Document:

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                                                                   Exhibit 10.8

            ASSIGNMENT OF PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS

         TEACHERS' RETIREMENT SYSTEM OF THE STATE OF KENTUCKY, AS SELLER

                                       AND

                             SERIES A, LLC, AS BUYER

      ASSIGNOR, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, does hereby assign all of its right, title and
interest in that certain Purchase Agreement and Escrow Instructions described
herein, to ASSIGNEE and its successors and assigns. The Purchase Agreement and
Escrow Instructions is described as follows:

      DATE OF AGREEMENT:         September 1, 2005

      ORIGINAL BUYER:            Series A, LLC

      ASSIGNED TO:               Cole WG  St. Louis MO Portfolio, LLC

      PROPERTY ADDRESS:          500 HOWDERSHELL ROAD, FLORISSANT, ST. LOUIS
                                 6071 TELEGRAPH ROAD, ST. LOUIS, MO
                                 11590 GRAVOIS ROAD, ST. LOUIS, MO

      ASSIGNOR acknowledges that it is not released from any and all obligations
or liabilities under said Purchase Agreement and Escrow Instructions with the
exception of the earnest money deposit which is currently in escrow.

      ASSIGNEE hereby agrees to assume and be responsible for all obligations
and liabilities under said Purchase Agreement and Escrow Instructions. This
Assignment shall be in full force and effect upon its full execution.

      Executed this 1st day of November, 2005.

ASSIGNOR:                                  ASSIGNEE:

SERIES A, LLC                              COLE WG ST. LOUIS MO PORTFOLIO, LLC

                                           By: Cole REIT Advisors II, LLC
By: /S/ John M. Pons                           its Manager
    -----------------
    John M. Pons
    Authorized Officer

                                               By: /S/ John M. Pons
                                                   --------------------
                                                   John M. Pons
                                                   Senior Vice President

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                               PURCHASE AGREEMENT

                             AND ESCROW INSTRUCTIONS

                                     BETWEEN

                         TEACHERS' RETIREMENT SYSTEM OF

                              THE STATE OF KENTUCKY

                                    AS SELLER

                                       AND

                                  SERIES A, LLC

                                    AS BUYER

                               September 1, 2005

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                   PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS

DATED:                Dated to be effective as of September 1, 2005 (the
                      "Effective Date").

PARTIES:              This Purchase Agreement and Escrow Instructions is between
                      Teachers' Retirement System of the State of Kentucky as
                      "Seller", and Series A, LLC, as "Buyer".

      WHEREAS, as of the Effective Date, Seller is the fee title owner of
certain improved real properties located at (i) 6071 Telegraph Road, St. Louis,
Missouri (the "Telegraph Road Property"), (ii) 11590 Gravois Road, St. Louis,
Missouri (the "Gravois Road Property"), and (iii) 500 Howdershell Road,
Florissant, Missouri (the "Howdershell Road Property"), as such real properties
are legally described on Exhibits A-1, A-2 and A-3 attached hereto (each a "Real
Property" and collectively, the "Real Properties");

      WHEREAS, as of the Effective Date, each Real Property is improved with a
building containing approximately 15,120 square feet (each a "Building" and
collectively, the "Buildings") which Buildings are leased to Walgreen Co.
("Tenant") in accordance with written leases (each a "Lease" and collectively,
the "Leases"). The Real Properties, the Buildings, the improvements to the Real
Properties (the "Improvements"), the personal property, if any, of Seller
located on the Real Properties and Seller's interest in the Leases and all
rents, issues and profits due or to become due thereunder are hereinafter
collectively referred to as the "Properties"; and

      WHEREAS, Buyer desires to purchase the Properties from Seller and Seller
desires to sell the Properties to Buyer free and clear of all liens, all as more
particularly set forth in this Purchase Agreement and Escrow Instructions (the
"Agreement").

      NOW THEREFORE, in consideration of the promises set forth in this
Agreement and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, Seller and Buyer (the "Parties" or a "Party")
hereby agree as follows:

      1. INCORPORATION OF RECITALS. All of the foregoing Recitals are hereby
incorporated as agreements of the Parties.

      2. BINDING AGREEMENT. This Agreement constitutes a binding agreement
between Seller and Buyer for the sale and purchase of the Properties subject to
the terms set forth in this Agreement. Subject to the limitations set forth in
this Agreement, this Agreement shall bind and inure to the benefit of the
Parties and their respective successors and assigns. This Agreement supersedes
all other written or verbal agreements between the Parties concerning any
transaction embodied in this Agreement. No claim of waiver or modification
concerning the provision of this Agreement shall be made against a Party unless
based upon a written instrument signed by such Party.

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      3. INCLUSIONS IN PROPERTIES.

            (a) The Properties. The term "Properties" shall also include the
following:

                  (1) all tenements, hereditaments and appurtenances pertaining
to the Real Properties;

                  (2) all interest of Seller, if any, in mineral, water and
irrigation rights, if any, running with or otherwise pertaining to the Real
Properties;

                  (3) all interest, if any, of Seller in any road adjoining the
Real Properties;

                  (4) all interest, if any, of Seller in any award made or to be
made or settlement in lieu thereof for damage to the Properties by reason of
condemnation, eminent domain or exercise of police power;

                  (5) all of Seller's interest in the Buildings, the
Improvements and any other improvements and fixtures on the Real Properties;

                  (6) all of Seller's interest, if any, in any equipment,
machinery and personal property on or used in connection with the Real
Properties (the "Personalty");

                  (7) the Leases and security deposits, if any, now or hereafter
due thereunder; and,

                  (8) all of Seller's interest, to the extent transferable, in
all permits and licenses (the "Permits"), warranties, contractual rights and
intangibles (including rights to the name of the improvements as well as
architectural/engineering plans) with respect to the operation, maintenance,
repair or improvement of the Properties (the "Contracts").

            (b) The Transfer Documents. Except for the Personalty which shall be
transferred by that certain bill of sale from Seller to Buyer, a specimen of
which is attached hereto as Exhibit B (the "Bill of Sale"), the Leases, each of
which is to be transferred by that certain assignment and assumption of lease, a
specimen of which is attached hereto as Exhibit C (the "Assignments of Leases"),
the Permits and Contracts which are to be transferred by that certain assignment
agreement, a specimen of which is attached hereto as Exhibit D (the "Assignment
Agreement"), all components of each of the Properties shall be transferred and
conveyed by execution and delivery of Seller's special warranty deed, a specimen
of which is attached hereto as Exhibit E (the "Deeds"). The Bill of Sale, the
Assignments of Leases, the Assignment Agreement and the Deeds are hereinafter
collectively referred to as the "Transfer Documents".

      4. PURCHASE PRICE. The price to be paid by Buyer to Seller for the
Properties is SIXTEEN MILLION EIGHT HUNDRED SIXTY THOUSAND FOUR HUNDRED
SIXTY-FIVE and NO/100 DOLLARS ($16,860,465.00) (the "Purchase Price"), payable
as follows:

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            (a) One Hundred Fifty Thousand and no/100 Dollars ($150,000.00)
earnest money (the "Earnest Money Deposit") to be deposited in escrow with
Lawyers Title Insurance Company, 1850 North Central Avenue, Suite 300, Phoenix,
Arizona 85004, Attention: Allen Brown ("Escrow Agent") within five (5) business
days of the delivery of a fully-executed original of this Agreement to Escrow
Agent (the "Opening of Escrow") by Buyer, which Earnest Money Deposit is to be
held by Escrow Agent until released to Seller or Buyer as provided herein or
paid to Seller at close of escrow ("COE"); and

            (b) Sixteen Million Seven Hundred Ten Thousand Four Hundred
Sixty-five and no/100 Dollars ($16,710,465.00) in additional cash, or other
immediately available funds (as may be increased or decreased by such sums as
are required to take into account any additional deposits, prorations, credits,
or other adjustments required by this Agreement), to be deposited in escrow with
Escrow Agent on or before COE (the "Additional Funds") which is to be held by
Escrow Agent until cancellation of this Agreement as provided herein or paid to
Seller at COE.

      5. DISPOSITION OF EARNEST MONEY DEPOSIT. Seller and Buyer hereby instruct
Escrow Agent to place the Earnest Money Deposit in a federally insured
interest-bearing passbook account on behalf of Seller and Buyer. The Earnest
Money Deposit and interest thereon shall be applied as follows:

            (a) if Buyer cancels this Agreement as Buyer is so entitled to do as
provided in this Agreement, the Earnest Money Deposit and all interest earned to
the effective date of withdrawal shall be paid immediately to Buyer;

            (b) if the Earnest Money Deposit is forfeited by Buyer pursuant to
this Agreement, such Earnest Money Deposit and all interest earned to the date
of withdrawal shall be paid to Seller as Seller's agreed and total liquidated
damages, it being acknowledged and agreed that it would be difficult or
impossible to determine Seller's exact damages; and

            (c) if escrow closes, the Earnest Money Deposit and all interest
earned to COE shall be credited to Buyer, automatically applied against the
Purchase Price and paid to Seller at COE.

      6. PRELIMINARY TITLE REPORTS AND OBJECTIONS. Within ten (10) days after
the Opening of Escrow, Escrow Agent shall deliver current Preliminary Title
Reports (the "Reports") for an ALTA extended coverage title insurance policy
(each an "Owner's Policy" and collectively, the "Owner's Policies") on each of
the Properties to Buyer and Seller. Each Report shall show the status of title
to the Property corresponding thereto as of the date of such Report and shall
also describe the requirements of Escrow Agent for the issuance of the Owner's
Policy with respect to such Property as described herein. The cost of standard
Owner's Policies shall be paid by Buyer. Buyer shall pay any additional costs
for an extended coverage policy and any endorsements required by Buyer. In
addition to the Reports, Escrow Agent shall simultaneously deliver to Buyer
legible copies of all documents identified in Part Two of Schedule B of the
Reports. If Buyer is dissatisfied with any exception to title as shown in the
Reports, then Buyer may either cancel this Agreement by giving written notice of
cancellation to Escrow Agent (i) on or before expiration of the Study Period (as
defined below) or (ii) ten (10) days from Buyer's receipt of the Reports,
whichever is later, whereupon the Earnest Money Deposit plus interest

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shall be returned to Buyer together with all documents deposited in escrow by
Buyer, or Buyer may provisionally accept the title subject to Seller's agreement
(Seller being under no obligation to agree) to cause the removal of any
disapproved exceptions or objections, in which case Seller shall (at its sole
cost) remove the exceptions or objections (or, if acceptable to Buyer, obtain
title insurance endorsements over the exceptions and objections) before COE.
Seller shall notify Buyer in writing within five (5) days after receiving
Buyer's written notice of disapproval of any exception, if Seller does not
intend to remove (or endorse over) any such exception and/or objection. Seller's
lack of response shall be deemed as Seller's intention to not remove the
objectionable exceptions (or obtain title insurance endorsements over said
exceptions and objections, if acceptable to Buyer) prior to COE. In the event
any Report is amended to include new exceptions that are not set forth in a
prior Report, Buyer shall have until the later of (i) the expiration of the
Study Period, or (ii) the date seven (7) days after Buyer's receipt of the
amended Report and copies of the documents identified in the new exceptions or
new requirements, within which to cancel this Agreement and receive a refund of
the Earnest Money Deposit plus interest or to provisionally accept the title
subject to Seller's agreement (Seller being under no obligation to agree) to
cause the removal of any disapproved exceptions or objections. If Seller serves
notice to Buyer that Seller does not intend to remove such exceptions and
objections before COE, Buyer shall, within ten (10) days thereafter, notify
Seller and Escrow Agent in writing of Buyer's election to either (i) terminate
this Agreement, whereupon the Earnest Money Deposit plus interest shall be
returned to Buyer and all obligations shall terminate, or (ii) Buyer may waive
such objections and the transaction shall close as scheduled. If written notice
of dissatisfaction as to such new exceptions is not timely given by Buyer to
Seller, then Buyer shall be deemed to have disapproved of the condition of the
title of the Properties as shown by the Reports, and shall have elected to
terminate this Agreement.

      7. BUYER'S STUDY PERIOD.

            (a) The Study Period. Buyer shall have until the later of 5:00 p.m.
MST on the thirtieth (30th) day after the Opening of Escrow or thirty (30) days
from Buyer's receipt of all deliveries of Studies (as defined herein) (the
"Study Period"), at Buyer's sole cost, within which to conduct and approve any
investigations, studies or tests deemed necessary by Buyer, in Buyer's sole
discretion, to determine the feasibility of acquiring the Properties (the
"Studies"). The Studies shall include, but not be limited to, Buyer's right to:
(i) review and approve the Surveys (as defined below), the Leases and the
Contracts; (ii) meet and confer with Tenant; and, (iii) obtain, review and
approve environmental studies of the Real Properties and Buildings.

            (b) Right of Entry. Subject to the prior rights of the Tenant of the
Properties and the terms of the Leases, Seller hereby grants to Buyer and
Buyer's agents, employees and contractors the right to enter upon the
Properties, at any time or times during the Study Period, to conduct the
Studies. In consideration therefor, Buyer shall and does hereby agree to
indemnify and hold Seller harmless from any and all liabilities, claims, losses
or damages, including, but not limited to, court costs and attorneys' fees,
which may be incurred by Seller as a direct result of the Studies. Buyer's
indemnity and hold harmless obligation shall survive cancellation of this
Agreement or COE.

            (c) Cancellation. Unless Buyer so notifies Seller or Escrow Agent,
in writing, on or before the end of the Study Period of Buyer's acceptance of
the Studies and waiver of the

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contingencies as set forth in this Section 7, this Agreement shall be canceled
and the Earnest Money Deposit plus interest shall be returned immediately to
Buyer and, except as otherwise provided in this Agreement, neither of the
Parties shall have any further liability or obligation under this Agreement.

      8. DELIVERY OF STUDIES.

            (a) Deliveries to Buyer. Seller agrees to deliver to Buyer
contemporaneously with the Opening of Escrow all information in Seller's
possession or control relating to the leasing, operating, maintenance,
construction, repair, zoning (including any zoning verification letters),
platting, engineering, soil tests, water tests, environmental tests,
construction (including a copy of the Certificate of Occupancy for each of the
Properties), master planning, architectural drawings and like matters regarding
the Properties, all at no cost to Buyer. The foregoing deliveries shall include,
but not be limited to, copies of: (i) all of the Leases and all of the owner's
title insurance policies delivered to Seller; (ii) a list of all claims or suits
by or against Seller regarding the Properties for the last thirty-six (36)
months; (iii) each of the site plans with respect to the Properties attached to
the Leases; and (iv) any other documents or other information in the possession
of Seller or its agents pertaining to the Properties that Buyer may reasonably
request in writing.

            (b) Delivery by Buyer. If this Agreement is canceled for any reason,
except Seller's willful default hereunder, Buyer agrees to deliver to Seller
upon payment by Seller to Buyer of Buyer's cost thereof, copies of those Studies
which Buyer may have elected to obtain.

      9. THE SURVEYS. Buyer, at Buyer's cost, may cause certified ALTA surveys
of the Real Properties, Buildings and Improvements (each a "Survey" and
collectively, the "Surveys") to be completed by a surveyor licensed in the State
of Missouri and deposited with Escrow Agent, whereupon the legal description in
the Survey shall control over the applicable description in Exhibits A-1, A-2 or
A-3 attached hereto to the extent they may be inconsistent. Each Survey shall
set forth the legal description and boundaries of the Property shown thereon and
all easements, encroachments and improvements thereon. Seller shall furnish
Buyer with a copy of each of the surveys Seller obtained in connection with its
prior purchase of the Properties.

      10. IRS SECTION 1445. Seller shall furnish to Buyer in escrow by COE a
sworn affidavit (the "Non-Foreign Affidavit") stating under penalty of perjury
that Seller is not a "foreign person" as such term is defined in Section
1445(f)(3) of the Internal Revenue Code of 1986, as amended (the "Code"). If
Seller does not timely furnish the Non-Foreign Affidavit, Buyer may withhold (or
direct Escrow Agent to withhold) from the Earnest Money Deposit and/or the
Additional Funds, an amount equal to the amount required to be so withheld
pursuant to Section 1445(a) of the Code, and such withheld funds shall be
deposited with the Internal Revenue Service as required by such Section 1445(a)
and the regulations promulgated thereunder. The amount withheld, if any, shall
nevertheless be deemed to be part of the Purchase Price paid to Seller.

