Document:

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                                                                   Exhibit 10.36

                                                          ACADEMY SPORTS - MACON
                                                             LOAN NO. 50-2854483

                                 PROMISSORY NOTE

$4,280,000.00                                                    January 6, 2006

     FOR VALUE RECEIVED, the undersigned, COLE AS MACON GA, LLC, a Delaware
limited liability company ("Maker"), having an address at 2555 East Camelback
Road, Suite 400, Phoenix, Arizona 85016, promises to pay to the order of
WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association ("Payee"),
at the office of Payee at Commercial Real Estate Services, 8739 Research Drive
URP - 4, NC 1075, Charlotte, North Carolina 28262, or at such other place as
Payee may designate to Maker in writing from time to time, the principal sum of
FOUR MILLION TWO HUNDRED EIGHTY THOUSAND AND NO/100 DOLLARS ($4,280,000.00),
together with interest on so much thereof as is from time to time outstanding
and unpaid, from the date of the advance of the principal evidenced hereby and
as allocated to Fixed Rate Tranche A and Floating Rate Tranche B (as each term
is hereinafter defined) for each such tranche, at the Note Rate (as hereinafter
defined), together with all other amounts due hereunder or under the other Loan
Documents (as defined herein), in lawful money of the United States of America,
which shall at the time of payment be legal tender in payment of all debts and
dues, public and private.

                        ARTICLE I -- TERMS AND CONDITIONS

     1.1 Definitions. The following terms, as used in this Note, shall have the
following meanings, which meanings shall be applicable equally to the singular
and the plural of the terms defined:

          (a) "Business Day" shall mean a day of the year on which banks are not
required or authorized to close in Charlotte, North Carolina.

          (b) "Determination Date" shall mean a date on which the LIBOR-Based
Rate shall be selected as the applicable interest rate in respect of Floating
Rate Tranche B, which date shall be the day that is two (2) London Business Days
prior to the commencement of an Interest Period or, with respect to the first
Interest Period, the date the Loan shall be advanced by Payee.

          (c) "Extended Maturity Date" shall mean January 11, 2036.

          (d) "Fixed Rate Tranche A" shall mean Three Million Four Hundred
Seventy-Eight Thousand and No/100 Dollars ($3,478,000.00) of the aggregate
amount of the Loan which shall bear interest as set forth in Section 1.3 hereof.

          (e) "Floating Rate Tranche B" shall mean Eight Hundred Two Thousand
and No/100 Dollars ($802,000.00) of the aggregate amount of the Loan which shall
bear interest at the LIBOR-Based Rate (as hereinafter defined).

          (f) "Interest Period" shall mean initially, the period commencing on
the date hereof and ending on and including the day of the tenth (10th) day of
the calendar month following the date of this Note, unless principal is advanced
on the tenth (10th) of a month, in which case the first Interest Period shall
consist only such tenth (10th) day. Each Interest Period thereafter shall
commence on the eleventh (11th) day of each calendar month during the term of
this Note and shall end on and include the tenth (10th) day of the next
occurring calendar month. Interest shall accrue from the date on which funds are
advanced hereunder (regardless of the time of day) through and including the day
on which funds are credited pursuant to Section 1.4 hereof.

          (g) "LIBOR-Based Rate" shall mean (i) for the first Interest Period,
an interest rate per annum equal to six and two-fifths percent (6.40%) and (ii)
for each succeeding Interest Period until Floating Rate Tranche B is satisfied,
an interest rate per annum equal at all times to two hundred (200) basis points
above the one-month LIBOR, in each case as determined by Payee prior to the
commencement of each Interest Period.

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          (h) "LIBOR" shall mean with respect to each day during each Interest
Period, the rate for U.S. dollar deposits of that many months maturity as
reported on Telerate page 3750 as of 11:00 a.m., London time, on the second
London Business Day before the relevant Interest Period begins (or if not so
reported, then as determined by Payee from another recognized source or
interbank quotation), rounded up to the nearest one-eighth of one percent
(1/8%).

          (i) "Loan" shall mean that certain loan made by Payee to Maker in
respect of the Property which is evidenced by this Note and secured by, among
other things, the Security Instrument and all other Loan Documents.

          (j) "Loan Documents" shall mean the Security Instrument, this Note and
all other documents now or hereafter evidencing, securing, guarantying,
modifying or otherwise relating to the indebtedness evidenced hereby.

          (k) "London Business Day" shall mean a day of the year on which
dealings in United States dollars are carried on in the London interbank market
and banks are not required or authorized to close in London or in New York, New
York.

          (l) "Maturity Date" shall mean January 11, 2016.

          (m) "Monthly Payment Amount" shall mean the sum of (A) from and
including the First Payment Date through the Maturity Date, an amount equal to
the interest payable under this Note on the portion allocated as Fixed Rate
Tranche A at the Fixed Interest Rate in the amounts for each such Payment Date
set forth on Annex 1 attached hereto and incorporated herein by this reference
or as provided by Payee to Maker in connection with the initial Fixed Interest
Rate Interest Period, plus (B) through and until Floating Rate Tranche B is
satisfied, an amount equal to the interest payable under this Note on the
portion allocated as Floating Rate Tranche B at the LIBOR-Based Rate pursuant to
the provisions of Section 1.2 hereof. Annex 1 is for reference purposes only and
any payment incorrectly referenced thereon or omitted therefrom shall not limit
or reduce Maker's obligations for actual amounts due under this Note in
accordance with its payment terms, and Maker agrees that Payee may substitute a
replacement Annex 1 in the event the attached does not accurately reflect
Maker's scheduled payment obligations.

          (n) "Optional Prepayment Date" shall mean January 11, 2016.

          (o) "Optional Prepayment Determination Date" shall mean November 11,
2015.

          (p) "Security Instrument" shall mean that certain mortgage, deed of
trust or deed to secure debt and security agreement from Maker for the benefit
of Payee, dated of even date herewith, covering property located in Bibb County,
Georgia.

     Each of the capitalized terms not otherwise defined in this Note shall have
the respective meaning ascribed to it in the Security Instrument of even date
herewith from Maker to Payee.

     1.2 LIBOR-Based Rate; Pay-Down Date. (a) From the date of the advance of
the principal evidenced hereby through the Pay-Down Date (as hereinafter
defined) for Floating Rate Tranche B, Floating Rate Tranche B shall bear
interest at the LIBOR-Based Rate. The LIBOR-Based Rate shall remain in effect,
subject to the provisions hereof, from and including the first day of the
Interest Period to and excluding the last day of the Interest Period for which
it is determined.

          (b) If requested by Payee, Maker shall immediately confirm the
LIBOR-Based Rate and the duration of the applicable Interest Period by
acknowledging receipt of a written confirmation of the LIBOR-Based Rate and
Interest Period delivered by Payee to Maker. Only one Interest Period may be in
effect at any given time.

          (c) Without limiting the effect of any other provision of this Note,
Maker shall pay to Payee on the last day of each and every Interest Period, so
long as and to the extent that Payee (or its source of funds) may directly or
indirectly be required to maintain reserves against "Eurocurrency liabilities"
under Federal Reserve

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Regulation D (as at any time amended), additional interest (as determined by
Payee and disclosed to Maker) for each such Interest Period at an interest rate
per annum equal, at all times during such Interest Period for the principal
balance of Floating Rate Tranche B, to the excess of (i) the rate obtained by
dividing LIBOR for such Interest Period by a percentage equal to 100% minus the
reserve percentage applicable during such Interest Period under regulations
issued from time to time by the Board of Governors of the Federal Reserve System
(or if more than one such percentage is so applicable, minus the daily average
of such percentages for those days in such Interest Period during which any such
percentage shall be so applicable) for determining the maximum reserve
requirement (including, without limitation, any marginal reserve requirement)
for Payee (or its source of funds) in respect of liabilities or assets
consisting of or including "Eurocurrency liabilities" under Federal Reserve
Regulation D (as at any time amended) having a term equal to such Interest
Period over (ii) LIBOR for such Interest Period. Terms used in Regulation D
shall have the same meanings when used herein. Each such determination made by
Payee and each such notification by Payee to Maker under this subparagraph of
the amount of additional interest payable hereunder shall be conclusive as to
the matters set forth therein.

          (d) In addition to the payment of interest and fees as aforesaid,
Maker shall, from time to time, upon demand by Payee pay to Payee amounts as
shall be sufficient to compensate Payee for (i) any loss, cost, fee, breakage or
other expense incurred or sustained directly or indirectly by reason of the
liquidation or reemployment of deposits or other funds acquired by Payee to fund
or maintain Floating Rate Tranche B during any Interest Period as a result of
any prepayment of Floating Rate Tranche B or any portion thereof or any attempt
by Maker to rescind the selection of the LIBOR-Based Rate as the applicable
interest rate for Floating Rate Tranche B and (ii) any increased costs incurred
by Payee, by reason of:

          (x) taxes (or the withholding of amounts for taxes) of any nature
     whatsoever, including, without limitation, income, excise and interest
     equalization taxes (other than United States or state income taxes) as well
     as all levies, imports, duties, or fees whether now in existence or as the
     result of a change in, or promulgation of, any treaty, statute or
     regulation or interpretation thereof, or any directive, guideline or
     otherwise, by a central bank or fiscal authority or any other entity
     (whether or not having the force of law) or a change in the basis of, or
     time of payment of, such taxes and other amounts resulting therefrom;

          (y) any reserve or special deposit requirements against or with
     respect to assets or liabilities or deposits outstanding under LIBOR
     (including, without limitation, those imposed under the Monetary Control
     Act of 1978) currently required by, or resulting from a change in, or the
     promulgation of, such requirements by treaty, statute, regulation,
     interpretation thereof, or any directive, guidelines, or otherwise by a
     central bank or fiscal authority (whether or not having the force of law);
     and

          (z) any other costs resulting from compliance with treaties, statutes,
     regulations, interpretations or any directives or guidelines or otherwise,
     promulgated by or of a central bank or fiscal authority or other entity
     with similar authority (whether or not having the force of law).

A certificate as to the amount of any such costs prepared by Payee, signed by an
authorized officer of Payee and submitted to Maker shall be conclusive as to the
matters therein set forth.

     (e) The selection at any time of an interest rate based upon LIBOR shall be
expressly conditioned upon the existence of an adequate and fair means of
determining LIBOR and the absence of any legal prohibition against the charging
of interest based on LIBOR.

     (f) On or prior to April 6, 2006 (the "Pay-Down Date"), Maker shall fully
prepay the principal balance of this Note allocated as Floating Rate Tranche B.
Floating Rate Tranche B shall not be deemed to have been paid and/or satisfied
in full until all such additional costs, in addition to the principal balance
thereof and all interest thereon and all other sums due and payable under the
Loan Documents in regards to Floating Rate Tranche B, shall have been paid.

     1.3 Note Rate; Computation of Interest. The term "Note Rate" as used in
this Note shall mean (a) for Fixed Rate Tranche A, from the date of this Note
through but not including the Optional Prepayment Date, a rate per annum equal
to five and sixty-nine one hundredths percent (5.69%) (the "Fixed Interest
Rate"), (b) for Floating Rate Tranche B, from the date of this Note through the
Pay-Down Date and satisfaction of Floating Rate Tranche B, a

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rate per annum equal to the LIBOR-Based Rate, and (c) from the Optional
Prepayment Date through and including the date this Note is paid in full, a rate
per annum equal to the greater of (i) the Fixed Interest Rate plus two (2%)
percent or (ii) the Treasury Constant Maturity Yield Index (as hereinafter
defined) plus two (2%) percent ((i) or (ii), as applicable, the "Revised
Interest Rate"). Interest shall be computed hereunder based on a 360-day year
and based on the actual number of days elapsed for any period in which interest
is being calculated. For purposes of this Section 1.3, the term "Treasury
Constant Maturity Yield Index" shall mean the average yield for "This Week" as
reported by the Federal Reserve Board in Federal Statistical Release H.15 (519)
published during the second full week preceding the Optional Prepayment Date for
instruments having a maturity coterminous with the remaining term of this Note.
If there is no Treasury Constant Maturity Yield Index for instruments having a
maturity coterminous with the remaining term of this Note, then the index shall
be equal to the weighted average yield to maturity of the Treasury Constant
Maturity Yield Indices with maturities next longer and shorter than such
remaining average life to maturity, calculated by averaging (and rounding upward
to the nearest whole multiple of 1/100 of 1% per annum, if the average is not
such a multiple) the yields of the relevant Treasury Constant Maturity Yield
Indices (rounded, if necessary, to the nearest 1/100 of 1% with any figure of
1/200 of 1% or above rounded upward). If such Release is not available or no
longer published, Payee may refer to another recognized source of financial
market information.

