Document:

Exhibit 10.52

ASSIGNMENT AND ASSUMPTION

OF

AGREEMENT OF PURCHASE AND SALE

 

(Washington
Commons Phase I, Lot 1)

 

ALLIANCE
COMMERCIAL PARTNERS, LLC, a Colorado limited liability company (“Assignor”)
hereby assigns to TRT Alliance Diehl LLC, a Delaware limited liability
company  (“Assignee”) all right,
title and interest of Assignor in and to that certain Agreement of Purchase and
Sale by and between Assignor and NewTower Trust Company, a Maryland chartered
trust company, formerly known as Riggs National Bank of Washington D.C., as
Trustee of the NewTower Trust Company Multi-Employer Property Trust, a
collective investment fund operating under 12 C.F.R. Section 9.18, dated December
26, 2006 (the “Purchase Agreement”).

 

Assignee hereby assumes and agrees to perform
all of Assignor’s obligations under the Purchase Agreement. This Assignment and
Assumption of Agreement of Purchase and Sale shall be subject to all the
provisions, terms, covenants and conditions of the Purchase Agreement. Pursuant
to Section 9.6 of the Purchase Agreement, Assignor represents that
Assignee is an entity owned by a separate account of Assignor or an entity
controlling, controlled by or under common control with Assignor.
Notwithstanding the foregoing, Assignor shall remain liable under the Purchase
Agreement.

 

[Signature Page Follows]

 

 

Executed as of this 18th day of
January, 2007.

 

	
   

  	
  ASSIGNOR:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ALLIANCE COMMERCIAL PARTNERS, LLC,

  a Colorado limited liability company

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David E. Ramsay

  	
   

  
	
   

  	
  Name:

  	
  David E. Ramsay

  	
   

  
	
   

  	
  Title:

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ASSIGNEE:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TRT ALLIANCE
  DIEHL LLC, a Delaware limited

  liability company

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TRT Alliance
  JV I GP, a Delaware general partnership,

  its sole member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  400-900
  Diehl Associates, LLC, a Colorado limited

  liability company, its managing general partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Alliance
  Real Estate Value Fund III, LLC, a 

  Delaware limited liability company, its manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  AVF
  Management, LLC, a Colorado limited

  liability company, its managing member

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ David E.
  Ramsay

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Printed
  name:

  	
  David E.
  Ramsay

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Its:  Voting
  Member

  	
   

  
												

 

2Exhibit
10.53

 

ASSIGNMENT AND ASSUMPTION

OF

AGREEMENT OF PURCHASE AND SALE

 

(Washington
Commons Phase I, Lot 2)

 

ALLIANCE
COMMERCIAL PARTNERS, LLC, a Colorado limited liability company (“Assignor”)
hereby assigns to TRT Alliance Diehl LLC, a Delaware limited liability company  (“Assignee”) all right, title and interest
of Assignor in and to that certain Agreement of Purchase and Sale by and
between Assignor and Washington Commons Phase II Limited Partnership, an
Illinois limited partnership, dated December 26, 2006 (the “Purchase
Agreement”).

 

Assignee hereby assumes and agrees to perform
all of Assignor’s obligations under the Purchase Agreement. This Assignment and
Assumption of Agreement of Purchase and Sale shall be subject to all the
provisions, terms, covenants and conditions of the Purchase Agreement. Pursuant
to Section 9.6 of the Purchase Agreement, Assignor represents that Assignee is
an entity owned by a separate account of Assignor or an entity controlling,
controlled by or under common control with Assignor. Notwithstanding the
foregoing, Assignor shall remain liable under the Purchase Agreement.

 

[Signature Page Follows]

 

 

Executed as of this 18th day of
January, 2007.

