Document:

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                                                                    Exhibit 10.1

                         REAL ESTATE PURCHASE AGREEMENT

                                 BY AND BETWEEN

                       CITY CENTER WEST DEVELOPMENT, LLC

                                      AND

                         TRIPLE NET PROPERTIES, L.L.C.

                                October 3O, 2001

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
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<S>                                                                         <C>

 1.  Termination of Prior Agreement; Revised Agreement of Purchase
      and Sale .............................................................  1

 2.  Purchase Price; Earnest Money..........................................  2

 3.  Title..................................................................  4

 4.  Due Diligence Materials................................................  5

 5.  Purchaser's Investigation .............................................  6

 6.  Tenant Estoppel Certificates/Contact with Tenants......................  8

 7.  Subdivision of Property................................................  9

 8.  Financing Contingency.................................................. 11

 9.  Closing ............................................................... 11

10.  No Recordation/No Survival ............................................ 16

11.  Representations and Warranties......................................... 17

12.  Condemnation .......................................................... 19

13.  Casualty .............................................................. 20

14.  Default................................................................ 21

15.  Notices ............................................................... 21

16.  Time of Essence........................................................ 22

17.  Governing Law ......................................................... 22

18.  Counterparts........................................................... 22

19.  Captions............................................................... 22

20.  Assignability ......................................................... 22

21.  Binding Effect ........................................................ 22

22.  Modifications; Waiver.................................................. 22

23.  Entire Agreement; Exhibits............................................. 23

24.  Partial Invalidity .................................................... 23

25.  No Third Party Rights.................................................. 23

26.  Brokers................................................................ 23

27.  Non-business Days ..................................................... 23

28.  Attorneys' Fees ....................................................... 24

29.  Negotiated Provisions.................................................. 24

30.  Confidentiality........................................................ 24

31.  Further Instruments ................................................... 24
</TABLE>

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                             LIST OF MATERIAL DATES

Effective Date:                   October      , 2001
                                          -----

Estoppel Deadline:                     , 2001 (30 days after Estoppel Delivery
                                  -----
                                  Date)

Submission of Preliminary Plat
And Subdivision Documents:        November      , 2001 (10 business days after
                                           -----
                                  Effective Date)

Building B Target Closing Date:   December 20 10, 2001

Building A Target Closing Date:   January 30, 2002

                                       ii

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                         REAL ESTATE PURCHASE AGREEMENT

     THIS REAL ESTATE PURCHASE AGREEMENT ("Agreement") is entered into as of
this 30th day of October, 2001, between CITY CENTER WEST DEVELOPMENT, LLC, a
Nevada limited liability company ("Seller"), and TRIPLE NET PROPERTIES, L.L.C.,
a Virginia limited liability company ("Purchaser").

                                    Recitals

          This Agreement is made with reference to the following facts:

     A. Pursuant to a Real Estate Purchase Agreement dated as of July 11, 2001,
as amended by a First Amendment to Real Estate Purchase Agreement dated as of
August 10, 2001 (collectively, the "Prior Agreement"), Seller agreed to sell,
and Purchaser agreed to purchase, the "Property" (as hereinafter defined)
located in Clark County, Nevada. The Prior Agreement has terminated in
accordance with its terms and is no longer of any force or effect.

     B. Seller and Purchaser now desire to confirm the termination of the Prior
Agreement and to memorialize their subsequent agreements with respect to the
purchase and sale of the Property on the terms and conditions set forth herein.

                                   Agreement

     NOW, THEREFORE, in consideration of the mutual covenants and undertakings
set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound
hereby, Seller and Purchaser hereby agree as follows:

     1. Termination of Prior Agreement; Revised Agreement of Purchase and Sale.
        ----------------------------------------------------------------------
Seller and Purchaser hereby acknowledge and agree that the Prior Agreement has
terminated and is of no further force or effect, and further acknowledge and
agree that all of the terms and conditions pursuant to which the Property shall
be conveyed to Purchaser are set forth in this Agreement. Subject to the terms
and conditions hereinafter set forth and for the consideration stated herein,
Seller agrees to sell and Purchaser agrees to purchase the following:

          (i) All that certain tract or parcel of land located in Clark County,
Nevada, as more particularly described in Exhibit A-1 attached and made a part
                                          -----------
hereof and having a a street address of 7201 and 7251 West Lake Mead Boulevard,
Las Vegas, Nevada (the "Land");

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          (ii) The two (2) office buildings, each containing approximately
105,962 square feet of area (each, a "Building", and collectively, the
"Buildings"), and the parking structure and other improvements located on the
Land (the "Improvements");

          (iii) Any and all hereditaments, easements, appendages, ways,
privileges and appurtenances, if any, belonging to or inuring to the benefit of
Seller or the Land or pertaining to the Land; any strips or gores adjoining or
adjacent to the Land; any land lying in the bed of any street, road, avenue, way
or boulevard, open or proposed, in front of or adjoining the Land; any award for
damage to the Land attributable to periods from and after the '"Effective Date"
(as hereinafter defined) by reason of any change of grade in any street, road,
avenue, way or boulevard (collectively, the "Additional Land Rights");

          (iv) Any and all building equipment, leasehold improvements; safety
equipment; electrical fixtures, systems and equipment; plumbing fixtures,
systems and equipment; heating fixtures, systems and equipment; and air
conditioning fixtures, systems and equipment to the extent the same are owned by
Seller and used in connection with the ownership, maintenance or operations of
the Improvements, subject to depletions, replacements and additions in the
ordinary course of maintaining and operating the Improvements (collectively, the
"Building Equipment");

          (v) All of Seller's interest in and to all space leases affecting the
Land or Improvements and any security deposits held by Seller in connection
therewith (the "Leases");

          (vi) All of Seller's right, title and interest in and to all
assignable contracts and agreements relating to the upkeep, repair, maintenance
or operation of said property which by their terms extend beyond the applicable
"Closing Date" (as hereinafter defined), hereunder (collectively, the
"Contracts"); and

          (vii) All of Seller's right, title and interest in and to all
assignable warranties, guaranties, permits, licenses and other tangible and
intangible rights, if any, issued to or owned by Seller in connection with the
"Real Property" (as hereinafter defined) and the Building Equipment, including
the right to use the name "City Center West" in connection with the ownership
and operation of the Real Property, to the extent that the same are assignable
(the "Intangible Property").

     The property and interests described in Sections 1(i) through 1(vii) above
are hereinafter sometimes collectively referred to as the "Property". The Land,
Improvements and Additional Land Rights are referred to herein collectively as
the "Real Property". The Building Equipment, Leases, Contracts and Intangible
Property are referred to herein collectively as the "Personal Property".

     2. Purchase Price; Earnest Money. The purchase price (the "Building A
        -----------------------------
Purchase Price") payable by Purchaser for the portion of the Property consisting
of the

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parcel of Land and the Building identified on Exhibit A-2 attached hereto as
                                              -----------
"Building A" and all Improvements and other appurtenances related thereto
(hereinafter referred to as the "Building A Parcel"), together with the parcel
of Land and Improvements identified on Exhibit A-2 attached hereto as "Parcel C"
                                       -----------
(hereinafter referred to as "Parcel C") shall be Twenty-one Million Six Hundred
Seventy Thousand and No/100 Dollars ($21,670,000.00). The purchase price (the
"Building B Purchase Price") payable by Purchaser for the portion of the
Property consisting of the parcel of Land and the Building identified on Exhibit
                                                                         -------
A-2 attached hereto as "Building B" and all Improvements and other appurtenances
---
related thereto (hereinafter referred to as the "Building B Parcel") shall be
Twenty Million Eight Hundred Thousand and No/100 Dollars ($20,800,000.00). The
Building A Purchase Price and the Building B Purchase Price (collectively, the
"Purchase Price") shall be paid by Purchaser as follows:

          (a) Initial Earnest Money. The parties hereby acknowledge and agree
              ---------------------
that pursuant to the terms of the Prior Agreement, Purchaser has previously
deposited into escrow with Commonwealth Land Title Company at its offices
located at 350 Commerce Street, Suite 150, Irvine, California 92602 Attention:
Michelle Mesh ("Title Company"), the sum of One Hundred Thousand and No/100
Dollars ($100,000.00), which sum is hereinafter referred to as the "Prior
Deposit" and which continues to be held by Title Company. Not later than two
business days following Purchaser's execution of this Agreement, Purchaser shall
deposit with Title Company a fully executed original of this Agreement, together
with the additional sum of One Hundred Fifty Thousand and No/100 Dollars
($150,000.00) which, together with the Prior Deposit and all interest accrued
thereon shall be held as Purchaser's initial earnest money deposit hereunder
(the "Initial Earnest Money"). The Initial Earnest Money shall be non-refundable
to Purchaser in all instances other than as a result of (1) Seller's failure to
convey title to the Building B Parcel to Purchaser at the "Building B Closing"
(as hereinafter defined), or (ii) a termination of this Agreement pursuant to
Sections 6, 7, 12 or 13 below. In the event that Purchaser does not deliver a
"Termination Notice" (as hereinafter defined) in the time and manner required
pursuant to Section 8 below, not later than 5:00 p.m. on the next business day
following the "Financing Deadline" (as hereinafter defined), Purchaser shall
deposit with Title Company the additional sum of Two Hundred Fifty Thousand and
No/100 Dollars ($250,000.00) which, together with the Initial Earnest Money and
all interest accrued thereon shall be held as Purchaser's earnest money deposit
against the Building B Purchase Price (the "Building B Deposit"). The entire
Building B Deposit, in the amount of Five Hundred Thousand and No/100 Dollars
($500,000.00), plus interest accrued thereon, shall be non-refundable to
Purchaser in all instances other than as a result of (i) Seller's failure to
convey title to the Building B Parcel to Purchaser at the Building B Closing, or
(ii) a termination of this Agreement pursuant to Sections 6, 7, 12 or 13 below,
but shall be applied to the Building B Purchase Price at the Building B
Closing.

          (b) Additional Earnest Money. As a condition precedent to Purchaser's
              ------------------------
right to purchase the Building B Parcel, not later than one (1) business day
prior to the "Building B Closing Date" (as hereinafter defined), Purchaser shall
deposit with

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Title Company the additional sum of Three Million and No/100 Dollars
($3,000,000.00), hereinafter referred to as the "Additional Deposit," which,
together with all interest accrued thereon shall be held as Purchaser's earnest
money deposit against the Building A Purchase Price (the "Additional Earnest
Money"). Contemporaneously with Purchaser's delivery of the Additional Deposit,
Purchaser shall also deliver to Title Company irrevocable instructions
authorizing the release of Two Million and No/100 Dollars ($2,000,000.00) from
the Additional Deposit (the "Released Deposit") to Seller at the Building B
Closing. The Released Deposit shall be non-refundable to Purchaser in all
instances other than as a result of (i) Seller's failure to convey title to the
Building A Parcel to Purchaser at the "Building A Closing" (as hereinafter
defined), or (ii) a termination of this Agreement pursuant to Sections 12 or 13
below, but, together with the balance of the Additional Earnest Money, shall be
applied to the Building A Purchase Price at the Building A Closing. Purchaser's
failure to timely deliver the Additional Deposit as required hereunder shall
constitute an incurable event of default by Purchaser hereunder, in which event
the Building B Deposit shall be immediately released to Seller, this Agreement
shall be deemed terminated and of no further force or effect whatsoever (except
for those obligations hereunder which expressly survive termination of this
Agreement), and thereafter the parties shall be relieved of any further
obligation or liability to the other with respect to the purchase and sale of
the Property.

          (c) Investment of Earnest Money. Title Company shall hold the Initial
              ---------------------------
Earnest Money, the Building B Deposit and the Additional Earnest Money
(collectively, the "Earnest Money") in the highest available interest bearing
account meeting the liquidity requirements of this Agreement at a federally
insured banking institution.

          (d) Balance of Purchase Price. Purchaser shall pay the balance of the
              -------------------------
Building B Purchase Price, in the amount of Twenty Million Three Hundred
Thousand and No/100 Dollars ($20,300,000.00), subject to the adjustments and
prorations and obligations of each party as set forth in this Agreement, in full
to Seller at the Building B Closing in United States currency by way of
electronic transfer of funds. Purchaser shall pay the balance of the Building A
Purchase Price, in the amount of Eighteen Million Six Hundred Seventy Thousand
and No/100 Dollars ($18,670,000.00), subject to the adjustments and prorations
and obligations of each party as set forth in this Agreement, in full to Seller
at the Building A Closing in United States currency by way of electronic
transfer of funds.

     3. Title.
        -----

          (a) Title Commitment & Survey. Purchaser acknowledges and agrees that
              -------------------------
pursuant to the Prior Agreement, Purchaser has obtained from Title Company an
Owner's Commitment for an ALTA Title Insurance Policy issued by Title Company in
the amount of the Purchase Price, together with legible copies of all
instruments referred to therein (collectively the "Title Commitment"), and has
obtained from Seller the most recent survey of the Property and Improvements in
Seller's possession or immediate

                                       4

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control (the "Survey"). Purchaser hereby approves and accepts the condition of
title to the Property, as disclosed by the Title Commitment and the Survey.
Seller shall pay the base cost of the title policy contemplated by the Title
Commitment (the "Title Policy"). Purchaser shall pay the cost of any update it
desires to the Survey. Purchaser shall pay the cost of any endorsements to the
Title Policy. Seller shall cooperate with Purchaser to obtain deletion of the
standard printed title exceptions from the Title Policy, provided such
assistance results in no additional cost to Seller. All matters disclosed in the
Title Commitment and the Survey shall be "Permitted Matters". The Real Property
shall be conveyed to Purchaser by Seller subject to all Permitted Matters,
including, but not limited to the following matters (collectively the "Permitted
Exceptions"):

          (1)  building restrictions, zoning regulations and all other
               applicable laws heretofore or hereafter adopted by any public
               authority relating to the Real Property;

          (2)  taxes and assessments for the applicable year of Closing and
               subsequent years which are not yet due or payable;

          (3)  any matters arising by, through or under Purchaser; and

          (4)  all rights of the tenants under the Leases.

     4. Due Diligence Materials. Purchaser further acknowledges and agrees that
        -----------------------
pursuant to the Prior Agreement, Seller has delivered to Purchaser copies of
each of the following documents and records, to the extent the same are in
Seller's possession or immediate control:

          (i)  the Leases (including any amendments or modifications thereto),
               the current rent roll applicable to the Real Property, and any
               aging reports maintained by Seller with respect to the Real
               Property

          (ii) any and all environmental, ADA, mechanical, electrical,
               structural, soils or other similar reports studies or evaluations
               covering any portion of the Property;

          (iii) "as-built" plans and specifications for the Improvements;

          (iv) rental and operational expense records relating to the Property
               for the period of its operation (specifically excluding
               construction records);

          (v)  real and personal property tax bills for the current year;

                                       5

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          (vi) a schedule of pending or, to the knowledge of Seller (as defined
               pursuant to Section 10 below), threatened litigation affecting
               the Property or which otherwise might have a materially adverse
               affect on Seller's ability to perform its obligations hereunder;

          (vii) an inventory of any tangible personal property to be conveyed to
               Purchaser hereunder; and

          (viii) the Contracts, to the extent the same are to be assigned to
               Purchaser at Closing.

     Seller further agrees to make available for inspection by Purchaser or
otherwise provide to Purchaser the additional items more particularly described
on Exhibit B attached hereto. The information supplied to or made available to
   ---------
Purchaser by Seller as provided in this Section 4 or in Section 3 above
(collectively and together with the Title Documents, the "Due Diligence
Materials") shall not be released or disclosed to any other parties other than
the United States Securities and Exchange Commission (the "SEC") and the
Virginia State Corporations Commission (the "SCC"), if required in connection
with Purchaser's fulfillment of its SEC or SCC reporting requirements, and
Purchaser's brokers, tenants in common, accountants, attorneys, lenders or other
consultants directly involved in evaluating the Property in connection with
Purchaser's due diligence "Investigations and Tests" (as hereinafter defined) of
the Property made pursuant to the Prior Agreement or hereunder prior to the
applicable Closing unless and until the transactions contemplated by this
Agreement have closed, without the prior written consent of Seller, which
consent shall not be unreasonably withheld or delayed. If this transaction is
not closed for any reason, then Purchaser shall refrain, and shall cause its
agents, representatives and accountants to refrain, from disclosing all such
information to any other party. Purchaser shall defend, indemnify and hold
harmless Seller (which indemnification shall survive the applicable Closing or
the termination or expiration of this Agreement, whichever shall occur) from and
against all loss, damage or expense sustained or incurred by Seller by reason of
any unauthorized disclosure of such information. Except as specifically set
forth in Section 9(a) hereof, Purchaser acknowledges that Seller makes no
warranties or representations regarding the adequacy, accuracy or completeness
of the Due Diligence Materials and that it is relying on the expertise of the
professionals preparing the same and upon its own investigations.

     5. Purchaser's Investigation.
        -------------------------

          (a) Approval of Investigations and Tests. Purchaser hereby
              ------------------------------------
acknowledges and agrees that pursuant to the Prior Agreement, Purchaser has been
afforded the opportunity to make such investigations and tests of the Property,
including, without limitation, (i) reviewing the Due Diligence Materials; (ii)
inspecting, surveying, making engineering, architectural and environmental
studies, including potential Phase I and Phase II environmental assessments,
assessments and/or audits, testing the soil, soil

                                       6

<PAGE>

compaction and grading elevation, and otherwise determining the condition of the
Property and prior uses of the Property; (iii) reviewing applicable zoning and
building code ordinances, rules and regulations; (iv) determining that utility
services, including, without limitation, water, storm sewer, sanitary sewer,
gas, electricity, cable television and telephone are available to serve
Purchaser's intended use of the Property; (v) evaluating any Environmental
Protection Agency or other federal or state health or environmental requirements
or approvals; (vi) evaluating all applicable fees, including but not limited to,
fees and taxes charged by any governmental authority having jurisdiction; (vii)
determining the availability of all permits and/or approvals, including any and
all environmental approvals, building permits and land use approvals required by
any governmental or quasi-governmental authority having jurisdiction; (viii)
evaluating planning and zoning requirements which may impact Purchaser's
intended use of the Property, (ix) reviewing the terms of the Leases and the
financial stability of each of the tenants thereunder, and (x) performing all
such other inspections and investigations, and obtaining such other approvals,
as Purchaser deemed necessary in order to permit it to acquire and use the
Property as it contemplates (collectively, "Investigations and Tests").
Purchaser hereby accepts the condition of the Property and the results of all
such Investigations and Tests, and waives any right to terminate this Agreement
as a result of Purchaser's review of the condition of the Property or
Purchaser's Investigations and Tests hereunder or under the Prior Agreement.

          (b) Right of Entry. Notwithstanding Purchaser's approval of the
              --------------
results of its Investigations and Tests, Purchaser, its authorized agents,
employees and independent contractors shall have the right to enter upon the
Real Property until the earlier of the applicable Closing Date or the date upon
which this Agreement is terminated, for the purpose of facilitating its
acquisition of the Property and the subdivision of the Property contemplated by
Section 7 below. No entry onto the Real Property shall be made unless Seller
approves the entry, which approval shall not be unreasonably withheld or
delayed. Purchaser shall notify Seller at least forty-eight (48) hours prior to
any entry on the Real Property or contact with any tenants. Seller shall have
the right to have a representative present for any communications with tenants
of the Property. All activities of Purchaser on or with respect to the Property
shall be at the sole cost and expense of Purchaser, and shall not damage,
destroy or harm the Real Property, or Purchaser shall promptly repair and
restore the Real Property to its original condition. Notwithstanding any other
provision of this Agreement, the obligations of Purchaser under this Section
shall survive any termination of this Agreement by either Purchaser or Seller.

          (d) Delivery of Copies of Investigation Materials to Seller. If this
              -------------------------------------------------------
Agreement is terminated by either party for any reason, Purchaser shall provide
Seller with copies of all reports and other information obtained by Purchaser
regarding the results of Purchaser's Investigations and Tests or prepared in
connection with the proposed subdivision of the Property contemplated by Section
7 below. Notwithstanding any other provision of this Agreement, the obligations
of Purchaser under this Section shall survive any termination of this Agreement
by either Purchaser or Seller.

                                       7

<PAGE>

          (e) Indemnification; No Mechanics' Liens. Purchaser hereby
              ------------------------------------
acknowledges that the making of Investigations and Tests and Purchaser's
activities in connection with the proposed subdivision of the Property pursuant
to Section 7 below are for the sole benefit of and at the insistence of
Purchaser. Purchaser expressly acknowledges that nothing in this Agreement shall
authorize Purchaser, or any person dealing with, through or under Purchaser, to
subject Seller's interest in any portion of the Real Property to any mechanic's
or materialman's lien prior to the applicable Closing. Purchaser agrees to
indemnify, hold harmless and defend Seller and the Real Property from any
liability or damages and Seller from any claim, liability, loss, damage, cost or
expense, including attorneys' fees which Seller may incur or which may be
asserted by reason of any entry on the Real Property by, through or under
Purchaser prior to the applicable Closing. Purchaser agrees not to permit or
suffer and, to the extent so permitted or suffered, to cause to be removed and
released (including, but not limited to, by delivering a bond pursuant to the
provisions of applicable law), any mechanic's, materialman's or other lien on
account of supplies, machinery, tools, equipment, labor or materials furnished
or used in connection with the inspection, construction, alteration, repair or
surveying of the Real Property, by, through or under Purchaser prior to the
applicable Closing. Seller may, at Purchaser's expense, with the assistance of
attorneys of Seller's choosing, enter into, defend, prosecute or pursue any
effort or action (whether or not litigation is involved) which Seller deems
necessary to defend itself and the Real Property from all claims or liability
arising by, through or under Purchaser, as set forth above. The foregoing
obligations of Purchaser shall survive any termination of this Agreement by
either Purchaser or Seller, notwithstanding any other provision of this
Agreement to the contrary.

     6. Tenant Estoppel Certificates/Contact with Tenants. Not later than the
        -------------------------------------------------
Financing Deadline, Purchaser shall prepare, using the information set forth in
the copies of the Leases provided by Seller to Purchaser hereunder, tenant
estoppel certificates for all of the tenants of the Property in the form (the
"Lender Estoppels") required by the lender(s), if any, providing acquisition
financing to Purchaser hereunder. Upon receipt of all of the completed Lender
Estoppels from Purchaser, Seller shall transmit the Lender Estoppels to the
tenants and shall thereafter use diligent and good faith efforts to obtain the
signatures of each tenant on the appropriate Lender Estoppels not later than the
date (the "Estoppel Deadline") which is thirty (30) days following the date on
which Purchaser delivers the completed Lender Estoppels to Seller (the "Estoppel
Delivery Date"). Without limitation of the foregoing, in the event that Seller
is unable to deliver Lender Estoppels for each Building, subject to such
nonmaterial modifications thereto, as such tenants may make, from (i) all of the
tenants listed on Exhibit C attached hereto (the "Major Tenants"), and (ii) not
                  ---------
less than seventy-five percent (75%) of the remaining tenants other than Major
Tenants within the time period required hereunder, either party may, at its sole
option and election, terminate this Agreement, in which event the Earnest Money
then held by Title Company shall be returned to Purchaser, and thereafter the
parties shall be relieved from any further obligation or liability hereunder
except for those obligations which

                                       8

<PAGE>

survive termination. A party must exercise its option to terminate this
Agreement by written notice to the other party delivered not later than five (5)
business days after the Estoppel Deadline. In the event that neither party
exercises its right to terminate this Agreement pursuant to this Section 6, at
Purchaser's request, Seller agrees to deliver at the applicable Closing Lender
Estoppels for the Building being purchased at such Closing executed by Seller
for any tenant which did not execute a Lender Estoppel.

     7. Subdivision of Property.
        -----------------------

          (a) Agreement to Replat Property. Seller hereby acknowledges and
              ----------------------------
agrees that Purchaser intends to purchase the Building B Parcel in one
transaction, and then to purchase the Building A Parcel and Parcel C in a
subsequent transaction, each in the time and manner set forth in Section 10
below. In order to facilitate the acquisition of the Property in two separate
transactions, Seller agrees that Purchaser shall have the right to prepare and
to process through the applicable governmental agencies and authorities a
subdivision plat for the Property contemplating the creation of the Building A
Parcel, the Building B Parcel and Parcel C as three separate legal parcels
(each, a "Parcel"). Subject to the limitations set forth herein, Seller consents
to the platting of the Property and the creation of the Building A Parcel, the
Building B Parcel and Parcel C as separate legal parcels, and agrees to join in
such platting process and to execute the "Final Plat" (as hereinafter defined)
for recording at, and contingent upon, the Building B Closing. Seller further
agrees to permit Purchaser access to Seller's property for the purpose of such
platting.

          (b) Preparation of Preliminary Plat and Subdivision Documents.
              ---------------------------------------------------------
Purchaser shall prepare a preliminary subdivision plat for the Property (the
"Preliminary Plat") contemplating the subdivision of the Building A Parcel, the
Building B Parcel and Parcel C as separate legal parcels and all other
subdivision documents, including reciprocal access agreements, covenants,
conditions and restrictions, easements and similar documents providing for the
use and enjoyment of all common areas and Improvements, including the
Improvements located on Parcel C, by the owners of the Building A Parcel and the
Building B Parcel (collectively, the "Subdivision Documents"), and shall provide
Seller with copies of the Preliminary Plat and Subdivision Documents not later
than ten (10) business days after the date hereof for review and approval by
Seller and by the beneficiary of the deed of trust currently encumbering the
Property ("Seller's Lender"). Seller shall notify Purchaser of the approval or
disapproval of the Preliminary Plat and the Subdivision Documents by Seller and
Seller's Lender not later than twenty (20) business days after its receipt
thereof. Purchaser shall cause the Preliminary Plat and Subdivision Documents to
be revised to address any comments or concerns expressed by Seller or Seller's
Lender, and shall provide Seller with an updated Preliminary Plat and
Subdivision Documents not later than five (5) business days after Purchaser's
receipt of Seller's initial notice of approval or disapproval of the Preliminary
Plat and Subdivision Documents. Seller shall notify Purchaser of final approval
or disapproval by Seller and Seller's Lender of the Preliminary Plat not later
than ten (10) business days after Seller's

                                       9

<PAGE>

receipt of the revised Preliminary Plat and Subdivision Documents. Purchaser
agrees to diligently prosecute, using commercially reasonable efforts, the
Preliminary Plat and Subdivision Documents to obtain all necessary governmental
approvals thereof, such that a final plat consistent in all material respects
with the Preliminary Plat (the "Final Plat") and Subdivision Documents, all in
form and content acceptable to Seller, in its sole but reasonable discretion,
and Seller's Lender, are ready for recordation on or before the "Target Building
B Closing Date" (as hereinafter defined). Without limitation of the foregoing,
in the event that Seller and Seller's Lender have not given finally approved the
Preliminary Plat and Subdivision Documents on or before November 15, 2001,
Seller shall have the right, exercisable upon written notice to Purchaser
delivered not later than November 20, 2001, to terminate this Agreement, in
which event the Initial Earnest Money, less all "Subdivision Costs" (as
hereinafter defined) incurred through the date of termination, shall be returned
to Purchaser, Seller shall be reimbursed for all of its Subdivision Costs in
accordance with the provisions of subsection (c) below, and thereafter the
parties shall be relieved of any further obligation or liability to the other
except for those obligations which expressly survive the termination of this
Agreement.

          (c) Subdivision Costs. All costs and expenses incurred in connection
              -----------------
with the subdivision of the Property (hereinafter referred to as "Subdivision
Costs"), including, without limitation, (i) the cost of preparing the
Preliminary Plat and Subdivision Documents, (ii) obtaining the approval of
Seller and Seller's Lender of the Preliminary Plat and Subdivision Documents,
including their respective legal fees and costs incurred in reviewing such
items, (iii) fees or other costs incurred in connection with obtaining
governmental approvals of the Preliminary Plat and Subdivision Documents, and
(iv) recording fees, shall be the sole cost and expense of Purchaser. Purchaser
shall reimburse Seller for all Subdivision Costs incurred by Seller (including
all such Subdivision Costs reimbursed to Seller's Lender by Seller) not later
than ten (10) business days after receipt of an invoice therefore; provided,
that Purchaser's liability for reimbursing Seller for Subdivision Costs incurred
by Seller and Seller's Lender shall be limited to a maximum of Fifteen Thousand
and No/100 Dollars ($15,000.00). Purchaser's obligation to reimburse Seller and
Seller's Lender for such costs shall survive both Closings hereunder or the
earlier termination of this Agreement.

          (d) Management of Property. Notwithstanding the subdivision of the
              ----------------------
Property and the bifurcated closing of Purchaser's acquisition of each Building
as contemplated hereby, in the interest of maintaining continuity in the
management of the Property between Closings, Purchaser agrees that it shall
engage Seller's current property manager at the Property ("Manager") to manage
Building B during the period commencing as of the Building B Closing Date and
continuing until the Building A Closing has occurred (the "Joint Management
Period"). Purchaser's engagement of Manager shall be on the same terms and
conditions as applicable to Seller's engagement of Manager as of the date
hereof; provided, that during the Joint Management Period, Seller and Purchaser
shall each be responsible for payment of fifty percent (50%) of all compensation
payable to Manager for the performance of its duties with respect to the
Property.