     1.4 Payment of Principal and Interest. Payments in federal funds
immediately available at the place designated for payment received by Payee
prior to 2:00 p.m. local time on a day on which Payee is open for business at
said place of payment shall be credited prior to close of business, while other
payments, at the option of Payee, may not be credited until immediately
available to Payee in federal funds at the place designated for payment prior to
2:00 p.m. local time on a day on which Payee is open for business. Interest only
shall be payable in consecutive monthly installments of the Monthly Payment
Amount, beginning on February 11, 2006 (the "First Payment Date"), and
continuing on the eleventh (11th) day of each and every calendar month
thereafter (each, a "Payment Date"). On the Maturity Date or the Optional
Prepayment Date, the entire outstanding principal balance hereof, together with
all accrued but unpaid interest thereon, shall be due and payable in full
provided, however, that in the event that such amounts are not paid on such
date, the Maturity Date shall be extended to the Extended Maturity Date. In
computing the number of days during which interest accrues, the day on which
funds are initially advanced shall be included regardless of the time of day
such advance is made, and the day on which funds are repaid shall be included
unless repayment is credited prior to close of business. Payments in federal
funds immediately available in the place designated for payment received by
Payee prior to 2:00 p.m. local time on a Business Day at said place of payment
shall be credited prior to close of business, while other payments, at the
option of Payee, may not be credited until immediately available to Payee in
federal funds in the place designated for payment prior to 2:00 p.m. local time
at said place of payment on a Business Day.

     1.5 Application of Payments. So long as no Event of Default (as hereinafter
defined) exists hereunder or under any other Loan Document, each such monthly
installment shall be applied, prior to the Optional Prepayment Date, first, to
any amounts hereafter advanced by Payee hereunder or under any other Loan
Document, second, to any late fees and other amounts payable to Payee, third, to
the payment of accrued interest and last to reduction of principal, and from and
after the Optional Prepayment Date, as provided in Section 2.2 of this Note.

     1.6 Payment of "Short Interest". If the advance of the principal amount
evidenced by this Note is made on a date on or after the first (1st) day of a
calendar month and prior to the eleventh (11th) day of a calendar month, Maker
shall pay to Payee contemporaneously with the execution hereof interest at the
Note Rate for a period from the date hereof through and including the tenth
(10th) day of this calendar month. If the advance of the principal amount
evidenced by this Note is made on a date after the eleventh (11th) day of a
calendar month and prior to or on the last day of a calendar month, Maker shall
pay to Payee contemporaneously with the execution hereof interest at the Note
Rate for a period from the date hereof through and including the tenth (10th)
day of the immediately succeeding calendar month.

     1.7 Prepayment; Defeasance.

     (a) This Note may not be prepaid, in whole or in part (except as otherwise
specifically provided herein), at any time prior to the Optional Prepayment
Date. In the event that Maker wishes to have the Security Property (as
hereinafter defined) released from the lien of the Security Instrument prior to
the Optional Prepayment Date, Maker's sole option shall be a Defeasance (as
hereinafter defined) upon satisfaction of the terms and

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conditions set forth in Section 1.7(d) hereof. This Note may be prepaid in whole
but not in part without premium or penalty on any of the three (3) Payment Dates
occurring immediately prior to the Maturity Date provided (i) written notice of
such prepayment is received by Payee not more than ninety (90) days and not less
than thirty (30) days prior to the date of such prepayment, and (ii) such
prepayment is accompanied by all interest accrued hereunder through and
including the date of such prepayment and all other sums due hereunder or under
the other Loan Documents. If, upon any such permitted prepayment on any of the
three (3) Payment Dates occurring immediately prior to the Maturity Date, the
aforesaid prior written notice has not been timely received by Payee, there
shall be due a prepayment fee equal to, an amount equal to the lesser of (i)
thirty (30) days' interest computed at the Note Rate on the outstanding
principal balance of this Note so prepaid and (ii) interest computed at the Note
Rate on the outstanding principal balance of this Note so prepaid that would
have been payable for the period from, and including, the date of prepayment
through the Maturity Date of this Note as though such prepayment had not
occurred.

     (b) If, prior to the fourth (4th) anniversary of the First Payment Date
(the "Lock-out Expiration Date"), the indebtedness evidenced by this Note shall
have been declared due and payable by Payee pursuant to Article III hereof or
the provisions of any other Loan Document due to a default by Maker, then, in
addition to the indebtedness evidenced by this Note being immediately due and
payable, there shall also then be immediately due and payable a sum equal to the
interest which would have accrued on the principal balance of this Note at the
Note Rate from the date of such acceleration to the Lock-out Expiration Date,
together with a prepayment fee in an amount equal to the Yield Maintenance
Premium (as hereinafter defined) based on the entire indebtedness on the date of
such acceleration. If such acceleration is on or following the Lock-out
Expiration Date, the Yield Maintenance Premium shall also then be immediately
due and payable as though Maker were prepaying the entire indebtedness on the
date of such acceleration. In addition to the amounts described in the two
preceding sentences, in the event of any such acceleration or tender of payment
of such indebtedness occurs or is made on or prior to the first (1st)
anniversary of the date of this Note, there shall also then be immediately due
and payable an additional prepayment fee of three percent (3%) of the principal
balance of this Note. The term "Yield Maintenance Premium" shall mean an amount
equal to the greater of (A) two percent (2.0%) of the principal amount being
prepaid, and (B) the present value of a series of payments each equal to the
Payment Differential (as hereinafter defined) and payable on each Payment Date
over the remaining original term of this Note and on the Maturity Date,
discounted at the Reinvestment Yield (as hereinafter defined) for the number of
months remaining as of the date of such prepayment to each such Payment Date and
the Maturity Date. The term "Payment Differential" shall mean an amount equal to
(i) the Note Rate less the Reinvestment Yield, divided by (ii) twelve (12) and
multiplied by (iii) the principal sum outstanding under this Note after
application of the constant monthly payment due under this Note on the date of
such prepayment, provided that the Payment Differential shall in no event be
less than zero. The term "Reinvestment Yield" shall mean an amount equal to the
lesser of (i) the yield on the U.S. Treasury issue (primary issue) with a
maturity date closest to the Maturity Date, or (ii) the yield on the U.S.
Treasury issue (primary issue) with a term equal to the remaining average life
of the indebtedness evidenced by this Note, with each such yield being based on
the bid price for such issue as published in the Wall Street Journal on the date
that is fourteen (14) days prior to the date of such prepayment set forth in the
notice of prepayment (or, if such bid price is not published on that date, the
next preceding date on which such bid price is so published) and converted to a
monthly compounded nominal yield. In the event that any prepayment fee is due
hereunder, Payee shall deliver to Maker a statement setting forth the amount and
determination of the prepayment fee, and, provided that Payee shall have in good
faith applied the formula described above, Maker shall not have the right to
challenge the calculation or the method of calculation set forth in any such
statement in the absence of manifest error, which calculation may be made by
Payee on any day during the fifteen (15) day period preceding the date of such
prepayment. Payee shall not be obligated or required to have actually reinvested
the prepaid principal balance at the Reinvestment Yield or otherwise as a
condition to receiving the prepayment fee.

     (c) Partial prepayments of this Note shall not be permitted, except for (i)
partial prepayments resulting from Payee's election to apply insurance or
condemnation proceeds to reduce the outstanding principal balance of this Note
as provided in the Security Instrument, in which event no prepayment fee or
premium shall be due unless, at the time of either Payee's receipt of such
proceeds or the application of such proceeds to the outstanding principal
balance of this Note, an Event of Default shall have occurred, which Event of
Default is unrelated to the applicable casualty or condemnation, in which event
the applicable prepayment fee or premium shall be due and payable based upon the
amount of the prepayment or (ii) any partial prepayment required on or prior to
the Pay-Down Date pursuant to Section 1.2(f) above, in which event no prepayment
fee or premium shall be due. No notice of prepayment shall be required

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under the circumstances specified in subclause (i) of the preceding sentence. No
principal amount repaid may be reborrowed. Any such partial prepayments of
principal under subclause (i) above shall be applied to the unpaid principal
balance evidenced hereby but such application shall not reduce the amount of the
fixed monthly installments required to be paid pursuant to Section 1.4 above.
Except as otherwise expressly provided herein, the prepayment fees provided
above shall be due, to the extent permitted by applicable law, under any and all
circumstances where all or any portion of this Note is paid prior to the
Maturity Date, whether such prepayment is voluntary or involuntary, including,
without limitation, if such prepayment results from Payee's exercise of its
rights upon Maker's default and acceleration of the Maturity Date of this Note
(irrespective of whether foreclosure proceedings have been commenced), and shall
be in addition to any other sums due hereunder or under any of the other Loan
Documents. No tender of a prepayment of this Note with respect to which a
prepayment fee is due shall be effective unless such prepayment is accompanied
by the applicable prepayment fee.

     (d) (i) On any Payment Date on or after the later to occur of (x) the
     Lock-out Expiration Date, and (y) the day immediately following the date
     which is two (2) years after the "startup day," within the meaning of
     Section 860G(a)(9) of the Internal Revenue Code of 1986, as amended from
     time to time or any successor statute (the "Code"), of a "real estate
     mortgage investment conduit," within the meaning of Section 860D of the
     Code, that holds this Note, and provided no Event of Default has occurred
     hereunder or under any of the other Loan Documents, at Maker's option,
     Payee shall cause the release of the Security Property from the lien of the
     Security Instrument and the other Loan Documents (a "Defeasance") upon the
     satisfaction of the following conditions:

                    (A) Maker shall give not more than ninety (90) days' or less
          than sixty (60) days' prior written notice to Payee specifying the
          date Maker intends for the Defeasance to be consummated (the "Release
          Date"), which date shall be a Payment Date.

                    (B) All accrued and unpaid interest and all other sums due
          under this Note and under the other Loan Documents up to and including
          the Release Date shall be paid in full on or prior to the Release
          Date.

                    (C) Maker shall deliver to Payee on or prior to the Release
          Date:

                    (1) a sum of money in immediately available funds (the
               "Defeasance Deposit"), equal to the outstanding principal balance
               of this Note plus an amount, if any, which together with the
               outstanding principal balance of this Note, shall be sufficient
               to enable Payee to purchase, through means and sources
               customarily employed and available to Payee, for the account of
               Maker, direct, non-callable obligations of the United States of
               America that provide for payments prior, but as close as
               possible, to all successive monthly Payment Dates occurring after
               the Release Date and to the Maturity Date, with each such payment
               being equal to or greater than the amount of the corresponding
               installment of principal and/or interest required to be paid
               under this Note (including, but not limited to, all amounts due
               on the Maturity Date) for the balance of the term hereof (the
               "Defeasance Collateral"), each of which shall be duly endorsed by
               the holder thereof as directed by Payee or accompanied by a
               written instrument of transfer in form and substance satisfactory
               to Payee in its sole discretion (including, without limitation,
               such instruments as may be required by the depository institution
               holding such securities or the issuer thereof, as the case may
               be, to effectuate book-entry transfers and pledges through the
               book-entry facilities of such institution) in order to perfect
               upon the delivery of the Defeasance Security Agreement (as
               hereinafter defined) the first priority security interest in the
               Defeasance Collateral in favor of Payee in conformity with all
               applicable state and federal laws governing granting of such
               security interests;

                    (2) a pledge and security agreement, in form and substance
               satisfactory to a prudent lender, creating a first priority
               security interest in favor of Payee in the Defeasance Collateral
               (the "Defeasance Security Agreement"), which shall provide, among
               other things,

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               that any excess received by Payee from the Defeasance Collateral
               over the amounts payable by Maker hereunder shall be refunded to
               Maker promptly after each monthly Payment Date;

                    (3) a certificate of Maker certifying that all of the
               requirements set forth in this Section 1.7(d)(i) have been
               satisfied;

