Document:

exv10w25

 

Exhibit 10.25

MEMBERSHIP INTEREST SALE AGREEMENT

(Independence Center)

BY AND BETWEEN

Holualoa
K3
Westfields, LLC, 

an Arizona limited liability company,

as Seller

AND

Columbia Equity LP,

a Virginia limited partnership,

as Purchaser

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I THE SALE
	 	 	1	 

	 
	1.1   Sale of Membership Interest
	 	 	1	 
	1.2   Purchase Price
	 	 	2	 
	 
	ARTICLE II REPRESENTATIONS AND COVENANTS
	 	 	2	 
	 
	2.1   Representations by Purchaser
	 	 	2	 
	2.2   Representations by Seller
	 	 	3	 
	2.3   Covenants of Purchaser
	 	 	4	 
	2.4   Covenants of Seller
	 	 	4	 
	 
	ARTICLE III Conditions Precedent to the Closing
	 	 	5	 
	 
	3.1   Conditions to Purchaser’s Obligations
	 	 	5	 
	3.2   Conditions to Seller’s Obligations
	 	 	6	 
	 
	ARTICLE IV Closing and Closing Documents
	 	 	6	 
	 
	4.1   Closing
	 	 	6	 
	4.2   Seller’s Deliveries
	 	 	7	 
	4.3   Purchaser’s Deliveries
	 	 	7	 
	4.4   Fees and Expenses; Closing Costs
	 	 	7	 
	4.5   Adjustments
	 	 	7	 
	 
	ARTICLE V Miscellaneous
	 	 	9	 
	 
	5.1   Notices
	 	 	9	 
	5.2   Entire Agreement; Modifications and Waivers; Cumulative Remedies
	 	 	10	 
	5.3   Exhibits
	 	 	10	 
	5.4   Successors and Assigns
	 	 	10	 
	5.5   Article Headings
	 	 	10	 
	5.6   Governing Law
	 	 	10	 
	5.7   Counterparts
	 	 	10	 
	5.8   Survival
	 	 	10	 
	5.9   Severability
	 	 	11	 
	5.10 Attorneys’ Fees
	 	 	11	 

EXHIBITS

     A Assignment and Assumption Agreement

 

 

MEMBERSHIP INTEREST SALE AGREEMENT

     THIS MEMBERSHIP INTEREST SALE AGREEMENT (this “Agreement”) is made as of this 31st day
of January, 2005 by and between Holualoa K3 Westfields, LLC, an Arizona limited liability company
(“Seller”); and Columbia Equity, LP, a Virginia limited partnership (“Purchaser”).

RECITALS

     A. 15036 Conference Center Drive LLC, a Delaware limited liability company (the “LLC”)
is the owner of certain land located at 15036 Conference Center Drive, Chantilly, Virginia (the
“Land”) and the office building and related improvements located thereon (the
“Improvements”), which Land and Improvements (collectively, the “Property”) are
more commonly known as the Independence Center.

     B. Carr Capital Westfields, LLC, a Virginia limited liability company (“Carr
Westfields”) is the record and beneficial owner of Ten and 00/100 percent (10.00%) of the
membership interest in the LLC.

     C. Seller is the record and beneficial owner of a fifty and 00/100 percent (50.00%)
(“Seller’s Share”) of the membership interests in the Carr Westfields (the “Membership
Interest”).

     D. Seller desires to sell the Membership Interest to Purchaser, on the terms and conditions
hereinafter set forth.

     E. Purchaser desires to purchase the Membership Interest from Seller, on the terms and
conditions hereinafter set forth.

AGREEMENT

     NOW, THEREFORE, for and in consideration of the mutual covenants herein contained, the parties
hereto agree as follows:

ARTICLE I

THE SALE

     1.1 Sale of Membership Interest. Seller agrees to sell, transfer, assign and convey
the Membership Interest to Purchaser, and Purchaser agrees to purchase and accept transfer of the
Membership Interest pursuant to the terms and conditions set forth in this Agreement. The
Membership Interest shall be transferred to Purchaser free and clear of all liens, encumbrances,
security interests, prior assignments or conveyances, conditions, restrictions, voting agreements,
claims, and any other matters affecting title thereto (other than the Carr Westfields’ operating
agreement (the “Carr Westfields Operating Agreement”)).

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     1.2 Purchase Price. The purchase price (the “Purchase Price”) for which
Seller agrees to sell and assign the Membership Interest to Purchaser, and which Purchaser agrees
to pay to
Seller, subject to the terms of this Agreement, shall be One Million Nine Hundred Thirty Seven
Thousand Six Hundred Fifty Dollars ($1,937,650).

ARTICLE II

REPRESENTATIONS AND COVENANTS

     2.1 Representations by Purchaser. Purchaser hereby represents and warrants to Seller
that the following statements are true, correct, and complete in every material respect as of the
date of this Agreement and will be true, correct, and complete as of the Closing Date:

          (a) Organization and Power. Purchaser is duly organized and validly existing as a
limited partnership under the laws of the Commonwealth of Virginia, and has full right, power, and
authority to enter into this Agreement and to perform all of its obligations under this Agreement;
and, the execution and delivery of this Agreement and the performance by Purchaser of its
obligations under this Agreement have been duly authorized by all requisite action of Purchaser and
require no further action or approval of Purchaser’s partners or of any other individuals or
entities in order to constitute this Agreement as a binding and enforceable obligation of
Purchaser.

          (b) Noncontravention. Neither the entry into nor the performance of, or compliance
with, this Agreement by Purchaser has resulted, or will result, in any violation of, or default
under, or result in the acceleration of, any obligation under the partnership agreement of
Purchaser, or any mortgage, indenture, lien agreement, note, contract, permit, judgment, decree,
order, restrictive covenant, statute, rule, or regulation applicable to Purchaser.

          (c) Litigation. There is no action, suit, or proceeding, pending or known to be
threatened, against or affecting Purchaser in any court or before any arbitrator or before any
federal, state, municipal, or other governmental department, commission, board, bureau, agency or
instrumentality which (i) in any manner raises any question affecting the validity or
enforceability of this Agreement, (ii) would reasonably be expected to materially and adversely
affect the business, financial position, or results of operations of Purchaser, (iii) would
reasonably be expected to materially and adversely affect the ability of Purchaser to perform its
obligations hereunder, or under any document to be delivered pursuant hereto.

          (d) Consents. Each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with any governmental agency or body necessary
for the execution, delivery, and performance of this Agreement or the transactions contemplated
hereby by Purchaser has been obtained.