                                       10

<PAGE>

     8. Financing Contingency. Notwithstanding any other provision to the
        ---------------------
contrary contained herein, Purchaser's obligation to effect the Building B
Closing, and correspondingly, its right to subsequently effect the Building A
Closing, is contingent upon Purchaser's having obtained, not later than November
20, 2001 (the "Financing Deadline"), a binding commitment from one or more
institutional lenders selected by Purchaser, committing to make a loan or loans
to Purchaser (each, a "Loan") to fund a portion of the Purchase Price payable
by Purchaser at each Closing. The principal amount of the Loan for each Building
shall be in an amount which is not less than Fourteen Million Five Hundred
Thousand and No/100 Dollars ($14,500,000.00), or such lesser amount as may be
acceptable to Purchaser, with a fixed interest rate not to exceed seven and
one-half percent (7 1/2/%) per annum, and shall be on such other terms and
conditions as are reasonably acceptable to Purchaser. Purchaser agrees to act
diligently and in good faith in seeking to obtain a commitment for each Loan as
soon as reasonably practicable following the Effective Date. Notwithstanding the
foregoing, in the event that Purchaser is unable to obtain a commitment for each
Loan prior to the Financing Deadline, Purchaser shall have the right, if it
desires, to terminate this Agreement upon written notice (the "Termination
Notice") received by Seller not later than 5:00 p.m., MST, on the Financing
Deadline, in which event (i) this Agreement shall automatically terminate and
shall be of no further force or effect whatsoever, (ii) the Initial Earnest
Money shall be immediately released to Seller, (iii) Purchaser shall return all
information delivered to Purchaser by Seller and deliver to Seller copies of any
and all other materials prepared by or for Purchaser in connection with the
Property, and (iv) thereafter the parties shall be relieved of any further
obligation or liability hereunder with respect to the purchase and sale of the
Property, except for Purchaser's indemnity and hold harmless agreements as
provided in this Agreement. In the event that Purchaser fails to timely deliver
the Termination Notice in accordance with the foregoing, the financing
contingency contemplated by this Section 8 shall be deemed satisfied or waived
by Purchaser, Purchaser shall deposit the balance of the Building B Deposit with
Title Company in accordance with the provisions of Section 2 above, and the
parties shall proceed with the transactions contemplated by this Agreement.

     9. Closing.
        -------

          (a) Target Closing Dates. The closing of the purchase and sale of the
              --------------------
Building B Parcel (the "Building B Closing") shall take place at the office of
Title Company on December 20, 2001 (the "Target Building B Closing Date"). The
closing of the purchase and sale of the Building A Parcel and Parcel C (the
"Building A Closing") shall take place at the office of Title Company on January
30, 2002 (the "Target Building A Closing Date"). The Building B Closing and the
Building A Closing are referred to herein as a "Closing." The Target Building A
Closing Date and the Target Building B Closing Date are referred to herein as a
"Target Closing Date." The date on which a Closing occurs is referred to herein
as a "Closing Date."

                                       11

<PAGE>

          (b) Extension of Closing Dates. Notwithstanding the provision
              --------------------------
subsection (a) above, so long as Purchaser is not then in default hereunder,
Purchaser shall have the right to extend the Closing Date for the Building B
Closing beyond the Target Building B Closing Date and/or the Closing Date for
the Building A Closing beyond the Target Building A Closing Date for three (3)
additional periods of thirty (30) days each (each, an "Extension Period");
provided, that Purchaser shall be entitled to only three (3) Extension Periods
in the aggregate, and not three (3) such Extension Periods for each Closing.
Purchaser must exercise its right to extend the applicable Closing Date for the
first Extension Period (the "First Extension Period") by delivering written
notice thereof (the "First Extension Notice") to Seller and Title Company not
later than 5:00 p.m., MST, on the date which is five (5) business days prior to
the applicable Target Closing Date. In consideration of Seller's agreement to
extend the applicable Closing Date until the end of the First Extension Period,
and as a condition to the effectiveness of Purchaser's First Extension Notice,
Purchaser shall contemporaneously deliver to Title Company the sum of Five
Hundred Thousand and No/100 Dollars ($500,000.00) (the "First Extension
Payment"). Provided that Purchaser has timely delivered the First Extension
Notice and the First Extension Payment in accordance with the foregoing,
Purchaser shall have the right to further extend the applicable Closing Date for
a second Extension Period (the "Second Extension Period") by delivering written
notice thereof (the "Second Extension Notice") to Seller and Title Company not
later than 5:00 p.m., MST, on the date which is five (5) business days prior to
the expiration of the First Extension Period. In consideration of Seller's
agreement to further extend the applicable Closing Date until the end of the
Second Extension Period, and as a condition to the effectiveness of Purchaser's
Second Extension Notice, Purchaser shall contemporaneously deliver to Title
Company the sum of Five Hundred Thousand and No/100 Dollars ($500,000.00) (the
"Second Extension Payment"). Provided that Purchaser has timely delivered the
Second Extension Notice and the Second Extension Payment in accordance with the
foregoing, Purchaser shall have the right to further extend the Closing Date for
a third and final Extension Period (the "Third Extension Period") by delivering
written notice thereof (the "Third Extension Notice") to Seller and Title
Company not later than 5:00 p.m., MST, on the date which is five (5) business
days prior to the expiration of the Second Extension Period. In consideration of
Seller's agreement to further extend the Closing Date until the end of the Third
Extension Period, and as a condition to the effectiveness of Purchaser's Third
Extension Notice, Purchaser shall contemporaneously deliver to Title Company the
sum of Five Hundred Thousand and No/100 Dollars ($500,000.00) (the "Third
Extension Payment"). In the event that Purchaser has exercised fewer than all of
its extension rights pursuant to this Section with respect to the Building B
Closing, Purchaser shall have the right to apply the remaining extension or
extensions against the Building A Closing in the time and manner, and upon
payment of the appropriate extension payment, set forth above. The First
Extension Payment, Second Extension Payment and Third Extension Payment shall be
immediately released to Seller and shall be non-refundable to Purchaser in all
events other than in the event that Seller is unable or unwilling to deliver
title to the Building B Parcel or the Building A Parcel, as applicable, subject
only to the Permitted Exceptions, to Purchaser at Closing through no fault of
Purchaser, or in the event of a casualty to or condemnation

                                       12

<PAGE>

of the Property giving Purchaser the right to terminate this Agreement in
accordance with the terms and conditions hereof, but shall be applied to the
applicable Purchase Price payable at each Closing.

          (c) Closing Date. Purchaser shall give Seller not less than ten (10)
              ------------
business days prior written notice of the date on which Purchaser desires to
effect each Closing.

          (d) Deliveries By Seller. On or before the applicable Closing Date,
              --------------------
Seller shall deliver fully executed originals of the following documents to
Title Company:

               (i) Deed. A special warranty deed in the form of Exhibit D
                   ----                                         ---------
attached hereto and incorporated herein by this reference (the "Deed"),
conveying the applicable Parcel to Purchaser, free and clear of any and all
deeds of trust, tax or mechanic's liens or other financial encumbrances.

               (ii) Bill of Sale. A bill of sale in the form of Exhibit E
                    ------------                                ---------
attached hereto and incorporated herein by this reference, conveying all
Building Equipment, and all other items of tangible personal property owned by
Seller and located on and used in connection with the operation, maintenance or
ownership of the applicable Parcel to Purchaser, as-is and without warranty.

               (iii) Blanket Assignment. A blanket assignment in the form of
                     ------------------
Exhibit F attached hereto and incorporated herein by this reference (the
---------
"Blanket Assignment") conveying all of Seller's rights under the Contracts
relating to the applicable Parcel to Purchaser and assigning to Purchaser all of
Seller's rights with respect to the Intangible Property, if any, relating to the
applicable Parcel, to the extent that the same are assignable;

               (iv) Assignment of Leases. An assignment and assumption of Leases
                    --------------------
relating to the applicable Parcel in the form of Exhibit G attached hereto and
                                                 ---------
incorporated herein by this reference (the "Assignment of Leases") pursuant to
which (1) Seller assigns all of its right, title and interest in and to the
Leases and any security deposits thereunder (except to the extent previously
applied to delinquent rents, if any) to Purchaser and indemnifies Purchaser
against any claims arising under the assigned Leases that relate to any period
of time prior to the Closing Date; and (2) Purchaser indemnifies Seller against
claims arising under the assigned Leases that relate to any period of time
subsequent to the Closing Date or for failure to return any security deposit.
Seller shall also deliver to Purchaser originals of all written Leases,
including all extensions, additions, and amendments related to the Leases which
are in Seller's possession or control.

               (v) Tenant Notification. Seller shall deliver to Purchaser a
                   -------------------
signed notification to be sent to each tenant under the assigned Leases after
the applicable Closing, advising the tenants of the transfer of ownership to
Purchaser, directing that all

                                       13

<PAGE>

further payments of rent be made as directed by Purchaser, and indicating that
the applicable tenant's security deposit, if any, has been transferred to
Purchaser.

               (vi) Authority. Such evidence or documents as may be reasonably
                    ---------
required by Title Company evidencing the status and capacity of Seller and the
authority of the person or persons who are executing the various documents on
behalf of the Seller in connection with the sale of the applicable Parcel.

               (vii) Keys. Immediately after the Closing, all keys, including
                     ----
master keys to the applicable Parcel in Seller's possession or immediate
control.

               (viii) Non-Foreign Status Certificate. Seller shall execute and
                      ------------------------------
deliver to Title Company an affidavit that evidences that Seller is exempt from
the withholding requirements of Section 1445 of the Internal Revenue Code.

               (ix) Subdivision Documents. Not later than two days prior to the
                    ---------------------
Building B Closing, Seller shall execute and deliver to Title Company the Final
Plat and counterparts of all Subdivision Documents to be recorded in connection
with the subdivision of the Property pursuant to Section 7 above.

               (x) Miscellaneous. Seller shall execute and deliver to Title
                   -------------
Company settlement statements and mechanic's lien affidavits in such form and
content as are reasonably acceptable to Seller.

          (b) Deliveries By Purchaser. On or before the Closing Date, Purchaser
              -----------------------
shall deliver the following items to Title Company:

               (i) Purchase Price. In accordance with the Title Company's wire
                   --------------
instructions, Purchaser shall deliver a wire transfer of the balance of the
applicable Purchase Price (as reduced by the applicable portion of the Earnest
Money and other adjustments provided for in this Agreement).

               (ii) Authority. Such evidence or documents as may reasonably be
                    ---------
required by the Title Company evidencing the status and capacity of Purchaser
and the authority of the person or persons who are executing the various
documents on behalf of Purchaser in connection with the sale of the Property.

               (iii) Blanket Assignments and Assignment of Leases. The Blanket
                     --------------------------------------------
Assignment and Assignment of Leases referred to in Section 8(b)(iii) & (iv),
duly executed by Purchaser.

               (iv) Subdivision Documents. Not later than two days prior to the
                    ---------------------
Building B Closing, Purchaser shall execute and deliver to Title Company
counterparts of

                                       14

<PAGE>

all Subdivision Documents to be recorded in connection with the subdivision of
the Property pursuant to Section 7 above.

               (iv) Miscellaneous. Purchaser shall execute and deliver to Title
                    -------------
Company settlement statements and mechanic's lien affidavits in such form and
content as are reasonably acceptable to Purchaser.

          (c) Possession. Seller shall deliver exclusive possession of the
              ----------
applicable Parcel to Purchaser on the applicable Closing Date.

          (d) Closing Costs. Seller and Purchaser agree to pay their respective
              -------------
closing costs at closing, except as otherwise provided herein. Purchaser shall
pay all recording and documentary fees due for recording the Final Plat, each
Deed, all transfer taxes payable in connection with the recording of each Deed,
and the cost of any lender's policy of title insurance, together with
endorsements to such the lender's policy or the Title Policy, and all of
Seller's costs incurred in connection with the subdivision of the Property
pursuant to Section 7 above. Seller will pay the base cost of the Title Policy.
Title Company's closing charges shall be divided equally between Seller and
Purchaser. Each party shall pay its own attorneys' fees, except as otherwise
provided in this Agreement.

          (e) Adjustments and Prorations. At each Closing, the following items
              --------------------------
shall be adjusted or prorated between Seller and Purchaser:

               (i) Taxes & Utilities. All taxes, charges and assessments
                   -----------------
affecting the Property for the year of each Closing (though not payable until
the succeeding year) shall be prorated on a per diem basis as of the applicable
Closing Date. If any taxes, charges or assessments have not been finally
assessed as of the applicable Closing Date for the current fiscal year of the
taxing authority, then the same shall be adjusted at the applicable Closing
based upon the most recently issued bills therefor (or such later information
relating to millage rates and/or assessed valuations, if any, as may then be
available), and such pro-ration shall be final. All charges for water,
electricity, sewer, gas, telephone and all other utilities shall likewise be
prorated on a per-diem basis as of the applicable Closing Date, but shall be
settled between the parties by separate agreement at or as soon as reasonably
practicable following the applicable Closing.

               (ii) Rent. All rent and other amounts accrued and due from the
                    ----
tenants under the Leases shall be prorated to the applicable Closing Date.
Payments received by Seller from tenants from and after the applicable Closing
Date shall be immediately forwarded to Purchaser. Payments received from tenants
from and after the applicable Closing Date shall be applied first to rents then
due for the current period, then to any unpaid rent accruing after the
applicable Closing Date, and then to delinquent rents. Any such amounts
applicable to delinquent rents collected by Purchaser less the pro rata portion
of the delinquent rents due Purchaser from the applicable Closing Date through
the end of the month of the applicable Closing, shall be forwarded to Seller.
Seller shall be

                                       15

<PAGE>

solely responsible for the payment of all tenant improvement and leasing
commission costs due and payable by the landlord under the assigned Leases;
provided, that Purchaser shall be solely responsible for the payment of all
tenant improvement and leasing commission costs payable in connection with any
options, renewals, or extensions exercisable under the assigned Leases after the
applicable Closing Date. Purchaser shall include such Delinquent Rents on all
bills for rent to tenants. After each Closing, Seller reserves the right to take
all actions necessary to recover delinquent rents and any other rents applicable
to periods prior to the applicable Closing Date, except that Seller shall not
terminate any assigned Lease in the process of recovering such Delinquent Rents

               (iii) Charges under Assigned Contracts. The unpaid monetary
                     --------------------------------
obligations of Seller with respect to any of the assigned Contracts for the
month in which each Closing occurs shall be prorated on a per diem basis as of
the applicable Closing Date, but shall be settled between the parties by
separate agreement at or as soon as reasonably practicable following each
Closing.

               (iv) Deposits. The amount of all security deposits held by Seller
                    --------
in connection with the Leases as of the date hereof shall be credited against
the applicable Purchase Price at each Closing (it being acknowledged, however,
that any security deposits provided for in the assigned Leases which, prior to
the date hereof, have been forfeited by the applicable tenant(s) shall not be
credited to Purchaser). At Purchaser's option, any utility deposits and other
types of performance deposits with respect to each Parcel paid by or on behalf
of Seller shall be (i) credited to Seller at the applicable Closing, or (ii)
replaced by Purchaser's deposits, in which event the deposits shall be returned
to Seller by the utility.

               (v) Final Prorations. All prorations (other than any prorations
                   ----------------
for common area maintenance or other common expenses under the assigned Leases,
which shall be finally prorated not later than ninety (90) days following the
applicable Closing Date) shall be final.

     10. No Recordation/No Survival. The parties acknowledge and agree that
         --------------------------
neither this Agreement nor any memorandum hereof shall be recorded in the real
property records of Clark County, Nevada. In the event of any recordation of
this Agreement by Purchaser, Seller shall be entitled to its default remedies
provided in this Agreement. Except as expressly provided in this Agreement, no
representations, warranties, covenants, agreements and other obligations of
Seller in this Agreement shall survive the closing of this transaction and no
action based thereon shall be commenced after the applicable Closing.

                                       16

<PAGE>

     11. Representations and Warranties.
         ------------------------------

          (a) Of Seller. Seller represents and warrants to Purchaser that as of
              ---------
the date hereof and as of each Closing Date, except to the extent disclosed to
Purchaser or discovered by Purchaser prior to each Closing:

               (i) Seller is a limited liability company duly organized and
validly existing under the laws of the State of Nevada and authorized to
transact business in the State of Nevada, and the execution and delivery by
Seller of and Seller's performance under this Agreement are within Seller's
powers and have been duly authorized by all requisite action.

               (ii) To the actual knowledge of Seller, there are no legal
actions, pending or threatened against the Real Property, except as disclosed in
the Due Diligence Materials.

               (iii) Seller is the record titleholder to the Real Property,
subject only to all matters of record, the Leases and any other matters
disclosed by the Title Documents.

               (iv) Except for the Leases, Seller is not party to any space
leases affecting the Property, and no person, other than the tenants under the
Leases (including their assignees or sub-lessees) has any right of possession of
the Property.

               (v) Seller has not disposed of any solid waste or hazardous or
toxic chemicals or any other hazardous material (as such term is defined in the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as amended (42 U.S.C. Section 9601, et seq.)) on the Real Property. Further,
Seller has received no written notice from any governmental authority having
jurisdiction over the Real Property that the Real Property is in violation of
the Comprehensive Environmental Response, Compensation, and Liability Act of
1980, as amended (42 U.S.C. Section 9601, et seq.), the Hazardous Materials
Transportation Act, as amended (49 U.S.C. Section 1801, et seq.), the Resource
Conservation and Recovery Act of 1976, as amended (42 U.S.C. Section 6901, et
seq.), any of the regulations adopted or publications promulgated pursuant
thereto, or any, state or local laws, ordinances, rules or regulations in effect
on the date hereof relating to protection of public health, safety or the
environment.

               (vi) To the knowledge of Seller, the Due Diligence Materials and
all disclosures of Seller contained therein are true and correct in all material
respects, and Seller has received no notice that Seller or the Property is in
violation of any applicable laws affecting the Property.

     Wherever in this Agreement there is any reference to the "knowledge" of
Seller or to any "notice" having been "received" by Seller, in any variation of
such references, such references; (i) shall mean only the actual knowledge of,
or notice actually received

                                       17

<PAGE>

personally by, William B. Pauls ("Pauls"); (ii) shall not mean or include any
imputed or constructive knowledge of Pauls, or any notice constructively
received by Pauls; (iii) shall not include any actual, imputed or constructive
knowledge of any officer, agent, employee or affiliate of Pauls or Seller, or
any other person or entity, or any notice actually or constructively received by
any officer, Agent, employee or affiliate of Pauls or Seller, or any other
person or entity; and (iv) shall not be deemed to imply Pauls or any other
person or entity has undertaken, or has any duty or obligation to undertake any
investigation or inquiry with respect to the subject matter thereof.

          (b) Of Purchaser. Purchaser hereby represents and warrants to Seller
              ------------
that as of the date hereof and as of each Closing Date:

               (i) Valid Entity. Purchaser is a limited liability company duly
                   ------------
organized and validly existing under the laws of the Commonwealth of Virginia,
and that the entity taking title to each Parcel will be authorized to do so in
the State of Nevada;

               (ii) Authority. Purchaser has all requisite power and authority,
                    ---------
has taken all actions required by its organizational documents and applicable
law, and has obtained all necessary consents, to execute and deliver this
Agreement and to consummate the transactions contemplated in this Agreement.

          (c) Survival. The representations and warranties contained in this
              --------
Section 10 (a) and (b) shall survive each Closing for a period of six (6) months
only.

          (d) Duty of Buyer to Notify Of Violations Prior to Closing.
              -------------------------------------------------------
Notwithstanding the foregoing provisions of Section 10 (a), it is expressly
acknowledged and agreed that, if Purchaser shall actually discover prior to a
Closing that any of the representations set forth in Section 10 (a) were untrue
when made, or have become untrue prior to such Closing, then, if Purchaser shall
proceed with the consummation of the purchase and sale of the applicable Parcel
pursuant to this Agreement, Purchaser shall be deemed to have waived any claim
of breach which Purchaser may have against Seller with respect to any such
representation set forth herein.

          (e) No Representations or Warranties with Respect to Due Diligence
              ---------------------------------------------------------------
Information. Notwithstanding the foregoing provisions of Section 10 (a), and
-----------
notwithstanding any other term or provision of this Agreement, neither the
foregoing representations of Seller nor any other representations or covenant of
Seller under this Agreement shall extend to any of the Due Diligence Materials
not directly prepared by Seller, and Seller in no event shall have any duty,
obligation, liability or responsibility for, or be deemed in any manner to be in
breach or default of any of the representations set forth in Section 10 (a) or
any other representation or covenant of Seller under this Agreement by reason of
the existence of or Seller's knowledge of, any matter described in or disclosed
by any of the Due Diligence Materials not directly prepared by Seller.

                                       18

<PAGE>

          (f) AS-IS. EXCEPT AS PROVIDED EXPRESSLY HEREIN AND IN THE CLOSING
              -----
DOCUMENTS, NEITHER SELLER NOR ANYONE ACTING FOR OR ON BEHALF OF SELLER, HAS MADE
ANY REPRESENTATION, WARRANTY, STATEMENT OR PROMISE TO PURCHASER CONCERNING THE
PROPERTY, THE QUALITY, VALUE, PHYSICAL ASPECTS OR CONDITION THEREOF, ANY
DIMENSIONS OR SPECIFICATIONS OF THE PROPERTY, THE FEASIBILITY, DESIRABILITY,
CONVERTIBILITY OF THE PROPERTY FOR OR INTO ANY PARTICULAR USE, THE CURRENT OR
PROJECTED INCOME OR EXPENSES OF THE PROPERTY, OR ANY OTHER MATTER WITH RESPECT
TO THE PROPERTY; THAT ENTERING INTO THIS AGREEMENT, PURCHASER IS RELYING SOLELY
ON ITS OWN INVESTIGATION AND HAS NOT RELIED UPON ANY REPRESENTATION, STATEMENT
OR WARRANTY OF SELLER OR ANYONE ACTING FOR OR ON BEHALF OF SELLER, OTHER THAN AS
EXPRESSLY CONTAINED IN THIS AGREEMENT OR THE CLOSING DOCUMENTS AND IS THEREBY
PURCHASING THE PROPERTY AS IS; AND THAT PURCHASER DOES HEREBY WAIVE AND SELLER
DOES HEREBY DISCLAIM ALL WARRANTIES OF ANY KIND OR TYPE WHATSOEVER WITH RESPECT
TO THE PROPERTY OTHER THAN AS SET FORTH HEREIN OR IN THE CLOSING DOCUMENTS,
WHETHER EXPRESSED OR IMPLIED, INCLUDING BY WAY OF DESCRIPTION BUT NOT
LIMITATION, THOSE OF MARKETABILITY, MERCHANTABILITY OF TITLE, FITNESS FOR A
PARTICULAR PURPOSE, TENANTABILITY, HABITABILITY, USE AND ALL WARRANTIES RELATING
TO COMPLIANCE BY THE PROPERTY WITH ANY APPLICABLE GOVERNMENTAL LAWS AND
REGULATIONS INCLUDING, WITHOUT LIMITATION, ZONING CODES, THE SOIL CONDITIONS OF
THE REAL PROPERTY, AND THE COMPLIANCE BY THE REAL PROPERTY WITH ANY
ENVIRONMENTAL REQUIREMENTS. FURTHER, PURCHASER HEREBY SPECIFICALLY ASSUMES THE
RISK OF CONFIRMING THAT THE REAL PROPERTY CAN BE SERVED BY SUFFICIENT UTILITIES
INCLUDING, WITHOUT LIMITATION, WATER, SANITARY AND STORM SEWER, GAS, ELECTRIC,
TELEPHONE AND CABLE TELEVISION SERVICE. PURCHASER HAS NOT RELIED AND WILL NOT
RELY ON, AND SELLER IS NOT LIABLE FOR OR BOUND BY, ANY EXPRESS OR IMPLIED
WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO
THE PROPERTY OR RELATING THERETO MADE OR FURNISHED BY SELLER, PROPERTY MANAGER,
BROKER, OR ANY REAL ESTATE BROKER OR AGENT REPRESENTING OR PURPORTING TO
REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, VERBALLY OR
IN WRITING, UNLESS SPECIFICALLY SET FORTH HEREIN.

     The terms of Sections 10 (d), (e) and (f) will survive each Closing and
conveyance of the applicable Parcel to Purchaser by Seller.

     12. Condemnation. If, before the applicable Closing Date, any condemnation
         ------------
or eminent domain proceedings are initiated against the Parcel to be acquired by
Purchaser at such Closing which do not constitute a "Material Taking" (as
hereinafter defined), this Agreement shall remain in full force and effect and
the parties shall proceed with the Closing hereunder; provided, that Seller
shall assign to Purchaser all of Seller's right, title

                                       19

<PAGE>

and interest in and to any compensation or award made or to be made in
connection with such condemnation or eminent domain proceedings. If, before the
subject Closing Date, any condemnation or eminent domain proceedings are
initiated against the Parcel to be acquired at such Closing which would result
in a Material Taking, Purchaser may, at its option: (1) terminate this Agreement
by written notice to Seller, whereupon the Earnest Money applicable to such
Parcel shall be returned to Purchaser in full; or (2) proceed with the Closing,
in which event Seller shall assign to Purchaser all of Seller's right, title and
interest in and to any compensation or award made or to be made in connection
with such condemnation or eminent domain proceedings. For purposes of this
Agreement, a "Material Taking" shall mean any condemnation or act of eminent
domain which (i) might result in the taking of any material part of a Parcel,
(ii) gives any tenant under the Leases applicable to such Parcel the right to
terminate its Lease, (iii) results in the taking or closing of any right of
access to the Parcel, or (iv) reduces any parking area serving the Parcel such
that any applicable zoning or other ordinance is violated as a result thereof,
Seller shall immediately notify Purchaser in writing of any notice received by
Seller indicating an intent to take or the commencement or occurrence of any
condemnation or eminent domain proceedings affecting a Parcel, together with
Seller's determination as to whether such proceedings might reasonably result in
a Material Taking. If such notice indicates that a Material Taking is possible,
Purchaser shall then notify Seller, within ten (10) business days of Purchaser's
receipt of Seller's notice, whether Purchaser elects to exercise its rights
under this Section.

     13. Casualty. In the event of any damage or destruction to a Parcel
         --------
(including the occurrence of an environmental accident affecting the Parcel)
subsequent to the Effective Date of this Agreement and prior to the applicable
Closing Date, the estimated cost of repair of which is in excess of $50,000.00
to any or all of the Parcels, Purchaser, at its option, may, at its option (i)
terminate this Agreement, whereupon the Earnest Money applicable to the affected
Parcel or Parcels shall be returned to Purchaser in full, or (ii) consummate the
sale, in which event Seller's right to all insurance proceeds resulting from
such damage or destruction shall be assigned in writing by Seller to Purchaser
at the applicable Closing and the applicable Purchase Price shall be reduced by
an amount equal to any uninsured portion of the damage, including, without
limitation, the amount of Seller's deductible. In the event of any damage or
destruction to a Parcel subsequent to the Effective Date of this Agreement and
prior to the date of the applicable Closing, the estimated cost of repair of
which is equal to or less than $50,000.00, Purchaser shall have no right to
terminate this Agreement as a result thereof, provided, that, at Seller's
election, Seller shall, prior to the applicable Closing, either restore the
Parcel to substantially its condition prior to such damage or destruction, or
Seller's right to all insurance proceeds resulting from such damage or
destruction shall be assigned in writing by Seller to Purchaser at the
applicable Closing, in which event the applicable Purchase Price shall be
reduced by an amount equal to any uninsured portion of the damage.

                                       20

<PAGE>

     14. Default.
         -------

          (a) Purchaser Default. If Purchaser is in default of its obligations
              -----------------
hereunder, through no fault of Seller, and Seller remains ready, willing, and
able to perform its obligations hereunder, then Seller shall, as its sole
remedy, have the right to terminate this Agreement and retain the Earnest Money
(including the Initial Earnest Money, the Additional Earnest Money, the Released
Deposit, the First Extension Payment, the Second Extension Payment and the Third
Extension Payment, as and to the extent paid by Purchaser pursuant to the
provisions of Section 9 (b) above), as liquidated damages.

          (b) Seller Default. If Seller fails or neglects to perform its
              --------------
obligations hereunder, through no fault of Purchaser, and Purchaser is otherwise
ready, willing and able to perform its obligations hereunder, then Purchaser may
elect, as its sole and only remedies, to either: (i) declare this Agreement
terminated, and receive a full refund of the Earnest Money, together with
reimbursement from Seller for any actual, out-of-pocket costs and expenses
incurred by Purchaser in connection with its Investigations and Tests hereunder,
up to a maximum of $25,000.00 in the aggregate; or (ii) seek specific
performance of this Agreement against Seller.

          (c) Waiver of Damages. Except for the specific remedies set forth in
              --------- -------
Sections 12(a) and (b) hereof, Seller and Purchaser hereby mutually waives any
and all rights to claim actual or consequential damages against the other party
for failure to perform its obligations hereunder.

