Document:

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                                                                 EXHIBIT 10.76

                             STOCK PLEDGE AGREEMENT

            STOCK PLEDGE AGREEMENT, dated as of the ____ day of November, 2000,
between ATM SERVICE, LTD., a New York corporation ("Pledgor"), and WORLDWIDE WEB
NETWORX CORPORATION, a Delaware corporation ("Lender").

                              W I T N E S S E T H:

            WHEREAS, Pledgor is the record and beneficial owner of the shares of
the securities described in Schedule I attached hereto (the "Pledged
Securities"); and

            WHEREAS, Lender has made certain loans and advances to Pledgor and
may continue to make additional loans and/or advances to Pledgor in the future;
and

            WHEREAS, as security for certain of Pledgor's obligations to Lender,
Thomas Settineri, the Chairman and CEO and a stockholder of Pledgor
("Settineri"), granted Lender a security interest in the 750,000 shares of the
common stock of Lender owned by Settineri (the "Settineri Pledge"); and

            WHEREAS, Pledgor has agreed to execute and deliver this Pledge
Agreement and grant the security interest contemplated hereby as security for
the repayment of the Secured Obligations (as defined hereinafter); and

            WHEREAS, Lender has agreed to terminate the Settineri Pledge upon
receipt of this Pledge Agreement.

            NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained and to induce Lender to continue to make loans and/or
advances to Pledgor, to terminate the Settineri Pledge and/or to forebear from
exercising its rights with respect to other obligations owed by Pledgor to
Lender, it is agreed as follows:

            1. DEFINITIONS. Unless otherwise defined herein, the following terms
shall have (unless otherwise provided elsewhere in this Stock Pledge Agreement)
the following respective meanings (such meanings being equally applicable to
both the singular and plural form of the terms defined):

            "Agreement" shall mean this Stock Pledge Agreement, including all
amendments, modifications and supplements and any exhibits or schedules to any
of the foregoing, and shall refer to the Agreement as the same may be in effect
at the time such reference becomes operative.

            "Bankruptcy Code" shall mean title 11, United States Code, as
amended from time to time, and any successor statute thereto.

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            "Pledged Collateral" shall have the meaning assigned to such term in
Section 2 hereof.

            "Secured Obligations" shall have the meaning assigned to such term
in Section 3 hereof.

            2. PLEDGE. Pledgor hereby grants to Lender a first priority security
interest in the 95 units of AssetControl.com, LLC, a Delaware limited liability
company (the "Pledged Securities") and any certificates representing the Pledged
Securities, and all dividends, distributions, cash, instruments and other
property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the Pledged
Securities (collectively, the "Pledged Collateral").

            3. SECURITY FOR OBLIGATIONS. This Agreement secures, and the Pledged
Collateral is security for, the prompt payment, in full, when due, of all loans
and/or advances made by Lender to Pledgor, either heretofore and/or hereafter,
and any and all other obligations of Pledgor to Lender now or hereafter existing
(collectively, the "Secured Obligations").

            4. DELIVERY OF PLEDGED COLLATERAL. All certificates representing or
evidencing the Pledged Securities shall be delivered to and held by or on behalf
of Lender pursuant hereto and shall be accompanied by duly executed instruments
of transfer or assignment in blank, all in form and substance satisfactory to
Lender. Lender shall have the right, at any time after the occurrence of an
event of default in connection with the Obligations which is not cured within
the applicable notice and grace period, if any (an "Event of Default"), in its
discretion and without notice to Pledgor, to transfer to or to register in the
name of Lender or any of its nominees any or all of the Pledged Securities. In
addition, Lender shall have the right at any time to exchange certificates or
instruments representing or evidencing Pledged Securities for certificates or
instruments of smaller or larger denominations.

            5.  REPRESENTATIONS AND WARRANTIES.  Pledgor represents and
warrants to Lender that:

            (a) Pledgor is, and at the time of delivery of the Pledged
Securities to Lender pursuant to Section 4 hereof will be, the sole holder of
record and the sole beneficial owner of the Pledged Collateral free and clear of
any lien thereon or affecting the title thereto, except for the lien created by
this Agreement.

            (b)  All of the Pledged Securities are fully paid and
non-assessable.

            (c) This Agreement has been duly authorized, executed and delivered
by Pledgor and constitutes a legal, valid and binding obligation of Pledgor
enforceable in accordance with its terms, except as enforceability may be
limited by bankruptcy, insolvency, or other similar laws affecting the rights of
creditors generally or by the application of general equity principles.

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            The representations and warranties set forth in this Section 5 shall
survive the execution and delivery of this Agreement.

            6.  COVENANTS.  Pledgor covenants and agrees that:

            (a) Without the prior written consent of Lender, Pledgor will not
sell, assign, transfer, pledge, or otherwise encumber any of its rights in or to
the Pledged Collateral or any unpaid dividends or other distributions or
payments with respect thereto or grant a lien in any therein; provided, however,
that Pledgor may sell all or any part of the Pledged Collateral, at any time,
provided that the proceeds are used to pay the obligations secured hereby in
full.

            (b) Pledgor will, at its expense, promptly execute, acknowledge and
deliver all such instruments and take all such action as Lender from time to
time may request in order to ensure to Lender the benefits of the liens in and
to the Pledged Collateral intended to be created by this Agreement, including
the filing of any necessary Uniform Commercial Code financing statements, and
will cooperate with Lender, at Pledgor's expense, in obtaining all necessary
approvals and making all necessary filings under federal or state law in
connection with such liens or any sale or transfer of the Pledged Collateral.

            (c)   Pledgor has and will defend the title to the Pledged
Collateral against the claim of any party.

            7.  PLEDGOR'S RIGHTS.  As long as no Event of Default shall have
occurred and be continuing and until written notice shall be given to Pledgor
in accordance with Section 8(a) hereof,

            (a) Pledgor shall have the right, from time to time, to vote and
give consents with respect to the Pledged Collateral or any part thereof for all
purposes not inconsistent with the provisions of this Agreement;

            (b) All dividends and all other distributions in respect of any of
the Pledged Securities of Pledgor, whenever paid or made, shall be delivered to
Lender to hold as Pledged Collateral and shall, if received by Pledgor, be
received in trust for the benefit of Lender, be segregated from the other
property or funds of Pledgor, and be forthwith delivered to Lender as Pledged
Collateral in the same form as so received (with any necessary endorsement).