          (e) Bankruptcy with respect to Purchaser. No Act of Bankruptcy has occurred with
respect to Purchaser. As used herein, “Act of Bankruptcy” shall mean if a party hereto
shall (A) apply for or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee or liquidator of itself or of all or a substantial part of its property, (B)
admit in writing its inability to pay its debts as they become due, (C) make a general assignment
for the benefit of its creditors, (D) file a voluntary petition or commence a voluntary case or
proceeding

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under the Federal Bankruptcy Code (as now or hereafter in effect), (E) be adjudicated
bankrupt or insolvent, (F) file a petition seeking to take advantage of any other law relating to
bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts, (G) fail
to
controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed
against it in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or
hereafter in effect), or (H) take any action for the purpose of effecting any of the foregoing.

          (f) Brokerage Commission. Purchaser has not engaged the services of, nor has it or
will it or Seller become liable to, any real estate agent, broker, finder or any other person or
entity for any brokerage or finder’s fee, commission or other amount with respect to the
transactions described herein on account of any action by Purchaser. Purchaser hereby agrees to
indemnify and hold Seller and its employees, directors, members, partners, affiliates and agents
harmless against any claims, liabilities, damages or expenses arising out of a breach of the
foregoing. This indemnification shall survive Closing or any termination of this Agreement.

     2.2 Representations by Seller. Seller hereby represents and warrants unto Purchaser
that each and every one of the following statements is true, correct, and complete in every
material respect as of the date of this Agreement and will be true, correct, and complete as of the
Closing Date:

          (a) Organization and Power. Seller is duly organized, validly existing, and in good
standing as a limited liability company under the laws of the State of Arizona. Seller has full
right, power, and authority to enter into this Agreement and to perform all of its obligations
under this Agreement; and the execution and delivery of this Agreement and the performance by
Seller of its obligations hereunder have been duly authorized by all requisite action of Seller and
require no further action or approval of Seller’s members or managers or of any other individuals
or entities in order to constitute this Agreement as a binding and enforceable obligation of
Seller.

          (b) Noncontravention. Neither the entry into nor the performance of, or compliance
with, this Agreement by Seller has resulted, or will result, in any violation of, or default under,
or result in the acceleration of, any obligation under any limited liability company agreement,
operating agreement, regulation, mortgage, indenture, lien agreement, note, contract, permit,
judgment, decree, order, restrictive covenant, statute, rule, or regulation applicable to Seller or
to the Membership Interest.

          (c) Litigation. There is no action, suit, claim, or proceeding pending or threatened
against or affecting Seller or the Membership Interest in any court, or before any arbitrator, or
before any federal, state, municipal or other governmental department, commission, board, bureau,
agency or instrumentality which (A) in any manner raises any question affecting the validity or
enforceability of this Agreement, (B) would reasonably be expected to materially and adversely
affect the business, financial position or results of operations of Seller, (C) would reasonably be
expected to materially and adversely affect the ability of Seller to perform its obligations
hereunder, or under any document to be delivered pursuant hereto, (D) would reasonably be expected
to create a lien on the Membership Interest, any part thereof, or any interest therein, or (E)
would reasonably be expected to adversely affect the Membership Interest, any part thereof, or any
interest therein.

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          (d) Good Title. (A) Seller has good title on the date hereof and will have good title
on the Closing Date to the Membership Interest (other than the Carr Westfields Operating
Agreement), (B) the Membership Interest on the date hereof is and on the Closing Date will be free
and clear of all liens, encumbrances, pledges, voting agreements and security
interests whatsoever (other than the Carr Westfields Operating Agreement), and (C) Seller has
not granted any other person or entity an option to purchase or a right of first refusal upon the
Membership Interest nor are there any agreements or understandings between Seller and any other
person or entity with respect to the disposition of the Membership Interest (other than the Carr
Westfields Operating Agreement).

          (e) No Consents. Each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with, any governmental agency or body necessary
of the execution, delivery, and performance of this Agreement or the transactions contemplated
hereby by Seller has been obtained or will be obtained on or before the Closing Date.

          (f) Bankruptcy with respect to Seller. No Act of Bankruptcy has occurred with respect
to Seller.

          (g) Brokerage Commission. Seller has not engaged the services of, nor has it or will
it or Purchaser become liable to, any real estate agent, broker, finder or any other person or
entity for any brokerage or finder’s fee, commission or other amount with respect to the
transactions described herein on account of any action by Seller. Seller hereby agrees to
indemnify and hold Purchaser and its employees, directors, members, partners, affiliates and agents
harmless against any claims, liabilities, damages or expenses arising out of a breach of the
foregoing. This indemnification shall survive Closing or any termination of this Agreement.

          (h) Default. To Seller’s actual knowledge, Seller is not in default under Carr
Westfield’s Operating Agreement.

     2.3 Covenants of Purchaser. Purchaser agrees as follows:

          (a) Further Acts. In addition to the acts, instruments and agreements recited herein
and contemplated to be performed, executed and delivered by Purchaser and Seller, Purchaser shall
perform, execute, and deliver or cause to be performed, executed, and delivered at the Closing or
after the Closing, any and all further acts, instruments, and agreements and provide such further
assurances as Seller may reasonably require to consummate the transactions contemplated hereunder.

     2.4 Covenants of Seller. Seller agrees as follows:

          (a) Actions Regarding Membership Interest. Except as otherwise permitted hereby, from
the date hereof until the Closing Date, Seller shall use reasonable commercial efforts not to take
any action or fail to take any action within Seller’s control the result of which would (1) have a
material adverse effect on the Membership Interest, the Property, Seller’s ability to sell,
transfer, assign and convey the Membership Interest to Purchaser or Purchaser’s

- 4 -

 

ability to continue
the ownership thereof after the Closing Date or (2) cause any of the representations and warranties
contained in Section 2.2 to be untrue as of the Closing Date.

          (b) Confidentiality. Seller acknowledges that the matters relating to the REIT, the
initial public offering of REIT securities (the “IPO”), this Agreement, and the other
documents, terms, conditions and information related thereto (collectively, the
“Information”)
are confidential in nature. Therefore, Seller covenants and agrees to keep the Information
confidential and will not (except as required by applicable law, regulation or legal process, and
only after compliance with the provisions of this Section 2.4) prior to the IPO, without
Purchaser’s prior written consent, disclose any Information in any manner whatsoever; provided,
however, that the Information may be revealed only to Seller’s employees, legal counsel and
financial advisors, each of whom shall be informed of the confidential nature of the Information.
In the event that Seller or its key employees, legal counsel or financial advisors (collectively,
the “Information Group”) are requested pursuant to, or required by, applicable law,
regulation or legal process to disclose any of the Information, the applicable member of the
Information Group will notify Purchaser promptly so that it may seek a protective order or other
appropriate remedy or, in its sole discretion, waive compliance with the terms of this Section 2.4.
Seller acknowledges that remedies at law may be inadequate to protect Purchaser or the REIT
against any actual or threatened breach of this Section 2.4, and, without prejudice to any other
rights and remedies otherwise available, Seller agrees to the granting of injunctive relief in
favor of the REIT and/or Purchaser without proof of actual damages.

