Document:

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                                                                EXHIBIT 10.10(f)

                FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

         This Fourth Amendment to that certain Amended and Restated Loan and
Security Agreement ("Amendment") is made and entered into as of June 1, 2000, by
and between Skechers U.S.A., Inc. ("Borrower") and The CIT Group/Commercial
Services, Inc. ("CIT"), successor by purchase to the Commercial Services
Division of Heller Financial, Inc., as Agent and as Lender ("Agent"). All
capitalized terms used herein and not otherwise defined shall have the meanings
set forth to such terms in the Amended and Restated Loan and Security Agreement.

         WHEREAS, Agent and Borrower are parties to a certain Amended and
Restated Loan and Security Agreement, dated September 4, 1998 and all amendments
thereto (the "Agreement"); and

         WHEREAS, Borrower and Agent desire to amend the Agreement as
hereinafter set forth;

         NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                              SECTION 1. AMENDMENT

1.1      Throughout the Agreement and in any other agreement between the parties
         thereto, any reference to Heller shall be deleted and CIT shall be
         inserted in lieu thereof.

1.2      Delete the first paragraph of subpart (A) to subsection 2.2 and
         substitute the following new paragraph:

         (A) Rate of Interest. All Loans shall be Base Rate Loans. The Loans and
         all other Obligations shall bear interest from the date such Loans are
         made or such other Obligations become due to the date paid at a rate
         per annum equal to: (a) the Base Rate minus 0.50% with respect to the
         Revolving Loan, Swingline Loan and other Obligations for which no other
         interest rate is specified, and (b) The Base Rate plus 1.0% with
         respect to Term Loan A (collectively, the "Interest Rate"). Any
         publicly announced change in the Base Rate shall result in an
         adjustment to the Interest Rate as of the first of the month following
         such change in the Base Rate.

1.3      Add the following new definition to subsection 11.1:

         "CIT" means The CIT Group/Commercial Services, Inc.

                      SECTION 2. RATIFICATION OF AGREEMENT

         2.1   To induce CIT to enter into this Amendment, Borrower represents
and warrants that after giving effect to this Amendment, no violation of the
terms of the Agreement exist and all representations and warranties contained in
the Agreement are true, correct and complete in all material respects on and as
of the date hereof.

         2.2   Except as previously set forth in this Amendment, the terms,
provisions and conditions of the Agreement are unchanged, and said Agreement, as
amended, shall remain in full force and effect and is hereby confirmed and
ratified.

                     SECTION 3. COUNTERPARTS; EFFECTIVENESS

         This Amendment may be executed in any number of counterparts, and all
such counterparts taken together shall be deemed to constitute one and the same
instrument.

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Signature pages may be detached from counterpart documents and reassembled to
form duplicate executed originals. This Amendment shall become effective as of
the date hereof upon the execution of the counterparts hereof by Borrower,
Guarantor and CIT.

                            SECTION 4. GOVERNING LAW

         THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA.

              SECTION 5. ACKNOWLEDGMENT AND CONSENT BY GUARANTORS

         Each Guarantor hereby acknowledges that it has read this Amendment and
consents to the terms thereof and further hereby confirms and agrees that,
notwithstanding the effectiveness of this Amendment, the obligations of such
Guarantor under its respective guaranty shall not be impaired or affected and
the guaranties are, and shall continue to be, in full force and effect and are
hereby confirmed and ratified in all respects.

         Witness the execution hereof by the respective duly authorized officers
of the undersigned as of the date first above written.

                                        THE CIT GROUP/COMMERCIAL
                                        SERVICES, INC., as Agent and as Lender

                                        By:      /s/ WILLIAM F. ELLIOTT
                                            ------------------------------------
                                        Title:           Vice President
                                               ---------------------------------

                                        SKECHERS U.S.A., INC.
ATTEST:

   /s/   PHILIP C. PACCIONE             By:      /s/ DAVID WEINBERG
------------------------------------        ------------------------------------
                                        Title:
                                               ---------------------------------

                                        GUARANTOR:

                                        SKECHERS USA, INC. II,
                                        a Delaware corporation

                                        By:      /s/ DAVID WEINBERG
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

                                        SKECHERS BY MAIL, INC.,
                                        a Delaware corporation

                                        By:      /s/ DAVID WEINBERG
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

                                       2<PAGE>   1

                                                                   EXHIBIT 10.19

                     STANDARD OFFER, AGREEMENT AND ESCROW
                    INSTRUCTIONS FOR PURCHASE OF REAL ESTATE
                                (NON-RESIDENTIAL)
                   American Industrial Real Estate Association

                                                    October 12, 2000
                                                    ----------------------------
                                                    (Date of Reference Purposes)

1.       BUYER.

                  1.1 Skechers USA, Inc. and/or assignee
                      ----------------------------------------------------------
         _________("BUYER") hereby offers to purchase the real property,
         hereinafter described, from the owner thereof ("SELLER") (collectively,
         the "PARTIES" or individually, a "PARTY"), through an escrow ("ESCROW")
         to close on or before December 15, 2000             ("EXPECTED CLOSING
                               ------------------------------
         DATE") to be held by First .American Title Company ("Escrow Holder")
         whose address is ____________________________________ , Phone
         No._______________, Facsimile No. ____________________________________
         upon the terms and conditions set forth in this agreement
         ("AGREEMENt"). Buyer shall have the right to assign Buyer's rights
         hereunder, but any such assignment shall not relieve Buyer of Buyer's
         obligations herein unless Seller expressly releases Buyer.

                  1.2 The term "DATE OF AGREEMENT" as used herein shall be the
         date when by execution and delivery (as defined in paragraph 20.2) of
         this document or a subsequent counter-offer thereto, Buyer and Seller
         have reached agreement in writing whereby Seller agrees to sell, and
         Buyer agrees to purchase, the Property upon temps accepted by both
         Parties.

2.       PROPERTY.

                  2.1 The real property ("Property") that is the subject of this
         offer consists of (insert a brief physical description)
         a new concrete tilt-up industrial building of approximately
         -----------------------------------------------------------------------
         263,670 sq ft situated on approximately 12.63 acres of land
         -----------------------------------------------------------------------
         is located in the City of Ontario , County of San Bernardino
                                   --------            -------------------------
         ,State of California, is commonly known by the street address of
                   ----------
         1670 Champagne Avenue and is legally described as:
         to be supplied in escrow (APN: _______________________).
         ------------------------

                  2.2 If the legal description of the Property is not complete
         or is inaccurate, this Agreement shall not be invalid and the legal
         description shall be completed or corrected to meet the requirements of
         First American Title Company ("TITLE COMPANY"), which shall issue the
         ----------------------------
         title policy hereinafter described.

                  2.3 The Property includes, at no additional cost to Buyer, the
         permanent improvements thereon, including those items which the law of
         the state in which the Property is located provides is part of the
         Property, as well as the following items, if any, owned by Seller and
         at present located on the Property: electrical distribution systems
         (power panel, bus ducting, conduits, disconnects, lighting fixtures);
         telephone distribution systems (lines, jacks and connections only);
         space heaters; heating; ventilating; air conditioning equipment
         ("HVAC"); air lines; fire sprinkler systems; security and fire
         detection systems; carpets; window coverings; wall coverings; and Buyer
         acknowledges that the Property has been completed to the specifications
         to be met by the Lessor as set forth in that certain lease dated
         October 15, 1999 by and between Champagne Building Group, LP "Lessor"
         and Skechers USA, Inc. "Lessee" (the "Lease"), subject, however, to
         representations, warranties and covenants of Seller specifically set
         forth in this Agreement (collectively, the "IMPROVEMENTS").

                  2.4 Within the time period specified in paragraph 9.1(a),
         Seller shall make to Buyer, through escrow, all of the applicable
         disclosures required by law (See American Industrial Real Estate
         Association ("AIR") standard form entitled "Sellers Mandatory
         Disclosure Statement").

3.       PURCHASE PRICE.

                  3.1 The purchase price ("PURCHASE PRICE") to be paid by Buyer
         to Seller for the Property shall be $11,450,000.00, payable as follows:
                                             --------------

                  (a)   Cash down payment, including the Deposit
                        as definedin paragraph 4.3 (or if an all
                        cash transaction, thePurchase Price)       $2,850,000.00
                                                                   -------------
(Strike if not    (b)   Amount of "New Loan" as defined in
applicable)             paragraph 5.1, ifany:                        $8,600,000
                                                                     ----------

                  (c)   Buyer shall take title to the Property
                        subject to the following existing deeds) of
                        trust ("EXISTING DEED(S) OF TRUST") securing
                        the existing promissory notes) ("EXISTING
                        Notes)"): (i) An Existing Note ("First
                        Note") with an unpaid principal balance as
                        of the

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                       Closing of approximately:                   $____________
                       Said First Note is payable at $__________
(Strike if not         per month, annum until paid (and/or the
applicable)            including interest at the rate of _______%
                       per entire unpaid balance is due
                       on ___________________________).

