Document:

EX-10.2 FIXED RATE NOTE (LOAN B) DATED MAY 2, 2005

 

Exhibit
10.2

Loan No. V_49857

FIXED
RATE NOTE 
(B LOAN)

			
	 	 	 
	$640,000.00
	 	May 2, 2005

     FOR VALUE RECEIVED, SHAFER PLAZA I, LTD., a Texas limited partnership (hereinafter referred to
as “Borrower”), having its principal place of business at 3001 Knox Street, Suite 207, Dallas,
Texas 75205, unconditionally promises to pay to the order of JPMORGAN CHASE BANK, N.A., a banking
association chartered under the laws of the United States of America having an office at 270 Park
Avenue, New York, New York 10017, its successors and assigns (hereinafter referred to as “Lender”),
at the office of Lender or its agent, designee, or assignee at 270 Park Avenue, New York, New York
10017, Attention: Loan Servicing, or at such place as Lender or its agent, designee, or assignee
may from time to time designate in writing, the principal sum of SIX HUNDRED FORTY THOUSAND AND
NO/100 DOLLARS ($640,000.00), in lawful money of the United States of America, with interest
thereon to be computed on the unpaid principal balance from time to time outstanding at the
Applicable Interest Rate (hereinafter defined) at all times prior to the occurrence of an Event of
Default (as defined in the Security Instrument [hereinafter defined]), and to be paid in
installments as set forth below. Unless otherwise herein defined, all initially capitalized terms
shall have the meanings given such terms in the Security Instrument. Notwithstanding anything in
the Security Instrument to the contrary, the term “this Note” as used herein shall mean and refer
only to this Fixed Rate Note securing this loan (the “B Loan”).

     Concurrently with the execution of this Note, Borrower has executed and delivered to Lender
that certain Fixed Rate Note for a loan (the “A Loan”) dated of even date herewith executed by
Borrower in the original principal amount of $10,240,000.00 (the “A Note”). The indebtedness
evidenced by the A Note and the obligations created thereby are also secured by the Security
Instrument, the Assignment and the other Loan Documents securing the B Loan. Lender has been
engaged as collateral agent by Lender (the “Collateral Agent”) and the holder of the A Note to
administer the documents and collateral securing this Note and the A Note, including, without
limitation the Property (as hereinafter defined). The B Note and the right of the holder of the B
Loan to receive payments of interest, principal, and other amounts with respect to the B Loan shall
at all times be junior, subject and subordinate to the A Loan and the right of the holder of the A
Note to receive payments of interest, principal, and other amounts with respect to the A Loan,
including after acceleration.

     Borrower shall make separate payments of principal and interest under the notes evidencing
the A Loan and the B Loan, as directed by the holder of the A Note and the B Note.

     1. Payment Terms. Principal and interest due under this Note shall be paid as
follows:

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Page 1
	 	JPMorgan Chase Bank, N.A.

 

 

     (a) A payment of interest only on the date hereof for the period from the date hereof
through May 30, 2005, both inclusive; and

     (b) A constant payment of $6954.84, on the first day of July, 2005 and on the first day
of each calendar month thereafter up to and including the first day of May, 2015;

     with payments under this Note to be applied as follows:

     (i) First, to the payment of interest and other costs and charges due in
connection with this Note or the Debt, as Lender may determine in its sole
discretion; and

     (ii) The balance shall be applied toward the reduction of the principal sum;

and
the balance of said principal sum, together with accrued and unpaid interest and any
other amounts due under this Note shall be due and payable on the first day of June, 2015
or upon earlier maturity hereof whether by acceleration or otherwise (the “Maturity
Date”). Interest on the principal sum of this Note shall be calculated on the basis of a
three hundred sixty (360) day year and paid for the actual number of days elapsed. All
amounts due under this Note shall be payable without setoff, counterclaim or any other
deduction whatsoever. As a result of the actual/360 calculations, in certain 31-day months,
there may be capitalized interest.

     2. Interest. The term “Applicable Interest Rate” means from the date of this
Note through and including the Maturity Date, a rate of twelve and
750/l000ths percent (12.75%) per
annum.

     3. Security. This Note is secured by, and Lender is entitled to the benefits of, the
Security Instrument, the Assignment, the Environmental Agreement, and the other Loan Documents
(hereinafter defined). The term “Security Instrument” means the Deed of Trust and Security
Agreement dated the date hereof given by Borrower for the use and benefit of Lender covering the
estate of Borrower in certain premises as more particularly described therein (which premises,
together with all properties, rights, titles, estates and interests now or hereafter securing the
Debt and/or other obligations of Borrower under the Loan Documents, are collectively referred to
herein as the “Property”). The term “Assignment” means the Assignment of Leases and Rents of even
date herewith executed by Borrower in favor of Lender. The term “Environmental Agreement”
means the Environmental Indemnity Agreement of even date herewith executed by Borrower in favor of
Lender. The term “Loan Documents” refers collectively to this Note, the Security
Instrument, the Assignment, the Environmental Agreement, and any and all other documents executed
in connection with this Note or now or hereafter executed by Borrower and/or others and by or in
favor of Lender, which wholly or partially secure or guarantee payment of this Note or pertains to
indebtedness evidenced by this Note.

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Page 2
	 	JPMorgan Chase Bank, N.A.

 

 

     4. Late Fee. If any installment payable under this Note (including the final
installment due on the Maturity Date) is not received by Lender prior to the seventh (7th)
calendar day after the same is due (without regard to any applicable cure and/or notice period),
Borrower shall pay to Lender upon demand an amount equal to the lesser of (a) five percent (5%) of
such unpaid sum or (b) the maximum amount permitted by applicable law to defray the expenses
incurred by Lender in handling and processing such delinquent payment and to compensate Lender for
the loss of the use of such delinquent payment, and such amount shall be secured by the Loan
Documents.

     5. Default and Acceleration. So long as an Event of Default exists, Lender may, at
its option, without notice or demand to Borrower, declare the Debt immediately due and payable.
All remedies hereunder, under the Loan Documents and at law or in equity shall be cumulative. In
the event that it should become necessary to employ counsel to collect the Debt or to protect or
foreclose the security for the Debt or to defend against any claims asserted by Borrower arising
from or related to the Loan Documents, Borrower also agrees to pay to Lender on demand all costs
of collection or defense incurred by Lender, including reasonable attorneys’ fees for the services
of counsel whether or not suit be brought.

     6. Default Interest. Upon the occurrence of an Event of Default Borrower shall pay
interest on the entire unpaid principal sum and any other amounts due under the Loan Documents at
the rate equal to the lesser of (a) the maximum rate permitted by applicable law, or (b) the
greater of (i) five percent (5%) above the Applicable Interest Rate or (ii) five percent (5%) above
the Prime Rate (hereinafter defined), in effect at the time of the occurrence of the Event of
Default (the “Default Rate”). The term “Prime Rate” means the prime rate reported in the Money
Rates section of The Wall Street Journal. In the event that The Wall Street Journal should cease or
temporarily interrupt publication, the term “Prime Rate” shall mean the daily average prime rate
published in another business newspaper, or business section of a newspaper, of national standing
and general circulation chosen by Lender. In the event that a prime rate is no longer generally
published or is limited, regulated or administered by a governmental
or quasi-governmental body,
then Lender shall select a comparable interest rate index which is readily available and verifiable
to Borrower but is beyond Lender’s control. The Default Rate shall be computed from the occurrence
of the Event of Default until the actual receipt and collection of a sum of money determined by
Lender to be sufficient to cure the Event of Default. Amounts of interest accrued at the Default
Rate shall constitute a portion of the Debt, and shall be deemed secured by the Loan Documents.
This clause, however, shall not be construed as an agreement or privilege to extend the date of the
payment of the Debt, nor as a waiver of any other right or remedy accruing to Lender by reason of
the occurrence of any Event of Default. As used herein, the term “Default Rate” shall mean (a) in
the case of an advance made or cost incurred solely on behalf of the holder of the A Note, the
Default Rate as defined in the A Note, (b) in the case of an advance made or cost incurred solely
on behalf of the holder of the B Note, the Default Rate as defined in the B Note, (c) in the case
of an advance made or cost incurred on behalf of the holder of the A Note and the holder of the B
Note, the Default Rate as defined in the A Note and the Default Rate as defined in the B Note, as
applicable, shall apply to the advance or cost in the same proportion as the then outstanding
principal balance of the B Loan bears to the principal balance of the A Loan, and (d) where
interest is payable on the loan

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Page 3
	 	JPMorgan Chase Bank, N.A.

 

 

principal balance at the “Default Rate”, the Default Interest Rate as defined in the B Note shall
apply to the principal balance of the B Loan and the Default Rate as defined in the A Note shall
apply to the principal balance of the A Loan.

     7. Prepayment.

     (a) The principal balance of this Note may not be prepaid in whole or in part (except
with respect to the application of casualty or condemnation proceeds) prior to the Maturity
Date. If following the occurrence of any Event of Default, Borrower shall tender payment to
Lender or Lender shall receive proceeds (whether through foreclosure or the exercise of the
other remedies available to Lender under the Security Instrument or the other Loan
Documents), Borrower shall pay in addition to interest accrued and unpaid on the principal
balance of this Note and all other sums then due under this Note and the other Loan
Documents a prepayment consideration in an amount equal to the greater of (A) one percent
(1%) of the outstanding principal balance of this Note at the time such payment or proceeds
are received, or (B) (x) the present value as of the date such payment or proceeds are
received of the remaining scheduled payments of principal and interest from the date such
payment or proceeds are received through the Maturity Date (including any balloon payment)
determined by discounting such payments at the Discount Rate (as hereinafter defined), less
(y) the amount of the payment or proceeds received. The term “Discount Rate” means
the rate which, when compounded monthly, is equivalent to the Treasury Rate (as hereinafter
defined), when compounded semi-annually. The term “Treasury Rate” means the yield
calculated by the linear interpolation of the yields, as reported in Federal Reserve
Statistical Release H.15-Selected Interest Rates under the heading “U.S. Government
Securities/Treasury Constant Maturities” for the week ending prior to the date the payment
or such proceeds are received, of U.S. Treasury constant maturities with maturity dates (one
longer and one shorter) most nearly approximating the Maturity Date. (In the event Release
H.I5 is no longer published, Lender shall select a comparable publication to determine the
Treasury Rate.) Lender shall notify Borrower of the amount and the basis of determination of
the required prepayment consideration, which shall be conclusive except in the case of
manifest error. Notwithstanding the foregoing, Borrower shall have the additional privilege
to prepay the entire principal balance of this Note (together with
any other sums
constituting the Debt) on any scheduled payment date occurring on or after that date which
is three (3) months preceding the Maturity Date without any fee or consideration for such
privilege.

     (b) If the prepayment results from the application to the Debt of the casualty or
condemnation proceeds from the Property, no prepayment consideration
will be imposed. Partial
prepayments of principal resulting from the application of casualty or condemnation proceeds
to the Debt shall not change the amounts of subsequent monthly installments nor change the
dates on which such installments are due, unless Lender shall otherwise agree in writing.

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Page 4
	 	JPMorgan Chase Bank, N.A.

