Document:

Exhibit
10.27

PROPERTY
MANAGEMENT AGREEMENT

THIS PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is made
and entered into as of                          ,
2007, between                                          LLC,
a Delaware limited liability company (hereafter referred to as “Owner”), and KeyPoint
Partners, LLC, a Massachusetts limited liability company (hereafter referred to
as “Property Manager”);

RECITALS:

A.            Owner
has acquired and owns the property described on Exhibit A (the “Property”), together
with any and all improvements now or hereafter erected thereon, including an
approximately                          
square foot building located at                          
(the “Building”,
which together with the Property and any and all additional improvements or
other buildings, parking structures, paved areas, landscaped areas,
landscaping, sidewalks, bridges, tunnels, walkways, plazas and other common
areas, and all fixtures, machinery, equipment and other property located within
the Building or on the Property, including those belonging to or leased or
licensed by or for Owner are hereinafter sometimes referred to as the “Premises”).

B.            Property
Manager is experienced in the management, operation and maintenance of
properties similar to the Premises;

C.            Owner
desires to engage Property Manager as an independent contractor to manage,
operate and maintain the Premises and to provide certain financial statements
and reports to Owner with respect to the Premises and Property Manager desires
to accept such engagement, all subject to the terms and conditions of this
Agreement.

NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained, the
parties hereto agree as follows:

ARTICLE
1

APPOINTMENT AND AUTHORITY OF THE PROPERTY MANAGER

AND GENERAL PROVISIONS

1.1           Appointment.  Owner hereby appoints and retains Property
Manager as the exclusive property manager for the Premises, and Property
Manager hereby accepts such appointment, in each case, commencing upon the date
hereof and on the terms and conditions hereinafter set forth.

1.2           Property Manager.  Property Manager hereby represents to Owner
that it is properly licensed in the States of Massachusetts, Connecticut and
Rhode Island to perform all of the services required of it pursuant to this
Agreement.  Property Manager represents
that it is a professional in the field of management of real estate
developments similar in nature to the Premises, in the area where the Premises
are located, and possesses the skills, experience and personnel necessary for
the effective and efficient first-class management and operation of the
Premises and acknowledges that Owner is relying on this representation in
entering into this Agreement.

1.3           General Duties of
Property Manager.  (a) Property
Manager shall institute and supervise all operational activities for and at the
Premises, including, but not limited to, cleaning, landscaping, window washing,
maintenance and operation of HVAC equipment, and all necessary maintenance of
and repairs to the Premises, to the extent Owner’s funds are made available for
such purposes.  Property Manager shall be
responsible for all aspects of access to and security for the Premises and such
responsibilities shall include, without limitation, the hiring of security
guards, proper lighting and security measures for all portions of the Premises,
including parking areas, stairwells, access control, fire prevention and proper
evacuation signage and security safety programs for all tenants, subject to any
limitations imposed by the current approved Budget.

(b)           Property Manager shall
diligently perform its duties hereunder and shall devote sufficient time and
effort to the Premises to insure that it manages the same in a manner
commensurate with that of a first-class property manager of real estate
developments of comparable size, character and quality to that of the
Premises.  In addition to providing
services specifically set forth in this Agreement, Property Manager shall
perform such additional services as Owner may reasonably request in connection
with the Premises, consistent with the status, type, size, quality and location
of the Premises.  Property Manager shall
act in a fiduciary capacity with respect to the proper protection of and
accounting for Owner’s assets.

1.4           Budget Limitations.  (a) In discharging its duties and
responsibilities under this Agreement, except as otherwise specifically
provided herein to the contrary, Property Manager shall at all times act in
accordance with the approved Budget and pursuant to the objective of maximizing
the economic return from such Premises to Owner.

(b)           Property Manager shall use its
diligent good faith efforts to implement the terms of each approved Budget and
shall exercise control over and shall expend or otherwise transfer rents and
other sums received on behalf of Owner in accordance with the terms
hereof.  Notwithstanding any other term
or provision of this Agreement to the contrary, without the prior written
consent of Owner, Property Manager is not authorized to enter into any
contract, agreement, license, transaction or other arrangement, or make any
expenditure or incur any obligation by or on behalf of Owner that varies
materially from any applicable Budget (except to the extent provided in Section 2.7
hereof) or to enter into any contract, agreement, license, transaction or other
arrangement which was not specifically provided for or contemplated in the
applicable Budget, or amend, modify, extend or renew any contract, agreement,
license, transaction or other arrangement which would cause a material variance
from the applicable Budget, or amend, modify or extend or renew any contract,
agreement, license, transaction or other arrangement which would cause the same
to not comply with the provisions of the applicable Budget.  Notwithstanding anything herein to the
contrary, Property Manager may make any emergency expenditures under the
circumstances described in and in accordance with Section 2.7(b)
hereof.

1.5           Major Decisions.  Notwithstanding any other provision of this
Agreement to the contrary, Owner shall have the sole authority to authorize and
approve all material matters pertaining to the Premises (each a “Major Decision”).  Except as otherwise expressly and
specifically provided in this Agreement to the contrary, or as otherwise
previously approved by Owner or otherwise previously approved or provided for
in the current approved Budget,

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Property Manager shall have no authority to take any
action, expend any sum, make any decision or incur any obligation on behalf of
Owner with respect to any Major Decision, unless such Major Decision has been
expressly approved by Owner.

1.6           Related Party
Contracts.  Notwithstanding any other
provision of this Agreement to the contrary, regardless of whether such
transaction is contemplated in any approved Budget, Property Manager shall have
no authority to enter into or consummate any transaction or arrangement with
itself or any Affiliate of Property Manager, or any partner, member,
shareholder or other beneficial owner of any of the foregoing, or any other
transaction in which Property Manager or any Affiliate of Property Manager has
an actual or potential conflict of interest, without the express written
consent and approval of Owner.  As a condition
to obtaining such consent, Property Manager shall supply Owner with a copy of
the proposed contract and shall state to Owner the affiliation or relationship
between Property Manager or any of its Affiliates (or the person or persons in
control of any of the foregoing or any of their Affiliates) and the party
proposed to supply such goods or services, or both.  As used in this Agreement, the term “Affiliate” means,
with respect to any Person, (a) any other Person directly or indirectly
controlling, controlled by or under common control with such Person, or
(b) any other Person owning or controlling ten percent (10%) or more of
the outstanding voting interest of such Person, or (c) any officer,
director, general partner or managing member of such Person, or (d) any
other Person which is an officer, director, general partner, managing member or
holder of  ten percent (10%) or more of
the voting interests of any other Person described in clauses (a) through (c)
of this definition.  For purposes of the
definition of Affiliate, the term “control” (whether controlling, controlled by
or under common control with), when used with respect to any Person means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise.  The term “Person” means any individual,
partnership, corporation, limited liability company, trust or other entity.

1.7           Compliance With
Mortgages.  (a) Nothing herein
contained shall prevent Owner from causing the Premises or any interest therein
(or any interest in Owner), or any portion thereof, from being directly or
indirectly encumbered by one or more mortgages, deeds of trust or trust deeds
in the nature of a mortgage.

(b)           Unless otherwise
directed by Owner, Property Manager shall, solely with respect to the operation
of the Premises and then only when supplied with sufficient mortgage
information, use reasonable efforts to cause the operation of the Premises to
comply with (i) all terms, conditions, covenants and obligations contained
in any applicable mortgage or loan, including (without limitation) the
obligation to prepare and deliver required financial statements and materials
with respect to Owner and/or the Premises, or any substitute thereof, of which
Property Manager is made aware, (ii) any and all leases or licenses at the
Premises, (iii) organizational documents of Owner, of which Property
Manager is made aware, and (iv) other agreements of which Property Manager
is made aware that are executed by Owner and that relate to the Premises; provided, however, that it shall not be
deemed a failure by Property Manager to perform its duties hereunder to the
extent that the performance of any such duties require the expenditure of funds
which are not made available to Property Manager for such purposes.  Property Manager acknowledges that the terms
and provisions of any applicable mortgage or loan may provide different
standards or requirements with respect to certain matters 

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covered by this Agreement, and to the extent the
provisions of this Agreement are inconsistent with restrictions imposed by any
applicable mortgage or loan, the provisions of such mortgage or loan shall
govern with respect to the matters covered hereby.  Property Manager agrees that so long as any
such mortgage shall constitute a lien on all or any portion of the Premises,
when any lender shall request in writing copies of any and all financial and
other information required to be prepared or maintained by Owner pursuant to
the terms and provisions of any loan agreement, Property Manager shall, at
Owner’s expense, deliver same to such lender as often as such lender may
request or as often as Owner may reasonably request.  Moreover, Property Manager shall allow, upon
request of Owner, or any of its partners, members or shareholders, any person
designated in writing by such lender to examine, audit, inspect and transcribe
all books of accounts and other records relating to or reflecting the operation
of the Premises (or any portion thereof).

(c)           Notwithstanding any
other term, condition or provision of this Agreement, but subject to such
additional terms, conditions and provisions as may be required by any lender
under any financing of Owner or any of its Affiliates, at the request of Owner
or any construction or other lender of Owner or any of its Affiliates, Property
Manager shall take all such reasonable actions requested by Owner or such
lender in order for this Agreement and the rights of Property Manager
hereunder, including (without limitation) the right to receive payment of any
management fee, to be expressly subordinate and inferior to the rights of any
lender under any applicable loan agreement;
provided, however, (i) if payments to Property Manager are
terminated  as to these Premises,
Property Manager may terminate this Agreement, as to such Premises, upon five
(5) days prior written notice to the Owner or (ii) if payments to Property
Manager are past due with respect to these Premises and Property Manager has given
fifteen (15) days prior written notice to Owner in which to cure such default
and such default has not been so cured, Property Manager may terminate this
Agreement, as to such Premises.

