Document:

Exhibit 10.1

PURCHASE AND SALE
AGREEMENT

          THIS
PURCHASE AND SALE AGREEMENT (“Agreement”) is made as of the 15th day of July,
2013 (“Effective Date”), by and between VIF II/AmREIT Woodlake, LP, a Texas
limited partnership (“Seller”), and AmREIT Realty Investment Corporation, a
Texas corporation (“Buyer”), and joined in for the limited purposes set forth
herein by Stewart Title Guaranty Company, as escrow agent (“Escrow Agent”).

BACKGROUND

          A.        This
Agreement is made with reference to the following real and personal property
(collectively, the “Property”):

                      (1)          That
certain parcel of land commonly known as the Woodlake Square Shopping Center,
located at the intersection of Westheimer and Gessner Roads, Houston, Texas, as
more particularly described in Exhibit A
hereto, together with any easements, rights and privileges appurtenant thereto
(collectively, the “Land”);

                      (2)          The
building(s) (collectively, the “Buildings”) located on the Land, together with
all improvements appurtenant thereto owned by the Seller, in all cases,
however, subject to the rights and ownership interests of tenants (the
Buildings and such improvements being hereinafter collectively referred to as
the “Improvements,” and the Land and the Improvements being hereinafter
collectively referred to as the “Real Property”);

                      (3)          All
of Seller’s right, title and interest in and to any and all fixtures,
equipment, furniture, furnishings, appliances, supplies, signage and other
personal property of every nature and description attached or pertaining to, or
otherwise used in connection with, the Real Property, owned by the Seller
located within the Real Property, if any (the “Personalty”); 

                      (4)          All
of Seller’s right, title and interest in and to any and all leases and licenses
of space in the Improvements and any other occupancy agreements with respect to
space in the Improvements (collectively, the “Leases”), and all prepaid rents
under the Leases for the period after Closing, and tenant security deposits
under the Leases (whether cash or in the form of a letter of credit or
otherwise) actually held by Seller on the Closing date (the “Security
Deposits”), and all Contracts (as defined herein) to be assigned in accordance
with the terms hereof; and

                      (5)          Any
and all intangible property owned by the Seller used or useful in connection
with the foregoing, including, without limitation, any contract rights,
guarantees, licenses, permits and warranties owned by the Seller. 

          B.        Seller
is prepared to sell, transfer and convey the Property to Buyer, and Buyer is
prepared to purchase and accept the same from Seller, all for the purchase
price and on the other terms and conditions hereinafter set forth.

TERMS AND
CONDITIONS

          In
consideration of the mutual covenants and agreements herein contained, and
intending to be legally bound hereby, the parties hereto agree:

          1.         Sale
and Purchase.   Seller hereby agrees to sell, transfer and convey
the Property to Buyer, and Buyer hereby agrees to purchase and accept the
Property from Seller, in each case for the purchase price and on and subject to
the other terms and conditions set forth in this Agreement.

          2.         Purchase Price.   The purchase price for the Property (the
“Purchase Price”) shall be Forty-One Million Six Hundred Twenty Five Thousand
and No/100 Dollars ($41,625,000.00), which, subject to the terms and conditions
hereinafter set forth, shall be paid to Seller by Buyer as follows:

                      2.1.          Initial
Deposit.   Concurrent with the execution and delivery of this
Agreement by Buyer, Buyer shall deliver to Escrow Agent, in immediately
available funds, to be held in escrow and delivered in accordance with this
Agreement, a cash deposit in the amount of Two Million Eighty One Thousand Two
Hundred Fifty and No/100 Dollars ($2,081,250.00) (together with interest earned
thereon, the “Deposit”).

                      2.2.          Payment
at Closing; Funding Agreement.   At the consummation of the
transaction contemplated hereby (the “Closing”), Buyer shall deliver to Escrow
Agent cash in an amount equal to the Purchase Price, subject to adjustments and
apportionments as set forth herein, less the Deposit held by Escrow Agent. The
Purchase Price, subject to adjustments and apportionments as set forth herein,
shall be paid at Closing by wire transfer of immediately available federal
funds, transferred to the order or account of Seller or such other person as
Seller may designate in writing.

          The
delivery and recording of documents and the disbursement of funds shall be
effectuated at the Closing by the use of a Funding and Escrow Agreement
substantially in the form of Exhibit B
attached hereto.

          3.         Representations
and Warranties of Seller. Subject to all matters disclosed in any document
delivered to Buyer by or on behalf of Seller (or otherwise in the possession of
AmREIT Woodlake Holdco, LLC, AmREIT Realty Investment Corporation, or its or
their affiliates) prior to Closing or on any exhibit attached hereto, and
subject to any information discovered by Buyer or other information disclosed
to Buyer by Seller or any other person prior to the Closing (all such matters
and information being referred to herein as “Exception Matters”), Seller
represents and warrants to Buyer as follows:

                      3.1.          Authority.
Seller is a limited partnership, duly organized, and validly existing under the
laws of the State of Texas and has all requisite limited partnership power and
authority to enter into this Agreement and perform its obligations hereunder.
The execution and delivery of this Agreement have been duly authorized by all
requisite limited partnership action.

                      3.2.          No
Conflict. The execution and delivery of this Agreement and the consummation
of the transactions contemplated hereunder on the part of Seller do not and
will not violate any applicable law, ordinance, statute, rule, regulation,
order, decree or judgment, 

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conflict with or result in the breach of any material
terms or provisions of, or constitute a default under, or result in the
creation or imposition of any lien, charge, or encumbrance upon any of the
Property or assets of the Seller by reason of the terms of any contract,
mortgage, lien, lease, agreement, indenture or instrument to which Seller is a
party or which is binding upon Seller, which will not be discharged, assumed or
released at Closing. No action by any federal, state or municipal or other
governmental department, commission, board, bureau or instrumentality is
necessary to make this Agreement a valid and binding instrument upon Seller in
accordance with its terms. The representations and warranties contained in this
Section 3.2, however, shall not apply to any contract, agreement, instrument or
other document recorded or filed with the applicable land records office or to
any contract, agreement, instrument or other document delivered to Buyer by or
on behalf of Seller (or otherwise in the possession of AmREIT Woodlake Holdco,
LLC, AmREIT Realty Investment Corporation, or its or their affiliates) prior to
Closing.

                      3.3.          FIRPTA.
Seller is not a “foreign person” as defined in Section 1445(f)(3) of the
Internal Revenue Code.

                      3.4.          Patriot
Act. Seller is in compliance with the requirements of Executive Order No.
13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the “Order”) and other similar
requirements contained in the rules and regulations of the Office of Foreign
Assets Control, Department of the Treasury (“OFAC”) and in any enabling
legislation or other Executive Orders or regulations in respect thereof (the
Order and such other rules, regulations, legislation or orders are collectively
called the “Orders”). Neither the Seller nor any of its affiliates (A) is
listed on the Specially Designated Nationals and Blocked Person List maintained
by OFAC pursuant to the Order and/or on any other list of terrorists or
terrorist organizations maintained pursuant to any of the rules and regulations
of OFAC or pursuant to any other applicable Orders (such lists are collectively
referred to as the “Lists”), (B) is a Person (as defined in the Order) who has
been determined by competent authority to be subject to the prohibitions
contained in the Orders; or (C) is owned or controlled by (including without
limitation by virtue of such Person being a director or owning voting shares or
interests), or acts for or on behalf of, any person on the Lists or any other
Person who has been determined by competent authority to be subject to the
prohibitions contained in the Orders. The foregoing representation shall not
apply with respect to the beneficiaries of or participants in any pension plan
participating in Seller or in an affiliate of Seller or to any shareholders of
AmREIT, Inc.

                      3.5.          Litigation.
There is no pending litigation or administrative proceeding (or to Seller’s
knowledge, litigation or administrative proceeding overtly threatened in
writing to Seller) naming Seller as a defendant or plaintiff, which if
determined adversely to Seller may prevent the consummation of the transaction
contemplated by this Agreement.

                      3.6.          Violations.
To Seller’s knowledge, VIF II/Woodlake Investors, LLC has not received written
notice from any governmental authorities or agencies asserting existing, uncured
violations by the Property of federal, state, county or municipal laws,
ordinances, codes or regulations; other than any such notices which have also
been received by or are in the possession of AmREIT Woodlake Holdco, LLC,
AmREIT Realty Investment Corporation, or its or their affiliates. For the
avoidance of doubt, VIF II/Woodlake Investors, LLC shall have no liability
under this Agreement or otherwise.

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                      3.7.          Bankruptcy.
No Bankruptcy, insolvency, reorganization or similar action against Seller,
whether voluntary or involuntary, is pending (or to Seller’s knowledge, overtly
threatened in writing to Seller) against Seller, and Seller during the period
subsequent to July 21, 2010, has never (i) filed a voluntary petition in
bankruptcy, (ii) been adjudicated a bankrupt or insolvent or filed a petition
or action seeking any reorganization, recapitalization, readjustment,
liquidation, dissolution or similar relief under any Federal bankruptcy act or
any other laws, (iii) sought or acquiesced in the appointment of any trustee,
receiver or liquidator of all or any substantial part of its properties, the
Property, personal property or any portion thereof, or (iv) made an assignment
for the benefit of creditors or admitted in writing its inability to pay its
debts generally as the same become due.

          3A.      Limitations
Regarding Representations and Warranties. As used in this Agreement, or in
any other agreement, document, certificate or instrument delivered by Seller to
Buyer, the phrase “to the best of Seller’s actual knowledge,” “to the best of
Seller’s knowledge,” “to Seller’s knowledge,” or any similar phrase shall mean
the actual, not constructive or imputed, knowledge of John Miller of AEW
Capital Management, L.P., without any obligation on his part to make any
independent investigation of the matters being represented and warranted, or to
make any inquiry of any other persons, or to search or examine any files,
records, books, correspondence and the like. For the avoidance of doubt,
neither John Miller nor AEW Capital Management, L.P. shall have any liability
whatsoever under this Agreement or in connection with the transaction
contemplated hereby, or otherwise. 

          The
representations and warranties made by Seller shall be deemed modified by the
Exception Matters. Accordingly, and notwithstanding any provision contained in
this Agreement to the contrary, Seller shall have no liability whatsoever to
Buyer with respect to any Exception Matters, either before or after Closing. If
Buyer obtains knowledge of any Exception Matters before the Closing, Buyer may
consummate the acquisition of the Property subject thereto without reduction in
the Purchase Price if Buyer determines to proceed with the purchase of the Property
pursuant to Article 4; provided, however, if Buyer obtains knowledge of any
Exception Matters between the end of the Inspection Period and the Closing,
which Exception Matters alter Seller’s representations and warranties so as to
materially and adversely affect the value to Buyer of the transactions
contemplated by this Agreement, Buyer may terminate this Agreement and receive
a refund of the Deposit upon written notice within five (5) business days after
Buyer learns of such Exception Matters; provided, further, that Seller may void
such termination notice by curing the Exception Matters within ten (10)
business days following Buyer’s termination notice (Closing to be extended as
necessary to provide for such cure period). Upon any such termination of this
Agreement, neither party shall have any further rights or obligations hereunder
except as expressly provided for herein. 

          Buyer
agrees to inform Seller promptly in writing if it discovers that an Exception
Matter alters a representation or warranty of Seller in any material respect,
or if it believes that Seller has failed to deliver to Buyer any document or
material which it is obligated to deliver hereunder.

          4.         Conditions
Precedent to Buyer’s Obligations. Buyer’s obligations to consummate the
transaction contemplated by this Agreement (expressly excluding Buyer’s
indemnity obligations) are conditioned on the satisfaction at or before the
time of Closing hereunder of each 

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of the following conditions (any one or more of which
may be waived in writing in whole or in part by Buyer, at Buyer’s option):

                      4.1.          Accuracy
of Representations. All of the representations and warranties of Seller
contained in Section 3 of this Agreement shall have been true and correct in
all material respects when made, and shall be true and correct in all material
respects on the date of Closing with the same effect as if made on and as of
such date, subject to all Exception Matters.

                      4.2.          Performance.
Seller shall have, in all material respects, performed, observed and complied
with all material covenants, agreements and conditions required by this
Agreement to be performed, observed and complied with on its part prior to or
as of Closing hereunder.

                      4.3.          Documents
and Deliveries. All instruments and documents required under this Agreement
on Seller’s part to effectuate the Closing shall be delivered to Escrow Agent
and shall be in form and substance consistent with the requirements herein.

                      4.4.          Tenant
Estoppels. Buyer shall have received tenant estoppel certificates,
substantially in the substance attached hereto as Schedule 4.4 or containing
such information as is reasonably required by Buyer’s mortgage lender, dated
not more than thirty (30) days prior to the Closing Date, executed by tenants
occupying at least 90% of the rentable square footage of the Property
(individually, a “Tenant Estoppel Certificate” and collectively, the “Tenant
Estoppel Certificates”). For the avoidance of doubt, the failure of Seller to
deliver such tenant estoppel certificates shall constitute a failure of a
condition to Buyer’s obligation to Close but shall not constitute a Seller
default. Notwithstanding the foregoing, the condition contained in this Section
4.4 shall be deemed waived by Buyer (i) unless Buyer’s mortgage lender fails or
refuses to close on Buyer’s acquisition financing solely due a lack of Tenant
Estoppel Certificates, or assertions therein of either landlord defaults or
information not consistent with the Leases, or (ii) if the property manager
(being an affiliate of Buyer) does not use all good faith diligence and
reasonable efforts to obtain the Tenant Estoppel Certificates.

