Document:

Exhibit 10.1 Purchase & Sale Agreement

    

     

    

     

    PURCHASE
      AND SALE AGREEMENT

     

    by
      and between

     

    CHEROKEE
      NORTH KANSAS CITY, LLC,

     

    a
      Delaware limited liability company

     

    SELLER

     

    

     

    and

     

    

     

    NORTHTOWN
      BUSINESS CENTER, L.L.C.,

     

    a
      Missouri limited liability company

     

    PURCHASER

     

    

     

    Property:
      105 West 26th
      Avenue, 

     

    North
      Kansas City, Missouri

     

    

     

    

     

    Dated
      as of: June 28, 2006

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    TABLE
      OF CONTENTS

     

    
      	 	 	
              Page

            
	
              1

            	
               The
                Property.

            	
              1

            
	 	
              1.1     
                Description.

            	
              1

            
	 	
              1.2     
                “As-Is” Purchase.

            	
              2

            
	 	
              1.3     
                Agreement to Convey.

            	
              4

            
	 	
              1.4     
                Tenant is Debtor in Possession.

            	
              4

            
	
              2

            	
               Price
                and Payment.

            	
              5

            
	 	
              2.1     
                Purchase Price.

            	
              5

            
	 	
              2.2     
                Deposit.

            	
              5

            
	 	
              2.3     
                Payment.

            	
              6

            
	 	
              2.4     
                Closing.

            	
              6

            
	
              3
                

            	
               Inspections
                and Approvals.

            	
              6

            
	 	
              3.1     
                Purchaser's Right of Access.

            	
              7

            
	 	
              3.2     
                Title and Survey.

            	
              8

            
	 	
              3.3     
                Contracts.

            	
              10

            
	 	
              3.4     
                Permitted Exceptions.

            	
              10

            
	 	
              3.5     
                Purchaser’s Right to Terminate. 

            	
              10

            
	 	
              3.6     
                Confidentiality.

            	
              11

            
	 	
              3.7     
                Remediation

            	
              12

            
	
              4

            	
               Prior
                to Closing.

            	
              13

            
	 	
              4.1     
                Insurance.

            	
              13

            
	 	
              4.2     
                Operation.

            	
              14

            
	 	
              4.3     
                New Contracts.

            	
              14

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              4.4     
                New Leases.

            	
              14

            
	
              5

            	
               Representations
                and Warranties.

            	
              14

            
	 	
              5.1     
                By Seller.

            	
              14

            
	 	
              5.2     
                By Purchaser.

            	
              16

            
	 	
              5.3     
                Broker.

            	
              16

            
	
              6

            	
               Costs
                and Prorations.

            	
              17

            
	 	
              6.1     
                Purchaser’s Costs.

            	
              17

            
	 	
              6.2     
                Seller’s Costs.

            	
              18

            
	 	
              6.3     
                Prorations.

            	
              18

            
	 	
              6.4     
                Security Deposits.

            	
              18

            
	 	
              6.5     
                Taxes.

            	
              18

            
	 	
              6.6     
                Contracts.

            	
              18

            
	 	
              6.7     Utility
                Deposits.

            	
              19

            
	 	
              6.8     
                Post-Closing Collection.

            	
              19

            
	 	
              6.9     
                In General.

            	
              19

            
	 	
              6.10     
                Purpose and Intent.

            	
              19

            
	
              7

            	
               Damage,
                Destruction or Condemnation.

            	
              19

            
	 	
              7.1     
                Material Event.

            	
              19

            
	 	
              7.2     
                Immaterial Event.

            	
              20

            
	 	
              7.3     
                Termination.

            	
              20

            
	
              8

            	
               Notices.

            	
              20

            
	
              9

            	
               Closing
                and Escrow.

            	
              21

            
	 	
              9.1     
                Seller’s Deliveries.

            	
              21

            
	 	
              9.2     
                Purchaser’s Deliveries.

            	
              22

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              9.3     
                Possession.

            	
              23

            
	
              10

            	
               Default.

            	
              23

            
	 	
              10.1     
                Purchaser Default.

            	
              23

            
	 	
              10.2     
                Seller Default.

            	
              23

            
	 	
              10.3     
                Attorneys’ Fees.

            	
              24

            
	
              11

            	
               Miscellaneous.

            	
              24

            
	 	
              11.1     
                Entire Agreement.

            	
              24

            
	 	
              11.2     
                Severability.

            	
              24

            
	 	
              11.3     
                Applicable Law.

            	
              24

            
	 	
              11.4     
                Assignability.

            	
              24

            
	 	
              11.5     
                Successors Bound.

            	
              24

            
	 	
              11.6     
                Captions; Interpretation.

            	
              25

            
	 	
              11.7     
                No Partnership.

            	
              25

            
	 	
              11.8     
                Time of Essence.

            	
              25

            
	 	
              11.9     
                Counterparts.

            	
              25

            
	 	
              11.10     
                Recordation.

            	
              25

            
	 	
              11.11     
                Proper Execution.

            	
              25

            
	 	
              11.12     
                Liability of Seller.

            	
              25

            
	 	
              11.13     
                Waiver.

            	
              25

            
	 	
              11.14     
                Seller’s Performance.

            	
              26

            
	 	
              11.15     
                Title Company.

            	
              26

            
	 	
              11.16     
                Business Days.

            	
              26

            
	 	
              11.17     
                Surviving Obligations.

            	
              26

            
	 	
              11.18    §1031
                Exchange

            	
              26

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              EXHIBITS

            
	
              1.1.1                               Legal
                Description

            
	
              1.1.5           Schedule
                of Leases
                and Security Deposits

            
	
              1.2.6                               List
                of Environmental Reports

            
	
              3.1.1                               Form
                of Access Agreement

            
	
              3.2.2                               Existing
                Title and Survey Matters

            
	
              3.3                                  Schedule
                of Contracts

            
	
              5.1.12            
                Environmental Compliance Disclosures

            
	
              9.1.1                               Special
                Warranty Deed

            
	
              9.1.2           Assignment
                and
                Assumption of Leases

            
	
              9.1.3          
Assignment
                and
                Assumption of Contracts

            
	
              9.1.5         FIRPTA
                Affidavit

            
	
              9.1.8            
                 Form of Tenant
                Estoppel Certificate and Landlord Estoppel
                Certificate

            
	
              9.1.10        
Tenant
                Notification Letter

            
	
              9.1.11          Contractor
                Notification
                Letter

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    PURCHASE
      AND SALE AGREEMENT

    

    THIS
      PURCHASE AND SALE AGREEMENT
      (this
“Agreement”),
      dated
      effective as of the 28th
      day of
      June, 2006, is made by and between Cherokee North Kansas City, LLC, a Delaware
      limited liability company (“Seller”)
      and
      Northtown Business Center, L.L.C., a Missouri limited liability company
      (“Purchaser”).

    

    RECITAL:

    

    Seller
      is
      the owner of certain hereinafter described improved real property, and Seller
      desires to sell all of Seller's right, title and interest in and to such
      property, including the improvements constructed thereon and certain related
      personal property used in connection therewith, and the Purchaser desires to
      purchase such right, title and interest, in all cases upon the terms and
      conditions set forth herein. The parties have reached an understanding with
      respect to the purchase and sale of such property, and now wish to commit such
      understandings and agreements to writing.

    AGREEMENTS:

    

    NOW,
      THEREFORE,
      in
      consideration of the foregoing, of the covenants, promises and undertaking
      set
      forth herein, and for good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, Seller and Purchaser covenant
      and
      agree as follows:

    

    1.       The
      Property.

    

    1.1       Description. 

    Subject
      to the terms and conditions of this Agreement, and for the consideration herein
      set forth, Seller agrees to sell, transfer and convey, and Purchaser agrees
      to
      purchase and acquire, all of Seller’s right, title and interest in and to the
      following (collectively, the “Property”):

    

    1.1.1       Certain
      land (the “Land”)
      located in North Kansas City, Missouri, consisting of approximately 12.44 acres
      and more specifically described in Exhibit 1.1.1
      attached
      hereto and by this reference made a part hereof;

    

    1.1.2       The
      building (the “Building”),
      parking areas, utilities, improvements, and fixtures of every nature and every
      kind now situated on the Land, and consisting, generally, of an industrial
      building containing approximately 240,000 rentable square feet of industrial
      and
      related office and mezzanine space (with the Building and the other improvements
      located upon the Land and described in this Section being collectively, the
      “Improvements”); 

     

    1.1.3       All
      easements, hereditaments, utilities, rights, privileges, rights-of-way,
      tenements, and appurtenances incident or belonging thereto or inuring to the
      benefit of Seller and pertaining to the Land, if any;

    

    1.1.4       All
      right, title and interest, if any, of Seller in and to any land lying in the
      bed
      of any street, road or avenue, open or proposed, in front or adjoining the
      land,
      if any;

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    1.1.5       The
      leases or occupancy agreements which are identified on the Schedule of Leases
      and Security Deposits attached hereto as Exhibit
      1.1.5
      and any
      new leases entered into pursuant to Section 4.4 below, which as of the Date
      of
      Closing affect all or any portion of the Land or the Improvements (collectively,
      the “Leases”),
      with
      the rental payments for the period from the Date of Closing forward, and the
      unapplied balance of any security deposits with respect to any such
      Leases; 

    

    1.1.6       Subject
      to Section 3.3, below, all Contracts (as defined in Section 3.3 below) having
      terms which extend beyond midnight of the day preceding the Date of
      Closing;
      and

    

    1.1.7       All
      transferable consents, authorizations, variances and waivers, licenses, permits
      and approvals from any governmental or quasi-governmental agency, department,
      board, commission, bureau or other entity or instrumentality solely in respect
      of the Land or the Improvements which remain valid or in effect as of Closing
      (collectively, the “Approvals”).
      Notwithstanding the foregoing, Seller shall retain an interest in any of the
      foregoing to the extent required for Seller and its contractors and
      subcontractors to perform the "NFA Work" (defined below), until such time as
      the
      No Further Action Standard has been met. 

    

    1.2       “As-Is”
      Purchase.

    

    1.2.1       In
      all
      cases subject to the covenants, representations and warranties of Seller set
      forth in this Agreement and except as to title, the Property is being sold
      in
      its “AS
      IS, WHERE IS”
      condition, “WITH
      ALL FAULTS”
      and
      without representation or warranty (all of which Seller disclaims) as of the
      Effective Date and the Date of Closing, except as may be specifically set forth
      herein. The parties agree that all understandings and agreements heretofore
      made
      between them or their respective agents or representatives are merged in this
      Agreement and the Exhibits annexed hereto, which alone fully and completely
      express their agreement, and that this Agreement has been entered into after
      full investigations, or with the parties satisfied with the opportunity afforded
      for full investigation, of the Property and all matters affecting the Property
      and the ownership, use, occupancy, management, operation and maintenance
      thereof, and neither party relying upon any statement or representation by
      the
      other, unless such statement or representation is specifically embodied in
      this
      Agreement or the Exhibits annexed hereto. Purchaser expressly agrees and
      acknowledges that except as expressly set forth in this Agreement, and the
      documents executed by Seller at the Closing, no warranty or representation
      is
      made by Seller as to the fitness for any particular purpose, merchantability,
      design, condition or repair, value, expense of operation, income potential,
      compliance with drawings or specifications, absence of defects, absence of
      faults, flooding or compliance with laws and regulations including without
      limitation those relating to health, safety, zoning, the environment and the
      Americans with Disabilities Act, or as to any other fact or condition which
      has
      or might affect the Property or the condition, repair, value, expense of
      operation or income potential thereof. Seller has not authorized any broker,
      agent, representative, consultant, partner, officer, employee, attorney or
      any
      other person to make any statements, certifications, representations or
      warranties regarding the Property or any matter relating thereto, and Seller
      expressly disclaims and shall not be liable for any statements, certifications,
      representations, or 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    warranties
      made by any of the foregoing parties, whether made on their own behalf or acting
      or purporting to act on behalf of Seller.

    

    1.2.2       Except
      as
      set forth herein, Seller makes no other representations or warranties regarding
      Hazardous Materials (as defined in Section 1.2.4, below), located in, on, under
      or about the Property. To the best of Seller’s knowledge, Seller has provided to
      Purchaser information from or copies of all inspection, engineering,
      environmental and all other reports of every nature and every kind prepared
      by
      outside consultants (excluding only confidential information prepared by
      Seller’s legal counsel or other attorney-client privileged information, except
      that Seller shall provide to Purchaser any data (as opposed to opinion, advice
      or strategy) that may be subject to the attorney-client privilege) now in the
      possession of Seller or Seller’s agents or reasonably available to Seller, in
      all cases concerning or relating to the presence of Hazardous Materials or
      the
      violation of Environmental Laws (as defined in Section 1.2.5, below) on
      or
      relating to the Property, including without limitation the Environmental Reports
      (as defined in Section 1.2.6 below), of which Seller or its property management
      company have actual knowledge or actual possession. Seller makes no
      representations or warranties with respect to the accuracy or completeness,
      methodology of preparation or otherwise concerning the contents of such
      Environmental Reports, any other inspection, engineering or environmental
      reports concerning asbestos or any hazardous materials or harmful toxic
      substances. 

     

    1.2.3       Purchaser
      acknowledges that: (a) Seller has provided, and subject to the terms hereof
      will
      continue to provide, to Purchaser the opportunity to fully and carefully
      investigate and inspect the physical, structural and environmental condition
      of
      the Property and to review and analyze all files, documents, studies of every
      nature, surveys, plats, engineering data, architectural data, and/or
      developmental data, agreements, leases, contracts, matters of title, laws,
      regulations, ordinances and orders in Seller’s possession or within the
      reasonable control of Seller affecting or in any manner relating to the Property
      and the ownership, use, occupancy, management, operation and maintenance
      thereof, which Purchaser deems necessary to determine the feasibility of the
      Property for Purchaser’s intended use; (b) any of the foregoing and other
      information provided or made available by Seller to Purchaser was done so as
      an
      accommodation to Purchaser with the understanding and agreement of both Seller
      and Purchaser that Purchaser shall not rely on any such documents or information
      and that the delivery of same by Seller was made, and shall continue to be
      made,
      without representation or warranty with respect to the accuracy, completeness,
      methodology of preparation or otherwise; and (c) prior to making the election
      provided in Section 3.5, below, Purchaser shall have completed to its
      satisfaction all studies, investigations and reviews that it has deemed
      necessary, and that Purchaser’s election under Section 3.5 shall be made on the
      basis of such studies, inspections and reviews performed or obtained by
      Purchaser, and not on any information that may have been provided by
      Seller.

     

    1.2.4       For
      purposes of this Agreement, the term “Hazardous Materials” includes, without
      limitation: (a) lead and any chemical, material or other substance defined
      as or
      included within the definition of “hazardous substances”, “hazardous wastes”,
“extremely hazardous substances”, “toxic substances”, “toxic material”,
“restricted hazardous waste”, “special waste”, or words of similar import under
      any Environmental Laws; (b) any oil, petroleum, or petroleum-derived substances,
      any flammable substances or explosives, any 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    radioactive
      materials, any asbestos or any substances containing more than 0.1 percent
      asbestos, any oil or dielectric fluid containing levels of polychlorinated
      biphenyls is excess of 50 parts per million, and any urea formaldehyde
      insulation; (c) urea formaldehyde; and (d) any other chemical, material or
      substance, exposure to which is prohibited, limited or regulated under any
      Environmental Laws.

     

    1.2.5       For
      purposes of this Agreement, the term “Environmental Laws” shall mean the
      Comprehensive Environmental Response, Compensation and Liability Act of 1980,
      as
      amended (42 U.S.C. Sections 9601 et seq.),
      the
      Resource Conservation and Recovery Act, as amended (42 U.S.C. Sections 6901
      et seq.),
      the
      Hazardous Materials Transportation Act, as amended (49 U.S.C. Section 1801
      et seq.),
      the
      Federal Water Pollution Control Act, as amended (33 U.S.C. Sections 1251
et seq.),
      the
      Clean Air Act, as amended (42 U.S.C. Sections 7401 et seq.),
      the
      Toxic Substances Control Act, as amended (15 U.S.C. Sections 2601-2629), and
      all
      regulations promulgated under the foregoing; and any similar federal, state
      and
      local laws, statutes, rules, ordinances, or regulations.

     

    1.2.6       For
      purposes of this Agreement, the term “Environmental
      Reports”
shall
      collectively mean the reports, surveys and studies
      set
      forth on Exhibit 1.2.6 attached hereto, and any subsequent reports, surveys
      and
      studies subsequently delivered by Seller to Purchaser.

     

    1.2.7       The
      terms
      and provisions of this Section 1.2 shall survive Closing hereunder or
      termination of this Agreement for any reason.

     

    1.3       Agreement
      to Convey.

     

    Seller
      agrees to convey, and Purchaser agrees to accept, on the Date of Closing: (a)
      title to the Land and the Improvements by special warranty deed in the condition
      described in Section 1.2, above, and subject to the “Permitted Exceptions”
described in Section 3.4 hereof; and (b) otherwise convey the balance of the
      Property as provided herein.

     

    1.4       Tenant
      is Debtor-in-Possession
      Purchaser acknowledges that the Property is subject to that certain Lease of
      Industrial or Warehouse Facilities dated July 9, 2002 by and between Delphi
      Automotive Systems LLC, as tenant ("Delphi")
      and
      Seller, as landlord, as amended by that certain First Amendment to Lease of
      Industrial or Warehouse Facilities dated July 9, 2003 and that certain Second
      Amendment to Lease of Industrial or Warehouse Facilities dated March 3, 2005,
      and that Delphi is a debtor-in-possession under Chapter 11 of the United States
      Bankruptcy Code, pursuant to Case No. 05-44481 filed with the United States
      Bankruptcy Court. Southern District of New York, and has the ability to accept
      or reject the terms of its lease until June 7, 2007, pursuant to the Order
      Pursuant to 11 U.S.C. § 365(d)(4) Extending Deadline to Assume or Reject
      Unexpired Leases of Nonresidential Real Property dated November 29, 2005.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    2.       Price
      and Payment.

