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                                                                  Exhibit 10.177

               PROMISSORY NOTE SECURED BY LEASEHOLD DEED OF TRUST

$18,000,000.00                                               Loan No.31-0900141A
                                                       San Francisco, California
                                                               November 22, 2002

1.      PROMISE TO PAY. For value received, the undersigned PLAZA SANTA FE II
        LLC, a New Mexico limited liability company ("Borrower"), promise(s) to
        pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION ("Lender"),
        1320 Willow Pass Road, Suite 205, Concord, California 94520, or at such
        other place as may be designated in writing by Lender, the principal sum
        of EIGHTEEN MILLION AND NO/100THS DOLLARS ($18,000,000.00) ("Loan"),
        with interest thereon as specified herein. All sums owing hereunder are
        payable in lawful money of the United States of America, in immediately
        available funds, without offset, deduction or counterclaim of any kind.

2.      SECURED BY DEED OF TRUST. This Note is secured by, among other things,
        that Leasehold Deed of Trust and Absolute Assignment of Rents and Leases
        and Security Agreement (and Fixture Filing) ("Deed of Trust") of even
        date herewith, identifying this Note as an obligation secured thereby
        and encumbering certain real property described therein ("Property").

3.      DEFINITIONS. For the purposes of this Note, the following terms shall
        have the following meanings:

        "Actual Debt Service Coverage Ratio" shall mean the ratio of (a) the Net
        Cash Flow for the Property determined as of the applicable Testing Date
        to (b) the Actual Debt Service.

        "Actual Debt Service" shall mean the monthly debt service for the Loan
        multiplied by twelve (12).

        "Adjusted Debt Service Coverage Ratio" shall mean the ratio of (a) the
        Net Cash Flow for the Property determined as of the applicable Testing
        Date to (b) the Adjusted Debt Service.

        "Adjusted Debt Service" shall mean the monthly debt service for the Loan
        that would be due and payable based on a loan constant equal to ten
        percent (10%) multiplied by twelve (12).

        "Approved Annual Budget" shall mean an annual budget to be approved by
        Lender detailing the projected operating expenses and capital
        expenditures for the Property.

        "Business Day" shall mean any day other than a Saturday, Sunday, legal
        holiday or other day on which commercial banks in California are
        authorized or required by law to close. All references in this Note to a
        "day" or a "date" shall be to a calendar day unless specifically
        referenced as a Business Day.

        "Default" shall have the meaning set forth in the Deed of Trust.

        "Disbursement Date" shall mean the date upon which the Loan proceeds are
        funded into escrow in connection with the closing of the Loan.

        "Effective Date" shall mean the date the Deed of Trust is recorded in
        the Office of the County Recorder of the county where the Property is
        located and Lender authorizes the Loan proceeds to be released to
        Borrower.

        "Gross Operating Income" shall mean the sum of all rental payments
        ("Gross Rents") plus all expense reimbursements ("Expense
        Reimbursements"), in each case to the extent actually received directly
        or indirectly by or on behalf or credited to Borrower from any person
        with respect to Borrower's ownership, use, development, operation,
        leasing, franchising, marketing or licensing of the Property. Gross
        Operating Income shall be computed on a cash basis and shall include for
        the previous month, all amounts actually received by or on behalf of or
        credited to Borrower in such month whether or not such amounts are
        attributable to a charge arising in such month. Gross -Operating Income
        shall not include proceeds of any loan to Borrower, including, without
        limitation, the Loan, any insurance proceeds (other than business
        interruption insurance proceeds, which shall be included) or any capital
        contribution made to Borrower by partners or members in Borrower.

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        "Loan Documents" shall mean the documents listed in EXHIBIT B attached
        hereto and incorporated herein by this reference.

        "Maturity Date" shall mean December 1, 2012.

        "Minimum Vacancy/Collection Loss" shall mean an amount equal to the sum
        of (i) four percent (4%) of the Gross Operating Income for the Anchor
        Tenants (as defined in Exhibit A to this Note) plus (ii) the greater of
        actual or ten percent (10%) of the Gross Operating Income for all other
        tenants.

        "Net Cash Flow" shall mean the product of (a) four (4) multiplied by (b)
        the Gross Operating Income for the three (3) calendar month period
        ending on the applicable Testing Date, minus the sum of (c) the
        Operating Expenses for such period, (d) an amount for reasonable
        management expenses equal to the greater of four percent (4%) or the
        actual management expenses for such period, (e) a capital improvement
        reserve equal to $33,378.00 on an annual basis, (f) a re-tenanting
        expense reserve for tenant improvement and leasing commission expenses
        equal to $91,900.00 on an annual basis, and (g) an adjustment for
        vacancy/collection losses equal to the greater of actual, market, or the
        Minimum Vacancy/Collection Loss. Net Cash Flow shall be reasonably
        adjusted by Lender, if necessary, to accurately reflect the amounts of
        (any extraordinary non-recurring maintenance items that were incurred
        during any such three (3) calendar month period, and to reflect on a
        pro-rata basis those expenses paid on an annual or semi-annual basis,
        including, but not limited to, payments made with respect to property
        taxes and insurance.

        "Operating Expenses" shall mean all reasonable operating expenses of the
        Property, including, without limitation, those for maintenance, repairs,
        annual taxes or payments in lieu of taxes, insurance, utilities and
        other annual expenses (but not capital expenses) that are standard and
        customary for properties similar to the Property, and which are set
        forth in the Approved Annual Budget, Operating Expenses for this purpose
        shall not include any interest or principal payments on the Loan or any
        allowance for depreciation. For purposes of this Note, but not the Cash
        Management Agreement (as hereinafter defined), Operating Expenses in
        connection with the Ground Lease (as defined in the Deed of Trust) shall
        mean the annual sum of $393,750.00. For purposes of the Cash Management
        Agreement, Operating Expenses in connection with the Ground Lease shall
        mean the actual rent payable pursuant to the terms of the Ground Lease.

        "Testing Date" shall mean (a) for purposes of Section 5 of Exhibit A to
        this Note, the last day of the calendar month preceding the calendar
        month in which Borrower requests a disbursement of the Holdback (as
        hereinafter defined), and (b) for purposes of the Cash Management
        Agreement, March 31, June 30, September 30, and December 31 of each
        calendar year, with the first such Testing Date commencing as of March
        31, 2003.

4.      INTEREST; PAYMENTS.

        4.1     DEFINITIONS. The following terms shall have the meanings
                indicated:

                "ACTUAL/360 BASIS" shall mean on the basis of a 360-day year and
                charged on the basis of actual days elapsed for any whole or
                partial month in which Interest is being calculated.

                "30/360 BASIS" shall mean on the basis of a 360-day year
                consisting of 12 months of 30 days each.

                "INTEREST RATE" shall mean a fixed annual rate of 6.20%.

        4.2     INTEREST ACCRUAL. Interest on the outstanding principal balance
                of this Note shall accrue from the Disbursement Date at an
                annual rate equal to the Interest Rate calculated on an
                Actual/360 Basis.

        4.3     PAYMENTS. Monthly payments hereunder shall commence on the first
                day of the calendar month following the Disbursement Date and
                continue on the first day of each calendar month thereafter
                through the Maturity Date. If the Disbursement Date is a date
                other than the first day of a calendar month, the first monthly
                payment shall be interest only. Subsequent monthly payments
                shall be calculated on the basis of an equal-payment twenty-five
                (25) year amortization of principal and interest.
                Notwithstanding that interest on this Note accrues on an
                Actual/360 Basis, the total amount of each such amortized
                monthly payment of principal and Interest shall be determined
                using a 30/360 Basis. On the Maturity Date, all unpaid principal
                and accrued but unpaid interest shall be due and owing in full.
                All interest shall be paid in arrears. Except as otherwise
                specifically provided in this Note or the other Loan Documents,
                all payments and deposits due under this Note or the other Loan

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                Documents shall be made to Lender not later than 12:00 noon,
                California time, on the day on which such payment or deposit is
                due. Any funds received by Lender after such time shall, for all
                purposes, be deemed to have been received on the next succeeding
                Business Day.

        4.4     ACKNOWLEDGMENTS. Borrower acknowledges that interest calculated
                on an Actual/360 Basis exceeds interest calculated on a 30/360
                Basis and, therefore; (a) a greater portion of each monthly
                installment of principal and interest will be applied to
                interest using the Actual/360 Basis than would be the case if
                interest accrued on a 30/360 Basis; and (b) the unpaid
                principal balance of this Note on the Maturity Date will be
                greater using the Actual/360 Basis than would be the case if
                interest accrued on a 30/360 Basis.

        4.5     APPLICATION OF PAYMENTS. In the absence of a specific
                determination by Lender to the contrary, all payments paid by
                Borrower to Lender in connection with the obligations of
                Borrower under this Note and under the other Loan Documents
                shall be applied in the following order of priority: (a) to
                amounts, other than principal and interest due to Lender
                pursuant to this Note or the other Loan Documents; (b) to
                accrued but unpaid interest on this Note; and (c) to the unpaid
                principal balance of this Note. Borrower irrevocably waives the
                right to direct the application of any and all payments at any
                time hereafter received by Lender from or on behalf of Borrower,
                and Borrower irrevocably agrees that Lender shall have the
                continuing exclusive right to apply any and all such payments
                against the then due and owing obligations of Borrower in such
                order of priority as Lender may deem advisable.

5.      LATE CHARGE; DEFAULT RATE.

        5.1     LATE CHARGE. If all or any portion of any payment or deposit
                required hereunder (other than the payment due on the Maturity
                Date) is not paid or deposited on or before the fourth day
                following the day on which such payment or deposit is due,
                Borrower shall pay a late or collection charge, as liquidated
                damages, equal to 5% of the amount of such unpaid payment or
                deposit. If all or any portion of the payment due on the
                Maturity Date is paid more than 4 days after the Maturity Date
                and on a date other than the first day of a month. Borrower
                shall pay a late or collection charge, as liquidated damages,
                equal to the interest which would have accrued on such amount
                during the period commencing on the date payment of such amount
                is actually made and ending on the last day of the month in
                which payment of such amount is actually made. Borrower
                acknowledges that Lender will incur additional expenses as a
                result of any late payments or deposits hereunder, which
                expenses would be impracticable to quantify, and that Borrower's
                payments under this Section 5.1 are a reasonable estimate of
                such expenses.

        5.2     DEFAULT RATE. Commencing upon a Default and continuing until
                such Default shall have been cured by Borrower, all sums owing
                on this Note shall bear interest until paid in full at an annual
                rate equal to 5% plus the Interest Rate, but not higher than the
                maximum rate of interest permitted by applicable law ("Default
                Rate").

6.      MAXIMUM RATE PERMITTED BY LAW. Neither this Note nor any of the other
        Loan Documents shall require the payment or permit the collection of any
        Interest or any late payment charge in excess of the maximum rate
        permitted by law. If any such excess interest or late payment charge is
        provided for under this Note or any of the other Loan Documents or if
        this Note or any of the other Loan Documents shall be adjudicated to
        provide for such excess, neither Borrower nor Borrower's successors or
        assigns shall be obligated to pay such excess, and the right to demand
        the payment of any such excess shall be and hereby is waived, and this
        provision shall control any other provision of this Note or any of the
        other Loan Documents. If Lender shall collect amounts which are deemed
        to constitute interest and which would increase the effective interest
        rate to a rate in excess of the maximum rate permitted by law, all such
        amounts deemed to constitute interest in excess of the maximum legal
        rate shall, upon such determination, at the option of Lender, be
        returned to Borrower or credited against the outstanding principal
        balance of this Note.

7.      ACCELERATION. If (a) Borrower shall fail to pay when due any sums
        payable under this Note; (b) any other Default shall occur, or (c) any
        other event or condition shall occur which, under the terms of the Deed
        of Trust or any other Loan Document, gives rise to a right of
        acceleration of sums owing under this Note, then Lender, at its sole
        option, shall have the right to declare all sums owing under this Note
        immediately due and payable; provided, however, that if the Deed of
        Trust or any other Loan Document provides for the automatic acceleration
        of payment of sums owing under this Note, all sums owing under this Note
        shall be automatically due and payable in accordance with the terms of
        the Deed of Trust or such other Loan Document.

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8.      BORROWER'S LIABILITY.

        8.1     LIMITATION. Except as otherwise provided in this Section 8,
                Lender's recovery against Borrower under this Note and the other
                Loan Documents shall be limited solely to the Property and the
                "Collateral" (as defined in the Deed of Trust).

        8.2     EXCEPTIONS. Nothing contained in Section 8.1 or elsewhere in
                this Note or the other Loan Documents, however, shall limit in
                any way the personal liability of Borrower owed to Lender (a)
                for any losses or damages incurred by Lender (including, without
                limitation, any impairment of Lender's security for the Loan)
                with respect to any of the following matters: (i) fraud or
                willful misrepresentation by Borrower (or any direct or indirect
                owner of Borrower); (ii) material physical waste of the Property
                or the Collateral (provided such waste is not cured within
                thirty (30) days after notice from Lender); (iii) failure to pay
                property or other taxes, assessments or charges (other than
                amounts paid to Lender for taxes, assessments or charges
                pursuant to Impounds as defined in Exhibit A and where Lender
                elects not to apply such funds toward payment of the taxes,
                assessments or charges owed) which may create liens senior to
                the lien of the Deed of Trust on all or any portion of the
                Property; (iv) failure to deliver any insurance or condemnation
                proceeds or awards or any security deposits received by Borrower
                to Lender if such delivery is required pursuant to the terms of
                the Loan Documents or, otherwise to apply such sums as required
                under the terms of the Loan Documents or any other instrument
                now or hereafter securing this Note; (v) failure to apply any
                rents, royalties, accounts, revenues, income, issues, profits
                and other benefits from the Property which are collected or
                received by Borrower during the period of any Default or after
                acceleration of the indebtedness and other sums owing under the
                Loan Documents to the payment of either (i) such indebtedness or
                other sums or (ii) the normal and necessary operating expenses
                of the Property; (vi) any breach by Borrower of any covenant in
                this Note or in the Deed of Trust regarding Hazardous Materials
                (as defined in the Deed of Trust) OR; any representation or
                warranty of Borrower regarding Hazardous Materials proving to
                have been untrue when made; (vii) any representation or warranty
                of Borrower regarding the Ground Lease (as defined in the Deed
                of Trust) proving to have been untrue when made; or (viii) any
                termination, surrender, amendment, restatement, modification, or
                subordination of the Ground Lease having occurred, other than as
                a result of the action or inaction of Lender, without, in each
                case, Lender's prior written consent; or (b) in the event the
                Property or the Collateral shall become an asset in (i) a
                voluntary bankruptcy or insolvency proceeding or (ii) an
                involuntary bankruptcy or insolvency proceeding (other than one
                filed by Lender) which is not dismissed within 120 days of
                filing.

        8.3     NO RELEASE OR IMPAIRMENT. Nothing contained in Section 8.1 shall
                be deemed to release, affect or impair the indebtedness
                evidenced by this Note or the obligations of Borrower under, or
                the liens and security interests created by the Loan Documents,
                or Lender's rights to enforce its remedies under this Note and
                the other Loan Documents, including, without limitation, the
                right to pursue any remedy for injunctive or other equitable
                relief or any suit or action in connection with the
                preservation, enforcement or foreclosure of the liens,
                mortgages, assignments and security interests which are now or
                at any time hereafter security for the payment and performance
                of all obligations under this Note or the other Loan Documents.

        8.4     PREVAIL AND CONTROL. The provisions of this Section 8 shall
                prevail and control over any contrary provisions elsewhere in
                this Note or the other Loan Documents.

9.      NON-TRUSTOR BORROWER. If any Borrower is not also a "Trustor" under the
        Deed of Trust, such Borrower hereby makes all representations and
        warranties in favor of Lender contained in Article 5 of the Deed of
        Trust, all covenants contained in Section 6.15 of the Deed of Trust, and
        all indemnities of Lender contained in Section 6.19 of the Deed of
        Trust, jointly and severally with the "Trustor, "

10.     MISCELLANEOUS.

        10.1    JOINT AND SEVERAL LIABILITY. If this Note is executed by more
                than one person or entity as Borrower, the obligations of each
                such person or entity shall be joint and several. No person or
                entity shall be a mere accommodation maker, but each shall be
                primarily and directly liable hereunder.

        10.2    WAIVER OF PRESENTMENT. Except as otherwise provided in any other
                Loan Document, Borrower hereby waives presentment, demand,
                notice of dishonor, notice of default or delinquency, notice of
                intent to accelerate, notice of acceleration, notice of
                nonpayment, notice of costs, expenses or losses and interest
                thereon, and notice of interest on interest and late charges.

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        10.3    DELAY IN ENFORCEMENT. No previous waiver or failure or delay by
                Lender in acting with respect to the terms of this Note or the
                Deed of Trust shall constitute a waiver of any breach, default
                or failure of condition under this Note, the Deed of Trust or
                the obligations secured thereby. A waiver of any term of this
                Note, the Deed of Trust or of any of the obligations secured
                thereby must be made in writing signed by Lender, shall be
                limited to the express terms of such waiver, and shall not
                constitute a waiver of any subsequent obligation of Borrower.
                The acceptance at any time by Lender of any past-due amount
                shall not be deemed to be a waiver of the right to require
                prompt payment when due of any other amounts then or thereafter
                due and payable.

        10.4    TIME OF THE ESSENCE. Time is of the essence with respect to
                every provision hereof.

        10.5    GOVERNING LAW. This Note was accepted by Lender in the state of
                California and the proceeds of this Note were disbursed from the
                state of California, which state the parties agree has a
                substantial relationship to the parties and to the underlying
                transaction embodied hereby. Accordingly, in all respects,
                including, without limiting the generality of the foregoing,
                matters of construction, validity, enforceability and
                performance, this Note, the Deed of Trust and the other Loan
                Documents and the obligations arising hereunder and thereunder
                shall be governed by, and construed in accordance with, the laws
                of the state of California applicable to contracts made and
                performed in such state and any applicable law of the United
                States of America, except that at all times the provisions for
                the enforcement of Lender's STATUTORY POWER OF SALE granted
                under the Deed of Trust securing this Note and the creation,
                perfection and enforcement of the security interests created
                pursuant thereto and pursuant to the other Loan Documents shall
                be governed by and construed according to the law of the state
                where the Property is located. Except as provided in the
                immediately preceding sentence, Borrower hereby unconditionally
                and irrevocably waives, to the fullest extent permitted by law,
                any claim to assert that the law of any jurisdiction other than
                California governs the Deed of Trust, this Note and the other
                Loan Documents.

        10.6    CONSENT TO JURISDICTION. Borrower irrevocably submits to the
                jurisdiction of: (a) any state or federal court sitting in the
                state of California over any suit, action, or proceeding,
                brought by Borrower against Lender, arising out of or relating
                to this Note or the Loan evidenced hereby; (b) any state or
                federal court sitting in the state where the Property is located
                or the state in which Borrower's principal place of business is
                located over any suit, action or proceeding, brought by Lender
                against Borrower, arising out of or relating to this Note or the
                Loan evidenced hereby; and (c) any state court sitting in the
                county of the state where the Property is located over any suit,
                action, or proceeding, brought by Lender to exercise its
                STATUTORY POWER OF SALE under the Deed of Trust or any action
                brought by the Lender to enforce its rights with respect to the
                Collateral. Borrower irrevocably waives, to the fullest extent
                permitted by law, any objection that Borrower may now or
                hereafter have to the laying of venue of any such suit, action,
                or proceeding brought in any such court and any claim that any
                such suit, action, or proceeding brought in any such court has
                been brought in an inconvenient forum.

        10.7    COUNTERPARTS. This Note may be executed in any number of
                counterparts, each of which when executed and delivered shall be
                deemed an original and all of which taken together shall be
                deemed to be one and the same Note.

        10.8    HEIRS, SUCCESSORS AND ASSIGNS. All of the terms, covenants,
                conditions and indemnities contained in this Note and the other
                Loan Documents shall be binding upon the heirs, successors and
                assigns of Borrower and shall inure to the benefit of the
                successors and assigns of Lender. The foregoing sentence shall
                not be construed to permit Borrower to assign the Loan except as
                otherwise permitted in this Note or the other Loan Documents.

        10.9    SEVERABILITY. If any term of this Note, or the application
                thereof to any person or circumstances, shall, to any extent, be
                invalid or unenforceable, the remainder of this Note, or the
                application of such term to persons or circumstances other than
                those as to which it is invalid or unenforceable, shall not be
                affected thereby, and each term of this Note shall be valid and
                enforceable to the fullest extent permitted by law.

        10.10   CONSENTS AND APPROVALS. Wherever Lender's consent, approval,
                acceptance or satisfaction is required under any provision of
                this Note or any of the other Loan Documents, such consent,
                approval, acceptance or satisfaction shall not be unreasonably
                withheld, conditioned or delayed by Lender unless such provision
                expressly so provides.

11.     NOTICES. All notices and other communications that are required or
        permitted to be given to a party under this Note shall be in writing and
        shall be sent to such party, either by personal delivery, by overnight
        delivery service, by certified

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        first class mail, return receipt requested, or by facsimile transmission
        to the address or facsimile number below. All such notices and
        communications shall be effective upon receipt of such delivery or
        facsimile transmission. The addresses and facsimile numbers of the
        parties shall be:

        BORROWER:                          LENDER:

        Plaza Santa Fe II LLC              Wells Fargo Bank, N.A.
        415 North LaSalle Street           1320 Willow Pass Road, Suite 205
        Suite 200                          Concord, CA 94520
        Chicago, IL 60610                  Loan No.
        FAX No.: (312) 527-4664            FAX No.: (925) 691-5947

12.     ADDITIONAL TERMS AND CONDITIONS. The additional terms and conditions set
        forth in EXHIBIT A attached hereto are incorporated herein by this
        reference.

13.     PREPAYMENT - DEFEASANCE ONLY. Borrower acknowledges that any prepayment
        of this Note will cause Lender to lose its interest rate yield on this
        Note and will possibly require that Lender reinvest any such prepayment
        amount in loans of a lesser interest rate yield (including, without
        limitation, in debt obligations other than first mortgage loans on
        commercial properties). As a consequence, Borrower agrees as follows, as
        an integral part of the consideration for Lender's making the Loan:

        13.1    VOLUNTARY PREPAYMENT. Any voluntary prepayment of this Note: (a)
                is prohibited except during the last 6 months of the term, and
                (b) is permitted in full only, and not in part.