                       (ii) An Existing Note ("SECOND NOTE") with
                       an unpaid principal balance as of the
                       Closing of approximately:                  $_____________
                       Said Second Note is payable at $__________
                       per month, including interest at the rate
                       of ______________ % per annum until paid
                       (and/or the entire unpaid balance is due
                       on ___________________________),

             (d)      Buyer shall give Seller a deed of trust
                      ("PURCHASE MONEY DEED OF TRUST") on the
                      Property, to secure the promissory note of
                      Buyer to Seller described in paragraph 6
                      ("PURCHASE MONEY NOTE") in the amount of:   $_____________

                       Total Purchase Price:                      $11,450,000.00
                                                                   -------------

                  3.2 If an Existing Deed of Trust permits the beneficiary to
         demand payment of fees including, but not limited to, points,
         processing fees, and appraisal fees as a condition to the transfer of
         the Property, Buyer agrees to pay such fees up to a maximum of 1.5% of
         the unpaid principal balance of the applicable Existing Note.

4.       DEPOSITS

                  4.1 Buyer hereby delivers a check in the sum of $200,000.00 ,
         payable to Escrow Holder, to be held uncashed until the Date of
         Agreement. Such check shall be deposited in accordance with paragraph
         4.3 and applied toward the Purchase Price of the Property at the
         Closing. Should Buyer and Seller not enter into an agreement for
         purchase and sale, Buyer's check or funds shall, upon request by Buyer,
         be promptly returned to Buyer.

                  4.2 Additional deposits:

         (a) Within 5 business days after the Date of Agreement, Buyer shall
deposit with Escrow Holder the additional sum of $ 0 to be applied to the
                                                 ---
Purchase Price at the Closing

         (b) Within 5 business days after the contingencies discussed in
paragraph 9.1(a) through (k) are approved or waived, Buyer shall deposit with
Escrow Holder the additional sum of $ 0 to be applied to the Purchase Price at
                                    ---
the Closing.

                  4.3 Escrow Holder shall deposit the funds deposited with it by
         Buyer pursuant to paragraphs 4.1 and 4.2 (collectively the "DEPOSIT"),
         in a State or Federally chartered bank in an interest bearing account
         whose term is appropriate and consistent with the timing requirements
         of this transaction. The interest therefrom shall accrue to the benefit
         of Buyer, who hereby acknowledges that there may be penalties or
         interest forfeitures if the applicable instrument is redeemed prior to
         its specified maturity. Buyer's Federal Tax Identification Number is
         ___________ NOTE: Such interest bearing account cannot be opened until
         Buyer's Federal Tax Identification Number is provided.

5.       FINANCING CONTINGENCY (Strike if not applicable)

                  5.1 This offer is contingent upon Buyer obtaining from an
         insurance company, financial institution or other lender, a commitment
         to lend to Buyer a sum not less than $8,600,000 , at terms reasonably
                                              ----------
         acceptable to Buyer. Such loan ("NEW LOAN") shall be secured by a first
         trust upon the Property.

                  5.2 Buyer hereby agrees to diligently pursue obtaining the New
         Loan. If Buyer shall fail to notify Escrow Holder and Seller, in
         writing within 30 days following the Date of Agreement, that the New
                        --
         Loan has not been obtained, it shall be conclusively presumed that
         Buyer has either obtained said New Loan or has waived this New Loan
         contingency.

                  5.3 If, after due diligence, Buyer shall notify Escrow Holder
         and Seller, in writing, within the time specified in paragraph 5.2
         hereof, that Buyer has not obtained said New Loan, this Agreement shall
         be terminated, and Buyer shall be entitled to the prompt return of the
         Deposit, plus any interest earned thereon, less only Escrow Holder and
         Title Company cancellation fees and costs, which Buyer shall pay.

6.       SELLER FINANCING (Purchase Money Note) (Strike if not applicable).

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7.       REAL ESTATE BROKERS.

                  7.1 The following real estate broker(s) ("BROKERS") and
         brokerage relationships exist in this transaction and are consented to
         by the Parties (check the applicable boxes):

[ ] Seeley Company (pursuant to separate agreement)
    ---------------------------------------------------------------------------
    represents Seller exclusively ("SELLER'S BROKER");

[ ] CB Richard Ellis, Inc.  (pursuant to separate agreement)
    ---------------------------------------------------------------------------
    represents Buyer exclusively ("BUYER'S BROKER"); or

[ ]
    ---------------------------------------------------------------------------
    represents both Seller Buyer ("DUAL AGENCY").

Brokers' rights and entitlement to compensation in connection with the
transaction contemplated by this Agreement, if any, are governed by agreements
separate from this Agreement (the "BROKER AGREEMENTS"). Brokers ARE NOT third
party beneficiaries to this Agreement. Notwithstanding any statement to the
contrary elsewhere in this Agreement, Brokers (i) have no authority to act for
either Party and (ii) have no rights to receive any notices with regard to any
matter pursuant to this Agreement. See paragraph 24 for disclosures regarding
the nature of a real estate agency relationship.

                  7.2 Buyer and Seller each represent and warrant to the other
         that he/she/it has had no dealings with any person, firm, broker or
         finder in connection with the negotiation of this Agreement and/or the
         consummation of the purchase and sale contemplated herein, other than
         the Brokers named in paragraph 7.1, and no broker or other person, firm
         or entity, other than said Brokers is/are entitled to any commission or
         finder's fee in connection with this transaction as the result of any
         dealings or acts of such Party. Buyer and Seller do each hereby agree
         to indemnify, defend, protect and hold the other harmless from and
         against any costs, expenses or liability for compensation, commission
         or charges which may be claimed by any broker, finder or other similar
         party, other than said named Brokers by reason of any dealings or act
         of the indemnifying Party.

8.       ESCROW AND CLOSING.

                  8.1 Upon acceptance hereof by Seller, this Agreement,
         including any counter-offers incorporated herein by the Parties, shall
         constitute not only the agreement of purchase and sale between Buyer
         and Seller, but also instructions to Escrow Holder for the consummation
         of the Agreement through the Escrow. Escrow Holder shall not prepare
         any further escrow instructions restating or amending the Agreement
         unless specifically so instructed by the Parties. Subject to the
         reasonable approval of the Parties, Escrow Holder may, however, include
         its standard general escrow provisions.

                  8.2 As soon as practical after the receipt of this Agreement
         and any relevant counter-offers, Escrow Holder shall ascertain the Date
         of Agreement as defined in paragraphs 1.2 and 20.2 and advise the
         Parties in writing, of the date ascertained.

                  8.3 Escrow Holder is hereby authorized and instructed to
         conduct the Escrow In accordance with this Agreement, applicable law
         and custom and practice of the community in which Escrow Holder is
         located, including any reporting requirements of the Internal Revenue
         Code. In the event of a conflict between the law of the state where the
         Property is located and the law of the state where the Escrow Holder is
         located, the law of the state where the Property is located shall
         prevail.

                  8.4 Subject to satisfaction of the contingencies herein
         described, Escrow Holder shall close this escrow (the "CLOSING") by
         recording a general warranty deed (a grant deed in California) and the
         other documents required to be recorded, and by disbursing the funds
         and documents in accordance with this Agreement.

                  8.5 Buyer and Seller shall each pay one-half of the Escrow
         Holder's charges and Seiler shall pay the usual recording fees and any
         required documentary transfer taxes. Seller shall pay the premium for a
         standard coverage owner's or joint protection policy of title
         insurance.

                  8.6 Escrow Holder shall verify that all of Buyers
         contingencies have been satisfied or waived prior to Closing. The
         matters contained in paragraphs 9.1 subparagraphs (b), (c), (d), (e),
         (g), (i), (n), and (o), 9.4, 9.5, 12, 13, 14, 16, 18, 20, 21, 22, and
         24 are, however, matters of agreement between the Parties only and in
         no way constitute instructions to Escrow Holder.

                  8.7 If this transaction is terminated for non-satisfaction and
         non-waiver of a Buyer's Contingency, as defined in paragraph 9.2, then
         neither of the Parties shall thereafter have any liability to the other
         under this Agreement, except to the extent of the breach of any
         affirmative covenant or warranty in this Agreement. In the event of
         such termination, Buyer shall be promptly refunded all funds deposited
         by Buyer with Escrow Holder, less only Title Company and Escrow Holder
         cancellation fees and costs, all of which shall be Buyer's obligation.

                  8.8 The Closing shall occur on the Expected Closing Date, or
         as soon thereafter as the Escrow is in condition for Closing; provided,
         however, that if the closing does not occur by the Expected Closing
         Date and said Date is not extended by mutual instructions of the
         Parties, a Party not then in default under this Agreement may notify
         the other Party and, Escrow Holder in writing that, unless the Closing
         occurs within 5 business days following said notice, the Escrow shall
         be deemed terminated without further notice or instructions.

                  8.9 Except as otherwise provided herein, the termination of
         Escrow shall not relieve or release either Party from any obligation to
         pay Escrow Holder's fees and costs or constitute a waiver, release or
         discharge of any breach or default that has occurred in the performance
         of the obligations, agreements, covenants or warranties contained
         therein.

                  8.10 If this Escrow is terminated for any reason other than
         Seller's breach or default, then at Seller's request, and as a
         condition to the return of Buyer's deposit, Buyer shall within 5 days
         after written request deliver to Seller, at no charge, copies of all
         surveys, engineering studies, soil reports, maps, master plans,
         feasibility studies and other similar items prepared by or for Buyer
         that pertain to the Property. Provided, however, that Buyer shall not
         be required to deliver any such report if the written contract which
         Buyer entered into with the consultant who prepared such report
         specifically forbids the dissemination of the report to others.