1.8           Environmental
Matters.  During the term of this
Agreement, Property Manager will refrain from taking any action which would
violate any Environmental Law.  To the
extent it is necessary to conduct any Environmental Activity in connection with
the performance of its duties hereunder, all Environmental Activities shall
comply in all material respects with all Environmental Laws.  In the event Property Manager is grossly
negligent with regard to or willfully violates the foregoing covenant, Property
Manager agrees to indemnify and defend Owner, its Affiliates and the partners,
members, shareholders, officers, directors and agents of any of the foregoing
(collectively, with the Owner, the “Owner Indemnified Parties”) and hold each of
the Owner Indemnified Parties harmless from and against any resulting loss,
cost, damage, claim or expense (including, without limitation, reasonable
attorney fees, accountant fees, consultant fees, court costs and interests),
including from bodily injury or tangible property damage (collectively “Losses”) incurred by
any Owner Indemnified Party.  The
indemnities provided by Property Manager above shall apply whether or not such
Losses are covered by insurance; provided the obligation of Property Manager
with respect to such Losses shall be reduced by the amount of any such
insurance actually collected by the indemnified party with respect to such
Losses.  As used herein, the term “Environmental Law”
means any and all federal, state and local laws, statutes, ordinances, rules,
regulations, judgments, orders, decrees, permits, licenses or other governmental
restrictions or requirements relating to the environment and the regulations
adopted pursuant thereto.  The term “Environmental Activity”
means any present or future storage, holding, existence, release, threatened
release, emission, discharge, 

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generation, processing, use, abatement, disposition,
handling or transportation of any Hazardous Substance from, under, into or on
the Premises, or otherwise relating to the Premises or the ownership, use,
operation or occupancy of any improvements within the Premises, or any threat
of such activity.  The term “Hazardous Substance”
means any substance, material or waste which is regulated by any federal, state
or local government or quasi-governmental authority and including without
limitation, (i) any substance, material or waste defined, used or listed
as “hazardous waste,” “extremely hazardous waste,” “restricted hazardous waste,”
“hazardous substance,” “hazardous material,” “toxic substance” or other similar
or related terms as defined, used or listed in any Environmental Laws;
(ii) any petroleum products, asbestos or polychlorinated biphenyls;
(iii) any additional substances or materials which are now or hereafter
hazardous or toxic substances under any Environmental Law relating to the Premises;
and (iv) as of any date of determination, any additional substances or
materials which are hereafter incorporated in or added to the definition of “Hazardous
Substance” for purposes of any Environmental Law.

1.9           REIT Limitations.  Property Manager acknowledges that Dividend
Capital Total Realty Trust, an indirect owner of Owner, is an entity subject to
tax as a real estate investment trust (a “REIT”) under Sections 856 through and
including 860 of the Internal Revenue Code of 1986 (as amended, the “Code”), and as such,
certain limitations apply to Owner, its assets, income and operations (“REIT Restrictions”).  Property Manager agrees to cooperate with
Owner in connection with any such REIT Restrictions to which it is made aware
(including the implementation thereof) and to use commercially reasonable
efforts to comply with such REIT Restrictions and any and all related
directives, written policies and instructions received from Owner.  Such REIT Restrictions include, but are not
limited to, the following:

(a)           Property Manager shall
not propose or enter into any Lease (including any sublease or other
arrangement) on behalf of Owner which could cause the Owner or any of its
Affiliates to receive or accrue amounts that do not qualify as “rents from real
property” within the meaning of Code Section 856(d).

(b)           Property Manager shall
not propose or enter into any Lease (including any sublease) on behalf of Owner
with respect to personal property unless (i) such personal property is
leased under, or in connection with, a lease of real property and (ii) the
rent attributable to the personal property for each taxable year does not
exceed 14% of the total rent for the taxable year attributable to both the real
and personal property leased under or in connection with such lease, as
determined under Code Section 856(d)(1) and the Treasury regulations
thereunder.

(c)           Property Manager shall
not propose or enter into any Lease or consent to any sublease or assignment
with respect to any real or personal property if the determination of any
amount under such lease, sublease or assignment depends in whole or in part on
the income or profits derived by any person from such property; provided, however, that percentage rent
based on gross income of the tenant is acceptable.

(d)           Property Manager shall
not propose any transaction or enter into any transaction that would result in
Owner receiving or accruing any amount that constitutes “impermissible tenant
services income” (as defined in and for purposes of Code 

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Section 856(d)(7)(A)) in respect of any real or
personal property of the Owner that exceeds 1% of all amounts received or
accrued during a taxable year with respect to any such property.

(e)           Property Manager agrees
to manage and operate the Premises and perform its services under the Agreement
in accordance with any and all other REIT Restrictions to which Owner makes it
aware.

Any dispute as to whether an activity of the Owner or
Property Manager is in violation of this Section 1.9 shall be determined in the
reasonable judgment of Owner.  Property
Manager shall cooperate with Owner in connection with any proposed transaction
and, on behalf of Owner, shall take all commercially reasonably measures to
satisfy Owner’s concerns and alleviate any adverse consequences to Owner or any
of its Affiliates resulting therefrom.

1.10         Authority.  Property Manager represents and warrants that
(i) Property Manager is an entity duly authorized, validly existing and in
good standing under the laws of the state in which Property Manager is formed
and is qualified to do business in the state in which the Premises are located
and all other states where Property Manager is required to be qualified to do
business, (ii) Property Manager has full power, authority and legal right
to execute, deliver and perform this Agreement and to perform all of its
obligations hereunder and (iii) said execution, delivery and performance
of all or any portion of its obligations under this Agreement does not require
any consent or approval of any governmental authority, does not violate any
provisions of law or any governmental order, and does not conflict with, result
in a breach of, or constitute a default of the governing documents of Property
Manager or any instrument to which Property Manager is a party or by which it or
any of its Affiliates.

1.11         Nondiscrimination.  During the performance of this Agreement,
Property Manager shall not discriminate unlawfully against any employee or
applicant for employment because of race, religion, color, national origin,
ancestry, physical handicap, mental disability, medical condition, marital
status, age or sex.  Property Manager
shall ensure that the evaluation and treatment of employees and applicants for
employment are free of such discrimination. 
Property Manager shall comply with the provisions of all applicable
federal laws and the laws of the state in which the Premises are located with
respect to fair employment and leasing statutes and all regulations promulgated
thereunder.  Property Manager shall
include the nondiscrimination and compliance provisions of this clause in any
agreements with contractors and subcontractors engaged by Property Manager to
perform work under this Agreement.

1.12         Limitation of
Liability.

(a)           Owner’s liability to
Property Manager hereunder shall be limited to the Premises and the proceeds
thereof and Property Manager shall not look to any other property or assets of
Owner or the property or assets of any of the Owner Parties (as defined below)
in seeking either to enforce Owner’s obligations under this Agreement or to
satisfy a judgment for Owner’s failure to perform such obligations.  Neither the direct or indirect shareholders,
partners, members or other beneficial owners of Owner, nor the shareholders,
partners, members, directors or officers of any of the foregoing (the “Owner Parties”) shall
be liable for the performance of Owner’s obligations under this Agreement.

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(b)           Owner shall not look to the property
or assets of any of the Manager Parties (as defined below) in seeking either to
enforce Property Manager’s obligations under this Agreement or to satisfy a
judgment for Property Manager’s failure to perform such obligations.  Neither the direct or indirect shareholders,
partners, members or other beneficial owners of Property Manager, nor the shareholders,
partner, members, directors or officers of any of the foregoing (the “Manager Parties”)
shall be liable for the performance of Property Manager’s obligations under
this Agreement.  Except as otherwise
provided herein, the Property Manger’s liability hereunder shall be limited to
the greater of (i) the fees paid to date by the Owner or (ii) the
dollar amount of required insurance coverage indicated on Exhibit E for
the Property Manager for the applicable type of matter, as identified on Exhibit
E; provided, however, the
foregoing is a dollar limitation (regardless of actual insurance coverage
maintained or collected) and it is not intended to, and does not, limit
Property Manager’s liability to insurance proceeds or to matters that should be
(but are not) covered by such insurance; provided
further, such limitation shall not apply to any Loss (as defined
below) to the extent arising from Manager Bad Acts (as defined below).

(c)           The terms of this Section 1.12
shall survive the expiration or earlier termination of this Agreement.

1.13         Defined Terms and
References.  Capitalized terms used
in this Agreement will have the meaning set forth herein.  The use of any term defined in this Agreement
in its uncapitalized form indicates the word has its normal general
meaning.  As used in this Agreement,
unless otherwise specified, (a) all references to Sections, Articles,
Exhibits, Addenda or Schedules are to Sections, Articles, Exhibits, Addenda or
Schedules of or to this Agreement, (b) each accounting term has the
meaning assigned to it in accordance with United States generally accepted
accounting principles (“GAAP”),
(c) all Exhibits, Schedules, Addenda and other attachments to this
Agreement are specifically incorporated into and made a part of this Agreement
by any reference thereto in this Agreement, as fully as if the terms and
provisions thereof had been included in this Agreement in their entirety,
(d) the terms “include” and “including” are to be construed as if followed
by the phrase “without limitation”, (e) the terms “and/or” are to be
construed to mean that both cases apply or, either the first or the second case
applies, as the circumstances may require, (f) the term “third party”
means a Person that is not a party to this Agreement and is not an Affiliate of
any party to this Agreement.

ARTICLE
2

THE PROPERTY MANAGER’S AGREEMENT

2.1           Specific Duties of
Manager.  Property Manager agrees
(i) to manage, maintain and operate the Premises so that all improvements
included within the Premises shall be operated and maintained in keeping with
building structures of comparable size, character and quality to that of the
Premises, (ii) to comply with Owner’s accounting and other instructions,
and (iii) to utilize the Property Manager’s staff as necessary to manage the
Premises in the best interests of Owner, and in connection therewith and
subject, in each case, to the provisions of Article 1:

(a)           To enter into, make and
perform or supervise the performance of such contracts, agreements, and other
undertakings, and to do such other acts, as it deems necessary or advisable for
the operation, maintenance and management of the Premises 

 7
 

pursuant
to the terms of this Agreement (including, without limitation, contracts for
electricity, gas, telephone, cleaning, groundskeeping, security, pest control,
snow removal (if applicable) and other services as set forth in the most
recently submitted and approved Budget). 
All such contracts, agreements and undertakings shall be between Owner
and the service provider and shall provide that they are terminable upon the
earlier of thirty (30) days notice or a sale of the Premises (provided, however, Property Manager shall
in each case review and negotiate each such contract, agreement or undertaking
in accordance with this Agreement and instructions from Owner and present each
such contract, agreement or undertaking to Owner for signature in the form
recommended by Property Manager).  Once
such contract, agreement or undertaking has been presented to and approved by
Owner (in the form recommended by Property Manager), Property Manager may enter
into such contract, agreement or undertaking on behalf of Owner.   No such contract, agreement or undertaking
shall exceed or cause costs to exceed amounts set forth in the approved Budget,
unless specifically approved in advance by Owner.  Property Manager shall maintain original
counterparts of all such contracts, agreements and undertakings at Property
Manager’s office.  No such contract,
agreement or undertaking shall exceed or be for amounts exceeding usual and
customary market rates for comparable services or products of like or similar
quality in the area where the Premises are located.  Property Manager shall not, without the prior
written consent of Owner, enter into any contract, agreement or undertaking
unless such contract, agreement or undertaking is on commercially reasonable
terms and the same shall (i) require such contractor to provide evidence
of insurance at least equal to the amounts set forth on Exhibit E
for contractors, (ii) prohibit any such contractors’ or subcontractors’
use or disposal of hazardous or toxic substances at the Premises without Owner’s
prior written consent, (iii) be assignable to a new owner of the Premises
on any direct or indirect sale or transfer of the Premises, without the
contractors or subcontractors consent, or if not so assignable, then terminable
immediately by Owner without cost, payment or penalty upon a direct or indirect
sale or transfer of Owner’s interests in the Premises (or interests in Owner),
(iv) be on arms length terms and conditions (x) with a person or
entity that is not an Affiliate and (y) pursuant to which Property Manager
or any Affiliate is not receiving any compensation, refund or preferential
treatment not fully transferred and assigned to Owner.  Property Manager agrees to hire only
qualified, reputable, licensed and insured contractors to work at the Premises;

