Document:

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                                                                   Exhibit 10.54

                                                       DREXEL HERITAGE - HICKORY
                                                             LOAN NO. 50-1000016

                                 PROMISSORY NOTE

$3,400,000.00                                                  February 24, 2006

     FOR VALUE RECEIVED, the undersigned, COLE DH HICKORY NC, LLC, a Delaware
limited liability company ("Maker"), having an address at 2555 East Camelback
Road, Suite 400, Phoenix, Arizona 85016, promises to pay to the order of
WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association ("Payee"),
at the office of Payee at Commercial Real Estate Services, 8739 Research Drive
URP - 4, NC 1075, Charlotte, North Carolina 28262, or at such other place as
Payee may designate to Maker in writing from time to time, the principal sum of
THREE MILLION FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($3,400,000.00), together
with interest on so much thereof as is from time to time outstanding and unpaid,
from the date of the advance of the principal evidenced hereby and as allocated
to Fixed Rate Tranche A and Floating Rate Tranche B (as each term is hereinafter
defined) for each such tranche, at the Note Rate (as hereinafter defined),
together with all other amounts due hereunder or under the other Loan Documents
(as defined herein), in lawful money of the United States of America, which
shall at the time of payment be legal tender in payment of all debts and dues,
public and private.

                        ARTICLE I -- TERMS AND CONDITIONS

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

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

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

          (c) "Extended Maturity Date" shall mean March 11, 2031.

          (d) "Fixed Rate Tranche A" shall mean Two Million Seven Hundred
Sixty-Three Thousand and No/100 Dollars ($2,763,000.00) of the aggregate amount
of the Loan which shall bear interest as set forth in Section 1.3 hereof.

          (e) "Floating Rate Tranche B" shall mean Six Hundred Thirty-Seven
Thousand and No/100 Dollars ($637,000.00) of the aggregate amount of the Loan
which shall bear interest at the LIBOR-Based Rate (as hereinafter defined).

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

          (g) "LIBOR-Based Rate" shall mean (i) for the first Interest Period,
an interest rate per annum equal to six and fifty-seven one-hundredths percent
(6.57%) and (ii) for each succeeding Interest Period until Floating Rate Tranche
B is satisfied, an interest rate per annum equal at all times to two hundred
(200) basis points above the one-month LIBOR, in each case as determined by
Payee prior to the commencement of each Interest Period.

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

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

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

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

          (l) "Maturity Date" shall mean March 11, 2011.

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

          (n) "Optional Prepayment Date" shall mean March 11, 2011.

          (o) "Optional Prepayment Determination Date" shall mean January 11,
2011.

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

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

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

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

          (c) Without limiting the effect of any other provision of this Note,
Maker shall pay to Payee on the last day of each and every Interest Period, so
long as and to the extent that Payee (or its source of funds) may directly or
indirectly be required to maintain reserves against "Eurocurrency liabilities"
under Federal Reserve

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

          (d) In addition to the payment of interest and fees as aforesaid,
Maker shall, from time to time, upon demand by Payee pay to Payee amounts as
shall be sufficient to compensate Payee for (i) any loss, cost, fee, breakage or
other expense incurred or sustained directly or indirectly by reason of the
liquidation or reemployment of deposits or other funds acquired by Payee to fund
or maintain Floating Rate Tranche B during any Interest Period as a result of
any prepayment of Floating Rate Tranche B or any portion thereof or any attempt
by Maker to rescind the selection of the LIBOR-Based Rate as the applicable
interest rate for Floating Rate Tranche B and (ii) any increased costs incurred
by Payee, by reason of:

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

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

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

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

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

     (f) On or prior to May 24, 2006 (the "Pay-Down Date"), Maker shall fully
prepay the principal balance of this Note allocated as Floating Rate Tranche B.
Floating Rate Tranche B shall not be deemed to have been paid and/or satisfied
in full until all such additional costs, in addition to the principal balance
thereof and all interest thereon and all other sums due and payable under the
Loan Documents in regards to Floating Rate Tranche B, shall have been paid.

     1.3 Note Rate; Computation of Interest. The term "Note Rate" as used in
this Note shall mean (a) for Fixed Rate Tranche A, from the date of this Note
through but not including the Optional Prepayment Date, a rate per annum equal
to five and four-fifths percent (5.80%) (the "Fixed Interest Rate"), (b) for
Floating Rate Tranche B, from the date of this Note through the Pay-Down Date
and satisfaction of Floating Rate Tranche B, a rate per annum

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equal to the LIBOR-Based Rate, and (c) from the Optional Prepayment Date through
and including the date this Note is paid in full, a rate per annum equal to the
greater of (i) the Fixed Interest Rate plus two (2%) percent or (ii) the
Treasury Constant Maturity Yield Index (as hereinafter defined) plus two (2%)
percent ((i) or (ii), as applicable, the "Revised Interest Rate"). Interest
shall be computed hereunder based on a 360-day year and based on the actual
number of days elapsed for any period in which interest is being calculated. For
purposes of this Section 1.3, the term "Treasury Constant Maturity Yield Index"
shall mean the average yield for "This Week" as reported by the Federal Reserve
Board in Federal Statistical Release H.15 (519) published during the second full
week preceding the Optional Prepayment Date for instruments having a maturity
coterminous with the remaining term of this Note. If there is no Treasury
Constant Maturity Yield Index for instruments having a maturity coterminous with
the remaining term of this Note, then the index shall be equal to the weighted
average yield to maturity of the Treasury Constant Maturity Yield Indices with
maturities next longer and shorter than such remaining average life to maturity,
calculated by averaging (and rounding upward to the nearest whole multiple of
1/100 of 1% per annum, if the average is not such a multiple) the yields of the
relevant Treasury Constant Maturity Yield Indices (rounded, if necessary, to the
nearest 1/100 of 1% with any figure of 1/200 of 1% or above rounded upward). If
such Release is not available or no longer published, Payee may refer to another
recognized source of financial market information.

     1.4 Payment of Principal and Interest. Payments in federal funds
immediately available at the place designated for payment received by Payee
prior to 2:00 p.m. local time on a day on which Payee is open for business at
said place of payment shall be credited prior to close of business, while other
payments, at the option of Payee, may not be credited until immediately
available to Payee in federal funds at the place designated for payment prior to
2:00 p.m. local time on a day on which Payee is open for business. Interest only
shall be payable in consecutive monthly installments of the Monthly Payment
Amount, beginning on April 11, 2006 (the "First Payment Date"), and continuing
on the eleventh (11th) day of each and every calendar month thereafter (each, a
"Payment Date"). On the Maturity Date or the Optional Prepayment Date, the
entire outstanding principal balance hereof, together with all accrued but
unpaid interest thereon, shall be due and payable in full provided, however,
that in the event that such amounts are not paid on such date, the Maturity Date
shall be extended to the Extended Maturity Date. In computing the number of days
during which interest accrues, the day on which funds are initially advanced
shall be included regardless of the time of day such advance is made, and the
day on which funds are repaid shall be included unless repayment is credited
prior to close of business. Payments in federal funds immediately available in
the place designated for payment received by Payee prior to 2:00 p.m. local time
on a Business Day at said place of payment shall be credited prior to close of
business, while other payments, at the option of Payee, may not be credited
until immediately available to Payee in federal funds in the place designated
for payment prior to 2:00 p.m. local time at said place of payment on a Business
Day.

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

     1.6 Payment of "Short Interest". If the advance of the principal amount
evidenced by this Note is made on a date on or after the first (1st) day of a
calendar month and prior to the eleventh (11th) day of a calendar month, Maker
shall pay to Payee contemporaneously with the execution hereof interest at the
Note Rate for a period from the date hereof through and including the tenth
(10th) day of this calendar month. If the advance of the principal amount
evidenced by this Note is made on a date after the eleventh (11th) day of a
calendar month and prior to or on the last day of a calendar month, Maker shall
pay to Payee contemporaneously with the execution hereof interest at the Note
Rate for a period from the date hereof through and including the tenth (10th)
day of the immediately succeeding calendar month.

     1.7 Prepayment; Defeasance.

     (a) This Note may not be prepaid, in whole or in part (except as otherwise
specifically provided herein), at any time prior to the Optional Prepayment
Date. In the event that Maker wishes to have the Security Property (as
hereinafter defined) released from the lien of the Security Instrument prior to
the Optional Prepayment Date, Maker's sole option shall be a Defeasance (as
hereinafter defined) upon satisfaction of the terms and conditions set forth in
Section 1.7(d) hereof. This Note may be prepaid in whole but not in part without
premium or

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penalty on any of the three (3) Payment Dates occurring immediately prior to the
Maturity Date provided (i) written notice of such prepayment is received by
Payee not more than ninety (90) days and not less than thirty (30) days prior to
the date of such prepayment, and (ii) such prepayment is accompanied by all
interest accrued hereunder through and including the date of such prepayment and
all other sums due hereunder or under the other Loan Documents. If, upon any
such permitted prepayment on any of the three (3) Payment Dates occurring
immediately prior to the Maturity Date, the aforesaid prior written notice has
not been timely received by Payee, there shall be due a prepayment fee equal to,
an amount equal to the lesser of (i) thirty (30) days' interest computed at the
Note Rate on the outstanding principal balance of this Note so prepaid and (ii)
interest computed at the Note Rate on the outstanding principal balance of this
Note so prepaid that would have been payable for the period from, and including,
the date of prepayment through the Maturity Date of this Note as though such
prepayment had not occurred.

     (b) If, prior to the fourth (4th) anniversary of the First Payment Date
(the "Lock-out Expiration Date"), the indebtedness evidenced by this Note shall
have been declared due and payable by Payee pursuant to Article III hereof or
the provisions of any other Loan Document due to a default by Maker, then, in
addition to the indebtedness evidenced by this Note being immediately due and
payable, there shall also then be immediately due and payable a sum equal to the
interest which would have accrued on the principal balance of this Note at the
Note Rate from the date of such acceleration to the Lock-out Expiration Date,
together with a prepayment fee in an amount equal to the Yield Maintenance
Premium (as hereinafter defined) based on the entire indebtedness on the date of
such acceleration. If such acceleration is on or following the Lock-out
Expiration Date, the Yield Maintenance Premium shall also then be immediately
due and payable as though Maker were prepaying the entire indebtedness on the
date of such acceleration. In addition to the amounts described in the two
preceding sentences, in the event of any such acceleration or tender of payment
of such indebtedness occurs or is made on or prior to the first (1st)
anniversary of the date of this Note, there shall also then be immediately due
and payable an additional prepayment fee of three percent (3%) of the principal
balance of this Note. The term "Yield Maintenance Premium" shall mean an amount
equal to the greater of (A) two percent (2.0%) of the principal amount being
prepaid, and (B) the present value of a series of payments each equal to the
Payment Differential (as hereinafter defined) and payable on each Payment Date
over the remaining original term of this Note and on the Maturity Date,
discounted at the Reinvestment Yield (as hereinafter defined) for the number of
months remaining as of the date of such prepayment to each such Payment Date and
the Maturity Date. The term "Payment Differential" shall mean an amount equal to
(i) the Note Rate less the Reinvestment Yield, divided by (ii) twelve (12) and
multiplied by (iii) the principal sum outstanding under this Note after
application of the constant monthly payment due under this Note on the date of
such prepayment, provided that the Payment Differential shall in no event be
less than zero. The term "Reinvestment Yield" shall mean an amount equal to the
lesser of (i) the yield on the U.S. Treasury issue (primary issue) with a
maturity date closest to the Maturity Date, or (ii) the yield on the U.S.
Treasury issue (primary issue) with a term equal to the remaining average life
of the indebtedness evidenced by this Note, with each such yield being based on
the bid price for such issue as published in the Wall Street Journal on the date
that is fourteen (14) days prior to the date of such prepayment set forth in the
notice of prepayment (or, if such bid price is not published on that date, the
next preceding date on which such bid price is so published) and converted to a
monthly compounded nominal yield. In the event that any prepayment fee is due
hereunder, Payee shall deliver to Maker a statement setting forth the amount and
determination of the prepayment fee, and, provided that Payee shall have in good
faith applied the formula described above, Maker shall not have the right to
challenge the calculation or the method of calculation set forth in any such
statement in the absence of manifest error, which calculation may be made by
Payee on any day during the fifteen (15) day period preceding the date of such
prepayment. Payee shall not be obligated or required to have actually reinvested
the prepaid principal balance at the Reinvestment Yield or otherwise as a
condition to receiving the prepayment fee.

