Document:

Exhibit 10.23

PROPERTY MANAGEMENT AGREEMENT

This Property
Management Agreement (the “Agreement”) made as of the 16th day of October, 2006, by and between TRT PARK
WEST Q LLC, a Delaware limited liability company (“Owner”), and IDI SERVICES
GROUP, LLC, a Georgia limited liability company (“Property Manager”).

Owner desires to
retain the services of Property Manager, as an independent contractor, in
connection with the management and operation of the real property owned by
Owner identified on Exhibit A, attached hereto (“Property”) and
Property Manager desires to assume such responsibilities, upon the terms and
conditions set forth in this Agreement. If Exhibit A includes more than
one property, or if additional properties are added to this Agreement by the written
agreement of the parties from time to time, the term Property means one
property, some properties or all properties subject to the Agreement, as the
context may require.

In consideration
of the premises and the mutual promises and covenants herein contained, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Owner and Property Manager agree as follows:

1.             Appointment. Subject to the terms and provisions
of this Agreement, Owner hereby grants to Property Manager, as an independent
contractor, the exclusive right to manage and operate the Property. Owner and
Property Manager have entered into this Agreement in reliance upon the unique
knowledge, experience, reputation and expertise of the other party and in
reliance upon the duties of loyalty and confidentiality which each party hereby
agrees to undertake. Except as otherwise expressly provided in this Agreement,
neither party shall be required to accept performance under this Agreement from
any person, including, without limitation, Owner or Property Manager, as the
case may be, should it become a debtor in possession under the United States
Bankruptcy Code, or any trustee of either appointed under the United States
Bankruptcy Code and any assignee of such party or trustee, other than the other
party.

2.             Term and Termination.

(a)           Initial Term. The initial term
of this Agreement shall commence on October 16, 2006, or, if Owner is not the
owner of the Property on such date, on the date Owner closes on the purchase of
the property, and except as otherwise expressly provided in this Agreement,
shall continue until one year following the commencement of the term of this
Agreement and from year to year thereafter subject to termination as provided
in subsection (b). Owner shall have the right to terminate this Agreement
at anytime prior to the commencement of the initial term by providing Property
Manager with written notice of such termination.

(b)           Termination. Notwithstanding
anything to the contrary contained in this Agreement, Property Manager may
terminate this Agreement without cause upon 60 days prior written notice to the
Owner and Owner may terminate this Agreement without cause upon 30 days prior
written notice to the Property Manager. Owner may from time to time, by written
notice, without affecting this Agreement with respect to any other Properties,
delete individual properties from this Agreement.

 	 Initials:  PM  
 	  
 	   Owner  
 	  
 

  
 

 

(c)           Effect of Expiration or
Termination. Any expiration or termination of this Agreement shall not
affect or impair any rights or obligations which have accrued to either party
hereto prior to such expiration or termination, including, without limitation,
the rights of Property Manager to receive payments provided for hereunder. Upon
Owner’s delivery to Property Manager of notice of termination of this Agreement
under this Section 2, Owner may send a transition team to the Property to
participate in the day-to-day operations of the Property and Property Manager
shall cause its employees and other personnel engaged in the management and
operation of the Property to cooperate with Owner’s transition team. Immediately
upon the expiration of the term hereof, Property Manager shall deliver to Owner
all funds, including tenant security deposits, tenant correspondence, property
files, vendor invoices and books and records of Owner related to the Property
then in possession or control of Property Manager. Within 60 days following
expiration or termination, Property Manager shall deliver to Owner a final
accounting, in writing, with respect to the operations of the Property.

(d)           Default. Upon the occurrence
of any breach of any term or provision of this Agreement by a party (“defaulting
party”), and after giving notice of such breach and an opportunity to cure as provided
below, the nondefaulting party shall be entitled to terminate this Agreement
immediately in addition to any remedy such party may have at law or in equity. A
defaulting party shall be entitled to cure a monetary breach within 10 days
after receipt of written notice of such breach, or, in the case of a
nonmonetary breach, within 30 days after such notice provided that the
defaulting party proceeds to diligently cure such breach upon receipt of such
notice.

(e)           Bankruptcy, Insolvency. If
either party shall file a petition in bankruptcy or for a reorganization or
arrangement or other relief under the United States Bankruptcy Code or any
similar statute, or if any such proceeding shall be filed against either party
and is not dismissed or vacated within 60 days after its filing, or if a court
having jurisdiction shall issue an order or decree appointing a receiver,
custodian or liquidator for a substantial part of the property of either party
which decree or order remains in force undischarged and unstayed for a period
of 60 days, or if either party shall make an assignment for the benefit of
creditors or shall admit in writing its inability to pay its debts as they
become due, the other party may terminate this Agreement upon five days written
notice.

(f)            Termination
by Mortgagee. Notwithstanding anything to the contrary contained in
this Agreement, the holder or holders of any indebtedness of Owner secured by a
first lien mortgage or deed of trust encumbering the Property (a “Mortgagee,”
as provided for in Section 9 of this Agreement) shall have the right to
terminate this Agreement without cause upon thirty (30) days prior written
notice to Property Manager in the event such Mortgagee forecloses its lien on
the Property, or accepts a deed in lieu of foreclosure from Owner, or otherwise
becomes a mortgagee in possession of the Property.

3.             Compensation.

(a)           Management Fee. As
consideration for the performance by Property Manager of all of its property
management duties under this Agreement, Owner agrees to pay to Property Manager
for each individual property subject to this Agreement and each month during
the term of this Agreement that the individual Property is subject to this
Agreement, a property

  
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management fee equal to the greater of the applicable percentage of gross receipts
or the minimum amount as detailed on the attached Exhibit B – Schedule
of Property Management Fees (the “Management Fee”). The
Management Fee shall be paid not later than the tenth (10th) day of the month
following the month for which such fee is earned. “Gross Receipts” means all
receipts of every kind and nature derived from the operation of the Property
during a specified period determined on a cash basis, including, without
limitation, rent, rent adjustments, utility charges, parking charges, service
charges, proceeds of rent interruption insurance and tenant reimbursements for
operating expenses, taxes and insurance; excluding: (i) security deposits (to
the extent not applied to delinquent rents) and other refundable deposits; (ii)
lump sum payments, which are not amortized, for above-standard tenant
improvements; (iii) interest on bank accounts for the operation of the
Property; (iv) proceeds from the sale or refinancing of the Property, or any
part thereof; (v) insurance proceeds or dividends received from any insurance
policies pertaining to physical loss or damage to the Property or any part
thereof (but not proceeds of rent interruption insurance); (vi) condemnation
awards or payments received in lieu of condemnation of the Property or any part
thereof; and (vii) any trade discounts and rebates received in connection with
the purchase of personal property.

(b)           Payment of Management Fee. Provided
that Property Manager is not in default under this Agreement, Property Manager
shall be entitled to pay itself the monthly Management Fee from the Property
bank account referred to in Section 6(a) hereof.

(c)           Reimbursable and Nonreimbursable
Costs. All costs incurred by Property Manager in the performance of its
duties under this Agreement that are in accordance with the approved Budget or
within $500 or 10% of the applicable line items in the approved Budget shall be
reimbursed by Owner. Notwithstanding any other provision herein or in any
Budget, the following costs shall not be reimbursable by Owner to Property
Manager:

(i)            costs relating to bookkeeping
services required to be performed by Property Manager hereunder unless such
costs are approved by Owner in writing to Property Manager;

(ii)           salaries and payroll expenses of
Property Manager’s executives, personnel, and employees of Property Manager,
except maintenance personnel billed on an hourly or other periodic basis and
subject to the limitations in the Budget;

(iii)          Property Manager’s off-site overhead
and general administrative expenses, except long distance telephone, fax,
overnight delivery, courier, registered mail, copying, entertainment (subject
to Owner’s prior approval in each instance), uniforms, and two-way radios,
where such charges are directly related to the operation of the Property;

(iv)          premiums for insurance required to be
maintained by Property Manager or any subcontractors hereunder; and

(v)           costs of Property Manager’s principal
and branch offices.

  
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4.             Duties.

(a)           General Management Duties. Subject
to the availability of funds provided under the Budget, Property Manager shall
manage and operate the Property in a manner consistent with the management and
operation of comparable properties, shall provide such services as are
customarily provided by a manager of properties of comparable class and
standing, and shall consult with Owner and keep Owner advised as to all
material or extraordinary matters and decisions affecting the Property. Specifically,
Property Manager shall, at Owner’s expense, perform the following services and
duties for Owner in a faithful, diligent and efficient manner:

(i)            Property Manager shall timely
prepare and deliver to Owner such accounting and operations reports as and in
the manner required pursuant to Owner’s standard reporting requirements, as may
be amended from time to time;

(ii)           Maintain businesslike relations with
tenants of the Property whose service requests shall be received, considered
and recorded in systematic fashion in order to show the action taken with
respect to each request. Complaints of a serious nature shall, after thorough
investigation, be reported to Owner with appropriate recommendations for
addressing such complaints;

(iii)          Exercise its best efforts to collect
all rents and other sums and charges due from tenants, subtenants, licensees
and concessionaires of the Property;

(iv)          Prepare or cause to be prepared for
execution and filing by Owner all forms, reports and returns, if any, required
by all federal, state, or local laws in connection with unemployment insurance,
workmen’s compensation insurance, disability benefits, Social Security and
other similar taxes now in effect or hereafter imposed, and also any other
requirements relating to the contracting of third party vendors for the
Property; however, Property Manager shall not be obligated to prepare any of
Owner’s local, state, or federal income tax returns;

(v)           Pay prior to delinquency all real
estate taxes, sales tax, personal property taxes and assessments levied against
the Property, or any part thereof; and

(vi)          Subject to the limitations of the
applicable approved Budget adopted pursuant to subsection (b) hereof, perform
such other acts as are reasonable, necessary and proper in the discharge of its
duties under this Agreement.

(b)           Budgets.

(i)            Budget Approval Process. Property
Manager shall submit by September 1st of each year during the term hereof
(or such other date as Owner may request) a proposed detailed, written estimate
or projection of all receipts and expenditures for the operation of the
Property during the next Fiscal Year, including, without limitation, all
estimated rentals (including fixed, percentage and escalation rents) and all
estimated repairs, maintenance and capital projects (“Budget”) for the
ensuing Fiscal Year. Property Manager shall submit the preliminary budget to
Owner within 15 days after the date hereof for the remainder of the Fiscal Year
beginning on the date of this Agreement. A “Fiscal Year” is a calendar
year all or part of which falls within the term of this Agreement. In the event
Owner, in Owner’s sole judgment,

  
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disapproves of any proposed Budget submitted by
Property Manager, Owner shall give Property Manager written notice thereof in
which event Property Manager shall make all revisions thereto which Owner shall
direct. Property Manager shall resubmit the revised proposed Budget to Owner
for approval. Until Owner has approved the revised approved Budget, Property
Manager may continue to operate pursuant to the last approved Budget except for
increased expenses relating to taxes, insurance and utilities which should be
paid on a current basis. In the absence of any written notice of approval
within 60 days after delivery of a proposed Budget to Owner, the proposed
Budget shall be deemed to have been approved by Owner.

(ii)           Payment of Budgeted Expenses. Property
Manager shall have the right to pay all expenses according to the approved
Budget, including the Management Fee. Notwithstanding any other provision in
this Agreement, without the prior written consent of Owner, Property Manager
shall not incur or permit to be incurred expenses under this Agreement
(excluding only utility expenses, general real estate taxes, insurance
premiums, financing costs and emergency expenses) that exceed 10% of the
applicable line items in the Budget (e.g., cleaning expenses, HVAC expenses,
maintenance expenses, etc.) but in no event that exceed $500.00. Property
Manager shall promptly notify Owner whenever Property Manager determines that
the Budget or any expense item in the Budget is insufficient to cover the
expenses of operating the Property or the applicable expense item.

(c)           Property Personnel. Property
Manager shall employ, supervise, and discharge all employees required in
connection with the operation and management of the Property. All such
personnel shall, in every instance, be employees of Property Manager or
independent contractors. Property Manager shall provide and maintain, so long
as this Agreement is in force, worker’s compensation insurance in full
compliance with all applicable state and federal laws and regulations covering
all employees of Property Manager performing work in respect of the Property
operations. The granting of unbudgeted employee fringe benefits and plans not
required by law or union contract shall be subject to the reasonable prior
written approval of Owner. Property Manager agrees to comply with all
governmental anti-discrimination laws and shall not, unless acting at the
direction of Owner, do any act, nor permit any act to be done that would
constitute a violation of any or all of such laws. Property Manager shall
indemnify and hold Owner harmless from and against any and all claims,
penalties, liabilities and expenses of whatsoever kind and nature which may be
asserted by any governmental body having authority or by any person claiming to
be aggrieved by reason of any acts or failure to act by Property Manager in
accordance with or in violation of any said anti-discrimination laws, as long
as such act or failure to act is not caused or directed by Owner.

