Document:

EX-10.1

SALE AGREEMENT

AND

ESCROW INSTRUCTIONS

(Thunderbird Medical Plaza I, II & III)

	 	 	 	 	 	 	 	 	 
	Contract Date:
	 	April 6, 2007
	 	 	 	 
	T-Bird 5410/5422 Seller:	 	5410 & 5422 W. Thunderbird Road, LLC, an

	 	 	Arizona limited liability company, and PEA

	 	 	Enterprises, LLC, a California limited

	 
	 	liability company
	 	 	 	 
	 
	 	814 Westgate Avenue, Suite 119	 	 	 	 
	 
	 	Los Angeles, California  90049
	 	 	 	 
	 
	 	Attention:
	 	William Metzler

Facsimile: (310) 207-1458

Telephone: (310) 207-1444

E-mail: wmetzler@westcoastcap.com

and

	 	 	 	 	 	 	 	 	 
	T-Bird 5310 Seller:	 	5310 West Thunderbird Road, LLC, an Arizona

	 	 	limited liability company, WRM T-Bird, LLC, a

	 	 	Delaware limited liability company, EDI

	 	 	T-Bird, LLC, a Delaware limited liability

	 	 	company, PVPT-Bird, LLC, a Delaware limited

	 	 	liability company, Courtleigh T-Bird, LLC, a

	 	 	Delaware limited liability company, Mongan

	 	 	T-Bird, LLC, a Delaware limited liability

	 	 	company, Booth T-Bird, LLC, a Delaware limited

	 	 	liability company, Gertmenian T-Bird, LLC, a

	 	 	Delaware limited liability company, and Bland

	 	 	T-Bird, LLC, a Delaware limited liability

	 
	 	company
	 	 	 	 
	 
	 	814 Westgate Avenue, Suite 119	 	 	 	 
	 
	 	Los Angeles, California  90049
	 	 	 	 
	 
	 	Attention:
	 	William Metzler

Facsimile: (310) 207-1458

Telephone: (310) 207-1444

E-mail: wmetzler@westcoastcap.com

	 	 	 	 	 	 	 	 	 
	with a copy to:
	 	Kutak Rock LLP
	 	 	 	 
	 	 	8601 North Scottsdale Road, Suite 300

	 	 	Scottsdale, Arizona 85253-2742

	 
	 	Attention:
	 	Joy A. Sullivan, Esq. & Brian Jordan, Esq.

Telephone: (480) 429-5000

Facsimile: (480) 429-5001

E-mail: joy.sullivan@kutakrock.com &

brian.jordan@kutakrock.com

	 	 	 	 	 
	Buyer:	 	Triple Net Properties, LLC, a Virginia limited

	 
	 	 	 	 
	
 
	 	liability company
	 	

	 
	 	 	 	 
	 	 	1551 N. Tustin Avenue, Suite 300

	 
	 	 	 	 
	
 
	 	Santa Ana, California 92705

Attention:
	 	

Theresa Hutton

Telephone: (877) 888-7348; (714) 667-8252

Facsimile: (714) 667-6843

E-mail: thutton@1031nnn.com

	 	 	 	 	 	 	 	 	 
	with a copy to:
	 	Hirschler Fleischer
	 	 	 	 
	 
	 	2100 East Cary Street	 	 	 	 
	 
	 	Richmond, VA  23223
	 	 	 	 
	 
	 	Attention:
	 	Joseph J. McQuade, Esq.

Telephone: (804) 771-9502

Facsimile: (804) 644-0957

E-mail: jmcquade@hf-law.com

	 	 	 	 	 
	Escrow Agent:

	 	Chicago Title Company
	 	

	 
	 	 	 	 
	 	 	16969 Von Karman, Suite 200

	 
	 	 	 	 
	
 
	 	Irvine, California 92606

Attention:
	 	

Ms. Lorri Beasley

Telephone: (949) 263-2544

Facsimile: (949) 263-0536

E-mail: beasleyl@ctt.com

	 	 	 	 	 
	T-Bird 5410/5422 Escrow:
	 	Escrow No.  ___________________

	T-Bird 5310 Escrow:
	 	Escrow No.  ___________________

THE TERMS LISTED ABOVE ARE DEFINED TERMS THAT ARE REFERRED TO THROUGHOUT THE SALE AGREEMENT AND
ESCROW INSTRUCTIONS.

1

BACKGROUND

A. T-Bird 5410/5422 Seller is the owner of that certain real property located at 5422 and 5410
West Thunderbird Road, Glendale, County of Maricopa, State of Arizona, commonly known as
Thunderbird Medical Plaza I and II, and more particularly described in Schedule “1A”
attached hereto (the “T-Bird 5410/5422 Land”).

B. T-Bird 5310 Seller is the owner of that certain real property located at 5310 West
Thunderbird Road, Glendale, County of Maricopa, State of Arizona, commonly known as Thunderbird
Medical Plaza III, and more particularly described in Schedule “1B” attached hereto (the
“T-Bird 5310 Land”). The T-Bird 5410/5422 Seller and the T-Bird 5310 Seller are referred to in
this Sale Agreement and Escrow Instructions (“Agreement” or “Contract”) individually or
collectively, as appropriate, as the “Seller.” The T-Bird 5410/5422 Escrow and the T-Bird 5310
Escrow, to the extent separated, are referred to collectively as the “Escrow.”

C. The T-Bird 5410/5422 Land and the T-Bird 5310 Land are referred to collectively as the
“Land.” The buildings and all other improvements located on the Land are referred to collectively
as the “Improvements.” The T-Bird 5410/5422 Land, together with the Improvements located on the
T-Bird 5410/5422 Land, are referred to as the “T-Bird 5410/5422 Project” and the T-Bird 5310 Land,
together with the Improvements located on the T-Bird 5310 Land, are referred to as the “T-Bird 5310
Project”. The T-Bird 5410/5422 Project and the T-Bird 5310 Project are referred to individually as
the “Project” and collectively as the “Projects”. The Projects, together with all rights,
privileges, rights-of-way, and easements appurtenant to the Land, are referred to in this Agreement
as the “Real Property.”

D. In connection with the Projects, each respective Seller is the owner of certain contracts,
agreements, leases, warranties, guarantees, indemnities, claims, licenses, permits, plans,
drawings, specifications, surveys, and engineering reports (collectively, the “Contract Rights”).
Each respective Seller is the owner of any licenses, permits and certificates of occupancy issued
by governmental authorities relating to the use, maintenance, occupancy and/or operation of the
applicable Real Property and any development rights and other similar intangible personal property
appurtenant to the Real Property and/or owned by Seller and used exclusively by Seller in the use
and operation of the applicable Real Property, including, without limitation, and all agreements or
rights relating exclusively to the use or operation of the Real Property (the “Intangible
Property”). Each respective Seller is also the owner of any fixtures, furniture, appliances,
building supplies, equipment, machinery, inventory and other tangible items of personal property
owned by Seller and used in the operation of the applicable Real Property (the “Personal
Property”). The Real Property, the Contract Rights, the Intangible Property, and the Personal
Property are collectively referred to in this Agreement as the “Property.”

E. Seller desires to sell Seller’s interest in the Property to Buyer, and Buyer desires to
purchase Seller’s interest in the Property from Seller, in accordance with the terms and conditions
set forth in this Agreement.

AGREEMENT

1. Purchase of the Property. Seller agrees to sell, transfer, and convey to Buyer,
and Buyer agrees to purchase from Seller, Seller’s interest in the Property upon the terms and
conditions set forth in this Agreement. Although the Property includes two separate and distinct
Projects, the sale and purchase under this Contract shall be for the entire Property.

2. Purchase Price. The purchase price (“Purchase Price”) for the Property shall be
Twenty-Five Million Two Hundred Fifty Thousand Dollars ($25,250,000.00). The Purchase Price shall
be allocated with respect to the Projects as $11,500,000.00 for the T-Bird 5410/5422 Project and
$13,750,000.00 for the T-Bird 5310 Project. The Purchase Price shall be paid by Buyer as follows.

