Document:

AMENDMENT TO AMENDED AND RESTATED
                           LOAN AND SECURITY AGREEMENT

                  This AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT (this "Amendment") is made as of as February 15, 2001 and made
effective as of December 31, 2000, among LaSalle Bank National Association, a
national banking association ("LaSalle"), Harris Trust and Savings Bank
("Harris," together with LaSalle, the "Lenders"), LaSalle, in its separate
capacity as agent for the Lenders under the Loan Agreement (as hereinafter
defined) ("Agent") and Westell Technologies, Inc., a Delaware corporation
("WTI"), Westell, Inc., a Delaware corporation ("Inc."), Westell International,
Inc., a Delaware corporation ("WII"), Conference Plus, Inc., an Illinois
corporation ("CPI"), and Teltrend, Inc., an Illinois corporation ("Teltrend,"
together with WTI, Inc., WII and CPI, the "Borrowers").

                                   BACKGROUND
                                   ----------

                  A. Lenders, Agent and Borrowers are party to that certain
Amended and Restated Loan and Security Agreement dated as of August 31, 2000
(the "Loan Agreement"), pursuant to which Agent, with and on behalf of the
Lenders, have made loans and advances to Borrowers, and as security therefor,
Borrowers have granted to Agent a lien on Borrowers' real, personal and
intellectual property.

                  B. Borrowers have informed Agent that they were in violation
of their Interest Coverage Ratio and EBITDA covenants under the Loan Agreement
as of December 31, 2000 and have requested that Agent and Lenders waive such
violations and any events of default created thereby.

                  C. Borrowers have also requested that Agent and Lenders modify
certain financial covenants under the Agreement.

                  D. Agent and Lenders are willing to modify such covenants and
grant such waiver provided that Borrowers enter into this Amendment and upon the
terms and conditions set forth herein.

                  E. Capitalized terms used but not defined herein shall have
the meanings assigned to them in the Loan Agreement.

                  NOW, THEREFORE, in consideration of the premises and the
mutual promises herein contained, and intending to be legally bound hereby, the
parties hereto agree as follows:

<PAGE>

SECTION 1         AMENDMENTS TO LOAN AGREEMENT
                  ----------------------------

                  1.1 Section 2.12 of the Loan Agreement is hereby amended by
deleting from the sixth and seventh lines thereof the following: "Upon the
occurrence of an Event of Default,".

                  1.2 Section 2.27(b) of the Loan Agreement is hereby amended by
inserting after "Period" and before the semicolon in the third line thereof the
following: ", or, at the option of Agent, on the first day of the reporting
period following the reporting period under review".

                  1.3 Section 2.27(c) of the Loan Agreement is hereby amended by
inserting after "Section 10.3" and before the period in the last line thereof
the following: ", or, at the option of Agent, on the first day of the reporting
period following the reporting period under review".

                  1.4 Section 8.17 of the Loan Agreement is hereby amended by
deleting the number "$27,000,000" in the second line thereof and inserting in
its place the number "$23,000,000".

                  1.5 The Loan Agreement is hereby amended by adding a new
Section 9.19 as follows:

                  "9.19. Inventory Appraisals. Borrowers shall complete an
         initial appraisal of their Inventory conducted by an inventory
         specialist selected by Agent's Business Credit Group. Borrowers shall
         thereafter appraise their Inventory using the same or any other
         appraisal specialist selected by Agent upon request by Agent. Borrowers
         shall bear the cost of all Inventory appraisals."

                  1.6 Section 10.1 of the Loan Agreement is hereby amended by
deleting the text of Section 10.1 in its entirety and inserting in its place the
following:

                  "10.1 Borrowing Base Certificate; Aging Reports.

                  (a) Monthly Reports. As soon as practicable and in any event
         within fifteen (15) days following the end of each month, Borrowers
         shall provide Agent with (i) an Aging Report and (ii) an Inventory
         Report.

                  (b) Borrowing Requests. Accompanying any request for a
         Revolving Loan pursuant to Section 2.1 hereof or any request for a
         Letter of Credit pursuant to Section 2.7 hereof, Borrowers shall
         provide Agent with a Borrowing Base Certificate in the form of Exhibit
         A hereto."

                                      -2-

<PAGE>

                  1.7 The Loan Agreement is hereby amended by deleting Section
10.2 in its entirety and inserting in its place the following:

                  "10.2 Compliance Certificate. As soon as practicable and in
         any event within fifteen (15) days following the last day of each
         month, Borrowers shall provide Agent with a certificate reflecting
         Borrowers' compliance with the financial covenants set forth in Section
         11 of this Agreement. Such certificate shall be in a form and with such
         specificity as is satisfactory to Agent and shall contain such
         additional information as Agent may reasonably require concerning
         financial covenant calculations included, described or referred to in
         such certificate and any other documents in connection therewith
         requested by Agent."