 

 

     (c) (i) Notwithstanding any provision of this Section 7 to the contrary, at any time
after the earlier of (A) the date that is four (4) years after the date of the first monthly
payment due under Section 1(b) hereof, and (B) the later of (i) the date which is two 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 the A Loan
and (ii) the date which is two years after the “startup day,” within the meaning of Section
860G(a)(9) of the Code, of a “real estate mortgage investment conduit,” within the meaning of
Section 860D of the Code, that holds the B Loan, and provided no Event of Default (or any event
which with the passage of time or the giving of notice, or both, could become an Event of Default)
has occurred under the Security Instrument or under any of the Loan Documents, Borrower may cause
the release of the Property (in whole but not in part) from the lien of the Security Instrument and
the other Loan Documents upon the satisfaction of the following conditions precedent:

     (A) not less than thirty (30) days prior written notice to Lender specifying a
regularly scheduled payment date (the “Release Date”) on which the Defeasance
Deposit (hereinafter defined) is to be made;

     (B) the payment to Lender of interest accrued and unpaid on the principal balance of
this Note to and including the Release Date;

     (C) the payment to Lender of all other sums, not including scheduled interest or
principal payments, due under this Note, the Security Instrument and the other Loan
Documents;

     (D) the payment to Lender of the Defeasance Deposit; and

     (E) the delivery to Lender of:

     (1) a security agreement, in form and substance satisfactory to Lender,
creating a first priority lien on the Defeasance Deposit and the U.S. Obligations
(hereinafter defined) purchased on behalf of Borrower with the Defeasance Deposit
in accordance with this subparagraph (the “Security Agreement”);

     (2) a release of the Property from the lien of the Security Instrument (for
execution by Lender) in a form appropriate for the jurisdiction in which the
Property is located;

     (3) an officer’s certificate of Borrower certifying that the requirements
set forth in this subparagraph (i) have been satisfied;

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Page 5
	 	JPMorgan Chase Bank, N.A.

 

 

     (4) an opinion of counsel for Borrower in form satisfactory to Lender
stating, among other things, that defeasance of this Note will not cause any
adverse consequences to any REMIC holding the Loan or the holders of any
securities issued by the REMIC or result in a taxation of the income from the Loan
to such REMIC or cause a loss of REMIC status, and that Lender has a perfected
first priority security interest in the Defeasance Deposit and the U.S.
Obligations purchased by Lender on behalf of Borrower;

     (5) an opinion of a certified public accountant acceptable to Lender to the
effect that the Defeasance Deposit is adequate to provide payment on or prior to,
but as close as possible to, all successive scheduled payment dates after the
Release Date upon which interest and principal payments are required under this
Note (including the amounts due on the Maturity Date) and in amounts equal to the
scheduled payments due on such dates under this Note;

     (6) evidence in writing from the applicable Rating Agencies to the effect
that such release will not result in a re-qualification, reduction or withdrawal
of any rating in effect immediately prior to such defeasance for any Securities;

     (7) payment of all of Lender’s expenses incurred in connection with the
defeasance including, without limitation, reasonable attorneys fees; and

     (8) such other certificates, documents or instruments as Lender may
reasonably request.

     In connection with the conditions set forth in subsection (c)(i)(E) above, Borrower hereby
appoints Lender as its agent and attorney-in-fact for the purpose of using the Defeasance Deposit
to purchase U.S. Obligations which provide payment on or prior to, but as close as possible to,
all successive scheduled payment dates after the Release Date upon which interest and principal
payments are required under this Note (including the amounts due on the Maturity Date) and in
amounts equal to the scheduled payments due on such dates under this Note (the “Scheduled
Defeasance Payments”). Borrower, pursuant to the Security Agreement or other appropriate
document, shall authorize and direct that the payments received from the U.S. Obligations may be
made directly to Lender and applied to satisfy the obligations of the Borrower under this Note.

     (ii) Upon compliance with the requirements of this subsection (c), the Property shall be
released from the lien of the Security Instrument and the pledged U.S. Obligations shall be the
sole source of collateral securing this Note.

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Page 6
	 	JPMorgan Chase Bank, N.A.

 

 

Any portion of the Defeasance Deposit in excess of the amount necessary to purchase the U.S.
Obligations required by subparagraph (c)(i) above and satisfy the Borrower’s obligations under
this subsection (c) shall be remitted to the Borrower with the release of the Property from the
lien of the Security Instrument.

     (iii) For purposes of this subsection (c), the following terms shall have the following
meanings:

     (A)
The term “Defeasance Deposit” shall mean an amount equal to 100% of the
remaining principal amount of this Note, the Yield Maintenance Premium, any costs and
expenses incurred or to be incurred in the purchase of the U.S. Obligations necessary to
meet the Scheduled Defeasance Payments and any revenue, documentary stamp or intangible
taxes or any other tax or charge due in connection with the transfer of this Note or
otherwise required to accomplish the agreements of this subsection;

     (B) The term “Yield Maintenance Premium” shall mean the amount (if any) which,
when added to the remaining principal amount of this Note, will be sufficient to purchase
U.S. Obligations providing the required Scheduled Defeasance Payments; and

     (C) The term “U.S. Obligations” shall mean direct non-callable obligations of
the United States of America.

     (iv) Upon the release of the Property in accordance with this subsection (c), Borrower shall,
at Lender’s request, assign all its obligations and rights under this Note, together with the
pledged Defeasance Deposit, to a successor special purpose entity designated by Borrower and
approved by Lender in its sole discretion. Such successor entity shall execute an assumption
agreement in form and substance satisfactory to Lender in its sole discretion pursuant to which it
shall assume Borrower’s obligations under this Note and the Security Agreement In connection with
such assignment and assumption, Borrower shall (x) deliver to Lender an opinion of counsel in form
and substance and delivered by counsel satisfactory to Lender in its sole discretion stating,
among other things, that such assumption agreement is enforceable against Borrower and such
successor entity in accordance with its terms and that this Note, the Security Agreement and the
other Loan Documents, as so assumed, are enforceable against such successor entity in accordance
with their respective terms, and (y) pay all costs and expenses incurred by Lender 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). In connection with such assignment and assumption, Borrower and any Guarantor may
be released of personal liability under the Note and the other Loan Documents, but only as to acts
or events occurring after the closing of such assignment and assumption.

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Page 7
	 	JPMorgan Chase Bank, N.A.

 

 

     (v) Upon the release of the Property in accordance with this subsection (c),
Borrower shall have no further right to prepay this Note pursuant to the other
provisions of this Section 7 or otherwise.

     (d) Application of a Prepayment. Prior to an Event of Default, except as
otherwise provided herein, any prepayment of the Loan (including, without limitation, by
virtue of the payment of release prices or the application of title awards, casualty
proceeds or condemnation awards), together with all correspondence prepayment premiums, if
any, shall be applied, first, to the principal balance of the B Loan (together with any
corresponding prepayment premium) and, then, upon payment in full of the B Loan, to the
principal balance of the A Loan (together with any correspondence prepayment premium). Any
voluntary prepayment or defeasance of the A Loan must occur concurrently with the voluntary
prepayment or defeasance of the B Loan. Any voluntary prepayment or defeasance of the B
Loan must occur concurrently with the voluntary prepayment or defeasance of the A Loan.
Unless there is a continuing Event of Default, there shall be no prepayment penalty or
premium for prepayment resulting from the application of title insurance, casualty
insurance or condemnation proceeds or awards. If during the continuance of an Event of
Default, the Lenders are entitled to receive any prepayment penalty or premium, then
principal and interest on the A Loan and the B Loan shall be paid from the amounts paid by
Borrower prior to the payment of any such prepayment penalty or
premium.

     8. Savings Clause. This Note is subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance due hereunder at a rate
which could subject Lender to either civil or criminal liability as a result of being in excess of
the maximum interest rate which Borrower is permitted by applicable law to contract or agree to
pay. If by the terms of this Note, Borrower is at any time required or obligated to pay interest on
the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable
Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to
such maximum rate and all previous payments in excess of the maximum rate shall be deemed to have
been payments in reduction of principal and not on account of the interest due hereunder. All sums
paid or agreed to be paid to Lender for the use, forbearance, retention or detention of the Debt,
shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread
throughout the full stated term of this Note until payment in full so that the rate or amount of
interest on account of the Debt does not exceed the maximum lawful rate of interest from time to
time in effect and applicable to the Debt for so long as the Debt is outstanding. Notwithstanding
anything to the contrary contained herein or in any of the other Loan Documents, it is not the
intention of Lender to accelerate the maturity of any interest that has not accrued at the time of
such acceleration or to collect unearned interest at the time of such acceleration.

     9. Waivers.

     (a) Except as specifically provided in the Loan Documents, Borrower and any
endorsers, sureties or guarantors hereof jointly and severally waive presentment and

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Page 8
	 	JPMorgan Chase Bank, N.A.

 

 

demand for payment, notice of intent to accelerate maturity, notice of acceleration of maturity,
protest and notice of protest and non-payment, all applicable exemption rights, valuation and
appraisement, notice of demand, and all other notices in connection with the delivery, acceptance,
performance, default or enforcement of the payment of this Note and the bringing of suit and
diligence in taking any action to collect any sums owing hereunder or in proceeding against any of
the rights and collateral securing payment hereof. Borrower and any surety, endorser or guarantor
hereof agree (i) that the time for any payments hereunder may be extended from time to time without
notice and consent, (ii) to the acceptance by Lender of further collateral, (iii) the release by
Lender of any existing collateral for the payment of this Note, (iv) to any and all renewals,
waivers or modifications that may be granted by Lender with respect to the payment or other
provisions of this Note, and/or (v) that additional Borrowers, endorsers, guarantors or sureties
may become parties hereto all without notice to them and without in any manner affecting their
liability under or with respect to this Note. No extension of time for the payment of this Note or
any installment hereof shall affect the liability of Borrower under this Note or any endorser or
guarantor hereof even though the Borrower or such endorser or guarantor is not a party to such
agreement.

     (b) Failure of Lender to exercise any of the options granted herein to Lender upon the
happening of one or more of the events giving rise to such options shall not constitute a waiver
of the right to exercise the same or any other option at any subsequent time in respect to the
same or any other event. The acceptance by Lender of any payment hereunder that is less than
payment in full of all amounts due and payable at the time of such payment shall not constitute a
waiver of the right to exercise any of the options granted herein to Lender at that time or at any
subsequent time or nullify any prior exercise of any such option without the express written
acknowledgment of the Lender.

     10. Exculpation.

     (a) Notwithstanding anything in the Loan Documents to the contrary, but subject to the
qualifications below, Lender and Borrower agree that:

     (i) Borrower shall be liable upon the Debt and for the other obligations arising
under the Loan Documents to the full extent (but only to the extent) of the security
therefor; provided, however, that in the event (A) of fraud, willful misconduct or
material misrepresentation by Borrower, or any of its principals, officers, managers,
members or general partners, if any, its members, if any, its principals, its affiliates,
its agents or its employees or by any Guarantor in connection with the loan evidenced by
this Note, (B) of a breach or default under Sections 4.3 or 8.2 of the
Security Instrument, or (C) the Property or any part thereof becomes an asset in a
voluntary bankruptcy or insolvency proceeding, the limitation on recourse set forth in
this Subsection 10(a) will be null and void and completely inapplicable, and this
Note shall be with full recourse to Borrower.

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Page 9
	 	JPMorgan Chase Bank, N.A.

 

 

     (ii) If a default occurs in the timely and proper payment of all or any part of the Debt,
Lender shall not enforce the liability and obligation of Borrower to perform and observe the
obligations contained in this Note or the Security Instrument by any action or proceeding wherein
a money judgment shall be sought against Borrower, except that Lender may bring a foreclosure
action, action for specific performance or other appropriate action or proceeding to enable Lender
to enforce and realize upon the Security Instrument, the Other Loan Documents and the interest in
the Property, the Rents and any other collateral given to Lender created by the Security
Instrument and the Other Loan Documents; provided, however, that any judgment in any
action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s
interest in the Property, in the Rents and in any other collateral given to Lender. Lender, by
accepting this Note and the Security Instrument, agrees that it shall not, except as otherwise
herein provided, sue for, seek or demand any deficiency judgment against Borrower in any action or
proceeding, under or by reason of or under or in connection with this Note, the Other Loan
Documents or the Security Instrument.

