Document:

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                                                                  Exhibit 10.213

                         AGREEMENT OF PURCHASE AND SALE

                                 BY AND BETWEEN

                             STAFFORD COLLETON, LLC,

                                    AS SELLER

                                       AND

                     INLAND REAL ESTATE ACQUISITIONS, INC.,

                                  AS PURCHASER

                            DATED AS OF MAY 20, 2004

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                         AGREEMENT OF PURCHASE AND SALE

     THIS AGREEMENT OF PURCHASE AND SALE (including all Exhibits, Schedules and
Appendices attached hereto, this "Agreement") is made and entered into as of
this 20 day of May, 2004 (the "Effective Date"), by between STAFFORD COLLETON,
LLC, a Georgia limited liability company ("Seller"), and INLAND REAL ESTATE
ACQUISITIONS, INC., an Illinois corporation ("Purchaser").

                                R E C I T A L S:

     A.   Seller owns fee simple title to the Real Property (as defined in
Appendix A hereto), and owns title to the Tangible Personal Property, the
Intangible Personal Property, the Contracts, the Leases and the Licenses (all as
defined in Appendix A hereto).

     B.   Seller desires to sell, and Purchaser desires to purchase, the
Property (as defined in Appendix A hereto) upon and subject to the terms and
conditions hereinafter set forth.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser
hereby agree as follows:

                                    ARTICLE 1

                                   DEFINITIONS

     1.1    DEFINITIONS Initially capitalized terms used but not defined in the
text of this Agreement shall have the meanings given to them in Appendix A
attached hereto and made a part hereof.

                                    ARTICLE 2

                               PURCHASE AND SALE

     2.1    PURCHASE AND SALE Subject to the conditions and on the terms and
provisions contained in this Agreement, Purchaser agrees to purchase and acquire
from Seller, and Seller agrees to sell, convey and transfer to Purchaser or
Purchaser's assignee, designee or nominee: (a) the Real Property; (b) all of
Seller's right, title and interest in the Contracts (except for such Contracts
as Purchaser elects to require Seller to terminate in accordance with Section
8.1 (a) below), the Leases, the Licenses and the Intangible Personal Properly;
and (c) all of Seller's right, title and interest in and to the Tangible
Personal Property.

                                   ARTICLE 3

                       PURCHASE PRICE; ADDITIONAL FUNDING

     3.1    PURCHASE PRICE. The purchase price (the "Purchase Price") for the
Property shall be NINE MILLION SEVEN HUNDRED FIFTY EIGHT THOUSAND EIGHT HUNDRED
FORTY AND NO/100 DOLLARS ($9,758,840.00), plus or minus prorations as provided
in this Agreement, and shall be payable, through the closing escrow, by bank
wire transfer of collected federal funds on the Initial Funding Date.

     3.2    ADDITIONAL FUNDING. Subject to the satisfaction of the Additional
Funding Conditions (as defined in Section 8.1(c) below), on the Additional
Funding Date, Purchaser shall pay to Seller, through an escrow established with
the Title Insurer, the Additional Funding Amount, plus or minus prorations to be
made as of the Additional Funding Date as provided in this Agreement. If, as of
the Additional Funding Deadline Date, any or all of the Additional Funding
Conditions have not been satisfied with respect to any portion of the Shops
Space and/or the Vacant Space, then Seller shall not be entitled to receive and
Purchaser shall have no obligation to pay (and Seller hereby irrevocably and
unconditionally waives any right to receive) any additional compensation or
fundings under this Agreement, at law, in equity or otherwise, with respect to
that portion of

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the Shops Space and/or the Vacant Space with respect to which such Additional
Funding Conditions have not been fully satisfied.

                                    ARTICLE 4

                                CLOSING MATTERS

     4.1    TITLE AND SURVEY. No later than twenty (20) days following the
Effective Date, Seller, at its sole cost and expense, shall deliver to Purchaser
the Title Commitment (together with legible copies of any and all title
exception documents referenced therein) and the Survey. Not less than three (3)
days prior to the expiration of the Due Diligence Period (as defined in Section
8.1(a) below), Purchaser may deliver to Seller a notice (the "TITLE AND SURVEY
NOTICE") identifying any matters contained in or disclosed by the Title
Commitment, the title exception documents and/or such Survey that are not
acceptable to Purchaser in its sole and absolute discretion (each, a
"TITLE/SURVEY OBJECTION" and collectively, the "TITLE/SURVEY OBJECTIONS").
Purchaser's failure to deliver the Title and Survey Notice as aforesaid shall be
deemed Purchaser's approval and acceptance of the Title Commitment, the title
exception documents and the Survey, and all matters shown and referenced thereon
and therein shall be deemed Permitted Title Exceptions. Additionally,
Purchaser's failure to object to any matters disclosed by the Title Commitment,
the title exception documents and/or the Survey in a Title and Survey Notice
shall be deemed Purchaser's acceptance of such matters, and such matters shall
be deemed Permitted Title Exceptions. If Purchaser shall deliver the Title and
Survey Notice to Seller as aforesaid, Seller shall, within five (5) days after
receipt of the same, notify Purchaser in writing whether Seller intends to
either (a) cause any Title/Survey Objection to be removed, (b) have the Title
Insurer issue a title endorsement insuring against damage and loss caused by any
Title/Survey Objection (which endorsement shall be subject to the review and
approval of Purchaser), or (c) take no further action regarding such
Title/Survey Objection in which event, subject to the immediately following
sentence, such Title/Survey Objection shall become a Permitted Title Exception.
Notwithstanding the foregoing, Seller shall, at its expense, remove (or cause to
be removed) any Title/Survey Objection appearing on the Title Commitment that is
any of the following: (1) judgments against Seller, and/or (2) mortgages or
monetary liens (including, without limitation, any mechanics' materialmens'
and/or vendors' liens with respect to the development, construction and buildout
of the Property arising by, through or under Seller or its contractor and/or
subcontractors), defects, obligations or exceptions arising by, through or under
Seller of a definite and ascertainable amount that can be satisfied solely by
the payment of money (items (1) and (2) above to be hereinafter referred to
collectively as "MONETARY EXCEPTIONS"). If Seller elects, or is deemed to have
elected, item (c) above with respect to any or all of the Title/Survey
Objections, then Purchaser shall have the right, by delivering notice to Seller
within three (3) business days after the expiration of the aforementioned five
(5) day period to either (i) terminate this Agreement in which event the Deposit
shall be immediately returned to Purchaser and thereupon neither Seller nor
Purchaser shall have any further rights, duties or obligations under this
Agreement except for those which expressly survive termination of this
Agreement, or (ii) waive its objection and accept title to the Property subject
to such Title/Survey Objection, in which event this Agreement shall remain in
full force and effect. Seller's failure to notify Purchaser within the
aforementioned five (5) day period of which foregoing course of action Seller
elects to take with respect to a Title/Survey Objection shall be deemed Seller's
election of item (c) above. With respect to any Title/Survey Objection that
Seller has elected or is deemed to have elected not to take any further action,
Purchaser's failure to terminate this Agreement on or before the expiration of
the aforementioned three (3) business day period as aforesaid shall be deemed
Purchaser's waiver of its objection as provided in clause (ii) above. If the
Title Commitment discloses judgments, bankruptcies or other matters against
other persons having names the same as or similar to that of Seller, Seller, on
the Title Insurer's request, shall deliver to the Title Insurer affidavits or
other evidence reasonably acceptable to the Title Insurer showing and/or
confirming that such judgments, bankruptcies or other matters are not against
Seller, or any affiliates.

     If Seller has elected or, with respect to Monetary Exceptions, is required
to cure any Title/Survey Objection as provided above (whether by removal of, or
obtaining title insurance over, the same), but failed to cure any such matters
prior to the Initial Funding Date, then Purchaser, and without waiving any
rights of Purchaser for a Seller default under this Agreement, may elect to
either (i) terminate this Agreement in which event the Deposit shall be
immediately returned to Purchaser and thereupon neither Seller nor Purchaser
shall

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have any further rights, duties or obligations under this Agreement except for
those which expressly survive termination of this Agreement, or (ii) waive its
objection and accept the Property subject to such Title/Survey Objection, in
which event this Agreement shall remain in full force and effect; provided,
however, that if the Title/Survey Objection is a Monetary Exception, then
Purchaser shall have the right to deduct from the Purchase Price the amount of
such Monetary Exception in an amount not to exceed Two Hundred Fifty Thousand
and No/100 Dollars ($250,000.00) (except that there shall be no dollar
limitation on Purchaser's right to deduct from the Purchase Price the amount of
any Monetary Exception that constitutes a mortgage lien arising by, through or
under Seller), and any amount so deducted from the Purchase Price shall be paid
to the appropriate party in exchange for the removal of such Monetary
Exceptions.

     Except as expressly agreed by Seller pursuant to this Section 4.1, Seller
shall not be required and is not obligated hereby to bring any action or
proceedings, convey or acquire any interest in real property, or incur any
expense to render title to the Real Property and the improvements thereon free
and clear of any Title/Survey Objection, and Purchaser shall have no right of
specific performance against Seller to cause any Title/Survey Objection to be
removed.

     4.2    POSSESSION, PRORATIONS AND EXPENSES

            (a)   Sole and exclusive possession of the Property, subject only to
     the Permitted Title Exceptions and the rights of the tenants under the
     Leases, shall be delivered to Purchaser on the Initial Funding Date.

            (b)   Seller shall pay the following costs and expenses relating to
     the transaction contemplated by this Agreement: (i) costs of the Survey;
     (ii) costs of the Title Commitment and title examination fees; (iii) costs
     to remove, or, if applicable, of all premiums for title endorsements
     providing insurance over, any Title/Survey Objections that Seller expressly
     agrees to remove pursuant to the terms of this Agreement; (iv) premium due
     for the standard owner's title insurance policy (with extended coverage) in
     an amount equal to the Purchase Price; (v) premium due for the Date Down
     Endorsement; (vi) premiums due for the Special Title Endorsements; (vii)
     one-half of the closing escrow fees of the Title Insurer; (viii) all state,
     county and local transfer taxes/transfer stamps; (ix) costs of the
     Environmental Report (as defined in Section 7.1(d) below); and (x) any
     other charges customarily attributable to sellers of property in the
     Bluffton, South Carolina area. Purchaser shall pay the following costs and
     expenses relating to the transaction contemplated by this Agreement: (1)
     costs to record the Deed (as defined in Section 4.5(b)(i) below); (2) costs
     of the Appraisal (as defined in Section 7.1(d) below); (3) all lender's
     title insurance and money lender's escrow charges incurred in connection
     with any mortgage loans obtained by Purchaser; and (4) all other charges
     customarily attributable to purchasers of property in the Bluffton, South
     Carolina area. The parties shall each be solely responsible for the fees
     and disbursements of their respective counsel and other professional
     advisers.

            (c)   The items set forth below in this subsection (c) shall be
     prorated and apportioned, without duplication, as of 11:59 p.m. of the day
     immediately preceding the Initial Funding Date, with Seller bearing all
     expenses with respect to the Property, and receiving the benefit of all
     income with respect to the Property, through and including the day
     immediately preceding the Initial Funding Date, and Purchaser receiving the
     benefit of all income with respect to the Property, and being charged with
     all expenses with respect to the Property, on and after the Initial Funding
     Date, subject, however, to the provisions of Section 4.2(d) below. If, on
     the Initial Funding Date, Purchaser is entitled to a net credit as a
     consequence of prorations or adjustments pursuant to this subsection (c),
     the net credit shall be offset against the Purchase Price. The items to be
     prorated and, in certain instances, the method for determining such
     prorations are as follows:

                  (i)     All rent and other amounts due and payable (regardless
            of whether collected) under the Anchor Leases for the calendar month
            in which the Initial Funding occurs shall be prorated, on a per diem
            basis, as of 11:59 p.m. of the day immediately preceding the Initial
            Funding Date, with Purchaser receiving a credit in an amount equal
            to the product of (1) the

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            per diem amount of such rent and other charges, and (2) the number
            of days from and including the Initial Funding Date until the last
            day of the month in which the Initial Funding occurs. Rents and
            other sums in arrears will not be credited to Seller, but will be
            paid to Seller by Purchaser if, as and when collected by Purchaser;
            provided, however, that Purchaser shall have no affirmative
            obligation to collect such delinquent rent or other sums in arrears
            for the benefit of Seller but shall reasonably cooperate with
            Seller, at Seller's cost and expense, in its efforts to collect such
            sums. In no event, however, shall Purchaser or any affiliate of
            Purchaser have any obligation to file suit or seek eviction for or
            on account of any such delinquent rent or other sums in arrears.
            Notwithstanding the foregoing, the first monies received after the
            Initial Funding by Purchaser from each tenant under any Anchor Lease
            that is in arrears at the Initial Funding as to rent or other
            charges shall be applied (1) first to current rent and other charges
            and obligations of such tenant arising from and after the Initial
            Funding Date, and (2) then to rent or other charges that were in
            arrears as of the Initial Funding Date. Purchaser shall promptly
            remit to Seller, and Seller shall promptly remit to Purchaser, all
            sums received after the Initial Funding from tenants under the
            Anchor Leases to which the other party is entitled pursuant to the
            provisions hereof. Nothing contained herein shall limit Seller's
            right to take all legal action (except eviction or distrait)
            necessary against any tenants that are delinquent in the payment of
            rent prior to the Initial Funding.

                  (ii)    Percentage rent, if any, payable under each Anchor
            Lease for the percentage rent year, or other applicable time period,
            in which the Initial Funding occurs, shall be prorated as of 11:59
            p.m. of the day immediately preceding the Initial Funding Date on a
            per diem basis as and when such percentage rent is collected.

                  (iii)   In the event that (i) certain (if not all) of the
            Anchor Leases contain tenant obligations to pay for such tenant's
            pro rata share of taxes, common area expenses, operating expenses,
            utilities, insurance premiums and costs and/or additional charges of
            any other nature relating to the Property and/or certain portions
            thereof (collectively, the "CAM Charges"), and (ii) Tenants that are
            obligated to reimburse for CAM Charges pay one-twelfth (1/12) of an
            annually budgeted amount per month (each a "Monthly CAM
            Reimbursement Payment") during each calendar year, then all Monthly
            CAM Reimbursement Payments due and payable (regardless of whether
            collected) under the Anchor Leases for the calendar month in which
            the Initial Funding occurs shall be pro-rated between Seller and
            Purchaser, on a per diem basis, with Seller providing a credit to
            Purchaser on the Initial Funding Date for its share of those Monthly
            CAM Reimbursement Payments due and payable for the month in which
            the Initial Funding occurs based on the number of days from and
            including the Initial Funding Date to the end of such month.

                  (iv)    With respect to the period from the commencement date
            under each Anchor Lease to the Initial Funding Date, Seller and
            Purchaser shall work together in good faith after the Initial
            Funding to compare on a tenant-by-tenant basis with respect to the
            Anchor Leases the actual CAM Charges incurred by Seller with respect
            to such tenant and the actual Monthly CAM Reimbursement Payments
            received by Seller from such tenant up to the Initial Funding Date.
            By no later than sixty (60) days after the Initial Funding Date,
            Seller and Purchaser shall mutually agree upon and sign a schedule
            that sets forth on a tenant-by-tenant basis a reconciliation based
            upon those actual expenses incurred by Seller and reimbursements
            received by Seller (each a "Reconciliation"). If a Reconciliation
            with respect to a tenant under any Anchor Lease shows that Seller
            has received more Monthly CAM Reimbursement Payments than CAM
            Charges have been incurred over such time period, then Seller shall
            pay to Purchaser any such overage within thirty (30) days after
            Seller and Purchaser have signed the Reconciliation schedule, at
            which time Purchaser shall then be responsible for reimbursing any
            tenant for any overages for their Monthly CAM Reimbursement Payments
            incurred for the entire 2004 calendar year. Additionally, if, after
            Purchaser and the tenants under the Anchor Leases have reconciled
            CAM Charges for calendar year 2004, it is determined that any such
            tenants are due amounts in excess of the amounts determined by

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            Seller and Purchaser as provided above, then Seller, within thirty
            (30) days, shall pay such excess to Purchaser. In the event that the
            Reconciliation schedule shows any cases where Seller has incurred a
            greater amount in CAM Charges than Monthly CAM Reimbursement
            Payments received for any tenant under an Anchor Lease, then any
            amounts received by Purchaser from the applicable tenants with
            respect to such overpayment by Seller shall be applied (1) first to
            current rent and other charges and obligations of such tenant
            arising from and after the Initial Funding Date, and (2) then paid
            to Seller. Seller and Purchaser agree to cooperate with each other
            in connection with the reconciliation of percentage rent, CAM
            Charges and other charges passed through to tenants under the Anchor
            Leases for calendar year 2004.

                  (v)     Any and all real estate taxes (including personal
            property taxes on personal property included in this sale), storm
            water charges, water charges and sewer rents, if any, that are due
            and payable with respect to the Property prior to the Initial
            Funding shall be paid by Seller as of the Initial Funding, and
            Seller shall receive a credit for any such amounts attributable to
            periods of time from and after the Initial Funding Date. Real estate
            taxes (including personal property taxes on personal property
            included in this sale), storm water charges, water charges and sewer
            rents, if any, levied or assessed upon, or attributable to, the
            Property and not due and payable prior to the Initial Funding shall
            be apportioned on a per diem basis, with Purchaser receiving a
            credit on the Initial Funding Date for any such amounts attributable
            any period of time prior to the Initial Funding Date that have not
            been paid as of the Initial Funding Date. By way of example and not
            limitation, if as of the Initial Funding Date, real estate taxes
            levied or assessed during, or attributable to (a) the six (6) month
            period commencing July 1, 2003 through December 31, 2003, and (b)
            the period commencing January 1, 2004 and to and including the day
            immediately preceding the Initial Funding Date are not due and
            payable and have not been paid, then Purchaser shall receive a
            credit against the Purchase Price in the aggregate amount (or
            estimated amount as the case may be) of such real estate taxes for
            the entire of such periods of time. Any apportionment of real estate
            taxes and/or stormwater charges to be made with respect to a tax or
            other applicable year for which either the tax rate or assessed
            valuation or both or stormwater rate have not yet been fixed, shall
            be estimated upon one hundred five percent (105%) of the most recent
            tax bill or storm water rate relating to the Property. Any unfixed
            gas, electrical, water meter charges, if any, sewer rent and other
            utility charges in connection therewith, shall be estimated on the
            basis of the last meter reading to occur on or as close in time as
            possible to the Initial Funding Date. Seller agrees to use its best
            efforts to have all such utilities meters read as of the Initial
            Funding Date and the utilities transferred to Purchaser.
            Notwithstanding the foregoing, any real estate taxes referred to
            above that are not due and payable on or before the Initial Funding
            Date and are payable either by a tenant under a Lease directly to an
            assessing authority or to the landlord upon presentation of a tax
            bill therefor shall not be apportioned hereunder, and Purchaser
            shall accept title to the Property subject to any such unpaid real
            estate taxes and shall look solely to the tenant responsible
            therefor.

                  (vi)    All special assessments applicable to the Real
            Property for any period of time prior to the Initial Funding Date
            shall be prorated at the Initial Funding such that Purchaser
            receives a credit against the Purchase Price in the amount of such
            special assessment applicable to the period of time prior to the
            Initial Funding Date.

                  (vii)   All alterations, installations, decorations and other
            tenant improvement work required to be performed prior to the
            Initial Funding Date by the landlord under the Anchor Leases and all
            tenant improvement allowances and other concessions which the
            landlord under the Anchor Leases is obligated to pay to tenants of
            the Property prior to the Initial Funding Date, including, without
            limitation, the allowances, matters and costs described on Exhibit C
            attached hereto, have been, or by the Initial Funding Date will be,
            completed and are, or by the Initial Funding Date will be, paid in
            full by Seller. At the Initial Funding, Seller shall deliver into
            escrow, if necessary, the aggregate amount of all alterations,
            installations,

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            decorations and other tenant improvement work required to be
            performed by the landlord under the Anchor Leases after the Initial
            Funding Date and all tenant improvement allowances and other
            concessions which the landlord under the Leases is obligated to pay
            to tenants after the Initial Funding Date, including, without
            limitation, those costs described on Exhibit C attached hereto.

                  (viii)  All leasing commissions, fees and/or other
            compensation due any broker or other person or party with respect to
            any of the Anchor Leases and due and payable on or before the
            Initial Funding Date shall be paid in full by Seller prior to the
            Initial Funding. Seller shall escrow at the Initial Funding all
            leasing commissions, fees and/or other compensation relating to the
            initial term of any Anchor Lease that shall or may become due and
            payable after the Initial Funding Date.

                  (ix)    Payments under any Contracts which are assigned to
            Purchaser.

                  (x)     The amount of all unapplied rental security deposits
            pursuant to the Leases (including the Shops Leases), including all
            interest charges required by law or other agreement to be paid
            thereon, shall be credited to Purchaser.

                  (xi)    Other items customarily prorated.

            (d)   The items set forth below in this subsection (d) shall be
     prorated and apportioned, without duplication, as of 11:59 p.m. of the day
     immediately preceding the Additional Funding Date. If, on the Additional
     Funding Date, Purchaser is entitled to a net credit as a consequence of
     prorations or adjustments pursuant to this subsection (d), the net credit
     shall be offset against the Additional Funding Amount. The items to be
     prorated and, in certain instances, the method for determining such
     prorations are as follows:

                  (i)     All rent and other amounts due and payable (regardless
            of whether collected) under the Shops Leases and the Vacant Space
            Lease for the calendar month in which the Additional Funding occurs
            shall be prorated, on a per diem basis, as of 11:59 p.m. of the day
            immediately preceding the Additional Funding Date, with Purchaser
            receiving a credit in an amount equal to the product of (1) the per
            diem amount of such rent and other charges, and (2) the number of
            days from and including the Additional Funding Date until the last
            day of the month in which the Additional Funding occurs. Rents and
            other sums in arrears will not be credited to Seller, but will be
            paid to Seller by Purchaser if, as and when collected by Purchaser;
            provided, however, that Purchaser shall have no affirmative
            obligation to collect such delinquent rent or other sums in arrears
            for the benefit of Seller but shall reasonably cooperate with
            Seller, at Seller's cost and expense, in its efforts to collect such
            sums. In no event, however, shall Purchaser or any affiliate of
            Purchaser have any obligation to file suit or seek eviction for or
            on account of any such delinquent rent or other sums in arrears.
            Notwithstanding the foregoing, the first monies received after the
            Additional Funding by Purchaser from each tenant under any Shops
            Lease or the Vacant Space Lease that is in arrears at the Additional
            Funding as to rent or other charges shall be applied (1) first to
            current rent and other charges and obligations of such tenant
            arising from and after the Additional Funding Date, and (2) then to
            rent or other charges that were in arrears as of the Additional
            Funding Date. Purchaser shall promptly remit to Seller, and Seller
            shall promptly remit to Purchaser, all sums received after the
            Additional Funding from tenants under the Shops Leases and the
            Vacant Space Lease to which the other party is entitled pursuant to
            the provisions hereof. Nothing contained herein shall limit Seller's
            right to take all legal action (except eviction or distrait)
            necessary against any tenants that are delinquent in the payment of
            rent prior to the Additional Funding.

                  (ii)    Percentage rent, if any, payable under each Shops
            Lease and the Vacant Space Lease for the percentage rent year, or
            other applicable time period, in which the

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            Additional Funding occurs, shall be prorated as of 11:59 p.m. of the
            day immediately preceding the Additional Funding Date on a per diem
            basis as and when such percentage rent is collected.

                  (iii)   In the event that (i) certain (if not all) of the
            Shops Leases and the Vacant Space Lease contain tenant obligations
            to pay for CAM Charges, and (ii) Tenants that are obligated to
            reimburse for CAM Charges pay Monthly CAM Reimbursement Payments
            during each calendar year, then all Monthly CAM Reimbursement
            Payments due and payable (regardless of whether collected) under the
            Shops Leases and the Vacant Space Lease for the calendar month in
            which the Additional Funding occurs shall be pro-rated between
            Seller and Purchaser, on a per diem basis, with Seller providing a
            credit to Purchaser on the Additional Funding Date for its share of
            those Monthly CAM Reimbursement Payments due and payable (regardless
            of whether collected) for the month in which the Additional Funding
            occurs based on the number of days from and including the Additional
            Funding Date to the end of such month.

                  (iv)    With respect to the period from the commencement date
            under each of the Shops Leases and the Vacant Space Lease to the
            Additional Funding Date, Seller and Purchaser shall work together in
            good faith after the Additional Funding to compare on a
            tenant-by-tenant basis with respect to the Shops Leases and the
            Vacant Space Lease the actual CAM Charges incurred by Seller with
            respect to such tenant and the actual Monthly CAM Reimbursement
            Payments received by Seller from such tenant up to the Additional
            Funding Date. By no later than sixty (60) days after the Additional
            Funding Date, Seller and Purchaser shall mutually agree upon and
            sign a Reconciliation for the foregoing. If a Reconciliation with
            respect to a tenant under a Shops Lease and/or the Vacant Space
            Lease shows that Seller has received more Monthly CAM Reimbursement
            Payments than CAM Charges have been incurred over such time period,
            then Seller shall pay to Purchaser any such overage within thirty
            (30) days after Seller and Purchaser have signed the Reconciliation
            schedule, at which time Purchaser shall then be responsible for
            reimbursing any tenant for any overages for their Monthly CAM
            Reimbursement Payments incurred for calendar years 2004 (if Seller
            and such tenants have not reconciled CAM Charges for calendar year
            2004) and, if applicable, 2005. Additionally, if, after Purchaser
            and the tenants under the Shops Leases and the Vacant Space Lease
            have reconciled CAM Charges for calendar years 2004 and, if
            applicable, 2005, it is determined that any such tenants are due
            amounts in excess of the amounts determined by Seller and Purchaser
            as provided above, then Seller, within thirty (30) days, shall pay
            such excess to Purchaser. In the event that the Reconciliation
            schedule shows any cases where Seller has incurred a greater amount
            in CAM Charges than Monthly CAM Reimbursement Payments received for
            any tenant under a Shops Lease or the Vacant Space Lease, then any
            amounts received by Purchaser from the applicable tenants with
            respect to such overpayment by Seller shall be applied (1) first to
            current rent and other charges and obligations of such tenant
            arising from and after the Additional Funding Date, and (2) then
            paid to Seller. Seller and Purchaser agree to cooperate with each
            other in connection with the reconciliation of percentage rent, CAM
            Charges and other charges passed through to tenants under the Anchor
            Leases for calendar years 2004 and, if applicable, 2005.

                  (v)     From and after the Initial Funding Date, Purchaser
            shall (a) be responsible for the operation, management, repair and
            maintenance of the Property (but not for any build out of the Shops
            Space and/or the Vacant Space), and the payment of any and all real
            estate taxes and insurance premiums relating thereto, and (b) be the
            party to whom any and all rent and other charges payable under the
            Leases and the Vacant Space Lease (including the Shops Leases) shall
            be paid. Notwithstanding the foregoing, Seller shall be obligated to
            reimburse Purchaser for the following costs, expenses and
            disbursements (collectively, "Seller's Costs"): (a) one hundred
            percent (100%) of all reasonable costs, expenses and disbursements
            actually paid or incurred by Purchaser (or its assignee, nominee or
            designee) on account of and solely relating to the maintenance,
            operation and/or repair of the Shops Parcel and any buildings and

                                        7
<Page>

            other structures thereon; (b) Seller's pro rata share (hereinafter
            defined) of any and all reasonable costs, expenses and disbursements
            of any kind and nature actually paid or incurred by Purchaser (or
            its assignee, nominee or designee) on account of and relating to the
            maintenance, operation and repair of the Property as a whole and any
            buildings and other structures thereon and any commons areas thereof
            (i.e., so-called common area maintenance expenses); (c) Seller's pro
            rata share of any and all real estate taxes levied and assessed
            against the Property; and (d) Seller's pro rata share of any and all
            reasonable premiums and costs actually incurred or paid by Purchaser
            (or its assignee, nominee or designee) on account of any insurance
            coverage procured and maintained by Purchaser (or its assignee,
            nominee or designee) with respect to the Property. For the purposes
            hereof, Seller's pro rata share shall mean a fraction, the numerator
            of which shall be the net rentable area of all buildings located on
            the Shops Parcel, and the denominator of which shall be the net
            rentable area of all buildings located on the Property. Purchaser
            shall invoice Seller monthly with respect to the amount of Seller's
            Costs incurred by Purchaser (or its assignee, nominee or designee)
            for which Purchaser has not received reimbursement. Seller shall pay
            such invoice within thirty (30) days after receipt thereof. Any and
            all monthly rent and other amounts collected by Purchaser (or its
            assignee, nominee or designee) from and after the Initial Funding
            Date under the Shops Leases and the Vacant Space Lease shall be (i)
            first applied to reimbursement of any of Seller's Costs accrued, due
            and payable, and unpaid as of receipt of such rent, and (ii) then
            paid to Seller. At the Additional Funding, Purchaser shall receive a
            credit against the Additional Funding Amount in an amount equal to
            any accrued, due and payable, and unpaid Seller's Costs for which
            Purchaser (or its assignee, nominee or designee) shall not have
            received full reimbursement. From and after the Additional Funding
            Date (i) Purchaser shall retain, and Seller shall not be entitled to
            receive, any and all rent and other charges payable under the Shops
            Leases and/or the Vacant Space Lease, and (ii) Seller shall not be
            obligated to reimburse Purchaser for any Seller's Costs first
            arising and accruing from and after such date.

                  (vi)    All alterations, installations, decorations and other
            tenant improvement work required to be performed prior to the
            Additional Funding Date by the landlord under the Shops Leases
            and/or the Vacant Space Lease, and all tenant improvement allowances
            and other concessions which the landlord under the Shops Leases and
            the Vacant Space Lease is obligated to pay to tenants of the
            Property prior to the Additional Funding Date, including, without
            limitation, the allowances, matters and costs described on Exhibit C
            attached hereto, have been, or by the Additional Funding Date will
            be, completed by Seller and are, or by the Additional Funding Date
            will be, paid in full by Seller. At the Additional Funding, Seller
            shall deliver into escrow, if necessary, the aggregate amount of all
            alterations, installations, decorations and other tenant improvement
            work required to be performed by the landlord under the Shops Leases
            and the Vacant Space Lease after the Additional Funding Date and all
            tenant improvement allowances and other concessions which the
            landlord under the Shops Leases and the Vacant Space Lease is
            obligated to pay to tenants after the Additional Funding Date,
            including, without limitation, those costs described on Exhibit C
            attached hereto.

                  (vii)   All leasing commissions, fees and/or other
            compensation due any broker or other person or party with respect to
            any of the Shops Leases and the Vacant Space Lease due and payable
            on or before the Additional Funding Date shall be paid in full by
            Seller prior to the Additional Funding. Seller shall escrow on the
            Additional Funding Date any and all leasing commissions, fees and/or
            other compensation relating to the initial term of any Shops Lease
            and/or Vacant Space Lease that shall or may become due and payable
            after the Additional Funding Date.

                  (viii)  The amount of all unapplied rental security deposits
            pursuant to the Vacant Space Lease, including all interest charges
            required by law or other agreement to be paid thereon, shall be
            credited to Purchaser.

                                        8
<Page>

                  (ix)    Other items customarily prorated.

            (e)   On each Funding Date, Seller and Purchaser shall jointly
     prepare a preliminary closing statement (the "Preliminary Closing
     Statement") on the basis of the Leases, assigned Contracts, real estate
     taxes and other sources of income and expense for the month in which the
     applicable Funding occurs (including CAM Charges), and other items and
     matters referenced in subsections (c) and (d) above, and shall deliver such
     Preliminary Closing Statement to the Title Insurer on or prior to the
     applicable Funding Date. The Preliminary Closing Statement and the
     apportionments and/or prorations reflected therein shall be based upon
     actual figures to the extent available. If any of the apportionments and/or
     prorations cannot be calculated accurately based on actual figures on the
     applicable Funding Date, then the same shall be calculated based on
     Seller's and Purchaser's good faith estimates thereof (other than with
     respect to determination of real estate taxes which shall be prorated based
     upon 105% of such good faith estimates as provided above). Once such actual
     figures are known, Seller and Purchaser shall re-prorate such items.