                    (4) one or more opinions of counsel for Maker in form and
               substance and delivered by counsel which would be satisfactory to
               a prudent lender stating, among other things, that (i) Payee has
               a perfected first priority security interest in the Defeasance
               Collateral and that the Defeasance Security Agreement is
               enforceable against Maker in accordance with its terms, (ii) in
               the event of a bankruptcy proceeding or similar occurrence with
               respect to Maker, none of the Defeasance Collateral nor any
               proceeds thereof will be property of Maker's estate under Section
               541 of the U.S. Bankruptcy Code or any similar statute and the
               grant of security interest therein to Payee shall not constitute
               an avoidable preference under Section 547 of the U.S. Bankruptcy
               Code or applicable state law, (iii) the release of the lien of
               the Security Instrument and the pledge of Defeasance Collateral
               will not directly or indirectly result in or cause any REMIC
               Trust that then holds this Note to fail to maintain its status as
               a REMIC Trust and (iv) the defeasance will not cause any REMIC
               Trust to be an "investment company" under the Investment Company
               Act of 1940;

                    (5) evidence in writing from the applicable rating agencies
               to the effect that the collateral substitution will not result in
               a downgrading, withdrawal or qualification of the respective
               ratings in effect immediately prior to such defeasance event for
               any securities issued in connection with the securitization which
               are then outstanding;

                    (6) a certificate in form and scope acceptable to Payee in
               its sole discretion from an acceptable accountant certifying that
               the Defeasance Collateral will generate amounts sufficient to
               make all payments of principal and interest due under this Note
               (including the scheduled outstanding principal balance of the
               Loan due on the Maturity Date);

                    (7) Maker and any guarantor or indemnitor of Maker's
               obligations under the Loan Documents for which Maker has personal
               liability executes and delivers to Payee such documents and
               agreements as Payee shall reasonably require to evidence and
               effectuate the ratification of such personal liability and
               guaranty or indemnity, respectively;

                    (8) such other certificates, documents or instruments as
               Payee may reasonably require;

                    (9) payment of all fees, costs, expenses and charges
               incurred by Payee in connection with the Defeasance of the
               Security Property and the purchase of the Defeasance Collateral,
               including, without limitation, all legal fees and costs and
               expenses incurred by Payee or its agents in connection with
               release of the Security Property, review of the proposed
               Defeasance Collateral and preparation of the Defeasance Security
               Agreement and related documentation, any revenue, documentary,
               stamp, intangible or other taxes, charges or fees due in
               connection with transfer of the Note, assumption of the Note, or
               substitution of collateral for the Security Property shall be
               paid on or before the Release Date. Without limiting Maker's
               obligations with respect thereto, Payee shall be entitled to
               deduct all such fees, costs, expenses and charges from the
               Defeasance Deposit to the extent of any portion of the Defeasance
               Deposit which exceeds the amount necessary to purchase the
               Defeasance Collateral; and

                    (10) in the event the Amendment (as defined in Section 4.35
               of the Security Instrument) has been executed, evidence
               satisfactory to Payee that following the Defeasance of this Loan,
               the minimum debt service coverage ratio for each of the

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               Additional Loans (as defined in Section 4.35 of the Security
               Instrument) shall be 1.75 to 1.00 and the maximum loan to value
               percentage for each of the Additional Loans shall be 65%.

                    (D) In connection with the Defeasance Deposit, Maker hereby
          authorizes and directs Payee using the means and sources customarily
          employed and available to Payee to use the Defeasance Deposit to
          purchase for the account of Maker the Defeasance Collateral.
          Furthermore, the Defeasance Collateral shall be arranged such that
          payments received from such Defeasance Collateral shall be paid
          directly to Payee to be applied on account of the indebtedness of this
          Note. Any part of the Defeasance Deposit in excess of the amount
          necessary to purchase the Defeasance Collateral and to pay the other
          and related costs Maker is obligated to pay under this Section 1.7
          shall be refunded to Maker.

          (ii) Upon compliance with the requirements of Section 1.7(d)(i), the
     Security Property shall be released from the lien of the Security
     Instrument and the other Loan Documents, and the Defeasance Collateral
     shall constitute collateral which shall secure this Note and all other
     obligations under the Loan Documents. Payee will, at Maker's expense,
     execute and deliver any agreements reasonably requested by Maker to release
     the lien of the Security Instrument from the Security Property.

          (iii) Upon the release of the Security Property in accordance with
     this Section 1.7(d), Maker shall assign all its obligations and rights
     under this Note, together with the pledged Defeasance Collateral, to a
     newly created successor entity which complies with the terms of Section
     1.33 of the Security Instrument designated by Maker and approved by Payee
     in its sole discretion. Such successor entity shall execute an assumption
     agreement in form and substance satisfactory to Payee in its sole
     discretion pursuant to which it shall assume Maker's obligations under this
     Note and the Defeasance Security Agreement. As conditions to such
     assignment and assumption, Maker shall (x) deliver to Payee an opinion of
     counsel in form and substance and delivered by counsel satisfactory to a
     prudent lender stating, among other things, that such assumption agreement
     is enforceable against Maker and such successor entity in accordance with
     its terms and that this Note and the Defeasance Security Agreement, as so
     assumed, are enforceable against such successor entity in accordance with
     their respective terms, and (y) pay all costs and expenses (including, but
     not limited to, legal fees) incurred by Payee or its agents in connection
     with such assignment and assumption (including, without limitation, the
     review of the proposed transferee and the preparation of the assumption
     agreement and related documentation). Upon such assumption, Maker shall be
     relieved of its obligations hereunder, under the other Loan Documents other
     than as specified in Section 1.7(d)(i)(C)(7) above and under the Defeasance
     Security Agreement.

     1.8 Security. The indebtedness evidenced by this Note and the obligations
created hereby are secured by, among other things, the Security Instrument. All
of the terms and provisions of the Loan Documents are incorporated herein by
reference. Some of the Loan Documents are to be filed for record on or about the
date hereof in the appropriate public records.

                ARTICLE II -- OPTIONAL PREPAYMENT DATE PROVISIONS

     2.1 Optional Prepayment Determination Date. The following subsections shall
apply from and after the Optional Prepayment Determination Date:

     (a)  [Reserved].

     (b) For the calendar year in which the Optional Prepayment Determination
Date occurs and for each calendar year thereafter, Maker shall submit to Payee
for Payee's written approval an annual budget (an "Annual Budget") not later
than (i) the Optional Prepayment Determination Date for the calendar year in
which the Optional Prepayment Determination occurs and (ii) sixty (60) days
prior to the commencement of each calendar year thereafter, in form satisfactory
to Payee setting forth in reasonable detail budgeted monthly operating income
and monthly operating capital and other expenses for the Mortgaged Property.
Each Annual Budget shall contain, among other things, limitations on management
fees, third party service fees and other expenses as Maker may reasonably
determine. Payee

<PAGE>

shall have the right to approve such Annual Budget and in the event that Payee
objects to the proposed Annual Budget submitted by Maker, Payee shall advise
Maker of such objections within fifteen (15) days after receipt thereof (and
deliver to Maker a reasonably detailed description of such objections) and Maker
shall, within three (3) days after receipt of notice of any such objections,
revise such Annual Budget and resubmit the same to Payee. Payee shall advise
Maker of any objections to such revised Annual Budget within ten (10) days after
receipt thereof (and deliver to Maker a reasonably detailed description of such
objections) and Maker shall revise the same in accordance with the process
described in this subsection until Payee approves an Annual Budget, provided,
however, that if Payee shall not advise Maker of its objections to any proposed
Annual Budget within the applicable time period set forth in this subsection,
then such proposed Annual Budget shall be deemed approved by Payee. Each such
Annual Budget approved by Payee in accordance with terms hereof shall
hereinafter be referred to as an "Approved Annual Budget." Until such time that
Payee approves a proposed Annual Budget, the most recently Approved Annual
Budget shall apply; provided, that such Approved Annual Budget shall be adjusted
to reflect actual increases in real estate taxes, insurance premiums and
utilities expenses.

     (c) In the event that Maker must incur an extraordinary operating expense
or capital expense not set forth in the Annual Budget (an "Extraordinary
Expense"), then Maker shall promptly deliver to Payee a reasonably detailed
explanation of such proposed Extraordinary Expense for Payee's approval.

     (d) For the purposes of this Note, "Cash Expenses" shall mean, for any
period, the operating expenses for the operation and maintenance of the
Mortgaged Property as set forth in an Approved Annual Budget to the extent that
such expenses are actually incurred by Maker excluding payments into the Impound
Account and expenses for which Maker shall be reimbursed from, or which shall be
paid for out of, any such account or reserve.

     (e) Notwithstanding the other provisions of this Section 2.1, in the event
that, prior to the Optional Prepayment Determination Date, Maker delivers to
Payee either (i) a written commitment (the "Commitment") for the refinancing of
the loan evidenced by this Note from a Qualified Institutional Lender (as
hereinafter defined), which reasonably provides for the consummation of such
refinance prior to the Optional Prepayment Date or (ii) other evidence in form
and substance satisfactory to Payee in its sole determination of Maker's ability
to refinance the loan evidenced by this Note prior to the Optional Prepayment
Date, then, solely in either such event, the terms of Section 2.1(a), (b), (c)
and (d) of this Note shall be inoperative, provided, however, that upon (x) the
failure of such refinance to be consummated in accordance with the terms of the
Commitment or such other evidence, as applicable, (y) the termination of the
Commitment for any reason or (z) any adverse change in circumstances with
respect to Maker or any principals of Maker, the Mortgaged Property, the
proposed lender or otherwise, as determined by Payee in its sole determination,
which, in Payee's reasonable judgment, significantly decreases the likelihood of
such refinance being consummated prior to the Optional Prepayment Date, the
terms of Section 2.1(a), (b), (c) and (d) of this Note shall immediately become
operative and Maker shall immediately comply with any of the terms thereof
which, except for the operation of this subsection (e), Maker would theretofore
have been obligated to comply. "Qualified Institutional Lender" shall mean a
financial institution or other lender with a long term credit rating which is
not less than investment grade. The determination of whether the conditions set
forth in clause (i) or (ii) above, shall be made and notice of such
determination shall be delivered to Maker, within ten (10) business days
following Payee's receipt of the items set forth in such clauses.

     2.2 Failure to Prepay On or Before Optional Prepayment Date. In the event
that Maker does not prepay the entire principal balance of this Note and any
other amounts outstanding under this Note or any of the other Loan Documents on
or prior to the Optional Prepayment Date, the provisions of Section 2.1(b), (c)
and (d) as set forth above shall remain in full force and effect, and the
following subsections also shall apply:

     (a) From and after the Optional Prepayment Date, interest shall accrue on
the unpaid principal balance from time to time outstanding under this Note at
the Revised Interest Rate. Interest accrued at the Revised Interest Rate and not
paid pursuant to this Section 2.2 shall be deferred and added to the principal
balance of this Note and shall earn interest at the Revised Interest Rate to the
extent permitted by applicable law (such accrued interest is hereinafter
referred to as "Accrued Interest"). All of the unpaid principal balance of this
Note, including, without limitation, any Accrued Interest, shall be due and
payable on the Extended Maturity Date.

     (b) Maker shall be obligated to pay, and Payee shall collect from the Rent
Account (as defined in the Security Instrument) to the extent of funds on
deposit in such account, on the Optional Prepayment Date and on the

<PAGE>

eleventh (11th) day of each calendar month thereafter to and including the
Extended Maturity Date the following payments from Rents (as defined in the
Security Instrument) received on or before such day in the listed order of
priority:

          (i) First, the payment of the Monthly Payment Amount with interest
     computed at the Fixed Interest Rate;

          (ii) Second, payments to the Impound Account (as defined in the
     Security Instrument) in accordance with the terms and conditions of the
     Security Instrument;

          (iii) [Reserved];

          (iv) Fourth, payments for monthly Cash Expenses, less management fees
     payable to affiliates of Maker, pursuant to the terms and conditions of the
     related Approved Annual Budget;

          (v) Fifth, payment for Extraordinary Expenses approved by Payee, if
     any;

          (vi) Sixth, payments to Payee of the balance of the funds then on
     deposit in the Rent Account to be applied to (x) any other amounts due
     under the Loan Documents, (y) Accrued Interest and (z) the reduction of the
     outstanding principal balance of this Note until such principal balance is
     paid in full in whatever proportion and priority as Payee may determine.