 

	
   

  	
  ASSIGNOR:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ALLIANCE COMMERCIAL PARTNERS, LLC,

  a Colorado limited liability company

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Illegible

  	
   

  
	
   

  	
  Name:

  	
  Illegible

  	
   

  
	
   

  	
  Title:

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ASSIGNEE:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TRT ALLIANCE
  DIEHL LLC, a Delaware limited

  liability company

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TRT Alliance
  JV I GP, a Delaware general partnership,

  its sole member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  400-900
  Diehl Associates, LLC, a Colorado limited

  liability company, its managing general partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Alliance
  Real Estate Value Fund III, LLC, a Delaware limited

  liability company, its manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  AVF
  Management, LLC, a Colorado limited

  liability company, its managing member

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Illegible

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Printed
  name:

  	
  Illegible

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Its: Voting
  MemberExhibit 10.54

 

ASSIGNMENT AND ASSUMPTION

OF

AGREEMENT OF PURCHASE AND SALE

 

(Washington
Commons Phase I, Lot 3)

 

ALLIANCE
COMMERCIAL PARTNERS, LLC, a Colorado limited liability company (“Assignor”)
hereby assigns to TRT Alliance Diehl LLC, a Delaware limited liability company  (“Assignee”) all right, title and interest
of Assignor in and to that certain Agreement of Purchase and Sale by and
between Assignor and Washington Commons Phase III Limited Partnership, an
Illinois limited partnership, dated December 26, 2006 (the “Purchase
Agreement”).

 

Assignee hereby assumes and agrees to perform
all of Assignor’s obligations under the Purchase Agreement. This Assignment and
Assumption of Agreement of Purchase and Sale shall be subject to all the
provisions, terms, covenants and conditions of the Purchase Agreement. Pursuant
to the Assignment provision of the Purchase Agreement, Assignor represents that
Assignee is an entity owned by a separate account of Assignor or an entity
controlling, controlled by or under common control with Assignor. Notwithstanding
the foregoing, Assignor shall remain liable under the Purchase Agreement.

 

[Signature Page Follows]

 

 

Executed as of this 18 th day of January, 2007.

 

 

	
   

  	
  ASSIGNOR:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ALLIANCE COMMERCIAL PARTNERS, LLC,

  a Colorado limited liability company

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Illegible

  	
   

  
	
   

  	
  Name:

  	
  Illegible

  	
   

  
	
   

  	
  Title:

  	
  Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ASSIGNEE:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TRT ALLIANCE
  DIEHL LLC, a Delaware limited

  liability company

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TRT Alliance
  JV I GP, a Delaware general partnership,

  its sole member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  400-900
  Diehl Associates, LLC, a Colorado limited

  liability company, its managing general partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Alliance
  Real Estate Value Fund III, LLC, a Delaware limited

  liability company, its manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  AVF Management,
  LLC, a Colorado limited

  liability company, its managing member

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Illegible

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Printed
  name:

  	
  Illegible

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Its: Voting
  Member

  	
   

  
												

 

 

2Exhibit 10.55

 

Loan No. V_61558

 

FIXED RATE NOTE

 

	
  $21,300,000.00

  	
   

  	
  February         ,
  2007

  

 

FOR VALUE RECEIVED, TRT ALLIANCE DIEHL LLC, a Delaware limited
liability company (“Borrower”),
promises to pay to the order of JPMORGAN CHASE BANK, N.A., a banking association
chartered under the laws of the United States of America, its successors and
assigns (hereinafter referred to as “Lender”),
at the office of Lender or its agent, designee, or assignee at 270 Park Avenue,
New York, New York 10017, Attention:  Loan
Servicing, or at such place as Lender or its agent, designee, or assignee may
from time to time designate in writing, the principal sum of TWENTY-ONE MILLION
THREE HUNDRED THOUSAND AND 00/100 DOLLARS ($21,300,000.00), in lawful money of
the United States of America, with interest thereon to be computed on the
unpaid principal balance from time to time outstanding at the Applicable
Interest Rate (hereinafter defined) at all times prior to the occurrence of an
Event of Default (as defined in the Security Instrument [hereinafter defined]),
and to be paid in installments as set forth below.  Unless otherwise herein defined, all
initially capitalized terms shall have the meanings given such terms in the
Security Instrument.