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      11. DELIVERY OF POSSESSION. Seller shall deliver possession of the
Properties to Buyer at COE subject only to the rights of Tenant under the Leases
as approved by Buyer as part of the Studies and the easements reflected in the
Reports.

      12. CONDITIONS PRECEDENT.

            (a) Buyer's Conditions Precedent. In addition to all other
conditions precedent set forth in this Agreement, Buyer's obligations to perform
under this Agreement and to close escrow are expressly subject to the following:

                  (1) the delivery by Seller to Escrow Agent, for delivery to
Buyer at COE, of the executed original Transfer Documents;

                  (2) the issuance of the Owner's Policies (or a written
commitment therefor) subject only to those matters approved or deemed approved
by Buyer pursuant to this Agreement;

                  (3) the delivery by Seller to Buyer at COE of all security
deposits and pre-paid/abated rents under the Leases, if any, in the form of a
credit in favor of Buyer against the Additional Funds;

                  (4) the deposit by Seller with Buyer prior to expiration of
the Study Period of executed original estoppel certificates reasonably
acceptable to Buyer, in Tenant's standard form, without any punch list items
remaining, executed by Tenant with respect to each of the Leases; (5) the
deposit with Escrow Agent and Buyer prior to the expiration of the Study Period
of an executed waiver by Tenant of any right of first refusal under each of the
Leases;

                  (6) the deposit with Escrow Agent of executed affidavits of
Seller and such other documentation as may be reasonably required by Escrow
Agent to allow for the deletion of the mechanics' lien exception from each of
the Owner's Policies;

                  (7) the delivery by Seller to Buyer of a copy of each of the
Certificates of Occupancy for the Improvements;

                  (8) the delivery by Seller to Buyer of a copy of Seller's
owner's title insurance policies for each of the Properties;

                  (9) the deposit with Escrow Agent of letters from Seller to
Tenant requesting that future rent under each of the Leases be paid to Buyer;
and

                  (10) delivery to Buyer of originals of the Leases, the
Contracts, and Permits, if any, in the possession of Seller or Seller's agents
and any correspondence with respect thereto, together with such non-proprietary
leasing and property manuals, files and records which are material in connection
with the continued operation, leasing and maintenance of the Properties.

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If the foregoing conditions have not been satisfied by the specified date or COE
as the case may be, then Buyer shall have the right, at Buyer's sole option, by
giving written notice to Seller and Escrow Agent, to cancel this Agreement,
whereupon the Earnest Money Deposit plus interest shall be paid immediately by
Escrow Agent to Buyer and, except as otherwise provided in this Agreement,
neither of the Parties shall have any further liability or obligation under this
Agreement.

            (b) Seller's Conditions Precedent. In addition to all other
conditions precedent set forth in this Agreement, Seller's obligations to
perform under this Agreement and to close escrow are expressly subject to the
following:

                  (1) Seller's receipt of an executed written waiver from Tenant
of its right of first refusal under each of the Leases;

                  (2) the COE with respect to all three of the Properties in one
contemporaneous closing transaction such that Seller shall be under no
obligation to close with respect to any one of the Properties without a
contemporaneous closing of the other two Properties; it being specifically
agreed that Buyer's termination of this Agreement with respect to any one or
more Properties during the Study Period or for any other reason permitted herein
shall constitute a termination with respect to all three Properties.
Notwithstanding the foregoing, the event Tenant exercises its right of first
refusal with respect to any one or more of the Properties, this Agreement shall
continue with respect to the remaining Properties with a corresponding reduction
in the Purchase Price pursuant to the agreed allocation of the Purchase Price
among the three Properties as set forth herein.

      13. SELLER'S WARRANTIES. Seller hereby represents and warrants to Buyer as
of the Effective Date and shall be deemed to represent again as of COE (unless
an intervening event occurs which causes such representation or warranty to
become untrue or inaccurate as of the COE and Seller so informs Buyer in writing
thereof prior to COE) that:

            (a) intentionally omitted;

            (b) to Seller's knowledge, but without investigation or inquiry, no
notice of violation has been issued with regard to any applicable regulation,
ordinance, requirement, covenant, condition or restriction relating to the
present use or occupancy of any of the Properties by any person, authority or
agency having jurisdiction;

            (c) to Seller's knowledge, but without investigation or inquiry,
there are no intended public improvements which will or could result in any
charges being assessed against any of the Properties which will result in a lien
upon such Property;

            (d) to Seller's knowledge, but without investigation or inquiry,
there is no impending or contemplated condemnation or taking by inverse
condemnation of any of the Properties, or any portion thereof, by any
governmental authorities;

            (e) to Seller's knowledge, but without investigation or inquiry,
there are no suits or claims pending or to Seller's knowledge, but without
investigation or inquiry, threatened with respect to or in any manner affecting
any of the Properties, nor does Seller know of any

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circumstances which should or could reasonably form the basis for any such suits
or claims which have not been disclosed in writing to Buyer by Seller;

            (f) Seller has not entered into and there is not existing any other
agreement, written or oral, under which Seller is or could become obligated to
sell any of the Properties, or any portion thereof, to a third party other than
Tenant pursuant to the right of first refusal granted in the Leases, and Seller
will not enter into nor execute any such agreement without Buyer's prior written
consent;

            (g) Seller has not and will not, without the prior written consent
of Buyer, take any action before any governmental authority having jurisdiction
thereover, the object of which would be to change the present zoning of or other
land-use limitations, upon any of the Properties, or any portion thereof, or its
potential use, and, to Seller's knowledge but without investigation or inquiry,
there are no pending proceedings, the object of which would be to change the
present zoning or other land-use limitations;

            (h) the execution of this Agreement and the performance of Seller's
obligations hereunder will not violate any agreement to which Seller is a party;

            (i) Seller has full power and authority to execute, deliver and
perform under this Agreement as well as under the Transfer Documents, specimens
of which are attached hereto as Exhibits;

            (j) prior to COE or any earlier termination of this Agreement,
Seller will not enter into or execute any employment, management or service
contract with respect to any of the Real Properties without Buyer's prior
written consent, which consent shall not be unreasonably withheld, provided that
any such contract so entered by Seller with Buyer's consent shall provide that
such contract can be terminated by Seller, or Seller's successor, at any time
without penalty, upon not more than thirty (30) days' prior written notice to
the other party thereto. When any such contracts are fully executed, Seller
shall deliver a copy thereof to Buyer;

            (k) no default of Seller exists under any of the Contracts and, to
Seller's knowledge, but without investigation or inquiry, no default of the
other parties exists under any of the Contracts. Between the Effective Date and
COE, or any earlier termination of this Agreement, Seller, without Buyer's prior
written consent which consent will not be unreasonably withheld, shall not
amend, modify or terminate any Contract or waive any substantial right
thereunder;

            (l) intentionally omitted;

            (m) no consent of any third party (other than Tenant's waiver of its
right of first refusal) is required in order for Seller to enter into this
Agreement and perform Seller's obligations hereunder. Without limiting the
generality of the foregoing, to Seller's knowledge, but without investigation or
inquiry, no consent of any third party is required in order for Seller to assign
to Buyer the Contracts or the Leases;

            (n) except for any item to be prorated at COE in accordance with
this Agreement or to be paid by Tenant pursuant to the terms of the Leases, all
bills or other charges,

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costs or expenses arising out of or in connection with or resulting from
Seller's use, ownership, or operation of the Properties up to COE shall be paid
in full by Seller;

            (o) all general real estate taxes, assessments and personal property
taxes that have become due with respect to the Properties (except for those that
will be paid by Tenant or prorated at COE) have been paid or will be so paid by
Seller prior to COE;

            (p) between the Effective Date and COE or any earlier termination of
this Agreement, Seller shall not execute or enter into any lease with respect to
any of the Properties, or terminate, amend, modify, extend or waive any rights
under any of the Leases without Buyer's prior written consent, which consent may
be withheld at Buyer's discretion;

            (q) from the Effective Date hereof until COE or the earlier
termination of this Agreement, Seller shall (i) perform in all material
respects, its obligations under the Leases, (ii) not amend, modify or waive any
material rights under the Leases, and (iii) maintain the existing or comparable
insurance coverage, if any, for the Improvements which Seller is obligated to
maintain under the Leases;

            (r) other than as set forth in the environmental reports furnished
to Buyer by Seller, Seller has no actual knowledge (but Seller has conducted no
investigation or inquiry) that there exists or has existed, and Seller itself
has not caused any generation, production, location, transportation, storage,
treatment, discharge, disposal, release or threatened release upon, under or
about any of the Properties of any Hazardous Materials. "Hazardous Materials"
shall mean any flammables, explosives, radioactive materials, hazardous wastes,
hazardous and toxic substances or related materials, asbestos or any material
containing asbestos (including, without limitation, vinyl asbestos tile), or any
other substance or material, defined as a "hazardous substance" by any federal,
state, or local environmental law, ordinance, rule or regulation including,
without limitation, the Federal Comprehensive Environmental Response
Compensation and Liability Act of 1980, as amended, the Federal Hazardous
Materials Transportation Act, as amended, the Federal Resource Conservation and
Recovery Act, as amended, and the rules and regulations adopted and promulgated
pursuant to each of the foregoing;

            (s) other than as set forth in the environmental reports furnished
to Buyer by Seller, to Seller's actual knowledge, but without investigation or
inquiry, there is not now, nor has there ever been, on or in any of the
Properties underground storage tanks, any asbestos-containing materials or any
polychlorinated biphenyls, including those used in hydraulic oils, electric
transformers, or other equipment. Seller hereby assigns to Buyer, effective as
of COE, all claims, counterclaims, defenses, or actions, whether at common law,
or pursuant to any other applicable federal or state or other laws which Seller
may have against any third parties relating to the existence of any Hazardous
Materials in, at, on, under or about the Properties (including Hazardous
Materials released on the Properties prior to COE and continuing in existence on
the Properties at COE);

            (t) to Seller's knowledge, but without investigation or inquiry,
there are no proceedings pending for the increase of the assessed valuation of
any of the Real Properties;

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            (u) should Seller receive notice or knowledge of any information
regarding any of the matters set forth in this Section 13 after the Effective
Date and prior to COE, Seller will immediately notify Buyer of the same in
writing;

            (v) the execution, delivery and performance of this Agreement and
the Transfer Documents, specimens of which are attached hereto as Exhibits, have
not and will not constitute a breach or default under any other agreement, law
or court order under which Seller is a party or may be bound; and

            (w) all representations made in this Agreement by Seller shall
survive the execution and delivery of this Agreement and COE for a period of one
(1) year following COE.

      14. BUYER'S WARRANTIES. Buyer hereby represents to Seller as of the
Effective Date and again as of COE that:

            (a) Buyer has full power and authority to execute, deliver and
perform under this Agreement as well as under the Transfer Documents, specimens
of which are attached hereto as Exhibits;

            (b) there are no actions or proceedings pending or to Buyer's
knowledge, after due inquiry, threatened against Buyer which may in any manner
whatsoever affect the validity or enforceability of this Agreement or any of the
documents, specimens of which are attached hereto as Exhibits;

            (c) the execution, delivery and performance of this Agreement and
the Transfer Documents, specimens of which are attached hereto as Exhibits, have
not and will not constitute a breach or default under any other agreement, law
or court order under which Buyer is a party or may be bound;

            (d) should Buyer receive notice or knowledge of any information
regarding any of the matters set forth in this Section 14 after the Effective
Date and prior to COE, Buyer will promptly notify Seller of the same in writing;
and

            (e) all representations made in this Agreement by Buyer shall
survive the execution and delivery of this Agreement and COE for a period of one
(1) year following COE.

      15. RENTS AND DEPOSITS. Seller and Buyer agree that, in addition to all
other conditions and covenants contained herein, Seller shall deposit with Buyer
and Escrow Agent on the day immediately prior to COE Tenant's security deposits
and advance rents paid/abatements, if any, and a statement as to the date to
which all rents have been paid. Notwithstanding the foregoing, prepaid rent for
the month in which COE occurs shall be prorated between the Parties at closing.

      16. BROKER'S COMMISSION. Concerning any brokerage commission, the Parties
agree as follows:

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            (a) the Parties warrant to one another that they have not dealt with
any finder, broker or realtor in connection with this Agreement except Klarfeld
Real Estate Co., Inc. ("Klarfeld") and Commercial Real Estate Advisors, LLC
("Advisors");

            (b) if any person shall assert a claim to a finder's fee or
brokerage commission on account of alleged employment as a finder or broker in
connection with this Agreement (including Karfeld and/or Advisors), the Party
under whom the finder or broker is claiming shall indemnify and hold the other
Party harmless from and against any such claim and all costs, expenses and
liabilities incurred in connection with such claim or any action or proceeding
brought on such claim, including, but not limited to, counsel and witness fees
and court costs in defending against such claim. The provisions of this
subsection shall survive cancellation of this Agreement or COE; and

            (c) Seller shall be responsible for payment of a commission to
Klarfeld in an amount equal to $295,058.00 and Seller shall be responsible for
payment of a commission to Advisors in an amount equal to $168,605.00, which
commissions shall be paid at COE in accordance with the separate written
agreement between Seller, Klarfeld and Advisors.

      17. CLOSE OF ESCROW. COE shall be on or before 5:00 p.m. MST on the
thirtieth (30th) day after the expiration of the Study Period or such earlier
date as Buyer may choose by giving not less than five (5) days prior written
notice to Seller and Escrow Agent. Buyer may extend the COE date for up to an
additional thirty (30) days upon delivery of written notice to extend the COE
date to Escrow Agent prior to the original COE date and by depositing an
additional One Hundred Fifty Thousand and no/100 Dollars ($150,000.00) of
earnest money with Escrow Agent. For purposes of this Agreement, any additional
earnest money deposited with Escrow Agent pursuant to this Section 17 shall be
added to and become a part of the Earnest Money Deposit.

      18. ASSIGNMENT. This Agreement may not be assigned by Seller without the
prior written consent of Buyer which consent shall not be unreasonably withheld.
Buyer may assign its rights under this Agreement to an affiliate of Buyer
without seeking or obtaining Seller's consent. Such assignment shall not become
effective until the assignee executes an instrument whereby such assignee
expressly assumes each of the obligations of Buyer under this Agreement,
including specifically, without limitation, all obligations concerning the
Earnest Money Deposit. No assignment shall release or otherwise relieve Buyer
from any obligations hereunder.

      19. RISK OF LOSS. Seller shall bear all risk of loss, damage or taking of
any of the Properties which may occur prior to COE. In the event of any loss,
damage or taking prior to COE, Buyer may, at Buyer's sole option, by written
notice to Seller and Escrow Agent, cancel this Agreement whereupon the Earnest
Money Deposit plus interest shall be paid immediately by Escrow Agent to Buyer
and, except as otherwise provided in this Agreement, neither of the Parties
shall have any further liability or obligation hereunder. In the alternative,
Buyer may attempt to negotiate an appropriate downward adjustment of the
Purchase Price. If Seller and Buyer cannot agree upon such a downward adjustment
within a reasonable period (not to exceed ten (10) days from the date Buyer
receives notice of the loss) Buyer may cancel this Agreement as provided above.
If Buyer waives any such loss or damage to the Properties and closes escrow,

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Seller shall at COE and as a condition precedent thereto, pay Buyer or credit
Buyer against the Additional Funds the amount of any insurance or condemnation
proceeds, or assign to Buyer, as of COE and in a form acceptable to Buyer, all
rights or claims for relief to the same provided the Purchase Price is not
affected thereby.