                      4.5.          Purchase
“As Is”; Inspection Period.

                                      4.5.1.  Buyer acknowledges that Buyer or its affiliates are indirect owners
of the Property, serving as the operating member of the limited liability
company which indirectly wholly owns the Property, and serve as the property
manager for the Property, and Buyer is intimately familiar with all aspects of
the Property. During the Inspection Period (hereinafter defined), Buyer, its
agents and representatives, shall be entitled to enter upon the Property,
including all leased areas (subject to the terms of the Leases), upon
reasonable prior notice to Seller, to perform inspections and tests of the
Property, including surveys, environmental studies, examinations and tests of
all structural and mechanical systems within the Improvements, and to examine
the books and records of Seller relating to the Property (excluding
confidential and proprietary materials). Before entering upon the Property,
Buyer shall furnish to Seller evidence of general liability insurance coverage
in such amounts and insuring against such risks as Seller may reasonably
require. Notwithstanding the foregoing, Buyer shall not be permitted to
interfere unreasonably with Seller’s operations at the Property or interfere
with any tenant’s operations at the Property, and the scheduling and procedure
for any 

5

inspections shall take into account the timing and
availability of access to the tenants’ premises, pursuant to the tenants’
rights under the Leases or otherwise. If Buyer wishes to engage in any testing
which will damage or disturb any portion of the Property, Buyer shall obtain
Seller’s prior written consent thereto, which may be refused or conditioned as
Seller may deem appropriate. Without limiting the generality of the foregoing,
Seller’s written approval (which may be granted, withheld or conditioned in
Seller’s sole discretion) shall be required prior to any invasive testing or
sampling including any testing or sampling of surface or subsurface soils,
surface water, groundwater or any materials in or about the Improvements. Buyer
shall repair any damage to the Property caused by any such tests or
investigations, and indemnify, defend and hold harmless Seller from any and all
liabilities, claims, costs and expenses resulting therefrom, or from any other
damage to property or injury to persons resulting from Buyer’s inspections. The
foregoing indemnification shall survive Closing or the termination of this
Agreement.

                                  4.5.2.  The term “Inspection Period,” as used herein, shall mean the period
ending at 5:00 p.m. EDT time on August 5, 2013. Buyer may terminate this
Agreement in its sole discretion by giving written notice of such election to
Seller on any day prior to and including the final day of the Inspection
Period, in which event the Deposit shall be returned forthwith to Buyer, less
$10.00 to be retained by Seller as consideration for entering into this
Agreement, and, except as expressly set forth herein, neither party shall have
any further liability or obligation to the other hereunder. In the absence of
such written notice, the contingency provided for in this Section 4.5.2 no
longer shall be applicable, and this Agreement shall continue in full force and
effect. 

                                  4.5.3.
  EXCEPT AS EXPRESSLY SET FORTH IN SECTION 3 OF THIS AGREEMENT, IT IS
UNDERSTOOD AND AGREED THAT SELLER IS NOT MAKING AND HAS NOT AT ANY TIME MADE
ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED,
WITH RESPECT TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR
REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE.

          BUYER
ACKNOWLEDGES AND AGREES THAT UPON CLOSING SELLER SHALL SELL AND CONVEY TO BUYER
AND BUYER SHALL ACCEPT THE PROPERTY “AS IS, WHERE IS, WITH ALL FAULTS,”
EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN THIS AGREEMENT. BUYER HAS
NOT RELIED AND WILL NOT RELY ON, AND SELLER IS NOT LIABLE FOR OR BOUND BY, ANY
EXPRESS OR IMPLIED WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR
INFORMATION PERTAINING TO THE PROPERTY OR RELATING THERETO (INCLUDING
SPECIFICALLY, WITHOUT LIMITATION, ANY PROSPECTUS DISTRIBUTED WITH RESPECT TO
THE PROPERTY) MADE OR FURNISHED BY SELLER, THE MANAGERS OF THE PROPERTY, OR ANY
REAL ESTATE BROKER OR AGENT REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO
WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING, UNLESS
SPECIFICALLY SET FORTH IN SECTION 3 OF THIS AGREEMENT (AND THEN SUBJECT TO THE
LIMITATIONS SET FORTH IN THIS AGREEMENT). BUYER ALSO ACKNOWLEDGES THAT THE
PURCHASE PRICE 

6

REFLECTS AND TAKES INTO ACCOUNT THAT THE PROPERTY IS
BEING SOLD “AS-IS.”

BUYER ACKNOWLEDGES RECEIPT OF THE ENVIRONMENTAL
REPORTS LISTED ON EXHIBIT C ATTACHED
HERETO AND ACKNOWLEDGES THAT THE
REPORTS REFERRED TO THEREIN WERE MADE AVAILABLE TO BUYER (SELLER MAKING NO
REPRESENTATIONS OR WARRANTIES WITH RESPECT TO SUCH REPORTS), AND BUYER
REPRESENTS TO SELLER THAT BUYER HAS REVIEWED THE REPORTS AND CONDUCTED, OR WILL
CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE PROPERTY, INCLUDING BUT
NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS BUYER
DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF THE
PROPERTY AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH
RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE
PROPERTY, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED
BY OR ON BEHALF OF SELLER OR ITS AGENTS OR EMPLOYEES WITH RESPECT THERETO,
OTHER THAN SUCH REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER AS ARE
EXPRESSLY SET FORTH IN THIS AGREEMENT. UPON CLOSING, BUYER SHALL ASSUME THE
RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION DEFECTS
AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED
BY BUYER’S INVESTIGATIONS, AND BUYER, UPON CLOSING, SHALL BE DEEMED TO HAVE
WAIVED, RELINQUISHED AND RELEASED SELLER (AND SELLER’S OFFICERS, DIRECTORS, SHAREHOLDERS,
PARTNERS, MEMBERS, EMPLOYEES AND AGENTS) FROM AND AGAINST ANY AND ALL CLAIMS,
DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT), LOSSES,
DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES)
OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH BUYER MIGHT
HAVE ASSERTED OR ALLEGED AGAINST SELLER (AND SELLER’S OFFICERS, DIRECTORS,
SHAREHOLDERS, PARTNERS, MEMBERS, EMPLOYEES AND AGENTS) AT ANY TIME BY REASON OF
OR ARISING OUT OF ANY LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL
CONDITIONS, VIOLATIONS OF ANY APPLICABLE LAWS AND ANY AND ALL OTHER ACTS,
OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY; PROVIDED,
HOWEVER, THAT THE FOREGOING SHALL NOT BE CONSTRUED AS A WAIVER OF ANY OF THE REPRESENTATIONS
AND WARRANTIES OF SELLER SET FORTH IN SECTION 3.3 HEREOF (PROVIDED FURTHER THAT
SUCH REPRESENTATIONS AND WARRANTIES ARE SUBJECT TO THE PROVISIONS OF THIS
AGREEMENT, INCLUDING WITHOUT LIMITATION SECTIONS 9.2 AND 16.8 HEREOF). 

          THE
PROVISIONS OF THIS SECTION SHALL SURVIVE CLOSING OR ANY TERMINATION OF THIS
AGREEMENT.

                                  4.5.4.  Buyer hereby agrees that, if at any time after the Closing, any
third party or any governmental agency seeks to hold Buyer responsible for the
presence of, or any loss, cost or damage associated with, Hazardous Materials
(as hereinafter defined) in, on, above 

7

or beneath the Real Property or emanating therefrom,
then the Buyer waives any rights it may have against Seller in connection
therewith including, without limitation, under CERCLA (defined below), and
Buyer agrees that it shall not (i) implead the Seller, (ii) bring a
contribution action or similar action against the Seller or (iii) attempt in
any way to hold the Seller responsible with respect to any such matter. The
provisions of this Section 4.5.4 shall survive the Closing. As used herein,
“Hazardous Materials” shall mean and include, but shall not be limited to any
petroleum product and all hazardous or toxic substances, wastes or substances,
any substances which because of their quantitated concentration, chemical, or
active, flammable, explosive, infectious or other characteristics, constitute
or may reasonably be expected to constitute or contribute to a danger or hazard
to public health, safety or welfare or to the environment, including, without
limitation, any hazardous or toxic waste or substances which are included under
or regulated (whether now existing or hereafter enacted or promulgated, as they
may be amended from time to time) including, without limitation, the
Comprehensive Environmental Response, Compensation and Liability Act of 1980,
42 U.S.C. Section 9601 et seq. (“CERCLA”), the Federal Resource Conservation
and Recovery Act, 42 U.S.C. Section 6901 et seq., similar state laws and
regulations adopted thereunder.

                      4.6.         Survey.
  Buyer shall obtain (or has obtained), at Buyer’s sole cost and
expense, an “as-built” survey of the Property (the “Survey”). The Survey shall
be certified to Seller, Buyer, Buyer’s lender (if any) and the Title Insurer
(as such term is defined in Section 4.7). Buyer shall have until the expiration
of the Inspection Period to approve or disapprove matters disclosed by the
Survey and to give written notice to Seller of any disapproval thereof,
indicating in reasonable detail the nature and reasons for Buyer’s objection.
If Buyer fails to timely give notice of disapproval of matters disclosed by the
Survey as set forth above (or fails to timely obtain a Survey), all matters
disclosed by the Survey (or that could have been disclosed by a current,
accurate as-built ALTA survey if the Survey was not timely obtained) shall be
deemed accepted by Buyer. In the event Buyer timely notifies Seller of Buyer’s
disapproval of matters disclosed by the Survey, Seller may elect (but shall
have no obligation whatsoever) to attempt to cure any disapproved matter within
ten (10) days from receipt of such notice (the “Survey Cure Period”), in which
event the Closing, if it otherwise is scheduled to occur earlier, shall be
extended until the earlier of ten (10) days after receipt of such notice or
three (3) business days after such matter is cured. Within five (5) business
days after receiving Buyer’s notice (the “Seller’s Survey Notice Period”),
Seller shall notify Buyer if Seller intends to attempt to effectuate such cure.
In the event that Seller gives notice during the Seller’s Survey Notice Period
that Seller elects not to attempt to effectuate cure of the survey objections,
or if Seller fails to give notice during the Seller’s Survey Notice Period of
Seller’s intention to attempt to effectuate such cure, then Buyer may, within
five (5) business days after Seller’s notice, or if no notice is given, five
(5) business days following the expiration of the Seller’s Survey Notice
Period, but in any event before Closing is consummated, terminate this
Agreement by notice to Seller, in which event the Deposit, and all interest earned thereon,
shall be returned to Buyer, provided if Buyer does not timely so terminate this
Agreement, Buyer shall be deemed to have waived objection to any such survey
matter and agreed to accept title subject thereto, without reduction in the
Purchase Price. In the event Seller gives such notice of its intention to
attempt to effectuate such cure and thereafter fails to actually effectuate
such cure, Buyer’s sole rights with respect thereto shall be to terminate this
Agreement within five (5) business days after the expiration of the Survey Cure
Period, but in any event before Closing is consummated, in which

8

event the
Deposit, and all interest earned thereon, shall be returned to Buyer, provided
if Buyer does not so terminate the Agreement, Buyer shall be deemed to have
waived objection to any such survey matter and agreed to accept title subject
thereto, without reduction in the Purchase Price. The Closing date shall be
extended to the extent necessary to give effect to the time periods set forth
herein.

                      4.7.         Title.
  Within five (5) business days after the date of this Agreement,
Seller will order from Stewart Title Guaranty Company (“Title Insurer”) a
Commitment for Title Insurance for an ALTA Owner’s Title Insurance Policy for
the Property (with copies of all instruments listed as exceptions to title)
(collectively, the “Commitment”). Buyer shall have a period of ten (10) days
after receipt of the Commitment (but in all cases ending no later than the
expiration of the Inspection Period) within which to examine said Commitment.
If Buyer objects to any title encumbrances disclosed in the Commitment, Buyer
shall, within said period notify Seller in writing, specifying the
objectionable title encumbrances (a “Title Notice”). If Buyer fails to timely
give such notice specifying the objectionable title encumbrances, Buyer will be
deemed to have approved the matters set forth in the Commitment (and all
matters which the Title Insurer has committed to insure over), all of which
shall be included in the “Permitted Exceptions.” If Buyer timely gives such
notice specifying objectionable title encumbrances, all matters set forth in
the Commitment (and all matters which the Title Insurer has committed to insure
over) which are not objected to in Buyer’s notice will be included in the “Permitted
Exceptions.” Seller may elect (but shall have no obligation whatsoever) to
attempt to cure any such title matters within ten (10) business days from
receipt of the Title Notice (the “Title Cure Period”), in which event the
Closing, if it otherwise is scheduled to occur earlier, shall be extended until
the earlier of ten (10) business days after receipt of the Title Notice or
three (3) business days after such matter is cured. Within five (5) business
days after receiving Buyer’s Title Notice (the “Seller’s Title Notice Period”),
Seller shall notify Buyer if Seller intends to attempt to effectuate such cure.
In the event that Seller gives notice during the Seller’s Title Notice Period
that Seller elects not to attempt to effectuate cure of the subject title
matters, or if Seller fails to give notice during the Seller’s Title Notice
Period of Seller’s intention to attempt to effectuate such cure, then Buyer
may, within five (5) business days after Seller’s notice, or if no notice is
given five (5) business days following the expiration of the Seller’s Title
Notice Period, but in any event before Closing is consummated, terminate this
Agreement by notice to Seller, in which event the Deposit, and all interest
earned thereon, shall be returned to Buyer, provided that if Buyer does not
timely so terminate this Agreement, Buyer shall be deemed to have waived
objection to any such title matters (which matters will be included within the
Permitted Exceptions) and agreed to accept title subject thereto, without
reduction in the Purchase Price. In the event Seller gives such notice of its
intention to attempt to effectuate such cure and thereafter fails to actually
effectuate such cure within the Title Cure Period, Buyer’s sole rights with
respect thereto shall be to terminate this Agreement within five (5) business
days after the expiration of the Title Cure Period, but in any event before
Closing is consummated, in which event the Deposit, and all interest earned
thereon, shall be returned to Buyer, provided that if Buyer does not so
terminate this Agreement, Buyer shall be deemed to have waived objection to any
such title matters (which matters will be included within the Permitted
Exceptions) and agreed to accept title subject thereto, without reduction in the
Purchase Price. The foregoing notwithstanding, Seller will pay off its current
mortgage loan at Closing. The Closing date will be extended as necessary to
give effect to the time periods set forth herein.

