Document:

Exhibit 10.3

    
      

    

    Exhibit
      10.3

    

    PURCHASE
      AND SALE AGREEMENT

    (CNL
      Plaza Venture, Ltd. - CHO)

     

    THIS
      PURCHASE AND SALE AGREEMENT
      (this
“Agreement”)
      is
      made and entered into on the 3rd
      day of
      October, 2006, by and between CNL
      HOTELS & RESORTS, INC.,
      a
      Maryland corporation (the “Seller”)
      and
CNL
      CORPORATE INVESTORS, LTD.,
      a
      Florida limited partnership (the “Buyer”).

     

    WITNESSETH:

     

    WHEREAS,
      CNL
      Plaza Venture, Inc., a Florida corporation (“CNLPV”),
      National Retail Properties, Inc. (f/k/a Commercial Net Lease Realty, Inc.),
      a
      Maryland corporation (“NNN”),
      CNL
      Retirement Properties, Inc., a Maryland corporation (“CRP”),
      the
      Seller and the Buyer are parties to that certain Agreement of Limited
      Partnership dated as of May 13, 2002, as previously amended (the “Limited
      Partnership Agreement”),
      establishing CNL
      PLAZA VENTURE, LTD.,
      a
      Florida limited partnership (the “Partnership”);

     

    WHEREAS,
      the
      Seller owns, beneficially and of record, a limited partner partnership interest
      in the Partnership representing 9.9% of the partnership interests in the
      Partnership (the “CHO
      Partnership Interest”),
      and
      the Seller desires to sell to Buyer, and the Buyer desires to purchase from
      Seller, the CHO Partnership Interest pursuant to the terms of this
      Agreement;

     

    WHEREAS,
      NNN
      owns, beneficially and of record, a limited partnership interest in the
      Partnership representing 24.75% of the partnership interests in the Partnership
      (the “NNN
      Partnership Interest”),
      and
      the Buyer is entering into a Purchase and Sale Agreement with NNN (the
“NNN
      Agreement”)
      pursuant to which at the closing of the transactions contemplated by the NNN
      Agreement, the Buyer shall purchase the NNN Partnership Interest (the
“NNN
      Partnership Interest Acquisition”);

     

    WHEREAS,
      CRP
      owns, beneficially and of record, a limited partnership interest in the
      Partnership representing 9.9% of the partnership interests in the Partnership
      (the “CRP
      Partnership Interest”),
      and
      the Buyer is entering into a Purchase and Sale Agreement with CRP (the
“CRP
      Agreement”)
      pursuant to which at the closing of the transactions contemplated by the CRP
      Agreement, the Buyer shall purchase the CRP Partnership Interest (the
“CRP
      Partnership Interest Acquisition”);

     

    WHEREAS,
      the
      Buyer anticipates that an affiliate of the Buyer will enter into a definitive
      agreement pursuant to which at the closing of the transactions contemplated
      thereby the real property owned by CNL Plaza, Ltd., a Florida limited
      partnership (“CNL
      Plaza”),
      will
      be refinanced (the “Refinancing”);
      and

     

    WHEREAS,
      (a) the
      Partnership is the general partner of CNL Plaza, (b) each of the Seller, NNN
      and
      CRP owns, beneficially and of record, a limited partnership interest in CNL
      Plaza (each a “Plaza
      Partnership Interest”),
      and
      (c) concurrently with the execution and delivery of this Agreement, the Buyer
      is
      entering into Purchase and Sale Agreements with each of the Seller, NNN and
      CRP
      (collectively, the “Plaza
      Agreements”)
      pursuant to which at the closing of the transactions contemplated by the Plaza
      Agreements, the Buyer shall purchase the Plaza Partnership Interests
      (collectively, the “Plaza
      Partnership Interest Acquisitions”);

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    NOW,
      THEREFORE,
      for and
      in consideration of the foregoing premises, the mutual covenants and agreements
      set forth below, and for other good and valuable consideration, the receipt
      and
      sufficiency of which is hereby acknowledged by each of the parties, the parties
      agree as follows:

     

    1.  Purchase
      and Sale of the CHO Partnership Interest.
      On and
      subject to the terms and conditions of this Agreement and on the basis of the
      representations, warranties, covenants, agreements, undertakings and obligations
      contained herein, the Seller hereby agrees to sell the CHO Partnership Interest
      to the Buyer at the Closing, and the Buyer hereby agrees to purchase the CHO
      Partnership Interest from the Seller at the Closing.

     

    2.  Purchase
      Price.
      The
      purchase price for the purchase and sale of the CHO Partnership Interest
      hereunder will be $40,955 (the “Purchase
      Price”)
      and
      will be delivered by the Buyer at the Closing in cash payable by wire transfer
      or delivery of other immediately available funds to the account of
      Seller.

     

    3.  Closing.
      (a)
      The
      closing of the sale and purchase of the CHO Partnership Interest and the other
      transactions contemplated by this Agreement (the “Closing”)
      shall
      take place at the offices of Lowndes, Drosdick, Doster, Kantor & Reed, P.A.,
      Suite 800, 450 South Orange Avenue, Orlando, Florida 32801 commencing at 10:00
      a.m. (Florida time) on the first (1st) business day following satisfaction
      or,
      if permissible, waiver of the conditions set forth in Sections 8 and 9 of this
      Agreement (other than conditions which by their nature are to be satisfied
      as a
      part of the Closing) or at such other place, time or date as the Buyer and
      the
      Seller may mutually agree. 

     

    (b)  At
      the
      Closing, (a) the Seller and the Buyer shall execute and deliver an Assignment
      of
      Limited Partner Partnership Interest transferring the CHO Partnership Interest
      to the Buyer substantially in the form attached hereto as Exhibit A (the
“Assignment”),
      (b)
      the Seller will deliver to the Buyer the various certificates, instruments,
      and
      documents referred to in Section 9 below, (c) the Buyer will deliver to the
      Seller the various certificates, instruments, and documents referred to in
      Section 8 below, and (d) the Buyer will deliver to the Seller the Purchase
      Price
      as specified in Section 2 above.

     

    4.  (a)Post-Closing
      Distributions.
      With
      respect to applicable distributions from Net Cash Flow (as defined in the
      Limited Partnership Agreement) made by the Partnership to its partners, any
      amounts from Net Cash Flow otherwise distributable by the Partnership to Seller
      with respect to the fiscal quarter (or other applicable period prior to Closing
      for which a distribution to the partners is made) in which the Closing occurs
      shall be pro-rated between Seller and Buyer based upon the period during such
      quarter (or other applicable period prior to Closing for which a distribution
      to
      the partners is made) that each of Buyer and Seller is treated as the owner
      of
      the CHO Partnership Interest, and Seller’s pro-rated amount shall be paid to
      Seller at the same time as distributions from Net Cash Flow in respect of such
      quarter (or other applicable period prior to Closing for which a distribution
      to
      the partners is made) are made to the partners of the Partnership. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) Refinancing.
      Buyer
      agrees to use its commercially reasonable efforts in good faith to take, or
      cause to be taken, all actions and to do, or cause to be done, all things
      necessary, proper or desirable, or advisable under applicable laws, so as to
      permit and consummate the Refinancing as promptly as practicable, subject to
      the
      satisfaction of the contingencies contained in Section 9(f) of this Agreement.
      

     

    5.  Remittance
      Obligation.

     

    (a)  Definitions.
      For
      purposes of this Section 5, the following terms are defined as
      follows:

     

    (i)  “Asset
      Sale”
means
      a
      sale, exchange, transfer or other disposition of all or substantially all of
      the
      Partnership’s assets.

     

    (ii)  “Sale
      Transaction”
means
      any purchase by any person or entity of the limited partnership interests in
      the
      Partnership (or any portion thereof).

     

    (iii)  “Ultimate
      Purchase Price”
means
      the total consideration received by the Buyer in connection with an Asset Sale
      or a Sale Transaction, divided by the number of Units transferred in the Asset
      Sale or the Sale Transaction.

     

    (iv)  “Pro-Rated
      Purchase Price”
means
      $4,137.

     

    (v)  “Unit”
means
      an interest as a limited partner in the capital and profits or losses of the
      Partnership. Each whole Unit represents a one percent (1%) partnership interest
      in the Partnership.

     

    (b)  Remittance
      Amount.
      Notwithstanding anything to the contrary contained herein, if an Asset Sale
      or a
      Sale Transaction is closed within thirty-six (36) months of the Closing
and
      the
      Ultimate Purchase Price is greater than the Pro-Rated Purchase Price, then
      the
      Buyer shall promptly remit to the Seller the difference between the Ultimate
      Purchase Price and the Pro-Rated Purchase Price, multiplied by (i) 9.9% in
      the
      case of an Asset Sale or (ii) the number of Units sold in the case of a Sale
      Transaction (the “Remittance
      Amount”).

