Document:

Exhibit 10.19

EXECUTION COPY

GUARANTEE
AGREEMENT

GUARANTEE AGREEMENT, dated as of October 26, 2006 (as amended,
restated, supplemented, or otherwise modified from time to time, this “Guarantee”),
made by DIVIDEND CAPITAL TOTAL REALTY TRUST INC., a Maryland corporation having
its principal place of business at 518 Seventeenth Street, 17th Floor, Denver, Colorado 80202 and DIVIDEND CAPITAL TOTAL REALTY OPERATING PARTNERSHIP,
LP, a Delaware limited partnership having its principal place of business at
518 Seventeenth Street, 17th Floor, Denver, Colorado 80202 (each, a “Guarantor”), in favor of the Buyer
referred to below.

RECITALS

Pursuant to that certain Master Repurchase Agreement, dated as of
October 26, 2006 (as amended, supplemented or otherwise modified from time to
time, the “Repurchase Agreement”), among JP Morgan Chase Bank, N.A. (as “Buyer”)
and DCTRT Securities Holdco LLC and TRT Lending LLC (“Sellers”), Sellers
have agreed to sell, from time to time, to Buyer certain Senior Mortgage Loans,
Accommodation Loans, B-Notes/Junior Interests, Mezzanine Loans, CMBS, Synthetic
CMBS, and CRE CDO, each as defined in the Repurchase Agreement (collectively,
the “Purchased Assets”), upon the terms and subject to the conditions as
set forth therein.  Pursuant to the terms
of that certain Custodial Agreement dated October 26, 2006 (the “Custodial
Agreement”) by and between Buyer, Sellers and LaSalle Bank National
Association (the “Custodian”), the Custodian is required to take
possession of the Purchased Assets, along with certain other documents
specified in the Custodial Agreement, as the Custodian of Buyer and any future
purchaser, on several delivery dates, in accordance with the terms and
conditions of the Custodial Agreement.

It is a condition precedent to the purchasing by Buyer of the Purchased
Assets pursuant to the Repurchase Agreement that the Guarantors shall have
executed and delivered this Guarantee with respect to the due and punctual
payment and performance when due, whether at stated maturity, by acceleration
or otherwise, of all of the following: (a) all payment obligations owing by
Sellers to Buyer under or in connection with the Repurchase Agreement and any
other Transaction Documents; (b) any and all extensions, renewals,
modifications, amendments or substitutions of the foregoing; (c) all expenses,
including, without limitation, reasonable attorneys’ fees and disbursements,
that are incurred by Buyer in the enforcement of any of the foregoing or any
obligation of the Guarantors hereunder; and (d) any other obligations of
Sellers with respect to Buyer under each of the Transaction Documents
(collectively, the “Obligations”).

NOW, THEREFORE, in consideration of the
foregoing premises, to induce Buyer to enter into the Transaction Documents and
to enter into the transactions contemplated thereunder, the Guarantors hereby
agree with Buyer, as follows:

1.             Defined Terms.  Unless otherwise defined herein, terms which
are defined in the Repurchase Agreement and used herein are so used as so
defined.

2.             Guarantee.  (a) 
Each Guarantor, jointly and severally, hereby unconditionally and
irrevocably guarantees to Buyer the prompt and complete payment and 

 

performance of the
Obligations by Sellers when due (whether at the stated maturity, by
acceleration or otherwise), as the case may be, and agrees to indemnify and
hold harmless Buyer from any and all claims, damages, losses, liabilities,
costs and expenses that may be incurred by or asserted or awarded against
Buyer, in each case relating to or arising out of the Obligations, as the case
may be, other than that result from the gross negligence, bad faith, willful
misconduct, or breach of the Master Repurchase Agreement by any Indemnified
Party.

(b)           Each
Guarantor further agrees to pay, jointly and severally, any and all reasonable
expenses (including, without limitation, all reasonable fees and disbursements
of counsel) which may be paid or incurred by Buyer in enforcing, or obtaining
advice of counsel in respect of, any rights with respect to, or collecting, any
or all of the Obligations and/or enforcing any rights with respect to, or
collecting against, the Guarantors under this Guarantee.  This Guarantee shall remain in full force and
effect until the later of (and at such time, this Guarantee shall automatically
terminate) (i) the date upon which the Obligations are paid in full and (ii)
the termination of the Repurchase Agreement, notwithstanding that from time to
time prior thereto Sellers may be free from any Obligations.