            (f)   If there is an error on any Preliminary Closing Statement
     discovered within one (1) year after the Funding Date related thereto, or,
     if after the actual figures are available as to any items that were
     estimated on the Preliminary Closing Statement (including, without
     limitation, real estate taxes that were prorated as provided above), it is
     determined that any actual proration or apportionment pursuant to the terms
     of this Agreement varies from the amount thereof reflected on the
     Preliminary Closing Statement, then the proration or apportionment shall be
     adjusted based on the actual figures within sixty (60) days after discovery
     of such error or determination of such actual figures, as the case may be.
     Seller and Purchaser agree that the reproration of real estate taxes for a
     particular real estate tax year shall not occur until all final bills for
     such tax year have been issued. Upon issuance of such final tax bills, the
     amount of such bill for which Seller shall be responsible shall be the
     amount of such final tax bill, multiplied by a fraction, the numerator of
     which shall be the number of days during such tax year that Seller owned
     the Property, and the denominator of which shall be 366; and the amount of
     such bill for which Purchaser shall be responsible shall be the amount of
     such final tax bill, multiplied by a fraction, the numerator of which shall
     be the number of days during such tax year that Purchaser owned the
     Property, and the denominator of which shall be 366. Either party owing the
     other party a sum of money based on such subsequent proration(s) shall
     promptly pay said sum to the other party.

            (g)   The provisions of this Section 4.2 shall survive the Fundings
     and delivery of the Deed.

     4.3    NO ASSUMPTION OF LIABILITIES. Except as for the Leases, any assumed
Contracts and as expressly set forth in this Agreement, and except for matters
for which prorations have been provided for herein, Purchaser shall not assume
any contracts, agreements, orders, liabilities or obligations of Seller, whether
with respect to the Property or otherwise.

     4.4    ESCROW. Within three (3) business days following the Effective Date,
the parties, through their respective attorneys, shall establish a modified
joint order escrow with the Title Insurer, as escrow agent, through which the
sum of Three Hundred Thousand and No/100 Dollars ($300,000.00) (the "Deposit")
will be made, held and disbursed as earnest money under this Agreement.
Purchaser shall cause the Deposit to be deposited in said escrow. Purchaser
shall direct the Title Insurer to invest the Deposit in accounts or securities
permitted by the Title Insurer at the highest available rate of interest, which
interest shall be paid to Purchaser. The escrow instructions shall be in the
form customarily used by the Title Insurer. Upon expiration of the Due Diligence
Period, and provided that Purchaser has not elected to terminate this Agreement
prior to the expiration of the Due Diligence Period pursuant to Section 8.1(a)
below, the Deposit shall be non-refundable, except in the event of a termination
of this Agreement by Purchaser pursuant to any of Section 4.1 above or Sections
6.1, 6.2, 8.l(b), 8.1(c), 9.1, 11.9 or 11.10 below. Said escrow shall be
auxiliary to this Agreement, and this Agreement shall not be merged into or in
any manner superseded by said escrow. Additionally, each Funding contemplated by
this Agreement shall occur pursuant to a customary closing escrow through the
Title Insurer. The escrow costs and fees shall be equally divided between
Purchaser and Seller. The Title Insurer

                                        9
<Page>

shall file, unless otherwise directed by Purchaser, with the Internal Revenue
Service the information return (Form 1099B) required by Section 6045(e) of the
Internal Revenue Code and any regulations issued pursuant thereto. Seller and
Purchaser acknowledge and agree that the Deposit also constitutes earnest money
under the Phase II Purchase Agreement (as defined in Section 11.9 below). As
such, Seller and Purchaser agree that, upon the Initial Funding, the Deposit
shall no longer constitute earnest money under this Agreement and shall apply
solely to the transaction contemplated by the Phase II Purchase Agreement and
shall be held pursuant to and in accordance with the terms and provisions of the
Phase II Purchase Agreement.

     4.5    CLOSING.

            (a)   The sale and transfer of the Property as contemplated by this
     Agreement shall occur at 10:00 a.m., Chicago time, on the Initial Funding
     Date (provided Purchaser or Seller have not terminated this Agreement
     pursuant to the terms hereof) at the offices of the Title Insurer, or on
     such other date, time and place as the parties may mutually agree.

            (b)   On the Initial Funding Date, Seller shall deposit with the
     Title Insurer, as closing escrowee, the following:

                  (i)     An original, recordable Limited Warranty Deed
            conveying fee simple title to the entire Real Property to Purchaser
            (or Purchaser's assignee, nominee or designee), subject only to
            Permitted Title Exceptions and the rights of the tenants under the
            Leases (the "Deed"), executed and notarized by Seller;

                  (ii)    Four (4) counterpart original Assignments and
            Assumptions of Contracts, Licenses and Intangible Personal Property
            in the form attached hereto as Exhibit H, executed by Seller (the
            "General Assignment"). If any Contract or License is not freely
            assignable, then Seller shall also use commercially reasonable
            efforts to deliver to Purchaser evidence of all required consents to
            and approvals of such assignment, together with evidence of payment
            of any and all assignment fees and costs;

                  (iii)   Four (4) counterpart original Assignments and
            Assumptions of Leases in the form attached hereto as Exhibit I,
            executed by Seller (the "Assignment of Leases");

                  (iv)    Two (2) original Bills of Sale in the form attached
            hereto as Exhibit J, executed by Seller;

                  (v)     An updated, current rent roll relating to the Property
            and disclosing all of the matters included in Exhibit C hereto,
            certified by Seller as being true, correct and complete in all
            material respects as of the Initial Funding Date;

                  (vi)    Executed originals of all Leases, Contracts and
            Licenses assigned to Purchaser pursuant to Section 4.5(b)(ii) and
            (iii) above (or where originals are unavailable, copies duly
            certified by Seller as being true, correct and complete copies of
            the originals);

                  (vii)   Executed, original letters to all tenants of the
            Property advising that the Property has been sold to Purchaser or
            Purchaser's assignee, nominee or designee, as the case may be, and
            directing payment of rents and other amounts in accordance with the
            directions of Purchaser and changing the landlord's address for
            notice purposes under the Leases;

                                       10
<Page>

                  (viii)  To the extent in Seller's possession or control (or
            readily available to Seller), certificates of insurance for all
            policies of insurance required to be carried by the tenants of the
            Property under the Leases.

                  (ix)    Two (2) original Seller's certificates dated as of the
            Initial Funding Date confirming that all of the representations and
            warranties of Seller contained in Article 7 and Sections 4.6, 5.1
            and 11.9 of this Agreement are true and correct as of the Initial
            Funding Date;

                  (x)     An Owner's Affidavit, GAP Indemnity and other
            affidavits in form and substance reasonably required by the Title
            Insurer;

                  (xi)    An original waiver of lien executed by the Broker;

                  (xii)   Evidence satisfactory to Purchaser of termination of
            any Contracts not assumed pursuant to Section 8.1(a), and all other
            agreements and employees as provided in Sections 4.6 and 8.1(a)
            below;

                  (xiii)  A final, unqualified certificate of occupancy issued
            by the appropriate governmental authorities authorizing use of the
            Real Property as the same is presently used and for all tenant
            spaces in which tenants are open and operating (and, if and to the
            extent issued, final, unqualified certificates of occupancy for the
            base building for any vacant portions of the Property);

                  (xiv)   All keys, security cards, keycard passes and entrance
            cards in Seller's possession or control (or readily available to
            Seller) for the Property;

                  (xv)    Assignments of any and all warranties and guaranties
            (including copies of any required consents to such assignments and
            evidence of payment of any fees in connection with such assignments)
            from any and all manufacturers or installers of furniture, fixtures
            and/or equipment relating to the Property and owned by Seller and
            all warranties and guaranties (including copies of any required
            consents to such assignments and evidence of payment of any fees in
            connection with such assignments) received by Seller in connection
            with any work or service performed or equipment installed in the
            construction, repair, maintenance and/or replacement of the Property
            or any portion thereof, including, without limitation, the
            construction warranties provided by the general contractor and any
            subcontractors of any tier;

                  (xvi)   An executed Affidavit in the form attached hereto as
            Exhibit E, or a qualifying statement from the U.S. Treasury
            Department that the transaction is exempt from the withholding tax
            requirement imposed by Section 1445A of the Internal Revenue Code
            and the rules and regulations promulgated thereunder;

                  (xvii)  All books, operating manuals, tenant files and
            correspondence and other materials relating to the Property in
            Seller's possession or control (or readily available to Seller)
            requested by Purchaser;

                  (xviii) To the extent not delivered to Purchaser prior to the
            Initial Funding Date, and to the extent in Seller's possession or
            control (or readily available to Seller), originals of all (a)
            as-built plans and specifications, surveys, site plans, engineering
            plans and studies, utility plans and development plans related to
            the Property and the development and construction thereof, (b) all
            guaranties and warranties, if any, issued and relating to the
            development and construction of the Property (including, without
            limitation, construction warranties provided by the general
            contractor and any subcontractors of any tier), and (c) all
            governmental

                                       11
<Page>

            licenses and permits, if any, issued and relating to the development
            and construction of the Property (including, without limitation,
            base building and tenant space certificates of occupancy);

                  (xix)   If and to the extent required by Purchaser prior to
            the expiration of the Due Diligence Period, Seller will use
            commercially reasonable efforts to provide Purchaser with estoppel
            certificates from all parties to any operating agreements,
            reciprocal easement agreements and/or similar agreements encumbering
            title to the Property confirming the terms of the operating
            agreements, reciprocal easement agreements and/or such other
            agreements, and confirming that there exist no defaults under such
            documents and no event or circumstance has occurred that, with the
            giving of notice or passage of time, could result in a default under
            such documents, which estoppel certificates shall be certified to
            Purchaser and its nominee, assignee and/or the entities designated
            by Purchaser as taking title to the Property and Purchaser's lender
            (and their respective successors and assigns), if any;

                  (xx)    An affidavit, executed by Seller, given in conjunction
            with the sale of real estate pursuant to SC Code Section 12-8-580
            (and related Revenue Rulings and Advisory Bulletins), a form of
            which affidavit is attached hereto as Exhibit K and made a part
            hereof. If, pursuant to such affidavit, Seller does not establish
            that it is exempt from withholding under SC Code Section 12-8-580
            (and the related Revenue Rulings and Advisory Bulletins), then
            Purchaser shall withhold and forward to the South Carolina
            Department of Revenue a portion of the Purchase Price in an amount
            sufficient to fully satisfy and discharge Purchaser's withholding
            obligations under SC Code Section 12-8-580 and SC Revenue Advisory
            Bulletin #02-6;

                  (xxi)   The cooperation letter and audit representation
            letter, executed by Seller, attached hereto as Exhibit L; and

                  (xxii)  Such other documents, instruments, certifications and
            confirmations as may be reasonably required by Purchaser and/or the
            Title Insurer to fully effect and consummate the transactions
            contemplated hereby to be effected and consummated on the Initial
            Funding Date.

            (c)   On the Initial Funding Date, Purchaser shall deposit the
     following with the Title Insurer, as closing escrowee:

                  (i)     The Purchase Price payable pursuant to Section 3.1
            above;

                  (ii)    Four (4) counterpart originals of the General
            Assignment executed by Purchaser or its nominee;

                  (iii)   Four (4) counterpart originals of the Assignment of
            Leases executed by Purchaser or its nominee; and

                  (iv)    Such other documents, instruments, certifications and
            confirmations as may be reasonably required by Seller and the Title
            Insurer to fully effect and consummate the transaction contemplated
            hereby to be effected and consummated on the Initial Funding Date.

            (d)   On the Additional Funding Date, Seller shall deposit with the
     Title Insurer, as closing escrowee, the following:

                  (i)     The executed, original Vacant Space Lease;

                                       12
<Page>

                  (ii)    Intentionally Deleted.

                  (iii)   An Owner's Affidavit, GAP Indemnity and other
            affidavits in form and substance if and to the extent reasonably
            required by the Title Insurer;

                  (iv)    To the extent not delivered as of the Initial Funding,
            a final, unqualified certificate of occupancy issued by the
            appropriate governmental authorities authorizing use of the Real
            Property as the same is presently used and for all tenant spaces in
            which tenants are open and operating (which shall include
            certificates of occupancy if in Seller's possession or control (or
            readily available to Seller) for all tenant spaces under the Shops
            Leases and the Vacant Space Lease);

                  (v)     To the extent not delivered as of the Initial Funding,
            assignments of any and all warranties and guaranties (including
            copies of any required consents to such assignments and evidence of
            payment of any fees in connection with such assignments) from any
            and all manufacturers or installers of furniture, fixtures and/or
            equipment relating to the Shops Parcel and owned by Seller and all
            warranties and guaranties (including copies of any required consents
            to such assignments and evidence of payment of any fees in
            connection with such assignments) received by Seller in connection
            with any work or service performed or equipment installed in the
            construction, repair, maintenance and/or replacement of the Shops
            Parcel or any portion thereof, including, without limitation, the
            construction warranties provided by the general contractor and any
            subcontractors of any tier;

                  (vi)    To the extent not delivered to Purchaser prior to the
            Initial Funding Date, and to the extent in the possession or control
            (or readily available to Seller) of Seller, originals of all (a)
            as-built plans and specifications, surveys, site plans, engineering
            plans and studies, utility plans and development plans related to
            the Shops Parcel and the development and construction thereof, (b)
            all guaranties and warranties, if any, issued and relating to the
            development and construction of the Shops Parcel (including, without
            limitation, construction warranties provided by the general
            contractor and any subcontractors of any tier), and (c) all
            governmental licenses and permits, if any, issued and relating to
            the development and construction of the Shops Parcel (including,
            without limitation, base building and tenant space certificates of
            occupancy); and

                  (vii)   Such other documents, instruments, certifications and
            confirmations as may be reasonably required by Purchaser and/or the
            Title Insurer to fully effect and consummate the transactions
            contemplated hereby to be effected and consummated on the Additional
            Funding Date.

            (e)   On the Additional Funding Date, Purchaser shall deposit with
     the Title Insurer, as closing escrowee,

                  (i)     The Additional Funding Amount payable pursuant to
            Section 3.2 above; and

                  (ii)    Such other documents, instruments, certifications and
            confirmations as may be reasonably required by Seller and the Title
            Insurer to fully effect and consummate the transaction contemplated
            hereby to be effected and consummated on the Additional Funding
            Date.

            (f)   On each Funding Date, Seller and Purchaser shall jointly
     deposit in the escrow or deliver to each other four (4) executed
     Preliminary Closing Statements and certificates or declarations complying
     with the provisions of state, county and local law applicable to the
     determination of documentary and transfer taxes for the applicable Funding.

                                       13
<Page>

            (g)   To the extent not attached hereto, all documents of conveyance
     to be furnished by the parties pursuant hereto shall be in form, execution
     and substance reasonably satisfactory to Seller, Purchaser and their
     respective counsels.

     4.6    LEASING COMMISSIONS, MANAGEMENT FEES AND EMPLOYEES. On the Initial
Funding Date, Seller shall deliver evidence reasonably satisfactory to Purchaser
that all property managers and/or leasing brokers relating to the Property have
been terminated and paid all commissions or fees due for all services rendered
as of the Initial Funding Date. On the Initial Funding Date, Seller shall also
terminate and satisfy all obligations to all employees employed by Seller in the
operation of the Property. Seller represents and warrants that, to Seller's
actual knowledge, no unpaid leasing fee or commission is due any party in
connection with the Leases.

                                    ARTICLE 5

                                    BROKERAGE

     5.1    BROKERAGE. Seller hereby represents and warrants to Purchaser that
Seller has not dealt with any broker or finder with respect to the transaction
contemplated hereby other than CB Richard Ellis ("Broker"), whose commission
shall be paid by Seller pursuant to a separate agreement. Seller hereby agrees
to indemnify Purchaser for any claim for brokerage commission or finder's fee
asserted by any person, firm or corporation (including, without limitation,
Broker) claiming to have been engaged by Seller. Purchaser hereby represents and
warrants to Seller that Purchaser has not dealt with any broker or finder (other
than Broker) in respect to the transaction contemplated hereby, and Purchaser
hereby agrees to indemnify Seller for any claim for brokerage commission or
finder's fee asserted by any person, firm or corporation (other than Broker)
claiming to have been engaged by Purchaser.

                                    ARTICLE 6

                       DESTRUCTION, DAMAGE OR CONDEMNATION

     6.1    DESTRUCTION OR DAMAGE. If, subsequent to the date hereof and prior
to the Initial Funding Date, all or any material portion of the Property shall
be destroyed or damaged by one or more incidents of vandalism, fire and/or other
casualty, whether or not covered by insurance, Seller shall immediately give
Purchaser notice of such occurrence. If such damage or destruction shall affect
all or a material portion of the Property, or shall give any tenant of the
Property the right to temporarily or permanently abate or reduce the amount of
rent payable under its Lease, or shall give any tenant of the Property the right
to terminate its Lease in whole or in part, then Purchaser, within five (5)
business days after receipt of such notice from Seller, may elect to either (a)
terminate this Agreement, in which event the Deposit, and any interest thereon,
shall be returned forthwith to Purchaser, all obligations of the parties
hereunder shall cease and this Agreement shall have no further force and effect,
or (b) close the transaction contemplated hereby as scheduled (except that if
the Initial Funding Date is less than five (5) business days following
Purchaser's receipt of such notice, then the Initial Funding shall be delayed
until Purchaser makes such election), in which event Purchaser shall have the
right to participate in the adjustment and settlement of any insurance claim
relating to said damage, and Seller shall assign and/or pay to Purchaser at the
Initial Funding all insurance proceeds collected or claimed (and all of Seller's
right to collect and claim insurance proceeds) with respect to said loss or
damage, except that any loss of rent or business interruption awards shall be
prorated as of the date of Initial Funding, If such damage or destruction does
not affect a material portion of the Property, does not give rise to any
abatement of rent under any Lease, and does not give any tenant of the Property
the right to terminate the Lease in whole or in part, then Purchaser shall not
have the right to terminate this Agreement, however, Purchaser shall have the
right to participate in the adjustment and settlement of any insurance claim
relating to said damage, and Seller shall assign and/or pay to Purchaser at the
Initial Funding all insurance proceeds collected or claimed (and all of Seller's
right to collect and claim insurance proceeds) with respect to said loss or
damage, except that any loss of rent or business interruption awards shall be
prorated as of the date of Initial Funding. Seller shall be responsible to pay
any deductible or self insured amount relating to any damage or destruction. For
the purpose of this Section 6.1 only, damage to the Property shall be deemed
material if the estimated cost (as

                                       14
<Page>

determined by Purchaser's contractor, engineer or architect) of the repair of
such damage exceeds $200,000; provided, however, that such threshold is merely
an example of a material damage and does not constitute all matters that may be
deemed material.

     6.2.   CONDEMNATION. If, subsequent to the date hereof and prior to the
Initial Funding Date, Seller has actual knowledge of any proceeding (judicial,
administrative or otherwise) which shall relate to the proposed taking of any
portion of the Real Property by condemnation or eminent domain or any action in
the nature of eminent domain, or the taking or closing of any right of access to
the Real Property, is threatened, instituted or commenced, Seller shall promptly
deliver notice thereof to Purchaser. In the event such proceeding relates to the
proposed condemnation or taking of a "substantial" portion of the Real Property,
Purchaser shall have the right and option to terminate this Agreement by giving
Seller written notice to such effect within five (5) business days after actual
receipt of written notification from Seller of any such occurrence or
occurrences. Purchaser's failure to give such notice within such five (5)
business day period shall be conclusive evidence that Purchaser has waived the
option to terminate by reason of the occurrence or occurrences of which it has
received notice, and Purchaser shall be credited with or be assigned all
Seller's right to any proceeds therefrom at the Initial Funding. Should
Purchaser elect to so terminate this Agreement, the Deposit plus any interest
thereon shall be returned forthwith to Purchaser, and thereupon the parties
hereto shall be released from any and all further obligations hereunder. If the
Initial Funding Date is less than five (5) business days following the last day
on which Purchaser is entitled to elect to terminate this Agreement, then the
Initial Funding shall be delayed until Purchaser makes such election.
Notwithstanding the foregoing, if such proceeding by way of condemnation or
eminent domain shall not be "substantial," Purchaser shall not have the right to
terminate this Agreement, but shall be credited with all amounts paid to Seller
or be assigned all Seller's right to any proceeds therefrom at the Initial
Funding. A taking or condemnation of the Property shall be deemed "substantial"
if any one or more of the following shall be true: (i) such taking or
condemnation relates to the taking or closing of any right of access to the Real
Property, (ii) such taking or condemnation involves more than the equivalent of
Two Hundred Thousand Dollars ($200,000) in value, (iii) such taking or
condemnation gives any tenant of the Property the right to cause the termination
of its Lease in whole or in part, (iv) [intentionally omitted], or (v) such
taking or condemnation gives any tenant of the Property the right to temporarily
or permanently abate or reduce the amount of rent payable under its Lease. The
foregoing constitute only examples of a "substantial" taking or condemnation,
and are not intended to be, and shall not be, exhaustive of all instances that
may constitute a "substantial" taking or condemnation.

                                   ARTICLE 7

                     COVENANTS, REPRESENTATIONS, WARRANTIES

     7.1    AFFIRMATIVE COVENANTS OF SELLER.

            (a)   From the Effective Date until the Initial Funding Date or
     earlier termination of this Agreement, Seller, at Seller's sole cost and
     expense, shall (i) maintain or cause to be maintained the Property free
     from waste and neglect and in as good order and repair as of the Effective
     Date, (ii) keep and perform or cause to be performed all obligations of the
     lessor under the Leases and all obligations of the Property owner or its
     agents under the Contracts and Licenses and as required under any Legal
     Requirements, and (iii) maintain or cause to be maintained in full force
     and effect liability, casualty and other insurance (including, without
     limitation, workers' compensation and "builder's risk" to the extent in
     place as of the date of this Agreement) upon and in respect to the Property
     against such hazards and in such amounts as are currently maintained and as
     may be required to be maintained under any Leases. Subject to Funding and
     Sections 6.1 and 6.2 hereof, on the Initial Funding Date, Seller shall
     tender possession of the Property to Purchaser in the same condition the
     Property was in when last inspected by Purchaser, except for ordinary wear
     and tear, casualty loss and condemnation (provided Purchaser shall not
     elect to terminate this Agreement pursuant to Sections 6.1 or 6.2 as a
     result of such casualty loss or condemnation).

            (b)   From the date of this Agreement to the Initial Funding Date or
     earlier termination of this Agreement, Seller shall operate and manage the
     Property in the same manner as it has been

                                       15
<Page>

     operated and managed heretofore, provided, however, that during said
     period, without the prior written consent of Purchaser, Seller shall not
     do, suffer or permit, or agree to do, any of the following:

                  (i)     [intentionally deleted];

                  (ii)    except for Leases entered into after the date of this
            Agreement with respect to which Purchaser has granted its approval
            (not to be unreasonably withheld), sell, encumber, create or grant
            any interest in the Property or any part thereof in any form or
            manner whatsoever, or otherwise perform or permit any act which will
            materially diminish or otherwise adversely affect Purchaser's
            interest under this Agreement or in or to the Property or which will
            prevent or adversely affect Seller's full performance of its
            obligations hereunder;

                  (iii)   excluding contracts necessary for the completion of
            construction in connection with the Property, enter into, amend,
            waive or diminish any rights under, or terminate or extend, any
            contract or agreement (including, without limitation, the Contracts)
            relating to the Property or any lease, licenses or other occupancy
            agreements (including, without limitation, the Leases) relating to
            the Property. Seller covenants and agrees that (1) any and all
            obligations and liabilities of Seller under and pursuant to any
            contracts necessary for the completion of construction of the Anchor
            Parcel shall, on or prior to the Initial Funding Date, be fully
            performed and all amounts due or that may become due thereunder
            shall be paid in full, and (2) any and all obligations and
            liabilities of Seller under and pursuant to any contracts necessary
            for the completion of construction of the Shops Parcel shall, on or
            prior to the Additional Funding Date, be fully performed and all
            amounts due or that may become due thereunder shall be paid in full;
            or

                  (iv)    remove from the Property any of the fixtures thereon
            or any of the Tangible Personal Property.

            (c)   Seller shall deliver to Purchaser, not later than ten (10)
     days following the date of this Agreement, true, correct and complete
     copies of all items and materials listed on Purchaser's Due Diligence
     Checklist attached hereto as Exhibit N to the extent such items are in
     Seller's actual possession or control (or readily available to Seller). It
     is understood by Purchaser that Seller does not make any representation or
     warranty, express or implied, as to the accuracy or completeness of any
     information delivered to Purchaser pursuant to this Section or contained in
     Seller's files which were not prepared by Seller, including, without
     limitation, any environmental audit or report prepared by a third party
     consultant.

            (d)   From the date of this Agreement to the Initial Funding Date,
     Purchaser may order an environmental report (i.e., a Phase I) to be
     conducted by an environmental engineering firm selected by Purchaser (the
     "Environmental Report") and an MAI appraisal of the Property prepared by a
     firm selected by Purchaser (the "Appraisal") provided, however, that (i)
     Purchaser may not order or conduct any invasive testing, drilling, boring,
     or environmental testing of the Property beyond a Phase I assessment
     without the prior written approval of Seller, which approval shall not be
     unreasonably withheld but may be conditioned upon such precautions as
     Seller reasonably deems advisable to protect itself and the Property, and
     (ii) Purchaser and its representatives shall use commercially reasonable
     efforts to minimize interference with the use, occupancy, or enjoyment of
     the Property by any Tenant or its employees, contractors, customers or
     guests.

            (e)   Seller shall notify Purchaser promptly if Seller becomes aware
     of any transaction or occurrence prior to the Initial Funding Date which
     would make any of the representations or warranties of Seller contained in
     this Agreement not true in any material respect.

                                       16
<Page>

            (f)   Seller shall promptly deliver to Purchaser any and all notices
     and/or other written communications in connection with the Property
     delivered to or received from (i) any tenant of the Property, (ii) any
     party under any of the Contracts and/or the Licenses, and (iii) any
     governmental authority. Seller shall deliver to Purchaser prompt notice of
     the conduct or occurrence of any inspections of the Property by any
     governmental authority.

            (g)   Seller shall complete, construct and perform, prior to the
     Additional Funding Date, any and all tenant improvement work and tenant
     build out required to be performed by the landlord under any of the Shops
     Leases and/or the Vacant Space Lease.

     7.2    REPRESENTATIONS AND WARRANTIES OF AND INDEMNITY BY SELLER. Seller
hereby represents and warrants to Purchaser on and as of the date hereof and on
and as of the Initial Funding Date as follows:

            (a)   Exhibit C lists all Leases currently in effect with respect to
     the Property. The Leases have not been amended or modified in any manner,
     except as set forth on Exhibit C hereto, and there exist no agreements
     (other than the Leases) between the landlord under the Leases and the
     tenants under the Leases. To Seller's knowledge, the Leases are in good
     standing and in full force and effect, and no rights or interests of the
     landlord thereunder have been diminished, waived or released. Except as set
     forth on Exhibit C, all of landlord's obligations under the Leases,
     including the obligation to finish or refinish space to the specifications
     provided in the Leases for such tenant's initial occupancy and/or to
     provide or fund any tenant improvement allowance or other concession for
     such tenant's initial occupancy, have been satisfied. No rent or other
     amounts due under the Leases have been paid more than one (1) month in
     advance except as set forth on Exhibit C. To Seller's knowledge, neither
     the landlord nor any tenants under the Leases are in default under the
     Leases. Except as set forth in the Leases, the tenants under the Leases are
     not entitled to any rent abatement, free rent period or other future tenant
     improvement allowance or concession. Except as set forth on Exhibit C
     hereto, there are no commissions, leasing fees or other compensation now
     due or payable. Except as set forth on Exhibit C hereto, no security
     deposits have been paid or posted by the tenants under the Leases.

            (b)   Exhibit B is a true, correct and complete copy list of all
     Contracts and amendments and modifications thereof relating to the Property
     and/or binding upon the Property owner. The Contracts have not been amended
     or modified, except as set forth on Exhibit B hereto. To Seller's actual
     knowledge, there are no defaults under any of the Contracts and all of the
     Contracts are in good standing and in full force and effect. Except for the
     Leases and the Contracts, there are no agreements with any third party
     relating to the Property or binding upon the Property owner. Seller
     represents and agrees that, to Seller's actual knowledge, except for any
     tenant build out and tenant improvement work under the Shops Leases and the
     Vacant Space Lease, for which Seller is obligated to complete as provided
     in Section 7.l(g) above, any and all work to be performed and payments to
     be made under any contracts or agreements relating to the development and
     construction of the Property shall be fully performed and paid prior to the
     Initial Funding Date.

            (c)   Exhibit D is an accurate description of each of the Licenses
     currently in effect and required for the ownership, use and operation of
     the Property. To Seller's actual knowledge, Seller has procured and
     obtained any and all required permits, variances, approvals and other
     Licenses relating to the development and construction of the Property. To
     Seller's actual knowledge, each of the Licenses is in full force and effect
     and in good standing, and neither Seller nor any agent or employee of
     Seller has received notice of any intention on the part of the issuing
     authority to cancel, suspend or modify any of the Licenses or to take any
     action or institute any proceedings to effect such a cancellation,
     suspension or modification.

            (d)   Seller owns fee simple title to the Real Property free and
     clear of liens, encumbrances, options and restrictions of every kind and
     description, except for the Leases, as otherwise shown in the public
     record, and as may be shown on the Title Commitment. Seller has good and
     marketable title to the Tangible Personal Property and each item thereof
     free and clear of liens, security interests,

                                       17
<Page>

     encumbrances and restrictions of every kind and description except for the
     Leases, as otherwise shown in the public record, and as may be shown on the
     Title Commitment. Seller owns all of the landlord's interest in the Leases
     and the Property owner's interests in the Contracts, the Licenses and the
     Intangible Personal Property, subject to any matters shown in the public
     record and as may be shown on the Title Commitment. The interest of Seller
     in the Contracts, Leases, Licenses and Intangible Personal Property is free
     and clear of all encumbrances and has not been assigned to any other
     person, except as reflected in the Leases, as otherwise shown in the public
     record, and as may be shown in the Title Commitment.

            (e)   Except for Seller, the tenants under the Leases, as otherwise
     shown in the public record, and as may be shown in the Title Commitment,
     there are no persons or parties in possession or occupancy of the Real
     Property or any part thereof, nor are there any persons or parties who have
     any possessory rights in respect to the Real Property or any part thereof.
     Seller has not granted any person or party any right or option to purchase,
     acquire, ground lease or master lease the Property or any portion thereof
     except as set forth in the Leases, as otherwise shown in the public record,
     and as may be shown in the Title Commitment.

