Document:

Dealer Manager Agreement

 Exhibit 10.1 
 KBS REAL ESTATE INVESTMENT TRUST, INC. 
 Up to 280,000,000 Shares of Common Stock 
 DEALER MANAGER AGREEMENT 
 January 27,
2006 
 KBS Capital Markets Group LLC 
 620 Newport Center Drive,
Suite 1200 
 Newport Beach, California 92660 
 Ladies and
Gentlemen: 
 KBS Real Estate Investment Trust, Inc., a Maryland corporation (the “Company”) has registered for public sale
280,000,000 shares of its common stock, $.01 par value per share (the “Shares”), of which 80,000,000 Shares are intended to be offered pursuant to the Company’s dividend reinvestment plan (the “DRP”). The
Company desires for KBS Capital Markets Group LLC (the “Dealer Manager”) to act as its agent in connection with the offer and sale of the Shares to the public (the “Offering”). 
 It is anticipated that the Dealer Manager will enter into Selected Dealer Agreements (in the form attached to this Agreement as Exhibit A) with other
broker-dealers participating in the Offering (each participating broker-dealer being referred to herein as a “Dealer”). The Company shall have the right to approve any material modifications or addendums to the form of the Selected
Dealer Agreement. 
 Except as described in the Prospectus (as defined below) or in Section 5.3 hereof, the Shares are to be sold
at a per Share cash price as follows: 
  

							
	 Distribution Channel
	  	Primary
Offering
Shares	  	DRP Shares
	 Sales through a Dealer earning transaction-based compensation
	  	$	10.00	  	$	9.50
	 Sales through all other distribution channels as discussed in the Prospectus
	  	$	9.40	  	$	9.50

 In connection with the sale of Shares, the Company hereby agrees with you, the Dealer Manager, as
follows: 
  

	1.	Representations and Warranties of the Company. As an inducement to the Dealer Manager to enter into this Agreement, the Company represents and warrants to the Dealer Manager and to
each Dealer that: 

  

	 	1.1.	The Company has prepared and filed with the Securities and Exchange Commission (the “SEC”) a registration statement (Registration No. 333-126087) that has
become effective for the registration of the Shares under the Securities Act of 1933, as amended (the “Securities Act”), and the applicable rules and regulations (the “Rules and Regulations”) of the SEC promulgated
thereunder. Copies of such registration statement as initially filed and each amendment thereto have been or will be delivered to the Dealer Manager. The registration statement and the prospectus contained therein, as finally amended at the
effective date of the registration statement (the “Effective Date”), are respectively hereinafter referred to as the “Registration Statement” and the “Prospectus,” except that if the Company files a
prospectus or prospectus supplement pursuant to Rule 424(b) under the Securities Act, or if the Company files a post-effective amendment to the Registration Statement, the term “Prospectus” includes the prospectus filed pursuant to Rule
424(b) or the prospectus included in such post-effective amendment. The term “Preliminary Prospectus” as used herein shall mean a preliminary prospectus related to the Shares as contemplated by Rule 430 or Rule 430A of the Rules and
Regulations included at any time as part of the registration statement. 

  

	 	1.2.	On the Effective Date, on the date of the Prospectus and on the date any post-effective amendment to the Registration Statement becomes effective or any amendment or supplement to
the Prospectus is filed with the SEC, the Registration Statement and the Prospectus, as applicable, including the financial statements contained therein, complied or will comply with the Securities Act and the Rules and Regulations. On the Effective
Date, the Registration Statement did not or will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. On the date of the Prospectus, as amended or supplemented, as applicable, the Prospectus did not or will not contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Notwithstanding anything contained herein to the contrary, the Company’s representations in this
Section 1.2 will not extend to such statements contained in or omitted from the Registration Statement or the Prospectus, as amended or supplemented, that are primarily within the knowledge of the Dealer Manager or any of the Dealers and
are based upon information furnished by the Dealer Manager in writing to the Company specifically for inclusion therein. 

  

	 	1.3.	 No order preventing or suspending the use of any Preliminary Prospectus or the Prospectus has been issued and no proceedings for that purpose are pending,
threatened or, to the knowledge of the Company, contemplated by the SEC; and, to the knowledge of the Company, no order suspending 

  

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the offering of the Shares in any jurisdiction has been issued and no proceedings for that purpose have been instituted or threatened or are contemplated.

  

	 	1.4.	The Company intends to use the funds received from the sale of the Shares as set forth in the Prospectus. 

  

	 	1.5.	The Company has full legal right, power and authority to enter into this Agreement and to perform the transactions contemplated hereby, except to the extent that the enforceability
of the indemnity provisions contained in Section 6 of this Agreement may be limited under applicable securities laws and to the extent that the enforceability of this Agreement may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws that affect creditors’ rights generally or by equitable principles relating to the availability of remedies. 

  

	 	1.6.	The execution and delivery of this Agreement, the consummation of the transactions contemplated herein and compliance with the terms of this Agreement by the Company will not
conflict with or constitute a default or violation under any charter, bylaw, contract, indenture, mortgage, deed of trust, lease, rule, regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or
foreign, having jurisdiction over the Company, except to the extent that the enforceability of the indemnity provisions contained in Section 6 of this Agreement may be limited under applicable securities law and to the extent that the
enforceability of this Agreement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws that affect creditors’ rights generally or by equitable principles relating to the availability of remedies.

  

	 	1.7.	No consent, approval, authorization or other order of any governmental authority is required in connection with the execution or delivery by the Company of this Agreement or the
issuance and sale by the Company of the Shares, except as may be required under the Securities Act and the Rules and Regulations thereunder, by the National Association of Securities Dealers, Inc. (the “NASD”) or under applicable state
securities laws. 

  

	 	1.8.	The Shares have been duly authorized and, when issued and sold as contemplated by the Prospectus and upon payment therefor as provided in the Prospectus and this Agreement, the
Shares will be validly issued, fully paid and nonassessable and will conform to the description thereof contained in the Prospectus. 

  

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	2.	Representations and Warranties of the Dealer Manager. As an inducement to the Company to enter into this Agreement, the Dealer Manager represents and warrants to the Company that:

  

	 	2.1.	The Dealer Manager is a member in good standing of the NASD and a broker-dealer registered as such under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). The Dealer Manager and its employees and representatives have all required licenses and registrations to act under this Agreement. 

  

	 	2.2.	The Dealer Manager represents and warrants to the Company and each person that signs the Registration Statement that the information under the caption “Plan of
Distribution” in the Prospectus, as amended and supplemented, and all other information furnished and to be furnished to the Company by the Dealer Manager in writing expressly for use in the Registration Statement, any Preliminary Prospectus or
the Prospectus, does not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 

  

	3.	Covenants of the Company. The Company covenants and agrees with the Dealer Manager that: 

  

	 	3.1.	It will, at no expense to the Dealer Manager, furnish the Dealer Manager with such number of printed copies of the Registration Statement, including all amendments and exhibits
thereto, as the Dealer Manager may reasonably request. It will similarly furnish to the Dealer Manager and others designated by the Dealer Manager as many copies as the Dealer Manager may reasonably request in connection with the offering of the
Shares of: (a) the Prospectus, including any amendments and supplements thereto and (b) this Agreement. 

  

	 	3.2.	The Company will prepare and file with the appropriate regulatory authorities, on behalf of and at no expense to the Dealer Manager, the printed sales literature or other materials
authorized by the Company to be used in the Offering (“Authorized Sales Materials”). In addition, the Company will furnish the Dealer Manager and others designated by the Dealer Manager, at no expense to the Dealer Manager, with
such number of printed copies of Authorized Sales Materials as the Dealer Manager may reasonably request. 

  

	 	3.3.	The Company will furnish such information and execute and file such documents as may be necessary for it to qualify the Shares for offer and sale under the securities laws of such
jurisdictions as the Dealer Manager may reasonably designate and will file and make in each year such statements and reports as may be required. The Company will furnish to the Dealer Manager upon request a copy of such papers filed by the Company
in connection with any such qualification. 

  

	 	3.4.	 It will: (a) file every amendment or supplement to the Registration Statement or the Prospectus that may be required by the SEC or any state 

  

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securities administration and (b) if at any time the SEC shall issue any stop order suspending the effectiveness of the Registration Statement or any
state securities administration shall issue any order or take other action to suspend or enjoin the sale of the Shares, it will promptly notify the Dealer Manager. 

  

	 	3.5.	If at any time when a Prospectus is required to be delivered under the Securities Act and the Rules and Regulations thereunder any event occurs as a result of which, in the opinion
of either the Company or the Dealer Manager, the Prospectus would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in view of the circumstances under which they were made,
not misleading, the Company will promptly notify the Dealer Manager thereof (unless the information shall have been received from the Dealer Manager) and will prepare an amendment or supplement to the Prospectus that will correct such statement or
omission. 

  

	 	3.6.	It will comply with all requirements imposed upon it by the Securities Act and the Exchange Act, by the rules and regulations of the SEC promulgated thereunder and by all securities
laws and regulations of those states in which an exemption has been obtained or qualification of the Shares has been effected, to permit the continuance of offers and sales of the Shares in accordance with the provisions hereof and of the
Prospectus. 

  

	 	3.7.	 The Company will pay all expenses incident to the performance of its obligations under this Agreement, including (a) the preparation, filing and printing of
the Registration Statement as originally filed and of each amendment thereto, (b) the preparation, printing and delivery to the Dealer Manager of this Agreement, the Selected Dealer Agreement and such other documents as may be required in
connection with the offer, sale, issuance and delivery of the Shares, (c) the fees and disbursements of the Company’s counsel, accountants and other advisors, (d) the fees and expenses related to the review of the terms and fairness
of the Offering by the NASD, (e) the fees and expenses related to the registration and qualification of the Shares under federal and state securities laws, including the fees and disbursements of counsel in connection with the preparation of
any Blue Sky survey and any supplement thereto, (f) the printing and delivery to the Dealer Manager of copies of any Preliminary Prospectus and the Prospectus, including any amendments and supplements thereto, (g) the fees and expenses of
any registrar or transfer agent in connection with the Shares and (h) the costs and expenses of the Company relating to the preparation and printing of any Authorized Sales Materials and Company-approved investor presentations undertaken in
connection with the marketing of the Shares, including, without limitation, expenses associated with the production of slides and graphics, fees and expenses of any consultants engaged in connection with presentations with 

  

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the prior approval of the Company and travel and lodging expenses of the representatives of the Company and any such consultants.

  

	4.	Covenants of the Dealer Manager. The Dealer Manager covenants and agrees with the Company that: 

  

	 	4.1.	In connection with the Dealer Manager’s participation in the offer and sale of Shares (including, without limitation, any resales and transfers of Shares), the Dealer Manager
will comply, and in its agreements with Dealers will require that the Dealers comply, with all requirements and obligations imposed upon any of them by (a) the Securities Act, the Exchange Act and the rules and regulations of the SEC
promulgated under both such acts, including the obligation to deliver a copy of the Prospectus as amended or supplemented; (b) all applicable state securities laws and regulations as from time to time in effect; (c) the applicable rules of
the NASD, including, but not in any way limited to, Rules 2440, 2730, 2740 and 2750; (d) all applicable rules and regulations relating to the suitability of the investors, including, without limitation, the provisions of Articles III.C and
III.E of the Statement of Policy regarding Real Estate Investment Trusts of the North American Securities Administrators Association, Inc. (“NASAA Guidelines”); (e) any other state and federal laws and regulations applicable to
the Offering, the sale of Shares or the activities of the Dealer Manager pursuant to this Agreement, including without limitation the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999, the requirements of any applicable state
privacy laws and the applicable provisions of the USA Patriot Act of 2001; and (f) this Agreement and the Prospectus as amended and supplemented. 

  

	 	4.2.	The Dealer Manager will not offer the Shares, and in its agreements with Dealers will require that the Dealers not offer Shares, in any jurisdiction unless and until (a) the
Dealer Manager has been advised by the Company in writing that the Shares are either registered in accordance with, or exempt from, the securities laws of such jurisdiction and (b) the Dealer Manager and any Dealer offering Shares in such
jurisdiction have all required licenses and registrations to offer Shares in that jurisdiction. 

  

	 	4.3.	The Dealer Manager will make, and in its agreements with Dealers will require that Dealers make, no representations concerning the Offering except as set forth in the Prospectus as
amended and supplemented and in the Authorized Sales Materials. 

  

	 	4.4.	 The Dealer Manager will offer Shares, and in its agreements with Dealers will require that the Dealers offer Shares, only to persons who meet the financial
qualification and suitability standards set forth in the Prospectus as amended and supplemented or in any suitability letter or memorandum sent to the Dealer Manager by the Company. The Dealer Manager further agrees that the Company, in its sole and
absolute discretion, may accept or 

  

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reject any subscription, in whole or in part, for any reason whatsoever and no commission will be paid to the Dealer Manager with respect to the portion of
any subscription that is rejected. 

 The Dealer Manager shall maintain, or in its agreements with Dealers shall require the
Dealers to maintain, for at least six years, a record of the information obtained to determine that an investor meets the financial qualification and suitability standards imposed on the offer and sale of the Shares (both at the time of the initial
subscription and at the time of any additional subscriptions). 
 In making these determinations as to financial qualification and
suitability, the Dealer Manager may rely on representations from (i) investment advisers who are not affiliated with a Dealer or (ii) banks acting as trustees or fiduciaries. With respect to the Dealer Manager’s obligation to maintain
records of an investor’s financial qualification and suitability, the Company agrees that the Dealer Manager can satisfy its obligations by contractually requiring such information to be maintained by the investment advisers or banks discussed
in the preceding sentence. 
  

	 	4.5.	Except for Authorized Sales Materials, the Company has not authorized the use of any supplemental literature or sales material in connection with the Offering and the Dealer Manager
agrees not to use any such material that has not been authorized by the Company. The Dealer Manager further agrees (a) not to deliver any Authorized Sales Materials to any person unless it is accompanied or preceded by the Prospectus as amended
and supplemented and (b) not to show or give to any investor or prospective investor or reproduce any material or writing that is supplied to it by the Company and marked “dealer only” or otherwise bearing a legend denoting that it is
not to be used in connection with the sale of Shares to members of the public. 

  

	 	4.6.	The Dealer Manager agrees to be bound by the terms of the Escrow Agreement dated November 15, 2005, among First Republic Trust Company, as escrow agent, the Dealer Manager and
the Company, copies of which are attached hereto as Exhibit B and the Dealer Manager further agrees that it will not represent or imply that First Republic Trust Company, as the escrow agent identified in the Prospectus, has investigated the
desirability or advisability of an investment in the Company or has approved, endorsed or passed upon the merits of the Shares or of the Company, nor will the Dealer Manager use the name of said escrow agent in any manner whatsoever in connection
with the offer or sale of the Shares other than by acknowledgment that it has agreed to serve as escrow agent. 

  

	 	4.7.	 The Dealer Manager will provide the Company with such information relating to the offer and sale of the Shares by it as the Company may from 

  

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time to time reasonably request or as may be requested to enable the Company to prepare such reports of sale as may be required to be filed under applicable
federal or state securities laws. 

  

	 	4.8.	The Dealer Manager will permit a Dealer to participate in the Offering only if such Dealer is a member of the NASD. 

  

	5.	Obligations and Compensation of Dealer Manager. 

  

	 	5.1.	The Company hereby appoints the Dealer Manager as its agent and principal distributor during the Offering Period (as defined in Section 5.2) for the purpose of finding,
on a best-efforts basis, purchasers for the Shares for cash through the distribution channels contemplated herein. The Dealer Manager may also arrange for the sale of Shares for cash directly to clients and customers identified by the Company on the
terms and conditions stated herein and in the Prospectus. The Dealer Manager hereby accepts such agency and distributorship and agrees to use its best efforts to find purchasers for the Shares on said terms and conditions. 

 

	 	5.2.	The “Offering Period” shall mean that period during which Shares may be offered for sale, commencing on the Effective Date of the Registration Statement (but in no
event prior to the Effective Date of the Registration Statement), during which period offers and sales of the Shares shall occur continuously in the jurisdictions in which the Shares are registered or qualified or exempt from registration (as
confirmed in writing by the Company to the Dealer Manager) unless and until the Offering is terminated as provided in Section 12 hereof, provided that the Dealer Manager and the Dealers will suspend or terminate offering Shares upon
request of the Company at any time and will resume offering Shares upon subsequent request of the Company. The Offering Period shall in all events terminate upon the sale of all of the Shares. Upon termination of the Offering Period, the Dealer
Manager’s agency and this Agreement shall terminate without obligation on the part of the Dealer Manager or the Company except as set forth in this Agreement. 

  

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	 	5.3.	Except as may be provided in the “Plan of Distribution” section of the Prospectus as amended and supplemented, as compensation for the services rendered by the Dealer
Manager, the Company agrees that it will pay to the Dealer Manager selling commissions plus a dealer manager fee as follows: 

  

							
	  	  	Selling Commissions	 
	 Distribution Channel
	  	Primary
Offering
Shares	 	 	DRP Shares	 
	 Sales through a Dealer earning transaction-based compensation
	  	6.0	%*	 	3.0	%*
	 Sales through all other distribution channels as described in the Prospectus
	  	0.0	%	 	0.0	%

  

	*	Except as set forth herein or in the “Plan of Distribution” section of the Prospectus (as amended and supplemented), the Dealer Manager will reallow all of its selling
commissions attributable to a Dealer. 

  

							
	  	  	Dealer Manager Fee	 
	 Distribution Channel
	  	Primary
Offering
Shares	 	 	DRP Shares	 
	 Sales through a Dealer earning transaction-based compensation
	  	3.5	%*	 	0.0	%
	 Sales through all other distribution channels as described in the Prospectus
	  	3.5	%*	 	0.0	%

  

	*	Except as set forth herein or in the “Plan of Distribution” section of the Prospectus (as amended and supplemented), the Dealer Manager may reallow to any Dealer up to 1%
of the gross offering proceeds attributable to that Dealer. 

 The 3.0% commission payable on Shares sold under the
Company’s DRP shall be payable until such time as the Company ceases offering Shares under the DRP on such terms. At such time, the commission payable on sales made under the DRP shall be that contemplated pursuant to any new commission
structure for the sale of Shares under the DRP. 
 Upon the terms set forth in the Prospectus, reduced selling commissions will be paid to the
Dealer Manager and reduced per share selling prices shall be recovered on large transactions in accordance with the following table: 
  

											
	 Shares Purchased in the Transaction
	  	Commission Rate
(Based on a $10.00
Price Per Share)	 	 	Price
Per Share
to Investor
	 1
	 	to	  	  50,000	  	6.0	%	 	$	10.00
	  50,001
	 	to	  	100,000	  	5.0	%	 	$	 9.90
	 100,001
	 	to	  	250,000	  	3.0	%	 	$	 9.70
	 250,001
	 	to	  	500,000	  	2.0	%	 	$	 9.60
	 500,001
	 		  	 and up	  	1.0	%	 	$	 9.50

 The reduced selling price per share and selling commissions will apply to the incremental shares
falling within the indicated range only. All commission rates will be calculated assuming a $10.00 price per share. Thus, for example, a purchase of 125,000 shares would result in a purchase price of $1,237,500 as shown below: 
  

	 	•	 	50,000 shares at $10.00 per share (total: $500,000) and a 6.0% commission; 

  

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	 	•	 	50,000 shares at $9.90 per share (total: $495,000) and a 5.0% commission; and 

  

	 	•	 	25,000 shares at $9.70 per share (total: $242,500) and a 3.0% commission. 