     (iii) The provisions of this Subsection 10(a) shall not (A) constitute a waiver,
release or impairment of any obligation evidenced or secured by this Note, the Other Loan
Documents or the Security Instrument; (B) impair the right of Lender to name Borrower as a party
defendant in any action or suit for judicial foreclosure and sale under the Security Instrument;
(C) affect the validity or enforceability of any indemnity, guaranty, master lease or similar
instrument made in connection with this Note, the Security Instrument, or the Other Loan
Documents; (D) impair the right of Lender to obtain the appointment of a receiver; (E) impair the
enforcement of the Assignment executed in connection herewith; (F) impair the right of Lender to
enforce the provisions of Article 11 of the Security Instrument; or (G) impair the right of Lender
to obtain a deficiency judgment or judgment on this Note against Borrower if necessary to obtain
any insurance proceeds or condemnation awards to which Lender would otherwise be entitled under
the Security Instrument; provided, however, Lender shall only enforce such judgment
against the insurance proceeds and/or condemnation awards,

     (iv) Notwithstanding the provisions of this Article to the contrary, Borrower shall be
personally liable to Lender for the Losses it incurs due to: (A) the misapplication or
misappropriation of Rents; (B) the misapplication or misappropriation of insurance proceeds or
condemnation awards; (C) Borrower’s failure to return or to reimburse Lender for all Personal
Property taken from the Property by or on behalf of Borrower and not replaced with Personal
Property of the same utility and of the same or greater value; (D) any act of actual waste or arson
by Borrower, any principal, affiliate, general partner or member thereof or by any Guarantor; (E)
any fees or commissions paid by Borrower to any principal, affiliate, general partner or member of
Borrower, or any Guarantor in violation of the terms of this Note, the Security Instrument or the
Other Loan Documents;

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Page 10
	 	JPMorgan Chase Bank, N.A.

 

 

(F) Borrower’s failure to comply with the provisions of Article 11 of the Security
Instrument; (G) any breach of the Environmental Indemnity; or (H) any violation,
breach, or non-compliance of Borrower or the Property with the provisions of that
certain Declaration of Easements and Restrictions filed for record under Clerk’s
File No. R075370, as amended by First Amendment to Declaration of Easements and
Restrictions filed for record under Clerk’s File No. R778938, Official Public
Records of Real Property of Harris County, Texas (the “Declaration”), which accrue
or arise prior to the date hereof; provided, however, that upon receipt of
an estoppel certificate by Lender, in a form acceptable to Lender, from Wal-Mart
Stores, Inc., or its successor in interest under the Declaration, this 
Section
10(a)(iv)(H) shall be of no further force or effect.

     (b) Nothing herein shall be deemed to be a waiver of any right which Lender may have
under Sections 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to
file a claim for the full amount of the Debt or to require that all collateral shall
continue to secure all of the Debt, owing to Lender in accordance with this Note, the
Security Instrument and the Other Loan Documents.

     (c) Lender and Borrower hereby agree that any rights, powers or remedies of enforcement
available to Lender by the terms of the Loan Documents may be exercised by the Collateral
Agent.

     11. Authority. Borrower (and the undersigned representative of Borrower, if any)
represents that Borrower has full power, authority and legal right to execute, deliver and perform
its obligations pursuant to this Note and the other Loan Documents
and that this Note and the
other Loan Documents constitute legal, valid and binding obligations of Borrower. Borrower further
represents that the loan evidenced by the Loan Documents was made for business or commercial
purposes and not for personal, family or household use.

     12. Notices. All notices or other communications required or permitted to be given
pursuant hereto shall be given in the manner and be effective as specified in the Security
Instrument, directed to the parties at their respective addresses as provided therein.

     13. Transfer. Lender shall have the unrestricted right at any time or from time to
time to sell this Note and the loan evidenced by this Note and the Loan Documents or participation
interests therein. Borrower shall execute, acknowledge and deliver any and all instruments
requested by Lender to satisfy such purchasers or participants that the unpaid indebtedness
evidenced by this Note is outstanding upon the terms and provisions set out in this Note and the
other Loan Documents. To the extent, if any, specified in such assignment or participation, such
assignee(s) or participant(s) shall have the rights and benefits with respect to this Note and the
other Loan Documents as such assignee(s) or participant(s) would have if they were the Lender
hereunder.

     14. Waiver of Trial by Jury. BORROWER HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF
ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT
ANY

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Page 11
	 	JPMorgan Chase Bank, N.A.

 

 

SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS NOTE OR THE OTHER LOAN DOCUMENTS, OR
ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH INCLUDING, BUT NOT LIMITED
TO, THOSE RELATING TO (A) ALLEGATIONS THAT A PARTNERSHIP EXISTS BETWEEN LENDER AND BORROWER; (B)
USURY OR PENALTIES OR DAMAGES THEREFOR; (C) ALLEGATIONS OF UNCONSCIONABLE ACTS, DECEPTIVE TRADE
PRACTICE, LACK OF GOOD FAITH OR FAIR DEALING, LACK OF COMMERCIAL REASONABLENESS, OR SPECIAL
RELATIONSHIPS (SUCH AS FIDUCIARY, TRUST OR CONFIDENTIAL RELATIONSHIP); (D) ALLEGATIONS OF
DOMINION, CONTROL, ALTER EGO, INSTRUMENTALITY, FRAUD, REAL ESTATE FRAUD, MISREPRESENTATION,
DURESS, COERCION, UNDUE INFLUENCE, INTERFERENCE OR NEGLIGENCE; (E) ALLEGATIONS OF TORTIOUS
INTERFERENCE WITH PRESENT OR PROSPECTIVE BUSINESS RELATIONSHIPS OR OF ANTITRUST; OR (F) SLANDER,
LIBEL OR DAMAGE TO REPUTATION. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND
VOLUNTARILY BY BORROWER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS
TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE
A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER.

     15. Applicable Law. This Note shall be governed by and construed in accordance with
the laws of the state in which the real property encumbered by the Security Instrument is located
(without regard to any conflict of laws or principles) and the applicable laws of the United States
of America.

     16. Jurisdiction. BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY COURT
OF COMPETENT JURISDICTION LOCATED IN THE STATE IN WHICH THE PROPERTY IS LOCATED IN CONNECTION WITH
ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE.

     17. No Oral Change. The provisions of this Note and the Loan Documents may be amended
or revised only by an instrument in writing signed by the Borrower and Lender. This Note and all
the other Loan Documents embody the final, entire agreement of Borrower and Lender and supersede
any and all prior commitments, agreements, representations and understandings, whether written or
oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by
evidence of prior, contemporaneous or subsequent oral agreements or discussions of Borrower and
Lender. There are no oral agreements between Borrower and Lender.

The remainder of this page is left blank. The signature page(s) follow.

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Page 12
	 	JPMorgan Chase Bank, N.A.

 

 

Executed as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	 	 	BORROWER:
	 
	 	 	 	 	 	 	 	 
	 	 	SHAFER PLAZA I, LTD.,
	 	 	a Texas limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	SHAFER PLAZA ONE CM, INC.,
	 	 	 	 	a Texas corporation,
 its General Partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	Steven G. Shafer	 	 
	 

	 	 	 	 	 	 

Name: Steven G. Shafer
	 	 
	 

	 	 	 	 	 	Title: President	 	 

			
	 	 	 
	FIXED RATE NOTE (B LOAN) — Signature Page
	 	JPMorgan Chase Bank, N.A.EX-10.3 LOAN AND ASSUMPTION AGREEMENT

 

Exhibit
10.3

Upon recordation, return
to: 
Timothy J. Boyce, Esq.

Dechert LLP

Bank of America Corporate Center

100 North Tryon Street, Suite 4000

Charlotte, NC 28202

WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE REGISTERED HOLDERS OF THE

J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP., COMMERCIAL

PASS-THROUGH CERTIFICATES, SERIES 2005-LDP2

LOAN
ASSUMPTION

AND

SUBSTITUTION AGREEMENT

Date: as of September 30, 2005

 

 

LOAN ASSUMPTION AND SUBSTITUTION AGREEMENT

     THIS
LOAN ASSUMPTION AND SUBSTITUTION AGREEMENT (this
“Agreement”) is made and entered into as
of September 30, 2005, by and among AMREIT WESTSIDE PLAZA,
IP, a Texas limited partnership, having
an address of 8 Greenway Plaza, Suite 1000, Houston, Texas 77046
(“Assuming Borrower”) AMREIT
MONTHLY INCOME & GROWTH FUND III, LTD., a Texas limited
partnership (“MIG III”), and AMREIT, a
Texas real estate investment trust
(“AmREIT”), each having an address of 8 Greenway Plaza, Suite
1000, Houston, Texas 77046 (MIG III and AmREIT, individually and collectively, if more than one,
“Assuming Indemnitor”), SHAFER PLAZA I, LTD., a Texas limited partnership having an address at 3001
Knox Street, Suite 207, Dallas, Texas 75205
(“Original Borrower”), and STEVEN G.
SHAFER, having an
address at 3907 Gillion, Dallas, Texas (“Original Indemnitor”) in favor of WELLS FARGO BANK, N.A.,
AS TRUSTEE FOR THE REGISTERED HOLDERS OF THE J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES
CORP., COMMERCIAL PASS-THROUGH CERTIFICATES, SERIES 2005-LDP2, whose mailing address is Wells Fargo
Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attn: Corporate Trust Services
(CMBS), J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, (“Wells Fargo”)
and CBA-MEZZANINE CAPITAL FINANCE, LLC, a Delaware limited liability company (“CBA” and together
with Wells Fargo, “Lender”).

Recitals

    A.       J.
P. Morgan Chase Bank, N.A. (the “Original
Lender”), pursuant to the Loan Documents (as
hereinafter defined) made a loan to Original Borrower in the original principal amount of
$10,880,000.00 (the “Loan”). The Loan is evidenced and secured by the following documents executed
in favor of Original Lender by Original Borrower:

	 	(1)	 	Fixed Rate Note (A Loan) dated May 2, 2005, payable by Original Borrower to
Original Lender in the original principal amount of $10,240,000.00
(the “A Note”);
	 
	 	(2)	 	Fixed Rate Note (B Loan) dated May 2, 2005, payable by Original Borrower to
Original Lender in the original principal amount of $640,000.00 (the “B Note” and
together with the A Note, the “Note”);
	 
	 	(3)	 	Deed of Trust and Security Agreement of even date with the Note, granted by
Original Borrower to Original Lender, recorded under County Clerk’s File No. Y434419 in
the Official Records of Harris County County, Texas
(“Recorder’s Office”) (the
“Mortgage”);
	 
	 	(4)	 	Assignment of Leases and Rents of even date with the Note granted by Original
Borrower to Original Lender, recorded under County Clerk’s File No. Y434420, in the
Recorder’s Office (the “Assignment”);
	 
	 	(5)	 	UCC-1 financing statements with Original Borrower as debtor and Original
Lender as secured party, filed with the Recorder’s Office under County Clerk’s

 

 

	 	 	 	File No. Y434423 and with the Secretary of State for the State of Texas as
Instrument No. 05-0014365256 (collectively the
“Financing Statements”);

	 	(6)	 	Guaranty by and between Original Indemnitor and Original Lender of even date
with the Note (the “Indemnity Agreement”)
	 
	 	(7)	 	Environmental Indemnity Agreement by and between Original
Borrower, Original Indemnitor and Original Lender of even date with the Note (the
“Environmental Indemnity Agreement”); and
	 
	 	(8)	 	Escrow Agreement for Reserves and Impounds by and between Original
Borrower and Original Lender of even date with the Note (the “Escrow Agreement”)

The foregoing documents, together with any and all other documents executed by Original Borrower
and/or Original Indemnitor in connection with the Loan, are collectively called the “Loan
Documents.” As used herein, the term
“Assuming Obligors” shall mean Assuming Borrower and Assuming
Indemnitor; the term “Original Obligors” shall mean Original Borrower and Original Indemnitor.