      20. REMEDIES.

            (a) Seller's Breach. If Seller breaches this Agreement, Buyer may,
at Buyer's sole option, either: (i) by written notice to Seller and Escrow
Agent, cancel this Agreement whereupon the Earnest Money Deposit plus interest
shall be paid immediately by Escrow Agent to Buyer and, except as otherwise
provided in this Agreement, neither of the Parties shall have any further
liability or obligation hereunder; or, (ii) seek specific performance against
Seller in which event COE shall be automatically extended as necessary.
Notwithstanding the foregoing, if specific performance is unavailable as a
remedy to Buyer because of Seller's affirmative acts, Buyer shall be entitled to
pursue all rights and remedies available at law or in equity.

            (b) Buyer's Breach. If Buyer breaches this Agreement, as its sole
remedy Seller shall be entitled to retain the Earnest Money Deposit in
accordance with subsection 5(b) as Seller's agreed and total liquidated damages.
Seller hereby waives any right to seek any equitable or legal remedies against
Buyer.

      21. ATTORNEYS' FEES. If there is any litigation to enforce any provisions
or rights arising herein in accordance with Section 20(a), the unsuccessful
party in such litigation, as determined by the court, agrees to pay the
successful party, as determined by the court, all costs and expenses, including,
but not limited to, reasonable attorneys' fees incurred by the successful party,
such fees to be determined by the court.

      22. NOTICES.

            (a) Addresses. Except as otherwise required by law, any notice
required or permitted hereunder shall be in writing and shall be given by
personal delivery, or by deposit in the U.S. Mail, certified or registered,
return receipt requested, postage prepaid, addressed to the Parties at the
addresses set forth below, or at such other address as a Party may designate in
writing pursuant hereto, or tested telex, or telegram, or telecopies (fax), or
any express or overnight delivery service (e.g., Federal Express), delivery
charges prepaid:

if to Seller:                    Teachers Retirement System of Kentucky
                                 Attn: Edward T. Wilson
                                 Capstone Realty Advisors, LLC
                                 642 South 4th Avenue, Suite 100
                                 Louisville, Kentucky 40202
                                 Tel.: (502) 581-9912
                                 Fax: (502) 583-0708

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<PAGE>

with copies to:                  Leo F. Camp, Esq.
                                 Wyatt, Tarrant & Combs, LLP
                                 500 W. Jefferson Street, Suite 2700
                                 Louisville, Kentucky 40202
                                 Tel.:  (502) 562-7552
                                 Fax:  (502) 589-0309

if to Buyer:                     Series A, LLC
                                 2555 E. Camelback Road, Suite 400
                                 Phoenix, AZ  85016
                                 Attn: Legal Department
                                 Tel.: (602) 778-8700
                                 Fax: (602) 778-8767

with copies to:                  Bennett Wheeler Lytle & Cartwright, PLC
                                 3838 N. Central Avenue, Suite 1120
                                 Phoenix, AZ  85012
                                 Attn: Kevin T. Lytle, Esq.
                                 Tel.: (602) 445-3434
                                 Fax: (602) 266-9119

If to Escrow Agent:              Lawyers Title Insurance Company
                                 1850 North Central Avenue, Suite 300
                                 Phoenix, AZ 85004
                                 Attn:    Allen Brown
                                 Tel.: (602) 287-3500
                                 Fax: (602) 263-0433

            (b) Effective Date of Notices. Notice shall be deemed to have been
given on the date on which notice is delivered, if notice is given by personal
delivery, telex, telegrams or telecopies, and on the date of deposit in the
mail, if mailed or deposited with the overnight carrier, if used. Notice shall
be deemed to have been received on the date on which the notice is received, if
notice is given by personal delivery, and on the second (2nd) day following
deposit in the U.S. Mail, if notice is mailed. If escrow has opened, a copy of
any notice given to a party shall also be given to Escrow Agent by regular U.S.
Mail or by any other method provided for herein.

      23. CLOSING COSTS.

            (a) Closing Costs. Seller and Buyer agree to pay closing costs as
indicated in this Agreement and in the escrow instructions attached hereto as
Exhibit F, and by this reference incorporated herein (the "Escrow
Instructions"). At COE, Seller shall pay (i) the costs of releasing all liens,
judgments, and other encumbrances that are to be released and of recording such
releases, (ii) one-half of the fees and costs due Escrow Agent for its services
provided

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<PAGE>

Seller's share shall not exceed $2,250.00, and (iii) all other costs to be paid
by Seller under this Agreement. At COE, Buyer shall pay (i) the transfer tax
associated with the sale of the Properties, if any, (ii) all premiums and
expenses related to issuance of the Reports and the Owner's Policies, (iii) all
Survey charges, (iv) all costs and expenses related to Buyer's environmental
examination of the Properties, and (v) one-half of the fees and costs due Escrow
Agent for its services. Except as otherwise provided for in this Agreement,
Seller and Buyer will each be solely responsible for and bear all of their own
respective expenses, including, without limitation, expenses of legal counsel,
accountants, and other advisors incurred at any time in connection with pursuing
or consummating the transaction contemplated herein. All prorations shall be
calculated through escrow as of COE based upon the latest available information,
including, without limitation, a credit to Buyer for any rent prepaid by Tenant
for the period beginning with and including the date on which the closing occurs
through and including the last day of the month in which the closing occurs. All
other credits to Buyer shall be similarly prorated. Any other closing costs not
specifically designated as the responsibility of either Party in the Escrow
Instructions or in this Agreement shall be paid by Seller and Buyer according to
the usual and customary allocation of the same in Missouri commercial practice.
Seller agrees that all closing costs payable by Seller shall be deducted from
Seller's proceeds otherwise payable to Seller at COE. Buyer shall deposit with
Escrow Agent sufficient cash to pay all of Buyer's closing costs. Except as
provided in this Section 23(a), Seller and Buyer shall each bear their own costs
in regard to this Agreement.

            (b) Post-Closing Adjustment. If after COE, the parties discover any
errors in adjustments and apportionments or additional information becomes
available which would render the closing prorations materially inaccurate, the
same shall be corrected as soon after their discovery as possible. The provision
of this Section 23(b) shall survive COE except that no adjustment shall be made
later than two (2) months after COE unless prior to such date the Party seeking
the adjustment shall have delivered a written notice to the other Party
specifying the nature and basis for such claim. In the event that such claim is
valid, the Party against whom the claim is sought shall have ten (10) days in
which to remit any adjustment due.

            (c) Instructions. This Agreement, together with the Escrow
Instructions, shall constitute escrow instructions for the transaction
contemplated herein. Such Escrow Instructions shall be construed as applying
principally to Escrow Agent's employment.

      24. ESCROW CANCELLATION CHARGES. If escrow fails to close because of
Seller's default, Seller shall be liable for any cancellation of Escrow Agent
charges not to exceed $4,500.00. If escrow fails to close because of Buyer's
default, Buyer shall be liable for any cancellation charges of Escrow Agent. If
escrow fails to close for any other reason, Seller and Buyer shall each be
liable for one-half of any cancellation charges of Escrow Agent. The provisions
of this Section 24 shall survive cancellation of this Agreement.

      25. APPROVALS. Concerning all matters in this Agreement requiring the
consent or approval of any Party, the Parties agree that any such consent or
approval shall not be unreasonably withheld unless otherwise provided in this
Agreement.

      26. ALLOCATION OF PURCHASE PRICE AMONG PROPERTIES. Subject to the
provisions of Section 12(b)(2), and for purposes of allocating the Purchase
Price among the three

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<PAGE>

Properties for purposes of Walgreens' right of first refusal, transfer tax
purposes, affidavits of value and/or consideration, and other proper purposes in
connection with COE, Seller and Buyer agree that the $16,860,465 Purchase Price
shall be allocated among the Properties as follows:

<TABLE>
<S>                             <C>    <C>
(a) Telegraph Road Property     --     $5,201,549

(b) Gravois Road Property       --     $6,325,581

(c) Howdershell Road Property   --     $5,333,335
</TABLE>

      27. ADDITIONAL ACTS. The Parties agree to execute promptly such other
documents and to perform such other acts as may be reasonably necessary to carry
out the purpose and intent of this Agreement.

      28. GOVERNING LAW/JURISDICTION/VENUE. This Agreement shall be governed by
and construed or enforced in accordance with the laws of the State of Missouri.
In regard to any litigation which may arise in regard to this Agreement, the
Parties shall and do hereby submit to the jurisdiction of and the Parties hereby
agree that the proper venue shall be in the United States District Court for the
District of Missouri in St. Louis and in the state courts in the county in which
the respective Property is located.

      29. CONSTRUCTION. The terms and provisions of this Agreement represent the
results of negotiations among the Parties, each of which has been represented by
counsel of its own choosing, and neither of which has acted under any duress or
compulsion, whether legal, economic or otherwise. Consequently, the terms and
provisions of this Agreement shall be interpreted and construed in accordance
with their usual and customary meanings, and the Parties each hereby waive the
application of any rule of law which would otherwise be applicable in connection
with the interpretation and construction of this Agreement that ambiguous or
conflicting terms or provisions contained in this Agreement shall be interpreted
or construed against the Party whose attorney prepared the executed Agreement or
any earlier draft of the same.

      30. TIME OF ESSENCE. Time is of the essence of this Agreement. However, if
this Agreement requires any act to be done or action to be taken on a date which
is a Saturday, Sunday or legal holiday, such act or action shall be deemed to
have been validly done or taken if done or taken on the next succeeding day
which is not a Saturday, Sunday or legal holiday, and the successive periods
shall be deemed extended accordingly.

      31. INTERPRETATION. If there is any specific and direct conflict between,
or any ambiguity resulting from, the terms and provisions of this Agreement and
the terms and provisions of any document, instrument or other agreement executed
in connection herewith or in furtherance hereof, including any Exhibits hereto,
the same shall be consistently interpreted in such manner as to give effect to
the general purposes and intention as expressed in this Agreement which shall be
deemed to prevail and control.

      32. HEADINGS. The headings of this Agreement are for reference only and
shall not limit or define the meaning of any provision of this Agreement.

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<PAGE>

      33. FAX AND COUNTERPARTS. This Agreement may be executed by facsimile
and/or in any number of counterparts. Each party may rely upon any facsimile or
counterpart copy as if it were one original document.

      34. INCORPORATION OF EXHIBITS BY REFERENCE. All Exhibits to this Agreement
are fully incorporated herein as though set forth at length herein.

      35. SEVERABILITY. If any provision of this Agreement is unenforceable, the
remaining provisions shall nevertheless be kept in effect.

      36. SELLER'S ACCEPTANCE. If a fully-executed original of this Agreement
has not been delivered by Seller to Buyer by 5:00 p.m. M.S.T. on __________,
August ____, 2005, for subsequent delivery to Escrow Agent, this Agreement shall
automatically be deemed revoked and null and void.

      37. ENTIRE AGREEMENT. This Agreement contains the entire agreement between
the Parties and supersedes all prior agreements, oral or written, with respect
to the subject matter hereof. The provisions of this Agreement shall be
construed as a whole and not strictly for or against any Party.

      IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement as of
the Effective Date.

SELLER:                          TEACHERS' RETIREMENT SYSTEM OF
                                  THE STATE OF KENTUCKY, an independent
                                  agency and instrumentality of the Commonwealth
                                  of Kentucky

                                 By: /S/ Gary L. Harbin
                                     ------------------------------
                                 Its: Executive Secretary

BUYER:                           SERIES A, LLC,
                                   an Arizona limited liability company

                                 By: /S/ Blair D. Koblenz
                                     ------------------------------
                                     Blair D. Koblenz
                                 Its:Executive Vice President

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<PAGE>

                            ESCROW AGENT'S ACCEPTANCE

      The foregoing fully executed Agreement together with the Earnest Money
Deposit is accepted by the undersigned this _____ day of August, 2005, which for
the purposes of this Agreement shall be deemed to be the date of Opening of
Escrow. Escrow Agent hereby accepts the engagement to handle the escrow
established by this Agreement in accordance with the terms set forth in this
Agreement.

                                 LAWYERS TITLE INSURANCE COMPANY

                                 By: /S/ Allen S. Brown
                                     ------------------------------

                                 Name: Allen S. Brown
                                 Title: Escrow Agent

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<PAGE>

                         AMENDMENT TO PURCHASE AGREEMENT

      This Amendment to Purchase Agreement (this "Amendment") is made and
entered into effective as of the 15th day of September, 2005, by and between
TEACHERS' RETIREMENT SYSTEM OF THE STATE OF KENTUCKY ("Seller") and SERIES A,
LLC ("Buyer") and provides as follows:

                                   WITNESSETH:

      WHEREAS, Seller and Buyer entered into that certain Purchase Agreement
dated as of September 1, 2005 (the "Purchase Agreement"); and

      WHEREAS, Seller and Buyer desire to amend the Purchase Agreement as
hereinafter set forth.

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

      1. Section 4 of the Purchase Agreement is hereby amended by deleting the
entirety thereof and substituting the following in lieu thereof:

            4.    PURCHASE PRICE. The price to be paid by Buyer to Seller for
                  the Properties is SIXTEEN MILLION FOUR HUNDRED THOUSAND and
                  NO/100 DOLLARS ($16,400,000.00) (the "Purchase Price"),
                  payable as follows:

                  One Hundred Fifty Thousand and no/100 Dollars ($150,000.00)
                  earnest money (the "Earnest Money Deposit") to be deposited in
                  escrow with Lawyers Title Insurance Company, 1850 North
                  Central Avenue, Suite 300, Phoenix, Arizona 85004, Attention:
                  Allen Brown ("Escrow Agent") within five (5) business days of
                  the delivery of a fully-executed original of this Agreement to
                  Escrow Agent (the "Opening of Escrow") by Buyer, which Earnest
                  Money Deposit is to be held by Escrow Agent until released to
                  Seller or Buyer as provided herein or paid to Seller at close
                  of escrow ("COE"); and

                  Sixteen Million Two Hundred Fifty Thousand and No/100 Dollars
                  ($16,250,000.00) in additional cash, or other immediately
                  available funds (as may be increased or decreased by such sums
                  as are required to take into account any additional deposits,
                  prorations, credits, or other adjustments required by this
                  Agreement), to be deposited in escrow with Escrow Agent on or
                  before COE (the "Additional Funds") which is to be held by
                  Escrow Agent until cancellation of this Agreement as provided
                  herein or paid to Seller at COE.

      2. Section 26 of the Purchase Agreement is hereby amended by deleting the
entirety thereof and substituting the following in lieu thereof:

<PAGE>

            26.   ALLOCATION OF PURCHASE PRICE AMONG PROPERTIES. Subject to the
                  provisions of Section 12(b)(2), and for purposes of allocating
                  the Purchase Price among the three Properties for purposes of
                  Walgreens' right of first refusal, transfer tax purposes,
                  affidavits of value and/or consideration, and other proper
                  purposes in connection with COE, Seller and Buyer agree that
                  the $16,400,000 Purchase Price shall be allocated among the
                  Properties as follows:

                  Telegraph Road Property     --       $5,059,426

                  Gravois Road Property       --       $6,152,942

                  Howdershell Road Property   --       $5,187,632

      3. Except as specifically amended herein, all of the terms and provisions
of the Purchase Agreement are hereby ratified and affirmed to be in full force
and effect as of the date hereof. To the extent of any conflict between the
Purchase Agreement and this Amendment, the terms and provisions of this
Amendment shall govern and control.

      4. This Amendment may be executed in one or more counterparts, each of
which shall be an original, but all of which when taken together shall
constitute one and the same instrument binding on all parties. Delivery of a
signed counterpart by facsimile transmission shall be effective as delivery of a
manually signed counterpart of this Agreement.