        13.2    PREPAYMENT CHARGE.

                a.      BASIC CHARGE. Except as provided below, if this Note is
                        prepaid prior to the last 6 months of the term, whether
                        such prepayment is involuntary or upon acceleration of
                        the principal amount of this Note by Lender following a
                        Default, Borrower shall pay to Lender on the prepayment
                        date (in addition to all other sums then due and owing
                        to Lender under the Loan Documents) a prepayment charge
                        equal to the greater of the following two amounts: (i)
                        an amount equal to 1% of the amount prepaid; or (ii) an
                        amount equal to (a) the amount, if any, by which the sum
                        of the present values as of the prepayment date of all
                        unpaid principal and interest payments required under
                        this Note, calculated by discounting such payments from
                        their respective scheduled payment dates back to the
                        prepayment date at a discount rate equal to the Periodic
                        Treasury Yield (defined below) exceeds the outstanding
                        principal balance of the Loan as of the prepayment date,
                        multiplied by (b) a fraction whose numerator is the
                        amount prepaid and whose denominator is the outstanding
                        principal balance of the Loan as of the prepayment date.
                        For purposes of the foregoing, "Periodic Treasury Yield"
                        means (iii) the annual yield to maturity of the actively
                        traded non-callable United States Treasury fixed
                        interest rate security (other than any such security
                        which can be surrendered at the option of the holder at
                        face value in payment of federal estate tax or which was
                        issued at a substantial discount) that has a maturity
                        closest to (whether before, on or after) the Maturity
                        Date (or if two or more such securities have maturity
                        dates equally close to the Maturity Date, the average
                        annual yield to maturity of all such securities), as
                        reported in The Wall Street Journal or other
                        authoritative publication or news retrieval service on
                        the fifth Business Day preceding the prepayment date,
                        divided by (iv) 12, if scheduled payment dates are
                        monthly, or 4, if scheduled payment dates are quarterly.

                b.      ADDITIONAL CHARGE. If this Note is prepaid on any day
                        other than the first day of a month, whether such
                        prepayment is voluntary, involuntary or upon full
                        acceleration of the principal amount of this Note by
                        Lender following a Default, Borrower shall pay to Lender
                        on the prepayment date (in addition to the basic
                        prepayment charge described in Section 13.2.a above and
                        all other sums then due and owing to Lender under this
                        Note and the other Loan Documents) an additional
                        prepayment charge equal to the interest which would
                        otherwise have accrued on the amount prepaid (had such
                        prepayment not occurred) during the period commencing on
                        the prepayment date and ending on the last day of the
                        month in which the prepayment occurred.

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                c.      EXCLUSION. Notwithstanding the foregoing, no prepayment
                        charge of any kind shall apply in respect to any
                        prepayment resulting from Lender's application of any
                        insurance proceeds or condemnation awards to the
                        outstanding principal balance of the Loan.

        13.3    EFFECT OF PREPAYMENT. No partial prepayment of this Note shall
                change the dates or amounts of subsequent monthly installments
                of principal and interest, unless Lender otherwise agrees in
                writing.

        13.4    WAIVER. Borrower waives any right to prepay this Note except
                under the terms and conditions set forth in this Section 13 and
                agrees that if this Note is prepaid, Borrower shall pay the
                prepayment charge set forth above. Borrower hereby acknowledges
                that: (a) the inclusion of this waiver of prepayment rights and
                agreement to pay the prepayment charge for the right to prepay
                this Note was separately negotiated with Lender; (b) the
                economic value of the various elements of this waiver and
                agreement was discussed; (c) the consideration given by Borrower
                for the Loan was adjusted to reflect the specific waiver and
                agreement negotiated between Borrower and Lender and contained
                herein; and (d) this waiver is intended to comply with
                California Civil Code Section 2954.10.

                                           Borrower's Initials: /s/ [ILLEGIBLE]
                                                               ----------------

14.     DEFEASANCE-FULL

        14.1    DEFEASANCE DEFINITIONS. In addition to the terms defined
                elsewhere in this Note or the other Loan Documents, the
                following terms shall have the meanings indicated:

                "Code" means the Internal Revenue Code of 1936, as amended to
                date and as further amended from time to time, or any successor
                statutes thereto, together with applicable regulations issued
                pursuant thereto in temporary or final form.

                "Defeasance" means the Borrower's substitution of collateral and
                Lender's release of the lien of the Deed of Trust upon
                satisfaction of all of the terms and conditions of this Section
                14.

                "Defeasance Collateral" means obligations or securities, not
                subject to prepayment, call or early redemption, each of which
                qualifies as a "Government security" as defined in Section
                2(a)(16) of the Investment Company Act of 1940, as amended (15
                U.S.C. Section 80a-I et seq.), together with all revenues and
                proceeds of such obligations or securities.

                "Defeasance Date" means the date upon which the Defeasance is
                completed, which shall be a scheduled payment date.

                "Defeasance Security Agreements" shall have the meaning
                specified in Section 14.3(d)(ii).

                "Lockout Period" means the period beginning on the effective
                date of this Note and ending on the later of (a) the second
                anniversary of the Startup Day of the REMIC, if any, that holds
                this Note on the Defeasance Date, and (b) the 3rd anniversary of
                the effective date of this Note.

                "Rating Agencies" means Fitch, Inc., Moody's Investors Service,
                Inc., Standard & Poor's Rating Services and any other
                nationally-recognized statistical rating organization that, in
                connection with the securitization of the Loan by a REMIC
                maintains a rating, on the Defeasance Date, of the securities
                issued by the REMIC.

                "REMIC" means a "real estate mortgage investment conduit" within
                the meaning of Section 860D of the Code.

                "Startup Day" means the "startup day" within the meaning of
                Section 860G(a)(9) of the Code.

                "Successor Borrower" means an entity designated by Lender whose
                sole purpose is to own the Defeasance Collateral delivered by
                Borrower under this Section 14 and assume Borrower's obligations
                with respect to the Loan either alone, or together with the
                Defeasance Collateral for other, previously defeased loans or
                portions of loans assumed by Successor Borrower which are also
                held by the REMIC that holds this Note. Successor Borrower
                shall, in either case, be restricted from taking actions that
                could result in its bankruptcy or dissolution.

                                        7
<Page>

        14.2    BORROWER RIGHT TO DEFEASE. At any time after the Lockout Period,
                Borrower may elect to effect a Defeasance of the Loan in
                accordance with the provisions of this Section 14, at Borrower's
                sole cost and expense.

        14.3    CONDITIONS. Borrower shall only have the right to cause a
                Defeasance if all of the following conditions have been
                satisfied:

                a.      NOTICE. Borrower shall give at least 60 days but not
                        more than 90 days written notice to Lender specifying
                        the Borrower's intended Defeasance Date. Simultaneously
                        with the delivery of such notice, Borrower shall deposit
                        with Lender an amount estimated by Lender to be
                        sufficient to reimburse Lender's anticipated expenses in
                        connection with the Defeasance, for which Borrower shall
                        be solely responsible whether or not the Defeasance
                        shall be completed. If any such notice shall have been
                        given by Borrower, Borrower shall be obligated to
                        complete the Defeasance of the Loan on the Defeasance
                        Date, unless such notice is revoked in writing by
                        Borrower prior to the Defeasance Date. Upon completion
                        of the Defeasance or revocation by Borrower as specified
                        above, Lender shall return any surplus deposit to
                        Borrower;

                b.      NO DEFAULT. No Default shall exist or would exist with
                        notice or passage of time, or both, either on the date
                        of receipt of Borrower's notice under Section 14.3.a
                        above or on the Defeasance Date;

                c.      PAYMENTS. Borrower shall pay in full, on or before the
                        Defeasance Date (i) all unpaid interest accruing under
                        this Note to and including the Defeasance Date (or
                        otherwise cause Successor Borrower to assume liability
                        for such interest), (ii) all other sums due under this
                        Note and the other Loan Documents on or before the
                        Defeasance Date, (iii) all escrow, closing, recording,
                        legal, appraisal, Rating Agency and other fees, costs
                        and expenses paid or incurred by Lender or its agents in
                        connection with the Defeasance, the release of the lien
                        of the Deed of Trust on the Property, the review of the
                        proposed Defeasance Collateral and the preparation of
                        the Defeasance Security Agreements and related
                        documentation, (iv) a defeasance fee to Lender of 1% of
                        the outstanding principal balance of the Loan as of the
                        Defeasance Date, and (v) any revenue, documentary stamp,
                        intangible or other taxes, charges or fees due in
                        connection with the transfer or assumption of this Note
                        or the Defeasance;

                d.      DELIVERIES. Borrower shall, at Borrower's sole cost and
                        expense, deliver the following items to Lender on or
                        before the Defeasance Date:

                         (i)    The Defeasance Collateral, as substitute
                                collateral for the Loan. The principal and
                                interest payments under the Defeasance
                                Collateral (without regard to earnings from
                                reinvestment of proceeds) must be, in timing and
                                amounts, sufficient to provide for payment
                                prior, but as close as possible, to all
                                successive scheduled payment dates occurring
                                after the Defeasance Date, with each such
                                payment being equal to or greater than the
                                amount of the corresponding Installment of
                                principal and interest required to be paid under
                                this Note (including, without limitation, all
                                amounts due on the Maturity Date) for the
                                balance of the term hereof. Borrower shall take
                                such actions, enter such agreements and issue
                                such orders or directions (including those
                                specified below), as are necessary or
                                appropriate end in accordance with customary
                                commercial standards to effectuate book-entry
                                transfers and pledges through the book-entry
                                facilities of the institution holding the
                                Defeasance Collateral or otherwise to create and
                                perfect a valid, enforceable, first priority
                                security interest in the Defeasance Collateral
                                in favor of Lender;

                         (ii)   A pledge and security agreement and an account
                                control agreement, each in form and substance
                                customary in commercial mortgage defeasance
                                transactions (such agreements, the "Defeasance
                                Security Agreements"), creating, attaching and
                                perfecting a first priority security interest in
                                favor of Lender in the Defeasance Collateral
                                under the law of the jurisdiction selected by
                                Lender, which agreements shall provide, among
                                other things, that all payments generated by the
                                Defeasance Collateral shall be paid directly to
                                Lender and applied by Lender to amounts then due
                                and payable under this Note;

                         (iii)  A certificate of Borrower certifying that all of
                                the requirements of this Section 14 have been
                                satisfied;

                                        8
<Page>

                         (iv)   Opinions of counsel for Borrower, addressed to
                                Lender and all Rating Agencies and delivered by
                                counsel satisfactory to Lender, subject only to
                                customary assumptions, qualifications and
                                exceptions, stating, among other things, that
                                (a) Lender has a perfected first priority
                                security interest in the Defeasance Collateral,
                                (b) the Defeasance Security Agreements are
                                enforceable against Borrower in accordance with
                                their terms and (c) any REMIC that holds this
                                Note immediately prior to the Defeasance Date
                                will not, as a result of the Defeasance, fail to
                                maintain its status as a "real estate mortgage
                                investment conduit" within the meaning of
                                Section 860D of the Code;

                         (v)    A certificate, addressed to Lender and all
                                Rating Agencies, from a firm of independent
                                certified public accountants acceptable to
                                Lender, subject only to customary assumptions,
                                qualifications and exceptions, certifying that
                                the Defeasance Collateral satisfies the
                                requirements of Section 14.3.d.(i) above and
                                certifying that in no fiscal year of Successor
                                Borrower will the interest earned on the
                                Defeasance Collateral exceed the interest
                                payable for the same period on the Loan under
                                this Note;

                         (vi)   If this Note is held by a REMIC, written
                                evidence from all of the Rating Agencies that
                                the Defeasance will not result in a downgrading,
                                withdrawal or qualification of the respective
                                ratings in effect immediately prior to the
                                Defeasance for any securities representing
                                interests in such REMIC which are then
                                outstanding; and

                         (vii)  Such other certificates, opinions, documents or
                                instruments as are customary in commercial
                                mortgage defeasance transactions to effect the
                                Defeasance.

                e.      RELEASE OF LIEN. Upon satisfaction of all conditions
                        specified in this Section 14, the Property shall be
                        released from the lien of the Deed of Trust and the
                        other Loan Documents, and the Defeasance Collateral and
                        the proceeds thereof shall constitute the only
                        collateral securing the obligations of Borrower under
                        this Note and the other Loan Documents. Lender shall, at
                        Borrower's expense, prepare, execute and deliver any
                        instruments reasonably necessary to release the lien of
                        the Deed of Trust from the Property.

                f.      ASSIGNMENT AND ASSUMPTION. In connection with the
                        Defeasance, Borrower shall, at the request of Lender,
                        assign all of its right, title and interest in and to
                        the pledged Defeasance Collateral and all its
                        obligations and rights under this Note and the
                        Defeasance Security Agreements to Successor Borrower.
                        Successor Borrower shall execute an assumption agreement
                        in form and substance customary in commercial mortgage
                        defeasance transactions, pursuant to which it shall
                        assume Borrower's obligations under this Note and the
                        Defeasance Security Agreements. As conditions to such
                        assignment and assumption, Borrower shall (X) deliver to
                        Lender opinions of counsel addressed to Lender and all
                        Rating Agencies, in form and substance customary in
                        commercial defeasance transactions and delivered by
                        counsel satisfactory to Lender, and subject only to
                        customary assumptions, qualifications and exceptions,
                        stating, among other things, that such assumption
                        agreement is enforceable against Borrower and Successor
                        Borrower in accordance with its terms and that this Note
                        and the Defeasance Security Agreements, as so assumed,
                        are enforceable against Successor Borrower in accordance
                        with their respective terms, and that the bankruptcy of
                        any affiliate of Successor Borrower will not affect the
                        assets of Successor Borrower; and (y) pay all costs and
                        expenses incurred by Lender or its agents in connection
                        with such assignment and assumption (including, without
                        limitation, the formation or review of Successor
                        Borrower and the preparation of the assumption agreement
                        and related documentation). Upon such assumption by
                        Successor Borrower, Borrower shall be relieved of its
                        obligations under this Note, the Defeasance Security
                        Agreements and the other Loan Documents other than (i)
                        representations and warranties made in connection with
                        the Defeasance, (ii) the obligation to effect the
                        Defeasance in accordance with this Section 14, and to
                        provide further assurances as necessary to do so, (iii)
                        liability for losses to Lender resulting from an
                        avoidance, rescission or set-aside of the Defeasance as
                        a result of actions taken or suffered by Borrower, and
                        (iv) those obligations which are specifically intended
                        to survive the repayment of the Loan or other
                        termination, satisfaction or assignment of this Note,
                        the Defeasance Security Agreements or the other Loan
                        Documents or Lender's exercise of its rights and
                        remedies under any of such documents and instruments.

                                        9
<Page>

15.     WAIVER OF JURY TRIAL. LENDER AND BORROWER HEREBY KNOWINGLY, VOLUNTARILY
        AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN
        RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN
        CONNECTION WITH, THIS NOTE OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF
        CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR
        ACTIONS OF LENDER OR BORROWER. THIS PROVISION IS A MATERIAL INDUCEMENT
        FOR LENDER TO MAKE THE LOAN TO BORROWER.

                    "BORROWER"

        PLAZA SANTA FE II LLC, a New Mexico
        limited liability company

        BY: PSF II Manager, INC., a New Mexico
            corporation, its managing member

        By: /s/ [ILLEGIBLE]
            ------------------------------
            Name:     [ILLEGIBLE]
                   -----------------------
            Title:    [ILLEGIBLE]
                   -----------------------

                                       10
<Page>

                                                            Loan No. 31-0900141A

                          EXHIBIT A TO PROMISSORY NOTE
                         ADDITIONAL TERMS AND CONDITIONS

This Exhibit A is attached to and forms a part of that Promissory Note ("Note")
executed by PLAZA SANTA FE II LLC ("Borrower") in favor of WELLS FARGO BANK,
NATIONAL ASSOCIATION ("Lender").

1.      DISBURSEMENT OF LOAN PROCEEDS; LIMITATION OF LIABILITY. Borrower hereby
        authorizes Lender to disburse the proceeds of the Loan, after deducting
        any and all fees owed by Borrower to Lender in connection with the Loan,
        to Rio Grande Title Company of Santa Fe, Inc. With respect to such
        disbursement, Borrower understands and agrees that Lender does not
        accept responsibility for errors, acts or omissions of others,
        including, without limitation, the escrow company, other banks,
        communications carriers or clearinghouses through which the transfer of
        Loan proceeds may be made or through which Lender receives or transmits
        information, and no such entity shall be deemed Lender's agent. As a
        consequence, Lender shall not be liable to Borrower for any actual
        (whether direct or indirect), consequential or punitive damages which
        may arise with respect to the disbursement of Loan proceeds, whether or
        not (a) any claim for such damages is based on tort or contract, or (b)
        either Lender or Borrower knew or should have known of the likelihood of
        such damages in any situation.

2.      FINANCIAL STATEMENTS.

        2.1     STATEMENTS REQUIRED. During the term of the Loan and while any
                liabilities of Borrower to Lender under any of the Loan
                Documents remain outstanding and unless Lender otherwise
                consents in writing. Borrower shall provide to Lender the
                following:

                a.      OPERATING STATEMENT. Not later than 15 days after and as
                        of the end of each calendar month during the period
                        prior to any sale of the Loan, and thereafter not later
                        than 30 days after and as of the end of each calendar
                        quarter, an operating statement, signed and dated by
                        Borrower, in a form acceptable to Lender, showing all
                        revenues and expenses during such month or quarter and
                        year-to-date, relating to the Property, including,
                        without limitation, all information requested under any
                        of the Loan Documents;

                b.      RENT ROLL. Not later than 15 days after and as of the
                        end of each calendar month during the period prior to
                        any sale of the Loan, and thereafter not later than 30
                        days after and as of the end of each calendar quarter, a
                        rent roll signed and dated by Borrower, in a form
                        acceptable to Lender, showing the following lease
                        information with regard to each tenant: the name of the
                        tenant, monthly or other periodic rental amount, dates
                        of commencement and expiration of the lease, and payment
                        status;

                c.      BALANCE SHEET. If requested by Lender, not later than 90
                        days after and as of the end of each fiscal year, a
                        balance sheet, signed and dated by Borrower, in a form
                        acceptable to Lender (or audited financial statements if
                        Borrower obtains them), showing all assets and
                        liabilities of Borrower;

                d.      ANNUAL BUDGET. Not later than November 15 of each
                        calendar year, a proposed budget detailing the projected
                        operating expenses and capital expenditures for the
                        Property for the next calendar year to be approved by
                        Lender; and

                e.      OTHER INFORMATION. From time to time, upon Lender's
                        delivery to Borrower of at least 10 days' prior written
                        notice, such other information with regard to Borrower,
                        principals of Borrower, guarantors or the Property as
                        Lender may reasonably request in writing.

        2.2     FORM; WARRANTY. Borrower agrees that all financial statements to
                be delivered to Lender pursuant to Section 2.1 shall: (a) be
                complete and correct; (b) present fairly the financial condition
                of the party; (c) disclose all liabilities that are required to
                be reflected or reserved against; and (d) be prepared in
                accordance with the same accounting standard used by Borrower to
                prepare the financial statements delivered to and approved by
                Lender in connection with the making of the Loan or other
                accounting standards acceptable to Lender. Borrower shall be
                deemed to warrant and represent that, as of the date of delivery
                of any such financial statement, there has been no material
                adverse change in financial condition, nor have any assets or
                properties

                                    EXHIBIT A
                                        1
<Page>

                been sold, transferred, assigned, mortgaged, pledged or
                encumbered since the date of such financial statement except as
                disclosed by Borrower in a writing delivered to Lender. Borrower
                agrees that all rent rolls and other information to be delivered
                to Lender pursuant to Section 2.1 shall not contain any
                misrepresentation or omission of a material fact.

        2.3     LATE CHARGE. If any financial statement, leasing schedule or
                other item required to be delivered to Lender pursuant to
                Section 2.1(a) through 2.1(d) is not timely delivered following
                Lender's notice, Borrower shall promptly pay to Lender, as a
                late charge, the sum of $500 per item. In addition, Borrower
                shall promptly pay to Lender an additional late charge of $500
                per item for each full month during which such item remains
                undelivered following written notice from Lender. Borrower
                acknowledges that Lender will incur additional expenses as a
                result of any such late deliveries, which expenses would be
                impracticable to quantify, and that Borrower's payments under
                this Section 2.3 are a reasonable estimate of such expenses.

3.      IMPOUNDS.

        3.1     AMOUNTS. Borrower shall deposit with Lender, the amounts
                ("Impounds") stated below on the dates stated below, for the
                purpose of paying the costs stated below:

                a.      TAXES. (i) $23,176 on the Disbursement Date, and (ii) on
                        the first payment date on which both principal and
                        interest under the Loan are payable and on each payment
                        date thereafter, an amount estimated from time to time
                        by Lender in its sole discretion to be sufficient to pay
                        for taxes and other liabilities payable by Borrower
                        under Section 6.9 of the Deed of Trust. The initial
                        estimated monthly amount to be deposited by Borrower on
                        each payment date is $11,588.

                b.      INSURANCE. (i) $40,060 on the Disbursement Date, and
                        (ii) on the first payment date on which both principal
                        and interest under the Loan are payable and on each
                        payment date thereafter, an amount estimated from time
                        to time by Lender in its sole discretion to be
                        sufficient to pay for premiums for insurance payable by
                        Borrower under Section 6.10 of the Deed of Trust. The
                        initial estimated monthly amount to be deposited by
                        Borrower on each payment date is $4,006.

                c.      GENERAL TENANT IMPROVEMENTS. $7,500 on the first payment
                        date on which both principal and interest under the Loan
                        are payable and on each payment date thereafter for
                        tenant improvements, brokerage commissions and other
                        leasing costs that may be required for new tenants in
                        the Property.

                d.      ANCHOR TENANT IMPROVEMENTS. $12,500 on the first payment
                        date on which both principal and interest under the Loan
                        are payable and on each payment date thereafter until
                        such time as the escrow account balance exceeds
                        $750,000 for reimbursement of tenant improvements,
                        brokerage commissions and other leasing costs that may
                        be required for retenanting any space in the Property
                        occupied by an Anchor Tenant (as defined below). At such
                        time as the escrow account balance exceeds $750,000,
                        then, at the time thereafter that all existing Anchor
                        Tenants (or replacement Anchor Tenants acceptable to
                        Lender) are in physical occupancy of their respective
                        space, are open for business, and are paying rent to
                        Borrower pursuant to the terms of their respective
                        leases, Lender shall disburse all funds in the escrow
                        account in excess of $375,000 to Borrower; provided,
                        however, at any time the escrow account balance is less
                        than $375,000, Borrower shall resume making the monthly
                        payment of S12,500 until such time as the escrow account
                        balance exceeds $375,000. For purposes of this Note, an
                        "Anchor Tenant" shall mean any tenant that occupies
                        15,000 or more square feet of the Property.

                e.      DEFERRED MAINTENANCE. $45,000 on the Disbursement Date
                        for Deferred Maintenance Work (defined below).

                f.      CAPITAL EXPENDITURES. $2,781.50 on the first payment
                        date on which both principal and interest under the Loan
                        are payable and on each payment date thereafter for
                        payment or reimbursement of Capital Expenditures
                        (defined below).