     

    2.1       Purchase
      Price. 

     

    The
      purchase price for the Property (“Purchase
      Price”)
      is
      Five Million Two Hundred Fifty Thousand U.S. Dollars ($5,250,000.00), inclusive
      of the Deposit. 

     

    2.2       Deposit.

     

    2.2.1       Initial
      Deposit.
      Purchaser previously deposited the sum of Twenty Five Thousand Dollars
      ($25,000.00) (the “Initial
      Deposit”)
      into
      the escrow account of Chicago Title Insurance Company, located at Suite 1880,
      Mark Twain Building, 106 W. 11th
      Street,
      Kansas City, MO 64105 (the “Title
      Company”).
      Purchaser hereby agrees that, upon the date that the Agreement is fully executed
      by all parties and a copy of such full executed Agreement is received by
      Purchaser, the Initial Deposit shall become non-refundable and Purchaser shall
      have no further rights with respect to the Initial Deposit except as set forth
      in Section 7, below, or upon the default of Seller under the terms and
      conditions hereof, and after Purchaser has provided Seller with notice of such
      default and Seller has failed to cure such default within ten (10) days of
      delivery of such written notice. 

     

    2.2.2       Additional
      Deposit.
      Within
      three (3) business days following the date upon which the Agreement is fully
      executed by all parties and a copy of such fully executed Agreement is received
      by Purchaser (the “Effective
      Date”),
      Purchaser shall deposit the additional sum of One Hundred Thousand Dollars
      ($100,000.00) (the “Additional
      Deposit”)
      with
      the Title Company, and shall simultaneously therewith provide Seller with
      written evidence of such Additional Deposit. Purchaser hereby expressly agrees
      that, in the event that Purchaser does not terminate this Agreement in
      accordance with the terms of Section 3.5 below, the Initial Deposit and the
      Additional Deposit shall be non-refundable and Purchaser shall have no further
      rights with respect to the Deposit except as set forth in Section 3.7.1 and
      Section 7, below, or upon the default of Seller under the terms and conditions
      hereof, and after Purchaser has provided Seller with notice of such default
      and
      Seller has failed to cure such default within ten (10) days of delivery of
      such
      written notice. 

     

    2.2.3       Conditions.
      If
      Purchaser shall fail to make the Additional Deposit accordance with the
      foregoing on the date such deposit is due, this Agreement shall automatically
      terminate, the Initial Deposit shall be released to Seller, and neither party
      shall have any further rights, obligations or liability hereunder, except for
      the Surviving Obligations (as defined in Section 11.20 below). The Deposit
      shall
      be held by the Title Company pursuant to the terms hereof. All interest earned
      on the Deposit shall be added to the principal held in the escrow and shall
      constitute a part of the Deposit. Interest earned on the Deposit shall, for
      income tax purposes, be deemed earned by Purchaser. The Deposit shall be (i)
      forfeited to Seller if Purchaser is in default hereunder, (ii) returned to
      Purchaser if Seller is in default hereunder, (iii) returned to Purchaser if
      Purchaser properly terminates this Agreement pursuant to the terms and
      conditions hereof, or (iv) credited against the Purchase Price payable at
      Closing, as the case may be. For the purposes of this Agreement, the Initial
      Deposit and the Additional Deposit are sometimes referred to collectively herein
      as the “Deposit.”
      

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    2.3       Payment.

     

    The
      Purchase Price, subject to adjustment for the prorations as provided in Section
      6, below, shall be paid by Purchaser to Seller on or before 5:00 p.m., Denver,
      Colorado time on the Date of Closing (hereinafter defined) by Purchaser causing
      the Title Company to wire immediately available funds to such bank account(s)
      as
      Seller may designate. The Deposit, and all interest earned thereon, shall be
      paid over to Seller at Closing (hereinafter defined) and shall be credited
      against the Purchase Price.

     

    2.4       Closing.

     

    The
      purchase and sale contemplated by this Agreement shall be consummated at Closing
      (the “Closing”),
      which
      shall take place at the offices of the Title Company on that date which is
      sixty
      (60) days after the Effective Date (the “Date
      of Closing”)
      or
      such earlier date as mutually agreed upon by Seller and Purchaser. Delivery
      to
      the Title Company of the Purchase Price, the deed and such other papers and/or
      documents as are required by either party under the terms of this Agreement,
      in
      each case properly executed, shall be considered good and sufficient tender
      of
      performance. Seller hereby authorizes and directs the Closing agent to deduct
      from Seller's proceeds at Closing, any and all amounts necessary to
      satisfy any
      existing mortgages, deeds of trust, assessments or other amounts which may
      constitute a lien upon the Property at the time of Closing for which Seller
      is
      responsible. The parties acknowledge that Closing be conducted as an escrow
      closing and that it shall not be required that the parties physically meet
      in
      order to consummate Closing.

     

    Notwithstanding
      the foregoing, Purchaser shall have the unilateral right to extend the Date
      of
      Closing for a total of four periods of seven days each (each seven day period,
      an "Extension
      Period"),
      upon
      (i) three days prior written notice to Seller and (ii) payment to Seller of
      the
      sum of $100,000.00 (an "Extension
      Payment")
      per
      Extension Period, delivered on or prior to the then current Date of Closing.
      The
      notice and cure period contained in Section 10 below shall not be applicable
      to
      Purchaser's failure to timely close, or to the delivery of any Extension
      Payment, and failure to timely tender any Extension Payment to Seller shall
      constitute a waiver of the requested extension and any additional extensions
      remaining at the time of such waiver. The Purchaser may elect to extend the
      Date
      of Closing by electing and paying for no more than four successive Extension
      Periods. Except for a default by Seller, under no circumstances shall the
      Extension Payment(s) be refunded to Purchaser. At Closing, any Extension
      Payments shall be applied to the Purchase Price.

     

    3.       Inspections
      and Approvals.

     

    Purchaser
      shall have a period (the “Due
      Diligence Period”),
      commencing on the Effective Date, and expiring at 5:00 p.m., Denver, Colorado
      time on that date which is thirty (30) days after the Effective Date (the
“Approval
      Date”),
      in
      which to conduct the inspections and studies described in this Section 3 and
      to
      determine, in Purchaser's sole and absolute discretion, the economic feasibility
      of the Property as an investment. If Purchaser shall determine, in Purchaser's
      sole and absolute discretion, that the Property is not suitable for Purchaser's
      intended purposes for any reason or no reason, Purchaser may declare this
      Agreement terminated and null and void by written notice delivered to Seller
      prior to the expiration of the Due Diligence Period. In the event Purchaser
      delivers written notice as set forth in the immediately preceding sentence,
      then
      the Additional Deposit shall immediately be 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    returned
      to Purchaser and the parties shall be relieved of any further obligation or
      liability hereunder of any nature or any type, except for the Surviving
      Obligations (hereinafter defined). 

     

    3.1       Purchaser’s
      Right of Access.

     

    3.1.1       Seller
      agrees that, during the Due Diligence Period (and thereafter during the term
      of
      this Agreement provided Purchaser has not terminated this Agreement in
      accordance with this Section 3), Seller shall permit Purchaser’s agents or
      representatives reasonable access to the Property (during normal business hours)
      for purposes of any non-intrusive physical or environmental inspection of the
      Property and review of the Contracts, the Leases, Seller’s books and records
      relating to the Property, soil reports, environmental studies and reports,
      surveys, building and systems plans, income and expenses statements, and other
      matters necessary in the reasonable discretion of Purchaser to evaluate and
      analyze the feasibility of the Property for Purchaser’s intended use thereof.
      The term “intrusive
      testing”
shall
      include those activities which penetrate, pierce, drill into or through, bore
      into or through, puncture, mar, deface or damage any physical improvement
      located upon the Property or the surface of the Property. Purchaser
      shall not conduct or authorize any intrusive testing of, on or under the
      Property (a) without first obtaining Seller’s written consent as to the timing
      and scope of work to be performed, which consent shall not be unreasonably
      withheld, (b) unless an authorized representative of Seller is present at all
      times during such testing, and (c) upon Seller’s request, entering into an
      Access Agreement in the form attached hereto as Exhibit 3.1.1
      (the
“Access
      Agreement”).
      In
      the event that Purchaser is permitted by Seller to undertake any such tests
      or
      studies described herein, all information obtained by Purchaser as a result
      thereof shall be subject to the conditions and limitations set forth in Section
      3.6 below. Purchaser’s breach of the foregoing prohibition shall entitle Seller,
      at its sole option, immediately to declare this Agreement to be terminated
      and
      to retain the Deposit as liquidated damages as provided in Section 10.1
      below.

     

    3.1.2       Purchaser
      agrees that, prior to undertaking any physical or environmental inspections
      or
      testing of or on the Property, Purchaser or Purchaser’s agents will obtain not
      less than Two Million Dollars ($2,000,000.00) comprehensive general liability
      insurance with a contractual liability endorsement which insures Purchaser’s
      indemnity obligations hereunder and which names Seller, Seller's mortgagee
      and
      Seller’s property manager at the Property as additional insureds thereunder (a
      copy of which policy shall be provided by Purchaser to Seller prior to
      undertaking any inspections under this Section 3.1). Such insurance coverage
      shall be maintained by Purchaser as long as this Agreement remains in force
      and
      effect. Purchaser shall not unreasonably interfere with the activity of Seller,
      tenants or any persons occupying or providing service at the Property, and
      will
      not prior to closing reveal to any third party not entitled to receive
      confidential information pursuant to the provisions of Section 3.6 below, or
      otherwise approved by Seller, the results of Purchaser’s inspections (unless
      Purchaser is otherwise required by law to disclose such results). Purchaser
      shall give Seller reasonable, but in no event less than two business days,
      prior
      notice of Purchaser’s intention to conduct any inspections. In the event that
      the inspections to be conducted by Purchaser include intrusive physical or
      environmental testing of, on or under the Property, such notice from Purchaser
      shall be in writing and shall provide a reasonably detailed description of
      the
      type, scope and manner of 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    the
      inspections to be conducted, as well as a written request for Seller’s consent
      to such inspections. Seller reserves the right to have a representative present
      during any or all such inspections. In the event Purchaser terminates this
      Agreement pursuant to Section 3 hereof, or in the event this Agreement is
      terminated pursuant to Section 10.1 hereof, Purchaser agrees to provide to
      Seller copies of all reports and studies prepared by outside consultants, if
      any, other than legal counsel, retained by Purchaser, of environmental or other
      inspections conducted by or on behalf of Purchaser; PROVIDED, HOWEVER, Purchaser
      makes no representations or warranties of any kind or any nature with respect
      to
      the accuracy or completeness, methodology of preparation or otherwise,
      concerning the contents of any such reports, studies, information and/or other
      materials, except that Purchaser shall have no actual knowledge of any
      deficiency or inaccuracy with respect thereto, it being understood and agreed
      that all such information provided by Purchaser to Seller hereunder is made
      available as an accommodation to Seller, with the understanding and agreement
      that Seller shall not rely upon any such documents or information. Purchaser
      agrees at its own expense promptly to restore the Property if any inspection
      or
      test requires or results in any damage to or alteration of its condition.
      Purchaser shall indemnify and hold Seller harmless from any claims, loss,
      injury, liability, damage or expense, including reasonable attorneys’ fees and
      costs, arising out of (a) a breach by Purchaser of the foregoing agreements
      or
      of the terms of the Access Agreement; (b) the exercise by Purchaser or its
      agents or representatives of the right of access under this Section 3.1 or
      the
      Access Agreement; (c) the failure of Purchaser to restore the Property in
      accordance with this Section 3.1; and (d) any claims, suits, actions or the
      assertion of any other rights by or on behalf of any tenant, invitee, guest
      or
      other party alleging personal injury or property damage caused by or arising
      out
      of the matters set forth in subsections (a), (b) and/or (c), above
      (collectively, the “Indemnity
      Obligations”).
      

     

    3.1.3       Except
      as
      otherwise expressly set forth in this Agreement, Seller makes no representations
      or warranties as to the truth or accuracy of any materials, data or other
      information, including without limitation the contents of Seller’s or its
      property manager’s books and records, the Leases, the Contracts, the
      Environmental Reports, rent rolls or income and expenses statements, supplied
      to
      Purchaser in connection with Purchaser’s inspection of the Property. It is the
      parties’ express understanding and agreement that all such materials are
      provided by Seller solely for Purchaser’s convenience in making its own
      examination and determination prior to the Approval Date as to whether it wishes
      to purchase the Property, and, in making such examination and determination,
      Purchaser shall rely exclusively on its own independent investigation and
      evaluation of the Property and not on any materials supplied by Seller or its
      agents or representatives; PROVIDED, HOWEVER, Seller represents that Seller
      has
      no actual knowledge of any inaccuracy, incompleteness or other deficiency with
      respect to such information and reports. 

     

    3.1.4       All
      agreements of, and indemnifications by Purchaser under this Section 3.1 and
      the
      Access Agreement shall survive Closing or termination of this
      Agreement.
      Any
      inspections undertaken by Purchaser of the Property shall be at Purchaser's
      sole
      risk and expense.

     

    3.2       Title
      and Survey.

     

    
      
        
        

      

      
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    3.2.1       Seller
      has obtained and delivered to Purchaser a title commitment and copies of all
      items shown as exceptions therein (the “Title
      Commitment”)
      from
      the Title Company. Seller, at its sole expense shall obtain and deliver to
      Purchaser (i) an owner’s policy of title insurance insuring the Land and the
      Improvements in the amount of the Purchase Price, and (ii) a current survey
      of
      the Land prepared by a qualified surveyor licensed in the State of Missouri
      (the
“Survey”).

     

    3.2.2       Purchaser
      shall have until 5:00 p.m., Denver, Colorado time, on the date which is 15
      days
      after the Effective Date, in which to provide written notice to Seller
      (“Title/Survey
      Notice”)
      of any
      matters affecting title to the Property, including those disclosed by the Title
      Commitment, but expressly excluding those shown on Exhibit
      3.2.2,
      attached hereto (collectively, the “Title
      Objections”),
      or
      shown on the Survey, (collectively, the “Survey
      Objections”)
      which
      are not satisfactory to Purchaser. A Title/Survey Notice must specify the reason
      each Title Objection and each Survey Objection is not satisfactory and
      Purchaser’s proposed curative steps to remove
      the basis for Purchaser’s dissatisfaction. In the event that Purchaser provides
      Seller with a Title/Survey Notice, the parties shall, during the Title/Survey
      Objection Cure Period (hereinafter defined), make such arrangements or take
      such
      steps as they shall mutually agree to satisfy Purchaser’s objection(s);
      provided, however, that Seller shall have no obligation whatsoever to expend
      or
      agree to expend any funds to undertake or agree to undertake any obligations
      or
      otherwise to cure or agree to attempt to cure and Title Objections or Survey
      Objections, and Seller shall not be deemed to have any obligation to attempt
      to
      cure any such matters unless Seller expressly undertakes such an obligation
      by a
      written notice given to or written agreement entered into with Purchaser on
      or
      before the expiration of the Title/Survey Objection Cure Period and which
      recites that it is in response to a Title/Survey Notice. Notwithstanding the
      immediately preceding sentence, Seller hereby agrees to undertake to cure any
      Title Objection to the extent such Title Objection represents a monetary lien
      or
      monetary encumbrance to which the Seller acquiesced or which item was caused
      by
      Seller. As used herein, the term “Title/Survey Objection Cure Period” shall mean
      that period beginning on the date on which Seller receives a Title/Survey Notice
      and ending on the fifth (5th)
      day
      prior to the Date of Closing; provided, however, that Seller may, but shall
      not
      be obligated to, in its sole discretion, extend the Title/Survey Objection
      Cure
      Period for up to thirty (30) days in order to attempt to cure any Title
      Objection(s) specified by Purchaser in the Title/Survey Notice.

     

    3.2.3       Purchaser’s
      sole right with respect to any Title Objections or Survey Objections contained
      in a Title/Survey Notice given in a timely manner which Seller has not expressly
      agreed to attempt to cure (and which Seller is not otherwise obligated to cure
      as set forth in 3.2.2 above) shall be to elect to terminate this Agreement
      and
      receive, as its sole remedy, a refund of the Deposit, or to waive such Title
      Objection or Survey Objection and proceed to Closing with such matters being
      added to, and made a part of, the Permitted Exceptions.

    3.2.4       Any
      (a)
      existing title or survey matters which are not included as Title Objections
      or
      Survey Objections in a Title/Survey Notice given by Purchaser to Seller on
      or
      before 5:00 p.m. Denver, Colorado time on the Approval Date; or (b) Title
      Objections or Survey Objections with respect to which a timely Title/Survey
      Notice is given, but which have not been cured by Seller in the Title/Survey
      Objection Cure Period or for which Seller has not expressly 

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    agreed
      to
      attempt to cure, and which Purchaser has waived by not terminating this
      Agreement as aforesaid, shall be deemed approved by Purchaser as “Permitted
      Exceptions” as provided in Section 3.4. hereof.

     

    3.3       Contracts.

    On
      or
      before the Approval Date, Purchaser shall notify Seller in writing as to which
      of the Contracts, if any, Purchaser elects to assume at Closing. Unless such
      notice is given by Purchaser, Purchaser shall be deemed to have assumed all
      of
      the Contracts. With respect to any and all Contracts which Purchaser does not
      elect to assume hereunder, Seller shall be responsible for the termination
      thereof. As used herein, the term “Contracts” shall mean all service,
      maintenance, supply or other contracts relating to the operation of the Property
      with the parties listed on Exhibit
      3.3
      attached
      hereto, and any new Contracts entered into pursuant to Section 4.3,
      below.

