Document:

EX-10.1

AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY

[LANDMARK PORTFOLIO]

THIS AGREEMENT (“Agreement”) is made this 18th day of June, 2010 (the
“Effective Date”), by and between GRUBB & ELLIS EQUITY ADVISORS, LLC, a Delaware limited
liability company (“Buyer”) and the following parties: WHITE OAKS REAL ESTATE INVESTMENTS
OF CAPE GIRARDEAU LLC, a Missouri limited liability company (“White Oaks CG”), WHITE OAKS
REAL ESTATE INVESTMENTS OF JOPLIN LLC, a Missouri limited liability company (“White Oaks
Joplin”), WHITE OAKS REAL ESTATE INVESTMENTS OF COLUMBIA LLC, a Missouri limited liability
company (“White Oaks Columbia”), and WHITE OAKS REAL ESTATE INVESTMENTS OF GEORGIA LLC, a
Georgia limited liability company (“White Oaks Athens”). As the context requires, each of
White Oaks CG, White Oaks Joplin, White Oaks Columbia and White Oaks Athens individually are
generically referred to herein as “a Seller”, and collectively are referred to herein as
“Seller”.

RECITALS

A. White Oaks CG is the owner of that certain real property having a street address of 3255
Independence St., Cape Girardeau MO 63703, being more particularly described on Exhibit A attached
hereto (together with the Other Property Rights (defined below), the “CG Real Property”).
White Oaks Joplin is the owner of that certain real property having a street address of 2040 W.
32nd St., Joplin MO 64804, being more particularly described on Exhibit A attached
hereto (together with the Other Property Rights, the “Joplin Real Property”). White Oaks
Columbia is the owner of that certain real property having a street address of 604 N. Old Hwy 63,
Columbia MO 65201, being more particularly described on Exhibit A attached hereto (together with
the Other Property Rights, the “Columbia Real Property”). White Oaks Athens is the owner
of that certain real property having a street address of 775 Sunset Drive, Athens GA 30606, being
more particularly described on Exhibit A (together with the Other Property Rights, the “Athens
Real Property”).

B. The CG Real Property, Joplin Real Property, Columbia Real Property and the Athens Real
Property collectively are referred to as the “Real Property.”

AGREEMENT

FOR AND IN CONSIDERATION OF THE MUTUAL PROMISES SET FORTH HEREIN AND OTHER GOOD AND VALUABLE
CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, THE PARTIES HERETO,
INTENDING TO BE LEGALLY BOUND, AGREE AS FOLLOWS:

Section 1. Terms and Definitions: The terms listed below shall have the respective
meaning given them as set forth adjacent to each term.

(a) “Broker” shall mean Creative Health Capital, Inc., acting as Seller’s agent.

(b) “Closing” shall mean the consummation of the transaction contemplated herein with
respect to each of the CG Property, the Joplin Property, the Athens Property and the Columbia
Property. The Closing for the CG Property, the Joplin Property and the Athens Property will occur
on the date (the “Closing Date”) that is the thirtieth (30th) day after expiration of the
Due Diligence Period (as defined herein), subject to the extension set forth in Section 10 hereof.
As a result of such extension (if exercised), the Closing for the CG Property, the Joplin Property
and the Athens Property may (but need not) occur on the same Closing Date. The term “Closing”
includes the Columbia Closing.

(c) “Columbia Closing” shall mean the Closing for the Columbia Property, which is set
forth in greater detail in Section 27.

(d) “Due Diligence Period” shall mean the period beginning upon the date a fully
executed original of this Agreement is delivered to Buyer and extending until the end of the date
that is the later of: (i) thirty (30) days following the Effective Date of this Agreement and (ii)
July 22, 2010.

(e) “Earnest Money” shall mean the sum of Seven Hundred Fifty Thousand and No/100
Dollars ($750,000.00) (together with all interest accrued thereon). The Earnest Money shall be
delivered to Title Insurer within three (3) business days after the execution and delivery to both
parties of this Agreement. The Earnest Money shall be deposited by Buyer in escrow with Title
Insurer, to be applied as part payment of the Purchase Price at the time the sale is closed, or
disbursed as agreed upon in accordance with the terms of this Agreement. Seller and Buyer shall
share equally in the responsibility for paying any reasonable escrow fees charged by the Title
Insurer. Of the Earnest Money, $154,385 is agreed to be applicable to the CG Property (the “CG
Earnest Money”), $173,200 is agreed to be applicable to the Joplin Property (the “Joplin
Earnest Money”), $185,000 is agreed to be applicable to the Columbia Property (the
“Columbia Earnest Money”) and $237,415 is agreed to be applicable to the Athens Property
(the “Athens Earnest Money”).

(f) “Guarantor” shall mean Landmark Holdings of Missouri, LLC, a Missouri limited
liability company.

(g) “Master Lease” shall mean that certain Master Lease to be entered into between
Buyer and Tenant on the Closing Date, the form of which is attached hereto as Schedule
10(k).

(h) “Operating Subleases” shall mean the four (4) sublease agreements between Tenant,
as sublandlord, and Landmark CG, Landmark Joplin, Landmark Columbia and Landmark Athens,
respectively, as subtenant. Each Operating Sublease shall be substantially in the form attached to
this Agreement as Schedule 10(l), with deviations from said form requiring the consent of the
parties.

(i) “Operating Subtenant” shall mean (i) Landmark CG, as tenant of the CG Real
Property and CG Improvements pursuant to the Operating Sublease relating to same; (ii) Landmark
Joplin, as tenant of the Joplin Real Property and Joplin Improvements pursuant to the Operating
Sublease relating to same; (iii) Landmark Columbia, as tenant of the Columbia Real Property and
Columbia Improvements pursuant to the Operating Sublease relating to same; and (iv) Landmark
Athens, as tenant of the Athens Real Property and Athens Improvements pursuant to the Operating
Sublease relating to same.

(j) “Other Property Rights” shall mean all gores, strips, easements, licenses, rights
tenements, hereditaments, liberties, powers, privileges and appurtenances relating to the Real
Property, and all of Seller’s right, title and interest in and to any adjacent or abutting lands
lying in the beds of streets or roads, whether open, proposed or vacated.

