Document:

Exhibit 10.21

PROPERTY
MANAGEMENT AGREEMENT

This
Property Management Agreement (the “Agreement”) made as of the 16th day of October, 2006, by and
between TRT Rickenbacker LLC, a Delaware limited liability company (“Owner”),
and Pizzuti Management LLC, an Ohio limited liability company (“Property
Manager”).

Owner
desires to retain the services of Property Manager, as an independent
contractor, in connection with the management and operation of the real
property owned by Owner identified on Exhibit A, attached hereto (“Property”)
and Property Manager desires to assume such responsibilities, upon the terms
and conditions set forth in this Agreement. If Exhibit A includes more
than one property, or if additional properties are added to this Agreement by
the written agreement of the parties from time to time, the term Property means
one property, some properties or all properties subject to the Agreement, as
the context may require.

In
consideration of the premises and the mutual promises and covenants herein contained,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Owner and Property Manager agree as follows:

1.             Appointment.
Subject to the terms and provisions of this Agreement, Owner hereby grants to Property
Manager, as an independent contractor, the exclusive right to manage and
operate the Property. Owner and Property Manager have entered into this
Agreement in reliance upon the unique knowledge, experience, reputation and
expertise of the other party and in reliance upon the duties of loyalty and
confidentiality which each party hereby agrees to undertake. Except as
otherwise expressly provided in this Agreement, neither party shall be required
to accept performance under this Agreement from any person, including, without
limitation, Owner or Property Manager, as the case may be, should it become a
debtor in possession under the United States Bankruptcy Code, or any trustee of
either appointed under the United States Bankruptcy Code and any assignee of
such party or trustee, other than the other party.

2.             Term
and Termination.

(a)           Initial
Term. The initial term of this Agreement shall commence on the date hereof,
or, if Owner is not the owner of the Property on such date, on the date Owner
closes on the purchase of the Property, and except as otherwise expressly
provided in this Agreement, shall continue until one (1) year following the
commencement of the term of this Agreement and from year to year thereafter
subject to termination as provided in subsection (c).

(b)           Effect
of Expiration or Termination. Any expiration or termination of this
Agreement shall not affect or impair any rights or obligations which have
accrued to either party hereto prior to such expiration or termination,
including, without limitation, the rights of Property Manager to receive
payments provided for hereunder. Upon Owner’s termination of this Agreement
under this Section 2, Owner may send a transition team to the Property to participate
in the day-to-day operations of the Property and Property Manager shall cause
its employees and other personnel engaged in the management and operation of
the Property to

 

cooperate with Owner’s transition team. Immediately upon the expiration
of the term hereof, Property Manager shall deliver to Owner all funds,
including tenant security deposits, tenant correspondence, property files,
vendor invoices and books and records of Owner related to the Property then in
possession or control of Property Manager. Within 60 days following expiration
or termination, Property Manager shall deliver to Owner a final accounting, in
writing, with respect to the operations of the Property.

(c)           Termination
upon Default. Upon the occurrence of any breach of any term or provision of
this Agreement by a party (“defaulting party”), and after giving notice of such
breach and an opportunity to cure as provided below, the nondefaulting party
shall be entitled to terminate this Agreement immediately in addition to any
remedy such party may have at law or in equity. A defaulting party shall be
entitled to cure a monetary breach within 10 days after receipt of written
notice of such breach, or, in the case of a nonmonetary breach, within 30 days
after such notice provided that the defaulting party proceeds to diligently cure
such breach upon receipt of such notice.

(d)           Bankruptcy,
Insolvency. If either party shall file a petition in bankruptcy or for a
reorganization or arrangement or other relief under the United States
Bankruptcy Code or any similar statute, or if any such proceeding shall be
filed against either party and is not dismissed or vacated within 60 days after
its filing, or if a court having jurisdiction shall issue an order or decree
appointing a receiver, custodian or liquidator for a substantial part of the property
of either party which decree or order remains in force undischarged and
unstayed for a period of 60 days, or if either party shall make an assignment
for the benefit of creditors or shall admit in writing its inability to pay its
debts as they become due, the other party may terminate this Agreement upon
five days written notice.

(e)           Termination by Mortgagee.
Notwithstanding anything to the contrary contained in this Agreement, the
holder or holders of any indebtedness of Owner secured by a first lien mortgage
or deed of trust encumbering the Property (a “Mortgagee,” as provided for in
Section 9 of this Agreement) shall have the right to terminate this Agreement
without cause upon thirty (30) days prior written notice to Property Manager in
the event such Mortgagee forecloses its lien on the Property, or accepts a deed
in lieu of foreclosure from Owner, or otherwise becomes a mortgagee in
possession of the Property.

3.             Compensation.

(a)           Management
Fee. As consideration for the performance by Property Manager of all of its
property management duties under this Agreement (except those set forth in
Section 4(e)(ii) for which Property Manager will be separately compensated
pursuant to the provisions of that Section), Owner agrees to pay to Property
Manager for each individual property subject to this Agreement and each month
during the term of this Agreement that the individual Property is subject to
this Agreement, a property management fee equal to the greater of 3% of gross
receipts or the minimum amount of $1,000 per month for each project (the “Management
Fee”). The Management Fee shall be paid not later than the tenth (10th) day
of the month following the month for which such fee is earned. “Gross Receipts”
means all receipts of every kind and nature derived from the operation of the
Property during a specified period determined on a cash basis, including,
without limitation, rent, rent adjustments, utility

 

charges, parking charges, service charges, proceeds of rent
interruption insurance and tenant reimbursements for operating expenses, taxes
and insurance; excluding: (i) security deposits (to the extent not applied to
delinquent rents) and other refundable deposits; (ii) lump sum payments, which
are not amortized, for above-standard tenant improvements; (iii) interest on
bank accounts for the operation of the Property; (iv) proceeds from the sale or
refinancing of the Property, or any part thereof; (v) insurance proceeds or
dividends received from any insurance policies pertaining to physical loss or damage
to the Property or any part thereof (but not proceeds of rent interruption
insurance); (vi) condemnation awards or payments received in lieu of
condemnation of the Property or any part thereof; and (vii) any trade discounts
and rebates received in connection with the purchase of personal property.

(b)           Payment
of Management Fee. Provided that Property Manager is not in default under
this Agreement beyond applicable cure period, Property Manager shall be
entitled to pay itself the monthly Management Fee from the Property bank
account referred to in Section 6(a) hereof.

(c)           Reimbursable
and Nonreimbursable Costs. All costs incurred by Property Manager in the
performance of its duties under this Agreement that are in accordance with the
approved Budget or within the greater of $1,500 or 10% of the applicable line
items in the approved Budget shall be reimbursed by Owner. Notwithstanding any
other provision herein or in any Budget, the following costs shall not be
reimbursable by Owner to Property Manager:

(i)            costs
relating to bookkeeping services required to be performed by Property Manager
hereunder unless such costs are approved by Owner in writing to Property
Manager;

(ii)           salaries
and payroll expenses of Property Manager’s executives, personnel, and employees
of Property Manager, except maintenance personnel billed on an hourly or other
periodic basis and subject to the limitations in the Budget;

(iii)          Property
Manager’s off-site overhead and general administrative expenses, except long
distance telephone, fax, overnight delivery, courier, registered mail, copying,
entertainment (subject to Owner’s prior approval in each instance), uniforms,
and two-way radios or cell phones, where such charges are directly related to
the operation of the Property;

(iv)          premiums
for insurance required to be maintained by Property Manager or any
subcontractors hereunder; and

(v)           costs
of Property Manager’s principal and branch offices.

4.             Duties.

(a)           General
Management Duties. Subject to the availability of funds provided under the
Budget, Property Manager shall manage and operate the Property in a manner
consistent with the management and operation of comparable properties, shall
provide such services as are customarily provided by a manager of properties of
comparable class and standing, and shall consult with Owner and keep Owner
advised as to all material or extraordinary matters and decisions affecting the
Property. Specifically, Property Manager shall,

 

at Owner’s expense, perform the following services and duties for Owner
in a faithful, diligent and efficient manner:

(i)            Property
Manager shall timely prepare and deliver to Owner such accounting and
operations reports as and in the manner required pursuant to Owner’s standard
reporting requirements, as may be reasonably amended from time to time;

(ii)           Maintain
businesslike relations with tenants of the Property whose service requests
shall be received, considered and recorded in systematic fashion in order to
show the action taken with respect to each request. Complaints of a serious
nature shall, after thorough investigation, be reported to Owner with
appropriate recommendations for addressing such complaints;

(iii)          Exercise
commercially reasonable efforts to collect all rents and other sums and charges
due from tenants, subtenants, licensees and concessionaires of the Property;

(iv)          Prepare
or cause to be prepared for execution and filing by Owner all forms, reports
and returns, if any, required by all federal, state, or local laws in
connection with unemployment insurance, workmen’s compensation insurance,
disability benefits, Social Security and other similar taxes now in effect or
hereafter imposed, and also any other requirements relating to the contracting
of third party vendors for the Property; however, Property Manager shall not be
obligated to prepare any of Owner’s local, state, or federal income tax
returns;

(v)           Pay
prior to delinquency all real estate taxes, sales tax, personal property taxes
and assessments levied against the Property, or any part thereof; and

(vi)          Subject
to the limitations of the applicable approved Budget adopted pursuant to
subsection (b) hereof, perform such other acts as are reasonable, necessary and
proper in the discharge of its duties under this Agreement.

(b)           Budgets.

(i)            Budget
Approval Process. Property Manager shall submit by September 1st of each
year during the term hereof (or such other date as Owner may request) a
proposed detailed, written estimate or projection of all receipts and
expenditures for the operation of the Property during the next Fiscal Year,
including, without limitation, all estimated rentals (including fixed,
percentage and escalation rents) and all estimated repairs, maintenance and
capital projects (“Budget”) for the ensuing Fiscal Year. Property
Manager shall submit the preliminary budget to Owner within 15 days after the
date hereof for the remainder of the Fiscal Year beginning on the date of this
Agreement. A “Fiscal Year” is a calendar year all or part of which falls
within the term of this Agreement. In the event Owner, in Owner’s sole
judgment, disapproves of any proposed Budget submitted by Property Manager,
Owner shall give Property Manager written notice thereof in which event
Property Manager shall make all revisions thereto which Owner shall direct. Property
Manager shall resubmit the revised proposed Budget to Owner for approval. Until
Owner has approved the revised approved Budget, Property Manager may continue
to operate pursuant to the last approved Budget except for increased expenses
relating to taxes, insurance and utilities which should be paid on a current
basis. In the absence

 

of any written notice of approval within 60 days after delivery of a
proposed Budget to Owner, the proposed Budget shall be deemed to have been
approved by Owner.

(ii)           Payment
of Budgeted Expenses. Property Manager shall have the right to pay all
expenses according to the approved Budget, including the Management Fee.
Notwithstanding any other provision in this Agreement, without the prior
written consent of Owner, Property Manager shall not incur or permit to be
incurred expenses under this Agreement (excluding only utility expenses,
general real estate taxes, insurance premiums, financing costs and emergency
expenses) that exceed 10% of the applicable line items in the Budget (e.g.,
cleaning expenses, HVAC expenses, maintenance expenses, etc.) but in no event
that exceed $5,000. Property Manager shall promptly notify Owner whenever
Property Manager determines that the Budget or any expense item in the Budget
is insufficient to cover the expenses of operating the Property or the
applicable expense item.

(c)           Property
Personnel. Property Manager shall employ, supervise, and discharge all
employees required in connection with the operation and management of the
Property. All such personnel shall, in every instance, be employees of Property
Manager or independent contractors. Property Manager shall provide and
maintain, so long as this Agreement is in force, worker’s compensation
insurance in full compliance with all applicable state and federal laws and
regulations covering all employees of Property Manager performing work in
respect of the Property operations. The granting of unbudgeted employee fringe
benefits and plans not required by law or union contract shall be subject to
the reasonable prior written approval of Owner. Property Manager agrees to
comply with all governmental anti-discrimination laws and shall not, unless
acting at the direction of Owner, do any act, nor permit any act to be done
that would constitute a violation of any or all of such laws. Property Manager
shall indemnify and hold Owner harmless from and against any and all claims,
penalties, liabilities and expenses of whatsoever kind and nature which may be
asserted by any governmental body having authority or by any person claiming to
be aggrieved by reason of any acts or failure to act by Property Manager in
accordance with or in violation of any said anti-discrimination laws, as long
as such act or failure to act is not caused or directed by Owner.