     

    3.4       Permitted
      Exceptions.

    Purchaser
      shall be deemed to have approved and to have agreed to purchase the Property
      subject to the following:

     

    3.4.1       All
      Title
      Objections, Survey Objections, and any defects in or to title to the Property
      or
      other matters affecting or relating to title to, or the Survey of, the Property
      existing as of the Approval Date and not included in a Title/Survey Notice
      given
      by Purchaser prior to the Approval Date and/or which Purchaser has otherwise
      approved or is deemed to have approved pursuant to Section 3.2
      hereof;

    3.4.2       All
      Contracts and Leases which Purchaser has approved and has assumed hereunder
      in
      accordance with Section 3.3, 4.3 or 4.4 hereof; 

    3.4.3       The
      lien
      of non-delinquent real and/or personal property taxes and assessments (subject
      to the prorations described in this Agreement);

    3.4.4       Rights
      of
      parties in possession pursuant to the Leases, as tenants only;

    3.4.5       Service,
      installation, connection, maintenance or construction charges due after Closing
      (but only to the extent ordered or requested by Purchaser or otherwise due
      pursuant to the Contracts assumed by Purchaser herein), and, subject to the
      proration provisions hereof, charges for sewer, water, electricity, telephone,
      cable television or gas;

    3.4.6       Unrecorded
      leaseholds (but only to the extent evidenced by the Leases), rights of vendors
      and holders of security interests on personal property installed upon the
      Property by the tenants named in the Leases and rights of tenants to remove
      trade fixtures at the expiration of the term of the Leases; and

    3.4.7       All
      federal, state and local laws, regulations, statutes and ordinances affecting
      the Property.

    All
      of
      the foregoing are referred to herein collectively as the “Permitted
      Exceptions”.

    3.5       Purchaser’s
      Right to Terminate.

    Purchaser
      shall have the right to approve or disapprove the results of its due diligence
      investigations in its sole and absolute discretion, by providing to Seller
      written notice on or before 5:00 p.m., Denver, Colorado time, on the

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Approval
      Date. If Purchaser gives notice of approval the Additional Deposit shall become
      nonrefundable except in the event of Seller's default or as otherwise provided
      herein. In the event that, by such date and time, Purchaser fails to deliver
      written notice to Seller approving this Agreement, such failure shall be deemed
      to be an election of Purchaser to terminate this Agreement. If Purchaser timely
      terminates this Agreement pursuant to this Section 3.5 (by either giving written
      notice of termination or failing to give written notice of approval), the
      Additional Deposit and all interest thereon shall be returned to Purchaser
      and
      neither party shall have any further obligations or liability hereunder, except
      for the Surviving
      Obligations as defined in Section 11.20 hereof.  

     

    3.6       Confidentiality.

     

    Unless
      Seller specifically and expressly otherwise agrees in writing, Purchaser agrees
      that all documents and information regarding the Property of whatsoever nature
      made available to it by Seller or Seller’s agents or representatives whether
      pursuant to Sections 1.2.2 or 1.2.3 or otherwise, and the results of all tests
      and studies of the Property (collectively, the “Proprietary
      Information”)
      are
      proprietary and confidential and Purchaser shall not disclose to any other
      person except: (i) those individuals or entities assisting Purchaser in the
      transaction or Purchaser’s lender, if any, and then only upon Purchaser making
      such individuals, entities or lenders aware of the confidentiality restrictions
      and procuring such individual’s, entity’s or lender’s agreement to be bound
      thereby, and to Purchaser’s attorneys and other professionals who are bound to
      maintain the business confidences of Purchaser; (ii) as required by any Federal,
      state or local regulation and/or statute; (iii) as required in order to obtain
      any approval, permit or license required by Purchaser with respect to the
      Property; (iv) as required by any court of competent jurisdiction; or (v) to
      the
      extent such matters and/or information have become public through no fault
      of
      Purchaser. In the event the purchase and sale contemplated hereby fails to
      close
      for any reason whatsoever, Purchaser agrees to return to Seller, or cause to
      be
      delivered to Seller all Proprietary Information. Further, Purchaser agrees
      not
      to use or allow to be used any Proprietary Information for any purpose other
      than to determine whether to proceed with the contemplated purchase, or if
      same
      is consummated, in connection with the operation of the Property post-Closing.
      Purchaser shall indemnify Seller against all costs, claims and damages,
      including reasonable attorneys’ fees, suffered or sustained as the result of
      Purchaser’s breach of the covenants contained in this Section 3.6. All
      obligations of Purchaser under this Section 3.6 shall be referred to as the
      “Confidentiality
      Obligations”
      and
      shall survive Closing or termination of this Agreement.

     

    3.7      Remediation.

     

    3.7.1       Seller
      is
      a party to that certain Abatement Order on Consent for Site Characterization
      executed on June 13, 2002 (the “AOC”),
      that
      certain Order Approving Settlement Agreement dated April 26, 2005 and that
      certain Site Participation Agreement dated August 24, 2005 (the “Participation
      Agreement”),
      each
      as executed by and among the Missouri Department of Natural Resources
      (“MDNR”),
      Seller, and the FI Missouri Remediation Trust (collectively, the "Settlement
      Parties").
      Pursuant to the Participation Agreement, the Settlement Parties desire to
      implement the AOC and desire to formulate a coordinated effort for the remedial
      investigation and response activities at the Property pursuant to the
      Participation Agreement for 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

      the
        purposes of satisfying the AOC and obtaining a "no further action" or comparable
        letter from the MDNR with respect to the Property. Seller shall provide
        Purchaser with a copy of document(s) approved by the MDNR that describe work
        required for obtaining a "no further action" status on the Property (the
        "NFA
        Work") prior to the Date of Closing. If MDNR, pursuant to the AOC, does not
        approve document(s) acceptable to Seller describing the NFA Work prior to
        the
        Date of Closing, and such condition is not waived by Seller, then, upon written
        notice from Seller to Purchaser given five (5) business days prior to Closing,
        this Agreement shall terminate and the Deposit shall be refunded to Purchaser
        as
        its sole remedy. Notwithstanding the foregoing, Seller may, but shall not
        be
        obligated to, in its sole discretion, extend the Date of Closing for up to
        thirty (30) days in order to obtain MDNR approval for the NFA Work, by written
        notice from Seller to Purchaser given five (5) business days prior to the
        then
        scheduled Date of Closing. If the NFA Work is approved by MDNR, pursuant
        to the
        AOC, prior to the Date of Closing, as it may be extended herein, Seller agrees
        that it will cause, at its cost and expense, the implementation of those
        remedial investigation and response activities required for purposes of
        satisfying the NFA Work requirements and obtaining a "no further action"
        letter
        or similar written evidence from MDNR or such other appropriate governmental
        entities or entity that all required remediation has been completed to MDNR's
        satisfaction (“No Further Action Standard”). The "no further action" letter
        to be obtained by Seller shall be deemed acceptable to Purchaser so long
        as it
        does not (a) contain any restrictions that prevent the existing conditions
        and
        uses currently on the Property, and (b) impose any financial obligation on
        the
        Purchaser. Once the No Further Action Standard has been met, Seller shall
        automatically be forever released from any and all responsibility for
        environmental conditions at the Property. This Section 3.7.1 shall survive
        the
        Closing indefinitely.

     

    

    3.7.2       Seller’s
      Post-Closing Right of Access.
      From
      and after the Date of Closing, and upon notice given at least 24 hours in
      advance (except that Seller shall not be required to give prior notice in the
      event of an emergency or similar situation where, in Seller's reasonable
      business judgment, entry prior to advance notice is warranted), Seller may
      enter
      the Property to conduct any post-Closing inspections or tests necessary for
      the
      purpose of completing the NFA Work (the “Seller
      Occupation”).
      Purchaser waives any claim for damages or for any injury or inconvenience to
      or
      interference with Seller’s business, loss or occupancy or quite enjoyment of the
      Property and other loss occasioned thereby as a result of the Seller Occupation.
      Purchaser shall indemnify and hold Seller harmless from any claims, loss,
      injury, liability, damage or expense, including reasonable attorneys’ fees and
      costs, during the Seller Occupation or any act or negligence of Purchaser or
      its
      agents or representatives that in any way adversely impacts Seller’s completion
      of the NFA Work. Purchaser hereby assumes all risk of damage to the property
      or
      injury to persons in or upon the Property after the Date of Closing from any
      cause other than the negligence or willful misconduct of Seller, its agents
      or
      representatives, and Purchaser hereby waives all claims in respect thereof
      against Seller. Seller shall indemnify and hold Purchaser harmless from any
      claims, loss, injury, liability, damage or expense, including reasonable
      attorneys’ fees and costs, caused by the act or negligence of Seller or its
      agents or representatives and directly related to the Seller Occupation.
      Purchaser agrees that it shall not unreasonably interfere with Seller's pursuit
      of the No Further Action Standard and that it shall not 

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

      relocate,
        cover or damage any items installed on the Property as part of Seller's NFA
        Work, including but not limited to, monitoring wells. Purchaser acknowledges
        that Seller will use certain funds being held in escrow as described in the
        Site
        Participation Agreement in order to complete the NFA Work. The funds available
        for the NFA Work are approximately $767,000, based on account statements
        that
        have been provided by Seller to Purchaser. In the event those funds are not
        sufficient to being the Property to the No Further Action Standard, then
        Seller
        shall be responsible for any excess costs required in connection therewith.
        Conversely, in the event that there are excess funds available after completion
        of the NFA Work, such funds will become the property of Seller and, except
        as
        set forth in Section 3.7.3 below, Purchaser expressly disclaims any rights
        in
        connection therewith. Seller agrees that it shall commence the NFA Work within
        a
        reasonable time frame after all required approvals and permits are obtained,
        and
        shall perform the NFA Work (a) in a diligent fashion, using licensed
        contractors, (b) with such insurance coverage pertaining to liabilities arising
        out of the work as is then customarily maintained with respect to such
        activities, and (c) in material compliance with all applicable environmental
        laws. Seller further agrees to provide semi-annual status reports to Purchaser,
        commencing January 15, 2007, which will identify (i) the portions of the
        NFA
        Work completed, (ii) the portions of the NFA Work remaining, (iii) the amounts
        expended, and (iv) the amounts remaining in the remediation accounts. This
        Section 3.7.2 shall survive the Closing.

    

    3.7.3       Outside
      Date of No Further Action Standard.
      Seller
      shall use commercially reasonable efforts to meet the No Further Action Standard
      on or before the date that is the fifth anniversary of the Date of Closing
      (the
      "Outside
      Date").
      If
      Seller is unable to meet the No Further Action Standard on or before the Outside
      Date, then Purchaser will grant Seller an indefinite extension to continue
      to
      pursue the No Further Action Standard. Notwithstanding the foregoing, if
      Purchaser desires to perform specific remediation work on the Property after
      the
      Outside Date, it shall be permitted to do so only after obtaining the prior
      written consent of Seller, which consent shall not be unreasonably withheld
      or
      delayed. If Seller consents to such work being performed, then Purchaser may
      submit the receipts or invoices for the cost of such work to Seller, and Seller
      shall authorize the reasonable costs thereof to be paid from the remediation
      accounts. If the No Further Action Standard is obtained after the Outside Date,
      then 75% of any excess remaining balance in the remediation accounts that is
      otherwise due to Seller at the time the No Further Action Standard is obtained
      shall be transferred by Seller to Purchaser. 

    

    4.       Prior
      to Closing.

     

    Until
      Closing, Seller or Seller’s agents shall:

     

    4.1       Insurance.

     

    Maintain
      its existing casualty and liability insurance with respect to the Property
      and
      shall deliver a certificate of insurance evidencing the same to Purchaser within
      five (5) days of the Effective Date, which certificate shall contain a provision
      which requires that the insurance carrier/agent issuing such certificate provide
      thirty (30) days’ prior written notice to Purchaser before such insurance
      coverages may be terminated, suspended, cancelled and/or allowed to
      lapse.

     

    
      
        
        

      

      
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    4.2       Operation.

     

    Seller
      shall operate the Property substantially as presently being operated. Seller
      shall, at Closing, deliver possession of the Property to Purchaser in
      substantially the same condition as exists on the Effective Date, reasonable
      wear and tear excepted, and shall take all necessary actions, excluding major
      capital improvements, to ensure that the Property is delivered in the
      aforementioned condition.

     

    4.3       New
      Contracts.

     

    Seller
      shall promptly upon Seller’s execution thereof, but in no event later than the
      Approval Date, provide to Purchaser a copy of any new Contract, or of any
      amendment or modification to any existing Contract listed on Exhibit
      3.3,
      attached hereto, entered into by Seller between the Effective Date and the
      Approval Date. Between the Approval Date and the Date of Closing, Seller will
      enter into only those Contracts which Seller believes are necessary to carry
      out
      its obligations under Section 4.2 hereof and which shall be cancelable on not
      more than thirty (30) days’ written notice, without the payment of any
      termination or other similar fee. If Seller enters into any such Contract after
      the Approval Date, it shall promptly provide written notice thereof to Purchaser
      and unless Purchaser, within five (5) days after such Seller’s notice, notifies
      Seller in writing of Purchaser’s intention to assume such Contract, such new
      Contract shall not be assumed by Purchaser at Closing pursuant to Section 3.3
      hereof.

     

    4.4       New
      Leases.

     

    Between
      the Approval Date and the Date of Closing, Seller will not, without the prior
      written consent of Purchaser, which consent shall not be unreasonably withheld,
      conditioned or delayed: (a) execute any new Leases affecting the Property,
      or
      any part thereof; (b) materially amend any existing Lease listed on Exhibit
      1.1.5,
      attached hereto; or (c) terminate (except upon a default by the tenant
      thereunder) or accept the surrender of any Lease; provided however that Seller
      is authorized to accept the termination of Leases at the end of their existing
      terms and to expand, extend or renew any Leases pursuant to expansion, extension
      or renewal options contained therein.
      Seller
      shall provide Purchaser with notice of any Lease that has been terminated or
      extended pursuant to (c) above.

     

    5.       Representations
      and Warranties.

     

    5.1       By
      Seller.

     

    In
      order
      to induce Purchaser to enter into this Agreement and to purchase the Property,
      Seller makes the following representations and warranties unto
      Purchaser:

     

    5.1.1       Seller
      is
      a limited liability company duly organized and validly existing under the laws
      of the State of Delaware.

     

    5.1.2       To
      the
      best of Seller’s knowledge, Seller has made all necessary filings with the State
      of Delaware and the State of Missouri in order to own and operate the
      Property.

     

    5.1.3       Seller
      has the power to acquire, own, and dispose of the Property and to engage in
      the
      transactions contemplated in this Agreement.

     

    5.1.4       Seller
      is
      in good standing under the laws of the States of Delaware and
      Missouri.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    5.1.5       The
      execution and performance of this Agreement has been authorized by Seller,
      and
      to the best of Seller’s knowledge, the execution of this Agreement by Seller
      will not result in a breach of, violate any term or provision of, or constitute
      a default under, any articles of incorporation, bylaws, partnership agreement,
      indenture, deed to secure debt, deed of trust, mortgage, lease or other document
      by which Seller is bound.

     

    5.1.6       No
      petition in bankruptcy (voluntary or otherwise), assignment for the benefit
      of
      creditors, or petition seeking reorganization or arrangement or other action
      under Federal or state bankruptcy law is pending against or contemplated by
      Seller.

     

    5.1.7       Seller
      has not received notice of any unrecorded rights-of-way, easements, liens or
      other encumbrances affecting the Property.

     

    5.1.8       Seller
      has no knowledge of any condemnation or eminent domain proceedings pending
      or
      contemplated against the Property or any part thereof or interest therein,
      and
      Seller has received no notice, oral or written, of the desire of any public
      authority or other entity to take or use the Property or any part thereof or
      interest therein.

     

    5.1.9       Seller
      is
      not a party to any litigation affecting Seller's right to sell the Property,
      and
      Seller has no knowledge of any threatened litigation affecting the Property
      or
      any part thereof or interest therein. Seller shall give Purchaser prompt notice
      of any such litigation of which Seller becomes aware prior to
      Closing.

     

    5.1.10       There
      are
      no leases, licenses, tenancies or other occupancy agreements of any nature
      or
      any kind affecting the Property or any part thereof, and there are no parties
      in
      possession of any portion of the Property as lessees, or tenants at sufferance,
      other than the Leases set forth on Exhibit
      1.1.5.

     

    5.1.11       No
      contractual or donative commitments relating to the Property have been made
      by
      Seller to any governmental authority, quasi-governmental authority, utility
      company, community association, homeowners' association or to any other
      organization, group, or individual which would impose any obligation upon
      Purchaser to make any contribution or dedication of land for public or private
      purposes.

     

    5.1.12       Seller
      has not received written notice of any environmental compliance issues, zoning
      violations, nuisance or failure to comply with the Americans with Disabilities
      Act with respect to federal state and local laws, regulations, statutes and
      ordinances affecting
      or applicable to the Property, except as disclosed by the items listed on
Exhibit
      1.2.6
      and
Exhibit
      5.1.12.
      

     

    5.1.13       Seller
      shall perform the NFA Work, as set forth in Section 3.7 below on a post-Closing
      basis, and shall obtain the No Further Action Standard described in Section
      3.7
      hereof. 

     

    It
      is
      agreed that all representations, statements, agreements, warranties and
      covenants of Seller set forth in this Agreement shall continue to bind Seller
      and survive Closing pursuant to this Agreement; PROVIDED, HOWEVER, such
      representations, statements, agreements, warranties and covenants shall expire
      automatically without further action of the parties on the first anniversary
      of
      Closing unless a specific claim in writing with respect to these matters
      shall

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    have
      been
      made, or an action at law or in equity shall have been commenced or filed before
      such date or as otherwise expressly provided herein. Notwithstanding the
      foregoing, Seller’s representations and warranties set forth in Section 5.1.13
      shall continue to bind Seller and survive Closing, but shall expire
      automatically without further action of the parties upon Seller obtaining the
      No
      Further Action Standard. Seller will not cause or suffer any action to be taken
      which would cause any of the foregoing representations or warranties to be
      untrue as of the date of Closing. Seller shall immediately notify Purchaser,
      in
      writing, of any event or condition known to Seller which occurs prior to the
      date of Closing which causes a change in the facts relating to, or the truth
      of,
      any of the above representations or warranties.