(k) “Property” shall mean all of the following:

(i) the Real Property;

(ii) all buildings, facilities and other improvements located on the Real Property, including
without limitation all fixtures, fittings and components thereof (such as any and all elevators,
partitions, ducts, motors, compressors, and the heating, ventilating, air conditioning, plumbing,
sprinkling, drainage, lighting, gas, electrical and all other systems located therein)
(collectively, the “Improvements”); provided, however the Improvements shall not include
any personal property, removable trade fixtures or equipment of the Operating Subtenants or any of
the Tenant Personal Property as defined by the Master Lease;

(iii) all right, title and interest of Seller, if any, to any unpaid award for (A) any taking
or condemnation of the Real Property or any portion thereof, or (B) any damage to the Real Property
or the Improvements by reason of a change of grade of any street or highway (collectively, the
“Awards”); and

(iv) all right, title and interest of Seller in and to the documents, surveys, reports
relating to the physical attributes of the Real Property and Improvements (but only to the extent
assignable), as opposed to the operation thereof (the “Property Diligence Materials”)

(v) all right, title and interest of Seller in and to the intangible property required to
permit the use of the Real Property as a long term acute care hospital, including without
limitation, any and all of Sellers’ rights in the following (but only the extent lawfully
assignable): certificates of occupancy and other permits, licenses and certificates and
certificates of need and all warranties, guaranties and other assurances of performance pertaining
to the Real Property and Improvements, all surveys, drawings, plans, specifications, diagrams,
reports, environmental assessments and other architectural or engineering work product
(collectively, the “Intangible Property”). Intangible Property shall exclude Sellers’
intellectual property used in the operation of the business at the Real Property, such as trade
names, logos and the like.

As to the CG Real Property, the Improvements are referred to as the “CG Improvements,” the
Awards are referred to as the “CG Awards,” the Property Diligence Materials are referred to
as the “CG Property Diligence Materials,” the Intangible Property is referred to as the
“CG Intangible Property” and collectively the foregoing are referred to as the “CG
Property”. As to the Joplin Real Property, the Improvements are referred to as the “Joplin
Improvements,” the Awards are referred to as the “Joplin Awards,” the Property
Diligence Materials are referred to as the “Joplin Diligence Materials,” the Property
Diligence Materials are referred to as the “Joplin Property Diligence Materials,” the
Intangible Property is referred to as the “Joplin Intangible Property” and collectively the
foregoing are referred to as the “Joplin Property”. As to the Columbia Real Property, the
Improvements are referred to as the “Columbia Improvements,” the Awards are referred to as
the “Columbia Awards,” the Property Diligence Materials are referred to as the
“Columbia Property Diligence Materials,” the Intangible Property is referred to as the
“Columbia Intangible Property” and collectively the foregoing are referred to as the
“Columbia Property”. As to the Athens Real Property, the Improvements are referred to as
the “Athens Improvements,” the Awards are referred to as the “Athens Awards,” the
Property Diligence Materials are referred to as the “Athens Property Diligence Materials,”
the Intangible Property is referred to as the “Athens Intangible Property” and collectively
the foregoing are referred to as the “Athens Property”. The phrase “one of the Properties”
shall mean a generic reference to one or more of the CG Property, Joplin Property, Columbia
Property and Athens Property.

(l) “Purchase Price” shall mean the sum of Forty-One Million Six Hundred Ninety-Five
Thousand and 00/100 Dollars ($41,695,000.00), allocated pursuant to Exhibit A-1, and
payable in cash at Closing; provided that the amount of the Purchase Price allocated to each of the
CG Property, the Joplin Property, the Athens Property and the Columbia Property shall not be
payable until the applicable closing of each of said Properties.

(m) “Seller’s Notice Address” shall be as follows, except as same may be changed
pursuant to the Notice section herein:

c/o White Oaks Real Estate Investments, LLC

543 Deer Creek Lane,

Cape Girardeau, Missouri 63701

Attn.: Dr. William Kapp

Email: wkapp@LANDMARKHOSPITALS.COM

And to:

A Fuller Glaser, Jr., Esq.

Herzog Crebs LLP

100 North Broadway, 14th Floor

St. Louis, MO 63102-2728

Email: afg@herzogcrebs.com

And to:

	 	 	 
	Daniel Brown

	 	

	Creative Health Capital, LLC

	1840 Oak Avenue

	 	

	Evanston IL 60201

	Email:

	 	dbrown@chcapital.com

(n) “Buyer’s Notice Address” shall be as follows, except as same may be changed
pursuant to the Notice section herein:

	 	 	 
	Mr. Stefan Oh

	 	

	Grubb & Ellis Equity Advisors, LLC

	1551 N. Tustin Avenue, Suite 300

	Santa Ana, CA 97205

	Email:

	 	Stefan.Oh@Grubb-Ellis.com

And to:

	 	 	 	 	 
	Steven A. Kaye, Esq.
	 	 	 	 
	Arnall Golden Gregory LLP

	171 17th Street, NW, Suite 2100

	Atlanta, GA 30363
Email:
	 	steven.kaye@agg.com

(o) “Tenant” shall mean Landmark Real Estate Holdings, LLC, a Missouri limited
liability company, the tenant under the Master Lease and the landlord under each of the Operating
Subleases. At Closing, Guarantor shall be the sole member of Tenant.

(p) “Title Insurer” shall mean First American Title Insurance Company, whose notice
address shall be as follows, except as may be changed pursuant to the Notice section herein:

First American Title Insurance Company

National Commercial Services

777 South Figueroa Street, Fourth Floor,

Los Angeles, CA 90017

Attn: Barbara Laffer

Senior Commercial Escrow Officer

Tel. No.: 213-271-1702

e-fax:  818-450-0135

e-mail: blaffer@firstam.com

Section 2. Proration of Expenses and Payment of Costs and Recording Fees. Seller
and Buyer agree that all utility charges, real estate taxes, assessments and any assumed
liabilities shall be prorated on a calendar-year basis as of the date of Closing, subject to the
obligations of Tenant under the Master Lease. If Closing shall occur before the actual taxes and
special assessments payable during such year are known, the apportionment of taxes shall be upon
the basis of taxes for the Real Property and Improvements payable during the immediately preceding
year, provided that, if the taxes and special assessments payable during the year in which Closing
occurs are thereafter determined to be more or less than the taxes payable during the preceding
year, Seller and Buyer promptly shall adjust the proration of such taxes and special assessments,
and Seller or Buyer, as the case may be, shall pay to the other any amount required as a result of
such adjustment and this covenant shall not merge with the Deed delivered hereunder but shall
survive the Closing. Seller shall be responsible for the payment of all municipal license taxes
payable during the calendar year in which the Closing occurs and corresponding to any period prior
to the Closing Date, and the Master Lease shall require that Tenant pay all such amounts from and
after the Closing Date. Seller shall pay all fees (including defeasance fees), charges and
expenses imposed or assessed in connection with the prepayment of all mortgage loans encumbering
the Property. The premium and related charges for owner’s title insurance policy to be issued to
Buyer, transfer tax and deed preparation and recording fees necessary to record the deed at the
register of deeds office where each Property is located shall be allocated between Seller and Buyer
in accordance with the custom of the jurisdictions in which the Real Property is located. Buyer
shall be responsible for the cost of its own surveys, Phase 1 environmental studies and due
diligence investigations. Seller and Buyer shall be responsible for their own attorney’s fees.

Section 3. Sale of Property. Seller hereby agrees to sell, transfer and convey the
Property to Buyer, and Buyer hereby agrees to purchase and accept the Property from Seller, in each
case for the Purchase Price (as allocated on Exhibit A) and on and subject to the other
terms and conditions set forth in this Agreement.

Section 4. Payment of Purchase Price. Buyer shall pay the Purchase Price in
accordance with all the terms and conditions of this Agreement. Buyer shall pay the Purchase Price
by wire transfer of immediately available federal funds to the Title Insurer on the morning of the
Closing, and Title Insurer shall disburse all funds it receives from the parties in connection with
the Closing. Seller shall be responsible for any prepayment penalties or fees associated with the
pay-off of debt encumbering the Property.

Section 5. Title. At Closing, Seller agrees to convey to Buyer fee simple
marketable title to the Real Property and Improvements by special warranty deed, free and clear of
all liens, defects of title, conditions, easements, assessments, restrictions, and encumbrances
except for (i) the Master Lease and the Operating Subleases, (ii) taxes for the current year and
subsequent years not yet due and payable (subject to apportionment as provided elsewhere in this
Agreement), (iii) existing zoning laws, ordinances and regulations and other laws, ordinances and
regulations respecting the use, occupancy and operation of the Real Property and Improvements, (iv)
and other exceptions set forth in the Title Report for each location (as defined below) or on a
survey of the Real Property and Improvements which Seller does not agree to cure under Section 6(a)
herein and in which Buyer waives as an Objection pursuant to said Section 6(a) (collectively, the
“Permitted Exceptions”).

Section 6. Examination of Property. Seller and Buyer hereby agree as follows:

(a) Title Examination. Buyer shall order a title report for each location (collectively, the
“Title Reports”) from the Title Insurer promptly after the date hereof. Seller shall
deliver a copy of its most recent ALTA survey for each Real Property to the extent within Seller’s
possession or readily obtainable by Seller, within three (3) business days after the date hereof
which Buyer shall have the right to have updated and revised to incorporate Buyer’s survey
requirements. Before the expiration of the Due Diligence Period, Buyer shall furnish to Seller a
copy of Buyer’s Title Reports and surveys, together with a statement specifying any defects in
title and/or the surveys (the “Objections”). Seller shall notify Buyer within ten (10) days
after receipt of the Objections whether Seller will cure the Objections. If Seller does not
respond within said ten (10) day period, Seller shall be deemed to have elected to not cure the
Objections. If Seller does not agree (or is deemed to not agree) to cure the Objections, Buyer
shall have the right, by notice given to Seller and Title Insurer within ten (10) days after
receipt of Seller’s notice (or within ten (10) days of the expiration of Seller’s ten (10) day
response period, if Seller does not respond), either to (a) waive the Objections and close title
without abatement or reduction of the Purchase Price, or (b) terminate this Agreement and obtain a
refund of the Earnest Money. If Buyer fails to deliver the Objections to Seller within the Due
Diligence Period, then Buyer shall be deemed to have elected to terminate this Agreement. If Buyer
elects to terminate this Agreement by notice given to Seller or is deemed to have terminated this
Agreement, the Earnest Money shall be immediately returned to Buyer, and upon such return, except
as expressly provided herein, this Agreement and all rights and obligations of the respective
parties hereunder shall be null and void. Notwithstanding the foregoing, Seller shall be required
to cure: (i) any monetary liens or encumbrances against the Property; and (ii) any encumbrances
against title which are created by or through Seller after the date hereof. In the event Seller
fails or refuses to cure monetary liens or encumbrances against the Property, Buyer may, but is not
obligated to, elect to satisfy such monetary liens or encumbrances and deduct the costs of the cure
from the Purchase Price.

Notwithstanding the foregoing, Seller shall not create, place, grant, convey, or otherwise
voluntarily cause or otherwise consent to any liens, encumbrances or restrictions affecting the
Real Property and Improvements, or any part thereof, to be created or suffered following the
Effective Date of this Agreement, nor will Seller during said period convey any interest in the
Property to anyone other than Buyer without Buyer’s prior written consent, which consent Buyer may
withhold in its absolute discretion. At Closing, Seller will cause the Property to be released or
otherwise discharged from any lien securing the payment of a sum certain which has been voluntarily
created by, or with the consent of, Seller or will bond over said lien to the reasonable
satisfaction of Buyer and Buyer’s title insurance company sufficient to cause said company to
insure over said lien.

Any exceptions to title to the Real Property or Improvements that arise between the Effective
Date of the title commitment obtained by Buyer and the Closing are referred to herein as “New
Defects.” Buyer may notify Seller in writing (the “Gap Notice”) of any New Defect (a)
raised by the Title Insurer between the Effective Date of the Title Commitment and the Closing (the
“Gap”) and (b) not otherwise known to Buyer prior to the Effective Date of the Title
Commitment; provided that Buyer must notify Seller of such objection to title within two (2)
business days of being made aware of the existence of such exceptions. If Buyer sends a Gap Notice
to Seller, Buyer and Seller shall have the same rights and obligations with respect to such notice
as exist in Section 6(a) of this Agreement with respect to the Objection Notice.