                  1.8 The Loan Agreement is hereby amended by deleting Section
10.3(a) in its entirety and inserting in its place the following:

                           "(a) Monthly Financial Statements. As soon as
         practicable and in any event within fifteen (15) days following the
         last day of each month, Borrowers shall provide Agent and the Lenders:
         (i) statements of income and statements of cash flow of Borrowers for
         each such month and for the period from the beginning of the then
         current Fiscal Year of Borrowers to the end of such month; (ii) balance
         sheets of Borrowers as of the end of such month; and (iii) with respect
         to such statements of income and balance sheets, prepared on a
         consolidated basis, setting forth in comparative form, figures for the
         corresponding periods in the preceding Fiscal Year of Borrowers, all in
         reasonable detail and certified by the Chief Financial Officer of
         Westell Technologies, Inc. that such statements fairly present the
         financial condition of Borrowers in accordance with Generally Accepted
         Accounting Principles, subject to changes resulting from normal
         year-end adjustments and the absence of footnotes, together with
         detailed computations of Borrowers' compliance with the covenants set
         forth in this Agreement."

                  1.9 Section 11.2 of the Loan Agreement is hereby amended by:

                  (a) deleting the text from and including the word "Borrowers"
         to and including "2000," in the third line thereof, and inserting in
         its place the following:

                  "Borrowers shall have (i) a minimum Fiscal Year-to-date EBITDA
                  of not less then negative $2,250,000 on February 28, 2001 and
                  of not less than negative $2,775,000 on March 31, 2001,"

                                      -3-

<PAGE>

                  ; and

                  (b) deleting the date "March 31, 2001" from the first line of
         the "Date" column and deleting the number "$17,000,000" from the first
         line of the "EBITDA" column.

                  1.10 Annex A to the Loan Agreement is hereby deleted in its
entirety, and the Annex A in the form of Exhibit A hereto is inserted in
substitution therefor. The parties agree that the Annex A attached hereto as
Exhibit A shall be effective as of December 31, 2000, and interest due under the
Loan Agreement shall be calculated at Level I from December 31, 2000 until the
next adjustment as provided in the Loan Agreement.

SECTION 2         REPRESENTATIONS AND WARRANTIES
                  ------------------------------

                  To induce Agent and Lenders to amend the Loan Agreement and
grant the waiver set forth herein, Borrowers represent and warrant to Agent and
Lenders that:

                  2.1 Representations and Warranties. On the date hereof, the
representations and warranties and covenants set forth in the Loan Agreement (as
modified by this Amendment), are true and correct with the same effect as though
such representations and warranties and covenants had been made on the date
hereof, except to the extent that such representations and warranties and
covenants expressly relate to an earlier date.

                  2.2 Corporate Authority of Borrowers. Borrowers have full
power and authority to enter into this Amendment, and to incur and perform the
obligations provided for under this Amendment and the Loan Agreement, all of
which have been duly authorized by all proper and necessary corporate action. No
consent or approval of stockholders or of any public authority or regulatory
body is required as a condition to the validity or enforceability of this
Amendment.

                  2.3 Amendment as Binding Agreement. This Amendment constitutes
the valid and legally binding obligation of Borrowers, fully enforceable against
Borrowers, in accordance with its terms.

                  2.4 No Conflicting Agreements. The execution and performance
by the Borrowers of this Amendment will not (i) violate any provision of law,
any order of any court or other agency of government, or the Articles of
Incorporation or Bylaws of Borrowers, (ii) violate any indenture, contract,
agreement or other instrument to which Borrowers are a party, or by which its
property is bound, or be in conflict with, result in a breach of or constitute
(with due notice and/or lapse of time) a default under, any such indenture,
contract, agreement or other instrument or result in the creation or imposition
of any lien, charge or encumbrance of any nature whatsoever upon any of the
property or assets of Borrowers.

                                      -4-

<PAGE>

SECTION 3  CONDITIONS PRECEDENT.
           --------------------

                  The agreement by Agent and Lenders to amend the Loan Agreement
and grant the waiver is subject to the following conditions precedent:

                  3.1 Reaffirmation of Stock Pledge Agreement. Execution and
delivery by WTI of a reaffirmation of that certain Stock Pledge Agreement dated
as of August 31, 2000, between WTI and Agent in the form of Exhibit B hereto.

                  3.2 Corporate Authority. Borrowers shall have provided to
Agent certified copies of the unanimous written consent of their Boards of
Directors in a form reasonably acceptable to Agent and Lenders authorizing the
execution, delivery and performance by the Borrowers of this Amendment and the
agreements, instruments and documents executed in connection herewith.