(b)           Subject
to Section 2.10, to select, employ, pay, supervise, direct and
discharge all employees necessary in the operation and maintenance of the
Premises;

(c)           To
employ or engage such managers, building engineers, accountants, and other
persons necessary or appropriate to manage and operate the Premises and to
prepare the Reports (as hereinafter defined), consistent with the Budget; all
space, services, equipment and software used, or any part thereof, shall be
obtained, employed and paid for by Property Manager, with no right of
reimbursement from Owner unless otherwise expressly approved by Owner;

(d)           At Owner’s request and
upon express mutual agreement of the parties as to reasonable compensation to
Property Manager therefore, to coordinate, supervise and arrange for the
installation of improvements as may be requested by Owner or required 

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by any
now or thereafter existing lease of any portion of the Premises (each a “Lease” and
collectively, the “Leases”)
with the tenants thereunder (each a “Tenant” and collectively, the “Tenants”) at the
inception of each Lease in accordance with plans and specifications approved by
Owner in writing prior to the commencement of such installation (such
installations being hereinafter referred to as the “Tenant Work”);
provided that Owner and Property Manager have not previously agreed to any
additional compensation for this Tenant Work and Property Manager desires to do
the same, then Property Manager may collect a fee from the Tenant for the
supervision of such work, subject to Owner’s prior written approval, which
shall not be unreasonably withheld; and Property Manager agrees to indemnify
and defend the Owner Indemnified Parties and hold the Owner Indemnified Parties
harmless from and against any and all Losses which may be advanced by any such
Tenant in connection with Tenant Work performed under Property Manager’s
supervision;

(e)           To
coordinate, supervise and arrange for the making of ordinary repairs,
improvements and alterations and performing other services to the Premises, in
accordance with plans and specifications approved by Owner in writing prior to
the commencement of such repairs, improvements and alterations (such
installation, making of repairs, improvements and alterations is hereinafter
referred to collectively as “Work”); provided,
however, any capital work in excess of $10,000 per project will be
performed only upon Owner’s request and only upon Owner and Property Manager
mutually agreeing as to reasonable compensation for such Work (Property Manager
shall perform such Work for capital projects of $10,000 or less without
additional compensation);

(f)            Not
to perform any Tenant Work unless otherwise agreed between the parties (unless
such Tenant Work has been specifically approved in the Budget);

(g)           Not
to employ or otherwise contract with any corporation or other entity in which
Property Manager (or any subsidiary, Affiliate, or related Person) shall have a
financial interest for the purpose of performing any of the Work (including any
Tenant Work), unless otherwise expressly approved by Owner;

(h)           To
maintain current and accurate records reflecting the status of taxes, assessments,
and other charges which are or may become a lien upon any of the Premises, and
if reasonably sufficient information is supplied by Owner, the status of
mortgage payments and ground lease payments (if any) and the status of
insurance premiums and fire and hazard insurance coverage with respect to any
of the Premises; if requested by Owner, to obtain, from time to time, all bills
for the payment of such charges (including renewal premiums); and to pay all
taxes, assessments and other charges which are or may become a lien upon any of
the Premises and, if requested by Owner, all insurance premiums, mortgage
payments and ground lease payments, prior to the applicable penalty or
termination date, provided that Property Manager has knowledge of such insurance
premiums, mortgages or ground leases;

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(i)            To
maintain a highly visible management presence and level of service to the
Tenants; to handle complaints and requests from Tenants; to notify Owner
promptly of any significant or repetitive complaint made by Tenants at the
Premises;

(j)            To
be reasonably available for communications with Owner and to keep Owner advised
of items affecting the Premises, including demands, suits or legal proceedings
issued or threatened against Owner of which Property Manager has knowledge; and
to promptly notify Owner of: 
(i) any requests by any Tenant at the Premises for a lease
concession, amendment, extension or termination; (ii) any material default
under any Lease; (iii) any bankruptcy filing or threatened bankruptcy filing
effecting any Tenant at the Premises of which Property Manager is aware;
(iv) any threatened condemnation or litigation affecting the Premises of
which Property Manager is aware; and (v) any release or threatened release
of hazardous substances in or around the Premises of which Property Manager is
aware;

(k)           To
notify Owner promptly (together with copies of supporting papers) of any notice
of violation of any governmental requirements, any defect in the Premises, any
fire or other material damage to the Premises and, in the case of any fire or
other material damage within the coverage of any insurance policies thereon, to
notify the insurance carrier promptly in accordance with the requirements of
the insurance policies and within such time that an insurance adjuster may view
the damage before any repairs are started, and to complete customary loss
reports in connection with fire or other damage to the Premises;

(l)            To
notify Owner promptly of any personal injury or property damage occurring at or
on the Premises and which gives rise to, or might give rise to, a claim by
Owner, any Tenant or a third party; and to immediately forward to Owner any
summons, subpoena, or other legal document served upon Property Manager
relating to actual or alleged potential liability of Owner, Property Manager,
or the Premises;

(m)          To
advise Owner of pertinent covenants in Leases in which the Tenants agree to
hold Owner harmless with respect to liability from any accidents and/or to
replace broken glass, and to secure from such Tenants and forward to Owner any
certificates of insurance, and renewals thereof, required to be furnished by
the terms of such Leases;

(n)           To
instruct each Tenant to send all rents, revenues and other payments due or to
become due under the Leases directly to the Depository Account, or to such
other address as Owner may direct;

(o)           To receive and collect
rent, revenues and other payments due or to become due to Owner by all Tenants
and licensees at or on the Premises and all other payments, cash or income of
any kind or nature due or to become due to Owner on account of the Premises
which for any reason are not sent by the Tenants or other parties to the
Depository Account and to deposit the same promptly in the Depository Account,
as provided in Section 2.2 hereof, not later than the next Business
Day (as hereinafter defined) following the receipt thereof.  For purposes of this Agreement “Business Day” 

 10
 

shall
mean any day other than (i) a Saturday or Sunday, or (ii) a day on
which banks generally are authorized or obligated by law or executive order to
be closed.  In the event state law
requires that Tenant security deposits be held in a separate account or if
instructed to do so by Owner, such account shall be established by Property
Manager, as approved by Owner;

(p)           To
disburse funds from the Operating Account (as hereinafter defined) to pay all
other costs and expenses incurred in connection with the Premises, subject to
the Budget or otherwise as authorized by Owner, and in connection therewith, Property
Manager shall exercise reasonable efforts to qualify for early payment, cash
and trade discounts, refunds, rebates, credits and concessions, and Owner shall
be credited with the full amount of any such discount, commission or
compensation obtained or received by Property Manager, directly or indirectly,
in connection with any such purchase;

(q)           To
institute with the prior approval of Owner, all legal actions or proceedings
for the collection of rent or other income from the Premises, for the enforcement
of any obligations of the Tenants, licensees or others, or for the ousting or
dispossessing of any Tenant or other person therefrom.  Owner reserves the right to designate counsel
and to control litigation of any character affecting or arising out of the
leasing or operation of the Premises, the enforcement of rent or other
obligations, and the ousting or dispossessing of any Tenant or other person
therefrom;

(r)            To
advise Owner regarding the need, in Property Manager’s reasonable opinion, to
challenge the real estate taxes for the Premises.  Property Manager shall furnish Owner with
copies of all assessments notices and receipted tax bills;

(s)           To
notify Owner immediately of any fire or other casualty, lawsuit or threat
thereof involving the Premises, and to notify Owner of any alleged violations
under governmental laws, rules, regulations, ordinances, or like provisions,
whether or not relative to the use, repair and maintenance of the Premises;
Property Manager will not bear responsibility for any such violation or
noncompliance unless such violation or noncompliance is due to the gross
negligence of Property Manager or its employees, including the failure of
Property Manager to notify Owner and to take appropriate action with respect to
such violations or noncompliance of which Property Manager has actual knowledge
(to the extent authorized by the approved Budget for such year);

(t)            To
reasonably comply with (i) all Leases, (ii) all laws, ordinances,
orders, rules, regulations and requirements of all federal, state, municipal or
other governmental authorities, courts, commissions, boards and officers, and
(iii) the provisions of any contract which may be applicable to the
Premises and the operation or management thereof and of which Property Manager
has received a copy;

(u)           To
make application for all consents, permits and approvals required pursuant to
applicable zoning laws as approved by Owner;

(v)           At Owner’s request and
direction, to cooperate with and assist Owner in all attempts by Owner to
directly or indirectly sell or mortgage or otherwise finance all or 

 11
 

any
part of Owner’s interests in the Premises (or interests in Owner); including,
but not limited to, answering prospective purchasers and lenders questions
about the Premises or the Leases and notifying the Tenants about the direct or
indirect sale of the Premises; and when requested by Owner, to (i) prepare
(and update from time to time) a current rent roll (including security
deposits, if any) with respect to the Leases, certified by Property Manager to
be true, accurate and complete; (ii) prepare a list of all personal
property owned or leased by Owner and used at or in the operation of the
Premises; (iii) prepare a schedule of all trade, service and utility
contracts affecting the Premises accompanied by copies of the same;
(iv) promptly obtain from the Tenants (A) subordination,
non-disturbance and attornment agreements, (B) lease estoppel
certificates, and (C) such other certificates or agreement as Owner or any
prospective purchaser or lender may require, in each case on a form reasonably
satisfactory to Owner or any such purchaser or lender; (v) assist with the
apportionment of all income, receivables and expenses for the Premises; and
(vi) review representations and warranties and notify Owner, in writing,
of any errors or required modifications; and to provide all accounting and
reporting of cash disbursements for sixty (60) calendar days after the date of
any such sale (such cooperation shall not give rise to any claim by Property
Manager for a commission or any compensation for such services); provided, however, Property Manager shall
not be required to perform such services more than once during any thirty-six
(36) consecutive month period without additional reasonable compensation.

Notwithstanding anything herein to the contrary,
Property Manager may not enter into any Lease or amend, modify, waive or vary
the terms of any Lease.

