Price at Close of Escrow.

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     6.3. Buyer Required to Deliver.
          -------------------------

          Buyer shall deliver to Escrow the following:

          6.3.1.  In accordance with Paragraph 2, the Deposit;

          6.3.2   On or before Close of Escrow, the balance of the Purchase
                  Price;

                    6.3.3.  On or before Close of Escrow, such other documents
                    as Title Company may require from Buyer in order to issue
                    the Title Policy;

          6.3.4.  An original Assignment and Assumption Agreement, duly executed
                  by Buyer assuming all of Seller's right, title and interest in
                  and to the Leases, the Permits and the Contracts from and
                  after the Close of Escrow.

     6.4. Seller Required to Deliver.
          --------------------------

     On or before Close of Escrow, Seller shall deliver to Escrow or Buyer, as
     applicable, the following:

          6.4.1.  A duly executed and acknowledged Special Warranty Deed,
                  conveying fee title to the Real Property in favor of Buyer;

          6.4.2.  A completed Certificate of Non-Foreign Status, duly executed
                  by Seller under penalty of perjury;

          6.4.3.  Intentionally deleted.

          6.4.4.  A Bill of Sale, for the Personal Property, if any, in favor of
                  Buyer and duly executed by Seller;

          6.4.5.  Such other documents as Title Company may require from Seller
                  in order to issue the Title Policy;

          6.4.6.  Tenant's estoppel certificates as required by and provided for
                  in Paragraph 4.2;

          6.4.7.  An original Assignment and Assumption Agreement duly executed
                  and acknowledged by Seller, assigning all of Seller's interest
                  in and to the Leases, Contracts and Permits to Buyer from and
                  after the Close of Escrow;

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          6.4.8.  To Buyer, all keys to all buildings and other improvements
                  located on the Real Property, combinations to any safes
                  thereon, and security devices therein in Seller's possession;

          6.4.9.  A letter from Seller addressed to each Tenant informing such
                  Tenant of the change in ownership as set forth;

          6.4.10. To Buyer, the original Leases; and

          6.4.11. To Buyer, all records and files relating to the management or
                  operation of the Real Property, including, without limitation,
                  all insurance policies, all security contracts, all tenant
                  files (including correspondence), property tax bills, and all
                  calculations used to prepare statements of rental increases
                  under the Leases and statements of common area charges,
                  insurance, property taxes and other charges which are paid by
                  Tenants of the Real Property.

     6.5. Buyer's Costs.
          -------------

          Buyer shall pay the following:

          6.5.1.  One-half (1/2) of Escrow Holder's fee, costs and expenses;

          6.5.2.  The cost of recording any deed of trust or other documentation
                  required by Buyer's lender in conjunction with any financing
                  obtained by Buyer;

          6.5.3.  All other costs customarily borne by purchasers of real
                  property in Guadalupe County, Texas;

          6.5.4.  All cost associated with the assumption of the Seller's
                  existing mortgage with Bank of America.

     6.6. Seller's Costs.
          --------------

          Seller shall pay the following:

          6.6.1.  One-half (1/2) of Escrow Holder's fees, costs, and expenses;

          6.6.2.  The cost of recording the Deed and any transfer tax;

          6.6.3.  Title Company's premium for the Owner's Title Policy not to
                  exceed $7,500;

          6.6.4.  All other costs customarily borne by sellers of real property
                  in Guadalupe County, Texas.

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     6.7. Prorations.
          ----------

          6.7.1.  Real property taxes, personal property taxes, assessments,
                  rents, and CAM expenses shall be prorated through Escrow
                  between Buyer and Seller as of Close of Escrow. All security
                  deposits shall be paid over to Buyer. Rents and CAM expenses
                  shall be approved by Buyer prior to Close of Escrow. Any
                  delinquent rents attributable to periods prior to the Close of
                  Escrow and which are collected by Buyer or Seller shall be
                  retained by or paid to Seller; provided, however, that any
                  amounts collected by Buyer or Seller shall be first applied to
                  any rents then due to Buyer and, if collected by Seller,
                  remitted to Buyer for such purpose. Seller shall have the
                  right to pursue any Tenant for delinquent rent, but shall not
                  cause Tenant to be delinquent for their current rent or become
                  financially unstable; however in the event Tenant fails to
                  provide delinquent rents within four (4) months from the date
                  of Seller's notice, all legal rights and actions shall become
                  available to Seller, at it's sole discretion. Tax and
                  assessment prorations shall be based on the latest available
                  tax bill. If after Close of Escrow either party receives any
                  further or supplemental tax bill relating to any period prior
                  to Close of Escrow, the recipient shall promptly deliver a
                  copy of such tax bill to the other party, and not later than
                  ten (10) days prior to the delinquency date shown on such tax
                  bill Buyer and Seller shall deliver to the taxing authority
                  their respective shares of such tax bill, prorated as of Close
                  of Escrow. All prorations shall be based on a 360-day year.