     B. Original Lender assigned, sold and transferred its interest in the A Note and all related
Loan Documents to Wells Fargo and Wells Fargo is the current holder of Original Lender’s interest
in the A Note and the related Loan Documents.

     C. Original Lender assigned, sold and transferred its interest in the B Note and all related
Loan Documents to CBA and CBA is the current holder of Original Lender’s interest in the B Note and
the related Loan Documents.

     D. Original Borrower continues to be the owner of the Property (as defined below).

     E. Pursuant to that certain Purchase and Sale Agreement by and between Original Borrower and
AmREIT Realty Investment Corp. (as amended and as assigned to Assuming Borrower, the “Sales
Agreement”), Original Borrower agreed to sell, and Assuming Borrower agreed to purchase, that
certain real property more particularly described on Exhibit A attached hereto, together with all
other property encumbered by the Mortgage and the other Loan Documents (collectively, the
“Property”). The Sales Agreement requires that the Assuming Borrower assume the Loan and the
obligations of Original Borrower under the Loan Documents, and conditions the closing of the sale
of the Property upon the Lender’s consent to the sale of the Property and the assumption of the
Loan.

     F. Pursuant to Section 8 of the Mortgage, Original Borrower has the right to sell the Property
to a third party subject to the satisfaction of certain conditions specified therein. Original
Borrower and Assuming Borrower have requested that Lender consent to the sale, conveyance,
assignment and transfer of the Property by Original Borrower to Assuming Borrower, subject to the
Mortgage and the other Loan Documents, and to the assumption by Assuming Borrower of the Loan and
the assumption by Assuming Obligors of the obligations of Original Obligors under the Loan
Documents.

2

 

     G. Lender is willing to consent to the sale, conveyance, assignment and transfer of the
Property by Original Borrower to Assuming Borrower, subject to the Mortgage and the other Loan
Documents, and to the assumption by Assuming Borrower of the Loan and the assumption by Assuming
Obligors of the obligations of Original Obligors under the Loan Documents, on and subject to the
terms and conditions set forth in this Agreement and in the Mortgage and in the other Loan
Documents.

     H. Lender, Original Obligors and Assuming Obligors by their respective executions hereof,
evidence their consent to the transfer of the Property to Assuming Borrower and the modification
and assumption of the Loan Documents as hereinafter set forth.

Statement of Agreement

     In consideration of the mutual covenants and agreements set forth herein, the parties hereto
hereby agree as follows:

     1. Representations, Warranties, and Covenants of Original Obligors, Release of
Lender.

          (a) Original Obligors hereby represent to Lender, as of the date hereof, that (i)
simultaneously with the execution and delivery hereof, Original Borrower has conveyed and
transferred all of the Property to Assuming Borrower; (ii) simultaneously with the execution and
delivery hereof, Original Borrower has assigned and transferred to Assuming Borrower all leases,
tenancies, security deposits and prorated rents of the Property in effect as of the date hereof
(“Leases”) retaining no rights therein or thereto; (iii) Original Borrower has not received a
mortgage from Assuming Borrower encumbering the Property to secure the payment of any sums due
Original Borrower or obligations to be performed by Assuming Borrower; (iv) the Mortgage is a valid
first lien on the Property for the full unpaid principal amount of the Loan and all other amounts
as stated therein; (v) there are no defaults by them under the provisions of the Loan Documents;
(vi) there are no defenses, set-offs or rights of defense, set-off or counterclaim whether legal,
equitable or otherwise to the obligations evidenced by or set forth in the Loan Documents; (vii)
all provisions of the Loan Documents are in full force and effect, except as modified herein;
(viii) there are no subordinate liens of any kind covering or relating to the Property nor are
there any mechanics’ liens or liens for unpaid taxes or assessments encumbering the Property, nor
has notice of a lien or notice of intent to file a lien been received and (ix) the representations
and warranties made by Original Obligors in the Loan Documents or in any other documents or
instruments delivered in connection with the Loan Documents, including, without limitation, all
representations and warranties with respect to environmental matters, are true, on and as of the
date hereof, with the same force and effect as if made on and as of the date hereof.

          (b) Original Obligors hereby covenant and agree that: (i) from and after the date hereof,
Lender may deal solely with Assuming Obligors in all matters relating to the Loan, the Loan
Documents, and the Property; (ii) they shall not at any time hereafter take (x) a mortgage or other
lien encumbering the Property or (y) a pledge of direct or indirect interests in Assuming Borrower
from Assuming Obligors to secure any sums to be paid or obligations to be performed by Assuming
Obligors so long as any portion of the Loan remains unpaid; and (iii)

3

 

Lender has no further duty or obligation of any nature relating to this Loan or the Loan Documents
to Original Obligors.

Original Obligors understand and intend that Lender shall rely on the representations, warranties
and covenants contained herein.

     2. Representations, Warranties, and Covenants of Assuming Obligors.

          (a) Assuming Obligors hereby represent and warrant to Lender, as of the date hereof, that: (i)
simultaneously with the execution and delivery hereof, Assuming Borrower has purchased from
Original Borrower all of the Property, and has accepted Original Borrower’s assignment of the
Leases; (ii) Assuming Borrower has assumed the performance of Original Borrower’s obligations under
the Leases; (iii) Assuming Borrower has not granted to Original Borrower (x) a mortgage or other
lien upon the Property or (y) a pledge of direct or indirect interests in the Assuming Borrower to
secure any debt or obligations owed to Original Borrower; (iv) to the knowledge of Assuming
Obligors, no Event of Default (as defined in the Mortgage) has occurred or is continuing; (v) to
the knowledge of Assuming Obligors, all provisions of the Loan Documents are in full force and
effect; (vi) to the knowledge of Assuming Obligors, the representations and warranties made in the
Loan Documents or in any other documents or instruments delivered in connection with the Loan
Documents are true, on and as of the date hereof; and (vii) Assuming Obligors have reviewed all of
the Loan Documents and consent to the terms thereof.

          (b) Assuming Borrower shall not hereafter, without Lender’s prior consent in accordance with
the terms of the Loan Documents, further encumber the Property or sell or transfer the Property or
any interest therein, except as may be specifically permitted in the Loan Documents. Assuming
Obligors have no knowledge that any of the representations and warranties made by the Original
Obligors herein are untrue, incomplete, or incorrect.

          (c) Assuming Indemnitor hereby represents and warrants to the Lender that Assuming Indemnitor
is an affiliate of the Assuming Borrower and Assuming Indemnitor will derive substantial economic
benefit from the Lender’s agreement to consent to the transaction described herein. The Assuming
Indemnitor hereby acknowledges and agrees that the Assuming Indemnitor has executed this Agreement
and agreed to be bound by the covenants and agreements set forth herein in order to induce the
Lender to consent to the transaction described herein. Accordingly, the Assuming Indemnitor
acknowledges that the Lender would not consent to the transaction described herein without the
execution and delivery by the Assuming Indemnitor of this Agreement.

Assuming Obligors understand and intend that Lender shall rely on the representations,
warranties and covenants contained herein.

          3. Assumption of Obligations of Borrower. Subject to the terms of the Loan Documents
limiting the liability of the “Maker”, Assuming Borrower hereby assumes the Debt (as defined in the
Mortgage) and Assuming Borrower hereby assumes all the other respective past, present and future
obligations of Original Borrower of every type and nature set forth in the Loan Documents in
accordance with their respective terms and conditions, as the same may be

4

 

modified by this Agreement. Assuming Borrower further agrees to abide by and be bound by all of the
terms of the Loan Documents applicable to the “Borrower”, in accordance with their respective terms
and conditions, including but not limited to, the representations, warranties, covenants,
assurances and indemnifications therein, all as though each of the Loan Documents had been made,
executed, and delivered by Assuming Borrower. Assuming Borrower agrees to pay when and as due all
sums due under the Note and agrees pay, perform, and discharge each and every other obligation of
payment and performance of the “Borrower” pursuant to and as set forth in the Loan Documents at the
time, in the manner and otherwise in all respects as therein provided. Assuming Borrower hereby
acknowledges, agrees and warrants that (i) there are no rights of set-off or counterclaim, nor any
defenses of any kind, whether legal, equitable or otherwise, which would enable Assuming Borrower
to avoid or delay timely performance of their obligations under the Loan Documents, as applicable;
(ii) there are no monetary encumbrances or liens of any kind or nature against the Property except
those created by the Loan Documents, and (iii) all rights, priorities, titles, liens and equities
securing the payment of the Note are expressly recognized as valid and are in all things renewed,
continued and preserved in force to secure payment of the Note, except as amended herein.

     4. Assumption of the Obligations of the Indemnitor under the Indemnity Agreement and
Environmental Indemnity Agreement; Substitution of Indemnitor. From and after the date of
this Agreement, the Assuming Indemnitor shall be obligated and responsible for the performance of
each and all of the obligations and agreements of the “Indemnitor”, “Guarantor” and/or “Principal”
(collectively referred to herein as “Indemnitor”) under the Indemnity Agreement, the Environmental
Indemnity Agreement and the other Loan Documents to which Original Indemnitor is a party, and the
Assuming Indemnitor shall be liable and responsible for each and all of the liabilities of the
Indemnitor thereunder, and shall be substituted in lieu of and in place of the Original Indemnitor,
as fully and completely as if the Assuming Indemnitor had originally executed and delivered such
Loan Documents as the Indemnitor thereunder, including, without limitation, all of those
obligations, agreements and liabilities which would have, but for the provisions of this Agreement,
been the obligations, agreements and liabilities of the Original Indemnitor, without regard to when
such obligations, agreements and liabilities arise, accrue or have arisen or accrued, and without
regard to the Indemnitor then responsible or liable therefor at the time of such accrual. From and
after the date hereof, the Assuming Indemnitor further agrees to abide by and be bound by all of
the terms of the Loan Documents having reference to the Indemnitor, all as though each of the Loan
Documents to which the Original Indemnitor is a party had been made, executed, and delivered by the
Assuming Indemnitor as the Indemnitor. From and after the date hereof, the Assuming Indemnitor
hereby agrees to pay, perform, and discharge each and every obligation of payment and performance
of the Indemnitor under, pursuant to and as set forth in the Loan Documents at the time, in the
manner and otherwise in all respects as therein provided. With respect to the Environmental
Indemnity, the liability of Assuming Indemnitor shall be joint and several with that of the
Assuming Borrower.

     5. Notices to Indemnitor. Without amending, modifying or otherwise affecting the
provisions of the Loan Documents except as expressly set forth herein, the Lender shall, from and
after the date of this Agreement, deliver any notices to the Indemnitor which are required to be
delivered pursuant to the Loan Documents, or are otherwise delivered by the Lender thereunder at
Lender’s sole discretion, to the Assuming Indemnitor’s address set forth above.

5

 

     6. Consent
to Conveyance, Assumption and Substitution of Indemnitor; Release of Original
Obligors; Future Release of AmREIT.

         (a) Subject to the terms and conditions set forth in this Agreement, Lender consents to: (i)
the sale, conveyance, assignment and transfer of the Property by Original Borrower to Assuming
Borrower, subject to the Mortgage and the other Loan Documents; (ii) the assumption by Assuming
Borrower of the Loan and the obligations of Original Borrower under the Loan Documents; and (iii)
the assumption by Assuming Indemnitor of the obligations of the Original Indemnitor under the Loan
Documents to which Original Indemnitor is a party. The Original Obligors are hereby released from
any liability to Lender under any and all of the Loan Documents arising or first accruing
subsequent to the transfer of the Property to Assuming Borrower and the assumption by Assuming
Borrower and Assuming Indemnitor hereunder. Lender’s consent to such transfer and assumption shall,
however, not constitute its consent to any subsequent transfers of the Property. Original Obligors
hereby acknowledge and agree that the foregoing release shall not be construed to release Original
Obligors from any personal liability under the Note or any of the other Loan Documents for any acts
or events occurring or obligations arising prior to or simultaneously with the closing of the
transaction described herein.

