Document:

EX-10.2

NEVADA SECURITY BANK

EMPLOYMENT AGREEMENT ADDENDUM NUMBER THREE

DAVID A. FUNK

An employment agreement dated November 18, 2002 by and between Nevada Security Bank and David A.
Funk, is hereby amended as follows:

X.

MERGERS OR CORPORATE DISSOLUTION

In addition to the twenty-four (24) months compensation and other compensation described, an
additional amount equal to one (1) month’s salary for each year of service will also be paid.

IN WITNESS WHEREOF the parties have executed this Addendum to the Agreement effective on June 21,
2007.

	 	 	 
	Nevada Security Bank

	 	David A. Funk, Executive
	By:     

	 	     

Chief Executive OfficerEX-10.1

AGREEMENT AND PLAN OF MERGER

Dated as of June 22, 2007

by and among

SENTINEL OMAHA LLC,

SENTINEL WHITE PLAINS LLC

and

AMERICA FIRST APARTMENT INVESTORS, INC.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE ITHE MERGER
	 	 	1	 	 	 	 	 	 	 	 	 
	SECTION 1.1. The Merger
	 	 	1	 	 	 	 	 	 	 	 	 
	SECTION 1.2. Effective Time of the Merger
	 	 	2	 	 	 	 	 	 	 	 	 
	SECTION 1.3. Effects of the Merger
	 	 	2	 	 	 	 	 	 	 	 	 
	SECTION 1.4. Closing
	 	 	2	 	 	 	 	 	 	 	 	 
	SECTION 1.5. Other Transactions
	 	 	2	 	 	 	 	 	 	 	 	 
	ARTICLE IITHE SURVIVING ENTITY
	 	 	3	 	 	 	 	 	 	 	 	 
	SECTION 2.1. Certificate of Formation
	 	 	3	 	 	 	 	 	 	 	 	 
	SECTION 2.2. Operating Agreement
	 	 	3	 	 	 	 	 	 	 	 	 
	SECTION 2.3. Managers
	 	 	3	 	 	 	 	 	 	 	 	 
	SECTION 2.4. Officers
	 	 	3	 	 	 	 	 	 	 	 	 
	ARTICLE IIIEFFECT OF THE MERGER ON THE STOCK OF THE CONSTITUENT CORPORATIONS; SURRENDER OF CERTIFICATES
	 	 	 	 	 	 	3	 
	SECTION 3.1. Conversion of Company Common Stock in the Merger
	 	 	3	 	 	 	 	 	 	 	 	 
	SECTION 3.2. Subsidiary Units
	 	 	4	 	 	 	 	 	 	 	 	 
	SECTION 3.3. Surrender and Exchange of Certificates
	 	 	4	 	 	 	 	 	 	 	 	 
	SECTION 3.4. Tax Withholding
	 	 	5	 	 	 	 	 	 	 	 	 
	SECTION 3.5. Closing of the Company’s Transfer Books
	 	 	5	 	 	 	 	 	 	 	 	 
	SECTION 3.6. Options
	 	 	5	 	 	 	 	 	 	 	 	 
	SECTION 3.7. No Right to Fair Value
	 	 	6	 	 	 	 	 	 	 	 	 
	SECTION 3.8. Further Assurances
	 	 	6	 	 	 	 	 	 	 	 	 
	ARTICLE IVREPRESENTATIONS AND WARRANTIES OF THE COMPANY6
SECTION 4.1. Organization and Qualification
	 	 	6	 	 	 	 	 	 	 	 	 
	SECTION 4.2. Capitalization
	 	 	7	 	 	 	 	 	 	 	 	 
	SECTION 4.3. Ownership Interests in Other Entities
	 	 	7	 	 	 	 	 	 	 	 	 
	SECTION 4.4. Authority; Non-Contravention; Approvals
	 	 	8	 	 	 	 	 	 	 	 	 
	SECTION 4.5. SEC Reports and Financial Statements
	 	 	9	 	 	 	 	 	 	 	 	 
	SECTION 4.6. Absence of Undisclosed Liabilities
	 	 	10	 	 	 	 	 	 	 	 	 
	SECTION 4.7. Absence of Certain Changes or Events
	 	 	10	 	 	 	 	 	 	 	 	 
	SECTION 4.8. Litigation
	 	 	10	 	 	 	 	 	 	 	 	 
	SECTION 4.9. Information Supplied
	 	 	10	 	 	 	 	 	 	 	 	 
	SECTION 4.10. Compliance with Laws; Permits
	 	 	11	 	 	 	 	 	 	 	 	 
	SECTION 4.11. Compliance with Agreements
	 	 	 	 	 	 	11	 	 	 	 	 
	SECTION 4.12.
	 	Taxes	 	 	11	 	 	 	 	 
	SECTION 4.13. Employee Benefit Plans; ERISA
	 	 	 	 	 	 	13	 	 	 	 	 
	SECTION 4.14. Labor Controversies
	 	 	 	 	 	 	14	 	 	 	 	 
	SECTION 4.15.
	 	Real Estate	 	 	14	 	 	 	 	 
	SECTION 4.16. Environmental Matters
	 	 	 	 	 	 	16	 	 	 	 	 
	SECTION 4.17. Intellectual Property
	 	 	 	 	 	 	17	 	 	 	 	 
	SECTION 4.18.
	 	Contracts	 	 	17	 	 	 	 	 
	SECTION 4.19. Affiliate Transactions
	 	 	 	 	 	 	17	 	 	 	 	 
	SECTION 4.20. Brokers and Finders
	 	 	 	 	 	 	17	 	 	 	 	 
	SECTION 4.21. Opinion of Company Financial Advisor
	 	 	 	 	 	 	17	 	 	 	 	 
	SECTION 4.22. No Other Representations or Warranties
	 	 	 	 	 	 	17	 	 	 	 	 
	ARTICLE VREPRESENTATIONS AND WARRANTIES OF PARENT AND SUBSIDIARY18
SECTION 5.1. Organization and Qualification
	 	 	18	 	 	 	 	 	 	 	 	 
	SECTION 5.2. Authority; Non-Contravention; Approvals
	 	 	18	 	 	 	 	 	 	 	 	 
	SECTION 5.3. Information Supplied
	 	 	19	 	 	 	 	 	 	 	 	 
	SECTION 5.4. Financing
	 	 	19	 	 	 	 	 	 	 	 	 
	SECTION 5.5. Subsidiary
	 	 	19	 	 	 	 	 	 	 	 	 
	SECTION 5.6. Brokers and Finders
	 	 	19	 	 	 	 	 	 	 	 	 
	SECTION 5.7. Maryland Business Combination Act
	 	 	19	 	 	 	 	 	 	 	 	 
	ARTICLE VICOVENANTS OF THE PARTIES
	 	 	19	 	 	 	 	 	 	 	 	 
	SECTION 6.1. Conduct of the Company’s Business
	 	 	19	 	 	 	 	 	 	 	 	 
	SECTION 6.2. Reasonable Best Efforts to Consummate
	 	 	21	 	 	 	 	 	 	 	 	 
	SECTION 6.3. Preparation of Proxy Statement; Meeting of Stockholders
	 	 	21	 	 	 	 	 	 	 	 	 
	SECTION 6.4. Public Statements
	 	 	22	 	 	 	 	 	 	 	 	 
	SECTION 6.5. Access to Information; Confidentiality
	 	 	22	 	 	 	 	 	 	 	 	 
	SECTION 6.6. Acquisition Proposals
	 	 	23	 	 	 	 	 	 	 	 	 
	SECTION 6.7. Expenses and Fees
	 	 	24	 	 	 	 	 	 	 	 	 
	SECTION 6.8. Directors’ and Officers’ Indemnification and Insurance
	 	 	24	 	 	 	 	 	 	 	 	 
	SECTION 6.9. Employee Benefits
	 	 	26	 	 	 	 	 	 	 	 	 
	SECTION 6.10. Certain Tax Matters
	 	 	27	 	 	 	 	 	 	 	 	 
	ARTICLE VIICONDITIONS
	 	 	27	 	 	 	 	 	 	 	 	 
	SECTION 7.1. Conditions to Each Party’s Obligation to Effect the Merger
	 	 	27	 	 	 	 	 	 	 	 	 
	SECTION 7.2. Conditions to Obligations of Parent and Subsidiary
	 	 	28	 	 	 	 	 	 	 	 	 
	SECTION 7.3. Conditions to Obligations of the Company
	 	 	28	 	 	 	 	 	 	 	 	 
	ARTICLE VIIITERMINATION
	 	 	29	 	 	 	 	 	 	 	 	 
	SECTION 8.1. Termination
	 	 	29	 	 	 	 	 	 	 	 	 
	SECTION 8.2. Effect of Termination
	 	 	30	 	 	 	 	 	 	 	 	 
	ARTICLE IXGENERAL PROVISIONS
	 	 	32	 	 	 	 	 	 	 	 	 
	SECTION 9.1. Amendment
	 	 	32	 	 	 	 	 	 	 	 	 
	SECTION 9.2. Extension; Waiver
	 	 	32	 	 	 	 	 	 	 	 	 
	SECTION 9.3. Non-Survival
	 	 	32	 	 	 	 	 	 	 	 	 
	SECTION 9.4. Notices
	 	 	32	 	 	 	 	 	 	 	 	 
	SECTION 9.5. GOVERNING LAW
	 	 	34	 	 	 	 	 	 	 	 	 
	SECTION 9.6. Third-Party Beneficiaries
	 	 	34	 	 	 	 	 	 	 	 	 
	SECTION 9.7. Severability
	 	 	34	 	 	 	 	 	 	 	 	 
	SECTION 9.8. Assignment
	 	 	34	 	 	 	 	 	 	 	 	 
	SECTION 9.9. Interpretation; Certain Definitions
	 	 	34	 	 	 	 	 	 	 	 	 
	SECTION 9.10.
	 	Jurisdiction	 	 	34	 	 	 	 	 
	SECTION 9.11.
	 	Enforcement	 	 	35	 	 	 	 	 
	SECTION 9.12.
	 	Counterparts	 	 	35	 	 	 	 	 
	SECTION 9.13.
	 	Entire Agreement	 	 	35	 	 	 	 	 

1

INDEX OF DEFINED TERMS

	 	 	 	 	 
	Acquisition Proposal
	 	 	23	 
	Act
	 	 	1	 
	Agreement
	 	 	1	 
	Alternative Transaction
	 	 	30	 
	business day
	 	 	34	 
	Closing
	 	 	2	 
	Closing Date
	 	 	2	 
	Code
	 	 	1	 
	Common Stock Price
	 	 	1	 
	Company
	 	 	1	 
	Company Certificates
	 	 	4	 
	Company Common Stock
	 	 	1	 
	Company Disclosure Schedule
	 	 	6	 
	Company Excess Stock
	 	 	7	 
	Company Financial Advisor
	 	 	17	 
	Company Financial Statements
	 	 	9	 
	Company Lease
	 	 	15	 
	Company Leases
	 	 	15	 
	Company Material Adverse Effect
	 	 	6	 
	Company Permits
	 	 	11	 
	Company Plan
	 	 	13	 
	Company Properties
	 	 	14	 
	Company Property
	 	 	14	 
	Company Regulatory Approvals
	 	 	8	 
	Company Representatives
	 	 	23	 
	Company SEC Report
	 	 	9	 
	Company Shareholders’ Approval
	 	 	8	 
	Company Subsidiary
	 	 	4	 
	Confidentiality Agreement
	 	 	23	 
	Delaware Filing
	 	 	2	 
	Effective Time
	 	 	2	 
	Environmental Claim
	 	 	16	 
	Environmental Law
	 	 	16	 
	ERISA
	 	 	13	 
	ERISA Affiliate
	 	 	13	 
	Escrow Agreement
	 	 	1	 
	Exchange Act
	 	 	8	 
	GAAP
	 	 	9	 
	Governmental Authority
	 	 	8	 
	Hazardous Materials
	 	 	16	 
	Licensed Intellectual Property Rights
	 	 	17	 
	Lien
	 	 	8	 
	Maryland Courts
	 	 	35	 
	Merger
	 	 	1	 
	Merger Filing
	 	 	2	 
	MGCL
	 	 	1	 
	Option
	 	 	5	 
	Owned Intellectual Property Rights
	 	 	17	 
	Parent
	 	 	1	 
	Parent Expenses
	 	 	31	 
	Parent Representatives
	 	 	22	 
	Paying Agent
	 	 	4	 
	Pension Plan
	 	 	13	 
	person
	 	 	34	 
	Proxy Statement
	 	 	8	 
	Qualifying Income
	 	 	31	 
	Recommendation
	 	 	22	 
	REIT
	 	 	2,12	 
	Release
	 	 	16	 
	Requested Transaction
	 	 	2	 
	SDAT
	 	 	2	 
	SEC
	 	 	6	 
	Securities Act
	 	 	9	 
	Stockholders Meeting
	 	 	10	 
	Subsidiary
	 	 	1	 
	Superior Proposal
	 	 	23	 
	Surviving Entity
	 	 	2	 
	Termination Date
	 	 	29	 
	Termination Fee
	 	 	30	 
	to the knowledge of the Company
	 	 	10	 

Welfare Plan 13

2

AGREEMENT AND PLAN OF MERGER

This AGREEMENT AND PLAN OF MERGER, dated as of June 22, 2007 (this “Agreement”), is
made and entered into by and among Sentinel Omaha LLC, a Delaware limited liability company
(“Parent”), Sentinel White Plains LLC, a Delaware limited liability company and a
wholly-owned subsidiary of Parent (“Subsidiary”), and America First Apartment Investors,
Inc., a Maryland corporation (the “Company”).

BACKGROUND

WHEREAS, Parent, Subsidiary and the Company wish to provide for a merger of the Company with
and into Subsidiary (the “Merger”), upon the terms and subject to the conditions set forth
in this Agreement and in accordance with the applicable provisions of the Maryland General
Corporation Law (the “MGCL”) and the Delaware Limited Liability Company Act (the
"Act”), whereby all of the issued and outstanding shares of common stock, par value $0.01
per share, of the Company (the “Company Common Stock”), issued and outstanding immediately
prior to the Effective Time, other than the shares of Company Common Stock owned directly or
indirectly by Parent, Subsidiary or the Company, will be converted into the right to receive $25.30
per share in cash (the “Common Stock Price”);

WHEREAS, the Board of Directors of the Company has adopted resolutions declaring that the
Merger is advisable on substantially the terms and conditions set forth herein and directing that
the Merger be submitted for consideration at a meeting of its stockholders;

WHEREAS, the Managers of each of Parent and Subsidiary have approved this Agreement, and
Parent, the sole member of Subsidiary, has approved the Merger, in each case in accordance with the
Act;

WHEREAS, the parties intend that for federal income tax purposes (and, where applicable, state
and local income tax purposes), the Merger shall be treated as a taxable sale by the Company of all
of the Company’s assets to Subsidiary in exchange for the Common Stock Price, followed by a
distribution of such Common Stock Price to the holders of Company Common Stock in a complete
liquidation of the Company pursuant to Sections 331 and 562 of the Internal Revenue Code of 1986,
as amended (the “Code”), and that this Agreement is hereby adopted as, and shall
constitute, a “plan of liquidation” of the Company within the meaning of Section 562 of the Code;

WHEREAS, simultaneously with the execution of this Agreement, Parent has entered into an
Escrow Agreement, dated as of the date of this Agreement (the “Escrow Agreement”), with the
Company setting forth certain terms and conditions with respect to the liquidated damages amount
contemplated by Section 8.2(f); and

WHEREAS, Parent, Subsidiary and the Company desire to make certain representations,
warranties, covenants and agreements in connection with the Merger.