Employees
of the Property Manager or independent contractors shall include the following:

(i)            Property Manager. A person
who is primarily responsible for overseeing the management of the Property
hereunder and who is experienced in the administration and operation of
warehouse, and/or light industrial, and/or service center facilities of the
size, type, use, and quality of the Property;

(ii)           Others. Such other personnel
required to operate and maintain the Property, including, but not limited to,
an assistant property manager, maintenance manager,

  
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administrative and accounting personnel, grounds
keepers, and janitorial and custodial persons, as Property Manager reasonably
deems necessary or consistent with the level of service provided by other
similarly situated property.

(d)           Contracts and Supplies. Property
Manager shall, at Owner’s expense, at the lowest cost as in its judgment is
consistent with good quality, workmanship and service standards, enter into
contracts on behalf of Owner for the furnishing to the Property of required
utility services, heating and air-conditioning services and other maintenance,
pest control, and any other services and concessions which are reasonably
required in connection with the maintenance and operation of the Property. Property
Manager shall also place purchase orders for services and Personal Property as
are reasonably necessary to properly maintain the Property. All such contracts
and orders shall be subject to the limitations set forth in the approved Budget.
When taking bids or issuing purchase orders, Property Manager shall use all
reasonable efforts to secure for and credit to Owner, any discounts,
commissions or rebates obtainable as a result of such purchases or services. Property
Manager shall use all reasonable efforts to make purchases and (where necessary
or desirable) let bids for necessary labor and materials at the lowest possible
cost as in its judgment is consistent with good quality, workmanship and
service standards. Property Manager shall not incur obligations to any person
or entity in which Property Manager or any of Property Manager’s employees has
a financial or other interest or with which Property Manager or any such
employee(s) is affiliated unless: i) the price or fee therefore is not higher
than that which would have been charged as a result of a bona fide arms-length
negotiation for goods or services of comparable quality; and ii) Property
Manager delivers to Owner prior written notice and Owner gives its prior
written approval of any such proposed transaction.

(e)           Alterations, Repairs and Maintenance.

(i)            Budgeted Repairs/Emergency
Repairs. Property Manager shall, at Owner’s expense, perform or cause to be
performed all necessary or desirable repairs, maintenance, cleaning, painting
and decorating, alterations, replacements and improvements in and to the
Property as are customarily made by property managers in the operation of
properties of the kind, size, and quality of the Property; provided, however,
that no unbudgeted alterations, additions or improvements involving a
fundamental change in the character of the Property or constituting a major new
construction program shall be made without the prior written approval of Owner
unless specifically referenced in and performed pursuant to any lease previously
approved by Owner. In addition, no unbudgeted expenditure in excess of $250 per
item or a total of $1,000 per Fiscal Year shall be made for such purposes in
connection with any single Property without the prior written approval of Owner.
Emergency repairs involving manifest danger to life or property, or immediately
necessary for the preservation or the safety of the Property, or for the safety
of the tenants of the Property, or required to avoid the suspension of any
necessary service to the Property may be made, however, by the Property Manager
without prior approval and regardless of the cost limitations imposed by this
subsection (e). Property Manager shall as soon as practicable give written
notice to Owner of any such emergency repairs for which prior approval is not
required.

(ii)           Capital Improvements. In
accordance with the terms of approved Budgets and upon written request and/or
approval of Owner, Property Manager shall, from time to time

  
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during the term hereof, at Owner’s expense, make or
cause to be made all required capital improvements, replacements, or repairs to
the Property. All major repairs and capital replacements shall be managed by a
person who specializes in construction projects for the Property Manager (the “Construction
Manager”). The Property Manager shall be paid a construction management fee of:
5% of the total budgeted construction cost (excluding the construction
management fee) up to $50,000; 4% of the total budgeted construction cost
exceeding $50,001 and up to $200,000; and 3% of the total budgeted construction
costs exceeding $200,001 and up to $350,000; 2.5% of the total budgeted
construction costs exceeding $350,001 and up. For example and not by way of
limitation, the construction management fee for a $50,000 construction job
would be $2,500. The construction management fee shall be paid upon the
completion of the construction and written acceptance of the work by the Owner.
The construction management fee shall be based on the actual cost of the
project, including any change orders approved by Owner.

(iii)          In connection with all improvements,
replacements, or repairs to the Property (the “Work”), the Construction
Manager shall do the following:

(A)          prepare a detailed list of the Work to
be performed and review the preparation of all plans for the construction of
all improvements and repairs to the Property. Except for any Work which is less
than $2,500, the plans for the Work to be performed shall be submitted to the
Owner for its approval;

(B)           except for any Work which is less
than $2,500, prepare all bid documents which shall be distributed to at least
three (3) contractors on the approved contractor list;

(C)           except for any Work which is less
than $2,500, receive all submitted bids and evaluate such bids. In evaluating
the submitted bids, Construction Manager shall evaluate the price listed in the
bid, the timeliness of the work to be performed as stated in the bid, the
reputation of the contractor submitting the bid, and any other relevant factors
that Construction Manager determines should be taken into account when
evaluating the submitted bids. Once Construction Manager evaluates all the
submitted bids, Construction Manager shall recommend to Owner the bid, if any,
it believes is the best and shall explain to Owner why the recommended bid is
the best. Once Owner determines which bid to accept, Construction Manager shall
contact the contractor with the approved bid to award the contract;

(D)          review, inspect, and oversee the
construction of all improvements, replacements, or repairs to the Property to
ensure that all said improvements, replacements, and repairs comply with the
construction contract requirements and all applicable laws, including but not
limited to local building codes and ordinances;

(E)           ensure that all improvements,
replacements, or repairs to the Property are completed;

  
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(F)           except for any Work which is less
than $2,500 or for Work for which a single payment will satisfy the obligation,
prepare a draw package for the disbursement of funds to the Contractor. The
draw package or single payment invoices shall be submitted to Owner for its
approval;

(G)           ensure that all guaranties and
warranties for the materials, labor, and for work in connection with or
relating to the Work shall be in the name of the Owner or shall be assigned to
Owner upon the completion of the Work; and

(H)          after receiving adequate and complete
lien waivers from all workers and suppliers and other applicable parties in
connection with the Work, after taking any and all steps necessary to release
and to otherwise prevent perfection or enforcement of any liens filed or
recorded against the Property in connection with the construction of any and
all improvements or replacements or repairs to the Property, and after
receiving written approval from Owner, disburse all funds to the proper and
correct parties.

The Construction Manager shall
provide written reports to Owner, no less frequently than once a month, summarizing
the repairs, improvements, and replacements being constructed on the Property,
as well as such other reports as Owner may reasonably request. These reports
shall, among other things, summarize any material problems or issues which may
arise in connection with said construction.

(iv)          Defects and Warranties. Property
Manager shall give Owner written notice of any material or latent defect in the
Property and all parts thereof known to Property Manager promptly after any of
the foregoing comes to Property Manager’s attention including, without
limitation, material defects in the roof, foundation and walls of the Property
and in the sewer, water, electrical, structural, plumbing, heating, ventilation
and air conditioning systems. Property Manager shall make periodic visual
inspections of the Property consistent with its employees’ and agents’ expertise
as referenced in Section 4(c)(i) hereinabove. Property Manager shall have no
obligation to discover any such condition or make any other inspections, but
Property Manager shall be required to ascertain the existence of any
contractor/subcontractor warranty or guaranty and to submit a request to the
appropriate contractor/subcontractor to repair the defect as necessary.

(f)            Licenses and Permits. Property
Manager shall, at Owner’s expense, attempt to obtain and maintain in the name
of Owner all licenses and permits required of Owner or Property Manager in
connection with the management and operation of the Property. Owner agrees to
execute and deliver any and all applications and other documents and to
otherwise cooperate with Property Manager in applying for, obtaining and
maintaining such licenses and permits.

(g)           Compliance with laws. To the
extent permitted by the approved Budget, Property Manager shall use best
efforts to comply with all applicable laws, regulations and requirements of any
federal, state or municipal government having jurisdiction with respect to the
use or manner of use of the Property or the maintenance or operation thereof.

  
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(h)           Legal Proceedings. Property
Manager cannot and may not terminate any lease, lock out a tenant, institute
suit for rent or for use and occupancy, or proceedings for recovery of
possession, without the prior written approval of Owner. In connection with
such suits or proceedings only legal counsel designated by Owner shall be
retained, and all such suits or proceedings shall be brought in the name of
Owner and shall be handled in such manner as Owner directs.

(i)            Inventory. Property Manager
shall maintain a current inventory of all equipment supplies, furnishings,
furniture and all other items of personal property now or hereafter owned by
Owner and located upon or used, or useful for, or necessary or adapted for the
operation of the Property.

(j)            Signs. Property Manager may
place one or more signs on or about the Property stating, among other things,
that Property Manager is the management and leasing agent for the Property. All
such signs and locations thereof shall be subject to Owner’s prior written
approval.

(k)           Third Party Vendors. All third
party vendors with whom Property Manager contracts on behalf of Owner shall be
required to submit certificates of insurance evidencing that such vendor
carries at least $1,000,000 in comprehensive general liability insurance and
such workers compensation insurance as may be required by statute in the state in
which the Property is located. If required by other provisions of this
Agreement, Owner shall be added as an additional named insured on such policies
of insurance.

(l)            Leases. In accordance with
the terms and provisions of this Agreement, Property Manager shall ensure that
all tenants comply with the terms and provisions of their leases and shall take
customary actions to enforce such leases.

(m)          Additional Services. If
Property Manager shall perform such additional services as Owner may reasonably
request in writing, which are not specifically provided for in this Section 4
above, Property Manager will be compensated for such services on an hourly
basis or on a negotiated fee basis.

5.             Procedure For Handling Receipts And Operating Capital.

(a)           Receipts. All monies received
by Property Manager for or on behalf of Owner in connection with the operation
and management of the Property shall be promptly deposited by Property Manager
in an operating account or accounts established in Owner’s name at such bank as
directed by Owner (“Operating Accounts”). Periodically throughout the
month, Owner, in its sole discretion, may remove any excess funds from such
Operating Accounts.

(b)           Disbursements. Owner shall
deposit and maintain sufficient funds in the Operating Accounts, and Property
Manager shall withdraw and pay from such account or accounts, such amounts at
such times as the same are required in connection with the management and
operation of the Property in accordance with the provisions of this Agreement.

(c)           Authorized Signatories. Certain
officers and employees of Property Manager, approved by Owner and designated on
Exhibit C hereto, shall be authorized signatories

  
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on the Operating Accounts and shall have authority to
make withdrawals from such Operating Accounts. In addition, Owner shall have at
least one officer or employee of Owner as an authorized signatory on each
Operating Account, which officer(s) or employee(s) of Owner shall also be
designated on Exhibit C hereto. Property Manager shall cause all officers
and employees of Property Manager who are so designated to be bonded, at Property
Manager’s expense, in an amount required by Owner, but not less than $50,000. Property
Manager shall also cause all other officers, employees, affiliates or agents of
Property Manager who in any way handle funds for the Property to be bonded, at
no expense to Owner, in an amount not less than $50,000.

(d)           Security Deposits. All
security deposits of tenants of the Property shall be maintained under the
joint control of Owner and Property Manager in such manner as Owner shall
approve and as required by the applicable state law.

6.             Accounting.

(a)           Books and Records. In
accordance with the guidelines and operating procedures established by Owner,
Property Manager shall maintain, at the central office of Property Manager, a
comprehensive system of office records, books, computer files and data and
accounts pertaining to the Property (using such property management accounting
software that Owner may choose), which system currently is MRI. Owner also has
a website, xdrive.com, which Property Manager shall also be required to
maintain and/or access for additional required forms and reports. Such systems
(MRI & xdrive.com), records, books, computer files and data and accounts
shall be available for examination, copying and audit by Owner and its agents,
accountants and attorneys during regular business hours. Property Manager,
during the term, shall preserve all records, books, computer files and data and
accounts for a period of three years and at the end of such period shall
deliver or make available to Owner such records, books, computer files and data
and accounts. All such records, books and computer files and data shall, at all
times, be the property of Owner.

(b)           Periodic Statements; Audits.

(i)            Periodic Statements. Property
Manager shall timely prepare and deliver to Owner such accounting and
operations reports as and in the manner required pursuant to Owner’s standard
reporting requirements, as may be amended from time to time.