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

BUYER:                               SELLER:

SERIES A, LLC, an Arizona limited    TEACHERS' RETIREMENT SYSTEM OF THE STATE OF
liability company                    KENTUCKY, an independent agency and
                                     instrumentality of the Commonwealth of
                                     Kentucky

By: /S/ John M. Pons
    ---------------------
     John M. Pons
     Its Authorized Officer          By: /S/ Gary L. Harbin
                                         -------------------
                                     Printed Name: Gary L. Harbin
                                     Its: President

                                       2
<PAGE>

                     SECOND AMENDMENT TO PURCHASE AGREEMENT

      This Second Amendment to Purchase Agreement (this "Amendment") is made and
entered into effective as of the 3rd day of October, 2005, by and between
TEACHERS' RETIREMENT SYSTEM OF THE STATE OF KENTUCKY ("Seller") and SERIES A,
LLC ("Buyer") and provides as follows:

                                   WITNESSETH:

      WHEREAS, Seller and Buyer entered into that certain Purchase Agreement
dated as of September 1, 2005 and amended pursuant to that Amendment to Purchase
Agreement dated as of September 28, 2005 (as amended, the "Purchase Agreement");
and

      WHEREAS, Seller and Buyer desire to amend the Purchase Agreement as
hereinafter set forth.

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

      1. Section 7(a) of the Purchase Agreement is hereby amended by deleting
the entirety thereof and substituting the following in lieu thereof:

                  The Study Period. Buyer shall have until 5:00 p.m. MST on
                  October 5, 2005 (the "Study Period"), at Buyer's sole cost,
                  within which to conduct and approve any investigations,
                  studies or tests deemed necessary by Buyer, in Buyer's sole
                  discretion, to determine the feasibility of acquiring the
                  Properties (the "Studies"). The Studies shall include, but not
                  be limited to, Buyer's right to: (i) review and approve the
                  Surveys (as defined below), the Leases and the Contracts; (ii)
                  meet and confer with Tenant; and, (iii) obtain, review and
                  approve environmental studies of the Real Properties and
                  Buildings.

      2. Section 17 of the Purchase Agreement is hereby amended by deleting the
entirety thereof and substituting the following in lieu thereof:

                  COE shall be on or before 5:00 p.m. MST on November 2, 2005 or
                  such earlier date as Buyer may choose by giving not less than
                  five (5) days prior written notice to Seller and Escrow Agent.
                  Buyer may extend the COE date for up to an additional thirty
                  (30) days upon delivery of written notice to extend the COE
                  date to Escrow Agent prior to the original COE date and by
                  depositing an additional One Hundred Fifty Thousand and no/100
                  Dollars ($150,000.00) of earnest money with Escrow Agent. For
                  purposes of this Agreement, any additional earnest money
                  deposited with Escrow Agent pursuant to this Section 17 shall
                  be added to and become a part of the Earnest Money Deposit.

      3. Except as specifically amended herein, all of the terms and provisions
of the Purchase Agreement are hereby ratified and affirmed to be in full force
and effect as of the date hereof. To the extent of any conflict between the
Purchase Agreement and this Amendment, the terms and provisions of this
Amendment shall govern and control.

<PAGE>

         4. This Amendment may be executed in one or more counterparts, each of
which shall be an original, but all of which when taken together shall
constitute one and the same instrument binding on all parties. Delivery of a
signed counterpart by facsimile transmission shall be effective as delivery of a
manually signed counterpart of this Agreement.

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

BUYER:                               SELLER:

SERIES A, LLC, an Arizona limited    TEACHERS' RETIREMENT SYSTEM OF THE STATE OF
liability company                    KENTUCKY, an independent agency and
                                     instrumentality of the Commonwealth of
                                     Kentucky

By: /S/ John M. Pons
    ---------------------
      John M. Pons
      Its Authorized Officer         By: /S/ Gary L. Harbin
                                         --------------------------
                                     Printed Name: Gary L. Harbin
                                     Its: President

                                       2<PAGE>

                                                                    EXHIBIT 10.9

              WALGREENS - FLORISSANT, ST. LOUIS (GRAVOIS), ST. LOUIS (TELEGRAPH)
                                                             LOAN NO. 50-2853642

                                 PROMISSORY NOTE

$13,120,000.00                                                  November 2, 2005

      FOR VALUE RECEIVED, the undersigned, COLE WG ST. LOUIS MO PORTFOLIO, LLC,
a Delaware limited liability company ("Maker"), having an address at 2555 East
Camelback Road, Suite 400, Phoenix, Arizona 85016, promises to pay to the order
of WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association
("Payee"), at the office of Payee at Commercial Real Estate Services, 8739
Research Drive URP - 4, NC 1075, Charlotte, North Carolina 28262, or at such
other place as Payee may designate to Maker in writing from time to time, the
principal sum of THIRTEEN MILLION ONE HUNDRED TWENTY THOUSAND AND NO/100 DOLLARS
($13,120,000.00), together with interest on so much thereof as is from time to
time outstanding and unpaid, from the date of the advance of the principal
evidenced hereby and as allocated to Fixed Rate Tranche A and Floating Rate
Tranche B (as each term is hereinafter defined) for each such tranche, at the
Note Rate (as hereinafter defined), together with all other amounts due
hereunder or under the other Loan Documents (as defined herein), in lawful money
of the United States of America, which shall at the time of payment be legal
tender in payment of all debts and dues, public and private.

                        ARTICLE I -- TERMS AND CONDITIONS

      1.1 Definitions. The following terms, as used in this Note, shall have the
following meanings, which meanings shall be applicable equally to the singular
and the plural of the terms defined:

            (a) "Business Day" shall mean a day of the year on which banks are
not required or authorized to close in Charlotte, North Carolina.

            (b) "Determination Date" shall mean a date on which the LIBOR-Based
Rate shall be selected as the applicable interest rate in respect of Floating
Rate Tranche B, which date shall be the day that is two (2) London Business Days
prior to the commencement of an Interest Period or, with respect to the first
Interest Period, the date the Loan shall be advanced by Payee.

            (c) "Extended Maturity Date" shall mean November 11, 2035.

            (d) "Fixed Rate Tranche A" shall mean Ten Million Six Hundred Sixty
Thousand and No/100 Dollars ($10,660,000.00) of the aggregate amount of the Loan
which shall bear interest as set forth in Section 1.3 hereof.

            (e) "Floating Rate Tranche B" shall mean Two Million Four Hundred
Sixty Thousand and No/100 Dollars ($2,460,000.00) of the aggregate amount of the
Loan which shall bear interest at the LIBOR-Based Rate (as hereinafter defined).

            (f) "Interest Period" shall mean initially, the period commencing on
the date hereof and ending on and including the day of the tenth (10th) day of
the calendar month

<PAGE>

following the date of this Note, unless principal is advanced on the tenth
(10th) of a month, in which case the first Interest Period shall consist only
such tenth (10th) day. Each Interest Period thereafter shall commence on the
eleventh (11th) day of each calendar month during the term of this Note and
shall end on and include the tenth (10th) day of the next occurring calendar
month. Interest shall accrue from the date on which funds are advanced hereunder
(regardless of the time of day) through and including the day on which funds are
credited pursuant to Section 1.4 hereof.

            (g) "LIBOR-Based Rate" shall mean (i) for the first Interest Period,
an interest rate per annum equal to six and nine one-hundredths percent (6.09%)
and (ii) for each succeeding Interest Period until Floating Rate Tranche B is
satisfied, an interest rate per annum equal at all times to two hundred (200)
basis points above the one-month LIBOR, in each case as determined by Payee
prior to the commencement of each Interest Period.

            (h) "LIBOR" shall mean with respect to each day during each Interest
Period, the rate for U.S. dollar deposits of that many months maturity as
reported on Telerate page 3750 as of 11:00 a.m., London time, on the second
London Business Day before the relevant Interest Period begins (or if not so
reported, then as determined by Payee from another recognized source or
interbank quotation), rounded up to the nearest one-eighth of one percent
(1/8%).

            (i) "Loan" shall mean that certain loan made by Payee to Maker in
respect of the Property which is evidenced by this Note and secured by, among
other things, the Security Instrument and all other Loan Documents.

            (j) "Loan Documents" shall mean the Security Instrument, this Note
and all other documents now or hereafter evidencing, securing, guarantying,
modifying or otherwise relating to the indebtedness evidenced hereby.

            (k) "London Business Day" shall mean a day of the year on which
dealings in United States dollars are carried on in the London interbank market
and banks are not required or authorized to close in London or in New York, New
York.

            (l) "Maturity Date" shall mean November 11, 2015.

            (m) "Monthly Payment Amount" shall mean the sum of (A) from and
including the First Payment Date through the Maturity Date, an amount equal to
the interest payable under this Note on the portion allocated as Fixed Rate
Tranche A at the Fixed Interest Rate in the amounts for each such Payment Date
set forth on Annex 1 attached hereto and incorporated herein by this reference
or as provided by Payee to Maker in connection with the initial Fixed Interest
Rate Interest Period, plus (B) through and until Floating Rate Tranche B is
satisfied, an amount equal to the interest payable under this Note on the
portion allocated as Floating Rate Tranche B at the LIBOR-Based Rate pursuant to
the provisions of Section 1.2 hereof. Annex 1 is for reference purposes only and
any payment incorrectly referenced thereon or omitted therefrom shall not limit
or reduce Maker's obligations for actual amounts due under this Note in
accordance with its payment terms, and Maker agrees that Payee may substitute a
replacement Annex 1 in the event the attached does not accurately reflect
Maker's scheduled payment obligations.

            (n) "Optional Prepayment Date" shall mean November 11, 2015.

                                       2
<PAGE>

            (o) "Optional Prepayment Determination Date" shall mean September
11, 2015.

            (p) "Security Instrument" shall mean that certain mortgage, deed of
trust or deed to secure debt and security agreement from Maker for the benefit
of Payee, dated of even date herewith, covering property located in St. Louis
County, Missouri.

      Each of the capitalized terms not otherwise defined in this Note shall
have the respective meaning ascribed to it in the Security Instrument of even
date herewith from Maker to Payee.

      1.2 LIBOR-Based Rate; Pay-Down Date. (a) From the date of the advance of
the principal evidenced hereby through the Pay-Down Date (as hereinafter
defined) for Floating Rate Tranche B, Floating Rate Tranche B shall bear
interest at the LIBOR-Based Rate. The LIBOR-Based Rate shall remain in effect,
subject to the provisions hereof, from and including the first day of the
Interest Period to and excluding the last day of the Interest Period for which
it is determined.

            (b) If requested by Payee, Maker shall immediately confirm the
LIBOR-Based Rate and the duration of the applicable Interest Period by
acknowledging receipt of a written confirmation of the LIBOR-Based Rate and
Interest Period delivered by Payee to Maker. Only one Interest Period may be in
effect at any given time.

            (c) Without limiting the effect of any other provision of this Note,
Maker shall pay to Payee on the last day of each and every Interest Period, so
long as and to the extent that Payee (or its source of funds) may directly or
indirectly be required to maintain reserves against "Eurocurrency liabilities"
under Federal Reserve Regulation D (as at any time amended), additional interest
(as determined by Payee and disclosed to Maker) for each such Interest Period at
an interest rate per annum equal, at all times during such Interest Period for
the principal balance of Floating Rate Tranche B, to the excess of (i) the rate
obtained by dividing LIBOR for such Interest Period by a percentage equal to
100% minus the reserve percentage applicable during such Interest Period under
regulations issued from time to time by the Board of Governors of the Federal
Reserve System (or if more than one such percentage is so applicable, minus the
daily average of such percentages for those days in such Interest Period during
which any such percentage shall be so applicable) for determining the maximum
reserve requirement (including, without limitation, any marginal reserve
requirement) for Payee (or its source of funds) in respect of liabilities or
assets consisting of or including "Eurocurrency liabilities" under Federal
Reserve Regulation D (as at any time amended) having a term equal to such
Interest Period over (ii) LIBOR for such Interest Period. Terms used in
Regulation D shall have the same meanings when used herein. Each such
determination made by Payee and each such notification by Payee to Maker under
this subparagraph of the amount of additional interest payable hereunder shall
be conclusive as to the matters set forth therein.

            (d) In addition to the payment of interest and fees as aforesaid,
Maker shall, from time to time, upon demand by Payee pay to Payee amounts as
shall be sufficient to compensate Payee for (i) any loss, cost, fee, breakage or
other expense incurred or sustained directly or indirectly by reason of the
liquidation or reemployment of deposits or other funds acquired by Payee to fund
or maintain Floating Rate Tranche B during any Interest Period as a

                                       3
<PAGE>

result of any prepayment of Floating Rate Tranche B or any portion thereof or
any attempt by Maker to rescind the selection of the LIBOR-Based Rate as the
applicable interest rate for Floating Rate Tranche B and (ii) any increased
costs incurred by Payee, by reason of:

            (x) taxes (or the withholding of amounts for taxes) of any nature
      whatsoever, including, without limitation, income, excise and interest
      equalization taxes (other than United States or state income taxes) as
      well as all levies, imports, duties, or fees whether now in existence or
      as the result of a change in, or promulgation of, any treaty, statute or
      regulation or interpretation thereof, or any directive, guideline or
      otherwise, by a central bank or fiscal authority or any other entity
      (whether or not having the force of law) or a change in the basis of, or
      time of payment of, such taxes and other amounts resulting therefrom;

            (y) any reserve or special deposit requirements against or with
      respect to assets or liabilities or deposits outstanding under LIBOR
      (including, without limitation, those imposed under the Monetary Control
      Act of 1978) currently required by, or resulting from a change in, or the
      promulgation of, such requirements by treaty, statute, regulation,
      interpretation thereof, or any directive, guidelines, or otherwise by a
      central bank or fiscal authority (whether or not having the force of law);
      and

            (z) any other costs resulting from compliance with treaties,
      statutes, regulations, interpretations or any directives or guidelines or
      otherwise, promulgated by or of a central bank or fiscal authority or
      other entity with similar authority (whether or not having the force of
      law).

A certificate as to the amount of any such costs prepared by Payee, signed by an
authorized officer of Payee and submitted to Maker shall be conclusive as to the
matters therein set forth.

      (e) The selection at any time of an interest rate based upon LIBOR shall
be expressly conditioned upon the existence of an adequate and fair means of
determining LIBOR and the absence of any legal prohibition against the charging
of interest based on LIBOR.

      (f) On or prior to February 2, 2006 (the "Pay-Down Date"), Maker shall
fully prepay the principal balance of this Note allocated as Floating Rate
Tranche B. Floating Rate Tranche B shall not be deemed to have been paid and/or
satisfied in full until all such additional costs, in addition to the principal
balance thereof and all interest thereon and all other sums due and payable
under the Loan Documents in regards to Floating Rate Tranche B, shall have been
paid.

      1.3 Note Rate; Computation of Interest. The term "Note Rate" as used in
this Note shall mean (a) for Fixed Rate Tranche A, from the date of this Note
through but not including the Optional Prepayment Date, a rate per annum equal
to five and forty-eight one-hundredths percent (5.48%) (the "Fixed Interest
Rate"), (b) for Floating Rate Tranche B, from the date of this Note through the
Pay-Down Date and satisfaction of Floating Rate Tranche B, a rate per annum
equal to the LIBOR-Based Rate, and (c) from the Optional Prepayment Date through
and including the date this Note is paid in full, a rate per annum equal to the
greater of (i) the Fixed Interest Rate plus two (2%) percent or (ii) the
Treasury Constant Maturity Yield Index (as hereinafter defined) plus two (2%)
percent ((i) or (ii), as applicable, the "Revised Interest Rate"). Interest
shall be

                                       4
<PAGE>

computed hereunder based on a 360-day year and based on the actual number of
days elapsed for any period in which interest is being calculated. For purposes
of this Section 1.3, the term "Treasury Constant Maturity Yield Index" shall
mean the average yield for "This Week" as reported by the Federal Reserve Board
in Federal Statistical Release H.15 (519) published during the second full week
preceding the Optional Prepayment Date for instruments having a maturity
coterminous with the remaining term of this Note. If there is no Treasury
Constant Maturity Yield Index for instruments having a maturity coterminous with
the remaining term of this Note, then the index shall be equal to the weighted
average yield to maturity of the Treasury Constant Maturity Yield Indices with
maturities next longer and shorter than such remaining average life to maturity,
calculated by averaging (and rounding upward to the nearest whole multiple of
1/100 of 1% per annum, if the average is not such a multiple) the yields of the
relevant Treasury Constant Maturity Yield Indices (rounded, if necessary, to the
nearest 1/100 of 1% with any figure of 1/200 of 1% or above rounded upward). If
such Release is not available or no longer published, Payee may refer to another
recognized source of financial market information.