         (b) Subject to the terms and conditions set forth in this agreement, Lender agrees to execute
the Release of Indemnitor Agreement in substantially the form attached hereto as Exhibit B in order
to release AmREIT from its obligations as an Assuming Indemnitor, following Lender’s determination
(which determination shall be made in its sole discretion), that MIG III has achieved a minimum
“Tangible Net Worth” of $15 million. For purposes of this Agreement, “Tangible Net Worth” shall be
calculated, as of a given date, in conformance with GAAP by subtracting total liabilities from
total tangible assets. AmREIT and MIG III agree to provide to Lender certified balance sheet for
MIG III which are, in Lender’s sole discretion, sufficient to determine MIG III’s tangible net
worth as defined above. AmREIT shall only be released from its obligations as an Assuming
Indemnitor upon the execution of a Release of Indemnitor Agreement in substantially the form
attached hereto as Exhibit B.

     7. Release
and Covenant Not to Sue. Original Obligors and Assuming Obligors, on behalf
of themselves and their heirs, successors and assigns, hereby release and forever discharge Lender,
any trustee of the Loan, any servicer of the Loan, each of their respective predecessors in
interest and successors and assigns, together with the officers, directors, partners, employees,
investors, certificate holders and agents of each of the foregoing (collectively the “Lender
Parties”), from all debts, accountings, bonds, warranties, representations, covenants, promises,
contracts, controversies, agreements, claims, damages, judgments, executions, actions, inactions,
liabilities demands or causes of action of any nature, at law or in equity, known or unknown, which
Original Obligors and Assuming Obligors now have by reason of any cause, matter, or thing through
and including the date hereof, including, without limitation, matters arising out of or relating
to: (a) the Loan, including, without limitation, its funding, administration and
servicing; (b) the Loan Documents; (c) the Property; (d) any reserve and/or escrow balances held by
Lender or any servicers of the Loan; or (e) the sale, conveyance, assignment and transfer of the
Property. Original Obligors and Assuming Obligors, on behalf of themselves and their heirs,
successors and assigns, covenant and agree never to institute or cause to be instituted or continue
prosecution of any suit or other form of action or proceeding of any

6

 

kind or nature whatsoever against any of the Lender Parties by reason of or in connection with any
of the foregoing matters, claims or causes of action.

     8. Acknowledgment of Indebtedness.

          (a) A Note. This Agreement recognizes the reduction of the principal amount of
the A Note and the payment of interest thereon to the extent of payments made by Original Borrower
prior to the date of execution of this Agreement. The parties acknowledge and agree that, as of the
date of this Agreement, the principal balance of the A Note is $10,219,630.43 and interest on the
Note is paid to July 31, 2005. Assuming Borrower acknowledges and agrees that the Loan, as
evidenced and secured by the Loan Documents, is a valid and existing indebtedness payable by
Assuming Borrower to Lender. The parties acknowledge that Lender is holding the following escrow
and/or reserve balances:

	 	 	 	 	 
	Tax Escrow:
	 	$	142,829.88	 
	Insurance Escrow:
	 	$	13,557.69	 
	Replacement Reserve:
	 	$	1,076.06	 
	Repair and Remediation
Reserve:
	 	$	0.00	 
	Tenant Improvements and
Leasing Commissions:
	 	$	8,150.00	 
	Other Reserves:
	 	$	212,100.00	 

          (b) B Note. This Agreement recognizes the reduction of the principal amount of the B
Note and the payment of interest thereon to the extent of payments made by Original Borrower prior
to the date of execution of this Agreement. The parties acknowledge and agree that, as of the date
of this Agreement, the principal balance of the B Note is $639,915.29 and interest on the Note is
paid to July 31, 2005. Assuming Borrower acknowledges and agrees that the Loan, as evidenced and
secured by the Loan Documents, is a valid and existing indebtedness payable by Assuming Borrower
to Lender. The parties acknowledge that Lender is holding the following escrow and/or reserve
balances:

	 	 	 	 	 
	Tax Escrow:
	 	$	0.00	 
	Insurance Escrow:
	 	$	0.00	 
	Replacement Reserve:
	 	$	0.00	 
	Repair and Remediation Reserve:
	 	$	0.00	 
	Tenant Improvements and Leasing Commissions:
	 	$	0.00	 
	Other Reserves:
	 	$	0.00	 

          (c) The parties acknowledge and agree that Lender shall continue to hold the escrow and
reserve balances for the benefit of Assuming Borrower in accordance with the terms of the Loan
Documents. Original Obligors covenant and agree that the Lender Parties have no further duty or
obligation of any nature to Original Obligors relating to such escrow and/or reserve balances.
Original Obligors hereby release and forever discharge the Lender Parties

7

 

from any obligations to Original Obligors relating to such escrow and/or reserve balances. Assuming
Obligors acknowledge and agree that the funds listed above constitute all of the reserve and escrow
funds currently held by Lender with respect to the Loan and authorize such funds to be transferred
to an account controlled by Lender for the benefit of Lender and Assuming Borrower.

     9. Modifications of the Loan Documents. The Mortgage is hereby modified as
follows:

          (a) Section 14.1 of the Mortgage is hereby deleted in its entirety and the following
substituted in its stead:

          “14.1 Notices. All notices, demands, requests or other written communications
hereunder or required by law shall be in writing and shall be deemed to have been validly given or
served by delivery of the same in person to the intended addressee, or by depositing the same with
Federal Express or another reputable private courier service for next business day delivery, or by
depositing the same in the United States mail, postage prepaid, registered or certified mail,
return receipt requested, in any event addressed to the intended addressee addressed as follows:

	 	 	 	 	 
	 

	 	If to Borrower:
	 	AmREIT Westside Plaza, LP
	 

	 	 	 	8 Greenway Plaza, Suite 1000
	 

	 	 	 	Houston, TX 77046
	 

	 	 	 	Attn: H. Kerr Taylor
	 
	 	 	 	 
	 

	 	With a copy to:
	 	Wilson, Cribbs & Goren, P.C.
	 

	 	 	 	2500 Fannin
	 

	 	 	 	Houston, TX 77002
	 

	 	 	 	Attn: Peggy J. Felder, Esquire
	 
	 	 	 	 
	 

	 	If to Lender:
	 	Wells Fargo Bank, N.A., as Trustee for the Registered
	 

	 	 	 	Holders of the J.P. Morgan Chase Commercial Mortgage
	 

	 	 	 	Securities Corp., Commercial Pass-Through Certificates,
	 

	 	 	 	Series 2005-LDP2
	 

	 	 	 	Wells Fargo Bank, N.A.
	 

	 	 	 	9062 Old Annapolis Road
	 

	 	 	 	Columbia, Maryland 21045-1951
	 

	 	 	 	Attn: Corporate Trust Services (CMBS), J.P. Morgan
	 

	 	 	 	Chase Commercial Mortgage Securities Corp., Series 2005-LDP2
	 
	 	 	 	 
	 

	 	with a copy to:
	 	Dechert LLP
	 

	 	 	 	Bank of America Center
	 

	 	 	 	100 North Tryon Street, Suite 4000
	 

	 	 	 	Charlotte, North Carolina 28202
	 

	 	 	 	Attn: Timothy J. Boyce, Esq.

8

 

All notices, demands and requests shall be effective (i) upon delivery, if delivered in person,
(ii) one (1) business day after having been deposited for overnight delivery with any reputable
overnight courier service, or (iii) three (3) business days after having been deposited in the
United States mail as provided above. Rejection or other refusal to accept or the inability to
deliver because of changed address of which no notice was given as herein required shall be deemed
to be receipt of the notice, demand or request sent. By giving to the other party hereto at least
fifteen (15) days’ prior written notice thereof in accordance with the provisions hereof, the
parties hereto shall have the right from time to time to change their respective addresses and each
shall have the right to specify as its address any other address within the United States of
America.”

          (b) Section 12.1 (Security Agreement) of the Mortgage is hereby modified to substitute the
name and address (as listed above) of Lender, as Secured Party, and Assuming Borrower, as Debtor,
in place of the Secured Party and Debtor names and addresses set forth therein.

          (c) Section 8.3(a) and Section 8.3(b) of the Mortgage are deleted in their entirety.

     10. Interest Accrual Rate and Monthly Installment Payment Amount to Remain the Same.
The interest rate and the monthly payments set forth in the Note shall remain unchanged. Prior to
the occurrence of an Event of Default hereunder or under the Note, interest shall accrue on the
principal balance outstanding from time to time at the Applicable Interest Rate (as defined in each
of the A Note and the B Note) and principal and interest (which does not include such amounts as
may be required to fund escrow obligations under the terms of the Loan Documents) shall continue to
be paid in accordance with the provisions of the Note.

     11. Conditions. This Agreement shall be of no force and effect until each of the
following conditions has been met to the complete satisfaction of Lender:

          (a) Fees and Expenses. Original Borrower and/or Assuming Borrower shall pay, or cause
to be paid at closing: (i) all costs and expenses incident to the preparation, execution and
recordation hereof and the consummation of the transaction contemplated hereby, including, but not
limited to, recording fees, filing fees, surveyor fees, broker fees, transfer or mortgage taxes,
rating agency confirmation fees, application fees, all third party fees, search fees, transfer
fees, inspection fees, title insurance policy or endorsement premiums or other charges of Title
Company and the fees and expenses of legal counsel to any Lender Party and any applicable rating
agency and (ii) an assumption fee to Lender in the amount of $108,595.45 being one percent (1%) of
the combined outstanding principal balances of the A Note and the B Note as of the date of the
transfer and assumption contemplated by this Agreement, the regularly scheduled monthly payments
due September 2005 and October 2005 under the Loan, and the other fees and expenses outlined in the
beneficiary statement distributed to the parties by Lender.

          (b) Other Conditions. Satisfaction of all requirements under the Loan Documents
and the closing checklist for this transaction as determined by Lender and Lender’s counsel in
their sole discretion.

9

 

     12. Default.

          (a)
Breach. Any breach of Assuming Obligors or Original Obligors of any of the
representations and warranties contained herein shall constitute a default under the Mortgage and
each other Loan Document.

          (b) Failure to Comply. Any failure of Assuming Obligors or Original Obligors to
fulfill any one of the conditions set forth in this Agreement shall constitute a default under this
Agreement and the Loan Documents.

     13. No Further Consents. Assuming Obligors and Original Obligors acknowledge and
agree that Lender’s consent herein contained is expressly limited to the sale, conveyance,
assignment and transfer herein described, that such consent shall not waive or render
unnecessary Lender’s consent or approval of any subsequent sale, conveyance, assignment or transfer
of the Property, and that Section 8 of the Mortgage, as amended herein, shall continue in full
force and effect.

     14. Additional Representations, Warranties and Covenants of Assuming
Obligors. As a condition of this Agreement, Assuming Obligors represent and warrant to
Lender as follows:

          (a) Assuming Borrower is a limited partnership duly organized, validly existing and in good
standing under the laws of the State of Texas. Assuming Borrower has full power and authority to
enter into and carry out the terms of this Agreement and to assume and carry out the terms of the
Loan Documents.

          (b) AmREIT Westside Plaza GP, Inc., is a corporation duly organized and validly existing in
good standing under the laws of the State of Texas. AmREIT Westside Plaza GP, Inc., is, and shall
remain, the sole General Partner of Assuming Borrower and has full power and authority to enter
into this Agreement as General Partner on behalf of Assuming Borrower, and to execute this
Agreement.

          (c) AmREIT Monthly Income & Growth III Fund, Ltd. is a limited partnership duly
organized and validly existing under the laws of the State of Texas and is qualified to do business
and in good standing in the State of Texas. MIG III has full power and authority to enter into and
carry out the terms of this Agreement and to assume and carry out the terms of the Loan Documents
to which it is a party.