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

ARTICLE I

THE MERGER

SECTION 1.1. The Merger. Subject to the terms and conditions of this Agreement, at
the Effective Time, in accordance with this Agreement, the MGCL and the Act, the Company shall be
merged with and into Subsidiary. At the Effective Time, the separate existence of the Company
shall cease and Subsidiary shall continue as the surviving entity in the Merger (the “Surviving
Entity”).

SECTION 1.2. Effective Time of the Merger. Simultaneously with or as soon as
practicable following the Closing, (i) Parent and the Company shall cause duly executed articles of
merger to be filed with and accepted for record by the State Department of Assessments and Taxation
of Maryland (the “SDAT”) in accordance with Section 3-107 of the MGCL (the “Merger
Filing”), and (ii) Subsidiary shall file a certificate of merger with the Secretary of State of
the State of Delaware in accordance with Section 18-209 of the Act (the “Delaware Filing”).
The Merger shall become effective upon such time as the Merger Filing has been accepted for record
by the SDAT, or such later time as the parties hereto have agreed upon and designated in such
filing in accordance with the MGCL as the effective time of the Merger, but not to exceed 30 days
after the Merger Filing is accepted for record by the SDAT (the “Effective Time”).

SECTION 1.3. Effects of the Merger. The Merger shall have the effects set forth in
the applicable provisions of the MGCL, including Section 3-114, and the Act, including
Section 18-209(g). Without limiting the generality of the foregoing, at the Effective Time, except
as otherwise provided in this Agreement, all the property, rights, privileges, powers and
franchises, and all and every other interest of Subsidiary and the Company, shall vest in the
Surviving Entity, and all debts, liabilities and duties of Subsidiary and the Company shall become
the debts, liabilities and duties of the Surviving Entity.

SECTION 1.4. Closing. Subject to the satisfaction or waiver of the conditions to the
obligations of the parties to effect the Merger set forth in this Agreement, a closing to
effectuate the consummation of the Merger (the “Closing”) shall take place at 10:00 a.m.
local time on the third business day following the satisfaction or waiver of all the conditions set
forth in Article VII (other than conditions which, by their nature, are to be satisfied at the
Closing, but subject to the satisfaction or waiver of those conditions), at the offices of Clifford
Chance US LLP, 31 West 52nd Street, New York, New York, or at such other time or place
as Parent and the Company may agree. The date on which the Closing occurs is sometimes referred to
in this Agreement as the “Closing Date.”

SECTION 1.5. Other Transactions. Parent shall have the option, in its sole discretion
and without requiring the further consent of the Company or any Company Subsidiary, or any of their
board of directors (or equivalent bodies), owners, partners or shareholders, upon reasonable notice
to the Company, to request that the Company, prior to the Closing, and upon such request the
Company shall, convert or cause the conversion of one or more Company Subsidiaries that are
organized as corporations into limited liability companies (or other entities), on the basis of
organizational documents as reasonably requested by Parent (each, a “Requested
Transaction”); provided, however, that (i) none of the Requested Transactions shall delay or
prevent the completion of the Merger, (ii) the Requested Transactions shall be implemented as close
as possible to the Effective Time (but after all conditions to Closing set forth in Article VII
(other than conditions that, by their nature, are to be satisfied at the Closing) have been
satisfied or waived), (iii) neither the Company nor any Company Subsidiary shall be required to
take any action in contravention of any laws, (iv) the consummation of any such Requested
Transactions shall be contingent upon the receipt by the Company of a written notice from Parent
confirming that all of the conditions set forth in Sections 7.1 and 7.2 have been satisfied (or,
with respect to Section 7.2, at the option of Parent, waived) and that Parent and Subsidiary are
prepared to proceed immediately with the Closing (it being understood that in any event the
Requested Transactions will occur prior to the Closing), (v) the Requested Transactions (or the
inability to complete the Requested Transactions) shall not affect or modify the obligations of
Parent and Subsidiary under this Agreement, (vi) neither the Company nor any Company Subsidiary
shall be required to take any such action that could adversely affect the qualification of the
Company as a “real estate investment trust” (a “REIT”) within the meaning of Section 856 of
the Code, (vii) neither the Company nor any Company Subsidiary shall be required to take any such
action that could reasonably be expected to result in any Taxes being imposed on, or any adverse
Tax consequences to, any stockholder of the Company incrementally greater than the Taxes or other
adverse Tax consequences to such stockholders in connection with the consummation of this Agreement
in the absence of such action taken pursuant to this Section 1.5 unless such stockholders are fully
and unconditionally indemnified by Parent and Subsidiary for such incremental Taxes and (viii) the
Requested Transactions shall not result in a reduction of the Common Stock Price. Promptly
following request by the Company, Parent shall advance to the Company all reasonable out-of-pocket
costs to be incurred by the Company or any Company Subsidiary or, promptly following request by the
Company, reimburse the Company for all reasonable out-of-pocket costs incurred by the Company or
any Company Subsidiary in connection with any reasonable actions taken by the Company or any
Company Subsidiary in accordance with this Section 1.5. Parent and Subsidiary, on a joint and
several basis, hereby agree to indemnify and hold harmless the Company, each Company Subsidiary and
each of their respective directors, officers, employees, affiliates, agents and other
representatives from and against any and all liabilities, losses, damages, claims, costs, expenses,
interest, awards, judgments and penalties suffered or incurred by any of them in connection with or
as a result of taking such actions.

ARTICLE II

THE SURVIVING ENTITY

SECTION 2.1. Certificate of Formation. The certificate of formation of Subsidiary as
in effect immediately prior to the Effective Time shall be the certificate of formation of the
Surviving Entity after the Effective Time until thereafter amended in accordance with applicable
law.

SECTION 2.2. Operating Agreement. The operating agreement of Subsidiary as in effect
immediately prior to the Effective Time shall be the operating agreement of the Surviving Entity
after the Effective Time until thereafter amended in accordance with its terms and applicable law.

SECTION 2.3. Managers. The managers of Subsidiary immediately prior to the Effective
Time shall be the managers of the Surviving Entity from and after the Effective Time and shall
serve in accordance with the certificate of formation and operating agreement of the Surviving
Entity until their respective successors are duly elected or appointed and qualified or until their
earlier death, resignation or removal.

SECTION 2.4. Officers. The officers of the Surviving Entity shall be appointed by the
managers of the Surviving Entity, effective immediately from and after the Effective Time and shall
serve in accordance with the certificate of formation and operating agreement of the Surviving
Entity until their respective successors are duly elected or appointed and qualify or until their
earlier death, resignation or removal.

ARTICLE III

EFFECT OF THE MERGER ON THE STOCK OF THE CONSTITUENT

CORPORATIONS; SURRENDER OF CERTIFICATES

SECTION 3.1. Conversion of Company Common Stock in the Merger. At the Effective Time,
by virtue of the Merger and without any further action on the part of any holder of any stock of
Parent, Subsidiary or the Company:

(a) each previously-issued share of Company Common Stock that remains outstanding immediately
prior to the Effective Time, other than any shares required to be canceled pursuant to
Section 3.1(b), automatically shall be converted into the right to receive the Common Stock Price,
payable to the holder thereof, in each case without interest, and all such shares of Company Common
Stock, when so converted, no longer shall be outstanding and automatically shall be cancelled and
retired and shall cease to exist, and each holder of a certificate representing any such shares of
Company Common Stock shall cease to have any rights with respect thereto, except the right to
receive the Common Stock Price per share therefor, without interest, upon the surrender of such
certificate in accordance with Section 3.3; and

(b) each share of Company Common Stock of the Company, if any, owned of record or
beneficially, directly or indirectly, by Parent or Subsidiary or held by any Company Subsidiary
immediately prior to the Effective Time (other than shares held in a fiduciary capacity)
automatically shall be canceled and retired and shall cease to exist and no cash or other
consideration shall be delivered or deliverable in exchange therefor. As used in this Agreement, a
"Company Subsidiary” means any corporation, partnership, limited liability company, joint
venture or other legal entity of which the Company (either directly or through or together with one
or more of the Company Subsidiaries) owns more than 50% of the stock, voting securities or
ownership or equity interest.

SECTION 3.2. Subsidiary Units. Each issued and outstanding common unit of Subsidiary
that is issued and outstanding immediately prior to the Effective Time shall continue to be one
issued and outstanding common unit, of the Surviving Entity.

SECTION 3.3. Surrender and Exchange of Certificates.

(a) Prior to the Effective Time, Parent shall designate a bank or trust company reasonably
acceptable to the Company to act as paying agent in the Merger (the “Paying Agent”), and at
or prior to the Effective Time Parent shall deposit with the Paying Agent cash in an amount equal
to the aggregate amounts payable under Sections 3.1(a) and 3.6 (such amount to include the funds
previously subject to the Escrow Agreement, which shall be released to the Paying Agent at the
Effective Time). The funds so deposited with the Paying Agent shall be held by the Paying Agent
and applied by it in accordance with this Section 3.3 and Section 3.6.

(b) Not later than the first business day following the Effective Time, Parent shall cause the
Paying Agent to mail to each holder of record of a certificate or certificates that immediately
prior to the Effective Time represented outstanding shares of Company Common Stock (the
"Company Certificates”), whose shares were converted into the right to receive the Common
Stock Price pursuant to Section 3.1(a), (i) a letter of transmittal (which shall specify that
delivery shall be effected, and risk of loss and title to the Company Certificates shall pass, only
upon actual delivery of the Company Certificates to the Paying Agent and shall be in such form and
have such other provisions as Parent reasonably may specify), and (ii) instructions for use in
effecting the surrender of the Company Certificates in exchange for the Common Stock Price. Upon
delivery to the Paying Agent of a Company Certificate, a duly executed letter of transmittal and
such other documents specified in the instructions for use referred to above as the Paying Agent
reasonably shall require, the holder of such Company Certificates shall be entitled promptly to
receive in exchange therefor the Common Stock Price for each share of Company Common Stock formerly
represented thereby, in accordance with Section 3.1(a), and the Company Certificates so surrendered
shall be canceled. If a transfer of ownership of shares of Company Common Stock has occurred but
has not been registered in the transfer records of the Company, a check representing the aggregate
Common Stock Price applicable to those shares may be issued to the transferee if the Company
Certificate representing such shares of Company Common Stock is presented to the Paying Agent
accompanied by all documents and endorsements required to evidence and effect such transfer and by
evidence that any applicable stock transfer taxes have been paid. Until surrendered as provided in
this Section 3.3, each Company Certificate shall be deemed at all times after the Effective Time to
represent only the right to receive upon such surrender the Common Stock Price for each share of
Company Common Stock represented thereby. No interest will be paid or accrue on any amounts
payable upon surrender of any Company Certificate.

(c) Promptly following the date that is one year after the Effective Time, the Paying Agent
shall deliver to Parent all cash and any documents in its possession relating to the transactions
described in this Agreement, and the Paying Agent’s duties shall terminate. Thereafter, each
holder of a Company Certificate may surrender such Company Certificate to the Surviving Entity or
Parent and (subject to applicable abandoned property, escheat or other similar laws) receive in
exchange therefor the Common Stock Price, payable upon due surrender of the Company Certificate
without any interest thereon. Notwithstanding the foregoing, none of the Paying Agent, Parent,
Subsidiary, the Company or the Surviving Entity shall be liable to a holder of shares of Company
Common Stock for any amounts properly delivered to a public official pursuant to any applicable
abandoned property, escheat or other similar laws.

(d) If any Company Certificate shall have been lost, stolen or destroyed, upon the making of
an affidavit of that fact by the person claiming such Company Certificate to be lost, stolen or
destroyed, the Paying Agent shall issue in exchange for such lost, stolen or destroyed Company
Certificate the Common Stock Price deliverable in respect thereof determined in accordance with
this Article III; provided, however, that Parent or the Paying Agent may, in its discretion,
require the delivery of a reasonable indemnity or bond against any claim that may be made against
the Surviving Entity with respect to such Company Certificate or ownership thereof.

SECTION 3.4. Tax Withholding. Each of Parent and the Surviving Entity shall be
entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement
to any former holder of shares of Company Common Stock or of Options such amounts as Parent or the
Surviving Entity is required to deduct and withhold with respect to the making of such payment
under the Code, or any other provision of federal, state, local or foreign tax law. To the extent
that amounts are so withheld by Parent or the Surviving Entity, such withheld amounts (i) shall be
remitted by Parent or Surviving Entity, as applicable, to the applicable Governmental Authority,
and (ii) shall be treated for all purposes of this Agreement as having been paid to the former
holder of the shares of Company Common Stock or Options in respect of which such deduction and
withholding was made by Parent or the Surviving Entity.

SECTION 3.5. Closing of the Company’s Transfer Books. At and after the Effective
Time, holders of Company Certificates shall cease to have any rights as stockholders of the
Company, and the Company Share Certificates shall represent solely the right to receive the Common
Stock Price pursuant to Section 3.1(a), without interest. At the Effective Time, the stock
transfer books of the Company shall be closed and no transfer of shares of Company Common Stock
that were outstanding immediately prior to the Effective Time shall thereafter be made. If, after
the Effective Time, subject to the terms and conditions of this Agreement, Company Certificates
formerly representing shares of Company Common Stock are presented to the Surviving Entity, they
shall be canceled and exchanged for the Common Stock Price in accordance with this Article III.

SECTION 3.6. Options.

(a) As of the Effective Time, each option, warrant or other similar right to acquire shares of
Company Common Stock (each an “Option”) that then remains outstanding and originally was
granted under any Company Plan, whether or not then vested or exercisable, automatically shall be
terminated at the Effective Time and converted into the right of the holder thereof to receive
thereupon in full satisfaction of such Option as of the Effective Time, an amount in cash (net of
any applicable withholding taxes) equal to the product of (x) the excess, if any, of the Common
Stock Price over the applicable exercise price of such Option and (y) the number (determined
without reference to vesting requirements or other limitations on exercisability) of shares of
Company Common Stock issuable upon exercise of such Option.

(b) Prior to the Effective Time, the Company will obtain all consents and make all amendments,
if any, to the terms of the Company Plans and each outstanding award agreement issued pursuant to
the Company Plans, as applicable, that are necessary to give effect to the provisions of this
Section 3.6. Parent shall direct the Paying Agent to make the payments required under this
Section 3.6 at or as promptly as practicable following the Effective Time.

SECTION 3.7. No Right to Fair Value. No dissenters’, appraisal or other similar
rights shall be available with respect to the Merger or any other transaction contemplated hereby
so long as the provisions of Section 3-202(c)(1) of the MGCL are applicable.