      1.4 Payment of Principal and Interest. Payments in federal funds
immediately available at the place designated for payment received by Payee
prior to 2:00 p.m. local time on a day on which Payee is open for business at
said place of payment shall be credited prior to close of business, while other
payments, at the option of Payee, may not be credited until immediately
available to Payee in federal funds at the place designated for payment prior to
2:00 p.m. local time on a day on which Payee is open for business. Interest only
shall be payable in consecutive monthly installments of the Monthly Payment
Amount, beginning on December 11, 2005 (the "First Payment Date"), and
continuing on the eleventh (11th) day of each and every calendar month
thereafter (each, a "Payment Date"). On the Maturity Date or the Optional
Prepayment Date, the entire outstanding principal balance hereof, together with
all accrued but unpaid interest thereon, shall be due and payable in full
provided, however, that in the event that such amounts are not paid on such
date, the Maturity Date shall be extended to the Extended Maturity Date. In
computing the number of days during which interest accrues, the day on which
funds are initially advanced shall be included regardless of the time of day
such advance is made, and the day on which funds are repaid shall be included
unless repayment is credited prior to close of business. Payments in federal
funds immediately available in the place designated for payment received by
Payee prior to 2:00 p.m. local time on a Business Day at said place of payment
shall be credited prior to close of business, while other payments, at the
option of Payee, may not be credited until immediately available to Payee in
federal funds in the place designated for payment prior to 2:00 p.m. local time
at said place of payment on a Business Day.

      1.5 Application of Payments. So long as no Event of Default (as
hereinafter defined) exists hereunder or under any other Loan Document, each
such monthly installment shall be applied, prior to the Optional Prepayment
Date, first, to any amounts hereafter advanced by Payee hereunder or under any
other Loan Document, second, to any late fees and other amounts payable to
Payee, third, to the payment of accrued interest and last to reduction of
principal, and from and after the Optional Prepayment Date, as provided in
Section 2.2 of this Note.

      1.6 Payment of "Short Interest". If the advance of the principal amount
evidenced by this Note is made on a date on or after the first (1st) day of a
calendar month and prior to the eleventh (11th) day of a calendar month, Maker
shall pay to Payee contemporaneously

                                       5
<PAGE>

with the execution hereof interest at the Note Rate for a period from the date
hereof through and including the tenth (10th) day of this calendar month. If the
advance of the principal amount evidenced by this Note is made on a date after
the eleventh (11th) day of a calendar month and prior to or on the last day of a
calendar month, Maker shall pay to Payee contemporaneously with the execution
hereof interest at the Note Rate for a period from the date hereof through and
including the tenth (10th) day of the immediately succeeding calendar month.

      1.7 Prepayment; Defeasance.

      (a) This Note may not be prepaid, in whole or in part (except as otherwise
specifically provided herein), at any time prior to the Optional Prepayment
Date. In the event that Maker wishes to have the Security Property (as
hereinafter defined) released from the lien of the Security Instrument prior to
the Optional Prepayment Date, Maker's sole option shall be a Defeasance (as
hereinafter defined) upon satisfaction of the terms and conditions set forth in
Section 1.7(d) hereof. This Note may be prepaid in whole but not in part without
premium or penalty on any of the three (3) Payment Dates occurring immediately
prior to the Maturity Date provided (i) written notice of such prepayment is
received by Payee not more than ninety (90) days and not less than thirty (30)
days prior to the date of such prepayment, and (ii) such prepayment is
accompanied by all interest accrued hereunder through and including the date of
such prepayment and all other sums due hereunder or under the other Loan
Documents. If, upon any such permitted prepayment on any of the three (3)
Payment Dates occurring immediately prior to the Maturity Date, the aforesaid
prior written notice has not been timely received by Payee, there shall be due a
prepayment fee equal to, an amount equal to the lesser of (i) thirty (30) days'
interest computed at the Note Rate on the outstanding principal balance of this
Note so prepaid and (ii) interest computed at the Note Rate on the outstanding
principal balance of this Note so prepaid that would have been payable for the
period from, and including, the date of prepayment through the Maturity Date of
this Note as though such prepayment had not occurred.

      (b) If, prior to the fourth (4th) anniversary of the First Payment Date
(the "Lock-out Expiration Date"), the indebtedness evidenced by this Note shall
have been declared due and payable by Payee pursuant to Article III hereof or
the provisions of any other Loan Document due to a default by Maker, then, in
addition to the indebtedness evidenced by this Note being immediately due and
payable, there shall also then be immediately due and payable a sum equal to the
interest which would have accrued on the principal balance of this Note at the
Note Rate from the date of such acceleration to the Lock-out Expiration Date,
together with a prepayment fee in an amount equal to the Yield Maintenance
Premium (as hereinafter defined) based on the entire indebtedness on the date of
such acceleration. If such acceleration is on or following the Lock-out
Expiration Date, the Yield Maintenance Premium shall also then be immediately
due and payable as though Maker were prepaying the entire indebtedness on the
date of such acceleration. In addition to the amounts described in the two
preceding sentences, in the event of any such acceleration or tender of payment
of such indebtedness occurs or is made on or prior to the first (1st)
anniversary of the date of this Note, there shall also then be immediately due
and payable an additional prepayment fee of three percent (3%) of the principal
balance of this Note. The term "Yield Maintenance Premium" shall mean an amount
equal to the greater of (A) two percent (2.0%) of the principal amount being
prepaid, and (B) the present value of a series of

                                       6
<PAGE>

payments each equal to the Payment Differential (as hereinafter defined) and
payable on each Payment Date over the remaining original term of this Note and
on the Maturity Date, discounted at the Reinvestment Yield (as hereinafter
defined) for the number of months remaining as of the date of such prepayment to
each such Payment Date and the Maturity Date. The term "Payment Differential"
shall mean an amount equal to (i) the Note Rate less the Reinvestment Yield,
divided by (ii) twelve (12) and multiplied by (iii) the principal sum
outstanding under this Note after application of the constant monthly payment
due under this Note on the date of such prepayment, provided that the Payment
Differential shall in no event be less than zero. The term "Reinvestment Yield"
shall mean an amount equal to the lesser of (i) the yield on the U.S. Treasury
issue (primary issue) with a maturity date closest to the Maturity Date, or (ii)
the yield on the U.S. Treasury issue (primary issue) with a term equal to the
remaining average life of the indebtedness evidenced by this Note, with each
such yield being based on the bid price for such issue as published in the Wall
Street Journal on the date that is fourteen (14) days prior to the date of such
prepayment set forth in the notice of prepayment (or, if such bid price is not
published on that date, the next preceding date on which such bid price is so
published) and converted to a monthly compounded nominal yield. In the event
that any prepayment fee is due hereunder, Payee shall deliver to Maker a
statement setting forth the amount and determination of the prepayment fee, and,
provided that Payee shall have in good faith applied the formula described
above, Maker shall not have the right to challenge the calculation or the method
of calculation set forth in any such statement in the absence of manifest error,
which calculation may be made by Payee on any day during the fifteen (15) day
period preceding the date of such prepayment. Payee shall not be obligated or
required to have actually reinvested the prepaid principal balance at the
Reinvestment Yield or otherwise as a condition to receiving the prepayment fee.

      (c) Partial prepayments of this Note shall not be permitted, except for
(i) partial prepayments resulting from Payee's election to apply insurance or
condemnation proceeds to reduce the outstanding principal balance of this Note
as provided in the Security Instrument, in which event no prepayment fee or
premium shall be due unless, at the time of either Payee's receipt of such
proceeds or the application of such proceeds to the outstanding principal
balance of this Note, an Event of Default shall have occurred, which Event of
Default is unrelated to the applicable casualty or condemnation, in which event
the applicable prepayment fee or premium shall be due and payable based upon the
amount of the prepayment or (ii) any partial prepayment required on or prior to
the Pay-Down Date pursuant to Section 1.2(f) above, in which event no prepayment
fee or premium shall be due. No notice of prepayment shall be required under the
circumstances specified in subclause (i) of the preceding sentence. No principal
amount repaid may be reborrowed. Any such partial prepayments of principal under
subclause (i) above shall be applied to the unpaid principal balance evidenced
hereby but such application shall not reduce the amount of the fixed monthly
installments required to be paid pursuant to Section 1.4 above. Except as
otherwise expressly provided herein, the prepayment fees provided above shall be
due, to the extent permitted by applicable law, under any and all circumstances
where all or any portion of this Note is paid prior to the Maturity Date,
whether such prepayment is voluntary or involuntary, including, without
limitation, if such prepayment results from Payee's exercise of its rights upon
Maker's default and acceleration of the Maturity Date of this Note (irrespective
of whether foreclosure proceedings have been commenced), and shall be in
addition to any other sums due hereunder or under any of the other Loan
Documents. No tender of a prepayment of this

                                       7
<PAGE>

Note with respect to which a prepayment fee is due shall be effective unless
such prepayment is accompanied by the applicable prepayment fee.

            (d) (i) On any Payment Date on or after the later to occur of (x)
      the Lock-out Expiration Date, and (y) the day immediately following the
      date which is two (2) years after the "startup day," within the meaning of
      Section 860G(a)(9) of the Internal Revenue Code of 1986, as amended from
      time to time or any successor statute (the "Code"), of a "real estate
      mortgage investment conduit," within the meaning of Section 860D of the
      Code (a "REMIC Trust"), that holds this Note, and provided no Event of
      Default has occurred hereunder or under any of the other Loan Documents,
      at Maker's option, Payee shall cause the release of the Security Property
      from the lien of the Security Instrument and the other Loan Documents (a
      "Defeasance") upon the satisfaction of the following conditions:

                        (A) Maker shall give not more than ninety (90) days' or
            less than sixty (60) days' prior written notice to Payee specifying
            the date Maker intends for the Defeasance to be consummated (the
            "Release Date"), which date shall be a Payment Date.

                        (B) All accrued and unpaid interest and all other sums
            due under this Note and under the other Loan Documents up to and
            including the Release Date shall be paid in full on or prior to the
            Release Date.

                        (C) Maker shall deliver to Payee on or prior to the
            Release Date:

                        (1) a sum of money in immediately available funds (the
                  "Defeasance Deposit"), equal to the outstanding principal
                  balance of this Note plus an amount, if any, which together
                  with the outstanding principal balance of this Note, shall be
                  sufficient to enable Payee to purchase, through means and
                  sources customarily employed and available to Payee, for the
                  account of Maker, direct, non-callable obligations of the
                  United States of America that provide for payments prior, but
                  as close as possible, to all successive monthly Payment Dates
                  occurring after the Release Date and to the Maturity Date,
                  with each such payment being equal to or greater than the
                  amount of the corresponding installment of principal and/or
                  interest required to be paid under this Note (including, but
                  not limited to, all amounts due on the Maturity Date) for the
                  balance of the term hereof (the "Defeasance Collateral"), each
                  of which shall be duly endorsed by the holder thereof as
                  directed by Payee or accompanied by a written instrument of
                  transfer in form and substance satisfactory to Payee in its
                  sole discretion (including, without limitation, such
                  instruments as may be required by the depository institution
                  holding such securities or the issuer thereof, as the case may
                  be, to effectuate book-entry transfers and pledges through the
                  book-entry facilities of such institution) in order to perfect
                  upon the delivery of the Defeasance Security Agreement (as
                  hereinafter defined) the first priority security interest in
                  the Defeasance Collateral in

                                       8
<PAGE>

                  favor of Payee in conformity with all applicable state and
                  federal laws governing granting of such security interests;

                        (2) a pledge and security agreement, in form and
                  substance satisfactory to a prudent lender, creating a first
                  priority security interest in favor of Payee in the Defeasance
                  Collateral (the "Defeasance Security Agreement"), which shall
                  provide, among other things, that any excess received by Payee
                  from the Defeasance Collateral over the amounts payable by
                  Maker hereunder shall be refunded to Maker promptly after each
                  monthly Payment Date;

                        (3) a certificate of Maker certifying that all of the
                  requirements set forth in this Section 1.7(d)(i) have been
                  satisfied;

                        (4) one or more opinions of counsel for Maker in form
                  and substance and delivered by counsel which would be
                  satisfactory to a prudent lender stating, among other things,
                  that (i) Payee has a perfected first priority security
                  interest in the Defeasance Collateral and that the Defeasance
                  Security Agreement is enforceable against Maker in accordance
                  with its terms, (ii) in the event of a bankruptcy proceeding
                  or similar occurrence with respect to Maker, none of the
                  Defeasance Collateral nor any proceeds thereof will be
                  property of Maker's estate under Section 541 of the U.S.
                  Bankruptcy Code or any similar statute and the grant of
                  security interest therein to Payee shall not constitute an
                  avoidable preference under Section 547 of the U.S. Bankruptcy
                  Code or applicable state law, (iii) the release of the lien of
                  the Security Instrument and the pledge of Defeasance
                  Collateral will not directly or indirectly result in or cause
                  any REMIC Trust that then holds this Note to fail to maintain
                  its status as a REMIC Trust and (iv) the defeasance will not
                  cause any REMIC Trust to be an "investment company" under the
                  Investment Company Act of 1940;

                        (5) evidence in writing from the applicable rating
                  agencies to the effect that the collateral substitution will
                  not result in a downgrading, withdrawal or qualification of
                  the respective ratings in effect immediately prior to such
                  defeasance event for any securities issued in connection with
                  the securitization which are then outstanding;

                        (6) a certificate in form and scope acceptable to Payee
                  in its sole discretion from an acceptable accountant
                  certifying that the Defeasance Collateral will generate
                  amounts sufficient to make all payments of principal and
                  interest due under this Note (including the scheduled
                  outstanding principal balance of the Loan due on the Maturity
                  Date);

                        (7) Maker and any guarantor or indemnitor of Maker's
                  obligations under the Loan Documents for which Maker has
                  personal

                                       9
<PAGE>

                  liability executes and delivers to Payee such documents and
                  agreements as Payee shall reasonably require to evidence and
                  effectuate the ratification of such personal liability and
                  guaranty or indemnity, respectively;

                        (8) such other certificates, documents or instruments as
                  Payee may reasonably require;

                        (9) payment of all fees, costs, expenses and charges
                  incurred by Payee in connection with the Defeasance of the
                  Security Property and the purchase of the Defeasance
                  Collateral, including, without limitation, all legal fees and
                  costs and expenses incurred by Payee or its agents in
                  connection with release of the Security Property, review of
                  the proposed Defeasance Collateral and preparation of the
                  Defeasance Security Agreement and related documentation, any
                  revenue, documentary, stamp, intangible or other taxes,
                  charges or fees due in connection with transfer of the Note,
                  assumption of the Note, or substitution of collateral for the
                  Security Property shall be paid on or before the Release Date.
                  Without limiting Maker's obligations with respect thereto,
                  Payee shall be entitled to deduct all such fees, costs,
                  expenses and charges from the Defeasance Deposit to the extent
                  of any portion of the Defeasance Deposit which exceeds the
                  amount necessary to purchase the Defeasance Collateral; and

                        (10) in the event the Amendment (as defined in Section
                  4.35 of the Security Instrument) has been executed, evidence
                  satisfactory to Payee that following the Defeasance of this
                  Loan, the minimum debt service coverage ratio for each of the
                  Additional Loans (as defined in Section 4.35 of the Security
                  Instrument) shall be 1.75 to 1.00 and the maximum loan to
                  value percentage for each of the Additional Loans shall be
                  65%.

                        (D) In connection with the Defeasance Deposit, Maker
            hereby authorizes and directs Payee using the means and sources
            customarily employed and available to Payee to use the Defeasance
            Deposit to purchase for the account of Maker the Defeasance
            Collateral. Furthermore, the Defeasance Collateral shall be arranged
            such that payments received from such Defeasance Collateral shall be
            paid directly to Payee to be applied on account of the indebtedness
            of this Note. Any part of the Defeasance Deposit in excess of the
            amount necessary to purchase the Defeasance Collateral and to pay
            the other and related costs Maker is obligated to pay under this
            Section 1.7 shall be refunded to Maker.