          (d) AmREIT is a real estate investment trust duly organized and validly existing under the
laws of the State of Texas. AmREIT has full power and authority to enter into and carry out the
terms of this Agreement and to assume and carry out the terms of the Loan Documents to which it is
a party

          (e) This Agreement and the Loan Documents constitute legal, valid and binding obligations of
Assuming Obligors enforceable in accordance with their respective terms. Neither the entry into nor
the assumption and performance of and compliance with this Agreement or any of the Loan Documents
has resulted or will result in any violation of, or a conflict with or a default under, any
judgment, decree, order, mortgage, indenture, contract,

10

 

agreement or lease by which Assuming Obligors or any property of Assuming Obligors are bound or
any statute, rule or regulation applicable to Assuming Obligors.

          (f) There is no action, proceeding or investigation pending or threatened which questions,
directly or indirectly, the validity or enforceability of this Agreement or any of the other Loan
Documents, or any action taken or to be taken pursuant hereto or thereto, or which might result in
any material adverse change in the condition (financial or otherwise) or business of Assuming
Obligors. All closing funds have been contributed as a capital contribution and are not secured
directly or indirectly by an interest in the Borrower or the Property.

          (g) There has been no legislative action, regulatory change, revocation of license or right to
do business, fire, explosion, flood, drought, windstorm, earthquake, accident, other casualty or
act of God, labor trouble, riot, civil commotion, condemnation or other action or event which has
had any material adverse effect, on the business or condition (financial or otherwise) of Assuming
Obligors or any of their properties or assets, whether insured against or not, since Assuming
Obligors submitted to Lender their request to assume the Loan.

          (h) The financial statements and other data and information supplied by Assuming Obligors in
connection with Assuming Obligors’ request to assume the Loan or otherwise supplied in
contemplation of the assumption of the Loan by Assuming Obligors were in all material respects
true and correct on the dates they were supplied, and since their dates no material adverse change
in the financial condition of Assuming Obligors has occurred, and there is not any pending or
threatened litigation or proceedings which might impair to a material extent the business or
financial condition of Assuming Obligors.

          (i) Without limiting the generality of the assumption of the Loan Documents by Assuming
Obligors, Assuming Obligors hereby specifically remake and reaffirm the representations,
warranties and covenants set forth in the Mortgage, the Indemnity Agreement and the Environmental
Indemnity Agreement.

          (j) No representation or warranty of Assuming Obligors made in this Agreement contains any
untrue statement of material fact or omits to state a material fact necessary in order to make
such representations and warranties not misleading in light of the circumstances under which they
are made.

          (k) Assuming Borrower hereby represents and warrants to Lender that Assuming Borrower will
not permit the transfer of any interest in Assuming Borrower to any person or entity (or any
beneficial owner of such entity) who is listed on the specifically Designated Nationals and
Blocked Persons List maintained by the Office of Foreign Asset Control, Department of the Treasury
pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) an/or any other list of
terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of
Office of Foreign Asset Control, Department of the Treasury or pursuant to any other applicable
Executive Orders (such lists are collectively referred to as the “OFAC Lists”). Assuming Borrower
will not knowingly enter into a lease with any party who is listed on the OFAC Lists. Assuming
Borrower shall immediately notify Lender if Assuming Borrower has knowledge that any member of
beneficial owner of Assuming

11

 

Borrower is listed on the OFAC Lists of (A) is indicted on or (B) arraigned and held over on
charges involving money laundering or predicate crimes to money laundering. Assuming Borrower shall
immediately notify Lender if Assuming Borrower knows that any tenant is listed on the OFAC Lists or
(A) is convicted on, (B) pleads nolo contender to, (C) is indicted on or (D) is arraigned and held
over on charges involving money laundering or predicate crimes to money laundering. Assuming
Borrower further represents and warrants to Lender that Assuming Borrower is currently not on the
OFAC list.

15. Additional Representations, Warranties and Covenants of Original Obligors.
As a condition of this Agreement, Original Obligors represent and warrant to Lender as follows:

          (a) Original Borrower is a limited partnership duly organized, validly existing and in good
standing under the laws of the State of Texas. Original Borrower has full power and authority to
enter into and carry out the terms of this Agreement and to convey the Property and assign the Loan
Documents.

          (b) Shafer Plaza One CM, Inc.
is a corporation duly organized and validly existing in good
standing under the laws of the State of Texas and is authorized to transact business as a foreign
corporation in each jurisdiction in which such authorization is necessary for the operation of the
business or properties of Original Borrower. Shafer Plaza One CM. Inc. is the sole General Partner
of Original Borrower and has full power and authority to enter into this Agreement as General
Partner on behalf of Original Borrower, and to execute this Agreement.

          (c) Each Original Indemnitor is a resident of the State of Texas and is legally competent to
execute this Agreement.

          (d) This Agreement, the Sales Agreement and all other documents executed by Original Obligors
in connection therewith, constitute legal, valid and binding obligations of Original Obligors
enforceable in accordance with their respective terms. Neither the entry into nor the performance
of and compliance with this Agreement, the Sales Agreement and all other documents executed by
Original Obligors in connection therewith has resulted or will result in any violation of, or a
conflict with or a default under, any judgment, decree, order, mortgage, indenture, contract,
agreement or lease by which Original Obligors or any property of Original Obligors are bound or any
statute, rule or regulation applicable to Original Obligors.

          (e) Original Obligors have not received any written notices from any governmental entity
claiming that Original Obligors or the Property is not presently in compliance with any laws,
ordinances, rules, and regulations bearing upon the use and operation of the Property, including,
without limitation, any notice relating to zoning laws or building code regulations.

          (f) The Certified Rent Roll provided to Lender of even date herewith, is a true, complete and
accurate summary of all tenant leases (“Tenant Leases” or individually a “Tenant Lease”) affecting
the Property as of the date of this Agreement. No rent has been prepaid under any Tenant Lease
except rent for the current month. Each Tenant Lease has been duly executed and delivered by, and,
to the knowledge of Original Obligors, is a binding obligation of, the respective tenant, and each
Tenant Lease is in full force and effect. Each

12

 

Tenant Lease represents the entire agreement between the landlord and the respective tenant and no
Tenant Lease has been terminated, renewed, amended, modified or otherwise changed without the prior
written consent of Lender as provided in the Loan Documents. Except as explicitly identified on the
certified rent roll dated September 30, 2005, provided by Original Borrower, the tenant under each
Tenant Lease has taken possession of and is in occupancy of the premises therein described and is
open for business. Except as explicitly identified on the certified rent roll dated September 30,
2005, provided by Original Borrower, rent payments have commenced under each Tenant Lease, and all
tenant improvements in such premises and other conditions to occupancy and/or rent commencement
have been completed by Landlord. All obligations of the landlord under the Tenant Leases have been
performed, and no event has occurred and no condition exists that, with the giving of notice or
lapse of time or both, would constitute a default by Landlord under any Tenant Lease. There are no
offsets or defenses that any tenant has against the full enforcement of any Tenant Lease by the
landlord thereunder. Each Tenant Lease is fully and freely assignable by the landlord without
notice to or the consent of the tenant thereunder.

          (g) Original Borrower is the current owner of the Property. There are no pending or
threatened suits, judgments, arbitration proceeding, administrative claims, executions or other
legal or equitable actions or proceedings against Original Obligors or the Property, or any
pending or threatened condemnation or annexation proceedings affecting the Property, or any
agreements to convey any portion of the Property, or any rights thereto, not disclosed in this
Agreement, including, without limitation to any governmental agency.

          (h) No representation or warranty of Original Obligors made in this Agreement contains any
untrue statement of material fact or omits to state a material fact necessary in order to make
such representations and warranties not misleading in light of the circumstances under which they
are made.

     16. Incorporation of Recitals. Each of the Recitals set forth above in this
Agreement are incorporated herein and made a part hereof.

     17. Property Remains as Security for Lender. All of the Mortgaged Property as
described and defined in the Mortgage shall remain in all respects subject to the lien, charge or
encumbrance of the Mortgage, and, except as expressly set forth herein, nothing herein contained
and nothing done pursuant hereto shall affect or be construed to release or affect the liability of
any party or parties who may now or hereafter be liable under or on account of the Note or the
Mortgage, nor shall anything herein contained or done in pursuance hereof affect or be construed to
affect any other security for the Note, if any, held by Lender.

     18. No Waiver by Lender. Nothing contained herein shall be deemed a waiver of any of
Lender’s rights or remedies under any of the Loan Documents, or under applicable law.

     19. References. From and after the date hereof: (a) references in any of the Loan
Documents to any of the other Loan Documents will be deemed to be references to such of the Loan
Documents as modified by this Agreement; (b) references in the Loan Documents to Borrower or
Mortgagor shall hereafter be deemed to refer to Assuming Borrower; (c) references in the
Indemnity Agreement, Environmental Indemnity Agreement and the other Loan

13

 

Documents to the Guarantor, Indemnitor or Principal shall hereafter be deemed to refer to Assuming
Indemnitor; and (d) all references to the term “Loan Documents” in the Mortgage and Assignment of
Rents shall hereinafter refer to the Loan Documents referred to herein, this Agreement, and all
documents executed in connection with Agreement.

     20. Relationship with Loan Documents. To the extent that this Agreement is
inconsistent with the Loan Documents, this Agreement will control and the Loan Documents will be
deemed to be amended hereby. Except as amended hereby, the Loan Documents shall remain unchanged
and in full force and effect.

     21. Captions. The headings to the Sections of this Agreement have been inserted for
convenience of reference only and shall in no way modify or restrict any provisions hereof or be
used to construe any such provisions.

     22. Partial Invalidity. If any provision of this Agreement is held to be illegal,
invalid or unenforceable under present or future laws, such provision shall be fully severable, and
this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable
provision had never comprised a part of this Agreement.

     23. Entire Agreement. This Agreement and the documents contemplated to be executed
herewith constitutes the entire agreement among the parties hereto with respect to the assumption
of the Loan and shall not be amended unless such amendment is in writing and executed by each of
the parties. The Agreement supersedes all prior negotiations regarding the subject matter hereof.
This Agreement and the Loan Documents may not be amended, revised, waived, discharged, released
or terminated orally, but only by a written instrument or instruments executed by the party
against which enforcement of the amendment, revision, waiver, discharge, release or termination is
asserted. Any alleged amendment, revision, waiver, discharge, release or termination which is not
so documented shall not be effective as to any party.

     24. Binding Effect. This Agreement and the documents contemplated to be executed in
connection herewith shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns; provided, however, that the foregoing provisions of this Section
shall not be deemed to be a consent by Lender to any further sale, conveyance, assignment or
transfer of the Property by Assuming Borrower.

     25. Multiple Counterparts. This Agreement may be executed in multiple
counterparts, each of which will be an original, but all of which, taken together, will constitute
one and the same Agreement.

     26. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State where the Property is located.

     27. Effective Date. This Agreement shall be effective as of the date of its execution
by the parties hereto and thereupon is incorporated into the terms of the Loan Documents.

     28. Time of Essence. Time
is of the essence with respect to all provisions of this
Agreement.

14

 

     29. Cumulative Remedies. All remedies contained in this Agreement are cumulative and
Lender shall also have all other remedies provided at law and in equity or in the Mortgage and
other Loan Documents. Such remedies may be pursued separately, successively or concurrently at
the sole subjective direction of Lender and may be exercised in any order and as often as occasion
therefor shall arise.

     30. Construction. Each party hereto acknowledges that it has participated in the
negotiation of this Agreement and that no provision shall be construed against or interpreted to
the disadvantage of any party. Assuming Obligors and Original Obligors have had sufficient time to
review this Agreement, have been represented by legal counsel at all times, have entered into this
Agreement voluntarily and without fraud, duress, undue influence or coercion of any kind. No
representations or warranties have been made by Lender to any party except as set forth in this
Agreement.