 The Company will also reimburse the Dealer Manager for all items of underwriter compensation referenced in the Prospectus to the extent the Prospectus indicates that they will be paid by the Company; provided that the
Company’s reimbursement of the Dealer Manager’s reimbursement of the bona fide due diligence expenses of the Dealers and non-participating broker-dealers shall not exceed in the aggregate 0.5% of gross offering proceeds; and provided
further that the Company’s reimbursement payments shall not cause total underwriting compensation (excluding reimbursement of bona fide due diligence expenses) to exceed 10% of gross proceeds from the Offering. 
 As described in the Prospectus, the Dealer Manager agrees to sell up to 5% of the Shares in the primary offering to persons identified by the Company
pursuant to the Company’s “friends and family” program. The purchase price for Shares under this program will be $9.40 per share, reflecting that selling commissions will not be payable in connection with such sales. The Dealer
Manager agrees to work together with the Company to implement this program and to execute sales under the program according to the procedures agreed upon by the Dealer Manager and the Company. 
 In addition, as described in the Prospectus, the Dealer Manager may sell shares to Dealers, their retirement plans, their representatives and the family
members, IRAs and the qualified plans of their representatives at a purchase price of $9.40 per share, reflecting that selling commissions in the amount of $0.60 per share will not be payable in consideration of the services rendered by such Dealers
and representatives in the Offering. For purposes of this discount, a family member includes such person’s spouse, parent, child, sibling, mother- or father-in-law, son- or daughter-in law or brother- or sister-in-law. 
 Certain subscribers of the Company’s Shares may agree with their Dealer, or the Dealer Manager if such subscriber purchases Shares directly from the
Dealer Manager, to have selling commissions due with respect to the purchase of their Shares paid over a period of up to five years pursuant to a deferred commission option arrangement (the “Deferred Commission Option”), as more fully
described and subject to the conditions set forth under “Plan of Distribution – Deferred Commission Option” in the Company’s Prospectus, which section is incorporated by reference herein. 
  

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 Stockholders electing the Deferred Commission Option will be required to pay a total of $9.50 per Share,
rather than $10.00 per Share, with respect to which $0.10 per Share will be payable by the Company to the Dealer Manager as selling commissions due upon subscription, which amount may be reallowed to the respective Dealer by the Dealer Manager. For
each of up to the next five years following such subscription, on a date or dates to be determined from time to time by the Dealer Manager, $0.10 per share on an annual basis will be paid by the Company to the Dealer Manager as deferred selling
commissions with respect to the Shares sold pursuant to the Deferred Commission Option, which amounts will be deducted from and paid out of cash distributions otherwise payable to the Stockholders holding such Shares, which selling commissions may
be reallowed to the respective Dealers by the Dealer Manager. 
 As in any volume discount situation, selling commissions are reduced on any
Shares issued for a volume discount. Therefore, if a subscriber agrees with his Dealer, or with the Dealer Manager if such subscriber purchases Shares directly from the Dealer Manager, to elect the Deferred Commission Option, then the Company will
make adjusted deductions for the deferred commission obligations of such subscriber from cash distributions payable on the Shares issued for a volume discount. 
 At such time, if any, that the Company’s Shares are listed for trading on a national securities exchange or on the Nasdaq National Market, or such listing is reasonably anticipated to occur at any time prior to
the satisfaction of the remaining deferred commission obligations, the Company will accelerate the remaining selling commissions due under the Deferred Commission Option. The amount of the remaining selling commissions due will be deducted and paid
by the Company out of cash distributions otherwise payable to such stockholders during the time period prior to any such listing of the Shares for trading on a national securities exchange or on the Nasdaq National Market; provided that, in no event
may the Company withhold in excess of $0.50 per Share in the aggregate during the five-year period following subscription. The maximum amount that may be withheld will be lower when the volume discount provisions are also applicable. To the extent
that cash distributions during such time period are insufficient to satisfy the remaining deferred selling commissions due, the obligation of the Company and the Company’s stockholders to make any further payments of deferred selling
commissions under the Deferred Commission Option will terminate and the Dealer Manager (and Dealers if the deferred selling commissions are reallowed to them by the Dealer Manager) will not be entitled to receive any further portion of the unpaid
deferred selling commissions following any such listing for trading on a national securities exchange or on the Nasdaq National Market. 
  

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 In addition, if a stockholder that has elected the Deferred Commission Option decides to participate in
the Company’s proposed share redemption program or requests that the Company transfer such stockholder’s Shares for any reason prior to the time that the remaining deferred selling commissions have been deducted from such
stockholder’s cash distributions, the Company will accelerate the selling commissions due under the Deferred Commission Option as set forth in the Prospectus. 
 Notwithstanding the foregoing, no commissions, payments or amounts whatsoever will be paid to the Dealer Manager under this Section 5.3 unless or until the Company raises $2.5 million in the Offering from
persons not affiliated with the Company or its advisor (the “Minimum Offering”). Until the Minimum Offering is reached, investments will be held in escrow. Until $66.7 million (the “Pennsylvania Minimum”) has been
raised in the Offering from persons not affiliated with the Company or its advisor, investments from Pennsylvania investors will be held in a separate escrow and no commissions, payments or amounts whatsoever will be paid thereon to the Dealer
Manager under this Section 5.3 unless and until the Pennsylvania Minimum has been reached, and then only with respect to such investments from Pennsylvania investors as are released to the Company from such escrow. If the Minimum
Offering is not reached within the time period specified in the Prospectus, investments will be returned to the investors in accordance with the Prospectus. If the Pennsylvania Minimum is not obtained within the time period specified in the
Prospectus, the investments from Pennsylvania investors will be returned or held for subsequent escrow periods in accordance with the Prospectus. 
 The Company will not be liable or responsible to any Dealer for direct payment of commissions to such Dealer; it is the sole and exclusive responsibility of the Dealer Manager for payment of commissions to Dealers. Notwithstanding the
above, at its discretion, the Company may act as agent of the Dealer Manager by making direct payment of commissions to such Dealers without incurring any liability therefor. 
  

	6.	Indemnification. 

  

	 	6.1.	 To the extent permitted by the Company’s charter and the provisions of Article II.G of the NASAA Guidelines, and subject to the limitations below, the Company
will indemnify and hold harmless the Dealers and the Dealer Manager, their officers and directors and each person, if any, who controls such Dealer or Dealer Manager within the meaning of Section 15 of the Securities Act (the
“Indemnified Persons”) from and against any losses, claims, damages or liabilities (“Losses”), joint or several, to which such Indemnified Persons may become subject, under the Securities Act, the Exchange Act or
otherwise, insofar as such Losses (or actions in respect thereof) arise out of or are based upon (a) any untrue statement or 

  

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alleged untrue statement of a material fact contained (i) in the Registration Statement, the Prospectus, any Preliminary Prospectus used prior to the
effective date of the Registration Statement or any post-effective amendment or supplement to any of them or (ii) in any blue sky application or other document executed by the Company or on its behalf specifically for the purpose of qualifying
any or all of the Shares for sale under the securities laws of any jurisdiction or based upon written information furnished by the Company under the securities laws thereof (any such application, document or information being hereinafter called a
“Blue Sky Application”) or (iii) in any Authorized Sales Materials, or (b) the omission or alleged omission to state in the Registration Statement, the Prospectus, any Preliminary Prospectus used prior to the effective
date of the Registration Statement or any post-effective amendment or supplement to any of them or in any Blue Sky Application or Authorized Sales Materials a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. The Company will reimburse each Indemnified Person for any legal or other expenses reasonably incurred by such Indemnified Person in connection with investigating or defending
such Loss. 

 Notwithstanding the foregoing provisions of this Section 6.1, the Company will not be liable in
any such case to the extent that any such Loss or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished
(x) to the Company by the Dealer Manager or (y) to the Company or the Dealer Manager by or on behalf of any Dealer specifically for use in the Registration Statement, the Prospectus, any Preliminary Prospectus used prior to the effective
date of the Registration Statement or any post-effective amendment or supplement to any of them, any Blue Sky Application or any Authorized Sales Materials, and, further, the Company will not be liable in any such case if it is determined that such
Dealer or the Dealer Manager was at fault in connection with the Loss, expense or action. 
 The foregoing indemnity agreement of this
Section 6.1 is subject to the further condition that, insofar as it relates to any untrue statement, alleged untrue statement, omission or alleged omission made in the Prospectus (or amendment or supplement thereto) that was eliminated or
remedied in any subsequent amendment or supplement thereto, such indemnity agreement shall not inure to the benefit of an Indemnified Party from whom the person asserting any Losses purchased the Shares that are the subject thereof, if a copy of the
Prospectus as so amended or supplemented was not sent or given to such person at or prior to the time the subscription of such person was accepted by the Company, but only if a copy of the 

  

 13 

 
Prospectus as so amended or supplemented had been supplied to the Dealer Manager or the Dealer prior to such acceptance.  
  

	 	6.2.	 The Dealer Manager will indemnify and hold harmless the Company, its officers and directors (including any person named in the Registration Statement, with his
consent, as about to become a director), each other person who has signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act (the “Company Indemnified
Persons”), from and against any Losses to which any of the Company Indemnified Persons may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions in respect thereof) arise out of or are
based upon (a) any untrue statement or alleged untrue statement of a material fact contained (i) in the Registration Statement, the Prospectus, any Preliminary Prospectus used prior to the effective date of the Registration Statement or
any post-effective amendment or supplement to any of them or in any Blue Sky Application or Authorized Sales Materials; or (b) the omission or alleged omission to state in the Registration Statement, the Prospectus, any Preliminary Prospectus
used prior to the effective date of the Registration Statement or any post-effective amendment or supplement to any of them or in any Blue Sky Application or Authorized Sales Materials a material fact required to be stated therein or necessary to
make the statements therein not misleading, provided that clauses (a) and (b) apply, to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information
furnished to the Company by or on behalf of the Dealer Manager specifically for use with reference to the Dealer Manager in the preparation of the Registration Statement, the Prospectus, any Preliminary Prospectus used prior to the effective date of
the Registration Statement or any post-effective amendment or supplement to any of them or in preparation of any Blue Sky Application or Authorized Sales Materials; or (c) any use of sales literature not authorized or approved by the Company or
any use of “broker-dealer use only” materials with members of the public by the Dealer Manager in the offer and sale of the Shares; or (d) any untrue statement made by the Dealer Manager or its representatives or agents or omission to
state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares; or (e) any material violation of this Agreement; or
(f) any failure to comply with applicable laws governing money laundry abatement and anti-terrorist financing efforts, including applicable rules of the NASD and the USA PATRIOT Act of 2001; or (g) any other failure to comply with
applicable rules of the NASD or federal or state securities laws and the rules and regulations promulgated thereunder. The Dealer Manager will reimburse the aforesaid parties for any legal or other expenses reasonably incurred by them in connection
with investigating or defending such Loss, 

  

 14 

	 	 
expense or action. This indemnity agreement will be in addition to any liability that the Dealer Manager may otherwise have. 

  

	 	6.3.	 Each Dealer severally will indemnify and hold harmless the Company, the Dealer Manager, each of their officers and directors (including any person named in the
Registration Statement, with his consent, as about to become a director), each other person who has signed the Registration Statement and each person, if any, who controls the Company or the Dealer Manager within the meaning of Section 15 of
the Securities Act (the “Dealer Indemnified Persons”) from and against any Losses to which a Dealer Indemnified Person may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions
in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of a material fact contained (i) in the Registration Statement, the Prospectus, any Preliminary Prospectus used prior to the effective
date of the Registration Statement or any post-effective amendment or supplement to any of them or in any Blue Sky Application or Authorized Sales Materials; or (b) the omission or alleged omission to state in the Registration Statement, the
Prospectus, any Preliminary Prospectus used prior to the effective date of the Registration Statement or any post-effective amendment or supplement to any of them or in any Blue Sky Application or Authorized Sales Materials a material fact required
to be stated therein or necessary to make the statements therein not misleading, provided that clauses (a) and (b) apply, to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in
conformity with written information furnished to the Company or the Dealer Manager by or on behalf of the Dealer specifically for use with reference to the Dealer in the preparation of the Registration Statement, the Prospectus, any Preliminary
Prospectus used prior to the effective date of the Registration Statement or any post-effective amendment or supplement to any of them or in preparation of any Blue Sky Application or Authorized Sales Materials; or (c) any use of sales
literature not authorized or approved by the Company or any use of “broker-dealer use only” materials with members of the public by the Dealer in the offer and sale of the Shares; or (d) any untrue statement made by the Dealer or its
representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares; or (e) any
material violation of this Agreement; or (f) any failure to comply with applicable laws governing money laundry abatement and anti-terrorist financing efforts, including applicable rules of the NASD and the USA PATRIOT Act of 2001; or
(g) any other failure to comply with applicable rules of the NASD or federal or state securities laws and the rules and regulations promulgated thereunder. Each such Dealer will reimburse each Dealer Indemnified Person for any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or 

  

 15 

	 	 
action. This indemnity agreement will be in addition to any liability that such Dealer may otherwise have. 

  

	 	6.4.	Promptly after receipt by an indemnified party under this Section 6 of notice of the commencement of any action, such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party under this Section 6, notify in writing the indemnifying party of the commencement thereof. The failure of an indemnified party to so notify the indemnifying party will relieve the
indemnifying party from any liability under this Section 6 as to the particular item for which indemnification is then being sought, but not from any other liability that it may have to any indemnified party. In case any such action is brought
against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the
defense thereof, with separate counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to Section 6.5) incurred by such
indemnified party in defending itself, except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such
indemnifying party shall not be liable to any such indemnified party on account of any settlement of any claim or action effected without the consent of such indemnifying party. Any indemnified party shall not be bound to perform or refrain from
performing any act pursuant to the terms of any settlement of any claim or action effected without the consent of such indemnified party. 

  

	 	6.5.	 The indemnifying party shall pay all legal fees and expenses of the indemnified party in the defense of such claims or actions; provided, however, that the
indemnifying party shall not be obliged to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such
actions or claims are alleged or brought by one or more parties against more than one indemnified party. If such claims or actions are alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to
reimburse the expenses and fees of the one law firm that has been selected by a majority of the indemnified parties against which such action is finally brought; and in the event a majority of such indemnified parties are unable to agree on which
law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an indemnified party against the action or claim. Such law firm shall be paid only to the
extent of services performed by such law firm and no reimbursement shall be 

  

 16 

	 	 
payable to such law firm on account of legal services performed by another law firm. 

  

	7.	Survival of Provisions. 

  

	 	7.1.	The respective agreements, representations and warranties of the Company and the Dealer Manager set forth in this Agreement shall remain operative and in full force and effect
regardless of (a) any investigation made by or on behalf of the Dealer Manager or any Dealer or any person controlling the Dealer Manager or any Dealer or by or on behalf of the Company or any person controlling the Company and (b) the
acceptance of any payment for the Shares. 

  

	 	7.2.	The respective agreements and obligations of the Company and the Dealer set forth in Sections 3.7, 4.6 and 4.4 (with respect to the maintenance of records required by Article
III.C.4 of the NASAA Guidelines and transfers and resales of shares), 4.7, 5.3, 6 through 10 and 12 through 13 of this Agreement shall remain operative and in full force and effect regardless of (a) any investigation made by or on behalf of the
Dealer Manager or any Dealer or any person controlling the Dealer Manager or any Dealer or by or on behalf of the Company or any person controlling the Company, (b) the acceptance of any payment for the Shares and (c) the termination of
this Agreement. 

  

	8.	Applicable Law and Invalid Provision. 

  

	 	8.1.	This Agreement shall be governed by, the laws of the State of Maryland; provided, however, that causes of action for violations of federal or state securities laws shall not be
governed by this Section 8.1. 

  

	 	8.2.	The invalidity or unenforceability of any provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such
invalid or unenforceable provision was omitted. 

  

	9.	Counterparts. This Agreement may be executed in any number of counterparts. Each counterpart, when executed and delivered, shall be an original contract, but all counterparts, when
taken together, shall constitute one and the same agreement. 

  

	10.	Successors and Assigns. 

  

	 	10.1.	 This Agreement shall inure to the benefit of and be binding upon the Dealer Manager and the Company and their respective successors and permitted assigns. This
Agreement shall inure to the benefit of the Dealers to the extent set forth in Sections 1, 3 and 6 hereof. Nothing in this Agreement is intended or shall be construed to give to any other 

  

 17 

	 	 
person any right, remedy or claim, except as otherwise specifically provided herein. 

  

	 	10.2.	No party shall assign this Agreement or any right, interest or benefit under this Agreement without the prior written consent of the other party. 

  

	11.	Amendments. This Agreement may be amended by the written agreement of the Dealer Manager and the Company. 

  

	12.	Term. Any party to this Agreement shall have the right to terminate this Agreement on 60 days’ written notice or immediately upon notice to the other party in the event that
such other party shall have failed to comply with any material provision hereof. If not sooner terminated, the Dealer Manager’s agency and this Agreement shall terminate upon termination of the Offering Period without obligation on the part of
the Dealer Manager or the Company, except as set forth in this Agreement. Upon termination of this Agreement, (a) the Company shall pay to the Dealer Manager all amounts payable under Section 5 hereof at such time as such amounts
become payable and (b) the Dealer Manager shall promptly deliver to the Company all records and documents in its possession that relate to the Offering and that are not designated as “dealer” copies. 

  

	13.	Customer Complaints. Each party herby agrees to promptly provide to the other party copies of any written or otherwise documented complaints from customers of the Dealer Manager or
any Dealer received by such party relating in any way to the Offering (including, but not limited to, the manner in which the Shares are offered by the Dealer Manager or the Dealer). 

  

	14.	No Partnership. Nothing in this Agreement shall be construed or interpreted to constitute the Dealer Manager as in association with or in partnership with the Company; instead, this
Agreement shall only constitute the Dealer Manager as a dealer authorized by the Company to sell and to manage the sale by others of the Shares according to the terms set forth in the Registration Statement and the Prospectus as amended or
supplemented and in this Agreement. 

  

	15.	Submission of Orders. 

  

	 	15.1.	 Those persons who purchase Shares will be instructed by the Dealer Manager or the Dealer to make their checks payable to “First Republic Trust Company, as
escrow agent for KBS Real Estate Investment Trust, Inc.” or, after the Minimum Offering has been achieved, to the Company, except with respect to Pennsylvania investors. Checks from Pennsylvania investors must be made payable to “First
Republic Trust Company, as escrow agent for KBS Real Estate Investment Trust, Inc.” until the Pennsylvania Minimum has been achieved. The Dealer Manager, any agent of the Dealer Manager and any Dealer receiving a check not conforming to the
foregoing instructions shall return such check directly to such subscriber not later than the end of the next business day following 

  

 18 

 
its receipt. Checks received by the Dealer Manager, any agent of the Dealer Manager or a Dealer that conform to the foregoing instructions shall be
transmitted for deposit pursuant to one of the methods described in this Section 15. 
  