SECTION 3.8. Further Assurances. At and after the Effective Time, the officers and
directors of the Surviving Entity will be authorized to execute and deliver, in the name and on
behalf of the Company or Subsidiary, any deeds, bills of sale, assignments or assurances and to
take and do, in the name and on behalf of the Company or Subsidiary, any other actions and things
to vest, perfect or confirm of record or otherwise in the Surviving Entity any and all right, title
and interest in, to and under any of the rights, properties or assets acquired or to be acquired by
the Surviving Entity as a result of, or in connection with, the Merger.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

The Company represents and warrants to Parent and Subsidiary that, except as set forth in the
Company SEC Reports or in the disclosure schedule delivered by the Company to Parent prior to the
execution and delivery of this Agreement (the “Company Disclosure Schedule”), and except as
otherwise expressly contemplated by this Agreement:

SECTION 4.1. Organization and Qualification. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of Maryland and has
all requisite corporate power and authority to own, lease or otherwise hold its assets and
properties and to carry on its business as it is now being conducted. The Company is qualified to
transact business and is in good standing (with respect to jurisdictions that recognize the
concept) in each jurisdiction in which the properties owned, licensed, used, leased or operated by
it or the nature of the business conducted by it makes such qualification necessary, except where
the failure to be so qualified would not have a Company Material Adverse Effect. As used in this
Agreement, a “Company Material Adverse Effect” means any event, circumstance, change or
effect that has a material adverse effect on the business, assets or financial condition of the
Company and its subsidiaries, taken as a whole, other than effects due to (i) general economic,
market or political conditions, (ii) matters generally affecting the industries or market sectors
in which the Company operates, (iii) the announcement or expectation of the transactions
contemplated by this Agreement (including any impact on relationships with tenants or employees),
(iv) any of the requirements or limitations imposed on the Company pursuant to this Agreement,
(v) changes in law, (vi) changes in accounting principles, (vii) acts of war or terrorism, (viii)
fluctuations in the share price of the Company Common Stock, (ix) earthquakes, hurricanes or other
natural disasters or acts of God or (x) damage or destruction of any real property. The Company
has made available to Parent and Subsidiary or filed with the Securities and Exchange Commission
(the “SEC”) complete and correct copies of the charter and bylaws of the Company as in
effect on the date of this Agreement.

SECTION 4.2. Capitalization.

(a) The authorized stock of the Company consists solely of 375,000,000 shares of Company
Common Stock and 125,000,000 shares of Excess Stock, par value $0.01 per share (“Company Excess
Stock”). As of the close of business on June 22, 2007, (i) 11,046,111 shares of Company Common
Stock were issued and outstanding, all of which were duly and validly issued and are fully paid,
nonassessable and free of preemptive rights arising under the MGCL or the charter and bylaws of the
Company and (ii) no shares of Company Excess Stock were issued and outstanding.

(b) Section 4.2(b) of the Company Disclosure Schedule contains a complete and correct
list setting forth, as of June 22, 2007, the number of Options outstanding, the weighted average
exercise price for all such outstanding Options and the aggregate number of Options outstanding at
each exercise price.

(c) No bonds, debentures, notes or other indebtedness of the Company having the right to vote
on any matters on which stockholders of the Company may vote, are authorized, issued or
outstanding.

(d) Except for the Options, there are no outstanding subscriptions, options, calls, contracts,
scrip, commitments, understandings, restrictions, arrangements, rights, warrants, stock
appreciation or other rights (contingent or other), including phantom stock rights or preemptive
rights, or rights of conversion or exchange under any outstanding security, instrument or other
agreement, obligating the Company or any Company Subsidiary to issue, deliver or sell, redeem or
repurchase, or cause to be issued, delivered or sold or repurchased, additional shares of the stock
of or interests in the Company or any Company Subsidiary or obligating the Company or any Company
Subsidiary to grant, extend or enter into any such agreement or commitment and there is no
commitment of the Company or any Company Subsidiary to distribute to holders of any class of its
stock, any dividends, distributions, evidences of indebtedness or assets. There are no voting
trusts, proxies or other agreements or understandings to which the Company or any Company
Subsidiary is a party or is bound with respect to the voting of any shares of stock of the Company
and no shares of stock of the Company are subject to transfer restrictions imposed by or with the
knowledge, consent or approval of the Company, or other similar arrangements imposed by or with the
knowledge, consent or approval of the Company, except for restrictions on transfer imposed by the
Securities Act and state securities laws. The Company Common Stock constitutes the only class of
equity securities of Company or its subsidiaries registered or required to be registered under the
Exchange Act.

SECTION 4.3. Ownership Interests in Other Entities. The only Company Subsidiaries are
those listed in Section 4.3 of the Company Disclosure Schedule. Except for shares of, or
ownership interests in, the Company Subsidiaries, the Company does not own of record or
beneficially, directly or indirectly, (i) any shares of outstanding stock or securities convertible
into or exchangeable or exercisable for stock of any other corporation or (ii) any equity interest
in any limited or unlimited liability company, partnership, joint venture or other business
enterprise. Each Company Subsidiary is a corporation, partnership, limited liability company or
similar business entity duly organized, validly existing and in good standing (with respect to
jurisdictions that recognize the concept) under the laws of the jurisdiction of its incorporation
or organization and has all requisite corporate, partnership or limited liability company power and
authority to own, lease and otherwise hold its properties and assets and to carry on its business
as it is now being conducted, except where the failure to be so qualified would not reasonably be
expected to have a Company Material Adverse Effect. All of the issued and outstanding shares of
stock of or other ownership interests in, each Company Subsidiary are validly issued, fully paid,
nonassessable and free of preemptive or similar rights and are owned directly or indirectly by the
Company free and clear of any Liens.

SECTION 4.4. Authority; Non-Contravention; Approvals.

(a) The Company has all requisite corporate power and authority to enter into this Agreement
and to consummate the transactions contemplated hereby. This Agreement has been approved by the
Board of Directors of the Company, and no other corporate proceeding on the part of the Company is
necessary to authorize the execution and delivery of this Agreement or, except for the approval of
the Merger by the stockholders of the Company by the affirmative vote of holders of a majority of
all the votes entitled to be cast on the matter, in accordance with the requirements of the MGCL
(the “Company Stockholders’ Approval”), the consummation by the Company of the Merger and
the other transactions contemplated hereby. This Agreement has been duly executed and delivered by
the Company and, assuming the due authorization, execution and delivery of this Agreement by Parent
and Subsidiary, constitutes a valid and legally binding agreement of the Company, enforceable
against the Company in accordance with its terms, except to the extent that enforceability may be
limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws
of general applicability relating to or affecting creditors’ rights or by a court’s application of
general equitable principles.

(b) The execution, delivery and performance of this Agreement by the Company and the
consummation of the Merger and the other transactions contemplated hereby do not and will not
violate, conflict with or result in a breach of any provision of, or constitute a default under, or
result in a right of termination or acceleration under, or result in the creation of any lien,
claim, mortgage, charge, security interest, right of first refusal or other encumbrance or third
party claim (any of the foregoing, a “Lien”) upon any of the properties or assets of the
Company or any Company Subsidiary under any of the terms, conditions or provisions of (i) subject
to receipt of the Company Stockholders’ Approval, the Company’s charter or bylaws; (ii) the
organizational documents of any Company Subsidiary; (iii) subject to receipt of the Company
Regulatory Approvals and the Company Stockholders’ Approval, any statute, law, ordinance, rule,
regulation, judgment, decree, order, injunction, writ, permit or license of any court or
Governmental Authority applicable to the Company or any Company Subsidiary or any of their
respective properties or assets; or (iv) any note, bond, mortgage, indenture, deed of trust, loan,
credit agreement, license, franchise, permit, concession, contract, lease or other instrument,
obligation or agreement of any kind to which the Company or any Company Subsidiary is now a party
or by which the Company or any Company Subsidiary or any of their respective properties or assets
may be bound or affected other than (in the case of clauses (ii), (iii) and (iv) above) any such
violation, conflict, breach, default, termination, acceleration or creation of Liens as would not
reasonably be expected, to have a Company Material Adverse Effect.

(c) Except for (i) the filing with the SEC of a proxy statement (as amended and supplemented,
the “Proxy Statement”) and related proxy materials to be used in soliciting the Company
Stockholders’ Approval and the filing of such other reports under and such other compliance with
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and
regulations thereunder as may be required in respect of this Agreement and the transactions
contemplated hereby, (ii) the Merger Filing and (iii) compliance with the rules and regulations of
the NASDAQ Global Market (the filings and approvals referred to in clauses (i) through (iii) are
sometimes collectively referred to in this Agreement as the “Company Regulatory
Approvals”), no declaration, filing or registration with, or notice to, or authorization,
consent, order or approval of, any federal, state, local, municipal or foreign government, whether
national, regional or local, any instrumentality, subdivision, court, administrative agency or
commission or other authority thereof, or any quasi-governmental or private body exercising any
regulatory, taxing or other governmental or quasi-governmental authority (any of the foregoing, a
"Governmental Authority”) is required to be obtained or made in connection with or as a
result of the execution and delivery of this Agreement by the Company or the consummation by the
Company of the Merger and the other transactions contemplated hereby, other than such declarations,
filings, registrations, notices, authorizations, consents, orders or approvals as, if not made or
obtained, as the case may be, would not reasonably be expected to have a Company Material Adverse
Effect.

(d) No “business combination,” “fair price,” “moratorium,” “control share acquisition” or
other similar statute or regulation restricts, or at the Effective Time will restrict, the Merger
or the other transactions contemplated by this Agreement.

(e) The Board of Directors of the Company has (i) declared the Merger advisable on
substantially the terms set forth herein, (ii) directed that the Merger be submitted for
consideration at a meeting of the stockholders of the Company and (iii) resolved to recommend that
the Company’s stockholders approve the Merger.

SECTION 4.5. SEC Reports and Financial Statements.

(a) The Company previously has made available to Parent (for this purpose, filings that are
publicly available on the SEC’s EDGAR system are deemed to have been made available) each
registration statement, report, proxy statement or information statement, including all amendments
and supplements (each a “Company SEC Report”) filed by the Company since January 1, 2005
pursuant to the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange
Act. Since December 31, 2005, the Company has filed with the SEC all Company SEC Reports required
to be so filed under the Exchange Act, and each such Company SEC Report complied in all material
respects, when filed, with all applicable requirements of the Exchange Act (including the
applicable rules and regulations thereunder). As of their respective dates, the Company SEC
Reports did not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. None of the Company Subsidiaries is
required, under the Exchange Act or by contract, to make periodic filings with the SEC.

(b) The audited and unaudited financial statements of the Company included in the Company SEC
Reports (the “Company Financial Statements”) were prepared in accordance with United States
generally accepted accounting principles (“GAAP”) applied on a basis consistent with prior
periods (except as may be indicated therein or in the notes thereto, or as may be permitted by the
rules and regulations applicable to quarterly reports on Form 10-Q) and fairly present in all
material respects the financial position and results of operations of the Company and its
consolidated Company Subsidiaries at the dates and for the periods indicated (subject, in the case
of unaudited interim Company Financial Statements, to normal year-end adjustments and the absence
of certain footnote disclosures). The principal executive officer of the Company and the principal
financial officer of the Company have made the certifications required by Sections 302 and 906 of
the Sarbanes Oxley Act of 2002 and the rules and regulations promulgated by the SEC thereunder with
respect to each Company SEC Report subject to that requirement.

(c) The Company maintains disclosure controls and procedures in accordance with Rule 13a-15
under the Exchange Act. Those controls and procedures are effective to ensure that all material
information concerning the Company and the Company Subsidiaries is made known on a timely basis to
the individuals responsible for the preparation of the Company’s filings with the SEC. Since
January 1, 2004, the Company has not received notice from the SEC that any of its accounting
policies or practices are the subject of any review, investigation or challenge except for comments
furnished by the staff of the SEC in respect of Company SEC Reports that have been addressed or
withdrawn.

(d) As of the date of this Agreement, except as set forth in the Company SEC Reports filed
prior to the date of this Agreement, neither the Company nor any of Company Subsidiary is a party
to or bound by any “material contract” (as defined in Item 601(b)(10) of Regulation S-K promulgated
by the SEC).

SECTION 4.6. Absence of Undisclosed Liabilities. Except as disclosed in the Company
Financial Statements, the Company and the Company Subsidiaries did not have at December 31, 2006,
nor to the knowledge of the Company has it or any Company Subsidiary incurred since that date, any
liabilities or obligations (whether absolute, accrued, contingent or otherwise) of any nature,
except liabilities, obligations or contingencies which (i) were incurred in the ordinary course of
business, (ii) would not reasonably be expected to have a Company Material Adverse Effect or
(iii) have been discharged or paid in full or will have been discharged or paid in full prior to
the Effective Time. Since December 31, 2004, neither the Company nor any Company Subsidiary has
been a party to any asset securitization transaction or “off-balance sheet arrangement” (as defined
in Rule 303 of Regulation S-K promulgated under the Exchange Act). As used in this Agreement,
"to the knowledge of the Company” means to the actual knowledge of the persons named in
Section 4.6 of the Company Disclosure Schedule.

SECTION 4.7. Absence of Certain Changes or Events. Since the date of the most recent
balance sheet included in the Company Financial Statements through the date of this Agreement, and
except as disclosed in any Company SEC Report filed before the date of this Agreement, (a) neither
the Company nor any Company Subsidiary has suffered or experienced any change, event or development
that has had a Company Material Adverse Effect; (b) the Company and the Company Subsidiaries have
conducted their respective businesses only in the ordinary course consistent with past practice;
and (c) there has not occurred (i) any declaration, setting aside or payment of any dividend, or
other distribution in cash, stock or property in respect of the stock of the Company (other than
regular quarterly dividends), or any repurchase, redemption or other acquisition by the Company of
any outstanding shares of stock or other securities of, or other ownership interests in, the
Company; (ii) any split, combination, subdivision or reclassification of any of the Company’s stock
or issuance or authorization of issuance of any other securities in respect of, in lieu of, or in
substitution for, shares of its stock, except as expressly contemplated by this Agreement; (iii)
any amendment of any term of any outstanding security of the Company; or (iv) any change by the
Company in financial accounting principles, practices or methods, except as required by GAAP or by
a change of law, statute, rule or regulation.

SECTION 4.8. Litigation. As of the date of this Agreement, (i) there are no claims,
suits, actions, arbitrations, mediations, investigations or proceedings pending or, to the
knowledge of the Company, threatened against the Company or any Company Subsidiary or any of its or
their respective properties or assets or any director, officer or employee of the Company or any
Company Subsidiary or other person, in each case for whom the Company or any Company Subsidiary may
be liable that reasonably would be expected to have a Company Material Adverse Effect or materially
adversely affect the Company’s ability to perform its obligations under this Agreement and (ii) the
Company is not subject to any judgment, decree, injunction, rule, order or award of any
Governmental Authority or arbitrator that prohibits or would reasonably be expected to delay the
consummation of the Merger.

SECTION 4.9. Information Supplied. The definitive Proxy Statement will not, on the
date it is first mailed to the stockholders of the Company, contain any untrue statement of a
material fact, or omit to state any material fact required to be stated therein or necessary to
make the statements made therein, in light of the circumstances under which they are made, not
misleading and will not, at the time of the meeting of the Company’s stockholders to which the
Proxy Statement relates (the “Stockholders Meeting”), omit to state any material fact
necessary to correct any statement in any earlier communication with respect to the solicitation of
proxies for the Stockholders Meeting that shall have become false or misleading in any material
respect. The definitive Proxy Statement will, when filed by the Company with the SEC, comply as to
form in all material respects with the applicable provisions of the Exchange Act and the rules and
regulations thereunder. Notwithstanding the foregoing, the Company makes no representation or
warranty with respect to any information that may be supplied by or on behalf of Parent or
Subsidiary and included in the Proxy Statement.