            8. DEFAULTS AND REMEDIES. (a) Upon the occurrence of an Event of
Default and during the continuation of such Event of Default, then or at any
time after such declaration (provided that such declaration is not rescinded by
the Lender) and following written notice to Pledgor, Lender (personally or
through an agent) is hereby authorized and empowered to transfer and register in
its name or in the name of its nominee the whole or any part of the Pledged
Collateral, to exchange certificates or instruments representing or evidencing
Pledged Securities for certificates or instruments of smaller or larger
denominations, to exercise the voting rights with respect thereto, to sell in
one or more sales after ten (10) days' notice of the time and place of any
public sale or of the time after which a private sale is to take place (which
notice Pledgor

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agrees is commercially reasonable), but without any previous notice or
advertisement, the whole or any part of the Pledged Collateral and to otherwise
act with respect to the Pledged Collateral as though Lender was the outright
owner thereof, Pledgor hereby irrevocably constituting and appointing Lender as
the proxy and attorney-in-fact of Pledgor, with full power of substitution to do
so, and which shall remain in effect until the Secured Obligations are paid in
full; provided, however, Lender shall not have any duty to exercise any such
right or to preserve the same and shall not be liable for any failure to do so
or for any delay in doing so. Any sale shall be made at a public or private sale
at Lender's place of business, or at any public building in the City of New York
or elsewhere to be named in the notice of sale, either for cash or upon credit
or for future delivery at such price as Lender may deem fair, and Lender or any
Lender may be the purchaser of the whole or any part of the Pledged Collateral
so sold and hold the same thereafter in its own right free from any claim of
Pledgor or any right of redemption. Each sale shall be made to the highest
bidder, but Lender reserves the right to reject any and all bids at such sale
which, in its discretion, it shall deem inadequate. Demands of performance,
except as otherwise herein specifically provided for, notices of sale,
advertisements and the presence of property at sale are hereby waived and any
sale hereunder may be conducted by an auctioneer or any officer or agent of
Lender.

            (b) If, at the original time or times appointed for the sale of the
whole or any part of the Pledged Collateral, the highest bid, if there be but
one sale, shall be inadequate to discharge in full all the Secured Obligations,
or if the Pledged Collateral be offered for sale in lots, if at any of such
sales, the highest bid for the lot offered for sale would indicate to Lender, in
its discretion, the unlikelihood of the proceeds of the sales of the whole of
the Pledged Collateral being sufficient to discharge all the Secured
Obligations, Lender may, on one or more occasions and in its discretion,
postpone any of said sales by public announcement at the time of sale or the
time of previous postponement of sale, and no other notice of such postponement
or postponements of sale need be given, any other notice being hereby waived;
provided, however, that any sale or sales made after such postponement shall be
after ten (10) days' notice to Pledgor.

            (c) In the event of any sales hereunder Lender shall, after
deducting all costs or expenses of every kind (including reasonable attorneys'
fees and disbursements) for care, safekeeping, collection, sale, delivery or
otherwise, apply the residue of the proceeds of the sales to the payment or
reduction, either in whole or in part, of the Secured Obligations, returning the
surplus, if any, to Pledgor.

            (d) If, at any time when Lender shall determine to exercise its
right to sell the whole or any part of the Pledged Collateral hereunder, such
Pledged Collateral or the part thereof to be sold shall not, for any reason
whatsoever, be effectively registered under the Securities Act of 1933, as
amended (or any similar statute then in effect) (the "Act"), Lender may, in its
discretion (subject only to applicable requirements of law), sell such Pledged
Collateral or part thereof by private sale in such manner and under such
circumstances as Lender may deem necessary or advisable, but subject to the
other requirements of this Section 8, and shall not be required to effect such
registration or to cause the same to be effected. Without limiting the
generality of the foregoing, in any such event Lender in its discretion (x) may,
in accordance with applicable securities laws, proceed to make such private sale
notwithstanding that a registration

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statement for the purpose of registering such Pledged Collateral or part thereof
could be or shall have been filed under said Act (or similar statute), (y) may
approach and negotiate with a single possible purchaser to effect such sale, and
(z) may restrict such sale to a purchaser who will represent and agree that such
purchaser is purchasing for its own account, for investment and not with a view
to the distribution or sale of such Pledged Collateral or part thereof. In
addition to a private sale as provided above in this Section 8, if any of the
Pledged Collateral shall not be freely distributable to the public without
registration under the Act (or similar statute) at the time of any proposed sale
pursuant to this Section 8, then Lender, in its discretion (subject only to
applicable requirements of law), may require that any sale hereunder (including
a sale at auction) be conducted subject to restrictions (i) as to the financial
sophistication and ability of any Person permitted to bid or purchase at any
such sale, (ii) as to the content of legends to be placed upon any certificates
representing the Pledged Collateral sold in such sale, including restrictions on
future transfer thereof, (iii) as to the representations required to be made by
each Person bidding or purchasing at such sale relating to that Person's access
to financial information about Pledgor and such party's intentions as to the
holding of the Pledged Collateral so sold for investment, for its own account,
and not with a view to the distribution thereof, and (iv) as to such other
matters as Lender may, in its discretion, deem necessary or appropriate in order
that such sale (notwithstanding any failure so to register) may be effected in
compliance with the Bankruptcy Code and other laws affecting the enforcement of
creditors' rights and the Act and all applicable state securities laws.

            (e) Pledgor recognizes that Lender may be unable to effect a public
sale of any or all the Pledged Collateral and may be compelled to resort to one
or more private sales thereof. Pledgor also acknowledges that any such private
sale may result in prices and other terms less favorable to the seller than if
such sale were a public sale and, notwithstanding such circumstances, agrees
that any such private sale shall be deemed to have been made in a commercially
reasonable manner.

            (f) Pledgor agrees that following the occurrence and during the
continuance of an Event of Default it will not at any time plead, claim or take
the benefit of any appraisal, valuation, stay, extension, moratorium or
redemption law now or hereafter in force in order to prevent or delay the
enforcement of this Agreement, or the absolute sale of the whole or any part of
the Pledged Collateral or the possession thereof by any purchaser at any sale
hereunder, and Pledgor waives the benefit of all such laws to the extent it
lawfully may do so. Pledgor agrees that it will not interfere with any right,
power and remedy of Lender provided for in this Agreement or now or hereafter
existing at law or in equity or by statute or otherwise, or the exercise or
beginning of the exercise by Lender of any one or more of such rights, powers or
remedies. No failure or delay on the part of Lender to exercise any such right,
power or remedy and no notice or demand which may be given to or made upon
Pledgor by Lender with respect to any such remedies shall operate as a waiver
thereof, or limit or impair Lender's right to take any action or to exercise any
power or remedy hereunder, without notice or demand, or prejudice its rights as
against Pledgor in any respect.