                  3.3 Fee. Borrowers shall have paid to Agent a fee in the
amount of $112,500, which shall be divided by Agent pro rata among the Lenders.

SECTION 4         WAIVER.
                  ------

                  Bank hereby waives Borrowers' failure to be in compliance with
the following covenants as of December 31, 2000, and any Events of Default
created thereby, solely as of December 31, 2000:

         (i)      Interest Coverage Ratio and

         (ii)     EBITDA.

                  In consideration for this waiver, Borrowers agree that after
the date hereof, one or more of the Borrowers shall issue and sell capital stock
for a minimum aggregate consideration of $25 million in cash net to Company (the
"Additional Funds") by April 15, 2001, all of which Additional Funds shall be
deposited into Borrowers Loan Account in accordance with Section 3.5(ii) of the
Loan Agreement. Failure to raise the Additional Funds by April 15, 2001 shall
constitute an Event of Default under the Loan Agreement. The Additional Funds
paid into the Borrowers Loan Account pursuant hereto shall not reduce the amount
or calculation of Revolving Loans available to Borrowers, and Borrowers may
continue to request Revolving Loans, pursuant to the Loan Agreement, as amended
hereby. This shall be a limited waiver and shall not constitute a waiver of any

                                      -5-

<PAGE>

subsequent violations of the Loan Agreement, whether of a different or like
nature, nor shall it constitute a course of conduct or dealing.

SECTION 5         REAFFIRMATION
                  -------------

                  WTI, Inc., CPI and Teltrend (together, the "Pledgors") are
each party to both (i) a Security Agreement and Mortgage - Trademarks and
Patents and (ii) a Security Interest Agreement - Patents, each dated as of
August 31, 2000 (the "Security Agreements") pursuant to which Pledgors granted
to Agent a lien on and security interest in certain of Pledgors patents and
trademarks as described therein. Pledgors hereby expressly reaffirm and assume
all of their obligations and liabilities as set forth in the Security
Agreements, agree that the obligations secured thereby shall include all
obligations of Borrowers to Agent under the Loan Agreement, as amended from time
to time, including this Amendment, and agree to be bound by and abide by and
operate and perform under and pursuant to and comply fully with all of the
terms, conditions, provisions, agreements, representations, undertakings,
warranties, and covenants contained in the Security Agreements, insofar as such
obligations and liabilities may be modified by this Amendment.

SECTION 6  GENERAL PROVISIONS.
           ------------------

                  6.1 Except as amended by this Amendment, the terms and
provisions of the Loan Agreement shall remain in full force and effect and are
hereby affirmed, confirmed and ratified in all respects. Borrowers ratify,
confirm and affirm without condition, all liens and security interests granted
to Agent pursuant to the Loan Agreement and the Loan Documents, and such liens
and security interests shall continue to secure the obligations and liabilities
of Borrowers to Agent, including but not limited to, all loans made by Agent to
the Borrowers under the Loan Agreement as amended by this Amendment.

                  6.2 This Amendment shall be construed in accordance with and
governed by the laws of the State of Illinois, and the obligations of Borrowers
under this Amendment are and shall arise absolutely and unconditionally upon the
execution and delivery of this Amendment.

                  6.3 This Amendment may be executed in any number of
counterparts.

                  6.4 Borrowers hereby agree to pay all out-of-pocket expenses
incurred by Agent in connection with the preparation, negotiation and
consummation of this Amendment, and all other documents related thereto,
including without limitation, the reasonable fees and expense of Agent's
counsel, and any filing fees required in connection with the filing of any
documents necessary to consummate the provisions of this Amendment.

                                      -6-

<PAGE>

                  6.5 On or after the effective date hereof, each reference in
the Loan Agreement or any of the Loan Documents to this "Agreement" or words of
like import, shall unless the context otherwise requires, be deemed to refer to
the Loan Agreement as amended hereby.

                  [Remainder of page intentionally left blank]

                                      -7-

<PAGE>

         IN WITNESS WHEREOF, Borrowers, Agent and Lenders have caused this
Amendment to be duly executed by their duly authorized officers, all as of the
date and year first above written.

         "BORROWERS"              WESTELL TECHNOLOGIES, INC.

                                  By:      _____________________________________
                                  Title:   _____________________________________

                                  WESTELL, INC.

                                  By:      _____________________________________
                                  Title:   _____________________________________

                                  WESTELL INTERNATIONAL, INC.

                                  By:      _____________________________________
                                  Title:   _____________________________________

                                  CONFERENCE PLUS, INC.

                                  By:      _____________________________________
                                  Title:   _____________________________________

                                  TELTREND, INC.