                                    EXHIBIT A
                                        2
<Page>

        3.2     APPLICATION.

                a.      TAXES. If no Default exists, Lender shall apply the
                        Impounds to the payment of the taxes and other
                        liabilities stated above.

                b.      INSURANCE. If no Default exists, Lender shall apply the
                        Impounds to the payment of the insurance premiums stated
                        above.

                c.      GENERAL TENANT IMPROVEMENTS. If no Default exists,
                        Lender shall release the Impounds to Borrower once a
                        quarter, in amounts equal to $5.00 per net rentable
                        square foot, to reimburse Borrower for the tenant
                        improvements, brokerage commissions, and leasing costs
                        stated in Sections 3.1(c) and 3.1(d) above; PROVIDED,
                        HOWEVER, that Lender shall have received and approved
                        each of the following for each tenant for which such
                        costs were incurred:

                         (i)    Borrower's written request for such release,
                                including the name of the tenant, the location
                                and net rentable area of the premises leased by
                                such tenant and a description in reasonable
                                detail of the costs covered by the request;

                         (ii)   Borrower's certification that the tenant
                                Improvements have been completed lien-free and
                                in a workmanlike manner;

                         (iii)  a fully executed lease, or extension or renewal
                                of the current lease;

                         (iv)   prior to the last release of Impounds for each
                                space, an estoppel certificate executed by the
                                tenant including its acknowledgment that all
                                tenant Improvements have been satisfactorily
                                completed; and

                         (v)    such other information with respect to such
                                costs as Lender may request.

                d.      ANCHOR TENANT IMPROVEMENTS. If no Default exists, Lender
                        shall release the Impounds to Borrower once a quarter,
                        in amounts equal to the lesser of the actual costs of
                        the specified tenant Improvements, brokerage
                        commissions, and leasing costs or $15.00 per net
                        rentable square foot, to reimburse Borrower for the
                        tenant improvements, brokerage commissions, and leasing
                        costs stated in Section 3.1(d) above; PROVIDED,
                        HOWEVER, that Lender shall have received and approved
                        each of the following for each tenant for which such
                        costs were incurred:

                         (i)    Borrower's written request for such release,
                                including the name of the tenant, the location
                                and net rentable area of the premises leased by
                                such tenant and a description and cost breakdown
                                in reasonable detail of the costs covered by the
                                request;

                         (ii)   Borrower's certification that the tenant
                                improvements have been completed lien-free and
                                in a workmanlike manner;

                         (iii)  a fully executed lease, or extension or renewal
                                of the current lease;

                         (iv)   prior to the last release of Impounds for each
                                space, an estoppel certificate executed by the
                                tenant including its acknowledgment that all
                                tenant improvements have been satisfactorily
                                completed; and

                         (v)    such other information with respect to such
                                costs as Lender may request.

                e.      DEFERRED MAINTENANCE WORK. If no Default exists, Lender
                        shall release the Impounds to Borrower to pay or
                        reimburse Borrower for the Deferred Maintenance Work;
                        PROVIDED, HOWEVER, that Lender shall have received and
                        approved each of the following;

                         (i)    Borrower's written request for such release,
                                including a description of the Deferred
                                Maintenance Work and a cost breakdown thereof in
                                reasonable detail, and Borrower's certification
                                that all

                                    EXHIBIT A
                                        3
<Page>

                                such Deferred Maintenance Work has been
                                completed lien-free and in a workmanlike manner;
                                and

                         (ii)   an inspection report if required by Lender,
                                signed by an inspector selected by Lender, whose
                                fees and expenses shall be paid by Borrower and
                                deducted from requested release of Impounds, and
                                such other evidence as Lender shall require,
                                confirming Borrower's certification.

                f.      CAPITAL EXPENDITURES. If no Default exists, Lender shall
                        release the Impounds to Borrower once a quarter, in
                        increments of no less than $25,000.00 per release, to
                        pay or reimburse Borrower for the Capital Expenditures;
                        PROVIDED, HOWEVER, that Lender shall have received and
                        approved each of the following:

                         (i)    Borrower's written request for such release,
                                including a description of the Capital
                                Expenditures and Borrower's certification that
                                all Capital Expenditures have been paid or
                                incurred by Borrower for work completed
                                lien-free and in a workmanlike manner;

                         (ii)   copies of invoices supporting the request for
                                such release; and

                         (iii)  an inspection report if required by Lender,
                                signed by an inspector selected by Lender, whose
                                fees and expenses shall be paid by Borrower and
                                deducted from requested release of Impounds, and
                                such other evidence as Lender shall require,
                                confirming Borrower's certification.

        3.3     GENERAL. Subject to the terms of the Cash Management Agreement
                (as defined below), any portion of the Impounds that exceeds the
                amount required for payment of the foregoing costs shall be
                repaid to Borrower upon Borrower's compliance with the
                foregoing. Reference is made to Section 6.12(b) of the Deed of
                Trust for a description of the account into which the Impounds
                shall be deposited and for a description of certain rights and
                remedies of Lender with respect to amounts in such account.
                Notwithstanding anything to the contrary in the Deed of Trust,
                all accounts containing Impounds for taxes, insurance, tenant
                improvements, deferred maintenance work and capital expenditures
                shall bear interest at a rate established by Lender or its
                servicing agent, which may or may not be the highest rate then
                available.

        3.4     MAINTENANCE AND CONSTRUCTION.

                a.      TENANT IMPROVEMENTS. Borrower shall construct all tenant
                        improvements in a workmanlike manner and in accordance
                        with all applicable laws, ordinances, rules and
                        regulations.

                b.      DEFERRED MAINTENANCE WORK. Borrower shall complete the
                        lien-free performance of the Deferred Maintenance Work
                        (as defined below) on or before June 30, 2003. Borrower
                        shall perform the Deferred Maintenance Work in a
                        workmanlike manner and in accordance with all applicable
                        laws, ordinances, rules and regulations. "Deferred
                        Maintenance Work" shall mean the resurfacing of
                        approximately 120,000 square feet of damaged and
                        defective parking lot area, all as more fully described
                        in the Property Condition Report dated June 6, 2002,
                        prepared by Integrated Property Analysis, Inc.

                c.      CAPITAL EXPENDITURES. Borrower shall complete the
                        lien-free performance or installation of the Capital
                        Expenditures (as defined below) from time to time as
                        necessary, in a workmanlike manner and in accordance
                        with all applicable laws, ordinances, rules and
                        regulations. "Capital Expenditures" shall mean major
                        repairs and replacements to maintain or improve the
                        Property, including, without limitation, structural
                        repairs, roof replacements, HVAC repairs and
                        replacements, mechanical and plumbing repairs and
                        replacements and boiler repair and replacements.

                d.      RIGHT OF INSPECTION. Lender shall have the right to
                        enter upon the Property at all reasonable times to
                        inspect all work for the purpose of verifying
                        information disclosed or required pursuant to this Note.
                        Notwithstanding the foregoing, Lender shall not be
                        obligated to supervise or inspect any work or to inform
                        Borrower or any third party regarding any aspect of any
                        work.

                                    EXHIBIT A
                                        4
<Page>

        3.5     RELEASE. Lender shall release any Impounds to Borrower through a
                funds transfer of such Impounds initiated by Lender to the
                following account or such other account as Borrower specifies in
                a notice to Lender:

                              Bank Name:      Banco Popular
                                         -----------------------------------
                        ABA Routing No.:      071924458
                                         -----------------------------------
                           Account Name:      Plaza Santa Fe II LLC
                                         -----------------------------------
                              Reference:      a/c # 0102404100269
                                         -----------------------------------
                                 Advise:
                                         -----------------------------------

                Lender shall determine the funds transfer system and other means
                to be used in making each such release. Borrower agrees that
                each such funds transfer initiated by Lender shall be deemed to
                be a funds transfer properly authorized by Borrower, even if the
                transfer is not actually properly authorized by Borrower.
                Borrower acknowledges that Lender shall rely on the account
                number and ABA routing number set forth above or specified in a
                notice from Borrower to Lender, even if such account number
                identifies an account with a name different from the name so
                specified, or the routing number identifies a bank different
                from the bank so specified. If Borrower learns of any error in
                the transfer of any Impounds or of any transfer which was not
                properly authorized, Borrower shall notify Lender as soon as
                possible in writing but in no case more than 14 days after
                Lender's first confirmation to Borrower of such transfer.

4.      ONE-TIME RIGHT OF TRANSFER OF PROPERTY. Notwithstanding anything to the
        contrary contained in Section 6.15 of the Deed of Trust, Lender shall,
        one time only, consent to the voluntary sale or exchange of all of the
        Property by Trustor (as defined in the Deed of Trust) to a bona-fide
        third party purchaser, without any modification of the terms of this
        Note or the other Loan Documents, if no Default has occurred and is
        continuing and all of the following conditions have been satisfied:

        4.1     Lender's reasonable determination that the proposed purchaser,
                the proposed guarantor, if any, and the Property all satisfy
                Lender's then applicable credit review and underwriting
                standards, taking into consideration, among other things, (a)
                any decrease in the Property's cash flow which would result from
                any increase in real property taxes due to any anticipated
                reassessment of the Property for tax purposes and (b) any
                requirement of Lender that the proposed borrowing entity satisfy
                Lender's then applicable criteria for a single purpose
                bankruptcy remote entity;

        4.2     Lender's reasonable determination that the proposed purchaser
                possesses satisfactory recent experience in the ownership and
                operation of properties comparable to the Property;

        4.3     Intentionally Omitted;

        4.4     the execution and delivery to Lender of such documents and
                instruments as Lender shall reasonably require, in form and
                content reasonably satisfactory to Lender, including, without
                limitation, (i) an assumption agreement under which the
                purchaser assumes all obligations and liabilities of Borrower
                under this Note and the other Loan Documents and agrees to
                periodically pay such new or additional Impounds to Lender as
                Lender may reasonably require, and (ii) a consent to the
                transfer by any existing guarantor and a reaffirmation of such
                guarantor's obligations and liabilities under any guaranty made
                in connection with the Loan or a new guaranty executed by a new
                guarantor reasonably satisfactory to Lender;

        4.5     if required by Lender, delivery to Lender of evidence of title
                insurance reasonably satisfactory to Lender insuring Lender that
                the lien of the Deed of Trust and the priority thereof will not
                be impaired or affected by reason of such transfer or exchange
                of the Property;

        4.6     payment to Lender of an assumption fee equal to 1% of the then
                outstanding principal balance of this Note, but not less than
                $15,000;

        4.7     reimbursement to Lender of any and all costs and expenses paid
                or incurred by Lender in connection with such transfer or
                exchange, including, without limitation, all in-house or outside
                counsel attorneys' fees, title insurance fees, appraisal fees,
                inspection fees, environmental consultant's fees and any fees or
                charges of the applicable rating agencies; and

                                    EXHIBIT A
                                        5
<Page>

        4.8     if required by Lender, delivery to Lender of written evidence
                from the applicable rating agencies that such transfer or
                exchange will not result in a downgrading, withdrawal or
                qualification of the respective ratings in effect immediately
                prior to the transfer or exchange for any securities issued in
                connection with the securitization of the Loan which are then
                outstanding.

        Lender shall fully release Borrower and any existing guarantor from any
        further obligation or liability to Lender under this Note and the other
        Loan Documents upon the assumption by the purchaser and any new
        guarantor of all such obligations and liabilities and the satisfaction
        of all other conditions precedent to a transfer or exchange in
        accordance with the provisions of this Section.

5.      HOLDBACK. As of the Disbursement Date, Osaka Grill & Seafood ("Osaka"),
        a tenant at the Property, is not open for business and paying rent to
        Borrower pursuant to the terms of that certain lease for a portion of
        the Property between Borrower, as landlord, and Osaka, as tenant (the
        "Osaka Lease"). Accordingly, Borrower hereby acknowledges and agrees
        that Lender, notwithstanding anything to the contrary in this Note or
        the other Loan Documents, shall withhold the sum of Nine Hundred Seventy
        Five Thousand and No/l00ths Dollars ($975,000.00) of the Loan (the
        "Holdback"). The Holdback shall be held in an escrow account by Lender
        or its servicing agent, which may be a commingled account, and shall
        accrue interest at a rate established from time to time by Lender or its
        servicing agent, which may not be the highest rate available (the
        "Holdback Escrow"). The Holdback Escrow shall constitute Collateral (as
        defined in the Deed of Trust). Upon any Default, Lender shall have the
        right, in addition to any other rights of Lender under the Loan
        Documents, to foreclose its security interest in the Holdback Escrow and
        apply the sums to the Holdback Escrow to the repayment of the
        indebtedness outstanding under this Note in such order as Lender shall
        determine. At any time and from time to time, promptly upon Lender's
        request, Borrower shall execute such additional documents and
        instruments as Lender shall reasonably deem necessary or desirable for
        the purpose of confirming and perfecting Lender's security interest in
        the Holdback Escrow. If the Release Conditions (as hereinafter defined)
        are not satisfied to Lender's satisfaction by the date which is six (6)
        months after the Disbursement Date, Borrower agrees (x) that it shall be
        required to pay down the outstanding principal balance of the Loan (out
        of the Holdback Escrow) in an amount equal to the sum necessary to
        provide that the Actual Debt Service Coverage Ratio shall not be less
        than 1.5 to 1.0 and the Adjusted Debt Service Coverage Ratio shall not
        be less than 1.23 to 1.0., and (y) that such payment will be subject to
        the prepayment charge set out in Section 13 of this Note. The Holdback
        (or a portion thereof if a prepayment of the Loan is made pursuant to
        the immediately preceding sentence) shall be released to Borrower upon
        Borrower's satisfaction of the following terms, provisions, and
        conditions precedent (collectively referred to herein as the "Release
        Conditions"): (i) no Default shall have occurred and be continuing; (ii)
        Borrower shall have provided evidence acceptable to Lender that Osaka is
        open for business and paying rent pursuant to the terms of the Osaka
        Lease; (iii) the Actual Debt Service Coverage Ratio shall not be less
        than 1.5 to 1.0; and (iv) the Adjusted Debt Service Coverage Ratio shall
        not be less than 1.23 to 1.0. Notwithstanding anything to the contrary
        contained in this Note, if all the tenants at the Property that have
        entered into leases with Borrower as of the Disbursement Date (other
        than H&R Block) are open for business, paying rent, and have not
        suffered a material adverse change in their financial condition, the Net
        Cash Flow for purposes of calculating the debt service coverage ratios
        in connection with the Release Conditions shall be deemed to be
        $2,211,000.00.

6.      CASH MANAGEMENT. Borrower shall enter into (i) that certain Cash
        Management Agreement of even date herewith among Lender, Borrower, and
        Redford Properties IV, Inc., a Delaware corporation d/b/a CB Richard
        Ellis (the "Cash Management Agreement"), (ii) that certain Restricted
        Account Agreement of even date herewith among Lender, as "Bank", Lender,
        as "Lender", and Borrower (the "Restricted Account Agreement"), and
        (iii) that certain Lockbox Agreement of even date herewith among
        Borrower, Regulus West LLC, and Lender (the "Lockbox Agreement") which
        shall govern the collection and disbursement of Gross Income (as defined
        in the Cash Management Agreement) during the term of the Loan.

7.      PREPAYMENT.

        7.1     The Note contains provisions which permit Full Defeasance Only.

                                    EXHIBIT A
                                        6
<Page>

                                                            Loan No. 31-0900141A

                          EXHIBIT B TO PROMISSORY NOTE
                   LOAN DOCUMENTS AND OTHER RELATED DOCUMENTS

This Exhibit B is attached to and forms a part of that Promissory Note ("Note")
executed by PLAZA SANTA FE II LLC ("Borrower") in favor of WELLS FARGO BANK,
NATIONAL ASSOCIATION ("Lender").

1.      LOAN DOCUMENTS. The documents numbered 1.1 through 1.12 below of even
        date herewith (unless otherwise specified) and any amendments,
        modifications and supplements thereto which have received the prior
        written approval of Lender and any documents executed in the future that
        are approved by Lender and that recite that they are "Loan Documents"
        for purposes of this Note are collectively referred to as the "Loan
        Documents".

        1.1     This Note;

        1.2     Deed of Trust;

        1.3     State of New Mexico Uniform Commercial Code - Financing
                Statement - Form UCC-1;

        1.4     Limited Liability Company Borrowing Certificate;

        1.5     Corporate Resolution Authorizing Limited Liability Company
                Activity and Certificate of Incumbency;

        1.6     Estoppels, Non-Disturbance and Attornment Agreements of various
                date(s);

        1.7     Subordination Agreements, and Estoppels, Non-Disturbance and
                Attornment Agreements of various date(s);

        1.8     Assignment of Management Contracts;

        1.9     Cash Management Agreement;

        1.10    Restricted Account Agreement;

        1.11    Lock Box Agreement; and

        1.12    Freedom to Choose - Insurance Company and Insurance Agent.

2.      OTHER RELATED DOCUMENTS WHICH ARE NOT LOAN DOCUMENTS.

        2.1     Agreement for Disbursement Prior to Recording and Amendment to
                Note; and

        2.2     2 Limited Guaranties.

                                    EXHIBIT B
                                        1<Page>

                                                                  Exhibit 10.178

Recording Requested by
and when recorded return to:

WELLS FARGO BANK, N.A.
Commercial Mortgage Origination
MAC # A0194-093
45 Fremont Street, 9th Floor
San Francisco, California 94105

Attention:   CMO Loan Admin.
Loan No. :   31-0900141A

                             LEASEHOLD DEED OF TRUST
                                       AND
                     ABSOLUTE ASSIGNMENT OF RENTS AND LEASES
                                       AND
                               SECURITY AGREEMENT
                              (AND FIXTURE FILING)

The parties to this LEASEHOLD DEED OF TRUST AND ABSOLUTE ASSIGNMENT OF RENTS AND
LEASES AND SECURITY AGREEMENT (AND FIXTURE FILING) ("Deed of Trust"), dated as
of November____, 2002 are PLAZA SANTA FE 11 LLC, a New Mexico limited liability
company ("Trustor"), with a mailing address at 415 North LaSalle Street, Suite
200, Chicago, Illinois 60610, LAWYERS TITLE INSURANCE CORPORATION ("Trustee"),
with a mailing address at 4061 Ridge Rock Road SE, Rio Rancho, New Mexico 87124,
and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Beneficiary"), with a mailing
address at 1320 Willow Pass Road, Suite 205, Concord, California 94520.

               THIS DOCUMENT IS INTENDED TO BE A "LINE OF CREDIT MORTGAGE" AS
               PROVIDED IN NMSA 1978, Section 48-7-4(1991).

                                    RECITALS

A.      PLAZA SANTA FE II LLC, a New Mexico limited liability company
        ("Borrower") proposes to borrow from Beneficiary, and Beneficiary
        proposes to lend to Borrower the principal sum OF EIGHTEEN MILLION AND
        NO/100THS DOLLARS ($18,000,000.00) ("Loan"). The Loan is evidenced by a
        promissory note ("Note") executed by Borrower, dated the date of this
        Deed of Trust, payable to the order of Beneficiary in the principal
        amount of the Loan. The maturity date of the Loan is December 1, 2012.

B.      The loan documents include this Deed of Trust, the Note and the other
        documents described in the Note as Loan Documents ("Loan Documents").

                            ARTICLE 1. DEED OF TRUST

1.1     GRANT. For the purposes of and upon the terms and conditions of this
        Deed of Trust, Trustor irrevocably grants, conveys and assigns to
        Trustee, in trust for the benefit of Beneficiary, with power of sale and
        right of

                                        1
<Page>

        entry and possession, all estate, right, title and interest which
        Trustor now has or may hereafter acquire in, to, under or derived from
        any or all of the following:

        a.      That certain Unsubordinated Ground Lease, dated October 31, 1995
                ("Original Ground Lease"), by and between Roadrunner Trailer
                Lodge Partnership, a New Mexico general partnership ("Original
                Landlord"), predecessor in interest to Truzaf Limited
                Partnership, a New Mexico limited partnership, as landlord
                ("Landlord") and Mid-West Acquisitions, Inc., an Illinois
                corporation, as tenant ("Original Tenant"), as assigned pursuant
                to: (i) that certain Assignment and Assumption Agreement, dated
                effective as of October 31, 1995, between Original Tenant, as
                assignor, and Chamisa Development Corporation, Ltd., an Illinois
                corporation, as assignee ("Chamisa"), such assignment being
                consented to pursuant to that certain Consent to Assignment
                dated October 31, 1995, among Original Landlord, Original Tenant
                and Chamisa; (ii) that certain Assignment and Assumption
                Agreement, dated July 1, 1999, between Chamisa, as assignor, and
                Statewide Investments LLC, as assignee ("Statewide"), such
                assignment being consented to pursuant to that certain Consent
                to Assignment dated July 1, 1999, among Landlord, Chamisa and
                Statewide; and (iii) that certain Assignment and Assumption
                Agreement, dated October 5, 1999, between Statewide, as
                assignor, and Trustor, as assignee, such assignment being
                consented to pursuant to that certain Consent to Assignment
                dated October 5, 1999, among Landlord, Statewide and Trustor,
                and evidenced further by that certain Memorandum of Assignment
                of Lease dated October 5, 1999 and recorded on January 4, 2000
                as Document No. 1723423 in the records of Santa Fe County, New
                Mexico (the foregoing instruments described in items (i) through
                (iii) above are collectively referred to herein as the
                "Assignments"), and as amended by: (i) that certain First
                Amendment to Unsubordinated Ground Lease, dated February 28,
                1997, between Original Landlord and Chamisa ("First Amendment");
                (ii) that certain Second Amendment to Unsubordinated Ground
                Lease, dated June 30, 1998, between Original Landlord and
                Chamisa ("Second Amendment"); (iii) that certain Third Amendment
                to Unsubordinated Ground Lease, dated July 31, 2000, between
                Landlord and Trustor ("Third Amendment"); (iv) that certain
                Fourth Amendment to Unsubordinated Ground Lease dated February
                28, 2001, between Landlord and Trustor ("Fourth Amendment"); and
                (v) those certain letter agreements, dated October 31, 1995,
                October 28, 1997, January 5, 1998, February 6, 1998, March 9,
                1998, March 27, 1998 and April 29, 1998, respectively
                (collectively, "Letter Agreements") (the Original Ground Lease,
                as assigned pursuant to the Assignments and as amended pursuant
                to the First Amendment, the Second Amendment, the Third
                Amendment, the Fourth Amendment, the Letter Agreements and any
                other amendments, modifications, extensions and assignments
                heretofore, now, or hereafter entered into are hereinafter
                collectively referred to as the "Ground Lease"), with respect to
                property located on those certain lots, pieces, tracts and
                parcels of land located in the County of Santa Fe, State of New
                Mexico, and more particularly described on Exhibit A attached
                hereto ("Land");

        b.      All appurtenances, easements, rights of way, water and water
                rights, pumps, pipes, flumes and ditches and ditch rights, water
                stock, ditch and/or reservoir stock or interests, royalties,
                development rights and credits, air rights, minerals, oil
                rights, and gas rights, now or later used or useful in
                connection with, appurtenant to or related to the Land;

        c.      All buildings, structures, facilities, other improvements and
                fixtures now or hereafter located on the Land;

        d.      All apparatus, equipment, machinery and appliances and all
                accessions thereto and renewals and replacements thereof and
                substitutions therefor used in the operation or occupancy of the
                Land, it being intended by the parties that all such items shall
                be conclusively considered to be a part of the Land, whether or
                not attached or affixed to the Land;

        e.      All land lying in the right-of-way of any street, road, avenue,
                alley or right-of-way opened, proposed or vacated, and all
                sidewalks, strips and gores of land adjacent to or used in
                connection with the Land;

                                        2
<Page>

        f.      All additions and accretions to the property described above;

        g.      All licenses, authorizations, certificates, variances, consents,
                approvals and other permits now or hereafter pertaining to the
                Land and all estate, right, title and interest of Trustor in,
                to, under or derived from all tradenames or business names
                relating to the Land or the present or future development,
                construction, operation or use of the Land; and

        h.      All proceeds of any of the foregoing.

        All of the rights and property described above are hereinafter
        collectively defined as the "Property". The listing of specific rights
        or property shall not be interpreted as a limitation of general terms.

        Trustor agrees that the Property shall be subject to the terms of the
        New Mexico Deed of Trust Act, NMSA 1978, Sections 48-10-1 to 48-10-21
        (1987).