2.2           Bank Accounts.  Owner anticipates establishing a depository
account (the “Depository
Account”) at a bank selected by Owner, including as required by
any lender (which bank or any replacement bank named by Owner is the “Bank”), to which
Depository Account all the Tenants are to send all rents, revenues and payments
due or to become due under the Leases. 
Owner has instructed or will instruct the Bank to deposit the funds so
received into the Depository Account; and subject to any requirements of any
lender, Owner anticipates instructing the Bank to transfer sufficient funds
from the applicable Depository Account for the Premises to a separate operating
account for the Premises (the “Operating Account”), as established by Owner at the
Bank, sufficient to cover the projected disbursements from the Operating
Account.  Owner shall have the right to
approve the persons having signing authority with respect to the Operating
Accounts; and provided further that any check or withdrawal for an amount of
$10,000.00 or more shall require two signatures.

2.3           Reports.  As to the Premises, Property Manager agrees
to render to Owner, on or before the tenth (10th) day of each month for the
preceding month in a form as reasonably required and detailed in advance from
time to time by Owner, the statements and the other reports listed in Exhibit C
(the “Reports”).

2.4           Records.  Property Manager agrees to maintain, in its
offices in Burlington, Massachusetts, current and accurate records and accounts
of all transactions pertaining to the operation of the Premises and the funds
received and disbursed incident thereto, such records and accounts to be
maintained on an accrual and cash basis in accordance with GAAP applied on a
consistent basis from year to year, using Owner’s MRI accounting software
(through an internet 

 12
 

logon), or any reasonable substitute proposed by Owner
and approved by Property Manager (such approval not to be unreasonably
withheld).  Such files, books and records
shall at all times be the property of Owner. 
After the termination or expiration of this Agreement, Property Manager
shall retain canceled checks as to the Premises (except canceled checks
forwarded to Owner in lieu of receipts), all employment records, and all other
records with respect to the management or operation of the Premises as provided
in Sections 6.2 and 6.3 hereof. 
This Section 2.4 shall survive the termination or expiration
of this Agreement.

2.5           Accounting Controls.  Property Manager shall ensure such control
over accounting and financial transactions as is reasonably required to protect
Owner’s assets from loss or diminution due to error or fraudulent activity on
the part of Property Manager’s associates or employees.

2.6           Proposed Operating
Budgets.  Not later than
October 1, as to the succeeding calendar year, Property Manager shall
prepare and submit in draft form to Owner, at the addresses set forth in Exhibit B
for Owner, a proposed operating budget for the promotion, operation, repair and
maintenance of the Premises.  It is
understood and agreed that, in order to prepare said proposed operating
budgets, Property Manager must have received a budget of leasing expenses from
the leasing agent for the Premises and Owner will cause the leasing agents
(other than Property Manager) to provide to Property Manager a budget of
leasing expenses not later than each September 15th, commencing September 15, 2007, as
to the succeeding fiscal year.  Owner has
the exclusive right and power to approve any such proposed form of budget,
together with any revisions made by Owner, and if Property Manager fails to
timely prepare and submit in draft form any such proposed budget, Owner is
authorized to prepare such budget.

2.7           Approved Budget.  (a) Owner will consider the proposed
budgets and will then consult with Property Manager in the ensuing period prior
to the commencement of the next succeeding calendar year in order to authorize
an approved budget (as approved by Owner, the “Budget”) for the Premises for the next
succeeding calendar year.  If by
January 1 of each fiscal year, Owner has not authorized an approved Budget
as to the Premises for such year, then;

(i)            any
items or portions thereof and amounts of expenses which have been so approved,
shall become operative immediately and Property Manager shall be entitled to
expend funds in accordance with those operative provisions (without
duplication); and

(ii)           Property
Manager will be entitled to expend, in respect of non-capital, recurring
expenses in any quarter of the then current fiscal year, an amount equal to the
lesser of actual expenses incurred or the amount for such non-capital,
recurring expenses in the approved Budget for the corresponding quarter of the
immediately preceding fiscal year, as set forth on the immediately preceding
approved Budget, after giving effect to any dispositions or other material
changes to the Premises during the prior or current year.

(b)           The parties anticipate
agreeing to an initial approved Budget within thirty (30) days of the execution
of this Agreement.  In the absence of an
approved Budget, the 

 13
 

Property Manager shall have no authority to authorize
or approve any matter or take any action, expend any sum, make any decision or
incur any obligation on behalf of Owner or any of its Affiliates, without the
express written consent or approval of the Owner.

(c)           Property Manager shall
secure Owner’s prior written approval for any expenditure that would, together
with other expenses incurred to date or projected to be incurred for the
remainder of such fiscal year, result in an excess over the annual Budgeted
amount for the Premises in any one accounting category of the Budget for the
Premises equal to the greater of $5,000 or five percent (5%) of the applicable
Budget line item amount (on a per property basis); provided, however, in the event Property Manager reasonably
believes that an expenditure in excess of such permitted amounts is necessary
to prevent imminent harm to persons or property at the Premises or to prevent
an imminent threat of suspension of essential services to the Premises (“Emergencies”),
Property Manager is authorized to incur and pay such sum on behalf of Owner
(not to exceed $25,000 per year in the aggregate for each such Emergency, or
such additional amount as reasonably necessary with regard to Emergencies that
are life threatening to persons at the Premises, not to exceed $50,000 per year
in the aggregate for all such Emergencies), provided,
however, to the extent reasonably practical, prior to taking any
action or expending any funds pursuant to the provisions of this Section 2.7,
Property Manager shall provide Owner with prompt written notice of its intention
to act in accordance with the provisions of this Section 2.7
(together with Property Manager’s best estimate of the cost to be incurred or
the funds to be expended) prior to the taking of such action or expending such
funds, and in the event such prior written notice is not practical, Property
Manager may act without such notice and without Owner’s consent, provided
Property Manager shall thereafter give Owner prompt written notice of any such
action or the expenditure of any funds pursuant to the provisions of this Section 2.7
(with reasonable details).

(d)           During each calendar
year Property Manager shall promptly inform Owner of any major increases in
costs and expenses that were not foreseen during the budget preparation period
and thus were not reflected in the Budget for the Premises and Owner shall
promptly consider in good faith whether the Budget should be amended by reason
thereof.

2.8           Owner’s Right to
Conduct Audit.  At all times and from
time to time during the term of this Agreement and at all times and from time
to time during the period following the expiration or termination of this
Agreement while any records are to be retained by Property Manager in
accordance with this Agreement, Owner shall have the right to examine, copy and
audit any and all of the books, records, files and other information of
Property Manager, or held by another for Property Manager on its behalf,
concerning this Agreement, the Premises or Owner, by using its own internal
auditors or employing independent auditors, upon reasonable notice to Property
Manager and during normal business hours or at such other times as might be
reasonable under applicable circumstances. 
Costs associated with conducting such audits by internal or independent
auditors shall be borne by Owner, except as provided below.  Should Owner’s employees or agents discover
any weaknesses in internal control or errors in record keeping, these shall be
communicated to Property Manager in writing and Property Manager shall correct
such discrepancies either upon discovery or within a reasonable period of time
after notification by Owner.  Property
Manager shall inform Owner in writing of the action taken or to be taken to
correct such audit discrepancies.  The
books of accounts and all other records relating to or reflecting the
operations of the Premises shall at all times be the property of Owner and 

 14
 

shall be available to Owner and its auditors at all
reasonable times for examination, audit, inspection, transcription and
reproduction with reasonable notice to Property Manager.  However, if any audit conducted by or on
behalf of Owner reveals a discrepancy in excess of five percent (5%), and
greater than $10,000, for any major line item (i.e., base rent, operating expenses,
total cleaning, total repairs and maintenance, etc.), Property Manager shall be
responsible for the reasonable expenses of such audit.  This Section 2.8 shall survive
the termination or expiration of this Agreement.

2.9           Tenant Relations.  Property Manager agrees to use Property
Manager’s best efforts to maintain tenant relations.  Both parties acknowledge that Property
Manager is not performing brokerage or leasing services pursuant to this
Agreement and that Owner may from time to time engage one or more real estate
brokers or leasing agents for this purpose, which may or may not be Property
Manager or an affiliate of Property Manager, at the sole discretion of Owner.

2.10         Employment of Personnel.  In addition to the requirements of Section 2.1(b),
Property Manager agrees to hire, pay, supervise and discharge, as appropriate,
all employees necessary for the performance of its obligations under this
Agreement.  All such personnel shall be
the employees or independent contractors of Property Manager and not of
Owner.  All matters pertaining to the
employment of such employees or independent contractors shall be the sole
responsibility of Property Manager, and Owner shall bear absolutely no
responsibility or liability therefore. 
Property Manager shall fully comply with all applicable laws and
regulations concerning workers compensation, social security, unemployment, tax
withholding and reporting, hours of labor, wages, working conditions and all
other laws affecting or respecting the employment of such employees or
independent contractors.  Property
Manager shall have no authority to enter into any employment contract which
purports to be on behalf of Owner or which otherwise obligates Owner in any
respect.  Owner reserves the right from
time to time and at any time to require that employees presently or
prospectively performing any aspect of services hereunder be subject to a
satisfactory security check performed by or on behalf of Property Manager.  Property Manager shall hold Owner harmless
from all claims for penalties, costs and damages that may be assessed under any
law or any rule or regulation thereunder with respect to its failure to comply
with the foregoing responsibilities. 
Property Manager represents that it is, and will continue to be, an equal
opportunity employer and will advertise as such.  This Agreement is not one of agency by
Property Manager for Owner, but one pursuant to which Property Manager is
engaged in the business of managing properties on its own behalf as an
independent contractor.  As such, all
employment arrangements are therefore solely Property Manager’s concern and
Owner shall have no liability or obligation with respect thereto.  Property Manager will, in the hiring of all
employees and in retaining independent contractors, use diligence to select
qualified, competent and trustworthy employees and independent contractors.

2.11         Rules and Regulations.  Subject to the approval of Owner, and if
requested by Owner, Property Manager agrees to draft and promulgate reasonable
rules and regulations relating to the occupancy, use and operation of the
Premises (including rules relating to signage), and to enforce the same as
promulgated, as well as such other regulations as Owner may require, including
but not limited to, tenant insurance requirements.  Property Manager shall draft and implement
standard operating procedures, an organizational chart and emergency,
contingency 

 15
 

and security plans for the Premises, all of which
shall be submitted to Owner for its review and written approval.

ARTICLE
3

OWNER’S AGREEMENTS

3.1           Documents and
Records.  Owner shall promptly
furnish Property Manager with all documents and records required to properly
manage the Premises, including but not limited to Leases, records of rental
payments, loan payment information, and copies of existing service contracts,
to the extent in Owner’s possession.