(c)           No
payment or payments made by a Seller or any other Person or received or
collected by Buyer from a Seller or any other Person by virtue of any action or
proceeding or any set-off or appropriation or application, at any time or from
time to time, in reduction of or in payment of the Obligations shall be deemed
to modify, reduce, release or otherwise affect the liability of any Guarantor
hereunder which shall, notwithstanding any such payment or payments, remain
liable under this Guarantee until the Obligations are paid in full.

(d)           Each
Guarantor agrees that whenever, at any time, or from time to time, a Guarantor
shall make any payment to Buyer on account of any liability hereunder, such
Guarantor shall endeavor to promptly notify Buyer in writing that such payment
is made under this Guarantee for such purpose.

3.             Subrogation.  Upon making any payment hereunder, each
Guarantor shall be subrogated to the rights of Buyer against Sellers and any
collateral for any Obligations with respect to such payment; provided
that neither Guarantor shall seek to enforce any right or receive any payment
by way of subrogation until all amounts due and payable by Sellers to Buyer
under the Transaction Documents or any related documents have been paid in
full; and provided  further that such subrogation rights shall be
subordinate in all respects to all amounts owing to Buyer under the Transaction
Documents.

4.             Amendments, etc. with Respect to
the Obligations.  Each Guarantor
shall remain obligated hereunder, jointly and severally, notwithstanding that,
without any reservation of rights against either Guarantor, and without notice
to or further assent by either Guarantor, any demand for payment of any of the
Obligations made by Buyer may be rescinded by Buyer and any of the Obligations
continued, and the Obligations, or the liability of any other party upon or for
any part thereof, or any collateral security or guarantee therefor or right of
offset with respect thereto, may, from time to time, in whole or in part, be
renewed, extended, amended, modified, accelerated, compromised, waived,
surrendered or released by Buyer, and any Transaction Document and any other
document in connection therewith may be amended, modified, supplemented or
terminated, in whole or in part, as Buyer may deem advisable from 

 

time to time, and
any collateral security, guarantee or right of offset at any time held by Buyer
for the payment of the Obligations may be sold, exchanged, waived, surrendered
or released, and the failure of Buyer to protect, secure, perfect or insure any
lien at any time held by it as security for the Obligations or for this
Guarantee or any property subject thereto. 
When making any demand hereunder against a Guarantor, Buyer may, but
shall be under no obligation to, make a similar demand on Sellers, the other
Guarantor or any other Person, and any failure by Buyer to make any such demand
or to collect any payments from Sellers or any such other Guarantor or Person
or any release of Sellers or such other Guarantor or Person shall not relieve
such Guarantor of its Obligations or liabilities hereunder, and shall not
impair or affect the rights and remedies, express or implied, or as a matter of
law, of Buyer against either Guarantor. 
For the purposes hereof “demand” shall include the commencement and
continuance of any legal proceedings.