                         ARTICLE 2. OBLIGATIONS SECURED

2.1     OBLIGATIONS SECURED. Trustor makes the foregoing grant and assignment
        for the purpose of securing the following obligations ("Secured
        Obligations"):

        a.      Full and punctual payment to Beneficiary of all sums at any time
                owing under the Note;

        b.      Payment and performance of all covenants and obligations of
                Trustor under this Deed of Trust including, without limitation,
                indemnification obligations and advances made to protect the
                Property;

        c.      Payment and performance of all additional covenants and
                obligations of Borrower and Trustor under the Loan Documents;

        d.      Payment and performance of all covenants and obligations, if
                any, which any rider attached as an exhibitor this Deed of Trust
                recites are secured hereby;

        e.      Payment and performance of all future advances and other
                obligations that the then record owner of all or part of the
                Property may agree to pay and/or perform (whether as principal,
                surety or guarantor) for the benefit of Beneficiary, when the
                obligation is evidenced by a writing which recites that it is
                secured by this Deed of Trust;

        f.      All interest and charges on all obligations secured hereby
                including, without limitation, prepayment charges, late charges
                and loan fees;

        g.      All modifications, extensions and renewals of any of the
                obligations secured hereby, however evidenced, including,
                without limitation: (i) modifications of the required principal
                payment dates or interest payment dates or both, as the case may
                be, deferring or accelerating payment dates wholly or partly;
                and (ii) modifications, extensions or renewals at a different
                rate of interest whether or not any such modification, extension
                or renewal is evidenced by a new or additional promissory note
                or notes; and

        h.      Payment and performance of any other obligations which are
                defined as "Secured Obligations" in the Note.

        The maximum amount secured by this Deed of Trust at any one time shall
        not exceed three times the original principal amount of the Note.

                                        3
<Page>

2.2     OBLIGATIONS. The term "obligations" is used herein in its broadest and
        most comprehensive sense and shall be deemed to include, without
        limitation, all interest and charges, prepayment charges, late charges
        and loan fees at any time accruing or assessed on any of the Secured
        Obligations.

2.3     INCORPORATION. All terms and conditions of the documents, which evidence
        any of the Secured Obligations are incorporated herein by this
        reference. All persons who may have or acquire an interest in the
        Property shall be deemed to have notice of the terms of the Secured
        Obligations and to have notice that the rate of interest on one or more
        Secured Obligation may vary from time to time.

               ARTICLE 3. ABSOLUTE ASSIGNMENT OF RENTS AND LEASES

3.1     ASSIGNMENT. Trustor irrevocably assigns to Beneficiary all of Trustor's
        right, title and interest in, to and under: (a) all present and future
        leases and subleases of the Property or any portion thereof, all
        licenses and agreements relating to the management, leasing or operation
        of the Property or any portion thereof, and all other agreements of any
        kind relating to the use or occupancy of the Property or any portion
        thereof, whether such leases, subleases, licenses and agreements are now
        existing or entered into after the date hereof, (collectively,
        "Leases"); and (b) the rents, issues, deposits and profits of the
        Property, including, without limitation, all amounts payable and all
        rights and benefits accruing to Trustor under the Leases ("Payments").
        The term "Leases" shall also include all guarantees of and security for
        the tenants' performance thereunder, and all amendments, extensions,
        renewals or modifications thereto which are permitted hereunder. This is
        a present and absolute assignment, not an assignment for security
        purposes only, and Beneficiary's right to the Leases and Payments is not
        contingent upon, and may be exercised without possession of, the
        Property.

3.2     GRANT OF LICENSE. Beneficiary confers upon Trustor a revocable license
        ("License") to collect and retain the Payments as they become due and
        payable, until the occurrence of a Default (as hereinafter defined).
        Upon a Default, the License shall be automatically revoked and
        Beneficiary may collect and apply the Payments pursuant to the terms
        hereof without notice and without taking possession of the Property. All
        Payments thereafter collected by Trustor shall be held by Trustor as
        trustee under a constructive trust for the benefit of Beneficiary.
        Trustor hereby irrevocably authorizes and directs the tenants under the
        Leases to rely upon and comply with any notice or demand by Beneficiary
        for the payment to Beneficiary of any rental or other sums which may at
        any time become due under the Leases, or for the performance of any of
        the tenants' undertakings under the Leases, and the tenants shall have
        no right or duty to inquire as to whether any Default has actually
        occurred or is then existing. Trustor hereby relieves the tenants from
        any liability to Trustor by reason of relying upon and complying with
        any such notice or demand by Beneficiary. Beneficiary may apply, in its
        sole discretion, any Payments so collected by Beneficiary against any
        Secured Obligation or any other obligation of Borrower, Trustor or any
        other person or entity, under any document or instrument related to or
        executed in connection with the Loan Documents, whether existing on the
        date hereof or hereafter arising. Collection of any Payments by
        Beneficiary shall not cure or waive any Default or notice of Default or
        invalidate any acts done pursuant to such notice. If and when no Default
        exists, Beneficiary shall re-confer the License upon Trustor until the
        occurrence of another Default.

3.3     EFFECT OF ASSIGNMENT. The foregoing irrevocable assignment shall not
        cause Beneficiary to be: (a) mortgagee in possession; (b) responsible or
        liable for the control, care, management or repair of the Property or
        for performing any of the terms, agreements, undertakings, obligations,
        representations, warranties, covenants and conditions of the Leases; (c)
        responsible or liable for any waste committed on the Property by the
        tenants under any of the Leases or by any other parties; for any
        dangerous or defective condition of the Property; or for any negligence
        in the management, upkeep, repair or control of the Property resulting
        in loss or injury or death to any tenant, licensee, employee, invitee or
        other person; or (d) responsible for or impose upon Beneficiary any duty
        to produce rents or profits. Beneficiary shall not directly or
        indirectly be liable to Trustor or any other person as a consequence of;
        (e) the exercise or failure to exercise any of the rights, remedies or
        powers granted to Beneficiary hereunder; or (f) the failure or refusal
        of Beneficiary to perform or discharge any obligation, duty or liability
        of Trustor arising under the Leases.

                                        4
<Page>

3.4     COVENANTS-LONG TERM LEASES.

        a.      ALL LEASES. Trustor shall, at Trustor's sole cost and expense:

                (i)     perform all obligations of the landlord under the Leases
                        and use reasonable efforts to enforce performance by the
                        tenants of all obligations of the tenants under the
                        Leases;

                (ii)    use reasonable efforts to keep the Property leased at
                        all times to tenants which Trustor reasonably and in
                        good faith believes are creditworthy at rents not less
                        than the fair market rental value (including, but not
                        limited to, tree or discounted rents to the extent the
                        market so requires);

                (iii)   promptly upon Beneficiary's request, deliver to
                        Beneficiary a copy of each requested Lease and all
                        amendments thereto and waivers thereof; and

                (iv)    promptly upon Beneficiary's request, execute and record
                        any additional assignments of landlord's interest under
                        any Lease to Beneficiary and specific subordinations of
                        any Lease to this Deed of Trust, in form and substance
                        satisfactory to Beneficiary.

                Unless consented to in writing by Beneficiary or otherwise
                permitted under any other provision of the Loan Documents,
                Trustor shall not:

                (v)     grant any tenant under any Lease any option, right of
                        first refusal or other right to purchase all or any
                        portion of the Property under any circumstances;

                (vi)    grant any tenant under any Lease any right to prepay
                        rent more than 1 month in advance;

                (vii)   except upon Beneficiary's request, execute any
                        assignment of landlord's interest in any Lease; or

                (viii)  collect rent or other sums due under any Lease in
                        advance, other than to collect rent 1 month in advance
                        of the time when it becomes due.

                Any such attempted action in violation of the provisions of this
                Section shall be null and void.

                Trustor shall deposit with Beneficiary any sums received by
                Trustor in consideration of any termination, modification or
                amendment of any Lease or any release or discharge of any tenant
                under any Lease from any obligation thereunder and any such sums
                received by Trustor shall be held in trust by Trustor for such
                purpose. Notwithstanding the foregoing, so long as no Default
                exists, the portion of any such sum received by Trustor with
                respect to any Lease which is less than $50,000 shall be payable
                to Trustor. All such sums received by Beneficiary with respect
                to any Lease shall be deemed "Impounds" (as defined in Section
                6.12b) and shall be deposited by Beneficiary into a pledged
                account in accordance with Section 6.l2b. If no Default exists.
                Beneficiary shall release such Impounds to Trustor from time to
                time as necessary to pay or reimburse Trustor for such tenant
                improvements, brokerage commissions and other leasing costs as
                may be required to re-tenant the affected space; provided,
                however. Beneficiary shall have received and approved each of
                the following for each tenant for which such costs were
                incurred: (1) Trustor's written request for such release,
                including the name of the tenant, the location and net rentable
                area of the space and a description and cost breakdown of the
                tenant improvements or other leasing costs covered by the
                request; (2) Trustor's certification that any tenant
                improvements have been completed lien-free and in a workmanlike
                manner; (3) a fully executed Lease, or extension or renewal of
                the current Lease; (4) an estoppel certificate executed by the
                tenant including its acknowledgment that all tenant improvements
                have been satisfactorily completed; and (5) such other
                information with respect to such costs as Beneficiary may
                require. Following the re-tenanting of all affected space
                (including without limitation, the completion of all tenant
                improvements). and provided no Default exists.

                                        5
<Page>

                Beneficiary shall release any remaining such Impounds relating
                to the affected space to Trustor. Trustor shall construct all
                tenant improvements in a workmanlike manner and in accordance
                with all applicable laws, ordinances, rules and regulations.

        b.      MAJOR LEASES. Trustor shall, at Trustor's sole cost and expense,
                give Beneficiary prompt written notice of any material default
                by landlord or tenant under any Major Lease (as defined below).
                Unless consented to in writing by Beneficiary or otherwise
                permitted under any other provision of the Loan, Documents,
                Trustor shall not:

                (i)     enter into any Major Lease which (aa) is not on fair
                        market terms (which terms may include tree or discounted
                        rent to the extent the market so requires); (bb) does
                        not contain a provision requiring the tenant to execute
                        and deliver to the landlord an estoppel certificate in
                        form and substance satisfactory to the landlord promptly
                        upon the landlord's request; (cc) allows the tenant to
                        assign or sublet the premises without the landlord's
                        consent if any such assignment or sublease relieves the
                        original tenant from any liability under the lease; or
                        (dd) is with a tenant that is not acceptable to
                        Beneficiary (such determination to be made in
                        Beneficiary's reasonable discretion based upon
                        Beneficiary's then current underwriting guidelines,
                        which shall include, among other things, the financial
                        strength of the proposed tenant);

                (ii)    reduce any rent or other sums due from the tenant under
                        any Major Lease;

                (iii)   terminate or materially modify or amend any Major Lease;
                        or

                (iv)    release or discharge the tenant or any guarantor under
                        any Major Lease from any material obligation thereunder.

                Any such attempted action in violation of the provisions of this
                Section shall be null and void.

                "Major Lease". as used herein, shall mean any Lease, which is,
                at any time: (l) a Lease of more than 15,000 square feet of the
                total rentable area of the Property; or (2) a Lease which
                generates a gross base monthly rent exceeding 7% of the total
                gross base monthly rent generated by all Leases (excluding all
                Leases under which the tenant is then in default), as reasonably
                determined by Beneficiary. Trustor's obligations with respect to
                Major Leases shall be governed by the provisions of Section 3.4a
                as well as by the provisions of this Section.

        c.      FAILURE TO DENY REQUEST. Beneficiary's failure to deny any
                written request by Trustor for Beneficiary's consent under the
                provisions of Sections 3.4a or 3.4b within 10 Business Days
                after Beneficiary's receipt of such request (and all documents
                and information reasonably related thereto) shall be deemed to
                constitute Beneficiary's consent to such request.

3.5     ESTOPPEL CERTIFICATES. Within 30 days after request by Beneficiary,
        Trustor shall deliver to Beneficiary and to any party designated by
        Beneficiary, estoppel certificates relating to the Leases executed by
        Trustor and by each of the tenants, in form and substance acceptable to
        Beneficiary, it being understood that some of the estoppel certificates
        will be provided in a form required pursuant to the terms of the
        respective Leases, but in any event, shall be in substance acceptable to
        Beneficiary, provided, however, if any tenant shall fail or refuse to so
        execute and deliver any such estoppel certificate upon request. Trustor
        shall use reasonable efforts to cause such tenant to execute and deliver
        such, estoppel certificate but such tenant's continued failure or
        refusal to do so, despite Trustor's reasonable efforts, shall not
        constitute a default by Trustor under this Section.

3.6     RIGHT OF SUBORDINATION. Beneficiary may at any time and from time to
        time by specific written instrument intended for the purpose
        unilaterally subordinate the lien of this Deed of Trust to any Lease,
        without joinder or consent of, or notice to, Trustor, any tenant or any
        other person. Notice is hereby given to each tenant

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        under a Lease of such right to subordinate. No subordination referred to
        in this Section shall constitute a subordination to any lien or other
        encumbrance, whenever arising, or improve the right of any junior
        lienholder. Nothing herein shall be construed as subordinating this Deed
        of Trust to any Lease.

3.7     SUBORDINATION. NONDISTURBANCE AND ATTORNMENT AGREEMENTS. Upon Trustor's
        written request, Beneficiary will enter into subordination,
        nondisturbance and attornment agreements, in form and substance
        reasonably acceptable to Beneficiary, with future tenants at the
        Property. Trustee shall pay Beneficiary's reasonable costs and expenses
        (including reasonable attorney's fees) in connection with the
        preparation and negotiation of such agreements.

                ARTICLE 4. SECURITY AGREEMENT AND FIXTURE FILING

4.1     SECURITY INTEREST. Trustor grants and assigns to Beneficiary a security
        interest to secure payment and performance of all of the Secured
        Obligations, in all of the following described personal property in
        which Trustor now or at any time hereafter has any interest
        ("Collateral"):

                All goods, building and other materials, supplies, work in
                process, equipment, machinery, fixtures, furniture, furnishings,
                signs and other personal property, wherever situated, which are
                or are to be incorporated into, used in connection with or
                appropriated for use on the Property; all rents, issues,
                deposits and profits of the Property (to the extent, if any,
                they are not subject to the Absolute Assignment of Rents and
                Leases); all inventory, accounts, cash receipts, deposit
                accounts, impounds, accounts receivable, contract rights,
                general intangibles, software, chattel paper, instruments,
                documents, promissory notes, drafts, letters of credit, letter
                of credit rights, supporting obligations, insurance policies,
                insurance and condemnation awards and proceeds, any other rights
                to the payment of money, trade names, trademarks and service
                marks arising from or related to the Property or any business
                now or hereafter conducted thereon by Trustor; all permits,
                consents, approvals, licenses, authorizations and other rights
                granted by, given by or obtained from, any governmental entity
                with respect to the Property; all deposits or other security now
                or hereafter made with or given to utility companies by Trustor
                with respect to the Property; all advance payments of insurance
                premiums made by Trustor with respect to the Property; all
                plans, drawings and specifications relating to the Property; all
                loan funds held by Beneficiary, whether or not disbursed; all
                funds deposited with Beneficiary pursuant to any Loan Document,
                all reserves, deferred payments, deposits, accounts, refunds,
                cost savings and payments of any kind related to the Property or
                any portion thereof, including, without limitation, all
                "Impounds" as defined herein; and all rights of Trustor under
                the Ground Lease and as lessee under all personal property
                leases with respect to the Property; together with all
                replacements and proceeds of, and additions and accessions to,
                any of the foregoing, and all books, records and files relating
                to any of the foregoing.

        As to all of the above-described personal property which is or which
        hereafter becomes a "fixture" under applicable law, this Deed of Trust
        constitutes a fixture filing under the New Mexico Uniform Commercial
        Code, as amended or recodified from time to time ("UCC").

4.2     COVENANTS. Trustor agrees: (a) to execute and deliver such documents as
        Beneficiary deems necessary to create, perfect and continue the security
        interests contemplated hereby; (b) not to change its name, and, as
        applicable, its chief executive offices, its principal residence or the
        jurisdiction in which it is organized without giving Beneficiary at
        least 30 days' prior written notice thereof; and (c) to cooperate with
        Beneficiary in perfecting all security interests granted herein and in
        obtaining such agreements from third parties as Beneficiary deems
        necessary, proper or convenient in connection with the preservation,
        perfection or enforcement of any of Beneficiary's rights hereunder.

4.3     RIGHTS OF BENEFICIARY. In addition to Beneficiary's rights as a "Secured
        Party" under the UCC, Beneficiary may, but shall not be obligated to, at
        any time without notice and at the expense of Trustor:

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        (a) give notice to any person of Beneficiary's rights hereunder and
        enforce such rights at law or in equity; (b) insure, protect, defend and
        preserve the Collateral or any rights or interests of Beneficiary
        therein; and (c) inspect the Collateral. Notwithstanding the above, in
        no event shall Beneficiary be deemed to have accepted any property other
        than cash in satisfaction of any obligation of Trustor to Beneficiary
        unless Beneficiary shall make an express written election of said remedy
        under the UCC or other applicable law.

4.4     RIGHTS OF BENEFICIARY UPON DEFAULT. Upon the occurrence of a Default,
        then in addition to all of Beneficiary's rights as a "Secured Party"
        under the UCC or otherwise at law:

        a.      DISPOSITION OF COLLATERAL. Beneficiary may: (i) upon written
                notice, require Trustor to assemble any or all of the Collateral
                that is not available at the Property and make it available to
                Beneficiary at the Property; (ii) without prior notice, enter
                upon the Property or other place where the Collateral may be
                located and take possession of, collect, sell, lease, license,
                and otherwise dispose of the Collateral, and store the same at
                locations acceptable to Beneficiary at Trustor's expense; or
                (iii) sell, assign and deliver the Collateral at any place or in
                any lawful manner and bid and become purchaser at any such
                sales; and

        b.      OTHER RIGHTS. Beneficiary may, for the account of Trustor and at
                Trustor's expense: (i) operate, use, consume, sell, lease,
                license or otherwise dispose of the Collateral as Beneficiary
                deems appropriate for the purpose of performing any or all of
                the Secured Obligations; (ii) enter into any agreement,
                compromise or settlement including insurance claims, which
                Beneficiary may deem desirable or proper with respect to the
                Collateral; and (iii) endorse and deliver evidences of title
                for, and receive, enforce and collect by legal action or
                otherwise, all indebtedness and obligations now or hereafter
                owing to Trustor in connection with or on account of the
                Collateral.

        Trustor acknowledges and agrees that a disposition of the Collateral in
        accordance with Beneficiary's rights and remedies as heretofore provided
        is a disposition thereof in a commercially reasonable manner and that 5
        days' prior notice of such disposition is commercially reasonable
        notice. Beneficiary shall have no obligation to process or prepare the
        Collateral for sale or other disposition. In disposing of the
        Collateral, Beneficiary may disclaim all warranties of title,
        possession, quiet enjoyment and the like. Any proceeds of any sale or
        other disposition of the Collateral may be applied by Beneficiary first
        to the reasonable expenses incurred by Beneficiary in connection
        therewith, including, without limitations, reasonable attorneys' fees
        and disbursements, and then to the payment of the Secured Obligations,
        in such order of application as Beneficiary may from time to time elect.

4.5     POWER OF ATTORNEY. Trustor hereby irrevocably appoints Beneficiary, as
        Trustor's attorney-in-fact (such agency being coupled with an interest),
        and as such attorney-in-fact, Beneficiary may, without the obligation to
        do so, in Beneficiary's name or in the name of Trustor, prepare,
        execute, file and record financing statements, continuation statements,
        applications for registration and like papers necessary to create,
        perfect or preserve any of Beneficiary's security interests and rights
        in or to the Collateral, and upon a Default, take any other action
        required of Trustor; PROVIDED, HOWEVER, that Beneficiary as such
        attorney-in-fact shall be accountable only for such funds as are
        actually received by Beneficiary.

                    ARTICLE 5. REPRESENTATIONS AND WARRANTIES

5.1     REPRESENTATIONS AND WARRANTIES. Trustor represents and warrants to
        Beneficiary that, to Trustor's current actual knowledge after reasonable
        investigation and inquiry, the following statements are true and correct
        as of the Effective Date:

        a.      LEGAL STATUS. Trustor and Borrower are duly organized and
                existing and in good standing under the laws of the state(s) in
                which Trustor and Borrower are organized. Trustor and Borrower
                are qualified or licensed to do business in all jurisdictions in
                which such qualification or licensing is required.