(ii)           Data Processes. Property
Manager shall timely meet all designated deadlines for inputting and
maintaining data on Owner’s MRI system (or other system hereafter designated by
Owner) so that Owner may download such data from Property Manager’s computers
to Owner’s computers on such designated deadlines.

(iii)          Audit. In the event that Owner
requires an audit, the audit shall be at Owner’s expense and the Property
Manager shall cooperate with the auditors.

(iv)          Other Statements. Owner may
request and Property Manager shall provide when available such monthly,
quarterly and/or annual leasing and management reports that relate to the
operations of the Property as Property Manager customarily provides the owners
of other properties it manages.

  
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(c)           Return of Computer Hardware and
Software. Immediately following the termination of this Agreement by either
Owner or Property Manager, Property Manager shall return and/or deliver to
Owner, in good condition and working order, all hardware, software,
documentation, backup tapes, signature cartridges and all other computer
hardware and software purchased or otherwise provided by Owner to Property
Manager for Property Manager’s use during the term of this Agreement.

7.             Insurance.

(a)           Insurance by Owner. Owner, at
its expense, will obtain and keep in force adequate insurance against physical
damage (e.g., fire and extended coverage endorsement, boiler, and machinery,
etc.) and not less than $5,000,000 Occurrence and Aggregate general liability
insurance against liability for loss, damage, or injury to property or persons
which might arise out of the occupancy, management, operating, or maintenance
of the Property covered by this Agreement. Property Manager will be covered as
an insured in its capacity as a Real Estate Manager on all commercial general
liability insurance obtained by Owner. Owner shall save Property Manager
harmless from any liability on account of loss, damage, or injury, to the
extent actually insured against by Owner provided:

(i)            Property Manager notifies Owner
within twenty-four hours after Property Manager receives notice of any such
loss, damage or injury;

(ii)           Property Manager takes no action
(such as admission of liability) which bars Owner from obtaining any protection
afforded by any policy Owner may hold; and

(iii)          Property Manager agrees that Owner
shall have the exclusive right, at its option, to conduct the defense to any
claim, demand or suit within limits prescribed by the policy or policies of
insurance.

The
Property Manager shall furnish whatever information is requested by Owner for
the purpose of establishing the placement of insurance coverages and shall aid
and cooperate in every reasonable way with respect to such insurance and any
loss thereunder. Owner shall include in its hazard policy covering the
Property, the personal property, fixtures and equipment located thereon (owned
by either Property Manager or Owner), appropriate clauses pursuant to which the
insurance carriers shall waive the rights of subrogation with respect to losses
payable under such policies.

(b)           Indemnity. Owner agrees to
indemnify, defend and hold Property Manager harmless from and against any and
all loss, cost, damage, liability or expense (including, without limitation,
attorneys’ fees, accountants’ fees, consultants’ fees, court costs and
interest) resulting from bodily injury or tangible property damage and arising
in connection with the Property to the extent the same were caused by the gross
negligence or willful misconduct of Owner, or its officers or employees.

(c)           Property Manager’s Insurance. Property
Manager shall maintain, at its expense, insurance coverages in the following
amounts:

(i)            Worker’s Compensation – Coverage A:
statutory amount

  
 11
 

 

Coverage B: Employer’s Liability insurance:

$500,000 Each Accident

$500,000 Disease, Policy Limit

$500,000 Disease, Each Employee

Worker’s
Compensation policy shall include an Alternate Employers Endorsement WC 00 03
01 naming Property Owner as Alternate Employer for injuries occurring at “Property”

(ii)           Commercial General Liability, on an
occurrence basis, including Bodily Injury and Property Damage Liability,
Personal and Advertising Injury Liability for the following limits:

	
  General Aggregate

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Products -
  Completed Operations Aggregate

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Each Occurrence

  	
   

  	
  $

  	
  1,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Personal and
  Advertising Injury Liability

  	
   

  	
  $

  	
  1,000,000

  	
   

  

 

Property
manager’s Commercial General Liability policy shall include Real Estate
Property Managed Endorsement: CG 22 70 11 85 and an endorsement deleting the
contractual liability exclusion contained in the Personal and Advertising
Injury Liability coverage

(iii)          Owned, Hired and Non-Owned Business
Automobile liability insurance in an amount no less than $1,000,000 per
accident Combined Single Limit for bodily injury and property damage

(iv)          Property Manager’s Errors &
Omissions Insurance in an amount not less than $1,000,000 per loss, aggregate.

(v)           Employee Theft Insurance in an amount
not less than $1,000,000. Employee Theft Insurance policy shall be endorsed to
name Owner as Additional Insured and to provide coverage for theft of Owner’s
money, securities and other property by employees of Property Manager.

(vi)          Property Insurance
coverage for personal property of Property Manager.

All
coverage shall be provided by insurance companies with a current Best’s Rating
of A VIII or higher. At the commencement of the Agreement, Property Manager
shall furnish Owner with Certificates of Insurance. All insurance policies
shall provide for 30 days’ written notice to Owner prior to the cancellation or
any material change to any provisions therein. Certificates of Insurance shall
be modified so the words “endeavor to”, “but failure to mail such notice shall
impose no obligation or liability of any kind upon the company, its agents or
representatives”, and all provisions of similar effect shall be deleted from
the certificate form’s cancellation

  
 12
 

 

provision. At
least ten (10) days prior to the expiration of any such policy, Property
Manager will provide to Owner evidence of the renewal or replacement of the
aforesaid policies.

(d)           Indemnification of Owner. Property
Manager agrees to defend and hold and save Owner free and harmless from and
against all expenses, claims, liabilities, losses, judgments or damages,
including reasonable attorneys’ fees actually incurred (except to the extent
covered by insurance carried by Owner), which Owner may suffer or incur as a
result of any gross negligence or willful misconduct of Property Manager or its
agents, employees, independent contractors or others under the direction or
control of Property Manager, any claim by or relating to any employee of
Property Manager against Owner that is predicated on the claim that such
employee is the employee of Owner and not of Property Manager or any act
outside the scope of Property Manager’s authority hereunder, and agrees to
retain legal counsel reasonably acceptable to Owner and at Property Manager’s
sole expense to defend promptly and diligently any claim, action or proceeding
brought against Owner or Property Manager, jointly or severally, arising out of
or in connection with any of the foregoing. Owner shall have the right to be
represented by advisory counsel of its own selection and at its own expense.

It is
expressly understood and agreed that the provisions of Section 7(b) hereinabove
and the provisions of this Section 7(d) shall survive the termination of this
Agreement to the extent of any cause of action arising from events occurring
prior to such termination.

(e)           Subcontractor’s Insurance. Property
Manager shall require that all subcontractors brought onto the Property have
insurance coverage, at the subcontractor’s expense, in the following minimum
amounts (which amounts may be increased at Owner’s written request, depending
on the work to be performed):

(i)            Workman’s Compensation – statutory
amount;

(ii)           Employer’s Liability -
$500,000/$500,000/$500,000 minimum;

(iii)          Broad Form Commercial General
Liability (naming Owner and Property Manager as additional insureds) -
$1,000,000 per occurrence Combined Single Limit; $2,000,000 aggregate (i.e.,
such insurance shall include contractual liability, personal injury protection
and completed operations coverage and hold harmless provision in favor or Owner
and Property Manager);

(iv)          Auto Liability - $1,000,000 minimum;
and

(v)           Property Insurance coverage for tools and equipment brought onto
and/or used on the Property by the subcontractor – an amount equal to the replacement costs of all such tools and
equipment.

All
such policies of insurance shall name Owner, Property Manager and all other
parties and/or entities required by Owner as additional insureds thereunder, as
their respective interests may appear.

  
 13
 

 

Property
Manager must obtain Owner’s prior permission to waive any of the above
requirements. Property Manager shall obtain and keep on file a certificate of
insurance that shows the contractor is so insured.

8.             Subordination to Mortgages.

(a)           Subordination. This Agreement
and Property Manager’s interest and rights hereunder, are subject and
subordinate to the lien of any first mortgage, whether now existing or
hereafter created on or against the Property, and all amendments, restatements,
renewals, modifications, consolidations, refinancings, assignments and extensions
thereof (“Mortgage”), without the necessity of any further instrument or act on
the part of the Property Manager. Property Manager agrees, at request of the
holder of any such Mortgage (the “Mortgagee”), to attorn to the Mortgagee
and/or to execute such documentation as the Mortgagee may reasonably require to
evidence that Property Manager’s interest and rights hereunder are and shall be
subject and subordinate at all times to the lien of the Mortgage. The term “Mortgage”
as used herein shall be deemed to include deeds of trust, security agreements,
assignments and any other encumbrances, and any reference to the “Mortgagee” of
a Mortgage shall be deemed to include the beneficiary under a deed of trust. Notwithstanding
the foregoing, nothing herein shall obligate the Property Manager to continue
its performance under this Agreement unless it continues to be paid in
accordance with the terms of this Agreement.

(b)           Rights after Events of Default.
In the event of any default under any Mortgage, the Property Manager shall
continue to perform its obligation under this Agreement until the termination
of this Agreement by the Mortgagee, which may occur in the Mortgagee’s sole
discretion, as provided for in Section 2(f) of this Agreement.

9.             Miscellaneous Provisions.

(a)           Notices. All notices, waivers,
demands, requests, or other communications, except for those approvals required
under this Agreement which shall be sent by facsimile or regular mail to the
asset manager for that individual Property, required or permitted hereunder
shall, unless otherwise expressly provided, be in writing and be deemed to have
been properly given, served and received (i) if delivered by messenger, when
delivered, (ii) if mailed, upon deposit in the United States mail, certified or
registered, postage prepaid, return receipt requested, (iii) if telexed,
telegraphed, or telecopied, if such dispatch is followed by delivery pursuant
to (iv) below the next business day, or (v) if delivered by reputable overnight
express courier, freight prepaid, the next business day after delivery to such
courier; in every case addressed to the party to be notified as follows:

  
 14
 

 

 

	
  To Property Manager:

  	
  IDI Services Group, LLC

  
	
   

  	
  3424 Peachtree Road NE,
  Suite 1500

  
	
   

  	
  Atlanta, GA 30326

  
	
   

  	
  Attn: Bert Calvert

  
	
   

  	
  Telephone:

  	
  404-479-4000

  
	
   

  	
  Telefax:

  	
  404-479-4142

  
	
   

  	
   

  
	
  To Owner:

  	
  TRT Park West Q LLC

  
	
   

  	
  c/o DCT Industrial Fund
  II LLC

  
	
   

  	
  518 17th St., Ste 1700

  
	
   

  	
  Denver, CO  80202

  
	
   

  	
  Attn:  Bonnie Micus

  
	
   

  	
  Telephone:

  	
  303-228-2200

  
	
   

  	
  Telefax:

  	
  303-228-2201

  

 

or to such other
address(es) or addressee(s) as any party entitled to receive notice hereunder
shall designate to the others in the manner provided herein for the service of
notices. Rejection or refusal to accept or inability to deliver because of
changed address or because no notice of changed address was given, shall be
deemed receipt.

(b)           Severability. If any term,
covenant or condition of this Agreement or the application thereof to any
person or circumstance shall, to any extent, be held to be invalid or
unenforceable, the remainder of this Agreement, or the application of such
term, covenant or condition to persons or circumstances other than those as to
which it is held invalid or unenforceable, shall not be affected thereby, and
each term, covenant or condition of this Agreement shall be valid and shall be
enforced to the fullest extent permitted by law.

(c)           No Joint Venture or Partnership.
Owner and Property Manager hereby renounce the existence of any joint venture
or partnership between them and agree that nothing contained herein or in any
document executed in connection herewith shall be construed as making Property
Manager and Owner joint venturers or partners.

(d)           Modification, Termination. This
Agreement may be amended or modified only by a written instrument executed by
Property Manager and Owner.

(e)           Total Agreement. This
Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof.

(f)            Article and Section Headings.
Article and Section headings contained in this Agreement are for reference only
and shall not be deemed to have any substantive effect or to limit or define
the provisions contained herein.

(g)           Successors and Assigns. This
Agreement shall be binding on the parties hereto, and their successors and
permitted assigns. Property Manager may not assign or otherwise transfer its
interest hereunder without the prior written consent of Owner, which consent
may be withheld arbitrarily in Owner’s sole discretion. This Agreement is
freely assignable by Owner.

  
 15
 

 

(h)           Governing Law. This Agreement
shall be construed in accordance with the internal laws of the state in which
the Property is located.

(i)            Sarbanes Oxley Act. Property
Manager, at it sole expense, shall comply with all requirements set forth in
the Sarbanes Oxley Act of 2002 with respect to the Project. Specifically,
Property Manager will be required to produce documentation of all accounting
policies and procedures which identify all key controls and describes in detail
the processes which ultimately affect the Project financial statements. In
addition, Property Manager may be required to perform periodic testing of such
identified controls and remediate any control weaknesses identified through
such test work. All policies and procedures, documentation and test work will
be performed to the specification of the Owner including but not limited to,
implementation of appropriate controls, scope of test work including such as
sample size, measures to be taken from remediation, etc.