(a) Within one (1) business day following the execution of this Agreement, Buyer shall
deposit with Escrow Agent an earnest money deposit (the “Deposit”) in the amount of One
Million Dollars ($1,000,000.00); and

(b) On or before the Closing Date, all additional amounts (“Closing Cash”) required of
Buyer to pay the Purchase Price, after credit for the Deposit, and any other credits to
which Buyer is entitled pursuant to this Agreement, will be deposited by Buyer with Escrow
Agent and applied, together with the Deposit, in accordance with this Agreement.

3. Escrow.

(a) Seller and Buyer hereby appoint Escrow Agent with regard to the T-Bird 5410/5422
Escrow and the T-Bird 5310 Escrow (collectively, the “Escrow”) created pursuant hereto. The
escrow instructions to Escrow Agent attached as Schedule “2” to this Agreement will
supplement the terms and conditions of this Agreement (the “Additional Escrow
Instructions”). The text of this Agreement, however, governs over all conflicts and
inconsistencies with the attached escrow instructions. This Agreement will constitute the
sole joint escrow instructions of Buyer and Seller to Escrow Agent, and the standard form
escrow instructions of Escrow Agent will not be used for this Escrow. Although there will
be two separate Escrow accounts for closing, the T-Bird 5410/5422 Escrow and the T-Bird 5310
Escrow shall be maintained collectively as if only one escrow exists throughout the term of
this Agreement.

(b) The Deposit will be held by Escrow Agent in a fully federally insured or federally
backed investment approved by Buyer and Seller. All deposits and other payments required of
Buyer under this Agreement must be made in Good Funds. The term “Good Funds” means in cash,
by confirmed wire transfer, by certified check drawn on any bank, or by cashier’s check
issued by any bank representing good, sufficient, and immediately available U.S. funds.

(c) Upon the Opening of Escrow, the Deposit is fully earned by Seller and
non-refundable to Buyer, except as expressly provided in this Agreement. If the sale of the
Property is consummated pursuant to this Agreement, then the Deposit shall be credited
against the Purchase Price at the Close of Escrow. Within one (1) business day after the
Opening of Escrow, Escrow Agent shall release to Seller a portion of the Deposit in the
amount of Six Hundred Thousand Dollars ($600,000.00); the remainder of the fully earned
Deposit shall be held in Escrow.

(d) The date of the opening of the Escrow (“Opening of Escrow”) will be the date on
which the last of the following has occurred: (i) Escrow Agent has received this Agreement
executed by Buyer and Seller; (ii) Escrow Agent has received the Deposit; and (iii) Escrow
Agent has accepted this Agreement as its escrow instructions by executing this Agreement on
the signature page. Escrow Agent is instructed to insert the date of opening in the
signature portion of this Agreement and to send a copy of the fully executed Agreement to
Buyer and Seller by facsimile transmission on the date of Opening of Escrow.

(e) The Close of Escrow (defined below) will occur on May 15, 2007 (“Closing Date”), or
such later day as expressly provided in this Agreement. If the Close of Escrow has not
occurred by the Closing Date by reason of a default hereunder, the defaulting party shall
bear all escrow cancellation charges. For purposes of this Agreement, the “Closing” or the
“Close of Escrow” shall mean the date that a fully-executed Deed (defined below) conveying
the Real Property to Buyer is recorded in the Official Records of Maricopa County, Arizona,
by Escrow Agent.

4. Documents. Within five (5) days after the Opening of Escrow, Seller will deliver
to Buyer the following documents (collectively referred to as the “Property Documents”) to the
extent such documents are in Seller’s possession or under Seller’s control.

(a) A current rent roll (“Rent Roll”);

(b) A copy of all current tenant leases and amendments that affect the Property (the,
“Tenant Lease(s)”) as described on Schedule “9A” attached hereto;

(c) Copies of any service contracts, equipment leases, and other contracts relating to
the operation of the Property (the “Service Contracts”) as described on Schedule
“9B”;

(d) The Property’s operating statements for the calendar year ending in 2006 and
year-to-date statements;

(e) Without warranty, express or implied, an existing survey of the T-Bird 5410/5422
Project prepared by Hoskin Ryan Consultants, Inc. Job No 04-047-01 dated April 26, 2004, and
an existing survey of the T-Bird 5310 Project prepared by Superior Surveying Services, Inc.
Job No. 260465 dated May 9, 2006 (collectively, the “Existing Surveys”);

(f) Without warranty, express or implied, a Phase I Environmental Site Assessment for
the T-Bird 5410/5422 Project prepared by AEI Consultants Project No. 8567 dated April 26,
2004, and a Phase I Environmental Site Assessment for the T-Bird 5310 Project prepared by
EDI-RE Job No. 06-771 dated May 4, 2006 (collectively, the “Environmental Assessments”);

(g) The broker’s sales package for the Projects;

(h) The Projects’ 2006 CAM reconciliations submitted to tenants;

(i) The current year’s CAM estimates;

(j) Copies of existing property insurance certificates; Any available building plans
and specifications, if available;

(k) A list of utility companies, with account numbers, servicing the Property; and

(l) Seller will make available at its property manager’s office, copies of all
correspondence with tenants related to any defaults and correspondence for any tenant
occupying over 10,000 leasable square feet at the Property. In addition, during the term of
this Agreement, Seller shall also provide Buyer with copies of any new correspondence with
tenants related to any defaults and correspondence for any tenant occupying over 10,000
leasable square feet at the Property.

If this Agreement is terminated for any reason, Buyer shall return all Property Documents to Seller
within one (1) business day thereafter.

5. Title.

(a) Preliminary Title Report. As soon as reasonably practicable after the
Opening of Escrow, Seller shall deliver to Buyer two current preliminary title reports
(collectively, the “Title Report”) issued by Escrow Agent showing the state of the T-Bird
5410/5422 Seller’s, with respect to the T-Bird 5410/5422 Project, and the T-Bird 5310
Seller’s, with respect to the T-Bird 5310 Project, title to the Real Property, together with
legible copies of all matters shown as exceptions therein (each of which, excluding the
Monetary Liens, defined below, shall be considered “Permitted Exceptions”). At the Closing,
Buyer shall credit Seller for the reasonable cost of the Existing Surveys.

(b) Buyer’s Approval of Title. It shall be the sole responsibility of the
Buyer to work with Escrow Agent to obtain any title endorsements or other matters with
respect to title. Buyer shall be deemed to have approved the status of title shown in the
Title Report upon receipt and shall have no right to terminate this Agreement for any
matters shown on the Title Report.

(c) Seller’s Obligation. At Close of Escrow, Seller must pay off any and all
mechanic’s liens affecting or purporting to affect the Property and arising out of work
contracted for by Seller, except those arising out of the investigations and testing of
Buyer and its designated agents and independent contractors, and any recorded or unrecorded
mortgages, deeds of trust, or other monetary liens affecting title to the Property
(collectively, the “Monetary Liens”).

(d) Marketable Title. Concurrent with the Close of Escrow, Escrow Agent will
commit to issue to Buyer a standard coverage owner’s policy of title insurance in the amount
of the Purchase Price, subject only to Escrow Agent’s standard exceptions and exclusions and
the Permitted Exceptions. The cost of the standard coverage owner’s policy of title
insurance will be paid by Seller. Any additional title requirements, provisions or costs
necessary to issue the extended coverage owner’s policy of title insurance will be the sole
responsibility of the Buyer. Except as may be otherwise established in this Contract or
agreed to by Seller in writing, if Buyer requires any additional title insurance coverage
(i.e., endorsements, reinsurance, direct access, binders, etc.), Buyer will pay for the
different or additional title insurance coverage.

6. Property Investigations.

(a) Inspections.

(i) During the term of this Agreement, Buyer and its architects, engineers and
consultants, at Buyer’s sole cost and expense, shall have the right to inspect the
Real Property, make surveys and conduct such physical tests, studies and
investigations as Buyer may require (collectively, the “Inspections”). Buyer shall
have the right, at its sole expense, to obtain a new survey or environmental
assessment of the Projects or to update the Existing Surveys and Environmental
Assessments, all in accordance with this Section 6(a).