     15. Notices. All notices provided for hereunder shall be in writing and
         -------
shall be deemed given and received (a) when personally delivered; (b)
transmitted by facsimile transmissions, provided sender obtains an electronic
confirmation and such transmission is followed by notice delivered by one other
method; or (c) seventy-two (72) hours after the same are deposited in the United
States mail, postage prepaid, registered or certified mail, return receipt
requested (provided the return receipt is received indicating the notice was
delivered), or (d) reputable overnight courier such as Federal Express or UPS;
addressed to the applicable party at the address indicated below for such party,
or as to each party, at such other address as shall be designated by such party
in a written notice to the other party:

     To Seller:      City Center West Development, LLC
                     c/o The Pauls Corporation
                     3855 Lewiston Street, Suite 100
                     Aurora Colorado 80011
                     Attention: William B.Pauls
                     Fax No.: (303) 371-1465

                                       21

<PAGE>

     With a copy to: Campbell Bohn Killin Brittan & Ray, LLC
                     270 St. Paul Street, Suite 200
                     Denver, Colorado 80206
                     Attention: Marguerite L. Sadler, Esq.
                     Fax No.: (303)322-5800

     To Purchaser:   Triple Net Properties, L.L.C.
                     1551 Tustin Avenue
                     Santa Ana, California
                     Attention: Anthony W. Thompson
                     Fax No.: (714)667-0611

     With a copy to: Hirschler, Fleischer, Weinberg, Cox & Allen
                     The Federal Reserve Bank Building
                     701 E. Byrd Street
                     Richmond, Virginia 23219
                     Attention: David Belkowitz, Esq.
                     Fax No.: (804)644-0957

     16. Time of Essence. Time is of the essence of this Agreement.
         ---------------

     17. Governing Law. This Agreement has been made under the laws of the State
         -------------
of Colorado, and such laws shall govern its interpretation and enforcement.

     18. Counterparts. This Agreement may be executed in two or more
         ------------
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. A facsimile transmitted
copy of this document executed by a party shall be accepted as an original
signature.

     19. Captions. The captions of the sections of this Agreement are inserted
         --------
only for the convenience of the parties and are not to be construed as a part of
this Agreement or as a limitation of the scope of the particular sections to
which they refer.

     20. Assignability. Purchaser shall not have the right to assign its rights
         -------------
and obligations under this Agreement except to an entity controlled by,
controlling or under common control with the named Purchaser, in which event the
named Purchaser shall remain liable for all obligations or liabilities of the
"Purchaser" hereunder.

     21. Binding Effect. This Agreement shall be binding upon and inure to the
         --------------
benefit of the parties hereto and their respective successors and permitted
assigns.

     22. Modifications; Waiver. No waiver, modification amendment, discharge or
         ---------------------
change of this Agreement shall be valid unless the same is in writing and signed
by the

                                       22

<PAGE>

party against which the enforcement of such modification, waiver, amendment,
discharge or change is sought.

     23. Entire Agreement; Exhibits. This Agreement contains the entire
         --------------------------
agreement between the parties relating to the transactions contemplated hereby
and all prior or contemporaneous agreements, understandings, representations or
statements, oral or written, are superseded hereby. All exhibits attached to
this Agreement are incorporated herein.

     24. Partial Invalidity. Any provision of this Agreement which is
         ------------------
unenforceable or invalid or the inclusion of which would affect the validity,
legality or enforcement of this Agreement shall be of no effect, but all the
remaining provisions of this Agreement shall remain in full force and effect.

     25. No Third Party Rights. Nothing in this Agreement, express or implied,
         ---------------------
is intended to confer upon any person, other than the parties hereto and their
respective successors and permitted assigns, any rights or remedies under or by
reason of this Agreement.

     26. Brokers. Seller hereby warrants to Purchaser and Purchaser hereby
         -------
warrants to Seller neither of them has dealt with any broker, finder or other
agent in connection with the transaction contemplated hereby except for
Frederick Ross Company ("Seller's Broker") and Purchaser's affiliate, Triple Net
Properties Realty, Inc. ("Purchaser's Broker"). At the Parcel B Closing, Seller
shall pay Seller's Broker a commission in accordance with their separate
agreement, and shall pay Purchaser's Broker a commission in the amount of Seven
Hundred Thousand and No/100 Dollars ($700,000.00). At the Parcel A Closing,
Seller shall pay Seller's Broker a commission in accordance with their separate
agreement, and shall pay Purchaser's Broker a commission in the amount of Four
Hundred Twenty Thousand and No/100 Dollars ($420,000.00). Purchaser shall
indemnify and hold Seller harmless from and against any claim by Purchaser's
Broker or by any other party for brokerage commission, finder's or other fees
relative to this Agreement or for the sale of either Parcel and any court costs,
attorneys' fees or other costs or expenses arising therefrom and alleged to be
due by authorization of the Purchaser. Seller shall indemnify and hold Purchaser
harmless from and against any claim by Seller's Broker or by another party for
brokerage commission, finder's fee or other fees relative to this Agreement or
for the sale of the Property and any court costs, reasonable attorney fees or
other costs or expenses arising therefrom and alleged to be due by authorization
of Seller.

     27. Non-business Days. If the last day forgiving any notice or taking any
         -----------------
action required or permitted under this Agreement would otherwise fall on a
Saturday, Sunday, or legal holiday, that last day shall be postponed until the
next legal business day.

                                       23

<PAGE>

     28. Attorneys' Fees. In the event of any controversy, claim or dispute
         ---------------
between the parties affecting or relating to the subject matter or performance
of this Agreement, the prevailing party shall be entitled to recover from the
non-prevailing party all of its reasonable expenses, including reasonable
attorneys' and accountants' fees and costs.

     29. Negotiated Provisions. This Agreement shall not be construed more
         ---------------------
strictly against one party than against the other merely by virtue of the fact
that it may have been prepared by counsel for one of the parties, it being
recognized that Seller and Purchaser have contributed substantially and
materially to the preparation of this Agreement.

     30. Confidentiality. Prior to each Closing Date, Purchaser and Seller shall
         ---------------
use their best efforts to prevent public disclosure or knowledge of the
transaction contemplated by this Agreement, without the prior written approval
of the other party, and will maintain the confidentiality of the negotiations
regarding the transaction. The foregoing will not restrict or otherwise affect
the right of Purchaser or Seller to make or permit any disclosure: (i) to any
affiliate of Purchaser or Seller; (ii) to any prospective assignee of Purchaser
or any affiliate of such assignee; (iii) to consultants, legal advisors,
financial institutions, business associates, investors and others provided such
disclosure is not intended for broad dissemination to the public; (iv) to the
extent such information shall be or have otherwise become publicly available
other than as a result of a disclosure by Purchaser or Seller; and (v) as may be
required by law. Any public announcement of the transaction contemplated by this
Agreement will require the mutual consent of Purchaser and Seller as to the form
and content.

     31. Further Instruments. Each party hereto shall from time to time execute
         -------------------
and deliver such further instruments as the other party or its counsel may
reasonably request to effectuate the intent of this Agreement.

               [Remainder of this page left intentionally blank]

                                       24

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

          PURCHASER:
          ---------

          TRIPLE NET PROPERTIES, L.L.C.,
          a Virginia limited liability company

          By: /s/ Anthony W. Thompson
             -----------------------------------------
          Its:
              ----------------------------------------

          SELLER:
          -------

          CITY CENTER WEST DEVELOPMENT, LLC,
          a Nevada limited liability company

               By: Las Vegas Development #1, LLC, a
                   Nevada limited liability company, Member

                   By: The Pauls Corporation, LLC, a
                       Colorado limited liability company, Manager

                       By: /s/ William B. Pauls
                          ---------------------------------
                          William B. Pauls, President

                                       25

<PAGE>

                                LIST OF EXHIBITS

Exhibit A         -        Legal Description
---------

Exhibit B         -        Additional Due Diligence Materials
---------

Exhibit C         -        List of Major Tenants
---------

Exhibit D         -        Form of Special Warranty Deed
---------

Exhibit E         -        Form of Bill of Sale
---------

Exhibit F         -        Form of Blanket Assignment
---------

Exhibit G         -        Form of Assignment and Assumption of Leases
---------

                                       i

<PAGE>

                                   EXHIBIT A-1
                        LEGAL DESCRIPTION OF THE PROPERTY
                        ---------------------------------

ALL THAT REAL PROPERTY SITUATED IN THE COUNTY OF CLARK, STATE OF NEVADA, BOUNDED
AND DESCRIBED AS FOLLOWS:

LOT ONE (1) OF LAKE MEAD BOULEVARD/TENAYA WAY BY LEWIS HOMES, A COMMERCIAL
SUBDIVISION, AS SHOWN BY MAP THEREOF ON FILE IN BOOK 66 OF PLATS, PAGE 68, IN
THE OFFICE OF THE COUNTY RECORDER OF CLARK COUNTY, NEVADA.

EXCEPTING THEREFROM A PARCEL OF LAND LYING IN THE NORTHWEST QUARTER (NW 1/4) OF
THE SOUTHEAST QUARTER (SE 1/4) OF SECTION 22, TOWNSHIP 20 SOUTH, RANGE 60 EAST,
M.D.M., CITY OF LAS VEGAS, CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS
FOLLOWS:

COMMENCING AT THE NORTHEAST CORNER OF LOT ONE (1) AS SHOWN BY MAP THEREOF ON
FILE IN BOOK 66, PAGE 68 OF FINAL MAPS, IN THE CLARK COUNTY, NEVADA RECORDER'S
OFFICE; THENCE SOUTH 89027'48" WEST, ALONG THE NORTH LINE OF SAID LOT ONE (1), A
DISTANCE OF 443.15 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 00000'00" EAST,
A DISTANCE OF 174.00 FEET; THENCE NORTH 90000'00" WEST, A DISTANCE OF 177.50
FEET TO A POINT ON THE WESTERLY LINE OF SAID LOT ONE (1); THENCE NORTH 00058'03"
WEST, ALONG SAID WESTERLY LINE, A DISTANCE OF 120.28 FEET TO THE BEGINNING OF A
CURVE, CONCAVE SOUTHEASTERLY, HAVING A RADIUS OF 54.00 FEET AND A CENTRAL ANGLE
OF 91030'15"; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, A
DISTANCE OF 86.24 FEET TO A POINT OF TANGENCY ON THE NORTHERLY LINE OF SAID LOT
ONE (1); THENCE SOUTH 89027'48" EAST, ALONG SAID NORTHERLY LINE OF SAID LOT ONE
(1), A DISTANCE OF 125.04 FEET TO THE POINT OF BEGINNING.

                                       A-1

<PAGE>

                                   EXHIBIT A-2
                                   -----------
              Depiction of Proposed Parcel A, Parcel B and Parcel C
              -----------------------------------------------------

                                      A-2-1

<PAGE>

                                    EXHIBIT B
                                    ---------

                       ADDITIONAL DUE DILIGENCE MATERIALS
                       ----------------------------------

1.   Access to bank statements for the year of Closing (the "Audited Year") for
     the Property.
2.   Rent roll report as of end of the Audited Year for the Property.
3.   Operating statements for the Audited Year for the Property.
4.   Operating statements for the period ended as of the stubs' date and for the
     similar period in the previous year.
5.   Access to general ledger for the Audited Year for the Property and for the
     subsequent year.
6.   Cash receipts schedule for each month in the Audited Year.
7.   Copies of major expenses contracts (including Management contract).
8.   Access to tenants lease agreements and any amendments.
9.   Access to estoppel certificates.
10.  Access to lease abstracts.
11.  Access to all invoices for expenses and capital improvements in the Audited
     Year.
12.  Copies of all insurance documentation for the Audited Year and any
     subsequent year.
13.  Copies of accounts receivable aging as of the end of the Audited Year and
     explanation for all accounts over 30 days past due.

                                       B-1

<PAGE>

                                    EXHIBIT C
                                    ---------

                              LIST OF MAJOR TENANTS
                              ---------------------

Building A:

Citadel Broadcasting Company
Sprint Communications Company LP
Parker, Nelson & Arin
Dowling Myers and Helm, LLP

Building B:

Vantas Las Vegas, Inc.
J & H Marsh McLennan
Early & Savage, P.C.
Gage and Gage LLP
National City Mortgage Company
Fremont Indemnity Company

                                       C-1

<PAGE>

                                    EXHIBIT D

                          FORM OF SPECIAL WARRANTY DEED
                          -----------------------------

                              SPECIAL WARRANTY DEED

THIS SPECIAL WARRANTY DEED, made as of the     day of,       200 , between CITY
                                           ---         ------   -
CENTER WEST DEVELOPMENT, LLC, a Nevada limited liability company, ("Grantor"),
and TRIPLE NET PROPERTIES, L.L.C., a Virginia limited liability company whose
legal address is 1551 N. Tustin Avenue, Suite 650, Santa Ana, California 92705
("Grantee").

          WITNESSETH, that Grantor, for and in consideration of the sum of Ten
Dollars ($10.00) and other valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, has granted, bargained, sold and conveyed, and
by these presents does grant, bargain, sell, convey and confirm, unto Grantee,
its successors and assigns forever, all the real property, together with
improvements, if any, situate, lying and being in the County of Clark, State of
Nevada, as more particularly described on Exhibit A attached hereto and
                                          ---------
incorporated herein by this reference (the "Land"), together with any and all
hereditaments, easements, appendages, ways, privileges and appurtenances, if
any, belonging to or inuring to the benefit of Grantor or the Land or pertaining
to the Land; any strips or gores adjoining or adjacent to the Land; any land
lying in the bed of any street, road, avenue, way or boulevard, open or
proposed, in front of or adjoining the Land; any award for damage to the Land
attributable to periods from and after the date of this deed by reason of any
change of grade in any street, road, avenue, way or boulevard, and the reversion
and reversions, remainder and remainders, rents, issues and profits thereof; and
all the estate, right, title, interest, claim and demand whatsoever of Grantor,
either in law or equity, of, in and to the Land (the "Real Estate"), subject
only to the matters set forth on Exhibit B attached hereto and incorporated
                                 ---------
herein by this reference ("Permitted Exceptions").

          TO HAVE AND TO HOLD the said Real Estate above bargained and described
with the appurtenances, unto Grantee, its successors and assigns forever.
Grantor, for itself, its successors and assigns, does covenant and agree that it
shall and will WARRANT AND FOREVER DEFEND the Real Estate in the quiet and
peaceable possession of Grantee, its successors and assigns, against all and
every person or persons claiming or to claim the whole or any part thereof by,
through, or under Grantor, except for the Permitted Exceptions.

                                       D-1

<PAGE>

     IN WITNESS WHEREOF, this Special Warranty Deed is executed by Grantor the
day and year first above written.

          GRANTOR:

          CITY CENTER WEST DEVELOPMENT, LLC,
          a Nevada limited liability company

               By:  Las Vegas Development #1, LLC, a
                    Nevada limited liability company, Member

                    By:  The Pauls Corporation, LLC, a
                         Colorado limited liability company, Manager

                         By:
                             ----------------------------------------
                             William B. Pauls, President

STATE OF COLORADO       )
                        )ss.
COUNTY OF ADAMS         )

     The foregoing instrument was acknowledged before me this              day
                                                              ------------
of     , 200 , by William B. Pauls, as President of The Pauls Corporation, LLC,
   ----     -
a Colorado limited liability company, as Manager of Las Vegas Development #1,
LLC, a Nevada limited liability company, as Member of City Center West
Development, LLC, a Nevada limited liability company.

     WITNESS my hand and official seal.

     My commission expires
                           -----------------------.

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

                                       D-2

<PAGE>

                                    EXHIBIT A
                                    ---------
                                       TO
                                       --
                              SPECIAL WARRANTY DEED
                              ---------------------

                                LEGAL DESCRIPTION
                                -----------------

                 (to be determined upon completion of the Plat)

                                      A-1

<PAGE>

                                    EXHIBIT B
                                       TO
                                       --
                              SPECIAL WARRANTY DEED
                              ---------------------

                              PERMITTED EXCEPTIONS
                              --------------------

1.   Taxes and assessments for the year 200  and subsequent years, a lien not
                                           -
     yet due and payable.

2.   All rights of the Tenants under the Leases.

3.   The following matters: (Permitted Exceptions to be inserted from applicable
     Title Commitment).

                                      B-1

<PAGE>

                                    EXHIBIT E
                                    ---------

                              FORM OF BILL OF SALE
                              --------------------

                                  BILL OF SALE

     FOR VALUE RECEIVED, CITY CENTER WEST DEVELOPMENT, LLC, a Nevada limited
liability company ("Seller"), hereby assigns and transfers to TRIPLE NET
PROPERTIES, L.L.C., a Virginia limited liability company ("Purchaser"), all of
Seller's right, title and interest in and to all of the following personal
property (collectively, the "Tangible Personal Property"):

          Building Equipment and all other items of tangible personal property,
          if any, owned by Seller and located on and used in connection with the
          operation, maintenance or ownership of the "Real Property," as such
          term is defined in that certain Real Estate Purchase Agreement dated
          October                , 2001 between Seller and Purchaser (the
                  ---------------
          "Purchase Agreement").

PURCHASER ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THE REPRESENTATIONS,
WARRANTIES, PROVISIONS, COVENANTS, AND AGREEMENTS OF SELLER EXPRESSLY SET FORTH
IN THE PURCHASE AGREEMENT, SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY
NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROVISIONS, COVENANTS,
AGREEMENTS OR GUARANTIES OF ANY KIND OR, CHARACTER WHATSOEVER, WHETHER EXPRESS
OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR
WITH RESPECT TO (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE TANGIBLE
PERSONAL PROPERTY, (B) THE INCOME TO BE DERIVED FROM THE TANGIBLE PERSONAL
PROPERTY, (C) THE SUITABILITY OF THE TANGIBLE PERSONAL PROPERTY FOR ANY AND ALL
ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, (D) THE COMPLIANCE OF
OR BY THE TANGIBLE PERSONAL PROPERTY OF ITS OPERATION WITH ANY LAWS, RULES,
ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, (E)
THE MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OF THE TANGIBLE PERSONAL PROPERTY, (F) THE MANNER OR QUALITY, OR THE
CONSTRUCTION OF, MATERIALS, IF ANY, INCORPORATED INTO THE TANGIBLE PERSONAL
PROPERTY, (G) THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE
TANGIBLE PERSONAL PROPERTY, OR (H) ANY OTHER MATTER WITH RESPECT TO THE TANGIBLE
PERSONAL PROPERTY. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT, SUBJECT TO
SELLER WARRANTIES AND REPRESENTATIONS CONTAINED IN THE REAL ESTATE PURCHASE
AGREEMENT BETWEEN PURCHASER AND SELLER WITH RESPECT TO THE TANGIBLE PERSONAL
PROPERTY AND SUBJECT TO PURCHASER'S REMEDIES FOR FRAUD, SALE OF THE TANGIBLE
PERSONAL PROPERTY AS PROVIDED FOR HEREIN IS MADE ON AN "AS IS" CONDITION AND
BASIS WITH ALL FAULTS.

                                      E-1

<PAGE>

     Assignor agrees to execute such other documents and perform such other acts
as may be reasonably necessary or proper and usual to effect this Bill of Sale.

     IN WITNESS WHEREOF, Seller has executed this Bill of Sale as of
             ,200 .
-------------    -

SELLER:
------

CITY CENTER WEST DEVELOPMENT, LLC,
a Nevada limited liability company

     By: Las Vegas Development #1, LLC, a
         Nevada limited liability company, Member

         By: The Pauls Corporation, LLC, a
             Colorado limited liability company, Manager

             By:
                 ---------------------------------
                 William B.Pauls, President

                                    E-2

<PAGE>

                                    EXHIBIT F
                                    ---------

                           FORM OF BLANKET ASSIGNMENT
                           --------------------------

                               BLANKET ASSIGNMENT

     THIS BLANKET ASSIGNMENT (this "Assignment") is made and entered into as of
this___day of____________ , 200_ , by and between CITY CENTER WEST DEVELOPMENT,
L.L.C., a Nevada limited liability company ("Assignor"), and TRIPLE NET
PROPERTIES, LLC, a Virginia limited liability company ("Assignee").

     WHEREAS, Assignor, as seller, and Assignee, as buyer, have entered into
that certain Real Estate Purchase Agreement dated as of October      , 2001 (the
                                                               -----
"Purchase Agreement").

     WHEREAS, Assignor desires to assign, transfer, set over and deliver to
Assignee all of Assignor's right, title and interest in and to the Assigned
Property (defined below) as hereinafter provided.

     NOW, THEREFORE, in accordance with the Purchase Agreement and in
consideration of the sum of Ten Dollars ($10.00), the sufficiency and receipt of
which are hereby acknowledged, the parties do hereby covenant and agree as
follows and take the following actions:

     1. Defined Terms. Unless otherwise defined herein, all initially
        -------------
capitalized words used herein shall have the same meaning ascribed to them in
the Purchase Agreement.

     2. Assignment. Assignor does hereby grant, bargain, sell, assign, convey
        ----------
and transfer to Assignee all of Assignor's right, title and interest in and to
the following property, if any, to the fullest extent any such property may
exist (collectively, the "Assigned Property"):

          2.1 Any and all assignable and transferable warranties and guaranties
applicable to the design, installment or construction of the Improvements, if
any (the "Warranties and Guarantees");

          2.2 Any and all assignable and transferable governmental licenses,
permits, and certificate of occupancy in effect as of the date of this
Assignment which are applicable to the ownership, use, or occupancy of the
Property, if any (the "Licenses and Permits"),

          2.3 Any and all assignable contracts applicable to the Property, if
any (the "Assumed Contracts");

          2.4 Any and all assignable and transferable trademarks, logos and
other marks or trade or business names relating to the ownership, development,
use, operation,

                                      F-1

<PAGE>

leasing and management of the Property, if any, including the right to use the
name "Dry Creek Centre" in connection with the ownership and operation of the
Property, if any (the "Intangible Property");

          2.5 Any and all assignable and transferable architectural, structural,
mechanical or engineering drawings, plans, or specifications for the
Improvements and any assignable and transferable topographical, grading, or
drainage plans or surveys for the Land if any (the "Plans");

          2.6 Any and all assignable and transferable utility deposits held on
behalf of Assignor by utility companies with respect to the Property, if any
(the "Utility Deposits").

     3. Assumption of Assumed Contracts by Assignee. Assignee hereby assumes and
        -------------------------------------------
agrees to perform all of the duties and obligations of Assignor under the
Assumed Contracts (if any) but only to the extent such duties and obligations
accrue on or after the date of this Assignment (i.e., do not arise out of
conduct, acts or failures to act, circumstances or events which took place prior
to the date of this Assignment) and during the period of Assignee's ownership of
the property subject to the Assumed Contracts.

     4. Further Assurances. Assignor and Assignee agree to execute such other
        ------------------
documents and perform such other acts as may be reasonably necessary or proper
and usual to effect this Agreement.

     5. Governing Law. This Assignment shall be governed by and construed in
        -------------
accordance with the laws of the State of Colorado.

     6. Successors and Assigns. This Assignment shall be binding upon and shall
        ----------------------
inure to the benefit of Assignor and Assignee and their respective personal
representatives, heirs, successors and assigns.

     7. Counterparts. This Assignment may be signed in multiple counterparts
        ------------
which, when signed by all parties, shall constitute a binding agreement.

     8. As-Is. ASSIGNEE ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THE
        -----
REPRESENTATIONS, WARRANTIES, PROVISIONS, COVENANTS, AND AGREEMENTS OF ASSIGNOR
EXPRESSLY SET FORTH IN THE PURCHASE AGREEMENT, ASSIGNOR HAS NOT MADE, DOES NOT
MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES,
PROVISIONS, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR, CHARACTER
WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR
FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO (A) THE VALUE, NATURE, QUALITY
OR CONDITION OF THE ASSIGNED PROPERTY, (B) THE INCOME TO BE DERIVED FROM THE
ASSIGNED PROPERTY, (C) THE SUITABILITY OF THE ASSIGNED PROPERTY FOR ANY AND ALL
ACTIVITIES AND USES WHICH ASSIGNEE MAY CONDUCT THEREON, (D) THE COMPLIANCE OF OR
BY THE ASSIGNED PROPERTY OF ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR
REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY,

                                       F-2

<PAGE>

(E) THE MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OF THE ASSIGNED PROPERTY, (F) THE MANNER OR QUALITY, OR THE
CONSTRUCTION OF, MATERIALS, IF ANY, INCORPORATED INTO THE ASSIGNED PROPERTY, (G)
THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE ASSIGNED PROPERTY,
OR (H) ANY OTHER MATTER WITH RESPECT TO THE ASSIGNED PROPERTY. ASSIGNEE FURTHER
ACKNOWLEDGES AND AGREES THAT, SUBJECT TO ASSIGNOR WARRANTIES AND REPRESENTATIONS
CONTAINED IN THE PURCHASE AGREEMENT WITH RESPECT TO THE ASSIGNED PROPERTY AND
SUBJECT TO ASSIGNEE'S REMEDIES FOR FRAUD, SALE OF THE ASSIGNED PROPERTY AS
PROVIDED FOR HEREIN IS MADE ON AN "AS IS" CONDITION AND BASIS WITH ALL FAULTS.

     IN WITNESS WHEREOF, this Assignment has been executed by the parties as of
the date first above written.

ASSIGNOR:
--------

CITY CENTER WEST DEVELOPMENT, LLC,
a Nevada limited liability company

     By: Las Vegas Development #1, LLC, a
         Nevada limited liability company, Member

         By: The Pauls Corporation, LLC, a
             Colorado limited liability company, Manager

             By:
        `       -----------------------------
                William B. Pauls, President

ASSIGNEE:
---------

TRIPLE NET PROPERTIES, L.L.C.,
a Virginia limited liability company

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

                                       F-3

<PAGE>

                                    EXHIBIT G
                                    ---------

                   FORM OF ASSIGNMENT AND ASSUMPTION OF LEASES
                   -------------------------------------------

                       ASSIGNMENT AND ASSUMPTION OF LEASES

     THIS ASSIGNMENT AND ASSUMPTION OF LEASES (this "Assignment") is made this
       day of              , 200 , by and between CITY CENTER WEST DEVELOPMENT,
------        -------------     -
LLC, a Nevada limited liability company ("Assignor"), and TRIPLE NET PROPERTIES,
L.L.C., a Virginia limited liability company ("Assignee").

     For valuable consideration, receipt of which is acknowledged, Assignor and
Assignee agree as follows:

     1.   Assignment and Assumption.
          -------------------------

          (a) Assignor hereby assigns and transfers to Assignee all right, title
and interest of Assignor in, to and under (i) the leases listed on Schedule A
                                                                   ----------
attached hereto, as the same may have been amended or modified (collectively,
the "Leases"), including, without limitation, all prepaid rents, impounds, and
security deposits made in connection with the Leases, (ii) any and all
guarantee(s) of the tenant's or lessee's obligations under the Leases (the
"Lease Guarantees"), and (iii) any letters of credit and/or cash serving as a
security deposit from any tenant under the Leases.

          (b) Assignee hereby accepts the foregoing assignment, and agrees to
perform all of the covenants and agreements in the Leases to be performed by the
landlord thereunder that accrue from and after the date of this Assignment,
including, any and all obligations with respect to the return of the security
deposits.

     2.   Indemnification.
          ---------------

          (a) Assignor shall indemnify and defend Assignee against and hold
Assignee harmless from all claims, demands, liabilities, losses, damages, costs
and expenses, including, without limitation, reasonable attorneys' fees and
disbursements (collectively "Claims") caused by any failure by Assignor to
perform any of its obligations as the landlord under the Leases prior to the
date of this Assignment (i.e., those which arise out conduct, acts or failures
to act, circumstances or events taking place prior to the date of this
Assignment).

          (b) Except as set forth in Section 2(a) of this Assignment, Assignee
shall indemnify and defend Assignor against and hold Assignor harmless from any
Claims caused by Assignee's failure to perform any of its obligations as the
landlord under the Leases on or after the date of this Assignment (i.e., do not
arise out conduct, acts or failures to act, circumstances or events taking place
prior to the date of this Assignment).

                                      G-1

<PAGE>

     3. Further Assurances. Assignor and Assignee agree to execute such other
        ------------------
documents and perform such other acts as may be reasonably necessary or proper
and usual to effect this Assignment.

     4. Governing Law. This Assignment shall be governed by and construed in
        -------------
accordance with the laws of the State of Colorado.

     5. Successors and Assigns. This Assignment shall be binding upon and shall
        ----------------------
inure to the benefit of Assignor and Assignee and their respective personal
representatives, heirs, successors and assigns.

     6. Counterparts. This Assignment may be signed in multiple counterparts
        ------------
which, when signed by all parties, shall constitute a binding agreement.

     IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment as
of the date first above written.

ASSIGNOR:
--------

CITY CENTER WEST DEVELOPMENT, LLC,
a Nevada limited liability company

     By: Las Vegas Development #1, LLC, a
         Nevada limited liability company, Member

         By: The Pauls Corporation, LLC, a
             Colorado limited liability company, Manager

             By:
                 ----------------------------------
                 William B. Pauls, President

ASSIGNEE:
--------

TRIPLE NET PROPERTIES, L.L.C.,
a Virginia limited liability company

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

                                      G-2

<PAGE>

                                   SCHEDULE A
                                   ----------
                                       TO
                                       --
                              ASSIGNMENT OF LEASES
                              --------------------

                                 LIST OF LEASES
                                 --------------

                                      F-3

<PAGE>

                               FIRST AMENDMENT TO
                         REAL ESTATE PURCHASE AGREEMENT

     THIS FIRST AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT (this "Amendment")
is made to be effective as of the 27th day of November, 2001 by and between CITY
CENTER WEST DEVELOPMENT, LLC, a Nevada limited liability company ("Seller"), and
TRIPLE NET PROPERTIES, L.L.C., a Virginia limited liability company
("Purchaser').

                                    Recitals

     This Amendment is made with reference to the following facts:

     A, Pursuant to a Real Estate Purchase Agreement dated as of October 30,
2001 (the "Purchase Agreement"), Purchaser agreed to purchase, and Seller agreed
to sell, the improved real property located in Las Vegas, Nevada commonly known
as "City Center West" and more particularly described in the Purchase Agreement
(the "Property").

