Document:

Exhibit
10.19

PARTNERSHIP
AGREEMENT

OF

TRT
DDR VENTURE I GENERAL PARTNERSHIP

A
Delaware General Partnership

DATED
AS OF MAY 11, 2007

PARTNERSHIP
AGREEMENT

OF

TRT DDR
VENTURE I GENERAL PARTNERSHIP

THIS
PARTNERSHIP AGREEMENT (this “Agreement”) of TRT DDR VENTURE I GENERAL
PARTNERSHIP (the “Partnership”) is made as of the 11th day of May, 2007, by and between DDR TRT GP
LLC, a Delaware limited liability company (“DDR”), and TRT-DDR Joint
Venture I Owner LLC, a Delaware limited liability company (“TRT”).

RECITALS

WHEREAS,
DDR and TRT confirm the formation of the Partnership pursuant to the provisions
of the Delaware Revised Uniform Partnership Act, Delaware Code, Title 6
Section 15-101 et seq., as
amended from time to time (the “Act”), as evidenced by the filing of the
Statement of Partnership Existence in the office of the Secretary of State of
the State of Delaware on April 4, 2007 (the “Partnership Statement of
Existence”); and

WHEREAS,
DDR and TRT desire to enter into this Agreement in order to set forth the
respective rights and obligations of the Partners, effective as of the date
hereof and on the terms and conditions set forth herein.

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

ARTICLE
1

CERTAIN DEFINITIONS

1.1           Accountants means
PriceWaterhouseCoopers or such other accounting firm as is approved by the
Executive Committee.

1.2           Act shall have the meaning set
forth in the Recitals hereto.

1.3           Additional Capital Contribution
shall mean additional Capital Contributions called pursuant to Section 5.3 or
Section 5.4.

1.4           Adjusted Capital Account Balance
shall have the meaning set forth in Exhibit E
hereto.

1.5           Affiliate means, with respect
to a specified Person, (i) a Person that, directly or indirectly through one or
more intermediaries, controls, is controlled by or is under common control
with, the specified Person, (ii) any Person that is an officer, director,
partner, manager or trustee of, or serves in a similar capacity with respect
to, the specified Person or of which the specified 

Person is an officer,
partner, manager or trustee, or with respect to which the specified Person
serves in a similar capacity, (iii) any Person that, directly or indirectly, is
the beneficial owner of ten percent (10%) or more of any class of equity
securities of, or otherwise has a substantial beneficial interest in, the
specified Person or of which the specified Person has a substantial beneficial
interest and (iv) the spouse, issue or parent of the specified Person.

1.6           Agreement means this
Partnership Agreement, as amended in writing from time to time.

1.7           Annual Plan and Budget shall
have the meaning set forth in Section 10.1.

1.8           Appraisal means the following
process for determining the Fair Market Value of the Properties:  the Fair Market Value of the Properties shall
be the value agreed upon by the Executive Committee, or if an agreement cannot
be reached within thirty (30) days after such value is required under this
Agreement (the “Determination Date”), then DDR and TRT shall each within ten
(10) days thereafter hire, at its own expense, an independent, qualified M.A.I.
real estate appraiser to determine the value of the Properties, and if the
values as determined by the two appraisers differ by 5% or less, the “Fair
Market Value” will be the average of the two. 
If the values determined by the two appraisers differ by more than 5%,
the two appraisers shall choose a third independent, qualified M.A.I. real
estate appraiser to value the Properties. 
The cost of such third appraiser will be shared equally between DDR and
TRT.  If the value determined by the
third appraiser is either higher or lower than both of the values determined by
the first two appraisers, the “Fair Market Value” will be the value that is
closest to the third appraiser’s value. 
If the value determined by the third appraiser is in between the values
determined by the first two appraisers, the “Fair Market Value” will be the
value determined by the third appraiser. 
If either DDR or TRT shall fail to designate an appraiser within
three (3) Business Days after written notice given by the other requesting
such designation after the expiration of the period for designating such
appraiser, then notwithstanding the foregoing, the appraiser that has been selected
shall determine the Fair Market Value of the Properties.

1.9           Asset
Management Agreement means the Product Specialist Agreement, in the form of
Exhibit C attached hereto, to be
entered into between Dividend Capital Total Advisors LLC and the Asset Manager,
or any renewal or replacement asset management agreement entered into by
Dividend Capital Total Advisors LLC in accordance with this Agreement.

1.10         Asset Manager means DDR or a
Related Party of DDR that executes the Asset Management Agreement as “Asset
Manager”.

1.11         Asset Management Fee shall have
the meaning set forth in Section 3.5.

1.12         Assignee means a Person who has
acquired a beneficial interest in the Partnership, but who is not a Substitute
Partner.

1.13         Bankrupt Partner means any
Partner (a) that (i) makes a general assignment for the benefit of creditors;
(ii) files a voluntary bankruptcy petition; (iii) becomes the subject of an
order for relief or is declared insolvent in any federal or state bankruptcy or
insolvency proceedings; (iv) files a petition or answer seeking for the Partner
a reorganization, arrangement, composition, readjustment, liquidation,
dissolution, or similar relief under any law; (v) files an answer or other
pleading admitting or failing to contest the material allegations of a petition
filed 

 2
 

against the Partner in a
proceeding of the type described in subclauses (i) through (iv) of this
clause (a); or (vi) seeks, consents to, or acquiesces in the appointment
of a trustee, receiver, or liquidator of the Partner or of all or any
substantial part of the Partner’s properties; or (b) against which a
proceeding seeking reorganization, arrangement, composition, readjustment,
liquidation, dissolution, or similar relief under any law has been commenced
and sixty (60) days have expired without dismissal thereof or with respect to
which, without the Partner’s consent or acquiescence, a trustee, receiver, or
liquidator of the Partner or of all or any substantial part of the Partner’s
properties has been appointed and sixty (60) days have expired without the
appointments having been vacated or stayed, or sixty (60) days have expired
after the date of expiration of a stay, if the appointment has not previously
been vacated.

1.14         Business shall have the meaning
set forth in Section 2.2(a).

1.15         Business Day” means any day
other than Saturday, Sunday and any other day on which banks are allowed or
required by law to close in New York, New York.

1.16         Capital Account means, as to any
Partner, the account maintained for such Partner pursuant to Section 6.4
hereof, as adjusted from time to time. 
Each Partner’s Capital Account shall initially equal the value of the
Capital Contributions to the Partnership made by such Partner as set forth on Exhibit A attached hereto.

1.17         Capital Contribution means the
amount of cash and the Fair Market Value of any property contributed by each
Partner or the Partner’s predecessor to the capital of the Partnership, net of
any liabilities assumed by the Partnership with respect to such contributed
property.  The initial Capital
Contributions of the Partners (net, in the case of DDR, of the Initial
Distribution Proceeds received by DDR under Section 5.2) are set forth on Exhibit A attached hereto.

1.18         Change of Control Event means the occurrence at any time any
of the following events: 
(i) consummation of any transaction or event (whether by means of a
share exchange or tender offer applicable to common shares, a liquidation,
consolidation, recapitalization, reclassification, combination or merger of DDR
Parent or a sale, lease or other transfer of all or substantially all of the
consolidated assets of DDR Parent) or a series of related transactions or
events pursuant to which all of the outstanding common shares of DDR Parent are
exchanged for, converted into or constitute solely the right to receive, cash,
securities or other property; (ii) any “person” or “group” (as defined in
Rule 13d-3 under the Securities Exchange Act of 1934, as amended, whether or
not applicable), other than DDR Parent or any majority-owned subsidiary of DDR
Parent or any employee benefit plan of DDR Parent or such subsidiary, is or
becomes the “beneficial owner” (as defined in said Rule 13-d-3), directly or
indirectly, of more than 50% of the total voting power in the aggregate of all
Voting Stock of DDR Parent then outstanding; or (ii) during any period of
12 consecutive months persons who at the beginning of such 12-month period
constituted the Board of Directors of DDR Parent, together with any new persons
whose election was approved by a vote of a majority of the persons then still
comprising the Board of Directors of DDR Parent who were either members of the
Board of Directors of DDR Parent at the beginning of such period or whose
election, designation or nomination for election was previously so approved,
cease for any reason to constitute a majority of the Board of Directors of DDR
Parent.

 3
 

1.19         Code means the Internal Revenue
Code of 1986, as amended or superseded from time to time, and any corresponding
provisions of succeeding law.

1.20         control (and the correlative
terms “controlled by”, “controlling” and “under common control with”) of a
Person means the possession, direct or indirect, of the power to direct or
cause the direction of the business and affairs of such Person, whether through
the ownership of Voting Stock, by contract or otherwise.

1.21         Contributing Partner shall have
the meaning set forth in Section 5.5.

1.22         Contribution and Sale Agreement
means the Contribution and Sale Agreement, dated April 25, 2007, among DDR Parent,
JDN Development Company, Inc., a Delaware corporation, JDN Real Estate-Apex
L.P., a Georgia limited partnership, and Mt. Nebo Pointe LLC, an Ohio limited
liability company (collectively, the “Contributors”), and TRT Parent and the
Partnership, as amended.

1.23         DDR shall have the meaning set
forth in the Heading hereto.

1.24         DDR Parent means Developers
Diversified Realty Corporation, an Ohio corporation..

1.25         Default Advance shall have the
meaning set forth in Section 5.5.

1.26         Default Rate means a per annum
rate of interest equal to the lower of (i) fifteen percent (15%) and (ii)
the highest rate permitted by applicable law.

1.27         Depreciation means, for each taxable year or other period, an
amount equal to the depreciation, amortization or other cost recovery deduction
allowable with respect to an asset for the year or other period, except that if
the Gross Asset Value of an asset differs from its adjusted basis for federal
income tax purposes at the beginning of the year or other period, Depreciation will
be an amount which bears the same ratio to the beginning Gross Asset Value as
the federal income tax depreciation, amortization or other cost recovery
deduction for the year or other period bears to the beginning adjusted tax
basis, provided that if the federal income tax depreciation, amortization, or
other cost recovery deduction for the year or other period is zero,
Depreciation will be determined with reference to the beginning Gross Asset
Value using any reasonable method selected by the Executive Committee.

1.28         EC Member shall have the meaning
set forth in Section 8.1.

1.29         Event of Bankruptcy means any
event that causes a Partner to be deemed a Bankrupt Partner.

1.30         Executive Committee shall have
the meaning set forth in Section 8.1.

1.31         Expenses means, for any period,
all cash expenditures of the Partnership and the Subsidiaries on a consolidated
basis for such period, determined in accordance with sound accounting
principles, arising as a result of the ownership or operation of the Properties,
including, without limitation, capital expenditures not paid from Capital
Contributions and 

 4
 

reserves actually
funded.  Expenses shall not include
non-cash items such as depreciation and amortization.

1.32         Fair Market Value means, with
respect to any asset, the most probable price such asset should bring in a
competitive and open market under all conditions requisite to a fair sale, the
buyer and seller each acting prudently, knowledgeably and assuming the price is
not affected by undue stimulus.

1.33         Fiscal Year means the
Partnership’s taxable year for federal income tax purposes which shall be the
calendar year unless a different year is required by the Code.

1.34         GAAP shall have the meaning set
forth in Section 10.2.

1.35         Gross Asset Value means, with respect to any asset, the
adjusted basis of that asset for Federal income tax purposes, except as
follows:

(a)           The initial Gross Asset Value of any
asset contributed (or deemed contributed under Code Sections 704(b) and 752 and
the Regulations) by a Partner to the Partnership will be the Fair Market Value
of the asset on the date of the contribution, as determined by the Executive
Committee, it being agreed that the Fair Market Value of each of the Properties
is as specified in Exhibit A.

(b)           The Gross Asset Values of all
Partnership assets will be adjusted to equal the respective Fair Market Values
of the assets, as determined by the Executive Committee, as of (1) the
acquisition of an additional interest in the Partnership by any new or existing
Partner in exchange for more than a de
minimis Capital Contribution, (2) the distribution by the
Partnership to a Partner of more than a de
minimis amount of Partnership property as consideration for an
interest in the Partnership if an adjustment is necessary or appropriate to
reflect the relative economic interests of the Partners in the Partnership and
(3) the liquidation of the Partnership within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g).

(c)           The Gross Asset Value of any
Partnership asset distributed to any Partner will be the gross Fair Market
Value of the asset on the date of distribution.

(d)           The Gross Asset Values of Partnership
assets will be increased or decreased to reflect any adjustment to the adjusted
basis of the assets under Code Section 734(b) or 743(b), but only to the
extent that the adjustment is taken into account in determining Capital
Accounts under Regulations Section 1.704-1(b)(2)(iv)(m), provided that Gross Asset Values will  not be adjusted pursuant to this paragraph
(d) to the extent that all Partners determine that an adjustment pursuant to
paragraph (b) above is necessary or appropriate in connection with a
transaction that would otherwise result in an adjustment pursuant to this
paragraph (d).

(e)           After the Gross Asset Value of any
asset has been determined or adjusted under paragraph (a), (b) or (d), Gross
Asset Value will be adjusted by the Depreciation taken into account with
respect to the asset for purposes of computing Net Profits or Net Losses.

 5
 

1.36         Gross Investment Value means
$163,845,324, which represents the Fair Market Value of the Properties as of
the date hereof; provided, however, that (i) if one or more of the
Properties is sold, transferred or otherwise disposed of or written off, the
portion of such Gross Investment Value which relates to such Property shall be
deducted from the Gross Investment Value and (ii) the Gross Investment
Value will be increased by the purchase price approved by the Executive
Committee in connection with the purchase of any additional retail project
acquired by the Partnership and by the amount the Executive Committee
determines that is appropriate in connection with a material expansion of one
or more of the Properties approved by the Executive Committee.

1.37         Guaranty shall have the meaning
set forth in Section 3.8.

1.38         Guaranty Payment shall have the
meaning set forth in Section 3.8.

1.39         Income Tax Regulations means the
Income Tax Regulations promulgated under the Code as such regulations may be
amended from time to time (including corresponding provisions of succeeding
regulations).

1.40         Indebtedness means the Initial
Mortgage Indebtedness (and any renewal or indebtedness in replacement thereof)
and any other indebtedness for borrowed money of the Partnership or any
Subsidiary that has been approved as a Major Decision.

1.41         Initial Capital Contributions
means the Initial DDR Contribution and the Initial TRT Contribution.

1.42         Initial DDR Contribution shall
have the meaning set forth in Section 5.1.

1.43         Initial DDR Distribution means
an amount equal to $15,726,027.

1.44         Initial TRT Contribution shall
have the meaning set forth in Section 5.1.

1.45         Initial Mortgage Indebtedness
means any indebtedness evidenced and/or secured by the Loan Documents.

1.46         Internal Rate of Return means the “internal rate of return”
calculated by applying the XIRR Function in Microsoft Excel to the applicable
cash flows, where Capital Contributions are negative numbers and distributions
are positive numbers.  The XIRR Function
shall be applied to (i) Capital Contributions from the date made, and (ii)
distributions based upon the actual date of distributions (whether under
Section 6.2 or otherwise).  The XIRR
Function calculates an internal rate of return for a schedule of cash flows
that is not  necessarily periodic (i.e., cash flows occurring on
dates of irregular frequency).  Solely
for the purpose of computing TRT’s Internal Rate of Return, all Asset
Management Fees paid by TRT or any Related Party of TRT (other than the
Partnership or any Subsidiary) to Asset Manager pursuant to the Asset
Management Agreement shall be deemed to constitute Capital Contributions by
TRT.

The following is
an example of the application of the XIRR Function as explained in the
Microsoft Excel help feature.

 6
 

 

	
  

  	
   

  	
  A

  	
   

  	
  B

  	
   

  
	
  1

  	
   

  	
  Values

  	
   

  	
  Dates

  	
   

  
	
  2

  	
   

  	
  -10,000

  	
   

  	
  January
  1, 2008

  	
   

  
	
  3

  	
   

  	
  2,750

  	
   

  	
  March
  1, 2008

  	
   

  
	
  4

  	
   

  	
  4,250

  	
   

  	
  October
  30, 2008

  	
   

  
	
  5

  	
   

  	
  3,250

  	
   

  	
  February
  15, 2009

  	
   

  
	
  6

  	
   

  	
  2,750

  	
   

  	
  April
  1, 2009

  	
   

  
	
   

  	
   

  	
  Formula

  	
   

  	
  Description (Result)

  	
   

  
	
   

  	
   

  	
  =XIRR(A2:A6,B2:B6,0.1)

  	
   

  	
  The internal rate of
  return (0.373362535

  or 37.34%)

  	
   

  

 

If the XIRR
Function is unavailable, the following formula, that is used in the XIRR
Function, will be used to calculate the internal rate of return:

where: di = the ith, or last, payment date. d1 = the 0th
payment date.  Pi =
the ith, or last, payment.

1.47         IRS means the Internal Revenue
Service.

1.48         Lender means Wachovia Bank,
N.A..

1.49         Loan Documents means any loan
agreement and any notes or other written agreements or documents executed by
the Partnership or any Subsidiary and which evidences or secures any Initial
Mortgage Indebtedness or any other Indebtedness of the Partnership or any
Subsidiary, including, without limitation, any consent, waiver or approval
obtained in connection therewith, whether at the time of such financing or
thereafter, as any of such documents or instruments are at any time modified or
amended.

1.50         Major Lease means any lease of
space at any Property with any Person equal to or more than 20,000 square feet
or any lease of space equal to or greater than 10,000 square feet but less than
20,000 square feet that does not meet the leasing guidelines approved as a
Major Decision by the Executive Committee.

1.51         Management and Leasing Agreement
means the Management and Leasing Agreement of even date herewith among each of
the Subsidiaries and DDR.

1.52         Management Standard shall have
the meaning set forth in Section 7.3.

1.53         Managing Partner means DDR or
any Person selected as the replacement Managing Partner in accordance with
Section 7.7.

1.54         Marketing Right shall have the
meaning set forth in Section 3.10.

1.55         Master Lease means the Master
Lease entered into in connection with the acquisition of the Properties between
DDR Parent and DDR TRT Mt. Nebo LLC, one of the Subsidiaries.

 7
 

1.56         Net Cash Flow means, for any
period in question, the amount by which Revenues exceed Expenses for such
period.

1.57         Net Invested Equity Value means
an amount equal to $ 163,845,324 (which represents the Fair Market Value of the
Properties as of the date hereof) less the original principal amount of the
Initial Mortgage Indebtedness as of the date hereof; provided, however,
that (i) if one or more of the Properties is sold, transferred or
otherwise disposed of or written off, the portion of such Net Invested Equity
Value which relates to such Property shall be deducted from the Net Invested
Equity Value and (ii) the Net Invested Equity Value will be increased by
the purchase price approved by the Executive Committee in connection with the
purchase of any additional retail project acquired by the Partnership (less any
Indebtedness incurred by the Partnership or any Subsidiary in connection with
such acquisition) and by the amount the Executive Committee determines that is
appropriate in connection with a material expansion of one or more of the
Properties approved by the Executive Committee (less any Indebtedness incurred
by the Partnership or any Subsidiary in connection with such expansion).

1.58         Net Operating Cash Flow means,
for any period in question, the amount by which (i) all cash receipts
realized by the Partnership or the Subsidiaries on a consolidated basis in
connection with the ownership and operation of the Properties during such
period, including proceeds of any business interruption or rental loss insurance
and amounts released from reserves exceed (ii) all cash expenditures of
the Partnership or the Subsidiaries on a consolidated basis in connection with
the ownership and operation of the Properties during such period, including
debt service payments (including both interest and scheduled amortization
payments), accruals for periodic operating expenses such as real estate taxes
and insurance and property management and leasing fees and commissions and and
the portion of the Asset Management Fee actually paid to the Managing Partner
during the period in question (but not any portion of the Asset Management Fee
that is deferred and paid to the Managing Partner in a subsequent period).  However, Net Operating Cash Flow shall
not be increased or reduced by any payment to or release from capital
replacement reserves, proceeds of any Capital Contribution, sale, refinancing
or other capital event or any non-cash expense such as depreciation or
amortization.

1.59         Net Operating Cash Yield means,
for any period in question, the ratio of Net Operating Cash Flow for such
period (annualized) divided by Net Invested Equity Value at the commencement of
such period.

1.60         Net Profits and Net Losses
shall mean for each taxable year of the Partnership an amount equal to the
Partnership’s net taxable income or loss for such year as determined for
federal income tax purposes (including separately stated items) in accordance
with the accounting method and rules used by the Partnership and in accordance
with Section 703 of the Code with the following adjustments:

(a)           Any items of income, gain, loss and
deduction allocated to Partners pursuant to subparagraphs 4 though 9,
inclusive, of Paragraph A of Exhibit E shall not be taken into account in
computing Net Profits or Net Losses for purposes;

 8
 

(b)           Any income of the Partnership that is
exempt from federal income tax and not otherwise taken into account in
computing Net Profits and Net Losses (pursuant to this definition) shall be
added to such taxable income or loss;

(c)           Any expenditure of the Partnership
described in Section 705(a)(2)(B) of the Code and not otherwise taken into
account in computing Net Profits and Net Losses (pursuant to this definition)
shall be subtracted from such taxable income or loss;

(d)           In the event the Gross Asset Value of
any Partnership asset is adjusted pursuant to Exhibit E hereto, the amount of
such adjustment shall be taken into account as gain or loss from the
disposition of such asset for purposes of computing Net Profits and Net Losses;
and

(e)           Gain or loss resulting from any
disposition of any Partnership asset with respect to which gain or loss is
recognized for federal income tax purposes shall be computed with reference to
the Gross Asset Value of the disposed asset, notwithstanding that the adjusted tax
basis of such asset differs from its Gross Asset Value.

1.61         Non-Contributing Partner shall
have the meaning set forth in Section 5.5.

1.62         Organizational Costs and Expenses
means any of the following direct out-of-pocket costs incurred by the
Partnership or by any Partner or its Affiliates:  (i) any legal fees or other costs incurred in
connection with the formation of the Partnership or the Subsidiaries (subject
to the next succeeding sentence), (ii) any fees or other costs incurred in
connection with any Initial Mortgage Indebtedness, (iii) title insurance
premiums (including the cost of any endorsements to the Title Policies (as
defined in the Contribution and Sale Agreement)), (iv) the costs of obtaining
current engineering and environmental studies and reports, (v) the costs of
obtaining current surveys for the Properties, (vi) costs incurred in connection
with obtaining any interest rate hedge related to the Initial Mortgage
Indebtedness, (vii) escrow fees, recording costs, mortgage taxes, and out-of-pocket
due diligence fees and expenses incurred by any Partner required or reasonably
appropriate for the funding of any Initial Mortgage Indebtedness and (viii)
other due diligence costs incurred by TRT in connection with its due diligence
review of the Properties and the Subsidiaries, excluding attorney fees, up to a
maximum aggregate amount of $50,000. 
Notwithstanding anything herein to the contrary, Organizational Costs
and Expenses shall not include (a) any legal fees or expenses incurred by any
Partner or its Affiliate in connection with the negotiation of this Agreement,
the Contribution and Sale Agreement or any other document executed in
connection herewith or therewith (other than the Loan Documents evidencing or
otherwise executed in connection with any Initial Mortgage Indebtedness),
including in connection with due diligence review or the preparation of
disclosure schedules or other due diligence materials, all of which expenses
shall be borne by the Partner (or its Affiliate) incurring such expenses, (b)
any due diligence costs incurred by TRT or its Affiliates in connection with
the transactions contemplated by the Contribution Agreement in excess of the
amount set forth in clause (viii) of the immediately preceding sentence, which
excess amounts shall be the sole obligation of TRT and (c) the investment
banking fee payable to M3 Capital Partners LLC, which fee shall be the sole
obligation of DDR.

 9
 

1.63         Partially Adjusted Capital Account
means with respect to any Partner for any period, the Capital Account of such
Partner at the beginning of such period, adjusted for all Capital Contributions
and distributions during such period and all special allocations pursuant to Exhibit E, but before giving effect to any
allocations of Net Profit or Net Loss pursuant to Section 6.1.

1.64         Partner means any Person
executing this Agreement as of the date of this Agreement as a Partner of the
Partnership or hereafter admitted to the Partnership as a Substitute Partner as
provided in this Agreement, but does not include any Assignee or any Person who
has ceased to be a Partner of the Partnership.

1.65         Partner Default Loan shall have
the meaning set forth in Section 5.5.

1.66         Partnership means TRT DDR
Venture I General Partnership, a Delaware general partnership.

1.67         Partnership Default Loan shall
have the meaning set forth in Section 5.5.

1.68         Partnership Interest means  the interest of a Partner in the
Partnership, including such Partner’s right: (i) to a distributive share of the
assets or property of the Partnership as set forth in Articles VI and XIII;
(ii) to allocations of items of income, gain, loss, deduction and credit of the
Partnership as set forth in Article VI and Exhibit
E; and (iii) to participate in the management and operation of the
Partnership as expressly set forth in this Agreement.

1.69         Partnership Interest Value means
with respect to a Partner’s Partnership Interest, the amount of cash that would
be distributed to the Partner if the assets of the Partnership were sold for
the value specified in the section in which such term is used, and the proceeds
were applied to pay all debts of the Partnership and distributed in accordance
with Article XIII.

1.70         Partnership Statement of Existence
shall have the meaning set forth in the Recitals hereto..

1.71         Percentage Interest means, ten
percent (10%) with respect to DDR and ninety percent (90%) with respect to TRT,
as the same may be adjusted from time to time in accordance with Section
5.5(c).

1.72         Person means any individual,
company, firm, partnership, limited liability company, corporation, trust,
association or other legal entity.

1.73         Promote Interest means DDR’s
right to receive distributions pursuant to Sections 6.2(b)(i), 6.2(c)(i)
and 6.2(d)(i).

1.74         Promote Value means, with
respect to DDR, the amount of cash that would be distributed to DDR in respect
of its Promote Interest if all of the Partnership’s and the Subsidiaries’
assets were sold for Fair Market Value and the proceeds were applied to pay all
debts of the Partnership and the Subsidiaries and distributed in accordance
with Article XIII.

 10
 

1.75         Properties means, collectively,
the real property and related improvements described on Exhibit B attached hereto; Property
means any one of the Properties.

1.76         Property Manager means DDR or a
Related Party of DDR that executes the Management and Leasing Agreement as
Property Manager.

1.77         REIT Tax Provisions means Parts
II and III of Subchapter M of Chapter I of Subtitle A of the Code, as now
enacted or hereafter amended, and other provisions of the Code referred to or
incorporated in, or referring to or incorporating any other provisions of, said
Parts II and III, or similar provisions or successor statutes, and applicable
regulations under and rulings with respect to the aforesaid provisions of the
Code.

1.78         Related Party means, with
respect to any Person, any Affiliate entity: 
(i) in which such Person is, directly or indirectly, the beneficial
owner of more than fifty percent (50%) of the equity interests (e.g. stock, partnership interests, limited
liability company interests) in terms of both vote and value during the entire
period in which such Related Party is involved with the Partnership or the
Properties, or (ii) which is, directly or indirectly, the beneficial owner of
more than fifty percent (50%) of the equity interests (e.g. stock, partnership interests, limited
liability company interests) of such Person in terms of both vote and value.

1.79         Revenues means, for any period,
the gross revenues of the Partnership and the Subsidiaries on a consolidated
basis from any source arising from the ownership and operation of the
Properties during such period, including, without limitation, (a) receipts from
the operations of the Properties, (b) proceeds of any sale, refinancing or
other capital event (other than incident to the liquidation of the
Partnership), (c) proceeds of any business interruption or rental loss
insurance maintained by the Partnership from time to time, and (d) amounts
released from Partnership reserves, but specifically excluding Capital
Contributions, proceeds of property insurance used to repair or restore any
Property and the proceeds of any financing (other than refinancing proceeds).

1.80         Subsidiaries means,
collectively, TRT DDR Holdings I LLC, TRT DDR Beaver Creek LLC, TRT DDR
Centerton Square LLC and TRT DDR Mt. Nebo Pointe LLC; Subsidiary means
any one of the Subsidiaries.

1.81         Substitute Partner means any
Person not executing this Agreement as of the date of this Agreement to whom a
Partnership Interest in the Partnership has been transferred and who has been
admitted to the Partnership as a Substitute Partner pursuant to and in
accordance with the provisions of Section 12.5.

1.82         Successor Entity means, with
respect to any Person, (i) any Person that may result from the
reorganization, merger, consolidation or business combination by or with such
first Person, regardless whether such first Person is the surviving entity,
(ii) any entity to which such Person is selling all or substantially all
of its assets or (iii) in the case of TRT Parent, any entity which is a
fund sponsored by TRT Parent or its Affiliates, including senior management of
TRT Parent or one or more principals or senior managers of its advisor.

1.83         Target Account means, with
respect to any Partner for any Fiscal Year, or portion thereof, the excess of
(a) an amount (which may be either a positive or negative balance) equal to 

 11
 

the hypothetical
distribution (or contribution) such Partner would receive (or contribute) if
all assets of the Partnership, including cash, were sold for cash equal to
their Gross Asset Value (taking into account any adjustments to Gross Asset
Value for such Fiscal Year), all liabilities of the Partnership were then
satisfied in accordance with their terms (limited with respect to each
nonrecourse liability, to the Gross Asset Value of the property securing such
liability) and all remaining proceeds from such sale were distributed pursuant
to Section 6.2, over (b) such Partner’s share of Partnership Minimum Gain and
Partner Nonrecourse Debt Minimum Gain 
(both as defined in Exhibit E)
immediately prior to such hypothetical sale.

1.84         Transfer means to sell,
transfer, assign, pledge or otherwise, directly or indirectly, dispose of or
encumber, voluntarily or involuntarily (including, without limitation,
disposition by way of intestacy, will, gift, bankruptcy, execution,
hypothecation, seizure or sale of legal process, operation of law or
otherwise).

1.85         TRT shall have the meaning set
forth in the Heading hereto.

1.86         TRT Parent means Dividend
Capital Total Realty Trust, Inc. and/or Dividend Capital Total Realty Operating
Partnership LP.

1.87         TRT Investment means
$45,700,909.

1.88         Trustee in Liquidation means the
Person appointed under Section 13.2 to wind up the affairs of and liquidate the
Partnership.

1.89         Voting Stock means capital stock
issued by a corporation, partnership interests issued by a partnership,
membership interests issued by a limited liability company, or equivalent
interests in any other Person, the holders of which are ordinarily, in the
absence of contingencies, entitled to vote for the election of directors (or
persons performing similar functions) of such Person, even if the right so to
vote has been suspended by the happening of such a contingency.

1.90         Winding Up Profit and Loss means
items of Net Profit or Net Loss realized by the Partnership during the Winding
Up Year.

1.91         Winding Up Year means each
Fiscal Year of the Partnership in which an event described in Section 13.1
occurs, and each succeeding Fiscal Year.

ARTICLE
2

ORGANIZATIONAL
MATTERS

2.1           Name.  The name of the Partnership is “TRT DDR
Venture I General Partnership.”  The
Partnership was formed on April 4, 2007, by the filing of a Partnership
Statement of Existence with the Delaware Secretary of State.

2.2           Purpose and Business of the
Partnership.  The purpose of the
Partnership is to engage in the following activities:

 12
 

(a)           acquiring, owning, operating and
disposing of the Properties, directly, or indirectly by acquiring, owning and
disposing of membership interests in the Subsidiaries, and engaging in all
activities necessary, customary, convenient or incident to any of the foregoing
(the “Business”);

(b)           acting as the sole member of the
Subsidiaries and entering into and performing its obligations under the limited
liability company agreements of the Subsidiaries, as amended from time to time;
and

(c)           transacting any and all lawful
business for which a limited liability company may be organized under the Act
that is incident, necessary or appropriate to accomplish the foregoing (and is
not otherwise prohibited under this Agreement), including, without limitation,
borrowing money and contracting for necessary or desirable services of
professionals and others.

2.3           Powers.  The Partnership shall have all the powers and
may exercise all the rights that a limited liability company has or may legally
exercise under the Act.

2.4           [Intentionally Omitted].

2.5           Principal Business Office.  The principal office of the Partnership shall
be at 3300 Enterprise Parkway, Beachwood, Ohio 44122, or at such other place as
may be designated by the Managing Partner.

2.6           Registered Office.  The address of the registered office of the
Partnership in the State of Delaware shall be c/o The Corporation Trust
Company, 1209 Orange Street, Wilmington, Delaware 19801.

2.7           Registered Agent.  The name and address of the registered agent
of the Partnership for service of process on the Partnership in the State of
Delaware shall be The Corporation Trust Company, 1209 Orange Street, Wilmington,
Delaware 19801.

2.8           Partnership Tax Status.  Pursuant to Income Tax Regulation Section
301.7701-3(b), the Partnership shall be treated as a partnership for federal
income tax purposes, and the tax treatment of the Partnership shall be governed
by Subchapter K of the Code.  No Partner
shall take any action inconsistent with such treatment.  The definitions contained herein relating to
federal income tax matters should be read consistently with each provision of
the Code and Regulations.

ARTICLE
3

MEMBERS;
CERTAIN RIGHTS AND OBLIGATIONS OF MEMBERS

3.1           Admission of Partners.  The Partners named in the preamble to this
Agreement have been admitted to the Partnership as the initial Partners.  The Partners are entering into this Agreement
pursuant to the Act for the purpose of setting forth the rights and obligations
of the Partners relating to the Partnership.

 13
 

3.2           Partner Names and Addresses.  The names and the mailing addresses of the
Partners are set forth on Exhibit A
attached to this Agreement.

3.3           No Personal Liability for Return
of Capital Contributions.  No Partner
or Managing Partner shall be personally liable for the return of all or any
portion of the Capital Contribution of any Partner, and any such return shall
be made solely from the assets and properties of the Partnership.

3.4           Reimbursement of Organizational
Costs and Expenses.  All
Organizational Costs and Expenses paid prior to the date hereof by any Partner
shall be reimbursed to such Partner by the Partnership.  All Organizational Costs and Expenses not
paid prior to the date hereof shall be paid by the Partnership.  The Organizational Costs and Expenses
incurred by each Partner as of the date hereof are set forth on Exhibit D attached hereto.

3.5           Asset Management Fee.  Pursuant to the Asset Management Agreement,
DDR or a Related Party of DDR Parent shall act as the Asset Manager and shall
be entitled to receive pursuant to the Asset Management Agreement an annual
asset management fee equal to twenty five basis points (0.25%) of the Gross
Investment Value (the “Asset Management Fee”), commencing with the date of the
closing on the acquisition of the Properties and ending upon the earlier of the
termination of this Agreement or the sale, disposition or write off of the last
of the Properties owned by the Partnership or any Subsidiary.  The Asset Management Fee will be paid by TRT
or a Related Party of TRT and will be payable quarterly in arrears following
the determination of the Net Operating Cash Flow of the Partnership for each
fiscal quarter; provided, however, that if for any such quarter, the Net
Operating Cash Yield is less than 7%, then (i) one half of the Asset
Management Fee accrued for such quarter shall be deferred and paid at the end
of the next (and each succeeding) fiscal quarter for which the Net Operating
Cash Yield exceeds 7%, and will then be paid only to the extent of such excess
Net Operating Cash Flow, until all deferred amounts have been paid in
full.  The Asset Management Fee will be
pro rated for any period of less than a full fiscal quarter based on the actual
number of days elapsed.  DDR shall have
the right, without the consent of the Partnership or any Partner, to assign its
rights to the Asset Management Fee to any Related Party of DDR Parent.  If the Asset Management Agreement is
terminated for any reason (other than removal of DDR as Managing Partner
pursuant to Section 7.7), TRT or a Related Party of TRT shall thereafter pay
DDR the Asset Management Fee pursuant to this Agreement for so long as DDR is
the Managing Partner.  An example of the
calculation of the Asset Management Fee is attached hereto as Schedule 3.5.

3.6           Contracts with Partners or
Affiliates.  Except for the Asset
Management Agreement and the Management and Leasing Agreement, the Managing
Partner shall not engage or pay any compensation to any Affiliate of the
Managing Partner for the provision of services to the Partnership unless (i)
such Affiliate is fully qualified and experienced to provide the required
services, (ii) both the scope of services and the compensation payable to such
Affiliate for the services are consistent with then current market standards
for arms length transactions, (iii) the Managing Partner discloses such
engagement to the Executive Committee as a transaction with an Affiliate of the
Managing Partner and (iv) such engagement or payment is approved by the
Executive Committee as a Major Decision. 
All agreements with Affiliates of the Managing Partner, including the
Asset Management Agreement and the Management and Leasing Agreement, shall be
terminable by written notice from TRT upon (i) the removal of DDR as 

 14
 

Managing Partner,
(ii) the sale or other disposition of the Properties (or upon the sale or
disposition of one or more, but less than all, of the Properties, such
agreements shall be terminable with respect to such sold or disposed of
Properties) or (iii) the sale or other disposition by DDR of DDR’s entire
Partnership Interest.