          (c) Further Acts. In addition to the acts, instruments and agreements recited herein
and contemplated to be performed, executed and delivered by Purchaser and Seller, Seller shall
perform, execute, and deliver or cause to be performed, executed, and delivered at the Closing or
after the Closing, any and all further acts, instruments, and agreements and provide such further
assurances as Purchaser may reasonably require to consummate the transactions contemplated
hereunder.

ARTICLE III

CONDITIONS PRECEDENT TO THE CLOSING

     3.1 Conditions to Purchaser’s Obligations. In addition to any other conditions set
forth in this Agreement, Purchaser’s obligation to consummate the Closing is subject to the timely
satisfaction of each and every one of the conditions and requirements set forth in this Section
3.1, all of which shall be conditions precedent to Purchaser’s obligations under this Agreement.

          (a) Seller’s Obligations. Seller shall have performed all obligations of Seller
hereunder which are to be performed prior to Closing, and shall have delivered or caused to be
delivered to Purchaser, all of the documents and other information required of Seller pursuant to
Section 4.2.

          (b) Seller’s Representations and Warranties. Seller’s representations and warranties
set forth in Section 2.2 shall be true and correct in all material respects as if made again on the
Closing Date, and Seller shall have executed and delivered to Purchaser at Closing a certificate to
the foregoing effect.

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          (c) No Injunction. On the Closing Date, there shall be no effective injunction, writ,
preliminary restraining order or other order issued by a court of competent jurisdiction
restraining or prohibiting the consummation of the transactions contemplated hereby.

          (d) Completion of IPO. The IPO shall have been completed.

          (e) Consents. Any necessary consents from the lender holding the mortgage loan
secured by the Property and the members of the LLC shall have been obtained.

          (f) Closing. The Closing shall have occurred on or prior to June 30, 2005.

     3.2 Conditions to Seller’s Obligations. In addition to any other conditions set forth
in this Agreement, Seller’s obligations to consummate the Closing is subject to the timely
satisfaction of each and every one of the conditions and requirements set forth in this Section
3.2, all of which shall be conditions precedent to Seller’s obligations under this Agreement.

          (a) Purchaser’s Obligations. Purchaser shall have performed all obligations of
Purchaser hereunder which are to be performed prior to Closing, and shall have delivered or caused
to be delivered to Seller, all of the documents and other information required of Purchaser
pursuant to Section 4.3.

          (b) Purchaser’s Representations and Warranties. Purchaser’s representations and
warranties set forth in Section 2.1 shall be true and correct in all material respects as if made
again on the Closing Date, and Purchaser shall have executed and delivered to Seller at Closing a
certificate to the foregoing effect.

          (c) No Injunction. On the Closing Date, there shall be no effective injunction, writ,
preliminary restraining order or other order issued by a court of competent jurisdiction
restraining or prohibiting the consummation of the transactions contemplated hereby.

          (d) Completion of IPO. The IPO shall have been completed.

          (e) Consents. Any necessary consents from the lender holding the mortgage loan
secured by the Property and the members of the LLC shall have been obtained.

          (f) Closing. The Closing shall have occurred on or prior to June 30, 2005.

ARTICLE IV

CLOSING AND CLOSING DOCUMENTS

     4.1 Closing. The consummation and closing (the “Closing”) of the transactions
contemplated under this Agreement shall take place at the offices of Hunton & Williams LLP,
Washington, D.C., or such other place as is mutually agreeable to the parties, on the date of the
closing of the IPO (the “Closing Date”), or as otherwise set by agreement of the parties;
provided, however, that this Agreement shall terminate if Closing does not occur prior to June 30,
2005.

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     4.2 Seller’s Deliveries. At the Closing, Seller shall deliver the following to
Purchaser in addition to all other items required to be delivered to Purchaser by Seller:

          (a) Assignment of Membership Interest. Seller shall have executed and delivered to
Purchaser an Assignment and Assumption Agreement, in substantially the form of Exhibit A
attached hereto (the “Assignment and Assumption Agreement”).

          (b) Authority Documents. Evidence satisfactory to Purchaser that the person or
persons executing the closing documents on behalf of Seller has full right, power, and authority to
do so.

          (c) FIRPTA Certificate. An affidavit from Seller certifying pursuant to Section 1445
of the Internal Revenue Code that Seller is not a foreign corporation, foreign partnership, foreign
trust, foreign estate or foreign person (as those terms are defined in the Internal Revenue Code
and the Income Tax Regulations promulgated thereunder), in form and substance satisfactory to
Purchaser.

          (d) Certificate of Representations and Warranties. The certificate required by
Section 3.1(b).

          (e) Other Documents. Any other document or instrument reasonably requested by
Purchaser or required hereby.

     4.3 Purchaser’s Deliveries. At the Closing, Purchaser shall deliver the following to
Seller:

          (a) Purchase Price. The Purchase Price, as adjusted pursuant to the terms of this
Agreement.

          (b) Assumption of Membership Interest. Purchaser shall have executed and delivered to
Seller an Assignment and Assumption Agreement.

          (c) Authority Documents. Evidence satisfactory to Seller that the person or persons
executing the closing documents on behalf of Purchaser have full right, power, and authority to do
so.

          (d) Certificate of Representations and Warranties. The certificate required by
Section 3.2(b).

          (e) Other Documents. Any other document or instrument reasonably requested by Seller
or required hereby.

     4.4 Fees and Expenses; Closing Costs. Purchaser shall pay all fees, expenses and
closing costs relating to the transactions contemplated by this Agreement; provided however, that
Seller shall pay its own attorneys’ and consultants’ fees and expenses.

     4.5 Adjustments.

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          (a) At Closing, Seller shall be credited with Seller’s Share of any cash held by Carr
Westfields, the LLC or by the property manager for the benefit of the LLC as of the date of
Closing.

          (b) All income and expenses with respect to the Membership Interest, and applicable to the
period of time before and after Closing, determined in accordance with generally accepted
accounting principles consistently applied, shall be allocated between Seller and Purchaser.
Seller shall be entitled to Seller’s Share of all income and responsible for Seller’s
Share of all expenses of Carr Westfields, the LLC and the Property for the period of time up
to but not including the date of Closing, and Purchaser shall be entitled to all such income and
responsible for all such expenses for the period of time after and including the date of Closing.
Without limiting the generality of the foregoing, the following items of income and expense shall
be prorated at Closing:

(i) Rents (including additional rent, pass throughs, etc.). (Rent
collections during month of Closing shall be applied first to the current
month’s rent, then to any past due rents, and then to future (prepaid)
rents. At Closing, a reconciliation of pass throughs shall be made based on
the property manager’s most recent reforecast of operating results for the
calendar year. Rent collections following the month of Closing shall be
applied first to the current month’s rent, then to any past due rents
accruing on or after Closing, then to any past due rents accruing before
Closing and then to future (prepaid) rents. Purchaser agrees to use
reasonable commercial efforts (but shall not be required to commence
litigation or eviction proceedings) to collect any past due rents accruing
before Closing and to promptly remit to Seller its portion of any such rent
collected.)