Employees of the Property Manager or independent
contractors shall include the following:

(i)            Property
Manager. A person who is primarily responsible for overseeing the
management of the Property hereunder and who is experienced in the
administration and operation of warehouse, and/or light industrial, and/or
service center facilities of the size, type, use, and quality of the Property;

(ii)           Others.
Such other personnel required to operate and maintain the Property, including,
but not limited to, an assistant property manager, maintenance manager,
administrative and accounting personnel, grounds keepers, and janitorial and
custodial persons, as Property Manager reasonably deems necessary or consistent
with the level of service provided by other similarly situated property.

(d)           Contracts
and Supplies. Property Manager shall, at Owner’s expense, at the lowest
cost as in its judgment is consistent with good quality, workmanship and
service

 

standards, enter into contracts on behalf of Owner for the furnishing
to the Property of required utility services, heating and air-conditioning
services and other maintenance, pest control, and any other services and
concessions which are reasonably required in connection with the maintenance
and operation of the Property. Property Manager shall also place purchase
orders for services and Personal Property as are reasonably necessary to
properly maintain the Property. All such contracts and orders shall be subject
to the limitations set forth in the approved Budget. When taking bids or
issuing purchase orders, Property Manager shall use all reasonable efforts to
secure for and credit to Owner, any discounts, commissions or rebates
obtainable as a result of such purchases or services. Property Manager shall
use all reasonable efforts to make purchases and (where necessary or desirable)
let bids for necessary labor and materials at the lowest possible cost as in
its judgment is consistent with good quality, workmanship and service standards.
Property Manager shall not incur obligations to any person or entity in which
Property Manager or any of Property Manager’s employees has a financial or
other interest or with which Property Manager or any such employee(s) is
affiliated unless: i) the price or fee therefore is not higher than that which
would have been charged as a result of a bona fide arms-length negotiation for
goods or services of comparable quality; and ii) Property Manager delivers to
Owner prior written notice and Owner gives its prior written approval of any
such proposed transaction.

(e)           Alterations,
Repairs and Maintenance.

(i)            Budgeted
Repairs/Emergency Repairs. Property Manager shall, at Owner’s expense,
perform or cause to be performed all necessary or desirable repairs,
maintenance, cleaning, painting and decorating, alterations, replacements and
improvements in and to the Property as are customarily made by property
managers in the operation of properties of the kind, size, and quality of the
Property; provided, however, that no unbudgeted alterations, additions or improvements
involving a fundamental change in the character of the Property or constituting
a major new construction program shall be made without the prior written
approval of Owner unless specifically referenced in and performed pursuant to
any lease previously approved by Owner. In addition, no unbudgeted expenditure
in excess of $2,500 per item or a total of $10,000 per Fiscal Year shall be
made for such purposes in connection with any single Property without the prior
written approval of Owner. Emergency repairs involving manifest danger to life
or property, or immediately necessary for the preservation or the safety of the
Property, or for the safety of the tenants of the Property, or required to
avoid the suspension of any necessary service to the Property may be made,
however, by the Property Manager without prior approval and regardless of the
cost limitations imposed by this subsection (e). Property Manager shall as soon
as practicable give written notice to Owner of any such emergency repairs for
which prior approval is not required.

(ii)           Capital
Improvements. In connection with any capital improvements to the Property,
including, without limitation, tenant build-out, the Property Manager shall (i)
supervise, coordinate and arrange for the construction of all tenant
improvements made to any space in the Property , including, without limitation,
the preparation of estimates for the cost of construction of such tenant
improvements, the engaging of subcontractors and materialmen to perform such
tenant improvements and the supervision of construction of such tenant
improvements and (ii) perform such other construction management services as
may be reasonably required from time to time by Owner with respect to the
Property, including, without

 

limitation, those services set forth in subsection (iii) below. As
consideration for the provision by the Property Manager of such services, Owner
shall pay to the Property Manager an oversight fee (“Oversight Fee”) in an
amount equal to 10% of the total costs of such capital improvements, which fee
is in addition to the Management Fee. A portion of the Oversight Fee equal to
10% of the capital improvement costs incurred during the preceding month shall
be paid not later than the 10th day of each month, starting the month after
construction of the capital improvements commences.

(iii)          Construction
Management Services. In connection with all improvements, replacements, or
repairs to the Property (the “Work”), the Property Manager shall do the
following:

(1)           prepare a detailed list of the Work to be performed and
review the preparation of all plans for the construction of all improvements
and repairs to the Property. Except for any Work which is less than $2,500, the
plans for the Work to be performed shall be submitted to the Owner for its
approval;

(2)           except for any Work which is less than $2,500, prepare all
bid documents which shall be distributed to at least three (3) contractors on
the approved contractor list;

(3)           except for any Work which is less than $2,500, receive all
submitted bids and evaluate such bids. In evaluating the submitted bids,
Property Manager shall evaluate the price listed in the bid, the timeliness of
the work to be performed as stated in the bid, the reputation of the contractor
submitting the bid, and any other relevant factors that Property Manager
determines should be taken into account when evaluating the submitted bids. Once
Property Manager evaluates all the submitted bids, Property Manager shall
recommend to Owner the bid, if any, it believes is the best and shall explain
to Owner why the recommended bid is the best. Once Owner determines which bid
to accept, Property Manager shall contact the contractor with the approved bid
to award the contract;

(4)           review, inspect, and oversee the construction of all
improvements, replacements, or repairs to the Property to ensure that all said
improvements, replacements, and repairs comply with the construction contract
requirements and all applicable laws, including but not limited to local
building codes and ordinances;

(5)           ensure that all improvements, replacements, or repairs to
the Property are completed;

(6)           except for any Work which is less than $2,500 or for Work
for which a single payment will satisfy the obligation, prepare a draw package
for the disbursement of funds to the Contractor. The draw package or single
payment invoices shall be submitted to Owner for its approval;

 

(7)           ensure that all guaranties and warranties for the
materials, labor, and for work in connection with or relating to the Work shall
be in the name of the Owner or shall be assigned to Owner upon the completion
of the Work; and

(8)           after receiving adequate and complete lien waivers from
all workers and suppliers and other applicable parties in connection with the
Work, after taking any and all steps necessary to release and to otherwise
prevent perfection or enforcement of any liens filed or recorded against the
Property in connection with the construction of any and all improvements or
replacements or repairs to the Property, and after receiving written approval
from Owner, disburse all funds to the proper and correct parties.

The
Property Manager shall provide written reports to Owner, no less frequently
than once a month, summarizing the repairs, improvements, and replacements
being constructed on the Property, as well as such other reports as Owner may
reasonably request. These reports shall, among other things, summarize any
material problems or issues which may arise in connection with said
construction.

(iv)          Defects
and Warranties. Property Manager shall give Owner written notice of any
material or latent defect in the Property and all parts thereof known to
Property Manager promptly after any of the foregoing comes to Property Manager’s
attention including, without limitation, material defects in the roof,
foundation and walls of the Property and in the sewer, water, electrical,
structural, plumbing, heating, ventilation and air conditioning systems. Property
Manager shall make periodic visual inspections of the Property consistent with
its employees’ and agents’ expertise as referenced in Section 4(c)(i)
hereinabove. Property Manager shall have no obligation to discover any such
condition or make any other inspections, but Property Manager shall be required
to ascertain the existence of any contractor/subcontractor warranty or guaranty
and to submit a request to the appropriate contractor/subcontractor to repair
the defect as necessary.

(f)            Licenses
and Permits. Property Manager shall, at Owner’s expense, attempt to obtain
and maintain in the name of Owner all licenses and permits required of Owner or
Property Manager in connection with the management and operation of the
Property. Owner agrees to execute and deliver any and all applications and
other documents and to otherwise cooperate with Property Manager in applying
for, obtaining and maintaining such licenses and permits.

(g)           Compliance
with laws. To the extent permitted by the approved Budget, Property Manager
shall use best efforts to comply with all applicable laws, regulations and
requirements of any federal, state or municipal government having jurisdiction
with respect to the use or manner of use of the Property or the maintenance or
operation thereof.

(h)           Legal
Proceedings. Property Manager cannot and may not terminate any lease, lock
out a tenant, institute suit for rent or for use and occupancy, or proceedings
for recovery of possession, without the prior written approval of Owner. In
connection with such suits

 

or proceedings only legal counsel designated by Owner shall be
retained, and all such suits or proceedings shall be brought in the name of
Owner and shall be handled in such manner as Owner directs.

(i)            Inventory.
Property Manager shall maintain a current inventory of all equipment supplies,
furnishings, furniture and all other items of personal property now or
hereafter owned by Owner and located upon or used, or useful for, or necessary
or adapted for the operation of the Property.

(j)            Signs.
Property Manager may place one or more signs on or about the Property stating,
among other things, that Property Manager is the management and leasing agent
for the Property. All such signs and locations thereof shall be subject to
Owner’s prior written approval.

(k)           Third
Party Vendors. All third party vendors with whom Property Manager contracts
on behalf of Owner shall be required to submit certificates of insurance
evidencing that such vendor carries at least $1,000,000 in comprehensive
general liability insurance and such workers compensation insurance as may be required
by statute in the state in which the Property is located. If required by other
provisions of this Agreement, Owner shall be added as an additional named
insured on such policies of insurance.

(l)            Leases.
In accordance with the terms and provisions of this Agreement, Property Manager
shall use commercially reasonable efforts to ensure that all tenants comply
with the terms and provisions of their leases and shall take customary actions
to enforce such leases.

(m)          Additional
Services. If Property Manager shall perform such additional services as
Owner may reasonably request in writing, which are not specifically provided
for in this Section 4 above, Property Manager will be compensated for such
services on an hourly basis or on a negotiated fee basis.

5.             Procedure
For Handling Receipts And Operating Capital.

(a)           Receipts.
All monies received by Property Manager for or on behalf of Owner in connection
with the operation and management of the Property shall be promptly deposited
by Property Manager in an operating account or accounts established in Owner’s
name at such bank as directed by Owner (“Operating Accounts”). Periodically
throughout the month, Owner, in its sole discretion, may remove any excess
funds from such Operating Accounts.

(b)           Disbursements.
Owner shall deposit and maintain sufficient funds in the Operating Accounts,
and Property Manager shall withdraw and pay from such account or accounts, such
amounts at such times as the same are required in connection with the
management and operation of the Property in accordance with the provisions of
this Agreement.

(c)           Authorized
Signatories. Certain officers and employees of Property Manager, approved
by Owner and designated on Exhibit B hereto, shall be authorized
signatories on the Operating Accounts and shall have authority to make
withdrawals from such Operating Accounts. In addition, Owner shall have at
least one officer or employee of Owner as an authorized signatory on each
Operating Account, which officer(s) or employee(s) of Owner shall

 

also be designated on Exhibit B hereto. Property Manager shall
cause all officers and employees of Property Manager who are so designated to
be bonded, at Property Manager’s expense, in an amount required by Owner, but
not less than $50,000. Property Manager shall also cause all other officers,
employees, affiliates or agents of Property Manager who in any way handle funds
for the Property to be bonded, at no expense to Owner, in an amount not less
than $50,000.

(d)           Security
Deposits. All security deposits of tenants of the Property shall be
maintained under the joint control of Owner and Property Manager in such manner
as Owner shall approve and as required by the applicable state law.

6.             Accounting.

(a)           Books
and Records. In accordance with the guidelines and operating procedures
established by Owner, Property Manager shall maintain, at the central office of
Property Manager, a comprehensive system of office records, books, computer
files and data and accounts pertaining to the Property (using such property management
accounting software that Owner may choose), which system currently is MRI. If
Owner changes its accounting/software systems from MRI (and provided that
Property Manager is not then using such systems otherwise), Owner shall pay all
of Property Manager’s reasonable costs and expenses in implementing changes to
Property Manager’s systems including, without limitation, reasonable training
expenses. Owner also has a website, xdrive.com, which Property Manager shall
also be required to maintain and/or access for additional required forms and
reports. Such systems (MRI & xdrive.com), records, books, computer files
and data and accounts shall be available for examination, copying and audit by
Owner and its agents, accountants and attorneys during regular business hours. Property
Manager, during the term, shall preserve all records, books, computer files and
data and accounts for a period of three years and at the end of such period
shall deliver or make available to Owner such records, books, computer files and
data and accounts. All such records, books and computer files and data shall,
at all times, be the property of Owner.

(b)           Periodic
Statements; Audits.

(i)            Periodic
Statements. Property Manager shall timely prepare and deliver to Owner such
accounting and operations reports as and in the manner required pursuant to
Owner’s standard reporting requirements, as may be reasonably amended from time
to time.

(ii)           Data
Processes. Property Manager shall timely meet all designated deadlines for
inputting and maintaining data on Owner’s MRI system (or other system hereafter
designated by Owner) so that Owner may download such data from Property Manager’s
computers to Owner’s computers on such designated deadlines.