(b) Examination. Within five (5) days following execution of this Agreement, Seller
shall provide to Buyer copies of the following documents and materials pertaining to the Property
to the extent within Seller’s possession or readily obtainable by Seller: all contracts,
subcontracts or agreements affecting the Property (the “Contracts”); title
commitment/policy, title exceptions, ALTA survey, site plans and specifications, architectural
plans, environmental/hazardous material reports, structural reports, soils reports, governmental
permits/approvals, zoning information, copies of tax bills, condemnation notices, operating expense
information and reports, and utility letters and copies of all correspondence related to the plans
and specification for the Improvements, any documents required to be delivered by Seller to Buyer
pursuant to Schedule 6 attached hereto, and any other documents relating to the Property
reasonably requested by Buyer. Seller shall send all such due diligence items to Buyer at the
address set forth in Section 1(n), to the attention of Phil Han. Seller is not required to deliver
an additional copy of such due diligence items to each party listed in Section 1(n). Additionally,
during the term of this Agreement, Buyer, its agents and designees, shall have the right to enter
the Real Property and Improvements for the purposes of inspecting the same, conducting soil tests,
and making surveys, mechanical and structural engineering studies, inspecting construction, and
conducting any other interviews, investigations and inspections as Buyer may reasonably require to
assess the condition and suitability of the Property; provided, however, that such activities by or
on behalf of Buyer on the Real Property and Improvements shall not damage the same nor interfere
with the conduct of business by the occupants thereof; and provided further, however, that Buyer
shall indemnify and hold Seller harmless from and against any and all claims or damages to the
extent directly resulting from the activities of Buyer thereon (but not claims or damages arising
out of the findings of such activities), and Buyer shall repair any and all damage caused, in whole
or in part, by Buyer and return the Real Property and Improvements to their condition prior to such
damage, which obligation shall survive Closing or any termination of this Agreement. Seller shall
reasonably cooperate with the efforts of Buyer and the Buyer’s representatives to inspect the
Property. After the Effective Date, Buyer shall be permitted to speak and meet with Tenant in
connection with Buyer’s due diligence. Buyer shall give Seller reasonable notice before entering
the Real Property and Improvements, and Seller may have a representative present during any and all
examinations, inspections and/or studies on the Property. Buyer shall have the unconditional
right, for any reason or no reason, to terminate this Agreement by giving written notice thereof to
Seller prior to the expiration of the Due Diligence Period, in which event this Agreement shall
become null and void. If Buyer terminates this Agreement, Buyer shall receive a refund of the
Earnest Money (which right shall survive such termination), and all rights, liabilities and
obligations of the parties under this Agreement shall expire, except as otherwise expressly set
forth herein.

(c) Buyer covenants and agrees that the information relating to the Property delivered to
Buyer will be kept confidential by Buyer and will not be used for any purpose other than in
connection with an evaluation of the transaction contemplated by this Agreement, and Buyer will use
commercially reasonable efforts to safeguard such information from unauthorized disclosure. Buyer
may disclose such information to its directors, employees, accountants, attorneys, other
representatives and as otherwise required by law. The foregoing shall not apply to (i) information
that was in the public domain prior to the date of this Agreement, (ii) information that is
published or otherwise becomes part of the public domain after the date of this Agreement through a
party other than Buyer, or (iii) information that becomes available to Buyer on a non-confidential
basis from a source other than Seller or its representatives (whether directly or indirectly) and
which source to the best of its knowledge did not acquire the information on a confidential basis.

(d) Prior to the expiration of the Due Diligence Period, the Board of Directors of Grubb &
Ellis Healthcare REIT II, Inc. shall have approved the transaction contemplated by this Agreement.

Section 7. Risk of Loss/Condemnation. Upon an occurrence of a casualty,
condemnation or taking, Seller shall notify Buyer in writing of same. Until Closing, the risk of
loss or damage to the Property shall be borne by Seller. In the event all or any portion of the
Property is damaged in any casualty or condemned or taken and the Operating Subtenant of the
affected Facilities terminates the Operating Sublease pursuant to the terms of the Operating
Sublease, Seller or Buyer may elect to terminate this Agreement with regard to the Facility so
condemned or damaged, by providing written notice of such termination to the other party within ten
(10) business days after Buyer’s receipt of such notice of termination of the Operating Sublease,
upon which termination the Earnest Money shall be returned to the Buyer and neither party hereto
shall have any further rights, obligations or liabilities under this Agreement with regard to
affected Facility, except as otherwise expressly set forth herein. With respect to any
condemnation or taking (of any notice thereof), if neither Seller nor Buyer elect to terminate this
Agreement as aforesaid, then the parties shall proceed to Closing in accordance with the terms of
this Agreement without abatement of the Purchase Price and upon Closing the awards, if any, for the
condemnation or taking shall be allocated between Buyer, as Landlord, and the Tenant, all as
provided in Section 8 of the Master Lease. With respect to a casualty, if neither Seller nor Buyer
elect to terminate this Agreement, then the parties shall proceed to Closing in accordance with the
terms of this Agreement without abatement of the Purchase Price and upon Closing all insurance
proceeds shall be assigned or paid over to the party entitled to same under Article 7 of the Master
Lease and applied to the Restoration of the affected Facility as provided therein.

Section 8. Earnest Money Disbursement. The Earnest Money shall be held by the Title
Insurer, in trust, and disposed of only in accordance with the following provisions:

(a) Upon receipt of the Earnest Money, Title Insurer shall deliver to Seller and Buyer written
notice confirming Title Insurer’s receipt of the Earnest Money, the date on which Title Insurer
received the Earnest Money and that the Earnest Money has been deposited as required by this
Agreement. The Title Insurer shall invest the Earnest Money in a money market account reasonably
satisfactory to Buyer, and shall promptly provide Buyer and Seller with confirmation of the
investments made.