     

    5.2       By
      Purchaser.

     

    In
      order
      to induce Seller to enter into this Agreement and to sell the Property,
      Purchaser makes the following representations and warranties unto Seller, each
      of which shall be deemed a substantial and material term of this Agreement,
      and
      which representations and warranties are being relied upon by
      Seller.

     

    5.2.1       Purchaser
      is a limited liability company, in good standing in its state of
      organization.

     

    5.2.2       Purchaser
      has made (or will prior to the Date of Closing make) all filings with the State
      of Missouri and its state of organization that are necessary to own and operate
      the Property.

     

    5.2.3       Purchaser
      has the power to acquire, own, and dispose of the Property and to engage in
      the
      transactions contemplated in this Agreement.

     

    5.2.4       The
      execution and performance of this Agreement has been authorized by Purchaser,
      and the execution of this Agreement by Purchaser will not result in a breach
      of,
      violate any term or provision of, or constitute a default under, any articles
      of
      incorporation, bylaws, partnership agreement, indenture, deed to secure debt,
      deed of trust, mortgage, lease or other document by which Purchaser is
      bound.

     

    5.2.5       No
      petition in bankruptcy (voluntary or otherwise), assignment for the benefit
      of
      creditors, or petition seeking reorganization or arrangement or other action
      under Federal or state bankruptcy law is pending against or contemplated by
      Purchaser.

     

    5.2.6       On
      or
      before the Approval Date, Purchaser (a) shall have inspected the Property fully
      and completely at its expense and will have ascertained to its satisfaction
      the
      extent to which the Property complies with applicable zoning, building,
      environmental, health and safety and all other laws, codes and regulation;
      and
      (b) shall have reviewed the Leases, the Contracts, the Survey, the Title
      Commitment, books and records, expenses and other matters relating to the
      Property and based upon its own investigations, inspections, tests and studies,
      shall have determined whether to purchase the Property and to assume Seller’s
      obligations under the Leases, Contracts, and otherwise with respect to the
      Property.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

     

    5.2.7       Purchaser
      represents that, except for the NFA Work, from and after the Date of Closing
      it
      shall be fully responsible for the environmental condition of the Property
      and
      any remediation that may be necessary as a result thereof, and shall
      specifically be responsible for any actions taken by anyone other than Seller
      and its contractors that (i) cause additional disclosures to be made to any
      governmental authority, (ii) exacerbate the contamination as identified under
      the documents describing the NFA Work and (iii) cause the scope of the work
      necessary to meet the No Further Action Standard or the expense associated
      therewith to be increased in any way. This Section 5.2.7 shall survive the
      Closing and any termination of the Contract.

     

    5.3       Broker.

     

    Seller
      and Purchaser each represents to the other that, except for dealings with
      Whitney E. Kerr, Jr. of Colliers Turley Martin Tucker ("Seller's
      Broker"),
      it
      has had no dealings, negotiations, or consultations with any broker,
      representative, employee, agent or other intermediary in connection with the
      sale of the Property. Seller and Purchaser agree that each will indemnify,
      defend and hold the other free and harmless from the claims of any other
      broker(s), representative(s), employee(s), agent(s) or other intermediary(ies)
      claiming to have represented or to have been approached by Seller or Purchaser,
      respectively, or otherwise to be entitled to compensation in connection with
      this Agreement or in connection with the sale of the Property (the “Broker
      Obligations”).
      This
      mutual indemnity shall survive Closing and any termination of this Agreement
      for
      any reason.

     

    6.       Costs
      and Prorations.

     

    6.1       Purchaser’s
      Costs.

     

    Purchaser
      will pay the following costs of closing this transaction:

     

    6.1.1       All
      real
      estate recordation and transfer taxes (other than the Missouri Grantor’s Tax
      which will be paid by Seller) due in connection with the recordation of the
      Deed
      (as defined in Section 9.1.1, below); 

     

    6.1.2       All
      filing fees due in connection with the recordation of the Deed and any other
      document evidencing Purchaser’s title to the Property;

     

    6.1.3       All
      title
      search/examination fees, the cost of a lender’s title insurance policy, any
      extended coverage for the owner's title insurance policy, and any and all
      special endorsements issued in connection with this transaction, whether
      pursuant to the Title Commitment or otherwise, and all other charges of the
      Title Company due in connection with Closing, except those charges incurred
      in
      connection with obtaining and recording any releases of liens or encumbrances
      on
      the Property for which Seller is responsible; 

     

    6.1.4       The
      fees
      and disbursements of Purchaser’s counsel and any other expense(s) incurred by
      Purchaser or its representative(s) in inspecting or evaluating the Property
      or
      closing this transaction; and

     

    6.1.5       Any
      and
      all costs and expenses in connection with obtaining financing for the purchase
      of the Property, including without limitation any recordation or 

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    transfer
      taxes required to be paid upon the recordation of any deed of trust, mortgage
      or
      other security agreement executed and recorded in connection with such
      financing.

     

    6.2       Seller’s
      Costs.

     

    Seller
      will pay the following costs of closing this transaction:

     

    6.2.1       The
      Missouri Grantor’s Tax due in connection with the recordation of the
      Deed;

     

    6.2.2       The
      fees
      and disbursements of Seller’s counsel;

     

    6.2.3       The
      cost
      and expense of removing any liens, encumbrances or other Title Objection Seller
      elects or is otherwise required to remove in accordance with Section 3 above,
      and the cost of an owner's policy of title insurance issued in the amount of
      the
      Purchase Price.

     

    6.3       Prorations.

     

    All
      revenues and expenses, including, but not limited to rents and any other amounts
      paid by tenants, personal property taxes, installment payments of special
      assessment liens, vault charges, sewer charges, utility charges and normally
      prorated operating expenses billed or paid as of the Date of Closing shall
      be
      prorated as of the Date of Closing and shall be adjusted against the Purchase
      Price due at Closing, provided that within sixty (60) days after Closing,
      Purchaser and Seller will make a further adjustment for such rents, taxes or
      charges which may have accrued or been incurred prior to the Date of Closing,
      but not received or paid at that date. 

     

    6.4       Security
      Deposits.

     

    The
      security deposits collected under the Leases and being held by Seller as of
      the
      date of this Agreement are as set forth on Exhibit
      1.1.5.
      Any
      unapplied balance then held by Seller shall be credited to Purchaser on the
      Closing Statement. 

     

    6.5       Taxes.

     

    General
      real estate taxes and special assessments relating to the Property payable
      during the year in which Closing occurs shall be prorated as of the Date of
      Closing. If Closing shall occur before the actual taxes and special assessments
      payable during such year are known, the apportionment of taxes shall be upon
      the
      basis of taxes for the Property payable during the immediately preceding year;
      provided that, if the taxes and special assessments payable during the preceding
      year in which Closing occurs are thereafter determined to be more or less than
      the taxes payable during the preceding year (after any appeal of the assessed
      valuation thereof is concluded), Seller and Purchaser promptly shall adjust
      the
      proration of such taxes and special assessments, and Seller or Purchaser, as
      the
      case may be, shall pay to the other any amount required as
      a
      result of such adjustment and this covenant shall not merge with the deed
      delivered hereunder but shall survive the Closing. 

     

    6.6       Contracts.

     

    Amounts
      due under any Contracts assumed by Purchaser for any period which includes
      Closing shall be prorated as of the Date of Closing, and Purchaser shall be
      responsible for all amounts due thereunder from Closing through the effective
      date of the termination thereof.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

     

    6.7       Utility
      Deposits.

     

    Seller
      shall be entitled to the return of any deposit(s) posted by it with any utility
      company and Seller shall notify each utility company serving the Property to
      terminate Seller’s account, effective at noon on the Date of Closing. Seller
      agrees to reasonably cooperate with Purchaser in transferring utility company
      accounts with respect to the Property.

     

    6.8       Post-Closing
      Collection.

     

    Upon
      Closing, Seller shall retain all rights in and to any rents or other amounts
      due
      for any period prior to Closing, including without limitation the including
      without limitation certain funds due in connection with the Delphi lease that
      relate to a period of time prior to the Date of Closing, along with the right
      to
      take such actions as are available pursuant to the Lease and/or applicable
      law
      to collect the foregoing, provided, however, that Seller shall not take any
      actions against tenants under the Leases that would adversely affect such
      tenants' possessory rights. Purchaser shall apply all rents or other amounts
      received by Purchaser, first for the account of Seller for periods prior to
      Closing; second for the account of Purchaser for amounts due to Purchaser;
      with
      any excess balance to be retained by Purchaser. Notwithstanding anything herein
      to the contrary, in the event any tenant should forward any amounts due and
      payable pursuant to the Leases to the Seller following the Date of Closing
      or
      shall pay any amounts which are attributable to the period following the Date
      of
      Closing, then, in either such event, Seller shall apply any amount owed to
      it in
      accordance with this Section 6.8 and forward the balance to
      Purchaser.

     

    6.9       In
      General.

     

    Any
      other
      costs or charges of closing this transaction not specifically mentioned in
      this
      Agreement shall be paid and adjusted in accordance with local custom in locality
      in
      which
      the Property is located.

     

    6.10       Purpose
      and Intent.

     

    The
      purpose and intent as to the provisions of prorations and apportionments set
      forth in this Section 6 is that Seller shall bear all expenses or ownership
      and
      operation of the Property and shall receive all income therefrom accruing
      through the Date of Closing and Purchaser shall bear all such expenses and
      receive all such income accruing thereafter; provided, however, that in the
      event Purchaser funds the Purchase Price to the Title Company on or before
      the
      Date of Closing but Seller does not receive the Purchase Price in immediately
      available funds by 5:00 p.m., Denver, Colorado time on the Date of Closing,
      all
      adjustments and prorations shall be made as of the
      next
      business day immediately following the Date of Closing. All of the provisions
      contained in this Section 6 of this Agreement shall survive
      Closing.

     

    7.       Damage,
      Destruction or Condemnation.

     

    7.1       Material
      Event.

     

    Notwithstanding
      anything to the contrary set forth in this Agreement, if, prior to Closing:
      either (a) ten percent (10%) or more of the net rentable area of the Building
      is
      rendered untenantable as a result of a casualty or is permanently taken under
      the power of eminent domain, or (b) material access to the Property is destroyed
      as a result of a casualty or is permanently taken under the power of eminent
      domain, then, in any such event,
      Purchaser may elect to terminate this Agreement by given written notice to
      Seller of its election

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    to
      terminate this Agreement (a “Material
      Event Termination Notice”)
      within
      thirty (30) days after receiving written notice of such destruction or permanent
      taking. If Purchaser does not give a Material Event Termination Notice within
      such thirty (30)-day period, this transaction shall close on the Date of Closing
      and Purchaser shall pay the full Purchase Price provided for in Section 2,
      and
      Seller shall assign to Purchaser the physical damage proceeds of any insurance
      policies payable to Seller, or Seller’s portion of any condemnation award, and,
      if an insured casualty, pay to Purchaser the amount of any deductible but not
      to
      exceed the amount of the loss. 

     

    7.2       Immaterial
      Event.

     

    If,
      prior
      to Closing: (a) less than ten percent (10%) of the net rentable area of the
      Building is rendered completely untenantable or permanently taken under the
      power of eminent domain, or (b) less than material access to the Property is
      destroyed or taken under the power of eminent domain, this transaction shall
      close on the Date of Closing and Purchaser shall pay the full Purchase Price
      set
      forth in Section 2, above, and Seller shall assign to Purchaser the physical
      damage proceeds of any insurance policies payable to Seller, or Seller’s portion
      of any condemnation award, in both cases, up to the amount of the Purchase
      Price
      and, if an insured casualty, pay to Purchaser the amount of any deductible
      but
      not to exceed the amount of the loss.

     

    7.3       Termination.

     

    If
      Purchaser timely delivers a Material Event Termination Notice pursuant to
      Section 7.1, above, and if Purchaser is not, on the date of such delivery,
      in
      material default under the Agreement, the Deposit shall be returned to Purchaser
      and the parties shall have no further obligations hereunder except for the
      Surviving Obligations. The obligation of Purchaser to proceed to Closing in
      the
      event of a casualty described in this Section 7 shall be conditioned upon
      Seller’s having property damage insurance in place with respect to the
      Property.

     

    8.       Notices.

     

    Any
      notice required or permitted to be given hereunder must be in writing and shall
      be deemed to be given when (a) hand delivered, or (b) delivered by a nationally
      recognized overnight express service, in either case addressed to the parties
      at
      their respective addresses set forth below:

     

    If
      to
      Purchaser:       Northtown
      Business Center, L.L.C.

    
      	 	 	 	 	
              104
                Armour Road

            

    

    
      	 	 	 	 	
              North
                Kansas City, Missouri 64116

            

    

                    Attention:
      Erik
      Lund

    
      	 	 	 	 	
              Telephone:
                816-303-4500

            

    

    
      	 	 	 	 	
              Facsimile:
                816-221-1829

            

    

    Email:
       ELund@maxusprop.com

    

    With
      a
      copy to:      
Robert
      B.
      Thomson, Esq.

    
      	 	 	 	 	
              4324
                Belleview, Suite 201

            

    

    
      	 	 	 	 	
              Kansas
                City, Missouri 64111

            

    

                    Telephone:
      816-421-2835

    
      	 	 	 	 	
              Facsimile:
                816-531-6828

            

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    

    
      	 	 	 	 	
              Email:
                 RThomson@maxusprop.com

            

    

    

    If
      to
      Seller:      c/o
      Cherokee Investors LLC

                    4600
      S. Ulster
      Street, Suite 500

    
      	 	 	 	 	
              Denver,
                CO 80237 

            

    

    
      	 	 	 	 	
              Attention:
                Kenneth Ho

            

    

                    Telephone:
      303-689-1460

                    Facsimile
      303-
      689-1461

                    E-mail:
kho@cherokeefund.com

    

    With
      a
      copy to:       Brownstein
      Hyatt & Farber, P.C.

                              
410
      17th Street, 22nd
      Floor

                              
Denver,
      Colorado
      80202

                               Attention:
      Jennifer
      Eiteljorg, Esq.

                               Telephone:
      303-223-1100

                                Facsimile
      303-223-1111

                                E-mail:
jeiteljorg@bhf-law.com

     

    or
      in
      each case to such other address as either party may from time to time designate
      by giving notice in writing pursuant to this Section 8 to the other party.
      Telephone, e-mail and (except as set forth below) facsimile numbers are for
      informational purposes only. Effective notice will be deemed given only as
      provided above, except as otherwise expressly provided in this Agreement.
      Notwithstanding anything herein to the contrary, it is understood and agreed
      that Purchaser may deliver its notice of termination in accordance with Section
      3 by facsimile transmission, provided that such facsimile transmission is
      confirmed by overnight delivery in accordance with this Section 8, which
      overnight delivery must be sent on the next business day such facsimile
      transmission was sent by Purchaser.

     

    9.       Closing
      and Escrow.

     

    9.1       Seller’s
      Deliveries.
      Seller
      shall deliver at the Closing or by making available at the address for Seller’s
      notice set forth herein, as appropriate, the following original documents;
      if
      available, each executed and, if required, acknowledged:

     

    9.1.1       A
      special
      warranty deed to the Property, in the form attached hereto as Exhibit 9.1.1
      (the
“Deed”),
      subject only to the Permitted Exceptions and other matters reasonably approved
      in writing by Purchaser or Purchaser’s counsel.

     

    9.1.2       (i)
      Originals (or copies if originals are not available) of the Leases which are
      still in effect as of Closing and any new Leases entered in pursuant to Section
      4.4.; (ii) a current listing of any tenant security deposits and prepaid rents
      held by Seller with respect to the Property; (iii) an assignment of such Leases,
      and any deposits and prepaid rents by way of an assignment and assumption
      agreement in the form attached hereto as Exhibit 9.1.2.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    

     

    9.1.3       (i)
      Copies of all Contracts relating to the Property which Purchaser has elected
      to
      assume (explicitly or implicitly in accordance with the terms of this
      Agreement); and (ii) an assignment of such Contracts to Purchaser by way of
      an
      assignment and assumption agreement, in the form attached hereto as Exhibit 9.1.3.

     

    9.1.4       All
      books
      and records related to the Property held by or for the account of Seller,
      including without limitation plans and specifications and lease applications,
      as
      available, and the originals, to the extent available, of all information,
      data
      and material made available to Purchaser pursuant to Section 1.2.3
      hereof.

     

    9.1.5       An
      affidavit pursuant to the Foreign Investment and Real Property Tax Act, in
      the
      form attached hereto as Exhibit 9.1.5.

     

    9.1.6       An
      “owner’s affidavit” in the form reasonably required from Seller pursuant to the
      Title Commitment as a condition precedent to the issuance of an Owner’s Title
      Insurance Policy pursuant to the terms thereof.

     

    9.1.7       
      A
      settlement statement.

     

    9.1.8       A
      tenant
      estoppel certificate from each tenant, in the form attached hereto as
Exhibit 9.1.8.
      Landlord shall use commercially reasonably efforts to obtain an estoppel
      certificate from each tenant (including any tenant who has not delivered an
      estoppel certificate as of the Approval Date), and if any tenant fails to
      deliver a tenant estoppel certificate despite Landlord's commercially reasonably
      efforts to obtain one, then Landlord shall deliver a landlord estoppel
      certificate in connection with such Lease, in the form attached hereto as
Exhibit
      9.1.8.

     

    9.1.9       Transfer
      and Recordation Tax Declarations, or other similar documents required to be
      executed in connection with the recordation of the Deed.

     

    9.1.10       Tenant
      Notification Letters, in the form attached hereto as Exhibit 9.1.10,
      to each
      of the tenants under the Leases.