(ii) Real estate and personal property taxes. (If the LLC is in process of
prosecuting a property tax appeal when Closing occurs, Purchaser agrees to
cause the LLC to continue to use the LLC’s existing attorney or tax appeal
consultant until such appeal is completed. Any savings in taxes realized
and attorney or consultant fees incurred shall be prorated between Seller
and Purchaser based on the relevant tax year(s).)

(iii) Utility charges (including but not limited to charges for water, sewer
and electricity).

          (c) Seller shall be responsible for Seller’s Share of all one time tenant improvement costs,
tenant allowances, broker’s fees and commissions and all other costs and expenses associated with
existing leases of the Property; provided, however, that Purchaser shall be responsible for all
tenant improvement costs, tenant allowances, broker’s fees and commissions and other one time costs
and expenses associated with new leases of the Property entered into after the date of this
Agreement with the consent of Purchaser.

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ARTICLE V

MISCELLANEOUS

     5.1 Notices. Any notice provided for by this Agreement and any other notice, demand,
or communication required hereunder shall be in writing and either delivered in person (including
by confirmed facsimile transmission) or sent by registered or certified mail or overnight courier,
return receipt requested, in a sealed envelope, postage prepaid, and addressed to the party for
which such notice, demand or communication is intended at such party’s address as set forth in this
Section. All notices to Purchaser shall be addressed as follows:

     Purchaser:

Columbia Equity, LP

c/o Carr Capital Corporation

1750 H Street, NW, Suite 500

Washington, DC 20005

Telephone: (202) 303-3060

Facsimile: (202) 303-3078

Attn: Oliver T. Carr, III

Seller’s address for all purposes under this Agreement shall be the following:

     Seller:

Holualoa K3 Westfields, LLC

75 5706 Hanama Place

Suite 104

Kailua Kona, HI

Facsimile: (808) 329-6335

     With copies to:

Holualoa K3 Westfields, LLC

3573 East Sunrise Drive

Suite 225

Tucson, Arizona 85718

Facsimile: (520) 615-1896

and

Gabriel Beckmann, Esq.

Lewis and Roca LLP

One South Church Avenue, Suite 700

Tucson, Arizona 85701-1611

Facsimile: (520) 622-3088

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Any address or name specified above may be changed by a notice given by the addressee to the other
party. Any notice, demand or other communication shall be deemed given and effective as of the
date of delivery in person or receipt set forth on the return receipt. The inability to deliver
because of changed address of which no notice was given, or rejection or other refusal to accept
any notice, demand or other communication, shall be deemed to be receipt of the notice, demand or
other communication as of the date of such attempt to deliver or rejection or refusal to accept.

     5.2 Entire Agreement; Modifications and Waivers; Cumulative Remedies. This Agreement
supersedes any existing letter of intent between the parties, constitutes the entire agreement
among the parties hereto and may not be modified or amended except by instrument in writing signed
by the parties hereto, and no provisions or conditions may be waived other than by a writing signed
by the party waiving such provisions or conditions. No delay or omission in
the exercise of any right or remedy accruing to Seller or Purchaser upon any breach under this
Agreement shall impair such right or remedy or be construed as a waiver of any such breach
theretofore or thereafter occurring. The waiver by Seller or Purchaser of any breach of any term,
covenant, or condition herein stated shall not be deemed to be a waiver of any other breach, or of
a subsequent breach of the same or any other term, covenant, or condition herein contained. All
rights, powers, options, or remedies afforded to Seller or Purchaser either hereunder or by law
shall be cumulative and not alternative, and the exercise of one right, power, option, or remedy
shall not bar other rights, powers, options, or remedies allowed herein or by law, unless expressly
provided to the contrary herein.

     5.3 Exhibits. All exhibits referred to in this Agreement and attached hereto are
hereby incorporated in this Agreement by reference.

     5.4 Successors and Assigns. Except as set forth in this Article, this Agreement may
not be assigned by Purchaser or Seller without the prior approval of the other party hereto. This
Agreement shall be binding upon, and inure to the benefit of, Seller, Purchaser, and their
respective legal representatives, successors, and permitted assigns.

     5.5 Article Headings. Article headings and article and section numbers are inserted
herein only as a matter of convenience and in no way define, limit, or prescribe the scope or
intent of this Agreement or any part hereof and shall not be considered in interpreting or
construing this Agreement.

     5.6 Governing Law. This Agreement shall be construed and interpreted in accordance
with the laws of the Commonwealth of Virginia, without regard to conflicts of laws principles.

     5.7 Counterparts. This Agreement may be executed in any number of counterparts and by
any party hereto on a separate counterpart, each of which when so executed and delivered shall be
deemed an original and all of which taken together shall constitute but one and the same
instrument.

     5.8 Survival. All representations and warranties contained in this Agreement, and all
covenants and agreements contained in the Agreement which contemplate performance after the Closing
Date shall survive the Closing.

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     5.9 Severability. In case any one or more of the provisions contained in this
Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect,
such invalidity, illegality, or unenforceability shall not affect any other provision hereof, and
this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never
been contained herein.

     5.10 Attorneys’ Fees. Should a party employ an attorney or attorneys to enforce any
of the provisions hereof or to protect its interest in any manner arising under this Agreement, or
to recover damages for breach of this Agreement, any non-prevailing party in any action pursued in
a court of competent jurisdiction (the finality of which is not legally contested) shall pay to the
prevailing party all reasonable costs, damages, and expenses, including reasonable attorneys’ fees,
expended or incurred in connection therewith.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

[SIGNATURES APPEAR ON FOLLOWING PAGES.]

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     IN WITNESS WHEREOF, this Agreement has been entered into effective as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	SELLER:
	 
	 	 	 	 	 	 
	 	 	Holualoa K3 Westfields, LLC, an Arizona limited

liability company
	 
	 	 	 	 	 	 
	 	 	By:	 	Holualoa Arizona, Inc., an Arizona corporation,
its manager
	 
	 	 	 	 	 	 
	

	 	 	 	By:
	 	/s/ Michael Poulman
	

	 	 	 	 	 	 
	

	 	 	 	Name:
	 	Michael Poulman
	

	 	 	 	Title:
	 	Vice President
	 
	 	 	 	 	 	 
	 	 	PURCHASER:
	 
	 	 	 	 	 	 
	 	 	Columbia Equity, LP, a Virginia limited
partnership
	 
	 	 	 	 	 	 
	 	 	By:	 	Columbia Equity Trust, Inc., a Maryland
corporation, its general partner
	 
	 	 	 	 	 	 
	

	 	 	 	By:
	 	/s/ Oliver T. Carr, III
	

	 	 	 	 	 	 
	

	 	 	 	Name:
	 	Oliver T. Carr, III
	

	 	 	 	Title:
	 	Chairman and Chief Executive Officer

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EXHIBIT A

Assignment

Holualoa K3 Westfields, LLC, an Arizona limited liability company (“Assignor”), for good
and valuable consideration paid to the Assignor by Columbia Equity, LP, a [_______]
(“Assignee”), pursuant to the Membership Interest Sale Agreement dated as of _______,
2005, by and between Assignor and Assignee (the “Agreement”) and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, does hereby
sell, assign, transfer, convey and deliver to the Assignee, its successors and assigns, good and
indefeasible title to the Membership Interest, free and clear of all liens, encumbrances, security
interests, prior assignments, voting agreements, conditions, restrictions, pledges, claims, and
other matters affecting title thereto, subject to the Carr Westfields Operating Agreement.
Assignee does hereby accept the foregoing Assignment and assumes and agrees to be responsible for
all liabilities and obligations under the Carr Westfields Operating Agreement from and after the
date hereof relating to the Membership Interest.

