Document:

exv10w15

 

Exhibit 10.15

CONTRIBUTION AGREEMENT

BY AND AMONG

Asset Capital Corporation, L.L.C.

a Delaware limited liability company

as Contributor and Managing Member

AND

Asset Capital Corporation, Inc.

a Maryland Corporation,

as Acquirer

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE I THE CONTRIBUTIONS	 	 	1	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	1.1	 	 	 	 	Contribution of Membership Interest
	 	 	1	 
	 

	 	 	1.2	 	 	 	 	Consideration
	 	 	1	 
	 

	 	 	1.3	 	 	 	 	Registration Rights
	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE II REPRESENTATIONS, WARRANTIES AND COVENANTS	 	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	2.1	 	 	 	 	Representations and Warranties of Acquirer
	 	 	2	 
	 

	 	 	2.2	 	 	 	 	Representations and Warranties of Contributors
	 	 	4	 
	 

	 	 	2.3	 	 	 	 	Representations and Warranties of Managing Member
	 	 	6	 
	 

	 	 	2.4	 	 	 	 	Covenants of Acquirer
	 	 	13	 
	 

	 	 	2.5	 	 	 	 	Covenants of Managing Member
	 	 	13	 
	 

	 	 	2.6	 	 	 	 	Covenants of Contributors
	 	 	14	 
	 

	 	 	2.7	 	 	 	 	Covenants Regarding Certain Tax Returns and Tax Information
	 	 	15	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE III CONDITIONS PRECEDENT TO THE CLOSING	 	 	16	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	3.1	 	 	 	 	Conditions to Acquirer’s Obligations
	 	 	16	 
	 

	 	 	3.2	 	 	 	 	Conditions to Contributors’ Obligations
	 	 	17	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE IV CLOSING AND CLOSING DOCUMENTS	 	 	17	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	4.1	 	 	 	 	Closing
	 	 	17	 
	 

	 	 	4.2	 	 	 	 	Contributors’ Deliveries
	 	 	17	 
	 

	 	 	4.3	 	 	 	 	Acquirer’s Deliveries
	 	 	18	 
	 

	 	 	4.4	 	 	 	 	Managing Member’s Deliveries
	 	 	19	 
	 

	 	 	4.5	 	 	 	 	Fees and Expenses; Closing Costs
	 	 	19	 
	 

	 	 	4.6	 	 	 	 	Adjustments
	 	 	19	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE V MISCELLANEOUS	 	 	20	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	5.1	 	 	 	 	Notices
	 	 	20	 
	 

	 	 	5.2	 	 	 	 	Entire Agreement; Modifications and Waivers; Cumulative Remedies
	 	 	21	 
	 

	 	 	5.3	 	 	 	 	Exhibits
	 	 	21	 
	 

	 	 	5.4	 	 	 	 	Successors and Assigns
	 	 	21	 
	 

	 	 	5.5	 	 	 	 	Article Headings
	 	 	22	 
	 

	 	 	5.6	 	 	 	 	Governing Law
	 	 	22	 
	 

	 	 	5.7	 	 	 	 	Counterparts
	 	 	22	 
	 

	 	 	5.8	 	 	 	 	Failure to Close
	 	 	22	 
	 

	 	 	5.9	 	 	 	 	Survival
	 	 	22	 
	 

	 	 	5.10	 	 	 	 	Severability
	 	 	22	 
	 

	 	 	5.11	 	 	 	 	Attorneys’ Fees
	 	 	22	 

 

 

EXHIBITS

	 	 	 
	A

	 	Assignment and Assumption Agreement
	B

	 	Subscription Agreement
	C

	 	Disclosure Schedule
	D

	 	FIRPTA Certificate for Entity Contributor
	E

	 	FIRPTA Certificate for Individual Contributor

 

 

CONTRIBUTION AGREEMENT

     THIS CONTRIBUTION AGREEMENT (this “Agreement”) is made as of this 23rd day of June,
2005 by and between the signatories to this Agreement, each an individual or entity as set forth on
their respective signature page ( the “Contributors”); and Asset Capital Corporation, Inc.,
a Maryland corporation (“Acquirer”).

RECITALS

     A. Twelve Oaks Investment LLC, a Delaware limited liability company (the “LLC”) is the
owner of certain land located at 1450, 1500 and 1550 Research Boulevard in Rockville, Maryland (the
“Land”) and the office buildings and related improvements located thereon (the
“Improvements”), which Land and Improvements (collectively, the “Property”) are
more commonly known as the Twelve Oaks property.

     B. The Contributors are the record and beneficial owners of a certain percentage of
membership interests in the LLC (the “Membership Interests”), such percentage interest of
which is stated on each Contributor’s respective signature page attached hereto (the
“Contributor’s Share”). Each Contributor desires to contribute all of its Membership
Interests to Acquirer, on the terms and conditions hereinafter set forth.

     C. Acquirer desires to acquire the Membership Interests from the Contributors, on the terms
and conditions hereinafter set forth.

AGREEMENT

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

ARTICLE I

THE CONTRIBUTIONS

     1.1 Contribution of Membership Interest. Each Contributor agrees to contribute,
transfer, assign and convey all of its Membership Interests to Acquirer, and Acquirer agrees to
acquire and accept transfer of the Membership Interests pursuant to the terms and conditions set
forth in this Agreement. The Membership Interest shall be transferred to Acquirer free and clear
of any and all liens, encumbrances, security interests, prior assignments or conveyances,
conditions, restrictions, voting agreements, claims, and any other matters affecting title thereto
other than as stated in or pursuant to the LLC’s operating agreement (the “LLC Operating
Agreement”).

     1.2 Consideration. The total consideration (the “Consideration”) for which
each Contributor agrees to contribute and assign the Membership Interests to Acquirer, and which
Acquirer agrees to pay or deliver to the Contributors, subject to the terms of this Agreement,
shall be either (i) the issuance to each Contributor of a number of shares of common stock of
Acquirer (“Shares”) equal to (a) the amount of Sale Proceeds, as such term is defined in
the LLC Operating Agreement, that such Contributor would be entitled to receive pursuant to Section
6.2

 

 

of the LLC Operating Agreement upon a hypothetical sale of the Property for a sale price of
$1,100,105 (the “Sale Price”), (b) divided by $10, which represents the expected price
per share at which the common stock, $0.001 par value per share, (the “Common Stock”) of
the Acquirer is being offered in the private placement of Common Stock that is described in the
preliminary offering memorandum (the “Preliminary Offering Memorandum”) dated as of May 31,
2005 (the “Securities Offering”); provided, however that in the event the above-mentioned
calculation results in the Contributor receiving fractional shares, no fractional shares of Common
Stock will be issued and each Contributor that is entitled to receive a fractional share shall
instead receive a cash payment equal to the dollar amount of any such fractional share, (ii) cash
equal to the amount of Sale Proceeds, as such term is defined in the LLC Operating Agreement, that
Contributor would be entitled to receive pursuant to Section 6.2 of the LLC Operating Agreement
upon a hypothetical sale of the Property for the Sale Price or (iii) a combination of cash and
shares of Common Stock equal to the Sale Proceeds. Each Contributor’s form of Consideration (i.e.,
Shares, cash or a combination thereof) and estimated amount of Consideration are stated on such
Contributor’s respective signature page attached hereto. On the Closing Date (as defined below),
the Consideration described above shall be delivered to each Contributor. The certificates
evidencing the Shares, if any, will bear appropriate legends indicating that the Shares have not
been registered under the Securities Act of 1933, as amended (the “Securities Act”).

     1.3 Registration Rights. Each Contributor that receives Shares as all or part of its
consideration will be a beneficiary of the registration rights agreement entered into between the
Acquirer and Friedman, Billings, Ramsey & Co., Inc. in connection with the Securities Offering (the
“Registration Rights Agreement”). Each Contributor agrees to be bound by the terms and
provisions of the registration rights agreement as if the same has been duly executed by the
Contributor. A form of the registration rights agreement is attached as Annex V of the Preliminary
Offering Memorandum related to the Securities Offering.

ARTICLE II

REPRESENTATIONS, WARRANTIES AND COVENANTS

     2.1 Representations and Warranties of Acquirer. Acquirer hereby represents and
warrants unto the Contributors that the following statements are true, correct, and complete in all
material respects as of the date of this Agreement and will be true, correct, and complete in all
material respects as of the Closing Date:

          (a) Organization and Power. Acquirer is a corporation duly organized and validly
existing under the laws of the State of Maryland, and has full right, power, and authority to
conduct its business as presently proposed to be conducted, to enter into this Agreement and to
assume and perform all of its obligations under this Agreement; and the execution and delivery of
this Agreement and the performance by Acquirer of its obligations under this Agreement have been
duly authorized by all requisite action of Acquirer and require no further action or approval of
Acquirer or of any other individuals or entities to constitute this Agreement as a binding and
enforceable obligation of Acquirer, assuming due authorization, execution and delivery of this

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Agreement by each of the Contributors, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditor’s rights generally, and by
general principles of equity. Acquirer is duly qualified to do business and is in good standing in
each jurisdiction where such qualification is required.

          (b) Noncontravention. None of the entry into, the performance of, or the compliance
with, this Agreement by Acquirer has resulted, or will result, in any violation of, default under,
or the acceleration of, any obligation under the Acquirer’s articles of amendment and restatement,
amended and restated bylaws, or any mortgage, indenture, lien agreement, note, contract, permit,
judgment, decree, order, restrictive covenant, statute, rule, or regulation applicable to Acquirer.

          (c) Litigation. The Acquirer has not received any notice of, and there is no action,
suit, claim, litigation, investigation or proceeding, pending or known to be threatened, against or
affecting Acquirer or its assets and properties in any court or before any arbitrator or before any
federal, state, municipal, or other governmental department, commission, board, bureau, agency or
instrumentality which (i) in any manner raises any question affecting the validity or
enforceability of this Agreement, (ii) would reasonably be expected to materially and adversely
affect the business, financial position, or results of operations (a “Material Adverse
Effect”) of Acquirer, or (iii) would reasonably be expected to materially and adversely affect
the ability of Acquirer to perform its obligations hereunder, or under any document to be delivered
pursuant hereto.