                                  By:      _____________________________________
                                  Title:   _____________________________________

                                  Address: 750 North Commons Drive
                                           Aurora, Illinois 60504

                                      -8-

<PAGE>

                                 LASALLE BANK NATIONAL ASSOCIATION,
                                 a national banking association, as Agent

                                 By:      ____________________________________
                                 Title:   ____________________________________

                                 Address: 135 S. LaSalle Street
                                          Chicago, Illinois 60603
                                          Attn:    Stephanie Patterson

                                 LASALLE BANK NATIONAL ASSOCIATION

                                 By:      ____________________________________
                                 Title:   ____________________________________

                                 Address: 135 South LaSalle Street
                                          Chicago, Illinois 60603
                                          Attn:    Stephanie Patterson

                                 HARRIS TRUST AND SAVINGS BANK

                                 By:      ____________________________________
                                 Title:   ____________________________________

                                 Address: 111 West Monroe Street
                                          Chicago, Illinois 60690
                                          Attn:    M. James Barry, III

                                      -9-

<PAGE>

Exhibit A to Amendment to Amended and Restated Loan Agreement
-------------------------------------------------------------

                                     ANNEX A
                                     -------

                                Applicable Margin

                             Interest Coverage Ratio

<TABLE>
<CAPTION>

------------------------- -------------- --------------- ----------------- ---------------- -----------------
                             LEVEL I        LEVEL II        LEVEL III         LEVEL IV          LEVEL V
                             -------        --------        ---------         --------          -------
------------------------- -------------- --------------- ----------------- ---------------- -----------------
                              < 2.0         2.0 < 3.0        3.0 < 4.0         4.0 < 5.0           5.0
------------------------- -------------- --------------- ----------------- ---------------- -----------------
<S>                           <C>            <C>              <C>               <C>              <C>
LIBOR Margin                  3.00%          2.50%            2.25%             2.00%            1.75%
------------------------- -------------- --------------- ----------------- ---------------- -----------------
Reference Rate Margin         1.00%          0.50%            0.25%              0%                0%
------------------------- -------------- --------------- ----------------- ---------------- -----------------
Unused Fee                    0.50%          0.375%           0.375%            0.25%            0.25%
------------------------- -------------- --------------- ----------------- ---------------- -----------------
Standby L/C Fee Rate          3.00%          2.50%            2.25%             2.00%            1.75%
------------------------- -------------- --------------- ----------------- ---------------- -----------------
Trade L/C Fee Rate            1.50%          1.25%            1.125%            1.00%            0.875%
------------------------- -------------- --------------- ----------------- ---------------- -----------------

</TABLE>

                                      -10-

<PAGE>

Exhibit B to Amendment to Amended and Restated Loan Agreement
-------------------------------------------------------------

                     REAFFIRMATION OF STOCK PLEDGE AGREEMENT

                  This Reaffirmation of Stock Pledge Agreement dated as of
February 15, 2001 (this "Reaffirmation") is entered into between WESTELL
TECHNOLOGIES, INC., a Delaware corporation (herein called the "Pledgor"), and
LASALLE BANK NATIONAL ASSOCIATION as agent on behalf of LaSalle Bank National
Association and the "Lenders" (as hereinafter defined) (herein called the
"Pledgee"), and has reference to the following facts and circumstances:

                  A. Pursuant to that certain Amended and Restated Loan and
Security Agreement dated as of August 31, 2000, (herein as amended or modified
from time to time, the "Loan and Security Agreement") between Pledgee, Lenders,
and Pledgor (together with its subsidiaries, Westell, Inc., Westell
International, Inc., Conference Plus, Inc. and Teltrend, Inc. collectively
referred to hereinafter as "Borrowers"), Pledgor granted Pledgee a security
interest in its shares of certain of the Borrowers pursuant to that certain
Stock Pledge Agreement dated as of August 31, 2000 (the "Pledge Agreement").

                  B. Borrowers have notified Pledgee of the occurrence of
certain Events of Default existing under the Loan and Security Agreement as of
December 31, 2000.

                  C. Borrowers desire to enter into an Amendment to the Loan and
Security Agreement dated the date hereof (the "Amendment") pursuant to which
Pledgee and Lenders will conditionally forbear against exercising remedies
available to them as a result of the occurrence of the Events of Default and
will amend certain financial covenants under the Loan and Security Agreement.

                  D. Pledgor is financially interested in Borrowers.

                  E. Pledgor desires that Pledgee enter into the Amendment.

                  F. Pledgee is willing to enter into the Amendment only upon
the condition that Pledgor execute and deliver this Reaffirmation in favor of
Pledgee.

