Document:

EXHIBIT 4.7

                          REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") is made as of this
29th day of March, 2001 by and between Concurrent Computer Corporation, a
Delaware corporation (the "COMPANY"), Comcast Concurrent Holdings, Inc., a
Delaware corporation (the "PROVIDER," and, together with any and all of its
permitted assignees of the rights granted hereunder, the "HOLDERS").

     WHEREAS, concurrently with the execution of this Agreement, the Company and
Comcast Cable Communications of Pennsylvania, Inc. ("COMCAST") are entering into
a video-on-demand purchase agreement (the "VOD PURCHASE AGREEMENT") regarding
the purchase and deployment of the Company's video-on-demand equipment and
technologies by cable television systems operators controlled by Comcast and its
subsidiaries;

     WHEREAS, concurrently with the execution of the this Agreement and the VOD
Purchase Agreement, the Provider is receiving a warrant to purchase 50,000
shares of Common Stock of the Company;

     WHEREAS, concurrently with the execution of this Agreement and the VOD
Purchase Agreement, the Company and the Provider entered into a Warrant Issuance
Agreement (the "WARRANT ISSUANCE AGREEMENT"), pursuant to which the Provider is
entitled to receive additional warrants to purchase shares of Common Stock of
the Company upon the satisfaction of certain thresholds set forth in the Warrant
Issuance Agreement.

     WHEREAS, as an inducement for and a condition to the Provider entering into
the Warrant Issuance Agreement and to Comcast entering into the VOD Purchase
Agreement, the Company has agreed to enter into this Registration Rights
Agreement.

     NOW, THEREFORE, in consideration of the foregoing recitals, the mutual
promises set forth herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound, the parties hereto agree as follows:

     1.   DEFINITIONS.  As used in this Agreement, the following terms shall
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have the following respective meanings:

          (a)     "AFFILIATE" shall mean any person directly or indirectly
controlled by, controlling or under common control with another person, where
the term "control," for purposes of this definition, means the power to direct
the management of the person in question.

          (b)     "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder.

          (c)     "FORM S-3" shall mean such form under the Securities Act as is
in effect on the date hereof or any successor registration form under the
Securities Act subsequently adopted by the SEC that permits inclusion or
incorporation of substantial information by reference to other documents filed
by the Company with the SEC.

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          (d)     "NASD"  shall  mean  the  National  Association  of Securities
Dealers,  Inc.

          (e)     The term "PERSON" shall mean any individual, partnership,
corporation, business trust, trust, unincorporated association, joint venture or
other entity of whatever nature.

          (f)     "REGISTRABLE SECURITIES" shall mean (i) the Common Stock
issued or issuable upon exercise of the Warrants and (ii) any Common Stock
issued as (or issued or issuable upon the conversion, exchange or exercise of
any Rights of the Company that are issued as) a dividend or other distribution
with respect to, or in exchange for or in replacement of, the Warrants or the
Common Stock issued upon exercise of the Warrants.  Notwithstanding the
foregoing, Registrable Securities shall not include any shares of Common Stock
that have been sold (1) to the public pursuant to a registration statement filed
under the Securities Act or (2) in reliance on the exemption from registration
provided by Rule 144 under the Securities Act or (3) in a private transaction in
which the transferor's rights under this Agreement are not assigned.

          (g)     "REGISTRATION EXPENSES" shall mean all expenses incurred by
the Company in connection with any registration, qualification or compliance
pursuant to the provisions hereof, including, without limitation, all
registration and filing fees, printing expenses, fees and disbursements of
counsel for the Company and the underwriters (unless otherwise provided for in
subsection (k) below), blue sky fees and expenses and the expenses of any audits
incident to or required by any such registration.

          (h)     "RIGHTS" shall mean any options, warrants, securities, rights
or other instruments convertible into or exchangeable or exercisable for, or
otherwise giving the holder thereof the right to acquire, with or without
consideration, directly or indirectly, any Common Stock or any other such
option, warrant, security, right or instrument, including any instrument the
value of which is measured by reference to the value of the Common Stock.

          (i)     "SEC" shall mean the United States Securities and Exchange
Commission.

          (j)     "SECURITIES ACT" shall mean the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder.

          (k)     "SELLING EXPENSES" shall mean (i) all underwriting discounts
and selling commissions applicable to a sale of Registrable Securities and (ii)
if the registration is demanded by the Provider or any other Holder, the fees
and expenses of counsel to the underwriters (if applicable).

          (l)     The term "UNDERWRITER" shall have the meaning ascribed to such
term in Section 2(11) of the Securities Act, including any person deemed to be
an underwriter within the meaning of Section 2(11) of the Securities Act.

          (m)     "WARRANTS" shall mean the Commitment Warrants, the Incentive
Warrants and the Cliff Warrants as those terms are defined in the Warrant
Issuance Agreement.

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     2.   Registration  Under  the  Securities  Act.

          (a)   Demand Registration.
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               (i)     Subject to the provisions set forth in this Section
2(a)(i), at any time and from time to time, any Holder or Holders may elect, by
giving written notice thereof to the Company, to require the Company to use its
reasonable best efforts to register all or a portion of the Registrable
Securities of such Holder or Holders (each, an "INITIATING HOLDER," and,
collectively, the "INITIATING HOLDERS") under the Securities Act; provided,
however, that the Company shall be obligated to use its reasonable best efforts
to register the Registrable Securities upon such demand only if the number of
Registrable Securities to be so registered is at least (A) 65,000 shares (as
adjusted for stock splits, stock dividends, combinations, reorganizations,
reclassifications and other similar events) or (B) all of the Initiating
Holder's shares of Registrable Securities, if such Holder holds fewer than
65,000 shares of Registrable Securities.  Promptly following such demand, the
Company shall (A) give notice to each other Holder of Registrable Securities of
such demand, which notice shall set forth the identity of the Initiating
Holders, and (B) use its reasonable best efforts, in accordance with the
provisions of Section 3(a), to cause to be declared or become effective under
the Securities Act a Form S-3 registration statement providing for the
registration of, and the sale in accordance with the intended method or methods
of distribution thereof by the Initiating Holders of, the Registrable Securities
to be so registered.  Any other Holder of Registrable Securities may elect, by
giving written notice to such effect to the Company no later than 10 business
days after the Company shall have given the notice referred to in clause (A) of
the preceding sentence, to have all or a portion of such Holder's Registrable
Securities included in such registration, and such Holder shall thereby become
an Initiating Holder with respect to such registration for all purposes
hereunder.  If the Company is not then eligible to use Form S-3, the
registration statement shall be filed using such form as may be available for
the proposed distribution by the Initiating Holders with which it is least
burdensome for the Company to comply.  Subject to the provisions in Section 5
and, as set forth in Section 10, the termination of the registration rights
granted under this Agreement, the Holders shall be limited to two demands made
under this Section 2(a)(i) for an underwritten registration of Registrable
Securities and the Company shall not be required to effect any registration (A)
within 90 days of the effective date of any registration made under Section 2(a)
or Section 2(b) or (B) within 90 days of the date on which any registration has
been withdrawn under Section 2(c).

               (ii)     If, in connection with a registration of Registrable
Securities pursuant to Section 2(a)(i), any managing underwriter shall advise
the Initiating Holders in writing that, in its opinion, the inclusion in the
registration statement of some or all of the Registrable Securities sought to be
registered by the Initiating Holders creates a substantial risk that the price
per unit that such Initiating Holders will derive from such registration will be
materially and adversely affected or that the number of Registrable Securities
sought to be registered is too large a number to be reasonably sold, the Company
will include in such registration statement such number of Registrable
Securities as the Initiating Holders are so advised can reasonably be sold in
such offering, or can be sold without such an effect, allocated pro rata and
without any priority as between the Initiating Holders, in proportion to the
number of Registrable Securities that each Initiating Holder owns or has the
right to acquire relative to

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the total number of Registrable Securities that all Initiating Holders own or
have the right to acquire.

          (b)  "Piggyback" Registration.
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               (i)     If, at any time, the Company proposes to register any of
its Common Stock, Rights or other equity securities under the Securities Act on
Form S-1, Form S-2 or Form S-3 (or an equivalent general registration form then
in effect) for purposes of an offering or sale by or on behalf of the Company of
its Common Stock, Rights or other equity securities for its own account (a
"PRIMARY OFFERING"), or upon the request or for the account of any holder of its
Common Stock, Rights or other equity securities (a "SECONDARY OFFERING"), or for
purposes of a combined primary and secondary offering (a "COMBINED OFFERING"),
then each such time the Company shall, at least 20 business days prior to the
time when any such registration statement is filed with the Commission, give
prompt written notice to the Holders of its intention to do so.  Such notice
shall specify, at a minimum, the number and class of shares, Rights or equity
securities so proposed to be registered, the proposed date of filing of such
registration statement, any proposed means of distribution of such shares,
Rights or securities, any proposed managing underwriter or underwriters of such
shares, Rights or securities and a good faith estimate by the Company of the
proposed maximum offering price thereof, as such price is proposed to appear on
the facing page of such registration statement.  Upon the written direction of
any Holder or Holders, given within 15 business days following the receipt by
such Holder of any such written notice (which direction shall specify the number
of Registrable Securities intended to be disposed of by such Holder and the
intended method of distribution thereof), the Company shall include in such
registration statement any or all of the Registrable Securities then held by
such Holder requesting such registration (a "SELLING HOLDER") to the extent
necessary to permit the sale or other disposition of such number of Registrable
Securities as such Holder has so directed the Company to be so registered.
Notwithstanding the foregoing, the Holders shall not have any right under this
Section 2(b)(i) if the registration proposed to be effected by the Company
relates solely to shares of Common Stock, Rights or other equity securities
which are issuable solely to officers or employees of the Company or any
subsidiary thereof pursuant to a bona fide employee stock option, bonus or other
employee benefit plan or as direct consideration in connection with a merger,
exchange offer or acquisition of a business.

               (ii)     If the Company proposes to register shares of Common
Stock, Rights or other equity securities for purposes of a primary offering, and
any managing underwriter shall advise the Company and the Selling Holders in
writing that, in its opinion, the inclusion in the registration statement of
some or all of the Registrable Securities sought to be registered by such
Selling Holders creates a substantial risk that the price per unit the Company
will derive from such registration will be materially and adversely affected or
that the number of shares, Rights or securities sought to be registered
(including, in addition to the securities sought to be registered by the
Company, any securities sought to be included in such registration statement by
any other stockholder pursuant to "piggyback" registration rights (a "PIGGYBACK
STOCKHOLDER") and those sought to be registered by the Selling Holders) is too
large a number to be reasonably sold, then the Company will include in such
registration statement such number of shares, Rights or securities as the
Company, the Piggyback Stockholders and such Selling Holders are so advised can
be sold in such offering without such an effect (the "PRIMARY

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MAXIMUM NUMBER"), as follows and in the following order of priority:  (A) first,
such number of shares, Rights or securities as the Company, in its reasonable
judgment and acting in good faith and in accordance with sound financial
practice, shall have determined, and (B) second, if and to the extent that the
number of shares, Rights or securities to be registered under clause (A) is less
than the Primary Maximum Number, shares, Rights or securities of each Selling
Holder and Piggyback Stockholder pro rata, and without any priority as between
the Selling Holders and such Piggyback Stockholders, in proportion to the number
sought to be registered by each Selling Holder and each such Piggyback
Stockholder relative to the number sought to be registered by all the Selling
Holders and all such Piggyback Stockholders, which in the aggregate, when added
to the number of shares, Rights or securities to be registered under clause (A),
equals the Primary Maximum Number.

               (iii)     If the Company proposes to register shares of Common
Stock or other equity securities for purposes of a secondary offering, upon the
request or for the account of any holder thereof pursuant to "demand"
registration rights of such holder including, without limitation, the Provider
or any other Holder (each a "REQUESTING HOLDER"), and any managing underwriter
shall advise the Requesting Holder or Holders and the Selling Holders in writing
that, in its opinion, the inclusion in the registration statement of some or all
of the shares, Rights or securities sought to be registered by the Requesting
Holders and of the Registrable Securities sought to be registered by the Selling
Holders creates a substantial risk that the price per unit that such Requesting
Holder or Holders and such Selling Holders will derive from such registration
will be materially and adversely affected or that the number of shares, Rights
or securities sought to be registered (including any securities sought to be
registered at the instance of the Requesting Holder or Holders, any securities
sought to be included in such Registration Statement by any Piggyback
Stockholder and those sought to be registered by the Selling Holders) is too
large a number to be reasonably sold, the Company will include in such
registration statement such number of shares, Rights or securities as the
Requesting Holders and the Selling Holders are so advised can reasonably be sold
in such offering, or can be sold without such an effect (the "SECONDARY MAXIMUM
NUMBER"), as follows and in the following order of priority:  (A) first, such
number of shares, Rights or securities as the Requesting Holder shall have
requested, and (B) second, if and to the extent that the number of shares,
Rights or securities to be registered under clause (A) is less than the
Secondary Maximum Number, shares, Rights or securities of each Selling Holder
and Piggyback Stockholder pro rata, and without any priority as between the
Selling Holders and each such Piggyback Stockholders, in proportion to the
number sought to be registered by each Selling Holder and such Piggyback
Stockholder relative to the number sought to be registered by all the Selling
Holders and all such Piggyback Stockholders, which, in the aggregate, when added
to the number of shares, Rights or securities to be registered under clause (A),
equals the Secondary Maximum Number.

               (iv)     If the Company proposes to register shares of Common
Stock, Rights or other equity securities for purposes of a combined offering,
and any managing underwriter shall advise the Company, the Requesting Holder or
Holders and the Selling Holders in writing that, in its opinion, the inclusion
in the registration statement of some or all of the Registrable Securities
sought to be registered by the Selling Holders and any shares, Rights or
securities sought to be registered by Piggyback Stockholders creates a
substantial risk that the price per unit the Company and/or the Requesting
Holders will derive from such registration will

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be materially and adversely affected, then the Company will include in such
registration statement such number of shares, Rights or securities as the
Company, the Requesting Holders, the Piggyback Stockholders and the Selling
Holders are so advised can be sold in such offering without such an effect (the
"COMBINED MAXIMUM NUMBER"), as follows and in the following order of priority:
(A) first, such number of shares, Rights or securities as the Company, in its
reasonable judgment and acting in good faith and in accordance with sound
financial practice, shall have determined, and any shares, Rights or securities
sought to be registered by any Requesting Holders, (B) second, if and to the
extent that the number of shares, Rights or securities to be registered under
clause (A) is less than the Combined Maximum Number, shares, Rights or
securities of each Selling Holder and Piggyback Stockholder pro rata, and
without any priority as between the Selling Holders and each such Piggyback
Stockholders, in proportion to the number sought to be registered by each
Selling Holder and each such Piggyback Stockholder relative to the number sought
to be registered by all the Requesting Holders and Selling Holders, which, in
the aggregate, when added to the number of shares, Rights or securities to be
registered under clause (A), equals the Combined Maximum Number.

          (c)  Withdrawals.  Any Holder having notified or directed the Company
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to include any or all of such Holder's Registrable Securities in a registration
statement pursuant to Section 2(a) or 2(b) hereof shall have the right to
withdraw such notice or direction with respect to any or all of the Registrable
Securities designated for registration thereby by giving written notice to such
effect to the Company at least five business days prior to the anticipated
effective date of such registration statement.  In the event of any such
withdrawal, the Company shall amend such registration statement and take such
other actions as may be necessary so that such withdrawn Registrable Securities
are not included in the applicable registration and not sold pursuant thereto,
and such withdrawn Registrable Securities shall continue to be Registrable
Securities in accordance herewith.  No such withdrawal shall affect the
obligations of the Company with respect to Registrable Securities not so
withdrawn; provided, however, that in the case of a registration pursuant to
Section 2(a) if such withdrawal shall reduce the total number of Registrable
Securities to be so registered to less than 65,000 shares (as adjusted for stock
splits, stock dividends, combinations, reorganizations, reclassifications and
other similar events), then the Company shall, prior to the filing or
effectiveness, as appropriate, of such registration statement, give each Holder
of Registrable Securities so to be registered notice, referring to this
Agreement, of such fact and, within 10 business days following the giving of
such notice, either the Company or the Holders of a majority of such Registrable
Securities may, by written notice to each Holder of such Registrable Securities
and the Company, as the case may be, elect that such registration statement not
be filed or, if it has theretofore been filed, that it be withdrawn.  During
such 10 business day period, the Company shall not file such registration
statement or, if it has theretofore been filed, shall use its reasonable best
efforts not to permit it to become effective.  In the event of any election
contemplated by the proviso to the next preceding sentence, no registration
statement with respect to Registrable Securities shall thereafter be filed with
the SEC without compliance with all of the procedures set forth in Section 2(a)
hereof.