     31. WAIVER OF JURY TRIAL. ORIGINAL OBLIGORS, ASSUMING OBLIGORS AND
LENDER, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY
AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVE, RELINQUISH AND FOREVER
FORGO THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN
ANY WAY RELATING TO THE LOAN DOCUMENTS OR THIS.

15

 

     IN WITNESS WHEREOF, the parties hereto have caused this Loan Assumption and Substitution
Agreement to be duly executed by their duly authorized representatives as of the date above
written.

	 	 	 	 	 	 	 	 	 
	ASSUMING 

BORROWER:	 	AMREIT WESTSIDE PLAZA, LP	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	AmREIT Westside Plaza GP, Inc., a Texas
corporation, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ H. Kerr Taylor	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name:      H. Kerr Taylor	 	 
	 	 	 	 	Title:        President	 	 

STATE OF TEXAS

COUNTY OF HARRIS

     This instrument was acknowledged before me on this 29 day of Sept., 2005 by H.
Kerr Taylor, President of AmREIT Westside Plaza GP, Inc., a Texas corporation, General Partner of AmREIT Westside Plaza, LP,
a Texas limited partnership, on behalf of said corporation and limited partnership.

	 	 	 	 	 
	 

	 	/s/ Deborah Korkmas	 	 
	 

	 	 	 	 
	

	 	Notary Public in and for 

The State of Texas	 	 

Signature Page — Loan Assumption and Substitution Agreement

 

 

	 	 	 	 	 	 	 	 	 
	ASSUMING 

INDEMNITOR:	 	AMREIT MONTHLY INCOME & GROWTH FUND III, LTD., a Texas limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	AmREIT Monthly Income & Growth III Corporation, a Texas
limited partnership, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ H. Kerr Taylor	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	H. Kerr Taylor	 	 
	 

	 	 	 	Title:
	 	President	 	 

STATE OF TEXAS

COUNTY OF HARRIS

     This instrument was acknowledged before me on this 29 day of Sept., 2005 by H. Kerr Taylor,
President of AmREIT Monthly Income and Growth Fund III Corporation, a Texas corporation,
General Partner of AmREIT Monthly Income and Growth Fund III, Ltd., a Texas limited partnership, on
behalf of said corporation and limited partnership.

	 	 	 	 	 
	 

	 	/s/ Deborah Korkmas	 	 
	 

	 	 	 	 
	

	 	Notary Public in and for 

The State of Texas	 	 

Signature Page — Loan Assumption and Substitution Agreement

 

 

	 	 	 	 	 	 	 
	 	 	AMREIT, a Texas real estate investment trust	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ H. Kerr Taylor	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	H. Kerr Taylor	 	 
	 

	 	Title:
	 	President	 	 

STATE OF TEXAS

COUNTY OF HARRIS

     This instrument was acknowledged before me on this 29 day of Sept., 2005 by H. Kerr Taylor, President
of AmREIT, a Texas real estate investment trust, on behalf of said trust.

	 	 	 	 	 
	 

	 	/s/ Deborah Korkmas	 	 
	 

	 	 	 	 
	

	 	Notary Public in and for 

The State of Texas	 	 

Signature Page — Loan Assumption and Substitution Agreement

 

 

	 	 	 	 	 	 	 	 	 
	ORIGINAL 

BORROWER:	 	SHAFER PLAZA I, LTD.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Shafer Plaza One CM, Inc., a Texas corporation, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Steven G. Shafer	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Steven G. Shafer	 	 
	 

	 	 	 	Title:
	 	President	 	 

STATE OF TEXAS

COUNTY OF DALLAS

     This instrument was acknowledged before me on this 29th day of
September, 2005 by Steven G. Shafer, President of Shafer Plaza
One CM, Inc., a Texas corporation, General Partner of Shafer Plaza I, Ltd., a Texas limited
partnership, on behalf of said corporation and limited partnership.

	 	 	 	 	 
	 

	 	/s/ Ellen Grant	 	 
	 

	 	 	 	 
	

	 	Notary Public in and for 

The State of Texas	 	 

Signature Page — Loan  Assumption and Substitution Agreement

 

 

	 	 	 	 	 
	ORIGINAL 

INDEMNITOR:
	 	 	 	 
	 

	 	/s/ Steven G. Shafer	 	 
	 

	 	 	 	 
	 

	 	Name: Steven G. Shafer	 	 

STATE OF TEXAS

COUNTY OF DALLAS

     This instrument was acknowledged before me on this 29th day of September, 2005 by Steven G. Shafer.

	 	 	 	 	 
	 

	 	/s/ Ellen Grant	 	 
	 

	 	 	 	 
	

	 	Notary Public in and for 

The State of Texas	 	 

Signature Page — Loan Assumption and Substitution Agreement

 

 

	 	 	 	 	 
	LENDER:	 	WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE REGISTERED HOLDERS OF THE J.P. MORGAN CHASE COMMERCIAL
MORTGAGE SECURITIES CORP., COMMERCIAL PASS-THROUGH CERTIFICATES, SERIES 2005-LDP2
	 
	 	 	 	 
	 

	 	By:
	 	Wachovia Bank, National Association, solely in its capacity as Master Servicer, as
authorized under that certain Pooling and Servicing Agreement dated as of June 1, 2005

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Timothy Teague	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:

Title:
	 	Timothy Teague

Associate	 	 

	 	 	 	 	 	 	 
	STATE OF NORTH CAROLINA

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss
	COUNTY OF MECKLENBURG

	 	 	)	 	 	 

On the 27th day of September, 2005, before me, the undersigned Notary Public in and for
said County and State, personally appeared Tim Teague, proved to me on the basis of
satisfactory evidence to be the person whose name is subscribed to the within instrument, and
acknowledged to me that he/she executed the same in his/her authorized capacity, and that by
his/her signature on the instrument the person, or the entity upon behalf of which the person
acted, executed the instrument.

	 	 	 	 	 
	 

	 	/s/ Michelle Morrison	 	 
	 

	 	 	 	 
	

	 	Notary Public 
 My Commission Expires 5-17-2009	 	 

Signature Page- Loan Assumption and Substitution Agreement

 

 

	 	 	 	 	 
	 	 	CBA-MEZZANINE CAPITAL FINANCE, LLC, a

Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	Wells Fargo Bank, N.A., As Trustee For The Registered Holders
Of The J.P. Morgan Chase Commercial Mortgage Securities
Corp., Commercial Pass-Through Certificates, Series
2005-LDP2, pursuant to a power of attorney granted in
that certain Intercreditor Agreement among Noteholder
dated as of May 2, 2005

	 	 	 	 	 
	 

	 	By:
	 	Wachovia Bank, National Association,
solely in its capacity as Master Servicer, as
authorized under that certain Pooling and
Servicing Agreement dated as of June 1, 2005

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Timothy Teague	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Timothy Teague	 	 
	 

	 	Title:
	 	Associate	 	 

	 	 	 	 	 	 	 
	STATE OF NORTH CAROLINA

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss
	COUNTY OF MECKLENBURG

	 	 	)	 	 	 

On the 27th day of September, 2005, before me, the undersigned Notary Public in and for said County and
State, personally appeared Tim Teague, proved to me on the basis of satisfactory evidence
to be the person whose name is subscribed to the within instrument, and acknowledged to me that
he/she executed the same in his/her authorized capacity, and that by his/her signature on the
instrument the person, or the entity upon behalf of which the person acted, executed the
instrument.

	 	 	 	 	 
	 

	 	/s/ Michelle Morrison	 	 
	 

	 	 	 	 
	

	 	Notary Public 
 My Commission Expires 5-17-2009	 	 

Signature Page— Loan Assumption and Substitution Agreement

 

 

EXHIBIT “A”

TRACT I:

All that certain 3.7626-acre tract of land situated in the John D. Taylor Survey, Abstract No. 72,
Harris County, Texas being a portion of Unrestricted Reserve “C”, Block 1 of Dunvale at Westheimer
Sam’s Club/Walmart, a subdivision of record under Film Code No. 356093 of the Harris County Map
Records, said 3.7626 acre tract of land being more particularly described by metes and bounds as
follows:

BEGINNING at a found “X” cut in concrete on the northerly cutback corner at the intersection of
Westheimer Road (120' Right-of-Way) and Dunvale Road (70' R.O.W.);

THENCE, North 87 Degrees 33 Minutes 11 Seconds East, with the south right-of-way line of
Westheimer Road and the north property line of said Unrestricted Reserve “C”, a distance of 542.29
feet to a found “X” cut in concrete for the northeast corner of the herein described tract;

THENCE, South 02 Degrees 51 Minutes 07 Seconds East, departing the south right-of-way line
Westheimer Road and the north property line of said Unrestricted Reserve “C”, a distance of 174.60
feet to a found 5/8 inch iron rod for an angle point;

THENCE, South 17 Degrees 44 Minutes 45 Seconds West, a distance of 130.77 feet to a found 5/8 inch
iron rod for the southeast corner of the herein described tract;

THENCE, South 87 Degrees 08 Minutes 53 Seconds West, a distance of 512.69 feet to a found 5/8 inch
iron rod on the east right-of-way line of Dunvale Road and the west property line said
Unrestricted Reserve “C” for the southwest corner of the herein described tract;

THENCE, North 02 Degrees 34 Minutes 51 Seconds West, with the east right-of-way line of Dunvale
Road and the west property line of said Unrestricted Reserve “C”, a distance of 285.95 feet to a
found 5/8 inch iron rod for the southerly cutback corner;

THENCE, North 42 Degrees 29 Minutes 10 Seconds East, with said corner cutback, a distance of 21.19
feet to the Point of Beginning and containing 3.7626 acres of land.

TRACT II:

NON-EXCLUSIVE EASEMENT ESTATE as to ingress and egress as created in that certain Declaration of
Easements and Restrictions dated September 19, 1994 and recorded under Clerk’s File No. R075370,
as amended by First Amendment to Declaration of Access Easement and Restrictions dated January 30,
1996 and recorded under Clerk’s File No. R778938 of the Official Public Records of Real Property
of Harris County, Texas over and across the following described property:

 

 

All that certain 0.826-acre (35,988 sq. feet) tract of land situated in the John D. Taylor Survey,
Abstract No. 72, Harris County, Texas being a portion of Unrestricted Reserve “C”, Block 1 of
Dunvale at Westheimer Sam’s Club/Walmart, a subdivision of record under Film Code No. 356093 of the
Harris County Map Records, said 3.7626 acre tract of land being more particularly described by
metes and bounds as follows:

COMMENCING at the northeast corner of said Unrestricted Reserve “C” and on the south right-of-way
line of Westheimer Road (120’ Right-of-Way);

THENCE, South 87 Degrees 33 Minutes 11 Seconds West, with the said right-of-way line of Westheimer
Road, a distance of 496.03 feet for the POINT OF BEGINNING of the herein described tract;

THENCE, leaving the south right-of-way line of Westheimer Road and through and across said
Unrestricted Reserve “C”, the following courses and distances:

South 02 Degrees 51 Minutes 07 Seconds East, a distance of 162.91 feet;

South 17 Degrees 44 Minutes 45 Seconds West, a distance of 180.82 feet;

South 87 Degrees 08 Minutes 53 Seconds West, a distance of 460.25 feet;

South 02 Degrees 34 Minutes 51 Seconds East, a distance of 122.89 feet;

South 87 Degrees 25 Minutes 09 Seconds West, a distance of 82.00 feet to the east right-of-way
line of Dunvale Road (called 70.00 right-of-way), and the west line of said Unrestricted Reserve
“C”;

THENCE, North 02 Degrees 34 Minutes 51 Seconds West, with the said east right-of-way line of said
Dunvale Road, a distance of 36.00 feet;

THENCE, leaving the said east right-of-way line of Dunvale Road and through and across said
Unrestricted Reserve “C”, the following courses and distances:

North 87
Degrees 25 Minutes 09 Seconds East, a distance of 57.00 feet;

North 02
Degrees 34 Minutes 51 Seconds West, a distance of 122.27 feet;

North 87 Degrees 08
Minutes 53 Seconds East, a distance of 455.69 feet;

North 17 Degrees 44 Minutes 45
Seconds East, a distance of 130.77 feet;

North 02 Degrees 51 Minutes 07 Seconds West, a distance of 174.60 feet to the said south
right-of-way line of Westheimer Road;

 

 

THENCE, North 87 Degrees 33 Minutes 11 Seconds East, with said right-of-way line of Westheimer
Road, a distance of 47.00 feet to the POINT OF BEGINNING and containing 0.826 acres (35,988 square
feet) of land.