3.7           Compensation of Managing Partner;
Use of In-House Staff.  Except as
otherwise expressly set forth herein or in the Annual Plan and Budget,  the Managing Partner shall not be entitled to
any compensation or reimbursement for its services hereunder without the
express approval of TRT.  Any such
approval must expressly acknowledge that such compensation or reimbursement is
to be paid to the Managing Partner. 
Notwithstanding the foregoing, the Managing Partner may, in lieu of
retaining outside counsel, utilize in-house attorneys or paralegals employed by
DDR Parent or its Affiliates to represent the interests of the
Partnership.  If the Managing Partner
elects to use an attorney or paralegal in the employment of DDR Parent or its
Affiliates to represent the interests of the Partnership, DDR shall be entitled
to receive a fee from the Partnership, as the sole and exclusive compensation
payable by the Partnership for such legal services, in the amount of: (i) Two
Hundred Dollars ($200) per hour of actual attorney time for attorneys
practicing for three (3) years or less, (ii) Two Hundred Fifty Dollars ($250) per
hour of actual attorney time for attorneys practicing for greater than three
(3) years but less than five (5) years, (iii) Three Hundred Dollars ($300) per
hour of actual attorney time for attorneys practicing for greater than five (5)
years but less than ten (10) years; (iv) Three Hundred Fifty Dollars ($350) per
hour of actual attorney time for attorneys practicing for greater than ten (10)
years; (v) One Hundred Twenty-Five Dollars ($125) per hour of actual paralegal
time devoted to Partnership matters for junior paralegals, (vi) One Hundred
Fifty Dollars ($150) per hour of actual paralegal time devoted to Partnership
matters for associate paralegals, and (vii) One Hundred Seventy Dollars ($170)
per hour of actual paralegal time devoted to Partnership matters for senior
paralegals.  Such hourly reimbursement of
Managing Partner for in-house attorney and paralegal time shall be subject to
the annual review of TRT, and TRT may in connection with any such review require
that Managing Partner thereafter promptly transition such work to outside
counsel.

3.8           Guaranty Payments.  Each Partner agrees that it will pay in
accordance with this Agreement its pro rata share (determined based on its
Percentage Interest) of any payment made or liability incurred by a Partner or
any Affiliate or Related Party of a Partner as a result of any (i) interest
rate lock or hedge, (ii) guarantee of any Partnership borrowing, indebtedness
or other obligation of the Partnership (including, without limitation, any
non-recourse carve-out guarantee or environmental guaranty or indemnity) by
that Partner or any Affiliate or Related Party of that Partner on behalf of the
Partnership or any Subsidiary, or (iii) letter of credit, reimbursement
agreement or other credit enhancement (including, without limitation, in the
form of a master lease) executed and delivered by that Partner or any Affiliate
or Related Party of that Partner on behalf of the Partnership or any
Subsidiary, in each case only to the extent such guarantee, letter of credit,
reimbursement agreement or other credit enhancement (each a “Guaranty”) has
been approved as a Major Decision by the Executive Committee (each, a “Guaranty
Payment”); provided, however, that in no event shall the Partnership or
any Partner have any obligation to indemnify or hold harmless any such Person
(nor shall such Person have any rights of subrogation against the Partnership
or any Partner) on account of Guaranty Payments arising from the fraud, willful
misconduct or gross negligence of the Person entering into such Guaranty or any
of its Affiliates.  Except as aforesaid,
each Partner shall advance its 

 15
 

proportionate share of
any monies expended or liability incurred in respect of any Guaranty Payment as
the same is expended or incurred.  In the
event any Partner fails or refuses to promptly fund (not later than ten (10)
Business Days after notice from the Partnership or any Partner) its
proportionate share of any funds required hereunder to be funded in order to
satisfy any such Guaranty Payment, such Partner shall be deemed to be a
Non-Contributing Partner and the remaining Partners may apply the provisions of
Section 5.5 to cover such Non-Contributing Partner’s obligations with respect
to such Partner Liability.  The Master Lease shall not in any event
constitute a Guaranty, and DDR Parent shall be solely responsible for any
payment obligations thereunder, without any right of reimbursement,
contribution or subrogation against the Partnership, any Subsidiary or any
Partner.  The Partnership shall pay
when due, all costs and expenses incurred in connection with the execution and
delivery of any Guaranty when approved as a Major Decision.  The provisions of this Section 3.8 shall
survive the dissolution of the Partnership and the termination of this Agreement.

3.9           Distributions and Withdrawals.  No Partner shall be entitled to make
withdrawals from the Partnership except to the extent of distributions made
pursuant to the express provisions of this Agreement.  Distributions may be made in cash or in property,
or partly in each, but no Partner shall have the right to require that a
distribution be made other than in immediately available funds.

3.10         Right to Market Partnership Property.  Subject to the terms, conditions and
limitations set forth in the Loan Documents, each Partner shall have the right
to cause a sale at any time after the fourth anniversary of the date of this
Agreement or sooner pursuant to Section 7.7, but not less than all (unless
a partial sale is approved as a Major Decision by the Executive Committee), of
the Properties on the terms and subject to the conditions contained in Exhibit F attached hereto (the “Marketing Right”).

3.11         Overall Debt Ratio.  It is the intent of the Partners to maximize
the use of leverage by the Partnership and its Subsidiaries consistent with the
goal of maintaining an “Overall Debt Ratio” of approximately 70%.  “Overall Debt Ratio” means the sum of the
Indebtedness (including secured and unsecured) directly incurred by the
Partnership and the Subsidiaries divided by the then-current Fair Market
Value of all Properties as determined by the Executive Committee.

ARTICLE
4

TERM

4.1           Effective Date; Term.  The existence of the Partnership commenced on
the date of the filing of the Partnership Statement of Existence in the Office
of the Secretary of State of the State of Delaware in accordance with the Act
and shall continue in perpetuity, unless dissolved and terminated pursuant to
the Act or the provisions of this Agreement.

 16
 

ARTICLE
5

CAPITAL
CONTRIBUTIONS

5.1           Initial Capital Contributions.  Concurrently with the execution of this
Agreement (a) DDR shall (i) cause JDN Development Company, Inc. to sell to the
Partnership all of JDN Development Company Inc.’s right, title and interest in
and to its entire 56.75% limited liability company interest in Centerton Square
LLC, (ii) contribute to the Partnership all of its right, title and interest in
and to its entire 43.25% limited liability company interest in Centerton Square
LLC, (iii) cause Mt. Nebo Pointe LLC to sell to the Partnership all of its
undivided right, title and interest in and to the Mt. Nebo Project (as defined
in the Contribution Project), (iv) cause JDN Real Estate-Apex L.P. to sell to
the Partnership all of its right, title and interest in and to one hundred
percent of the limited liability company interests in TRT DDR Beaver Creek LLC,
which entity owns the Beaver Creek Project (as defined in the Contribution and
Sale Agreement), all on the terms and subject to the conditions set forth in
the Contribution and Sale Agreement, and (v) 
contribute $50,000 representing DDR’s pro rata share (determined based
on its Percentage Interest) of the Partnership’s initial working capital agreed
to by the Partners and $184,532 representing DDR’s pro rata share (determined
based on its Percentage Interest) of the estimated Organizational Costs and
Expenses as of the date hereof as set forth on the Closing Statement dated as
of the date hereof signed by the Partners (the “Initial DDR Contribution”), and
(b) TRT shall contribute to the Partnership on the terms and subject to
the conditions set forth in the Contribution and Sale Agreement the TRT
Investment, and $450,000 representing TRT’s pro rata share (determined based on
its Percentage Interest) of the Partnership’s initial working capital agreed to
by the Partners and $1,660,792 representing TRT’s pro rata share (determined
based on its Percentage Interest) of the estimated Organizational Costs and
Expenses as of the date hereof as set forth on the Closing Statement dated as
of the date hereof signed by the Partners (the “Initial TRT Contribution”).  The Partnership may direct DDR to convey (or
cause to be conveyed) the Centerton Project directly to TRT DDR Centerton
Square LLC and the Mt. Nebo Project directly to TRT DDR Mt. Nebo Pointe
LLC.  The Partners acknowledge and agree
that the Managing Partner will cause the Partnership to repay the Wachovia Bank
N.A. Construction Loan encumbering the Centerton Project immediately following
the closing of the transactions contemplated by the Contribution and Sale
Agreement.

5.2           Initial Distribution and Initial
Capital Account Balances.  On the date that DDR makes the
Initial DDR Contribution and TRT makes the Initial TRT Contribution, the
Partnership shall consummate the transactions contemplated by the Contribution
and Sale Agreement and shall make a special distribution to DDR in an amount
equal to the Initial DDR Distribution. 
After giving effect to the Initial DDR Contribution, the Initial TRT
Contribution and the Initial DDR Distribution, each Partner shall have an
initial Capital Account balance equal to the amount set
forth opposite its name on Exhibit A
attached hereto.  The contributions and
distributions contemplated by Section 5.1 and Section 5.2 shall be reported by
the Partners consistent with Section 707 of the Code and the applicable
Regulations thereunder.

5.3           Additional Capital Contributions.  If and when determined by the Executive
Committee, the Partners shall make additional Capital Contributions to the
Partnership in proportion to their respective Percentage Interests.

 17
 

5.4           Preservation Capital.  If, at any time after the Partners have
contributed all of the Capital Contributions required pursuant to Sections ‎5.1 and 5.3, either Partner reasonably and in good
faith determines (after taking into account any existing cash reserves of the
Partnership or the Subsidiaries) that the Partnership or the Subsidiaries
require additional Capital Contributions to fund the payment of debt service
obligations, real estate taxes, utility costs, insurance premiums, other
contractual obligations of the Partnership or the Subsidiaries or other costs
set forth in an approved Annual Plan and Budget and/or other costs or expenses
reasonably necessary to protect the safekeeping, health and welfare of
occupants or invitees thereof (all such costs, collectively “Preservation Costs”),
such Partner shall have the right to request in writing that the Partners make
further Capital Contributions in the amount needed to pay such Preservation
Costs.  If so requested, each Partner
will have the right (but not the obligation) to fund its pro rata share (based
on its respective Percentage Interests) of such Preservation Costs, within five
(5) Business Days after receipt of such request.  The failure by a Partner to make any Capital
Contribution requested under this Section 5.4 for Preservation Costs shall
not constitute a default by such Partner under this Agreement, and shall not
constitute a basis for “cause” under Section 7.7.  In the event of a failure by any Partner to
contribute its pro rata share of any Preservation Costs required by this
Section, then, provided the other Partner shall have made its corresponding
Capital Contribution in respect of such Preservation Costs, the Partner that
contributed its pro rata share of such Preservation Costs shall have as its
sole and exclusive remedy all the remedies available to a non-defaulting
Partner under Section 5.5, and the Partner not contributing its pro rata share
of such Preservation Coses shall be treated as the Non-Contributing Partner for
the purposes of Section 5.5.

5.5           Failure to Make Capital
Contributions.

(a)           In the event of a failure by any
Partner to contribute any Initial Capital Contribution or Additional Capital
Contribution required by Sections 5.1 or 5.3, then, provided the other
Partner shall have made its corresponding Capital Contribution, such refusal or
failure shall constitute a default by the non-contributing Partner (the “Non-Contributing
Partner”), and the non-defaulting Partner (the “Contributing Partner”) may
elect either (i) to revoke the capital call on the Partners, whereupon any
unmatched Capital Contributions paid by the Contributing Partner pursuant to
such capital call shall be returned to it, with interest from the date paid to
the Partnership to the date returned to the Partner, computed at the Default
Rate, in which event the Partners shall reconsider the needs of the Partnership
for additional capital and may issue a new capital call following such
reconsideration or (ii) advance (a “Default Advance”) all or a portion of the
Non-Contributing Partner’s unpaid Capital Contribution to the Partnership on
behalf of the Non-Contributing Partner.

(b)           Unless the Contributing Partner
exercises its right to revoke the capital call pursuant to clause (i) of
Section 5.5(a), the Contributing Partner shall have the option to:  (i) treat the amount already advanced by it
in respect of such capital call, together with any Default Advance (the “Funded
Amount”), as a loan to the Partnership (a “Partnership Default Loan”) or (ii)
treat any Default Advance as a loan to the Non-Contributing Partner (a “Partner
Default Loan”), payable upon demand, and secured by a pledge of the Non-Contributing
Partner’s entire Partnership Interest in the 

 18
 

Partnership, or (iii) treat the Funded Amount as a
Capital Contribution for all purposes of this Agreement.

(c)           If the Contributing Partner makes the
election under clause (iii) of Section 5.5(b) to treat the Funded Amount
as a Capital Contribution, then the Percentage Interests of the Partners shall
be recalculated as follows:  (i) the
Percentage Interest of the Contributing Partner shall equal a fraction (expressed
as a percentage), the numerator of which shall equal the aggregate sum of
(x) all Capital Contributions made by the Contributing Partner other than
the Funded Amount plus (y) an amount equal to 150% of the Funded Amount;
and the denominator of which shall equal the aggregate sum of (x) all Contributions
made by all Partners under this Agreement other than the Funded Amount plus
(y) an amount equal to 150% of the Funded Amount and (ii) the
Percentage Interest of the Non-Contributing Partner shall equal 100%
minus the Percentage Interest of the Contributing Partner after the application
of this formula.  As an example, if TRT
has made Capital Contributions of $900,000 and DDR has made Capital
Contributions of $100,000 and there is a capital call for $200,000 and TRT
funds $180,000 and DDR fails to fund $20,000, then if TRT elects under this
subparagraph to fund the $20,000 together with its Capital Contributions of
$180,000 (reflecting a $200,000 Funded Amount) as an additional Capital
Contribution, then the Percentage Interest of TRT shall equal 92.3%
($900,000+$300,000 [i.e.,
$200,000 x 150%]) / $1,300,000; and the Percentage Interest
of DDR shall equal 7.7%.  For purposes of
this subparagraph, if there is more than one instance of the application of the
formula set forth in this subparagraph, the Funded Amount shall be the
aggregate amount of additional Capital Contributions made to the Partnership by
the Contributing Partner pursuant to this subparagraph (c).  In addition, if DDR is the Non-Contributing
Partner, its Promote Interest will be reduced in the same proportion as its
Percentage Interest; provided, however, that if any adjustment of
Percentage Interest under this subparagraph results in DDR having less than a
7.5% Percentage Interest, then DDR’s Promote Interest will thereafter be zero.  Notwithstanding any recomputation of
Percentage Interests under this subparagraph (c), each Partner will continue to
have the obligation to fund the same pro rata share of future Capital
Contributions as such Partner had prior to such recomputation.

(d)           Each Partner Default Loan and
Partnership Default Loan shall bear interest until paid at an annual rate equal
to the Default Rate; provided, however, at no time shall such interest rate
exceed the maximum lawful interest rate.

(e)           Each Partnership Default Loan,
including interest thereon, shall be repaid in full to the Contributing Partner
out of the first available Net Cash Flow, before any distributions are made to
any other Partners.  Such payments shall
be applied first the payment of accrued but unpaid interest on each such
obligation and then to the payment of the outstanding principal until each
Partnership Default Loan is paid in full.

(f)            Each Partner Default Loan, including
interest thereon, shall be repaid in full to the Contributing Partner out of
the first available Net Cash Flow or other amounts otherwise payable to the
Non-Contributing Partner pursuant to this Agreement.  Such payments shall be applied first to the
payment of accrued but unpaid interest on each such obligation and then to the
payment of the outstanding principal until each Partner Default 

 19
 

Loan is paid in full. 
A Non-Contributing Partner may, at any time, repay a Partner Default
Loan without payment of any premium or penalty (other than accrued interest
thereon).

(g)           Each Partner hereby grants to the
other Partners and the Partnership, equally and ratably, a security interest in
its Partnership Interest and any fees payable to such Partner or its Affiliates
to secure repayment of any Partner Default Loan. Upon any default in the
repayment of any Partner Default Loan, the Contributing Partner making such
Partner Default Loan shall have all the rights and remedies of a secured party
under the Uniform Commercial Code with respect to the security interest granted
herein, and the proceeds arising from any foreclosure of the security interest
herein granted may be applied to attorneys’ fees and expenses incurred by the
Contributing Partner in exercising such rights and remedies.  Each Partner shall execute and deliver to the
other Partners and to the Partnership all such financing statements and other
instruments as may be requested by the other Partners to evidence the security
interest provided for herein.  This
Agreement may serve as the necessary financing statement, or the Contributing
Partner may execute and file a financing statement on behalf of the
Non-Contributing Partner, and the Non-Contributing Partner hereby appoints the
Contributing Partner as its attorney-in-fact to execute such financing
statements and other instruments as may be necessary to evidence or continue
the perfection of the security interest herein granted.  Such power of attorney is coupled with an
interest and is irrevocable.

(h)           The remedies set forth in this
Section 5.5 shall be in addition to any other rights or remedies available to
the Contributing Partner under applicable law; provided, however, that
in respect of any failure by a Non-Contributing Partner to make Capital
Contributions required under Section 5.4, the remedies set forth in this
Section 5.5 shall constitute the sole and exclusive remedies of the
Contributing Partner.  Any Partner
Default Loan shall constitute a full recourse obligation of the
Non-Contributing Partner, unless such Default Loan arises in respect of the
failure of such Non-Contributing Partner to make Capital Contributions
required under Section 5.4, in which case such Partner Default Loan shall
constitute a limited recourse loan, with recourse solely against the
Partnership Interest of the Non-Contributing Partner, as contemplated by
Section 5.5(g).

5.6           Return of Capital Contributions.  Except as expressly provided herein, no
Partner shall be entitled to (a) the return of any part of its Capital
Contributions, (b) any interest in respect of any Capital Contribution, or (c)
the Fair Market Value of its Partnership Interest in connection with a
withdrawal from the Partnership or otherwise. 
Capital Contributions shall not be a liability of the Partnership or of
any Partner.  No Partner shall be
required to contribute or lend any cash or property to the Partnership to
enable the Partnership to return any Partner’s Capital Contributions to the
Partnership.

5.7           Limitation of Liability for
Capital Contributions.  No Partner
shall have any right or obligation to make any Capital Contribution to the
Partnership except as provided in this Article V.

 20

ARTICLE
6

ALLOCATION OF NET PROFIT AND NET LOSS; DISTRIBUTIONS; 

ACCOUNTING AND TAX MATTERS

6.1           Allocation of Net Profits and Net
Losses.

(a)           Except as otherwise provided in
Section 6.1(b), Net Profit or Net Loss shall be allocated to make the Partially
Adjusted Capital Accounts of the Partners equal, as nearly as possible, to
their respective Target Accounts.

(b)           Items comprising Winding Up Profit
and Loss shall be allocated in such a manner so as to cause the Partially
Adjusted Capital Accounts of the Partners to equal, as nearly as possible,
their respective Target Accounts.  To the
greatest extent possible, if a Partner has a positive adjustment under this
clause (b), the items to be allocated shall consist of a pro rata portion of
all items comprising positive adjustments to Capital Accounts to the extent
necessary; and if a Partner has a negative adjustment, the items allocated
shall consist of a pro rata portion of all items comprising negative
adjustments to Capital Accounts, the Partners intent being that the first
sentence of this clause (b) be achieved using a pro rata share of items to the
maximum extent possible.

(c)           All Net Profits and Net Losses shall
be allocated to the Partners shown on the records of the Partnership to have
been Partners as of the last day of the Partnership Fiscal Year for which such
allocation is to be made, except that, if a Partner sells or exchanges its
interest in the Partnership or otherwise is admitted as a substituted Partner,
the Net Profits and Net Losses shall be allocated between the transferor and
transferee by taking into account their varying interests during the
Partnership Fiscal Year in accordance with Code Section 706(d), using the
interim closing of the books method or such other method as shall be approved
as a Major Decision by the Executive Committee.

(d)           The parties intend that the foregoing
tax allocation provisions of this Article VI shall produce final Capital
Account balances of the Partners that will permit liquidating distributions
that are made in accordance with final Capital Account balances under Section
13.5 to be made (after unpaid loans and interest thereon, including those owed
to Partners have been paid) in a manner identical to the order of distribution
priorities set forth in Section 6.2.  To
the extent that the tax allocation provisions of this Article VI would fail to
produce such final Capital Account balances, (i) such provisions shall be
amended by the Managing Partner if and to the extent necessary to produce such
results and (ii) taxable income and taxable loss of the Partnership for prior
open years (or items of gross income and deduction of the Partnership for such
years) shall be reallocated by the Managing Partner among the Partners to the
extent it is not possible to achieve such result with allocations of items of
income (including gross income) and deduction for the current year and future
years.

6.2           Distributions of Net Cash Flow.  Except as provided in Article XIII, all Net
Cash Flow available for distribution shall be distributed on a quarterly basis
(or, in the case of capital 

 21
 

proceeds, as promptly as
practicable following the capital transaction to which they relate) to the
Partners as follows:

(a)           First, to the Partners pro rata in
accordance with their respective Percentage Interests until TRT has received
aggregate distributions pursuant to this Section 6.2(a) equal to an Internal
Rate of Return of 9.5%; and

(b)           Second, (i) 15% to DDR and (ii) 85%
to the Partners pro rata in accordance with their respective Percentage Interests
until TRT has received aggregate distributions pursuant to Section 6.2(a) and
this Section 6.2(b) equal to an Internal Rate of Return of 10%; and

(c)           Third, (i) 20% to DDR and (ii) 80% to
the Partners pro rata in accordance with their respective Percentage Interests
until TRT has received aggregate distributions pursuant to Section 6.2(a),
Section 6.2(b) and this Section 6.2(c) equal to an Internal Rate of Return of
11%; and

(d)           Thereafter, (i) 25% to DDR and (ii)
75% to the Partners pro rata in accordance with their respective Percentage
Interests.

6.3           Accounting.

(a)           The books of the Partnership shall be
kept on the accrual basis and in accordance with accounting principles
consistently applied.

(b)           All direct out-of-pocket costs and
expenses of keeping the books of account and the fees for accounting services
shall be deemed and treated as expenses of the Partnership.  The books of account shall be closed and
balanced as of the end of each calendar year, and the Net Profits or Net Losses
of the Partnership determined as herein provided.  Copies of a report of such determination
prepared by the Partnership’s accountants, accompanied by a report of federal
income tax information and a schedule of the Partners’ Capital Accounts as of
the end of each calendar year shall be furnished to each Partner.  Each Partner (and any authorized
representative of a Partner) shall have the right to examine said books of
account during reasonable business hours. 
The Managing Partner will engage the Accountants to (i) review the
Partnership’s books, and (ii) prepare or review all tax returns for the
Partnership, such outside accountants’ expenses to be expenses of the
Partnership.  Notwithstanding the
foregoing, if employees of DDR prepare tax returns for the Partnership (for
review by a nationally recognized accounting firm) DDR shall be entitled to
charge the Partnership an amount reasonably determined by DDR to cover DDR’s
cost (including overhead) of preparing such returns, (such cost currently
estimated to be $20,000 per year), such amount not to exceed the reasonably
estimated cost to the Partnership if the Accountants had prepared such returns.

6.4           Capital Accounts.

(a)           There shall be maintained a Capital
Account for each Partner in accordance with this Section 6.4 and the principles
set forth in Exhibit E
hereto.  The amount of cash or the Fair
Market Value of other property contributed to the Partnership 

 22
 

by each Partner, net of liabilities assumed by the
Partnership or to which any property so contributed is subject, shall be
credited to its Capital Account, and from time to time, but not less often than
quarterly, the share of each Partner in profits, losses and distributions shall
be credited or charged to its Capital Account. 
The determination of Partners’ Capital Accounts, and any adjustments
thereto, shall be made consistent with tax accounting and other principles set
forth in Section 704(b) of the Code and applicable regulations thereunder.

(b)           Immediately following the transfer of
any Partnership Interest, the Capital Account of the transferee Partner shall
be equal to the Capital Account of the transferor Partner attributable to the
transferred interest and such Capital Account shall not be adjusted to reflect
any basis adjustment under Code Section 743.

(c)           For purposes of computing the amount
of any item of income, gain, deduction or loss to be reflected in the Partners’
Capital Accounts, the determination, recognition and classification of any such
item shall be the same as its determination, recognition and classification for
federal income tax purposes, taking into account any adjustments required
pursuant to Code Section 704(b) and the applicable regulations thereunder as
more fully described in Exhibit E
hereto.

6.5           Elections.  The Managing Partner, with the prior consent
of the Executive Committee, shall elect pursuant to Code Section 754 to adjust
the basis of the Partnership’s assets for all transfers of Partnership
Interests if such election would benefit any Partner or the Partnership;
provided that to the extent such election is required under the Code or the
Regulations, such election shall not require the prior consent of the Executive
Committee.

6.6           Deficit Restoration.  Except as specified in this Agreement, no
Partner will be obligated to make an additional Capital Contribution to the
Partnership to restore a deficit Capital Account balance or otherwise.

6.7           Tax Matters.  DDR shall be the “Tax Matters Partner,” as
defined in Code Section 6231(a)(7) and shall (i) file or cause to be filed all
tax returns and tax filings for the Partnership and (ii) subject to first
having obtained the approval by the Executive Committee, make all elections and
take such actions required or permitted by the Code with respect to the
Partnership’s federal income tax returns and tax matters.  At the request of any EC Member, DDR shall
prior to filing deliver to the Executive Committee for review and approval any
tax return or other filing set forth in the request of such EC Member.  DDR shall take no action as Tax Matters
Partner (other than to ensure that each Partner is a “notice partner” for
purposes of Section 6231 of the Code) without the approval of the Executive
Committee.  DDR shall keep the other
Partners informed of all correspondence that it receives in its capacity as Tax
Matters partner.

6.8           Withholding; Tax Payments.  The Managing Partner is authorized to
withhold and pay over all amounts required to be withheld pursuant to the Code
(including, without limitation, Code Sections 1441, 1445 and 1446) or pursuant
to any provision of any state or local tax law with respect to (i) any payment
or distribution to any Partner or (ii) any allocation of income to any
Partner.  All amounts withheld and paid
over pursuant to the Code or any provision of any 

 23
 

state or local tax law
shall be treated as amounts distributed to such Partner pursuant to this
Article VI for all purposes of this Agreement. 
The allocations of any such amounts among the Partners shall be
determined pursuant to any reasonable method chosen by the Managing Partner,
with the prior consent of TRT that is in accordance with applicable law with
the understanding that such allocations are intended to be made to the party
that caused the tax to be incurred.

ARTICLE
7

MANAGEMENT

7.1           Management by Managing Partner.  Subject to (i) those matters that are
expressly reserved to the Partners under the Act or this Agreement and (ii)
Major Decisions requiring the approval of the Executive Committee under Section
8.3, the management of the Partnership shall be vested in the Managing Partner,
and the Managing Partner shall have the power and authority to conduct the
business and affairs, and take all actions on behalf, of the Partnership.  Other than any Partner serving as the
Managing Partner and except for any actions with respect to which a Partner is
expressly empowered or authorized pursuant to this Agreement, no Partner shall
have the power or authority to act for or bind the Partnership.  It is expressly understood and agreed that
the Managing Partner shall not be required to devote its entire time or
attention to the business of the Partnership, although the Managing Partner and
its officers, employees, Affiliates and EC Members shall devote such time to
the business of the Partnership and the Subsidiaries as may be necessary or
desirable in order to carry out the duties of the Managing Partner
hereunder.  Except as otherwise expressly
provided herein, no Partner nor any member, partner, shareholder, officer,
director, employee, agent or representative of any Partner shall receive any
salary or other remuneration for its services rendered pursuant to this
Agreement.  Subject to Article XI, the
Managing Partner shall not be restricted in any manner from participating in
any other business activities even if those activities may be competitive with
the Business.

7.2           Appointment of Managing Partner.  DDR is hereby appointed as the Managing
Partner of the Partnership.

7.3           Managing Standard.  The Managing Partner shall perform its duties
as Managing Partner in good faith and in the best interests of the Partnership
and will exercise commercially reasonable efforts to cause the Partnership, the
Subsidiaries and the Properties to be operated and managed in accordance with
the Annual Plan and Budget and this Agreement and otherwise in accordance with
the standard of care required of professional managers of properties similar to
the Properties (the “Management Standard”). 
The Managing Partner shall at all times maintain an organization
sufficient to enable it to carry out all of its duties, obligations and
functions as Managing Partner under this Agreement.  The Partners acknowledge and agree that
absent fraud, willful misconduct or gross negligence on the part of the
Managing Partner the sole and exclusive remedy of any Partner for any claims
arising from a breach by the Managing Partner of the Management Standard shall
be the removal of the Managing Partner as managing partner.

7.4           Authority of the Managing Partner.  The authority of the Managing Partner shall
be limited to implementing the decisions of the Executive Committee as provided
in Section 8.6 and to conducting the day-to-day administrative business of the
Partnership.  No financial institution or
person, firm, corporation or other entity dealing with the Managing Partner
with 

 24
 

respect to the
Partnership or any of its assets and properties shall be obligated to see that
the terms of this Agreement have been complied with, or be obligated to inquire
into the necessity or expediency of any act or action of the Managing Partner,
and every contract, agreement, deed, mortgage, lease, note or other instrument
or document executed by the Managing Partner shall be conclusive evidence in
favor of any financial institution, person, firm, corporation or other entity relying
thereon that such instrument or document was duly executed and is binding upon
the Partnership, and that the Managing Partner is duly authorized and empowered
to execute and deliver such agreement, document or other instrument for and on
behalf of the Partnership.

7.5           Specific Duties of the Managing
Partner.  To the extent the
Partnership makes available to the Managing Partner sufficient funds, the
Managing Partner agrees that, in addition to any obligations and
responsibilities set forth elsewhere in this Agreement, and subject to
receiving approval of the Executive Committee for any Major Decision, the
Managing Partner shall at no cost to the Partnership (except as specifically
provided for in the Management and Leasing Agreement or as specifically provided
for in an approved Annual Plan and Budget), in its capacity as Managing Partner
of the Partnership, and acting on behalf of the Partnership in respect of the
Subsidiaries take the actions set forth below. 
It is acknowledged and agreed by each Partner that (1) the taking of any
of the actions set forth below shall be at the sole cost and expense of the
Partnership and that if sufficient funds as determined by the Managing Partner
are not made available to the Managing Partner in order to permit the Managing
Partner to take any such action, the failure to take such action shall not
constitute a default by the Managing Partner hereunder, (2) the failure to take
any action requiring the approval of the Executive Committee shall not
constitute a default by the Managing Partner hereunder if such approval is not
given in a timely manner, and (3) the failure of the Managing Partner to take
any action as a result of the exercise by TRT of its rights under Section 14.2
hereof shall not constitute a default by the Managing Partner hereunder.  It is further acknowledged and agreed that
the failure to take any particular action required pursuant to this Section 7.5
shall not constitute grounds for removal of the Managing Partner unless such
failure otherwise constitutes grounds for “cause” under Section 7.7(a)(1).

(a)           manage the Partnership and the
Subsidiaries and the Properties in accordance with the Management Standard,
including supervision of the Property Manager pursuant to the Management and
Leasing Agreement;

(b)           enter into and enforce agreements (or
cause the Property Manager to enter into and enforce agreements) with such
contractors, subcontractors, managers, consultants, engineers, architects,
brokers, attorneys and accountants as the Managing Partner may reasonably
select, on such terms and for such reasonable compensation as the Managing
Partner shall determine, and subject to compliance with Section 3.6,
notwithstanding the fact that DDR or any other Partner may have a financial
interest in, or otherwise be affiliated with, any such firms or corporations;

(c)           supervise the leasing of the retail
space at the Properties by the Property Manager pursuant to the Management and
Leasing Agreement, including the enforcement of leases of space at the
Properties and the collection of rents and other amounts payable by tenants and
the payment of compensation for such leasing services in the manner described
in the Management and Leasing Agreement;

 25
 

(d)           prosecute, defend, adjust,
compromise, settle, refer to arbitration or otherwise deal with any claims in
favor of or against the Partnership or any Subsidiary and use commercially
reasonable efforts to recover any and all revenues, receipts and consideration
due and payable to the Partnership or any Subsidiary;

(e)           keep all books of account and other
records of the Partnership and the Subsidiaries and deliver all reports in the
manner provided in Article 10;

(f)            protect and preserve the title and
interest of the Partnership and the Subsidiaries in the Properties, including
keep the Properties free from mechanics’ and Materialmen’s liens;

(g)           comply in all material respects with
the terms and provisions of any license, permit, restrictive covenant, easement
agreement or subdivision requirements or conditions affecting the Properties or
any portion thereof, and any and all material contracts entered into or assumed
by the Partnership;

(h)           comply in all material respects with
all present and future laws, ordinances, orders, rules, regulations and
requirements of all federal, state, municipal or local governmental authority
or of the Board of Fire Underwriters or any other body exercising functions
similar to those of any of the foregoing, including any of the forgoing
relating to zoning, parking, building set-back, public accommodation,
handicapped accessibility or other requirements or restrictions;

(i)            comply in all material respects with
the terms and provisions of the Loan Documents;

(j)            pay or cause to be paid, prior to
delinquency, all insurance premiums, debts and other obligations of the
Partnership, including amounts due under the Loan Documents, except to the
extent the same are being contested in good faith;

(k)           make distributions from the funds of
the Partnership periodically to the Partners in accordance with the provisions
of this Agreement;

(l)            install and maintain a property
management accounting system approved by the Executive Committee;

(m)          pay, before delinquency and prior to
the addition of interest or penalties, all taxes, assessments and other
impositions applicable to the Properties and any other assets owned by the
Partnership or the Subsidiaries (except to the extent the same are being
contested in good faith), and undertake when approved by the Executive
Committee any action or proceeding seeking to reduce such taxes, assessments or
other impositions and to pay all bills and obligations of the Partnership and
each Subsidiary  in accordance with
normal industry standards (except to the extent the same are being contested in
good faith);

(n)           apply for and use all commercially
reasonable  efforts to obtain any and all
financing approved by the Executive Committee required or desirable to carry
out the 

 26
 

purposes of the Partnership and the Subsidiaries; and
in that regard the Managing Partner shall keep TRT informed of all material
actions related to obtaining such financing, including the selection of
qualified lenders, the issuance of requests for proposals, the preparation of
loan applications and the negotiation and delivery of term sheets, commitment letters
and definitive loan documents, and the Managing Partner shall provide TRT and
its counsel with the opportunity to participate in all of the foregoing,
including any material negotiations, discussions or  decisions relating to such financing;

(o)           upon the request of any Partner and
upon reasonable advance notice, provide access during regular business hours to
originals, and deliver photocopies, of all contracts, agreements, leases,
records and other documentation affecting or otherwise relating to the
Partnership, any Subsidiary or any Property;

(p)           obtain and maintain such public
liability, casualty and other insurance required by Lender or as the Managing
Partner deems reasonably necessary;

(q)           cause one or more interest-bearing
accounts to be maintained in the Partnership’s name at one or more banks
approved by the Executive Committee, each of which shall be a member of the
FDIC;

(r)            cause such certificates to be filed
and do such other acts as may be required by applicable law to qualify and
maintain the Partnership and each Subsidiary in good standing in the states
where they do business and are required to be so qualified (except where the
failure to be so qualified would not have a material adverse effect on the
Partnership); and

(s)           perform all other services expressly
required to be performed by the Managing Partner hereunder.

7.6           Resignation of Managing Partner.  The Managing Partner may resign only if (i)
DDR’s interest in the Partnership is transferred to any Person that is not a
Related Party to DDR as contemplated by and in accordance with Section 12.3, or
(ii) DDR is terminated as Property Manager under the Management and Leasing
Agreement.

7.7           Removal of DDR as Managing Partner.

(a)           Removal for Cause.