     (c) Nothing in this Article II shall limit, reduce or otherwise affect
Maker's obligations to make payments of the Monthly Payment Amount (including
interest on the Note as provided in Section 1.3 hereof) payments to the Impound
Account and payments of other amounts due hereunder and under the other Loan
Documents, whether or not Rents (as defined in the Security Instrument) are
available to make such payments.

                             ARTICLE III -- DEFAULT

     3.1 Events of Default. It is hereby expressly agreed that should any
default occur in the payment of principal or interest as stipulated above and
such payment is not made on the date such payment is due, or should any other
default not cured within any applicable grace or notice period occur under any
other Loan Document, then an event of default (an "Event of Default") shall
exist hereunder, and in such event the indebtedness evidenced hereby, including
all sums advanced or accrued hereunder or under any other Loan Document, and all
unpaid interest accrued thereon, shall, at the option of Payee and without
notice to Maker, at once become due and payable and may be collected forthwith,
whether or not there has been a prior demand for payment and regardless of the
stipulated date of maturity.

     3.2 Late Charges. In the event that any payment is not received by Payee on
the date when due, then, in addition to any default interest payments due
hereunder, Maker shall also pay to Payee a late charge in an amount equal to
five percent (5%) of the amount of such overdue payment.

     3.3 Default Interest Rate. So long as any Event of Default exists
hereunder, regardless of whether or not there has been an acceleration of the
indebtedness evidenced hereby, and at all times after maturity of the
indebtedness evidenced hereby (whether by acceleration or otherwise), interest
shall accrue on the outstanding principal balance of this Note, from the date
due until the date credited, at a rate per annum equal to four percent (4%) in
excess of the Note Rate, or, if such increased rate of interest may not be
collected under applicable law, then at the maximum rate of interest, if any,
which may be collected from Maker under applicable law (the "Default Interest
Rate"), and such default interest shall be immediately due and payable.

     3.4 Maker's Agreements. Maker acknowledges that it would be extremely
difficult or impracticable to determine Payee's actual damages resulting from
any late payment or default, and such late charges and default interest are
reasonable estimates of those damages and do not constitute a penalty. The
remedies of Payee in this Note or in the Loan Documents, or at law or in equity,
shall be cumulative and concurrent, and may be pursued singly, successively or
together, in Payee's discretion.

<PAGE>

     3.5 Maker to Pay Costs. In the event that this Note, or any part hereof, is
collected by or through an attorney-at-law, Maker agrees to pay all costs of
collection, including, but not limited to, reasonable attorneys' fees actually
incurred.

     3.6 Exculpation. Notwithstanding anything in this Note or the Loan
Documents to the contrary, but subject to the qualifications hereinbelow set
forth, Payee agrees that:

     (a) Maker shall be liable upon the indebtedness evidenced hereby and for
the other obligations arising under the Loan Documents to the full extent (but
only to the extent) of the security therefor, the same being all properties
(whether real or personal), rights, estates and interests now or at any time
hereafter securing the payment of this Note and/or the other obligations of
Maker under the Loan Documents (collectively, the "Security Property");

     (b) if a default occurs in the timely and proper payment of all or any part
of such indebtedness evidenced hereby or in the timely and proper performance of
the other obligations of Maker under the Loan Documents, any judicial
proceedings brought by Payee against Maker shall be limited to the preservation,
enforcement and foreclosure, or any thereof, of the liens, security titles,
estates, assignments, rights and security interests now or at any time hereafter
securing the payment of this Note and/or the other obligations of Maker under
the Loan Documents, and no attachment, execution or other writ of process shall
be sought, issued or levied upon any assets, properties or funds of Maker other
than the Security Property, except with respect to the liability described below
in this section; and

     (c) in the event of a foreclosure of such liens, security titles, estates,
assignments, rights or security interests securing the payment of this Note
and/or the other obligations of Maker under the Loan Documents, no judgment for
any deficiency upon the indebtedness evidenced hereby shall be sought or
obtained by Payee against Maker, except with respect to the liability described
below in this section; provided, however, that, notwithstanding the foregoing
provisions of this section, Maker shall be fully and personally liable and
subject to legal action(i) for proceeds paid under any insurance policies (or
paid as a result of any other claim or cause of action against any person or
entity) by reason of damage, loss or destruction to all or any portion of the
Security Property, to the full extent of such proceeds not previously delivered
to Payee, but which, under the terms of the Loan Documents, should have been
delivered to Payee, (ii) for proceeds or awards resulting from the condemnation
or other taking in lieu of condemnation of all or any portion of the Security
Property, to the full extent of such proceeds or awards not previously delivered
to Payee, but which, under the terms of the Loan Documents, should have been
delivered to Payee, (iii) for all tenant security deposits or other refundable
deposits paid to or held by Maker or any other person or entity in connection
with leases of all or any portion of the Security Property which are not applied
in accordance with the terms of the applicable lease or other agreement, (iv)
for rent and other payments received from tenants under leases of all or any
portion of the Security Property paid more than one (1) month in advance, (v)
for rents, issues, profits and revenues of all or any portion of the Security
Property received or applicable to a period after the occurrence of any Event of
Default hereunder or under the Loan Documents, which are not either applied to
the ordinary and necessary expenses of owning and operating the Security
Property or paid to Payee, (vi) for waste committed on the Security Property,
damage to the Security Property as a result of the intentional misconduct or
gross negligence of Maker or any of its principals, officers, general partners
or members, any guarantor, any indemnitor, or any agent or employee of any such
person, or any removal of all or any portion of the Security Property in
violation of the terms of the Loan Documents, to the full extent of the losses
or damages incurred by Payee on account of such occurrence, (vii) for failure to
pay any valid taxes, assessments, mechanic's liens, materialmen's liens or other
liens which could create liens on any portion of the Security Property which
would be superior to the lien or security title of the Security Instrument or
the other Loan Documents, to the full extent of the amount claimed by any such
lien claimant except, with respect to any such taxes or assessments, to the
extent that funds have been deposited with Payee pursuant to the terms of the
Security Instrument specifically for the applicable taxes or assessments and not
applied by Payee to pay such taxes and assessments, (viii) for all obligations
and indemnities of Maker under the Loan Documents relating to hazardous or toxic
substances or radon or compliance with environmental laws and regulations to the
full extent of any losses or damages (including, but not limited to, those
resulting from diminution in value of any Security Property) incurred by Payee
as a result of the existence of such hazardous or toxic substances or radon or
failure to comply with environmental laws or regulations and (ix) for fraud,
material misrepresentation or failure to disclose a material fact by Maker or
any of its principals, officers, general partners or members, any guarantor, any
indemnitor or any agent, employee or other person authorized or apparently
authorized to make statements, representations or disclosures on behalf of
Maker, any principal, officer, general partner or member of Maker, any guarantor
or any indemnitor, to the full extent of any losses, damages and expenses of
Payee on account thereof.

<PAGE>

     References herein to particular sections of the Loan Documents shall be
deemed references to such sections as affected by other provisions of the Loan
Documents relating thereto. Nothing contained in this section shall (1) be
deemed to be a release or impairment of the indebtedness evidenced by this Note
or the other obligations of Maker under the Loan Documents or the lien of the
Loan Documents upon the Security Property, or (2) preclude Payee from
foreclosing the Loan Documents in case of any default or from enforcing any of
the other rights of Payee except as stated in this section, or (3) limit or
impair in any way whatsoever (A) any Indemnity and Guaranty Agreements (the
"Indemnity Agreements") or (B) the Environmental Indemnity Agreement (the
"Environmental Indemnity Agreement"), executed and delivered in connection with
the indebtedness evidenced by this Note or release, relieve, reduce, waive or
impair in any way whatsoever, any obligation of any party to the Indemnity
Agreements or the Environmental Indemnity Agreement.

     Notwithstanding the foregoing, the agreement of Payee not to pursue
recourse liability as set forth in subsection (c) above SHALL BECOME NULL AND
VOID and shall be of no further force and effect (i) in the event of a default
by Maker or Indemnitor (as defined in the Security Instrument) of any of the
covenants set forth in Section 1.13 or Section 1.33 of the Security Instrument,
or (ii) if the Security Property or any part thereof shall become an asset in
(A) a voluntary bankruptcy or insolvency proceeding of Maker, or (B) an
involuntary bankruptcy or insolvency proceeding of Maker which is not dismissed
within sixty (60) days of filing.

     Notwithstanding anything to the contrary in this Note, the Security
Instrument or any of the other Loan Documents, Payee shall not be deemed to have
waived any right which Payee may have under Section 506(a), 506(b), 1111(b) or
any other provisions of the U.S. Bankruptcy Code to file a claim for the full
amount of the indebtedness evidenced hereby or secured by the Security
Instrument or any of the other Loan Documents or to require that all collateral
shall continue to secure all of the indebtedness owing to Payee in accordance
with this Note, the Security Instrument and the other Loan Documents.

                        ARTICLE IV -- GENERAL CONDITIONS

     4.1 No Waiver; Amendment. No failure to accelerate the indebtedness
evidenced hereby by reason of default hereunder, acceptance of a partial or past
due payment, or indulgences granted from time to time shall be construed (i) as
a novation of this Note or as a reinstatement of the indebtedness evidenced
hereby or as a waiver of such right of acceleration or of the right of Payee
thereafter to insist upon strict compliance with the terms of this Note, or (ii)
to prevent the exercise of such right of acceleration or any other right granted
hereunder or by any applicable laws; and Maker hereby expressly waives the
benefit of any statute or rule of law or equity now provided, or which may
hereafter be provided, which would produce a result contrary to or in conflict
with the foregoing. No extension of the time for the payment of this Note or any
installment due hereunder made by agreement with any person now or hereafter
liable for the payment of this Note shall operate to release, discharge, modify,
change or affect the original liability of Maker under this Note, either in
whole or in part, unless Payee agrees otherwise in writing. This Note may not be
changed orally, but only by an agreement in writing signed by the party against
whom enforcement of any waiver, change, modification or discharge is sought.

     4.2 Waivers. Presentment for payment, demand, protest and notice of demand,
protest and nonpayment and all other notices are hereby waived by Maker. Maker
hereby further waives and renounces, to the fullest extent permitted by law, all
rights to the benefits of any moratorium, reinstatement, marshaling,
forbearance, valuation, stay, extension, redemption, appraisement, exemption and
homestead now or hereafter provided by the Constitution and laws of the United
States of America and of each state thereof, both as to itself and in and to all
of its property, real and personal, against the enforcement and collection of
the obligations evidenced by this Note or the other Loan Documents.

     4.3 Limit of Validity. The provisions of this Note and of all agreements
between Maker and Payee, whether now existing or hereafter arising and whether
written or oral, including, but not limited to, the Loan Documents, are hereby
expressly limited so that in no contingency or event whatsoever, whether by
reason of demand or acceleration of the maturity of this Note or otherwise,
shall the amount contracted for, charged, taken, reserved, paid or agreed to be
paid ("Interest") to Payee for the use, forbearance or detention of the money
loaned under this Note exceed the maximum amount permissible under applicable
law. If, from any circumstance whatsoever, performance or fulfillment of any
provision hereof or of any agreement between Maker and Payee shall, at the time
performance or fulfillment of such provision shall be due, exceed the limit for
Interest prescribed by law or otherwise transcend the limit of validity
prescribed by applicable law, then, ipso facto, the obligation to be performed
or fulfilled shall be reduced to such limit,

<PAGE>

and if, from any circumstance whatsoever, Payee shall ever receive anything of
value deemed Interest by applicable law in excess of the maximum lawful amount,
an amount equal to any excessive Interest shall be applied to the reduction of
the principal balance owing under this Note in the inverse order of its maturity
(whether or not then due), in which event no prepayment fee or premium shall be
due, or, at the option of Payee, be paid over to Maker, and not to the payment
of Interest. All Interest (including any amounts or payments judicially or
otherwise under the law deemed to be Interest) contracted for, charged, taken,
reserved, paid or agreed to be paid to Payee shall, to the extent permitted by
applicable law, be amortized, prorated, allocated and spread throughout the full
term of this Note, including any extensions and renewals hereof until payment in
full of the principal balance of this Note so that the Interest thereon for such
full term will not exceed at any time the maximum amount permitted by applicable
law. To the extent United States federal law permits a greater amount of
interest than is permitted under the law of the State in which the Security
Property is located, Payee will rely on United States federal law for the
purpose of determining the maximum amount permitted by applicable law.
Additionally, to the extent permitted by applicable law now or hereafter in
effect, Payee may, at its option and from time to time, implement any other
method of computing the maximum lawful rate under the law of the State in which
the Security Property is located or under other applicable law by giving notice,
if required, to Maker as provided by applicable law now or hereafter in effect.
This Section 4.3 will control all agreements between Maker and Payee.