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

          (e) Shares Validly Issued. The Acquirer has authorized 200,000,000 shares of Common
Stock and 50,000,000 shares of preferred stock. The Shares, when issued, will have been duly and
validly authorized and issued, free of any preemptive or similar rights, and fully paid and
nonassessable.

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

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

          (g) Brokerage Commission. Acquirer has not engaged the services of, nor has it or
will it or the Contributors become liable to, any real estate agent, broker, finder or any other
person or entity for any brokerage or finder’s fee, commission or other amount with respect to the
transactions described herein on account of any action by Acquirer. Acquirer hereby agrees to
indemnify and hold the Contributors and their employees, directors, members, partners, affiliates
and agents, if applicable, harmless against any claims, liabilities, damages or expenses arising
out of a breach of this Section 2.1(g). This indemnification shall survive Closing or any
termination of this Agreement.

          (h) No Material Misrepresentations. This Section 2.1 does not, as of the date of this
Agreement, contain an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements in this Section 2.1, in the light of the circumstances
under which they were made, not misleading.

          (i) Compliance with Laws. The Acquirer is not in violation of any law or statute or
any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory
authority, except for any such default or violation that could not reasonably be expected to have a
Material Adverse Effect.

     2.2 Representations and Warranties of Contributors. Each Contributor hereby
represents and warrants unto Acquirer that each and every one of the following statements is true,
correct, and complete in all material respects as of the date of this Agreement and will be true,
correct, and complete in all material respects as of the Closing Date; provided, that the
representations and warranties of each Contributor relate solely to such Contributor except where
noted below:

          (a) Organization and Power. Each Contributor is duly organized, validly existing, and
in good standing as an entity in the state as noted on its respective signature page, or is an
individual residing in the state noted on his or her respective signature page. Each Contributor
has full right, power, and authority to enter into this Agreement and to assume and perform all of
its obligations under this Agreement; and the execution and delivery of this Agreement and the
performance by each Contributor of its obligations hereunder have been duly authorized by all
requisite action of each Contributor and require no further action or approval of each
Contributor’s members, managers, partners or of any other individuals or entities in order to
constitute this Agreement as a binding and enforceable obligation of such Contributor, assuming due
authorization, execution and delivery of this Agreement by the Acquirer and the other Contributors,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditor’s rights generally, and by general principles of equity.

          (b) Noncontravention. None of the entry into, the performance of, or the compliance
with, this Agreement by each Contributor has resulted, or will result, in any violation

- 4 -

 

of, default under, or acceleration of, any obligation under any limited liability company agreement, operating
agreement, regulation, mortgage, indenture, lien agreement, note, contract,
permit, judgment, decree, order, restrictive covenant, statute, rule, or regulation applicable
to such Contributor or to the Membership Interests.

          (c) Litigation. There is no action, suit, claim, or proceeding pending or threatened
against or affecting each Contributor or the LLC in any court, or before any arbitrator, or before
any federal, state, municipal or other governmental department, commission, board, bureau, agency
or instrumentality which (i) in any manner raises any question affecting the validity or
enforceability of this Agreement, (ii) would reasonably be expected to have a Material Adverse
Effect on such Contributor or the LLC, (iii) would reasonably be expected to materially and
adversely affect the ability of such Contributor or the LLC to perform its obligations hereunder,
or under any document to be delivered pursuant hereto, (iv) would reasonably be expected to create
a lien on the Membership Interests, any part thereof, or any interest therein, or (v) would
reasonably be expected to adversely affect the Membership Interests, any part thereof, or any
interest therein.

          (d) Good Title. (i) Each Contributor has good title to its Membership Interests on
the date hereof and will have good title to its Membership Interests on the Closing Date, (ii) the
Membership Interests on the date hereof is, and on the Closing Date will be, free and clear of all
liens, encumbrances, pledges, voting agreements and security interests whatsoever, and (iii) each
Contributor has not granted any other person or entity an option to purchase or a right of first
refusal upon the Membership Interests nor are there any agreements or understandings between such
Contributor and any other person or entity with respect to the disposition of its Membership
Interests other than as stated in or pursuant to the LLC Operating Agreement.

          (e) Patriot Act Representations. Each Contributor and, to the actual knowledge of
such Contributor, any direct or indirect owner of the LLC or such Contributor, (i) are not included
on any Government List, (ii) are not Persons who have been determined by competent authority to be
subject to the prohibitions contained in the Presidential Executive Order No. 13224 or any other
similar prohibitions contained in the rules and regulations of the OFAC or in any enabling
legislation or other Presidential Executive Orders in respect thereof, (iii) have not been indicted
or convicted of any Patriot Act Offenses, or (iv) are not currently under investigation by any
governmental authority for alleged criminal activity. For purposes of this Agreement, (i)
“Government List” means (A) the Specially Designated Nationals and Blocked Persons List maintained
by OFAC, (B) any other list of terrorists, terrorist organizations or narcotics traffickers
maintained pursuant to any of the Rules and Regulations of OFAC, or (C) any similar list maintained
by the United States Department of State, the United States Department of Commerce or any other
governmental authority or pursuant to any Executive Order of the President of the United States of
America; (ii) “OFAC” means the Office of Foreign Asset Control, U.S. Department of the Treasury,
(iii) “Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as the same may be
amended from time to time,

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and corresponding provisions of future laws, and (iv) “Patriot Act
Offense” means any violation of the criminal laws of the United States of America or of any of the
several states, or that would be a criminal violation if committed within the jurisdiction of the United States of America
or any of the several states, relating to terrorism or the laundering of monetary instruments,
including any offense under (A) the criminal laws against terrorism, (B) the criminal laws against
money laundering, (C) the Bank Secrecy Act, as amended, (D) the Money Laundering Control Act of
1986, as amended, or (E) the Patriot Act and also includes the crimes of conspiracy to commit, or
aiding and abetting another to commit, any of the foregoing.

          (f) Consents. Each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with, any governmental agency or body necessary
for the execution, delivery, and performance of this Agreement or the transactions contemplated
hereby by each Contributor has been obtained or will be obtained on or before the Closing Date.

          (g) Tax Matters. Each Contributor represents and warrants that it has had the
opportunity to obtain from its own counsel advice regarding the tax consequences of (i) the
transfer of its Membership Interests to Acquirer and the receipt of the Consideration as
consideration therefor, and (ii) any other transaction contemplated by this Agreement. Each
Contributor further represents and warrants that it has not relied on Acquirer or Acquirer’s
representatives or counsel for such tax advice.

          (h) Bankruptcy. No Act of Bankruptcy has occurred with respect to each Contributor.

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

          (j) Default. To each Contributor’s actual knowledge, such Contributor is not in
default under the LLC Operating Agreement.

     2.3 Representations and Warranties of Managing Member. Asset Capital Corporation,
L.L.C. in its role as managing member of the LLC (the “Managing Member”) hereby represents
and warrants unto Acquirer in addition to its representations and warranties made in its role as
Contributor under Section 2.2 above that the following statements are true, correct, and complete
in all material respects as of the date of this Agreement and will be true, correct, and complete
as of the Closing Date:

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          (a) Organization and Power. The Managing Member is duly organized, validly existing,
and in good standing as a Delaware limited liability company and the LLC is
duly organized, validly existing and in good standing as a Delaware limited liability company.
The execution and delivery of this Agreement and the performance by the Managing Member of its
obligations hereunder have been duly authorized by all requisite action of the Managing Member and
require no further action or approval of the Managing Member’s members or managers or of any other
individuals or entities in order to constitute this Agreement as a binding and enforceable
obligation of the Managing Member, assuming the authorization, execution and delivery of this
Agreement by the Acquirer and the other Contributors, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditor’s rights generally, and
by general principles of equity.

          (b) Noncontravention. Neither the entry into nor the performance of, or compliance
with, this Agreement by the Managing Member has resulted, or will result, in any violation of,
default under, or acceleration of, any obligation under any limited liability company agreement,
operating agreement, regulation, mortgage, deed of trust, indenture, lien agreement, note,
contract, permit, judgment, decree, order, restrictive covenant, statute, rule, or regulation
applicable to the LLC other than as stated in or pursuant to the LLC Operating Agreement.

          (c) Employee Matters. There are no labor disputes pending or, to the Managing
Member’s knowledge, threatened against the LLC or the Property. To the Managing Member’s
knowledge, the LLC is in compliance in all material respects with all federal and state laws
respecting employment and employment practices, terms and conditions of employment, and is not
engaged in any unfair labor or unlawful employment practice. The LLC is not a party to any union
or other collective bargaining agreement with employees employed in connection with the ownership,
operation or maintenance of the Property and no such agreement exists with respect to the employees
at the Property. Except as set forth in Section 2.3(c) of the Disclosure Schedule, no employee is
entitled to receive annual compensation (including bonus) from the LLC in excess of $100,000.

          (d) No Undisclosed Liabilities. Except as disclosed in the Preliminary Offering
Memorandum, the LLC does not have any liabilities or obligations (whether absolute, accrued,
contingent or otherwise) that are not adequately disclosed in the Preliminary Offering Memorandum,
except liabilities and obligations that have been incurred in the ordinary course of business,
consistent with the past practice of the LLC, and are not (singly or in the aggregate) material to
the LLC taken as a whole.

          (e) Financial Statements; Accounting Systems. The LLC has delivered, or will deliver
at Closing, to the Acquirer all of its financial statements and books and records. The financial
statements have been prepared from, and are in accordance with, the books and records of the LLC,
as applicable. Each balance sheet included in the financial statements (including the related
notes and schedules) fairly and accurately presents the financial position of the LLC as of the
date of such balance sheet, and each statement of income and cash flows included in the financial
statements (including the related notes and schedules) fairly and accurately presents the

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results and operation and changes in cash flows, as the case may be, of the LLC as applicable for the
periods set forth therein. The LLC makes and keeps books, records and accounts, which
accurately and fairly reflect in reasonable detail the transactions and dispositions of the
assets of the LLC, except where the failure to do so would not reasonably be expected to have
individually or in the aggregate a Material Adverse Effect.