     

    6.  Representations
      and Warranties of the Seller.
      (a)
      The
      Seller represents and warrants to the Buyer as follows: (x) the Seller is and
      shall be immediately prior to the Closing the sole record and beneficial owner
      and holder of the CHO Partnership Interest, free and clear of all liens; and
      (y)
      the Seller has full legal right, requisite corporate power and authority to
      execute this Agreement, and to perform its obligations hereunder. 

     

    (b)  Other
      than the representations and warranties expressly set forth in Section 6(a),
      the
      Seller has not made any representations or warranties relating to the
      Partnership, the CHO Partnership Interest or otherwise in connection with the
      transactions contemplated by this Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7.  Representation
      and Warranty of the Buyer.
      The
      Buyer represents and warrants to the Seller as follows: 

     

    (a)  the
      Buyer
      has full legal right, requisite corporate power and authority to execute this
      Agreement, and to perform its obligations hereunder; 

     

    (b)  the
      audited financial statements for CNL Plaza for the fiscal years ended December
      31, 2004 and 2005 have been made available to Seller, and the unaudited
      financial statements for CNL Plaza for the quarters ended subsequent to December
      31, 2005 and prior to the date hereof have been made available to Seller (or,
      in
      the case of unaudited financial statements for quarters ending after the date
      of
      this Agreement and before the Closing, will be made available as soon as they
      are completed by Buyer); and the monthly operating reports for CNL Plaza for
      calendar months subsequent to December 31, 2005 have been made available to
      Seller (or, in the case of monthly operating reports for calendar months ending
      after the date of this Agreement and before the Closing, will be made available
      as soon as they are completed by Buyer); each of the balance sheets contained
      therein fairly presents, or will fairly present, as the case may be, in all
      material respects, the financial position of CNL Plaza, as of its date, and
      each
      of the statements of income and changes in capital stock and cash flows or
      equivalent statements contained therein (including any related notes and
      schedules thereto) fairly presents, or will fairly present, as the case may
      be,
      in all material respects, the results of operations, changes in capital stock
      and changes in cash flows of CNL Plaza, for the periods to which they relate,
      in
      each case in accordance with generally accepted accounting principles as used
      in
      the United States of America consistently applied during the periods involved;
      and each monthly operating report has been prepared, or shall be prepared (as
      the case may be), in good faith based on reasonable assumptions and in
      accordance with the books and records of CNL Plaza (which are complete and
      correct in all material respects and have been maintained in accordance with
      customary business practices);

     

    (c)  with
      respect to other information delivered by the Buyer to the Seller in connection
      with this Agreement, including all information provided to Seller in a letter
      from Buyer, dated July 12, 2006 (the “Option
      Request Letter”),
      the
      Buyer prepared such information in good faith based on reasonable assumptions
      and, to the extent such information was prepared based upon or derived from
      information provided by third-party consultants and other industry sources,
      the
      Buyer has a reasonable basis to believe that the sources from which such
      information has been obtained are reliable;

     

    (d)  the
      material terms of the NNN Agreement are substantially the same as the terms
      of
      this Agreement (though the language in the NNN Agreement may vary and other
      than
      a provision in the NNN Agreement relating to the release of NNN by Buyer of
      NNN’s lease obligations); provided, however, that (x) the price per Unit for the
      NNN Partnership Interest shall be the same as the price per Unit for the CHO
      Partnership Interest and (y) the calculation of the Remittance Amount under
      the
      terms of the NNN Agreement shall be the same as that provided for in this
      Agreement but for an adjustment to the multiple that shall equal the percentage
      size of the NNN Partnership Interest; and 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e)  the
      material terms of the CRP Agreement are substantially the same as the terms
      of
      this Agreement (though the language in the CRP Agreement may vary); provided,
      however, that (x) the price per Unit for the CRP Partnership Interest shall
      be
      the same as the price per Unit for the CHO Partnership Interest and (y) the
      calculation of the Remittance Amount under the terms of the CRP Agreement shall
      be the same as that provided for in this Agreement but for an adjustment to
      the
      multiple that shall equal the percentage size of the CRP Partnership
      Interest.

     

    (f)  Other
      than the representations and warranties expressly set forth in Section 7, the
      Buyer has not made any representations or warranties relating to the
      Partnership, the CHO Partnership Interest or otherwise in connection with the
      transactions contemplated by this Agreement.

     

    8.  Conditions
      to Seller’s Obligations at Closing.
      The
      obligation of the Seller to sell the CHO Partnership Interest is subject to
      satisfaction of the following conditions:

     

    (a)  The
      representations and warranties of the Buyer contained in Section 7 shall be
      true
      and correct in all respects as of the date of this Agreement and as of the
      Closing as though made on and as of the Closing.

     

    (b)  The
      Buyer
      shall have performed and complied with all of its covenants and agreements
      hereunder through the Closing.

     

    (c)  No
      action, suit, or proceeding shall be issued, pending or threatened before any
      court or quasi-judicial or administrative agency of any federal, state, local,
      or foreign jurisdiction or before any arbitrator which seeks to (i) prevent,
      restrain, restrict, delay, make illegal or otherwise interfere with the
      consummation of any of the transactions contemplated by this Agreement or (ii)
      cause any of the transactions contemplated by this Agreement to be rescinded
      following consummation.

     

    (d)  From
      the
      date hereof until the Closing, Buyer shall not have sold any portion of its
      limited partner partnership interest in the Partnership at a price per Unit
      greater than the corresponding price per Unit of the CHO Partnership Interest.
      

     

    (e)  Buyer
      and
      NNN shall have executed and delivered at Closing the NNN Agreement.

     

    (f)  The
      purchase price for the purchase and sale of the NNN Partnership Interest shall
      be paid in full at the Closing.

     

    (g)  The
      purchase price for the purchase and sale of the NNN Partnership Interest shall
      be reflected exclusively in the NNN Agreement and there are no other agreements,
      understandings, representations among the parties to the NNN Agreement regarding
      the purchase price for the purchase and sale of the NNN Partnership
      Interest.

     

    (h)  Buyer
      and
      CRP shall have executed and delivered at Closing the CRP Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (i)  The
      purchase price for the purchase and sale of the CRP Partnership Interest shall
      be paid in full at the Closing.

     

    (j)  The
      purchase price for the purchase and sale of the CRP Partnership Interest shall
      be reflected exclusively in the CRP Agreement and there are no other agreements,
      understandings, representations among the parties to the CRP Agreement regarding
      the purchase price for the purchase and sale of the CRP Partnership
      Interest.

     

    (k)  Each
      of
      the NNN Partnership Interest Acquisition, the CRP Partnership Interest
      Acquisition and the acquisition of the CHO Partnership Interest will close
      concurrently with the closing of the Plaza Partnership Interest Acquisitions
      on
      the Closing Date.

     

    (l)  The
      Buyer
      shall have delivered to the Seller a certificate, dated as of Closing and signed
      by an authorized executive officer of Buyer, to the effect that each of the
      conditions specified above in Section 8(a)-(k) is satisfied in all
      respects.

     

    (m)  Seller
      shall have received from Buyer the Purchase Price. 

     

    (n)  The
      Seller shall have been released from its obligations under the Guaranty
      Agreement dated as of September 29, 2005 by the Seller to Fifth Third Bank
      and
      shall have received a certificate to that effect, dated as of Closing and signed
      by an authorized officer of Fifth Third Bank.

     

    (o)  Seller
      shall have received an opinion from Banc of America Securities, or such other
      financial institution acceptable to Seller, to the effect that, as of the
      Closing and based upon and subject to the factors and assumptions set forth
      herein, the transactions contemplated by this Agreement are fair and reasonable,
      from a financial point of view, to the Seller.

     

    The
      Seller may waive any condition specified in this Section 8 if it executes a
      writing so stating at or prior to the Closing and delivers such waiver to
      Buyer.

     

    9.  Conditions
      to Buyer’s Obligations at Closing.
      The
      obligation of the Buyer to purchase the CHO Partnership Interest is subject
      to
      satisfaction of the following conditions:

     

    (a)  The
      representations and warranties of the Seller contained in Section 6 shall be
      true and correct in all respects as of the date of this Agreement and as of
      the
      Closing as though made on and as of the Closing.

     

    (b)  The
      Seller shall have performed and complied with all of its covenants and
      agreements hereunder through the Closing.

     

    (c)  No
      action, suit, or proceeding shall be issued, pending or threatened before any
      court or quasi-judicial or administrative agency of any federal, state, local,
      or foreign jurisdiction or before any arbitrator which seeks to (i) prevent,
      restrain, restrict, delay, make illegal or otherwise interfere with the
      consummation of any of the transactions contemplated by this Agreement or (ii)
      cause any of the transactions contemplated by this Agreement to be rescinded
      following consummation.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d)  The
      Seller shall have delivered to the Buyer a certificate, dated as of the Closing
      and signed by an authorized executive officer of Seller, to the effect that
      each
      of the conditions specified above in Section 9(a)-(c) is satisfied in all
      respects.