(ii) Buyer shall cause the Inspections to be conducted at times reasonably
acceptable to Seller upon reasonable advance notice and in a manner that does not
materially adversely affect the Real Property or unreasonably disrupt the business
operations of the occupants thereof.

(iii) Buyer will cause any person actually performing any investigations or
tests on the Property beyond a site visit to acquire and maintain, at Buyer’s or
the performing party’s sole cost and at all times from the date of initial entry on
the Property until the Closing Date, general liability insurance with an insurer
and with insurance limits and coverage reasonably satisfactory to Seller, but in no
event less than One Million Dollars ($1,000,000.00) per occurrence, that must
include coverage for the activities of Buyer or its agents on the Property and
naming Seller as an additional insured. Certificates of insurance evidencing the
insurance policies must be delivered by Buyer to Seller upon request.

(iv) Notwithstanding anything to the contrary in this Section 6(a), Buyer
shall not perform any intrusive or destructive testing without the prior written
consent of Seller, which may be withheld in Seller’s sole discretion.

(v) Upon completion of each Inspection, Buyer shall cause the portion of the
Real Property subject to such Inspection to be restored to the condition existing
immediately prior to such Inspection.

(vi) In the event of any termination of this Agreement, Buyer shall provide
Seller, at no additional charge and without warranty by Buyer, with copies of the
results of any physical tests or other reports made by or for Buyer at any time
prior to the Closing with respect to the Real Property.

(vii) Buyer hereby indemnifies, defends, and holds harmless Seller and its
members, managers, partners, officers, directors, agents, representatives and
affiliates for, from and against any and all claims, liabilities, demands and
actions and costs and expenses (including reasonable attorneys’ fees) arising from
or as a result of the death of or injury, loss or damage whatsoever caused to any
natural person or to the property of any person by reason of or in connection with
any Inspection, except to the extent caused by an indemnified party’s gross
negligence, recklessness or intentional misconduct, provided, however, that Buyer
shall have no responsibility or liability for any adverse condition or defect on or
affecting the Property not caused by Buyer or its agents, employees, or contractors
but discovered or impacted through authorized actions during their Inspections, so
long as Buyer immediately stops its Inspections and promptly notify Seller of the
condition if any condition is discovered or impacted by Buyer.

(viii) Until the Closing, neither Buyer, nor Escrow Agent will make,
authorize, or confirm any public announcement of this transaction or discuss this
transaction or otherwise disclose any portion of the Project Documents or
Inspections, except as required by law or with those persons directly involved in
the transaction including attorneys, consultants, accountants, and lenders.

The indemnification obligations of Buyer under this Section 6(a) shall survive the Closing.

(b) Service Contracts. At least 10 days prior to the Closing Date, Buyer shall
notify Seller in writing which of the Service Contracts that Buyer elects for Seller to
terminate. If Buyer does not timely elect for Seller to terminate any of the Service
Contracts, the Service Contracts shall be listed on the exhibit to the Assignment of
Contracts (defined below). If Buyer timely elects for Seller to terminate one or more of
the Service Contracts, then, at the Closing, Seller shall cause the applicable Service
Contract(s) to be terminated at the earliest time permitted under the applicable Service
Contract(s). In any event, as of the Closing Seller shall terminate all leasing or
management agreements applicable to the Property.

(c) Estoppel Certificates. Seller shall use its reasonable efforts to obtain
estoppels (collectively, “Tenant Estoppels”) from all tenants under Tenant Leases. It shall
be a condition to Buyer’s obligation to close hereunder that Tenant Estoppels are obtained
from tenants under Tenant Leases comprising an aggregate of sixty percent (60%) of the
leased space in the buildings at the Property as of the Opening of the Escrow, which
percentage must include all tenants occupying more than 8,000 leasable square feet (the
“Required Estoppels”). Seller agrees to use the form of estoppel that Buyer provides within
five (5) days of the Contract Date, or, if Buyer fails to timely provide its preferred form,
the form that is attached to this Agreement as Schedule “10” (subject in either case
to any tenant’s right to use the form attached to its Tenant Lease). The Required Estoppels
shall not show any materially adverse matters, including, without limitation, any material
default or purported default thereunder by any party. Buyer shall notify Seller in writing
within four (4) business days after receipt by Buyer of an applicable Required Estoppel of
any materially adverse matter so disclosed. If Buyer timely notifies Seller of any Required
Estoppel that reveals any materially adverse matter, Seller shall have until the earlier of
five (5) days after notice from Buyer or until two (2) business days prior to the Closing
Date to attempt to cure such matter and cause the applicable tenant to execute a replacement
Tenant Estoppel removing reference to the materially adverse matter. If Seller is unable to
cure and/or obtain the Required Estoppels, it shall not be default by Seller, but shall give
Buyer the right to terminate this Agreement and receive the return of its Deposit. Upon
receipt Seller shall deliver any Tenant Estoppel received to Buyer. Seller shall reasonably
cooperate with Buyer in obtaining customary subordination and non-disturbance agreements
from the tenants at the Property on the form attached hereto as Schedule 13,
provided the receipt of such agreements shall not be a condition to closing or require
Seller to incur any material cost or expense. Seller shall also use its reasonable efforts
to obtain estoppels from the benefited parties of any restrictive covenants encumbering the
Property.

7. Seller’s Covenants. Until the Close of Escrow, each Seller covenants and agrees,
with respect to its respective Project only, that it shall:

(a) Except for any conditions disclosed in the Property Documents, the Inspections, or
otherwise disclosed by Seller to Buyer in writing, maintain the Project in good condition
and perform, at Seller’s sole cost and expense, all routine maintenance and repairs and
otherwise operate the Project in accordance with the same management standards as were
employed by Seller prior to the Opening of Escrow;

(b) Between the date of this Agreement and the Close of Escrow, Seller shall not create
or consent to any liens, encumbrances, defects in or exceptions to title, restrictions or
easements affecting the Property that will not be released at the Close of Escrow; and

(c) Keep in effect all insurance coverage currently in force with respect to the
Project and promptly comply with all requirements of the insurance companies with respect to
such coverage.

(d) Except as expressly permitted otherwise in this Agreement, Seller will not enter
into or extend any lease affecting the Property or any portion thereof without Buyer’s
consent (not to be unreasonably or untimely conditioned or withheld). Buyer shall provide
Buyer’s written consent or disapproval within five (5) days after written notice of the
proposed lease or Buyer shall be deemed to have approved of such lease.

8. Seller’s Representations and Warranties. In consideration of Buyer entering into
this Agreement, and as an inducement to Buyer to purchase the Property, the T-Bird 5410/5422 Seller
makes the following representations and warranties with respect to itself and the T-Bird 5410/5422
Project only, and the T-Bird 5310 Seller makes the following representations and warranties with
respect to itself and the T-Bird 5310 Project only:

(a) Each Seller has the right, power, and authority to make and perform its obligations
under this Agreement and the execution, delivery, and performance of this Agreement and
completion of the purchase and sale transaction described in this Agreement does not violate
any contract, agreement, or commitment to which such Seller is a party or by which such
Seller is bound.

(b) Each Seller is the sole owner of, and has the full power and authority to sell and
convey its interest in, its respective Project.

(c) Attached as Schedule “9A” is a list of Tenant Leases as of the Opening of
Escrow and to Seller’s knowledge such list is complete and accurate. The Tenant Leases are
in full force and effect and no tenant is in material default under its respective Tenant
Lease, except as may be noted on the rent roll delivered to Buyer. Seller has no knowledge
of any Seller default under the Tenant Leases. Attached as Schedule “9B” is a list
of Service Contracts as of the Opening of Escrow and to Seller’s knowledge such list is
complete and accurate.

(d) Seller has no knowledge of any pending or threatened condemnation affecting the
Property.