9

          Buyer
may, prior to Closing, notify Seller in writing (a “Gap Notice”) of any title
exceptions raised by the Title Insurer between the expiration of the Inspection
Period and Closing and not disclosed by the Title Insurer or otherwise known to
Buyer prior to the expiration of the Inspection Period; provided that Buyer
must notify Seller of such unacceptable exceptions within five (5) business
days of being made aware of the existence of such exceptions. If Buyer sends a
Gap Notice to Seller, Buyer and Seller shall have the same rights and obligations
with respect to such notice and the exceptions set forth therein as apply to a
Title Notice and the exceptions set forth therein pursuant to the preceding
paragraph. 

          5.         Failure
of Conditions.   In the event Seller shall not be able to convey
title to the Property on the date of Closing in accordance with the provisions
of this Agreement, then Buyer shall have the option, as its sole recourse and
remedy, exercisable by written notice to Seller at or prior to Closing, of (1) accepting
at Closing such title as Seller is able to convey and waiving any unsatisfied
condition precedent, with no deduction from or adjustment of the Purchase
Price, or (2) declining to proceed to Closing. In the latter event, except
as expressly set forth herein (including with respect to a default by either
party under this Agreement), all obligations, liabilities and rights of the
parties under this Agreement shall terminate, and the Deposit shall be returned
to Buyer.

          6.         Closing;
Deliveries.

                      6.1.          Time
of Closing. The Closing shall take place at 1:00 p.m. EDT on September 4, 2013
at the offices of the Escrow Agent, unless otherwise agreed to in writing by
both Seller and Buyer. If any date on which the closing would occur by
operation of this Agreement is not a business day in Boston, Massachusetts, the
Closing shall occur on the next business day.

                      6.2.          Seller
Deliveries. At Closing, Seller shall deliver to Buyer, through the escrow
administered by Escrow Agent, the following, and it shall be a condition to
Buyer’s obligation to close that Seller shall have delivered the same:

                                      6.2.1.  
A Deed to the Real Property from Seller, duly executed and acknowledged by
Seller and substantially in the form of Exhibit
D (the “Deed”).

                                      6.2.2.  
A bill of sale for the Personalty from Seller, substantially in the form of Exhibit E, duly executed by Seller.

                                      6.2.3.  
An Assignment and Assumption of Leases, duly executed by Seller, substantially
in the form of Exhibit F assigning
to Buyer all Leases.

                                      6.2.4.  
An Assignment of Warranties and Permits from Seller, substantially in the form
of Exhibit G, duly executed by
Seller.

                                      6.2.5.  
An Assignment and Assumption of Contracts, duly executed by Seller,
substantially in the form of Exhibit H
assigning to Buyer all leasing, service, equipment, supply, maintenance and
concession agreements with respect to the Property executed by Seller (the
“Contracts”); provided that (a) if any such Contracts are terminable without
fee or penalty 

10

and no later than 15 days prior to Closing Buyer gives
Seller notice that it elects to have the same terminated, then Seller will give
a termination notice to the vendor thereunder at or before Closing, and (b) if
any Contracts cannot, by their terms, be assigned, or Buyer has not obtained
any requisite consents for assignment, Buyer shall either buy such Contracts
out or otherwise protect Seller therefrom from and after Closing (such
obligation of Buyer shall survive Closing). Notwithstanding the foregoing,
Seller shall terminate its current property management agreement at Seller’s
sole cost and expense. 

                                     6.2.6.  
All architectural and engineering drawings and specifications, utilities layout
plans, topographical plans and the like in Seller’s possession and owned by
Seller used in the construction, improvement, alteration or repair of the Land
or the Improvements; which may be delivered by being left at the Property or
property managers office.

                                     6.2.7.  
Originals or copies of the Leases, Lease records, Contracts, other materials
identified in the Exhibits hereto, and all other non-confidential and
nonproprietary books, records and files, maintained by Seller’s property
manager relating to the construction, leasing, operation and maintenance of the
Property; which may be delivered by being left at the Property or property
managers office.

                                     6.2.8.  
A notice to the tenants, executed by Seller, advising of the sale of the
Property and directing that rent and other payments thereafter be sent to Buyer
at the address provided by Buyer at Closing.

                                     6.2.9.  
Such affidavits or letters of indemnity as the Title Insurer shall reasonably
require, in form and substance acceptable to Seller, in order to allow the
Title Insurer to omit from its owner’s policy of title insurance exceptions for
unfiled mechanics’ or materialmen’s liens for work performed by Seller (but not
any tenant) prior to Closing, or for rights of parties in possession other than
pursuant to the Leases, or for matters recorded against the property during the
so-called “gap period” between Closing and the recording of the Deed.

                                     6.2.10.  
A Non-Foreign Affidavit as required by the Foreign Investors in Real Property
Tax Act (“FIRPTA”), as amended.

                                     6.2.11.  
A certification by Seller that all representations and warranties made by
Seller in Article 3 of this Agreement are true and correct in all material
respects on the date of Closing, except as may be set forth in such
certificate.

                                     6.2.12.  
A settlement statement (the “Settlement Statement”), in a form and substance
acceptable to Seller setting forth the Purchase Price and the closing
adjustments and prorations required by this Agreement.

                                     6.2.13.  
Evidence of the existence, organization and authority of Seller and of the
authority of the persons executing documents on behalf of Seller reasonably
satisfactory to the Title Insurer.

11

                                     6.2.14.  
All other instruments and documents reasonably required to effectuate this
Agreement and the transactions contemplated thereby, including any applicable
state tax disclosures or withholding certificates.

                    6.3.           Buyer
Deliveries. At Closing, Buyer shall deliver to Seller, through the escrow
administered by Escrow Agent, the following, and it shall be a condition to
Seller’s obligation to close that Buyer shall have delivered the same:

                                     6.3.1.  
In accordance with Seller’s instructions, a wire transfer in the amount of the
Purchase Price, less the Deposit delivered by Escrow Agent to Seller (subject
to the adjustments provided for in this Agreement), transferred to the order or
account of Seller or to such other person or persons as Seller shall designate
in writing.

                                     6.3.2.  
A certification by Buyer that all representations and warranties made by Buyer
in Article 15 of this Agreement are true and correct in all material
respects on the date of Closing.

                                     6.3.3.  
The bill of sale referred to in Section 6.2.2, duly executed by Buyer

                                     6.3.4.  
The Assignment and Assumption of Leases referred to in Section 6.2.3, duly
executed by Buyer.

                                     6.3.5.  
The Assignment and Assumption of Contracts referred to in Section 6.2.5,
duly executed and acknowledged by Buyer.

                                     6.3.6.  
The Settlement statement, in form and substance acceptable to Buyer, Seller and
the title insurer, duly executed by Buyer.

                                     6.3.7.  
Evidence of the existence, organization and authority of Buyer and of the
authority of the persons executing documents on behalf of Buyer.

                                     6.3.8.  
All other instruments and documents reasonably required to effectuate this
Agreement and the transactions contemplated thereby, including any applicable
state tax disclosures or withholding certificates.

          7.       Apportionments;
Taxes; Expenses.

                    7.1.          Apportionments.

                                     7.1.1.  
  Taxes and Operating Expenses. All real estate taxes,
charges, betterment assessments, special assessments and other assessments
affecting the Property (“Taxes”), all charges for water, electricity, sewer
rental, gas, telephone and all other utilities (“Operating Expenses”), to the
extent not paid directly by the tenant, and all operating expenses and common
area maintenance charges billed to the tenant on an estimated basis (“CAM
Charges”) shall be prorated on a per diem basis as of the date of Closing. If
any Taxes have not been finally assessed as of the date of Closing for the
current fiscal year of the taxing authority, then the same shall be adjusted at
Closing based upon the most recently issued bills therefor, and shall be
re-adjusted when and if final bills are issued. If any Operating Expenses or CAM

12

Charges cannot conclusively be determined as of the
date of Closing, then the same shall be adjusted at Closing based upon the most
recently issued bills thus far and shall be re-adjusted within one hundred
twenty (120) days after the end of the calendar year in which the Closing
occurs after final Operating Expenses and the actual amount of CAM Charges are
determined. Buyer hereby agrees to assume all non-delinquent assessments
affecting the Property, whether special or general (all of which shall be
treated as if paid over the longest period permissible). 

          At
the time of the final calculation under the Leases of payments due to or from
any tenant on account of CAM Charges for the calendar year in which the Closing
occurs, whether in the nature of a reconciliation payment or full payment, in
arrears, Buyer shall prepare, for Buyer’s and Seller’s approval, a reproration
between Buyer and Seller as to such CAM Charge payments from the tenant. Seller
will cooperate with Buyer’s preparation of such reconciliation. Such
reproration between Buyer and Seller will be completed within thirty (30) days
following the final calculation under the Leases, and any amounts owed by Buyer
to Seller or by Seller to Buyer will be paid upon demand. 

          Seller
may file, and may prosecute, an appeal of the real property tax assessment, and
may take related action which Seller deems appropriate in connection therewith.
Buyer shall cooperate with Seller in connection with such appeal and collection
of a refund of real estate taxes paid. Seller owns and holds all right, title
and interest in and to such appeal and refund, and all amounts payable in
connection therewith shall be paid directly to Seller by the applicable
authorities. If such refund or any part thereof is received by Buyer, Buyer
shall promptly pay such amount to Seller. Any refund received by Seller shall
be distributed as follows: first, to reimburse Seller for all costs incurred in
connection with the appeal; second, to Seller to the extent that such appeal
covers the period prior to Closing and to Buyer to the extent such appeal
covers the period as of the Closing and thereafter. If and to the extent any
such appeal covers the period after the Closing, Buyer shall have the right to
participate in such appeal after Closing. If and to the extent such appeal
covers only the period prior to Closing, Seller shall have the sole right to
prosecute the same and Buyer will cooperate with Seller in connection
therewith. 

                                     7.1.2.  
  Rent. Except as set forth herein, all rent received under
the Leases shall be prorated to the date of Closing. Delinquent rent shall not
be prorated but shall remain the property of Seller. Payments received from any
tenant from and after the date of Closing shall be applied first to the month
in which Closing occurs, next to rents then due for the current period and then
to delinquent rents in the order in which they came due. Buyer shall use
reasonable efforts to collect delinquent rents for the benefit of Seller, and
shall cooperate with Seller in the collection of any delinquent amounts. 

                                     7.1.3.  
  Charges under Contracts. The unpaid and pre-paid monetary
obligations of Seller with respect to the Contracts shall be prorated on a per
diem basis as of the date of Closing.

                                     7.1.4.  
  Security Deposits. All cash Security Deposits shall be
credited to Buyer, and all Security Deposits in the form of letters of credit
shall be delivered to Buyer, at Closing.

13

                    7.2.          
Expenses. Each party will pay all its own expenses incurred in
connection with this Agreement and the transactions contemplated hereby,
including, without limitation, (1) all costs and expenses stated herein to
be borne by a party, and (2) all of their respective accounting, legal and
appraisal fees. Buyer, in addition to its other expenses, shall pay at Closing
(1) all recording charges incident to the recording of the deed for the
Real Property, (2) the premiums for any title insurance policy endorsements or
extended coverage, and (3) one-half of the escrow fees, costs and expenses of
Escrow Agent. Seller, in addition to its other expenses, shall pay at Closing
(1) the base premium for the owner’s title insurance policy issued to Buyer at
Closing in the amount of the Purchase Price and (2) one-half of the escrow
fees, costs and expenses of Escrow Agent. 

          8.      
Damage or Destruction; Condemnation; Insurance.

          If at any time prior to the date of Closing there is
damage or destruction to the Property the cost for repair of which exceeds
$1,000,000.00, or if all or any material portion of the Property is condemned
or taken by eminent domain proceedings by any public authority, then, at Buyer’s
option by notice given to Seller within five (5) business days following notice
of such casualty or condemnation, this Agreement shall terminate, and the
Deposit shall be returned to Buyer, and except as expressly set forth herein,
neither party shall have any further liability or obligation to the other
hereunder.

          If there is any damage or destruction or condemnation
or taking, and if Buyer elects not to terminate this Agreement (or does not
have the right to terminate this Agreement) as herein provided, then subject to
the rights and interests of tenants (1) in the case of a taking, all
condemnation proceeds paid or payable to Seller shall belong to Buyer and shall
be paid over and assigned to Buyer at Closing; and (2) in the case of a
casualty, Seller shall assign to Buyer all rights to any insurance proceeds
paid or payable to Seller under the applicable insurance policies and Buyer
shall receive a credit at Closing for any deductible amount under such
insurance policies; less in each case any costs of collection and any sums
expended in restoration.