3.2           Direct Payments.  Owner, at its option, and upon notice to
Property Manager, may pay directly all taxes, special assessments, insurance
premiums, mortgage payments, ground lease payments and rent for the real
property in which the Premises are located.

ARTICLE
4

INSURANCE AND INDEMNITY

4.1           Insurance Coverage.  Property Manager shall consult with Owner and
shall recommend to Owner insurance companies and policies for such insurance
coverage as Owner and Owner’s lender or lenders may require.  During the term of this Agreement, Owner will
obtain and keep in full force insurance meeting the requirements set forth on Exhibit E
attached hereto for Owner’s insurance (or as Owner shall otherwise determine).  Such insurance shall be primary in coverage
to any similar insurance maintained by Property Manager and shall name Property
Manager as an additional insured. 
Property Manager, at its sole cost and expense, shall procure and
maintain the insurance, as described on Exhibit E for Property
Manager’s insurance, in amounts not less than the amounts set forth on Exhibit E,
including Employee Theft/Comprehensive Crime Insurance, and Property Manager
hereby assigns all proceeds of any employee theft or comprehensive crime
insurance or fidelity bond, as it relates to the Premises, to Owner and agrees
to execute such further assignments and notices thereof as shall be required by
Owner.  Property Manager shall require
that all contractors and subcontractors brought onto the Premises have
insurance coverage, at the contractor’s or subcontractor’s expense, in the
amount set forth on Exhibit E for contractors insurance.

4.2           Information.  Property Manager shall furnish whatever
information is reasonably requested by Owner and in Property Manager’s
possession for the purpose of determining the proper levels of insurance
coverage.

4.3           Owner Indemnity.  Property Manager agrees to use a degree of
care that would be exercised by a first-class and prudent property manager in the
same or similar circumstances in the performance of its duties and obligations
hereunder.  Other than with regard to the
Manager Bad Acts (as defined below), Owner agrees to indemnify and defend
Property Manager, its Affiliates and the partners, members, shareholders,
officers, directors and agents of any of the foregoing (the “Property Manager Indemnified Parties”)
and hold each of the Property Manager Indemnified Parties harmless from and
against any and all Losses arising out of, or resulting from, the good faith
exercise of Property Manager’s judgment, consistent with said standard of care,
with respect to such duties and obligations, and Owner shall have no claim 

 16
 

against Property Manager (a) by reason of any act
or omission in such exercise of such judgment relative to the performance of
said duties and obligations, provided Property Manager was not grossly
negligent or guilty of willful misconduct or fraud and (b) for any Losses
for which Owner has otherwise been reimbursed by the insurance required under Section 4.1.  It is expressly understood and agreed that
the provisions of this Section 4.3 shall survive the termination of
this Agreement to the extent of any cause of action arising from events
occurring prior to such termination.

4.4           Property Manager
Indemnity.  Property Manager agrees
to indemnify and defend each of the Owner Indemnified Parties, and hold the
Owner Indemnified Parties harmless, against and from all Losses which any of
the Owner Indemnified Parties may suffer or incur by or on behalf of any
person, firm or corporation due to or arising out of any gross negligence,
willful misconduct or fraud on the part of Property Manager, its employees,
agents or independent contractors (or others under the direction or control of
Property Manager), or Property Manager’s breach of its obligations under this
Agreement or any act outside the scope of Property Manager’s authority
hereunder (collectively, the “Manager Bad Acts”). 
Notwithstanding the foregoing, provided Property Manager has exercised
reasonable caution and care in selecting or recommending third party vendors
and provided Property Manager has confirmed that such third party vendors have
the types of insurance coverage, and in amounts at least equal to those
amounts, set forth on Exhibit E for contractor’s insurance, Property
Manager shall not be liable for Losses to the extent caused by any such third
party vendor hired to provide services at the Premises.  It is expressly understood and agreed that
the provisions of this Section 4.4 shall survive the termination of
this Agreement to the extent of any cause of action arising from events
occurring prior to such termination.

4.5           Waiver of Claims.  If any applicable insurance policy is not
invalidated by such waiver and release, Owner and Property Manager hereby waive
and release any claim, demand or right, including all rights of subrogation,
they and all others under them, including any insurer, might otherwise have to
recover from the other party, or their contractors or employees, for damage to
or destruction of any of their real or personal property situated on the
Premises resulting from the negligence of the other party, or their contractors
or employees, to the extent that Owner or Property Manager, as the case may be,
is compensated by insurance for such damage or destruction.  If necessary, Owner and Property Manager
shall obtain any necessary waiver from their respective insurers.

ARTICLE
5

MANAGEMENT FEES

5.1           Management Fees.  As management fees for services to be
performed by Property Manager in managing, operating and maintaining the
Premises in accordance with the provisions of this Agreement, during the term
of this Agreement and provided Property Manager is not in material default
hereunder, Owner agrees to pay to Property Manager monthly compensation on the
basis specified in Exhibit D.

5.2           Expenses/Costs
Reimbursements.  To the extent
specifically set forth or contemplated in the current applicable Budget, all
payments made or expenses incurred by Property Manager in the performance of
the services provided for in this Agreement shall be 

 17
 

paid or reimbursed by Owner, except as provided
below.  Notwithstanding
Section 5.2(a) or (h) below, to the extent specifically set forth or
contemplated in the current applicable Budget, Property Manager shall be
entitled to be reimbursed for (i) allocable costs for two (2) maintenance
personnel (including the cost of salary, wages, payroll taxes, insurance,
workers compensation, pension benefits and any other benefits paid by Property
Manager) and (ii) reasonable allocable costs of two (2) maintenance
vehicles (such costs and expenses in clause (i) and (ii) to be allocated on a
reasonable basis, as approved by Owner, among all properties owned by Owner or
its Affiliates and managed by Property Manager or its Affiliates and other
properties managed by Property Manager or its Affiliates to which such
maintenance personnel devote any time to or to which such maintenance vehicles
are utilized).  To the extent such
payments or expenses are not specifically set forth or contemplated in the
current applicable Budget, Property Manager shall be responsible for payment of
such expenses from its management fee. 
The following expenses or costs incurred by or on behalf of Property
Manager in connection with the management of the Premises shall be at the sole
cost and expense of Property Manager and shall not be reimbursable by Owner:(1)

(a)           Except
as set forth above in the opening paragraph of this Section 5.2, costs of
gross salary and wages, payroll taxes, insurance, workers compensation, pension
benefits and any other benefits or compensation of Property Manager’s employees
or personnel not permanently working on-site at the Premises, except as
otherwise expressly and specifically provided in the applicable Budget (costs
of on-site personnel will only be reimbursed to Property Manager to the extent
consistent with a schedule thereof approved by Owner and attached to the
applicable Budget, which schedule shall set forth each individual, the position
or title, name, annual salary range (or if applicable, hourly rates) and all
other benefits and the percent of time devoted to the Premises);

(b)           General
accounting and reporting services, as such services are considered to be within
the reasonable scope of Property Manager’s responsibilities to Owner;

(c)           Costs
of forms, paper, stationery, ledgers and other supplies and equipment used in
any office of Property Manager;

(d)           Costs
or pro rata costs of telephone and general office expenses incurred at or in
connection with the Premises by Property Manager for the operation and
management of properties other than the Premises;

(e)           Costs
or pro rata costs of electronic data processing equipment, whether located at
the Premises or at any other offices of Property Manager;

(f)            Costs
or pro rata costs of electronic data processing, for data processing provided
by computer service companies;

(1)  Property Manager will be entitled to
reasonable and necessary mileage reimbursements for its employees with regard
to the Sandwich, Hyannis, Harwich, Wareham and Orleans projects and with regard
to projects in Cranston, Rhode Island, and Meriden, Connecticut.

 18
 

(g)           Costs
of all bonuses, profit sharing or any other pay advances by Property Manager to
its agents or employees, except as individually approved in writing by Owner
for on-site personnel;

(h)           
Except as set forth above in the opening paragraph of this Section 5.2,
costs of any automobile purchase, lease and/or rental, unless directly
furnished by Owner and included within the applicable Budget;

(i)            Costs
of comprehensive crime insurance or fidelity bond purchased by Property Manager
for its own account;

(j)            Costs
for meals, travel or hotel accommodations;

(k)           Costs
of Property Manager’s employee training or continuing education or licensing
fees or costs;

(l)            Costs
or regional allocations for support for the personnel engaged or employed by
Property Manager with respect to the operation of the Premises;

(m)          Costs
of Property Manager’s membership in trade organizations;

(n)           Miscellaneous
educational costs of Property Manager or its agents, employees, officers or
independent contractors;

(o)           Political
or charitable contributions by Property Manager or its employees or agents;

(p)           Costs
incurred as a result of Property Manager’s breach of this Agreement, or the
negligence, willful misconduct or fraud of Property Manager, any one or more of
its Affiliates or its or their officers, directors, employees, independent
contractors, agents or other representatives;

(q)           Fees
paid to any employment agent, agency or similar service provided, unless
approved in advance by Owner in writing; and

(r)            Overhead
and administrative expenses of Property Manager.

ARTICLE
6

MISCELLANEOUS

6.1           Termination.  (a) Notwithstanding anything herein to the contrary,
this Agreement will terminate as to the Premises upon the earlier of:  (i) the date on which title to the
Premises ceases, for any reason, including without limitation a sale,
condemnation, a foreclosure or a conveyance in lieu of foreclosure, to be owned
by Owner; (ii) the earliest of (A) thirty (30) days after Property
Manager receives written notice (x) of a default in its performance of any
of the terms and conditions of this Agreement, (y) it has been negligent
in the management, operation, maintenance or servicing of the Premises, or
(z) it has failed to follow Owner’s specific directions on any material
matter; provided in each case that such default is continuing and 

 19
 

remains uncured thirty (30) days after receipt of such
written notice, or (B) the date on which Property Manager makes any
assignment for the benefit of creditors, commits any act of bankruptcy, or
files a petition under any bankruptcy or insolvency law, or (C) sixty (60)
days after any similar petition is filed against Property Manager by another
party, provided such petition remains undismissed sixty (60) days after such
filing; (iii) the date on which Property Manager fails to maintain any
material license or permit necessary for the operation of the Premises; (iv) thirty
(30) days after Owner or any of its Affiliates have the right to terminate
Property Manager or any of its Affiliates under any other property management
agreement (or other similar contract or arrangement) with regard to any other
property owned by Owner or any of its Affiliates; or (v) thirty (30) days
after Property Manager receives written notice of termination of this Agreement
from Owner, with or without cause.

(b)           This Agreement may be
terminated by Manager (i) as provided in Section 1.7(c) or
(ii) at any time upon sixty (60) days prior written notice to Owner,
with or without cause.