     4.4 Use of Funds. Maker hereby warrants, represents and covenants that no
funds disbursed hereunder shall be used for personal, family or household
purposes.

     4.5 Unconditional Payment. Maker is and shall be obligated to pay
principal, interest and any and all other amounts which become payable hereunder
or under the other Loan Documents absolutely and unconditionally and without any
abatement, postponement, diminution or deduction and without any reduction for
counterclaim or setoff. In the event that at any time any payment received by
Payee hereunder shall be deemed by a court of competent jurisdiction to have
been a voidable preference or fraudulent conveyance under any bankruptcy,
insolvency or other debtor relief law, then the obligation to make such payment
shall survive any cancellation or satisfaction of this Note or return thereof to
Maker and shall not be discharged or satisfied with any prior payment thereof or
cancellation of this Note, but shall remain a valid and binding obligation
enforceable in accordance with the terms and provisions hereof, and such payment
shall be immediately due and payable upon demand.

     4.6 GOVERNING LAW. THIS NOTE SHALL BE INTERPRETED, CONSTRUED AND ENFORCED
ACCORDING TO THE LAWS OF THE STATE IN WHICH THE SECURITY PROPERTY IS LOCATED.

     4.7 WAIVER OF JURY TRIAL. MAKER, TO THE FULL EXTENT PERMITTED BY LAW,
HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF
COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY
RELATING TO THE DEBT EVIDENCED BY THIS NOTE OR ANY CONDUCT, ACT OR OMISSION OF
PAYEE OR MAKER, OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, PARTNERS,
MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH
PAYEE OR MAKER, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT,
TORT OR OTHERWISE.

     4.8 Secondary Market. Payee may sell, transfer and deliver the Loan
Documents to one or more investors in the secondary mortgage market. In
connection with such sale, Payee may retain or assign responsibility for
servicing the loan evidenced by this Note or may delegate some or all of such
responsibility and/or obligations to a servicer, including, but not limited to,
any subservicer or master servicer, on behalf of the investors. All references
to Payee herein shall refer to and include, without limitation, any such
servicer, to the extent applicable.

     4.9 Dissemination of Information. If Payee determines at any time to sell,
transfer or assign this Note, the Security Instrument and the other Loan
Documents, and any or all servicing rights with respect thereto, or to grant
participations therein (the "Participations") or issue mortgage pass-through
certificates or other securities evidencing a beneficial interest in a rated or
unrated public offering or private placement (the "Securities"), Payee may
forward to each purchaser, transferee, assignee, servicer, participant,
investor, or their respective successors in such Participations and/or
Securities (collectively, the "Investor") or any Rating Agency rating such
Securities, each

<PAGE>

prospective Investor and each of the foregoing's respective counsel, all
documents and information which Payee now has or may hereafter acquire relating
to the debt evidenced by this Note and to Maker, any guarantor, any indemnitor
and the Security Property, which shall have been furnished by Maker, any
guarantor or any indemnitor as Payee determines necessary or desirable.

ARTICLE V -- MISCELLANEOUS PROVISIONS

     5.1 Miscellaneous. The terms and provisions hereof shall be binding upon
and inure to the benefit of Maker and Payee and their respective heirs,
executors, legal representatives, successors, successors-in-title and assigns,
whether by voluntary action of the parties or by operation of law. As used
herein, the terms "Maker" and "Payee" shall be deemed to include their
respective heirs, executors, legal representatives, successors,
successors-in-title and assigns, whether by voluntary action of the parties or
by operation of law. If Maker consists of more than one person or entity, each
shall be jointly and severally liable to perform the obligations of Maker under
this Note. All personal pronouns used herein, whether used in the masculine,
feminine or neuter gender, shall include all other genders; the singular shall
include the plural and vice versa. Titles of articles and sections are for
convenience only and in no way define, limit, amplify or describe the scope or
intent of any provisions hereof. Time is of the essence with respect to all
provisions of this Note. This Note and the other Loan Documents contain the
entire agreements between the parties hereto relating to the subject matter
hereof and thereof and all prior agreements relative hereto and thereto which
are not contained herein or therein are terminated.

     5.2 Maker's Tax Identification Number is 20-1676647.

             [THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

          IN WITNESS WHEREOF, Maker has executed this Note as of the date first
     written above.

                                        MAKER:

                                        COLE AS MACON GA, LLC,
                                        a Delaware limited liability company

                                        By: Cole REIT Advisors II, LLC,
                                            a Delaware limited liability
                                            company, its manager

                                        By: /s/ John M. Pons
                                            ------------------------------------
                                            John M. Pons, Senior Vice President
<PAGE>

                                   Schedule A

                                   LOAN TERMS

<TABLE>
<S>                                                  <C>
Original Principal Amount                            $3,478,000.00
Note Rate % (Per Annum)                              5.690%
Original Amortization Term (Months)                  999
Monthly Payment Amount (Excluding IO Period)         $16,491.52
Note Date                                            1/6/2006
First Pay Date                                       2/11/2006
Original Loan Term (Months)                          120
Scheduled Maturity Date                              1/11/2016
Interest Accrual Basis During Amortization Periods   ACTUAL/360
Interest Only (IO) Periods (Months)                  120
Interest Accrual Basis During IO Period              ACTUAL/360
</TABLE>

COLE AS MACON, GA 502854483

<TABLE>
<CAPTION>
                                                       INTEREST       PRINCIPAL
                          ACCRUAL                    COMPONENT OF    COMPONENT OF   ENDING UNPAID
                          DAYS IN     SCHEDULED       SCHEDULED       SCHEDULED       PRINCIPAL
PAY PERIOD    PAY DATE     PERIOD      PAYMENT         PAYMENT         PAYMENT         BALANCE
----------   ----------   -------   -------------   -------------   -------------   -------------
<S>          <C>          <C>       <C>             <C>             <C>             <C>
      0       1/11/2006        5    $        0.00   $    2,748.60   $        0.00   $3,478,000.00
      1       2/11/2006       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
      2       3/11/2006       28    $   15,392.08   $   15,392.08   $        0.00   $3,478,000.00
      3       4/11/2006       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
      4       5/11/2006       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
      5       6/11/2006       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
      6       7/11/2006       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
      7       8/11/2006       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
      8       9/11/2006       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
      9      10/11/2006       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     10      11/11/2006       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     11      12/11/2006       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     12       1/11/2007       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     13       2/11/2007       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     14       3/11/2007       28    $   15,392.08   $   15,392.08   $        0.00   $3,478,000.00
     15       4/11/2007       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     16       5/11/2007       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     17       6/11/2007       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     18       7/11/2007       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     19       8/11/2007       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     20       9/11/2007       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     21      10/11/2007       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     22      11/11/2007       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
</TABLE>

<PAGE>

<TABLE>
<S>          <C>          <C>       <C>             <C>             <C>             <C>
     23      12/11/2007       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     24       1/11/2008       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     25       2/11/2008       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     26       3/11/2008       29    $   15,941.80   $   15,941.80   $        0.00   $3,478,000.00
     27       4/11/2008       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     28       5/11/2008       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     29       6/11/2008       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     30       7/11/2008       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     31       8/11/2008       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     32       9/11/2008       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     33      10/11/2008       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     34      11/11/2008       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     35      12/11/2008       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     36       1/11/2009       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     37       2/11/2009       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     38       3/11/2009       28    $   15,392.08   $   15,392.08   $        0.00   $3,478,000.00
     39       4/11/2009       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     40       5/11/2009       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     41       6/11/2009       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     42       7/11/2009       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     43       8/11/2009       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     44       9/11/2009       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     45      10/11/2009       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     46      11/11/2009       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     47      12/11/2009       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     48       1/11/2010       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     49       2/11/2010       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     50       3/11/2010       28    $   15,392.08   $   15,392.08   $        0.00   $3,478,000.00
     51       4/11/2010       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     52       5/11/2010       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     53       6/11/2010       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     54       7/11/2010       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     55       8/11/2010       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     56       9/11/2010       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     57      10/11/2010       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     58      11/11/2010       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     59      12/11/2010       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     60       1/11/2011       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     61       2/11/2011       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     62       3/11/2011       28    $   15,392.08   $   15,392.08   $        0.00   $3,478,000.00
     63       4/11/2011       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     64       5/11/2011       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     65       6/11/2011       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     66       7/11/2011       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     67       8/11/2011       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     68       9/11/2011       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     69      10/11/2011       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     70      11/11/2011       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
</TABLE>

<PAGE>

<TABLE>
<S>          <C>          <C>       <C>             <C>             <C>             <C>
     71      12/11/2011       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     72       1/11/2012       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     73       2/11/2012       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     74       3/11/2012       29    $   15,941.80   $   15,941.80   $        0.00   $3,478,000.00
     75       4/11/2012       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     76       5/11/2012       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     77       6/11/2012       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     78       7/11/2012       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     79       8/11/2012       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     80       9/11/2012       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     81      10/11/2012       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     82      11/11/2012       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     83      12/11/2012       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     84       1/11/2013       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     85       2/11/2013       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     86       3/11/2013       28    $   15,392.08   $   15,392.08   $        0.00   $3,478,000.00
     87       4/11/2013       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     88       5/11/2013       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     89       6/11/2013       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     90       7/11/2013       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     91       8/11/2013       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     92       9/11/2013       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     93      10/11/2013       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     94      11/11/2013       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     95      12/11/2013       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
     96       1/11/2014       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     97       2/11/2014       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
     98       3/11/2014       28    $   15,392.08   $   15,392.08   $        0.00   $3,478,000.00
     99       4/11/2014       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
    100       5/11/2014       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
    101       6/11/2014       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
    102       7/11/2014       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
    103       8/11/2014       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
    104       9/11/2014       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
    105      10/11/2014       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
    106      11/11/2014       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
    107      12/11/2014       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
    108       1/11/2015       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
    109       2/11/2015       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
    110       3/11/2015       28    $   15,392.08   $   15,392.08   $        0.00   $3,478,000.00
    111       4/11/2015       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
    112       5/11/2015       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
    113       6/11/2015       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
    114       7/11/2015       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
    115       8/11/2015       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
    116       9/11/2015       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
    117      10/11/2015       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
    118      11/11/2015       31    $   17,041.23   $   17,041.23   $        0.00   $3,478,000.00
</TABLE>

<PAGE>

<TABLE>
<S>          <C>          <C>       <C>             <C>             <C>             <C>
    119      12/11/2015       30    $   16,491.52   $   16,491.52   $        0.00   $3,478,000.00
    120       1/11/2016       31    $3,495,041.23   $   17,041.23   $3,478,000.00   $        0.00
    120                    3,652    $5,485,567.14   $2,007,567.14   $3,478,000.00
</TABLE>

<PAGE>

AUTO DRAFT INFORMATION

     If you would like to sign up for our automatic payment drafting service,
     fill out and return the enclosed authorization form along with a voided
     check and mail to the address listed below. Please continue to send your
     monthly payments until you receive written confirmation that the auto-draft
     service has begun. You will receive written notification confirming your
     auto-draft setup and first auto-draft date within 7 business days of the
     15th of the month submitted.

     NOTE: REQUESTS MUST BE RECEIVED BY THE 15TH TO BE SET UP FOR THE FOLLOWING
     MONTH.

      Wachovia Securities
      Attention: Customer Service Department
      8739 Research Drive - URP4
      Charlotte, NC 28288-1075

<PAGE>

(WACHOVIA SECURITIES LOGO)

AUTO DRAFT FORM

I hereby request and authorize Wachovia Bank, National Association, doing
business as Wachovia Securities ("Wachovia Securities"), to draft my account
specified below made payable to the order of Wachovia Securities located in
Charlotte, NC, provided there are sufficient funds in said account to pay the
same upon presentation. I agree that your rights in respect to each such draft
shall be the same as if it were a check drawn on Wachovia Securities and signed
personally by me. This authorization is to remain in effect until revoked by me
in writing and until Wachovia Securities actually receives such notice. I agree
that Wachovia Securities shall be fully protected in honoring any such drafts.