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<Page>

        b.      PERMITS. Trustor and Borrower possess all permits, franchises
                and licenses and all rights to all trademarks, trade names,
                patents and fictitious names, if any, necessary to enable
                Trustor and Borrower to conduct the business(es) in which
                Trustor and Borrower are now engaged in compliance with
                applicable law.

        c.      AUTHORIZATION AND VALIDITY. The execution and delivery of the
                Loan Documents have been duly authorized and the Loan Documents
                constitute valid and binding obligations of Trustor, Borrower or
                the party which executed the same, enforceable in accordance
                with their respective terms, except as such enforcement may be
                limited by bankruptcy, insolvency, moratorium or other laws
                affecting the enforcement of creditors' rights, or by the
                application of rules of equity.

        d.      VIOLATIONS. The execution, delivery and performance by Trustor
                and Borrower of each of the Loan Documents do not violate any
                provision of any law or regulation, or result in any breach or
                default under any contract, obligation, indenture or other
                instrument to which Trustor or Borrower is a party or by which
                Trustor or Borrower is bound.

        e.      LITIGATION. There are no pending or threatened actions, claims,
                investigations, suits or proceedings before any governmental
                authority, court or administrative agency which may adversely
                affect the financial condition or operations of Trustor or
                Borrower other than those previously disclosed in writing by
                Trustor or Borrower to Beneficiary.

        f.      FINANCIAL STATEMENTS. The financial statements of Trustor and
                Borrower, of each general partner (if Trustor or Borrower is a
                partnership), of each member (if Trustor or Borrower is a
                limited liability company) and of each guarantor, if any,
                previously delivered by Trustor or Borrower to Beneficiary: (i)
                are materially complete and correct; (ii) present fairly the
                financial condition of such party; and (iii) have been prepared
                in accordance with the same accounting standard used by Trustor
                or Borrower to prepare the financial statements delivered to and
                approved by Beneficiary in connection with the making of the
                Loan, or other accounting standards approved by Beneficiary.
                Since the date of such financial statements, there has been no
                material adverse change in such financial condition, nor have
                any assets or properties reflected on such financial statements
                been sold, transferred, assigned, mortgaged, pledged or
                encumbered except as previously disclosed in writing by Trustor
                or Borrower to Beneficiary and approved in writing by
                Beneficiary.

        g.      REPORTS. All reports, documents, instruments and information
                delivered to Beneficiary in connection with the Loan: (i) are
                correct and sufficiently complete to give Beneficiary accurate
                knowledge of their subject matter; and (ii) do not contain any
                misrepresentation of a material fact or omission of a material
                fact which omission makes the provided information misleading.

        h.      INCOME TAXES. There are no pending assessments or adjustments of
                Trustor's or Borrower's income tax payable with respect to any
                year.

        i.      SUBORDINATION. There is no agreement or instrument to which
                Borrower is a party or by which Borrower is bound that would
                require the subordination in right of payment of any of
                Borrower's obligations under the Note to an obligation owed to
                another party.

        j.      TITLE. Trustor lawfully holds and possesses the entire
                unencumbered leasehold estate in the Land created by the Ground
                Lease, and has good and marketable title to all of the other
                Property, without limitation on the right to encumber same. A
                true, correct and complete copy of the Ground Lease has been
                delivered to Beneficiary by (or on behalf of) Trustor. This Deed
                of Trust is a first lien on the Property except: (i) liens for
                real estate taxes and assessments not yet due and payable; (ii)
                senior exceptions previously approved by Beneficiary and shown
                in the title insurance policy insuring the lien of this Deed of
                Trust; and (iii) other matters, if any, previously disclosed to
                Beneficiary by Trustor in a

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<Page>

                writing specifically referring to this representation and
                warranty. The Ground Lease is in full force and effect and has
                not been modified or amended in any manner whatsoever. There are
                no defaults under the Ground Lease by either party thereto, and
                no event has occurred, which but for the passage of time, or
                notice, or both, would constitute a default under the Ground
                Lease. All rents, additional rents and other sums due and
                payable under the Ground Lease have been paid in full. Neither
                Trustor nor Landlord has commenced any action or given or
                received any notice for the purpose of terminating the Ground
                Lease. Except for the Ground Lease, there are no agreements
                between Trustor and Landlord in any way concerning the subject
                matter of the Ground Lease or the occupancy or use of the
                Property. The interest of Trustor under the Ground Lease has not
                been assigned. Subject to the matters set forth above, Trustor
                shall forever warrant, defend and preserve such title and the
                validity and priority of the lien of this Deed of Trust to
                Beneficiary against the claims of all persons whomsoever.

        k.      MECHANICS' LIENS. There are no mechanics' or similar liens or
                claims which have been filed for work, labor or material (and no
                rights are outstanding that under law could give rise to any
                such liens) affecting the Property which are or may be prior to
                or equal to the lien of this Deed of Trust.

        l.      ENCROACHMENTS. Except as shown in the survey, if any, previously
                delivered to Beneficiary, none of the buildings or other
                improvements which were included for the purpose of determining
                the appraised value of the Property lies outside of the
                boundaries or building restriction lines of the Property and no
                buildings or other improvements located on adjoining properties
                encroach upon the Property.

        m.      LEASES. All existing Leases are in full force and effect and are
                enforceable in accordance with their respective terms. No
                material breach or default by any party, or event which would
                constitute a material breach or default by any party after
                notice or the passage of time, or both, exists under any
                existing Lease. None of the landlord's interests under any of
                the Leases, including, but not limited to, rents, additional
                rents, charges, issues or profits, has been transferred or
                assigned. No rent or other payment under any existing Lease has
                been paid by any tenant for more than 1 month in advance.

        n.      COLLATERAL. Trustor has good title to the existing Collateral,
                free and clear of all liens and encumbrances except those, if
                any, previously disclosed to Beneficiary by Trustor in writing
                specifically referring to this representation and warranty.
                Trustor's chief executive office (or principal residence, if
                applicable) is located at the address shown on page one of this
                Deed of Trust. Trustor is an organization organized solely under
                the laws of the State of NEW MEXICO. All organizational
                documents of Trustor delivered to Beneficiary are complete and
                accurate in every respect. Trustor's legal name is exactly as
                shown on page one of this Deed of Trust.

        o.      CONDITION OF PROPERTY. Except as shown in the property condition
                survey or other engineering reports, if any, previously
                delivered to or obtained by Beneficiary, the Property is in good
                condition and repair and is free from any damage that would
                materially and adversely affect the value of the Property as
                security for the Loan or the intended use of the Property.

        p.      HAZARDOUS MATERIALS. Except as shown in the environmental
                assessment report(s), if any, previously delivered to or
                obtained by Beneficiary, the Property is not and has not been a
                site for the use, generation, manufacture, storage, treatment,
                release, threatened release, discharge, disposal transportation
                or presence of Hazardous Materials (as hereinafter defined)
                except as otherwise previously disclosed in writing by Trustor
                to Beneficiary.

        q.      HAZARDOUS MATERIALS LAWS. The Property complies with ail
                Hazardous Materials Laws (as hereinafter defined).

        r.      HAZARDOUS MATERIALS CLAIMS. There are no pending or threatened
                Hazardous Materials Claims (as hereinafter defined).

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        s.      WETLANDS. No part of the Property consists of or is classified
                as wetlands, tidelands or swamp and overflow lands.

        t.      COMPLIANCE WITH LAWS. All federal, state and local laws, rules
                and regulations applicable to the Property, including, without
                limitation, all zoning and building requirements and all
                requirements of the Americans With Disabilities Act of 1990, as
                amended from time to time (42 U. S. C. Section 12101 et seq.)
                have been satisfied or complied with. Trustor is in possession
                of all certificates of occupancy and all other licenses, permits
                and other authorizations required by applicable law for the
                existing use of the Property. All such certificates of occupancy
                and other licenses, permits and authorizations are valid and in
                full force and effect.

        u.      PROPERTY TAXES AND OTHER LIABILITIES. All taxes, governmental
                assessments, insurance premiums, water, sewer and municipal
                charges, and ground rents, if any, which previously became due
                and owing in respect of the Property have been paid.

        v.      CONDEMNATION. There is no proceeding pending or threatened for
                the total or partial condemnation of the Property.

        w.      HOMESTEAD. There is no homestead or other exemption available to
                Trustor which would materially interfere with the right to sell
                the Property at a trustee's sale or the right to foreclose this
                Deed of Trust.

        x.      SOLVENCY. None of the transactions contemplated by the Loan will
                be or have been made with an actual intent to hinder, delay or
                defraud any present or future creditors of Trustor, and Trustor,
                on the Effective Date, will have received fair and reasonably
                equivalent value in good faith for the grant of the liens or
                security interests effected by the Loan Documents. On the
                Effective Date, Trustor will be solvent and will not be rendered
                insolvent by the transactions contemplated by the Loan
                Documents. Trustor is able to pay its debts as they become due.

        y.      SEPARATE TAX PARCEL(S). The Property is assessed for the real
                estate tax purposes as one or more wholly independent tax
                parcels, separate from any other real property, and no other
                real property is assessed and taxed together with the Property
                or any portion thereof.

5.2     REPRESENTATIONS, WARRANTIES AND COVENANTS REGARDING STATUS (LEVEL III
        SPE). Trustor hereby represents, warrants and covenants to Beneficiary
        that with respect to both Trustor and PSF II Manager, Inc., a New Mexico
        corporation., the managing member of Trustor:

        a.      each such entity was organized solely for the purpose of (i)
                owning the Property; (ii) acting as a general partner of a
                partnership which owns the Property; or (iii) acting as a
                managing member of a limited liability company which owns the
                Property;

        b.      each such entity has not and will not engage in any business
                unrelated to (i) the ownership of the Property; (ii) acting as
                general partner of a partnership which owns the Property; or
                (iii) acting as managing member of a limited liability company
                which owns the Property;

        c.      each such entity has not and will not have any assets other than
                the Property (and personal property incidental to the ownership
                and operation of the Property) or its partnership or membership
                interest in the partnership or limited liability company which
                owns the Property;

        d.      each such entity has not and will not engage in, seek or consent
                to any dissolution, winding up, liquidation, consolidation,
                merger, asset sale, transfer of partnership or membership
                interest, or amendment of its articles of incorporation,
                articles of organization, certificate of formation, operating
                agreement or partnership agreement, as applicable;

                                       11
<Page>

        e.      if any such entity is a partnership, all of its general partners
                are corporations that satisfy the requirements set forth in this
                Section 5.2;

        f.      if any such entity is a limited liability company, it has at
                least one managing member that is a corporation that satisfies
                the requirements set forth in this Section 5.2;

        g.      each such entity, without the unanimous consent of all of its
                general partners, directors or members, as applicable, shall not
                file or consent to the filing of any bankruptcy or insolvency
                petition or otherwise institute insolvency proceedings with
                respect to itself or any other entity in which it has a direct
                or indirect legal or beneficial ownership interest;

        h.      each such entity has no indebtedness (and will have no
                indebtedness) other than (i) the Loan (to the extent it is
                liable under the terms of the Loan Documents); and (ii)
                unsecured trade debt not to exceed $450,000.00 in the aggregate
                with respect to Trustor or $10,000 in (the aggregate with
                respect to each such other entity, which is not evidenced by a
                note and is incurred in the ordinary course of its business in
                connection with owning, operating and maintaining the Property
                (or its interest in Trustor, as applicable) and is paid within
                30 days from the date incurred;

        i.      each such entity has not and will not fail to correct any known
                misunderstanding regarding the separate identity of such entity;

        j.      each such entity will maintain its accounts, books and records
                separate from any other person or entity;

        k.      each such entity has maintained and will maintain its books,
                records, resolutions and agreements as official records;

        l.      each such entity (i) has not and will not commingle its funds or
                assets with those of any other entity; and (ii) has held and
                will hold its assets in its own name;

        m.      each such entity has conducted and will conduct its business in
                its own name;

        n.      each such entity will maintain its accounting records and other
                entity documents separate from any other person or entity;

        o.      each such entity will prepare separate tax returns and financial
                statements, or if part of a consolidated group, is shown as a
                separate member of such group;

        p.      each such entity will pay its own liabilities and expenses out
                of its own funds and assets;

        q.      each such entity will hold regular meetings, as appropriate, to
                conduct its business and has observed and will observe all
                corporate, partnership or limited liability company formalities
                and record keeping as applicable;

        r.      each such entity has not and will not assume or guarantee or
                become obligated for the debts of any other entity or hold out
                its credit as being available to satisfy the obligations of any
                other entity;

        s.      each such entity has not and will not acquire obligations or
                securities of its partners, members or shareholders;

                                       12
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        t.      each such entity will allocate fairly and reasonably the costs
                associated with common employees and any overhead for shared
                office space and each such entity will use separate stationery,
                invoices and checks;

        u.      each such entity has not and will not pledge its assets for the
                benefit of any other person or entity;

        v.      each such entity has held and identified itself and will hold
                itself out and identify itself as a separate and distinct entity
                under its own name and not as a division or part of any other
                person or entity;

        w.      each such entity will not make loans to any person or entity;

        x.      each such entity will not identify its partners, members or
                shareholders, or any affiliates of any of the foregoing, as a
                division or part of it;

        y.      each such entity has not entered into and will not enter into or
                be a party to, any transaction with its partners, members,
                shareholders, or any affiliates of any of the foregoing, except
                in the ordinary course of its business pursuant to written
                agreements and on terms which are intrinsically fair and are no
                less favorable to it than would be obtained in a comparable
                arm's-length transaction with an unrelated third party;

        z.      if any such entity is a corporation, the directors of such
                entity shall consider the interests of the creditors of such
                entity in connection with all corporate action;

        aa.     each such entity will pay the salaries of its own employees, if
                any, and if employees are necessary for its business operations,
                will maintain a sufficient number of employees in light of its
                contemplated business operations;

        bb.     each such entity will maintain adequate capital in light of its
                contemplated business operations;

        cc.     if any such entity is a partnership with more than one general
                partner, its partnership agreement requires the remaining
                partners to continue the partnership as long as one solvent
                general partner exists; and

        dd.     if any such entity is a limited liability company, its operating
                agreement, if any such entity is a partnership, its partnership
                agreement, and if any such entity is a corporation, to the full
                extent permitted by applicable law, its articles of
                incorporation, contain the provisions set forth in this Section
                5.2 and any such entity shall conduct its business and
                operations in strict compliance with the terms contained
                therein.

                   ARTICLE 6. RIGHTS AND DUTIES OF THE PARTIES

6.1     MAINTENANCE AND PRESERVATION OF THE PROPERTY. Trustor shall: (a) keep
        the Property in good condition and repair; (b) complete or restore
        promptly and in workmanlike manner the Property or any part thereof
        which may be damaged or destroyed; (c) comply and cause the Property to
        comply with (i) all laws, ordinances, regulations and standards, (ii)
        all covenants, conditions, restrictions and equitable servitudes,
        whether public or private, of every kind and character and (iii) all
        requirements of insurance companies and any bureau or agency which
        establishes standards of insurability, which laws, covenants or
        requirements affect the Property and pertain to acts committed or
        conditions existing thereon, including, without limitation, any work of
        alteration, improvement or demolition as such laws, covenants or
        requirements mandate; (d) operate and manage the Property at all times
        in a professional manner and do all other acts which from the character
        or use of the Property may be reasonably necessary to maintain and
        preserve its value; (e) promptly after execution, deliver to Beneficiary
        a copy of any management agreement

                                       13
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        concerning the Property and all amendments thereto and waivers thereof;
        and (f) execute and acknowledge all further documents, instruments and
        other papers as Beneficiary or Trustee deems necessary or appropriate to
        preserve, continue, perfect and enjoy the benefits of this Deed of Trust
        and perform Trustor's obligations, including, without limitation,
        statements of the amount secured hereby then owing and statements of no
        offset. Trustor shall not: (g) remove or demolish all or any material
        part of the Property; (h) alter either (i) the exterior of the Property
        in a manner which materially and adversely affects the value of the
        Property or (ii) the roof or other structural elements of the Property
        in a manner which requires a building permit except for tenant
        improvements required under the Leases; (i) initiate or acquiesce in any
        change in any zoning or other land classification which affects the
        Property; (j) materially alter the type of occupancy or use of all or
        any part of the Property; or (k) commit or permit waste of the Property.

6.2     HAZARDOUS MATERIALS. Without limiting any other provision of this Deed
        of Trust, Trustor agrees as follows:

        a.      PROHIBITED ACTIVITIES. Trustor shall not cause or permit the
                Property to be used as a site for the use, generation,
                manufacture, storage, treatment, release, discharge, disposal,
                transportation or presence of any oil or other petroleum
                products, flammable explosives, asbestos, urea formaldehyde
                insulation, radioactive materials, hazardous wastes, toxic or
                contaminated substances or similar materials, including, without
                limitation, any substances which are "hazardous substances,"
                "hazardous wastes," "hazardous materials" or "toxic substances"
                under the Hazardous Materials Laws (defined below) and/or other
                applicable environmental laws, ordinances or regulations
                ("Hazardous Materials"). Nothing contained herein shall be
                deemed to prohibit the use of a portion of the Property for a
                retail gasoline station to be operated in compliance with all
                applicable laws.

                The foregoing to the contrary notwithstanding, (i) Trustor may
                store, maintain and use on the Property janitorial and
                maintenance supplies, paint and other Hazardous Materials of a
                type and in a quantity readily available for purchase by the
                general public and normally stored, maintained and used by
                owners and managers of properties of a type similar to the
                Property; and (ii) tenants of the Property may store, maintain
                and use on the Property (and, if any tenant is a retail
                business, hold in inventory and sell in the ordinary course of
                such tenant's business") Hazardous Materials of a type and
                quantity readily available for purchase by the general public
                and normally stored, maintained and used (and, if tenant is a
                retail business, sold) by tenants in similar lines of business
                on properties similar to the Property.

        b.      HAZARDOUS MATERIALS LAWS. Trustor shall comply and cause the
                Property to comply with all federal, state and local laws,
                ordinances and regulations relating to Hazardous Materials
                ("Hazardous Materials Laws"), including, without limitation: the
                Clean Air Act, as amended, 42 U.S.C. Section 7401 ET SEQ.; the
                Federal Water Pollution Control Act, as amended, 33 U.S.C.
                Section 1251 ET SEQ.; the Resource Conservation and Recovery Act
                of 1976, as amended, 42 U.S.C. Section 6901 ET SEQ.; the
                Comprehensive Environmental Response, Compensation and Liability
                Act of 1980, as amended (including the Superfund Amendments and
                Reauthorization Act of 1986, "CERCLA"), 42 U.S.C. Section 9601
                ET SEQ.; the Toxic Substances Control Act, as amended, 15 U.S.C.
                Section 2601 ET SEQ.; the Occupational Safety and Health Act, as
                amended, 29 U.S.C. Section 651; the Emergency Planning and
                Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 ET
                SEQ.; the Mine Safety and Health Act of 1977, as amended, 30
                U.S.C. Section 801 ET SEQ.; the Safe Drinking Water Act, 42
                U.S.C. Section 300f ET SEQ.; and all comparable state and local
                laws, laws of other jurisdictions or orders and regulations.

        c.      NOTICES. Trustor shall immediately notify Beneficiary in writing
                of: (i) the discovery of any Hazardous Materials on, under or
                about the Property (other than Hazardous Materials permitted
                under Section 6.2(a)); (ii) any knowledge by Trustor that the
                Property does not comply with any Hazardous Materials Laws;
                (iii) any claims or actions ("Hazardous Materials Claims")
                pending or threatened against Trustor or the Property by any
                governmental entity or agency or any other person or entity
                relating to Hazardous Materials or pursuant to the Hazardous
                Materials Laws; and (iv) the discovery of

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                any occurrence or condition on any real property adjoining or in
                the vicinity of the Property that could cause the Property or
                any part thereof to become contaminated with Hazardous
                Materials.

        d.      REMEDIAL ACTION. In response to the presence of any Hazardous
                Materials on, under or about the Property, Trustor shall
                immediately take, at Trustor's sole expense, all remedial action
                required by any Hazardous Materials Laws or any judgment,
                consent decree, settlement or compromise in respect to any
                Hazardous Materials Claims.

        e.      INSPECTION BY BENEFICIARY. Upon reasonable prior notice to
                Trustor, Beneficiary, its employees and agents, may from time to
                time (whether before or after the commencement of a nonjudicial
                or judicial foreclosure proceeding), enter and inspect the
                Property for the purpose of determining the existence, location,
                nature and magnitude of any past or present release or
                threatened release of any Hazardous Materials into, onto,
                beneath or from the Property.

        f.      LEGAL EFFECT OF SECTION. Trustor and Beneficiary agree that: (i)
                this Hazardous Materials Section is intended as Beneficiary's
                written request for information (and Trustor's response)
                concerning the environmental condition of the real property
                security as required by California Code of Civil Procedure
                Section 726.5; and (ii) each representation and warranty and
                covenant in this Section (together with any indemnity applicable
                to a breach of any such representation and warranty) with
                respect to the environmental condition of the Property is
                intended by Beneficiary and Trustor to be an "environmental
                provision" for purposes of California Code of Civil Procedure
                Section 736.

6.3     COMPLIANCE WITH LAWS. Trustor shall comply with all federal, state and
        local laws, rules and regulations applicable to the Property, including,
        without limitation, all zoning and building requirements and all
        requirements of the Americans With Disabilities Act of 1990 (42 U.S.C.
        Section 12101 et seq.), as amended from time to time. Trustor shall
        possess and maintain or cause Borrower to possess and maintain in full
        force and effect at all times (a) all certificates of occupancy and
        other licenses, permits and authorizations required by applicable law
        for the existing use of the Property and (b) all permits, franchises and
        licenses and all rights to all trademarks, trade names, patents and
        fictitious names, if any, required by applicable law for Trustor and
        Borrower to conduct the business(es) in which Trustor and Borrower are
        now engaged.

6.4     LITIGATION. Trustor shall promptly notify Beneficiary in writing of any
        litigation pending or threatened against Trustor or Borrower claiming
        damages in excess of $50,000 and of all pending or threatened litigation
        against Trustor or Borrower if the aggregate damage claims against
        Trustor or Borrower exceed $100,000.

6.5     MERGER, CONSOLIDATION, TRANSFER OF ASSETS. Trustor shall not: (a) merge
        or consolidate with any other entity or permit Borrower to merge or
        consolidate with any other entity; (b) make any substantial change in
        the nature of Trustor's business or structure or permit Borrower to make
        any substantial change in the nature of Borrower's business or
        structure; (c) acquire all or substantially all of the assets of any
        other entity or permit Borrower to acquire all or substantially all of
        the assets of any other entity; or (d) sell, lease, assign, transfer or
        otherwise dispose of a material part of Trustor's assets except in the
        ordinary course of Trustor's business or permit Borrower to sell, lease,
        assign, transfer or otherwise dispose of a material part of Borrower's
        assets except in the ordinary course of Borrower's business.

6.6     ACCOUNTING RECORDS. Trustor shall maintain and cause Borrower to
        maintain adequate books and records in accordance with the same
        accounting standard used by Trustor or Borrower to prepare the financial
        statements delivered to and approved by Beneficiary in connection with
        the making of the Loan or other accounting standards approved by
        Beneficiary. Trustor shall permit and shall cause Borrower to permit any
        representative of Beneficiary, at any reasonable time and from time to
        time, to inspect, audit and examine such books and records and make
        copies of same.

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6.7     COSTS, EXPENSES AND ATTORNEYS' FEES. Trustor shall pay to Beneficiary
        the full amount of all costs and expenses, including, without
        limitation, reasonable attorneys' fees and expenses of Beneficiary's
        in-house or outside counsel, incurred by Beneficiary in connection with:
        (a) appraisals and inspections of the Property or Collateral required by
        Beneficiary as a result of (i) a Transfer or proposed Transfer (as
        defined below), or (ii) a Default; (b) appraisals and inspections of the
        Property or Collateral required by applicable law, including, without
        limitation, federal or state regulatory reporting requirements; and (c)
        any acts performed by Beneficiary at Trustor's request or wholly or
        partially for the benefit of Trustor (including, without limitation, the
        preparation or review of amendments, assumptions, waivers, releases,
        reconveyances, estoppel certificates or statements of amounts owing
        under any Secured Obligation). In connection with appraisals and
        inspections, Trustor specifically (but not by way of limitation)
        acknowledges that: (aa) a formal written appraisal of the Property by a
        state certified or licensed appraiser may be required by federal
        regulatory reporting requirements on an annual or more frequent basis;
        and (bb) Beneficiary may require inspection of the Property by an
        independent supervising architect, a cost engineering specialist, or
        both, Trustor shall pay all indebtedness arising under this Section
        immediately upon demand by Beneficiary together with interest thereon
        commencing ten (10) days following notice of such indebtedness unless
        sooner paid at the rate of interest then applicable to the principal
        balance of the Note as specified therein.

6.8     LIENS, ENCUMBRANCES AND CHARGES. Trustor shall immediately discharge by
        bonding or otherwise any lien, charge or other encumbrance which
        attaches to the Property in violation of Section 6.15. Subject to
        Trustor's right to contest such matters under this Deed of Trust or as
        expressly permitted in the Loan Documents, Trustor shall pay when due
        all obligations secured by or reducible to liens and encumbrances which
        shall now or hereafter encumber or appear to encumber all or any part of
        the Property or any interest therein, whether senior or subordinate
        hereto, including, without limitation, all claims for work or labor
        performed, or materials or supplies furnished, in connection with any
        work of demolition, alteration, repair, improvement or construction of
        or upon the Property, except such as Trustor may in good faith contest
        or as to which a bona fide dispute may arise (provided provision is made
        to the satisfaction of Beneficiary for eventual payment thereof in the
        event that Trustor is obligated to make such payment and that any
        recorded claim of lien, charge or other encumbrance against the Property
        is immediately discharged by bonding or otherwise).

6.9     TAXES AND OTHER LIABILITIES. Trustor shall pay and discharge when due
        any and all indebtedness, obligations, assessments and taxes, both real
        and personal and including federal and state income taxes and state and
        local property taxes and assessments. Trustor shall promptly provide to
        Beneficiary copies of all tax and assessment notices pertaining to the
        Property. Trustor hereby authorizes Beneficiary to obtain, at Trustor's
        expense, a tax service contract which shall provide tax information on
        the Property to Beneficiary for the term of the Loan and any extensions
        or renewals of the Loan.