(iii)          Audit.
In the event that Owner requires an audit, the audit shall be at Owner’s
expense and the Property Manager shall cooperate with the auditors.

(iv)          Other
Statements. Owner may request and Property Manager shall provide when
available such monthly, quarterly and/or annual leasing and management reports
that relate to the operations of the Property as Property Manager customarily
provides the owners of other properties it manages.

 

(c)           Return
of Computer Hardware and Software. Immediately following the termination of
this Agreement by either Owner or Property Manager, Property Manager shall
return and/or deliver to Owner, in good condition and working order, all
hardware, software, documentation, backup tapes, signature cartridges and all
other computer hardware and software purchased or otherwise provided by Owner
to Property Manager for Property Manager’s use during the term of this
Agreement.

7.             Insurance.

(a)           Insurance
by Owner. Owner, at its expense, will obtain and keep in force adequate
insurance against physical damage (e.g., fire and extended coverage
endorsement, boiler, and machinery, etc.) and not less than $5,000,000
Occurrence and Aggregate general liability insurance against liability for
loss, damage, or injury to property or persons which might arise out of the
occupancy, management, operating, or maintenance of the Property covered by
this Agreement. Property Manager will be covered as an insured in its capacity
as a Real Estate Manager on all commercial general liability insurance obtained
by Owner. Owner shall save Property Manager harmless from any liability on
account of loss, damage, or injury provided:

(i)            Property
Manager notifies Owner within twenty four hours after Property Manager receives
notice of any such loss, damage or injury;

(ii)           Property
Manager takes no action (such as admission of liability) which bars Owner from
obtaining any protection afforded by any policy Owner may hold; and

(iii)          Property
Manager agrees that Owner shall have the exclusive right, at its option, to
conduct the defense to any claim, demand or suit within limits prescribed by
the policy or policies of insurance.

The Property Manager shall furnish whatever
information is requested by Owner for the purpose of establishing the placement
of insurance coverages and shall aid and cooperate in every reasonable way with
respect to such insurance and any loss thereunder. Owner shall include in its
hazard policy covering the Property, the personal property, fixtures and
equipment located thereon (owned by either Property Manager or Owner),
appropriate clauses pursuant to which the insurance carriers shall waive the
rights of subrogation with respect to losses payable under such policies.

(b)           Indemnity.
Owner agrees to indemnify, defend and hold Property Manager harmless from and
against any and all loss, cost, damage, liability or expense (including,
without limitation, attorneys’ fees, accountants’ fees, consultants’ fees,
court costs and interest) resulting from bodily injury or tangible property
damage and arising in connection with the Property to the extent the same were
caused by the gross negligence or willful misconduct of Owner, or its officers
or employees.

(c)           Property
Manager’s Insurance. Property Manager shall maintain, at its expense,
insurance coverages in the following amounts:

(i)            Worker’s
Compensation – Coverage A: statutory amount

 

Coverage B: Employer’s
Liability insurance:

$500,000 Each Accident

$500,000 Disease, Policy
Limit

$500,000 Disease, Each
Employee

(ii)           Commercial General Liability, on an occurrence basis,
including Bodily Injury and Property Damage Liability, Personal and Advertising
Injury Liability for the following limits:

	
  General Aggregate

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Products -
  Completed Operations Aggregate

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Each Occurrence

  	
   

  	
  $

  	
  1,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Personal and
  Advertising Injury Liability

  	
   

  	
  $

  	
  1,000,000

  	
   

  

 

(iii)          Owned,
Hired and Non-Owned Business Automobile liability insurance in an amount no
less than $1,000,000 per accident Combined Single Limit for bodily injury and
property damage

(iv)          Property
Manager’s Errors & Omissions Insurance in an amount not less than
$1,000,000 per loss, aggregate.

(v)           Employee
Theft Insurance in an amount not less than $1,000,000. Employee Theft Insurance
policy shall be endorsed to name Owner as Additional Insured and to provide
coverage for theft of Owner’s money, securities and other property by employees
of Property Manager.

(vi)          Property Insurance coverage for personal property of
Property Manager.

All coverage shall be provided by insurance
companies with a current Best’s Rating of A VIII or higher. At the commencement
of the Agreement, Property Manager shall furnish Owner with Certificates of
Insurance. All insurance policies shall provide for 30 days’ written notice to
Owner prior to the cancellation or any material change to any provisions
therein. At least ten (10) days prior to the expiration of any such policy,
Property Manager will provide to Owner evidence of the renewal or replacement
of the aforesaid policies.

(d)           Indemnification
of Owner. Property Manager agrees to defend and hold and save Owner free
and harmless from and against all expenses, claims, liabilities, losses,
judgments or damages, including reasonable attorneys’ fees actually incurred
(except to the extent covered by insurance carried by Owner), which Owner may
suffer or incur as a result of (1) any gross negligence or willful misconduct
of Property Manager or its agents, employees, independent contractors or others
under the direction or control of Property Manager, (2) any claim by or relating
to any employee of Property Manager against Owner, and/or (3) any act (by

 

Property Manager, or its agents, employees, independent contractors or
others under the direction or control of Property Manager) outside the scope of
Property Manager’s authority hereunder, and agrees to retain legal counsel
reasonably acceptable to Owner and at Property Manager’s sole expense to defend
promptly and diligently any claim, action or proceeding brought against Owner
or Property Manager, jointly or severally, arising out of or in connection with
any of the foregoing. Owner shall have the right to be represented by advisory
counsel of its own selection and at its own expense.

It is expressly understood and agreed that the
provisions of Section 7(b) hereinabove and the provisions of this Section 7(d)
shall survive the termination of this Agreement to the extent of any cause of
action arising from events occurring prior to such termination.

(e)           Subcontractor’s
Insurance. Property Manager shall require that all subcontractors brought
onto the Property have insurance coverage, at the subcontractor’s expense, in
the following minimum amounts (which amounts may be increased at Owner’s
written request, depending on the work to be performed):

(i)            Workman’s
Compensation – statutory amount;

(ii)           Employer’s
Liability - $500,000/$500,000/$500,000 minimum;

(iii)          Broad
Form Commercial General Liability (naming Owner and Property Manager as
additional insureds) - $1,000,000 per occurrence Combined Single Limit;
$2,000,000 aggregate (i.e., such insurance shall include contractual liability,
personal injury protection and completed operations coverage and hold harmless
provision in favor or Owner and Property Manager);

(iv)          Auto
Liability - $1,000,000 minimum; and

(v)           Property
Insurance coverage for tools and equipment brought onto and/or used on the
Property by the subcontractor – an amount equal to the replacement costs of all
such tools and equipment.

All such policies of insurance shall name Owner,
Property Manager and all other parties and/or entities required by Owner as
additional insureds thereunder, as their respective interests may appear.

Property Manager must obtain Owner’s prior
permission to waive any of the above requirements. Property Manager shall
obtain and keep on file a certificate of insurance that shows the contractor is
so insured.

8.             Subordination
to Mortgages.

(a)           Subordination.
This Agreement and Property Manager’s interest and rights hereunder, are
subject and subordinate to the lien of any first mortgage, whether now existing
or hereafter created on or against the Property, and all amendments,
restatements, renewals, modifications, consolidations, refinancings,
assignments and extensions thereof 

 

(“Mortgage”),
without the necessity of any further instrument or act on the part of the
Property Manager. Property Manager agrees, at request of the holder of any such
Mortgage (the “Mortgagee”),
to attorn to the Mortgagee and/or to execute such documentation as the
Mortgagee may reasonably require to evidence that Property Manager’s interest
and rights hereunder are and shall be subject and subordinate at all times to
the lien of the Mortgage. The term “Mortgage” as used herein shall be deemed to
include deeds of trust, security agreements, assignments and any other
encumbrances, and any reference to the “Mortgagee” of a Mortgage shall be
deemed to include the beneficiary under a deed of trust. Notwithstanding the
foregoing, nothing herein shall obligate the Property Manager to continue its
performance under this Agreement unless it continues to be paid in accordance
with the terms of this Agreement.

(b)           Rights
after Events of Default. In the event of any default under any Mortgage,
the Property Manager shall continue to perform its obligation under this
Agreement until the termination of this Agreement by the Mortgagee, which may
occur in the Mortgagee’s sole discretion, as provided for in Section 2(f) of
this Agreement.

9.             Miscellaneous
Provisions.

(a)           Notices.
All notices, waivers, demands, requests, or other communications, except for
those approvals required under this Agreement which shall be sent by facsimile
or regular mail to the asset manager for that individual Property, required or
permitted hereunder shall, unless otherwise expressly provided, be in writing
and be deemed to have been properly given, served and received (i) if delivered
by messenger, when delivered, (ii) if mailed, upon deposit in the United States
mail, certified or registered, postage prepaid, return receipt requested, (iii)
if telexed, telegraphed, or telecopied, if such dispatch is followed by
delivery pursuant to (iv) below the next business day, or (v) if delivered by
reputable overnight express courier, freight prepaid, the next business day
after delivery to such courier; in every case addressed to the party to be
notified as follows:

To
Property Manager:                          Pizzuti Management LLC

Two Miranova Place, Suite 800

Columbus, OH 43215

Attn: General Counsel

Telephone:    614-280-4141

Telefax:         614-280-5141

To
Owner:                                                                                        TRT Rickenbacker LLC

c/o DCT Industrial Fund II LLC

518 17th St,
Ste 1700

Denver, CO 80202

Attn: Bonnie Micus

Telephone:    303-228-2200

Telefax:         303-228-2201

or
to such other address(es) or addressee(s) as any party entitled to receive
notice hereunder shall designate to the others in the manner provided herein
for the service of notices. Rejection or

 

refusal
to accept or inability to deliver because of changed address or because no
notice of changed address was given, shall be deemed receipt.

(b)           Severability.
If any term, covenant or condition of this Agreement or the application thereof
to any person or circumstance shall, to any extent, be held to be invalid or
unenforceable, the remainder of this Agreement, or the application of such
term, covenant or condition to persons or circumstances other than those as to
which it is held invalid or unenforceable, shall not be affected thereby, and
each term, covenant or condition of this Agreement shall be valid and shall be
enforced to the fullest extent permitted by law.

(c)           No
Joint Venture or Partnership. Owner and Property Manager hereby renounce
the existence of any joint venture or partnership between them and agree that
nothing contained herein or in any document executed in connection herewith
shall be construed as making Property Manager and Owner joint venturers or
partners.

(d)           Modification,
Termination. This Agreement may be amended or modified only by a written
instrument executed by Property Manager and Owner.

(e)           Total
Agreement. This Agreement constitutes the entire agreement between the
parties hereto with respect to the subject matter hereof.

(f)            Article
and Section Headings. Article and Section headings contained in this
Agreement are for reference only and shall not be deemed to have any
substantive effect or to limit or define the provisions contained herein.

(g)           Successors
and Assigns. This Agreement shall be binding on the parties hereto, and
their successors and permitted assigns. Property Manager may not assign or
otherwise transfer its interest hereunder without the prior written consent of
Owner, which consent may be withheld arbitrarily in Owner’s sole discretion. This
Agreement is freely assignable by Owner.

(h)           Governing
Law. This Agreement shall be construed in accordance with the internal laws
of the state in which the Property is located.

(i)            Sarbanes
Oxley Act. The Property Manager shall comply at all times with all policies
and procedures reasonably prescribed by the Owner with respect to the Project
and intended by Owner, in its sole discretion, to comply with Sarbanes Oxley
Act of 2002. Property Manager will bear all commercially reasonable expenses in
order to comply fully with such policies and procedures. The Property Manager
will be subject to periodic audits which will include the examination and testing
of such identified policies and procedures and any significant deviations
identified through such audit/test work may, at Owner’s option, result in
termination of this Agreement if not corrected within thirty (30) days of
Property Manager’s receipt of written notice thereof from Owner. Notwithstanding
anything to the contrary contained in this Agreement, all such policies and
procedures are subject to change in Owner’s reasonable discretion and the
Property Manager must become compliant with such revised policies and
procedures within a reasonable amount of time following the delivery of such
revised policies and procedures.

 

(j)            Counterparts.
This Agreement may be executed in several counterparts, each of which shall be
deemed to be an original, but all of which shall constitute one and the same
instrument.