     3.   REGISTRATION PROCEDURES
          -----------------------

          (a)  Company Obligations.  In connection with the Company's
               -------------------
obligations with respect to any registration of Registrable Securities pursuant
to Section 2 hereof, the

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Company shall use its reasonable best efforts to effect or cause such
registration to permit the sale of the Registrable Securities by the Holders
thereof in accordance with the intended method or methods of distribution
thereof described in the registration statement relating thereto and to maintain
the effectiveness of such registration statement for the period from the date of
effectiveness (the "EFFECTIVE DATE") of such registration statement until the
earlier of (x) 180 days after the Effective Date and (y) the date on which the
disposition of all of the Registrable Securities covered by such registration
statement is completed (such period, the "REGISTRATION PERIOD"). In connection
therewith, the Company shall, as soon as reasonably possible:

               (i)     prepare and file with the SEC a registration statement on
Form S-3, or such other form as may be utilized by the Company and as shall
permit the disposition of the Registrable Securities in accordance with the
intended method or methods thereof, as specified in writing by the Holders
thereof, and use its reasonable best efforts to cause such registration
statement to become effective as soon as reasonably possible thereafter;

               (ii)     (A) prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to keep such registration
statement effective during the Registration Period and to comply with the
provisions of the Securities Act with respect to the sale or other disposition
of the Registrable Securities by the Holders, and (B) furnish to the Holders of
Registrable Securities registered thereby and the underwriters, if any, thereof
and the sales or placement agent, if any, therefor copies of any such supplement
or amendment prior to its being used and/or filed with the SEC;

               (iii)     comply in all material respects with the provisions of
the Securities Act applicable to the Company with respect to the disposition of
all of the Registrable Securities covered by such registration statement in
accordance with the intended method or methods of disposition by the Holders
thereof;

               (iv)     provide (A) any Holder registering more than 10% of the
Registrable Securities to be registered, (B) the underwriters, if any, thereof,
(C) the sales or placement agent, if any, therefor, (D) counsel for such
underwriters or agent, and (E) counsel for the Holders thereof the opportunity
to participate in the preparation of such registration statement, each
prospectus included therein or filed with the SEC and each supplement or
amendment thereto;

               (v)     furnish to each of the parties referred to in Section
3(a)(iv) and to each other Holder of Registrable Securities to be registered in
such registration statement (A) such number of copies (including manually
executed and conformed copies) of such registration statement and of each
amendment thereof and supplement thereto (including all annexes, appendices,
schedules and exhibits), (B) such number of copies of the prospectus used in
connection with such registration statement (including each preliminary
prospectus, any summary prospectus and the final prospectus and including
prospectus supplements), and (C) such number of copies of other documents, if
any, incorporated by reference in such registration statement or prospectus, in
each case as each respective party may reasonably request in order to facilitate
the offering and disposition of the Registrable Securities owned by any such
Holder,

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offered or sold by such agent, or underwritten by such underwriter, and to
permit each Holder, agent and underwriter to satisfy the prospectus delivery
requirements of the Securities Act; and the Company hereby consents to the use
of such prospectus (including each preliminary prospectus, any summary
prospectus and the final prospectus) and any amendment or supplement thereto by
each Holder and by any such agent and underwriter, in each case in the form most
recently provided to such party by the Company, in connection with the offering
and sale of the Registrable Securities covered by the prospectus (including each
preliminary prospectus, any summary prospectus and the final prospectus) or any
supplement or amendment thereto;

               (vi)     promptly notify the Holders of Registrable Securities
registered thereby, the managing underwriter or underwriters, if any, thereof
and the sales or placement agent, if any, therefor and, if requested by any such
party, confirm such notification in writing, (A) when a prospectus or any
prospectus supplement has been filed with the SEC and when the registration
statement or any post-effective amendment thereto has been filed with and
declared effective by the SEC, (B) of the issuance by the SEC of any stop order
or the coming to its knowledge of the initiation of any proceedings for that
purpose, (C) of the receipt by the Company of any notification with respect to
the suspension of the qualification of any of the Registrable Securities for
sale in any jurisdiction or the initiation or threatening of any proceeding for
such purpose, (D) of the occurrence of any event that requires the making of any
changes to the registration statement or related prospectus so that such
documents will not 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 therein, in light of the circumstances under which they were made,
not misleading (and the Company shall promptly prepare and furnish to the
parties referred to in Section 3(a)(v), upon request, a reasonable number of
copies of a supplemented or amended prospectus such that, as thereafter
delivered to the purchasers of the Registrable Securities, such prospectus shall
not include an 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 light of the circumstances under which they are made, not misleading), and
(E) of the Company's determination that the filing of a post-effective amendment
to the registration statement shall be necessary or appropriate; and, upon the
receipt of any notice from the Company of the occurrence of any event of the
kind described in this Section 3(a)(vi)(B), (C) (but only with respect to the
jurisdiction suspending qualification), (D) or (E), (1) the Holders,
underwriters and agents shall forthwith discontinue any offer and disposition of
the Registrable Securities pursuant to the registration statement covering such
Registrable Securities and, if so directed by the Company, shall deliver to the
Company all copies (other than permanent file copies) of the defective
prospectus covering such Registrable Securities that are then in the Holders',
underwriters' and agents' possession or control, and (2) the Company shall, as
promptly as practicable thereafter (subject, in the case of Section 3(a)(vi)(D),
to the provisions of Section 5), take such action as shall be necessary to
remedy such event to permit the Holders (and the underwriters and agents, if
any) to continue to offer and dispose of the Registrable Securities, including,
without limitation, preparing and filing with the SEC and furnishing to the
parties referred to in Section 3(a)(v) a supplement or amendment to such
prospectus so that, as thereafter deliverable to the purchasers of the
Registrable Securities, such prospectus will not contain any untrue statement of
a material fact or omit to state a material fact necessary to make

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the statements therein, in the light of the circumstances under which they were
made, not misleading;

               (vii)     use its reasonable best efforts to register or qualify
the Registrable Securities covered by such registration statement under and to
the extent required by such other securities or state blue sky laws of such
jurisdictions as any Holder, underwriter or sales or placement agent shall
request, and do any and all other acts and things that may be necessary under
such securities or blue sky laws to enable the Holders, underwriters and agents
to consummate the public sale or other disposition in such jurisdictions of the
Registrable Securities owned by the Holders, except that the Company shall not
for any such purpose be required to qualify to do business as a foreign
corporation in any jurisdiction wherein it is not so qualified or submit to
liability for state or local taxes where it would not otherwise be liable for
such taxes;

               (viii)     for a reasonable period prior to the filing of such
registration statement, and throughout the Registration Period, make available
for inspection by the parties referred to in Section 3(a)(iv), subject to
execution and delivery of a confidentiality agreement in customary form in favor
of the Company by the Holders seeking to exercise such inspection rights, such
financial and other information and books and records of the Company, and cause
the officers, directors, employees, counsel and independent certified public
accountants of the Company to respond to such inquiries, as shall be reasonably
necessary, in the judgment of the respective counsel referred to in Section
3(a)(iv), to conduct a reasonable investigation within the meaning of Section 11
of the Securities Act;

               (ix)     if requested by any managing underwriter or
underwriters, any placement or sales agent or any Holder, promptly incorporate
in a prospectus supplement or post-effective amendment such information as is
required by the applicable rules and regulations of the SEC and as such managing
underwriter or underwriters, such agent or such Holder specifies should be
included therein relating to the terms of the sale of such Registrable
Securities, including, without limitation, information with respect to the
number of Registrable Securities being sold by the Holders or agent or to any
underwriters, the name and description of the Holders, agent or underwriter, the
offering price of such Registrable Securities and any discount, commission or
other compensation payable in respect thereof, the purchase price being paid
therefor by such underwriters and with respect to any other terms of the
offering of the Registrable Securities to be sold by the Holders or agent or to
such underwriters; and make all required filings of such prospectus supplement
or post-effective amendment promptly after notification of the matters to be
incorporated in such prospectus supplement or post-effective amendment;

               (x)     use its reasonable best efforts to obtain the consent or
approval of each governmental agency or authority, whether federal, state or
local, that may be required to effect such registration or the offering or sale
in connection therewith or to enable the Holders to offer, or to consummate the
disposition of, the Registrable Securities;

               (xi)     furnish to the Holders or the managing underwriters, if
any, on a timely basis and at the Company's expense, certificates free of any
restrictive legends representing ownership of the Registrable Securities being
sold in such denominations and

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registered in such names as the Holders or managing underwriters shall request,
and notify the transfer agent of the Company's securities that it may effect
transfers of the Registrable Securities upon notification from each respective
Holder that it has complied with this Agreement and the prospectus delivery
requirements of the Securities Act;

               (xii)     enter into one or more underwriting agreements,
engagement letters, agency agreements, "best efforts" underwriting agreements or
similar agreements, as appropriate, and take such other actions in connection
therewith as the Holders shall reasonably request in order to expedite or
facilitate the disposition of the Registrable Securities so registered;

               (xiii)     (A) make such representations and warranties to the
Holders and the placement or sales agent, if any, therefor and the underwriters,
if any, thereof in form, substance and scope as are customarily made in
connection with an underwritten or a non-underwritten offering, as the case may
be, of common stock or other equity securities pursuant to any appropriate
agreement and/or to a registration statement filed on the form applicable to
such registration; (B) if any portion of the offering contemplated by the
registration statement is an underwritten offering, use its reasonable best
efforts to obtain an opinion of counsel to the Company in customary form and
covering such matters, of the type customarily covered by such an opinion, as
the managing underwriters, if any, and as the Holders may reasonably request,
addressed to the Holders and the placement or sales agent, if any, therefor and
the underwriters, if any, thereof, and dated the Effective Date (and if such
registration statement contemplates an underwritten offering of a part or all of
the Registrable Securities, dated the date of the closing under the underwriting
agreement relating thereto); (C) if any portion of the offering contemplated by
the registration statement is an underwritten offering, use its reasonable best
efforts to obtain a "comfort" letter or letters from the independent certified
public accountants of the Company addressed to the Holders and the placement or
sales agent, if any, therefor and the underwriters, if any, thereof, dated (1)
the Effective Date, (2) the effective date of each prospectus supplement, if
any, to the prospectus included in such registration statement or post-effective
amendment to such registration statement that includes unaudited or audited
financial statements as of a date or for a period subsequent to that of the
latest such statements included in such prospectus and (3) if such registration
statement contemplates an underwritten offering pursuant to any prospectus
supplement to the prospectus included in such registration statement or
post-effective amendment to such registration statement that includes unaudited
or audited financial statements as of a date or for a period subsequent to that
of the latest such statements included in such prospectus, dated the date of the
closing under the underwriting agreement relating thereto, such letter or
letters to be in customary form and covering such matters of the type
customarily covered by letters of such type; (D) deliver such documents and
certificates, including officers' certificates, as may be reasonably requested
by the Holders and the placement or sales agent, if any, therefor and the
managing underwriters, if any, thereof to evidence the accuracy of the
representations and warranties made pursuant to clause (A) of this Section
3(a)(xiii) and the compliance with or satisfaction of any agreements or
conditions contained in the underwriting agreement or other agreement entered
into by the Company; and (E) undertake such obligations relating to expense
reimbursement, indemnification and contribution as are provided in Section 6
hereof;

                                     - 10 -
<PAGE>
               (xiv)     If (A) any broker-dealer registered under the Exchange
Act shall underwrite any Registrable Securities or participate as a member of an
underwriting syndicate or selling group or "assist in the distribution" (within
the meaning of the Rules of Fair Practice and the By-Laws of the NASD) thereof,
whether as a Holder of Registrable Securities or as an underwriter, a placement
or sales agent or a broker or dealer in respect thereof, or otherwise, or (B)
more than 10% of the net offering proceeds, not including underwriting
compensation, of such distribution is intended to be paid to any such
broker-dealer or "associated or affiliated persons" of such broker-dealer or
"members of the immediate family of such persons" (each within the meaning of
such Rules), the Company shall take reasonable steps to assist such
broker-dealer in complying with the requirements of such Rules and By-Laws,
including, without limitation, by (1) if such Rules or By-Laws shall so require,
engaging a "qualified independent underwriter" (as defined in such Schedule) to
participate in the preparation of the registration statement relating to such
Registrable Securities, to exercise usual standards of due diligence in respect
thereto and, if any portion of the offering contemplated by such registration
statement is an underwritten offering or is made through a placement or sales
agent, to recommend the price of such Registrable Securities, (2) indemnifying
any such qualified independent underwriter to the extent of the indemnification
of underwriters provided in Section 6 hereof, and (3) providing such information
to such broker-dealer as may be required in order for such broker-dealer to
comply with the requirements of the Rules of Fair Practice of the NASD;

               (xv)     comply with all applicable rules and regulations of the
SEC, and make generally available to its securityholders, as soon as practicable
but in any event not later than 18 months after the Effective Date, an earning
statement of the Company and its subsidiaries complying with Section 11(a) of
the Securities Act (including, at the option of the Company, Rule 158
thereunder); and

               (xvi)     use its reasonable best efforts to list prior to the
Effective Date, subject to notice of issuance, the Registrable Securities
covered by such registration statement, to the extent they are not already so
listed, on the Nasdaq National Market System or such other securities exchange
or quotation system on which the Common Stock is then listed or quoted.

          (b)  Holders' Obligations.
               --------------------

               (i)     It shall be a condition precedent to the Company's
obligations under Section 2 hereof that each of the Holders included in any
registration hereunder furnish to the Company in writing such information
regarding that Holder and the distribution of the Registrable Securities
proposed by that Holder as the Company may reasonably request to complete or
amend the information required by the registration statement to be filed by the
Company pursuant to Section 3(a).

               (ii)     The Holders included in any registration hereunder
shall, and shall cause the underwriters, if any, thereof and the sales or
placement agents, if any, therefor to, (A) offer to sell or otherwise distribute
the Registrable Securities in reliance upon a registration contemplated by this
Agreement only after a registration statement shall have been filed with the
SEC, (B) sell or otherwise distribute the Registrable Securities in reliance
upon such registration

                                     - 11 -
<PAGE>
only if a registration statement is then effective under the Securities Act, (C)
comply with the provisions of Section 3(a)(vi)(1) hereof, (D) distribute the
Registrable Securities only in accordance with the manner of distribution
contemplated by the prospectus and (E) report to the Company distributions made
by the Holders, the underwriters or the agents of Registrable Securities
pursuant to the prospectus.

               (iii)     The Holders of Registrable Securities included in any
registration hereunder, and the underwriters, if any, thereof and the sales or
placement agents, if any, therefor, shall not, during the Registration Period,
(A) effect any stabilization transactions or engage in any stabilization
activity in connection with the Common Stock or other equity securities of the
Company in contravention of Regulation M under the Exchange Act, or (B) permit
any "Affiliated Purchaser" (as that term is defined in Regulation M under the
Exchange Act) to bid for or purchase for any account in which any such Holder
has a beneficial interest, or attempt to induce any other Person to purchase,
any shares of Common Stock or other equity securities in contravention of
Regulation M under the Exchange Act.

     4.   REGISTRATION EXPENSES.  The Company shall bear and pay or cause to be
          ---------------------
paid promptly upon request being made therefor all Registration Expenses;
provided that the Company shall not be obligated to pay the costs related to the
preparation of any audited financial statements included in any registration
statement required to be prepared and filed by it pursuant to the terms hereof
as of any date other than June 30 (or the end of any fiscal year, if other than
June 30) or for any audited financial statements for a period of less than
twelve months or ending on any date other than June 30 (or the end of its fiscal
year, if other than June 30), unless such audited financial statements are
prepared in conjunction with a primary offering by the Company.  The Holders of
the Registrable Securities so registered shall bear and pay or cause to be paid
promptly upon request being made therefor all Selling Expenses, allocated pro
rata on the basis of the number of Registered Securities so registered by each
Holder.

     5.   INFORMATION BLACKOUT.
          --------------------

          (a)  In the event that, following any demand pursuant to Section
2(a)(i) hereof but prior to the filing of a registration statement in respect of
such demand, (i) the Company, after consultation with outside counsel,
determines reasonably and in good faith that the sale of Registrable Securities
pursuant to a registration statement filed hereunder would require disclosure of
non-public material information, the disclosure of which at such time could
reasonably be expected to have a material adverse effect on the business or
affairs of the Company or a material adverse effect on any proposal or plan by
the Company or any of its subsidiaries to engage in any extraordinary engagement
or activity by the Company, including, without limitation, any material
acquisition of assets or any merger, consolidation, tender offer or similar
transaction, and (ii) the Company gives the Initiating Holders written notice of
such determination (which notice shall include a copy of the resolutions of the
Board of Directors of the Company reflecting such determination), the Company
shall, notwithstanding the provisions of Section 2(a)(i) hereof, be entitled to
postpone for up to 60 days the filing of any registration statement otherwise
required to be prepared and filed by it pursuant to Section 2(a)(i) hereof (the

                                     - 12 -
<PAGE>
number of days of any such postponement is hereinafter called a "REGISTRATION
POSTPONEMENT PERIOD").