          (f) Ownership of the Property. The LLC owns good and marketable fee simple title to
the Property free and clear of all liens, encumbrances, covenants, restrictions, easements, rights
of way, claims, rights and other matters whatsoever, other than the following (the “Permitted
Exceptions”):

(i) utility and drainage easements of record which will not materially impair the value of
the Property or the ability of Acquirer to use the same for Acquirer’s intended use;

(ii) zoning and building laws, ordinances, resolutions and regulations;

(iii) ad valorem real estate taxes and assessments for public improvements, in each case not
due and payable;

(iv) any matter relating to title or survey not objected to by Acquirer;

(v) any title exception created directly by any act or omission of Acquirer or its
representatives, agents, employees or invitees; and

(vi) the Loan Documents (as defined below).

     Except for those to be acquired by the Acquirer in connection with this Agreement, there are
no rights to purchase, subscriptions, warrants, options, conversion rights, preemptive rights,
agreements, instruments or similar understandings of any kind outstanding (i) relating to any
interest in the Property, or (ii) to purchase, transfer or to otherwise acquire, or to in any way
encumber, any of the Property. The LLC does not have any commitment or legal obligation, absolute
or contingent, to any other individual, corporation, limited liability company, partnership, trust
or other entity (“Person”) other than the Acquirer to sell, sign, transfer or effect a sale
of any right, title or interest in or to the Property.

          (g) Leases. The LLC holds the lessor’s interest under all leases, licenses, tenancies,
possession agreements and occupancy agreements with the tenants of the Property (the
“Leases”). A true and complete copy of all Leases have been made available to the Acquirer,
together with copies of all of the following: (i) Lease files with histories, (ii) a rent roll
certified as true, correct and complete by the Managing Member to Acquirer along with schedules
reflecting any prepaid rents, rent concessions, security deposits, and nonrefundable fees and
reports detailing any existing delinquencies in the payment of rentals, or defaults of any of the
other terms or conditions under any of the Leases. To the Managing Member’s knowledge, all of

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such Leases are in full force and effect, except as indicated otherwise in Section 2.3(g) of the
Disclosure Schedule, the LLC, as lessor under such Leases, has not received any notice and has
no knowledge that it is in default of any of its obligations under such Leases beyond any
applicable grace period which has not been cured; to the Managing Member’s knowledge, except as set
forth in Section 2.3(g) of the Disclosure Schedule, no tenant is in default under any Lease except
to the extent such default would not have a Material Adverse Effect with respect to the Property;
rent is being billed to the tenants in accordance with the Leases; no tenant is entitled to “free”
rent, rent concessions, rebates, rent abatements, set-offs, or offsets against rent and no tenant
under any such Lease claims a right to any of the foregoing, except as set forth in Section 2.3(g)
of the Disclosure Schedule; the Managing Member has received no written notice and has no knowledge
that any tenant under any such Lease contests any rent or other charges billed to it, except as set
forth in Section 2.3(g) of the Disclosure Schedule; no assignment of the LLC’s rights under any
Lease is in effect on the date hereof other than collateral assignments to secure mortgage
indebtedness; and, except as set forth in Section 2.3(g) of the Disclosure Schedule with respect to
any Leases entered into by LLC, no brokerage commissions will be due upon the failure of any tenant
under any such Lease to exercise any cancellation right granted in its Lease or upon any extension
or renewal of such Leases. To the Managing Member’s knowledge, all material obligations of the
lessors under the Leases that have accrued to the date hereof have been performed or satisfied.

          (h) Contracts. True and correct copies of all service, equipment, franchise,
operating, management, parking, supply, utility and maintenance agreements relating to the Property
(the “Service Contracts”) have been made available to the Acquirer and the same are in full
force and effect and have not been modified or amended except in the ordinary course of the
business. To the Managing Member’s knowledge, no event of default exists (which remains uncured)
under any of the Service Contracts which would have a Material Adverse Effect with respect to the
Property or the operation of the Property.

          (i) Consents. Each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with, any governmental agency or body necessary
for the execution, delivery, and performance of this Agreement or the transactions contemplated
hereby by the LLC has been obtained or will be obtained on or before the Closing Date.

          (j) Bankruptcy. No Act of Bankruptcy has occurred with respect to the LLC.

          (k) Loans. To the Managing Member’s knowledge, the mortgage loan held by PNC Bank
relating to the Property (the “Mortgage Loan”) and all documents entered into in connection
therewith (collectively, the “Loan Documents”) are in full force and effect as of the date
hereof. To the Managing Member’s knowledge, no event of default, or event that with the passage of
time or giving of notice or both would constitute an event of default, has occurred as of the date
hereof under any of the Loan Documents which would have a Material Adverse Effect on the LLC or the
Property. True and correct copies of the existing Loan Documents have been furnished to the
Acquirer. The principal balance outstanding with respect to the Mortgage

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Loan stated in Section 2.3(k) of the Disclosure Schedule is accurate as of the date hereof. Section 2.3(k) of the
Disclosure Schedule accurately sets forth each reserve, escrow or similar fund established in connection with the Mortgage Loan, and accurately identifies each of the
Loan Documents.

          (l) Property and Other Taxes. No tax lien or other charge exists, or will exist upon
consummation of the transactions contemplated hereby, with respect to the Property, except such tax
liens for which the tax is not due. The copies of the real property tax bills for the Property for
the current tax year which have been furnished or made available to the Acquirer are true and
correct copies of all of the tax bills for such tax year actually received by the LLC or the LLC’s
agents for the Property. No federal, state, local or foreign taxing authority has asserted any tax
deficiency or other assessment against the Property. There are no assessments for public
improvements or repairs made or pending against the Property (or any component thereof) which
remain unpaid, including, without limitation, those for construction of sewer, water, gas and
electric lines and mains, streets, roads, sidewalks and curbs and, to LLC’s knowledge, none has
been proposed.

          (m) Property Management Agreements. All of the property management agreements for the
Property are listed in Section 2.3(m) of the Disclosure Schedule and are as of the date hereof, and
will be on the Closing Date, in full force and effect and to the knowledge of the Managing Member,
no party to such management agreements is in default thereunder.

          (n) No Agreements. Except as set forth in Section 2.3(n) of the Disclosure Schedule,
no oral agreements or written agreement not otherwise recorded in the land records of the
jurisdictions in which the Property is located, except for the Leases, Service Contracts and other
agreements identified herein, that have not otherwise been disclosed to Acquirer have been entered
into with any person or entity relating to or connected with the ownership, construction, use,
operation, maintenance or condition of the Property which would be binding upon Acquirer at or
subsequent to the Closing.

          (o) Personal Property. LLC owns all of the tangible personal property constituting
“Fixtures and Personal Property” (as defined below) which is used in and, individually or in the
aggregate with other such property, is material to the operation of the Property. “Fixtures and
Personal Property” shall mean all fixtures, furniture, furnishings, apparatus and fittings,
equipment, machinery, appliances, building supplies, tools, and other items of personal property
located on the Property and used in connection with the operation or maintenance of the Property;
excluding, however, all furniture, furnishings, and other items of personal property owned by
tenants. To the Managing Member’s knowledge, except for the Loan Documents or as set forth in
Section 2.3(o) of the Disclosure Schedule, such Fixtures and Personal Property are free and clear
of all liens of any kind. All equipment, fixtures and personal property located at or on the
Property shall remain and not be removed prior to the Closing, except for equipment that becomes
obsolete or unusable, which may be replaced in the ordinary course of business.

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          (p) Zoning. The Property is in compliance with all zoning, land use and similar rules
and ordinances, except where the failure to be in such compliance would reasonably
be expected to not have a Material Adverse Effect on the Property. Neither the Managing
Member nor the LLC have received any written notice (which remains uncured) from any governmental
authority stating, and have no knowledge, that the Property is currently in violation of any
zoning, land use or other similar rules or ordinances in any material respect that would reasonably
be expected to have a Material Adverse Effect with respect to the Property.

          (q) Environmental Conditions. Neither the Managing Member nor the LLC have received
any written notice and have no knowledge of the presence or release of any substance that is
regulated under any Environmental Laws as a pollutant, contaminant or toxic, radioactive or
otherwise hazardous substance, including petroleum, its derivatives or by-products and other
hydrocarbons (collectively and individually, “Hazardous Substances”) that would cause the
Property to be in violation of any applicable Environmental Laws or that would give rise to a
requirement to notify governmental authorities, investigate or remediate under any Environmental
Law and that remains uncured, nor has the Managing Member or the LLC received written notice that
the Property or any property previously owned or operated by the LLC is not in compliance with
applicable Environmental Laws or that there is a requirement with respect to the Property or any
such property to notify governmental authorities, investigate or remediate under any Environmental
Law. There are no Hazardous Substances located at, on or under the Property and no Hazardous
Substances have leaked, escaped or been discharged, emitted or otherwise released from the Property
onto any adjoining properties. For the purposes of this Section, “Environmental Laws” means any
and all federal, state and local statutes, laws, regulations and rules in effect on the date hereof
relating to the protection of the environment, the exposure of persons to Hazardous Substances, or
to the generation, use, transportation and disposal of Hazardous Substances.

          (r) Compliance With Laws. Neither the Managing Member nor the LLC have received any
written or other notice and has no knowledge of any violation of any applicable zoning, building or
safety code, rule, regulation or ordinance, or of any employment, environmental, wetlands or other
regulatory law, order, governmental rule or regulation, including without limitation the Americans
with Disabilities Act, or any restrictive covenants or other easements, encumbrances or agreements,
relating to the Property, which remains uncured and would have a Material Adverse Effect with
respect to the Property and has failed to obtain or to adhere to the requirements of any material
license, permit or authorization necessary to the ownership of its assets and properties or to the
conduct of its business. Neither the Managing Member nor the LLC have received any written or
other notice to the effect that, or otherwise have been advised that, it is not in compliance with
any law.