            (g) Pledgor further agrees that a breach of any of the covenants
contained in this Section 8 will cause irreparable injury to Lender, that Lender
has no adequate remedy at law in

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respect of such breach and, as a consequence, agrees that each and every
covenant contained in this Section 8 shall be specifically enforceable against
Pledgor, and Pledgor hereby waives and agrees not to assert any defenses against
an action for specific performance of such covenants except for a defense that
the Secured Obligations are not then due and payable in accordance with the
agreements and instruments governing and evidencing such obligations. Pledgor
further acknowledges the impossibility of ascertaining the amount of damages
which would be suffered by Lender by reason of a breach of any of such covenants
and, consequently, agrees that, if Lender shall sue for damages for breach, it
shall pay, as liquidated damages and not as a penalty, an amount equal to the
lesser of (i) the value of the Pledged Collateral pledged by Pledgor on the date
Lender shall demand compliance with this Section 8, and (ii) the amount required
to pay in full the Secured Obligations.

            9. APPLICATION OF PROCEEDS. Any cash held by Lender as Pledged
Collateral and all cash proceeds received by Lender in respect of any sale of,
liquidation of, or other realization upon all or any part of the Pledged
Collateral shall be applied first to pay in full the expenses of Lender in
connection with such sale, disposition or other realization, including all
expenses, liabilities and advances incurred or made by Lender in connection
therewith, including, without limitation, attorney's fees, and then to the then
unpaid principal of and accrued interest due to Lender in connection with the
Obligations.

            10. WAIVER. No delay on Lender's part in exercising any power of
sale, lien, option or other right here-under, and no notice or demand which may
be given to or made upon Pledgor by Lender with respect to any power of sale,
lien, option or other right hereunder, shall constitute a waiver thereof, or
limit or impair Lender's right to take any action or to exercise any power of
sale, lien, option, or any other right hereunder, without notice or demand, or
prejudice Lender's rights as against Pledgor in any respect.

            11.  ASSIGNMENT.  Lender may assign, indorse or transfer any
instrument evidencing all or any part of the Secured Obligations and the
holder of such instrument shall be entitled to the benefits of this Agreement.

            12. TERMINATION. Immediately following the payment of all Secured
Obligations, Lender shall deliver to Pledgor the Pledged Collateral at the time
subject to this Agreement and all instruments of assignment executed in
connection therewith, free and clear of the liens hereof and, except as
otherwise provided herein, all of Pledgor's obligations hereunder shall at such
time terminate.

            13.  LIEN ABSOLUTE.  All rights of Lender hereunder, and all
obligations of Pledgor  hereunder, shall be absolute and unconditional
irrespective of:

            (a)  any lack of validity or enforceability of any agreement or
instrument governing or evidencing any Secured Obligations;

            (b) any change in the time, manner or place of payment of, or in any
other term of, all or any part of the Secured Obligations, or any other
amendment or waiver of or any

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consent to any departure from any other agreement or instrument governing or
evidencing any Secured Obligations;

            (c) any exchange, release or non-perfection of any other collateral,
or any release or amendment or waiver of or consent to departure from any
guaranty, for all or any of the Secured Obligations; or

            (d) any other circumstance which might otherwise constitute a
defense available to, or a discharge of, Pledgor.

            14. RELEASE. Pledgor consents and agrees that Lender may at any
time, or from time to time, in their discretion (a) renew, extend or change the
time of payment, and/or the manner, place or terms of payment of all or any part
of the Secured Obligations and (b) exchange, release and/or surrender all or any
of the Pledged Collateral, or any part thereof, by whomsoever deposited, which
is now or may hereafter be held by Lender in connection with all or any of the
Secured Obligations; all in such manner and upon such terms as Lender may deem
proper, and without notice to or further assent from Pledgor, it being hereby
agreed that Pledgor shall be and remain bound upon this Agreement, irrespective
of the existence, value or condition of any of the Pledged Collateral, and
notwithstanding any such change, exchange, settlement, compromise, surrender,
release, renewal or extension. Pledgor hereby waives notice of acceptance of
this Agreement, and also presentment, demand, protest and notice of dishonor of
any and all of the Secured Obligations, and promptness in commencing suit
against any party hereto or liable hereon, and in giving any notice to or of
making any claim or demand hereunder upon Pledgor. No act or omission of any
kind on Lender's part shall in any event affect or impair this Agreement.

            15. INDEMNIFICATION. Pledgor jointly and severally agrees to
indemnify and hold Lender harmless from and against any taxes, liabilities,
claims and damages, including reasonable attorney's fees and disbursements, and
other expenses incurred or arising by reason of the taking or the failure to
take action by Lender, in good faith, in respect of any transaction effected
under this Agreement or in connection with the lien provided for herein,
including, without limitation, any taxes payable in connection with the delivery
or registration of any of the Pledged Collateral as provided herein. Whether or
not the transactions contemplated by this Agreement shall be consummated,
Pledgor agrees to pay to Lender all out-of-pocket costs and expenses incurred in
connection with this Agreement and all reasonable fees, expenses and
disbursements, including the reasonable fees of Lender's agents or
representatives, incurred in connection with the execution and delivery of this
Agreement and the performance by Lender of the provisions of this Agreement and
of any transactions effected in connection with this Agreement. The obligations
of Pledgor under this Section 15 shall survive the termination of this
Agreement.

            16. REINSTATEMENT. This Agreement shall remain in full force and
effect and continue to be effective should any petition be filed by or against
Pledgor for liquidation or reorganization, should Pledgor become insolvent or
make an assignment for the benefit of creditors or should a receiver or trustee
be appointed for all or any significant part of Pledgor's

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assets, and shall continue to be effective or be reinstated, as the case may be,
if at any time payment and performance of the Secured Obligations, or any part
thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee of the Secured Obligations,
whether as a "voidable preference", "fraudulent conveyance", or otherwise, all
as though such payment or performance had not been made. In the event that any
payment, or any part thereof, is rescinded, reduced, restored or returned, the
Secured Obligations shall be reinstated and deemed reduced only by such amount
paid and not so rescinded, reduced, restored or returned.

            17.  MISCELLANEOUS.  (a)  Pledgor jointly and severally agrees to
promptly reimburse Lender for actual out-of-pocket expenses, including,
without limitation, reasonable counsel fees, incurred by Lender in connection
with the administration and enforcement of this Agreement.

            (b) Neither Lender nor any of its officers, directors, employees,
agents or counsel shall be liable for any action lawfully taken or omitted to be
taken by it or them hereunder or in connection herewith, except for its or their
own gross negligence or willful misconduct.

            (c) This Agreement shall be binding upon Pledgor and is successors
and assigns, and shall inure to the benefit of, and be enforceable by, Lender
and its successors and assigns, and shall be governed by, and construed and
enforced in accordance with, the internal laws in effect in the State of New
York without giving effect to principles of conflict of laws, and none of the
terms or provisions of this Agreement may be waived, altered, modified or
amended except in writing duly signed for and on behalf of Lender and Pledgor.