5.             Guarantee Absolute and
Unconditional.  (a)  Each Guarantor hereby agrees that its
obligations under this Guarantee constitute a guarantee of payment when due and
not of collection.  Each Guarantor waives
any and all notice of the creation, renewal, extension or accrual of any of the
Obligations and notice of or proof of reliance by Buyer upon this Guarantee or
acceptance of this Guarantee; the Obligations, and any of them, shall
conclusively be deemed to have been created, contracted or incurred in reliance
upon this Guarantee; and all dealings between Sellers or either Guarantor, on
the one hand, and Buyer, on the other hand, shall likewise be conclusively
presumed to have been had or consummated in reliance upon this Guarantee.  Each Guarantor waives promptness, diligence,
presentment, protest, demand for payment and notice of default or nonpayment to
or upon Sellers or the Guarantee with respect to the Obligations.  This Guarantee shall be construed as a
continuing, absolute and unconditional guarantee of payment without regard to
(i) the validity, regularity or enforceability of any agreement, any of the
Obligations or any collateral security therefor or guarantee or right of offset
with respect thereto at any time or from time to time held by Buyer, (ii) any
defense, set-off or counterclaim (other than a defense of payment or
performance) which may at any time be available to or be asserted by a Seller
against Buyer, (iii) any requirement that Buyer exhaust any right to take any
action against a Seller or any other Person prior to or contemporaneously with
proceeding to exercise any right against either Guarantor under this Guarantee
or (iv) any other circumstance whatsoever (with or without notice to or
knowledge of Sellers or either Guarantor) which constitutes, or might be
construed to constitute, an equitable or legal discharge of Sellers for the
Obligations or of either Guarantor under this Guarantee, in bankruptcy or in
any other instance.  When pursuing its
rights and remedies hereunder against either Guarantor, Buyer may, but shall be
under no obligation, to pursue such rights and remedies that Buyer may have
against Sellers or any other Person or against any collateral security or
guarantee for the Obligations or any right of offset with respect thereto, and
any failure by Buyer to pursue such other rights or remedies or to collect any
payments from Sellers or any such other Person or to realize upon any such
collateral security or guarantee or to exercise any such right of offset, or
any release of Sellers or any such other Person or any such collateral
security, guarantee or right of offset, shall not relieve either Guarantor of
any liability hereunder, and shall not impair or affect the rights and
remedies, whether express, implied or available as a matter of law, of Buyer
against either Guarantor.  This Guarantee
shall remain in full force and effect and be binding in accordance with and to
the extent of its terms upon each Guarantor and its respective successors and
assigns thereof, and shall inure to the benefit of Buyer, and its respective
successors, endorsees, transferees and assigns, until all the Obligations and
the obligations of each Guarantor under this 

 

Guarantee shall
have been satisfied by payment in full, notwithstanding that from time to time
during the term of the Transaction Documents Sellers may be free from any
Obligations.

(b)           Without
limiting the generality of the foregoing, each Guarantor hereby agrees,
acknowledges, and represents and warrants to Buyer as follows:

(i)       Guarantor hereby waives
any defense arising by reason of, and any and all right to assert against Buyer
any claim or defense based upon, an election of remedies by Buyer which in any
manner impairs, affects, reduces, releases, destroys and/or extinguishes such
Guarantor’s subrogation rights, rights to proceed against Sellers, or any other
guarantor for reimbursement or contribution, and/or any other rights of such
Guarantor to proceed against Sellers against any other guarantor, or against
any other person or security.

(ii)      Guarantor is presently
informed of the financial condition of Sellers and of all other circumstances
which diligent inquiry would reveal and which bear upon the risk of nonpayment
of the Obligations.  Guarantor hereby
covenants that it will make its own investigation and will continue to keep
itself informed about each Seller’s financial condition, the status of other
guarantors, if any, of all other circumstances which bear upon the risk of
nonpayment and that it will continue to rely upon sources other than Buyer for
such information and will not rely upon Buyer for any such information.  Absent a written request for such information
by Guarantor to Buyer, Guarantor hereby waives the right, if any, to require
Buyer to disclose to Guarantor any information which Buyer may now or hereafter
acquire concerning such condition or circumstances including, but not limited
to, the release of or revocation by any other guarantor.

(iii)     Guarantor has
independently reviewed the Transaction Documents and related agreements and has
made an independent determination as to the validity and enforceability
thereof, and in executing and delivering this Guarantee to Buyer, such
Guarantor is not in any manner relying upon the validity, and/or enforceability,
and/or attachment, and/or perfection of any liens or security interests of any
kind or nature granted by Sellers or any other guarantor to Buyer, now or at
any time and from time to time in the future.

6.             Reinstatement.  This Guarantee shall continue to be
effective, or be reinstated, as the case may be, if at any time payment, or any
part thereof, of any of the Obligations is rescinded or must otherwise be
restored or returned by Buyer upon the insolvency, bankruptcy, dissolution,
liquidation or reorganization of a Seller or upon or as a result of the
appointment of a receiver, intervenor or conservator of, or trustee or similar
officer for, a Seller or any substantial part of a Seller’s property, or
otherwise, all as though such payments had not been made.