          9.      
Remedies.

                    9.1.          
Buyer Default. In the event Buyer breaches or fails, without legal
excuse, to complete the purchase of the Property or to perform its material
obligations under this Agreement to be performed prior to Closing, then Seller
shall, as its sole remedy therefor, be entitled to receive the Deposit, plus
all interest earned and accrued thereon, as liquidated damages (and not as a
penalty) in lieu of, and as full compensation for, all other rights or claims
of Seller against Buyer by reason of such default. Thereupon, this Agreement
shall terminate and the parties shall be relieved of all further obligations
and liabilities hereunder, except as expressly set forth herein. Buyer and
Seller acknowledge that the damages to Seller resulting from Buyer’s breach
would be difficult, if not impossible, to ascertain with any accuracy, and that
the liquidated damage amount set forth in this Section represents both parties’
best efforts to approximate such potential damages. The foregoing, however,
shall not be construed to limit Buyer’s indemnity obligations set forth in this
Agreement.

14

                    9.2.          
Seller Default. In the event Seller breaches or fails, without legal
excuse, to complete the sale of the Property or to perform its material
obligations under this Agreement to be performed prior to Closing, Buyer may,
as its sole remedy therefor, either (i) enforce specific performance
against Seller of Seller’s obligation to convey to Buyer such titled to the
Property as is then held by Seller, or (ii) terminate this Agreement and
receive a return of the Deposit (provided Seller has been given written notice
and a reasonable opportunity to cure the breach or failure). If Buyer has not
filed a claim for specific performance in a court of competent jurisdiction
within sixty (60) days following the scheduled date for Closing, Buyer
irrevocably shall be deemed to have elected to proceed under clause (ii) above.

          Notwithstanding
anything to the contrary contained in this Agreement, Buyer agrees that its
recourse against Seller under this Agreement or under any other agreement,
document, certificate or instrument delivered by Seller to Buyer (including
without limitation all agreements, documents, certificates and instruments
delivered at Closing), or under any law applicable to the Property or this
transaction, shall be strictly limited to Seller’s interest in the Property (or
upon consummation of the transaction contemplated hereunder, to the net
proceeds of the sale thereof actually received by Seller), and that in no event
shall Buyer seek or obtain any recovery or judgment against any of Seller’s
other assets (if any) or against any of Seller’s partners or members (or their
constituent partners or members) or any director, officer, employee or
shareholder of any of the foregoing. Buyer agrees that Seller shall have no
liability to Buyer in respect of Seller’s covenants, indemnities,
representations or warranties hereunder or under any other agreement, document,
certificate or instrument delivered by Seller to Buyer (including without
limitation all agreements, documents, certificates and instruments delivered at
Closing), or under any law applicable to the Property or this transaction,
unless the valid claims for all such matters collectively aggregate more than
Fifty Thousand and No/100 Dollars ($50,000.00), in which event the full amount
of such valid claims shall be actionable, up to the cap set forth in the
following sentence. Further, Buyer agrees that any recovery against Seller in
respect of Seller’s covenants, indemnities, representations and warranties
hereunder and under any other agreement, document, certificate or instrument
delivered by Seller to Buyer (including without limitation all agreements,
documents, certificates and instruments delivered at Closing), and under any
law applicable to the Property or this transaction, shall be limited to Buyer’s
actual damages not in excess of an amount equal to Six Hundred Twenty Four
Thousand Three Hundred Seventy Five and No/100 Dollars ($624,375.00) of the
Purchase Price in the aggregate for all such claims collectively, and that in
no event shall Buyer be entitled to seek or obtain any other damages of any
kind, including, without limitation, consequential, indirect or punitive
damages. The provisions of this grammatical paragraph are not intended to
derogate from the additional limitations placed on Seller’s pre-Closing
liability under the preceding grammatical paragraph or elsewhere in this
Agreement.

          10.    
Confidentiality. Buyer agrees to keep confidential and not disclose, and
not to use, other than in connection with its determination whether to proceed
with the purchase of the Property in accordance with Section 4.5 hereof, any of
the documents, material or information regarding the Property supplied to Buyer
by Seller or by any third party, including, without limitation any
environmental site assessment reports furnished to Buyer, except to Buyer’s
consultants on a “need to know” basis (and Buyer shall instruct its consultants
to keep confidential and not disclose the same), unless Buyer is compelled to
disclose such documents, 

15

material or information by law or by subpoena. Buyer
agrees to indemnify and hold harmless Seller from and against any and all
losses, damages, claims and liabilities of any kind (including, without
limitation, reasonable attorneys’ fees) arising out of Buyer’s or its
consultants breach of this Section 11. In the event that the Closing does not
occur in accordance with the terms of this Agreement, Buyer shall return to
Seller or destroy all of the documents, material or information regarding the
Property supplied to Buyer by Seller or at the request of Seller. The
provisions of this Section 10 shall survive the termination of this Agreement
but shall no longer be applicable following Closing in accordance with the
terms of this Agreement (except the provisions of the last two sentences
hereof, which shall survive both termination and Closing). Any press release
regarding this transaction before or after Closing must be approved by Buyer
and Seller. In addition to the foregoing, except as required by law or with the
parties written approval, Buyer will keep confidential and not disclose the
terms and provisions of this Agreement.

          11.          Possession.
Possession of the Property shall be surrendered to Buyer at Closing, subject to
the rights of the tenants under the Leases.

          12.          Notices.
All notices and other communications provided for herein shall be in writing
and shall be sent to the address set forth below (or such other address as a
party may hereafter designate for itself by notice to the other parties as
required hereby) of the party for whom such notice or communication is
intended:

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 12.1.

 	
 If to Seller:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 c/o AEW Capital Management, L.P.

 
	
  

 	
  

 	
  

 	
 2 Seaport Lane

 
	
  

 	
  

 	
  

 	
 Boston, Massachusetts 02210

 
	
  

 	
  

 	
  

 	
 Fax No.: (617) 261-9555

 
	
  

 	
  

 	
  

 	
 Attention: John Miller

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 With a copy to:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Wilmer Cutler Pickering Hale and Dorr LLP

 
	
  

 	
  

 	
  

 	
 60 State Street

 
	
  

 	
  

 	
  

 	
 Boston, Massachusetts 02109

 
	
  

 	
  

 	
  

 	
 Fax No.: (617) 526-5000

 
	
  

 	
  

 	
  

 	
 Attention: Douglas L. Burton

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 12.2.

 	
 If to Buyer:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 AmREIT Realty Investment Corporation

 
	
  

 	
  

 	
  

 	
 c/o AmREIT, Inc.

 
	
  

 	
  

 	
  

 	
 8 Greenway Plaza, Suite 1000

 
	
  

 	
  

 	
  

 	
 Houston, TX 77046

 
	
  

 	
  

 	
  

 	
 Fax No.: (713) 850-0498

 
	
  

 	
  

 	
  

 	
 Attention: Tenel H. Tayar

 

16

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 With a copy to:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Bass, Berry & Sims PLC

 
	
  

 	
  

 	
  

 	
 100 Peabody Place, Suite 900

 
	
  

 	
  

 	
  

 	
 Memphis, TN 38103

 
	
  

 	
  

 	
  

 	
 Fax No.: (901) 543-5999

 
	
  

 	
  

 	
  

 	
 Attention: T. Gaillard Uhlhorn

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 12.3.

 	
 If to the Escrow Agent
 to:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Stewart Title Guaranty Company

 
	
  

 	
  

 	
  

 	
 One Washington Mall

 
	
  

 	
  

 	
  

 	
 Suite 1400

 
	
  

 	
  

 	
  

 	
 Boston, MA 02108

 
	
  

 	
  

 	
  

 	
 Fax No.: (617) 737-8370

 
	
  

 	
  

 	
  

 	
 Attention: Terrance P. Miklas

 

Any such notice or communication shall be sufficient
if sent by registered or certified mail, return receipt requested, postage
prepaid; by hand delivery; by overnight courier service; or by telecopy, with
an original by regular mail. Any such notice or communication shall be
effective when delivered or when delivery is refused.

          13.          Brokers.
Buyer and Seller each represents to the other that it has not dealt with any
broker or agent in connection with this transaction. Each party hereby
indemnifies and holds harmless the other party from all loss, cost and expense
(including reasonable attorneys’ fees) arising out of a breach of its
representation or undertaking set forth in this Section 13. The provisions
of this Section 13 shall survive Closing or the termination of this
Agreement. 

          14.          Escrow
Agent. Escrow Agent shall hold the Deposit in accordance with the terms and
provisions of this Agreement, subject to the following:

                         14.1.          Obligations.
Escrow Agent undertakes to perform only such duties as are expressly set forth
in this Agreement and no implied duties or obligations shall be read into this
Agreement against Escrow Agent.

                         14.2.          Reliance.
Escrow Agent may act in reliance upon any writing or instrument or signature
which it, in good faith, believes, and any statement or assertion contained in
such writing or instrument, and may assume that any person purporting to give
any writing, notice, advice or instrument in connection with the provisions of
this Agreement has been duly authorized to do so. Escrow Agent shall not be
liable in any manner for the sufficiency or correctness as to form, manner and
execution, or validity of any instrument deposited in escrow, nor as to the
identity, authority, or right of any person executing the same, and Escrow
Agent’s duties under this Agreement shall be limited to those provided in this
Agreement.

                         14.3.          Indemnification.
Unless Escrow Agent discharges any of its duties under this Agreement in a
negligent manner or is guilty of misconduct with regard to its duties under
this Agreement, Seller and Buyer shall indemnify Escrow Agent and hold it
harmless from any and all claims, liabilities, losses, actions, suits or proceedings
at law or in equity, or other expenses, fees, or charges of any character or
nature, which it may incur or with which it may be 

17

threatened by reason of its acting as Escrow Agent
under this Agreement; and in such connection Seller and Buyer shall indemnify
Escrow Agent against any and all expenses including reasonable attorneys’ fees
and the cost of defending any action, suit or proceeding or resisting any claim
in such capacity (Buyer and Seller to bear such expense equally).

                         14.4.          Disputes.
If the parties (including Escrow Agent) shall be in disagreement about the
interpretation of this Agreement, or about their respective rights and
obligations, or the propriety of any action contemplated by Escrow Agent, or
the application of the Deposit, Escrow Agent shall hold the Deposit until the
receipt of written instructions from both Buyer and Seller or a final order of
a court of competent jurisdiction. In addition, in any such event, Escrow Agent
may, but shall not be required to, file an action in interpleader to resolve
the disagreement. Escrow Agent shall be indemnified for all costs and
reasonable attorneys’ fees in its capacity as Escrow Agent in connection with
any such interpleader action and shall be fully protected in suspending all or
part of its activities under this Agreement until a final judgment in the
interpleader action is received.

                         14.5.          Counsel.
Escrow Agent may consult with counsel of its own choice and have full and
complete authorization and protection in accordance with the opinion of such
counsel. Escrow Agent shall otherwise not be liable for any mistakes of fact or
errors of judgment, or for any acts or omissions of any kind, unless caused by
its negligence or misconduct.

                         14.6.          Interest.
All deposits into the escrow shall be held by the Escrow Agent in an interest
bearing account. All interest earned on the Deposit shall be deemed to be part
of the Deposit and shall accrue to the benefit of Buyer except to the extent
the Deposit becomes payable to Seller pursuant to Section 9.1. In such
event the interest earned on the Deposit shall accrue to the benefit of the
Seller. All interest shall be considered income of Buyer for tax purposes.

          15.          Representations
of Buyer. Buyer represents and warrants that:

                         15.1.          Authority.
Buyer is a corporation, duly organized, validly existing and in good standing
under the laws of the state of Texas and has all requisite power and authority
to enter into this Agreement and to perform its obligations hereunder. The
execution and delivery of this Agreement by Buyer has been duly authorized.

                         15.2.          No
Conflict. The execution and delivery of this Agreement and the consummation
of the transactions contemplated hereunder on the part of Buyer do not and will
not violate any applicable law, ordinance, statute, rule, regulation, order,
decree or judgment, conflict with or result in the breach of any material terms
or provisions of, or constitute a default under, or result in the creation or
imposition of any lien, charge, or encumbrance upon any of the property or
assets of the Buyer by reason of the terms of any contract, mortgage, lien,
lease, agreement, indenture or instrument to which Buyer is a party or which is
binding upon Buyer, which will not be discharged, assumed or released at
Closing. No action by any federal, state or municipal or other governmental
department, commission, board, bureau or instrumentality is necessary to make
this Agreement a valid instrument binding upon Buyer in accordance with its
terms.

18

                         15.3.          Litigation.
There is no pending litigation or administrative proceeding or, to Buyer’s
knowledge, litigation or administrative proceeding overtly threatened in
writing to Buyer, naming Buyer as a defendant or plaintiff which if determined
adversely to Buyer may prevent the consummation of the transaction contemplated
by this Agreement.