                    Percentage Rents. Any percentage rents due or paid under any
                    ----------------
                  of the Leases ("Percentage Rent") shall be prorated between
                  Buyer and Seller outside of Escrow as of the date of Close of
                  Escrow on a Lease-by-Lease basis, as follows; (a) Seller shall
                  be entitled to receive the portion of the Percentage Rent
                  under each Lease for the Lease Year in which Close of Escrow
                  occurs, which portion shall be the ratio of the number of days
                  of said Lease Year in which Seller was Landlord under Lease to
                  the total number of days in said Lease Year., and (b) Buyer
                  shall receive the balance of Percentage rent paid under each
                  Lease for the lease Year. As used herein, the term "Lease
                  Year" means the twelve (12) month period as to which annual
                  Percentage rent is owed under each Lease, Upon receipt by
                  either Buyer or Seller of any Gross Sales reports and/or any
                  full or partial payment of percentage rent from any tenant of
                  the Property, the party receiving the same shall promptly
                  provide to the other party a copy of the Gross Sales Report
                  and/or a check for the other party's prorata share of the
                  percentage rent within five (5) days of the receipt thereof
                  Nothing contained herein shall be deemed or construed to
                  require either Buyer to Seller to pay to the other party its
                  prorata share of the percentage rent prior to receiving the
                  percentage rent from the tenant, and the acceptance or

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                  negotiation of any check for percentage rent by either party
                  shall not be deemed a waiver of that party's right to contest
                  the accuracy or amount of the percentage rent paid by the
                  tenant.

                       6.7.2. All leasing commissions owing and tenant
                  improvements with respect to the Real Property entered into
                  prior to execution of the Agreement including, but not limited
                  to, commissions for lease renewals and expansion options,
                  shall be paid by Seller, and Seller shall indemnify and hold
                  Buyer harmless for lease commission claims brought against the
                  Real Property arising therefrom. All leasing commissions and
                  tenant improvement costs for new Leases executed after the
                  date of this Agreement shall be prorated between Buyer and
                  Seller as their respective periods of ownership bears to the
                  primary term of the new Lease subject, in all events, to the
                  prior approval of said Leases as herein provided by Buyer
                  pursuant to Paragraph 7.3.

                    6.7.3. Seller agrees to indemnify and hold Buyer harmless
                  from any and all liabilities, claims, demands, suits, and
                  judgments, of any kind or nature, including court costs and
                  reasonable attorney fees (except those items which under the
                  terms of this Agreement specifically become the obligation of
                  Buyer), brought by third parties and based on events occurring
                  on or before the Close of Escrow and which are in any way
                  related to the Property.

          6.7.4.  Buyer agrees to indemnify and hold Seller harmless of and from
                  any and all liabilities, claims, demands, suits and judgments,
                  of any kind or nature, including court costs and reasonable
                  attorneys fees, brought by third parties and based on events
                  occurring subsequent to the Close of Escrow and which are in
                  any way related to the Property.

     6.8. Determination of Dates of Performance.
          -------------------------------------

          Promptly after delivery to Buyer of the Title Documents, Escrow Holder
          shall prepare and deliver to Buyer and Seller a schedule which shall
          state each of the following dates:

          6.8.1.  The Effective Date pursuant to Paragraph 2.1.1;

          6.8.2.  The date of receipt of the Title Documents by Buyer;

          6.8.3.  The date by which title must be approved by Buyer pursuant to
                  Paragraph 3.2;

          6.8.4   The Delivery Date pursuant to Paragraph 4.1;

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          6.8.5   The date by which the Inspections and Due Diligence Items must
                  be approved by Buyer pursuant to Paragraph 5.2;

                    6.8.6  The date by which the amounts described in Paragraph
                  2 must be deposited by Buyer, for which determination Escrow
                  Holder shall assume satisfaction of the condition expressed in
                  Paragraph 2 on the last date stated for its satisfaction; and

          6.8.7.  The date of Close of Escrow pursuant to Paragraph 6.2.

            If any events which determine any of the aforesaid dates occur on a
            date other than the date specified or assumed for its occurrence in
            this Agreement, Buyer shall promptly, within five (5) days, re-
            determine as appropriate each of the dates of performance in the
            aforesaid schedule and notify Seller of the dates of performance, as
            redetermined.