     

    9.1.11       Letters
      to contractors, to the extent Purchaser is assuming any of the Contracts, in
      the
      form attached hereto as Exhibit 9.1.11,
      advising them of the sale of the Property to Purchaser and directing to
      Purchaser all bills for the services provided to the Property on and after
      the
      Date of Closing.

     

    9.1.12       All
      keys
      to the Building in Seller's possession.

     

    9.2       Purchaser’s
      Deliveries. 
      At
      the
      Closing, Purchaser shall (i) pay Seller the Purchase Price as required by,
      in
      the manner described in, Section 2 hereof, and (ii) execute and deliver the
      following documents:

     

    9.2.1       An
      assignment and assumption agreement with respect to the Leases in the form
      attached hereto as Exhibit 9.1.2.

     

    9.2.2       An
      assignment and assumption agreement with respect to the Contracts in the form
      attached hereto as Exhibit 9.1.3.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

     

    9.2.3       Such
      documents in a form reasonably acceptable to Purchaser as required from
      Purchaser pursuant to the Title Commitment as a condition precedent to the
      issuance of an Owner’s Title Insurance Policy pursuant to the terms
      thereof.

     

    9.2.4       A
      settlement statement.

     

    9.2.5       Evidence
      of Purchaser’s authority reasonably acceptable to the Title Company to enter
      into the transaction contemplated by this Agreement.

     

    9.2.6       Transfer
      and Recordation Tax Declarations, or other similar documents required to be
      executed in connection with the recordation of the Deed. 

     

    9.3       Possession. 
      Purchaser
      shall be entitled to possession of the Property upon delivery of the Deed to
      Purchaser.

     

    10.       Default.

     

    10.1       Purchaser
      Default. 
      If
      Purchaser shall fail or refuse to purchase the Property in violation of
      Purchaser’s obligations hereunder for any reason other than a default by Seller
      under this Agreement, or shall otherwise be in default in its obligations
      hereunder, and shall not
      have
      cured such default within ten (10) days after receipt of notice thereof from
      Seller, Seller shall have as its sole remedy the right to terminate this
      Agreement and retain the full amount of the Deposit and any interest accrued
      thereon. Seller and Purchaser acknowledge and agree that (a) it would be
      extremely difficult to accurately determine the amount of damages suffered
      by
      Seller as a result of Purchaser’s default hereunder; (b) the Deposit and any
      interest accrued thereon constitutes a fair and reasonable amount to be received
      by Seller as agreed and liquidated damages for Purchaser’s default under this
      Agreement, as well as a fair, reasonable and customary amount to be paid as
      liquidated damages to a seller in an arm’s length transaction of the type
      contemplated by this Agreement upon a default by the purchaser thereunder;
      and
      (c) receipt by Seller of the Deposit and interest accrued thereon upon
      Purchaser’s default hereunder shall not constitute a penalty or a forfeiture. In
      no event shall Seller have the right to bring suit against Purchaser for money
      damages in the event of a default by Purchaser, except for a suit arising out
      of
      the Surviving Obligations or for Purchaser's failure to cause the Title Company
      to release the Deposit to Seller.

     

    10.2       Seller
      Default. 
      If
      Seller
      shall refuse or fail to convey the Property to Purchaser in violation of
      Seller’s obligations hereunder for any reason other than a default by Purchaser
      under this Agreement, and shall
      not
      have cured such default within ten (10) days after receipt of notice thereof
      from Purchaser, Purchaser shall have to choose one of the following as its
      sole
      remedy in connection with such breach: (a) terminate this Agreement and receive
      a return of the Deposit, or (b) seek specific performance of this Agreement;
      or
      (c) waive such breach or default and proceed with Closing. In the event that
      Purchaser elects to seek specific performance under subsection (b) above,
      Purchaser hereby agrees that: (i) Purchaser shall bring such action within
      ninety (90) days after the scheduled Date of Closing, or else such remedy shall
      be deemed waived; and (ii) in no event shall Seller be obligated to undertake
      any of the following (A) change the condition of the Property or restore the
      same after any fire or casualty; (B) expend any 

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    money
      (except as provided in Section 3.2 above) or post a bond to remove or insure
      over a title defect or encumbrance or to correct any matter shown on a survey
      of
      the Property; or (C) expend any money to repair, improve or alter the
      Improvements or any portion thereof, unless the need for such repair,
      improvement or alteration would otherwise be required pursuant to the terms
      hereof. If Purchaser does not institute an action for specific performance
      or
      damages within ninety (90) days after the scheduled Date of Closing, time being
      of the essence, and Purchaser has not then elected to waive such default by
      Seller, Purchaser shall be deemed to have irrevocably elected to exercise the
      remedy set forth in Section 10.2(a), above. The foregoing shall not affect
      Purchaser's rights and remedies for Seller's breach of any of the Surviving
      Obligations.

     

    10.3       Attorneys’
      Fees. 
      Notwithstanding
      anything to the contrary in this Agreement, in the event that either Seller
      or
      Purchaser, as the case may be, shall bring a lawsuit against the other party
      to
      enforce their respective rights under Section 10.1 and 10.2, above, the losing
      party shall pay the prevailing party’s costs and expenses incurred in connection
      with such litigation, including without limitation reasonable attorneys’ fees.
      The “prevailing party” shall be determined by the court hearing such
      matter.

     

    11.       Miscellaneous.

     

    11.1       Entire
      Agreement.
      This
      Agreement, together with the Exhibits attached hereto, all of which are
      incorporated by reference, is the entire agreement between the parties with
      respect to the subject matter hereof, and no alternation, modification or
      interpretation hereof shall be binding unless in writing and signed by both
      parties.

     

    11.2       Severability.
      If
      any
      provision of this Agreement or its application to any party or circumstances
      shall be determined by any court of competent jurisdiction to be invalid and
      unenforceable to any extent, the remainder of this Agreement or the application
      of such provision to such person or circumstances, other than those as to which
      it is so determined invalid or unenforceable, shall not be effected thereby,
      and
      each provision hereof shall be valid and shall be enforced to the fullest extent
      permitted by law.

     

    11.3       Applicable
      Law.
      This
      Agreement shall be construed and enforced in accordance with the internal laws
      of the State of Missouri.

     

    11.4       Assignability. 
      Purchaser
      shall not have the right, without the prior written approval of Seller, to
      assign or transfer any of Purchaser’s rights, obligations and interests under
      this Agreement. Any assignment made without Seller’s prior written approval
      shall be void. No assignment in any event shall release Purchaser herein named
      from any obligations or liability under this Agreement.

     

    11.5       Successors
      Bound. 
      This
      Agreement shall be binding upon and inure to the benefit of Purchaser and Seller
      and their respective successors and permitted assigns. 

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

     

    11.6       Captions;
      Interpretation. 
      The
      captions in this Agreement are inserted only as a matter of convenience and
      for
      reference and in no way define, limit or described the scope of this Agreement
      or the scope or content of any of its provisions. Whenever the context may
      require, words used in this Agreement shall include the corresponding feminine,
      masculine, or neuter forms, and the singular shall include the plural and vice
      versa. Unless the context expressly indicates otherwise, all references to
      “Section” are to sections of this Agreement. The parties acknowledge that they
      have had the opportunity to be represented by counsel in the negotiation and
      execution of this Agreement, and therefore, it is expressly agreed that in
      the
      case of any vagueness or ambiguity with regard to any provision of this
      Agreement, there shall be no presumption of construction against the drafter
      of
      such provision, but instead this Agreement shall be interpreted in accordance
      with a fair construction of the law.

     

    11.7       No
      Partnership.
      Nothing
      contained in this Agreement shall be construed to create a partnership or joint
      venture between the parties or their successors in interest.

     

    11.8       Time
      of Essence.
      Time
      is
      of the essence in this Agreement.

     

    11.9       Counterparts.
      This
      Agreement may be executed and delivered in any number of counterparts, each
      of
      which so executed and delivered shall be deemed to be an original and all of
      which shall constitute one and the same instrument.

     

    11.10       Recordation.
      Purchaser
      and Seller agree not to record this Agreement or any memorandum
      hereof.

     

    11.11       Proper
      Execution.
      The
      submission by Seller to Purchaser of this Agreement in an unsigned form shall
      be
      deemed to be a submission solely for Purchaser’s consideration and not for
      acceptance and execution. Such submission shall have no binding force and
      effect, shall not constitute an option or an offer, and shall not confer any
      rights upon Purchaser or impose any obligations upon Seller irrespective of
      any
      reliance thereon, change of position or partial performance. The submission
      by
      Seller to Purchaser of this Agreement for execution by Purchaser and the actual
      execution thereof and delivery to Seller by Purchaser shall similarly have
      no
      binding force
      and
      effect on Seller unless and until the date on which Seller shall have executed
      this Agreement and delivered a copy to Purchaser and the Additional Deposit
      shall have been received by the Title Company.

     

    11.12       Liability
      of Seller.
      It
      is
      hereby expressly agreed that any liability of Seller arising hereunder prior
      to
      Closing, for any reason whatsoever, shall be limited to Seller’s interests in
      and to the Property.  It
      is
      further hereby expressly agreed that in no event shall any officer, director,
      employee, agent or representative of Seller have any personal liability in
      connection with this Agreement or the transaction envisioned
      herein.

     

    11.13       Waiver.
      No
      waiver
      of any breach of any agreement or provision contained herein shall be deemed
      a
      waiver of any preceding or succeeding breach of any other agreement or provision
      herein contained. No extension of time for the performance of any 

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    obligation
      or act shall be deemed an extension of time for the performance of any other
      obligation or act.

     

    11.14       Seller’s
      Performance.
      The
      delivery by Seller of the Deed and the other documents Seller is required to
      deliver at or prior to Closing to the Title Company shall be deemed to be a
      full
      performance and discharge of every agreement and obligation of Seller herein
      contained and expressed, all of which agreements and obligations shall merge
      with the Deed and thereafter be of no further force and effect, except as such
      are, by the express terms hereof, to be performed by Seller or Purchaser after
      the delivery of such instruments. It is agreed that all other representations,
      statements, agreements, warranties and covenants of each party hereunder shall
      continue to bind the parties and survive Closing pursuant to this Agreement;
      PROVIDED, HOWEVER, such representations, statements, agreements, warranties
      and
      covenants shall expire automatically without further action of the parties
      on
      the first (1st) anniversary of Closing (excluding those for which a longer
      survivability period is expressed) unless a specific claim in writing with
      respect to these matters shall have been made, or an action at law or in equity
      shall have been commenced or filed before such date.

     

    11.15       Title
      Company.
      In
      performing any of its duties hereunder, the Title Company shall not incur any
      liability to anyone for any damages, losses or expenses, except for those
      arising out of its willful default, negligence or breach of trust or fiduciary
      duty. Seller and Purchaser hereby agree to indemnify and hold harmless to Title
      Company from the against any and all losses, claims, damages, liabilities and
      expenses, including reasonable attorney’s fees, which may be incurred by the
      Title Company in connection with its acceptance or performance of its duties
      hereunder, including any litigation arising from this Agreement or involving
      the
      subject matter hereof, except in the case of Title Company’s willful default,
      negligence or breach of trust or fiduciary duty. In the event of a dispute
      between Seller and Purchaser sufficient in the discretion of the Title Company
      to justify its doing so, the Title Company shall be entitled to tender into
      the
      registry or custody of any court of competent jurisdiction the Deposit and
      all
      other money or property in its hands under this Agreement, together with such
      legal pleadings
      as it deems appropriate, and thereupon be discharged from all further duties
      and
      liabilities under this Agreement.

     

    11.16       Business
      Days.
      If
      any
      date herein set forth for the performance of any obligations by Seller or
      Purchaser or for the delivery of any instrument or notice as herein provided
      should fall on a Saturday, Sunday or Legal Holiday (hereinafter defined), the
      compliance with such obligations or delivery shall be deemed acceptable on
      the
      next business day following such Saturday, Sunday or Legal Holiday. As used
      herein, the term “Legal Holiday” shall mean any local or federal holiday on
      which banks or post offices are closed in Denver, Colorado.

     

    11.17       Surviving
      Obligations.
      The
      term
“Surviving
      Obligations”,
      as
      used herein shall mean, collectively, the Indemnity Obligations, defined in
      Section 3.1.2 above, the Confidentiality Obligations, defined in Section 3.6
      above, the Broker Obligations, defined in Section 5.3, above, Seller's
      obligation to meet the No Further Action Standard defined in Section

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    3.7.2
      above, and Purchaser's obligations under Section 5.2.7 above, together with
      any
      other obligations of the parties which expressly survive Closing or the
      termination of this Agreement for any reason.

     

    11.18 §1031
      Exchange.
      

     

    Seller
      acknowledges that Purchaser may desire to effect a like kind exchange within
      the
      meaning of Section 1031 of the Internal Revenue Code as to all or a portion
      of
      the Property. Seller agrees to cooperate with such exchange(s) at no liability,
      cost or expense to itself, and Purchaser will indemnity Seller against any
      cost,
      expense, liability or exposure arising out of such cooperation.

     

    
      
        27

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      Purchaser and Seller have executed this Agreement on the dates set forth below,
      effective as of the date first set forth above.

     

    SELLER:

     

    CHEROKEE
      NORTH KANSAS CITY, LLC, 

    a
      Delaware limited liability company

    

      
      By: /s/
      Dwight Stenseth

                              
Name: Dwight
      Stenseth                    

                               Title: Vice
      President

    
      
                                   Date:
          6/30/06,
          2006

      

    

     

    PURCHASER:

     

    NORTHTOWN
      BUSINESS CENTER, L.L.C.,

    a
      Missouri limited liability company

    

      
      By:  /s/
      Erik H. Lund

                              
Name: Erik
      H. Lund

                               Title: Manager

    
                                 Date: 
June
        29,
        2006

    

     

      An
        original, fully executed copy of the Letter of Intent, together with the
        Initial
        Deposit was received by Title Company on June 9, 2006. An original,
        fully executed copy of this Agreement, together with the Additional Deposit,
        has
        been received by the Title Company this 7thday of
June, July 2006, and by execution
        hereof the
        Title Company covenants and agrees to be bound by the applicable terms of
        this
        Agreement. 

     

    

     

    CHICAGO
      TITLE INSURANCE COMPANY

    By: /s/
      Susan Ferris

    Name: Susan
      Ferris

    Title: Commercial
      Escrow Officer

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      1.1.1

     

    LEGAL
      DESCRIPTION

     

    All
      that
      part of the Northwest Quarter of Section 14, Township 50, Range 33, in North
      Kansas City, Clay County, Missouri, being more particularly described as
      follows:

     

    Beginning
      at a point on the North right-of-way line of West 23rd
      Avenue,
      as established by Doc. No. B-62157, in Book 773 at Page 454, North 89 degrees
      09
      minutes 08 seconds West, 373.50 feet from the West right-of-way line of
      Burlington Street (US Highway Route No. 71), as now established;
      thence continuing North 89 degrees 09 minutes 08 seconds West along said
      North right-of-way line, a distance of 545.08 feet to a point on the East
      line of that certain tract of land described in Book 366 at Page 294,
      recorded December 3, 1946; thence North 0 degrees 50 minutes 52 seconds
      East along said East line, 240 feet to the Northeast corner of said certain
      tract of land; thence North 89 degrees 09 minutes 08 seconds West along the
      North line of said tract of land, 185.78 feet to the Northwest corner
      thereof, being also a point on the Easterly right-of-way line of the Burlington
      Northern Railroad Company (formerly CB&O Railroad Co.); thence North 7
      degrees 31 minutes 44 seconds West along said Easterly right-of-way line, a
      distance of 529.57 feet to an angle point therein; thence North 2 degrees 37
      minutes 55 seconds East, 52.76 feet to a point on the South line of that certain
      tract of land described in Doc. No. A-72251 in Book 539 at Page 408; thence
      South 89 degrees 08 minutes 42 seconds East along the South line of said certain
      tract of land, 79.42 feet to the Southeast corner thereof; thence North 0
      degrees 51 minutes 18 seconds East along the East line of said tract of land,
      52
      feet to a point on the South right-of-way line of West 26th Avenue, as now
      established by Doc. No. B-62157 in Book 773 at Page 454; thence South 89 degrees
      08 minutes 42 seconds East along said South right-of-way line, 301 feet; thence
      South 2'42'55” West, no longer along said South right-of-way line, 168.64 feet;
      thence South 89 degrees 08 minutes 42 seconds East, parallel with said South
      right-of-way line, 431.5 feet; thence South 0 degrees 51 minutes 11 seconds
      West, 700 feet to Point of Beginning.

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      1.1.5

     

    SCHEDULE
      OF LEASES AND SECURITY DEPOSITS

     

    Existing
      Leases:       Security
      Deposits: 

     

    Delphi
      Automotive Systems LLC, dated July 9, 2002,   $
      0

    First
      Amendment to Lease dated July 9, 2003 and 

    Second
      Amendment to Lease dated March 3, 2005 

     

    

    Gallagher
      Power Fence, Inc. dated May 27, 2003    
$9,750

     

    

    NL
      Grease, LLC dated March 24, 2003, and     $
      0

    First
      Amendment to Lease dated October 17, 2005

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      1.2.6

     

    ENVIRONMENTAL
      REPORTS

     

    
      	
              Date

               

            	
              Document

               

            
	
              2/8/89

               

            	
              Certificate
                of Destruction.

               

            
	
              3/20/89

               

            	
              Underground
                Storage Tank Removals.

               

            
	
              6/2/89

               

            	
              Farmland
                UST Removals, Terracon

               

            
	
              11/15/90

               

            	
              Potentiometric
                Contour Diagrams of Groundwater Data Collected on 8/24/90, 9/21/90,
                10/18/90, and 11/19/90.

               

            
	
              11/15/91

               

            	
              Phase
                I Environmental Audit Report, Geraghty &Miller, prepared for the
                subject property. 

               

            
	
              11/18/91

               

            	
              Site
                Map, shows the relative location of subject property.

               

            
	
              10/23/97

               

            	
              Farmland
                Industries, Inc. Underground Storage Tank Removal Report.