          (b)  At any time when a registration statement covering Registrable
Securities is effective, upon written notice from the Company to the Holders of
Registrable Securities included in such registration statement, and the
underwriters, if any, thereof and the sales or placement agents, if any,
therefor, that the Company, after consultation with outside counsel, has
determined reasonably and in good faith that the sale of Registrable Securities
pursuant to the registration statement would require disclosure of non-public
material information, the disclosure of which at such time could reasonably be
expected to have a material adverse effect on the business or affairs of the
Company or a material adverse effect on any proposal or plan by the Company or
any of its subsidiaries to engage in any extraordinary engagement or activity by
the Company, including, without limitation, any material acquisition of assets
or any merger, consolidation, tender offer or similar transaction, such Holders,
underwriters and agents shall suspend sales of the Registrable Securities
pursuant to the registration statement until the earlier of (i) 60 days after
the Company notifies the Holders, underwriters and agents of such good faith
determination, or (ii) such time as the Company notifies the Holders,
underwriters and agents that such material information has been disclosed to the
public or has ceased to be material or that sales pursuant to the registration
statement may otherwise be resumed (the number of days from such suspension of
sales by the Holders until the day when such sales may be resumed hereunder is
hereinafter called a "SALES BLACKOUT PERIOD").

          (c)  No Registration Postponement Period or Sales Blackout Period
shall be commenced by the Company within 90 days after the end of a Registration
Postponement Period or Sales Blackout Period, and the Company shall not be
permitted to commence more than two Registration Postponement Periods or Sales
Blackout Periods, collectively, in any 12 month period.

          (d)  No Registration Postponement Period or Sales Blackout Period
shall preclude any sales of Registrable Securities that the Holder thereof may
effect in compliance with Rule 144 without registration of such Registrable
Securities under the Securities Act; provided that the Holder otherwise conforms
with the requirements under the Securities Act and the Exchange Act.

     6.   INDEMNIFICATION.
          ---------------

          (a)  Indemnification by the Company.  Upon the registration of any
               ------------------------------
Registrable Securities pursuant to Section 2 hereof, the Company shall indemnify
and hold harmless the Holders, their respective officers, directors, members and
partners, and each person, if any, who controls any of the foregoing within the
meaning of the Securities Act ("HOLDER INDEMNITEES"), from and against any and
all claims, liabilities, losses, damages, expenses and judgments, joint or
several, to which they or any of them may become subject, including any amount
paid in settlement of any litigation commenced or threatened, and shall promptly
reimburse them, as and when incurred, for any legal or other expenses incurred
by them in connection with investigating any claims and defending any actions,
insofar as such losses, claims, damages, liabilities or actions shall arise out
of, or shall be based upon, any violation or alleged violation by the Company of
the Securities Act, any blue sky laws or securities laws of

                                     - 13 -
<PAGE>
any state or county in which the Registrable Securities are offered, and
relating to action taken or action or inaction required of the Company in
connection with such offering, or shall arise out of, or shall be based upon,
any untrue statement or alleged untrue statement of a material fact contained in
the registration statement (or in any preliminary or final prospectus included
therein) relating to the offering and sale of the Registrable Securities, or any
amendment thereof or supplement thereto, or in any document incorporated by
reference therein, or any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading; provided, however, the Company shall not be liable to any Holder
Indemnitee in any such case to the extent that any such loss, claim, damage,
liability or action arises out of, or is based upon, any untrue statement or
alleged untrue statement, or any omission or alleged omission, if such statement
or omission shall have been (i) made in reliance upon and in conformity with
information furnished to the Company in writing by or on behalf of any Holder
Indemnitee for inclusion in such registration statement (or in any preliminary
or final prospectus included therein), or any amendment thereof or supplement
thereto, or (ii) made in any preliminary prospectus and the final prospectus
shall have corrected such statement or omission and a copy of such final
prospectus shall have been delivered to the Holder Indemnitee prior to the time
such final prospectus is required to be delivered by such Holder Indemnitee
under applicable law.  Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Holder Indemnitee
and shall survive the transfer of such securities.  The foregoing indemnity
agreement is in addition to any liability that the Company may otherwise have to
any Holder Indemnitee.

          (b)  Indemnification by the Holder and Any Underwriters.  The Company
               --------------------------------------------------
may require, as a condition to including any Registrable Securities in any
registration statement filed pursuant to Section 2 hereof and to entering into
any underwriting agreement with respect thereto, that the Company shall have
received an undertaking from the Holder thereof and from each underwriter named
in such underwriting agreement, severally and not jointly, to indemnify and hold
harmless the Company and all other Holders, if any, of Registrable Securities
selling under the same registration statement, their respective officers and
directors and each person, if any, who controls any of the foregoing within the
meaning of the Securities Act (the "COMPANY INDEMNITEES"), from and against any
and all claims, liabilities, losses, damages, expenses and judgments, joint or
several, to which they or any of them may become subject, including any amount
paid in settlement of any litigation commenced or threatened, and shall promptly
reimburse them, as and when incurred, for any legal or other expenses incurred
by them in connection with investigating any claims and defending any actions,
insofar as any such losses, claims, damages, liabilities or actions shall arise
out of, or shall be based upon, any violation or alleged violation by the Holder
or underwriters of the Securities Act, any blue sky laws or securities laws of
any state or country in which the Registrable Securities are offered, and
relating to action taken or action or inaction required of the Holder or
underwriters in connection with such offering, or shall arise out of, or shall
be based upon, any untrue statement or alleged untrue statement of a material
fact contained in such registration statement (or in any preliminary or final
prospectus included therein) relating to the offering and sale of the
Registrable Securities or any amendment thereof or supplement thereto, or any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, but in each case (i)

                                     - 14 -
<PAGE>
only to the extent that such untrue statement is contained in, or such fact is
omitted from, information furnished to the Company in writing by or on behalf of
the Holder for inclusion in the registration statement (or in any preliminary or
final prospectus included therein), and (ii) if such statement or omission is
incorporated by the Company in any preliminary prospectus, only to the extent
that such statement or omission shall not have been corrected in writing by or
on behalf of the Holder prior to the time the final prospectus is required to be
delivered by the Company under applicable law.  Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of
any Company Indemnitee.  The foregoing indemnity is in addition to any liability
that the Holder and underwriters may otherwise have to any Company Indemnitee.

          (c)  Indemnification Procedures.  In case any proceeding (including
               --------------------------
any governmental investigation) shall be instituted involving any person in
respect of which indemnity may be sought pursuant to this Section 6, such person
(the "INDEMNIFIED PARTY") shall promptly notify the person against whom such
indemnity may be sought (the "INDEMNIFYING PARTY") in writing.  No
indemnification provided for in subsection (a) or (b) shall be available to any
person who shall fail to give notice as provided in this subsection (c) if the
indemnifying party to whom notice was not given was unaware of the proceeding to
which such notice would have related and was materially prejudiced by the
failure to give such notice, but the failure to give such notice shall not
relieve the indemnifying party or parties from any liability that it or they may
have to the indemnified party for indemnification pursuant to subsection (a) or
(b) to the extent it was not materially prejudiced.  In case any such proceeding
shall be brought against any indemnified party and it shall notify the
indemnifying party of the commencement thereof, the indemnifying party shall be
entitled to participate therein and, to the extent that it shall wish, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party and
shall pay as incurred the fees and disbursements of such counsel related to such
proceeding.  In any such proceeding, any indemnified party shall have the right
to retain its own counsel at its own expense.  Notwithstanding the foregoing,
the indemnifying party shall pay as incurred the fees and expenses of the
counsel retained by the indemnified party in the event (i) the indemnifying
party and the indemnified party shall have mutually agreed to the retention of
such counsel, (ii) the named parties to any such proceeding (including any
impleaded parties) include both the indemnifying party and the indemnified party
and representation of both parties by the same counsel, in the written opinion
of such counsel, would be inappropriate due to actual or potential differing
interests between them, or (iii) the indemnifying party does not promptly defend
the indemnified party.  The indemnifying party shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the
reasonable fees and expenses of more than one separate firm for all such
indemnified parties (in addition to local counsel if required).  Such firm shall
be designated in writing by the Holder in the case of Holder Indemnitees and by
the Company in the case of Company Indemnitees.  The indemnifying party shall
not be liable for any settlement of any proceeding effected without its written
consent (which consent shall not be unreasonably withheld) but if settled with
such consent or if there be a final judgment for the plaintiff, the indemnifying
party shall indemnify the indemnified party from and against any loss or
liability by reason of such settlement or judgment.  The obligations of the
Company and the Holders and underwriters under this Section 6 shall survive the

                                     - 15 -
<PAGE>
completion of any offering of Registrable Securities pursuant to a registration
effected pursuant to Section 2 hereof.

          (d)  Limitations on Indemnity.
               ------------------------

               (i)  The indemnity provided for hereunder shall not inure to the
benefit of any indemnified party to the extent that the claim is based on such
indemnified party's failure to comply with the applicable prospectus delivery
requirements of the Securities Act as then applicable to the person asserting
the loss, claim, damage or liability for which indemnity is sought.

               (ii)  In no event shall the liability of any Holder or
underwriter under this Section 6, whether for indemnification or contribution,
exceed the net proceeds received by the Holder or underwriter from the sale of
Registrable Securities pursuant to the registration effected pursuant to Section
2 hereof.

          (e)  Contribution.  If the indemnification provided for in this
               ------------
Section 6 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any claims, liabilities, losses, damages,
expenses or judgments referred to herein, the indemnifying party, in lieu of
indemnifying such indemnified party thereunder, shall to the extent permitted by
applicable law contribute to the amount paid or payable by such indemnified
party as a result of such claim, liability, loss, damage, expense or judgment in
such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in
connection with the circumstances that resulted in such claim, liability, loss,
damage, expense or judgment, as well as any other relevant equitable
considerations.  The relative fault of the indemnifying party and of the
indemnified party shall be determined by a court of law by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.  The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 6 were determined by pro rata
allocation or any other method of allocation that does not take into account the
equitable consideration referred to in this paragraph (e).

     7.   DESIGNATION OF MANAGING UNDERWRITER(S).
          --------------------------------------

          (a)  Demand Registration.  If any of the Registrable Securities
               -------------------
covered by any registration statement filed pursuant to Section 2(a) hereof are
to be sold pursuant to an underwritten offering, the managing underwriter or
underwriters thereof shall be a nationally recognized investment banking firm
designated by the Initiating Holders, provided that such designated managing
underwriter or underwriters is or are reasonably acceptable to the Company.

          (b)  Company Registration.  If any of the Registrable Securities
               --------------------
covered by any registration statement filed pursuant to Section 2(b) hereof are
to be sold pursuant to an underwritten offering, the managing underwriter or
underwriters thereof shall be designated by

                                     - 16 -
<PAGE>
the Company, and no Holder of Registrable Securities so to be offered shall be
entitled to participate therein unless such Holder agrees to sell its
Registrable Securities pursuant to the terms of the underwriting arrangement as
agreed upon between the Company and the designated managing underwriter or
underwriters, and to complete and execute all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangement.

     8.   RULE 144.  With a view to making available to the Holders the benefits
          --------
of Rule 144 and any other rule or regulation of the SEC that may at any time
permit the Holders to sell securities of the Company to the public without
registration, in addition to the foregoing provisions of this Agreement, the
Company shall:

          (a)  make and keep adequate current public information with respect to
the Company available, as those terms are understood and defined in Rule 144;

          (b)  use its reasonable best efforts to file with the SEC in a timely
manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act; and

          (c)  furnish to each Holder upon written request (A) a written
statement by the Company as to whether it has complied with the reporting
requirements of Rule 144, the Securities Act and the Exchange Act, (B) a copy of
the most recent annual or quarterly report of the Company, and (C) such other
reports and documents of the Company as such Holder may reasonably request and
as is publicly available to enable such Holder to avail itself of any rule or
regulation of the SEC that permits the selling of any such securities without
registration;

provided  that  nothing  in this Section 8 shall require the Company to take any
action that would subject the Company to the requirements of the Exchange Act if
at  such time the Company is not subject to the requirement of the Exchange Act.

     9.   ASSIGNMENT OF REGISTRATION RIGHTS.  The rights to cause the Company to
          ---------------------------------
use its reasonable best efforts to register Registrable Securities pursuant to
Section 2 hereof may not be assigned, in whole or in part, by a Holder to a
transferee or assignee of Registrable Securities (or Rights or other securities
upon the conversion, exchange or exercise of which Registrable Securities are
issuable) without the prior written consent of the Company (which consent will
not be unreasonably withheld), except that a Holder may assign its rights to
cause the Company to use its reasonable best efforts to register Registrable
Securities pursuant to Section 2 hereof (a) to an Affiliate of such Holder or
(b) to a person that holds least 65,000 shares (as adjusted for stock splits,
stock dividends, combinations, reorganizations, reclassifications and other
similar events) of Registrable Securities (or Rights or other securities upon
the conversion, exchange or exercise of which Registrable Securities are
issuable) following the transfer or assignment; provided, however, that (i) the
transferor furnishes to the Company prior to such transfer written notice of the
name and address of such assignee or transferee and the securities with respect
to which such registration rights are being assigned or transferred and such
other information as the Company may reasonably request and (ii) the transferee
agrees in writing reasonably acceptable to the Company concurrently with such
assignment or transfer to be subject to all restrictions set forth

                                     - 17 -
<PAGE>
in this Agreement with respect to the rights assigned or transferred to such
transferee.  Notwithstanding the foregoing, (x) no assignment or transfer of the
rights to cause the Company to use its reasonable best efforts to register
Registrable Securities pursuant to Section 2 hereof in accordance with this
Section 9 shall relieve the transferor of responsibility for any of its
obligations hereunder and (y) the rights to cause the Company to use reasonable
best efforts to register Registrable Securities pursuant to Section 2.1 may not
be assigned by a Holder to SeaChange International, Inc, nCUBE Corporation or
Diva Systems Corporation, unless with respect to provision (y) of this Section
9, such corporation is:  (A) an Affiliate of such Holder, (B) the purchaser of
substantially all of the assets of such Holder or an Affiliate of such Holder,
(C) the purchaser of all or substantially all of the assets of a division or
line of business of such Holder or an Affiliate of such Holder, or (D) in the
case of a consolidation or merger in which such Holder is not the surviving
entity, to the surviving entity of such consolidation or merger.  Any attempted
assignment or transfer by a Holder of any rights to cause the Company to use its
reasonable best efforts to register Registrable Securities pursuant to Section 2
hereof in violation of this Section 9 shall be null and void.

     10.  TERMINATION OF REGISTRATION RIGHTS.  A Holder's registration rights
          ----------------------------------
provided hereunder with respect to any Registrable Securities shall terminate
upon the earlier of (a) the second anniversary of the date on which the shares
of Common Stock that are the subject of such Registrable Securities are actually
issued to such Holder or (b) the date on which all Registrable Securities issued
or issuable to such Holder on the basis of a cash exercise price may be sold in
accordance with the provisions of Rule 144(k) under the Securities Act.

     11.  NO INCONSISTENT AGREEMENTS.  The Company shall not (a) grant
          --------------------------
registration rights with respect to any shares of Common Stock, Rights or other
equity securities that would be inconsistent with the terms contained in this
Agreement, or (b) enter into or become bound by, or permit any subsidiary of the
Company to enter into or become bound by, any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument that would prohibit, be
violated by, conflict with or provide that a default would arise from, the
compliance by the Company with any of the provisions of this Agreement or the
consummation of the transactions herein contemplated, except for any such
prohibitions, violations, conflicts or defaults that, individually and in the
aggregate, would not have a material adverse effect on the business, financial
condition, results of operations or prospects of the Company and its
subsidiaries taken as a whole and would not impair, delay or restrict the
exercise by the Holders of their rights hereunder.  The Company represents and
warrants that it is not currently a party to any agreement with respect to any
of its equity or debt securities granting any registration rights to (i) any
person that would prohibit, be violated by, conflict with or provide that a
default would arise from, the compliance by the Company with any of the
provisions herein or consummation of any of the transactions contemplated
hereby, or (ii) any customer of the Company other than Comcast and its
Affiliates.

     12.  MISCELLANEOUS.
          -------------

          (a)  Governing Law.  This Agreement shall be governed in all respects
               -------------
by the internal laws of the State of Delaware as applied to contracts entered
into solely between

                                     - 18 -
<PAGE>
residents of, and to be performed entirely within, such state, and without
reference to principles of conflicts of laws or choice of laws.