 

SIGNATURE PAGE TO PROPERTY
MANAGEMENT AGREEMENT DATED OCTOBER 16, 2006 BETWEEN TRT RICKENBACKER LLC AND
PIZZUTI MANAGEMENT LLC

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

	
  

  	
  OWNER:

  
	
   

  	
   

  	
   

  
	
   

  	
  TRT RICKENBACKER LLC, a Delaware
  limited liability

  company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  DCT Industrial Fund II LLC, its Authorized

  Signatory pursuant to written agreement

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Dividend
  Capital Operating

  Partnership LP, a Delaware limited

  partnership, its sole member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:
  Dividend Capital Trust Inc.,

  a Maryland corporation, its general

  partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Bonnie
  Micus

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Senior
  Vice President/Director of

  Property Management

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PROPERTY
  MANAGER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Pizzuti
  Management LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  	
   

  
												

 

 

EXHIBIT A

to Property Management
Agreement dated October 16, 2006

by and between TRT Rickenbacker LLC and Pizzuti Management LLC

LIST OF PROPERTIES COVERED
BY THIS AGREEMENT

Addresses:

1. 2400 Spiegel Drive, Groveport, OH

Which property(ies) are more particularly described as follows:

1. Legal description (See Page Attached)

 

EXHIBIT B

to Property Management
Agreement dated October 16, 2006

by and between TRT Rickenbacker LLC and Pizzuti Management LLC

DESIGNATED SIGNATORIES

	
  TRT Rickenbacker LLC, by DCT
  Industrial Fund II LLC

  
	
  Matthew T.
  Murphy, Vice President

  
	
   

  
	
   

  

 

Pizzuti
Management LLC

 

Ronald
A. Pizzuti, Chairman and CEO

 

Joel
S. Pizzuti, President and COO

 

Michael
P. Keegan, Executive Vice President and Treasurer

 

Scott
B. West, Senior Vice President and General CounselExhibit
10.22

PURCHASE
AND SALE AGREEMENT

Between

DCT PARK
WEST III LLC

and

TRT PARK
WEST Q LLC

Dated as
of October 16, 2006

PURCHASE
AND SALE AGREEMENT

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”), dated as of October 16,
2006, by and between DCT PARK WEST III LLC, a Delaware limited liability
company (“Seller”) and TRT PARK WEST Q
LLC, a Delaware limited liability company (“Buyer”).

RECITALS:

A.            Seller
holds title to the property commonly known as 1770-1800 Worldwide Blvd, Heron,
Kentucky and legally described on Exhibit A
(the “Real Property”).

B.            Seller
desires to sell the Property (hereinafter defined) and Buyer desires to buy the
Property on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises, the
mutual covenants set forth herein, and other good and valuable consideration,
the receipt and sufficiency of which the parties hereby acknowledge, the
parties hereto agree as follows:

ARTICLE I

PROPERTY

SECTION
1.1.  Certain Basic Terms.

	
  (a)           Seller
  Notice Address: 

  	
  With copies to: 

  
	
   

  	
   

  
	
  c/o DCT Leasing Corp.

  518 17th Street

  Suite 1700

  Denver, Colorado 80202

  Attention: Teresa L. Corral

  Telephone: 303/228-2200

  Facsimile: 303/228-2201

  E-mail: tcorral@dividendcapital.com

  	
  Mayer, Brown, Rowe & Maw LLP

  Attn: Milos Markovic

  71 South Wacker Drive

  Chicago, Illinois 60606

  Telephone: 312/701-7202

  Facsimile: 312/706-8505

  E-mail: mmarkovic@mayerbrownrowe.com

  
	
   

  	
   

  
	
  (b)           Buyer
  Notice Address: 

  	
  With a copy to:

  
	
   

  	
   

  
	
  c/o Dividend Capital Total Realty Trust

  518 17th Street

  Suite 1700

  Denver, Colorado 80202

  Attention: Greg Moran

  Telephone: 303/228-2200

  Facsimile: 303/996-8486

  E-mail: gmoran@dividendcapital.com

  	
  Heller Ehrman LLP

  Attn: Steven C. Koppell

  Times Square Tower

  7 Times Square

  New York, NY 10036

  Telephone: 212.847.8782

  Facsimile: 212.763.7600

  email: steven.koppel@hellerehrman.com

  
	
   

  	
   

  
	
  (c)           Purchase
  Price:     $10,644,000.00.

  	
   

  

 

 

 

	
  (d)           Closing
  Date:        The date hereof (the “Closing Date”).

  

 

SECTION
1.2.  Properties.  The term “Property”
shall mean:

(a)           Fee Simple title to, or as
applicable, a leasehold interest in, (i) the land (“Land”)
comprising the applicable Property and (ii) the improvements located thereon (“Improvements”), together with all
rights, privileges, easements, servitudes and appurtences thereunto belonging
or appertaining, including all right, title and interest, if any, of Seller in
and to oil, gas, mineral and other subterranean rights, the streets, alleys and
rights-of-way adjacent to the Land (the Land and the Improvements being,
collectively, the “Real Property”).

(b)           All right, title and interest of the
Seller in and to all fixtures, furniture, equipment, and other tangible
personal property, if any, owned, directly or indirectly, by Seller (the “Personal Property”) presently
located on such Real Property, but excluding any items of personal property
owned by tenants.

(c)           All interest of Seller, as landlord,
in all executed leases under which a tenant occupies or is to occupy such
Property or a portion thereof, and all amendments thereto (all such leases and
all amendments thereto being the “Leases”).

(d)           All right, title and interest, if
any, of Seller in and to all of the following items, to the extent assignable
and, except as provided herein, without warranty (the “Intangible
Personal Property”): (i) licenses, and permits relating to the
operation of the Real Property, (ii) the right to use the name of the Real
Property (if any) in connection with the Real Property (but excluding any
tradenames, trademarks or goodwill of the relevant Seller or any of their
Affiliates), (iii) if still in effect, guaranties and warranties received by or
assigned to Seller from any contractor, manufacturer or other person in
connection with the construction or operation of the Property, and (iv) if any
of the guaranties and warranties described in clause (iii) (the “Contractor Guaranties”) are
unassignable, the beneficial interest of Seller in such Contractor Guaranty, to
the extent the assignment of such beneficial interest does not void such
Contractor Guaranty.

ARTICLE II

INSPECTION OF PROPERTIES

SECTION
2.1.  Property Information.  Seller has made or will make available to
Buyer copies of, or access to with the right to copy, the following (“Property Information”) for the
Property:

(a)           copies of the existing Leases for the
Property, a schedule of which is attached hereto as Exhibit B;

(b)           a current rent roll and aging report
for the Property, indicating rents collected, scheduled rents and concessions,
delinquencies, and security deposits held (the “Rent
Roll”);

(c)           operating statements for the two
previous fiscal years, or such lesser period of ownership as may be available,
and year to date (the “Operating Statements”),
true and complete copies of which are attached hereto as Exhibit C;

 2
 

 

(d)           a list of Personal Property, if any,
and a list and copies of any, and service or maintenance agreements, if any,
relating to such Property (“Service Contracts”),
a schedule of which is attached hereto as Exhibit D;

(e)           a statement detailing projected cash
flow for such Property over ten (10) years (the “Cash
Flow Projection”);

(f)            a policy of title insurance for such
Property (the “Existing Title Policy”);

(g)           a land title survey for such Property
(the “Existing Survey”); and

(h)           all environmental, engineering or
physical condition reports relating to such Property and delivered to Seller or
its Affiliates by the seller of such Property at the time such Property was
acquired by Seller or its Affiliates, or obtained by Seller or any of its
Affiliates at the time such Property was acquired by Seller or its Affiliates,
or prepared by or on behalf of Seller or any of its Affiliates since the date
such Property was acquired by Seller or its Affiliates, a true and complete
listing of which is attached hereto as Exhibit E.

Except as otherwise expressly provided in Section 9, Seller
makes no representations or warranties as to the accuracy or completeness of
the Property Information.

SECTION
2.2.  Confidentiality.  The Property Information and all other
information, other than matters of public record or matters generally known to
the public, furnished to, or obtained through inspection of the Property by,
Buyer, its affiliates, employees, attorneys, accountants and other
professionals or agents relating to the Property, will be treated by Buyer, its
affiliates, employees and agents as confidential, and will not be disclosed to
anyone other than on a need-to-know basis, which persons may include persons or
entities considering an investment, directly or indirectly, in Buyer, and to
Buyer’s consultants who agree to maintain the confidentiality of such
information. The confidentiality provisions of this Section 2.2
shall not apply to any disclosures made by Buyer as required by law, by court
order or in connection with any subpoena served upon Buyer, provided Buyer
shall provide Seller with written notice before making any such disclosure, and
in connection with the enforcement of this Agreement. The obligations of the
parties under this Section 2.2 are in addition to the obligations of the
parties under Section 8.3.

SECTION
2.3.  “AS-IS” Transaction.  Except for Seller’s representations and
warranties expressly provided herein, and any representations and warranties
contained in any other document or instrument executed and delivered by Seller
at the Closing (“Seller’s Warranties”), the
sale of the Property to Buyer will be made without representation, covenant or
warranty of any kind (whether express or implied, or, to the maximum extent
permitted by applicable law, statutory) by Seller or any of Seller’s
Affiliates. As a material part of the consideration for this Agreement, Buyer
acknowledges and agrees that it will accept the Property on an “as is” and “where
is” basis, with all faults, and without any representation or warranty, all of
which Seller hereby disclaims, except for Seller’s Warranties. Except for
Seller’s Warranties, no warranty or representation is made by Seller as to
fitness for any particular purpose, merchantability, design, quality,
condition, operation or income, compliance with drawings or specifications,
absence of defects, absence of hazardous or toxic substances, absence of
faults, flooding, or compliance with

 3
 

 

laws and regulations including, without limitation,
those relating to health, safety, and the environment. The provisions of this Section 2.3
shall survive indefinitely the Closing or termination of this Agreement and
shall not be merged into the Closing documents.

ARTICLE III

TITLE AND SURVEY REVIEW

SECTION
3.1.  Delivery of Title Report.  Seller has caused to be delivered to Buyer
prior to the date hereof, (i) a preliminary report or title commitment
(collectively, the “Title Commitment”) issued by
Fidelity National Title Insurance Partnership (the “Title
Company”), covering the Real Property, together with copies of
all documents referenced in the Title Commitment, and (ii) a ALTA-ACSM Urban
survey of the Property (collectively, the “Surveys”)
together with an affidavit of “no change” executed by Seller addressed to Buyer
and the Title Company.

SECTION
3.2.  Title Review and Cure.  On the Closing Date, Seller shall convey to
Buyer good and indefeasible fee simple title to the Property subject only to
the Permitted Exceptions (as defined below), which title shall be insurable at
regular rates by Escrow Agent (in such capacity, “Title
Company”) under a standard form of Owner’s Policy of Title
Insurance, without exception for creditor’s rights (“Title
Policy”).

(a)           In the event the Title Commitment, as
updated to Closing, or the Survey identifies any title exceptions or defects in
title that are unacceptable to Buyer (“Title Objections”),
Buyer shall notify Seller of such Title Objections prior to Closing. If Seller
fails to timely respond to any Title Objection(s), Seller shall be deemed to
have notified Buyer that Seller has elected not to cure the Title Objection(s)
in question. In the event Seller cannot correct such defects by Closing or
chooses not to correct (or is deemed to have elected not to correct) such
defects, then Buyer may accept title as is without abatement or reduction of
Purchase Price or Buyer may cancel this Agreement and receive a full refund of
the Deposit being held by Escrow Agent. Notwithstanding anything herein to the
contrary, at or prior to Closing, Seller, at its expense, shall (i) release any
mortgage lien secured by the Property and all related financing statements and
other instruments related to such financing, (ii) release any mechanic’s lien,
if any, arising directly from work performed at the request of Seller pursuant
to a written agreement with Seller (which liens may be insured around with the
Title Company), and (iii) satisfy all matters on Schedule C to the Title
Commitment that are applicable to Seller (all of the foregoing being herein
collectively referred to as “Mandatory Cure Items”).
As used herein, the term “Permitted Exceptions” means all matters shown in
Schedule B to the Title Commitment or on the Survey, except (i) those matters,
if any, with respect to which Buyer timely sends a Title Objection and that
Seller has agreed in writing to cure prior to Closing or which are waived by
Buyer in accordance with this Section 3.2(a), and (ii) the
Mandatory Cure Items.

(b)           Buyer may, at or prior to Closing,
notify Seller in writing (“Gap Notice”)
of any objections to title (a) raised by the Title Company between the
Inspection Period Expiration Date and the Closing Date and (b) not previously
disclosed by the Title Company. If Buyer sends a Gap Notice to Seller, Buyer
and Seller shall have the same rights and obligations with respect to such
notice as apply under Section 3.2(a) hereof.