(j)            Counterparts. This Agreement
may be executed in several counterparts, each of which shall be deemed to be an
original, but all of which shall constitute one and the same instrument.

SIGNATURES BEGIN ON NEXT PAGE

  
 16
 

 

SIGNATURE PAGE TO PROPERTY MANAGEMENT AGREEMENT DATED OCTOBER
16, 2006 BETWEEN TRT Park West Q LLC AND IDI Services Group, LLC

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

	
   

  	
  OWNER:

  
	
   

  	
   

  
	
   

  	
  TRT
  PARK WEST Q LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: DCT
  Industrial Fund II LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
  By: Dividend Capital Operating Partnership LP, a
  Delaware limited partnership, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  Dividend Capital Trust Inc., a Maryland corporation, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Bonnie
  Micus

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Senior
  Vice President/Director of

  
	
   

  	
   

  	
   

  	
   

  	
  Property
  Management

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PROPERTY
  MANAGER:

  
	
   

  	
   

  
	
   

  	
  IDI Services
  Group, LLC,

  
	
   

  	
  a Georgia
  limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: Bert
  Calvert

  
	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
											

 

  
 17
 

 

EXHIBIT A

to Property Management Agreement dated October 16, 2006

by and between TRT Park West Q LLC and IDI Services Group, LLC

List of Properties Covered by this Agreement

Addresses:

1.             Building Q – 1770 – 1800 Worldwide Boulevard

Which
property(ies) are more particularly described as follows:

1.             Building Q – Lot 12A of Park West International,
Resubdivision of Lot 12, Section 7 and recorded in Cabinet 5, Page 234.

  
 18
 

 

EXHIBIT B

to Property Management Agreement dated October 16,
2006

by and between TRT Park West Q LLC and IDI Services Group, LLC

Schedule of Property Management Fees

	
  Property Address

  	
   

  	
  Monthly Minimum

  	
   

  	
  Percentage of Gross Receipts

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Building Q

  	
   

  	
  $

  	
  1,922.08

  	
   

  	
  Three Percent (3%)

  	
   

  
	
  1770-1800 Worldwide
  Boulevard

  	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

  
 19
 

 

EXHIBIT C

to Property
Management Agreement dated October 16, 2006

by and between TRT Park West Q LLC and IDI Services
Group, LLC

DESIGNATED SIGNATORIES

TRT Park West Q
LLC

Matthew T. Murphy,
Vice President

	
  

  
	
   

  
	
   

  
	
   

  

 

IDI Services
Group, LLC

Timothy Gunter,
Executive Vice President / Chief Operating Officer

David Birdwell,
Chief Financial Officer

Linda Booker,
Controller

Nina Altman,
Director - Property Management Accounting

  
 20Exhibit 10.24

PURCHASE AND SALE AGREEMENT

Between

DCT EAGLE CREEK LLC

and

TRT EAGLE CREEK EAST LLC

Dated as of October 16, 2006

 

PURCHASE
AND SALE AGREEMENT

THIS
PURCHASE AND SALE AGREEMENT (this “Agreement”),
dated as of October 16, 2006, by and between DCT EAGLE CREEK LLC, a Delaware
limited liability company (“Seller”)
and TRT EAGLE CREEK EAST LLC, a Delaware limited liability company (“Buyer”).

RECITALS:

A.            Seller holds title to the property
commonly known as 12800 South Highway 13, Savage, Minnesota and legally
described on Exhibit A (the “Real Property”).

B.            Seller desires to sell the Property
(hereinafter defined) and Buyer desires to buy the Property on the terms and
conditions hereafter set forth.

NOW,
THEREFORE, in consideration of the premises, the mutual covenants set forth
herein, and other good and valuable consideration, the receipt and sufficiency
of which the parties hereby acknowledge, the parties hereto agree as follows:

ARTICLE I

PROPERTY

SECTION
1.1. Certain Basic Terms.

	
  (a)           Seller
  Notice Address:

  	
  With copies to:

  
	
   

  	
   

  
	
  c/o DCT Leasing
  Corp.

  	
  Mayer, Brown,
  Rowe & Maw LLP

  
	
  518 17th Street

  	
  Attn: Milos
  Markovic

  
	
  Suite 1700

  	
  71 South Wacker
  Drive

  
	
  Denver, Colorado
  80202

  	
  Chicago,
  Illinois 60606

  
	
  Attention:
  Teresa L. Corral

  	
  Telephone:
  312/701-7202

  
	
  Telephone:
  303/228-2200

  	
  Facsimile:
  312/706-8505

  
	
  Facsimile:
  303/228-2201

  	
  E-mail:
  mmarkovic@mayerbrownrowe.com

  
	
  E-mail:
  tcorral@dividendcapital.com

  	
   

  
	
   

  	
   

  
	
  (b)           Buyer
  Notice Address:

  	
  With a copy to:

  
	
   

  	
   

  
	
  c/o Dividend
  Capital Total Realty Trust

  	
  Heller Ehrman
  LLP

  
	
  518 17th Street

  	
  Attn: Steven C.
  Koppell

  
	
  Suite 1700

  	
  Times Square
  Tower

  
	
  Denver, Colorado
  80202

  	
  7 Times Square

  
	
  Attention: Greg
  Moran

  	
  New York, NY
  10036

  
	
  Telephone:
  303/228-2200

  	
  Telephone:
  212.847.8782

  
	
  Facsimile:
  303/996-8486

  	
  Facsimile:
  212.763.7600

  
	
  E-mail:
  gmoran@dividendcapital.com

  	
  email:
  steven.koppel@hellerehrman.com

  
	
   

  	
   

  
	
  (c)           Purchase
  Price:  $8,800,000.00.

  	
   

  

 

 

 

	
  (d)           Closing
  Date:  The date hereof (the “Closing Date”).

  

 

SECTION
1.2. Properties. The term “Property”
shall mean:

(a)           Fee Simple title to, or as
applicable, a leasehold interest in, (i) the land (“Land”)
comprising the applicable Property and (ii) the improvements located thereon (“Improvements”), together with all
rights, privileges, easements, servitudes and appurtences thereunto belonging
or appertaining, including all right, title and interest, if any, of Seller in
and to oil, gas, mineral and other subterranean rights, the streets, alleys and
rights-of-way adjacent to the Land (the Land and the Improvements being,
collectively, the “Real Property”).

(b)           All right, title and interest of the
Seller in and to all fixtures, furniture, equipment, and other tangible
personal property, if any, owned, directly or indirectly, by Seller (the “Personal Property”) presently
located on such Real Property, but excluding any items of personal property
owned by tenants.

(c)           All interest of Seller, as landlord,
in all executed leases under which a tenant occupies or is to occupy such
Property or a portion thereof, and all amendments thereto (all such leases and
all amendments thereto being the “Leases”).

(d)           All right, title and interest, if
any, of Seller in and to all of the following items, to the extent assignable
and, except as provided herein, without warranty (the “Intangible
Personal Property”):  (i)
licenses, and permits relating to the operation of the Real Property, (ii) the
right to use the name of the Real Property (if any) in connection with the Real
Property (but excluding any tradenames, trademarks or goodwill of the relevant
Seller or any of their Affiliates), (iii) if still in effect, guaranties and
warranties received by or assigned to Seller from any contractor, manufacturer
or other person in connection with the construction or operation of the
Property, and (iv) if any of the guaranties and warranties described in clause
(iii) (the “Contractor Guaranties”) are
unassignable, the beneficial interest of Seller in such Contractor Guaranty, to
the extent the assignment of such beneficial interest does not void such
Contractor Guaranty.

ARTICLE II

INSPECTION OF PROPERTIES

SECTION
2.1. Property Information. Seller has made or will make
available to Buyer copies of, or access to with the right to copy, the
following (“Property Information”) for
the Property:

(a)           copies of the existing Leases for the
Property, a schedule of which is attached hereto as Exhibit B;

(b)           a current rent roll and aging report
for the Property, indicating rents collected, scheduled rents and concessions,
delinquencies, and security deposits held (the “Rent
Roll”);

(c)           operating statements for the two previous
fiscal years, or such lesser period of ownership as may be available, and year
to date (the “Operating Statements”), true
and complete copies of which are attached hereto as Exhibit C;

 2
 

 

 

(d)           a list of Personal Property, if any,
and a list and copies of any, and service or maintenance agreements, if any,
relating to such Property (“Service Contracts”),
a schedule of which is attached hereto as Exhibit D;

(e)           a statement detailing projected cash
flow for such Property over ten (10) years (the “Cash
Flow Projection”);

(f)            a policy of title insurance for such
Property (the “Existing Title Policy”);

(g)           a land title survey for such Property
(the “Existing Survey”); and

(h)           all environmental, engineering or
physical condition reports relating to such Property and delivered to Seller or
its Affiliates by the seller of such Property at the time such Property was
acquired by Seller or its Affiliates, or obtained by Seller or any of its
Affiliates at the time such Property was acquired by Seller or its Affiliates,
or prepared by or on behalf of Seller or any of its Affiliates since the date
such Property was acquired by Seller or its Affiliates, a true and complete
listing of which is attached hereto as Exhibit E.

Except as otherwise expressly provided in Section 9,
Seller makes no representations or warranties as to the accuracy or
completeness of the Property Information.

SECTION
2.2. Confidentiality. The Property Information and all
other information, other than matters of public record or matters generally
known to the public, furnished to, or obtained through inspection of the
Property by, Buyer, its affiliates, 
employees, attorneys, accountants and other professionals or agents
relating to the Property, will be treated by Buyer, its affiliates, employees
and agents as confidential, and will not be disclosed to anyone other than on a
need-to-know basis, which persons may include persons or entities considering
an investment, directly or indirectly, in Buyer, and to Buyer’s consultants who
agree to maintain the confidentiality of such information. The confidentiality
provisions of this Section 2.2 shall not apply to any disclosures
made by Buyer as required by law, by court order or in connection with any
subpoena served upon Buyer, provided Buyer shall provide Seller with written
notice before making any such disclosure, and in connection with the
enforcement of this Agreement. The obligations of the parties under this Section
2.2 are in addition to the obligations of the parties under Section 8.3.

SECTION
2.3. “AS-IS” Transaction. Except for Seller’s
representations and warranties expressly provided herein, and any
representations and warranties contained in any other document or instrument
executed and delivered by Seller at the Closing (“Seller’s
Warranties”), the sale of the Property to Buyer will be made
without representation, covenant or warranty of any kind (whether express or
implied, or, to the maximum extent permitted by applicable law, statutory) by
Seller or any of Seller’s Affiliates. As a material part of the consideration
for this Agreement, Buyer acknowledges and agrees that it will accept the
Property on an “as is” and “where is” basis, with all faults, and without any
representation or warranty, all of which Seller hereby disclaims, except for
Seller’s Warranties. Except for Seller’s Warranties, no warranty or
representation is made by Seller as to fitness for any particular purpose,
merchantability, design, quality, condition, operation or income, compliance
with drawings or specifications, absence of defects, absence of hazardous or
toxic substances, absence of faults, flooding, or compliance with

 3
 

 

laws and regulations
including, without limitation, those relating to health, safety, and the
environment. The provisions of this Section 2.3 shall survive
indefinitely the Closing or termination of this Agreement and shall not be
merged into the Closing documents.

ARTICLE III

TITLE AND SURVEY REVIEW

SECTION
3.1. Delivery of Title Report. Seller has caused to be
delivered to Buyer prior to the date hereof, (i) a preliminary report or title
commitment (collectively, the “Title Commitment”)
issued by Fidelity National Title Insurance Partnership (the “Title Company”), covering the Real
Property, together with copies of all documents referenced in the Title Commitment,
and (ii) a ALTA-ACSM Urban survey of the Property (collectively, the “Surveys”) together with an affidavit
of “no change” executed by Seller addressed to Buyer and the Title Company.

SECTION
3.2. Title Review and Cure. On the Closing Date, Seller
shall convey to Buyer good and indefeasible fee simple title to the Property
subject only to the Permitted Exceptions (as defined below), which title shall
be insurable at regular rates by Escrow Agent (in such capacity, “Title Company”) under a standard
form of Owner’s Policy of Title Insurance, without exception for creditor’s
rights (“Title Policy”).