7.   Seller Representations, Warranties, and Covenants.
     -------------------------------------------------

     7.1  Representations and Warranties.
          ------------------------------

          Seller hereby represents and warrants as of the date hereof and as of
           the Close of Escrow by appropriate certificate to Buyer as follows:

           7.1.1. Seller is a limited partnership duly formed and validly
                  existing under the law of the State of Texas. Seller has full
                  power and authority to enter into this Agreement, to perform
                  this Agreement and to consummate the transactions contemplated
                  hereby. The execution, delivery and performance of this
                  Agreement and all documents contemplated hereby by Seller have
                  been duly and validly authorized by all necessary action on
                  the part of Seller and all required consents and approvals
                  have been duly obtained and will not result in a breach of any
                  of the terms or provisions of, or constitute a default under,
                  any indenture, agreement or instrument to which Seller is a
                  party or otherwise bound. This Agreement is a legal, valid and
                  binding obligation of Seller, enforceable against Seller in
                  accordance with its terms, subject to the effect of applicable
                  bankruptcy, insolvency, reorganization, arrangement,
                  moratorium or other similar laws affecting the rights of
                  creditors generally.

          7.1.2.  To Seller's actual knowledge has good and indefeasible title
                  to the Real Property, subject to the Permitted Exceptions.
                  There are no outstanding rights of first refusal, rights of
                  reverter or options relating to the Real Property or any
                  interest therein. To Seller's knowledge, there are no
                  unrecorded or undisclosed documents or other matters which
                  affect title to the Real Property. Subject to the Leases,
                  Seller has enjoyed the continuous

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                  and uninterrupted quiet possession, use and operation of the
                  Real Property, without material complaint or objection by any
                  person.

          7.1.3.  Seller is not a "foreign person" within the meaning of Section
                  1445(f) of the Internal Revenue Code.

          7.1.4.  There are no onsite employees of Seller at the Real Property,
                  and following the Close of Escrow, Buyer shall have no
                  obligation to employ or continue to employ any individual
                  employed by Seller or its affiliates in connection with the
                  Real Property.

          7.1.5   Except as set forth on any schedule of litigation delivered
                  pursuant to Paragraph 4.1.9, there are no actions, suits or
                  proceedings pending, or to the best of Seller's knowledge,
                  threatened against Seller and affecting any portion of the
                  Real Property, at law or in equity, or before or by any
                  federal, state, municipal, or other governmental court,
                  department, commission, board, bureau, agency, or
                  instrumentality, domestic or foreign.

          7.1.6.  Seller has not received any notice of any violations of any
                  ordinance, regulation, law, or statute of any governmental
                  agency pertaining to the Real Property or any portion thereof.

          7.1.7.  There are no unpaid bills, claims, or liens in connection with
                  any construction or repair of the Real Property except for
                  those that will be paid in the ordinary course of business
                  prior to Close of Escrow or which have been bonded over or the
                  payment of which has otherwise been adequately provided for to
                  the satisfaction of Buyer.

          7.1.8.  To Seller's actual knowledge it has not experienced any
                  material physical or mechanical defects in the buildings or
                  any material settlement or earth movement affecting the Real
                  Property.

          7.1.9.  To Seller's knowledge, the zoning of the Real Property permits
                  the current building and use of the Real Property, and to
                  Seller's knowledge there is no pending, or contemplated,
                  rezoning. To Seller's actual knowledge, the Real Property
                  complies with all applicable subdivision laws and all local
                  ordinances enacted thereunder and no subdivision or parcel map
                  not already obtained is required to transfer the Real Property
                  to Buyer.

          7.1.10  The information in the Rent Roll is true, correct, and
                  complete. Seller has or will pursuant to Paragraph 4 and
                  Paragraph 7.3 deliver to Buyer true, accurate and complete
                  copies of all of the Leases and there are no leases,
                  subleases, licenses, occupancies or tenancies in effect
                  pertaining to any portion of the Real Property, and no
                  persons, tenants or entities occupy

                                      48
<PAGE>

                  space in the Real Property, except as stated in the Rent Roll.
                  There are no options or rights to renew, extend or terminate
                  the Leases or expand any Lease premises, except as shown in
                  the Rent Roll and the Leases. No brokerage commission or
                  similar fee is due or unpaid by Seller with respect to any
                  Lease, and there are no written or oral agreements that will
                  obligate Buyer, as Seller's assignee, to pay any such
                  commission or fee under any Lease or extension, expansion or
                  renewal thereof. The Leases and any guaranties thereof are in
                  full force and effect, and are subject to no defenses, setoffs
                  or counterclaims for the benefit of the Tenants thereunder.
                  Neither Seller nor, to Seller's knowledge, any Tenant is in
                  default under its Lease. Seller is in full compliance with all
                  of the landlord's obligations under the Leases, and Seller has
                  no obligation to any Tenant under the Leases to further
                  improve such Tenant's premises or to grant or allow any rent
                  or other concessions. No rent or other payments have been
                  collected in advance for more than one (1) month and no rents
                  or other deposits are held by Seller, except the security
                  deposits described on the Rent Roll and rent for the current
                  month. Each rental concession, rental abatement or other
                  benefit granted to Tenants under the Leases will have been
                  fully utilized prior to the Close of Escrow.