     

    (e)  The
      Buyer
      has closed the Refinancing and the proceeds thereof have been made available
      to
      the borrower thereunder.

     

    (f)  Each
      of
      the NNN Partnership Interest Acquisition, the CRP Partnership Interest
      Acquisition and the acquisition of the CHO Partnership Interest will close
      concurrently with the closing of the Plaza Partnership Interest Acquisitions
      on
      the Closing Date.

     

    The
      Buyer
      may waive any condition specified in this Section 9 if it executes a writing
      so
      stating at or prior to the Closing and delivers such waiver to
      Seller.

     

    10.  Consents
      and Waivers.
      The
      Seller and the Buyer hereby acknowledge and consent to the NNN Partnership
      Interest Acquisition and the CRP Partnership Interest Acquisition and hereby
      waive any approval periods or any other applicable provisions under the Limited
      Partnership Agreement regarding the acquisition of limited partner partnership
      interests in the Partnership. The Seller and the Buyer hereby acknowledge and
      agree that the purchase and sale of the CHO Partnership Interest, the NNN
      Partnership Interest and the CRP Partnership Interest shall be effective as
      of
      the Closing hereunder and the concurrent closings of the NNN Partnership
      Interest Acquisition and the CRP Partnership Interest Acquisition, respectively,
      and hereby waive any provision of the Limited Partnership Agreement to the
      contrary. In connection with and pursuant to the Refinancing, the Seller and
      the
      Buyer hereby consent to the approval or incurrence by the Partnership, as the
      general partner of CNL Plaza, of material indebtedness of CNL Plaza; provided,
      that the proceeds from such indebtedness be used in part to pay the Purchase
      Price. 

     

    11.  Release.
      Effective upon the Closing, each of the parties, on its behalf and on behalf
      of
      its directors, officers, agents, employees, stockholders, successors and
      assigns, and any person acting by, through or on behalf of such party
      (collectively, the “Releasing
      Parties”)
      hereby
      irrevocably and unconditionally releases the other party and each of the current
      and former partners of the Partnership and each of their past, present and
      future directors, officers, agents, employees, members, and current and former
      affiliated business entities (collectively, the “Released
      Parties”),
      and
      each of them, of and from any and all commitments, charges, complaints, claims,
      counter-claims, liabilities, obligations, promises, agreements, controversies,
      damages, actions, causes of action, suits, rights, demands, compensation, costs,
      losses, debts, and expenses (including attorneys’ fees and costs actually
      incurred) of every kind and any nature whatsoever, known or unknown, contingent
      or otherwise, that the Releasing Parties ever had, now have or may hereafter
      have against the Released Parties, or any of them, and any liability resulting
      therefrom, arising out of the operation of the Partnership (collectively,
“Claims”).
      This
      release does not release the parties hereto from their respective obligations
      under this Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    12.  Indemnification
      and Reimbursement by Buyer.

     

    (a)  Buyer
      shall indemnify and hold harmless Seller and its respective successors, assigns,
      stockholders and representatives (collectively, “Seller
      Indemnified Persons”)
      from
      and against any third-party claim based on, arising out of, resulting from,
      relating to, or in connection with the operation of the Partnership prior to
      the
      Closing, and shall reimburse the Seller Indemnified Persons for, any loss,
      liability, expenses (including costs of investigation and defense and reasonable
      attorneys’ and accountants’ fees), or damages of any kind or nature whatsoever
      (collectively, “Damages”),
      incurred thereby or caused thereto, based on, arising out of, resulting from,
      or
      in connection with such third-party claim. Notwithstanding the foregoing, the
      Seller Indemnified Persons shall not be entitled to indemnification under this
      subsection 12(a) for third-party claims based on, arising out of, resulting
      from, relating to, or in connection with (i) any action of any Seller
      Indemnified Person, or (ii) any Seller Indemnified Person’s failure to act
      provided such Seller Indemnified Person was under an obligation to act under
      the
      Limited Partnership Agreement.

     

    (b)  Buyer
      shall indemnify and hold harmless the Seller Indemnified Persons from and
      against, and shall reimburse the Seller Indemnified Persons for, any and all
      Damages incurred thereby or caused thereto, based on, arising out of, resulting
      from, relating to, or in connection with (1) any breach of or inaccuracy in
      the
      representations and warranties made by Buyer in Section 7 of this Agreement,
      other than those, if any, that have been waived in writing by Seller, and (2)
      any breach or violation of or failure to fully perform any covenant, agreement
      or undertaking of Buyer set forth in this Agreement. 

     

    13.  Survival.

     

    (a)  Notwithstanding
      any (1) investigation or examination conducted with respect to, or any knowledge
      acquired (or capable of being acquired) about the accuracy or inaccuracy of,
      or
      compliance with, any representation, warranty, covenant, agreement, undertaking
      or obligation made by or on behalf of the Seller, and (2) the waiver of any
      condition based on the accuracy of any representation or warranty, or on the
      performance of or compliance with any covenant, agreement, undertaking or
      obligation hereunder, the representations and warranties of the Buyer contained
      in Section 7 of this Agreement shall survive the Closing until the first
      anniversary of the Closing.

     

    (b)  Notwithstanding
      any other provision of this Agreement to the contrary, the obligations of the
      Buyer to remit to the Seller the amounts set forth in Section 5(b) hereof shall
      survive the Closing.

     

    14.  Pre-Closing
      Covenants.
      Each of
      the parties will use its commercially reasonable efforts in good faith to take
      all action and to do all things necessary, proper or desirable, or advisable
      under best applicable laws, in order to consummate and make effective the
      transactions contemplated by this Agreement as promptly as practicable; and
      shall cooperate fully with the other party hereto to that end.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    15.  Termination.
      Certain
      of the parties may terminate this Agreement as provided below:

     

    (a)  the
      Buyer
      and the Seller may terminate this Agreement by mutual written consent at any
      time prior to the Closing;

     

    (b)  the
      Seller may terminate this Agreement by giving written notice to the Buyer at
      any
      time prior to the Closing if the Closing shall not have occurred on or before
      December 31, 2006, by reason of the failure of any condition precedent under
      Section 8 hereof (unless the failure primarily arises out of or results from
      the
      Seller itself breaching any representation, warranty, covenant or agreement
      contained in this Agreement); and

     

    (c)  the
      Buyer
      may terminate this Agreement by giving written notice to the Seller at any
      time
      prior to the Closing if the Closing shall not have occurred on or before
      December 31, 2006, by reason of the failure of any condition precedent under
      Section 9 hereof (unless the failure primarily arises out of or results from
      the
      Buyer itself breaching any representation, warranty, covenant or agreement
      contained in this Agreement).

     

    16.  Effect
      of Termination and Abandonment.
      In the
      event of termination of this Agreement pursuant to Section 15, no party to
      this
      Agreement shall have any liability or further obligation to any other party
      hereunder except (x) as set forth in Section 18 and (y) that termination will
      not relieve a breaching party from liability for any breach of this Agreement
      giving rise to such termination.

     

    17.  Notice.
      All
      notices, demands, consents, approvals and requests given by either party
      hereunder shall be deemed to have been duly given under this Agreement, only
      if
      given in writing, and either (a) upon receipt if hand delivered by a party
      or
      delivery service or (b) if mailed, on the third (3rd)
      business day after being sent by United States registered or certified mail,
      postage prepaid, to the parties at the following addresses:

     

    If
      to
      Buyer: CNL
      Corporate Investors, Inc.

    450
      South
      Orange Avenue

    14th
      Floor

    Orlando,
      Florida 32801

    Attn:
      General Counsel

    

    If
      to
      Seller: CNL
      Hotels & Resorts, Inc.

    420
      South
      Orange Avenue

    Suite
      700

    Orlando,
      Florida 32801-3313

    Attn:
      Chief General Counsel

    Facsimile:
      (407) 540-2702

    

    Copy
      to: Greenberg
      Traurig, LLP

    Met
      Life
      Building 

    200
      Park
      Avenue

    New
      York,
      New York 10166

    Attn:
      Daniel P. Raglan, Esq.

    Facsimile:
      (212) 801-6400

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Either
      party may at any time change its respective address by sending written notice
      to
      the other party of the change in the manner hereinabove described.

    

    18.  Survival
      After Termination.
      If this
      Agreement is terminated prior to the Closing, no representations, warranties,
      agreements and covenants contained in this Agreement shall survive the
      termination of this Agreement other than Sections 22 (Governing Law) and 27
      (Expenses) which shall survive such termination.