               

            
	
              11/18/98

               

            	
              Final
                Phase II Site Assessment, Arcadis Geraghty & Miller, prepared for the
                subject property.

               

            
	
              7/1/99

               

            	
              Preliminary
                Assessment/Site Inspection Groundwater Sampling Report, MDNR.

               

            
	
              8/27/99

               

            	
              MDNR
                letter and copy of Preliminary Assessment/Site Inspection Groundwater
                Sampling Report for the sampling event on July 1-2, 1999, official
                submittal of previous item.

               

            
	
              9/29/99

               

            	
              Combined
                Preliminary Assessment/Site Inspection Report, MDNR Division of
                Environmental Quality Hazardous Waste Program. 

               

            
	
              4/10/00

               

            	
              Site
                Characterization Work Plan, Farmland Corporate Environmental Health
&
                Safety Department.

               

            
	
              3/01

               

            	
              Site
                Characterization Work Plan, Final of previous document.

               

            
	
              3/21/02

               

            	
              MDNR
                Abatement Order on Consent for Site Characterization, executed on
                June 13,
                2002.

               

            
	
              10/02/02

               

            	
              Site
                Characterization Investigation Report, Burns & McDonnell 

               

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Date

               

            	
              Document

               

            
	 	
              Engineering
                Company, Inc.

               

            
	
              4/16/03

               

            	
              MDNR
                letter re: Comments on Site Characterization Investigation
                Report

               

            
	
              6/17/03

               

            	
              Farmland
                letter to Pia Capell of MDNR re: Response to Site Characterization
                Comments

               

            
	
              8/17/04

               

            	
              Letter
                from Pia Capell of MDNR

               

            
	
              9/9/04

               

            	
              MDNR
                letter re: Response to Comments on Site Characterization Investigation
                Report

               

            
	
              11/12/04

               

            	
              Shaw
                letter to MDNR re: Response to MDNR Letter of September 9, 2004 with
                attached figure Proposed Sample Location Map

               

            
	
              8/24/05

               

            	
              Site
                Participation Agreement between Missouri Department of Natural Resources,
                Cherokee North Kansas City, LLC and, FI Missouri Remediation
                Trust

               

            
	
              09/07/05

               

            	
              United
                States Bankruptcy Court, Western District of Missouri, Motion to
                approve
                site participation agreement between FI Missouri Remediation Trust,
                Cherokee North Kansas City, LLC and Missouri Department of Natural
                Resources

               

            
	
              11/29/05

               

            	
              Shaw
                letter to MDNR re: Site Investigation Workplan

               

            
	
              2005?

               

            	
              Draft
                Agreement and Covenant Not To Sue

               

            
	
              2005
                ?

               

            	
              10
                Tables reporting groundwater and soil sampling results.

               

            
	
              1/06/06

               

            	
              MDNR
                letter re John Weber replacing Karen Cass as MDNR Remedial Project
                Manager

               

            
	
              1/9/06

               

            	
              Quarterly
                Progress Report letter to MDNR

               

            
	
              1/17/06

               

            	
              MDNR
                letter, comments regarding Site Investigation Workplan

               

            
	
              4/10/06

               

            	
              Quarterly
                Progress Report letter to MDNR

               

            
	
              5/09/06

               

            	
              Soil
                Chemistry Map

               

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Date

               

            	
              Document

               

            
	
              5/09/06

               

            	
              Groundwater
                Chemistry Map

               

            
	
              5/09/06

               

            	
              Groundwater
                Elevation Map

               

            
	
              5/15/06

               

            	
              Site
                Investigation Tables

               

            

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      3.1.1

     

    FORM
      OF ACCESS AGREEMENT

     

    THIS
      ACCESS AGREEMENT (this
      “Agreement”)
      is
      made as of ___________, 2006, by Cherokee North Kansas City LLC, a Delaware
      limited liability company (“Owner”)
      and
      Northtown Business Center, L.L.C. (“Inspector”),
      with
      reference to the following:

     

    A. Owner
      owns a certain parcel in real property, and all improvements located therein,
      commonly known as 105 West 26th
      Avenue,
      North Kansas City, Missouri, and more specifically described on Exhibit
      A
      hereto
      (“Property”).

     

    B. Owner
      desires to sell the Property, along with certain related personal and intangible
      property, and Inspector desires to purchase such real, personal and intangible
      property from Owner, and both parties have entered into a purchase and sale
      agreement dated June 28, 2006 (the “Purchase
      Agreement”)
      to
      that effect.

     

    C. Inspector
      has requested access to the Property to commence certain due diligence
      investigations, and Owner is willing to permit such access for certain specified
      purposes and on certain restrictive conditions.

     

    NOW,
      THEREFORE, with the intent to be legally bound and for consideration the
      existence and sufficiency of which is hereby acknowledged, the parties agree
      as
      follows:

     

    1. Owner
      agrees to allow Inspector and Inspector’s engineers, architects and other
      employees and agents reasonable access to the Property during normal business
      hours for the limited purposes provided herein.

     

    2. Inspector
      and its engineers, architects, employees, agents and contractors may exercise
      such access solely for the purposes of (i) reviewing leases, contracts, books
      and records relating to Property (other then any privileged, proprietary or
      confidential records), soil reports, environmental studies and reports, surveys,
      and building and systems plans; (ii) reviewing records relating to operating
      expenses; and (iii) inspecting the physical condition of the Property and
      conducting non-intrusive physical and environmental tests and inspections
      thereof. INSPECTOR SHALL NOT CONDUCT OR ALLOW ANY PHYSICALLY INTRUSIVE TESTING
      OF, ON OR UNDER THE PROPERTY WITHOUT FIRST OBTAINING OWNER’S WRITTEN CONSENT AS
      TO THE SCOPE AND TIMING OF THE WORK TO BE PERFORMED, WITHOUT AN AUTHORIZED
      REPRESENTATIVE OF SELLER BEING PRESENT AT ALL TIMES DURING SUCH TESTING, AND
      THE
      PARTIES ENTER INTO AN AMENDMENT HERETO ADDING AN EXHIBIT
      B
      MEMORIALIZING SUCH SCOPE OF WORK AND ANY ADDITIONAL AGREEMENTS OF THE PARTIES
      WITH RESPECT TO SUCH TESTING. For purposes hereof, the term “non-intrusive
      physical inspection” shall include soil borings and/or soil samples taken from
      the unimproved portions of the Property provided that no physical improvements
      are damaged and/or penetrated in connection with such tests and/or inspections
      and provided further that: (i) all such tests and studies shall be 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    conducted
      in a reasonable manner so as not to interfere or disrupt Owner’s or any tenant’s
      possession of the Property; (ii) Inspector shall properly identify and mark
      any
      and all disruptions to the surface of the soil so as to avoid any hazard which
      may result from any open holes or other obstructions caused as a result of
      such
      tests and studies; (iii) Inspector shall not allow to remain upon the Property
      any holes or disruptions to the surface of the Property which would endanger
      or
      jeopardize any other persons who may be present thereon; and (iv) Inspector
      shall restore the Property to the condition prevailing prior to the exercise
      of
      its rights hereunder. Intrusive testing shall only include those activities
      which penetrate, pierce, drill through, bore through, puncture, mar, deface
      or
      damage any physical improvement located upon the Property.

     

    3. Inspector
      agrees that it will cause any person accessing the Property hereunder to be
      covered by not less than $2,000,000 liability insurance insuring all activity
      and conduct of such person while exercising such right of access. Inspector
      represents and warrants that it carries not less than $2,000,000 general
      liability insurance with a contractual liability endorsement which insures
      its
      indemnity obligations under this Agreement, which names Owner as insured
      thereunder, a copy of which policy and endorsement is attached hereto as
Exhibit
      C.

     

    4. Inspector
      agrees that in the exercise of the right of access granted hereby, it will
      not
      unreasonably interfere with or permit unreasonable interference with quiet
      enjoyment of all or any portion of the Property or any activity of any tenant
      thereof, or unreasonably interfere with or permit the unreasonable interference
      with any person occupying or providing service at the Property.

     

    5. Inspector
      agrees to indemnify, defend and hold Owner free and harmless from any loss,
      injury, liability, damage, claim, lien, cost or expenses, including reasonable
      attorney’s fees and costs, arising from the exercise by Inspector or its
      employees, consultants, agents or representatives of the right of access under
      this Agreement or arising out of a breach of this Agreement by Inspector. Any
      inspections undertaken by Inspector pursuant to this Agreement shall be at
      Inspector’s sole risk and expense. This agreement to indemnity and hold harmless
      shall survive any termination of this Agreement pursuant to its
      terms.

     

    6. Without
      in any manner limiting the obligation of Inspector under Paragraph 2 hereof
      to
      seek and obtain the written consent of Owner prior to conducting any physically
      intrusive tests on, under or about the Property, Inspector agrees to give Owner
      reasonable prior notice (which may be oral) of its intent to conduct any
      inspections or tests so that Owner will have the opportunity to have a
      representative present during any such inspection or test, the right to do
      which
      Owner expressly reserves. Inspector agrees to cooperate with any reasonable
      request by Owner in connection with the timing of any such inspection or test,
      the right to do which Owner expressly reserves. Inspector agrees to cooperate
      with any reasonable request by Owner in connection with the timing of any such
      inspection or test.

     

    7. Inspector
      agrees that all documents and information regarding the Property of whatsoever
      nature made available to it by Owner or Owner’s agents or representatives and
      the results of all tests and studies of the Property, including such tests
      and
      studies, and the results 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    thereof,
      performed by or on behalf of Inspector (collectively, the “Proprietary
      Information”) are proprietary and confidential and Inspector shall not disclose
      to any other person except those assisting Inspector with the analysis of the
      Property for purposes of evaluating its feasibility for Inspector’s intended use
      or Inspector’s lender, if any, and then only upon making such person aware of
      the confidentiality restrictions and procuring the agreement of such person
      to
      abide by the confidentiality obligation. In the event the purchase and sale
      contemplated by Owner and Inspector fails to close for any reason whatsoever,
      Inspector agrees, upon Owner’s request, to return to Owner, or cause to be
      returned to Owner, all Proprietary Information; provided, however, that
      Inspector shall not be required to return any tests or studies, or the results
      thereof, prepared for or on behalf of Inspector by any outside consultant or
      attorney if the failure to close the purchase and sale resulted out of a default
      by Owner under the Purchase Agreement. All obligations of Inspector under this
      Paragraph shall be referred to as the “Confidentiality Obligations.” Inspector
      shall indemnify Owner against all costs, claims and damages, including
      reasonable attorney’s fees, suffered or sustained as the result of Inspector’s
      breach of the Confidentiality Obligations. This agreement to indemnify and
      hold
      harmless with respect to a breach of the Confidentiality Obligations shall
      survive any termination of this Agreement pursuant to its terms.

     

    8. Inspector
      agrees that any inspection, test or other study or analysis of the Property
      shall be performed at Inspector’s expense and in strict accordance with
      applicable law.

     

    9. Inspector
      agrees at its own expense promptly to restore the Property if any inspection
      or
      test requires or results in any damage to or alteration of its
      condition.

     

    10. Unless
      otherwise expressly stated in the Purchase Agreement, Owner makes no
      representation or warranty as to the truth, accuracy or completeness of any
      materials, data or other information, including without limitation the contents
      of Owner’s or its Property manager’s books and records, rent rolls or income and
      expense statements, which it may make available to Inspector in connection
      with
      Inspector’s evaluation of the Property; provided, however, Owner represents and
      warrants that Owner has no actual knowledge of any inaccuracy or omission with
      respect to such materials. Inspector acknowledges and agrees that all materials,
      data and other information made available to Inspector are made available as
      a
      convenience and accommodation only.

     

    11. This
      Agreement will commence as of its date and automatically terminate upon the
      earliest of: (a) written notice from either party to the other that negotiations
      relating to the Purchase Agreement have been discontinued, or (b) if the
      Purchase Agreement has been executed by each party, then upon termination of
      the
      Purchase Agreement, for any reason, or (c) upon Closing (as defined in the
      Purchase Agreement); provided, however, that Inspector’s liabilities under the
      indemnity provisions of Paragraph 5 and 7 hereof shall survive any termination
      of this Agreement.

     

    12. This
      Agreement shall be construed and enforced in accordance with the internal laws
      of the locality in which the Property is located.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

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

     

    SELLER:

     

    Cherokee
      North Kansas City, LLC,

    a
      Delaware limited liability company

    

    By:
       _______________________________

                              Name: _______________________________

                              Title: _______________________________

    
      	 	
              Date:

            	
              __________________________,
                2006

            

    

     

    INSPECTOR:

     

    Northtown
      Business Center, L.L.C.,

    A
      Missouri limited liability company

    

    By:
       _______________________________

                              Name: _______________________________

                              Title: _______________________________

    
      	 	
              Date:

            	
              _______________________,
                2006

            

    

     

    

     

    Exhibits:

     

    A-Legal
      Description 

     

    B-Scope
      and Work to Be Performed by Purchaser

     

    C-Copy
      of
      Purchaser’s Insurance Policy and Contractual Liability Endorsement

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      3.2.2

     

    EXISTING
      TITLE AND SURVEY MATTERS

     

    1. Taxes
      and
      assessments, general and special, not yet due and payable.

    

    2. Property
      is located within the boundaries of the North Kansas City Levee District and
      is
      subject to assessments by reason thereof. (Included in state and county
      taxes).

    

    3. Grant
      of
      Right of Way over a 40 feet strip of land granted to Western Resources, Inc.
      for
      pipeline as established in the instrument recorded April 22, 19943, as Document
      No. M-16619, in Book 2346, Page 223.

    

    4. Utility
      easement granted to Kansas City Power & Light Company over a 10 foot strip
      of land as established in the instrument recorded January 15, 1976, as Document
      No. D-28697, in Book 1218, Page 990.

    

    5. Sewer
      easement granted to City of North Kansas City over the North 25 feet of the
      land
      as established in the instrument recorded January 30, 1950, as Document No.
      A-19562, in Book 436, Page 607.

    

    6. Terms
      and
      provision of the Reciprocal Easement Agreement by and between Douglas Battery
      Manufacturing Company, North Carolina Corporation, and Farmland Industries,
      Inc.
      a Kansas Corporation, records November 18, 1991, as Document No. L-12268, in
      Book 2072, Page 571. 

    

    7. Memorandum
      of Lease by and between Douglas Battery Manufacturing Company, a North Carolina
      Corporation, Lessor, and Farmland Industries, Inc., Lessee, recorded November
      18, 1991, as Document No. L-12272, in Book 2072, Page 622. 

    

    8. Purchase
      Right Agreement by and between Farmland Industries, Inc., a Kansas Corporation,
      and Douglas Battery Manufacturing Company, a North Carolina Corporation,
      recorded November 18, 1991, as Documents No. L-12272, in Book 2072, Page
      622.

    

    9. Railroad
      rights of way, switch tracks, spur tracks, electric and telephone transmission
      lines and all other easements, if any, over the land.

    

    10. Tenancy
      rights, either as month to month or by virtue of written leases, of persons
      now
      in possession of any part of the land, pursuant to written but unrecorded
      leases.

    

    11. The
      rights of the public in and to parts thereof in street, roads and
      alleys.

    

    12. The
      matters shown on the Survey prepared by _________ dated ___________.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      3.3

     

    SCHEDULE
      OF CONTRACTS

     

    
      	·  	
              Ackerson
                Lawn & Landscape

            

    

     

    
      	·  	
              Landmark
                Water Services (HVAC)

            

    

     

    
      	·  	
              Dynatron
                Elevator 

            

    

     

    
      	·  	
              SEI
                - Security Equipment, Inc.

            

    

     

    
      	·  	
              Siemens
                Building Technologies, Inc.

            

    

     

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      5.1.12

     

    ENVIRONMENTAL
      COMPLIANCE DISCLOSURES

     

    

     

    
      	·  	
              Missouri
                Department of Natural Resources letter dated August 27,
                1999.

            

    

     

    
      	·  	
              Abatement
                Order on Consent for Site Characterization executed June 13,
                2002.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      9.1.1

     

    SPECIAL
      WARRANTY DEED

     

    This
      Deed
      witnesseth, that Cherokee North Kansas City, LLC, a Delaware limited liability
      company, (“Grantor”),
      for
      and in consideration of the sum of Ten and No/100 Dollars ($10.00) and other
      valuable considerations paid to Grantor the receipt and sufficiency of which
      are
      hereby acknowledged, does by these presents, subject to the exceptions
      hereinafter set forth, grant, bargain and sell, convey and confirm unto
      Northtown Business Center, L.L.C., a Missouri limited liability company, having
      an address of ______________________________, ________, (“Grantee”),
      his
      heirs, successors and assigns, the following described land situate in Clay
      County, Missouri, to-wit:

     

    See
      Exhibit
      A
      attached
      hereto and incorporated herein by reference.

     

    This
      conveyance is made and accepted subject to all easements, reservations,
      declarations, conditions and restrictions of record and other matters affecting
      the Property, including, without limitation, those easements, reservations,
      conditions, restrictions and matters listed on Exhibit
      B
      attached
      hereby and incorporated herein by reference.

     

    To
      have
      and to hold the property aforesaid, with all and singular rights, privileges,
      appurtenances and immunities thereto belonging or in anywise appertaining,
      unto
      said Grantee, and unto his heirs, successors and assigns forever; said Grantor
      hereby covenanting that it is lawfully seized of an indefeasible estate in
      fee
      of the property herein conveyed; that it has good right to convey the same;
      that
      said property is free and clear from any encumbrance done or suffered by it,
      and
      that it will specially warrant and defend the title to said property unto said
      Grantee and unto its successors and assigns forever, against the lawful claims
      and demands of all persons claiming by or through Grantor.

     

    In
      witness whereof, said Grantor has caused these presents to be executed under
      its
      seal, pursuant to due authority, this ____ day of __________,
      _____.