 

1.             PAYMENT TERMS

 

Principal and interest due under this Note shall be paid as follows:

 

(a)           A payment of interest only on the date hereof for
the period from the date hereof through and including January 31, 2007;
and

 

(b)           A payment of interest only on the first day of
March, 2007 and a payment of interest only on the first day of each calendar
month thereafter up to and including the first day of January, 2012;

 

with payments under this Note to be applied to the payment of interest
and other costs and charges due in connection with this Note or the Debt, as
Lender may determine in its sole discretion;

 

and the principal sum, together with accrued and unpaid interest and
any other amounts due under this Note shall be due and payable on the first day
of February, 2012 or upon earlier maturity hereof whether by acceleration or
otherwise (the “Maturity Date”).  Interest on the principal sum of this Note
shall be calculated on the basis of a three hundred sixty (360) day year and
paid for the actual number of days elapsed. 
All amounts due under this Note shall be payable without setoff,
counterclaim or any other deduction whatsoever.

 

 

2.             INTEREST

 

The term “Applicable Interest Rate”
means from the date of this Note through and including the Maturity Date, a
rate of 5.9385% per annum.

 

3.             SECURITY

 

This Note is secured by, and Lender is entitled to the benefits of, the
Security Instrument, the Assignment, the Environmental Agreement, and the other
Loan Documents (hereinafter defined). 
The term “Security Instrument”
means the Mortgage and Security Agreement dated the date hereof given by
Borrower for the use and benefit of Lender covering the estate of Borrower in
certain premises as more particularly described therein (which premises,
together with all properties, rights, titles, estates and interests now or
hereafter securing the Debt and/or other obligations of Borrower under the Loan
Documents, are collectively referred to herein as the “Property”). 
The term “Assignment” means
the Assignment of Leases and Rents of even date herewith executed by Borrower
in favor of Lender.  The term “Environmental Agreement” means the
Environmental Indemnity Agreement of even date herewith executed by Borrower in
favor of Lender.  The term “Loan Documents” refers collectively to this
Note, the Security Instrument, the Assignment, the Environmental Agreement, and
any and all other documents executed in connection with this Note or now or
hereafter executed by Borrower and/or others and by or in favor of Lender,
which wholly or partially secure or guarantee payment of this Note or pertain
to indebtedness evidenced by this Note.

 

4.             LATE FEE

 

If any installment payable under this Note (but not including the final
installment due on the Maturity Date) is not received by Lender prior to the
seventh (7th) calendar day after the same is due (without regard to any
applicable cure and/or notice period), Borrower shall pay to Lender upon demand
an amount equal to the lesser of (a) five percent (5%) of such unpaid sum
or (b) the maximum amount permitted by applicable law to defray the
expenses incurred by Lender in handling and processing such delinquent payment
and to compensate Lender for the loss of the use of such delinquent payment,
and such amount shall be secured by the Loan Documents.

 

5.             DEFAULT AND
ACCELERATION

 

So long as an Event of Default exists, Lender may, at its option,
without notice or demand to Borrower, declare the Debt immediately due and
payable.  All remedies hereunder, under
the Loan Documents and at law or in equity shall be cumulative.  In the event that it should become necessary
to employ counsel to collect the Debt or to protect or foreclose the security
for the Debt or to defend against any claims asserted by Borrower arising from
or related to the Loan Documents, Borrower also agrees to pay to Lender on
demand all costs of collection or defense incurred by Lender, including
reasonable attorneys’ fees for the services of counsel whether or not suit be
brought.

 

 

2

 

6.             DEFAULT
INTEREST

 

Upon the occurrence of an Event of Default Borrower shall pay interest
on the entire unpaid principal sum and any other amounts due under the Loan
Documents at the rate equal to the lesser of (a) the maximum rate
permitted by applicable law, or (b) five percent (5%) above the Applicable
Interest Rate (the “Default Rate”).  The Default Rate shall be computed from the
occurrence of the Event of Default until the actual receipt and collection of a
sum of money determined by Lender to be sufficient to cure the Event of Default.  Amounts of interest accrued at the Default
Rate shall constitute a portion of the Debt, and shall be deemed secured by the
Loan Documents.  This clause, however,
shall not be construed as an agreement or privilege to extend the date of the
payment of the Debt, nor as a waiver of any other right or remedy accruing to
Lender by reason of the occurrence of any Event of Default.