(b) If the Closing occurs, the Title Insurer shall deliver the applicable portion of the
Earnest Money (excluding the Columbia Earnest Money) to White Oaks CG, White Oaks Joplin and White
Oak Athens at Closing and the same shall be credited against the applicable Purchase Price payable
to each. If the Columbia Closing occurs, the Title Insurer shall deliver the Columbia Earnest
Money to White Oaks Columbia at the Columbia Closing and the same shall be credited against the
Purchase Price payable to White Oaks Columbia. If for any reason the Closing and/or the Columbia
Closing do not occur, the Title Insurer shall deliver the Earnest Money and/or the Columbia Earnest
Money (as applicable) to Seller or Buyer only upon receipt of a written demand therefor from such
party, except where this paragraph expressly provides for notice only from Buyer. Subject to the
last sentence of this clause (b), if for any reason the Closing or the Columbia Closing does not
occur and either party makes a written demand (the “Demand”) upon the Title Insurer for
payment of the Earnest Money, the Title Insurer shall give written notice to the other party of the
Demand within one business day after receipt of the Demand. If the Title Insurer does not receive
a written objection from the other party to the proposed payment within five (5) business days
after the giving of such notice by Title Insurer, the Title Insurer is hereby authorized to make
the payment set forth in the Demand. If the Title Insurer does receive such written objection
within such period, the Title Insurer shall continue to hold such amount until otherwise directed
by written instructions signed by Seller and Buyer or a final judgment of a court. Notwithstanding
the foregoing provisions of this clause (b) if Buyer delivers a notice to Title Insurer stating
that Buyer has terminated this Agreement on or prior to the expiration of the Due Diligence Period,
then Title Insurer shall immediately return the Earnest Money to Buyer without the necessity of
delivering any notice to, or receiving any notice from Seller.

(c) The parties acknowledge that the Title Insurer is acting solely as a stakeholder at their
request and for their convenience, that the Title Insurer shall not be deemed to be the agent of
either of the parties, and that the Title Insurer shall not be liable to either of the parties for
any action or omission on its part taken or made in good faith, and not in disregard of this
Agreement, but shall be liable for its negligent acts and for any liabilities (including reasonable
attorneys’ fees, expenses and disbursements) incurred by Seller or Buyer resulting from the Title
Insurer’s mistake of law respecting the Title Insurer scope or nature of its duties. Seller and
Buyer shall jointly and severally indemnify and hold the Title Insurer harmless from and against
all liabilities (including reasonable attorneys’ fees, expenses and disbursements) incurred in
connection with the performance of the Title Insurer’s duties hereunder, except with respect to
actions or omissions taken or made by the Title Insurer in bad faith, in disregard of this
Agreement or involving negligence on the part of the Title Insurer. The Title Insurer has executed
this Agreement in the place indicated on the signature page hereof in order to confirm that the
Title Insurer has received and shall hold the Earnest Money in escrow, and shall disburse the
Earnest Money pursuant to the provisions of this Section 8.

(d) Buyer and Seller, together, shall have the right to terminate the appointment of Title
Insurer hereunder by giving to it notice of such termination, specifying the date upon which such
termination shall take effect and designating a replacement Title Insurer, who shall sign a
counterpart of this Agreement. Upon demand of such successor Title Insurer, the Earnest Money shall
be turned over and delivered to such successor Title Insurer, who shall thereupon be bound by all
of the provisions hereof. Title Insurer may resign at will and be discharged from its duties or
obligations hereunder by giving notice in writing of such resignation specifying a date when such
resignation shall take effect; provided, however, that (i) prior to such resignation a substitute
escrow agent is approved in writing by Seller and Buyer, which approval shall not be unreasonably
withheld or delayed, or (ii) Title Insurer shall deposit the Earnest Money with a court of
competent jurisdiction. After such resignation, Title Insurer shall have no further duties or
liability hereunder.

(e) Title Insurer’s agreements and obligations hereunder with respect to the Earnest Money
shall terminate and Title Insurer shall be discharged from further duties and obligations hereunder
upon final payment of the Earnest Money in accordance with the terms of this Agreement.

Section 9. Default

(a) If Seller is ready, willing and able to consummate the Closing in accordance with the
terms of this Agreement, and Buyer defaults in any of its obligations undertaken in this Agreement,
and should such default continue for a period of ten (10) business days after the date on which
Buyer receives Seller’s written notice of default, then Seller shall be entitled to, as its sole
and exclusive remedy to either: (i) if Buyer is willing to proceed with Closing, waive such
default and proceed to Closing in accordance with the terms and provisions hereof; or (ii) declare
this Agreement to be terminated, and Seller shall be entitled to immediately receive all of the
Earnest Money as liquidated damages as and for Seller’s sole remedy. Upon such termination,
neither Buyer nor Seller shall have any further rights, obligations or liabilities hereunder,
except as otherwise expressly provided herein. Seller and Buyer agree that (a) actual damages due
to Buyer’s default hereunder would be difficult and inconvenient to ascertain and that such amount
is not a penalty and is fair and reasonable in light of all relevant circumstances, (b) the amount
specified as liquidated damages is not disproportionate to the damages that would be suffered and
the costs that would be incurred by Seller as a result of having withdrawn the Property from the
market, and (c) Buyer desires to limit its liability under this Agreement to the amount of the
Earnest Money paid in the event Buyer fails to complete Closing. Seller hereby waives any right to
recover the balance of the Purchase Price, or any part thereof, and the right to pursue any other
remedy permitted at law or in equity against Buyer. In no event under this Section or otherwise
shall Buyer be liable to Seller for any punitive, speculative or consequential damages.

(b) In the event of a default in the obligations herein taken by Seller, including, without
limitation, the failure of a condition precedent set forth in Section 13 of this Agreement, Buyer
may, either waive such default and proceed to Closing in accordance with the terms and provisions
hereof or may in its sole discretion elect to either (i) terminate this Agreement, whereupon Title
Insurer shall return the Earnest Money to Buyer and Seller shall pay to Buyer all of the
out-of-pocket costs and expenses incurred by Buyer in connection with this Agreement (which
obligations shall survive such termination), which return and payment shall operate to terminate
this Agreement and release Seller and Buyer from any and all liability hereunder, except those
which are specifically stated herein to survive any termination hereof, or (ii) to enforce specific
performance of Seller’s obligations hereunder. Notwithstanding the foregoing, in the event of a
willful or intentional default of Seller hereunder, Buyer shall, in addition to the foregoing
remedies, be permitted to pursue any and all rights and remedies available to Buyer at law or in
equity.