(i)            Subject to the cure provisions of this
Section 7.7, TRT shall have the right to remove DDR as the Managing Partner for
“cause” (as defined below) by delivering to DDR a written notice of removal and
stating in reasonable detail the grounds for removal (a “Removal Notice”); provided,
however, that unless DDR acknowledges in writing that cause for removal
exists, any such removal shall be effective only upon the issuance of a written
determination by a mediator reasonably acceptable to DDR and TRT (the “Mediator”)
that “cause” exists.  For purposes of
this Agreement, “cause” shall mean (1) the breach by DDR of any material
provision of this Agreement (including, without limitation, the failure of DDR
to make any required Capital Contribution, other than in respect of 

 27
 

Preservation Costs), (2) fraud by DDR with respect to
any matter relating to the Partnership, (3) gross negligence by DDR in the
performance of its duties as Managing Partner under this Agreement, (4) willful
misconduct by DDR in the performance of its duties as Managing Partner under
this Agreement, (5) DDR becomes a Bankrupt Partner, (6) DDR (or any Related
Party) is terminated as a result of a “Property Manager Event of Default” (as
such term in defined in the Management and Leasing Agreement) as Property
Manager under the Management and Leasing Agreement, (7) DDR (or any Related
Party) is terminated for “cause” as Asset Manager under the Asset Management
Agreement, (8) the breach by DDR Parent of any material provision of the
Master Lease or (9) the breach by DDR Parent or any of the other “Contributors”
under the Contribution and Sale Agreement of any material provision of the
Contribution and Sale Agreement. 
Notwithstanding the foregoing, the parties acknowledge and agree that a
breach of a representation or warranty by any Contributor under the
Contribution and Sale Agreement shall not be considered a breach of a material
provision of the Contribution and Sale Agreement for purposes of this Section
7.7(a)(i). (ii) If the Partners are unable to agree on a mediator within thirty
(30) days of the date that DDR received the Removal Notice, then within ten
(10) days thereafter the Partners shall each select a reputable qualified
mediator located in New York, New York. 
If either of the Partners shall fail to designate a mediator within said
ten (10) day period and thereafter shall fail to do so within three (3) days
after written notice by the other Partner requesting such designation, then
notwithstanding the following provisions of this Section 7.7, the mediator that
has been selected shall be deemed approved. 
The two mediators selected shall select a third mediator having an
office in New York, New York, and the third mediator so selected shall be
deemed approved by the Partners.  If the
first two mediators shall fail to agree upon the designation of a third
mediator, then the approved mediator shall be appointed by the American
Arbitration Association in the City of New York, New York.  The Partners agree to submit their written
arguments (the “Written Arguments”) to the Mediator within ten (10) Business
Days following the acceptance by the Mediator of its appointment hereunder and
to cause the Mediator to render its written determination (based solely on the
Written Arguments) of whether cause exists no later than thirty (30) days
following submission of the Written Arguments. 
The written determination of the Mediator shall only be effective for
purposes of establishing the effective date of DDR’s removal, but shall not be
final or binding on the parties for the purpose of determining whether cause
actually exists and either party may seek a judicial determination of that
issue.  If it is ultimately determined by
a final, non-appealable order of a court of competent jurisdiction that cause
did not exist, (i) DDR shall be entitled to be reinstated as Managing Partner
and shall be paid an amount equal to the Asset Management Fees otherwise
payable for the period of time beginning with DDR’s removal and ending with its
reinstatement as Managing Partner), (ii) any deferred Asset Management Fees
will be reinstated and thereafter paid in accordance with Section 3.5 and the
Asset Management Agreement, (iii) DDR’s Promote Interest shall be reinstated,
retroactive to the date 

 28
 

of removal, (iv) all agreements between the
Partnership or any Subsidiary and DDR or any Related Party of DDR that were
terminated shall be reinstated, (v) DDR’s right to appoint members to the EC
Committee shall be reinstated, (vi) DDR’s appointees to the EC Committee shall
be reinstated, (vii) the Partnership shall pay to DDR all fees payable under
the Management and Leasing Agreement for the period of time beginning with DDR’s
removal and ending with its reinstatement as Property Manager and (viii) TRT
shall no longer have the right to invoke the Marketing Right pursuant to
subclause (F) of clause (iv) below, but TRT shall have the right to continue
marketing and may cause the Partnership or a Subsidiary to sell any Property
for which it had invoked the Marketing Right pursuant to subclause (F) of
clause (iv) below and was actively marketing prior to DDR’s reinstatement (DDR
acknowledges that the foregoing shall not prohibit TRT from invoking the
Marketing Right pursuant to Section 3.10 at any time TRT would otherwise have
had such right pursuant to Section 3.10).

(iii)          If (A) the cause or grounds for
removal is based upon anything other than fraud or willful misconduct
(including, without limitation, the breach by DDR Parent of any material
provision of the Master Lease or the breach by DDR Parent or any of the other “Contributors”
under the Contribution and Sale Agreement of any material provision of the
Contribution and Sale Agreement), (B) the cause or grounds for removal can be
cured within thirty (30) days after the date of receipt by the Managing Partner
of the notice of removal and (C) the Managing Partner gives the Partners a
written undertaking to cure such matter within such 30-day period, then the
Managing Partner shall have such 30-day period in which to cure the cause or
grounds for removal or, if the Managing Partner requests additional time for
completing the cure and is proceeding diligently to complete the cure, an
additional thirty (30) days in which to complete the cure.  The costs and expenses of any such cure (X)
shall be paid solely, fully and directly by the Managing Partner and not by the
Partnership or any other Partner and (Y) shall not be treated as an additional
Capital Contribution or loan to the Partnership or any other Partner.  Notwithstanding the foregoing, the Managing
Partner shall not be entitled to effect a cure under this clause (iii) more
frequently than three times within any 12-month period.

(iv)          If DDR is removed as Managing Partner
for cause, then from and after the date of removal (A) DDR shall no longer have
the right to appoint any members of the EC Committee, (B) DDR’s appointees to
the EC Committee shall be deemed removed, (C) all agreements between DDR (or
any Related Party of DDR) and the Partnership or any Subsidiary shall be
terminated, (D) DDR shall no longer be entitled to receive the Asset Management
Fee, other than any Asset Management Fees payable for the current fiscal
quarter of the Partnership through the date of removal (but any Asset
Management Fees which have been deferred due to the failure of the Partnership
to achieve a 7% Net Operating Cash Yield will be cancelled), (E) DDR’s Promote
Interest will be cancelled and all subsequent distributions of Net Cash Flow
shall be made pro rata in accordance with the Partners’ respective Percentage
Interests notwithstanding any contrary provision of Section 6.2 or any other
provision of this Agreement and (F) TRT 

 29
 

may at any time thereafter invoke the Marketing
Right.  The removal of DDR as the
Managing Partner shall be in addition to and not in limitation of any other
remedies available to the Partnership and the Partners with respect to the
actions giving rise to such removal for cause.

(b)           Removal Based Upon Change of
Control Event.

(i)            TRT shall have the right to remove
DDR as the Managing Partner if DDR suffers a Change of Control Event and TRT
delivers written notice of removal to DDR within three hundred sixty-five (365)
days following the date TRT receives notice of the Change of Control Event.

(ii)           If DDR is removed as a result of a
Change of Control Event, then (A) TRT shall have the right to be exercised by
written notice to DDR delivered no later than sixty (60) days following such
removal to terminate all agreements between DDR (or any Related Party of DDR)
and the Partnership or any Subsidiary, (B) from and after DDR’s removal, DDR
shall no longer be entitled to receive the Asset Management Fee, other than any
Asset Management Fees payable for the current fiscal quarter of the Partnership
through the date of removal (which will be paid no later than sixty (60) days
following removal) and any Asset Management Fees that have been deferred due to
the failure of the Partnership to achieve a 7% Net Operating Cash Yield (which
deferred fees will continue to be carried forward and paid if and when the
conditions to such payment have been satisfied in accordance with Section 3.5
as if DDR had not been removed), (C) DDR shall be paid the Promote Value
determined as of the date of removal no later than thirty (30) days following
DDR’s removal, (D) from and after the date DDR is paid the Promote Value, DDR’s
Promote Interest will be cancelled and all subsequent distributions of Net Cash
Flow shall be made pro rata in accordance with the Partners’ respective
Percentage Interests notwithstanding any contrary provision of Section 6.2 or
any other provision of this Agreement and (E) at any time thereafter either
Partner may elect to invoke the Marketing Right.

(c)           Appointment of Successor Managing
Partner.  Upon any removal of the
Managing Partner (or if the Managing Partner resigns pursuant to Section 7.6),
the members of the Executive Committee appointed by TRT shall approve the
appointment of a replacement Managing Partner.

7.8           Officers.

(a)           The Partnership and the Subsidiaries
shall have no employees.  However, the
Managing Partner may appoint one or more of its employees, officers,
representatives or agents (or those of a Related Party) to act as officers of
the Partnership or any of the Subsidiaries. 
Except as otherwise expressly provided in this Agreement, however, the
Managing Partner shall be solely responsible for the compensation and overhead
costs of such officers, and no Person shall be entitled to any compensation for
acting as an officer or EC Member of the Partnership or any Subsidiary.

 30
 

(b)           The Managing Partner may select a
president, such number of vice presidents as it may from time to time
determine, a secretary, a treasurer, and such other officers as the Managing
Partner may from time to time elect or appoint for the purpose of carrying out
the directives of the Managing Partner and carrying on the day-to-day business
of the Partnership.  The initial officers
of the Partnership are set forth on Exhibit G
hereto.  Each officer and agent shall
hold office for the term for which he is elected or appointed and until his
successor has been elected or appointed and qualified or until his earlier
resignation or removal in accordance with this Agreement.  Any two or more offices may be held by the
same person, except the offices of President and Secretary.

(c)           Any officer or agent elected or
appointed by the Managing Partner may be removed by the Managing Partner
whenever in its judgment the best interests of the Partnership will be served
thereby.  Election or appointment of any
officer or agent shall not of itself create contract rights.

(d)           Any vacancy occurring in any office
may be filled by the Managing Partner.

(e)           Officers shall have such authority
and perform such duties in the management of the Partnership as are provided in
this Agreement or as may be determined by the Managing Partner, provided that
no Officer shall have any authority to take any action that is not permitted to
be taken by the Managing Partner, acting alone.

(f)            The delegation by the Managing
Partner of its duties or responsibilities to an officer or agent shall not
relieve the Managing Partner from its obligations hereunder, and the Managing
Partner shall be responsible for actions taken by such officer or agent to the
same extent as if taken by it directly.

ARTICLE
8

EXECUTIVE COMMITTEE; MAJOR DECISIONS

8.1           Establishment of Executive
Committee.  The Partners hereby
establish an Executive Committee (the “Executive Committee”) consisting of four
(4) members (each, an “EC Member”).  DDR
and TRT shall each have the right to appoint two (2) EC Members.  The following individuals are hereby
appointed as initial EC Members:

	
  DDR EC Members

  	
   

  	
  TRT EC Members

  
	
   

  	
   

  	
   

  
	
  Scott A.
  Wolstein

  	
   

  	
  John Blumberg

  
	
   

  	
   

  	
   

  
	
  Daniel B.Hurwitz

  	
   

  	
  John Chambers

  

 

8.2           Purpose of Executive Committee.  The sole function of the Executive Committee
is to approve or disapprove Major Decisions.

8.3           Major Decisions.  Major Decisions requiring the approval of the
Executive Committee are set forth and described in Exhibit H attached to this Agreement.

 31
 

8.4           Procedure Relating to Adoption of
Major Decisions.  Each Partner may
propose to adopt, modify or revoke a Major Decision at any time.  Whenever a Partner proposes to adopt, modify
or revoke a Major Decision it shall deliver a written notice to the Executive
Committee (a “Major Decision Proposal Notice”). 
Each Major Decision Proposal Notice shall (i) describe the proposal in
detail reasonable under the circumstances and (ii) contain information,
reasonable under the circumstances, necessary to permit the Executive Committee
to make a reasonably informed decision on the proposal.  The Executive Committee shall not be required
to hold meetings.  If the EC Members
elect to have a meeting, each meeting of the Executive Committee shall be held
at the office of the Managing Partner or, at any EC Member’s option, by
telephone, unless the EC Members otherwise agree.  If a Person attends (whether in person or
telephonically) a meeting, such attendance shall constitute a waiver by such
Person of notice of such meeting, unless such Person attends the meeting for
the purpose of objecting to the transaction of any business on the ground that
the meeting is not lawfully called or convened. 
A Person may vote at such meeting by written proxy executed by that
Person and delivered to the Managing Partner. 
A proxy shall be revocable unless it is stated to be irrevocable.  Any action required or permitted to be taken
by the Executive Committee may be taken without a meeting, without prior
notice, and without a vote if a consent or consents in writing, setting forth
the action so taken, is signed by all of the EC Members.  Any meeting may take place by means of
telephone conference, video conference, or similar communication equipment by
means of which all Persons participating therein can hear each other.

8.5           Approval of Major Decisions;
Pre-Approved Major Decisions.  The
adoption, modification or revocation of a Major Decision requires the approval
of a majority of the EC Members, including (i) at least one EC Member
appointed by DDR and (ii) at least one EC Member appointed by TRT, each
acting in its sole discretion.  Each EC
Member shall have the right to act in a manner which he or she considers to be
in the best interests of the Partner that appointed him or her, and shall have
no obligation to consider the interests of any other Person.  Solely with respect to the Major Decisions
listed in paragraphs (a) and (b) of Exhibit H,
if an EC Member does not expressly approve or disapprove such Major
Decision within five (5) Business Days after written request for such approval
and within three (3) Business Days after delivery of a second written request
(which second request includes at the top of the first page a bold heading in
12 point type, all capital letters, stating “THIS IS A SECOND REQUEST FOR YOUR APPROVAL.  YOUR FAILURE TO RESPOND WITHIN THREE BUSINESS
DAYS AFTER YOUR RECEIPT OF THIS NOTICE (THAT IS, BY                ,
        ) WILL BE DEEMED TO CONSTITUTE
YOUR APPROVAL OF THE MAJOR DECISION DESCRIBED BELOW”), then such EC
member will be deemed to have approved such Major Decision.  Any Major Decision approved or deemed
approved in accordance with this Section 8.5 shall bind the Partnership, unless
it is later amended, modified or revoked as a Major Decision as provided in
Section 8.6 hereof.  Exhibit I attached to this Agreement sets
forth Major Decisions that have been approved by the Executive Committee as of
date of this Agreement.

8.6           Implementation.  The Managing Partner shall, to the extent the
Partnership makes available sufficient funds, implement fully each Major
Decision approved by the Executive Committee in accordance with this Article
VIII.  The Managing Partner shall not
have the right or power either on behalf of the Partnership or any Subsidiary
or on its own behalf (and shall not permit any officer or agent or other Person
to whom the Managing Partner may have delegated 

 32
 

its duties hereunder,
including the Property Manager under the Management and Leasing Agreement or
the Asset Manager) to make any commitment or engage in any undertaking or
action that requires approval as a Major Decision unless and until such Major
Decision has been approved by the Executive Committee in accordance with
Section 8.5.

8.7           Resignation, Removal and Vacancy
of EC Members.

(a)           Each EC Member may resign at any time
by giving notice to all other EC Members.

(b)           Each EC Member may be removed, with
or without cause, only by the Partner that initially appointed such EC Member.

(c)           Any vacancy on the Executive
Committee shall be filled by the Partner that initially appointed the EC Member
to the seat that is then vacant.

ARTICLE
9

PROPERTY MANAGEMENT AND LEASING

9.1           Engagement of Property Manager;
Approval of Management and Leasing Agreement.  DDR Parent shall be engaged as the Property
Manager upon the terms and subject to the conditions set forth in the
Management and Leasing Agreement.  The
terms and conditions of the Management and Leasing Agreement are hereby
approved and adopted as a Major Decision. 
DDR, in its capacity as Managing Partner, is hereby authorized and
directed to execute and deliver (or cause to be executed and delivered) the
Management and Leasing Agreement for and on behalf of the Subsidiaries.

9.2           Enforcement of Certain Agreements.  Notwithstanding any other provision in this
Agreement to the contrary, including, without limitation, Article VII, if DDR,
in its capacity as Managing Partner of the Partnership, fails or refuses to
enforce the terms of the Management and Leasing Agreement, the Contribution and
Sale Agreement, the Master Lease or any other agreement entered into with DDR
or any DDR Affiliate pursuant to Section 3.6 or any other rights the
Partnership or a Subsidiary may have against DDR or any DDR Affiliate for and
on behalf of the Partnership, then TRT may implement, enforce or take any
termination or other enforcement action of the Partnership or any Subsidiary
that arises pursuant to the Management and Leasing Agreement, the Contribution
and Sale Agreement, the Master Lease or any other such agreement, upon written
notice to DDR.

9.3           Compensation of Property Manager.  The Property Manager shall receive the fees
in the amounts and at the times provided for in the Management and Leasing
Agreement, and such further amounts as agreed to as a Major Decision by the
Executive Committee and provided in the Annual Plan and Budget.  The Property Manager shall have the right,
without the consent of the Partnership or any Partner, to assign its rights
under the Management and Leasing Agreement to any Related Party of the Property
Manager.

 33
 

9.4           Modification of the Management and
Leasing Agreement.  The Management
and Leasing Agreement shall not be modified unless such modification is in
writing and such writing is authorized as a Major Decision by the Executive Committee.

ARTICLE
10

ANNUAL PLAN AND BUDGET, REPORTS AND TAX RETURNS

10.1         Annual
Plan and Budget.  Attached as Exhibit J is an annual plan and budget for the operation of
the Properties for the Fiscal Year ending December 31, 2007 (the “Annual Plan
and Budget”).  On or before  November 1, 2007 and November 1st of each
succeeding Fiscal Year of the Partnership, the Managing Partner shall prepare
or cause to be prepared an Annual Plan and Budget for the operation of the
Properties for the next Fiscal Year, which shall be in the form set forth as Exhibit J and shall contain (i) a budget for the Properties
over the period covered by the Annual Plan and Budget, including a detailed
description of the anticipated Expenses, including those anticipated for
maintenance, repair and management of the Properties and any planned or
required improvements to the Properties with the schedule for such
improvements, (ii) leasing guidelines for rental of any space at the Properties
(if applicable), (iii) a leasing plan addressing strategies for renting of any
vacant space (if applicable), and (iv) such other matters as any member of the
Executive Committee may reasonably require. 
The Annual Plan and Budget shall be submitted to the Executive Committee
for approval, and after such approval the Managing Partner shall use its
commercially reasonable efforts to implement the Annual Plan and Budget,
provided that in no event will the Managing Partner, as such, be required to
advance funds to the Partnership for such purposes.  Until such time as the Executive Committee
has approved a proposed budget or business plan, the most recently approved
Annual Plan and Budget shall continue to apply; provided, however, that
such Annual Plan and Budget shall automatically be adjusted to reflect (a)
actual increases in real estate taxes and other governmental impositions,
utility costs and insurance premiums, 
(b) the actual amount of the debt service under the Loan Documents, (c)
actual increases in amounts required to be paid under existing agreements to
which the Partnership or any Subsidiary is a party and (d) amounts required to
be paid under agreements entered into during such Fiscal Year by the
Partnership or any Subsidiary with the approval of the Executive Committee.

10.2         Maintenance of Books and Records.  The Managing Partner shall cause the
Partnership and each Subsidiary to keep, at the principal office of the
Partnership, accurate, full and complete books, records and accounts in
accordance with accounting principles generally accepted in the United States (“GAAP”).  Such books and records shall show the assets,
liabilities, costs, expenditures, receipts, profits and losses of the
Partnership, and shall include provision for the separate Capital Accounts of
each Partner.

10.3         Financial Reporting.  For each reporting period, the Managing
Partner shall send the reports referenced below to each Partner, at the expense
of the Partnership or the applicable Subsidiary, within the time periods set
forth below.  Failure to timely provide
required reports will be a breach of this Agreement and TRT shall be entitled
to injunctive relief for any such breach, it being agreed that damages would be
in inadequate remedy; provided, however, that any such breach shall be subject
to the cure provisions of Section 7.7(a)(iii).

 34
 

(a)           Annual Financial Statements.  As soon as available and in any event within
ninety (90) days after the end of each Fiscal Year, a consolidated balance
sheet of the Partnership and its Subsidiaries as of the end of such Fiscal
Year, together with related consolidated statements of income, partners’
capital, cash flows and changes in financial position for such Fiscal Year, all
in reasonable detail and stating in comparative form the respective figures for
the corresponding date and period in the prior Fiscal Year and all prepared in
accordance with GAAP applied on a consistent basis.  The annual financial statements referred to
above shall include all required disclosures that are considered an integral
part of the financial statements as prepared in conformity with GAAP and
industry standards.  In addition to the
foregoing annual financial statements, the Managing Partner shall deliver to
TRT at the time it delivers the annual financial statements required pursuant
to this Section a completed property services questionnaire for each Property
in the form the Managing Partner uses in connection with the operation of its
business or in such other form as TRT may reasonably request in order to
evaluate the amount of “impermissible tenant services income” received by the
Partnership (each, a “Completed Property Services Questionnaire”).

(b)           Monthly Reports.  The Managing Partner will close the books for
the Partnership and each Subsidiary on the twenty-fifth (25th) day of each
month and, by the twelfth (12th) day of the following month, will send to each
Partner monthly reports, as more specifically described in Exhibit K. 
Such reports may take the form of the Managing Partner’s standard
reporting package, subject to approval by TRT. 
All such monthly financial statements shall be subject to year-end
adjustments.

(c)           Quarterly Reports.  To the extent not previously provided in the
monthly reporting process, the Managing Partner shall provide information for
the fiscal quarter by the twelfth (12th) day of the following month (including
the fourth quarter of each Fiscal Year), to allow TRT to complete its quarterly
reporting required for public companies. 
In addition to the foregoing, the Managing Partner shall include in the
quarterly report that it delivers to TRT for the quarter ending June 30th of each Fiscal, Year current Completed
Property Service Questionnaires.

10.4         Tax Returns.  All U.S. Federal, state and local income tax
returns shall be prepared by or under the direction of the Executive
Committee.  At the request of any EC
Member, the Managing Partner shall cause drafts of all tax returns (including
all related schedules and exhibits and, upon request, copies of all supporting
work papers) to be submitted to the Executive Committee for its approval no
later than April 1 each calendar year. 
The Managing Partner shall file or cause to be filed all such tax
returns required to be filed by or on behalf of the Partnership.

10.5         Inspection and Audit Rights.  Each Partner may, at its own expense, review
and/or audit the books, records and reports of the Partnership or any
Subsidiary, and in furtherance thereof, may inspect and copy during normal
business hours any of the Partnership or Subsidiary books and records required
to be maintained in accordance with this Agreement.  Such right may be exercised through any
agent, representative or employee of a Partner or by an independent certified
public accountant designated by such Partner.

 35
 

10.6         SEC Reporting and Auditor
Cooperation.

(a)           The Managing Partner acknowledges
that TRT will be required to cause an audit to be performed by TRT’s
independent auditor with respect to the Properties consistent with SEC
Regulation S-X Rule 3-14, and that the Contributors will have the obligation
pursuant to the Contribution and Sale Agreement to provide certain information
and to cooperate with TRT in completing such audit.  In that event, the Managing Partner shall,
from time to time, upon reasonable advance written notice from TRT, require
that the Contributors provide TRT with (a) particular non-confidential,
non-proprietary financial, leasing and other information pertaining to the
period of the Contributors’ ownership and operation of the Properties (as
described in the Contribution and Sale Agreement), as requested by TRT, which
information is relevant and reasonably necessary, in the opinion of TRT’s
independent auditor, to enable TRT and its independent auditor to prepare
financial statements and to conduct an audit of such financial statements in
accordance with accounting principles generally accepted in the United States
and (b) a representation letter to TRT’s independent auditor in accordance with
auditing standards generally accepted in the United States.  To the extent that such information relates to
periods when the Properties were owned by the Subsidiaries, the Managing
Partner will cause the Subsidiaries to provide such information and such
representation letter.

(b)           The appropriate personnel of the
Managing Partner and the Property Manager and Asset Manager shall make
themselves reasonably available to TRT’s accounting personnel and its
independent auditors to allow them to conduct TRT’s annual audit and quarterly
reviews as are appropriate for public companies (all at no cost to TRT and the
applicable Partnership or Subsidiary). 
The Managing Partner, the Property Manager and the Asset Manager shall
cooperate in a timely and reasonable manner with TRT and its independent
auditor in the conduct of the annual audit and quarterly reviews.

10.7         Disclosure Information.  The Managing Partner shall provide, or cause
to be provided, to TRT copies of and shall grant TRT access to, any other
factual information (the “Disclosure Information”) as may be reasonably
requested by TRT to enable TRT or its Affiliates to make the necessary filings
as and when such filings with the Securities and Exchange Commission are
required and to otherwise permit TRT to comply with laws applicable to public
companies, but only to the extent that such Disclosure Information is in the
possession or control of the Managing Partner, the Property Manager or the
Asset Manager or any of their respective Affiliates.

10.8         Internal Controls.  The Managing Partner will be responsible for
ensuring that the Partnership and each Subsidiary has adequate controls in
place to enable TRT to comply with the provisions of the Sarbanes-Oxley
Act of 2002 (“S-OX”), including, but not limited to, the following:  controls over initiating, authorizing,
recording, processing, and reporting significant accounts of the Partnership
and each Subsidiary; controls over the selection and application of accounting
policies that are in conformity with GAAP; antifraud programs and controls;
information technology general controls on which other controls are dependent;
controls over significant non-routine and nonsystematic transactions of
the Partnership and each Subsidiary, such as accounts involving judgments and
estimates; Partnership or Subsidiary-level controls,

 36
 

including the control
environment, and controls over the period-end financial reporting process
(including controls over procedures used to enter transaction totals into the
general ledger, controls to initiate, record and process journal entries in the
general ledger, and controls to record recurring and nonrecurring adjustments
to the financial statements).  The
Managing Partner shall document all controls in place and upon reasonable
advance notice make itself and its employees and agents reasonably available to
TRT’s accounting personnel and its independent auditors to allow them to
conduct TRT’s S-OX compliance documentation and testing as required for
public companies, all at no cost to TRT and the applicable Partnership or
Subsidiary.  The Managing Partner shall
cooperate in a timely and reasonable manner with TRT and its independent
auditor in the conduct of any such S-OX compliance documentation and
testing.

ARTICLE
11

COMPETING ACTIVITIES

11.1         Competing Activities.  Each of the Partners and their respective
Affiliates, Related Parties, officers, directors, employees, members and
principals, may engage in or possess any interest in any other business
ventures of any kind, independently or with others, including but not limited
to the ownership, financing, leasing, operating, management, syndication, brokerage,
development or renting of real or personal property.  The fact that a Partner may encounter
opportunities to purchase, otherwise acquire, lease, sell or otherwise dispose
of real or personal property and may take advantage of such opportunities or
introduce such opportunities to Affiliates, Related Parties or other entities
shall not subject such Partner to liability to the Partnership or any other
Partner on account of the lost opportunity. 
Neither the Partnership nor any Partner shall have any right by virtue
of this Agreement or the relationship created hereby in or to such ventures, or
to the profits or proceeds derived therefrom, and the pursuit of such ventures,
even though competitive with the business of the Partnership, shall not be deemed
wrongful or improper.  Nothing contained
in this Agreement shall be deemed to prohibit any Partner or any Affiliate or
Related Party of any Partner from dealing, or otherwise engaging in business,
with Persons transacting business with the Partnership or from providing
services relating to the purchase, sale, rental, management or operation of
real or personal property and receiving compensation therefor, not involving
any direct or indirect payment by the Partnership or any rebate or reciprocal
arrangement which would circumvent the restrictions set forth herein upon
dealings with Affiliates or Related Parties, from any Persons who have
transacted business with the Partnership or other third parties.

11.2         Certain Leasing Matters.  If DDR Parent or any Affiliate of DDR Parent
owns, acquires, develops or manages real property within a three mile radius of
any Property (each such Person, a “Competing Entity” and each such real
property, a “Competing Properties”), such Competing Entity agrees to market
both the Company’s Property and the Competing Property on a good faith basis,
to present to prospective tenants all available space in the Property that
meets such tenant’s stated requirements and are within such prospective tenant’s
rental range, and thereafter not to favor one property over the other.  DDR Parent agrees for itself and its
Affiliates that it will not actively solicit any current tenant of any Property
for any Competing Property; provided that the foregoing shall not prohibit DDR
Parent or any Affiliate of DDR Parent from fielding inquiries from current
tenants of the Properties or responding to requests for proposals of current
tenants with respect to space in Competing Properties and from presenting to
such 

 37
 

current tenants available
space in a Competing Property that meets such tenant’s stated requirements and
are within such tenant’s rental range. 
DDR shall notify TRT if DDR Parent or any Affiliate of DDR Parent
submits any written proposal for the lease of space in a Competing Property to
any tenant of a Property prior to the expiration of such tenant’s lease term at
a Property.

ARTICLE
12

TRANSFERS OF INTEREST; WITHDRAWAL

12.1         General Prohibition on Transfers  Except as otherwise set forth in this Article
XII, no Partner may Transfer any portion of its Partnership Interest without
the prior written consent of all other Partners, which may be granted or
withheld in each Partner’s sole and absolute discretion, and any attempt to do
so shall be null and void.  For purposes
of this Section 12.1, transfers of interests in DDR or TRT and changes in
ownership of any corporation, partnership, limited liability company or other
entity that owns an interest in DDR or TRT shall not be prohibited or be
considered a transfer of the Partnership Interest of DDR or TRT.  No Transfer (whether or not contemplated by
this Agreement) shall give the transferee the right to be admitted as a
Substitute Partner except as set forth in Sections 12.2 and 12.5.

12.2         Permitted Transfers.  Subject to Section 12.4 but notwithstanding
any other provision of this Agreement, any Partner may, without the consent of
any other Partner and without complying with the provisions of Section 12.3,
Transfer all or any portion of such Partner’s Partnership Interest to:
(i)  another Partner, and (ii) to any Related Party of a Partner, other
than any Related Party that is not a United States resident or a Person formed
and existing under the laws of any State of the United States.  Subject to Section 12.4, any Partner
transferring a Partnership Interest in accordance with this Section 12.2 shall
have the unilateral right to cause such assignee or transferee to be admitted
as a Substitute Partner.  Upon a Transfer
of any Partnership Interest to any Affiliate or Related Party of a Partner under
this Section 12.2, the transferor shall remain subject to all obligations under
this Agreement as if no such Transfer had been made.

12.3         Transfers Subject to Right of First
Refusal.

(a)           Subject to Sections 12.1 and 12.4, if
any Partner desires to Transfer all or any portion of its Partnership Interest
other than to a permitted transferee under Section 12.2 (the “Transferred
Interest”), then such Partner (the “Transferring Partner”) shall provide
written notice (the “Transfer Notice”) to the other Partners (the “Non-Transferring
Partners”) setting forth (A) the Transferred Interest, (B) the price at which
the Transferred Interest is proposed to be transferred and (C) in the case of a
proposed sale or exchange for value, the terms of the proposed transfer, including
the payment terms.  The Non-Transferring
Partners shall have the right and option (the “Option”) to purchase (or cause
their nominee to purchase) all, but not less than all, of the Transferred
Interest.  If more than one
Non-Transferring Partner desires to exercise the Option, the Non-Transferring
Partners will purchase the Transferred Interest in proportion to such
Non-Transferring Partner’s Percentage Interests in the Partnership or as they
may otherwise agree among themselves. 
Any Non-Transferring Partner desiring to exercise 

 38
 

the Option shall deliver written notice (the “Exercise
Notice”) to that effect to the Transferring Partner within thirty (30) days
after the Transfer Notice is given (the “Option Period”) and the sale shall be
consummated on the terms and conditions set forth in the Transfer Notice.

(b)           If Non-Transferring Partner(s) elect
to purchase (or cause their nominees to purchase) less than all of the
Transferred Interest during the Option Period, then the Transferring Partner
shall be entitled to transfer the Transferred Interest so long as (i) such
transfer is consented to by all other Partners, which consent may be granted or
withheld in each Partner’s sole and absolute discretion, (ii) such transfer is
consummated within one hundred eighty (180) days following the expiration of
the Option Period on the terms set forth in the Transfer Notice and (iii) the
Transferring Partner repays at the time of consummation of the transfer the
outstanding principal balance of, and all accrued but unpaid interest on, any
obligation of the Transferring Partner to the Partnership or any
Non-Transferring Partner.

(c)           The closing of the purchase by any
Non-Transferring Partner of the Transferred Interest pursuant to this Section
12.3 shall take place on or before the expiration of a thirty (30) day period
immediately following the expiration of the Option Period (or such earlier date
as the Partners party to such transaction may elect), at which closing the
Transferring Partner shall convey, transfer and assign to the Non-Transferring
Partners exercising the Option or to their designated nominees (by assignment
and such instruments of transfer as shall reasonably be requested) the
Transferring Partner’s entire right, title and interest in and to the Transferred
Interest, free and clear of any liens, encumbrances or claims of any nature
whatsoever other than those set forth in this Agreement, and shall, to the
extent requested by the Non-Transferring Partners cooperate to effect a smooth
continuation of the affairs of the Partnership. 
At the closing, the Non-Transferring Partners electing to exercise the
Option shall pay to the Transferring Partner, in immediately available funds,
an amount equal to the total purchase price for the Transferred Interest that
such Non-Transferring Partner is purchasing (net of any debts, loans or other
obligations owing by the Transferring Partner to the Partnership or any
Non-Transferring Partner).

(d)           This Section 12.3 shall not
limit the right of a Partner to solicit the consent of the other Partners to
the Transfer of all or part of its Partnership Interests pursuant to Section
12.1, without any obligation to offer such Partnership Interest to the other
Partners pursuant to this Section 12.3.

12.4         Absolute Restriction on Transfers.  Notwithstanding any other provision of this
Agreement, no Transfer may be made of a Partnership Interest or any portion
thereof to the extent that any such Transfer: 
(a) would violate any federal or state securities laws, (b) is made to a
Person who does not agree to be subject to the terms of this Agreement, (c) is
made to a Person who does not agree to execute such documents as the Managing
Partner may reasonably require to reflect the Person agreeing to be subject to
the terms of this Agreement, or (d) would cause a default under the terms of
any indebtedness of the Partnership or the Subsidiaries or would otherwise
violate the terms of any agreement between the Partnership or the Subsidiaries
and another party; and any attempted assignment in violation hereof shall be
ineffective to 

 39
 

transfer any such
Interest.  Any Transfer of a Partnership
Interest in the Partnership in contravention of this Agreement (a “Prohibited
Transfer”) shall be null and void and if a Partner attempts to make a Prohibited
Transfer, then the Managing Partner shall be entitled to take any and all
action which may be necessary or appropriate to defeat or prevent the
Prohibited Transfer.

12.5         Rights of Assignees and Substitute
Partners.  An Assignee of a
Partnership Interest shall be entitled to receive the share of the Partnership
capital and distributions to which such Assignee’s immediate predecessor would
have been entitled.  Except as otherwise
provided in Section 12.2, the Assignee may become a Substitute Partner owning
the interest so transferred only if:  (i)
the Partner making such disposition grants the transferee the right to be so
admitted, and (ii) such admission as a Substitute Partner is consented to by
all Partners, who may grant or withhold such consent in their sole and absolute
discretion.  Upon becoming a Substitute
Partner, such Assignee shall have all of the rights and powers of, shall be
subject to all of the restrictions applicable to, shall assume all of the
obligations of, and shall attain the status of, such Assignee’s predecessor,
and shall in all respects be a Partner under and pursuant to this Agreement.

12.6         Partner Default Loans and
Partnership Default Loans.  In the
event of any Transfer of a Partnership Interest, if the transferor shall have
made any Partner Default Loan or Partnership Default Loan, the transferor shall
transfer to the transferee of such Partnership Interest a proportionate share
of its interest in such Partner Default Loan or Partnership Default Loan.

12.7         Transfer of Interests in Partners.  DDR will not permit any direct or indirect
equity interest in DDR to be Transferred without the prior written consent of
all other Partners (which may be granted or withheld in each member’s sole and
absolute discretion), unless after giving effect to such Transfer DDR will
continue to be a Related Party of DDR Parent or its Successor Entity.  TRT will not permit any direct or indirect
equity interest in TRT to be Transferred without the prior written consent of
all other Partners (which may be granted or withheld in each member’s sole and
absolute discretion), unless after giving effect to such Transfer TRT will
continue to be a Related Party of Dividend Capital Total Realty Trust Inc.
and/or Dividend Capital Total Realty Operating Partnership LP or their
respective Successor Entities.

12.8         Withdrawal or Insolvency of a
Partner.

(a)           Subject to Article XIV, no Partner
shall have the right to withdraw from the Partnership and all Partners hereby
agree not to withdraw from the Partnership.