(e) Seller is not, and will not become during the term of the Agreement, a person or
entity with whom persons of the United States are restricted from doing business with under
regulations of the Office of Foreign Asset Contract (“OFAC”) of the U.S. Department of
Treasury (including those named on OFAC’s specifically designated and blocked persons list)
or under any statute, execution order (including the September 24, 2001, Executive Order
blocking Property and Prohibiting Transactions with Persons who commit, threaten to commit,
or support terrorism), or other governmental action.

(f) There is no litigation pending, nor to Seller’s actual knowledge threatened, with
respect to the Property.

(g) Seller has not received any notifications from any governmental authority having
jurisdiction over the Property alleging that the Property does not conform to or violates
any applicable law with respect to the Property.

(h) The operating statements delivered to Buyer pursuant to Section 4 are the operating
statements used by Seller in the ordinary course of business for the Property.

As used in this Agreement, the words “Seller’s knowledge” or “Seller’s actual knowledge” or words
of similar import shall be deemed to mean the actual knowledge of William R. Metzler and Scott O.
Douglas (without any duty of investigation or verification of the matter on a current or ongoing
basis and subject to all information given and disclosures made pursuant to this Agreement), who
shall have no personal liability for any of the representations, warranties, covenants or
obligations of Seller hereunder. Except as expressly herein otherwise provided, and except as
modified by written information delivered by Seller to Buyer prior to the Close of Escrow, the
representations and warranties of Seller set forth in this Agreement shall be true, complete and
correct as of the date hereof and as of the Close of Escrow as if such representations and
warranties were made on and as of such time. Seller’s representations and warranties pursuant to
this Section shall survive the Close of Escrow for a period of six (6) months. If Buyer discovers
a material breach of any of Seller’s representations made pursuant to this Section 8 prior to the
Closing, Buyer promptly must deliver written notice to Seller of the alleged breach, and Seller
will have the right to either correct or cure the untrue representation or do nothing. An election
by Seller to cure or correct the untrue representation may be made only by delivery of written
notice to Escrow Agent and Buyer within five (5) days of Seller’s receipt of Buyer’s notice.
Failure of Seller to timely make an election to cure will be deemed an election to do nothing. If
Seller elects or is deemed to have elected to do nothing, Buyer will have the right, as its sole
remedy, to either: (i) terminate this Agreement, receive a refund of the Deposit and be reimbursed
by Seller for Buyer’s Out-of-Pocket Costs (as defined below) in an amount not to exceed $25,000, or
(ii) consummate the purchase of the Property without credit or adjustment of the Purchase Price.
All elections must be made within five (5) days of the receipt of the applicable notice or
election, and Buyer’s failure to timely make an election under the preceding sentence shall be
deemed an election to proceed under (ii). As used in this Contract, the term “Out-of-Pocket Costs
” means all out-of-pocket costs that were actually incurred by Buyer in negotiating this Contract
or performing any acts required or permitted under this Contract (including attorney fees, due
diligence expenses, consultant fees, transaction expenses, survey costs, escrow fees, loan
application fees, loan fees, and the like). When making a claim for reimbursement of Out-of-Pocket
Costs, Buyer must supply copies of relevant invoices, contracts, and the like documenting the costs
and loss.

9. “AS IS” PURCHASE/RELEASE. EXCEPT FOR THE EXPRESS WARRANTIES ABOVE AND ANY OTHERS
CONTAINED IN ANY CLOSING DOCUMENTS DELIVERED IN CONNECTION WITH THIS AGREEMENT, BUYER
ACKNOWLEDGES AND AGREES THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY NEGATES
AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS, OR GUARANTIES OF
ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL AND WRITTEN, PAST, PRESENT, OR
FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO: (A) THE VALUE, NATURE, QUALITY OR CONDITION OF
THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL, AND GEOLOGY; (B) THE INCOME
TO BE DERIVED FROM THE PROPERTY; (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND
ALL ACTIVITIES AND USES WHICH BUYER MAY CONDUCT; (D) THE COMPLIANCE OF OR BY THE
PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES, OR REGULATIONS OF ANY
APPLICABLE GOVERNMENTAL AUTHORITY OR BODY; (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY,
PROFITABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY; (F) THE MANNER OR
QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY; (G) THE
MANNER, QUALITY, STATE OF REPAIR, OR LACK OF REPAIR OF THE PROPERTY; AND (H) ANY OTHER
MATTER WITH RESPECT TO THE PROPERTY, AND SPECIFICALLY, THAT, EXCEPT AS SPECIFICALLY SET
FORTH ABOVE, SELLER HAS NOT MADE, DOES NOT MAKE, AND SPECIFICALLY DISCLAIMS ANY
REPRESENTATIONS REGARDING COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION, OR LAND USE
LAWS, RULES, REGULATIONS, ORDERS, OR REQUIREMENTS.

Buyer’s Initials:__________

BUYER FURTHER ACKNOWLEDGES AND AGREES THAT TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SALE
OF THE PROPERTY AS PROVIDED FOR HEREIN IS MADE ON AN “AS IS” CONDITION AND BASIS WITH ALL
FAULTS. BUYER AND ANYONE CLAIMING BY THROUGH OR UNDER BUYER FULLY AND IRREVOCABLY
RELEASES SELLER, ITS EMPLOYEES, OFFICERS, DIRECTORS, REPRESENTATIVES, AND AGENTS FROM ANY
AND ALL CLAIM THAT IT MAY NOW HAVE OR HEREAFTER ACQUIRE AGAINST SELLER, ITS EMPLOYEES,
OFFICERS, DIRECTORS, REPRESENTATIVES, AND AGENTS FOR ANY COST, LOSS, LIABILITY, DAMAGE, EXPENSE,
DEMAND, ACTION, OR CAUSE OF ACTION ARISING FROM OR RELATED TO ANY CONSTRUCTION DEFECTS, ERRORS,
OMISSIONS, OR OTHER CONDITIONS, INCLUDING ENVIRONMENTAL MATTERS AFFECTING ALL OR ANY PORTION OF THE
PROPERTY. FURTHERMORE, BUYER EXPRESSLY ACKNOWLEDGES THAT IT IS NOT RELYING ON ANY
REPRESENTATIONS OR ASSURANCES CONCERNING THE PROPERTY FROM SELLER’S BROKER OR AGENT
OR ANY OTHER REAL ESTATE BROKER OR AGENT. THE PROVISIONS OF THIS SECTION 9 WILL SURVIVE THE
CLOSING.

Buyer’s Initials:__________

10.

2

Buyer Representations. Buyer warrants and represents:

(a) Buyer is validly existing and in good standing under the laws of the state of its
formation and organization and has full authority to enter into this Agreement and all
documents contemplated under this Agreement and required in order to effect a Closing. The
persons executing this Agreement and all other documents contemplated under this Agreement
in order to effect a Closing on behalf of Buyer are duly authorized to do so and to bind
Buyer to this Agreement and all related agreements.

(b) None of the funds used by Buyer to pay the Purchase Price (including the Earnest
Money Deposit) are subject to the provisions of 18 U.S.C. §§ 1956-1957 (Laundering of Money
Instruments), 18 U.S.C. §§ 981-986 (Federal Asset Forfeiture), 21 U.S.C. § 881 (Drug
Property Seizure), Executive Order No. 13224 on Terrorism Financing, or the United and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, H.R. 3162, Public Law 107-56.

(c) Buyer is not, and will not become during the term of the Agreement, a person or
entity with whom persons of the United States are restricted from doing business with under
regulations of the Office of Foreign Asset Contract (“OFAC”) of the U.S. Department of
Treasury (including those named on OFAC’s specifically designated and blocked persons list)
or under any statute, execution order (including the September 24, 2001, Executive Order
blocking Property and Prohibiting Transactions with Persons who commit, threaten to commit,
or support terrorism), or other governmental action.