 

 

EXHIBIT B

RELEASE
OF INDEMNITOR

-9- 

 

EXHIBIT B

RELEASE
OF INDEMNITOR

     THIS RELEASE OF INDEMNITOR (this “Release Agreement”) is made and entered
into as of                      , 20                      , by and among AMREIT, a Texas real estate investment
trust (the “Indemnitor”), AMREIT MONTHLY INCOME & GROWTH III FUND, LTD., a Texas limited
partnership (the “Remaining Indemnitor” and together with
Indemnitor, the “Assuming Indemnitor”)
AMREIT WESTSIDE PLAZA, LP, a Texas limited partnership (the
“Borrower”), WELLS FARGO BANK, N.A., as
Trustee for the Registered Holders of the J.P. Morgan Chase Commercial Mortgage Securities Corp.,
Commercial Mortgage Pass-Through Certificates, Series 2005-LDP2 (“Wells Fargo”) and CBA-Mezzanine
Capital Finance, LLC (“CBA”, and together with Wells Fargo, the “Lender”).

Recitals

     A.   J.
P. Morgan Chase Bank, N.A. (the “Original
Lender”), pursuant to the Loan Documents (as
hereinafter defined) made a loan to Borrower’s predecessor in interest (“Original Borrower) in the
original principal amount of $10,880,000.00 (the
“Loan”). The Loan is evidenced and secured by
the following documents executed in favor of Original Lender by Original Borrower:

	 	(1)	 	Fixed Rate Note (A Loan) dated May 2, 2005, payable by Original Borrower to
Original Lender in the original principal amount of $10,240,000.00 (the “A Note”);
	 
	 	(2)	 	Fixed Rate Note (B Loan) dated May 2, 2005, payable by Original Borrower to
Original Lender in the original principal amount of $640,000.00 (the “B Note” and
together with the A Note, the “Note”);
	 
	 	(3)	 	Deed of Trust and Security Agreement of even date with the Note, granted by
Original Borrower to Original Lender, recorded under County Clerk’s File No. Y434419 in
the Official Records of Harris County County, Texas (“Recorder’s Office”) (the
“Mortgage”);
	 
	 	(4)	 	Assignment of Leases and Rents of even date with the Note granted by Original
Borrower to Original Lender, recorded under County Clerk’s File No. Y434420, in the
Recorder’s Office (the “Assignment”);
	 
	 	(5)	 	UCC-1 financing statements with Original Borrower as debtor and Original
Lender as secured party, filed with the Recorder’s Office under County Clerk’s File No.
Y434423 and with the Secretary of State for the State of Texas as Instrument No.
05-0014365256 (collectively the “Financing Statements”);
	 
	 	(6)	 	Guaranty by and between Steven G. Shafer (the “Original Indemnitor”) and
Original Lender of even date with the Note (the “Indemnity Agreement”);

 

 

EXHIBIT B

	 	(7)	 	Environmental Indemnity Agreement by and between Original Borrower,
Assuming Indemnitor’s predecessor in interest and Original Lender of even date with
the Note (the “Environmental Indemnity Agreement”); and
	 
	 	(8)	 	Escrow Agreement for Reserves and Impounds by and between Original
Borrower and Original Lender of even date with the Note (the
“Escrow Agreement”)

The foregoing documents, together with any and all other documents executed by Original Borrower
and/or Original Indemnitor in connection with the Loan, are collectively called the “Original Loan
Documents..”

     B. Original Lender assigned, sold and transferred its interest in the A Note and all related
Loan Documents to Wells Fargo and Wells Fargo is the current holder of Original Lender’s interest
in the A Note and the related Loan Documents.

     C. Original Lender assigned, sold and transferred its interest in the B Note and all related
Loan Documents to CBA and CBA is the current holder of Original Lender’s interest in the B Note and
the related Loan Documents.

     D. Pursuant
to that certain Purchase and Sale Agreement by and between Original Borrower and
AmREIT Realty Investment Corp. (as amended and as assigned to Assuming Borrower, the “Sales
Agreement”), Original Borrower agreed to sell, and Assuming Borrower agreed to purchase, that
certain real property more particularly described on Exhibit A attached hereto, together with all
other property encumbered by the Mortgage and the other Loan Documents (collectively, the
“Property”) and pursuant to that certain Loan Assumption and Substitution Agreement by and among
Borrower, Assuming Indemnitor, Original Indemnitor, Original Borrower and Lender dated as of
September 30, 2005 (the “Assumption Agreement” and together with the Original Loan Documents, the
“Loan Documents”).

     B. The Borrower and the Indemnitor have requested that the Lender consent to the release of
the Indemnitor, from and after the date of this Substitution Agreement, from the obligations,
agreements and liabilities arising hereinafter under the Loan Documents (the “Release of
Indemnitor”).

     F. The Lender has required, among other things, as a condition of its consent to such
requested Release of Indemnitor that the Remaining Indemnitor achieve a Tangible Net Worth (as
defined in the Assumption Agreement) of twelve (12) million dollars.

     G. The
Lender, by execution hereof, consents to the Release of the Indemnitor.

-11-

 

EXHIBITS B

Statement of Agreement

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

	 	1.	 	Recitals. The foregoing recitals are incorporated herein by this reference as
if fully set forth at this point in the text of this Release Agreement.
	 
	 	2.	 	Acknowledgment and Agreement of Borrower and Remaining Indemnitor. The
Remaining Indemnitor, by its execution hereof, hereby acknowledges, ratifies and reaffirms
its obligation to pay and perform each and all of its obligations, agreements and
liabilities under, pursuant to and in accordance with the Guaranty and Environmental
Indemnity, as fully and completely as if Remaining Indemnitor were re-executing and re-delivering
each of the Guaranty, the Environmental Indemnity and the other Loan Documents
as of the date of this Release Agreement. Further, the Remaining Indemnitor and the
Borrower, by their respective executions hereof, evidence their consent to the release of
the Indemnitor from the obligation to perform and be liable for each and all of the
obligations, agreements and liabilities which arise or accrue from and after the date
hereof, under the Loan Documents.
	 
	 	3.	 	Release of Indemnitor. From and after the date of this Release Agreement,
the Indemnitor shall, with respect only to those matters first arising or accruing after
the date of this Release Agreement and in connection with which the Indemnitor had no
involvement nor capacity to direct or control, be released of its liability under the Loan
Documents. The Indemnitor hereby acknowledges and agrees that the release set forth herein
shall not be construed to release the Indemnitor from any liability under the Note or any
of the other Loan Documents for any acts or events occurring or obligations arising prior
to or upon the date of this Release Agreement, whether or not such acts, events or
obligations are, as of the date of this Release Agreement, known or ascertainable.
	 
	 	4.	 	No Waiver by Lender. Except as expressly set forth herein, nothing contained
herein shall be deemed a waiver of any of the Lender’s rights or remedies under any loan
agreement, the Note, the Mortgage, the Assignment or any of the other Loan Documents.
	 
	 	5.	 	Relationship with Loan Documents. To the extent that this Release Agreement
is inconsistent with the Loan Documents, this Release Agreement will control and the Loan
Documents will be deemed to be amended hereby. Except as amended hereby, the Loan Documents
shall remain unchanged and in full force and effect.
	 
	 	6.	 	Captions. The headings to the sections of this Release Agreement have been
inserted for convenience of reference only and shall in no way modify or restrict any
provisions hereof or be used to construe any such provisions.
	 
	 	7.	 	Partial Invalidity. If any provision of this Release Agreement is held to be
illegal, invalid or unenforceable under present or future laws, such provision shall be
fully severable,

-12-

 

EXHIBIT B

	 	 	 	and this Release Agreement shall be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a part of this Release Agreement.
	 
	 	8.	 	Entire Agreement. This Release Agreement constitutes the entire agreement
among the parties hereto with respect to the subject matter hereof (it being hereby
acknowledged and agreed that this Release Agreement is not intended to address or
otherwise relate to the liability or obligations of the Borrower under any of the Loan
Documents). This Release Agreement shall not be amended unless such amendment is in
writing and executed by each of the parties. This Release Agreement supersedes all
prior negotiations regarding the subject matter hereof.
	 
	 	9.	 	Binding Effect. This Release Agreement and the documents contemplated to be
executed in connection herewith shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns; provided, however, that the
foregoing provisions of this Section shall not be deemed to be a consent by the Lender to
any further sale, conveyance, assignment or transfer of the Property by the Borrower.
	 
	 	10.	 	Multiple Counterparts. This Release Agreement may be executed in
multiple counterparts, each of which will be an original, but all of which, when taken
together, will constitute one and the same Release Agreement.
	 
	 	11.	 	Governing Law. This Release Agreement shall be governed by and construed
in accordance with the laws of the State of Texas.
	 
	 	12.	 	Effective Date. This Release Agreement shall be effective as of the date of
its execution by the parties hereto and thereupon is incorporated into the terms of the
Loan Documents.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

-13-

 

EXHIBIT B

     IN WITNESS WHEREOF, the parties hereto have executed this Release Agreement to be effective as
of the date first aforesaid.

	 	 	 	 	 
	     BORROWER:	 	AMREIT WESTSIDE PLAZA, LP
	 
	 	 	 	 
	 

	 	By:
	 	AmREIT Westside Plaza GP, Inc., a Texas corporation, its General Partner

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 
	     REMAINING 

     INDEMNITOR:	 	AMREIT MONTHLY INCOME &GROWTH FUND III, LTD., a Texas limited partnership
	 
	 	 	 	 
	 

	 	By:
	 	AmREIT Monthly Income & Growth III Corporation, a Texas limited partnership, its General Partner

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 	 	 
	     INDEMNITOR	 	AMREIT, a Texas real estate investment trust
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

EXHIBIT B

     IN WITNESS WHEREOF, the parties hereto have executed this Release Agreement to be effective as
of the date first aforesaid.

	 	 	 	 	 
	     LENDER:	 	WELLS FARGO BANK, N.A., AS TRUSTEE FOR
THE REGISTERED HOLDERS OF THE J.P. MORGAN CHASE COMMERCIAL
MORTGAGE SECURITIES CORP., COMMERCIAL PASS-THROUGH
CERTIFICATES, SERIES 2005-LDP2
	 
	 	 	 	 
	 

	 	By:
	 	Wachovia Bank, National Association, solely in its capacity as
Master Servicer, as authorized under that certain
Pooling and Servicing Agreement dated as of June 1,2005

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 
	 	 	CBA-MEZZANINE CAPITAL FINANCE, LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	Wells Fargo Bank, N.A., As Trustee For The Registered Holders Of The J.P. Morgan Chase
Commercial Mortgage Securities Corp., Commercial Pass-Through Certificates, Series 2005-LDP2,
pursuant to a power of attorney authorized in that certain Intercreditor Agreement among
Noteholder dated as of May 2, 2005

	 	 	 	 	 
	 

	 	By:
	 	Wachovia Bank, National Association,
solely in its capacity as Master Servicer, as authorized under that certain Pooling
and Servicing Agreement dated as of June 1, 2005

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:

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