(b)           If a Partner (herein referred to as
the “Bankrupt Partner”) becomes a Bankrupt Partner, the remaining Partner or
Partners (the “Remaining Partner(s)”) shall have the exclusive right and
option, to be exercised in writing to the Bankrupt Partner (with written notice
provided to all other Partners), for a period of thirty (30) days after the
occurrence of any such event, to elect to purchase the entire interest of the
Bankrupt Partner at a purchase price determined under Section 12.7(d).  If more than one Remaining Partner desires to
purchase the Partnership Interest of the Bankrupt Partner, such Remaining
Partners will purchase the interest in proportion to such Remaining

 40

Partners’ Partnership Interests in the Partnership or
as they may otherwise agree among themselves.

(c)           The Partner(s) (or such Partners’
legal representative) whose entire right, title and interest are to be
purchased and succeeded to (for purposes of this Section 12.7, the “Selling
Partners”) by one or more Remaining Partner(s) (the “Purchasing Partners”)
pursuant to this Section 12.7 shall, within ten (10) days after receipt of
notice from the Purchasing Partner(s) of its or their intent to purchase the entire
interest of the Selling Partners, execute and deliver such assignments, deeds,
bills of sale and other instruments as shall reasonably be requested by such
Purchasing Partner(s) to effect the conveyance and transfer of the entire
right, title and interest of such Selling Partners in the Partnership, and
shall, to the extent requested by the Purchasing Partner(s), cooperate to
effect a smooth and efficient continuation of the Partnership affairs.  If the Selling Partners dispute the right of
the Purchasing Partner(s) to purchase and succeed to the Selling Partners’
entire right, title and interest in and to the Partnership, such Selling
Partners shall nevertheless execute instruments and cooperate with the
Purchasing Partner(s) pursuant to the immediately preceding sentence, without,
however, being deemed to have waived their rights to damages if the Purchasing
Partner(s) shall have purchased and succeeded to the interest of the Selling
Partners under this Section 12.7 without having the right to do so.  The Selling Partners shall indemnify and hold
the Purchasing Partner(s) harmless from and against all loss, liability, cost
or expense (including reasonable attorneys’ fees) suffered or incurred by the
Purchasing Partner(s) if the Selling Partners shall fail to properly execute
instruments and cooperate with the Purchasing Partner(s) pursuant to, or shall
otherwise fail to perform, the provisions of this Section 12.7.

(d)           Upon compliance by the Selling
Partners with the provisions of Section 12.7(c), the Purchasing Partner(s)
succeeding to the entire right, title and interest of the Selling Partners in
and to the Partnership shall pay to such Selling Partners one hundred percent
(100%) of the Partnership Interest Value of the Selling Partners (such value to
be determined as of the date the Purchasing Partner(s) serve notice on the
Bankrupt Partner of its or their intent to purchase the Bankrupt Partner’s
interest).  For purposes of determining
the Partnership Interest Value of the Selling Partners, the value of the
Properties shall be determined by Appraisal of the Properties.  The sale shall be consummated (“Closing”) no
later than ten (10) days after Partnership Interest Value is determined.  The purchase price as determined above shall
be paid at Closing.

12.9         Survival of Restrictions on Transfer.  In the event of a Transfer pursuant to this
Article XII, the interest so Transferred shall remain subject to all
restrictions contained in this Article XII, and the transferee shall execute
and deliver written instrument(s) in form and substance satisfactory to the
non-transferring Partner agreeing to be bound by all provisions of this
Agreement.  The restrictions on Transfer
contained in this Article XII shall survive the termination of this Agreement
and shall continue to be binding on the parties hereto and their respective
successors and assigns.

12.10       Indemnification.  The Partners recognize that Transfers of
Partnership Interests or Transfers of direct or indirect equity interests in
the Partners pursuant to this Article XII may, in 

 41
 

some events, constitute
events of default under certain present or future agreements between the
Partnership and/or the Subsidiaries and the Lender or other third parties.  Notwithstanding anything to the contrary contained
in this Article XII, each Partner hereby (i) agrees that it will not make
or permit any Transfer in violation of any such present or future agreement of
which it has knowledge and (ii) indemnifies the other Partner(s) from any
and all loss, cost, or expense incurred as a consequence of such a default by
reason of the Transfer of a Partnership Interest by such indemnifying Partner.

ARTICLE
13

DISSOLUTION; TERMINATION OF THE VENTURE

13.1         Dissolution.  The Partnership shall be dissolved,
terminated, and liquidated, and its affairs wound-up, upon the first to occur
of the following events:

(a)           The sale of all of the assets of the
Partnership; or

(b)           The decision of the Executive
Committee to dissolve, terminate, and liquidate the Partnership.

13.2         Absence of Managing Partner.  If for any reason there is no Managing
Partner, and a replacement Managing Partner is not then serving or thereafter
appointed, the members of the Executive Committee shall appoint as a Major
Decision a “Trustee-in-Liquidation” who shall serve to wind up the affairs of
and liquidate the Partnership.

13.3         Liquidation of Assets; Payment of
Debts.  Upon the termination of the
Partnership, the Partnership’s assets shall be liquidated insofar as it is
determined practicable by the Managing Partner or the Trustee in Liquidation,
and the net proceeds shall first be applied to the payment of the debts and
liabilities of the Partnership and the expenses of liquidation.  A reasonable time shall be allowed for the orderly
liquidation of the assets of the Partnership and the discharge of liabilities
to creditors so as to enable the Partners to minimize the normal losses
attendant upon such liquidation.

13.4         Debts to Partners.  Subject to Section 13.3, the remaining
proceeds and assets shall next be applied toward the repayment of any loans or
advances made by any Partners to the Partnership, with the most recent loans
being repaid first if there shall be insufficient funds to pay all such loans
and loans of even date shall be paid proportionately to the amount of the loans
if there shall be insufficient funds to pay all such loans of even date.

13.5         Distributions to Partners.  Subject to Sections 13.3, 13.4 and 13.6, the
remaining proceeds and assets of the Partnership shall then be applied and
distributed among the Partners proportionally in accordance with the positive
balances in their Capital Accounts, until all Partner Capital Accounts are
reduced to zero.  Unless otherwise agreed
to by the Partners, any assets or properties distributed in kind to the Partners
pursuant to this Section 13.5 shall be distributed on a pro-rata basis (based
on each Partner’s Percentage Interest). 
The value of any assets or properties distributed in kind to a Partner
in liquidation shall be such value as is attributed to such asset in the final
accounting prepared pursuant to Section 13.7 hereof.

 42
 

13.6         Reserves.  Any liquidating distribution pursuant to this
Article XIII shall be made no later than one hundred eighty (180) days after
the date of such liquidation. 
Notwithstanding the preceding sentence, at the discretion of the
Managing Partner or Trustee in Liquidation, a pro rata portion of the
distributions which would otherwise be made to the Partners pursuant to the
first sentence of Section 13.5 hereof may be:

(a)           distributed to a trust established
for the benefit of the Partners for the purpose of liquidating Partnership
assets, collecting amounts owed to the Partnership, and paying any known or
existing or contingent or unforeseen liabilities or obligations of the Partnership
or the Partners arising out of or in connection with the Partnership.  The assets of any such trust shall be
distributed to the Partners from time to time, in the reasonable discretion of
the Managing Partner or the Trustee in Liquidation, as the case may be, or of
all the Partners or of the trustees, in the same proportions as the amount
distributed to such trust by the Partnership would otherwise have been
distributed to the Partners pursuant to Section 13.5 hereof; or

(b)           withheld to provide a reasonable
reserve (taking into account the receivables of the Partnership, the unrealized
portion of any installment obligations owed to the Partnership and the
likelihood of collection of same) for Partnership liabilities (contingent or
otherwise); provided, however, that such withheld amounts shall be distributed
to the Partners as soon as practicable pursuant to Section 13.5 hereof.

13.7         Final Accounting.  Each of the Partners (or its legal
representative or successor in interest) shall be furnished with a statement
prepared by the Managing Partner or the Trustee in Liquidation, as the case may
be, and reviewed by an independent public accountant that shall set forth the
assets and liabilities of the Partnership as at the date of termination.  Upon compliance with the foregoing
distribution plan, the Partnership shall cease to be such, and the Managing
Partner or the Trustee in Liquidation, as the case may be, shall, if necessary,
execute and cause to be filed, distributed or published any and all notices and
documents as may be necessary or appropriate with respect to the termination of
the Partnership.

ARTICLE
14

REIT STATUS

14.1         REIT Compliance.  The Managing Partner acknowledges that it has
been advised that Dividend Capital Total Realty Trust Inc., which is the parent
of TRT (“TRT Parent”), is a REIT.  TRT
acknowledges that it has been advised that DDR Parent is a REIT.  The Managing Partner acknowledges and agrees
that TRT shall, solely to the extent necessary to preserve Dividend Capital
Total Realty Trust Inc.’s status as a REIT, be entitled to exercise any vote,
consent, election or other right under this Agreement consistent with this
Article 14 and without regard to whether conducting the business of the
Partnership in such manner will maximize either pre-tax or after-tax
profit of the Partnership and that it is the intent of TRT to exercise its
approval rights pursuant to this Agreement consistent with this Article
14.  TRT acknowledges and agrees that DDR
shall, solely to the extent necessary to preserve DDR Parent’s status as a
REIT, be entitled to exercise any vote, consent, election or other right under
this Agreement consistent with this Article 14 and without regard to whether
conducting the business of the 

 43
 

Partnership in such
manner will maximize either pre-tax or after-tax profit of the
Partnership and that it is the intent of DDR to exercise its approval rights
pursuant to this Agreement consistent with this Article 14.

14.2         REIT Limitations.  During the term of the Partnership, the
following limitations shall apply and the Managing Partner shall use all
commercially reasonable efforts to cause the Partnership to comply with such
limitations, unless in any instance TRT agrees otherwise in writing:

(a)           The assets of the Partnership and the
Subsidiaries will consist only of direct ownership interests in (1) cash or
cash items and government securities, both within the meaning of Code Section
856(c)(4)(A), (2) real estate assets within the meaning of Code Section
856(c)(5)(B); (3) interests in one or more of the Subsidiaries; and (4)
the Properties.  At least ninety-five
percent (95%) of the fair market value of the Properties will at all times
consist of real estate assets within the meaning of Code Section 856(c)(5)(B).  Specifically, but without limitation, neither
the Partnership nor any of the Subsidiaries will during its term:

(i)            acquire, form, own or hold any stock
of or other ownership interest in a corporation (or other entity treated for
federal income tax purposes as an association taxable as a corporation) or any
ownership interest in a partnership, limited liability company, trust or other
entity other than an entity that is disregarded as an entity separate from its
owner for federal income tax purposes through which the Partnership holds the
Properties;

(ii)           merge with or into (or otherwise
transfer all or a portion of its interests to) a partnership, corporation,
trust or other entity;

(iii)          acquire, own or hold any convertible
debt instrument;

(iv)          acquire, own or hold any security, warrant,
option, subscription agreement, or contract for the acquisition of a security
within the meaning of the Investment Company Act of 1940, as amended, or Code
Section 856(c)(4), including without limitation, any security described in Code
Section 856(c)(4)(B)(iii)(II) or Code Section 856(c)(4)(B)(iii)(III);

(v)           acquire, own, sell, hold or create
any asset or other property that is stock in trade or other property of a kind
which would properly be included in inventory of the Partnership if on hand at
the close of the taxable year or property held by the Partnership primarily for
sale to customers in the ordinary course of its trade or business, within the
meaning of Code Section 1221(a)(1), including interests in residential
development property;

(vi)          acquire, own or operate a motel or
hotel;

(vii)         conduct any business other than the
business of owning and operating the Properties or as otherwise permitted under
Section 2.2; or

 44
 

(viii)        other than the Initial Capital
Contributions, accept any capital contribution other than a cash contribution.

(b)           Holding Requirement.  Except as expressly provided in this
Agreement, the Partnership will not sell or otherwise dispose of the Properties
or any real estate asset, as defined in Code Section 856(c)(5)(B).

(c)           Foreclosure Property.  The Partnership will not acquire any real
property by foreclosure, deed in lieu of foreclosure, or otherwise as a result
of a default with respect to a lease of property or a default on indebtedness
that such property secures.

(d)           Income Requirements.  The Partnership’s business shall be conducted
in such a manner that at least ninety-five percent (95%) of the gross income of
the Partnership for each taxable year during its term of existence will consist
of the following items, in each case as determined for purposes of Code Section
856(c)(2):  (a) rents that qualify as
rents from real property under Code Section 856(d), (b) gain from the sale or
other disposition of stock, securities, and real property (including interests
in real property and interests in mortgages on real property) which is not
property described in Code Section 1221(a)(1), (c) interest, other than
interest the determination of which depends in whole or in part on the income
or profits of any person, (d) , (d) abatements and refunds of taxes on real
property, (e) income and gain derived from foreclosure property as defined in
Code Section 856(e) and (f) gain from the sale or other disposition of a real
estate asset which is not a prohibited transaction solely by reason of Code
Section 857(b)(6).  In addition, at least
seventy-five percent (75%) of the gross income of the Partnership for each
taxable year during its term of existence will consist of the following items,
in each case as determined for purposes of Code Section 856(c)(3):  (i) the items described in clauses (a), (d),
(e) and (f), (ii) gain from the sale or other disposition of real property
(including interests in real property and interests in mortgages on real property)
which is not property described in Code Section 1221(a)(1), and (iii) interest
on obligations secured by mortgages on real property or on interests in real
property other than interest the determination of which depends in whole or in
part on the income or profits of any person.

(e)           Services.  The Partnership shall not receive or accrue
any amount that constitutes “impermissible tenant services income” (as such
term is defined in and for purposes of, Code Section 856(d)(7)(A)) in respect
of any real or personal property of the Partnership that exceeds one percent
(1%) of all amounts received or accrued during a taxable year with respect to
any such property.

(f)            Leases.

(i)            At least annually and more
frequently as TRT may request, the Managing Partner shall provide TRT with a
list of the Partnership’s and the Subsidiary’s current and anticipated tenants
and subtenants.  The Managing Partner
shall not approve, consent to or execute on behalf of the Partnership or the
Subsidiary any lease, sublease or other arrangement if TRT notifies Managing Partner
that such lease, sublease or other arrangement could cause TRT to receive 

 45
 

or accrue amounts that do not qualify as “rents from
real property” within the meaning of Code Section 856(d); provided, however,
that the foregoing shall not prohibit the Managing Partner from approving,
consenting to or executing any lease extension or sublease that is required by
the terms of any lease to which the Partnership or any Subsidiary is a
party.  If such a lease, sublease or
other arrangement is already in place at the time that written notice is
provided by TRT, then the Managing Partner shall take all commercially
reasonable steps to terminate such lease, sublease or other arrangement.

(ii)           Neither the Partnership nor any
Subsidiary shall enter into any lease with respect to personal property unless
(A) such personal property is leased under, or in connection with, a lease of
real property and (B) the rent attributable to the personal property for each
taxable year does not exceed fourteen percent (14%) of the total rent for the
taxable year attributable to both the real and personal property leased under
or in connection with such lease, as determined under Code Section 856(d)(1)
and the Regulations thereunder.

(iii)          Neither the Partnership nor any  Subsidiary shall not enter into any lease or
consent to any sublease or assignment with respect to any real or personal
property if the determination of any amount under the lease, sublease or
assignment depends in whole or in part on the income or profits derived by any
Person from such property; provided, however, that percentage rent based
on gross income of the tenant is acceptable.

14.3         Dispute Resolution Regarding REIT
Compliance. Any dispute over whether an activity of the Partnership or the
Subsidiary is in violation of Section 14.2 shall be determined in the
reasonable judgment of TRT after first having consulted with DDR Parent and its
tax advisor.  Prior to taking any action
to remedy any action TRT believes to be in violation of Section 14.2, TRT shall
at TRT’s cost and expense first obtain a written opinion of counsel acceptable
to the Executive Committee that such action is necessary in order to avoid an
adverse effect upon the status of TRT Parent as a REIT by reason of its
ownership interest in the Partnership or to avoid TRT Parent incurring any
taxes under Section 857 or 4981 of the Code by reason of TRT Parent’s ownership
interest in the Partnership.  In addition
to the foregoing, any action that TRT proposes to take to remedy any violation
of Section 14.2 shall be taken to the minimum extent necessary to prevent TRT
Parent from failing to qualify as a REIT by reason of its ownership interest in
the Partnership or to avoid TRT Parent incurring any taxes under Section 857 or
4981 of the Code by reason of TRT Parent’s ownership interest in the
Partnership.

14.4         Remedies for Breach of Obligations.  In addition to any other rights and remedies
available at law or in equity, in the event that the Managing Partner is in
breach of its obligations under Section 14.2 
(other than as a result of taking any action approved by the Executive
Committee or by TRT or as a result of its failure to take any action because
either TRT or the EC Members appointed by TRT have withheld their consent to
the proposed action), TRT shall be entitled to reimbursement, payable on
demand, from the Managing Partner for any and all resulting taxes, costs and
expenses, including, without limitation, costs and expenses of attorneys and
other consultants.

 46
 

14.5         Reliance on Information Provided by
TRT.  In connection with discharging
its duties under Section 14.2, the Managing Partner may from time to time
reasonably request certain information from TRT regarding TRT Parent.  TRT shall have no obligation to provide any
such information, but if such information is provided the Managing Partner may
rely on all such information in connection with discharging its duties and if
such information is inaccurate or incomplete and as a result thereof the
Partnership fails to comply with the limitations set forth in Section 14.2 or
if TRT fails to deliver the requested information, the Managing Partner shall
be deemed to have used commercially reasonable efforts and shall not be liable
to TRT or any Affiliate of TRT pursuant to Section 14.4 or otherwise.  If TRT does not notify the Managing Partner
of a  Person in which TRT Parent directly
or indirectly owns 10 percent or more of the total combined voting power of all
classes of its stock entitled to vote or 10 percent or more of the total number
of shares of all classes of its outstanding stock (if such Person is a
corporation), or directly or indirectly owns a 10 percent or more interest in
its assets or net profits (if such Person is not a corporation), which TRT
shall have no obligation to do, then the Managing Partner shall not have any
responsibility or liability to TRT pursuant to Section 14.4 or otherwise for a
failure by the Partnership to comply with the limitations set forth in Section
14.2(f) resulting directly or indirectly from TRT Parent’s ownership of any
such Person.  The foregoing is intended
to identify all Persons related to TRT Parent as described in Code Section
856(d)(2)(B).  The Managing Member may
rely on any such information regarding TRT’s ownership in other Persons  provided by TRT.

ARTICLE
15

INDEMNIFICATION

15.1         Liabilities and Indemnification of
Partners.

(a)           Neither the Managing Partner, any
other Partner nor the officers of the Partnership shall be liable to the
Partnership or to any Partner for any actions taken or omitted to be taken in
good faith, required or permitted under this Agreement, and reasonably believed
to be in the interest of the Partnership, except that the foregoing exculpation
shall not apply with respect to actions constituting fraud, gross negligence,
willful misconduct or breach of this Agreement.

(b)           The Partnership shall indemnify the
officers of the Partnership, the Managing Partner, any Partner and/or any
Affiliate or Related Party of any Partner performing management, accounting,
tax matters, or other duties or obligations of the Partnership (whether
pursuant to this Agreement, the Asset Management Agreement, the Management and
Leasing Agreement, or otherwise) and save it and each of its officers,
directors, shareholders and principals harmless from and against any and all
loss, cost, liability or expense (including reasonable attorneys’ fees) in
performing any services for the Partnership or arising by reason of any actions
or omissions in conformity with Section 15.1(a); provided, however, that
the foregoing indemnity shall be limited to the assets of the Partnership and
no Partner shall be required to contribute any additional capital to the
Partnership in respect of such indemnity. 
Such indemnity shall not be available with respect to fraud, gross negligence,
or willful misconduct or any breach of 

 47
 

this Agreement by any officer of the Partnership, the
Managing Partner, any Partner and/or any Affiliate or Related Party of any
Partner.

(c)           Each Partner shall indemnify the
other Partner and its Affiliates and Related Parties and save it and each of
its officers, directors, shareholders and principals harmless from and against
any and all loss, cost, liability or expense (including reasonable attorneys’
fees) arising out of or as a result of any inaccuracy in or breach of any of
the representations or warranties relating to such Partner or its Affiliates or
Related Parties in any Loan Documents.

ARTICLE
16

MISCELLANEOUS

16.1         Governing Law; Jurisdiction; Service
of Process; Attorneys’ Fees.  This
Agreement and the Partnership shall be governed by and construed in accordance
with the law of the State of Delaware. 
Any action or proceeding seeking to enforce any provision of, or based
on any right arising out of, this Agreement shall be brought against any of the
parties in the courts of the State of New York, County of New York, or, if it
has or can acquire jurisdiction, in the United States District Court for the
Southern District of New York, and each of the parties consents to the
jurisdiction of such courts (and of the appropriate appellate courts) in any
such action or proceeding and waives any objection to venue laid therein.
Process in any action or proceeding referred to in the preceding sentence may
be served on any party anywhere in the world. 
No party shall be entitled to an award of attorneys’ fees in any action
brought under this Agreement unless it is found in any such action that the
other party committed fraud or such party’s conducted constituted willful
misconduct.

16.2         Counterparts.  This Agreement may be executed in separate
counterparts, each of which shall be deemed an original and all of which taken
together shall constitute one and the same instrument.

16.3         Agreement for Further Execution.  As required from time to time in furtherance
of the business of the Partnership, the Partners agree to (i) sign and
acknowledge any certificate required by law, (ii) sign and acknowledge any
amendment to or cancellation of such certificate whenever such amendment or
cancellation is required by law; (iii) sign, acknowledge and swear to (if
necessary) similar certificates, affidavits or certificates of fictitious firm
name, trade name or the like (and any amendments or cancellations thereof)
required by the laws of any jurisdiction in which the Partnership does, or
proposes to do, business, and to cause the filing of any of the same for record
wherever such filing shall be required by law, and (iv) execute and deliver
such further instruments as may be necessary or appropriate to carry out the
intent and purposes of this Agreement.

16.4         Broker’s Indemnity.  Except for M3 Capital Partners LLC, each
Partner represents that it has not dealt with any broker or agent in connection
with this Agreement or any of the transactions contemplated hereby, and hereby
agrees to indemnify the other Partner and the Partnership and hold them each
harmless from and against all liability, loss, cost, damage and expense
(including attorneys’ fees and costs incurred in the investigation, defense and
settlement 

 48
 

of the matter) which the
other Partner or the Partnership shall ever suffer or incur by reason of any
claim by any broker or agent, whether or not meritorious, for any compensation
with respect to such indemnifying Partner’s dealings in connection with this
Agreement or such indemnifying Partner’s contribution or other transactions
provided for or referred to herein.  DDR
shall be responsible for paying the fees of M3 Capital Partners LLC for
arranging the transaction contemplated by this Agreement.

16.5         Notices.  Any notice or consent required to be given by or on behalf of
either party to the other shall be given in writing and mailed by certified
mail, return receipt requested, or by overnight courier service which provides
a receipt, as follows, or at such other address as may be specified  from time to time, by notice in the manner
herein set forth.  Notices shall be
deemed given upon actual receipt or first rejection. Said notice
addresses are as follows:

	
   

  	
  To DDR:

  	
  Developers Diversified Realty Corporation

  
	
   

  	
   

  	
  3300 Enterprise Parkway

  
	
   

  	
   

  	
  Beachwood, Ohio 44122

  
	
   

  	
   

  	
  Attention: Joan U. Allgood

  
	
   

  	
   

  	
  Telephone No.: 216-755-5655

  
	
   

  	
   

  	
  Facsimile No.: 216-755-1493

  
	
   

  	
   

  	
   

  
	
   

  	
  With copies to:

  	
  General Counsel

  
	
   

  	
   

  	
  Developers Diversified Realty Corporation

  
	
   

  	
   

  	
  3300 Enterprise Parkway

  
	
   

  	
   

  	
  Beachwood, Ohio 44122

  
	
   

  	
   

  	
  Telephone No.: 216-755-5500

  
	
   

  	
   

  	
  Facsimile No.: 216-755-1507

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Baker & Hostetler LLP

  
	
   

  	
   

  	
  1900 E. Ninth Street, Suite 3200

  
	
   

  	
   

  	
  Cleveland, Ohio 44114

  
	
   

  	
   

  	
  Attention: Ronald A. Stepanovic

  
	
   

  	
   

  	
  Telephone No.: 216-861-7397

  
	
   

  	
   

  	
  Facsimile No.: 216-696-0740

  
	
   

  	
   

  	
   

  
	
   

  	
  To TRT:

  	
  TRT-DDR Joint Venture I Owner LLC

  
	
   

  	
   

  	
  In Care of Dividend Capital Group

  
	
   

  	
   

  	
  518 17th Street, 17th Floor

  
	
   

  	
   

  	
  Denver, CO 80202

  
	
   

  	
   

  	
  Attention: John A. Blumberg

  
	
   

  	
   

  	
  Telephone No.: 303-869-4600

  
	
   

  	
   

  	
  Facsimile No.: 303-869-4602

  

 

 49
 

 

 

	
  

  	
  With copies to:

  	
  c/o Dividend Capital Group

  
	
   

  	
   

  	
  518 17th Street, 17th Floor

  
	
   

  	
   

  	
  Denver, CO 80202

  
	
   

  	
   

  	
  Attention: Gary M. Reiff

  
	
   

  	
   

  	
  Telephone No.: 303-597-0427

  
	
   

  	
   

  	
  Facsimile No.: 303-869-4602

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Jones Day

  
	
   

  	
   

  	
  222 East 41st Street

  
	
   

  	
   

  	
  New York, NY 10017

  
	
   

  	
   

  	
  Attention: Kent R. Richey

  
	
   

  	
   

  	
  Telephone No.: 212-326-3481

  
	
   

  	
   

  	
  Facsimile No.: 212-755-7306

  

 

16.6         Partition.  No Partner will, either directly or
indirectly, make any application for dissolution, take any action to require
partition or appraisement of the Partnership or of any of its assets or
properties or, subject to Section 3.10, cause the sale of any Property and,
notwithstanding any provisions of applicable law to the contrary, each Partner
(and its legal representative, successors and assigns) hereby irrevocably
waives any and all right to maintain any action for partition or, subject to
Section 3.10, with respect to any of the properties and assets of the
Partnership.

16.7         Interpretation.  The titles, captions, and section headings
are inserted for convenience only and are in no way intended to interpret,
define, limit, or expand the scope or content of this Agreement or any
provision hereof.  If any time period
under this Agreement ends on a day other than a Business Day, then the time
period shall be extended until the next business day.  This Agreement shall be construed without
regard to any presumption or other rule requiring construction against the
party causing this Agreement to be drafted. 
As used in this Agreement, unless otherwise specified, (a) all
references to Sections, Articles, Exhibits, Appendices or Schedules are to
Sections, Articles, Exhibits, Appendices or Schedules of or to this Agreement,
(b) each accounting term has the meaning assigned to it in accordance with
GAAP, (c) all dollar amounts specified herein, all calculations and
computations (including all interest, preferred returns and Internal Rate of
Returns) and all distributions will be based on United States dollars, (d) all
Exhibits, Schedules, Appendices and other attachments to this Agreement are
specifically incorporated into and made a part by any reference thereto in this
Agreement, as fully as if the terms and provisions thereof had been included in
this Agreement in their entirety, (e) the terms “include” and “including” are
to be construed as if followed by the phrase “without limitation”, regardless
whether such phrase actually appears, (f) the terms “herein”, “hereinafter”, “hereto”,
“hereby” and “hereunder”, when used with reference to this Agreement, refer to
this Agreement as a whole, unless the context otherwise requires, (g) the term “third
party” means a Person that is not a party to this Agreement or an Affiliate of
such a party, (h) any pronoun used in this Agreement shall include the
corresponding masculine, feminine and neuter forms, and (i) the singular form
of nouns, pronouns and verbs shall include the plural and vice versa.  If any words or phrases in this Agreement
shall have been stricken out or otherwise eliminated, whether or not any other
words or phrases have been added, this Agreement shall be construed as if the
words or phrases so stricken out or otherwise eliminated

 50
 

were never included in
this Agreement and no implication or inference shall be drawn from the fact
that said words or phrases were so stricken out or otherwise eliminated.

16.8         Entire Agreement.  This Agreement and all the exhibits
referenced herein and annexed hereto contain the entire agreement of the
parties hereto with respect to the subject matter hereof, and no prior
agreement or understanding pertaining to any of the matters connected with this
Transaction shall be effective for any purpose. 
Except as may be otherwise provided herein, the agreements embodied
herein may not be amended except by an agreement in writing signed by the
parties hereto

16.9         Successors and Assigns.  Except as provided in Article 12, no Partner
shall have the right to assign or delegate any of its rights, duties, or
obligations under this Agreement to any other party.  This Agreement shall be binding upon and
inure to the benefit of the parties hereto.

16.10       Exclusive Application.  Nothing in this Agreement is intended or
shall be construed to confer upon or to give to any person, firm, or
corporation other than the parties hereto any right, remedy, or claim under or
by reason of this Agreement.

16.11       Amendment, Waiver or Termination.  Except as otherwise expressly provided in
this Agreement, no amendment, waiver or termination of this Agreement, or any
part hereof, shall be effective unless made in writing and signed by the party
or parties sought to be bound thereby, and no failure to pursue or elect any
remedies shall constitute a waiver of any default under or breach of any
provisions of this Agreement, nor shall any waiver of any default under or
breach of any provision of this Agreement be deemed to be a waiver of any other
subsequent similar or different default under or breach of such or any other
provision or of any election of remedies available in connection therewith.

16.12       Exhibits.  All exhibits referred to in, and attached to,
this Agreement are hereby incorporated herein in full by this reference.

16.13       Partial Invalidity.  If all or any portion of any of the
provisions of this Agreement shall be declared invalid by laws applicable
hereto, then the performance of said offending provision shall be excused by
the parties hereto.

16.14       Investment Intent; Accredited Investor.

(a)           Each Partner hereby represents and
warrants that it is acquiring its Partnership Interest under this Agreement for
such Partner’s own account and not directly with a view to, or for sale in
connection with, any “distribution,” as defined in the Securities Act of 1933,
as amended (the “Securities Act”), thereof. 
Each Partner hereby acknowledges that its Partnership Interest has not
been registered under the Securities Act, and that its Partnership Interest may
not be resold (i) unless such Partnership Interest is subsequently registered
under the Securities Act (which registration statement the Partnership and the
Managing Partner are under no obligation to file) or until the Managing Partner
has been provided with, at such Partner’s expense, evidence satisfactory to the
Managing Partner (which may include, among other things, a written opinion of
legal counsel acceptable to the Managing Partner, in form and substance
satisfactory to the Managing Partner) that such transfer is exempt from
registration under 

 51
 

the Securities Act and under applicable state
securities laws; (ii) until the Managing Partner has been provided with, for
the express benefit of the Partnership and the Partners, similar
representations and warranties as are set forth in this Section, in writing
from any such transferee; and (iii) until the Partner has furnished the
Managing Partner with an undertaking, in form and substance satisfactory to the
Managing Partner, indemnifying the Partners, the Partnership and each of their
Affiliates (as defined in Rule 501(b) of Regulation D of the General Rules and
Regulations under the Securities Act or any successor rule thereto) against any
costs, losses, claims, liabilities or expenses incurred by any of the Partners
or the Partnership in connection with the proposed offer, sale, transfer or
other disposition of the Partnership Interests.

(b)           Each Partner hereby represents and
warrants that such Partner is a sophisticated investor and that such Partner’s
address is as set forth in Section 16.5. 
In addition each Partner acknowledges that, (i) such Partner has been
granted the opportunity to ask questions of, and receive answers from,
representatives of the Managing Partner and the Partnership concerning the
Partnership, the acquisition of the Partnership Interest, and the transactions
contemplated by this Agreement; (ii) such Partner’s knowledge and experience in
financial and business matters is such that such Partner is capable of
evaluating the merits and risks of the investment in the Partnership; and (iii)
such Partner has carefully reviewed the terms and provisions of this Agreement
and has evaluated the restrictions and obligations contained herein.

16.15       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.

16.16       Confidentiality.  Each Partner agrees not to disclose or permit
the disclosure of any of the terms hereof or of any other confidential,
non-public or proprietary information relating to the Property or Business of
the Partnership (collectively, “Confidential Information”), provided that such
disclosure may be made (a) to any Person who is a partner, officer, director or
employee of such Partner or an Affiliate thereof or counsel to or accountants
of such Partner solely for their use and on a need-to-know basis, provided that
such Persons are notified of such Partner’s confidentiality obligations
hereunder, (b) with the prior consent of the other Partner(s), (c) subject to
the following sentence, pursuant to a subpoena or order issued by a court,
arbitrator or governmental body, agency or official, (d) to any lender or its
agent or counsel in connection with the Loan Documents, (e) to credit agencies
and analysts for the purpose of their ongoing evaluation of the Partnership’s
activities; (f) to any potential or prospective investor, lender or transferee
of such Partner, provided such investment or transfer is permitted under ‎Article 12 or (g) if required under applicable law or
the rules of any securities exchange on which securities of a Partner or its
Related Party are listed or in order to comply with public reporting
requirements of any of them.  In the
event that a Partner shall receive a request to disclose any Confidential
Information under a subpoena or order, such Partner shall (i) promptly notify
the other Partner thereof, (ii) consult with the other Partner on the
advisability of taking steps to resist or narrow such request and (iii) if
disclosure is required or deemed advisable, cooperate with the other Partner in
any attempt it may make to obtain an order or other assurance that confidential
treatment will be accorded the Confidential Information that is disclosed.

 52
 

16.17       Governing Documents of Subsidiaries.  The certificates of formation, limited
liability company agreements or similar governing documents of the Subsidiaries
shall conform to the provisions of this Agreement.

 53

IN WITNESS WHEREOF, the undersigned have executed this
Agreement as of the day and year first above written.

	
  

  	
  DDR TRT GP LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David E.
  Weiss

  	
   

  
	
   

  	
   

  	
  David E. Weiss, Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DEVELOPERS DIVERSIFIED REALTY

  CORPORATION (solely with respect to

  Section 11.2)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David E.
  Weiss

  	
   

  
	
   

  	
   

  	
  David E. Weiss, Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TRT-DDR JOINT VENTURE I OWNER 

  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael J. Kelly

  	
   

  
	
   

  	
   

  	
  Michael J. Kelly, Chief Acquisitions Officer

  	
   

  

 

EXHIBIT
A

DESCRIPTION
OF PERCENTAGE INTERESTS AND CAPITAL

CONTRIBUTIONS
AS OF THE DATE OF THE AGREEMENT

	
  Partner

  	
   

  	
  Initial Capital 

  Account

  	
   

  	
  Value of Initial Capital Contributions

  	
   

  	
  Percentage Interest

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DDR TRT GP LLC 

  3300 Enterprise Parkway 

  Beachwood, Ohio 44122

  	
   

  	
  $

  	
  5,312,411

  	
   

  	
  $

  	
  5,077,879 (Centerton)

  	
   

  	
  10

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
  $ 

  	
  234,532 (Cash
  Contribution) 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $

  	
  5,312,411
  (Total)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TRT-DDR Joint
  Venture I Owner LLC 

  In Care of Dividend 

  Capital Group 

  518 17th Street 

  17th Floor 

  Denver, CO 80202

  	
   

  	
  $

  	
  47,811,702

  	
   

  	
  $

  	
  47,811,702

  	
   

  	
  90

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  $

  	
  53,124,113

  	
   

  	
  $

  	
  53,124,113

  	
   

  	
  100

  	
  %

  

 

EXHIBIT
B

PROPERTIES

1.                          Mt. Nebo
Pointe Property:

All those certain lots or pieces of ground situate in
the Township of Ohio, County of Allegheny and Commonwealth of Pennsylvania,
being designated as Lot 4 in the Mt. Nebo Pointe Plan of Lots No. 2, as recorded
in the Recorder’s Office of Allegheny County, Pennsylvania in Plan Book Volume
249, Page 181 and Parcel A Revision 2 in the Mt. Nebo Pointe Plan of Lots No. 3
as recorded in the Recorder’s Office of Allegheny County, Pennsylvania, in Plan
Book Volume 251, pages 66 to 67. Being designated as follows in the Deed
Registry Office of Allegheny County, Pennsylvania: Lot 4 – Block 427-S, Lot
151, Parcel A Revision 2 – Block 427-L, Lot 235.