11. Condemnation Prior to Closing. Seller, upon actually becoming aware of same,
shall promptly notify Buyer, in writing, of any condemnation proceeding affecting the Real Property
commenced prior to the Close of Escrow or upon receipt of any written notice of a potential
condemnation. If at any time prior to the Closing Date, there shall be a taking by eminent domain
proceedings or the commencement of any such proceedings with respect to either (a) any building
located on the Property, (b) access to and from the Property, (c) any parking spaces the taking of
which would cause the Property to be in violation of applicable laws, or (d) would give any tenant
occupying at least 10,000 square feet the right to terminate its lease, Buyer may, at its option,
elect either to (i) terminate this Agreement and receive a refund of the Deposit, or (ii) continue
the Agreement in effect, in which event, upon the Close of Escrow, Seller shall assign to Buyer,
and Buyer shall be entitled to receive, any compensation, awards, or other payments or relief
resulting from such condemnation proceeding.

12. Damage and Destruction. If, prior to the Close of Escrow, a Substantial Portion
(as defined below) of the Property is damaged or destroyed, Buyer may, at its option, elect either
to (i) terminate this Agreement and receive a refund of the Deposit, or (ii) continue the Agreement
in effect, in which event Seller shall assign to Buyer, upon the Close of Escrow, all of Seller’s
estate, interest, right, title, and other claim or demand to any and all insurance proceeds
received or payable as a result of such damage or destruction, except for any rental interruption
insurance proceeds applicable towards rents payable with respect to the period prior to the Close
of Escrow and at the Closing Buyer shall receive a credit in the amount of any deductible amount
under any applicable insurance policy plus the amount of any uninsured loss. If the casualty loss
does not involve a Substantial Portion of the Property, as defined below, then Buyer shall be
obligated to Close the transaction contemplated herein according to the terms hereof,
notwithstanding such casualty loss, and Seller shall, at Seller’s election, either: (i) repair the
damages caused by such casualty loss prior to Closing, at Seller’s expense (provided, Seller shall
have no obligation to do so); or (ii) deliver or assign to Buyer, at Closing, any and all insurance
proceeds or rights to proceeds attributable to such casualty loss, and there shall be no reduction
in the Purchase Price and at the Closing Buyer shall receive a credit in the amount of any
deductible amount under any applicable insurance policy plus the amount of any uninsured loss. For
purposes of this Section 12, a “Substantial Portion” of the Property shall be deemed to be a
casualty loss which is equal to or greater than $2,500,000 per Project or that would give any
tenant occupying at least 10,000 square feet the right to terminate its lease.

13. Closing Matters.

(a) Buyer’s Deposits Into Escrow. Buyer shall deposit into escrow, at least
one (1) business day prior to the Closing Date (subject to any earlier date required in
accordance with Seller’s Defeasance), the following items:

(i) Currently available Good Funds in the amount of the balance of the
Purchase Price, together with such additional funds as may be required to pay
Buyer’s share of closing costs as provided in this Agreement;

(ii) two (one for the T-Bird 5410/5422 Project and one for the T-Bird 5310
Project) duly executed Assignment and Assumption of Leases in substantially the
form of Schedule “4” attached hereto (collectively, the “Assignment of
Leases”) effectuating the assignment and assumption of Seller’s interest under the
Tenant Leases in effect as of the Close of Escrow;

(iii) two (one for the T-Bird 5410/5422 Project and one for the T-Bird 5310
Project) duly executed Assignment and Assumption of Contracts in substantially the
form of Schedule “5” attached hereto (collectively, the “Assignment of
Contracts”) effectuating the assignment and assumption of Seller’s interest under
the Service Contracts Buyer did not elect to terminate under Section 6(b); and

(iv) Such additional documents, instruments and agreements, signed and
properly acknowledged by Buyer, if appropriate, as may be reasonably required by
the Title Company or as may be necessary to comply with Buyer’s obligations under
this Agreement.

(b) Seller’s Deposits Into Escrow. At least one (1) business day prior to the
Closing Date (subject to any earlier date required in accordance with Seller’s Defeasance),
Seller shall deposit, or cause to be deposited, with Escrow Agent the following items:

(i) two (one for the T-Bird 5410/5422 Project and one for the T-Bird 5310
Project) duly executed and acknowledged special warranty deed in substantially the
form of Schedule “3” attached hereto (collectively, the “Deed”);

(ii) two (one for the T-Bird 5410/5422 Project and one for the T-Bird 5310
Project) duly executed and acknowledged Assignment of Leases;

(iii) two (one for the T-Bird 5410/5422 Project and one for the T-Bird 5310
Project) duly executed and acknowledged Assignment of Contracts;

(iv) two (one for the T-Bird 5410/5422 Project and one for the T-Bird 5310
Project) duly executed Bills of Sale for the Personal Property substantially the
form of Schedule “6” attached hereto, if required;

(v) a Non-Foreign Affidavit for each entity comprising the Seller in the form
attached as Schedule “7”;

(vi) two (one for the T-Bird 5410/5422 Project and one for the T-Bird 5310
Project) letters for Buyer’s delivery to each of the tenants of the Property in the
form attached as part of Schedule “8”, executed by Seller; and

(vii) such additional documents, instruments and agreements, signed and
properly acknowledged by Seller, if appropriate, as may be reasonably required by
the Title Company or as may be necessary to comply with Seller’s obligations under
this Agreement.

(c) Prorations. All prorations must be made by Escrow Agent through the
Closing Date (so that, as between Buyer and Seller, Seller shall be deemed the owner on the
day immediately prior to the Close of Escrow and Buyer shall be deemed the owner on the
Closing Date). All proration items and closing costs that are not specifically dealt with
under the terms of this Agreement will be allocated by Escrow Agent according to the
Additional Escrow Instructions attached hereto, or if not dealt with therein, by Escrow
Agent’s standard custom and practice in Maricopa County, Arizona. At least three (3)
business days prior to Closing, Escrow Agent shall prepare and circulate a draft closing
settlement statement for review and comment by Seller and Buyer, reflecting the prorations,
and other economic terms of this Agreement. The draft closing settlement statement shall
list each of the prorations separately with respect to each Project.

(i) All real and personal property taxes and assessments and other
governmental impositions attributable to the Real Property shall be prorated
between Buyer and Seller as of the Close of Escrow.

(ii) All payments received by Seller from tenants of the Project for rent and
expense reimbursements shall be prorated as of Close of Escrow. Any leasing
commissions or tenant improvement allowances attributable to leases which are
executed prior to the Opening of Escrow will be paid by Seller, and any leasing
commissions or tenant improvement allowances attributable to leases which are
executed after the Opening of Escrow will be prorated between Buyer and Seller over
the term of the lease. If either Buyer or Seller shall collect any rental or other
payments from tenants of the Project after the Close of Escrow which are properly
allocable to any period before or after the Close of Escrow, respectively, the same
shall be promptly apportioned and distributed between Buyer and Seller in
accordance with the foregoing proration. At the Close of Escrow, all refundable
security deposits and advance rental payments made by tenants to Seller shall be
assigned to Buyer and either delivered to Buyer or, at Buyer’s option, credited to
Buyer against the Purchase Price at Close of Escrow. Prepaid rents shall be
applied against any rent due and not yet paid to Seller. At Closing, Seller shall
provide a reconciliation of CAM charges to tenants versus actual operating
expenses, with any deficient amounts being credited to Buyer and any overages being
credited to the Seller. Notwithstanding the foregoing, the following shall apply
to the following tenants:

(A) Intentionally deleted.

