Document:

exv10w29

EXHIBIT 10.29

Yahoo! Advertising Terms and Conditions

1. INTRODUCTION

We provide you with certain services which enable you to advertise your goods and/or services
through Yahoo!’s Distribution Network, subject to: (i) these terms and conditions (the “Master
Terms and Conditions”); (ii) any additional terms and conditions of the specific programmes to
which you subscribe for advertising purposes (the “Programmes”) (the “Programme Terms”); and (iii)
where applicable, the terms and conditions of any applicable insertion order(s) that you enter into
which specifically refers to these Master Terms and Conditions or applicable Programme Terms (each
an “Insertion Order”), each of which are hereby incorporated by reference and together with these
Master Terms and Conditions form the “Agreement”.

Terms used but not defined herein shall have the meanings given to such terms in the Insertion
Order or applicable Programme Terms unless expressly provided otherwise. All definitions shall
apply both to their singular and plural forms, as the context may require. Headings used in the
Agreement are for convenience only.

The Agreement will commence from the date on which Yahoo! first provides you with access to one or
more Programmes, and will continue until terminated in accordance with the Agreement (the “Term”).

2. PAYMENT

You shall pay all charges to your account in the currency, manner and form required by us from time
to time. Our measurements are the definitive measurements to calculate your charges. If we have
determined that you may be charged on an invoice basis, we will submit an invoice to you at the
e-mail or mailing address (at our discretion) on the Insertion Order or as required by applicable
law, and you shall pay such charges, without offset or deduction, within 30 days of the invoice
date. If we agree to your request to send an invoice to a third party on your behalf, you shall
ensure that such third party pays the invoice on time and, if it does not do so, you shall pay all
amounts owing under such invoice immediately.

If we do not receive timely payment, you shall pay all amounts due on your account upon demand and,
in addition to any other rights, we may suspend performance, remove your Advertiser Materials,
and/or terminate the Agreement or any part of it.

All payments of service fees, unused promotional credits and initial deposit(s) are non-refundable.
You agree to submit any dispute about: (a) any of our usage statistics on any Advertiser Materials
as soon as reasonably practicable and in any event within 60 days from the recording of the
statistic in dispute; and (b) any other charges to your account, in writing to us as soon as
reasonably
practicable and (in respect of invoiced advertisers) in any event before the due date for payment
of such charges. If you do not meet these conditions, you waive any right to raise any dispute.

 

 

All charges are, unless otherwise stated, payable in pounds sterling together with VAT and any
other applicable taxes. We may charge you interest at the rate of three percent (3%) per month (or
the highest rate permitted by law, if less) above the base lending rate of Yahoo!’s main bank on
all amounts due and payable until payment is received, whether before or after judgment. If you
fail to pay, Yahoo! may charge you for all costs incurred by Yahoo! in connection with collecting
the amounts due.

We may change the amount of any fees or charges or any amounts you are required to maintain on
account with us in respect of any Programme to which you subscribe by giving you notice either in
writing (including by email) or on the Yahoo! Company Sites. If you do not agree to such changes,
you must immediately: (i) notify us in writing; and (ii) stop using the relevant Programme(s).

3. PAYMENT DEPOSITS

We may require you to pay a deposit to us as security for fulfilment of your payment obligations in
respect of any Programme to which you subscribe (‘Payment Deposit’).

In the event that you pay a Payment Deposit, the following terms and conditions apply: (a) the
Payment Deposit will not be offset against future invoices payable by you; (b) provided that you
have met your payment obligations under the Agreement in full, following termination or expiry of
the Agreement the Payment Deposit will be refunded to you in full (without any interest accrued
from the date of receipt of the Payment Deposit by Yahoo!); (c) if you fail to make payment in full
in accordance with the terms of the Agreement, your Payment Deposit shall be forfeited and shall
remain with Yahoo!: (i) until such time your payment obligations under the Agreement have been made
in full to the satisfaction of Yahoo!, together with any interest due on those payments in
accordance with the terms of the Agreement; and (ii) if your payment obligations under the
Agreement have not been fulfilled to the satisfaction of Yahoo! by six months from either 1.
termination or expiry of the Agreement; or 2. the date of the invoices under which such payments
are due, we shall offset your Payment Deposit against those outstanding payments due from you
(together with any interest accrued on those outstanding payments in accordance with the terms of
this Agreement).

Yahoo! shall return any balance of the Payment Deposit (without any interest accrued from the date
of receipt of the Payment Deposit by Yahoo!) after your payment obligations under the Agreement
have been satisfied in full.

4. ACCESS

You will not and will not permit anyone to: (i) use any automated means to access, monitor, or
manage your account with us, or to access, monitor, or copy the Yahoo! Company Sites or any part of
them, except where made available or authorised in writing by us; (ii) bypass any robot exclusion
headers on the Yahoo! Company Sites; (iii) interfere, or attempt to interfere, with the operation
of the Yahoo! Company Sites or systems, or Programmes; (iv) use the Programmes in connection with
open source software in any way which would create any obligations of use with respect to our
Programmes or grant to any third party any rights to or immunities
under our Intellectual Property Rights in our Programmes; or (v) use our Programmes in connection
with any activity which may, directly or indirectly, cause property damage, death or personal
injury.

 

 

Your right to access your account(s) is non-assignable and subject to any limits imposed by Yahoo!
from time to time. You shall not allow any third party to use any Programme, except your Authorised
Users and employees in accordance with the Agreement.

You agree to notify us promptly in writing if you become aware of a breach, or potential breach, of
security relating to your account(s). You shall ensure that Authorised Users and employees comply
with the Agreement, and you are liable for all of their acts and omissions in connection therewith.

You may use data made available to you in connection with a Programme solely for internal use to
manage your account(s) and you may not publish any such data, nor create profiles of our users.

In order to improve our Programmes, we frequently conduct tests and you agree to pay all charges
and any other expenses for the services rendered (as set forth in the applicable Insertion Order or
your online account) during those testing periods.

5. YOUR SITE

We are not responsible for any aspect of your or any third-party site(s).

6. API ACCESS

If we grant you API Access in connection with a Programme, this Section shall apply to you and API
Access and the API Code (defined below) are part of such Programme. “API Access” is the ability,
via the API Code, to access certain account information and/or features, and to execute commands
for your account(s). You may not use your API Access, including any data obtained, for purposes
other than managing your account(s) to which the API Access relates. If your use of a Programme
terminates, your API Access to that Programme shall terminate immediately. We may limit, modify or
terminate your API Access, at our discretion, at any time, and such modifications may require you
to make changes, at your expense, to the API Code for continued API Access. “API Code” is software
created by you or us using an XML/SOAP interface we specify enabling API Access.

If we give you API Code or software to incorporate into API Code developed by you, we grant you a
non-exclusive, revocable, non-transferable, non-sublicensable, limited, licence to use the API Code
or software given to you by us for internal use solely for API Access during the term of the
applicable Programme Terms. You shall make the API Code available to us upon our request for our
review and notify us of the features and functionality of such API Code and the application to
which the API Code connects. Your use of API Code shall not exceed access frequency limits as set
by us from time to time. If you are a Representative (defined below) this Section gives you (not
the Advertisers), API Access. You may not use API Access pursuant to this Section if you are party
to another agreement with a Yahoo! Company that provides for such access.

7. USE OF INFORMATION

You grant each Yahoo! Entity an irrevocable, non-exclusive, royalty-free, worldwide, fully paid
licence throughout the Term to: (i) use, copy, and/or modify, adapt, reformat, recompile,
disassemble, reverse engineer and/or manipulate any part of the Advertiser

 

 

Materials, or any URL
provided within your Advertiser Materials, including for public performance or display, marketing
and distribution, in any part of the Distribution Network; and/or (ii) access, index, cache and
display the site(s), or any portion thereof, to which your Advertiser Materials link, by any means,
including web spiders and/or crawlers.

In the event that you use a suggestion or modification to your Advertiser Materials made by a
Yahoo! Entity, you agree that: (a) such suggestion or modification is authorised by you and
complies with the Agreement; and (b) none of the Yahoo! Entities shall have any liability for your
Advertiser Materials, or any changes to them.

All Advertiser Materials are subject to our approval. We reserve the right at any time in our
absolute discretion to: (a) reject, amend, remove or cancel any Advertiser Materials, Insertion
Order, URL link, space reservation or position commitment; and/ or (b) remove any Advertiser
Materials from any of the Yahoo! Company Sites and/or any part of the Distribution Network. We do
not undertake to review the contents of any Advertiser Materials and any review and/or approval by
us will not be deemed to constitute an acceptance by us that they comply with the Agreement or any
waiver of any of our rights under it.

We do not guarantee that your Advertiser Materials will be distributed in any part of the
Distribution Network, nor do we guarantee that your Advertiser Materials will appear in a
particular position or rank. The final decision as to inclusion and placement of Advertiser
Materials is at our discretion.

You grant to Yahoo! the express right to reproduce throughout the world screen shots of all or part
of any Yahoo! property containing all or part of any of the Advertiser Materials on or in any
promotional or advertising material or campaign promoting or advertising Yahoo! (but not any
promotional or advertising campaign paid for by Yahoo!).

Notwithstanding the provisions of any Insertion Order, you acknowledge and agree that we have not
made any guarantees with respect to usage statistics, including levels of impressions,
click-throughs or positioning of any Advertiser Materials. We are not liable for any usage
statistics however supplied. You acknowledge that usage statistics we provide are the official,
definitive measurements of our performance on any delivery obligations provided in the Insertion
Order. The processes and technology used to generate such statistics have been independently
audited.

All software, hardware, equipment, systems and underlying technology, and all other data,
information and content residing or subsisting in or created, collected or processed using the
Yahoo! Company Sites, Programmes and any sites of any Yahoo! Companies or Distribution Network
(including all Intellectual Property Rights residing or subsisting therein) is or are owned by
Yahoo! or its licensors and if and to the extent that any such rights become vested in you, you
will effectively assign to Yahoo! absolutely and unconditionally all such rights.

The Programmes are proprietary to us and are protected by the applicable intellectual property Laws
(as defined in Section 9 (Representations and Warranties)) and we retain all rights, title, and
interests in and to the Programmes and, except for the limited
right of use expressly granted herein, nothing shall be construed as Yahoo! granting to you any
right, title or interest in or to the Yahoo! Company Sites or Programmes (or any part of them).

 

 

8. CONFIDENTIALITY AND PRIVACY

“Confidential Information” means any information of whatever nature, disclosed to you by us in any
manner, whether directly or indirectly, in connection with this Agreement, other than information
that you can establish: (i) was in the public domain prior to disclosure by us (other than through
breach of this Section); or (ii) was in your possession, without confidentiality restrictions,
prior to disclosure by us. You shall not at any time: (a) disclose or otherwise make available to
any person or entity any Confidential Information (other than to your employees and Authorised
Users who are bound in writing by use and confidentiality restrictions which are no less protective
than the provisions of this Agreement and who have a need to know such Confidential Information in
connection with the Agreement); or (b) access, use, or copy any Confidential Information, except as
strictly necessary in connection with the purpose for which such Confidential Information is
disclosed to you and in accordance with the Agreement.

You may disclose Confidential Information if required by law, provided that: (a) you notify us
promptly prior to such disclosure; (b) at our request, you assist us in obtaining an order
protecting the Confidential Information from public disclosure; and (c) any disclosure is limited
to the minimum extent necessary to comply with the legal requirement. All Confidential Information
shall remain our property, and shall be delivered to us, uninstalled or destroyed immediately upon
our request or upon termination of the Agreement.

By using the Yahoo! Company Sites and any Programmes, you or any person you allow to access and use
your account, may provide Yahoo! with personal data. By entering into the Agreement and providing
such data, you agree (and shall ensure that each other relevant person agrees) to our use of such
data: (i) in accordance with our privacy policy at
http://searchmarketing.yahoo.com/en_GB/legal/privacy_y.php (the “Privacy Policy”); and (ii) for the
purposes of providing you with the Yahoo! Company Sites and Programmes and to administer your
account (including contacting you about the Yahoo! Company Sites, the Programmes, your account, the
Agreement, any Programme Terms and any products or services of us or our Affiliates from time to
time), and for the same purposes you agree to our disclosing such data to other Yahoo! Entities
(and the transfer of that data to countries which may not afford the same level of protection of
such data as the countries in which you initially access the Yahoo! Company Sites or Programmes).

You must not, and must ensure that any person acting on your behalf does not, issue any press
release or other public statement (or any statement which is likely to be made public) relating to
the Agreement or any part of it without our prior written consent.

9. REPRESENTATIONS AND WARRANTIES

You represent, warrant, and undertake that at all times throughout the Term: (i) you have the
rights, authority and any required consents to enter into the Agreement and to exercise your rights
and perform your obligations in accordance with this Agreement; (ii) you are acting in a business
capacity on behalf of your business and not as an individual or as a consumer; (iii) your use of
each Programme is solely for lawful business purposes; (iv) all Advertiser Materials and your use
of the Yahoo! Company Sites and
Programmes (and the use of those that use your account) will be free of viruses and/or other
computer Programming routines or any other items that may damage, interfere with or adversely
affect or hinder access to any Yahoo! Company Site, Programme, data, computer or network, or impose
an unreasonable or disproportionately large load on our systems or infrastructure (as we determine

 

 

in our sole discretion), or change a user’s settings or create a series of multiple, sequential,
stand-alone advertisements (including by pop-up window or pop-under window); (v) you will not
engage in, nor cause others to engage in, spamming, phishing or improper, malicious, or (as we
determine in our discretion) fraudulent clicking, impressions, or marketing activities relating to
any Yahoo! Site or Programme; (vi) you will comply with the applicable Programme Terms and all
provisions of the Agreement; (vii) you will at all times ensure that any personal data you collect
is collected, stored, processed and dealt with in accordance with all applicable data protection
and privacy Laws, including without limitation, you will not combine, co-mingle, compare or match
any information that you legally collect via your Advertiser Materials on any part of the
Distribution Network with any personal information, clickstream or cookie information that you
have; and (viii) the Advertiser Materials, the site(s) to which the Advertiser Materials and any
other material and technology in connection therewith link, and any act by you relating to the
Programmes and the Yahoo! Entities shall:

i. comply at all times with all applicable laws, statutes, statutory instruments, contracts, or
regulations, advertising and marketing codes of practice (whether self-regulatory or otherwise) and
our policies or guidelines (which we may amend from time to time in our absolute discretion)
(collectively, “Laws”) in any of the jurisdictions where any Information is distributed and/or
displayed;

ii. if your Advertiser Materials or relevant site(s) are an investment advertisement within the
meaning of any applicable financial services or securities markets Laws, your Advertiser Materials
and sites at all times comply with those Laws and the relevant advertiser is at all times
authorised to carry out such activities, and, unless you are an “authorised person” within the
meaning of the Financial Services and Markets Act 2000 (“the Act”): (1) do not constitute an
invitation or inducement to engage in investment activity within the meaning of the Act; or (2)
have been approved by an “authorised person” within the meaning of the Act or are otherwise
permitted under the Act and you have expressly notified us in writing of this;

iii. not at any time infringe any Intellectual Property Right of any third party;
iv. not at any time breach any duty toward, or rights of, any person or entity, including rights of
publicity and/or privacy, or any consumer protection Laws, and have not otherwise resulted in or
are not likely to result in any claims relating to consumer fraud, product liability, tort,
deceptive trade practices, breach of contract, or any other form of illegal practice, injury,
damage or harm of any kind to any person or entity;

v. where you are advertising gambling, the gambling which you are advertising by virtue of the
Insertion Order attached is based in and operated out of either Great Britain, an EEA State,
Gibraltar or a country or place which has been deemed by the Secretary of State to be treated as if
it were an EEA State pursuant to clause 331(4) of the Gambling Act 2005, and all necessary licences
and permits to conduct the gambling operation in that country are validly in place;
vi. not at any time contain any false, deceptive, misleading, unethical, defamatory, libelous, or
threatening material or any obscene or blasphemous material; and

vii. not (as determined by us) reflect poorly on or tarnish the reputation or goodwill of a Yahoo!
Entity.