Together With: The appurtenant easements and
beneficial rights established by that certain Operation and Easement Agreement
between Target Corporation and Mt. Nebo Pointe LLC dated May 26, 2005, recorded
June 7, 2005 in Deed Book 12470, Page 447 in the Recorder’s Office of Allegheny
County, as amended by that First Amendment to Operation and Easement Agreement
recorded September 19, 2005 in Deed Book 12594, Page 387, aforesaid records;
and

The appurtenant easements and beneficial rights
established by that certain Conservation Easement Agreement between Allegheny
General Hospital, Developers Diversified Realty Corporation and Mt. Nebo Pointe
LLC dated June 26, 2003, recorded June 30, 2003, Deed Book 11689, Page 414,
aforesaid records.

2.                          Beaver
Creek Property:

Lying and being situate in Wake County, North
Carolina, and being more particularly described as follows:

BEING all of Lots 1, 2, 3 and 4 as shown on those
plats recorded in Book of Maps 2005, Page 344-345; Lots 5, 6 and 7 as shown on
those plats recorded in Book of Maps 2006, Pages 2359-2360; and Lot 12 and
those tracts labeled “Open Space Resource Conservation Area (RCA)” as shown on
those plats recorded in Book of Maps 2003, Pages 1184-1189, Wake County
Registry.

TOGETHER WITH the appurtenant easements and beneficial
rights established in the Declaration of Operation and Easement Agreement by
JDN Real Estate-Apex L.P. dated September 25, 2003 and recorded in Book 10460,
Page 1263, Wake County Registry.

3.                          Centerton
Square Property:

Lots 1.01, 1.03 and 1.05 in Block 503.01 on the
Official Tax Map of Mt. Laurel Township, and Lot 10 in Block 6601 on the
Official Tax Map of Moorestown Township.

EXHIBIT
C

FORM OF ASSET MANAGEMENT AGREEMENT

PRODUCT
SPECIALIST AGREEMENT

THIS PRODUCT SPECIALIST AGREEMENT (the “Agreement”) is
entered into as of May 11, 2007 by and between Dividend Capital Total Advisors
LLC, a Delaware limited liability company (the “TRT Advisor”) and DDR TRT GP
LLC, a Delaware limited liability company (the “Product Specialist”). Each
capitalized term used but not defined in this Agreement shall have the meaning
assigned to that term in the Joint Venture Partnership Agreement (defined
below).

WHEREAS, Dividend Capital Total Realty Trust Inc. is a
Maryland corporation formed to invest in a diverse portfolio of real properties
and real estate related securities (“TRT” or the “REIT”) and intends to operate
in a manner that will allow it to qualify as a real estate investment trust under
the Internal Revenue Code of 1986, as amended (the “Code”);

WHEREAS, TRT intends to conduct its operations so as
not to become regulated as an investment company under the Investment Company
Act of 1940, as amended (the “1940 Act”);

WHEREAS, the TRT Advisor is party to an Advisory
Agreement with TRT (“Advisory Agreement”) for management of the day to day
activities of TRT including the implementation of the investment strategy for
TRT and entering into strategic alliances with product specialists to assist in
managing the investment of TRT’s assets;

WHEREAS, TRT-DDR Joint Venture I Owner LLC, a Delaware
limited liability company, an indirect subsidiary of TRT, and the Product
Specialist, a subsidiary of Developers Diversified Realty Corporation, an Ohio
corporation (“DDR”), are partners in TRT DDR Venture I General Partnership, a
Delaware general partnership (the “Joint Venture”) under and pursuant to that
certain Partnership Agreement of the Joint Venture dated as of May 11, 2007
(the “Joint Venture Partnership Agreement”); and

WHEREAS, the TRT Advisor desires to engage the Product
Specialist to assist the TRT Advisor in the performance of certain asset
management services for TRT and its subsidiaries with respect to those certain
properties identified on Exhibit A attached hereto (all such properties
are herein called the “Properties” and each a “Property”), and the Product
Specialist is willing to provide such services on the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual promises
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

1.           Appointment. The
TRT Advisor hereby appoints the Product Specialist to provide asset management
services as described in Section 3 below with respect to TRT’s investments in
the Properties. The Product Specialist hereby agrees to serve in such capacity
in accordance with the terms of this Agreement. The Product Specialist’s
authority shall be non-discretionary and subject to the prior guidance and
direction of the TRT Advisor.

2.           Acceptance of
Appointment As Product Specialist.

(a)          Acceptance of
Appointment. The Product Specialist hereby accepts the appointment to
provide asset management services to the TRT Advisor with respect to the
Properties, to the extent, and on the terms and conditions, set forth in this
Agreement.

(b)         Representations and
Warranties by Product Specialist and TRT Advisor. The Product Specialist
represents and warrants that it is duly authorized to execute this Agreement,
upon execution and delivery of this Agreement it will be binding upon the
Product Specialist, and neither the execution of nor performance under this
Agreement shall cause the Product Specialist to be in violation in any material
respect of any applicable laws, covenants or contractual terms. The TRT Advisor
represents and warrants that it is duly authorized to execute this Agreement,
upon execution and delivery of this Agreement it will be binding upon the TRT
Advisor, and neither the execution of nor performance under this Agreement
shall cause the TRT Advisor to be in violation in any material respect of any
applicable laws, covenants or contractual terms.

(c)          Status of Parties.
Each party hereto shall promptly notify the other party if the representations
of subsection (b) hereof shall cease in any material respect to be true at any
time during the term of this Agreement.

3.           Product Specialist’s
Duties, etc.

(a)          Subject to the overall
supervisory authority of the TRT Advisor and the specific authority of the TRT
Advisor and/or the REIT, as set forth herein, and to subsections (b)-(d) below,
the Product Specialist shall assist the TRT Advisor in the performance of such
of its duties with respect to the Properties as are mutually agreed by the TRT
Advisor and the Product Specialist, which duties may, but need not necessarily,
include, nor are limited to:

(i)          preparation of an annual
asset management plan for the Properties, which may include property-specific operating
budgets, estimates of distributed cash to the REIT, management fees, debt
service, lease expirations and rollover, and all other relevant property
information, as well as recommendations for continued holding and/or
disposition or capital improvements with respect to each Property;

(ii)         furnishing to the TRT
Advisor monthly, quarterly and annual written reports concerning assets,
receipts, and disbursements, and comparisons of budgeted operations to actual
investment performance, with respect to the Properties; and

(iii)        maintaining records of the
Properties and of the Product Specialist’s activities under this Agreement,
which records shall be open to inspection by the TRT Advisor or the REIT or the
authorized representatives of either at the principal office of the Product
Specialist during normal business hours and copies of which will be made
available to the TRT Advisor and the REIT as reasonably requested by either of
them.

(b)         Upon the direction of the
TRT Advisor, the Product Specialist shall advise the TRT Advisor with respect
to the potential disposition of any Property deemed by the Product Specialist
to be prudent and appropriate under the circumstances, with the understanding
that

 2
 

definitive authority to make any such disposition lies
with the applicable owner of the Property, and not with the Product Specialist.

(c)            The Product Specialist
shall perform such other duties with respect to the Properties as the TRT
Advisor and the Product Specialist may from time to time mutually agree (each
acting in its sole discretion).

(d)            The parties
acknowledge that the Properties represent only a portion of the assets of the
REIT managed by the TRT Advisor and that the REIT may acquire properties,
directly or indirectly, other than the Properties. The parties agree that the
Product Specialist shall have no responsibility or liability in the management
of assets other than for and with respect to the Properties (and only as and to
the extent provided herein), or otherwise regarding investment policies or
strategy, overall portfolio composition, or diversification of the investments
other than the Properties.

(e)            Notwithstanding the
foregoing provisions, TRT Advisor agrees that to the extent that any of the
duties set forth above are also duties of the Property Manager under the
Management and Leasing Agreement, then compliance by the Property Manager with
such duties under the Management and Leasing Agreement shall constitute
compliance by the Product Specialist with its duties under this Agreement.

4.           Compensation of the
Product Specialist; Allocation of Expenses.

(a)          As sole and total
compensation for the services to be performed under this Agreement, and in
consideration therefor, the TRT Advisor shall pay to the Product Specialist an
annual asset management fee equal to twenty five basis points (0.25%) of the
Gross Investment Value (the “Asset Management Fee”), commencing with the date
of the closing on the acquisition of the Properties and ending upon the earlier
of the termination of this Agreement or the sale, disposition or write off of
the last of the Properties owned by the Joint Venture or any Subsidiary. The
Asset Management Fee will be paid by the TRT Advisor and will be payable
quarterly in arrears following the determination of the Net Operating Cash Flow
of the Joint Venture for each fiscal quarter; provided, however,
that if for any such quarter, the Net Operating Cash Yield is less than 7%,
then (i) one half of the Asset Management Fee accrued for such quarter shall be
deferred (the “Deferred Payment”) and paid at the end of the next (and each
succeeding) fiscal quarter for which the Net Operating Cash Yield exceeds 7%,
and (ii) will then be paid only to the extent of such excess Net Operating Cash
Flow, until all deferred amounts have been paid in full. The Asset Management
Fee will be pro rated for any period of less than a full fiscal quarter based
on the actual number of days elapsed. The Product Specialist shall have the
right, without the consent of the TRT Advisor, to assign its rights to the
Asset Management Fee to any Related Party of DDR. An example of the calculation
of the Asset Management Fee is set forth in Schedule 3.5 of the Joint Venture
Partnership Agreement.

(b)         The Product Specialist
shall pay, from its own assets, all costs, expenses, and fees associated with
the services it performs hereunder, including but not limited to:

(i)          the salaries and other
ordinary expenses of its management personnel and other administrative
employees and airfare for such personnel;

 3
 

(ii)         the maintenance of such
office space and facilities as it may require; and

(iii)        any out-of-pocket expenses
it incurs in performing its duties hereunder.

Notwithstanding the foregoing, nothing herein shall
limit the right of the Managing Partner to be reimbursed by the Joint Venture
for any out-of-pocket expenses it incurs as Managing Partner of the Joint
Venture pursuant to the terms of the Joint Venture Partnership Agreement.

5.           Non-Exclusive
Activities. Nothing in this Agreement shall be construed to restrict the
right of the Product Specialist or its affiliates to act and continue to act as
an asset manager, or adviser for others or to perform asset management or other
services for any other person or entity, nor shall this Agreement be deemed to
restrict in any way the freedom of the Product Specialist or its affiliates to
conduct any other business venture of any nature or to make investments for its
accounts or the accounts of any other person or entity, including, without
limitation, any such venture or investments that may compete with the Property
Owners (defined below) and/or any Property. Without limiting the generality of
the foregoing, the TRT Advisor acknowledges that (i) the Product Specialist or
an affiliate thereof may serve as a property manager under a property
management agreement with the owner of a Property (a “Property Owner” and
collectively, “Property Owners”), (ii) the Product Specialist is the Managing
Partner of the Joint Venture, and (iii) the Product Specialist and/or
affiliates thereof may now or in the future be parties to other agreements
relating directly or indirectly to the Properties to the same extent the
Managing Partner under the Joint Venture Partnership Agreement may engage or
pay compensation to Affiliates; and in connection therewith, TRT Advisor hereby
acknowledges and agrees that the Product Specialist is acting as an independent
contactor hereunder and not in a fiduciary capacity or other special
relationship. Notwithstanding the foregoing, however, the Product Specialist shall
devote sufficient resources to discharge its obligations hereunder.

6.           Assignment.

(a)          Except as permitted
herein, neither party may assign this Agreement, in whole or in part, nor
delegate all or part of the performance of duties required of it by this
Agreement, without the prior written consent of the other party, and any
attempted assignment or delegation without such consent shall be void.

(b)         TRT Advisor shall assign
its rights and obligations under this Agreement to any party that replaces TRT
Advisor as the advisor to TRT under the Advisory Agreement with TRT for
management of the day to day activities of TRT, and shall cause any such
replacement to assume such obligations in writing.

(c)          The Product Specialist
may assign its rights and obligations under this Agreement to any Related Party
of DDR.

7.           Product Specialist’s
Standard of Care. The Product Specialist shall perform its duties hereunder
in good faith and in the best interests of the TRT Advisor and the REIT and
will exercise commercially reasonable efforts to provide prompt service to the
TRT Advisor in discharging its duties hereunder and otherwise perform in
accordance with the standard of care

 4
 

required of product specialists providing asset
management services with respect to properties similar to the Properties (the “Performance
Standard”). The Product Specialist shall at all times maintain an organization
sufficient to enable it carry out all of its duties, obligations and functions
under this Agreement. The TRT Advisor acknowledges and agrees that absent
fraud, willful misconduct or gross negligence on the part of the Product
Specialist, the sole and exclusive remedy of the TRT Advisor for any claims
arising from a material breach by the Product Specialist of the Performance
Standard, which breach shall not have been cured within thirty (30) days
following notice thereof, shall be the termination of this Agreement.

8.           Limitation of
Liability; Indemnification.

(a)          The Product Specialist
shall not be liable to the TRT Advisor, the REIT, or the members, shareholders,
directors, officers, employees or affiliates of either, for any actions taken
or omitted to be taken in good faith, required or permitted under this
Agreement, and reasonably believed to be in the best interest of the TRT Advisor
and the REIT, except that the foregoing exculpation shall not apply with
respect to actions constituting fraud, gross negligence or willful misconduct.

(b)         The TRT Advisor shall
indemnify the Product Specialist and any entity to which it has delegated its
performance and save the Product Specialist and such other entity harmless from
and against any and all loss, cost, liability or expense (including reasonable
attorneys’ fees) (the “Losses”) in performing the Product Specialist’s or such
entity’s services hereunder or arising by reason of any actions or omissions in
conformity with Section 8(a); provided, however, that the
foregoing indemnity shall be limited to amounts, if any, received by the TRT
Advisor as indemnity payments under Article 15 of the Joint Venture Partnership
Agreement in respect of the same Losses. Such indemnity shall not be available
with respect to fraud, gross negligence or willful misconduct by the Product
Specialist or any entity to which it has delegated its performance.

(c)          The Product Specialist
shall indemnify the TRT Advisor and the REIT and save them and their members,
shareholders, directors, officers, employees and affiliates harmless from and
against any and all Losses, arising out of any fraud, gross negligence or willful
misconduct by the Product Specialist or any entity to which it has delegated
its duties in performing the Product Specialist’s or such entity’s services
hereunder.

(d)         This Section 8 shall
survive any termination of this Agreement.

9.           Term and Termination.

(a)          The term of this
Agreement shall commence on the date first written above and, unless sooner
terminated as provided herein, shall remain in effect until such time as all of
the Properties have been disposed of by the Property Owners; provided, however,
that, this Agreement may be terminated by the TRT Advisor (i) for “cause” at
any time by delivering to the Product Specialist a written notice of
termination stating in reasonable detail the grounds for termination, (ii) as
to a specific Property if such Property is sold (whereupon Exhibit A
attached hereto shall be revised to reflect such sale), and (iii) upon the
removal of the Product Specialist

 5
 

as Managing Partner of the Joint Venture as a result
of a “Change of Control Event” (as defined in the Joint Venture Partnership
Agreement).

(b)         For purposes of this
Agreement, the term “cause” shall mean (1) the breach by the Product Specialist
of any material provision of this Agreement; (2) fraud by the Product
Specialist with respect to any matter relating to this Agreement; (3) gross
negligence by the Product Specialist in the performance of its duties under
this Agreement; (4) willful misconduct by the Product Specialist in the
performance of its duties under this Agreement; (5) the Product Specialist has
filed a voluntary bankruptcy petition or becomes the subject of an order for
relief or is declared insolvent in any federal or state bankruptcy proceedings;
(6) the Product Specialist (or any affiliate) is terminated as Property Manager
under the Management and Leasing Agreement; (7) the Product Specialist (or any
affiliate) is removed for “cause” as the Managing Partner of the Joint Venture
under the Joint Venture Partnership Agreement; (8) the breach by DDR of any
material provision of the Master Lease, which breach has not been cured within
the applicable cure period provided in such agreement; (9) the breach by DDR or
any of the other “Contributors” under the Contribution Agreement of any
material provision of the Contribution Agreement, which breach has not been
cured within the applicable cure period provided in such agreement; or (10) the
Product Specialist’s transfer of its interest in the Joint Venture to any
Person that is not a Related Party to the Product Specialist. If the Product
Specialist’s breach of this Agreement relates only to a specific Property, the
TRT Advisor may terminate this Agreement only as to that specific Property.

(c)          If (i) the cause or
grounds for termination is based upon anything other than fraud or willful
misconduct, (ii) the cause or grounds for termination can be cured within
thirty (30) days after the date of receipt by the Product Specialist of the
notice of termination and (iii) the Product Specialist gives the TRT Advisor a
written undertaking to cure such matter within such 30-day period, then the
Product Specialist shall have such 30-day period in which to cure the cause or
grounds for termination or, if the Product Specialist requests additional time
for completing the cure and is proceeding diligently to complete the cure, an
additional thirty (30) days in which to complete the cure. The costs and
expenses of any such cure shall be paid solely, fully and directly by the
Product Specialist and not by the TRT Advisor. Notwithstanding the foregoing,
the Product Specialist shall not be entitled to effect a cure under this clause
(c) more frequently than three times within any 12-month period.

(d)         Upon termination by
either party for any reason, the Product Specialist shall be entitled to
receive all compensation earned (other than any accrued, unpaid Deferred
Payment, which shall be deemed automatically cancelled, except as provided in
the proviso to this sentence), and all other sums due hereunder, through the
effective date of the termination; provided, however, that (i) if this
Agreement is terminated as to one or more of the Properties, but less than all
of the Properties, then such Deferred Payment will not be cancelled, but will
continue to be carried forward until payable and paid or cancelled in
accordance herewith and (ii) if this Agreement is terminated as a result of a “Change
of Control Event” (as defined in the Joint Venture Partnership Agreement), then
such Deferred Payment will not be cancelled, but will continue to be carried
forward and paid if and when the conditions to such payment have been satisfied
in accordance with this Agreement as if this Agreement had remained in effect.
All accrued compensation (except as aforesaid) and the amount of all expenses
of the Product

 6
 

Specialist to which the Product Specialist is entitled
to reimbursement shall be paid to the Product Specialist within 5 business days
of the termination of this Agreement.

(e)          Upon termination of this
Agreement, the Product Specialist shall cooperate with the TRT Advisor to
effect an efficient and orderly transition of responsibility with respect to
the duties of the Product Specialist hereunder. Upon termination, the Product
Specialist shall have no liability under or pursuant to this Agreement with
respect to any act, or omission taken or not taken by it from or after the
effective date of such termination, except as expressly stated otherwise in
this Agreement. The provisions of this Section 9 shall survive a termination of
this Agreement.

10.         Notices.

Any notice or consent required to be given by or on
behalf of either party to the other shall be given in writing and mailed by
certified mail, return receipt requested, or by overnight courier service which
provides a receipt, as follows, or at such other address as may be specified from
time to time, by notice in the manner herein set forth. Notices shall be deemed
given upon actual receipt or first rejection. Said notice addresses are as
follows:

to the TRT Advisor:

Dividend Capital
Total Advisors LLC

518 17th Street, 17th Floor

Denver, Colorado 80202

Facsimile: (303) 869-4602

Attention: John A. Blumberg

and

Dividend Capital
Group

518 17th Street, 17th Floor

Denver, Colorado 80202

Facsimile: (303) 869-4602

Attention: Gary M. Reiff

with a copy to:

Jones Day

222 East 41st Street

New York, New York 10017

Facsimile: (212) 755-7306

Attention: Kent R. Richey

 7
 

to the Product
Specialist:

Developers
Diversified Realty Corporation

3300 Enterprise Parkway

Beachwood, Ohio 44122

Facsimile: (216) 755-5500

Attention: Joan U. Allgood

with a copy to:

Baker &
Hostetler LLC

1900 E. Ninth Street, Suite 3200

Cleveland, Ohio 44114

Facsimile: (216) 696-0740

Attn: Ronald A. Stepanovic

The address or addressee to receive notice for any
party may be changed by such party from time to time by giving notice in the foregoing
matter. Any notice required under this Agreement may be waived by the person
entitled to notice.

11.         Miscellaneous.

(a)          Governing Law;
Jurisdiction; Service of Process; Attorneys’ Fees. This Agreement shall be
governed by and construed in accordance with the law of the State of Delaware.
Any action or proceeding seeking to enforce any provision of, or based on any
right arising out of, this Agreement shall be brought against any of the
parties in the courts of the State of New York, County of New York, or, if it
has or can acquire jurisdiction, in the United States District Court for the
Southern District of New York, and each of the parties consents to the
jurisdiction of such courts (and of the appropriate appellate courts) in any
such action or proceeding and waives any objection to venue laid therein.
Process in any action or proceeding referred to in the preceding sentence may
be served on any party anywhere in the world. No party shall be entitled to an
award of attorneys’ fees in any action brought under this Agreement unless it
is found in any such action that the other party committed fraud or such party’s
conducted constituted willful misconduct.

(b)         Counterparts. This
Agreement may be executed in any number of separate counterparts, each of which
shall together be deemed an original, but the several counterparts shall
together constitute one and the same Agreement of the parties hereto.

(c)          Amendments to Laws.
Any references to a section of applicable law, or to any regulations or
pronouncements thereunder, shall be deemed to include a reference to any
amendments thereof and any successor provisions thereto.

(d)         Interpretation.
The titles, captions, and section headings are inserted for convenience only
and are in no way intended to interpret, define, limit, or expand the scope or
content of this Agreement or any provision hereof. If any time period under
this Agreement ends on a day other than a Business Day, then the time period
shall be extended until the next business day. This Agreement shall be
construed without regard to any presumption or other rule

 8
 

requiring construction against the party causing this
Agreement to be drafted. As used in this Agreement, unless otherwise specified,
(i) the terms “include” and “including” are to be construed as if followed by
the phrase “without limitation”, regardless whether such phrase actually
appears, (ii) the terms “herein”, “hereinafter”, “hereto”, “hereby” and “hereunder”,
when used with reference to this Agreement, refer to this Agreement as a whole,
unless the context otherwise requires, (iii) any pronoun used in this Agreement
shall include the corresponding masculine, feminine and neuter forms, and (iv)
the singular form of nouns, pronouns and verbs shall include the plural and
vice versa. If any words or phrases in this Agreement shall have been stricken
out or otherwise eliminated, whether or not any other words or phrases have
been added, this Agreement shall be construed as if the words or phrases so
stricken out or otherwise eliminated were never included in this Agreement and
no implication or inference shall be drawn from the fact that said words or
phrases were so stricken out or otherwise eliminated.

(e)          Successors and
Assigns. Except as provided in Section 6, no party shall have the right to
assign or delegate any of its rights, duties, or obligations under this
Agreement to any other party. This Agreement shall be binding upon and inure to
the benefit of the parties hereto.

(f)          Exclusive Application.
Nothing in this Agreement is intended or shall be construed to confer upon or
to give to any person, firm, or corporation other than the parties hereto any
right, remedy, or claim under or by reason of this Agreement.

(g)         Amendment, Waiver or
Termination. Except as otherwise expressly provided in this Agreement, no
amendment, waiver or termination of this Agreement, or any part hereof, shall
be effective unless made in writing and signed by the party or parties sought
to be bound thereby, and no failure to pursue or elect any remedies shall constitute
a waiver of any default under or breach of any provisions of this Agreement,
nor shall any waiver of any default under or breach of any provision of this
Agreement be deemed to be a waiver of any other subsequent similar or different
default under or breach of such or any other provision or of any election of
remedies available in connection therewith.

(h)         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.

(i)           Confidentiality.
The Product Specialist agrees not to disclose or permit the disclosure of any
of the terms hereof or of any other confidential, non-public or proprietary
information relating to the Properties or Business of the Joint Venture
(collectively, “Confidential Information”), provided that such disclosure may
be made (i) to any Person who is a partner, officer, director or employee of
the TRT Advisor or the REIT or an Affiliate thereof or counsel to or
accountants of the TRT Advisor or the REIT solely for their use and on a
need-to-know basis, provided that such Persons are notified of the Product
Specialist’s confidentiality obligations hereunder, (ii) with the prior consent
of the TRT Advisor, (iii) subject to the following sentence, pursuant to a
subpoena or order issued by a court, arbitrator or governmental body, agency or
official, (iv) to any lender or its agent or counsel in connection with the
Loan Documents, (v) to credit agencies and analysts for the purpose of their
ongoing evaluation of the

 9
 

Joint Venture’s activities; (vi) to any potential
assignee of the Product Specialist, provided such assignment is permitted under
Section 6 or (vii) if required under applicable law or the rules of any
securities exchange on which securities of the Product Specialist is listed or
in order to comply with public reporting requirements of any of them. In the
event that the Product Specialist shall receive a request to disclose any
Confidential Information under a subpoena or order, it shall (1) promptly
notify the TRT Advisor thereof, (2) consult with the TRT Advisor on the
advisability of taking steps to resist or narrow such request and (3) if
disclosure is required or deemed advisable, cooperate with the TRT Advisor in
any attempt it may make to obtain an order or other assurance that confidential
treatment will be accorded the Confidential Information that is disclosed.

(j)           Integration.
This Agreement, including any exhibits hereto, constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof.

(k)          Severability. If
any one or more of the covenants, agreements, provisions or terms of this
Agreement shall be held contrary to express law or against public policy, or
shall for any reason whatsoever be held invalid, then such covenants,
agreements, provisions or terms shall be deemed severable from the remainder of
this Agreement and shall in no way affect the validity or enforceability of the
other provisions of this Agreement.

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IN WITNESS WHEREOF, the parties hereto, by their duly
authorized representatives, have executed this Agreement as of the date first
above written.

	
  

  	
  DIVIDEND CAPITAL TOTAL ADVISORS LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

	
  

  	
  DDR TRT GP LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

 2Exhibit 10.20

CONTRIBUTION AND SALE AGREEMENT

THIS CONTRIBUTION AND SALE AGREEMENT (this “Agreement”) is made and entered into as
of April 25, 2007 (the “Effective Date”)
among JDN REAL ESTATE-APEX L.P., a Georgia limited partnership (“Apex”), JDN DEVELOPMENT COMPANY, INC.,
a Delaware corporation (“JDN”),
DEVELOPERS DIVERSIFIED REALTY CORPORATION, an Ohio corporation (“DDR”), MT. NEBO POINTE LLC, an Ohio
limited liability company (“Mt. Nebo”),
CENTERTON SQUARE LLC, a Delaware limited liability company (“Centerton”, each of Apex, JDN, DDR, Mt.
Nebo and Centerton, a “Contributor”
and collectively, the “Contributors”),
DIVIDEND CAPITAL TOTAL REALTY OPERATING PARTNERSHIP LP, a Delaware limited
partnership (“TRT”), and
TRT DDR VENTURE I GENERAL PARTNERSHIP, a Delaware general partnership (“Joint Venture”).

R E C I T A L S:

A.            TRT
and DDR desire to enter into a joint venture, for the purpose of acquiring,
owning, and operating the Mt. Nebo Project, the Centerton Project and the
Beaver Creek Project (all as defined herein).

B.            Mt.
Nebo owns the Mt. Nebo Project.  Mt. Nebo
will sell the Mt. Nebo Project to the Joint Venture, in exchange for cash
consideration in the amount of $24,606,195, subject to adjustments and
prorations agreed to by the parties hereto (the “Mt. Nebo
Consideration Amount”).

C.            Apex
owns the Beaver Creek Project. 
Immediately prior to closing, Apex will contribute the Beaver Creek
Project to TRT DDR Beaver Creek LLC, a newly-formed Delaware limited liability
company (the “Beaver Creek Purchased Company”),
in exchange for one hundred percent of the limited liability company interests
in the Beaver Creek Purchased Company. 
At Closing, Apex will sell one hundred percent of the limited liability
company interests in the Beaver Creek Purchased Company (the “Beaver Creek Purchased Company Ownership Interests”)
to the Joint Venture, in exchange for aggregate consideration in the amount of
$40,280,352, subject to adjustments and prorations agreed to by the parties
hereto (the “Beaver Creek Consideration Amount”).

D.            Centerton
owns the Centerton Project.  Centerton
will sell the Centerton Project  to the
Joint Venture, subject to the Existing Debt, in exchange for cash consideration
in the amount of $96,613,453, minus the outstanding principal balance plus all
accrued and unpaid interest related to the Existing Debt, and further subject
to adjustments and prorations agreed to by the parties hereto (the “Centerton Consideration Amount” and
together with the Mt. Nebo Consideration Amount and the Beaver Creek Consideration
Amount, the “Consideration Amount”).

E.             Prior
to the consummation of the transactions contemplated by this Agreement, the
Joint Venture will form TRT DDR Mt. Nebo LLC (“Mt. Nebo LLC Subsidiary”) and TRT DDR Centerton Square LLC
(“Centerton LLC Subsidiary”
together with the Beaver Creek Purchased Company, and the Mt. Nebo LLC
Subsidiary, collectively, the “LLC
Subsidiaries” and, individually, an “LLC Subsidiary”), each of which will be
single 

member Delaware limited liability company, to purchase, respectively, the assets of
the Mt. Nebo Project and the Centerton Project.

F.             On
the Closing Date, each LLC Subsidiary will be the fee simple owner of one of
the Projects.

G.            TRT
is willing, on the terms and subject to the conditions of this Agreement, to
contribute the TRT Investment (as defined herein) and the other amounts
required to be contributed by TRT pursuant to Section 5.1 of the
Partnership Agreement (as defined herein) to the Joint Venture in exchange for
the issuance to TRT of a ninety percent (90%) Percentage Interest in the Joint
Venture.

NOW, THEREFORE, for and in consideration of the
promises hereinafter set forth, the sum of Ten Dollars ($10.00), and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

Section 1.               Definitions.  Wherever used in this Agreement, the
following terms shall have the meanings set forth below:

“Affiliate”
shall mean with respect to a specified person (i) a person that, directly or
indirectly through one or more intermediaries, controls, is controlled by or is
under common control with, the specified person, (ii) any person that is an
officer, director, partner, manager or trustee of, or serves in a similar
capacity with respect to, the specified person, or of which the specified
person is an officer, director, partner, manager or trustee, or with respect to
which the specified person serves in a similar capacity, (iii) any person that,
directly or indirectly, is the beneficial owner of ten percent (10%) or more of
any class of equity securities of, or otherwise has a substantial beneficial
interest in, the specified person or of which the specified person has a
substantial beneficial interest and (iv) the spouse, issue or parent of the
specified person.

“Aggregate Project Value”
is defined in Section 2.3 of this Agreement.

“Agreement”
is defined in the preamble of this Agreement.

“Apex” is
defined in the preamble of this Agreement.

“Assignment of Contracts”
shall mean each Assignment and Assumption of Service Contracts, Warranties, and
Other Interests dated as of the Closing Date by a Contributor in favor of an
LLC Subsidiary, in the form attached hereto as Closing Document “A”.

“Assignment of Leases”
shall mean each Assignment and Assumption of Leases dated as of the Closing
Date by and between a Contributor and an LLC Subsidiary, in the form attached
hereto as Closing Document “B”.

“Assignment of LLC
Subsidiary Membership Interests” shall mean that certain
Assignment and Assumption of Membership Interests dated as of the Closing Date
by and between Apex and the Joint Venture, in the form attached hereto as Closing
Document “C”.

“Assumed
Liabilities” is defined in Section 2.6.

 2
 

“Base Project Documents”
shall mean the following documents owned by or in the possession of or
otherwise readily available at no cost to a Contributor or to the Beaver Creek
Purchased Company relating to the Projects as of the date hereof or as of the
Closing Date:

(a)                                  all
Space Leases and Lease Files relating to each Space Tenant at each of the
Projects;

(b)                                 all
Commission Agreements, all of which are listed on Exhibit D;

(c)                                  Operating
Statements;

(d)                                 Pro-forma
operating statements and capital expense budgets for 2007 for each Project;

(e)                                  The
Contributors’ standard form of lease for each of the Projects;

(f)                                    the
most recent real estate tax bills for each Project and, to the extent available
to the Contributors, the real estate tax bills for the three (3) years prior to
the most recent bill;

(g)                                 copies
of each Contributor’s existing owner’s title insurance policies and of each
Contributor’s existing property and liability insurance policies (including any
reports of losses for the past three (3) years, a statement describing each
claim in excess of $25,000;

(h)                                 all
existing Surveys;

(i)                                     all
existing Warranties, all of which are listed on Exhibit E attached
hereto;

(j)                                     all
existing Soils Reports, all of which are listed in Exhibit F
attached hereto;

(k)                                  all
existing Service Contracts, all of which are listed on Exhibit G
attached hereto;

(l)                                     all
existing Property Condition Assessments, all of which are listed on Exhibit H
attached hereto;

(m)                               all
existing Environmental Reports, all of which are listed in Exhibit I
attached hereto;

(n)                                 all
existing Permits and Approvals;

(o)                                 all
current catalogs, booklets, manuals, leasing brochures and materials,
advertising materials, and other items which are directly related to the
leasing and promotion of the Projects;

(p)                                 for
each Project, a copy of the parking or site plan with, to the extent the same
exists, the number of existing parking spaces;

 3
 

(q)                                 tenant
ledgers for the three most recent calendar years (to the extent they exist), or
in the event that a Contributor has not owned its respective Project for three
calendar years, for each calendar year for which such Contributor has owned its
respective Project, and current year to date reflecting each Tenant’s payment
history under the Space Leases; and

(r)                                    general
ledger statements detailing operating expenses for the Projects for the most
recent calendar year and year to date.

“Beaver Creek Consideration
Amount” is defined in the preamble of this Agreement.

“Beaver Creek Project”
shall mean the project listed on Exhibit J-1 attached hereto under the
heading “Apex,” which shall
include as to that Project, the Land, Improvements, Space Leases, Service
Contracts, Personal Property, and Other Interests.

“Bill of Sale”
shall mean the Bill of Sale and General Assignment dated as of the Closing Date
by and between a Contributor and an LLC Subsidiary, in the form attached hereto
as Closing Document “G”.

“Building Systems”
shall mean systems and facilities which are owned or leased by a Contributor or
the Beaver Creek Purchased Company, or pursuant to which a Contributor or the
Beaver Creek Purchased Company has an interest as a party to a Service
Contract, and which are situated on the Land, including, but not limited to,
elevators, security systems, HVAC, telephone facilities (including any cellular
or digital facilities), cable or satellite television systems, and broadcast
facilities.

“Capital Account”
means, as to DDR or TRT, the account maintained pursuant to Section 6.4
of the Partnership Agreement.

“CC&R’s”
shall mean any Covenants, Conditions and Restrictions or Reciprocal Easement
Agreements or similar documents affecting all or any portion of a Project.

“Centerton”
is defined in the preamble of this Agreement.

“Centerton Consideration
Amount” is defined in the preamble of this Agreement.

“Centerton Outparcel Ground
Lease” is defined in Section 3.2 of this Agreement.

“Centerton Project”
shall mean the project listed on Exhibit J-2 attached hereto under the
heading “Centerton,” which shall
include as to that Project, the Land, Improvements, Space Leases, Service
Contracts, Personal Property, and Other Interests.

“Closing”
shall mean the consummation of the Transaction on the Closing Date.

“Closing Date”
is defined in Section 6.1 of this Agreement.

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“Code”
means the Internal Revenue Code of 1986, as amended.

“Commission Agreements”
shall mean all agreements by which a Contributor or the Beaver Creek Purchased
Company has or may have the obligation to pay leasing commissions, referral
fees, and other similar payments to agents, leasing agents, or leasing brokers
with respect to a Space Lease or any future lease of any part of a Project.

“Commissions”
shall mean all leasing or sales commissions, referral fees, and similar
obligations to make payments to agents, leasing agents, or leasing brokers
under the Commission Agreements.

“Concession”
shall mean any discount, concession, “free rent,”
allowance, incentive, inducement, or other agreement whereby any item or
consideration of value (other than the right of occupancy of such Space Tenant’s
demised premises) is granted to, extended to, or provided to or for the benefit
of any Space Tenant, including, without limitation, any obligation on the part
of landlord under a Space Lease to construct or pay for Tenant Improvements, or
to provide an allowance for a Space Tenant to construct any improvements.

“Condemnation Proceeding”
shall mean any proceeding in condemnation or eminent domain or any conveyance
in lieu thereof against any portion of any Project.

“Consideration Amount”
is defined in the preamble of this Agreement.

“Contributors”
is defined in the preamble of this Agreement.

“Contributors’ Warranties
or Warranty” shall mean those representations and warranties,
collectively and separately, specifically given by the Contributors in Section
4.1 of this Agreement.

“DDR” is
defined in the recitals to this Agreement.

“Deed” shall
mean a limited or special warranty deed or grant deed depending on local custom
to be executed by a Contributor, in substantially the form attached hereto as Closing
Document “D-1”, “D-2” and “D-3”, as applicable, each subject only to the
Permitted Exceptions that effectively conveys fee title to a Project to an LLC
Subsidiary.