9.       CONTINGENCIES TO CLOSING.

                  9.1 The Closing of this transaction is contingent upon the
         satisfaction or waiver of the following contingencies. IF BUYER FAILS
         TO NOTIFY ESCROW HOLDER, IN WRITING, OF THE DISAPPROVAL OF ANY OF SAID
         CONTINGENCIES WITHIN THE TIME SPECIFIED THEREIN, IT SHALL BE
         CONCLUSIVELY PRESUMED THAT BUYER HAS APPROVED SUCH ITEM, MATTER OR
         DOCUMENT. Buyer's conditional approval shall

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constitute disapproval, unless provision is made by the Seller within the time
specified therefor by the Buyer in such conditional approval or by this
Agreement, whichever is later, for the same position of the condition imposed by
the Buyer. Escrow Holder shall promptly provide all Parties with copies of any
written disapproval or conditional approval which it receives. With regard to
subparagraphs (a) through (l) the pre-printed time periods shall control unless
a different number of days is inserted in the spaces provided.

                  (a) Disclosure. Seller shall disclose to Buyer any matters
         required by applicable law (see paragraph 2.4) and provide Buyer with a
         completed Property Information Sheet ("PROPERTY INFORMATION SHEET")
         concerning the Property, duly executed by or on behalf of Seller in the
         current form or equivalent to that published by the AIR within 10 or
         ____________ following the Date of Agreement. Buyer has 10 days from
         the receipt of said disclosures to approve or disapprove the matters
         disclosed.

                  (b) Physical Inspection. Buyer has 10 or _______________ days
         from the receipt of the Property Information Sheet or the Date of
         Agreement, whichever is later, to satisfy itself with regard to the
         physical aspects and size of the Property.

                  (c) Hazardous Substance Conditions Report. Buyer has 30 days
                                                                       --
         from the receipt of the Property Information Sheet, or the Date of
         Agreement, whichever is later, to satisfy itself with regard to the
         environmental aspects of the Property. Seller recommends that Buyer
         obtain a hazardous Substance Conditions Report concerning the Property
         and relevant adjoining properties. Any such report shall be paid for by
         Buyer. A "HAZARDOUS SUBSTANCE" for purposes of this Agreement is
         defined as any substance whose nature and/or quantity of existence,
         use, manufacture, disposal or effect, render it subject to Federal,
         state or local regulation, investigation, remediation or removal as
         potentially injurious to public health or welfare. A "HAZARDOUS
         SUBSTANCE CONDITION" for purposes of this Agreement is defined as the
         existence on, under or relevantly adjacent to the Property of a
         Hazardous Substance that would require remediation and/or removal under
         applicable Federal, state or local law.

                  (d) Soil Inspection. Buyer has 30 days from the receipt of the
                                                 --
         Property Information Sheet or the Date of Agreement, whichever is
         later, to satisfy itself with regard to the condition of the soils on
         the Property. Seller recommends that Buyer obtain a soil test report.
         Any such report shall be paid for by Buyer. Seller shall provide Buyer
         copies of any soils report that Seller may have within 10 days of the
         Date of Agreement.

                  (e) Governmental Approvals. Buyer has 10 days from the Date of
                                                        --
         Agreement to satisfy itself with regard to approvals and permits from
         governmental agencies or departments which have or may have
         jurisdiction over the Property and which Buyer deems necessary or
         desirable in connection with its intended use of the Property,
         Including, but not limited to, permits and approvals required with
         respect to zoning, planning, building and safety, fire, police,
         handicapped and Americans with Disabilities Act requirements,
         transportation and environmental matters.

                  (f) Conditions of Title. Escrow Holder shall cause a current
         commitment for title insurance ("TITLE COMMITMENT") concerning the
         Property issued by the ride Company, as well as legible copies of all
         documents referred to in the Title Commitment ("UNDERLYING DOCUMENTS")
         to be delivered to Buyer within 10 or ____________ days following the
         Date of Agreement. Buyer has 10 days from the receipt of the Title
         Commitment, the Survey referred to in 91(g), and Underlying Documents
         to satisfy itself with regard to the condition of title. The
         disapproval of Buyer of any monetary encumbrance, which by the terms of
         this Agreement is not to remain against the Property after the Closing,
         shall not be considered a failure of this contingency; as Seller shall
         have the obligation, at Seller's expense, to satisfy and remove such
         disapproved monetary encumbrance at or before the Closing.

                  (g) Survey. Buyer has 30 days from the receipt of the Title
                                        --
         Commitment the Survey described In this paragraph 9.1(g), and
         Underlying Documents to satisfy itself with regard to any ALTA title
         supplement based upon a survey prepared to American Land Title
         Association ("ALTA") standards for an owner's policy by a licensed
         surveyor, showing the legal description and boundary lines of the
         Property, any easements of record, and any improvements, poles,
         structures and things located within 10 feet of either side of the
         Property boundary lines. Any such survey shall be prepared at Seller's
         direction and expense. If Buyer has obtained a survey and approved the
         ALTA title supplement, Buyer may elect within the period allowed for
         Buyer's approval of a survey to have an ALTA extended coverage owner's
         form of title policy, in which event Buyer shall pay any additional
         premium attributable thereto.

                  (h) Existing Leases and Tenancy Statements. N/A Buyer is the
         Lessee under the Lease.

                  (i) Other Agreements. Seller shall within 10 or 5 days of the
                                                                  --
         Date of Agreement provide Buyer with legible copies of all other
         agreements ("OTHER AGREEMENTS") known to Seller that will affect the
         Property after Closing. Buyer has 10 days from the receipt of said
         Other Agreements to satisfy itself with regard to such Agreements.

                  (j) Financing. If paragraph 5 hereof dealing with a financing
         contingency has not been stricken, the satisfaction or waiver of such
         New Loan contingency.

                  (l) Personal Property. In the event that any personal property
         is included in the Purchase Price, Buyer has 10 or ____________ days
         from the Date of Agreement to satisfy itself with regard to the title
         condition of such personal property. Seller recommends that Buyer
         obtain a UCC-1 report. Any such report shall be paid for by Buyer.
         Seller shall provide Buyer copies of any liens or encumbrances
         affecting such personal property that it is aware of within 10 or
         ____________ days of the Date of Agreement.

                  (m) Destruction. Damage or Loss. There shall not have occurred
         prior to the Closing, a destruction of, or damage or loss to, the
         Property or any portion thereof, from any cause whatsoever other than
         Buyer (as Tenant under the Lease or such Tenant's invitees), which
         would cost more than $10,000.00 to repair or cure. If the cost of
         repair or cure is $10,000.00 or less, Seller shall repair or cure the
         loss prior to the Closing. Buyer shall have the option, within 10 days
         after receipt of written notice of a loss costing more than $10,000.00
         to repair or cure, to either terminate this transaction or to purchase
         the Property notwithstanding such loss, but without deduction or offset
         against the Purchase Price. If the cost to repair or cure is more than
         $10,000.00 and Buyer does not elect to terminate this transaction,
         Buyer shall be entitled to any insurance proceeds applicable to such
         loss. Unless otherwise notified in

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         writing, Escrow Holder shall assume no such destruction, damage or loss
         has occurred prior to Closing.

                  (n) Material Change. Buyer shall have 10 days following
         receipt of written notice of a Material Change within which to satisfy
         itself with regard to such change. "MATERIAL CHANGE" shall mean a
         change in the status of the use, occupancy, tenancy or condition of the
         Property that occurs after the date of this offer and prior to the
         Closing. Unless otherwise notified in writing, Escrow Holder shall
         assume that no Material Change has occurred prior to the Closing.

                  (o) Seller Performance. The delivery of all documents and the
         due performance by Seller of each and every undertaking and agreement
         to be performed by Seller under this Agreement.

                  (p) Warranties. That each representation and warranty of
         Seller herein be true and correct as of the Closing. Escrow Holder
         shall assume that this condition has been satisfied unless notified to
         the contrary in writing by any Party prior to the Closing.

                  9.2 All of the contingencies specified in subparagraphs (a)
         through (p) of paragraph 9.1 and In part A of the Additional Provisions
         attached hereto are for the benefit of, and may be waived by, Buyer,
         and may be elsewhere herein referred to as "BUYER CONTINGENCIES."