SECTION 4.10. Compliance with Laws; Permits. The Company is not in violation of, nor
since December 31, 2005 has it received any written notice of violation of, any applicable law,
statute, order, rule, regulation, ordinance or judgment of any Governmental Authority, except for
violations that would not reasonably be expected to have a Company Material Adverse Effect. The
Company and the Company Subsidiaries have all permits, licenses, franchises, variances, exemptions,
orders and other governmental authorizations, certificates, consents and approvals necessary to
conduct their businesses as presently conducted and to own their assets and properties
(collectively, the “Company Permits”), except for such permits, licenses, franchises,
variances, exemptions, orders, authorizations, certificates, consents and approvals the absence of
which would not reasonably be expected to have a Company Material Adverse Effect. The Company and
the Company Subsidiaries are not in violation of the terms of any Company Permit, except for such
violations as would not reasonably be expected to have a Company Material Adverse Effect.

SECTION 4.11. Compliance with Agreements. The Company and the Company Subsidiaries
are not in breach or violation of or in default in the performance or observance of any term or
provision of, and no event has occurred that, with or without lapse of time, notice or action by a
third party, would result in a default on the part of the Company or any Company Subsidiary under
(i) the Company’s charter or bylaws, (ii) the comparable organizational instruments of any Company
Subsidiary or (iii) any contract, commitment, agreement, indenture, mortgage, hypothecation, loan
agreement or credit agreement, note, lease, bond, license, deed of trust, approval or other
instrument to which the Company or any of the Company Subsidiaries is a party or by which any of
them is bound or to which any of their properties or assets are subject, other than, in the case of
clauses (ii) and (iii), such breaches, violations and defaults as would not reasonably be expected
to have a Company Material Adverse Effect.

SECTION 4.12. Taxes.

(a) As used in this Agreement, (i) “Tax” or “Taxes” shall mean any federal,
state, local or foreign income, gross receipts, license, payroll, employment, excise, severance,
windfall profits, environmental (including taxes under Code Section 59A), franchise, profits,
withholding, social security (or similar), unemployment, disability, real property, personal
property, sales, use, transfer, rollback, registration, value added, alternative or ad-on minimum,
estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition
thereto, whether disputed or not or additional amount imposed by any Governmental Authority or any
obligation to pay Taxes imposed on any entity for which a party to this Agreement is liable as a
result of any indemnification provision or other contractual obligation and (ii) "Tax
Return” shall mean any return, declaration, report, claim for refund, or information return, or
similar statement relating to Taxes, including any amendment thereof.

(b) Each of the Company and the Company Subsidiaries (i) has timely filed (or had filed on its
behalf) all material Tax Returns and reports required to be filed by it (after giving effect to any
filing extension properly granted by a Governmental Authority) and all such Tax Returns and reports
are true, correct and complete in all material respects, and (ii) has paid (or had paid on its
behalf) within the time and manner prescribed by law, all material Taxes. The most recent Company
Financial Statements contained in the Company SEC Reports reflect an adequate reserve for all
material Taxes payable by the Company and the Company Subsidiaries for all taxable periods and
portions thereof through the date of such financial statements. True, correct and complete copies
of all material federal and state Tax Returns for the Company and the Company Subsidiaries
requested by Parent or its representatives have been delivered or made available to representatives
of Parent. Neither the Company nor any Company Subsidiary has received notice that any audits or
unpaid deficiencies for any material Taxes have been proposed, asserted or assessed against the
Company or any of the Company Subsidiaries or with respect to their properties, including claims by
any Governmental Authority in a jurisdiction where the Company or any Company Subsidiary does not
file Tax Returns that the Company or such Company Subsidiary is, or may be, subject to taxation by
that jurisdiction. No requests for waivers of any statute of limitations in respect of Taxes have
been made and no extensions of the time to assess or collect any such Tax are pending and no such
waiver remains in effect. There are no liens for any material Taxes upon the assets of the Company
or any Company Subsidiary except for statutory liens for Taxes not yet due. Neither the Company
nor any of the Company Subsidiaries is a party to or subject of any audit, examination, action or
proceedings by any Governmental Authority for assessment or collection of any material Tax, to the
knowledge of Company no audit, examination, action or proceeding in respect of any material Taxes
involving the Company or any Company Subsidiary is being considered by any Tax authority, and no
claim for assessment or collection of any material Tax has been assessed against the Company or any
Company Subsidiary.

(c) The Company and each of the Company Subsidiaries have withheld and paid within the time
and manner prescribed by law all material Taxes required to have been withheld and/or paid in
connection with amounts paid or owing the any employee, former employee, independent contractor,
creditor, stockholder, or other third party.

(d) Neither the Company nor any of the Company Subsidiaries has requested, received or is
subject to any written ruling of a Governmental Authority related to Taxes or has entered into any
written and legally binding agreement with a Governmental Authority relating to Taxes.

(e) Neither the Company nor any of the Company Subsidiaries has made any payments, are
obligated to make any payments, or are parties to an agreement that could obligate them to make any
payments that will not be deductible under Code Sections 162(m) or 280G.

(f) The Company has incurred no liability for any material Taxes under Code Sections 1374,
857(b), 860(c) or 4981, IRS Notice 88-19, Treasury Regulation Section 1.337(d)-5, Treasury
Regulation Section 1.337(d)-6 or 1.337(d)-7 (or any provision of similar effect) including, without
limitation, any Tax arising from a prohibited transaction described in Code Section 857(b)(6). To
the knowledge of the Company, no event has occurred, and no condition or circumstance exists which
presents a risk that any material Tax described in the preceding sentence will be imposed on the
Company or any Company Subsidiary. No asset or portion thereof held directly or indirectly by the
Company is subject to the “built in gains tax” under Code Section 1374 pursuant to Treasury
Regulation Section 1.337(d)-7 or any applicable predecessor guidance or regulation.

(g) Neither the Company nor any of the Company Subsidiaries (i) is a party to or is otherwise
subject to any Tax allocation, indemnity or sharing agreement or (ii) has any liability for the
Taxes of another person (1) under Treasury Regulation Section 1.1502-6 (or any similar provision of
state, local or foreign law), (2) as a transferee or successor or (3) under law, by contract or
otherwise. Neither the Company nor any Company Subsidiary is subject to any adjustment under
Section 481 of the Code.

(h) The Company, (i) for all taxable years commencing with the Company’s taxable year ended
December 31, 2003 through December 31, 2006 has been subject to taxation as a real estate
investment trust (a “REIT”) within the meaning of Section 856 of the Code and has satisfied
all requirements to qualify as a REIT for such years and (ii) has been owned and operated since
December 31, 2006 and will continue to be owned and to operate in a manner that will permit it to
qualify as a REIT for the taxable year of the Company that will end upon the Effective Time
independent of (and without compliance with or reliance upon) any procedure for payment of a
deficiency or other post-Closing dividend. No challenge to the Company’s qualification as a REIT
is pending or has been threatened in writing. No Company Subsidiary is a corporation for U.S.
federal income tax purposes, other than a corporation that qualifies as a “qualified REIT
subsidiary,” within the meaning of Section 856(i)(2) of the Code, or as a “taxable REIT
subsidiary,” within the meaning of Section 856(l) of the Code. Each Company Subsidiary that is a
partnership, joint venture, or limited liability company has been since its formation treated for
U.S. federal income tax purposes as a partnership or disregarded entity, as the case may be, and
not as a corporation or an association taxable as a corporation. Section 4.2 of the Company
Disclosure Schedule lists all the Company Subsidiaries which are (i) “taxable REIT subsidiaries”
within the meaning of Code Section 856(l) or (ii) “qualified REIT subsidiaries” within the meaning
of Code Section 856(i).

(i) Neither the Company nor any Company Subsidiary has distributed stock of another person, or
has had its stock distributed by another person, in a transaction that was purported or intended to
be governed in whole or in part by Code Section 355. Neither the Company nor any of the Company
Subsidiaries has disposed of any property in a transaction intended to qualify for tax deferred
treatment under Code Section 1031 or 1033 in which the Company or any Company Subsidiary, as the
case may be, has yet to acquire a replacement property or has not otherwise completed such
exchange. The Company does not have any earnings and profits attributable to it or any other
corporation in any non-REIT year within the meaning of Code Section 857. Neither the Company nor
any Company Subsidiary is or has been a party to any “reportable transaction” within the meaning of
Treasury Regulations Section 1.6011-4(b).

SECTION 4.13. Employee Benefit Plans; ERISA.

(a) As used in this Agreement, (i) “Company Plan” means (x) each employee pension
benefit plan (as such term is defined in Section 3(2) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”)) (“Pension Plan”); and each employee welfare
benefit plan (as such term is defined in Section 3(1) of ERISA) (“Welfare Plan”) maintained
by the Company or any of its ERISA Affiliates, and (y) each stock option, stock purchase, stock
appreciation right and stock based plan and each material deferred compensation, employment,
severance, change in control, incentive, bonus, medical, fringe benefit, life insurance, vacation,
layoff, dependent care, legal services, cafeteria plan, or agreement, arrangement, policy or
program maintained or contributed to by the Company or a Company Subsidiary for the benefit of
current or former employees or current or former directors of the Company or a Company Subsidiary;
and (ii) “ERISA Affiliate” means any trade or business whether or not incorporated, under
common control with the Company within the meaning of Section 414(b), (c), (m), or (o) of the Code
or Section 4001(b) of ERISA.

(b) With respect to each material Company Plan, the Company has made available to Parent a
true, correct and complete copy of: (i) any material current plan documents and amendments
thereto; (ii) for the most recently ended plan year, all IRS Form 5500 series forms (and any
financial statements and other schedules attached thereto) filed with respect to any Company Plan;
(iii) all current summary plan descriptions and subsequent summaries of material modifications with
respect to each Company Plan for which such descriptions and modifications are required under
ERISA; and (iv) the most recent IRS determination letter for each Pension Plan that is intended to
be qualified under Section 401(a) of the Code. All Company Plans are listed in Section 4.13(b)
of the Company Disclosure Schedule.

(c) Neither the Company nor any of its ERISA Affiliates maintains or has, within the previous
six years, maintained a Pension Plan that is subject to Section 412 of the Code or Title IV of
ERISA.

(d) Neither the Company nor any of its ERISA Affiliates currently has within the previous six
years been obligated to contribute to any multiemployer plan, as defined in Section 3(37) of ERISA,
that is subject to ERISA.

(e) No Company Plan that is a Welfare Plan provides for continuing benefits or coverage for
any participant or beneficiary or covered dependent or a participant after such participant’s
termination of employment, except to the extent required by law.

(f) With respect to any Welfare Plan, (i) no such plans are “multiple employer welfare
arrangements” within the meaning of Section 3(40) of ERISA and (ii) no such plan is a “voluntary
employees’ beneficiary association” within the meaning of Section 501(c)(9) of the Code or other
funding arrangement for the provision of welfare benefits (such disclosure to include the amount of
any such funding).

(g) Each Company Plan (i) has been administered in material compliance with its terms and is
in material compliance with the applicable provisions of ERISA, the Code and other applicable laws;
and (ii) that is intended to be a qualified plan within the meaning of Section 401(a) of the Code
has a favorable determination from the IRS as to its qualified status or is within the remedial
amendment period for making any required changes and to the knowledge of the Company there are no
circumstances likely to result in revocation of any such favorable determination letter.

(h) With respect to each Company Plan, except as would not reasonably be expected to have a
Company Material Adverse Effect, (i) there are no inquiries or proceedings pending or threatened by
the IRS, the Department of Labor, any Governmental Authority or any participant or beneficiary
(other than claims for benefits in the ordinary course) with respect to the design or operation of
the Company Plans; and (ii) the Company has made all material contributions required under the
terms of such Company Plans.

(i) Notwithstanding any other representation or warranty contained in this Article IV, the
representations and warranties contained in this Section 4.13 constitute the sole representations
and warranties of the Company relating to the subject matter hereof.

SECTION 4.14. Labor Controversies. There are no controversies pending or, to the
knowledge of the Company, threatened between the Company or any Company Subsidiary and any of their
respective employees that reasonably would be expected to have a Company Material Adverse Effect.
Neither the Company nor any Company Subsidiary is a party to any collective bargaining agreement or
other labor union contract applicable to persons employed by the Company or any Company Subsidiary,
nor to the knowledge of the Company are there any pending activities or proceedings of any labor
union to organize any such employees.

SECTION 4.15. Real Estate.

(a) Section 4.15(a) of the Company Disclosure Schedule contains a true and complete
list of all real property owned beneficially or of record by the Company or any Company Subsidiary
or leased to the Company or any Company Subsidiary pursuant to a ground lease, in each case as of
the date of this Agreement (all such real property, together with all buildings, structures and
other improvements located on or under such real property and all easements, rights and
appurtenances to such real property, are individually referred to herein as “Company
Property” and collectively referred to herein as the “Company Properties”).

(b) Except as would not reasonably be expected to have a Company Material Adverse Effect, the
Company or a Company Subsidiary, as applicable, owns good and marketable fee simple title to, or
has a valid leasehold interest pursuant to a ground lease in, each of the Company Properties, in
each case free and clear of all Liens other than any (i) Liens for Taxes or other governmental
charges not yet due and payable or that are being contested in good faith, (ii) mechanics’,
carriers’, warehousemen’s, workers’ and other similar Liens, (iii) Liens on assets incurred to
finance the acquisition of such assets or the construction of improvements thereon, (iv) easements,
rights of way, building, zoning and other similar encumbrances or title defects, (v) Liens on
assets incurred in the ordinary course of business, (vi) the Company Leases (hereinafter defined)
and (vii) other Liens that do not materially impair the use of the underlying property in the
ordinary course.

(c) Section 4.15(c) of the Company Disclosure Schedule contains a true and complete
list of each lease to which the Company or any Company Subsidiary is a party, as lessee. Except as
would not reasonably be expected to have a Company Material Adverse Effect, each such lease is in
full force and effect and is valid, binding and enforceable in accordance with its terms against
(i) the Company or the applicable Company Subsidiary, and (ii) to the knowledge of the Company, the
other parties thereto. The Company has made available to Parent true and complete copies of all
such leases and all material amendments thereto as of the date hereof (except for discrepancies or
omissions that would not reasonably be expected to have, individually or in the aggregate, a
Company Material Adverse Effect).

(d) Except for discrepancies or omissions that would not reasonably be expected to have a
Company Material Adverse Effect, the rent rolls for the Company Properties previously made
available by the Company to Parent, are true and complete and list each lease under which the
Company or a Company Subsidiary was a landlord that was in effect, in each case as of the
respective dates of such rent rolls (such leases, together with all amendments, modifications,
renewals, extensions and guarantees related thereto are individually referred to herein as a
"Company Lease” and collectively, referred to herein as “Company Leases”). Except
as would not reasonably be expected to have a Company Material Adverse Effect, each Company Lease
is in full force and effect and is valid, binding and enforceable in accordance with its terms
against (i) the Company or the applicable Company Subsidiary, and (ii) to the knowledge of the
Company, the other parties thereto.

(e) Neither the Company nor any of the Company Subsidiaries has received any written notice to
the effect that (i) any condemnation or rezoning proceeding is pending or threatened with respect
to any of the Company Properties, or (ii) any zoning regulation or ordinance, building or similar
law, code, ordinance order or regulation has been violated for any Company Property, which
violation has not been cured, except in the cases of clauses (i) and (ii) above as would not
reasonably be expected to have a Company Material Adverse Effect.

(f) Except as would not reasonably be expected to have a Company Material Adverse Effect,
neither the Company nor any of the Company Subsidiaries has granted any unexpired option or right
of first refusal with respect to the purchase of a Company Property or any portion thereof.