                  NOW, THEREFORE, in consideration of the foregoing, Pledgor
hereby agrees as follows:

                  1 The preambles to this Reaffirmation are hereby incorporated
herein by this reference thereto.

                  2 Pledgor does hereby expressly ratify, confirm and affirm
without condition, all liens and security interests granted to the Pledgee
pursuant to the Pledge Agreement, and such liens and security interests shall

<PAGE>

continue to secure the obligations and liabilities of Borrowers to Pledgee and
Lenders, including but not limited to, all loans made by Lenders to Borrowers
under the Loan and Security Agreement and all amendments thereto.

                  3. This Reaffirmation constitutes the valid and legally
binding obligation of Pledgor, fully enforceable against Pledgor, in accordance
with its terms.

                  4. This Reaffirmation shall inure to the benefit of Pledgee
and Lenders, their successors and assigns, and be binding upon Pledgor, and its
successors and assigns.

                  IN WITNESS WHEREOF, the Pledgor has executed this
Reaffirmation on the date above set forth.

                                               WESTELL TECHNOLOGIES, INC.

                                               By: ___________________________
                                               Its: ___________________________

                                      -2-

<PAGE>

                     REAFFIRMATION OF STOCK PLEDGE AGREEMENT

                  This Reaffirmation of Stock Pledge Agreement dated as of
February 15, 2001 (this "Reaffirmation") is entered into between WESTELL
TECHNOLOGIES, INC., a Delaware corporation (herein called the "Pledgor"), and
LASALLE BANK NATIONAL ASSOCIATION as agent on behalf of LaSalle Bank National
Association and the "Lenders" (as hereinafter defined) (herein called the
"Pledgee"), and has reference to the following facts and circumstances:

                  A. Pursuant to that certain Amended and Restated Loan and
Security Agreement dated as of August 31, 2000, (herein as amended or modified
from time to time, the "Loan and Security Agreement") between Pledgee, Lenders,
and Pledgor (together with its subsidiaries, Westell, Inc., Westell
International, Inc., Conference Plus, Inc. and Teltrend, Inc. collectively
referred to hereinafter as "Borrowers"), Pledgor granted Pledgee a security
interest in its shares of certain of the Borrowers pursuant to that certain
Stock Pledge Agreement dated as of August 31, 2000 (the "Pledge Agreement").

                  B. Borrowers have notified Pledgee of the occurrence of
certain Events of Default existing under the Loan and Security Agreement as of
December 31, 2000.

                  C. Borrowers desire to enter into an Amendment to the Loan and
Security Agreement dated the date hereof (the "Amendment") pursuant to which
Pledgee and Lenders will conditionally forbear against exercising remedies
available to them as a result of the occurrence of the Events of Default and
will amend certain financial covenants under the Loan and Security Agreement.

                  D. Pledgor is financially interested in Borrowers.

                  E. Pledgor desires that Pledgee enter into the Amendment.

                  F. Pledgee is willing to enter into the Amendment only upon
the condition that Pledgor execute and deliver this Reaffirmation in favor of
Pledgee.

                  NOW, THEREFORE, in consideration of the foregoing, Pledgor
hereby agrees as follows:

                  1 The preambles to this Reaffirmation are hereby incorporated
herein by this reference thereto.

                  2 Pledgor does hereby expressly ratify, confirm and affirm
without condition, all liens and security interests granted to the Pledgee
pursuant to the Pledge Agreement, and such liens and security interests shall
continue to secure the obligations and liabilities of Borrowers to Pledgee and
Lenders, including but not limited to, all loans made by Lenders to Borrowers
under the Loan and Security Agreement and all amendments thereto.

<PAGE>

                  3. This Reaffirmation constitutes the valid and legally
binding obligation of Pledgor, fully enforceable against Pledgor, in accordance
with its terms.

                  4. This Reaffirmation shall inure to the benefit of Pledgee
and Lenders, their successors and assigns, and be binding upon Pledgor, and its
successors and assigns.

                  IN WITNESS WHEREOF, the Pledgor has executed this
Reaffirmation on the date above set forth.

                                               WESTELL TECHNOLOGIES, INC.

                                               By: ___________________________
                                               Its: ___________________________

                                      -2-Exhibit 10.2

                    M A N A G E M E N T    A G R E E M E N T

OWNER:              MAXUS REAL PROPERTY INVESTORS-4, L.P.

AGENT:              MAXUS PROPERTIES, INC.