          (s) Condemnation and Moratoria. There are (i) no pending or threatened condemnation
or eminent domain proceedings, or negotiations for purchase in lieu of condemnation, which affect
or would affect the Property; (ii) no pending or threatened moratoria on utility or public water or
sewer hook-ups or the issuance of permits, licenses or other inspections or approvals necessary in
connection with the construction or reconstruction of

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improvements which affect or would affect any portion of the Property; and (iii) no pending or threatened proceeding to change adversely the
existing zoning classification as to any portion of the Property. No portion of the Property is a designated historic property or located within a
designated historic area or district, and there are no graveyards or burial grounds located within
the Property. The Managing Member has no actual knowledge of any change or proposed change in the
route, grade or width of or otherwise affecting, any street or road adjacent to or serving the
Property which could reasonably be expected to have a Material Adverse Effect with respect to the
Property or the operation of the Property.

          (t) Condition of Improvements. There is no material defect in the condition of the
Property, including the improvements thereon, the roof, foundation, load-bearing walls or other
structural elements thereof, and the mechanical, electrical, plumbing and safety systems therein.
No material damage to the Property has occurred from casualty or other cause, nor is there any soil
condition of any nature that will not support all of the improvements thereon without the need for
unusual or new subsurface excavations, fill, footings, caissons or other installations. All
utilities necessary for the current operation of the Property are available to the Property.

          (u) Encroachments. To Managing Member’s knowledge, no part of the Improvements
encroaches on any other property, and no Improvements violate any setback requirements. To Managing
Member’s knowledge, no structures of any kind encroach on the Property.

          (v) USTs. Except as set forth in Section 2.3(v) of the Disclosure Schedule, the
Managing Member has no knowledge of any underground storage tanks that are located on or under the
Property (or any component thereof).

          (w) No Termination of Utilities. Managing Member has not received any written notice
of the termination or impairment of the furnishing of services to the Property or any component
thereof of water, sewer, gas (if any), electric, telephone, drainage and other such utility
services. All such utility services are available to and are currently serving the property.

          (x) Certificate of Occupancy and Use. To Managing Member’s knowledge, all required
certificates of occupancy for the Property or any portion thereof have been issued and are in full
force and effect. To Managing Member’s knowledge, the use being made of the Property complies with
all such certificates of occupancy.

          (y) Liens. No labor has been performed or materials furnished at the request or
direction of Managing Member or the LLC that could result in a materialman’s or mechanic’s lien
filed against the Property except as shall be fully paid or released prior to Closing.

          (z) LLC Taxes. The LLC has filed all material Tax Returns that it was required to
file prior to the date hereof. All such Tax Returns are correct and complete in all material
respects. All Taxes owed by the LLC (whether or not shown on any Tax Return) have

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been paid. The LLC has always been treated as a partnership or as an entity that is disregarded for federal income
tax purposes and has not been treated as a publicly traded partnership taxable
as a corporation under the rules of Section 7704 of the Internal Revenue Code of 1986, as
amended (the “Code”). The LLC is not the beneficiary of any extension of time within which to file
a Tax Return. No audit or other examination of any Tax Return of, or any administrative or
judicial proceeding relating to the Taxes of, the LLC is in progress, nor has the LLC been notified
of any request for such audit or other examination. The LLC has not waived any statute of
limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment
or deficiency. There is no material dispute or claim concerning any Tax liability of the LLC
either (A) claimed or raised in writing or (B) as to which the LLC has knowledge. The LLC is not
liable for any Taxes (other than withholding Taxes) of another Person. Section 2.3(z) of the
Disclosure Schedule lists all material types of Taxes paid and Tax Returns filed by or on behalf of
the LLC. As used herein, “Tax Return” shall mean any return, declaration, report, claim for
refund, or information return or statement relating to Taxes, including any schedule or attachment
thereto, and including any amendment thereof, and “Tax” shall mean any federal, state, local or
foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation,
premium, windfall profits, environmental, customs duties, capital stock, franchise, profits,
withholding, social security (or similar), unemployment, disability, real property, personal
property, sales, use, transfer, registration, value added, alternative or add-on minimum,
estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition
thereto, whether disputed or not.

     2.4 Covenants of Acquirer. Acquirer agrees as follows:

          (a) Tax Treatment. If a Contributor receives Shares, in whole or in part, as
Consideration, Acquirer shall (i) report the transfer of the Membership Interest by such
Contributor on all relevant Tax Returns of Acquirer as a transfer to Acquirer pursuant to Section
351(a) or, if such Contributor receives a combination of Shares and cash, Section 351(b) of the
Code (including compliance with the reporting and record-keeping requirements in Treasury
Regulations section 1.351-3), (ii) not take any position or action that is inconsistent with that
characterization in any audit, administrative proceeding, litigation or otherwise and (iii) not
take any action that reasonably could be expected to cause Section 351 of the Code not to apply.

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

     2.5 Covenants of Managing Member. The Managing Member agrees as follows:

          (a) Insurance. Managing Member hereby agrees that from the date hereof until Closing
it will maintain in full force and effect fire and extended coverage insurance upon

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the Property and public liability insurance with respect to damage or injury to persons or
property occurring on the Property in such amounts as is maintained by the LLC on the date of
this Agreement.

          (b) Conduct of Business. During the period from the date of this Agreement to the
Closing Date, the Managing Member shall cause the LLC to operate its business only in the usual,
regular and ordinary course of business consistent with past practices, and use its reasonable
efforts to preserve intact the LLC’s business organization and assets.

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

     2.6 Covenants of Contributors. Each Contributor agrees as follows:

          (a) Actions Regarding Membership Interests. Except as otherwise permitted hereby,
from the date hereof until the Closing Date, each Contributor shall use reasonable commercial
efforts not to take any action or fail to take any action within Contributor’s control the result
of which would (i) have a Material Adverse Effect on the Membership Interests, the Property, such
Contributor’s ability to contribute, transfer, assign and convey the Membership Interests to
Acquirer or Acquirer’s ability to continue the ownership and operation thereof after the Closing
Date in substantially the same manner as presently conducted or (ii) cause any of the
representations and warranties contained in Section 2.2 or, if applicable, 2.3 to be untrue as of
the Closing Date.

          (b) Confidentiality. Each Contributor acknowledges that the matters relating to the
Acquirer, the Securities Offering, this Agreement, and the other documents, terms, conditions and
information related thereto (collectively, the “Information”) are confidential in nature.
Therefore, each Contributor covenants and agrees to keep the Information confidential and will not
(except as required by applicable law, regulation or legal process, and only after compliance with
the provisions of this Section 2.5) prior to the Securities Offering, without Acquirer’s prior
written consent, disclose any Information in any manner whatsoever; provided, however, that the
Information may be revealed only to such Contributor’s employees, legal counsel and financial
advisors, each of whom shall be informed of the confidential nature of the Information. In the
event that a Contributor or its key employees, legal counsel or financial advisors (collectively,
the “Information Group”) are requested pursuant to, or required by, applicable law,
regulation or legal process to disclose any of the Information, the applicable member of the
Information Group will notify Acquirer promptly so that it may seek a protective order or other
appropriate remedy or, in its sole discretion, waive compliance with the terms of this Section 2.5.
Each Contributor acknowledges that remedies at law may be inadequate to protect Acquirer against
any actual or threatened breach of this Section 2.5, and, without

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prejudice to any other rights and remedies otherwise available, each Contributor agrees to the
granting of injunctive relief in favor of the Acquirer without proof of actual damages.

          (c) Tax Treatment. If a Contributor receives Shares, in whole or in part, as
Consideration, such Contributor shall (i) report the transfer of the Membership Interest to the
Acquirer by such Contributor on all relevant Tax Returns of such Contributor as a transfer to
Acquirer pursuant to Section 351(a) or, if such Contributor receives a combination of Shares and
cash, Section 351(b) of the Code (including compliance with the reporting and record-keeping
requirements in Treasury Regulations section 1.351-3), (ii) not take any position or action that is
inconsistent with that characterization in any audit, administrative proceeding, litigation or
otherwise and (iii) not take any action that reasonably could be expected to cause Section 351 of
the Code not to apply.

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

     2.7 Covenants Regarding Certain Tax Returns and Tax Information. The parties
acknowledge that, for federal income tax purposes, the transfer of the Membership Interests
pursuant to this Agreement will result in a termination of the LLC’s federal income tax year as of
the Closing Date and that the LLC’s final federal income tax year will end on the Closing Date.
The Managing Member, at the expense of the LLC, shall be responsible for preparing and filing the
income Tax Returns of the LLC for the tax year ending on the Closing Date and, if not filed before
Closing, any prior tax year. The Acquirer shall cooperate, and shall cause the LLC to cooperate,
with the Managing Member in the preparation of such Tax Returns to the extent reasonably requested.
Each such Tax Return shall be based on the LLC’s existing Tax elections and Tax accounting
methods, except to the extent otherwise required by applicable law or agreed by the Managing Member
and the Acquirer; provided, however, that the Managing Member shall cooperate, as and to the extent
requested by the Acquirer, to cause elections to be made under Section 754 of the Code with respect
to the transfers of Membership Interests in exchange (in whole or in part) for cash hereunder. The
Managing Member shall use its commercially reasonable best efforts to cause each such Tax Return to
be filed no later than March 15, 2006, and, at least 20 days prior to such date, the Managing
Member shall provide a copy of each such Tax Return to the Acquirer and to The Zitelman Group, Inc.
(on behalf of the Contributors) for their respective review, comment and approval. Promptly after
filing each such Tax Return, the Managing Member shall provide a copy thereof to the Acquirer and
The Zitelman Group, Inc. With respect to income Tax Returns of the Acquirer or of the LLC for any
period after the Closing Date (the “Post-Closing Tax Returns”), the Managing Member shall
provide to the Acquirer such information regarding the LLC as reasonably requested by the Acquirer.
Any such Post-Closing Tax Returns shall be subject to review, comment and approval of the Acquirer
and The Zitelman Group, Inc. (on behalf of the Contributors). In addition, each Contributor who

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receives Shares, in whole or in part, as Consideration shall provide to the Acquirer as
promptly as feasible after the Closing Date (and in any event within 60 days after receiving from
the LLC the Contributor’s Schedule K-1 for the LLC’s tax year ending on the Closing Date) a
statement setting forth (i) the Contributor’s final, adjusted federal income tax basis in the
Contributor’s Membership Interest and (ii) if such Contributor received cash as part of the
Consideration, the amount of gain (if any) recognized by the Contributor for federal income tax
purposes on the exchange of such Membership Interest for Shares and cash.