	 	15.2.	Where, pursuant to a Dealer’s internal supervisory procedures, internal supervisory review is conducted at the same location at which subscription documents and checks are
received from subscribers, checks will be transmitted by the end of the next business day following receipt by the Dealer for deposit to the escrow agent for the Company or to the Dealer Manager (or an agent of the Dealer Manager) if the Dealer
Manager is acting as processing broker-dealer or, after the Minimum Offering has been achieved, to the Company or its agent, except for investments from Pennsylvania investors. The Dealer will transmit checks from Pennsylvania investors for deposit
to the escrow agent for the Company or to the Dealer Manager (or an agent of the Dealer Manager) if the Dealer Manager is acting as processing broker-dealer or, after the Pennsylvania Minimum has been achieved, to the Company or its agent.

  

	 	15.3.	Where, pursuant to a Dealer’s internal supervisory procedures, final internal supervisory review is conducted at a different location, checks will be transmitted by the end of
the next business day following receipt by the Dealer to the office of the Dealer conducting such final internal supervisory review (the “Final Review Office”). The Final Review Office will in turn by the end of the next business
day following receipt by the Final Review Office, transmit such checks for deposit to the escrow agent for the Company or to the Dealer Manager (or an agent of the Dealer Manager) if the Dealer Manager is acting as processing broker-dealer or, after
the Minimum Offering has been achieved, to the Company or its agent, except for investments from Pennsylvania investors. The Final Review Office will transmit checks from Pennsylvania investors for deposit to the escrow agent for the Company or to
the Dealer Manager (or an agent of the Dealer Manager) if the Dealer Manager is acting as processing broker-dealer or, after the Pennsylvania Minimum has been achieved, to the Company or its agent. 

  

	 	15.4.	Where the Dealer Manager (or its agent) receives investor proceeds, checks will be transmitted by the Dealer Manager (or its agent) for deposit to the escrow agent for the Company
or, after the Minimum Offering has been achieved, to the Company or its agent (except for investments from Pennsylvania investors) as soon as practicable but in any event by the end of the second business day following receipt by the Dealer Manager
(or its agent). The Dealer Manager (or its agent) will transmit checks from Pennsylvania investors for deposit to the escrow agent for the Company or, after the Pennsylvania Minimum has been achieved, to the Company or its agent. Checks of rejected
potential investors will be promptly returned to such potential investors. 

  

 19 

 If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the
space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement between us as of the date first above written. 
  

			
	 Very truly yours,

	
	 KBS REAL ESTATE INVESTMENT
     TRUST, INC.

		
	 By:
	 	 /s/ Charles J. Schreiber, Jr.

	 Name:
	 	 Charles J. Schreiber, Jr.

	 Title:
	 	 Chief Executive Officer

  

			
	 Accepted and agreed as of the
 date first
above written.

	
	 KBS CAPITAL MARKETS GROUP LLC

		
	By:	 	/s/ Greg Brakovich
	Name:	 	Greg Brakovich
	Title:	 	Chief Executive Officer

  

 20 

 EXHIBIT A 
 KBS REAL ESTATE INVESTMENT TRUST, INC. 
 Up to 280,000,000 Shares of Common Stock 
 FORM OF SELECTED DEALER AGREEMENT 
 Ladies and Gentlemen:

 KBS Capital Markets Group LLC, as the dealer manager (the “Dealer Manager”) for KBS Real Estate Investment Trust, Inc.
(the “Company”), a Maryland corporation, invites you (the “Dealer”) to participate in the distribution of shares of common stock (the “Shares”) of the Company subject to the following terms.
Capitalized terms not otherwise defined herein shall have the meanings set forth in the Dealer Manager Agreement between the Dealer Manager and the Company, dated January 27, 2006, in the form attached hereto as Exhibit A (the “Dealer
Manager Agreement”). 
  

	I.	Dealer Manager Agreement 

 By your acceptance of this
Agreement, you will become one of the Dealers referred to in the Dealer Manager Agreement and will be entitled and subject to the indemnification provisions contained in Section 6 of the Dealer Manager Agreement, including specifically the
provisions of such Dealer Manager Agreement (Section 6.3) wherein each Dealer severally agrees to indemnify and hold harmless the Company, the Dealer Manager and each their officers and directors (including any person named in the Registration
Statement, with his consent, as about to become a director), each person who signed the Registration Statement and each person, if any, who controls the Company and the Dealer Manager within the meaning of Section 15 the Securities Act of 1933,
as amended (the “Securities Act”). The indemnification agreements contained in Section 6 of the Dealer Manager Agreement shall survive the termination of this Agreement and the Dealer Manager Agreement. 
  

	II.	Submission of Orders 

 Those persons who purchase Shares
will be instructed by the Dealer to make their checks payable to “First Republic Trust Company, as escrow agent for KBS Real Estate Investment Trust, Inc.” or, after the Minimum Offering has been achieved, to the Company, except with
respect to Pennsylvania investors. Checks from Pennsylvania investors must be made payable to “First Republic Trust Company, as escrow agent for KBS Real Estate Investment Trust, Inc.” until the Pennsylvania Minimum has been achieved. The
Dealer will return any check it receives not conforming to the foregoing instructions directly to such subscriber not later than the end of the next business day following its receipt. Checks received by the Dealer that conform to the foregoing
instructions shall be transmitted for deposit pursuant to one of the following methods: 
  

 A-1 

 Where, pursuant to the Dealer’s internal supervisory procedures, internal supervisory review is
conducted at the same location at which subscription documents and checks are received from subscribers, checks will be transmitted by the end of the next business day following receipt by the Dealer for deposit to an escrow agent for the Company or
to the Dealer Manager (or an agent of the Dealer Manager) if the Dealer Manager is acting as processing broker-dealer or, after the Minimum Offering has been achieved, to the Company or its agent, except for investments from Pennsylvania investors.
The Dealer will transmit checks from Pennsylvania investors for deposit to the escrow agent for the Company or to the Dealer Manager (or an agent of the Dealer Manager) if the Dealer Manager is acting as processing broker-dealer or, after the
Pennsylvania Minimum has been achieved, to the Company or its agent. 
 Where, pursuant to the Dealer’s internal supervisory procedures,
final internal supervisory review is conducted at a different location, checks will be transmitted by the end of the next business day following receipt by the Dealer to the office of the Dealer conducting such final internal supervisory review (the
“Final Review Office”). The Final Review Office will in turn by the end of the next business day following receipt by the Final Review Office transmit such checks for deposit to the escrow agent for the Company or to the Dealer
Manager (or an agent of the Dealer Manager) if the Dealer Manager is acting as processing broker-dealer or, after the Minimum Offering has been achieved, to the Company or its agent, except for investments from Pennsylvania investors. The Final
Review Office will transmit checks from Pennsylvania investors for deposit to the escrow agent for the Company or to the Dealer Manager (or an agent of the Dealer Manager) if the Dealer Manager is acting as processing broker-dealer or, after the
Pennsylvania Minimum has been achieved, to the Company or its agent. 
  

	III.	Pricing 

 Except as otherwise provided in the “Plan of
Distribution” section of the Prospectus (as amended and supplemented), the Shares are to be sold at a per Share cash price as follows: 
  

							
	 Distribution Channel
	  	Primary
Offering
Shares	  	DRP Shares
	 Sales through a Dealer earning transaction-based compensation
	  	$	10.00	  	$	9.50
	 Sales through all other distribution channels as described in the Prospectus
	  	$	9.40	  	$	9.50

  

 A-2 

 Upon the terms set forth in the Prospectus, pursuant to the Company’s volume discount program,
Shares shall be sold at reduced prices as follows: 
  

								
	Shares Purchased in the Transaction	  	Price
Per Share
	1	 	to	 	  50,000	  	$	10.00
	 50,001	 	to	 	100,000	  	$	9.90
	100,001	 	to	 	250,000	  	$	9.70
	250,001	 	to	 	500,000	  	$	9.60
	500,001	 		 	and up	  	$	9.50

 The reduced selling price per share (and the applicable selling commission under the volume
discount program) will apply to the incremental shares falling within the indicated range only. Thus, for example, a purchase of 125,000 shares would result in a purchase price of $1,237,500 as shown below: 
  

	 	•	 	50,000 shares at $10.00 per share (total: $500,000); 

  

	 	•	 	50,000 shares at $9.90 per share (total: $495,000); and 

  

	 	•	 	25,000 shares at $9.70 per share (total: $242,500). 

 In
addition, as described in the Prospectus, the Dealer Manager may sell shares to Dealer, its retirement plans, its representatives and the family members, IRAs and the qualified plans of its representatives at a purchase price of $9.40 per share,
reflecting that selling commissions in the amount of $0.60 per share will not be payable in consideration of the services rendered by Dealer and its representatives in the Offering. For purposes of this discount, a family member includes such
person’s spouse, parent, child, sibling, mother- or father-in-law, son- or daughter-in law or brother- or sister-in-law. 
  

	IV.	Dealer’s Commissions 

 Except for discounts described
in or as otherwise provided in the “Plan of Distribution” section of the Prospectus (as amended and supplemented), the Dealer’s selling commission applicable to the public offering price of the Shares sold by the Dealer, which it is
authorized to sell hereunder, is as follows: 
  

							
	 	  	Selling Commissions	 
	 Distribution Channel
	  	Primary
Offering
Shares	 	 	DRP	 
	 Sales through a Dealer earning transaction-based compensation
	  	6.0	%	 	3.0	%
	 Sales through all other distribution channels as discussed in the Prospectus
	  	0.0	%	 	0.0	%

 The 3.0% commission payable on Shares sold under the DRP shall be payable until such time as the
Company ceases offering Shares under the DRP on such terms. At 

  

 A-3 

 
such time, the commission payable on sales made under the DRP shall be that contemplated pursuant to any new commission structure for the sale of shares
under the DRP. 
 The preceding commission (for the Dealer distribution channel) shall be adjusted for sales under the volume discount
program discussed above as follows: 
  

								
	 Shares Purchased in the Transaction
	  	Commission Rate
(Based on a $10.00
Price Per Share)*	 
	 1
	 	to	 	50,000	  	6.0	%
	 50,001
	 	to	 	100,000	  	5.0	%
	 100,001
	 	to	 	250,000	  	3.0	%
	 250,001
	 	to	 	500,000	  	2.0	%
	 500,001
	 		 	and up	  	1.0	%

  

	*	All commission rates will be calculated assuming a $10.00 price per share. 

 All selling commissions shall be based on Shares sold by Dealer and accepted and confirmed by the Company, which commission will be paid by the Dealer Manager. For these purposes, a “sale of Shares” shall
occur if and only if a transaction has closed with a subscriber for Shares pursuant to all applicable offering and subscription documents, payment for the Shares has been received in full in the manner provided in Section II hereof, the Company has
accepted the subscription agreement of such subscriber and the Company has thereafter distributed the commission to the Dealer Manager in connection with such transaction. The Dealer affirms that the Dealer Manager’s liability for commissions
payable is limited solely to the proceeds of commissions receivable from the Company and the Dealer hereby waives any and all rights to receive payment of commissions due until such time as the Dealer Manager is in receipt of the commission from the
Company. 
 In addition, as set forth in the Prospectus (as amended and supplemented), the Dealer Manager may, in its sole discretion, pay a
marketing fee to Dealer of up to 1% of the gross offering proceeds attributable to Dealer, which reallowance would be paid by the Dealer Manager out of its dealer manager fee. This reallowance would be pursuant to a separate agreement between the
Dealer Manager and Dealer. The Dealer Manager will reimburse bona fide due diligence expenses of Dealer unless such payment would cause the aggregate of such reimbursements to Dealer and other broker-dealers to exceed 0.5% of the Company’s
gross offering proceeds. 
 Subscribers of the Company’s Shares may agree with Dealer to have selling commissions due with respect to
the purchase of their Shares paid over a period of up to five years pursuant to a deferred commission option arrangement (the “Deferred Commission Option”), as more fully described and subject to the conditions set forth 

  

 A-4 

 
under “Plan of Distribution – Deferred Commission Option” in the Company’s Prospectus, which section is incorporated by reference herein.

 Stockholders electing the Deferred Commission Option will be required to pay a total of $9.50 per Share, rather than $10.00 per Share,
with respect to which $0.10 per Share will be payable by the Company to the Dealer Manager as selling commissions due upon subscription, which amount will be reallowed to Dealer by the Dealer Manager. For each of up to the next five years following
such subscription, on a date or dates to be determined from time to time by the Dealer Manager, $0.10 per share on an annual basis will be paid by the Company to the Dealer Manager as deferred selling commissions with respect to the Shares sold
pursuant to the Deferred Commission Option, which amounts will be deducted from and paid out of cash distributions otherwise payable to the Stockholders holding such Shares, which selling commissions will be reallowed to the Dealer by the Dealer
Manager. 
 As in any volume discount situation, selling commissions are reduced on any Shares issued for a volume discount. Therefore, if a
subscriber agrees with Dealer to elect the Deferred Commission Option, then the Company will make adjusted deductions for the deferred commission obligations of such subscriber from cash distributions payable on the Shares issued for a volume
discount. 
 At such time, if any, that the Company’s Shares are listed for trading on a national securities exchange or on the Nasdaq
National Market, or such listing is reasonably anticipated to occur at any time prior to the satisfaction of the remaining deferred commission obligations, the Company will accelerate the remaining selling commissions due under the Deferred
Commission Option. The amount of the remaining selling commissions due will be deducted and paid by the Company out of cash distributions otherwise payable to such stockholders during the time period prior to any such listing of the Shares for
trading on a national securities exchange or on the Nasdaq National Market; provided that, in no event may the Company withhold in excess of $0.50 per Share in the aggregate during the five-year period following subscription. The maximum amount that
may be withheld will be lower when the volume discount provisions are also applicable. To the extent that cash distributions during such time period are insufficient to satisfy the remaining deferred selling commissions due, the obligation of the
Company and the Company’s stockholders to make any further payments of deferred selling commissions under the Deferred Commission Option will terminate and the Dealer Manager and Dealer will not be entitled to receive any further portion of any
unpaid deferred selling commissions following any such listing for trading on a national securities exchange or on the Nasdaq National Market. 
 In addition, if a stockholder that has elected the Deferred Commission Option decides to participate in the Company’s proposed share redemption program or requests that the Company transfer such stockholder’s Shares for any reason
prior to the time that the remaining deferred selling commissions have been deducted from such stockholder’s 

  

 A-5 

 
cash distributions, the Company will accelerate the selling commissions due under the Deferred Commission Option as set forth in the Prospectus. 

The parties hereby agree that the foregoing commission is not in excess of the usual and customary distributors’ or sellers’ commission
received in the sale of securities similar to the Shares, that Dealer’s interest in the offering is limited to such commission from the Dealer Manager and Dealer’s indemnity referred to in Section 6 of the Dealer Manager Agreement and
that the Company is not liable or responsible for the direct payment of such commission to the Dealer. 
  

	V.	Payment 

 Payment of selling commissions or any reallowance
of a portion of the dealer manager fee will be made by the Dealer Manager (or by the Company as provided in the Dealer Manager Agreement) to the Dealer within 30 days of the receipt by the Dealer Manager of the gross commission payments from the
Company. Dealer acknowledges that, if the Company pays selling commissions to the Dealer Manager, the Company is relieved of any obligation for selling commissions to the Dealer. The Company may rely on and use the preceding acknowledgment as a
defense against any claim by the Dealer for selling commissions the Company pays to Dealer Manager but that Dealer Manager fails to remit to the Dealer. 
  

	VI.	Right to Reject Orders or Cancel Sales 

 All orders,
whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by the Company. The Dealer agrees that the Company, in its sole and absolute discretion, may accept or reject any subscription, in whole or
in part, for any reason whatsoever, and no commission will be paid to the Dealer with respect to the portion of any subscription that is rejected. Orders not accompanied by a Subscription Agreement with the signature page and the required check in
payment for the Shares may be rejected. Issuance and delivery of the Shares will be made only after actual receipt of payment therefor. If any check is not paid upon presentment, or if the Company is not in actual receipt of clearinghouse funds or
cash, certified or cashier’s check or the equivalent in payment for the Shares, the Company reserves the right to cancel the sale without notice. In the event an order is rejected, canceled or rescinded for any reason, the Dealer agrees to
return to the Dealer Manager any commission theretofore paid with respect to such order within 30 days thereafter and, failing to do so, the Dealer Manager shall have the right to offset amounts owed against future commissions due and otherwise
payable to the Dealer. 
  

 A-6 

	VII.	Covenants of the Dealer 

 Dealer covenants and agrees with
the Dealer Manager and the Company that: 
  

	 	7.1	Dealer will use its best efforts to sell the Shares for cash on the terms and conditions set forth in this Agreement and the Prospectus as amended and supplemented.

  

	 	7.2	In connection with the Dealer’s participation in the offer and sale of Shares (including, without limitation, any resales and transfers of Shares), the Dealer will comply with
all requirements and obligations imposed upon it by (a) the Securities Act, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the SEC promulgated under both such acts;
(b) all applicable state securities laws and regulations as from time to time in effect; (c) the applicable rules of the NASD, including, but not in any way limited to, Rule 2730, Rule 2740, Rule 2420, Rule 2440 and Rule 2750 of the NASD
Conduct Rules; (d) all applicable rules and regulations relating to the suitability of investors, including, without limitation, the provisions of Articles III.C. and III.E of the Statement of Policy regarding Real Estate Investment Trusts of
the North American Securities Administrators Association, Inc. (the “NASAA Guidelines”); (e) any other state and federal laws and regulations applicable to the Offering, the sale of Shares or the activities of the Dealer
pursuant to this Agreement, including without limitation the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999, the requirements of any applicable state privacy laws, and the applicable provisions of the USA Patriot Act of
2001; and (f) this Agreement and the Prospectus as amended and supplemented. 

  

	 	7.3	The Dealer will not offer Shares in any jurisdiction unless and until (a) the Dealer has been advised in writing by the Company or the Dealer Manager that the Shares are either
registered in accordance with, or exempt from, the securities laws of such jurisdiction and (b) the Dealer has all required licenses and registrations to offer shares in that jurisdiction. 

  

	 	7.4	The Dealer will offer Shares (both at the time of an initial subscription and at the time of any additional subscription) only to persons who meet the financial qualification and
suitability standards set forth in the Prospectus as amended or supplemented or in any suitability letter or memorandum sent to the Dealer by the Company or the Dealer Manager. 

  

	 	7.5	 The Dealer agrees to comply with the record-keeping requirements imposed by (a) federal and state securities laws and the rules and regulations thereunder,
(b) the applicable rules of the NASD and (c) the NASAA Guidelines, including the requirement to maintain records (the “Suitability Records”) of the information used to determine that an 

  

 A-7 

	 	 
investment in Shares is suitable and appropriate for each subscriber for a period of six years from the date of the sale of the Shares. The Dealer further
agrees to make the Suitability Records available to the Dealer Manager and the Company upon request and to make them available to representatives of the SEC and the NASD and applicable state securities administrators upon the Dealer’s receipt
of a subpoena or other appropriate document request from such agency. 

  

	 	7.6	The Dealer will provide the Dealer Manager with such information relating to the offer and sale of the Shares by it as the Dealer Manager may from time to time reasonably request or
as may be requested to enable the Dealer Manager or the Company, as the case may be, to prepare such reports of sale as may be required to be filed under applicable federal or state securities laws and the rules and regulations thereunder.