Capitalized terms used but not defined herein shall have the respective meanings ascribed to them
in the Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be
signed by a duly authorized officer of each, this ___ day of ___, 2005.

	 	 	 	 	 	 	 
	 	 	ASSIGNOR:	 	 
	 
	 	 	 	 	 	 
	 	 	 	, a
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	ASSIGNEE:	 	 
	 
	 	 	 	 	 	 
	 	 	 	, a
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:exv10w30

 

Exhibit 10.30

MEMBERSHIP INTEREST SALE AGREEMENT

(King I)

BY AND BETWEEN

Judith O. Klock,

an individual,

as Seller

AND

Columbia Equity, LP,

a Virginia limited partnership,

as Purchaser

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I THE SALE
	 	 	1	 
	 
	1.1   Sale of Membership Interest
	 	 	1	 
	1.2   Purchase Price
	 	 	1	 
	 
	ARTICLE II REPRESENTATIONS AND COVENANTS
	 	 	2	 
	 
	2.1   Representations by Purchaser
	 	 	2	 
	2.2   Representations by Seller
	 	 	3	 
	2.3   Covenants of Purchaser
	 	 	4	 
	2.4   Covenants of Seller
	 	 	4	 
	 
	ARTICLE III Conditions Precedent to the Closing
	 	 	5	 
	 
	3.1   Conditions to Purchaser’s Obligations
	 	 	5	 
	3.2   Conditions to Seller’s Obligations
	 	 	6	 
	 
	ARTICLE IV Closing and Closing Documents
	 	 	6	 
	 
	4.1   Closing
	 	 	6	 
	4.2   Seller’s Deliveries
	 	 	7	 
	4.3   Purchaser’s Deliveries
	 	 	7	 
	4.4   Fees and Expenses; Closing Costs
	 	 	7	 
	4.5   Adjustments
	 	 	7	 
	 
	ARTICLE V Miscellaneous
	 	 	8	 
	 
	5.1   Notices
	 	 	8	 
	5.2   Entire Agreement; Modifications and Waivers; Cumulative Remedies
	 	 	8	 
	5.3   Exhibits
	 	 	9	 
	5.4   Successors and Assigns
	 	 	9	 
	5.5   Article Headings
	 	 	9	 
	5.6   Governing Law
	 	 	9	 
	5.7   Counterparts
	 	 	9	 
	5.8   Survival
	 	 	9	 
	5.9   Severability
	 	 	9	 
	5.10 Attorneys’ Fees
	 	 	9	 
	 

EXHIBITS

     A Assignment and Assumption Agreement

 

 

MEMBERSHIP INTEREST SALE AGREEMENT

     THIS MEMBERSHIP INTEREST SALE AGREEMENT (this “Agreement”) is made as of this 31st day
of January, 2005 by and between Judith O. Klock, an individual (“Seller”); and Columbia
Equity, LP, a Virginia limited partnership (“Purchaser”).

RECITALS

     A. King I, LLC, a Virginia limited liability company (the “LLC”) is the owner of
certain land located at 1800 Diagonal Road in Alexandria, Virginia (the “Land”) and the
office building and related improvements located thereon (the “Improvements”), which Land
and Improvements (collectively, the “Property”) are more commonly known as King Street
Station I.

     B. Seller is the record and beneficial owner of 73/100 percent (0.73%) of the membership
interests in the LLC (the “Membership Interest”).

     C. Seller desires to sell the Membership Interest to Purchaser, on the terms and conditions
hereinafter set forth.

     D. Purchaser desires to purchase the Membership Interest from Seller, on the terms and
conditions hereinafter set forth.

AGREEMENT

     NOW, THEREFORE, for and in consideration of the mutual covenants herein contained, the parties
hereto agree as follows:

ARTICLE I

THE SALE

     1.1 Sale of Membership Interest. Seller agrees to sell, transfer, assign and convey
the Membership Interest to Purchaser, and Purchaser agrees to purchase and accept transfer of the
Membership Interest pursuant to the terms and conditions set forth in this Agreement. The
Membership Interest shall be transferred to Purchaser free and clear of all liens, encumbrances,
security interests, prior assignments or conveyances, conditions, restrictions, voting agreements,
claims, and any other matters affecting title thereto (other than LLC’s operating agreement (the
“LLC Operating Agreement”)).

     1.2 Purchase Price. The purchase price (the “Purchase Price”) for which
Seller agrees to sell and assign the Membership Interest to Purchaser, and which Purchaser agrees
to pay to Seller, subject to the terms of this Agreement, shall be One Hundred Nine Thousand
Eighty-One Dollars ($109,081).

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ARTICLE II

REPRESENTATIONS AND COVENANTS

     2.1 Representations by Purchaser. Purchaser hereby represents and warrants to Seller
that the following statements are true, correct, and complete in every material respect as of the
date of this Agreement and will be true, correct, and complete as of the Closing Date:

          (a) Organization and Power. Purchaser is duly organized and validly existing as a
limited partnership under the laws of the Commonwealth of Virginia, and has full right, power, and
authority to enter into this Agreement and to perform all of its obligations under this Agreement;
and, the execution and delivery of this Agreement and the performance by Purchaser of its
obligations under this Agreement have been duly authorized by all requisite action of Purchaser and
require no further action or approval of Purchaser’s partners or of any other individuals or
entities in order to constitute this Agreement as a binding and enforceable obligation of
Purchaser.

          (b) Noncontravention. Neither the entry into nor the performance of, or compliance
with, this Agreement by Purchaser has resulted, or will result, in any violation of, or default
under, or result in the acceleration of, any obligation under the partnership agreement of
Purchaser, or any mortgage, indenture, lien agreement, note, contract, permit, judgment, decree,
order, restrictive covenant, statute, rule, or regulation applicable to Purchaser.