You warrant, represent and undertake that you will not, and will not permit anyone to: (i) modify,
adapt, reformat, recompile, transmit, publish, license, reverse engineer, disassemble, reconstruct,
decompile, copy, or create derivative works of, transfer or sell any Yahoo! Company Sites or
Programmes, any aspect or portion thereof, or Confidential Information, including source code or

 

 

algorithms (except as expressly authorised by Yahoo! in writing or to the extent permitted by
applicable Law); or (ii) alter, remove, cover or otherwise deface any identification, trademark,
copyright, or other notice from any aspect of the Programmes.

10. INDEMNITY

You shall fully indemnify, defend, and hold harmless the Yahoo! Entities from all claims,
liabilities, losses, damages, penalties, fines, costs and expenses, whether actual or alleged
(collectively, “Claims”) including reasonable legal fees and any taxes in relation to those Claims,
that arise out of or in connection with any act or omission by you or your Authorised Users in
connection with the Agreement, including any infringement or alleged infringement of any third
party Intellectual Property Rights or of the Agreement. You agree to be solely responsible for
defending any Claim against a Yahoo! Entity, unless the relevant Yahoo! Entity elects to
participate in or take control of any Claim with advisors of its own choosing. You will not agree
to any settlement that imposes any obligation or liability on a Yahoo! Entity without our prior
written consent.

11. WARRANTY DISCLAIMER

All Programmes, Advertiser Materials provided by us, Distribution Network, indexes, Yahoo! Company
systems, Yahoo! Company Sites and documentation are provided on an “as is” basis, without warranty
of any kind, whether express or implied by statute, common law or otherwise, all of which are
hereby excluded to the extent permitted by applicable law, and that your use thereof is at your own
risk.

12. LIMITATION OF LIABILITY

The maximum aggregate liability of all Yahoo! Entities to you in contract, tort or otherwise
howsoever arising for any liability which is not otherwise limited or excluded under the Agreement
in respect of any one or more incidents or occurrences arising during any successive six month
period (the first such period commencing on the date of this Agreement) shall be limited to a sum
equivalent to the amounts actually paid by you to us pursuant to the Agreement in the relevant six
month period. In no event shall any Yahoo! Entity be liable to you in contract, tort or otherwise
(including any liability for any negligent act or omission or breach of statutory duty) for any
loss of revenue, profits, business, contracts, anticipated savings, wasted expenditure, damage to
reputation or goodwill, loss of or loss of use of data, or any indirect or consequential loss or
damage whatsoever, howsoever arising out of or in connection with the Agreement or any breach
thereof even if it was advised in advance of the possibility of such loss or damage. We are not
responsible for any acts or omissions of any third party in connection with the Agreement,
including with respect to clicks and/or impressions by any third party on your Advertiser
Materials. Notwithstanding anything to the contrary, nothing in this clause or the Agreement shall
be construed to exclude or limit any liability of any Yahoo! Entity which cannot be excluded or
limited under applicable law (such as for death or personal injury caused by our negligence or for
fraud or fraudulent misrepresentation).

 

 

13. TERMINATION

You may not terminate the Agreement or your participation in any Programme and in the Yahoo!
Company Sites (unless otherwise provided in the relevant Programme Terms). Notwithstanding anything
contained in the Agreement to the contrary, we may at any time for any reason terminate the
Agreement or terminate, suspend or limit your participation in any Programme or part thereof,
discontinue offering the Yahoo! Site, Yahoo! Companies or third party distributors and/or
Programmes. None of the Yahoo! Entities shall have any liability for any such termination. Upon
termination, suspension, or discontinuation of any Programme or your participation therein, all and
any outstanding payment obligations incurred under the Agreement will become immediately due and
payable.

These Master Terms and Conditions shall terminate automatically if you have terminated all
Programme Terms and Insertion Orders. Any suspension or termination (howsoever caused) shall not
affect any accrued rights or obligations of either party or the Yahoo! Entities nor shall it affect
the continuation in force of any provision of these Master Terms and Conditions and Programme Terms
which by implication are intended to survive any termination or suspension of the Agreement, and
any provisions under Sections 1 (Introduction and Definitions), 7 (Use of Information), 8
(Confidentiality and Privacy), 12 (Limitation of Liability), 13 (Termination), 15 (Choice of Law)
and 16 (Other) of these Master Terms and Conditions.

Following termination of this Agreement you agree to immediately cease: (i) using the Yahoo!
Company Sites and any Programme or Third Party Products; (ii) any other distribution of your
Advertiser Materials by any Yahoo! Entity which has been suspended or terminated; and (iii) using
all Information, data, programme code or software, user names and passwords, Intellectual Property
Rights and Confidential Information (and destroy all copies thereof and, if requested by us,
promptly certify such destruction in writing to us).

14. NOTICES

We may give notices to you by posting them on any Yahoo! Company Site or by written notice (at our
discretion), including by email, to the address provided by you to us. It is your responsibility to
ensure that your contact and account information is current and correct, and you must promptly
notify us in writing of any changes to such information. All notices to us shall be sent, as
applicable: (a) to Yahoo! either by email to uk-clientservices-ysm@cc.yahoo-inc.com or, where
applicable, by email to our designated account manager as notified by us to you; or (b) for Display
Advertising Programmes, to optimise@uk.yahoo-inc.com. Notices will be deemed received when an email
is received in full in the place of receipt, save where it is received on a weekend or public
holiday, in which case it will be deemed received on the next business day.

15. CHOICE OF LAW

The Agreement shall be governed by and construed in accordance with English law, and you agree to
submit any disputes arising in connection with this Agreement to the exclusive jurisdiction of the
English Courts.

 

 

16. OTHER

You acknowledge and agree that, subject to Section 7 (Use of Information) relating to the
submission of and any changes to your Advertiser Materials: (i) the Yahoo! Entities have complete
editorial freedom in terms of the content, look and feel and technical aspects of the Yahoo!
Company Sites and the Programmes, and the distribution of your Information to end users; and (ii)
the organisation, specifications, availability and/or appearance of any Yahoo! Company Sites, Third
Party Products, or any other systems or property provided by any Yahoo! Entity may be modified at
any time at the Yahoo! Entities’ absolute discretion.

The Agreement and any other document or information expressly referred to therein constitute the
entire agreement between you and us regarding the subject matter to which it relates and supersede
and extinguish all previous agreements, understandings, proposals, representations, claims, and
communications regarding that subject matter. Nothing in this Section shall exclude or restrict the
liability of either party for fraud or fraudulent misrepresentation.

In the event of a conflict between the Master Terms and Conditions, the Programme Terms, and/or an
Insertion Order, the conflict shall be resolved to the extent necessary to do so according to the
following order of precedence: (1) Insertion Order provided that: (i) it has been properly executed
on behalf of both you and us by duly authorised representatives; and (ii) any variation of the
Programme Terms or Master Terms and Conditions by such Insertion Order shall only apply to the
campaign to which that Insertion Order relates; (2) Programme Terms and (3) Master Terms and
Conditions.

The failure or delay of Yahoo! to enforce any provision of the Agreement or other rights or
remedies under law shall not constitute a waiver or limitation of Yahoo!’s rights to enforce any
provision of this Agreement or to exercise any other such rights or remedies.

The provisions of this Agreement are severable, and if any provision of the Agreement is held
invalid, illegal or unenforceable for any reason, such invalidity, illegality or unenforceability
shall not affect the validity, legality or enforceability of the remainder of the Agreement.

We shall have no liability under the Agreement (to the extent permitted by applicable law) by
reason of any failure or delay in the performance of our obligations on account of strikes,
shortages, riots, acts of terrorism, insurrection, fires, flood, storm, explosions, earthquakes,
Internet and/or electrical outages, computer viruses, acts of God, war, governmental action, or any
cause that is beyond our reasonable control.

You and we are independent contractors and nothing in the Agreement shall be construed to create
evidence or imply any agency, employment, partnership, or joint venture between you and us.

Except as otherwise set forth in the Agreement, neither you nor we shall have any right, power, or
authority to create any obligation or responsibility on behalf of the other and the Agreement is
not intended to benefit, nor shall it be deemed to give rise to any rights to any third party,
except that any Yahoo! Company from time to time may directly enforce any right or remedy of Yahoo!
under these Master Terms and Conditions and any Programme Terms (as if such Affiliate was Yahoo!).

 

 

You may not assign, sublicense, or transfer the Agreement or any part of it. Any assignment,
transfer, or attempted assignment or transfer by you shall be of no force or effect. We and our
subsequent assignees may assign, delegate, sublicense, or otherwise transfer from time to time this
Agreement or any part of it to any person or entity at any time without your consent. Any rights
not expressly granted in the Agreement are reserved by us, and all implied licences are disclaimed.

We may change the Agreement and/or the Privacy Policy at any time by making them available on the
Yahoo! Company Sites and/or by providing notice in accordance with Section 14 (Notices). Any use by
you or Authorised Users of any Programme after such notice shall be deemed to be continued
acceptance by you of the then current Agreement and Privacy Policy. If you do not agree to such
amended Master Terms and Conditions, Programme Terms and/or the Privacy Policy you must
immediately: (i) notify Yahoo! in writing; and (ii) stop using the Yahoo! Sites and any Programmes.

You understand and agree that services and obligations to be performed by us may be performed by
other Yahoo! Companies and/or third-party service providers.

17. REPRESENTATIVE

If you are an advertising agency or other entity representing advertisers or you allow Affiliates
or Authorised Users or other advertisers (each a “Third Party”) access to or use of the Programmes
or to enter into Insertion Orders, this Section applies to you (“Representative”).

Representative agrees to ensure that all provisions of this Agreement are complied with by both
Representative and any Third Party which it represents. Representative shall be directly liable to
us for any act or omission in this regard. Other than Authorised Users, Representative shall ensure
that only Representative deals with us and no Third Party may do so.

Representative represents, warrants and undertakes that at all times: (i) it is the authorised
representative of an advertiser and is authorised to enter into and perform the Agreement the
advertiser’s behalf; (ii) it will not, without our prior written consent: (a) make any
representation or warranty concerning any Yahoo! Company Site or Programme or Yahoo! Entity,
including that it is an affiliate, distributor or partner of a Yahoo! Entity; (b) act on behalf of,
or otherwise make any promises or commitments to any advertiser or potential advertiser on behalf
of any Yahoo! Entity; or (c) engage in any telesales or telemarketing in connection with any Yahoo!
Company Site or Programme, and (iii) it will perform its duties pursuant to the Agreement in a
professional manner consistent with our requirements.

Upon our request, Representative will immediately deliver to us each agreement that authorises
Representative to act on the advertiser’s behalf in connection with the Agreement. If a
Representative’s relationship with an advertiser terminates, any of the Representative’s
advertisers may continue to use any of their Advertiser Materials, and Representative shall no
longer have API Access for such advertiser’s accounts. Representative shall not at any time,
whether during or after the Term, use data or information received in connection with the Agreement
to conduct any marketing efforts in particular to do that targeted at our

 

 

advertisers. During the Term and for twelve (12) months after termination thereof, Representative
shall not, directly or indirectly, contact, refer, or solicit any of our employees, consultants, or
agents.

Payment Liability. Without limiting any other provision of the Agreement, Representative and each
advertiser shall be jointly and severally liable for all payment obligations pursuant to Section 2
(Payment) of these Master Terms and Conditions, and Representative. Representative acknowledges
that we may directly contact any advertiser represented by Representative, including if we have not
received payment for such advertiser’s account by the due date for payment of the applicable
invoice.

18. DEFINITIONS

In the Agreement, (i) “we,” “us,”, “our” and “Yahoo!”, means Yahoo! UK Limited, a company
incorporated in England and Wales (company number 3244285 VAT number GB892211528) with its
registered office at 5th Floor, 125 Shaftesbury Avenue, London WC2H 8AD. Yahoo! UK Limited is a
wholly-owned subsidiary of Yahoo! Inc.; (ii) “Yahoo! Company” means Yahoo! or any Affiliate of
Yahoo!; (iii) “Yahoo! Entities” means the Yahoo! Companies and their officers, directors,
employees, and any other third-party service providers, and the Distribution Network; (iv) “Yahoo!
Company Sites” means all the sites that are owned, operated or hosted by or for the Yahoo!
Companies; (v) “Distribution Network” means the network of Yahoo! Company Sites, other Yahoo!
Company properties, and Third-Party Products through which we distribute Advertiser Materials; (vi)
“Third-Party Products” means third-party sites, properties, content, applications (including mobile
and/or wireless), and/or e-mails that make Advertiser Materials available; (vii) “you” and “your”
means the entity entering into this Agreement with Yahoo!; (viii) “Affiliate” means, with respect
to an entity, any other entity that directly or indirectly controls, is controlled by, or is under
common control with such entity; (ix) “Authorised Users” means any person or entity acting or
apparently acting on your behalf in connection with this Agreement; (x) “Advertiser Materials”
means your advertisements displayed by us on your behalf on the Distribution Network pursuant to
this Agreement, to which the relevant Programme Terms apply, all suggestions you use or
information, data or any other material that is provided or used by you or on your behalf in
connection with the Agreement and/or on your site and any other advertising material which you
provide to us in connection with this Agreement (including all contents, trademarks and brand
features contained in any advertiser materials); (xi) “Intellectual Property Rights” means any
copyright, design right, database right, patent, trademark, or other intellectual property or
proprietary right (whether registered or unregistered), or any rights and forms of protection of a
similar nature or having equivalent effect anywhere in the world.

19. YAHOO! UK LIMITED

You acknowledge that Yahoo! UK Limited enters and fulfils the Agreement as principal, and in the
event of any claim or suit brought by you in respect of the Agreement you shall only have recourse
to Yahoo! UK Limited and to no other Yahoo! Company.