 

7.             PREPAYMENT

 

(a)           Except as permitted in this Section 7, the
principal balance of this Note may not be prepaid in whole or in part (except
with respect to the application of casualty or condemnation proceeds) prior to
the Maturity Date.  If following the
occurrence of any Event of Default, Borrower shall tender payment to Lender or
Lender shall receive proceeds (whether through foreclosure or the exercise of
the other remedies available to Lender under the Security Instrument or the
other Loan Documents), Borrower shall pay in addition to interest accrued and
unpaid on the principal balance of this Note and all other sums then due under
this Note and the other Loan Documents a prepayment consideration in an amount
equal to the greater of (A) one percent (1%) of the outstanding principal
balance of this Note at the time such payment or proceeds are received, or (B) (x)
the present value as of the date such payment or proceeds are received of the
remaining scheduled payments of principal and interest from the date such
payment or proceeds are received through the Open Period Date (as defined
herein), as if it were the Maturity Date hereunder (including any balloon
payment) determined by discounting such payments at the Discount Rate (as
hereinafter defined), less (y) the amount of the payment or proceeds
received.  The term “Discount Rate” means the rate which, when
compounded monthly, is equivalent to the Treasury Rate (as hereinafter
defined), when compounded semi-annually. 
The term “Treasury Rate”
means the yield calculated by the linear interpolation of the yields, as
reported in Federal Reserve Statistical Release H.15-Selected Interest Rates
under the heading “U.S. Government Securities/Treasury Constant Maturities” for
the week ending prior to the date the payment of such proceeds are received, of
U.S. Treasury constant maturities with maturity dates (one longer and one
shorter) most nearly approximating the Open Period Date.  (In the event Release H.15 is no longer
published, Lender shall select a comparable publication to determine the
Treasury Rate.)  Lender shall notify
Borrower of the amount and the basis of determination of the required
prepayment consideration, which shall be conclusive except in the case of
manifest error.  Notwithstanding the
foregoing, Borrower shall have the additional privilege to prepay the entire
principal balance of this Note (together with any other sums constituting the
Debt) at any time after that date which is six (6) months preceding the
Maturity Date (the “Open Period Date”)
without any fee or consideration for such privilege; provided, however, if
Borrower shall prepay this Note

 

3

 

on any date other than a scheduled prepayment date, as set forth
herein, then Borrower shall pay interest through and including the next
succeeding scheduled prepayment date.

 

(b)           If the prepayment results from the application to
the Debt of the casualty or condemnation proceeds from the Property, no
prepayment consideration will be imposed. 
Partial prepayments of principal resulting from the application of
casualty or condemnation proceeds to the Debt (other than such application
which results from an Event of Default) shall change the amounts of subsequent
monthly installments as hereinafter provided, but shall not change the dates on
which such installments are due, unless Lender shall otherwise agree in
writing.  As of the date such proceeds
are applied by Lender to reduce the outstanding principal balance of this Note,
the monthly installment of interest set forth in Section 1(b) of
this Note shall be recomputed at the Applicable Interest Rate.  Lender’s determination of such recalculated
payment shall be binding and conclusive on Borrower.

 

(c)           (i)            Notwithstanding any provision of this Section 7
to the contrary, at any time after the earlier of (1) the date which is
two (2) years after the “startup day,” within the meaning of Section 860G(a)(9) of
the Internal Revenue Code of 1986, as amended from time to time or any
successor statute (the “Code”), of
a “real estate mortgage investment conduit,” within the meaning of Section 860D
of the Code, that holds this Note, and (2) a regularly scheduled payment
date on or after that date which is three (3) years after the date of the
first monthly payment due under Section 1(b), and provided no Event
of Default has occurred and is continuing under the Security Instrument or under
any of the Loan Documents, Borrower may cause the release of the Property (in
whole but not in part) from the lien of the Security Instrument and the other
Loan Documents upon the satisfaction of the following conditions precedent:

 

(A)          not less than twenty (20) days prior written notice
to Lender specifying a regularly scheduled payment date (the “Release Date”) on which the Defeasance
Deposit (hereinafter defined) is to be made;

 

(B)           the payment to Lender of interest accrued and unpaid
on the principal balance of this Note to and including the Release Date;

 

(C)           the payment to Lender of all other sums, not
including scheduled interest or principal payments, due under this Note, the
Security Instrument and the other Loan Documents;

 

(D)          the payment to Lender of the Defeasance Deposit; and

 