(g) Notwithstanding any other representation or warranty contained in this Article IV, the
representations and warranties contained in this Section 4.15 constitute the sole representations
and warranties of the Company relating to the Company Properties.

SECTION 4.16. Environmental Matters.

(a) As used in this Agreement, (i) "Environmental Claim" means any and all
administrative, regulatory, judicial or third-party claims, demands, notices of violation or
non-compliance, directives, proceedings, investigations, orders, decrees, judgments or other
allegations of noncompliance with or liability or potential liability, or any responsibility,
relating in any way to any Environmental Law; (ii) "Environmental Law” means any and all
applicable federal, state and local laws, statutes, rules, regulations, ordinances, orders, decrees
and other laws, including common law, relating to the protection of the environment, natural
resources, and health and safety as it relates to environmental protection including contamination,
laws relating to Releases of Hazardous Material into the environment, and all laws and regulations
with regard to disclosure and reporting requirements respecting Hazardous Materials and the
environment; (iii) "Release” means any release, spill, emission, discharge, leaking,
pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration into or through
the indoor or outdoor environment (including ambient air, surface water, groundwater and surface or
subsurface strata) or into or out of any property, including the movement of Hazardous Materials
through or in the air, soil, surface water, groundwater or property; and (iv) "Hazardous
Materials” means any element, compound, substance or other material (including any pollutant,
contaminant, hazardous waste, hazardous substance, chemical substance or product that is listed,
classified or regulated pursuant to any Environmental Law), including any petroleum product,
by-product or additive, asbestos or asbestos-containing material, medical waste, biological waste,
chloroflourocarbon, hydrochloroflourocarbon, lead-containing paint or plumbing, polychlorinated
biphenyls (PCBs), radioactive material, infectious materials, potentially infectious materials or
disinfecting agents, bacteria, mold, fungi or other toxic growth, regulated under Environmental
Laws.

(b) Except as would not reasonably be expected to have a Company Material Adverse Effect:
(i) there are no Hazardous Materials or underground storage tanks in, on or under the Company
Property, except those that are both (A) in compliance with Environmental Laws and with permits
issued pursuant thereto, if any, and (B) in the case of Hazardous Materials, in amounts not in
excess of that necessary to operate the Company Property or in amounts used by tenants in the
ordinary course of business; (ii) there are no past, present or, to the knowledge of the Company,
threatened Releases of Hazardous Materials in violation of any Environmental Law or which would
require remediation existing in, on, under or from any Company Property; and (iii) the Company
Properties are owned, leased and operated in compliance with all applicable Environmental Laws.

(c) Except as would not reasonably be expected to have a Company Material Adverse Effect, none
of the Company Properties is subject to any pending or, to the knowledge of the Company, threatened
Environmental Claim.

(d) Except as would not reasonably be expected to have a Company Material Adverse Effect, no
Company Property is subject to any current or, to the knowledge of the Company, threatened
environmental deed restriction, use restriction, institutional or engineering control or order or
agreement with any Governmental Authority or any other restriction of record.

(e) To the knowledge of the Company, other than as disclosed in any environmental reports made
available to Parent and except as would not reasonably be likely to have, individually or in the
aggregate, a Company Material Adverse Effect, no Company Property currently contains any radon,
lead-based paint, asbestos-containing material, or mold or fungi.

(f) Notwithstanding any other representation or warranty contained in this Article IV, the
representations and warranties contained in this Section 4.16 constitute the sole representations
and warranties of the Company relating to environmental matters.

SECTION 4.17. Intellectual Property. The Company or one or more of the Company
Subsidiaries owns or has valid rights to use the intellectual property that is material to the
conduct of the business of the Company and the Company Subsidiaries taken as a whole. The
intellectual property rights owned by the Company are referred to in this Agreement as the
"Owned Intellectual Property Rights” and the intellectual property of third parties that
the Company and the Company Subsidiaries have the right to use are referred to as the “Licensed
Intellectual Property Rights.” To the knowledge of the Company, as of the date of this
Agreement, (i) the conduct of the business of the Company and the Company Subsidiaries does not
infringe any valid and enforceable patents, trademarks, trade names, service marks or copyrights of
third parties, (ii) no person is infringing the Owned Intellectual Property Rights and (iii) no
claim is pending or has been threatened that asserts any Owned Intellectual Property Rights are
invalid and/or unenforceable except in each case as would not reasonably be expected to have a
Company Material Adverse Effect. Notwithstanding any other representation or warranty contained in
this Article IV, the representations and warranties contained in this Section 4.17 constitute the
sole representations and warranties of the Company relating to intellectual property.

SECTION 4.18. Contracts. As of the date of this Agreement, there are no contracts or
agreements that are material to the business, assets or financial condition of the Company and the
Company Subsidiaries, taken as a whole, (i) having a remaining term of more than one year and not
terminable (without penalty) on notice of 12 months or less that require payments per year in the
aggregate in excess of $500,000 or (ii) imposing any material restrictions on the ability of the
Company or any Company Subsidiary to engage in any line of business, or otherwise imposing material
limitations on the conduct of business by the Company or any Company Subsidiary. Neither the
Company nor any Company Subsidiary is in violation of or in default under any loan or credit
agreement, note, bond, mortgage, indenture, lease, permit, concession, franchise, license or any
other contract, agreement, arrangement or understanding, to which it is a party or by which it or
any of its properties or assets is bound, except for violations or defaults that would not
reasonably be expected to have a Company Material Adverse Effect.

SECTION 4.19. Affiliate Transactions. Except for agreements entered into in the
ordinary course of business and except as would not reasonably be expected to have a Company
Material Adverse Effect, there are no agreements between the Company or any Company Subsidiary, on
the one hand, and any Affiliate (other than a Company Subsidiary) of the Company or any Company
Subsidiary, on the other hand, that will require performance by the Company or any Company
Subsidiary on or after the Closing Date.

SECTION 4.20. Brokers and Finders. Except for the fees and expenses payable to Lazard
Frères & Co. LLC (the “Company Financial Advisor”), no agent, broker, investment banker,
financial advisor or other firm or person is entitled to any brokerage, finder’s, financial
advisor’s or other similar fee or commission in connection with the transactions contemplated by
this Agreement based upon arrangements made by or on behalf of the Company.

SECTION 4.21. Opinion of Company Financial Advisor. The Company Financial Advisor has
rendered an oral opinion to the Board of Directors of the Company, to be confirmed by a letter
dated the date of this Agreement, to the effect that, as of such date, the Common Stock Price to be
paid to the holders of Company Common Stock (other than Parent, Subsidiary and any affiliate of
Parent) is fair, from a financial point of view, to such holders, and such opinion has not been
withdrawn, modified or amended.

SECTION 4.22. No Other Representations or Warranties. Except for the representations
and warranties of the Company expressly set forth in this Agreement, neither the Company nor any
other person makes any other express or implied representation or warranty on behalf of the Company
with respect to the Company, or any Company Subsidiary or its or their respective properties,
financial condition or results of operations or with respect to the Merger or any of the other
transactions contemplated by this Agreement. The representations and warranties made in this
Article IV are in lieu of all other representations and warranties the Company might have given
Parent or Subsidiary. Parent and Subsidiary each acknowledge that all other warranties that the
Company or anyone purporting to represent the Company gave or might have given, or that might be
provided or implied by applicable law or commercial practice, are hereby expressly excluded.
Neither the Company nor any other person will have or be subject to any liability or other
obligation to Parent, Subsidiary or any other person in respect of any written or oral
communication to, or use by Parent or Subsidiary of, any information, documents, projections,
forecasts or other material made available to Parent or Subsidiary in connection with this
Agreement, the Merger or the other transactions contemplated by this Agreement, including the
content of any management interviews or presentations.

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF PARENT AND SUBSIDIARY

Parent and Subsidiary jointly and severally represent and warrant to the Company that:

SECTION 5.1. Organization and Qualification. Each of Parent and Subsidiary is a
limited liability company, duly organized, validly existing and in good standing under the laws of
the jurisdiction of its formation and has all requisite limited liability company power and
authority to own, lease and otherwise hold its assets and properties and to carry on its business
as it is now being conducted. Each of Parent and Subsidiary is qualified to transact business and
is in good standing in each jurisdiction in which the properties owned, leased or operated by it or
the nature of the business conducted by it makes such qualification necessary, except where the
failure to be so qualified and in good standing would not reasonably be expected to prevent or
delay the consummation of the Merger.

SECTION 5.2. Authority; Non-Contravention; Approvals.

(a) Parent and Subsidiary each have all requisite limited liability company power and
authority to enter into this Agreement and to consummate the Merger and the other transactions
contemplated hereby. This Agreement has been approved by the Manager of Parent and adopted by the
Manager of Subsidiary and the Merger has been approved by the sole member of Subsidiary in
accordance with applicable law. No other limited liability company proceeding on the part of
Parent or Subsidiary is necessary to authorize the execution and delivery of this Agreement or the
consummation by Parent and Subsidiary of the transactions contemplated hereby. This Agreement has
been duly executed and delivered by each of Parent and Subsidiary, and, assuming due authorization,
execution and delivery by the Company, constitutes a valid and legally binding agreement of each of
Parent and Subsidiary, enforceable against each of them in accordance with its terms, except to the
extent that enforceability may be limited by bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors’ rights or by a court’s application of general equitable principles.

(b) The execution, delivery and performance of this Agreement by each of Parent and Subsidiary
and the consummation of the Merger and the other transactions contemplated hereby do not and will
not violate, conflict with or result in a breach of any provision of, or constitute a default (or
an event which, with, or without notice or passage of time or both, would constitute a default)
under, or result in the termination of or a loss of a benefit under, or accelerate the performance
required by, or result in a right of termination or acceleration under, or result in the creation
of any Lien upon any of the properties or assets of Parent or Subsidiary under any of the terms,
conditions or provisions of (i) the respective certificates of formation, operating agreements (or
equivalent documents) of Parent or any of its subsidiaries, including Subsidiary; (ii) subject to
the Merger Filing and the Delaware Filing, any statute, law, ordinance, rule, regulation, judgment,
decree, order, injunction, writ, permit or license of any court or Governmental Authority
applicable to Parent or any of its subsidiaries, including Subsidiary or any of their respective
properties or assets; or (iii) any note, bond, mortgage, indenture, deed of trust, loan, credit
agreement, license, franchise, permit, concession, contract, lease or other instrument, obligation
or agreement of any kind to which Parent or any of its subsidiaries, including Subsidiary is now a
party or by which Parent or any of its subsidiaries, including Subsidiary or any of their
respective properties or assets may be bound or affected; other than (in the case of clauses (ii)
and (iii) above) such violations, conflicts, breaches, defaults, terminations, losses of benefit,
accelerations or creations of Liens that would not reasonably be expected to prevent or delay the
consummation of the Merger.

(c) Except for the Merger Filing and the Delaware Filing, no declaration, filing or
registration with, or notice to, or authorization, consent or approval of, any Governmental
Authority is necessary for the execution and delivery of this Agreement by Parent or Subsidiary or
the consummation by Parent or Subsidiary of the transactions contemplated hereby.

SECTION 5.3. Information Supplied. None of the information to be provided by Parent
or Subsidiary for inclusion in the Proxy Statement will contain any untrue statement of a material
fact or omit to state any material fact required to be stated in any such document or necessary in
order to make the statements therein, in light of the circumstances under which they were made, not
misleading.

SECTION 5.4. Financing. Parent has and will have at the Effective Time, and will make
available to Subsidiary (or cause to be made available), from cash on hand or cash made available
from credit facilities existing as of the date of this Agreement, the funds necessary to consummate
the Merger on the terms contemplated by this Agreement. The obligations of Parent and Subsidiary
under this Agreement are not contingent on the availability of financing.

SECTION 5.5. Subsidiary. Subsidiary was formed solely for the purposes of engaging in
the transactions contemplated hereby, and has not engaged, and will not engage, in any other
business activities and has conducted its operations only as contemplated hereby.

SECTION 5.6. Brokers and Finders. No agent, broker, investment banker, financial
advisor or other firm or person is entitled to any brokerage, finder’s, financial advisor’s or
other similar fee or commission for which the Company could become liable in connection with the
transactions contemplated by this Agreement.

SECTION 5.7. Maryland Business Combination Act. At no time in the past five years has
Parent or Subsidiary or any of their affiliates or associates (as those terms are defined in
Section 3-601 of the MGCL) been an “interested stockholder” (as defined in Section 3-601 of the
MGCL) of the Company.

ARTICLE VI

COVENANTS OF THE PARTIES

SECTION 6.1. Conduct of the Company’s Business. The Company covenants that during the
period from the date of this Agreement and continuing until the earlier of the Effective Time and
the termination of this Agreement pursuant to its terms, unless Parent shall otherwise consent in
writing (such consent not to be unreasonably withheld, delayed or conditioned), and except to the
extent required by law, or as disclosed in the Company SEC Reports or Section 6.1 of the
Company Disclosure Schedule, and except as otherwise expressly required or permitted by this
Agreement:

(a) the business of the Company and the Company Subsidiaries shall be conducted only in, and
the Company and the Company Subsidiaries shall not take any action, except in the ordinary course
of business, and the Company shall use commercially reasonable efforts to preserve intact its
present business organization and goodwill, to keep available the services of its officers and key
employees and to maintain its qualification as a REIT within the meaning of Section 856 of the
Code;

(b) the Company shall not, and shall not cause or permit any Company Subsidiary to, do any of
the following: (i) sell, pledge, lease, dispose of or encumber any property or assets, except for
dispositions of immaterial assets or encumbrances and pledges that are, individually or in the
aggregate, immaterial; provided that any disposition set forth on Section 6.1 of the Company
Disclosure Schedule must be made pursuant to the terms set forth in such schedule, (ii) amend
or propose to amend its charter or bylaws (or comparable organizational documents) in a manner that
would adversely affect Parent; (iii) split, combine or reclassify any shares of its stock, or
declare, set aside or pay any dividend on or make any other distributions (whether in cash, stock,
property or otherwise) with respect to such shares except for (A) regular quarterly dividends in
the ordinary course of business, at a rate not to exceed $0.27 per share of Company Common Stock;
(B) a prorated dividend for the period from the last record date set pursuant to the foregoing
clause (A) through and including the Closing; (C) dividends paid by a wholly-owned direct or
indirect Company Subsidiary to such Company Subsidiary’s parent; and (D) with the consent of
Parent, not to be unreasonably withheld, conditioned or delayed, the minimum distributions required
for the Company to maintain its qualification as a REIT, to avoid the imposition of any Excise
Taxes under Section 4981 of the Code and to avoid incurring any Taxes under Section 857 of the
Code; (iv) redeem, purchase, acquire or offer to acquire any shares of its stock; or (v) enter into
any contract, agreement, commitment or arrangement with respect to any of the matters listed in
clauses (i) through (iv) above; and