            (f)   Seller has full capacity, right, power and authority to
     execute, deliver and perform this Agreement and all documents to be
     executed by Seller pursuant hereto, and all required action and approvals
     therefore have been duly taken and obtained. The individuals signing this
     Agreement and all other documents executed or to be executed pursuant
     hereto on behalf of Seller are and shall be duly authorized to sign the
     same on Seller's behalf and to bind Seller thereto. This Agreement and all
     documents to be executed pursuant hereto by Seller are and shall be binding
     upon and enforceable against Seller in accordance with their respective
     terms. To Seller's actual knowledge, neither the entering into of this
     Agreement nor the conveyance of the Property by Seller will constitute or
     result in a violation or breach by Seller of any judgment, order, writ,
     injunction or decree issued against or imposed upon it, or will result in a
     violation by Seller of any applicable law, order, rule or regulation of any
     governmental authority. To Seller's actual knowledge, there is no action,
     suit, litigation, proceeding or investigation pending in any court or
     before or by any federal, district, county, or municipal department,
     commission, board, bureau, agency or other governmental instrumentality,
     against Seller or the Property or to Seller's actual knowledge, threatened
     against Seller or the Property which (a) would prevent the conveyance of
     the Property by Seller, (b) would become a cloud on the title to the
     Property or any portion thereof or which questions the validity or
     enforceability of this Agreement or any action taken by Seller pursuant to
     this Agreement, or (c) affects the Property. To Seller's actual knowledge,
     no approval, consent, order or authorization of, or designation,
     registration or filing (other than for recording purposes) with any
     governmental authority is required in connection with the due and valid
     execution and delivery of this Agreement by Seller or Seller's performance
     under this Agreement. No bankruptcy, insolvency, rearrangement or similar
     actions or proceedings, whether voluntary or involuntary, are pending or,
     to Seller's actual knowledge, threatened against Seller, nor has Seller any
     intention of filing or commencing any such action or proceeding, and Seller
     has not made a general assignment for the benefit of creditors.

            (g)   To Seller's actual knowledge, the improvements on the Real
     Property have been constructed and are presently used and operated in
     compliance with all Licenses, all Legal Requirements and all covenants,
     easements and restrictions affecting the Property, and all obligations of
     Seller or the Property with regard to the Legal Requirements, covenants,
     easements and restrictions have been and are being performed in a proper
     and timely manner. To Seller's actual knowledge, the interior and exterior
     structures of the Property are in a good state of repair, free of leaks,
     structural defects and mold.

            (h)   To Seller's actual knowledge, there are no claims, causes of
     action or other litigation or proceedings pending or threatened in respect
     to the development, construction, ownership and/or operation of the
     Property or any part thereof (including, without limitation, disputes with
     tenants, mortgagees, governmental authorities, utilities, contractors,
     adjoining land owners and suppliers of

                                       18
<Page>

     goods or services) or otherwise affecting the Property. Seller has not
     received any notice of any violations of Legal Requirements in respect to
     the Property which have not been entirely corrected.

            (i)   There is no existing, pending or, to Seller's actual
     knowledge, contemplated, threatened or anticipated (i) condemnation of any
     part of the Real Property, (ii) widening, change of grade or limitation on
     use of streets abutting the Real Property (except for U.S. Route 278 and
     Foreman Hill Road as set forth in Section 11.17 below), (iii) special tax
     or assessment to be levied against the Real Property, (iv) change in the
     zoning classification of the Real Property, or (v) change in the tax
     assessment of the Real Property.

            (j)   To Seller's actual knowledge, there are no defects or
     inadequacies in the Property which would materially and adversely affect
     the insurability of the same or cause the imposition of extraordinary
     premiums therefor or create or be likely to create a hazard, excessive
     maintenance cost or material operating deficiencies.

            (k)   Except as identified in the Environmental Report, to Seller's
     actual knowledge, during Seller's ownership of the Property, (i) no
     Hazardous Materials have been located on the Property or have been released
     into the environment, or discharged, placed or disposed of at, on or under
     the Property; (ii) no underground storage tanks have been located on the
     Property; (iii) the Property has not been used as a dump for waste
     material; and (iv) the Property complies with and at all times has complied
     with, any applicable governmental law, regulation or requirement relating
     to environmental and occupational health and safety matters and Hazardous
     Materials.

            (1)   Seller is not a "foreign person" within the meaning of the
     Internal Revenue Code of 1986, as amended (the "Code"), the transaction
     contemplated hereby does not constitute a disposition of a U.S. real
     property interest by a foreign person, and at the Initial Funding no
     person, including without limitation, Purchaser and its counsel and the
     Title Company, will be subject to the withholding requirements of Section
     1445 of the Code.

            (m)   Seller has no employees.

     7.3    REPRESENTATIONS AND WARRANTIES OF PURCHASER. Purchaser hereby
represents and warrants to Seller on and as of the date hereof and on and as of
the Initial Funding Date that: (a) Purchaser has full capacity, right, power and
authority to execute, deliver and perform this Agreement and all documents to be
executed by Purchaser pursuant hereto, and all required action and approvals
therefore have been duly taken and obtained; (b) the individuals signing this
Agreement and all other documents executed or to be executed pursuant hereto on
behalf of Purchaser are and shall be duly authorized to sign the same on
Purchaser's behalf and to bind Purchaser thereto; (c) this Agreement and all
documents to be executed pursuant hereto by Purchaser are and shall be binding
upon and enforceable against Purchaser in accordance with their respective
terms; (d) this Agreement and all documents to be executed pursuant hereto by
Purchaser are and shall be binding upon and enforceable against Purchaser in
accordance with their respective terms; (e) to Purchaser's actual knowledge, the
entering into of this Agreement by Purchaser will not constitute or result in a
violation or breach by Purchaser of any judgment, order, writ, injunction or
decree issued against or imposed upon it, or will result in a violation by
Purchaser of any applicable law, order, rule or regulation of any governmental
authority; (f) to Purchaser's actual knowledge, no approval, consent, order or
authorization of, or designation, registration or filing (other than for
recording purposes) with any governmental authority is required in connection
with the due and valid execution and delivery of this Agreement by Purchaser or
Purchaser's performance under this Agreement; and (g) no bankruptcy, insolvency,
rearrangement or similar actions or proceedings, whether voluntary or
involuntary, are pending or threatened against Purchaser, nor has Purchaser any
intention of filing or commencing any such action or proceeding, and Purchaser
has not made a general assignment for the benefit of creditors.

     7.4    AS-IS SALE. Except as otherwise provided in this Agreement, Seller
makes no warranty, express or implied, or arising by operation of law, as to the
nature and condition of the Property or compliance of the Property of its
operation with all applicable laws, rules or regulations or as to the condition
or state of

                                       19
<Page>

repair of the Property, or any portion thereof, and there are no implied
warranties of habitability, merchantability or fitness for a particular purpose
as to the Property or any portion thereof. Purchaser acknowledges that it will
or has fully inspected and reviewed the Property, including, without limitation,
the physical aspects thereof and all matters affecting the operation thereof,
and that, except as otherwise provided in this Agreement, and except with
respect to any breach or violation of any representation, warranty or covenant
contained in this Agreement, delivery of the Property is "AS IS", "WHERE IS" and
"WITH ALL FAULTS", and that Seller has disclaimed any implied warranties with
respect to the Property.

                                    ARTICLE 8

                      CONDITIONS PRECEDENT AND TERMINATION

     8.1    CONDITIONS TO PURCHASER'S OBLIGATIONS.

            (a)   The obligation of Purchaser to close the transaction
     contemplated hereby is subject, at Purchaser's option, to Purchaser's
     review, during the period of time commencing as of the Effective Date and
     expiring at 5:00 p.m., Chicago time, on the date that is thirty (30) days
     after the execution of this Agreement (such period of time to be referred
     to in this Agreement as the "Due Diligence Period"), of (i) the financial
     data and information respecting the operation of the Property, (ii) the
     feasibility of Purchaser's acquisition of the Property, (iii) the physical,
     structural and environmental condition of the Property, (iv) the Leases,
     the Contracts, the Licenses, the Appraisal and the Environmental Report,
     (v) all other documents and items to be delivered to or made available to
     Purchaser pursuant to Section 7.1 (c) above, and (vi) any and all other
     matters relating to and aspects of the Property deemed necessary or
     appropriate by Purchaser to be analyzed, reviewed, tested, inspected and/or
     examined. Purchaser shall have the right, at its cost, to conduct a
     financial audit of the Property and Seller's books and records relating to
     the Property. At all times after the Effective Date, and subject to the
     terms of the Leases, Purchaser (and its consultants, contractors, advisers,
     employees, directors, officers, lenders and prospective lenders,
     appraisers, agents and representatives (collectively, the "Purchaser
     Parties")) shall have the right to enter upon the Property from time to
     time to perform and conduct any and all tests, inspections, reviews,
     analyses, studies and appraisals relating to the Property as Purchaser
     deems necessary or appropriate in connection with its potential acquisition
     of the Property; provided, however, that Purchaser and the Purchaser
     Parties shall use commercially reasonable efforts to minimize interference
     with the use, occupancy, or enjoyment of the Property by any Tenant or its
     employees, contractors, customers or guests. Purchaser shall notify Seller
     not less than one (1) business day in advance and coordinate the timing
     (which shall be during normal business hours) of any site inspections and
     tests with Seller and with the property manager of the Property and/or the
     tenants in an effort to minimize disruption of the operation of the
     Property. Purchaser shall obtain or cause the Purchaser Parties to obtain,
     and shall provide reasonable evidence to Seller of, a policy of commercial
     general liability insurance, issued by an insurer reasonably satisfactory
     to Seller, covering Purchaser, the Purchaser Parties and Seller on an
     occurrence basis in the amount of not less than $1 million in connection
     with any personal injury or property damage arising out of any
     investigative activity conducted by Purchaser or the Purchaser Parties on
     the Property. Purchaser shall have the right to interview the tenants of
     the Property subject to the acquiescence of said tenants. Seller shall make
     all books, records and files relating to the Property (including, without
     limitation, all tenant files and correspondence) available to Purchaser and
     the Purchaser Parties for their review. If, for any reason whatsoever, or
     no reason at all, Purchaser, in its sole and absolute discretion, is not
     satisfied with the foregoing at any time on or before the expiration of the
     Due Diligence Period, then Purchaser may elect, at its option, to terminate
     this Agreement by delivering notice of termination to Seller prior to the
     expiration of the Due Diligence Period, in which event the Deposit and any
     interest thereon shall forthwith be returned to Purchaser, and thereafter
     neither Seller nor Purchaser shall have any further obligations or rights
     under this Agreement. Purchaser's failure to so terminate this Agreement as
     described in the immediately preceding sentence shall be deemed a waiver of
     Purchaser's rights under this Section 8.1(a), and the Deposit thereafter
     shall be non-refundable except as otherwise specifically provided in this
     Agreement. Purchaser may elect to have any or all of the Contracts
     terminated by Seller within thirty (30) days of the Initial Funding, in
     which case Purchaser

                                       20
<Page>

     shall so direct Seller no later than five (5) days prior to the Initial
     Funding Date. Seller shall be responsible for the payment of all amounts
     due under such terminated Contracts, including, without limitations, any
     termination fees. Additionally, with respect to any Contracts and Licenses
     that are to be assigned to Purchaser at the Initial Funding, Seller shall
     be responsible for obtaining any and all consents and approvals with
     respect to such assignment and for paying any and all fees in connection
     with such assignment, agreement and approval. Purchaser shall indemnify
     Seller for death or injury to persons or properties including, but not
     limited to, any actual, out-of-pocket loss, cost, damage, lien or expense
     incurred by Seller due to Purchaser's due diligence activities on the Real
     Property, except to the extent that any such loss, cost, damage or expense
     is due to Seller's negligence or willful misconduct, and Purchaser shall
     promptly repair and restore any material damage caused by its tests and
     investigations. Purchaser agrees to keep all information relating to the
     Property provided to Purchaser by Seller or obtained by Purchaser in the
     course of Purchaser's review and inspection provided for herein
     confidential until the Initial Funding Date has occurred; provided,
     however, that such information may be disclosed to Purchaser's consultants
     and the other Purchaser Parties who are assisting Purchaser with
     Purchaser's inspection and evaluation of the Property, to Purchaser's
     existing or prospective lenders and joint venture partners, and to the
     extent required by law or by subpoena by a court of competent jurisdiction
     or by a governmental authority. The indemnification obligations of
     Purchaser contained in this Section 8.1(a) shall survive the termination or
     consummation of this Agreement.

            (b)   The obligation of Purchaser to close the transaction
     contemplated by this Agreement on the Initial Funding Date is further
     subject to and conditioned upon, in Purchaser's sole and absolute
     discretion, the satisfaction of all of the following (collectively, the
     "Initial Funding Conditions"):

                  (i)     Seller's delivery to Purchaser, not less than ten (10)
            days prior to the Initial Funding Date, of an original estoppel
            certificate in the form attached to the Leases (or if there is no
            form attached to the Leases, in a form substantially similar to the
            form attached hereto as Exhibit G and made a part hereof), executed
            by all tenants under the Leases, dated no earlier than thirty (30)
            days prior to the Initial Funding Date and raising no (A) monetary
            issues, or (B) non-monetary matters causing or alleging landlord to
            be in default under the applicable Lease, which non-monetary
            matters, in Purchaser's reasonable discretion, could materially
            adversely affect a tenant's ability to conduct its business within
            the leased space or any portion thereof, or which could materially
            adversely affect landlord's ability to comply with landlord's
            covenants and perform landlord's obligations under the applicable
            Lease, and otherwise confirming the terms of the Leases.

                  (ii)    All representations and warranties of Seller contained
            in this Agreement being materially true and correct at and as of the
            Initial Funding Date;

                  (iii)   The issuance by the Title Insurer of the Title Policy;

                  (iv)    The due and timely performance, in all material
            respects, by the Seller of all obligations and covenants of Seller
            to have been performed on or prior to the Initial Funding Date;

                  (v)     That all rent and other amounts due and payable under
            the Leases as of the Initial Funding Date have been paid, and the
            tenants under the Leases and any guarantors of any of the Leases
            shall not be in default of such Leases or applicable guaranties, and
            no tenant or guarantor shall have filed for protection under any
            article or provision of any state or federal bankruptcy or similar
            law or code;

                  (vi)    Seller shall have provided evidence of termination of
            (1) any and all employees of the Property, (2) any property
            management and leasing agreement relating to the Property, and (3)
            any Contracts that Purchaser elected to have terminated pursuant to
            Section 8.1(a) above;

                                       21
<Page>

                  (vii)   As of the Initial Funding Date, not less than one
            hundred percent (100%) of the floor area of all buildings and tenant
            spaces located on the Anchor Parcel shall be subject to Leases, with
            the tenants thereunder being in occupancy of their respective spaces
            and paying Full Rent thereunder;

                  (viii)  [Intentionally Deleted]; and

                  (ix)    All applicable parties shall have executed,
            acknowledged and delivered the CCRs (as defined in Section 11.10
            below), any and all mortgagees and lenders have delivered
            appropriate documents and instruments subjecting and subordinating
            their right, title and interest to the CCRs, and the CCRs and
            subordination instruments shall have been recorded simultaneous with
            the Initial Funding.

            If any one or more of the conditions precedent set forth in this
     Section 8.l(b) shall not be satisfied by the Initial Funding Date, then
     Purchaser, at its option and by notice to Seller, may elect at any time
     thereafter prior to the satisfaction of such conditions precedent, to
     either terminate this Agreement, without waiver or release of any of its
     remedies for default by Seller under this Agreement, or to seek specific
     performance of this Agreement. If this Agreement is terminated pursuant to
     this Section 8.1(b), then the Deposit and any interest thereon shall
     forthwith be returned to Purchaser, and all other funds and documents
     theretofore delivered hereunder or deposited in escrow by either party
     shall be forthwith returned to such party.

     (c)    The obligation of Purchaser to fund the Additional Funding Amount on
     the Additional Funding Date is subject to and conditioned upon, in
     Purchaser's sole and absolute discretion, the satisfaction of all of the
     following (collectively, the "Additional Funding Conditions"):

                  (i)     Seller's delivery to Purchaser, not less than five (5)
            days prior to the Additional Funding Date, of an original estoppel
            certificate in the form attached to the Shops Leases and the Vacant
            Space Lease (or if there is no form attached to such Leases, in a
            form substantially similar to the form attached hereto as Exhibit G
            and made a part hereof), executed by all tenants under the Shops
            Leases and the Vacant Space Lease, raising no (A) monetary issues,
            or (B) non-monetary matters causing or alleging Landlord to be in
            default under the applicable Lease, which non-monetary matters, in
            Purchaser's reasonable discretion, could materially adversely affect
            a tenant's ability to conduct its business within the leased space
            or any portion thereof, or which could materially adversely affect
            Landlord's ability to comply with Landlord's covenants and perform
            Landlord's obligations under the applicable Lease, and otherwise
            confirming the terms of the Shops Leases and the Vacant Space Lease.

                  (ii)    The issuance by the Title Insurer of the Date Down
            Endorsement;

                  (iii)   The due and timely performance, in all material
            respects, by the Seller of all obligations and covenants of Seller
            to have been performed on or prior to the Additional Funding Date
            with regard to the Shops Parcel or Vacant Space;

                  (iv)    That all rent and other amounts due and payable under
            the Shops Leases and the Vacant Space Lease as of the Additional
            Funding Date have been paid, and the tenants under such Shops Leases
            and Vacant Space Lease and any guarantors of any of the Shops Leases
            and Vacant Space Lease shall not be in default of such Leases or
            applicable guaranties, and no tenant or guarantor under the Shops
            Leases and Vacant Space Lease shall have filed for protection under
            any article or provision of any state or federal bankruptcy or
            similar law or code; and

                  (v)     [Intentionally Deleted].

                                       22
<Page>

     If any one or more of the conditions precedent set forth in this Section
8.1 (c) shall not be satisfied by the Additional Funding Deadline Date with
respect to any portion of the Shops Space and/or the Vacant Space, then, as
provided in Section 3.2 above, Seller shall not be entitled to receive, and
Purchaser shall have no obligation to pay, any additional compensation or
additional fundings under this Agreement, at law, in equity or otherwise with
respect to such space, and the remaining amount of the Deposit shall be
immediately paid to Purchaser.

     8.2.   CONDITIONS TO SELLER'S OBLIGATIONS. The obligation of Seller to
close the transaction contemplated hereby on the Initial Funding Date is
subject, at Seller's option, to all obligations of Purchaser which were to have
been performed on or before the Initial Funding Date having been timely and duly
performed in all material respects. If any condition precedent to closing of
Purchaser as set forth in this Section 8.2 has not been fulfilled and satisfied
on or before the Initial Funding Date, then Seller may elect, by notice to
Purchaser, at any time thereafter to terminate this Agreement, and if such
termination is due to Purchaser's default under this Agreement, Seller shall be
entitled to retain the Deposit as full and complete liquidated damages (and not
as a penalty or forfeiture) in lieu of any and all other legal and equitable
rights which Seller may have hereunder, at law and in equity, and all other
funds and documents theretofore delivered hereunder or deposited in escrow by
either party shall be forthwith returned to such party. Notwithstanding anything
to the contrary set forth in this Section 8.2, nothing herein shall be deemed to
limit Purchaser's indemnifications of Seller set forth in this Agreement
including, but not limited to, Purchaser's indemnification set forth in Section
8.1 hereof.

                                    ARTICLE 9

                                     DEFAULT

     9.1    SELLER'S DEFAULT. In the event that Seller shall default in the
performance of any of its obligations under this Agreement, shall fail to comply
with any of its covenants under this Agreement, and/or shall breach any material
representation or warranty contained in this Agreement, then Purchaser shall
have as its sole, exclusive and complete remedies, in addition to the other
terms and provisions of this Agreement, either to (i) terminate this Agreement
in which event the Deposit (or, after the Initial Funding Date, the remaining
portion thereof) and any interest thereon shall forthwith be returned to
Purchaser, and all Other funds and documents theretofore delivered hereunder or
deposited in escrow by either party shall be forthwith returned to such party,
or (ii) sue Seller for specific performance of this Agreement, or (iii) in any
case where specific performance is not a practically available remedy for
Purchaser through no fault of Purchaser, terminate this Agreement in which event
the Deposit (or, after the Initial Funding Date, the remaining portion thereof)
and any interest thereon shall forthwith be returned to Purchaser, and all other
funds and documents theretofore delivered hereunder or deposited in escrow by
either party shall be forthwith returned to such party and Seller shall,
promptly upon demand, reimburse Purchaser for any and all out-of-pocket costs
and expenses suffered or incurred by Purchaser in connection with the
transaction contemplated under this Agreement, including without limitation, all
actual and reasonable costs and expenses incurred by Purchaser in connection
with its due diligence review of the Property in an amount not to exceed One
Hundred Thousand and No/100 Dollars ($100,000.00). Notwithstanding the foregoing
(but subject to the provisions of Section 11.3 below), nothing contained herein
is intended to or shall limit or restrict any claim or suit by Purchaser for
damages in the event that Purchaser discovers, after the Closing Date, that
Seller violated a covenant or agreement, or breached a representation or
warranty, contained in this Agreement.

     9.2.   PURCHASER'S DEFAULT. If Purchaser defaults under this Agreement
prior to the Initial Funding, then Seller, as its sole and exclusive remedy
under this Agreement, at law or in equity, and as liquidated damages, shall have
the right to terminate this Agreement, in which event the Deposit shall
forthwith be paid to Seller, and all other funds and documents theretofore
delivered hereunder or deposited in escrow by either party shall be forthwith
returned to such party. If Purchaser fails to pay to Seller the applicable
amount of the Additional Funding Amount if, as and when due under this
Agreement, then Seller shall have the right to sue Purchaser for specific
performance.

                                       23
<Page>

                                   ARTICLE 10

                                     NOTICES

     10.1   NOTICES. Any notice, request, demand, instruction or other document
to be given or served hereunder or under any document or instrument executed
pursuant hereto shall be in writing and shall be delivered personally or sent by
United States registered or certified mail, return receipt requested, or by a
nationally recognized overnight express courier, postage prepaid or by facsimile
(provided the same is also forwarded by another means of delivery set forth
herein as the date of facsimile transmission) and addressed to the parties at
their respective addresses set forth below, and the same shall be effective upon
receipt (or refusal of acceptance) if delivered personally or two (2) business
days after deposit in the mails, if mailed, or one (1) business day after
deposit with an overnight express courier or on the date of confirmed
transmission if sent by facsimile. A party may change its address for receipt of
notices by service of a notice of such change in accordance herewith.

            If to Purchaser:           Inland Real Estate Acquisitions, Inc.
                                       1955 Lake Park Drive
                                       Suite 300
                                       Smyrna, Georgia 30080
                                       Attn: Jason Lazarus
                                       Facsimile: (678) 996-2140

            with a copy to:            The Inland Real Estate Group
                                       2901 Butterfield Road
                                       Oak Brook, Illinois 60523
                                       Attn: Michael J. Moran
                                       Facsimile: (630) 218-4900

            If to Seller:              Stafford Properties, Inc.
                                       80 West Wieuca Rd, NE
                                       Atlanta, Ga. 30342
                                       Attn: David J. Oliver
                                       Facsimile: (404) 256-6358

            with a copy to:            George Mattingly, Esq.
                                       Arnall Golden Gregory LLP
                                       2800 One Atlantic Center
                                       1201 West Peachtree Street
                                       Atlanta, Georgia 30309
                                       Facsimile: (404) 873-8197

                                   ARTICLE 11

                                  MISCELLANEOUS

     11.1   ENTIRE AGREEMENT, AMENDMENTS AND WAIVERS. This Agreement contains
the entire agreement and understanding of the parties with respect to the
subject matter hereof, and the same may not be amended, modified or discharged
nor may any of its terms be waived except by an instrument in writing signed by
the party to be bound thereby.

     11.2   FURTHER ASSURANCES. Seller and Purchaser each agree to do, execute,
acknowledge and deliver all such further acts, instruments and assurances and to
take all such further action before or after each Funding as shall be necessary
or desirable to fully carry out this Agreement and to fully consummate and
effect the transactions contemplated hereby.

                                       24
<Page>

     11.3   SURVIVAL AND BENEFIT. All representations, warranties, agreements,
obligations and indemnities of the parties, notwithstanding any investigation
made by any party hereto, shall survive each Funding and shall not be merged
into the Deed, and the same shall inure to the benefit of and be binding upon
the respective successors and assigns of the parties. Notwithstanding anything
herein to the contrary, all representations and warranties contained in this
Agreement shall be effective as of the date such representations or warranties
are made but shall survive each Funding for a period of only twelve (12) months
after the date of such Funding, and Seller shall have no liability with respect
to any breach thereof unless Purchaser shall have asserted such breach in a
written notice delivered to Seller prior to the expiration of such twelve (12)
month period.

     11.4   NO THIRD PARTY BENEFITS. This Agreement is for the sole and
exclusive benefit of the parties hereto and their respective successors and
assigns, and no third party are intended to or shall have any rights hereunder.

     11.5   ASSIGNMENT. Purchaser may not assign this Agreement or its rights
hereunder, in whole or in part, to any party, except to Inland Retail Real
Estate Trust, Inc. ("IRRETT"), Inland Retail Real Estate Limited Partnership
(the "Partnership"), Inland Western Retail Real Estate, Inc. ("IWRRETI") and/or
Inland Real Estate Exchange Corporation ("IREX"), or to any affiliate of
Purchaser, IRRETI, IWRRETI, the Partnership or IREX. Seller may not assign this
Agreement or any of its rights hereunder, in whole or in part, to any party.

     11.6   SEVERABILITY. If any provision or provisions in this Agreement is
found by a court of law to be in violation of any applicable local, state or
federal ordinance, statute, law, administrative or judicial decision, or public
policy, and if such court should declare such portion, provision or provisions
of this Agreement to be illegal, invalid, unlawful, void or unenforceable as
written, then it is the intent both of Seller and Purchaser that such portion,
provision or provisions shall be given force to the fullest possible extent that
they are legal, valid and enforceable that the remainder of this Agreement shall
be construed as if such illegal, invalid, unlawful, void or unenforceable
portion, provision or provisions were not contained therein, and that the
rights, obligations and interest of Purchaser and Seller under the remainder of
this Agreement shall continue in full force and effect.

     11.7   LITIGATION. In the event of litigation between the parties with
respect to the Property, this Agreement, the performance of their respective
obligations hereunder and/or the effect of a termination under this Agreement,
the prevailing party shall be entitled to recover from the other party all costs
and expenses incurred by the prevailing party in connection with such
litigation, including, but not limited to, court costs and reasonable attorneys'
fees.

     11.8   INTERPRETATION. The headings and captions herein are inserted for
convenient reference only and the same shall not limit or construe the
paragraphs or Sections to which they apply or otherwise affect the
interpretation hereof. The terms "hereby," "hereof," "hereto," "herein,"
"hereunder" and any similar terms shall refer to this Agreement, and the term
"hereafter" shall mean after, and the term "heretofore" shall mean before, the
date of this Agreement. Words of the masculine, feminine or neuter gender shall
mean and include the correlative words of other genders, and words importing the
singular number shall mean and include the plural number and vice versa. Words
importing persons shall include firms, associations, partnerships (including
limited partnerships), trusts, corporations and other legal entities, including
public bodies, as well as natural persons. The terms "include," "including" and
similar terms shall be construed as if followed by the phrase "without being
limited to." This Agreement and any document or instrument executed pursuant
hereto may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument. This Agreement shall be governed by and construed in accordance with
the laws of the State of South Carolina. Time is of the essence of this
Agreement; provided, however, that whenever under the terms of this Agreement
the time for performance of a covenant or condition falls upon a Saturday,
Sunday or legal holiday, such time for performance shall be extended to the next
business day. This Agreement shall not be construed more strictly against one
party than against the other merely by virtue of the fact that this Agreement
has been prepared primarily by counsel for one of the parties

                                       25
<Page>

hereto, it being recognized that both Seller and Purchaser (and their respective
counsels) have contributed substantially and materially to the preparation of
this Agreement.

     11.9   PHASE II PROPERTY. Simultaneous with the execution of this
Agreement, Seller and Purchaser have executed and entered into that certain
Agreement of Purchase and Sale (the "Phase II Purchase Agreement"), pursuant to
which Purchaser intends to acquire the property described in the Phase II
Purchase Agreement (the "Phase II Property"). Seller represents and warrants
that it owns fee simple title to all of the Phase II Property subject to any
leases thereon and as otherwise shown in the public record. If, prior to the
consummation of the Initial Funding contemplated by this Agreement, the Phase II
Purchase Agreement shall terminate for any reason whatsoever, then Purchaser and
Seller shall have the right, by delivering notice thereof to the other party at
any time prior to the Initial Funding hereunder, to terminate this Agreement, in
which event the Deposit shall be returned to Purchaser and neither Purchaser nor
Seller shall have any further rights, duties or obligations under this Agreement
except for those which expressly survive termination of this Agreement;
provided, however, that if the Phase II Purchase Agreement shall be terminated
prior to the Initial Funding hereunder due to Purchaser's default under the
Phase II Purchase Agreement, then Seller shall have the right, by delivering
notice thereof to Purchaser at any time prior to such Initial Funding, to
terminate this Agreement, in which event the Deposit shall be delivered to
Seller as Seller's sole and exclusive remedy under this Agreement, the Phase II
Purchase Agreement, at law and in equity.

     11.10  DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS. During the
Due Diligence Period, Purchaser and Seller shall negotiate a form of Declaration
of Covenants, Conditions, Restrictions and Easements (the "CCRs") to be
executed, entered into and recorded at the Initial Funding, which CCRs shall
impose upon the Property and the Phase II Property certain reciprocal easements,
covenants, use restrictions and other matters to be negotiated. It shall be a
condition to Purchaser's obligation to close the transaction contemplated by
this Agreement that (a) the CCRs agreed to by Seller and Purchaser during the
Due Diligence Period be executed by Seller and recorded against all of the
Property and the Phase II Property, and (b) any and all mortgagees, trustees
and/or other lenders with any interest in either the Property or the Phase II
Property subject and subordinate, by appropriate documentation reasonably
approved by Purchaser and recorded against the applicable property, all of their
right, title and interest (including, without limitation, any lien rights) in
and to the Property and the Phase II Property, as the case may be, to the CCRs
and all matters set forth therein. If, as of the Initial Funding Date, the
aforementioned conditions shall not have been satisfied, then Purchaser or
Seller shall have the right, provided that the party exercising such right shall
not be the sole reason for such failure, by delivering notice thereof to the
other at any time prior to the Initial Funding, to terminate this Agreement in
which event the Deposit shall be returned to Purchaser and neither Purchaser nor
Seller shall have any further rights, duties or obligations under this Agreement
except for those which expressly survive termination of this Agreement. Seller
and Purchaser shall diligently negotiate the CCRs in good faith.

     11.11. [Intentionally Deleted].

     11.12. [Intentionally Deleted].