(E)           the delivery to Lender of:

 

(1)           a security agreement, in form and substance
satisfactory to Lender, creating a first priority lien on the Defeasance
Deposit and the U.S. Obligations (hereinafter defined) purchased on behalf of
Borrower with the Defeasance Deposit in accordance with this subparagraph (the “Security Agreement”);

 

4

 

(2)           a release of the Property from the lien of the
Security Instrument (for execution by Lender) in a form appropriate for the
jurisdiction in which the Property is located;

 

(3)           an officer’s certificate of Borrower certifying that
the requirements set forth in this subparagraph (i) have been satisfied;

 

(4)           an opinion of a certified public accountant
acceptable to Lender to the effect that the Defeasance Deposit is adequate to
provide payment on or prior to, but as close as possible to, all successive
scheduled payment dates after the Release Date upon which interest and
principal payments are required under this Note (including the amounts due and
assuming payment in full on the Open Period Date) and in amounts equal to the
scheduled payments due on such dates under this Note;

 

(5)           payment of all of Lender’s expenses incurred in
connection with the defeasance including, without limitation, reasonable
attorneys fees; and

 

(6)           such other certificates, documents or instruments as
Lender may reasonably request.

 

In connection with the conditions set forth in subsection (c)(i)(E) above,
Borrower hereby appoints Lender as its agent and attorney-in-fact for the
purpose of using the Defeasance Deposit to purchase U.S. Obligations which
provide payment on or prior to, but as close as possible to, all successive
scheduled payment dates after the Release Date upon which interest and
principal payments are required under this Note (including the amounts
sufficient to pay in full all principal, interest, costs and expenses due under
the Note as of the Open Period Date) and in amounts equal to the scheduled payments
due on such dates under this Note assuming payment in full on the Open Period
Date (the “Scheduled Defeasance Payments”).  Borrower, pursuant to the Security Agreement
or other appropriate document, shall authorize and direct that the payments
received from the U.S. Obligations may be made directly to Lender and applied
to satisfy the obligations of the Borrower under this Note.

 

(ii)           Upon compliance with the requirements of
this subsection (c), the Property shall be released from the lien
of the Security Instrument and the pledged U.S. Obligations shall be the sole
source of collateral securing this Note. 
Any portion of the Defeasance Deposit in excess of the amount necessary
to purchase the U.S. Obligations required by subparagraph (c)(i) above and
satisfy the Borrower’s obligations under this subsection (c) shall
be remitted to the Borrower with the release of the Property from the lien of
the Security Instrument.

 

5

 

(iii)          For purposes of this subsection (c),
the following terms shall have the following meanings:

 

(A)          The term “Defeasance
Deposit” shall mean an amount equal to 100% of the remaining
principal amount of this Note, the Yield Maintenance Premium, any costs and
expenses incurred or to be incurred in the purchase of the U.S. Obligations
necessary to meet the Scheduled Defeasance Payments and any revenue,
documentary stamp or intangible taxes or any other tax or charge due in
connection with the transfer of this Note or otherwise required to accomplish
the agreements of this subsection;

 

(B)           The term “Yield Maintenance Premium” shall mean the
amount (if any) which, when added to the remaining principal amount of this
Note, will be sufficient to purchase U.S. Obligations providing the required Scheduled
Defeasance Payments; and

 

(C)           The term “U.S. Obligations” shall mean direct
non-callable obligations of the United States of America.

 

(iv)          Upon the release of the Property in
accordance with this subsection (c), Borrower shall, at Lender’s
request, assign all its obligations and rights under this Note, together with
the pledged Defeasance Deposit, to a successor special purpose entity
designated by Borrower and approved by Lender in its sole discretion.  Such successor entity shall execute an assumption
agreement in form and substance satisfactory to Lender in its sole discretion
pursuant to which it shall assume Borrower’s obligations under this Note and
the Security Agreement.  In connection
with such assignment and assumption, Borrower shall (x) deliver to Lender an
opinion of counsel in form and substance and delivered by counsel satisfactory
to Lender in its sole discretion stating, among other things, that such
assumption agreement is enforceable against Borrower and such successor entity
in accordance with its terms and that this Note, the Security Agreement and the
other Loan Documents, as so assumed, are enforceable against such successor
entity in accordance with their respective terms, and (y) pay all costs and
expenses incurred by Lender or its agents in connection with such assignment
and assumption (including, without limitation, the review of the proposed
transferee and the preparation of the assumption agreement and related
documentation).  In connection with such
assignment and assumption, Borrower and any Guarantor shall be released of
personal liability under the Note and the other Loan Documents, but only as to
acts or events occurring after the closing of such assignment and assumption.