          7.1.1.1.To Seller's actual knowledge, there are no presently pending
                  or contemplated proceedings to condemn the Real Property or
                  any part of it.

          7.1.12. To Seller's actual knowledge, all water, sewer, gas, electric,
                  telephone and drainage facilities, and all other utilities
                  required by law or by the normal operation of the Real
                  Property are connected to the Real Property and are adequate
                  to service the Real Property in its present use and normal
                  usage by the Tenants and occupants of the Real Property and
                  are in good working order and repair.

          7.1.13. To Seller's actual knowledge, Seller has all licenses, permits
                  (including, without limitation, all building permits and
                  occupancy permits), easements and rights-of-way which are
                  required in order to continue the present use of the Real
                  Property and ensure adequate vehicular and pedestrian ingress
                  and egress to the Real Property.

          7.1.14. Except for the Contracts, there are no agreements or other
                  obligations which may affect the current use of the Real
                  Property. Seller has fully performed all of the obligations
                  required to be performed by Seller under the Contracts, and to
                  Seller's actual knowledge, the other parties to the same are
                  not in default thereunder.

          7.1.15. The operating statements furnished to Buyer in connection with
                  or pursuant to this Agreement (a) accurately reflect the
                  financial condition of the Real Property as of the date
                  thereof and (b) do not fail to state any

                                      49
<PAGE>

                  material liability, contingent or otherwise, or any other
                  facts the omission of which would be misleading.

          7.1.16. Seller has no knowledge of nor received any written notice of
                  violation issued pursuant to any environmental law with
                  respect to the Real Property or any use or condition thereof.
                  There are no aboveground or underground storage tanks located
                  on the Real Property.

          7.1.17. Seller has not released and, to the best of Seller's actual
                  knowledge, there has been no release of, any pollutant or
                  hazardous substance of any kind onto or under the Real
                  Property that affects the Real Property or that would result
                  in the prosecution of any claim, demand, suit, action or
                  administrative proceeding against Buyer as owner of the Real
                  Property based on any environmental requirements of state,
                  local or federal law including, but not limited to, the
                  Comprehensive Environmental Response Compensation and
                  Liability Act of 1980, U.S.C. 9601 et seq.

          7.2     Indemnity, Survival.
                  -------------------

                  The foregoing representations and warranties of Seller are
          made by Seller as of the date hereof and again as of Close of Escrow
          and shall survive the Close of Escrow for a period of one year and
          shall not be merged as of the date of the Close of Escrow hereunder.
          Seller shall indemnify and defend Buyer against and hold Buyer
          harmless from, and shall be responsible for all claims, demands,
          liabilities, losses, damages, costs and expenses, including reasonable
          attorney's fees, that are suffered or incurred by Buyer, including any
          third party due diligence expenses incurred by Buyer, as a result of
          any representation or warrants made by Seller is untrue or incorrect
          in any material respect when made. The terms of Seller's indemnity set
          forth above with respect to the representations and warranties made
          herein shall survive for a period of one year following the Close of
          Escrow.

     7.3. Covenants of Seller. Seller hereby covenants from and after the
          -------------------
          Effective Date as follows:

          7.3.1.  To cause to be in force fire and extended coverage insurance
                  upon the Real Property, and public liability insurance with
                  respect to damage or injury to persons or property occurring
                  on the Real Property in at least such amounts as are
                  maintained by Seller on the date hereof.

          7.3.2   That any building constituting an improvement on the Real
                  Property will be in the same physical condition at the Close
                  of Escrow that it was at the date of Buyer's inspection, and
                  that all normal maintenance has been conducted from and after
                  the Effective Date in the same fashion as prior to the
                  Effective Date.

                                      50
<PAGE>

          7.3.3.  To not enter into any new lease with respect to the Real
                  Property, without Buyer's prior written consent, which shall
                  not be unreasonably withheld. Exercise of a mandatory renewal
                  option shall not be considered a new lease. To the extent
                  specifically disclosed to Buyer in connection with any request
                  for approval, any brokerage commission and the cost of Tenant
                  improvements or other allowances payable with respect to a new
                  Lease shall be prorated between Buyer and Seller in accordance
                  with their respective periods of ownership as it bears to the
                  primary term of the new Lease. Further, Seller will not
                  materially modify or cancel any existing Lease covering space
                  in the Real Property without first obtaining the written
                  consent of Buyer which shall not be unreasonably withheld.
                  Buyer shall have five (5) business days following receipt of a
                  request for any consent pursuant to this paragraph in which to
                  approve or disapprove of any new Lease or any modification or
                  cancellation of any existing Lease. Failure to respond in
                  writing within said time period shall be deemed to be consent.
                  Seller's execution of a new lease or modification or
                  cancellation of an existing Lease following Buyer's reasonable
                  refusal to consent thereto shall constitute a default
                  hereunder.