            18.  SEVERABILITY.  If for any reason any provision or provisions
hereof are determined to be invalid and contrary to any existing or future
law, such invalidity shall not impair the operation of or effect those
portions of this Agreement which are valid.

            19. NOTICES. Except as otherwise provided here-in, whenever it is
provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any of the
parties by any other party, or whenever any of the parties desires to give or
serve upon any other a communication with respect to this Agreement, each such
notice, demand, request, consent, approval, declaration or other communication
shall be in writing and either shall be delivered in person with receipt
acknowledged or sent by registered or certified mail, return receipt requested,
postage prepaid, or by telecopy and confirmed by telecopy answerback addressed
as follows:

            (a)   If to Pledgor, at:

                  ATM Service, Ltd.
                  424 Madison Avenue
                  New York, NY 10017
                  Attention:  President

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            (b)   If to Lender, at:

                  WorldWide Web NetworX Corporation
                  888 Seventh Avenue
                  7th Floor
                  New York, NY 10106
                  Attention:  President

or at such other address as may be substituted by notice given as herein
provided. The giving of any notice required hereunder may be waived in writing
by the party entitled to receive such notice. Every notice, demand, request,
con-sent, approval, declaration or other communication hereunder shall be deemed
to have been duly given or served on the date on which personally delivered,
with receipt acknowledged, telecopied and confirmed by telecopy answerback or
three (3) Business Days after the same shall have been deposited in the United
States mail. Failure or delay in delivering copies of any notice, demand,
request, consent, approval, declaration or other communication to the persons
designated above to receive copies shall in no way adversely affect the
effectiveness of such notice, demand, request, consent, approval, declaration or
other communication.

            20.  SECTION TITLES.  The Section titles contained in this
Agreement are and shall be without substantive meaning or content of any kind
whatsoever and are not a part of the agreement between the parties hereto.

            21.  COUNTERPARTS.  This Agreement may be executed in any number
of counterparts, which shall, collectively and separately, constitute one
agreement.

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            IN WITNESS WHEREOF, the parties hereto have caused this Stock Pledge
Agreement to be duly executed as of the date first written above.

                              ATM SERVICE, LTD.
                              As Pledgor

                              By: /s/ Thomas Settineri
                                 --------------------------------------
                                 Name:  Thomas Settineri
                                 Title:  Chairman and CEO

Accepted and Acknowledged by:

WORLDWIDE WEB NETWORX CORPORATION
As Lender

By: /s/ Carol C. Knauff
    --------------------------------------
    Name:  Carol C. Knauff
    Title:  Chairman, President and CEO

                                       10Prepared by MERRILL CORPORATION www.edgaradvantage.com

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MEMBERSHIP UNIT PURCHASE AGREEMENT
  BY AND BETWEEN

WELLINGTON PROPERTIES INVESTMENTS, L.P., as Seller

AND

STEVEN B. HOYT, BRUCE K. HOYT, DONALD RINGROSE

AND RICHARD WOLSFELD as Buyers

Dated December 29, 2000  

 
  
 

    MEMBERSHIP UNIT PURCHASE AGREEMENT    
  

    THIS AGREEMENT, made and entered into this 29th day of December, 2000 is by and between
Wellington Properties Investments, L.P., a Delaware limited partnership ("Seller") and Steven B. Hoyt, Bruce K. Hoyt, Donald Ringrose, and Richard Wolsfeld, each individuals (collectively, the
"Buyers"). 

 
 

W I T N E S S E T H:    
  

    WHEREAS, Seller is the sole member of WPT I, LLC, a Delaware limited liability company ("WPT") and owns all of
the outstanding membership units of WPT (the "Units"); 

    WHEREAS, WPT owns the real estate legally described on Exhibit A annexed hereto and commonly referred to as the Thresher Square
Property (the "Property"); 

    WHEREAS, on or about November 1998, the Buyers, as part of a larger selling group, sold to Seller the Property and now desire to
purchase back the Property from Seller through the purchase of the Units on the terms and conditions contained herein; 

    WHEREAS, pursuant to an Assumption Agreement dated November 19, 1998, a copy of which is annexed hereto as Exhibit B, WPT
assumed the mortgage and other indebtedness and obligations related to the Property which by operation of law will remain with WPT following the closing of this transaction which the Buyers
acknowledge; 

    WHEREAS, the Buyers, as former owners and Steve Hoyt as the current property manager of the Property, are familiar with the Property
including its environmental condition and are willing to purchase the Units on an as-is basis with very limited representations and warranties from Seller regarding the Property. 

    NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements and upon the terms and subject to
the conditions hereinafter set forth, the parties do hereby agree as follows: 

 
 

ARTICLE I
  SALE AND PURCHASE OF MEMBERSHIP UNITS    
  

    1.1  Sale of the Units.  Subject to the terms and conditions of this Agreement,
at the Closing on the Closing Date (as defined in Section 2.1) Seller will sell to Buyers, and Buyers will purchase from Seller, the Units for the consideration specified herein. 

    1.2  Consideration.  In exchange for the Units, the Buyers agree to pay and/or
deliver to Seller the following: 

	(a)
	$169,874
in cash payable to Seller on the Closing Date;

	(b)
	522,416
certificated shares of common stock of Stonehaven Realty Trust ("Stonehaven") issued in the name of Steven B. Hoyt (456,671) and Bruce K. Hoyt (65,745) (the "Buyers
Securities"); and

	(c)
	61,898
uncertificated units of Seller collectively issued in the name of Donald Ringrose and Richard Wolsfeld (the "Ringrose and Wolsfeld Units"); 

    1.3.  Additional Obligations of Buyers.  In addition to the consideration set
forth above, the Buyers shall also: 

	(a)
	Obtain
from Excel Bank a release of Stonehaven's $805,000 cash pledged as security for a letter of credit in favor of U.S. Bank Trust National Association (formerly known as First
Trust National Association), mortgagee of the Property (the "Letter of Credit"), and a release 

2

 

of
the Letter of Credit as soon as possible but in no event later than January 31, 2001 and agrees to pledge its own cash and/or enter into substitute letters of credit with Excel Bank.
Notwithstanding the foregoing, Buyers agree to indemnify Stonehaven for any and all amounts paid to Excel Bank from the Cash Deposit or as a result of drawing on the Letter of Credit from the date of
Closing until the cash deposit is released and returned to Stonehaven and the Letter of Credit is released and shall pay this amount upon demand from Stonehaven. 

	(b)
	Obtain
from Steven B. Hoyt and Michelle J. Hoyt a joint release of Seller's obligation to indemnify them from amounts incurred by them under personal guaranties related to the
Property pursuant to the terms of an Indemnity Agreement dated November 1998, a copy of which is annexed hereto as Exhibit C (the "Hoyt Indemnification Release"). 