(c) the Company shall not, and shall not cause or permit any Company Subsidiary to, (i) issue,
sell, pledge or dispose of, or agree to issue, sell, pledge or dispose of, any additional shares
of, or securities convertible or exchangeable for, or any options, warrants or rights of any kind
to acquire any shares of, its stock of any class or other property or assets whether pursuant to
the Company Plans or otherwise; provided, however, that the Company may issue shares of Company
Common Stock (A) upon exercise of Options that are outstanding on the date of this Agreement or are
permitted under this Agreement to be issued following the date of this Agreement and are exercised
in accordance with their respective terms as in effect on the date of this Agreement and (B)
pursuant to other Company Plans as in effect on the date of this Agreement; (ii) acquire or agree
to acquire (by merger, consolidation or acquisition of stock or assets) any real property,
corporation, partnership or other business organization or division thereof (except an existing
wholly-owned Company Subsidiary) or acquire other assets other than in the ordinary course; (iii)
except for borrowings under the $6,314,000 construction loan related to The Reserve at Wescott
Plantation, Phase II, dated April 11, 2007, incur, create or assume any indebtedness for borrowed
money or issue or amend the terms of any debt securities or assume, guarantee or endorse, or
otherwise become responsible for the obligations of any other person or entity (other than a
wholly-owned Company Subsidiary) for borrowed money; (iv)  make any loans, advances or capital
contributions to, or investments in, any other person, other than by the Company or a wholly-owned
Company Subsidiary to the Company or a wholly-owned Company Subsidiary; (v)  enter into, renew or
materially modify any material lease, contract, agreement or commitment (including any contract,
lease, agreement or commitment (A) of a nature that would be required under the Exchange Act to be
filed as an exhibit to the Company’s Annual Report on Form 10-K, (B) having a remaining term of
more than one year and not terminable (without penalty) on notice of 12 months or less that require
payments per year in the aggregate in excess of $500,000 (C) imposing any material restrictions on
the ability of the Company or any Company Subsidiary to engage in any line of business, or
otherwise imposing material limitations on the conduct of business by the Company or any Company
Subsidiary, (D) for insurance or (E) any Company Plan), other than contracts for the sale, license,
lease or rent of the Company’s or the Company Subsidiaries’ products or services in the ordinary
course of business; (vi) terminate, amend, modify, assign, waive, release or relinquish any
material contract rights or any other material rights or claims; (vii) settle or compromise any
material claim, action, suit or proceeding pending or threatened against the Company including
relating to Taxes; (viii) make any change in executive compensation; (ix) change its accounting
principles, practices or methods in a manner that would adversely affect Parent, except as may be
required by the SEC, applicable law or GAAP; (x) make or rescind any election relating to Taxes
unless the Company reasonably determines, after consultation with the Parent, that such action is
required by applicable law or necessary or appropriate to preserve the Company’s qualification as a
REIT or the partnership or disregarded status of any Company Subsidiary or otherwise agreed to by
the Parent and the Company; (xi) enter into any tax protection, sharing or indemnity agreement or
arrangement; (xii) enter into any contracts with affiliates of the Company, other than the Company
Subsidiaries; (xiii) prepay any long-term debt except in connection with sales of real property
permitted hereunder; (xiv) pay, discharge or satisfy any claims, liabilities or obligations, except
in the ordinary course of business, and in accordance with their terms or as otherwise covered by
insurance; (xv) on a property by property basis, make any expenditures in excess of 10% above the
Company’s approved operating budget for each such property for fiscal year 2007; or (xvi) agree, in
writing or otherwise, to take any of the actions listed in clauses (i) through (xv) above.

SECTION 6.2. Reasonable Best Efforts to Consummate. General. Subject to the
terms and conditions of this Agreement, each of the parties shall (and shall cause its respective
subsidiaries, if any, to) use its reasonable best efforts to take all actions and to do all things
necessary, proper or advisable to consummate the Merger and the other transactions contemplated by
this Agreement as promptly as practicable, including using its reasonable best efforts to (i) make
any filing with and obtain any consent, authorization, order or approval of, or any exemption by,
any Governmental Authority that is required to be made or obtained in connection with the Merger
and the other transactions contemplated by this Agreement, (ii) prepare, execute and deliver such
instruments and take or cause to be taken such actions as any other party shall reasonably request
and (iii) after consultation with the other parties, obtain any consent, waiver, approval or
authorization from any third party required in order to maintain in full force and effect any of
the Company Permits or the Company’s contracts, licenses or other rights following the Merger and
the other transactions contemplated by this Agreement.

SECTION 6.3. Preparation of Proxy Statement; Meeting of Stockholders.

(a) The Company shall, as soon as reasonably practicable following the date of this Agreement,
prepare and file a preliminary form of the Proxy Statement with the SEC and each of the Company and
Parent shall use its reasonable best efforts to respond to any comments of the SEC or its staff,
and to cause the Proxy Statement to be mailed to the Company’s stockholders as promptly as
reasonably practicable after responding to all such comments to the satisfaction of the SEC’s
staff. The Company shall notify Parent promptly of the receipt of any comments from the SEC or its
staff and of any request by the SEC or its staff for amendments or supplements to the Proxy
Statement or for additional information and shall supply Parent with copies of all correspondence
between the Company or any of its representatives, on the one hand, and the SEC or its staff, on
the other hand, with respect to the Proxy Statement or the Merger. If at any time prior to the
Stockholders Meeting there shall occur any event that is required to be set forth in an amendment
or supplement to the Proxy Statement, the Company shall promptly prepare, and, after consultation
with Parent, mail to its stockholders such an amendment or supplement. Parent shall cooperate
fully with the Company in the preparation of the Proxy Statement or any amendment or supplement
thereto and shall furnish the Company, promptly upon the Company’s request, with all information
reasonably requested by the Company for inclusion in, or otherwise in respect of, the Proxy
Statement. Parent and its counsel shall be given a reasonable opportunity to review and comment
upon the Proxy Statement and the related proxy materials and any proposed amendment or supplement
to the Proxy Statement prior to its filing with the SEC or dissemination to the Company’s
stockholders.

(b) Without limiting the generality of the foregoing, each of the parties shall correct
promptly any information provided by it for use in the Proxy Statement, if and to the extent any
such information shall be or have become false or misleading in any material respect and shall take
all steps necessary to correct the same and to cause the Proxy Statement as so corrected to be
disseminated to the Company’s stockholders, in each case to the extent required by applicable law
or otherwise deemed appropriate by the Company.

(c) The Company shall, in accordance with applicable law and its charter and bylaws, as
promptly as reasonably practicable following the date on which the Proxy Statement is cleared by
the staff of the SEC, duly call, give notice of, convene and hold the Stockholders Meeting for the
purpose of obtaining the Company Stockholders’ Approval. Subject to the duties of the Company’s
Board of Directors under applicable law, the Company shall include in the Proxy Statement the
recommendation of its Board of Directors that the Company Stockholders’ Approval be given (the
"Recommendation”).

(d) Notwithstanding anything to the contrary in clause (c) of this Section 6.3, at any time
before the approval of the Merger and the other transactions contemplated by this Agreement, the
Recommendation may be withdrawn or modified, and the Stockholders Meeting may be postponed, if the
Board of Directors determines in good faith, after taking into account the advice of the Company’s
outside legal counsel, that the withdrawal or modification of such recommendation or the
postponement of the Stockholders Meeting, as applicable, is appropriate and consistent with the
obligations of the Company’s Board of Directors under applicable law.

(e) The Company shall not be required to hold the Stockholders Meeting if this Agreement is
terminated before that meeting is held.

SECTION 6.4. Public Statements. Unless otherwise required by applicable law or by
obligations pursuant to any listing agreement with or rules of the NASDAQ Global Market or any
other securities exchange, none of the parties to this Agreement will cause or permit any public
announcement with respect to the subject matter of this Agreement. The initial press release with
respect to the Merger and the other transactions contemplated by this Agreement shall require the
prior mutual agreement and approval of both Parent and the Company and any subsequent press
releases or other public statements with respect to the Merger or the other transactions
contemplated by this Agreement shall be made, subject to the preceding sentence, only following
prior consultation between Parent and the Company.

SECTION 6.5. Access to Information; Confidentiality.

(a) The Company shall, and shall cause its officers, directors, employees, representatives and
agents to, afford to Parent and its officers, directors, employees, consultants, agents, advisors
and other representatives (collectively “Parent Representatives”) reasonable access during
normal business hours with reasonable notice throughout the period from the date of this Agreement
through the Effective Time to all of the Company’s properties, offices and other facilities, books,
contracts, commitments, records (including, but not limited to, Tax Returns and records),
directors, officers, employees, agents and representatives and, during that period, shall furnish
promptly to Parent or Parent’s Representatives such other information concerning the Company’s
business, properties and personnel as Parent reasonably may request. Except as required by law,
Parent and Subsidiary shall hold, and shall cause the Parent Representatives to hold, in strict
confidence all nonpublic documents and confidential information furnished to Parent, Subsidiary and
any Parent Representative in connection with the transactions contemplated by this Agreement in
accordance with the confidentiality agreement dated as of April 9, 2007 between the Company and
Sentinel Real Estate Corp. (the “Confidentiality Agreement”).

(b) The Company agrees to provide, and shall cause the Company Subsidiaries and its and their
respective officers, directors, employees, consultants, agents, advisors and other representatives
to provide, all reasonable cooperation in connection with (A) the arrangement of the Parent’s
financing, including assisting Parent in seeking consents from the Company’s existing lenders, and
(B) the sale or other disposition after the Effective Time of any of the properties of the Company
or the Company Subsidiaries, in each case as may be reasonably requested by Parent.

SECTION 6.6. Acquisition Proposals.

(a) As used in this Agreement:

"Acquisition Proposal” means any proposal or offer, whether in one transaction or a
series of related transactions (i) for a merger, consolidation, dissolution, recapitalization or
other business combination involving the Company, (ii) for the issuance of 25% or more of the
equity securities of the Company as consideration for the assets or securities of another person or
(iii) to acquire in any manner, directly or indirectly, 25% or more of the equity securities of the
Company or assets (including equity securities of any Company Subsidiary) that represent 25% or
more of the assets of the Company, in each case other than the transactions contemplated by or
expressly permitted under this Agreement; and

"Superior Proposal” means any Acquisition Proposal (but replacing references to “25%
or more” in the definition of Acquisition Proposal with “50% or more”) on terms that the Company’s
Board of Directors determines in good faith after consultation with the Company’s financial advisor
to be superior from a financial point of view to the Merger, taking into account all the terms and
conditions of such proposal and this Agreement (including any proposal by Parent to amend the terms
of this Agreement, and including in each case the risks and probabilities of consummation).

(b) Subject to the other provisions of this Section 6.6, until the Effective Time or, if
earlier, the termination of this Agreement in accordance with Article VIII, none of the Company,
the Company Subsidiaries nor any of their respective officers, directors, employees, consultants,
agents, advisors and other representatives (collectively “Company Representatives”) shall,
directly or indirectly, (i) initiate, solicit or encourage (including by way of providing
information) the submission of any Acquisition Proposal or any inquiries, proposals or offers that
reasonably may be expected to lead to, any Acquisition Proposal or engage in any discussions or
negotiations with respect thereto or otherwise cooperate with or assist or participate in, or
facilitate any such inquiries, proposals, discussions or negotiations, or (ii) approve or
recommend, or propose to approve or recommend, an Acquisition Proposal or enter into any merger
agreement, letter of intent, agreement in principle, share purchase agreement, asset purchase
agreement or share exchange agreement, option agreement or other similar agreement providing for or
relating to an Acquisition Proposal or enter into any agreement or agreement in principle requiring
the Company to abandon, terminate or fail to consummate the transactions contemplated hereby or
breach its obligations hereunder or propose or agree to do any of the foregoing. The Company
shall, and shall direct each Company Subsidiary and each agent or representative of any of the
foregoing to, immediately cease any discussions, negotiations, or communications with any party
with respect to any Acquisition Proposal.

(c) Notwithstanding anything to the contrary in Section 6.6(b), until the Company
Stockholders’ Approval is obtained, (i) if the Company has received from a third party an
unsolicited written Acquisition Proposal that the Company’s Board of Directors determines in good
faith constitutes or reasonably could be expected to lead to a Superior Proposal, then the Company
may (A) furnish information with respect to the Company and the Company Subsidiaries to the person
making the Acquisition Proposal (pursuant to a customary confidentiality agreement not less
restrictive of such person, in the aggregate, than the Confidentiality Agreement) and (B)
participate in discussions or negotiations with such person regarding the Acquisition Proposal;
provided, however, that the Company shall promptly provide to Parent any material non-public
information concerning the Company or any Company Subsidiary that is provided to any person
pursuant to this Section 6.6(c) and was not previously provided to Parent; and (ii) notwithstanding
anything to the contrary in this Agreement, the Company or its Board of Directors may grant
waivers, consents or approvals under any standstill agreement to facilitate any unsolicited
Acquisition Proposal; provided that waivers, consents or approvals of the same type and scope are
simultaneously made with respect to the Confidentiality Agreement.

(d) The Company promptly shall advise Parent of its receipt of any Acquisition Proposal and
the material terms and conditions of any such Acquisition Proposal.

(e) Notwithstanding anything to the contrary in this Agreement, if, at any time before
obtaining the Company Stockholders’ Approval, the Company receives an Acquisition Proposal that the
Company’s Board of Directors determines in good faith constitutes a Superior Proposal, the Company
may terminate this Agreement to enter into a definitive agreement with respect to such Superior
Proposal if the Board of Directors determines in good faith, after consultation with outside
counsel, that failure to take such action may be inconsistent with its obligations under applicable
law; provided, however, that the Company shall not terminate this Agreement pursuant to this
Section 6.6(e) and any purported termination pursuant to this Section 6.6(e) shall be void, unless
concurrently with such termination the Company pays the Termination Fee payable pursuant to
Section 8.2(b); and provided, further, that the Company may not terminate this Agreement pursuant
to this Section 6.6(e) unless the Company (i) shall have provided prior written notice to Parent,
at least 72 hours in advance, of its intention to terminate this Agreement to enter into a
definitive agreement with respect to such Superior Proposal, which notice shall specify the
material terms and conditions of the Superior Proposal (including the identity of the party making
the Superior Proposal), and shall be accompanied by a copy of a draft of the definitive agreement
proposed to be entered into with respect to the Superior Proposal, (ii) after delivering such
notice of a Superior Proposal the Company shall provide Parent at least three (3) business days to
make such adjustment in the terms and conditions of this Agreement, and shall negotiate, and cause
its legal and financial advisors to negotiate the terms of such adjustments, and (iii) the
Company’s Board of Directors shall have determined, after the end of such three business day
period, after considering the results of any such negotiations and the revised proposals made by
Parent, if any, that the Superior Proposal giving rise to such notice continues to be a Superior
Proposal.

(f) Nothing contained in this Agreement shall prohibit the Company from (i) taking and
disclosing to the Company’s stockholders a position contemplated by Rule 14e-2(a) promulgated under
the Exchange Act, or (ii) making any other disclosure to the Company’s stockholders if, in the case
of any disclosure described in this clause (ii), the Company’s Board of Directors determines in
good faith, after consultation with outside counsel, that failure to disclose may be inconsistent
with the obligations of the Company or its Board of Directors under applicable law.

SECTION 6.7. Expenses and Fees. Subject to Section 8.2(d), whether or not the Merger
is consummated, all costs and expenses incurred in connection with this Agreement and the
transactions contemplated hereby shall be paid by the party incurring such expenses.

SECTION 6.8. Directors’ and Officers’ Indemnification and Insurance.