     

    19.  Amendments
      and Waivers.
      This
      Agreement may be amended or waived if, and only if, such amendment or waiver
      is
      in writing and signed, in the case of an amendment, by each of the parties
      hereto or, in the case of a waiver, by the party waiving compliance. No delay
      on
      the part of any party in exercising any right, power or privilege hereunder
      shall operate as a waiver thereof. No waiver of any of the provisions of this
      Agreement shall be deemed or shall constitute a waiver of any other provisions
      of this Agreement (whether or not similar), nor shall such waiver constitute
      a
      continuing waiver.

     

    20.  Entire
      Agreement.
      This
      Agreement and the Assignment of Limited Partner Partnership Interest (as and
      when executed) contain the entire agreement between the parties pertaining
      to
      the subject matter set forth herein and the parties have not made any
      representations or warranties to each other, either oral or written, other
      than
      contained herein or in the documents contemplated hereunder.

     

    21.  Further
      Assurances.
      In case
      at any time after the Closing any further action may be reasonably necessary
      or
      advisable to carry out and confirm the transactions contemplated by this
      Agreement, each of the parties will take such further action (including the
      execution and delivery of such further instruments and documents) as any other
      party reasonably may request, all at the sole cost and expense of the requesting
      party. 

     

    22.  Governing
      Law.
      This
      Agreement shall be governed by and interpreted in accordance with the laws
      of
      the State of Florida. 

     

    23.  Attorney’s
      Fees.
      If the
      Buyer fails to remit to the Seller all or any portion of the amount required
      to
      be remitted by the Buyer pursuant to Section 5(b) of this Agreement, and the
      Seller brings an action at law or in equity seeking to obtain payment of such
      amounts from the Buyer, then the prevailing party shall be entitled to all
      reasonable attorney’s fees, costs and expenses incurred by such party in
      connection with any such proceeding, whether at the trial or appellate
      level.

     

    24.  Interpretation.
      (a)
      The
      headings contained in this Agreement are for reference purposes only and do
      not
      limit or otherwise affect any of the provisions of this Agreement.

     

    (b)  Whenever
      a dollar amount ($) is used in this Agreement, it will mean United States
      dollars unless otherwise specified.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    25.  Severability.
      In case
      any one or more of the provisions contained herein shall, for any reason, be
      held to be invalid, illegal or unenforceable in any respect by a court of
      competent jurisdiction, such provision or provisions shall be ineffective only
      to the extent of such invalidity, illegality or unenforceability, without
      invalidating the remainder of such provision or provisions or the remaining
      provisions of this Agreement, and this Agreement shall be construed as if such
      invalid, illegal or unenforceable provision or provisions had never been
      contained herein, unless such a construction would be unreasonable.

     

    26.  Counterparts.
      This
      Agreement may be executed in one or more counterparts and transmitted by
      facsimile transmission, and each of such counterparts, whether an original
      or a
      facsimile of an original, will be deemed to be an original and all of such
      counterparts together will constitute a single agreement.

     

    27.  Expenses.
      Each of
      the parties will bear its own costs and expenses (including legal fees and
      expenses) incurred in connection with this Agreement and the transactions
      contemplated hereby. 

     

    28.  Joinder
      of CNLPV.
      CNLPV
      is the general partner of the Partnership. CNLPV hereby consents, in conformity
      with Section 14.2 of the Limited Partnership Agreement, to the sale of the
      CHO
      Partnership Interest and the admission of the Buyer as a Substituted Limited
      Partner in connection with its acquisition of the CHO Partnership Interest
      pursuant to the terms and conditions of this Agreement. CNLPV hereby
      acknowledges that effective upon the Closing, (a) the transfer of the CHO
      Partnership Interest complies with the conditions under Section 14.2 of the
      Limited Partnership Agreement, (b) the Partnership shall have received this
      Agreement and the Assignment and (c) the Buyer and the Seller have executed
      and
      provided all certificates and other documents and have performed such acts
      as
      CNLPV deems necessary in order to comply with Section 14.3(a) of the Limited
      Partnership Agreement. CNLPV hereby waives the requirement under Section 14.3(a)
      of the Limited Partnership Agreement that CNLPV receive an opinion of counsel
      that neither the offer to transfer nor the transfer of the CHO Partnership
      Interest will violate any federal or state securities laws. CNLPV hereby
      acknowledges and agrees that the purchase and sale of the CHO Partnership
      Interest, the NNN Partnership Interest and the CRP Partnership Interest shall
      be
      deemed effective as of the Closing hereunder and the concurrent closings of
      the
      NNN Partnership Interest Acquisition and the CRP Partnership Interest
      Acquisition, respectively, and hereby waives any provision of the Limited
      Partnership Agreement to the contrary. CNLPV acknowledges and agrees with the
      provisions of Section 4 of this Agreement. CNLPV further acknowledges that
      it
      has not received any written appraisal or valuation of CNL Plaza or the real
      property owned by CNL Plaza within the twelve month period ending as of the
      date
      of this Agreement.

     

    

     

    [Remainder
      of page intentionally left blank]

     

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      undersigned have executed this Agreement as of the date and year first written
      above.

     

    

     

    
      	 	
              Seller:

               

              CNL
                HOTELS & RESORTS, INC.

              a
                Maryland corporation

              By:
                /s/
                C. Brian
                Strickland                                  
                

              Name:
                C.
                Brian Strickland

              Title:
                Executive
                Vice President

            
	 	 
	 	
              Buyer:

               

              CNL
                CORPORATE INVESTORS, LTD.,
                a
                Florida limited partnership

               

              By: CNL
                Corporate Investors, Inc.,
                a

                Florida
                corporation, its sole general

              partner

              By:
                /s/
                Robert A.
                Bourne                                        
                

              Name:
                Robert
                A. Bourne

              Title:
                President

            
	 	 
	
              Joinder
                for purposes of Sections 4 and 28 only:

               

              CNL
                Plaza Venture, Inc.,

              a
                Florida corporation

               

               

              By:
                /s/
                James M. Seneff,
                Jr.                                        
                

              Name:
                James
                M. Seneff, Jr.

              Title:
                Chief
                Executive Officer

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    Exhibit
      A

     

    Assignment
      of Limited Partner Partnership Interest

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT
      OF LIMITED PARTNER PARTNERSHIP INTEREST

     

    THIS
      ASSIGNMENT OF LIMITED PARTNER PARTNERSHIP INTEREST
      is
      effective as of ________, 2006 by CNL
      HOTELS & RESORTS, INC.,
      a
      Maryland corporation (hereinafter referred to as “Assignor”)
      to and
      in favor of CNL
      CORPORATE INVESTORS, LTD.,
      a
      Florida limited partnership (hereinafter referred to as “Assignee”).

     

    W
      I T N E S S E T H:

     

    FOR
      AND IN CONSIDERATION
      of sums
      paid by Assignee to Assignor (and additional sums to be paid by Assignee under
      the circumstances set forth in that certain Purchase and Sale Agreement dated
      as
      of __, 2006 by and between Assignor and Assignee) and other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      Assignor hereby grants, bargains, sells, transfers, assigns and conveys unto
      Assignee, absolutely, and not as security or upon any condition, all of its
      limited partner partnership interest in CNL
      PLAZA VENTURE, LTD.,
      a
      Florida limited partnership (the “Partnership”),
      which
      interest is represented by a 9.9% limited partner interest in the Partnership
      (hereinafter referred to as the “Partnership
      Interest”);

     

    TO
      HAVE AND TO HOLD
      unto
      Assignee and its successors, assigns and legal representatives
      forever.

     

    AND
      to the
      knowledge of Assignor, the transfer of the Partnership Interest is being made
      in
      accordance with all applicable laws and regulations.

     

    AND
      Assignee
      does hereby accept and agree to be bound by all of the terms and provisions
      of
      that certain Agreement of Limited Partnership dated as of May 12, 2002
      establishing the Partnership.

     

    This
      Assignment shall be construed in accordance with the laws of the State of
      Florida.

     

    [SIGNATURES
      APPEAR ON THE FOLLOWING PAGE]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      Assignor and Assignee have executed this Assignment below effective as of the
      day and year first written above.

     

    

     

    
      	
              CNL
                HOTELS & RESORTS, INC.,

              a
                Maryland corporation

               

              By:                            

              Name:      

              Title:      

            
	 
	
              CNL
                CORPORATE INVESTORS, LTD.,
                a

              Florida
                limited partnership

               

              By: CNL
                Corporate Investors, Inc.,
                a

              Florida
                corporation, its sole general partner

               

              By:      

              Name:
                Robert
                A. Bourne   

              Title:
                PresidentExhibit 10.4

    
      

    

    Exhibit
      10.4

    

    PURCHASE
      AND SALE AGREEMENT

    (CNL
      Plaza, Ltd. - CHO)

     

    THIS
      PURCHASE AND SALE AGREEMENT
      (this
“Agreement”)
      is
      made and entered into on the 3rd day of October, 2006, by and between
CNL
      HOTELS & RESORTS, INC.,
      a
      Maryland corporation (the “Seller”)
      and
CNL
      CORPORATE INVESTORS, LTD.,
      a
      Florida limited partnership (the “Buyer”).