          (b)  Specific Enforcement; Venue.  The parties hereto acknowledge and
               ---------------------------
agree that each would be irreparably damaged if any of the provisions of this
Agreement are not performed by the other in accordance with their specific terms
or are otherwise breached.  It is accordingly agreed that each party shall be
entitled to seek an injunction or injunctions to prevent breaches of this
Agreement by the other and to enforce this Agreement and the terms and
provisions hereof specifically against the other, in addition to any other
remedy to which such aggrieved party may be entitled at law or in equity.  Any
action or proceeding seeking to enforce any provision of, or based on any rights
arising out of, this Agreement may be brought against any of the parties in the
courts of the State of Delaware, County of New Castle, or in the United States
District Court for the District of Delaware, and each of the parties consents to
the jurisdiction of such courts (and of the appropriate appellate courts) in any
such action or proceeding and waives any objection to venue laid therein.
Process in any action or proceeding referred to in the preceding sentence may be
served on any party anywhere in the world.

          (c)  Survival.  The respective indemnitees, agreements,
               --------
representations, warranties and each other provision set forth in this Agreement
or made pursuant hereto shall survive delivery of and payment for the Shares,
Additional Shares (if any) and Investment Warrant pursuant to the Amended and
Restated Purchase Agreement, the delivery of the Incentive Warrants pursuant to
the Service Agreement, the delivery of the shares of Common Stock issuable upon
exercise of the Warrants and the transfer and registration of Registrable
Securities by any Holder.

          (d)  Successors and Assigns.  The rights and obligations set forth
               ----------------------
herein may not be assigned or delegated, in whole or in part, by the Company or
the Holders without the prior written consent of the other party, except that
the Holders may assign, in whole or in part, any of its rights and delegate its
obligations hereunder in accordance with the provisions of Section 9 hereof
without obtaining the prior written consent of the Company.  Any attempted
assignment by a party of any of its rights or obligations hereunder in violation
of this Section 13(d) shall be null and void. This Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns.

          (e)  Entire Agreement; Amendment.  Except as expressly provided to the
               ---------------------------
contrary in any separate agreement, this Agreement constitutes the full and
entire understanding and agreement between the parties with regard to the
subject matter hereof, and supersedes all prior agreements and understandings
among the parties relating to the subject matter hereof.  Neither this Agreement
nor any term hereof may be amended, waived, discharged or terminated other than
by a written instrument signed by the party against whom enforcement of any such
amendment, waiver, discharge or termination is sought.

          (f)  Notices.  All notices, requests, demands or other communications
               -------
that are required or may be given pursuant to the terms of this Agreement shall
be in writing and shall be deemed to have been duly given:  (A) on the date of
delivery if personally delivered by hand, (B) upon the third day after such
notice is (1) deposited in the United States mail, if mailed by

                                     - 19 -
<PAGE>
registered or certified mail, postage prepaid, return receipt requested, or (2)
sent by a nationally recognized overnight express courier, or (C) by facsimile
upon written confirmation (other than the automatic confirmation that is
received from the recipient's facsimile machine) of receipt by the recipient of
such notice:

               (i)       if to the Company, to it at:

                         Concurrent Computer Corporation
                         4375 RiverGreen Parkway
                         Duluth, GA  30096
                         Facsimile Number:  (678) 258-4314
                         Attention: Steve Norton

                         with a copy to:

                         King & Spalding
                         191 Peachtree Street
                         Atlanta, GA  30303
                         Tel:  (404) 572-4600
                         Fax:  (404) 572-5100
                         Attention:  John D. Capers, Jr.

               (ii)      if to the Provider or any Holder, to it at:

                         c/o Comcast Corporation
                         1500 Market Street
                         Philadelphia, PA  19102-2148
                         Attention:  General Counsel
                         Facsimile Number:  (215) 981-7794

                         with a copy to:

                         Howard A. Blum, Esq.
                         Drinker Biddle & Reath LLP
                         One Logan Square
                         18th and Cherry Streets
                         Philadelphia, PA  19103-6996
                         Facsimile Number:  (215) 988-2757

               (iii)     if to any other Holder, to it at such address as is
provided to the Company in the written notice described in Section 9;

or  to such other address or facsimile number as any party may have furnished to
the  others  in writing in accordance herewith, except that notices of change of
address  or  facsimile  number  shall  be  effective  only  upon  receipt.

                                     - 20 -
<PAGE>
          (g)  Delays or Omissions.  No delay or omission to exercise any right,
               -------------------
power or remedy accruing to any person hereunder shall impair any such right,
power or remedy nor shall it be construed to be a waiver of any such breach or
default, or an acquiescence therein, or of or in any similar breach or default
thereafter occurring, nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter
occurring.  Any waiver, permit, consent or approval of any kind or character on
the part of any person hereunder of any breach or default under this Agreement,
or any waiver on the part of any such person of any provisions or conditions of
this Agreement, must be in writing and shall be effective only to the extent
specifically set forth in such writing.  All remedies either under this
Agreement or by law or otherwise shall be cumulative and not alternative.

          (h)  Severability.  If any term, provision, covenant or restriction of
               ------------
this Agreement is held by a court of competent jurisdiction to be invalid, void
or unenforceable, the remainder of the terms, provisions, covenants and
restriction of this Agreement shall remain in full force and effect and shall in
no way be affected, impaired or invalidated.

          (i)  Counterparts.  This Agreement may be executed in two or more
               ------------
partially or fully executed counterparts and by facsimile signatures, each of
which shall be deemed an original and shall bind the signatory, but all of which
together shall constitute but one and the same instrument.  The execution and
delivery of the signature page to this Agreement by any party hereto who shall
have been furnished the final form of this Agreement shall constitute the
execution and delivery of this Agreement by such party.

          (j)  Further Assurances.  Each of the Company and the Holders shall
               ------------------
use its reasonable efforts at any time and from time to time to execute and
deliver to the other such further documents and instruments and to take all such
further actions as the other may reasonably request in order to consummate the
transactions contemplated hereby.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                     - 21 -
<PAGE>
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their respective authorized officers as of the date first above written.

                              CONCURRENT COMPUTER CORPORATION

                              By:  /s/  Steven R. Norton
                                 ---------------------------------

                              Name:  Steven R. Norton
                                   -------------------------------

                              Title:  EVP and CFO
                                    ------------------------------

                              COMCAST CONCURRENT HOLDINGS, INC.

                              By:  /s/  Rosemarie S. Peta
                                 ---------------------------------

                              Name:  Rosemarie S. Peta
                                   -------------------------------

                              Title:  Vice President
                                    ------------------------------

                [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

<PAGE><PAGE>

                                  Exhibit 10.11
                                  -------------

                           PURCHASE AND SALE AGREEMENT
                             AND ESCROW INSTRUCTIONS

                                 BY AND BETWEEN

                              KILROY REALTY, L.P.,
                         a Delaware limited partnership

                                   ("Seller")

                                       and

                         TRIPLE NET PROPERTIES, L.L.C.,
                      a Virginia limited liability company

                                    ("Buyer")

                      Dated effective as of April 16, 2001

<PAGE>

                                TABLE OF CONTENTS
                                -----------------
<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----
<S>                                                                                                            <C>
ARTICLE I. PURCHASE AND SALE ..................................................................................   1

         Section 1.1       Agreement of Purchase and Sale .....................................................   1
         Section 1.2       Property Defined ...................................................................   2
         Section 1.3       Purchase Price .....................................................................   2
         Section 1.4       Payment of Purchase Price ..........................................................   2
         Section 1.5       Opening of Escrow; Deposit .........................................................   3
         Section 1.6       Deposit as Liquidated Damages ......................................................   3
         Section 1.7       Escrow Holder ......................................................................   4

ARTICLE II. TITLE AND SURVEY ..................................................................................   4

         Section 2.1       Contingency Period .................................................................   4
         Section 2.2       Title Examination ..................................................................   5
         Section 2.3       Permitted Exceptions ...............................................................   5
         Section 2.4       Conveyance of Title ................................................................   6

ARTICLE III. REVIEW OF PROPERTY ...............................................................................   6

         Section 3.1       Right of Inspection ................................................................   6
         Section 3.2       Environmental Reports ..............................................................   7
         Section 3.3       Right of Termination ...............................................................   7
         Section 3.4       Review of Tenant Estoppel Certificate ..............................................   8
         Section 3.5       Rights Upon Termination ............................................................   8

ARTICLE IV. CLOSING ...........................................................................................   9

         Section 4.1       Time and Place .....................................................................   9
         Section 4.2       Seller's Obligations at Closing ....................................................   9
         Section 4.3       Buyer's Obligations at Closing .....................................................  10
         Section 4.4       Credits and Prorations .............................................................  1l
         Section 4.5       Transaction Taxes and Closing Costs ................................................  13
         Section 4.6       Conditions Precedent to Obligation of Buyer ........................................  14
         Section 4.7       Conditions Precedent to Obligation of Seller .......................................  15

ARTICLE V. REPRESENTATIONS, WARRANTIES AND COVENANTS ..........................................................  15

         Section 5.1       Representations and Warranties of Seller ...........................................  15
         Section 5.2       Survival of Seller's Representations and Warranties ................................  16
         Section 5.3       Covenants of Seller ................................................................  16
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>                                                                                                              <C>
         Section 5.4       Representations and Warranties of Buyer ............................................  17
         Section 5.5       Survival of Buyers Representations and Warranties ..................................  17
         Section 5.6       Covenant of Buyer ..................................................................  17

ARTICLE VI. DEFAULT ...........................................................................................  18

         Section 6.1       Default by Buyer ...................................................................  18
         Section 6.2       Default by Seller ..................................................................  18
         Section 6.3       Recoverable Damages ................................................................  18

ARTICLE VII. RISK OF LOSS .....................................................................................  18

         Section 7.1       Minor Damage .......................................................................  18
         Section 7.2       Major Damage .......................................................................  19
         Section 7.3       Definition of Major Loss or Damage .................................................  19

ARTICLE VIII. COMMISSIONS .....................................................................................  19

         Section 8.1       Brokerage Commissions ..............................................................  19

ARTICLE IX. DISCLAIMERS AND WAIVERS ...........................................................................  20

         Section 9.1       No Reliance on Documents ...........................................................  20
         Section 9.2       AS IS SALE; DISCLAIMERS ............................................................  20
         Section 9.3       Survival of Disclaimers ............................................................  22

ARTICLE X. MISCELLANEOUS ......................................................................................  22

         Section 10.1      Confidentiality ....................................................................  22
         Section 10.2      Public Disclosure ..................................................................  22
         Section 10.3      Assignment .........................................................................  22
         Section 10.4      Notices ............................................................................  23
         Section 10.5      Modifications ......................................................................  23
         Section 10.6      Entire Agreement ...................................................................  24
         Section 10.7      Further Assurances .................................................................  24
         Section 10.8      Counterparts .......................................................................  24
         Section 10.9      Facsimile Signatures ...............................................................  24
         Section 10.10     Severability .......................................................................  24
         Section 10.11     Applicable Law .....................................................................  24
         Section 10.12     No Third-Party Beneficiary .........................................................  24
         Section 10.13     Captions ...........................................................................  24
         Section 10.14     Construction .......................................................................  25
         Section 10.15     Recordation ........................................................................  25
         Section 10.16     Time of the Essence ................................................................  25
</TABLE>

                                       ii

<PAGE>

EXHIBITS
--------

A        -        DESCRIPTION OF LAND
B        -        LIST OF PERSONAL PROPERTY
C        -        LIST OF ENVIRONMENTAL REPORTS
D-1      -        FORM OF TENANT ESTOPPEL CERTIFICATE
D-2      -        FORM OF SELLER ESTOPPEL CERTIFICATE
E        -        ESCROW HOLDER'S GENERAL PROVISIONS
F        -        FORM OF DEED
G        -        FORM OF BILL OF SALE
H        -        FORM OF ASSIGNMENT OF LEASES
I        -        FORM OF ASSIGNMENT OF CONTRACTS
J        -        FORM OF TENANT NOTICE
K-1      -        FORM OF FIRPTA CERTIFICATE
K-2      -        FORM OF CALFIRPTA CERTIFICATE

                                      iii

<PAGE>

                           PURCHASE AND SALE AGREEMENT
                             AND ESCROW INSTRUCTIONS

     THIS PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS (this "Agreement")
                                                                     ---------
is made effective as of April , 2001 (the "Effective Date"), by and between
                                           --------------
KILROY REALTY, L.P., a Delaware limited partnership ("Seller"), and TRIPLE NET
                                                      ------
PROPERTIES, L.L.C., a Virginia limited liability company ("Buyer").
                                                           -----

                                   ARTICLE I.
                                PURCHASE AND SALE

          Section 1.1 Agreement of Purchase and Sale. Subject to the terms and
                      ------------------------------
conditions hereinafter set forth, Seller agrees to sell and convey to Buyer, and
Buyer agrees to purchase from Seller, the following:

          (a) those certain parcels of land situated in (i) Washoe County,
Nevada, (ii) Clark County, Nevada, and (iii) Riverside County, California, more
particularly described in Exhibit A attached hereto and made a part hereof,
                          ---------
together with all rights and appurtenances pertaining to such property,
including any right, title and interest of Seller in and to adjacent streets,
alleys or rights-of-way (the property described in clause (a) of this Section
1.1 being herein referred to collectively as the "Land");
                                                  ----

          (b) the four (4) buildings located on the Land, commonly known as
follows: (i) 795 Trademark Drive in Reno, Nevada, (ii) 1840 Aerojet Way in North
Las Vegas, Nevada, (iii) 1900 Aerojet Way in North Las Vegas, Nevada, and (iv)
41093 County Center Drive in Temecula, California; and any and all other
buildings, structures, fixtures and other improvements affixed to or located on
the Land, excluding fixtures owned by tenants (the property described in clause
(b) of this Section 1.1 being herein referred to collectively as the
"Improvements");
 ------------

          (c) any and all of Seller's right, title and interest in and to all
tangible personal property located upon the Land or within the Improvements,
including, without limitation, any and all appliances, furniture, carpeting,
draperies and curtains, tools and supplies, and other items of personal property
owned by Seller, located on and used exclusively in connection with the
operation of the Land and the Improvements, which personal property includes
without limitation the personal property listed on Exhibit B attached hereto
                                                   ---------
(the property described in clause (c) of this Section 1.1 being herein referred
to collectively as the "Personal Property");
                        -----------------

          (d) any and all of Seller's right, title and interest in and to the
leases, licenses, and occupancy agreements covering all or any portion of the
Real Property (as such term is defined in Section 1.2 hereof), to the extent
they are in effect on the date of the Closing (as such term is defined in
Section 4.1 hereof) (the property described in clause (d) of this Section 1.1
being referred to collectively as

                                       1

<PAGE>

the "Leases"), together with all rents and other sums due thereunder (the
     ------
"Rents") and any and all unapplied security deposits in Seller's possession in
 -----
connection therewith (the "Security Deposits"), and
                           -----------------

          (e) any and all of Seller's right, title and interest in and to (i)
all assignable contracts and agreements (collectively, the "Operating
                                                            ---------
Agreements") a list of which shall be provided by Seller within ten (10)
----------
business days of the Effective Date, relating to the upkeep, repair, maintenance
or operation of the Land, Improvements or Personal Property, (ii) all assignable
existing warranties and guaranties (express or implied) issued to Seller in
connection with the Improvements or the Personal Property, and (iii) all
assignable existing permits, licenses, approvals and authorizations issued by
any governmental authority in connection with each Property (the property
described in clause (e) of this Section 1.1 being sometimes herein referred to
collectively as the "Intangibles").
                     -----------

          Section 1.2 Property Defined. The Land and the Improvements are
                      ----------------
hereinafter sometimes referred to collectively as the "Real Property." The Real
                                                       -------------
Property, the Personal Property, the Leases and the Intangibles respecting each
individual parcel are hereinafter sometimes referred to collectively as the
"Property." The Real Property, the Personal Property, the Leases and the
 --------
Intangibles respecting all four (4) buildings are hereinafter sometimes referred
to as the "Properties." The Properties contain, in the aggregate, approximately
           ----------
three hundred sixty-two thousand five hundred four (362,504) rentable square
feet.

          Section 1.3 Purchase Price. Seller is to sell and Buyer is to purchase
                      --------------
the Properties for the amount of Twenty-Two Million Six Hundred Thousand Dollars
($22,600,000) (the "Purchase Price"). The Purchase Price is allocated, among the
                    --------------
buildings as follows:

          (a) Five Million Two Hundred Forty Four Thousand Six Hundred Ninety
and 79/100 Dollars ($5,244,690.79) for the Property at 41093 County Center
Drive, in Temecula, California;

          (b) Four Million Nine Hundred Sixty Seven Thousand One Hundred Twenty
Seven and 57/100 Dollars ($4,967,127.57) for the Property at 1900 Aerojet Way in
North Las Vegas, Nevada;

          (c) Four Million Eight Hundred Ninety Seven Thousand Three Hundred
Sixty Seven and 95/100 Dollars ($4,897,367.95) for the Property at 1840 Aerojet
Way in North Las Vegas, Nevada; and

          (d) Seven Million Four Hundred Ninety Thousand Eight Hundred Thirteen
and 68/100 Dollars ($7,490,813.68) for the Property at 795 Trademark in Reno,
Nevada.