          7.3.4.  To not sell, assign, or convey any right, title, or interest
                  whatsoever in or to the Real Property, or create or permit to
                  attach any lien, security interest, easement, encumbrance,
                  charge, or condition affecting the Real Property (other than
                  the Permitted Exceptions).

          7.3.5.  To not, without Buyer's written approval, (a) amend or waive
                  any material right under any Contract, or (b) enter into any
                  service, operating or maintenance agreement affecting the Real
                  Property that would survive the Close of Escrow.

          7.3.6.  To fully and timely comply with all obligations to be
                  performed by it under the Leases and Contracts, and all
                  Permits, licenses, approvals and laws, regulations and orders
                  applicable to the Real Property.

8.   Buyer Representations and Warranties.
     ------------------------------------

     Buyer hereby represents and warrants to Seller as of the date hereof and as
     of the Close of Escrow by appropriate certificate that:

     Buyer is a limited liability company duly organized and validly existing
     under the laws of the State of Virginia. Buyer has full power and authority
     to enter into this Agreement, to perform this Agreement and to consummate
     the transactions contemplated hereby. The execution, delivery, and
     performance of this Agreement and all documents contemplated hereby by
     Buyer have been duly and validly authorized by all necessary action on the
     part of Buyer and all required consents and approvals have been duly
     obtained and will not

                                      51
<PAGE>

     result in a breach of any of the terms or provisions of, or constitute a
     default under, any indenture, agreement or instrument to which Buyer is a
     party or otherwise bound. This Agreement is a legal, valid and binding
     obligation of Buyer, enforceable against Buyer in accordance with its
     terms, subject to the effect of applicable bankruptcy, insolvency,
     reorganization, arrangement, moratorium or other similar laws affecting the
     rights of creditors generally.

9.   Conditions Precedent to Close of Escrow.
     ---------------------------------------

     9.1  Conditions Precedent.
          --------------------

          The obligations of Buyer to purchase the Property pursuant to this
          Agreement shall, at the option of Buyer, be subject to the following
          conditions precedent:

                    9.1.1.  All of the representations, warranties, and
                    agreements of Seller set forth in this Agreement shall be
                    true and correct in all material respects as of the date
                    hereof and as of the Close of Escrow, and Seller shall not
                    have at the Close of Escrow, failed to meet, comply with or
                    perform in any material respect any covenants or agreements
                    on Seller's part as required by the terms of this Agreement.

                    9.1.2.  There shall be no change in the matters reflected in
                    the title, and there shall not exist any encumbrance or
                    title defect affecting the Real Property not described in
                    the Title Documents except for the Permitted Exceptions or
                    matters to be satisfied at the Close of Escrow.

                    9.1.3.  Unless Seller receives notice from Buyer at least
                    thirty (30) days prior to the Close of Escrow, effective as
                    of the Close of Escrow, any management agreement affecting
                    the Real Property shall be terminated by Seller and any and
                    all termination fees incurred as a result thereof shall be
                    the sole obligation of Seller.

          9.1.4.    Seller shall have operated the Real Property from and after
                    the date hereof in substantially the same manner as prior
                    thereto.

          9.1.5.    Seller shall deliver to Buyer copies of Tenant insurance
                    certificates.

          9.1.6.    1031 Exchange: It is Buyer's intent to effect a tax-deferred
                    exchange pursuant to Section 1031 of the Internal Revenue
                    Code. Seller agrees to cooperate in said exchange and agrees
                    to execute such documents or instruments as may be necessary
                    or appropriate to evidence such exchange, provided that
                    Seller's cooperation in such regard shall be at no
                    additional costs, expenses, or liability whatsoever to
                    Seller, and that no delays in the scheduled closing dated of
                    this escrow are incurred unless mutually agreed upon by all
                    parties to this Agreement.

                                      52
<PAGE>

          9.1.7     This escrow is contingent upon Buyer's assumption of the
                    loan of record with an approximate unpaid balance of
                    $1,735,000 in favor of Bank of America. Buyer agrees to pay
                    all reasonable fees associated with said assumption. In the
                    event, Buyer is not approved for said loan and/or does not
                    agree to the terms of said loan, this escrow shall terminate
                    and Buyer shall be entitled to the return of their deposit.
                    Buyer hereby agrees to act in a timely manner in providing
                    all necessary documentation for the application, approval
                    and funding/transfer of said loan.