ARTICLE III

CONDITIONS PRECEDENT TO THE CLOSING

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

          (a) Contributors’ Obligations. Each Contributor shall have performed all of its
obligations hereunder which are to be performed prior to Closing, and shall have delivered or
caused to be delivered to Acquirer, all of the documents and other information required of such
Contributor pursuant to Section 4.2.

          (b) Contributors’ Representations and Warranties. Each Contributor’s representations
and warranties set forth in Section 2.2 or, if applicable, 2.3 shall be true and correct as if made
again on the Closing Date, and Contributor shall have executed and delivered to Acquirer at Closing
a certificate to the foregoing effect.

          (c) Managing Member’s Representations and Warranties. The Managing Member’s
representations and warranties set forth in Section 2.3 shall be true and correct as if made again
on the Closing Date, and the Managing Member shall have executed and delivered to Acquirer at
Closing a certificate to the foregoing effect.

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

          (e) Completion of Securities Offering. The closing of the first sale of shares of
Common Stock pursuant to the Securities Offering shall have been completed.

          (f) Mortgage Loan. The Mortgage Loan shall be assumed by the Acquirer on the Closing
Date, all fees and costs in connection with such assumption shall be borne by the Acquirer, and all
required consents and approvals in connection with the Mortgage Loan shall have been obtained prior
to the Closing Date.

          (g) Consents. All necessary third party consents shall have been obtained.

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

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

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

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

          (d) Completion of Securities Offering. The closing of the first sale of shares of
Common Stock pursuant to the Securities Offering shall have been completed.

          (e) Mortgage Loan. The Mortgage Loan shall be assumed by the Acquirer on the Closing
Date, all fees and costs in connection with such assumption shall be borne by the Acquirer, and all
required consents and approvals in connection with the Mortgage Loan shall have been obtained prior
to the Closing Date.

ARTICLE IV

CLOSING AND CLOSING DOCUMENTS

     4.1 Closing. The consummation and closing (the “Closing”) of the transactions
contemplated under this Agreement shall take place at the offices of Hunton & Williams LLP,
Washington, D.C., or such other place as is mutually agreeable to the parties as soon as reasonably
practicable following the satisfaction of the conditions set forth in Article III of this Agreement
(the “Closing Date”), or as otherwise set by agreement of the parties.

     4.2 Contributors’ Deliveries. At the Closing, each Contributor shall deliver the
following to Acquirer in addition to all other items required to be delivered to Acquirer by each
Contributor:

          (a) Authority Documents. Evidence reasonably satisfactory to Acquirer that the person
or persons executing the documents required pursuant to this Agreement on behalf of each
Contributor has full right, power, and authority to do so.

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          (b) Assignment of Membership Interests. Each Contributor shall have executed and
delivered to Acquirer an Assignment and Assumption Agreement, in substantially the form of
Exhibit A attached hereto (the “Assignment and Assumption Agreement”).

          (c) Subscription Agreement. If a Contributor receives Shares, in whole or in part, as
Consideration, such Contributor shall have executed and delivered to Acquirer a subscription
agreement, in substantially the form of Exhibit B attached hereto (the “Subscription
Agreement”).

          (d) FIRPTA Certificate and Form W-9. An affidavit from each Contributor, in
substantially the form of Exhibit D or Exhibit E, as applicable, attached hereto,
certifying pursuant to Section 1445 of the Code that such Contributor is not a foreign person (as
defined in the Code and the Income Tax Regulations promulgated thereunder), in form and substance
satisfactory to Acquirer, and if the Contributor is to receive Shares, properly completed IRS Form
W-9.

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

          (f) Other Documents. All title affidavits, gap and non-imputation affidavits and
indemnities, and any other document or instrument reasonably requested by Acquirer or required
hereby.

     4.3 Acquirer’s Deliveries. At the Closing, Acquirer shall deliver the following to
the Contributors:

          (a) Certificates for Shares. If certificates are issued, certificates duly issued by
Acquirer in the name of the Contributors who will receive Shares, in whole or in part, as
Consideration as of the Closing Date representing Shares to which Contributor is entitled pursuant
to Section 1.2 of this Agreement.

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

          (c) Subscription Agreement. Acquirer shall have executed and delivered to the
Contributors who will receive Shares, in whole or in part, as Consideration a Subscription
Agreement, in substantially the form of Exhibit B attached hereto.

          (d) Authority Documents. Evidence reasonably satisfactory to Contributor that the
person or persons executing the documents required pursuant to this Agreement on behalf of Acquirer
have full right, power, and authority to do so.

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

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          (f) Other Documents. Any other document or instrument reasonably requested by the
Contributors or required hereby.

     4.4 Managing Member’s Deliveries. At the Closing, the Managing Member shall deliver
the following to Acquirer in addition to all other items required to be delivered to Acquirer by
the Managing Member.

          (a) Authority Documents. Evidence reasonably satisfactory to Acquirer that the person
or persons executing the documents required pursuant to this Agreement on behalf of the Managing
Member has full right power, and authority to do so.

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

     4.5 Fees and Expenses; Closing Costs. Acquirer shall pay all fees, expenses and
closing costs relating to the transactions contemplated by this Agreement; provided however, that
each Contributor shall pay its own attorneys’ and consultants’ fees and expenses. The Acquirer
shall be entitled to deduct and withhold from the Consideration otherwise payable to any
Contributor pursuant to this Agreement such amounts as the Acquirer is required to deduct and
withhold with respect to the making of such payment under the Code, the regulations thereunder, or
other applicable law. To the extent that amounts are so withheld, such amounts shall be treated
for all purposes of this Agreement as having been paid to the Contributor in respect of which such
withholding was made.

     4.6 Adjustments.

          (a) At Closing, each Contributor shall be credited with such Contributor’s share of any cash
held by the LLC or by the property manager for the benefit of the LLC as of the date of Closing.

          (b) All income and expenses with respect to the Membership Interests, and applicable to the
period of time before and after Closing, determined in accordance with generally accepted
accounting principles consistently applied, shall be allocated between the Contributors and
Acquirer. Each Contributor shall be entitled to its share of all income and responsible for its
share of all expenses of the LLC and the Property for the period of time up to but not including
the date of Closing, and Acquirer shall be entitled to all such income and responsible for all such
expenses for the period of time after and including the date of Closing. Without limiting the
generality of the foregoing, the following items of income and expense shall be prorated at
Closing:

(i) Rents (including additional rent, pass throughs, etc.). (Rent
collections during month of Closing shall be applied first to the current
month’s rent, then to any past due rents in the inverse order of their due
dates, and then to future (prepaid) rents. At Closing, a reconciliation of

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pass throughs shall be made based on the property manager’s most recent
reforecast of operating results for the calendar year. Rent collections
following the month of Closing shall be applied first to the current month’s
rent, then to any past due rents accruing on or after Closing in the inverse
order of their due dates, then to any past due rents accruing before Closing
and then to future (prepaid) rents. Acquirer agrees to use reasonable
commercial efforts (but shall not be required to commence litigation or
eviction proceedings) to collect any past due rents accruing before Closing
and to promptly remit to the Contributors their respective portion of any
such rent collected.)

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

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

(iv) Other Operating Expenses (including, but not limited to, expenses for
insurance).

          (c) Prior to the Closing Date, the LLC shall be responsible for all one time tenant
improvement costs, tenant allowances, broker’s fees and commissions and all other costs and
expenses associated with existing leases of the Property; provided, however, that Acquirer shall be
responsible for all tenant improvement costs, tenant allowances, broker’s fees and commissions and
other one time costs and expenses associated with new leases and new capital improvement projects
of the Property entered into after the date of this Agreement with the consent of Acquirer.

          (d) Acquirer shall assume the Mortgage Loan on the Closing Date. However, Acquirer shall be
solely responsible (and shall not receive any credit against the Purchase Price) for any lender
fees, and other fees, costs and expenses, paid in connection with the assumption of the Mortgage
Loan.

ARTICLE V

MISCELLANEOUS

     5.1 Notices. Any notice provided for by this Agreement and any other notice, demand,
or communication required hereunder shall be in writing and either delivered in person (including
by confirmed facsimile transmission) or sent by registered or certified mail or overnight courier,
return receipt requested, in a sealed envelope, postage prepaid, and addressed

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to the party for which such notice, demand or communication is intended at such party’s
address as set forth in this Section. All notices to Acquirer shall be addressed as follows:

     Acquirer:

Asset Capital Corporation, Inc.

7315 Wisconsin Avenue, Suite 205 East

Bethesda, MD 20814

Telephone:     (301) 656-2333

Facsimile:       (301) 656-1960

Attn: Barry E. Johnson

Contributor’s address for all purposes under this Agreement shall be that listed on such
Contributor’s signature page.

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

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

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

     5.4 Successors and Assigns. Except as set forth in this Article, this Agreement may
not be assigned by Acquirer or the Contributors without the prior approval of the other party

- 21 -

 

hereto. This Agreement shall be binding upon, and inure to the benefit of, the Contributors,
Acquirer, and their respective legal representatives, successors, and permitted assigns.

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

     5.6 Governing Law. This Agreement shall be construed and interpreted in accordance
with the laws of the state of Maryland, without regard to conflicts of laws or choice of law
principles.