(a)           In the event the Title Commitment, as
updated to Closing, or the Survey identifies any title exceptions or defects in
title that are unacceptable to Buyer (“Title Objections”),
Buyer shall notify Seller of such Title Objections prior to Closing. If Seller
fails to timely respond to any Title Objection(s), Seller shall be deemed to
have notified Buyer that Seller has elected not to cure the Title Objection(s)
in question. In the event Seller cannot correct such defects by Closing or
chooses not to correct (or is deemed to have elected not to correct) such
defects, then Buyer may accept title as is without abatement or reduction of
Purchase Price or Buyer may cancel this Agreement and receive a full refund of
the Deposit being held by Escrow Agent. Notwithstanding anything herein to the
contrary, at or prior to Closing, Seller, at its expense, shall (i) release any
mortgage lien secured by the Property and all related financing statements and
other instruments related to such financing, (ii) release any mechanic’s lien,
if any, arising directly from work performed at the request of Seller pursuant
to a written agreement with Seller (which liens may be insured around with the
Title Company), and (iii) satisfy all matters on Schedule C to the Title
Commitment that are applicable to Seller (all of the foregoing being herein
collectively referred to as “Mandatory Cure Items”).
As used herein, the term “Permitted Exceptions” means all matters shown in
Schedule B to the Title Commitment or on the Survey, except (i) those matters,
if any, with respect to which Buyer timely sends a Title Objection and that
Seller has agreed in writing to cure prior to Closing or which are waived by
Buyer in accordance with this Section 3.2(a), and (ii) the
Mandatory Cure Items.

(b)           Buyer may, at or prior to Closing,
notify Seller in writing (“Gap Notice”)
of any objections to title (a) raised by the Title Company between the
Inspection Period Expiration Date and the Closing Date and (b) not previously
disclosed by the Title Company. If Buyer sends a Gap Notice to Seller, Buyer
and Seller shall have the same rights and obligations with respect to such
notice as apply under Section 3.2(a) hereof.

 4
 

 

 

SECTION
3.3. Physical and Financial Inspection. Seller has
provided to Seller, prior to the date of this Agreement, the Property
Information. For a period (the “Inspection Period”)
commencing on the effective date hereof and expiring at the Closing (such date
is herein referred to as the “Inspection Period
Expiration Date”), Buyer has had the right to perform a physical
and mechanical inspection, measurement and audit of the Property and an
inspection of all books and records and financial information pertaining
thereto and to perform such other studies and evaluations to determine the
suitability of the Property for Buyer’s needs, and Seller has cooperated with
Buyer and has furnished to Buyer such information, materials and documents as
Buyer may reasonably request. The inspection, audit and measurement of the
Property’s operation, condition and maintenance shall include, without
limitation, such environmental and engineering inspections, reviews and
assessments that Buyer has deemed appropriate. If Buyer, at Buyer’s sole and
absolute discretion, shall find such inspection(s), studies or evaluations to
be unsatisfactory for any reason whatsoever, Buyer shall have the right, at its
option, to terminate this Agreement on or before the Inspection Period
Expiration Date, and upon such termination, the Property Information shall be
returned to Seller, and upon such return of the Property Information, and
thereupon the parties hereto shall have no further liabilities one to the other
with respect to the subject matter of this Agreement, except for the provisions
of this Agreement which expressly survive a termination hereof. Buyer shall
defend, indemnify and hold Seller harmless from and against any claims and
liabilities asserted against Seller arising out of Buyer’s inspections;
provided, however, the indemnity shall not extend to claims or liabilities
arising out of the discovery of any existing Property condition. This indemnity
shall survive the Closing and any termination of this Agreement.

ARTICLE IV

OPERATIONS AND RISK OF LOSS

SECTION
4.1. Ongoing Operations and Maintenance. From the date of
this Agreement through the Closing Date or earlier termination of this
Agreement, in relation to each Property (i) Seller shall carry on its
business and activities relating to such Property, substantially in the same
manner as it did before the date of this Agreement, and (ii) Seller shall not
sell or encumber such Property or any material portion thereof or interest
therein. At all times prior to the Closing Date, Seller shall maintain the
Property in good condition and repair, reasonable wear and tear excepted,
operate the Property in accordance with substantially the same management
practices and leasing standards as currently done, and pay in the normal course
of business prior to Closing, all sums due for work, materials or service
furnished or otherwise incurred in the ownership and operation of the Property
prior to Closing.

SECTION
4.2. Performance under Leases and Service Contracts. From
the date of this Agreement through the Closing Date or earlier termination of
this Agreement, Seller will perform its material obligations under the Leases
and Service Contracts and other agreements that may affect the Properties.

SECTION
4.3. New Contracts. Except for agreements which can be
terminated on not more than thirty (30) days notice without penalty or
termination fee, from the date of this Agreement through the Closing Date or
earlier termination of this Agreement, neither Seller will not enter into any
contract that will be an obligation affecting a Property subsequent to the
Closing, without the prior consent of Buyer, which shall not be unreasonably
withheld or delayed.

 5
 

 

 

SECTION
4.4. Termination of Service Contracts. From the date of
this Agreement through the Closing or earlier termination of this Agreement,
other than in the ordinary course of business, Seller shall not terminate any
Service Contract without Buyer’s prior consent, which shall not be unreasonably
withheld or delayed. Seller shall notify Buyer of any Service Contract that is
terminated by Seller in the ordinary course of business.

SECTION
4.5. Damage or Condemnation. Risk of loss resulting from
any condemnation or eminent domain proceeding which is commenced or has been
threatened before the Closing, and risk of loss to any Property due to fire,
flood or any other cause before the Closing, shall remain with Seller. If
before the Closing any Property or any portion thereof shall be materially
damaged, or if any Property or any portion thereof shall be subjected to a bona fide threat of condemnation or shall
become the subject of any proceedings, judicial, administrative or otherwise,
with respect to the taking by eminent domain or condemnation, then Buyer may
elect to exclude such Property from this Agreement, and Seller may propose a
substitute real property for consideration as a Property hereunder.

SECTION
4.6. Material Change. If before the Closing there is an
event not covered by Section 4.6 above that materially reduces the value
of any Property, then Buyer may elect to exclude such Property from this
Agreement, and Seller may propose a substitute real property for consideration
as a Property hereunder.

SECTION
4.7. Security Deposits. Except in the ordinary course,
Seller shall not apply any tenant’s security deposit to the discharge of such
tenant’s obligations, without Buyer’s consent, which shall not be unreasonably
withheld.

SECTION
4.8. Bill Tenants. Seller shall timely bill all tenants
for all rent billable under Leases and use its commercially reasonable efforts
to collect any rent in arrears.

SECTION
4.9. Notice to Buyer. Seller shall notify Buyer promptly
of the occurrence of any of the following: 
(i) a fire or other casualty causing damage to the Property, or any
portion thereof; (ii) receipt of notice of eminent domain proceedings or
condemnation of or affecting the Property, or any portion thereof; (iii)
receipt of notice from any governmental authority relating to the condition,
use or occupancy of the Property, or any portion thereof, or any real property
adjacent to any of the Property, or setting forth any requirements with respect
thereto; (iv) receipt or delivery of any default or termination notice or claim
of offset or defense to the payment of rent from any tenant; (v) receipt of any
notice of default from the holder of any lien or security interest in or
encumbering the Property, or any portion thereof; (vi) a change in the
occupancy of the leased portions of the Property; or (vii) notice of any actual
or threatened litigation against Seller or affecting or relating to the
Property, or any portion thereof.

ARTICLE V

FIRE OR OTHER CASUALTY

SECTION
5.1. Maintain Insurance. Seller shall maintain in effect
until the Closing Date the insurance policies (or like policies) now in effect
with respect to the Property.

 6
 

 

 

SECTION
5.2. Minimal Damage. If prior to the Closing Date any
portion of the Property is damaged or destroyed by fire or other casualty, and
the cost of repair or restoration thereof shall be $500,000 or less (as established
by good faith estimates obtained by Buyer which are reasonably satisfactory to
Seller), this Agreement shall remain in force and Seller shall commence to
repair any such damage prior to Closing, if possible.

SECTION
5.3. Substantial Damage. If prior to the Closing Date any
portion of the Property is damaged or destroyed by fire or other casualty, and
the cost of repair or restoration thereof shall be more than $500,000 (as
established by good faith estimates obtained by Buyer which are reasonably satisfactory
to Seller), Buyer may within thirty (30) days after receipt of notice of said
damage or destruction, terminate this Agreement by giving written notice
thereof to Seller, and if this Agreement is so terminated, then the Deposit
shall be immediately refunded to Buyer, and thereafter neither party shall have
any further liability hereunder thereafter, except for the provisions hereof
which expressly survive a termination of this Agreement. If Buyer does not so
terminate this Agreement, it shall remain in full force and effect, and the
provisions of Section 5.4 below shall apply.

SECTION
5.4. Closing After Substantial Damage. So long as this
Agreement shall remain in force under Section 5.2 or 5.3,
then (i) all proceeds of insurance collected prior to Closing, plus the amount
of deductible under Seller’ insurance policy, shall be adjusted subject to
Buyer’s approval and participation in any adjustment, and shall be credited to
Buyer against the Purchase Price payable by Buyer at Closing and, in the case of
a fire or other casualty described in Section 5.2, the Purchase
Price shall be further credited by the amount of an uninsured loss which has
not been repaired by Seller, and (ii) all unpaid claims and rights in
connection with losses shall be assigned to Buyer at Closing.

ARTICLE VI

EXPENSE ALLOCATIONS

SECTION
6.1. Buyer shall pay for all recording charges for the
Deed and any financing documents relating to Buyer’s financing, any
endorsements to the Title Policy, any update of the Survey and any other costs
incurred by Buyer in connection with its inspection of the Property.

SECTION
6.2. The following expenses shall be split between Buyer
and Seller in accordance with local custom: (i) the basic premium for the Title
Policy, (ii) any recording fees for the release of liens released by Seller,
(iii) documents required to effect any cure of Title Objections that Seller has
elected to cure in accordance with this Agreement and (iv) documentary stamp
taxes, transfer taxes or similar taxes which become payable by reason of the
Deed from Seller to Buyer.

SECTION
6.3. The parties shall be responsible for paying their
own attorney’s fees in connection with this transaction. Each of Buyer and
Seller shall be responsible for payment of fifty percent (50%) of the escrow
fees.

 7
 

 

 

ARTICLE VII

CLOSING

SECTION
7.1. Closing. The sale of the Property to Buyer (the “Closing”) shall occur on the Closing
Date at such location upon which the parties shall agree.

SECTION
7.2. Conditions to the Parties’ Obligations to Close. The
obligation of Seller and Buyer to consummate the transactions contemplated
hereunder is contingent upon the following:

(a)           The other party’s representations and
warranties contained herein shall be true and correct in all material respects
as of the date of this Agreement and the Closing Date;

(b)           As of the Closing Date, the other
party shall have performed its obligations hereunder in all material respects
and all deliveries to be made at Closing have been tendered;

(c)           The Property will be in substantially
the same condition as existed on the date of the engineering report listed on Exhibit E of this Agreement,
subject to ordinary wear and tear;

(d)           There shall exist no material
violation of any law, rule or regulation affecting or relating to the Property
or its use, including any environmental law or regulation;

(e)           There shall exist no actions, suits,
arbitrations, claims, attachments, proceedings, assignments for the benefit of
creditors, insolvency, bankruptcy, reorganization or other proceedings, pending
or threatened against the other party (including, in the case of Seller, each
Affiliate) that would materially and adversely affect the other party’s ability
to perform its obligations under this Agreement;

(f)            There shall exist no pending or
threatened action, suit or proceeding with respect to the Property or the other
party before or by any court or administrative agency which seeks to restrain
or prohibit, or to obtain damages or a discovery order with respect to, this
Agreement or the consummation of the transaction contemplated hereby;

(g)           With respect to each of the Leases,
Seller shall have delivered to Buyer (i) an estoppel certificate executed by
Seller in the form of Exhibit F
hereto (the “Seller’s Estoppel”) or (ii) a
tenant estoppel in the form of Exhibit G
hereto or the form required by the applicable Lease (each such certificate
being a “Tenant Estoppel”). To the
extent that Seller Estoppels are delivered with respect to any Lease, such
estoppel shall be deemed of no further force or effect upon the delivery of a
Tenant Estoppel from the applicable tenant which is not inconsistent with the
Seller Estoppel.

(h)           The Buyer shall not be obligated to
close the transactions contemplated by this Agreement unless upon the sole
condition of payment of the premium, at Closing, the Title Company shall
irrevocably commit to issue to Buyer, as the case may be, an ALTA Owner’s
Policy of title insurance, with extended coverage (i.e., with ALTA General
Exceptions 1 through 5 deleted), dated as of the date and time of the recording
of the Deed, in the amount of the Purchase Price, insuring the Buyer as owner
of good, marketable and indefeasible fee simple title to the Property, free and
clear

 8
 

 

of liens, subject only to
permitted exceptions, and containing the endorsements that the Title Company
agreed to issue during the Inspection Period (the “Title
Policy”).