            (ii) Upon compliance with the requirements of Section 1.7(d)(i), the
      Security Property shall be released from the lien of the Security
      Instrument and the other Loan Documents, and the Defeasance Collateral
      shall constitute collateral which shall secure this Note and all other
      obligations under the Loan Documents. Payee will, at Maker's expense,
      execute and deliver any agreements reasonably requested by Maker to
      release the lien of the Security Instrument from the Security Property.

                                       10
<PAGE>

            (iii) Upon the release of the Security Property in accordance with
      this Section 1.7(d), Maker shall assign all its obligations and rights
      under this Note, together with the pledged Defeasance Collateral, to a
      newly created successor entity which complies with the terms of Section
      1.33 of the Security Instrument designated by Maker and approved by Payee
      in its sole discretion. Such successor entity shall execute an assumption
      agreement in form and substance satisfactory to Payee in its sole
      discretion pursuant to which it shall assume Maker's obligations under
      this Note and the Defeasance Security Agreement. As conditions to such
      assignment and assumption, Maker shall (x) deliver to Payee an opinion of
      counsel in form and substance and delivered by counsel satisfactory to a
      prudent lender stating, among other things, that such assumption agreement
      is enforceable against Maker and such successor entity in accordance with
      its terms and that this Note and the Defeasance Security Agreement, as so
      assumed, are enforceable against such successor entity in accordance with
      their respective terms, and (y) pay all costs and expenses (including, but
      not limited to, legal fees) incurred by Payee or its agents in connection
      with such assignment and assumption (including, without limitation, the
      review of the proposed transferee and the preparation of the assumption
      agreement and related documentation). Upon such assumption, Maker shall be
      relieved of its obligations hereunder, under the other Loan Documents
      other than as specified in Section 1.7(d)(i)(C)(7) above and under the
      Defeasance Security Agreement.

      (e)   (i)   Provided no Event of Default shall have occurred and remain
      uncured, in connection with a Release (as that term is defined in Section
      4.37 of the Security Instrument) and upon satisfaction of the conditions
      set forth in Section 4.37 of the Security Instrument, Maker shall have the
      right at any time after the later to occur of (x) the Lock-out Expiration
      Date, and (y) the day immediately following the date which is two (2)
      years after the "startup day," within the meaning of Section 860G(a) (9)
      of the Code of a REMIC Trust that holds this Note to voluntarily defease a
      portion of the Loan and obtain a release of the lien of the Security
      Instrument as to a Release Parcel (as that term is defined in the Security
      Instrument) by providing Payee with the Partial Defeasance Collateral
      (hereinafter, a "Partial Defeasance Event") upon satisfaction of the
      following conditions precedent:

                  (A) Maker shall provide Payee not less than forty-five (45)
            (but not more than ninety (90)) days notice (or a shorter period of
            time if permitted by Payee in its sole discretion) specifying a date
            (the "Partial Defeasance Date") on which the Partial Defeasance
            Event is to occur;

                  (B) Maker shall pay to Payee (x) all payments of principal and
            interest due on the Loan to and including the Partial Defeasance
            Date and (y) all other sums then due under this Note, the Security
            Instrument and the other Loan Documents;

                  (C) Maker shall deposit the Partial Defeasance Collateral
            (hereinafter defined) into the Defeasance Collateral Account and
            otherwise comply with the provisions of Section 1.7(f) hereof;

                                       11
<PAGE>

                  (D) Payee shall prepare, at Maker's sole cost and expense, all
            necessary documents to modify, amend and restate the Note and issue
            two substitute notes, one note having a principal balance equal to
            the Release Amount (as that term is defined in Section 4.37 of the
            Security Instrument) for the applicable Release Parcel, which shall
            be paid pursuant to the provisions of Section 4.37 of the Security
            Instrument (the "Defeased Note"), and the other note having a
            principal balance equal to the excess of (x) the unpaid balance of
            the original principal amount of the Loan, over (y) the amount of
            the Defeased Note (the "Undefeased Note"). The Defeased Note and
            Undefeased Note shall have identical terms as this Note except for
            the principal balance; and, in connection therewith, the Monthly
            Payment Amount and the amount of each such payment applied to
            principal thereafter shall be divided between the Defeased Note and
            the Undefeased Note in the same proportion as the unpaid principal
            balance (in each case immediately after the Partial Defeasance
            Event) of the Defeased Note and the Undefeased Note, as the case may
            be, bears to the aggregate principal balance due under the Defeased
            Note and the Undefeased Note immediately after the Partial
            Defeasance Event. The Defeased Note and the Undefeased Note shall be
            cross defaulted and cross collateralized unless the rating agencies
            shall require otherwise or unless a successor entity that is not an
            affiliate of Maker is established pursuant to Section 1.7(d)(iii)
            hereof. A Defeased Note may not be the subject of any further
            defeasance;

                  (E) Maker shall execute and deliver to Payee a Defeasance
            Security Agreement in respect of the Defeasance Collateral Account
            and the Partial Defeasance Collateral;

                  (F) Maker shall deliver to Payee an opinion of counsel for
            Maker that is standard in commercial lending transactions and
            subject only to customary qualifications, assumptions and exceptions
            opining, among other things, that (1) Payee has a perfected first
            priority security interest in the Partial Defeasance Collateral and
            the Defeasance Collateral Account and that the Defeasance Security
            Agreement is enforceable against Maker in accordance with its terms,
            (2) in the event of a bankruptcy proceeding or similar occurrence
            with respect to Maker, none of the Partial Defeasance Collateral nor
            any proceeds thereof will be Security Property of Maker's estate
            under Section 541 of the U.S. Bankruptcy Code or any similar statute
            and the grant of security interest therein to Payee shall not
            constitute an avoidable preference under Section 547 of the U.S.
            Bankruptcy Code or applicable state law, (3) the release of the lien
            of the Security Instrument on the Release Parcel and the pledge of
            the Partial Defeasance Collateral will not directly or indirectly
            result in or cause any REMIC Trust that then holds the Note to fail
            to maintain its status as a REMIC Trust, and (4) the

                                       12
<PAGE>

            defeasance will not cause any REMIC Trust to be an "investment
            company" under the Investment Company Act of 1940;

                  (G) Maker shall deliver to Payee a no-downgrade confirmation
            from the rating agencies with respect to such partial defeasance;

                  (H) Maker shall deliver to Payee a certificate in form and
            scope acceptable to Payee in its sole discretion from an accountant
            which would be acceptable to a reasonably prudent lender certifying
            that the Defeasance Collateral will generate amounts sufficient to
            make all payments of principal and interest due under this Note
            (including the scheduled outstanding principal balance of the Loan
            due on the Maturity Date);

                  (I) Payee shall have received, at Maker's sole cost and
            expense, one or more endorsements to the title insurance policy
            delivered to Payee in connection with the closing of the Loan
            insuring that, after giving effect to the Release, the lien of the
            Security Instrument insured thereunder continues to be a first
            priority lien on the remaining Security Property, subject only to
            Permitted Encumbrances (as defined in the Security Instrument) and
            such other evidence that a reasonably prudent lender may require,
            that the Undefeased Note will continue to be secured by the Security
            Instrument;

                  (J) Maker shall pay all costs and expenses of Payee incurred
            in connection with the Partial Defeasance Event, including Payee's
            reasonable attorneys' fees and expenses;

                  (K) The debt service coverage ratio for the twelve (12) month
            period immediately after the Release with respect to the remaining
            Security Property as applied to the debt service under the
            Undefeased Note shall be equal to or greater than 1.50:1.00;

                  (L) The loan to value ratio with respect to the remaining
            Security Property and the debt evidenced by the Undefeased Note
            shall be less than or equal to 65%; and

                  (M) In the event the Amendment (as defined in Section 4.35 of
            the Security Instrument) has been executed, evidence satisfactory to
            Payee that following the Partial Defeasance Event, the minimum debt
            service coverage ratio for each of the Additional Loans (as defined
            in Section 4.35 of the Security Instrument) shall be 1.75 to 1.00
            and the maximum loan to value percentage for each of the Additional
            Loans shall be 65%.

                                       13
<PAGE>

            (ii) If maker has elected to make a partial defeasance and the
      requirements of this section 1.7(E) and section 4.37 Of the security
      instrument have been satisfied, the applicable release parcel shall be
      released from the lien of the security instrument. In connection with the
      release of the lien, maker shall submit to payee, not less than thirty
      (30) days prior to the partial defeasance date (or such shorter time as is
      acceptable to payee in its sole discretion), a release of lien (and
      related Loan Documents) for execution by Payee. Such release shall be in a
      form appropriate in the jurisdiction in which the applicable Release
      Parcel is located and shall contain standard provisions protecting the
      rights of the releasing lender. In addition, Maker shall provide all other
      documentation Payee reasonably requires to be delivered by Maker in
      connection with such release, together with an officer's certificate
      certifying that such documentation (i) is in compliance with all
      applicable legal requirements, and (ii) will effect such release in
      accordance with the terms of the Security Instrument. Maker shall pay all
      costs, taxes and expenses associated with the release of the lien of the
      Security Instrument, including Payee's reasonable attorneys' fees. Maker
      shall cause title to the Release Parcel so released from the lien of the
      Security Instrument to be transferred to and held by a person or entity
      other than Maker. Except as set forth in this Section 1.7, no repayment,
      prepayment or defeasance of all or any portion of the Note shall cause,
      give rise to a right to require, or otherwise result in, the release of
      the lien of the Security Instrument from the Security Property.

            (iii) Upon compliance with the requirements of Section 1.7(e)(i) and
      Section 4.37 of the Security Instrument, the applicable Release Parcel
      shall be released from the lien of the Security Instrument and the other
      Loan Documents, and the Partial Defeasance Collateral shall constitute
      collateral which shall secure the Defeased Note and all other obligations
      under the Loan Documents. Payee will, at Maker's expense, execute and
      deliver any agreements reasonably requested by Maker (x) to release the
      lien of the Security Instrument and the other Loan Documents from the
      applicable Release Parcel and (y) the Maker from all obligations with
      respect to the applicable Release Parcel.

            (iv) Upon the release of the Release Parcel in accordance with this
      Section 1.7(e), Maker may elect to assign, or at Payee's sole and absolute
      discretion, Payee may require Maker to assign, all of its obligations and
      rights under the Defeased Note, together with the pledged Partial
      Defeasance Collateral, to a successor borrower. Such successor borrower
      shall execute an assignment and assumption agreement in form and substance
      satisfactory to Payee in its sole and absolute discretion pursuant to
      which it shall assume Maker's obligations under the Defeased Note and the
      Defeasance Security Agreement. As conditions to such assignment and
      assumption, Maker shall (A) deliver to Payee one or more opinions of
      counsel in form and substance and delivered by counsel which would be
      satisfactory to a prudent Payee stating, among other things, that such
      assignment and assumption agreement is enforceable against Maker and the
      successor borrower in accordance with its terms and that the Defeased
      Note, the Defeasance Security Agreement and the other Loan Documents, as
      so assigned and assumed, are enforceable against the successor borrower in
      accordance with their respective terms, and opining to such other matters
      relating to successor borrower and its organizational structure as Payee
      may require, and (B) pay all fees, costs and expenses incurred by Payee or
      its agents in connection with such assignment and assumption (including,

                                       14
<PAGE>

      without limitation, legal fees and expenses and for the review of the
      proposed transferee and the preparation of the assignment and assumption
      agreement and related certificates, documents and instruments and any fees
      payable to any rating agencies and their counsel in connection with the
      issuance of the confirmation referred to in subsection (e)(i)(G) above).
      Upon such assignment and assumption, Maker shall be relieved of its
      obligations hereunder, under the Defeased Note and under the Defeasance
      Security Agreement.

      (f) On or before the date on which Maker delivers the Defeasance
Collateral or Partial Defeasance Collateral, Maker shall open at any institution
which would be acceptable to a prudent lender acting in its reasonable
discretion the defeasance collateral account (the "Defeasance Collateral
Account"). The Defeasance Collateral Account shall contain only (i) Defeasance
Collateral or Partial Defeasance Collateral, and (ii) cash from interest and
principal paid on the Defeasance Collateral or Partial Defeasance Collateral.
All cash from interest and principal payments paid on the Defeasance Collateral
or Partial Defeasance Collateral shall be paid over to Payee on each Payment
Date and applied first to accrued and unpaid interest and then to principal.
Maker shall cause the institution at which the Defeasance Collateral or Partial
Defeasance Collateral is deposited to enter an agreement with Maker and Payee,
satisfactory to Payee in its sole discretion, pursuant to which such institution
shall agree to hold and distribute the Defeasance Collateral or Partial
Defeasance Collateral in accordance with this Note. The Maker or successor
borrower, as applicable, shall be the owner of the Defeasance Collateral Account
and shall report all income accrued on the Defeasance Collateral or Partial
Defeasance Collateral for federal, state and local income tax purposes in its
income tax return. Maker shall prepay all cost and expenses associated with
opening and maintaining the Defeasance Collateral Account. Payee shall not in
any way be liable by reason of any insufficiency in the Defeasance Collateral
Account.

      (g) For purposes herein, "Partial Defeasance Collateral" shall mean direct
non-callable obligations of the United States of America or other obligations
which are "government securities" within the meaning of Section 2(a)(16) of the
Investment Company Act of 1940, to the extent the applicable rating agencies
rating the Secondary Market Transaction (as hereinafter defined) have confirmed
in writing that such obligations will not cause a downgrade, withdrawal or
qualification of the initial, or, if higher, then applicable ratings of the
Secondary Market Transaction, that provide for (i) on or prior to, but as close
as possible to, the Business Day immediately preceding all Payments Dates and
other scheduled payment dates, if any, under the Defeased Note after the Partial
Defeasance Date and up to and including the Maturity Date, and (ii) in amounts
equal to or greater than the scheduled defeasance payments relating to such
Payment Dates.

      (h) For purposes herein, "Secondary Market Transaction" shall mean the
sale, transfer and delivery of the Note and the Loan Documents to one or more
investors in the secondary mortgage market.

      1.8 Security. The indebtedness evidenced by this Note and the obligations
created hereby are secured by, among other things, the Security Instrument. All
of the terms and provisions of the Loan Documents are incorporated herein by
reference. Some of the Loan Documents are to be filed for record on or about the
date hereof in the appropriate public records.

                                       15
<PAGE>

                ARTICLE II -- OPTIONAL PREPAYMENT DATE PROVISIONS

      2.1 Optional Prepayment Determination Date. The following subsections
shall apply from and after the Optional Prepayment Determination Date:

      (a) [Reserved].

      (b) For the calendar year in which the Optional Prepayment Determination
Date occurs and for each calendar year thereafter, Maker shall submit to Payee
for Payee's written approval an annual budget (an "Annual Budget") not later
than (i) the Optional Prepayment Determination Date for the calendar year in
which the Optional Prepayment Determination occurs and (ii) sixty (60) days
prior to the commencement of each calendar year thereafter, in form satisfactory
to Payee setting forth in reasonable detail budgeted monthly operating income
and monthly operating capital and other expenses for the Mortgaged Property.
Each Annual Budget shall contain, among other things, limitations on management
fees, third party service fees and other expenses as Maker may reasonably
determine. Payee shall have the right to approve such Annual Budget and in the
event that Payee objects to the proposed Annual Budget submitted by Maker, Payee
shall advise Maker of such objections within fifteen (15) days after receipt
thereof (and deliver to Maker a reasonably detailed description of such
objections) and Maker shall, within three (3) days after receipt of notice of
any such objections, revise such Annual Budget and resubmit the same to Payee.
Payee shall advise Maker of any objections to such revised Annual Budget within
ten (10) days after receipt thereof (and deliver to Maker a reasonably detailed
description of such objections) and Maker shall revise the same in accordance
with the process described in this subsection until Payee approves an Annual
Budget, provided, however, that if Payee shall not advise Maker of its
objections to any proposed Annual Budget within the applicable time period set
forth in this subsection, then such proposed Annual Budget shall be deemed
approved by Payee. Each such Annual Budget approved by Payee in accordance with
terms hereof shall hereinafter be referred to as an "Approved Annual Budget."
Until such time that Payee approves a proposed Annual Budget, the most recently
Approved Annual Budget shall apply; provided, that such Approved Annual Budget
shall be adjusted to reflect actual increases in real estate taxes, insurance
premiums and utilities expenses.