     9.2. Effect of Failure.
          -----------------

          If Buyer notifies Seller of a failure to satisfy the conditions
          precedent set forth in this Paragraph 9, Seller may, within five (5)
          days after receipt of Buyer's notice, agree to satisfy the condition
          by written notice to Buyer, and Buyer shall thereupon be obligated to
          close the transaction provided (a) Seller so satisfies such condition
          and (b) no such right to cure shall extend the Close of Escrow. If
          Seller fails to agree to cure or fails to cure such condition by the
          Close of Escrow, this Agreement shall be automatically terminated, the
          Deposit shall be returned to Buyer without any further action required
          from either party and neither party shall have any continuing
          obligations hereunder.

10.  Damage or Destruction Prior to Close of Escrow.
     ----------------------------------------------

     In the event that the Real Property should be damaged by any casualty prior
     to Close of Escrow, then Seller shall promptly provide Buyer with written
     notice of such casualty. If the cost of repairing such damage, as estimated
     by an architect or contractor retained pursuant to the mutual agreement of
     the parties, is (a) less than One Hundred Thousand Dollars ($100,000), the
     Close of Escrow shall proceed as scheduled and any insurance proceeds, plus
     the cash amount of any associated deductible, shall be paid over to Buyer;
     or (b) greater than One Hundred Thousand Dollars ($100,000), then Buyer may
     in its discretion either (i) elect to terminate this Agreement, in which
     case the Deposit shall be returned to Buyer without any further action
     required from either party and neither party shall have any further
     obligation to the other or (ii) proceed to Close of Escrow in which event
     any insurance proceeds, plus the cash amount of any associated deductible,
     shall be paid over to Buyer. The foregoing notwithstanding, in the event
     any casualty results in the cancellation of, or rental abatement under, any
     Lease, Buyer shall have the option to terminate this Agreement without
     regard to the cost of repairs. Any notice required to terminate this
     Agreement pursuant to this Paragraph shall be delivered no later than
     thirty (30) days following Buyer's receipt of Seller's notice of such
     casualty.

11.  Eminent Domain.
     --------------

     If, before the Close of Escrow, proceedings are commenced for the taking by
     exercise of the power of eminent domain of all or a material part of the
     Real Property which, as

                                      53
<PAGE>

     reasonably determined by Buyer, would render the Real Property unacceptable
     to Buyer or unsuitable for Buyer's intended use, Buyer shall have the
     right, by giving written notice to Seller within ten (10) days after Seller
     gives notice of the commencement of such proceedings to Buyer, to terminate
     this Agreement, in which event this Agreement shall automatically
     terminate, the Deposit shall be returned to Buyer without any further
     action required from either party and neither party shall have any
     continuing obligations hereunder. If, before the Close of Escrow,
     proceedings are commenced for the taking by exercise of the power of
     eminent domain of less than a material part of the Real Property, or if
     Buyer has the right to terminate this Agreement pursuant to the preceding
     sentence but Buyer does not exercise such right, then this Agreement shall
     remain in full force and effect and, on the Close of Escrow, the
     condemnation award (or, if not theretofore received, the right to receive
     such portion of the award) payable on account of the taking shall be
     assigned, or paid to, Buyer. Seller shall give written notice to Buyer
     within three (3) business days after Seller's receiving notice of the
     commencement of any proceedings for the taking by exercise of the power of
     eminent domain of all or any part of the Real Property.

12.  Notices.
     -------

     All notices, demands, or other communications of any type given by any
     party hereunder, whether required by this Agreement or in any way related
     to the transaction contracted for herein, shall be void and of no effect
     unless given in accordance with the provisions of this Paragraph.  All
     notices shall be in writing and delivered to the person to whom the notice
     is directed, either (a) in person, (b) by United States Mail, as a
     registered or certified item, return receipt requested, (c) by telecopy or
     (d) by a nationally recognized overnight delivery courier. Notices
     delivered by telecopy or overnight courier shall be deemed received on the
     business day following transmission. Notices delivered by certified or
     registered mail shall be deemed delivered three (3) days following posting.
     Notices shall be given to the following addresses:

     Seller:                  S-SI Seguin LP
                              St. Ives Holdings, LLC
                              100 N. Central Expressway, Suite 810
                              Richardson, Texas 75080
                              Attn: Troy Bathman or Jim Gissler
                              (972) 235-7888
                              (972) 235-3570 Fax

     Buyer:                   Anthony W. Thompson
                              TRIPLE NET PROPERTIES, LLC
                              1551 N. Tustin Avenue, Suite 650
                              Santa Ana, CA 92705
                              (714) 667-8252
                              (714) 667-6860 Fax

                                      54
<PAGE>

     With Required Copy to:   Louis J. Rogers, Esq.
                              Hirschler, Fleischer, Weinberg, Cox & Allen
                              701 East Byrd Street, 15th Floor
                              Post Office Box 500
                              Richmond, VA 23218-0500
                              (804) 771-9500
                              (804) 644-0957 Fax

13.  Remedies.
     --------

     13.1.     Defaults by Seller.  If there is any default by Seller under this
               ------------------
               Agreement, following notice to Seller and seven (7) days
               thereafter during which period Seller may cure the default, Buyer
               may at its option, either (a) declare this Agreement terminated
               in which case the Deposit shall be returned to Buyer without any
               further action required from either party or (b) treat the
               Agreement as being in full force and effect and bring an action
               against Seller for specific performance. The foregoing
               notwithstanding, no right to cure shall extend the Close of
               Escrow.