PREMISES:           WOODHOLLOW APARTMENTS
                    1871 McKelvey Hill Drive
                    St. Louis, Missouri  63043

BEGINNING:          October 12, 2000

ENDING:             October 12, 2005

                                        1
<PAGE>

     IN  CONSIDERATION of the covenants  herein  contained,  Maxus Real Property
Investors-4,  L.P.  (hereinafter  called "Owner"),  and Maxus  Properties,  Inc.
(hereinafter called "Agent"), agree as follows:

     1. The Owner hereby  employs the Agent  exclusively  to rent and manage the
property known as Woodhollow  Apartments  (hereinafter  the "Premises") upon the
terms  and  conditions  hereinafter  set  forth,  for a term of five  (5)  years
beginning on October 12, 2000,  and ending on October 12, 2005,  and  thereafter
for yearly periods from time to time,  unless on or before sixty (60) days prior
to the date last above  mentioned  or on or before  sixty (60) days prior to the
expiration  of any such  renewal  period,  either  party hereto shall notify the
other in writing that it elects to terminate this Agreement,  in which case this
Agreement  shall be thereby  terminated on said last mentioned  date.  (See also
Paragraph 6.3 below.)

     2. THE AGENT AGREES:

     2.1 To accept  the  management  of the  Premises,  to the  extent,  for the
period, and upon the terms herein provided and agrees to furnish the services of
its organization for the rental operation and management of the Premises.

     2.2 To prepare a monthly  statement  of receipts and  disbursements  and to
remit,  on a monthly  basis,  the net cash flow  generated by the Premises after
payment  of  all  operating  expenses,  debt  service  and  escrow  payments  if
applicable, to the following party:

                  Maxus Real Property Investors-4, L.P.
                  c/o David L. Johnson
                  P.O. Box 34729
                  North Kansas City, Missouri  64116

     In the event total  monthly  disbursements  are in excess of total  monthly
receipts,  the Owner  shall  promptly  provide  funds to cover such  shortfalls.
Nothing  contained  herein shall  obligate the Agent to advance its own funds on
behalf of the Owner to cover any shortfalls.

     2.3 To cause all employees of the Agent who handle or are  responsible  for
the  safekeeping  of any monies of the Owner to be covered by a fidelity bond in
an amount and with a company determined by the Agent.

     3. THE OWNER AGREES:

     To give the Agent the  following  authority and powers (all or any of which
may be  exercised in the name of the Owner) and agrees to assume all expenses in
connection therewith:

                                        2

<PAGE>

     3.1 To advertise the Premises or any part thereof; to display signs thereon
and to  rent  the  same;  to  cause  references  of  prospective  tenants  to be
investigated;  to sign  leases  for terms not in excess of one year and to renew
and/or cancel the existing leases and prepare and execute the new leases without
additional charge to the Owner;  provided;  however,  that the Agent may collect
from tenant all or any of the following:  a late rent  administrative  charge, a
non-negotiable  check  charge,  credit  report fee, a subleasing  administrative
charge and/or  broker's  commission and need not account for such charges and/or
commission  to the  Owner;  to  terminate  tenancies  and to sign and serve such
notices as are deemed needful by the Agent;  to institute and prosecute  actions
to oust  tenants  and to  recover  possession  of the  Premises;  to sue for and
recover  rent;  and, when  expedient,  to settle,  compromise,  and release such
actions or suits, or reinstate such  tenancies.  Owner shall reimburse Agent for
all expenses of litigation  including  attorneys'  fees,  filing fees, and court
costs which Agent does not recover from  tenants.  Agent may select the attorney
of its choice to handle such litigation.

     3.2 To hire, discharge, and pay all managers, engineers, janitors and other
employees;  to make or cause to be made all  ordinary  repairs and  replacements
necessary  to  preserve  the  Premises  in its  present  condition  and  for the
operating  efficiency thereof and all alterations  required to comply with lease
requirements,  and to do decorating on the Premises;  to negotiate contracts for
non-recurring items not exceeding $5,000.00 and to enter into agreements for all
necessary repairs, maintenance,  minor alterations, and utility services; and to
purchase  supplies  and pay bills.  Agent shall secure the approval of the Owner
for items,  except monthly or recurring  operating charges and emergency repairs
in excess of the  maximum,  if, in the  opinion of the Agent,  such  repairs are
necessary  to protect the  property  from damage or to maintain  services to the
tenants as called for by their tenancy.

     3.3 To collect  rents and/or  assessments  and other items due or to become
due and give receipts  therefor and to deposit all funds collected  hereunder in
the Agent's custodial account.

     3.4 Agent agrees to collect all tenant security  deposits.  Owner instructs
Agent to deposit all security deposits in the general operating  accounts of the
property.  Agent is not to  segregate  the  security  deposits  into a  separate
account or into an escrow account.