6.10    INSURANCE COVERAGE. Trustor shall insure the Property against loss or
        damage by fire and such other hazards as Beneficiary shall from time to
        time require; provided, however, (a) Beneficiary may not require flood
        insurance unless all or a portion of the improvements located on the
        Land is or becomes located in federally designated "special flood hazard
        area" and (b) Beneficiary may not require earthquake insurance unless
        the seismic probable maximum loss (PML) for the Property, as determined
        by Beneficiary, is 20% or more, Trustor shall also carry public
        liability insurance and such other insurance as Beneficiary may require,
        including, without limitation, business interruption insurance or loss
        of rents insurance. Such policies shall contain a standard mortgage
        clause naming Beneficiary and its successors in interest as a loss payee
        and requiring at least 30 days prior notice to the holder at termination
        or cancellation. Trustor shall maintain all required insurance
        throughout the term of the Loan and while any liabilities of Borrower or
        Trustor to Beneficiary under any of the Loan Documents remain
        outstanding at Trustor's expense, with companies, and in substance and
        form satisfactory to Beneficiary, Neither Beneficiary nor Trustee, by
        reason of accepting, rejecting, approving or obtaining insurance shall
        incur any liability for; (c) the existence, nonexistence, form or legal
        sufficiency of any insurance; (d) the solvency of any insurer; or (e)
        the payment of claims. Trustor may carry additional insurance so long as
        Beneficiary's insurance requirements and minimum coverages are
        maintained.

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6.11    CONDEMNATION AND INSURANCE PROCEEDS.

        a.      ASSIGNMENT OF CLAIMS. Trustor absolutely and irrevocably assigns
                to Beneficiary all of the following rights, claims and amounts
                (collectively, "Claims"), all of which shall be paid to
                Beneficiary; (i) all awards of damages and all other
                compensation payable directly or indirectly by reason of a
                condemnation or proposed condemnation for public or private use
                affecting all or any part of, or any interest in, the Property;
                (ii) all other claims and awards for damages to or decrease in
                value of all or any part of, or any interest in, the Property;
                (iii) all proceeds of any insurance policies payable by reason
                of loss sustained to all or any part of the Property; and (iv)
                all interest which may accrue on any of the foregoing. Trustor
                shall give Beneficiary prompt written notice of the occurrence
                of any casualty affecting, or the institution of any proceedings
                for eminent domain or for the condemnation of, the Property or
                any portion thereof. So long as no Default has occurred and is
                continuing at the time, (i) Trustor shall have the right to
                adjust, compromise and settle any Claim or group of related
                Claims of S100,000 or less without the participation or consent
                of Beneficiary and (ii) Beneficiary shall have the right to
                participate in and consent to any adjustment, compromise or
                settlement of any Claim or group of related Claims exceeding
                $100,000. If a Default has occurred and is continuing at the
                time, Trustor hereby irrevocably empowers Beneficiary, in the
                name of Trustor, as Trustor's true and lawful attorney in fact,
                to commence, appear in, defend, prosecute, adjust, compromise
                and settle all Claims; provided, however, Beneficiary shall not
                be responsible for any failure to undertake any or all of such
                actions regardless of the cause of the failure. All awards,
                proceeds and other sums described herein shall, in all cases, be
                payable to Beneficiary.

        b.      APPLICATION OF PROCEEDS; NO DEFAULT. So long as no Default has
                occurred and is continuing at the time of Beneficiary's receipt
                of the proceeds of the Claims ("Proceeds") and no Default occurs
                thereafter, the following provisions shall apply:

                (i)     CONDEMNATION. If the Proceeds are the result of Claims
                        described in clauses 6.11.a (i) or (ii) above, or
                        interest accrued thereon, Beneficiary shall apply the
                        Proceeds in the following order of priority: First, to
                        Beneficiary's expenses in settling, prosecuting or
                        defending the Claims; Second, to the repair or
                        restoration of the portion of the Property, if any, not
                        condemned or proposed for condemnation and not otherwise
                        the subject of a claim or award; and Third, to the
                        Secured Obligations in any order without suspending,
                        extending or reducing any obligation of Trustor to make
                        installment payments.

                (ii)    INSURANCE. If the Proceeds are the result of Claims
                        described in clause 6.11.a (iii) above or interest
                        accrued thereon, Beneficiary shall apply the Proceeds in
                        the following order of priority: First, to Beneficiary's
                        expenses in settling, prosecuting or defending the
                        Claims; Second, to the repair or restoration of the
                        Property; and Third, (aa) if the repair or restoration
                        of the Property has been completed and all costs
                        incurred in connection with the repair or restoration
                        have been paid in full, to Trustor or (bb) in all other
                        circumstances, to the Secured Obligations in any order
                        without suspending, extending or reducing any obligation
                        of Trustor to make installment payments.

                (iii)   RESTORATION. Notwithstanding the foregoing Sections
                        6.1l.b (i) and (ii), Beneficiary shall have no
                        obligation to make any Proceeds available for the repair
                        or restoration of all or any portion of the Property
                        unless and until all the following conditions have been
                        satisfied: (aa) delivery to Beneficiary of the Proceeds
                        plus any additional amount which is needed to pay all
                        costs of the repair or restoration (including, without
                        limitation, taxes, financing charges, insurance and rent
                        during the repair period); (bb) establishment of an
                        arrangement for lien releases and disbursement of funds
                        acceptable to Beneficiary; (cc) delivery to Beneficiary
                        in form and content acceptable to Beneficiary of all of
                        the following: (1) plans and specifications for the
                        work; (2) a contract for the work, signed by a
                        contractor acceptable to Beneficiary; (3) a cost
                        breakdown for the work; (4) if required by Beneficiary,
                        a payment and performance bond for

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                        the work; (5) evidence of the continuation of all Leases
                        (or replacement leases approved by Beficiary) unless
                        consented to in writing by Beneficiary; (6) evidence
                        that, upon completion of the work, the size, capacity,
                        value, and income coverage ratios for the Property will
                        be at least as great as those which existed immediately
                        before the damage or condemnation occurred; (7) evidence
                        that the work can reasonably be completed on or before
                        that date which is 6 months prior to the Maturity Date;
                        and (8) evidence of the satisfaction of any additional
                        conditions that Beneficiary may reasonably establish to
                        protect Beneficiary's security. Trustor acknowledges
                        that the specific conditions described above are
                        reasonable.

        c.      APPLICATION OF PROCEEDS; DEFAULT. If a Default has occurred and
                is continuing at the time of Beneficiary's receipt of the
                Proceeds or if a Default occurs and remains incured thereafter,
                Beneficiary may, at Beneficiary's absolute discretion and
                regardless of any impairment of security or lack of impairment
                of security, but subject to applicable law governing use of the
                Proceeds, if any, apply all or any of the Proceeds to
                Beneficiary's expenses in settling, prosecuting or defending the
                Claims and then apply the balance to the Secured Obligations in
                any order without suspending, extending or reducing any
                obligation of Trustor to make installment payments, and may
                release all or any part of the Proceeds to Trustor upon any
                conditions Beneficiary chooses.

6.12    IMPOUNDS.

        a.      POST-DEFAULT IMPOUNDS. If required by Beneficiary at any time
                after a Default occurs (and regardless of whether such Default
                is thereafter cured), Trustor shall deposit with Beneficiary
                such amounts ("Post-Default Impounds") on such dates (determined
                by Beneficiary as provided below) as will be sufficient to pay
                any or all "Costs" (as defined below) specified by Beneficiary.
                Beneficiary in its sole discretion shall estimate the amount of
                such Costs that will be payable or required during any period
                selected by Beneficiary not exceeding 1 year and shall determine
                the fractional portion thereof that Trustor shall deposit with
                Beneficiary on each date specified by Beneficiary during such
                period. If the Post-Default Impounds paid by Trustor are not
                sufficient to pay the related Costs, Trustor shall deposit with
                Beneficiary upon demand an amount equal to the deficiency. All
                Post-Default Impounds shall be payable by Trustor in addition to
                (but without duplication of) any other Impounds (as defined
                below).

        b.      ALL IMPOUNDS. Post-Default Impounds and any other impounds that
                may be payable by Borrower under the Note are collectively
                called "Impounds". All Impounds shall be deposited into one or
                more segregated or commingled accounts maintained by Beneficiary
                or its servicing agent. Except as otherwise provided in the
                Note, such account(s) shall not bear interest. Beneficiary shall
                not be a trustee, special depository or other fiduciary for
                Trustor with respect to such account, and the existence of such
                account shall not limit Beneficiary's rights under this Deed of
                Trust, any other agreement or any provision of law. If no
                Default exists, Beneficiary shall apply all Impounds to the
                payment of the related Costs, or in Beneficiary's sole
                discretion may release any or all Impounds to Trustor for
                application to and payment of such Costs. If a Default exists,
                Beneficiary may apply any or all Impounds to any Secured
                Obligation and/or to cure such Default, whereupon Trustor shall
                restore all Impounds so applied and cure all Defaults not cured
                by such application. The obligations of Trustor hereunder shall
                not be diminished by deposits of Impounds made by Trustor,
                except to the extent that such obligations have actually been
                met by application of such Impounds. Upon any assignment of this
                Deed of Trust Beneficiary may assign all Impounds in its
                possession to Beneficiary's assignee, whereupon Beneficiary and
                Trustee shall be released from all liability with respect to
                such Impounds. Within 60 days following full repayment of the
                Secured Obligations (other than as a consequence of foreclosure
                or conveyance in lieu of foreclosure) or at such earlier time as
                Beneficiary may elect, Beneficiary shall pay to Trustor all
                Impounds in its possession, and no other party shall have any
                right or claim thereto. "Costs" means (i) all taxes and other
                liabilities payable by Trustor under Section 6.9, (ii) all
                insurance premiums payable by Trustor under Section 6.10, (iii)
                all other costs and expenses for which Impounds are required
                under the Note, and/or (iv) all other amounts that will be
                required to preserve the value of the

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                Property. Trustor shall deliver to Beneficiary, promptly upon
                receipt, all bills for Costs for which Beneficiary has required
                Post-Default Impounds.

6.13    DEFENSE AND NOTICE OF LOSSES, CLAIMS AND ACTIONS. Trustor shall protect,
        preserve and defend the Property and title to and right of possession of
        the Property, the security of this Deed of Trust and the rights and
        powers of Beneficiary and Trustee hereunder at Trustor's sole expense
        against all adverse claims, whether the claim: (a) is against a
        possessory or non-possessory interest; (b) arose prior or subsequent to
        the Effective Date; or (c) is senior or junior to Trustor's or
        Beneficiary's rights. Trustor shall give Beneficiary and Trustee prompt
        notice in writing of the assertion of any claim, of the filing of any
        action or proceeding, of the occurrence of any damage to the Property
        and of any condemnation offer or action.

6.14    RIGHT OF INSPECTION. Beneficiary and its independent contractors, agents
        and employees may, subject to the rights of tenants under their
        respective Leases, enter the Property from time to time at any
        reasonable time for the purpose of inspecting the Property and
        ascertaining Trustor's compliance with the terms of this Deed of Trust.
        Beneficiary shall use reasonable efforts to assure that Beneficiary's
        entry upon and inspection of the Property shall not materially and
        unreasonably interfere with the business or operations of Trustor or
        Trustor's tenants on the Property.

6.15    PROHIBITION OF TRANSFER OF PROPERTY OR INTERESTS IN TRUSTOR. Except as
        otherwise expressly permitted in the Note, Trustor shall not: (a) cause
        or permit any sale, exchange, mortgage, pledge, hypothecation,
        assignment, encumbrance or other transfer, conveyance or disposition,
        whether voluntarily, involuntarily or by operation of law ("Transfer")
        of all or any part of, or all or any direct or indirect interest in, the
        Property or the Collateral (except for equipment and inventory in the
        ordinary course of its business); or (b) cause or permit a Transfer of
        any direct or indirect interest in any partnership, limited liability
        company, corporation, trust, or other entity comprising all or any
        portion of or holding any direct or indirect interest in Trustor or
        Borrower (other than the sale or exchange of a limited partnership
        interest or a non-managing membership interest). If any Transfer occurs
        and such Transfer is not expressly permitted in the Note or this Deed of
        Trust, Beneficiary shall have the absolute right at its option, without
        prior demand or notice, to declare all of the Secured Obligations
        immediately due and payable, except to the extent prohibited by law, and
        pursue its rights and remedies under Section 7.3 herein. Trustor agrees
        to pay the prepayment charge as set forth in the Note if the Secured
        Obligations are accelerated pursuant to the terms of this Section.

6.16    ACCEPTANCE OF TRUST; POWERS AND DUTIES OF TRUSTEE. Trustee accepts this
        trust when this Deed of Trust is recorded. From time to time upon
        written request of Beneficiary and presentation of this Deed of Trust,
        or a certified copy thereof, for endorsement, and without affecting the
        personal liability of any person for payment of any indebtedness or
        performance of any Secured Obligation, Trustee may, without liability
        therefor and without notice: (a) reconvey all or any part of the
        Property; (b) consent to the making of any map or plat of the Property;
        (c) join in granting any easement on the Property; (d) join in any
        declaration of covenants and restrictions; or (e) join in any extension
        agreement or any agreement subordinating the lien or charge of this Deed
        of Trust. Nothing contained in this Section 6.16 shall be construed to
        limit, impair or otherwise affect the rights of Trustor in any respect.
        Except as may otherwise be required by applicable law, Trustee or
        Beneficiary may from time to time apply to any court of competent
        jurisdiction for aid and direction in the execution of the trusts
        hereunder and the enforcement of the rights and remedies available
        hereunder, and Trustee or Beneficiary may obtain orders or decrees
        directing or confirming or approving acts in the execution of said
        trusts and the enforcement of said remedies. Trustee has no obligation
        to notify any party of any pending sale or any action or proceeding
        (including, without limitation, actions in which Trustor, Beneficiary or
        Trustee shall be a party) unless held or commenced and maintained by
        Trustee under this Deed of Trust. Trustee shall not be obligated to
        perform any act required of it hereunder unless the performance of the
        act is requested in writing and Trustee is reasonably indemnified and
        held harmless against loss, cost, liability and expense.

6.17    COMPENSATION OF TRUSTEE. Trustor shall pay to Trustee reasonable
        compensation and reimbursement for services and expenses in the
        administration of this trust, including, without limitation, reasonable

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        attorneys' fees. Trustor shall pay all indebtedness arising under this
        Section immediately upon demand by Trustee or Beneficiary together with
        interest thereon from the date the indebtedness arises at the rate of
        interest then applicable to the principal balance of the Note as
        specified therein.

6.18    EXCULPATION. Beneficiary shall not directly or indirectly be liable to
        Trustor or any other person as a consequence of: (a) the exercise of the
        rights, remedies or powers granted to Beneficiary in this Deed of Trust;
        (b) the failure or refusal of Beneficiary to perform or discharge any
        obligation or liability of Trustor under any agreement related to the
        Property or under this Deed of Trust; or (c) any loss sustained by
        Trustor or any third party resulting from Beneficiary's failure to lease
        the Property after a Default (hereafter defined) or from any other act
        or omission of Beneficiary in managing the Property after a Default
        unless the loss is caused by the willful misconduct and bad faith of
        Beneficiary and no such liability shall be asserted or enforced against
        Beneficiary, all such liability being expressly waived and released by
        Trustor.

6.19    INDEMNITY. Without in any way limiting any other indemnity contained in
        this Deed of Trust, Trustor agrees to defend, indemnify and hold
        harmless Trustee and the Beneficiary Group from and against any claim,
        loss, damage, cost, expense or liability directly or indirectly arising
        out of: (a) the making of the Loan, except for violations of banking
        laws or regulations by the Beneficiary Group; (b) this Deed of Trust;
        (c) the execution of this trust or the performance of any act required
        or permitted hereunder or by law; (d) any failure of Trustor to perform
        Trustor's obligations under this Deed of Trust or the other Loan
        Documents; (e) any alleged obligation or undertaking on the Beneficiary
        Group's part to perform or discharge any of the representations,
        warranties, conditions, covenants or other obligations contained in any
        other document related to the Property; (f) any act or omission by
        Trustor or any contractor, agent, employee or representative of Trustor
        with respect to the Property; or (g) any claim, loss, damage, cost,
        expense or liability directly or indirectly arising out of: (i) the use,
        generation, manufacture, storage, treatment, release, threatened
        release, discharge, disposal, transportation or presence of any
        Hazardous Materials which are found in, on, under or about the Property
        (including, without limitation, underground contamination); or (ii) the
        breach of any covenant, representation or warranty of Trustor under
        Sections 5.l.p, 5.l.q, 5.1.r, or 6.2 above. The foregoing to the
        contrary notwithstanding, this indemnity shall not include any claim,
        loss, damage, cost, expense or liability directly or indirectly arising
        out of the gross negligence or willful misconduct of any member of the
        Beneficiary Group or Trustee, or any violation of law or the Loan
        Documents by any member of the Beneficiary Group or Trustee, or any
        claim, loss, damage, cost, expense or liability incurred by the
        Beneficiary Group or Trustee arising from any act or incident on the
        Property occurring after the full reconveyance and release of the lien
        of this Deed of Trust on the Property, or with respect to the matters
        set forth in clause (g) above, any claim, loss, damage, cost, expense or
        liability incurred by the Beneficiary Group resulting from the
        introduction and initial release of Hazardous Materials on the Property
        occurring after the transfer of title to the Property at a foreclosure
        sale under this Deed of Trust, either pursuant to judicial decree or the
        power of sale, or by deed in lieu of such foreclosure. This indemnity
        shall include, without limitation: (aa) all consequential damages
        (including, without limitation, any third party tort claims or
        governmental claims, fines or penalties against Trustee or the
        Beneficiary Group); (bb) all court costs and reasonable attorneys' fees
        (including, without limitation, expert witness fees) paid or incurred by
        Trustee or the Beneficiary Group; and (cc) the costs, whether
        foreseeable or unforeseeable, of any investigation, repair, cleanup or
        detoxification of the Property which is required by any governmental
        entity or is otherwise necessary to render the Property in compliance
        with all laws and regulations pertaining to Hazardous Materials.
        "Beneficiary Group", as used herein, shall mean (1) Beneficiary
        (including, without limitation, any participant in the Loan), (2) any
        entity controlling, controlled by or under common control with
        Beneficiary, (3) the directors, officers, employees and agents of
        Beneficiary and such other entities, and (4) the successors, heirs and
        assigns of the entities and persons described in foregoing clauses (1)
        through (3). Trustor shall pay immediately upon Trustee's or
        Beneficiary's demand any amounts owing under this indemnity together
        with interest from the date the indebtedness arises until paid at the
        rate of interest applicable to the principal balance of the Note as
        specified therein. Trustor agrees to use legal counsel reasonably
        acceptable to Trustee and the Beneficiary Group in any action or
        proceeding arising under this indemnity.

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        To the extent, if at all, that Section 56-7-1 New Mexico Statutes
        Annotated 1978 applies to any agreement to indemnify contained herein,
        such agreement to indemnify shall not extend to liability, claims,
        damages, losses or expenses, including attorney's fees, arising out of:

        a.      The preparation or approval of maps, drawings, opinions,
                reports, surveys, change orders, designs or specifications by
                the indemnitee, or the agents or employees of the indemnitee; or

        b.      The giving of or the failure to give directions or instructions
                by the indemnitee, or the agents or employees of the indemnitee,
                where such giving or failure to give directions or instructions
                is the primary cause of bodily injury to persons or damage to
                property.

        THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE TERMINATION AND
        RECONVEYANCE OF THIS DEED OF TRUST, BUT TRUSTOR'S LIABILITY UNDER THIS
        INDEMNITY SHALL BE SUBJECT TO THE PROVISIONS OF THE SECTION IN THE NOTE
        ENTITLED "BORROWER'S LIABILITY."

6.20    SUBSTITUTION OF TRUSTEE. From time to time, by a writing signed and
        acknowledged by Beneficiary and recorded in the Office of the County
        Clerk of the County in which the Property is situated, Beneficiary may
        appoint another trustee to act in the place and stead of Trustee or any
        successor. Such writing shall set forth any information required by law.
        The recordation of such instrument of substitution shall discharge
        Trustee herein named and shall appoint the new trustee as the trustee
        hereunder with the same effect as if originally named trustee herein. A
        writing recorded pursuant to the provisions of this Section shall be
        conclusive proof of the proper substitution of such new trustee.

6.21    RELEASES, EXTENSIONS, MODIFICATIONS AND ADDITIONAL SECURITY. Without
        notice to or the consent, approval or agreement of any persons or
        entities having any interest at any time in the Property or in any
        manner obligated under the Secured Obligations ("Interested Parties"),
        Beneficiary may, from time to time: (a) fully or partially release any
        person or entity from liability for the payment or performance of any
        Secured Obligation; (b) extend the maturity of any Secured Obligation;
        (c) make any agreement with Borrower increasing the amount or otherwise
        altering the terms of any Secured Obligation; (d) accept additional
        security for any Secured Obligation; or (e) release all or any portion
        of the Property, Collateral and other security for any Secured
        Obligation. None of the foregoing actions shall release or reduce the
        personal liability of any of said Interested Parties, or release or
        impair the priority of the lien of this Deed of Trust upon the Property.

6.22    SALE OR PARTICIPATION OF LOAN. Beneficiary may at any time sell, assign,
        participate or securitize all or any portion of Beneficiary's rights and
        obligations under the Loan Documents, and that any such sale,
        assignment, participation or securitization may be to one or more
        financial institutions or other entities, to private investors, or into
        the public securities market, in Beneficiary's sole discretion. Trustor
        further agrees that Beneficiary may disseminate to any such actual or
        potential purchaser(s), assignee(s) or participant(s) (and to any
        investment banking firms, rating agencies, accounting firms, law firms
        and other third party advisory firms and investors involved with the
        Loan and the Loan Documents or the applicable sale, assignment,
        participation or securitization) all documents and financial and other
        information heretofore or hereafter provided to or known to Beneficiary
        with respect to: (a) the Property and its operation; (b) any party
        connected with the Loan (including,-without limitation, Trustor, any
        partner or member of Trustor, any constituent partner or member of
        Trustor, any guarantor and any nonborrower trustor). In the event of any
        such sale, assignment, participation or securitization, Beneficiary and
        the other parties to the same shall share in the rights and obligations
        of Beneficiary set forth in the Loan Documents as and to the extent they
        shall agree among themselves. In connection with any such sale,
        assignment, participation or securitization, Trustor further agrees that
        the Loan Documents shall be sufficient evidence of the obligations of
        Trustor to each purchaser, assignee or participant, and Trustor shall,
        within 15 days after request by Beneficiary; (c) deliver to Beneficiary
        such information and documents relating to Trustor, the Property and its
        operation and any party connected with the Loan as Beneficiary or any
        rating agency may request; (d) deliver to Beneficiary an estoppel
        certificate for the benefit of Beneficiary and any other party
        designated by

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        Beneficiary verifying the status and terms of the Loan, in form and
        content satisfactory to Beneficiary; (e) enter into such amendments to
        the Loan Documents as may be requested in order to facilitate any such
        -sale, assignment, participation or securitization without impairing
        Trustor's rights or increasing Trustor's obligations; (f) if, as a
        condition to the closing of the Loan, Trustor was required to be a
        special-purpose bankruptcy-remote entity, enter into such amendments to
        the organizational documents of Trustor as any rating agency may request
        to preserve or enhance Trustor's special-purpose bankruptcy-remote
        status; and (g) if, as a condition to the closing of the Loan, Trustor
        was required to provide Beneficiary with any nonconsolidation opinions,
        provide Beneficiary with such amendments and restatements of such
        opinions as any rating agency may request. The indemnity obligations of
        Trustor under the Loan Documents shall also apply with respect to any
        purchaser, assignee or participant.