     B. The "Financing Deadline" contemplated by Section 8 of the Purchase
Agreement expired on November 20, 2001, and Purchaser did not exercise its right
to terminate the Purchase Agreement pursuant to such Section. Purchaser failed,
however, to timely deliver the additional deposit required pursuant to Section
2(a) of the Purchase Agreement (the "Section 2(a) Deposit") following expiration
of the Financing Deadline.

     C. Purchaser has requested that Seller extend the deadline by which
Purchaser must deliver the Section 2(a) Deposit in order to retain its rights
under the Purchase Agreement, and Seller is willing to so extend such deadline,
on the terms and subject to the conditions set forth in this Amendment.

                                    Amendment

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and intending to be legally bound
hereby, Purchaser and Seller hereby agree as follows:

     1. Definitions. Any initially capitalized term not otherwise defined
        -----------
herein shall have the same meaning in this Amendment as ascribed to such term in
the Purchase Agreement.

     2. Expiration of Financing Deadline. Purchaser hereby acknowledges and
        --------------------------------
agrees that the Financing Deadline contemplated by Section 8 of the Purchase
Agreement has expired, and as a result, the financing contingency set forth in
such Section is now deemed satisfied or waived by Purchaser, such that

<PAGE>

Purchaser has no further right to terminate the Purchase Agreement pursuant to
such Section.

     3. Payment of Section 2(a) Deposit. Contemporaneously with the execution of
        -------------------------------
this Amendment by Purchaser, Purchaser shall forward by wire transfer of
immediately available funds to Title Company the sum of One Hundred Thousand and
No/100 Dollars ($100,000.00) as partial payment of the $250,000.00 Section 2(a)
Deposit, which payment must be received by Title Company not later than 12:00
p.m. MST on Wednesday, November 28, 2001. Such payment shall be held by Title
Company with the Initial Earnest Money in accordance with the provisions of
Section 2(a) of the Purchase Agreement, and shall be non-refundable to Purchaser
in all instances other than as a result of (i) Seller's failure to convey title
to the Building B Parcel to Purchaser at the Building B Closing, or (ii) a
termination of the Purchase Agreement pursuant to Sections 6, 7, 12 or 13 of the
Purchase Agreement, but shall be applied to the Building B Purchase Price at the
Building B Closing as contemplated by Section 2(a) of the Purchase Agreement.
Purchaser shall deliver the sum of One Hundred Fifty Thousand and No/100 Dollars
($150,000.00), representing the balance of the $250,000.00 Section 2(a) Deposit,
to Title Company not later than 5:00 p.m. MST on Friday, November 30, 2001. Such
additional payment shall likewise be held by Title Company with the Initial
Earnest Money in accordance with the provisions of Section 2(a) of the Purchase
Agreement, and shall be nonrefundable to Purchaser in all instances other than
as a result of (x) Seller's failure to convey title to the Building B Parcel to
Purchaser at the Building B Closing, or (y) a termination of the Purchase
Agreement pursuant to Sections 6, 7, 12 or 13 of the Purchase Agreement, but
shall be applied to the Building B Purchase Price at the Building B Closing as
contemplated by Section 2(a) of the Purchase Agreement. In the event that
Purchaser fails to timely deliver either of the payments contemplated by this
Paragraph 3, the Purchase Agreement shall automatically terminate and shall be
of no further force or effect, all funds currently then held by Title Company
shall be immediately released to Seller as liquidated damages payable as a
result of Purchaser's breach of this Amendment and the Purchase Agreement, and
thereafter the parties shall be relieved from any further obligation or
liability to the other with respect to the purchase and sale of the Property
other than those obligations which expressly survive termination of the Purchase
Agreement. Purchaser hereby irrevocably authorizes Title Company to immediately
release such funds to Seller in accordance with the foregoing in the event that
Purchaser does not timely deliver such payments are required herein.

     4. No Further Amendment. Except as expressly amended and modified hereby,
        --------------------
the Purchase Agreement remains unmodified and in full force and effect as of the
date hereof, and is hereby confirmed, ratified and incorporated in full herein
by this reference.

<PAGE>

     5. Counterparts; Facsimile Signatures. This Amendment may be executed in
        ----------------------------------
two or more identical counterparts, each of which shall be deemed an original,
and all of which shall constitute one and the same instrument. A facsimile
transmitted copy of this Amendment executed by a party shall be accepted as an
original signature.

     IN WITNESS WHEREOF, the parties have executed this Amendment to be
effective as of the date first set forth above.

SELLER:

CITY CENTER WEST DEVELOPMENT, LLC, a
Nevada limited liability company

By:  Las Vegas Development #1, LLC, a
     Nevada limited liability company,
     Member

     By:  The Pauls Corporation, LLC, a
          Colorado limited liability company,
          Manager

          By.
               -----------------------------
               William B. Pauls
               President

PURCHASER:

TRIPLE NET PROPERTIES, L.L.C.,
Virginia limited liability company

By:    /s/ Anthony W. Thompson
       --------------------------------------
Name:  Anthony W. Thompson
Title: President

<PAGE>

                               SECOND AMENDMENT TO
                         REAL ESTATE PURCHASE AGREEMENT

     THIS SECOND AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT (this "Amendment")
is made to be effective as of the 1st day of March, 2002 by and between CITY
CENTER WEST DEVELOPMENT, LLC, a Nevada limited liability company ("Seller"), and
TRIPLE NET PROPERTIES, L.L.C., a Virginia limited liability company
("Purchaser").

                                    Recitals

     This Amendment is made with reference to the following facts:

     A. Pursuant to a Real Estate Purchase Agreement dated as of October 30,
2001, as amended by a First Amendment to Real Estate Purchase Agreement dated as
of November 27, 2001 (as so amended, the "Purchase Agreement"), Purchaser agreed
to purchase, and Seller agreed to sell, the improved real property located in
Las Vegas, Nevada commonly known as "City Center West" and more particularly
described in the Purchase Agreement (the "Property").

     B. Purchaser, through an affiliated entity, completed the purchase of that
portion of the Property referred to in the Purchase Agreement as "Building B" on
January 25, 2002, after exercising each of the extension options granted by
Seller to Purchaser pursuant to Section 9 (b) of the Purchase Agreement (the
"Extension Options"). Purchaser has no further right to extend the "Closing
Date" for the "Building A Closing" (as such terms are defined in the Purchase
Agreement).

     C. The last of Purchaser's Extension Options expires on March 1, 2002.
Notwithstanding Purchaser's previous exercise of all of its Extension Options
under the Purchase Agreement, Purchaser has requested that Seller further extend
the Closing Date for the Building A Closing, and Seller is willing to so extend
such Closing Date, on the terms and subject to the conditions set forth in this
Amendment.

                                    Amendment

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and intending to be legally bound
hereby, Purchaser and Seller hereby agree as follows:

     1. Definitions. Any initially capitalized term not otherwise defined herein
        -----------
shall have the same meaning in this Amendment as ascribed to such term in the
Purchase Agreement.

<PAGE>

     2. Extension of Building A Closing Date. The Closing Date for the Building
        ------------------------------------
A Closing is hereby extended until March 15, 2002 (the "Outside Closing Date").
Notwithstanding the foregoing, Purchaser shall have the right to effect the
Building A Closing prior to the Outside Closing Date upon written notice to
Seller (the "Closing Notice") specifying the date on which Purchaser desires to
effect the Building A Closing. To be effective, the Closing Notice must be
received by Seller and Seller's counsel not later than 3:00 p.m., MST, on the
business day prior to the date on which Purchaser desires to effect the Building
A Closing. Purchaser further agrees that the Building A Closing must be
completed, and proceeds payable to or at the direction of Seller (the "Seller
Funds") received by Seller and Seller's Lender, not later than 12:00 p.m. MST on
the date that the Building A Closing occurs (the "Wiring Deadline"); in the
event that the Seller Funds have not been received by Seller and Seller's Lender
prior to the expiration of the Wiring Deadline, the Building A Closing shall be
deemed to have occurred as of the next business day following the expiration of
the Wiring Deadline, and all prorations and closing adjustments shall be
calculated as of such date. Purchaser hereby acknowledges and agrees that
Purchaser shall have no further right to extend the Closing Date for the
Building A Closing.

     3. Consideration for Extension. In consideration of Seller's agreement to
        ---------------------------
further extend the Closing Date for the Building A Closing pursuant to Section 2
above, contemporaneously with the execution of this Amendment by Purchaser,
Purchaser shall forward to Title Company irrevocable instructions to Title
Company (the "Release Instructions") authorizing and directing Title Company to
immediately release to Seller the balance of the Earnest Money, in the amount of
One Million and No/100 Dollars ($1,000,000.00), currently held by Title Company
as Purchaser's earnest money deposit against the Building A Purchase Price (the
"Remaining Deposit"). The Remaining Deposit shall be nonrefundable to Purchaser
in all instances other than as a result of (i) Seller's failure to convey title
to the Building A Parcel to Purchaser or Purchaser's designee at the Building A
Closing, or (ii) a termination of the Purchase Agreement pursuant to Section 12
or 13 thereof, but shall be applied to the Building A Purchase Price at the
Building A Closing. As additional consideration for Seller's agreement to
further extend the Closing Date for the Building A Closing pursuant to Section 2
above, at the Building A Closing, Purchaser shall pay to Seller an amount equal
to the amount of billed but uncollected charges due from tenants of Building A
and Building B for 2001 common area maintenance charges, taxes and similar items
payable by tenants under the Leases.

     4. Revocation of Agreement to Extend. Purchaser expressly acknowledges and
        ---------------------------------
agrees that time is of the essence hereof. In the event that Purchaser fails to
timely deliver the Release Instructions, such that the Remaining Deposit may be
wired by Title Company to Seller not later than 2:00 p.m., California time, on
March 1, 2002, (i) Seller's agreement to extend the

<PAGE>

Closing Date for the Building A Closing as contemplated by this Amendment shall
be deemed immediately and automatically revoked, rescinded and of no further
force or effect, (ii) Purchaser shall be in default in the performance of its
obligations hereunder and under the Purchase Agreement, (iii) the Purchase
Agreement shall be deemed terminated and likewise of no further force or effect,
(iv) Title Company shall be authorized and directed to immediately release the
Remaining Deposit to Seller in payment of Seller's liquidated damages pursuant
to Section 14 (a) of the Purchase Agreement, and (v) thereafter the parties
shall be relieved from any further obligation or liability to the other with
respect to the purchase and sale of the Building A Parcel, other than those
obligations which expressly survive termination of the Purchase Agreement.

     5. No Further Amendment. Except as expressly amended and modified hereby,
        --------------------
the Purchase Agreement remains unmodified and in full force and effect as of the
date hereof, and is hereby confirmed, ratified and incorporated in full herein
by this reference.

     6. Counterparts; Facsimile Signatures. This Amendment may be executed in
        ----------------------------------
two or more identical counterparts, each of which shall be deemed an original,
and all of which shall constitute one and the same instrument. A facsimile
transmitted copy of this Amendment executed by a party shall be accepted as an
original signature.

     IN WITNESS WHEREOF, the parties have executed this Amendment to be
effective as of the date first set forth above.

SELLER:

CITY CENTER WEST DEVELOPMENT, LLC, a
Nevada limited liability company

By:  Las Vegas Development #1, LLC,
     a Nevada limited liability company,
     Member

     By:  The Pauls Corporation, LLC, a
          Colorado limited liability company,
          Manager

          By:
                -----------------------------------
                Paul W. Powers
                Authorized Signatory

<PAGE>

PURCHASER:

TRIPLE NET PROPERTIES, L.L.C.,
Virginia limited liability company

By:    /s/ Anthony W. Thompson
       --------------------------------------
Name:  Anthony W. Thompson
Title: President

<PAGE>

                       ASSIGNMENT OF REAL ESTATE PURCHASE
                                   AGREEMENT

     THIS ASSIGNMENT OF REAL ESTATE PURCHASE AGREEMENT is made as of the 21st
day of January, 2002, by TRIPLE NET PROPERTIES, L.L.C., a Virginia limited
liability company ("Assignor") to TREIT - CITY CENTER WEST A, LLC, a Nevada
limited liability company ("TREIT") and to NNN CITY CENTER WEST A, LLC, a Nevada
limited liability company ("NNN" and together with TREIT, each individually an
"Assignee" and collectively, the "Assignees").

RECITALS
--------

     Assignor entered into that certain Real Estate Purchase Agreement dated
October 30, 2001, as amended, with City Center West Development, LLC with
respect to two buildings and a parking deck in Las Vegas, Nevada (the
"Contract").

     Assignor desires to assign all of its rights, title and interest to
purchase the Building A Parcel and Parcel B, as defined in the Contract (the
"Property"), to Assignees as tenants-in-common.

AGREEMENT
---------

     FOR and in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Assignor hereby assigns its right to purchase an undivided 69.25% of the
Property to TREIT and an undivided 30.75% of the Property to NNN, as
tenants-in-common.

     Assignees hereby agree to assume Assignor's obligation under the Contract
with respect to the Property.

     WITNESS the following signatures:

     ASSIGNOR:                         TRIPLE NET PROPERTIES, L.L.C.

                                       By: /s/ Anthony W. Thompson
                                           -------------------------------------
                                           Anthony W. Thompson
                                           President

<PAGE>

     ASSIGNEES:                        TREIT - CITY CENTER WEST A, LLC

                                       By:  Triple Net Properties, L.L.C.,
                                            Manager

                                            By: /s/ Anthony W. Thompson
                                                -------------------------------
                                                Anthony W. Thompson
                                                President

                                       NNN CITY CENTER WEST A, LLC,

                                       By:  Triple Net Properties, L.L.C.,
                                            Manager

                                            By: /s/ Anthony W. Thompson
                                                --------------------------------
                                                Anthony W. Thompson
                                                President

                                       2<PAGE>

                                                                    Exhibit 10.1
                                                                    ------------

                           PURCHASE AND SALE AGREEMENT

                                      dated

                                November   , 2001,
                                        ---

                                 by and between

                         TRIPLE NET PROPERTIES, L.L.C.,
                      a Virginia limited liability company

                                    as Buyer,

                                       and

                  UNITED STATES FIDELITY AND GUARANTY COMPANY,
                             a Maryland corporation

                                    as Seller

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
1.   PURCHASE AND SALE........................................................1

2.   PURCHASE PRICE...........................................................1
     2.1   Deposit............................................................1
     2.2   Independent Contract Consideration.................................2
     2.3   Balance............................................................2
     2.4   Adjustment for Prorations..........................................2

3.   OPENING OF ESCROW........................................................2

4.   ACTIONS PENDING CLOSING..................................................3
     4.1   Due Diligence......................................................3
     4.2   Title..............................................................7

5.   DESCRIPTION OF PROPERTY..................................................8
     5.1   The Improvements...................................................8
     5.2   The Real Property..................................................8
     5.3   The Personal Property..............................................9
     5.4   The Intangible Property............................................9

6.   CONDITIONS TO CLOSING....................................................9
     6.1   Buyer's Conditions.................................................9
     6.2   Failure of Buyer's Closing Conditions.............................11
     6.3   Seller's Conditions...............................................11
     6.4   Failure of Seller's Closing Conditions............................12

7.   CLOSING.................................................................12
     7.1   Closing Date......................................................12
     7.2   Deliveries by Seller..............................................12
     7.3   Deliveries by Buyer. delivered by Buyer at the Closing,...........13
     7.4   Actions by Escrow Agent...........................................13
     7.5   Prorations........................................................14
     7.6   Closing Costs.....................................................16
     7.7   Deliveries Outside of Escrow......................................16

8.   SELLER'S REPRESENTATIONS AND WARRANTIES.................................17
     8.1   Due Organization..................................................17
     8.2   Seller's Authority; Validity of Agreements........................17
     8.3   Leases............................................................17
     8.4   Contracts.........................................................17
     8.5   Violations of Laws................................................17
     8.6   Litigation........................................................17
     8.7   Zoning and Condemnation...........................................18
     8.8   Seller's  Knowledge...............................................18
     8.9   Survival..........................................................18
</TABLE>

                                       i

<PAGE>

                                Table of Contents
                                -----------------
                                   (continued)

                                                                            Page
                                                                            ----

9.   BUYER'S REPRESENTATIONS AND WARRANTIES..................................18
     9.1   Due Organization..................................................18
     9.2   Buyer's Authority: Validity of Agreements.........................18
     9.3   Survival..........................................................19

10.  ADDITIONAL COVENANTS AND AGREEMENTS.....................................19
     10.1  As-Is.............................................................19
     10.2  Changes in Conditions.............................................20
     10.3  Service and Management Contracts..................................20
     10.4  Leases............................................................20

11.  RISK OF LOSS............................................................20
     11.1  Condemnation......................................................20
     11.2  Casualty..........................................................21

12.  REMEDIES................................................................21
     12.1  Liquidated Damages................................................21
     12.2  Default by Seller.................................................22

13.  BROKERS.................................................................22

14.  MISCELLANEOUS PROVISIONS................................................23
     14.1  Governing Law.....................................................23
     14.2  Entire Agreement..................................................23
     14.3  Modification; Waiver..............................................23
     14.4  Notices...........................................................23
     14.5  Expenses..........................................................24
     14.6  Assignment........................................................24
     14.7  Severability......................................................25
     14.8  Successors and Assigns, Third Parties.............................25
     14.9  Counterparts......................................................25
     14.10 Headings..........................................................25
     14.11 Time of Essence...................................................25
     14.12 Further Assurances................................................25
     14.13 Number and Gender.................................................25
     14.14 Construction......................................................25
     14.15 Exhibits..........................................................25
     14.16 Attorneys' Fees...................................................26
     14.17 Business Days.....................................................26
     14.18 Early Termination.................................................26
     14.19 Waiver of Known Defaults..........................................26
     14.20 DTPA WAIVER.......................................................26
     14.21 Texas Real Estate License Act.....................................26
     14.22 Exchange..........................................................27
     14.23 Confidentiality...................................................27

                                       ii

<PAGE>

                           PURCHASE AND SALE AGREEMENT

     THIS PURCHASE AND SALE AGREEMENT (this "Agreement") is made and entered
                                             ---------
into as of November,    2001, (the "Execution Date"), by and between Triple Net
                    ----            --------------
Properties, L.L.C., a Virginia limited liability company ("Buyer"), and United
                                                           -----
States Fidelity and Guaranty Company, a Maryland corporation ("Seller"), for the
                                                               ------
purpose of setting forth the agreement of the parties and of instructing
Commonwealth Land Title Insurance Company ("Escrow Agent"), with respect to the
                                            ------------
transaction contemplated by this Agreement.

                                    R E C I T A L S
                                    ---------------

     A. Seller is the owner of an undivided fee simple interest in those certain
parcels of real property respectively located at 8200 Perrin Beitel, 2700 N.E.
Loop 410 and 8333 Vicar Drive, respectively, in the City of San Antonio, County
of Bexar, State of Texas, as more particularly described on Exhibit "A" attached
                                                            -----------
hereto (the "Land Parcel"), commonly known as the "Titan Building" and "Titan
             -----------
Plaza". The Land Parcel, together with all and singular property rights and
interests constituting the "Real Property" (as hereinafter defined), the
"Improvements," the "Leases," the "Personal Property," and the "Intangible
Property" (each as hereinafter defined), are sometimes collectively referred to
herein as the "Property."
               --------

     B. Seller desires to sell, transfer and convey the Property to Buyer, and
Buyer desires to purchase and acquire the Property from Seller, upon and subject
to the terms and conditions set forth in this Agreement.

                                    AGREEMENT

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

1.   PURCHASE AND SALE.
     -----------------

     Subject to all of the terms and conditions of this Agreement, Seller agrees
to sell, transfer and convey to Buyer, and Buyer agrees to purchase and acquire
from Seller, the Property, upon the terms and conditions set forth herein.

2.   PURCHASE PRICE.
     --------------

     The purchase price of the Property (the "Purchase Price") shall equal Nine
                                              --------------
Million Three Hundred Thirty Thousand Dollars ($9,330,000.00), subject to
adjustment as hereinafter provided. The Purchase Price shall be payable as
follows:

     2.1 Deposit. Concurrently with the "Opening of Escrow" (as hereinafter
         -------
     defined), Buyer shall deposit into "Escrow" (as hereinafter defined) the
     sum of One Hundred Thousand

                                                                          Page 1

<PAGE>

     Dollars ($100,000.00) (which amount, together with all additional sums
     thereafter deposited and any and all interest earned thereon, shall
     hereinafter be referred to as the "Deposit"), by wire transfer. Within two
                                        -------
     (2) Business Days following the expiration of the "Due Diligence Period"
     (as hereinafter defined), Buyer shall deposit into Escrow an additional
     amount of One Hundred Thousand Dollars ($100,000.00) (the "Additional
                                                                ----------
     Deposit") by wire transfer, such that the principal amount of the Deposit
     -------
     (exclusive of any earnings which may be accrued) shall be equal to Two
     Hundred Thousand Dollars ($200,000.00). If the sale of the property is not
     consummated for any reason other than the default of Seller, then the
     Deposit shall be held and disbursed in accordance with the terms of this
     Agreement. Escrow Agent shall invest the Deposit in money market accounts,
     certificates of deposit or United States Treasury Bills as Buyer may
     instruct from time to time, provided that such investments are federally
     issued. At the "Closing" (as hereinafter defined), the Deposit shall be
     paid to Seller and credited against the Purchase Price. Seller shall not be
     responsible for, nor shall Seller bear the risk of loss of, the Deposit and
     Seller shall not be responsible for the rate of return thereon.

     2.2 Independent Contract Consideration. The amount of One Hundred and
         ----------------------------------
     No/100 Dollars ($100.00) shall be paid to Seller by Buyer concurrently with
     the deposit into Escrow of the Deposit, as consideration for Seller's
     execution and delivery of this Agreement and for Buyer's right of review,
     inspection and termination (the "Independent Contract Consideration"). The
                                      ----------------------------------
     Independent Contract Consideration is independent of any other
     consideration or payment provided for in this Agreement and,
     notwithstanding anything to the contrary contained herein, is
     non-refundable in all events.

     2.3 Balance. Not later than 10:00 a.m., Pacific Standard time, of the
         -------
     "Closing Date" (as hereinafter defined), Buyer shall pay to Seller the
     balance of the Purchase Price over and above the Deposit, by wire transfer
     of immediately available federal funds, net of all prorations and
     adjustments, as provided herein.

     2.4 Adjustment for Prorations. On the Closing Date, Buyer shall receive as
         -------------------------
     a credit against the Purchase Price an amount equal to the sum of all: (a)
     unrefunded and unapplied security deposits which were paid by tenants of
     the Property (collectively, "Tenants") to or for the account of Seller; (b)
                                  -------
     rentals already received by Seller attributable to the period from and
     after the Closing Date; and (c) the amount, if any, by which prorated
     amounts and "Closing Costs" (as hereinafter defined) allocated to Seller
     pursuant to Sections 7.5.1 and 7.6 hereof exceed prorated amounts and
     Closing Costs allocated to Buyer pursuant to Sections 7.5.1 and 7.6 hereof.

3.   OPENING OF ESCROW.
     -----------------

     On or before the second (2nd) "Business Day" (as hereinafter defined) after
the Execution Date, Buyer and Seller shall cause an escrow ("Escrow") to be
                                                             ------
opened with Escrow Agent (the "Opening of Escrow") by delivery to Escrow Agent
                               -----------------
of a fully executed copy of this Agreement and Buyer shall deliver to Escrow
Agent the Deposit as provided in Section 2.1 hereof. Escrow Agent shall promptly
deliver to Buyer and Seller written notice of the date of the Opening of Escrow.
This Agreement shall constitute escrow instructions to Escrow Agent as well as
the agreement of the parties. Escrow Agent is hereby appointed and designated to
act as Escrow Agent and instructed to

                                                                          Page 2

<PAGE>

deliver, pursuant to the terms of this Agreement, the documents and funds to be
deposited into Escrow as herein provided. The parties hereto shall execute such
additional escrow instructions (not inconsistent with this Agreement as
determined by counsel for Buyer and Seller) as Escrow Agent shall deem
reasonably necessary for its protection, including Escrow Agent's general
provisions (as may be modified by Buyer, Seller and Escrow Agent). In the event
of any inconsistency between this Agreement and such additional escrow
instructions, the provisions of this Agreement shall govern.

4.   ACTIONS PENDING CLOSING.
     -----------------------

     4.1  Due Diligence.
          -------------

          4.1.1 Property Documents.
                ------------------

               (a)  On or before the third (3rd) Business Day after the
                    Execution Date (the "Document Delivery Date"), Seller shall,
                                         ----------------------
                    at Seller's sole cost and expense, provide to Buyer true,
                    correct and complete copies of all of the following
                    documents, to the extent that such documents exist and are
                    in Seller's possession (collectively, the "Delivered
                                                               ---------
                    Documents"):
                    ---------

                    (i)  all leases and other occupancy agreements now in effect
                         at the Property, together will all amendments,
                         guaranties and other agreements pertaining thereto
                         (collectively, the "Leases");
                                             ------

                    (ii) a current rent roll (the "Rent Roll") for the Property
                                                   ---------
                         for the month preceding the Execution Date in the
                         format customarily prepared for Seller and showing
                         tenant names, vacant premises, commencement dates,
                         expiration dates of all Leases and a current schedule
                         of rent for each Lease;

                    (iii) a list of all security deposits held by Seller under
                         Leases;

                    (iv) operating statements for the Property for the last
                         calendar year and the current year-to-date;

                    (v)  a list of currently delinquent Tenants under Leases, as
                         aging;

                    (vi) a copy of the general ledger for the Property, in
                         detail, for the past calendar year and the current
                         year-to-date;

                    (vii) a copy of Seller's common area maintenance budget and
                         operating recovery reconciliation statements for the
                         last calendar year and the current year to date;

                    (viii) a summary of utility expenses for the last calendar
                         year and the current year to date, as provided by the
                         local providers of water / sewer and gas / electricity,
                         or copies of the bills from such providers for such
                         period;

                                                                          Page 3

<PAGE>

                    (ix) a copy of the ad valorem tax statement for the Property
                         for the years 1999 and 2000;

                    (x)  copies of any hazardous materials reports prepared for
                         Seller during Seller's period of ownership;

                    (xi) copies of any roof reports;

                    (xii) a list of any outstanding litigation affecting the
                         Property;

                    (xiii) copies of the "Service Contracts" (as hereinafter
                         defined); and

                    (xiv) a list of the Personal Property.

               (b)  Prior to the expiration of the Document Delivery Date,
                    Seller shall make available to Buyer for its review and
                    copying, at Buyer's sole cost and expense, during normal
                    business hours and upon reasonable advance notice to Seller,
                    at the management office of the Property, true, correct and
                    complete copies of all reports, studies, site plans,
                    surveys, maps, certificates of occupancy, property photos
                    and other materials or information relating to the Property,
                    to the extent such items exist and are in Seller's
                    possession or control (collectively, together with the
                    Delivered Documents, the "Property Documents").
                                              ------------------

               (c)  With respect to any reports or other information prepared by
                    third parties provided to Buyer pursuant to (a) and/or (b)
                    of this Section 4.1.1, Seller is not making any
                    representations or warranties, implied or otherwise, as to
                    the accuracy of the factual information provided or the
                    conclusions formed by the consultants who prepared such
                    reports or information, or as to the skill and care taken by
                    the consultant in preparing the same. Seller will not be
                    responsible for conditions or consequences arising from
                    relevant facts that were concealed, withheld, or not fully
                    disclosed by any consultant, any regulatory or governmental
                    agency, or from persons interviewed as part of the
                    preparation of any such report. Buyer also acknowledges that
                    the facts and conditions referenced in any of such reports
                    may change over time and the conclusions and recommendations
                    set forth therein are applicable only to the facts and
                    conditions as described therein. Buyer should use good faith
                    efforts in determining whether any of such reports are
                    accurate.

               (d)  Seller will instruct Seller's property manager to cooperate
                    fully with Buyer with respect to the foregoing review items
                    subject to the provisions of this Section 4.1.1.
                    Notwithstanding the foregoing, Buyer shall have no right to
                    inspect (i) any internal memoranda or reports prepared by or
                    on behalf of Seller which Seller deems confidential, nor
                    (ii) any appraisals of the Property prepared by or on behalf
                    of Seller. In the event this Agreement shall terminate for
                    any

                                                                          Page 4

<PAGE>

                    or no reason, Buyer agrees to return to Seller, no later
                    than two (2) days after request, all documents and other
                    materials delivered to Buyer hereunder.

               (e)  All information made available by Seller to Buyer in
                    accordance with this Agreement or obtained by Buyer in the
                    course of its investigations shall be treated as
                    confidential information by Buyer, and, prior to the
                    purchase of the Property by Buyer, Buyer shall use its best
                    efforts to prevent its consultants, agents and employees
                    from divulging such information to any unrelated third
                    parties except as reasonably necessary to third parties
                    engaged by Buyer for the limited purpose of analyzing and
                    investigating such information for the purpose of
                    consummating the transaction contemplated by this Agreement.