     

    WITNESSETH:

     

    WHEREAS,
      CNL
      Plaza Venture, Ltd., a Florida limited partnership (“CNLPV”),
      National Retail Properties, Inc. (f/k/a Commercial Net Lease Realty, Inc.),
      a
      Maryland corporation (“NNN”),
      CNL
      Retirement Properties, Inc., a Maryland corporation (“CRP”),
      the
      Seller and the Buyer are parties to that certain Amended and Restated Agreement
      of Limited Partnership dated as of May 30, 2002, as previously amended (the
      “Limited
      Partnership Agreement”),
      establishing CNL
      PLAZA, LTD.,
      a
      Florida limited partnership (the “Partnership”);

     

    WHEREAS,
      the
      Seller owns, beneficially and of record, a limited partner partnership interest
      in the Partnership representing 9.9010% of the partnership interests in the
      Partnership (the “CHO
      Partnership Interest”),
      and
      the Seller desires to sell to Buyer, and the Buyer desires to purchase from
      Seller, the CHO Partnership Interest pursuant to the terms of this
      Agreement;

     

    WHEREAS,
      NNN
      owns, beneficially and of record, a limited partnership interest in the
      Partnership representing 24.7525% of the partnership interests in the
      Partnership (the “NNN
      Partnership Interest”),
      and
      the Buyer is entering into a Purchase and Sale Agreement with NNN (the
“NNN
      Agreement”)
      pursuant to which at the closing of the transactions contemplated by the NNN
      Agreement, the Buyer shall purchase the NNN Partnership Interest (the
“NNN
      Partnership Interest Acquisition”);

     

    WHEREAS,
      CRP
      owns, beneficially and of record, a limited partnership interest in the
      Partnership representing 9.9010% of the partnership interests in the Partnership
      (the “CRP
      Partnership Interest”),
      and
      the Buyer is entering into a Purchase and Sale Agreement with CRP (the
“CRP
      Agreement”)
      pursuant to which at the closing of the transactions contemplated by the CRP
      Agreement, the Buyer shall purchase the CRP Partnership Interest (the
“CRP
      Partnership Interest Acquisition”);

     

    WHEREAS,
      the
      Buyer anticipates that an affiliate of the Buyer will enter into a definitive
      agreement pursuant to which at the closing of the transactions contemplated
      thereby the real property owned by the Partnership will be refinanced (the
      “Refinancing”);
      and

     

    WHEREAS,
      (a)
      CNLPV is the general partner of the Partnership, (b) each of the Seller, NNN
      and
      CRP owns, beneficially and of record, a limited partnership interest in CNLPV
      (each a “Venture
      Partnership Interest”),
      and
      (c) concurrently with the execution and delivery of this Agreement, the Buyer
      is
      entering into Purchase and Sale Agreements with each of the Seller, NNN and
      CRP
      (collectively, the “Venture
      Agreements”)
      pursuant to which at the closing of the transactions contemplated by the Venture
      Agreements, the Buyer shall purchase the Venture Partnership Interests
      (collectively, the “Venture
      Partnership Interest Acquisitions”);

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    NOW,
      THEREFORE,
      for and
      in consideration of the foregoing premises, the mutual covenants and agreements
      set forth below, and for other good and valuable consideration, the receipt
      and
      sufficiency of which is hereby acknowledged by each of the parties, the parties
      agree as follows:

     

    1.  Purchase
      and Sale of the CHO Partnership Interest.
      On and
      subject to the terms and conditions of this Agreement and on the basis of the
      representations, warranties, covenants, agreements, undertakings and obligations
      contained herein, the Seller hereby agrees to sell the CHO Partnership Interest
      to the Buyer at the Closing, and the Buyer hereby agrees to purchase the CHO
      Partnership Interest from the Seller at the Closing.

     

    2.  Purchase
      Price.
      The
      purchase price for the purchase and sale of the CHO Partnership Interest
      hereunder will be $4,054,505 (the “Purchase
      Price”)
      and
      will be delivered by the Buyer at the Closing in cash payable by wire transfer
      or delivery of other immediately available funds to the account of
      Seller.

     

    3.  Closing.
      (a)
      The
      closing of the sale and purchase of the CHO Partnership Interest and the other
      transactions contemplated by this Agreement (the “Closing”)
      shall
      take place at the offices of Lowndes, Drosdick, Doster, Kantor & Reed, P.A.,
      Suite 800, 450 South Orange Avenue, Orlando, Florida 32801 commencing at 10:00
      a.m. (Florida time) on the first (1st) business day following satisfaction
      or,
      if permissible, waiver of the conditions set forth in Sections 8 and 9 of this
      Agreement (other than conditions which by their nature are to be satisfied
      as a
      part of the Closing) or at such other place, time or date as the Buyer and
      the
      Seller may mutually agree. 

     

    (b)  At
      the
      Closing, (a) the Seller and the Buyer shall execute and deliver an Assignment
      of
      Limited Partner Partnership Interest transferring the CHO Partnership Interest
      to the Buyer substantially in the form attached hereto as Exhibit A (the
“Assignment”),
      (b)
      the Seller will deliver to the Buyer the various certificates, instruments,
      and
      documents referred to in Section 9 below, (c) the Buyer will deliver to the
      Seller the various certificates, instruments, and documents referred to in
      Section 8 below, and (d) the Buyer will deliver to the Seller the Purchase
      Price
      as specified in Section 2 above.

     

    4.  (a)Post-Closing
      Distributions.
      With
      respect to applicable distributions from Net Cash Flow (as defined in the
      Limited Partnership Agreement) made by the Partnership to its partners, any
      amounts from Net Cash Flow otherwise distributable by the Partnership to Seller
      with respect to the fiscal quarter (or other applicable period prior to Closing
      for which a distribution to the partners is made) in which the Closing occurs
      shall be pro-rated between Seller and Buyer based upon the period during such
      quarter (or other applicable period prior to Closing for which a distribution
      to
      the partners is made) that each of Buyer and Seller is treated as the owner
      of
      the CHO Partnership Interest, and Seller’s pro-rated amount shall be paid to
      Seller at the same time as distributions from Net Cash Flow in respect of such
      quarter (or other applicable period prior to Closing for which a distribution
      to
      the partners is made) are made to the partners of the Partnership.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) Refinancing.
      Buyer
      agrees to use its commercially reasonable efforts in good faith to take, or
      cause to be taken, all actions and to do, or cause to be done, all things
      necessary, proper or desirable, or advisable under applicable laws, so as to
      permit and consummate the Refinancing as promptly as practicable, subject to
      the
      satisfaction of the contingencies contained in Section 9(f) of this
      Agreement.

     

    5.  Remittance
      Obligation.

     

    (a)  Definitions.
      For
      purposes of this Section 4.5, the following terms are defined as
      follows:

     

    (i)  “Asset
      Sale”
means
      a
      sale, exchange, transfer or other disposition of all or substantially all of
      the
      Partnership’s assets.

     

    (ii)  “Sale
      Transaction”
means
      any purchase by any person or entity of the limited partnership interests in
      the
      Partnership (or any portion thereof).

     

    (iii)  “Ultimate
      Purchase Price”
means
      the total consideration received by the Buyer in connection with an Asset Sale
      or a Sale Transaction, divided by the number of Units transferred in the Asset
      Sale or the Sale Transaction. 

     

    (iv)  “Pro-Rated
      Purchase Price”
means
      $409,505.

     

    (v)  “Unit”
means
      an interest as a limited partner in the capital and profits or losses of the
      Partnership. Each whole Unit represents a one percent (1%) partnership interest
      in the Partnership.

     

    (b)  Remittance
      Amount.
      Notwithstanding anything to the contrary contained herein, if an Asset Sale
      or a
      Sale Transaction is closed within thirty-six (36) months of the Closing
and
      the
      Ultimate Purchase Price is greater than the Pro-Rated Purchase Price, then
      the
      Buyer shall promptly remit to the Seller the difference between the Ultimate
      Purchase Price and the Pro-Rated Purchase Price, multiplied by (i) 9.9010%
      in
      the case of an Asset Sale or (ii) the number of Units sold in the case of a
      Sale
      Transaction. (the “Remittance Amount”).

     

    6.  Representations
      and Warranties of the Seller.
      (a)
      The
      Seller represents and warrants to the Buyer as follows: (x) the Seller is and
      shall be immediately prior to the Closing the sole record and beneficial owner
      and holder of the CHO Partnership Interest, free and clear of all liens; and
      (y)
      the Seller has full legal right, requisite corporate power and authority to
      execute this Agreement, and to perform its obligations hereunder. 