     11.13. LEASING OF THE VACANT SPACE. From the Effective Date until the
Additional Funding Date (the "Leasing Period"), Seller shall have the right to,
and shall use commercially reasonable efforts to, lease, on a net basis, the
Vacant Space to tenants that are reasonably satisfactory to Purchaser at a first
year per square foot Base Rent of no less than $17.00, and with full
pass-through of common area maintenance expenses, real estate taxes and
insurance. Purchaser hereby acknowledges and agrees that the tenants listed on
Schedule 11.13 attached hereto are reasonably satisfactory to Purchaser as
contemplated in the immediately preceding sentence. From and after the Initial
Funding Date, Purchaser shall cooperate in good faith with Seller in connection
with Seller's efforts to lease the Vacant Space. Subject to satisfaction of the
Additional Funding Conditions as provided in this Agreement, the portion of the
Additional Funding Amount applicable to the Vacant Space shall be computed using
the actual first year per square foot Base Rent payable under the Vacant Space
Lease; provided, however, that, for the purpose of such calculation, the actual
per square foot first year Base Rent payable under the Vacant Space Lease shall
be limited to $21.00, it being Seller's understanding and Agreement that it
shall be paid no Additional Funding Amount or other compensation for any per
square foot first year Base Rent payable under the Vacant Space Lease in excess
of $21.00. All Leases of the Vacant

                                       26
<Page>

Space shall be subject to the review and approval of Purchaser, such approval
not to be unreasonably withheld. In no event or circumstance shall any
prospective tenant of any portion of the Vacant Space be acceptable to Purchaser
if (1) such tenant's intended use of the applicable leased premises, or any
proposed terms of such tenant's lease, shall violate any matter of record, any
uses prohibited from time to time by Purchaser from being conducted in, at or
upon the Property, and/or any terms or provisions contained in any other Leases
relating to the Property or the Phase II Property, including, without
limitation, exclusives granted to other tenants of the Property or the Phase II
Property, or (2) any proposed lease is not a so-called "net" lease with full
pass-through of common area maintenance expenses, real estate taxes and
insurance costs. Notwithstanding the foregoing, from and after the Initial
Funding Date Seller's efforts to lease the Vacant Space shall be subject to the
following terms, conditions and restrictions: (a) Seller (and any parties'
advertising, marketing and/or leasing the Vacant Space on behalf of Seller)
shall comply with all requirements, restrictions, rules and regulations
promulgated from time to time by Purchaser with respect to the Property; (b)
Seller shall in no event have any power or authority to execute any lease,
license or other occupancy agreement relating to any portion of the Property or
otherwise bind Purchaser (or the owner of the Property); (c) prior to entering
upon the Property after the Initial Funding Date, Seller, its agents and
representatives shall provide Purchaser and the owner of the Property with an
original certificate evidencing that such parties have in full force and effect
a comprehensive general liability insurance policy insuring on an occurrence
basis against claims for bodily injury (including death) and/or property damage,
and specifically endorsed to include coverage for contractual liability,
independent contractors and broad form property damage, having a minimum limit
of one million dollars ($1,000,000) per occurrence, combined single limit, and
naming Purchaser, the entity that acquires the Property and any other parties
designated by Purchaser as an additional insured, and (d) Seller and its agents
and representatives shall use commercially reasonable efforts to minimize
interference with the use and operation of the Property by Purchaser, the entity
that acquires the Property and all tenants and occupants. Seller shall keep such
insurance in effect throughout the entire Leasing Period. Seller covenants and
agrees to perform, construct and complete any and all tenant improvement work
and tenant build out required to be performed by the landlord under any Lease of
the Vacant Space. All tenant allowances and other concessions granted to a
tenant under a lease of any portion of the Vacant Space entered into pursuant to
this Section 11.13 shall be paid by Seller. All leasing commissions, fees and
other compensation payable to any broker or other party in connection with any
lease of the Vacant Space entered into pursuant to this Section 11.13 shall be
paid by Seller.

     11.14. SELLER WARRANTY. Seller agrees that, for a period of one (1) year
from the commencement of the initial term of each of the Leases (including the
Vacant Space Lease), Seller shall complete any so-called "punch list" items
relating to, and repair, or cause to be repaired, any defects in construction,
labor and/or workmanship regarding, any base building work, tenant build out
work, tenant improvement work or any other work required to be performed by the
landlord under such Leases with respect to the preparation of the demised
premises for tenant's work, occupancy and/or operations. Seller and Purchaser
agree to cooperate with each other in order to enforce any of the warranties
being assigned to Purchaser hereunder, but such cooperation shall not limit any
of Seller's obligations hereunder. Such obligation shall include any repairs or
improvements which are required to comply with applicable Legal Requirements
and/or which are otherwise required to put any such work in the condition
required by the applicable Lease.

     11.15. POST-CLOSING WORK. If, at any time from and after the Initial
Funding Date and prior to the Additional Funding Date, Seller, or any employee,
agent, representative, contractor, subcontractor or other party on behalf of
Seller, performs, or intends to perform, any work upon the Shops Parcel, then
all such work shall be performed and conducted in accordance and compliance with
the terms, provisions, restrictions and conditions contained on Exhibit O
attached hereto. Seller covenants and agrees to use commercially reasonable
efforts to cause all of its employees, agents, representatives, contractors,
subcontractors and other parties performing such work on behalf of Seller to
comply with all such terms, provisions, restrictions and conditions of Exhibit O
hereto.

     11.16. KNOWLEDGE. For the purposes of this Agreement, the term "actual
knowledge" shall mean the actual, current knowledge of Seller or Purchaser, as
the case may be, after due inquiry.

                                       27
<Page>

     11.17. EASEMENT OVER FOREMAN HILL ROAD; WIDENING OF U.S. ROUTE 278.

            (a)   Notwithstanding anything to the contrary contained herein,
Purchaser and Seller hereby acknowledge and agree that (i) Seller is the fee
simple title holder of Foreman Hill Road (a/k/a S-7-474); (ii) Foreman Hill Road
is a private roadway that provides legal access to and from the Property and
U.S. Route 278, a dedicated public roadway; (iii) although Seller intends to
convey Foreman Hill Road to The South Carolina Department of Transportation (or
such other applicable governmental entity) for use as a public roadway, such
conveyance will take place after the Initial Funding Date; and (iv) on the
Initial Funding Date, Seller shall grant an Access Easement in favor of the Real
Property for access to and from the Real Property and U.S. Route 278 on terms
and conditions reasonably satisfactory to Purchaser and Seller.

            (b)   Purchaser hereby acknowledges and agrees that Seller has
provided Purchaser with a copy of that certain Letter dated May 7, 2004 from The
South Carolina Department of Transportation (the "DOT"), whereby the DOT has
requested that Seller, as owner of Foreman Hill Road, permit the DOT to tie into
Foreman Hill Road in connection with the DOT's widening of U.S. Route 278, and
(ii) Seller intends to grant such permission to the DOT.

                         [SIGNATURES ON FOLLOWING PAGE]

                                       28
<Page>

     IN WITNESS WHEREOF, this Agreement has been executed and delivered by
Seller and Purchaser on the date first written above.

                                       PURCHASER:

                                       INLAND REAL ESTATE ACQUISITIONS, INC., an
                                       Illinois corporation

                                       By: /s/ Jason A. Lazoms
                                          --------------------------------------
                                               Name: Jason A. Lazoms
                                                    ----------------------------
                                               Its:  Authorized Agent
                                                   -----------------------------

                                       SELLER:

                                       STAFFORD COLLETON, LLC, a Georgia limited
                                       liability company

                                       By: /s/ Davis J. Oliver
                                          --------------------------------------
                                               Name: Davis J. Oliver
                                                    ----------------------------
                                               Its:  Authorized Member
                                                   -----------------------------

                                       29
<Page>

                                   APPENDIX A

                                   DEFINITIONS

     Initially capitalized terms used but not defined in this Appendix A shall
have the meanings given to them in the text of the Agreement. When used in the
Agreement, the following terms shall have the respective meanings set forth
opposite each such term:

ADDITIONAL
FUNDING:          The payment and funding of the Additional Funding Amount as
                  provided in and subject to the terms and provisions of the
                  Agreement, which is to occur on the Additional Funding Date.

ADDITIONAL
FUNDING AMOUNT:   An amount determined by dividing (1) the aggregate first year
                  base/minimum rent (which shall not include any so-called
                  percentage rent or other rent or amounts based on a tenant's
                  share of so-called common area maintenance expenses, real
                  estate taxes, utilities and/or insurance premiums, costs and
                  charges) ("Base Rent") payable by tenants under the Shops
                  Leases and/or the Vacant Space Lease with respect to which all
                  of the Additional Funding Conditions have been satisfied, by
                  (2) a gross rent multiplier of .076799. For the purposes of
                  determining the Base Rent as provided above, Seller and
                  Purchaser shall aggregate the first year Base Rent payable by
                  each tenant of the Shops Space and/or the Vacant Space that
                  satisfies the Additional Funding Conditions, which Base Rent,
                  on a tenant-by-tenant basis, shall be calculated by
                  multiplying (i) the per square foot (as of the Additional
                  Funding Date) Base Rent payable by the applicable tenant under
                  its lease, and (ii) the floor area of space demised by such
                  tenant's lease. Notwithstanding anything contained in this
                  Appendix or the Agreement to the contrary, in no event shall
                  the Additional Funding Amount exceed One Million Three Hundred
                  Fifty Five Thousand Ninety-Six and No/100 Dollars
                  ($1,355,096.00). By way of example and not limitation, if, by
                  the Additional Funding Date, all of the Additional Funding
                  Conditions are fully satisfied with respect to only three (3)
                  of the Shops Spaces, then the Additional Funding Amount would
                  be determined by dividing the aggregate Base Rent payable by
                  the tenants of such Shops Spaces, by .076799, and Seller shall
                  not be entitled to any Additional Funding Amount or other
                  compensation with respect to the remaining Shops Spaces for
                  which the Additional Funding Conditions have not been fully
                  satisfied.

ADDITIONAL
FUNDING DATE:     A date selected by Seller (which date shall be no earlier that
                  June 1, 2004 and no later than June 1, 2005) upon which the
                  Additional Funding shall occur (subject to satisfaction of all
                  conditions contained in the Agreement to such Funding);
                  provided, however, that Seller shall give Purchaser no less
                  than ten (10) business days prior notice of the Additional
                  Funding Date. If Seller fails to provide the aforementioned
                  notice, then the Additional Funding Date shall be June 1,
                  2005.

ADDITIONAL
FUNDING
DEADLINE DATE:    June 1, 2005.

ANCHOR LEASES:    The Leases with the following tenants: Ross; Michael's; and
                  PetSmart.

ANCHOR PARCEL:    That portion of the Real Property depicted as the "Anchor
                  Parcel" on Exhibit A-1 attached to the Agreement.

<Page>

CONTRACTS:        All written and oral: (i) management, leasing, service,
                  construction, architect, development, maintenance, operating,
                  repair and other contracts, agreements and commitments
                  (excluding the Leases) in any way relating to the Property or
                  any part thereof; (ii) equipment leases and all rights and
                  options of Seller thereunder relating to equipment or property
                  located in or upon the Real Property or used in connection
                  therewith; and (iii) guaranties and warranties in effect with
                  respect to the Property or any portion thereof (including,
                  without limitation, the design, development and construction
                  of the Property).

DATE DOWN
ENDORSEMENT:      A title endorsement to the Title Policy pursuant to which the
                  Title Insurer: (a) increases the amount of title coverage
                  under the Title Policy by the Additional Funding Amount, and
                  (b) raises no exceptions to title (including any exceptions
                  for mechanics' or materialmens' liens) to the Property other
                  than as may be disclosed in the initial Title Policy.

FULL RENT:        Any and all rent and other charges and amounts due and payable
                  under any of the Leases, without abatement, offset, credit or
                  reduction, including, without limitation, any and all
                  base/fixed/minimum rent, percentage rent, and any rent based
                  on the applicable tenant's pro rata share of common area
                  maintenance expenses, real estate taxes, utilities and
                  insurance premiums.

FUNDING:          The Initial Funding or the Additional Funding, as applicable
                  and as the context requires.

FUNDING DATE:     The Initial Funding Date or the Additional Funding Date, as
                  applicable and as the context requires.

HAZARDOUS
MATERIALS:        Any substance, material, waste, gas or particulate matter
                  which is regulated by any governmental authority or which
                  poses any threat to human health or the environment,
                  including, but not limited to, any material or substance which
                  is (i) petroleum, (ii) asbestos, (iii) polychlorinated
                  biphenyl, (iv) radioactive material, or (v) defined or
                  designated as a "hazardous waste," "hazardous material,"
                  "hazardous substance," "extremely hazardous waste," or
                  "restricted hazardous waste" by any governmental authority or
                  under any Legal Requirements, including, but not limited to,
                  any material or substance that is (a) designated as a
                  "hazardous substance" pursuant to Section 311 of the Clean
                  Water Act, 33 U.S.C., Section 1251 ET SEQ. (33 U.S.C., Section
                  1317), (b) defined as a "hazardous waste" pursuant to Section
                  1004 of the Resource Conservation and Recovery Act, 42 U.S.C.,
                  Section 6901 ET SEQ. (42 U.S.C., Section 6903), or (c) defined
                  as a "hazardous substance" pursuant to Section 101 of the
                  Comprehensive Environmental Response, Compensation, and
                  Liability Act, 42 U.S.C., Section 9601 ET SEQ. (42 U.S.C.,
                  Section 9601).

INITIAL FUNDING:  The payment and funding of the Purchase Price as provided in
                  and subject to the terms and provisions of the Agreement,
                  which is to occur on the Initial Funding Date.

INITIAL FUNDING
DATE:             A date to be agreed to by Seller and Purchaser, which date
                  shall occur between (and including) June 21, 2004, through
                  June 25, 2004, or such earlier date as may be agreed to by
                  Seller and Purchaser.

                                        2
<Page>

INTANGIBLE
PERSONAL
PROPERTY:         All logos, designs, trade names, trademarks, service marks,
                  copyrights and other intellectual property, if any, owned and
                  used by Seller in connection with the ownership and operation
                  of the Property or any part thereof, together with the
                  goodwill of the business appurtenant thereto, if any,
                  including, without limitation, the name "Low Country Village
                  Shopping Center", and any other name or names by which the
                  Property is commonly known.

LEASES:           The occupancy leases and other agreements (including any and
                  all amendments thereto and guaranties thereof) identified and
                  described in Exhibit C attached to the Agreement and any other
                  leases and occupancy agreements relating to any portion of the
                  Real Property entered into prior to the Initial Funding Date
                  in accordance and compliance with (and in no way in violation
                  of) the terms and provisions of this Agreement.

LEGAL
REQUIREMENTS:     All laws, statutes, codes, acts, ordinances, orders,
                  judgments, decrees, injunctions, rules, regulations, permits,
                  licenses, authorizations, orders, directions and requirements
                  of all governments and governmental authorities having
                  jurisdiction of the Property (including, for purposes hereof,
                  any local Board of Fire Underwriters), and the operation
                  thereof.

LICENSES:         All licenses, franchises, certifications, authorizations,
                  approvals and permits (including, without limitation, building
                  permits), if any, issued or approved by any governmental
                  authority and relating to Seller's operation, ownership,
                  design, development, construction and maintenance of the
                  Property or any part thereof.

PERMITTED TITLE
EXCEPTIONS:       The matters of record referenced in the Title Commitment, and
                  matters shown on the Survey, and any other matters of title,
                  survey or otherwise approved (or deemed approved) by Purchaser
                  as provided in Section 4.1 of the Agreement.

PROPERTY:         Collectively, the Real Property, the Tangible Personal
                  Property, the Intangible Personal Property, the Contracts, the
                  Leases and the Licenses.

REAL
PROPERTY:         That certain parcel of property containing approximately 10.66
                  acres of land on which has been constructed a retail shopping
                  center containing approximately 75,638 net rentable square
                  feet of floor area and commonly known as Phase I of Low
                  Country Village Shopping Center, located at the intersection
                  of Highway 278 and Foreman Hill Road, Bluffton, South
                  Carolina, all as legally described in Exhibit A attached to
                  the Agreement, and depicted on Exhibit A-l attached to the
                  Agreement, together with all improvements thereon or therein
                  (including all replacements or additions thereto between the
                  date hereof and the Initial Funding Date); and all systems,
                  facilities, fixtures, machinery, equipment and conduits that
                  provide fire protection, security, heat, exhaust, ventilation,
                  air conditioning, electrical power, light, plumbing,
                  refrigeration, gas, sewer and water thereto (including all
                  replacements or additions thereto between the date hereof and
                  the Initial Funding Date); and all privileges, rights,
                  easements, hereditaments and appurtenances thereto belonging;
                  and all right, title and interest of Seller in and to any
                  streets, alleys, passages and other right of way included
                  therein or adjacent thereto (before or after the vacation
                  thereof).

                                        3
<Page>

SHOPS LEASES:     The Leases with the following tenants or for the following
                  uses: Sports Clips; Nail Salon; Cingular Wireless; and
                  Quizno's.

SHOPS PARCEL:     That portion of the Real Property depicted as the "Shops
                  Parcel" on Exhibit A-l attached to the Agreement.

SHOPS SPACES:     The tenant spaces located upon the Shops Parcel leased to the
                  following tenants or for the following uses: Sport Clips; Nail
                  Salon; Cingular Wireless; and Quizno's.

SURVEY:           Current as-built survey of the Real Property prepared by a
                  surveyor licensed by the State of South Carolina and certified
                  to Purchaser, Purchaser's lender, if any, the Title Insurer
                  and such other parties as Purchaser shall designate, to be
                  prepared in accordance and substantial compliance with the
                  Accuracy Standards and Minimum Standard Detail Requirements
                  for ALTA-ACSM Land Title Surveys as adopted by the American
                  Land Title Association, the American Congress on Surveying and
                  Mapping and the National Society of Professional Surveyors in
                  1999, and prepared in accordance and substantial compliance
                  with the items set forth in the Surveyor's Certificate and
                  Additional Survey Requirements attached hereto as Exhibit F
                  attached to the Agreement. The Survey shall contain the
                  Surveyor's Certificate set forth on Exhibit F attached to the
                  Agreement as reasonably modified by the applicable surveyor.
                  All survey requirements contained in this paragraph and
                  Exhibit F attached to the Agreement shall hereinafter
                  sometimes be referred to collectively as the "Survey
                  Standards".

TANGIBLE PERSONAL
PROPERTY:         All machinery, equipment, fixtures, furnishings and other
                  tangible personal property, if any, owned by Seller and
                  situated in or upon or used in connection with the operation
                  or maintenance of the Real Property or any part thereof, and
                  all replacements, additions or accessories thereto between the
                  date hereof and the Initial Funding Date, but excluding
                  personal property owned by the tenants under the Leases.

TITLE
COMMITMENT:       A commitment for an ALTA Owner's Title Insurance Policy for
                  the Real Property issued by the Title Insurer in the full
                  amount of the Purchase Price, covering title to the Real
                  Property on or after the date hereof, showing Seller as owner
                  of the Real Property in fee simple.

TITLE INSURER:    Chicago Title Insurance Company, 171 North Clark Street,
                  Chicago, Illinois.

TITLE POLICY:     A final owner's title insurance policy (or marked commitment
                  therefor with the unconditional agreement of the Title Insurer
                  to issue the final Title Policy) pursuant to which the Title
                  Insurer insures fee simple title (including any easements and
                  rights appurtenant to the Real Property) in Purchaser or its
                  nominee, as the case may be, in the amount of the Purchase
                  Price, subject only to the Permitted Title Exceptions and
                  containing the following special endorsements (collectively,
                  the "Special Title Endorsements"): Zoning Endorsement 3.1
                  (amended to include parking), owner's comprehensive, access,
                  survey (legal description equivalency), separate tax parcel,
                  contiguity (if applicable), waiver of creditor's rights,
                  environmental protection lien, encroachment (if applicable),
                  utility facility, subdivision, location, deletion of the
                  arbitration provision, and any other endorsements required by
                  Purchaser or Purchaser's lender, if any, and any endorsements
                  providing insurance over any Title/Survey Objection.

VACANT SPACE:     That tenant space located on the Real Property and depicted as
                  the "Vacant Space" on Exhibit A-l attached to the Agreement.

                                        4
<Page>

VACANT SPACE
LEASE:            A lease of the Vacant Space entered into pursuant to Section
                  11.13 of the Agreement.

                                        5
<Page>

                                    EXHIBIT A

                       LEGAL DESCRIPTION OF REAL PROPERTY

<Page>

                                    EXHIBIT A

                       LEGAL DESCRIPTION OF REAL PROPERTY

ALL THAT TRACT OR PARCEL OF LAND, lying and being in Bluffton Township, Beaufort
County, South Carolina, and being more particularly described as follows:

TO FIND THE POINT OF BEGINNING, begin at the intersection of the southerly
right-of-way of U. S. Highway 278, a/k/a Fording Island Road (having a 180-foot
right-of-way) and the westerly right-of-way of Malphrus Road, being a 66-foot
Road Easement (formerly known as Forman Hill Road) and running thence along the
southeasterly right-of-way of U.S. Highway 278 North 51 degrees 32 minutes 31
seconds West a distance of 150.00 feet to a 3-inch concrete monument, being the
TRUE POINT OF BEGINNING;

FROM THE TRUE POINT OF BEGINNING AS THUS ESTABLISHED, leaving said right-of-way
of U.S. Highway 278, and running thence South 44 degrees 43 minutes 12 seconds
West a distance of 350.00 feet to a point;

thence South 51 degrees 32 minutes 31 seconds East distance of 150.00 feet to a
3-inch concrete monument on the westerly right-of-way of Malphrus Road;

thence along said westerly right-of-way line, South 44 degrees 43 minutes 12
seconds West a distance of 495.84 feet to a 3-inch concrete monument (top
broken);

thence leaving said right-of-way line and running North 60 degrees 59 minutes 00
seconds West a distance of 1,210.51 feet to a point;

thence along the arc of a curve to the left, having a radius of 2,810.32 feet
and an arc length of 1,036.38 feet, said curve being subtended by a chord
bearing North 87 degrees 52 minutes 01 seconds East and having a chord length of
1,030.91 feet to a point;

   thence along the arc of a curve to the left, having a radius of 2,910.01 feet
   and an arc length of 269.85 feet, said curve being subtended by a chord
   bearing North 75 degrees 00 minutes 32 seconds East and having a chord length
   of 269.75 feet to a point;

   thence North 72 degrees 18 minutes 55 seconds East a distance of 182.90 feet
   to an I.O. Pipe Found on the southerly right-of-way of U.S. Highway 278;

   thence along said right-of-way line of U.S. Highway 278, South 51 degrees 32
   minutes 31 seconds East a distance of 90.97 feet to a 3-inch concrete
   monument, being the TRUE POINT OF BEGINNING.

   The above-described property, containing 10.93 acres, consisting of 10.92
   acres (Parcel A) and 0.01 acre (Sign Parcel II), more or less, is more
   particularly shown on and is described according to Boundary & Wetland Survey
   of Parcel A, 10.92 Acres Malphrus Road, A Portion of The Lands Formerly Owned
   by K & W Investors, prepared for Stafford Colleton II, LLC by Surveying
   Consultants, Inc. bearing the seal and certification of Terry G. Hatchell,
   South Carolina Registered Land Surveyor No. 11059, dated August 7, 2001, last
   revised September 10, 2001.

   SAVE AND EXCEPT: That certain 0.74 acre strip conveyed to First National Bank
   recorded in Book 1506 at Page 2333, and as shown in Plat Book 83 at Page 158,
   Beaufort County Records.

                                        4
<Page>

                                  EXHIBIT A-1.

                                    SITE PLAN

<Page>

[GRAPHIC]

<Page>

                                    EXHIBIT B

                                    CONTRACTS

<Page>

                                    EXHIBIT B

                                    CONTRACTS

PHASE 1

The Greenery, Inc.

general maintenance of ground, landscaping, and sweeping the parking lot

Palmetto Electric Cooperative

provide electricity and maintence of parking lot lighting

<Page>

                    [PALMETTO ELECTRIC COOPERATIVE INC. LOGO]

One Cooperative Way         Hardeeville, SC 29927-5123              843-208-5551

     November 25, 2003

     Stafford Colleton, II, LLC
     80 West Wieuka Road
     Suite 302
     Atlanta, GA 30342

     Re:  Contract for Outdoor Lighting
          Low Country Village

     Gentlemen:

     Enclosed please find a copy of the fully executed Contract No. 591 in the
     above-referenced matter for your file.

     Thank you for your assistance and cooperation in this regard. If you have
     any questions or if I may be of further assistance, please do not hesitate
     to contact me at 208-5507.

     Sincerely,

     PALMETTO ELECTRIC COOPERATIVE, INC.

     /s/ Suzanne D. Roberts
     Suzanne D. Roberts
     Secretary, Engineering/Information Systems

     sdr/
     Encl.

                                                               [RECYCLED SYMBOL]

[YOUR TOUCHSTONE ENERGY(R) PARTNER LOGO]

<Page>

                                                            Contract Number: 591
                                               Expiration Date: November 1, 2018

                                  CONTRACT FOR
                            OUTDOOR LIGHTING SERVICE

     This Contract is entered into this 1st day of November, 2003 by and between
Palmetto Electric Cooperative, Incorporated, hereinafter referred to as
"PALMETTO", and STAFFORD COLLETON II, LLC hereinafter referred to as
"OWNER-DEVELOPER".

     NOW, THEREFORE, for and in consideration of the sum of Five and 00/100th
($5.00) Dollars, each to the other paid, the sufficiency and receipt of which
are hereby acknowledged, and the other rights duties and obligations as imposed
upon the parties and set out below, the parties agree as follows:

     The OWNER-DEVELOPER desires that PALMETTO install security lighting for a
certain tract or tracts of land described below:

  LOW COUNTRY VILLAGE

     The OWNER-DEVELOPER agrees to pay for the following number, type, size and
monthly charge as shown (see attachment for exact fixture and pole
specifications):

<Table>
<Caption>
                                                 RATE       RATE       MONTHLY
 NUMBER              TYPE & SIZE               PER UNIT    NUMBER      CHARGE
--------------------------------------------------------------------------------
   <S>      <C>                                <C>             <C>    <C>
   8        400w MH Shoebox (1 light/pole)     $  25.70        71     $   205.60
   8        400w MH Shoebox (2 light/pole)     $  37.89        72     $   303.12
--------------------------------------------------------------------------------

            CONSUMER AGREES TO PAY MONTHLY CHARGE OF                  $   508.72
================================================================================
</Table>

                        (plus applicable S.C. sales tax)

                                        1
<Page>

                         THE PROMISES OF OWNER-DEVELOPER

1)   OWNER-DEVELOPER agrees that in the event PALMETTO's cost increases,
     PALMETTO may raise the rates charged hereunder to reflect actual increases
     in costs of PALMETTO for supplying electrical power under this Contract,
     not to exceed rate increases charged to other PALMETTO lighting class
     customers.

2)   The OWNER-DEVELOPER shall provide free of charge to PALMETTO any and all
     written easements necessary to construct and maintain its facilities and
     equipment, including but not limited to any necessary access easements,
     free and clear of liens and other encumbrances.

3)   The OWNER-DEVELOPER agrees that they will reimburse PALMETTO for any and
     all direct costs associated with the OWNER-DEVELOPER's failure to carry out
     their duties as outlined in this Contract, and PALMETTO shall reimburse
     OWNER-DEVELOPER for any and all direct costs associated with PALMETTO'S
     failure to carry out its duties as set forth in this Contract.

4)   The OWNER-DEVELOPER understands that the Contract is contingent upon a
     coordinated installation sequence, including water, sewer, storm drains,
     and paving. In the event that the paving precedes the electrical
     distribution system and the necessary electrical conduits have not been
     installed, an additional charge, based upon the cost of the additional
     work, may be charged to the OWNER-DEVELOPER and will be paid by the
     OWNER-DEVELOPER prior to the work being done by PALMETTO.

5)   Any contribution-in-aid of construction required by PALMETTO for unusual
     conditions (road bores, parking lot bores, remove and replace existing
     landscaping, etc.) shall be paid in full by OWNER-DEVELOPER in advance of
     actual installation.

6)   If the OWNER-DEVELOPER desires relocation of a light, a relocation charge
     will be billed to the OWNER-DEVELOPER for the amount of actual cost, both
     labor and materials. This charge is to be paid before the commencement of
     the relocation.

7)   It is the responsibility of the OWNER-DEVELOPER to notify PALMETTO of any
     burnout or defect in the lamps or equipment.

8)   The OWNER-DEVELOPER shall be required to reimburse PALMETTO for the cost of
     any such maintenance work which is required because of negligence or
     vandalism. If vandalism persists, PALMETTO reserves the right to remove the
     lighting system.

9)   The equipment and facilities installed by PALMETTO shall remain the
     property of PALMETTO, and the OWNER-DEVELOPER hereby grants to PALMETTO the
     right to

                                        2
<Page>

     enter upon the OWNER-DEVELOPER's premises for the installation, maintenance
     and removal of such equipment or facilities.

10)  Lighting service shall be provided only at locations which are accessible
     to PALMETTO's equipment for servicing purposes. The OWNER-DEVELOPER shall
     allow authorized representatives of PALMETTO to enter upon the
     OWNER-DEVELOPER's premises and to trim trees and shrubs as necessary for
     maintenance of the lighting equipment and for removal of the lighting
     equipment upon termination of service under this schedule.

1l)  The OWNER-DEVELOPER may, when approved in writing by PALMETTO and attached
     to this Agreement and made a part thereof, make attachments or
     modifications to the pole. If the OWNER-DEVELOPER makes attachments or
     modifications to the pole, the OWNER-DEVELOPER will be responsible for
     actual costs of labor and materials for said attachments or modifications.
     If attachments or modifications cause the pole or the lighting system,
     including lamp, luminaire, bracket attachment, control device, and wiring,
     to fail prematurely, PALMETTO may require the OWNER-DEVELOPER to reimburse
     PALMETTO for the cost of work which is required to replace the pole and/or
     the lighting system. PALMETTO will not be responsible for maintenance or
     replacement of any attachments or modifications to the pole.

12)  The OWNER-DEVELOPER shall defend, indemnify, and hold harmless PALMETTO
     from all claims, losses, liabilities, and expenses for personal loss,
     injury or death to persons and loss, damage to or destruction of PALMETTO
     or any other persons or entities property arising out of any work or
     modifications by the OWNER-DEVELOPER to PALMETTO'S lighting system.

                            THE PROMISES OF PALMETTO

13)  Subject to Paragraphs 4 and 5, PALMETTO will furnish, install, operate and
     maintain the lighting system, including lamp, luminaire, bracket
     attachment, control device, poles and necessary wiring, electrically
     connected so that the power for operation of the light does not pass
     through the meter for the consumer's other usage.

14)  Subject to Paragraphs 4, 5, 6, and 8, PALMETTO will maintain the lighting
     system, including lamp replacement, at no additional cost to the customer,
     as soon as practical after notification to PALMETTO by the OWNER-DEVELOPER
     that service has been interrupted.

15)  The lighting system shall remain the property of PALMETTO, regardless
     whether OWNER-DEVELOPER has made a contribution-in-aid of construction
     until otherwise provided as in paragraph 16-b.

                                        3
<Page>

                                     GENERAL

16)  This contract shall be for a minimum initial term of fifteen years from the
     commencement of service of each individual light and shall be automatically
     extended for successive one year terms, unless the OWNER-DEVELOPER should
     give written notice to PALMETTO that the OWNER-DEVELOPER elect not to
     renew, and in that event, OWNER-DEVELOPER shall give a minimum of one
     year's notice to PALMETTO. PALMETTO shall not be allowed to terminate this
     Contract, or any extension thereof, unless PALMETTO shall cease to do
     business as a provider of lighting, and in that event, PALMETTO shall give
     a minimum of one year's notice to the OWNER-DEVELOPER. If the
     OWNER-DEVELOPER terminates during the initial fifteen year term or any
     extension thereof, the OWNER-DEVELOPER shall agree to one of the following
     provisions:

          a)   The OWNER-DEVELOPER will pay PALMETTO the total amount of charges
               in one lump sum which would be payable to PALMETTO during the
               remaining term of this Contract. Under this provision, all
               wiring, poles, lighting system, fixtures, and other miscellaneous
               equipment installed by PALMETTO will remain the property of
               PALMETTO and PALMETTO will remove the lighting system. PALMETTO
               may abandon some of the underground facilities (cable, conduit,
               etc.) in place.

                                       OR

          b)   The OWNER-DEVELOPER will pay PALMETTO the depreciated in-place
               value of the lighting system. Under this provision, all wiring,
               poles, lighting system, and fixtures shall become the property of
               the OWNER-DEVELOPER; however, the OWNER-DEVELOPER will have to
               make provisions to purchase energy from PALMETTO at metering
               locations agreed upon by PALMETTO. The OWNER-DEVELOPER will have
               to pay all costs associated in establishing these new metered
               services in accordance with PALMETTO's commercial service
               policies.

17)  This Contract shall be governed by the laws of the State of South Carolina.

18)  This Contract constitutes the entire agreement between the parties with
     respect to the subject matter thereof and shall be binding upon the heirs,
     executors and assigns of both parties.

                                        4
<Page>

          IN WITNESS WHEREOF, the parties hereto have executed this Contract all
as of the date and year first above written, and by their signatures they
warrant that the individual whose signature appears below has the authority to
enter into this Contract and to bind their respective parties.