6.2           Record Retention.  Upon the expiration or termination of this
Agreement for any reason, the parties will cooperate with each other to effect
an efficient and smooth transition of responsibility with respect to the
management and recordkeeping of the Premises and Property Manager, as directed
by Owner, either will (i) at Owner’s expense, immediately deliver all
documents, files, books, paper, accounts and computer files and/or software (if
such software is owned by Owner) relating to the Premises that are in Property
Manager’s possession or under Property Manager’s control (the “Records”) to the
control of Owner, or (ii) at Owner’s expense, hold the Records for not
less than twelve (12) months, provided,
however, that (x) if Property Manager intends to dispose of the
Records at any time after twelve (12) months following the expiration or
termination of this Agreement, Property Manager shall first give Owner written
notice of its intent to dispose of the Records and offer to deliver the Records
to Owner; unless Owner requests that Property Manager dispose of the Records,
by written notice to Property Manager within thirty (30) days following such
notice from Property Manager, Property Manager shall deliver the Records to
Owner immediately following the end of such thirty (30) day period; and
(y) at any time while Property Manager is holding the Records following
the expiration or termination of this Agreement, Property Manager shall deliver
the Records to Owner immediately following written request therefore from
Owner.  Property Manager may make and
maintain copies of such records for its files at Property Manager’s
expense.  At Owner’s request, Property
Manager shall notify all the Tenants of any change in payment instructions and
all other parties, including but not limited to tax authorities, of any change
in billing address.

6.3           Manager’s Additional
Obligations After Terminations.  In
addition, upon the expiration or termination of this Agreement for any reason,
Property Manager shall:  (a) deliver
to Owner, or to such other person or persons designated by Owner all funds
attributable to the Premises in the possession of Property Manager and
belonging to Owner or received by Property Manager pursuant to the terms of
this Agreement (including any funds attributable to the Premises and due to
Owner under this Agreement but received after such termination);
(b) deliver to Owner, all materials, supplies, keys, contracts, documents,
plans, specifications, promotional materials and other materials pertaining to
the Premises; and (c) at the election of Owner, assign, transfer or convey
to such person or persons designated by Owner any service 

 20
 

contract and personal property related to or used in
the operation and maintenance of the Premises. 
Property Manager shall, at its cost and expense, remove all signs that
it may have placed at the Premises indicating that it is manager of the
Premises.  Property Manager shall also,
for a period of ninety (90) days after such expiration or termination, make
itself available to consult with and advise Owner, or such other person or
persons designated by Owner, regarding the operation and maintenance of the
Premises on a reasonable hourly fee basis.

6.4           Authorized
Representatives.  Owner from time to
time shall designate to Property Manager in writing the duly authorized
representative or representatives of Owner (the initial designation being
contained in Exhibit B hereto). 
For purposes of this Agreement, any statement, notice, recommendation,
request, demand, consent or approval to Property Manager under this Agreement
shall be in writing and shall be deemed given by Owner when (a) sent by
any such designated person (as to Owner) by internet email, return receipt
requested (or similar confirmation of receipt) or (b) signed by any such
designated person or persons (as to Owner) and (i) delivered personally to
a representative of Property Manager, (ii) mailed by Certified Mail,
Return Receipt Requested, postage prepaid, addressed to Property Manager at the
last designated address given to Owner or (iii) delivered by fax with
confirmation of receipt.  Any statement,
notice, recommendation, request, demand, consent or approval to Owner under
this Agreement shall be in writing and shall be deemed given by Property
Manager when signed by any authorized representative of Property Manager and
(i) delivered personally to a representative of Owner, (ii) mailed by
Certified Mail, Return Receipt requested, postage prepaid, addressed to Owner’s
designated representative at the last address furnished to Property Manager or
(iii) delivered by fax with confirmation of receipt.  Either party may, by written notice, from
time to time designate a different address or different individuals as its
authorized representative or representatives.

6.5           No Agency.  Except as otherwise expressly and
specifically provided in this Agreement, nothing herein shall be interpreted
and the relationship of Owner and Property Manager shall not be construed to
establish Property Manager as an agent of Owner or to create a joint venture or
partnership between Property Manager and Owner. 
Neither party to this Agreement shall borrow money in the name of, or on
behalf of, the other.  It is the express
intent of Owner and Property Manager, and this Agreement shall be so construed,
that the rights and duties hereby granted by Owner to Property Manager, and
assumed by Property Manager, are those of an independent contractor only, and
that Property Manager shall not at any time be an employee or agent of Owner,
subject to the provisions of this Agreement.

6.6           No Waiver.  The failure of Owner to seek redress for
breach or to insist upon the strict performance of any covenant, agreement,
provision or condition of this Agreement, shall not constitute a waiver
thereof, and Owner shall have all remedies provided herein and by applicable
law with respect to any subsequent act which would have originally constituted
a breach.

6.7           Captions.  The captions of this Agreement are inserted
only for the purpose of convenient reference and do not define, limit or
prescribe the scope or intent of this Agreement or any part hereof.

 21
 

6.8           Entire Agreement.  This Agreement embodies the entire
understanding of the parties and there are no further agreements or
understandings, written or oral, in effect between the parties relating to the
subject matter hereof.

6.9           Further Assurances.  Each party to this Agreement agrees to
execute, acknowledge, deliver, file, record and publish such further
instruments and documents, and do all such other acts and things as may be
reasonably required by law, or as may be required to carry out the intent and
purposes of this Agreement.

6.10         Attorney Fees.  In the event of any litigation, arbitration
or other dispute arising as a result of or by reason of the breach of this
Agreement or the failure to comply with the terms hereof, the prevailing party
in any such litigation, arbitration and other disputes shall recover, in
addition to any other damages assessed, its reasonable attorney fees, and all
other costs and expenses incurred in connection with settling or resolving such
dispute.  The attorney fees which the
prevailing party is entitled to recover shall include fees for prosecuting or
defending any appeal and shall not be awarded for any supplemental proceeding
until the final judgment is satisfied in full. 
In addition to the foregoing award of attorney fees to the prevailing
party, the prevailing party in any lawsuit or arbitration procedure relating to
this Agreement shall recover its reasonable attorney fees incurred in any post
judgment proceeding to collect or enforce the judgment.  This attorney fees provision is separate and
several and shall survive the merger of the Agreement into any judgment.

6.11         Extension Not a Waiver.  No delay or omission in the exercise of any
power, remedy or right herein provided or otherwise available to any party to
this Agreement shall impair or affect the right of such person thereafter to
exercise the same.  Any extension of time
or other indulgence granted to any party to this Agreement hereunder shall not
otherwise alter or affect any power, remedy or right of any other party to this
Agreement, or the obligations of the person to whom such extension or
indulgence is granted.

6.12         Survival of Rights.  Subject to Section 6.19, this Agreement
shall be binding upon and, as to permitted or accepted successors, transferees
and assigns, inure to the benefit of the parties hereto and their respective
heirs, legatees, legal representatives, successors, transferees and assigns, in
all cases whether by the laws of descent and distribution, merger, reverse
merger, consolidation, sale of assets, other sales, operation of law or
otherwise.

6.13         Severability.  In the event all or any part of any provision
of this Agreement is declared by a court of competent jurisdiction to be void
or unenforceable, such provision or part thereof so voided shall be deemed
severed from this Agreement, and the balance of this Agreement shall remain in
full force and effect.

6.14         Construction.  This Agreement shall be construed according
to its fair meaning and not strictly for or against any party to this
Agreement.

6.15         Waiver of Right to
Jury.  WITH RESPECT TO ANY DISPUTE
ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY RELATED AGREEMENT,
EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHTS IT MAY HAVE TO DEMAND A JURY
TRIAL.  THIS WAIVER IS KNOWINGLY,

 22
 

INTENTIONALLY AND VOLUNTARILY MADE BY THE PARTIES
HERETO AND EACH ACKNOWLEDGES THAT NO OTHER PARTY HERETO NOR ANY PERSON ACTING
ON BEHALF OF ANY OTHER PARTY HAS MADE ANY REPRESENTATION OF FACT TO INDUCE THIS
WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT.  EACH PARTY FURTHER ACKNOWLEDGES THAT IT HAS
BEEN REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING
AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS
OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH
COUNSEL.  EACH OF THE PARTIES FURTHER
ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF
THIS WAIVER PROVISION.

6.16         Third-Party
Beneficiary.  There are no
third-party beneficiaries of this Agreement.

6.17         Publicity.  Neither Property Manager nor any of its affiliates,
officers, agents or representatives shall issue any press release or otherwise
publicize or disclose the terms of this Agreement or the proposed terms of any
acquisition or disposition of the Premises or any additional property, or any
portion thereof, without the consent of Owner.

6.18         Confidentiality.  (a) The terms of this Agreement, the
identity of any person with whom Owner may be holding discussions with respect
to any lease, investment, acquisition, disposition or other transaction, and
all other business, financial or other information relating directly to the
Premises or the conduct of the business and affairs of Owner or the relative or
absolute rights or interests of Owner (collectively, the “Confidential Information”)
that has not been publicly disclosed pursuant to authorization by Owner is
confidential and proprietary information of Owner, the disclosure of which
would cause irreparable harm to Owner. 
Accordingly, Property Manager represents that it has not and agrees that
it will not and will direct its members, shareholders, partners, directors,
officers, agents, advisors and affiliates not to, disclose to any person, any
Confidential Information until Owner has publicly disclosed the Confidential
Information and has notified Property Manager that it has done so; provided, however, Property Manager (or
its Affiliates) may disclose such Confidential Information to its counsel or if
required by law or pursuant to any court order, subpoena or similar process
(provided that before making any disclosure of Confidential Information
required by law, Property Manager will notify Owner and provide Owner with a
copy of the proposed disclosure and opportunity to comment thereon before the
disclosure is made) or necessary for it to perform any of its duties or
obligations hereunder.

(b)           Subject to the
provisions of subparagraph (a) above, Property Manager agrees not to disclose
any Confidential Information to any person (other than the person agreeing to
maintain all Confidential Information in strict confidence or a judge,
magistrate or referee of any suit, action or proceeding relating to or arising
out of this Agreement or otherwise), and to keep confidential all documents
(including, without limitation, responses to discovery requests) containing any
Confidential Information.  Property
Manager hereby consents in advance to any motion for any protective order as
being intended by the movant to implement the purposes of this Section 6.18,
provided that, if Property Manager receives a request to disclose any
Confidential Information under the terms of a valid and effective order issued
by a court or governmental agency and the order was not sought by or on behalf
of or consented to by 

 23
 

Property Manager, then Property Manager may disclose
the Confidential Information to the extent required, if Property Manager as
promptly as practical (i) notifies Owner of the existence, terms and
circumstances of the order, (ii) consults in good faith with Owner on the
advisability of taking legally available steps to resist or to narrow the
order, and (iii) if disclosure of the Confidential Information is
required, exercises its commercially reasonable efforts to obtain a protective
order or other reliable assurance that confidential treatment will be accorded
to the portion of the disclosed Confidential Information that Owner
designates.  The costs (including,
without limitations, attorneys fees and expenses) of obtaining a protective
order covering Confidential Information designated by Owner will be borne by
Owner.