                  9.3 If any Buyer's Contingency or any other matter subject to
         Buyers approval is disapproved as provided for herein in a timely
         manner ("DISAPPROVED ITEM"), Seller shall have the right within 10 days
         following the receipt of notice of Buyers disapproval to elect to cure
         such Disapproved Item prior to the Expected Closing Date ("SELLERS
         ELECTION"). Seller's failure to give to Buyer within said 10 day
         period, written notice of Seller's commitment to cure such Disapproved
         Item on or before the Expected Closing Date shall be conclusively
         presumed to be Seller's Election not to cure such Disapproved Item. If
         Seller elects, either by written notice or failure to give written
         notice, not to cure a Disapproved Item, Buyer shall have the election,
         within 10 days after Sellers Election to either accept title to the
         Property subject to such Disapproved Item, or to terminate this
         transaction. Buyer's failure to notify Seller in writing of Buyer's
         election to accept title to the Property subject to the Disapproved
         Item without deduction or offset shall constitute Buyer's election to
         terminate this transaction. Unless expressly provided otherwise herein,
         Sellers right to cure shall not apply to the remediation of Hazardous
         Substance Conditions or to the Financing Contingency. Unless the
         Parties mutually instruct otherwise, if the time periods for the
         satisfaction of contingencies or for Sellers and Buyers said Elections
         would expire on a date after the Expected Closing Date, the Expected
         Closing Date shall be deemed extended to coincide with the expiration
         of 3 business days following the expiration of. (a) the applicable
         contingency period(s), (b) the period within which the Seller may elect
         to cure the Disapproved Item, or (c) if Seller elects not to cure, the
         period within which Buyer may elect to proceed with this transaction,
         whichever is later.

                  9.4 Buyer understands and agrees that until such time as all
         Buyer's Contingencies have been satisfied or waived, Seller and/or its
         agents may solicit, entertain and/or accept back-up offers to purchase
         the subject Property.

10.      DOCUMENTS REQUIRED AT OR BEFORE CLOSING:

                  10.1 Five days prior to the Closing Date Escrow Holder shall
         obtain an updated Title Commitment concerning the Property from the
         Title Company and provide copies thereof to each of the Parties.

                  10.2 Seller shall deliver to Escrow Holder in time for
         delivery to Buyer at the Closing, an original ink signed:

         (a) Grant of general warranty deed, duly executed and in recordable
form, conveying fee title to the Property to Buyer.

         (b) If paragraph 3.1(c) has not been stricken, the Beneficiary
Statements concerning Existing Note(s).

         (c) If applicable, the Existing Leases and Other Agreements together
with duly executed assignments thereof by Seller and Buyer. The assignment of
Existing Leases shall be on the most recent Assignment and Assumption of
Lessor's Interest in Lease form published by the AIR or its equivalent.

         (d) If applicable, Estoppel Certificates executed by Seller and/or the
tenant(s) of the Property.

         (e) An affidavit executed by Seller to the effect that Seller is not a
"foreign person" within the meaning of Internal Revenue Code Section 1445 or
successor statutes. If Seller does not provide such affidavit in form reasonably
satisfactory to Buyer at least 3 business days prior to the Closing. Escrow
Holder shall at the Closing deduct from Seller's proceeds and remit to Internal
Revenue Service such sum as is required by applicable Federal law with respect
to purchases from foreign sellers.

         (f) If the Property is located in California, an affidavit executed by
Seller to the effect that Seller is not a "nonresident" within the meaning of
California Revenue and Tax Code Section 18662 or successor statutes. If Seller
does not provide such affidavit in form reasonably satisfactory to Buyer at
least three business days prior to the Closing, Escrow Holder shall at the
Closing deduct from Seller's proceeds and remit to the Franchise Tax Board such
sum as is required by such statute.

         (g) If applicable, a bill of sale, duly executed, conveying title to
any included personal property to Buyer.

         (h) If the Seller is a corporation, a duly executed corporate
resolution authorizing the execution of this Agreement and the sale of the
Property.

                  10.3 Buyer shall deliver to Seller through Escrow:

         (a) The cash portion of the Purchase Price and such additional sums as
are required of Buyer under this Agreement for prorations, expenses and
adjustments. The balance of the cash portion of the Purchase Price, including
Buyer's Escrow charges and other cash charges, if any, shall be deposited by
Buyer with Escrow Holder, by federal funds wire transfer, or any other method
acceptable to Escrow Holder as immediately collectable funds, no later than 2:00
P.M. on the business day prior to the Expected Closing Date.

         (b) If a Purchase Money Note and Purchase Money Deed of Trust are
called for by this Agreement, the duly executed originals of those documents,
the Purchase Money Deed of Trust being in recordable form, together with
evidence of fire insurance on the improvements in the amount of the full
replacement cost naming Seller as a mortgage loss payee, and a real estate tax
service contract (at Buyer's expense). assuring Seller of notice of the status
of payment of real property taxes during the life of the Purchase Money Note.

         (c) The Assignment and Assumption of Lessors Interest in Lease form
specified in paragraph 10.2(c) above, duly executed by Buyer.

         (d) Assumptions duly executed by Buyer of the obligations of Seller
that accrue after Closing under any Other Agreements.

         (e) If applicable, a written assumption duly executed by Buyer of the
loan documents with respect to Existing Notes.

         (f) If the Buyer is a corporation, a duly executed corporate resolution
authorizing the execution of this Agreement and the purchase of the Property.

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                  10.4 At Closing, Escrow Holder shall cause to be issued to
         Buyer a standard coverage (or ALTA extended, if elected under paragraph
         9.1(g)) owner's form policy of title insurance effective as of the
         Closing, issued by the Title Company in the full amount of the Purchase
         Price, insuring title to the Property vested in Buyer, subject only to
         the exceptions approved by Buyer. In the event there is a Purchase
         Money Deed of Trust in this transaction, the policy of title insurance
         shall be a joint protection policy insuring both Buyer and Seller.

IMPORTANT: IN A PURCHASE OR EXCHANGE OF REAL PROPERTY, IT MAY BE ADVISABLE TO
OBTAIN TITLE INSURANCE IN CONNECTION WITH THE CLOSE OF ESCROW SINCE THERE MAY BE
PRIOR RECORDED LIENS AND ENCUMBRANCES WHICH AFFECT YOUR INTEREST IN THE PROPERTY
BEING ACQUIRED. A NEW POLICY OF TITLE INSURANCE SHOULD BE OBTAINED IN ORDER TO
ENSURE YOUR INTEREST IN THE PROPERTY THAT YOU ARE ACQUIRING.

11.      PRORATIONS AND ADJUSTMENTS.

                  11.1 Taxes. Real property taxes and special assessment bonds
         payable by the owner of the Property shall be prorated through Escrow
         as of the date of the Closing, based upon the latest tax bill
         available. The Parties agree to prorate as of the Closing any taxes
         assessed against the Property by supplemental bill levied by reason of
         events occurring prior to the Closing. Payment shall be made promptly
         in cash upon receipt of a copy of any such supplemental bill of the
         amount necessary to accomplish such proration.

                  11.2 Insurance. WARNING: The insurance coverage which Seller
         maintained on the Property will terminate on the Closing. Buyer is
         advised to obtain appropriate insurance to cover the Property.

                  11.3 Rentals, Interest and Expenses. Collected rentals,
         interest on Existing Notes, utilities, and operating expenses shall be
         prorated as of the date of Closing. The Parties agree to promptly
         adjust between themselves outside of Escrow any rents received after
         the Closing.

                  11.4 Security Deposit. Security Deposits held by Seller shall
         be given to Buyer as a credit to the cash required of Buyer at the
         Closing.

                  11.5 Post Closing Matters. Any item to be prorated that is not
         determined or determinable at the Closing shall be promptly adjusted by
         the Parties by appropriate cash payment outside of the Escrow when the
         amount due is determined.

                  11.6 Variations in Existing Note Balances. In the event that
         Buyer Is taking title to the Property subject to an Existing Deed of
         Trust(s), and in the event that a Beneficiary Statement as to the
         applicable Existing Note(s) discloses that the unpaid principal balance
         of such Existing Note(s) at the Closing will be more or less than the
         amount set forth in paragraph 3.1(c) hereof ("EXISTING NOTE
         VARIATION"), then the Purchase Money Note(s) shall be reduced or
         increased by an amount equal to such Existing Note Variation. If there
         is to be no Purchase Money Note, the cash required at the Closing per
         paragraph 3.1 (a) shall be reduced or increased by the amount of such
         Exiting Note Variation.

                  11.7 Variations in New Loan Balance. In the event Buyer Is
         obtaining a New Loan and in the event that the amount of the New Loan
         actually obtained is greater than the amount set forth In paragraph 5.1
         hereof, the Purchase Money Note, if one is called for in this
         transaction, shall be reduced by the excess of the actual face amount
         of the New Loan over such amount as designated in paragraph 5.1 hereof.

12.      REPRESENTATION AND WARRANTIES OF SELLER AND DISCLAIMERS.

                  12.1 Sellers warranties and representations shall survive the
         Closing and delivery of the deed for a period of three years, and, are
         true, material and relied upon by Buyer in all respects. Seller hereby
         makes the following warranties and representations to Buyer:

         (a) Authority of Seller. Seller is the owner of the Property and/or has
the full right, power and authority to sell, convey and transfer the Property to
Buyer as provided herein, and to perform Sellers obligations hereunder.

         (b) Maintenance During Escrow and Equipment Condition At Closing.
Except as otherwise provided in paragraph 9.1(m) hereof, Seller shall maintain
the Property until the Closing In its present condition, ordinary wear and tear
excepted. The HVAC, plumbing, elevators, loading doors and electrical systems
shall be In good operating order and condition at the time of Closing.

         (d) Compliance. Seller has no knowledge of any aspect or condition of
the Property which violates applicable laws, or of any unfulfilled order or
directive of any applicable governmental agency or casualty insurance company
requiring any investigation, remediation, repair, maintenance or improvement be
performed on the Property.