     

    

     

    
      	 	 	 	 	 	 	 	
              Cherokee
                North Kansas City, LLC, 

            

    

    
      	 	 	 	 	 	 	 	
              a
                Delaware limited liability company 

            

    

    

     

    By:
      _______________________________ 

                                Name:

                                Title:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    In
      the
      State of     ,
      County
      of   ,
      on this
      ____ day of __________, ____, before me, the undersigned, a Notary Public in
      and
      for said County and State, personally appeared ___________________, to me
      personally known, who being by me duly sworn did say that he/she is the
_____   of
          ,
      and
      that the seal thereto affixed is the Corporation Seal of said     and
      that
      said deed was signed and sealed in behalf of said Corporation by authority
      of
      its Board of Directors and said Secretary acknowledged said deed to be the
      free
      act and deed of said corporation

     

    Witness
      my hand and Notarial Seal subscribed and affixed in said County and State,
      the
      day and year in this certificate above written.

     

    

     

    [Notarial
      Seal]    ____________________________________

     

    Notary
      Public

     

    My
      Commission Expires: _______________

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    

     

    EXHIBIT
      A

     

    Legal
      Description

     

    All
      that
      part of the Northwest Quarter of Section 14, Township 50, Range 33, in North
      Kansas City, Clay County, Missouri, being more particularly described as
      follows:

     

    Beginning
      at a point on the North right-of-way line of West 23rd
      Avenue,
      as established by Doc. No. B-62157, in Book 773 at Page 454, North 89 degrees
      09
      minutes 08 seconds West, 373.50 feet from the West right-of-way line of
      Burlington Street (US Highway Route No. 71), as now established;
      thence continuing North 89 degrees 09 minutes 08 seconds West along said
      North right-of-way line, a distance of 545.08 feet to a point on the East
      line of that certain tract of land described in Book 366 at Page 294,
      recorded December 3, 1946; thence North 0 degrees 50 minutes 52 seconds
      East along said East line, 240 feet to the Northeast corner of said certain
      tract of land; thence North 89 degrees 09 minutes 08 seconds West along the
      North line of said tract of land, 185.78 feet to the Northwest corner
      thereof, being also a point on the Easterly right-of-way line of the Burlington
      Northern Railroad Company (formerly CB&O Railroad Co.); thence North 7
      degrees 31 minutes 44 seconds West along said Easterly right-of-way line, a
      distance of 529.57 feet to an angle point therein; thence North 2 degrees 37
      minutes 55 seconds East, 52.76 feet to a point on the South line of that certain
      tract of land described in Doc. No. A-72251 in Book 539 at Page 408; thence
      South 89 degrees 08 minutes 42 seconds East along the South line of said certain
      tract of land, 79.42 feet to the Southeast corner thereof; thence North 0
      degrees 51 minutes 18 seconds East along the East line of said tract of land,
      52
      feet to a point on the South right-of-way line of West 26th Avenue, as now
      established by Doc. No. B-62157 in Book 773 at Page 454; thence South 89 degrees
      08 minutes 42 seconds East along said South right-of-way line, 301 feet; thence
      South 2'42'55” West, no longer along said South right-of-way line, 168.64 feet;
      thence South 89 degrees 08 minutes 42 seconds East, parallel with said South
      right-of-way line, 431.5 feet; thence South 0 degrees 51 minutes 11 seconds
      West, 700 feet to Point of Beginning.

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    Permitted
      Exceptions

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      9.1.2

     

    ASSIGNMENT
      AND ASSUMPTION OF LEASES

     

    For
      valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, Cherokee North Kansas City, LLC, a Delaware limited liability
      company, having an address of _______________________________________
      (“Assignor”),
      hereby assigns, transfers and delegates to Northtown Business Center, L.L.C.,
      a
      Missouri limited liability company, having an address of
      __________________________ (“Assignee”),
      and
      Assignee hereby accepts the assignment, transfer and delegation of, all of
      Assignor’s right, title and interest in and to, the leases described on
Exhibit
      A
      attached
      hereto (the “Leases”)
      and
      the unapplied non-cash security deposits held by Assignor under and pursuant
      to
      the Leases, all of which are listed on Exhibit
      A
      attached
      hereto (the “Security
      Deposit”),
      all
      of which Leases and Security Deposits relate to the property known as 105 West
      26th
      Avenue,
      North Kansas City, Missouri, and Assignee does further hereby agree to assume
      all of Assignor’s duties, obligations and liabilities under and pursuant to the
      terms of the Leases from and after the date hereof. Assignee acknowledges that
      as to the Security Deposits, Assignee has received a credit therefor from
      Assignor at the closing of Assignee’s acquisition of the Property and is
      therefor responsible for the proper handling and return of all such Security
      Deposits to the tenants entitled thereto as provided in the Leases.

     

    Assignee
      hereby assumes and agrees to perform, on and after the date hereof, all of
      the
      terms, covenants, obligations and conditions required to be performed by
      landlord under the Leases, provided, however that Assignor shall remain
      responsible for the performance of all of the terms, covenants, obligations
      and
      conditions required to be performed by landlord under the Leases for the period
      prior to the date hereof.

     

    Assignor,
      by these presents, does, for itself and for its successors and assigns, hereby
      indemnify and hold harmless Assignee, and its successors and assigns, from
      and
      against all and every manner of action and actions, cause or causes of action,
      suits, debts, sums of money, accounts, reckonings, bills, covenants, contracts,
      controversies, agreements, trespasses, damages, judgments, costs, expenses,
      attorneys' fees, penalties, fines, settlements, claims, orders and demands
      whatsoever, of every nature and description, whether at law or in equity,
      arising from or in any way pertaining to the obligations of landlord under
      the
      Leases prior to the date hereof. 

     

    Assignee,
      by these presents, does, for itself and for its successors and assigns, hereby
      indemnify and hold harmless Assignor, and its successors and assigns, from
      and
      against all and every manner of action and actions, cause or causes of action,
      suits, debts, sums of money, accounts, reckonings, bills, covenants, contracts,
      controversies, agreements, trespasses, damages, judgments, costs, expenses,
      attorneys' fees, penalties, fines, settlements, claims, orders and demands
      whatsoever, of every nature and description, whether at law or in equity,
      arising from or in any way pertaining to the obligations of landlord under
      the
      Leases following the date hereof. 

     

    If
      any
      litigation between Assignor and Assignee arises out of the obligations of the
      parties under this Assignment or concerning the meaning or interpretation of
      any
      provision contained 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    herein,
      the losing party shall pay the prevailing party’s costs and expenses of such
      litigation, including without limitation reasonable attorney’s
      fees.

     

    This
      Agreement may be executed and delivered in any number counterparts, each of
      which so executed and delivered shall be deemed to be an original and all of
      which shall constitute one and the same instrument.

     

    Nothing
      in this Assignment and Assumption of Leases is intended to, or shall be
      construed to, confer upon or given to any person, firm or corporation other
      than
      the parties hereto any right, remedy or claim under or by reason of this
      instrument. All terms and conditions in this instrument shall be for the sole
      and exclusive benefit of the parties hereto.

     

    EXECUTED
      as of the _____ day of __________________, ____.

     

    ASSIGNOR:

    

    Cherokee
      North Kansas City, LLC, 

    a
      Delaware limited liability company 

    

    
      	 	
              By:

            	
              _____________________________

            

    

    Name:

    Title:

    

    ASSIGNEE:

    

    Northtown
      Business Center, L.L.C., 

    a
      Missouri limited liability company

    

    
      	 	
              By:

            	
              _____________________________

            

    

    Name:

    Title:

    

     

    

     

    

     

    

     

    

     

    EXHIBIT
      A

     

    List
      of
      Leases and Security Deposits

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      9.1.3

     

    ASSIGNMENT
      AND ASSUMPTION OF CONTRACTS

     

    For
      valuable consideration, the receipt and sufficiency of which is hereby
      acknowledge, Cherokee North Kansas City, LLC, a Delaware limited liability
      company, having an address of __________________________________________
      (“Assignor”),
      hereby assigns, transfer and delegates to Northtown Business Center, L.L.C.,
      a
      Missouri limited liability company, having an address of ______________________
      (“Assignee”),
      and
      Assignee hereby accepts the assignment, transfer and delegation of, all of
      Assignor’s right, title and interest in and to the contracts described on
Exhibit
      A
      attached
      hereto (the “Contract”)
      relating to certain real property known as 105 West 26th
      Avenue,
      North Kansas City, Missouri, and Assignee does further hereby agree to assume
      all of Assignor’s duties, obligations and liabilities under the pursuant to the
      terms of the Contracts from and after the date hereof.

     

    Assignee
      hereby assumes and agrees to perform, on and after the date hereof, all of
      the
      terms, covenants, obligations and conditions required to be performed by
      Assignor under the Contracts, provided, however that Assignor shall remain
      responsible for all of the terms, covenants, obligations and conditions required
      to be performed by Assignor under the Contracts prior to the date
      hereof.

     

    Assignor,
      by these presents, does, for itself and for its successors and assigns, hereby
      indemnify and hold harmless Assignee, and its successors and assigns, from
      and
      against all and every manner of action and actions, cause or causes of action,
      suits, debts, sums of money, accounts, reckonings, bills, covenants, contracts,
      controversies, agreements, trespasses, damages, judgments, costs, expenses,
      attorneys' fees, penalties, fines, settlements, claims, orders and demands
      whatsoever, of every nature and description, whether at law or in equity,
      arising from or in any way pertaining to Assignor’s obligations pursuant to the
      Contracts prior to the date hereof. 

     

    Assignee,
      by these presents, does, for itself and for its successors and assigns, hereby
      indemnify and hold harmless Assignor, and its successors and assigns, from
      and
      against all and every manner of action and actions, cause or causes of action,
      suits, debts, sums of money, accounts, reckonings, bills, covenants, contracts,
      controversies, agreements, trespasses, damages, judgments, costs, expenses,
      attorneys' fees, penalties, fines, settlements, claims, orders and demands
      whatsoever, of every nature and description, whether at law or in equity,
      arising from or in any way pertaining to Assignee’s obligations pursuant to the
      Contracts following the date hereof. 

     

    If
      any
      litigation between Assignor and Assignee arises out of the obligations of the
      parties under this Assignment or concerning the meaning or interpretation of
      any
      provision contained herein, the losing party shall pay the prevailing party’s
      costs and expenses of such litigation including without limitation reasonable
      attorneys’ fees.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    This
      Agreement may be executed and delivered in any number of counterparts, each
      of
      which so executed and delivered shall be deemed to be an original and all of
      which shall be deemed to be an original and all of which shall constitute one
      and the same instrument.

     

    Nothing
      in this Assignment and Assumption of Contracts is intended to, or shall be
      construed to, confer upon or given to any person, firm or corporation other
      than
      the parties hereto any right, remedy or claim under of by reason by this
      instrument. All terms and conditions in this instrument shall be for the sole
      and exclusive benefit of the parties hereto.

     

    EXECUTED
      as of the _____ day of __________________, ______.

     

    ASSIGNOR:

     

    Cherokee
      North Kansas City, LLC, 

    a
      Delaware limited liability company

    

     

    
      	 	
              By:

            	
              _____________________________

            

    

    Name:

    Title:

    

     

    ASSIGNEE:

     

    

     

    ____________________________,
      

    a
      _______________________ 

    

    

    
      	 	
              By:

            	
              _____________________________

            

    

    Name:

    Title:

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBITS

     

    List
      of
      Contracts

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      9.1.5

     

    FIRPTA
      AFFIDAVIT

     

    The
      undersigned hereby declares that the name, address and United States taxpayer
      identification number of the owner of the real property described in
Exhibit
      “A”
      attached
      hereto and incorporated herein by reference is as follows:

     

    Name
      and Address     I.D.
      Number

     

    Cherokee
      North Kansas City, LLC   _______________

    ____________________________
      

    ____________________________
      

    

    The
      owner
      is a corporation organized and existing under the laws of the State of Delaware,
      and as such, is not a foreign citizen or entity.

     

    The
      undersigned understands that the purchaser of the property intends to rely
      on
      the foregoing representations in connection with the United States Foreign
      Investment and Real Property Act.

     

    Cherokee
      North Kansas City, LLC 

    a
      Delaware limited liability company

    

    
      	 	
              By:

            	
              ____________________________

            

    

     

    Name:

     

    Title:

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      9.1.8

     

    TENANT
      ESTOPPEL CERTIFICATE

     

    To: Northtown
      Business Center, L.L.C.

     

     

    ("Purchaser")

    

    

    _____________________________
      (“Tenant”)
      hereby
      warrants and represents to and agrees with Purchaser as follows, with the
      understanding that Purchaser is relying on such warranties, representations
      and
      agreements as an inducement to purchase the property which is described in
      the
      lease:

     

    1. Tenant
      is
      the tenant under that certain lease (as amended to date, the “Lease”)
      dated
      _______________ between Cherokee North Kansas City, LLC, as landlord
      (“Landlord”)
      and
      Tenant, covering _________ square feet of leaseable area (the “Leased
      Premises”)
      in the
      building (the “Building”)
      located on the property known as ______________ (the “Property”).

     

    2. Attached
      hereto as Exhibit
      A
      is a
      true, correct and complete copy of the Lease, including all amendments or
      modifications thereto, if any. There are no promises or representations made
      to
      Tenant by Landlord concerning the Lease or the Leased Premises which are not
      contained in the Lease.

     

    3. The
      Lease
      has not been amended or modified, except as reflected in Exhibit
      A,
      and is
      in full force and effect as originally executed, and, to the best of Tenant's
      knowledge and belief, Leased Premises which are not contained in the
      Lease.

     

    4. The
      initial term of the Lease is ____ years and ____ months and the Lease will
      expire on _________________. Tenant does ____ or does not ____ (check one)
      have
      the right to extend the term of the Lease for a period of ______ years, in
      accordance with paragraph ___ of the Lease.

     

    5. The
      monthly rent due and payable under the Lease is the amount of $___________,
      subject to periodic adjustment in accordance with paragraph __ of the Lease.
      Monthly rental has not been paid by Tenant to Landlord more than thirty (30)
      days in advance.

     

    6. The
      Lease
      does not provide the Tenant with the right to acquire (by purchase or otherwise)
      all or any part of the Building.

     

    7. All
      improvements, additions, tenant improvement work and alterations required to
      be
      furnished under the Lease have been satisfactorily completed.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    8. No
      breach
      or default exists under the Lease on the part of the Landlord and to the best
      of
      Tenant's knowledge, on the part of Tenant, or any event which with the passage
      of time or delivery of notice would constitute such a breach or
      default.

     

    [9. Tenant
      is
      a debtor-in-possession pursuant to Chapter 11 Case No. _________. Delphi Lease
      only]

     

    10. The
      security deposit held by Landlord with respect to the Leased Premises is
      $__________.

     

    11. Tenant
      has no offset rights against Landlord.

     

    12. The
      person signing this letter on behalf of Tenant is a duly authorized
      representative of Tenant.

     

    13. All
      exhibits attached hereto are by this reference incorporated fully herein and
      are
      true, correct, and complete. The term “this Certificate” shall be considered to
      include all such exhibits.

     

    14. This
      Certificate shall inure to the benefit of Landlord, Purchaser, and any lender
      making an acquisition loan of the Property to Purchaser, and their respective
      successors and assigns, and shall be binding upon Tenant and Tenant's heirs,
      legal representatives, successors and assigns. This Certificate shall not be
      deemed to alter or modify any of the terms and conditions of the Lease except
      to
      the extent specifically set forth herein.

     

    15. The
      guarantors of the Lease are _____________________________________.

     

    EXECUTED
      this ______ day of _____________, 200__.

     

    

    TENANT:

    

                            ______________________

    By:
      ______________________      

    Name:
      ____________________      

    Title:  
      ____________________      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    LANDLORD
      ESTOPPEL CERTIFICATE

     

    

    To:  
Northtown
      Business Center, L.L.C.

            ______________________  

           ______________________ 

           
      ("Purchaser")

    

     

    Cherokee
      North Kansas City, LLC (“Landlord”)
      hereby
      warrants and represents to and agrees with Purchaser as follows, with the
      understanding that Purchaser is relying on such warranties, representations
      and
      agreements as an inducement to purchase the property which is described in
      the
      lease:

     

    1. Landlord
      is the landlord under that certain lease (as amended to date, the “Lease”)
      dated
      _______________ between ____________ as tenant (“Tenant”)
      and
      Landlord, covering approximately _________ square feet of leaseable area (the
      “Leased
      Premises”)
      in the
      building (the “Building”)
      located on the property (the “Property”).

     

    2. Attached
      hereto as Exhibit
      A
      is a
      true, correct and complete copy of the Lease, including all amendments or
      modifications thereto, if any. There are no promises or representations made
      to
      Tenant by Landlord concerning the Lease or the Leased Premises which are not
      contained in the Lease.

     

    3. The
      Lease
      has not been amended or modified, except as reflected in Exhibit
      A,
      and is
      in full force and effect as originally executed, and, to the best of Tenant's
      knowledge and belief, Leased Premises which are not contained in the
      Lease.

     

    4. The
      initial term of the Lease is ____ years and ____ months and the Lease will
      expire on _________________. Tenant does ____ or does not ____ (check one)
      have
      the right to extend the term of the Lease for a period of ______ years, in
      accordance with paragraph ___ of the Lease.

     

    5. The
      monthly rent due and payable under the Lease is the amount of $___________,
      subject to periodic adjustment in accordance with the Lease. Monthly rental
      has
      not been paid by Tenant to Landlord more than thirty (30) days in
      advance.

     

    6. The
      Lease
      does ____ or does not ____ (check one) contain specific limitations, exceptions
      or exclusions from Tenant's obligation to pay building and common area expenses
      and costs assessed to Tenant under the Lease.

     

    

     

    7. The
      Lease
      does not provide the Tenant with the right to acquire (by purchase or otherwise)
      all or any part of the Building.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    8. All
      improvements, additions, tenant improvement work and alterations required to
      be
      furnished by Landlord under the Lease have been satisfactorily
      completed.