SPONSORED SEARCH PROGRAMME TERMS

 

 

1. USE

These Sponsored Search Programme Terms (the “Programme Terms”) apply to paid placement listings for
advertising. We provide you with access to the Sponsored Search Programme subject to your
compliance with the Agreement. In the event of any inconsistencies between these Programme Terms,
the provisions of any relevant Insertion Order and our Master Terms and Conditions, the relevant
provisions of Section 16 of the Master Terms and Conditions shall apply.

Terms defined in the Master Terms and Conditions shall have the same meanings in these Programme
Terms. In addition, “Selected Advertiser Materials Groups” means the keywords you select, as well
as certain misspellings, singular/plural combinations, and other related keywords that we may map
to your Advertiser Materials based on the keywords, your Advertiser Materials themselves, and/or
the websites to which the Advertiser Materials link. For example, and without limiting the
foregoing, if you select the keyword “book,” your Advertiser Materials may also appear in response
to the keywords “books” or “buy books.” At the discretion of any Yahoo! Entity, Advertiser
Materials may include a title, description, text, and/or graphics.

2. SUBMISSION OF ADVERTISER MATERIALS, BUDGETING AND ADVERTISER MATERIALS DISPLAY PROCESS

SUBMISSION OF ADVERTISER MATERIALS. Unless you choose otherwise at the time you submit Advertiser
Materials, Advertiser Materials may be included by us in each of our products and services from
time to time. If you wish to include Advertiser Materials in particular products or services,
cancel Advertiser Materials or make changes to your bids or budgeting, you must do so using your
Account Management Method, or other means notified by us to you on request. You may terminate your
participation in this Programme and cancel your Advertiser Materials in any part of the
Distribution Network at any time by providing notice to us in accordance with Section 14 (Notices)
of the Master Terms and Conditions.

You can submit Advertiser Materials, or make changes to existing Advertiser Materials via those
Yahoo! Company Site(s) which allow you to do so , currently located at
https://login.marketingsolutions.yahoo.com/adui/signin/loadSignin.do?m=1&l=en_GB, and any
associated pages.

You may request that we assist you with the submission of Advertiser Materials, upon payment of an
up-front fee to us for such assistance, as specified by your Campaign Management Method, in
accordance with the payment provisions under the Agreement.

BUDGETING. In order to access and use the Sponsored Search Programme for Advertiser Materials you
will be required to pay an up-front initial deposit to us, as specified by your Campaign Management
Method, in accordance with the payment provisions set out under the Master Terms and Conditions.

You may, using your Campaign Management Method:

a. be required by us from time to time to specify an amount (in whole pounds sterling) to be put on
account for your use of the Sponsored Search Programme prior to your using the Sponsored Search
Programme, which will be paid up-front to us; and

b. specify that you do not wish us to top-up your account, in which case your Advertiser Materials
will be suspended from the Distribution Network when we determine that your account has
insufficient funds, until such time that you do top-up your account; or

 

 

c. agree that your account will immediately be topped-up by a specific amount (as specified by you,
in whole pounds sterling) if your account contains only three days’ (or less) worth of funds based
on your average account spend.

Amounts to be put on account or to top-up your account are as specified by you by means of your
Campaign Management Method, and are subject to any minimum amount that we may require. Unless you
specify a different top-up amount, or specify that you do not wish to top-up your account, then the
top-up amount will be the same as the initial amount you placed on account. Your account may be
subject to minimum monthly spend amounts as notified to you by us on the Yahoo! Company Sites from
time to time. If you elect to set a budget to apply in relation to relevant words or phrases then a
target monthly budget will be calculated by us in our absolute discretion based on the amount you
have specified. If at any time we determine that any such target monthly budget may be exceeded, we
may suspend the relevant Advertiser Materials from the Distribution Network for such time as it
deems necessary or desirable for the target monthly budget not to be exceeded.

If you choose to set a budget or change that budget then the start date of the target monthly
budget period will be reset as soon as commercially practicable thereafter.

You may require (in writing) Yahoo! to return to you: (i) any monies on your account less any fees
then payable by you; and (ii) any amount by which your target monthly budget (if any) has been
exceeded by more than 10% except to the extent that we suspend or terminate your use of the Yahoo!
Company Sites, any Programme or the Agreement or any part of it for any act or omission by or on
behalf of you. This is your sole and exclusive remedy if your target monthly budget is exceeded. We
may close accounts which have been inactive for more than 24 months. If following such termination,
a credit balance remains on your account, we will use our reasonable endeavours to refund such
balance, less any non-refundable amounts and a reasonable account closing fee. If we are unable to
do so using the contact information we hold, we shall dispose of any balance pursuant to the
Agreement and our policies and procedures.

The Yahoo! Company Sites or Distribution Network may not be available or your access to it or your
Advertiser Materials suspended if we have not received the above fees and amounts.

During the period of any such suspension, relevant Advertiser Materials are de-listed and the
bidding process starts again as if the relevant bid for the de-listed Advertiser Materials has not
been placed.

You agree that the charges that you shall pay for the Sponsored Search Programme will include, in
addition to any applicable service fees, charges for all clicks on your Advertiser Materials,
subject only to any maximum bid price and budgeting arrangements as set out above. The charges are
in addition to the fees for any other Programmes. Your Advertiser Materials are subject to the
then-current minimum bid requirements for particular words or phrases as specified on the Yahoo!
Company Sites from time to time. Unless otherwise agreed in writing by us, the charges will be
deducted from the amount you initially placed on account or the amounts by which your account is
topped-up as envisaged under these Programme Terms.

 

 

You can submit a maximum bid amount that you will pay to us for each click on the relevant
Advertiser Materials displayed in relation to the word or phrase for the relevant Advertiser
Materials.

If the bids of other advertisers for the same words or phrases relating to their Advertiser
Materials increase then you agree that we may, at our sole option and taking into account
additional factors such as the relevancy of your Advertiser Materials, automatically increase your
bid to a value of £0.01 higher than the then highest bid, without exceeding any maximum bid you
have specified in accordance with these Programme Terms.

ADVERTISER MATERIALS DISPLAY PROCESS. We will compare your bid amount for the relevant word or
phrase relating to the Advertiser Materials against all other advertisers bidding on that word or
phrase for their own Advertiser Materials. We will determine in our absolute discretion the
position in which your Advertiser Materials will appear on the basis of certain criteria which may
include, but are not limited to, the relevancy of your Advertiser Materials and your bid amount.

You acknowledge and agree that (i) all advertisers may bid on any key word or phrase (including
trade marks) in accordance with our policies; and (ii) your Advertiser Materials may not be
displayed if, for a given word or phrase, there are less available display positions than
advertisers bidding. Advertiser Materials may appear shortened (truncated) on some implementations
throughout the Distribution Network.

3. ANALYTICS. As part of the Sponsored Search Programme, at your option, we may provide you with
proprietary software code and related tools (collectively, “Yahoo! Code”) for insertion on each of
your websites to enable the analytical tools available for your account (“Analytics”). If you
install the Yahoo! Code, code may be delivered into the Internet browser of visitors to your
site(s) during their interaction with your site(s). Subject to the terms of the Agreement, we grant
you a non-exclusive, revocable, non-transferable, non-sublicensable, limited-use license for
internal use with your Programme account during the term of these Programme Terms to use, execute,
and display the YahooCode on your website solely for the purposes set forth in this Section 3. You
agree that during the Analytics set-up process, we may append certain parameters to the URL
associated with your Advertiser Materials to enable Analytics. You agree that you will not edit or
delete such parameters, which would prevent the proper functioning of the Analytics and would
render impaired or inaccurate results.

4. YAHOO! CODE. At all times while the Analytics or Yahoo! Code is on your website(s), you agree
to: (i) obtain all rights and permissions necessary for the Yahoo! Companies to use the Analytics
data as contemplated under the Agreement and our Privacy Policy located at:
http://info.yahoo.com/privacy/uk/yahoo/, including using cookies, web beacons and/or other
monitoring technologies to compile anonymous statistics about visitors to your website and to
monitor certain pages of your website for the purposes of reporting web traffic, statistics,
advertisement ‘click-throughs’ and/or other activities, and also including information on how
visitors to your website may disable such monitoring technologies; and (ii) maintain and adhere to
a privacy policy on your website which shall, as a minimum: (a) be available as a clear and
conspicuous link from the main page of your website and any other website page where visitors may
provide personally identifiable information; and (b) comply with all applicable data protection
Laws, including informing end users of such Analytics and ensuring a justification is met for
processing any personal information in

 

 

connection with the Analytics and obtaining all rights, consents and permissions necessary or
desirable for us to use data as envisaged under that privacy policy, the Master Terms and
Conditions and these Programme Terms.

5. EFFECTS OF TERMINATION. Sections 2 (Submission of Ads, Budgeting and Advertiser Materials
Display Process), 3 (Analytics) (last sentence only) (Analytics), and this Section 5 herein shall
survive any termination of these Programme Terms.

6. ADDITIONAL TERMS. You must ensure that Advertiser Materials (including as displayed) are
acceptable to you or your advertiser (if applicable) (including that the URL or hyperlink submitted
by you works and has not been broken at any time) and comply with the other provisions of the
Master Terms and Conditions (even where we have assisted you with the submission of those
Advertiser Materials).

7. OPTIMISATION. For non-invoiced advertisers only, Yahoo! may help you optimise your account(s) by
creating new ads in your account(s) and/or adding and removing keywords to your account(s).

Yahoo! identifies those accounts which it considers would benefit from optimisation and are
appropriate for optimisation, and therefore you may find that some but not others of your accounts
are optimised in this way. We will notify you via email of such changes made to your account(s),
and will include a spreadsheet of such changes upon your written request. If you would like any of
such changes reversed, please reply to such email within 14 days of receipt and we will reverse the
change(s) you specifically identify as soon as practically possible. Yahoo!’s optimisaton
permissions shall not extend to varying (i) budgets you have set, or (ii) maximum bid prices you
have set.

Notwithstanding the foregoing, you remain responsible for all changes made to your account(s),
including all click charges incurred prior to any reversions being made. It is your responsibility
to monitor your account(s) regularly and to ensure that your account settings are consistent with
your business objectives.

DISPLAY ADVERTISING PROGRAMME TERMS

1. USE

These Display Advertising Programme Terms (the “Display Advertising Programme Terms”) apply to the
display and distribution of your Advertiser Materials throughout our Distribution Network subject
to your compliance with the Agreement.

In the event of any inconsistencies between these Display Advertising Programme Terms, any
Insertion Order and the Master Terms and Conditions, the relevant provisions of Section 16 of the
Master Terms and Conditions shall apply.

Terms defined in the Master Terms and Conditions shall have the same meanings in these Display
Advertising Programme Terms. In addition, “Click-Through” means the initiation of a user presence
at any site that originates from any of the Advertiser Materials posted by us pursuant to your
Insertion Order as recorded by our advertiser reporting system and ‘Ad Specifications’ means the

 

 

technical and creative guidelines posted at http://uk.solutions.yahoo.com/index.html and at
http://uk.adinfo.yahoo.com/euroadspecs/adspecs/index.html.

2. DISPLAY OF ADVERTISER MATERIALS

Except as otherwise expressly agreed between the parties, positioning of Advertiser Materials
within the Distribution Network is at our absolute discretion and we may display Advertiser
Materials for any product or business which competes with your product or business in any part of
the Distribution Network.

3. USAGE STATISTICS

Your Advertiser Material usage statistics are available at http://advertiser.yahoo.com/. Username
and password access will be provided to you 48 hours after campaign launch. You should also refer
to the provisions of Section 7 of the Master Terms and Conditions in respect of such usage
statistics and the levels of impressions and/or Click-Throughs.

4. PROVISION OF ADVERTISING MATERIALS.

4.1 You must provide all Advertiser Materials (including GIF or JPEG files) in accordance with the
Agreement and within the following delivery deadlines (to be sent to
uk-adops@europe.yahoo-inc.com):

(i) at least 3 working days in advance of start date for new campaigns;

(ii) at least 2 working days in advance of change date for creative changes; and

(iii) at least 5 working days in advance of start/change for rich media requirements.

All creative must comply with our Ad Specifications.

We will not be required to publish any Advertiser Materials that have not been provided
accordingly, and we reserve the right to charge you, at the rate specified in the Insertion Order,
for inventory which does not comply, pending our receipt of compliant Advertiser Materials. We may
charge you £1,000 for each late delivery of compliant Advertiser Material for any Front Page
campaign and £250 for any other campaign within the Distribution Network.

4.2 We reserve the right to run or not run any creative (or part thereof) in our absolute
discretion.

5. ADDITIONAL PAYMENT TERMS

5.1 You shall pay for all impressions, clicks and/or Click-Throughs in respect of your Advertiser
Materials that we deliver in accordance with the Agreement.

 

 

5.2 Where you agree to spend an aggregate amount of money over a period of time, you must spend at
least 20%, and at most 33%, of such amount in each quarter of that period, subject to availability
of the requested positions.

6. DIRECT RESPONSE BOOKINGS

Where your Insertion Order relates to Direct Response product:

6.1 sections 5.2 and 9.1 of these Display Advertising Programme Terms shall not apply; and

6.2 the following provisions shall apply:

(i) we will use our reasonable endeavours to meet the times, dates and/or positions agreed with you
in writing. However: (a) we do not guarantee the times, dates, positions and/or delivery of the
Advertiser Materials and they are subject to change by us; and (b) we do not warrant that the
Advertiser Materials will not be displayed after the end date specified;

(ii) charges shall be based on actual delivery of impressions, as measured by Yahoo!;

(iii) for dynamically priced campaigns, the effective CPM will be determined based on your target
goals (e.g. CPC, CPA or CPL). You give Yahoo! the right to adjust the location of and price for the
Advertising Materials (if any) as long as the overall effective CPM for the campaign does not
exceed the Maximum CPM set out in the Insertion Order. Where you use a third party ad server
pre-approved by us, which cannot account for dynamic pricing, we will report total cost to you in
order for you to accurately determine your effective CPM.

7.COST PER CLICK

The following additional terms apply to all cost per click deals:

7.1 you must provide us with fresh creative frequently (and in any event not less than every 2
weeks) during the term of the Insertion Order so as to increase the likelihood of a higher number
of Click-Throughs; and

7.2 all Advertiser Materials must invite the user to click on the advertisement. We reserve the
right to reject any Advertiser Materials which do not in our opinion invite the user to click.

8. SPECIAL ADVERTISER MATERIAL POSITIONS

8.1 Where a line ID in the Insertion Order refers to a ‘Microsite’, we will provide and host a
microsite, incorporating the Advertiser Materials, within the Yahoo! Company Site to which that
line ID relates.

8.2 Where a line ID in the Insertion Order refers to ‘Development Fees’, the sum indicated shall be
payable to us for creative development fees for building Advertiser Materials or creating other
content for you.

8.3 Where a line ID in the Insertion Order refers to ‘Sponsorship Type A’, we will provide branded
masthead with LREC (on pages where this position exists) within the Yahoo! Company Site/pages to
which that line relates.