 4
 

 

SECTION
3.3.  Physical and Financial
Inspection.  Seller
has provided to Seller, prior to the date of this Agreement, the Property
Information. For a period (the “Inspection Period”)
commencing on the effective date hereof and expiring at the Closing (such date
is herein referred to as the “Inspection Period
Expiration Date”), Buyer has had the right to perform a physical
and mechanical inspection, measurement and audit of the Property and an
inspection of all books and records and financial information pertaining
thereto and to perform such other studies and evaluations to determine the
suitability of the Property for Buyer’s needs, and Seller has cooperated with
Buyer and has furnished to Buyer such information, materials and documents as
Buyer may reasonably request. The inspection, audit and measurement of the
Property’s operation, condition and maintenance shall include, without
limitation, such environmental and engineering inspections, reviews and
assessments that Buyer has deemed appropriate. If Buyer, at Buyer’s sole and
absolute discretion, shall find such inspection(s), studies or evaluations to
be unsatisfactory for any reason whatsoever, Buyer shall have the right, at its
option, to terminate this Agreement on or before the Inspection Period Expiration
Date, and upon such termination, the Property Information shall be returned to
Seller, and upon such return of the Property Information, and thereupon the
parties hereto shall have no further liabilities one to the other with respect
to the subject matter of this Agreement, except for the provisions of this
Agreement which expressly survive a termination hereof. Buyer shall defend,
indemnify and hold Seller harmless from and against any claims and liabilities
asserted against Seller arising out of Buyer’s inspections; provided, however,
the indemnity shall not extend to claims or liabilities arising out of the
discovery of any existing Property condition. This indemnity shall survive the
Closing and any termination of this Agreement.

ARTICLE IV

OPERATIONS AND RISK OF LOSS

SECTION
4.1.  Ongoing Operations and Maintenance.  From the date of this Agreement through the
Closing Date or earlier termination of this Agreement, in relation to each
Property (i) Seller shall carry on its business and activities relating to
such Property, substantially in the same manner as it did before the date of
this Agreement, and (ii) Seller shall not sell or encumber such Property or any
material portion thereof or interest therein. At all times prior to the Closing
Date, Seller shall maintain the Property in good condition and repair,
reasonable wear and tear excepted, operate the Property in accordance with
substantially the same management practices and leasing standards as currently
done, and pay in the normal course of business prior to Closing, all sums due
for work, materials or service furnished or otherwise incurred in the ownership
and operation of the Property prior to Closing.

SECTION
4.2.  Performance under Leases and
Service Contracts. 
From the date of this Agreement through the Closing Date or earlier
termination of this Agreement, Seller will perform its material obligations
under the Leases and Service Contracts and other agreements that may affect the
Properties.

SECTION
4.3.  New Contracts.  Except for agreements which can be terminated
on not more than thirty (30) days notice without penalty or termination fee,
from the date of this Agreement through the Closing Date or earlier termination
of this Agreement, neither Seller will not enter into any contract that will be
an obligation affecting a Property subsequent to the Closing, without the prior
consent of Buyer, which shall not be unreasonably withheld or delayed.

 5
 

 

SECTION
4.4.  Termination of Service Contracts.  From the date of this Agreement through the
Closing or earlier termination of this Agreement, other than in the ordinary
course of business, Seller shall not terminate any Service Contract without
Buyer’s prior consent, which shall not be unreasonably withheld or delayed.
Seller shall notify Buyer of any Service Contract that is terminated by Seller
in the ordinary course of business.

SECTION
4.5.  Damage or Condemnation.  Risk of loss resulting from any condemnation
or eminent domain proceeding which is commenced or has been threatened before
the Closing, and risk of loss to any Property due to fire, flood or any other
cause before the Closing, shall remain with Seller. If before the Closing any
Property or any portion thereof shall be materially damaged, or if any Property
or any portion thereof shall be subjected to a bona
fide threat of condemnation or shall become the subject of any
proceedings, judicial, administrative or otherwise, with respect to the taking
by eminent domain or condemnation, then Buyer may elect to exclude such
Property from this Agreement, and Seller may propose a substitute real property
for consideration as a Property hereunder.

SECTION
4.6.  Material Change.  If before the Closing there is an event not
covered by Section 4.6 above that materially reduces the value of any Property,
then Buyer may elect to exclude such Property from this Agreement, and Seller
may propose a substitute real property for consideration as a Property
hereunder.

SECTION
4.7.  Security Deposits.  Except in the ordinary course, Seller shall
not apply any tenant’s security deposit to the discharge of such tenant’s
obligations, without Buyer’s consent, which shall not be unreasonably withheld.

SECTION
4.8.  Bill Tenants.  Seller shall timely bill all tenants for all
rent billable under Leases and use its commercially reasonable efforts to
collect any rent in arrears.

SECTION
4.9.  Notice to Buyer.  Seller shall notify Buyer promptly of the
occurrence of any of the following: (i) a fire or other casualty causing damage
to the Property, or any portion thereof; (ii) receipt of notice of eminent
domain proceedings or condemnation of or affecting the Property, or any portion
thereof; (iii) receipt of notice from any governmental authority relating to
the condition, use or occupancy of the Property, or any portion thereof, or any
real property adjacent to any of the Property, or setting forth any
requirements with respect thereto; (iv) receipt or delivery of any default or
termination notice or claim of offset or defense to the payment of rent from
any tenant; (v) receipt of any notice of default from the holder of any lien or
security interest in or encumbering the Property, or any portion thereof; (vi)
a change in the occupancy of the leased portions of the Property; or (vii)
notice of any actual or threatened litigation against Seller or affecting or
relating to the Property, or any portion thereof.

ARTICLE V

FIRE OR OTHER CASUALTY

SECTION
5.1.  Maintain Insurance.  Seller shall maintain in effect until the
Closing Date the insurance policies (or like policies) now in effect with
respect to the Property.

 6
 

 

SECTION
5.2.  Minimal Damage.  If prior to the Closing Date any portion of
the Property is damaged or destroyed by fire or other casualty, and the cost of
repair or restoration thereof shall be $500,000 or less (as established by good
faith estimates obtained by Buyer which are reasonably satisfactory to Seller),
this Agreement shall remain in force and Seller shall commence to repair any
such damage prior to Closing, if possible.

SECTION
5.3.  Substantial Damage.  If prior to the Closing Date any portion of
the Property is damaged or destroyed by fire or other casualty, and the cost of
repair or restoration thereof shall be more than $500,000 (as established by
good faith estimates obtained by Buyer which are reasonably satisfactory to
Seller), Buyer may within thirty (30) days after receipt of notice of said
damage or destruction, terminate this Agreement by giving written notice
thereof to Seller, and if this Agreement is so terminated, then the Deposit
shall be immediately refunded to Buyer, and thereafter neither party shall have
any further liability hereunder thereafter, except for the provisions hereof
which expressly survive a termination of this Agreement. If Buyer does not so
terminate this Agreement, it shall remain in full force and effect, and the
provisions of Section 5.4 below shall apply.

SECTION
5.4.  Closing After Substantial Damage.  So long as this Agreement shall remain in
force under Section 5.2 or 5.3, then (i) all proceeds of
insurance collected prior to Closing, plus the amount of deductible under
Seller’ insurance policy, shall be adjusted subject to Buyer’s approval and
participation in any adjustment, and shall be credited to Buyer against the
Purchase Price payable by Buyer at Closing and, in the case of a fire or other
casualty described in Section 5.2, the Purchase Price shall be
further credited by the amount of an uninsured loss which has not been repaired
by Seller, and (ii) all unpaid claims and rights in connection with losses
shall be assigned to Buyer at Closing.

ARTICLE VI

EXPENSE ALLOCATIONS

SECTION
6.1.  Buyer shall
pay for all recording charges for the Deed and any financing documents relating
to Buyer’s financing, any endorsements to the Title Policy, any update of the
Survey and any other costs incurred by Buyer in connection with its inspection
of the Property.

SECTION
6.2.  The following
expenses shall be split between Buyer and Seller in accordance with local
custom: (i) the basic premium for the Title Policy, (ii) any recording fees for
the release of liens released by Seller, (iii) documents required to effect any
cure of Title Objections that Seller has elected to cure in accordance with
this Agreement and (iv) documentary stamp taxes, transfer taxes or similar
taxes which become payable by reason of the Deed from Seller to Buyer.

SECTION
6.3.  The parties
shall be responsible for paying their own attorney’s fees in connection with
this transaction. Each of Buyer and Seller shall be responsible for payment of
fifty percent (50%) of the escrow fees.

 7
 

 

ARTICLE VII

CLOSING

SECTION
7.1.  Closing.  The sale of the Property to Buyer (the “Closing”) shall occur on the Closing
Date at such location upon which the parties shall agree.

SECTION
7.2.  Conditions to the Parties’ Obligations
to Close.  The
obligation of Seller and Buyer to consummate the transactions contemplated
hereunder is contingent upon the following:

(a)           The other party’s representations and
warranties contained herein shall be true and correct in all material respects
as of the date of this Agreement and the Closing Date;

(b)           As of the Closing Date, the other
party shall have performed its obligations hereunder in all material respects
and all deliveries to be made at Closing have been tendered;

(c)           The Property will be in substantially
the same condition as existed on the date of the engineering report listed on Exhibit E of this Agreement,
subject to ordinary wear and tear;

(d)           There shall exist no material
violation of any law, rule or regulation affecting or relating to the Property
or its use, including any environmental law or regulation;

(e)           There shall exist no actions, suits,
arbitrations, claims, attachments, proceedings, assignments for the benefit of
creditors, insolvency, bankruptcy, reorganization or other proceedings, pending
or threatened against the other party (including, in the case of Seller, each
Affiliate) that would materially and adversely affect the other party’s ability
to perform its obligations under this Agreement;

(f)            There shall exist no pending or
threatened action, suit or proceeding with respect to the Property or the other
party before or by any court or administrative agency which seeks to restrain
or prohibit, or to obtain damages or a discovery order with respect to, this
Agreement or the consummation of the transaction contemplated hereby;

(g)           With respect to each of the Leases,
Seller shall have delivered to Buyer (i) an estoppel certificate executed by
Seller in the form of Exhibit F
hereto (the “Seller’s Estoppel”) or (ii) a
tenant estoppel in the form of Exhibit G
hereto or the form required by the applicable Lease (each such certificate
being a “Tenant Estoppel”). To the
extent that Seller Estoppels are delivered with respect to any Lease, such
estoppel shall be deemed of no further force or effect upon the delivery of a
Tenant Estoppel from the applicable tenant which is not inconsistent with the
Seller Estoppel.

(h)           The Buyer shall not be obligated to
close the transactions contemplated by this Agreement unless upon the sole condition
of payment of the premium, at Closing, the Title Company shall irrevocably
commit to issue to Buyer, as the case may be, an ALTA Owner’s Policy of title
insurance, with extended coverage (i.e., with ALTA General Exceptions 1 through
5 deleted), dated as of the date and time of the recording of the Deed, in the
amount of the Purchase Price, insuring the Buyer as owner of good, marketable
and indefeasible fee simple title to the Property, free and clear

 8
 

 

of liens, subject only to permitted exceptions, and
containing the endorsements that the Title Company agreed to issue during the
Inspection Period (the “Title Policy”).

SECTION
7.3.  Seller’ Deliveries in Escrow.  On or before the Closing Date, Seller shall
cause to be delivered to Fidelity National Title Insurance Company, the
escrowee for the parties (the “Escrow Agent”),
the following:

(a)           Deed.  A special or limited warranty deed
(warranting title against any party claiming by, through or under the Seller)
in the form provided for under the law of the state where the Property is
located, or otherwise in conformity with the custom in such jurisdiction and
satisfactory to Buyer, executed and acknowledged by Seller, conveying Seller’s
title to the Property (the “Deed”);

(b)           Assignment of Leases and
Contracts and Bill of Sale. 
An Assignment of Leases and Service Contracts and Bill of Sale in the
form of Exhibit H attached hereto,
executed by Seller;

(c)           Agreements.  All agreements, instruments, certificates and
other documents required under this Agreement, executed by Seller or the Seller’s
Affiliates, if applicable.

(d)           State Law Disclosures.  Such disclosures and reports as are required
by applicable state and local law in connection with the conveyance of direct
or indirect interests in real property;

(e)           Certificate of Non-Foreign
Status.  A certificate of
non-foreign status for Seller (and/or the relevant DCT Affiliate) sworn to by
Seller (and/or the relevant DCT Affiliate); and

(f)            Title Documents.  Such affidavits of title or other
certifications as shall be reasonably required by the Title Company to insure
Buyer’s title to the Property as set forth in Section 3.