  

	 	7.7	The Dealer agrees to be bound by the terms of the Escrow Agreement dated November 15, 2005, among First Republic Trust Company, as escrow agent, the Dealer Manager and the
Company, copies of which are attached hereto as Exhibit B and the Dealer further agrees that it will not represent or imply that First Republic Trust Company, as the escrow agent identified in the Prospectus, has investigated the desirability
or advisability of an investment in the Company or has approved, endorsed or passed upon the merits of the Shares or of the Company, nor will the Dealer use the name of said escrow agent in any manner whatsoever in connection with the offer or sale
of the Shares other than by acknowledgment that it has agreed to serve as escrow agent. 

  

	VIII.	Prospectus and Sales Literature 

 Dealer is not authorized
or permitted to give, and will not give, any information or make any representation (written or oral) concerning the Shares except as set forth in the Prospectus as amended and supplemented or in the Authorized Sales Materials. The Dealer Manager
will supply Dealer with reasonable quantities of the Prospectus, including amendments of and supplements to the Prospectus, and any Authorized Sales Materials, for delivery to investors, and Dealer will deliver a copy of the Prospectus, including
any amendments and supplements thereto, as required by the Securities Act, the Exchange Act and the rules and regulations promulgated under both. The Dealer agrees that (a) it will deliver a copy of the Prospectus as amended and supplemented to
each investor to whom an offer is made prior to or simultaneously with the first solicitation of an offer to sell the Shares to an investor and (b) it will not send or give any Authorized Sales Materials to an investor unless the Authorized
Sales Materials are accompanied by or preceded by the Prospectus as amended and supplemented. 
 Except for the Authorized Sales Materials,
the Company has not authorized the use of any supplemental literature or sales materials in connection with the Offering and the Dealer agrees not to use any material unless it has been authorized by the Company and provided to the Dealer by the
Dealer Manager. Dealer agrees that it will not show or 

  

 A-8 

 
give to any investor or prospective investor or reproduce any material or writing that is supplied to it by the Dealer Manager and marked “dealer
only” or otherwise bearing a legend denoting that it is not to be used in connection with the sale of Shares to members of the public. Dealer agrees that it will not use in connection with the offer or sale of Shares any material or writing
that relates to another company supplied to it by the Company or the Dealer Manager bearing a legend that states that such material may not be used in connection with the offer or sale of any securities of the Company. 
 Dealer agrees to furnish a copy of the Prospectus (as amended and supplemented) required for compliance with the provisions of federal and state
securities laws and the rules and regulations thereunder, including Rule 15c2-8 under Exchange Act. Regardless of the termination of this Agreement, Dealer will deliver a Prospectus (as amended and supplemented) in transactions in the Shares for a
period of 90 days from the effective date of the Registration Statement or such other period as may be required by the Exchange Act or the rules and regulations thereunder. 
  

	IX.	License and Association Membership 

 Dealer represents and
warrants to the Company and the Dealer Manager that it is a properly registered or licensed broker-dealer, duly authorized to offer and sell Shares under federal securities laws and regulations and the securities laws and regulations of all states
where it offers or sells Shares and that it is a member of the NASD in good standing. This Agreement shall automatically terminate if the Dealer ceases to be a member of the NASD in good standing or is subject to an NASD suspension or if the
Dealer’s registration or license under the Exchange Act or any state securities laws or regulations is terminated or suspended; the Dealer agrees to notify the Dealer Manager immediately if any of these events occur. 
  

	X.	Anti-Money Laundering Compliance Programs 

 Dealer’s
acceptance of this Agreement constitutes a representation to the Company and the Dealer Manager that the Dealer has established and implemented an anti-money laundering compliance program in accordance with applicable laws and regulations, including
federal and state securities laws, the USA Patriot Act of 2001, Executive Order 13224 – Executive Order on Terrorist Financing Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, and
applicable rules of the NASD. 
 In accordance with these applicable laws and regulations, Dealer agrees to verify the identity of its new
customers; to maintain customer records; to check the names of new customers against government watch lists, including the Office of Foreign Asset Control’s (OFAC) list of Specially Designated Nationals and Blocked Persons, and, as required, to
provide the Financial Crimes Enforcement Network with information regarding: (a) the identity of a specified individual or organization; (b) an account number; (c) all identifying information provided by the account holder; and
(d) the date and type of transaction, upon request. Additionally, Dealer will manually monitor account activity to identify patterns of unusual size or volume, geographic factors and 

  

 A-9 

 
any other “red flags” described in the USA Patriot Act as potential signals of money laundering or terrorist financing, and disclose such activity
to applicable federal and state law enforcement when required by law. 
  

	XI.	Effectiveness, Termination and Amendment 

 This Agreement
shall become effective upon the execution hereof by the Dealer and the receipt of this executed Agreement by the Dealer Manager. Dealer will immediately suspend or terminate its offer and sale of Shares upon the request of the Company or the Dealer
Manager at any time and will resume its offer and sale of Shares hereunder upon subsequent request of the Company or the Dealer Manager. In addition to termination pursuant to Section IX, any party may terminate this Agreement by written notice.
Such termination shall be effective 48 hours after the mailing of such notice. Upon the sale of all of the Shares, this Agreement shall terminate without obligation on the part of the Dealer or the Dealer Manager, except as set forth in this
Agreement. The indemnification agreements contained in Section 6 of the Dealer Manager Agreement shall survive the termination of this Agreement and the Dealer Manager Agreement, and the respective agreements and obligations of the Dealer
Manager and the Dealer set forth in Sections IV, V, VI, 7.2, 7.5, 7.6, VIII and XI through XXI of this Agreement shall remain operative and in full force and effect regardless of the termination of this Agreement. 
 This Agreement may be amended at any time by the Dealer Manager by written notice to the Dealer. Any such amendment shall be deemed accepted by the
Dealer upon the Dealer placing an order for the sale of Shares after it has received such notice. 
  

	XII.	Privacy Laws 

 The Dealer Manager and Dealer agree as
follows: 
  

	 	12.1	Each party agrees to abide by and comply with (a) the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 and applicable regulations promulgated
thereunder, (b) the privacy standards and requirements of any other applicable federal or state law and (c) its own internal privacy policies and procedures, each as may be amended from time to time. 

  

	 	12.2	Each party agrees to refrain from the use or disclosure of nonpublic personal information (as defined under the Gramm-Leach-Bliley Act) of all customers who have opted out of such
disclosures, except as necessary to service the customers or as otherwise necessary or required by applicable law; and 

  

	 	12.3	 Each party shall be responsible for determining which customers have opted out of the disclosure of nonpublic personal information by periodically reviewing and, if
necessary, retrieving a list of such customers (the “List”) as provided by each to identify customers that have exercised their opt-out rights. In the event either party uses or discloses nonpublic 

  

 A-10 

	 	 
personal information of any customer for purposes other than servicing the customer, or as otherwise required by applicable law, that party will consult the
List to determine whether the affected customer has exercised his or her opt-out rights. Each party understands that each is prohibited from using or disclosing any nonpublic personal information of any customer that is identified on the List as
having opted out of such disclosures. 

  

	XIII.	Customer Complaints 

 Each party herby agrees to promptly
provide to the other party copies of any written or otherwise documented complaints from customers of the Dealer received by such party relating in any way to the Offering (including, but not limited to, the manner in which the Shares are offered by
the Dealer). 
  

	XIV.	Notice 

 All notices will be in writing and will be duly
given to the Dealer Manager when mailed to the address set forth below, and to Dealer when mailed to the address specified by the Dealer below. 
 KBS Capital Markets Group LLC 
 620 Newport Center Drive, Suite 1200 
 Newport Beach, California 92660 
  

	XV.	Confirmation 

 The Dealer Manager hereby acknowledges that
the Dealer Manager has assumed the duty to confirm on behalf of the Dealers all orders for purchases of Shares accepted by the Company. Such confirmations will comply with the rules of the SEC and the NASD and will comply with the applicable laws of
such other jurisdictions to the extent that the Dealer Manager is advised of such laws in writing by the Dealer. 
  

	XVI.	Entire Agreement 

 This Agreement and the exhibits hereto
are the entire agreement of the parties and supersede all prior agreements, if any, relating to the subject matter hereof between the parties hereto. 
  

	XVII.	Successors and Assigns 

 No party shall assign this
Agreement or any right, interest or benefit under this Agreement without the prior written consent of the other party. This Agreement shall be binding upon the Dealer Manager and the Dealer and their respective successors and permitted assigns.

  

	XVIII.	Arbitration, Attorney’s Fees, Jury Trial and Applicable Law 

  

 A-11 

 In the event of a dispute concerning any provision of this Agreement (including any provisions of the
Dealer Manager Agreement incorporated into this Agreement), either party may require the dispute to be submitted to binding arbitration, conducted on a confidential basis, under the then current commercial arbitration rules of NASD or the American
Arbitration Association (at the discretion of the party requesting arbitration) in accordance with the terms of this Agreement (including the governing law provisions of this section) and pursuant to the Federal Arbitration Act (9 U.S.C.
§§ 1 – 16). The parties will request that the arbitrator or arbitration panel (“Arbitrator”) issue written findings of fact and conclusions of law. In addition to the other limitations specified herein, the Arbitrator shall
not be empowered to make any award or render any judgment that exceeds the limitations specified in this Agreement, and the Arbitrator shall be required to follow applicable law in construing this Agreement, making awards, and rendering judgments.
The decision of the arbitration panel shall be final and binding, and judgment upon any arbitration award may be entered by any court having jurisdiction. All arbitration hearings will be held at the Los Angeles NASD District Office or at another
mutually agreed upon site. The parties may agree on a single arbitrator, or, if the parties cannot so agree, each party will have the right to choose one arbitrator, and the selected arbitrator will choose a third arbitrator. Each arbitrator must
have experience and education that qualify him or her to competently address the specific issues to be designated for arbitration. Notwithstanding the preceding, no party will be prevented from immediately seeking provisional remedies in courts of
competent jurisdiction, including but not limited to, temporary restraining orders and preliminary injunctions, but such remedies will not be sought as a means to avoid or stay arbitration. Except as provided otherwise in Section 6 of the
Dealer Manager Agreement, in any action or arbitration to enforce the provisions of this Agreement or to secure damages for its breach, the prevailing party shall recover its costs and reasonable attorney’s fees. Each party to this Agreement
hereby waives a trial by jury in any legal action or proceeding relating to this Agreement. This Agreement shall be construed under the laws of the State of California; provided, however, that the governing law for causes of action for violations of
federal or state securities law shall be governed by the applicable federal or state securities law. 
  

	XIX.	Severability 

 The invalidity or unenforceability of any
provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted. 
  

	XX.	Counterparts 

 This Agreement may be executed in any
number of counterparts. Each counterpart, when executed and delivered, shall be an original contract, but all counterparts, when taken together, shall constitute one and the same agreement. 
  

 A-12 

	XXI.	No Partnership 

 Nothing in this Agreement shall be
construed or interpreted to constitute the Dealer as in association with or in partnership with the Dealer Manager, the Company or the other Dealers; instead, this Agreement shall only constitute the Dealer as a dealer authorized by the Dealer
Manager to sell the Shares according to the terms set forth in the Registration Statement and the Prospectus as amended and supplemented and in this Agreement. 
 [signature page follows] 
  

 A-13 

									
		 		 	 THE DEALER MANAGER:

			
	 Attest:
	 		 	 KBS CAPITAL MARKETS GROUP LLC

					
	By:	 	  	 		 	 By:
	 	  
		 	 Name
	 		 		 	 Name

		 	  	 		 		 	  
		 	 Title
	 		 		 	 Title

 We have read the foregoing Agreement and we hereby accept and agree to the terms and conditions
set forth therein. We hereby represent that the list below of jurisdictions in which we are registered or licensed as a broker or dealer and are fully authorized to sell securities is true and correct, and we agree to advise you of any change in
such list during the term of this Agreement. 
  

	1.	Identity of Dealer: 

  

			
	          Name:___________________________________________________________________________________________________

	          Type of entity:____________________________________________________________________________________________

		  	 (corporation, partnership or proprietorship)

	          Organized in the State of:____________________________________________________________________________________

		  	 (State)

	          Licensed as broker-dealer in the following States:________________________________________________________________

	          ________________________________________________________________________________________________________

	          Tax I.D. #:_______________________________________________________________________________________________

  

 A-14 

	2.	Person to receive notice pursuant to Section XIV: 

  

	
	          Name:__________________________________________________________________________________________________

	          Company:________________________________________________________________________________________________

	          Address:_________________________________________________________________________________________________

	          City, State and Zip Code :___________________________________________________________________________________

	          Telephone No:(____)_______________________________________________________________________________________

	          Telefax No: (____)_________________________________________________________________________________________

	          Email Address:____________________________________________________________________________________________

  

					
		 	AGREED TO AND ACCEPTED BY THE DEALER:
			
		 		 	  
		 		 	 (Dealer’s Firm Name)

			
		 	BY:	 	  
		 		 	 Authorized Signature

			
		 	TITLE:	 	  
		 		 	

  

 A-15Sale, Purchase and Escrow Agreement

 Exhibit 10.2 
 SALE, PURCHASE AND ESCROW AGREEMENT 
 BETWEEN 
 NCFLA II OWNER LLC, a 
 Delaware
limited liability company 
 (Seller) 
 AND 
 KBS CAPITAL ADVISORS LLC, 
 a Delaware limited liability company 
 (Purchaser) 
 AND 
 COMMERCIAL PROPERTY TITLE, LLC 
 (Escrow Agent) 

 TABLE OF CONTENTS 
  

							
	Article I RECITALS	  	2
				
		  	1.1.	  	 Real Property
	  	2
				
		  	1.2.	  	 Personal Property
	  	2
				
		  	1.3.	  	 Purchase and Sale
	  	2
		
	Article II PURCHASE PRICE	  	2
				
		  	2.1.	  	 Price
	  	2
				
		  	2.2.	  	 Investments
	  	3
				
		  	2.3.	  	 Interest on the Deposit
	  	3
		
	Article III CONDITIONS TO THE PARTIES’ OBLIGATIONS	  	3
				
		  	3.1.	  	 Conditions to Purchaser’s Obligation to Purchase
	  	3
				
		  	3.2.	  	 Conditions to Seller’s Obligation to Sell
	  	4
		
	Article IV PURCHASER’S AND SELLER’S DELIVERIES TO ESCROW AGENT	  	4
				
		  	4.1.	  	 Purchaser’s Deliveries
	  	4
				
		  	4.2.	  	 Seller’s Deliveries
	  	5
				
		  	4.3.	  	 Failure to Deliver
	  	6
		
	Article V INVESTIGATION OF PROPERTY	  	6
				
		  	5.1.	  	 Delivery of Documents
	  	6
				
		  	5.2.	  	 Physical Inspection of Property
	  	8
				
		  	5.3.	  	 Investigation Period
	  	9
				
		  	5.4.	  	 Effect of Termination
	  	10
				
		  	5.5.	  	 No Obligation to Cure
	  	10
				
		  	5.6.	  	 Copies of Third Party Reports
	  	10
		
	Article VI THE CLOSING	  	11
				
		  	6.1.	  	 Date and Manner of Closing
	  	11
		
	Article VII PRORATION, FEES, COSTS AND ADJUSTMENTS	  	11
				
		  	7.1.	  	 Prorations
	  	11
				
		  	7.2.	  	 Seller’s Closing Costs
	  	14
				
		  	7.3.	  	 Purchaser’s Closing Costs
	  	14
		
	Article VIII DISTRIBUTION OF FUNDS AND DOCUMENTS	  	14
				
		  	8.1.	  	 Delivery of the Purchase Price
	  	14
				
		  	8.2.	  	 Other Monetary Disbursements
	  	14

							
				
		  	8.3.	  	 Recorded Documents
	  	14
				
		  	8.4.	  	 Documents to Purchaser
	  	14
				
		  	8.5.	  	 Documents to Seller
	  	15
				
		  	8.6.	  	 All Other Documents
	  	15
		
	Article IX RETURN OF DOCUMENTS AND FUNDS UPON TERMINATION	  	15
				
		  	9.1.	  	 Return of Seller’s Documents
	  	15
				
		  	9.2.	  	 Return of Purchaser’s Documents
	  	16
				
		  	9.3.	  	 Deposit
	  	16
				
		  	9.4.	  	 Disbursement of Deposit
	  	16
				
		  	9.5.	  	 No Effect on Rights of Parties; Survival
	  	16
		
	Article X DEFAULT	  	16
				
		  	10.1.	  	 Seller’s Remedies
	  	16
				
		  	10.2.	  	 Purchaser’s Remedies
	  	17
		
	Article XI REPRESENTATIONS AND WARRANTIES	  	18
				
		  	11.1.	  	 Seller’s Warranties and Representations
	  	18
				
		  	11.2.	  	 Purchaser’s Warranties and Representations
	  	20
				
		  	11.3.	  	 No Other Warranties and Representations
	  	21
		
	Article XII CASUALTY AND CONDEMNATION	  	22
		
	Article XIII CONDUCT PRIOR TO CLOSING	  	23
				
		  	13.1.	  	 Conduct
	  	23
				
		  	13.2.	  	 Actions Prohibited
	  	23
				
		  	13.3.	  	 Modification of Existing Leases and Contracts
	  	23
				
		  	13.4.	  	 New Leases and Contracts
	  	24
				
		  	13.5.	  	 Confidentiality
	  	24
				
		  	13.6.	  	 Right to Cure
	  	25
		
	Article XIV NOTICES	  	25
		
	Article XV TRANSFER OF POSSESSION	  	26
				
		  	15.1.	  	 Transfer of Possession
	  	26
				
		  	15.2.	  	 Delivery of Documents at Closing
	  	26
		
	Article XVI GENERAL PROVISIONS	  	26
				
		  	16.1.	  	 Captions
	  	26
				
		  	16.2.	  	 Exhibits
	  	27
				
		  	16.3.	  	 Entire Agreement
	  	27

							
				
		  	16.4.	  	 Modification
	  	27
				
		  	16.5.	  	 Attorneys’ Fees
	  	27
				
		  	16.6.	  	 Governing Law
	  	27
				
		  	16.7.	  	 Time of Essence
	  	27
				
		  	16.8.	  	 Survival
	  	27
				
		  	16.9.	  	 Assignment by Purchaser
	  	27
				
		  	16.10.	  	 Severability
	  	27
				
		  	16.11.	  	 Successors and Assigns
	  	27
				
		  	16.12.	  	 Interpretation
	  	28
				
		  	16.13.	  	 Counterparts
	  	28
				
		  	16.14.	  	 Recordation
	  	28
				
		  	16.15.	  	 Limitation on Liability
	  	28
				
		  	16.16.	  	 Possession of Seller
	  	28
				
		  	16.17.	  	 Business Day
	  	28
				
		  	16.18.	  	 Waiver of Jury Trial
	  	28
				
		  	16.19.	  	 Other Duties of Escrow Agent
	  	28
				
		  	16.20.	  	 Disputes
	  	29
				
		  	16.21.	  	 Reports
	  	29
				
		  	16.22.	  	 Radon Notice
	  	29
				
		  	16.23.	  	 Brokers
	  	30

 EXHIBITS 
 EXHIBIT A   —   Legal Description of Land 
 EXHIBIT B   —   Form of Tenant Estoppel
Certificate 
 EXHIBIT C   —   Assignment and Assumption of Leases, Contracts and Other Property Interests 
 EXHIBIT D   —   Form of Bill of Sale 
 EXHIBIT E
  —   Leases 
 EXHIBIT F   —   Contracts 
 EXHIBIT G   —   Form of Notice to Tenants 
 EXHIBIT H   —   FIRPTA
Affidavit 
 EXHIBIT I   —   Form of Deed 
 EXHIBIT J   —   Owner’s Affidavit 
 EXHIBIT K   —   Permitted Exceptions 
 EXHIBIT L   —   List of Purchaser’s 3-14 Audit Documents and Questions to be Answered for Purchaser’s 3-14 Audit 
 SCHEDULE 11.1.7   —   List of Notices 
 SCHEDULE 11.1.9   —   List of Material Litigation 
 SCHEDULE 11.1.10   —   List of
Environmental Reports 