(a) Parent agrees that all rights to indemnification and related rights to advancement of
expenses on the part of each person who at the Effective Time is a current or former director or
officer of the Company, including all such rights existing pursuant to the MGCL, the Company’s
charter or bylaws or any written agreement between any such person and the Company in effect on the
date of this Agreement, shall survive the Merger and shall continue in full force and effect until
180 days after the expiration of the longest applicable statute of limitation. Parent also agrees
that from and after the Effective Time it shall (and shall cause the Surviving Entity to) indemnify
all such persons to the fullest extent permitted by applicable law with respect to all actual or
alleged acts or omissions prior to the Effective Time occurring in connection with or arising out
of such individuals’ service as officers or directors of the Company or any of its subsidiaries or
as trustees, fiduciaries or administrators of any plan for the benefit of employees. Without
limitation of the foregoing, if any such person is or becomes involved in any such capacity in any
action, proceeding or investigation in connection with any actual or alleged action, inaction,
state of affairs or other matter, including any matter related to the transactions contemplated by
this Agreement, occurring on or before the Effective Time, Parent shall (or shall cause the
Surviving Entity to) pay such person’s reasonable fees and other expenses of counsel selected by
such person (including the cost of any investigation, preparation and settlement) incurred in
connection therewith promptly after statements therefor are received by Parent; provided that
person provides an undertaking to the Parent to repay such advances if it is ultimately determined
by a court of competent jurisdiction (which determination shall have become final and not
appealable) that such person is not entitled to indemnification. Parent shall be entitled to
participate in the defense of any such action or proceeding, and counsel selected by the
indemnified person shall, to the extent consistent with their professional responsibilities,
cooperate with Parent and any counsel designated by Parent. Parent shall pay all reasonable fees
and expenses, including fees and expenses of counsel, that may be incurred by any indemnified
person in enforcing the indemnity and other obligations provided for in this Section.

(b) From and after the Effective Time, Parent shall cause the Surviving Entity to maintain in
effect for not less than six years from the Effective Time the insurance coverage provided under
the policies of directors’ and officers’ liability insurance maintained by the Company at the date
of this Agreement; provided, however, that the Surviving Entity may substitute therefor policies
issued by reputable and financially sound carriers reasonably acceptable to the beneficiaries of
such policies that provide at least the same coverage, on terms and conditions which are no less
advantageous to such persons but only if such substitution does not result in any gaps or lapses in
coverage with respect to matters occurring prior to the Effective Time; and provided, further, that
the Surviving Entity shall not be required to pay an annual premium for such coverage in excess of
300% of the last annual premium paid by the Company prior to the date of this Agreement; and if the
Surviving Entity is unable to obtain the insurance required by this Section, it shall obtain as
much comparable insurance as possible for an annual premium equal to such maximum amount. Parent’s
obligations under this paragraph may be satisfied by the purchase of a “tail” insurance policy that
provides the coverage described above.

SECTION 6.9. Employee Benefits.

(a) From and after the Effective Time, Parent shall honor, and cause the Surviving Entity to
honor, each Company Plan and the related funding arrangements of such Company Plan in accordance
with its terms and shall interpret such Company Plan in accordance with the past practice of the
Company. Without limiting the generality of the foregoing, Parent shall honor, and cause the
Surviving Entity to honor, all rights to vacation, personal and sick days accrued by employees of
the Company and its subsidiaries under any plans, policies, programs and arrangements of the
Company and its ERISA Affiliates through and including the Effective Time. Until the date that is
fifteen months after the Effective Time, Parent shall provide, and cause the Surviving Entity to
provide, employee benefits under employee benefit plans to the employees and former employees of
the Company and the Company Subsidiaries that are in the aggregate no less favorable than those
provided to such persons pursuant to Company Plans on the date of this Agreement; provided,
however, that insofar as any Company Plan relates to severance or retention payments or other
related benefits (whether following a change of control transaction or otherwise), that Company
Plan or portion thereof shall be maintained in effect and honored by Parent and the Surviving
Entity in accordance with its terms. Nothing herein shall prohibit any changes to any Company Plan
that are (i) required by law (including any applicable qualification requirements of Section 401(a)
of the Code); (ii) necessary as a technical matter to reflect the transactions contemplated hereby;
or (iii) required for the Surviving Entity to provide for or permit investment in its securities or
Parent’s securities. Nothing herein shall require Parent to continue any particular Company Plan.

(b) With respect to any employee benefit plans in which any employees of the Company or the
Company Subsidiaries first become eligible to participate on or after the Effective Time, and in
which the employees of the Company and the Company Subsidiaries did not generally participate
before the Effective Time, Parent shall: (i) waive all pre-existing conditions, exclusions and
waiting periods with respect to participation and coverage requirements applicable to the employees
of the Company and the Company Subsidiaries under any such new plans in which such employees may be
eligible to participate after the Effective Time, except to the extent such pre-existing
conditions, exclusions or waiting periods would apply under the analogous Company Plan; (ii)
provide each employee of the Company and the Company Subsidiaries with credit for any co-payments
and deductibles paid before the Effective Time (to the same extent such credit was given under the
analogous Company Plan before the Effective Time) in satisfying any applicable deductible or
out-of-pocket requirements under any such new plan in which such employees may be eligible to
participate after the Effective Time; (iii) recognize all service of such employees for all
purposes (including, without limitation, purposes of eligibility to participate, vesting,
entitlement to benefits and benefit accrual) in any such new plan in which such employees may be
eligible to participate after the Effective Time; and (iv) with respect to flexible spending
accounts, provide each employee of the Company and the Company Subsidiaries with a credit for any
salary reduction contributions made thereto and a debit for any expenses incurred thereunder with
respect to the plan year in which the Effective Time occurs; provided, however, that the foregoing
shall not apply to the extent it would result in duplication of benefits.

(c) The Company shall use its reasonable best efforts to ensure that no officer, director,
employee, agent or representative of the Company makes any commitment to employees of the Company
regarding any employment, compensation or benefits to be provided after the Closing Date without
the advance written approval of the Parent, other than as specifically set forth in this Section
6.9. The Company will collaborate with Parent regarding communication to employees in order to
ensure a smooth transition in connection with the Merger.

SECTION 6.10. Certain Tax Matters.

(a) Neither Parent, the Surviving Entity nor their respective affiliates shall take any action
from and after the Effective Time that is inconsistent with the Company’s qualification as a REIT
within the meaning of Section 856 of the Code before the Effective Time. After the Effective Time,
Parent, the Surviving Entity and their respective affiliates will take all necessary and desirable
actions to preserve the Company’s qualification as a REIT for all periods before the Effective
Time.

(b) The aggregate Common Stock Price (plus all liabilities assumed by Parent or Subsidiary as
a result of the Merger) shall be allocated among the Company’s assets in accordance with the
allocation set forth in Section 6.10(b) of the Company Disclosure Schedule. Parent shall
accommodate in good faith all reasonable modifications requested by the Company with respect to
such allocation. The parties further agree to report and file any Tax Returns, including IRS Form
8594 (or successor form), in all respects in a manner consistent with such allocation. The parties
shall cooperate in good faith to timely and properly prepare, execute and file any such forms.
None of the parties hereto shall take any position (whether in audits, Tax Returns or otherwise)
that is inconsistent with such allocation.

(c) The Common Stock Price distributed to holders of the Company Common Stock will exceed the
Company’s REIT taxable income within the meaning of Section 857(b) of the Code for the year in
which the Merger occurs (taking into account the dividends paid deduction for prior distributions
by the Company) and, assuming the payment of dividends in the maximum amounts permitted pursuant to
Section 6.1(b)(D), except as described in Section 4.12(f) of the Company Disclosure
Schedule, the Company will not owe any federal income tax for such year.

(d) The parties hereto shall cooperate in the preparation, execution and filing of and shall
duly and timely file all Tax Returns required to be filed with any Governmental Authority,
including any Tax Returns regarding any conveyance or transfer taxes that may become payable in
connection with the transactions contemplated by this Agreement. The Company will cooperate with
Parent and Subsidiary to structure such transactions in a manner so as to minimize any conveyance,
real property transfer, mortgage, sales, recording, registration or similar taxes and fees that
become payable in connection with such transactions; provided, however, that (i) no such
cooperation or structuring shall delay or prevent the completion of the Merger, (ii) neither the
Company nor any Company Subsidiary shall be required to take any action in contravention of any
laws, (iii) the Company shall not be required to take any action that could adversely affect the
qualification of the Company as a REIT under the Code and with the Company and Company
Subsidiaries shall not be required to take any actions that could reasonably be expected to result
in any Taxes being imposed on, or any adverse Tax consequences to, the Company, any Company
Subsidiary or any of their respective stockholders incrementally greater than the Taxes or any
adverse consequences in connection with the consummation of this Agreement.

ARTICLE VII

CONDITIONS

SECTION 7.1. Conditions to Each Party’s Obligation to Effect the Merger. The
respective obligations of each party to effect the Merger and to consummate the other transactions
contemplated by this Agreement at and after the Closing are subject to the satisfaction (or waiver,
where permissible), at or before the Effective Time, of each of the following conditions:

(a) the Company Stockholders’ Approval shall have been obtained; and

(b) no statute, rule, regulation, executive order, decree, ruling, judgment, decision, order
or injunction shall have been enacted, entered, promulgated or enforced by any court or other
Governmental Authority of competent jurisdiction which has the effect of making the Merger illegal
or otherwise restraining or prohibiting the consummation of the Merger.

SECTION 7.2. Conditions to Obligations of Parent and Subsidiary. The obligations of
Parent and Subsidiary to effect the Merger and to consummate the other transactions contemplated by
this Agreement at and after the Closing are further subject to the following conditions, any one or
more of which may be waived by Parent:

(a) the representations and warranties of the Company contained in this Agreement (i) that are
qualified as to Company Material Adverse Effect shall be true and correct as of the date of this
Agreement and the Closing Date as if made on such date (other than representations and warranties
that expressly relate to an earlier date, which shall be true and correct as of such earlier date),
and (ii) that are not so qualified shall be true and correct as of the Closing Date in all material
respects (other than representations and warranties that expressly relate to an earlier date, which
shall be true and correct in all material respects as of such earlier date), except in the case of
the representations and warranties referred to in this clause (ii), for any failure to be true and
correct in all material respects that would not reasonably be expected to have a Company Material
Adverse Effect;

(b) the Company shall have performed in all material respects all obligations required to be
performed by it under this Agreement at or before the Closing;

(c) Parent shall have received a certificate signed on behalf of the Company by an executive
officer of the Company to the effect that the conditions contained in Sections 7.2(a) and (b) have
been satisfied;

(d) since the date of this Agreement, no Company Material Adverse Effect shall have occurred;

(e) the Company shall have delivered to Parent a certificate in the form contemplated by
Section 1445 of the Code certifying that the Company is not a foreign person; and

(f) Parent shall have received a written opinion of Hunton & Williams LLP, dated as of the
Closing Date, substantially in the form set forth in Section 7.2(f) of the Company Disclosure
Schedule, which opinion will be subject to customary exceptions, assumptions and qualifications
and customary representations contained in an officer’s certificate executed by the Company
substantially in the form set forth in Section 7.2(f) of the Company Disclosure Schedule,
which certificate will be subject to such modifications as deemed reasonably necessary by Hunton &
Williams LLP and reasonably satisfactory to Parent.

SECTION 7.3. Conditions to Obligations of the Company. The obligations of the Company
to effect the Merger and to consummate the other transactions contemplated by this Agreement at and
following the Closing are further subject to the following conditions, any one or more of which may
be waived by the Company:

(a) the representations and warranties of Parent and Subsidiary set forth in this Agreement
shall be true and correct in all material respects as of the Closing Date as if made on such date;

(b) Parent and Subsidiary shall have performed in all material respects all obligations
required to be performed by them under this Agreement at or before the Closing; and

(c) the Company shall have received a certificate signed on behalf of Parent by an executive
officer of Parent to the effect that the conditions provided in Sections 7.3(a) and (b) have been
satisfied.

ARTICLE VIII

TERMINATION

SECTION 8.1. Termination. This Agreement may be terminated and the Merger may be
abandoned at any time before the Effective Time, whether before or after receipt of the Company
Stockholders’ Approval:

(a) by mutual written consent of the Company and Parent;

(b) by either the Company or Parent, if:

(i) the Closing has not occurred on or before November 30, 2007 (the “Termination
Date”); provided, however, that the right to terminate this Agreement pursuant to this
Section 8.1(b)(i) shall not be available to any party whose breach of any provision of this
Agreement has been the cause of, or resulted in, or materially contributed to, the failure to hold
the Closing on or before the Termination Date;

(ii) any statute, rule, regulation, executive order, decree, ruling, judgment, decision, order
or injunction of or by any court or other Governmental Authority of competent jurisdiction that
makes the consummation of the Merger illegal shall be in effect and shall have become final and
nonappealable; provided, however, that neither party may terminate this Agreement pursuant to this
Section 8.1(b)(ii) unless that party first shall have used its reasonable best efforts to prevent
the entry of and to procure the removal, reversal, dissolution, setting aside or invalidation of
any such order, decree, ruling, judgment, decision, order or injunction;

(iii) the Stockholders Meeting shall have been duly held and the votes cast at the
Stockholders Meeting (including any adjournment thereof) shall be insufficient to constitute the
Company Stockholders Approval;

(c) by the Company:

(i) in accordance with the provisions of Section 6.6(e), after giving Parent written notice
that the Company’s Board of Directors has approved, endorsed or recommended that the Company enter
into, or that the Company has entered into, a definitive agreement providing for a transaction that
is a Superior Proposal;

(ii) if (A) there shall have been a breach of any representation or warranty in this Agreement
of Parent or Subsidiary or (B) Parent or Subsidiary shall not have performed or complied with any
covenant or agreement contained in this Agreement, in either case such that the condition set forth
in Section 7.3(a) or (b), as the case may be, would be incapable of being satisfied by the
Termination Date;

(iii) if the Company is ready, willing and able to close and the Effective Time shall not have
occurred within eight business days after the first date upon which all of the conditions to
Parent’s obligations to consummate the Merger (other than conditions that, by their nature, are to
be satisfied at the Closing) are satisfied or waived;

(d) by Parent, if:

(i) (A) the Company’s Board of Directors has approved, endorsed or recommended that the
Company enter into, or the Company has entered into a definitive agreement providing for a
transaction that is a Superior Proposal, (B) the Company’s Board of Directors withdraws or
modifies, in a manner adverse to Parent, the Recommendation, (C) a tender offer or exchange offer
for any outstanding shares of capital stock of the Company that constitutes an Acquisition Proposal
is commenced prior to obtaining the Company Stockholder Approval and the Company’s Board of
Directors recommends acceptance of such tender offer or exchange offer by its shareholders, or
(D) the Company or the Company’s Board of Directors publicly announces its intention to do any of
the foregoing; provided, however, that for this purpose neither (x) disclosure of any Acquisition
Proposal that is not being recommended by the Company’s Board of Directors nor (y) disclosure of
any other facts or circumstances that is not accompanied by a statement that the Company’s Board of
Directors has withdrawn or modified the Recommendation, shall be considered to be a withdrawal or
modification of the Recommendation;

(ii) (A) there shall have been a breach of any representation or warranty in this Agreement of
the Company or (B) the Company shall not have performed or complied with any covenant or agreement
contained in this Agreement, in either case such that the condition set forth in Section 7.2(a) or
(b), as the case may be, would be incapable of being satisfied by the Termination Date; or

SECTION 8.2. Effect of Termination.

(a) Upon a termination of this Agreement by either Parent or the Company pursuant to the
provisions of Section 8.1, this Agreement forthwith shall become void and there shall be no
liability or further obligation under or in respect of this Agreement on the part of the Company,
Parent, Subsidiary or their respective officers or directors, other than the last sentence of
Section 6.5, Section 6.7, this Section 8.2 and Article IX, all of which shall survive; provided,
however, that nothing contained in this Section 8.2(a) shall relieve any party from liability
arising out of any willful breach of any its representations, warranties, covenants or agreements
set forth in this Agreement.