LOAN NUMBER _________________________   NAME OF BORROWING ENTITY _______________
Wachovia Loan # (9 digits)              Borrower Name

BANK'S ROUTING NUMBER FROM CHECK __________   ACCOUNT # TO BE DRAFTED __________
Bank Routing Number (9 digits)                Bank Account # (from check)

NAME OF BANK TO BE DRAFTED __________   LOCATION OF THE BANK ___________________
Name of Bank                            City and State

                  PLEASE INCLUDE A VOIDED CHECK WITH THIS FORM

J.L. Smith                                                       Date __________
1000

          S.R. Smith
          1234 Sample Street
          Any Where, USA 12345

PAY TO THE
ORDER OF _________________________________________________ $ ___________________

__________________________________________________________ DOLLARS

Memo ___________________________________________________________________________

: 000000000 :   10000001234567   1000

ROUTING #       ACCOUNT #

BORROWER'S SIGNATURE ________________   BORROWER'S NAME ________________________
Authorized Signature                    Print Name
(as it appears on bank documents)

                                        TODAY'S DATE ___________________________
                                        Date

DAY OF MONTH PAYMENT WILL DRAFT __________   BORROWER'S FAX NUMBER _____________
Draft Date (Payment due date)                Fax #

TERMS AND CONDITIONS

EFFECTIVE DATE OF DRAFT: The draft will occur on the payment due date, unless
otherwise agreed upon by borrower and servicer. The borrower will receive a
confirmation letter to insure auto-draft set-up and to confirm draft date.

REVOCATION OF THIS AUTHORITY: The authority of Wachovia Securities to transfer
funds from the borrowers account will not cease until Wachovia Securities
receives written notification revoking this authorization agreement. Wachovia
Securities must receive this notice at least 15 days prior to the date on which
you wish the arrangement to end.

DISHONOR: Wachovia Securities shall be under no liability whatsoever if a
transfer of funds cannot be made, whether or not such failure is caused by the
act of omission of the borrower.

INSUFFICIENT FUNDS: If the automatic withdrawal is returned due to insufficient
funds both Wachovia Securities and the borrower's financial institution may
assess a fee.

ERRORS: The borrower has the right to have the amount of any incorrect deduction
immediately corrected by the borrower's financial institution provided the
borrower sends the appropriate notice to the financial institution.

AMOUNT OF DRAFT: Wachovia Securities will withdraw the amount of the current
monthly receivable. This amount may vary due to escrow analyses, interest rate
changes or reserve requirements as applicable.

ACH ROUTING NUMBER: Please contact the financial institution from which the
money will be drafted for this information.

Wachovia Securities is the trade name under which Wachovia Corporation conducts
its investment banking, capital markets and institutional securities business
through First Union Securities, Inc. ("FUSI"), Member NYSE, NASD, SIPC, and
through other bank and non-bank and broker-dealer subsidiaries of Wachovia
Corporation.<PAGE>

                                                                   Exhibit 10.37

                              REAL ESTATE CONTRACT

     This Contract is entered into by and between DB-KS, LLC., a Kansas limited
liability company ("Seller") and SERIES C, LLC, an Arizona limited liability
company, or its nominee or assigns ("Buyer"). The "Effective Date" of this
Contract is the last date upon which both Buyer and Seller have executed this
Contract.

     1. Purchase and Sale. Seller hereby agrees to sell and convey and Buyer
agrees to purchase the real property and all improvements to be constructed
thereon consisting of a DAVID'S BRIDAL STORE building situated at 9310-9320
MARSHALL DRIVE, LENEXA, JOHNSON COUNTY, KANSAS, together with all and singular
the rights and appurtenances pertaining to the property, and all right, title
and interest of Seller in and to any equipment related to and attached to the
building owned by Seller, and any parking, adjacent streets, easements, and
rights of way (collectively the "Property"), and Seller's interest in that
certain Lease Agreement ("Lease") with DAVID'S BRIDAL, INC. ("Tenant"), upon the
terms and conditions set forth herein. The Property shall also include all of
Seller's interest, to the extent transferable, in all permits and licenses,
warranties (specifically including, without limitation, the general contractor's
construction warranty with respect to construction of improvements at the
Property and any warranty related to the roof of the building located at the
Property), contractual rights and intangibles (including
architectural/engineering plans) with respect to the operation, maintenance,
repair or improvement of the Property. The Property is legally described as
follows:

     LOT 2, CROSSROADS OF LENEXA, A SUBDIVISION IN THE CITY OF LENEXA, JOHNSON
     COUNTY, KANSAS

     2. Purchase Price. The Purchase Price for the Property shall be
$3,280,000.00, and shall be paid as follows:

          (a) Buyer agrees to deliver to and deposit with Chicago Title
Insurance Company, 106 West 11th Street, Suite 1800, Kansas City, Missouri
64105, Attention: Bonnie Vestal (the "Escrow Holder") the amount of $50,000.00
as an earnest money deposit ("Deposit") within five (5) business days of the
Effective Date. The Deposit shall be applied to the Purchase Price at Closing or
delivered to the party entitled to receive it pursuant to the terms of this
Contract. Buyer may instruct the Escrow Holder to deposit the Deposit in an
interest bearing account and shall be entitled to all accumulated interest. The
parties agree that Fidelity National Title Insurance Company, 40 N. Central
Avenue, Suite 2850, Phoenix, Arizona 85004, Attention: Ms. Mary Garcia (the
"Title Company") shall act as title company with respect to this transaction and
that the Closing shall occur through Title Company.

          (b) The balance of the Purchase Price shall be paid in cash and
delivered at Closing.

     3. Seller's Representations and Warranties. Seller makes the following
representations and warranties to Buyer which shall survive the Closing:

          (a) Seller is a limited liability company in good standing under the
laws of the State of Kansas, and the person executing this Contract on behalf of
Seller is authorized to do so under the agreements governing the operation of
Seller's business.

          (b) Seller is not a foreign person selling property as described in
the Foreign Investment in Real Property Tax Act ("FIRPTA") and agrees to deliver
an affidavit at Closing reflecting that Seller is not such a foreign person and
provide Seller's tax identification number ("Tax Affidavit").

          (c) The improvements on the Property shall be completed in a good and
workmanlike manner, lien free, in accordance with the requirements of the Lease
and the requirements of governmental authorities.

<PAGE>

          (d) To Seller's actual knowledge, no notice of violation has been
issued to and received by Seller with regard to any applicable regulation,
ordinance, requirement, covenant, condition or restriction relating to the
present use or occupancy of the Property by any person, authority or agency
having jurisdiction.

          (e) To Seller's actual knowledge there are no suits or claims pending
or threatened with respect to or in any manner affecting the Property, nor does
Seller have actual knowledge of any circumstances which should or could
reasonably form the basis for any such suits or claims which have not been
disclosed in writing to Buyer by Seller.

          (f) This transaction will not in any way violate any other agreements
to which Seller is a party, and no consent of any third party is required in
order for Seller to enter into this Contract and perform Seller's obligations
hereunder.

          (g) Without conducting any independent inquiry or investigations,
Seller has no actual knowledge that there exists or has existed, and Seller
itself has not caused any generation, production, location, transportation,
storage, treatment, discharge, disposal, release or threatened release upon,
under or about the Property of any Hazardous Materials. "Hazardous Materials"
shall mean any flammables, explosives, radioactive materials, hazardous wastes,
hazardous and toxic substances or related materials, asbestos or any material
containing asbestos (including, without limitation, vinyl asbestos tile), or any
other substance or material, defined as a "hazardous substance" by any federal,
state, or local environmental law, ordinance, rule or regulation including,
without limitation, the Federal Comprehensive Environmental Response
Compensation and Liability Act of 1980, as amended, the Federal Hazardous
Materials Transportation Act, as amended, the Federal Resource Conservation and
Recovery Act, as amended, and the rules and regulations adopted and promulgated
pursuant to each of the foregoing.

          (h) To Seller's actual knowledge, there is not now, nor has there ever
been, on or in the Property underground storage tanks, any asbestos-containing
materials or any polychlorinated biphenyls, including those used in hydraulic
oils, electric transformers, or other equipment. Seller hereby assigns to Buyer,
effective as of Closing, all claims, counterclaims, defenses, or actions,
whether at common law, or pursuant to any other applicable federal or state or
other laws which Seller may have against any third parties relating to the
existence of any Hazardous Materials in, at, on, under or about the Property
(including Hazardous Materials released on the Property prior to Closing and
continuing in existence on the Property at Closing.

          (i) Should Seller receive notice or knowledge of any information
regarding any of the matters set forth in this Section 3 after the Effective
Date and prior to Closing, Seller will immediately notify Buyer of the same in
writing.

          All representations made in this Contract by Seller shall survive the
execution and delivery of this Contract and Closing for a period of six (6)
months.

          Except as set forth above in this Section 3 and as otherwise
specifically represented in this Contract, the Property shall be conveyed
"AS-IS" and "WHERE-IS" AND SELLER EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OR
GUARANTIES, OF ANY KIND, ORAL OR WRITTEN, EXPRESS OR IMPLIED, CONCERNING THE
VALUE, CONDITION, MERCHANTABILITY, MARKETABILITY, PROFITABILITY, ENFORCEABILITY,
OR FITNESS OF THE PROPERTY OR THE LEASE.

     4. Seller's Documents. (a) Seller shall, as soon as possible and not later
than FIFTEEN (15) days from the date this Contract is executed by Buyer, at
Seller's expense, deliver to Buyer legible, accurate and complete copies of the
following which are in Seller's possession (the "Delivery Items"): The Lease; a
standard form ALTA Owner's Title Commitment ("Title Commitment") covering the
Property and issued by the Title Company along with copies of all documents
referred to as exceptions therein; any existing surveys and site plans of the
Property; any environmental report; any existing soil reports in Seller's
possession or control. After completion of construction, Seller agrees to
deliver to Buyer the following: any engineering reports, architectural reports
and reviews, construction drawings, final

<PAGE>

plans and specifications, and a certificate of occupancy.

     (b) Upon substantial completion of the improvements on the Property, Seller
shall deliver to Buyer an ALTA as-built survey ("Survey") of the Property and
improvements. The Survey shall by certified to Seller, Buyer and the Title
Company, incorporate the Title Commitment and Buyer's survey requirements and
form of certification attached hereto as EXHIBIT F and made a part hereof, and
(i) plat and identify all easements, boundaries, restrictions, set-backs,
utilities, parking (but not the number of parking spaces), improvements,
driveways, streets, rights of way, and curb cuts, (ii) show thereon a legal
description of the Property, (iii) disclose whether the Property is in a flood
plain, (iv) show the total square feet of the Property, and (v) provide
recording information for all recorded documents, and (v) otherwise be in
sufficient detail to allow Buyer to remove the standard exceptions for surveys
in the title policy.

     5. The Lease. (a) Seller shall perform (i) all obligations of the Landlord
under the Lease to be performed on or before the Closing, and (ii) all of
Seller's Construction Obligations (hereinafter defined) to be performed before
or after the Closing Date; and Seller shall indemnify and hold Buyer harmless
from and against all costs, expenses, claims, demands and liabilities which (1)
accrue or arise prior to the Closing Date under the Lease, and (2) accrue or
arise at any time, before or after the Closing Date, from any failure to perform
Seller's Construction Obligations. Buyer shall perform all obligations of the
Landlord under the Lease to be performed after the Closing Date except Seller's
Construction Obligations, and Buyer shall indemnify and hold Seller harmless
from and against all costs, expenses, claims, demands and liabilities which
accrue or arise after the Closing Date under the Lease except those which accrue
or arise from any failure to perform Seller's Construction Obligations.

          (b) All obligations of the Landlord under the Lease relating to
construction, completion and delivery to the Tenant of the building and all
other improvements to be constructed by the Landlord under the Lease
(collectively, the "Improvements") and delivery to Tenant of
construction-related items are herein collectively called "Seller's Construction
Obligations." Seller shall be solely responsible, at Seller's sole cost and
expense, for performance and completion of Seller's Construction Obligations,
whether performed or to be performed before or after the Closing Date. Seller
covenants and agrees with Buyer that Seller will diligently and timely perform
all of Seller's Construction Obligations and will pay all costs and expenses
thereof.