         (e) Changes in Agreements. Prior to the Closing, Seller will not
violate or modify any Existing Lease or Other Agreement, or create any new
leases or other agreements affecting the Property, without Buyers written
approval, which approval will not be unreasonably withheld.

         (f) Possessory Rights. Seller has no knowledge that anyone will, at the
Closing, have any right to possession of the Property, except as disclosed by
this Agreement or otherwise in writing to Buyer.

         (g) Mechanics' Liens. There are no unsatisfied mechanics' or
materialmens' lien rights concerning the Property.

         (h) Actions, Suits or Proceedings. Seller has no knowledge of any
actions, suits or proceedings pending or threatened before any commission,
board, bureau, agency, arbitrator, court or tribunal that would affect the
Property or the right to occupy or utilize same.

         (i) Notice of Changes. Seller will promptly notify Buyer in writing of
any Material Change (see paragraph 9.1(n)) affecting the Property that becomes
known to Seller prior to the Closing.

         (j) No Tenant Bankruptcy Proceedings. Seller has no notice or knowledge
that any tenant of the Property is the subject of a bankruptcy or insolvency
proceeding.

         (l) No Seller Bankruptcy Proceedings. Seller is not the subject of a
bankruptcy, insolvency or probate proceeding.

         (m) Personal Property. Seller has no knowledge that anyone will, at the
Closing, have any right to possession of any personal property included in the
Purchase Price nor knowledge of any liens or encumbrances affecting such
personal property, except as disclosed by this Agreement or otherwise in writing
to Buyer.

         Seller Is also making those Additional Representations and Warranties
set forth in part B of the Additional Provisions attached hereto. To the extent
the provisions of the Additional Provisions attached hereto conflict with the
remainder of this paragraph 12.1, the provisions of the Additional Provisions
shall control.

                  12.2 Buyer hereby acknowledges that, except as otherwise
         stated in this Agreement, Buyer is purchasing the Property in its
         existing condition and will, by the time called for herein, make or
         have waived all inspections of the Property Buyer believes are
         necessary to protect its own interest in, and its contemplated use of,
         the Property. The Parties acknowledge that, except as otherwise stated
         in this Agreement, no representations, inducements, promises,
         agreements, assurances, oral or written, concerning the Property, or
         any aspect of the occupational safety and health laws, Hazardous
         Substance laws, or any other act, ordinance or law, have been made by
         either Party or Brokers, or relied upon by either Party hereto.

                  12.3 In the event that Buyer learns that a Seller
         representation or warranty might be untrue prior to the Closing, and
         Buyer elects to purchase the Property anyway then, and in that event,
         Buyer waives any right that it may have to bring an action or
         proceeding against Seller or Brokers regarding said representation or
         warranty.

                  12.4 Any environmental reports, soils reports, surveys, and
         other similar documents which were prepared by third party consultants
         and provided to

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Buyer by Seller or Seller's representatives have been delivered as an
accommodation to Buyer and without any representation or warranty as to the
sufficiency, accuracy, completeness, and/or validity of said documents, all of
which Buyer relies on at its own risk. Seller believes said documents to be
accurate, but Buyer is advised to retain appropriate consultants to review said
documents and investigate the Property.

13.      POSSESSION. Possession of the Property shall be given to Buyer at the
         Closing.

14.      BUYERS ENTRY.

At any time during the Escrow period, Buyer, and its agents and representatives,
shall have the right at reasonable times and subject to rights of tenants, to
enter upon the Property for the purpose of making inspections and tests
specified in this Agreement. No destructive testing shall be conducted, however,
without Sellers prior approval which shall not be unreasonably withheld.
Following any such entry or work, unless otherwise directed in writing by
Seller, Buyer shall return the Property to the condition it was in prior to such
entry or work, including the recompaction or removal of any disrupted soil or
material as Seller may reasonably direct. All such inspections and tests and any
other work conducted or materials furnished with respect to the Property by or
for Buyer shall be paid for by Buyer as and when due and Buyer shall indemnify,
defend, protect and hold harmless Seller and the Property of and from any and
all claims, liabilities, losses, expenses (Including reasonable attorneys'
fees), damages, including those for injury to person or property, arising out of
or relating to any such work or materials or the acts or omissions of Buyer, its
agents or employees in connection therewith.

15.      FURTHER DOCUMENTS AND ASSURANCES.

The Parties shall each, diligently and in good faith, undertake all actions and
procedures reasonably required to place the Escrow in condition for Closing as
and when required by this Agreement. The Patties agree to provide all further
information, and to execute and deliver all further documents, reasonably
required by Escrow Holder or the Title Company.

16.      ATTORNEYS' FEES.

If any Party brings an action or proceeding (including arbitration) Involving
the Property, to enforce the terms hereof, or to declare rights hereunder, the
Prevailing Party (as hereafter defined) In any such proceeding, action, or
appeal thereon, shall be entitled to reasonable attorneys' fees. Such fees may
be awarded in the same suit or recovered in a separate suit, whether or not such
action or proceeding is pursued to decision or judgment. The term "Prevailing
Party" shall include, without limitation, a Party who substantially obtains or
defeats the relief sought, as the case may be, whether by compromise,
settlement, judgment, or the abandonment by the other Party of its claim or
defense. The attorneys' fees award shall not be computed in accordance with any
court fee schedule, but shall be such as to fully reimburse all attorneys' fees
reasonably incurred. 17. PRIOR AGREEMENTS/AMENDMENTS.

                  17.1 This Agreement supersedes any and all prior agreements
                  between Seller and Buyer regarding the Property other than the
                  lease

                  17.2 Amendments to this Agreement are effective only if made
                  in writing and executed by Buyer and Seller.

19.      NOTICES.

         19.1 Whenever any Party or Escrow Holder herein shall desire to give or
serve any notice, demand, request, approval, disapproval or other communication,
each such communication shall be in writing and shall be delivered personally,
by messenger or by mail, postage prepaid, to the address set forth in this
Agreement or by facsimile transmission.

         19.2 Service of any such communication shall be deemed made on the date
of actual receipt if personally delivered. Any such communication sent by
regular mail shall be deemed given 48 hours after the same is mailed.
Communications sent by United States Express Mail or overnight courier that
guarantee next day delivery shall be deemed delivered 24 hours after delivery of
the same to the Postal Service or courier. Communications transmitted by
facsimile transmission shall be deemed delivered upon telephonic confirmation of
receipt (confirmation report from fax machine is sufficient), provided a copy is
also delivered via delivery or mail. If such communication is received on a
Saturday, Sunday or legal holiday, it shall be deemed received on the next
business day.

         19.3 Any Party hereto may from time to time, by notice in writing,
designate a different address to which, or a different person or additional
persons to whom, all communications are thereafter to be made.

20.      DURATION OF OFFER.

         20.1 If this offer is not accepted by Seller on or before 5:00 P.M.
according to the time standard applicable to the city of Newport Beach
                                                         -------------
California on the date of____________ it shall be deemed automatically revoked.
----------

         20.2 The acceptance of this offer, or of any subsequent counteroffer
hereto, that creates an agreement between the Parties as described in paragraph
1.2, shall be deemed made upon delivery to the other Party herein of a duly
executed writing unconditionally accepting the last outstanding offer or
counteroffer.

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23.      MISCELLANEOUS.

         23.1 BINDING EFFECT. This Agreement shall be binding on the Parties
without regard to whether or not paragraphs 21 and 22 are initialed by both of
the Parties. Paragraphs 21 and 22 are each incorporated into this Agreement only
if initialed by both Parties at the time that the Agreement is executed.

         23.2 APPLICABLE LAW. This Agreement shall be governed by, and paragraph
22.3 is amended to refer to, the laws of the state in which the Property is
located.

         23.3 TIME OF ESSENCE. Time is of the essence of this Agreement.

         23.4 COUNTERPARTS. This Agreement may be executed by Buyer and Seller
in counterparts, each of which shall be deemed an original, and all of which
together shall constitute one and the same instrument. Escrow Holder, after
verifying that the counterparts are identical except for the signatures, is
authorized and instructed to combine the signed signature pages on one of the
counterparts, which shall then constitute the Agreement.

         23.5 WAIVER OF JURY TRIAL. The Parties hereby waive their respective
rights to trial by jury in any action or proceeding involving the Property or
arising out of this Agreement.

24.      DISCLOSURES REGARDING THE NATURE OF A REAL ESTATE AGENCY RELATIONSHIP.

         24.1 The Parties agree that their relationship(s) with the Brokers
shall be governed by the principles set forth in the applicable sections of the
California Civil Code, as summarized in paragraph 24.2 a5 well as by the terms
of the Broker Agreements.

         24.2 When entering into a discussion with a real estate agent regarding
a real estate transaction, a Buyer or Seller should from the outset understand
what type of agency relationship or representation it has with the agent or
agents in the transaction. Buyer and Seller acknowledge being advised by the
Brokers in this transaction, as follows:

         (a) Seller's Agent. A Seller's agent under a listing agreement with the
Seller acts as the agent for the Seller only. A Seller's agent or subagent has
the following affirmative obligations: (1) To the Seller. A fiduciary duty of
utmost care, integrity, honesty, and loyalty in dealings with the Seller. (2) To
the Buyer and the Seller. a. Diligent exercise of reasonable skills and care in
performance of the agent's duties. b. A duty of honest and fair dealing and good
faith. c. A duty to disclose all facts known to the agent materially affecting
the value or desirability of the property that are not known to, or within the
diligent attention and observation of, the Parties. An agent is not obligated to
reveal to either Party any confidential information obtained from the other
Party which does not involve the affirmative duties set forth above.