          (c) Litigation. There is no action, suit, or proceeding, pending or known to be
threatened, against or affecting Purchaser in any court or before any arbitrator or before any
federal, state, municipal, or other governmental department, commission, board, bureau, agency or
instrumentality which (i) in any manner raises any question affecting the validity or
enforceability of this Agreement, (ii) would reasonably be expected to materially and adversely
affect the business, financial position, or results of operations of Purchaser, (iii) would
reasonably be expected to materially and adversely affect the ability of Purchaser to perform its
obligations hereunder, or under any document to be delivered pursuant hereto.

          (d) Consents. Each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with any governmental agency or body necessary
for the execution, delivery, and performance of this Agreement or the transactions contemplated
hereby by Purchaser has been obtained.

          (e) Bankruptcy with respect to Purchaser. No Act of Bankruptcy has occurred with
respect to Purchaser. As used herein, “Act of Bankruptcy” shall mean if a party hereto
shall (A) apply for or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee or liquidator of itself or of all or a substantial part of its property, (B)
admit in writing its inability to pay its debts as they become due, (C) make a general assignment
for the benefit of its creditors, (D) file a voluntary petition or commence a voluntary case or
proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), (E) be adjudicated
bankrupt or insolvent, (F) file a petition seeking to take advantage of any other law relating to
bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts, (G) fail
to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed

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against it in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or
hereafter in effect), or (H) take any action for the purpose of effecting any of the foregoing.

          (f) Brokerage Commission. Purchaser has not engaged the services of, nor has it or
will it or Seller become liable to, any real estate agent, broker, finder or any other person or
entity for any brokerage or finder’s fee, commission or other amount with respect to the
transactions described herein on account of any action by Purchaser. Purchaser hereby agrees to
indemnify and hold Seller and its employees, directors, members, partners, affiliates and agents
harmless against any claims, liabilities, damages or expenses arising out of a breach of the
foregoing. This indemnification shall survive Closing or any termination of this Agreement.

     2.2 Representations by Seller. Seller hereby represents and warrants unto Purchaser
that each and every one of the following statements is true, correct, and complete in every
material respect as of the date of this Agreement and will be true, correct, and complete as of the
Closing Date:

          (a) Authority. Seller has full right, power, and authority to enter into this
Agreement and to perform all of her obligations under this Agreement; and the execution and
delivery of this Agreement and the performance by Seller of her obligations hereunder have been
duly authorized by all requisite action of Seller or of any other individuals or entities in order
to constitute this Agreement as a binding and enforceable obligation of Seller.

          (b) Noncontravention. Neither the entry into nor the performance of, or compliance
with, this Agreement by Seller has resulted, or will result, in any violation of, or default under,
or result in the acceleration of, any obligation under any limited liability company agreement,
operating agreement, regulation, mortgage, indenture, lien agreement, note, contract, permit,
judgment, decree, order, restrictive covenant, statute, rule, or regulation applicable to Seller or
to the Membership Interest.

          (c) Litigation. There is no action, suit, claim, or proceeding pending or threatened
against or affecting Seller or the Membership Interest in any court, or before any arbitrator, or
before any federal, state, municipal or other governmental department, commission, board, bureau,
agency or instrumentality which (A) in any manner raises any question affecting the validity or
enforceability of this Agreement, (B) would reasonably be expected to materially and adversely
affect the business, financial position or results of operations of Seller, (C) would reasonably be
expected to materially and adversely affect the ability of Seller to perform her obligations
hereunder, or under any document to be delivered pursuant hereto, (D) would reasonably be expected
to create a lien on the Membership Interest, any part thereof, or any interest therein, or (E)
would reasonably be expected to adversely affect the Membership Interest, any part thereof, or any
interest therein.

          (d) Good Title. (A) Seller has good title to the Membership Interest on the date
hereof and will have good title to the Membership Interest on the Closing Date (other than the LLC
Operating Agreement), (B) the Membership Interest on the date hereof is and on the Closing Date
will be free and clear of all liens, encumbrances, pledges, voting agreements and security
interests whatsoever (other than the LLC Operating Agreement), and (C) Seller has not granted any
other person or entity an option to purchase or a right of first refusal upon the

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Membership Interest nor are there any agreements or understandings between Seller and any
other person or entity with respect to the disposition of the Membership Interest (other than the
LLC Operating Agreement).

          (e) No Consents. Each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with, any governmental agency or body necessary
of the execution, delivery, and performance of this Agreement or the transactions contemplated
hereby by Seller has been obtained or will be obtained on or before the Closing Date.

          (f) Bankruptcy with respect to Seller. No Act of Bankruptcy has occurred with respect
to Seller.

          (g) Brokerage Commission. Seller has not engaged the services of, nor has she or will
she or Purchaser become liable to, any real estate agent, broker, finder or any other person or
entity for any brokerage or finder’s fee, commission or other amount with respect to the
transactions described herein on account of any action by Seller. Seller hereby agrees to
indemnify and hold Purchaser and its employees, directors, members, partners, affiliates and agents
harmless against any claims, liabilities, damages or expenses arising out of a breach of the
foregoing. This indemnification shall survive Closing or any termination of this Agreement.

          (h) Default. To Seller’s actual knowledge, Seller is not in default under the LLC
Operating Agreement.

     2.3 Covenants of Purchaser. Purchaser agrees as follows:

          (a) Further Acts. In addition to the acts, instruments and agreements recited herein
and contemplated to be performed, executed and delivered by Purchaser and Seller, Purchaser shall
perform, execute, and deliver or cause to be performed, executed, and delivered at the Closing or
after the Closing, any and all further acts, instruments, and agreements and provide such further
assurances as Seller may reasonably require to consummate the transactions contemplated hereunder.

     2.4 Covenants of Seller. Seller agrees as follows:

          (a) Actions Regarding Membership Interest. Except as otherwise permitted hereby, from
the date hereof until the Closing Date, Seller shall use reasonable commercial efforts not to take
any action or fail to take any action within Seller’s control the result of which would (1) have a
material adverse effect on the Membership Interest, the Property, Seller’s ability to sell,
transfer, assign and convey the Membership Interest to Purchaser or Purchaser’s ability to continue
the ownership thereof after the Closing Date or (2) cause any of the representations and warranties
contained in Section 2.2 to be untrue as of the Closing Date.