 INDEX OF DEFINED TERMS 
  

			
	 Term
	  	Section
	 Additional Funds
	  	2.1.2
	 Agreement
	  	Introduction
	 Assignment of Leases and Contracts
	  	4.1.2
	 Bill of Sale
	  	4.1.3
	 Closing
	  	6.1
	 Closing Date
	  	6.1
	 Contracts
	  	4.2.2
	 Deed
	  	4.2.1
	 Defective Condition
	  	11.4
	 Deposit
	  	2.1.1
	 Effective Date
	  	Introduction
	 Escrow Agent
	  	Introduction
	 Extension Deposit
	  	6.2
	 Extension Option
	  	6.2
	 Improvements
	  	1.1
	 Investigation Period
	  	5.3.2
	 Land
	  	1.1
	 Leases
	  	4.2.1
	 Lists
	  	11.2.6
	 OFAC
	  	11.2.6
	 Order(s)
	  	11.2.6
	 Owner’s Affidavit
	  	4.2.8
	 Permits, Warranties and Intangibles
	  	1.2
	 Permitted Encumbrances
	  	4.2.1
	 Permitted Exceptions
	  	5.3.1
	 Personal Property
	  	1.2
	 Property
	  	1.2
	 Proprietary Information
	  	13.5
	 Purchase Price
	  	2.1
	 Purchaser
	  	Introduction
	 Purchaser’s Action
	  	10.1
	 Purchaser’s 3-14 Audit
	  	5.7
	 Purchaser’s 3-14 Audit Documents
	  	5.1.10
	 Real Property
	  	1.1
	 Seller
	  	Introduction
	 Seller’s Broker
	  	16.23
	 Survey
	  	5.1.2
	 Tenant Payments
	  	7.1.1
	 Title Commitment
	  	5.1.1
	 Title Company
	  	3.1.3
	 Title Objections
	  	5.3.1
	 Title Policy
	  	3.1.3
	 To the extent of Seller’s actual knowledge
	  	11.1

  

 1 

 SALE, PURCHASE AND ESCROW AGREEMENT 
 This Sale, Purchase and Escrow Agreement (“Agreement”), dated as of March     , 2006 (the “Effective
Date”), is made by and between NCFLA II OWNER LLC, a Delaware limited liability company (“Seller”), KBS CAPITAL ADVISORS LLC, a Delaware limited liability company (“Purchaser”),
and constitutes (i) a contract of sale and purchase between the parties and (ii) an escrow agreement among Seller, Purchaser and COMMERCIAL PROPERTY TITLE, LLC (“Escrow Agent”), the consent of which appears at the
end hereof. 
 ARTICLE I 
 RECITALS 
 1.1. Real Property. Seller owns and holds fee title to that certain land located in Hillsborough
County, Florida (the “Land”), as described in Exhibit A attached hereto, together with the building and other improvements located thereon, excluding any fixtures, equipment and moveable personal property
belonging to any tenants thereon (collectively, the “Improvements”), and together with all appurtenances thereon and all easements and rights appurtenant thereto and known as Sabal Pavilion. The Land and the Improvements may be
collectively referred to herein as the “Real Property.” 
 1.2. Personal Property. In connection with the Real
Property, Seller may possess (i) certain governmental permits and approvals, (ii) certain contractual rights (including the Lease and Contracts, as defined herein) and other intangible assets (including all benefits under all
licenses, blueprints, plans, specifications, maps, drawings and guaranties and all warranties made by any contractors, subcontractors, vendors or suppliers, regarding their performance or the quality of materials supplied in connection with the
construction of or operation of all or any of the Real Property) and all intangible rights and property, including, without limitation, all rights of ownership and use of any names or trade names used in connection with the Property (the
“Permits, Warranties and Intangibles”), and (iii) all items of tangible personal property owned by Seller which are located on the Real Property and used by Seller in connection with the operation and maintenance
thereof, including, without limitation, the items to be designated by Seller as provided in Section 5.1.9 hereafter (collectively, the “Personal Property”). The Real Property and the Personal Property are hereinafter
collectively referred to as the “Property.” 
 1.3. Purchase and Sale. Seller now desires to sell and Purchaser now
desires to purchase all of Seller’s right, title and interest in and to the Property, upon the terms and covenants and subject to the conditions set forth below. 
 ARTICLE II 
 PURCHASE PRICE 
 2.1. Price. In consideration of the covenants herein contained, Seller hereby agrees to sell and Purchaser hereby agrees to purchase the Property
for a total purchase price of 

  

 2 

 
Twenty-Four Million Two Hundred Fifty Thousand Dollars ($24,250,000) (the “Purchase Price”), which shall be paid by Purchaser as follows:

 2.1.1. Deposit. Purchaser has delivered concurrently with its execution of this Agreement, or will deliver
within two (2) business days after the Effective Date, to Escrow Agent by bank wire of immediately available funds the sum of Two Hundred Thousand Dollars ($200,000) (the “Deposit”). The Deposit shall be nonrefundable upon
expiration of the Investigation Period subject only to the satisfaction of the Conditions to Purchaser’s Obligations to Purchase in Section 3.1 and subject to all other terms and conditions of this Agreement. 
 2.1.2. Addition to Deposit. Within one (1) business day following the expiration of the Investigation Period (as
defined in Section 5.3.2), Purchaser shall deliver to Escrow Agent, by bank wire transfer of immediately available funds, an additional non-refundable deposit of Three Hundred Thousand Dollars ($300,000) (the “Additional
Funds”), unless Purchaser shall have terminated this Agreement in accordance with Section 5.3. Upon delivery to the Escrow Agent, the Additional Funds shall be deemed part of the Deposit. If Purchaser fails to deliver the Additional
Funds to Escrow Agent on or before the expiration of the Investigation Period (provided Purchaser has not terminated this Agreement in accordance with Section 5.3), such failure shall be a default under this Agreement. 
 2.1.3. Balance of Purchase Price. Purchaser shall, on the Closing Date (as defined in Section 6.1), deliver to Escrow
Agent, by bank wire transfer of immediately available funds, a sum equal to the balance of the Purchase Price. The balance of the Purchase Price to be received by Seller at Closing shall be adjusted to reflect prorations and other adjustments
pursuant to Section 7.1 and Section 2.3. 
 2.2. Investments. Following the collection of the Deposit, Escrow Agent shall
invest the Deposit in an interest-bearing account or certificate of deposit with a banking institution with an office in Jacksonville, Florida. Purchaser and Seller acknowledge that any amount over $100,000.00 shall not be insured, and both parties
release and hold harmless Escrow Agent from all losses, costs and liabilities which may accrue or be incurred related to such lack of insurance. 
 2.3. Interest on the Deposit. Any interest earned on the Deposit shall be credited and delivered to the party receiving the Deposit, provided, however, that if the transaction closes, at Closing any interest earned on
the Deposit shall be credited to Purchaser by applying the same against the Purchase Price. 
 ARTICLE III 
 CONDITIONS TO THE PARTIES’ OBLIGATIONS 
 3.1. Conditions to Purchaser’s Obligation to Purchase. Purchaser’s obligation to purchase is expressly conditioned upon each of the following: 
 3.1.1. Performance by Seller. Performance in all material respects of the obligations and covenants of, and deliveries
required of, Seller hereunder. 
  

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 3.1.2. Delivery of Title and Possession. Delivery at the Closing of
(i) the Deed (as defined in Section 4.2.1) and (ii) possession as provided in Section 15.1. 
 3.1.3.
Title Insurance. Delivery at the Closing of the standard current form of American Land Title Association (ALTA) owner’s policy of title insurance (the “Title Policy”), or irrevocable commitments to issue the same,
with liability in the amount of the Purchase Price issued by FIDELITY NATIONAL TITLE INSURANCE COMPANY (the “Title Company”), through Escrow Agent as its agent, insuring that fee title to the Real Property vests in Purchaser subject
to the Permitted Encumbrances (as defined in Section 4.2.1). At its option, Purchaser may request the Title Company to issue additional title insurance endorsements if the same are available for this transaction and if Purchaser pays for the
extra cost of such additional endorsements, provided that the unavailability of, or Title Company’s failure to issue, any such additional endorsements shall not affect Purchaser’s obligations under this Agreement. Notwithstanding anything
stated to the contrary in this Agreement, if Purchaser delivers to Seller and the Title Company prior to the expiration of the Investigation Period a form of Title Commitment acceptable to Purchaser and that does not set forth any requirements
inconsistent with or in addition to the terms of this Agreement or contrary to applicable Florida law and regulations and that the Title Company is willing to issue, then, the form of Title Policy that shall be delivered to Purchaser as provided in
this Agreement shall be the form of title policy (and title endorsements) provided for in such title commitment delivered to Seller. 
 3.1.4. Seller’s Representations. The representations and warranties by Seller set forth in Section 11.1 being true and correct in all material respects as of the Closing except as modified by notice (in accordance
with Section 11.1) to which Purchaser does not object in writing by the later of (i) three (3) business days after receipt thereof or (ii) the end of the Investigation Period. 
 3.2. Conditions to Seller’s Obligation to Sell. Seller’s obligation to sell is expressly conditioned upon each of the following:

 3.2.1. Performance by Purchaser. Performance in all material respects of the obligations and covenants of,
and deliveries required of, Purchaser hereunder. 
 3.2.2. Receipt of Purchase Price. Receipt of the Purchase
Price and any adjustments due Seller under Article VII at the Closing in the manner herein provided. 
 ARTICLE IV

 PURCHASER’S DELIVERIES AND SELLER’S DELIVERIES TO ESCROW AGENT 
 4.1. Purchaser’s Deliveries. Provided all conditions precedent set forth in Section 3.1 have been satisfied, Purchaser shall, at or
before the Closing, deliver to Escrow Agent each of the following: 
 4.1.1. Purchase Price. The Purchase Price
as set forth in Article II. 
  

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 4.1.2. Assignment of Lease and Contracts. Two (2) executed
counterparts of the Assignment and Assumption of Lease, Contracts and Other Property Interests (the “Assignment of Leases and Contracts”) in the form of Exhibit C attached hereto. 
 4.1.3. Bill of Sale. Two (2) executed counterparts of a bill of sale (the “Bill of Sale”) in the form
of Exhibit D attached hereto. 
 4.1.4. Closing Statement. An executed settlement statement
reflecting the prorations and adjustments required under Article VII. 
 4.1.5. Cash – Prorations. The
amount, if any, required of Purchaser under Article VII. 
 4.2. Seller’s Deliveries. Seller shall, at or before the
Closing, deliver to Escrow Agent each of the following: 
 4.2.1. Deed. A special warranty deed (the
“Deed”) in the form of Exhibit I attached hereto, executed and acknowledged by Seller, pursuant to which Seller shall convey title to the Real Property subject to the following (collectively, the “Permitted
Encumbrances”): 
  

	 	(a)	Non-delinquent real property taxes and all assessments and unpaid installments thereof which are not delinquent. 

  

	 	(b)	The applicable lease enumerated in Exhibit E attached hereto (the “Lease”), and the rights of the tenant thereunder, as tenant only, with no
right to purchase all or portions of the Property. 

  

	 	(c)	Any other lien, encumbrance, easement or other exception or matter voluntarily imposed or consented to by Purchaser prior to or as of the Closing. 

  

	 	(d)	All exceptions (including printed exceptions) to title contained or disclosed in the Title Commitment (as defined in Section 5.1.1) other than applicable Title
Objections (as defined in Section 5.3.1) identified and not thereafter waived by Purchaser. 

  

	 	(e)	Laws, ordinances, governmental regulations, and all building, zoning, land use and any subdivision ordinances and regulations affecting the occupancy, use or enjoyment of the
Property. 

  

	 	(f)	All matters, rights and interests that would be discovered by an inspection or current survey of the Property. 

 4.2.2. Assignment of Leases and Contracts. Two (2) executed counterparts of the Assignment of Lease and Contracts in
the form of Exhibit C attached hereto, and (whether through the closing escrow or through such other method of delivery as the parties may establish) the original executed Lease (or a copy if the original is not in 

  

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Seller’s possession) and the service contracts, equipment leases, maintenance agreements and other contracts affecting the Property enumerated in
Exhibit F attached hereto (collectively, the “Contracts”) assigned thereby. 
 4.2.3. Bill
of Sale. Two (2) executed counterparts of the Bill of Sale. 
 4.2.4. Notices to Tenants. A notice
signed by Seller (or Seller’s manager for the Improvements) addressed to the tenants under the Leases in the form of Exhibit G attached hereto. 
 4.2.5. FIRPTA Affidavit. Two (2) executed copies of an affidavit in the form of Exhibit H attached hereto
with respect to the Foreign Investment in Real Property Tax Act. 
 4.2.6. Closing Statement. An executed
settlement statement reflecting the prorations and adjustments required under Article VII. 
 4.2.7. Cash –
Prorations. The amount, if any, required of Seller under Article VII. 
 4.2.8. Owner’s
Affidavit. An Owner’s Affidavit in the form of Exhibit J attached hereto (the “Owner’s Affidavit”). 
 4.2.9. Closing Certificate. A certificate executed by Seller certifying that all representations and warranties of Seller set forth in this Agreement continue to be true and correct in all material
respects as of the Closing, except as modified by notice (in accordance with Section 11.1). 
 4.2.10.
Keys. To the extent in Seller’s possession, all keys for the Property specifically identified to reflect their respective unit locks. 
 4.2.11. Property Documents. To the extent in Seller’s possession, all originals of the documents referenced in Section 5.1 hereof. 
 4.3. Failure to Deliver. The failure of Purchaser or Seller to make any delivery required above by and in accordance with this
Article IV which is not waived by the other party shall constitute a default hereunder by Purchaser or Seller, as applicable. 
 ARTICLE V 
 INVESTIGATION OF PROPERTY 
 5.1. Delivery of Documents. Seller shall deliver, cause to be delivered, or make available to Purchaser within two (2) business days after
the Effective Date (unless provided otherwise) the following: 
 5.1.1. Preliminary Title Commitment. Within ten
(10) days after the Effective Date, a current preliminary title commitment covering the Real Property issued by the 

  

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Title Company, together with copies of all documents referred to as exceptions therein (collectively, the “Title Commitment”). 

5.1.2. Survey. To the extent in Seller’s possession, the most recent survey of the Real Property prepared by a
licensed surveyor (collectively, the “Survey”). Purchaser may obtain, at its sole cost and expense, an updated survey of the Real Property, which updated survey shall be certified to Purchaser, Seller, Title Company, Escrow Agent
and such other parties as Purchaser may elect. Promptly upon receipt of an updated survey, Purchaser shall provide the Seller, Title Company and Escrow Agent with a sealed original of the same. Seller makes no warranties or representations as to the
accuracy or completeness of the Survey or the qualifications of the surveyor who prepared the same, and Purchaser shall have no right to rely upon any information contained in the Survey. 
 5.1.3. Leases and Contracts. Copies of the Lease, Lease files and the Contracts. 
 5.1.4. Plans and Specifications. To the extent in Seller’s possession or the possession of Seller’s property
manager, copies of all plans and specifications for the Improvements. 
 5.1.5. Reports. To the extent in
Seller’s possession or the possession of Seller’s property manager, copies of the most recent environmental and soils reports and assessments prepared by third parties. 
 5.1.6. Financial Information. To the extent in Seller’s possession, copies of the current rent roll and aging
receivables report for the Property and operating statements for the years 2003, 2004 and 2005 reflecting the operation of the Property. 
 5.1.7. Tenant Estoppels and SNDA. An executed estoppel certificate and SNDA from the tenant under each Lease, in the forms of Exhibit B and Exhibit B-1 attached hereto or such other
form as is specified in the applicable Lease, provided that any such estoppel certificate shall be accepted as long as it does not indicate the continuing existence of an actual material default of Seller as landlord under the applicable Lease.

 5.1.8. Litigation. To the extent in Seller’s possession and to the extent of Seller’s actual
knowledge thereof, copies of all documents regarding litigation, liens or threatened claims. 
 5.1.9. Personal
Property. A list of Personal Property existing in which Seller has an interest. 
 5.1.10. Purchaser’s 3-14
Audit Documents. To the extent needed for the performance of Purchaser’s 3-14 Audit (as such term is defined in Section 5.7 below), the documents which are described in Exhibit L attached hereto, to the extent in existence
and in Seller’s possession (collectively, the “Purchaser’s 3-14 Audit Documents”). 
  

 7 

 If requested by Seller, Purchaser shall provide written verification of its receipt of those items listed in this
Section 5.1. 
 5.2. Physical Inspection of Property 
 5.2.1. Notice and Access. Provided that Purchaser has given Seller at least one (1) business day advance notice in
writing, Seller shall allow Purchaser and Purchaser’s engineers, architects or other employees and agents reasonable access to the Property during normal business hours for the limited purposes provided herein. 
 5.2.2. Scope of Inspections. Purchaser and its engineers, architects and other employees and agents may exercise such access
solely for the purposes of (i) reviewing contracts, books and records relating to the Property (other than any privileged, proprietary or confidential records), soil reports, environmental studies and reports, surveys, and building and systems
plans; (ii) reviewing records relating to operating expenses and other instruments and correspondence relating to the Property; and (iii) inspecting the physical condition of the Property and conducting non-intrusive physical and
environmental tests and inspections thereof. PURCHASER SHALL NOT CONDUCT OR ALLOW ANY PHYSICALLY INTRUSIVE TESTING OF, ON OR UNDER THE PROPERTY WITHOUT FIRST OBTAINING SELLER’S WRITTEN CONSENT IN EACH INSTANCE AS TO THE TIMING AND SCOPE OF THE
WORK TO BE PERFORMED AND THE PARTIES ENTERING INTO AN AMENDMENT HERETO MEMORIALIZING SUCH SCOPE OF WORK AND ANY ADDITIONAL AGREEMENTS OF THE PARTIES WITH RESPECT TO SUCH TESTING. 
 5.2.3. Insurance. Purchaser agrees that it will cause it and any person accessing the Property hereunder to be covered by
not less than $1,000,000 commercial general liability insurance (with, in the case of Purchaser’s coverage, a contractual liability endorsement, insuring its indemnity obligation under this Agreement), insuring all activity and conduct of such
person while exercising such right of access and naming Seller as an additional insured, issued by a licensed insurance company qualified to do business in the State in which the Property is located and otherwise reasonably acceptable to Seller.