(g)           RESERVED

(h)           Original Leases, Licenses,
Service Contracts and Other Personal Property.  All original Leases and licenses, Service Contracts,
and other Personal Property, which may be delivered outside of escrow as
otherwise directed by Buyer.

(i)            Keys.  All keys, combinations and security codes for
all locks and security devices on the Property, which may be delivered outside
of escrow as otherwise directed by Buyer.

(j)            Tenant Letter.  Letters to each tenant advising of the change
in ownership and directing the payment of rent to such party as the Buyer shall
designate, said letter to be in form reasonably acceptable to Buyer, which may
be handled outside of Closing.

(k)           Tenant Estoppel.  Seller shall deliver at Closing either Seller
Estoppels or Tenant Estoppels for each Lease. In addition, Seller agrees to
cooperate with Buyer in connection with delivering to the tenants
Subordination, Non Disturbance and Attornment Agreements (“SNDAs”)
which may be required by Buyer’s lender.

(l)            Seller’s Authority.  Proof reasonably satisfactory to Title
Company of Seller’s good standing and authority to enter into this transaction
and proof of existence and authority of the

 9
 

 

general partner, manager, member, or officer of the
Seller to act on behalf of Seller, which may include, as determined by the
Title Company: (i) the certificate of incorporation or formation of Seller
certified by the Secretary of State of the state in which Seller is formed or
incorporated as of a recent date and by an officer of Seller, (ii) the bylaws
or operating agreement of Seller, certified by an officer of Seller, (iii) a
certificate of good standing as of a recent date for Seller from the Secretary
of State of the state in which Seller is formed or incorporated. and (iv) a
certificate of an officer from Seller certifying resolutions of the board of
directors or members approving and authorizing the execution, delivery and performance
by Seller of this Agreement and the consummation of the transactions
contemplated hereby (together with an incumbency and signature certificate
regarding the officer(s) signing on behalf of Seller).

(m)          A closing statement acceptable to
Seller.

SECTION
7.4.  Buyer’s Deliveries in Escrow.  On or before the Closing Date, Buyer shall
deliver in escrow to the Escrow Agent the following:

(a)           Purchase Price.  Subject to adjustment pursuant to Article 6,
Buyer shall pay to Seller the Purchase Price and the costs associated with the
transaction.

(b)           Agreements.  All agreements, instruments, certificates and
other documents required under this Agreement, and counterparts to the Seller’s
deliveries above (to the extent applicable), executed by Buyer.

(c)           Authority Documentation.  Such evidence of authority for the
transactions contemplated hereby as shall be required by the Title Company,
including (i) the certificate of incorporation of Buyer certified by the
Secretary of State of Delaware as of a recent date and by its corporate
secretary or assistant secretary, (ii) the bylaws of Buyer, certified by its
corporate secretary or assistant secretary, (iii) a certificate of good
standing as of a recent date for Buyer from the Secretary of State of Delaware
and (iv) a certificate of Buyer’s corporate secretary or assistant secretary
certifying resolutions of the board of directors of Buyer approving and
authorizing the execution, delivery and performance by Buyer of this Agreement
and the consummation of the transactions contemplated hereby (together with an
incumbency and signature certificate regarding the officer(s) signing on behalf
of Buyer).

ARTICLE VIII

EXPENSES AND PRORATIONS

SECTION
8.1.  Prorations.  Except as otherwise expressly provided for in
this Agreement, Seller shall be entitled to all revenue and shall be
responsible for all expenses for the period of time up to and including the day
before the Closing, and Buyer shall be entitled to all revenue and be
responsible for all expenses for the period of time on and after the date of
Closing. In each such proration set forth below, the portion thereof applicable
to periods beginning on the date of Closing shall be credited or charged to the
Buyer and the portion thereof applicable to periods ending as of the day before
the Closing shall be credited or charged to Seller. Net credits in favor of
Buyer shall be deducted from the balance of the Purchase Price at the Closing
and net credits in favor of Seller shall be added to the Purchase Price to be
paid by Buyer at the Closing.

 10
 

 

(a)           Collected Rent.  All collected rent (excluding tenant
reimbursements for Operating Expenses) and other collected income (and any
applicable state or local tax on rent) under Leases in effect on the Closing
Date shall be prorated between Seller and the Buyer as of the Closing. Seller
shall be charged with any rent and other income collected by Seller before
Closing but applicable to any period of time after Closing. Buyer shall apply
rent, operating expenses and other income from tenants that are collected after
the Closing first to the post Closing costs of collection and then to post
Closing obligations then owing under the Leases, and then remitting the
balance, if any, to Seller. Any prepaid rents collected by Seller before Closing
applicable to the period following the Closing Date shall be paid over by
Seller to the Buyer. The Buyer will make reasonable efforts, without suit, to
collect any rents applicable to the period before Closing. Seller may pursue
collection as to any rent not collected by the Buyer within six (6) months
following the Closing Date, provided that
Seller shall have no right to terminate any Lease or any tenant’s occupancy
under any Lease in connection therewith.

(b)           Operating Expenses.  (i) Seller, as landlord under the Leases, is
currently collecting from tenants under the Leases (to the extent not paid
directly by tenants) additional rent to cover taxes, insurance, utilities,
common area maintenance and other operating costs and expenses (collectively, “Operating Expenses”) in connection
with the ownership, operation, maintenance and management of the Property. At
Closing, Seller will deliver to the Buyer all such amounts collected from
tenants under the Leases to the extent not paid by Seller to the service
provider or collecting authority, together with evidence or a certificate
indicating the date(s) to which such reimbursable Operating Expenses have been
paid by such Tenants and the date(s) to which such reimbursable Operating
Expenses have been paid by Seller to the service provider or collecting
authority. Operating Expenses that are not payable by tenants either directly
or reimbursable under the Leases shall be prorated between Seller and Buyer as
of the Closing Date. In connection with such proration, Operating Expenses for
the period prior to the Closing Date shall be reasonably estimated by Seller
and Buyer if final bills are not available, and any final adjusting payments
shall be made pursuant to Section 8.2 below.

(c)           Taxes and Assessments.  Real estate taxes and assessments imposed by
governmental authority (“Property  Taxes”) that are not yet due and
payable and that are not reimbursable by tenants under the leases as Operating
Expenses shall be prorated between Seller and Buyer as of the Closing Date
based upon the most recent ascertainable assessed values and tax rates. Seller
shall receive a credit for any Property Taxes paid by Seller and applicable to
any period after the Closing. Seller shall be charged for any unpaid Property
Taxes owing and applicable to any period before closing Final adjusting
payments shall be made pursuant to Section 8.2, below.

SECTION
8.2.  Final Adjustment After Closing.  If final prorations are not made at Closing
for any item required to be prorated under Section 8.1, including
Property Taxes, then Seller and Buyer agree to allocate such items on a fair
and equitable basis in a final adjustment to be made promptly after December
31, 2006, to the effect that income and expenses are received and paid by
Seller and Buyer on an accrual basis (provided that real property taxes shall
be adjusted on the same basis upon which the Seller acquired the Property) with
respect to the periods before and after the Closing Date, respectively.
Payments in connection with the final adjustment shall be due within 30 days of
written notice. Seller shall have reasonable access to, and the right to
inspect, the books of Buyer. If by way of a tenant audit of Operating Expenses
or otherwise it is determined that

 11
 

 

a tenant under a Lease is entitled to reimbursement
for an Operating Expense collected under its Lease, the portion of such
reimbursement attributable to the period prior to the Closing shall be for the
account of Seller and shall be either paid by Seller to such tenant or promptly
reimbursed by Seller to Buyer if previously paid by Buyer to such tenant. If
any such tenant audit results in a payment to be made by such tenant and such
payment is attributable to a period prior to the Closing, such payment shall be
for the account of Seller.

SECTION
8.3.  Schedule of Prorations.  The parties have endeavored to jointly
prepare a schedule of prorations for the Property no less than five (5) days
prior to Closing.

SECTION
8.4.  Readjustments.  The parties shall correct any errors in
prorations as soon after the Closing as amounts are finally determined. The
provisions of this Article 8 shall survive the Closing.

SECTION
8.5.  Tenant Deposits.  All tenant security deposits in Seller
possession, as reflected on a final Rent Roll delivered to Buyer and not
theretofore applied to tenant obligations under the Leases, shall be credited
to Buyer, at Closing. Buyer shall assume Seller’s obligations related to such
tenant security deposits that are credited to Buyer. Buyer will indemnify,
defend, and hold Seller harmless from and against all demands and claims made
by tenants arising out of the improper failure or refusal of Buyer, to refund
to a tenant any security deposit of such tenant credited to Buyer and will
reimburse Seller for any reasonable expenses (including all reasonable
attorneys’ fees) incurred or that may be incurred by Seller as a result of any
such claims or demands by tenants. The Seller will indemnify, defend and hold
Buyer, harmless from and against all demands and claims made by tenants arising
out of any security deposits not credited to Buyer and will reimburse Buyer,
and for any reasonable expenses (including all reasonable attorneys’ fees)
incurred or that may be incurred by Buyer, as a result of any such claims or
demands by tenants.

SECTION
8.6.  Deposits or Bonds.  Buyer shall be responsible for replacing or
crediting to the Seller at the Closing any other deposits or bonds that may be
outstanding relating to any Property on the Closing Date.

SECTION
8.7.  Leasing Commissions.  Any leasing commissions that may be owing to
brokers in connection with lease renewals, expansions and extensions that occur
in relation to the Property prior to Closing, to the extent not previously paid
by Seller, shall be the responsibility of the Buyer. Leasing commissions that
may be owing to brokers under existing commission agreements with Seller in
connection with renewals, expansions, and extensions that occur after Closing
shall, as between Seller and Buyer, be the responsibility of Buyer. All existing
commission agreements and leasing commissions that are owing in relation to any
Property are set forth on Exhibit I
attached to this Agreement. As between Buyer and Seller, Buyer will assume
these existing commission agreements with respect to leasing activities
occurring after Closing.]

SECTION
8.8.  Brokerage Commissions.  Except as expressly stated herein, Seller and
Buyer represent and warrant each to the other that they have not dealt with any
real estate broker, sales person or finder in connection with this transaction.
If any claim is made for broker’s or finder’s fees or commissions in connection
with the negotiation, execution or consummation of this Agreement or the
transactions contemplated hereby, each party shall defend, indemnify and hold

 12
 

 

harmless the other party from and against any such
claim based upon any statement, representation or agreement of such party.

ARTICLE IX

REPRESENTATIONS AND WARRANTIES

SECTION
9.1.  Seller’ Representations and
Warranties.  As a
material inducement to Buyer to execute this Agreement and consummate this
transaction, Seller represents and warrants to Buyer, that:

(a)           Organization and Authority.  Seller has been duly organized and is validly
existing as a limited liability company, in good standing in the State of
Delaware. Seller has the full right and authority and has obtained any and all
consents required to enter into this Agreement and to consummate or cause to be
consummated the transactions contemplated hereby. This Agreement has been, and
all of the documents, to be delivered by Seller, at the Closing will be,
authorized and properly executed and constitutes, or will constitute, as
appropriate, the valid and binding obligation of Seller, enforceable in
accordance with their terms, subject to applicable laws of bankruptcy or
insolvency and principles of equity. The execution, delivery and performance of
this Agreement by Seller does not in any material respect (i) violate any
decree or judgment of any court or governmental authority applicable to Seller
or the Property; (ii) violate any law (or regulation promulgated under any
law); (iii) violate or conflict with, or result in a breach of, or constitute a
default under (or an event with or without notice or lapse of time or both
would constitute a default) under any contract or agreement to which Seller is
a party or (iv) violate or conflict with any provision of the organizational
documents of Seller or any Seller’s Affiliate.

(b)           Conflicts and Pending
Action.  There is no agreement
to which any Seller is a party or to Seller’s knowledge binding on Seller which
is in conflict with this Agreement. There is no action or proceeding pending
or, to Seller’s knowledge, threatened against the Property, including
condemnation or re-zoning proceedings, or against Seller or any Seller’s
Affiliate which challenges or impairs Seller’s or ability to execute or perform
its obligations under this Agreement.

(c)           Compliance with Zoning Law.  Other than disclosed in the third party
diligence reports delivered by or on behalf of Seller to Buyer, to Seller’
knowledge, no changes or alterations have been made to the Property or any
improvements thereon which render the same in violation of any applicable
zoning ordinances.

(d)           Rent Roll.  The Rent Roll as attached to this Agreement
as Exhibit J is true, correct and
complete in all material respects as of the date hereof and lists all of the
leases and tenancies that affect the Property.

(e)           Leases. The
schedule of Leases attached to this Agreement is true, correct and complete.