SECTION
7.3. Seller’ Deliveries in Escrow. On or before the
Closing Date, Seller shall cause to be delivered to Fidelity National Title
Insurance Company, the escrowee for the parties (the “Escrow
Agent”), the following:

(a)           Deed. A special
or limited warranty deed (warranting title against any party claiming by,
through or under the Seller) in the form provided for under the law of the
state where the Property is located, or otherwise in conformity with the custom
in such jurisdiction and satisfactory to Buyer, executed and acknowledged by
Seller, conveying Seller’s title to the Property (the “Deed”);

(b)           Assignment of Leases and
Contracts and Bill of Sale. An Assignment of Leases and Service
Contracts and Bill of Sale in the form of Exhibit H
attached hereto, executed by Seller;

(c)           Agreements. All
agreements, instruments, certificates and other documents required under this
Agreement, executed by Seller or the Seller’s Affiliates, if applicable.

(d)           State Law Disclosures.
Such disclosures and reports as are required by applicable state and local law
in connection with the conveyance of direct or indirect interests in real
property;

(e)           Certificate of Non-Foreign
Status. A certificate of non-foreign status for Seller (and/or the
relevant DCT Affiliate) sworn to by Seller (and/or the relevant DCT Affiliate);
and

(f)            Title Documents.
Such affidavits of title or other certifications as shall be reasonably required
by the Title Company to insure Buyer’s title to the Property as set forth in
Section 3.

(g)           RESERVED

(h)           Original Leases, Licenses,
Service Contracts and Other Personal Property. All original Leases
and licenses, Service Contracts, and other Personal Property, which may be
delivered outside of escrow as otherwise directed by Buyer.

(i)            Keys. All keys,
combinations and security codes for all locks and security devices on the
Property, which may be delivered outside of escrow as otherwise directed by
Buyer.

(j)            Tenant Letter.
Letters to each tenant advising of the change in ownership and directing the
payment of rent to such party as the Buyer shall designate, said letter to be
in form reasonably acceptable to Buyer, which may be handled outside of
Closing.

(k)           Tenant Estoppel.
Seller shall deliver at Closing either Seller Estoppels or Tenant Estoppels for
each Lease. In addition, Seller agrees to cooperate with Buyer in connection
with delivering to the tenants Subordination, Non Disturbance and Attornment Agreements
(“SNDAs”) which may be required by
Buyer’s lender.

(l)            Seller’s Authority.
Proof reasonably satisfactory to Title Company of Seller’s good standing and
authority to enter into this transaction and proof of existence and authority
of the

 9
 

 

general partner, manager, member, or officer of the
Seller to act on behalf of Seller, which may include, as determined by the
Title Company: (i) the certificate of incorporation or formation of Seller
certified by the Secretary of State of the state in which Seller is formed or
incorporated as of a recent date and by an officer of Seller, (ii) the bylaws
or operating agreement of Seller, certified by an officer of Seller, (iii) a
certificate of good standing as of a recent date for Seller from the Secretary
of State of the state in which Seller is formed or incorporated. and (iv) a
certificate of an officer from Seller certifying resolutions of the board of
directors or members approving and authorizing the execution, delivery and
performance by Seller of this Agreement and the consummation of the
transactions contemplated hereby (together with an incumbency and signature
certificate regarding the officer(s) signing on behalf of Seller).

(m)          A closing statement acceptable to
Seller.

SECTION
7.4. Buyer’s Deliveries in Escrow. On or before the
Closing Date, Buyer shall deliver in escrow to the Escrow Agent the following:

(a)           Purchase Price.
Subject to adjustment pursuant to Article 6, Buyer shall pay to Seller the
Purchase Price and the costs associated with the transaction.

(b)           Agreements. All
agreements, instruments, certificates and other documents required under this
Agreement, and counterparts to the Seller’s deliveries above (to the extent
applicable), executed by Buyer.

(c)           Authority Documentation.
Such evidence of authority for the transactions contemplated hereby as shall be
required by the Title Company, including (i) the certificate of incorporation
of Buyer certified by the Secretary of State of Delaware as of a recent date
and by its corporate secretary or assistant secretary, (ii) the bylaws of
Buyer, certified by its corporate secretary or assistant secretary, (iii) a
certificate of good standing as of a recent date for Buyer from the Secretary
of State of Delaware and (iv) a certificate of Buyer’s corporate secretary or
assistant secretary certifying resolutions of the board of directors of Buyer
approving and authorizing the execution, delivery and performance by Buyer of
this Agreement and the consummation of the transactions contemplated hereby
(together with an incumbency and signature certificate regarding the officer(s)
signing on behalf of Buyer).

ARTICLE VIII

EXPENSES AND PRORATIONS

SECTION
8.1. Prorations. Except as otherwise expressly provided
for in this Agreement, Seller shall be entitled to all revenue and shall be
responsible for all expenses for the period of time up to and including the day
before the Closing, and Buyer shall be entitled to all revenue and be
responsible for all expenses for the period of time on and after the date of
Closing. In each such proration set forth below, the portion thereof applicable
to periods beginning on the date of Closing shall be credited or charged to the
Buyer and the portion thereof applicable to periods ending as of the day before
the Closing shall be credited or charged to Seller. Net credits in favor of
Buyer shall be deducted from the balance of the Purchase Price at the Closing
and net credits in favor of Seller shall be added to the Purchase Price to be
paid by Buyer at the Closing.

 10
 

 

 

(a)           Collected Rent.
All collected rent (excluding tenant reimbursements for Operating Expenses) and
other collected income (and any applicable state or local tax on rent) under
Leases in effect on the Closing Date shall be prorated between Seller and the
Buyer as of the Closing. Seller shall be charged with any rent and other income
collected by Seller before Closing but applicable to any period of time after
Closing. Buyer shall apply rent, operating expenses and other income from
tenants that are collected after the Closing first to the post Closing costs of
collection and then to post Closing obligations then owing under the Leases,
and then remitting the balance, if any, to Seller. Any prepaid rents collected
by Seller before Closing applicable to the period following the Closing Date
shall be paid over by Seller to the Buyer. The Buyer will make reasonable
efforts, without suit, to collect any rents applicable to the period before
Closing. Seller may pursue collection as to any rent not collected by the Buyer
within six (6) months following the Closing Date, provided
that Seller shall have no right to terminate any Lease or any tenant’s
occupancy under any Lease in connection therewith.

(b)           Operating Expenses.
(i) Seller, as landlord under the Leases, is currently collecting from tenants
under the Leases (to the extent not paid directly by tenants) additional rent
to cover taxes, insurance, utilities, common area maintenance and other
operating costs and expenses (collectively, “Operating
Expenses”) in connection with the ownership, operation,
maintenance and management of the Property. At Closing, Seller will deliver to
the Buyer all such amounts collected from tenants under the Leases to the
extent not paid by Seller to the service provider or collecting authority, together
with evidence or a certificate indicating the date(s) to which such
reimbursable Operating Expenses have been paid by such Tenants and the date(s)
to which such reimbursable Operating Expenses have been paid by Seller to the
service provider or collecting authority. Operating Expenses that are not
payable by tenants either directly or reimbursable under the Leases shall be
prorated between Seller and Buyer as of the Closing Date. In connection with
such proration, Operating Expenses for the period prior to the Closing Date
shall be reasonably estimated by Seller and Buyer if final bills are not
available, and any final adjusting payments shall be made pursuant to Section
8.2 below.

(c)           Taxes and Assessments.
Real estate taxes and assessments imposed by governmental authority (“Property  Taxes”)
that are not yet due and payable and that are not reimbursable by tenants under
the leases as Operating Expenses shall be prorated between Seller and Buyer as
of the Closing Date based upon the most recent ascertainable assessed values
and tax rates. Seller shall receive a credit for any Property Taxes paid by
Seller and applicable to any period after the Closing. Seller shall be charged
for any unpaid Property Taxes owing and applicable to any period before closing
Final adjusting payments shall be made pursuant to Section 8.2, below.

SECTION
8.2. Final Adjustment After Closing. If final prorations
are not made at Closing for any item required to be prorated under Section
8.1, including Property Taxes, then Seller and Buyer agree to allocate such
items on a fair and equitable basis in a final adjustment to be made promptly
after December 31, 2006, to the effect that income and expenses are received
and paid by Seller and Buyer on an accrual basis (provided that real property
taxes shall be adjusted on the same basis upon which the Seller acquired the
Property) with respect to the periods before and after the Closing Date,
respectively. Payments in connection with the final adjustment shall be due
within 30 days of written notice. Seller shall have reasonable access to, and
the right to inspect, the books of Buyer. If by way of a tenant audit of
Operating Expenses or otherwise it is determined that

 11
 

 

a tenant under a Lease is
entitled to reimbursement for an Operating Expense collected under its Lease,
the portion of such reimbursement attributable to the period prior to the
Closing shall be for the account of Seller and shall be either paid by Seller
to such tenant or promptly reimbursed by Seller to Buyer if previously paid by
Buyer to such tenant. If any such tenant audit results in a payment to be made
by such tenant and such payment is attributable to a period prior to the
Closing, such payment shall be for the account of Seller.

SECTION
8.3. Schedule of Prorations. The parties have endeavored
to jointly prepare a schedule of prorations for the Property no less than five
(5) days prior to Closing.

SECTION
8.4. Readjustments. The parties shall correct any errors
in prorations as soon after the Closing as amounts are finally determined. The
provisions of this Article 8 shall survive the Closing.

SECTION
8.5. Tenant Deposits. All tenant security deposits in
Seller possession, as reflected on a final Rent Roll delivered to Buyer and not
theretofore applied to tenant obligations under the Leases, shall be credited
to Buyer, at Closing. Buyer shall assume Seller’s obligations related to such
tenant security deposits that are credited to Buyer. Buyer will indemnify,
defend, and hold Seller harmless from and against all demands and claims made
by tenants arising out of the improper failure or refusal of Buyer, to refund
to a tenant any security deposit of such tenant credited to Buyer and will
reimburse Seller for any reasonable expenses (including all reasonable
attorneys’ fees) incurred or that may be incurred by Seller as a result of any
such claims or demands by tenants. The Seller will indemnify, defend and hold
Buyer, harmless from and against all demands and claims made by tenants arising
out of any security deposits not credited to Buyer and will reimburse Buyer,
and for any reasonable expenses (including all reasonable attorneys’ fees)
incurred or that may be incurred by Buyer, as a result of any such claims or
demands by tenants.

SECTION
8.6. Deposits or Bonds. Buyer shall be responsible for
replacing or crediting to the Seller at the Closing any other deposits or bonds
that may be outstanding relating to any Property on the Closing Date.

SECTION
8.7. Leasing Commissions. Any leasing commissions that
may be owing to brokers in connection with lease renewals, expansions and
extensions that occur in relation to the Property prior to Closing, to the
extent not previously paid by Seller, shall be the responsibility of the Buyer.
Leasing commissions that may be owing to brokers under existing commission
agreements with Seller in connection with renewals, expansions, and extensions
that occur after Closing shall, as between Seller and Buyer, be the
responsibility of Buyer. All existing commission agreements and leasing
commissions that are owing in relation to any Property are set forth on Exhibit I attached to this
Agreement. As between Buyer and Seller, Buyer will assume these existing
commission agreements with respect to leasing activities occurring after
Closing.]

SECTION
8.8. Brokerage Commissions. Except as expressly stated
herein, Seller and Buyer represent and warrant each to the other that they have
not dealt with any real estate broker, sales person or finder in connection
with this transaction. If any claim is made for broker’s or finder’s fees or
commissions in connection with the negotiation, execution or consummation of
this Agreement or the transactions contemplated hereby, each party shall
defend, indemnify and hold

 12
 

 

harmless the other party
from and against any such claim based upon any statement, representation or
agreement of such party.

ARTICLE IX

REPRESENTATIONS AND WARRANTIES

SECTION
9.1. Seller’ Representations and Warranties. As a
material inducement to Buyer to execute this Agreement and consummate this
transaction, Seller represents and warrants to Buyer, that:

(a)           Organization and Authority.
Seller has been duly organized and is validly existing as a limited liability
company, in good standing in the State of Delaware. Seller has the full right
and authority and has obtained any and all consents required to enter into this
Agreement and to consummate or cause to be consummated the transactions
contemplated hereby. This Agreement has been, and all of the documents, to be
delivered by Seller, at the Closing will be, authorized and properly executed
and constitutes, or will constitute, as appropriate, the valid and binding
obligation of Seller, enforceable in accordance with their terms, subject to
applicable laws of bankruptcy or insolvency and principles of equity. The
execution, delivery and performance of this Agreement by Seller does not in any
material respect (i) violate any decree or judgment of any court or
governmental authority applicable to Seller or the Property; (ii) violate any
law (or regulation promulgated under any law); (iii) violate or conflict with,
or result in a breach of, or constitute a default under (or an event with or
without notice or lapse of time or both would constitute a default) under any
contract or agreement to which Seller is a party or (iv) violate or conflict
with any provision of the organizational documents of Seller or any Seller’s
Affiliate.