 5.2.4. No Interference. Purchaser agrees that, in the exercise of the right of access granted hereby, it will
not unreasonably interfere with or permit unreasonable interference with any person occupying or providing service at the Property. Purchaser shall be permitted to interview the tenant leasing space in the Property or any vendors providing service
to the Property so long as Purchaser provides Seller with at least one (1) business day prior notice in writing and the right to be present during such interviews. 
 5.2.5. Indemnification. Except for those matters caused by the negligent or intentional acts or omissions of Seller,
Purchaser agrees to indemnify, defend and hold harmless Seller and its affiliates, members, partners, subsidiaries, shareholders, officers, directors, employees and agents from any loss, injury, damage, cause of action, liability, claim, lien, cost
or expense, including reasonable attorneys’ fees and costs, arising from 
  

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the exercise by Purchaser or its employees, consultants, agents or representatives of the right of access under this Agreement or out of any of the foregoing
but excluding claims and liabilities arising from Purchaser’s discovery of existing conditions on the Property. The indemnity in this Section 5.2.5 shall survive the Closing or any termination of this Agreement. 
 5.2.6. Seller’s Right To Be Present. Purchaser agrees to give Seller prior written notice at least one
(1) business day in advance of its intent to conduct any inspections or tests so that Seller will have the opportunity to have a representative present during any such inspection or test, the right to do which Seller expressly reserves.
Purchaser agrees to cooperate with any reasonable request by Seller in connection with the timing of any such inspection or test. If this Agreement terminates without the Closing having occurred for any reason other than Seller’s default,
Purchaser agrees to provide Seller with a copy of any written inspection or test report or summary prepared by any third party within ten (10) days after such termination but with no liability for the accuracy thereof and no representation that
Seller or any other party may rely thereon. 
 5.2.7. Expense of Inspections and Compliance With Laws. Purchaser
agrees that any inspection, test or other study or analysis of the Property shall be performed at Purchaser’s expense and in strict accordance with all applicable laws, ordinances, codes and other governmental requirements. 
 5.2.8. Repair and Restoration of Property. Purchaser agrees at its own expense to promptly repair or restore the Property,
or, at Seller’s option, to reimburse Seller for any repair or restoration costs, if any inspection or test requires or results in any damage to or alteration of the condition of the Property. The obligations set forth in this Section 5.2.8
shall survive the Closing or any termination of this Agreement. 
 5.3. Investigation Period. Purchaser shall have the right to
make the following investigations. 
 5.3.1. Title and Survey. Purchaser shall have until 5:00 p.m. (New
York Time) on the business day which is twenty-five (25) days following the Effective Date to notify Seller of any objections (the “Title Objections”) with respect to the Title Commitment and the Survey based on its review
thereof. Notwithstanding the foregoing, Purchaser shall have no right to object to any of the matters identified on Exhibit K attached hereto (the “Permitted Exceptions”) and the same shall remain, at all times, Permitted
Encumbrances and shall be deemed approved by Purchaser. If Purchaser does not give such notice, such failure shall be conclusively deemed to be full and complete approval of the Title Commitment and the Survey, and any matter disclosed therein. If
Purchaser does give such notice, Seller shall have three (3) days after receipt thereof to notify Purchaser in writing that Seller (a) will cause or (b) elects not to cause any or all of the Title Objections disclosed therein to be
removed by the Title Company. Seller’s failure to notify Purchaser within such three (3) day period as to any Title Objection shall be deemed an election by Seller not to remove or have the Title Company insure over such Title Objection.
If Seller notifies or is deemed to have notified Purchaser that Seller shall not remove any or all of the Title Objections, Purchaser shall have until the end of the 
  

 9 

 
Investigation Period to (i) terminate this Agreement or (ii) waive such Title Objections and proceed to Closing without any abatement or reduction
in the Purchase Price on account of such Title Objections. If Purchaser does not give such notice within said period, Purchaser shall be deemed to have elected to waive such Title Objections. Notwithstanding anything to the contrary contained in
this Agreement, Purchaser disapproves all monetary and financing liens and encumbrances (other than liens for non-delinquent real property taxes and non-delinquent assessments due to any owners’ association). Seller covenants to cause all such
liens to be eliminated at Seller’s sole cost and expense (including all prepayment penalties and charges) prior to or concurrently with the Closing. 
 5.3.2. General Investigation. In addition, Purchaser shall have until 5:00 p.m. (New York Time) on the business day which is thirty (30) days following the Effective Date (the “Investigation
Period”) to notify Seller that, as a result of Purchaser’s review of any documents (other than the Title Commitment or the Survey) or Purchaser’s investigation of the Property, it disapproves, in its sole and absolute discretion,
of any matter or item affecting or relating to the Property and terminates this Agreement. If Purchaser fails to give such notice of disapproval and termination with respect to any matter relating to the Property prior to the expiration of the
Investigation Period, such failure shall be conclusively deemed to be full and complete approval of such matters and a satisfaction of this condition. 
 5.4. Effect of Termination. If Purchaser terminates this Agreement in accordance with Section 5.3, then subject to Section 5.2, all further rights and obligations of the parties shall
cease and terminate without any further liability of either party to the other (except those obligations which are specifically provided to survive such termination as provided in this Agreement) and the Deposit shall be returned to Purchaser.

 5.5. No Obligation to Cure. Except as otherwise provided in this Agreement, nothing contained in this Agreement or otherwise shall
require Seller to render its title marketable or to remove or correct any exception or matter disapproved by Purchaser or to spend any money or incur any expense in order to do so. 
 5.6. Copies of Third Party Reports. If this Agreement is terminated without the Closing having occurred for any reason other than Seller’s
default, Purchaser, within ten (10) after such termination, shall provide Seller with copies of all third party reports and work product generated with respect to the Property but with no liability for the accuracy thereof and no representation
that Seller or any other party may rely thereon. 
 5.7. Purchaser’s 3-14 Audit. Purchaser has informed Seller that it is
required by law to complete with respect to certain matters relating to the Property an audit commonly known as a “3-14 audit” (the “Purchaser’s 3-14 Audit”). Purchaser shall complete the Purchaser’s 3-14 Audit
during the Investigation Period. In connection with the performance of Purchaser’s 3-14 Audit, seller shall: (a) during the Investigation Period make available to Purchaser, as part of the Property documents and on the terms and conditions
of Section 5.1 above, the Purchaser’s 3-14 Audit Documents to the extent in existence and in Seller’s 

  

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possession; and (b) provide to Purchaser in written form, as determined by Seller, answers to the questions relating to the Property which are set forth
in Exhibit L. 
 ARTICLE VI 
 THE CLOSING 
 6.1. Date and Manner of Closing. Seller, Purchaser and Escrow Agent shall
close the escrow and the transaction contemplated herein (the “Closing”) as soon as all conditions to closing contained in this Agreement have been satisfied (or deemed satisfied) or waived in writing which shall in any event be not
later than 1:00 P.M. (New York Time) on the date that is thirty (30) days after the expiration of the Investigation Period or on such other date as the Purchaser and Seller mutually agree (the “Closing Date”), time being of the
essence, by recording and delivering all documents and funds as set forth in Article VII. 
 6.2 Extension of Closing
Date. Purchaser shall have the option (the “Extension Option”), in its sole and absolute discretion, to extend the Closing Date for one additional thirty (30) day period, provided that Purchaser provides Seller with written
notice of its election to exercise the Extension Option no less than five (5) business days prior to the original Closing Date. If Purchaser elects to exercise the Extension Option, then simultaneous with its election notice and as a condition
precedent to the effectiveness thereof, Purchaser shall deliver to Escrow Agent an additional deposit in the amount of Two Hundred Fifty Thousand Dollars ($250,000) (the “Extension Deposit”). The Extension Deposit, once made, will
be treated as part of the Deposit. After the Extension Deposit, if any, is made by Purchaser, all references to the “Deposit” in the Agreement shall mean the Deposit as increased by the Extension Deposit. 
 ARTICLE VII 
 PRORATION,
FEES, COSTS AND ADJUSTMENTS 
 7.1. Prorations. Prior to the Closing, Seller shall determine the amounts of the prorations in
accordance with this Agreement and notify Purchaser thereof. Purchaser shall review and approve such determination promptly and prior to the Closing, such approval not to be unreasonably withheld or delayed. Thereafter, Purchaser and Seller shall
each inform Escrow Agent of such amounts. 
 7.1.1. Certain Items Prorated. In accordance with the
notifications, Escrow Agent shall prorate between the parties (and the parties shall deposit funds therefor with Escrow Agent or shall instruct Escrow Agent to debit against sums held by Escrow Agent owing to such party), as of 11:59 p.m. of the day
prior to the Closing, all income and expenses (which expenses shall be based upon the periods to which they relate and are applicable, and regardless of when payable) with respect to the Property and payable to or by the owner of the Property,
including, without limitation: (i) all real property taxes and assessments on the basis of the fiscal period for which assessed (if the Closing shall occur before the tax rate is fixed, the apportionment of taxes shall be based on the tax rate

  

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for the preceding period applied to the latest assessed valuation and after the Closing, when the actual real property taxes are finally fixed, Seller and
Purchaser shall make a recalculation of such proration, and the appropriate party shall make the applicable payment reflecting the recalculation to the other party); (ii) rents and other tenant payments and tenant reimbursements (collectively,
“Tenant Payments”) if any, received under the Leases; (iii) charges for water, sewer, electricity, gas, fuel and other utility charges, all of which shall be read promptly before Closing, unless Seller elects to close its own
applicable account, in which event Purchaser shall open its own account and the respective charges shall not be prorated; (iv) amounts prepaid and amounts accrued but unpaid on service contracts and management contracts which are to be assumed
by Purchaser; and (v) periodic fees for licenses, permits or other authorizations with respect to the Property. The obligation of the parties to recalculate the proration of taxes shall survive the Closing. 
 7.1.2. Leasing Commissions. At the Closing, Purchaser shall pay or reimburse Seller for all leasing commissions, tenant
improvement costs and allowances, tenant concessions, and other charges payable by reason of or in connection with any lease entered into after the Effective Date (to the extent disclosed in writing to Purchaser and to the extent approved by
Purchaser pursuant to the terms of Section 13.4 herein), and any renewal or extension of an existing Lease after such date (to the extent disclosed in writing to Purchaser and to the extent approved by Purchaser pursuant to the terms of
Section 13.4 herein). Purchaser shall be and remain responsible for any leasing commissions, tenant improvement costs and allowances, tenant concessions and other charges payable for any future renewal, future extension or other future option
under any existing lease to the extent disclosed in such lease or in any future lease entered into by Purchaser. For the Lease executed prior to the Effective Date, Seller shall only be responsible for those leasing commissions and tenant
improvement costs which are due and owing at Closing under the terms and conditions of the Lease as of the Effective Date and are associated with the initial occupancy of the tenant under such Lease. 
 7.1.3. Taxes. 
  

	 	(1)	Real property tax refunds and credits (“Cash Refunds”) received after the Closing which are attributable to a fiscal tax year prior to the Closing shall belong to Seller.
Any such Cash Refunds attributable to the fiscal tax year during which the Closing occurs shall be apportioned between Seller and Purchaser after deducting the reasonable out-of-pocket expenses of collection thereof. Seller shall have the obligation
to refund to any tenants as of the date Seller receives any Cash Refund, any portion of such Cash Refund paid to it which may be owing to such tenants, which payment shall be paid to Purchaser within fifteen (15) business days of delivery to
Seller by Purchaser of written confirmation of such tenant’s entitlement to such Cash Refund. Purchaser shall have the obligation to refund to tenants in good standing as of the date of such Cash Refund, any portion of such Cash Refund paid to
it which may be owing to such tenants. This apportionment obligation shall survive the Closing. 

  

 12 

	 	(2)	If any tax appeal or certiorari proceedings shall not have been finally resolved or settled prior to the Closing and shall relate to any tax period a portion or all of which
precedes the Closing, Seller shall be entitled to control the disposition of any such tax appeal or certiorari proceeding and any refunds received therefrom, net of any expenses incurred by Seller in connection therewith, shall be prorated between
the parties on the basis of the portions accruing to periods before and after the Closing. 

 7.1.4.
Security and Other Deposits. At the Closing, Seller shall deliver to Purchaser all unapplied refundable security deposits (plus interest accrued thereon to the extent required to be paid by the applicable Lease or applicable law) held
by Seller under the Leases, and Purchaser shall pay Seller an amount equal to all utility and contract deposits then held by third parties with respect to the Property and transferred to Purchaser hereunder. If any security deposits shall be held by
Seller in the form of letters of credit or surety bonds, Seller shall assign its rights thereunder to Purchaser and shall cooperate reasonably with Purchaser in respect of the reissuance of any such letters of credit or bonds in the name of
Purchaser. Seller’s obligations under this Section 7.1.4 shall survive the Closing. 
 7.1.5. Adjustments.
Delinquent Tenant Payments, if any, shall not be prorated and all rights thereto shall be retained by Seller. After the six (6) month period following the Closing Date, to the extent Seller still has not received all delinquent Tenant Payments
owing to it, Seller shall have the right to collect and retain such delinquent Tenant Payments. After the Closing, Purchaser agrees to use commercially reasonable efforts to collect such delinquent Tenant Payments (which commercially reasonable
efforts shall consist of billing existing Tenants for delinquent Tenant Payments for a period of six (6) months after the Closing Date together with reasonable follow-up telephone calls) and shall also cooperate with Seller in Seller’s
efforts to collect such delinquent Tenant Payments; provided, however, Purchaser shall not be required to declare a default or institute litigation against any delinquent Tenant for such delinquent Tenant Payments, and provided, further, that Seller
shall not be entitled to commence any disposition or eviction proceeding against the delinquent Tenant. If at any time after the Closing Purchaser shall receive any such delinquent Tenant Payments, Purchaser shall within two (2) business days
remit such Tenant Payments to Seller, provided that any monies received by Purchaser from a delinquent tenant shall be applied first to current rents then due and payable and then to delinquent rents in the inverse order in which they became due and
payable. The previous two (2) sentence shall survive the Closing. To the extent that any additional rent (including, without limitation, estimated payments for operating expenses and/or real estate taxes) (collectively,
“Expenses”) is paid by the tenant to landlord under the Lease based on an estimated payment basis (monthly, quarterly, or otherwise) for which a future reconciliation of actual Expenses to estimated payments is required to be
performed at the end of a reconciliation period, Purchaser and Seller shall make an adjustment at the Closing for the applicable reconciliation period (or periods, if the Lease does not have a common reconciliation period) based on a comparison of
the actual Expenses to the estimated payments at the Closing. If, as of the Closing, Seller has received additional rent payments in excess of the amount that the tenant will be required to pay, based on the actual Expenses as of the Closing,
Purchaser shall receive a credit in the amount of such excess. If, as of the Closing, Seller has received additional rent payments that are less than the amount that the tenant would be required to pay based on the 
  

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actual Expenses as of the Closing, Purchaser shall deliver to Seller the amount of such deficiency within thirty (30) days of the reconciliation
pursuant to which the tenant’s payments of such deficient amounts are received by Purchaser. 
 7.1.6.
Insurance. Seller’s existing liability and property insurance pertaining to the Property shall be canceled as of the Closing, and Seller shall be entitled to receive any premium refund due thereon from its insurance carrier.

 7.2. Seller’s Closing Costs. Seller shall pay (i) any documentary deed stamps or transfer tax on the Deed,
(ii) one-half of the cost of the Title Commitment, (iii) one-half of the title premium for the Title Policy (excluding any extended coverage or other title insurance endorsements requested by Purchaser), and (iv) Seller’s own
attorneys’ fees. 
 7.3. Purchaser’s Closing Costs. Purchaser shall pay (i) one-half of the cost of the Title
Commitment, (ii) one-half of the title premium for the Title Policy, (iii) the entire cost of any extended coverage or other title insurance endorsements requested by Purchaser, (iv) the cost of any new survey of the Property or any
update of the Survey, (v) any costs incurred in recording the Deed or any other instruments, (vi) any costs incurred in connection with Purchaser’s investigation of the Property pursuant to Article V, including the cost of
any new environmental assessment commissioned by Purchaser, and (vii) Purchaser’s own attorneys’ fees. 
 ARTICLE VIII

 DISTRIBUTION OF FUNDS AND DOCUMENTS 
 8.1. Delivery of the Purchase Price. At the Closing, Escrow Agent shall deliver the Purchase Price to Seller, and the transaction shall not be considered closed until such delivery occurs. 
 8.2. Other Monetary Disbursements. Escrow Agent shall, at the Closing, hold for personal pickup or arrange for wire transfer, (i) to
Seller, or order, as instructed by Seller, all sums and any proration or other credits to which Seller is entitled and less any appropriate proration or other charges and (ii) to Purchaser, or order, any excess funds therefore delivered
to Escrow Agent by Purchaser and all sums and any proration or other credits to which Purchaser is entitled and less any appropriate proration or other charges. 
 8.3. Recorded Documents. Escrow Agent shall cause the Deed and any other documents that Seller or Purchaser desires to record to be recorded with the appropriate county recorder and, after recording, returned
to the grantee, beneficiary or person acquiring rights under said document or for whose benefit said document was required. 
 8.4.
Documents to Purchaser. Escrow Agent shall at the Closing deliver by overnight express delivery to Purchaser the following: 
  

	 	(a)	one conformed copy of the Deed; 

  

	 	(b)	one original of the Assignment of Leases and Contracts; 

  

 14 

	 	(c)	one original of the Bill of Sale; 

  

	 	(d)	originals of the tenant estoppels; 

  

	 	(e)	one original of the Notice to Tenants; 

  

	 	(f)	one original of the FIRPTA Affidavit; 

  

	 	(g)	one original of the Closing Statement; 

  

	 	(h)	one original of the pro forma Title Policy; and 

  

	 	(i)	one original of the Owner’s Affidavit. 

 8.5.
Documents to Seller. Escrow Agent shall at the Closing deliver by overnight express delivery to Seller, the following: 
  

	 	(a)	one conformed copy of the Deed; 

  

	 	(b)	one original of the Assignment of Leases and Contracts; 

  

	 	(c)	one original of the Bill of Sale; 

  

	 	(d)	copies of the tenant estoppels; 

  

	 	(e)	one original of the Notice to Tenants; 

  

	 	(f)	one original of the FIRPTA Affidavit; 

  

	 	(g)	one original of the Closing Statement; 

  

	 	(h)	one copy of the pro forma Title Policy; and 

  

	 	(i)	one original of the Owner’s Affidavit. 

 8.6. All
Other Documents. Escrow Agent shall at the Closing deliver by overnight express delivery, each other document received hereunder by Escrow Agent to the person acquiring rights under said document or for whose benefit said document was required.