 
 

ARTICLE II
  CLOSING    
  

    2.1  The Closing.  The closing of the transactions contemplated hereby (the
"Closing") will take place at the offices of Messerli & Kramer, P.A., 150 S. 5th Street, Suite 1800, Minneapolis, Minnesota, at 10:00 am. on December 29, 2000, unless the
parties otherwise mutually agree (the "Closing Date"). Except as expressly set forth in this Agreement, all matters at the closing will be considered to take place simultaneously effective immediately
after the close of business on the Closing Date and no delivery of any document will be deemed complete until all transactions and deliveries of documents are completed. 

    2.2  Deliveries of Seller.  At the Closing, Seller will deliver the following
documents to Buyers: 

	(a)
	certificates
representing the Units duly endorsed in blank for transfer or accompanied by duly executed membership unit powers assigning the Units in blank;

	(b)
	resignations,
effective as of the Closing Date, of any governorship or officership of WPT requested by Buyers;

	(c)
	the
minute books and ledger of WPT;

	(d)
	any
other documents reasonably requested by the Buyers, to confirm the accuracy of the representations and warranties and the performance of the agreements of the Seller hereunder. 

    The
obligation of Buyers to consummate this Agreement and the transactions contemplated hereby is subject to the delivery prior to or at the Closing of the above listed documents. 

    2.3  Deliveries of Buyers.  At the Closing, Buyers will deliver the following
documents to Seller: 

	(a)
	A
cashiers check payable to WPT or wire confirmation of $169,874.00;

	(b)
	Bill
of Sale for the Ringrose and Wolsfeld Units executed by Donald Ringrose and Richard Wolsfeld in form satisfactory to counsel to Seller;

	(c)
	The
Buyers Securities endorsed in blank for transfer or accompanied by stock powers endorsed in blank or a Bill of Sale satisfactory to counsel to Seller to transfer Buyers
Securities to Seller;

	(d)
	The
Hoyt Indemnification Release;

	(e)
	any
other documents reasonably requested by Seller, to confirm the accuracy of the representations and warranties and the performance of the agreements of Buyers hereunder. 

    The
obligation of Seller to consummate this Agreement and the transactions contemplated hereby is subject to the delivery prior to or at the Closing of the above listed documents. 

3

 
 
 

ARTICLE III
  REPRESENTATIONS AND WARRANTIES OF PARTIES    
  

    3.1  Seller's Representations and Warranties.  Seller hereby represents and
warrants to Buyers that: 

    3.1.1  Authority.  Seller has all requisite power and authority to enter into
this Agreement and each agreement, document and instrument to be executed and delivered by Seller pursuant to this Agreement and to carry out the transactions contemplated hereby and thereby. This
Agreement and each agreement, document and instrument to be executed and delivered by Seller pursuant to this Agreement constitutes, or when executed and delivered will constitute, the legal, valid
and binding obligation of Seller each enforceable in accordance with their respective terms. 

    3.1.2  Organization.  WPT is a limited liability company duly organized and in
good standing under the laws of the state of Delaware. 

    3.1.3  Capitalization.  The total authorized membership units of WPT consists of
            units, of which all issued and outstanding units are owned by Seller. 

    3.1.4  The Units; No Options.  The Units when delivered to Buyers will be free
and clear of any and all pledges, claims, restrictions, charges, liens, security interests, encumbrances or other interests of third parties of any nature whatsoever created by Seller, except for
restrictions imposed by federal or state
securities laws. WPT has no outstanding options, warrants or other rights to purchase securities of WPT and has no commitment to issue any additional securities of the Company. 

    3.1.5  No Liens.  There are no liens or encumbrances against the Property other
than those liens or encumbrances included on the deed filed in Hennepin county for the Property showing WPT as grantee. WPT is not a foreign person, foreign partnership, foreign trust or foreign
estate as those terms are defined in Section 1445 of the Internal Revenue Code. 

    3.1.6  "As Is" Condition. Buyers agree and acknowledge that Buyers (or their affiliate) are the
prior owners of the Property and Steven B. Hoyt (or his affiliate) is the current manager of the Property. As such, Buyers agree, acknowledge and represent that Buyers are accepting the Units and the
Property on an "as is" "where is" basis without any representations or warranties whatsoever with respect to the value of the Units, the value or financial viability of the Property, the physical
condition of the Property or any other matter whatsoever except as specifically set forth in this Agreement. 

    3.2  Buyer's Representations and Warranties.  Buyers represent, warrant and
covenant to Seller as follows: 

    3.2.1  Authority.  Each Buyer has the legal capacity and right to enter into this
Agreement and each agreement, document and instrument to be executed and delivered by each Buyer pursuant to this Agreement and to carry out the transactions contemplated hereby and thereby. This
Agreement and each agreement, document and instrument to be executed and delivered by each Buyer pursuant to this Agreement constitutes, or when executed and delivered will constitute, the legal,
valid and binding obligation of Buyer each enforceable in accordance with their respective terms. 

    3.2.2  Buyer Securities.  The Buyer Securities when delivered to Seller pursuant
to this Agreement will be, free and clear of any and all pledges, claims, restrictions, charges, liens, security interests, encumbrances or other interests of third parties of any nature whatsoever
created by Buyer, except for restrictions imposed by federal or state securities laws. 

    3.2.3  The Ringrose and Wolsfeld Units.  The Ringrose and Wolsfeld Units when
delivered to Seller pursuant to this Agreement will be, free and clear of any and all pledges, claims, restrictions, 

4

 

charges, liens, security interests, encumbrances or other interests of third parties of any nature whatsoever created by Buyer, except for restrictions imposed by federal or state securities laws. 

    3.2.4  No Contravention.  The execution, delivery and performance by Buyers of
this Agreement and each such agreement, document and instrument delivered hereunder, does not and will not result in a breach of, constitute or result in a default under, accelerate any obligation
under or give rise to a right of termination of, any indenture or loan or credit agreement or any other agreement, contract, instrument, mortgage, lien, lease, permit, authorization, order, writ,
judgment, injunction, decree, determination or arbitration award to any Buyer is a party or by which any securities being transferred to Seller hereunder are bound or affected, or result in the
creation or imposition of any mortgage, pledge, lien, security interest or other charge or encumbrance on any such security. 

    3.2.5  No Consent.  No consent or waiver by, approval of, or designation,
declaration or filing with, any third party is required in connection with the execution, delivery and performance by Buyers of this Agreement and each agreement, document and instrument to be
executed and delivered by any of them pursuant to this Agreement. 