 

(v)           Upon the release of the Property in accordance
with this subsection (c), Borrower shall have no further right to
prepay this Note pursuant to the other provisions of this Section 7
or otherwise.

 

8.             SAVINGS CLAUSE

 

This Note is subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance due
hereunder at a rate which could subject

 

6

 

Lender to either civil or criminal liability as a result of being in
excess of the maximum interest rate which Borrower is permitted by applicable
law to contract or agree to pay.  If by
the terms of this Note, Borrower is at any time required or obligated to pay
interest on the principal balance due hereunder at a rate in excess of such
maximum rate, the Applicable Interest Rate or the Default Rate, as the case may
be, shall be deemed to be immediately reduced to such maximum rate and all
previous payments in excess of the maximum rate shall be deemed to have been
payments in reduction of principal and not on account of the interest due
hereunder.  All sums paid or agreed to be
paid to Lender for the use, forbearance, or detention of the Debt, shall, to
the extent permitted by applicable law, be amortized, prorated, allocated, and
spread throughout the full stated term of this Note until payment in full so
that the rate or amount of interest on account of the Debt does not exceed the
maximum lawful rate of interest from time to time in effect and applicable to
the Debt for so long as the Debt is outstanding.  Notwithstanding anything to the contrary
contained herein or in any of the other Loan Documents, it is not the intention
of Lender to accelerate the maturity of any interest that has not accrued at
the time of such acceleration or to collect unearned interest at the time of
such acceleration.

 

9.             WAIVERS

 

(a)           Except as specifically provided in the Loan
Documents, Borrower and any endorsers, sureties or guarantors hereof jointly
and severally waive presentment and demand for payment, notice of intent to
accelerate maturity, notice of acceleration of maturity, protest and notice of
protest and non-payment, all applicable exemption rights, valuation and
appraisement, notice of demand, and all other notices in connection with the
delivery, acceptance, performance, default or enforcement of the payment of
this Note and the bringing of suit and diligence in taking any action to
collect any sums owing hereunder or in proceeding against any of the rights and
collateral securing payment hereof. 
Borrower and any surety, endorser or guarantor hereof agree (i) that
the time for any payments hereunder may be extended from time to time without
notice and consent, (ii) to the acceptance by Lender of further
collateral, (iii) the release by Lender of any existing collateral for the
payment of this Note, (iv) to any and all renewals, waivers or
modifications that may be granted by Lender with respect to the payment or
other provisions of this Note, and/or (v) that additional Borrowers,
endorsers, guarantors or sureties may become parties hereto all without notice
to them and without in any manner affecting their liability under or with
respect to this Note.  No extension of
time for the payment of this Note or any installment hereof shall affect the
liability of Borrower under this Note or any endorser or guarantor hereof even
though the Borrower or such endorser or guarantor is not a party to such
agreement.

 

(b)           Failure of Lender to exercise any of the options
granted herein to Lender upon the happening of one or more of the events giving
rise to such options shall not constitute a waiver of the right to exercise the
same or any other option at any subsequent time in respect to the same or any
other event.  The acceptance by Lender of
any payment hereunder that is less than payment in full of all amounts due and
payable at the time of such payment shall not constitute a waiver of the right
to exercise any of the options granted herein to Lender at that time or at any
subsequent time or nullify any prior exercise of any such option without the
express written acknowledgment of the Lender.

 

7

 

10.           EXCULPATION

 

(a)           Notwithstanding anything in the Loan Documents to
the contrary, but subject to the qualifications below, Lender and Borrower
agree that:

 

(i)            Borrower shall be liable upon the Debt and for the
other obligations arising under the Loan Documents to the full extent (but only
to the extent) of the security therefor; provided, however, that
in the event (A) of a breach or default under Sections 4.3 or 8.2
of the Security Instrument, or (B) the Property or any part thereof
becomes an asset in a voluntary bankruptcy or insolvency proceeding, the
limitation on recourse set forth in this Subsection 10(a) will
be null and void and completely inapplicable, and this Note shall be with full
recourse to Borrower.