                         15.4.          ERISA
Matters. Buyer is not: (i) a plan which is subject to Title I of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), as
defined in Section 3(3) of ERISA, nor a plan as defined in Section 4975(e)(1)
of the Internal Revenue Code of 1986, as amended (each of the foregoing
hereinafter referred to collectively as a “Plan”); (ii) a “governmental plan”
as defined in Section 3(32) of ERISA; or (iii) a “party in interest,” as
defined in Section 3(14) of ERISA, to a Plan, except with respect to plans, if
any, maintained by Buyer, nor do the assets of Buyer constitute “plan assets”
of one or more of such Plans within the meaning of Department of Labor
Regulations Section 2510.3-101. Buyer is acting on its own behalf and not on
account of or for the benefit of any Plan. Buyer has no present intent to
transfer the Property to any entity, person or Plan which will cause a
violation of ERISA. Buyer shall not assign its interest under this Agreement to
any entity, person or Plan which will cause a violation of ERISA.

                         15.5.          Source
of Funds. Buyer acknowledges and agrees that its obligations hereunder are
not contingent upon Buyer obtaining financing for the purchase of the Property.

                         15.6.          Patriot
Act. Buyer is in compliance with the requirements of the Order and other
similar requirements contained in the rules and regulations of OFAC and in any
other Orders. Neither the Buyer nor any of its affiliates (A) is listed on the
Lists, (B) is a Person (as defined in the Order) who has been determined by
competent authority to be subject to the prohibitions contained in the Orders;
or (C) is owned or controlled by (including without limitation by virtue of
such Person being a director or owning voting shares or interests), or acts for
or on behalf of, any person on the Lists or any other Person who has been
determined by competent authority to be subject to the prohibitions contained
in the Orders. The foregoing representation shall not apply with respect to the
beneficiaries of or participants in any pension plan participating in Buyer or
in an affiliate of Buyer or to the holders of any publically traded shares of
AmREIT, Inc. (however, Buyer knows of no violation of such representation with
respect thereto).

                         15.7.          Bankruptcy.
No Bankruptcy, insolvency, reorganization or similar action against Buyer,
whether voluntary or involuntary, is pending (or to Buyer’s knowledge, overtly
threatened in writing to Buyer) against Buyer and Buyer has never (i) filed a
voluntary petition in bankruptcy, (ii) been adjudicated a bankrupt or insolvent
or filed a petition or action seeking any reorganization, recapitalization,
readjustment, liquidation, dissolution or similar relief under any Federal
bankruptcy act or any other laws, (iii) sought or acquiesced in the appointment
of any trustee, receiver or liquidator of all or any substantial part of its
properties, the Property, personal property or any portion thereof, or (iv)
made an assignment for the benefit of creditors or admitted in writing its
inability to pay its debts generally as the same become due.

19

          16.          Miscellaneous.

                         16.1.          Assignability.
Buyer may not assign or transfer all or any portion of its rights or
obligations under this Agreement to any other individual, entity or other
business association without the consent thereto by Seller. However, Buyer may
assign or transfer such rights and obligations to an entity under common
control of Buyer without Seller’s consent, but with prior notice to Seller. No
assignment or transfer by Buyer will be permitted if such assignment or
transfer would, in Seller’s opinion, cause this transaction to violate any
provision of applicable law, including, without limitation, ERISA. If Buyer
assigns its rights under this Agreement, and as a condition thereof, (a) the
assignee must assume all of Buyer’s obligations under this Agreement and agree
to be bound by the provisions of this Agreement, and (b) Buyer shall provide
Seller with a copy of the assignment document implementing this requirement and
running in favor of Seller. After any assignment, the Buyer named herein and
assignee will be jointly and severally liable for Buyer’s obligations under
this Agreement.

                         16.2.          Governing
Law; Bind and Inure. This Agreement shall be governed by the law of the
State of Texas and shall bind and inure to the benefit of the parties hereto
and their respective heirs, executors, administrators, successors, assigns and
personal representatives.

                         16.3.          Recording.
This Agreement or any notice or memorandum hereof shall not be recorded in any
public record. A violation of this prohibition shall constitute a material
breach of Buyer, entitling Seller to terminate this Agreement and retain the
Deposit.

                         16.4.          Time
of the Essence. Time is of the essence of this Agreement.

                         16.5.          Headings.
The headings preceding the text of the paragraphs and subparagraphs hereof are
inserted solely for convenience of reference and shall not constitute a part of
this Agreement, nor shall they affect its meaning, construction or effect.

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

                         16.7.          Exhibits.
All Exhibits which are referred to herein and which are attached hereto or
bound separately and initialed by the parties are expressly made and constitute
a part of this Agreement.

                         16.8.          Survival.
Unless otherwise expressly stated in this Agreement, each of the warranties and
representations of Seller and Buyer expressly set forth in this Agreement or in
any agreement, document, certificate or instrument delivered at Closing shall
survive the Closing and delivery of the deed and other closing documents by
Seller to Buyer, and shall not be deemed to have merged therewith; provided,
however, that any suit or action for breach of any of the representations or
warranties of Seller set forth in this Agreement or in any agreement, document,
certificate or instrument delivered at Closing must be filed with a court of
competent jurisdiction within six (6) months after the Closing or any claim
based thereon shall be deemed irrevocably waived. Unless expressly made to
survive, all other obligations and covenants of Seller contained in this
Agreement shall be deemed to have been merged into the deed and shall not
survive the Closing.

20

                         16.9.          Use
of Proceeds to Clear Title. To enable Seller to make conveyance as herein
provided, Seller may (but shall not be obligated to), at the time of Closing,
use the Purchase Price or any portion thereof to clear the title of any or all
encumbrances or interests, provided that provision reasonably satisfactory to
Buyer’s attorney is made for prompt recording of all instruments so procured in
accordance with conveyancing practice in the jurisdiction in which the Property
is located.

                         16.10.        Tax
Reporting. In order to comply with information reporting requirements
provided by Section 6045(e) of the Internal Revenue Code of 1986, as amended,
and the Treasury Regulations thereunder, the parties hereby designate Escrow
Agent as the party who shall be responsible for reporting to the Internal
Revenue Service (the “IRS”) the sale of the Property on IRS form 1099-S. The
parties shall provide Escrow Agent with the information necessary to complete
Form 1099-S. Escrow Agent shall provide all the parties with a copy of the IRS
Form 1099-S filed with the IRS and with any documentation used to complete IRS
Form 1099-S. The parties agree to retain this Agreement for four (4) years
following December 31 of the calendar year in which the Closing occurs.

                         16.11.        Submission
not an Offer or Option. The submission of this Agreement or a summary of
some or all of its provisions for examination or negotiation by Buyer or Seller
does not constitute an offer by Seller or Buyer to enter into an agreement to
sell or purchase the Property, and neither party shall be bound to the other
with respect to any such purchase and sale until a definitive agreement
satisfactory to the Buyer and Seller in their sole discretion is executed and
delivered by both Seller and Buyer.

                         16.12.        Entire
Agreement; Amendments. This Agreement and the Exhibits hereto set forth all
of the promises, covenants, agreements, conditions and undertakings between the
parties hereto with respect to the subject matter hereof, and supersede all
prior and contemporaneous agreements and understandings, inducements or
conditions, express or implied, oral or written, except as contained herein. This
Agreement may not be changed orally but only by an agreement in writing, duly
executed by or on behalf of the party or parties against whom enforcement of
any waiver, change, modification, consent or discharge is sought.

                         16.13.        Rule
3-14 Audit. For a period of one year
following the Closing, Seller agrees, at no cost, expense or liability to
Seller, to provide to Buyer and Buyer’s accountants such information
(including, without limitation, bank statements, rent rolls and property-level
accounting records, but excluding proprietary or confidential materials)
reasonably requested by Buyer and in Seller’s possession or control for the
purpose of preparing a property-level Statement of Revenues and Certain
Expenses (“Rule 3-14 Financials”)
as required by Rule 3-14 of Securities and Exchange Commission Regulation S-X
and sufficient to support an audit opinion by an independent accounting firm
with respect to the Rule 3-14 Financials.

21

          IN WITNESS WHEREOF, the parties have executed and
delivered this Agreement as of the date first above written.

	
  

 	
 

 	
 

 
	
   

 	
 SELLER:

 
	
  

 	
  

 	
  

 
	
  

 	
 VIF II/AMREIT WOODLAKE, LP, a Texas limited partnership

 
	
  

 	
  

 
	
  

 	
 By:

 	
 VIF II/AmREIT Woodlake GP, LLC, a Texas limited 

 
	
  

 	
  

 	
 liability company, its general partner

 

	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 VIF II/Woodlake Square, LLC, a Delaware limited 

 
	
  

 	
  

 	
 liability company, its sole member

 

	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 VIF II/Woodlake Investors, LLC, a Delaware limited 

 
	
  

 	
  

 	
 liability company, a member

 

	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 AEW Value Investors II, L.P. a Delaware 

 
	
  

 	
  

 	
 limited partnership, its sole member

 

	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 AEW VIF Managers II, LLC, a Delaware 

 
	
  

 	
  

 	
 limited liability company, its general 

 
	
  

 	
  

 	
 partner

 

	
  

 	
  

 	
 

 
	
  

 	
 By:

 	
 AEW VIF Investors II, Inc., a

 
	
  

 	
  

 	
 Delaware corporation, its manager

 

	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Maureen A. Joyce 

 
	
  

 	
  

 	
 Name: Maureen A. Joyce

 
	
  

 	
  

 	
 Title: Authorized Signatory

 

	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 AmREIT Woodlake Holdco, LLC, a

 
	
  

 	
  

 	
 Texas limited liability company, its member

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Chad C. Braun 

 
	
  

 	
  

 	
 Name: 

 	
 Chad C. Braun 

 
	
  

 	
  

 	
 Its:

 	
 Vice-President 

 

22

	
   

 	
  

 	
  

 	
  

 	
  

 
	
   

 	
 BUYER:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 AmREIT Realty Investment Corporation, a Texas
 corporation

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Chad C. Braun

 
	
  

 	
  

 	
 Name: 

 	
 Chad C. Braun 

 
	
  

 	
  

 	
 Its:

 	
 Vice-President

 

23 

	
   

 	
  

 	
  

 	
  

 	
  

 
	
   

 	
 ESCROW AGENT:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 STEWART TITLE GUARANTY COMPANY

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Andrew C. Turbriche, Esq. 

 
	
  

 	
  

 	
 Name: 

 	
 Andrew C. Turbriche, Esq.

 
	
  

 	
  

 	
 Title:

 	
 Underwriting Counsel

 

24

List of Exhibits

	
  

 	
  

 	
  

 
	
 Exhibit A

 	
 -

 	
 Description of Land

 
	
 Exhibit B

 	
 -

 	
 Form of Funding and Escrow Agreement

 
	
 Exhibit C

 	
 -

 	
 List of Environmental Reports

 
	
 Exhibit D

 	
 -

 	
 Form of Deed

 
	
 Exhibit E

 	
 -

 	
 Form of Bill of Sale

 
	
 Exhibit F

 	
 -

 	
 Form of Assignment of Leases

 
	
 Exhibit G

 	
 -

 	
 Form of Assignment of Warranties and Permits

 
	
 Exhibit H

 	
 -

 	
 Form of Assignment and Assumption of Contracts

 
	
 Schedule 4.4

 	
 -

 	
 Form of Estoppel Certificate

 

25

EXHIBIT A

Description Of The
Land

A TRACT OR PARCEL
CONTAINING APPROXIMATELY 16.0885 ACRES OR 700,815 SQUARE FEET OF LAND (MORE OR
LESS), SITUATED IN THE JOHN D. TAYLOR LEAGUE SURVEY, ABSTRACT NO. 72, HARRIS
COUNTY, TEXAS BEING THE RESIDUE OF A CALLED 20.7358 ACRE TRACT CONVEYED TO
AMREIT WOODLAKE LP AS RECORDED UNDER HARRIS COUNTY CLERK’S FILE NUMBER
20070536382, AND BEING A PORTION OF UNRESTRICTED RESERVE “A”, BLOCK 1 OF
WOODLAKE, SECTION 7, PARTIAL REPLAT NO. 1, MAP OR PLAT THEREOF RECORDED IN FILM
CODE NO. 631066, H.C.M.R., WITH SAID APPROXIMATELY 16.0885 ACRE TRACT BEING
MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS, WITH ALL BEARINGS
BASED ON THE TEXAS STATE PLANE COORDINATE SYSTEM, SOUTH CENTRAL ZONE, NAD 1983;

BEGINNING AT A CAPPED
5/8” IRON ROD STAMPED “WINDROSE LAND SERVICES” (GRID COORDINATES X:3067973.75,
Y:13831948.20, COMBINED SCALE FACTOR OF 0.99988894) SET AT THE SOUTHWESTERLY
CUTBACK CORNER OF THE INTERSECTION OF THE NORTH RIGHT-OF-WAY LINE OF WESTHEIMER
ROAD (CALLED 120 FOOT WIDE R.O.W.) AND THE WEST RIGHT-OF-WAY LINE OF
TANGLEWILDE AVENUE (CALLED 60 FOOT WIDE R.O.W.), MARKING A SOUTHEASTERLY CORNER
OF SAID 20.7358 ACRES AND THE HEREIN DESCRIBED TRACT;

THENCE SOUTH 87 DEGREES
31 MINUTES 27 SECONDS WEST, WITH SAID NORTH RIGHT-OF-WAY LINE OF WESTHEIMER
ROAD, A DISTANCE OF 358.94 FEET TO A 5/8” IRON ROD FOUND MARKING AN ANGLE
POINT;