 ARTICLE IX 
 RETURN OF DOCUMENTS AND FUNDS UPON TERMINATION 
 9.1. Return of Seller’s Documents. If escrow or this
Agreement is terminated for any reason other than Seller’s default, Purchaser shall, within five (5) days following such termination, deliver to Seller all documents and materials relating to the Property previously delivered to Purchaser
by Seller and copies of all reports, studies, documents and materials obtained by Purchaser from third parties in connection with the Property and Purchaser’s investigation thereof. Such items shall be delivered without representation or
warranty as to 

  

 15 

 
accuracy or completeness and with no right of Seller to rely thereon without the consent of the third party. Escrow Agent shall deliver all documents and
materials deposited by Seller and then in Escrow Agent’s possession to Seller and shall destroy any documents executed by both Purchaser and Seller. Upon delivery by Escrow Agent to Seller (or such destruction, as applicable) of such documents
and materials, Escrow Agent’s obligations with regard to such documents and materials under this Agreement shall be deemed fulfilled and Escrow Agent shall have no further liability with regard to such documents and materials to either Seller
or Purchaser. 
 9.2. Return of Purchaser’s Documents. If escrow or this Agreement is terminated for any reason, Escrow Agent
shall deliver all documents and materials deposited by Purchaser and then in Escrow Agent’s possession to Purchaser and shall destroy any documents executed by both Purchaser and Seller. Upon delivery by Escrow Agent to Purchaser (or such
destruction, as applicable) of such documents and materials, Escrow Agent’s obligations with regard to such documents and materials under this Agreement shall be deemed fulfilled and Escrow Agent shall have no further liability with regard to
such documents and materials to either Seller or Purchaser. 
 9.3. Deposit. If escrow or this Agreement is terminated
(i) pursuant to Section 5.3, Section 10.2 or Article XII or (ii) due to the failure of a condition set forth in Section 3.1, then, subject to Section 5.2, Purchaser
shall be entitled to obtain the return of the Deposit pursuant to Section 9.4 below. If the Closing does not take place and escrow or this Agreement is terminated for any other reason, Seller shall be entitled to the Deposit by retaining
or causing Escrow Agent to deliver the Deposit to Seller pursuant to Section 9.4 below. 
 9.4. Disbursement of Deposit.
If Escrow Agent receives a notice from either party instructing Escrow Agent to deliver the Deposit to such party, Escrow Agent shall deliver a copy of the notice to the other party within three (3) business days after receipt of the notice. If
the other party does not object to the delivery of the Deposit as set forth in the notice within three (3) business days after receipt of the copy of the notice, Escrow Agent shall, and is hereby authorized to, deliver the Deposit to the party
requesting it pursuant to the notice. Any objection hereunder shall be by notice setting forth the nature and grounds for the objection and shall be sent to Escrow Agent and to the party requesting the Deposit. Notwithstanding the foregoing, Escrow
Agent shall deliver the Deposit to Purchaser upon written request by Purchaser (without any consent or approval by Seller) at any time prior to the expiration of the Investigation Period. 
 9.5. No Effect on Rights of Parties; Survival. The return of documents and monies as set forth above shall not affect the right of either party to
seek such legal or equitable remedies as such party may have under Article X with respect to the enforcement of this Agreement. The obligations under this Article IX shall survive termination of this Agreement. 
 ARTICLE X 
 DEFAULT

 10.1. Seller’s Remedies. If, for any reason whatsoever (other than the failure of a condition set forth in
Section 3.1 and other than a termination of this Agreement pursuant to 

  

 16 

 
Section 5.3, Section 10.2, Section 11.1.11, or Article XII), Purchaser fails to complete the acquisition as
herein provided, Purchaser shall be in breach of its obligations hereunder and Seller shall be released from any further obligations hereunder. PURCHASER AND SELLER HEREBY ACKNOWLEDGE AND AGREE THAT SELLER’S ACTUAL DAMAGES IN THE EVENT OF SUCH
A BREACH OF THIS AGREEMENT BY PURCHASER WOULD BE EXTREMELY DIFFICULT OR IMPOSSIBLE TO DETERMINE, THAT THE AMOUNT OF THE DEPOSIT IS THE PARTIES’ BEST AND MOST ACCURATE ESTIMATE OF THE DAMAGES SELLER WOULD SUFFER IN THE EVENT THE TRANSACTION
PROVIDED FOR IN THIS AGREEMENT FAILS TO CLOSE, AND THAT SUCH ESTIMATE IS REASONABLE UNDER THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT. PURCHASER AND SELLER AGREE THAT SELLER’S RIGHT TO RETAIN THE DEPOSIT SHALL BE THE SOLE AND
EXCLUSIVE REMEDY OF SELLER AT LAW IN THE EVENT OF SUCH A BREACH OF THIS AGREEMENT BY PURCHASER. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS SECTION 10.1, IF PURCHASER BRINGS AN ACTION AGAINST SELLER FOR AN ALLEGED BREACH
OR DEFAULT BY SELLER OF ITS OBLIGATIONS UNDER THIS AGREEMENT, RECORDS A LIS PENDENS OR OTHERWISE ENJOINS OR RESTRICTS SELLER’S ABILITY TO SELL AND TRANSFER THE PROPERTY OR REFUSES TO CONSENT TO OR INSTRUCT RELEASE OF THE DEPOSIT TO SELLER IF
REQUIRED BY ESCROW AGENT (EACH A “PURCHASER’S ACTION”), SELLER SHALL NOT BE RESTRICTED BY THE PROVISIONS OF THIS SECTION 10.1 FROM BRINGING AN ACTION AGAINST PURCHASER SEEKING EXPUNGEMENT OR RELIEF FROM ANY
IMPROPERLY FILED LIS PENDENS, INJUNCTION OR OTHER RESTRAINT, AND/OR RECOVERING FEES, COSTS AND EXPENSES (INCLUDING ATTORNEYS’ FEES) WHICH SELLER MAY SUFFER OR INCUR AS A RESULT OF ANY PURCHASER’S ACTION BUT ONLY TO THE EXTENT THAT SELLER
IS THE PREVAILING PARTY; AND THE AMOUNT OF ANY SUCH FEES, COSTS AND EXPENSES AWARDED TO SELLER SHALL BE IN ADDITION TO THE LIQUIDATED DAMAGES SET FORTH HEREIN. NOTHING IN THIS AGREEMENT SHALL, HOWEVER, BE DEEMED TO LIMIT PURCHASER’S LIABILITY
TO SELLER FOR DAMAGES OR INJUNCTIVE RELIEF FOR BREACH OF PURCHASER’S INDEMNITY OBLIGATIONS UNDER SECTION 5.2.5 ABOVE AND SECTION 16.23 BELOW OR FOR ATTORNEYS’ FEES AND COSTS AS PROVIDED IN SECTION 16.5 BELOW.

 10.2. Purchaser’s Remedies. If the sale is not completed as herein provided solely by reason of any material default of
Seller, Purchaser shall be entitled, as its sole and exclusive remedy, to either (i) terminate this Agreement (by delivering notice to Seller which includes a waiver of any right, title or interest of Purchaser in the Property) and to obtain
reimbursement from Seller of Purchaser’s third-party out-of-pocket expenses not to exceed Fifth Thousand Dollars ($50,000), or (ii) treat this Agreement as being in full force and effect and pursue only the specific performance of this
Agreement, provided that Purchaser must commence any action for specific performance within thirty (30) days after the scheduled Closing Date. Purchaser waives any right to pursue any other remedy at law or equity for such default of Seller,
including, without limitation, any right to seek, claim or obtain damages, punitive damages or consequential damages. In no case shall Seller ever be liable to Purchaser under any statutory, common law, equitable or other theory of law, either prior
to or following the Closing, for any lost rents, profits, “benefit of the bargain,” business opportunities or any form of consequential 

  

 17 

 
damage in connection with any claim, liability, demand or cause of action in any way or manner relating to the Property, the condition of the Property, this
Agreement, or any transaction or matter between the parties contemplated hereunder. Purchaser’s remedies hereunder are in addition to the right to receive the return of the Deposit, subject to Section 9.4, to the extent it is not
applied to the Purchase Price in connection with Purchaser’s action for specific performance. 
 ARTICLE XI 
 REPRESENTATIONS AND WARRANTIES 
 11.1. Seller’s Warranties and Representations. The matters set forth in this Section 11.1 constitute representations and warranties by Seller which are now and (subject to matters contained in any notice given
pursuant to the next succeeding sentence) shall, in all material respects, at the Closing be true and correct. If Seller has actual knowledge that any of the representations and warranties contained in this Article XI may cease to be
true, Seller shall give prompt notice to Purchaser (which notice shall include copies of the instrument, correspondence, or document, if any, upon which Seller’s notice is based). As used in this Section 11.1, the phrase “to
the extent of Seller’s actual knowledge” shall mean the actual knowledge of Troy M. Cox. There shall be no duty imposed or implied to investigate, inquire, inspect, or audit any such matters, and there shall be no personal liability on
the part of such person. To the extent Purchaser has or acquires actual knowledge prior to the expiration of the Investigation Period that these representations and warranties are inaccurate, untrue or incorrect in any way, such representations and
warranties shall be deemed modified to reflect Purchaser’s actual knowledge. 
 11.1.1. Organization.
Seller has been duly formed, validly exists and is in good standing in the jurisdiction of its formation and in the state in which the Property is located. 
 11.1.2. Power and Authority. Subject to Section 3.2.3, Seller has the legal power, right and authority to enter into this Agreement and to consummate the transactions contemplated hereby.

 11.1.3. Proceedings. Seller has not received any written notice of any pending or threatened condemnation or
similar proceeding affecting any part of the Property. 
 11.1.4. Contravention. Seller is not prohibited from
consummating the transactions contemplated by this Agreement by any law, regulation, agreement, instrument, restriction, order or judgment. 
 11.1.5. Leases. Subject to Section 13.4, the Leases set forth on Exhibit E attached hereto comprise all of the leases affecting the Property on and after the Closing 
 11.1.6. Contracts. Subject to Section 13.4, the Contracts set forth on Exhibit F attached hereto comprise all of
the contracts affecting the Property on and after the Closing. 
  

 18 

 11.1.7. Compliance. Other than as set forth on Schedule 11.1.7 attached
hereto, Seller has not received written notice from any governmental authority that the Property is in violation of any applicable laws, except for such failures to comply, if any, which have been remedied. 
 11.1.8. Employees. Seller has no employees on-site at the Property providing on-site services to the Property and all such
services are performed by Seller’s manager of the Property. 
 11.1.9. Litigation. Other than as set forth
on Schedule 11.1.9 attached hereto, to the extent of Seller’s actual knowledge, there is no litigation affecting the Property, which litigation is not covered by insurance. 
 11.1.10. Environmental. Except as may be disclosed in the reports, studies or analyses set forth in the attached Schedule
11.1.10, Seller has no knowledge of any materially adverse environmental conditions affecting the Property. For purposes hereof, Seller’s knowledge is limited to the matters set forth in such reports, studies or analyses. 
 11.1.11. Patriot Act. 
  

	 	(1)	To Seller’s actual knowledge, Seller is in compliance with the requirements of Executive Order No. 133224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the
“Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders
or regulations in respect thereof (the Order and such other rules, regulations, legislation, or orders are collectively called the “Orders”). 

  

	 	(2)	To Seller’s knowledge, neither Seller nor any beneficial owner of Seller: 

  

	 	(a)	is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations
maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the “Lists”); 

  

	 	(b)	is a person or entity who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or 

  

	 	(c)	is owned or controlled by, or acts for or on behalf of, any person or entity on the Lists or any other person or entity who has been determined by competent authority to be subject
to the prohibitions contained in the Orders. 

  

	 	(3)	 Patriot Act Notice. Seller hereby covenants and agrees that if Seller obtains knowledge that Seller or any of its beneficial owners becomes listed on
the Lists or is indicted, arraigned, or custodially detained on 

  

 19 

	 	 
charges involving money laundering or predicate crimes to money laundering, Seller shall immediately notify Purchaser in writing, and in such event,
Purchaser shall have the right to terminate this Agreement without penalty or liability to Seller immediately upon delivery of written notice thereof to Seller. 

 11.2. Purchaser’s Warranties and Representations. The matters set forth in this Section 11.2 constitute representations,
warranties and covenants by Purchaser which are now and shall, at the Closing, be true and correct. 
 11.2.1. Power and
Authority. Purchaser has the legal power, right and authority to enter into this Agreement and to consummate the transactions contemplated hereby. 
 11.2.2. Independent Investigation. The consummation of this transaction shall constitute Purchaser’s acknowledgment that it has independently inspected and investigated the Property and has made and
entered into this Agreement based upon such inspection and investigation and its own examination of the condition of the Property, subject to the representations and warranties made by Seller in this Agreement. 
 11.2.3. Purchaser Reliance. Purchaser is experienced in and knowledgeable about the ownership and management of real estate,
and except for the representations and warranties made by Seller in this Agreement, it has relied and will rely exclusively on its own consultants, advisors, counsel, employees, agents, principals and/or studies, investigations and/or inspections
with respect to the Property, its condition, value and potential. Purchaser agrees that, notwithstanding the fact that it has received certain information from Seller or its agents or consultants, Purchaser has relied solely upon and will continue
to rely solely upon its own analysis and will not rely on any information provided by Seller or its agents or consultants, except as expressly set forth in Section 11.1. 
 11.2.4. Compliance. Purchaser’s funds are derived from legitimate business activities. Purchaser is not a person with
whom Seller is prohibited from engaging in this transaction due to any United States government embargos, sanctions, or terrorism or money laundering laws, including, without limitation, due to Purchaser or any party that has ownership in or control
over Purchaser being (i) subject to United States government embargos or sanctions, or (ii) in violation of terrorism or money laundering laws. 
 11.2.5. ERISA. Purchaser represents, warrants and covenants that Purchaser is not using the assets of any (i) ”employee benefit plan” (within the meaning of Section 3(3) of ERISA),
(ii) ”plan” (within the meaning of Section 4975(e)(1) of the Code), or (iii) entity whose underlying assets include “plan assets” by reason of a plan’s investment in such entity, to fund its purchase of the
Property under this Agreement. 
 11.2.6. Patriot Act 
  

	 	(1)	 To Purchaser’s actual knowledge, Purchaser is in compliance with the requirements of the Order and other similar requirements contained in the 

  

 20 

	 	 
rules and regulations of the OFAC and in any enabling legislation or other Executive Orders or regulations in respect thereof. 

  

	 	(2)	To Purchaser’s actual knowledge, neither Purchaser nor any beneficial owner of Purchaser: 

  

	 	(a)	is listed on the Lists; 

  

	 	(b)	is a person or entity who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or 

  

	 	(c)	is owned or controlled by, or acts for or on behalf of, any person or entity on the Lists or any other person or entity who has been determined by competent authority to be subject
to the prohibitions contained in the Orders. 

  

	 	(3)	Patriot Act Notice. Purchaser hereby covenants and agrees that if Purchaser obtains knowledge that Purchaser or any of its beneficial owners becomes listed on the
Lists or is indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, Purchaser shall immediately notify Seller in writing, and in such event, Seller shall have the right to terminate
this Agreement without penalty or liability to Purchaser immediately upon delivery of written notice thereof to Purchaser. 

 11.3. No Other Warranties and Representations. Except as specifically set forth in this Article XI, Seller has not made, does not make, and has not authorized anyone to make, any warranty or representation as to the
Leases, the Contracts, any written materials delivered to Purchaser, the persons preparing such materials, the truth, accuracy or completeness of such materials, the present or future physical condition, development potential, zoning, building or
land use law or compliance therewith, the operation, income generated by, or any other matter or thing affecting or relating to the Property or any matter or thing pertaining to this Agreement. Purchaser expressly acknowledges that no such warranty
or representation has been made and that Purchaser is not relying on any warranty or representation whatsoever other than as is expressly set forth in this Article XI. Purchaser shall accept the Property “as is” and in its
condition on the date of Closing subject only to the express provisions of this Agreement and hereby acknowledges and agrees that, except as expressly provided in this Agreement, SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY NEGATES AND
DISCLAIMS ANY REPRESENTATIONS, WARRANTIES OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT, FUTURE OR OTHERWISE, OF, AS TO, CONCERNING OR WITH RESPECT TO, THE PROPERTY. 
 11.3.1. No Environmental Representations. Except as set forth in Sections 11.1.7 and 11.1.10, Seller makes no
representations or warranties as to whether the Property contains asbestos, radon or any hazardous materials or harmful or toxic substances, or pertaining to the extent, location or nature of same, if any. Further, to the 

  

 21 

 
extent that Seller has provided to Purchaser information from any inspection, engineering or environmental reports concerning asbestos, radon or any
hazardous materials or harmful or toxic substances, Seller makes no representations or warranties with respect to the accuracy or completeness, methodology of preparation or otherwise concerning the contents of such reports. 
 11.3.2. Release of Claims. Subject to the express provisions hereof, Purchaser acknowledges and agrees that Seller makes no
representation or warranty as to, and Purchaser, for itself, its successors and assigns, hereby waives and releases Seller from any present or future claims, at law or in equity, whether known or unknown, foreseeable or otherwise, arising from or
relating to, the Property, this Agreement or the transactions contemplated hereby, including without limitation the presence or alleged presence of asbestos, radon or any hazardous materials or harmful or toxic substances in, on, under or about the
Property, including without limitation any claims under or on account of (i) the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as the same may have been or may be amended from time to time, and similar state
statutes, and any regulations promulgated thereunder, (ii) any other federal, state or local law, ordinance, rule or regulation, now or hereafter in effect, that deals with or otherwise in any manner relates to, environmental matters of any
kind, (iii) this Agreement, or (iv) the common law. Purchaser hereby specifically acknowledges that Purchaser has carefully reviewed this Section 11.3.2 and has discussed its import with legal counsel and that the provisions of this
Section 11.3.2 are a material part of this Agreement. This Section 11.3.2 shall survive the Closing forever. Notwithstanding anything to the contrary contained in this Section 11.3.2, the foregoing release shall not extend to (and
shall expressly exclude) (a) claims arising from any of the representations and warranties of Seller set forth in this Agreement, and (b) any of Seller’s obligations or covenants (including indemnity obligations) set forth under this
Agreement and any of the documents executed in connection with the Closing. 
 ARTICLE XII 
 CASUALTY AND CONDEMNATION 
 Promptly upon receipt of written notices thereof, Seller shall give Purchaser written notice of any condemnation, damage or destruction of the Property occurring prior to the Closing. If prior to the Closing all or a material portion of the
Property is condemned, damaged or destroyed by an insured casualty, Purchaser shall have the option of either (i) applying the proceeds of any condemnation award or payment under any insurance policies (other than business interruption
or rental loss insurance) toward the payment of the Purchase Price to the extent such condemnation awards or insurance payments have been received by Seller, receiving from Seller an amount equal to any applicable deductible under any such insurance
policy and receiving an assignment from Seller of Seller’s right, title and interest in any such awards or payments not theretofore received by Seller and Purchaser shall be entitled to receive a credit at Closing for the amount of any
deductible, self-insured amount or uninsured amount not previously received from Seller, or (ii) terminating this Agreement by delivering written notice of such termination to Seller and Escrow Agent within ten (10) days after
Purchaser has received written notice from Seller of such material condemnation, damage or destruction. If, prior to the Closing, a portion of the Property is condemned, damaged or destroyed and such portion is not a 

  

 22 

 
material portion of the Property, the proceeds of any condemnation award or payment and any applicable deductible under any insurance policies shall be
applied toward the payment of the Purchase Price to the extent such condemnation awards or insurance payments have been received by Seller and Seller shall assign to Purchaser all of Seller’s right, title and interest in any unpaid awards or
payments and Purchaser shall be entitled to receive a credit at Closing for the amount of any deductible, self-insured amount or uninsured amount not previously received from Seller. For purposes of this Article XII, the term
“material portion” shall mean any one of the following: (i) the cost to repair any damage to the Property or the amount of any condemnation award is estimated to exceed $250,000; (ii) access to or parking on the Property is
adversely affected; (iii) the condemnation and/or damage results in the Property violating any laws or failing to comply with zoning or any covenants, conditions or restrictions affecting the Property which cannot be cured; or (iv) the
condemnation and/or damage entitles the tenant under the Lease to terminate the Lease. If the damage or destruction arises out of an uninsured risk, either Seller or Purchaser may elect, by written notice within ten (10) days of the occurrence
of such damage or destruction either to terminate this Agreement or to close the transaction contemplated hereby with a reduction of the Purchase Price equal to the costs of repairing the Property, as reasonably estimated by an engineer engaged by
Seller and reasonably acceptable to Purchaser. 
 ARTICLE XIII 
 CONDUCT PRIOR TO CLOSING 
 13.1. Conduct. From and after the date
hereof, Seller shall operate the Property in accordance with its standard business procedures. 
 13.2. Actions Prohibited. Seller
shall not, without the prior written approval of Purchaser, which approval will not be unreasonably withheld or delayed: 
  

	 	(i)	make any material structural alterations or additions to the Property except as (a) in the ordinary course of operating the Property, (b) required for maintenance and
repair, (c) required by any of the Leases or the Contracts, or (d) required by this Agreement; provided, however, that in each case, Seller shall provide Purchaser with prior written notice; 

  

	 	(ii)	sell, transfer, encumber or change the status of title of all or any portion of the Property; 

  

	 	(iii)	change or attempt to change, directly or indirectly, the current zoning of the Real Property in a manner materially adverse to it; or 

  

	 	(iv)	cancel, amend or modify, in a manner materially adverse to the Property, any license or permit held by Seller with respect to the Property or any part thereof which would be binding
upon Purchaser after the Closing. 