 

(ii)           If a default occurs in the timely and proper payment
of all or any part of the Debt, Lender shall not enforce the liability and
obligation of Borrower to perform and observe the obligations contained in this
Note or the Security Instrument by any action or proceeding wherein a money
judgment shall be sought against Borrower, except that Lender may bring a
foreclosure action, action for specific performance or other appropriate action
or proceeding to enable Lender to enforce and realize upon the Security
Instrument, the Other Loan Documents and the interest in the Property, the
Rents and any other collateral given to Lender created by the Security
Instrument and the Other Loan Documents; provided, however, that
any judgment in any action or proceeding shall be enforceable against Borrower
only to the extent of Borrower’s interest in the Property, in the Rents and in
any other collateral given to Lender. 
Lender, by accepting this Note and the Security Instrument, agrees that
it shall not, except as otherwise herein provided, sue for, seek or demand any
deficiency judgment against Borrower in any action or proceeding, under or by
reason of or under or in connection with this Note, the Other Loan Documents or
the Security Instrument.

 

(iii)          The provisions of this Subsection 10(a) shall
not (A) constitute a waiver, release or impairment of any obligation
evidenced or secured by this Note, the Other Loan Documents or the Security
Instrument; (B) impair the right of Lender to name Borrower as a party
defendant in any action or suit for judicial foreclosure and sale under the
Security Instrument; (C) affect the validity or enforceability of any
indemnity, guaranty, master lease or similar instrument made in connection with
this Note, the Security Instrument, or the Other Loan Documents; (D) impair
the right of Lender to obtain the appointment of a receiver; (E) impair
the enforcement of the Assignment executed in connection herewith; (F) impair
the right of Lender to enforce the provisions of Article 11 of the
Security Instrument; or (G) impair the right of Lender to obtain a
deficiency judgment or judgment on this Note against Borrower if necessary to
obtain any insurance proceeds or condemnation awards to which Lender would
otherwise be entitled under the Security Instrument; provided, however,
Lender shall only enforce such judgment against the insurance proceeds and/or
condemnation awards.

 

8

 

(iv)          Notwithstanding the provisions of this Article to
the contrary, Borrower shall be personally liable to Lender for the Losses it
incurs due to: (A) the misapplication (i.e. outside of normal operating or
budgeted capital expenditures) or misappropriation of Rents; (B) the
misapplication or misappropriation of insurance proceeds or condemnation
awards; (C) Borrower’s failure to return or to reimburse Lender for all
Personal Property taken from the Property by or on behalf of Borrower and not
replaced with Personal Property of the same utility and of the same or greater
value; (D) any act of actual waste or arson by Borrower or by any
Guarantor; (E) any fees or commissions paid by Borrower to any principal,
affiliate, general partner or member of Borrower, or any Guarantor in violation
of the terms of this Note, the Security Instrument or the Other Loan Documents;
(F) Borrower’s failure to comply with the provisions of Article 11
of the Security Instrument; (G) any breach of the Environmental Indemnity;
or (H) fraud, willful misconduct or material misrepresentation by Borrower
or by any Guarantor in connection with the loan evidenced by this Note,

 

(d)           Nothing herein shall be deemed to be a waiver of any
right which Lender may have under Sections 506(a), 506(b), 1111(b) or any
other provisions of the Bankruptcy Code to file a claim for the full amount of
the Debt or to require that all collateral shall continue to secure all of the
Debt, owing to Lender in accordance with this Note, the Security Instrument and
the Other Loan Documents.

 

11.           AUTHORITY

 

Borrower represents that Borrower has full power, authority and legal
right to execute, deliver and perform its obligations pursuant to this Note and
the other Loan Documents and that this Note and the other Loan Documents
constitute legal, valid and binding obligations of Borrower.  Borrower further represents that the loan
evidenced by the Loan Documents was made for business or commercial purposes
and not for personal, family or household use.