     (c) Partial prepayments of this Note shall not be permitted, except for (i)
partial prepayments resulting from Payee's election to apply insurance or
condemnation proceeds to reduce the outstanding principal balance of this Note
as provided in the Security Instrument, in which event no prepayment fee or
premium shall be due unless, at the time of either Payee's receipt of such
proceeds or the application of such proceeds to the outstanding principal
balance of this Note, an Event of Default shall have occurred, which Event of
Default is unrelated to the applicable casualty or condemnation, in which event
the applicable prepayment fee or premium shall be due and payable based upon the
amount of the prepayment or (ii) any partial prepayment required on or prior to
the Pay-Down Date pursuant to Section 1.2(f) above, in which event no prepayment
fee or premium shall be due. No notice of prepayment shall be required under the
circumstances specified in subclause (i) of the preceding sentence. No principal
amount repaid may be

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reborrowed. Any such partial prepayments of principal under subclause (i) above
shall be applied to the unpaid principal balance evidenced hereby but such
application shall not reduce the amount of the fixed monthly installments
required to be paid pursuant to Section 1.4 above. Except as otherwise expressly
provided herein, the prepayment fees provided above shall be due, to the extent
permitted by applicable law, under any and all circumstances where all or any
portion of this Note is paid prior to the Maturity Date, whether such prepayment
is voluntary or involuntary, including, without limitation, if such prepayment
results from Payee's exercise of its rights upon Maker's default and
acceleration of the Maturity Date of this Note (irrespective of whether
foreclosure proceedings have been commenced), and shall be in addition to any
other sums due hereunder or under any of the other Loan Documents. No tender of
a prepayment of this Note with respect to which a prepayment fee is due shall be
effective unless such prepayment is accompanied by the applicable prepayment
fee.

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

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

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

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

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

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

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

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

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

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

                    (7) Maker and any guarantor or indemnitor of Maker's
               obligations under the Loan Documents for which Maker has personal
               liability executes and delivers to Payee such documents and
               agreements as Payee shall reasonably require to evidence and
               effectuate the ratification of such personal liability and
               guaranty or indemnity, respectively;

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

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

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

<PAGE>

               1.00 and the maximum loan to value percentage for each of the
               Additional Loans shall be 65%.

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

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

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

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

                ARTICLE II -- OPTIONAL PREPAYMENT DATE PROVISIONS

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

     (a) [Reserved].

     (b) For the calendar year in which the Optional Prepayment Determination
Date occurs and for each calendar year thereafter, Maker shall submit to Payee
for Payee's written approval an annual budget (an "Annual Budget") not later
than (i) the Optional Prepayment Determination Date for the calendar year in
which the Optional Prepayment Determination occurs and (ii) sixty (60) days
prior to the commencement of each calendar year thereafter, in form satisfactory
to Payee setting forth in reasonable detail budgeted monthly operating income
and monthly operating capital and other expenses for the Mortgaged Property.
Each Annual Budget shall contain, among other things, limitations on management
fees, third party service fees and other expenses as Maker may reasonably
determine. Payee shall have the right to approve such Annual Budget and in the
event that Payee objects to the proposed Annual Budget submitted by Maker, Payee
shall advise Maker of such objections within fifteen (15) days after receipt
thereof (and

<PAGE>

deliver to Maker a reasonably detailed description of such objections) and Maker
shall, within three (3) days after receipt of notice of any such objections,
revise such Annual Budget and resubmit the same to Payee. Payee shall advise
Maker of any objections to such revised Annual Budget within ten (10) days after
receipt thereof (and deliver to Maker a reasonably detailed description of such
objections) and Maker shall revise the same in accordance with the process
described in this subsection until Payee approves an Annual Budget, provided,
however, that if Payee shall not advise Maker of its objections to any proposed
Annual Budget within the applicable time period set forth in this subsection,
then such proposed Annual Budget shall be deemed approved by Payee. Each such
Annual Budget approved by Payee in accordance with terms hereof shall
hereinafter be referred to as an "Approved Annual Budget." Until such time that
Payee approves a proposed Annual Budget, the most recently Approved Annual
Budget shall apply; provided, that such Approved Annual Budget shall be adjusted
to reflect actual increases in real estate taxes, insurance premiums and
utilities expenses.

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

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

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

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

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

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

<PAGE>

payments from Rents (as defined in the Security Instrument) received on or
before such day in the listed order of priority:

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

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

          (iii) [Reserved];

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

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

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

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

                             ARTICLE III -- DEFAULT

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

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

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

     3.4 Maker's Agreements. Maker acknowledges that it would be extremely
difficult or impracticable to determine Payee's actual damages resulting from
any late payment or default, and such late charges and default interest are
reasonable estimates of those damages and do not constitute a penalty. The
remedies of Payee in this Note or in the Loan Documents, or at law or in equity,
shall be cumulative and concurrent, and may be pursued singly, successively or
together, in Payee's discretion.

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

<PAGE>

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

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

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

     (c) in the event of a foreclosure of such liens, security titles, estates,
assignments, rights or security interests securing the payment of this Note
and/or the other obligations of Maker under the Loan Documents, no judgment for
any deficiency upon the indebtedness evidenced hereby shall be sought or
obtained by Payee against Maker, except with respect to the liability described
below in this section; provided, however, that, notwithstanding the foregoing
provisions of this section, Maker shall be fully and personally liable and
subject to legal action (i) for proceeds paid under any insurance policies (or
paid as a result of any other claim or cause of action against any person or
entity) by reason of damage, loss or destruction to all or any portion of the
Security Property, to the full extent of such proceeds not previously delivered
to Payee, but which, under the terms of the Loan Documents, should have been
delivered to Payee, (ii) for proceeds or awards resulting from the condemnation
or other taking in lieu of condemnation of all or any portion of the Security
Property, to the full extent of such proceeds or awards not previously delivered
to Payee, but which, under the terms of the Loan Documents, should have been
delivered to Payee, (iii) for all tenant security deposits or other refundable
deposits paid to or held by Maker or any other person or entity in connection
with leases of all or any portion of the Security Property which are not applied
in accordance with the terms of the applicable lease or other agreement, (iv)
for rent and other payments received from tenants under leases of all or any
portion of the Security Property paid more than one (1) month in advance, (v)
for rents, issues, profits and revenues of all or any portion of the Security
Property received or applicable to a period after the occurrence of any Event of
Default hereunder or under the Loan Documents, which are not either applied to
the ordinary and necessary expenses of owning and operating the Security
Property or paid to Payee, (vi) for waste committed on the Security Property,
damage to the Security Property as a result of the intentional misconduct or
gross negligence of Maker or any of its principals, officers, general partners
or members, any guarantor, any indemnitor, or any agent or employee of any such
person, or any removal of all or any portion of the Security Property in
violation of the terms of the Loan Documents, to the full extent of the losses
or damages incurred by Payee on account of such occurrence, (vii) for failure to
pay any valid taxes, assessments, mechanic's liens, materialmen's liens or other
liens which could create liens on any portion of the Security Property which
would be superior to the lien or security title of the Security Instrument or
the other Loan Documents, to the full extent of the amount claimed by any such
lien claimant except, with respect to any such taxes or assessments, to the
extent that funds have been deposited with Payee pursuant to the terms of the
Security Instrument specifically for the applicable taxes or assessments and not
applied by Payee to pay such taxes and assessments, (viii) for all obligations
and indemnities of Maker under the Loan Documents relating to hazardous or toxic
substances or radon or compliance with environmental laws and regulations to the
full extent of any losses or damages (including, but not limited to, those
resulting from diminution in value of any Security Property) incurred by Payee
as a result of the existence of such hazardous or toxic substances or radon or
failure to comply with environmental laws or regulations, and (ix) for fraud,
material misrepresentation or failure to disclose a material fact by Maker or
any of its principals, officers, general partners or members, any guarantor, any
indemnitor or any agent, employee or other person authorized or apparently
authorized to make statements, representations or disclosures on behalf of
Maker, any principal, officer, general partner or member of Maker, any guarantor
or any indemnitor, to the full extent of any losses, damages and expenses of
Payee on account thereof.

     References herein to particular sections of the Loan Documents shall be
deemed references to such sections as affected by other provisions of the Loan
Documents relating thereto. Nothing contained in this section shall (1) be

<PAGE>

deemed to be a release or impairment of the indebtedness evidenced by this Note
or the other obligations of Maker under the Loan Documents or the lien of the
Loan Documents upon the Security Property, or (2) preclude Payee from
foreclosing the Loan Documents in case of any default or from enforcing any of
the other rights of Payee except as stated in this section, or (3) limit or
impair in any way whatsoever (A) any Indemnity and Guaranty Agreements (the
"Indemnity Agreements") or (B) the Environmental Indemnity Agreement (the
"Environmental Indemnity Agreement"), executed and delivered in connection with
the indebtedness evidenced by this Note or release, relieve, reduce, waive or
impair in any way whatsoever, any obligation of any party to the Indemnity
Agreements or the Environmental Indemnity Agreement.

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

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

                        ARTICLE IV -- GENERAL CONDITIONS

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

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

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

<PAGE>

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

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

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

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

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

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

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

<PAGE>

indemnitor and the Security Property, which shall have been furnished by Maker,
any guarantor or any indemnitor as Payee determines necessary or desirable.

                      ARTICLE V -- MISCELLANEOUS PROVISIONS

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

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

             [THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

<PAGE>

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

                                       MAKER:

                                       COLE DH HICKORY NC, LLC,
                                       a Delaware limited liability company

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

                                       By: /s/ John M. Pons
                                           -------------------------------------
                                           John M. Pons, Senior Vice President
<PAGE>

                                   Schedule A

                                   LOAN TERMS

<TABLE>
<S>                                                  <C>
Original Principal Amount                            $2,763,000.00
Note Rate % (Per Annum)                              5.800%
Original Amortization Term (Months)                  999
Monthly Payment Amount (Excluding IO Period)         $13,354.50
Note Date                                            2/24/2006
First Pay Date                                       4/11/2006
Original Loan Term (Months)                          60
Scheduled Maturity Date                              3/11/2011
Interest Accrual Basis During Amortization Periods   ACTUAL/360
Interest Only (IO) Periods (Months)                  60
Interest Accrual Basis During IO Period              ACTUAL/360
</TABLE>

COLE DREXEL HERITAGE                                                   501000016

<TABLE>
<CAPTION>
                                                  INTEREST       PRINCIPAL
                      ACCRUAL                   COMPONENT OF    COMPONENT OF   ENDING UNPAID
PAY                   DAYS IN     SCHEDULED       SCHEDULED      SCHEDULED       PRINCIPAL
PERIOD    PAY DATE     PERIOD      PAYMENT         PAYMENT        PAYMENT         BALANCE
------   ----------   -------   -------------   ------------   -------------   -------------
<S>      <C>          <C>       <C>             <C>            <C>             <C>
   0      3/11/2006       15    $        0.00    $  6,677.25   $        0.00   $2,763,000.00
   1      4/11/2006       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
   2      5/11/2006       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
   3      6/11/2006       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
   4      7/11/2006       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
   5      8/11/2006       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
   6      9/11/2006       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
   7     10/11/2006       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
   8     11/11/2006       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
   9     12/11/2006       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  10      1/11/2007       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  11      2/11/2007       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  12      3/11/2007       28    $   12,464.20    $ 12,464.20   $        0.00   $2,763,000.00
  13      4/11/2007       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  14      5/11/2007       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  15      6/11/2007       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  16      7/11/2007       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  17      8/11/2007       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  18      9/11/2007       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  19     10/11/2007       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  20     11/11/2007       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  21     12/11/2007       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  22      1/11/2008       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
</TABLE>

<PAGE>

<TABLE>
<S>      <C>          <C>       <C>             <C>            <C>      <C>    <C>
  23      2/11/2008       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  24      3/11/2008       29    $   12,909.35    $ 12,909.35   $        0.00   $2,763,000.00
  25      4/11/2008       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  26      5/11/2008       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  27      6/11/2008       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  28      7/11/2008       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  29      8/11/2008       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  30      9/11/2008       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  31     10/11/2008       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  32     11/11/2008       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  33     12/11/2008       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  34      1/11/2009       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  35      2/11/2009       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  36      3/11/2009       28    $   12,464.20    $ 12,464.20   $        0.00   $2,763,000.00
  37      4/11/2009       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  38      5/11/2009       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  39      6/11/2009       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  40      7/11/2009       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  41      8/11/2009       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  42      9/11/2009       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  43     10/11/2009       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  44     11/11/2009       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  45     12/11/2009       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  46      1/11/2010       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  47      2/11/2010       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  48      3/11/2010       28    $   12,464.20    $ 12,464.20   $        0.00   $2,763,000.00
  49      4/11/2010       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  50      5/11/2010       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  51      6/11/2010       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  52      7/11/2010       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  53      8/11/2010       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  54      9/11/2010       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  55     10/11/2010       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  56     11/11/2010       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  57     12/11/2010       30    $   13,354.50    $ 13,354.50   $        0.00   $2,763,000.00
  58      1/11/2011       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  59      2/11/2011       31    $   13,799.65    $ 13,799.65   $        0.00   $2,763,000.00
  60      3/11/2011       28    $2,775,464.20    $ 12,464.20   $2,763,000.00   $        0.00
  60                   1,826    $3,575,843.90    $812,843.90   $2,763,000.00
</TABLE>

<PAGE>

AUTO DRAFT INFORMATION

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

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

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

<PAGE>

(WACHOVIA SECURITIES LOGO)

AUTO DRAFT FORM

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

LOAN NUMBER _________________________   NAME OF BORROWING ENTITY _______________
Wachovia Loan # (9 digits)              Borrower Name

BANK'S ROUTING NUMBER FROM CHECK __________   ACCOUNT # TO BE DRAFTED __________
Bank Routing Number (9 digits)                Bank Account # (from check)

NAME OF BANK TO BE DRAFTED __________   LOCATION OF THE BANK ___________________
Name of Bank                            City and State

                  PLEASE INCLUDE A VOIDED CHECK WITH THIS FORM

J.L. Smith                                                       Date __________
1000

          S.R Smith
          1234 Sample Street
          Any Where, USA 12345

PAY TO THE
ORDER OF _________________________________________________ $ ___________________

__________________________________________________________ DOLLARS

Memo ___________________________________________________________________________

: 000000000 :    10000001234567   1000

ROUTING #       ACCOUNT #

BORROWER'S SIGNATURE ________________   BORROWER'S NAME ________________________
Authorized Signature                    Print Name
(as it appears on bank documents)

                                        TODAY'S DATE ___________________________
                                        Date

DAY OF MONTH PAYMENT WILL DRAFT __________   BORROWER'S FAX NUMBER _____________
Draft Date (Payment due date)                Fax #

TERMS AND CONDITIONS

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

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

DISHONOR: Wachovia Securities shall be under no liability whatsoever if a
transfer of funds cannot be made, whether or not such failure is caused by the
act of omission of the borrower. INSUFFICIENT FUNDS: If the automatic withdrawal
is returned due to insufficient funds both Wachovia Securities and the
borrower's financial institution may assess a fee.