 
 

ARTICLE IV
  ADDITIONAL COVENANTS    
  

    4.1  Closing Prorations; Consistent Operations.  All items of income, expense,
gain and loss arising from or related to WPT or the operations of the Property shall be for the account of Seller through 11:59 pm December 31, 2000 despite the Closing occurring on
December 29, 2000. All items of income and expenses arising from or related to WPT or the operations of the Property shall be for the account of Buyers beginning 12:01 am on January 1,
2001 despite the Closing occurring on December 29, 2000. Items of income and expense include (i) all rents, including past due rents, (ii) city, state, county and school district
ad valorem taxes and other taxes (including lender escrows) and assessments which are actually due and payable in the year of closing (all taxes and assessments due and payable in years subsequent to
the Date of Closing shall be the responsibility of Buyer); (iii) all utility or other charges which may become a lien upon the Property and all service and other related contracts;
(iv) casualty insurance premiums (including lender escrows); (v) the interest due and owing any lender (including lender escrows; (vi) any other income or expense items properly
attributable to the operation of the Property or otherwise agreed upon by Seller and Buyers. Between the Date of Closing and of 12:01 am January 1, 2001, Buyers agree to operate the Property in
normal course consistent with past operating practices. 

    4.2  Payments.  As of 12:01 am January 1, 2001, Buyers shall be entitled
to all funds held in any WPT account and all receivables and other assets of WPT after taking into items of income and expenses of Seller pursuant to Section 5.1. The cash balance owing, if
any, by either Buyer or Seller pursuant to the
prorations as provided in Section 5.1 above, shall be paid directly by Seller to Buyer or Buyer to Seller, as the case may be, by cashier's check, in certified funds, or by wire transfer as
soon as practicable after 12:01 am January 1, 2001. 

    4.3  Security Deposits and Escrows.  At the Closing, Seller shall transfer its
interest in, and Buyers shall retain, all tenant security deposits and escrow deposits (other than the Cash Deposit) with respect to the Property. 

    4.4  Retention of Rights.  Notwithstanding anything contained in this Agreement
to the contrary, Seller and Buyers agree that Seller retains all rights to conduct a financial accounting or audit and any sums owing by Buyers to either WPT or Seller as disclosed in any such
accounting or audit shall be and remain the property of Seller notwithstanding the transfer or agreement to transfer the Units as provided herein. 

5

 

    4.5  Releases.  

    4.5.1  Release of Seller.  As of the Closing, Buyers, for themselves and all
their related or affiliated persons or entities, do hereby release and forever discharge Seller and its officers, trustees, shareholders, employees, advisors, attorneys, agents, insurers, affiliated
corporations and businesses, successors and assigns, and all other related or affiliated persons or entities, as the case may be, from and against any all claims, demands, causes of actions or rights
which Buyers had, now has or could hereinafter have or assert in any manner, whether individually or collectively, arising out of or related to WPT or the Property; notwithstanding the foregoing, the
release provisions of this section shall be inapplicable to any breach of this Agreement by Seller, and to any right of indemnification provided by Seller's declaration of trust or bylaws afforded as
a result of service as an employee, officer or trustee of Seller. 

    4.5.2  Release of Buyers.  As of the Closing, Seller, for it, its officers,
trustees, shareholders, principals, affiliated corporations and businesses, successors and assigns, and all other related or affiliated persons or entities, does hereby release and forever discharge
each of the Buyers and their related or affiliated persons or entities, as the case may be, from and against any all claims, demands, causes of actions or rights which Seller had, now has or could
hereinafter have or assert in any manner, whether individually or collectively, arising out of or related to WPT or the Property; notwithstanding the foregoing, the release provisions of this section
shall be inapplicable to any breach of this Agreement by a Buyer, and to the right to an accounting with respect to the Property as provided in Section 4.4. 

    4.6  Indemnity.  Buyers agree to jointly and severally indemnify Seller and hold
Seller harmless from and against all liabilities and obligations involving the transaction contemplated by this Agreement, the Property, WPT or the Units whether such obligations arise prior to, on or
after the closing of the transactions contemplated hereunder. Buyers specifically agrees to assume, indemnify and hold Seller harmless from all liabilities to any lender or issuer in connection with
any existing mortgage loan on the Property and further agrees to indemnify and hold Seller harmless from any claims or damages of any kind whatsoever arising from the failure to obtain from any
lender, issuer or other third party, consent to the transactions contemplated by this Agreement. Buyers shall pay any and all fees, expenses or charges imposed by any such lender or otherwise in
connection with the transfer of the Units or the Property to Buyer. 

 
 

ARTICLE V
  GENERAL PROVISIONS    
  

    5.1  Incorporation of Recitals.  The Recitals set forth above are incorporated
herein and are made a part of this Agreement as if fully set forth herein and shall constitute an expression of the intent of the parties and as an aid in the construction of this Agreement. 

    5.2  Entire Agreement; Amendment.  This Agreement constitutes the entire
agreement between Seller and Buyer pertaining to the subject matter hereof and supersedes any and all prior or contemporaneous agreements or understandings of the parties relating to the subject
matter hereof, whether written or oral. This Agreement may not be modified or amended except pursuant to a written agreement signed by Seller and Buyers. 

    5.3  Successors and Assigns.  The terms and conditions of this Agreement will
inure to the benefit of and be binding upon the respective heirs, successors and permitted assigns of the parties hereto. This Agreement may not be assigned by any party without the prior written
consent of the other party hereto. Notwithstanding the foregoing, no assignment of this Agreement or any of the rights or obligations hereof by Buyers will relieve Buyers of their obligations under
this Agreement to Seller and, 

6

 

upon any such assignment, the representations, warranties, covenants and agreements contained in this Agreement will be deemed to have been made by Buyers' assignee as well as by Buyers. 

    5.4  Counterparts.  This Agreement may be executed in one or more counterparts,
each of which will for all purposes be deemed to be an original and all of which will constitute the same instrument. Facsimile signatures shall be acceptable. 

    5.5  Headings.  The headings of the sections and paragraphs of this Agreement are
included for convenience only and will not be deemed to constitute part of this Agreement or to affect the construction hereof. 

    5.6  Modifications and Waivers.  Any of the terms or conditions of this Agreement
may be waived in writing at any time by the party which is entitled to the benefits thereof. No waiver of any of the provisions of this Agreement will be deemed to or will constitute a waiver of any
other provisions hereof (whether or not similar). 

    5.7  Further Assurances.  At any time or from time to time after the Closing
Date, either party will, at the request of the other party and at such other party's expense, execute and deliver any further instruments or documents and take all such further action as such party
reasonably may request in order to consummate and make effective the transactions contemplated by this Agreement including the completion of the transfers of the various securities hereunder from
Buyers to Seller and from Seller to Buyers. 

    5.8  Severability.  If any provision hereof is held by any court of competent
jurisdiction to be illegal, void or unenforceable, such provision will be of no force and effect, but the illegality or unenforceability will have no effect upon and will not impair the enforceability
of any other provision of this Agreement. 