(b)           Conflicts and Pending
Action. There is no agreement to which any Seller is a party or to
Seller’s knowledge binding on Seller which is in conflict with this Agreement.
There is no action or proceeding pending or, to Seller’s knowledge, threatened
against the Property, including condemnation or re-zoning proceedings, or
against Seller or any Seller’s Affiliate which challenges or impairs Seller’s
or ability to execute or perform its obligations under this Agreement.

(c)           Compliance with Zoning Law.
Other than disclosed in the third party diligence reports delivered by or on
behalf of Seller to Buyer, to Seller’ knowledge, no changes or alterations have
been made to the Property or any improvements thereon which render the same in
violation of any applicable zoning ordinances.

(d)           Rent Roll. The
Rent Roll as attached to this Agreement as Exhibit J
is true, correct and complete in all material respects as of the date hereof
and lists all of the leases and tenancies that affect the Property.

(e)           Leases. The
schedule of Leases attached to this Agreement is true, correct and complete.

(f)            Violations/Condemnation.
To Seller’s knowledge, (x) there is no litigation or proceedings pending
against or relating to the Property before any court or administrative body or

 13
 

 

agency and (y) no notice of any pending or threatened
condemnation or eminent domain proceedings which would affect the Property has
been received by Seller.

(g)           Environmental.
Other than disclosed in the third party diligence reports delivered by or on
behalf of any Seller to Buyer, to Seller’s knowledge, the Property is not in
violation of any existing and applicable law or regulation pertaining to
Hazardous Materials (including Environmental Laws) and are not subject to any
existing, pending or threatened investigation or inquiry by any governmental or
quasi-governmental authority and is not subject to any remedial action or
obligations under any law or regulation pertaining to Hazardous Materials
(including Environmental Laws). The term “Environmental Laws”
includes without limitation the Resource Conservation and Recovery Act and the
Comprehensive Environmental Response Compensation and Liability Act and other
federal laws governing the environment as in effect on the date of this
Agreement together with their implementing regulations and guidelines as of the
date of this Agreement, and all state, regional, county, municipal and other local
laws, regulations and ordinances that are equivalent or similar to the federal
laws recited above or that purport to regulate Hazardous Materials. The term “Hazardous Materials” includes
petroleum, including crude oil or any fraction thereof, natural gas, natural
gas liquids, liquefied natural gas, or synthetic gas usable for fuel (or
mixtures of natural gas or such synthetic gas), asbestos and asbestos
containing materials and any substance, material waste, pollutant or
contaminant listed or defined as hazardous or toxic under any Environmental
Law.

(h)           Service Contracts:  The schedule of Service Contracts attached is
true, correct and complete. No written notice of default or breach by Seller in
the terms of any of such Service Contracts has been received by Seller. Seller
has performed, and at Closing shall have performed, all material obligations
which it has under said Service Contracts.

(i)            Condemnation:  There is no condemnation or eminent domain
proceeding pending with regard to any part of the Property, and to the best of
Seller’s knowledge, no such proceedings are proposed.

(j)            No Lawsuits:  There are no claims, lawsuits or proceedings
pending, or to Seller’ knowledge, threatened against or relating to the
Property in any court or before any governmental agency, except for actions for
possession, damages and or rent, if any, against defaulted tenants as disclosed
by Seller. Notwithstanding anything in this Agreement to the contrary, the
filing or threatened filing of any claim, lawsuit or proceeding described in
this Section 9.1(j) after the effective date of this Agreement
shall not be deemed to be a breach of this Section so long as (i) Seller
promptly notifies Buyer of such matter, and (ii) such proceeding is either a
claim covered by any Seller’ insurance or a claim against Buyer for which
Seller agrees to indemnify Buyer.

(k)           FIRPTA. Seller
is not a “foreign person” as such term is defined in Section 1445(f)(3) of the
Internal Revenue Code of 1954, as amended (the “Code”).

(l)            Patriot Act. To
Seller’s knowledge, (a) it is in compliance with the requirements of Executive
Order No. 133224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the “Order”) and other similar
requirements contained in the rules and regulations of the Office of Foreign
Assets Control, Department of the Treasury (“OFAC”)
and in any enabling legislation or other Executive Orders or

 14
 

 

regulations in respect thereof (the Order and such
other rules, regulations, legislation, or orders are collectively called the “Orders”); and (b) Seller (i) is not
listed on the Specially Designated Nationals and Blocked Persons List
maintained by OFAC pursuant to the Order and/or on any other list of terrorists
or terrorist organizations maintained pursuant to any of the rules and
regulations of OFAC or pursuant to any other applicable Orders (such lists are
collectively referred to as the “Lists”), and (ii) is not a Person who has been
determined by competent authority to be subject to the prohibitions contained
in the Orders.

(m)          ERISA. Seller
is not an employee pension benefit plan subject to the provisions of Title IV
of ERISA or subject to the minimum funding standards under Part 3, Subtitle B,
Title I of ERISA or Section 412 of the Code or Section 302 of ERISA, and none
of its assets constitute assets of any such employee benefit plan subject to
Part 4, Subtitle B, Title I of ERISA under 29 C.F.R. Section 2510.3-101. Seller
is not a “governmental plan” within the meaning of Section 3(32) of ERISA and
none of its assets constitute assets of any such governmental plan and are not
subject to state statutes regulating investments of and fiduciary obligations
with respect to governmental plans.

(n)           No Insolvency.
As of the date hereof, and as of the Closing, (a) Seller has not committed an
act of bankruptcy, proposed a compromise or arrangement to its creditors
generally, taken any proceeding with respect to a compromise or arrangement,
taken any proceeding to have itself declared bankrupt or wound-up, or taken any
proceeding to have a receiver appointed in connection with its ownership of the
Property, and (b) to Seller’s knowledge, Seller has not had any petition for a
receiving order in bankruptcy filed against it, had any encumbrancer take
possession of its interest in the Property, or had any execution or distress
become enforceable or become levied upon its interest in the Property.

(o)           “Seller’ knowledge”
means and is limited by the current actual knowledge of James Cochran and
Teresa Corral, who collectively have made inquiry of, and would in the ordinary
course of their representation as officers of Dividend Capital Trust Inc.,
receive notice from other officers, agents, employees or consultants of the
Seller regarding the matters set forth in this Section 9.1;

SECTION
9.2. Buyer’s Representations and Warranties. As a
material inducement to Seller to execute this Agreement and consummate this
transaction, Buyer represents and warrants to Seller that:

(a)           Organization and Authority.
Buyer has been duly organized and is validly existing as a Delaware corporation,
in good standing in the State of Delaware. Buyer has the full right and
authority and has obtained any and all consents required to enter into this
Agreement and to consummate or cause to be consummated the transactions
contemplated hereby. This Agreement has been, and all of the documents to be
delivered by Buyer at the Closing will be, authorized and properly executed and
constitutes, or will constitute, as appropriate, the valid and binding
obligation of Buyer, enforceable in accordance with their terms subject to
applicable laws of bankruptcy or insolvency and general principles of equity.
The execution, delivery and performance of this Agreement by Buyer do not in
any material respect (i) violate any decree or judgment of any court or
governmental authority which may be applicable to Buyer; (ii) violate any law
(or regulation promulgated under any law); (iii) violate or conflict with, or
result in a breach of, or constitute a default under (or an event with or
without notice or lapse of time or both would constitute a default)

 15
 

 

under any contract or agreement to which Buyer is a
party; or (iv) violate or conflict with any provision of the organizational
documents of Buyer.

(b)           Conflicts and Pending
Action. There is no agreement to which Buyer is a party or to Buyer’s
knowledge binding on Buyer which is in conflict with this Agreement. There is
no action or proceeding pending or, to Buyer’s knowledge, threatened against
Buyer which challenges or impairs Buyer’s ability to execute or perform its
obligations under this Agreement or the Partnership Agreement.

SECTION
9.3. Survival of Representations and Warranties and Limitation of Liability.
The representations and warranties set forth in Article 9 are made as of the
date of this Agreement and shall not be deemed to be merged into or waived by
the instruments of Closing, but shall survive the Closing for a period of
twelve (12) months. Seller and Buyer shall have the right to bring an action
thereon only if Seller or Buyer, as the case may be, has given the other party
written notice of the circumstances giving rise to the alleged breach within
such twelve (12) month period. Each party agrees to defend and indemnify the
other against any claim, liability, damage or expense asserted against or
suffered by such other party arising out of the breach or inaccuracy of any
such representation or warranty for which notice has been so given.
Notwithstanding anything in this Agreement or in the documents delivered in
connection with this Agreement, Seller’s aggregate collective liability for
claims arising out of matters that expressly survive the Closing shall be
limited and shall not exceed a sum equal to ten percent (10%) of the Purchase
Price.

ARTICLE X

MISCELLANEOUS

SECTION
10.1. Parties Bound. No party may assign this Agreement
without the prior written consent of the other parties, and any such prohibited
assignment shall be void. Subject to the foregoing, this Agreement shall be
binding upon and inure to the benefit of the respective legal representatives, successors,
assigns, heirs and devisees of the parties.

SECTION
10.2. Default. If any party defaults in its obligations
hereunder, the other parties may pursue any remedies available to them at law
or in equity; provided, however that Seller shall not be entitled
to pursue the remedy of specific performance against Buyer.

SECTION
10.3. Confidentiality. No party may issue a public
announcement concerning the transactions contemplated by this Agreement without
the prior written consent of the other parties, such consent not to be
unreasonably withheld or delayed, except as required by law or the rules of any
securities exchange on which securities of such party or one of its affiliates
are listed.

SECTION
10.4. Headings. The article and section headings of this Agreement
are for convenience only and in no way limit or enlarge the scope or meaning of
the language hereof.

SECTION
10.5. Invalidity and Waiver. If any portion of this
Agreement is held invalid or inoperative, then so far as is reasonable and
possible the remainder of this Agreement shall be deemed valid and operative,
and effect shall be given to the intent manifested by the portion held invalid
or inoperative. The failure by a party to enforce against any other party any
term or

 16
 

 

provision of this Agreement
shall not be deemed to be a waiver of such party’s right to enforce against the
other party the same or any other such term or provision in the future.

SECTION
10.6. Governing Law. This Agreement shall, in all
respects, be governed, construed, applied, and enforced in accordance with the
law of the State of Delaware.

SECTION
10.7. No Third Party Beneficiary. This Agreement is not
intended to give or confer any benefits, rights, privileges, claims, actions,
or remedies to any person or entity as a third party beneficiary or otherwise.

SECTION
10.8. Entirety and Amendments. This Agreement embodies
the entire agreement between the parties and supersedes all prior agreements
and understandings relating to the Properties except for any confidentiality
agreement binding on Buyer, which shall not be superseded by this Agreement.
This Agreement may be amended or supplemented only by an instrument in writing
executed by the party against whom enforcement is sought.

SECTION
10.9. Notices. Any notice or other communication provided
for or required by this Agreement shall be in writing and shall be delivered by
e-mail, by hand, by air courier service, by certified or registered mail,
return receipt requested, postage prepaid, or by facsimile transmission,
addressed to the person to whom such notice is intended to be given at such
address as such person may have previously furnished in writing to the
Partnership or to such person’s last known address. In the case of any
communication which requires a response within a specified period of time
pursuant to the terms of this Agreement, the time period in which such response
must be given shall commence upon the date of actual receipt of a hard copy
(including a facsimile copy) of any such communication. Delivery to any officer,
member, agent or employee of a party at the designated address of such party
shall constitute actual receipt for purposes hereof. Until receipt of written
notice to the contrary, the parties’ addresses for notices shall be served on
the parties at the addresses set forth in Section 1.1.

SECTION
10.10. Construction. The parties acknowledge that the
parties and their respective counsel have reviewed and revised this Agreement
and that the normal rule of construction — to the effect that any
ambiguities are to be resolved against the drafting party — shall not be
employed in the interpretation of this Agreement or any exhibits or amendments
hereto.

SECTION
10.11. Indemnity.