6.23    RECONVEYANCE. Upon Beneficiary's written request, and upon surrender of
        this Deed of Trust or certified copy thereof and any note, instrument or
        instruments setting forth all obligations secured hereby to Trustee for
        cancellation, Trustee shall reconvey, without warranty, the Property or
        that portion thereof then held hereunder. The recitals of any matters or
        facts in any reconveyance executed hereunder shall be conclusive proof
        of the truthfulness thereof. To the extent permitted by law, the
        reconveyance may describe the grantee as "the person or persons legally
        entitled thereto". Neither Beneficiary nor Trustee shall have any duty
        to determine the rights of persons claiming to be rightful grantees of
        any reconveyance. When the Property has been fully reconveyed, the last
        such reconveyance shall operate as a reassignment of all future rents,
        issues and profits of the Property to the person or persons legally
        entitled thereto and as a release of any filings made in connection with
        the Loan; provided, however, that if required by applicable law, Trustee
        and/or Beneficiary (as the case may be) shall release any such filing by
        appropriate instrument.

6.24    YEAR 2000 COMPLIANCE. Trustor shall timely ensure that all software,
        hardware, equipment, goods and systems used in the operation of Trustor
        or the Property will properly perform date-sensitive functions before,
        during and after the year 2000.

6.25    GROUND LEASE. With respect to the Ground Lease, Trustor agrees:

        a.      To perform all obligations of the tenant under the Ground Lease
                and any statute, ordinance, rule or regulation relating thereto,
                and not to cause or permit any breach thereof. If Trustor shall
                default under the Ground Lease, or if Beneficiary shall receive
                notice of any default under the Ground Lease, Beneficiary may,
                at its option but without any obligation to do so, take any
                action necessary or desirable to cure any such default,
                Beneficiary being authorized to enter upon the Land for such
                purposes with or without notice and without becoming a mortgagee
                in possession. Trustor shall, immediately on demand, pay to
                Beneficiary all costs of Beneficiary incurred in curing any such
                default, together with interest on such costs from the date of
                expenditure until said sums have been paid, at the rate of
                interest applicable to the principal balance of the Note as
                specified therein.

        b.      To give prompt notice to Beneficiary of any default by any party
                under the Ground Lease (which shall include, but not be limited
                to, copies of any default notices sent to Landlord or received
                by Trustor), to give prompt notice to Beneficiary of any
                litigation or arbitration with respect to the Ground Lease, and
                to furnish to Beneficiary all information that it may reasonably
                request concerning the performance by Trustor of Trustor's
                obligations under the Ground Lease.

        c.      That the provisions hereof shall be deemed to be obligations of
                Trustor in addition to Trustor's obligations as tenant with
                respect to similar matters contained in the Ground Lease;
                provided, however, the inclusion herein of any obligations
                relating to similar matters as to which Trustor is obligated
                under the Ground Lease shall not restrict or limit Trustor's
                obligations to perform promptly all of its obligations as tenant
                under the Ground Lease, and nothing in this Deed of Trust shall
                be construed as requiring Trustor or Beneficiary to take or omit
                to take any action which would cause a default under the Ground
                Lease.

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<Page>

        d.      That so long as this Deed of Trust is in effect, there shall be
                no merger of the Ground Lease, nor of the leasehold estate or
                other estate created thereby, with the fee estate in the Land by
                reason of the fact that the Ground Lease, or the leasehold
                estate or other estate created thereby, may be held directly or
                indirectly by or for the account of any person or entity who or
                which also holds the fee estate in the Land. If Trustor acquires
                the fee title or any other estate, title or interest in the
                Land, this Deed of Trust shall attach to and be a lien upon the
                fee title or such other estate so acquired, and such fee title
                or other estate shall, without further assignment, mortgage or
                conveyance, become and remain subject to the lien of and covered
                by this Deed of Trust. Trustor shall notify Beneficiary of any
                such acquisition by Trustor and, on written request by
                Beneficiary, shall cause to be executed and recorded all such
                documents and instruments as may in the reasonable opinion of
                Beneficiary be required to carry out the intent and meaning
                hereof.

        e.      That, so long as this Deed of Trust is in effect, no termination
                or surrender by Trustor as tenant under the Ground Lease to
                Landlord thereunder, shall be valid or effective. The terms of
                the Ground Lease may not be modified or terminated or
                subordinated to any mortgage, deed of trust, lease or other
                interest, either orally or in writing, other than as a result of
                the action or inaction of Beneficiary, without the prior written
                consent of Beneficiary. If requested in writing, Beneficiary
                agrees to cooperate with Trustor. at Trustor's sole cost and
                expense, to preserve Beneficiary's interest in the Ground Lease
                and avoid a default under the Ground Lease.

        f.      That if the Ground Lease is for any reason whatsoever terminated
                prior to the expiration of its term and Trustor is unwilling or
                unable to reinstate the Ground Lease or enter into a new ground
                lease, then if pursuant to any provision of the Ground Lease or
                otherwise, Beneficiary or its designee shall acquire from
                Landlord a new lease or other agreement for the use of the Land,
                Trustor shall have no right, title or interest in or to such new
                lease or other agreement or the estate created thereby. If
                Beneficiary acquires any such new lease or other agreement, the
                termination of the Ground Lease shall be deemed to have been
                consented to by Beneficiary.

        g.      That, so long as this Deed of Trust is in effect. Trustor shall
                timely exercise all renewal and extension options under the
                Ground Lease and comply with all conditions precedent to the
                exercise thereof.

        h.      That from time to time upon the written request of Beneficiary,
                Trustor shall deliver to Beneficiary estoppel certificates from
                Landlord in form and substance acceptable to Beneficiary to the
                extent Landlord is obligated to deliver such certificates
                pursuant to the terms of the Ground Lease.

6.26    LANDLORD'S BANKRUPTCY.

        a.      Trustor acknowledges that pursuant to Section 365 of the
                Bankruptcy Reform Act of 1978 (as the same may be amended from
                time to time, "Bankruptcy Act") it is possible that a trustee in
                bankruptcy of Landlord or Landlord as a debtor-in-possession
                could reject the Ground Lease, in which case Trustor, as tenant,
                would have the election described in Section 365(h) of the
                Bankruptcy Act (which election, as the same may be amended from
                time to time, and together with any comparable right under any
                other state or federal law relating to bankruptcy,
                reorganization or other relief for debtors, whether now or
                hereafter in effect, is herein called the "Election") to treat
                the Ground Lease as terminated by such rejection or, in the
                alternative, to remain in possession for the balance of the term
                of the Ground Lease and any renewal or extension thereof that is
                enforceable by the tenant under applicable nonbankruptcy law.
                Trustor shall not permit the termination of the Ground Lease by
                exercise of the Election or otherwise without the prior written
                consent of Beneficiary, which consent may be withheld,
                conditioned or delayed for any reason in Beneficiary's sole and
                absolute discretion. Trustor acknowledges that since the

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                Ground Lease is a primary part of the security for the Secured
                Obligations, it is not anticipated that Beneficiary would
                consent to termination of the Ground Lease.

        b.      In order to secure the covenant made in this Section 6.26 and as
                security for the other Secured Obligations, Trustor assigns the
                Election and all rights related thereto to Beneficiary. Trustor
                acknowledges and agrees that the foregoing assignment of the
                Election and related rights is one of the rights which
                Beneficiary may use at any time in order to protect and preserve
                the other rights and interests of Beneficiary under this Deed of
                Trust, since exercise of the Election in favor of terminating
                the Ground Lease would constitute waste hereunder. Trustor
                agrees that exercise of the Election in favor of preserving the
                right to possession under the Ground Lease shall not be deemed
                to constitute a taking or sale of the Property by Beneficiary
                and shall not entitle Trustor to any credit against the Secured
                Obligations. Beneficiary agrees to exercise the Election in
                favor of preserving the right to possession under the Ground
                Lease.

        c.      Trustor acknowledges and agrees that in the event the Election
                is exercised in favor of Trustor remaining in possession,
                Trustor's resulting rights under the Ground Lease, as adjusted
                by the effect of Section 365 of the Bankruptcy Act, shall then
                be part of the Property and shall be subject to the lien created
                by this Deed of Trust.

6.27    TRUSTOR'S (TENANT'S BANKRUPTCY).

        a.      If there shall be filed by or against Trustor a petition under
                the Bankruptcy Act, and Trustor, as the tenant under the Ground
                Lease, shall determine to reject the Ground Lease pursuant to
                Section 365(a) of the Bankruptcy Act, then Trustor shall give
                Beneficiary not less than ten (10) days' prior notice of the
                date on which Trustor shall apply to the bankruptcy court for
                authority to reject the Ground Lease. Beneficiary shall have the
                right, but not the obligation, to serve upon Trustor within such
                10-day period a notice stating that (i) Beneficiary demands that
                Trustor assume and assign the Ground Lease to Beneficiary
                pursuant to Section 365 of the Bankruptcy Act and (ii)
                Beneficiary agrees to cure or provide adequate assurance of
                prompt cure of all defaults and provide adequate assurance of
                future performance under the Ground Lease. If Beneficiary serves
                upon Trustor the notice described in the preceding sentence,
                Trustor shall not seek to reject the Ground Lease and shall
                comply with the demand provided for in clause (i) of the
                preceding sentence within thirty (30) days after the notice
                shall have been given, subject to the performance by Beneficiary
                of the agreement provided for in clause (ii) of the preceding
                sentence.

        b.      Effective upon the entry of an order for relief in respect of
                Trustor under the Bankruptcy Act, Trustor hereby assigns and
                transfers to Beneficiary a non-exclusive right to apply to the
                bankruptcy court under Section 265(d)(4) of the Bankruptcy Act
                for an order extending the period during which the Ground Lease
                may be rejected or assumed.

                               ARTICLE 7. DEFAULT

7.1     DEFAULT. For all purposes hereof, "Default" shall mean either an
        "Optional Default" (as defined below) or an "Automatic Default" (as
        defined below).

        a.      OPTIONAL DEFAULT. An "Optional Default" shall occur, at
                Beneficiary's option, upon the occurrence of any of the
                following events:

                (i)     MONETARY. Borrower or Trustor shall fail to (aa) pay
                        when due any sums which by their express terms require
                        immediate payment without any grace period or sums which
                        are payable on the Maturity Date, or (bb) pay within 5
                        days when due any other sums payable under the

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                        Note, this Deed of Trust or any of the other Loan
                        Documents, including without limitation, any monthly
                        payment due under the Note.

                (ii)    FAILURE TO PERFORM. Borrower or Trustor shall fail to
                        observe, perform or discharge any of Borrower's or
                        Trustor's obligations, covenants, conditions or
                        agreements, other than Borrower's or Trustor's payment
                        obligations, under the Note, this Deed of Trust or any
                        of the other Loan Documents, and (aa) such failure shall
                        remain uncured for 30 days after written notice thereof
                        shall have been given to Borrower or Trustor, as the
                        case may be, by Beneficiary or (bb) if such failure is
                        of such a nature that it cannot be cured within such 30
                        day period, Borrower or Trustor shall fail to commence
                        to cure such failure within such 30 day period or shall
                        fail to diligently prosecute such curative action
                        thereafter.

                (iii)   REPRESENTATIONS AND WARRANTIES. Any representation,
                        warranty, certificate or other statement (financial or
                        otherwise) made or furnished by or on behalf of
                        Borrower, Trustor, or a guarantor, if any, to
                        Beneficiary or in connection with any of the Loan
                        Documents, or as an inducement to Beneficiary to make
                        the Loan, shall be willfully false, incorrect,
                        incomplete or misleading in any material respect when
                        made or furnished.

                (iv)    ATTACHMENT. The sequestration or attachment of, or levy
                        or execution upon any of the Property, the Collateral or
                        any other collateral provided by Borrower or Trustor
                        under any of the Loan Documents, or any material portion
                        of the other assets of Borrower or Trustor, which
                        sequestration, attachment, levy or execution is not
                        released or dismissed within 90 days after its
                        occurrence; or the sale of any assets affected by any of
                        the foregoing.

                (v)     UNINSURED CASUALTY. The occurrence of an uninsured
                        casualty with respect to any material portion (as
                        reasonably determined by Beneficiary) of the Property
                        unless: (aa) no other Default has occurred and is
                        continuing at the time of such casualty or occurs
                        thereafter; (bb) Trustor promptly notifies Beneficiary
                        of the occurrence of such casualty; and (cc) not more
                        than 45 days after the occurrence of such casualty,
                        Trustor delivers to Beneficiary immediately available
                        funds in an amount sufficient, in Beneficiary's
                        reasonable opinion, to pay all costs of the repair or
                        restoration (including, without limitation, taxes,
                        financing charges, insurance and rent during the repair
                        period). So long as no Default has occurred and is
                        continuing at the time of Beneficiary's receipt of such
                        funds and no Default occurs thereafter, Beneficiary
                        shall make such funds available for the repair or
                        restoration of the Property. Notwithstanding the
                        foregoing, Beneficiary shall have no obligation to make
                        any funds available for repair or restoration of the
                        Property unless and until all the conditions set forth
                        in clauses (ii) and (iii) of the second sentence of
                        Section 6.11(b) of this Deed of Trust have been
                        satisfied. Trustor acknowledges that the specific
                        conditions described above are reasonable.

                (vi)    ADVERSE FINANCIAL CHANGE. Any material adverse change in
                        the financial condition of Borrower or any general
                        partner or managing member of Borrower or any guarantor
                        from the condition shown on the financial statement(s)
                        submitted to Beneficiary and relied upon by Beneficiary
                        in making the Loan, and which change Beneficiary
                        reasonably determines will have a material adverse
                        effect on (aa) the business, operations or condition of
                        the Property; or (bb) the ability of Borrower or Trustor
                        to pay or perform Borrower's or Trustor's obligations in
                        accordance with the terms of the Note, this Deed of
                        Trust, and the other Loan Documents.

                (vii)   KEY PERSON OR ENTITY. The retirement, death, incapacity
                        or material reduction in current management authority or
                        duties, if any, of Peter T. Dellaportas and Thomas P.
                        Dellaportas and Trustor's failure to provide a
                        substitute or replacement acceptable to Beneficiary
                        within 30 days after the occurrence of any such event.

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                (viii)  GROUND LEASE. If at any time (aa) the Ground Lease is
                        modified, surrendered or terminated, other than as a
                        result of the action or inaction of Beneficiary, without
                        Beneficiary's prior written consent; or (bb) a default
                        shall occur under the Ground Lease that is not cured
                        upon the earlier to occur of fifteen (15) days after the
                        occurrence of the default or one-half of the time
                        provided for cure for such default in the Ground Lease
                        taking into consideration extensions to the cure period
                        obtained from the Landlord.

        b.      AUTOMATIC DEFAULT. An "Automatic Default" shall occur
                automatically upon the occurrence of any of the following
                events:

                (i)     VOLUNTARY BANKRUPTCY, INSOLVENCY, DISSOLUTION. (aa)
                        Borrower's filing a petition for relief under the
                        Bankruptcy Reform Act of 1978, as amended or recodified
                        ("Bankruptcy Code"), or under any other present or
                        future state or federal law regarding bankruptcy,
                        reorganization or other relief to debtors (collectively,
                        "Debtor Relief Law"); or (bb) Borrower's filing any
                        pleading in any involuntary proceeding under the
                        Bankruptcy Code or other Debtor Relief Law which admits
                        the jurisdiction of a court to regulate Borrower or the
                        Property or the petition's material allegations
                        regarding Borrower's insolvency; or (cc) Borrower's
                        making a general assignment for the benefit of
                        creditors; or (dd) Borrower's applying for, or the
                        appointment of, a receiver, trustee, custodian or
                        liquidation of Borrower or any of its property; or (ee)
                        the filing by Borrower of a petition seeking the
                        liquidation or dissolution of Borrower or the
                        commencement of any other procedure to liquidate or
                        dissolve Borrower.

                (ii)    INVOLUNTARY BANKRUPTCY. Borrower's failure to effect a
                        full dismissal of any involuntary petition under the
                        Bankruptcy Code or other Debtor Relief Law that is filed
                        against Borrower or in any way restrains or limits
                        Borrower or Beneficiary regarding the Loan or the
                        Property, prior to the earlier of the entry of any order
                        granting relief sought in the involuntary petition or 60
                        days after the date of filing of the petition.

                (iii)   PARTNERS, GUARANTORS. The occurrence of an event
                        specified in Sections (i) or (ii) as to Trustor, any
                        general partner or managing member of Borrower or
                        Trustor, or any guarantor or other person or entity in
                        any manner obligated to Beneficiary under the Loan
                        Documents; provided, however, in the case of an event
                        specified in Section (i) or (ii) as to any guarantor,
                        Beneficiary may cure such Default by replacing such
                        guarantor within thirty (30) days after the occurrence
                        of such event with a substitute guarantor whose
                        creditworthiness and real estate experience and skills
                        are comparable to those of the original guarantor
                        (measured as of the date of this Deed of Trust) and who
                        is otherwise acceptable to Beneficiary, provided that
                        such substitute guarantor executes and delivers a
                        Limited Guaranty in form and substance similar to the
                        existing Limited Guaranty executed by the applicable
                        guarantor within such thirty (30) day time period.

7.2     ACCELERATION. Upon the occurrence of an Optional Default, Beneficiary
        may, at its option, declare all sums owing to Beneficiary under the Note
        and the other Loan Documents immediately due and payable. Upon the
        occurrence of an Automatic Default, all sums owing to Beneficiary under
        the Note and the other Loan Documents shall automatically become
        immediately due and payable.

7.3     RIGHTS AND REMEDIES. In addition to the rights and remedies in Section
        7.2 above, at any time after a Default, Beneficiary shall have all of
        the following rights and remedies:

        a.      ENTRY ON PROPERTY. With or without notice, and without releasing
                Trustor from any Secured Obligation, and without becoming a
                mortgagee in possession, to enter upon the Property from time to
                time and to do such acts and things as Beneficiary or Trustee
                deem necessary or desirable in order to inspect, investigate,
                assess and protect the security hereof or to cure any Default,
                including, without

                                       26
<Page>

                limitation: (i) to take and possess all documents, books,
                records, papers and accounts of Trustor, Borrower or the then
                owner of the Property which relate to the Property; (ii) to
                make, terminate, enforce or modify leases of the Property upon
                such terms and conditions as Beneficiary deems proper; (iii) to
                make repairs, alterations and improvements to the Property
                necessary, in Trustee's or Beneficiary's sole judgment, to
                protect or enhance the security hereof; (iv) to appear in and
                defend any action or proceeding purporting to affect the
                security hereof or the rights or powers of Beneficiary or
                Trustee hereunder; (v) to pay, purchase, contest or compromise
                any encumbrance, charge, lien or claim of lien which, in the
                sole judgment of either Beneficiary or Trustee, is or may be
                senior in priority hereto, the judgment of Beneficiary or
                Trustee being conclusive as between the parties hereto; (vi) to
                obtain insurance; (vii) to pay any premiums or charges with
                respect to insurance required to be carried hereunder; (viii) to
                obtain a court order to enforce Beneficiary's right to enter and
                inspect the Property for Hazardous Materials, in which regard
                the decision of Beneficiary as to whether there exists a release
                or threatened release of Hazardous Materials onto the Property
                shall be deemed reasonable and conclusive as between the parties
                hereto; (ix) to have a receiver appointed pursuant to applicable
                law to enforce Beneficiary's rights to enter and inspect the
                Property for Hazardous Materials; and/or (x) to employ legal
                counsel, accountants, engineers, consultants, contractors and
                other appropriate persons to assist them;

        b.      APPOINTMENT OF RECEIVER. With or without notice or hearing, to
                apply to a court of competent jurisdiction for and obtain
                appointment of a receiver, trustee, liquidator or conservator of
                the Property, for any purpose, including, without limitation, to
                enforce Beneficiary's right to collect Payments and to enter on
                and inspect the Property for Hazardous Materials, as a matter of
                strict right and without regard to: (i) the adequacy of the
                security for the repayment of the Secured Obligations; (ii) the
                existence of a declaration that the Secured Obligations are
                immediately due and payable; (iii) the filing of a notice of
                default; or (iv) the solvency of Trustor, Borrower or any
                guarantor or other person or entity in any manner obligated to
                Beneficiary under the Loan Documents;

        c.      JUDICIAL FORECLOSURE; INJUNCTION. To commence and maintain an
                action or actions in any court of competent jurisdiction to
                foreclose this instrument as a mortgage or to obtain specific
                enforcement of the covenants of Trustor hereunder, and Trustor
                agrees that such covenants shall be specifically enforceable by
                injunction or any other appropriate equitable remedy and that
                for the purposes of any suit brought under this subparagraph,
                Trustor waives the defense of laches and any applicable statute
                of limitations and agrees that in the event of sale of the
                Property by judicial foreclosure, the redemption period after
                sale shall be one month in lieu of nine months;

        d.      NONJUDICIAL FORECLOSURE. To execute a written notice of such
                Default and of the election to cause the Property to be sold to
                satisfy the Secured Obligations, Trustee shall give and record
                such notice as the law then requires as a condition precedent to
                a trustee's sale. When the minimum period of time required by
                law after such notice has elapsed, Trustee, without notice to or
                demand upon Trustor except as required by law, shall sell the
                Property at the time and place of sale fixed by it in the notice
                of sale, at one or several sales, either as a whole or in
                separate parcels and in such manner and order, all as
                Beneficiary in its sole discretion may determine, at public
                auction to the highest bidder for cash, in lawful money of the
                United States, payable at time of sale. Neither Trustor nor any
                other person or entity other than Beneficiary shall have the
                right to direct the order in which the Property is sold. Subject
                to requirements and limits imposed by law, Trustee may, from
                time to time postpone sale of all or any portion of the Property
                by public announcement at such time and place of sale, and from
                time to time may postpone the sale by public announcement at the
                time and place fixed by the preceding postponement. A sale of
                less than the whole of the Property or any defective or
                irregular sale made hereunder shall not exhaust the power of
                sale provided for herein. Trustee shall deliver to the purchaser
                at such sale a deed conveying the Property or portion thereof so
                sold, but without any covenant or warranty, express or implied.
                The recitals in the deed of any matters or facts shall be
                conclusive proof of the truthfulness thereof. The only right of
                redemption from the Trustee's sale proceeding is that an omitted
                junior encumbrance without actual notice or knowledge of the
                Trustee's sale may redeem the

                                       27
<Page>

                trust real estate by petitioning the district court in the
                county where the Trustee's sale was held and obtaining a
                judgement authorizing redemption and setting the terms thereof
                in compliance with NMSA 1978, Section 39-5-18 (1987), provided
                that such redemption is then completed within 1 month after
                entry of judgement authorizing such redemption. Any person,
                including Trustee, Trustor or Beneficiary may purchase at the
                sale;

                Upon sale of the Property at any judicial or nonjudicial
                foreclosure, Beneficiary may credit bid (as determined by
                Beneficiary in its sole and absolute discretion) all or any
                portion of the Secured Obligations. In determining such credit
                bid, Beneficiary may, but is not obligated to, take into account
                all or any of the following: (i) appraisals of the Property as
                such appraisals may be discounted or adjusted by Beneficiary in
                its sole and absolute underwriting discretion; (ii) expenses and
                costs incurred by Beneficiary with respect to the Property prior
                to foreclosure; (iii) expenses and costs which Beneficiary
                anticipates will be incurred with respect to the Property after
                foreclosure, but prior to resale, including, without limitation,
                costs of structural reports and other due diligence, costs to
                carry the Property prior to resale, costs of resale (e.g.
                commissions, attorneys' fees, and taxes), costs of any Hazardous
                Materials clean-up and monitoring, costs of deferred
                maintenance, repair, refurbishment and retrofit, costs of
                defending or settling litigation affecting the Property, and
                lost opportunity costs (if any), including the time value of
                money during any anticipated holding period by Beneficiary; (iv)
                declining trends in real property values generally and with
                respect to properties similar to the Property; (v) anticipated
                discounts upon resale of the Property as a distressed or
                foreclosed property; (vi) the fact of additional collateral (if
                any), for the Secured Obligations; AND (vii) such other factors
                or matters that Beneficiary (in its sole and absolute
                discretion) deems appropriate. In regard to the above, Trustor
                acknowledges and agrees that: (viii) Beneficiary is not required
                to use any or all of the foregoing factors to determine the
                amount of its credit bid; (ix) this paragraph does not impose
                upon Beneficiary any additional obligations that are not imposed
                by law at the time the credit bid is made; (x) the amount of
                Beneficiary's credit bid need not have any relation to any
                loan-to-value ratios specified in the Loan Documents or
                previously discussed between Trustor and Beneficiary; and (xi)
                Beneficiary's credit bid may be (at Beneficiary's sole and
                absolute discretion) higher or lower than any appraised value of
                the Property;

        e.      MULTIPLE FORECLOSURES. To resort to and realize upon the
                security hereunder and any other security now or later held by
                Beneficiary concurrently or successively and in one or several
                consolidated or independent judicial actions or lawfully taken
                nonjudicial proceedings, or both, and to apply the proceeds
                received upon the Secured Obligations all in such order and
                manner as Trustee and Beneficiary or either of them determine in
                their sole discretion;

        f.      RIGHTS TO COLLATERAL. To exercise all rights Trustee or
                Beneficiary may have with respect to the Collateral under this
                Deed of Trust, the UCC or otherwise at law; and

        g.      OTHER RIGHTS. To exercise such other rights as Trustee or
                Beneficiary may have at law or in equity or pursuant to the
                terms and conditions of this Deed of Trust or any of the other
                Loan Documents.