     3.5 To  execute  and file all  returns  and  other  instruments  and do and
perform  all acts  required  of the Owner as an  employer  with  respect  to the
Premises   under  the  Federal   Insurance   Contributions   Acts,  the  Federal
Unemployment  Tax Act and Subtitle C of the Internal  Revenue Code of 1954, with
respect to wages paid by the Agent on behalf of the Owner and under any  similar
federal and state law now or hereafter in force (and in connection therewith the
Owner  agrees  upon  request to  promptly  execute  and deliver to the Agent all
necessary powers of attorney, notices of appointment, and the like).

     3.6 The Agent  shall not be  required to advance any monies for the care or
management  of said  property,  and the  Owner  agrees  to  advance  all  monies
necessary therefor.  If the Agent shall elect to advance any money in connection
with the property,  the Owner agrees to reimburse the Agent forthwith and hereby
authorizes the Agent to deduct such advances from any monies due the

                                       3

<PAGE>

Owner. The Agent, shall, upon instruction from the Owner,  impound reserves each
month for the  payment of real estate  taxes,  insurance,  or any other  special
expenditure.

     4. THE OWNER FURTHER AGREES:

     4.1 To  indemnify,  defend  and save the Agent  harmless  from all suits in
connection  with the  Premises  and from  liability  for damage to property  and
injuries to or death of any employee or other person whomsoever, and to carry at
his (its) own expense  public  liability,  elevator  liability (if elevators are
part of the equipment of the  Premises),  and workmen's  compensation  insurance
naming  the Owner and  Agent,  adequate  to  protect  their  interests  in form,
substance,  and amounts reasonably  satisfactory to the Agent, and to furnish to
the Agent  certificates  evidencing the existence of such insurance.  Unless the
Owner shall provide such  insurance and furnish such  certificate  within thirty
(30)  days from the date of this  Agreement,  the  Agent  may,  but shall not be
obligated to, place said insurance and charge the cost thereof to the account of
the Owner.  All such  insurance  policies  shall  provide  that the Agent  shall
receive thirty (30) days' written notice prior to cancellation of the policy.

     4.2 To pay all expenses incurred by the Agent,  including,  but not limited
to, reasonable attorneys' fees and Agent's costs and time in connection with any
claim,  proceeding,  or suit involving an alleged  violation by the Agent or the
Owner, or both, of any law pertaining to fair employment, fair credit reporting,
environmental protection,  rent control, taxes, or fair housing,  including, but
not limited to, any law prohibiting,  or making illegal,  discrimination  on the
basis of race,  sex,  creed,  color,  religion,  national  origin,  or mental or
physical handicap; provided, however, that the Owner shall not be responsible to
the Agent for any such expenses in the event the Agent is finally adjudicated to
have personally,  and not in a representative  capacity,  violated any such law.
Nothing contained herein shall obligate the Agent to employ counsel to represent
the  Owner in any such  proceeding  or suit,  and the  Owner may elect to employ
counsel to represent the Owner in any such  proceeding  or suit.  The Owner also
agrees to pay  reasonable  expenses (or an  apportioned  amount of such expenses
where other  employers of Agent also benefit from the  expenditure)  incurred by
the Agent in obtaining legal advice regarding  compliance with any law affecting
the premises or activities related thereto.

     4.3 To  indemnify,  defend,  and save the Agent  harmless  from all claims,
investigations, and suits, or from actions or failures to act of the Owner, with
respect to any alleged or actual  violation of state or federal  labor laws,  it
being  expressly  agreed and understood that as between the Owner and the Agent,
all persons employed in connection with the Premises are employees of the Owner,
not the Agent.  However,  it shall be the  responsibility of the Agent to comply
with all applicable  state or federal labor laws. The Owner's  obligation  under
this  paragraph  4.3 shall include the payment of all  settlements,  judgements,
damages,  liquidated damages,  penalties,  forfeitures,  back pay awards,  court
costs, litigation expense, and attorneys' fees.

     4.4 To give  adequate  advance  written  notice  to the  Agent if the Owner
desires that the Agent make payment,  out of the proceeds from the premises,  or
mortgage  indebtedness,  general  taxes,  special  assessments,  or fire,  steam
boiler, or any other insurance premiums. In no event shall

                                       4

<PAGE>

the  Agent  be  required  to  advance  its own  money  in  payment  of any  such
indebtedness, taxes, assessments, or premiums.

     5. THE OWNER AGREES TO PAY THE AGENT EACH MONTH:

     5.1  MANAGEMENT:  Owner agrees to pay Agent for the ordinary  management of
the  Premises  Five  Percent  (5.0%)  of the  monthly  gross  receipts  from the
operation of the Premises during the period this Agreement remains in full force
and effect.  Gross  receipts are all amounts  received from the operation of the
Premises including,  but not limited to, rents, parking fees, deposits,  laundry
income, and fees.