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

     5.8 Failure to Close. If the conditions specified in Section 3.1 hereof have been
satisfied, but the Closing Date does not occur on or before December 31, 2005, the Acquirer shall
pay to the LLC an amount equal to $100,000.

     5.9 Survival. All representations and warranties contained in this Agreement, and all
covenants and agreements contained in the Agreement which contemplate performance after the Closing
Date shall survive for a period of one (1) year from and after the Closing.

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

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

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

[SIGNATURES APPEAR ON FOLLOWING PAGES.]

- 22 -

 

Contributor’s share is 100% of the Class A membership interests in the LLC and the estimated amount
of Consideration Contributor is to receive is $800,680 of the Sale Proceeds in accordance with the
LLC Operating Agreement. Such Consideration is to be paid in Shares with an estimated value of
$800,680.

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

	 	 	 	 	 	 	 
	 	 	CONTRIBUTOR:	 	 
	 
	 	 	Asset Capital Corporation, L.L.C., a Delaware
 limited
liability company
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Blair Fernau	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Blair Fernau	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:
	 	Member/ Principal	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	ADDRESS:	 	 
	 
	 	 	7315 Wisconsin Avenue	 	 
	 	 	 	 	 
	 	 	Suite 205 East	 	 
	 	 	 	 	 
	 	 	Bethesda, MD 20814	 	 
	 	 	 	 	 

- 23 -

 

Contributor’s share is 100% of the Class B membership interests in the LLC and the estimated amount
of Consideration Contributor is to receive is $700,000 of the Sale Proceeds in accordance with the
LLC Operating Agreement. Such Consideration is to be paid in Shares with an estimated value of
$700,000.

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

	 	 	 	 	 	 	 
	 	 	CONTRIBUTOR:	 	 
	 
	 	 	Asset Capital Corporation, L.L.C., a Delaware 
limited
liability company
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Blair Fernau	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Blair Fernau	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:
	 	Member/ Principal	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	ADDRESS:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

- 24 -

 

	 	 	 	 	 	 	 
	 	 	ACQUIRER:	 	 
	 
	 	 	Asset Capital Corporation, Inc., a Maryland
 corporation
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William LeBlanc	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	William B. LeBlanc, III	 	 
	 

	 	Title:
	 	President and Chief Operating Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MANAGING MEMBER:	 	 
	 
	 	 	Asset Capital Corporation, L.L.C., a Delaware 
limited
liability company
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William LeBlanc	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	William B. LeBlanc, III	 	 
	 

	 	Title:
	 	Principal	 	 

- 25 -exv10w16

 

Exhibit 10.16

ASSIGNMENT AND ASSUMPTION AGREEMENT

BY AND BETWEEN

Asset Capital Management, LLC,

a Maryland limited liability company, ARV/ACC Engineering LLC, a Delaware limited liability

company, and Asset Capital Corporation, L.L.C., a Delaware limited liability company,

as Assignors

AND

Asset Capital Corporation, Inc.,

a Maryland corporation,

as Assignee

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I THE ASSIGNMENT
	 	 	3	 
	 
	 	 	 	 
	1.1 Assignment
	 	 	3	 
	1.2 Consideration
	 	 	3	 
	1.3 Registration Rights
	 	 	4	 
	 
	 	 	 	 
	ARTICLE II REPRESENTATIONS, WARRANTIES AND COVENANTS
	 	 	4	 
	 
	 	 	 	 
	2.1 Representations and Warranties of Assignee
	 	 	4	 
	2.2 Representations and Warranties of Assignors
	 	 	5	 
	2.3 Covenants of Assignee
	 	 	8	 
	2.4 Covenants of Assignors
	 	 	8	 
	 
	 	 	 	 
	ARTICLE III CONDITIONS PRECEDENT TO THE CLOSING
	 	 	9	 
	 
	 	 	 	 
	3.1 Conditions to Assignee’s Obligations
	 	 	9	 
	3.2 Conditions to Assignors’ Obligations
	 	 	10	 
	 
	 	 	 	 
	ARTICLE IV CLOSING AND CLOSING DOCUMENTS
	 	 	10	 
	 
	 	 	 	 
	4.1 Closing
	 	 	10	 
	4.2 Assignors’ Deliveries
	 	 	10	 
	4.3 Assignee’s Deliveries
	 	 	11	 
	4.4 Fees and Expenses; Closing Costs
	 	 	11	 
	 
	 	 	 	 
	ARTICLE V MISCELLANEOUS
	 	 	11	 
	 
	 	 	 	 
	5.1 Notices
	 	 	11	 
	5.2 Entire Agreement; Modifications and Waivers; Cumulative Remedies
	 	 	13	 
	5.3 Exhibits
	 	 	14	 
	5.4 Successors and Assigns
	 	 	14	 
	5.5 Article Headings
	 	 	14	 
	5.6 Governing Law
	 	 	14	 
	5.7 Counterparts
	 	 	14	 
	5.8 Survival
	 	 	14	 
	5.9 Severability
	 	 	14	 
	5.10 Attorneys’ Fees
	 	 	14	 
	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	A Subscription Agreement
	 	 	 	 
	B Bill of Sale
	 	 	 	 
	C Assignment and Assumption Agreement related to Intangible Assets
	 	 	 	 

(i)

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

     THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) is made as of this 23rd
day of June, 2005 by and among Asset Capital Management, LLC, a Maryland limited liability company
(“ACM”), ARV/ACC Engineering LLC, a Delaware limited liability company (“ARV/ACC
Engineering”), Asset Capital Corporation, L.L.C., a Delaware limited liability company
(“ACC”, and together with ACM and ARV/ACC Engineering, the “Assignors” and each
individually an “Assignor”), and Asset Capital Corporation, Inc., a Maryland corporation
(“Assignee”).

RECITALS

     A. ACM currently manages certain properties pursuant to the terms of the following management
agreements (the “ACM Assets”):

     (i) Management Agreement, dated as of December 16, 2004, by and between ACM and Second Pidgeon
LLC, a Virginia limited liability company;

     (ii) Management Agreement, dated as of June 25, 2001, by and between ACM and Landover Metro
LLC, a Maryland limited liability company;

     (iii) Management Agreement, dated as of May 12, 2004, by and among ACM, Century South
Investors LLC, a Maryland limited liability company, Leo Halpert and ACC;

     
(iv) Management Agreement, dated as of February 26, 2001, by and between ACM and Twelve Oaks
Investment LLC, a Delaware limited liability company;

     
(v) Management Agreement, dated as of April 15, 2005, by and
between ACM and Research 28 Associates Limited Partnership;

     (vi) Management Agreement, dated as of April 15, 2005, by and between ACM and Plaza 270
Associates Limited Partnership, a Maryland limited partnership; and

     (vii) Employee benefits arrangements owned or provided by ACM.

     B. ARV/ACC Engineering currently conducts engineering and maintenance services for certain
properties pursuant to the terms of the following engineering and maintenance agreements (the
“ARV/ACC Engineering Assets”):

     (i) Proposal for Planned Periodic Maintenance, dated as of January 27, 2004, by and
between ARV/ACC Engineering and Commerce Center I, L.L.C., a Maryland limited liability
company;

     (ii) Proposal for Planned Periodic Maintenance, dated as of January 5, 2004, by and
between ARV/ACC Engineering and Garden City Drive Investors LLC, a Delaware limited
liability company;

 

 

     (iii) Proposal for Planned Periodic Maintenance, dated as of January 1, 2004, by and
between ARV/ACC Engineering and Twelve Oaks Investment LLC, a Delaware limited liability
company;

     (iv) Proposal for Planned Periodic Maintenance, dated as of April 15, 2005, by and
among ARV/ACC Engineering, Plaza 270 Associates Limited Partnership, a Maryland limited
partnership and Research 28 Associates, LP;

     (v) Proposal for Planned Periodic Maintenance, dated as of January 27, 2004, by and
between ARV/ACC Engineering and 717 14th Street, LLC, a Delaware limited
liability company; and

     (vi) Employees and employee benefits arrangements owned or provided by ARV/ACC Engineering.

     C. ACC currently manages certain properties pursuant to the terms of the following management
agreements and has rights under certain other agreements and owns certain other assets described
below (the “ACC Assets”, and together with the ACM Assets and the ARV/ACC Engineering
Assets and any and all intangibles assets related to ACM, ACC and ARV/ACC Engineering, the
“Assets”):

     (i) Management Agreement, dated as of September 30, 1999, by and between ACC and Pidgeon Hill
Drive Investors LLC, a Virginia limited liability company;

     (ii) Management Agreement, dated as of September 29, 2000, by and between ACC and Commerce
Center I, L.L.C., a Maryland limited liability company;

     (iii) Assignment and Assumption of Partnership Interest Sale/Purchase Option Agreement (Class
B Interests), dated as of May 27, 2005, by and between ACC and Westat, Inc., a Delaware
corporation;

     (iv) Assignment and Assumption of Partnership Interest Sale/Purchase Option Agreement (Class C
Interests), dated as of May 27, 2005, by and between ACC and Westat, Inc., a Delaware corporation;

     (v) Agreement of Sale and Purchase of Improved Real Property, dated as of April 1, 2005, by
and between ACC and Executive Tower Associates, Limited Partnership, a New Mexico limited
partnership;

     (vi) Purchase and Sale Agreement Pan Am International Flight Academy Sterling, Virginia, dated
as of May 19, 2005, by and between ACC and Loudoun Flight Simulator Limited Partnership, a Virginia
limited partnership;

     (vii) Right, title and interest in and to asset management fees pursuant to: (A) the
Commerce Center I, L.L.C. operating agreement, dated September 28, 2000, by and between ACC
II, LLC and a number of individual investors, (B) the Pidgeon Hill Drive LLC operating
agreement, dated September 30, 1999, by and between ACC and number

2

 

of individual investors, (C) the Century South Investors LLC operating agreement, dated
April 2004, by and between ACC and a number of individual investors, (D) the Second Pidgeon
LLC operating agreement, dated December 2004, by and between ACC and a number of other
individual investors, (E) the Twelve Oaks Investment LLC operating agreement, dated February
23, 2001, by and between ACC and a number of other individual investors and (F) the Garden
City Drive LLC operating agreement, dated as of September 27, 2002, by and between ACC and a
number of other individual investors;

     (viii) Ownership interests in Plaza 270 Investment LLC, a Maryland limited liability
company; and

     (ix) furniture, fixtures, equipment, office supplies, miscellaneous other similar personal
property, employees and employee benefits arrangements owned or provided by ACC.