(B) Buyer acknowledges that Seller is negotiating a new lease with
Pediatrix Medical Group, Inc. a Florida Corporation dba Obstetrix Medical
Group of Phoenix (“PMG”), at the T-Bird 5310 Project (the “PMG Lease”),
which Buyer hereby consents to and authorizes Seller’s execution thereof.
The PMG Lease requires the payment of the following (collectively, the “PMG
Allowance”): (1) a leasing commission to CB Richard Ellis and GPE
Commercial Real Estate, and (2) a tenant improvement allowance to be paid by
Seller to PMG upon completion by PMG of PMG’s tenant improvements and
following satisfaction of certain other conditions all as set forth in the
PMG Lease. Seller shall be responsible for the payment of the PMG Allowance
due prior to the Close of Escrow. If the PMG Allowance has not been fully
paid by Seller as of the Close of Escrow, Buyer shall receive a credit at
the Close of Escrow in the amount of the unpaid balance of the PMG
Allowance. If the PMG Lease is not executed at or before the Close of
Escrow, Buyer shall receive a credit against the Purchase Price with respect
to the T-Bird 5310 Project in the amount of $250,000.00

(iii) All operating expenses for the Property during the period of time prior
to and including the Close of Escrow will be paid by Seller. Any bills for
operating expenses that apply to the period of time prior to the Close of Escrow
but are received by Seller or Buyer after the Close of Escrow will be paid by
Seller through the post-closing adjustment mechanism described below. Buyer will
be responsible for all operating expenses for the Property incurred after the
Closing Date. All utility deposits posted by Seller, or inducement payments
received by Seller from utility companies under utility services agreements, will
remain the property of Seller and will not be prorated. To the extent possible,
utility prorations will be handled by meter readings on the day immediately
preceding the Closing Date; otherwise they shall be based on prior months’ bills
and reprorated on receipt of the actual bills.

(iv) Seller will pay all lease taxes and sales and use taxes for rents
collected by Seller on and prior to the Close of Escrow and past-due rents
collected by Buyer after the Closing Date and remitted to Seller, and Buyer will
pay all lease taxes and sales and use taxes for rents collected and retained by
Buyer subsequent to the Close of Escrow. Buyer shall receive a credit for the
amount of any free rent due under any lease other than the PMG Lease. Buyer shall
absorb free rent relating to the PMG Lease of up to five (5) months. Buyer shall
receive a credit at the Close of Escrow for any free rent in excess of five months.
Except for the tenant improvement costs and leasing commissions described in
Schedule 12 to this Agreement, Buyer shall receive a credit at the Close of
Escrow in an amount equal to all unpaid tenant improvement costs and leasing
commissions which relate to the current terms of leases signed prior to the date of
this Agreement.

(v) To the extent the items set forth above cannot be accurately prorated by
Escrow Agent on the Closing Date, adjustments to the prorations will be made from
time to time after the Close of Escrow to take account of final information as to
taxes and other expenses estimated as of the Close of Escrow or to adjust rents or
expenses that were not included in the prorations done at the Close of Escrow, and
Buyer or Seller, as applicable, will pay the other on demand such amounts as may be
appropriate based on such adjustments, together with interest at 10% per annum on
any amount due from the date of demand if such amount remains unpaid more than 30
days after demand. Adjustments to prorations (other than prorations for taxes)
must be completed within 270 days after the Close of Escrow and adjustments to tax
prorations must be completed within 30 days after tax bills are received by both
Buyer and Seller. The provisions of this Section 13(c) shall survive the Closing.

(d) Closing. When Escrow Agent holds each of the closing documents and other
items required under Section 13(a) and (b) above, Escrow Agent is authorized to complete the
Close of Escrow by (subject to any alternate order as may be required in accordance with
Seller’s Defeasance):

(i) Recording and delivering to Buyer the Deed;

(ii) Issuing or irrevocably committing to issue the Title Policy to Buyer;

(iii) Delivering to Buyer and Seller a final closing settlement statement in a
form and content approved by Buyer and Seller;

(iv) Paying, from Buyer’s deposits into Escrow, Buyer’s share of closing costs
and expenses (as allocated and prorated in this Agreement);

(v) Delivering to Seller, in immediately available funds, the Purchase Price,
less only Seller’s closing costs and expenses (as allocated and prorated in this
Agreement); and

(vi) Delivering to Seller and Buyer fully executed originals (where
applicable) or copies of the closing documents.

(vii) Outside escrow, Seller shall deliver to Buyer at Closing the original
leases, keys, combinations, operating manuals, Tangible Personal Property and
similar items for the Property.

14. Notices. All notices, requests, demands, and other communications required or
permitted under this Agreement must be in writing and will be deemed to have been delivered,
received, and effective: (i) on the date of service, if served by hand-delivery or by facsimile
telecopy (with proof of transmission) on the party to whom notice is to be given; or (ii) on the
business day of actual confirmed delivery of the notice properly addressed to the party at the
address shown on the cover page to this Agreement, if sent by overnight Federal Express or
equivalent overnight delivery. The addresses, telephone numbers, and telecopy numbers shown on the
first page of this Agreement are the places and numbers for delivery of all notices. Any party,
may change the place or number for delivery of notice by notifying all other parties.

15. Brokers. Except for CB Richard Ellis and EBS & Associates (collectively, the
“Broker”), Buyer and Seller each represent to the other that such party has not incurred, directly
or indirectly, any liability for the payment of any real estate brokerage commission, finder’s fee,
or other compensation to any agents, brokers, finders, or salespersons in connection with the
purchase and sale of the Property as contemplated herein. Each party hereto shall indemnify, hold
harmless, and defend the other party from any claim, liability, or expense for any such commission
or fee by reason of such party’s act. The obligations of the parties under this Section 15 shall
survive the Close of Escrow or earlier termination of this Agreement. If and only if the Escrow
closes in accordance with the terms of this Agreement, Seller will pay to Broker a brokerage
commission in the amount specified in the separate brokerage agreements between Seller and Broker.

16. Default of Buyer. If Buyer breaches this Agreement, such breach will be a default
by Buyer under this Agreement and Seller, as its sole remedy, will be entitled to deliver a notice
of immediate cancellation to Buyer and Escrow Agent and retain the entire Deposit as full,
liquidated, and agreed-upon damages. With the fluctuation in land values, the unpredictable state
of the economy, the fluctuating money market for real estate loans, and other factors that affect
the marketability of the Project, Buyer and Seller agree that it would be impractical and extremely
difficult to estimate the actual damages that Seller may suffer in the event of a default by Buyer.
This remedy provision has been agreed-upon after specific negotiation, keeping in mind the
difficulties in estimating actual damages. Buyer and Seller agree that the Deposit represents a
reasonable estimate of the total damages. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS
AGREEMENT AND, SPECIFICALLY, THIS SECTION 16, THE INDEMNITY OBLIGATIONS OF THE
BUYER UNDER THIS AGREEMENT ARE SEPARATE AND DISTINCT OBLIGATIONS OF THE
BUYER THAT ARE NOT SUBJECT TO THE LIQUIDATED DAMAGE PROVISIONS CONTAINED IN THIS SECTION
16. FURTHER, NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, THE
LIQUIDATED DAMAGE PROVISIONS OF THIS SECTION 16 WILL NOT ACT TO LIMIT THE AMOUNT OF DAMAGES
RECOVERABLE BY SELLER AGAINST BUYER UNDER A.R.S. SECTIONS 12-1103, 12-1191 OR
33-420, OR RECOVERABLE BY SELLER AGAINST BUYER IF BUYER, WITHOUT LEGAL
RIGHT, RECORDS A LIS PENDENS OR OTHER DOCUMENT OR INSTRUMENT THAT IMPAIRS OR COULD IMPAIR
SELLER’S ABILITY TO SELL THE PROPERTY TO ANOTHER PURCHASER.

17. Default by Seller. If Seller breaches this Agreement, and such breach relates to
a pre-closing breach of a Seller representation that is not the result of Seller’s gross negligence
or willful misconduct, the provisions of Section 8 above shall apply. However, if Seller breaches
this Agreement (other than a pre-closing breach governed by Section 8), such breach will be a
default by Seller under this Agreement, and Buyer, as Buyer’s sole and exclusive remedy, may elect
to: (i) cancel this Agreement and the Escrow and receive a refund of its Deposit; or (ii) enforce
specific performance of this Agreement without any right whatsoever against Seller to any offset or
credit against the Price or to any other equitable or legal remedies or monetary damages. Buyer’s
cancellation notice under subsection (i) above will be deemed effective immediately upon delivery
of written notice of the cancellation to Seller and Escrow Agent. If Buyer fails to file suit for
its remedy of specific performance within thirty (30) days following the scheduled Closing Date,
Buyer will be deemed to have waived its specific performance remedy and to reimbursement under
clause (ii) above.