          (c) As soon as possible after completion of the Improvements, Seller
shall deliver to Buyer and the Title Company, final, unconditional lien waivers
for all work and materials incorporated into the Improvements and such other
documentation as may be reasonably required by Escrow Agent to allow for the
deletion of the mechanics' lien exception from the Title Policy (defined below).

          (d) Seller agrees to assign all construction warranties to Buyer.

     6. Title Insurance. Buyer shall deliver to Seller its written objections to
any matters shown or indicated in the Title Commitment or the existing survey
prior to expiration of the Due Diligence Period. Items identified in the Title
Commitment or the Survey but not objected to in a timely manner shall be deemed
"Permitted Exceptions" (defined hereafter). Seller shall have until Closing to
remove all such defects or objections to Buyer's reasonable satisfaction. If the
Title Commitment is amended to include new exceptions that are not set forth in
a prior Title Commitment, Buyer shall have until the later of (i) the expiration
of the Due Diligence Period, or (ii) the date SEVEN (7) DAYS after Buyer's
receipt of the amended Title Commitment and copies of the documents identified
in the new exceptions or new requirements, within which to deliver to Seller its
written objections to any such new exceptions. Seller shall notify Buyer in
writing within FIVE (5) DAYS after receiving Buyer's written objections if
Seller does not intend to remove (or endorse over) any such objection. Seller's
lack of response shall be deemed as Seller's refusal to remove the objectionable
exceptions (or obtain title insurance endorsements over said objections, if
acceptable to Buyer) prior to Closing. In the event Seller is unable or
unwilling to cure or remove such objections to Buyer's reasonable satisfaction
prior to or at Closing, Buyer may, at its option, terminate this Contract and
receive a full refund of the Deposit or waive its objections and proceed to
Closing. Effective as of the date and time of recording of the Deed, there shall
be issued to Buyer by the Title Company an extended coverage ALTA Owner's Title
Insurance Policy

<PAGE>

(the "Title Policy") in the amount of the Purchase Price. The Title Policy shall
insure good and marketable fee simple title to the Property. The Title Policy
shall contain as exceptions to title only those matters approved or waived by
Buyer ("Permitted Exceptions"). The costs and expenses of the standard coverage
Title Policy shall be paid by Seller and Buyer shall be responsible for the
additional cost of an extended coverage policy and for all endorsements.

     7. Due Diligence Period. In addition to Seller's performance of its
obligations, including the delivery of all documents at Closing, Buyer's
obligation to purchase the Property is subject to Buyer's satisfaction in its
sole discretion with all inspections, the condition of the Property, the Lease,
and any other matters pertaining to the Property (other than Seller's
Construction Obligations), by no later than THIRTY (30) DAYS after the later of
(i) Buyer's receipt of the Delivery Items, and (ii) the Effective Date (the "Due
Diligence Period"). In the event Buyer fails to deliver its written notice of
acceptance of the Property at any time at or before 5:00 p.m. Phoenix, Arizona
time on the last day of the Due Diligence Period, this Contract shall be deemed
to be terminated and Buyer shall receive a return of its Deposit. In the event
Buyer does notify Seller in writing of its acceptance of the Property prior to
expiration of the Due Diligence Period, the Deposit shall be non-refundable,
subject to Seller's performance of its obligations herein and except as
otherwise specifically set forth in this Contract. In the event either party
terminates this Contract pursuant to the rights under this Contract, Buyer shall
return all Delivery Items to Seller.

     8. Additional Conditions Precedent. Buyer's obligation to purchase the
Property and pay the Purchase Price is expressly conditioned upon (a) the
Improvements being completed in accordance with all requirements of the Lease,
(b) Tenant accepting the Leased Premises, (c) Tenant paying its first month of
base rent under the Lease, (d) no later than THIRTY (30) DAYS prior to Closing,
Tenant executing and delivering to Seller and Buyer an estoppel certificate in
form and substance reasonably acceptable to Buyer, naming Buyer (or its
designee) and Wachovia Bank, National Association as addressees, and without
identifying any remaining unfinished punch list items unless Seller agrees to
escrow 125% of the estimated completion costs of such items and diligently
completes same after Closing (the "Tenant Estoppel Certificate"); and (e) no
later than FIVE (5) BUSINESS DAYS prior to Closing, Tenant executing and
delivering to Seller and Buyer a subordination, non-disturbance and attornment
agreement, in form and substance reasonably acceptable to Tenant, for the
benefit of Wachovia Bank, National Association.

     9. Closing. This Contract shall close on or before (a) THIRTY (30) DAYS
after expiration of the Due Diligence Period, and (b) satisfaction of the
conditions described in Section 8 above, or such earlier date as may be agreed
upon by the parties ("Closing Date"). Buyer may extend the Closing Date an
additional ten (10) days upon delivery of written notice to Seller and Title
Company prior to the original Closing Date and by depositing an additional
non-refundable $50,000.00 Deposit (which shall make the entire $100,000.00
non-refundable, subject to Seller's performance of its obligations). Seller
agrees to provide Buyer with at least ten (10) days written notice of
satisfaction of all conditions to Closing. The Closing shall occur in escrow at
the Title Company. Seller and Buyer shall equally share all escrow fees and
closing costs but Buyer shall be fully responsible for all fees and expenses in
connection with its lender and recording the deed, and Seller shall be fully
responsible for the costs of releasing all monetary liens, judgments, and other
encumbrances that are to be released and of recording such releases. Each party
shall be responsible for and shall pay for its own legal fees. At Closing:

          (a) Seller shall deliver to Buyer the following, and Buyer's
obligations to perform under this Contract and to close escrow are expressly
subject to delivery of same:

               (i) A Special Warranty Deed in the form attached hereto as
Exhibit A (the "Deed"), duly executed and acknowledged by Seller, conveying fee
simple title to Buyer free and clear of any lien, encumbrance or exception other
than the matters of record, the Lease, unpaid taxes and assessments not yet due
and payable, all matters visible upon physical inspection, and matters disclosed
by an accurate survey. Seller shall not attach the Permitted Exceptions to the
Deed nor warrant that the exceptions disclosed in the title commitment are the
only matters of record.

               (ii) A Bill of Sale and Assignment in the form attached hereto as
Exhibit B (the "Bill of Sale") acceptable to Buyer and Seller (but without
recourse or warranty) duly executed and acknowledged by Seller,

<PAGE>

conveying to Buyer all personalty, permits and construction warranties, if any.

               (iii) An assignment of Seller's interest as landlord in and to
the Lease in the form attached hereto as Exhibit C (the "Lease Assignment") duly
executed and acknowledged by Seller.

               (iv) The Title Policy.

               (vi) Possession of the Property subject to the Tenant's rights
under the Lease.

               (vi) The original Lease.

               (vii) Mechanic's lien and extended coverage affidavit of Seller.

               (viii) The FIRPTA Tax Affidavit.

               (ix) Notice letter to Tenant advising of the sale and authorizing
rent to be paid to Buyer after Closing.

               (x) Copies of all completed construction drawings, building
plans, architectural drawings, warranties, and relevant information pertaining
to the Property in Seller's possession.

               (xi) The Tenant Estoppel Certificate.

               (xii) The delivery by Seller to Buyer at Closing of all security
deposits and pre-paid/abated rents under the Lease, if any, in the form of a
credit in favor of Buyer against the Purchase Price.

               (xiii) The delivery by Seller to Buyer of the Certificate of
Occupancy for the improvements located at the Property.

               (xiv) The delivery by Seller to Buyer of an architect's affidavit
in the form attached hereto as Exhibit D.

               (xv) The delivery of the SEC Filing Information (as hereinafter
defined) and the SEC Filings Letter (as hereinafter defined) by Seller to Buyer
not less than FIVE (5) DAYS prior to Closing.

               If the foregoing conditions have not been satisfied by the
specified date or Closing and such failure continues for five (5) days after
written notice to Seller, then Buyer shall have the right, at Buyer's sole
option, by giving written notice to Seller and Title Company, to cancel this
Contract, whereupon the Deposit shall be paid immediately by Title Company to
Buyer and, except as otherwise provided in this Contract, neither of the parties
shall have any further liability or obligation under this Contract.

          (b) Buyer shall deliver to Seller the following:

               (i) The consideration required pursuant to Section 2 above, in
cash or by Buyer's certified or cashier's check in U.S. funds available
immediately to Seller.

               (ii) The Lease Assignment, duly executed and acknowledged by
Buyer.

     10. Entry on Property. Subject to the rights of Tenant, Buyer, its agents,
employees, and representatives, are hereby granted the right to immediately
enter on all or any portion of the Property for the purpose of making any
structural, mechanical, engineering, geological, ecological, environmental,
soil, surveying, or other inspections, tests, or work as Buyer, in its
discretion, may deem necessary or appropriate. Buyer agrees to indemnify and
hold Seller harmless

<PAGE>

for all liabilities, damages and claims arising out of injury to persons or
property as a result of Buyer's inspection. Buyer's obligations hereunder shall
survive termination and Closing of this Contract.

     11. Prorations and Taxes. Rental income, real property taxes, installments
of current year special assessments, utility charges and other operating income
or expenses shall be prorated to the Closing, based upon actual days involved.
Seller shall be responsible for all taxes, installments of special assessments,
and any other charges and shall receive all income accruing from the Property
for any period prior to the date of Closing. Buyer shall be responsible for all
taxes, installments of special assessments, and any other charges and shall
receive all income accruing from the Property as of the date of Closing and for
any period after the date of Closing. The parties agree to make a good faith and
equitable allocation of all income and expenses and other charges addressed in
the Lease at least ten (10) days prior to Closing, and such allocation shall be
reflected on the closing statement to be agreed upon and signed by the parties
at Closing. If after Closing, the parties discover any errors in adjustments and
apportionments or additional information becomes available which would render
the closing prorations materially inaccurate, the same shall be corrected as
soon after their discovery as possible. The provision of this Section 11 shall
survive Closing except that no adjustment shall be made later than TWO (2)
MONTHS after Closing unless prior to such date the party seeking the adjustment
shall have delivered a written notice to the other party specifying the nature
and basis for such claim. In the event that such claim is valid, the party
against whom the claim is sought shall have TEN (10) DAYS in which to remit any
adjustment due. If escrow fails to close because of Seller's default, Seller
shall be liable for any cancellation charges of Title Company. If escrow fails
to close because of Buyer's default, Buyer shall be liable for any cancellation
charges of Title Company. If escrow fails to close for any other reason, Seller
and Buyer shall each be liable for one-half of any cancellation charges of Title
Company.

     12. Notices. All notices, deliveries or other communications required or
permitted to be given hereunder shall be in writing and shall be faxed, hand
delivered, mailed by registered or certified mail, postage prepaid, or sent by
overnight delivery service, to the following addresses:

Seller: DB-KS, LLC              Buyer:   Series C, LLC
        128 S. Dellrose                  2555 E. Camelback Road, Suite 400
        Wichita, Kansas 67218            Phoenix, Arizona 85016
        Attn: Thomas W. Boyd             Attn: Legal Department
        Fax #: (316) 685-9898            Fax #: 602-778-8780

                                Copy to: Bennett Wheeler Lytle & Cartwright, PLC
                                         3838 N. Central Ave., Suite 1120
                                         Phoenix, Arizona 85012
                                         Attn: J. Craig Cartwright
                                         Fax #: 602-266-9119

     13. Brokers. The parties each represent and warrant to the other that no
real estate broker, salesman or finder has been involved in this transaction
except for JEFF BERG OF CB RICHARD ELLIS (Seller's broker). Seller shall be
responsible for payment of the real estate commission at Closing pursuant to a
separate agreement with the Seller's broker. If any other claim for brokerage
fees in connection with this transaction is made by any broker, salesman or
finder claiming to have dealt through or on behalf of one of the parties hereto,
such party shall indemnify, defend and hold harmless the other party hereunder
from and against all liabilities, damages, claims, costs, fees and expenses
whatsoever with respect to said claim for brokerage fees. THE PRINCIPALS OF
SELLER ARE REAL ESTATE BROKERS LICENSED IN THE STATE OF KANSAS.