Section 10. Closing. The Closing shall consist of the execution and delivery of
documents by Seller and Buyer, as set forth below, and delivery by Buyer to Seller of the Purchase
Price in accordance with the terms of this Agreement. It is expected that the parties will not
attend Closing and instead will utilize an escrow with Title Insurer. Accordingly, Seller shall
deliver to Title Insurer at least two (2) business days prior to the Closing Date (or on such other
date specified below) the following executed documents, all in form and substance reasonably
satisfactory to Buyer and, as appropriate, executed by Seller and acknowledged or notarized:

(a) two (2) originals of a Special Warranty Deed conveying the Real Property and Improvements
to Buyer, subject only to the Permitted Exceptions;

(b) The legal description of the Real Property shall be governed by deed by which Seller
acquired title; however, if the legal description of the Real Property as set forth on the survey
obtained by Buyer (the “Survey Description”) differs from the legal description of the Real
Property set forth on the deed by which Seller acquired title, upon Buyer’s request, Seller shall
deliver two (2) originals of a Quit Claim Deed conveying the Real Property and Improvements to
Buyer utilizing the Survey Description provided that Buyer’s surveyor certifies that the Survey
Description and the legal description set forth in Seller’s vesting deed describe substantially the
same parcel of Real Property;

(c) two (2) originals of a Bill of Sale in the form of Exhibit B attached hereto from
Seller to Buyer conveying the Property Diligence Materials to Buyer;

(d) two (2) originals of an Assignment of Intangible Property in the form of Exhibit C
attached hereto conveying the Intangible Property to Buyer;

(e) a copy of the assignment of the Contracts with respect to a Property from the applicable
Seller of the Property to the applicable Operating Subtenant of the Property, together with two (2)
originals of an indemnity agreement with respect to the Contracts pursuant to which Seller and
applicable Operating Subtenant indemnify Buyer in connection with all matters relating to the
Contracts, which indemnity shall relate to the period prior to and following Closing;

(f) a copy of the termination of each lease between each Seller and the Operating Subtenants;

(g) on the business day prior to the Closing Date, two (2) originals of a settlement statement
setting forth the Purchase Price, all prorations and other adjustments to be made pursuant to the
terms hereof, and the funds required for Closing as contemplated hereunder;

(h) all transfer tax statements, declarations and filings as may be necessary, appropriate or
required by local practice for purposes of recordation of the deed;

(i) a good standing certificate for Seller, Tenant, each Operating Subtenant and any guarantor
of the Master Lease and Operating Subleases;

(j) a resolution of each Seller authorizing the sale of the Property to Buyer and the
execution and delivery of all documents executed by Seller, of Tenant authorizing the execution and
delivery of the Master Lease and all other documents executed by Tenant, of each Operating
Subtenant authorizing the execution and delivery of the of the applicable Operating Sublease and
all documents executed by the Operating Subtenant and of any guarantor of the Master Lease and
Operating Subleases authorizing the execution and delivery of such guaranty, together with an
incumbency certificate for the officers signing this Agreement and such other instruments as may be
reasonably required by Buyer;

(k) in connection with the Master Lease:

1. four (4) originals of the Master Lease;

2. four (4) originals of the Memorandum of the Master Lease in the form required by the Master
Lease;

3. four (4) originals of the guaranty by Guarantor of the obligations of Tenant under the
Master Lease, in the form required by the Master Lease;

4. four (4) originals of the guaranty by the Operating Subtenant of certain obligations of
Tenant under the Master Lease and the obligations of the Operating Subtenant under the Operating
Sublease, in the form required by the Operating Sublease;

5. the original letter of credit required by the Master Lease and any required by each
Operating Sublease;

6. the security deposit required by the Master Lease and Operating Sublease, if any;

7. four (4) originals of all other documents or security instruments (including without
limitation the security agreements and UCC-1 financing statements required by the Master Lease and
each Operating Sublease); and

8. four (4) originals of Inter-Creditor Agreements required by the Master Lease; and

9. evidence that Guarantor is the sole member of Tenant.

(l) a copy of each of the Operating Subleases, fully executed by Tenant and the applicable
Operating Subtenant, in the form attached hereto as Schedule 10(l) together with guaranties and/or
other documents or security required thereby;

(m) keys and combinations to all locks located in the Property (to the extent allowed by law;)

(n) to the extent not previously delivered to Buyer, but only to the extent within Seller’s
possession or reasonable control, originals of the Due Diligence Materials and the warranties
issued to Seller in connection with the construction of the Improvements (it being agreed that in
the event such warranties are not assignable to Buyer, Seller shall have such warranties re-issued
to Buyer or Tenant, as requested by Buyer); and copies of all books and records applicable to the
Property;

(o) a certificate as may be required by the Internal Revenue Service pursuant to Section 1445
of the Internal Revenue Code of 1986, as amended, or the regulations issued pursuant thereto,
certifying the non-foreign status of Seller;

(p) such affidavits or other instruments as the Title Insurer shall require in order to issue
policies of title insurance (i) free of any exceptions for unfiled mechanics’ or materialmen’s
liens for work performed prior to Closing, (ii) free from the claim of parties in possession other
than the Tenant, and (iii) providing for such other customary matters as Title insurer shall
request;

(q) such original documentation from Broker as may be reasonably required to evidence the
satisfaction or waiver, and release, of all liens that Broker may have in connection with a claim
for commissions or other compensation due to the Closing of the transaction contemplated by this
Agreement, and in form and substance reasonably acceptable to Title Insurer and which will permit
Title Insurer to issue its title insurance policy to Buyer without exception for and insuring
against such Broker claims;

(r) an original written waiver of rights, in form and substance reasonably acceptable to
Buyer, from each party having a right or option to purchase the Property (or any portion thereof)
from Seller;

(s) a certificate of insurance or other evidence reasonably satisfactory to Buyer
memorializing and confirming that Tenant and each Operating Subtenant is then maintaining policies
of insurance of the types and in the amounts required by the Master Lease and the Operating
Subleases, in the form required by the Master Lease and the Operating Subleases;

(t) an agreement which shall provide that, if Buyer does not acquire all of the Properties
during the executory period of this Agreement, then upon the end of said executory period, Seller
and Buyer shall reconcile any overpayment or underpayment of the Purchase Price based upon a
comparison of the Purchase Price allocation set forth on Exhibit A-1 against the Purchase
Price allocation set forth on Exhibit A-2;

(u) such other instruments as are reasonably required by Title Insurer to close the escrow and
consummate the purchase of the Property in accordance with the terms hereof.