18. Nomination and Assignment.

(a) Buyer shall be permitted to assign its rights under this Agreement to an entity
wholly owned by or controlled by Buyer by sending written notice of such assignment to
Seller and Escrow Agent together with a copy of the assignment document confirming the
assignee’s assumption of the obligations under this Agreement and a copy of such evidence
reasonably necessary to evidence that such assignment to a permitted assignee. The
foregoing assignment may include an assignment of each Project to two separate assignees
that qualify under the foregoing limitation. Except as established above, Buyer may not
assign or otherwise transfer any of its rights under this Agreement to any party without the
prior written consent of Seller, whose consent may be given or withheld in Seller’s sole and
absolute discretion. If any assignment is permitted or approved by Seller, however, any
assignee of Buyer, by accepting an assignment, will be deemed to have assumed all of the
obligations of Buyer under this Agreement, but the original Buyer will remain liable under
this Agreement. If this Agreement is assigned to two separate assignees, on for each
Project, each assignee shall, by assuming the obligations under this Agreement have fully
released and waived all claims against the T-Bird 5410/5422 Seller, with respect to the
assignee of the rights to acquire the T-Bird 5310 Project, and against the T-Bird 5310
Seller, with respect to the assignee of the rights to acquire the T-Bird 5410/5422 Project,
as if there were two separate contracts between the applicable Seller and assignee.

(b) Subject to the limitation contained above in Section 18(a), this Agreement is
binding on and will inure to the benefit of the successors or assigns of Buyer and Seller.
No person other than Buyer, Seller, and Escrow Agent (and their respective legal successors
and assigns) is a party to this Agreement, and no person will be deemed or is intended to be
a third-party beneficiary to this Agreement.

(c) Notwithstanding anything to the contrary in this Section 18, both Seller and Buyer
may assign this Agreement for purposes of completing a tax deferred exchange pursuant to
Section 1031 of the Internal Revenue Code (a “1031 Exchange”). Each party agrees to
cooperate with the other in effecting a 1031 Exchange, but: (i) neither party will be
obligated to take title to any property other than the Property or incur any additional
liability or financial obligations as a consequence of the other party’s 1031 Exchange; (ii)
Buyer’s 1031 Exchange will in no way reduce the net amount to which Seller is entitled under
the terms of this Agreement; (iii) Seller’s 1031 Exchange will in no way increase the amount
of Closing Cash that Buyer is required to provide under this Agreement; (iv) any such 1031
Exchange shall not extend the Closing Date, and (v) Buyer and Seller will indemnify and hold
each other harmless for, from, and against any and all liabilities, claims, losses, or
actions, if any, which either party incurs or to which either party may be exposed as a
direct result of participation in the other party’s 1031 Exchange. In the case of an
assignment by Buyer in connection with a 1031 Exchange, Buyer must provide Seller and Escrow
Agent of written notice of the assignment, together with the identity of the assignee and
any permitted assignee must assume this Agreement on terms and conditions reasonably
acceptable to Buyer and Seller.

19. Time of Essence. Time is of the essence of each and every term, condition,
obligation, and provision hereof.

20. Counterparts. This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original but all of which, together, shall constitute one and the same
instrument. In order to expedite the transaction contemplated herein, telecopied signatures may be
used in place of and shall constitute original signatures on this Agreement.

21. Captions. Any captions to, or headings of, the paragraphs or subparagraphs of
this Agreement are solely for the convenience of the parties hereto, are not a part of this
Agreement, and shall not be used for the interpretation or determination of the validity of this
Agreement or any provision hereof.

22. No Obligations to Third Parties. Except as otherwise expressly provided herein,
the execution and delivery of this Agreement shall not be deemed to confer any rights upon, nor
obligate any of the parties hereto, to any person or entity other than the parties hereto.

23. Exhibits. The Schedules attached hereto are hereby incorporated herein by this
reference.

24. Amendment to this Agreement. The terms of this Agreement may not be modified or
amended except by an instrument in writing executed by each of the parties hereto.

25. No Waiver. The waiver or failure to enforce any provision of this Agreement shall
not operate as a waiver of any future breach of any such provision or any other provision hereto.

26. Applicable Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Arizona.

27. Fees and Other Expenses. Except as otherwise provided herein, each of the parties
shall pay its own fees and expenses in connection with this Agreement. If any action is brought by
either Buyer or Seller regarding its rights under this Agreement, the prevailing party will be
entitled to attorney fees in a reasonable amount, expenses, and court costs both at trial and on
appeal.

28. Severability. If any provision of this Agreement is, or hereinafter is adjudged
to be, for any reason void, unenforceable, or invalid, it is the specific intent of the parties
that the remainder hereof shall be and remain in full force and effect.

29. Entire Agreement. This Agreement supersedes any prior agreement, oral or written,
and contains the entire agreement between Buyer and Seller as to the subject matter hereof. No
subsequent agreement, representation, or promise made by either party hereto, or by or to an
employee, officer, agent, or representative of either party shall be of any effect unless it is in
writing and executed by the party to be bound thereby.

30. Defeasance. The parties acknowledge that the consummation of the transactions
contemplated in this Agreement involves the T-Bird 5310 Seller securing a release of the T-Bird
5310 Project, by defeasance (“Defeasance”), from the lien of the Deed of Trust, Assignment of
Leases and Rents, Security Agreement and Fixture Filing recorded on December 16, 1999, as amended
and assigned. Buyer agrees (and agrees to cause its lender) to cooperate with the Seller, its
lender and others that are involved in the Defeasance in securing the Defeasance, including, but
not limited to funding all equity and causing Buyer’s lenders to fund at least one business day
prior to the actual Closing Date. Buyer shall incur no costs, expenses or liabilities in connection
with the Defeasance, except with respect to any costs that may be incurred by Buyer as a result of
the following with respect to the T-Bird 5310 Project: (i) the closing of its acquisition loan and
causing its lender to fund the proceeds into escrow with the Escrow Agent at least two business
days prior to the actual Closing Date with the actual closing (funding and recording) occurring on
the Closing Date; and (ii) funding its equity into escrow with the Escrow Agent at least two
business days prior to the actual Closing Date with the actual closing (funding and recording)
occurring on the Closing Date. Notwithstanding the foregoing, Seller agrees to credit Buyer $1,500
per day for each day prior to the Closing Date that both (a) Seller requires Buyer to fund the
Purchase Price applicable to the T-Bird 5310 Project and (b) that Buyer actually funded such
amounts. Buyer acknowledges and agrees that Seller shall have the right to extend the Closing Date
in connection with the Defeasance (A) to the month end of the month in which the Closing Date is
scheduled; and (B) for one additional month, if, through no fault of Seller, its lender is unable
to close the Defeasance on the Closing Date, as may have been extended under clause (A) above.
Seller’s exercise of the foregoing extensions shall be made in writing to Buyer and Escrow Agent
five (5) business days prior to the current scheduled Closing Date.