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

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

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

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

                                                                   Exhibit 10.55

                                CONTRACT OF SALE

     THIS CONTRACT OF SALE (this "Contract") is made by and between RPI
INTERESTS II, LTD., a Texas limited partnership, acting by and through its sole
general partner, RPI INTERESTS GP, LLC, a Texas limited liability company
("Seller"), and COLE CAPITAL PARTNERS, L.L.C., an Arizona limited liability
company (and its assigns as permitted by this Contract):

     1. Purchase and Sale. Subject to the terms and provisions of this Contract,
Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, all of
the following described property (sometimes referred to herein in the aggregate
as the "Property"):

          (a) Land. That certain tract of land (the "Land") located in Spring,
     Montgomery County, Texas, being more particularly shown on EXHIBIT "A"
     attached hereto and made a part hereof.

          (b) Easements. All of Seller's right, title and interest in and to any
     easements, if any, benefiting the Land or the Improvements (as hereafter
     defined), but without recourse, representation or warranty on Seller's
     part.

          (c) Rights and Appurtenances. All of Seller's right, title and
     interest in and to any rights and appurtenances pertaining to the Land,
     including any right, title and interest of Seller in and to adjacent
     streets, alleys or rights-of-way, but without recourse, representation or
     warranty on Seller's part.

          (d) Improvements. All buildings, structures, fixtures and other
     improvements, consisting of the so-called "RAYFORD SQUARE SHOPPING CENTER"
     (the "Improvements") in and on the Land, excluding property owned by
     tenants.

          (e) Leases. All of Seller's right, title and interest in and to all
     leases with tenants (the "Tenants") applicable to the Property or any part
     thereof (collectively, the "Leases").

          (f) Security Deposits. All of Seller's right, title and interest in
     and to all tenant security deposits held by Seller (the "Deposits").

          (g) Tangible Personal Property. All of Seller's right, title and
     interest, if any, in and to all appliances, equipment, machinery and other
     personal property, if any, located on or about the Land and the
     Improvements, owned by Seller and used in the operation and maintenance
     thereof, excluding any property of the tenants or third parties (the
     "Tangible Personal Property").

          (h) Contracts. Seller's right, title and interest in and to any
     assignable warranties or maintenance or service contracts related to the
     maintenance and operation of the Land and/or Improvements which can be
     assigned to Buyer upon Closing (the "Contracts"). Seller is not aware of
     any such assignable Contracts. For example, the current management
     agreement for the Property with RPI MANAGEMENT COMPANY, LLC (an affiliate
     of Seller) shall be terminated upon Closing and accordingly, is not
     referred to as a Contract hereunder.

          (i) Permits. Seller's right, title and interest in and to any licenses
     and permits with respect to the operation, repair, maintenance or
     improvement of the Property (the "Permits").

          (j) Name. Seller's right, title and interest, if any, in and to the
     name "RAYFORD SQUARE SHOPPING CENTER".

     2.Purchase Price. The purchase price for the Property (the "Purchase
Price") shall be the exact amount of NINE MILLION NINE HUNDRED THOUSAND AND
00/100 ($9,900,000.00) DOLLARS, payable in CASH at the Closing (as hereafter
defined).

     3. Earnest Money. Not later than five (5) business days after the Effective
Date, Buyer shall deliver the "Earnest Money" (herein so called) to LAWYERS
TITLE INSURANCE CORPORATION, Attn: Mr. Allen S.

<PAGE>

Brown, 1850 North Central Avenue, Suite 300, Phoenix, Arizona 85004 (the "Title
Company") in the amount of $500,000.00, and the same shall thereafter be held by
the Title Company in escrow to be applied or disposed of by it as is provided in
this Contract. All interest earned on the Earnest Money shall become part of the
Earnest Money to be applied or disposed of in the same manner as the Earnest
Money is applied or disposed of pursuant to this Contract.

     If, for any reason, Buyer fails to deliver the Earnest Money to the Title
Company within five (5) business days after the Effective Date, the Contract
shall, at Seller's option, be deemed to be terminated, whereupon neither party
shall have any further rights or obligations under this Contract other than
those obligations which expressly survive any such termination. The Title
Company shall deposit the Earnest Money in its possession in an insured interest
bearing account(s) in an FDIC insured institution.

     In order to facilitate the return of the Earnest Money to Buyer in the
event Buyer timely exercises its right to terminate pursuant to Section 5.1,
Seller and Buyer agree that in the event Buyer timely delivers written notice of
its election to terminate, the Title Company shall return the Earnest Money, to
Buyer without the need for any approval by Seller, provided Buyer has complied
with the requirements of this Contract. The parties covenant and agree to
promptly execute the necessary documentation to facilitate the release of the
Earnest Money hereunder. This obligation shall survive the termination of this
Contract.

     4. Title Commitment and Survey.

     4.1 Title Commitment. Within ten (10) business days after the Effective
Date, Title Company shall deliver a current preliminary title report (the
"Commitment") for a TLTA extended coverage title insurance policy (the "Owner's
Policy") on the Property to Buyer and Seller, together with legible copies of
all title exceptions (the "Title Exceptions") referred to in the Commitment.
Buyer shall have a period (the "Title Review Period") ending upon the expiration
of the Inspection Period in which to notify Seller of any objections (the
"Objections") Buyer has as to any matters set forth on or referred to in the
Commitment or on the New Survey (as provided pursuant to Section 4.2). Buyer
may, at its option and at its cost and expense, provide to Seller and the Title
Company the New Survey pursuant to Section 4.2. Buyer shall have until the end
of the Title Review Period to also make objections to the New Survey (such
timely objections being referred to as the "Survey Objections"). Any title
encumbrances, matters or exceptions which are set forth in the Commitment or on
the New Survey and to which Buyer does not object within the Title Review
Period, shall be deemed to be Permitted Exceptions to the status of Seller's
title (the "Permitted Exceptions"). Likewise, any Survey Objections that Buyer
does not timely make with respect to the Survey, if any, shall also be deemed to
be Permitted Exceptions. Notwithstanding the foregoing, if notice of Objections
and/or Survey Objections (collectively, the "Buyer's Objections") is not timely
given by Buyer, then Buyer shall be deemed to have objected to all matters set
forth in the Commitment and the New Survey and shall have elected to terminate
this Contract.

     4.2 Survey. Within two (2) business days after the Effective Date, Seller
will deliver to Buyer a copy of its existing surveys (the "Seller's Survey"), to
the extent Seller has not previously provided the same to Buyer. Seller's Survey
was prepared before the Academy building was constructed and therefore related
modifications made to the Shopping Center at that time are not shown on Seller's
Survey. Delivery by Seller of Seller's Survey will be without representation or
warranty whatsoever. Buyer shall have the right to obtain a current, certified
ALTA survey of the Land and Improvements, completed by a surveyor licensed in
the state of Texas (the "New Survey"), whereupon the legal description in the
New Survey shall control over the description in Exhibit A attached hereto to
the extent they may be inconsistent. The New Survey shall set forth the legal
description and boundaries of the Property and all easements, encroachments and
improvements thereon.

     4.3 Objections. In the event that Buyer shall timely make any Buyer's
Objections during the Title Review Period, Seller shall have the right (but not
the obligation) within five (5) business days after receipt thereof to notify
Buyer in writing of Seller's intent to cure (by removal from the Commitment or
endorsing over) any such Buyer's Objections. In the event that Seller shall be
unwilling and/or unable to cure Buyer's Objections, Buyer shall have the option,
as its sole and exclusive remedy in such event, to either: (1) waive those
Buyer's Objections which Seller is unable and/or unwilling to cure and purchase
the Property as otherwise contemplated in this Contract without any reduction in
the Purchase Price, notwithstanding such Buyer's Objections, in which event such
Buyer's

<PAGE>

Objections shall become Permitted Exceptions; or (2) terminate this Contract, in
which event the Earnest Money shall, subject to Section 9.3, be delivered to
Buyer. In the event Seller fails to take any action or otherwise fails to timely
respond to Buyer's Objections, it shall be deemed that Seller has chosen not to
cure any of the Buyer's Objections. Buyer shall make its election (i.e. -- (1)
or (2) above) within five (5) business days following the earlier of: notice
from Seller describing which of the Buyer's Objections Seller will or will not
cure, or the expiration of Seller's five business day reply period. If Buyer
fails to timely give such notice, Buyer shall be deemed to have elected option
(2) above. Seller assumes no duty to expend any money, file a lawsuit or
otherwise timely delay Closing to cure any of the Buyer's Objections.

     5. Inspection Period.

     5.1 Inspection Period. Buyer shall have until thirty-five (35) days after
the Effective Date (such period being herein called the "Inspection Period") in
which to order, review and approve all inspections or studies which Buyer may
elect to make and address SEC matters pursuant to Section 7.2 (in each case at
Buyer's sole risk, cost and expense), including, without limitation,
feasibility, marketing, soils, asbestos, environmental, architectural and
engineering studies with respect to the Property and otherwise satisfy itself
with the Property pursuant to this Article 5. This Contract shall terminate upon
the end of the Inspection Period unless Buyer delivers written notice (the
"Notice of Acceptance") to Seller on or before 4:00 p.m. MST on the last day of
the Inspection Period stating that Buyer waives its right of termination
pursuant to this Article 5. Buyer may also terminate this Contract by the end of
the Inspection Period by delivering written notice to Seller on or before 4:00
p.m. MST on the last day of the Inspection Period stating that Buyer terminates
this Contract pursuant to this Article 5. Unless Buyer timely provides the
Notice of Acceptance to Seller, in writing, on or before the end of the
Inspection Period, this Contract shall be terminated. In the event Buyer timely
delivers its Notice of Termination or is deemed to have terminated this
Contract, the Contract shall be terminated. Upon such termination pursuant to
this Section 5.1, the Earnest Money shall be returned to Buyer, subject to
Buyer's compliance with Section 9.3, and, except as otherwise provided in this
Contract, neither of the parties shall have any further liability or obligation
under this Contract. Any attempt by Buyer to exercise such right of termination
after such date and time as provided in this Section 5.1 shall be of no force or
effect and it will be deemed that Buyer is satisfied with the condition of the
Property (including the physical condition of the Improvements and the
environmental condition of the Land and the Improvements), as well as the other
matters specified in this Section 5.1.

     5.2 Indemnity. Buyer shall be liable to the Seller for the repair of any
damage to the Property occurring as a result of any of Buyer's tests,
inspections or other activities on or about the Property. Buyer shall defend,
indemnify and hold harmless Seller, its officers, directors, shareholders,
partners, venturers, employees and affiliates, and the officers, directors,
shareholders and employees, partners, venturers, and those of the affiliates of
Seller (all such parties being referred to as the "Seller Related Parties"), of
and from any claims, damages, expenses and causes of action of any and every
type proximately caused by or directly resulting from any such entry or
activities upon the Property. Buyer does hereby release and forever discharge
Seller and the other Seller Related Parties, from any and all claims, demands,
and causes of action of any kind or nature proximately caused by or directly
resulting from Buyer's activities related to such entry, inspections or testing.
Buyer shall not suffer or permit the filing of any mechanic's liens as a result
of Buyer's tests, inspections or other activities on or about the Property (and,
to the extent such mechanic's liens are or may be filed as a result of Buyer's
activities, such mechanic's liens, or the right to file such liens, shall be
deemed to be a Permitted Exception, or if Closing does not occur, will be paid
out of the Earnest Money and the Title Company is authorized to pay such liens
or claim, and Seller may pursue all of its rights and remedies). Buyer shall
provide Seller at least two (2) days advance notice of any invasive physical
inspections or environmental testing at the Property. The provisions of this
Section 5.2 will survive Closing or termination of this Contract.