          4.1.2 Buyer's Diligence Tests. At all reasonable times during the
                -----------------------
          thirty (30) day period commencing on the later to occur of the
          Execution Date or the Document Delivery Date (the "Due Diligence
                                                             -------------
          Period"), Buyer, its agents and representatives shall be entitled at
          ------
          Buyer's sole cost and expense to:

               (a)  enter onto the Property during normal business hours and
                    upon reasonable advance notice to Seller, to perform any
                    inspections, investigations, studies and tests of the
                    Property (including, without limitation, physical,
                    structural, mechanical, architectural, engineering, soils,
                    geotechnical and environmental tests that Buyer deems
                    reasonable);

               (b)  cause an environmental assessment of the Property to be
                    performed, upon reasonable notice to Seller;

               (c)  review all Property Documents; and

               (d)  investigate such other matters as Buyer may desire.

          Buyer's entry onto and inspections of the Property in accordance with
          the terms hereof shall not damage the Property in any respect. Any
          entry by Buyer onto the Property shall be subject to, and conducted in
          accordance with, all applicable laws and the terms of the Leases so as
          to avoid any interference with the occupancy of the Property and to
          avoid any disturbance of any of the Tenants of the Property. A
          representative of Seller shall have the right to be present during any
          physical tests, inspections and investigation at or about the
          Property. Buyer has no right to make any physical alterations to the
          Property without Seller's written consent. If Buyer or its
          representatives undertake any borings or other disturbances of the
          soil of the Property, the soil shall be re-compacted and Buyer shall
          otherwise restore any damage to the Property to its condition
          immediately before any such borings or other disturbances were
          undertaken, and Buyer shall obtain, at Buyer's sole cost and expense,
          a certificate from a licensed soils engineer that certifies that the
          soil has

                                                                          Page 5

<PAGE>

          been re-compacted to such condition. Any soil, waste or other
          materials removed during any environmental testing must be properly
          disposed of by Buyer at Buyer's sole cost, even though Buyer may elect
          to terminate this Agreement. Buyer shall keep the Property free and
          clear of any mechanic's or materialmen's liens arising out of any
          entry onto or inspection of the Property. The Buyer's obligations
          pursuant to this Section 4.1.2 shall survive the Closing or the
          earlier termination of this Agreement.

          4.1.3 Insurance and Indemnity. Buyer agrees that from the Execution
                -----------------------
          Date through the Due Diligence Termination Date, Buyer shall carry, or
          cause its agent to carry, workers' compensation and general liability
          insurance in the amount of $1,000,000 per occurrence, which insurance
          shall name Seller as an additional insured; upon request, Buyer shall
          provide Seller with proof of such insurance prior to commencing
          Buyer's physical inspections of the Property. Buyer shall indemnify,
          protect, defend and hold Seller harmless from and against any and all
          claims (including, without limitation, claims for mechanic's liens or
          materialmen's liens), causes of action, demands, obligations, losses,
          damages, liabilities, judgements, costs and expenses (including,
          without limitation, reasonable attorneys' fees, charges and
          disbursements) (collectively, "Claims") in connection with or arising
                                         ------
          out of any inspections carried on by or on behalf of Buyer pursuant to
          the terms hereof; provided, however, that Buyer shall not indemnify
          Seller for any Claims solely caused by Seller's negligence or willful
          misconduct. In the event that this Agreement is terminated for any
          reason, (i) Buyer shall repair any damage to the Property caused by
          its entry thereon and restore the same to the condition in which it
          existed prior to such entry and (ii) Buyer shall deliver to Seller,
          upon Seller's request and without charge therefor, the results and
          copies of any and all inspections, studies, tests, surveys, or other
          reports made by or for Buyer with respect to the Property. The
          provisions of this Section 4.1.3 shall survive the Closing or the
          earlier termination of this Agreement.

          4.1.4 Buyer's Termination Right. Buyer shall have the right at any
                -------------------------
          time on or before the last day of the Due Diligence Period (the "Due
                                                                           ---
          Diligence Termination Date") to terminate this Agreement if Buyer
          --------------------------
          determines in its sole and absolute discretion that the Property is
          not acceptable to Buyer. In the event that Buyer fails to deliver a
          written notice to Seller and Escrow Agent waiving its termination
          right under this Section 4.1.4 on or before the Due Diligence
          Termination Date and giving notice of Buyer's intention to proceed
          with the acquisition of the Property, then (a) Escrow Agent shall
          return the Deposit to Buyer, (b) the parties shall equally share the
          cancellation charges of Escrow Agent and "Title Company" (as
          hereinafter defined), if any, and (c) this Agreement shall
          automatically terminate and be of no further force or effect and
          neither party shall have any further rights or obligations hereunder,
          other than pursuant to any provision hereof which expressly survives
          the termination of this Agreement. In the event that Buyer delivers a
          written notice to Seller and Escrow Agent waiving its termination
          right hereunder and giving notice of Buyer's intention to proceed with
          the acquisition of the Property on or before the Due Diligence
          Termination Date, then Buyer shall be deemed to have unconditionally
          waived its termination right hereunder and this Agreement shall

                                                                          Page 6

<PAGE>

          continue in full force and effect, and the Additional Deposit shall be
          delivered to the Escrow Agent by Buyer in accordance with the
          provisions of Section 2.1.

          4.1.5 Financing Contingency. Buyer shall have a period of forty-five
                ---------------------
          (45) days from the date which is the later to occur of the Execution
          Date or the Document Delivery Date (the "Financing Contingency
                                                   ---------------------
          Period") to obtain a commitment for financing of the acquisition of
          ------
          the Property on terms acceptable to Buyer. If Buyer is unable to
          obtain such a commitment for financing on terms acceptable to Buyer,
          Buyer shall have the right to terminate this Agreement at any time on
          or before the last day of the Financing Contingency Period. In the
          event that Buyer fails to deliver a written notice to Seller and
          Escrow Agent waiving its termination right under this Section 4.1.5 on
          or before 5:00 p.m., Central Standard time, of the last day of the
          Financing Contingency Period, this Agreement shall automatically
          terminate and be of no further force and effect, subject to and except
          for Buyer's obligations under Section 4.1.3 and any other provision
          hereof which expressly survives the termination of this Agreement, and
          Escrow Agent shall return to Buyer the Deposit and Seller and Buyer
          shall evenly divide the cancellation charges of the Escrow Agent and
          the Title Company, if any. In the event that Buyer delivers a written
          notice to Seller and Escrow Agent waiving its termination right under
          this Section 4.1.5 by 5:00 p.m., Central Standard time, of the last
          day of the Financing Contingency Period, this Agreement shall remain
          in full force and effect and Buyer shall no longer have a right to
          terminate this Agreement pursuant to this Section 4.1.5.

     4.2  Title.
          -----

          4.2.1 Deliveries by Seller. Not later than fourteen (14) days
                --------------------
          following the Execution Date, Seller shall, at its sole cost and
          expense, cause to be delivered to Buyer (a)(i) a current commitment
          (the "Title Commitment") for a standard coverage owner's policy of
                ----------------
          title insurance (the "Title Policy") for the Real Property issued by
                                ------------
          Commonwealth Land Title Insurance Company, 350 Commerce, Suite 150,
          Irving, California 92602 (in such capacity, "Title Company") and (ii)
                                                       -------------
          legible copies of all documents referenced as exceptions therein
          (collectively, the "Underlying Documents"), and (b) a current as-built
                              --------------------
          survey of the Real Property (the "Survey") prepared in accordance with
                                            ------
          and satisfying the minimum standards of ALTA, in a form and certified
          as of a date satisfactory to the Title Company to delete standard
          survey exceptions from the Title Policy. The Title Commitment, the
          Underlying Documents and the Survey shall be collectively referred to
          herein as the "Title Documents."
                         ---------------

          4.2.2 Buyer's Review of Title. Buyer shall have a period of ten (10)
                -----------------------
          days following Buyer's receipt of the Title Commitment, Underlying
          Documents and Survey to notify Seller in writing of any objection
          which Buyer may have to any matters reported or shown in the Title
          Documents or any updates thereof ("Buyer's Objection Letter")
                                             ------------------------
          (provided, however, that if any such updates are received by Buyer,
          Buyer shall have an additional five (5) Business Days following
          Buyer's receipt of such update and copies of all documents referenced
          therein to notify Seller

                                                                          Page 7

<PAGE>

          of objections to items shown on any such update which were not
          disclosed on the previously delivered Title Documents). In addition to
          the Leases, matters reported in or shown by the Title Documents (or
          any updates thereof) and not timely objected to by Buyer as provided
          above shall be deemed to be "Permitted Exceptions." Seller shall have
                                       --------------------
          no obligation to cure or correct any matter objected to by Buyer other
          than deed of trust liens and liens securing the payment of money
          having an outstanding amount of Fifty Thousand and No/100 Dollars
          ($50,000.00) or less (other than inchoate liens for taxes not yet due
          and payable). However, on or before the fifth (5th) Business Day
          following Seller's receipt of Buyer's Objection Letter, Seller may
          elect, by delivering written notice of such election to Buyer and
          Escrow Agent ("Seller's Response") whether to cause Title Company to
                         -----------------
          remove or insure over any matters objected to in Buyer's Objection
          Letter. If Seller fails to deliver Seller's Response within the time
          frame set forth above, it shall be deemed to be an election by Seller
          not to cause Title Company to so remove or insure over such
          objections. If Seller elects not to cause Title Company to so remove
          or insure, then Buyer must elect, by delivering written notice of such
          election to Seller and Escrow Agent on or before the earlier to occur
          of (a) the fifth (5th) Business Day following Buyer's receipt of
          Seller's Response or (b) if no Seller's Response is received by Buyer,
          the fifth (5th) Business Day following the date on which Seller shall
          have been deemed to have responded, as provided above, to: (i)
          terminate this Agreement (in which case Escrow Agent shall return the
          Deposit to Buyer) and Seller shall pay the cancellation charges of
          Escrow Agent and Title Company, if any, and neither party shall
          thereafter have any rights or obligations to the other hereunder,
          other than pursuant to any provision hereof which expressly survives
          the termination of this Agreement); or (ii) proceed to a timely
          Closing whereupon such objected to exceptions or matters shall be
          deemed to be Permitted Exceptions. In the event that Buyer fails to
          make such election on a timely basis, then Buyer shall be deemed to
          have elected to proceed to a timely Closing in accordance with the
          preceding clause (ii).

          4.2.3 Condition of Title at Closing. Upon the Closing, Seller shall
                -----------------------------
          sell, transfer and convey to Buyer fee simple title to the Real
          Property by a duly executed and acknowledged special warranty deed in
          the form of Exhibit "B" attached hereto (the "Deed"), subject only to
                      ----------
          the Permitted Exceptions.

5.   DESCRIPTION OF PROPERTY.
     -----------------------

     5.1 The Improvements. As used herein, the term "Improvements" shall mean
         ----------------
     all of Seller's right, title and interest in and to all buildings,
     improvements, structures and fixtures now or hereafter located on the Land
     Parcel.

     5.2 The Real Property. As used herein, the term "Real Property" shall mean,
         -----------------                            -------------
     collectively, all of Seller's right, title and interest in and to: (a) the
     Land Parcel; (b) the Improvements; (c) all apparatus, equipment and
     appliances affixed to and used in connection with the operation or
     occupancy of the Property and/or any of the Improvements (such as heating,
     air conditioning or mechanical systems and facilities used to provide any
     utility services, refrigeration, ventilation, waste disposal or other
     services) and now or hereafter located on or in the Property and/or any of
     the Improvements; and (d) all of Seller's rights,

                                                                          Page 8

<PAGE>

          privileges and easements appurtenant to or used in connection with the
          Property and/or any of the Improvements, including, without
          limitation, all minerals, oil, gas and other hydrocarbon substances,
          all development rights, air rights, water, water rights and water
          stock relating to the Land Parcel, all strips and gores, streets,
          alleys, easements, rights-of-way, public ways, or other rights of
          Seller appurtenant, adjacent or connected to the Land Parcel.

     5.3 The Personal Property. As used herein, the term "Personal Property"
         ---------------------                            -----------------
     shall mean all of Seller's right, title and interest in and to that certain
     tangible personal property, equipment, machinery and supplies owned or
     leased by Seller and situated at the Real Property and used by Seller
     exclusively in connection with the use, operation, maintenance or repair of
     all or any portion of the Real Property as of the Closing Date.

     5.4 The Intangible Property. As used herein, the term "Intangible Property"
         -----------------------                            -------------------
     shall mean all of Seller's right, title and interest in and to that certain
     intangible property owned by Seller and used by Seller exclusively in
     connection with all or any portion of the Real Property and/or the Personal
     Property, including, without limitation, all of Seller's right, title and
     interest, if any, in and to: (a) the Leases, (b) all contracts identified
     on Exhibit "C" attached hereto (collectively, the "Service Contracts"), but
     ----------                                         -----------------
     only to the extent that such are assignable, all books, records, reports,
     test results, environmental assessments, if any, as-built plans,
     specifications and other similar documents and materials relating to the
     use, operation, maintenance, repair, construction or fabrication of all or
     any portion of the Real Property and for the Personal Property; (c) all
     transferable business licenses, architectural, site, landscaping or other
     permits, applications, approvals, authorizations and other entitlements
     affecting any portion of the Real Property and Personal Property; and (d)
     all transferable guarantees, warranties and utility contracts relating to
     all or any portion of the Real Property.

6.   CONDITIONS TO CLOSING.
     ---------------------

     6.1 Buyer's Conditions. The obligation of Buyer to complete the transaction
         ------------------
     contemplated by this Agreement is subject to the following conditions
     precedent (and conditions concurrent, with respect to deliveries to be made
     by the parties at the Closing) (the "Buyer's Closing Conditions"), which
                                          --------------------------
     conditions may be waived, or the time for satisfaction thereof extended, by
     Buyer only in a writing executed by Buyer (provided, however, that Buyer's
     acceptance of the Deed shall be deemed to be a waiver of any unsatisfied
     conditions regardless of whether Buyer executes a separate written
     instrument to that effect at the Closing):

          6.1.1 Title. Title Company shall be prepared and irrevocably committed
                -----
          to issue to Buyer (with an effective date not earlier than the Closing
          Date), a Texas form of owner's policy of title insurance in favor of
          Buyer for the Real Property (a) showing fee title to the Real Property
          vested in Buyer, (b) with liability coverage in an amount equal to the
          Purchase Price, (c) with those endorsements reasonably requested by
          Buyer (provided that such endorsements are available in the State of
          Texas and are paid for by Buyer in accordance with the terms hereof)
          and (d) containing no exceptions other than the Permitted Exceptions
          (the "Owner's Title Policy").
                --------------------

                                                                          Page 9

<PAGE>

          6.1.2 Seller's Due Performance. All of the representations and
                ------------------------
          warranties of Seller set forth in this Agreement shall be true,
          correct and complete in all material respects as of the Closing Date,
          and Seller, on or prior to the Closing Date, shall have complied with
          and/or performed all of the obligations, covenants and agreements
          required on the part of Seller to be complied with or performed
          pursuant to the terms of this Agreement.

          6.1.3 Physical Condition of Property. Subject to the terms of Section
                ------------------------------
          11 hereof, the physical condition of the Property shall be the same on
          the Closing Date as on the Execution Date, except for reasonable wear
          and tear and any damages due to any act of Buyer or Buyer's
          representatives.

          6.1.4 Bankruptcy. No action or proceeding shall have been commenced by
                ----------
          or against Seller under the federal bankruptcy code or any state law
          for the relief of debtors or for the enforcement of the rights of
          creditors, and no attachment, execution, lien or levy shall have
          attached to or been issued with respect to Seller's interest in the
          Property or any portion thereof.

          6.1.5 Tenant Estoppels. Seller agrees to furnish each Tenant under the
                ----------------
          Leases with the form of Tenant estoppel required by Buyer's lender and
          to request that each Tenant execute and return the same to Seller,
          provided that Buyer shall provide to Seller the required form of
          estoppel certificate and subordination, non-disturbance, and
          attornment agreement as soon as available but not later than thirty
          (30) days prior to the Closing Date. Buyer shall have no obligation to
          complete the transaction contemplated by this Agreement unless, at
          least five (5) days prior to the closing, Seller shall have delivered
          to Buyer current estoppel certificates and subordination,
          non-disturbance and attornment agreements for all "Major Tenants" (as
          hereinafter defined); provided, however, in no event shall Seller's
          failure to obtain such certificates and agreements constitute a
          default by Seller under this Agreement, including but not limited to
          the provisions of Section 6.2.2 and Section 12.2, except that Buyer
          shall be entitled to exercise its rights and remedies provided under
          Section 6.2 (other than the right provided in Section 6.2.2 to pursue
          its remedies under Section 12.2). As used in this Agreement, "Major
                                                                        -----
          Tenants" shall mean those tenants identified on Exhibit "H" attached
          -------                                         -----------
          hereto (which in the aggregate represent approximately 82% of the
          currently leased space of the Property).

          6.1.6 Leases. At the Closing, Seller shall assign all of its rights
                ------
          and remedies under the Leases (including, without limitation, its
          right to any security deposits and prepaid rent) to Buyer, and Buyer
          shall assume the obligations of Seller with respect thereto, pursuant
          to an assignment and assumption of leases and security deposits in the
          form of Exhibit "D" attached hereto (the "Assignment of Leases"). The
                  -----------                       --------------------
          Assignment of Leases shall include a provision whereby (a) Seller
          shall indemnify, protect and hold Buyer harmless from and against any
          and all claims with respect to liabilities or obligations of the
          landlord under the Leases arising during Seller's period of ownership
          and (b) Buyer shall indemnify, protect, defend and hold Seller
          harmless from and against any and all Claims with respect to
          liabilities or obligations

                                                                         Page 10

<PAGE>

          of the landlord under the Leases arising during Buyer's period of
          ownership, in each case as set forth in the form of Assignment of
          Leases attached hereto as Exhibit "D".
                                    -----------

          6.1.7 Bill of Sale. At the Closing, Seller shall transfer to Buyer
                ------------
          (and Buyer shall assume Seller's obligations, if any, with respect to)
          all of the Personal Property and the Intangible Property (other than
          the Leases and any management agreement pertaining to the Property),
          pursuant to a bill of sale, assignment and assumption in the form of
          Exhibit "E" attached hereto (the "Bill of Sale"). Any existing
          -----------                       ------------
          management agreement pertaining to the Property shall be terminated by
          Seller as of the Closing Date.

          6.1.8 Non-Foreign Affidavit. At the Closing, Seller shall deliver to
                ---------------------
          Buyer a non-foreign affidavit in the form of Exhibit "F" attached
                                                      ------------
          hereto executed by Seller (the "Non-Foreign Affidavit").
                                          ---------------------

     6.2 Failure of Buyer's Closing Conditions. If any of Buyer's Closing
         -------------------------------------
     Conditions have not been fulfilled within the applicable time periods,
     Buyer may:

          6.2.1 waive the Buyer's Closing Condition and close Escrow in
          accordance with this Agreement, without adjustment or abatement of the
          Purchase Price; or

          6.2.2 terminate this Agreement by written notice to Seller and Escrow
          Agent, in which event Escrow Agent shall return the Deposit to Buyer
          (subject to the provisions of Section 12.2), all other documents,
                                        ------------
          instruments and funds delivered into Escrow shall be returned to the
          party that delivered the same into Escrow, Seller shall pay for all of
          the cancellation charges of Title Company and Escrow Agent, if any,
          and to the extent that the failure of any applicable Buyer's Closing
          Condition is caused by a Seller default, Buyer shall be entitled to
          pursue its rights and remedies pursuant to the terms of Section 12.2
          hereof.

     6.3 Seller's Conditions. The obligation of Seller to complete the
         -------------------
     transaction contemplated by this Agreement is subject to the following
     conditions precedent (and conditions concurrent, with respect to deliveries
     to be made by the parties at the Closing) (the "Seller's Closing
                                                     ----------------
     Conditions") which conditions may be waived, or the time for satisfaction
     ----------
     thereof extended, by Seller only in a writing executed by Seller:

          6.3.1 Buyer's Due Performance. All of the representations and
                -----------------------
          warranties of Buyer set forth in this Agreement shall be true, correct
          and complete in all material respects as of the Closing Date, and
          Buyer, on or prior to the Closing Date, shall have complied with
          and/or performed all of the obligations, covenants and agreements
          required on the part of Buyer to be complied with or performed
          pursuant to the terms of this Agreement.

          6.3.2 Bankruptcy. No action or proceeding shall have been commenced by
                ----------
          or against Buyer or any of its affiliates under the federal bankruptcy
          code or any state law for the relief of debtors or for the enforcement
          of the rights of creditors.

                                                                         Page 11

<PAGE>

          6.3.3 Deliveries. Buyer shall have delivered to Escrow Agent or
                ----------
          Seller, as the case may be, such documents or instruments as are
          required to be delivered by Buyer pursuant to the terms of this
          Agreement.

     6.4 Failure of Seller's Closing Conditions. If any of Seller's Closing
         --------------------------------------
     Conditions have not been fulfilled within the applicable time periods,
     Seller may:

          6.4.1 waive the Seller's Closing Condition and close in accordance
          with this Agreement, without adjustment or abatement of the Purchase
          Price; or

          6.4.2 terminate this Agreement by written notice to Buyer and Escrow
          Agent, in which event (a) Escrow Agent shall deliver the Deposit to
          Seller (which Seller shall retain as liquidated damages, as its sole
          and exclusive remedy hereunder, in accordance with the terms of
          Section 12 hereof), (b) Escrow Agent shall return all other documents,
          instruments and funds delivered into Escrow to the party that
          delivered the same into Escrow and (c) Buyer shall pay for all of the
          cancellation charges of Title Company and Escrow Agent, if any.

7.   CLOSING.
     -------

     7.1 Closing Date. Subject to the provisions of this Agreement, Closing
         ------------
     shall take place on the forty-fifth (45th) day after the Due Diligence
     Termination Date, or on such other date as the parties hereto may agree. As
     used the following terms shall have the following meanings: (a) the
     "Closing" means the consummation of the sale and purchase of the Property
      -------
     pursuant to the terms of this Agreement; and (b) the "Closing Date" shall
     mean the date up which the Closing actually occurs.

     7.2 Deliveries by Seller. On or before 10:00 a.m., Pacific Standard time,
         --------------------
     of the Closing Date, Seller, at its sole cost and expense, shall deliver or
     cause to be delivered into Escrow the following documents and instruments,
     each dated as of the Closing Date, in addition to all other items and
     payments required by this Agreement to be delivered by Seller at the
     Closing:

          7.2.1 Deed. The original executed and acknowledged Deed conveying the
                ----
          Real Property to Buyer;

          7.2.2 Non-Foreign Affidavit. The original executed Non-Foreign
                ---------------------
          Affidavit;

          7.2.3 Assignment of Leases. Two (2) original executed counterparts of
                --------------------
          the Assignment of Leases.

          7.2.4 Bill of Sale. Two (2) original executed counterparts of the Bill
                ------------
          of Sale;

          7.2.5 Seller's Certificate. An original certificate executed by Seller
                --------------------
          certifying that the representations and warranties of Seller set forth
          in this Agreement are true, correct and complete in all material
          respects as of the Closing Date.

                                                                         Page 12

<PAGE>

          7.2.6 Proof of Authority. Such proof of Seller's authority and
                ------------------
          authorization to enter into this Agreement and the transaction
          contemplated hereby, and such proof of the power and authority of the
          individual(s) executing or delivering any instruments, documents or
          certificates on behalf of Seller to act for and bind Seller as may be
          reasonably required by Title Company or Buyer; and

          7.2.7 Keys. All keys to all locks on the Property and, to the extent
                ----
          in Seller's possession, original counterparts of all Leases, Service
          Contracts and other documents included within the Property. The items
          referred to in this Section 7.2.6 may be delivered to the Property
          rather than at the Closing.

          7.2.8 Current Rent Roll. A current rent roll in the form described in
                -----------------
          Section 4.1.1(a)(ii).
          --------------------

          7.2.9 Other. Such other documents and instruments, signed and properly
                -----
          acknowledged by Seller, if appropriate, as may be reasonably required
          by Buyer, Title Company, Escrow Agent or otherwise in order to
          effectuate the provisions of this Agreement and the Closing of the
          transaction contemplated herein.

     7.3 Deliveries by Buyer. On or before 10:00 a.m., Pacific Standard time, of
         -------------------
     the Closing Date, Buyer, at its sole cost and expense, shall deliver or
     cause to be delivered into Escrow the following funds, documents and
     instruments, each dated as of the Closing Date, in addition to all other
     items and payments required by this Agreement to be delivered by Buyer at
     the Closing,

          7.3.1 Purchase Price. Cash in an amount equal to the sum of the
                --------------
          Purchase Price and all of the Buyer's Closing Costs (and otherwise
          sufficient to close the transaction contemplated herein);

          7.3.2 Assignment of Leases. Two (2) original executed counterparts of
                --------------------
          the Assignment of Leases;

          7.3.3 Bill of Sale. Two (2) original executed counterparts of the Bill
                ------------
          of Sale;

          7.3.4 Proof of Authority. Such proof of Buyer's authority and
                ------------------
          authorization to enter into this Agreement and the transaction
          contemplated hereby, and such proof of the power and authority of the
          individual(s) executing or delivering any instruments, documents or
          certificates on behalf of Buyer to act for and bind Buyer as may be
          reasonably required by Title Company or Seller; and

          7.3.5 Other. Such other documents and instruments, signed and properly
                -----
          acknowledged by Buyer, if appropriate, as may reasonably be required
          by Seller, Title Company, Escrow Agent or otherwise in order to
          effectuate the provisions of this Agreement and the Closing of the
          transaction contemplated herein.

     7.4 Actions by Escrow Agent. Provided that Escrow Agent shall not have
         -----------------------
     received written notice from Buyer or Seller of the failure of any
     condition to the Closing or of the termination of the Escrow and this
     Agreement, when Buyer and Seller have deposited into

                                                                         Page 13

<PAGE>

     Escrow the documents and funds required by this Agreement and Title Company
     is irrevocably and unconditionally committed to issue the Owner's Title
     Policy in accordance with the terms hereof, Escrow Agent shall, in the
     order and manner herein below indicated, take the following actions:

          7.4.1 Funds. Disburse all funds as follows:
                -----

               7.4.1.1 pursuant to the "Closing Statement" (as hereinafter
                    defined), retain for Escrow Agent's own account all escrow
                    fees and costs, disburse to Title Company the fees and
                    expenses incurred in connection with the issuance of the
                    Owner's Title Policy and disburse to any other persons or
                    entities entitled thereto the amount of any other Closing
                    Costs;

               7.4.1.2 disburse to Seller an amount equal to the Purchase Price,
                    less or plus the net debit or credit to Seller by reason of
                    the prorations and allocations of Closing Costs provided for
                    herein by wire transfer in accordance with Seller's
                    instructions or, in the absence of any contrary instruction
                    from Seller, to Seller's account at: Citibank, DE, ABA #
                    031100209, BNF - USF&G CO, Account No. 38594983; and

               7.4.1.3 disburse to the party who deposited the same any
                    remaining funds in the possession of Escrow Agent after
                    payments pursuant to Sections 7.4.1.1 and 7.4.1.2 above have
                    been completed;

          7.4.2 Recording. Cause the Deed and any other documents which the
                ---------
          parties hereto may mutually direct to be recorded in the Official
          Records and obtain conformed copies thereof for distribution to Buyer
          and Seller;

          7.4.3 Delivery of Documents. Deliver: (a) to Seller (i) one original
                ---------------------
          of all documents deposited into Escrow (other than the Deed and the
          Non-Foreign Affidavit, and (ii) one conformed copy of each document
          recorded pursuant to the terms hereof; and (b) to Buyer, (i) one
          originals of all documents deposited into Escrow, (ii) the original
          Non-Foreign Affidavit and (iii) one conformed copy of each document
          recorded pursuant to the terms hereof; and

          7.4.4 Owner's Title Policy. Cause Title Company to issue to Buyer the
                --------------------
          Owner's Title Policy.

     7.5 Prorations.
         ----------

          7.5.1 Rentals, revenues, and other income, if any, from the Property,
          taxes, assessments, improvement bonds, Service Contract fees, utility
          costs and other expenses affecting the Property shall be prorated
          between Buyer and Seller as of the Closing Date based on a 365 day
          year. For purposes of calculating prorations, Buyer shall be deemed to
          be title holder of the Property, and therefore entitled to the income
          and responsible for the expenses, after 12:01 a.m., Central Standard
          time, on the Closing Date. Delinquent rentals as of the Closing Date
          shall not be prorated, but

                                                                         Page 14

<PAGE>

          when paid to Buyer shall be applied and delivered by Buyer as follows:
          first, to the payment of rent currently due and payable, next, to any
          delinquent rent owing to Buyer, and third, to Seller. After the
          Closing, Buyer shall use commercially reasonable efforts to collect
          delinquent rentals on behalf of Seller, provided, however, Buyer shall
          have no obligation to sue or evict any tenants who are delinquent in
          the payment of rents. All non-delinquent real estate taxes or
          assessments on the Property shall be prorated based on the actual
          current tax bill, but if such tax bill has not yet been received by
          Seller by the Closing Date, the parties shall make any necessary
          adjustment after the Closing by cash payment to the party entitled
          thereto so that Seller shall have borne all real property taxes
          allocable to the period prior to the Closing and Buyer shall bear all
          real property taxes allocable to the period from and after the
          Closing. If any tenant under a Lease is entitled to an allowance for
          tenant improvements or other Lease concession, whether pursuant to a
          new Lease or an expansion or renewal of an existing Lease, such
          allowance or concession (other than rental rate reductions) shall be
          allocated over the term of the Lease expansion or renewal, and
          prorated between Seller and Buyer on a proportional basis based on the
          period that such Tenant is in possession of the leased premises and
          making payments of rent under such Lease, expansion or renewal, so
          that Seller will bear all such expenses allocable to such period prior
          to the Closing and Buyer shall bear all expenses allocable to such
          period after the Closing. Any deposits held by third parties for the
          account of Seller in connection with the Property, including but not
          limited to utility deposits, shall not be prorated between the parties
          or transferred to Buyer but shall belong to and remain the property of
          Seller. If any expenses attributable to the Property and allocable to
          the period prior to the Closing are discovered or billed after the
          Closing, the parties shall make any necessary adjustment after the
          Closing by cash payment to the party entitled thereto so that Seller
          shall have borne all expenses allocable to the period prior to the
          Closing and Buyer shall bear all expenses allocable to the period from
          and after the Closing. The provisions of this Section 7.5.1 shall
          survive the Closing. To the extent that any of the Leases provide for
          the reconciliation of estimated operating costs paid by Tenants, Buyer
          shall determine such reconciliation as of the calendar year-end
          following the Closing Date and any amounts collected or payable by
          Buyer which either exceed or are less than the actual recoverable
          operating costs paid by Tenants, as applicable, shall be prorated
          between Buyer and Seller as of the Closing Date, such that amounts
          collected by Buyer from Tenants in reconciliation which are
          attributable to the period of Seller's ownership shall be reimbursed
          to Seller by Buyer, and amounts refundable to Tenants and which are
          attributable to Seller's period of ownership shall be refunded to
          Buyer by Seller. Buyer and Seller will settle such proration within
          120 days after the actual calendar year-end reconciliation.