(f)            Violations/Condemnation.
To Seller’s knowledge, (x) there is no litigation or proceedings pending
against or relating to the Property before any court or administrative body or

 13
 

 

agency and (y) no notice of any pending or threatened
condemnation or eminent domain proceedings which would affect the Property has
been received by Seller.

(g)           Environmental.  Other than disclosed in the third party
diligence reports delivered by or on behalf of any Seller to Buyer, to Seller’s
knowledge, the Property is not in violation of any existing and applicable law
or regulation pertaining to Hazardous Materials (including Environmental Laws)
and are not subject to any existing, pending or threatened investigation or
inquiry by any governmental or quasi-governmental authority and is not subject
to any remedial action or obligations under any law or regulation pertaining to
Hazardous Materials (including Environmental Laws). The term “Environmental Laws” includes without
limitation the Resource Conservation and Recovery Act and the Comprehensive
Environmental Response Compensation and Liability Act and other federal laws
governing the environment as in effect on the date of this Agreement together
with their implementing regulations and guidelines as of the date of this Agreement,
and all state, regional, county, municipal and other local laws, regulations
and ordinances that are equivalent or similar to the federal laws recited above
or that purport to regulate Hazardous Materials. The term “Hazardous
Materials” includes petroleum, including crude oil or any
fraction thereof, natural gas, natural gas liquids, liquefied natural gas, or
synthetic gas usable for fuel (or mixtures of natural gas or such synthetic
gas), asbestos and asbestos containing materials and any substance, material
waste, pollutant or contaminant listed or defined as hazardous or toxic under
any Environmental Law.

(h)           Service Contracts:  The schedule of Service Contracts attached is
true, correct and complete. No written notice of default or breach by Seller in
the terms of any of such Service Contracts has been received by Seller. Seller
has performed, and at Closing shall have performed, all material obligations
which it has under said Service Contracts.

(i)            Condemnation:  There is no condemnation or eminent domain
proceeding pending with regard to any part of the Property, and to the best of
Seller’s knowledge, no such proceedings are proposed.

(j)            No Lawsuits:  There are no claims, lawsuits or proceedings
pending, or to Seller’ knowledge, threatened against or relating to the
Property in any court or before any governmental agency, except for actions for
possession, damages and or rent, if any, against defaulted tenants as disclosed
by Seller. Notwithstanding anything in this Agreement to the contrary, the
filing or threatened filing of any claim, lawsuit or proceeding described in
this Section 9.1(j) after the effective date of this Agreement
shall not be deemed to be a breach of this Section so long as (i) Seller
promptly notifies Buyer of such matter, and (ii) such proceeding is either a
claim covered by any Seller’ insurance or a claim against Buyer for which
Seller agrees to indemnify Buyer.

(k)           FIRPTA.  Seller is not a “foreign person” as such term
is defined in Section 1445(f)(3) of the Internal Revenue Code of 1954, as
amended (the “Code”).

(l)            Patriot Act.  To Seller’s knowledge, (a) it is in
compliance with the requirements of Executive Order No. 133224, 66 Fed. Reg.
49079 (Sept. 25, 2001) (the “Order”) and
other similar requirements contained in the rules and regulations of the Office
of Foreign Assets Control, Department of the Treasury (“OFAC”)
and in any enabling legislation or other Executive Orders or

 14
 

 

regulations in respect thereof (the Order and such
other rules, regulations, legislation, or orders are collectively called the “Orders”); and (b) Seller (i) is not
listed on the Specially Designated Nationals and Blocked Persons List
maintained by OFAC pursuant to the Order and/or on any other list of terrorists
or terrorist organizations maintained pursuant to any of the rules and
regulations of OFAC or pursuant to any other applicable Orders (such lists are
collectively referred to as the “Lists”), and (ii) is not a Person who has been
determined by competent authority to be subject to the prohibitions contained
in the Orders.

(m)          ERISA.  Seller is not an employee pension benefit
plan subject to the provisions of Title IV of ERISA or subject to the minimum
funding standards under Part 3, Subtitle B, Title I of ERISA or Section 412 of
the Code or Section 302 of ERISA, and none of its assets constitute assets of
any such employee benefit plan subject to Part 4, Subtitle B, Title I of ERISA
under 29 C.F.R. Section 2510.3-101. Seller is not a “governmental plan” within
the meaning of Section 3(32) of ERISA and none of its assets constitute assets
of any such governmental plan and are not subject to state statutes regulating
investments of and fiduciary obligations with respect to governmental plans.

(n)           No Insolvency.  As of the date hereof, and as of the Closing,
(a) Seller has not committed an act of bankruptcy, proposed a compromise or
arrangement to its creditors generally, taken any proceeding with respect to a
compromise or arrangement, taken any proceeding to have itself declared
bankrupt or wound-up, or taken any proceeding to have a receiver appointed in
connection with its ownership of the Property, and (b) to Seller’s knowledge,
Seller has not had any petition for a receiving order in bankruptcy filed
against it, had any encumbrancer take possession of its interest in the
Property, or had any execution or distress become enforceable or become levied
upon its interest in the Property.

(o)           “Seller’ knowledge”
means and is limited by the current actual knowledge of James Cochran and
Teresa Corral, who collectively have made inquiry of, and would in the ordinary
course of their representation as officers of Dividend Capital Trust Inc.,
receive notice from other officers, agents, employees or consultants of the
Seller regarding the matters set forth in this Section 9.1;

SECTION
9.2.  Buyer’s Representations and
Warranties.  As a
material inducement to Seller to execute this Agreement and consummate this
transaction, Buyer represents and warrants to Seller that:

(a)           Organization and Authority.  Buyer has been duly organized and is validly
existing as a Delaware corporation, in good standing in the State of Delaware.
Buyer has the full right and authority and has obtained any and all consents
required to enter into this Agreement and to consummate or cause to be
consummated the transactions contemplated hereby. This Agreement has been, and
all of the documents to be delivered by Buyer at the Closing will be,
authorized and properly executed and constitutes, or will constitute, as
appropriate, the valid and binding obligation of Buyer, enforceable in
accordance with their terms subject to applicable laws of bankruptcy or
insolvency and general principles of equity. The execution, delivery and
performance of this Agreement by Buyer do not in any material respect (i)
violate any decree or judgment of any court or governmental authority which may
be applicable to Buyer; (ii) violate any law (or regulation promulgated under
any law); (iii) violate or conflict with, or result in a breach of, or
constitute a default under (or an event with or without notice or lapse of time
or both would constitute a default)

 15
 

 

under any contract or agreement to which Buyer is a
party; or (iv) violate or conflict with any provision of the organizational
documents of Buyer.

(b)           Conflicts and Pending
Action.  There is no agreement
to which Buyer is a party or to Buyer’s knowledge binding on Buyer which is in
conflict with this Agreement. There is no action or proceeding pending or, to
Buyer’s knowledge, threatened against Buyer which challenges or impairs Buyer’s
ability to execute or perform its obligations under this Agreement or the
Partnership Agreement.

SECTION
9.3.  Survival of Representations and
Warranties and Limitation of Liability.  The representations and warranties set forth
in Article 9 are made as of the date of this Agreement and shall not be deemed
to be merged into or waived by the instruments of Closing, but shall survive
the Closing for a period of twelve (12) months. Seller and Buyer shall have the
right to bring an action thereon only if Seller or Buyer, as the case may be,
has given the other party written notice of the circumstances giving rise to
the alleged breach within such twelve (12) month period. Each party agrees to
defend and indemnify the other against any claim, liability, damage or expense
asserted against or suffered by such other party arising out of the breach or
inaccuracy of any such representation or warranty for which notice has been so
given. Notwithstanding anything in this Agreement or in the documents delivered
in connection with this Agreement, Seller’s aggregate collective liability for
claims arising out of matters that expressly survive the Closing shall be
limited and shall not exceed a sum equal to ten percent (10%) of the Purchase
Price.

ARTICLE X

MISCELLANEOUS

SECTION 10.1.  Parties Bound.  No party may assign this Agreement without
the prior written consent of the other parties, and any such prohibited
assignment shall be void. Subject to the foregoing, this Agreement shall be
binding upon and inure to the benefit of the respective legal representatives,
successors, assigns, heirs and devisees of the parties.

SECTION
10.2.  Default.  If any party defaults in its obligations
hereunder, the other parties may pursue any remedies available to them at law
or in equity; provided, however that Seller shall not be entitled
to pursue the remedy of specific performance against Buyer.

SECTION
10.3.  Confidentiality.  No party may issue a public announcement
concerning the transactions contemplated by this Agreement without the prior
written consent of the other parties, such consent not to be unreasonably
withheld or delayed, except as required by law or the rules of any securities
exchange on which securities of such party or one of its affiliates are listed.

SECTION
10.4.  Headings.  The article and section headings of this
Agreement are for convenience only and in no way limit or enlarge the scope or
meaning of the language hereof.

SECTION
10.5.  Invalidity and Waiver.  If any portion of this Agreement is held
invalid or inoperative, then so far as is reasonable and possible the remainder
of this Agreement shall be deemed valid and operative, and effect shall be
given to the intent manifested by the portion held invalid or inoperative. The
failure by a party to enforce against any other party any term or

 16
 

 

provision of this Agreement shall not be deemed to be a waiver of such
party’s right to enforce against the other party the same or any other such
term or provision in the future.

SECTION
10.6.  Governing Law.  This Agreement shall, in all respects, be
governed, construed, applied, and enforced in accordance with the law of the
State of Delaware.

SECTION
10.7.  No Third Party Beneficiary.  This Agreement is not intended to give or
confer any benefits, rights, privileges, claims, actions, or remedies to any
person or entity as a third party beneficiary or otherwise.

SECTION
10.8.  Entirety and Amendments.  This Agreement embodies the entire agreement
between the parties and supersedes all prior agreements and understandings
relating to the Properties except for any confidentiality agreement binding on
Buyer, which shall not be superseded by this Agreement. This Agreement may be
amended or supplemented only by an instrument in writing executed by the party
against whom enforcement is sought.

SECTION
10.9.  Notices.  Any notice or other communication provided
for or required by this Agreement shall be in writing and shall be delivered by
e-mail, by hand, by air courier service, by certified or registered mail,
return receipt requested, postage prepaid, or by facsimile transmission,
addressed to the person to whom such notice is intended to be given at such
address as such person may have previously furnished in writing to the
Partnership or to such person’s last known address. In the case of any
communication which requires a response within a specified period of time
pursuant to the terms of this Agreement, the time period in which such response
must be given shall commence upon the date of actual receipt of a hard copy
(including a facsimile copy) of any such communication. Delivery to any
officer, member, agent or employee of a party at the designated address of such
party shall constitute actual receipt for purposes hereof. Until receipt of
written notice to the contrary, the parties’ addresses for notices shall be
served on the parties at the addresses set forth in Section 1.1.

SECTION
10.10.  Construction.  The parties acknowledge that the parties and
their respective counsel have reviewed and revised this Agreement and that the
normal rule of construction — to the effect that any ambiguities are to be
resolved against the drafting party — shall not be employed in the
interpretation of this Agreement or any exhibits or amendments hereto.

SECTION
10.11.  Indemnity.

The following provisions govern actions for indemnity
under this Agreement. Promptly after receipt by an indemnitee of notice of any
claim, such indemnitee will, if a claim in respect thereof is to be made
against the indemnitor, deliver to the indemnitor written notice thereof and
the indemnitor shall have the right to participate in such proceeding and, if
the indemnitor agrees in writing that it will be responsible for any costs,
expenses, judgments, damages, and losses incurred by the indemnitee with
respect to such claim, to assume the defense thereof, with counsel mutually
satisfactory to the parties; provided,
however, that an indemnitee shall
have the right to retain its own counsel, with the fees and expenses to be paid
by the indemnitor, if the indemnitee reasonably believes that representation of
such indemnitee by the counsel retained by the indemnitor would be
inappropriate due to actual or potential differing interests between such
indemnitee and any other

 17
 

 

party represented by such
counsel in such proceeding. The failure of indemnitee to deliver written notice
to the indemnitor within a reasonable time after indemnitee receives notice of
any such claim shall relieve such indemnitor of any liability to the indemnitee
under this indemnity only if and to the extent that such failure is prejudicial
to its ability to defend such action, and the omission so to deliver written
notice to the indemnitor will not relieve it of any other liability that it may
have to any indemnitee. If an indemnitee settles a claim without the prior
written consent of the indemnitor, then the indemnitor shall be released from
liability with respect to such claim unless the indemnitor has unreasonably
withheld such consent.