     5.3 Right of Inspection. During the Inspection Period, and thereafter until
the Closing hereof, so long as this Contract has not been terminated, Buyer, its
officers, employees, agents, contractors, engineers and consultants, may enter
upon the Property upon reasonable notice to Seller (and Seller's agent(s) have
the right to accompany such party while at the Property) for the purpose of
making an examination and investigation of the Property. Buyer shall be solely
responsible for the payment of any and all expenses incurred with respect to any
such investigations or examinations, including any examinations or
investigations for hazardous wastes or toxic substances in the soil or ground
water of the Land which Buyer may elect to conduct or have conducted, and Seller

<PAGE>

shall have no responsibility for the initiation of or payment for any such
investigations or examinations. All such examinations and investigations shall
be undertaken at Buyer's sole cost, risk and expense.

     5.4 Confidentiality. The Buyer agrees, for itself and its partners,
officers, employees, attorneys, lenders, accountants, engineers, environmental
auditors and other consultants (collectively, "Buyer Related Parties") to
maintain strict confidentiality of all aspects of this Contract and the subject
matter thereof, any associated negotiations, and all inspections undertaken by
Buyer with respect to this Contract and the Property, including, without
limitation, the Project Documentation. Except as may be required by law, the
Buyer Related Parties will not divulge any such information to other persons or
entities including, without limitation, appraisers, real estate brokers, or
competitors of the Seller. Notwithstanding the foregoing, the Buyer shall have
the right to disclose information with respect to the Property to the Buyer
Related Parties to the extent necessary for the Buyer Related Parties to
evaluate the acquisition of the Property, provided that the Buyer Related
Parties are told that such information is confidential and agree to keep such
information confidential. If Buyer terminates this Contract for any reason, then
all such materials received by the Buyer Related Parties from Seller, including
leases, operating statements and all the Project Documentation, shall be
returned to Seller within five (5) days from the date of said termination and
the Buyer Related Parties shall not retain copies.

     6. Delivery of Documentation. Within five (5) business days after the
Effective Date, Seller shall deliver to Buyer (or make available for inspection
in Seller's office) the following (the "Initial Seller Documentation"), to the
extent in Seller's possession or control to its actual knowledge without
independent investigation of any kind, to the extent not heretofore delivered to
Buyer:

          (a)  a current rent roll of all Leases affecting the Property
               confirmed by Seller or its property manager to be materially true
               and correct to such party's actual knowledge;

          (b)  copies of all Leases, including any modifications, supplements,
               or amendments thereto;

          (c)  contact information for the tenants on the basis of Landlord's
               records;

          (d)  a current inventory of all Tangible Personal Property, if any,
               owned by Seller and located on, attached to, or used in
               connection with the Property;

          (e)  a copy of Seller's income and expense statements for the Property
               from January 1, 2003 to December 31, 2004; and the current year
               to date statement through September 30, 2005;

          (f)  copies of any environmental assessments, studies, or analyses
               affecting the Property, if any, in Seller's possession or control
               to Seller's actual knowledge;

          (g)  copies of 2004 Ad Valorem Tax Statements; and

          (h)  Building plans (to be inspected at Seller's office and copied at
               Buyer's option and expense). Buyer may have Seller's copies of
               those plans upon Closing without representation or warranty on
               Seller's part.

Notwithstanding the foregoing provisions of this Article 6, or any other
provision in this Contract, Buyer acknowledges that it shall not be entitled to
receive any confidential information or documentation relating to the formation
or operation of the entity that comprises the Seller or its partners, or the
identity of its limited partners, or copies of its formation documentation
(other than as required by the Title Company to evidence due formation and
authorization to enter into this transaction), correspondence or other
communications between the partners, tax returns or related correspondence, or
any similar documentation (Buyer acknowledging and agreeing that same is
confidential). All such documentation provided by Seller to and received by
Buyer regarding the Property, including the Initial Seller Documentation, is
referred to as the "Project Documentation".

     7. Interim Responsibilities of Seller.

<PAGE>

     7.1 Seller's Operations Generally. Seller agrees that during the period
between the Effective Date and the Scheduled Closing Date:

          (a)  Seller will fully comply with the terms of, and will not, without
               the prior written consent of Buyer, amend or permit to be
               amended, any indebtedness secured by a lien or security interest
               against all or any part of the Property to such an extent that
               the same could not be released at Closing with the Purchase Price
               proceeds;

          (b)  Seller will not voluntarily further encumber or permit the
               encumbrance of the Property in any manner to such an extent that
               the same could not be released at Closing with the Purchase Price
               proceeds;

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

          (d)  Subject to force majeure conditions, Seller agrees to use
               commercially reasonable efforts, to the extent customary at the
               Property, to:

               (1) Generally perform, or cause to be performed, all material
          obligations of the landlord arising under the tenant leases and
          service contracts and other agreements which are applicable to the
          Property and will survive Closing or have a material effect on Buyer
          following the Closing;

               (2) Maintain the Property in its current condition, reasonable
          wear and tear, casualty and condemnation excepted; and

               (3) Continue to operate and manage said Property generally as
          presently operated, to the extent deemed reasonable by Seller.

     7.2 SEC S-X 3-14 Audit. Seller acknowledges that Buyer may, subject to
Section 16.4, elect to assign all of its right, title and interest in and to
this Contract to a company that is subject to the reporting requirements of the
Securities Exchange Act of 1934 ("SEC"), as amended ("Registered Company"),
promoted by the Buyer or to an affiliate of a Registered Company (a "Registered
Company Affiliate") which is promoted by Buyer. Buyer advises Seller that in the
event Buyer's assignee under this Contract is a Registered Company or a
Registered Company Affiliate, the Registered Company will be required to make
certain filings with the U.S. Securities and Exchange Commission required under
SEC Rule 3-14 of Regulation S-X (the "SEC Filings") that relate to the most
recent pre-acquisition fiscal year (the "Subject Year") for the Property. To
assist the Registered Company with the preparation of the SEC Filings, Seller
agrees to provide Buyer and the Registered Company during the Inspection Period
with certain unaudited, financial information regarding the Property for the
Subject Year as provided in this Contract (See Article 6). Such information
shall be provided by Seller on the basis of Seller's actual existing business
records applicable to the Property and shall consist of (to the extent
comprising a part of Seller's existing business records): (i) a trial balance
for year ended 12/31/04 and for year-to-date 2005 through 9/30/05, (ii) October,
November and December, 2005 bank statements to the extent of deposits made which
are applicable to the Property, (iii) accounts receivable aging for year ended
12/31/04 and for year-to-date 2005 through 9/30/05, (iv) accounts receivable
detail for year ended 12/31/04 and for year-to-date 2005 through 9/30/05 that
ties to the general ledger, (v) accounts payable accrued expense detail for year
ended 12/31/04 and for year-to-date 2005 through 9/30/05, (vi) copies of
selected specific invoices and checks as reasonably requested by Buyer, the
Registered Company or Buyer's or Registered Company's auditors, (vii)
rollforward of partners' capital as of 12/31/04 and as of 9/30/05, (viii)
detailed schedule showing activity of distributions of partners' capital for
2004 and for 2005 through 9/30/05, (ix) calculation of management fees with
respect to the Property, (x) a copy of any

<PAGE>

management agreement(s) with respect to the Property, (xi) proof of payment of
real estate tax bills related to 2004 and 2005, (xii) copies of insurance bills
with respect to the Property for 2004 and 2005, (xiii) proof of payment of 2004
and 2005 insurance bills, (xiv) schedule of rental revenue for year ended
12/31/04 and for year-to-date 2005 through 9/30/05, and (xv) CAM reimbursement
estimates (including reasonable support for the calculation and tie-outs to the
general ledger) (collectively, the "SEC Filing Information"); provided, however,
to the extent Seller is requested to prepare and/or provide such existing
information in a format different than it exists in Seller's existing records,
Seller shall cooperate with Buyer in the preparation and/or provision of such
reformatted records with such qualifications as Seller reasonably determines to
be appropriate and, provided further, that Buyer shall pay Seller's reasonable
costs in connection therewith. Any other documentation requested by Buyer is
subject to Seller's approval and shall expressly exclude tax returns, bank
statements and insurance policies, as well as other documentation which may
relate also to other properties owned or controlled by Seller (i.e. not only
covering the Property), or other information Seller considers confidential.
Seller shall provide such documentation prior to the expiration of the
Inspection Period, and Seller agrees to cooperate with Buyer, the Registered
Company and Buyer's or the Registered Company's auditors regarding any inquiries
by Buyer, the Registered Company and Buyer's or the Registered Company's
auditors following receipt of such information (consistent with this Section 7.2
and this Contract generally), including delivery by Seller of an executed
representation letter prior to the end of the Inspection Period in form and
substance requested by Buyer's or the Registered Company's auditors ("SEC
Filings Letter") and approved by Seller. A sample SEC Filings Letter is attached
to this Contract as Exhibit G; however, Buyer's and/or the Registered Company's
auditors may request additions and/or revisions to such letter following review
of the SEC Filing Information provided by Seller, but such revisions are subject
to Seller's approval in its sole discretion. Seller consents to the disclosure
of the SEC Filing Information in any SEC Filings by the Registered Company
excluding confidential information. Buyer shall reimburse Seller for Seller's
reasonable costs associated with providing the SEC Filing Information. The
provisions of this Section 7.2 shall survive the Closing for a period of one (1)
year. Either party may terminate this Contract in the event of an unresolved
dispute concerning this Section 7.2 or the SEC Filing Letter as such party's
sole remedy in such event.

     7.3 Leases. Between the date hereof and the Closing Date, Seller shall have
the right to continue to operate and maintain the Property in the ordinary
course of business including, without limitation, the right to deal with
existing tenants in a customary fashion and by way of example, sign customary
non-disturbance and landlord waiver agreements as are typical for landlords of
similar Shopping Centers in Montgomery County, Texas. However:

          (a) After the Effective Date, and until the Scheduled Closing Date,
          such period being referred to as the "Lease Restriction Period",
          Seller shall not modify or cancel a Lease or enter into any proposed
          Lease of all or any portion of the Property, other than renewals
          authorized in this Section 7.3(a), without Buyer's prior written
          consent in each instance, which consent shall not be required if Buyer
          is in default under this Contract. To the extent such consent is
          requested by Seller, Buyer agrees not to unreasonably withhold, delay,
          or condition such consent. However, Seller may permit an existing
          tenant to exercise an existing renewal or extension right without
          Buyer's consent.

          (b) The provisions of this Section 7.3 shall survive the Closing.

          (c) With respect to any proposed action by Seller to be submitted to
          Buyer for its consent pursuant to this Section 7.3, Buyer shall
          consent or deny its consent with the reasons for any such denial,
          within two (2) business days after receipt by Buyer of Seller's notice
          requesting Buyer's consent to the proposed action relating to such
          existing or proposed New Lease. If Buyer fails to timely reply to
          Seller's request for consent pursuant to the provisions of this
          Section 7.3 in a notice given within the above-described applicable
          time period, such consent shall be deemed to have been given.

     7.4 Actual Knowledge. Reference in this Contract to "Seller's actual
knowledge" or similar terms relating to Seller shall mean, refer and be limited
to the current actual knowledge of the officers of the general partner of
Seller, which does not include constructive knowledge or inquiry knowledge, with
no examination or investigation of its files or any duty of inquiry on the part
of any of them.

<PAGE>

     8. Closing.

     8.1 Closing Date. The Closing (the "Closing") shall be held not later than
2:00 p.m. MST on or before thirty (30) days following the expiration of the
Inspection Period, or as Buyer and Seller may otherwise mutually agree upon in
writing (the "Scheduled Closing Date"). Neither Seller nor Buyer need be
physically present at the Closing and either or both may handle the closing
through the Title Company. The actual date of the Closing is referred to as the
"Closing Date".

     8.2 Closing Documents from Seller. At Closing, Seller shall deliver or
cause to be delivered to Buyer the following (collectively, the "Seller Closing
Deliveries"):

          (1) Original, executed Special Warranty Deed ("Deed") conveying to
     Buyer fee simple title to the Property, free and clear from any and all
     liens, restrictions, easements and other encumbrances and title exceptions,
     except for Permitted Exceptions and matters that a correct Survey of the
     Property shall reflect, in the form attached hereto as EXHIBIT "B".

          (2) Original, executed Bill of Sale and Assignment ("Bill of Sale"),
     in form suitable for recording in the real property records of Montgomery
     County, Texas, conveying to Buyer, with a special warranty of title,
     Seller's right, title and interest in and to the Leases, Contracts, Permits
     and Tangible Personal Property, subject to the Permitted Exceptions, in the
     form attached hereto as EXHIBIT "C". Buyer shall assume the Contracts upon
     the Closing unless the parties otherwise agree in writing.

          (3) With respect to each tenant under the Leases, an original estoppel
     certificate naming Buyer (or its designee) and Wachovia Bank, National
     Association as addressees, in form provided by Buyer to Seller not later
     than fifteen (15) days after the Effective Date and reasonably acceptable
     to each tenant consistent with the terms of its respective lease (in
     connection herewith, Buyer and its lender shall approve or disapprove of
     any tenant modification to Buyer's form of estoppel within seven (7) days
     of their receipt of such modification), executed by each such tenant.