7.             Payments.  Each Guarantor hereby agrees that the
Obligations will be paid to Buyer without set-off or counterclaim in U.S.
Dollars at the address specified in writing by Buyer.

 

8.             Representations and Warranties.  Each Guarantor represents and warrants that:

(a)           Guarantor
has the legal capacity and the legal right to execute and deliver this
Guarantee and to perform Guarantor’s obligations hereunder;

(b)           no
consent or authorization of, filing with, or other act by or in respect of, any
arbitrator or governmental authority and no consent of any other Person
(including, without limitation, any creditor of Guarantor) is required in
connection with the execution, delivery, performance, validity or
enforceability of this Guarantee;

(c)           this
Guarantee has been duly executed and delivered by Guarantor and constitutes a
legal, valid and binding obligation of Guarantor enforceable in accordance with
its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally and by general principles of equity (whether
enforcement is sought in proceedings in equity or at law);

(d)           the
execution, delivery and performance of this Guarantee will not violate any law,
treaty, rule or regulation or determination of an arbitrator, a court or other
governmental authority, applicable to or binding upon Guarantor or any of its
property or to which Guarantor or any of its property is subject (“Requirement
of Law”), or any provision of any security issued by Guarantor or of any
agreement, instrument or other undertaking to which Guarantor is a party or by
which it or any of its property is bound (“Contractual Obligation”), and
will not result in or require the creation or imposition of any lien on any of
the properties or revenues of Guarantor pursuant to any Requirement of Law or
Contractual Obligation of Guarantor;

(e)           no
litigation, investigation or proceeding of or before any arbitrator or
Governmental Authority is pending or, to the knowledge of Guarantor, threatened
by or against Guarantor or against any of Guarantor’s properties or revenues
with respect to this Guarantee or any of the transactions contemplated hereby
(that, if adversely determined, would result in a material adverse effect); and

(f)            except
as disclosed in writing to Buyer prior to the date hereof, Guarantor has filed
or caused to be filed all tax returns which, to the knowledge of Guarantor, are
required to be filed and has paid all taxes shown to be due and payable on said
returns or on any assessments made against him or any of Guarantor’s property
and all other taxes, fees or other charges imposed on him or any of Guarantor’s
property by any Governmental Authority (other than (i) any the amount or
validity of which are currently being contested in good faith by appropriate
proceedings or (ii) the failure to do so would not result in a material adverse
effect); no tax lien has been filed, and, to the knowledge of Guarantor, no
claim is being asserted, with respect to any such tax, fee or other charge.

Each Guarantor agrees that the foregoing representations and warranties
shall be deemed to have been made by such Guarantor on the date of each
Transaction under the Repurchase Agreement, on and as of such date of the
Transaction, as though made hereunder on and as of such date.

 

9.             Severability.  Any provision of this Guarantee which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

10.           Paragraph Headings.  The paragraph headings used in this Guarantee
are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof.

11.           No Waiver; Cumulative Remedies.  Buyer shall not by any act (except by a
written instrument pursuant to paragraph 13 hereof), delay, indulgence,
omission or otherwise be deemed to have waived any right or remedy hereunder or
to have acquiesced in any default or event of default or in any breach of any of
the terms and conditions hereof.  No
failure to exercise, nor any delay in exercising, on the part of Buyer, any
right, power or privilege hereunder shall operate as a waiver thereof.  No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege.  A waiver by Buyer of any right or remedy
hereunder on any one occasion shall not be construed as a bar to any right or
remedy which Buyer would otherwise have on any future occasion.  The rights and remedies herein provided are
cumulative, may be exercised singly or concurrently and are not exclusive of
any rights or remedies provided by law.