     13.2.     Defaults by Buyer.  If there is any default by Buyer under this
               -----------------
               Agreement, following notice to Buyer and seven (7) days, during
               which period Buyer may cure the default, Seller may, as its sole
               remedy, declare this Agreement terminated, in which case the
               Deposit shall be paid to Seller as liquidated damages and each
               party shall thereupon be relieved of all further obligations and
               liabilities, except any which survive termination. The foregoing
               notwithstanding, no right to cure shall extend the Close of
               Escrow.

     In the event this Agreement is terminated due to the default of Buyer
     hereunder, Buyer shall, in addition, deliver to Seller, at no cost to
     Seller, the Due Diligence Items.

14.  Assignment.
     ----------

     Buyer may assign any or all of its rights and obligations under this
     Agreement to any one or more persons or entities upon notice to Seller;
     provided however, that absent the express agreement of Seller, no such
     assignment shall release Buyer from its liabilities hereunder.

15.  Interpretation and Applicable Law.
     ---------------------------------

     This Agreement shall be construed and interpreted in accordance with the
     laws of the State where the Real Property is located. Where required for
     proper interpretation, words in the singular shall include the plural; the
     masculine gender shall include the neuter and the feminine, and vice versa.
     The terms "successors and assigns" shall include the heirs, administrators,
     executors, successors, and assigns, as applicable, of any party hereto.

16.  Amendment.
     ---------

                                      55
<PAGE>

     This Agreement may not be modified or amended, except by an agreement in
     writing signed by the parties. The parties may waive any of the conditions
     contained herein or any of the obligations of the other party hereunder,
     but any such waiver shall be effective only if in writing and signed by the
     party waiving such conditions and obligations.

17.  Attorney's Fees.
     ---------------

     In the event it becomes necessary for either party to file a suit to
     enforce this Agreement or any provisions contained herein, the prevailing
     party shall be entitled to recover, in addition to all other remedies or
     damages, reasonable attorneys' fees and costs of court incurred in such
     suit.

18.  Entire Agreement; Survival.
     --------------------------

     This Agreement (and the items to be furnished in accordance herewith)
     constitutes the entire agreement between the parties pertaining to the
     subject matter hereof and supersedes all prior and contemporaneous
     agreements and understandings of the parties in connection therewith. No
     representation, warranty, covenant, agreement, or condition not expressed
     in this Agreement shall be binding upon the parties hereto nor shall affect
     or be effective to interpret, change, or restrict the provisions of this
     Agreement. The obligations of the parties hereunder and all other
     provisions of this Agreement shall survive the Close of Escrow or earlier
     termination of this Agreement, except as expressly limited herein.

19.  Counterparts.
     ------------

     This Agreement may be executed in any number of counterparts, all of which
     when taken together shall constitute the entire agreement of the parties.

20.  Acceptance.
     ----------

     Time is of the essence of this Agreement.  If the final date of any period
     falls upon a Saturday, Sunday, or legal holiday under the laws of the State
     of California, then in such event the expiration date of such period shall
     be extended to the next day which is not a Saturday, Sunday, or legal
     holiday under the laws of the State of California.

21.  Real Estate Commission.
     ----------------------

     Seller and Buyer each represent and warrant to the other that neither
     Seller nor Buyer has contacted or entered into any agreement with any real
     estate broker, agent, finder or any other party in connection with this
     transaction, and that neither party has taken any action which would result
     in any real estate broker's, finder's or other fees or commissions being
     due and payable to any party with respect to the transaction contemplated
     hereby, except that Seller has contracted with Paxton Sandidge as its
     broker and will pay a commission

                                      56
<PAGE>

     to said broker of $46,000 payable at close of escrow . Seller further
     agrees to pay Triple Net Properties Realty a commission of $150,000 at
     close of escrow and payment of the Purchase Price. All commissions payable,
     at close of escrow and funding of Purchase Price, shall be deemed earned
     and payable upon this occurrence and funded by the title company at the
     close of escrow. Each party hereby indemnifies and agrees to hold the other
     party harmless from any loss, liability, damage, cost, or expense
     (including reasonable attorneys' fees) resulting to the other party by
     reason of a breach of the representation and warranty made by such party in
     this Paragraph.