     5.2 OTHER ITEMS OF MUTUAL AGREEMENT:  In the event Owner requests and Agent
agrees to perform  services  outside  the scope of  ordinary  management  of the
Premises,  the  parties  will  agree to a fee and  payment  structure  for these
services prior to commencement of the work.

     6. IT IS MUTUALLY AGREED THAT:

     6.1 The Owner expressly  withholds from the Agent any power or authority to
make  any  structural  changes  in any  building  or to  make  any  other  major
alterations or additions in or to any such building or equipment therein,  or to
incur any expense  chargeable to Owner other than expenses related to exercising
the express powers above vested in Agent without the prior written  direction of
an authorized  representative  of Owner.  Agent is granted the authority to make
structural  changes or major alterations if such actions are required because of
danger to life or which  are  immediately  necessary  for the  preservation  and
safety of the Premises or the safety of the occupants thereof or are required to
avoid the suspension of any necessary service to the Premises.

     6.2 The Agent does not assume and is given no responsibility for compliance
of any building on the Premises or any equipment  therein with the  requirements
of any statute, ordinance, law, or regulation of any governmental body or of any
public authority or official thereof having  jurisdiction,  except to notify the
Owner  promptly  or  forward to the Owner  promptly  any  complaints,  warnings,
notices,  or  summonses  received  by it  relating  to such  matters.  The Owner
represents  that to the  best of his  (its)  knowledge  the  Premises  and  such
equipment  comply  with all such  requirements  and  authorizes  the Agent,  its
representatives,  servants, and employees,  of and from all loss, cost, expense,
and liability whatsoever which may be imposed on them, or any of them, by reason
of  any  present  or  future  violation  or  alleged  violation  of  such  laws,
ordinances, statutes, or regulations.

     6.3 In the event it is alleged or charged that any building on the Premises
or any equipment  therein or any act or failure to act by the Owner with respect
to the  Premises or the sale,  rental,  or other  disposition  thereof  fails to
comply with or is in violation of any of the  requirements  of a  constitutional
provision,  statute,  ordinance,  law, or regulation of any governmental body or
any  order or ruling of any  public  authority  or  official  thereof  having or
claiming to have jurisdiction thereover, and the Agent, in its sole and absolute
discretion,  considers  that the action or position  of the Owner

                                       5

<PAGE>

or  registered  managing  Agent  with  respect  thereto  may result in damage or
liability to the Agent,  the Agent shall have the right to cancel this Agreement
at any time by  written  notice to the  Owner of its  election  so to do,  which
cancellation shall be effective upon the service of such notice. Such notice may
be served  personally or by registered mail on or to the person named to receive
the  Agent's  monthly  statement  at the address  designated  for such person as
provided in Paragraph  2.2 above,  and if service by mail, it shall be deemed to
have been served when deposited in the U.S. Mail.  Such  cancellation  shall not
release the  indemnities of the Owner set forth in Paragraph 4 and 6.2 above and
shall not  terminate  any  liability or obligation of the Owner to the Agent for
any  payment,  reimbursement,  or other sum of money then due and payable to the
Agent hereunder.

     7. This  Agreement  may be canceled by Owner  before the  termination  date
specified in Paragraph 1 on not less than thirty (30) days' prior written notice
to the Agent.

     8. The Owner shall pay or reimburse  the Agent for any sums of money due it
under  this   Agreement   for  service  for   actions   prior  to   termination,
notwithstanding  any  termination  of this  Agreement.  All  provisions  of this
Agreement  that  require the Owner to have insured or to defend,  reimburse,  or
indemnify the Agent  (including,  but not limited to,  Paragraphs  4.1, 4.2, and
4.3) shall survive any termination  and, if Agent is or becomes  involved in any
proceeding  or  litigation  by reason of having  been the  Owner's  agent,  such
provisions  shall apply as if this Agreement  were still in effect.  The parties
understand  and agree that the Agent may  withhold  funds for  thirty  (30) days
after the end of the month in which the  Agreement  is  terminated  to pay bills
previously incurred but not yet invoiced and to close accounts.

     This  Agreement  shall be binding  upon the  successors  and assigns of the
Agent and their heirs, administrators, executors, successors, and assigns of the
Owner.

     IN WITNESS THEREOF, the parties hereto have affixed or caused to be affixed
their respective signatures effective this 12th day of October, 2000.

                OWNER:          MAXUS REAL PROPERTY INVESTORS-4, L.P.

                                By: /s/ David L. Johnson
                                        David L. Johnson, Chairman
                                        Maxus Capital Corp., Its General Partner

                AGENT:          MAXUS PROPERTIES, INC.

                                By: /s/ Daniel W. Pishny
                                        Daniel W. Pishny, President

                                       6

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