          Section 1.4 Payment of Purchase Price. The Purchase Price, as
                      -------------------------
increased or decreased by prorations and adjustments and, if applicable, the

                                       2

<PAGE>

Acquisition Fee (as defined in Section 8.1), as herein provided, shall be
payable in full at Closing in cash by wire transfer of immediately available
funds to a bank account designated by Seller in writing to Buyer prior to the
Closing. Not less than one (1) business day prior to Closing, Buyer shall
deposit into Escrow (as defined in Section 1.5 below), in cash or other
immediately available funds, the full amount of the Purchase Price, as increased
or decreased by prorations and adjustments as herein provided, minus the amount
of the Deposit previously deposited by Buyer into Escrow.

          Section 1.5 Opening of Escrow; Deposit. Within three (3) days of the
                      --------------------------
Effective Date, Buyer shall deposit with Chicago Title Company (the "Escrow
                                                                     ------
Holder"), having its office at Chicago Title Company, 560 East Hospitality Lane,
------
San Bernardino, California 92408, Attention: Kandy Knotts, a fully executed
original of this Agreement and the sum of Two Hundred Fifty Thousand Dollars
($250,000) (the "First Deposit") in good funds either by certified bank or
                 -------------
cashier's check or by federal wire transfer. Within one (1) business day of the
end of the Contingency Period, Buyer shall deposit with Escrow Holder the sum of
Two Hundred Fifty Thousand Dollars ($250,000) (the "Second Deposit") in good
                                                    --------------
funds either by certified bank or cashier's check or by federal wire transfer.
The First Deposit and the Second Deposit are hereinafter referred to
collectively as the "Deposit." The Deposit shall be released to Seller
                     -------
immediately upon the expiration of the Contingency Period (the "Release Date")
                                                                ------------
unless Buyer has elected to terminate this Agreement in the manner set forth
herein. Prior to the expiration of the Contingency Period, Escrow Holder shall
hold the Deposit in an interest bearing account of a federally insured bank or
savings and loan association acceptable to Buyer, and shall otherwise handle the
Deposit in accordance with the terms, and conditions of this Agreement. All
interest accrued on the Deposit prior to the Release Date shall be credited to
the Purchase Price upon the close of Escrow. Buyer shall be responsible for the
payment of all costs and fees imposed on the Deposit account. The failure of
Buyer to timely deliver any portion of the Deposit hereunder shall be a material
default, and shall entitle Seller, at Seller's sole option, to terminate this
Agreement immediately. Except as otherwise specifically provided in Sections 3.5
and 6.2, and Article VII hereof, the Deposit and the accrued interest thereon
shall be nonrefundable upon expiration of the Contingency Period.

          Section 1.6 Deposit as Liquidated Damages. AFTER THE EXPIRATION OF THE
                      -----------------------------
CONTINGENCY PERIOD (AS DEFINED BELOW), IN THE EVENT THE SALE OF THE PROPERTIES
AS CONTEMPLATED HEREUNDER IS NOT CONSUMMATED BY REASON OF BUYER'S MATERIAL
DEFAULT UNDER THIS AGREEMENT, THE DEPOSIT (INCLUDING ALL INTEREST EARNED FROM
THE INVESTMENT THEREOF) SHALL BE RETAINED BY SELLER AS LIQUIDATED DAMAGES.
SELLER'S ACTUAL DAMAGES IN THE EVENT THE SALE IS NOT. CONSUMMATED ARE EXTREMELY
DIFFICULT OR IMPRACTICABLE TO DETERMINE AT THE EFFECTIVE DATE. THEREFORE, BY
SEPARATELY EXECUTING THIS SECTION 1.6 BELOW, THE PARTIES ACKNOWLEDGE THAT THE
AMOUNT OF THE DEPOSIT HAS BEEN AGREED UPON, AFTER NEGOTIATION, AS THE

                                       3

<PAGE>

PARTIES' REASONABLE ESTIMATE OF SELLER'S DAMAGES AND NOT A PENALTY, AND SHALL BE
SELLER'S SOLE AND EXCLUSIVE REMEDY AGAINST BUYER ARISING FROM A FAILURE OF THE
SALE TO CLOSE. IN ADDITION, BUYER SHALL PAY ALL TITLE, SURVEY AND ESCROW
CANCELLATION CHARGES. NOTWITHSTANDING THE FOREGOING, IN NO EVENT SHALL THIS
SECTION 1.6 LIMIT THE DAMAGES RECOVERABLE BY EITHER PARTY AGAINST THE OTHER
PARTY DUE TO THE OTHER PARTY'S OBLIGATION TO INDEMNIFY SUCH PARTY IN ACCORDANCE
WITH THIS AGREEMENT. BY THEIR SEPARATELY EXECUTING THIS SECTION 1.6. BELOW,
BUYER AND SELLER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTOOD THE ABOVE
PROVISION COVERING LIQUIDATED DAMAGES, AND THAT EACH PARTY WAS REPRESENTED BY
COUNSEL WHO EXPLAINED THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION AT
THE TIME THIS AGREEMENT WAS EXECUTED.

KILROY REALTY, L.P.,                        TRIPLE NET PROPERTIES, L.L.C.,
a Delaware limited partnership              a Virginia limited liability company

By:  KILROY REALTY CORPORATION,
     a Maryland corporation, its General    By:    _____________________________
     Partner                                Name:  Anthony W. Thompson
                                            Title: Chairman and Chief
                                                   Executive Officer

By:  __________________________________
Name:  Jeffrey Hawken
Title: Executive Vice President

By:  __________________________________
Name:  Tyler H. Rogese
Title: Senior Vice President and Treasurer

          Section 1.7 Escrow Holder. Escrow Holder shall hold and dispose of the
                      -------------
Deposit in accordance with the terms of this Agreement. Escrow Holder shall
incur no liability in connection with the safekeeping or disposition of the
Deposit for any reason other than Escrow Holder's breach of contract, willful
misconduct or negligence. If Escrow Holder is in doubt as to its duties or
obligations with regard to the Deposit, or if Escrow Holder receives conflicting
instructions from Buyer and Seller with respect to the Deposit, Escrow Holder
shall not be required to disburse the Deposit and may, at its option, continue
to hold the Deposit until both Buyer and Seller agree as to its disposition, or
until a final judgment is entered by a court of competent jurisdiction directing
its disposition, or Escrow Holder may interplead the Deposit in accordance with
the laws of California. Escrow Holder shall not be responsible for any interest
on the Deposit except as is actually earned, or for the loss of any interest
resulting from the withdrawal of the Deposit prior to the date interest is
posted thereon. Escrow Holder's General Provisions are attached hereto as
Exhibit E and made a part hereof.
---------

                                       4

<PAGE>

                                   ARTICLE II.
                                TITLE AND SURVEY

          Section 2.1  Contingency Period. During the period beginning on the
                       ------------------
Effective Date and ending at 5:00 p.m. (Pacific Standard Time) on that date
which is twenty (20) days following the Effective Date (hereinafter referred to
as the "Contingency Period"), Buyer shall have the right to review: (a) a
        ------------------
current preliminary title report covering each Property and all underlying
exceptions, which shall be obtained by Seller, at Seller's cost; (b) copies of
the most recent property tax bills for each Property, (c) a copy of the most
current survey of the Real Property in Seller's possession, if any, (d) copies
of the Leases, certified rent roll and Operating Agreements (the items referred
to in clauses (a) through (d) of this Section 2.1 are hereinafter referred to as
the "Title Contingency Items"). Seller shall deliver or cause to be delivered to
     -----------------------
Buyer the Title Contingency Items promptly after the Effective Date but in no
event later than ten (10) days after the Effective Date. During the Contingency
Period, Buyer shall also have the right to review a new or updated survey of the
Real Property prepared by a licensed surveyor or engineer, obtained by Buyer at
Buyer's sole cost (the "Survey").
                        ------

          Section 2.2  Title Examination. Buyer shall notify Seller in a
                       -----------------
reasonably detailed writing (the "Title Notice") prior to the expiration of the
                                  ------------
Contingency Period which exceptions to title (including survey matters), if any,
will not be accepted by Buyer and the specific reasonable grounds for
disapproval thereof. Any exception to title which Buyer fails to disapprove
prior to the expiration of the Contingency Period shall be deemed conclusively
to have been approved by Buyer. If Buyer notifies Seller in writing that Buyer
objects to an exception to title, then Seller shall have five (5) business days
after receipt of the Title Notice to notify Buyer that Seller either (a) will
remove such objectionable exception from title on or before the Closing;
provided that Seller may extend the Closing for such period as shall be required
to effect such cure, but not beyond fifteen (15) days; or (b) elects not to
cause such exception to be removed (a "Non-Removal Notice"). If Seller fails to
                                       ------------------
notify Buyer of its election within said five (5) day period, then Seller shall
be deemed to have delivered a Non-Removal Notice as to that exception. The
procurement by Seller of a commitment for the issuance of the Title Policy or an
endorsement thereto reasonably satisfactory to Buyer and insuring Buyer against
any title exception which was disapproved pursuant to this Section 2.2 shall be
deemed a cure by Seller of such disapproval. If Seller gives (or is deemed to
have given) Buyer a Non-Removal Notice, then Buyer shall have two (2) business
days within which to notify Seller in writing that Buyer elects to either (i)
nevertheless proceed with the purchase and take title to the Properties subject
to such exceptions, or (ii) terminate this Agreement pursuant to the provisions
of Section 3.5 below. If Buyer fails to notify Seller in writing of its election
within said two (2) business day period, then Buyer shall be deemed to have
elected to proceed with the purchase and take title to the Properties subject to
such exceptions. Notwithstanding the foregoing, Buyer need not disapprove any
monetary lien representing monies owed, and Seller hereby agrees to cause all
such monetary

                                       5

<PAGE>

liens (other than non-delinquent ad valorem real estate taxes and assessments)
to be removed at or prior to Closing. If Seller fails to remove any such
monetary lien prior to Closing, then Buyer shall apply such portion of the
Purchase Price as is necessary to cause the removal of such items prior to
Closing, and the proceeds of Escrow to be otherwise distributed to Seller upon
Closing shall be reduced by the amount so applied. The operation of the notice
and approval provisions of this Section 2.2 shall extend the Contingency Period
only as to those matters which Buyer has disapproved as of the original
expiration of the Contingency Period and only until such time as Buyer has
either approved (or have been deemed to approved) the condition of title to the
Real Property or elected to terminate this Agreement.

          Section 2.3  Permitted Exceptions. The Properties shall be conveyed
                       --------------------
subject to the following matters, which are hereinafter referred to as the
"Permitted Exceptions":
 --------------------

          (a) those matters that either approved or deemed approved by Buyer in
accordance with Section 2.2 hereof;

          (b) the rights of tenants under the Leases;

          (c) the lien of all ad valorem real estate taxes and assessments not
yet due and payable as of the date of Closing, subject to proration as herein
provided;

          (d) local, state and federal laws, ordinances or governmental
regulations, including but not limited to building and zoning laws, ordinances
and regulations, now or hereafter in effect relating to the Properties; and

          (e) items shown on the Survey and not objected to by Buyer, or waived
or deemed waived by Buyer in accordance with Section 2.2 hereof.

          Section 2.4  Conveyance of Title. At Closing, Seller shall convey and
                       -------------------
transfer to Buyer fee simple title to the Real Property by execution and
delivery of a Deed (as defined in Section 4.2(a) hereof) respecting each
Property individually. Evidence of delivery of such title shall be the issuance
by Chicago Title Company (the "Title Company"), or another national title
                               -------------
company mutually approved, by Buyer and Seller, of a CLTA Standard Coverage
Owner's Policy of Title Insurance (the "Title Policy") covering the Real
                                        ------------
Property, in the aggregate amount of the Purchase Price, showing fee title to
each Property vested exclusively in Buyer, subject only to the Permitted
Exceptions. Buyer may obtain an ALTA Extended Coverage Owner's Policy of Title
Insurance so long as the Closing is not thereby delayed. Buyer shall pay the
additional premium for such policy and the cost of any required ALTA survey.

                                  ARTICLE III.
                              REVIEW OF PROPERTIES

                                       6

<PAGE>

          Section 3.1  Right of Inspection. During the Contingency Period, Buyer
                       -------------------
shall, at its own cost and expense, have the right to make a physical inspection
of the Real Property, including an inspection of the environmental condition
thereof pursuant to the terms and conditions of this Agreement, to examine at
each Property (or the property manager's office, as the case may be) documents
and files located at each Property or the property manager's office concerning
the leasing, maintenance and operation of each Property, but excluding Seller's
partnership or corporate records, internal memoranda, financial projections,
budgets, appraisals, accounting and tax records and similar proprietary,
confidential or privileged information (collectively, the "Confidential
                                                           ------------
Documents"). If required by law, Seller shall use its best efforts to provide a
---------
Natural Hazards Disclosure Report to Buyer within fifteen (15) business days of
the opening of Escrow.

Any on-site inspections of the Properties shall occur only (i) at reasonable
times agreed upon by Seller and Buyer after at least one (1) business day's
prior written notice to Seller; (ii) in a manner that will not unreasonably
damage the Properties, unreasonably disturb or disrupt the business activities
of Seller or unreasonably interfere with the use of the Properties by Seller or
its tenants; and (iii) after delivery of evidence satisfactory to Seller that
adequate public liability and other insurance respecting such work has been
obtained by Buyer naming as additional insureds Seller and any other person or
entity designated by Seller as having an insurable interest in the same. Seller
may have a representative present during any such inspections. If Buyer desires
to do any invasive testing at the Properties, Buyer shall do so only after
notifying Seller and obtaining Seller's prior written consent thereto, which
consent may be subject to any terms and conditions imposed by Seller in its sole
discretion, including, without limitation, the prompt restoration of the
Properties to substantially its condition prior to any such inspections or
tests, at Buyer's sole cost and expense. Buyer shall keep the Properties free
and clear of any liens arising out of Buyer's entry onto or inspection of the
Properties. At Seller's option, Buyer will furnish to Seller copies of any
reports received by Buyer relating to any inspection of the Properties, without
representation or warranty of any kind (express, implied or otherwise) as to the
content and accuracy thereof, and at no charge to Seller other than the costs of
reproduction. Buyer agrees to protect, indemnify, defend (with counsel
satisfactory to Seller) and hold Seller harmless from and against any claim for
liabilities, losses, costs, expenses (including reasonable attorneys' fees),
damages or injuries arising out of, or directly resulting from the inspection of
the Properties by Buyer or its agents or consultants, and notwithstanding
anything to the contrary in this Agreement, such obligation to indemnify and
hold harmless Seller shall survive Closing or any termination of this Agreement.

          Section 3.2  Environmental Reports. BUYER ACKNOWLEDGES THAT (1) BUYER
                       ---------------------
HAS RECEIVED COPIES OF THE ENVIRONMENTAL REPORTS LISTED ON EXHIBIT C ATTACHED
                                                           ---------
HERETO WITHOUT REPRESENTATION AND WARRANTY, AND (2) IF SELLER DELIVERS ANY
ADDITIONAL ENVIRONMENTAL REPORTS TO BUYER, BUYER WILL

                                       7

<PAGE>

ACKNOWLEDGE IN WRITING THAT IT HAS RECEIVED SUCH REPORTS PROMPTLY UPON RECEIPT
THEREOF. SELLER SHALL HAVE NO LIABILITY OR OBLIGATION WHATSOEVER FOR ANY
INACCURACY IN OR OMISSION FROM ANY ENVIRONMENTAL REPORT. BUYER SHALL HAVE NO
CLAIMS AGAINST THE PREPARER OF ANY ENVIRONMENTAL REPORT PROVIDED BY SELLER.
BUYER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO THE EXPIRATION OF THE CONTINGENCY
PERIOD, ITS OWN INVESTIGATION OF THE ENVIRONMENTAL CONDITION OF THE PROPERTIES
TO THE EXTENT BUYER DEEMS SUCH AN INVESTIGATION TO BE NECESSARY OR APPROPRIATE.