(b) The Company agrees that a fee (a “Termination Fee”) shall be payable by it under
the following circumstances:

(i) if this Agreement is terminated by the Company pursuant to Section 8.1(c)(i) [superior
proposal] or by Parent pursuant to Section 8.1(d)(i) [alternate transaction] or Section 8.1(d)(ii)
[Company breach] solely on account of a breach by the Company of Section 6.6 hereof, the
Termination Fee shall be payable immediately upon such termination,

(ii) if this Agreement (A) is terminated by the Company or Parent pursuant to
Section 8.1(b)(i) [termination date], (B) is terminated by the Company or Parent pursuant to
Section 8.1(b)(iii) [failed vote], or (C) is terminated by the Parent pursuant to Section
8.1(d)(ii) [Company breach] other than on account of a breach of Section 6.6 hereof, and (X) if
prior to such termination an Acquisition Proposal by a third party has been publicly disclosed or
announced and not subsequently withdrawn and (Y) within one year after any such termination of this
Agreement the Company shall consummate a transaction relating to any Acquisition Proposal (but
replacing references to “25% or more” in the definition of Acquisition Proposal with “33% or more”)
including a tender offer or exchange offer (each an “Alternative Transaction”) or enter
into any agreement relating to any Alternative Transaction, then in any of the cases referred to in
clauses (A), (B) or (C), the Company shall pay the Termination Fee immediately upon the earlier of
the date upon which the Company enters into such agreement relating to an Alternative Transaction
or consummates any such Alternative Transaction, and

(iii) if a tender offer or exchange offer constituting an Acquisition Proposal is consummated
prior to the termination of this Agreement, regardless of whether the Company’s Board recommended
for or against acceptance of such tender offer or exchange offer or took no position with respect
thereto, the Termination Fee shall be payable immediately upon such consummation; it being
understood that any tender offer or exchange offer that constitutes an Alternative Transaction that
is consummated on or after a termination of this Agreement shall result in a payment of the
Termination Fee in accordance with Section 8.2(b)(ii).

(c) The amount of the Termination Fee shall be $8.43 million.

(d) If this Agreement (A) is terminated by Parent or the Company pursuant to
Section 8.1(b)(iii) [failed vote] and if prior to such termination an Acquisition Proposal by a
third party has been publicly disclosed or announced and not subsequently withdrawn, or (B) is
terminated by Parent pursuant to Section 8.1(d)(ii) [Company breach] other than on account of a
breach of Section 6.6 hereof, the Company shall pay to Parent within three (3) business days after
the date of termination, the reasonable expenses and fees of the Parent not to exceed $1,000,000
(the “Parent Expenses”), and to the extent any Parent Expenses are paid by the Company to
Parent, such amount shall be deducted from any Company Termination Fee that may thereafter be
payable by the Company. The payment of Parent Expenses set forth in this Section 8.2(d) is not an
exclusive remedy, but is in addition to any other rights or remedies available to the parties
hereto (whether at law or in equity), and in no respect is intended by the parties hereto to
constitute liquidated damages, or be viewed as an indicator of the damages payable, or in any other
respect limit or restrict damages available in case of any breach of this Agreement.

(e) The Termination Fee and the Parent Expenses shall be paid as directed by Parent by wire
transfer of immediately available funds.

(f) The parties agree that the damages that would result from a breach by Parent or Subsidiary
of their obligations under this Agreement would be extremely difficult to determine. Accordingly,
the parties agree that if this Agreement is terminated by the Company pursuant to
Section 8.1(c)(ii) [breach by Parent or Subsidiary] or Section 8.1(c)(iii) [failure to consummate
after conditions to Parent’s obligations are satisfied], then Parent shall pay liquidated damages
in the amount of $25 million to the Company. Subject to the provisions of Section 8.2(f), the
liquidated damages shall be payable by Parent as directed by the Company pursuant to the Escrow
Agreement by wire transfer of immediately available funds within three business days after the date
of such termination. Promptly following receipt of the liquidated damages, unless and solely to
the extent otherwise prohibited by law, the Company shall cause such amount to be distributed pro
rata to the holders of record, as of a date selected by the Company’s Board of Directors, of (i)
shares of Company Common Stock and (ii) dividend equivalent rights issued pursuant to Company
Plans. The right to liquidated damages provided for in this paragraph shall be in lieu of any
other right of the Company to damages following a termination of this Agreement for any reason.

(g) Notwithstanding any other provision in this Agreement, the amount of liquidated damages
payable to the Company pursuant to paragraph (f) of this Section 8.2 in any taxable year of the
Company shall not exceed the sum (calculated for the Company’s taxable year in which such amount is
received) of (A) the amount that it is determined should not be gross income to the Company for
purposes of the requirements of Sections 856(c)(2) and (3) of the Code, with such determination to
be set forth in an opinion of outside tax counsel to the Company plus (B) such additional amount
that it is estimated can be paid to the Company in such taxable year without creating a risk that
the payment would cause the Company to fail to meet the requirements of Section 856(c)(2) and (3)
of the Code, determined as if the payment of such amount did not constitute income described in
Section 856(c)(2) and 856(c)(3) of the Code (“Qualifying Income”), which determination
shall be made by independent tax accountants to the Company, plus (C) if the Company receives a
letter from outside tax counsel to the Company indicating that the Company has received a ruling
from the Internal Revenue Service holding that the Company’s receipt of the liquidated damages
either would constitute Qualifying Income or would be excluded from gross income of the Company for
purposes of Sections 856(c)(2) and (3) of the Code, the remaining balance of the liquidated
damages. Any amount of liquidated damages that remains unpaid as of the end of a taxable year
shall be paid as soon as possible during the following taxable year, subject to the foregoing
limitation of this paragraph, provided that no such payment need be made after the fifth
anniversary of the date of termination. Notwithstanding the foregoing, if the Company shall cease
to qualify as a real estate investment trust for federal income tax purposes, the entire unpaid
balance of the liquidated damages shall be payable immediately.

ARTICLE IX

GENERAL PROVISIONS

SECTION 9.1. Amendment. This Agreement may not be amended except by action authorized
by the respective Boards of Directors of Parent and the Company and taken before or after the
Company Stockholders’ Approval is obtained and prior to the time of the Merger Filing; provided,
however, that after the Company Stockholders’ Approval is obtained, this Agreement may not be
amended to (i) change the amount or kind of consideration to be received by the holders of Company
Common Stock upon conversion of their shares pursuant to the terms of this Agreement; or (ii)
change any of the other terms or conditions of this Agreement if the change (A) would adversely
affect the holders of Company Common Stock in any material respect or (B) by law would require
further approval by the Company’s stockholders.

SECTION 9.2. Extension; Waiver. At any time before the Effective Time, the parties
hereto may (a) extend the time for the performance of any of the obligations or other acts of the
other parties, (b) waive any inaccuracies in the representations and warranties of the other
parties contained herein or in any document, certificate or writing delivered pursuant hereto or
(c) waive compliance by the other parties with any of the agreements or conditions contained
herein. Any agreement on the part of any party hereto to any such extension or waiver shall be
valid only if set forth in an instrument in writing signed on behalf of such party. No party may
grant any extension or waiver to its affiliate.

SECTION 9.3. Non-Survival. None of the representations or warranties in this
Agreement or in any instrument delivered pursuant to this Agreement shall survive the Effective
Time, and after the Effective Time, none of the Company, Parent, Subsidiary or their respective
officers or directors shall have any further obligation with respect thereto. None of the
covenants or other agreements in this Agreement or in any instrument delivered pursuant to this
Agreement, nor any rights or obligations arising out of the breach of any such covenant or other
agreement, shall survive the Effective Time except for those covenants or agreements that by their
terms apply or are to be performed in whole in part after the Effective Time, and except that this
Article IX shall survive the Effective Time.

SECTION 9.4. Notices. All notices and other communications hereunder shall be in
writing and may be given by any of the following methods: (a) personal delivery; (b) facsimile
transmission; (c) registered or certified mail, postage prepaid return receipt requested or (d)
overnight delivery service. Notices shall be sent to the appropriate party at its address or
facsimile number (or such other address or facsimile number for such party as shall be specified by
such party by notice given hereunder):

If to Parent or Subsidiary, to:

Sentinel Omaha LLC

c/o Sentinel Real Estate Corp.

1251 Avenue of the Americas, 36th Floor

New York, New York 10020

Facsimile: (212) 603-4960

Attention: Michael Streicker

with a copy (which shall not constitute notice) to:

Paul, Hastings, Janofsky & Walker LLC

75 E. 55th Street

New York, New York 10022

Facsimile: (212) 319-4090

Attention: Thomas E. Kruger, Esq.

If to the Company, to:

America First Apartment Investors, Inc.

1004 Farnam Street, Suite 100

Omaha, Nebraska 68102

Facsimile: (914) 285-1829

Attention: John H. Cassidy

Facsimile: (402) 557-6399

Attention: Paul L. Beldin

with a copy (which shall not constitute notice) to:

Clifford Chance US LLP

31 West 52nd Street

New York, New York 10019

Facsimile: (212) 878-8375

Attention: John A. Healy

and to:

Kutak Rock LLP

1650 Farnam Street

Omaha, Nebraska 68102

Facsimile: (402) 346-1148

Attention: Steven P. Amen, Esq.

All such notices and other communications shall be deemed received (i) in the case of personal
delivery, upon actual receipt by the addressee, (ii) in the case of overnight delivery, on the
first business day following delivery to the overnight delivery service, (iii) in the case of mail,
on the date of delivery indicated on the return receipt and (iv) in the case of a facsimile
transmission, upon transmission by the sender and issuance by the transmitting machine of a
confirmation slip that the number of pages constituting the notice has been transmitted without
error. In the case of notices sent by facsimile transmission, the sender shall contemporaneously
mail a copy of the notice to the addressee at the address provided for above; however, such mailing
shall in no way alter the time at which the facsimile notice is deemed received.

SECTION 9.5. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE
OF MARYLAND WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

SECTION 9.6. Third-Party Beneficiaries. This Agreement shall be binding upon and
inure solely to the benefit of each party hereto, and except as set forth in this Agreement,
nothing in this Agreement, express or implied, is intended to confer upon any other person any
rights or remedies of any nature whatsoever under or by reason of this Agreement other than as
contemplated by Sections 6.8.

SECTION 9.7. Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by reason of any law or public policy, all other
terms and provisions of this Agreement nevertheless shall remain in full force and effect.

SECTION 9.8. Assignment. Neither this Agreement nor any of the rights, interests or
obligations under this Agreement shall be assigned, in whole or in part, by operation of law or
otherwise by any of the parties hereto without the prior written consent of the other parties
except any that Parent may assign this Agreement to any direct or indirect wholly-owned subsidiary
of Parent; provided, however, that no such assignment shall relieve Parent of its obligations
hereunder if the assignee does not perform its obligations. Any assignment in violation of the
preceding sentence shall be null and void. Subject to the preceding sentence, this Agreement will
be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective
successors and assigns.

SECTION 9.9. Interpretation; Certain Definitions. The headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. In this Agreement, unless a contrary intention appears, (a) the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular Article, Section or other subdivision, (b) the words
“include,” “includes,” “including” or other similar terms are deemed to be followed by the words
“without limitation” and are intended by the parties to be by way of example rather than
limitation, (c) reference to any Article or Section means such Article or Section of this
Agreement, (d) all terms defined in this Agreement have their defined meanings when used in any
certificate or other document made or delivered pursuant hereto, unless otherwise defined therein,
(e) the definitions contained in this Agreement are applicable to the singular as well as the
plural forms of such terms, (f) if any action is to be taken by any party hereto pursuant to this
Agreement on a day that is not a business day, such action shall be taken on the next business day
following such day, (g) the use of “or” is not intended to be exclusive unless expressly indicated
otherwise, (h) “ordinary course of business” (or similar terms) shall be deemed followed by
“consistent with past practice,” (i) “assets” shall include “rights,” including rights under
contracts and (j) “reasonable efforts” or similar terms shall not require the waiver of any rights
under this Agreement. As used in this Agreement, “business day” means any day other than a
Saturday, a Sunday or other day on which commercial banks in New York, New York are permitted or
required by law or executive order to be closed for the conduct of regular banking business, and
except where the context otherwise requires, “person” means any individual, partnership,
joint venture, corporation, limited liability company, trust, unincorporated organization or other
entity and a government or any department, agency or subdivision thereof, including the permitted
successors and assigns of such person. No provision of this Agreement shall be interpreted or
construed against any party solely because that party or its legal representative drafted the
provision.

SECTION 9.10. Jurisdiction. Each of the Company, Parent and Subsidiary hereby
irrevocably and unconditionally consents and agrees to submit to the exclusive jurisdiction of the
courts of the State of Maryland and of the United States of America located in the State of
Maryland (the “Maryland Courts”) for any litigation arising out of or relating to this
Agreement and the transactions contemplated hereby (and agrees not to commence any litigation
relating thereto except in such courts), waives any objection to the laying of venue of any such
litigation in the Maryland Courts and agrees not to plead or claim in any Maryland Court that such
litigation brought therein has been brought in an inconvenient forum; provided, however, that
nothing in this Section 9.10 is intended to waive the right of any party to remove any such action
or proceeding commenced in any such state court to an appropriate federal court that is a Maryland
Court to the extent the basis for such removal exists under applicable law.

SECTION 9.11. Enforcement. The parties agree that irreparable damage would occur in
the event that (i) any of the provisions of this Agreement were not performed by the Company in
accordance with their specific terms and (ii) that the provisions of the last sentence of Section
6.5(a) were not performed by Parent or Subsidiary in accordance with its specific terms. It is
accordingly agreed that Parent and Subsidiary shall be entitled to specific performance of the
terms hereof, this being in addition to any other remedy to which Parent and Subsidiary are
entitled at law or in equity. The Company shall only be entitled to seek specific performance to
prevent any breach by Parent or Subsidiary of the last sentence of Section 6.5(a).

SECTION 9.12. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which shall constitute
one and the same agreement.

SECTION 9.13. Entire Agreement. This Agreement (including the documents and
instruments referred to herein) and the Confidentiality Agreement constitute the entire agreement
among the parties hereto with respect to the subject matter hereof, and supersede all prior
agreements and understandings, both oral and written, among the parties with respect to the subject
matter of this Agreement. No representations, warranty, promise, inducement or statement of
intention has been made by any party that is not embodied in this Agreement or such other
documents, and none of the parties shall be bound by, or be liable for, any alleged representation,
warranty, promise, inducement or statement of intention not embodied herein or therein.

[Signature Page Follows]

3

IN WITNESS WHEREOF, Parent, Subsidiary and the Company have caused this Agreement to be
signed by their respective officers as of the date first written above.

	 	 	 
	SENTINEL OMAHA LLC

	 	

	By: Sentoma LLC, its Manager

	By:

	 	/s/ Michael Streicker
	
 
	 	 

	 	 	Name: Michael Streicker

Title: Vice President

	 	 	 
	SENTINEL WHITE PLAINS LLC

	 	

	By: Sentoma LLC, its Manager

	By:

	 	/s/ Michael Streicker
	
 
	 	 

	 	 	Name: Michael Streicker

Title: Vice President

AMERICA FIRST APARTMENT INVESTORS, INC.

	 	 	 	By:
/s/ John H. Cassidy

	 	 	Name: John H. Cassidy

Title: President

4

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