“Development
Agreement” is defined in Section 10 of this Agreement.

“Environmental Laws”
shall mean any local, state, or federal law, including requirements under
permits, licenses, consents and approvals, relating to pollution or pertaining
to the protection of human health and the environment, including those that
relate to Environmental Matters, including without limitation, the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as amended (“CERCLA”), 42 U.S.C. ss.9601 et
seq.; the Resource Conservation and Recovery Act, as amended (“RCRA”) 42 U.S.C. ss.6901 et seq.;
the Hazardous Materials Transportation Act, as amended, 49 U.S.C. ss.1801, et
seq.; and the Federal Water Pollution Control Act, as amended, 33 U.S.C.
ss.1251, et seq.

 5
 

“Environmental Litigation”
shall mean any claims, actions, suits, proceedings, or investigations related
to Environmental Matters with respect to the ownership, use, condition, or
operation of the Projects in any court or before or by any federal, state, or
other governmental agency or private arbitration tribunal.

“Environmental Matter”
shall mean any issue related to (a) the treatment, storage, disposal, or
release of solid, liquid, or gaseous waste into the environment, (b) the
treatment, storage, disposal, or other handling of any Hazardous Substance, (c)
the placement of structures or materials into waters of the United States, or
otherwise dealing with the disturbance of wetlands located on the Projects, or
(d) the presence of any Hazardous Substance in any building, structure, or
workplace.

“Environmental Reports”
shall mean all reports or assessments of the possible existence of any Hazardous
Substance located on or about any Project.

“Existing Debt”
shall mean that certain loan in the original principal amount of $48,000,000
from Wachovia Bank, N.A. dated August 25, 2005.

“Ground Leases”
is defined in Section 3.2 of this Agreement.

“Guarantee”
shall mean any guarantee of any of the Space Leases.

“Guarantor”
shall mean any guarantor under a Guarantee.

“Hazardous Substance”
shall mean any hazardous or toxic substance or waste as those terms are defined
by any applicable Environmental Law, together with (if not so defined by such
Environmental Laws), petroleum, petroleum products, oil, PCBs, radioactive
materials, radon, lead or lead based paints, asbestos and mold, fungi, yeast or
other similar biological agents that may have an adverse effect on human
health.

“Improvements”
shall mean the buildings, structures (surface and subsurface), parking
facilities and fixtures and other improvements owned by a Contributor or the
Beaver Creek Purchased Company situated on the Land, including the Building
Systems.  In each instance where the term
“Improvements” is used by
implication in connection with a single Project, the term “Improvements”
shall be a reference only to the Improvements applicable to such Project.

“Indemnified Entity”
shall mean a Contributor, TRT, the Joint Venture or an LLC Subsidiary, as the
case may be.

“Indemnifying Party”
is defined in Section 7.7 of this Agreement.

“Indemnity Contracts”
shall mean the Space Leases, Service Contracts, and the Commission Agreements.

“Initial Mortgage
Indebtedness” means any initial mortgage debt financing on the
Properties obtained by the Joint Venture as of the Closing Date.

 6
 

“Initial TRT Contribution”
is defined in Section 2.2.2 of this Agreement.

“Joint Venture”
is defined in the preamble of this Agreement.

“Knowledge”
shall mean the actual, as distinguished from implied, imputed, or constructive,
knowledge, without any duty of independent investigation, of any of the
Knowledgeable Parties on the date that the representation or warranty is made.

“Knowledgeable Parties”
shall mean Joan Allgood, Dan Branigan and Joe Padanilam for purposes of the
Knowledge of the Contributors with respect to all of the Projects, Gary
Jeziorski for purposes of the Knowledge of the Contributors with respect to the
Mt. Nebo Project, Tom Walstromer for purposes of the Knowledge of the
Contributors with respect to the Centerton Project and Deborah Naves and Susan
Forman for purposes of the Knowledge of the Contributors with respect to the
Beaver Creek Project, and for purposes of the Knowledge of TRT shall mean Mike
Kelly.

“Land” shall
mean that land included as part of each Project as set forth on the Title
Commitments, together with (a) all easements appurtenant to the Land and other
easements, grants of right, licenses, privileges or other agreements for the
benefit of, belonging to, or appurtenant to the Land, (b) all right, title, and
interest of a Contributor or the Beaver Creek Purchased Company in and to
mineral, oil, and gas rights, riparian rights, water rights, sewer rights and
other utility rights allocated to the Land, (c) all right, title, and interest
of a Contributor or the Beaver Creek Purchased Company in and to any and all
strips and gores of land located on or adjacent to the Land, (d) all right,
title, and interest, if any, of a Contributor or the Purchased Entity in and to
any roads, streets, and ways, public or private, open or proposed, in front of
or adjoining all or any part of the Land and serving the Land, and (e) all
right, title, and interest of a Contributor or the Beaver Creek Purchased
Company in and to all rights to development of the Land granted by governmental
entities having jurisdiction over the Land. 
Notwithstanding the foregoing, Land shall not include (x) the Outparcels
at the Beaver Creek Project and (y) the Outparcels identified as Parcel 1 and
Parcel 2 at the Mt. Nebo Project.

“Land Use Restrictions or
Applicable Laws” shall mean all deed restrictions and
restrictive covenants contained in any record exception and all building codes,
zoning restrictions, and other laws, ordinances, or regulations applicable to
any Project.

“Lease File”
shall mean all materials in a Contributor’s or the Beaver Creek Purchased
Company’s possession concerning each Space Lease.

“Lease-Up Costs”
shall mean the costs of executing, delivering, and complying with the initial
construction and inducement obligations (relating to tenant occupancy, but not
ongoing obligations, such as maintenance, operations or utilities) of the “landlord” or “lessor”
under a Space Lease, but excluding Commissions pursuant to the Commission
Agreements.

“Lease Renewal”
is defined in Section 4.4(d).

“Lender”
shall mean the lender that provides the Initial Mortgage Indebtedness, if any.

 7
 

“Lien” shall
mean any mortgage, deed of trust, security deed, lien, judgment, pledge,
conditional sales contract, security interest, past-due taxes, past-due
assessments, contractor’s lien, materialmen’s lien, judgment, or similar
monetary encumbrance against a Project.

“LLC Subsidiaries”
is defined in the recital to this Agreement.

“Loan Documents”
shall mean any note, loan agreement, mortgage, deed of trust or other written
agreement or document evidencing or securing the Initial Mortgage Indebtedness.

“Major Tenant”
is defined in Section 6.2.5 of this Agreement.

“Management Agreement”
means a Management and Leasing Agreement, among DDR, the Joint Venture and each
LLC Subsidiary pursuant to which DDR will be retained by the Joint Venture and
the LLC Subsidiaries to manage the Projects.

“Master Lease”
shall mean a Master Lease in the form of Closing Document “F” attached
hereto, by DDR in favor of TRT DDR Mt. Nebo LLC.

“Mt. Nebo”
is defined in the preamble of this Agreement.

“Mt. Nebo Consideration
Amount” is defined in the preamble of this Agreement.

“Mt. Nebo Outparcel Ground
Lease” is defined in Section 3.2 of this Agreement.

“Mt. Nebo Project”
shall mean the project listed on Exhibit J-3 attached hereto under the
heading “Mt. Nebo,” which shall include
as to that Project, the Land, Improvements, Space Leases, Service Contracts,
Personal Property, and Other Interests.

“New Lease”
is defined in Section 4.4(d).

“New Lease
Request” is defined in Section 4.4(d).

“Non-Cash Tenant Deposits”
shall mean Tenant Deposits that are letters of credit, certificates of deposit,
or other non-cash Tenant Deposits.

“Operating Statements” shall
mean copies of all income and expense statements, year-end financial and
monthly operating statements, including the CAM reconciliation, for each of the
Projects for the three most recent calendar years and current year to date, or
in the event that a Contributor has not owned its respective Project for three
calendar years, for each calendar year for which such Contributor has owned its
respective Project.

“Organizational Costs and Expenses”
shall have the meaning given to such term in the Partnership Agreement.

 8
 

“Other Interest”
shall mean any other (without duplication of any interests described in any
other definition set forth herein) interest of a Contributor or the Beaver
Creek Purchased Company in and to the Projects or pertaining thereto as of the
Closing Date, including, without limitation, the following:

(a)           All of the right, title, and interest
in and to all Base Project Documents;

(b)           All of the right, title, interest,
and entitlements in and to any award to be made in exchange for any interest in
the Projects to be conveyed, including any award or payment to be made (i) for
any taking in any Condemnation Proceeding of land lying in the bed of any
street, road, highway, or avenue, open or proposed, in front of or adjoining
all or any part of the Project, (ii) for damage to the Projects or any part
thereof by reason of change of grade or closing of any such street, road,
highway, or avenue, and (iii) for any taking in a Condemnation Proceeding of
any part of the Projects;

(c)           Non-exclusive rights to any name or
trade name by which the Project or any part thereof may be known, if any,
including, but not limited to the Project Name and all other fictitious names
used on the date hereof in connection with the ownership and operation of the
Projects and all registrations for such names;

(d)           All of the right, title, and interest
in and to the use of any telephone number located under the Project Name and
the right to list telephone numbers under the Project Name;

(e)           All of the right, title, interest,
and entitlement as of the Closing Date in and to any casualty insurance
proceeds due with respect to the Projects arising after the date hereof less,
however, the amount of any expenditures by a Contributor with respect to any
such casualty and the amount of any such proceeds that represent payment in
respect of business interruption that occurred prior to the Closing, which
shall be reimbursed to a Contributor from such casualty insurance proceeds; and

(f)            All of the right, title, interest,
powers, privileges, benefits, and options, plus and burdens, obligations,
liabilities that may arise following the Closing Date related thereto as
disclosed to TRT prior to the Closing Date, in and to (i) any development
rights (including the benefit of any impact fee payments previously made with
respect to the Projects for the construction of the existing Improvements),
allocations of development density or other similar rights allocated to or attributable
to the Projects and (ii) any utility capacity allocated to or attributable to
the Projects, whether the matters described in the preceding clauses (i) and
(ii) arise under or pursuant to governmental requirements, administrative or
formal action by governmental authorities, or agreement with governmental
authorities or third parties.

“Outparcels”
shall mean the outparcels at each Project and more particularly described on Exhibit L,
attached hereto.

“Partnership
Agreement” means the Partnership Agreement of the Joint Venture
to be entered into on the Closing Date by DDR and TRT, in the form of Closing
Document “E” attached hereto.

 9
 

“Percentage
Interest” shall have the meaning given to such term in the
Partnership Agreement.

“Permits and Approvals”
shall mean all licenses, certificates (including certificates of occupancy),
consents, variances, waivers, authorizations, permits, and similar approvals
issued with respect to the construction, ownership, operation, or occupancy of
the Projects by governmental authorities having jurisdiction over the Projects
or by private parties or associations pursuant to any of the Permitted
Exceptions or otherwise in connection with any Land Use Restrictions or
Applicable Laws.  In each instance where
the term “Permits and Approvals” is used
by implication in connection with a single Project, the term “Permits and Approvals” shall be a
reference only to the Permits and Approvals applicable to such Project.

“Permitted Exceptions”
shall mean the following:

(a)           The Space Leases.

(b)           All real estate taxes and assessments
not yet due and payable as of the Closing Date.

(c)           Any matter set forth in the Title
Commitment for each Project, to which TRT has not objected.

“Permitted Use”
shall mean any lawful use that will not cause a violation of (i) any provision
of any other lease then existing at the Project or (ii) any provision of any
other document binding on the Project (e.g., reciprocal easement agreement) as
of the relevant date.

“Personal Property”
shall mean all existing personal property and fixtures owned by a Contributor
and located on or otherwise used by a Contributor exclusively in connection
with any Project, which personal property shall include all fixtures,
furniture, furnishings, carpeting, draperies, fittings, equipment, machinery,
apparatus, building materials, partitions, appliances, all Building Systems,
building drawings, Plans and Specifications, sprinkler and well systems,
electrical equipment, fire prevention and extinguishing apparatus, and all
engineering, maintenance, and housekeeping supplies and materials and all
trademark, trade names and service marks.

“Plans and Specifications”
shall mean all plans and specifications for the existing Improvements.

“Prohibited
Person” shall mean any of the following:  (a) a person or entity that is listed in the
Annex to, or is otherwise subject to the provisions of, Executive Order No.
13224 on Terrorist Financing (effective September 24, 2001) (the “Executive Order”); (b) a person or
entity owned or controlled by, or acting for or on behalf of any person or
entity that is listed in the Annex to, or is otherwise subject to the
provisions of, the Executive Order; (c) a person or entity that is named as a “specially
designated national” or “blocked person” on the most current list published by
the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) at its official website,
http://www.treas.gov/offices/enforcement/ofac; (d) a person or entity that is
otherwise the target of any economic sanctions program currently administered
by OFAC; or 

 10
 

(e) a person or entity that is affiliated with any
person or entity identified in clause (a), (b), (c) and/or (d) above.

“Project”
shall mean each of the projects described on Exhibits J-1, J-2 and J-3
attached hereto which shall include as to each Project, the Land, Improvements,
Space Leases, Service Contracts, Personal Property, and Other Interests.

“Pre-Closing
Liabilities” is defined in Section 2.6.

“Project Name”
shall mean a Contributor’s right, title, and interest, if any, in the names of
each of the Projects.

“Property Condition
Assessments” shall mean any report concerning the condition of
any Project (other than Environmental Reports and Soils Reports), including,
without limitation, any report on the structural condition of the Improvements,
or other engineering studies.

“Rent Roll”
shall mean the list of all Space Leases rental payable and other information
for such Space Leases as set forth on Exhibit B.

“Rental Payments”
shall mean all payments received by or on behalf of a Contributor, any LLC
Subsidiary or the Joint Venture from Space Tenants with respect to the Space
Leases for items such as minimum or base rent, additional rent, percentage
rent, termination or cancellation charges, reimbursement for common area
maintenance charges, real estate taxes, utilities, and insurance, as well as
any other reimbursements or charges received thereunder.

“Service Contracts”
shall mean, to the extent assignable, all oral or written agreements other than
Space Leases between a Contributor or the Beaver Creek Purchased Company and
third parties for the management, maintenance, service, or repair of the
Projects.

“Soils Reports”
shall mean all geological soils or geotechnical reports on any of the Projects.

“Space Leases”
shall mean, collectively, all oral or written leases, licenses and kiosk
agreements and all amendments thereto, assignments thereof, subleases thereto,
and any extensions or expansions thereof, by which any third party has a right
to the use or occupancy of any portion of any Project.

“Space Tenant”
shall mean a tenant under a Space Lease.

“Survey”
shall mean an as-built ALTA survey of any of the Projects.

“Tenant Deposit”
shall mean each security deposit and other deposit made with respect to a Space
Lease.

“Tenant Estoppels”
shall mean the estoppel certificates executed by the Space Tenants, to be in
the form reasonably approved by TRT and Lender (if any).

 11
 

“Tenant Improvements”
shall mean all construction work, repairs, improvements, equipment installation,
painting, decorating, partitioning, and other work and obligations to satisfy
the Space Tenant’s requirements with regard to occupancy under the currently
effective term of each Space Lease, which are required to be completed by or
paid for by the “lessor” or “landlord” under the Space Lease.

“Third Party
Claim” is defined in Section 7.7 of this Agreement.

“Title Commitment”
shall mean, for each Project, the commitments of the Title Company to issue the
Title Policy, along with copies of all underlying documents referenced in such
Title Commitment.

“Title Company”
shall mean Chicago Title Insurance Company, Cleveland, Ohio.

“Title Policy”
shall mean (a) for the Beaver Creek Project, the full coverage, standard,
revised, ALTA-2006 Owner’s Policy of Title Insurance, with a non-imputation
endorsement issued by the Title Company showing only the Permitted Exceptions,
in favor of the Joint Venture (or the LLC Subsidiaries), (b) for the Centerton
Project, the full coverage, standard, revised, ALTA-2006 Owner’s Policy of
Title Insurance, with a non-imputation endorsement issued by the Title Company
showing only the Permitted Exceptions, in favor of the Joint Venture (or an LLC
Subsidiary) and (c) for the Mt. Nebo Project, the full coverage, standard,
revised ALTA-7084 Owner’s Policy of Title Insurance with a non-imputation
endorsement issued by the Title Company showing only the Permitted Exceptions,
in favor of the Joint Venture (or an LLC Subsidiary), each such policy in the
amount identified on Exhibit M attached hereto.

“Transaction”
shall mean the transactions contemplated by this Agreement and the Partnership
Agreement.

“Transferred
Outparcels” is defined in Section 3.1 of this Agreement.

“TRT”
shall have the meaning set forth in the preamble to this Agreement.

“TRT Investment”
shall mean an amount in United States dollars in immediately available funds,
which is determined as follows: $161,500,000 (representing the sales price of
the Properties) minus the amount of the Initial Mortgage Indebtedness, if any,
multiplied by .90.

“TRT Percentage
Interest” shall mean TRT’s Percentage Interest in the Joint
Venture, as set forth in the Partnership Agreement.

“Warranties”
shall mean each and every existing and outstanding written service warranty
provided by any third party concerning any Project.

Section 2.               Contribution/Sale and
Formation.  The contribution or sale
to the LLC Subsidiaries by the Contributors of the Projects, the sale of the
Beaver Creek Purchased Company to the Joint Venture, and the contribution of
the TRT Investment shall be upon the terms and subject to the conditions set
forth in this Agreement.

 12
 

2.1           Formation of the Joint Venture.  The Joint Venture was formed pursuant to the
provisions of the Delaware Revised Uniform Partnership Act, Delaware Code,
Title 6 Section 15-101 et seq., as amended from time to time, as evidenced by
the filing of the Statement of Partnership Existence in the office of the Secretary
of State of the State of Delaware on April 4, 2007 in the form of Exhibit N
attached hereto.  At the time of Closing,
DDR and TRT shall each execute and deliver to the other the Partnership
Agreement.

2.2           Sale/Contribution of Projects;
Sale of LLC Subsidiary Membership Interests and TRT Investment.  At the time of Closing, the following actions
shall occur, all of which shall be deemed to have occurred simultaneously and
none of which shall be effective unless and until all such actions have
occurred:

2.2.1              Sale/Contribution of Projects.

(a)           Mt. Nebo shall convey the Mt. Nebo
Project to TRT DDR Mt. Nebo LLC.

(b)           Apex shall sell all of the Beaver
Creek Purchased Company Ownership Interests to the Joint Venture.

(c)           Centerton shall convey the Centerton
Project to TRT DDR Centerton Square LLC subject to the Existing Debt.

(d)           Each Project and the Beaver Creek
Purchased Company Ownership Interests shall be conveyed free and clear of all
Liens, other than Permitted Exceptions and the Existing Debt.  The parties acknowledge and agree that a
portion of the proceeds of the Initial Mortgage Financing will be used to
satisfy the Existing Debt.

2.2.2              Contribution by TRT of the TRT
Investment; Consideration for TRT Contribution.  TRT shall contribute the TRT Investment plus
an amount equal to TRT’s pro rata share of the estimated working capital of the
Joint Venture and the estimated Organizational Costs and Expenses of the Joint
Venture to the Joint Venture in immediately available United States Dollars
(the “Initial TRT Contribution”)
less any proration items as more particularly set forth in Section 7.  In consideration of the Initial TRT
Contribution, the Joint Venture shall issue to TRT the TRT Percentage Interest
and credit TRT’s Capital Account with an amount equal to the Initial TRT
Contribution.

2.3           Allocation of Aggregate Project
Value.  The parties acknowledge and
agree that the (i) Aggregate Project Value is $161,500,000 (the “Aggregate Project Value”) and (ii) the
Aggregate Project Value shall be allocated among the Projects as set forth on Exhibit O
attached hereto.

2.4           Initial Mortgage Indebtedness.  DDR and TRT shall cause the Joint Venture and
the LLC Subsidiaries to execute and deliver the Loan Documents and all other
documents required by Lender to fund the Initial Mortgage Indebtedness.  All costs related to the Initial Mortgage
Indebtedness, including legal fees, shall be paid by the Joint Venture.  The net proceeds of the Initial Mortgage
Indebtedness shall be used by the Joint Venture to fund the Consideration
Amount.

 13
 

2.5           Organizational Costs and Expenses.  All Organizational Costs and Expenses
incurred by TRT or DDR shall be reimbursed by the Joint Venture upon the
Closing as provided in the Partnership Agreement.

2.6           Assumed Liabilities.  On the Closing Date, the Joint Venture shall
assume or cause the applicable LLC Subsidiaries thereof to assume and agree to
pay, perform, and otherwise discharge (a) all of the liabilities and
obligations that relate to the Beaver Creek Purchased Company, the Mt. Nebo
Project and the Centerton Project, including, without limitation, all
liabilities and obligations under the Indemnity Contracts that first arise or
are required to be performed on or after the Closing Date, and (b) all of the
liabilities and obligations that relate to the Beaver Creek Purchased Company,
the Mt. Nebo Project and the Centerton Project (including, without limitation,
liabilities and obligations under the Indemnity Contracts) to the extent that
the Joint Venture receives a credit for such items at Closing (collectively,
the “Assumed Liabilities”).  The Assumed Liabilities shall not include,
and there is excepted, reserved and excluded from such Assumed Liabilities, the
liabilities and obligations that relate to the ownership or operation of the
Projects, Contributors and the Beaver Creek Purchased Company prior to the
Closing Date (“Pre-Closing Liabilities”),
all of which Pre-Closing Liabilities shall be retained, performed and paid by
the Contributors.  The Contributors shall
indemnify, defend and hold Purchaser and the Joint Venture harmless from and
against any damages arising out of Pre-Closing Liabilities, such
indemnification to survive the Closing. 
Notwithstanding the foregoing, the Contributors shall not be required to
indemnify, defend and hold Purchaser and the Joint Venture harmless from and
against any damages arising out of the environmental condition of a Project
except for liabilities described on Schedule 4.3.8, the physical
condition of a Project or any matters disclosed in any title commitment, survey
or title policy obtained in connection with the transactions contemplated by
this Agreement, unless such damage results from (a) a breach of a
representation and warranty of the Contributors in this Agreement or (b) a
lawsuit relating to the physical condition of a Project that exists on the date
of this Agreement or arises from an event or circumstance that occurred prior
to Closing.  The Joint Venture shall
indemnify, defend and hold Contributors harmless from and against any damages
arising out of the Assumed Liabilities, such indemnification to survive the
Closing.

Section 3.               Outparcels.

3.1           General.  At Closing, the Outparcel identified as
Parcel 3 at the Mt. Nebo Project and the Outparcel at the Centerton Project
will be conveyed to TRT DDR Mt. Nebo LLC and TRT DDR Centerton Square LLC,
respectively, solely because as of the date of this Agreement and as of the
Closing Date such Outparcels will not been subdivided (the “Transferred Outparcels”).  As such, all economic benefits and burdens,
including for federal income, state and local franchise, property and other tax
purposes, attributable to the Transferred Outparcels shall be allocated 100% to
the appropriate Contributors in accordance with this Section 3.  Pursuant to Section 6.6 of this
Agreement and notwithstanding Section 3.2 below, the Contributors shall have
the right at any time to attempt to subdivide and reconvey the Transferred
Outparcels to the appropriate Contributors for nominal consideration of $1.

3.2           Ground Leases; Sub-Leases.  At Closing (i) TRT DDR Mt. Nebo LLC shall
execute and deliver a 99-year ground lease in the form of Closing Document “K” (the “Mt. Nebo Outparcel Ground Lease”) to
Mt. Nebo Pointe LLC for annual ground lease payments 

 14
 

equal to $1 conveying a leasehold interest in the
Outparcel identified as Parcel 3 at the Mt. Nebo Project, and (ii) TRT DDR
Centerton Square LLC shall execute and deliver a 99-year ground lease in the
form of Closing Document “K”
(the “Centerton Outparcel Ground Lease”
together with the Nebo Outparcel Ground Lease, the “Ground Leases”) to DDR for annual
ground lease payments equal to $1 conveying a leasehold interest in the
Outparcel at the Centerton Project.  The
Ground Leases shall include a provision which provides DDR the right to
terminate at any time.  The Joint Venture covenants and
agrees that neither it nor any of its affiliates will cause any LLC Subsidiary
that holds fee title to any Transferred Outparcel to enter into any transaction
with respect a Transferred Outparcel, other than the transactions contemplated
by this Section 3.2 and transactions approved by DDR in writing.  DDR shall have the right to develop any
Transferred Outparcel and enter into subleases with respect to any Transferred
Outparcel without requiring the consent of TRT, the Joint Venture or any LLC Subsidiary.  DDR shall have the obligation to pay all
Lease-Up Costs, Commissions and Concessions, any other costs and expenses
related to the development and leasing of the Transferred Outparcels and the
Transferred Outparcel’s proportionate share of taxes, insurance and common area
maintenance charges and hereby agrees to indemnify, defend and hold each LLC
Subsidiary that holds fee title to a Transferred Outparcel harmless from and
against all liabilities, costs, claims and damages incurred or arising out of
the ownership, development and/or leasing of the Transferred Outparcel owned by
such LLC Subsidiary.  DDR covenants and
agrees that all construction and development of the Outparcels will be
completed in a good and workmanlike lien-free manner and in accordance with all
applicable laws and in connection with the subdivision process satisfy any
applicable rating agency criteria.

Section
4.               Representations and
Warranties and Covenants.

4.1           Contributors’ Representations and
Warranties.  The Contributors
represent and warrant to TRT, as follows:

4.1.1              Organization and Authority.  The Contributors have been duly organized and
are validly existing and in good standing under the laws of their respective
jurisdiction of organization.  The
Contributors have the full right and authority 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 the Contributors at the Closing will be,
authorized and properly executed and constitutes, or will constitute, as
appropriate, the valid and binding obligation of the Contributors, enforceable
in accordance with their respective terms, subject to applicable laws of
bankruptcy or insolvency and principles of equity.  Except as set forth in Schedule 4.1.1
hereof, the execution, delivery and performance of this Agreement and the
instruments referenced herein and the consummation of the transaction
contemplated hereby by the Contributors does not in any material respect, and
will not, in any material respect, with or without notice or the passage of
time or both, (i) violate any law, decree, judgment of any court or
governmental authority which may be applicable to a Contributor or any Project;
(ii) violate 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 material contract or agreement to which a Contributor is a
party; (iii) violate or conflict with any provision of the organizational
documents of a Contributor; or (iv) violate or result in a breach of any
indenture, deed of trust, mortgage by which a Contributor or any project is
bound.

 15

4.1.2                                           Space
Leases.  The Space Leases listed on Schedule
4.1.2 are the only Space Leases related to the Projects and, to the
Contributors’ Knowledge,  all Space
Leases are in full force and effect.  The
Contributors have made available to TRT a true and complete copy of each Space
Lease and Guarantee and the original, or copy, of the Contributors’ complete
Lease File for each Space Lease.  All
information set forth on the Rent Roll, is true, correct and complete in all
material respects as of the date hereof.  
No Contributor has granted any termination options, renewal options,
purchase options, extension options or rights of first refusal regarding the
Projects, except as expressly set forth in the Rent Roll.  Except as set forth in the Space Leases and
the Lease Files, there are no agreements with any Space Tenant by a Contributor
that would be binding on the Joint Venture. 
Except for assignments (i) under existing financings (all of which shall
have been effectively terminated prior to or concurrently with the Closing),
and (ii) that will occur at or prior to Closing in connection with transfer of
the Projects to the LLC Subsidiaries, no rent under or other right, title, or
interest of a Contributor in and to the Space Leases has been assigned by a
Contributor to any other party.

4.1.3                                           Rent.  No Rental Payments have been collected more
than thirty (30) days in advance of the due date thereof.

4.1.4                                           Space
Lease Defaults.  Except as set forth
on Schedule 4.1.4, there are no existing monetary defaults and no existing
non-monetary defaults by a Contributor or, to the Contributors’ Knowledge, any
Space Tenant under any Space Lease. 
Except as set forth in Schedule 4.1.4, no Contributor has
received written notice by a Space Tenant asserting, and to the Contributors’
Knowledge, no Space Tenant has (i) any current right to offset rent, (ii) a
claim against a Contributor, or (iii) a right to abate rent.

4.1.5                                           Guaranties.  Except as set forth on Schedule 4.1.5,
to the Contributors’ Knowledge, no Guarantor is in default under any
Guarantee.  Except as set forth in Schedule
4.1.5, no Contributor has received written notice by a Guarantor
terminating any Guarantee or asserting that any Guarantee is no longer in full
force and effect.

4.1.6                                           Warranties.  The Warranties listed on Exhibit E
are all of the material warranties for the Projects and the Contributors have
made available to TRT true and correct copies of the originals thereof.

4.1.7                                           Tenant
Improvements.  Except as set forth on
Schedule 4.1.7, all Tenant Improvement costs under the Space Leases have
been paid or satisfied in full or will be paid by a Contributor when due and
payable (except to the extent payment is being contested by a Contributor in
good faith in which case a Contributor shall pay when due the amount that is
not then in dispute and will pay the balance when such dispute is resolved or
pursuant to any order of a court of competent jurisdiction).

4.1.8                                           Service
Contracts.  The Service Contracts
listed on Exhibit G are the only Service Contracts related to the
Projects.  A true, correct and complete
copy of each of the Service Contracts (or written description of oral
contracts) has been delivered or made available to TRT.  There are no understandings, concessions,
promises, or agreements between a Contributor and any party to the Service
Contracts except as set forth in the Service Contracts.  No Contributor is in default under or with
respect to the Service Contracts and to Contributors’

 16
 

Knowledge, no other party to any Service Contracts is
in default under or with respect to the Service Contracts.  Except for the Service Contracts, the Space
Leases, the contracts identified on Schedule 4.1.8 and any documents
that are exceptions shown in the Title Commitments, there are no material
contracts or agreements relating to the Projects to which a Contributor, agent
or Affiliate thereof, is a party and that would be binding on the Joint Venture
or any LLC Subsidiary after the Closing Date.

4.1.9                                           Tenant
Deposits.  Except as set forth in Schedule
4.1.9, there are no Tenant Deposits held by the landlord under any of the
Space Leases and there are no arrearages in rent or additional rent under the
Space Leases.  Contributors have
collected and remitted Tenant Deposits in accordance with the applicable Space
Lease and applicable laws.

4.1.10                                     No
Known Environmental Litigation or Violation.  There is no Environmental Litigation pending
against a Contributor relating to the Projects. 
Except as may be disclosed in any environmental report set forth on Schedule
4.1.10, no Contributor has received written notice of existing violations
of applicable Environmental Laws with respect to the ownership, use, condition,
or operation of the Projects by a Contributor. 
Except as set forth on Schedule 4.1.10, to Contributors’ Knowledge,
no person or entity has used, generated, processed, stored, released,
discharged, transported or disposed of Hazardous Substances on any Project,
except for use and storage consistent with the use thereof as a shopping center
and in compliance with environmental laws. 
Contributors have not received written notice that any person or entity
has used, generated, processed, stored, released, discharged, transported or
disposed of Hazardous Substances on any property adjacent to a Project.

4.1.11                                     Litigation
Proceedings/Compliance with Laws. 
Except in each case as to matters covered (excluding deductibles) by one
or more insurance policies, there are no judgments unsatisfied against a
Contributor with respect to a Project or consent decrees or injunctions to
which a Project is subject, and except as set forth on Schedule 4.1.11,
there is no litigation or proceeding pending or, to the Contributors’
Knowledge, threatened against a Project or against a Contributor in regard to a
Project.  No Contributor has received any
notices, demands or deficiency comments from any governmental or
quasi-governmental authority with regard to any Project which have not been
fully and completely corrected.  No
Contributor has received any notice of violations of any Land Use Restrictions
or Applicable Laws affecting or applicable to any Project, except as set forth
on Schedule 4.1.11.

4.1.12                                     Construction
and Maintenance Work.  Except as set
forth on Schedule 4.1.12, no construction and/or maintenance work is
presently required by the terms of any Permitted Exceptions or, to the
Contributors’ Knowledge, by any Land Use Restrictions or Applicable Laws
affecting the Projects.

4.1.13                                     CC&R’s.  The CC&Rs listed on  Schedule 4.1.13 are the only
CC&Rs affecting the Projects. 
Contributors have provided or made available to TRT true, correct and
complete copies of the CC&Rs.  There
are no existing monetary defaults by a Contributor or, to the Contributors’
Knowledge, (i) any non-monetary default by a Contributor or (ii) any defaults
by any other party, under any CC&R.

 17
 

4.1.14                                     Purchased
Companies.  The Beaver Creek
Purchased Company (i) is, or will be at the time of Closing, duly organized,
validly existing and in good standing under the laws of the State of Delaware,
and (ii) has, or will have at the time of Closing, full limited liability
company power and authority to own and operate the Beaver Creek Project.  All of the Beaver Creek Purchased Company
Ownership Interests are, or at the time of Closing will be owned directly by
Apex free and clear of any Liens.  The
Beaver Creek Purchased Company has not filed an election to be classified as an
association taxable as a corporation for federal tax purposes.  There are no options, warrants or rights of
conversion or any other contract relating to the Beaver Creek Purchased Company
obligating the Beaver Creek Purchased Company, directly or indirectly, to issue
additional membership interests or other equity interests.  The Beaver Creek Purchased Company was formed
for the specific purpose of taking title to the Beaver Creek Project and the
Beaver Creek Purchased Company does not own any other assets and has not
conducted any other operations.  No LLC
Subsidiary has made an election to be treated as a corporation for United
States tax purposes.

4.1.15                                     Operating
Statements.  The Operating Statements
are true, correct and complete in all material respects as of the date thereof
and were prepared in accordance with generally accepted accounting principles,
subject to year-end adjustments, absence of footnotes and other classification
and presentation items.  There has been
no material adverse change in the operations of any Project since the date of
the most recent Operating Statements.

4.1.16                                     Insurance.

(a)                                  Contributors
have not received written notice or written request from any insurance company
requesting the performance of any work or alteration with respect to any
Project, which have not been fully and completely corrected.  Contributors have not received notice from
any insurance company concerning any defects or inadequacies in any Project,
which, if not corrected, would result in the termination of insurance coverage
or increase its cost.

(b)                                 Schedule
4.1.16 describes: (i) a summary of the loss under each policy of insurance
for the past 3 years; (ii) a statement describing each claim under a policy of
insurance for the past 3 years for an amount in excess of $25,000; and (iii) a
statement describing the loss experience for all claims for the past 3 years
that were self-insured, including the number and aggregate costs of such
claims.

4.1.17                                     Non-Foreign
Status.  No Contributor is a foreign
person, foreign corporation, foreign partnership, foreign trust or foreign
estate, as those terms are defined in (a) the Code and the corresponding income
tax regulations, and (b) similar provisions of state law.

4.1.18                                     Not
a Prohibited Person.

(a)                                  No
Contributor is a Prohibited Person.

 18
 

(b)                                 To
Contributors’ knowledge, none of its investors, affiliates or brokers or other
agents (if any), acting or benefiting in any capacity in connection with this
Agreement is a Prohibited Person.

(c)                                  The
assets each Contributor will transfer to Joint Venture under this Agreement are
not the property of, and are not beneficially owned, directly or indirectly, by
a Prohibited Person.

(d)                                 The
assets each Contributor will transfer to Joint Venture under this Agreement are
not the proceeds of specified unlawful activity as defined by 18 U.S.C.
§1956(c)(7).

4.1.19                                     Employees.  There are no employees of any Contributor
employed in connection with the use, management, maintenance or operation of
any Project whose employment will continue after the Closing Date.

4.1.20                                     ERISA.

(a)                                  No
Contributor is an employee benefit plan subject to ERISA or a plan subject to
Section 4975 of the Code, and none of its assets constitute assets of any such
plan subject to ERISA or Section 4975 of the Code.

(b)                                 No
Contributor is a “governmental plan” within the meaning of Section 3(32) of
ERISA.  The consummation of the
transactions contemplated by this Agreement will not violate such statutes in
any manner that could result in liability to TRT or Joint Venture or its
subsidiaries.

4.1.21                                     Taxes
and Special Assessments.  No
Contributor has submitted and, to Contributors’ Knowledge, no other person has
submitted an application for the creation of any special taxing district
affecting any Project, or annexation thereby, or inclusion therein.   No Contributor has received notice that any
governmental or quasi-governmental agency or authority has commenced or intends
to commence construction of any special or off-site improvements or has imposed
or increased or intends to impose or increase any special or other assessment
against any Project or any part thereof, including assessments attributable to
revaluations of any Project.