8.4 Where a line ID in the Insertion Order refers to ‘Sponsorship Type B’, we will provide a
product homepage takeover (ie. all

 

 

advertising positions which exist on that product homepage), within the Yahoo! Company Site
homepage to which that line relates.

8.5 Where a line ID in the Insertion Order refers to ‘Sponsorship Type C’, the words “sponsored by”
shall appear in relation to the Yahoo! Company Site/pages to which that line relates.

8.6 Where a line ID in the Insertion Order refers to ‘Sponsorship Type D’, the background of the
Yahoo! Company Site/pages to which that line relates shall be altered to a colour agreed between
you and us.

8.7 Where a line ID in the Insertion Order refers to ‘IMV’, we will provide an IMV incorporating
the Advertiser Materials.

9. LIMITATION OF LIABILITY

9.1 If we fail on any guaranteed inventory order to publish any Advertiser Material or deliver the
number of impressions or Click-Throughs provided in the Insertion Order, our liability will be
limited (at our option) to either: (a) as soon as reasonably practicable, publishing the Advertiser
Material (or any replacement Advertiser Material provided by you and accepted by us) in positions
agreed in writing between the parties for such time as is necessary to generate a number of
substitute impressions or Click-Throughs to make up the shortfall; or (b) refunding to you the
relevant proportion of the amounts paid in advance by you in respect of the relevant Advertiser
Materials which were not published / delivered, provided that such Advertiser Materials were
provided by you in accordance with the Agreement. If the amounts were not paid in advance by you,
you agree that such amounts will not be due or payable by Yahoo!.

9.2 Where you use a third party server to serve Advertiser Materials to us: (a) we will have no
liability and you will hold only the third party server (and not us) liable for the failure to
publish any Advertiser Material or deliver the number of impressions or Click-Throughs provided in
the Insertion Order or any other loss of any kind suffered by you where those failures or losses
are due to or arise out of or in connection with any act or omission of the third party server; (b)
the statistics provided by us are the official and definitive measurements; and (c) we may
terminate at any time in our absolute discretion the right of the third party server to serve your
Advertiser Materials to the Distribution Network. In the event of such termination, we may serve
the Advertiser Materials instead.

10. RENEWAL; TERMINATION; EFFECTS OF TERMINATION

10.1 Except as expressly set out in the Insertion Order, any renewal of the Insertion Order and
acceptance of any additional Advertiser Materials will be at our sole discretion. The rates
applicable to such renewal period (if any) are subject to change by us from time to time in our
absolute discretion.

10.2 You may not cancel an Insertion Order under these Display Advertising Programme Terms unless
otherwise agreed with us in writing.

10.3 If you terminate the Display Advertising Programme Terms, all terms and conditions of these
Display Advertising Programme Terms shall survive until such time as all Insertion Orders under
this Programme have ended. This Section 10 (Renewal; Termination; Effects of Termination), Section
3 (Usage Statistics) and Section 9 (Limitation of Liability) of these Display Advertising Programme
Terms shall survive termination of these Display Advertising Programme Terms.

These Display Advertising Programme Terms are subject to the Master Terms and Conditions.

Last updated: 1 April 2009exv10w7

Exhibit 10.7

PURCHASE AGREEMENT

     THIS PURCHASE AGREEMENT (“Agreement”) is made as of the 25th day of March 2010, by and between
CHICAGO TITLE LAND TRUST COMPANY, as Trustee under Trust Number 51-0615-0 dated August 15, 1967, an
Illinois Land Trust by Towne Realty, Inc. d/b/a Lincoln Tower, Inc., as authorized beneficiary
(“Seller”), and STEADFAST ASSET HOLDINGS, INC., a California corporation, or its assigns (“Buyer”).

RECITALS

     A. Seller owns certain real property located at 520 South Second Street, Springfield, Illinois
that Seller is in the process of converting to a two (2) unit mixed-use condominium development
known as “Lincoln Tower Mixed Use Condominium” (“Condominium”). The Condominium is comprised of
two (2) condominium units: one (1) 5-story office building (“Unit 1”) and one (1) 16-story
multi-family residential apartment building with some surface parking, covered parking and garage
parking (“Unit 2”).

     B. Buyer desires to purchase Unit 2, comprised of the 16-story residential apartment building
which shall, as of Closing, consist of one hundred ninety (190) residential apartments and nine (9)
non-residential units, with some surface parking, covered parking and garage, along with Seller’s
undivided interest in the common elements and limited common elements appurtenant to Unit 2,
together with and subject to the rights, interests, obligations and limitations set forth in the
declaration and condominium plat (and all amendments thereto) creating the Condominium as described
on Exhibit A attached hereto, together with all appurtenant hereditaments, tenements, buildings,
structures or other improvements, and easements, and privileges and issues relating thereto
(collectively hereinafter Unit 2 described above “Real Property”).

     C. Seller has agreed to sell and Buyer has agreed to purchase the Property (as defined below)
in accordance with and subject to the terms and conditions of this Agreement.

AGREEMENT

     Now therefore, for good and valuable consideration, the receipt and adequacy of which is
acknowledged, the parties agree as follows:

1. BASIC PROVISIONS

     The following words and phrases are defined for subsequent use in this Agreement:

     1.1. Closing. Subject to the express provisions hereof, the consummation of the
transaction contemplated by this Agreement (“Closing”) shall occur, if at all, on a date selected
by Buyer with prior reasonable notice to Seller, which date shall be no later than sixty (60) days
after the expiration of the Condominium Document Review Period (defined below), and shall occur by
mail through the offices of the Title Company (defined below). Buyer may, at Buyer’s request,
extend the Closing one time for up to thirty (30) days beyond the initial Closing date, upon notice
to Seller.

     1.2. Commitment. A commitment for a standard ALTA 2006 owner’s policy of title
insurance (with arbitration clause deleted and containing such endorsements at Buyer’s sole cost as
Buyer may request (except for endorsements required to address a title objection, which shall be at
Seller’s expense)) with respect to the
Real Property in the amount of the Purchase Price committing the Title Company to insure Buyer
as the fee

1

 

simple owner of the Real Property, without standard exceptions and subject only to the
Permitted Exceptions (defined below).

     1.3. Conditions. The conditions precedent to Buyer’s obligation to purchase the
Property, which conditions are as follows:

                    (i) Physical/Financial Review Condition. Buyer’s satisfaction in its sole and absolute
discretion, with all physical aspects of the Real Property, including, but not limited to, its
environmental condition, structural condition, the condition of the roof and the HVAC system and
the condition of all parking, drive, walkway and landscaped areas, all aspects of the common
elements and the limited common elements, and off-site improvements, if any, appurtenant thereto,
drainage, soils, and access and utilities availability and capacity, and Buyer’s satisfaction, in
its sole and absolute discretion, with the revenue generated or to be generated from the Property
and the expenses incurred and to be incurred in the operation and maintenance of the Property and
all other development, marketing, economic and other matters relating to the Property (other than
the Title Condition, which shall be as provided herein);

                    (ii) Title Condition. Buyer’s satisfaction with the state of title to the Real
Property, in accordance with Section 3.6 below; and

                    (iii) Condominium Documents. Buyer’s satisfaction in its sole and absolute
discretion, with the proposed Condominium Documents.

     1.4. Condominium Document Review Period. The period commencing on the Effective Date
and concluding at 4:00 p.m. Central Standard Time sixty (60) days thereafter.

     1.5. Condominium Documents. The final recorded Declaration of Condominium, final
recorded Condominium Plat, the final bylaws, related easements, all association documents, and any
other documents necessary to the creation of the Condominium or operation of Unit 2.

     1.6 Contracts. All of those contracts between Seller and/or its manager, on the one
hand, and service and/or materials providers, on the other hand, which contracts relate to the
ownership, operation, maintenance or use of the Property.

     1.7. Deposit. Two Hundred Thousand and 00/100 Dollars ($200,000.00), together with
interest earned thereon in accordance with the terms hereof.

     1.8. Effective Date. The date on which the last of Buyer and Seller execute this
Agreement, as such date is set forth on the signature page hereto.

     1.9. Inspection Period. The period commencing on the Effective Date and concluding at
4:00 p.m. Central Standard Time thirty (30) days thereafter.

     1.10. Lease or Leases. As the context dictates, individually or collectively, a
lease, license, or other written permission to occupy any portion of the Real Property, for parking
at, on or in connection with the Real Property, or for any cell tower.

     1.11. Permitted Exceptions. The encumbrances or exceptions to title shown in the
Commitment to which Buyer does not object pursuant to the terms hereof or which, with Buyer’s prior
written consent, are waived and accepted or satisfactorily insured over in accordance with the
terms of Section 3.6 hereof.

2

 

     1.12. Personal Property. Those items listed on Exhibit B attached hereto and
incorporated herein by reference, and all of Seller’s interest (to the fullest extent assignable)
in any other tangible and intangible personal property located upon the Real Property and/or used
in connection therewith, including without limitation goods, equipment, machinery, furniture,
furnishings, plans, specifications, surveys, condemnation awards, licenses, permits, warranties and
guarantees.

     1.13. Property. The Real Property, the Contracts that Buyer elects to assume as shall
be set forth on the bill of sale to be delivered pursuant to Section 5.2(iii), the Seller’s
interest in the Condominium Documents relating to Unit 2, the Leases, rents, profits, licenses,
Personal Property, the Trade Name, and the Seller’s interest, if any, in the following: all plants,
shrubs, and trees located on the Real Property, all fixtures attached or affixed, actually or
constructively, to the Real Property, all air space, vault and subterranean space benefitting or
appurtenant to the Real Property, all oil, gas and mineral rights and royalties and water rights
and entitlements, and all land lying in the bed of any street, road, avenue or alley, proposed,
open or closed, adjoining the Real Property.

     1.14. Purchase Price. Ten Million Three Hundred Fifty Thousand and 00/100 Dollars
($10,350,000.00).

     1.15. Representations. The representation and warranties as set forth on Exhibit C
attached hereto and incorporated herein by reference or otherwise made herein.

     1.16. Seller Debts. Seller Debts are the debts, liabilities, taxes, obligations and
claims for which Seller alone is liable and shall include (a) all payments and benefits to past
and/or present employees of Seller in connection with the business being conducted on or from the
Real Property as may have accrued through Closing, (including, but not limited to, salaries, wages,
commissions, bonuses, vacation pay, health and welfare contributions, pensions, profit sharing,
severance or termination pay, or any other form of compensation or fringe benefit), (b)
obligations of Seller under any Leases or occupancy agreements accruing prior to Closing, and (c)
obligations of Seller under the Contracts. Seller shall be fully responsible for and shall
indemnify, defend and hold Buyer harmless with respect to all of Seller Debts and all of the
operations of Seller’s business from the Real Property prior to Closing including, but not limited
to all suits, actions, damages and claims which may be asserted or threatened against Buyer from
and after Closing, but which shall have arisen out of any aspect of the business or its operations
prior to Closing. Buyer shall be fully responsible for and shall indemnify, defend and hold Seller
harmless with respect to all operations of Buyer’s business from the Real Property after Closing
but shall have no liability for any of Seller Debts. The provisions of the foregoing two (2)
sentences shall survive the termination of or Closing under this Agreement for one (1) year.

     1.17. Title Company. Chicago Title Company, 1043 S. 5th Street,
Springfield, Illinois 62703.

     1.18. Trade Name. Any and all right, title or interest of Seller in and to and under
the trade name “Lincoln Tower Apartments”.

2. PURCHASE AND SALE; DEPOSIT

     Subject to the terms and conditions herein, Seller agrees to sell and Buyer agrees to purchase
the Property for the Purchase Price. Within five (5) business days after the Effective Date, Buyer
shall deposit the Deposit in escrow with the Title Company. In the event of Closing, the Deposit
shall be delivered to Seller and shall be
applied as a credit against the Purchase Price. The Deposit shall be held in a separate,
non-commingled interest bearing account with a federally insured financial institution reasonably
acceptable to Buyer and all interest earned thereon shall be deemed to be a portion of the Deposit.
If Buyer shall fail to timely deliver the Deposit to Title Company, then this Agreement shall, at
the option of Seller by written notice to Buyer, terminate whereupon all rights and obligations of
the parties under this Agreement shall expire, and this Agreement shall

3

 

become null and void.
If this Agreement is terminated after the Deposit is made, the Deposit shall be refunded to
Buyer or delivered to Seller as provided for below. The provisions of this Section 2 and the
remaining terms of this Agreement regarding the application or release of the Deposit shall survive
the termination of this Agreement until such time as the Deposit shall have been fully released to
Seller or Buyer without any dispute between Seller and Buyer with respect thereto, or, in the event
of any such dispute, until a final, non-appealable judicial or arbitrator order.

3. INSPECTION OF PROPERTY; CONDITIONS

     3.1. Buyer’s obligation to purchase the Property is expressly conditioned upon Buyer’s
satisfaction with or waiver in writing of each of the Conditions. Buyer shall pay all costs
associated with its inspection of the Property to determine the satisfaction of the Conditions,
except that Seller shall pay the premiums for the standard owner’s policy of title insurance to be
issued pursuant to the Commitment, and the cost of the Commitment (if separately charged), and
shall provide to Buyer all of the Seller’s Documents at Seller’s expense.

     3.2. Within five (5) business days after the Effective Date, Seller shall deliver to Buyer (i)
true copies of all the documents (“Seller’s Documents”) listed on Exhibit D attached hereto and
incorporated herein by reference (or, to the extent set forth on said Exhibit D, make available
such Seller’s Documents to Buyer at the Real Property), and (ii) the Commitment and legible copies
of all documents noted therein as exceptions to Seller’s title to the Real Property (collectively,
the “Title Documents”). In addition, Seller shall make all of its documents, books, records and
other information related to the Property and in Seller’s possession, however stored or
maintained, available to Buyer for Buyer’s review at Seller’s offices.

     3.3. During the Inspection Period, Buyer may make such investigations as it shall deem
relevant in order to satisfy the Conditions. Such investigations may be conducted by Buyer or its
designees, including lawyers, engineers, accountants, contractors, architects, agents or employees.
For the duration of this Agreement, Buyer and its designees have the right and license to enter
upon the Real Property (including individual apartments or offices) during normal business hours
(unless otherwise approved by Seller) and upon reasonable advance notice to Seller or its
designated agents (which notice may be via telephone), and to conduct such tests, studies, audits,
surveys, examinations, inspections, interviews of Property personnel and investigations thereon as
Buyer shall reasonably desire. Buyer shall indemnify, defend and hold Seller harmless against any
loss, liability, or expense resulting from Buyer’s entry upon the Real Property (but excluding any
amounts or claims arising from (i) Buyer’s mere discovery of defects or conditions affecting the
Property or (ii) the negligence or willful misconduct of Seller or its agents, employees, invitees
(other than Buyer and Buyer’s designees) or representatives). If this Agreement shall terminate
without Closing, Buyer shall restore any damage caused by Buyer’s entry upon the Real Property to
substantially the condition existing immediately prior to such entry. The provisions of the
foregoing two (2) sentences shall survive the termination of this Agreement for one (1) year.