                                               "PALMETTO"

/s/ Tracy O'Neal                       BY:     /s/ Daniel O. Wood
----------------------------------             ---------------------------------
(WITNESS)

                                               Daniel O. Wood
                                               ---------------------------------
                                               (PRINT SIGNATORY NAME)

/s/ Chris Buntner                      TITLE:  Dist. Manager
----------------------------------             ---------------------------------
(WITNESS)

                                               "OWNER-DEVELOPER"

/s/ [ILLEGIBLE]
----------------------------------     BY:     /s/ John G. Webster
(WITNESS)                                      ---------------------------------

                                               John G. Webster
                                               ---------------------------------
                                               (PRINT SIGNATORY NAME)

/s/ [ILLEGIBLE]                        TITLE:  Const. Mgr.
----------------------------------             ---------------------------------
(WITNESS)

                                        5
<Page>

                                   ATTACHMENT

                                                            Contract Number: 591

This attachment to the contract covers the following account and their specific
locations.

Account Name:    Stafford Colleton II, LLC
Billing Address: 80 West Wieuka Road, Ste 302 Atlanta, GA 30342
Member Separator:

<Table>
<Caption>
      LOCATION      TRANSFORMER                        SERVICE        RATE
#      NUMBER         STATION         POLE NUMBER       TYPE         NUMBER
--------------------------------------------------------------------------------
<S>   <C>            <C>               <C>                <C>          <C>
1                    691-10-066        691-10-068         UG           71
2                    691-10-066        691-10-069         UG           72
3                    691-10-066        691-10-070         UG           71
4                    691-09-055        691-10-071         UG           72
5                    691-09-055        691-10-072         UG           71
6                    691-09-055        691-10-073         UG           72
7                    691-09-055        691-10-074         UG           71
8                    691-09-055        691-10-075         UG           72
9                    691-09-055        691-10-076         UG           72
10                   691-09-055        691-10-077         UG           71
11                   691-09-055        691-09-056         UG           71
12                   691-09-055        691-09-057         UG           71
13                   691-09-055        691-09-058         UG           72
14                   691-09-055        691-09-059         UG           71
15                   691-09-055        691-09-060         UG           72
16                   691-09-055        691-09-061         UG           72
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
</Table>

                                        6
<Page>

[THE GREENERY, INC.(R) LOGO]

                   THE GREENERY, INC.
                   P.O. BOX 6569
                   Hilton Head Island
                   South Carolina 29938
                   Phone (843) 785-3848
                   FAX (843) 785-6582         Date: December 29, 2003

               COMMERCIAL LANDSCAPE MAINTENANCE CONTRACT

     CONTRACT NAME:                Stafford Properties
     CONTRACT ADDRESS:             Lowcountry Village
     BILLING ADDRESS:              Stafford Properties Inc.
                                   Attn: Joyce Scrogun - Suite 302
                                   80 W. Wieuca Road
     PROPERTY MANAGER:             Atlanta, GA  30342
     TELEPHONE:                    404/256-9100  fax 678/904-2853
                                   1/800-842-1898

The contract shall start upon approval of owner or agent and remain in effect
for one full year beginning April 1, 2004. If either party to the contract fails
to perform according to its obligations, it will be given written notice of the
deficiency by the other party. If it fails to correct the deficiency within
fourteen (14) days the contract may be canceled with 30 days written notice.

GENERAL CONDITIONS: See attached General Maintenance Procedures.

INCLUDED IN CONTRACT:

-    One day per week landscape maintenance service.
-    One day per week street sweeper.
-    Two applications of fresh pinestraw in designated beds yearly.
-    Two rotations of annuals/perennials in designated beds yearly.

          FEE: The fee for the above services shall be $ 1,585.00 per month
based on a yearly contract. A deposit equal to one month is required to begin
the contract. This deposit will be refunded in full when service is terminated.
(A finance charge of 1 & 1/2% per month (18% per annum) will be charged to all
accounts delinquent in excess of 30 days from date of billing. If it is
necessary to institute suit to collect on the account, attorneys' fees and costs
will be recoverable in addition to the then account balance.)

4-1-04                             /s/ Joyce Scrogun
------                             -----------------
DATE                               Joyce Scrogun

4/1/04                             /s/ Clay Kinard
------                             ---------------
DATE                               Clay Kinard
                                   Horticulturist/Supervisor

                        1973 - A GROWING TRADITION - 2004

<Page>

[THE GREENERY, INC.(R) LOGO]

              THE GREENERY, INC.
              P.O. BOX 6569
              Hilton Head Island
              South Carolina 29938
              Phone (843) 785-3848
              FAX (843) 785-65S2

                          GENERAL MAINTENANCE PROCEDURE

1.   WATERING

     - Setting irrigation system for winter and summer operation if controller
     is accessible.

     - Repair irrigation parts damaged by Greenery personnel.

     - Crew will report obvious problems to Supervisor. Repairs or adjustments
     will be billed on labor and materials basis.

2.   LAWN CARE

     - Mowing: Grass will be mowed as often as necessary to maintain neat
     appearance. (Minimum of once weekly during growing season.)

     - Edging: Mechanical edging around plant beds, walks and drives as
     necessary to maintain a neat appearance.

3.   PINESTRAW

     - Pinestraw and the spread of pinestraw is an extra charge. The Greenery
     Inc. will recommend to regime representative or owner when pinestraw should
     be applied.

     - The Greenery, Inc. will spread straw upon approval of owner or regime
     representative at a pre-determined price.

4.   PRUNING

     - Plants: A continuous program of pruning will be performed to all shrubs
     and ground covers. Plants will be trimmed to promote flower development,
     foliage growth and shape.

     - Trees: To enhance their natural appearance, trees and palms will be
     maintained to a height of 10 feet. Additional work required above 10 feet
     will be treated as an extra charge. Large limbs or trees that fall and
     cannot be carried away by one man will be considered extra work. Extra work
     will be performed upon agreement between The Greenery, Inc. and owner or
     regime representative.

                        1973 - A GROWING TRADITION - 2004

<Page>

5.   CLEAN UP OF LITTER

     - Walkways, patio decks, service yards and parking areas will be blown
     clean as needed weekly.

     - Trash and debris: This material will be disposed of in suitable location.

6.   STORM DAMAGE

     - Damage from hurricanes, lightning or extreme weather conditions (Acts of
     God) will not be the responsibility of The Greenery, Inc.

7.   FERTILIZATION PROGRAM

     - Grass: Grass will be fertilized 2-4 times per year (depending on variety
     of turf) with the appropriate fertilizer. Additional fertilizer will be
     applied if necessary.

     - Plants: Plants will be fertilized in spring and fall with the fertilizer
     ratio that will be most beneficial to the plant. Additional fertilizer to
     specific plants or new plantings will be applied if necessary.

8.   CHEMICAL SPRAY PROGRAM

     - Grass: Curative treatment for turf areas will include broadleaf
     herbicides, fungicides, and insecticides. Insecticide drench will be
     applied for limited control of mole crickets. If additional granular
     insecticide is required, owner will be advised of cost before treatment is
     applied.

     - Plants: Curative spray program to include contact chemicals, systemic
     chemicals, fungicides and miticides.

9.   WEED CONTROL

     - Weeds will be controlled on a continuous basis with chemical and
     mechanical methods.

10.  MISCELLANEOUS SERVICES

     - Maintenance supplies and equipment will be provided by The Greenery, Inc.

     - The Greenery, Inc. will report to owner or regime representative any
     repairs or maintenance items needed that are not our responsibility, i.e.,
     pinestraw on roofs, burned out lights, dead trees or shrubs, etc.

     - Annual plantings are available in the spring and fall for an extra
     charge.

     - Any special additional maintenance required will be arranged between the
     owner or regime representative on an individual basis.

<Page>

                                   EXHIBIT "C"

Phase 1 Leases

Ross Stores
Michaels
PetsMart

And the attached shop leases

<Page>

LEASE SYNOPSIS

Tenant                  Quizno's

Term                    Five Years
Lease Begins               1-Jun-04
Lease Ends              Five Years after Rent Commencement
Rent Commencement       The earlier of 90 days after opening for business or 180
                        days after possession Expected December 2004 or earlier
Square Footage                1,506

<Table>
<Caption>
                        Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Rent Annual             $ 27,108.00   $ 27,108.00    $ 27,108.00   $ 29,547.20    $ 29,547.20
Rent/SF                 $     18.00   $     18.00    $     18.00   $     19.61    $     19.61
</Table>

CAM                     Full Reimbusement
Additional CAM          Includes property management fees
Taxes                   Full Reimbursement
Ins.                    Full Reimbursement

Options                 One (1) Five (5) year options
Notification            180 days

<Table>
<Caption>
1st Option              Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Annual Rent             $ 30,434.00   $ 31,347.00    $ 32,287.00   $ 33,255.00    $ 34,253.00

<Caption>
2nd Option              Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Annual Rent
</Table>

Security Deposit        $  2,000.00

Guarantor               Yes

Exclusives              Sub Shop

Comments                Lease out for negotiation

TI Allowance            3 month's free rent, which is included n the above
                        schedule

Comments                Turning over a modified raw shell. Giving Tenant $17,700
                        in credits

<Page>

LEASE SYNOPSIS

Tenant                  Prime Communications, LP

Term                    Five Years
Lease Begins            Upon execution
Lease Ends              90 days following delivery - Expected delivery of June
                        2001
Rent Commencement       Expected September 2004

Square Footage                   1,122

<Table>
<Caption>
                        Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Rent Annual             $ 22,440.00   $ 23,113.20    $ 23,806.60   $ 24,520.80    $ 25,256.42
Rent/SF                 $     20.00   $     20.60    $     21.22   $     21.85    $     22.51
</Table>

CAM                     Full Reimbusement
Additional CAM          Includes property management fees
Taxes                   Full Reimbursement
Ins.                    Full Reimbursement

Options                 One (1) Five (5) year options
Notification

<Table>
<Caption>
1st Option              Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Annual Rent             $ 26,014.11   $ 26,794,54    $ 27,598.37   $ 28,426.32    $ 29,279.11

<Caption>
2nd Option              Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Annual Rent
</Table>

Security Deposit        None

Guarantor               Tenant

Exclusives              Cellular Telpehones

Comments                Lease is to be delivered to Landlord executed by Tenant
                        on April 13, 2004

TI Allowance            $5/sf

<Page>

LEASE SYNOPSIS

Tenant                  Electronic Boutique of America, Inc.

Term                    Five Years
Lease Begins            Not yet executed
Lease Ends              Five Years after Rent Commencement
Rent Commencement       Ninety days after delivery
                        Expected to be October 1, 2004
Square Footage                  966

<Table>
<Caption>
                        Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Rent Annual             $ 20,286.00   $ 20,286.00    $ 20,286.00   $ 20,286.00    $ 20,286.00
Rent/SF                 $     21.00   $     21.00    $     21.00   $     21.00    $     21.00
</Table>

CAM                     Full Reimbusement
Additonal CAM           Not sure at the moment
Taxes                   Full Reimbursement
Ins.                    Full Reimbursement

Options                 One (1) Five (5) year options
Notification            To be negotiated during lease negotiations

<Table>
<Caption>
1st Option              Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Annual Rent             $ 22,314.60   $ 22,314.60    $ 22,314.60   $ 22,314.60    $ 22,314.60

<Caption>
2nd Option              Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
                        N/A
</Table>

Security Deposit        None

Guarantor               None

Exclusives              None

Comments                LOI Agreed upon

TI Allowance            None

Comments                Landlord giving Tenant white-box

<Page>

LEASE SYNOPSIS

Tenant                  Kim Linh Siu

Term                    Five Years
Lease Begins                8-Jan-04
Lease Ends              Five Years after Rent Commencement
Rent Commencement       The earlier of opening for business or 30 days after
                        possession Expected to be July 1, 2004
Square Footage                 1,074

<Table>
<Caption>
                        Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Rent Annual             $ 18,258.00   $ 18,258.00    $ 18,258.00   $ 18,258.00    $ 18,258.00
Rent/SF                 $     17.00   $     17.00    $     17.00   $     17.00    $     17.00
</Table>

CAM                     Full Reimbusement
Additonal CAM           Includes property management fees
Taxes                   Full Reimbursement
Ins.                    Full Reimbursement

Options                 One (1) Five (5) year options
Notification            120 days

<Table>
<Caption>
1st Option              Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Annual Rent             $ 18,806.00   $ 19,370.00    $ 19,951.00   $ 20,550.00    $ 21,166.00

<Caption>
2nd Option              Yr 1          yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Annual Rent
</Table>

Security Deposit        $   1,749.87

Guarantor               Kim Linh Siu

Exclusives              Nail Salon

TI Allowance            None

Comments                Executed

<Page>

LEASE SYNOPSIS

Tenant                  Voegtle Enterprises, Inc.

Term                    Five Years
Lease Begins               19-Mar-04
Lease Ends              Five Years after Rent Commencement
Rent Commencement       The earlier of opening for business or 90 days after
                        possession Expected to be August 1, 2004
Square Footage                 1,107

<Table>
<Caption>
                        Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Rent Annual             $ 19,372.50   $ 19,373.00    $ 19,373.00   $ 193,373.00   $ 19,373.00
Rent/SF                 $     17.50   $     17.50    $     17.50   $      17.50   $     17.50
</Table>

CAM                     Full Reimbusement
Additonal CAM           Includes property management fees
Taxes                   Full Reimbursement
Ins.                    Full Reimbursement

Options                 Two (2) Five (5) year options
Notification            120 days

<Table>
<Caption>
1st Option              Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Annual Rent             $ 21,310.00   $ 21,310.00    $ 21,310.00   $ 21,310.00    $ 21,310.00

<Caption>
2nd Option              Yr 1          Yr 2           Yr 3          Yr 4           Yr 5
<S>                     <C>           <C>            <C>           <C>            <C>
Annual Rent             $ 23,446.00   $ 23,446.00    $ 23,446.00   $ 23,446.00    $ 23,446.00
</Table>

Security Deposit        $ 1,826.55

Guarantor               Bill Voegtle

Exclusives              Discount Hair Salon

Comments                Executed

TI Allowance            None

Comments                Landlord building to include 200 amp panel, demising
                        walls, HVAC ready for Tenant distribution, and utilities
                        stubbed to the Premises.

<Page>

                                    EXHIBIT D

                              SCHEDULE OF LICENSES

Building Permit

Certificate of Occupany

<Page>

                         Beaufort County, South Carolina
                               DEVELOPMENT PERMIT
                      Zoning and Development Administration

Permit Number  4093             Zone  CR                    Date issued  3/12/03

Development Name  LOW COUNTRY VILLAGE - PHASE I

Development Address/Location  U.S HWY 278, BLUFFTON

District/Map/Parcel Number 600-40-310, 7  Acreage 19.83  Type of Development
COMMERCIAL

             THIS PERMIT CERTIFIES THAT THE ABOVE NAMED DEVELOPMENT
              HAS MET AND IS IN ACCORDANCE WITH THE BEAUFORT COUNTY
                   ZONING AND DEVELOPMENT STANDARDS ORDINANCE

                                         BY: /s/ Hillary Austin
                                            --------------------
                                            Zoning and Development Administrator

CONDITIONS OF PERMIT APPROVAL:

     1.  All tree aeration systems and tree protection barriers must be
         constructed first and authorization to proceed requested and granted
         prior to further site work and issuance of a Beaufort County Building
         Permit. Upon completion or tree aeration systems and barriers,
         applicant should contact the County Engineers Office to request an
         inspection and authorization to proceed.

     2.  All permits expire one (1) year from the date of approval unless
         substantial improvement has occurred. Applicant may request a one time
         extension of six (6) months, no later than one month prior to the
         expiration the permit.

     3.  Subdivision approvals are for construction of infrastructure only
         unless infrastructure bonding has been posted and accepted and Final
         Approval certified on the final subdivision plat.

     4.  Subdivision plats may not be recorded and sale of lots is not permitted
         until Final Approval is affixed and certified on the final subdivision
         plat and the plat duly recorded by the Registrar of Deeds.

     5.  Commercial, Industrial and Institutional projects may not be occupied
         until a Final Certificate of Compliance has been issued. The developer
         nor agents should request a final certificate of compliance inspection
         until all site work has been completed. The County Engineers office
         should be contacted for all inspections.

     6.  Any deviations from the approved plans must be approved by the DRT
         prior to construction.

     7.  A landscape survival bond is required for all landscape materials
         planted or relocated on site prior to Certificate of Compliance.

     8.  Subdivision infrastructure bonding is for a maximum of one (1) year. In
         order to obtain release of bond, all infrastructure must be completed
         within one (1) year and a Final Certificate of Compliance Inspection
         requested.

     9.  All bonding shall be in the form of Cash, Certified Check, Irrevocable
         Bank Letter of Credit or Surety Bond.

<Page>

[LOGO]

BEAUFORT COUNTY INSPECTION DEPARTMENT                DATE ISSUED: [ILLEGIBLE]
P.O. Drawer 1228
Beaufort, SC 29901-1228
OFFICE (843) 470-2680
FAX (843) 470-2686

                            CERTIFICATE OF OCCUPANCY

                            PERMIT NUMBER:  B-231362

PIN:            R600 040 000 0007 0000                  LOT:   SHELL

BUILDING
LOCATION        30 MALPHRUS ROAD
                        (LOW COUNTRY VILLAGE)

SUBDIVISION:    BLUFFTON                                FLOOD ZONE:   C

                                                        ELEVATION:

APPLICANT INFORMATION
NAME:    INC,STAFFORD PROPERTIES                     PHONE:
ADDRESS: 80 W WIEUCA RD ATLANTA, GA 30342

GENERAL CONTRACTOR INFORMATION
NAME:    DOOLEY & MACK CONST                         PHONE:
ADDRESS: 204 4550 ATWATER CT BUFORD, GA 30518

OCCUPANCY: Commercial                           TO BE USED AS Mercentile

DATE OF COUNTY ISSUANCE: 24 Nov 2003

This is to certify that the structure as described above is in accordance with
the standard building code and/or the one and two family code including all
related codes or ordinances adopted by Beaufort County. It is further declared
that the structure has been inspected and/or compliance has been determined by
other means as allowed by code and has been found to be reasonably sound and
mechanically safe for human occupancy. The above is a statement of the condition
of the structure at issuance of the Certificate of Occupancy and should not be
construed as being all inclusive

                                                          [SEAL]
                                            BEAUFORT COUNTY BUILDING DEPARTMENT

                                                  Not Valid Without Seal

<Page>

[LOGO]

BEAUFORT COUNTY INSPECTION DEPARTMENT                DATE ISSUED: 19 Dec 2003
P.O. Drawer 1228
Beaufort, SC 29901-1228
OFFICE (843) 470-2680
FAX (843) 470-2686

                            CERTIFICATE OF OCCUPANCY

                            PERMIT NUMBER:  B-231664

PIN:            R600 040 000 0310 0000                  LOT:  PETS MART

BUILDING
LOCATION        30 MALPHRUS ROAD

SUBDIVISION:    BLUFFTON                                FLOOD ZONE:  C

                                                        ELEVATION:

APPLICANT INFORMATION
NAME:    INC,STAFFORD PROPERTIES                     PHONE:
ADDRESS: 80 W WIEUCA RD ATLANTA, GA 30342

GENERAL CONTRACTOR INFORMATION
NAME:    DOOLEY & MACK CONST                         PHONE:
ADDRESS: 204 4550 ATWATER CT BUFORD, GA 30518

OCCUPANCY:  Commercial / alteration             TO BE USED AS Mercentile

DATE OF COUNTY ISSUANCE: 19 Dec 2003

This is to certify that the structure as described above is in accordance with
the standard building code and/or the one and two family code including all
related codes or ordinances adopted by Beaufort County. It is further declared
that the structure has been inspected and/or compliance has been determined by
other means as allowed by code and has been found to be reasonably sound and
mechanically safe for human occupancy. The above is a statement of the
condition of the structure at issuance of the Certificate of Occupancy and
should not be construed as being all inclusive

                                                          [SEAL]
                                            BEAUFORT COUNTY BUILDING DEPARTMENT

                                                  Not Valid Without Seal

<Page>

[LOGO]

BEAUFORT COUNTY INSPECTION DEPARTMENT                DATE ISSUED: 17 Dec 2003
P.O. Drawer 1228
Beaufort, SC 29901-1228
OFFICE (843) 470-2680
FAX (843) 470-2686

                            CERTIFICATE OF OCCUPANCY

                            PERMIT NUMBER:  B-232359

PIN:            R600 040 000 0310 0000                  LOT:  ROSS STORE

BUILDING
LOCATION        30  MALPHRUS  ROAD

SUBDIVISION:    BLUFFTON                                FLOOD ZONE:

                                                        ELEVATION:

APPLICANT INFORMATION
NAME:    INC,STAFFORD PROPERTIES                      PHONE:
ADDRESS: 80 W WIEUCA RD ATLANTA, GA 30342

GENERAL CONTRACTOR INFORMATION
NAME:    DOOLEY & MACK CONST                         PHONE:
ADDRESS: 204 4550 ATWATER CT BUFORD, GA 30518

OCCUPANCY: Commercial / alteration              TO BE USED AS Mercentile

DATE OF COUNTY ISSUANCE: 17 Dec 2003

This is to certify that the structure as described above is in accordance with
the standard building code and/or the one and two family code including all
related codes or ordinances adopted by Beaufort County. It is further declared
that the structure has been inspected and/or compliance has been determined by
other means as allowed by code and has been found to be reasonably sound and
mechanically safe for human occupancy. The above is a statement of the
condition of the structure at issuance of the Certificate of Occupancy and
should not be construed as being all inclusive

                                                          [SEAL]
                                            BEAUFORT COUNTY BUILDING DEPARTMENT

                                                  Not Valid Without Seal

<Page>

[LOGO]

BEAUFORT COUNTY INSPECTION DEPARTMENT                DATE ISSUED: 17 Dec 2003
P.O. Drawer 1228
Beaufort, SC 29901-1228
OFFICE (843) 470-2680
FAX (843) 470-2686

                            CERTIFICATE OF OCCUPANCY

                            PERMIT NUMBER:  B-231444

PIN:            R600 040 000 0310 0000                  LOT:  MICHAEL'S STORE

BUILDING
LOCATION        30 MALPHRUS ROAD

SUBDIVISION:    BLUFFTON                                FLOOD ZONE:  C

                                                        ELEVATION:

APPLICANT INFORMATION
NAME:    INC,STAFFORD PROPERTIES                     PHONE:
ADDRESS: 80 W WIEUCA RD ATLANTA, GA 30342

GENERAL CONTRACTOR INFORMATION
NAME:    DOOLEY & MACK CONST                         PHONE:
ADDRESS: 204 4550 ATWATER CT BUFORD, GA 30518

OCCUPANCY: Commercial / alteration              TO BE USED AS Mercentile

DATE OF COUNTY ISSUANCE: 17 Dec 2003

This is to certify that the structure as described above is in accordance with
the standard building code and/or the one and two family code including all
related codes or ordinances adopted by Beaufort County. It is further declared
that the structure has been inspected and/or compliance has been determined by
other means as allowed by code and has been found to be reasonably sound and
mechanically safe for human occupancy. The above is a statement of the
condition of the structure at issuance of the Certificate of Occupancy and
should not be construed as being all inclusive

                                                          [SEAL]
                                            BEAUFORT COUNTY BUILDING DEPARTMENT

                                                  Not Valid Without Seal

<Page>

CERTIFICATE OF        DISTRIBUTION TO:
SUBSTANTIAL           OWNER                  /X/
COMPLETION            ARCHITECT              / /
                      CONTRACTOR             /X/
                      FIELD                  / /
AIA DOCUMENT G704     TENANT                 /X/

<Table>
<S>                                               <C>
PROJECT:  PET SMART - LOW COUNTRY VILLAGE               ARCHITECT:    CNNA - CHRIS NARDONE

(NAME, ADDRESS)  30 MALPHRUS ROAD - SUITE 106     ARCHITECTS PROJECT NUMBER:        A00112
                 BLUFFTON, SC 29910

TO (OWNER):                                       CONTRACTOR:              DOOLEY & MACK

       STAFFORD COLLETON, LLC                     CONTRACT FOR:   GROUND UP CONSTRUCTION
       80 WEST WIEUCA RD
       ATLANTA, GA 30342                          CONTRACT DATE:       FEBRUARY 26, 2003
</Table>

DATE OF ISSUANCE:    DECEMBER 22, 2003

PROJECT OR DESIGNATED PORTION SHALL INCLUDE, BUT IS NOT LIMITED TO THE
FOLLOWING:
SITE WORK AND BUILDING CONSTRUCTION AS SHOWN IN THE CONTRACT DOCUMENTS DATED MAY
30, 2003 AND ALL REVISIONS THEREAFTER.

THE WORK PERFORMED UNDER THIS CONTRACT HAS BEEN REVIEWED AND FOUND TO BE
SUBSTANTIALLY COMPLETE. THE DATE OF SUBSTANTIAL COMPLETION ON THE PROJECT OR
PORTION THEREOF DESIGNATED ABOVE IS HEREBY ESTABLISHED AS

                                DECEMBER 17, 2003

WHICH IS ALSO THE DATE OF COMMENCEMENT OF APPLICABLE WARRANTIES REQUIRED BY THE
CONTRACT DOCUMENTS, EXCEPT AS STATED BELOW.

                  DEFINITION OF DATE OF SUBSTANTIAL COMPLETION

THE DATE OF SUBSTANTIAL COMPLETION OF THE WORK OR DESIGNATED PORTION THEREOF IS
THE DATE CERTIFIED BY THe ARCHITECT WHEN CONSTRUCTION IS SUFFICIENTLY COMPLETE,
IN ACCORDANCE WITH THE CONTRACT DOCUMENTS, SO THE OWNER CAN OCCUPY OR UTILIZE
THE WORK OR DESIGNATED PORTION TEREOF FOR THE USE FOR WHICH IT IS INTENDED, AS
EXPRESSED IN THE CONTRACT DOCUMENTS.

TWO LISTS OF ITEMS TO BE COMPLETED OR CORRECTED, PREPARED BY THE CONTRACTOR AND
VERIFIED AND AMENDED BY THE ARCHITECT, OWNER & TENANT'S PER. WERE ISSUED UNDER
SEPARATE COVER BY OTHERS (JOHN CAMPBELL & JOHN WEBSTER). THE FAILURE TO INCLUDE
ANY ITEMS ON SUCH LIST DOES NOT ALTER THE RESPONSIBILITY OF THE CONTRACTOR TO
COMPLETE ALL WORK IN ACCORDANCE WITH THE CONTRACT DOCUMENTS. THE DATE OF
COMMENCEMENT OF WARRANTIES FOR ITEMS ON THE ATTACHED LIST WILL BE THE DATE OF
FINAL PAYMENT UNLESS OTHERWISE AGREED TO IN WRITING.

<Table>
<S>                                          <C>                             <C>
     CNNA                                       /s/ [ILLEGIBLE]              12/22/03
------------------------------------------   ---------------------------     -------------
ARCHITECT                                    BY                              DATE
</Table>

THE CONTRACTOR WILL COMPLETE OR CORRECT THE WORK ON THE LISTS OF ITEMS MENTIONED
ABOVE WITHIN 14 DAYS FROM THE ABOVE DATE OF SUBSTANTIAL COMPLETION.

<Table>
<S>                                          <C>                             <C>
Dooley and Mack Contractor [ILLEGIBLE]          /s/ [ILLEGIBLE]              1/23/04
------------------------------------------   ---------------------------     -------------
CONTRACTOR                                   BY                              DATE
</Table>

THE OWNER/TENANT ACCEPTS THE WORK OR DESIGNATED PORTION THEREOF AS SUBSTANTIALLY
COMPLETE AND WILL ASSUME FULL POSSESSION THEREOF

AT                                      (TIME) ON                        (DATE).

<Table>
<S>                                          <C>                             <C>
STAFFORD COLLECTION, LLC                        /s/ [ILLEGIBLE]              1/22/04
------------------------------------------   ---------------------------     -------------
OWNER                                        BY                              DATE
</Table>

THE RESPONSIBILITIES OF THE OWNER AND THE CONTRACTOR FOR SECURITY, MAINTENANCE,
HEAT, UTILITIES, DAMAGE TO THE WORK AND INSURANCE SHALL BE AS FOLLOWS:
          (NOTE-OWNER'S AND CONTRACTOR'S LEGAL AND INSURANCE COUNSEL SHOULD
                 DETERMINE AND REVIEW INSURANCE REQUIREMENTS AND COVERAGE;
                 CONTRACTOR SHALL SECURE CONSENT OF SURETY COMPANY, IF ANY)

AIA DOCUMENT G801 - CERTIFICATE OF SUBSTANTIAL COMPLETION - APRIL 1997 EDITION -
AIA (R) -
(C)1997 - THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVE., N.W.
WASHINGTON, D.C. 20006                                                 G704-1997

<Page>

                                    EXHIBIT D

                              SCHEDULE OF LICENSES

Phase II

"None"

<Page>

                                    EXHIBIT E

                              NON-FOREIGN AFFIDAVIT

STATE of           }
                   } SS.
COUNTY OF          }

     Section 1445 of the Internal Revenue Code provides that a transferee of a
U.S. real property interest must withhold tax if the transferor is a foreign
person. For U.S. tax purposes (including Section 1445), the owner of a
disregarded entity (which has legal title to a U.S. real property interest under
local law) will be the transferor of the property and not the disregarded
entity. To inform the transferee that withholding of tax is not required upon
the disposition of a U.S. real property interest by _____________, the
undersigned hereby certifies on behalf of ________________________
("TRANSFEROR"), being first duly sworn on oath, and under penalty of perjury,
hereby certifies as follows:

     1.   The undersigned is the manager of the Transferor, which is the owner
          of the real property located at _____________________________, which
          real property is legally described on Exhibit A attached hereto and
          made a part hereof (the "PROPERTY").

     2.   The Property is being transferred to ___________________________, a(n)
          _________________________.

     3.   Transferor is not a foreign corporation, foreign partnership, foreign
          trust, foreign limited liability company, foreign estate or foreign
          person, as those terms are defined in the Internal Revenue Code and
          the Income Tax Regulations.

     4.   Transferor is not a disregarded entity as defined in Section
          1.1445-2(b)(2)(iii).

     5.   The office address of Transferor is ______________________________.

     6.   The United States taxpayer identification number of Transferor is
          _________________.

     Transferor understands that this certification may be disclosed to the
Internal Revenue Service by _______________, and that any false statement
contained herein could be punished by fine, imprisonment or both.

     IN WITNESS WHEREOF, this Non-Foreign Affidavit has been executed as of the
_____ day of _______________, 2004.