4.1.22                                     Obligations
of Purchased Companies.  As of the
Closing Date, the Beaver Creek Purchased Company shall have no unpaid financial
liabilities or financial obligations other than those liabilities and
obligations (a) that are Permitted Exceptions, (b) pursuant to the terms of the
Service Contracts, (c) pursuant to the terms of the Space Leases, or (d) that
will be specifically adjusted or satisfied at the relevant Closing pursuant to
this Agreement.

4.1.23                                     Aging
of Receivables.  Attached to this Agreement
as Schedule 4.1.23 is a correct and complete copy of the aging of
accounts receivable arising from the operation of the Projects as of the date
of this Agreement.

 19
 

4.1.24                                     Compliance
With Zoning and Other Ordinances; Occupancy and Other Permits.  Contributors represent and warrant that the
Mt. Nebo Project has the following zoning classification: O/C — Office and
Commercial District; that the present uses are in compliance with such zoning
classification; and there exists no notice of any uncorrected violations of
housing, building, safety, or fire ordinances.

4.1.25                                     Sewage
Facility.  The Mt. Nebo Project is
serviced by a community sewage system. 
There are no illegal storm sewer connections per the Pennsylvania Sewage
Facilities Act, 35 P.S. Section 750.1 et seq., as amended.

All rights and remedies arising in connection with the
breach or inaccuracy of any of the representations and warranties contained in
this Section 4.1 shall, to the extent applicable, survive the Closing of
the transaction contemplated hereby for a period of time equal to the
respective survival periods of such representations and warranties as set forth
in Section 7.5 of this Agreement, and TRT’s remedies on account thereof
shall be limited as provided in Section 7.6 of this Agreement.  Notwithstanding anything to the contrary
contained in this Agreement, (a) if at the time of its execution of this
Agreement, TRT has Knowledge that there exists any specific breach of or
inaccuracy of any representation or warranty made by the Contributors in this
Agreement, then the Contributors shall have no liability hereunder by reason of
that any specific breach or inaccuracy, and that representation or warranty
will be considered modified for the purposes of this Agreement to reflect the
facts or circumstances that constitute or give rise to that specific breach or
inaccuracy, and (b) if at the time of Closing, TRT has Knowledge that there
exists any specific breach of or inaccuracy of any representation or warranty
of the Contributors made in this Agreement, and TRT nonetheless elects to
proceed to the Closing, then, upon the consummation of the Closing, TRT shall
be considered to have waived any such specific default and breach and shall
have no claim against the Contributors with respect thereto.  TRT acknowledges and agrees that the
provisions of this paragraph shall survive the Closing of the Transaction.

4.2                                 TRT’s
Representations and Warranties.  TRT
represents and warrants to the Contributors as follows.

4.2.1                                           Organization
and Authority.  TRT has been duly
organized and is validly existing and in good standing under the laws of its
jurisdiction of organization.  TRT has
the full right and authority 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 TRT at the Closing will be, authorized and
properly executed and constitutes, or will constitute, as appropriate, the
valid and binding obligation of TRT, enforceable in accordance with their
respective terms, subject to applicable laws of bankruptcy or insolvency and
principles of equity.  The execution,
delivery and performance of this Agreement by TRT does not in any material respect
(i) violate any decree or judgment of any court or governmental authority which
may be applicable to TRT; (ii) violate 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 TRT is a
party; or (iii) violate or conflict with any provision of the organizational
documents of TRT.

 20
 

4.2.2                                           Conflicts
and Pending Action.  There is no
agreement to which TRT is a party or, to TRT’s knowledge, binding on TRT or a
Project that violates this Agreement.

4.2.3                                           Litigation
Proceedings.  There are no judgments
unsatisfied against TRT and no litigation or proceeding pending or, to TRT’s
Knowledge claimed or threatened against TRT that would have a material adverse
impact on the ability of TRT to satisfy its obligations under this
Agreement.  There is no criminal
investigation concerning TRT that will have a material adverse affect on its
ability to perform under this Agreement.

4.2.4                                           As-Is
Contribution.  Except for the
Contributors’ Warranties, TRT acknowledges that the Contributors are
contributing or selling, as the case may be, the Centerton Project, the Mt.
Nebo Project, and the Beaver Creek Purchased Company Ownership Interests to the
Joint Venture or a LLC Subsidiary, and the Joint Venture is accepting, the
Beaver Creek Purchased Company Ownership Interests and the Projects “as is,” “where is,”
and “with all faults.”

4.2.5                                           Disclaimer
of Representations and Warranties and Release.  Except for the Contributors’ Warranties, any
other representations and warranties in this Agreement and any representations
and warranties in the Closing Documents, TRT expressly acknowledges and agrees
that the Contributors have not made any representations or warranties of any
kind or nature with respect to the Projects or the Beaver Creek Purchased
Company Ownership Interests, and any and all such representations or warranties
(except for the Contributors’ Warranties, any other representations and
warranties in this Agreement and any representations and warranties in the
Closing Documents) are hereby disclaimed. 
To the extent that the Contributors have provided or made available to
TRT any documents, reports, studies, materials, information, or data relating
to the Projects, TRT acknowledges and agrees that, except for the Contributors’
Warranties, the Contributors make no (and hereby disclaims any) representation
or warranty, express or implied, of any kind or nature whatsoever with respect
to the accuracy, completeness, or methodology concerning such materials.  TRT acknowledges and agrees that, with
respect to the Beaver Creek Purchased Company Ownership Interests and the
Projects, TRT has not relied upon and will not rely upon, either directly or
indirectly, any representation or warranty of the Contributors other than the
Contributors’ Warranties, any other representations and warranties in this
Agreement and any representations and warranties in the Closing Documents.  TRT has conducted inspections and
investigations of the Projects as it deems necessary or desirable and shall
rely upon the same and, upon Closing, shall assume the risk that adverse
matters may not have been revealed by TRT’s inspections and investigations,
except for the Contributors’ Warranties, any other representations and warranties
in this Agreement and any representations and warranties in the Closing
Documents.  Except as set forth in the
Contributors’ Warranties, any other representations and warranties in this
Agreement, any representations and warranties in the Closing Documents and Section
2.6 of this Agreement, TRT releases the Contributors from any liability
arising from any physical or financial condition of any of the Projects or the
Beaver Creek Purchased Company Ownership Interests.

All rights and remedies arising in connection with the
untruth or inaccuracy of any of the representations and warranties contained in
this Section 4.2 shall, to the extent

 21
 

applicable, survive the Closing of the transaction
contemplated hereby for a period of time equal to the respective survival
periods of such representations and warranties as set forth in Section 7.5
of this Agreement, and the Contributors’ remedies on account thereof shall be
limited as provided in Section 7.6 of this Agreement.  Notwithstanding anything to the contrary
contained in this Agreement, (a) if, to the Knowledge of the Contributors at
the time of its execution of this Agreement there exists any breach of or
inaccuracy of any representation or warranty made by TRT in this Agreement,
then TRT shall have no liability hereunder by reason of that breach or
inaccuracy, and that representation or warranty will be considered modified for
the purposes of this Agreement to reflect the facts or circumstances that
constitute or give rise to that breach or inaccuracy, and (b) if, to the
Knowledge of the Contributors at the time of Closing, there exists any breach
of or inaccuracy of any representation or warranty of TRT made in this
Agreement, and the Contributors nonetheless elect to proceed to the Closing,
then, upon the consummation of the Closing, the Contributors shall be
considered to have waived any such default and breach and shall have no claim
against TRT with respect thereto.  The
Contributors acknowledge and agree that the provisions of this paragraph shall
survive the Closing of the Transaction.

4.3                                 Covenants.  The obligations under this Section 4.3
shall survive the Closing.

4.3.1                                           Transfer
of Beaver Creek Project to the Beaver Creek Purchased Company.  Immediately prior to the Closing, Apex shall
(i) transfer by Deed fee simple title to the Land component of the Beaver Creek
Project to the Beaver Creek Purchased Company, (ii) transfer by Assignment of
Contracts all of the Service Contracts, Warranties and Other Interests owned by
Apex to the Beaver Creek Purchased Company, (iii) transfer by Assignment of
Leases all of the Space Leases owned by Apex to the Beaver Creek Purchased
Company, and (iv) transfer by Bill of Sale, all other rights of Apex in and to
any other assets owned by Apex and used by Apex solely in connection with the
Beaver Creek Project (including, without limitation, the Permits and Approvals,
Tenant Deposits, Personal Property, and Project Name) to the Beaver Creek
Purchased Company.

4.3.2                                           CC&R
Estoppel.  Contributors shall, prior
to the Closing, use commercially reasonable efforts to obtain executed
estoppels from each of the parties to any CC&R (other than any Contributor)
substantially in the form attached hereto as Exhibit R (a “CC&R Estoppel”).

4.3.3                                           Mt.
Nebo Lease-Up Costs.  Lease-Up Costs
with respect to vacant space at the Mt. Nebo Project identified in the Master
Lease shall to the extent required pursuant to the Master Lease be paid, when
due and payable, by DDR in accordance with the terms and conditions of the
Master Lease.

4.3.4                                           Mt.
Nebo Commissions.  Commissions with
respect to vacant space at the Mt. Nebo Project identified in the Master Lease
shall to the extent required pursuant to the Master Lease be paid, when due and
payable, by DDR in accordance with the terms and conditions of the Master
Lease.

4.3.5                                           Mt.
Nebo Concessions.  Concessions with
respect to vacant space at the Mt. Nebo Project identified in the Master Lease
shall to the extent required pursuant

 22
 

to the Master Lease be paid, when due and payable, by
DDR in accordance with the terms and conditions of the Master Lease.

4.3.6                                           Operating
Statements.  As soon as practicable
after the date hereof, DDR shall cause to be delivered to TRT unaudited
financial statements for the Projects for the three-month period ending March,
2007.

4.3.7                                           Performance
Bonds.  Contributors agree to use
commercially reasonable efforts to cause all performance bonds required to be
maintained with respect to any Project to be assigned to the Joint Venture or
its designee as set forth on Schedule 4.3.7.

4.3.8                                           Post-Closing
Obligations.  Contributors agree to
satisfy and perform all obligations identified on Schedule 4.3.8.

4.3.9                                           Ground
Lease Obligations.  With respect to
each of the outparcels identified on Schedule 4.3.9 (the “Master Lease Outparcels”), DDR
covenants and agrees to pay to the Joint Venture, from the period commencing on
the Closing Date and ending on the rent commencement date of each such Master
Lease Outparcel (the “Obligation Period”),
the amounts set forth opposite each such Master Lease Outparcel on Schedule
4.3.9.  Such amounts shall be payable
monthly, in advance, on the first (1st)
day of each calendar month during the Obligation Period.  Such amounts shall be prorated on a per diem
basis (based upon a thirty (30) day calendar month) for any partial month
during the Obligation Period.  Upon the
rent commencement date of a Master Lease Outparcel, DDR shall have no further
obligations with respect to such Outparcel.

4.4                                 Operation
of the Projects.  Until the earlier
of the Closing or the termination of this Agreement, Contributors undertake and
agree as follows:

(a)                                  Contributors
shall perform all material obligations relating to the Projects, including to
pay (or cause to be paid or credit at Closing) prior to delinquency, all
mortgages, liens, contract amounts, real property and personal property taxes,
assessments and other levies which become due and payable with respect to the
Projects, other than those taxes assessments and other levies that a
Contributor is contesting in good faith and for which Contributors shall remain
liable.

(b)                                 Subject
to Sections 4.4(c) and 4.4(d), without TRT’s prior written
approval, which may be withheld in TRT’s sole and absolute discretion,
Contributors shall not directly or indirectly (i) sell, contribute, assign or
create any right, title or interest whatsoever in or to the Project, (ii) cause
or permit any mortgage, deed of trust, lien, assessment, obligation, interest,
encroachment or liability whatsoever to be placed of record against the Project
(other than the Permitted Exceptions and easements arising in the ordinary
course of business that do not have a material affect on the Projects), or
(iii) enter into any agreement to do any of the foregoing.

(c)                                  Without
TRT’s prior approval, which may be withheld in TRT’s sole and absolute
discretion, Contributors shall not enter into any new (or extend, amend, renew
or replace any existing) agreement, service contract, employment contract,
permit or obligation affecting the Projects that  would be binding upon Joint Venture upon its

 23
 

acquisition of the Projects, or file for, pursue,
accept or obtain any zoning, land use permit or other development approval or
entitlement, or consent to the inclusion of the Projects into any special
district; provided, however, (i) Contributors may enter into service or similar
contracts without TRT’s approval if such contract is entered into in the
ordinary course of Contributors’ business and is terminable without penalty or
premium on not more than 30 days notice from the owner of the Project and is
disclosed promptly in writing to TRT; and (ii) may enter new Tenant Leases
pursuant to Section 4.4(d).

(d)                                 Contributors
shall not enter into any new lease of space at a Project (each, a “New Lease”) or extend, amend, renew or
replace any lease of space at a Project (each, a “Lease Renewal”) without TRT’s prior written consent (which
may be withheld in TRT’s sole and absolute discretion), except for Lease
Renewals that are automatic or are at the Tenant’s election pursuant to the
terms of the underlying lease.  If
Contributors desire to enter into a New Lease or Lease Renewal after the
Effective Date, it shall give written notice (the “New Lease Request”) to TRT and include
the following information and documents with such New Lease Request:  (i) the name of the proposed or existing
Space Tenant, (ii) identification of the portion of the applicable Project that
is the subject of the New Lease or Lease Renewal, (iii) a summary of the
material terms of the New Lease or Lease Renewal, including base rent,
reimbursement of operating expenses, security deposit, guaranties or other
credit enhancement, concessions, proposed tenant improvements and tenant
improvement allowance, term, renewal options, early termination rights,
permitted uses, and exclusive rights, (iv) a copy of the proposed New Lease or
Lease Renewal and all exhibits thereto, and (v) financial information regarding
the proposed or existing Space Tenant. 
If TRT fails to respond to any New Lease Request within 5 Business Days
after receipt thereof, TRT shall be deemed to have approved the request to
enter into such New Lease or Lease Renewal.

(e)                                  Contributors
shall remove the Projects from the market for sale, and shall not solicit,
accept, entertain or enter into any negotiations or agreements with respect to
the sale or disposition of any or all of the Projects, or any interest therein,
or sell, contribute or assign any interest in the Projects except as provided
herein.

(f)                                    Each
Contributor shall cause the Projects to be operated and maintained in
accordance with each Contributor’s past practice and all applicable Laws.

(g)                                 Contributors
shall maintain all casualty and liability insurance in place as of the
Effective Date with respect to the Projects in amounts and with deductibles substantially
the same as existing on the Effective Date.

(h)                                 Contributors
shall not remove any material item of Personal Property from the Real Property
unless the same is obsolete and is replaced by tangible personal property of
equal or greater utility and value.

(i)                                     Should
any equipment or fixtures fail between the Effective Date and the Closing Date,
Contributors shall be responsible for the repair or replacement of such
equipment or fixtures with a new unit of similar size and quality, or at
Contributor’s option, Contributor shall give the Joint Venture an equivalent
credit towards the Aggregate Project Value at the Closing.

 24
 

(j)                                     Contributors
shall not apply any security or other deposits under any Space Lease to the
obligations of any Space Tenant who is or may be in possession as of the
Closing or otherwise withdraw or deplete Tenant Deposits from the levels
indicated on Schedule 4.1.9.

(k)                                  Contributors
shall not accept any rent from any Space Tenant (or any new tenant under any
new lease permitted pursuant to the terms hereof) for more than one (1) month
in advance of the payment date.

(l)                                     Contributors
shall not commence or allow to be commenced on its behalf any action, suit or
proceeding with respect to all or any portion of the Projects without the prior
written consent of TRT, except for any action, suit or proceeding that arises
in the ordinary course of business and the amount of the related claim does not
exceed $50,000.

4.5                                 Casualty.  If, prior to the Closing Date, all or a
portion of any Project is destroyed or damaged by fire or other casualty,
Contributors will notify TRT in writing of such casualty.  TRT will have the option to terminate this
Agreement upon advance written notice to Contributors given not later than 15
days after receipt of Contributors’ notice if (A) a Major Tenant is entitled to
terminate its Space Lease as a result of such casualty or (B) all or a portion
of any Project is destroyed or damaged by fire or other casualty, the cost or
which to repair is expected to exceed (a) $1,000,000 with respect to the Beaver
Creek Project or the Mt. Nebo Project and (b) $3,000,000 with respect to the
Centerton Square Project.  If this
Agreement is terminated, the Earnest Money Deposit will be returned to TRT and
thereafter neither Contributors nor TRT will have any further rights or
obligations to the other hereunder.  If
either the Beaver Creek Project or the Mt. Nebo Project is damaged by less than
$1,000,000, or the Centerton Square Project is damaged by less than $3,000,0000
and no Space Tenant that is a Major Tenant has a termination right under its
Space Lease as a result of such casualty, Contributors will not be obligated to
repair such damage or destruction but (i) Contributors will assign and turn
over to the Joint Venture the insurance proceeds allocable to damages (or if
such proceeds have not been awarded, all of its right, title and interest
therein) payable with respect to such fire or other casualty and (ii) the
parties will proceed to Closing pursuant to the terms hereof without abatement
or reduction of the Aggregate Project Value for such Project, except that the
Joint Venture or the applicable LLC Subsidiary will receive a credit for any
insurance deductible amount less any costs or expenses paid by a Contributor in
restoring the Project.

4.6                                 Condemnation.  If, prior to the Closing Date, any
condemnation or sale in lieu of condemnation of all or any part of any Project
occurs or is pending, Contributors will notify TRT in writing.  If the condemnation or sale in lieu of condemnation
is of all or a material portion of a Project, TRT will have the option to
terminate this Agreement upon written notice to Contributors given not later
than 15 days after receipt of Contributors’ notice.  If this Agreement is terminated, the Earnest
Money Deposit will be returned to TRT and neither TRT nor Contributors will
have any further rights or obligations hereunder.  If any condemnation or sale in lieu of
condemnation of less than a material portion of a Project occurs or is pending
(or if a condemnation or sale in lieu of condemnation of all or a material
portion of a Project occurs or is pending but TRT elects to proceed with
Closing), Contributors will assign to the Joint Venture (or the applicable LLC
Subsidiary) any and all claims for the proceeds of such condemnation or

 25
 

sale applicable to the Project, and Joint Venture (or
the applicable LLC Subsidiary) will take title to the Project with the
assignment of such proceeds and subject to such condemnation.

4.7                                 Tax
Elections.  Contributors will not
make any election to treat any LLC Subsidiary as a corporation for United
States tax purposes.

Section
5.                                            Deposit
and Payment of Purchase Price.  One
business day following the Effective Date, TRT shall deposit the sum of Five
Million Dollars ($5,000,000) (the “Earnest
Money Deposit”) in an escrow account established at the offices
of the Title Company.  The Earnest Money
Deposit shall be invested in an interest-bearing account reasonably acceptable
to both parties and shall be held by the Title Company on the terms and subject
to the conditions of this Agreement.  If
there is a conflict between the provisions of this Agreement and the terms of
any applicable escrow agreement, the provisions of this Agreement shall
govern.  If this transaction is consummated,
the Earnest Money Deposit (together with any interest earned thereon) shall be
applied against the TRT Investment as a credit to TRT.  Except as otherwise specifically provided in
this Agreement, the Earnest Money Deposit shall be non-refundable upon
expiration of the Due Diligence Period.

Section
6.                                            Closing.

6.1                                 Closing.  The Closing shall occur on a date agreed to
by the parties hereto but in no event shall the Closing occur later than May
12, 2007 (the “Closing Date”).  The transactions described herein for the
Closing shall be closed through an escrow with the Title Company, as escrow
agent, by means of concurrent delivery of the documents of title, transfer of
interests and delivery of the documents and amounts described herein.

6.2                                 Closing
Conditions to the Parties’ Obligations to Close.  The obligation of the Contributors, on the
one hand, and TRT, on the other hand, to consummate the Closing of the
Transaction is contingent upon the following:

6.2.1                                           The
other party’s representations and warranties contained herein shall be true and
correct in all material respects as of the Closing Date (except those that are
made as of a specific date, which shall be true and correct in all material
respects as of the date made);

6.2.2                                           The
other party shall have performed in all material respects its obligations
hereunder that are required to be performed on or before the Closing Date and
all deliveries to be made at the Closing have been made;

6.2.3                                           Contributors
shall terminate at or prior to the Closing all property management, leasing,
brokerage, service and other agreements or arrangements with Affiliates or
employees of a Contributor (or in which a Contributor, its Affiliates or any of
their respective employees have an ownership, financial or economic interest),
except for the Service Contracts listed on Schedule 6.2.3.  All termination fees and any other costs and
expenses shall be the sole responsibility of Contributors, and neither the
Joint Venture nor TRT shall bear any liability for such fees, costs and
expenses;

 26
 

6.2.4                                           The
Title Company shall be prepared to issue the Title Policies as of the Closing
Date; and

6.2.5                                           TRT
shall have received prior to the Closing executed Tenant Estoppel Certificates
(a “Tenant Estoppel Certificate”)
substantially in the form of Exhibit P­­-1 attached
hereto from (i) tenants that are not Major Tenants (“Non-Major Tenants”) occupying in the
aggregate at least sixty percent (60%) of the gross leaseable area of each
Project occupied by Non-Major Tenants, and (ii) from all tenants that occupy
more than 10,000 square feet (each, a “Major
Tenant”) of each Project, which Tenant Estoppel Certificates do
not allege any material claims against, or defaults by, a Contributor and which
do not assert any offsets or defenses under the relevant Space Leases, nor
contain any material deviation between (x) the information specified in said
Tenant Estoppel Certificates, and (y) the Rent Roll.  To the extent the Contributors deliver less
than sixty percent (60%) of the Tenant Estoppel Certificates for Non-Major
Tenants or do not deliver an Estoppel Certificate from all but three of each
Major Tenant, the Contributors may deliver a Contributor’s Estoppel Certificate
(a “Contributor’s Estoppel Certificate”)
in substantially the form of Exhibit P-2, covering the shortfall.  A Contributor’s Estoppel Certificate, shall
be of no further force and effect as of the date on which an acceptable Tenant
Estoppel Certificate in the form and content required pursuant to this Section
6.2.5 is received from a third party tenant.  If an independent third party is engaged by a
Contributor to assist that Contributor with respect to the preceding
obligation, the costs of such person shall be borne solely by that Contributor.

6.2.6                                           Intentionally
left blank.

6.2.7                                           A
casualty shall have occurred or a condemnation shall have occurred or be
pending or threatened at any Project for which either (i) TRT shall not have
received written notice or (ii) TRT shall not have received a full 5 business
days to respond to any written notice received from Contributors of such
casualty or condemnation unless such casualty or condemnation does not fall
within the materiality thresholds set forth in Section 4.5 and Section
4.6 of this Agreement.

6.3                                 Contributor
Deliveries in Escrow.  On or before
the Closing Date, except as otherwise provided herein, the Contributors shall
deliver, or cause to be delivered, to TRT, the Joint Venture or the LLC
Subsidiaries, as applicable, in the closing escrow the following, with respect
to the Projects and the Beaver Creek Purchased Company Ownership Interests.

6.3.1                                           Partnership
Agreement.  The Partnership
Agreement, executed by DDR.

6.3.2                                           Assignment
of LLC Subsidiary Membership Interests. 
Each Assignment of LLC Subsidiary Membership Interests.

6.3.3                                           Deed.  A Deed for the Mt. Nebo Project and the
Centerton Project.

6.3.4                                           Bill
of Sale.  A Bill of Sale for the Mt.
Nebo Project and the Centerton Project.

 27
 

6.3.5                                           Assignment
of Leases.  An Assignment of Leases
for the Mt. Nebo Project and the Centerton Project.

6.3.6                                           Assignment
of Contracts.  An Assignment of
Contracts for Mt. Nebo Project and the Centerton Project.

6.3.7                                           Notices
of Assignment and Assumption.  A
written notice in the form of Closing Document “I” attached hereto, a copy of which shall be sent to each
Space Tenant under a Space Lease, and a written notice in the form of Closing
Document “J” attached hereto
to each party to a Service Contract, which notices shall include a request for
a new insurance certificate naming the Joint Venture or the applicable LLC
Subsidiary as an additional insured.

6.3.8                                           Transfer
of Permits and Approvals.  Each
Contributor shall execute all applications and instruments reasonably required
in connection with the transfer of all Permits and Approvals, to the extent
transferable, in order to transfer the benefits of each such Permit and
Approval to the applicable LLC Subsidiary.

6.3.9                                           Representations
and Warranties.  A certificate
executed by each Contributor confirming that, as of the Closing Date, such
Contributor’s representations and warranties set forth in this Agreement
continue to be true and correct in all material respects, or stating how such
representations and warranties are no longer true and correct.

6.3.10                                     Transfer
Tax Declaration.  If applicable, a
duly completed real estate transfer tax declaration or return for all Projects.

6.3.11                                     Management
Agreement.  The Management Agreement,
executed by DDR.

6.3.12                                     Master
Lease.  The Master Lease, executed by
DDR.

6.3.13                                     Affidavit
of Title.  An Affidavit of Title and
nonimputation affidavits in the form, and to the extent reasonably requested
by, the Title Company.

6.3.14                                     Evidence
of Authority.  Evidence that each
Contributor has the requisite power and authority to execute and deliver, and
perform under, this Agreement and all documents to be signed by a Contributor
in connection herewith, consisting of appropriate certificates, an incumbency
certificate duly executed by the secretary or assistant secretary of each
Contributor with respect to the offices held by the persons who at Closing
execute documents on behalf of that Contributor, and a certificate (duly
certified by the secretary or assistant secretary of such entity) with respect
to the resolution of the members of each Contributor authorizing that
Contributor to enter into the Transaction, which certificate shall also recite
that the resolution has been duly adopted and remains in full force and effect.

6.3.15                                     Formation
Closing Statement.  A closing
statement which shall, among other items, set forth the TRT Investment, the
cash payment made to each Contributor, and all disbursements made at Closing on
behalf of TRT and the Contributors (the “Closing
Statement”).

 28
 

6.3.16                                     Non-Foreign
Affidavit.  A certificate in the
customary form evidencing that each Contributor is not a foreign entity.

6.3.17                                     State
Law Disclosures.  Such disclosures
and reports as are required by applicable state and local law in connection
with the conveyance of real property, including transfer tax declarations.

6.3.18                                     Estoppels.  Copies of all executed Tenant Estoppels
received by the Contributor from any Space Tenant and of any Contributor’s
Estoppel Certificate executed by a Contributor and copies of all executed
CC&R Estoppels.

6.3.19                                     Title
Policies.  A Title Policy for each
Project issued by the Title Company, showing only the Permitted Exceptions, in
favor of the LLC Subsidiaries in the amounts set forth on Exhibit M
attached hereto.

6.3.20                                     Other
Instruments.  Such other instruments
or documents as may be reasonably requested by TRT or the Title Company, or
reasonably necessary, to vest title in each Project to the applicable LLC
Subsidiary (which instruments or documents shall be subject to the Contributor’
prior approval thereof, which approval shall not be unreasonably withheld or
delayed).

6.4                                 TRT’s
Deliveries in Escrow.  On or before
the Closing Date, except as otherwise provided herein, TRT shall deliver, or
cause to be delivered, in the closing escrow the following.

6.4.1                                           Capital
Contribution.  Cash in an amount
equal to the Initial TRT Contribution, deposited by TRT with the Title Company
in immediate, same day federal funds for delivery as TRT’s capital contribution
to the Joint Venture in respect of the Projects.

6.4.2                                           Authority
Documentation.  Such evidence of
authority for the transactions contemplated hereby as shall be required by the
Title Company or the Contributors.

6.4.3                                           Additional
Documents.  Any additional documents
that the Title Company, may reasonably require for the proper consummation of
the Transaction.

6.4.4                                           Representations
and Warranties.  A certificate
executed by TRT confirming that, as of the Closing Date, such parties’
representations and warranties continue to be true and correct in all material
respects, or stating how such representations and warranties are no longer true
and correct.

6.4.5                                           Partnership
Agreement.  The Partnership
Agreement, executed by TRT.

6.5                                 Joint
Venture Deliveries in Escrow.  On or
before the Closing Date, except as otherwise provided herein, the Joint Venture
(or one or more of the LLC Subsidiaries) shall deliver or cause to be delivered
to the Contributors and to TRT in the closing escrow the following.

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6.5.1                                           Authority
Documentation.  Such evidence of
authority for the transactions contemplated hereby as shall be required by the
Title Company, the Contributors or TRT.

6.5.2                                           Assignment
of Leases.  An Assignment of Leases
for the Mt. Nebo Project, executed by TRT DDR Mt. Nebo LLC and an Assignment of
Leases for the Centerton Project, executed by TRT DDR Centerton Square LLC.

6.5.3                                           Assignment
of Contracts.  An Assignment of
Contracts for the Mt. Nebo Project, executed by TRT DDR Mt. Nebo LLC and an
Assignment of Contracts for the Centerton Project, executed by TRT DDR
Centerton LLC.

6.5.4                                           Assignment
of LLC Subsidiaries Membership Interests. 
The Assignment of LLC Subsidiary Membership Interests, executed by the
Joint Venture.

6.5.5                                           Master
Lease.  The Master Lease, executed by
the TRT DDR Mt. Nebo LLC.

6.5.6                                           Management
Agreement.  The Management Agreement,
executed by each LLC Subsidiary.

6.5.7                                           Ground
Leases/CC&Rs Relating to Transferred Outparcels.  The Mt. Nebo Outparcel Ground Lease and the
Centerton Outparcel Ground Lease, executed by TRT DDR Mt. Nebo LLC and TRT DDR
Centerton Square LLC, respectively, together with any CC&R’s (or amendments
to existing CC&R’s) that DDR may reasonably require in connection
therewith.

6.6                                 Post-Closing
Conveyance.  At Closing, the
Transferred Outparcels will be conveyed to the LLC Subsidiaries pursuant to
this Agreement solely because, as of the date of this Agreement, the
Transferred Outparcels have not been subdivided.  After Closing, at the election of DDR, TRT
and DDR shall cause the Joint Venture to cause the LLC Subsidiaries to convey
the Transferred Outparcels to the Contributors, or one or more of their designees,
subject to and in accordance with the following provisions:

6.6.1                                           Subdivision
Actions.  DDR and TRT shall cause the
Joint Venture to cause the LLC Subsidiaries to execute such instruments as may
be reasonably required for the subdivision of the Transferred Outparcels.

6.6.2                                           Costs.  All costs associated with conveyance and
subdivision of the Transferred Outparcels shall be the responsibility of
DDR.  The parties acknowledge that no
value shall be attributed to Transferred Outparcels either at the date of
formation of the Joint Venture or at the date of distribution of the
Transferred Outparcels to DDR or its designees. 
DDR shall be responsible for, and shall hold the LLC Subsidiaries
harmless from and against, any and all costs, claims, liabilities, or expenses,
including any related to federal income and state and local franchise, property
and other taxes related to the maintenance and ownership of the Transferred
Outparcels.

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6.6.3                                           Obligation
to Convey.  Upon satisfaction of the
respective conditions set forth below as to the Transferred Outparcels, DDR, as
managing member of the Joint Venture, is authorized to cause the LLC
Subsidiaries to convey the Transferred Outparcels to DDR, or one or more of its
designees.  The obligations of DDR and
TRT contained in this Section 6.6 shall survive Closing.

6.6.4                                           Outparcels.  With respect to each Transferred Outparcel,
upon the satisfaction of the following conditions, all of which DDR shall use
commercially reasonable efforts to satisfy as quickly as feasible, DDR, as
managing member of the Joint Venture, shall cause the LLC Subsidiaries to
convey the Transferred Outparcels to DDR or its designees by special warranty
deed for nominal stated consideration: 
(a) the delivery to the Joint Venture of a certified copy of a recorded
plat of subdivision or instrument making such Transferred Outparcel a separate
lot and tax parcel, duly approved by the municipality or governmental authority
having jurisdiction over the subdivision of such real property and in compliance
with all legal requirements including parking requirements; (b) satisfactory
evidence that the conveyance will not cause the related Project or such
Transferred Outparcel to fail to qualify as a Permitted Use; and (c) the
release of such Transferred Outparcel from the lien of the Loan Documents.  TRT and the Joint Venture covenant and agree
to use all commercially reasonable efforts to satisfy all conditions to the
release of the Transferred Outparcels from the lien of the Loan Documents.

Section 7.                                            Prorations,
Credits, Closing Costs, Allocation of Liability Under Indemnity Contracts,
Survival Periods and Indemnification.

7.1                                 Proration
Items.  Cash due at the Closing shall
be adjusted for all revenue and expenses of the Project, whereby the portion
thereof allocable to periods beginning as of the Closing Date shall be credited
to the Joint Venture, or charged to the Joint Venture, as applicable, and the
portion thereof allocable to periods ending on the day before the Closing Date
shall be credited to the Contributors, or charged to the Contributors, as
applicable, all of which prorations shall be made on the Closing Date or, in
the case of allocations to be made after the Closing Date as more particularly
provided below, upon receipt of such payments or payment of such expenses.  TRT and Contributors agree to cause their
accountants to prepare a proration schedule (the “Proration Schedule”)
of adjustments 10 Business Days prior to Closing.  If there is a net amount due to the Joint
Venture, the Contributors shall pay such amount directly to the Joint Venture
on the Closing Date.  If there is a net
amount due to the Contributors, the Joint Venture shall pay such amount to the
Contributors on the Closing Date.  The
following items shall be prorated between the Joint Venture and the
Contributors or credited to the Joint Venture or the Contributors, and the
provisions of this Section 7.1 shall survive Closing hereunder:

7.1.1                                           Real
Estate Taxes and Assessments.  Ad
valorem real estate taxes and assessments and personal property taxes with
respect to the Projects for the current calendar year shall be prorated as of
the Closing Date, but only to the extent that Space Tenants are not obligated
under Space Leases to reimburse the Contributors for their allocable share of
such taxes and assessments.  If any Space
Tenant that is obligated to reimburse a Contributor or an LLC Subsidiary for
its allocable share of such taxes and assessments fails to reimburse that
Contributor or that LLC Subsidiary for such share that is attributable to a
period prior to the Closing, then the Contributors shall pay the applicable LLC
Subsidiary the amount that such Space Tenant was required to contribute for
such pre-closing period.  The
Contributors shall

 31
 

have the right to bring actions against such Space
Tenant, and shall be subrogated to the rights of the applicable LLC Subsidiary
against such Space Tenant, for such amounts provided such actions shall only be
for monetary damages and the Contributors shall not have the right to seek to evict
or otherwise terminate the underlying Space Lease.  The Contributors shall pay all installments
of assessments levied upon the Projects which are due prior to the Closing
Date; provided, that to the extent the Joint Venture, an LLC Subsidiary or the
Contributors are entitled to reimbursement for such assessments from a Space
Tenant, any amounts received by the Joint Venture or an LLC Subsidiary in
respect thereof shall promptly be paid over to the Contributors.  In the event that tax bills for the current
year’s taxes are not available on the Closing Date, taxes shall be prorated
based upon the tax bills for the previous year, or, if available, based upon
the current assessed valuation and current millage rates, and, in such event
(or in the event of any reassessment or re-billing thereof), the Contributors
and the Joint Venture shall re-prorate the taxes when actual tax bills for the
current year are available and when the Contributors have received tax
reimbursement payments from Tenants obligated under Space Leases to reimburse
the Contributors for their allocable share of such taxes and assessments.  All ad valorem real estate taxes and
assessments and personal property taxes with respect to the Projects for periods
prior to the current calendar year (which may become payable in the event of
any reassessment re-billing thereof, or in the event of any failure of any tax
contest maintained by the Contributors with respect thereto) shall remain the
obligation of the Contributors (and the Contributors shall be entitled to
receive any refund or rebate on any ad valorem real estate taxes and
assessments and personal property taxes with respect to the Projects for
periods prior to the current calendar year).

7.1.2                                           Rents.  All Rental Payments for the month in which
the Closing occurs shall be prorated as of the Closing Date.  Any checks for Rental Payments received after
the Closing Date by the Contributors or their respective agents shall be
promptly endorsed to the Joint Venture by the payee thereof and promptly
transmitted to the Joint Venture; if any of such Rental Payments belong in part
to the Contributors and in part to the Joint Venture or an LLC Subsidiary, upon
such endorsement and transmittal (and receipt of collected funds), such checks
shall be promptly deposited by the Joint Venture or its agent and the part
thereof belonging to the Contributors shall be promptly paid to the
Contributors and the balance shall be retained by the Joint Venture or an LLC
Subsidiary.  The parties agree to
re-prorate all Rental Payments for amounts actually received within sixty (60)
days following the Closing Date.  The
closing statement shall be prepared on the basis of amounts billed as of the
first day of the month during which the Closing occurs.