31. Post-Closing Audit.

Seller acknowledges that Buyer intends to assign all of its rights, title and interest in and
to this Agreement.  The assignee may be a publicly registered company (“Registered Company”)
promoted by Buyer.  Seller acknowledges that it has been advised that if the purchaser is a
Registered Company, the assignee is required to make certain filings with the Securities and
Exchange Commission (the “SEC Filings”) that relate to the most recent pre-acquisition fiscal year
(the “Audited Year”) and the current fiscal year through the date of acquisition (the “stub
period”) for the Property. To assist the assignee in preparing the SEC Filings, each Seller agrees
that after the Closing Date, it will provide the assignee with the following within five (5)
business days of request by assignee with regard to the portion of the Property owned by such
Seller:

	 	1.	 	Access to bank statements for the Audited year and stub period;

	 	 	 	2.  Rent Roll as of the end of the Audited Year and stub period;

	 	3.	 	Operating Statements for the Audited Year and stub period;

	 	4.	 	Access to the general ledger for the Audited Year and stub
period;

	 	5.	 	Cash receipts schedule for each month in the Audited Year and
stub period;

	 	6.	 	Access to invoice for expenses and capital improvements in the
Audited Year and stub period;

	 	7.	 	Accounts payable ledger and accrued expense reconciliations;

	 	8.	 	Check register for the 3-months following the Audited Year and
stub period;

	 	9.	 	Leases and 5-year lease schedules;

	 	10.	 	Copies of all insurance documentation for the Audited Year and
stub period;

	 	11.	 	Copies of accounts receivable aging as of the end of the
Audited Year and stub period along with an explanation for all accounts over 30
days past due as of the end of the Audited Year and stub period; and

12. Signed representation letter in the form attached hereto as Schedule 11.

This section shall survive the Close of Escrow.

3

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Contract Date above
written.

“T-BIRD 5410/5422 SELLER”

5410 & 5422 W. THUNDERBIRD ROAD, LLC, an Arizona
limited liability company

By: /s/ William Metzler

	 	 	William Metzler, Manager

PEA ENTERPRISES, LLC,

a California limited liability company

By: /s/ James D. Vandever

	 	 	James D. Vandever, Manager

“T-BIRD 5310 SELLER”

5310 WEST THUNDERBIRD ROAD, LLC,

an Arizona limited liability company

By: /s/ William R. Metzler

	 	 	William R. Metzler, Manager

WRM T-BIRD, LLC,

a Delaware limited liability company

	 	 	 	By:
WRM Investments, LLC, an Arizona limited
liability company, its Sole Member

By: /s/ William Metzler

	 	 	William Metzler, Sole Member

EDI T-BIRD, LLC,

a Delaware limited liability company

	 	 	 
	By:

	 	EDI Ocean, LLC, a

California limited liability company,

its Sole Member
	 
	 	 
	
 
	 	By: /s/ Scott O. Douglas
	
 
	 	 
	
 
	 	Scott O. Douglas, Sole Member
	 
	 	 

4

	 	 	PVP T-BIRD, LLC,

a Delaware limited liability company

	 	 	 
	By:

	 	PVP Investments, LLC, a

Delaware limited liability company,

its Sole Member
	 
	 	 
	
 
	 	By: /s/ James D. Vandever
	
 
	 	 
	
 
	 	James D. Vandever, Sole Member

	 	 	COURTLEIGH T-BIRD, LLC,

a Delaware limited liability company

	 	 	 
	By:

	 	11745 Courtleigh Drive, LLC, a

California limited liability company,

its Sole Member
	 
	 	 
	
 
	 	By: /s/ Hugh H. Evans, III
	
 
	 	 
	
 
	 	Hugh H. Evans, III, Manager

	 	 	MONGAN T-BIRD, LLC,

a Delaware limited liability company

By: /s/ Jeffrey Mongan

	 	 	Jeffrey Mongan, Trustee of the

Jeffrey John Mongan and Karen

Knutzen Mongan Trust Agreement

Dated June 22, 2004

BOOTH T-BIRD, LLC,

a Delaware limited liability company

By: /s/ J. Clark Booth

	J.	 	Clark Booth, Trustee of

the J. Clark Booth Trust

Dated September 17, 2002

GERTMENIAN T-BIRD, LLC,

a Delaware limited liability company

By: /s/ Beth Booth Gertmenian

	 	 	Beth Booth Gertmenian, Trustee of the

Beth Booth Gertmenian Separate Property

Trust Dated October 27, 2000

BLAND T-BIRD, LLC,

a Delaware limited liability company

	 	 	 
	By:

	 	/s/ Howard Bland
	
 
	 	 
	
 
	 	Howard Bland, Trustee of the

Howard Bland Living Trust

Dated October 10, 1980,

Restated July 20, 1994

and further Restated October 7, 2004

	 	 	“BUYER”

TRIPLE NET PROPERTIES, LLC, a Virginia limited
liability company

By: /s/ Jeff Hanson

Name: Jeff Hanson

Title: Chief Investment Officer

5

ESCROW AGENT’S ACCEPTANCE

By its execution below, Escrow Agent accepts this Agreement as its escrow instructions and
acknowledges receipt of the Agreement executed by Buyer and Seller and Buyer’s Initial Deposit.
Upon its execution, Escrow Agent agrees to: (i) insert the relevant escrow number on the first
page of this Agreement if not already completed; (ii) insert the date of the Opening of Escrow
below; and (iii) return one fully executed copy of the Agreement to Buyer and Seller and retain one
for Escrow Agent’s files.

Chicago Title Company

By: s/ Sharon Cram for Lorri Beasely

Its:

Authorized Agent

04/09/07

Date of “Opening of Escrow”

6EX-10.2

ASSIGNMENT OF CONTRACT

THIS ASSIGNMENT OF CONTRACT (the “Assignment”) is made as of the 11th day of May,
2007 by Triple Net Properties, LLC, a Virginia limited liability company (“Assignor”) to NNN
Healthcare/Office REIT Thunderbird Medical, LLC (the “Assignee”).

RECITALS

Assignor and 5410 & 5422 W. Thunderbird Road, LLC, an Arizona limited liability company, PEA
Enterprises, LLC, a California limited liability company, 5310 West Thunderbird Road, LLC, an
Arizona limited liability company, WRM T-Bird, LLC, a Delaware limited liability company, EDI
T-Bird, LLC, a Delaware limited liability company, PVP T-Bird, LLC, a Delaware limited liability
company, Courtleigh T-Bird, LLC, a Delaware limited liability company, Mongan T-Bird, LLC, a
Delaware limited liability company, Booth T-Bird, LLC, a Delaware limited liability company,
Gertmenian T-Bird, LLC, a Delaware limited liability company, and Bland T-Bird, LLC, a Delaware
limited liability company (collectively the “Seller”), entered into that certain Sale Agreement and
Escrow Instructions, dated as of April 6, 2007 (the “Contract”) with respect to certain property
known as Thunderbird Medical Plaza I, II & III, as more particularly described in the Contract.
Assignor desires to assign all of its rights, title and interest in and to the Contract to
Assignee.

AGREEMENT

FOR and in consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Assignor hereby assigns all of its
rights, title and interest in and to the Contract to Assignee.

Assignee by its execution of this Assignment hereby assumes all of Assignor’s obligations
under the Contract.

WITNESS the following signatures:

	 	 	 	 	 	 	 	 	 
	ASSIGNOR:	 	Triple Net Properties, LLC,
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	a Virginia limited liability company
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	
 
	 	By: /s/ Jack Maurer
	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 
	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	
 
	 	Name:
	 	Jack Maurer
	 	

	 	

	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	
 
	 	Title:
	 	Executive Vice President
	 	

	 	

	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 

	 
	 	 	 	 	 	 	 	 

1

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	ASSIGNEE:	 	NNN Healthcare/Office REIT Thunderbird Medical, LLC,
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	a Delaware limited liability company
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	NNN Healthcare/Office REIT Holdings, L.P.,
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	a Delaware limited partnership
	 	 
	 
	 	 	 	 	 	 	 	 
	
 
	 	Its:
	 	Sole Member
	 	

	 	

	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	NNN Healthcare/Office REIT, Inc.,

	 
	 	 	 	 	 	 	 	 
	
 
	 	 	 	Its:
	 	a Maryland corporation

General Partner
	 	

	 
	 	 	 	 	 	 	 	 
	
 
	 	 	 	 	 	By:
	 	/s/ Shannon K S Johnson
	
 
	 	 	 	 	 	 
	 	 
	
 
	 	 	 	 	 	Name:
	 	Shannon K S Johnson
	
 
	 	 	 	 	 	 	 	 
	
 
	 	 	 	 	 	Title:
	 	Chief Financial Officer
	
 
	 	 	 	 	 	 
	 	 

#1270022 v1 021255.04971

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