    5.9  Notices.  All notices, requests, demands or other communications required or
permitted by this Agreement shall be in writing, and delivery shall be deemed given on the date delivered if delivered personally or and three days after mailing by registered or certified mail,
return receipt requested, postage-prepaid, addressed as follows: 

	If to the Seller:	 	Duane H. Lund, CEO

Stonehaven Realty Trust

4150 Olson Memorial Highway

Minneapolis, MN 55422
	

If to the Buyers:	
 	

Steven B. Hoyt

Hoyt Properties, Inc.

708 South 3rd Street, Suite 108

Minneapolis, MN 55415

or
such other addresses as may be specified pursuant to notice given by either party in accordance with the provisions of this subsection. 

7

 

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

SELLER:

WELLINGTON PROPERTIES INVESTMENTS, L.P.,

a Delaware limited partnership  

	By:	 	STONEHAVEN REALTY TRUST,

a Maryland real estate investment trust, its sole general partner
	
 	
 	

By:	
 	

/s/ DUANE C. LUND   
 Duane C. Lund, Chief Executive Officer	
 	

 
	BUYERS:	 	 
	

/s/ STEVEN B. HOYT   
 Steven B. Hoyt	
 	

 
	

/s/ BRUCE K. HOYT   
 Bruce K. Hoyt	
 	

 
	

/s/ DONALD RINGROSE   
 Donald Ringrose	
 	

 
	

/s/ RICHARD WOLSFELD   
 Richard Wolsfeld	
 	

 

8

  

 
 

EXHIBIT A
  
    LEGAL DESCRIPTION    
  

	Parcel 1:	 	The Northwesterly 72 feet of the Southeasterly 144 feet of Lot 13, Block 45, Town of Minneapolis, Hennepin County, Minnesota, according to the plat thereof on file or of record in the office of the Register of Deeds in
and for said County.
	
Parcel 2:	
 	

All those parcels of land in Block 45, Town of Minneapolis, described as follows:
	

 	
 	

That portion of Lots 2 and 12 lying Southeasterly of a line 88 feet Southeasterly of and parallel with the Northwesterly line of said Block 45;
	

 	
 	

Lot 3;
	

 	
 	

The rear or Northwesterly 21.09 feet of Lot 13;
	

 	
 	

Lot 4 except the Southeasterly 28 feet thereof, front to rear;
	

 	
 	

Block 45, Town of Minneapolis, according to the plat thereof on file or of record in the office of the Register of Deeds in and for said County;
	

 	
 	

Together with an easement for driveway over the Northwesterly 8 feet, front to rear of said Southeasterly 28 feet of said Lot 4.

Hennepin
County, Minnesota

Torrens Property

Torrens Certificate No. 677285 

9

EXHIBIT B

 
 

ASSUMPTION AGREEMENT    
  

    THIS AGREEMENT, made this 19TH day of November, 1998, between THRESHER SQUARE LIMITED PARTNERSHIP II, a Minnesota limited partnership (the
"Borrower"), whose post office address is c/o Steven B. Hoyt, Hoyt Properties, Inc., 708 South Third Street, Minneapolis, Minnesota 55415 and WPT I, LLC, a Delaware
limited liability company (the "Assuming Party"), whose post office address is 300 First Avenue North, Suite 115, Minneapolis, Minnesota 55401. 

 
 

PRELIMINARY STATEMENT OF FACTS    
  

    A.  The
City Minneapolis, Minnesota (the "Issuer") has issued $4,335,000 Commercial Development Revenue Refunding Bonds (Thresher Square Limited Partnership II
Project) Series 1996 (hereinafter referred to as the "Bonds"), which was evidenced by that certain Preliminary Official Statement dated May 31, 1996 and that certain Official Statement dated
June 10, 1996 (collectively the "Official Statement") relating to and describing the Bonds, that certain Indenture of Trust dated June 15, 1996 (the "Indenture") between the Issuer and
U.S. Bank Trust National Association, formerly known as First Trust National Association (the "Trustee"); that certain Loan Agreement dated June 15, 1996 (the "Loan Agreement") between the
Issuer and the Borrower relating to the Project described therein (the "Project"), that certain Mortgage, Security Agreement, and Fixture Financing Statement dated June 15, 1996 (the
"Mortgage") from the Borrower to the Issuer; that certain Assignment of Leases and Rents dated June 15, 1996 (the "Assignment") between the Issuer and the Borrower; and that certain Continuing
Disclosure Agreement dated June 15, 1996 (the "Continuing Disclosure Agreement") between the Borrower and the Trustee (collectively the "Documents"). 

    B.  The
Borrower desires to convey the premises relating to the Project as described on the attached Exhibit A
(the "Premises") to the Assuming Party. 

    C.  The
Assuming Party is willing to assume the obligation to pay the indebtedness evidenced by, and otherwise perform all of the terms, conditions and covenants of the
Documents. 

    NOW,
THEREFORE, in consideration of the above premises, the covenants herein contained and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the
parties hereto do covenant and agree as follows: 

    1.  The
Assuming Party represents and warrants as follows: 

    a.  The
Assuming Party is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware, and has complied
with all certifications, filings, and requirements necessary to continue as a limited liability company in the State of Delaware and to do business in the State of Minnesota. The Assuming Party has
all requisite power and authority to own and operate the Premises, to enter into this Assumption Agreement (the "Assumption Agreement") and to otherwise assume and perform the obligations on its part
to be assumed and performed as contemplated hereunder, and is in compliance with all laws, regulations, ordinances and orders of public authorities applicable to it. 

    b.  Neither
the execution and delivery of this Assumption Agreement nor the performance of the provisions of the agreements therein contained on the part of the
Assuming Party will contravene, violate or constitute a default under the Assuming Party's organizational documents, or any agreement with the partners of the Assuming Party, or any creditors of the
Assuming Party, or any law, ordinance, governmental regulation, agreement or indenture to which the Assuming Party is a party or by which the Assuming Party or the Assuming Party's properties are
bound. 

    c.  There
are no (i) bankruptcy proceedings involving the Assuming Party or, to the Assuming Party's best knowledge, any partner of the Assuming Party;
(ii) dissolution proceedings involving the Assuming Party; (iii) unsatisfied judgments of record against the Assuming Party or, to the Assuming Party's best knowledge, any partner of the
Assuming Party; or (iv) tax liens filed 

 

against the Premises, the Assuming Party or, to the Assuming Party's best knowledge, any partner of the Assuming Party. 

    d.  This
Assumption Agreement has been duly executed and delivered by the Assuming Party and constitutes the legal, valid and binding obligation of the Assuming Party,
enforceable in accordance with its terms, except as to enforcement of remedies, as may be limited by bankruptcy, insolvency or similar laws affecting generally the enforcement of creditor's remedies. 

    e.  There
are no judgments, suits, actions or proceedings at law or in equity or by or before any governmental instrumentality or agency now pending against or, to the
best of the Assuming Party's knowledge, threatened against the Assuming Party or its properties, or both, nor has any judgment,
decree or order been issued against the Assuming Party or its properties, or both, which would have a material adverse effect on the Premises or the financial condition of the Assuming Party or the
Assuming Party's properties. 

    f.   No
consent or approval of any regulatory authority having jurisdiction over the Assuming Party is necessary or required by law as a prerequisite to the execution,
delivery and performance of the terms of this Assumption Agreement. 

    g.  The
Assuming Party is not, as of the date hereof, in default in the payment of any of the Assuming Party's material obligations. 