          7.5.2 Five (5) Business Days prior to the Closing Date, Escrow Agent
          shall deliver to each of the parties for their review and approval a
          preliminary closing statement (the "Preliminary Closing Statement")
                                              -----------------------------
          setting forth: (a) the proration amounts allocable to each of the
          parties pursuant to Section 7.5 hereof, and (b) the Closing Costs
          allocable to each of the parties pursuant to Section 7.6 hereof. Based
          on each of the party's comments, if any, regarding the Preliminary
          Closing Statement,

                                                                         Page 15

<PAGE>

          Escrow Agent shall revise the Preliminary Closing Statement and
          deliver a final, signed version of a closing statement to each of the
          parties at the Closing (the "Closing Statement").
                                       -----------------

     7.6 Closing Costs. Each party shall pay its own costs and expenses arising
         -------------
     in connection with the Closing (including, without limitation, its own
     attorney and advisor fees), except the following costs (the "Closing
                                                                  -------
     Costs"), which shall be allocated between the parties as follows:
     -----

          7.6.1 Escrow Agent's escrow fees and costs, which shall be paid
          one-half (1/2) by Seller and one-half (1/2) by Buyer;

          7.6.2 the incremental cost of the basic premium of the Owner's Title
          Policy for coverage thereunder in excess of $9,080,000 and the cost of
          any endorsements or amendments to the Owner's Title Policy (other than
          those endorsements which Seller has agreed to pay pursuant to this
          Agreement), which shall be paid by Buyer;

          7.6.3 the basic premium of the Owner's Title Policy to extent of the
          first $9,080,000 of coverage thereunder, and the Survey, which shall
          be paid by Seller; and

          7.6.4 all recording fees attributed to the recordation of the Deed and
          any mortgage loan documentation, which shall be paid by Buyer.

     7.7 Deliveries Outside of Escrow. Seller shall deliver possession of the
         ----------------------------
     Property, subject only to the Leases and the other Permitted Exceptions, to
     Buyer upon the Closing. Further, Seller hereby covenants and agrees to
     deliver to Buyer, on or prior to the Closing, the following items:

          7.7.1 Intangible Property. The Intangible Property, including, without
                -------------------
          limitation, the original Property Documents;

          7.7.2 Personal Property. The Personal Property, including, without
                -----------------
          limitation, any and all keys, pass cards, remote controls, security
          codes, computer software and other devices relating to access to the
          Improvements; and

          7.7.3 Notices.
                -------

               7.7.3.1 Notices to Tenants. A letter, duly executed by Seller,
                       ------------------
                    dated as of the Closing Date and addressed to all Tenants,
                    informing such Tenants of the transfer of the Property and
                    the assignment of the Leases to Buyer, together with an
                    instruction to pay all amounts due or to become due under
                    the Leases to Buyer; and

               7.7.3.2 Service Contracts Notices. A letter to all of the vendors
                       -------------------------
                    of the Service Contracts, duly executed by Seller, dated as
                    of the Closing Date and addressed to the Service Contract
                    vendors, informing such vendors of the assignment of the
                    Service Contracts to Buyer.

                                                                         Page 16

<PAGE>

8.   SELLER'S REPRESENTATIONS AND WARRANTIES.
     ----------------------------------------

     Seller represents and warrants to and agrees with Buyer, as of the
Execution Date and as of the Closing Date, as follows:

     8.1 Due Organization. Seller is a corporation duly organized and existing
         ----------------
     in good standing under the laws of the State of Maryland and qualified to
     do business in the State of Texas.

     8.2 Seller's Authority; Validity of Agreements. Seller has full right,
         ------------------------------------------
     power and authority to sell the Property to Buyer as provided in this
     Agreement and to carry out its obligations hereunder. The individual(s)
     executing this Agreement and the instruments referenced herein on behalf of
     Seller have the legal power, right and actual authority to bind Seller to
     the terms hereof and thereof. This Agreement is, and all other instruments,
     documents and agreements to be executed and delivered by Seller in
     connection with this Agreement shall be, duly authorized, executed and
     delivered by Seller and shall be valid, binding and enforceable obligations
     of Seller (except as enforcement may be limited by bankruptcy, insolvency
     or similar laws) and do not, and as of the Closing Date will not, violate
     any provisions of any agreement or judicial order to which Seller is a
     party or to which Seller or the Property is subject.

     8.3 Leases. Subject to the terms of Section 10.4 hereof, the schedule
         ------
     attached hereto as Exhibit "G" is in all material respects a true, correct
                        -----------
     and complete list of all of the Leases currently in effect and, to Seller's
     Knowledge, (i) the Rent Roll delivered to Buyer pursuant to Section
                                                                 -------
     4.1.1(a)(ii) is true, correct and complete in all material respects as of
     ------------
     the date thereof, and (ii) there are no leasing commissions or costs
     relating to the leasing of any of the Property which will be outstanding or
     owed at the time of the Closing (other than the payment of the remaining
     one-half of a leasing commission which will become owing with respect to
     the Lease to Pixel Magic Imaging upon such tenant's occupancy of its leased
     premises, the payment of which shall be Seller's responsibility. Other than
     the Leases (together with all amendments, modifications and guarantees
     thereof), Seller has not directly entered into any leases or subleases of
     the Property.

     8.4 Contracts. Subject to the terms of Section 10.3 hereof, except as set
         ---------
     forth on the schedule attached hereto as Exhibit "C", neither Seller nor
                                              -----------
     any of its agents has executed any service, maintenance, repair,
     management, supply or other contracts (including, without limitation, any
     service contracts) affecting the Property which would be binding on Buyer
     subsequent to the Closing.

     8.5 Violations of Laws. To "Seller's Knowledge" (as hereinafter defined),
         ------------------
     Seller has not received any written notices of any material violations of
     any laws, ordinances, orders or requirements of any governmental authority,
     agency or officer having jurisdiction against or affecting the Property,
     which have not previously been complied with.

     8.6 Litigation. (a) There are no actions, investigations, suits or
         ----------
     proceedings (other than tax appeals or protests) pending or, to Seller's
     knowledge, threatened in writing that have a material adverse effect on the
     Property, or the ownership or operation thereof, and (b) there

                                                                         Page 17

<PAGE>

     are no judgments, orders, awards or decrees currently in effect against
     Seller with respect to the ownership or operation of the Property which
     have not been fully discharged prior to the Execution Date.

     8.7 Zoning and Condemnation. To Seller's Knowledge, there are no pending
         -----------------------
     proceedings to alter or restrict the zoning or other use restrictions
     applicable to the Property, or to condemn all or any portion of the
     Property by eminent domain proceedings or otherwise.

     8.8 Operating Statements. The operating statements for the Property
         --------------------
     delivered to Buyer pursuant to Section 4.1.1(iv) of this Agreement were
     prepared by Seller's manager of the Property and Seller has relied on them
     in the course of its business regarding the Property.

     8.9 Seller's Knowledge. As used herein, the term "Seller's Knowledge" shall
         ------------------                            ------------------
     mean the actual knowledge, without any investigation or inquiry, of Robert
     W. Cowley and Robert K. O'Leary.

     8.10 Survival. All of the representations and warranties of Seller set
          --------
     forth in this Agreement shall be true upon the Execution Date, shall be
     deemed to be repeated at and as of the Closing Date (except as otherwise
     set forth in writing to Buyer) and shall survive the delivery of the Deed
     and the Closing for a period of six (6) months (the "Survival Period");
                                                          ---------------
     provided, however, in no event shall Seller have any liability with respect
     to any of such representations or warranties except to the extent that (a)
     Buyer has provided written notice to Seller during the Survival Period of
     Seller's breach thereof, (b) Buyer did not have knowledge of such breach
     prior to the Closing Date, and (c) any damage resulting from such breach
     does not exceed, individually or in the aggregate, $100,000.00; and
     provided further, however, that the covenant of Seller contained in Section
     8.3, with respect to the payment of the leasing commission which may become
     owing with respect to the Lease to Pixel Magic Imaging, shall survive the
     delivery of the Deed and the Closing until the termination or expiration of
     such Lease.

9.   BUYER'S REPRESENTATIONS AND WARRANTIES.
     ---------------------------------------

     Buyer represents and warrants to Seller, as of the Execution Date and as of
the Closing Date, as follows:

     9.1 Due Organization. Buyer is a limited liability company duly organized
         ----------------
     and validly existing under the laws of the Commonwealth of Virginia.

     9.2 Buyer's Authority: Validity of Agreements. Buyer has full right, power
         -----------------------------------------
     and authority to purchase and acquire the Property from Seller as provided
     in this Agreement and to carry out its obligations hereunder. The
     individual(s) executing this Agreement and the instruments referenced
     herein on behalf of Buyer have the legal power, right and actual authority
     to bind Buyer to the terms hereof and thereof. This Agreement is, and all
     instruments, documents and agreements to be executed and delivered by Buyer
     in connection with this Agreement shall be, duly authorized, executed and
     delivered by Buyer and shall be valid, binding and enforceable obligations
     of Buyer (except as enforcement may be limited by bankruptcy, insolvency or
     similar laws) and do not, and as of the Closing Date will not,

                                                                         Page 18

<PAGE>

     violate any provision of any agreement or judicial order to which Buyer is
     a party or to which Buyer is subject.

     9.3 Survival. All of the representations, warranties and agreements of
         --------
     Buyer set forth in this Agreement shall be true upon the Execution Date,
     shall be deemed to be repeated at and as of the Closing Date (except as
     otherwise set forth in writing to Seller) and shall survive the delivery of
     the Deed and the Closing for a period of six (6) months.

10.  ADDITIONAL COVENANTS AND AGREEMENTS.
     ------------------------------------

     10.1 As-Is. THE PARTIES HEREBY ACKNOWLEDGE AND AGREE AS FOLLOWS: (A) BUYER
          -----
     IS A SOPHISTICATED PURCHASER WHO IS FAMILIAR WITH THIS TYPE OF PROPERTY;
     (B) EXCEPT AS MAY BE SPECIFICALLY SET FORTH IN THIS AGREEMENT AND THE DEED,
     NEITHER SELLER NOR ANY OF ITS AGENTS, REPRESENTATIVES, BROKERS, OFFICERS,
     DIRECTORS, SHAREHOLDERS, OR EMPLOYEES HAS MADE OR WILL MAKE ANY
     REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, WHETHER ORAL OR
     WRITTEN, EXPRESS OR IMPLIED, WITH RESPECT TO THE PROPERTY; AND (C) EXCEPT
     AS TO THE SPECIAL WARRANTY OF TITLE SET FORTH IN THE DEED, IT IS EXPRESSLY
     UNDERSTOOD AND AGREED THAT THE GRANT AND CONVEYANCE OF THE PROPERTY IS
     "AS-IS", "WHERE-IS" AND "WITH ALL FAULTS" OF ANY KIND INCLUDING BUT NOT
     LIMITED TO ANY MATTER, FACT OR CONDITION PERTAINING TO OR AFFECTED BY ANY
     APPLICABLE LAW, RULE OR REGULATION PERTAINING TO WATER, AIR, WASTE OR
     ENVIRONMENTAL PROTECTION (WHETHER ABOVE, WITHIN, UNDER OR ADJACENT TO THE
     PROPERTY). SELLER HAS NOT MADE AND DOES NOT MAKE ANY REPRESENTATIONS OR
     WARRANTIES, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS WARRANTIES, EXPRESS
     OR IMPLIED, AS TO THE FITNESS, ENVIRONMENTAL COMPLIANCE, HANDICAPPED
     ACCESSIBILITY LAW COMPLIANCE, ELECTROMAGNETIC FIELD EXPOSURE LEVELS, AREA,
     CONDITION, QUALITY, QUANTITY, CHARACTER, SIZE, VALUE OF THE PROPERTY OR
     IMPROVEMENTS THEREON, EXPENSES, DESCRIPTION, MERCHANTABILITY OR
     HABITABILITY OF THE PROPERTY, FITNESS OF THE PROPERTY FOR A PARTICULAR
     PURPOSE OR OTHERWISE. GRANTEE, BY ITS ACCEPTANCE HEREOF, DOES HEREBY
     RELEASE AND FOREVER DISCHARGE GRANTOR, ITS OFFICERS, DIRECTORS AND TRUSTEES
     AND THEIR RESPECTIVE AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNEES FROM ANY
     AND ALL CLAIMS, OBLIGATIONS AND LIABILITIES (WHETHER BASED IN TORT, UNDER
     CONTRACT OR OTHERWISE) ATTRIBUTABLE, IN WHOLE OR IN PART, TO ANY SUCH
     REPRESENTATION (OTHER THAN THE SPECIAL WARRANTY OF TITLE SET FORTH HEREIN)
     AND/OR ALLEGED REPRESENTATION. SUBJECT TO THE TERMS HEREOF, BUYER WILL BE
     AFFORDED THE OPPORTUNITY TO MAKE ANY AND ALL INSPECTIONS OF THE PROPERTY
     AND SUCH RELATED MATTERS AS BUYER MAY REASONABLY DESIRE AND, ACCORDINGLY,
     BUYER WILL RELY SOLELY ON ITS OWN DUE DILIGENCE AND INVESTIGATIONS IN
     PURCHASING THE PROPERTY.

                                                                         Page 19

<PAGE>

     10.2 Changes in Conditions. Subject to the provisions of Section 11 of this
          ---------------------                               ----------
     Agreement, if, prior to the Closing, Seller becomes aware that any
     representation or warranty set forth in this Agreement which was true and
     correct on the Execution Date has become incorrect in a material and
     adverse respect due to changes in conditions outside of the control of
     Seller or the discovery by Seller of information of which Seller was
     unaware on the Execution Date, the same shall not constitute a breach by
     Seller of any of its representations or warranties set forth herein or be
     deemed to be a default by Seller in its obligations under this Agreement,
     but Seller shall promptly notify Buyer thereof and may, at Seller's option,
     undertake to cure or correct the material and adverse effect thereof, and
     the representations and warranties set forth herein which are to be remade
     and reaffirmed by Seller at the Closing shall be supplemented by such new
     information; provided, however, that Buyer shall have the option to
     terminate this Agreement upon written notice to Seller and Escrow Agent if
     Seller fails to cure or correct such material and adverse effect by the
     Closing Date, in which event Escrow Agent shall return the Deposit to Buyer
     and the parties shall equally share the cancellation charges of Escrow
     Agent and Title Company, if any.

     10.3 Service and Management Contracts. Seller shall not enter into any new
          --------------------------------
     service or management contract or renew or replace any existing service or
     management contract in respect of the Property without Buyer's prior
     written consent unless the same shall be cancellable without premium or
     penalty upon not more than thirty (30) days' notice from the owner of the
     Property. Any existing agreement for the management of the Property shall
     be terminated effective as of the Closing Date.

     10.4 Leases. Seller shall not (a) enter into any new Lease or modify,
          ------
     extend, renew or replace any existing Lease without Buyer's prior written
     consent (which consent may be withheld in Buyer's sole discretion)
     following the day which is three (3) days prior to the expiration of the
     Due Diligence Period, or (b) following the expiration of the Due Diligence
     Period, apply or retain any security deposit (or portion thereof) with
     respect to any tenant under a Lease who will continue in occupancy as a
     tenant on the Closing Date, except with the written consent of Buyer (which
     consent shall not be unreasonably withheld or delayed). Prior to the
     expiration of the Due Diligence Period, Seller shall give notice to Buyer
     of (i) any new Lease or modification or extension of any existing Lease
     which occurs during the Due Diligence Period, and provide to Buyer a copy
     thereof, and (ii) any application or retention of any security deposit (or
     portion thereof) made with respect to any tenant under a Lease.

11.  RISK OF LOSS.
     ------------

     11.1 Condemnation. If, prior to the Closing, all or any "Material Portion"
          ------------
     (as hereinafter defined) of the Property is taken by condemnation or
     eminent domain (or is the subject of a pending or contemplated taking which
     has not been consummated), Seller shall immediately notify Buyer of such
     fact. In such event, Buyer shall have the option to terminate this
     Agreement upon written notice to Seller given not later than thirty (30)
     days after receipt of such notice from Seller. Upon such termination,
     Escrow Agent shall return the Deposit to Buyer, which shall be distributed
     to Seller, the parties shall equally share the cancellation charges of
     Escrow Agent and Title Company, if any, and neither party shall have any
     further rights or obligations hereunder, other than pursuant to any
     provision hereof which expressly

                                                                         Page 20

<PAGE>

     survives the termination of this Agreement. Buyer shall have no right to
     terminate this Agreement as a result of any taking of any portion of the
     Property that is not a Material Portion. If Buyer does not elect or has no
     right to terminate this Agreement, Seller shall assign and turn over to
     Buyer, and Buyer shall be entitled to receive and keep, all awards for the
     taking by condemnation and Buyer shall be deemed to have accepted the
     Property subject to the taking without reduction in the Purchase Price. As
     used herein, the term "Material Portion" shall mean (a) any portion having
                            ----------------
     a value in excess of $300,000.00, or (b) any taking which reduces the
     parking available to the Property to be less than that required under the
     Leases (if any) or under applicable zoning laws. The provisions of this
     Section 11.1 shall survive the Closing.

     11.2 Casualty. Prior to the Closing and notwithstanding the pendency of
          --------
     this Agreement, the entire risk of loss or damage by earthquake, flood,
     landslide, fire, "Environmental Contamination" (as hereinafter defined) or
     other casualty shall be borne and assumed by Seller. If, prior to the
     Closing, any "Material Damage" (as hereinafter defined) occurs to any
     portion of the Property as a result of any earthquake, flood, landslide,
     fire, Environmental Contamination or other casualty, Seller shall
     immediately notify Buyer of such fact. In such event, Buyer shall have the
     option to terminate this Agreement in the same manner as provided in
     Section 11.1 above upon written notice to Seller given not later than
     thirty (30) days after receipt of any such notice from Seller. Buyer shall
     have no right to terminate this Agreement as a result of any damage or
     destruction of any portion of the Property that does not constitute
     Material Damage. If Buyer does not elect or has no right to terminate this
     Agreement, Seller shall assign and turn over, and Buyer shall be entitled
     to receive and keep, any insurance proceeds payable with respect to such
     damage or destruction (which shall then be repaired or not at Buyer's
     option and cost) together with the amount of the deductible payable by
     Seller in connection therewith (which shall be credited to Buyer against
     the payment of the Purchase Price at Closing), and the parties shall
     proceed to the Closing pursuant to the terms hereof without modification of
     the terms of this Agreement. If Buyer does not elect or has no right to
     terminate this Agreement by reason of any casualty, Buyer shall have the
     right to participate in any adjustment of the insurance claim. As used
     herein, the term "Environmental Contamination means the disposal, leaking
                       ---------------------------
     or other presence or release into the environment of any chemicals,
     pollutants, contaminants, wastes or toxic or hazardous substances in, at,
     on, under or about the Property, from any location, forming the basis of a
     violation of any applicable federal, state or local law or regulation
     relating to pollution or protection of the environment. As used herein, the
     term "Material Damage" shall mean damage or destruction (a) the cost of
           ---------------
     repair or remediation of which exceeds $300,000.00, or (b) entitles any
     Major Tenant to terminate its Lease.

12.  REMEDIES.
     --------

     12.1 Liquidated Damages. IN THE EVENT THAT THE ESCROW AND THIS TRANSACTION
          ------------------
     FAIL TO CLOSE AS A RESULT OF THE DEFAULT OF BUYER IN THE PERFORMANCE OF ITS
     OBLIGATIONS UNDER THIS AGREEMENT, BUYER AND SELLER AGREE THAT SELLER'S
     ACTUAL DAMAGES WOULD BE IMPRACTICABLE OR EXTREMELY DIFFICULT TO FIX. THE
     PARTIES THEREFORE AGREE THAT IN THE EVENT THAT THE ESCROW AND THIS
     TRANSACTION FAIL TO CLOSE AS A RESULT OF THE DEFAULT OF BUYER IN

                                                                         Page 21

<PAGE>

     THE PERFORMANCE OF ITS OBLIGATIONS HEREUNDER, SELLER, AS SELLER'S SOLE AND
     EXCLUSIVE REMEDY, IS ENTITLED TO LIQUIDATED DAMAGES IN THE AMOUNT OF THE
     DEPOSIT. IN THE EVENT THAT THE ESCROW FAILS TO CLOSE AS A RESULT OF BUYER'S
     DEFAULT, THEN (A) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF BUYER
     AND SELLER HEREUNDER AND THE ESCROW CREATED HEREBY SHALL TERMINATE, (B)
     ESCROW AGENT SHALL, AND IS HEREBY AUTHORIZED AND INSTRUCTED TO, RETURN
     PROMPTLY TO BUYER AND SELLER ALL DOCUMENTS AND INSTRUMENTS TO THE PARTIES
     WHO DEPOSITED THE SAME, (C) ESCROW AGENT SHALL DELIVER THE DEPOSIT TO
     SELLER PURSUANT TO SELLER'S INSTRUCTIONS, AND THE SAME SHALL BE THE FULL,
     AGREED AND LIQUIDATED DAMAGES, AND (D) ALL TITLE AND ESCROW CANCELLATION
     CHARGES, IF ANY, SHALL BE CHARGED TO BUYER; PROVIDED, HOWEVER, THAT THE
     FOREGOING SHALL NOT LIMIT SELLER'S RIGHTS OR REMEDIES WITH RESPECT TO (1)
     THE OBLIGATIONS OF BUYER UNDER SECTIONS 4 AND 13 HEREOF AND (2) THOSE
     RIGHTS AND OBLIGATIONS THAT, BY THEIR TERMS, SURVIVE THE TERMINATION OF
     THIS AGREEMENT.

     12.2 Default by Seller. In the event that the Closing fails to occur as a
          -----------------
     result of the default of Seller in the performance of its obligations under
     this Agreement, then, upon notice by Buyer to Seller and Escrow Agent to
     that effect, (a) Escrow Agent shall return the Deposit to Buyer and (b)
     Buyer shall, as its sole remedy, elect to either (i) terminate this
     Agreement, in which event Seller shall reimburse Buyer for its reasonable
     out-of-pocket expenses (including, without limitation, reasonable
     attorneys' fees, charges and disbursements) incurred in connection with the
     negotiation of this Agreement and Buyer's due diligence efforts (provided
     that the amount of such reimbursement shall not exceed $25,000.00) or (ii)
     seek the specific performance of this Agreement. Notwithstanding anything
     to the contrary contained herein, neither Seller nor Buyer shall be in
     default with respect to any of its obligations hereunder unless and until
     (y) it receives written notice from the other party specifying such default
     and (z) it fails to cure such default within five (5) Business Days after
     receipt of such notice.

13.  BROKERS.
     -------

     Buyer and Seller each hereby represent, warrant to and agree with each
other that it has not had, and shall not have, any dealings with any third party
to whom the payment of any broker's fee, finder's fee, commission or other
similar compensation ("Commission") shall or may become due or payable in
                       ----------
connection with the transaction contemplated hereby, other than (a) Transwestern
Commercial Services (the "Broker") and Triple Net Properties Realty, Inc.
                          ------
("Buyer's Broker"). Seller hereby agrees to pay any Commission due and payable
  --------------
to the Broker in connection with the transaction contemplated hereby pursuant to
its separate agreement with the Broker, and to pay to Buyer's Broker at the
Closing a commission of $250,000.00, provided, however, in no event shall
Buyer's Broker be entitled to payment of a Commission if the Closing shall fail
to occur for any reason. Seller shall indemnify, defend, protect and hold Buyer
harmless from and against any and all Claims incurred by Buyer by reason of any
breach or inaccuracy of the representation, warranty and agreement of Seller
contained in this Section 13. Buyer shall indemnify, defend, protect and hold
Seller harmless from and against any and all Claims incurred by Seller by reason
of any breach or

                                                                         Page 22

<PAGE>

inaccuracy of the representation, warranty and agreement of Buyer contained in
this Section 13. The provisions of this Section 13 shall survive the Closing or
earlier termination of this Agreement.

14.  MISCELLANEOUS PROVISIONS.
     -------------------------

     14.1 Governing Law. This Agreement and the legal relations between the
          -------------
     parties hereto shall be governed by and construed and enforced in
     accordance with the laws of the State of Texas, without regard to its
     principles of conflicts of law.

     14.2 Entire Agreement. This Agreement, including the exhibits attached
          ----------------
     hereto, constitutes the entire agreement between Buyer and Seller
     pertaining to the subject matter hereof and supersedes all prior
     agreements, understandings, letters of intent, negotiations and
     discussions, whether oral or written, of the parties, and there are no
     warranties, representations or other agreements, express or implied, made
     to either party by the other party in connection with the subject matter
     hereof except as specifically set forth herein or in the documents
     delivered pursuant hereto or in connection herewith.

     14.3 Modification; Waiver. No supplement, modification, waiver or
          --------------------
     termination of this Agreement shall be binding unless executed in writing
     by the party to be bound thereby. No waiver of any provision of this
     Agreement shall be deemed or shall constitute a waiver of any other
     provision hereof (whether or not similar), nor shall such waiver constitute
     a continuing waiver unless otherwise expressly provided.

     14.4 Notices. All notices, consents, requests, reports, demands or other
          -------
     communications hereunder (collectively, "Notices") shall be in writing and
                                              -------
     may be given personally, by registered or certified mail, by telecopy or by
     Federal Express (or other reputable overnight delivery service)

     To Buyer:           Triple Net Properties, L.L.C.
                         1551 North Tustin Avenue
                         Suite 650
                         Santa Ana, CA 92705
                         Attention: Anthony W. Thompson
                         Telephone: (714) 667-8252
                         Telecopy:  (714) 667-6860

     With a copy to:     Hirschler Fleischer
                         The Federal Reserve Bank Building
                         701 E. Byrd Street
                         Richmond, VA 23219
                         Attention: Louis J. Rogers
                         Telephone: (804) 771-9567
                         Telecopy:  (804) 644-0957

                                                                         Page 23

<PAGE>

     To Seller:          United States Fidelity and Guaranty Company
                         c/o St. Paul Properties, Inc.
                         385 Washington St. MC 511A
                         St. Paul, MN 55102
                         Attention: Mr. Robert O'Leary
                         Telephone: (651)310-6095
                         Telecopy: (651) 310-2124

     With a copy to:     Jackson Walker L.L.P.
                         112 E. Pecan Street, Suite 2100
                         San Antonio, Texas 78205
                         Attn: Eileen E. Sommer
                         Telephone: (210) 978-7784
                         Telecopier: (210) 978-7790

     To Escrow Agent:    Commonwealth Land Title Insurance Company
                         350 Commerce, Suite 150
                         Irving, CA 92602
                         Attention: Michelle Mesh
                         Telephone: (714) 368-3209
                         Telecopy: (714) 835-4201

     or to such other address or such other person as the addressee party shall
     have last designated by notice to the other party. All Notices shall be
     deemed to have been given when received. All Notices given by telecopy
     shall be followed by the delivery of a hard copy of such Notice, provided
     that such Notice shall be deemed to have been given when received by
     telecopy.

     14.5 Expenses. Subject to the provision for payment of the Closing Costs in
          --------
     accordance with the terms of Section 7.6 hereof and any other provision of
     this Agreement, whether or not the transaction contemplated by this
     Agreement shall be consummated, all fees and expenses incurred by any party
     hereto in connection with this Agreement shall be borne by such party.

     14.6 Assignment. Neither all nor any portion of either party's interest
          ----------
     under this Agreement may be sold, assigned, encumbered, conveyed, or
     otherwise transferred, whether directly or indirectly, voluntarily or
     involuntarily, or by operation of law or otherwise (including, without
     limitation, by a transfer of interests in such party) (collectively, a
     "Transfer"), without the prior written consent of the other party hereto,
      --------
     which consent may be granted or denied in its sole and absolute discretion.
     Any attempted Transfer without such consent Shall be null and void. No
     Transfer, whether with or without consent, shall operate to release the
     party requesting a Transfer or alter such party's primary liability to
     perform its obligations under this Agreement. Notwithstanding the
     foregoing, Buyer shall have the right, power and authority to assign all or
     any portion of this Agreement or its rights hereunder or to delegate any
     duties or obligations rising under this Agreement, voluntarily or
     involuntarily, or by operation of law, without Seller's consent, to either
     an affiliate of Buyer

                                                                         Page 24

<PAGE>

     or an entity managed by Buyer; provided, however, that no such assignment
     or delegation shall relieve Buyer of its obligations or liabilities under
     this Agreement.