(c)           The covenants contained
in this Section 6.18 shall survive the termination of this
Agreement.

6.19         Assignment.  This Agreement may not be assigned by
Property Manager, nor shall Property Manager delegate any of its duties
hereunder, without Owner’s prior written consent (which may be given or
withheld in Owner’s sole and absolute discretion).  For purposes of the foregoing, without the
prior approval of Owner, a change in a majority of equity interests, or the
sale or transfer of all or substantially all of the assets or the merger of
Property Manager with any person or entity which results in a change in control
of Property Manager shall be deemed an assignment by Property Manager and
therefore is not permitted hereunder.  As
used in this Agreement, the term “control” shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management,
policies or activities of a person or entity, whether through ownership of
voting securities or other interests, by contract or otherwise.  No transfer or assignment by any Property
Manager will have the effect of relieving such assignor or transferor of any
obligations under this Agreement, and the assigning or transferring party will
remain liable for any and all obligations of its assignee (including those
relating to the period following such assignment or transfer) as if such
assignor or transferor had not made such assignment or transfer.

6.20         Competition.  Other than those properties previously
disclosed in writing to Owner, Property Manager does not, directly or
indirectly, own, lease, manage or otherwise have an interest in any commercial
property of the type and character of the Premises that is within a three (3)
mile radius of the Premises (each a “Competing Project”).  If at any time after the effective date of
this Agreement, Property Manager intends to own, lease, manage or otherwise
take an interest in any commercial property of the type and character of the
Premises that is within a three (3) mile radius of the Premises (each also a “Competing Project”),
Property Manager shall notify Owner of such fact prior to Property Manager’s
involvement.  Property Manager covenants
and agrees that it will not actively solicit tenants of the Premises for a
Competing Project, by initiating contact with any tenants which occupy space at
the Premises, without the prior written consent of Owner.  Property Manager shall disclose in writing to
Owner a detailed list of any tenants that have moved or relocated from the
Premises (or expanded) to any such Competing Project.  Property Manager shall not use, nor shall
Property Manager permit the use of, information or materials obtained by
Property Manager in conjunction with its performance of the management services
hereunder to compete, directly or indirectly, with the Premises.  The terms of this Section 6.20 shall survive
the expiration or earlier termination of this Agreement by twelve (12) months.

 24
 

6.21         Counterparts.  This Agreement may be executed in
counterparts, all of which, when taken together, shall constitute one and the
same original.

6.22         Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the Commonwealth of Massachusetts,
without giving effect to the conflict of law principles of such state.

6.23         Venue.  Any suit, action or proceeding seeking to
enforce any provisions of, or based on any matter arising out of or in
connection with, this Agreement, or the transactions contemplated hereby or
thereby, may be brought in any state or federal court in the Commonwealth of
Massachusetts, and each party hereto hereby consents to the exclusive
jurisdiction of any court in the Commonwealth of Massachusetts (and of the
appropriate appellate courts therefrom) in any suit, action or proceeding, and
irrevocably waives, to the fullest extent permitted by law, any objection which
it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or
proceeding which is brought in any such court has been brought in an
inconvenient forum.  Each party hereto
hereby waives the right to commence an action, suit or proceeding seeking to
enforce any provisions of, or based on any matter arising out of or in
connection with, this Agreement or the transaction contemplated hereby or
thereby in any court outside of the Commonwealth of Massachusetts.  Process in any suit, action or proceeding may
be served on any party anywhere in the world, whether within or without the
jurisdiction of any court.  Without
limiting the foregoing, each party agrees that service of process on such party
as provided for notice in Section 6.4 shall be deemed effective service of
process on such party.

[Remainder of Page
Intentionally Left Blank]

 25

IN WITNESS WHEREOF, the parties have executed this
Master Property Management Agreement as of the date first above written.

	
  

  	
  OWNER:

  
	
   

  	
   

  
	
  

  	
  TRT                                            
  LLC,

  a Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TRT New England Retail Floating Rate Holdco LLC, 

  a Delaware limited liability company, its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  DCTRT Real Estate Holdco LLC,

  a Delaware limited liability company, its sole member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Dividend Capital Total Realty Operating Partnership
  LP, a

  Delaware limited partnership, its sole member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Dividend Capital Total Realty Trust Inc., 

  a Maryland corporation, its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Greg Moran

  Its:       Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
  

  	
  TRT                                            
  LLC,

  a Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  DCTRT Real Estate Holdco LLC,
  a Delaware limited liability company,
  its sole member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Dividend Capital Total Realty Operating Partnership
  LP, a

  Delaware limited partnership, its sole member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Dividend Capital Total Realty Trust Inc., 

  a Maryland corporation, its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Greg Moran

  Title: Vice President

  
									

 

[Signature Page]

 

	
  

  	
  PROPERTY MANAGER:

  	
   

  
	
   

  	
   

  
	
   

  	
  KEYPOINT PARTNERS, LLC,

  
	
   

  	
  a Massachusetts limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  William A. Lawler, Jr., Member

  
					

 

[Signature Page]

EXHIBIT A

PROPERTY DESCRIPTION

EXHIBIT B

BASIC INFORMATION

	
  1.

  	
   

  	
  Owner’s representative
  and address is:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
                                                      ,
  LLC

  
	
   

  	
   

  	
  c/o Dividend Capital
  Total Realty Trust

  
	
   

  	
   

  	
  518 17th Street

  
	
   

  	
   

  	
  Denver, CO 80202

  
	
   

  	
   

  	
  Attn: John Chambers

  
	
   

  	
   

  	
  email:
  jchambers@dividendcapital.com

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Property Manager’s
  representative and address is:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  KeyPoint Partners, LLC

  
	
   

  	
   

  	
  One Burlington Woods
  Drive

  
	
   

  	
   

  	
  Burlington, MA 01803

  
	
   

  	
   

  	
  Attn: William A.
  Lawler, Jr.

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Addresses of the Premises:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

EXHIBIT C

List of Reports

All books, records, and reports must be in accordance with
U.S. GAAP

PROPERTY
NAME

Owner’s
Monthly Report Transmittal Form

For
the Month Ended XX/XX/20XX

	
  GAAP (Books on XX/31 basis):

  
	
   

  	
   

  	
  Tenant Sales
  Report, if applicable

  
	
   

  	
   

  	
  Tenant’s
  Percentage Rent Report, if applicable

  
	
   

  	
   

  	
  Balance Sheet
  (Accrual Basis)

  
	
   

  	
   

  	
  Comparative
  Income Statement: Actual v Budget (Accrual Basis)

  
	
   

  	
   

  	
  Detail Income
  Statement (Accrual Basis)

  
	
   

  	
   

  	
  Cash Flow
  Projections/Statements

  
	
   

  	
   

  	
  Trial Balance
  (MTD & YTD)

  
	
   

  	
   

  	
  General Ledger
  (Accrual Basis)

  
	
   

  	
   

  	
  Bank
  Reconciliations

  
	
   

  	
   

  	
  Accounts
  Receivable Aging

  
	
   

  	
   

  	
  A/R Aging
  Explanations - Over 60 Days

  
	
   

  	
   

  	
  Allowance for
  Uncollectible Rent Schedule

  
	
   

  	
   

  	
  Accounts Payable
  Aging

  
	
   

  	
   

  	
  Check
  Detail/Check Register

  
	
   

  	
   

  	
  Depreciation/Amortization
  Schedule

  
	
   

  	
   

  	
  Security Deposit
  Report

  
	
   

  	
   

  	
  Rent Roll

  
	
   

  	
   

  	
  Reconciliation
  of Rent Roll to Billing

  
	
   

  	
   

  	
  Management Fee
  Calculation

  
	
   

  	
   

  	
  Supporting
  Schedules for all remaining Balance Sheet Accounts

  
	
   

  	
   

  	
   

  

 

EXHIBIT D

COMPENSATION FOR
MANAGEMENT SERVICES

1.             Management
Fees:  As full compensation and
reimbursement for performing the management services provided for in the
Agreement, Owner agrees to pay Property Manager on the tenth (10th) day of each month during the
term of this Agreement, as management fees, a monthly amount equal to two and
one-half percent (2.5%) of the monthly gross rental collections from the
Premises for the previous month.

2.             Monthly
Gross Collections:  For all purposes
hereof, “monthly gross rental collections” shall mean the total gross monthly
collections actually received from Tenants for the Premises, including, without
limitation, (a) rent, concession fees, licensing income, and payments made
in consideration of the cancellation, surrender or modification of any Lease or
made by any reason of any default thereunder or the application of security
deposits related thereto (and any interests or penalties accrued thereon)
excluding any above-standard improvements amortized into any base rental,
(b) real estate taxes, general or special assessments and taxes on rental
income (excluding federal income taxes), not paid directly by tenants to the
taxing authorities, (c) operational or common area expenses or other such
items, including payments or reimbursements by Tenants for operating,
maintenance, upkeep and repair expenses or any improvements at the Premises,
and (d) water, sewer, fuel and other utility services not separately
metered and directly payable by Tenants at the Premises, as applicable; provided, however, monthly gross rental
collections shall specifically exclude: 
(i) interests paid on any Depository Account, Operating Account,
and any security deposit account; (ii) security deposits unless and not
until such deposits are applied as rental income upon termination of a lease;
(iii) parking revenues when a third-party operator is engaged;
(iv) sales taxes and termination payments, except to the extent of
previously uncollected rent; (v) employee occupied units or spaces and
space allocated or utilized for administrative purposes such as office use or
model units; (vi) rents paid more than one month in advance of the due
date until the month in which such payments are to apply as rental income;
(vii) monies collected for any capital items which are paid by tenants
(such as tenant finish or other improvements or monies collected for the repair
of any damage to the Premises or any other tenant reimbursement to Owner for
cost or damages for which the tenant is responsible); (viii) the value of
any concessions, rental abatements or rental forgiveness relative to existing
leases, lease assumptions or other inducements (whether set forth in the lease
or in a side letter or collateral agreement to the lease) granted to a tenant;
(ix) the cost of any lease buy-outs; (x) the cost of above building
standard leasehold improvements or the financing thereof provided by Owner;
(xi) relocation expenses paid for by Owner; (xii) rentals credited or
reimbursements made to any tenant by reason of existing lease assumptions or
takeovers and/or Owner takeovers or subleasing, etc.; and (xiii) proceeds
from a sale, refinancing, condemnation, hazard or liability insurance, title
insurance, tax abatement awards of all or any portion of the Premises, other
than loss rental insurance payments.