     D. Each Assignor desires to assign all of its rights, title and interest in and to the Assets
to Assignee, on the terms and conditions hereinafter set forth.

     E. Assignee desires to assume and accept the Assets from each Assignor, on the terms and
conditions hereinafter set forth.

AGREEMENT

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

ARTICLE I

THE ASSIGNMENT

     1.1 Assignment. Each Assignor agrees to sell, assign, transfer, convey and deliver
to Assignee all of their right, title and interests in and to the Assets, and Assignee agrees to
accept and assume the Assets pursuant to the terms and conditions set forth in this Agreement.
Assignee does hereby accept the foregoing assignment and assumes and agrees to be responsible for
all liabilities and obligations relating to the Assets which arise after the date hereof. The
Assets shall be transferred to Assignee free and clear of all liens, encumbrances, security
interests, prior assignments or conveyances, conditions, restrictions, voting agreements, claims,
and any other matters affecting title thereto.

     1.2 Consideration. The total consideration (the “Consideration”) for which
the Assignors agree to contribute and assign all of their right, title and interests in the Assets
to Assignee, and which Assignee agrees to pay or deliver to Assignors, subject to the terms of this
Agreement, shall be the issuance to Assignors of 394,385 shares (the “Shares”) of common
stock, $.001 par value per share, of the Assignee (the “Common Stock”). The number of
shares to be distributed to ACM in exchange for the assignment of the ACM Assets shall be 205,534,
the number of shares to be distributed to ARV/ACC Engineering in exchange for the ARV/ACC

3

 

Engineering Assets shall be 48,655 and the number of shares to be distributed to ACC in
exchange for the ACC Assets shall be 140,196. On the Closing Date (as defined below), the Shares
shall be issued to each Assignor in the amounts stated in the preceding sentence. The certificates
evidencing the Shares will bear appropriate legends indicating that the Shares have not been
registered under the Securities Act of 1933, as amended (“Securities Act”).

     1.3 Registration Rights. Each Assignor will be a beneficiary of the registration
rights agreement entered into between the Assignee and Friedman, Billings, Ramsey & Co., Inc. in
connection with the private placement of the Assignee’s Common Stock pursuant to Rule 144A,
Regulation S and Regulation D, each promulgated under the Securities Act (the “Securities
Offering”). A form of the registration rights agreement is attached as Annex V to the offering
memorandum related to the Securities Offering.

ARTICLE II

REPRESENTATIONS, WARRANTIES AND COVENANTS

     2.1 Representations and Warranties of Assignee. Assignee hereby represents and
warrants unto each Assignor that the following statements are true, correct, and complete in all
material respects as of the date of this Agreement and will be true, correct, and complete in all
material respects as of the Closing Date:

          (a) Organization and Power. Assignee is duly incorporated, validly existing and in
good standing as a corporation under the laws of the state of Maryland, and has full right, power,
and authority to enter into this Agreement and to perform all of its obligations under this
Agreement; and the execution and delivery of this Agreement and the performance by Assignee of its
obligations under this Agreement have been duly authorized by all requisite action of Assignee and
require no further action or approval of Assignee’s partners or of any other individuals or
entities to constitute this Agreement as a binding and enforceable obligation of Assignee, assuming
due authorization, execution and delivery of this Agreement by each of the Assignors, except as may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditor’s rights generally, and by general principles of equity.

          (b) Noncontravention. Neither the entry into nor the performance of, or compliance
with, this Agreement by Assignee has resulted, or will result, in any violation of, default under,
or acceleration of, any obligation under the Assignee’s articles of amendment and restatement,
amended and restated bylaws or any mortgage, indenture, lien agreement, note, contract, permit,
judgment, decree, order, restrictive covenant, statute, rule, or regulation applicable to Assignee.

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

4

 

          (d) Shares Validly Issued. The Shares, when issued, will have been duly and validly
authorized and issued, free of any preemptive or similar rights, and will be fully paid and
nonassessable.

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

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

          (g) Brokerage Commission. Assignee has not engaged the services of, nor has it or
will it or the Assignors become liable to, any real estate agent, broker, finder or any other
person or entity for any brokerage or finder’s fee, commission or other amount with respect to the
transactions described herein on account of any action by Assignee. Assignee hereby agrees to
indemnify and hold the Assignors and their employees, directors, members, partners, affiliates and
agents, if applicable, harmless against any claims, liabilities, damages or expenses arising out of
a breach of this Section 2.1(g). This indemnification shall survive Closing or any termination of
this Agreement.

     2.2 Representations and Warranties of Assignors. Each Assignor hereby represents and
warrants unto Assignee that each and every one of the following statements is true, correct, and
complete in all material respects as of the date of this Agreement and will be true, correct, and
complete in all material respects as of the Closing Date; provided, that the representations and
warranties of each Assignor relate solely to such Assignor except where noted below:

          (a) Organization and Power. ACM is duly organized and validly existing and in good
standing as a Maryland limited liability company, ARV/ACC Engineering is duly organized and validly
existing and in good standing as a Delaware limited liability company, and ACC is duly organized
and validly existing and in good standing as a Delaware limited liability company. Each Assignor
has full rights, powers, and authority to enter into this Agreement and to assume and perform all
of their obligations under this Agreement; and the execution and delivery of this Agreement and the
performance by each Assignor of its obligations hereunder has been duly authorized by all requisite
action of each Assignor and require no further action or approval of each Assignor’s members,
managers, partners or of any other individuals or entities in order to constitute this Agreement as
a binding and enforceable obligation of such Assignor,

5

 

assuming due authorization, execution and delivery of this Agreement by the Acquirer and the
other Assignors, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditor’s rights generally, and by general principles of equity.

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

          (c) Litigation. There is no action, suit, claim, or proceeding pending or threatened
against or affecting each Assignor or such Assignor’s interests in the Assets in any court, or
before any arbitrator, or before any federal, state, municipal or other governmental department,
commission, board, bureau, agency or instrumentality which (i) in any manner raises any question
affecting the validity or enforceability of this Agreement, (ii) would reasonably be expected to
materially and adversely affect the business, financial position or results of operations (a
“Material Adverse Effect”) of such Assignor, (iii) would reasonably be expected to
materially and adversely affect the ability of such Assignor to perform its obligations hereunder,
or under any document to be delivered pursuant hereto, (iv) would reasonably be expected to create
a lien on such Assignor’s interests in the Assets, any part thereof, or any interest therein, or
(E) would reasonably be expected to adversely affect the Assets, or any interest therein.

          (d) Good Title. (i) Each Assignor has good title to its interests in the Assets on
the date hereof and will have good title to its interests in the Assets on the Closing Date, and
(ii) each Assignor’s interests in the Assets on the date hereof are and on the Closing Date will be
free and clear of all liens, encumbrances, prior assignments or conveyances, conditions,
restrictions, pledges, voting agreements, security interests, claims and any other matters
affecting title thereto.

          (e) Validity of Contracts. To the knowledge of each Assignor, (i) no event has
occurred which, after notice or the passage of time or both, would constitute a material default or
breach by any party to any of the Assets and, if applicable, any agreements underlying the Assets,
(ii) no party to any of the Assets and, if applicable, any agreements underlying the Assets, has
terminated or adversely modified or, to the knowledge of each Assignor intends to terminate or
adversely modify, the Assets and, if applicable, any agreements underlying the Assets or
obligations with respect thereto, or cease performing thereunder, and (iii) there are no
outstanding material disputes under any of the Assets and, if applicable, any agreements underlying
the Assets, and there is no pending or, to the knowledge of each Assignor, threatened litigation or
other legal proceeding with respect to the Assets and, if applicable, any agreements underlying the
Assets.

          (f) Consents. Each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with, any governmental agency or body necessary
for the execution, delivery, and performance of this Agreement or the

6

 

transactions contemplated hereby by the Assignors has been obtained or will be obtained on or
before the Closing Date.

          (g) Taxes. No tax lien or other charge exists or will exist upon consummation of the
transactions contemplated hereby, with respect to such Assignor’s interests in the Assets, except
such tax liens for which the tax is not due. No federal, state, local or foreign taxing authority
has asserted any tax deficiency or other assessment against such Assignor’s interests in the
Assets.

          (h) Patriot Act Representations. The Assignors, or to the knowledge of the Assignors,
or any direct or indirect owner of the Assignors are not, (i) included on any Government List, (ii)
is a Person who has been determined by competent authority to be subject to the prohibitions
contained in the Presidential Executive Order No. 13224 or any other similar prohibitions contained
in the rules and regulations of the OFAC or in any enabling legislation or other Presidential
Executive Orders in respect thereof, (iii) has been indicted or convicted of any Patriot Act
Offenses, or (iv) is currently under investigation by any governmental authority for alleged
criminal activity. For purposes of this Agreement, (i) “Government List” means (A) the Specially
Designated Nationals and Blocked Persons List maintained by OFAC, (B) any other list of terrorists,
terrorist organizations or narcotics traffickers maintained pursuant to any of the Rules and
Regulations of OFAC, or (C) any similar list maintained by the United States Department of State,
the United States Department of Commerce or any other governmental authority or pursuant to any
Executive Order of the President of the United States of America; (ii) “OFAC” means the Office of
Foreign Asset Control, U.S. Department of the Treasury, (iii) “Patriot Act” means the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
(USA PATRIOT ACT) Act of 2001, as the same may be amended from time to time, and corresponding
provisions of future laws, and (iv) “Patriot Act Offense” means any violation of the criminal laws
of the United States of America or of any of the several states, or that would be a criminal
violation if committed within the jurisdiction of the United States of America or any of the
several states, relating to terrorism or the laundering of monetary instruments, including any
offense under (A) the criminal laws against terrorism, (B) the criminal laws against money
laundering, (C) the Bank Secrecy Act, as amended, (D) the Money Laundering Control Act of 1986, as
amended, or (E) the Patriot Act and also includes the crimes of conspiracy to commit, or aiding and
abetting another to commit, any of the foregoing.