12.           Waivers and Amendments; Successors
and Assigns; Governing Law.  None of
the terms or provisions of this Guarantee may be waived, amended, supplemented
or otherwise modified except by a written instrument executed by each Guarantor
and Buyer.  This Guarantee shall be
binding upon the heirs, personal representatives, successors and assigns of
each Guarantor and shall inure to the benefit of Buyer, and their respective
successors and assigns.  THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

13.           Notices.  Notices by Buyer to either Guarantor and by
either Guarantor to Buyer may be given by mail, or by telecopy transmission,
addressed to such Guarantor or Buyer at the address or transmission number set
forth under its signature below and shall be effective (a) in the case of mail,
five days after deposit in the postal system, first class certified mail and
postage pre-paid, (b) one Business Day following timely delivery to a
nationally recognized overnight courier service for next Business Day delivery
and (c) in the case of telecopy transmissions, when sent, transmission
electronically confirmed.

14.           SUBMISSION TO JURISDICTION;
WAIVERS.  EACH GUARANTOR AND BUYER
HEREBY IRREVOCABLY AND UNCONDITIONALLY:

(A)                   SUBMITS FOR SUCH PARTY’S PROPERTY IN ANY LEGAL
ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND THE OTHER LOAN DOCUMENTS TO
WHICH EITHER GUARANTOR AND BUYER ARE A PARTY, OR FOR RECOGNITION AND
ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL
JURISDICTION OF THE COURTS OF THE STATE OF 

 

NEW YORK, THE COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN
DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

(B)                    CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY
BE BROUGHT IN SUCH COURTS AND WAIVES ANY OBJECTION THAT SUCH PARTY MAY NOW OR
HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT
OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND
AGREES NOT TO PLEAD OR CLAIM THE SAME;

(C)                    AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION
OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR
CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO
EITHER GUARANTOR AT SUCH GUARANTOR’S ADDRESS SET FORTH UNDER SUCH GUARANTOR’S SIGNATURE
BELOW OR AT SUCH OTHER ADDRESS OF WHICH BUYER SHALL HAVE BEEN NOTIFIED;

(D)                    AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION
OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR
CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO
BUYER AT THE ADDRESS SET FORTH UNDER BUYER’S SIGNATURE BELOW OR AT SUCH OTHER
ADDRESS OF WHICH GUARANTORS SHALL HAVE BEEN NOTIFIED; AND

(E)                    AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT
TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL
LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION.

15.           Integration.  This Guarantee represents the agreement of
each Guarantor with respect to the subject matter hereof and there are no
promises or representations by Buyer relative to the subject matter hereof not
reflected herein.

16.           Acknowledgments.  Each Guarantor hereby acknowledges that:

(a)           Guarantor
has been advised by counsel in the negotiation, execution and delivery of this
Guarantee and the related documents;

(b)           Buyer
has no fiduciary relationship to Guarantor, and the relationship between Buyer
and Guarantor is solely that of surety and creditor; and

(c)           no
joint venture exists between or among any of Buyer, Guarantor and Sellers.

17.           WAIVERS OF JURY TRIAL.  EACH GUARANTOR AND BUYER HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS GUARANTEE OR 

 

ANY
RELATED DOCUMENT AND FOR ANY COUNTERCLAIM HEREIN OR THEREIN.

[SIGNATURES
COMMENCE ON THE FOLLOWING PAGE]

 

IN WITNESS WHEREOF, the
undersigned has caused this Guarantee Agreement to be duly executed and
delivered as of the date first above written.

	
  

  	
  DIVIDEND CAPITAL TOTAL
  REALTY 

  
	
   

  	
  OPERATING
  PARTNERSHIP, LP, a 

  
	
   

  	
  Delaware limited
  partnership

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: Dividend
  Capital Total Realty Trust 

  
	
   

  	
  Inc., a Maryland
  corporation, its general

  
	
   

  	
  partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:  518 Seventeenth Street, 

  
	
   

  	
  17th Floor, Denver, Colorado 80202

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIVIDEND CAPITAL
  TOTAL REALTY 

  
	
   

  	
  TRUST INC., a
  Maryland corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:  518 Seventeenth Street, 

  
	
   

  	
  17th Floor, Denver, Colorado 80202

  
							

 

 

 

	
  

  	
  JPMORGAN CHASE
  BANK, N.A., a 

  
	
   

  	
  national banking
  association, solely as to

  
	
   

  	
  Sections 13, 14
  and 17

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:  270 Park Avenue, 10th 

  
	
   

  	
  Floor, New York,
  New York 10017-2014, 

  
	
   

  	
  Attention:  Mr. Kunal K. SinghExhibit
10.20

PURCHASE AND SALE AGREEMENT

Between

DCT RICKENBACKER IV LLC

and

TRT RICKENBACKER LLC

Dated as of October 16, 2006

PURCHASE
AND SALE AGREEMENT

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

RECITALS:

A.            Seller holds title to the property
commonly known as 2400 Spiegel Drive, Groveport, Ohio and legally described on Exhibit A (the “Real Property”).