     

    (b)  Other
      than the representations and warranties expressly set forth in Section 6(a),
      the
      Seller has not made any representations or warranties relating to the
      Partnership, the CHO Partnership Interest or otherwise in connection with the
      transactions contemplated by this Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7.  Representation
      and Warranty of the Buyer.
      The
      Buyer represents and warrants to the Seller as follows: 

     

    (a)  the
      Buyer
      has full legal right, requisite corporate power and authority to execute this
      Agreement, and to perform its obligations hereunder; 

     

    (b)  the
      audited financial statements for the Partnership for the fiscal years ended
      December 31, 2004 and 2005 have been made available to Seller, and the unaudited
      financial statements for the Partnership for the quarters ended subsequent
      to
      December 31, 2005 and prior to the date hereof have been made available to
      Seller (or, in the case of unaudited financial statements for quarters ending
      after the date of this Agreement and before the Closing, will be made available
      as soon as they are completed by Buyer); and the monthly operating reports
      for
      the Partnership for calendar months subsequent to December 31, 2005 have been
      made available to Seller (or, in the case of monthly operating reports for
      calendar months ending after the date of this Agreement and before the Closing,
      will be made available as soon as they are completed by Buyer) each of the
      balance sheets contained therein fairly presents, or will fairly present, as
      the
      case may be, in all material respects, the financial position of the
      Partnership, as of its date, and each of the statements of income and changes
      in
      capital stock and cash flows or equivalent statements contained therein
      (including any related notes and schedules thereto) fairly presents, or will
      fairly present, as the case may be, in all material respects, the results of
      operations, changes in capital stock and changes in cash flows of the
      Partnership, for the periods to which they relate, in each case in accordance
      with generally accepted accounting principles as used in the United States
      of
      America consistently applied during the periods involved; and each monthly
      operating report has been prepared, or shall be prepared (as the case may be),
      in good faith based on reasonable assumptions and in accordance with the books
      and records of the Partnership (which are complete and correct in all material
      respects and have been maintained in accordance with customary business
      practices);

     

    (c)  with
      respect to other information delivered by the Buyer to the Seller in connection
      with this Agreement, including all information provided to Seller in a letter
      from Buyer, dated July 12, 2006 (the “Option
      Request Letter”),
      the
      Buyer prepared such information in good faith based on reasonable assumptions
      and, to the extent such information was prepared based upon or derived from
      information provided by third-party consultants and other industry sources,
      the
      Buyer has a reasonable basis to believe that the sources from which such
      information has been obtained are reliable;

     

    (d)  the
      material terms of the NNN Agreement are substantially the same as the terms
      of
      this Agreement (though the language in the NNN Agreement may vary and other
      than
      a provision in the NNN Agreement relating to the release of NNN by Buyer of
      NNN’s lease obligations); provided, however, that (x) the price per Unit for the
      NNN Partnership Interest shall be the same as the price per Unit for the CHO
      Partnership Interest and (y) the calculation of the Remittance Amount under
      the
      terms of the NNN Agreement shall be the same as that provided for in this
      Agreement but for an adjustment to the multiple that shall equal the percentage
      size of the NNN Partnership Interest; and 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e)  the
      material terms of the CRP Agreement are substantially the same as the terms
      of
      this Agreement (though the language in the CRP Agreement may vary); provided,
      however, that (x) the price per Unit for the CRP Partnership Interest shall
      be
      the same as the price per Unit for the CHO Partnership Interest and (y) the
      calculation of the Remittance Amount under the terms of the CRP Agreement shall
      be the same as that provided for in this Agreement but for an adjustment to
      the
      multiple that shall equal the percentage size of the CRP Partnership
      Interest.

     

    (f)  Other
      than the representations and warranties expressly set forth in Section 7, the
      Buyer has not made any representations or warranties relating to the
      Partnership, the CHO Partnership Interest or otherwise in connection with the
      transactions contemplated by this Agreement.

     

     

     

    8.  Conditions
      to Seller’s Obligations at Closing.
      The
      obligation of the Seller to sell the CHO Partnership Interest is subject to
      satisfaction of the following conditions:

     

    (a)  The
      representations and warranties of the Buyer contained in Section 7 shall be
      true
      and correct in all respects as of the date of this Agreement and as of the
      Closing as though made on and as of the Closing.

     

    (b)  The
      Buyer
      shall have performed and complied with all of its covenants and agreements
      hereunder through the Closing.

     

    (c)  No
      action, suit, or proceeding shall be issued, pending or threatened before any
      court or quasi-judicial or administrative agency of any federal, state, local,
      or foreign jurisdiction or before any arbitrator which seeks to (i) prevent,
      restrain, restrict, delay, make illegal or otherwise interfere with the
      consummation of any of the transactions contemplated by this Agreement or (ii)
      cause any of the transactions contemplated by this Agreement to be rescinded
      following consummation.

     

    (d)  From
      the
      date hereof until the Closing, Buyer shall not have sold any portion of its
      limited partner partnership interest in the Partnership at a price per Unit
      greater than the corresponding price per Unit of the CHO Partnership Interest.
      

     

    (e)  Buyer
      and
      NNN shall have executed and delivered at Closing the NNN Agreement.

     

    (f)  The
      purchase price for the purchase and sale of the NNN Partnership Interest shall
      be paid in full at the Closing.

     

    (g)  The
      purchase price for the purchase and sale of the NNN Partnership Interest shall
      be reflected exclusively in the NNN Agreement and there are no other agreements,
      understandings, representations among the parties to the NNN Agreement regarding
      the purchase price for the purchase and sale of the NNN Partnership
      Interest.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (h)  Buyer
      and
      CRP shall have executed and delivered at Closing the CRP Agreement.

     

    (i)  The
      purchase price for the purchase and sale of the CRP Partnership Interest shall
      be paid in full at the Closing.

     

    (j)  The
      purchase price for the purchase and sale of the CRP Partnership Interest shall
      be reflected exclusively in the CRP Agreement and there are no other agreements,
      understandings, representations among the parties to the CRP Agreement regarding
      the purchase price for the purchase and sale of the CRP Partnership
      Interest.

     

    (k)  Each
      of
      the NNN Partnership Interest Acquisition, the CRP Partnership Interest
      Acquisition and the acquisition of the CHO Partnership Interest will close
      concurrently with the closing of the Venture Partnership Interest Acquisitions
      on the Closing Date.

     

    (l)  The
      Buyer
      shall have delivered to the Seller a certificate, dated as of Closing and signed
      by an authorized executive officer of Buyer, to the effect that each of the
      conditions specified above in Section 8(a)-(k) is satisfied in all
      respects.

     

    (m)  Seller
      shall have received from Buyer the Purchase Price. 

     

    (n)  The
      Seller shall have been released from its obligations under the Guaranty
      Agreement dated as of September 29, 2005 by the Seller to Fifth Third Bank
      and
      shall have received a certificate to that effect, dated as of Closing and signed
      by an authorized officer of Fifth Third Bank.

     

    (o)  Seller
      shall have received an opinion from Banc of America Securities, or such other
      financial institution acceptable to Seller, to the effect that, as of the
      Closing and based upon and subject to the factors and assumptions set forth
      herein, the transactions contemplated by this Agreement are fair and reasonable,
      from a financial point of view, to the Seller.

     

    The
      Seller may waive any condition specified in this Section 8 if it executes a
      writing so stating at or prior to the Closing and delivers such waiver to
      Buyer.

     

    9.  Conditions
      to Buyer’s Obligations at Closing.
      The
      obligation of the Buyer to purchase the CHO Partnership Interest is subject
      to
      satisfaction of the following conditions:

     

    (a)  The
      representations and warranties of the Seller contained in Section 6 shall be
      true and correct in all respects as of the date of this Agreement and as of
      the
      Closing as though made on and as of the Closing.

     

    (b)  The
      Seller shall have performed and complied with all of its covenants and
      agreements hereunder through the Closing.

     

    (c)  No
      action, suit, or proceeding shall be issued, pending or threatened before any
      court or quasi-judicial or administrative agency of any federal, state, local,
      or foreign jurisdiction or before any arbitrator which seeks to (i) prevent,
      restrain, restrict, delay, make illegal or otherwise interfere with the
      consummation of any of the transactions contemplated by this Agreement or (ii)
      cause any of the transactions contemplated by this Agreement to be rescinded
      following consummation.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d)  The
      Seller shall have delivered to the Buyer a certificate, dated as of the Closing
      and signed by an authorized executive officer of Seller, to the effect that
      each
      of the conditions specified above in Section 9(a)-(c) is satisfied in all
      respects.

     

    (e)  The
      Buyer
      has closed the Refinancing and the proceeds thereof have been made available
      to
      the borrower thereunder.