                                   TRANSFEROR;

                                   --------------------------------------

                                   --------------------------------------

<Page>

                                    EXHIBIT F

                              SURVEY CERTIFICATION

CERTIFIED TO:   Inland Real Estate Acquisitions, Inc., its successors and
                assigns
                Stafford Colleton, LLC
                Chicago Title Insurance Company
                [Name of Entity Acquiring the Property], its successors and
                assigns
                [Name of Lender], is successors and assigns

The undersigned does hereby certify that (i) this survey was made upon the
ground of the property reflected hereon on ______________, 2004 under my
supervision, for the benefit of and reliance by Stafford Colleton, LLC, Inland
Real Estate Acquisitions, Inc., its successors and assigns, [Name of the
individual property owner], its successors and assigns, Chicago Title Insurance
Company, and [Name of Lender] and correctly shows and represents the property
reflected hereon (including the gross square footage thereof) and the locations
of all buildings, structures and other improvements (including the gross square
footage thereof) and visible items (including all parking spaces (and a count
thereof) located upon the property and the sizes of such parking spaces) and
known utilities located thereon, and the relation of all such buildings,
structures and other improvements to the property lines of the property
reflected hereon; (ii) the description of the property contained hereon is
correct and the physical evidence of boundary lines and lines of possession or
occupancy have been shown and proper notation made where in conflict with the
legal description, and such boundary lines Aclose by engineering calculations;
(iii) the property reflected hereon has physical and legal access to and from a
dedicated public roadway, and the public roads, highways, streets and alleys
running adjacent to or upon the property reflected hereon are shown; (iv) except
as shown hereon, there are no discrepancies, conflicts, shortages in area,
encroachments (from the property reflected hereon onto any adjacent property,
including streets, roadways and alleys, and/or from any adjacent property,
including streets, roadways and alleys, onto the property reflected hereon),
visible improvements, overlapping of improvements, set-back and/or building
lines, easements (and no evidence on the ground of use of the property that
might suggest a possible claim of easement), rights-of-way, drainage ditches,
power lines or roadways that affect the property reflected hereon, or, to the
undersigned=s knowledge, after diligent inquiry, platted utilities that affect
the property reflected hereon; (v) there are no gaps, gores, or overlaps between
parcels or roads, highways, streets, or alleys and all parcels that comprise the
property reflected hereon are contiguous; (vi) the property reflected hereon is
a separate tax lot; (vii) all utilities for the operation of the property
reflected hereon are available at the lot lines, enter said tract through said
tract at adjoining public streets and do not run through or under any buildings
or improvements not located on the property reflected hereon; (viii) there are
no violations of zoning ordinances, restriction or other regulations with
reference to the location of all buildings, structures and improvements situated
on the property reflected hereon and the number and configuration of parking
spaces; (ix) the gross and net areas (both acreage and square footage) shown
hereon are correct and there are no boundary line discrepancies and no
deficiencies in the quantity of the land described in the legal description of
the property reflected; (x) this property lies in Flood Zone ________ according
to Flood Insurance Rate Maps for the City of ________, Community Panel No.
_____________, dated ______________ and issued by the Federal Emergency
Management, and (xi) this survey conforms with the "Minimum Standard Detail
Requirements of ALTA/ACSM Land Title Surveys", jointly established and adopted
by American Land Title Association ("ALTA") and American Congress on Surveying
and Mapping ("ACSM") in 1999, and includes Table "A" items 1, 2, 3, 4, 6,
7(a)-(c), 8, 9, 10, 11(a) and (b), 13, 14, 15 and 16 therein. This Survey
correctly shows (i) the zoning classification of the Property, (ii) the
permitted uses within such classification, (iii) the parking requirements of the
zoning code applicable to the subject property, and (iv) the source of such
information. Pursuant to the Accuracy Standards as adopted by ALTA and ACSM and
in effect on the date of this certification, the undersigned further certifies
that proper field procedures, instrumentation and adequate survey personnel were
employed in order to achieve results comparable to those outlined in the
AMinimum Angle, Distance and Closure Requirements for Survey Measurements Which
Control Land Boundaries for ALTA/ACSM Land Title Surveys.

[Surveyor's Name]

By:
   ---------------------------------
Date:
     -------------------------------

<Page>

Registered Land Surveyor No.______
Date of Survey:___________________

ADDITIONAL SURVEY REQUIREMENTS:

The Survey also shall include and depict the following matters: (a) zoning
classification of the Real Property and all uses permitted under such zoning
classification; (b) all zoning and recorded setback requirements and building
height requirements; (c) zoning parking requirements (including handicapped
requirements); (d) height and square footage of all buildings located upon the
Real Property; (e) number and size of parking spaces (including handicapped),
all of which must be shown on the plat as striped; (f) metes and bounds legal
description of the Real Property; (g) list of all title exceptions referenced in
the Preliminary Commitment; (h) all matters referenced in the Preliminary
Commitment must be accurately depicted on the plat, or, if not plottable, the
surveyor should indicate the same; (i) a statement from the surveyor that the
Real Property has access to publicly dedicated roadways, and identifying such
roadways by name; (j) a list of any encroachments from the Real Property onto
adjacent property, from adjacent property onto the Real Property, and of any
building or other structures on the Real Property onto or over any easements
that encumber the Real Property or any building/setback lines; (k) a list of all
tax parcel identification numbers relating to the Property (together with a
statement that such parcel numbers constitute all of the parcel numbers related
to the Property and such parcel numbers do not relate to any other property);
(l) a statement that the property depicted on the Survey is the same property
described in the Preliminary Commitment; (m) the distances from all buildings
located upon the Property to all Property lines; (n) the location of all
utilities servicing the Property, including, without limitation, sewer, water,
gas, electric and telephone, to the point of connection with the public system
to the extent visible on the ground or based upon information known or provided
to the surveyor; and (o) any other matters required by any lender providing
financing for the property.

<Page>

                                    EXHIBIT G

                          FORM OF ESTOPPEL CERTIFICATE

TO:    Inland Real Estate Acquisitions, Inc., and its successors and assigns
       [Name of Prospective Property Owner], its lender and their respective
       successors and assigns
       2901 Butterfield Road
       Oak Brook, Illinois 60523

RE:    [ADDRESS OF THE PROPERTY] (the "Property")

Ladies and Gentlemen:

       The following statements are made with the knowledge that Inland Real
Estate Acquisitions, Inc., [Name of Prospective Property Owner], and their
respective successors and assigns (individually and collectively, as applicable,
APurchaser"), their respective lenders and/or investors, and their respective
successors and assigns, are relying on them in connection with the acquisition
of the Property by Purchaser and, in connection therewith, the assignment of the
Lease (defined below) to Purchaser, and Purchaser and its respective lenders,
successors, assigns and successor owners of the Property may rely on such
statements for that purpose.

       The undersigned ("Tenant"), being the Tenant under the Lease covering
certain premises (the ALeased Premises") in the Property, hereby certifies,
represents, warrants, covenants and agrees as follows:

       1. Tenant is the tenant under a Lease with ________________ ("Landlord")
dated _____________________ [INSERT THE TITLE AND DATE OF, AND DATE OF ALL
AMENDMENTS, MODIFICATIONS AND ANY OTHER AGREEMENTS RELATING TO, THE LEASE,
i.e.Y, Aas amended by that certain First Amendment, dated ____________...]
(collectively, the "Lease"). The Lease demises to Tenant approximately
_____________ (_________) square feet in the Property. The initial term of the
Lease commenced on __________, 20____, and will expire on ______________,
_____________, exclusive of unexercised renewal options and extension options
contained in the Lease. Tenant has ___ options to extend the term of the Lease
for ______ years. There have been no other amendments, modifications, revisions
or supplements to the Lease, and there are no other agreements of any kind
between Landlord and Tenant regarding the Leased Premises.

       2. The Lease has been duly authorized and executed by Tenant and is in
good standing and in full force and effect. Attached is a true, correct and
complete copy of the Lease.

       3. Tenant has accepted, is in sole possession of, and is presently
occupying the Leased Premises. The Lease has not been hypothecated or assigned
by operation of law or otherwise by Tenant and no subleases, concession
agreement, license, use or other occupancy agreement covering the Leased
Premises, or any portion of the Leased Premises, has been entered into by Tenant
except _______________________.

       4.   Tenant commenced paying rent on ___________, 20____. Tenant is
currently obligated to pay fixed or base rent under the Lease in the annual
amount of ________ Dollars ($_______), payable in advance, in equal monthly
installments of _________________ Dollars ($______). The Lease provides for
Tenant to pay to Landlord as additional rent _____ percent (____%) of operating
expenses, common area maintenance charges, insurance premiums and real property
taxes ("Tenant's Share"). Tenant currently is paying, monthly, in advance, as
additional rent under the Lease, equal installments (as estimated by Landlord
pursuant to the Lease) of the Tenant's Share in the amount of $____________.
Percentage Rent for the last fiscal year of Tenant ending _______, 20____ in the
amount of ______ Dollars ($______), based on Tenant's gross receipts (as defined
in the Lease) of ($______), has been paid by Tenant to Landlord. All rent has
been paid under the Lease through _______________, 20____. No rent under the
Lease has been paid more than (1) month in advance, and no other sums have been
deposited

<Page>

with Landlord other than ______________ Dollars ($_______) deposited as security
under the Lease. Such security deposit is not subject to any set-off or
reduction or any increase for interest or other credit due to Tenant. Tenant is
entitled to no rent abatement, concessions, free rent, allowances for
improvements, refurbishment or otherwise or other similar compensation in
connection with renting the Leased Premises except as follows: _______________.
Tenant has no setoffs, claims or defenses to the enforcement of the Lease by
Landlord and no deductions or credits against rent under the Leases except as
follows: ___________________________. Landlord has not rebated, reduced or
waived any amounts due from Tenant under the Lease, nor has Landlord provided
financing for, made loans or advances to, or invested in Tenant's business.

       5.   Neither Landlord nor Tenant is in default under the Lease beyond any
applicable cure period and no event has occurred which, with the giving of
notice or passage of time, or both, could result in such default. As of the date
of this estoppel certificate, there is no dispute between Landlord and Tenant,
and there is no litigation between Landlord and Tenant with respect to the Lease
or the Leased Premises, and there has been no litigation between Landlord (or
any predecessor landlord) and Tenant with respect to the Lease or the Leased
Premises or Tenant's use and occupancy thereof. Tenant has not received any
notice of any present violation of any federal, state, county or municipal laws,
regulations, ordinances, order or directives relating to use, operation or
condition of the Leased Premises or the Property.

       6.   Except as specifically stated in the Lease, Tenant has not been
granted (a) any option to extend the term of the Lease, (b) any option to expand
the Leased Premises or to lease additional space within the Property, (c) any
right of first refusal on any space at the Property, or (d) any option or right
of first refusal to purchase the Leased Premises or the Building or any part
thereof. Tenant has no option to terminate the Lease as to the Leased Premises
or any part or portion thereof prior to its stated expiration except as follows:
___________________________.

       7.   All obligations and conditions under the Lease to be performed to
date by Landlord have been satisfied, free of defenses and set-offs, including
all construction work and tenant improvements in the Leased Premises, and
Landlord has made all contributions, if any, required of Landlord under the
Leases. Landlord is not obligated to provide or construct any further tenant
improvements or other tenant allowances except as follows:
______________________________________________.

       8.   Tenant has not received any notice of a prior sale, transfer,
assignment, pledge or other hypothecation of the Leased Premises or the Leases
or the rents thereunder except _________________. Tenant has not (a) applied for
the appointment of, or the taking of possession by, a receiver, custodian,
trustee or liquidator of itself or of all or a substantial part of the Property,
(b) admitted in writing its inability to pay its debts as they become due, (c)
made a general assignment for the benefit of its creditors, (d) filed a
voluntary petition or commenced a voluntary case or proceeding under the Federal
Bankruptcy Code, (e) been adjudicated a bankrupt or insolvent, (f) filed a
petition seeking to take advantage of any other law relating to bankruptcy,
insolvency, reorganization, winding-up or composition or adjustment of debts,
(g) received any notice of any petition filed against it in an involuntary case
or proceeding under the Federal Bankruptcy Code, or (h) taken any corporate,
partnership, limited liability company or other action for the purpose of
effecting any of the foregoing.

       9.   Tenant agrees that it shall seek recourse only against Landlord (and
not Purchaser or any party related to Purchaser) regarding any defects in the
construction of the Property and/or any tenant build out or improvements
required to be constructed by the landlord under the Lease.

       EXECUTED as of the _____ day of ___________, 2004.

TENANT

                           , d/b/a
---------------------------       ----------------------

                           ,
---------------------------

<Page>

By:
Name:
Title:

       The undersigned Guarantor of the Lease hereby certifies as of the date
hereof to Purchaser and its successors and assigns, and their lenders and/or
investors, and their successors and assigns, that that certain Guaranty of Lease
made by Guarantor for the benefit of Landlord and dated ____________, is in full
force and effect and has not been amended or modified and that the undersigned
Guarantor has no claims or defenses under such Guaranty or Lease or otherwise is
respect to their performance in full of all terms, covenants, conditions and
agreements of such Guaranty of Lease.

                                        -------------------------------

                                        -------------------------------

<Page>

                                    EXHIBIT H

                               GENERAL ASSIGNMENT

       This GENERAL ASSIGNMENT (the "ASSIGNMENT") is made and entered into this
_____ day of ____________, 2004, by _____________________, a Delaware limited
liability company ("ASSIGNOR") and _________________________, a ________________
___________________________ ("ASSIGNEE").

                                R E C I T A L S:

       A.   Assignor and Assignee have entered into that certain Agreement of
Purchase and Sale dated as of_________________, 2004 (the "PURCHASE AGREEMENT")
relating to the sale of that certain tract of land together with the
improvements thereon (the "PROPERTY") located at _______________________________
___________________________________, and being legally described in EXHIBIT A,
attached hereto and made a part hereof.

       B.   In connection with the conveyance of the Property to Assignee,
Assignor and Assignee desire to execute and deliver this general Assignment
assigning all of Assignor's right, title and interest in and to the items
identified below to Assignee.

            NOW, THEREFORE, in consideration of the receipt of Ten Dollars
($10.00) and other good and valuable consideration in hand paid by Assignee to
Assignor, the receipt and sufficiency of which are hereby acknowledged and
agreed by Assignor, the parties hereby agree as follows:

       1.   RECITALS; DEFINED TERMS. The foregoing recitals are acknowledged to
be accurate and are incorporated herein by reference. Capitalized terms used in
this Assignment and not defined herein but defined in the Purchase Agreement
shall have the meanings given to such terms in the Purchase Agreement.

       2.   ASSIGNMENT BY ASSIGNOR. Assignor hereby transfers and assigns to
Assignee all right, title and interest of Assignor in and to all of the
contracts, licenses, warranties, permits, intangible personal property and other
items listed on EXHIBIT B attached hereto and made part hereof (collectively,
the "Assigned Property").

       3.   INDEMNITY BY ASSIGNOR. Assignor does hereby agree to indemnify, hold
harmless and defend Assignee harmless from and against all claims, damages,
losses, liabilities, costs and expenses (including but not limited to reasonable
attorneys' fees and expenses) arising out of any failure by Assignor to perform
or observe the obligations, covenants, terms and conditions of or under the
Assigned Property, to the extent arising prior to the date hereof.

       4.   ASSUMPTION BY ASSIGNEE. Assignee hereby accepts the foregoing
assignment and assumes and agrees to perform all obligations of the owner under
the Assigned Property arising from and after the date hereof.

       5.   INDEMNITY BY ASSIGNEE. Assignee does hereby agree to indemnify, hold
harmless and defend Assignor from and against all claims, damages, losses,
liabilities, costs and expenses (including but not limited to reasonable
attorneys' fees and expenses) arising out of any failure of Assignee to perform
or observe, and Assignee's performance and observance of, the obligations,
duties, covenants, terms and conditions assumed by Assignee hereunder, to the
extent arising from and after the date hereof.

       6.   COUNTERPARTS. This document may be executed in any number of
counterparts, each of which may be executed by any one or more of the parties
hereto, but all of which shall constitute one instrument, and shall be binding
and effective when all parties hereto have executed at least one counterpart.

       7.   DISPUTE. In the event of any dispute between Assignor and Assignee
arising out of the obligations of the parties under this Assignment or
concerning the meaning or interpretation of any provision contained herein, the
losing party shall pay the sole prevailing party's costs and expenses of such
dispute, including, without limitation, reasonable attorneys' fees and costs.

<Page>

       8.   SUCCESSORS. This Assignment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

                            (SIGNATURE PAGE FOLLOWS)

<Page>

            IN WITNESS WHEREOF, Assignor and Assignee have caused this
Assignment to be executed as of the day and year first above written.

                    ASSIGNOR:
                                    ---------------------------------------
                                    By:
                                           --------------------------------
                                    Name:
                                           --------------------------------
                                    Title:
                                           --------------------------------

                    ASSIGNEE:                                              ,
                                    ---------------------------------------
                                    a
                                     --------------------------------------

                                    BY:
                                           --------------------------------
                                    NAME:
                                           --------------------------------
                                    TITLE:
                                           --------------------------------

                                    EXHIBITS

                  EXHIBIT A:  LEGAL DESCRIPTION OF THE PROPERTY
                  EXHIBIT B:  LIST OF ASSIGNED PROPERTY

<Page>

                                    EXHIBIT B

1.   All licenses, registrations, certificates, permits, approvals and other
governmental authorizations relating to the construction, operation, use or
occupancy of the Property and the buildings and other improvements located
thereon, or any portion thereof;

2.   All of Assignor's right, title and interest in and to all logos, designs,
trade names, trademarks, service marks, copyrights and other intangible personal
property relating to the Property, including, without limitation the name "Low
Country Village Shopping Center" and any other name or names by which the
Property is commonly known or referred;

3.   All of Assignor's right, title and interest in and to all warranties and
guaranties, if any, relating to the personal property located on the Property or
in the buildings and other improvements located thereon;

4.   All of Assignor's right, title and interest in and to the contracts listed
on Exhibit B-1 attached hereto and made a part hereof; and

5.   All of Assignor's right, title and interest in and to all as-built plans
and specifications, construction drawings, and engineering plans and studies
relating to the Property.

<Page>

                                    EXHIBIT I

                           ASSIGNMENT OF TENANT LEASES

     This ASSIGNMENT OF TENANT LEASES (the "ASSIGNMENT") is made and entered
into this ________ day of _____________, 2004, by __________________, a Delaware
limited liability company ("ASSIGNOR") and _______________________, a __________
("ASSIGNEE").

                                R E C I T A L S:

     A.   Assignor and Assignee have entered into that certain Agreement of
Purchase and Sale dated as of ________, 2004 (the "PURCHASE AGREEMENT") relating
to the sale of that certain tract of land together with the improvements thereon
(the "PROPERTY") located at _________________________, and being legally
described in EXHIBIT A, attached hereto and made a part hereof.

     B.   In connection with the conveyance of the Property to Assignee,
Assignor and Assignee desire to execute and deliver this Assignment of Tenant
Leases assigning all of Assignor's right, title and interest in and to the items
identified below to Assignee.

          NOW, THEREFORE, in consideration of the receipt of Ten Dollars
($10.00) and other good and valuable consideration in hand paid by Assignee to
Assignor, the receipt and sufficiency of which are hereby acknowledged and
agreed by Assignor, the parties hereby agree as follows:

     1.   RECITALS; DEFINED TERMS. The foregoing recitals are acknowledged to be
accurate and are incorporated herein by reference. Capitalized terms used in
this Assignment and not defined herein but defined in the Purchase Agreement
shall have the meanings given to such terms in the Purchase Agreement.

     2.   ASSIGNMENT BY ASSIGNOR. Assignor hereby transfers and assigns to
Assignee all right, title and interest of Assignor in and to (i) the Tenant
Leases listed on EXHIBIT B attached hereto and made part hereof, and (ii) the
security deposits paid to and held by Assignor which have not been heretofore
forfeited, credited or returned to the respective tenant, which security
deposits hereby assigned are in the amounts as set forth on EXHIBIT B attached
hereto.

     3.   INDEMNITY BY ASSIGNOR. Assignor does hereby agree to indemnify, hold
harmless and defend Assignee harmless from and against all claims, damages,
losses, liabilities, costs and expenses (including but not limited to reasonable
attorneys' fees and expenses) arising out of any failure by Assignor to perform
or observe the obligations, covenants, terms and conditions of and under the
Tenant Leases, to the extent arising prior to the date hereof.

     4.   ASSUMPTION BY ASSIGNEE. Assignee hereby accepts the foregoing
assignment and assumes and agrees to perform all obligations of the landlord
under the Tenant Leases arising from and after the date hereof.

     5.   INDEMNITY BY ASSIGNEE. Assignee does hereby agree to indemnify, hold
harmless and defend Assignor from and against all claims, damages, losses,
liabilities, costs and expenses (including but not limited to reasonable
attorneys' fees and expenses) arising out of any failure of Assignee to perform
or observe, and Assignee's performance and observance of, the obligations,
duties, covenants, terms and conditions assumed by Assignee hereunder, to the
extent arising from and after the date hereof.

     6.   COUNTERPARTS. This document may be executed in any number of
counterparts, each of which may be executed by any one or more of the parties
hereto, but all of which shall constitute one instrument, and shall be binding
and effective when all parties hereto have executed at least one counterpart.

     7.   DISPUTE. In the event of any dispute between Assignor and Assignee
arising out of the obligations of the parties under this Assignment or
concerning the meaning or interpretation of any provision

<Page>

contained herein, the losing party shall pay the sole prevailing party's costs
and expenses of such dispute, including, without limitation, reasonable
attorneys' fees and costs.

     8.   SUCCESSORS. This Assignment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

                            (SIGNATURE PAGE FOLLOWS)
IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment to be
executed as of the day and year first above written.

                           ASSIGNOR:
                                         ------------------------------------
                                         By:
                                                --------------------------
                                         Name:
                                                --------------------------
                                         Title:
                                                --------------------------

                           ASSIGNEE:
                                         ---------------------------------,
                                         a
                                          --------------------------------

                                         By:
                                                --------------------------
                                         Name:
                                                --------------------------
                                         Title:
                                                --------------------------

                                    EXHIBITS

                  EXHIBIT A: LEGAL DESCRIPTION OF THE PROPERTY
                  EXHIBIT B: LIST OF TENANT LEASES AND SECURITY DEPOSITS

<Page>

                                    EXHIBIT J

                              FORM OF BILL OF SALE

     This BILL OF SALE (the "Bill of Sale") is made and entered into this ______
day of _______________, 2004, by __________________, a ____________ ("ASSIGNOR")
and ___________________, a ____________________ ("ASSIGNEE").

                                R E C I T A L S:

     A.   Assignor and Assignee have entered into that certain Agreement of
Purchase and Sale dated as of ________, 2004 (the "PURCHASE AGREEMENT") relating
to the sale of that certain tract of land together with the improvements thereon
(the "PROPERTY") located at _____________________, and being legally described
in EXHIBIT A, attached hereto and made a part hereof.

     B.   In connection with the conveyance of the Property to Assignee,
Assignor and Assignee desire to execute and deliver this Bill of Sale assigning
all of Assignor's right, title and interest in and to the items identified below
to Assignee.

          NOW, THEREFORE, in consideration of the receipt of Ten Dollars
($10.00) and other good and valuable consideration in hand paid by Assignee to
Assignor, the receipt and sufficiency of which are hereby acknowledged and
agreed by Assignor, the parties hereby agree as follows:

     1.   RECITALS; DEFINED TERMS. The foregoing recitals are acknowledged to be
accurate and are incorporated herein by reference. Capitalized terms used in
this Assignment and not defined herein but defined in the Purchase Agreement
shall have the meanings given to such terms in the Purchase Agreement.

     2.   ASSIGNMENT. Assignor does hereby assign, transfer, convey and set over
to Assignee all of Assignor's right, title and interest in, to and under all
Tangible Personal Property. Assignor hereby represents and warrants to Assignee
that Assignor is the absolute owner of said personal property, that said
personal property is free and clear of all liens, charges and encumbrances, and
that Assignor has full right, power and authority to sell said personal property
and to make this Bill of Sale. The Tangible Personal Property is in a used
condition, and Assignor is neither a manufacturer, nor distributor of, nor
dealer nor merchant in, said Tangible Personal Property. Assignor makes no
representations, express or implied as to the condition or state of repair of
the Tangible Personal Property, including warranties of fitness or
merchantability, it being expressly understood that the Tangible Personal
Property is being conveyed to Assignee in its present "AS IS, WHERE IS"
condition and with all faults. By acceptance of delivery of the Tangible
Personal Property, Assignee affirms that it has not relied on Assignor's skill
or judgment to select or furnish said Tangible Personal Property for any
particular purpose, and that Assignor makes no warranty that said Tangible
Personal Property is fit for any particular purpose and that there are no
representations or warranties, express, implied or statutory.

                            (SIGNATURE PAGE FOLLOWS)

<Page>

          IN WITNESS WHEREOF, Assignor and Assignee have caused this Bill of
Sale to be executed as of the day and year first above written.

                                         ASSIGNOR:

                                         --------------------------

NOTARY

                                    EXHIBITS

                  EXHIBIT A: LEGAL DESCRIPTION OF THE PROPERTY

<Page>

                                    EXHIBIT K

                               SELLER'S AFFIDAVIT

                         South Carolina Withholding Tax
               S.C. Code Section 12-8-10 through 12-8-2040 et.seq.

THIS IS AN AFFIDAVIT OF FACTS. WHETHER OR NOT THIS AFFIDAVIT IS SUFFICIENT TO
RELIEVE THE BUYER OF THE RESPONSIBILITIES TO WITHHOLD IS GOVERNED BY SC REVENUE
RULING 90-3. PLEASE READ THIS AFFIDAVIT CAREFULLY IN CONJUNCTION WITH THIS
RULING.

The undersigned on oath, being first duly sworn, hereby certifies as follows:

This affidavit is being given in connection with a sale of real estate pursuant
to SC Revenue Ruling #90-3.

I have attached to this affidavit a description of real property and any
tangible personal property being sold as part of this sale. The real property is
located in the County of Charleston and its tax map number(s) is ______________.

The undersigned is the seller of the property described in the attached
description.

The closing date of this sale is ______________________, 2004.

The Seller's name _____________________________________________________________.

The Seller's address is _______________________________________________________.

The Seller's social security number or taxpayer identification number _________.

     1.  ______ CORPORATIONS. The Seller is a corporation or an association or
         trust that is taxed as a corporation and is subject to withholding at
         5%.

     2.  ______ GAIN. I affirm pursuant to section 12-9-510(B) that the amount
         of gain I am required to recognize on this transaction and on which
         Buyer is to make the requisite withholding will not exceed:

            a. $ ________________________

     3.  _____ INSTALLMENT SALE. The Seller will report this sale on the
         installment for South Carolina income tax purposes, and has attached an
         amortization schedule correctly designating the principal and interest
         portions of the payments.

     4.  _____ RESIDENT. The Seller is a resident of South Carolina, as that
         term is defined in the South Carolina tax laws (S.C. Code Section
         12-1-10 et. seq. as amended) and in SC Revenue Ruling #90-3.

     5.  _____ DEEMED RESIDENT. Pursuant to SC Revenue Ruling #90-3 the seller
         is deemed to be a resident of South Carolina because:

            a. The Seller:
                   i.   has filed at least one South Carolina income tax return,

<Page>

                  ii.   is not delinquent with respect to filing any South
                        Carolina income tax return and
                 iii.   has been in business in the State during the Seller's
                        last two taxable years (including the year of the sale);
                        and

            b. The Seller is in business in South Carolina and will continue
               substantially the same business in South Carolina after the sale;
               and

            c. The Seller will report the sale on a South Carolina income tax
               return for the current year and file it by its due date; and

            d. If the Seller is a corporation or a limited partnership, it is
               registered to do business in South Carolina.

     6.  ______ EMPLOYEE RELOCATION. The transaction involves the sale of an
         employee's property which is being sold by an employee or relocation
         company in connection with the employee's transfer. For income tax
         purposes the sale is treated as a sale by the employer or relocation
         company.

     7.  ______ NONRECOGNITION OF GAIN. The sale of the property will not be
         subject to taxes because of Section 1033, 1034 or 121 of the Internal
         Revenue Code. The Seller acknowledges his obligation to file South
         Carolina income tax return for the year of the sale. If the Seller
         fails to comply with Section 1033 or 1034, the Seller acknowledges an
         obligation to file an amended South Carolina income tax return for the
         year of the sale.

     8.  ______ TAX-EXEMPTION ORGANIZATIONS. The Seller is an organization
         exempt from income taxes under Internal Revenue Code Section 501(a) or
         is an insurance company exempt from South Carolina taxes on income.

     9.  ______ WITHHOLDING AMOUNT EQUALS ENTIRE NET PROCEEDS. If the
         withholding amount is limited to the entire net proceeds, any lien,
         mortgage or credit line advance which was made within one year prior to
         the closing was not made in contemplation of the sale as that phrase is
         defined in SC Revenue Ruling #90-3.

     10. ______ LIKE KIND EXCHANGE. The entire gain is deferred under Section
         1031 of the Internal Revenue Code. For deferred exchanges where
         replacement property has not been identified at the time of sale, tax
         must be withheld.

The undersigned understands that this affidavit may be disclosed to the South
Carolina Tax Commission and that any false statement contained herein could be
punished by fine, imprisonment or both.

Under penalties of perjury, I declare that I have examined this Affidavit and to
the best of my knowledge and belief, it is true, correct and complete.

                                         --------------------------------

                                         BY:                          (SEAL)
                                            --------------------------
                                         Its:
                                             -------------------------------

SUBSCRIBED AND SWORN to

<Page>

before me this __________ day of April 2004.

--------------------------------
Notary Public

My commission expires:
                       -----------------------------

<Page>

                                    EXHIBIT L

               AUDIT REPRESENTATION LETTER AND COOPERATION LETTER

                                     [DATE]

[Name of Purchaser]
2901 Butterfield Road
Oak Brook, Illinois 60523

KPMG LLP
KPMG Plaza
303 East Wacker Drive
Chicago, Illinois 60601

        Re:    Name of Property (the "Property")

Ladies and Gentlemen:

        This will confirm that following the closing, the undersigned will (1)
reasonably cooperate with you, at your sole cost and expense, with respect to
your audit of the financial information of the Property, including providing
additional financial or other information, if any, in our possession or control,
relating to the Property; and (2) provide an update of the audit letter we are
providing on the same date hereof to KPMG certifying that to the best of our
knowledge, no changes have occurred since the date of such letter that would
make any of the representations and certifications therein inaccurate in any
material respect.

                                         Very truly yours,

                                         NAME OF SELLER

                                         By:
                                            --------------------------------
                                                Name:
                                                     -----------------------
                                                Its:
                                                    ------------------------

<Page>

                                      DATE

KPMG LLP
KPMG Plaza
303 East Wacker Drive
Chicago, IL 60601

Ladies and Gentlemen:

We are writing you, as the owners of THE PROPERTY'S NAME (the "Property") at
your request, to confirm our understanding that your audit of the Historical
Summary of Gross Income and Direct Operating Expenses ("Historical Summary") of
THE PROPERTY'S NAME for (a) the year ended December 31, 2003, and (b) the period
of time commencing as of January 1, 2004 and ending on (and including) the
closing date, was made for the purpose of expressing an opinion as to whether
the Historical Summary presents fairly, in all material respects, the gross
income and direct operating expenses in conformity with the CASH OR ACCRUAL
basis of accounting. In connection with your audit, we confirm, to the best of
our knowledge and belief, the following representations made to you during the
audit:

1.   We have made available to you:

     a)   All financial records and related data requested by you.

     b)   All minutes of the meetings of the board of directors, or summaries of
          actions of recent meetings for which minutes have not yet been
          prepared.

2.   There have been no:

     a)   Instances of fraud involving any member of management or employees who
          have significant roles in internal control.

     b)   Instances of fraud involving others that could have a material effect
          on the Historical Summary.

     c)   Other instances of fraud perpetuated on or within the Property.

     d)   Communications from regulatory agencies concerning non-compliance
          with, or deficiencies in, financial reporting practices that could
          have a material effect on the Historical Summary.

     e)   Violations or possible violations of laws or regulations, the effects
          of which should be considered for disclosure in the Historical Summary
          or as a basis for recording the loss contingency.

3.   There are no:

     a)   Unasserted claims or assessments that out lawyer has advised us are
          probable of assertion and must be disclosed in accordance with the
          Statement of Financial Accounting Standards (SFAS) No. 5, Accounting
          for Contingencies.

     b)   Material liabilities or gain or loss contingencies (including oral and
          written guarantees) that are required to be accrued or disclosed by
          SFAS No. 5.

                                        2
<Page>

     c)   Material transactions that have not been properly recorded in the
          accounting records underlying the Historical Summary.

     d)   Events that have occurred subsequent to the balance sheet date and
          through the date of this letter that would require adjustment to or
          disclosure in the Historical Summary.

4.   The property has complied with all aspects of the contractual agreements
     that would have a material effect on the Historical Summary in the event of
     noncompliance.

5.   All income from operating leases is included as gross income in the
     Historical Summary. No other forms of revenue are included in the
     Historical Summary.

Further, we confirm that we are responsible for the fair presentation in the
Historical Summary of Gross Income and Direct Operating Expenses for the year
ended December 31, 2003, and the period of time commencing as of January 1, 2004
and ending on the closing date, in conformity with the CASH OR ACCRUAL basis of
accounting.