          Section 3.3  Right of Termination. Prior to the expiration of the
                       --------------------
Contingency Period, Buyer shall provide Seller with written notice stating which
Operating Agreements, if any, Buyer has disapproved. Buyer's disapproval of any
Operating Agreements shall be deemed a termination of this Agreement, unless
Seller agrees within three (3) business days to terminate any disapproved
Operating Agreements effective as of Closing (all Operating Agreements, minus
any Operating Agreements Seller has agreed to remove at Closing are hereinafter
referred to as the "Approved Operating Agreements"). Additionally, if for any
                    -----------------------------
reason whatsoever Buyer determines that the Properties or any aspect thereof is
unsuitable for Buyer's acquisition, Buyer shall have the right to terminate this
Agreement by giving written notice thereof to Seller prior to the expiration of
the Contingency Period, and if Buyer gives such notice of termination within the
Contingency Period, then this Agreement shall terminate in accordance with the
provisions of Section 3.5 below. If Buyer fails to give Seller a notice of
termination or fails to disapprove of any Operating Agreements prior to the
expiration of the Contingency Period, then Buyer shall be deemed to have
approved all aspects of the Properties, including, but not limited to all
Operating Agreements (except title and survey, which shall be governed by
Article II hereof) and to have elected to proceed with the purchase of the
Properties pursuant to the terms hereof.

          Section 3.4  Review of Tenant Estoppel Certificate. Seller shall have
                       -------------------------------------
a one time obligation to deliver to each tenant of each Property an estoppel
certificate in substantially the form attached hereto as Exhibit D-1 (the
                                                         -----------
"Tenant Estoppels") and shall request that the tenants complete and sign the
 ----------------
Tenant Estoppels and return them to Seller; provided, however, that Seller shall
use the form of tenant estoppel certificate required by Buyer's lender if Buyer
provides such form to Seller within five (5) business days of the Effective
Date. Seller shall use reasonable efforts to obtain an executed Tenant Estoppel
from each of the tenants at each Property by that date which is five (5) days
prior to the expiration of the Contingency Period (the "Tenant Estoppel Delivery
                                                        ------------------------
Date") but shall deliver copies of the completed Tenant Estoppels to Buyer as
----
Seller receives them. Seller shall be obligated to obtain Tenant Estoppels from
tenants occupying one hundred percent (100%) of the rentable area within the
Properties. Seller shall have the option to deliver a seller estoppel
certificate substantially in the form of Exhibit D-2 hereto ("Seller Estoppel")
                                         -----------          ---------------
in lieu of any required Tenant Estoppels that Seller is unable to obtain. If
Seller elects to deliver any Seller Estoppel(s), Seller shall deliver such

                                        8

<PAGE>

Seller Estoppel(s) to Buyer no later than three (3) business days following the
Tenant Estoppel Delivery Date. Buyer shall notify Seller within two (2) business
days of its receipt of each Tenant Estoppel or Seller Estoppel that such Tenant
Estoppel or Seller Estoppel is not reasonably acceptable to Buyer along with the
detailed reasons for such determination. If Buyer fails to give notice of its
disapproval of the Tenant Estoppel or Seller Estoppel within such two (2)
business day period, then such Tenant Estoppel or Seller Estoppel shall be
deemed to be acceptable to Buyer. If Seller fails to deliver Tenant Estoppels or
Seller Estoppels that are reasonably acceptable to Buyer on or before that date
which is five (5) days following the Tenant Estoppel Delivery Date, then Buyer
shall have the right to terminate this Agreement within five (5) business days
following the Tenant Estoppel Delivery Date pursuant to the provisions of
Section 3.5. If Buyer fails to give Seller a timely notice of termination as set
forth above, then Buyer shall be deemed to have approved the Tenant Estoppels
(or Seller Estoppels, if applicable) and to have elected to proceed with the
purchase of the Properties pursuant to the terms hereof. If a Tenant Estoppel is
received from a tenant after Seller provides a Seller Estoppel, then such Tenant
Estoppel shall be substituted for said Seller Estoppel and Seller shall have no
further liability thereunder, provided that the Tenant Estoppel contains no
material changes or, if materially changed, is otherwise acceptable to Buyer.
The provisions of this Section 3.4 shall survive the Closing.

          Section 3.5  Rights Upon Termination. If this Agreement is terminated
                       -----------------------
by Buyer in the manner and within the applicable time period(s) provided
pursuant to any of Sections 2.2, 3.3, 3.4, 5.3(b) or Article VII, or because of
a failure of a condition precedent to Buyer's obligations hereunder as set forth
in Section 4.6 below, then (i) the Deposit plus all accrued interest thereon
shall be returned to Buyer, (ii) all instruments in Escrow shall be returned to
the party depositing the same, (iii) Buyer shall return all items previously
delivered by Seller to Buyer, (iv) Buyer and Seller shall each pay one-half (%2)
of all Escrow and title cancellation charges, and (iv) neither party shall have
any further rights, obligations or liabilities whatsoever to the other party
concerning the Properties by reason of this Agreement, except for any indemnity
obligations of either party pursuant to the provisions of this Agreement or
otherwise expressly stated in this Agreement to survive termination. The
provisions of this Section 3.5 shall survive the Closing.

                                   ARTICLE IV.
                                     CLOSING

          Section 4.1  Time and Place. The consummation of the transaction
                       --------------
contemplated hereby (the "Closing") shall be consummated on or before that day
                          -------
which is thirty (30) days following the expiration of the Contingency Period,
provided, however, if such day is not a business day, then the Closing shall
occur on the next following business day (the "Closing Date"). Notwithstanding
                                               ------------
the foregoing, Seller shall have the option (the "Seller Option") to extend the
                                                  -------------
Closing Date by giving written notice to Buyer and Escrow Holder of such
extension no later than five (5) business days prior to the then scheduled
Closing Date.

                                       9

<PAGE>

          The Closing shall be consummated through the Escrow administered by
Escrow Holder. At the Closing, Seller and Buyer shall perform the obligations
set forth in, respectively, Section 4.2 and Section 4.3 hereof, the performance
of which obligations shall be concurrent conditions.

          Section 4.2  Seller's Obligations at Closing. At, or prior to Closing,
                       -------------------------------
Seller shall:

          (a) with respect to each Property, deliver to Buyer through Escrow a
duly executed and acknowledged grant deed in the form attached hereto as Exhibit
                                                                         -------
F (the "Deed");
-       ----

          (b) with respect to each Property, deliver to Buyer through Escrow a
duly executed bill of sale in the form attached hereto as Exhibit G (the "Bill
                                                          ---------       ----
of Sale");
-------

          (c) assign to Buyer, and Buyer shall assume through Escrow the
landlord/lessor interest in and to the Leases, Rents, and Security Deposits, and
any and all obligations to pay leasing commissions and finder's fees with
respect to the Leases and amendments, renewals and expansions thereof, to the
extent provided in Section 4.4(b)(iv) hereof, by duly executed assignment and
assumption agreement (the "Assignment of Leases") in the form attached hereto as
                           --------------------
Exhibit H;
---------

          (d) to the extent assignable, assign to Buyer, and Buyer shall assume,
through Escrow Seller's interest in the Approved Operating Agreements and the
other intangibles by duly executed assignment and assumption agreement (the
"Assignment of Contracts") in the form attached hereto as Exhibit I;
 -----------------------                                  ---------

          (e) join with Buyer to execute notices in the form attached hereto as
Exhibit J (the "Tenant Notices"), which Buyer shall send to each tenant under
---------       --------------
each of the Leases promptly after the Closing, informing such tenant of the sale
of the applicable Property and of the assignment to Buyer of Seller's interest
in, and obligations under, the Leases (including, if applicable, any Security
Deposits), and directing that all Rent and other sums payable after the Closing
under such Lease be paid as set forth in the notice;

          (f) deliver to the Title Company such evidence as the Title Company
may reasonably require as to the authority of the Person or persons executing
documents on behalf of Seller;

          (g) deliver to Buyer certificates in the form attached hereto as
Exhibit K-1 and K-2 duly executed by Seller;
-----------

          (h) deliver to Buyer outside of Escrow the Lease and the Operating
Agreements, together with such leasing and property files and records located at
each Property or the property manager's office which are material in connection

                                       10

<PAGE>

with the continued operation, leasing and maintenance of each Property, but
excluding any Confidential Documents. For a period of three (3) years after the
Closing, Buyer shall allow Seller and its representatives access without charge
to all files, records and documents delivered to Buyer at the Closing, upon
reasonable advance notice and at all reasonable times, to make copies of any and
all such files, records and documents, which right shall survive the Closing;

          (i) deliver such affidavits as may be customarily and reasonably
required by the Title Company, in a form reasonably acceptable to Seller;

          (j) deliver to Buyer exclusive possession and occupancy of the
Properties, subject to the Permitted Exceptions;

          (k) execute and deliver a closing statement acceptable to Seller; and

          (1) deliver such additional documents as shall be reasonably required
to consummate the transaction contemplated by this Agreement.

          Section 4.3 Buyer's Obligations at Closing. At, or prior to Closing,
                      ------------------------------
Buyer shall:

          (a) pay to Seller through Escrow the full amount of the Purchase Price
(which amount shall include the Deposit and all accrued interest as provided
herein), as increased or decreased by prorations and adjustments as herein
provided, in immediately available wire transferred funds pursuant to Section
1.4 hereof;

          (b) with respect to each Property, join Seller in execution and
delivery through Escrow of the Assignment of Leases, Assignment of Contracts and
Tenant Notices;

          (c) deliver to Seller such evidence as the Title Company may
reasonably require as to the authority of the person or persons executing
documents on behalf of Buyer;

          (d) deliver such affidavits, as may be customarily and reasonably
required by the Title Company, in a form reasonably acceptable to Buyer;

          (e) execute and deliver a closing statement acceptable to Buyer; and

          (f) deliver such additional documents as shall be reasonably required
to consummate the transaction contemplated by this Agreement.

          Section 4.4 Credits and Prorations.
                      ----------------------

          (a) All income and expenses of the Properties shall be apportioned as
of 12:01 a.m. on the day of Closing as if Buyer were vested with title to the

                                       11

<PAGE>

Properties during the entire day upon which Closing occurs. Such prorated items
include without limitation the following:

                (i)   Rents for the calendar month in which Closing occurs, as
determined by Seller's rent roll;

                (ii)  taxes and assessments (including personal property taxes
on the Personal Property) levied against the Properties;

                (iii) utility charges for which Seller is liable, if any, such
charges to be apportioned at Closing on the basis of the most recent meter
reading occurring prior to Closing (dated not more than fifteen (15) days prior
to Closing) or, if unmetered, on the basis of a current bill for each such
utility;

                (iv)  all amounts payable with respect to leases entered into,
renewed or extended after the date hereof under brokerage agreements and
Operating Agreements; and

                (v) any other operating expenses or other items pertaining to
each Property which are customarily prorated between a buyer and a seller in the
County in which such Property is located.

          (b)   Notwithstanding anything contained in Section 4.4(a) hereof

                (i)   At Closing, (A) Seller shall, at Seller's option, either
deliver to Buyer any Security Deposits actually held by Seller pursuant to the
Lease or credit to the account of Buyer the amount of such Security Deposits (to
the extent such Security Deposits have not been applied against delinquent Rents
or otherwise as provided in the Lease), and (B) Buyer shall credit to the
account of Seller all refundable cash or other deposits posted with utility
companies serving each Property, or, at Seller's option, Seller shall be
entitled to receive and retain such refundable cash and deposits;

                (ii)  Any taxes paid at or prior to Closing shall be prorated
based upon the amounts actually paid. If taxes and assessments due and payable
during the year of Closing have not been paid before Closing, Seller shall be
charged at Closing an amount equal to that portion of such taxes and assessments
which relates to the period before Closing and Buyer shall pay the taxes and
assessments prior to their becoming delinquent. Any such apportionment made with
respect to a tax year for which the tax rate or assessed valuation, or both,
have not yet been fixed shall be based upon the tax rate and/or assessed
valuation fixed. To the extent that the actual taxes and assessments for the
current year differ from the amount apportioned at Closing, the parties shall
make all necessary adjustments by appropriate payments between themselves within
thirty (30) days after such amounts are determined following Closing, subject to
the provisions of Section 4.4(d) hereof. Buyer shall pay all supplemental taxes
resulting from the change in

                                       12

<PAGE>

ownership and reassessment occurring as the result of the Closing pursuant to
this Agreement;

                (iii) As to utility charges referred to in Section 4.4(a)(iii)
hereof, Seller may upon notice to Buyer elect to pay one or more of all of said
items accrued to the date hereinabove fixed for apportionment directly to the
person or entity entitled thereto, and to the extent Seller so elects, such item
shall not be apportioned hereunder, and Seller's obligation to pay such item
directly in such case shall survive the Closing or any termination of this
Agreement;

                (iv)  Buyer shall be responsible for the payment of (A) all
Tenant Inducement Costs (as hereinafter defined) and Leasing Commissions (as
hereinafter defined) which become due and payable (whether before or after
Closing) as a result of any new Lease, or renewals, amendments or expansions of
the existing Lease, signed after the Effective Date and, if required, approved
or deemed approved in accordance with Section 5.3(b) hereof; and (B) all Tenant
Inducement Costs and Leasing Commissions with respect to new Leases, or
renewals, amendments or expansions of the existing Lease, signed or entered into
from and after the date of Closing. The term "Tenant Inducement Costs" shall
                                              -----------------------
mean any payments required under a Lease to be paid by the landlord thereunder
to or for the benefit of the tenant thereunder which is in the nature of a
tenant inducement, including specifically, without limitation, tenant
improvement costs, lease buyout costs, and moving, design, refurbishment, free
rent, and club membership allowances. The term "Leasing Commissions" includes
                                                -------------------
all expenses connected with or arising out of the negotiation, execution and
delivery of the Leases executed after the Effective Date, including brokers'
commissions and leasing fees;

                (v)   Unpaid and delinquent Rent collected by Seller and Buyer
after the date of Closing shall be delivered as follows: (a) if Seller collects
any unpaid or delinquent Rent for the Properties, Seller shall, within fifteen
(15) days after the receipt thereof, deliver to Buyer any such Rent which Buyer
is entitled to hereunder relating to the date of Closing and any period
thereafter, and (b) if Buyer collects any unpaid or delinquent Rent from the
Properties, Buyer shall, within fifteen (15) days after the receipt thereof,
deliver to Seller any such Rent which Seller is entitled to hereunder relating
to the period prior to the date of Closing. Seller and Buyer agree that all Rent
received by Seller or Buyer from all tenants of a Property within the first
ninety (90) day period after the date of Closing shall be applied first to
delinquent Rent of any tenant of such Property, if any, in the order of their
maturity, and then to current Rent of such Property, and (ii) all Rent received
by Seller or Buyer from all tenants of a Property after the first ninety (90)
day period after the date of Closing shall be applied first to current Rent of
all tenants of such Property and then to delinquent Rent of any tenant of such
Property, if any, in the inverse order of maturity.

Buyer will use commercially reasonable efforts after Closing to collect all
Rents in the usual course of Buyer's operation of the Properties, but Buyer will
not be

                                       13

<PAGE>

obligated to institute any lawsuit or other collection procedures to collect
delinquent Rents. Seller may attempt to collect any delinquent Rents owed to
Seller and, after prior written notice to Buyer, may institute any lawsuit or
collection procedures, but may not evict any tenant. If there shall be any Rents
or other charges under any Leases which, although relating to a period prior to
Closing, do not become due and payable until after Closing or are paid prior to
Closing but are subject to adjustment after Closing (such as year end common
area expense reimbursements and the like), then any Rents or charges of such
type received by Buyer or its agents or Seller or its agents subsequent to
Closing shall, to the extent applicable to a period extending through the
Closing, be prorated between Seller and Buyer as of Closing and Seller's portion
thereof shall be remitted promptly to Seller by Buyer together with a detailed
accounting certified by Buyer's chief financial officer.

          (c) Seller may prosecute an appeal of the real property tax assessment
for any tax years to and including the tax year in which the Closing occurs, and
may take related action which Seller deems appropriate in connection therewith.
Buyer shall cooperate with Seller in connection with such appeal and collection
of a refund of real property taxes paid, provided that Buyer shall not be
obligated to incur any material cost in doing so. Seller owns and holds all
right, title and interest in and to such appeal and refund respecting time
periods up to (but not including) the Closing Date, and all amounts payable in
connection therewith shall be paid directly to Seller by the applicable
authorities. If such refund or any part thereof is received by Buyer, then Buyer
shall promptly pay such amount to Seller. Any refund received by Seller shall be
distributed as follows: first, to reimburse Seller for all costs incurred in
connection with the appeal; second, with respect to refunds payable to tenants
of the Real Property pursuant to the Leases, to such tenants in accordance with
the terms of such Leases; and third, to Seller to the extent such appeal covers
the period prior to the Closing; and to Buyer to the extent such appeal covers
the period as of the Closing and thereafter. ,If and to the extent any such
appeal covers the period after the Closing, Buyer shall have the right to
participate in such appeal.

          (d) Except as otherwise provided herein, any revenue or expense amount
which cannot be ascertained with certainty as of Closing shall be prorated on
the basis of the parties' reasonable estimates of such amount, and shall be the
subject of a final proration sixty (60) days after Closing, or as soon
thereafter as the precise amounts can be ascertained. Buyer shall promptly
notify Seller when it becomes aware that any such estimated amount has been
ascertained. Once all revenue and expense amounts have been ascertained, Buyer
shall prepare, and certify as correct, a final proration statement which shall
be subject to Seller's approval. Upon Seller's acceptance and approval of any
final proration statement submitted by Buyer, such statement shall be
conclusively deemed to be accurate and final.