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

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

ARTICLE I

PROPERTY

SECTION
1.1. Certain Basic Terms.

	
  (a)      Seller
  Notice Address: 

   

  c/o DCT Leasing
  Corp.

  518 17th Street

  Suite 1700

  Denver, Colorado 80202

  Attention: Teresa L. Corral

  Telephone: 303/228-2200

  Facsimile: 303/228-2201

  E-mail: tcorral@dividendcapital.com

  	
  With copies to: 

   

  Mayer, Brown, Rowe & Maw LLP

  Attn: Milos Markovic

  71 South Wacker Drive

  Chicago, Illinois 60606

  Telephone: 312/701-7202

  Facsimile: 312/706-8505

  E-mail: mmarkovic@mayerbrownrowe.com

  
	
   

  	
   

  
	
  (b)      Buyer
  Notice Address:

   

  TRT Rickenbacker
  LLC 

  c/o Dividend Capital Total Realty Trust 

  518 17th Street 

  Suite 1700 

  Denver, Colorado 80202 

  Attention: Greg Moran 

  Telephone: 303/228-2200 

  Facsimile: 303/996-8486 

  E-mail: gmoran@dividendcapital.com

  	
  With a copy to: 

   

  Heller Ehrman LLP 

  Attn: Steven C. Koppell 

  Times Square Tower 

  7 Times Square 

  New York, NY 10036 

  Telephone: 212.847.8782 

  Facsimile: 212.763.7600 

  email: steven.koppel@hellerehrman.com

  

 

(c)           Purchase Price:     $14,216,000.00.

 

 

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

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

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

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

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

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

ARTICLE II

INSPECTION OF PROPERTIES

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

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

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

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

 2
 

 

 

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

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

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

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

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

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

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

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

 3
 

 

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

ARTICLE III

TITLE AND SURVEY REVIEW

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

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

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

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

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

ARTICLE IV

OPERATIONS AND RISK OF LOSS

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

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

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

 5
 

 

 

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

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

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

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

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

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

ARTICLE V

FIRE OR OTHER CASUALTY

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

 6
 

 

 

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

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

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

ARTICLE VI

EXPENSE ALLOCATIONS

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

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

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

 7
 

 

 

ARTICLE VII

CLOSING

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

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

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

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

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

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

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

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

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

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

 8
 

 

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

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

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

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

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

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

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

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

(g)           RESERVED

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

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

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

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

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

 9
 

 

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

(m)          A closing statement acceptable to
Seller.

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

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

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

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

ARTICLE VIII

EXPENSES AND PRORATIONS

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

 10
 

 

 

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

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

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

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

 11
 

 

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

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

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

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

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

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

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

 12
 

 

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

ARTICLE IX

REPRESENTATIONS AND WARRANTIES

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

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

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

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

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

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

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

 13
 

 

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

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

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

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

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

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

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

 14
 

 

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

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

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

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

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

(a)           Organization and Authority.
Buyer has been duly organized and is validly existing as a Delaware corporation,
in good standing in the State of Delaware. Buyer has the full right and
authority and has obtained any and all consents required to enter into this
Agreement and to consummate or cause to be consummated the transactions
contemplated hereby. This Agreement has been, and all of the documents to be
delivered by Buyer at the Closing will be, authorized and properly executed and
constitutes, or will constitute, as appropriate, the valid and binding
obligation of Buyer, enforceable in accordance with their terms subject to
applicable laws of bankruptcy or insolvency and general principles of equity.
The execution, delivery and performance of this Agreement by Buyer do not in
any material respect (i) violate any decree or judgment of any court or governmental
authority which may be applicable to Buyer; (ii) violate any law (or regulation
promulgated under any law); (iii) violate or conflict with, or result in a
breach of, or constitute a 

 15
 

 

default under (or an event with or without notice or
lapse of time or both would constitute a default) under any contract or
agreement to which Buyer is a party; or (iv) violate or conflict with any
provision of the organizational documents of Buyer.