      (c) In the event that Maker must incur an extraordinary operating expense
or capital expense not set forth in the Annual Budget (an "Extraordinary
Expense"), then Maker shall promptly deliver to Payee a reasonably detailed
explanation of such proposed Extraordinary Expense for Payee's approval.

      (d) For the purposes of this Note, "Cash Expenses" shall mean, for any
period, the operating expenses for the operation and maintenance of the
Mortgaged Property as set forth in an Approved Annual Budget to the extent that
such expenses are actually incurred by Maker excluding payments into the Impound
Account and expenses for which Maker shall be reimbursed from, or which shall be
paid for out of, any such account or reserve.

      (e) Notwithstanding the other provisions of this Section 2.1, in the event
that, prior to the Optional Prepayment Determination Date, Maker delivers to
Payee either (i) a written commitment (the "Commitment") for the refinancing of
the loan evidenced by this Note from a Qualified Institutional Lender (as
hereinafter defined), which reasonably provides for the

                                       16
<PAGE>

consummation of such refinance prior to the Optional Prepayment Date or (ii)
other evidence in form and substance satisfactory to Payee in its sole
determination of Maker's ability to refinance the loan evidenced by this Note
prior to the Optional Prepayment Date, then, solely in either such event, the
terms of Section 2.1(a), (b), (c) and (d) of this Note shall be inoperative,
provided, however, that upon (x) the failure of such refinance to be consummated
in accordance with the terms of the Commitment or such other evidence, as
applicable, (y) the termination of the Commitment for any reason or (z) any
adverse change in circumstances with respect to Maker or any principals of
Maker, the Mortgaged Property, the proposed lender or otherwise, as determined
by Payee in its sole determination, which, in Payee's reasonable judgment,
significantly decreases the likelihood of such refinance being consummated prior
to the Optional Prepayment Date, the terms of Section 2.1(a), (b), (c) and (d)
of this Note shall immediately become operative and Maker shall immediately
comply with any of the terms thereof which, except for the operation of this
subsection (e), Maker would theretofore have been obligated to comply.
"Qualified Institutional Lender" shall mean a financial institution or other
lender with a long term credit rating which is not less than investment grade.
The determination of whether the conditions set forth in clause (i) or (ii)
above, shall be made and notice of such determination shall be delivered to
Maker, within ten (10) business days following Payee's receipt of the items set
forth in such clauses.

      2.2 Failure to Prepay On or Before Optional Prepayment Date. In the event
that Maker does not prepay the entire principal balance of this Note and any
other amounts outstanding under this Note or any of the other Loan Documents on
or prior to the Optional Prepayment Date, the provisions of Section 2.1(b), (c)
and (d) as set forth above shall remain in full force and effect, and the
following subsections also shall apply:

      (a) From and after the Optional Prepayment Date, interest shall accrue on
the unpaid principal balance from time to time outstanding under this Note at
the Revised Interest Rate. Interest accrued at the Revised Interest Rate and not
paid pursuant to this Section 2.2 shall be deferred and added to the principal
balance of this Note and shall earn interest at the Revised Interest Rate to the
extent permitted by applicable law (such accrued interest is hereinafter
referred to as "Accrued Interest"). All of the unpaid principal balance of this
Note, including, without limitation, any Accrued Interest, shall be due and
payable on the Extended Maturity Date.

      (b) Maker shall be obligated to pay, and Payee shall collect from the Rent
Account (as defined in the Security Instrument) to the extent of funds on
deposit in such account, on the Optional Prepayment Date and on the eleventh
(11th) day of each calendar month thereafter to and including the Extended
Maturity Date the following payments from Rents (as defined in the Security
Instrument) received on or before such day in the listed order of priority:

            (i) First, the payment of the Monthly Payment Amount with interest
      computed at the Fixed Interest Rate;

            (ii) Second, payments to the Impound Account (as defined in the
      Security Instrument) in accordance with the terms and conditions of the
      Security Instrument;

            (iii) [Reserved];

                                       17
<PAGE>

            (iv) Fourth, payments for monthly Cash Expenses, less management
      fees payable to affiliates of Maker, pursuant to the terms and conditions
      of the related Approved Annual Budget;

            (v) Fifth, payment for Extraordinary Expenses approved by Payee, if
      any;

            (vi) Sixth, payments to Payee of the balance of the funds then on
      deposit in the Rent Account to be applied to (x) any other amounts due
      under the Loan Documents, (y) Accrued Interest and (z) the reduction of
      the outstanding principal balance of this Note until such principal
      balance is paid in full in whatever proportion and priority as Payee may
      determine.

      (c) Nothing in this Article II shall limit, reduce or otherwise affect
Maker's obligations to make payments of the Monthly Payment Amount (including
interest on the Note as provided in Section 1.3 hereof) payments to the Impound
Account and payments of other amounts due hereunder and under the other Loan
Documents, whether or not Rents (as defined in the Security Instrument) are
available to make such payments.

                             ARTICLE III -- DEFAULT

      3.1 Events of Default. It is hereby expressly agreed that should any
default occur in the payment of principal or interest as stipulated above and
such payment is not made on the date such payment is due, or should any other
default not cured within any applicable grace or notice period occur under any
other Loan Document, then an event of default (an "Event of Default") shall
exist hereunder, and in such event the indebtedness evidenced hereby, including
all sums advanced or accrued hereunder or under any other Loan Document, and all
unpaid interest accrued thereon, shall, at the option of Payee and without
notice to Maker, at once become due and payable and may be collected forthwith,
whether or not there has been a prior demand for payment and regardless of the
stipulated date of maturity.

      3.2 Late Charges. In the event that any payment is not received by Payee
on the date when due, then, in addition to any default interest payments due
hereunder, Maker shall also pay to Payee a late charge in an amount equal to
five percent (5%) of the amount of such overdue payment.

      3.3 Default Interest Rate. So long as any Event of Default exists
hereunder, regardless of whether or not there has been an acceleration of the
indebtedness evidenced hereby, and at all times after maturity of the
indebtedness evidenced hereby (whether by acceleration or otherwise), interest
shall accrue on the outstanding principal balance of this Note, from the date
due until the date credited, at a rate per annum equal to four percent (4%) in
excess of the Note Rate, or, if such increased rate of interest may not be
collected under applicable law, then at the maximum rate of interest, if any,
which may be collected from Maker under applicable law (the "Default Interest
Rate"), and such default interest shall be immediately due and payable.

      3.4 Maker's Agreements. Maker acknowledges that it would be extremely
difficult or impracticable to determine Payee's actual damages resulting from
any late payment or default, and

                                       18
<PAGE>

such late charges and default interest are reasonable estimates of those damages
and do not constitute a penalty. The remedies of Payee in this Note or in the
Loan Documents, or at law or in equity, shall be cumulative and concurrent, and
may be pursued singly, successively or together, in Payee's discretion.

      3.5 Maker to Pay Costs. In the event that this Note, or any part hereof,
is collected by or through an attorney-at-law, Maker agrees to pay all costs of
collection, including, but not limited to, reasonable attorneys' fees.

      3.6 Exculpation. Notwithstanding anything in this Note or the Loan
Documents to the contrary, but subject to the qualifications hereinbelow set
forth, Payee agrees that:

      (a) Maker shall be liable upon the indebtedness evidenced hereby and for
the other obligations arising under the Loan Documents to the full extent (but
only to the extent) of the security therefor, the same being all properties
(whether real or personal), rights, estates and interests now or at any time
hereafter securing the payment of this Note and/or the other obligations of
Maker under the Loan Documents (collectively, the "Security Property");

      (b) if a default occurs in the timely and proper payment of all or any
part of such indebtedness evidenced hereby or in the timely and proper
performance of the other obligations of Maker under the Loan Documents, any
judicial proceedings brought by Payee against Maker shall be limited to the
preservation, enforcement and foreclosure, or any thereof, of the liens,
security titles, estates, assignments, rights and security interests now or at
any time hereafter securing the payment of this Note and/or the other
obligations of Maker under the Loan Documents, and no attachment, execution or
other writ of process shall be sought, issued or levied upon any assets,
properties or funds of Maker other than the Security Property, except with
respect to the liability described below in this section; and

            (c) in the event of a foreclosure of such liens, security titles,
estates, assignments, rights or security interests securing the payment of this
Note and/or the other obligations of Maker under the Loan Documents, no judgment
for any deficiency upon the indebtedness evidenced hereby shall be sought or
obtained by Payee against Maker, except with respect to the liability described
below in this section; provided, however, that, notwithstanding the foregoing
provisions of this section, Maker shall be fully and personally liable and
subject to legal action (i) for proceeds paid under any insurance policies (or
paid as a result of any other claim or cause of action against any person or
entity) by reason of damage, loss or destruction to all or any portion of the
Security Property, to the full extent of such proceeds not previously delivered
to Payee, but which, under the terms of the Loan Documents, should have been
delivered to Payee, (ii) for proceeds or awards resulting from the condemnation
or other taking in lieu of condemnation of all or any portion of the Security
Property, to the full extent of such proceeds or awards not previously delivered
to Payee, but which, under the terms of the Loan Documents, should have been
delivered to Payee, (iii) for all tenant security deposits or other refundable
deposits paid to or held by Maker or any other person or entity in connection
with leases of all or any portion of the Security Property which are not applied
in accordance with the terms of the applicable lease or other agreement, (iv)
for rent and other payments received from tenants under leases of all or any
portion of the Security Property paid more than one (1) month in advance, (v)
for rents, issues, profits and

                                       19
<PAGE>

revenues of all or any portion of the Security Property received or applicable
to a period after the occurrence of any Event of Default hereunder or under the
Loan Documents, which are not either applied to the ordinary and necessary
expenses of owning and operating the Security Property or paid to Payee, (vi)
for waste committed on the Security Property, damage to the Security Property as
a result of the intentional misconduct or gross negligence of Maker or any of
its principals, officers, general partners or members, any guarantor, any
indemnitor, or any agent or employee of any such person, or any removal of all
or any portion of the Security Property in violation of the terms of the Loan
Documents, to the full extent of the losses or damages incurred by Payee on
account of such occurrence, (vii) for failure to pay any valid taxes,
assessments, mechanic's liens, materialmen's liens or other liens which could
create liens on any portion of the Security Property which would be superior to
the lien or security title of the Security Instrument or the other Loan
Documents, to the full extent of the amount claimed by any such lien claimant
except, with respect to any such taxes or assessments, to the extent that funds
have been deposited with Payee pursuant to the terms of the Security Instrument
specifically for the applicable taxes or assessments and not applied by Payee to
pay such taxes and assessments, (viii) for all obligations and indemnities of
Maker under the Loan Documents relating to hazardous or toxic substances or
radon or compliance with environmental laws and regulations to the full extent
of any losses or damages (including, but not limited to, those resulting from
diminution in value of any Security Property) incurred by Payee as a result of
the existence of such hazardous or toxic substances or radon or failure to
comply with environmental laws or regulations, and (ix) for fraud, material
misrepresentation or failure to disclose a material fact by Maker or any of its
principals, officers, general partners or members, any guarantor, any indemnitor
or any agent, employee or other person authorized or apparently authorized to
make statements, representations or disclosures on behalf of Maker, any
principal, officer, general partner or member of Maker, any guarantor or any
indemnitor, to the full extent of any losses, damages and expenses of Payee on
account thereof.

      References herein to particular sections of the Loan Documents shall be
deemed references to such sections as affected by other provisions of the Loan
Documents relating thereto. Nothing contained in this section shall (1) be
deemed to be a release or impairment of the indebtedness evidenced by this Note
or the other obligations of Maker under the Loan Documents or the lien of the
Loan Documents upon the Security Property, or (2) preclude Payee from
foreclosing the Loan Documents in case of any default or from enforcing any of
the other rights of Payee except as stated in this section, or (3) limit or
impair in any way whatsoever (A) any Indemnity and Guaranty Agreements (the
"Indemnity Agreements") or (B) the Environmental Indemnity Agreement (the
"Environmental Indemnity Agreement"), executed and delivered in connection with
the indebtedness evidenced by this Note or release, relieve, reduce, waive or
impair in any way whatsoever, any obligation of any party to the Indemnity
Agreements or the Environmental Indemnity Agreement.

      Notwithstanding the foregoing, the agreement of Payee not to pursue
recourse liability as set forth in subsection (c) above SHALL BECOME NULL AND
VOID and shall be of no further force and effect (i) in the event of a default
by Maker or Indemnitor (as defined in the Security Instrument) of any of the
covenants set forth in Section 1.13 or Section 1.33 of the Security Instrument,
or (ii) if the Security Property or any part thereof shall become an asset in
(A) a voluntary bankruptcy or insolvency proceeding of Maker, or (B) an
involuntary bankruptcy or insolvency proceeding of Maker which is not dismissed
within sixty (60) days of filing.

                                       20
<PAGE>

      Notwithstanding anything to the contrary in this Note, the Security
Instrument or any of the other Loan Documents, Payee shall not be deemed to have
waived any right which Payee may have under Section 506(a), 506(b), 1111(b) or
any other provisions of the U.S. Bankruptcy Code to file a claim for the full
amount of the indebtedness evidenced hereby or secured by the Security
Instrument or any of the other Loan Documents or to require that all collateral
shall continue to secure all of the indebtedness owing to Payee in accordance
with this Note, the Security Instrument and the other Loan Documents.

                        ARTICLE IV -- GENERAL CONDITIONS

      4.1 No Waiver; Amendment. No failure to accelerate the indebtedness
evidenced hereby by reason of default hereunder, acceptance of a partial or past
due payment, or indulgences granted from time to time shall be construed (i) as
a novation of this Note or as a reinstatement of the indebtedness evidenced
hereby or as a waiver of such right of acceleration or of the right of Payee
thereafter to insist upon strict compliance with the terms of this Note, or (ii)
to prevent the exercise of such right of acceleration or any other right granted
hereunder or by any applicable laws; and Maker hereby expressly waives the
benefit of any statute or rule of law or equity now provided, or which may
hereafter be provided, which would produce a result contrary to or in conflict
with the foregoing. No extension of the time for the payment of this Note or any
installment due hereunder made by agreement with any person now or hereafter
liable for the payment of this Note shall operate to release, discharge, modify,
change or affect the original liability of Maker under this Note, either in
whole or in part, unless Payee agrees otherwise in writing. This Note may not be
changed orally, but only by an agreement in writing signed by the party against
whom enforcement of any waiver, change, modification or discharge is sought.

      4.2 Waivers. Presentment for payment, demand, protest and notice of
demand, protest and nonpayment and all other notices are hereby waived by Maker.
Maker hereby further waives and renounces, to the fullest extent permitted by
law, all rights to the benefits of any moratorium, reinstatement, marshaling,
forbearance, valuation, stay, extension, redemption, appraisement, exemption and
homestead now or hereafter provided by the Constitution and laws of the United
States of America and of each state thereof, both as to itself and in and to all
of its property, real and personal, against the enforcement and collection of
the obligations evidenced by this Note or the other Loan Documents.