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         (b) Buyer's Agent. A selling agent can, with a Buyer's consent, agree
to act as agent for the Buyer only. In these situations, the agent is not the
Seller's agent, even if by agreement the agent may receive compensation for
services rendered either in full or in part from the Seller. An agent acting
only for a Buyer has the following affirmative obligations: (1) To the Buyer: A
fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with
the Buyer. (2) To the Buyer and the Seller: a. Diligent exercise of reasonable
skills and care in performance of the agent's duties. b. A duty of honest and
fair dealing and good faith. c. A duty to disclose all facts known to the agent
materially affecting the value or desirability of the Property that are not
known to, or within the diligent attention and observation of, the Parties. An
agent is not obligated to reveal to either Party any confidential information
obtained from the other Party which does not involve the affirmative duties set
forth above.

         (c) Agent Representing Both Seller and Buyer. A real estate agent,
either acting directly or through one or more associate licenses, can legally be
the agent of both the Seller and the Buyer in a transaction, but only with the
knowledge and consent of both the Seller and the Buyer. (1) In a dual agency
situation, the agent has the following affirmative obligations to both the
Seller and the Buyer. a. A fiduciary duty of utmost care, integrity, honesty and
loyalty in the dealings with either Seller or the Buyer. b. Other duties to the
Seller and the Buyer as stated above in their respective sections (a) or (b) of
this paragraph 24.2. (2) In representing both Seller and Buyer, the agent may
not without the express permission of the respective Party, disclose to the
other Party that the Seller will accept a price less than the listing price or
that the Buyer will pay a price greater than the price offered. (3) The above
duties of the agent in a real estate transaction do not relieve a Seller or
Buyer from the responsibility to protect their own interests. Buyer and Seller
should carefully read all agreements to assure that they adequately express
their understanding of the transaction. A real estate agent is a person
qualified to advise about real estate. If legal or tax advice is desired,
consult a competent professional.

         (d) Further Disclosures. Throughout this transaction Buyer and Seller
may receive more than one disclosure, depending upon the number of agents
assisting in the transaction. Buyer and Seller should each read its contents
each time it is presented, considering the relationship between them and the
real estate agent in this transaction and that disclosure.

18.      CONSTRUCTION OF AGREEMENT. In construing this Agreement, all headings
and titles are for the convenience of the Parties only and shall not be
considered a part of this Agreement. Whenever required by the context, the
singular shall include the plural and vice versa. Unless otherwise specifically
indicated to the contrary, the word "days" as used in this Agreement shall mean
and refer to calendar days. This Agreement shall not be construed as if prepared
by one of the parties, but rather according to Its fair meaning as a whole, as
if both Parties had prepared it.

19.      ADDITIONAL PROVISIONS:  Additional provisions of this offer, if any,
are as follows or are attached hereto by an addendum consisting of paragraphs
through . (If there are no additional provisions write "NONE".) SEE ADDENDUM and
ADDITIONAL PROVISIONS FOR PURCHASE AND SALE AGREEMENT

--------------------------------------------------------------------------------
ATTENTION: NO REPRESENTATION OR RECOMMENDATION IS MADE BY THE AMERICAN
INDUSTRIAL REAL ESTATE ASSOCIATION OR BY NY BROKER AS TO THE LEGAL SUFFICIENCY,
LEGAL EFFECT, OR TAX CONSEQUENCES OF THIS AGREEMENT OR THE TRANSACTION O WHICH
IT RELATES. THE PARTIES ARE URGED TO:

1.   SEEK ADVICE OF COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS
AGREEMENT.

2.   RETAIN APPROPRIATE CONSULTANTS TO REVIEW AND INVESTIGATE THE CONDITION OF
THE PROPERTY. SAID INVESTIGATION SHOULD INCLUDE BUT NOT BE LIMITED TO: THE
POSSIBLE PRESENCE OF HAZARDOUS SUBSTANCES, THE ZONING OF THE PROPERTY, THE
INTEGRITY AND CONDITION OF ANY STRUCTURES AND OPERATING SYSTEMS, AND THE
SUITABILITY OF THE PROPERTY FOR BUYER'S INTENDED USE.

WARNING: IF THE PROPERTY IS LOCATED IN A STATE OTHER THAN CALIFORNIA, CERTAIN
PROVISIONS OF THIS AGREEMENT MAY NEED TO BE REVISED TO COMPLY WITH THE LAWS OF
THE STATE IN WHICH THE PROPERTY IS LOCATED.
--------------------------------------------------------------------------------

NOTE:
     1.  THIS FORM IS NOT FOR USE IN CONNECTION WITH THE SALE OF RESIDENTIAL
PROPERTY.
     2. IF THE BUYER IS A CORPORATION, IT IS RECOMMENDED THAT THIS AGREEMENT BE
SIGNED BY TWO CORPORATE OFFICERS. THE UNDERSIGNED BUYER OFFERS AND AGREES TO BUY
THE PROPERTY ON THE TERMS AND CONDITIONS STATED AND ACKNOWLEDGES RECEIPT OF A
COPY HEREOF.

                                            BUYER:
                                            Skechers USA, Inc. and/or Assignee

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<TABLE>
<S>                                                                    <C>
                                                                                        /s/ DAVID WEINBERG
--------------------------------------------------------------         -------------------------------------------------------------
By:                                                                    By:
    ----------------------------------------------------------             ---------------------------------------------------------
Name Printed:                                                          Name Printed:    David Weinberg
              ------------------------------------------------                       -----------------------------------------------
Title:                                                                 Title:           Chief Financial Officer
       -------------------------------------------------------                ------------------------------------------------------

                                                                       By:      /s/ PHILIP PACCIONE
                                                                           ---------------------------------------------------------
                                                                       Name Printed:    Philip Paccione
                                                                                     -----------------------------------------------
                                                                       Title:           General Counsel & Secretary
                                                                              ------------------------------------------------------
Address:                                                               Address:228 Manhattan Beach, Blvd
         -----------------------------------------------------                 -----------------------------------------------------
                                                                       Manhattan Beach, California 90266
--------------------------------------------------------------         -------------------------------------------------------------
                                                                       310-318-2082                          310-798-7961
------------------------                   -------------------         ------------------------              -----------------------
Telephone                                  Facsimile No.               Telephone                             Facsimile No.

Federal ID No.                                                         Federal ID No.   95-437-6145
                ----------------------------------------------                         ---------------------------------------------
</TABLE>

20.      ACCEPTANCE.

20.1     Seller accepts the foregoing offer to purchase the Property and hereby
         agrees to sell the Property to Buyer on the terms and conditions
         therein specified.

NOTE:  A PROPERTY INFORMATION SHEET IS REQUIRED TO BE DELIVERED TO BUYER BY
SELLER UNDER THIS AGREEMENT.

<TABLE>
<S>                                                                    <C>
                                                                       SELLER:
                                                                       Champagne Building Group, L.P., a
                                                                       -------------------------------------------------------------
                                                                       California limited partnership
--------------------------------------------------------------         -------------------------------------------------------------
By:                                                                    By: D and D Chamagne, LLC
    ----------------------------------------------------------             ---------------------------------------------------------
Name Printed:                                                          Name Printed:    D.W. Gilmour
              ------------------------------------------------                       -----------------------------------------------
Title:                                                                 Title:           General Partner
       -------------------------------------------------------                ------------------------------------------------------

                                                                       By:      /s/ ILLEGIBLE
                                                                           ---------------------------------------------------------
                                                                       Name Printed:    Donald Gilmour
                                                                                     -----------------------------------------------
                                                                       Title:           General Partner
                                                                              ------------------------------------------------------
Address:                                                               Address:    2240 University Drive, Suite 100
         -----------------------------------------------------                  ----------------------------------------------------
                                                                       Newport Beach, California 92660
--------------------------------------------------------------         -------------------------------------------------------------
                                                                       949-722-7058              949-722-8565
------------------------                   -------------------         ------------------------              -----------------------
Telephone                                  Facsimile No.               Telephone                             Facsimile No.

Federal ID No.                                                         Federal ID No.   33-0840777
                ----------------------------------------------                         ---------------------------------------------
</TABLE>

THESE FORMS ARE OFTEN MODIFIED TO MEET CHANGING REQUIREMENTS OF LAW AND NEEDS OF
THE INDUSTRY. ALWAYS WRITE OR CALL TO MAKE SURE YOU ARE UTILIZING THE MOST
CURRENT FORM: AMERICAN INDUSTRIAL REAL ESTATE ASSOCIATION, 700 SOUTH FLOWER
STREET, SUITE 600, LOS ANGELES, CA 90017. (213) 687-8777.