     14. Risk of Loss. As between Buyer (and its assigns) and Seller, all risk
of loss shall be borne by Seller until the date of Closing. Seller agrees to
give Buyer prompt written notice of any fire or other casualty affecting the
Property between the date hereof and Closing or of any actual or threatened
taking or condemnation of all or any portion of the Property. If prior to the
Closing there shall occur any such damage, or actual or threatened taking or
condemnation, then in any such event Buyer may at its option terminate this
Contract by notice to Seller within TWENTY

<PAGE>

(20) DAYS after Buyer has received the notice referred to above or at the
Closing, whichever is earlier. If Buyer does not so elect to terminate this
Contract, then the Closing shall take place as provided herein without abatement
of the Purchase Price, and there shall be assigned to Buyer at the Closing all
of Seller's interest in and to all insurance proceeds or condemnation award.

     15. Default and Remedies. If Seller defaults hereunder, Buyer may (a)
terminate this Contract by written notice delivered to Seller at or prior to the
Closing, whereupon the Deposit shall immediately be returned to Buyer, or (b)
pursue an action for specific performance against Seller. Notwithstanding the
foregoing, if specific performance is unavailable as a remedy to Buyer because
of Seller's affirmative acts which constitute a default herein, Buyer shall be
entitled to pursue damages against Seller in an amount not to exceed $50,000. If
Buyer defaults hereunder, Seller, as Seller's sole and exclusive remedy for such
default, shall be entitled to terminate this Contract by notice to Buyer and
retain Buyer's Deposit, it being agreed between Buyer and Seller that such sum
shall be liquidated damages for a default of Buyer hereunder because of the
difficulty, inconvenience, and the uncertainty of ascertaining actual damages
for such default. If either Buyer or Seller obtains a judgment against the other
party, reasonable attorney's fees incurred by the prevailing party, as fixed by
the court, shall be included in such judgment and paid by the non-prevailing
party.

     16. Exchange. Each party hereby consents to the other party including this
transaction as part of a tax deferred exchange under Section 1031 of the
Internal Revenue Code and agrees to reasonably cooperate with the other party,
at no cost to the cooperating party, including the execution of any standard
notices and consent forms required by law, provided such forms shall not, in the
reasonable estimation of the non-exchanging party, expand or increase any
obligations or liabilities of such non-exchanging party hereunder. The parties
acknowledge and agree that assigning its rights to a third party intermediary
for purposes of effecting the exchange shall not release such party of its
obligations hereunder.

     17. Assignment. Buyer may assign its rights under this Contract to an
affiliate of Buyer without seeking or obtaining Seller's consent. Such
assignment shall not become effective until the assignee executes an instrument
whereby such assignee expressly assumes each of the obligations of Buyer under
this Contract, including specifically, without limitation, all obligations
concerning the Deposit. Buyer may also designate someone other than Buyer, as
grantee and/or assignee, under the conveyance documents by providing written
notice of such designation at least FIVE (5) DAYS prior to Closing. No
assignment shall release or otherwise relieve Buyer from any obligations
hereunder.

     18. Miscellaneous. This Contract shall be construed and governed in
accordance with the laws of the State of Kansas. All the parties to this
Contract have participated fully in the negotiation and preparation hereof; and
accordingly, this Contract shall not be more strictly construed against any one
of the parties hereto. In the event any term or provision of this Contract is
determined by an appropriate judicial authority to be illegal or otherwise
invalid, such provision shall be construed as such authority determines, and the
remainder of this Contract shall be construed to be in full force and effect. In
construing this Contract, the singular shall be held to include the plural, the
plural shall be held to include the singular, the use of any gender shall be
held to include every other and all genders, and captions and paragraph headings
shall be disregarded. All exhibits attached hereto are incorporated in, and made
a part of, this Contract. This Contract constitutes the entire understanding and
agreement between the parties, and there are no understandings, agreements,
representations or warranties except as specifically set forth herein. This
Contract may not be changed, altered or modified except by an instrument in
writing signed by the party against whom enforcement such change would be
sought. This Contract shall be binding upon the parties hereto and their
respective successors and assigns. Time is of the essence of this Contract. All
obligations hereunder which by their nature or by any provision of this Contract
involve performance after the Closing Date, shall survive the Closing and
delivery of the Deed. In the event Buyer assigns this Contract to another party,
Buyer shall remain obligated to perform its obligations hereunder.

     19. SEC S-X 3-14 Audit. Seller acknowledges that Buyer may elect to assign
all of its right, title and interest in and to this Contract to a publicly
registered company ("Registered Company") promoted by Buyer. In the event
Buyer's assignee under this Contract is a Registered Company, such Registered
Company will be required to make certain filings with the U.S. Securities and
Exchange Commission required under SEC Rule S-X 3-14 (the

<PAGE>

"SEC Filings") that relate to the most recent pre-acquisition fiscal year (the
"Audited Year") for the Property. To assist the Registered Company with the
preparation of the SEC Filings, Seller agrees to provide Buyer with financial
information regarding the Property for the Audited Year requested by Buyer
and/or Buyer's auditors. Such information may include, but is not limited to,
bank statements, operating statements, general ledgers, cash receipts schedules,
invoices for expenses and capital improvements, insurance documentation, and
accounts receivable aging related to the Property ("SEC Filing Information").
Seller shall deliver the SEC Filing Information requested by Buyer prior to the
expiration of the Due Diligence Period, and Seller agrees to cooperate with
Buyer and Buyer's auditors regarding any inquiries by Buyer or Buyer's auditors
following receipt of such information, including delivery by Seller of an
executed representation letter prior to Closing in form and substance requested
by Buyer's auditors ("SEC Filings Letter"). A sample SEC Filings Letter is
attached to the Purchase Contract as Exhibit E; however, Buyer's auditors may
require additions and/or revisions to such letter following review of the SEC
Filing Information provided by Seller. Seller consents to the disclosure of the
SEC Filing Information in any SEC Filings by the Registered Company. Buyer shall
reimburse Seller for Seller's reasonable costs associated with providing the SEC
Filing Information. The provisions of this Section 19 shall survive the Closing
for a period of one (1) year. Buyer shall be solely responsible for all
reasonable costs incurred by Seller in preparing such documentation and shall
provide Seller with adequate notice and opportunity to review and prepare such
information and documentation, and shall provide Seller with reasonable
assistance and counsel in preparing such documentation.

IN WITNESS WHEREOF, THE PARTIES HAVE EXECUTED THIS CONTRACT ON THE DATE SHOWN
BELOW. THIS CONTRACT MAY BE SIGNED IN MULTIPLE COUNTERPART ORIGINALS.

                                        DB-KS, LLC

                                        By /s/ Thomas W. Boyd
                                           -------------------------------------
                                           Thomas W. Boyd, Member

                                        Date: 10-11-05

                                        SERIES C, LLC

                                        By /s/ John M. Pons
                                           -------------------------------------
                                           John M. Pons, Authorized Officer

                                        Date: October 11, 2005

<PAGE>

                     FIRST AMENDMENT TO REAL ESTATE CONTRACT

     This First Amendment to Real Estate Contract (this "Amendment") is
effective as of the 25th day of October, 2005, by and between SERIES C, LLC, as
Buyer, and DB-KS, LLC, as Seller, and provides as follows:

     WHEREAS, Buyer and Seller entered into that certain Real Estate Contract,
effective as of October 11, 2005 (the "Agreement"), with respect to the improved
property located at 9310-9320 MARSHALL DRIVE, LENEXA, JOHNSON COUNTY, KANSAS;
and

     WHEREAS, Seller and Buyer desire to amend the Agreement to revise the
Purchase Price of the Property and the definition of Closing. All capitalized
terms used herein shall have the meaning given to them in the Agreement.

     NOW, THEREFORE, the parties agree as follows:

     1. The Purchase Price set forth in Section 2 of the Agreement is hereby
revised from "$3,280,000.00" to "$3,270,000.00".

     2. The first sentence of Section 9 of the Agreement is hereby amended and
restated as follows:

          "This Contract shall close on or before the later to occur of the
     following: (a) JANUARY 5, 2006, and (b) satisfaction of the conditions
     described in Section 8 above ("Closing Date")."

     3. Except as provided herein, all terms and conditions of the Agreement
shall remain in full force and effect.

     4. This Amendment shall inure to the benefit of and shall be binding upon
the parties hereto and their respective successors and assigns.

     5. The parties agree that this Amendment may be executed by the parties in
one or more counterparts and each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment
effective as of the date set forth above.

BUYER:                                  SERIES C, LLC

                                        By: /s/ John M. Pons
                                            ------------------------------------
                                            John M. Pons
                                        Its: Authorized Officer

SELLER:                                 DB-KS, LLC

                                        By: /s/ Thomas W. Boyd
                                            ------------------------------------
                                            Thomas W. Boyd, Member

<PAGE>

                    SECOND AMENDMENT TO REAL ESTATE CONTRACT

     This Second Amendment to Real Estate Contract (this "Amendment") is
effective as of the 16th day of November, 2005, by and between SERIES C, LLC, as
Buyer, and DB-KS, LLC, as Seller, and provides as follows:

     WHEREAS, Buyer and Seller entered into that certain Real Estate Contract,
effective as of October 11, 2005, as amended by that certain First Amendment to
Real Estate Contract dated as of October 25, 2005 (the "Agreement"), with
respect to the improved property located at 9310-9320 MARSHALL DRIVE, LENEXA,
JOHNSON COUNTY, KANSAS; and

     WHEREAS, Seller and Buyer desire to amend the Agreement to revise the
expiration date of the Due Diligence Period. All capitalized terms used herein
shall have the meaning given to them in the Agreement.

     NOW, THEREFORE, the parties agree as follows:

     1. The first sentence of Section 7 of the Agreement is hereby amended and
restated as follows:

          "In addition to Seller's performance of its obligations, including the
     delivery of all documents at Closing, Buyer's obligation to purchase the
     Property is subject to Buyer's satisfaction in its sole discretion with all
     inspections, the condition of the Property, the Lease, and any other
     matters pertaining to the Property (other than Seller's Construction
     Obligations), by no later than NOVEMBER 23, 2005 (the "Due Diligence
     Period")."

     2. Except as provided herein, all terms and conditions of the Agreement
shall remain in full force and effect.

     3. This Amendment shall inure to the benefit of and shall be binding upon
the parties hereto and their respective successors and assigns.

     4. The parties agree that this Amendment may be executed by the parties in
one or more counterparts and each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment
effective as of the date set forth above.

BUYER:                                  SERIES C, LLC

                                        By: /s/ John M. Pons
                                            ------------------------------------
                                            John M. Pons
                                        Its: Authorized Officer

SELLER:                                 DB-KS, LLC

                                        By: /s/ Thomas W. Boyd
                                            ------------------------------------
                                            Thomas W. Boyd, Member

<PAGE>

                       ASSIGNMENT OF REAL ESTATE CONTRACT

                              DB-KS, LLC, AS SELLER
                                       AND
                             SERIES C, LLC, AS BUYER

     ASSIGNOR, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, does hereby assign all of its right, title and
interest in that certain Real Estate Contract ("Purchase Agreement") described
herein, to ASSIGNEE and its successors and assigns. The Purchase Agreement is
described as follows:

     DATE OF AGREEMENT: October 11, 2005

     ORIGINAL BUYER:    Series C, LLC

     ASSIGNED TO:       Cole DB Lenexa KS, LLC

     PROPERTY ADDRESS:  9310-9320 Marshall Drive, Lenexa, Kansas

     ASSIGNOR acknowledges that it is not released from any and all obligations
or liabilities under said Purchase Agreement with the exception of the earnest
money deposit which is currently in escrow.

     ASSIGNEE hereby agrees to assume and be responsible for all obligations and
liabilities under said Purchase Agreement. This Assignment shall be in full
force and effect upon its full execution.

     Executed this 10th day of January, 2006.

ASSIGNOR:                               ASSIGNEE:

SERIES C, LLC,                          COLE DB LENEXA KS, LLC,

                                        By: COLE REIT ADVISORS II, LLC,
                                            its Manager

By: /s/ John M. Pons                    By: /s/ John M. Pons
    ---------------------------------       ------------------------------------
    John M. Pons                            John M. Pons
    Authorized Officer                      Senior Vice President

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