     14.7 Severability. Any provision or part of this Agreement which is invalid
          ------------
     or unenforceable in any situation in any jurisdiction shall, as to such
     situation and such jurisdiction, be ineffective only to the extent of such
     invalidity and shall not affect the enforceability of the remaining
     provisions hereof or the validity or enforceability of any such provision
     in any other situation or in any other jurisdiction.

     14.8 Successors and Assigns, Third Parties. Subject to and without waiver
          -------------------------------------
     of the provisions of Section 14.6 hereof, all of the rights, duties,
     benefits, liabilities and obligations of the parties shall inure to the
     benefit of, and be binding upon, their respective successors and assigns,
     Except as specifically set forth or referred to herein, nothing herein
     expressed or implied is intended or shall be construed to confer upon or
     give to any person or entity, other than the parties hereto and their
     successors or permitted assigns, any rights or remedies under or by reason
     of this Agreement.

     14.9 Counterparts. This Agreement may be executed in as many counterparts
          ------------
     as may be deemed necessary and convenient, and by the different parties
     hereto on separate counterparts, each of which, when so executed, shall be
     deemed an original, but all such counterparts shall constitute one and the
     same instrument.

     14.10 Headings. The section headings of this Agreement are for convenience
           --------
     of reference only and shall not be deemed to modify, explain, restrict,
     alter or affect the meaning or interpretation of any provision hereof.

     14.11 Time of Essence. Time shall be of the essence with respect to all
           ---------------
     matters contemplated by this Agreement.

     14.12 Further Assurances. In addition to the actions recited herein and
           ------------------
     contemplated to be performed, executed, and/or delivered by Seller and
     Buyer, Seller and Buyer agree to perform, execute and/or deliver or cause
     to be performed, executed and/or delivered at the Closing or after the
     Closing any and all such further acts, instruments, deeds and assurances as
     may be reasonably required to consummate the transaction contemplated
     hereby. The provisions of this Section 14.12 shall survive the Closing.

     14.13 Number and Gender. Whenever the singular number is used, and when
           -----------------
     required by the context, the same includes the plural, and the masculine
     gender includes the feminine and neuter genders.

     14.14 Construction. This Agreement shall not be construed more strictly
           ------------
     against one party hereto than against any other party hereto merely by
     virtue of the fact that it may have been prepared by counsel for one of the
     parties.

     14.15 Exhibits. All exhibits attached hereto are hereby incorporated by
           --------
     reference as though set out in full herein.

                                                                         Page 25

<PAGE>

     14.16 Attorneys' Fees. In the event that either party hereto brings an
           ---------------
     action or proceeding against the other party to enforce or interpret any of
     the covenants, conditions, agreements or provisions of this Agreement, the
     prevailing party in such action or proceeding shall be entitled to recover
     all costs and expenses of such action or proceeding, including, without
     limitation, attorneys' fees, charges, disbursements and the fees and costs
     of expert witnesses.

     14.17 Business Days. As used herein, the term "Business Day" shall mean a
           -------------                            ------------
     day that is not a Saturday, Sunday or legal holiday in San Antonio, Texas.
     In the event that the date for the performance of any covenant or
     obligation under this Agreement shall fall on a Saturday, Sunday or legal
     holiday, the date for performance thereof shall be extended to the next
     Business Day.

     14.18 Early Termination. In the event that this Agreement is terminated
           -----------------
     pursuant to the terms hereof, this Agreement and all of the provisions
     hereof shall be of no further force or effect and neither party shall have
     any further rights or obligations hereunder, other than pursuant to any
     provision hereof which expressly survives the termination of this
     Agreement.

     14.19 Waiver of Known Defaults. Notwithstanding anything to the contrary
           ------------------------
     contained herein, in the event that either party hereto has actual
     knowledge of the default of the other party (a "Known Default"), but
                                                     -------------
     nonetheless elects to consummate the transaction contemplated hereby and
     proceeds to Closing, then the rights and remedies of the non-defaulting
     party shall be waived with respect to any such Known Default upon the
     Closing and the defaulting party shall have no liability with respect
     thereto.

     14.20 DTPA WAIVER. BUYER HEREBY WAIVES ANY RIGHTS THAT IT MAY HAVE UNDER
           ------------
     THE TEXAS DECEPTIVE TRADE PRACTICES AND CONSUMER PROTECTION ACT (SECTION
     17.41 ET. SEQ. OF THE TEXAS BUSINESS AND COMMERCE CODE), A LAW THAT GIVES
     CONSUMERS SPECIAL RIGHTS AND PROTECTIONS, EXCEPT SECTION 17.555 THEREOF.
     BUYER WARRANTS AND REPRESENTS TO SELLER THAT BUYER IS NOT IN A
     SIGNIFICANTLY DISPARATE BARGAINING POSITION, THAT IT IS REPRESENTED BY
     LEGAL COUNSEL OF ITS OWN SELECTION, THAT IT IS A BUSINESS CONSUMER WITH
     ASSETS OF $25,000,000 OR MORE ACCORDING TO ITS MOST RECENT FINANCIAL
     STATEMENT PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING
     PRINCIPLES AND THAT BUYER HAS KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND
     BUSINESS MATTERS THAT ENABLE IT TO EVALUATE THE MERITS AND RISKS OF A
     TRANSACTION, AND THAT IT VOLUNTARILY CONSENTS TO THIS WAIVER AFTER
     CONSULTATION WITH AN ATTORNEY OF ITS OWN SELECTION.

     14.21 Texas Real Estate License Act. The Texas Real Estate License Act
           -----------------------------
     requires written notice to Buyer that it should have an attorney examine an
     abstract of title to the property being purchased or obtain a title
     insurance policy. Notice to that effect is, therefore, hereby given to
     Buyer.

                                                                         Page 26

<PAGE>

     14.22 Exchange. At the exchanging party's sole cost and expense, Seller
           --------
     and/or Buyer may structure and consummate the sale and/or purchase of the
     Property as part of a like-kind exchange (an "Exchange") intended to
     qualify under (S) 1031 of the Internal Revenue Code of 1986, as amended,
     provided that: (a) the Closing shall not be delayed or affected by reason
     of an Exchange; (b) Seller and/or Buyer shall effect an Exchange through an
     assignment of this Agreement, and its rights under this Agreement, to a
     qualified intermediary; and (c) Seller and/or Buyer shall not be required
     to take an assignment of the agreement relating to the exchange property or
     be required to acquire or hold title to any real property for purposes of
     consummating the other party's Exchange. Seller and/or Buyer shall
     cooperate fully and promptly with the other party's conduct of the
     Exchange, provided that all costs and expenses generated in connection with
     the Exchange shall be borne solely by the exchanging party. If Seller
     and/or Buyer uses a qualified intermediary to effectuate the Exchange, any
     assignment of the rights or obligations of Seller and/or Buyer hereunder
     shall not relieve, release or absolve its obligations to the other party.
     Seller and/or Buyer shall indemnify and hold harmless the other party from
     and against any and all liability arising from and out of their respective
     Exchanges.

     14.23 Confidentiality. Buyer and/or Seller shall not disclose the terms and
           ---------------
     conditions contained in this Agreement, shall keep the same confidential,
     provided that Buyer and/or Seller may disclose the terms and conditions of
     this Agreement (i) as required by law, (ii) to consummate the terms of this
     Agreement, or any financing relating thereto, or (iii) to Buyer's and/or
     Seller's lenders, attorneys and accountants.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

                                    BUYER:

                                    Triple Net Properties, L.L.C.,
                                    a Virginia limited liability company

                                    By: /s/ Anthony W. Thompson
                                        ----------------------------------------
                                        Anthony W. Thompson
                                        President

                                    SELLER:

                                    United States Fidelity and Guaranty Company,
                                    a Maryland corporation

                                    By:
                                        ----------------------------------------
                                        Robert O'Leary
                                        Authorized Signatory

                                                                         Page 27

<PAGE>

     14.22 Exchange. At the exchanging party's sole cost and expense, Seller
           --------
     and/or Buyer may structure and consummate the sale and/or purchase of the
     Property as part of a like-kind exchange (an "Exchange") intended to
     qualify under (S) 1031 of the Internal Revenue Code of 1986, as amended,
     provided that: (a) the Closing shall not be delayed or affected by reason
     of an Exchange; (b) Seller and/or Buyer shall effect an Exchange through an
     assignment of this Agreement, and its rights under this Agreement, to a
     qualified intermediary; and (c) Seller and/or Buyer shall not be required
     to take an assignment of the agreement relating to the exchange property or
     be required to acquire or hold title to any real property for purposes of
     consummating the other party's Exchange. Seller and/or Buyer shall
     cooperate fully and promptly with the other party's conduct of the
     Exchange, provided that all costs and expenses generated in connection with
     the Exchange shall be borne solely by the exchanging party. If Seller
     and/or Buyer uses a qualified intermediary to effectuate the Exchange, any
     assignment of the rights or obligations of Seller and/or Buyer hereunder
     shall not relieve, release or absolve its obligations to the other party.
     Seller and/or Buyer shall indemnify and hold harmless the other party from
     and against any and all liability arising from and out of their respective
     Exchanges.

     14.23 Confidentiality. Buyer and/or Seller shall not disclose the terms and
           ---------------
     conditions contained in this Agreement, shall keep the same confidential,
     provided that Buyer and/or Seller may disclose the terms and conditions of
     this Agreement (i) as required by law, (ii) to consummate the terms of this
     Agreement, or any financing relating thereto, or (iii) to Buyer's and/or
     Seller's lenders, attorneys and accountants.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

                                    BUYER:

                                    Triple Net Properties, L.L.C.,
                                    a Virginia limited liability company

                                    By:
                                        ----------------------------------------
                                        Anthony W. Thompson
                                        President

                                    SELLER:

                                    United States Fidelity and Guaranty Company,
                                    a Maryland corporation

                                    By: /s/ Robert O'Leary
                                        ----------------------------------------
                                        Robert O'Leary
                                        Authorized Signatory

                                                                         Page 27

<PAGE>

ESCROW AGENT:

The undersigned Escrow Agent hereby accepts the foregoing Purchase and Sale
Agreement and agrees to act as Escrow Agent under this Agreement in strict
accordance with its terms.

Commonwealth Land Title Insurance Company

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

                                                                         Page 28

<PAGE>

                                LIST OF EXHIBITS
                                ----------------

EXHIBIT "A"   LEGAL DESCRIPTION

EXHIBIT "B"   SPECIAL WARRANTY DEED

EXHIBIT "C"   SCHEDULE OF SERVICE CONTRACTS

EXHIBIT "D"   ASSIGNMENT OF LEASES

EXHIBIT "E"   BILL OF SALE

EXHIBIT "F"   NON-FOREIGN AFFIDAVIT

EXHIBIT "G"   SCHEDULE OF LEASES

EXHIBIT "H"   MAJOR TENANTS

                                                                         Page 29

<PAGE>

                                  EXHIBIT "A"
                                  -----------

                               LEGAL DESCRIPTION

FEE TRACTS:
-----------

TRACT I: A 2.034 acre, or 88,621 square feet, tract of land, more or less, out
of Lots 11, 12 and 13, of New City Block 12167 of the City of San Antonio, Bexar
County, Texas, out of the plat attached to deed recorded in Volume 2298, Page
532 of the Deed Records of Bexar County, Texas, said 2.034 acres being more
particularly described in Exhibit "A-1", attached hereto and made a part hereof.

TRACT II: Lot 14, New City Block 12168, NBC 2 SUBDIVISION, in the City of San
Antonio, Bexar County, Texas, according to plat thereof recorded in Volume 9502,
Pages 86-87, Deed and Plat Records of Bexar County, Texas.

TRACT III: Lot 15, New City Block 12168, NBC 2 SUBDIVISION, in the City of San
Antonio, Bexar County, Texas, according to plat thereof recorded in Volume 9502,
Pages 86-87, Deed and Plat Records of Bexar County, Texas.

EASEMENT TRACT:
---------------

TRACT IV: The easement rights provided by instrument recorded in Volume 2671,
Page 1124, Real Property Records of Bexar County, Texas, as further conveyed by
instrument recorded in Volume 7368, Page 851, Real Property Records of Bexar
County, Texas, over and across a 0.241 acre, or 10,502 square foot, tract of
land out of Lot 13, New City Block 12168, NBC 1 SUBDIVISION, in the City of San
Antonio, Bexar County, Texas, according to plat thereof recorded in Volume 9400,
Page 134, Deed and Plat Records of Bexar County, Texas, said 0.241 acre tract
being more particularly described in Exhibit "A-2", attached hereto and made a
part hereof.

                                                              EXHIBIT A - Page 1

<PAGE>

                                  EXHIBIT "A-1"
                                  -------------

                                     TRACT I

     BEGINNING at a 1/2 inch iron rod with yellow cap marked "Pape-Dawson" found
in the northwest right-of-way line of Vicar Drive, at this point being 55' in
width, for the south corner of said Lot 11;

     THENCE North 51DEG.15'44" West, departing said northwest line at 5.00' past
the East corner of Lot 26, New City Block 12167, Business Center Subdivision as
recorded in Volume 5580, Page 106 of the Deed and Plat Records of Bexar County,
Texas, in all a distance of 266.07' to a set 1/2 inch iron rod with Vickrey &
Associates property cap in the easterly line of Perrin-Beitel Creek, a variable
width drainage right-of-way as shown on the plat of Harry Kirsner Subdivision,
recorded in Volume 9300, Page 106 of said Records, for the northeast corner of
said Lot 26, the northwest corner of said Lot 11;

     THENCE North 05DEG.01'55" West, a distance of 126.05' to a set 1/2 inch
iron rod with Vickrey & Associates property cap for the northwest corner of said
Lot 12, the northeast corner of said Lot 11;

     THENCE North 11DEG. 22' 51" West, a distance of 65.47' to a set 1/2 inch
iron rod with Vickrey & Associates property cap for the northernmost corner of
said Lot 12, an angle point of said drainage right-of-way;

     THENCE North 89DEG.24'48" East, continuing along and with said drainage
right-of-way, a distance of 79.66' to a found 3/4 inch iron rod for the
southwest corner of Lot 4, New City Block 12168, N. E. Loop 410 Subdivision, as
recorded in Volume 7800, Page 60 of the aforementioned Records, for the
northeast corner of said Lot 12, the northwest corner of said Lot 13;

     THENCE South 89DEG.47'14" East, departing said right-of-way, along and with
the common line of said Lots 4 and 13, a distance of 152.88' to a set 1/2 inch
iron rod with Vickrey & Associates property cap for the northwest corner of Lot
36, New City Block 12167, Austin Highway/Vicar Dr. Subdivision, Unit II as
recorded in Volume 8200, Page 128 of said Records, same being the northeast
corner of said Lot 13;

     THENCE South 51DEG.34'15" East, along the common line of Lots 36 and 13, at
a distance of 208.29' past the southwest corner of said Lot 36, in all a
distance of 213.29' to a set 1/2 inch iron rod with Vickrey & Associates
property corner cap in the northwesterly right-of-way line of Vicar Drive for
the southeast corner of said Lot 13;

     THENCE South 36DEG.53'51" West, 280.00' along said northwesterly
right-of-way line of Vicar Drive to the POINT OF BEGINNING and containing 2.034
acres (88,621 square feet) of land.

                                                              EXHIBIT A - Page 2

<PAGE>

                                  EXHIBIT "A-2"
                                  -------------

                               TRACT IV (EASEMENT)

     BEGINNING at a found "x" in concrete in the east right-of-way line of
Perrin-Beitel Road (a variable right-of-way) at the south most corner of said
Lot 13;

     THENCE N 13DEG.03'31" W,12.50' along the east right-of-way line of
Perrin-Beitel Road to a set 1/2" iron rod with a Vickrey & Associates property
end cap;

     THENCE, N 76DEG.56'29" E, 304.20' to a set 1/2 iron rod with a Vickrey &
Associates property end cap;

     THENCE N 13DEG.03'31" W, 205.00' to a set 1/2" iron rod with a Vickrey &
Associates property end cap;

     THENCE S 76DEG.56'29" W, 305.98' to a point in the east right-of-way line
of said Perrin-Beitel Road and a set 1/2" iron rod with a Vickrey & Associates
property end cap;

     THENCE N 13DEG.03'31" W, 12.50' along the east right-of-way line of
Perrin-Beitel Road to a set 1/2" iron rod with a Vickrey & Associates property
end cap;

     THENCE N 76DEG.56'29" E, 318.48' along the northwest line of said Lot 13 to
a found nail and cap;

     THENCE S 13DEG.03'31" E, 230.00' along the northeast line of said Lot 13 to
a found nail and cap;

     THENCE S 76DEG.56'29" W, 316.70' along the southeast line of said Lot 13 to
the POINT OF BEGINNING and containing 0.241 acres (10,502 sq. ft.) of land.

                                                              EXHIBIT A - Page 3

<PAGE>

                                   EXHIBIT "B"
                                   -----------

                              SPECIAL WARRANTY DEED

THE STATE OF TEXAS            (S)
                              (S)
COUNTY OF BEXAR               (S)

     That UNITED STATES FIDELITY AND GUARANTY COMPANY, a Maryland corporation
("Grantor"), for and in consideration of Ten and No/100 Dollars ($10.00) and
  -------
other good and valuable consideration, the sufficiency of which is hereby
acknowledged and confessed, has GRANTED and CONVEYED, and by these presents does
GRANT and CONVEY unto TRIPLE NET PROPERTIES, L.L.C., a Virginia limited
liability company ("Grantee"), its successors and assigns forever, all those
                    -------
certain lots, tracts or parcels of land in Bexar County, Texas, more
particularly described on Exhibit A attached hereto and incorporated herein by
                          ---------
this reference for all purposes, together with all the improvements, structures
and fixtures situated thereon, and all appurtenances, rights and privileges
thereunto attached or in anywise belonging (the "Property");
                                                 --------

     EXCEPT THAT, this conveyance is expressly made subject to the Permitted
Exceptions described in Exhibit B hereto, to the extent the same are validly
                        ---------
existing and applicable to the Property (the "Permitted Encumbrances")
                                              ----------------------

     TO HAVE AND TO HOLD the above described premises unto the said GRANTEE, its
successors and assigns forever, and the GRANTOR does hereby bind itself, its
successors and assigns to forever warrant and defend said premises unto the said
GRANTEE, its successors and assigns against the lawful claims of any person now
claiming or to claim the same or any part thereof by through or under Grantor,
but not otherwise, subject only to the Permitted Encumbrances.

     In addition, Grantor hereby conveys to Grantee, for the same consideration
set forth above and subject to the same consideration set forth above and
subject to the Permitted Encumbrances, all of Grantor's right, title and
interest, if any, in and to adjacent streets, alleys, rights-of-way and strips
and gores of land abutting or adjoining the Property.

     EXCEPT AS TO THE SPECIAL WARRANTY OF TITLE SET FORTH ABOVE, IT IS EXPRESSLY
UNDERSTOOD AND AGREED THAT THE GRANT AND CONVEYANCE OF THE PROPERTY IS "AS-IS",
"WHERE-IS" AND "WITH ALL FAULTS" OF ANY KIND INCLUDING BUT NOT LIMITED TO ANY
MATTER, FACT OR CONDITION PERTAINING TO OR AFFECTED BY ANY APPLICABLE LAW, RULE
OR REGULATION PERTAINING TO WATER, AIR, WASTE OR ENVIRONMENTAL PROTECTION
(WHETHER ABOVE, WITHIN, UNDER OR ADJACENT TO THE PROPERTY). GRANTOR HAS NOT MADE
AND DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, AND
EXPRESSLY DISCLAIMS WARRANTIES, EXPRESS OR IMPLIED, AS TO THE FITNESS,
ENVIRONMENTAL COMPLIANCE, HANDICAPPED ACCESSIBILITY LAW COMPLIANCE,
ELECTROMAGNETIC FIELD EXPOSURE LEVELS, AREA, CONDITION, QUALITY, QUANTITY,
CHARACTER, SIZE, VALUE OF THE PROPERTY OR IMPROVEMENTS THEREON, EXPENSES,
DESCRIPTION, MERCHANTABILITY OR HABITABILITY OF THE

                                                               EXHIBIT B -Page 1

<PAGE>

PROPERTY, FITNESS OF THE PROPERTY FOR A PARTICULAR PURPOSE OR OTHERWISE.
GRANTEE, BY ITS ACCEPTANCE HEREOF, DOES HEREBY RELEASE AND FOREVER DISCHARGE
GRANTOR, ITS OFFICERS, DIRECTORS AND TRUSTEES AND THEIR RESPECTIVE AGENTS,
EMPLOYEES, SUCCESSORS AND ASSIGNEES FROM ANY AND ALL CLAIMS, OBLIGATIONS AND
LIABILITIES (WHETHER BASED IN TORT, UNDER CONTRACT OR OTHERWISE) ATTRIBUTABLE,
IN WHOLE OR IN PART, TO ANY SUCH REPRESENTATION (OTHER THAN THE SPECIAL WARRANTY
OF TITLE SET FORTH HEREIN) AND/OR ALLEGED REPRESENTATION.

     Grantee, by its acceptance hereof, hereby assumes payment of all standby
charges, ad valorem real estate taxes and assessments with respect to the 2001
calendar year and subsequent calendar years not yet due and payable, each to the
extent attributable to all or any portion of the Property.

Grantee's address:
                   -----------------------

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

     Executed as of         day of                      , 2001.
                    -------        ---------------------

                                             UNITED STATES FIDELITY AND GUARANTY
                                             COMPANY, a Maryland corporation

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

THE STATE OF                      (S)
            -----------------
                                  (S)
COUNTY OF                         (S)
          -------------------

     This instrument was acknowledged before me on the          day
                                                       -------
of                      , 2001 by
   ---------------------          ----------------------------------------------
of United States Fidelity and Guaranty Company, a Maryland corporation.

     GIVEN UNDER MY HAND AND SEAL OF OFFICE this the        day of
                                                     ------        -------------
, 2001.

                               -------------------------------------------------
                               Notary Public in and for the State of
                                                                     -----------

                                                               EXHIBIT B -Page 2

<PAGE>

                                   EXHIBIT "C"
                                   -----------

                          SCHEDULE OF SERVICE CONTRACTS

--------------------------------------------------------------------------------
                                 Titan Building
                            Vendor Contracts Listing
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                            Contract     Contract
Vendor                                Type of Service       Start Date   End Date    Description
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                <C>                      <C>          <C>         <C>
2 Gus Enterprise                   Pressure Washing         01/01/00                 Cancelable with 30 days written notice.
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     Cancelable with written notice 30 days before
ADT Security Systems               Fire alarm               06/01/01     05/31/02    anniversary date.
-----------------------------------------------------------------------------------------------------------------------------------
Bill Jerman                        Security Patrol-Bys      01/12/93                 Cancelable with 30 days written notice.
-----------------------------------------------------------------------------------------------------------------------------------
Brandt Engineering Co., Inc.       HVAC Maintenance         07/01/94                 Cancelable with 30 days written notice.
-----------------------------------------------------------------------------------------------------------------------------------
Burns International Security Svc   Security                 02/15/98                 Cancelable with 90 days written notice.
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     Cancelable with written notice 30 days before
Ex-Pest Exterminators, Inc.        Pest Control             03/03/97                 anniversary date.
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     Cancelable with written notice 30 days before
Grounds Control, Inc.              Exterior Landscaping     01/01/95                 anniversary date.
-----------------------------------------------------------------------------------------------------------------------------------
                                   Interior Landscaping
                                   Lease & Maint.
Plant Interscapes, Inc.            Agreement                08/17/99                 Cancelable with 30 days written notice.
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                     NO CONTRACT ON FILE. We will sign a new
                                   Janitorial Service and                            one with current rates once building sells (or
Sanitors, Inc.                     Day Porter                                        doesn't).
-----------------------------------------------------------------------------------------------------------------------------------
Thyssen Dover Elevator, Inc.       Elevator Maintenance     03/01/96                 Cancelable with 30 days written notice.
-----------------------------------------------------------------------------------------------------------------------------------
Waste Management                   Refuse Removal           04/30/01                 Cancelable with 30 days written notice.
-----------------------------------------------------------------------------------------------------------------------------------
Worth Hydrochem                    Water Treatment          04/30/96                 Cancelable with 30 days written notice.
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                                               EXHIBIT C -Page 1

<PAGE>

                                   EXHIBIT "D"
                                   -----------

                              ASSIGNMENT OF LEASES

THE STATE OF TEXAS   (S)
                     (S)
COUNTY OF BEXAR      (S)

     UNITED STATES FIDELITY AND GUARANTY COMPANY, a Maryland corporation
("Seller"), hereby transfers, assigns and sets over unto TRIPLE NET PROPERTIES,
  ------
L.L.C., a Virginia limited liability company ("Buyer"), all of Seller's right,
                                               -----
title and interest, if any, in and to any and all leases and occupancy
agreements (the "Leases") with tenants demising space in the premises briefly
                 ------
described as 8200 Perrin Beitel and 2700 N.E. Loop 410, San Antonio, Texas, and
being further described in Exhibit A attached hereto and made a part hereof for
                           ---------
all purposes. The Leases are more particularly described on the rent roll
attached hereto as Exhibit B and made a part hereof for all purposes.
                   ---------

     TO HAVE AND TO HOLD the Leases, subject to all exceptions (collectively,
the "Permitted Exceptions") set forth in that certain special warranty deed
     --------------------
dated of even date hereof executed by Seller to Buyer, together with any and all
security and other tenant deposits and rights and appurtenances thereto in
anywise belonging to Seller, unto Buyer, its successors, legal representatives
and assigns FOREVER.

     Seller agrees to reimburse Buyer for any loss, cost, damage or expense
arising from or in connection with any liabilities or obligations of the
landlord under the Leases, including any liability for the payment of leasing or
other commissions attributable thereto, arising during Seller's period of
ownership (but not prior thereto), and Seller shall be solely liable for such
liabilities and obligations.

     Buyer assumes all Seller's obligations and liabilities under the Leases
from and after the date hereof, acknowledged receipt and sole liability for the
return of all security and other tenant deposits, and agrees to reimburse Seller
for any loss, cost, damage or expense arising from or in connection with any
liabilities or obligations of the landlord under the Leases, including any
liability for the payment of leasing or other commissions attributable thereto,
arising from and after the date hereof, and Buyer shall be solely liable for
such liabilities and obligations. This instrument may be executed in multiple
counterparts, each of which shall constitute one and the same instrument.

                                                              EXHIBIT D - Page 1

<PAGE>

     IN WITNESS WHEREOF, this instrument has been executed as of (but not
necessarily on) this         day of                      , 2001.
                     -------        ---------------------

                                       SELLER:
                                       ------

                                       UNITED STATES FIDELITY AND GUARANTY
                                       COMPANY, a Maryland corporation

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

                                       BUYER:
                                       -----

                                       TRIPLE NET PROPERTIES, L.L.C., a Virginia
                                       limited liability company

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

                                                              EXHIBIT D - Page 2

<PAGE>

                                   EXHIBIT "E"
                                   -----------

                     BILL OF SALE, ASSIGNMENT AND ASSUMPTION

     This BILL OF SALE, ASSIGNMENT AND ASSUMPTION (this "Bill of Sale") is made
                                                         ------------
and entered into as of the                day of                    , 2001, by
                           --------------        -------------------
and between UNITED STATES FIDELITY AND GUARANTY COMPANY, a Maryland corporation
("Seller"), and TRIPLE NET PROPERTIES, L.L.C., a Virginia limited liability
  ------
company ("Buyer").
          -----

                                 R E C I T A L S

     WHEREAS, Seller is the owner of that certain real property located in the
City of San Antonio, County of Bexar, State of Texas (the "Real Property"), as
                                                           -------------
more particularly described on Exhibit A attached hereto and incorporated herein
by reference for all purposes; and

     WHEREAS, Seller and Buyer have entered into that certain Purchase and Sale
Agreement, dated as of November     , 2001 (the "Purchase Agreement"), with
                                ----             ------------------
respect to, among other things, the acquisition of the "Personal Property" and
the "Intangible Property" (each as defined below), and certain other property;
and

     WHEREAS, the Purchase Agreement requires Seller to convey all of Seller's
right, title and interest in, to and under the Personal Property and the
Intangible Property to Buyer.

     NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Seller hereby agrees as follows:

                                A G R E E M E N T

     1. Unless the context otherwise requires, all capitalized terms used, but
not otherwise defined herein, shall have the meanings set forth for the same in
the Purchase Agreement.