7.1.3                                           Past
Due Rents.  Any Rental Payments
which, as of the Closing Date, are past due and unpaid and which are received
subsequent to the Closing Date by the Joint Venture, an LLC Subsidiary or the
Contributors or their respective agents shall be applied first to pay the current
portion of all Rental Payments due the Joint Venture or an LLC Subsidiary under
such Space Lease, and then to pay to the Contributors any portion of such
Rental Payments applicable to the period ending as of the Closing Date under
such Space Lease.  Upon any payment of
such amounts to the Contributors, a proportionate share of any costs of
collection actually incurred by the Joint Venture or an LLC Subsidiary in
connection therewith shall be deducted from such payment.

 32

7.1.4              Post-Closing Adjustment
Payments and CAM Reconciliation.  At
least 10 Business Days prior to the Closing Date, Contributors shall provide
TRT with a reasonably detailed reconciliation for each Tenant showing all
common area maintenance charges, property taxes, insurance and other operating
cost pass throughs payable by Space Tenants (collectively, “Operating Expenses”) incurred by each
Contributor from the beginning of the then-current calendar year (or if
different, such Space Tenant’s then-current annual billing period for Operating
Expenses) through the Closing Date, and any Operating Expense estimates and
charges collected by such Contributor during the same period of time and
relating to such Space Tenant, all in form customarily submitted to each Space
Tenant (the “CAM Reconciliation”).  To the extent any Contributor has received as
of the Closing any monthly or periodic payments of Operating Expenses allocable
to periods subsequent to Closing, the same shall be prorated and the Joint
Venture shall receive a credit therefor at Closing.  With respect to any monthly or periodic
payments of Operating Expenses received by Joint Venture after the Closing
allocable to Seller prior to Closing, Joint Venture shall promptly pay same to
the applicable Contributor (subject to Section 7.1.3).  Notwithstanding the foregoing, to the extent
that the CAM Reconciliation reveals that Contributor has over-collected
Operating Expenses such that, if the end of the operating expense year under
the Space Leases was the Closing Date, Contributor would be obligated to refund
money to the Space Tenants (an “Over
Collection”), rather than collect additional money from the
Space Tenants (an “Under Collection”),
said Over Collection shall be paid by such Contributor to Joint Venture at the
Closing as a settlement statement credit; provided, in the event of an Under
Collection, the amount of the Under Collection shall be paid by Joint Venture
to Contributor outside of escrow within 5 Business Days after receipt from the
applicable Space Tenant in connection with the year-end Operating Expense
reconciliation process.

7.1.5              Contributors’ Collection Rights.  Except as provided in Section 7.1.3 of
this Agreement, from and after the Closing Date, the Contributors shall have
the right to collect and receive for their own account any Rental Payments that
are due and payable as of the Closing Date. 
The Contributors’ right of collection shall include, without limitation,
the right to commence an action or proceeding against a Space Tenant, Guarantor
or other party (provided that the Contributors give TRT at least ten (10) days’
notice before commencing any action or proceeding against any Space Tenant or
Guarantor), but the Contributors agree not to institute a summary disposition
or eviction action against any Space Tenant.

7.1.6              Security Deposits/Advance Rent.  The Contributors shall transfer to the
account of the Joint Venture at Closing an amount equal to all cash Tenant
Deposits then outstanding under the Space Leases and all Rental Payments made
in advance (to the extent not prorated as set forth above).  With respect to Non-Cash Tenant Deposits, a
list of which is attached hereto as Schedule 7.1.6, the Contributors
shall, at the Contributors’ expense (i) deliver to the Joint Venture at the
Closing such Non-Cash Tenant Deposits, and (ii) execute and deliver such other
instruments as are necessary to cause such Non-Cash Tenant Deposits to be
payable to the Joint Venture or the applicable LLC Subsidiary upon presentation
in accordance with their terms.  If such
transfer to the Joint Venture’s or the applicable LLC Subsidiary’s name cannot
be accomplished simply by the Contributors’ assignment at Closing, the
Contributors shall have such time as is reasonably necessary to deliver the
necessary transfer documents so long as the Contributors promptly commence,
prior to the Closing Date, the action necessary to accomplish such transfer and
diligently pursue it to completion.  If,
prior to the date 

 33
 

the Contributors properly transfer the Non-Cash Tenant
Deposits to the Joint Venture or the applicable LLC Subsidiary, the Joint
Venture notifies the Contributors that the Joint Venture requires a Non-Cash
Tenant Deposit to be drawn or cashed, the Contributors will promptly, as agent
for the Joint Venture or the applicable LLC Subsidiary, take the required
action and deliver all proceeds to the Joint Venture, provided that the Joint
Venture indemnifies the Contributors from any loss on account of such action
taken at the direction of the Joint Venture.

7.1.7              Utility Expenses and
Payments and Insurance Premiums.  No
proration shall be made with respect to utility bills.  Insurance premiums with respect to insurance
policies carried by the Contributors with respect to the Projects shall be
prorated as of the Closing Date.  Schedule
7.1.7 lists the current insurance premiums for insurance policies carried
by the Contributors with respect to the Projects, which list shall form the
basis for the proration of insurance premiums under this Section 7.1.7.  The Joint Venture shall be added to the
umbrella policies currently held by the Contributors and the Joint Venture
shall pay that portion of the insurance premiums for such policies that are
attributable to the Projects for the period following the Closing Date (provided,
that insurance premiums paid prior to the Closing Date for which the
Contributors have received reimbursement from Tenants under Space Leases shall
not be prorated to the extent of such reimbursement and insurance premiums paid
after the Closing Date that relate to any period prior to the Closing Date for
which the Joint Venture or an LLC Subsidiary has received reimbursement from
Tenants under Space Leases shall not be prorated to the extent of such
reimbursement).  The Joint Venture shall
pay all amounts necessary in order to cause the insurance carrier or carriers
of such policies to endorse the policies to name the Joint Venture as a named
insured.

7.1.8              Utility Deposits.  The Contributors shall receive a credit on
the Closing Date for the amount of any utility deposits made by the
Contributors which are not refundable to the Contributors by the holder thereof
and which deposits are transferred to the Joint Venture or an LLC Subsidiary at
Closing and are reasonably documented to the Joint Venture by either the
Contributors or the holder thereof. 
Except as aforesaid, the Contributors shall not assign to the Joint
Venture any deposits that the Contributors have with any of the utility
services or companies servicing the Projects.

7.1.9              Service Contract Payments.  At least 10 Business Days prior to Closing,
Contributors shall estimate the amount of expenses due under any Service
Contracts and shall provide same to TRT. 
All payments made under any Service Contracts assumed by the Joint
Venture or an LLC Subsidiary at Closing shall be prorated as of the Closing
Date.  Any payment due and owing under
any Service Contract that are allocable to both periods ending on the day
before the Closing Date and periods beginning as of the Closing Date but that has
not been made as of the Closing Date shall be prorated on a post-closing basis
at the time the payment is actually made (provided, that payments made after
the Closing Date for which the Joint Venture or any LLC Subsidiary has received
reimbursement from Tenants under Space Leases shall not be prorated to the
extent of such reimbursement).  Following
the Closing, and in any event, within 90 days of the Closing, Contributors
shall provide TRT with a final reconciliation showing all payments made under
the Services Contracts and any payments made to or from Contributors in
reconciliation of same.

 34
 

7.1.10            Lease-Up Costs.  Subject to Section 4.3.2, all Lease-Up
Costs now or hereafter due with respect to the current term of any Space Lease
in existence on the Closing Date shall be credited, by the applicable
Contributor or its Affiliate to the LLC Subsidiary that will own the Project
that includes the space subject to such Space Lease at Closing.  All Lease-Up Costs due with respect to future
or renewal terms or expansion space leased following the Closing Date under any
Space Lease shall be paid, when due and payable, by the LLC Subsidiary that
will own the Project that includes the space subject to such Space Lease.

7.1.11            Commissions.  Subject to Section 4.3.3, all
Commissions due with respect to the current term of any Space Lease in
existence on the Closing Date shall be credited by the applicable Contributor
or its Affiliate to the LLC Subsidiary that will own the Project that includes
the space subject to such Space Lease at Closing.  All Commissions due with respect to future or
renewal terms or expansion space leased following the Closing Date under any
Space Lease shall be paid, when due and payable, by the LLC Subsidiary that
will own the Project that includes the space subject to such Space Lease.

7.1.12            Concessions.  Subject to Section 4.3.4, all
Concessions in the nature of out-of-pocket costs or expenses now or hereafter
due with respect to the current term of any Space Lease in existence on the
Closing Date shall be credited by the applicable Contributor or its Affiliate
to the LLC Subsidiary that will own the Project that includes the space subject
to such Space Lease at Closing.  In
addition, with respect to the current term of any Space Lease in existence on
the Closing Date, the applicable Contributor or its Affiliate shall pay to the
LLC Subsidiary that will own the Project that includes the space subject to any
such Space Lease the sum of all “free rent”
or other Concessions outstanding as of the Closing Date that are not in the
nature of out-of-pocket costs or expenses. 
All Concessions due with respect to future or renewal terms or expansion
space leased following the Closing Date under any Space Lease shall be paid,
when due and payable, by (or the economic cost thereof borne by) the LLC
Subsidiary that will own the Project that includes the space subject to such
Space Lease.

7.2           Reprorations after Closing Date.

7.2.1              Amounts Unavailable as of
Closing Date.  In the event that the
actual amounts of any of the proration items set forth in Section 7.1 of
this Agreement are unavailable as of the Closing Date, then such proration
shall be made on the basis of an amount reasonably estimated by TRT and the
Contributors on the Closing Date, and TRT and the Contributors shall thereupon
re-prorate such items at such times as the exact amounts for such proration
items become available.

7.2.2              Year-End Adjustments.  In the event various prorations provided for
herein are inconsistent with the actual amounts reimbursed for such prorated
amounts by Space Tenants to the Contributors, the Joint Venture or an LLC
Subsidiary, such items shall be re-prorated when all amounts required for
accurate prorations become available.  For
example, in the event that all real estate taxes for the year 2007 are
reimbursed by Space Tenants, and the total real property tax reimbursements
from Space Tenants that are paid to the Joint Venture or an LLC Subsidiary
following the Closing for the year 2007 result in the Joint Venture or an LLC
Subsidiary receiving more, or less, than the amount allocated to the Joint
Venture in the prorations at Closing, then the amounts shall be re-prorated so
that the amount prorated to the Joint 

 35
 

Venture is the same as the amount reimbursed, or
reimbursable by Space Tenants for such real property taxes allocated to the
Joint Venture in the initial proration.

7.2.3              Other Adjustments.  In the event of any other post-Closing
adjustment of prorations, including without limitation any changes resulting
from a Space Tenant challenging the amount of common area or any other charges
paid by such Space Tenant, or in the event that the Joint Venture otherwise
reasonably determines that such amounts charged to and paid by such Space
Tenant were incorrect, the Contributors and the Joint Venture shall pay the
amount due as a result of such adjustment based on the period of their
respective ownership.

7.2.4              Limitations on Reprorations.  All reprorations shall be deemed final unless
a Contributor or TRT notifies the other within sixty (60) days following the
receipt by TRT of the Joint Venture’s year end financial statements.

7.3           Payment of Costs and Fees;
Transfer Taxes.  Organizational Costs
and Expenses shall be paid in accordance with the Partnership Agreement.  If the Transaction is not consummated, each
party shall pay all costs and expenses incurred by it in connection with the
transactions contemplated by this Agreement, including, without limitation,
attorneys’ fees.  Transfer taxes incurred
as a result of the transfer of the Projects to the Joint Venture or an LLC
Subsidiary shall be paid one-half by the Contributors and one-half by the Joint
Venture.

7.4           Allocation of Obligations,
Responsibilities and Liabilities under Indemnity Contracts.  All benefits, obligations, responsibilities
and liabilities under the Indemnity Contracts shall be allocated to the
Contributors for those matters that arose and for the benefits related to the
period prior to the Closing Date.  All
benefits, obligations, responsibilities and liabilities under the Indemnity
Contracts shall be allocated to each LLC Subsidiary and each LLC Subsidiary
shall perform and be responsible for such obligations, responsibilities and
liabilities under the Indemnity Contracts for the period from the Closing Date
and thereafter.

7.5           Survival of Representations,
Warranties and Covenants.  The
representations, warranties, covenants and obligations of the Contributors and
TRT contained in this Agreement shall survive the Closing as follows:  (A) the covenants and obligations of the
Contributors and TRT shall survive until complied with, unless otherwise
limited by their terms in this Agreement, and (B) the representations and
warranties of the Contributors and TRT shall survive the Closing for a period
of nine (9) months.  The parties agree
that in the event notice of any claim for indemnification under Section 7.7
of this Agreement shall have been given within the applicable survival period,
the representations and warranties that are the subject of such indemnification
claim shall survive with respect to such claim until such time as such claim is
finally resolved.

7.6           Indemnification.   The Contributors hereby indemnify and hold
harmless TRT and the Joint Venture from all losses, costs, damages, claims,
obligations or liabilities (collectively, “Damages”)
arising by reason of, or with respect to (i) any inaccuracy in or breach of any
of the representations or warranties made by any of the Contributors in this
Agreement; provided, that any claim for indemnification based on any inaccuracy
in or breach of a representation or warranty must be made prior to expiration
of the survival period set forth in 

 36
 

Section 7.5
hereof, or (ii) the non-performance of any covenant or obligation to be
performed by any of the Contributors hereunder, or (iii) liabilities or
obligations with respect to the Pre-Closing Liabilities, or (iv) failure to
close the Initial Mortgage Debt on the Closing Date, provided that for purposes
of this clause (iv), Damages shall be limited to the additional or incremental
costs incurred by the Joint Venture solely as a result of the Initial Mortgage
Debt closing on a date other than the Closing Date, or (v) tax liability due
and payable or incurred prior to Closing or due to the failure of the Contributors
to secure a Bulk Sales Clearance Certificate from the Commonwealth of
Pennsylvania Department of Revenue (the “Contributor
Indemnified Obligations”). 
TRT hereby indemnifies and holds harmless each Contributor and the Joint
Venture from all Damages arising by reason of, or with respect to (i) any
inaccuracy in or breach of any of the representations or warranties made by TRT
in this Agreement; provided, that any claim for indemnification based on any
inaccuracy in or breach of a representation or warranty must be made prior to
expiration of the survival period set forth in Section 7.5 hereof or
(ii) the non-performance of any covenant or obligation to be performed by TRT
hereunder (the “TRT Indemnified
Obligations”).  The Joint
Venture hereby indemnifies and holds harmless each Contributor and TRT from all
Damages arising by reason of, or with respect to the Assumed Liabilities (the “Joint Venture Indemnified Obligations”
together with the Contributor Indemnified Obligations and the TRT Indemnified
Obligations, the “Indemnified Obligations”).  Notwithstanding anything to the contrary
contained in this Agreement, no amount shall be payable by a Contributor or TRT
under this Section 7.6 based solely on a breach of a representation or
warranty unless and until (x) the breach constitutes a breach of the applicable
representation or warranty, and (y) the aggregate amount of Damages (excluding
costs of investigation and preparation and attorneys’ fees and expenses)
indemnifiable under all breaches, collectively in aggregate for all Properties,
as provided in (x) above, exceeds $250,000 (at which point the party entitled
to indemnification shall be entitled to indemnification for all Damages in
excess of $250,000).  The maximum
aggregate liability of the Contributors, on the one hand, and of TRT, on the
other hand, with respect to breaches of the representations and warranties set
forth in this Agreement shall not exceed $2,500,000.  Except for any equitable relief, including
injunctive relief or specific performance, to which any party hereto may be
entitled, from and after the Closing the indemnification for Damages provided
in this Section 7.6 shall be the sole and exclusive remedy of any party
hereto with respect to the Indemnified Obligations.

7.7           Indemnity Procedures.  If any third party shall notify any
Indemnified Entity with respect to any matter (a “Third Party Claim”) which may give rise to a claim for
indemnification against any other party hereto (the “Indemnifying
Party”) under this Agreement, then the Indemnified Entity shall
promptly notify each Indemnifying Party thereof in writing; provided, however,
that any such claim must be made within the applicable survival period set
forth in Section 7.5.

(i)            any Indemnifying Party will have the
right to defend the Indemnified Party against the Third Party Claim with
counsel of its choice reasonably satisfactory to the Indemnified Party so long
as:

(1)           the Indemnifying Party notifies the
Indemnified Party in writing within twenty (20) days after the Indemnified
Party has given notice of the Third Party Claim that the Indemnifying Party
will indemnify the Indemnified Party, without qualification or 

 37
 

reservation, from and against the entirety of any
adverse consequences the Indemnified Party may suffer resulting from, arising
out of, relating to, in the nature of or caused by the Third Party Claim;

(2)           the Indemnifying Party provides the
Indemnified Party with evidence reasonably acceptable to the Indemnified Party
that the Indemnifying Party will have the financial resources to defend against
the Third Party Claim and fulfill its indemnification obligations hereunder;

(3)           the Third Party Claim involves only
money damages and does not seek an injunction or other equitable relief;

(4)           settlement of, or an adverse judgment
with respect to, the Third Party Claim is not, in the good faith judgment of
the Indemnified Party, likely to establish a precedential custom or practice
materially adverse to the continuing business interests of the Indemnified
Party;

(5)           the Indemnifying Party conducts the
defense of the Third Party Claim actively and diligently; and

(6)           the counsel selected at the time of
selection and continuously has, in the reasonable judgment of the Indemnified
Party, no conflict of interest with respect to each action and its appearance
therein.

(ii)           So long as the Indemnifying Party is
conducting the defense of the Third Party Claim in accordance with Subsection
(i) above:

(1)           the Indemnified Party may retain
separate co-counsel at its sole cost and expense and participate in the defense
of the Third Party Claim;

(2)           the Indemnified Party will not
consent to the entry of any judgment or enter into any settlement with respect
to the Third Party claim without the prior written consent of the Indemnifying
Party, not to be withheld unreasonably; and

(3)           the Indemnifying Party will not
consent to the entry of any judgment or enter into any settlement with respect
to the Third Party Claim without the prior written consent of the Indemnified
Party, not to be withheld unreasonably.

(iii)          In the event any of the conditions in
Subsection (i) above is or becomes no longer satisfied, however:

(1)           the Indemnified Party may defend
against, and consent to the entry of any judgment or enter into any settlement
with respect to, the Third Party Claim in any manner it reasonably may deem
appropriate (and the Indemnified party need not consult with, or obtain any
consent from, any Indemnifying Party in connection therewith);

 38
 

(2)           the Indemnifying Parties will
reimburse the Indemnified Party promptly and periodically for the costs of
defending against the Third Party Claim including reasonable attorneys’ fees
and expenses;

(3)           the Indemnifying Parties will remain
responsible for any adverse consequences the Indemnified Party may suffer
resulting from, arising out of, relating to, in the nature of, or caused by the
Third Party Claim to the fullest extent provided in Section 7.6 of this
Agreement; and

(4)           the remaining restrictions set forth
at Subsection (ii) shall no longer be applicable.

Section 8.               Notice to Tenants.  DDR shall deliver to each tenant of the
Projects, promptly after the Closing, a notice regarding such transfer in
substantially the form of Exhibit Q attached hereto, or such other
form as may be reasonably required.

Section 9.               Delivery of Operating
Statements.  Within 15 days after the
end of each month ending prior to the Closing Date, Contributors shall deliver
to TRT Operating Statements for that month.

Section 10.             Reimbursements.

(a) DDR covenants and agrees to perform, at its
sole expense, all obligations set forth in the Development, Use and Reciprocal
Easement Agreement, dated as of August 23, 2002, between EDB Land Partners L.P.
and Centerton, as amended (the “Development
Agreement”).  The Joint
Venture agrees to turn over to DDR, as and when received, any amounts received
in respect of reimbursement of expenses incurred by Centerton under the
Development Agreement.

(b)  The Joint
Venture covenants and agrees to turn over to DDR, as and when received, any
amounts received as set forth on Schedule 10 attached hereto.

Section 11.             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.

Section 12.             Notices.  All notices, consents, approvals, and other
communications which may be or are required to be given by either a Contributor
or TRT under this Agreement shall be properly given only if made in writing and
sent by (a) hand delivery, (b) certified mail, return receipt requested, (c) a
nationally recognized overnight delivery service (such as Federal Express, UPS
Next Day Air, Purolator Courier, or Airborne Express), or (d) by facsimile to
the number listed below (provided that a copy of such notice is also delivered
within four (4) days to the party by one of the other methods listed herein),
with all postage and delivery charges paid by the sender and addressed to TRT
or a Contributor, as applicable, as follows, or at such other address (or
facsimile number) as each may request in writing.  Such notices delivered by hand or overnight
delivery service shall be deemed received on the date of delivery and, if
mailed, shall be deemed received upon actual receipt.  Any document sent by mail or overnight
delivery shall, as an accommodation, also be sent by facsimile or email to the
parties.  Said notice addresses are 

 39
 

as follows (and JDN and TRT shall have the right to
designate changes to their respective notice addresses, effective two (2) days
after the delivery of written notice thereof):

	
  If to a Contributor:

  	
  Developers Diversified Realty Corporation

  3300 Enterprise Parkway

  Beachwood, OH 44122

  Attention: Joan Allgood

  Telephone No.:  216-755-5655

  Facsimile No.:  216-755-1493

  Email: jallgood@ddrc.com

  
	
  With a copy to:

  	
  Baker & Hostetler LLP

  3200 National City Center

  1900 E. 9th Street

  Cleveland, Ohio 44114

  Attention:  Ronald A. Stepanovic 

  Telephone No.:  216-861-7499

  Facsimile No.:  216-696-0740

  Email: rstepanovic@bakerlaw.com

  
	
  If to TRT:

  	
  c/o Dividend Capital Total Realty Trust

  518 17th  Street, 17th Floor

  Denver, Colorado  80202

  Attention:  John Blumberg

  Telephone No.:  303-869-4600

  Facsimile No.:  303-869-4602

  Email:  jblumberg@blackcreekcapital.com

  c/o Dividend Capital Total Realty Trust

  518 17th  Street, 17th Floor

  Denver, Colorado  80202

  Telephone No.:  303-597-0427

  Facsimile No.:  303-869-4602

  Email:  grieff@blackcreekcapital.com

  
	
  With a copy to:

  	
  Jones Day

  222 East 41st Street

  New York, New York 10017

  Attention:  Kent Richey

  Telephone No.:  212-326-3481

  Facsimile No.:  212-755-7306

  Email:  krrichey@jonesday.com

  

 

 40
 

Section 13.             Brokers.

13.1         General.  Other than as set forth in this Section 13,
the Contributors and TRT each hereby represent and warrant to the other that it
has not employed, retained, or consulted any broker, agent, or finder in
carrying on a negotiation in connection with this Agreement or the
Transaction.  The Contributors and TRT
each hereby indemnify and agree to hold the other harmless from and against any
and all claims, demands, causes of action, debts, liabilities, judgments, and
damages (including costs and reasonable attorneys’ fees incurred in connection
with the enforcement of this indemnity) which may be asserted or recovered
against the indemnified party on account of any brokerage fee, commission, or
other compensation arising by reason of the indemnitor’s breach of this
representation and warranty.  The
Contributors shall be responsible for all fees payable to M3 Capital Partners
LLC.  This Section 13 shall
survive the Closing or any termination of this Agreement.

13.2         Pennsylvania Notices Relating to
Broker.

13.2.1            THE RATE OR AMOUNT OF COMMISSION FOR
THIS SALE (UNLESS PREVIOUSLY NEGOTIATED IN THE LISTING CONTRACT) IS NEGOTIABLE
BETWEEN THE BROKER AND CONTRIBUTORS.

13.2.2            The broker is the agent of the
Contributors.

13.2.3            A Real Estate Recovery Fund exists
to reimburse any person who has obtained final civil judgment against a
Pennsylvania real estate licensee owing to fraud, misrepresentation or deceit
in a real estate transaction and who has been unable to collect the judgment
after exhausting all legal and equitable remedies.  For 
complete details about the fund, call (717) 783-3658.

13.2.4            The failure of this Agreement to
contain the zoning classification of the Property will render this Agreement
voidable at the option of TRT, and, if voided any deposits tendered by TRT will
be returned to TRT without any requirement for any court action.

13.2.5            Access to a public road may require
issuance of a highway occupancy permit from the Pennsylvania Department of
Transportation.

Section
14.             General Provisions.

14.1         Counterparts.  This Agreement may be executed in separate
counterparts, each of which shall be deemed an original and all of which taken
together shall constitute one and the same instrument.

14.2         Successors and Assigns.  Neither the Contributors nor TRT shall have
the right to assign or delegate any of its rights, duties, or obligations under
this Agreement to any other party, provided, however, that the Contributors
acknowledge that the Contributors’ Warranties and covenants of the Contributors
and all rights of TRT are specifically intended to be for the benefit of the
Joint Venture as well as TRT, and the Joint Venture shall have the same 

 41
 

rights hereunder as granted to TRT.  This Agreement shall be binding upon and
inure to the benefit of the parties hereto.

14.3         Entire Agreement.  This Agreement and the Partnership Agreement,
all the exhibits referenced herein and annexed hereto, and all agreements
entered into on the Closing Date or otherwise contemporaneously herewith,
contain the entire agreement of the parties hereto with respect to the
Transaction, and no prior agreement or understanding pertaining to any of the
matters connected with this Transaction shall be effective for any
purpose.  Except as may be otherwise
provided herein, the agreements embodied herein may not be amended except by an
agreement in writing signed by the parties hereto.

14.4         Governing Law.  This Agreement shall be governed by the laws
of the State of Delaware.  Any
controversy, dispute, or claim of any nature arising out of, in connection
with, or in relation to the interpretation, performance, enforcement or breach
of this Agreement (and any Closing Document executed in connection herewith),
including any claim based on contract, tort or statute, shall be resolved at
the written request of any party to this Agreement by binding arbitration. The
arbitration shall be administered in accordance with the then current
Commercial Arbitration Rules of the American Arbitration Association. Any
matter to be settled by arbitration shall be submitted to the Judicial Arbiter
Group (“JAG”) in Denver,
Colorado.  The parties shall attempt to
designate one arbitrator from JAG to administer the arbitration. If they are
unable to do so on or before the 30th day after written demand therefor, then
each party shall designate an arbitrator from JAG, and the two designated
arbitrators shall select a third arbitrator from JAG to administer the
arbitration. The arbitration shall be final and binding, and enforceable in any
court of competent jurisdiction. 
Notwithstanding anything herein to the contrary, this section shall not
prevent any Contributor or TRT from seeking and obtaining equitable relief on a
temporary or permanent basis, including a temporary restraining order, a
preliminary or permanent injunction, order for specific performance, or similar
equitable relief, from a court of competent jurisdiction located in the state
in which the Property is located (to which all parties hereto consent to venue
and jurisdiction) by instituting an action or other court proceeding in order
to protect or enforce the rights of such party under this Agreement or to
prevent irreparable harm and injury. The court’s jurisdiction over any such
equitable matter, however, shall be expressly limited only to the temporary,
preliminary, or permanent equitable relief sought; all other claims initiated
under this Agreement between the parties hereto shall be determined through
final and binding arbitration in accordance with this section.

14.5         Exclusive Application.  Nothing in this Agreement is intended or
shall be construed to confer upon or to give to any person, firm, or
corporation other than TRT, JDN and the Joint Venture any right, remedy, or
claim under or by reason of this Agreement.

14.6         Partial Invalidity.  If all or any portion of any of the
provisions of this Agreement shall be declared invalid by laws applicable
hereto, then the performance of said offending provision shall be excused by
the parties hereto.

14.7         Interpretation.  The titles, captions, and section headings
are inserted for convenience only and are in no way intended to interpret,
define, limit, or expand the scope or content of this Agreement or any
provision hereof.  If any time period
under this Agreement ends on a day other than a Business Day, then the time
period shall be extended until the next 

 42
 

Business Day. 
This Agreement shall be construed without regard to any presumption or
other rule requiring construction against the party causing this Agreement to
be drafted.  If any words or phrases in
this Agreement shall have been stricken out or otherwise eliminated, whether or
not any other words or phrases have been added, this Agreement shall be
construed as if the words or phrases so stricken out or otherwise eliminated
were never included in this Agreement and no implication or inference shall be
drawn from the fact that said words or phrases were so stricken out or
otherwise eliminated.

14.8         Waiver Rights.  TRT reserves the right to waive, in whole or
in part, any provision hereof that is for the benefit of TRT.  Each Contributor reserves the right to waive,
in whole or in part, any provision hereof that is for the benefit of a
Contributor.  Any waiver of any provision
of this Agreement by or on behalf of the Joint Venture may be made only with
the consent of both DDR and TRT.

14.9         No Implied Waiver.  Unless otherwise expressly provided herein,
no waiver by a Contributor or TRT of any provision hereof shall be deemed to
have been made unless expressed in writing and signed by such party.  No delay or omission in the exercise of any
right or remedy accruing to a Contributor or TRT upon any breach under this
Agreement shall impair such right or remedy or be construed as a waiver of any
such breach theretofore or thereafter occurring.  The waiver by a Contributor or TRT of any
breach of any term, covenant, or condition herein stated shall not be deemed to
be a waiver of any other breach, or of a subsequent breach of the same or any
other term, covenant, or condition herein contained.

14.10       Exhibits, Closing Documents and
Schedules.  All exhibits, closing
documents and schedules referred to in, and attached to, this Agreement are
hereby incorporated herein in full by this reference.

14.11       LLC Subsidiaries.  Each LLC Subsidiary is intended to be a third
party beneficiary of this Agreement for the purpose of enforcing the
indemnities and covenants running in favor of the Joint Venture solely with
respect to the property conveyed to such LLC Subsidiary pursuant to the
Transaction; provided that in no event shall a Contributor have any obligation
to pay Damages to more than one party with respect to any claim arising under
this Agreement.  Each LLC Subsidiary
shall have the right to assign its rights under this Agreement to the Lender
under the Loan Documents with respect to its Project.

14.12       Joint and Several.  In all cases, the liabilities (including
without limitation any indemnities) of the Contributors hereunder shall be
joint and several regardless of whether an individual representation, warranty
or covenant was made by one or more Contributors.

14.13       Default.

14.13.1          Contributors Default.  If the Closing does not occur by reason of a
default of a Contributor, TRT may terminate this Agreement, in which event (A)
Contributors shall reimburse TRT for TRT’s actual out-of-pocket costs and
expenses (including reasonable attorneys’ fees, costs and disbursements)
related to the negotiation of this Agreement and the transactions contemplated
hereby and TRT’s due diligence, up to a maximum of $250,000, (B) the Earnest
Money Deposit shall be returned to TRT, (C) Contributors shall pay 

 43
 

any cancellation charges of Title Company (including
escrow charges), and (D) all parties shall be discharged from all duties and
performance hereunder, except for any obligations which by their terms survive
any termination of this Agreement.  The
remedy set forth in this Section shall be TRT’s sole and exclusive remedy for
any default of a Contributor resulting in the failure of the consummation of
the Closing, whereupon this Agreement will terminate and TRT expressly waives
its right to seek damages if a Contributors defaults.

14.13.2          TRT Default.  If the Closing does not occur by reason of a
default of TRT, Contributors and TRT agree that it would be impractical and
difficult to fix the damages which Contributors would suffer.  Contributors and TRT agree that (a) an amount
equal to the Earnest Money Deposit is a reasonable estimate of the total net
detriment Contributors would suffer if TRT defaults and fails to consummate the
transaction contemplated by this Agreement, (b) the Title Company shall release
the Earnest Money Deposit, together with any interest earned thereon, to the
Contributors, (c) such amount will be the full, agreed and liquidated damages
for TRT’s default and failure to consummate the transaction contemplated by the
Agreement, (d) such amount will be Contributors sole and exclusive remedy for
any default of TRT resulting in the failure of the consummation of the Closing,
whereupon this Agreement will terminate and Contributors expressly waive their
rights to seek damages if TRT defaults and (e) all parties shall be discharged
from all duties and performance hereunder, except for any obligations which by
their terms survive any termination of this Agreement.  The payment of such amount as liquidated
damages is not intended as a forfeiture or penalty but is intended to
constitute liquidated damages to Contributors.

14.14       Pennsylvania Coal Notice.  THIS AGREEMENT MAY NOT SELL, CONVEY,
TRANSFER, INCLUDE OR INSURE THE TITLE TO THE COAL AND RIGHT TO SUPPORT
UNDERNEATH THE SURFACE LAND DESCRIBED OR REFERRED TO HEREIN, AND THE OWNER OR
OWNERS OF SUCH COAL MAY HAVE THE COMPLETE LEGAL RIGHT TO REMOVE ALL OF SUCH
COAL AND IN THAT CONNECTION, DAMAGE MAY RESULT TO THE SURFACE OF THE LAND AND
ANY HOUSE, BUILDING OR OTHER STRUCTURE ON OR IN SUCH LAND.  THE INCLUSION OF THIS NOTICE DOES NOT
ENLARGE, RESTRICT OR MODIFY ANY LEGAL RIGHTS OR ESTATES OTHERWISE CREATED,
TRANSFERRED, EXCEPTED OR RESERVED BY THIS INSTRUMENT.  (This notice is set forth in the manner
provided in Section 1 of the Act of July 17, 1957, P. L. 984, as amended, and
is not intended as notice of unrecorded instruments, if any).

14.15       Alternative Structures.  Any party may propose one or more alternative
structures relating to the transaction contemplated by this Agreement apart
from the structure contemplated in the preamble to this Agreement and in
Section 2.  Either party may accept or
reject such proposed alternative structure in its sole discretion.  To the extent the any proposed structure
would result in any additional liability being imposed upon TRT or the Joint
Venture, the Contributors agree to provide such additional representations and
warranties and indemnities as may be required by TRT.

[SIGNATURE PAGE FOLLOWS]

 44

IN WITNESS WHEREOF, TRT, the Contributors and the
Joint Venture have executed this Agreement under seal as of the day and year
first above written.

	
  

  	
  DEVELOPERS DIVERSIFIED REALTY 

  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David E. Weiss

  	
   

  
	
   

  	
  Name: 

  	
        DAVID E. WEISS

  
	
   

  	
  Title:

  	
    SR. VICE PRESIDENT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
  JDN DEVELOPMENT COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David E. Weiss

  	
   

  
	
   

  	
  Name: 

  	
        DAVID E. WEISS

  
	
   

  	
  Title:

  	
    SR. VICE PRESIDENT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
  JDN REAL ESTATE-APEX L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David E. Weiss

  	
   

  
	
   

  	
  Name: 

  	
        DAVID E. WEISS

  
	
   

  	
  Title:

  	
    SR. VICE PRESIDENT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
  MT. NEBO POINTE LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David E. Weiss

  	
   

  
	
   

  	
  Name: 

  	
        DAVID E. WEISS

  
	
   

  	
  Title:

  	
    SR. VICE PRESIDENT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
  CENTERTON SQUARE LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David E. Weiss

  	
   

  
	
   

  	
  Name: 

  	
        DAVID E. WEISS

  
	
   

  	
  Title:

  	
    SR. VICE PRESIDENT

  
					

 

   
 

 

	
  

  	
  DIVIDEND CAPITAL TOTAL REALTY 

  OPERATING PARTNERSHIP LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Dividend Capital Total Realty Trust Inc.,

  its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Michael J. Kelly

  	
   

  
	
   

  	
   

  	
  Name:

  	
        Michael J. Kelly

  
	
   

  	
   

  	
  Title:

  	
    Chief Acquisitions Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  

  	
  TRT DDR VENTURE I GENERAL 

  PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  DDR TRT GP LLC, a general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David E. Weiss

  	
   

  
	
   

  	
   

  	
  Name:

  	
        DAVID E. WEISS

  	
   

  
	
   

  	
   

  	
  Title:

  	
    SR. VICE PRESIDENT

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
  By: 

  	
  TRT-DDR JOINT VENTURE I OWNER 

  LLC, a general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  DCTRT Real Estate Holdco LLC, its

  sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Dividend Capital Total Realty 

  Operating Partnership LP, its sole

  member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Dividend Capital Total Realty Trust 

  Inc., its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Michael J. Kelly

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michael J. Kelly

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Chief Acquisitions Officer

  	
   

  
													

 

 2

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