     3.4. Buyer shall have the right at any time prior to the end of the Inspection Period to
terminate this Agreement, for any reason or no reason at all, upon written notice to Seller, in
which event (i) this Agreement shall terminate and be of no further force or effect, (ii) the
Deposit shall be returned to Buyer, and (iii) neither party shall have any further liability or
obligation hereunder.

     3.5. Seller shall promptly after the Effective Date provide to Borrower copies of the proposed
Condominium Documents, all in advance of any execution thereof, submission to any governmental
agency with jurisdiction over such condominium regime, or any recordation thereof in the real
property records. Buyer shall have the right during the Condominium Document Review
Period to review the proposed Condominium Documents and provide comments thereto. In the event
Buyer objects to any aspect of the proposed Condominium Documents using reasonable business
judgment or due to the objection of any proposed lender to

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Buyer, Buyer shall give written notice
to Seller within ten (10) business days after receipt of the proposed Condominium Documents
specifically setting forth Buyer’s basis for such objection and within ten (10) business days after
Buyer and its proposed lender execute an application or commitment for a loan specifically setting
forth Buyer’s lender’s basis for such objection. Seller shall then have fifteen (15) days to
resolve Buyer’s objection, failing which Buyer may accept the proposed Condominium Documents and
proceed to Closing, or Buyer may terminate this Agreement upon written notice to Seller, in which
event (i) this Agreement shall terminate and be of no further force or effect, (ii) the Deposit
shall be returned to Buyer, and (iii) neither party shall have any further liability or obligation
hereunder.

     3.6. Buyer, at its sole cost and expense, shall have the right to obtain an updated survey of
the Real Property; provided, however, that any existing as-built ALTA survey for the Real Property
and the proposed Condo Plat shall be included in the Seller’s Documents. Buyer shall have the
right, on or before the date ten (10) days prior to the expiration of the Inspection Period, to
notify Seller of any objections to the Title Condition of the Real Property. Seller shall use its
good faith efforts to remedy any such objections and shall have five (5) Business Days from its
receipt of any such notice to notify Buyer of its proposed cure for each objection and to provide
Buyer with a revised Commitment evidencing that such objections have been remedied and/or insured
over in a manner satisfactory to Buyer in its sole and absolute discretion. If there are any liens
or encumbrances against the Real Property securing liquidated amounts, Seller shall pay and
discharge the same at or before Closing without the requirement of objection by Buyer thereto. If
Seller fails timely to provide such notice and/or such Commitment, Buyer shall have the right: (a)
to accept such objections as Permitted Exceptions to title to the Real Property, or (b) to
terminate this Agreement upon notice to Seller on or before the expiration of the Inspection
Period, in which event (i) this Agreement shall terminate and be of no further force or effect,
(ii) the Deposit shall be returned to Buyer, and (iii) neither party shall have any further
liability or obligation hereunder. Seller shall pay for a final owner’s title insurance policy to
be issued subsequent to Closing in accordance with the Commitment as approved by Buyer, shall
comply with all requirements set forth in the Commitment (including those relating to issuance of
the owners policy of title insurance without standard exceptions) and shall cause the Title Company
to hand mark the Commitment or provide a Pro Forma title policy as an effective title insurance
policy at and as of the time of Closing. Seller shall deliver to Buyer and Title Company at
Closing an ALTA Statement and a GAP Indemnity which provides that there are no new exceptions to
the Commitment except for those exceptions created by the act or omission of Buyer. The owner’s
title insurance policy shall insure marketable fee simple title to the Real Property in Buyer,
subject only to the Permitted Exceptions, in the amount of the Purchase Price, as of the date and
time of Closing or the recording of the Deed, whichever is later, and shall include such
endorsements as Buyer shall require and which endorsements shall be at Buyer’s sole cost (except
for endorsements that are necessary to address a title objection, which shall be at Seller’s
expense).

     3.7. “AS” “IS” CONDITION; RELEASE. EXCEPT FOR THE EXPRESS WARRANTIES, REPRESENTATIONS AND
COVENANTS OF THE SELLER HEREIN CONTAINED, THE BUYER ACKNOWLEDGES AND AGREES THAT IT IS SOLELY
RELYING UPON ITS INVESTIGATION AND EXPERTISE AND THAT OF ITS CONSULTANTS, CONTRACTORS, LAWYERS,
ACCOUNTANTS AND OTHER ADVISORS WITH RESPECT TO WHETHER OR NOT TO PURCHASE THE PROPERTY AND THAT
BUYER IS NOT ACTING UPON OR UNDER ANY EXPRESS OR IMPLIED WARRANTY OR REPRESENTATION OF ANY NATURE
OF THE SELLER WITH RESPECT TO ANY EXPECTATIONS
OR UNDERSTANDINGS AS TO THE PROFITABILITY OR LACK OF PROFITABILITY, STRUCTURAL OR OTHER
CONDITIONS RELATED IN ANY MANNER TO THE PROPERTY. IN THE EVENT THE BUYER PURCHASES THE PROPERTY IN
ACCORDANCE WITH THE TERMS HEREOF AFTER WAIVER OF THE CONDITIONS SET FORTH HEREIN, THE BUYER
ACKNOWLEDGES AND AGREES THAT THE PROPERTY ARE BEING PURCHASED IN AN “AS IS,” “HOW IS” AND “WHERE
IS” CONDITION AND THAT THE BUYER IS, EXCEPT FOR THE EXPRESS WARRANTIES, REPRESENTATIONS AND
COVENANTS OF SELLER HEREIN CONTAINED, HEREBY RELEASING

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THE SELLER AND ALL OF THE PERSONS, TRUSTS
AND ENTITIES THAT THE SELLER IS EXECUTING THIS AGREEMENT ON BEHALF OF AS OWNERS OF THE PROPERTY
FROM ALL CLAIMS OR CAUSES OF ACTION RELATING IN ANY WAY TO ANY AND ALL IMPLIED (AS OPPOSED TO
EXPRESS) WARRANTIES, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR
PURPOSE AND MERCHANTABILITY, REPRESENTATIONS AND COVENANTS, ANY EXPRESSLY DISCLAIMED MATTERS BY
SELLER, OR OTHERWISE WITH RESPECT TO THE PROPERTY OR THE CONDITION THEREOF.

     IN ADDITION TO THE FOREGOING, THE BUYER ACKNOWLEDGES AND AGREES THAT IN THE EVENT THE BUYER
PURCHASES THE PROPERTY IN ACCORDANCE WITH THE TERMS HEREOF, THE BUYER SHALL BE DEEMED TO HAVE MADE
ITS OWN INSPECTION OF THE PROPERTY WITH RESPECT TO THE EXISTENCE OR POTENTIAL EXISTENCE OF
LEAD-BASED PAINT, ASBESTOS, MOLD, INDOOR AIR QUALITIES, MOISTURE, MICROORGANISMS, RADON, OR ANY
OTHER CHEMICAL OR TOXIN SECRETED THEREFROM, INCLUDING WITHOUT LIMITATION, WALL CAVITIES, ATTICS,
WINDOWS, BASEMENTS, EXTERIOR OR INTERIOR SURFACES OF THE BUILDING CONSTITUTING THE REAL PROPERTY OR
ANY PART THEREOF, AND THAT THE BUYER HEREBY RELEASES THE SELLER WITH RESPECT TO ANY CLAIMS OR
CAUSES OF ACTION RELATING IN ANY WAY TO THE CONDITION OF THE PROPERTY WITH RESPECT TO THE FOREGOING
MATTERS.

4. CURRENT OPERATIONS

     4.1. From the Effective Date until the Closing or earlier termination of this Agreement,
Seller shall not enter into, modify, or terminate any lease, agreement and/or contract affecting
the Real Property, except as reasonable and standard practice in the ordinary course of business,
and, with respect to new service contracts and other agreements (but not residential lease
agreements), Buyer shall be given prior notice thereof and such new service contract or other
agreement shall be terminable without penalty or payment upon not more than 30 days’ notice. No
rents or deposits with respect to the Real Property are or on the Closing date will be held by
Seller, except security deposits and prepaid rents for the current month.

     4.2. From the Effective Date until the Closing or earlier termination of this Agreement Seller
shall conduct the business of the Property in the ordinary course in substantially the same manner
as the Property is operated as of the Effective Date, including maintenance of substantially the
same leasing practices, advertising and marketing programs for the Real Property, and in accordance
with all applicable laws, and will not (i) transfer or convey the Property or any interest in
Seller, or enter into any agreement to do so, where such transfer or conveyance would impair
Seller’s ability to convey the Property to Buyer as set forth herein (except for a conveyance
permitted pursuant to the last sentence of Section 11 hereof), (ii) create or agree to any
easements, liens, mortgages, encumbrances or other interests that would affect the Property or
Seller’s ability to comply with this Agreement (with the exception of any easements, encumbrances
or other interests created necessary to effect the creation of the Condominium in strict accordance
with the terms of Section 12 hereof); (iii) fail to maintain and repair the Real Property in at
least the manner that Seller has done previously; (iv) fail to comply promptly with any notices of
violation of laws or municipal ordinances, regulations, orders or requirements of departments of
housing, building, fire, labor, health, or other state, city or municipal departments or other
governmental authorities having jurisdiction against or affecting the Real Property or the use
or operation thereof; (v) initiate or knowingly consent to, approve or otherwise take any action
with respect to zoning or any other governmental rules or regulations presently applicable to all
or any part of the Real Property (with the exception of actions taken to convert the Real Property
to a condominium); (vi) fail to pay when due and payable all taxes and other public charges
assessed against the Real Property or Seller; (vii) fail to keep current and free from default any
and all secured financing against the Real Property; (viii) fail to pay in a timely fashion all
proper bills for labor or services for work performed for on or behalf of Seller with respect to
the

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Property; or (ix) fail to comply with all covenants, restrictions, easements or agreements
affecting the Real Property. Between the Effective Date and the Closing date, Seller shall
maintain in full force and effect substantially the same insurance coverages currently in place.

     4.3. Seller shall give to Buyer full and accurate written disclosure of any material change in
any Seller Representation or any change in any Exhibit to this Agreement promptly upon obtaining
knowledge thereof (provided, however, that no such subsequent disclosure shall be deemed to modify
any such Representation or Exhibit for the purpose of determining any right or remedy of Buyer
under this Agreement).

     4.4. Seller acknowledges and agrees that, as of the date hereof, certain repairs or
modifications are required to be made by Seller at its sole costs and expense to the Real Property
relating to the conversion of the former gym into a three (3) bedroom apartment and the former
leasing office to a two (2) bedroom apartment in accordance with rent-ready conditions consistent
with the other apartments at the Real Property (collectively, the “Required Work”). Seller agrees
that it is obligated: (i) to perform the Required Work with materials of similar quality as the
existing improvements on the Real Property; (ii) to diligently and continuously (subject to matters
of force majeure, delays caused by Buyer and matters otherwise beyond the reasonable control of
Seller) carry out such Required Work until completion thereof, which completion shall occur prior
to the Closing date; (iii) upon receipt of a written request from Buyer, to provide Buyer with lien
waivers following completion of the Required Work from each and every contractor, materialman,
engineer, architect and surveyor who might have lien rights in connection therewith, in form and
substance reasonably satisfactory to Buyer and its counsel and to indemnify Buyer from and against
any claims, or demands for payment, or any liens or lien claims made against Buyer or the Real
Property for labor or materials provided to or for the benefit of Seller in performing the Required
Work, provided that such claims or demands for payment, liens or lien claims do not result from
Buyer’s negligence or willful misconduct; and (iv) to indemnify, defend and hold Buyer harmless
from and against any and all claims, liabilities, damages, losses, costs and expenses of any kind
or nature whatsoever (including, without limitation, attorneys’ fees and expenses and court costs)
suffered, incurred or sustained by Buyer as a result of, by reason of, or in connection with the
Required Work.

     4.5. Seller shall reasonably cooperate in the transfer of the Property. In furtherance
thereof, if any utility accounts are not transferred as of the Closing date, the parties shall
cooperate in arranging for said transfer as soon as practicable after the Closing date.

     4.6. The covenants set forth in Section 4 of this Agreement shall survive Closing for one (1)
year.

5. CLOSING

     5.1. Buyer’s Deliveries. At the Closing, Buyer shall deliver to Title Company (i) for
payment to Seller, the Purchase Price, via federal wire transfer of funds, as adjusted by the
adjustments set forth in Section 5.3 below, and (ii) the Closing Statement in accordance with
Section 5.3 hereof. Buyer shall assume all of the landlord’s obligations under the Leases relating
to periods subsequent to Closing including the obligation to refund security deposits of tenants of
the Real Property, but only as to those security deposits for which Buyer receives credit at the
Closing against the Purchase Price. Buyer shall not assume any obligations under the
Leases for claims or suits of tenants asserted as arising from the conduct of Seller or from
events occurring prior to the Closing and Seller shall have no obligation under the Leases for
claims or suits of Tenants asserted as arising from the conduct of Buyer or from events occurring
after the Closing.