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

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

ARTICLE X

MISCELLANEOUS

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

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

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

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

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

 16
 

 

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

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

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

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

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

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

SECTION
10.11. Indemnity.

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

 17
 

 

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

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

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

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

[Signature
Page Follows]

 18

 

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

	
  SELLER:

  	
   

  
	
   

  	
   

  
	
  DCT RICKENBACKER IV LLC,
  a Delaware limited liability company

  
	
   

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

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name: Teresa L. Corral

  	
   

  	
   

  
	
   

  	
  Its: Authorized
  Signatory

  	
   

  	
   

  
	
   

  	
   

  
	
  BUYER:

  	
   

  
	
   

  	
   

  
	
  TRT RICKENBACKER LLC, a
  Delaware limited liability company

  
	
   

  
	
  By:

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

  
	
   

  	
   

  
	
  By:

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

  
	
   

  	
   

  
	
  By:

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

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Michael J. Kelly

  
	
   

  	
  Its: Managing Director/Chief Acquisitions Officer

  
							

 

JOINDER

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

	
  DCT LEASING CORP., a
  Delaware corporation

  	 

	
   

  	 

	
  By:

  	
   

  	
   

  
	
  Name: Teresa L. Corral

  	 

	
  Its: Authorized
  Signatory

  	 

				

 

 S-1

EXHIBIT A

LEGAL DESCRIPTION OF REAL PROPERTY

[See Attached]

 

EXHIBIT B

SCHEDULE OF LEASES

See RENT ROLL EXHIBIT J

 3
 

 

EXHIBIT C

OPERATING STATEMENTS

[See Attached]

 4
 

 

EXHIBIT D

SERVICE CONTRACTS

1.             Service Agreement for landscaping
at Rickenbacker IV with The Brickman Group Ltd dated September 22, 2004.

2.             Service Agreement for sprinkler
monitoring at Rickenbacker IV with Ohio Electronic Protection, Inc. dated May
1999.

 5
 

 

EXHIBIT E

REPORTS

1.             Phase I Environmental Site
Assessment for Rickenbacker IV by Blackstone Consulting LLC dated April 24,
2006.

2.             Property Condition Assessment for
Rickenbacker IV by Pond, Robinson & Associates, LP dated April 2006.

 6
 

 

EXHIBIT F

SELLER’S ESTOPPEL

October 16, 2006

TRT RICKENBACKER LLC

c/o Dividend Capital Total Realty Trust

518 17th Street

Suite 1700

Denver, Colorado 80202

Attention:  Greg Moran

Greg:

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

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

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

[Signature Follows]

 7
 

 

 

	
  

  	
  DCT LEASING CORP., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Teresa L. Corral

  
	
   

  	
  Its: Authorized Signatory

  

 

 8

 

EXHIBIT A TO SELLER’S ESTOPPEL

[attach Tenant Estoppels]

 

EXHIBIT G

TENANT ESTOPPEL CERTIFICATE

To:                              [                                ]

 

 

Attention: 

Re:                               Property
Address:                                                               ,
                                                                     ,
                         
                                                (the
“Property”)

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

	
  Dated this           
  day of                         ,
  200    .

  	
   

  
	
   

  	
   

  
	
   

  	
  [TENANT’S NAME]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
					

 

 

EXHIBIT H

ASSIGNMENT OF LEASES AND CONTRACTS AND BILL OF SALE

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

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

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

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

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

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

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

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

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

 

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

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

 

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

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  [ENTITY]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
						

 

[ACKNOWLEDGMENTS]

 

EXHIBIT I

LEASING
COMMISSIONS

1.             Listing
Agreement between Pizzuti Management LLC and DCT Rickenbacker IV LLC dated May
19, 2006.

 

EXHIBIT J

RENT
ROLL

[See Attached]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]