THENCE SOUTH 87 DEGREES
29 MINUTES 03 SECONDS WEST, CONTINUING WITH SAID NORTH RIGHT-OF-WAY LINE OF
WESTHEIMER ROAD, A DISTANCE OF 613.05 FEET TO A METAL SPIKE FOUND MARKING THE
SOUTHEAST CORNER OF WOODLAKE, SECTION NINE, MAP OR PLAT THEREOF RECORDED UNDER
VOLUME 186, PAGE 15 OF THE HARRIS COUNTY MAP RECORDS, ALSO MARKING A
SOUTHWESTERLY CORNER OF SAID 20.7358 ACRES AND THE HEREIN DESCRIBED TRACT;

THENCE NORTH 02 DEGREES
30 MINUTES 57 SECONDS WEST, WITH THE COMMON LINE OF SAID WOODLAKE SECTION NINE
AND SAID 20.7358 ACRES, A DISTANCE OF 240.00 FEET TO A CAPPED 5/8” IRON ROD
STAMPED “WINDROSE LAND SERVICES” SET MARKING THE NORTHEAST CORNER OF SAID
WOODLAKE SECTION NINE, AND AN INTERIOR CORNER OF SAID 20.7358 ACRES AND THE
HEREIN DESCRIBED TRACT;

1

THENCE SOUTH 87 DEGREES
29 MINUTES 03 SECONDS WEST, CONTINUING WITH SAID COMMON LINE, A DISTANCE OF
200.37 FEET TO A 5/8” IRON ROD FOUND ON THE EAST RIGHT-OF-WAY LINE OF SOUTH
GESSNER ROAD (CALLED 100 FOOT WIDE R.O.W.), MARKING THE NORTHWEST CORNER OF
SAID WOODLAKE SECTION NINE, AND A SOUTHWESTERLY CORNER OF SAID 20.7358 ACRES
AND THE HEREIN DESCRIBED TRACT;

THENCE NORTHERLY, WITH
SAID EAST RIGHT-OF-WAY LINE OF SOUTH GESSNER ROAD, ALONG A CURVE TO THE RIGHT
HAVING A CENTRAL ANGLE OF 10 DEGREES 15 MINUTES 12 SECONDS, A RADIUS OF 1095.92
FEET, AN ARC LENGTH OF 196.12 FEET, AND A CHORD BEARING AND DISTANCE OF NORTH
15 DEGREES 24 MINUTES 44 SECONDS EAST, 195.86 FEET TO A 5/8” IRON ROD FOUND
MARKING A POINT OF REVERSE CURVATURE;

THENCE NORTHERLY,
CONTINUING WITH SAID EAST RIGHT-OF-WAY LINE OF SOUTH GESSNER ROAD, ALONG A
CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 17 DEGREES 30 MINUTES 45 SECONDS, A
RADIUS OF 1195.92 FEET, AN ARC LENGTH OF 365.53 FEET, AND A CHORD BEARING AND
DISTANCE OF NORTH 11 DEGREES 46 MINUTES 58 SECONDS EAST, 364.11 FEET TO A
CAPPED 5/8” IRON ROD STAMPED “TRUE MERIDIAN” FOUND MARKING THE NORTHWEST CORNER
OF SAID 20.7358 ACRES AND THE HEREIN DESCRIBED TRACT;

THENCE NORTH 87 DEGREES
40 MINUTES 50 SECONDS EAST, WITH THE NORTH LINE OF SAID 20.7358 ACRES, A
DISTANCE OF 349.58 FEET TO A CAPPED 5/8” IRON ROD STAMPED “WINDROSE LAND
SERVICES” SET MARKING A POINT OF CURVATURE, FROM WHICH A 1/2” IRON ROD FOUND
FOR REFERENCE BEARS SOUTH 26 DEGREES 55 MINUTES 49 SECONDS WEST, 0.50 FEET;

THENCE NORTHEASTERLY,
CONTINUING WITH SAID NORTH LINE, ALONG A CURVE TO THE LEFT HAVING A CENTRAL
ANGLE OF 31 DEGREES 51 MINUTES 35 SECONDS, A RADIUS OF 260.55 FEET, AN ARC
LENGTH OF 144.88 FEET, AND A CHORD BEARING AND DISTANCE OF NORTH 71 DEGREES 45
MINUTES 03 SECONDS EAST, 143.02 FEET TO A CAPPED 5/8 INCH IRON ROD STAMPED
“WINDROSE LAND SERVICES” SET MARKING THE MOST NORTHERLY NORTHEAST CORNER OF THE
HEREIN DESCRIBED TRACT ;

THENCE SOUTH 02 DEGREES
30 MINUTES 57 SECONDS EAST, A DISTANCE OF 167.85 FEET TO AN ANGLE POINT;

THENCE SOUTH 47 DEGREES
30 MINUTES 57 SECONDS EAST, A DISTANCE OF 149.64 FEET TO A CAPPED 5/8 INCH IRON
ROD STAMPED “WINDROSE LAND SERVICES” SET MARKING AN ANGLE POINT;

THENCE NORTH 88 DEGREES
12 MINUTES 44 SECONDS EAST, A DISTANCE OF 259.43 FEET TO A “PK” NAIL SET IN
ASPHALT SET MARKING AN ANGLE POINT;

2

THENCE NORTH 87 DEGREES
31 MINUTES 27 SECONDS EAST, A DISTANCE OF 172.48 FEET TO A CAPPED 5/8 INCH IRON
ROD STAMPED “WINDROSE LAND SERVICES” SET ON THE WESTERLY RIGHT-OF-WAY LINE OF
SAID TANGLEWILDE AVENUE, MARKING THE MOST EASTERLY NORTHEAST CORNER OF THE
HEREIN DESCRIBED TRACT;

THENCE SOUTH 02 DEGREES
06 MINUTES 57 SECONDS EAST, ALONG AND WITH SAID WEST RIGHT-OF-WAY LINE OF
TANGLEWILDE AVENUE, A DISTANCE OF 399.31 FEET TO A CAPPED 5/8” IRON ROD STAMPED
“RENO 4403” FOUND MARKING A POINT OF CURVATURE;

THENCE SOUTHERLY,
CONTINUING WITH SAID WEST RIGHT-OF-WAY LINE OF TANGLEWILDE AVENUE, ALONG A
CURVE TO THE LEFT HAVING A CENTRAL ANGLE OF 07 DEGREES 12 MINUTES 00 SECONDS, A
RADIUS OF 330.00 FEET, AN ARC LENGTH OF 41.47 FEET, AND A CHORD BEARING AND
DISTANCE OF SOUTH 05 DEGREES 42 MINUTES 57 SECONDS EAST, 41.44 FEET TO A CAPPED
5/8” IRON ROD STAMPED “RENO 4403” FOUND MARKING A POINT OF TANGENCY;

THENCE SOUTH 09 DEGREES
18 MINUTES 57 SECONDS EAST, CONTINUING WITH SAID WEST RIGHT-OF-WAY LINE OF
TANGLEWILDE AVENUE, A DISTANCE OF 50.00 FEET TO A 5/8” IRON ROD FOUND MARKING A
POINT OF CURVATURE;

THENCE SOUTHERLY,
CONTINUING WITH SAID WEST RIGHT-OF-WAY LINE OF TANGLEWILDE AVENUE, ALONG A
CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 07 DEGREES 12 MINUTES 00 SECONDS,
A RADIUS OF 270.00 FEET, AN ARC LENGTH OF 33.93 FEET, AND A CHORD BEARING AND
DISTANCE OF SOUTH 05 DEGREES 42 MINUTES 57 SECONDS EAST, 33.91 FEET TO A 5/8”
IRON ROD FOUND MARKING A POINT OF TANGENCY;

THENCE SOUTH 02 DEGREES
06 MINUTES 57 SECONDS EAST, CONTINUING WITH SAID WEST RIGHT-OF-WAY LINE OF
TANGLEWILDE AVENUE, A DISTANCE OF 5.78 FEET TO A CAPPED 5/8” IRON ROD STAMPED
“WINDROSE LAND SERVICES” SET AT THE NORTHEASTERLY CUTBACK CORNER OF SAID
TANGLEWILDE AVENUE AND WESTHEIMER ROAD INTERSECTION, MARKING A SOUTHEASTERLY
CORNER OF SAID 20.7358 ACRES AND THE HEREIN DESCRIBED TRACT;

THENCE SOUTH 42 DEGREES
48 MINUTES 04 SECONDS WEST, ALONG SAID CUTBACK, A DISTANCE OF 14.20 FEET TO THE
PLACE OF BEGINNING AND CONTAINING 16.0885 ACRES OR 700,815 SQUARE FEET OF LAND.

[AT THE SELLER’S
ELECTION, THE LEGAL DESCRIPTION OF THE LAND CONTAINED IN THE DEED DELIVERED BY
SELLER AT CLOSING SHALL BE THE LEGAL DESCRIPTION OF THE LAND SET FORTH IN
SELLER’S VESTING DEED, WITH AN EXPRESS STATEMENT SAVING AND EXCEPTING THEREFROM
THE DEVELOPMENT PARCEL PREVIOUSLY SOLD BY SELLER TO A THIRD PARTY, IN
LIEU OF THE FOREGOING MEETS AND BOUNDS PROPERTY DESCRIPTION.]

3

EXHIBIT B

Funding and Escrow
Agreement

          This
Funding and Escrow Agreement is made as of this ___ day of August, 2013, by and
among VIF II/AmReit Woodlake, LP, a Texas limited partnership, having an
address of c/o AEW Capital Management, L.P., World Trade Center East, Two
Seaport Lane, Boston, Massachusetts 02110, (“Seller”), AmREIT Realty Investment
Corporation, a Texas corporation, having an address of 8 Greenway Plaza, Suite
1000, Houston, TX 77046 (“Buyer”), and Stewart Title Guaranty Company, having
an address of One Washington Mall, Suite 1400, Boston, MA 02108 (“Escrow
Agent”).

          This
Agreement is made in connection with the purchase and sale of property that
certain property commonly known as the Woodlake Shopping Center in Houston,
Texas (the “Property”), as more particularly described in that certain Purchase
and Sale Agreement dated July ____, 2013 between Seller and Buyer (the
“Purchase and Sale Agreement”). The parties hereto have entered into this
Funding and Escrow Agreement in order to facilitate the purchase and sale of
the Property and the payment of the purchase price in connection therewith.
Capitalized terms used and not defined herein shall have the meanings given
thereto in the Purchase and Sale Agreement. 

	
  

 	
  

 	
  

 
	
  

 	
 Annexed hereto are copies of the following documents
 as exhibits:

 
	
  

 	
  

 
	
  

 	
 1.

 	
 Exhibit A, consisting of a payoff letter (the
 “Payoff Letter”), from _____________________________ (“Seller’s Lender”)
 setting forth the amount of principal, interest and other charges outstanding
 under the mortgage loan from Seller’s Lender to Seller (the “Seller’s Loan”),
 which Seller’s Loan is secured by a mortgage on the Property (“Seller’s
 Mortgage”), as of the date of Closing (such amount being hereinafter referred
 to as the “Outstanding Loan Amount”).

 
	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Exhibit B, consisting of an invoice of Escrow
 Agent to Buyer listing Escrow Agent’s title charges and wiring instructions
 of Escrow Agent (“Escrow Agent’s Wiring Instructions”).

 
	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Exhibit C, consisting of a list of the
 documents and instruments executed by Seller, including a deed of the
 Property, delivered into escrow with Escrow Agent (the “Seller Documents”).

 
	
  

 	
  

 	
  

 
	
  

 	
 4.

 	
 Exhibit D, consisting of a list of the
 documents and instruments executed by Buyer, delivered into escrow with
 Escrow Agent (the “Buyer Documents”).

 
	
  

 	
  

 	
  

 
	
  

 	
 5.

 	
 Exhibit E, consisting of a Disbursement
 Schedule (the “Disbursement Schedule”) for the “Closing Funds” (as
 hereinafter defined).

 
	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 Exhibit F, consisting of wiring instructions of
 Seller (“Seller’s Wiring Instructions”).

 

4

	
  

 	
  

 	
  

 
	
  

 	
 7.

 	
 Exhibit G, consisting of wiring instructions of
 Buyer (“Buyer’s Wiring Instructions”).

 

          Buyer shall (a) wire to Escrow Agent, in
accordance with Escrow Agent’s Wiring Instructions, to be held in escrow in
accordance with the provisions of this Agreement, $________ (“Closing Funds”),
which amount represents the sum of the net purchase price for the Premises of
$41,625,000.00 (the “Net Purchase Price”), plus the title charges of Escrow
Agent set forth on Exhibit B which are Buyer’s responsibility (the
“Buyer’s Title Charges”), plus the amount of other closing costs which are
Buyer’s responsibility as set forth on the Disbursement Schedule (the “Buyer’s
Closing Costs”), less the Deposit then held by Escrow Agent and any credits to
due to Buyer as set forth in the Purchase and Sale Agreement, and
(b) deliver to Escrow Agent to be held in escrow in accordance with the
terms of this Agreement, original, executed counterpart copies of the Buyer
Documents. Simultaneously therewith Seller shall deliver to Escrow Agent, to be
held in escrow in accordance with the provisions of this Agreement, original
counterpart copies of the Seller Documents. Upon Escrow Agent’s receipt of
(i) written notice from Seller’s counsel to proceed, which may be
delivered via facsimile or electronic mail (a copy of which notice shall be
sent to Buyer), (ii) written notice from Buyer’s counsel to proceed, which
may be delivered via facsimile or electronic mail (a copy of which notice shall
be sent to Seller), (iii) the Closing Funds, (iv) the Buyer Documents and (v)
the Seller Documents, Escrow Agent shall simultaneously (a) apply the
Closing Funds in accordance with the Disbursement Schedule, by wire transfer to
Seller’s Lender in accordance with the wire instructions in the Payoff Letter,
by wire transfer to Seller in accordance with Seller’s wire instructions, and
by payment of the deed excise stamp taxes, recording fees and other closing
costs listed in the Disbursement Schedule, (b) compile the counterpart copies
of the Buyer Documents and Seller Documents, inserting the Buyer’s signature
pages into the executed Seller Documents, and deliver a fully executed original
of each to Buyer and Seller and (c) deliver to Buyer any title insurance policy
which Buyer and Escrow Agent have agreed upon. The application of the Closing
Funds as hereinabove provided shall be referred to herein as the “Closing
Condition.”