       (C) COPYRIGHT 1998-BY AMERICAN INDUSTRIAL REAL ESTATE ASSOCIATION.
                              ALL RIGHTS RESERVED.
          NO PART OF THESE WORKS MAY BE REPRODUCED IN ANY FORM WITHOUT
                             PERMISSION IN WRITING.

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THIS IS AN ADDENDUM TO STANDARD OFFER, AGREEMENT AND ESCROW INSTRUCTIONS FOR
PURCHASE OF REAL ESTATE DATED JUNE 7, 2000 FROM SKECHERS USA, INC. FOR THE REAL
PROPERTY LOCATED AT 1670 CHAMPAGNE AVENUE, ONTARIO, CALIFORNIA.

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

1)   EXPECTED CLOSING DATE; TITLE COMPANY:

     Notwithstanding anything in Section 1 of the Agreement to the contrary, the
     Expected Closing Date shall be on or before December 22, 2000. Seller shall
     have the right to extend the Expected Closing Date until on or before
     January 15, 2001 by notice to Buyer and Escrow Holder prior to December 22,
     2000. Wherever in the Agreement reference is made to "First American Title
     Company" such reference shall be changed to "Stewart Title Company".

2)  DEPOSITS (CONTINUED):
    ---------------------
     Buyer's deposit pursuant to this Paragraph 4 shall be refundable until the
     satisfaction or waiver of all the Buyer's contingencies contained herein or
     in the event Seller fails to close the Escrow contemplated herein. Unless
     Buyer has disapproved a Buyer's contingency on or before the earlier of (i)
     the time specified in the Agreement with respect to particular
     contingencies and (ii) November 30, 2000, then on December 1, 2000 Buyer's
     deposit shall be released to Seller without the need for further
     instruction from Buyer or Seller and upon such release Buyer's deposit
     shall become non-refundable except in the event Seller fails to close the
     Escrow contemplated herein.

5)   NEW LOAN CONTINGENCY PERIOD:
     ----------------------------
     The language in paragraph 5.2 of the Agreement which states "within 30 days
     following the Date of Agreement" shall be replaced by the language "on or
     before November 30, 2000".

27)  BROKERAGE FEES:
     ---------------
     Seller agrees that any fees owing from Seller to the Brokers pursuant to
     separate agreements between Seller and such Brokers shall be paid at
     Closing through Escrow.

28)  REMOVAL FROM MARKET:
     --------------------
     From the execution hereof Seller shall not market the Property For Sale but
     shall reserve the right to receive unsolicited back up offers to purchase
     during Buyer's contingency period. Upon removal of all Buyer's
     contingencies and the release of the Buyer's Deposit to Seller, Seller
     shall remove the Property from the market.

29)  AMERICANS WITH DISABILITY ACT (ADA) NOTIFICATION:
     -------------------------------------------------
     Seller and Buyer each acknowledge receipt of Exhibit "A" attached hereto
     and made a part hereof.

30)  ADDITIONAL DEPOSITS:
     --------------------
     In addition to the Purchase Price, Buyer shall deposit into Escrow prior to
     Closing the following: (A) any amounts then due and payable pursuant to the
     Lease from Buyer (as Lessee under the Lease) to Seller (as Lessor under the
     Lease) and (B) the amount of Supplemental Taxes due with respect to the
     Property and not paid prior to Closing. If prior to Closing, a Supplemental
     Tax Bill has been received and such Supplemental Tax Bill has not been paid
     by Buyer (as Lessee under the

<PAGE>   12

     Lease), then Buyer shall deposit in Escrow the amount of such Supplemental
     Tax Bill and Escrow Holder shall pay such Supplemental Tax Bill at Closing.
     If at Closing, a Supplemental Tax Bill has not been received by Escrow
     Holder, Buyer shall deposit the sum of $35,000 as an estimate of such
     Supplemental Taxes. Escrow Holder shall retain such deposit until a
     Supplemental Tax Bill has been received. When such Supplemental Tax Bill
     has been received, Escrow Holder shall use such deposit to pay the amount
     of such Supplemental Tax Bill and remit any excess to Buyer. If the deposit
     is insufficient to pay the full amount of the Supplemental Tax Bill, Escrow
     Holder shall use the deposit to cover as much of the Supplemental Tax Bill
     as possible and Buyer, within 10 days of notice from Escrow Holder, shall
     deposit such additional amount as is necessary to fully pay such
     Supplemental Tax Bill. In any event, Buyer agrees that Buyer is solely
     responsible for all taxes assessed with respect to the Property for periods
     after July 15, 2000.
<PAGE>   13

             ADDITIONAL PROVISIONS FOR PURCHASE AND SALE AGREEMENT
                              1670 CHAMPAGNE AVENUE
                               ONTARIO, CALIFORNIA

ADDITIONAL CONDITIONS PRECEDENT:

     (1) Property Documents. Buyer acknowledges that Seller has delivered, or
made available, to Buyer copies of all permits, soils reports, licenses,
maintenance contracts, utility contracts, operating contracts, management
contracts, service contracts, and other contracts pertaining to the Property,
together with any amendments or modifications (collectively, Property
Documents). Buyer has reviewed each Property Document that Buyer has deemed
appropriate in Buyer's exercise of its due diligence and Buyer's decision to
purchase the Property is based upon Buyer's review of such Property Documents
and Buyer's independent evaluation of the Property. On or before the Close of
Escrow, Seller shall assign to Buyer all of Seller's rights and remedies under
the Property Documents, to the extent assignable, pursuant to an assignment of
contracts, warranties, guarantees, and other intangible property (Assignment of
Contracts) in form and substance satisfactory to Buyer. At Buyer's request,
Seller shall obtain the consent to assignment of any other parties to the
Property Documents that Buyer specifies within five (5)[10] business days of the
execution hereof. At Buyer's request, Seller shall terminate the Property
Documents that Buyer specifies by delivering notices to the other parties under
the Property Documents in sufficient time to terminate the Property Documents
prior to the Close of Escrow.

     (2) Architect's Certificate. Seller has delivered to Buyer a certification
by HPA, Inc. (the "Architect's Certificate") confirming the total square footage
of the Base Building (as defined in the Lease described in Section 2.3), that
all improvements have been designed and constructed in accordance with
applicable building codes, which shall be prepared at Seller's expense. Buyer
has approved the Architect's Certificate.

     (3) Plans and Specifications. Seller has delivered to Buyer a copy of the
plans and specifications for the Improvements, together with all amendments
thereto (collectively, "Plans").

     (4) Certificates of Occupancy. Seller has delivered to Buyer copies of all
certificates of occupancy with regard to the improvements and the Property,
which are required for the use and occupancy of the Property, as presently
constructed. On or before the Closing, Seller shall deliver originals of the
final or permanent certificates of occupancy to Buyer.

     (5) Buyer has occupied the Property and the Base Building since the
commencement of the Lease. On Closing, except as otherwise specifically set
forth in this Agreement, Buyer shall have accepted the Property and the Base
Building in the then condition of the Property and the Base Building.

ADDITIONAL REPRESENTATIONS AND WARRANTIES:

     Seller represents and warrants to Buyer that as of the date of this
Agreement and as of the Close of Escrow:

     (a) Disclosure. To Seller's actual knowledge, Seller has disclosed to
Buyer, or made available for Buyer's review, all information concerning the
Property to which Seller has access.

<PAGE>   14

     (b) Condition of Property. To Seller's Actual Knowledge, the Property
(including, without limitation the Base Building) is in good condition and free
from any defects, including without limitation, erosion, drainage or soil
problems, physical, mechanical (including, without limitation, any loading
door), plumbing, fire sprinkler, lighting, heating, ventilating, air
conditioning, electrical, parking lot pavement or utility system defects, or
defects in any similar elements (except to the extent any of the foregoing have
been constructed by Buyer). The duration of the foregoing warranty,
notwithstanding anything in this Agreement to the contrary, shall be limited as
follows: If, after the Commencement Date under the Lease, Buyer does not give
Seller written notice of any non-compliance with this warranty within: (i) five
(5) years as to the roof and the structural portion of the roof, (ii) two (2)
years as to the slab and concrete walls, and (iii) one (1) year as to the
remaining systems and other elements of the Base Building, correction of such
non-compliance shall be the obligation of Buyer at Buyer's sole cost and
expense; provided, however, that Buyer's sole obligation with respect to the
items specified in subsections (i) - (iii) of this sentence shall not commence
unless and until Seller has given to Buyer notice that as to such applicable
subsection, Seller's obligations are ending or have ended and Buyer's
obligations are beginning or have begun. Seller's obligations with respect to
any warranties given to Buyer pursuant to this Section (b) are conditioned upon
the following: (a) Buyer shall have given notice to Seller of any claims on such
warranties promptly and in no event not later than twenty (20) days after the
discovery of the condition giving rise to such claim, and (b) except in
connection with an emergency that threatens property or safety, if Buyer or any
person other than a person selected by Seller repairs or otherwise attempts to
correct a condition giving rise to the claim, Seller shall be relieved of the
warranty obligations related to such condition repaired or corrected by such
other person. Any repairs which are made at the direction of Seller shall be
performed by contractors or subcontractors reasonably acceptable to Buyer.