Although each of the above items is described as being required of Seller and or Buyer in
connection with the Property, it is the intent of the parties that each of the above items shall be
provided separately by the applicable Seller entity for each of the Properties being conveyed, and
to or by Buyer of the applicable assignee of Buyer for each Property being acquired.

In addition to the obligations required to be performed hereunder by Seller and Buyer at
Closing, Seller and Buyer each agrees to perform such other acts, and to execute, acknowledge and
deliver, prior to, at or subsequent to Closing, such other instruments, documents and other
materials as the other may reasonably request and as shall be necessary in order to effect the
consummation of the transactions contemplated hereby and to vest title to the Property in Buyer.

At Closing, Buyer shall instruct the Title Insurer to deliver the Earnest Money to Seller
which shall be applied to the Purchase Price, shall deliver the balance of the Purchase Price to or
as directed by Seller and shall execute and deliver two (2) original execution counterparts of the
closing documents referenced in the above clauses. Buyer shall have a one time right to extend the
Closing for up to fifteen (15) days upon written notice to Seller to be received by Seller on or
prior to the date scheduled for the Closing. The Closing shall be held through the mail by
delivery of the closing documents to the parties on or prior to the Closing or such other place or
manner as the parties hereto may mutually agree.

Notwithstanding any provision of this Agreement to the contrary, Seller shall have the right
to postpone the Closing Date for the Closing of the CG Property, the Joplin Property and/or the
Athens Property to one or more future dates solely for the purpose of finalizing an agreement with
the Operating Subtenant’s lender in connection with the restructuring or refinancing of the
Operating Company’s operating debt, provided that as a condition to exercising this right of
postponement, (i) Seller shall deliver written notice to Buyer at least ten (10) business days
prior to the then-scheduled Closing Date, which notice shall certify to Buyer that the postponement
is solely for the purpose permitted by this Section, and (ii) the postponement notice shall specify
the new Closing Date for the Property, which date shall be no more than thirty (30) days after the
then-scheduled Closing Date unless otherwise agreed to by the parties. Seller shall have the right
to postpone each such Closing only on one occasion, and once post-pones as permitted herein, Seller
shall have no further right to postpone the Closing

Section 11. Representations by Seller. For the purpose of inducing Buyer to enter
into this Agreement and to consummate the sale and purchase of the Property in accordance herewith,
Seller makes the following representations and warranties to Buyer as of the date hereof and as of
the Closing Date, which shall survive the closing for a period of one (1) year:

(a) Each Seller is duly organized, validly existing and in good standing under the laws of its
state of organization, and (if different than the state of organization) the State in which the
Property is located. Seller is authorized to consummate the transaction set forth herein and
fulfill all of its respective obligations hereunder and under all closing documents to be executed
by Seller, and has all necessary power to execute and deliver this Agreement and all closing
documents to be executed by Seller, and to perform all of Seller’s obligations hereunder and
thereunder. Neither the execution and delivery of this Agreement and all closing documents to be
executed by Seller, nor the performance of the obligations of Seller hereunder or thereunder will
result in the violation of any applicable municipal, county, state and federal laws, ordinances,
regulations, statutes, administrative rulings or restrictive covenants (“Laws”) or any
provision of the organizational documents of or will conflict with any order or decree of any court
or governmental instrumentality of any nature by which Seller is bound;

(b) Seller, alone, has, and at Closing hereunder will convey and transfer to Buyer,
indefeasible, good and marketable legal and equitable fee simple title to the Real Property and
Improvements as a single contiguous parcel, free and clear of all mortgages, liens, claims,
judgments, encumbrances, ground rents, leases, tenancies, licenses, security interests, covenants,
conditions, restrictions, rights of way, easements, encroachments and any other matters affecting
title, except only the Permitted Exceptions;

(c) Seller has not received any written notice of any current or pending litigation, action,
proceeding (including condemnation proceeding), tax appeals (or other similar proceedings
challenging or seeking to reduce the assessed valuation of the Real Property and Improvements) or
environmental investigations against Seller, the Property or in connection with the business
operated at the Real Property and Seller does not have any knowledge of any threatened litigation,
action, proceeding, tax appeals or environmental investigations against Seller or the Property;

(d) None of the Contracts will be binding upon Buyer after the Closing;

(e) Except for defaults cured on or before the date hereof, Seller has not received any
written notice of default under the terms of any of the Contracts;

(f) Except for violations cured or remedied on or before the date hereof, Seller has not
received any written notice from (or delivered any notice to) any governmental authority regarding
any violation of any Laws applicable to the Property and Seller does not have knowledge of any such
violations;

(g) There are no occupancy rights, leases or tenancies affecting the Property that will
survive Closing other than the Master Lease and the Operating Subleases. All parties having a
right or option to purchase the Property from Buyer have waived all of such rights. Apart from
this Agreement, Seller has not entered into any written agreements for the purchase or sale of the
Property, or any interest therein which remain in effect;

(h) To the actual knowledge of Seller, the Property is now and has at all times been in
compliance in all material respects with all Laws. Seller has not received any written notice that
the Property or Seller’s use and occupancy thereof violates any Laws;

(i) Seller is not a “foreign person” under the Foreign Investment in Real Property Tax Act of
1980 (“FIRPTA”) and upon consummation of the transaction contemplated hereby, Buyer will
not be required by FIRPTA to withhold from the Purchase Price any withholding tax;

(j) There are no employees of Seller engaged in the operation or maintenance of the Property;

(k) Seller has not initiated or participated in, any action for a change or modification in
the current subdivision, site plan, zoning or other land use permits for the Property;