          Upon satisfaction of the Closing Condition, Escrow
Agent shall be entitled to payment of the Title Charges from the amount held in
escrow. Escrow Agent agrees to promptly record the deed from Seller to Buyer in
the appropriate land records office, and to promptly obtain from the Seller’s
Lender, and thereafter promptly record, the releases, discharges and
terminations of all mortgages, assignment of leases and rents and UCC financing
statements securing the loan referred to in the Payoff Letter, (collectively,
the “Releases”).

          Escrow Agent agrees to promptly deliver the original
recorded Releases to Seller’s counsel and copies of the recorded Releases to
Buyer’s counsel.

          If the Closing Conditions have not been satisfied by
3:00 p.m. on August __, 2013, unless otherwise instructed jointly by
both Buyer and Seller, Escrow Agent shall immediately (i) wire transfer
the Closing Funds (in all cases, less the Deposit) to Buyer, together with any
interest earned thereon, in accordance with Buyer’s Wiring Instructions,
(ii) return the Seller Documents to Seller, (iii) return the Buyer’s
Documents to Buyer, and (iv) deliver the Deposit to the party entitled
thereto under the Purchase and Sale Agreement.

5

          In
connection with this Agreement, Escrow Agent may rely upon instructions from
(i) Seller’s counsel, Douglas L. Burton or Alison McKinney of Wilmer
Cutler Pickering Hale and Dorr LLP, and (ii) Buyer’s counsel, T. Gaillard
Uhlhorn or Robert P. McDaniel of Bass, Berry & Sims PLC.

          EXECUTED as of the date first written above.

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 SELLER:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 VIF II/AMREIT WOODLAKE, LP, a Texas limited
 partnership

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
 VIF II/AmREIT Woodlake GP, LLC, a Texas limited
 liability company, its general partner

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 By:

 	
 VIF II/Woodlake Square, LLC, a Delaware limited
 liability company, its sole member

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 VIF II/Woodlake Investors, LLC, a Delaware limited
 liability company, a member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW Value Investors II, L.P. a Delaware limited
 partnership, its sole member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW VIF Managers II, LLC, a Delaware limited
 liability company, its general partner

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW VIF Investors II, Inc., a Delaware corporation,
 its manager

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AmREIT Woodlake Holdco, LLC, a

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Texas limited liability company, its member

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Its:

 

6

	
  

 	
  

 
	
  

 	
 BUYER:

 
	
  

 	
  

 
	
  

 	
 AmREIT Realty Investment Corporation, a Texas
 corporation 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	
 Its:

 	
  

 

	
  

 	
  

 
	
  

 	
 ESCROW AGENT:

 
	
  

 	
  

 
	
  

 	
 STEWART TITLE GUARANTY COMPANY

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
 Title:

 

7

EXHIBIT C

List of
Environmental Reports

Schedule to be Delivered by Seller to Buyer with five
(5) Business Days following the Date hereof. 

1

EXHIBIT D

Form of Special
Warranty Deed

	
  

 	
  

 	
  

 
	
 STATE OF TEXAS

 	
 §

 	
  

 
	
  

 	
 §

 	
 KNOW ALL MEN BY THESE PRESENTS:

 
	
 COUNTY OF HARRIS

 	
 §

 	
  

 

          That
VIF II/AmREIT Woodlake, LP, a Texas limited partnership
(“Grantor”), for and in consideration of the sum of Ten Dollars ($10.00) and
other valuable consideration paid to Grantor by _________________________, a
Texas ________________ (“Grantee”), whose address is
[_________________________], the receipt of which is hereby acknowledged, has
GRANTED, SOLD and CONVEYED, and by these presents does GRANT, SELL and CONVEY
unto Grantee, all of the real property situated in Harris County, Texas,
described in the attached Exhibit “A” (the
“Land”), together with any rights, title, benefits, easements, privileges,
remainders, tenements, hereditaments, interests, reversions and appurtenances
thereunto belonging or in any way appertaining, and all of the right, title,
interest, claim or demand whatsoever of Grantor, if any, in and to adjacent
strips and gores between the Land and abutting properties, and in and to
adjacent streets, highways, roads, alleys or rights-of-way, and the beds
thereof (all of the above-described properties together with the Land are
hereinafter collectively referred to as the “Property”), subject to all
easements, restrictions, encumbrances and other matters of record to the extent
they are validly existing and applicable to the Property (collectively, the
“Permitted Encumbrances”). 

          TO HAVE AND TO HOLD the
Property, subject to the Permitted Encumbrances, unto Grantee, and Grantee’s
successors and assigns forever; and Grantor does hereby bind itself to WARRANT
AND FOREVER DEFEND, all and singular, the Property unto Grantee, and Grantee’s
successors and assigns, against every person whomsoever lawfully claiming or to
claim the Property or any part thereof (subject in all cases to the Permitted
Encumbrances), by, through or under Grantor, but not otherwise. 

[Signatures
appear on following page]

1

          EXECUTED to be effective as of the ______ day
of ____________, 2013.

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 GRANTOR:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 VIF II/AMREIT WOODLAKE, LP, a Texas limited
 partnership

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
 VIF II/AmREIT Woodlake GP, LLC, a Texas limited
 liability company, its general partner

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 By:

 	
 VIF II/Woodlake Square, LLC, a Delaware limited
 liability company, its sole member

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 VIF II/Woodlake Investors, LLC, a Delaware limited
 liability company, a member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW Value Investors II, L.P. a Delaware limited
 partnership, its sole member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW VIF Managers II, LLC, a Delaware limited
 liability company, its general partner

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW VIF Investors II, Inc., a Delaware corporation,
 its manager

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AmREIT Woodlake Holdco, LLC, a

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Texas limited liability company, its member

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Its:

 

2

	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 STATE OF 

 	
  

 	
  

 
	
  

 	
  

 
	
 COUNTY OF 

 	
  

 	
  

 

The foregoing instrument was acknowledged before me
this ____ day of August, 2013, by __________, as _________________ of VIF
II/AmREIT Woodlake, LP, a Texas limited partnership, on behalf of the
partnership, who is personally known to me.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 
	
 (SEAL)

 	
 Notary Public

 
	
  

 	
 Sign:

 	
  

 	
  

 
	
 

 	
 Print Name:

 	
  

 
	
  

 	
 State and County Aforesaid

 
	
  

 	
 My commission expires:

 

	
  

 	
  

 	
  

 
	
  

 	
  

 
	
 After Recording Return To:

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
 Attention: ______________________________

 

3

EXHIBIT E

Bill Of Sale

          VIF II/AmREIT Woodlake,
LP, a Texas limited partnership (“Seller”), for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
hereby grants, bargains, sells, transfers and delivers to ________________,
a Texas ___________________ (“Buyer”), all of Seller’s right, title and
interest in and to the fixtures, equipment and personal property owned by
Seller and located on and used in connection with the real property described
on Exhibit A (the “Real Property”) attached hereto, if any,
including, if any, all signage, blinds, window shades, screens, screen doors,
storm windows and doors, awnings, shutters, furnaces, heaters, heating
equipment, stoves, ranges, oil and gas burners and fixtures appurtenant
thereto, hot water heaters, plumbing and bathroom fixtures, electric and other
lighting fixtures, trees, shrubs, plants, and air conditioning equipment and
ventilators, (collectively, the “Personal Property”), but specifically
excluding from the Personal Property all property leased by Seller or owned by
the tenant or others, if any, to have and to hold the Personal Property unto
Buyer, its successors and assigns, forever.

          Seller hereby represents
and warrants to Buyer that Seller has the full right, power and authority to
sell the Personal Property and to make and execute this Bill of Sale. Seller
hereby agrees to warrant and defend the title to the Personal Property conveyed
hereby to Buyer against the lawful claims and demands of all persons claiming
by, through or under Seller, but not otherwise. Except as set forth above and
in the Purchase and Sale Agreement by and between Seller and Buyer dated as of
July ___, 2013 (the “Purchase Agreement”), Seller grants, bargains, sells,
transfers and delivers the Personal Property in its “AS IS” condition, WITH ALL
FAULTS, IF ANY, and makes no representations or warranties, direct or indirect,
oral or written, express or implied, as to title, encumbrances and liens,
merchantability, condition or fitness for a particular purpose or any other
warranty of any kind, express or implied, all of which representations and
warranties are expressly hereby disclaimed and denied.

          Buyer agrees that the
liability of Seller under this Bill of Sale, the Purchase Agreement, and any
other agreement, document, certificate or instrument delivered by Seller to
Buyer, or under any law applicable to the Property or this transaction, shall
be limited as provided in Sections 9.2 and 16.8 of the Purchase Agreement.

          Capitalized terms used
and not otherwise defined herein shall have the meanings given to such terms in
the Purchase Agreement.

4

          Executed under seal this ____ day of August, 2013.

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 SELLER:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 VIF II/AMREIT WOODLAKE, LP, a Texas limited
 partnership

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
 VIF II/AmREIT Woodlake GP, LLC, a Texas limited
 liability company, its general partner

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 By:

 	
 VIF II/Woodlake Square, LLC, a Delaware limited
 liability company, its sole member

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 VIF II/Woodlake Investors, LLC, a Delaware limited
 liability company, a member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW Value Investors II, L.P. a Delaware limited
 partnership, its sole member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW VIF Managers II, LLC, a Delaware limited
 liability company, its general partner

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW VIF Investors II, Inc., a Delaware corporation,
 its manager

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AmREIT Woodlake Holdco, LLC, a

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Texas limited liability company, its member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Its:

 

5

Acknowledgment of Buyer 

          The
Buyer hereby accepts the Personal Property subject to all conditions and
limitations stated above.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 BUYER:

 	
  

 
	
  

 	
 _________________________,
 a

 Texas ______________company

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	
 Its:

 	
  

 

6

EXHIBIT F

Assignment And Assumption Of Interest In
Leases

	
  

 	
  

 
	
 DATE:

 	
 August ___,
 2013

 
	
  

 	
  

 
	
 ASSIGNOR:

 	
 VIF
 II/AmREIT Woodlake, LP, a Texas limited partnership

 
	
  

 	
  

 
	
 ASSIGNEE:

 	
 ___________________,
 a Texas ________________

 

RECITALS:

          WHEREAS,
Assignor and Assignee have entered into that certain Purchase and Sale
Agreement dated as of July _____, 2013 (the “Purchase Agreement”), wherein
Assignor agreed to sell and Assignee agreed to buy that certain real property
described on Exhibit ”A” attached hereto and the improvements located
thereon (the “Property”);

          WHEREAS,
Assignee desires to assume and Assignor desires to assign to Assignee the
leases currently existing on the Property, which leases are more particularly
described on Exhibit ”B” attached hereto and incorporated herein by this
reference (the “Leases”).

          NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Assignor and Assignee agree as follows:

          1.          Assignment.
Assignor conveys and assigns to Assignee all of Assignor’s right, title and
interest in and to the Leases, and all security deposits and advance payments
thereunder, together with the right to receive any and all sums and proceeds
arising out of said Leases, arising from and after the date of conveyance of
the Property by Assignor to Assignee (the “Conveyance Date”), but reserving
unto Assignor all uncollected rent attributable to the period prior to the
Conveyance Date in accordance with the terms of the Purchase Agreement.

          2.          Assumption.
Assignee assumes and agrees to be bound by all of Assignor’s liabilities and
obligations pursuant to the Leases and agrees to perform and observe all of the
covenants and conditions contained in the Leases.

          3.          Indemnification.
Assignee further covenants and agrees to indemnify and hold harmless Assignor
for, from and against any actions, suits, proceedings or claims, and all costs
and expenses, including, without limitation, reasonable attorneys’ fees,
incurred in connection therewith, based upon or arising out of any breach or
alleged breach of the Leases by Assignee occurring or alleged to have occurred
from and after the Conveyance Date. Assignor covenants and agrees to indemnify and
hold harmless Assignee for, from and against any actions, suits, proceedings or
claims, and all costs and expenses, including, without limitation, reasonable
attorneys’ fees, incurred in connection therewith, based upon or arising out of
any breach or alleged breach of the Leases by Assignor occurring or alleged to
have occurred before the Conveyance Date (except to the extent based on or
related to the condition of the Property).

1

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

          5.          Construction;
Definitions. This Assignment shall be construed according to Texas law.
Capitalized terms used and not otherwise defined herein shall have the meanings
given to such terms in the Purchase Agreement.

          6.          Counterparts.
This Assignment may be executed in counterparts, which taken together shall
constitute one original instrument.

          7.          Non-Recourse.
Assignee agrees that the liability of Assignor under this Assignment, the
Purchase Agreement, and any other agreement, document, certificate or
instrument delivered by Seller and Buyer, or under any law applicable to the
Property or this transaction, shall be limited as provided in Sections 9.2
and 16.8 of the Purchase Agreement.

          DATED as of
the day and year first above written.