        In connection with any sale or sales hereunder, Beneficiary may elect to
        treat any of the Property which consists of a right in action or which
        is property that can be severed from the Property (including, without
        limitation, any improvements forming a part thereof) without causing
        structural damage thereto as if the same were personal property or a
        fixture, as the case may be, and dispose of the same in accordance with
        applicable law, separate and apart from the sale of the Property. Any
        sale of Collateral hereunder shall be conducted in any manner permitted
        by the UCC.

7.4     APPLICATION OF FORECLOSURE SALE PROCEEDS. If any foreclosure sale is
        effected, Trustee shall apply the proceeds of such sale in the following
        order of priority: FIRST, to the costs, fees and expenses of sale;
        SECOND, to the payment of the Secured Obligations which are secured by
        this Deed of Trust, in such order as Beneficiary shall determine in its
        sole discretion; THIRD, to satisfy the outstanding balance of

                                       28
<Page>

        obligations secured by any junior liens or encumbrances in the order of
        their priority; and FOURTH, to the Trustor or the Trustor's successor in
        interest, or in the event the Property has been sold or transferred to
        another, to the vested owner of record at the time of the Trustee's
        sale.

7.5     WAIVER OF MARSHALING RIGHTS. Trustor, for itself and for all parties
        claiming through or under Trustor, and for all parties who may acquire a
        lien on or interest in the Property, hereby waives all rights to have
        the Property and/or any other property, including, without limitation,
        the Collateral, which is now or later may be security for any Secured
        Obligation, marshaled upon any foreclosure of this Deed of Trust or on a
        foreclosure of any other security for any of the Secured Obligations.

7.6     NO CURE OR WAIVER. Neither Beneficiary's nor Trustee's nor any
        receiver's entry upon and taking possession of all or any part of the
        Property, nor any collection of rents, issues, profits, insurance
        proceeds, condemnation proceeds or damages, other security or proceeds
        of other security, or other sums, nor the application of any collected
        sum to any Secured Obligation, nor the exercise of any other right or
        remedy by Beneficiary or Trustee or any receiver shall cure or waive any
        Default or notice of default under this Deed of Trust, or nullify the
        effect of any notice of default or sale (unless all Secured Obligations
        then due have been paid or performed and Trustor has cured all other
        Defaults hereunder), or impair the status of the security, or prejudice
        Beneficiary or Trustee in the exercise of any right or remedy, or be
        construed as an affirmation by Beneficiary of any tenancy, lease or
        option or a subordination of the lien of this Deed of Trust.

7.7     PAYMENT OF COSTS, EXPENSES AND ATTORNEYS' FEES. Trustor agrees to pay to
        Beneficiary immediately and upon demand all costs and expenses incurred
        by Trustee and Beneficiary in the enforcement of the terms and
        conditions of this Deed of Trust (including, without limitation,
        statutory trustee's fees, court costs and attorneys' fees, whether
        incurred in litigation or not) with interest from the date of
        expenditure until said sums have been paid at the rate of interest
        applicable to the principal balance of the Note as specified therein.

7.8     POWER TO FILE NOTICES AND CURE DEFAULTS. Trustor hereby irrevocably
        appoints Beneficiary and its successors and assigns, as its
        attorney-in-fact, which agency is coupled with an interest, to perform
        any obligation of Trustor hereunder (to the extent Trustor has not
        performed the same) upon the occurrence of an event, act or omission
        which, with notice or passage of time or both, would constitute a
        Default, PROVIDED, HOWEVER, that: (a) Beneficiary as such
        attorney-in-fact shall only be accountable for such funds as are
        actually received by Beneficiary; and (b) Beneficiary shall not be
        liable to Trustor or any other person or entity for any failure to act
        under this Section.

7.9     REMEDIES CUMULATIVE. All rights and remedies of Beneficiary and Trustee
        under this Deed of Trust and the other Loan Documents are cumulative and
        are in addition to all rights and remedies provided by applicable law
        (including specifically that of foreclosure of this Deed of Trust as
        though it were a mortgage). Beneficiary may enforce any one or more
        remedies or rights under the Loan Documents either successively or
        concurrently.

                       ARTICLE 8. MISCELLANEOUS PROVISIONS

8.1     ADDITIONAL PROVISIONS. The Loan Documents contain or incorporate by
        reference the entire agreement of the parties with respect to matters
        contemplated herein and supersede all prior negotiations. The Loan
        Documents grant further rights to Beneficiary and contain further
        agreements and affirmative and negative covenants by Trustor which apply
        to this Deed of Trust and to the Property and such further rights and
        agreements are incorporated herein by this reference. THE OBLIGATIONS
        AND LIABILITIES OF TRUSTOR UNDER THIS DEED OF TRUST AND THE OTHER LOAN
        DOCUMENTS ARE SUBJECT TO THE PROVISIONS OF THE SECTION IN THE NOTE
        ENTITLED "BORROWER'S LIABILITY."

8.2     NON-WAIVER. By accepting payment of any amount secured hereby after its
        due date or late performance of any other Secured Obligation,
        Beneficiary shall not waive its right against any person obligated
        directly or

                                       29
<Page>

        indirectly hereunder or on any Secured Obligation, either to require
        prompt payment or performance when due of all other sums and obligations
        so secured or to declare default for failure to make such prompt payment
        or performance. No exercise of any right or remedy by Beneficiary or
        Trustee hereunder shall constitute a waiver of any other right or remedy
        herein contained or provided by law. No failure by Beneficiary or
        Trustee to exercise any right or remedy hereunder arising upon any
        Default shall be construed to prejudice Beneficiary's or Trustee's
        rights or remedies upon the occurrence of any other or subsequent
        Default. No delay by Beneficiary or Trustee in exercising any such right
        or remedy shall be construed to preclude Beneficiary or Trustee from the
        exercise thereof at any time while that Default is continuing. No notice
        to nor demand on Trustor shall of itself entitle Trustor to any other or
        further notice or demand in similar or other circumstances.

8.3     CONSENTS AND APPROVALS. Wherever Beneficiary's consent, approval,
        acceptance or satisfaction is required under any provision of this Deed
        of Trust or any of the other Loan Documents, such consent, approval,
        acceptance or satisfaction shall not be unreasonably withheld,
        conditioned or delayed by Beneficiary unless such provision expressly so
        provides.

8.4     PERMITTED CONTESTS. After prior written notice to Beneficiary, Trustor
        may contest, by appropriate legal or other proceedings conducted in good
        faith and with due diligence, the amount, validity or application, in
        whole or in part, of any lien, levy, tax or assessment, or any lien of
        any laborer, mechanic, materialman, supplier or vendor, or the
        application to Trustor or the Property of any law or the validity
        thereof, the assertion or imposition of which, or the failure to pay
        when due, would constitute a Default; PROVIDED that (a) Trustor pursues
        the contest diligently, in a manner which Beneficiary determines is not
        prejudicial to Beneficiary, and does not impair the lien of this Deed of
        Trust; (b) the Property, or any part hereof or estate or interest
        therein, shall not be in any danger of being sold, forfeited or lost by
        reason of such proceedings; (c) in the case of the contest of any law or
        other legal requirement, Beneficiary shall not be in any danger of any
        civil or criminal liability; and (d) if required by Beneficiary, Trustor
        deposits with Beneficiary any funds or other forms of assurance
        (including a bond or letter of credit) satisfactory to Beneficiary to
        protect Beneficiary from the consequences of the contest being
        unsuccessful. Trustor's right to contest pursuant to the terms of this
        provision shall in no way relieve Trustor or Borrower of its obligations
        under the Loan or to make payments to Beneficiary as and when due.

8.5     FURTHER ASSURANCES. Trustor shall, upon demand by Beneficiary or
        Trustee, execute, acknowledge (if appropriate) and deliver any and all
        documents and instruments and do or cause to be done all further acts
        reasonably necessary or appropriate to effectuate the purposes of the
        Loan Documents and to perfect any assignments contained therein.

8.6     ATTORNEYS' FEES. If any legal action, suit or proceeding is commenced
        between Trustor and Beneficiary regarding their respective rights and
        obligations under this Deed of Trust or any of the other Loan Documents,
        the prevailing party shall be entitled to recover, in addition to
        damages or other relief, costs and expenses, reasonable attorneys' fees
        and court costs (including, without limitation, expert witness fees). As
        used herein the term "prevailing party" shall mean the party which
        obtains the principal relief it has sought, whether by compromise
        settlement or judgment. If the party which commenced or instituted the
        action, suit or proceeding shall dismiss or discontinue it without the
        concurrence of the other party, such other party shall be deemed the
        prevailing party.

8.7     TRUSTOR AND BENEFICIARY DEFINED. The term "Trustor" includes both the
        original Trustor and any subsequent owner or owners of any of the
        Property, and the term "Beneficiary" includes the original Beneficiary
        and any future owner or holder, including assignees, pledges and
        participants, of the Note or any interest therein.

8.8     DISCLAIMERS.

        a.      RELATIONSHIP. The relationship of Trustor and Beneficiary under
                this Deed of Trust and the other Loan Documents is, and shall at
                all times remain, solely that of borrower and lender; and
                Beneficiary

                                       30
<Page>

                neither undertakes nor assumes any responsibility or duty to
                Trustor or to any third party with respect to the Property.
                Notwithstanding any other provisions of this Deed of Trust and
                the other Loan Documents: (i) Beneficiary is not, and shall not
                be construed to be, a partner, joint venturer, member, alter
                ego, manager, controlling person or other business associate or
                participant of any kind of Trustor, and Beneficiary does not
                intend to ever assume such status; (ii) Beneficiary's activities
                in connection with this Deed of Trust and the other Loan
                Documents shall not be "outside the scope of activities of a
                lender of money" within the meaning of California Civil Code
                Section 3434, as amended or recodified from time to time, and
                Beneficiary does not intend to ever assume any responsibility to
                any person for the quality, suitability, safety or condition of
                the Property; and (iii) Beneficiary shall not be deemed
                responsible for or a participant in any acts, omissions or
                decisions of Trustor.

        b.      NO LIABILITY. Beneficiary shall not be directly or indirectly
                liable or responsible for any loss, claim, cause of action,
                liability, indebtedness, damage or injury of any kind or
                character to any person or property arising from any
                construction on, or occupancy or use of, the Property, whether
                caused by or arising from: (i) any defect in any building,
                structure, grading, fill, landscaping or other improvements
                thereon or in any on-site or off-site improvement or other
                facility therein or thereon; (ii) any act or omission of Trustor
                or any of Trustor's agents, employees, independent contractors,
                licensees or invitees; (iii) any accident in or on the Property
                or any fire, flood or other casualty or hazard thereon; (iv) the
                failure of Trustor or any of Trustor's licensees, employees,
                invitees, agents, independent contractors or other
                representatives to maintain the Property in a safe condition; or
                (v) any nuisance made or suffered on any part of the Property.

8.9     SEVERABILITY. If any term of this Deed of Trust or any other Loan
        Document, or the application thereof to any person or circumstances,
        shall, to any extent, be invalid or unenforceable, the remainder of this
        Deed of Trust or such other Loan Document, or the application of such
        term to persons or circumstances other than those as to which it is
        invalid or unenforceable, shall not be affected thereby, and each term
        of this Deed of Trust or such other Loan Document shall be valid and
        enforceable to the fullest extent permitted by law.

8.10    RELATIONSHIP OF ARTICLES. The rights, remedies and interests of
        Beneficiary under the deed of trust established by Article 1 and the
        security agreement established by Article 4 are independent and
        cumulative, and there shall be no merger of any lien created by the deed
        of trust with any security interest created by the security agreement.
        Beneficiary may elect to exercise or enforce any of its rights, remedies
        or interests under either or both the deed of trust or the security
        agreement as Beneficiary may from time to time deem appropriate. The
        absolute assignment of rents and leases established by Article 3 is
        similarly independent of and separate from the deed of trust and the
        security agreement.

8.11    MERGER. No merger shall occur as a result of Beneficiary's acquiring any
        other estate in, or any other lien on, the Property unless Beneficiary
        consents to a merger in writing.

8.12    OBLIGATIONS OF TRUSTOR, JOINT AND SEVERAL. If more than one person has
        executed this Deed of Trust as "Trustor", the obligations of all such
        persons hereunder shall be joint and several.

8.13    SEPARATE AND COMMUNITY PROPERTY. Any married person who executes this
        Deed of Trust as a "Trustor" agrees that any money judgment which
        Beneficiary or Trustee obtains pursuant to the terms of this Deed of
        Trust or any other obligation of that married person secured by this
        Deed of Trust may be collected by execution upon any separate property
        or community property of that person.

8.14    INTEGRATION; INTERPRETATION. The Loan Documents contain or expressly
        incorporate by reference the entire agreement of the parties with
        respect to the matters contemplated therein and supersede all prior
        negotiations or agreements, written or oral. The Loan Documents shall
        not be modified except by written instrument executed by all parties.
        Any reference in any of the Loan Documents to the Land, the Ground
        Lease, the Property or the Collateral shall include all or any part of,
        or interest in, the Land, the

                                       31
<Page>

        Ground Lease, the Property or the Collateral. Any reference to the Loan
        Documents includes any amendments, renewals or extensions now or
        hereafter approved by Beneficiary in writing. When the identity of the
        parties or other circumstances make it appropriate, the masculine gender
        includes the feminine and/or neuter, and the singular number includes
        the plural.

8.15    CAPITALIZED TERMS. Capitalized terms not otherwise defined herein shall
        have the meanings set forth in the Note.

8.16    SUCCESSORS IN INTEREST. The terms, covenants, and conditions contained
        herein and in the other Loan Documents shall be binding upon and inure
        to the benefit of the heirs, successors and assigns of the parties. The
        foregoing sentence shall not be construed to permit Trustor to assign
        the Loan except as otherwise permitted under the Note or the other Loan
        Documents.

8.17    GOVERNING LAW. This Deed of Trust was accepted by Beneficiary in the
        state of California and the proceeds of the Note secured hereby were
        disbursed from the state of California, which state the parties agree
        has a substantial relationship to the parties and to the underlying
        transaction embodied hereby. Accordingly, in all respects, including,
        without limiting the generality of the foregoing, matters of
        construction, validity, enforceability and performance, this Deed of
        Trust, the Note and the other Loan Documents and the obligations arising
        hereunder and thereunder shall be governed by, and construed in
        accordance with, the laws of the state of California applicable to
        contracts made and performed in such state and any applicable law of the
        United States of America, except that at all times the provisions for
        enforcement of Beneficiary's STATUTORY POWER OF SALE and all other
        remedies granted hereunder and the creation, perfection and enforcement
        of the security interests created pursuant hereto and pursuant to the
        other Loan Documents in any Collateral which is located in the state
        where the Property is located shall be governed by and construed
        according to the law of the state where the Property is located. Except
        as provided in the immediately preceding sentence, Trustor hereby
        unconditionally and irrevocably waives, to the fullest extent permitted
        by law, any claim to assert that the law of any jurisdiction other than
        California governs this Deed of Trust, the Note and other Loan
        Documents.

8.18    CONSENT TO JURISDICTION. Trustor irrevocably submits to the jurisdiction
        of: (a) any state or federal court sitting in the state of California
        over any suit, action, or proceeding, brought by Trustor against
        Beneficiary, arising out of or relating to this Deed of Trust, the Note
        or the Loan; (b) any state or federal court sitting in the state where
        the Property is located or the state in which Trustor's principal place
        of business is located over any suit, action or proceeding, brought by
        Beneficiary against Trustor, arising out of or relating to this Deed of
        Trust, the Note or the Loan; and (c) any state court sitting in the
        county of the state where the Property is located over any suit, action,
        or proceeding, brought by Beneficiary to exercise its STATUTORY POWER OF
        SALE under this Deed of Trust or any action brought by Beneficiary to
        enforce its rights with respect to the Collateral. Trustor irrevocably
        waives, to the fullest extent permitted by law, any objection that
        Trustor may now or hereafter have to the laying of venue of any such
        suit, action, or proceeding brought in any such court and any claim that
        any such suit, action, or proceeding brought in any such court has been
        brought in an inconvenient forum.

8.19    EXHIBITS. EXHIBIT A is incorporated into this Deed of Trust by this
        reference.

8.20    ADDRESSES: REQUEST FOR NOTICE. All notices and other communications that
        are required or permitted to be given to a party under this Deed of
        Trust or the other Loan Documents shall be in writing, refer to the Loan
        number, and shall be sent to such party, either by personal delivery, by
        overnight delivery service, by certified first class mail, return
        receipt requested, or by facsimile transmission to the addressee or
        facsimile number below. All such notices and communications shall be
        effective upon receipt of such delivery or facsimile transmission. The
        addresses of the parties are set forth on page 1 of this Deed of Trust
        and the facsimile numbers for the parties are as follows:

                                       32
<Page>

         BENEFICIARY:                       TRUSTEE:

         WELLS FARGO BANK, N.A.             LAWYERS TITLE INSURANCE CORPORATION
         FAX No.: (925) 691-5947            FAX No.: (505) 892-0800

         TRUSTOR:

         PLAZA SANTA FE II LLC

         FAX No.: (312) 527-4664

        Trustor's principal place of business is at the address set forth on
        page 1 of this Deed of Trust.

        Any Trustor whose address is set forth on page 1 of this Deed of Trust
        hereby requests that a copy of notice of default and notice of sale be
        delivered to it at that address. Failure to insert an address shall
        constitute a designation of Trustor's last known address as the address
        for such notice. Any party shall have the right to change its address
        for notice hereunder to any other location within the continental United
        States by giving 30 days notice to the other parties in the manner set
        forth above.

8.21    COUNTERPARTS. This Deed of Trust may be executed in any number of
        counterparts, each of which, when executed and delivered, will be deemed
        an original and all of which taken together, will be deemed to be one
        and the same instrument.

8.22    WAIVER OF JURY TRIAL. BENEFICIARY AND TRUSTOR HEREBY KNOWINGLY,
        VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL
        BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF,
        UNDER, OR IN CONNECTION WITH, THIS DEED OF TRUST OR ANY OTHER LOAN
        DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
        (WHETHER ORAL OR WRITTEN) OR ACTIONS OF BENEFICIARY OR TRUSTOR. THIS
        PROVISION IS A MATERIAL INDUCEMENT FOR BENEFICIARY TO ENTER INTO THIS
        DEED OF TRUST.

IN WITNESS WHEREOF, Trustor has executed this Deed of Trust as of the day and
year set forth above.

                 "TRUSTOR"

PLAZA SANTA FE II LLC, a New Mexico
limited liability company

By: PSF II Manager, Inc., a New Mexico
    corporation, its managing member

By: /s/ Peter Dellaportas
   ---------------------------------
   Name: Peter Dellaportas
        ----------------------------
   Title: President
         ---------------------------

(ALL SIGNATURES MUST BE ACKNOWLEDGED) - See attached

                                       33
<Page>

STATE OF ILLINOIS                           )
                                            ) ss.
COUNTY OF COOK                              )

On this 18 day of November, 2002, before me, a Notary Public in and for the
State and County aforesaid, personally appeared Peter Dellaportas, who is to me
known to be the person and who, being duly sworn, acknowledged to me that he is
the President of PSF II Manager, Inc., a New Mexico corporation, and that he is
authorized to and has signed the foregoing document on behalf of said
corporation.

        Subscribed and sworn to before me on the day, month and year first above
set forth above.

              /s/ Ericka L. Labedz
        --------------------------------
                                              Notary Public

My Commission Expires:
   03/01/06
---------------------

                                       OFFICIAL SEAL
                                      ERICKA L LABEDZ
                              NOTARY PUBLIC, STATE OF ILLINOIS
                              MY COMMISSION EXPIRES: 03/01/06

<Page>

                                                            Loan No. 31-0900141A

                                    EXHIBIT A
                               DESCRIPTION OF LAND

Exhibit A to LEASEHOLD DEED OF TRUST AND ABSOLUTE ASSIGNMENT OF RENTS AND LEASES
AND SECURITY AGREEMENT (AND FIXTURE FILING) ("Deed of Trust") between PLAZA
SANTA FE II, LLC, a New Mexico limited liability company, as "Trustor", LAWYERS
TITLE INSURANCE CORPORATION, as "Trustee", and WELLS FARGO BANK, NATIONAL
ASSOCIATION, as "Beneficiary".

DESCRIPTION OF LAND. The Land referred to in this Deed of Trust is situated in
the county of Santa Fe, state of New Mexico and is described as follows:

        Tracts A-l and A-2, all as shown on plat of survey entitled "Dedication
        Plat & Land Split Tracts A-1 and A-2, Plaza Santa Fe Phase 2, Santa Fe
        New Mexico, March 2000" recorded July 20, 2000 in Plat Book 449, page 27
        as Document No. 1123,597, records of Santa Fe County, New Mexico.

                                    EXHIBIT A
                                        1

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