          (4) With respect to each tenant under the Leases, an original
     subordination, non-disturbance and attornment agreement (and "SNDA"), in
     form provided by Buyer to Seller not later than fifteen (15) days after the
     Effective Date and reasonably acceptable to each tenant consistent with the
     terms of its respective lease (in connection herewith, Buyer and its lender
     shall approve or disapprove of any tenant modification to Buyer's form of
     SNDA within seven (7) days of their receipt of such modification), for the
     benefit of Wachovia Bank, National Association, executed by each such
     tenant.

          (5) A Non-Foreign Person Affidavit.

          (6) Such organizational and authorizing documents of Seller as shall
     be reasonably required by the Title Company to evidence Seller's authority
     to consummate the transactions contemplated by this Contract.

          (7) A complete and accurate inventory of any Tangible Personal
     Property, if any, as of the Closing Date.

          (8) An updated list of the tenants occupying the Property certified by
     Seller or its property manager to be materially accurate to its actual
     knowledge as of the Closing Date ("Rent Roll").

          (9) An amount in cash or as a credit against the Purchase Price equal
     to the total sum of all prepaid rents and Deposits, as reflected on the
     Rent Roll.

          (10) To the extent in Seller's possession: (i) the Leases; (ii) the
     Contracts, if any; and (iii) without representation on Seller's part, any
     plans and specifications covering the Improvements (including tenant
     build-out plans and specifications), constituting part of the Property, and
     all other documents or

<PAGE>

     contracts pertaining to the ownership, operation and maintenance of the
     Property as herein required.

          (11) Reimburse Buyer upon Closing for the cost of the Survey, but not
     to exceed $2,500.00 in any event.

          (12) All other customary documentation reasonably required by the
     Title Company not inconsistent with the terms of this Contract.

     8.3 Closing Documents from Buyer. At the Closing, Buyer shall:

          (1) Pay or cause to be paid to Seller the Purchase Price, in
     immediately available U.S. funds by wire transfer, it being agreed that
     Buyer shall receive a credit against the Purchase Price for the Earnest
     Money.

          (2) Deliver to Seller such organizational and authorizing documents of
     Buyer as shall be reasonably requested by Seller or Title Company to
     evidence Buyer's authority to consummate the transactions contemplated by
     this Contract.

          (3) Execute and deliver to Seller the Bill of Sale and Assignments
     which are to be provided by Seller pursuant to this Contract.

          (4) Execute and deliver the "Closing Certificate" pursuant to Section
     13.2(b) which is to be provided by Seller pursuant to this Contract.

          (5) Pay for the Survey, if any (except to the extent Seller is
     obligated to pay for same pursuant to Section 8.2(9).

          (6) Execute and deliver to Seller and the Title Company such other
     documents reasonably required by the Title Company.

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

          (1) The delivery by Seller to Title Company, for delivery to Buyer at
     Closing, of the Seller's Closing Deliveries").

          (2) The issuance of the Owner's Policy (or a written commitment
     therefor) subject only to those matters approved or deemed approved by
     Buyer pursuant to this Contract.

          (3) The deposit with Title Company and Buyer prior to the expiration
     of the Inspection Period of an executed waiver by each tenant under the
     Leases of any right of first refusal under said Leases.

          (4) Intentionally Omitted.

          (5) The deposit with Title Company of an executed standard owner's
     affidavit in form and substance reasonably acceptable to Buyer and Seller.

          (6) The deposit with Title Company of a letter from Seller to each
     tenant under the Leases requesting that future rent under such Leases be
     paid to Buyer.

     8.5 Tenant Contact. Buyer is not Seller's agent and shall not hold itself
out as same or enter into any agreements which are binding on Seller or
otherwise create any obligation on Seller's part without Seller's written
consent, and Buyer shall indemnify, defend and hold Seller harmless from any
claim by or through a tenant or a prospective tenant to the contrary. The
provisions of this Section 8.5 will survive termination of this Contract.

     8.6 Tenant Rent Prorations and Other Prorations. Current rents for the
month of Closing and

<PAGE>

estimated, prorated year-end additional rent adjustments (so-called Operating
Expense adjustments as per the applicable Leases) shall be prorated as of the
Closing Date and reflected upon the Closing Statement. Seller will retain the
exclusive right to collect any unpaid amounts owing to Seller pursuant to any
Leases with prior tenants who do not occupy the Property either at the time of
Closing or when those collection proceedings are commenced, and such unpaid
amounts will remain the sole and exclusive property of Seller. Buyer will have
the exclusive right to collect any unpaid amounts due at or before the time of
Closing pursuant to any Lease with a tenant who occupies the Property at
Closing, and such unpaid amount, if collected, will be promptly paid by Buyer to
Seller. Additional rent adjustment paid by the tenants for the calendar year
preceding the year of Closing shall be paid directly to Seller upon receipt
thereof by Buyer (to the extent received by Buyer), and Buyer shall otherwise
cooperate with Seller and regularly keep Seller informed with respect to the
collection thereof. Additional rent charges for the year of Closing to be
received after the Closing with respect to each tenant shall be estimated by
Buyer and Seller and equitably prorated between Seller and Buyer based on the
number of days Seller owned and the Buyer or its successors will own the
Property for the year of Closing. Buyer shall otherwise cooperate with Seller
with respect to the collection thereof. Buyer shall have no responsibility to
Seller to collect any amounts due Seller under any Lease of the Property. The
provisions of this Section will survive Closing. Additional Rent which includes
Common Area Maintenance Charges, Insurance and Tax Charges ("Tenant
Reimbursements"), operating expenses, real estate and personal property ad
valorem taxes and any other taxes and assessments for the year of Closing which
are assessed or are assessable as of the date of Closing, shall be prorated
between Seller and Buyer as of the Closing Date with Buyer assuming liability to
pay the same (to the extent applicable) after Closing. Such items will be
prorated at Closing on the basis of (in the event of taxes) the preceding year's
tax rate applied against the latest assessed valuation, or (in the case of other
items), on the best available evidence. After Closing, Seller and Buyer will
make any cash adjustment between themselves regarding ad valorem taxes; provided
such adjustment shall not be made more than twelve (12) months after Closing.
The foregoing provision will survive Closing.

     8.7 Closing Prorations. Except as otherwise provided for in this Contract,
Seller and Buyer will each be solely responsible for and bear all of their own
respective expenses, including, without limitation, expenses of legal counsel,
accountants, and other advisors incurred at any time in connection with pursuing
or consummating the transaction contemplated herein. Real estate taxes shall be
prorated based upon the current valuation and latest available tax rates. All
prorations shall be calculated through escrow as of Closing based upon the
latest available information. Seller agrees that all closing costs payable by
Seller shall be deducted from Seller's proceeds otherwise payable to Seller at
Closing. Buyer and Seller shall each pay one-half of Title Company's escrow or
processing fees provided Buyer does not agree to pay more than $300.00 in this
regard. Buyer shall deposit with Title Company sufficient cash to pay all of
Buyer's closing costs. Buyer shall pay all costs arising from or relating to
Buyer's financing, if any, and any costs to update existing or to obtain new
environmental studies, reports or surveys, all recording fees, all transfer,
sales excise applicable to the Buyer, and all other costs applicable to the
Buyer arising from the transfer of the Property to Buyer. Each party otherwise
agrees to pay their respective normal closing costs as so determined to be
customary in Montgomery County to the extent not expressly allocated to the
parties under this Contract.

     8.8 Title Policy and Survey. Buyer shall pay the premium for the Owner's
Policy to be delivered at Closing (including any additional cost of extended
coverage of any kind or amending the survey exception to read "shortages in
area", or deleting the boundary exception, and the Mortgagee Title Policy if
Buyer elects to obtain same, and timely furnished a satisfactory survey for this
purpose, which shall be at the sole cost and expense of Buyer). Buyer shall pay
for the New Survey, if any, but Seller shall reimburse Buyer at the Closing (and
conditioned upon the Closing) for the documented cost of the New Survey up to
$2,500.00. Buyer shall pay all costs arising from or relating to Buyer's
financing, if any, and any costs to update existing or to obtain new
environmental studies, reports or surveys.

     8.9 Possession. Possession of the Property, subject to all Permitted
Exceptions, shall be delivered to Buyer upon Closing.

     9. Default.

     9.1 Buyer Default. In the event Buyer, in an attempt to terminate this
Contract, does not timely and in the manner required under this Contract
exercise the right of termination pursuant to Article 5; fails to timely deposit
the Earnest Money; fails to consummate the purchase of the Property in
accordance with this Contract, other than by reason of a default by Seller; or
breaches any of Buyer's agreements and covenants contained in this Contract,
Seller

<PAGE>

shall be entitled to terminate this Contract and receive and retain all Earnest
Money theretofore paid (including all interest accrued thereon) as liquidated
damages. Other than those rights and remedies intended to survive the
termination of this Contract (expressly including Buyer's indemnification
obligations hereunder), the foregoing stated remedy is Seller's sole remedy, it
being stipulated and agreed that such amount is a reasonable estimate of the
damages if this provision is applicable upon a breach by Buyer of Buyer's
obligations under this Contract.

     9.2 Seller Default. In the event this Contract is not terminated under any
provision granting a right of termination at or prior to Closing, and Seller
fails to consummate the sale of the Property in accordance with this Contract
(after all conditions and matters to which this Contract and/or the rights
and/or obligations of the parties hereto are subject have been satisfied), Buyer
shall either (i) terminate this Contract and receive back the Earnest Money from
the Title Company, or (ii) seek specific performance of the obligation to convey
the Property, including all reasonable and necessary costs and expenses in
enforcing specific performance, as its sole and exclusive remedy in such event,
Buyer expressly recognizing that Seller has no obligation to cure title or
survey defects or make any representations or warranties (other than the limited
warranty of title to be contained in the closing documents executed at the
Closing). Buyer waives any claim for damages as a result of Seller's failure to
perform hereunder, Buyer's sole remedies being described in the preceding
sentence. Buyer covenants and agrees not to assert a claim against Seller or any
other Seller Related Party in contravention of this Section 9.2. Notwithstanding
the foregoing, from and after the date hereof until Closing, Seller covenants
not to convey the Property or take any other act such that the consequence
thereof would be to prevent Buyer from exercising its right to enforce specific
performance of this Contract where Buyer would otherwise have the right to do
so. If Seller does breach this covenant, and in lieu of the right by Buyer to
exercise its right of specific performance (which remedy would not be available
to Buyer), Seller shall be liable for all actual damages proximately resulting
from Seller's said breach of this covenant, including, without limitation,
reasonable attorney fees and costs of court incurred by Buyer in enforcing this
Contract. This covenant shall become null and void upon Buyer's termination of
this Contract for any reason, conveyance of the Property to Buyer (or its
designee or assignee) as contemplated by this Contract or Buyer's breach
hereunder. Accordingly, this covenant shall not survive either party's
termination of this Contract where such party has exercised that right pursuant
to this Contract or Closing.

     9.3 Release of Documents upon Failure to Close. If Buyer elects to
terminate this Contract pursuant to a right granted to Buyer hereunder or
otherwise fails to close, upon payment by Seller to Buyer of Buyer's reasonable
cost thereof, Buyer shall furnish to Seller a copy of the New Survey. Upon
payment by Seller to Buyer of Buyer's reasonable cost thereof, Buyer shall also
furnish to Seller any inspection reports Buyer has conducted with respect to the
Property, environmental or otherwise (and Seller shall have the right to use
same thereafter without further obligation to Buyer), save and except "work
product" materials of the Buyer or its representative. If Buyer does not close,
upon payment by Seller to Buyer of Buyer's reasonable cost thereof, it shall
provide Seller with copies of its studies or other similar data it develops or
obtains during its property review, and it will return to Seller all information
pertaining to the Property which Seller provided, and confirm in writing to
Seller that it has complied with this Section 9.3, and Article 5. The provisions
of this Section 9.3 will survive Closing or termination of this Contract.

     9.4 Authority of Title Company. In the event either party hereto becomes
entitled to all or any part of the Earnest Money in accordance with the terms
and conditions of this Contract, Buyer and Seller covenant and agree that the
Title Company shall make any such disbursements of the Earnest Money.

     10. Risk of Loss; Condemnation. In the event of any material damage or
destruction to, or any threatened or actual condemnation or conveyance in lieu
of condemnation of a material part of, the Property, then Seller shall notify
Buyer and Buyer shall have the option to terminate this Contract on written
notice to the other on or before the first to occur of: fifteen (15) days after
Seller notifies Buyer of such damage, destruction, condemnation or conveyance in
lieu thereof, or the date and time herein specified for the Closing. If Buyer
does not exercise such termination right and/or in the event such damage or
destruction is not material, or less than a material part of the Property has
been condemned or conveyed in lieu thereof, Seller shall assign to Buyer at the
Closing, Seller's right, title and interest, if any, to receive any insurance
proceeds for damage to the Improvements and/or the condemnation proceeds or
proceeds for sale in lieu of condemnation payable in connection with such
damage, destruction, taking or sale and the sale will proceed without reduction
in Purchase Price. In such event, Seller shall also deliver to Buyer, in the
form of a credit to Buyer at Closing, any insurance proceeds for damage to the
Improvements, or condemnation proceeds or proceeds from a sale in lieu of
condemnation, which may have been received by Seller prior to the Closing and
attributable to the damage, destruction, condemnation or conveyance in

<PAGE>

lieu thereof which was the subject of Seller's notice described above, to the
extent not used for repairs or restoration, and shall credit the Purchase Price
in an amount equal to the cost of such repairs not theretofore completed. For
purposes of this Section 10, "material" means a taking, condemnation, conveyance
in lieu of condemnation, damage or destruction which, as applicable, either (i)
is reasonably estimated to cost more than $350,000.00 to repair, rebuild or
restore, (ii) is reasonably expected to take more than 210 days to repair,
rebuild or restore, (iii) that prevents the full and complete use of 10.0% or
more of the parking spaces present immediately prior to such taking,
condemnation, conveyance in lieu of condemnation, damage or destruction, or (iv)
that prevents the full and complete use of any means of ingress, egress or
access to or from the Property.