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ASSIGNOR:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 VIF
 II/AMREIT WOODLAKE, LP, a Texas limited partnership

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 By:

 	
 VIF
 II/AmREIT Woodlake GP, LLC, a Texas limited liability company, its general
 partner

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 VIF
 II/Woodlake Square, LLC, a Delaware limited liability company, its sole
 member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 VIF
 II/Woodlake Investors, LLC, a Delaware limited liability company, a member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW Value
 Investors II, L.P. a Delaware limited partnership, its sole member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW VIF
 Managers II, LLC, a Delaware limited liability company, its general partner

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW VIF
 Investors II, Inc., a Delaware corporation, its manager

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Title:

 

2

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 AmREIT
 Woodlake Holdco, LLC, a Texas limited liability company, its member

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
 Its:

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ASSIGNEE:

 
	
  

 	
 _________________________,
 a

 Texas ______________company

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	
 Its:

 	
  

 

3

EXHIBIT G

Assignment Of Warranties And Permits

	
  

 	
  

 
	
 DATE:

 	
 August
 _____, 2013

 
	
  

 	
  

 
	
 ASSIGNOR:

 	
 VIF
 II/AmREIT Woodlake, LP, a Texas limited partnership

 
	
  

 	
  

 
	
 ASSIGNEE:

 	
 ___________________,
 a Texas ________________

 

RECITALS:

          A.          Assignor
presently owns the real property described in Exhibit “A” to this Assignment
and the improvements located thereon (the “Property”).

          B.          WHEREAS,
Assignor and Assignee have entered into that certain Purchase and Sale
Agreement dated as of July _____, 2013 (the “Purchase Agreement”), wherein
Assignor agreed to sell and Assignee agreed to buy the Property;

          C.          Assignor
desires to sell the Property to Assignee, and in connection therewith, Assignor
desires to assign to Assignee and Assignee desires to acquire Assignor’s
interest, if any, in and to the following described rights, interests and
property inuring to the benefit of Assignor and relating to the Property.

          FOR
VALUABLE CONSIDERATION, the receipt and adequacy of which are hereby
acknowledged, Assignor agrees as follows:

          1.          Assignment.
Assignor assigns, transfers, sets over, and conveys to Assignee, to the extent
the same are assignable, all of Assignor’s right, title, and interest, if any,
in and to (i) any warranties and/or guaranties, express or implied, from
contractors, builders, manufacturers, and/or suppliers inuring to the benefit
of Assignor and relating to the Property, and (ii) any licenses or permits
relating to the Property.

          2.          Binding
Effect. This Assignment shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns.

          3.          Construction;
Definitions. This Assignment shall be construed according to Texas law.
Capitalized terms used and not otherwise defined herein shall have the meanings
given to such terms in the Purchase Agreement.

          4.          Non-Recourse.
Assignee agrees that the liability of Assignor under this Assignment, the
Purchase Agreement, and any other agreement, document, certificate or
instrument delivered by Seller to Buyer, or under any law applicable to the
Property or this transaction, shall be limited as provided in Sections 9.2 and
  16.8 of the Purchase Agreement.

1

          DATED as of the day and year
first above written.

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 ASSIGNOR:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 VIF
 II/AMREIT WOODLAKE, LP, a Texas limited partnership

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
 VIF
 II/AmREIT Woodlake GP, LLC, a Texas limited liability company, its general
 partner

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 By:

 	
 VIF
 II/Woodlake Square, LLC, a Delaware limited liability company, its sole
 member

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 VIF
 II/Woodlake Investors, LLC, a Delaware limited liability company, a member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW Value
 Investors II, L.P. a Delaware limited partnership, its sole member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW VIF
 Managers II, LLC, a Delaware limited liability company, its general partner

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

  

 	
 AEW VIF
 Investors II, Inc., a Delaware corporation, its manager

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Title:

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 AmREIT
 Woodlake Holdco, LLC, a Texas limited liability company, its member

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	
  

 	
 Its:

 	
  

 

2

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ASSIGNEE:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 _________________________,
 a

 Texas ______________company

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	
 Name: 

 	
  

 
	
  

 	
  

 	
 Its: 

 	
  

 

3

EXHIBIT H

Assignment And Assumption Of Contracts

	
  

 	
  

 
	
 DATE:

 	
 August
 _____, 2013

 
	
  

 	
  

 
	
 ASSIGNOR:

 	
 VIF
 II/AmREIT Woodlake, LP, a Texas limited partnership

 
	
  

 	
  

 
	
 ASSIGNEE:

 	
 ___________________,
 a Texas ________________

 

RECITALS:

          WHEREAS,
Assignor and Assignee have entered into that certain Purchase and Sale
Agreement dated as of July ____, 2013 (the “Purchase Agreement”), wherein
Assignor agreed to sell and Assignee agreed to buy that certain real property
described on Exhibit ”A” attached hereto and the improvements located
thereon (the “Property”);

          WHEREAS,
Assignee desires to assume and Assignor desires to assign to Assignee
Assignor’s right, title and interest in and to all of the contracts and
agreements, and all modifications and amendments thereof, which concern or
relate to the use, operation, alteration or renovation of the Property set
forth on Exhibit ”B” attached hereto (collectively, the “Contracts”).

          NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Assignor and Assignee agree as follows:

          1.          Assignment.
Assignor conveys and assigns to Assignee all of Assignor’s right, title and
interest in and to the Contracts as of the date of conveyance of the Property
by Assignor to Assignee (the “Conveyance Date”).

          2.          Assumption.
Assignee assumes and agrees to be bound by all of Assignor’s liabilities and
obligations pursuant to the Contracts, if any, and agrees to perform and
observe all of the covenants and conditions contained in the Contracts.

          3.          Indemnification.
Assignee further covenants and agrees to indemnify and hold harmless Assignor
for, from and against any actions, suits, proceedings or claims, and all costs
and expenses, including, without limitation, reasonable attorneys’ fees,
incurred in connection therewith, based upon or arising out of any breach or
alleged breach of any of the Contracts occurring or alleged to have occurred
from and after the Conveyance Date. Assignor covenants and agrees to indemnify
and hold harmless Assignee for, from and against any actions, suits,
proceedings or claims, and all costs and expenses, including, without
limitation, reasonable attorneys’ fees, incurred in connection therewith, based
upon or arising out of any breach or alleged breach of any of the Contracts by
Assignor occurring or alleged to have occurred before the Conveyance Date
(except to the extent based on or related to the condition of the Property).

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

4

          5.          Construction;
Definitions. This Assignment shall be construed according to Texas law.
Capitalized terms used and not otherwise defined herein shall have the meanings
given to such terms in the Purchase Agreement.

          6.          Counterparts.
This Assignment may be executed in counterparts, which taken together shall
constitute one original instrument.

          7.          Non-Recourse.
Assignee agrees that the liability of Assignor under this Assignment, the
Purchase Agreement, and any other agreement, document, certificate or
instrument executed in connection with the transaction contemplated herein, or
under any law applicable to the Property or this transaction, shall be limited
as provided in Sections 9.2 and 16.8 of the Purchase Agreement.

          DATED as of
the day and year first above written.

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
   ASSIGNOR:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 VIF
 II/AMREIT WOODLAKE, LP, a Texas limited partnership

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
 VIF
 II/AmREIT Woodlake GP, LLC, a Texas limited liability company, its general
 partner

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 By:

 	
 VIF II/Woodlake
 Square, LLC, a Delaware limited liability company, its sole member

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 VIF
 II/Woodlake Investors, LLC, a Delaware limited liability company, a member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW Value
 Investors II, L.P. a Delaware limited partnership, its sole member

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW VIF
 Managers II, LLC, a Delaware limited liability company, its general partner

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
 AEW VIF
 Investors II, Inc., a Delaware corporation, its manager

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
 Title:

 

5

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 AmREIT
 Woodlake Holdco, LLC, a Texas limited liability company, its member

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
  

 	
 Its:

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ASSIGNEE:

 
	
  

 	
 __________________________,
 a

 
	
  

 	
 Texas
 _______________________

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	
 Name: 

 	
  

 
	
  

 	
  

 	
 Its: 

 	
  

 

6

SCHEDULE 4.4

Tenant Estoppel Certificate

THIS IS TO
CERTIFY THAT:

	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 The undersigned is the Lessee
 (“Tenant”) under that certain Lease (the “Lease”) dated _______________ by
 and between ___________________ as Landlord (“Landlord”), and
 _____________________________________, as Tenant, covering those certain
 premises commonly known as _____________________________________________, and
 containing approximately _________ square feet (the “Property”).

 
	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 The Lease is in full force
 and effect and has not been assigned, modified, supplemented, altered or
 amended in any respect (except as indicated following this sentence) and is
 the only lease or agreement between the undersigned and Landlord affecting
 the Premises. If none, state “none”.

 _____________________________________________________________________________________.

 
	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 The undersigned has accepted
 possession and now occupies the Premises. All conditions of the Lease to be
 performed by Landlord prior to the date hereof for the full effectiveness of
 the Lease have been satisfied. Any required payments or inducement from
 Landlord to Tenant required prior to the date hereof have been made, except
 _________________________________ (if none, so indicate).

 
	
  

 	
  

 	
  

 
	
  

 	
 4.

 	
 The undersigned has no
 knowledge of any event which with the giving of notice, the passage of time
 or both would constitute a default under the Lease on the part of Tenant or
 Landlord.

 
	
  

 	
  

 	
  

 
	
  

 	
 5.

 	
 The lease term began
 _______________, and the current lease term expires ______________. The fixed
 minimum rent presently being paid is ____________________. All rentals,
 charges and other obligations on the part of the undersigned under the Lease
 have been paid to and including ______________, 2013. No rental, other than
 for the current month, has been paid in advance except as required by the
 Lease.

 
	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 In addition to the
 above-referenced fixed minimum rent, the Tenant pays its pro-rata share of
 real estate taxes and operating expenses [in excess of describe base if applicable.]

 
	
  

 	
  

 	
  

 
	
  

 	
 7.

 	
 The amount of the security
 deposit presently held under the Lease is $(if none, so indicate).

 
	
  

 	
  

 	
  

 
	
  

 	
 8.

 	
 This certification is made
 with the knowledge that it will be relied upon in connection with financings
 and sales of the Property and may be relied upon by the current and any
 future Landlord of the Premises, any current or future holder 

 

7

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 of a mortgage or deed of
 trust of the Property, and their respective successors and assigns.

 

DATED this
_____ day of _________________, 2013.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 TENANT:

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 [Name of
 Tenant]

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	
 Its:

 	
  

 

8exhibit101

Exhibit 10.1

SECOND AMENDMENT TO 
2011 SHARE INCENTIVE PLAN

THIS SECOND AMENDMENT (the “Second Amendment”) to the 2011 SHARE INCENTIVE PLAN is executed as of November 4, 2013.  

RECITALS

WHEREAS, the Board of Trustees of Equity Residential (the “Company”) adopted the 2011 Share Incentive Plan (the “Initial 2011 Plan”) on March 24, 2011, which was approved by the shareholders of the Company at the 2011 Annual Meeting of Shareholders.  

WHEREAS, the Company amended the Initial 2011 Plan pursuant to a First Amendment to 2011 Share Incentive Plan dated July 10, 2012 (the “Amendment”; the Initial 2011 Plan, as modified by such Amendment, is hereinafter referred to as the “Plan”).  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Plan.

WHEREAS, the Company desires to further amend the Plan to (i) provide for a minimum vesting period of three years for Share Awards granted to Company employees and (ii) extend the period of time for Company employees terminated involuntarily (other than for Good Cause) to exercise their vested share options from 90 days to the expiration of the option.

NOW THEREFORE, the Plan is amended as follows: 

1.    Share Awards.  Paragraph 5(a)(i) of the Plan is deleted in its entirety and the following is substituted therefor:
(a)    Share Awards granted shall be subject to the following conditions and/or restrictions:
(i)    A Share Award granted to Company employees shall be subject to a minimum vesting period of at least three years from the date of Grant, with the Share Award vesting either in annual equal installments over, or in full at the end of, said period, and may be subject to such other conditions and restrictions as are established by the Committee as of the Date of Grant; provided, however, that up to five percent (5%) of the total number of Shares which may be granted under the Plan to non-Company employees may be subject to a minimum vesting period of one year.  The Committee may, but need not, establish performance goals to be achieved within such performance periods as may be selected by it, using such measures of individual performance or the performance of the Company and/or one (1) or more of its Subsidiaries as it may select.  Any Share Award containing conditions, terms or restrictions as established by the Committee but not set forth herein shall be described in such term sheets or employment, award or similar agreements as are approved by the Committee from time to time.
2.    Share Options.  The sentence following subsection (iii) of Paragraph 6(e) is deleted in its entirety and the following is substituted therefor:
Except as provided in the following paragraph, if the Service of a Grantee terminates other than as described above, his or her Options shall not become exercisable with respect to any additional Shares, unless (other than if the termination occurs for Good Cause) the Committee determines that either: (i) the vesting of the Options shall accelerate (in whole or in part) in connection with such termination; or (ii) the vesting of any Options (in whole or in part) shall continue past the Grantee’s termination of Service, subject to such conditions as the Committee shall determine; and in each case, each Option shall be exercisable until its Expiration Date.

3.    Plan in Full Force and Effect.  After giving effect to this Second Amendment, the Plan remains in full force and effect.

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

                    
EQUITY RESIDENTIAL 

By:    /s/ Bruce C. Strohm______________
Bruce C. Strohm
Executive Vice President and General Counsel

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