The following provisions govern actions for indemnity
under this Agreement. Promptly after receipt by an indemnitee of notice of any
claim, such indemnitee will, if a claim in respect thereof is to be made
against the indemnitor, deliver to the indemnitor written notice thereof and
the indemnitor shall have the right to participate in such proceeding and, if
the indemnitor agrees in writing that it will be responsible for any costs,
expenses, judgments, damages, and losses incurred by the indemnitee with
respect to such claim, to assume the defense thereof, with counsel mutually
satisfactory to the parties; provided,
however, that an indemnitee shall
have the right to retain its own counsel, with the fees and expenses to be paid
by the indemnitor, if the indemnitee reasonably believes that representation of
such indemnitee by the counsel retained by the indemnitor would be
inappropriate due to actual or potential differing interests between such
indemnitee and any other

 17
 

 

party represented by such counsel in such proceeding.
The failure of indemnitee to deliver written notice to the indemnitor within a
reasonable time after indemnitee receives notice of any such claim shall
relieve such indemnitor of any liability to the indemnitee under this indemnity
only if and to the extent that such failure is prejudicial to its ability to
defend such action, and the omission so to deliver written notice to the
indemnitor will not relieve it of any other liability that it may have to any
indemnitee. If an indemnitee settles a claim without the prior written consent
of the indemnitor, then the indemnitor shall be released from liability with
respect to such claim unless the indemnitor has unreasonably withheld such
consent.

SECTION
10.12. Further Assurances. Each of the parties hereto
agrees to take such actions and execute such further documents, instruments and
other agreements as may be reasonably requested by any other party hereto as
may be reasonably necessary to carry out and implement the intent of this
Agreement.

SECTION
10.13. Execution in Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an
original, and all of such counterparts shall constitute one Agreement.

SECTION
10.14. WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

[Signature
Page Follows]

 18

 

 

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

SELLER:

DCT EAGLE
CREEK LLC, a Delaware limited liability company

By:
DCT Leasing Corp., a Delaware corporation, its sole member

	
  

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Teresa L. Corral

  
	
   

  	
  Its: Authorized Signatory

  

 

BUYER:

TRT EAGLE
CREEK EAST LLC, a Delaware limited liability company

By:                              DCTRT
Real Estate Holdco LLC, a Delaware limited liability company, its sole member

By:                              Dividend
Capital Total Realty Operating Partnership LP, a Delaware limited partnership,
its sole member

By:          Dividend Capital Total Realty Trust
Inc., a Maryland corporation, its general partner

	
  

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Michael J. Kelly

  
	
   

  	
  Its: Managing Director/Chief Acquisitions Officer

  

 

JOINDER

Subject
to the express limitations set forth in Section 9.3, the undersigned,
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, hereby duly executes with proper authority and joins in
the execution of this Agreement, and agrees that it is jointly and severally
liable, as a principal and not as a surety, for the Seller’s obligations under
the Agreement and the documents executed in connection therewith.

DCT
LEASING CORP., a Delaware corporation

	
  By:

  	
   

  	
   

  
	
  Name: Teresa L. Corral

  
	
  Its: Authorized Signatory

  

 

 S-1

 

EXHIBIT A

LEGAL DESCRIPTION OF REAL PROPERTY

Lot 1, Block 4, Savage Business Part Second Addition,
except the West 61.29 feet thereof, Scott County, Minnesota.

Abstract Property

 

 

EXHIBIT B

SCHEDULE OF LEASES

See Rent Roll (Exhibit J)

 3
 

 

 

EXHIBIT C

OPERATING STATEMENTS

[See Attached]

 4
 

 

 

EXHIBIT D

SERVICE CONTRACTS

1.               Service Agreement
for landscaping services at Eagle Creek East with Greenside, Inc. dated April
1, 2006.

2.               Service Agreement
for security services at Eagle Creek East with Trans-Alarm dated February 16,
2006.

3.               Service Agreement
for window washing at Eagle Creek East with City Heights, Inc. dated June 1,
2006.

4.               Service Agreement
for parking lot sweeping services at Eagle Creek East with Greenside, Inc.
dated April 1, 2006.

5.               Service Agreement for
outdoor lighting at Eagle Creek East with Reluminate, Inc. dated September 1,
2006.

6.               Service Agreement
for snow removal services at Eagle Creek East with Greenside, Inc. dated
September 20, 2006.

 5
 

 

 

EXHIBIT E

REPORTS

1.               Phase I
Environmental Site Assessment for Eagle Creek Commerce Center by SECOR
International Incorporated dated June 2, 2006.

2.               Property Condition
Assessment for Eagle Creek Commerce Center East & West by Pond, Robinson
& Associates, LP dated May 2006.

 6
 

 

 

EXHIBIT F

SELLER’S ESTOPPEL

October 16, 2006

TRT EAGLE CREEK EAST LLC

c/o Dividend Capital Total Realty Trust

518 17th Street

Suite 1700

Denver, Colorado 80202

Attention:  Greg Moran

Greg:

The undersigned is the sole owner of the landlord to
the tenants described in the       
(    ) Tenant Estoppel Certificates attached hereto as Exhibit
A. Pursuant to Section 7.2(g) of that certain Purchase and Sale
Agreement (the “Purchase Agreement”),
dated as of October 16, 2006, by and between the undersigned and TRT
Rickenbacker LLC (the “Buyer”) the
undersigned has agreed to deliver this Seller’s Estoppel for your benefit as
more particularly set forth in Section 7.2(g) of the Purchase Agreement.

Accordingly, for good and valuable consideration and
in order to have you proceed with the Closing, the undersigned hereby certifies
the truth and accuracy of the factual statements set forth in the attached
Tenant Estoppel Certificates in all material respects, provided that with
respect to the matters covered in paragraph 12 we certify only to the actual
knowledge of the undersigned. Notwithstanding the foregoing, however, this
Seller’s Estoppel shall be superceded by the actual Tenant Estoppel
Certificates if and when delivered by the applicable tenants in accordance with
Section 7.2(g) of the Purchase Agreement.

The
undersigned is executing this certificate as an inducement for you to proceed
with the Closing.

[Signature Follows]

 7
 

 

 

	
  

  	
  DCT LEASING CORP., a Delaware corporation 

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  Name: Teresa L. Corral 

  
	
   

  	
  Its: Authorized Signatory

  

 

 8

 

EXHIBIT A TO SELLER’S ESTOPPEL

[attach Tenant Estoppels]

 

 

EXHIBIT G

TENANT ESTOPPEL CERTIFICATE

To:       [                                                    ]

                                                                   

                                                                   

             Attention:                                      

 

	
  Re:

  	
  Property Address:

  	
                                          ,

  
	
   

  	
   

  	
                      ,                          

  
	
   

  	
   

  	
  (the “Property”)

  

 

The undersigned
tenant (the “Tenant”) hereby certifies to you as follows:

1.             Tenant is a tenant at the Property under a lease (the “Lease”)
dated
                ,
between
                          
and
                        ,
a true, correct, and complete copy of which, including all amendments thereto
and guaranties thereof, is attached hereto as Exhibit A. There are no
other agreements, written or oral, affecting or relating to Tenant’s lease of
the leased premises described in the Lease (the “Premises”) or any other
portion of the Property.

2.             Tenant took possession of the Premises, consisting of
                                          
square feet, on
                    .
The Tenant currently has full possession of the Premises, has not assigned the
Lease or sublet any part of the Premises and does not hold the Premises under
an assignment or sublease [, except:
                      ].

3.             Tenant has accepted possession of the Premises, and all
work to be performed by Landlord for Tenant under the Lease has been performed
and has been accepted by Tenant [, except
                ].
All allowances to be paid to Tenant have been paid, and there is no
construction completed, ongoing, or planned for which Landlord is obligated to
reimburse Tenant.

4.             All base rent and additional rent under the Lease has
been paid through
                            ,
20      . There is no prepaid rent [except
              ].

5.             Base rent is currently payable in the amount of
$                      
per month.

6.             Tenant is currently paying estimated payments of
additional rent of
$                    
on account of real estate taxes, insurance, and common area maintenance expenses.
Select correct alternative: A  Tenant pays its full proportionate
share of real estate taxes, insurance, and common area maintenance
expenses  OR  B 
Tenant pays Tenant’s proportionate share of the increase in real estate
taxes and insurance over the [base year/base amount] of
                          
and its full proportionate share of common area maintenance charges OR  C                                                                                  .

7.             The amount of security deposit is
$                
and to Tenant’s knowledge none of the security deposit has been applied by the
landlord to any obligation under the Lease.

8.             The Lease term expires on
                  ,
and Tenant has the following renewal or extension option(s):                              .
The renewal or extension options for the following periods have been exercised:                                            .

9.             The Lease is in full force and effect, free from default
and, to Tenant’s knowledge, from any event which could become a default under
the Lease. Tenant has no claims against the landlord or offsets or defenses against
rent, and there are no disputes with the landlord. Tenant is not currently
entitled to any rent abatement under the Lease.

 

 

10.           The Tenant has the following
expansion rights with respect to the Property:
                                                    .

11.           The Tenant has no rights or options
to purchase the Property.

12.           To the best of the Tenant’s
knowledge, no hazardous wastes have been generated, treated, stored, or
disposed of by or on behalf of the Tenant or anyone else on the Premises.

The undersigned
has executed this certificate with the knowledge and agreement that the
undersigned will be bound by the statements contained herein and that they may
be relied upon by the addressee, any mortgagee of the Property, and their
respective successors and assigns.

Dated this
             day of
                          ,
200    .

	
   

  	
  [TENANT’S NAME]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

 

 

EXHIBIT H

ASSIGNMENT OF LEASES AND CONTRACTS AND BILL OF SALE

This instrument is executed and delivered as of the
         day of
                  ,
200     pursuant to that certain Purchase and Sale Agreement
(“Contract”) dated
                        ,
200    , by and between
                    ,
a
Delaware                                  
(“Seller”), and                                        ,
a
                                          
(“Buyer”), covering the real property described in Exhibit A
attached hereto (“Real Property”).

1.             Sale of Personalty.
For good and valuable consideration, Seller hereby sells, transfers, sets over
and conveys to Buyer the following (the “Personal Property”):

(a)           Tangible Personalty.
All of Seller’s right, title and interest, in and to all the furniture,
fixtures, equipment, and other tangible personal property owned by Seller and
located in or on the Real Property except any such personal property belonging
to tenants under the Leases or the management agent; and

(b)           Intangible
Personalty. All the right, title and interest of Seller, in and to
assignable licenses and permits relating to the operation of the Property,
assignable guaranties and warranties from any contractor, manufacturer or other
person in connection with the construction or operation of the Property, and
the right to use the name of the Property (if any), but specifically excluding
any right, title or interest of Seller in any trademarks, service marks and
trade names of Seller and with reservation by Seller to use such name in
connection with other property owned by Seller in the vicinity of the Property.

2.             Assignment of
Leases and Contracts. For good and valuable consideration, Seller hereby
assigns, transfers, sets over and conveys to Buyer, and Buyer hereby accepts
the following:

(a)           Leases. All of
the landlord’s right, title and interest in and to the tenant leases (“Leases”);

(b)           Service Contracts
and Commission Contracts. Seller’s right, title and interest in and to the
service contracts and commission Contracts described in Exhibit B
attached hereto (the “Contracts”).

3.             Seller Indemnity.
Seller hereby agrees to indemnify, defend and hold Buyer harmless from and
against any and all claims, losses, costs, damages and obligations arising by
reason of the failure of Seller to fulfill, perform, discharge, and observe its
obligations with respect to the Contracts arising before the Closing Date.

4.             Assumption.
Buyer hereby assumes the obligations of Seller under the Leases and Contracts
arising from and after the Closing Date and shall defend, indemnify and hold
harmless Seller from and against any liability, damages, causes of action,
expenses, and attorneys’ fees incurred by Seller by reason of the failure of
Buyer to fulfill, perform, discharge, and observe its obligations with respect
to the Leases or the Contracts arising from and after the Closing Date

 

 

5.             Warranty of Title
to Leases and Contracts. Seller warrants that all Personal Property is free
and clear of all liens, encumbrances and interests whatsoever.

6.             Contract Applies.
The covenants, Contracts, disclaimers, representations, warranties, indemnities
and limitations provided in the Contract with respect to the Property
(including, without limitation, the limitations of liability provided in the
Contract), are hereby incorporated herein by this reference as if herein set
out in full and shall inure to the benefit of and shall be binding upon
Assignee and Assignor and their respective successors and assigns.

 

 

IN WITNESS WHEREOF, the
undersigned have caused this instrument to be executed as of the date written
above.

	
  

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  [ENTITY]

  

 

 

	
  

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

	
  

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

	
  

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

 

[ACKNOWLEDGMENTS]

 

 

EXHIBIT I

LEASING
COMMISSIONS

None.

 

 

EXHIBIT J

RENT
ROLL

[See Attached]

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