     11. Brokerage Commissions. Seller shall pay a real estate commission (the
"Commission") pursuant to a separate written agreement in cash at the Closing to
BETZ COMMERCIAL BROKERAGE, INC., said Commission being payable at and
conditioned upon the Closing and funding of this transaction. Buyer and Seller
each represent and warrant to the other that it has not used or dealt with any
other broker or finder in connection with the sale of the Property. Buyer agrees
to defend, indemnify and hold Seller harmless of and from any such brokerage
commissions and/or fees which may be payable with respect to the transaction
provided for hereunder claimed through or under Buyer. Seller agrees to defend,
indemnify and hold Buyer harmless of and from any brokerage commissions and/or
fees which may be payable with respect to the transaction provided for hereunder
claimed through or under Seller. The provisions of this Section 11 shall survive
termination of the Contract and shall remain binding upon the parties regardless
of whether Closing occurs.

     IN ACCORDANCE WITH THE REQUIREMENTS OF THE TEXAS REAL ESTATE LICENSE ACT,
BUYER IS HEREBY ADVISED BY BROKER THAT IT SHOULD BE FURNISHED WITH OR OBTAIN A
POLICY OF TITLE INSURANCE OR HAVE THE ABSTRACT COVERING THE PROPERTY EXAMINED BY
ANY ATTORNEY OF ITS OWN SELECTION.

     12. Entire Agreement. This Contract embodies the entire agreement of the
parties and supersedes all prior agreements and understandings, written or oral,
relating to the Property, and can be modified or varied only by written
agreement executed by all the parties. No representation, warranty, covenant,
agreement, or condition not expressed in this Contract shall be binding upon the
parties hereto or shall affect or be effective to interpret, change, or restrict
the provisions of this Contract.

     BUYER COVENANTS AND AGREES NOT TO CLAIM THAT THERE ARE ANY VERBAL
AGREEMENTS, REPRESENTATIONS OR WARRANTIES ON THE PART OF SELLER OR ANY OTHER
SELLER RELATED PARTY.

     13. Representations.

     13.1 Seller's Representations and Warranties. Seller represents (and where
indicated, warrants) to Buyer as follows:

          (a) Seller represents and warrants that it owns the Property, subject
     to all matters of record and has full right, title, financial ability,
     authority and capacity to execute and perform this Contract and to
     consummate all of the transactions contemplated herein;

          (b) Seller represents and warrants that the person(s) signing this
     Contract on behalf of Seller is(are) duly authorized to sign for and bind
     Seller;

          (c) Seller represents to Seller's actual knowledge, that there are no
     prohibitions against Seller consummating the transactions contemplated in
     this Contract by any law, regulation, agreement, instrument, restriction,
     order or judgment applicable to Seller;

          (d) Seller represents to Seller's actual knowledge, that there are no
     unrecorded leases (other than the Leases), liens or encumbrances which are
     applicable to the Property which are not set forth in the Title Commitment;

          (e) Seller represents to Seller's actual knowledge, that Seller has
     not received written notice of a material uncured notice of violation which
     has been issued by any governmental authority during the

<PAGE>

     last twenty-four (24) months with regard to any applicable regulation or
     law, ordinance, requirement, covenant, condition or restriction relating to
     the present use or occupancy of the Property;

          (f) Seller represents to Seller's actual knowledge, that there are no
     specific intended public improvements which will or could result in any
     charges being assessed against the Property which will result in a lien
     upon the Property;

          (g) Seller represents to Seller's actual knowledge, that Seller has
     not received written notice in the last twenty-four (24) months of any
     impending or contemplated condemnation or taking by inverse condemnation of
     the Property, or any portion thereof, by any governmental authorities (and
     to Seller's actual knowledge, none is pending); (however, Seller advises
     Buyer that Rayford Road is presently being widened which may affect or
     reduce available parking not located on the Property and no representation
     or warranty is made in connection therewith);

          (h) Seller represents to Seller's actual knowledge, there are no suits
     or claims pending or threatened in writing with respect to the Property,
     nor does Seller have actual knowledge of any circumstances on the basis of
     any written notice it may have received which should reasonably form the
     basis for any such suits or claims which have not been disclosed in writing
     to Buyer by Seller;

          (i) Seller represents and warrants that there is not existing any
     written agreement, under which Seller is or could become obligated to sell
     the Property, or any portion thereof, to a third party and Seller will not
     enter into nor execute any such agreement prior to the Scheduled Closing
     Date, but only so long as Buyer is not in default hereunder (but Seller
     reserves the right to continue to evaluate back-up offers);

          (j) Seller represents that, to Seller's actual knowledge, the
     jurisdiction in which the Property is located did not issue Certificates of
     Occupancy at the time the Improvements were constructed and does not, as of
     the date hereof, have any zoning ordinances applicable to the Property;

          (k) To Seller's actual knowledge, no default of Seller exists under
     any of the Leases and no default of any tenant exists under any of the
     Leases;

          (l) To Seller's actual knowledge, no Contracts applicable to the
     Property exist which would be assigned to Buyer upon Closing (Seller shall
     terminate the existing management contract with its affiliate upon
     Closing);

          (m) Seller represents to Seller's actual knowledge, that no consent of
     any third party is required in order for Seller to enter into this Contract
     and perform Seller's obligations hereunder;

          (n) Seller represents to Seller's actual knowledge, except for any
     item to be prorated at Closing in accordance with this Contract or other
     disclosed matters pursuant to the Leases or Tenant Estoppel Letters (or
     otherwise disclosed in writing during the Inspection Period), all bills or
     other charges, costs or expenses arising out of or in connection with or
     resulting from Seller's use, ownership, or operation of the Property up to
     Closing shall be paid in full by Seller;

          (o) All general real estate taxes, assessments that have become due
     with respect to the Property through December 31, 2005 (and those for 2006
     will be prorated at Closing) have been paid or will be so paid by Seller
     prior to Closing;

          (p) Subject to matters disclosed on environmental reports provided by
     Seller to Buyer, Seller represents that it has neither received actual
     written notice, nor has it any actual knowledge, that there exists or that
     Seller caused any generation, production, location, transportation,
     storage, treatment, discharge, disposal, release or threatened release
     upon, under or about the Property of any Hazardous Materials in violation
     of applicable laws. "Hazardous Materials" shall mean any flammables,
     explosives, radioactive materials, hazardous wastes, hazardous and toxic
     substances or related materials, asbestos or any material containing
     asbestos (including, without limitation, vinyl asbestos tile) which is not
     permitted to exist under applicable law, or any other substance or
     material, defined as a "hazardous substance" by any

<PAGE>

     federal, state, or local environmental law, ordinance, rule or regulation
     including, without limitation, the Federal Comprehensive Environmental
     Response Compensation and Liability Act of 1980, as amended, the Federal
     Hazardous Materials Transportation Act, as amended, the Federal Resource
     Conservation and Recovery Act, as amended, and the rules and regulations
     adopted and promulgated pursuant to each of the foregoing;

          (q) Seller represents that to Seller's actual knowledge, that there is
     not now, nor has there ever been, on or in the Property underground storage
     tanks, any polychlorinated biphenyls, including those used in hydraulic
     oils, electric transformers, or other equipment, in violation of applicable
     laws, Seller hereby assigns to Buyer, on a non-exclusive basis, effective
     as of Closing, all claims, counterclaims, defenses, or actions, whether at
     common law, or pursuant to any other applicable federal or state or other
     laws which Seller may have against any third parties relating to the
     existence of any Hazardous Materials in, at, on, under or about the
     Property (including Hazardous Materials released on the Property prior to
     Closing and continuing in existence on the Property at Closing);

          (r) To Seller's actual knowledge, that there are no proceedings
     pending for the increase of the assessed valuation of the Property for
     2005;

          (s) Should Seller receive written notice or discover in its files any
     information not theretofore provided to Buyer by Seller regarding any of
     the matters set forth in this Section 13.1 after the Effective Date and
     prior to Closing, Seller will immediately notify Buyer of the same in
     writing;

          (t) All representations made in this Contract by Seller shall survive
     the execution and delivery of this Contract and Closing for eighteen (18)
     months. Provided this transaction closes, Seller shall and does hereby
     indemnify against and hold Buyer harmless from any actual loss, damage, or
     expense, together with all court costs and reasonable attorneys' fees which
     Buyer may incur, by reason of any material misrepresentation by Seller or
     any material breach of any of Seller's warranties, provided such claim is
     asserted in writing and made within eighteen (18) months following the
     Closing; and Seller is afforded a reasonable opportunity to cure, remediate
     or mitigate the damages resulting therefrom same. Seller's indemnity and
     hold harmless obligations shall survive Closing for a period of eighteen
     (18) months from Closing only.

Except as provided above in this Section 13.1, and the limited warranty of title
to be contained in the Deed, Seller makes no representations or warranty
whatsoever regarding the Property and/or this Contract and this sentence shall
prevail over any conflicting provision to the contrary.

     13.2 Limitations of Seller's Representations and Warranties.

          (a) BUYER ACKNOWLEDGES AND AGREES THAT BUYER IS EXPERIENCED IN THE
     OWNERSHIP AND OPERATION OF PROPERTIES SIMILAR TO THE PROPERTY AND THAT
     BUYER PRIOR TO THE CLOSING DATE WILL HAVE INSPECTED THE PROPERTY TO ITS
     SATISFACTION AND IS QUALIFIED TO MAKE SUCH INSPECTION. BUYER ACKNOWLEDGES
     THAT EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF SELLER SET FORTH
     HEREIN AND EXCEPT AS OTHERWISE PROVIDED IN THIS CONTRACT, IT IS FULLY
     RELYING ON BUYER'S (OR BUYER'S REPRESENTATIVES') INSPECTIONS OF THE
     PROPERTY AND NOT UPON ANY STATEMENTS (ORAL OR WRITTEN) WHICH MAY HAVE BEEN
     MADE OR MAY BE MADE (OR PURPORTEDLY MADE) BY SELLER OR ANY OF ITS OFFICERS,
     REPRESENTATIVES, AGENTS, ATTORNEYS OR PARTNERS. BUYER ACKNOWLEDGES THAT
     BUYER HAS (OR BUYER'S REPRESENTATIVES HAVE), OR PRIOR TO THE CLOSING DATE
     WILL HAVE, THOROUGHLY INSPECTED AND EXAMINED THE PROPERTY TO THE EXTENT
     DEEMED NECESSARY BY BUYER IN ORDER TO ENABLE BUYER TO EVALUATE THE
     CONDITION OF THE PROPERTY AND ALL OTHER ASPECTS OF THE PROPERTY (INCLUDING,
     BUT NOT LIMITED TO, THE ENVIRONMENTAL CONDITION OF THE PROPERTY), AND BUYER
     ACKNOWLEDGES THAT, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF SELLER
     SET FORTH HEREIN AND AS OTHERWISE PROVIDED HEREIN, BUYER IS RELYING SOLELY
     UPON ITS OWN (OR ITS REPRESENTATIVES') INSPECTION, EXAMINATION AND
     EVALUATION OF THE PROPERTY. AS A MATERIAL PART OF THE CONSIDERATION FOR