     5.2. Seller’s Deliveries. At the Closing, Seller shall execute and/or deliver to Buyer
the following, each of which shall be in form and substance reasonably satisfactory to Buyer, with
drafts thereof having been provided by Seller to Buyer not less than three (3) Business Days prior
to Closing:

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          (i) A warranty deed, in recordable form, conveying marketable title to the Real Property
subject only to the Permitted Exceptions, to Buyer, and any required real estate transfer
tax/documentary/deed tax affidavits, applications or declarations;

          (ii) An assignment of the Leases and other occupancy agreements and all rents due and to
become due thereunder with respect to the Real Property; provided, however, that such assignment
shall not impose any liability on Buyer for any default of Seller under the Leases. Seller shall in
such assignment indemnify, agree to defend and hold Buyer harmless from any liability of any kind
or nature that shall have accrued under the Leases prior to Closing and Buyer shall in such
assignment indemnify, agree to defend and hold Seller harmless from any liability of any kind or
nature that shall have accrued under the Leases subsequent to Closing;

          (iii) A bill of sale and assignment covering all of the Personal Property, warranties
(specifically including the roof warranty, if any), any Contracts that Buyer elects to assume from
and after Closing (to be listed as an exhibit thereto), licenses, permits, entitlements, all
intangible rights associated with the Property and all claims, guarantees, warranties,
indemnifications and all other rights, if any, which Seller may have against suppliers, laborers,
materialmen, contractors or subcontractors arising out of the Real Property and such bill of sale
shall warrant title to such Personal Property and that the same are in good operating condition;

          (iv) An affidavit stating that the Rent Roll attached to this Agreement as Exhibit E is, as of
Closing, true, accurate and complete and noting any differences between such Rent Roll and the then
current state of facts with respect to the matters set forth on the Rent Roll;

          (v) An affidavit stating that Seller is not a “Foreign Person” within the meaning of Internal
Revenue Code Section 1445(f)(3) or Buyer shall be entitled to withhold appropriate amounts as
required by the Internal Revenue Code;

          (vi) All affidavits required by the Title Company to issue the owners policy of title
insurance in accordance with the Commitment approved by Buyer, and such evidence as Title Company
may require that Seller has the power and authority to execute and enter into this Agreement and to
consummate the sale of the Real Property, and that any and all actions required to authorize and
approve the execution of and entry into this Agreement by Seller, the performance by Seller of all
of Seller’s duties and obligations under this Agreement, and the execution and delivery by Seller
of all documents and other items to be executed and delivered to Buyer at Closing, have been
accomplished;

          (vii) A 1099-S request for taxpayer identification number and certification and
acknowledgment in the customary form thereof;

          (viii) The Closing Statement in accordance with Section 5.3 hereof;

          (ix) Any special notices, disclosures, certificates or other instruments required by
applicable local law, the Title Company or Buyer’s auditors;

          (x) A certificate of Seller certifying to Seller’s actual knowledge as of the Closing Date
that the representations and warranties of Seller set forth on Exhibit C hereof are, subject to any
changes of fact or circumstance affecting such representations and warranties that occur between
the Effective Date and the Closing date (and are approved by Buyer) are true and correct in all
material respects;

          (xi) Exclusive possession of the Property to Buyer, subject only to the Permitted Exceptions
and the rights of tenants under the Leases;

8

 

          (xii) All original Leases, lease files, correspondence files and other books and records, keys
to all leased premises and to the Real Property, security codes, if any, and maintenance agreements
(e.g., HVAC maintenance agreement) relating solely to the Property in Seller’s possession (to the
extent Closing occurs through an escrow procedure, such Leases, files and books and records shall
be deposited with the escrow agent before Closing and shall be delivered to Buyer on the first
business day immediately following Closing);

          (xiii) All original, to the extent available, existing plans and specifications in Seller’s
possession or control relating to the improvements located upon the Real Property; all licenses,
permits and certificates of occupancy or such other comparable certificates or documents issued by
the appropriate governmental authorities with respect to the Real Property or any part thereof; and

          (xx) A notice to all tenants of the Real Property of the change of ownership of the Real
Property and directing that rental and all other payments to be made by such tenants under their
Leases shall be paid to Buyer at an address to be designated by Buyer in such notice.

     5.3. Closing Statement. Seller and Buyer shall execute and deliver to each other a
Closing Statement showing the amounts by which the Purchase Price shall have been adjusted, such
adjustments to be made as of the date of Closing, as follows:

          (i) Taxes and assessments, special and otherwise, which are a lien against the Real Property
and which are due and payable as of the date of Closing shall be paid (or caused to be paid) by
Seller at or prior to Closing. All other liens which encumber the Property as of Closing shall be
the sole responsibility of Seller; provided, that, Buyer may, at its option, pay any such liens and
receive full credit against the Purchase Price;

          (ii) Real estate taxes shall be prorated between the parties and/or paid by the parties based
on local custom used for prorating real estate taxes in commercial transactions at the location of
the Real Property (i.e., Seller shall pay all amounts attributable to any period prior to Closing).
Reimbursements received by Seller or Buyer of amounts paid for real estate taxes shall be prorated
between the parties in the manner hereinabove provided for the proration of real estate taxes;

          (iii) Real transfer taxes and documentary stamps or filing/recording fees (exclusive of Buyer
lender document recording fees and stamps) shall be paid by Seller;

          (iv) Seller shall deliver to Buyer (or Buyer shall receive a credit against the Purchase Price
in the amount of) all unapplied security deposits provided for under the Leases (including all
interest earned thereon if any or if required by applicable laws);

          (v) Seller shall pay all water, sewer, and utility charges and other operating expenditures
and all payments to be made by Seller under Contracts through Closing, and any payments received or
receivable by Seller under Contracts shall be pro-rated through Closing. If final readings have not
been taken, estimated
charges based on the most recent statements received shall be prorated between the parties,
and post-closing adjustments shall be made when the actual billings are received or an escrow shall
be established to provide for payment of utility and other maintenance payables;

          (vi) Rentals under all Leases (including apartment leases, office leases, parking leases and
cell tower leases) received by Seller prior to Closing shall be prorated between the parties with
rentals from and after the date of Closing allocated to Buyer. If and when Buyer receives any past
due rents or other charges owing with respect to periods before the Closing date, Buyer shall be
entitled to apply such sums to current rent and other charges, and shall remit any excess sums
allocable to periods prior to the date of Closing to Seller;

9

 

          (vii) any unpaid leasing or brokerage commissions, or apartment locator fees, in each case,
which relate in any way to any Lease(s) which have been signed prior to Closing in connection with
the Real Property shall be paid by Seller;

          (viii) Seller shall pay the costs of the owner’s title insurance policy as set forth in
Section 3.6 hereof; and

          (ix) all escrow fees of Title Company shall be borne equally by Seller and Buyer.

     5.4. Conditions of Buyer’s Obligation. Buyer’s obligation to consummate the purchase
and sale of the Property on the Closing date shall be contingent and conditioned upon the
satisfaction or performance of the following conditions, any one or more of which may be waived by
Buyer, in whole or in part, on and as of the Closing date:

               (i) Seller shall have performed in all material respects all covenants, undertakings and
obligations of Seller required to be performed by Seller under this Agreement and all
Representations remain true and correct in all material respects;

               (ii) On the Closing date, Seller shall have delivered all documents and instruments required
to be delivered by Seller under Section 5.2 hereof; and

               (iii) The Title Company shall have irrevocably and unconditionally committed to Buyer in
writing to issue the owners title insurance policy satisfying the conditions of this Agreement
pursuant to which the Title Company commits to insure Buyer’s title to the Real Property in an
amount equal to the Purchase Price and subject only to the Permitted Exceptions; provided,
however, in the event that Title Company is unable to so commit as a result of Buyer’s
failure (a) to perform any obligations of Buyer under this Agreement, or (b) to satisfy any
requirements set forth in the Commitment other than to the extent such requirements will be
satisfied by the execution and delivery of the documents to be executed and delivered by Seller
pursuant to this Agreement and the payment of the title insurance premium for the Title Policy by
Seller pursuant to Section 3.6 of this Agreement, then (x) such failure by the Title Company to so
commit shall not constitute a failure to satisfy or perform the closing condition set forth herein
and (y) if Buyer does not consummate the transaction contemplated by this Agreement, Buyer shall be
in default under this Agreement and Seller shall have the right to exercise such rights and
remedies as may be provided for in Section 6 this Agreement.

If any of the foregoing conditions have not been satisfied or performed on or as of the Closing
date, Buyer shall have the right, at Buyer’s option, to terminate this Agreement by giving Seller
written notice of such termination on and as of the Closing date, in which event the Deposit shall
be refunded to Buyer promptly upon request, all rights and obligations of the parties under this
Agreement shall expire, and this Agreement shall become null and void. Nothing contained in this
Section 5.4 shall limit Buyer’s remedies as contained in this Agreement.

     5.5 Possession at Closing. Seller shall surrender possession of the Property to
Buyer on the Closing date, subject only to the Permitted Exceptions.

6. DEFAULT

     6.1. If Buyer fails to pay the Purchase Price on the Closing date such that the sale
contemplated hereby is not consummated for in excess of twenty (20) days after written notice
thereof to Buyer, provided that Seller is not then in default hereunder, Seller’s sole and
exclusive remedy shall be to terminate this Agreement, in which event (i) this Agreement shall
terminate and be of no further force or effect, and (ii) the Deposit shall be delivered to Seller
as liquidated damages. The parties acknowledge that Seller’s actual damages in the event of a

10

 

default by Buyer will be difficult to ascertain, that such liquidated damages represent the
parties’ best estimate of such damages, and that Seller and Buyer believe such liquidated damages
are a reasonable estimate of such damages. The parties expressly acknowledge that the foregoing
liquidated damages are intended not as a penalty, but as full liquidated damages, in the event of a
default. Such liquidated damages shall be the sole and exclusive remedy of Seller by reason of a
default by Buyer, and Seller hereby waives and releases any right to sue Buyer for specific
performance of this Agreement or to prove that Seller’s actual damages exceed the amount which is
herein provided to Seller as full liquidated damages; provided, however, that the foregoing shall
not limit Seller’s right to indemnification as set forth elsewhere in this Agreement.

     6.2. If Seller defaults in the performance of any of its obligations and/or covenants
hereunder for in excess of twenty (20) days after written notice thereof to Seller, provided that
Buyer is not then in default hereunder, at Buyer’s election in its sole discretion, Buyer may seek
specific performance of this Agreement or Buyer may elect to have the Deposit delivered to Buyer
and Buyer shall have the right to pursue all other remedies available at law; provided, however,
that except as set forth in Section 10 hereof, monetary damages against Seller shall be limited to
Borrower’s actual, out-of-pocket expenses in connection herewith and its investigations and
diligence of the Property; provided further, however, that the foregoing shall not limit Buyer’s
right to indemnification from Seller as set forth elsewhere in this Agreement.

7. DAMAGE TO PROPERTY

     If any improvements on the Real Property are damaged or destroyed by fire, storm or other
casualty (a “Casualty”) on or before Closing, Seller shall give prompt written notice thereof to
Buyer. If the Casualty is for any part of the Real Property is in excess of five percent (5%) of
the total rentable area, five percent (5%) of the garage or covered parking, or two and one-half
percent (2.5%) of the Purchase Price (any of the foregoing, a “Material Casualty”), then Buyer may
terminate this Agreement within fifteen (15) days after receiving notice of such Material Casualty
(and the Closing date shall be extended, if necessary, to afford Buyer the full 15 days), by notice
to Seller, in which event (i) this Agreement shall terminate and be of no further force or effect,
(ii) the Deposit shall be returned to Buyer, and (iii) neither party shall have any further
liability or obligation hereunder. In the event that the Casualty is not a Material Casualty, or
if Buyer does not elect to terminate this Agreement due to a Material Casualty, then in the event
of Closing, Buyer shall be entitled to receive an absolute assignment from Seller of Seller’s
interest in the proceeds of any insurance on the Property (including any rent loss insurance
allocable to the period from and after Closing) (or, if paid to Seller prior to Closing, to offset
the Purchase Price), and the Purchase Price shall be reduced by the amount of any deductible.
Buyer shall have the right to participate in any negotiations with the insurance company in
connection with any Casualty prior to the Closing date, and if no notice of termination is given by
Buyer in accordance with this Section 8, then no settlement shall be made without Buyer’s prior
written consent.

8. CONDEMNATION

     If notice of any action, suit or proceeding shall be given, or a bona fide threat of the
commencement thereof shall be made, prior to Closing for the purpose of condemning or taking by
eminent domain any part of the Real Property (a “Condemnation”), Seller shall give prompt written
notice thereof to Buyer. If the Condemnation is for any part of the Real Property is in excess of
five percent (5%) of the total rentable area, five percent (5%) of the total number of existing
parking spaces, or two and one-half percent (2.5%) of the Purchase Price, or permanently and
materially impairs the current use of all or any portion of the Real Property or access to the Real
Property (any of the foregoing, a “Material Condemnation”), then Buyer may terminate this Agreement
within fifteen (15) days after receiving notice from Seller of such Material Condemnation (and the
Closing date shall be extended, if necessary, to afford Buyer the full 15 days), by notice to
Seller, in which event (i) this Agreement shall terminate and be of no further force or effect,
(ii) the Deposit shall be returned to Buyer, and (iii) neither party shall have any further
liability or obligation hereunder. In the event that the Condemnation is

11

 

not a Material
Condemnation, or if Buyer does not elect to terminate this Agreement due to a Material
Condemnation, then in the event of Closing, the proceeds of such condemnation shall be assigned and
shall belong to Buyer (or, if paid to Seller prior to Closing, to offset the Purchase Price).
Buyer shall have the right to participate in any negotiations in connection with any noticed or
threatened Condemnation prior to the Closing date, and if no notice of termination is given by
Buyer in accordance with this Section 8, then no settlement shall be made without Buyer’s prior
written consent.

9. BROKER

     Each party represents and warrants to the other that they have not dealt with a real estate
broker or finder in connection with the purchase and sale of the Property with the exception of
Marcus & Millichap of Oakbrook Terrace, Illinois, who has acted as agent for Seller (“Broker”).
Seller shall be responsible for all fees and commissions due Broker. Buyer shall indemnify, defend
and hold harmless Seller against any liability for brokerage commissions, finders’ fees or the like
(“Commissions”) arising from the purchase of the Property that may be claimed by any party alleging
to have been retained or utilized by Buyer. Seller shall indemnify, defend and hold harmless Buyer
against any liability for Commissions arising in connection with the sale of the Property which may
be claimed by any party alleging to have been retained or utilized by Seller and Seller shall
provide a waiver of broker lien rights executed by Broker at Closing. The provisions of this
Section shall survive Closing or the termination of this Agreement.

10. ADDITIONAL PROVISIONS; NOTICES

     The provisions set forth on Exhibits C and F attached hereto and incorporated herein by
reference shall be deemed included in this Agreement. The representations and warranties set forth
on Exhibit C or otherwise in this Agreement shall be deemed to be made as of the Effective Date and
again as of the date of Closing and shall survive Closing for one (1) year. Buyer hereby waives
any claim for breach of said representations and warranties not asserted within said six (6) months
after the expiration of said one (1) year period. Notwithstanding the foregoing provisions of
this Section 10, it is expressly acknowledged and agreed that, if Buyer shall actually discover, or
be made aware, prior to Closing that any Representation was untrue when made, or has become untrue
prior to Closing, then, Buyer shall have the right to terminate this Agreement promptly upon
written notice to Seller on or prior to the Closing Date, and in the event of such termination the
Deposit shall promptly be returned to Buyer; provided, however, that if the
representation or warranty was (A) known to Seller to be materially false or inaccurate when made
or (B) known to Seller to be materially false or inaccurate prior to the Closing but not disclosed
in writing to Buyer at or prior to Closing, then Buyer shall be entitled to recover in addition to
the amount of Buyer’s actual, out-of-pocket expenses in connection with this Agreement and its
investigations and diligence of the Property as provided in Section 7 hereof, any other actual
damages incurred by Buyer in an amount not to exceed One Hundred Thousand and 00/Dollars
($100,000.00).