    2.  The
Assuming Party hereby expressly assumes the obligation to pay the indebtedness evidenced by, and otherwise perform all of the terms and conditions of the
Documents, and agrees to perform the same and to be bound by the same in accordance with their respective terms and conditions. 

    3.  The
Assuming Party agrees that its assumption of liability hereunder shall constitute a direct and primary liability on the Documents and shall not be conditioned
upon any obligation of any party to the Documents to first resort to enforcement of any remedies against the Borrower or any security given therefor. 

    4.  This
Assumption Agreement is delivered in and made and shall in all respects be construed according to the laws of the State of Minnesota. 

    5.  This
Assumption Agreement and each and every part thereof shall be binding upon the parties hereto and upon their heirs, administrators, representatives, executors,
successors and assigns. 

    6.  Any
notices which any party may deem necessary or desirable to give pursuant to the terms of this Assumption Agreement shall be deemed duly given if given in
writing and mailed by certified mail to the parties hereto at the respective addresses set forth above or to such other address as any party may designate by notice in writing as its address for
future notice purposes. 

    IN
WITNESS WHEREOF, the parties hereto have caused this Assumption Agreement to be executed as of the date and year first above written. 

	
BORROWER	
 	
THRESHER SQUARE LIMITED PARTNERSHIP II,

a Minnesota limited partnership
	

 	
 	

By:	
 	

/s/ STEVEN B. HOYT   
 Steven B. Hoyt
	 	 	Its: Managing General Partner

2

 

	STATE OF MINNESOTA	 	)

) ss.
	COUNTY OF HENNEPIN	 	)

    The foregoing instrument was acknowledged before me this    day of            , 1998, by Steven B. Hoyt, the Managing General
Partner of Thresher Square Limited Partnership II, a Minnesota limited partnership, on behalf of the partnership. 

	

[NOTARY STAMP]	
 	

/s/ ROBIN KAY SELLNER   
 Notary Public
	
ASSUMING PARTY:	
 	

WPT I, LLC,

a Delaware limited liability company
	

 	
 	

By:	
 	

Wellington Properties Investments, L.P., a Delaware limited partnership, its sole member
	

 	
 	

 	
 	

By:	
 	

Wellington Properties Trust, a Maryland real estate investment trust, its sole general partner
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/ DUANE LUND   

	 	 	 	 	 	 	Its:	 	CEO

	

STATE OF MINNESOTA	
 	

)

) ss.
	COUNTY OF HENNEPIN	 	)

    The foregoing instrument was acknowledged before me this    day of            , 1998, by       
             , the                    of
Wellington Properties Trust, a Maryland real estate investment trust, the sole general partner of Wellington Properties Investments, L.P., a Delaware limited partnership, the sole member of
WPT I, LLC, a Delaware limited liability company, on behalf of the company. 

	

[NOTARY STAMP]	
 	

/s/ ROBIN KAY SELLNER   
 Notary Public

3

EXHIBIT C  

  
 

    INDEMNITY    
  

    THIS
INDEMNITY is made this    day of November 1998, by Wellington Properties Investments, L.P. ("Wellington") in favor of Steven B. Hoyt and
Michelle J. Hoyt (individually or collectively "Hoyt"). 

    A.  The
ownership of certain real property is being transferred to affiliates of Wellington pursuant to that certain Contribution Agreement dated August 28,
1998. 

    B.  In
connection with the transfer of such real property, certain loans are being assumed by affiliates of Wellington. 

    C.  Hoyt
shall remain personally liable for certain loans as described on the attached Exhibit A (the
"Guaranties") that are being assumed by affiliates of Wellington. 

    D.  Hoyt
desires to be indemnified by Wellington, and Wellington desires to indemnify Hoyt for any liability Hoyt may incur related to the Guaranties. 

    1.  Indemnification.  Wellington hereby agree that it shall indemnify, defend and hold harmless Hoyt to
the fullest extent permitted by law, from and against and and all liabilities, losses, interest, claims, damages, penalties, costs and expenses (including, without limitation, all attorneys' fees and
accountants' fees and expenses), judgments, obligations, assessments and fines paid or incurred in connection with the Guaranties. 

    2.  Governing Law.  This Indemnity shall be construed in accordance with and governed by the laws of the
State of Minnesota. 

    3.  Parties in Interest.  This Indemnity shall be binding upon Wellington, its successors and assigns and
inure to the benefit of Hoyt, their successors and assigns. 

	

 	
 	

Wellington Properties Investments, L.P.,

a Delaware limited partnership
	

 	
 	

By:	
 	

Wellington Properties Trust, a Maryland real estate investment trust
	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

By:	
 	

/s/ DUANE LUND   

	 	 	 	 	Its:	 	CEO

 
 
 

EXHIBIT A TO INDEMNITY    
  

Irrevocable
Guaranty Agreement dated June 15, 1996 between Steven B. Hoyt and First Trust National Association. 

Master
Lease dated June 15, 1996 by and between Thresher Square Limited Partnership II and Steven B. Hoyt. 

Guaranty
of Recourse Obligations of Borrower dated January 8, 1998 executed by Cliff Six, Inc., Steven B. Hoyt and Michelle L. Hoyt in favor of GMAC Commercial Mortgage
Corporation. 

2

QuickLinks

MEMBERSHIP UNIT PURCHASE AGREEMENT

W I T N E S S E T H:

ARTICLE I SALE AND PURCHASE OF MEMBERSHIP UNITS

ARTICLE II CLOSING

ARTICLE III REPRESENTATIONS AND WARRANTIES OF PARTIES

ARTICLE IV ADDITIONAL COVENANTS

ARTICLE V GENERAL PROVISIONS

EXHIBIT A LEGAL DESCRIPTION

ASSUMPTION AGREEMENT

PRELIMINARY STATEMENT OF FACTS

INDEMNITY

EXHIBIT A TO INDEMNITY

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