<PAGE>

     THIS CONTRACT, BUYER HEREBY AGREES TO ACCEPT THE PROPERTY ON THE CLOSING
     DATE IN ITS "AS IS, WHERE IS" CONDITION AND WITH ALL FAULTS, AND, EXCEPT
     FOR THE REPRESENTATIONS AND WARRANTIES OF SELLER SET FORTH HEREIN AND AS
     OTHERWISE PROVIDED HEREIN, WITHOUT REPRESENTATIONS AND WARRANTIES OF ANY
     KIND, EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW. WITHOUT LIMITING
     THE GENERALITY OF THE FOREGOING, IN CONNECTION WITH THE SALE OF THE
     PROPERTY TO BUYER, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF SELLER
     SET FORTH HEREIN AND AS OTHERWISE PROVIDED HEREIN, SELLER AND SELLER'S
     PARTNERS, OFFICERS, AGENTS, DIRECTORS, EMPLOYEES, ATTORNEYS, CONTRACTORS
     AND AFFILIATES ("SELLER'S RELATED PARTIES") HAVE MADE NO, AND SPECIFICALLY
     DISCLAIM, AND BUYER ACCEPTS THAT SELLER AND SELLER'S RELATED PARTIES HAVE
     DISCLAIMED, ANY AND ALL REPRESENTATIONS, GUARANTIES OR WARRANTIES, EXPRESS
     OR IMPLIED, OR ARISING BY OPERATION OF LAW, OF OR RELATING TO THE PROPERTY,
     INCLUDING, WITHOUT LIMITATION, OF OR RELATING TO (I) THE USE, INCOME
     POTENTIAL, EXPENSES, OPERATION, CHARACTERISTICS OR CONDITION OF THE
     PROPERTY OR ANY PORTION THEREOF, INCLUDING WITHOUT LIMITATION, WARRANTIES
     OF SUITABILITY, HABITABILITY, MERCHANTABILITY, DESIGN OR FITNESS FOR ANY
     SPECIFIC OR A PARTICULAR PURPOSE, OR GOOD AND WORKMANLIKE CONSTRUCTION,
     (II) THE NATURE, MANNER, CONSTRUCTION, CONDITION, STATE OF REPAIR OR LACK
     OF REPAIR OF ANY IMPROVEMENTS LOCATED ON THE PROPERTY, ON THE SURFACE OR
     SUBSURFACE THEREOF, WHETHER OR NOT OBVIOUS, VISIBLE OR APPARENT, (III) THE
     NATURE OR QUALITY OF CONSTRUCTION, STRUCTURAL DESIGN OR ENGINEERING OF THE
     PROPERTY, (IV) THE ENVIRONMENTAL CONDITION OF THE PROPERTY AND THE PRESENCE
     OR ABSENCE OF OR CONTAMINATION BY HAZARDOUS MATERIALS, OR THE COMPLIANCE OF
     THE PROPERTY WITH REGULATIONS OR LAWS PERTAINING TO HEALTH OR THE
     ENVIRONMENT, INCLUDING, WITHOUT LIMITATION, THE COMPREHENSIVE ENVIRONMENTAL
     RESPONSE, COMPENSATION AND LIABILITY ACT, THE CLEAR WATER ACT, THE CLEAN
     AIR ACT AND THE TEXAS HEALTH AND SAFETY CODE (THE "ENVIRONMENTAL LAWS"),
     AND (V) THE SOIL CONDITIONS, DRAINAGE, FLOODING CHARACTERISTICS, UTILITIES
     OR OTHER CONDITIONS EXISTING IN, ON OR UNDER THE PROPERTY. EXCEPT FOR THE
     REPRESENTATIONS AND WARRANTIES OF SELLER SET FORTH HEREIN AND AS OTHERWISE
     PROVIDED HEREIN, THE BUYER HEREBY EXPRESSLY ASSUMES ALL RISKS, LIABILITIES,
     CLAIMS, DAMAGES, AND COSTS (AND AGREES THAT SELLER SHALL NOT BE LIABLE FOR
     ANY SPECIAL, DIRECT, INDIRECT, CONSEQUENTIAL, OR OTHER DAMAGES) RESULTING
     OR ARISING FROM OR RELATED TO THE OWNERSHIP, USE, CONDITION, LOCATION,
     MAINTENANCE, REPAIR OR OPERATION OF THE PROPERTY. BUYER ACKNOWLEDGES THAT,
     EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF SELLER SET FORTH HEREIN
     AND AS OTHERWISE PROVIDED HEREIN, ANY CONDITION OF THE PROPERTY WHICH BUYER
     DISCOVERS OR DESIRES TO CORRECT OR IMPROVE PRIOR TO OR AFTER THE CLOSING
     DATE SHALL BE AT BUYER'S SOLE EXPENSE. BUYER EXPRESSLY WAIVES (TO THE
     EXTENT ALLOWED BY APPLICABLE LAW) ANY CLAIMS UNDER FEDERAL LAW, STATE OR
     OTHER LAW, INCLUDING ENVIRONMENTAL LAWS, THAT BUYER MIGHT OTHERWISE HAVE
     AGAINST SELLER RELATING TO THE USE, CHARACTERISTICS OR CONDITION OF THE
     PROPERTY, WHETHER SOUNDING IN TORT, CONTRACT, COMMON LAW OR PURSUANT TO
     STATUTE EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF SELLER SET FORTH
     HEREIN AND AS OTHERWISE PROVIDED HEREIN. ANY REPAIRS PAID FOR BY SELLER
     PURSUANT TO THIS CONTRACT, IF ANY, SHALL, EXCEPT FOR THE REPRESENTATIONS
     AND WARRANTIES OF SELLER SET FORTH HEREIN AND AS OTHERWISE PROVIDED HEREIN,
     BE DONE WITHOUT ANY WARRANTY OR REPRESENTATION BY SELLER, AND SELLER HEREBY
     EXPRESSLY DISCLAIMS ANY WARRANTY OR REPRESENTATION OF ANY KIND WHATSOEVER
     IN CONNECTION WITH SUCH REPAIRS. THE PROVISIONS OF THIS PARAGRAPH SHALL
     SURVIVE THE CLOSING. NOTWITHSTANDING THE FOREGOING OR ANYTHING TO THE
     CONTRARY, SELLER'S LIABILITY IS LIMITED AS PROVIDED IN SECTION 13.1 (P) OF
     THIS CONTRACT.
<PAGE>

          (b) Subject to the express provisions of this Contract, Buyer or
     anyone claiming by, through or under Buyer, except for the representations
     and warranties of Seller set forth herein and except as otherwise provided
     herein, hereby fully waives and releases Seller, its affiliated companies,
     and their respective partners, employees, officers, directors,
     representatives, attorneys and agents ("Released Parties") from any and all
     claims, liabilities, damages, losses, penalties, fines, costs (including,
     without limitation, reasonable attorneys' and paralegals' fees, court costs
     and costs of experts), causes of action, and remedies arising from or
     related to any defects or other conditions affecting the Property. Buyer
     further acknowledges and agrees that this waiver and release shall be given
     full force and effect according to each of its expressed terms and
     provisions, including, but not limited to, those relating to unknown and
     suspected claims, damages and causes of action. This waiver and release of
     claims shall not apply to those representations and warranties of Seller
     set forth herein, but shall survive Closing and delivery of the Deed. Buyer
     shall execute a document at Closing reaffirming the representations,
     warranties and agreements set forth in this Section 13.2 and their survival
     as provided in this Section (the "Closing Certificate"). Notwithstanding
     the foregoing or anything to the contrary, Seller's liability is limited as
     provided in Section 13.1 (p) of this Contract.

          (c) BUYER COVENANTS AND AGREES NOT TO ASSERT A CLAIM AGAINST SELLER OR
     ANY OTHER SELLER RELATED PARTY CONTRARY TO THE TERMS HEREOF.

     13.3 Representations and Warranties of Buyer.

     In addition to other representations and warranties made herein, Buyer
represents, warrants, and covenants with Seller that:

     (a)  Buyer has the full right, power and authority to purchase the Property
          from Seller as provided in this Agreement to carry out Buyer's
          obligations hereunder. All requisite actions necessary to authorize
          Buyer to enter into this Agreement and perform its obligations
          hereunder have been taken. The joinder of no person or entity other
          than Buyer will be necessary to close this transaction.

     (b)  Buyer acknowledges and agrees that in the event that Seller furnishes
          Buyer with any environmental report in the possession of Seller
          pursuant to the terms and provisions of this Agreement, Buyer will not
          rely on such report in performing its due diligence and inspection of
          the Property. Further, in the event that such report is incorrect or
          incomplete in any respect, Buyer acknowledges and agrees that Seller
          shall have no responsibility or liability to Buyer by reason of such
          fact. Buyer shall promptly furnish to Seller any environmental report
          Buyer obtains with respect to the Property.

     (c)  All representations made in this Contract by Buyer shall survive the
          execution and delivery of this Contract and Closing. Buyer shall and
          does hereby indemnify against and hold Seller harmless from any loss,
          damage, liability and expense, together with all court costs and
          attorneys' fees, if awarded by a court of law, which Seller may incur,
          by reason of any material misrepresentation by Buyer or any material
          breach of any of Buyer's warranties. Buyer's indemnity and hold
          harmless obligations shall survive Closing for a period of one (1)
          year.

     14. Notices. All notices, demands and requests which may be given or which
are required to be given by either party to the other, and any exercise of a
right of termination provided by this Contract, shall be in writing and shall be
deemed effective only when: (i) personally delivered to the intended recipient;
(ii) two (2) days after being sent, by certified or registered mail, return
receipt requested, addressed to the intended recipient at the address specified
below; (iii) delivered in person to the address set forth below for the party to
whom the notice was given; (iv) deposited in to the custody of a nationally
recognized overnight delivery service such as Federal Express Corporation,
Emery, or Purolator, addressed to such party at the address specified below, as
evidenced by a deposit receipt issued by such company; or (v) telecopied to the
intended recipient at the telephone number specified below, as evidenced by a
confirmation from the sender's telecopy machine. For purposes of this Section,
the addresses of the parties for all notices are as follows (unless changed by
similar notice in writing given by the particular person whose address is to be
changed):

<PAGE>

     If to Seller:        RPI INTERESTS II, LTD.
                          c/o Tommy J. Friedlander

     (If by mail):        P.O. Box 159
                          Bellaire, Texas 77402

     (If by delivery):    5333 Gulfton
                          Houston, Texas 77081
                          Telephone: (713) 662-7745
                          Facsimile: (713) 662-7769

     With a copy to
     Seller's Attorney:   Stephen L. Brochstein
                          DeLange, Hudspeth, McConnell & Tibbets
                          8 Greenway Plaza, Suite 1300
                          Houston, Texas 77046
                          Telephone: (713) 871-2000
                          Facsimile: (713) 871-2020
                          E-mail: sbrochstein@dhmtlaw.com

     If to Buyer:         COLE CAPITAL PARTNERS, L.L.C.
                          2555 East Camelback Road, Suite 400
                          Phoenix, Arizona 85016
                          Telephone: (602) 778-8700
                          Facsimile: (602) 778-8780

     With a copy to:      Bennett Wheeler Lytle & Cartwright, PLC
                          3838 North Central Avenue, Suite 1120
                          Phoenix, Arizona 85012
                          Telephone: (602) 445-3434
                          Facsimile: (602) 266-9119

          [E-MAIL ADDRESSES, AND TELEPHONE NUMBERS ARE PROVIDED FOR CONVENIENCE
          ONLY AND NOTICE SHALL NOT BE DEEMED TO HAVE BEEN GIVEN PURSUANT TO
          THIS CONTRACT BY E-MAIL OR TELEPHONE, BUT ONLY IN THE MANNER SET FORTH
          ABOVE.]

     15. Waiver of Claims

          (a) Buyer releases any and all rights or claims against the partners,
     agents, attorneys and representatives of Seller, other than its general
     partner, RPI INTERESTS GP, LLC, a Texas limited liability company, to the
     extent of its interest in Seller, and agrees to look solely to Seller, a
     Texas limited partnership and its general partner, RPI INTERESTS GP, LLC,
     to the extent of its interest in Seller as aforesaid, for all claims
     relating to or arising from this Contract or matters relating to or arising
     from the Property or any matters relating thereto, and covenants and agrees
     not to assert any such claim in contravention of this paragraph, whether
     against Seller's limited partners or their successors or assigns, or their
     respective agents, representatives, partners, owners or affiliates, or
     their successors or assigns, or otherwise.

          (b) Buyer acknowledges and agrees that Seller's attorneys, including
     STEPHEN L. BROCHSTEIN and the law firm with whom he is associated, do not
     represent Buyer and any communications with those attorneys are for
     purposes of negotiation only, and those attorneys shall not be deemed in
     any event to make any verbal representations, warranties or agreements on
     behalf of Seller, and Buyer agrees not to assert any such claim in
     contravention of this paragraph, whether against Seller's attorneys or
     otherwise.

          (c) In furtherance of the foregoing, Buyer absolutely agrees that it
     shall never contend or

<PAGE>

     assert a claim that Seller or its partners or agents (or attorneys) have
     made any verbal agreements, representations or assurances. Any negotiations
     or verbal communications do not constitute binding agreements,
     representations or assurances. Seller would not enter into this Contract
     without these agreements or assurances on the part of Buyer who represents
     that: (i) it has knowledge and experience in financial and business matters
     that enable it to evaluate the merits and risks of the transaction that is
     the subject of this Contract; and (ii) Buyer is not in a significantly
     disparate bargaining position in relation to Seller.

          (d) The foregoing waivers and agreements are knowingly, intentionally,
     and voluntarily made by Buyer, and Buyer acknowledges that it has the right
     to be represented by independent legal counsel selected of its own free
     will in connection with the negotiations and execution of this Contract.

          (e) Seller releases any and all rights or claims against the partners,
     agents, attorneys and representatives of Buyer and agrees to look solely to
     Buyer for all claims relating to or arising from this Contract or matters
     relating to or arising from the Property or any matters relating thereto,
     and covenants and agrees not to assert any such claim in contravention of
     this paragraph, whether against Buyer's limited partners or their
     successors or assigns, or their respective agents, representatives,
     partners, owners or affiliates, or their successors or assigns, or
     otherwise.