          (b) Confidentiality. Seller acknowledges that the matters relating to the REIT, the
initial public offering of REIT securities (the “IPO”), this Agreement, and the other
documents, terms, conditions and information related thereto (collectively, the
“Information”) are confidential in nature. Therefore, Seller covenants and agrees to keep
the Information confidential and will not (except as required by applicable law, regulation or
legal process, and

- 4 -

 

only after compliance with the provisions of this Section 2.4) prior to the IPO, without
Purchaser’s prior written consent, disclose any Information in any manner whatsoever; provided,
however, that the Information may be revealed only to Seller’s employees, legal counsel and
financial advisors, each of whom shall be informed of the confidential nature of the Information.
In the event that Seller or her key employees, legal counsel or financial advisors (collectively,
the “Information Group”) are requested pursuant to, or required by, applicable law,
regulation or legal process to disclose any of the Information, the applicable member of the
Information Group will notify Purchaser promptly so that it may seek a protective order or other
appropriate remedy or, in its sole discretion, waive compliance with the terms of this Section 2.4.
Seller acknowledges that remedies at law may be inadequate to protect Purchaser or the REIT
against any actual or threatened breach of this Section 2.4, and, without prejudice to any other
rights and remedies otherwise available, Seller agrees to the granting of injunctive relief in
favor of the REIT and/or Purchaser without proof of actual damages.

          (c) Further Acts. In addition to the acts, instruments and agreements recited herein
and contemplated to be performed, executed and delivered by Purchaser and Seller, Seller shall
perform, execute, and deliver or cause to be performed, executed, and delivered at the Closing or
after the Closing, any and all further acts, instruments, and agreements and provide such further
assurances as Purchaser may reasonably require to consummate the transactions contemplated
hereunder.

ARTICLE III

CONDITIONS PRECEDENT TO THE CLOSING

     3.1 Conditions to Purchaser’s Obligations. In addition to any other conditions set
forth in this Agreement, Purchaser’s obligation to consummate the Closing is subject to the timely
satisfaction of each and every one of the conditions and requirements set forth in this Section
3.1, all of which shall be conditions precedent to Purchaser’s obligations under this Agreement.

          (a) Seller’s Obligations. Seller shall have performed all obligations of Seller
hereunder which are to be performed prior to Closing, and shall have delivered or caused to be
delivered to Purchaser, all of the documents and other information required of Seller pursuant to
Section 4.2.

          (b) Seller’s Representations and Warranties. Seller’s representations and warranties
set forth in Section 2.2 shall be true and correct in all material respects as if made again on the
Closing Date, and Seller shall have executed and delivered to Purchaser at Closing a certificate to
the foregoing effect.

          (c) No Injunction. On the Closing Date, there shall be no effective injunction, writ,
preliminary restraining order or other order issued by a court of competent jurisdiction
restraining or prohibiting the consummation of the transactions contemplated hereby.

          (d) Completion of IPO. The IPO shall have been completed.

          (e) CCREI and Aetna Consent. Carr Capital Real Estate Investments, LLC, a Virginia
limited liability company (“CCREI”), in its capacity as manager of the LLC, and Aetna

- 5 -

 

Life Insurance Company, a Connecticut corporation (“Aetna”), shall have consented to
the transactions contemplated by this Agreement.

          (f) Mortgage Holder Consent. The holder of the mortgage loan secured by the Property
(the “Mortgage Holder”) shall have consented to the transactions contemplated by this
Agreement.

          (g) Closing. The Closing shall have occurred on or prior to June 30, 2005.

     3.2 Conditions to Seller’s Obligations. In addition to any other conditions set forth
in this Agreement, Seller’s obligation to consummate the Closing is subject to the timely
satisfaction of each and every one of the conditions and requirements set forth in this Section
3.2, all of which shall be conditions precedent to Seller’s obligations under this Agreement.

          (a) Purchaser’s Obligations. Purchaser shall have performed all obligations of
Purchaser hereunder which are to be performed prior to Closing, and shall have delivered or caused
to be delivered to Seller, all of the documents and other information required of Purchaser
pursuant to Section 4.3.

          (b) Purchaser’s Representations and Warranties. Purchaser’s representations and
warranties set forth in Section 2.1 shall be true and correct in all material respects as if made
again on the Closing Date, and Purchaser shall have executed and delivered to Seller at Closing a
certificate to the foregoing effect.

          (c) No Injunction. On the Closing Date, there shall be no effective injunction, writ,
preliminary restraining order or other order issued by a court of competent jurisdiction
restraining or prohibiting the consummation of the transactions contemplated hereby.

          (d) Completion of IPO. The IPO shall have been completed.

          (e) CCREI and Aetna Consent. CCREI and Aetna shall have consented to the transactions
contemplated by this Agreement.

          (f) Mortgage Holder Consent. The Mortgage Holder shall have consented to the
transactions contemplated by this Agreement.

          (g) Closing. The Closing shall have occurred on or prior to June 30, 2005.

ARTICLE IV

CLOSING AND CLOSING DOCUMENTS

     4.1 Closing. The consummation and closing (the “Closing”) of the transactions
contemplated under this Agreement shall take place at the offices of Hunton & Williams LLP,
Washington, D.C., or such other place as is mutually agreeable to the parties, on the date of the
closing of the IPO (the “Closing Date”), or as otherwise set by agreement of the parties;
provided, however, that this Agreement shall terminate if Closing does not occur prior to June 30,
2005.

- 6 -

 

     4.2 Seller’s Deliveries. At the Closing, Seller shall deliver the following to
Purchaser in addition to all other items required to be delivered to Purchaser by Seller:

          (a) Assignment of Membership Interest. The Assignment and Assumption Agreement, in
substantially the form of Exhibit A attached hereto (the “Assignment and Assumption
Agreement”).

          (b) FIRPTA Certificate. An affidavit from Seller certifying pursuant to Section 1445
of the Internal Revenue Code that Seller is not a foreign corporation, foreign partnership, foreign
trust, foreign estate or foreign person (as those terms are defined in the Internal Revenue Code
and the Income Tax Regulations promulgated thereunder), in form and substance satisfactory to
Purchaser.

          (c) Certificate of Representations and Warranties. The certificate required by
Section 3.1(b).

          (d) Other Documents. Any other document or instrument reasonably requested by
Purchaser or required hereby.

     4.3 Purchaser’s Deliveries. At the Closing, Purchaser shall deliver the following to
Seller:

          (a) Purchase Price. The Purchase Price, as adjusted pursuant to the terms of this
Agreement.

          (b) Assumption of Membership Interest. Purchaser shall have executed and delivered to
Seller an Assignment and Assumption Agreement.

          (c) Authority Documents. Evidence satisfactory to Seller that the person or persons
executing the closing documents on behalf of Purchaser have full right, power, and authority to do
so.

          (d) Certificate of Representations and Warranties. The certificate required by
Section 3.2(b).

          (e) Other Documents. Any other document or instrument reasonably requested by Seller
or required hereby.

     4.4 Fees and Expenses; Closing Costs. Purchaser shall pay all fees, expenses and
closing costs relating to the transactions contemplated by this Agreement; provided however, that
Seller shall pay its own attorneys’ and consultants’ fees and expenses.

     4.5 Adjustments. Purchaser shall pay funds in the amount of the Purchase Price to
Seller without any setoffs or adjustments. Seller acknowledges and agrees that no further
distributions will be made from the LLC to its members until the earlier of the Closing Date or
June 30, 2005. At Closing, the Purchase Price shall be increased by 73/100 percent (0.73%) of the
amount, if any, by which all cash held by or for the benefit of the LLC (excluding lender held
reserves, reserves for leasing and reserves for capital expenditures) exceeds $900,000.