     (c) Special Assessments or Condemnation. To Seller's Actual Knowledge,
there are not presently pending (i) any special assessments, except those shown
as Exceptions, or (ii) condemnation actions against the Property or any part.
Moreover, Seller has not received notice of any special assessments or
condemnation actions being contemplated. To Seller's Actual Knowledge, there are
no existing, proposed, or contemplated eminent domain proceedings that would
affect the Property. Moreover, Seller has not received any notice of existing,
proposed, or contemplated eminent domain proceedings that would affect the
Property.

     (d) Encroachment/Streets. To Seller's Actual Knowledge,

          (i) Encroachments. Except as shown on the survey provided in
accordance with Section 9.1(g), there are no encroachments on the Property from
adjoining property, and the Property does not encroach on adjoining property,
easements, or streets.

          (ii) Streets. There are no existing, proposed, or contemplated plans
to widen, modify, or realign any street or highway which affects the
contemplated size of, use of, or set-backs on the Property and the improvements.

     (e) Compliance with Laws. To Seller's Actual Knowledge, all laws,
ordinances, rules, and regulations of any government or agency, body, or
subdivision thereof, bearing on the construction, operation, ownership, or use
of the Property, have been complied with by Seller.

     (f) Utilities. All water, sewer, electric, telephone, and drainage
facilities, and all other utilities required by law or for the normal operation
of the Property are installed to the property

                                       2
<PAGE>   15

lines of the Property, have been connected to the Base Building, are connected
with valid permits, and, to Seller's Actual Knowledge, are in good working
order, and are adequate to service the Property.

     (g) Permits; Compliance with Applicable Law. Seller has obtained all
appropriate licenses, permits, easements, and rights of way, including proofs of
dedication, which are required to use and operate the Property, and the
improvements comply with all applicable laws, covenants or restrictions of
record, building codes, regulations and ordinances in effect at the Closing.
Said warranty does not apply to the use to which Buyer will put the Property
(unless otherwise agreed to by Buyer and Seller) or to any alterations made or
to be made by Buyer. In addition, there are no commitments or agreements, to
which Seller is a party, affecting the Property which have not been disclosed by
Seller to Buyer in writing.

     (h) State of Facts. To Seller's Actual Knowledge, Seller is not in default
of Seller's obligations or liabilities pertaining to the Property; nor are there
facts, circumstances, conditions, or events which, after notice or lapse of
time, would constitute default. Seller has not received notice or information
that any party to any document affecting the Property considers a breach or
default to have occurred; nor has Seller any reason to believe that there is
likely to be a default under any of the documents.

     (i) Consents and Releases. To Seller's Actual Knowledge, Seller has
obtained all required consents, releases, and permissions to convey good and
marketable title to Buyer.

     (j) Litigation. Seller is not involved in or aware of pending or threatened
litigation which could affect the Property. Furthermore, to Seller's Actual
Knowledge, there are no proceedings pending or threatened against Seller before
any court or administrative agency relating to the Property which may adversely
affect the Property now or in the future, or which may adversely affect Seller's
ability to fulfill all obligations under this Agreement and the related
documents.

     (k) Authority. This Agreement and all other documents delivered prior to or
at the Closing (i) have been duly authorized, executed, and delivered by Seller;
(ii) are binding obligations of Seller; (iii) are collectively sufficient to
transfer all of Seller's rights to the Property; and (iv) do not violate the
provisions of any agreement to which Seller is a party or which affects the
Property, and do not violate Seller's partnership agreement, subject, however,
to applicable bankruptcy, insolvency, and other similar laws affecting the
enforcement of creditors' rights generally, and to principles of equitable
remedies. Seller further represents that it is a limited partnership organized
and existing under the laws of the State of California.

     (l) Bankruptcy. No filing or petition under the United States Bankruptcy
Law or any insolvency laws, or any laws for composition of indebtedness or for
the reorganization of debtors has been filed with regard to Seller or any
general partner of Seller.

     (m) Foreign Investment Real Property Tax Act. Seller is not a foreign
person within the meaning of 42 USCS Section 1445(f)(3).

     (n) Toxic or Hazardous Waste.

          (i) To Seller's Actual Knowledge, the Property is free from Hazardous
Substances and is not in violation of any Environmental Laws.

                                       3
<PAGE>   16

          (ii) To Seller's Actual Knowledge, there are no buried or partially
buried storage tanks located on the Property.

          (iii) Seller has received no notice, warning, notice of violation,
administrative complaint, judicial complaint, or other formal or informal notice
alleging that conditions on the Property are or have been in violation of any
law governing the storage, use, transportation or release of Hazardous
Substances (hereinafter, "Environmental Laws"), or informing Seller that the
Property is subject to investigation or inquiry regarding Hazardous Substances
on the Property or the potential violation of any Environmental Laws.

          (iv) To Seller's Actual Knowledge, there is no monitoring program
required by the Environmental Protection Agency (EPA) or any similar state
agency concerning the Property.

          (v) To Seller's Actual Knowledge, no toxic or hazardous chemicals,
waste, or substances of any kind have ever been spilled, disposed of, or stored
on, under, or at the Property, whether by accident, burying, drainage, or
storage in containers, tanks or holding areas, or by any other means.

          (vi) To Seller's Actual Knowledge, the Property has never been used as
a dump or landfill.

     (o) Special Studies Zone. The Property is not within a special studies zone
under the Alquist-Priolo Geologic Hazard Act [Pub Res C Section Section Sections
2621.9 et seq.].

     (p) Notice of Proceedings. Seller shall immediately notify Buyer of any
lawsuits, condemnation proceedings, rezoning, or other governmental order or
action, or any threat thereof, known to Seller, which might affect the Property
or any interest of Buyer.

     (q) Seller's Actual Knowledge. When used herein, "Seller's Actual
Knowledge", "Seller's Knowledge" shall refer to the actual, but not the
constructive or impute, knowledge of Donald Gilmour, without investigation.

INDEMNITIES

     (1) Seller and its successors and assigns shall indemnify, defend,
reimburse and hold Buyer, its employees and lenders, harmless from and against
any and all damages, liabilities, judgments, claims, expenses, penalties, and
attorneys' and consultants' fees and all environmental damages, including the
cost of remediation, arising out of or involving any Hazardous Substances on the
Property prior to the Commencement Date under the Lease or which are caused by
the gross negligence or willful misconduct of Seller, its agents or employees.
Seller's obligations shall include, but not be limited to, the cost of
investigation, removal, remediation, restoration and/or abatement. No
termination, cancellation or release agreement entered into by Seller and Buyer
shall release Seller from its obligations under this Agreement with respect to
Hazardous Substances, unless specifically so agreed by Buyer in writing at the
time of such agreement. The provisions of the this Section (1) shall survive the
Closing.

     (2) Seller shall indemnify, defend, and hold Buyer harmless from all
liability, loss, or claim

                                       4

<PAGE>   17

for damages, including costs and attorney fees, arising from (a) breach of
Seller's covenants under this Agreement or (b) Seller's false representations in
this Agreement. The provisions of this Section shall survive the Closing as
follows: (i) with respect to those matters described in Additional
Representations and Warranties Section (b) above, as set forth in said Section
(b), (ii) with respect to those matters described in Indemnities Section (1)
above relating to Hazardous Substances, as set forth in said Section (1), and
(iii) with respect to all other matters [what else is there?], for a period of
one (1) year following the Commencement Date under the Lease.

MEDIATION PROVISION

MEDIATION OF DISPUTES: SELLER AND BUYER AGREE TO MEDIATE ANY DISPUTE OR CLAIM
BETWEEN THEM ARISING OUT OF THIS AGREEMENT BEFORE RESORTING TO ARBITRATION OR
COURT ACTION.

Mediation is a process in which parties attempt to resolve a dispute by
submitting it to an impartial, neutral mediator who is authorized to facilitate
the resolution of the dispute but who is not empowered to impose a settlement on
the parties. Mediation fees, if any, shall be divided equally among the parties
involved. Before the mediation begins, the parties agree to sign a document
limiting the admissibility in arbitration or any civil action of anything said,
any admission made, and any documents prepared, in the course of the mediation,
consistent with Evidence Code Section 1119.

IF ANY PARTY COMMENCES AN ARBITRATION OR COURT ACTION BASED ON A DISPUTE OR
CLAIM TO WHICH THIS PARAGRAPH APPLIES WITHOUT FIRST ATTEMPTING TO RESOLVE THE
MATTER THROUGH MEDIATION, THEN IN THE DISCRETION OF THE ARBITRATOR(S) OR JUDGE,
THAT PARTY SHALL NOT BE ENTITLED TO RECOVER ATTORNEYS' FEES EVEN IF THEY WOULD
OTHERWISE BE AVAILABLE TO THAT PARTY IN ANY SUCH ARBITRATION OR COURT ACTION.

However, the filing of a judicial action to enable the recording of a notice of
pending action, for order of attachment, receivership, injunction, or other
provisional remedies, shall not in itself constitute a loss of the right to
recover attorneys' fees under this provision. The following matters are excluded
from the requirement of mediation hereunder: an unlawful detainer action, the
filing or enforcement of a mechanic's lien, and any matter which is within the
jurisdiction of a probate court

/s/ Illegible                          /s/ PP
------------------------------         ----------------------------------------
Seller's Initials                      Buyer's Initials

                                       5

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