EXHIBIT E

Insurance Requirements

(a)           Insurance
by Owner.  Owner, at its expense,
will obtain and keep in force “All Risks” insurance or its equivalent in such
amounts as determined appropriate by Owner, insuring against physical damage
(e.g., fire and extended coverage endorsement, boiler, and machinery, etc.) and
against liability for loss, damage, or injury to property or persons which
might arise out of the occupancy, management, operating, or maintenance of the
property covered by this Agreement. 
Property Manager will be covered as an insured in its capacity as a real
estate manager on all commercial general liability insurance obtained by
Owner.  Owner shall save Property Manager
harmless from any liability on account of loss, damage, or injury, to the
extent actually insured against by Owner provided:

(i)            Property
Manager notifies Owner within five business days after Property Manager
receives notice of any such loss, damage or injury;

(ii)           Property
Manager takes no action (such as admission of liability) which bars Owner from
obtaining any protection afforded by any policy Owner may hold; and

(iii)          Property Manager agrees that Owner shall have
the exclusive right, at its option, to conduct the defense to any claim, demand
or suit within limits prescribed by the policy or policies of insurance.

Property Manager shall furnish whatever information is
requested by Owner for the purpose of establishing the placement of insurance
coverages and shall aid and cooperate in every reasonable way with respect to
such insurance and any loss thereunder. 
Owner shall include in its hazard policy covering the Premises, the
personal property, fixtures and equipment located thereon (owned by Owner),
appropriate clauses pursuant to which the insurance carriers shall waive the
rights of subrogation with respect to losses payable under such policies.

(b)           Property
Manager’s Insurance.  Property
Manager shall maintain, at its expense, insurance coverages in the following
amounts:

(i)            Worker’s
Compensation – Coverage A:  Greater of
statutory amount or $500,000.

Coverage B: 
Employer’s Liability insurance:

$500,000 Each Accident

$500,000 Disease, Policy Limit

$500,000 Disease, Each Employee

Worker’s Compensation policy shall include an
Alternate Employers Endorsement WC 00 03 01 naming Owner as Alternate Employer
for injuries occurring at “Premises”.

 1
 

(ii)           Commercial
General Liability, on an occurrence basis, including Bodily Injury and Property
Damage Liability, Personal and Advertising Injury Liability for the following
limits:

	
  General Aggregate

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Products - Completed Operations Aggregate

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Each Occurrence

  	
   

  	
  $

  	
  1,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Personal and
  Advertising Injury Liability

  	
   

  	
  $

  	
  1,000,000

  	
   

  

 

Such Commercial
General Liability Insurance shall include all premises, operations, products
and completed operations coverage, personal and advertising injury coverage,
contractual liability coverage, host liquor liability coverage and owned, hired
and non-owned auto liability coverage. 
Property Manager’s Commercial General Liability policy shall include
Real Estate Property Managed Endorsement: 
CG 22 70 11 85  and an
endorsement deleting the contractual liability exclusion contained in the
Personal and Advertising Injury Liability coverage.

(iii)          Owned, Hired and Non-Owned Business
Automobile liability insurance in an amount no less than $1,000,000 per
accident Combined Single Limit for bodily injury and property damage.

(iv)          Umbrella
Policy (occurrence form) in an amount no less than Ten Million Dollars
($10,000,000) each occurrence/$10,000,000 aggregate in excess of the Employer’s
Liability, Commercial General Liability and Automobile Liability, and if
available, on a commercially reasonable basis, on a per-location basis.  This policy shall provide coverage for
defense costs outside the limit of liability.

(v)           Property
Manager’s Errors & Omissions Insurance in an amount not less than
$1,000,000 per loss, aggregate, prior to September 1, 2007, and $2,000,000
per loss, aggregate, on and after September 1, 2007.

(vi)          Employee
Theft Insurance / Comprehensive Crime Insurance in an amount not less than
$1,000,000 (covering theft, criminal, fraudulent or dishonest acts) covering
all employees, representatives, agents and officers of Property Manager who
handle, have access to or are responsible for the revenues and money of the
Premises and any other monies or assets of Owner.  All such insurance policies shall be endorsed
to name Owner as an Additional Insured and to provide coverage for theft of Owner’s
money, securities and other property. 
Property Manager hereby assigns all proceeds of any Employee Theft or
Comprehensive Crime Insurance or Fidelity Bond as it relates to the Premises,
to the Owner and agrees to execute such further assignments and notices thereof
as shall be required by the Owner.

(vii)         Property Insurance coverage for personal
property of Property Manager.

 2
 

All coverage shall be provided by insurance companies
with a current Best’s Rating of A VIII or higher.  At the commencement of this Agreement,
Property Manager shall furnish Owner with Certificates of Insurance evidencing
coverage as provided above.  All
insurance policies shall provide for 30 days’ written notice to Owner prior to
the cancellation.  Certificates of
Insurance shall be modified so the words “endeavor to” and “but failure to mail
such notice shall impose no obligation or liability of any kind upon the
company, its agents or representatives” shall be deleted from the certificate
form’s cancellation provision.  At least
thirty (30) days prior to the expiration of any such policy, Property Manager
will provide to Owner replacement or substitute Certificates of Insurance
evidencing the renewal or replacement of the aforesaid policies.

(c)           Contractor’s
Insurance.  Property Manager shall
require that all contractors and subcontractors brought onto the Premises have
insurance coverage, at the contractor’s or subcontractor’s expense, in the
following minimum amounts (which amounts may be increased at Owner’s written
request, depending on the work to be performed):

(i)            Workman’s
Compensation – statutory amount;

(ii)           Employer’s
Liability - $500,000/$500,000/$500,000 minimum;

(iii)          Commercial General Liability, occurrence form
on a primary and non-contributing basis (naming Owner and Property Manager as
Additional Insureds for Ongoing Operations (Form CG 20 33 10/01) and for
Completed Operations (Form CG 20 37 10/01), or their equivalent on a combined
form) for limits of $1,000,000 per occurrence Combined Single Limit; $2,000,000
aggregate (i.e., such insurance shall include X, C and U coverage, contractual
liability, personal and advertising injury protection, (with an endorsement
deleting the contractual liability exclusion), completed operations coverage,
contractual liability coverage and hold harmless provision in favor or Owner
and Property Manager);

(iv)          Auto
Liability (owned, hired and non-owned) - $1,000,000 minimum; and

(v)           Property
Insurance coverage for tools and equipment brought onto and/or used on the
Property by the subcontractor – an amount equal to the replacement costs of all
such tools and equipment.

Each contractor and subcontractor shall maintain
Products and Completed Operations Insurance for a period of time no less than
the applicable Statute of Repose in the applicable State following the
completion of any work, and each contractor shall continue to provide evidence
of such coverage to the Property Manager on an annual basis during the
aforementioned period, including all of the terms of such insurance.

All coverage shall be provided by insurance companies
with a current Best’s Rating of A VII or higher.  All insurance policies shall provide for 30
days’ written notice to Owner and Property Manager prior to the cancellation or
material change of any insurance referred to therein.  Certificates of Insurance shall be modified
so the words “endeavor to” and “but failure to mail such notice shall impose no
obligation or liability of any kind upon the company, its agents or
representatives” shall be deleted from the certificate form’s cancellation
provision.

 3
 

Property Manager must obtain Owner’s prior permission
to waive any of the above requirements. 
Property Manager shall obtain and keep on file a certificate of
insurance that shows the contractor is so insured.

(d)           Investigation
of Claims.  Property Manager shall
promptly investigate and make a full, timely and written report to any
insurance company providing coverage, with a copy to Owner, of all accidents,
claims or damage relating to the ownership, operation and maintenance of the
Premises, any damage or destruction to all or any part of such Premises and the
estimated cost of repair thereof, and shall prepare any and all further reports
required by any such insurance company in connection therewith.  Property Manager shall have no right to
settle, compromise or otherwise dispose of any claims, demands or liabilities,
whether or not covered by insurance, exceeding $5,000, without the prior
written consent of Owner.

 4Exhibit 10.2

DEMAND
PROMISSORY NOTE

	
  $37,000.00

  	
  June 25, 2007

  

 

FOR VALUE
RECEIVED, ProUroCare Inc. (the “Debtor”) promises to pay to the order of
Alexander Nazarenko, or his successors and assigns (the “Holder”), the
principal sum of $37,000.00, together with interest on all outstanding and
unpaid amounts evidenced by this Note at the rate of the US Prime Rate plus1.0%
per year computed on the basis of the actual number of days elapse in the
payment period and a 365-day year.  This Note
is not secured.

1.                                       Payment
of Principal and Interest.  All
outstanding principal and interest under this Note will be due and payable ON
DEMAND.

2.                                       Demand
for Payment.  Upon request by the
Holder for payment hereunder, the then outstanding principal balance of this
Note and all accrued interest accrued thereon shall, at the option of the
Holder and without presentment, demand, protest, or further notice of any kind,
become immediately due and payable in full. 
All payments with respect to this Note will be applied to the reduction
of the principal or to the accrued interest as directed by the Debtor.

3.                                       Prepayments.
The indebtedness evidenced by this Note may be prepaid, in whole or in part, at
any time without penalty or premium.

4.                                       No
Waivers.  The Debtor agrees that no
failure on the part of the Holder to exercise any power, right or privilege
hereunder, or to insist upon prompt compliance with the terms of this Note,
will constitute a waiver of that power, right or privilege.

5.                                       Replacement
Note.  Upon receipt of evidence
reasonably satisfactory to the Debtor, of the loss, theft, destruction or
mutilation of this Note, the Debtor will make and deliver a new Note of like
tenor in lieu of this note.

6.                                       Governing
law.  This Note is governed in all
respects by the internal laws of the State of Minnesota without regard to the
conflicts of law principles of any jurisdiction.

7.                                       Collection
Costs.  In the event the Debtor fails
to timely pay any amount due under this Note, the Debtor will pay all of the
Holder’s reasonable out-of-pocket collection costs, including without
limitation, reasonable attorney’s fees and legal costs, whether or not any suit
or enforcement proceeding is commenced.

IN WITNESS WHEREOF, the
Debtor has caused this Note to be signed by a duly authorized officer and dated
as of the date first above written.

	
  

  	
  By:

  	
  /s/ Richard C. Carlson

  	
   

  
	
   

  	
   

  	
  Richard C. Carlson, Chief Executive Officer

  
	
   

  	
   

  	
  ProUroCare, Inc.

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