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ARTICLE V

MISCELLANEOUS

     5.1 Notices. Any notice provided for by this Agreement and any other notice, demand,
or communication required hereunder shall be in writing and either delivered in person (including
by confirmed facsimile transmission) or sent by registered or certified mail or overnight courier,
return receipt requested, in a sealed envelope, postage prepaid, and addressed to the party for
which such notice, demand or communication is intended at such party’s address as set forth in this
Section. All notices to Purchaser shall be addressed as follows:

     Purchaser:

Columbia Equity, LP

c/o Carr Capital Corporation

1750 H Street, NW, Suite 500

Washington, DC 20006

Telephone: (202) 303-3060

Facsimile: (202) 303-3078

Attn: Oliver T. Carr, III

     With copies to:

Hunton & Williams, LLP

1900 K Street, Suite 1200

Washington, DC 20006

Telephone: (202) 955-2221

Facsimile: (202) 778-2201

Attn: John M. Ratino

Seller’s address for all purposes under this Agreement shall be the following:

     Seller:

Judith O. Klock

c/o Carr Capital Corporation

1750 H Street, NW, Suite 500

Washington, DC 20006

Any address or name specified above may be changed by a notice given by the addressee to the other
party. Any notice, demand or other communication shall be deemed given and effective as of the
date of delivery in person or receipt set forth on the return receipt. The inability to deliver
because of changed address of which no notice was given, or rejection or other refusal to accept
any notice, demand or other communication, shall be deemed to be receipt of the notice, demand or
other communication as of the date of such attempt to deliver or rejection or refusal to accept.

     5.2 Entire Agreement; Modifications and Waivers; Cumulative Remedies. This Agreement
supersedes any existing letter of intent between the parties, constitutes the entire

- 8 -

 

agreement among the parties hereto and may not be modified or amended except by instrument in
writing signed by the parties hereto, and no provisions or conditions may be waived other than by a
writing signed by the party waiving such provisions or conditions. No delay or omission in the
exercise of any right or remedy accruing to Seller or Purchaser upon any breach under this
Agreement shall impair such right or remedy or be construed as a waiver of any such breach
theretofore or thereafter occurring. The waiver by Seller or Purchaser of any breach of any term,
covenant, or condition herein stated shall not be deemed to be a waiver of any other breach, or of
a subsequent breach of the same or any other term, covenant, or condition herein contained. All
rights, powers, options, or remedies afforded to Seller or Purchaser either hereunder or by law
shall be cumulative and not alternative, and the exercise of one right, power, option, or remedy
shall not bar other rights, powers, options, or remedies allowed herein or by law, unless expressly
provided to the contrary herein.

     5.3 Exhibits. All exhibits referred to in this Agreement and attached hereto are
hereby incorporated in this Agreement by reference.

     5.4 Successors and Assigns. Except as set forth in this Article, this Agreement may
not be assigned by Purchaser or Seller without the prior approval of the other party hereto. This
Agreement shall be binding upon, and inure to the benefit of, Seller, Purchaser, and their
respective legal representatives, successors, and permitted assigns.

     5.5 Article Headings. Article headings and article and section numbers are inserted
herein only as a matter of convenience and in no way define, limit, or prescribe the scope or
intent of this Agreement or any part hereof and shall not be considered in interpreting or
construing this Agreement.

     5.6 Governing Law. This Agreement shall be construed and interpreted in accordance
with the laws of the Commonwealth of Virginia, without regard to conflicts of laws principles.

     5.7 Counterparts. This Agreement may be executed in any number of counterparts and by
any party hereto on a separate counterpart, each of which when so executed and delivered shall be
deemed an original and all of which taken together shall constitute but one and the same
instrument.

     5.8 Survival. All representations and warranties contained in this Agreement, and all
covenants and agreements contained in the Agreement which contemplate performance after the Closing
Date shall survive the Closing.

     5.9 Severability. In case any one or more of the provisions contained in this
Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect,
such invalidity, illegality, or unenforceability shall not affect any other provision hereof, and
this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never
been contained herein.

     5.10 Attorneys’ Fees. Should a party employ an attorney or attorneys to enforce any
of the provisions hereof or to protect its interest in any manner arising under this Agreement, or
to recover damages for breach of this Agreement, any non-prevailing party in any action pursued in

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a court of competent jurisdiction (the finality of which is not legally contested) shall pay
to the prevailing party all reasonable costs, damages, and expenses, including reasonable
attorneys’ fees, expended or incurred in connection therewith.

[Signature Page Follows]

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     IN WITNESS WHEREOF, this Agreement has been entered into effective as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	SELLER:
	 
	 	 	 	 	 	 
	 	 	Judith O. Klock, an individual
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Judith O. Klock
	 	 	 	 	 
	 	 	Name:	 	Judith O. Klock
	 
	 	 	 	 	 	 
	 	 	PURCHASER:
	 
	 	 	 	 	 	 
	 	 	Columbia Equity, LP, a Virginia limited
partnership
	 
	 	 	 	 	 	 
	 	 	By:	 	Columbia Equity Trust, Inc., a Maryland
corporation, its general partner
	 
	 	 	 	 	 	 
	

	 	 	 	By:
	 	/s/ Oliver T. Carr, III
	

	 	 	 	 	 	 
	

	 	 	 	Name:
	 	Oliver T. Carr, III
	

	 	 	 	Title:
	 	Chairman and Chief Executive Officer

- 11 -

 

EXHIBIT A

Assignment

Judith O. Klock, an individual (“Assignor”), for good and valuable consideration paid to
the Assignor by Columbia Equity, LP, a Virginia limited partnership (“Assignee”), pursuant
to the Membership Interest Sale Agreement dated as of ______, 2005, by and between Assignor
and Assignee (the “Agreement”) and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, does hereby sell, assign, transfer, convey and
deliver to the Assignee, its successors and assigns, good and indefeasible title to the Membership
Interest, free and clear of all liens, encumbrances, security interests, prior assignments, voting
agreements, conditions, restrictions, pledges, claims, and other matters affecting title thereto,
subject to the LLC Operating Agreement. Assignee does hereby accept the foregoing Assignment and
assumes and agrees to be responsible for all liabilities and obligations under the LLC Operating
Agreement from and after the date hereof relating to the Membership Interest.

Capitalized terms used but not defined herein shall have the respective meanings ascribed to them
in the Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be
signed by a duly authorized officer of each, this ___ day of ___, 2005.

	 	 	 	 	 	 	 
	 	 	ASSIGNOR:
	 
	 	 	 	 	 	 
	 	 	 	, a
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	 
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	 	 	ASSIGNEE:
	 
	 	 	 	 	 	 
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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]