                                      57
<PAGE>

               SIGNATURE PAGE FOR SEQUIN CORNER SHOPPING CENTER

EXECUTED on this 6th day of October, 2000

SELLER:

S-SI SEGUIN, LP, a Texas limited partnership
By:    BGRW SEGUIN VENTURE LP, a Texas limited partnership
Its:   General Partner
By:    St. Ives Holdings, LLC, a Texas limited liability company
Its:   General Partner

By:    /s/ James E. Gissler
       ---------------------------------------------------------------------
       James E. Gissler
Title: Vice President

EXECUTED on this 5th day of October, 2000

BUYER:

T REIT, L.P., a Virginia limited partnership

By:    TRIPLE NET PROPERTIES, LLC, a Virginia limited liability company

       By:    /s/ Anthony W. Thompson
              --------------------------------------------------------------
              Anthony W. Thompson
       Title: President

                            NO EXHIBITS ARE ATTACHED

                                      58<PAGE>

                                                                    EXHIBIT 10.1

STOCK PURCHASE AGREEMENT AND PROMISSORY NOTE
--------------------------------------------

Principle Amount on Promissory Note: $200,000
                                     --------
Principle Amount of Share Exchange: $300,000
                                    --------

     This Stock Purchase Agreement and Promissory Note ("Agreement") is made and
entered into as of the 18/th/ day of July, 2000, by and among Atlantis
Aggressive Growth Co. ("Seller or "Creditor"), and Flexxtech Holdings, Inc.
("Buyer" or "Debtor"), a Nevada Corporation. Collectively, the Creditor and
Debtor are referred to as the "Parties", and sometimes individually noted and
referred to as a "Party".

     WHEREAS, the Creditor owns One Hundred Twenty-Five Thousand (125,000)
shares of the common stock of Accesspoint Corporation ("Accesspoint") and
desires to sell such shares to Buyer on the terms and subject to the conditions
contained herein: and,

     WHEREAS, Buyer desires to purchase One Hundred Twenty-Five Thousand
(125,000) shares of common stock of Accesspoint on the terms and subject to the
conditions contained herein.

     NOW, THEREFORE, for and in consideration of the premises and the mutual
promises made herein and in consideration of the representations and conditions
set forth herein, the receipt and sufficiency of which are hereby acknowledged,
the parties, intending to be legally bound, agree as follows:

                                   ARTICLE I

                  SALE AND PURCHASE OF THE ACCESSPOINT SHARES
                  -------------------------------------------

     1.1  Sale and Purchase of the Accesspoint shares.  Subject to the terms and
          --------------------------------------------
          conditions of this Agreement, the Creditor hereby agrees to sell to
          Buyer and Buyer agrees to purchase from the Creditor, the 125,000
          Accesspoint shares.
     1.2  Purchase Price.  The purchase price ("Purchase Price") for the
          --------------
          Accesspoint Shares shall be the sum of Five Hundred Thousand Dollars
          ($500,000). The Purchase Price shall be paid to the Seller in the
          following manner:

          A.   $200,000 shall be in the form of a Senior and Secured Promissory
          Note, (this Agreement), fully collateralized by the assets of
          Flexxtech, ("Promissory Note") payable on demand, with principal and
          interest at the rate of 10% per annum, beginning on July 18, 2000.
<PAGE>

          B.   $300,000 shall be in the form of shares of common stock of
Flexxtech Corporation. Buyer shall issue 300,000 shares of common stock to
Seller.

                                  ARTICLE II
                                  ----------

                                    CLOSING
                                    -------

     2.1  The Closing.  The Closing date is the date of execution of this
          -----------
          Agreement, July 18, 2000.

                                  ARTICLE III
                                  -----------

                           MISCELLANEOUS PROVISIONS
                           ------------------------

     3.1  Effectiveness.  This Agreement shall be effective and binding when
          -------------
          signed by all parties hereto.
     3.2  Governing Law.  This Agreement and the rights and obligations of any
          -------------
          party hereto shall be governed by the substantive laws of the State of
          Nevada.

     3.3  Prevailing Party Clause.  In the event of any litigation arising as a
          ------------------------
          result of breach of this Agreement or failure to perform hereunder or
          failure of any representation herein, the party or parties prevailing
          in such dispute shall be entitled to collect the costs of such
          dispute, including reasonable attorneys' fees or costs, from the party
          prevailing.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
the day and the year first above written.

                                   BUYER:
                                   FLEXXTECH HOLDINGS, INC.

Date: _____________                By: /s/ Brian G. Kulhanjian
                                       -----------------------------
                                       Brian G. Kulhanjian, President

                                   SELLER AND CREDITOR:
                                   Atlantis Aggressive Growth Co.

Date: 16, July 2000                By: /s/ [ILLEGIBLE]
      -------------                    -----------------------------

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