     2. Seller does hereby unconditionally, absolutely, and irrevocably grant,
bargain, sell, transfer, assign, convey, set over and deliver unto Buyer all of
Seller's right, title and interest, if any, in and to the following, and Buyer
does hereby expressly assume, for itself and its successors, assigns and legal
representatives, all of Seller's obligations and liabilities, if any, fixed and
contingent, arising under the following:

          a. that certain tangible personal property, machinery, equipment and
     supplies owned by Seller and situated at the Real Property and used by
     Seller exclusively in connection with the use, operation, maintenance or
     repair of all or any portion of the Real Property as of the Closing Date,
     including, without limitation, all of the personal property described on
     Exhibit "C" attached hereto (collectively, the "Personal Property"); and
                                                     -----------------

          b. that certain intangible property owned by Seller and used by Seller
     exclusively in connection with all or any portion of the Real Property
     and/or the Personal

                                                              EXHIBIT E - Page 1

<PAGE>

     Property, including, without limitation, all of Seller's right, title and
     interest, if any, in and to: (i) the Service Contracts, all books, records,
     reports, test results, environmental assessments, if any, as-built plans,
     specifications and other similar documents and materials relating to the
     use, operation, maintenance, repair, construction or fabrication of all or
     any portion of the Real Property and/or the Personal Property; (ii) all
     transferable business licenses, architectural, site, landscaping or other
     permits, applications, approvals, authorizations and other entitlements
     affecting all or any portion of the Real Property and/or Personal Property;
     and (iii) all transferable guarantees, warranties and utility contracts
     relating to all or any portion of the Real Property (collectively, the
     "Intangible Property" and, together with the Personal Property, the
      -------------------
     "Property").
      --------

     3. The Property has been purchased by Buyer AS IS, WHERE IS and WITH ALL
FAULTS and Seller has not made, does not make, and hereby disclaims any
representations or warranties, expressed or implied, in this conveyance, or
otherwise, as to the quality, physical condition, assignability, title, or value
of the Property, INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

     4. Buyer expressly agrees to assume and hereby assumes all liabilities and
obligations of the Seller in connection with the Property and agrees to perform
all of the covenants and obligations of Seller thereunder. Buyer further agrees
to indemnify, defend and hold Seller harmless from and against any and all cost,
loss, harm or damage which may arise in connection with the Property, pertaining
to acts arising on or after the date hereof. Seller further agrees to indemnify,
defend and hold Buyer harmless from and against any and all cost, loss, harm or
damage which may arise in connection with the Property, pertaining to acts
arising prior to the date hereof.

     5. This Bill of Sale may be executed in multiple counterparts, each of
which shall be deemed an original but together shall constitute one and the same
instrument.

     6. This Bill of Sale shall inure to the benefit of, and be binding upon,
the parties hereto and their respective successors and assigns.

     7. This Bill of Sale and the legal relations between the parties hereto
shall be governed by and construed and enforced in accordance with the laws of
the State of Texas, without regard to its principles of conflicts of law.

                                                              EXHIBIT E - Page 2

<PAGE>

     IN WITNESS WHEREOF, this instrument has been executed as of (but not
necessarily on) this          day of              , 2001.
                     --------        -------------

                                       SELLER:
                                       ------

                                       UNITED STATES FIDELITY AND GUARANTY
                                       COMPANY, a Maryland corporation

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

                                       BUYER:
                                       -----

                                       TRIPLE NET PROPERTIES, L.L.C., a Virginia
                                       limited liability company

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

                                                              EXHIBIT E - Page 3

<PAGE>

                                   EXHIBIT "F"
                                   -----------

                              NON-FOREIGN AFFIDAVIT

THE STATE OF                              (S)
             -----------------------
                                          (S)
COUNTY OF                                 (S)
          --------------------------

     Section 1445 of the Internal Revenue Code provides that a transferee of a
U.S. real property interest must withhold tax if the transferor is a foreign
person. To inform TRIPLE NET PROPERTIES, L.L.C., a Virginia limited liability
company ("Transferee"), that withholding of tax is not required upon the
          ----------
disposition of a U.S. real property interest by UNITED STATES FIDELITY AND
GUARANTY COMPANY, a Maryland corporation, ("Transferor"), Transferor hereby
                                            ----------
certifies the following:

     1.   Transferor is not a foreign corporation, foreign partnership, foreign
          trust or foreign estate (as those terms are defined in the Internal
          Revenue Code and Income Tax Regulations);

     2.   Transferor's U.S. employer identification number is: 52-0515280; and

     3.   Transferor's office address is c/o The St. Paul Companies, Inc., 385
          Washington St., St. Paul MN 55102

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

     Under penalties of perjury, I declare that I have examined this
certification and to the best of my knowledge and believe it is true, correct
and complete, and I further declare that I have authority to sign this document.

                                                              EXHIBIT F - Page 1

<PAGE>

     IN WITNESS WHEREOF, this Affidavit has been executed as of (but not
necessarily on) this            day of              , 2001.
                     ----------        -------------

                                       SELLER:

                                       UNITED STATES FIDELITY AND GUARANTY
                                       COMPANY, a Maryland corporation

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

     SWORN TO AND SUBSCRIBED before me this         day of                     ,
                                            -------        --------------------
2001.

                                       -----------------------------------------
                                       Notary Public, State of
                                                               -----------------

My Commission Expires:                 Notary's Name Printed:

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

                                                              EXHIBIT F - Page 2

<PAGE>

                                   EXHIBIT "G"
                                   -----------

                               SCHEDULE OF LEASES

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
SUITE            TENANT                                           LEASE VERBIAGE
------------------------------------------------------------------------------------------------------------------
<S>     <C>                           <C>
245     Braeselton Construction       Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between Titan Indemnity Company ("Landlord") and the person named below
                                      as Tenant (Braeselton Construction Company) Effective Date: 10/11/1999
------------------------------------------------------------------------------------------------------------------
360     Broadwing Communication       Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between Titan Indemnity Company ("Landlord") and the person named below
                                      as Tenant (Broadwing Communications, Inc.) Effective Date: 01/18/2000
------------------------------------------------------------------------------------------------------------------
340     Chicago Title Insurance       Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between Titan Indemnity Company ("Landlord") and the person named below
                                      as Tenant (Chicago Title Insurance Company) Effective Date: 03/01/1999
                                      First Amendment: This First Amendment to Lease is made and entered into
                                      by and between United States Fidelity and Guaranty Company (hereinafter
                                      referred to as "Landlord"), Chicago Title Insurance Company (hereinafter
                                      referred to as "Tenant") Effective Date: October 23, 2001
------------------------------------------------------------------------------------------------------------------
695     Christus Primary Carenet/     Lease Agreement is made as of the Effective Date (defined herein) by and
        Alamo Mental Health Group     between Titan Indemnity Company ("Landlord") and the person named below
                                      as Tenant (Christus Primary CareNet of Texas, L.L.C.) Effective Date:
                                      06/08/1999
------------------------------------------------------------------------------------------------------------------
250     Elizabeth Ames Jones          This lease is entered into between United States Fidelity & Guaranty
                                      Company, herein referred to as Lessor, and the Committee on House
                                      Administration of the House of Representatives of the State of Texas, herein
                                      referred to as Lessee, for the benefit of Elizabeth Ames Jones, a member of
                                      the House of Representatives of the State of Texas, herein referred to as
                                      Member. Effective 03/05/01 (Owners usual Lease Agreement was voided
                                      and replaced with a lease agreement provided by the State of Texas)
------------------------------------------------------------------------------------------------------------------
330     EZ Packing Graphics           Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between Titan Indemnity Company ("Landlord") and the person named below
                                      as Tenant (American EZ Type, Inc.) Effective Date: 10/16/1996
                                      First Amendment:"...16th day of October, 1996, United States Fidelity and
                                      Guaranty Company through its predecessor in interest, as Landlord, and E-Z
                                      Packaging Graphics, Inc., Through its predecessor in interest, as Tenant..."
------------------------------------------------------------------------------------------------------------------
620     Hall Management Seniors       Lease Agreement is made as of the Effective Date (defined herein) by and
        2000                          between United States Fidelity and Guaranty Company ("Landlord") and the
                                      person named below as Tenant (Hall Management Group, Inc. dba Seniors
                                      2000) Effective Date: 11/03/2000
------------------------------------------------------------------------------------------------------------------
210     Inventiva, Inc.               Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between United States Fidelity and Guaranty Company ("Landlord") and the
                                      person named below as Tenant (Inventive, Inc., a Texas corporation)
------------------------------------------------------------------------------------------------------------------
616     Jeff Heinke Design            Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between United States Fidelity and Guaranty Company ("Landlord") and the
                                      person named below as Tenant (Jeffrey Heinke Design) Effective Date:
                                      05/18/2000
------------------------------------------------------------------------------------------------------------------
235     Katz Oil Company              Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between Titan Indemnity Company ("Landlord") and the person named below
                                      as Tenant (Katz Oil Company) Effective Date: 10/16/1996.
                                      First Amendment: "...16th day of October, 1996, Titan Indemnity Company,
                                      as Landlord, and Katz Oil Company, as Tenant, entered into a lease (the
                                      "Lease") for approximately..."
------------------------------------------------------------------------------------------------------------------
600     Pixel Magic Imaging, Inc.     Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between United States Fidelity and Guaranty Company ("Landlord") and the
                                      person named below as Tenant (Pixel Magic Imaging, Inc.)
------------------------------------------------------------------------------------------------------------------
</TABLE>

                                                              EXHIBIT G - Page 1

<PAGE>

<TABLE>
------------------------------------------------------------------------------------------------------------------
<S>     <C>                           <C>
 150    Prudential Alamo Realty       Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between Titan Indemnity Company ("Landlord") and the person named below
                                      as Tenant (Hurley/Jansma #2, Inc., d/b/a Keller Williams Realty
                                      Effective Date: 06/13/1996
------------------------------------------------------------------------------------------------------------------
 675    R. L. Mays, Attorney at Law   Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between Titan Indemnity Company ("Landlord") and the person named below
                                      as Tenant (R. L. Mays, Jr., Ph.D., Individually) Effective Date: 05/22/1997
------------------------------------------------------------------------------------------------------------------
 300    Radio Unica                   Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between United States Fidelity and Guaranty Company ("Landlord") and the
                                      person named below as Tenant (Radio Unica San Antonio, Inc.) Effective
                                      Date: 06/22/2000
------------------------------------------------------------------------------------------------------------------
 400    St. Paul Sector               Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between United States Fidelity and Guaranty Company ("Landlord") and the
                                      person named below as Tenant (St. Paul Fire and Marine Insurance Company)
                                      Effective Date: 02/22/2000
                                      First Amendment: Same Entities, Dated 01/11/2001
                                      Second Amendment: Same Entities, Dated 05/18/2001
                                      Third Amendment: Same Entities, Dated 08/10/2001
------------------------------------------------------------------------------------------------------------------
 100    Sterling Bank                 Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between United States Fidelity and Guaranty Company ("Landlord") and the
                                      person named below as Tenant (Sterling Bank) Effective Date: TBD, probably
                                      on 11/06/01.
------------------------------------------------------------------------------------------------------------------
 640    Unicare Life & Health         Lease Agreement is made as of the Effective Date (defined herein) by and
        Insurance Co.                 between Titan Indemnity Company ("Landlord") and the person named below
                                      as Tenant (UniCARE Life & Health, Inc.) Effective Date: 08/28/1996
------------------------------------------------------------------------------------------------------------------
 500    Titan Indemnity Co.           Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between United States Fidelity and Guaranty Company ("Landlord") and the
                                      person named below as Tenant (Titan Indemnity Company) Effective Date:
                                      05/01/2000
------------------------------------------------------------------------------------------------------------------
Plaza   Titan Indemnity Co.           Lease Agreement is made as of the Effective Date (defined herein) by and
                                      between United States Fidelity and Guaranty Company ("Landlord") and the
                                      person named below as Tenant (Titan Indemnity Company) Effective Date:
                                      05/01/2000.
------------------------------------------------------------------------------------------------------------------
</TABLE>

                                                              EXHIBIT G - Page 2

<PAGE>

                                   EXHIBIT "H"
                                   -----------

                                  MAJOR TENANTS

St. Paul Fire and Marine Insurance Company

Titan Indemnity Company

Pixel Magic Imaging, Inc.

Inventiva, Inc.

Radio Unica San Antonio, Inc.

                                                              EXHIBIT H - Page 1

<PAGE>

                             ASSIGNMENT OF PURCHASE
                               AND SALE AGREEMENT

     THIS ASSIGNMENT OF PURCHASE AND SALE AGREEMENT is made as of the________day

of April, 2002, by TRIPLE NET PROPERTIES, LLC, a Virginia limited liability
company ("Assignor") to TREIT - TITAN PLAZA, L.P., a Texas limited partnership
as to a 55.5% undivided tenants in common interest and NNN TITAN BUILDING &
PLAZA, LLC, a Virginia limited liability company as to a 44.5% undivided tenants
in common interest (collectively, the "Assignee").

RECITALS
--------

     Assignor entered into that certain Purchase and Sale Agreement dated
November 9, 2001, with United States Fidelity and Guaranty Company, as amended
and restated, with respect to certain improved and unimproved property known as
8200 Perrin Beitel, 2700 N.E. Loop 410 and 8333 Vicar Drive, in the City of San
Antonio, County of Bexar, State of Texas (the "Contract").

     Assignor desires to assign all of its rights, title and interest to
purchase all of the property described in Exhibit A of the Contract except for
that parcel described as Fee Tract 1 (the "Property") under the Contract to
Assignee.

AGREEMENT
---------

     FOR and in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Assignor hereby assigns its right to purchase the Property to Assignee.

     Assignee hereby agrees to assume Assignor's obligation under the Contract.

     WITNESS the following signatures;

<PAGE>

               ASSIGNOR:          TRIPLE NET PROPERTIES, LLC

                                  By: /s/ Anthony W. Thompson
                                      ------------------------------
                                      Anthony W. Thompson, President

               ASSIGNEE:          TREIT - TITAN PLAZA, L.P.

                                  By: TREIT - TITAN PLAZA GP, LLC

                                      By: Triple Net Properties, LLC,
                                          Manager

                                          By: /s/ Anthony W. Thompson
                                              ------------------------------
                                              Anthony W. Thompson, President

                                  NNN TITAN BUILDING & PLAZA, LLC

                                  By: Triple Net Properties, LLC,
                                      Manager

                                      By: /s/ Anthony W. Thompson
                                          ------------------------------
                                          Anthony W. Thompson, President

                                       2

<PAGE>

                                SECOND AMENDMENT
                         TO PURCHASE AND SALE AGREEMENT

     THIS SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT (this "Amendment") is
                                                                 ---------
entered into effective as of the 26th day of February, 2002, by and between
UNITED STATES FIDELITY AND GUARANTY COMPANY, a Maryland corporation ("Seller"),
                                                                      ------
and TRIPLE NET PROPERTIES, L.L.C., a Virginia limited liability company
("Buyer").
  -----

                                    RECITALS:

     A. Buyer and Seller have entered into that certain Purchase and Sale
Agreement (as amended, the "Agreement") dated as of November 9, 2001, covering
                            ---------
certain parcels of real property located in Bexar County, Texas, as more
particularly described in the Agreement.

     B. The Agreement was amended and modified by that certain Reinstatement and
First Amendment to Purchase and Sale Agreement, dated as of January 11, 2002, by
and between Purchaser and Buyer.

     C. Buyer and Seller desire to amend the Agreement in certain respects, as
set forth below.

     D. All capitalized terms used but not defined in this Amendment shall have
the meaning ascribed to them in the Agreement.

                                   AGREEMENTS:

     FOR TEN DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION THE RECEIPT AND
SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, Buyer and Seller hereby agree as
follows:

     1. Section 7.1 is hereby amended such that the Closing shall take place on
or before April 3, 2002; provided, however, that Buyer shall have the option to
extend the Closing to April 18, 2002, on the condition that not later than 5:00
p.m., Central Standard Time, of March 29, 2002, Purchaser delivers (a) to Seller
and the Escrow Agent written notice of Seller's election to exercise this option
to extend the Closing, and (b) to Escrow Agent, for disbursement by Escrow Agent
to Seller, an additional non-refundable deposit of Five Hundred Thousand and
No/100 Dollars ($500,000.00), which additional deposit (the "Extension Deposit")
                                                             -----------------
shall be disbursed by Escrow Agent to Seller not later than April 1, 2002, and
Purchaser shall have no further right or claim to a return of the Extension
Deposit under any circumstance other than pursuant to the provisions of Sections
6.2, 11.1, 11.2 and 12.2 of this Agreement; provided, however, Purchaser shall
be entitled to a credit against the amount of the Purchase Price, as provided in
Section 2.1 with respect to the Deposit, on the Closing Date.

     2. In consideration of the agreement of Seller to extend the Closing to
April 3, 2002, Buyer agrees that the Deposit held by the Escrow Agent pursuant
to Section 2.1 of the Agreement shall be disbursed by Escrow Agent to Seller, by
wire transfer, not later than March

                                                                          Page 1

<PAGE>

4, 2002, and Buyer shall have no further right or claim to a return of the
Deposit under any circumstance; provided, however, Purchaser shall be entitled
to a credit against the amount of the Purchase Price, as provided in Section
2.1, on the Closing Date.

     3. Except as expressly modified by this Amendment, the Agreement is in full
force and effect as originally written.

     4. This Amendment may be executed (a) by facsimile transmission, the same
of which will be treated as an original, and (b) in one or more counterparts,
each of which shall be deemed an original and all of which combined shall
constitute one and the same instrument.

     5. Each of the parties executing this Amendment represents and warrants
that it has been fully authorized and has the requisite authority to bind the
respective party to the terms hereof.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date first set forth above.

                                    BUYER:

                                    Triple Net Properties, L.L.C
                                    a Virginia limited liability company

                                    By:/s/ Anthony W. Thompson
                                       -------------------------------
                                       Anthony W. Thompson
                                       President

                                    SELLER:

                                    United States Fidelity and Guaranty Company,
                                    a Maryland corporation

                                    By:
                                       -------------------------------
                                          Robert O'Leary
                                          Authorized Signatory

                                                                          Page 2

<PAGE>

                        REINSTATEMENT AND FIRST AMENDMENT
                         TO PURCHASE AND SALE AGREEMENT

     THIS REINSTATEMENT AND FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this
"Amendment") is entered into as of the 11th day of January, 2002, by and
 ---------
between UNITED STATES FIDELITY AND GUARANTY COMPANY, a Maryland corporation
("Seller", and TRIPLE NET PROPERTIES, L.L.C., a Virginia limited liability
  ------
company ("Buyer").
          -----

                                    RECITALS:

     A. Buyer and Seller have entered into that certain Purchase and Sale
Agreement (the "Agreement") dated as of November 9, 2001, covering certain
                ---------
parcels of real property located in Bexar County, Texas, as more particularly
described in the Agreement.

     B. The Agreement expired pursuant to the provisions of Section 4.1.4
thereof, (and the Deposit was returned to Buyer), and Buyer and Seller desire to
reinstate and amend the Agreement in certain respects, as set forth below.

     C. All capitalized terms used but not defined in this Amendment shall have
the meaning ascribed to them in the Agreement.

                                   AGREEMENTS:

     FOR TEN DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION THE RECEIPT AND
SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, Buyer and Seller hereby agree as
follows:

     l. Buyer and Seller hereby reinstate the Agreement subject to the terms,
conditions and modifications set forth in this Amendment.

     2. The first sentence of Section 2 of the Agreement is hereby modified and
amended such that the amount of the purchase price shall be reduced from
$9,330,000.00 to $9,242,000.00.

     3. Section 7.1 is hereby amended such that the Closing shall take place on
February 25, 2002.

     4. Section 7.6.2 and Section 7.6.3 are each hereby amended such that the
amount of $9,080,000 contained therein shall be reduced to $8,992,00.00.

     5. In consideration of the agreements of Seller contained in Paragraphs 1,
2, 3 and 4 above, Purchaser shall deposit, not later than three (3) Business
Days following the date of this Amendment, a non-refundable deposit of Two
Hundred Fifty Thousand and No/100 Dollars ($250,000.00), which deposit shall
constitute the "Deposit" under Section 2.1 of the Agreement (in replacement and
increase of the Initial Deposit and the Additional Deposit referenced in
Section 2.1 of the Agreement), and Purchaser shall have no further right or
claim to a return of the Deposit under any circumstance other than pursuant to
the provisions of

                                                                          Page 1

<PAGE>

Sections 6.2, 10.2, 11.1, 11.2 and 12.2 of the Agreement; provided, however,
Purchaser shall be entitled to a credit of the Deposit against the amount of the
Purchase Price, as provided in Section 2.1, on the Closing Date.

     6. Buyer hereby acknowledges that Seller has complied with its obligations
set forth in Section 4 of the Agreement, and that the Due Diligence Period and
Financing Contingency Period terminated prior to the execution of this
Amendment. Buyer unconditionally waives the termination provisions of Section
4.1.4 and Section 4.1.5 of the Agreement. Buyer also unconditionally waives its
right to terminate the Agreement as provided in Section 4.2.

     7. Exhibit "A" to the Agreement is hereby amended and restated to read as
set forth in Exhibit "A" attached to this Amendment and incorporated in
the Agreement, as amended, for all purposes.

     8. Except as expressly modified by this Amendment, the Agreement is in full
force and effect as originally written.

     9. This Amendment may be executed (a) by facsimile transmission, the same
of which wall be treated as an original, and (b) in one or more counterparts,
each of which shall be deemed an original and all of which combined shall
constitute one and the same instrument

     10. Each of the parties executing this Amendment represents and warrants
that it has been fully authorized and has the requisite authority to bind the
respective party to the terms hereof.

                                                                          Page 2

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date first set forth above.

                                    BUYER:

                                    Triple Net Properties, L.L.C.,
                                    a Virginia limited liability company

                                    By: /s/ Anthony W. Thompson
                                        ----------------------------------------
                                        Anthony W. Thompson
                                        President

                                    SELLER:

                                    United States Fidelity and Guaranty Company,
                                    a Maryland corporation

                                    By:
                                        ----------------------------------------
                                        Robert O'Leary
                                        Authorized Signatory

                                                                          Page 3

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date first set forth above.

                                    BUYER:

                                    Triple Net Properties, L.L.C.,
                                    a Virginia limited liability company

                                    By:
                                        ----------------------------------------
                                        Anthony W. Thompson
                                        President

                                    SELLER:

                                    United States Fidelity and Guaranty Company,
                                    a Maryland corporation

                                    By: /s/ Robert O'Leary
                                        ----------------------------------------
                                        Robert O'Leary
                                        Authorized Signatory

                                                                          Page 3

<PAGE>

               EXHIBIT "A" TO REINSTATEMENT AND FIRST AMENDMENT TO
               ---------------------------------------------------
                           PURCHASE AND SALE AGREEMENT
                           ---------------------------

                                   EXHIBIT "A"
                                   -----------
                                LEGAL DESCRIPTION

FEE TRACTS:
-----------

TRACT I: A 2.034 acre, or 88,621 square feet, tract of land, more or less, out
of Lots 11, 12 and 13, of New City Block 12167 of the City of San Antonio,
Bexar County, Texas, out of the plat attached to deed recorded in Volume 2298,
Page 532 of the Deed Records of Bexar County, Texas, said 2.034 acres being more
particularly described in Exhibit "A-1", attached hereto and made a part hereof.

TRACT II: Lot 14, New City Block 12168, NBC 2 SUBDIVISION, in the City of San
Antonio, Bexar County, Texas, according to plat thereof recorded in Volume 9502,
Pages 86-87, Deed and Plat Records of Bexar County, Texas.

TRACT III: Lot 15, New City Block 12168, NBC 2 SUBDIVISION, in the City of San
Antonio, Bexar County, Texas, according to plat thereof recorded in Volume 9502,
Pages 86-87, Deed and Plat Records of Bexar County, Texas.

EASEMENT TRACT:
---------------

TRACT IV: The easement rights provided by instrument recorded in Volume 2671,
Page 1124, Real Property Records of Bexar County, Texas, as further conveyed by
instrument recorded in Volume 7368, Page 851, Real Property Records of Bexar
County, Texas, over and across a 0.241 acre, or 10,502 square foot, tract of
land out of Lot 13, New City Block 12168, NBC 1 SUBDIVISION, in the City
of San Antonio, Bexar County, Texas, according to plat thereof recorded in
Volume 9400, Page 134, Deed and Plat Records of Bexar County, Texas, said 0.241
acre tract being more particularly described in Exhibit "A-2", attached hereto
and made a part hereof.

TRACT V: The easement rights provided by instrument recorded in Volume 2671,
Page 1132 of the Official Public Records of Real Property of Bexar County,
Texas, over and across a 0.094 acre, or 4,115 square foot, tract of land out of
Lot 15, New City Block 12168, NBC 2 SUBDIVISION, in the City of San Antonio,
Bexar County, Texas, according to plat thereof recorded in Volume 9502, Pages
86-87, Deed and Plat Records of Bexar County, Texas, said 0.094 acre tract
being more particularly described in Exhibit "A-3", attached hereto and made a
part hereof.

                                                              Exhibit A - Page 1

<PAGE>

                                  EXHIBIT "A-1"
                                  -------------
                                     TRACT I

BEGINNING at a 1/2 inch iron rod with yellow cap marked "Pape-Dawson" found in
the northwest right-of-way line of Vicar Drive, at this point being 55" in
width, for the south corner of said Lot 11;

THENCE North 51DEG.15'44" West, departing said northwest line at 5.00' past the
East corner of Lot 26, New City Block 12167, Business Center Subdivision as
recorded in Volume 5580, Page 106 of the Deed and Plat Records of Bexar County,
Texas, in all a distance of 266.07' to a set 1/2 inch iron rod with Vickrey &
Associates property cap in the easterly line of Perrin-Beitel Creek, a variable
width drainage right-of-way as shown on the plat of Harry Kirsner Subdivision,
recorded in Volume 9300, Page 106 of said Records, for the northeast corner of
said Lot 26, the northwest corner of said Lot 11;

THENCE North 05DEG.01'55" West, a distance of 126.05' to a set 1/2 inch iron rod
with Vickrey & Associates property cap for the northwest corner of said Lot 12,
the northeast corner of said Lot 11;

THENCE North 11DEG.22'51" West, a distance of 65.47' to a set 1/2 inch iron rod
with Vickrey & Associates property cap for the northernmost corner of said Lot
12, an angle point of said drainage right-of-way;

THENCE North 89DEG.24'48" East, continuing along and with said drainage
right-of-way, a distance of 79.66' to a found 3/4 inch iron rod for the
southwest corner of Lot 4, New City Block 12168, N. E. Loop 410 Subdivision, as
recorded in Volume 7800, Page 60 of the aforementioned Records, for the
northeast corner of said Lot 12, the northwest corner of said Lot 13;

THENCE South 89DEG.47'14" East, departing said right-of-way, along and with the
common line of said Lots 4 and 13, a distance of 152.88' to a set 1/2 inch iron
rod with Vickrey & Associates property cap for the northwest corner of Lot 36,
New City Block 12167, Austin Highway/Vicar Dr. Subdivision, Unit II as recorded
in Volume 8200, Page 128 of said Records, same being the northeast corner of
said Lot 13;

THENCE South 51DEG.34'15" East, along the common line of Lots 36 and 13, at a
distance of 208.29' past the southwest corner of said Lot 36, in all a distance
of 213.29' to a set 1/2 inch iron rod with Vickrey & Associates property corner
cap in the northwesterly right-of-way line of Vicar Drive for the southeast
corner of said Lot 13;

THENCE South 36DEG.53'51" West, 280.00' along said northwesterly right-of-way
line of Vicar Drive to the POINT OF BEGINNING and containing 2.034 acres (88,621
square feet) of land.

                                                              Exhibit A - Page 2

<PAGE>

                                  EXHIBIT "A-2"
                                  -------------
                               TRACT IV (EASEMENT)

BEGINNING at a found "x" in concrete in the east right-of-way line of
Perrin-Beitel Road (a variable right-of-way) at the south most corner of said
Lot 13;

THENCE N 13DEG.03'31"W, 12.50' along the east right-of-way line of Perrin-Beitel
Road to a set 1/2" iron rod with a Vickrey & Associates property end cap;

THENCE, N 76DEG.56'29" E, 304.20' to a set 1/2 iron rod with a Vickrey &
Associates property end cap;

THENCE N 13DEG.03'31" W, 205.00' to a set 1/2" iron rod with a Vickrey &
Associates property end cap;

THENCE S 76DEG.56'29" W, 305.98' to a point in the east right-of-way line of
said Perrin-Beitel Road and a set 1/2" iron rod with a Vickrey & Associates
property end cap;

THENCE N 13DEG.03'31" W, 12.50' along the east right-of-way line of
Perrin-Beitel Road to a set 1/2" iron rod with a Vickrey & Associates property
end cap;

THENCE N 76DEG.56'29" E, 318.48' along the northwest line of said Lot 13 to a
found nail and cap;

THENCE S 13DEG.03'31" E, 230.00' along the northeast line of said Lot 13 to a
found nail and cap;

THENCE S 76DEG.56'29" W, 316.70' along the southeast line of said Lot 13 to the
POINT OF BEGINNING and containing 0.241 acres (10,502 sq. ft.) of land.

                                                              Exhibit A - Page 3

<PAGE>

                                  EXHIBIT "A-3"
                                  -------------
                               TRACT V (EASEMENT)

BEGINNING at a found "X" on concrete in the east right-of-way line of Perrin
Beitel Road at the northwest corner of said Lot 15;

THENCE N 76DEG.56'29" E, 329.20 feet along the north line of said Lot 15 to a
corner;

THENCE S 13DEG.03'31" E, 12.50 feet to a corner;

THENCE S 76DEG.56'29" W, 329.20 feet to a corner in the east right-of-way line
of Perrin Beitel Road;

THENCE N 13DEG.03'31" W, 12.50 feet along the east right-of-way line of Perrin
Beitel Road to the POINT OF BEGINNING and containing 0.094 acres (4,115 square
feet) of land.

                                                              Exhibit A - Page 4

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