     

    (f)  Each
      of
      the NNN Partnership Interest Acquisition, the CRP Partnership Interest
      Acquisition and the acquisition of the CHO Partnership Interest will close
      concurrently with the closing of the Venture Partnership Interest Acquisitions
      on the Closing Date.

     

    The
      Buyer
      may waive any condition specified in this Section 9 if it executes a writing
      so
      stating at or prior to the Closing and delivers such waiver to
      Seller.

     

    10.  Consents
      and Waivers.
      The
      Seller and the Buyer hereby acknowledge and consent to the NNN Partnership
      Interest Acquisition and the CRP Partnership Interest Acquisition and hereby
      waive any approval periods or any other applicable provisions under the Limited
      Partnership Agreement regarding the acquisition of limited partner partnership
      interests in the Partnership. The Seller hereby waives any and all rights under
      the Limited Partnership Agreement to purchase its pro rata portion of the NNN
      Partnership Interest and the CRP Partnership Interest and any notice
      requirements related thereto. The Seller and the Buyer hereby acknowledge and
      agree that the purchase and sale of the CHO Partnership Interest, the NNN
      Partnership Interest and the CRP Partnership Interest shall be effective as
      of
      the Closing hereunder and the concurrent closings of the NNN Partnership
      Interest Acquisition and the CRP Partnership Interest Acquisition, respectively,
      and hereby waive any provision of the Limited Partnership Agreement to the
      contrary. In connection with and pursuant to the Refinancing, the Seller and
      the
      Buyer hereby consent to the approval or incurrence by CNLPV, as the general
      partner of the Partnership, of material indebtedness of the Partnership;
      provided, that the proceeds from such indebtedness be used in part to pay the
      Purchase Price.

     

    11.  Release.
      Effective upon the Closing, each of the parties, on its behalf and on behalf
      of
      its directors, officers, agents, employees, stockholders, successors and
      assigns, and any person acting by, through or on behalf of such party
      (collectively, the “Releasing
      Parties”)
      hereby
      irrevocably and unconditionally releases the other party and each of the current
      and former partners of the Partnership and each of their past, present and
      future directors, officers, agents, employees, members, and current and former
      affiliated business entities (collectively, the “Released
      Parties”),
      and
      each of them, of and from any and all commitments, charges, complaints, claims,
      counter-claims, liabilities, obligations, promises, agreements, controversies,
      damages, actions, causes of action, suits, rights, demands, compensation, costs,
      losses, debts, and expenses (including attorneys’ fees and costs actually
      incurred) of every kind and any nature whatsoever, known or unknown, contingent
      or otherwise, that the Releasing Parties ever had, now have or may hereafter
      have against the Released Parties, or any of them, and any liability resulting
      therefrom, arising out of the operation of the Partnership (collectively,
“Claims”).
      This
      release does not release the parties hereto from their respective obligations
      under this Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    12.  Indemnification
      and Reimbursement by Buyer.

     

    (a)  Buyer
      shall indemnify and hold harmless Seller and its respective successors, assigns,
      stockholders and representatives (collectively, “Seller
      Indemnified Persons”)
      from
      and against any third-party claim based on, arising out of, resulting from,
      relating to, or in connection with the operation of the Partnership prior to
      the
      Closing, and shall reimburse the Seller Indemnified Persons for, any loss,
      liability, expenses (including costs of investigation and defense and reasonable
      attorneys’ and accountants’ fees), or damages of any kind or nature whatsoever
      (collectively, “Damages”), incurred thereby or caused thereto, based on, arising
      out of, resulting from, or in connection with such third-party claim.
      Notwithstanding the foregoing, the Seller Indemnified Persons shall not be
      entitled to indemnification under this subsection 12(a) for third-party claims
      based on, arising out of, resulting from, relating to, or in connection with
      (i)
      any action of any Seller Indemnified Person, or (ii) any Seller Indemnified
      Person’s failure to act provided such Seller Indemnified Person was under an
      obligation to act under the Limited Partnership Agreement.

     

    (b)  Buyer
      shall indemnify and hold harmless the Seller Indemnified Persons from and
      against, and shall reimburse the Seller Indemnified Persons for, any and all
      Damages incurred thereby or caused thereto, based on, arising out of, resulting
      from, relating to, or in connection with (1) any breach of or inaccuracy in
      the representations and warranties made by Buyer in Section 7 of this Agreement,
      other than those, if any, that have been waived in writing by Seller, and (2)
      any breach or violation of or failure to fully perform any covenant, agreement
      or undertaking of Buyer set forth in this Agreement.

     

    13.  Survival.

     

    (a)  Notwithstanding
      any (1) investigation or examination conducted with respect to, or any knowledge
      acquired (or capable of being acquired) about the accuracy or inaccuracy of,
      or
      compliance with, any representation, warranty, covenant, agreement, undertaking
      or obligation made by or on behalf of the Seller, and (2) the waiver of any
      condition based on the accuracy of any representation or warranty, or on the
      performance of or compliance with any covenant, agreement, undertaking or
      obligation hereunder, the representations and warranties of the Buyer contained
      in Section 7 of this Agreement shall survive the Closing until the first
      anniversary of the Closing.

     

    (b)  Notwithstanding
      any other provision of this Agreement to the contrary, the obligations of the
      Buyer to remit to the Seller the amounts set forth in Section 5(b) hereof shall
      survive the Closing.

     

    14.  Pre-Closing
      Covenants.
      Each of
      the parties will use its commercially reasonable efforts in good faith to take
      all action and to do all things necessary, proper or desirable, or advisable
      under best applicable laws, in order to consummate and make effective the
      transactions contemplated by this Agreement as promptly as practicable; and
      shall cooperate fully with the other party hereto to that end.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    15.  Termination.
      Certain
      of the parties may terminate this Agreement as provided below:

     

    (a)  the
      Buyer
      and the Seller may terminate this Agreement by mutual written consent at any
      time prior to the Closing;

     

    (b)  the
      Seller may terminate this Agreement by giving written notice to the Buyer at
      any
      time prior to the Closing if the Closing shall not have occurred on or before
      December 31, 2006, by reason of the failure of any condition precedent under
      Section 8 hereof (unless the failure primarily arises out of or results from
      the
      Seller itself breaching any representation, warranty, covenant or agreement
      contained in this Agreement); and

     

    (c)  the
      Buyer
      may terminate this Agreement by giving written notice to the Seller at any
      time
      prior to the Closing if the Closing shall not have occurred on or before
      December 31, 2006, by reason of the failure of any condition precedent under
      Section 9 hereof (unless the failure primarily arises out of or results from
      the
      Buyer itself breaching any representation, warranty, covenant or agreement
      contained in this Agreement).

     

    16.  Effect
      of Termination and Abandonment.
      In the
      event of termination of this Agreement pursuant to Section 15, no party to
      this
      Agreement shall have any liability or further obligation to any other party
      hereunder except (x) as set forth in Section 18 and (y) that termination will
      not relieve a breaching party from liability for any breach of this Agreement
      giving rise to such termination.

     

    17.  Notice.
      All
      notices, demands, consents, approvals and requests given by either party
      hereunder shall be deemed to have been duly given under this Agreement, only
      if
      given in writing, and either (a) upon receipt if hand delivered by a party
      or
      delivery service or (b) if mailed, on the third (3rd)
      business day after being sent by United States registered or certified mail,
      postage prepaid, to the parties at the following addresses:

     

    If
      to
      Buyer: CNL
      Corporate Investors, Inc.

    450
      South
      Orange Avenue

    14th
      Floor

    Orlando,
      Florida 32801

    Attn:
      General Counsel

    

    If
      to
      Seller: CNL
      Hotels & Resorts, Inc.

    420
      South
      Orange Avenue

    Suite
      700

    Orlando,
      Florida 32801

    Attn:
      Chief General Counsel

    Facsimile:
      (407) 540-2702

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Copy
      to: Greenberg
      Traurig, LLP

    Met
      Life
      Building

    200
      Park
      Avenue

    New
      York,
      New York 10166

    Attn:
      Daniel P. Raglan, Esq.

    Facsimile:
      (212) 801-6400

    

    Either
      party may at any time change its respective address by sending written notice
      to
      the other party of the change in the manner hereinabove described.

     

    18.  Survival
      After Termination.
      If this
      Agreement is terminated prior to the Closing, no representations, warranties,
      agreements and covenants contained in this Agreement shall survive the
      termination of this Agreement other than Sections 22 (Governing Law) and 27
      (Expenses) which shall survive such termination.