          (e) The provisions of this Section 4.4 shall survive Closing.

                                       14

<PAGE>

          Section 4.5 Transaction Taxes and Closing Costs.
                      -----------------------------------

          (a)   Seller and Buyer shall execute such returns, questionnaires and
other documents as shall be required with regard to all applicable real property
transaction taxes imposed by applicable federal, state or local law or
ordinance;

          (b)   Seller shall pay the fees of any counsel representing Seller in
connection with this transaction. Seller shall also pay the following costs and
expenses:

                (i)   one-half (1/2) of the escrow fee, if any, which is charged
by the Escrow Holder or Title Company;

                (ii)  the premium for the CLTA Standard Coverage Owner's Policy
of Title Insurance to be issued to Buyer by the Title Company at Closing;

                (iii) the fees for recording the Deed and any additional
recording fees incurred in connection with the satisfaction of Seller's
obligations hereunder (if any); and

                (iv)  subject to Section 8.1 below, any documentary transfer tax
or similar tax (including, without limitation, City and County documentary
transfer taxes, as applicable) which becomes payable by reason of the transfer
of the Properties ("Documentary Transfer Taxes").
                    --------------------------

          (c)   Buyer shall pay the fees of any counsel representing Buyer in
connection with this transaction. Buyer shall also pay the following costs and
expenses:

                (i)   one-half (1/2) of the escrow fee, if any, which is charged
by the Escrow Holder or Title Company;

                (ii)  the premium for the Owner's Policy of Title Insurance to
be issued to Buyer by the Title Company at Closing, and all endorsements
thereto, but only to the extent that those costs exceed the cost of a CLTA
Standard Coverage Owner's Policy;

                (iii) any recording fees incurred in connection with the
satisfaction of Buyer's obligations hereunder (if any);

                (iv)  the cost of the Survey; and

                (v)   any Documentary Transfer Taxes which are Buyer's
responsibility pursuant to Section 8.1 below.

                                       15

<PAGE>

          (d) The Personal Property is included in this sale without charge, and
Buyer shall be responsible for the amount of any and all sales or similar taxes
payable in connection with the transfer of the Personal Property;

          (e) All costs and expenses incident to this transaction and the
Closing thereof, and not specifically described above, shall be paid by the
party incurring same; and

          (f) The provisions of this Section 4.5 shall survive the Closing.

          Section 4.6 Conditions Precedent to Obligation of Buyer. The
                      -------------------------------------------
obligation of Buyer to consummate the transaction contemplated hereunder shall
be subject to the fulfillment on or before the date of Closing of all of the
conditions set forth in this Section 4.6 below, any or all of which may be
waived by Buyer in its sole and absolute discretion. In the event Buyer
terminates this Agreement due to the nonsatisfaction of any such conditions,
then the termination provisions set forth in Section 3.5 above shall apply.

          (a) Seller shall have delivered to Buyer all of the items required to
be delivered to Buyer pursuant to the terms of this Agreement, including but not
limited to, those provided for in Section 4.2 hereof;

          (b) All of the representations and warranties of Seller contained in
this Agreement shall be true and correct in all material respects as of the date
of Closing; and

          (c) Seller shall have performed and observed, in all material
respects, all covenants and agreements of this Agreement to be performed and
observed by Seller as of the date of Closing; and

          (d). The Title Company shall have issued or irrevocably committed to
issue the Title Policy.

          Section 4.7 Conditions Precedent to Obligation of Seller. The
                      --------------------------------------------
obligation of Seller to consummate the transaction contemplated hereunder shall
be subject to the fulfillment on or before the date of Closing of all of the
following conditions, any or all of which may be waived by Seller in its sole
and absolute discretion:

          (a) Seller shall have received the Purchase Price as adjusted as
provided herein, and payable in the manner provided for in this Agreement;

          (b) Buyer shall have delivered to Seller all of the items required to
be delivered to Seller pursuant to the terms of this Agreement, including but
not limited to, those provided for in Section 4.3 hereof;

                                       16

<PAGE>

          (c) All of the representations and warranties of Buyer contained in
this Agreement shall be true and correct in all material respects as of the date
of Closing; and

          (d) Buyer shall have performed and observed, in all material respects,
all covenants and agreements of this Agreement to be performed and observed by
Buyer as of the date of Closing.

                                   ARTICLE V.
                    REPRESENTATIONS, WARRANTIES AND COVENANTS

          Section 5.1 Representations and Warranties of Seller. Seller hereby
                      ----------------------------------------
represents and warrants to Buyer as of the Effective Date that (a) Seller has
been duly organized, is validly existing under the laws of the State of
Delaware, and is qualified to do business in California; (b) Seller has the full
right and authority to enter into this Agreement, to transfer all of the
Properties and to consummate or cause to be consummated the transaction
contemplated by this Agreement; and (c) the person signing this Agreement on
behalf of Seller is authorized to do so.

          Section 5.2 Survival of Seller's Representations and Warranties. The
                      ---------------------------------------------------
representations and warranties of Seller set forth in Section 5.1 hereof, as
updated as of the Closing in accordance with the terms of this Agreement, shall
survive Closing for a period of ninety (90) days. No claim for a breach of any
representation or warranty of Seller shall be actionable or payable if the
breach in question results from or is based on a condition, state of facts or
other matter which was known to Buyer prior to Closing, if Buyer elects to
consummate the transactions described herein with such knowledge. Seller shall
have no liability to Buyer for a breach of any representation or warranty unless
(a) the valid claims for all such breaches collectively aggregate more than Ten
Thousand Dollars ($10,000.00), in which event the full amount of such valid
claims shall be actionable, up to the Cap (as defined in this Section), and (b)
written notice containing a description of the specific nature of such breach
shall have been given by Buyer to Seller prior to the expiration of said ninety
(90) day period and an action shall have been commenced by Buyer against Seller
within ninety (90) days of Closing. Buyer agrees to first seek recovery under
any applicable insurance policies, service contracts and/or Leases prior to
seeking recovery from Seller, and Seller shall not be liable to Buyer to the
extent Buyer's claim is satisfied from such insurance policies, service
contracts or Leases. As used herein, the term "Cap" shall mean the total
aggregate amount of One Hundred Thousand Dollars ($100,000).

          Section 5.3 Covenants of Seller. Seller hereby covenants with Buyer as
                      -------------------
follows:

          (a) Property Maintenance. From the Effective Date hereof until the
              ---------------------
Closing or earlier termination of this Agreement, Seller shall use-reasonable
efforts to operate and maintain the Properties in a manner generally consistent
with the manner in which Seller has operated and maintained the Properties prior
to the

                                       17

<PAGE>

date hereof. Seller shall not create nor permit the creation of any title
exceptions such as easements or liens to encumber the Properties without Buyer's
prior written approval in Buyer's sole and absolute discretion;

          (b) Leasing. Prior to the expiration of the Contingency Period, Seller
              -------
shall have the right to enter into any amendment, renewal or expansion of the
existing Lease or of any new Lease respecting the Properties (as applicable, a
"New Lease Document"); provided, however, that Seller shall concurrently provide
an executed copy of the New Lease Document (together with any brokerage
agreements, listing agreements or other agreements relating to the payment of
fees or commissions in connection with such New Lease Document) to Buyer for its
                                            ------------------
review during the Contingency Period as part of Buyer's due diligence respecting
the Properties. From and after the expiration of the Contingency Period, any New
Lease Document which Seller wishes to execute shall be submitted to Buyer prior
to execution by Seller. Buyer shall have five (5) business days after its
receipt thereof to notify Seller in writing of either its approval or
disapproval thereof, including all Tenant Inducement Costs and leasing
commissions to be incurred in connection therewith. If Buyer informs Seller
within such five (5) business day period that Buyer does not approve the New
Lease Document, which approval shall not be unreasonably withheld, then Seller
shall have the right to terminate this Agreement in accordance with Section 3.5
by written notice to Buyer within five (5) business days following Seller's
receipt of Buyer's disapproval. If Buyer fails to notify Seller in writing of
its approval or disapproval within the five (5) business day period set forth
above, then Buyer shall be deemed to have approved such New Lease Document. At
Closing, Buyer shall reimburse Seller for any Tenant Inducement Costs, leasing
commissions or other expenses, including legal fees, incurred by Seller pursuant
to any and all New Lease Documents approved (or deemed approved) by Buyer
pursuant hereto.

          (c) Material Change. During Escrow, Seller shall not cause, authorize
              ---------------
or allow any material change with respect to the Properties without the Buyer's
prior written approval, which may be granted or withheld in Buyer's sole and
absolute discretion.

          Section 5.4 Representations and Warranties of Buyer. Buyer hereby
                      ---------------------------------------
represents and warrants to Seller as of the Effective Date that Buyer has been
duly organized and is validly existing under the laws of California. Buyer has
the full right and authority to enter into this Agreement and to consummate or
cause to be consummated the transaction contemplated by this Agreement. The
person signing this Agreement on behalf of Buyer is authorized to do so. There
is no action, suit, arbitration, unsatisfied order or judgment, government
investigation or proceeding pending against Buyer which, if adversely
determined, could individually or in the aggregate materially interfere with the
consummation of the transaction contemplated by this Agreement. Buyer is
solvent, has timely and, to its knowledge, accurately filed all tax returns to
be filed by it and Buyer is not in default in the payment of any taxes levied or
assessed against it or any of its assets.

                                       18

<PAGE>

          Section 5.5 Survival of Buyer's Representations and Warranties. The
                      --------------------------------------------------
representations and warranties of Buyer set forth in Section 5.4 hereof as
updated as of the Closing in accordance with the terms of this Agreement, shall
survive Closing for a period of ninety (90) days. Buyer shall have no liability
to Seller for a breach of any representation or warranty unless written notice
containing a description of the specific nature of such breach shall have been
given by Seller to Buyer prior to the expiration of said ninety (90) day period
and an action shall have been commenced by Seller against Buyer within ninety
(90) days of Closing.

          Section 5.6 Covenant of Buyer. Seller may be selling the Properties as
                      -----------------
part of a multi-property transaction to qualify as a tax-free exchange ("1031
                                                                         ----
Exchange") under Section 1031 of the Internal Revenue Code of 1986, as amended.
--------
Buyer shall, to the extent provided below, cooperate with Seller's reasonable
request to allow Seller to attempt to qualify for the 1031 Exchange; provided,
                                                                     --------
however, that Buyer's obligation to cooperate with Seller shall be limited and
-------
conditioned as follows: (i) Buyer shall receive written notice from Seller at
least five (5) business days prior to the scheduled Closing Date, which shall
identify the parties involved in such 1031 Exchange and enclose all document for
which Buyer's signature shall be required; (ii) in no event shall Buyer be
required to execute any document or instrument which may (A) subject Buyer to
any additional liability or obligation to Seller or any other individual, entity
or governmental agency, (B) diminish or impair Buyer's rights under this
Agreement, or (C) delay Closing (unless Seller has exercised the Seller Option);
(iii) Seller shall pay for any and all additional costs and expenses incurred by
Buyer in connection with accommodating the 1031 Exchange, and Buyer shall be
entitled to a credit at Closing to reimburse Buyer for such costs and expenses;
(iv) Seller shall not be relieved of any of its obligations under this Agreement
by reason of the 1031 Exchange; and (v) Seller hereby indemnifies and agrees to
defend, and hold Buyer, Buyer's officers, directors, shareholders,
beneficiaries, members, partners, agents, ,employees and attorneys, and their
representative successors and assigns harmless from and against any claims,
costs, damages, expenses (including, but not limited to, attorneys' fees and
costs), liabilities and losses incurred by, claimed against or suffered by any
of them arising out of the 1031 Exchange. The foregoing indemnity shall survive
the Closing or any termination of this Agreement. Seller's failure to effectuate
any intended 1031 Exchange shall not relieve Seller from its obligations to
consummate the purchase and sale transaction contemplated by this Agreement and
the consummation of such 1031 Exchange shall not be a condition precedent to
Seller's obligations under this Agreement.

                                   ARTICLE VI.
                                     DEFAULT

          Section 6.1 Default by Buyer. If the sale of the Properties as
                      ----------------
contemplated hereunder is not consummated due to Buyer's material default
hereunder, then Seller shall be entitled, as its sole and exclusive remedy, to
terminate this Agreement and retain the Deposit as liquidated damages as more
particularly set forth in Section 1.6 above.

                                       19

<PAGE>

          Section 6.2 Default by Seller. If the sale of the Properties as
                      -----------------
contemplated hereunder is not consummated due to Seller's material default
hereunder, then Buyer shall be entitled, as its sole and exclusive remedy, to
either (a) receive the return of the Deposit, which return shall operate to
terminate this Agreement and release Seller from any and all liability
hereunder, or (b) enforce specific performance of Seller's obligation to convey
the Properties to Buyer in accordance with the terms of this Agreement. The
remedy of specific performance shall not be available to enforce any other
obligation of Seller hereunder. Buyer expressly waives its rights to seek
damages in the event of Seller's default hereunder. Buyer shall be deemed to
have elected to terminate this Agreement and receive the Deposit if Buyer fails
to file suit for specific performance against Seller in a court having
jurisdiction in Orange County, California, on or before thirty (30) days
following the date upon which Closing was to have occurred.

          Section 6.3 Recoverable Damages. Notwithstanding Sections 6.1 and 6.2
                      -------------------
hereof, in no event shall the provisions of Sections 6.1 and 6.2 limit the
damages recoverable by either party against the other party due to the other
party's obligation to indemnify such party in accordance with this Agreement.

                                  ARTICLE VII.
                                  RISK OF LOSS

          Section 7.1 Minor Damage. In the event of loss or damage to the
`                     ------------
Properties or any portion thereof which is not "Major" (as hereinafter defined),
this Agreement shall remain in full force and effect provided that Seller shall,
at Seller's option, either (a) perform any necessary repairs, or (b) assign to
Buyer all of Seller's right, title and interest in and to any claims and
proceeds Seller may have with respect to any casualty insurance policies or
condemnation awards relating to the premises in question. If Seller elects to
perform repairs upon the Properties, Seller shall use reasonable efforts to
complete such repairs promptly, and the date of Closing shall be extended for a
reasonable time to allow for the completion of such repairs. If Seller elects to
assign a casualty claim to Buyer, the Purchase Price shall be reduced by an
amount equal to the lesser of the deductible amount under Seller's insurance
policy or the cost of such repairs as determined in accordance with Section 7.3
hereof. Upon Closing, full risk of loss with respect to the Properties shall
pass to Buyer.

          Section 7.2 Major Damage. Seller shall promptly notify Buyer of the
                      ------------
occurrence of any "Major" loss or damage, which notice shall state the cost of
repair or restoration thereof as opined by an architect or other qualified
expert in accordance with Section 7.3 hereof. Buyer shall have the right,
exercisable by giving written notice to Seller within ten (10) days after
receipt of Seller's written notice, to terminate this Agreement in which event
the provisions of Section 3.5 shall apply. If Buyer does not elect to terminate
this Agreement within said ten (10) day period, then Buyer shall be deemed to
have elected to proceed with Closing. In that event Seller shall at Seller's
option either (a) perform any necessary repairs, or (b)

                                       20

<PAGE>

cause the Closing to occur promptly and assign to Buyer through Escrow all of
Seller's right, title and interest in and to any claims and proceeds Seller may
have with respect to any casualty insurance policies or condemnation awards
relating to the premises in question. If Seller elects to perform repairs upon
the Properties, Seller shall use reasonable efforts to complete such repairs
promptly, and the date of Closing shall be extended for a reasonable time in
order to allow for the completion of such repairs. If Seller elects to assign a
casualty claim to Buyer, the Purchase Price shall be reduced by an amount equal
to the lesser of the deductible amount under Seller's insurance policy or the
cost of such repairs as determined in accordance with Section 7.3 hereof. Upon
Closing, full risk of loss with respect to the Properties shall pass to Buyer.

          Section 7.3 Definition of "Major" Loss or Damage. For purposes of
                      ------------------------------------
Sections 7.1 and 7.2, "Major" loss or damage refers to the following: (a) loss
                       -----
or damage to the Properties hereof such that the cost of repairing or restoring
the premises in question to substantially the same condition which existed prior
to the event of damage would be, in the opinion of an architect or other
qualified expert selected by Seller and reasonably approved by Buyer, equal to
or greater than Five Hundred Thousand Dollars ($500,000), and (b) any loss due
to a condemnation which permanently and materially impairs the current use of
the Properties. If Buyer does not give written notice to Seller of Buyer's
reasons for disapproving an architect or other qualified expert within five (5)
business days after receipt of notice of the proposed architect or other
qualified expert, then Buyer shall be deemed to have approved the architect or
other qualified expert selected by Seller.