          (f) Buyer acknowledges and agrees that Seller's attorneys, including
     Kevin T. Lytle, Esq., and the law firm with whom he is associated, do not
     represent Seller and any communications with those attorneys are for
     purposes of negotiation only, and those attorneys shall not be deemed in
     any event to make any verbal representations, warranties or agreements on
     behalf of Buyer, and Seller agrees not to assert any such claim in
     contravention of this paragraph, whether against Buyer's attorneys or
     otherwise.

          (g) In furtherance of the foregoing, Seller absolutely agrees that it
     shall never contend or assert a claim that Buyer or its partners or agents
     (or attorneys) have made any verbal agreements, representations or
     assurances. Any negotiations or verbal communications do not constitute
     binding agreements, representations or assurances. Buyer would not enter
     into this Contract without these agreements or assurances on the part of
     Seller who represents that: (i) it has knowledge and experience in
     financial and business matters that enable it to evaluate the merits and
     risks of the transaction that is the subject of this Contract; and (ii)
     Seller is not in a significantly disparate bargaining position in relation
     to Buyer.

          (h) The foregoing waivers and agreements are knowingly, intentionally,
     and voluntarily made by Seller, and Seller acknowledges that it has the
     right to be represented by independent legal counsel selected of its own
     free will in connection with the negotiations and execution of this
     Contract.

          (i) The provisions hereof shall survive Closing.

     16. Miscellaneous.

     16.1 Governing Law; Venue. This Contract shall be construed and interpreted
under and in accordance with the laws of the State of Texas. The parties
expressly waive trial by jury.

     16.2 Time. Time is of the essence of this Contract. Notwithstanding the
foregoing, if the last day of any time period stated herein shall fall on a
Saturday, Sunday or legal holiday, then the duration of such time period shall
be extended so that it shall end on the next succeeding day which is not a
Saturday, Sunday or legal holiday.

     16.3 Headings and Construction. The captions used in connection with the
paragraphs of this Contract are for convenience only and shall not be deemed to
construe or limit the meaning of the language contained in this Contract, or be
used as interpreting the meaning of the agreement. Words of any gender used in
this Contract shall be held and construed to include any other gender, and words
in the singular shall be held to include the plural and vice versa, unless the
context requires otherwise.

     16.4 Assignment and Binding Effect. Except as limited below, this Contract
shall be binding upon and inure to the benefit of Seller and Buyer, and their
respective heirs, personal representatives, successors and assigns.

<PAGE>

Provided, however, that Buyer may assign all of Buyer's right, title and
interest in, to or under this Contract to, or designate as an assignee of Buyer,
only an Affiliate (as defined below) of Buyer, provided that no assignment shall
increase any of Seller's obligations or expenses hereunder. Buyer shall promptly
notify Seller and Title Company of any such assignment, and Buyer's assignee
shall thereafter assume all obligations and duties of Buyer hereunder; however
Buyer shall remain liable under this Contract and shall not be relieved of
Buyer's duties, obligations and liabilities hereunder. As used herein,
"Affiliate" means a United States legal entity owned or controlled by Buyer or
under common control with Buyer. "Control" (including with correlative meanings,
the term controlled) means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of the other
entity, whether through the ownership of voting securities, by contract or
otherwise. Except as expressly provided herein, nothing in this Contract is
intended to confer on any person, other than the parties hereto and their
respective heirs, personal representatives, successors and assigns, any rights
or remedies under or by reason of this Contract.

     16.5 Non-Merger. Any covenant or agreement herein which contemplates
performance after the time of Closing of this Contract shall not be deemed to be
merged into or waived by the instruments of Closing, but shall survive and be
binding upon the parties obligated thereby.

     16.6 Effective Date. The Effective Date of this Contract shall be December
27, 2005.

     16.7 Recording. Except as provided herein to the contrary, neither this
Contract nor any memorandum or other document, affidavit or other writing shall
be recorded.

     17. Exhibits. The following Exhibits are attached to and incorporated into
this Contract by reference:

     A:   Legal Description
     B:   Form of Special Warranty Deed
     C:   Form of Bill of Sale and Assignment of Leases
     D:   Form of Closing Certificate
     E:   Form of Tenant Notice
     F:   Seller's FIRPTA Certificate
     G:   SEC Filings Letter

     18. Offer. This Contract shall be null and void unless Buyer executes this
Contract and delivers the same to Seller for signature not later than Friday,
December 23, 2005 at 4:00 p.m. CST, and Seller executes counter-originals of the
Contract. In addition, Buyer must deliver the Earnest Money to the Title Company
within five (5) business day following the Effective Date of this Contract.
Buyer shall not begin its due diligence investigations at the Property until
Seller and Buyer have executed this Contract and delivered the same to the Title
Company, and Buyer has paid the Earnest Money pursuant to this Contract.

SELLER:                                 BUYER:

RPI INTERESTS II, LTD.                  COLE CAPITAL PARTNERS, L.L.C.

By: RPI Interests GP, LLC               By: /s/ John M. Pons
    Its General Partner                     ------------------------------------
                                        Name: John M. Pons
                                        Title: Senior Vice President
By: /s/ Tommy J. Friedlander, Manager
    ---------------------------------
    Tommy J. Friedlander, Manager

<PAGE>

                                BROKER AGREEMENT

     Broker acknowledges and agrees that the parties have the right to modify or
amend the Contract of Sale (other than Section 11) without the consent or
joinder of Broker. Broker further agrees that Broker has no right or authority
to make any representation, warranty or agreement on behalf of Seller without
Seller's written authorization and agrees to comply with Section 13.2. Broker
agrees to use its diligent efforts to keep the terms of this transaction
confidential except to the extent such information is already public information
or is otherwise required to be disclosed by law.

                                        BROKER:

                                        BETZ COMMERCIAL BROKERAGE, INC.

                                        By: /s/ Larry Marks
                                            ------------------------------------
                                        Name: Larry Marks
                                        Title: SVP

                                        Address: 4900 Woodway, Suite 815
                                        Facsimile (713) 892-5300
                                        E-mail: LAMARKS@ATT.NET
                                        Date: 12/22/05

<PAGE>

                          TITLE COMPANY ACKNOWLEDGMENT

     The Title Company hereby acknowledges receipt of a fully executed
counterpart of this Earnest Money Contract and receipt of the Earnest Money of
$500,000.00, referred to therein and agrees to accept, hold and disburse the
Earnest Money in accordance with the provisions of the Contract of Sale.

                                        LAWYERS TITLE INSURANCE CORPORATION:

                                        By: /s/ Allen S. Brown
                                            ------------------------------------
                                        Name: Allen S. Brown
                                        Title: Accounts Administrator

                                        Date: January 4, 2006

<PAGE>

                          AMENDMENT TO CONTRACT OF SALE

     This Amendment to Contract of Sale (this "Amendment") is made and entered
into effective as of the 15th day of February, 2006, by and between RPI
INTERESTS II, LTD. ("Seller"), and COLE CAPITAL PARTNERS, LLC ("Buyer"), and
provides as follows:

                                   WITNESSETH:

     WHEREAS, Seller and Buyer entered into that certain Contract of Sale dated
as of December 27, 2005 (the "Purchase Agreement"); and

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

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

     1. Buyer has approved all title matters pertaining to the Property pursuant
to Section 4 of the Purchase Agreement. Specifically, Buyer has approved the
marked Commitment from LandAmerica Commercial Services which is dated February
6, 2006 (Escrow Number 05-47524). It is noted, however, that a Memorandum of
Lease for Academy Corp. was inadvertently filed in Harris County, not Montgomery
County where the Property is located. Accordingly, the Title Company has ordered
a certified copy of that Memorandum of Lease now recorded at File No. T547594 of
the Real Property Records of Harris County, Texas and shall record the same in
Montgomery County, Texas and shall reference the Academy Lease (as described in
the Memorandum) and the Memorandum itself as a Schedule B exception in form
similar to Exceptions 10 m, n and o pertaining to other leases of part of the
Property.

     2. Buyer has also approved survey matters pertaining to the Property
pursuant to Section 4 of the Purchase Agreement. Specifically, Buyer has also
approved the revised Survey prepared by the Matthews Company dated January 18,
2006, and updated February 3, 2006 (Job No. 28630). Accordingly, Buyer approves
the "New Survey" as defined in Section 4.2 of the Purchase Agreement and
acknowledges and agrees that Buyer's objections (as defined in Section 4.3 of
the Purchase Agreement) have been satisfied.

     3. Article 5 of the Purchase Agreement gives Buyer right to terminate the
Agreement in the manner and within the time period set forth in Article 5.
Except as provided in and limited by Paragraph 4 of this Amendment, Buyer waives
all rights of termination pursuant to Article 5. Buyer further acknowledges
receipt of the Initial Seller Documentation as provided in Section 6 of the
Purchase Agreement and has approved same.

     4. Section 7.2 of the Purchase Agreement gives Buyer the right to terminate
the Purchase Agreement with respect to the SEC-S-X-3-14 Audit. Buyer
acknowledges that it has received from the Seller all SEC Filing Information (as
defined in Section 7.2), but Buyer has not conducted its audit (for reasons
unrelated to the Seller). Seller agrees that Buyer, Registered Company, Buyer's
auditors and Registered Company's auditors (collectively, the "Auditors") may
conduct its audit (pursuant to Section 7.2) and Buyer shall have the right to
terminate the Purchase Agreement pursuant to Section 7.2 if and only if (i)
Seller fails or refuses to cooperate with the auditors as required by Section
7.2, or (ii) Auditors discover that a material, adverse variance exists between
the SEC Filing Information and Seller's books and records examined and tested by
the Auditors in accordance with Section 7.2 and such material discrepancy is not
resolved by Seller to the reasonable satisfaction of such Auditors. Any right of
termination on the part of Buyer pursuant to Section 7.2 shall be deemed waived
if notice of termination is not given in writing to Seller (in the manner
required by the Agreement), pursuant to Section 7.2 of the Purchase Agreement,
as hereby amended, prior to 3pm MST on February 28, 2006. Buyer's sole remedy
under Section 7.2, as hereby amended shall be its timely election to terminate.
Seller will continue to cooperate with Buyer and the Auditors as reasonably
requested pursuant to Section 7.2. Buyer shall reimburse Seller for Seller's
reasonable costs associated with such audit.

     5. Section 8.1 is amended as follows:

<PAGE>

     8.1 Closing Date. The Closing ("Closing") shall be held no later than 2
p.m. MST on or before March 2, 2006 or as Buyer and Seller may otherwise
mutually agree upon in writing (the "Scheduled Closing Date"). Neither Seller
nor Buyer need be physically present at the Closing and either or both may
handle the closing through the Title Company. The actual date of the Closing is
referred to as the "Closing Date". Seller may extend the Closing up to fifteen
(15) days as reasonably necessary in order to obtain Tenant estoppel letters and
SNDA's. Seller shall immediately forward those documents to the respective
Tenants.

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

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

                         [SIGNATURES ON FOLLOWING PAGE]

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

BUYER:                                  SELLER:

COLE CAPITAL PARTNERS, LLC, an          RPI INTERESTS II, LTD.,
Arizona limited liability company       a Texas limited partnership

By: /s/ John M. Pons                    By: RPI Interests GP, LLC
    ---------------------------------       Its General Partner
    John M. Pons
    Its Senior Vice President
                                        By: /s/ Tommy J. Friedlander
                                            ------------------------------------
                                            Tommy J. Friedlander
                                            Its Manager

<PAGE>

                         ASSIGNMENT OF CONTRACT OF SALE

                     COLE CAPITAL PARTNERS, LLC, AS ASSIGNOR
                                       AND
                       COLE MT SPRING TX, LP, AS ASSIGNEE

     Assignor, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, does hereby assign all of its right, title and
interest in, to and under that certain Contract of Sale (the "Purchase
Agreement") described herein, including, without limitation, Assignor's right,
title and interest in and to the Earnest Money, to Assignee and its successors
and assigns. The Purchase Agreement is described as follows:

<TABLE>
<S>                       <C>
     DATE OF AGREEMENT:   December 27, 2005, as amended February 15, 2006

     ORIGINAL BUYER:      Cole Capital Partners, LLC

     ASSIGNED TO:         Cole MT Spring TX, LP

     PROPERTY ADDRESS:    25044 I-45 N., Spring, TX 77386
</TABLE>

     Assignor acknowledges that it is not released from any obligations or
liabilities under said Purchase Agreement, with the exception of the obligation
to deliver the Earnest Money which has been delivered into escrow by Assignor.

     Assignee hereby agrees to assume and be responsible for all obligations and
liabilities under said Purchase Agreement, with the exception of the obligation
to deliver the Earnest Money which has been delivered into escrow by Assignor.
This Assignment shall be in full force and effect upon its full execution.

     Executed this 1st day of March, 2006.

ASSIGNOR:                               ASSIGNEE:

COLE CAPITAL PARTNERS, LLC,             COLE MT SPRING TX, LP,
an Arizona limited liability company    a Delaware limited partnership

                                        By: Cole GP CCPT II, LLC, a Delaware
By: /s/ John M. Pons                        Limited liability company, its
    ---------------------------------       General Partner
    John M. Pons
    Senior Vice President               By: Cole REIT Advisors II, LLC, a
                                            Delaware limited liability company,
                                            its Manager

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

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