     

    19.  Amendments
      and Waivers.
      This
      Agreement may be amended or waived if, and only if, such amendment or waiver
      is
      in writing and signed, in the case of an amendment, by each of the parties
      hereto or, in the case of a waiver, by the party waiving compliance. No delay
      on
      the part of any party in exercising any right, power or privilege hereunder
      shall operate as a waiver thereof. No waiver of any of the provisions of this
      Agreement shall be deemed or shall constitute a waiver of any other provisions
      of this Agreement (whether or not similar), nor shall such waiver constitute
      a
      continuing waiver.

     

    20.  Entire
      Agreement.
      This
      Agreement and the Assignment of Limited Partner Partnership Interest (as and
      when executed) contain the entire agreement between the parties pertaining
      to
      the subject matter set forth herein and the parties have not made any
      representations or warranties to each other, either oral or written, other
      than
      contained herein or in the documents contemplated hereunder.

     

    21.  Further
      Assurances.
      In case
      at any time after the Closing any further action may be reasonably necessary
      or
      advisable to carry out and confirm the transactions contemplated by this
      Agreement, each of the parties will take such further action (including the
      execution and delivery of such further instruments and documents) as any other
      party reasonably may request, all at the sole cost and expense of the requesting
      party. 

     

    22.  Governing
      Law.
      This
      Agreement shall be governed by and interpreted in accordance with the laws
      of
      the State of Florida. 

     

    23.  Attorney’s
      Fees.
      If the
      Buyer fails to remit to the Seller all or any portion of the amount required
      to
      be remitted by the Buyer pursuant to Section 5(b) of this Agreement, and the
      Seller brings an action at law or in equity seeking to obtain payment of such
      amounts from the Buyer, then the prevailing party shall be entitled to all
      reasonable attorney’s fees, costs and expenses incurred by such party in
      connection with any such proceeding, whether at the trial or appellate
      level.

     

    24.  Interpretation.
      (a)
      The
      headings contained in this Agreement are for reference purposes only and do
      not
      limit or otherwise affect any of the provisions of this Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)  Whenever
      a dollar amount ($) is used in this Agreement, it will mean United States
      dollars unless otherwise specified.

     

    25.  Severability.
      In case
      any one or more of the provisions contained herein shall, for any reason, be
      held to be invalid, illegal or unenforceable in any respect by a court of
      competent jurisdiction, such provision or provisions shall be ineffective only
      to the extent of such invalidity, illegality or unenforceability, without
      invalidating the remainder of such provision or provisions or the remaining
      provisions of this Agreement, and this Agreement shall be construed as if such
      invalid, illegal or unenforceable provision or provisions had never been
      contained herein, unless such a construction would be unreasonable.

     

    26.  Counterparts.
      This
      Agreement may be executed in one or more counterparts and transmitted by
      facsimile transmission, and each of such counterparts, whether an original
      or a
      facsimile of an original, will be deemed to be an original and all of such
      counterparts together will constitute a single agreement.

     

    27.  Expenses.
      Each of
      the parties will bear its own costs and expenses (including legal fees and
      expenses) incurred in connection with this Agreement and the transactions
      contemplated hereby. 

     

    28.  Joinder
      of CNLPV.
      CNLPV
      is the general partner of the Partnership. CNLPV hereby consents, in conformity
      with Section 14.2 of the Limited Partnership Agreement, to the sale of the
      CHO
      Partnership Interest and the admission of the Buyer as a Substituted Limited
      Partner in connection with its acquisition of the CHO Partnership Interest
      pursuant to the terms and conditions of this Agreement. CNLPV hereby
      acknowledges that effective upon the Closing, (a) the transfer of the CHO
      Partnership Interest complies with the conditions under Section 14.2 of the
      Limited Partnership Agreement, (b) the Partnership shall have received this
      Agreement and the Assignment and (c) the Buyer and the Seller have executed
      and
      provided all certificates and other documents and have performed such acts
      as
      CNLPV deems necessary in order to comply with Section 14.3(a) of the Limited
      Partnership Agreement. CNLPV hereby waives the requirement under Section 14.3(a)
      of the Limited Partnership Agreement that CNLPV receive an opinion of counsel
      that neither the offer to transfer nor the transfer of the CHO Partnership
      Interest will violate any federal or state securities laws. CNLPV hereby
      acknowledges and agrees that the purchase and sale of the CHO Partnership
      Interest, the NNN Partnership Interest and the CRP Partnership Interest shall
      be
      deemed effective as of the Closing hereunder and the concurrent closings of
      the
      NNN Partnership Interest Acquisition and the CRP Partnership Interest
      Acquisition, respectively, and hereby waives any provision of the Limited
      Partnership Agreement to the contrary. CNLPV acknowledges and agrees with the
      provisions of Section 4 of this Agreement. CNLPV further acknowledges that
      it
      has not received any written appraisal or valuation of the Partnership or the
      real property owned by the Partnership within the twelve month period ending
      as
      of the date of this Agreement.

     

    (remainder
      of page intentionally left blank}

     

    

     

    
      
        
          [Sale
            of
            CNL Plaza, Ltd. - CHO LP Interest by CNL Hotels & Resorts, Inc.

          0014651\119453\984357\4

          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      undersigned have executed this Agreement as of the date and year first written
      above.

     

    

     

    
      	 	
              Seller:

               

              CNL
                HOTELS & RESORTS, INC.

              a
                Maryland corporation

              By:
                /s/
                C. Brian
                Strickland                                              
                

              Name:
                C.
                Brian Strickland

              Title:
                Executive
                Vice President

            
	 	 
	 	
              Buyer:

               

              CNL
                CORPORATE INVESTORS, LTD.,
                a
                Florida limited partnership

               

              By: CNL
                Corporate Investors, Inc.,
                a

                Florida
                corporation, its sole general

              partner

              By:
                /s/
                Robert A.
                Bourne                                                 
                

              Name:
                Robert
                A. Bourne

              Title:
                President

            
	 	 
	
              Joinder
                for purposes of Sections 4 and 28 only:

               

              CNL
                Plaza Venture, Ltd.,

              a
                Florida limited partnership

               

              By:
                CNL
                Plaza Venture, Inc.,
                a
                

              Florida
                corporation, its sole General Partner

               

              By:
                /s/
                James M. Seneff,
                Jr.                                        
                

              Name:
                James
                M. Seneff, Jr.

              Title:
                Chief
                Executive Officer

            	
               

            

    

    

     

    
      
        
          [Sale
            of
            CNL Plaza, Ltd. - CHO LP Interest by CNL Hotels & Resorts, Inc.

          0014651\119453\984357\4

          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    Exhibit
      A

     

    Assignment
      of Limited Partner Partnership Interest

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT
      OF LIMITED PARTNER PARTNERSHIP INTEREST

     

    THIS
      ASSIGNMENT OF LIMITED PARTNER PARTNERSHIP INTEREST
      is
      effective as of ________, 2006 by CNL
      HOTELS & RESORTS, INC.,
      a
      Maryland corporation (hereinafter referred to as “Assignor”) to and in favor of
CNL
      CORPORATE INVESTORS, LTD.,
      a
      Florida limited partnership (hereinafter referred to as
“Assignee”).

     

    W
      I T N E S S E T H:

     

    FOR
      AND IN CONSIDERATION
      of sums
      paid by Assignee to Assignor (and additional sums to be paid by Assignee under
      the circumstances set forth in that certain Purchase and Sale Agreement dated
      as
      of __, 2006 by and between Assignor and Assignee) and other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      Assignor hereby grants, bargains, sells, transfers, assigns and conveys unto
      Assignee, absolutely, and not as security or upon any condition, all of its
      limited partner partnership interest in CNL
      PLAZA, LTD.,
      a
      Florida limited partnership (the “Partnership”), which interest is represented
      by a 9.9010% limited partner interest in the Partnership (hereinafter referred
      to as the “Partnership
      Interest”);

     

    TO
      HAVE AND TO HOLD
      unto
      Assignee and its successors, assigns and legal representatives
      forever.

     

    AND
      to the
      knowledge of Assignor, the transfer of the Partnership Interest is being made
      in
      accordance with all applicable laws and regulations.

     

    AND
      Assignee
      does hereby accept and agree to be bound by all of the terms and provisions
      of
      that certain Agreement of Limited Partnership dated as of May 30, 2002
      establishing the Partnership.

     

    This
      Assignment shall be construed in accordance with the laws of the State of
      Florida.

     

    [SIGNATURES
      APPEAR ON THE FOLLOWING PAGE]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      Assignor and Assignee have executed this Assignment below effective as of the
      day and year first written above.

     

    

     

    
      	
              CNL
                HOTELS & RESORTS, INC.,

              a
                Maryland corporation

               

              By:      

              Name:      

              Title:      

            
	 
	
              CNL
                CORPORATE INVESTORS, LTD.,
                a

              Florida
                limited partnership

               

              By: CNL
                Corporate Investors, Inc.,
                a

              Florida
                corporation, its sole general partner

               

              By:      

              Name:
                Robert
                A. Bourne   

              Title:
                President

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