      4.3 Limit of Validity. The provisions of this Note and of all agreements
between Maker and Payee, whether now existing or hereafter arising and whether
written or oral, including, but not limited to, the Loan Documents, are hereby
expressly limited so that in no contingency or event whatsoever, whether by
reason of demand or acceleration of the maturity of this Note or otherwise,
shall the amount contracted for, charged, taken, reserved, paid or agreed to be
paid ("Interest") to Payee for the use, forbearance or detention of the money
loaned under this Note exceed the maximum amount permissible under applicable
law. If, from any circumstance whatsoever, performance or fulfillment of any
provision hereof or of any agreement between Maker and Payee shall, at the time
performance or fulfillment of such provision shall be due, exceed the limit for
Interest prescribed by law or otherwise transcend the limit of validity
prescribed by applicable law, then, ipso facto, the obligation to be performed
or fulfilled shall be reduced to such limit, and if, from any circumstance
whatsoever, Payee shall ever receive anything of value deemed

                                       21
<PAGE>

Interest by applicable law in excess of the maximum lawful amount, an amount
equal to any excessive Interest shall be applied to the reduction of the
principal balance owing under this Note in the inverse order of its maturity
(whether or not then due), in which event no prepayment fee or premium shall be
due, or, at the option of Payee, be paid over to Maker, and not to the payment
of Interest. All Interest (including any amounts or payments judicially or
otherwise under the law deemed to be Interest) contracted for, charged, taken,
reserved, paid or agreed to be paid to Payee shall, to the extent permitted by
applicable law, be amortized, prorated, allocated and spread throughout the full
term of this Note, including any extensions and renewals hereof until payment in
full of the principal balance of this Note so that the Interest thereon for such
full term will not exceed at any time the maximum amount permitted by applicable
law. To the extent United States federal law permits a greater amount of
interest than is permitted under the law of the State in which the Security
Property is located, Payee will rely on United States federal law for the
purpose of determining the maximum amount permitted by applicable law.
Additionally, to the extent permitted by applicable law now or hereafter in
effect, Payee may, at its option and from time to time, implement any other
method of computing the maximum lawful rate under the law of the State in which
the Security Property is located or under other applicable law by giving notice,
if required, to Maker as provided by applicable law now or hereafter in effect.
This Section 4.3 will control all agreements between Maker and Payee.

      4.4 Use of Funds. Maker hereby warrants, represents and covenants that no
funds disbursed hereunder shall be used for personal, family or household
purposes.

      4.5 Unconditional Payment. Maker is and shall be obligated to pay
principal, interest and any and all other amounts which become payable hereunder
or under the other Loan Documents absolutely and unconditionally and without any
abatement, postponement, diminution or deduction and without any reduction for
counterclaim or setoff. In the event that at any time any payment received by
Payee hereunder shall be deemed by a court of competent jurisdiction to have
been a voidable preference or fraudulent conveyance under any bankruptcy,
insolvency or other debtor relief law, then the obligation to make such payment
shall survive any cancellation or satisfaction of this Note or return thereof to
Maker and shall not be discharged or satisfied with any prior payment thereof or
cancellation of this Note, but shall remain a valid and binding obligation
enforceable in accordance with the terms and provisions hereof, and such payment
shall be immediately due and payable upon demand.

      4.6 GOVERNING LAW. THIS NOTE SHALL BE INTERPRETED, CONSTRUED AND ENFORCED
ACCORDING TO THE LAWS OF THE STATE IN WHICH THE SECURITY PROPERTY IS LOCATED.

      4.7 WAIVER OF JURY TRIAL. MAKER, TO THE FULL EXTENT PERMITTED BY LAW,
HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF
COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY
RELATING TO THE DEBT EVIDENCED BY THIS NOTE OR ANY CONDUCT, ACT OR OMISSION OF
PAYEE OR MAKER, OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, PARTNERS,
MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS

                                       22
<PAGE>

AFFILIATED WITH PAYEE OR MAKER, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING
IN CONTRACT, TORT OR OTHERWISE.

      4.8 Secondary Market. Payee may sell, transfer and deliver the Loan
Documents to one or more investors in the secondary mortgage market. In
connection with such sale, Payee may retain or assign responsibility for
servicing the loan evidenced by this Note or may delegate some or all of such
responsibility and/or obligations to a servicer, including, but not limited to,
any subservicer or master servicer, on behalf of the investors. All references
to Payee herein shall refer to and include, without limitation, any such
servicer, to the extent applicable.

      4.9 Dissemination of Information. If Payee determines at any time to sell,
transfer or assign this Note, the Security Instrument and the other Loan
Documents, and any or all servicing rights with respect thereto, or to grant
participations therein (the "Participations") or issue mortgage pass-through
certificates or other securities evidencing a beneficial interest in a rated or
unrated public offering or private placement (the "Securities"), Payee may
forward to each purchaser, transferee, assignee, servicer, participant,
investor, or their respective successors in such Participations and/or
Securities (collectively, the "Investor") or any Rating Agency rating such
Securities, each prospective Investor and each of the foregoing's respective
counsel, all documents and information which Payee now has or may hereafter
acquire relating to the debt evidenced by this Note and to Maker, any guarantor,
any indemnitor and the Security Property, which shall have been furnished by
Maker, any guarantor or any indemnitor as Payee determines necessary or
desirable.

                      ARTICLE V -- MISCELLANEOUS PROVISIONS

      5.1 Miscellaneous. The terms and provisions hereof shall be binding upon
and inure to the benefit of Maker and Payee and their respective heirs,
executors, legal representatives, successors, successors-in-title and assigns,
whether by voluntary action of the parties or by operation of law. As used
herein, the terms "Maker" and "Payee" shall be deemed to include their
respective heirs, executors, legal representatives, successors,
successors-in-title and assigns, whether by voluntary action of the parties or
by operation of law. If Maker consists of more than one person or entity, each
shall be jointly and severally liable to perform the obligations of Maker under
this Note. All personal pronouns used herein, whether used in the masculine,
feminine or neuter gender, shall include all other genders; the singular shall
include the plural and vice versa. Titles of articles and sections are for
convenience only and in no way define, limit, amplify or describe the scope or
intent of any provisions hereof. Time is of the essence with respect to all
provisions of this Note. This Note and the other Loan Documents contain the
entire agreements between the parties hereto relating to the subject matter
hereof and thereof and all prior agreements relative hereto and thereto which
are not contained herein or therein are terminated.

      5.2 Maker's Tax Identification Number is 20-1676647.

             [THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       23
<PAGE>

      IN WITNESS WHEREOF, Maker has executed this Note as of the date first
written above.

                                     MAKER:

                                     COLE WG ST. LOUIS MO PORTFOLIO, LLC,
                                     a Delaware limited liability company

                                     By: Cole REIT Advisors II, LLC,
                                         a Delaware limited liability company,
                                         its manager

                                     By: /S/ John M. Pons
                                         ---------------------------------
                                         John M. Pons, Senior Vice President

<PAGE>

                                   Schedule A

                                   LOAN TERMS

<TABLE>
<S>                                                                             <C>
Original Principal Amount                                                       $10,660,000.00
Note Rate % (Per Annum)                                                                 5.480%
Original Amortization Term (Months)                                                        999
Monthly Payment Amount (Excluding IO Period)                                        $48,680.67
Note Date                                                                            11/2/2005
First Pay Date                                                                      12/11/2005
Original Loan Term (Months)                                                                120
Scheduled Maturity Date                                                             11/11/2015
Interest Accrual Basis During Amortization Periods                                  ACTUAL/360
Interest Only (IO) Periods (Months)                                                        120
Interest Accrual Basis During IO Period                                             ACTUAL/360
</TABLE>

<TABLE>
<CAPTION>
COLE WALGREENS FLORISSANT MO                                              502853642
                                           INTEREST     PRINCIPAL
                    ACCRUAL               COMPONENT    COMPONENT OF  ENDING UNPAID
 PAY                DAYS IN  SCHEDULED   OF SCHEDULED   SCHEDULED      PRINCIPAL
PERIOD   PAY DATE   PERIOD    PAYMENT       PAYMENT       PAYMENT       BALANCE
<S>     <C>         <C>      <C>         <C>           <C>           <C>
    0   11/11/2005      9    $     0.00   $14,604.21      $0.00      $10,660,000.00
    1   12/11/2005     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
    2   1/11/2006      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
    3   2/11/2006      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
    4   3/11/2006      28    $45,435.29   $45,435.29      $0.00      $10,660,000.00
    5   4/11/2006      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
    6   5/11/2006      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
    7   6/11/2006      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
    8   7/11/2006      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
    9   8/11/2006      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
   10   9/11/2006      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
   11   10/11/2006     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
   12   11/11/2006     31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
   13   12/11/2006     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
   14   1/11/2007      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
   15   2/11/2007      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
   16   3/11/2007      28    $45,435.29   $45,435.29      $0.00      $10,660,000.00
   17   4/11/2007      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
   18   5/11/2007      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
   19   6/11/2007      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
   20   7/11/2007      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
   21   8/11/2007      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
   22   9/11/2007      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
   23   10/11/2007     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
</TABLE>

<PAGE>

<TABLE>
<S>  <C>            <C>   <C>          <C>             <C>        <C>
24   11/11/2007     31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
25   12/11/2007     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
26   1/11/2008      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
27   2/11/2008      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
28   3/11/2008      29    $47,057.98   $47,057.98      $0.00      $10,660,000.00
29   4/11/2008      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
30   5/11/2008      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
31   6/11/2008      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
32   7/11/2008      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
33   8/11/2008      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
34   9/11/2008      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
35   10/11/2008     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
36   11/11/2008     31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
37   12/11/2008     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
38   1/11/2009      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
39   2/11/2009      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
40   3/11/2009      28    $45,435.29   $45,435.29      $0.00      $10,660,000.00
41   4/11/2009      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
42   5/11/2009      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
43   6/11/2009      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
44   7/11/2009      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
45   8/11/2009      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
46   9/11/2009      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
47   10/11/2009     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
48   11/11/2009     31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
49   12/11/2009     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
50   1/11/2010      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
51   2/11/2010      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
52   3/11/2010      28    $45,435.29   $45,435.29      $0.00      $10,660,000.00
53   4/11/2010      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
54   5/11/2010      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
55   6/11/2010      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
56   7/11/2010      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
57   8/11/2010      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
58   9/11/2010      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
59   10/11/2010     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
60   11/11/2010     31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
61   12/11/2010     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
62   1/11/2011      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
63   2/11/2011      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
64   3/11/2011      28    $45,435.29   $45,435.29      $0.00      $10,660,000.00
65   4/11/2011      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
66   5/11/2011      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
67   6/11/2011      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
68   7/11/2011      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
69   8/11/2011      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
70   9/11/2011      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
71   10/11/2011     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
</TABLE>

<PAGE>

<TABLE>
<S>   <C>            <C>   <C>          <C>             <C>        <C>
 72   11/11/2011     31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 73   12/11/2011     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
 74   1/11/2012      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 75   2/11/2012      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 76   3/11/2012      29    $47,057.98   $47,057.98      $0.00      $10,660,000.00
 77   4/11/2012      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 78   5/11/2012      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
 79   6/11/2012      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 80   7/11/2012      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
 81   8/11/2012      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 82   9/11/2012      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 83   10/11/2012     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
 84   11/11/2012     31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 85   12/11/2012     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
 86   1/11/2013      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 87   2/11/2013      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 88   3/11/2013      28    $45,435.29   $45,435.29      $0.00      $10,660,000.00
 89   4/11/2013      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 90   5/11/2013      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
 91   6/11/2013      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 92   7/11/2013      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
 93   8/11/2013      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 94   9/11/2013      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 95   10/11/2013     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
 96   11/11/2013     31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 97   12/11/2013     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
 98   1/11/2014      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
 99   2/11/2014      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
100   3/11/2014      28    $45,435.29   $45,435.29      $0.00      $10,660,000.00
101   4/11/2014      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
102   5/11/2014      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
103   6/11/2014      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
104   7/11/2014      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
105   8/11/2014      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
106   9/11/2014      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
107   10/11/2014     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
108   11/11/2014     31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
109   12/11/2014     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
110   1/11/2015      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
111   2/11/2015      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
112   3/11/2015      28    $45,435.29   $45,435.29      $0.00      $10,660,000.00
113   4/11/2015      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
114   5/11/2015      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
115   6/11/2015      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
116   7/11/2015      30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
117   8/11/2015      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
118   9/11/2015      31    $50,303.36   $50,303.36      $0.00      $10,660,000.00
119   10/11/2015     30    $48,680.67   $48,680.67      $0.00      $10,660,000.00
</TABLE>
<PAGE>

<TABLE>
<S>   <C>           <C>    <C>              <C>             <C>              <C>
120   11/11/2015       31  $10,710,303.36   $   50,303.36   $10,660,000.00   $0.00
120                 3,652  $16,586,060.28   $5,926,060.28   $10,660,000.00
</TABLE>

<PAGE>

                             AUTO DRAFT INFORMATION

If you would like to sign up for our automatic payment drafting service, fill
out and return the enclosed authorization form along with a voided check and
mail to the address listed below. Please continue to send your monthly payments
until you receive written confirmation that the auto-draft service has begun.
You will receive written notification confirming your auto-draft setup and first
auto-draft date within 7 business days of the 15th of the month submitted.

NOTE: REQUESTS MUST BE RECEIVED BY THE 15TH TO BE SET UP FOR THE FOLLOWING
MONTH.

WACHOVIA SECURITIES
Attention: Customer Service Department
8739 Research Drive - URP4
Charlotte, NC 28288-1075

<PAGE>

WACHOVIA
SECURITIES

                                 AUTO DRAFT FORM

I hereby request and authorize Wachovia Bank, National Association, doing
business as Wachovia Securities ("Wachovia Securities"), to draft my account
specified below made payable to the order of Wachovia Securities located in
Charlotte, NC, provided there are sufficient funds in said account to pay the
same upon presentation. I agree that your rights in respect to each such draft
shall be the same as if it were a check drawn on Wachovia Securities and signed
personally by me. This authorization is to remain in effect until revoked by me
in writing and until Wachovia Securities actually receives such notice. I agree
that Wachovia Securities shall be fully protected in honoring any such drafts.

LOAN NUMBER                              NAME OF BORROWING ENTITY
Wachovia Loan # (9 digits)               Borrower Name
BANK'S ROUTING NUMBER FROM CHECK         ACCOUNT # TO BE DRAFTED
Bank Routing Number (9 digits)           Bank Account # (from check)
NAME OF BANK TO BE DRAFTED               LOCATION OF THE BANK
Name of Bank                             City and State

      PLEASE INCLUDE A VOIDED CHECK WITH THIS FORM

                                 [VOIDED CHECK]

          ROUTING #   ACCOUNT #

BORROWER'S SIGNATURE                     BORROWER'S NAME
Authorized Signature (as it appears      Print Name
on bank documents)                       TODAY'S DATE
                                         Date
DAY OF MONTH PAYMENT WILL DRAFT          BORROWER'S FAX NUMBER
Draft Date (Payment due date)            Fax #

TERMS AND CONDITIONS

EFFECTIVE DATE OF DRAFT: The draft will occur on the payment due date, unless
otherwise agreed upon by borrower and servicer. The borrower will receive a
confirmation letter to insure auto-draft set-up and to confirm draft date.

REVOCATION OF THIS AUTHORITY: The authority of Wachovia Securities to transfer
funds from the borrowers account will not cease until Wachovia Securities
receives written notification revoking this authorization agreement. Wachovia
Securities must receive this notice at least 15 days prior to the date on which
you wish the arrangement to end.

DISHONOR: Wachovia Securities shall be under no liability whatsoever if a
transfer of funds cannot be made, whether or not such failure is caused by the
act of omission of the borrower.

INSUFFICIENT FUNDS: If the automatic withdrawal is returned due to insufficient
funds both Wachovia Securities and the borrower's financial institution may
assess a fee.

ERRORS: The borrower has the right to have the amount of any incorrect deduction
immediately corrected by the borrower's financial institution provided the
borrower sends the appropriate notice to the financial institution.

AMOUNT OF DRAFT: Wachovia Securities will withdraw the amount of the current
monthly receivable. This amount may vary due to escrow analyses, interest rate
changes or reserve requirements as applicable.

ACH ROUTING NUMBER: Please contact the financial institution from which the
money will be drafted for this information.

CHAR1\849903v4

Wachovia Securities is the trade name under which Wachovia Corporation conducts
its investment banking, capital markets and institutional securities business
though First Union Securities, Inc. ("FUSI"), Member NYSE, NASD, SIPC, and
through other bank and non-bank and broker-dealer subsidiaries of Wachovia
Corporation.

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