     

    9. No
      breach
      or default exists under the Lease on the part of the Landlord and to the best
      of
      Tenant's knowledge, on the part of Tenant, or any event which with the passage
      of time or delivery of notice would constitute such a breach or default.
[Delphi
      estoppel would disclose the then current bankruptcy status of
      Tenant.]

     

    10. The
      security deposit held by Landlord with respect to the Leased Premises is
      $_____________.

     

    11. The
      person signing this letter on behalf of Landlord is a duly authorized
      representative of Landlord.

     

    12. All
      exhibits attached hereto are by this reference incorporated fully herein and
      are
      true, correct, and complete. The term “this Certificate” shall be considered to
      include all such exhibits.

     

    13. This
      Certificate shall inure to the benefit of Purchaser and its Lender and their
      respective successors and assigns. This Certificate shall not be deemed to
      alter
      or modify any of the terms and conditions of the Lease except to the extent
      specifically set forth herein.

     

    14. The
      guarantors of the Lease are _____________________________________.

     

    

     

    EXECUTED
      this ______ day of _____________, 2006.

     

    LANDLORD:

     

    

    Cherokee
      North Kansas City, LLC,

    A
      Delaware limited liability company

    

    By:  ______________________       

    Name:  ______________________       

    Title:  ______________________       

    

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A to Estoppel Certificate

     

    

     

    [Lease
      Agreement and Any Amendments Thereto]

     

    

     

    

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      9.1.10

     

    FORM
      OF TENANT NOTIFICATION LETTER

     

                                                           Date:
      ___________,
      ____

     

    _________________________________

    _________________________________

    _________________________________

    Attn:
      ____________________________

    

    Re:
      105
      West 26th
      Avenue,
      North Kansas City, Missouri (the “Building”)

     

    Dear
      Sir/Madam:

     

    This
      will
      advise you that Cherokee North Kansas City, LLC (“Seller”)
      has
      sold the Building to Northtown Business Center, L.L.C. (“Purchaser”)
      effective as of _____________, ____ (the “Closing Date”). Please make all future
      rent checks payable to Purchaser and send such checks, and any future notices
      or
      other correspondence relating to your lease of space in the Building, to
      Purchaser, at the following address: 

     

     
      ____________________________ 

     

                                 
      ____________________________ 

     

    All
      rent
      payments which were due, but not paid, prior to the Closing Date should be
      sent
      to Seller at the following address:

     

    Cherokee
      North Kansas City, LLC

    _____________________________

    _____________________________

    

    If
      you
      have any questions, please call the undersigned at (___) ___-____.

     

    Sincerely,

     

    Cherokee
      North Kansas City, LLC

     

    
      	 	
              By:

            	
              ________________________________

            

    

    Name:

    Title:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    

     

    EXHIBIT
      9.1.11

     

    CONTRACTOR
      NOTIFICATION LETTER

     

                                                            Date:
      ______________,
      ____

     

    ____________________________

    ____________________________

    ____________________________

    Attn:
      ________________________

    

    
      	 	
              Re:

            	
              105
                West 26th
                Avenue, North Kansas City, Missouri (the “Building”)

            

    

     

    Dear
      Sir/Madam:

     

    This
      will
      advise you that Cherokee North Kansas City, LLC (“Seller”)
      has
      sold the Building to Northtown Business Center, L.L.C. (“Purchaser”)
      effective as of _________ __, ____ (the “Closing Date”). Please send all future
      bills for services rendered at the Building, and any future notices or other
      correspondence relating to your contract for services at the Building, to
      Purchaser, at the following address:

     

    _____________________________________

    _____________________________________

    _____________________________________

     

    Bills
      for
      services rendered by your company prior to the Closing Date should be sent
      to
      Seller. For all bills seeking payment for services which were provided both
      before and after the Closing Date, please be certain that such bills clearly
      indicate the amount of the charges incurred before the Closing Date and those
      charges incurred after the Closing Date.

     

    If
      you
      have any questions, please call the undersigned at (___) ___-____.

     

    Sincerely,

     

    Cherokee
      North Kansas City, LLC

     

    
      	 	
              By:

            	
              ______________________________

            

    

                                            Name:

                                            Title:

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    

     

    [logo] CHICAGO
      TITLE INSURANCE COMPANY

    106
      W.
      11th
      St.
      Suite 1800

    Kansas
      City, MO 64105

    (816)
      421-5040 FAX: (816) 421-7122

    

    ESCROW
      RECEIPT

    

    Receipt/Document
      No.:000000264497

    

    Escrow
      No.:  02601
      -020062817 001 SJF  Date:
      July 7, 2006

    Check
      Payor:     Maxus
      Properties

    Description:  Earnest
      Deposit

    Property
      Address: North
      Kansas City, Missouri

    

    

    

    Receipt
      $
      100,000.00

    

    Total
      Receipt $ 100,000.00

    

    Received
      by: /s/
      Randi K Cerni

    

    ALL
      CHECKS RECEIVED SUBJECT TO COLLECTION.

    

    [copy
      of
      check omitted]dgraves-six@maxusprop.com

    
      

    

    Maxus
      Realty Trust, Inc.

    104
      Armour Road

    North
      Kansas City, Missouri 64116

    

    September
      8, 2006

    

    Dear
      Shareholder:

    

    On
      Tuesday, September 5, 2006, The Board of Trustees of Maxus Realty Trust, Inc.
      (the “Trust”) approved amendments to the Trust’s First Amended Optional Stock
      Dividend Plan (as amended, the “Plan”). A copy of the Plan (with the amendments)
      is enclosed with this letter. The Plan requires that it may be amended by the
      Trust and the Plan agent at any time by mailing to each participant a notice
      at
      least 30 days prior to the effective date of the amendments.

    

    The
      amendments to the Plan provide that each participant holding less than at least
      one full share of the Trust’s stock will be deemed no longer to be a participant
      in the Plan, and the Trust will pay in cash the value of any such fractional
      Share held in such Participant’s account in exchange for automatic cancellation
      of the fractional share. Each such participant will receive from the Trust
      the
      average market price of a share of the Trust’s stock (the “Average Market
      Price”) on the date such fractional shares are sold for the participant for the
      cancellation of such fractional share. The Average Market Price on such date
      will be the average of the closing prices of a round lot of the Trust’s shares
      traded on the principal securities market (“Market”) on which the shares are
      traded (as determined by the Trust) (i) on the last eighteen Market trading
      days, ending on the Market trading day immediately preceding the date such
      participant holds less than one share (or the effective date of the amendments
      if such participant holds less than one share on the effective date of the
      amendments) or (ii) in the event there were fewer than three days of those
      eighteen days on which at least a round lot of the Trust’s shares was traded, on
      the last three Market trading days immediately preceding the date such
      participant holds less than one share (or the effective date of the amendments
      if such participant holds less than one share on the effective date of the
      amendments) on which at least a round lot of shares was traded.

    

    Participants
      may terminate participation in the Plan by (i) completing and sending AST the
      transaction request form attached to the bottom of the Participant’s statement
      of account, (ii) visiting AST’s website at www.amstock.com or (iii) calling
      visiting AST’s toll-free number (1-877-253-6845). To be effective for any
      dividend payment, such notice must be received at least two business days prior
      to the payment date for such dividend payment.

    

    The
      amendments to the Plan will become effective on October 13, 2006. If you would
      like to terminate your participation in the Plan prior to the effectiveness
      of
      the amendments, please send notice of your termination to AST at the following
      address: American Stock Transfer & Trust Company, P.O. Box 922, Wall Street
      Station, New York, New York 10269-0560. If you have any questions concerning
      the
      Plan, please contact AST toll free at 1-877-253-6845 or visit AST’s website at
www.amstock.com.
      

    

    Sincerely,

    

    /s/
      David L. Johnson

    David
      L.
      Johnson

    Chairman
      of the Board, President and

    Chief
      Executive Officer

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      SECOND
        AMENDED OPTIONAL STOCK DIVIDEND PLAN

      

      1.  Participants:
        Agency; Application of Cash Dividends and Voluntary Contributions.
As
        Agent
        for participating Shareholders (the “Participants”) in this Second Amended
        Optional Stock Dividend Plan (the “Plan”), formerly known as the Dividend
        Reinvestment Plan, American Stock Transfer & Trust Company (“AST”) will
        receive all dividends paid on the Shares of Common Stock, par value $1.00
        (the
“Shares”), of Maxus Realty Trust, Inc. (formerly Nooney Realty Trust, Inc.) (the
        “Trust”) held by each Participant (“Participant’s Shares”), including dividends
        paid on any full or fractional Shares acquired under the Plan.

      

      In
        order
        to become a Participant, a Shareholder of the Trust must elect to participate
        in
        the Plan and be accepted by the Trust.

      

      On
        each
        cash dividend payment date for the Participant’s Shares, the Corporation will
        issue and deliver to AST on behalf of Participants, after deduction of any
        applicable withholding tax, the number of Shares distributed as stock dividends,
        computed in the manner described below. Such additional Shares will, in turn,
        be
        entitled to the benefit of subsequent stock dividends under the
        Plan.

      

      Each
        Participant’s account with AST will be credited with that number of Shares,
        including fractions thereof computed to three decimal places, which is equal
        to
        the aggregate cash dividends (after deduction of any applicable withholding
        tax)
        which would otherwise be payable on such Participant’s Shares and on all Shares
        held by AST under the Plan with respect to such Participant divided by the
        applicable Average Market Price (as hereinafter defined).

      

      The
        average market price (the “Average Market Price”) on any dividend payment date
        will be the average of the closing prices of a round lot of Shares traded
        on the
        principal securities market (“Market”) on which the Shares are traded (as
        determined by the Trust) (i) on the last eighteen Market trading days, ending
        on
        the Market trading day immediately preceding the applicable dividend payment
        date for the Shares or (ii) in the event there were fewer than three days
        of
        those eighteen days on which at least a round lot of Shares was traded, on
        the
        last three Market trading days immediately preceding the applicable dividend
        payment date for the Shares on which at least a round lot of Shares was
        traded.

      

      Each
        Participant holding less than at least one full Share will be deemed no longer
        to be a participant in the Plan, and the Trust will pay in cash the value
        of any
        such fractional Share held in such Participant’s account in exchange for
        automatic cancellation of the fractional Share. Each such Participant will
        receive from the Trust the average market price of a Share (the “Average Market
        Price”) on the date such fractional shares are sold for the participant for the
        cancellation of such fractional Share; provided, however, the Average Market
        Price on such date for purposes of the cash value of the fractional Share
        will
        be the average of the closing prices of a round lot of the Shares traded
        on the
        Market (i) on the last eighteen Market trading days, ending on the Market
        

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      trading
        day immediately preceding the date such fractional shares are sold (or the
        effective date of this paragraph if such Participant holds less than one
        Share
        on the effective date of this paragraph) or (ii) in the event there were
        fewer
        than three days of those eighteen days on which at least a round lot of the
        Shares was traded, on the last three Market trading days immediately preceding
        the date such Participant holds less than one Share (or the effective date
        of
        this paragraph if such Participant holds less than one Share on the effective
        date of this paragraph) on which at least a round lot of Shares was traded.
        No
        additional charge will be incurred by each such Participant in connection
        with
        the cancellation of a fractional Share.

      

      2.  Risk
        of Market Price Fluctuations.
        Neither
        the Trust nor AST shall have any responsibility or liability as to the value
        of
        the Trust’s Shares or any change in the value of the Shares acquired for the
        Participants’ accounts.

      

      3.  Proxy
        Matters.
        AST
        will distribute to Participants proxy solicitation material received by it
        from
        the Trust which is attributable to Shares held in the Plan. AST will vote
        any
        Shares that it holds for the account of a participant in accordance with
        the
        Participant’s written instructions. If a Participant gives a proxy to persons
        representing the Trust’s management covering Shares registered in the
        Participant’s name, such proxy will be deemed to be direction to AST to vote the
        full Shares in the Participant’s account in like manner. If a Participant does
        not direct AST as to how the Shares should be voted or does not give a proxy
        to
        persons representing the Trust’s management covering these Shares, AST will vote
        said shares.

      

      4.  Statements
        of Account.
        AST
        will mail to each Participant a statement of account describing, among other
        things, (a) the number of additional Shares to which such Participant became
        entitled by reason of the dividend payment, (b) the calculation of the Average
        Market Price in connection with the dividend payment and (c) as of a date
        following such dividend payment date, the total number of Shares standing
        to the
        credit of such Participant in the Plan held for the account of such Participant
        by AST as soon as practicable after each dividend payment date (and also
        as soon
        as practicable after investment of funds resulting from the sale of rights
        described in Paragraph 9). No Share certificate will be issued to a Participant
        for Shares credited to an account until the account is terminated, unless
        the
        Participant requests otherwise. Such requests must be made by completing
        and
        sending AST the transaction request form attached to the bottom of the
        Participant’s statement of account. No certificates will be issued for
        fractional Shares.

      

      5.  Administration
        Fees.
        Except
        for fees and brokerage commissions payable by Participants upon termination
        of
        an account as described in Section 8 below, Participants will pay no brokerage
        commissions in connection with Shares issued under the Plan, and all
        administrative charges for the operations of the Plan by AST will be paid
        by the
        Trust, except as provided in Paragraphs 4 and 8.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

      6.  No
        Checks or Drafts.
        No
        Participant shall have any right to draw checks or drafts against his or
        her
        account or to give instructions to the Trust or AST, except as expressly
        provided herein.

      

      7.  Income
        Taxes. It
        is
        understood that the election to receive stock dividends does not relieve
        a
        Participant of any income tax which may be payable on such
        dividends.

      

      8.  Termination.
        A
        Participant may terminate an account at any time by (i) completing and sending
        AST the transaction request form attached to the bottom of the Participant’s
        statement of account, (ii) visiting AST’s website at or
        (iii)
        calling AST’s toll-free number (1-877-253-6845). To be effective for any
        dividend payment, such notice must be received at least two business days
        prior
        to the payment date for such payment. The Trust may terminate a Participant’s
        individual participation in the Plan, and the Trust may terminate the Plan
        itself at any time by written notice mailed to a Participant, or to all
        Participants, as the case may be, at the address or addresses shown on their
        account or such more recent address as a Participant may have furnished to
        AST
        or the Trust in writing.

      

      Upon
        termination of the Plan, or upon termination of an individual participation
        (except as provided below), AST will send to each Participant a certificate
        or
        certificates evidencing the whole Shares of the Trust standing to such
        Participant’s account and, as soon as is practicable, will pay in cash the value
        of any fractional Shares standing to the credit of a Participant’s account based
        on the Average Market Price prevailing on the last preceding dividend payment
        date. A Participant who terminates his or her participation in the Plan may
        either request AST to send a certificate or certificates for the full Shares
        in
        the account, or may request that AST sell all or part of such Shares and
        deliver
        the net proceeds, after deduction of any applicable brokerage commission,
        to the
        Participant. In the absence of a specific request, AST will issue a certificate
        for the full Shares and a check for the value of any fractional Share. A
        service
        charge of $15.00, plus a brokerage commission of $0.10 per Share, will be
        charged by AST to a Participant in connection with each termination of a
        Participant’s individual participation in the Plan.

      

      If
        a
        Participant disposes of all Shares registered on the books of the Trust in
        his
        name and has not instructed AST as to the disposition of his Shares held
        in the
        Plan, AST will, by written notice mailed to the Participant, determine from
        the
        Participant the disposition to be made of the Shares in the Participant’s
        account with AST. If AST does not receive instructions from the Participant
        in
        such a case, it may, in its discretion, terminate the Participant’s further
        participation in the Plan or continue to reinvest the dividends paid on the
        Shares in the account until otherwise notified in writing.

      

      9.  Stock
        Dividends; Rights Offerings.
        Any
        stock dividend or stock split declared by the Trust on Shares held by AST
        for
        Participants will be credited to the Participants’ accounts without charge. In
        the event that the Trust makes available to its Shareholders the right to
        purchase additional Shares, debentures or other securities, such rights accruing
        on the Shares held by AST for Participants will be sold and the proceeds
        of the
        sale will be promptly applied to the purchase of additional Shares of the
        Trust
        for the 

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      Participants’
        accounts; provided that a Participant who wishes to exercise such rights
        may, by
        written request received by AST prior to the record date for such rights,
        obtain
        a certificate for the full Shares in the Participant’s account so that such
        rights to purchase additional Shares accruing to those certificates will
        flow
        directly to the Participant. If the Trust declares a stock dividend, stock
        split
        or any corporate action, then the Trust reserves the right to either curtail
        or
        suspend transaction processing until the completion of any stock dividend,
        stock
        split or corporate action.

      

      10.  Trust
        and AST Liabilities.
        Neither
        the Trust nor AST shall be liable hereunder for any act done in good faith,
        or
        for any good faith omission to act, including, without limitation, any claims
        of
        liability (i) arising out of failure to terminate a Participant’s account upon
        such Participant’s death prior to receipt of notice in writing of such death,
        and (ii) with respect to the time and the prices at which Shares are issued
        or
        sold for a Participant’s account.

      

      11.  Participant
        Change of Address; Notices.
        Each
        Participant agrees to notify AST promptly in writing of any change of address.
        Notices to the Participant may be given by letter addressed to the Participant
        at his or her last address of record with AST.

      

      12.  Amendment.
        This
        Plan may be amended or supplemented by an agreement between AST and the Trust
        at
        any time, including but not limited to an amendment to the Plan to substitute
        a
        new Bank to act as agent for the Participants, by mailing an appropriate
        notice
        at least 30 days prior to the effective date thereof to each Participant
        at his
        or her last address of record. Such amendment or supplement shall be deemed
        to
        have been conclusively accepted by each Participant, except by those
        Participants from whom AST receives written notice of termination prior to
        the
        effective date thereof.

      

      13.  Choice
        of Law.
        This
        Plan shall be governed by the laws of the State of Missouri.

       

       

       

       

       

       

       

      4

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