 13.3. Modification of Existing Lease and Contracts. Prior to the expiration of the
Investigation Period, Seller may cancel, amend and modify any of the Contracts, provided notice is given to Purchaser within three (3) business days after such action and in any event at least 

  

 23 

 
two (2) business days prior to the expiration of the Investigation Period. After the expiration of the Investigation Period, Seller may not cancel,
amend, or modify any material Contract, in a manner binding upon Purchaser after the Closing, unless Seller gives Purchaser notice within three (3) business days after such action and provided such action is (i) approved by
Purchaser in its reasonable discretion within three (3) business days of written request from Seller, provided that if Purchaser does not timely respond, Purchaser shall be deemed to have approved such action or (ii) required by any of the
Contracts. For purposes of this Section 13.3, the term “material Contract” shall mean any Contract that (i) is not cancelable by Purchaser within sixty (60) days after the Closing or (ii) is for an aggregate amount in
excess of $25,000, or when added to the amount of all other, if any, Contracts that are amended or modified, exceeds $25,000 in the aggregate. Seller shall not cancel, amend or modify the Lease, without Purchaser’s consent, which consent may be
withheld in Purchaser’s sole and absolute discretion. 
 13.4. New Leases and Contracts. Prior to the expiration of the
Investigation Period, Seller may enter into any new contract affecting the Property, or any part thereof, provided notice is given to Purchaser within three (3) business days after such action and in any event at least two
(2) business days prior to the expiration of the Investigation Period. After the expiration of the Investigation Period, Seller may not enter into any new contract without Purchaser’s consent, which consent will not be unreasonably
withheld, conditioned or delayed. Notwithstanding the preceding sentence, after the expiration of the Investigation Period, Seller may enter into any new contracts without Purchaser’s consent if doing so is in the ordinary course of operating
the Property and the contract (i) will not be binding on Purchaser, (ii) is cancelable on thirty (30) days or less notice without penalty or premium, or (iii) is for an aggregate amount not to exceed $25,000 (including all other
new contracts, if any, executed by Seller). If Seller shall request Purchaser’s approval to any of the foregoing matters, Purchaser shall have three (3) business days from its receipt of such request to give Seller notice of its approval
or disapproval of such matter. If Purchaser does not give such notice, such matter shall be deemed approved by Purchaser. Seller shall not enter into any new lease without Purchaser’s consent, which consent may be withheld in Purchaser’s
sole and absolute discretion. 
 13.5. Confidentiality. Purchaser and Seller shall, prior to the Closing, maintain the confidentiality
of this sale and purchase and shall not, except as required by law or governmental regulation applicable to Purchaser, disclose the terms of this Agreement or of such sale and purchase to any third parties whomsoever other than investors or
prospective investors in Purchaser or the principals of Purchaser’s Broker (if any), Escrow Agent, the Title Company and such other persons whose assistance is required in carrying out the terms of this Agreement. Neither Seller nor Purchaser
shall not at any time issue a press release or otherwise communicate with media representatives regarding this sale and purchase unless such release or communication has received the prior written approval of the other. Until the Closing, Purchaser
agrees that all documents and information regarding the Property of whatsoever nature made available to it by Seller or Seller’s agents and the results of all tests and studies of the Property (collectively, the “Proprietary
Information”) are confidential and Purchaser shall not disclose any Proprietary Information to any other person except those assisting it with the analysis of the Property, and only after procuring such person’s agreement to abide by
these confidentiality restrictions. This Section 13.5 shall survive the Closing or termination of this Agreement. 
  

 24 

 13.6. Right to Cure. If any title defect or other matter which would entitle Purchaser to
terminate this Agreement shall first arise after Purchaser notifies Seller of its Title Objections pursuant to Section 5.3.1 and prior to the Closing, Seller may elect, by written notice to Purchaser, to cure such title defect or other
matter by causing it to be removed or bonded so that it is released as a matter of law to cure such breach and Seller may adjourn the Closing for up to thirty (30) days to do so. Nothing contained in this Section 13.6 shall require
Seller to cure any such title defect or other matter or to incur any liability or expense to do so. 
 13.7. Future Notices. Seller
shall promptly deliver to Purchaser any notices it may hereafter receive from time to time that, if not delivered to Purchaser, would cause the representations and warranties set forth in Section 11.1 herein to be untrue if made after
Seller’s receipt of any such notices. 
 ARTICLE XIV 
 NOTICES 
 All notices, demands or other communications given hereunder
shall be in writing and shall be deemed to have been duly delivered (i) upon the delivery (or refusal to accept delivery) by messenger or overnight express delivery service (or, if such date is not on a business day, on the business day next
following such date), or (ii) on the third (3rd) business day next following the date of its mailing by certified mail, postage prepaid, at a post office maintained by the United States Postal Service, or (iii) upon the receipt by
facsimile transmission as evidenced by a receipt transmission report (followed by delivery by one of the other means identified in (i)-(ii)), addressed as follows: 
  

			
	If to Purchaser, to:	  	 KBS CAPITAL ADVISORS, LLC
 1133 21ST Street NW, Suite 400
 Washington,
DC 20036
 Attention: Mr. Peter Doherty
 Facsimile: (202)
822-1340

		
	with a copy to:	  	 KBS CAPITAL ADVISORS, LLC
 620 Newport Center Drive,
Suite 1300
 Newport Beach, CA 92660
 Attention: James Chiboucas,
Esq.
 Facsimile: (949) 417-6523

		
	with a copy to:	  	 Morgan, Lewis & Bockius LLP
 5 Park Plaza, Suite
1750
 Irvine, CA 92614
 Attention: L. Bruce Fischer,
Esq.
 Facsimile: (949) 300-7001

  

 25 

			
	If to Seller, to:	  	 NCFLA II OWNER LLC
 c/o Capital Partners,
Inc.
 512 East Washington Street, Suite 200
 Orlando, FL
32801
 Attention: Mr. Joseph Kuipers
 Facsimile: (407)
333-1919

		
	with a copy to:	  	 Greenberg Traurig, P.A.
 450 South Orange
Avenue
 Suite 650
 Orlando, Florida 32801
 Attn: Russell P. Hintze, Esq.
 Facsimile: (407) 420-5909

		
	If to Escrow Agent, to:	  	 Commercial Property Title, LLC
 One Independent Drive,
Suite 1200
 Jacksonville, FL 32202
 Attention: Matthew S.
MacAfee, Esq.
 Facsimile: (904) 301-1279

 Either party may, by notice given as aforesaid, change the address or addresses, or designate an additional
address or additional addresses, for its notices, provided, however, that no notice of a change of address shall be effective until actual receipt of such notice. 
 ARTICLE XV 
 TRANSFER OF POSSESSION 
 15.1. Transfer of Possession. Possession of the Property shall be transferred to Purchaser at the time of Closing subject to the Permitted
Encumbrances. 
 15.2. Delivery of Documents at Closing At the time of Closing, Seller shall deliver to Purchaser originals or copies
of any additional documents, instruments or records in the possession of Seller or its agents which are necessary for the ownership and operation of the Property. 
 ARTICLE XVI 
 GENERAL PROVISIONS 
 16.1. Captions. Captions in this Agreement are inserted for convenience of reference only and do not define, describe or limit the scope or the
intent of this Agreement or any of the terms hereof. 
  

 26 

 16.2. Exhibits. All exhibits referred to herein and attached hereto are a part hereof. 

16.3. Entire Agreement. This Agreement contains the entire agreement between the parties relating to the transaction contemplated hereby and
all prior or contemporaneous agreements, understandings, representations and statements, oral or written, are merged herein. 
 16.4.
Modification. No modification, waiver, amendment, discharge or change of this Agreement shall be valid unless the same is in writing and signed by the party against which the enforcement of such modification, waiver, amendment, discharge or
change is or may be sought. 
 16.5. Attorneys’ Fees. Should any party hereto employ an attorney for the purpose of enforcing or
construing this Agreement, or any judgment based on this Agreement, in any legal proceeding whatsoever, including insolvency, bankruptcy, arbitration, declaratory relief or other litigation, the prevailing party shall be entitled to receive from the
other party or parties thereto reimbursement for all reasonable attorneys’ fees and all costs, whether incurred at the trial or appellate level, including but not limited to service of process, filing fees, court and court reporter costs,
investigative costs, expert witness fees and the cost of any bonds, whether taxable or not, and such reimbursement shall be included in any judgment, decree or final order issued in that proceeding. The “prevailing party” means the party
in whose favor a judgment, decree, or final order is rendered. 
 16.6. Governing Law. This Agreement shall be construed and enforced
in accordance with the laws of the State in which the Property is located. 
 16.7. Time of Essence. Time is of the essence to this
Agreement and to all dates and time periods set forth herein. 
 16.8. Survival. Unless otherwise expressly herein stated, all
representations, covenants, indemnities, conditions and agreements contained herein shall survive for six (6) months after the Closing. 
 16.9. Assignment by Purchaser. Purchaser may not assign its rights under this Agreement except to an entity that is a real estate investment trust (“REIT”) (or that is wholly owned directly or indirectly by a REIT)
for which Purchaser or an affiliate of Purchaser acts as the investment advisor. Any such assignment shall be completed not less than five (5) business days prior to the Closing, and Purchaser shall promptly provide Seller and the Title Company
with a copy of such assignment. In the event of any assignment, Purchaser shall not be released from any liability hereunder. 
 16.10.
Severability. If any term, covenant, condition, provision or agreement herein contained is held to be invalid, void or otherwise unenforceable by any court of competent jurisdiction, the fact that such term, covenant, condition, provision or
agreement is invalid, void or otherwise unenforceable shall in no way affect the validity or enforceability of any other term, covenant, condition, provision or agreement herein contained. 
 16.11. Successors and Assigns. All terms of this Agreement shall be binding upon, inure to the benefit of and be enforceable by, the parties
hereto and their respective legal representatives, successors and assigns (subject to Section 16.9). 
  

 27 

 16.12. Interpretation. Seller and Purchaser acknowledge each to the other that both they and their
counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any
amendments or exhibits hereto. 
 16.13. Counterparts. This Agreement may be executed in any number of counterparts, each of which so
executed shall be deemed an original; such counterparts shall together constitute but one agreement. 
 16.14. Recordation. This
Agreement may not be recorded and any attempt to do so shall be of no effect whatsoever. 
 16.15. Limitation on Liability. In any
action brought to enforce the obligations of Seller under this Agreement or any other document delivered in connection herewith, the judgment or decree shall be subject to the provisions of Section 10.2 and Section 16.8 and
shall, otherwise in any event, be enforceable against Seller only up to a maximum of $250,000.00; provided, however, that any liability of Seller arising under Section 7.1 and Section 16.23 shall not be subject to such limit. The
provisions of this Section shall survive the termination of this Agreement. 
 16.16. Possession of Seller. As used in this Agreement,
the “possession” or “receipt” of a document, notice or similar writing by Seller shall be deemed to be only the possession, receipt or notice of such document by Seller. 
 16.17. Business Day. As used in this Agreement, “business day” shall be deemed to be any day other than a day on which banks in the
state of Florida shall be permitted or required to close. 
 16.18. Waiver of Jury Trial. PURCHASER AND SELLER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE
OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ANY ACTIONS OF EITHER PARTY ARISING OUT OF OR RELATED IN ANY MANNER WITH THIS AGREEMENT OR THE PROPERTY (INCLUDING WITHOUT LIMITATION, ANY ACTION TO RESCIND OR CANCEL THIS
AGREEMENT OR ANY CLAIMS OR DEFENSES ASSERTING THAT THIS AGREEMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT FOR SELLER TO ENTER INTO AND ACCEPT THIS AGREEMENT AND THE DOCUMENTS TO BE DELIVERED
BY PURCHASER AT CLOSING, AND SHALL SURVIVE THE CLOSING OR TERMINATION OF THIS AGREEMENT. Each party hereby authorizes and empowers the other to file this Section 16.18 and this Agreement with the clerk or judge of any court of competent
jurisdiction as a written consent to waiver of jury trial. 
 16.19. Other Duties of Escrow Agent. Escrow Agent shall not be bound in
any way by any other agreement or contract between Seller and Purchaser, whether or not Escrow Agent has 

  

 28 

 
knowledge thereof. Escrow Agent’s only duties and responsibilities with respect to the Deposit shall be to hold the Deposit and other documents
delivered to it as agent and to dispose of the Deposit and such documents in accordance with the terms of this Agreement. Without limiting the generality of the foregoing, Escrow Agent shall have no responsibility to protect the Deposit and shall
not be responsible for any failure to demand, collect or enforce any obligation with respect to the Deposit or for any diminution in value of the Deposit from any cause, other than Escrow Agent’s gross negligence or willful misconduct. Escrow
Agent may, at the expense of Seller and Purchaser, consult with counsel and accountants in connection with its duties under this Agreement. Escrow Agent shall not be liable to the parties hereto for any act taken, suffered or permitted by it in good
faith in accordance with the advice of counsel and accountants. Escrow Agent shall not be obligated to take any action hereunder that may, in its reasonable judgment, result in any liability to it unless Escrow Agent shall have been furnished with
reasonable indemnity satisfactory in amount, form and substance to Escrow Agent. 
 16.20. Disputes. Escrow Agent is acting as a
stakeholder only with respect to the Deposit. If there is any dispute as to whether Escrow Agent is obligated to deliver the Deposit or as to whom the Deposit is to be delivered, Escrow Agent shall not make any delivery, but shall hold the Deposit
until receipt by Escrow Agent of an authorization in writing, signed by all the parties having an interest in the dispute, directing the disposition of the Deposit, or, in the absence of authorization, Escrow Agent shall hold the Deposit until the
final determination of the rights of the parties in an appropriate proceeding. Escrow Agent shall have no responsibility to determine the authenticity or validity of any notice, instruction, instrument, document or other item delivered to it, and it
shall be fully protected in acting in accordance with any written notice, direction or instruction given to it under this Agreement and believed by it to be authentic. If written authorization is not given, or proceedings for a determination are not
begun, within thirty (30) days after the date scheduled for the closing of title and diligently continued, Escrow Agent may, but is not required to, bring an appropriate action or proceeding for leave to deposit the Deposit with a court of the
State of Florida pending a determination. Escrow Agent shall be reimbursed for all costs and expenses of any action or proceeding, including, without limitation, attorneys’ fees and disbursements incurred in its capacity as Escrow Agent, by the
party determined not to be entitled to the Deposit. Upon making delivery of the Deposit in the manner provided in this Agreement, Escrow Agent shall have no further liability hereunder. In no event shall Escrow Agent be under any duty to institute,
defend or participate in any proceeding that may arise between Seller and Purchaser in connection with the Deposit. The provisions of this Section 16.20 shall survive Closing. 
 16.21. Reports. Escrow Agent shall be responsible for the timely filing of any reports or returns required pursuant to the provisions of
Section 6045(e) of the Internal Revenue Code of 1986 (and any similar reports or returns required under any state or local laws) in connection with the closing of the transaction contemplated by this Agreement. 
 16.22. Radon Notice. As required by Section 404.056(7), Florida Statutes, the following notification is made regarding radon gas: 

RADON GAS: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons
who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in 

  

 29 

 
Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit. 
 16.23. Brokers. The parties each represent and warrant to the other that the only real estate broker, salesman or finder involved in this
transaction is CB Richard Ellis (“Seller’s Broker”), to whom Seller shall pay a real estate brokerage commission in an amount set forth in, and pursuant to the terms of, a separate agreement between Seller and Seller’s
Broker. Seller shall indemnify, defend and hold Purchaser harmless from claims for such payments to Seller’s Broker. If a claim for brokerage or similar fees in connection with this transaction is made by any broker, salesman or finder other
than Seller’s Broker claiming to have dealt through or on behalf of one of the parties to this Agreement, then that party shall indemnify, defend and hold the other party under this Agreement harmless from all liabilities, damages, claims,
costs, fees and expenses whatsoever (including reasonable attorneys’ fees and court costs, including those for appellate matters and post judgment proceedings) with respect to said claim for brokerage. The provisions of this Section shall
survive the Closing or the earlier termination of this Agreement. 
 (signatures on following page) 
  

 30 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first set forth above.

  

			
	 SELLER:
  
 NCFLA II OWNER LLC, a
Delaware limited liability company

		
	By:	 	 /s/ Troy Cox

	Name:	 	Troy Cox
	Title:	 	Senior Vice President

  

			
	 PURCHASER:
  
 KBS CAPITAL ADVISORS LLC,
a Delaware limited liability company

		
	By:	 	 /s/ Charles J. Schreiber, Jr.

	Name:	 	Charles J. Schreiber, Jr.
	Title:	 	Chief Executive Officer

  

 31 

 CONSENT AND AGREEMENT OF ESCROW AGENT 
 The undersigned Escrow Agent hereby agrees to (i) accept the foregoing Agreement, (ii) be escrow agent under said Agreement, and
(iii) be bound by said Agreement in the performance of its duties as escrow agent. 
  

			
	COMMERCIAL PROPERTY TITLE, LLC
		
	By:	 	 /s/ Matthew S. McAfee

	Name:	 	Matthew S. McAfee
	Title:	 	President

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