 

12.           NOTICES

 

All notices or other communications required or permitted to be given
pursuant hereto shall be given in the manner and be effective as specified in
the Security Instrument, directed to the parties at their respective addresses
as provided therein.

 

13.           TRANSFER

 

Lender shall have the unrestricted right at any time or from time to
time to sell this Note and the loan evidenced by this Note and the other Loan
Documents or participation interests therein. 
Borrower shall execute, acknowledge and deliver any and all instruments
requested by Lender to satisfy such purchasers or participants that the unpaid
indebtedness evidenced by this Note is outstanding upon the terms and
provisions set out in this Note and the other Loan Documents.  To the extent, if any, specified in such
assignment or participation, such assignee(s) or participant(s) shall have the
rights and benefits with respect to this Note and the other Loan Documents as
such assignee(s) or participant(s) would have if they were the Lender hereunder.

 

9

 

14.           WAIVER OF TRIAL BY JURY

 

BORROWER HEREBY AGREES NOT TO ELECT A TRIAL
BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY
JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH
REGARD TO THIS NOTE OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR
OTHER ACTION ARISING IN CONNECTION THEREWITH INCLUDING, BUT NOT LIMITED TO,
THOSE RELATING TO (A) ALLEGATIONS THAT A PARTNERSHIP EXISTS BETWEEN LENDER
AND BORROWER; (B) USURY OR PENALTIES OR DAMAGES THEREFOR; (C) ALLEGATIONS
OF UNCONSCIONABLE ACTS, DECEPTIVE TRADE PRACTICE, LACK OF GOOD FAITH OR FAIR
DEALING, LACK OF COMMERCIAL REASONABLENESS, OR SPECIAL RELATIONSHIPS (SUCH AS
FIDUCIARY, TRUST OR CONFIDENTIAL RELATIONSHIP); (D) ALLEGATIONS OF
DOMINION, CONTROL, ALTER EGO, INSTRUMENTALITY, FRAUD, REAL ESTATE FRAUD,
MISREPRESENTATION, DURESS, COERCION, UNDUE INFLUENCE, INTERFERENCE OR
NEGLIGENCE; (E) ALLEGATIONS OF TORTIOUS INTERFERENCE WITH PRESENT OR
PROSPECTIVE BUSINESS RELATIONSHIPS OR OF ANTITRUST; OR (F) SLANDER, LIBEL
OR DAMAGE TO REPUTATION.  THIS WAIVER OF
RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, AND IS
INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE
RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.  LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF
THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY
BORROWER.

 

15.           APPLICABLE LAW

 

This Note shall be governed by and construed in accordance with the
laws of the state in which the real property encumbered by the Security
Instrument is located (without regard to any conflict of laws or principles)
and the applicable laws of the United States of America.

 

16.           JURISDICTION

 

BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY COURT OF
COMPETENT JURISDICTION LOCATED IN THE STATE IN WHICH THE PROPERTY IS LOCATED IN
CONNECTION WITH ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE.

 

17.           NO ORAL CHANGE

 

The provisions of this Note and the other Loan Documents may be amended
or revised only by an instrument in writing signed by the Borrower and
Lender.  This Note and all the other Loan
Documents embody the final, entire agreement of Borrower and Lender and
supersede any and all prior commitments, agreements, representations and
understandings, whether written or oral, relating to the subject matter hereof
and thereof and may not be contradicted or varied by evidence of prior,
contemporaneous or subsequent oral agreements or discussions of Borrower and
Lender.  There are no oral agreements
between Borrower and Lender.

 

10

 

Executed as of the day and year first above written.

 

BORROWER:

 

	
   

  	
  TRT ALLIANCE
  DIEHL LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TRT Alliance
  JV I GP, a Delaware general partnership, its sole

  member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  400-900
  Diehl Associates, LLC, a Colorado limited

  liability company, its managing general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Alliance
  Real Estate Value Fund III, LLC, a

  Delaware limited liability company, its manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  AVF Management,
  LLC, a Colorado limited

  liability company, its managing member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
     /s/
  David E. Ramsay

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Printed
  name:

  	
    David
  E. Ramsay

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Its:  Voting
  Member

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