                                  ARTICLE VIII.
                                   COMMISSIONS

          Section 8.1 Brokerage Commissions. With respect to the transaction
                      ---------------------
contemplated by this Agreement, Seller shall be responsible for the payment of a
real estate brokerage commission to Voit Commercial Brokerage the lesser of (a)
an amount equal to two and one half percent (2.5%) of the Purchase Price or (b)
Five Hundred Sixty Five Thousand Dollars ($565,000), pursuant to a separate
agreement between Seller and Voit Commercial Brokerage. In addition, upon the
written request of Buyer, Seller shall pay an acquisition fee (the "Acquisition
                                                                    -----------
Fee") through Escrow at Closing (in an amount to be determined by Buyer) to
---
Triple Net Properties Realty, Inc. with respect to one or more of the
Properties; provided, however, that (i) the Purchase Price shall be increased by
the amount of such acquisition fee; (ii) such increased Purchase Price shall be
allocated to the applicable Property; (iii) in no event shall the Purchase Price
that is allocated to 1840 Aerojet Way be increased; (iv) Buyer shall pay such
portion of the Documentary Transfer Taxes allocable to the increased Purchase
Price; and (v) Buyer hereby indemnifies, defends and holds harmless Seller from
and against any and all loss, liability, cost, damage and expense (including
reasonable attorneys' fees) in connection with any claims relating to such
Acquisition Fee. Each party hereto agrees that if any person or entity makes a
claim for brokerage commissions or finder's fees other than as set forth herein
related to the sale of the Properties by

                                       21

<PAGE>

Seller to Buyer, and such claim is made by, through or on account of any acts or
alleged acts of said party or its representatives, then said party will protect,
indemnify, defend and hold the other party free and harmless from and against
any and all loss, liability, cost, damage and expense (including reasonable
attorneys' fees) in connection therewith. The provisions of this paragraph shall
survive Closing or any termination of this Agreement.

                                   ARTICLE IX.
                             DISCLAIMERS AND WAIVERS

          Section 9.1 No Reliance on Documents. Except as expressly stated
                      ------------------------
herein, Seller makes no representation or warranty as to the truth, accuracy or
completeness of any materials, data or information delivered by Seller or its
brokers or agents to Buyer in connection with the transaction contemplated
hereby. All materials, data and information delivered by Seller to Buyer in
connection with the transaction contemplated hereby are provided to Buyer as a
convenience only and any reliance on or use of such materials, data or
information by Buyer shall be at the sole risk of Buyer, except as otherwise
expressly stated herein. Neither Seller, nor any, affiliate of Seller, nor the
person or entity which prepared any report or reports delivered by Seller to
Buyer shall have any liability to Buyer for any inaccuracy in or omission from
any such reports.

          Section 9.2 AS IS SALE: DISCLAIMERS. EXCEPT AS EXPRESSLY SET FORTH IN
                      -----------------------
THIS AGREEMENT, SELLER IS NOT MAKING AND HAS NOT AT ANY TIME MADE ANY WARRANTIES
OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT TO
THE PROPERTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS
AS TO HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

          UPON CLOSING SELLER SHALL SELL AND CONVEY TO BUYER AND BUYER SHALL
ACCEPT THE PROPERTIES "AS IS, WHERE IS, WITH ALL FAULTS", EXCEPT TO THE EXTENT
                       --------------------------------
EXPRESSLY PROVIDED OTHERWISE IN THIS AGREEMENT. BUYER HAS NOT RELIED AND WILL
NOT RELY ON, AND SELLER IS NOT LIABLE FOR OR BOUND BY, ANY EXPRESS OR IMPLIED
WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO
THE PROPERTIES OR RELATING THERETO (INCLUDING SPECIFICALLY, WITHOUT LIMITATION,
OFFERING PACKAGES DISTRIBUTED WITH RESPECT TO THE PROPERTIES) MADE OR FURNISHED
BY SELLER, THE MANAGERS OF THE PROPERTIES, OR ANY REAL ESTATE BROKER OR AGENT
REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN,
DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING, UNLESS SPECIFICALLY SET FORTH IN
THIS AGREEMENT. BUYER ACKNOWLEDGES THAT THE PURCHASE. PRICE REFLECTS AND TAKES
INTO ACCOUNT THAT THE PROPERTIES ARE BEING SOLD "AS IS."

                                       22

<PAGE>

          BUYER REPRESENTS AND COVENANTS TO SELLER THAT BUYER HAS CONDUCTED, OR
WILL CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE PROPERTIES, INCLUDING
BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS BUYER
DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF THE
PROPERTIES AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH
RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE
PROPERTIES, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED
BY OR ON BEHALF OF SELLER OR ITS AGENTS OR EMPLOYEES WITH RESPECT THERETO, OTHER
THAN SUCH REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER AS ARE EXPRESSLY
SET FORTH IN THIS AGREEMENT. UPON CLOSING, BUYER SHALL ASSUME THE RISK THAT
ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION DEFECTS AND ADVERSE
PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY BUYER'S
INVESTIGATIONS, AND BUYER, UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED,
RELINQUISHED AND RELEASED SELLER (AND SELLER'S OFFICERS, DIRECTORS,
SHAREHOLDERS, EMPLOYEES AND AGENTS) FROM AND AGAINST ANY AND ALL CLAIMS,
DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT), LOSSES, DAMAGES,
LIABILITIES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS' FEES) OF ANY
AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH BUYER MIGHT HAVE ASSERTED
OR ALLEGED AGAINST SELLER (AND SELLER'S OFFICERS, DIRECTORS, SHAREHOLDERS,
EMPLOYEES AND AGENTS) AT ANY TIME BY REASON OF OR ARISING OUT OF ANY LATENT OR
PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF ANY APPLICABLE
LAWS AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS
REGARDING THE PROPERTIES, EXCEPT AS EXPRESSLY SET FORTH OTHERWISE IN THIS
AGREEMENT.

          IN CONNECTION THEREWITH, BUYER EXPRESSLY WAIVES ALL RIGHTS UNDER
CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES THAT:

          "A GENERAL RELEASE DOES NOT EXTEND TO
          CLAIMS WHICH THE CREDITOR DOES NOT KNOW
          OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME
          OF EXECUTING THE RELEASE, WHICH IF KNOWN
          BY HIM MUST HAVE MATERIALLY AFFECTED HIS
          SETTLEMENT WITH THE DEBTOR."

          Section 9.3 Survival of Disclaimers. The provisions of this Article IX
                      -----------------------
shall survive Closing or any termination of this Agreement.

                                       23

<PAGE>

                                   ARTICLE X.
                                  MISCELLANEOUS

          Section 10.1 Confidentiality. Buyer and its representatives shall hold
                       ---------------
in confidence all data and information obtained with respect to Seller or its
business, whether obtained before or after the execution and delivery of this
Agreement, and shall not disclose the same to others; provided, however, that
Buyer may disclose such data and information to the employees, lenders,
consultants, accountants and attorneys of Buyer if such persons agree in writing
to treat such data and information confidentially. If this Agreement is
terminated or Buyer fails to perform hereunder, Buyer shall promptly return to
Seller any statements, documents, schedules, exhibits or other written
information obtained from Seller in connection with this Agreement or the
transaction contemplated herein. With respect to any provision of this Agreement
which refers to the termination of this Agreement and the return of the Deposit
to Buyer, such Deposit shall not be returned to Buyer unless and until Buyer has
fulfilled its obligation to return to Seller the materials described in the
preceding sentence. In the event of a breach or threatened breach by Buyer or
its agents or representatives of this Section 10.1, Seller shall be entitled to
an injunction restraining Buyer or its agents or representatives from
disclosing, in whole or in part, such confidential information. Nothing herein
shall be construed as prohibiting Seller from pursuing any other available
remedy at law or in equity for such breach or threatened breach. The provisions
of this Section 10.1 shall survive Closing or any termination of this Agreement.

          Section 10.2 Public Disclosure. Prior to and after the Closing, any
                       -----------------
release to the public of information with respect to the sale contemplated
herein or any matters set forth in this Agreement will be made only in the form
approved by Buyer and Seller. The provisions of this Section 10.2 shall survive
the Closing or any termination of this Agreement.

          Section 10.3 Assignment. The terms and provisions of this Agreement
                       ----------
are to apply to and bind the permitted successors and assigns of the parties
hereto. Buyer may assign this Agreement to any assignee(s) on a
property-by-property basis without obtaining Seller's; provided, however, (a)
Buyer shall send Seller written notice of the legal name of the assignee(s) at
least five (5) days before Closing, (b) a copy of the assignee's express written
assumption of Buyer's obligations under this Agreement, and (c) in no event
shall any assignment of this Agreement release or discharge Buyer from any
liability or obligation hereunder unless expressly agreed otherwise by Seller in
writing.

          Section 10.4 Notices. Any notice pursuant to this Agreement shall be
                       -------
given in writing by (a) personal delivery, (b) reputable overnight delivery
service with proof of delivery, (c) United States Mail, postage prepaid,
registered or certified mail, return receipt requested, or (d) legible facsimile
transmission, sent to the intended addressee at the address set forth below, or
to such other address or to the attention of such other person as the addressee
shall have designated by written

                                       24

<PAGE>

notice sent in accordance herewith. Any notice so given shall be deemed to have
been given upon receipt or refusal to accept delivery, or, in the case of
facsimile transmission, as of the date of the facsimile transmission provided
that an original of such facsimile is also sent to the intended addressee by
means described in clauses (a), (b) or (c) above. Unless changed in accordance
with the preceding sentence, the addresses for notices given pursuant to this
Agreement shall be as follows:

          If to Seller:       Kilroy Realty, L.P.
                              2250 East Imperial Highway
                              El Segundo, California 90245
                              Attention: Jeffrey C. Hawken and Joseph C. Hanen
                              Telephone No. (310) 563-5500
                              Facsimile No. (310) 322-5981

          with a copy to:     Latham & Watkins
                              650 Town Center Drive, 20th Floor
                              Costa Mesa, California 92626
                              Attention: Bruce A. Tester, Esq.
                              Telephone No. (714) 540-1235
                              Facsimile No. (714) 755-8290

          If to Buyer:        Triple Net Properties, L.L.C.
                              1551 N. Tustin Avenue, #650
                              Santa Ana, CA 92705
                              Attention: Anthony W. Thompson
                              Telephone No. (714) 667-8252
                              Facsimile No. (714) 667-6860

          with a copy to:     Hirschler, Fleischer, Weinberg, Cox & Allen
                              701 East Byrd Street (23219)
                              Richmond, Virginia 23218-0500
                              Attention: Louis J. Rogers, Esq.
                              Telephone No. (804) 771-9567
                              Facsimile No. (804) 644-0957

          Section 10.5  Modifications. This Agreement cannot be changed orally,
                        -------------
and no executory agreement shall be effective to waive, change, modify or
discharge it in whole or in part unless such executory agreement is in writing
and is signed by the parties against whom enforcement of any waiver, change,
modification or discharge is sought.

          Section 10.6  Entire Agreement. This Agreement, including the exhibits
                        ----------------
and schedules hereto, contains the entire agreement between the parties hereto
pertaining to the subject matter hereof and fully supersedes all prior written
or oral agreements and understandings between the parties pertaining to such
subject matter.

                                       25

<PAGE>

          Section 10.7 Further Assurances. Each party agrees that it will
                       ------------------
execute and deliver such other documents and take such other action, whether
prior or subsequent to Closing, as maybe reasonably requested by the other party
to consummate the transaction contemplated by this Agreement. The provisions of
this Section 10.7 shall survive Closing.

          Section 10.8 Counterparts. This Agreement may be executed in
                       ------------
counterparts, all such executed counterparts shall constitute the same
agreement, and the signature of any party to any counterpart shall be deemed a
signature to, and may be appended to, any other counterpart.

          Section 10.9 Facsimile Signatures. In order to expedite the
                       --------------------
transaction contemplated herein, telecopied signatures may be used in place of
original signatures on this Agreement or any document delivered pursuant hereto
(other than the Deed, the notarized original of which shall be required prior to
Closing). Seller and Buyer intend to be bound by the signatures on the
telecopied document, are aware that the other party will rely on the telecopied
signatures, and hereby waive any defenses to the enforcement of the terms of
this Agreement based on the form of signature. Following any facsimile
transmittal, the party shall promptly deliver the original instrument by
reputable overnight courier in accordance with the notice provisions of this
Agreement.

          Section 10.10 Severability. If any provision of this Agreement is
                        ------------
determined by a court of competent jurisdiction to be invalid or unenforceable,
the remainder of this Agreement shall nonetheless remain in full force and
effect; provided that the invalidity or unenforceability of such provision does
not materially adversely affect the benefits accruing to any party hereunder.

          Section 10.11 Applicable Law. This Agreement shall be governed by and
                        --------------
construed in accordance with the laws of the State of California without regard
to any principal or rule of law that would require the application of the law of
any other jurisdiction. Buyer and Seller agree that the provisions of this
Section 10.11 shall survive the Closing or any termination of this Agreement.

          Section 10.12 No Third-Party Beneficiary. The provisions of this
                        --------------------------
Agreement and of the documents to be executed and delivered at Closing are and
will be for the benefit of Seller and Buyer only and are not for the benefit of
any third party; and, accordingly, no third party shall have the right to
enforce the provisions of this Agreement or of the documents to be executed and
delivered at Closing.

          Section 10.13 Captions. The section headings appearing in this
                        --------
Agreement are for convenience of reference only and are not intended, to any
extent and for any purpose, to limit or define the text of any section or any
subsection hereof.

                                       26

<PAGE>

          Section 10.14 Construction. The parties acknowledge that the parties
                        ------------
and their counsel have reviewed and revised this Agreement and that the normal
rule of construction to take effect that any ambiguities are to be resolved
against the drafting party shall not be employed in the interpretation of this
Agreement or any exhibits or amendments hereto.

          Section 10.15 Recordation. This Agreement many not be recorded by any
                        -----------
party hereto without the prior written consent of the other party hereto. The
provisions of this Section 10.15 shall survive the Closing or any termination of
this Agreement.

          Section 10.16 Time of the Essence. Time is of the essence of each and
                        -------------------
every provision of this Agreement.

                                   ARTICLE XI.
                             RIGHT OF FIRST REFUSAL

          The parties acknowledge that the Lease for 1840 Aerojet Way in North
Las Vegas, Nevada ("1840 Aerojet Way") provides the Tenant in such Property with
a Right of First Refusal to purchase 1840 Aerojet Way ( the "ROFR"). In
                                                             ----
connection therewith, Seller has sent a notice to the Tenant at 1840 Aerojet way
informing such Tenant of Seller's intention to sell 1840 Aerojet Way to a third
party purchaser. If such Tenant exercises its ROFR with respect to 1840 Aerojet
Way within ten (10) days of the Effective Date, then Buyer shall have the right
to terminate this Agreement by delivering to Seller, within five (5) business
days of Buyer's receipt of notice that Tenant has exercised such ROFR, written
notice of Buyer's election to terminate the Agreement, in which case the
Agreement shall terminate in accordance with the provisions of Section 3.5
above. If Buyer does not deliver such notice to Seller within such five (5)
business day period, this Agreement shall remain in full force and effect in
accordance with the terms hereof, except that (a) this Agreement shall not
include 1840 Aerojet Way (i.e., Seller shall not be obligated to sell to Buyer,
and Buyer shall not be obligated to purchase, 1840 Aerojet Way), and (b) the
Purchase Price shall be reduced by the amount allocated to 1840 Aerojet Way in
Section 1.3(c) above.

                            [Signature Page Follows]

                                       27

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the Effective Date.

                            SELLER:

                            KILROY REALTY, L.P., a Delaware limited partnership

                            By:   KILROY REALTY CORPORATION, a Maryland
                                  corporation, its General Partner

                                  By:
                                         _______________________________________
                                  Name:  Jeffrey C. Hawken
                                  Title: Executive Vice President

                                  By:
                                         _______________________________________
                                  Name:  Tyler H. Rose
                                  Title: Senior Vice President and Treasurer

                            BUYER:

                            TRIPLE NET PROPERTIES, L.L.C., a Virginia limited
                            liability company

                            By:
                                 _______________________________________________
                            Name:  Anthony W. Thompson
                            Title: Chairman and Chief Executive Officer

                                       28

<PAGE>

         Escrow Holder hereby acknowledges that it has received a fully executed
or executed counterparts of the foregoing Agreement and agrees to act as Escrow
Holder thereunder and to be bound by the provisions thereof.

ESCROW HOLDER:

CHICAGO TITLE COMPANY

By:     ________________________________             Date:_______________, 2001
Name:   Kandy Knotts
Title:  Escrow Coordinator                           Escrow No.:______________

                                       29

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