          (i) Tax Matters. Each Assignor represents and warrants that it has obtained from its
own counsel advice regarding the tax consequences of (i) the transfer of its Assets to Assignee and
the receipt of Shares as consideration therefor, and (ii) any other transaction contemplated by
this Agreement. Each Assignor further represents and warrants that it has not relied on Assignee
or Assignee’s representatives or counsel for such tax advice.

          (j) Bankruptcy with respect to Assignors. No Act of Bankruptcy has occurred with
respect to each Assignor.

          (k) Brokerage Commission. Each Assignor has not engaged the services of, nor has it
or will it or Assignee become liable to, any real estate agent, broker, finder or any other person
or entity for any brokerage or finder’s fee, commission or other amount with respect to

7

 

the transactions described herein on account of any action by such Assignor. Each Assignor
hereby agrees to indemnify and hold Assignee and its employees, directors, members, partners,
affiliates and agents harmless against any claims, liabilities, damages or expenses arising out of
a breach of the foregoing. This indemnification shall survive Closing or any termination of this
Agreement.

     2.3 Covenants of Assignee. Assignee agrees as follows:

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

          (b) Tax Treatment. Assignee shall (i) report the transfer of Assignee’s interests by
such Assignor in the Assets on all relevant tax returns of Assignee as a transfer to Assignee
pursuant to Section 351(a) of the Internal Revenue Code of 1986, as amended (the “Code”) (including
compliance with the reporting and record-keeping requirements in Treasury Regulations section
1.351-3); (ii) not take any position or action that is inconsistent with that characterization in
any audit, administrative proceeding, litigation or otherwise; and (iii) not take any action that
reasonably could be expected to cause Section 351 of the Code not to apply.

     2.4 Covenants of Assignors. Each Assignor agrees as follows:

          (a) Actions Regarding the Assets. Except as otherwise permitted hereby, from the date
hereof until the Closing Date, each Assignor shall use reasonable commercial efforts not to take
any action or fail to take any action within such Assignor’s control the result of which would (i)
have a Material Adverse Effect on the Assets, such Assignor’s ability to contribute, transfer,
assign and convey the Assets to Assignee or Assignee’s ability to assume and continue to perform
such Assignor’s obligations under the Assets after the Closing Date in substantially the same
manner as presently conducted or (ii) cause any of the representations and warranties contained in
Section 2.2 to be untrue as of the Closing Date.

          (b) Confidentiality. Each Assignor acknowledges that the matters relating to the
Securities Offering, this Agreement, and the other documents, terms, conditions and information
related thereto (collectively, the “Information”) are confidential in nature. Therefore,
each Assignor covenants and agrees to keep the Information confidential and will not (except as
required by applicable law, regulation or legal process, and only after compliance with the
provisions of this Section 2.4) prior to the Securities Offering, without Assignee’s prior written
consent, disclose any Information in any manner whatsoever; provided, however, that the Information
may be revealed only to such Assignor’s employees, legal counsel and financial advisors, each of
whom shall be informed of the confidential nature of the Information. In the event that an
Assignor or its key employees, legal counsel or financial advisors (collectively, the
“Information Group”) are requested pursuant to, or required by, applicable law, regulation
or legal process to disclose any of the Information, the applicable member of the Information Group
will notify Assignee promptly so that it may seek a protective order or other appropriate remedy

8

 

or, in its sole discretion, waive compliance with the terms of this Section 2.4. Each
Assignor acknowledges that remedies at law may be inadequate to protect Assignee against any actual
or threatened breach of this Section 2.4, and, without prejudice to any other rights and remedies
otherwise available, each Assignor agrees to the granting of injunctive relief in favor of Assignee
without proof of actual damages.

          (c) Tax Treatment. Each Assignor shall (i) report the transfer of such Assignor’s
interests in the Assets to the Assignee by such Assignor on all relevant tax returns of such
Assignor as a transfer to Assignee pursuant to Section 351(a) of the Code (including compliance
with the reporting and record-keeping requirements in Treasury Regulations section 1.351-3); (ii)
not take any position or action that is inconsistent with that characterization in any audit,
administrative proceeding, litigation or otherwise; and (iii) not take any action that reasonably
could be expected to cause Section 351 of the Code not to apply.

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

ARTICLE III

CONDITIONS PRECEDENT TO THE CLOSING

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

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

          (b) Assignors’ Representations and Warranties. Each Assignor’s representations and
warranties set forth in Section 2.2 shall be true and correct as if made again on the Closing Date,
and each Assignor shall have executed and delivered to Assignee at Closing a certificate to the
foregoing effect.

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

          (d) Completion of Securities Offering. The Securities Offering shall have been
completed.

9

 

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

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

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

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

          (d) Completion of the Securities Offering. The Securities Offering shall have been
completed.

ARTICLE IV

CLOSING AND CLOSING DOCUMENTS

     4.1 Closing. The consummation and closing (the “Closing”) of the transactions
contemplated under this Agreement shall take place at the offices of Hunton & Williams LLP,
Washington, D.C., or such other place as is mutually agreeable to the parties, on the same date as
the closing of the Securities Offering (the “Closing Date”), or as otherwise set by
agreement of the parties; provided, however, that this Agreement shall terminate if Closing does
not occur prior to December 31, 2005.

     4.2 Assignors’ Deliveries. At the Closing, each Assignor shall deliver the following
to Assignee in addition to all other items required to be delivered to Assignee by such Assignor:

          (a) Subscription Agreement. Each Assignor shall have executed and delivered to
Assignee a Subscription Agreement, in substantially the form of Exhibit A attached hereto
(the “Subscription Agreement”);

          (b) Bill of Sale. If applicable, each Assignor shall have executed and delivered to
Assignee a Bill of Sale, in substantially the form of Exhibit B attached hereto (the
“Bill of Sale”);

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

10

 

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

          (e) Form W-9. A properly completed IRS Form W-9.

          (f) Other Documents. Any other document or instrument reasonably requested by
Assignee or required hereby.

     4.3 Assignee’s Deliveries. At the Closing, Assignee shall deliver the following to
each Assignor:

          (a) Certificates for Shares. Certificates duly issued by Assignee in the name of each
Assignor as of the Closing Date representing the Shares to which each Assignor is entitled pursuant
to Section 1.2 of this Agreement;

          (b) Subscription Agreements. Assignee shall have executed and delivered the each
Assignor a Subscription Agreement.

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

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

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

     4.4 Fees and Expenses; Closing Costs. Assignee shall pay all fees, expenses and
closing costs relating to the transactions contemplated by this Agreement; provided however, that
each Assignor shall pay its own attorneys’ and consultants’ fees and expenses. The Assignee shall
be entitled to deduct and withhold from the Consideration otherwise payable to any Assignor
pursuant to this Agreement such amounts as the Assignee is required to deduct and withhold with
respect to the making of such payment under the Code, the regulations thereunder, or other
applicable law. To the extent that amounts are so withheld, such amounts shall be treated for all
purposes of this Agreement as having been paid to the Assignor in respect of which such withholding
was made.

ARTICLE V

MISCELLANEOUS

     5.1 Notices. Any notice provided for by this Agreement and any other notice, demand,
or communication required hereunder shall be in writing and either delivered in person (including
by confirmed facsimile transmission) or sent by registered or certified mail or overnight courier,
return receipt requested, in a sealed envelope, postage prepaid, and addressed

11

 

to the party for which such notice, demand or communication is intended at such party’s
address as set forth in this Section. All notices to Assignee shall be addressed as follows:

Assignee:

Asset Capital Corporation, Inc.

7315 Wisconsin Avenue, Suite 205 East

Bethesda, MD 20814

Telephone:     (301) 656-2333

Facsimile:

Attn:       Barry E. Johnson

12

 

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

Assignors:

Asset Capital Corporation, L.L.C.

7315 Wisconsin Avenue, Suite 205 East

Bethesda, MD 20814

Telephone:     (301) 656-2333

Facsimile:

Attn:       Blair D. Fernau

Asset Capital Management, LLC

7315 Wisconsin Avenue, Suite 205 East

Bethesda, MD 20814

Telephone:     (301) 656-2333

Facsimile:

Attn:       Blair D. Fernau

ARV/ACC Engineering LLC

7315 Wisconsin Avenue, Suite 205 East

Bethesda, MD 20814

Telephone:     (301) 656-2333

Facsimile:

Attn:       Blair D. Fernau

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

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

13

 

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

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

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

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

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

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

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

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

14

 

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

	 	 	 	 	 
	 	 	ASSIGNORS:
	 
	 	 	 	 
	 	 	Asset Capital Management, LLC, a Maryland limited

liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William B. LeBlanc
	 

	 	 	 	 
	 

	 	Name:
	 	William B. LeBlanc, III
	 

	 	Title:
	 	Member
	 
	 	 	 	 
	 	 	ARV/ACC Engineering LLC, a Delaware limited liability

company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William B. LeBlanc
	 

	 	 	 	 
	 

	 	Name:
	 	William B. LeBlanc, III
	 

	 	Title:
	 	Member
	 
	 	 	 	 
	 	 	Asset Capital Corporation, L.L.C., a Delaware limited
liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William B. LeBlanc
	 

	 	 	 	 
	 

	 	Name:
	 	William B. LeBlanc, III
	 

	 	Title:
	 	Member
	 
	 	 	 	 
	 	 	ASSIGNEE:
	 
	 	 	 	 
	 	 	Asset Capital Corporation, Inc., a Maryland
corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Barry E. Johnson
	 

	 	 	 	 
	 

	 	Name:

Title:
	 	Barry E. Johnson

Chief Financial Officer, Secretary and
Treasurer

15

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