Very Truly Yours,

------------------------------
NAME, Owner

------------------------------
NAME, Property Accountant

                                        3
<Page>

                                    EXHIBIT M

                              INTENTIONALLY DELETED

                                        4
<Page>

                                    EXHIBIT N

                             DUE DILIGENCE CHECKLIST

<Table>
<Caption>
NAME OF PROPERTY:                                                                   Comments
----------------------------------------------------------------------------------------------
<S>                                                                                <C>
A.   FINANCIAL INFORMATION

     1.   Copy of leases and any guarantees                                        ___________

     2.   Current Rent Roll                                                        ___________

     3.   Standard Lease Form                                                      ___________

     4.   Latest leasing status report                                             ___________

     5.   Summary of recent lease transactions including rate and tenant
          improvement allowances                                                   ___________

     6.   List of current tenants on percentage rent only or percentage rent in
          lieu basis                                                               ___________

     7.   List of specialty license agreements                                     ___________

     8.   Prior five full years operating statements + Year-to-date statement      ___________

     9.   Prior year's general ledger statement + Year-to-date statement           ___________

     10.  Last three years' bills for:
          a.   Real estate taxes                                                   ___________
          b.   Insurance
               1)       Liability                                                  ___________
               2)       Property                                                   ___________
          c.   Reconciliations for CAM/taxes/insurance                             ___________
          d.   Statement of current monthly amounts paid by tenants for CAM/tax/
               insurance plus a year-to-date balance of amounts paid by each
               tenant                                                              ___________

     11.  Information related to any recent CAM or TAX Audits, including copies
          of reports                                                               ___________

     12.  Leakage report of reimbursable expenses by tenant.                       ___________

     13.  Base rent collected in previous five calendar year period by tenant      ___________

     14.  Physical occupancy for the last five calendar years prior to purchase    ___________

     15.  Receivables status/aging report                                          ___________

     16.  Tenant sales reports for last three years                                ___________

     17.  Tenant financial statements                                              ___________

     18.  Lease expirations - next three years                                     ___________

          a.   Status of expirations, with kick-outs, with respect to renewal
               possibilities                                                       ___________

     19.  Description and breakdown of Promotional Income and Marketing Fund       ___________

     20.  Leasing Plan                                                             ___________
</Table>

<Page>

<Table>
<Caption>
NAME OF PROPERTY:                                                                   Comments
----------------------------------------------------------------------------------------------
<S>                                                                                <C>
B.   EXPENSE INFORMATION

     1.   Twelve months of consecutive utility bills
          a.   Water                                                               ___________
          b.   Gas                                                                 ___________
          c.   Electric                                                            ___________
          d.   Telephone and dedicated lines                                       ___________

     2.   Copies of all service agreements, contracts or any leases that
          encumber the property
          a.   Fire/burglar alarm                                                  ___________
          b.   Antenna cable/satellite dish                                        ___________
          c.   Cleaning                                                            ___________
          d.   Exterminating                                                       ___________
          e.   Landscaping                                                         ___________
          f.   Scavenger                                                           ___________
          g.   Security service                                                    ___________
          h.   Snow removal                                                        ___________
          i.   Towing                                                              ___________
          j.   Union contracts                                                     ___________
          k.   Elevator                                                            ___________
          1.   Uniform rental                                                      ___________
          m.   Water softeners                                                     ___________
          n.   Leasing                                                             ___________
          o.   Management                                                          ___________
          p.   Advertising                                                         ___________
          q.   Tax reduction legal fees                                            ___________
          r.   Any other service contracts or leases not cancelable in 90 days     ___________

     3.   Capital improvements
          a.   Capital improvements over the last 36 months                        ___________
          b.   Five-year capital expenditure forecast                              ___________
          c.   Assignable warranties                                               ___________

C.   ENVIRONMENTAL REPORTS

     1.   Phase I                                                                  ___________

     2.   Other                                                                    ___________

D.   STAFFING

     1.   Itemized by position and salary                                          ___________

E.   SITE INSPECTIONS

     1.   Inspection report                                                        ___________

     2.   Photo attached                                                           ___________
</Table>

                                        2
<Page>

<Table>
<Caption>
NAME OF PROPERTY:                                                                   Comments
----------------------------------------------------------------------------------------------
<S>                                                                                <C>
F.   MISCELLANEOUS

     1.   Code violations
          a.   Current and outstanding                                             ___________
          b.   Last 24 months, with compliance                                     ___________
          c.   Contact municipalities as to other problems                         ___________

     2.   Easement/encumbrances: restrictive easement agreements/operating
          easement agreements                                                      ___________

     3.   Warranties                                                               ___________

     4.   Current tenant contact list                                              ___________

     5.   Certificates of insurance from tenants                                   ___________

     6.   Current insurance policies (building and common area)
          a.   Property                                                            ___________
          b.   Liability                                                           ___________
          c.   Umbrella                                                            ___________

     7.   Copy of Management Agreement                                             ___________

     8.   Recent third party appraisal                                             ___________

     9.   Marketing/leasing brochures                                              ___________

     10.  Survey                                                                   ___________

     11.  Site plan                                                                ___________

     12.  Building photographs and aerials                                         ___________

     13.  Certificates of Occupancy                                                ___________

     14.  Zoning Letter                                                            ___________

     15.  Building Plans and Specifications                                        ___________
</Table>

<Page>

                                    EXHIBIT O

                         POST-CLOSING WORK REQUIREMENTS

     The following terms, provisions, requirements and conditions shall apply at
all times during which Seller, or any of its employees, agents, representatives,
contractors, subcontractors or other parties on Seller's behalf, perform any
work upon the Property from and after the Initial Funding Date.

     1.   WORK. All construction, tenant improvements, tenant fit-out and other
work (collectively, the "Work") shall be constructed in a good and workmanlike
fashion, in accordance with the requirements, criteria, standards and guidelines
set forth in this Exhibit O, and in compliance with all applicable Legal
Requirements and the terms and provisions of any Leases relating to such Work.
Once commenced, all Work shall diligently proceed to completion. Seller shall
coordinate and schedule the work so as to (a) avoid interference with any other
work being performed by or on behalf of Purchaser and tenants and occupants of
the Property, and (b) minimize any interference with the operation of the
Property and the conduct of any businesses thereon. Seller shall comply and
shall use commercially reasonable efforts to cause all Seller Contractors (as
defined in Paragraph 2(b)(iv) below) to comply with all rules and regulations
existing from time to time at the Property regarding construction activities.

     2.   PRE-CONSTRUCTION ACTIVITIES.

     (a)  Prior to commencing any Work upon the Property, Seller shall submit to
Purchaser for its review and approval four (4) sets of prints of the Plans. As
used herein, the term "Plans" shall mean the full and detailed architectural and
engineering plans and specifications covering the applicable Work (including,
without limitation, architectural, mechanical and electrical working drawings
for the Work). The Plans shall be subject to Purchaser's approval and the
approval of all local governmental authorities requiring approval of the Work
and/or the Plans. Purchaser agrees not to unreasonably withhold its approval of
said Plans; provided, however, that Purchaser shall not be deemed to have acted
unreasonably if it withholds its approval of the Plans because, in Purchaser's
reasonable opinion: (i) the Work as shown in the Plans is likely to materially
and adversely affect Property or the safety of the Property and/or its tenants
and/or occupants; (ii) the Work as shown on the Plans might impair Purchaser's
ability to furnish services to any tenant, occupant or other user of the
Property or any portion thereof; (iii) the Work would increase the cost of
operating the Property; (iv) the Work would violate or fail to comply with any
applicable Legal Requirements or industry standards; (v) the Work contains or
uses hazardous or toxic materials or substances; (vi) the Work would adversely
affect the appearance of the Property; or (vii) the Work is prohibited by any
mortgage or trust deed encumbering the Property or any portion thereof. The
foregoing reasons, however, shall not be exclusive of the reasons for which
Purchaser may withhold consent, whether or not such other reasons are similar or
dissimilar to the foregoing. If Purchaser disapproves the Plans or notifies
Seller that changes are required to the final Plans submitted by Seller, Seller
shall, within seven (7) business days thereafter, submit to Purchaser, for its
approval, the Plans amended in accordance with any changes required by
Purchaser. The Plans shall also be revised, and the Work shall be changed, all
at Seller's cost and expense, to incorporate any work required in or upon the
Property by any local governmental agency, authority or field inspector. The
Plans as approved by Purchaser in accordance with this subsection (a) shall
hereinafter be referred to as the "Approved Plans".

     (b)  Prior to commencing any Work upon the Property, Seller shall submit
the following information and items to Purchaser for Purchaser's review and
approval:

          (i)     A construction schedule for the Work and the time required for
     each, including the scheduled commencement date of construction of the
     Work, milestone dates and the estimated date of completion of construction.

          (ii)    The names and addresses of Seller Contractors (and said
     contractors' subcontractors) and materialmen to be engaged by Seller for
     the Work (individually, a "Seller Contractor," and collectively, "Seller
     Contractors"). Purchaser has the right to approve or disapprove all or any
     one or more of Seller Contractors, such approval not to be unreasonably
     withheld, conditioned or delayed.

<Page>

     Once approved, Seller shall not remove or replace any of Seller Contractors
     without Purchaser's prior approval.

          (iii)   Certified copies of insurance policies or certificates of
     insurance as described in Paragraph 5 below. Seller shall not permit Seller
     Contractors to commence work until the required insurance has been obtained
     and certified copies of policies or certificates have been delivered to
     Purchaser.

          Seller will update such information and items by notice to Purchaser
          of any changes.

     (c)  Purchaser's review and approval of the Plans shall in no way be deemed
to be or constitute a waiver of the requirements set forth in this Exhibit O
and/or the Agreement regarding any Work or a representation or warranty by
Purchaser that the Plans either are complete or suitable for their intended
purpose, comply with applicable Legal Requirements, that any element of the Work
performed pursuant to the Plans will comply with applicable Laws or that the
Work can be constructed in accordance with the Plans, it being expressly agreed
by Seller that Purchaser assumes no responsibility or liability whatsoever to
Seller or to any other person or entity for such completeness, suitability or
compliance.

     (d)  After written approval by Purchaser of the Approved Plans, Seller
shall, with reasonable speed and diligence, file the Approved Plans with the
appropriate-governmental authority or authorities, and shall take whatever
action shall be necessary (including modifications approved by Purchaser of the
Approved Plans) to obtain and maintain all permits, licenses and other
governmental certifications, permits, authorizations and approvals which may be
required in connection with the Work. Seller shall pay all filing fees and other
costs in connection therewith. Purchaser shall reasonably cooperate with Seller,
at Seller's cost, in connection with the aforesaid. Seller will promptly furnish
to Purchaser copies of the Approved Plans approved by such governmental
authorities.

     (e)  No Work shall be undertaken or commenced by Seller in or upon the
Property until (i) Seller has delivered, and Purchaser has approved, all items
set forth in this Paragraph 2, and (ii) all necessary building permits have been
applied for and obtained by Seller.

     3.   CHANGE ORDERS. All changes to Approved Plans and/or any Work must be
approved by Purchaser in advance of the implementation of such changes as part
of such Work. All delays caused by Seller-initiated change orders, including,
without limitation, any stoppage of work during the change order review process,
are solely the responsibility of Seller. All increases in the cost of the Work
resulting from such change orders shall be borne by Seller.

     4.   STANDARDS OF DESIGN AND CONSTRUCTION AND CONDITIONS OF SELLER'S
PERFORMANCE. All Work done in or upon the Property by Seller shall be done
according to the standards set forth in this Paragraph 4, except as the same may
be modified in the Approved Plans approved by or on behalf of Purchaser and
Seller.

     (a)  The Approved Plans and all design and construction of any Work shall
comply with all applicable Legal Requirements and industry standards, including,
but not limited to, requirements of Purchaser's fire insurance underwriters.

     (b)  Seller shall, at its own cost and expense, obtain all required
building permits and occupancy permits.

     (c)  Seller Contractors shall be licensed contractors, possessing good
labor relations, capable of performing quality workmanship and working in
harmony with Purchaser's contractors and subcontractors and with other
contractors and subcontractors in or at the Property. All work shall be
coordinated with any other construction or other work in the Property in order
not to adversely affect construction work being performed by or for Purchaser or
any tenant or occupant of the Property.

<Page>

     (d)  Seller shall use only new, first-class materials in connection with
the construction and installation of all Work, except where explicitly shown in
the Approved Plans. All Work shall be done in a good and workmanlike manner.
Seller shall obtain contractors' warranties of at least one (1) year duration
from the completion of all Work against defects in workmanship and materials on
all work performed and equipment installed in and upon the Property as part of
any Work and shall deliver copies of such warranties to Purchaser upon
completion of the applicable component of such Work. Upon Completion of any
Work, Seller shall assign to Purchaser or the entity that owns the Property all
such construction and manufacturer's warranties issued with respect to the
design, development and construction of such Work or any part thereof.

     (e)  Seller represents, warrants, covenants and agrees as follows: the
title of all Work, automatically and without further action, will pass to
Purchaser either (i) by incorporation in the construction or (ii) upon the
receipt of payment therefore by the applicable Seller Contractor, whichever
occurs first, free and clear of all liens, claims, security interests, or
encumbrances whatsoever; provided, however, that the vesting of such title shall
not impose any obligations on Purchaser or relieve Seller or any Seller
Contractor of any of their obligations under this Exhibit or any other Contract
relating to the development and construction of such Work, and provided further
that Seller and the applicable Seller Contractor shall remain responsible for
damage to or loss of such Work, whether completed, delivered on or offsite, or
under construction, and Seller and the applicable Seller Contractor shall insure
and protect all such items until completion.

     (f)  Seller and Seller Contractors shall make all commercially reasonable
efforts and take all steps appropriate to assure that all construction
activities undertaken are consistent with a first-class shopping center and do
not unreasonably interfere with the operation of the Property or with other
tenants and occupants of the Property. Seller shall comply with all rules and
regulations existing from time to time at the Property regarding construction
activities. Seller and Seller Contractors shall take all precautionary steps to
minimize dust, noise and construction traffic, and to protect their facilities
and the facilities of others affected by any Work and to properly police same.
Construction equipment and materials are to be kept within areas on the Property
designated from time to time by Purchaser and delivery and loading of equipment
and materials shall be done at such locations and at such time as Purchaser
shall direct so as not to burden the operation of the Property.

     (g)  Purchaser shall have the right, upon reasonable advance notice to
Seller (except in the case of an emergency, where no such notice shall be
required) and without liability or recourse, to order Seller or any of Seller
Contractors that violate the requirements imposed on Seller or Seller
Contractors in performing work to cease work and remove its equipment and
employees from the Property.

     (h)  Seller agrees to deliver to Purchaser from time to time, but not less
frequently than once per calendar month, written progress reports in respect of
the progress of completion of any Work, and shall deliver to Purchaser any and
all progress reports or similar documents received from any contractor
describing its progress with the construction of such Work. Seller shall notify
Purchaser in writing, and provide Purchaser with a revised construction
schedule, at any time that any delays in construction of any Work.

     (i)  Until completion of any Work, any and all utility costs or charges for
any service to the applicable portion of the Property shall be the
responsibility of Seller and shall be paid for by Seller. Seller shall arrange
and pay for removal of construction debris and shall not place debris in the
Property's or any other tenant's or occupant's waste containers.

     (j)  Seller shall permit access to all Work, and the Work shall be subject
to inspection, by Purchaser and Purchaser's architects, engineers, contractors
and other representatives, at all times during the period in which such Work is
being constructed and installed and following completion of such Work.

     (k)  Seller shall proceed with all Work expeditiously, continuously and
efficiently. Seller shall notify Purchaser upon completion of any Work and shall
furnish Purchaser and Purchaser's title insurance company (the "Title Company")
with such further documentation as may be necessary or required under Paragraph
6 below.

     (1)  Seller shall have no authority to deviate from the Approved Plans in
performance of the Work, except as authorized by Purchaser and Purchaser's
Representative in writing (which authorization shall not be

<Page>

unreasonably withheld or delayed). Seller shall furnish to Purchaser "as-built"
drawings of the Work within thirty (30) days after completion.

     (m)  Seller shall impose on and enforce all applicable terms of this
Exhibit against Seller's architect and Seller Contractors.

     (n)  It shall be Seller's responsibility to cause Seller Contractors to
secure all parts of all Work against accident, storm and any other hazard.

     5.   INSURANCE AND INDEMNIFICATION.

     (a)  Seller shall secure, pay for and maintain and shall require and use
commercially reasonable efforts to cause Seller Contractors to secure, pay for
and maintain during the continuance of the Work, insurance in the following
minimum coverages and the following minimum limits of liability and with
insurance companies acceptable to Purchaser:

        i.        Worker's Compensation Insurance with limits not less than
     those required by law.

       ii.        Employer's Liability Insurance with limits of not less than
     $500,000 per accident, $500,000 per disease and a $2,000,000 policy limit
     on disease.

      iii.        Commercial General Liability Insurance (including Contractors'
     Protective Liability) in an amount not less than $2,000,000.00 per
     occurrence, whether involving bodily injury liability (or death resulting
     there from) or property damage liability or a combination thereof with a
     minimum aggregate limit of $3,000,000.00, and with umbrella coverage with
     limits not less than $5,000,000.00. Such insurance shall provide for
     explosion and collapse, completed operations coverage and broad form
     blanket contractual liability coverage and shall insure Seller Contractors
     against any and all claims for bodily injury, including death resulting
     therefrom, and damage to the property of others and arising from its
     operations under the contracts whether such operations are performed by
     Seller Contractors or by anyone directly or indirectly employed by any of
     them.

       iv.        Comprehensive Automobile Liability Insurance, including the
     ownership, maintenance and operation of any automotive equipment, owned,
     hired, or non-owned in an amount not less than $500,000.00 for each person
     in one accident, and $1,000,000.00 for injuries sustained by two or more
     persons in any one accident and property damage liability in an amount not
     less than $1,000,000.00 for each accident. Such insurance shall insure
     Seller Contractors against any and all claims for bodily injury, including
     death resulting therefrom, and damage to the property of others arising
     from its operations under the contracts, whether such operations are
     performed by Seller Contractors, or by anyone directly or indirectly
     employed by any of them.

        v.        "All-risk" Builder's Risk Insurance upon all Work to the full
     insurable value thereof. This insurance shall include the interests of
     Purchaser and Seller (and their respective contractors and subcontractors
     of any tier to the extent of any insurable interest therein) in such Work
     and shall insure against the perils of fire and extended coverage and shall
     include "all-risk" builder's risk insurance for physical loss or damage
     including, without duplication of coverage, theft vandalism and malicious
     mischief. If portions of any Work stored off the site of the Property or in
     transit to the Property are not covered under said "all-risk" builder's
     risk insurance, then Seller shall effect and maintain similar property
     insurance on such portions of the Work. Any loss insured under said
     "all-risk" builder's risk insurance is to be adjusted with Purchaser and
     Seller and made payable to Purchaser, as trustee for the insureds, as their
     interests may appear.

     All policies (except the Worker's Compensation policy) shall be endorsed to
include as additional insureds, Purchaser (and the constituent members of
Purchaser generally), the owner of the Property, Purchaser's property manager,
and such additional persons as Purchaser may designate from time to time. The
insurance policy endorsements shall also provide that all additional insured
parties shall be given thirty (30) days' prior written notice of any reduction,
cancellation, modification or non-renewal of coverage and shall

<Page>

provide that the insurance coverage afforded to the additional insured parties
thereunder shall be primary to any insurance carried independently by said
additional insured parties. Additionally, where applicable, each policy shall
contain a cross-liability and severability of interest clause. Seller hereby
waives any and every claim for recovery from and against Purchaser for any and
all loss of or damage to any and all Work and to the contents thereof, and to
Seller's or Seller Contractors' property, which loss or damage is covered by
valid and collectible physical damage insurance policies to the extent that such
loss or damage is recoverable under said insurance policies. Inasmuch as this
waiver will preclude the assignment of any such claim by subrogation (or
otherwise) to an insurance company (or any other person), Seller hereby agrees
to give to its insurance company which has issued to it, or in the future may
issue to it, policies of physical damage insurance, written notice of the terms
of this waiver, and to have said insurance policies properly endorsed, if
necessary, to prevent the invalidation of said insurance coverage by reason of
said waiver.

     (b)  Seller agrees to indemnify, protect, defend and hold harmless
Purchaser, Purchaser's property manager and their respective members,
beneficiaries, partners, directors, officers, employees and agents, and all
tenants and occupants of the Property, from and against all claims, liabilities,
losses, damages and expenses of whatever nature arising out of or in connection
with any and all Work and/or the entry of Seller or Seller Contractors onto the
Property, including, without limitation, (i) mechanic's liens, (ii) the cost of
any repairs to the Property necessitated by activities of Seller or Seller
Contractors, (iii) bodily injury to persons or damage to the property of Seller,
its employees, agents, invitees, licensees or others (including, without
limitation, tenants and occupants of the Property), and/or (iv) Seller's failure
to complete any Work within any required period of time provided in any Lease or
other document or agreement.

     6.   PAYMENT FOR THE WORK; LIEN WAIVERS. Seller shall be responsible for
the payment of all costs, expenses, fees and other charges relating to any and
all Work (collectively, "Costs"), and shall indemnify and hold harmless
Purchaser from and against any loss, cost, damage, or expense incurred by
Purchaser by reason of Seller's failure to pay all Costs, including, but not
limited to, paying or satisfying any mechanic lien claims arising in connection
with any such failure to pay all Costs. Within thirty (30) days after final
completion of any Work, Seller shall submit to Purchaser a detailed breakdown of
the total amount of Costs, together with final waivers of liens, contractors'
affidavits, and architects' certificates in such form as may be reasonably
required by Purchaser, the Title Company and Purchaser's lender, if any, from
all of Seller Contractors and any other parties performing labor or supplying
materials or services in connection with the Work, showing that all of Seller
Contractors and such other parties have been compensated in full and waiving all
liens in connection with the Property. If any mechanics, materialsmens,
suppliers or vendors lien shall be filed against the Property or any portion
thereof with respect to any Work, then Seller immediately shall pay or, to
Purchaser's satisfaction, bond over such lien.

     7.   SELLER'S OCCUPANCY DURING THE CONSTRUCTION PERIOD. Except for any
injury, loss or damage caused solely by the negligence or willful misconduct of
Purchaser or its agents, representatives, employees, contractors or
subcontractors, Purchaser shall not be liable for any injury, loss or damage
which may occur to any Work or any other installations made in the Property or
to property placed therein, the same being at Seller's sole risk and liability.
Seller shall be liable to Purchaser for any damage to any portion of the
Property caused by Seller or any of Seller's employees, agents, contractors
(including Seller Contractors), subcontractors of any tier, workmen and/or
suppliers. In the event the performance of any Work by Seller, its agents,
employee, contractors or subcontractors of any tier causes extra costs to
Purchaser, Seller shall reimburse Purchaser for the entire extra cost and the
cost incurred by Purchaser for the engineers or operators under applicable union
regulations or contracts. Seller hereby assumes sole and entire responsibility
for any and all loss of life, injury to persons or damage to property (wherever
such property may be located) that may be sustained, suffered or incurred
directly or indirectly due to or on account of the activities of Seller, its
agents, employees, contractors (including Seller's Contractor), subcontractors
of any tier, consultants, representatives and other professional advisers, and
for those claiming by or through any of them (collectively, the "SELLER GROUP")
in, on and at the Property or any portion thereof. Seller, for itself and for
the Seller Group, hereby releases Purchaser and its members, officers,
directors, partners, employees, agents, mortgagees, licensees, tenants,
contractors, guests and invitees (and their respective members, officers,
directors, partners, employees, agents, mortgagees, licensees, contractors,
guests and invitees) from any and all (a) liability, loss, claim, demand, lien,
damage, penalty, fine, interest, cost and expense (including, without
limitation, reasonable attorneys' fees and litigation costs), and (b) damage,
destruction or theft of property, that may arise from, in

<Page>

connection with or during the performance of any Work or other activities of
Seller or any of the Seller Group in, on or at the Property or any portion
thereof, and/or Seller's failure to complete any Work within any required period
of time provided in any Lease or other document or agreement.

     8.   REPRESENTATIVES. Each of Purchaser and Seller shall appoint one or
more individual representatives ("Representatives") who are authorized to act on
its behalf in connection with the administration and supervision of Work. Each
of Purchaser and Seller may, by written notice to the other, remove any
Representatives appointed by such party and appoint a substitute or substitutes
therefore; provided, however, that any new Representatives must be approved by
the other party, which approval shall not be unreasonably withheld.

     9.   PURCHASER'S REMEDIES. The occurrence of a default by Seller under this
Exhibit shall entitle Purchaser to pursue any and all rights and remedies
provided for under this Agreement, at law and/or in equity.

     10.  MISCELLANEOUS. Purchaser has made no oral or written agreement with
Seller to alter, improve or do any work with respect to the Property. Any
written notices under this Exhibit shall be given in the same manner as notices
under this Agreement. References to Purchaser in this Exhibit shall also include
the entity that owns the Property, and their respective successors and assigns.
Time is of the essence of this Exhibit. All representations, warranties,
agreements, covenants, obligations and indemnities of the parties contained in
this Exhibit shall survive the Closing without restriction or limitation, and
shall not be merged into the Deed, and the same shall inure to the benefit of
and be binding upon the respective successors and assigns of the parties hereto.
This Exhibit is for the sole and exclusive benefit of the parties hereto and
their respective successors and assigns, and no third party are intended to or
shall have any rights hereunder. Seller may not assign this Agreement or any of
its rights or obligations hereunder, in whole or in part, to any party. If any
provision or provisions in this Exhibit is found by a court of law to be in
violation of any applicable local, state or federal ordinance, statute, law,
administrative or judicial decision, or public policy, and if such court should
declare such portion, provision or provisions of this Exhibit to be illegal,
invalid, unlawful, void or unenforceable as written, then it is the intent both
of Seller and Purchaser that such portion, provision or provisions shall be
given force to the fullest possible extent that they are legal, valid and
enforceable that the remainder of this Exhibit shall be construed as if such
illegal, invalid, unlawful, void or unenforceable portion, provision or
provisions were not contained therein, and that the rights, obligations and
interest of Purchaser and Seller under the remainder of this Exhibit shall
continue in full force and effect. In the event of litigation between the
parties with respect to the Property, this Exhibit, and/or the performance of
their respective obligations hereunder, the losing party shall pay all costs and
expenses incurred by the prevailing party in connection with such litigation,
including, but not limited to, court costs and reasonable attorney's fees.

     11.  SELLER WARRANTY.  Seller agrees that for a period of one (1) year from
completion of any Work Seller shall repair, or cause to be repaired, any defects
in construction, labor and workmanship regarding the construction of such Work
or any portion thereof (including, without limitation, any repairs required by
the terms of any Leases relating thereto). Seller and Purchaser agree to
cooperate with each other in order to enforce any of the warranties being
assigned to Purchaser hereunder, but such cooperation shall not limit any of
Seller's obligations hereunder. Such obligation shall include any repairs or
improvements which are required to comply with applicable Legal Requirements
and/or which are otherwise required to put such Work in the condition required
by this Agreement, this Exhibit and/or any Lease relating thereto.

<Page>

                               FIRST AMENDMENT TO
                         AGREEMENT OF PURCHASE AND SALE

     THIS FIRST AMENDMENT TO AGREEMENT OF PURCHASE AND SALE (this "First
Amendment") is made and entered into as of the 21st day of June, 2004, by and
between STAFFORD COLLETON, LLC, a Georgia limited liability company ("Seller"),
and INLAND REAL ESTATE ACQUISITIONS, INC., an Illinois corporation
("Purchaser").

                                    RECITALS:

     A.   Seller and Purchaser previously entered into that certain Agreement of
Purchase and Sale dated as of May 20, 2004 (the "Agreement"), with respect to
certain property and all improvements thereon commonly known as Phase I of Low
Country Village Shopping Center and located at the intersection of Highway 278
and Foreman Hill Road, Bluffton, South Carolina, and more particularly described
in the Agreement.

     B.   Seller and Purchaser desire to amend the Agreement as more
particularly set forth herein.

     NOW, THEREFORE, for and in consideration of the mutual covenants and
promises herein contained, and other good and valuable consideration, Seller and
Purchaser hereby amend the Agreement and agree as follows:

     1.   INCORPORATION OF RECITALS: DEFINED TERMS. The foregoing Recitals are,
by this reference, incorporated into the text of this First Amendment as if
fully set forth herein. Initially capitalized terms used but not defined in this
First Amendment, but defined in the Agreement, shall have the meanings given to
them in the Agreement.

     2.   DUE DILIGENCE PERIOD; TENANT ESTOPPELS. Pursuant to Section 8.1(a) of
the Agreement, the Due Diligence Period is scheduled to expire on June 21, 2004.
Seller and Purchaser hereby agree that the date upon which the Due Diligence
Period shall expire is hereby extended from June 21, 2004 to June 30, 2004.
Accordingly, Purchaser shall have until 5:00 p.m. (Chicago time) on June 30,
2004, to terminate the Agreement and this First Amendment pursuant to Section
8.1(a) of the Agreement. Additionally, Section 8.1(b)(i) of the Agreement is
hereby amended by deleting from the first two (2) lines thereof "not less than
ten (10) days prior to the Initial Funding Date", and inserting in lieu thereof
"on or before June 30, 2004". Additionally, notwithstanding anything contained
in the Agreement to the contrary, Seller and Purchaser hereby agree that,
subject to satisfaction of all conditions to closing contained in the Agreement
(as amended by this First Amendment), the Closing shall occur on June 30, 2004.

     3.   COUNTERPARTS; FACSIMILE SIGNATURES. This First Amendment may be
executed (a) in any number of counterparts, each of which shall be an original,
and each such counterpart shall constitute but one and the same agreement and
(b) by facsimile which shall be considered and constitute an original executed
and delivered agreement.

     4.   MISCELLANEOUS. Except to the extent amended and modified herein, the
Agreement is hereby ratified and confirmed and shall remain in full force and
effect as originally written. From and after the date of this First Amendment,
this First Amendment shall be deemed to be a part of the Agreement.

                         [SIGNATURES ON FOLLOWING PAGE]

<Page>

     IN WITNESS WHEREOF, Seller and Purchaser have hereunto set their hands and
seals as of the day and year first above written.

                                         PURCHASER:

                                         INLAND REAL ESTATE ACQUISITIONS,
                                         INC., an Illinois corporation

                                         By: /s/ Jason A. Lazarus
                                            ----------------------------------
                                                Name: Jason A. Lazarus
                                                     -------------------------
                                                Its: Authorized Agent
                                                    --------------------------

                                         SELLER:

                                         STAFFORD COLLETON, LLC, a Georgia
                                         limited liability company

                                         By: /s/ David J. Oliver
                                            ----------------------------------
                                                Name: David J. Oliver
                                                     -------------------------
                                                Its:  Authorized Member
                                                    --------------------------
                                        2<Page>

                                                                  Exhibit 10.214

                                INSTALLMENT NOTE

Dated as of June 30, 2004

     FOR VALUE RECEIVED, the undersigned, NEWMAN DEVELOPMENT GROUP OF GILROY,
L.L.C., a California limited liability company (sometimes hereinafter referred
to as "Maker") promises to pay to the order of IWEST GILROY, L.L.C., a Delaware
limited liability company (sometimes hereinafter referred to as "Lender"),
having its principal place of business at 2901 Butterfield Road, Oak Brook,
Illinois 60523, or at such other place or places as the holder hereof may from
time to time designate in writing, the principal sum of TWENTY-TWO MILLION AND
NO/100 DOLLARS ($22,000,000.00), or so much thereof as disbursed (the "Loan"),
together with interest thereon at the rate set forth below from the date of
first disbursement until maturity, unless the Default Rate, hereinafter defined,
shall apply, as follows:

     a.   From the date of first disbursement of the proceeds of this Note until
          the Initial Maturity Date, interest at a per annum rate (the "Note
          Rate") equal to 6.9933 percent. Interest shall be paid monthly, in
          advance, commencing on July 1, 2004 and on the first day of each month
          thereafter (i.e. interest for July, 2004 is due and payable on July 1,
          2004) except that interest to accrue from the date of first
          disbursement of principal hereunder through June 30, 2004, both
          inclusive, shall be paid upon the first disbursement of the proceeds
          of this Note at the Note Rate.

     b.   A final balloon payment of all outstanding principal and all accrued
          and unpaid interest and all other sums then due and payable under this
          Note, the Deed of Trust, hereinafter defined, and the Other Loan
          Documents, hereinafter defined, shall be paid on July 15, 2005
          ("Initial Maturity Date").