11. ASSIGNMENT

     This Agreement is freely assignable by Buyer without the prior written consent of Seller to
any affiliate of Steadfast Asset Holdings, Inc. (and including without limitation in connection
with any investment program thereof), provided that such assignment is in writing and that the
assignee assumes all of the interests and all of the obligations of Buyer under this Agreement,
which assignment shall be deemed effective upon written notice given to Seller, and any such
assignment by Buyer automatically and without the requirement of any further written instruction
shall constitute a novation and release of the assignor under this Agreement effective as of the
date of such assignment. Other than the foregoing, Buyer may assign this Agreement only with the
prior consent of Seller, which may be granted in Seller’s sole discretion. Seller may not assign
this Agreement or any interest therein without the prior written consent of Buyer in its sole and
absolute discretion, provided, however, that prior to Closing, Seller shall be entitled to transfer
ownership of the Property to a limited liability company

12

 

whose members have the same beneficial
interests as their beneficial interests under the Seller provided that the limited liability
company assumes all of the obligations of Seller under this Agreement, all such members execute and
deliver to Buyer a “joinder” in form and substance identical to that provided by Beneficiary, and
the conveyance documents are reasonably acceptable to Buyer.

12. CREATION OF CONDOMINIUM.

     Buyer is aware that Seller is in the process of creating a Condominium for real estate owned
by Seller, in order to ultimately convey the Real Property to Buyer. Seller hereby agrees to
proceed diligently and in good faith to expeditiously exercise reasonable diligence to create the
Condominium (subject to the terms of Section 3.5 hereof). Buyer shall diligently and in good faith
exercise reasonable diligence in its pre-submission review of the draft Condominium Documents, and
both Buyer and Seller shall negotiate in good faith, diligently and expeditiously to promptly
resolve any disagreement or conflict regarding the terms of the draft Condominium Documents. In
the event that, notwithstanding such diligent and good faith efforts to exercise reasonable
diligence, Seller is unable to complete the creation of the Condominium to affect the conveyance of
the Real Property to Buyer within ninety (90) days of the Effective Date, then Buyer may either (A)
terminate this Agreement upon written notice to Seller, in which event (i) this Agreement shall
terminate and be of no further force or effect, (ii) the Deposit shall be returned to Buyer, and
(iii) neither party shall have any further liability or obligation hereunder, or (B) extend the
Closing by such period as is reasonably necessary for Seller to accomplish the creation of the
Condominium.

13. MISCELLANEOUS

     13.1 Amendment. This Agreement cannot be modified except by a written instrument
signed by the parties.

     13.2 Beneficiaries. Subject to Section 11 hereof, this Agreement shall be binding upon
and shall inure to the benefit of Seller and Buyer and their respective, successors, assigns and
transferees. This Agreement confers no rights or remedies on any third party.

     13.3 Consents and Approvals. If an action by any party requires the consent or
approval of another party, that consent or approval shall be given, if at all, in writing, and any
consent or approval given in one instance shall not be deemed a consent or approval in any other
instance.

     13.4 Construction. Any list of examples set forth in this Agreement shall be deemed to
be illustrative, not exhaustive, unless explicitly specified otherwise. Whenever the context may
require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns
and pronouns shall include the plural, and vice versa. The use of the neuter singular pronoun
to refer to any party shall be a proper reference even though that party may be an individual, a
business entity, or a group of two or more individuals or business entities. All attachments
referenced within the Agreement shall be deemed incorporated in the Agreement by such reference.

     13.5 Counterparts. This Agreement may be signed in one or more counterparts, which
together shall constitute one and the same instrument. Signatures shall be binding on the signer
when delivered, regardless of whether delivery is in hard copy or by electronic means
(notwithstanding any statutory or decisional law to the contrary). Any defense(s) to the
enforcement of this Agreement based on the form of signature hereto by either party are hereby
waived.

     13.6 Entire Agreement. This Agreement and the exhibits attached hereto sets forth
fully and completely the agreement between the parties in connection with this transaction, there
are no written or oral agreements

13

 

between the parties relating to this transaction that are not
expressly set forth herein and this Agreement supersedes all prior oral or written agreements
relating to this transaction.

     13.7 Equal Participation. Seller and Buyer have participated equally in the
preparation of this Agreement, and, therefore, this Agreement and each provision thereof shall not
be construed in favor of or against any party to this Agreement by reason of one party’s being
deemed to prepared this Agreement or imposed such provision.

     13.8 Extension for Non-Business. To the extent a time period set forth in this
Agreement expires on a Saturday, Sunday or State or Federal holiday, then such time period shall
expire on the next day which is not a Saturday, Sunday or State or Federal holiday.

     13.9 Governing Law. This Agreement shall be governed by and construed in accordance
with the substantive and procedural laws of the State in which the Real Property is located without
regard to conflict of law principles.

     13.10 Headings. The titles and headings in this Agreement are provided as a matter of
convenience only and shall not be understood to define, limit, construe, or describe the scope or
intent of any provision of this Agreement.

     13.11 Legal Fees. In the event of any litigation between Buyer and Seller relating to
or in connection with this Agreement, the prevailing party shall be entitled to recover from the
losing party its actual costs and expenses of the litigation, including reasonable attorneys’ fees.
The provisions of this Section shall survive Closing or the termination of this Agreement.

     13.12 Severability. If any provision of this Agreement shall be determined to be
invalid or unenforceable, such determination shall not affect any other provision of this
Agreement, and all other provisions shall remain in full force and effect.

     13.13 Waivers. A waiver by any party of a performance obligation or default under any
provision of this Agreement shall not be deemed (i) a waiver of a further obligation or default
under the same provision or (ii) a waiver of an obligation or default under any other provision.

     13.14 Tax Free Exchange. Buyer may acquire the Real Property and Seller may sell the
Real Property as a tax-free exchange under Section 1031 of the Internal Revenue Code. In
connection therewith, the parties agree to execute such documents as are reasonably necessary or
appropriate and to otherwise cooperate with
one another to effectuate such exchange; provided the other party’s representatives shall have
a reasonable opportunity to review such documents prior to Closing and further provided that the
party not participating in an exchange shall not incur any additional cost or liability as a result
of the exchange.

          Each party electing to request such an exchange hereby indemnifies, defends and holds the
other party free and harmless from any loss or liability (including, but not limited to the tax
ramification to the other party of such tax-free exchange) arising by reason of performing the acts
required hereby to effectuate such exchange. The party which has not requested the exchange shall
not take title to or otherwise assume any liability with respect to the property to be exchanged
with the Property.

     13.15 Buyer’s Representations and Warranties. Buyer represents and warrants that it
has the right to execute this Agreement and to purchase the Property without obtaining the consent,
approval, release, or signature of any other party that has not been obtained as of the date hereof
or will be obtained prior to Closing. The signatories hereto on behalf of Buyer have been duly
authorized to execute and deliver this Agreement and to bind Buyer hereto. Buyer has full power to
consummate the transaction described in this Agreement, the

14

 

execution and delivery of this
Agreement by Buyer and the consummation by Buyer of this transaction described herein has been duly
and validly authorized by all necessary action and the observance of all required formalities on
the part of Buyer such that this Agreement constitutes a valid and legally binding obligation of
Buyer, enforceable against Buyer in accordance with its terms, subject to bankruptcy, insolvency,
moratorium, reorganization and other similar laws affecting creditors’ rights generally and to the
application of general equitable principles in connection with the enforcement thereof. Neither
the execution and delivery of this Agreement nor the consummation by Buyer of the transaction
contemplated hereby will (i) conflict with or result in a breach of or default under any of the
terms, conditions or provisions or any note, bond, mortgage, indenture, license, agreement or other
instrument or obligation to which Buyer is a party, or (ii) violate any order, injunction, decree,
statute, rule or regulation applicable to Buyer. The representations and warranties of Buyer as
set forth herein shall survive the Closing for a period of one (1) year. Seller hereby waives any
claim for breach of said representations and warranties not asserted within said six (6) months
after the expiration of said one (1) year period.

     13.16 Confidentiality. Buyer hereby agrees that all information and files to be
provided to Buyer by Seller in connection with the Property and any and all inspection reports
prepared by the Buyer therefrom shall be deemed “Confidential Information.” Buyer shall use said
Confidential Information solely for the purpose of determining whether or not the Buyer desires to
purchase the Property. At such time as Closing occurs, such Confidential Information shall no
longer be deemed confidential. Except as otherwise expressly provided immediately above, the Buyer
shall keep all Confidential Information confidential and hold and treat it in the strictest of
confidence, and Buyer shall not disclose the discussions that are taking place regarding a
potential transaction between the parties hereto. Except for Buyer’s employees, agents, attorneys,
accountants, investors or prospective investors, lenders or prospective lenders, and other advisors
and consultants, who have a need to know and advise the Buyer concerning the transaction herein
provided for by their inspections or in otherwise advising the Buyer (each, a “Buyer Advisor”),
Buyer may not disclose or allow the disclosure of the foregoing Confidential Information to any
party. Buyer shall inform each Buyer Advisor to which such Confidential Information is disclosed,
to keep such Confidential Information confidential subject to the terms hereof. Notwithstanding
anything herein to the contrary, (i) Buyer may make any disclosure of Confidential Information to
which Seller gives its prior written consent, (ii) any Confidential Information may be disclosed in
connection with any judicial suit or action or other adversarial proceedings between the parties
hereto or otherwise involving Buyer or any Buyer Advisor, (iii) any Confidential Information may be
disclosed as may otherwise be required by law, in the good faith opinion of its legal counsel, or a
court order, and/or (iv) any Confidential Information may be disclosed as generally may be in the
public domain by virtue of a disclosure not in violation hereof.

     Unless Seller gives its prior written consent to Buyer, Buyer may not (a) disclose any
Confidential Information to any person or entity other than as referred to or permitted above or
(b) use or permit the use of any Confidential Information for any purpose other than evaluating
Buyer’s contemplated purchase from the Seller in connection with the acquisition of the Property.
Any copies of Confidential Information provided to Buyer by Seller shall destroyed or be returned
to Seller (at Seller’s option) within ten (10) days after any termination of this Agreement.

     The Buyer also agrees that any breach or violation of the provisions of this section relating
to confidentiality would irreparably injure the Seller and may leave the Seller no adequate remedy
at law in which event the Seller shall be entitled to injunctive relief against the Buyer with
respect to any breach and seek all damages resulting therefrom against the Buyer; provided, however
that such damages shall not exceed $100,000.00 and shall not include punitive or consequential
damages. Seller’s remedies and damages for breach of these confidentiality provisions shall not be
limited to and shall be in addition to the payment of the Deposit to Seller in connection with a
termination of this Agreement by Seller as a result of said breach or violation.

15

 

     13.17 Press Releases. Any press release which the Buyer desires to make with respect
to the Real Property will not be made without the written consent of the Seller which consent may
be withheld in Seller’s sole discretion until ten (10) days after Closing has occurred with respect
to the Real Property, after which date no consent of (or notice to) Seller shall be required.

     13.18 Counsel. Each party hereto warrants and represents that each party has been
afforded the opportunity to be represented by counsel of its choice in connection with the
execution of this Agreement and has had ample opportunity to read, review, and understand the
provisions of this Agreement.

     13.19 Time of Essence. Time is of the essence of this Agreement. Anywhere a date
certain is stated for payment or for performance of any obligation, the day certain so stated
enters into and becomes a part of the consideration for this Agreement.

     13.20 Jury Trial Waiver. EACH OF THE PARTIES HEREBY WAIVES TRIAL BY JURY IN ANY
ACTION OR PROCEEDING TO WHICH SELLER AND/OR BUYER MAY BE PARTIES ARISING OUT OF, IN CONNECTION
WITH, OR IN ANY WAY PERTAINING TO, THIS AGREEMENT. THIS WAIVER IS KNOWINGLY, WILLINGLY AND
VOLUNTARILY MADE BY THE PARTIES AND EACH HEREBY REPRESENTS AND WARRANTS TO THE OTHER THAT NO
REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL
BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. EACH PARTY FURTHER REPRESENTS AND WARRANTS
TO THE OTHER THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND THE MAKING OF THIS
WAIVER BY INDEPENDENT LEGAL COUNSEL, OF ITS OWN FREE WILL, AND HAS HAD THE OPPORTUNITY TO DISCUSS
THIS WAIVER WITH COUNSEL. The provisions of this Section shall survive Closing or the
termination of this Agreement.

     13.21 Broker Disclosure. Seller is a licensed real estate entity in the State of
Wisconsin.

     13.22 Record Access and Retention. Where there is a legitimate reason (including,
without limitation, a tax or other audit, other governmental inquiry, or actual or prospective
claim by or against either Seller or Buyer, or to which Seller or Buyer may become a party) for
Seller or Buyer to require access to records or other information relating to the Property that is
in the possession or control of the other party, and if providing such access would not adversely
affect (excluding records and information requested in connection with a claim against the other
party so long as such information is not subject to attorney-client privilege) the party whose
records or other information are being sought (in the good faith judgment of such party), each
party will allow
the other reasonable access to such records and information at its then-current location (or
such other location as the party in possession of such records or information may reasonably
designate), in order to analyze and/or copy the same (at the requesting party’s sole cost and
expense), for use solely for the purposes for which the same are being requested. In any case in
which a party hereto desires to obtain any records or information pursuant to this Section 13.22,
such party shall notify the other in writing of such request, setting forth in such notice the
purposes for which such records and information are being requested and the expected use thereof
(including, if applicable, the nature of any claim or other proceeding in which the same will be
used and the parties thereto), and the party receiving such request may, as a condition to granting
the same, require that the requesting party enter into an agreement protecting the confidentiality
of such records and information. In no event shall a party be obligated to provide access to
records or other information under this Section 13.22 in connection with any litigation, claim, or
dispute between Buyer and Seller, or in which Buyer and Seller are or may become adverse parties,
other than in accordance with applicable discovery and evidentiary rules and procedures applicable
to such matter, and no access to or disclosure of records or information shall be required
hereunder if the same would or reasonably could result in the loss of any attorney-client privilege
or other applicable evidentiary privileges that may be applicable to such records or information.
Each party shall maintain its records for use under this Section 13.22 for a period of not less
than one (1) year after the Closing date. The provisions of this Section shall survive Closing.

16

 

     13.23 IN WITNESS WHEREOF, the parties hereto have executed this Purchase Agreement as of the
last date set forth below.

	 	 	 	 	 
	BUYER:

STEADFAST ASSET HOLDINGS, INC.