SECTION
10.12.  Further Assurances.  Each of the parties hereto agrees to take
such actions and execute such further documents, instruments and other
agreements as may be reasonably requested by any other party hereto as may be
reasonably necessary to carry out and implement the intent of this Agreement.

SECTION
10.13.  Execution in Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original, and all of
such counterparts shall constitute one Agreement.

SECTION
10.14.  WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW,
THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

[Signature
Page Follows]

 18

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement on the day and year written above.

	
  SELLER:

  	
   

  
	
   

  	
   

  
	
  DCT PARK WEST III LLC, a
  Delaware limited liability company

  
	
   

  	
   

  
	
  By: DCT Leasing Corp., a Delaware corporation, its
  sole member

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Teresa L. Corral

  
	
   

  	
  Its: Authorized Signatory

  
					

 

	
  BUYER:

  	
   

  
	
   

  	
   

  
	
  TRT PARK WEST Q LLC, a
  Delaware limited liability company

  
	
   

  
	
  By:

  	
  DCTRT Real Estate Holdco LLC, a Delaware limited
  liability company, its sole member

  
	
   

  	
   

  
	
  By:

  	
  Dividend Capital Total Realty Operating Partnership
  LP, a Delaware limited partnership, its sole member

  
	
   

  	
   

  
	
  By:

  	
  Dividend Capital Total Realty Trust Inc., a Maryland
  corporation, its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:  Michael
  J. Kelly

  
	
   

  	
  Its:  Managing
  Director/Chief Acquisitions Officer

  
					

 

JOINDER

Subject to the express limitations set forth in Section
9.3, the undersigned, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, hereby duly executes with proper
authority and joins in the execution of this Agreement, and agrees that it is
jointly and severally liable, as a principal and not as a surety, for the
Seller’s obligations under the Agreement and the documents executed in
connection therewith.

	
  DCT LEASING CORP., a Delaware corporation

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name: Teresa L. Corral

  
	
  Its: Authorized Signatory

  

 

 S-1

EXHIBIT A

LEGAL DESCRIPTION OF REAL PROPERTY

All that tract or parcel of
land lying and being in the District of Boone County, Kentucky, and being more
particularly described as follows:

Park West Building Q Land –
Group 4752

Being the same property designated as “Lot 12A” on that Plat entitled
“Park West International, Boone County, Kentucky, resubdivision of Lot 12,
Section 7” and recorded at Cabinet 5, Page 234, in the Boone County Clerk’s
Records of Burlington, Kentucky.

 

EXHIBIT B

SCHEDULE OF LEASES

See Rent Roll (Exhibit J)

 3
 

 

EXHIBIT C

OPERATING STATEMENTS

[See Attached]

 4
 

 

EXHIBIT D

SERVICE CONTRACTS

1.               Service Agreement
for quarterly exterior light audits at Park West L1 & Q with Riverside
Electric, Inc. dated January 23, 2006.

2.               Service Agreement
for fire protection inspections at Park West L1 & Q with RTF Fire
Protection dated January 23, 2006.

3.               Service Agreement
for landscaping services at Park West L1 & Q with T.R. Gear Landscaping,
Inc. dated February 9, 2006.

4.               Service Agreement
for quarterly lot sweeping at Park West L1 & Q with Superior Maintenance
Services, LLC dated February 27, 2006.

5.               Service Agreement
for quarterly pressure washing at Park West L1 & Q with Superior
Maintenance Services, LLC dated February 27, 2006.

6.               Service Agreement for
roof inspection at Park West L1 & Q with ATC Associates Inc. dated August
15, 2006.

7.               Service Agreement
for snow removal at Park West L1 & Q with T.R. Gear Landscaping, Inc. dated
January 19, 2006.

8.               Service Agreement
for tax consulting at Park West L1 & Q with Nichols Advisory Services, Inc.
dated February 2, 2006.

9.               Service Agreement
for window cleaning services at Park West L1 & Q with Erlanger Window
Cleaning dated January 30, 2006.

10.         Service Agreement for
fire alarm monitoring at Park West Q with Honeywell dated August 16, 2004.

 5
 

 

EXHIBIT E

REPORTS

1.               Phase I
Environmental Site Assessment for Park West International Building Q by
Blackstone Consulting LLC dated December 16, 2005.

2.               Phase I
Environmental Site Assessment for Park West International Building Q by
Blackstone Consulting LLC dated September 25, 2006.

3.               Property Condition
Assessment for Park West International by Pond, Robinson & Associates, LP
dated December 2005.

 6
 

 

EXHIBIT F

SELLER’S ESTOPPEL

October 16,
2006

TRT PARK WEST Q LLC

c/o Dividend Capital Total Realty Trust

518 17th Street

Suite 1700

Denver, Colorado 80202

Attention:  Greg Moran

Greg:

The undersigned is the
sole owner of the landlord to the tenants described in the        
(     ) Tenant Estoppel Certificates attached hereto
as Exhibit A.  Pursuant to Section
7.2(g) of that certain Purchase and Sale Agreement (the “Purchase Agreement”), dated as of
October 16, 2006, by and between the undersigned and TRT Rickenbacker LLC (the “Buyer”) the undersigned has agreed
to deliver this Seller’s Estoppel for your benefit as more particularly set
forth in Section 7.2(g) of the Purchase Agreement.

Accordingly, for good and
valuable consideration and in order to have you proceed with the Closing, the
undersigned hereby certifies the truth and accuracy of the factual statements
set forth in the attached Tenant Estoppel Certificates in all material
respects, provided that with respect to the matters covered in paragraph 12 we
certify only to the actual knowledge of the undersigned.  Notwithstanding the foregoing, however, this
Seller’s Estoppel shall be superceded by the actual Tenant Estoppel
Certificates if and when delivered by the applicable tenants in accordance with
Section 7.2(g) of the Purchase Agreement.

The undersigned is
executing this certificate as an inducement for you to proceed with the
Closing.

[Signature
Follows]

 7
 

 

 

	
  

  	
  DCT LEASING CORP., a Delaware corporation 

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Teresa L. Corral

  Its: Authorized Signatory

  

 

 8

 

EXHIBIT A
TO SELLER’S ESTOPPEL

[attach Tenant
Estoppels]

 

EXHIBIT G

TENANT ESTOPPEL CERTIFICATE

	
  To:

  	
  [                                          ]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attention: 

  
	
   

  	
   

  
	
  Re:

  	
  Property Address:

  	
                                                ,

  	
   

  
	
   

  	
   

  	
                         ,                       

  	
   

  
	
   

  	
   

  	
  (the “Property”)

  	
   

  

 

The undersigned tenant (the “Tenant”) hereby
certifies to you as follows:

1.             Tenant is a tenant at the Property under a lease (the “Lease”)
dated               ,
between                
and                    ,
a true, correct, and complete copy of which, including all amendments thereto
and guaranties thereof, is attached hereto as Exhibit A. There are no
other agreements, written or oral, affecting or relating to Tenant’s lease of
the leased premises described in the Lease (the “Premises”) or any other
portion of the Property.

2.             Tenant took possession of the Premises, consisting of                                                  
square feet, on               .
The Tenant currently has full possession of the Premises, has not assigned the
Lease or sublet any part of the Premises and does not hold the Premises under
an assignment or sublease [, except:                  ].

3.             Tenant has accepted possession of the Premises, and all
work to be performed by Landlord for Tenant under the Lease has been performed
and has been accepted by Tenant [, except                     ].
All allowances to be paid to Tenant have been paid, and there is no
construction completed, ongoing, or planned for which Landlord is obligated to
reimburse Tenant.

4.             All base rent and additional rent under the Lease has
been paid through                          ,
20    . There is no prepaid rent [except                 ].

5.             Base rent is currently payable in the amount of $                
per month.

6.             Tenant is currently paying estimated payments of
additional rent of $                
on account of real estate taxes, insurance, and common area maintenance
expenses. Select correct alternative: A Tenant
pays its full proportionate share of real estate taxes, insurance, and common
area maintenance expenses OR  B Tenant pays Tenant’s proportionate share
of the increase in real estate taxes and insurance over the [base year/base
amount] of                 
and its full proportionate share of common area maintenance charges OR  C                                                  .

7.             The amount of security deposit is $                
and to Tenant’s knowledge none of the security deposit has been applied by the
landlord to any obligation under the Lease.

8.             The Lease term expires on                 ,
and Tenant has the following renewal or extension option(s):                .
The renewal or extension options for the following periods have been exercised:                
..

9.             The Lease is in full force and effect, free from default
and, to Tenant’s knowledge, from any event which could become a default under
the Lease. Tenant has no claims against the landlord or offsets or defenses
against rent, and there are no disputes with the landlord. Tenant is not
currently entitled to any rent abatement under the Lease.

 

10.           The Tenant has the following
expansion rights with respect to the Property:                                 
..

11.           The Tenant has no rights or options
to purchase the Property.

12.           To the best of the Tenant’s
knowledge, no hazardous wastes have been generated, treated, stored, or
disposed of by or on behalf of the Tenant or anyone else on the Premises.

The undersigned has executed this certificate with the
knowledge and agreement that the undersigned will be bound by the statements
contained herein and that they may be relied upon by the addressee, any
mortgagee of the Property, and their respective successors and assigns.

	
  Dated this             day
  of                           ,
  200   .

  	
   

  
	
   

  	
   

  
	
   

  	
  [TENANT’S NAME]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

 

EXHIBIT H

ASSIGNMENT OF LEASES AND CONTRACTS AND BILL OF SALE

This instrument is executed and delivered as of the         
day of                 ,
200     pursuant to that certain Purchase and Sale
Agreement (“Contract”) dated                                ,
200    , by and between                               ,
a Delaware                       
(“Seller”), and                                           ,
a                                           (“Buyer”),
covering the real property described in Exhibit A attached hereto (“Real
Property”).

1.             Sale
of Personalty.  For good and valuable
consideration, Seller hereby sells, transfers, sets over and conveys to Buyer
the following (the “Personal Property”):

(a)           Tangible
Personalty.  All of Seller’s right,
title and interest, in and to all the furniture, fixtures, equipment, and other
tangible personal property owned by Seller and located in or on the Real Property
except any such personal property belonging to tenants under the Leases or the
management agent; and

(b)           Intangible
Personalty.  All the right, title and
interest of Seller, in and to assignable licenses and permits relating to the
operation of the Property, assignable guaranties and warranties from any
contractor, manufacturer or other person in connection with the construction or
operation of the Property, and the right to use the name of the Property (if
any), but specifically excluding any right, title or interest of Seller in any
trademarks, service marks and trade names of Seller and with reservation by
Seller to use such name in connection with other property owned by Seller in
the vicinity of the Property.

2.             Assignment
of Leases and Contracts.  For good
and valuable consideration, Seller hereby assigns, transfers, sets over and
conveys to Buyer, and Buyer hereby accepts the following:

(a)           Leases.  All of the landlord’s right, title and
interest in and to the tenant leases (“Leases”);

(b)           Service
Contracts and Commission Contracts. 
Seller’s right, title and interest in and to the service contracts and
commission Contracts described in Exhibit B attached hereto (the “Contracts”).

3.             Seller Indemnity. 
Seller hereby agrees to indemnify, defend and hold Buyer harmless from
and against any and all claims, losses, costs, damages and obligations arising
by reason of the failure of Seller to fulfill, perform, discharge, and observe
its obligations with respect to the Contracts arising before the Closing Date.

4.             Assumption.  Buyer hereby assumes the obligations of
Seller under the Leases and Contracts arising from and after the Closing Date
and shall defend, indemnify and hold harmless Seller from and against any
liability, damages, causes of action, expenses, and attorneys’ fees incurred by
Seller by reason of the failure of Buyer to fulfill, perform, discharge, and
observe its obligations with respect to the Leases or the Contracts arising
from and after the Closing Date

 

5.             Warranty
of Title to Leases and Contracts. 
Seller warrants that all Personal Property is free and clear of all
liens, encumbrances and interests whatsoever.

6.             Contract
Applies.  The covenants, Contracts,
disclaimers, representations, warranties, indemnities and limitations provided
in the Contract with respect to the Property (including, without limitation,
the limitations of liability provided in the Contract), are hereby incorporated
herein by this reference as if herein set out in full and shall inure to the
benefit of and shall be binding upon Assignee and Assignor and their respective
successors and assigns.

 

IN
WITNESS WHEREOF, the undersigned have caused this instrument to be executed as
of the date written above.

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  [ENTITY]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

[ACKNOWLEDGMENTS]

 

EXHIBIT I

LEASING
COMMISSIONS

1.               Listing Agreement
between IDI Services Group, LLC and DCT Park West III LLC dated January 6,
2006.

 

EXHIBIT J

RENT ROLL

[See Attached]

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