     Provided no event of default or breach in any of the terms or conditions of
this Note, beyond any applicable cure period, or under the "Guaranty" or any of
the "Other Loan Documents" (as hereinafter defined), has ever occurred, either
prior to or at the time of the Notice of Election, hereafter defined, or
subsequently on or before the first day of the Extension Term, hereinafter
defined, and further provided (i) Lender, in its reasonable discretion, has
determined that there has been no material adverse change in the net operating
income, on an annualized basis, of the Premises, hereafter defined, tenancy or
terms of occupancy, (ii) Maker has provided Lender with the following
information: current operating statements and financial statements for the
Premises, current financial statements for Maker, a current rent roll and a
pro-forma operating statement for the Premises during the extension term and for
the following 12 months and (iii) the Premises has not suffered any significant
damage or other casualty of $100,000 or more in aggregate or any damage by fire
or casualty of less than $100,000 that is not covered by applicable insurance,
unless same has been repaired at Borrower's expense, (iv) there is no
condemnation commenced or threatened against the Premises which would have a
material adverse effect on the value of the Premises or the Premises operations,
(v) there is no environmental claim or complaint, pending or threatened,
relating to the Premises, the land, the Maker or any contiguous land, other than
that previously disclosed by Maker (vi) no law, regulation, ordinance,
restriction or similar matter has been enacted or adapted by any federal, state
or local government that would, in Lender's reasonable judgment, materially
adversely affect the income, expenses, occupancy or use of the Premises, (vii)
Maker is not involved in any

<Page>

litigation (except solely as plaintiff or where the amount in controversy will
in no event be in excess of $100,000.00), pending or threatened bankruptcy,
reorganization, receivership or insolvency proceedings, and (viii) Lender has
determined that there has been a material deterioration (reduction in cash flow
of 10% or more) in the cash flow from the Premises as compared to the highest
actual cash flow from the Premises at any time prior to such comparison, then
Maker may elect to extend the Maturity Date of this Note for not more than one
(1) term of twelve (12) months (the "Extension Term" and the expiration of the
Extension Term being the "Extension Maturity Date") on the following terms and
conditions:

     1.   The Extension Term election shall be exercised by Maker serving a
          separate written notice (each a "Notice of Election") to the holder
          hereof at least twenty (20) days, but not more than sixty (60) days,
          prior to the expiration of the Initial Maturity Date;

     2.   As consideration to the holder hereof for granting the Extension Term,
          a non-refundable fee (the "Extension Fee") in the amount of Four
          Hundred Forty Thousand Dollars ($440,000.00) shall be paid to Lender
          at the time such extension is granted.

     3.   The interest rate during the Extension Term shall be 7.9933 percent
          per annum.

     4.   The Extension Term shall be documented as reasonably required by the
          holder hereof and may include, without limitation: (i) a statement to
          the holder hereof from Maker and all guarantors of this Note, which
          recertifies as true and accurate all covenants, representations and
          warranties contained in the Deed of Trust and in the Other Loan
          Documents; and (ii) a written acknowledgment and consent from all of
          the guarantors acknowledging and consenting to the Extension Term and
          reaffirming their respective guaranties.

     Maker acknowledges that the monthly installments required by the terms of
this Note will not amortize the principal sum of the indebtedness by either the
Initial Maturity Date or the Extension Maturity Date, each sometimes hereinafter
referred to as a "Maturity Date", resulting in a "balloon payment" on any of
such maturity dates of the then unpaid principal sum and accrued and unpaid
interest thereon. The holder of this Note has made no agreement to refinance
such balloon payment.

     Interest (including without limitation, any interest due hereunder at the
Default Rate) on unpaid principal shall be computed on the basis of a 360 day
year using the actual number of days for the applicable period in any such year
as follows: the interest rate shall be multiplied by the outstanding principal
balance of this Note; the resulting product shall be divided by 360, with the
resulting quotient multiplied by the number of days for the period for which
interest is payable. All payments required to be made herein shall be made in
lawful money of the United States of America.

     All monthly payments shall be due and payable on the first day of the
month. If any monthly payment due hereunder, including without limitation the
real estate tax and insurance premium payments required by Article 31 of the
Deed of Trust securing this Note, is not made

                                        2
<Page>

on or before the 10th day after the date such payment is due, a late payment
charge equal to 5% of the delinquent payment shall be due and payable and the
interest rate hereunder shall increase to the Default Rate on the entire
outstanding principal sum until such monthly payment and all applicable interest
is paid, unless the Loan has been accelerated. If the final balloon payment of
all outstanding principal and all accrued and unpaid interest and all other sums
then due and payable under this Note, the Deed of Trust and the Other Loan
Documents is not made on the applicable Maturity Date, a late payment charge
equal to 5% of the delinquent payment shall be due and payable and the interest
rate hereunder shall increase to the Default Rate on the entire outstanding
principal sum and all accrued and unpaid interest thereon effective the
applicable Maturity Date until all outstanding principal and all accrued and
unpaid interest and all other sums then due and payable under this Note, the
Deed of Trust and the Other Loan Documents are paid in full including, but not
limited to, the payment of such increased interest and the late payment charge.
No grace period is provided for the payment of principal and interest due on the
Maturity Date.

     Whenever a late charge is due under this Note, Maker acknowledges: that its
failure to timely make the delinquent payment will cause Lender to incur
additional expenses and the loss of the use of funds; that it is extremely
difficult and impractical to determine such additional expenses and loss of use
of funds; that the late charge represents a fair and reasonable estimate, taking
in to account all circumstances existing on the date of this Note, of the
additional expenses and the loss of use of funds Lender will incur by reason of
such late payment; and that the late charge is in addition to, and not in lieu
of, any interest payable at the Default Rate. Whenever the interest rate
hereunder shall increase to the Default Rate, Maker also acknowledges: that a
delinquent payment or the occurrence of an event of default will materially
increase Lender's risk and/or cause Lender to incur additional expenses in
servicing and processing the indebtedness evidence by this Note and its loss of
the use of the money due; that it is extremely difficult and impractical to
determine such additional expenses and loss of use of the money due; that the
increase in the rate of interest payable under this Note to the Default Rate
represents a fair and reasonable estimate, taking in to account all
circumstances existing on the date of this Note, of the additional expenses
Lender will incur by reason of an occurrence of an event of default and the
additional compensation Lender is entitled to receive for the increased risks of
any nonpayment associated therewith. The provisions of this paragraph, and the
immediately preceding paragraph, are intended to govern only the determination
of damages in the event of a breach in the performance of Maker to make timely
payments hereunder or cure an event of default hereunder. Nothing in this Note
shall be construed as in any way giving Maker the right, express or implied, to
fail to make timely payments hereunder, whether upon payment of such damages or
otherwise. The right of Lender to receive payment of such liquidated and actual
damages, and receipt thereof, are without prejudice to the right of Lender to
collect such delinquent payments and any other amounts provided to be paid
hereunder or under any of the Deed of Trust or Other Loan Documents executed by
Maker in favor of Lender with respect to the subject matter hereof, or to
declare a default hereunder or under the Deed of Trust or any of the Other Loan
Documents.

     All payments required herein shall be applied first to all sums other than
principal and interest due and payable under the terms of this Note, the Deed of
Trust or the Other Loan Documents, hereinafter defined, next to all accrued and
unpaid interest, including all interest at

                                        3
<Page>

the Default Rate, with the balance of such payments, if any, applied to the
outstanding principal sum due under this Note.

     Any check, draft, money order or other instrument given in payment of all
or any portion of this Note may be accepted by Lender and handled in collection
in the customary manner at its option, but the same shall not constitute payment
hereunder or diminish any rights of Lender, except to the extent that actual
cash proceeds of such instrument are unconditionally received by Lender and
applied to this indebtedness as herein provided. Payment in full checks are
prohibited except pursuant to a separate written agreement between Maker and the
holder hereof expressly permitting paid in full checks. Payments received at the
Lender's office after 2:00 p.m. local time, will be credited against this Note
on the next business day.

     The entire outstanding principal sum together with all accrued and unpaid
interest thereon and any and all other payments then due hereunder and under the
Deed of Trust and Other Loan Documents may be prepaid in whole or in part
without premium or penalty, at any time upon not less than ten (10) days prior
written notice to the holder hereof. Partial prepayments will not defer, offset,
reduce, suspend or abate any monthly installment payments due hereunder. Any
prepayment hereunder must include all accrued and unpaid interest (including,
without limitation, any interest at the Default Rate due hereunder) and all late
payment charges that have accrued and are unpaid through the date of such
prepayment, and all other sums due hereunder and under the Deed of Trust and the
0ther Loan Documents. 0nly upon payment of (i) the entire outstanding principal
balance of this Note, (ii) all late payment charges, (iii) all accrued and
unpaid interest (including without limitation, any interest due hereunder at the
Default Rate) then due under this Note, and (iv) all other sums then due
hereunder and under the Deed of Trust and the Other Loan Documents; shall this
Note be deemed paid in full and the Deed of Trust and the Other Loan Documents
be cancelled and released. If Maker shall fail to effect any prepayment within
sixty (60) days after the written notice thereof has been received by Holder,
then Maker shall pay to Holder immediately upon the expiration of said sixty-day
period a prepayment termination fee in the amount of Two Thousand Five Hundred
and No/100 Dollars ($2,500.00) as liquidated damages since the actual damage to
Holder as a result of not receiving the anticipated prepayment shall be
difficult or impossible to accurately ascertain.

     The entire outstanding principal sum together with all accrued and unpaid
interest thereon, and all other payments then due hereunder and under the Deed
of Trust and Other Loan Documents and together with, to the extent permitted
under applicable law, costs and expenses, including attorneys' fees and
disbursements, incurred by the holder in collecting or enforcing payment
thereof, shall be and become immediately due and payable at the option of the
holder hereof in the event of default in the making of any payments due
hereunder, including real estate tax and insurance premium payments required by
Article 31 of the Deed of Trust, continuing after the expiration of any
applicable grace period, or in the event the right of acceleration accrues to
the holder hereof pursuant to the terms and provisions of the Deed of Trust or
the Other Loan Documents or in the event of any other default, under this Note,
the Deed of Trust or under any of the Other Loan Documents, continuing after the
expiration of any applicable grace or cure period. The entire outstanding
principal sum and all accrued and unpaid interest thereon shall bear interest at
the rate of 10% per annum ("Default Rate") effective the date of default, in the
event of any default hereunder or under the Deed of Trust or any Other Loan
Documents which is not cured within any applicable grace or cure period, or from
and after the date on

                                        4
<Page>

which the right of acceleration accrues to the holder hereof pursuant to any of
the terms of this Note, the Deed of Trust or the Other Loan Documents,
irrespective of whether or not such acceleration is actually declared. Interest
accrued at the Default Rate, and accrued late charges, shall be included in the
determination of the amount of any judgment entered on this Note, in any
judgment of foreclosure of the Deed of Trust and in determining the amount of
any deficiency due after any foreclosure sale of the Premises, hereinafter
defined.

     The entire outstanding principal sum together with all accrued and unpaid
interest thereon, and all other payments then due hereunder and under the Deed
of Trust and Other Loan Documents and together with, to the extent permitted
under applicable law, costs and expenses, including attorneys' fees and
disbursements, incurred by the holder in collecting or enforcing payment thereof
shall also be and become immediately due and payable at the option of the holder
hereof (a) if, except as may be permitted by the Deed of Trust, the Premises, or
any part thereof or any interest therein is conveyed, sold (including a sale on
an installment basis or pursuant to a land sale contract), transferred, leased,
encumbered or assigned in any manner whether voluntarily or involuntarily
without the prior written consent of the holder hereof; or (b) if any
representation or warranty of Maker or any guarantor, made herein, in the Deed
of Trust or any Other Loan Documents, or in any certificate, report, financial
statement or other instrument or document furnished to Lender shall have been
false or misleading in any material respect when made; or (c) in the event of
any other prohibited transfer or any other event described in the Deed of Trust
or any Other Loan Documents causing acceleration of the Maturity Date of this
Note. With prior written notice to Beneficiary, but without Beneficiary's prior
written consent, Borrower may convey membership interests among its members and
to spouses, siblings, children or parents of members and to trusts solely to the
extent same is done for estate planning purposes.

     The remedies of the holder hereof as provided herein and in Deed of Trust
or in any Other Loan Documents shall be cumulative and concurrent, and may be
pursued singularly, successively or together, at the sole discretion of the
holder hereof, and may be exercised as often as occasion therefor shall arise.
The failure by the holder hereof to exercise any rights, powers, or remedies in
this Note provided, including the right to accelerate the Maturity Date of this
Note, upon the occurrence of one or more events of default under this Note, the
Deed of Trust or any of the Other Loan Documents, shall not constitute a waiver
of the right to exercise the same or any other right, power, or remedy at any
subsequent time in respect to the same event of default or any other event of
default. The acceptance by the holder of this Note of any payment after the date
such payment was due and any act of omission or commission by the holder hereof,
including specifically any failure to exercise any right, remedy or recourse,
shall not constitute a waiver of the right to exercise any rights, powers, or
remedies provided in this Note or in the Deed of Trust or any Other Loan
Documents at that time, or any subsequent time, or nullify any prior exercise of
any right, power, or remedy unless the holder of this Note so agrees in writing.
Except as may be otherwise specifically required herein, notice of the exercise
of any right, power or remedy granted to the holder hereof by this Note is not
required to be given.

     Maker shall pay on demand all expenses and costs, including fees and out-of
pocket expenses of attorneys and expert witnesses and costs of investigation,
incurred by Lender as a result of any default under this Note or in connection
with efforts to collect any amount due

                                        5
<Page>

under this Note, or to enforce the provisions the Deed of Trust or the Other
Loan Documents, including those incurred in post-judgment collection efforts, in
any bankruptcy proceeding (including any action for relief from the automatic
stay of any bankruptcy proceeding), or in any judicial or non-judicial
foreclosure proceeding including any appellate proceedings and review of tenant
estoppel letters and subordination, attornment and non-disturbance agreements.
Interest shall accrue on any judgment obtained by Lender in connection with the
enforcement or collection of this Note until such judgment amount is paid in
full at a rate equal to the greater of (a) the Default Rate or (b) the legal
rate applicable to judgments within such jurisdiction; provided, however, that
interest shall not accrue at a rate in excess of the maximum rate of interest,
if any, which may be charged or collected from Maker under applicable law.

     The liability of each of the Makers hereunder shall be primary, direct,
joint, and several, and none of the Makers shall be deemed a surety,
accommodation maker, or guarantor. The liability of each of the Makers shall not
be adversely affected by (a) modification, extension, renewal, substitution or
replacement of this Note, the Deed of Trust and any of the Other Loan Documents;
(b) the extension of additional credit separate from this transaction by Lender;
(c) the surrender, release, renewal, extension, sale exchange, or other
disposition of all or any part of the collateral securing this Note or the
acceptance of any additional or substituted collateral for this Note; (d)
Lender's failure to protect any such collateral from waste, diminution in value,
or otherwise; (e) Lender's purchase of any such collateral at judicial or other
sale, or any subsequent resale at public or private sale; (f) any extension of
time or any other indulgence granted by Lender under this Note, the Deed of
Trust and any of the Other Loan Documents; (g) any failure or delay by Lender in
attempting to enforce any of its rights or remedies under this Note, the Deed of
Trust any of the Other Loan Documents; (h) Lender's proceeding against fewer
than all parties liable under this Note; (i) Lender's release, settlement, or
compromise of its claim against any other party liable on this Note; or (j) the
occurrence of any other event which might otherwise operate as a discharge under
principles of suretyship.

     Each Maker waives all rights to seek contribution, indemnification, or
other form of reimbursement from the other Makers or any other person liable
under this Note, including any rights of subrogation to the rights of Lender
until the date that is one (1) year and one (1) day from the date the Loan is
paid in full. In the event any payment on this Note is held to constitute a
preference under the bankruptcy laws, the liability of each Maker shall
automatically be revived to the full extent of such payment.

     This Note is secured by a First Deed of Trust and Security Agreement ("Deed
of Trust") encumbering certain real estate, and the improvements thereon,
situated in the City of Gilroy, Santa Clara County, California commonly known as
Pacheco Pass Shopping Center, intersection of Camino Arroyo and State Highway
152, Gilroy, California as more particularly described in the Deed of Trust, and
which Deed of Trust also grants a security interest in Equipment and
intangibles, if any, as defined in the Deed of Trust (such real estate,
improvements, Equipment and intangibles being herein collectively referred to as
the "Premises"). In addition to the Deed of Trust, this Note is also secured by
other loan documents, including, but not limited to, an Assignment of Leases and
Rents, Financing Statements, Environmental Indemnity Agreement, Collateral
Assignment of Deposits, Collateral Assignment of Representations, Pledge of
Security Deposit Account and a Loan Guaranty Agreement (collectively, "Other
Loan Documents". The terms, provisions and the representations contained in the
Deed of Trust and the Other Loan

                                        6
<Page>

Documents are hereby incorporated herein by reference to the same extent and
with like effect as if the terms and provisions thereof and representations
therein were recited verbatim herein. Any default under the Deed of Trust or
Other Loan Documents shall be deemed to constitute a default hereunder. All
notices which may be required hereunder shall be sufficiently served by
delivering same as provided and at the addresses appearing in the Deed of Trust
for the service of notice.

     As to this Note and the Deed of Trust and the Other Loan Documents securing
the indebtedness evidenced by this Note, the undersigned and the successors,
transferees and assigns thereof, and all guarantors and endorsers (i) severally
waive all applicable exemption rights, whether under State Constitution,
homestead laws, other statutes or otherwise, and also severally waive valuation
and appraisement, presentment, demand for payment, dishonor and notice of
dishonor, protest and notice of protest and nonpayment, diligence in collection
and notice of the intention to accelerate, and (ii) expressly agree that the
maturity of this Note, or any payment hereunder, may be extended from time to
time without in any way affecting the liability of the undersigned, guarantors
or endorsers. Except as may be expressly stated herein or in the Deed of Trust
securing this Note, the undersigned hereby waives all rights of set off of any
kind or nature, and declares that the holder hereof may negotiate and sell this
Note free of all such defenses and rights of set off and without notice, and
that this Note shall be fully paid when due.

     Maker is and shall be obligated to pay principal, interest and any and all
other amounts which become payable hereunder or under the Deed of Trust or under
the Other Loan Documents absolutely and unconditionally and without any
abatement, postponement, diminution or deduction and without any reduction for
counterclaim or set off. In the event that at any time any payment received by
the holder hereof shall be deemed by a court of competent jurisdiction to have
been a voidable preference or fraudulent conveyance under any bankruptcy,
insolvency or other debtor relief law, the obligation to make such payment shall
survive any cancellation or satisfaction of this Note or return of such payment
to Maker and shall not be discharged or satisfied with any prior payment thereof
or cancellation of this Note, but shall remain a valid and binding obligation
enforceable in accordance with the terms and provisions hereof, and such payment
shall be immediately due and payable upon demand.

     No extension of the time for the payment of this Note or any installment
hereof made by agreement by the holder hereof with any person now or hereafter
liable for the payment of this Note shall operate to release, discharge, modify,
change or affect the original liability under this Note, either in whole, or in
part, of the Maker or any successor, transferee or assign of Maker or any
guarantors or endorsers.

     If at any time or times hereafter the holder of this Note employs counsel
for advice with respect to a default by the undersigned, or guarantor, if any,
of this Note, the Deed of Trust or any Other Loan Documents, or to intervene,
file a petition, answer, motion or other pleading in any suit or proceeding
relating to this Note, the Deed of Trust or any Other Loan Documents, or to
attempt to collect this Note from or to enforce this Note or the Deed of Trust
or any Other Loan Documents against the undersigned or any other person or
entity obligated for the payment or performance of this Note, then, in any of
such events, all of the attorneys' fees arising from such services and all
expenses, costs and charges relating thereto, shall be additional indebtedness
owing hereunder by the undersigned to the holder of this Note payable on demand.

                                        7
<Page>

     This Note and all the provisions hereof shall extend to, be binding upon
and inure to the benefit of the undersigned, its successors, transferees,
assigns, heirs, legatees, legal representatives and any future owner of the
Premises or any part thereof, and the Lender and any and all persons hereafter
owning or holding from time to time this Note, and their respective heirs,
legatees, legal representatives, successors, transferees and assigns.

     Any interest computation under this Note (or under any other instrument
executed in connection with or as security for the payment hereof) shall be at
not more than the maximum legal rate permitted by applicable law and in the
event it should be held that interest payable under this Note (or under any
other instrument executed in connection with or as security for the payment
hereof) is in excess of the maximum permitted by law, the interest chargeable
hereunder (or under any other instrument executed in connection with or as
security for the payment hereof) shall be reduced to the maximum amount
permitted by applicable law. If the holder of this Note shall collect interest
which is in excess of the maximum amount permitted by law, all such sums deemed
to constitute interest in excess of the maximum amount permitted by applicable
law shall, at the option of the holder hereof, shall be refunded to Maker or be
credited to the payment of other amounts due under the Deed of Trust or Other
Loan Documents, or to the principal of this Note, as the holder hereof
determines.

     Maker agrees to pay the effective rate of interest which is the total of
interest computed at the rate stated herein plus any additional interest
resulting from any other payments in the nature of interest, including without
limitation, any initial service charge, extension fees, maintenance fees, late
charge or default interest to the extent that such charges may be deemed
includable in interest for any purpose, expressed as a rate of interest computed
on the principal balance from time to time outstanding and the number of days
elapsed from the date of disbursement until the date of payment.

     Funds representing proceeds of the indebtedness evidenced hereby which are
disbursed for any purpose by any holder hereof to the undersigned, or to any
escrow or otherwise for the benefit of the undersigned, whether by mail, wire
transfer or other delivery, shall be deemed principal outstanding hereunder and
to have been received by the undersigned as of the date of such mailing, wire
transfer or other delivery, and interest shall accrue and be payable upon such
funds from and after the date of such mailing, wire transfer or delivery until
repaid, notwithstanding the fact that such funds may not at any time have been
remitted by any escrows to the undersigned or for its benefit.

     Maker represents, warrants and covenants that (i) the indebtedness
evidenced by this Note is being obtained for the purpose of acquiring and
carrying on a business or commercial enterprise, (ii) all proceeds of such
indebtedness will be used solely in connection with such business or commercial
enterprise, and (iii) the proceeds of such indebtedness will not be used for the
purchase of registered equity securities within the purview of Regulation "U"
issued by the Board of Governors at the Federal Reserve System.

     Maker represents, warrants, and covenants for so long as this Note remains
unpaid in full, Maker shall not do any of the following: (a) engage in any
business or activity other than those set forth in its Articles of Organization
and Operating Agreement; (b) do any act which would make it impossible to carry
on the ordinary business of Maker; (c) borrow money or incur any

                                        8
<Page>

indebtedness or assume or guaranty any indebtedness of any other entity, other
than normal trade accounts and lease obligations incurred in the ordinary course
of business provided, however, Maker shall be permitted to obtain an unsecured
short term loan from M&T Bank in an amount not to exceed $1,400,000.00; (d)
dissolve or liquidate, in whole or in part; (e) consolidate or merge with or
into any other entity or convey or transfer or lease its property and assets
substantially as an entirety to any entity; (f) institute proceedings to be
adjudicated bankrupt or insolvent, or consent to the institution or bankruptcy
or insolvency proceedings against it, or file a petition seeking or consenting
to reorganization or relief under any applicable federal or state law relating
to bankruptcy, or consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator (or other similar official) of Maker or a
substantial part of property of Maker, or make any assignment for the benefit of
creditors, or admit in writing its inability to pay its debts generally as they
become due, or take company action in furtherance of any such action; or (g)
amend the Certificate of Formation or the Limited Liability Company Operating
Agreement of the Maker.

     In addition Maker shall: (a) maintain books and records and bank accounts
separate from those of any other person or entity; (b) maintain its assets in
such a manner that it is not costly or difficult to segregate, identify or
ascertain such assets; (c) hold itself out to creditors and the public as a
legal entity separate and distinct from any other entity; (d) hold regular
manager and member meetings, as appropriate, to conduct the business of Maker,
and observe all other legal formalities; (e) prepare separate tax returns and
financial statements, or if part of a consolidated group, then it will be shown
as a separate member of such group; (f) allocate and charge fairly and
reasonably any common employee or overhead shared with affiliates; (g) transact
all business with affiliates on an arm's-length basis and pursuant to
enforceable agreements; (h) conduct business in its own name; (i) not commingle
its assets or fund with those of any other person; and (j) not assume, guaranty
or pay the debts or obligations of any other person.

     Maker represents and warrants to the holder hereof that the obligation
evidenced by this Note is an exempted transaction under the Truth-In-Lending
Act, 15 U.S.C. 1601, et seq., and that said obligation constitutes a business
loan for purposes of the application of any laws that distinguish between
consumer loans and business loans and that have as their purpose the protection
of consumers. Without limitation of the foregoing, Maker represents, warrants
and covenants that the proceeds of the loan evidenced by this Note will be used
for business purposes and for only such uses as are described in any exception
to the prohibition against usurious interest set forth in 815 ILCS 205/4, or any
successor or similar provision of applicable law and to secure payment of all
amounts due under this Note, the undersigned hereby irrevocably authorizes any
attorney of any court of record to appear for the undersigned in such court, in
term time or vacation, at any time after an event of default hereunder or under
the Deed of Trust or any Other Loan Documents and confess a judgment, without
process, in favor of the holder of this Note, for such amount as may appear to
be unpaid under this Note, together with costs of collection, including
attorneys' fees and disbursements, and to waive and release all errors which may
intervene in any such proceedings, and subject to applicable law consent to
immediate execution upon such judgment, the undersigned hereby ratifying and
confirming all that said attorney may do by virtue hereof.

     Any term or provision of this Note which is unenforceable, invalid or
contrary to law, or the inclusion of which would affect the validity, legality
or enforcement of this Note shall be of

                                        9
<Page>

no effect, and in such case, all the remaining terms and provisions of this Note
shall subsist and shall be fully effective according to the terms of this Note,
the same as though any such provision had not been included herein, provided
that where the provisions of any such applicable law may be waived, they hereby
are waived by Maker to the full extent permitted by law in order that this Note
shall be deemed to be a valid and binding Note in accordance with its terms.

     Time is of the essence with respect to all of the undersigned's obligations
and agreements under this Note, the Deed of Trust and the Other Loan Documents.

     If the undersigned shall, at any time, consist of two or more persons or
entities, then all the liabilities and obligations of the undersigned hereunder
shall be joint and several.

     This Note was made and delivered in the State of Illinois and shall be
construed for all purposes and enforced in accordance with the laws of the State
of Illinois. Without limiting the right of the holder hereof to bring any action
or proceeding against the undersigned or against property of the undersigned
arising out of or relating to this Note (an "Action") in the courts of other
jurisdictions, the undersigned hereby irrevocably submits to the jurisdiction of
(i) any Illinois state court sitting in Cook or DuPage County, Illinois, or
federal court sitting in Chicago, Illinois, or (ii) any California state court
sitting in Santa Clara County, California or federal court for the Northern
District of California, and the undersigned hereby irrevocably agrees that any
Action may be heard and determined in such state courts or in such Federal
courts. The undersigned hereby irrevocably waives any rights it may have to
assert that such Illinois state courts or federal court in Chicago provide
either an improper or inconvenient venue. The undersigned hereby irrevocably
waives, to the fullest extent possible, the defense or assertion of an
inconvenient forum to the maintenance of any Action in any jurisdiction. The
undersigned hereby irrevocably agrees that the service of summons and complaint
or any process in any Action in any jurisdiction may be served on the
undersigned by certified mail, return receipt requested, to the address of the
undersigned set forth in the Deed of Trust or by hand delivery to a person of
suitable age and discretion at the undersigned's address set forth in the Deed
of Trust. Such service will be complete on the date such process is so mailed or
delivered, and the undersigned will have thirty (30) days from such completion
of service in which to respond in the manner provided by law. The undersigned
may also be served in any other manner permitted by law, in which event the
undersigned's time to respond shall be the time provided by law. THE
UNDERSIGNED HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING, DEFENSE OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS NOTE.

     Maker hereby represents and warrants to the holder hereof that Maker has
had the opportunity to consult and confer with competent legal counsel of its
choice before executing this Note. Maker further represents and warrants to the
holder hereof that Maker has read and understood the terms of this Note and
intends to be bound hereby.

     Except as otherwise herein expressly provided, whenever the consent or
approval of the holder hereof is required under this Note, the holder hereof has
the right, in its absolute discretion, to withhold or refuse to give such
consent or approval.

                                       10
<Page>

     In the event of any inconsistency between the provisions hereof and any
provisions in the Deed of Trust, in any of the Other Loan Documents or within
this Note, the provisions selected by the holder hereof in its sole discretion
as the controlling provisions shall control.

     The representations, undertakings and covenants made by the undersigned
under this Note are, and shall be deemed to be, of continuing force and effect
until all indebtedness and obligations of the undersigned under this Note, the
mortgagor under the Deed of Trust and the obligors under the Other Loan
Documents have been fully and finally paid and performed.

     The singular shall include the plural, and the plural the singular; and
pronouns of any gender shall include the other gender.

     Maker, and each person executing this Note on Maker's behalf, hereby
represents and warrants to Lender that: (a) by its execution below, Maker has
the full power, authority, and legal right to execute and deliver this Note and
that the indebtedness evidenced hereby constitutes a valid and binding
obligation of Maker without exception or limitation. Any married person who is
obligated on this Note, directly or indirectly, agrees that recourse may be had
to such person's separate property in addition to any and all community property
of such person.) and (b) Maker is not a "foreign person" within the meaning of
Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended, and the
related Treasury Department regulations, including temporary regulations. Maker
represents and warrants that its current tax identification number is 20-1136098

                                  [END OF PAGE]

                                       11
<Page>

     WHEREFORE, Maker, appearing before the notary public whose acknowledgment
appears on the following page, has caused this Note to be executed as of the day
and year first above written.

                                  NEWMAN DEVELOPMENT GROUP
                                  OF GILROY, L.L.C., a California limited
                                  liability company

                                  By:    /s/ Marc Newman
                                        --------------------------------------
                                  Name:  Marc Newman
                                        --------------------------------------
                                  Its:   Member
                                        --------------------------------------

                                       12
<Page>

STATE OF New York )
                  ) SS
COUNTY OF Broome  )

     On June 29, 2004, before me, Howard M. Rittberg
                  (NAME, TITLE OF OFFICER, E.G., "JANE DOE, NOTARY PUBIC")

personally appeared Marc Newman
               (NAME(S) OF SIGNER(S))

     /X/  personally known to me -OR-

     / /  proved to me on the basis of satisfactory evidence

to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity/ies, and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which person(s) acted,
executed the instrument

     Witness my hand and official seal.

                                                   /s/ Howard M. Rittberg
                                                 ---------------------------
                                                       (Signature of Notary)

(SEAL)

My Commission expires:

           HOWARD M. RITTBERG
-----------------------------------------
    Notary Public, State of New York
               No. 4623413
        Residing In Broome County
   My Commission Expires Aug. 31, 2007

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