 	 	 
	By:  	/s/ Dinesh Davar
 	  3/24/10 	 
	 	 Dinesh Davar, CFO       	  Date 	 
	 	 	 	 
	 

	 	 	 	 	 
	SELLER:

CHICAGO TITLE LAND TRUST COMPANY,

as Trustee under Trust Number 51-0615-0 dated August 15, 1967, an Illinois Land Trust

by: Towne Realty, Inc. d/b/a Lincoln Tower, Inc., authorized beneficiary

 	 	 
	By:  	/s/ John W. Keasey
 	    3/25/10 	 
	 	John W. Keasey, Vice President              	    Date 	 
	 	 	 
	 

Exhibit List:

A — Legal Description of Property

B — Personal Property

C — Seller’s Representations and Warranties

D — Seller’s Documents

E — Rent Roll

F — Notice Provisions

G — List of Contracts

17

 

EXHIBIT A

Legal Description

To be provided by Title Commitment

18

 

EXHIBIT B

Personal Property

To be provided as a Seller Document

19

 

EXHIBIT C

Seller’s Representations and Warranties

     Seller represents and warrants as follows, and shall indemnify Buyer against any liability and
expense, including attorneys’ fees, incurred by Buyer due to any of the following being materially
untrue or inaccurate:

     1. Contracts. To Seller’s knowledge, the Contracts set forth on Exhibit G are the only
agreements, contracts, and/or understandings relating to the ownership, operation, maintenance or
use of the Property and Seller has not contracted for any services or employment and has made no
commitments or obligations therefor which will bind Buyer as a successor in interest with respect
to the Property. All of the Contracts are in full force and effect. The copies of the Contracts
which have been or will be delivered by Seller to Buyer are true, correct and complete in all
material respects and include all amendments or modifications thereto. To Seller’s actual
knowledge, there are no existing material defaults under any Contracts by Seller or any
counterparty thereto.

     2. Rent Roll/Leases. The rent roll provided by Seller (“Rent Roll”) is a true and
correct list of all of the Leases presently in force and affecting the Real Property and truly,
accurately, fully and completely sets forth the information to be contained therein, including the
lease term and rental, information noted thereon; all of the Leases are in full force and effect
and no amendment, modification or supplement of any kind of any of such Leases exists other than as
specified on the Rent Roll; and all rental and other payments due under the Leases as of the
Effective Date has been paid in full, except as noted on the Aged Delinquency Report. Other than
as set forth on the Rent Roll, there are no leases, rental agreements or occupancy agreements for
use or occupancy of any portion of the Real Property. The Rent Roll is the rent roll maintained by
Seller and relied on by Seller for internal administration and accounting purposes in its day to
day operations. To Seller’s actual knowledge, no tenant under any Lease is in material default
under the applicable Lease, except as disclosed by the Aged Delinquency Report. Seller has
complied in all material respects with Seller’s duties and obligations as “lessor” or “landlord”
under the Leases.

     3. Concessions and Commissions. No tenants of the Real Property are entitled to
any concessions, rebates, allowances, or free rent for any period after the Closing and none of the
Leases or other instrument that will be assigned to Buyer at Closing provide for commissions
payable by the owner of the Real Property that have not yet been paid by Seller.

     4. Violation Notices. To Seller’s knowledge, Seller has not received any notice and
has no knowledge of or information as to (i) any violation by Seller or any prior owner of any
laws, zoning ordinances or building health or fire rules or regulations affecting the Real Property
or any other material notice from any applicable governmental authority with respect to Seller or
the Real Property, or (ii) any existing or threatened condemnation or other legal action of any
kind involving the Real Property. If any of the foregoing arise prior to the Closing date (other
than a Condemnation, which is subject to the terms of Section 8 of the Agreement), Seller shall
promptly notify Buyer, but shall not otherwise have any remedial or other obligations in connection
therewith except to the extent arising due to a breach by Seller of any Seller obligation under
this Agreement. Buyer is aware that parts of the Real Property may not meet current fire/life
safety/zoning requirements, but to Seller’s knowledge use of the Real Property is a legal,
non-conforming use and no action is delinquent or currently required in regard to these conditions.

     5. Environmental Matters. To Seller’s knowledge, the Real Property is not now and has
not ever been used for the purpose of disposal of, refining, generating, manufacturing, producing,
storing, handling, treating, transferring, releasing, processing or transporting any petroleum,
petroleum derived products and/or hazardous waste or hazardous substance and/or toxic waste or
toxic substance, as such terms are defined in the Resource

20

 

Conservation and Recovery Act of 1976, 42 USC 6901 et seq., as amended, the
Comprehensive Environmental Response Compensation and Liability Act of 1980, 42 USC 9601 et
seq., or the Superfund Amendments and Reauthorization Act, Public Law 99-499, as amended, or
any other applicable federal, state or local environmental law, regulation, code or ordinance. To
the best of Seller’s knowledge, there are no pollutants, contaminants or hazardous or toxic wastes,
substances or materials present (except those which occur solely due to their natural presence in
the Real Property and do not, under applicable environmental laws, require remediation,
encapsulation or removal, and except as identified in that certain Report of Findings
Asbestos-Containing Building Materials (ACBM) Inspection prepared by Randolph & Associates, Inc. as
RAI Job #2-1331-005.01 dated August 8-14,1989) in, on or under the Real Property, and the Real
Property does not contain any underground storage tanks in, on or under the surface of any portion
thereof and the Real Property has never contained any such tanks. To the best of Seller’s
knowledge, there is no current violation of any applicable environmental law.

     6. Authorization of Seller. Seller is a trustee under an Illinois land trust, is duly
organized, validly existing and in good standing under the laws of the state of Illinois, is the
sole owner in fee simple of the Real Property (subject only to the Permitted Exceptions and the
Leases) and Towne Realty, Inc. as the authorized beneficiary has the right, power and authority to
execute this Agreement and any/all Seller’s Deliveries under Section 5.2 hereof and to sell the
Property without obtaining the consent, approval, release, or signature of any other party. The
signatories hereto on behalf of Seller have been duly authorized to execute and deliver this
Agreement and to bind Seller hereto. Seller has full power and authority to consummate the
transaction described in this Agreement, the execution and delivery of this Agreement and any/all
Seller’s Deliveries under Section 5.2 hereof by Seller and the consummation by Seller of the
transaction described herein have been duly and validly authorized by all necessary action and the
observance of all required formalities on the part of Seller such that this Agreement constitutes a
valid and legally binding obligation of Seller, enforceable against Seller in accordance with its
terms. Neither the execution and delivery of this Agreement and any/all Seller’s Deliveries under
Section 5.2 hereof nor the consummation by Seller of the transaction contemplated hereby will (i)
conflict with or result in a breach of or default under any of the terms, conditions or provisions
of any note, bond, mortgage, indenture, license, agreement or other instrument or obligation to
which Seller is a party or by which it or the Real Property is bound (including any trust agreement
or other organizational or other governing documents of Seller), or (ii) violate any order,
injunction, decree, statute, rule or regulation applicable to Seller or the Real Property.

     7. Seller’s Knowledge. As used herein, Seller’s knowledge shall be limited to the
actual knowledge of Thomas G. Bernacchi, vice president, whom Seller hereby represents is the
individual who is in the best position to have all relevant knowledge and information concerning
the Property.

     8. Authorization of Beneficiary. Towne Realty, Inc. d/b/a Lincoln Tower, Inc. is the
authorized beneficiary under Trust Number 51-0615-0 dated August 15, 1967, an Illinois Land Trust
(the “Beneficiary”). Beneficiary is duly organized, validly existing and in good standing under
the laws of the state of Illinois and has the right, power and authority to direct (and has
authorized and directed) Seller to execute this Agreement and any/all Seller’s Deliveries under
Section 5.2 hereof and to sell the Property without obtaining the consent, approval, release, or
signature of any other party. Neither the execution and delivery of this Agreement and any/all
Seller’s Deliveries under Section 5.2 hereof nor the consummation by Seller of the transaction
contemplated hereby will (i) conflict with or result in a breach of or default under any of the
terms, conditions or provisions of any note, bond, mortgage, indenture, license, agreement or other
instrument or obligation to which Beneficiary is a party or by which it is bound, or (ii) violate
any order, injunction, decree, statute, rule or regulation applicable to Beneficiary.

     9. Personal Property. With the exception of mortgage lender’s existing
security interest (which will be released at or prior to Closing), Seller owns all of the Personal
Property free and clear of all liens, encumbrance and other third party claims.

21

 

     10. Solvency. To the actual knowledge of Seller, Seller is solvent, has not made
a general assignment for the benefit of its creditors, and has not admitted in writing its
inability to pay its debts as they become due, nor has Seller filed, nor does it contemplate the
filing of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or
any other proceeding for the relief of debtors in general, nor has any such proceeding been
instituted by or against Seller. To Seller’s actual knowledge the sale of the Property pursuant to
this Agreement will not render Seller insolvent.

     11. ERISA. The transaction contemplated by this Agreement (and any underlying
obligations contemplated by this Agreement) does not and shall not constitute a non-exempt
prohibited transaction under ERISA or a comparable violation of state law.

     12. OFAC. Seller is not any of the following: (i) a person or entity that is listed
in the Annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on
Terrorist Financing (effective September 24, 2001) (herein called the “Executive Order”); (ii) a
person or entity owned or controlled by, or acting for or on behalf of any person or entity that is
listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; (iii) a
person or entity that is named as a “specifically designated national” or “blocked person” on the
most current list published by the U.S. Treasury Department’s Office of Foreign Assets Control
(herein called “OFAC”) at its official website,
http://www.treas.gov/offices/enforcement/ofac; (iv) a person or entity that is otherwise
the target of any economic sanctions program currently administered by OFAC; or (v) a person or
entity that is affiliated with any person or entity identified in the foregoing clauses (i), (ii),
(iii), or (iv).

     13. Disclosures. To Seller’s actual knowledge, all of the Seller’s Documents
delivered or to be delivered to Buyer are true and complete copies of such documents. To Seller’s
actual knowledge, Seller has used commercially reasonable efforts to disclose to Buyer, in writing
(which disclosure may be by delivery of the Seller’s Documents or the Variances described below),
all material information, knowledge and findings relating to the Property and its operations in
Seller’s possession.

     14. Variance Disclosure. Seller represents that to Seller’s knowledge there are
multiple variances affecting the Real Property on file with the City (“Variances”). Seller does
not have copies of the Variances and is working with the Title Company to secure copies. Seller
reserves the right to modify the warranties and representations contained herein based upon the
information and effect of the Variances.

22

 

EXHIBIT D

Seller’s Documents

DUE DILIGENCE ITEMS LIST

Property Specific

Brochure, Offering Package, etc.

Personal Property Schedule

Operations

Warranties (roof, HVAC, elevator, etc.)

Schedule of Vendors and underlying Vendor Contracts utilized at the property

Landscaping/Snow Removal

Parking Lot Sweeping

Parking Lot Repair

Janitorial/Cleaning

Trash Removal

HVAC

Electrical

Window Repair

Plumbing

O&M Manuals

Personal Property and Supplies Inventory (on site)

Monthly Alarm Monitoring Contract

Any other contracts affecting or pertaining to this property

Copies of all License and Permits

Copies of all Governmental notices pertaining to the property including but not limited to
Building Code, Health Code, Zoning and Fire Code.

List of current on site Staff with Payroll and Benefit Information for Years 2009 and YTD 2010

List of account numbers for any utility accounts

Any existing engineering study or inspection report

All termite inspection reports

Any property management agreement

Tenant Information

Leases for all tenants and all available Tenant Correspondence files (including
amendments/letters/agreements)

The files for residential tenants will not be copied but are on site at the property and
are available for inspection. The files for office tenants will be copied and sent to
Buyer.

Schedule of Leases Under Negotiation or Leases Out for Signature

Rent Roll (showing, unit number, square footage (for commercial tenants only), monthly
rent, deposits, lease term, defaults (financial or otherwise), and such other information
as Buyer may require

Resident Phone List (name, address, phone number)

Tenant Work in Progress

Current Tenant Delinquency Report and status of all files placed for eviction or collection

23

 

Financial (Property Specific)

Current Year Operating Budget

Operating Statements-YTD and 3 year historical

General Ledger-YTD and 3 year historical

Capital-Current Year Budget/ Historical (3 years)

Real estate tax bills, payment and appeals (3 years)

Schedule of Security Deposits and Prepaid Rents

Cash Activity Schedule for December 31, 2009 & 2008 and March 31, 2010 (with bank
reconciliations for said period to be made available to Buyer’s auditors for review at

Seller’s office in the presence of Seller’s representatives, but in no event to be copied
or distributed, if requested by Buyer’s auditors)

Trial balance as of December 31, 2009 and 2008 and for the years then ended

Trial balance as of March 31, 2010 and for the 3 month period then ended

Cash disbursement journals for January through March 2010 and 2009

Construction Issues

Plans & specifications

These files will not be copied but are on site at the property and are available for inspection.

Title and Other

Title Insurance Commitment and all recorded documents referenced therein

Existing survey

Any existing environmental reports or studies

Any existing zoning report or compliance letter

Certificates of Insurance

Insurance loss runs, rental rate history, occupancy percentage by month from 2004 to date

24

 

EXHIBIT E

Rent Roll

To be provided as a Seller Document

25

 

EXHIBIT F

Notice Provisions

     Notices shall be deemed given hereunder upon personal delivery, upon the next business
day after depositing any such notice in the custody of a nationally recognized overnight delivery
service, or upon telecopy or electronic mail (during normal business hours, or, if after normal
business hours, on the next business day). Notices shall be deemed properly addressed if sent to
the following addresses, fax numbers or email addresses:

	 	 	 	 	 	 	 

	 

	 	If to Buyer:
	 	Sarah Metherell
	 	 
	 

	 	 	 	Steadfast Companies	 	 
	 

	 	 	 	4343 Von Karman Avenue	 	 
	 

	 	 	 	Suite 300	 	 
	 

	 	 	 	Newport Beach, CA 92660	 	 
	 

	 	 	 	Fax: (949) 852-0143	 	 
	 

	 	 	 	Email: smetherell@steadfastcompanies.com	 	 
	 
	 	 	 	 	 	 
	 

	 	With a copy to (sent
	 	Virginia A. Davis, Esq.	 	 
	 

	 	simultaneously via
	 	Katten Muchin Rosenman LLP	 	 
	 

	 	the same method of
	 	2900 K Street NW, North Tower — Suite 200	 	 
	 

	 	delivery):
	 	Washington, DC 20007-5118	 	 
	 

	 	 	 	Fax: (202) 298-7570	 	 
	 

	 	 	 	Email: virginia.davis@kattenlaw.com	 	 
	 
	 	 	 	 	 	 
	 

	 	If to Seller:
	 	Mr. Thomas G. Bernacchi	 	 
	 

	 	 	 	c/o Towne Realty, Inc.	 	 
	 

	 	 	 	710 N. Plankinton Avenue, #1400	 	 
	 

	 	 	 	Milwaukee, Wisconsin 53203	 	 
	 

	 	 	 	Fax: (414) 274-2744	 	 
	 

	 	 	 	Email: Tom.Bernacchi@Zilber.com	 	 
	 
	 	 	 	 	 	 
	 

	 	With a copy to (sent
	 	Ms. Sandra J. DeLisle, Esq.	 	 
	 

	 	simultaneously via
	 	Young & Madigan, S.C.	 	 
	 

	 	the same method of
	 	710 N. Plankinton Avenue, #1200	 	 
	 

	 	delivery):
	 	Milwaukee, Wisconsin 53203	 	 
	 

	 	 	 	Fax: (414) 274-2710	 	 
	 

	 	 	 	Email: Sandi.Delisle@Zilber.com	 	 

26

 

EXHIBIT G

Contracts

To be provided as a Seller Document

27

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