(l) During the period of Seller’s ownership of the Real Property and Improvements, no
Hazardous Substances have been generated, stored, released, or disposed of on or about the Real
Property or Improvements in violation of any law, rule or regulation applicable to the Property
which regulates or controls matters relating to the environment or public health or safety
(collectively, “Environmental Laws”), and to Seller’s knowledge, prior to Seller’s
ownership of the Real Property and Improvements, no Hazardous Substances have been generated,
stored, released, or disposed of on or about the Real Property or Improvements in violation of any
Environmental Laws. Seller has not received any written notice from (nor delivered any notice to)
any federal, state, county, municipal or other governmental department, agency or authority
concerning any petroleum product or other hazardous substance discharge or seepage. As used in
this Agreement, the term “Hazardous Substances” shall mean any substance or material which
is defined or deemed to be hazardous or toxic pursuant to any Environmental Laws. To Seller’s best
knowledge, there are no underground storage tanks located on the Property;

(m) Except as otherwise contemplated by the Master Lease or this Agreement, no consent,
approval or other action of, or filing on registration with, any governmental agency, commission or
office is required on Seller’s behalf with respect to the transaction contemplated herein;

(n) No litigation or proceeding before any commission, agency or other administrative
authority is pending or threatened against or affecting the Property or Seller’s use of the
Property or arising out of or by virtue of the ownership or use by Seller of the Property. No
pending or threatened judicial, municipal, health or administrative proceeding exists which affects
the Property or Seller’s use of the Property, or in which Seller is or may be a party by reason of
the ownership or use by Seller of all or any part of the Property;

(o) There are not any outstanding, cited or proposed deficiencies, sanctions or work orders of
any authority related to the Property and the operation of the Property; and

(p) All books, records, maintenance and service records, bills, invoices and related
documentation furnished or made available by Seller to Buyer are complete, true and correct in all
material respects.

Buyer hereby acknowledges, understands and agrees that it has an opportunity to inspect the
Property as set forth in Section 6 herein, and except as set forth in this Agreement, the Property
shall be conveyed at Closing to Buyer in “as-is” condition with no representation or warranties
whatsoever.

Section 12. Buyer’s Representations. Buyer represents and warrants to, and
covenants with, Seller as follows:

(a) Buyer is duly formed, validly existing and in good standing under the laws of Delaware, is
authorized to consummate the transaction set forth herein and fulfill all of its obligations
hereunder and under all closing documents to be executed by Buyer, and has all necessary power to
execute and deliver this Agreement and all closing documents to be executed by Buyer, and to
perform all of Buyer’s obligations hereunder and thereunder. This Agreement and all closing
documents to be executed by Buyer have been (or as of Closing will have been) duly authorized by
all requisite corporate or other required action on the part of Buyer and are the valid and legally
binding obligation of Buyer, enforceable in accordance with their respective terms. Neither the
execution and delivery of this Agreement and all closing documents to be executed by Buyer, nor the
performance of the obligations of Buyer hereunder or thereunder will result in the violation of any
law or any provision of the organizational documents of Buyer or will conflict with any order or
decree of any court or governmental instrumentality of any nature by which Buyer is bound;

(b) No petition has been filed by or against Buyer under the Federal Bankruptcy Code or any
similar State or Federal Law.

Section 13. Conditions to Buyer’s Obligations. All of Buyer’s obligations hereunder
(including, without limitation, Buyer’s obligation to pay the Purchase Price, to accept title to
the Property and to consummate the Closing) are expressly conditioned on the satisfaction at or
before the time of Closing of the following conditions precedent being fully satisfied as of the
Closing (any one or more of which may be waived in writing in whole or in part by Buyer, at Buyer’s
option):

(a) At Closing, Seller shall deliver possession of the Property to Buyer free and clear of all
tenancies and other occupancies except for the Master Lease and the applicable Operating Sublease;

(b) Seller shall deliver to Buyer on or before the Closing the items set forth in Section 10
above that Seller is obligated to deliver;

(c) Buyer shall receive from the Title Insurer or any other title insurer approved by Buyer in
its judgment and discretion, a current ALTA owner’s form of title insurance policy, or irrevocable
and unconditional binder to issue the same, with extended coverage for the Real Property in the
amount of the Purchase Price allocated pursuant to Exhibit A, dated, or updated to, the
date of the Closing, insuring, or committing to insure, at its ordinary premium rates Buyer’s good
and marketable title in fee simple to the Real Property and otherwise in such form and with such
endorsements as provided in the title commitment approved by Buyer pursuant to Section 6 hereof and
subject only to the Permitted Exceptions;

(d) The Real Property and Improvements shall have a valid, permanent and unconditional
certificate of occupancy (or the equivalent thereof) for each location (to the extent required by
applicable law), and Buyer shall have received a copy of such certificate;

(e) The representations and warranties of Seller contained in this Agreement shall have been
true when made and shall be true in all material respects at and as of the date of Closing as if
such representations and warranties were made at and as of the Closing, and Seller shall have
performed and complied in all material respects with all covenants, agreements and conditions
required by this Agreement to be performed or complied with by Seller prior to or at the Closing.

(f) Each Operational Subtenant shall be in possession of the premises demised under the
Operational Subleases, open for business to the public and paying full and unabated rent under the
Operational Subleases;

(g) Between the date hereof and the Closing Date, there shall have been no material adverse
change in the financial or physical condition of the Property or the business operated thereon; and

(h) The municipality in which the Property is located issues all certificates, permits and
inspection and other approvals that may be required as a condition to the transfer of the Property
to Buyer.

If any of the foregoing conditions precedent have not been satisfied as of Closing, Buyer may
either: (i) waive any unsatisfied conditions and proceed to Closing in accordance with the terms
and provisions hereof with no deduction from or adjustment of the Purchase Price except for (a)
adjustment equal to the amount required to satisfy and discharge of record at or before Closing of
any and all lien, judgment or other encumbrance which can be removed by the payment of a fixed and
ascertainable amount together with interest and penalties thereon, if any, and together with any
additional title insurance costs or premiums imposed by Title Insurer by reason thereof, and (b)
the cost of curing any failed condition precedent to the extent reducible to a liquidated sum; (ii)
terminate this Agreement by delivering written notice thereof to Seller no later than Closing, upon
which termination the Earnest Money shall be refunded to Buyer and Seller shall reimburse Buyer for
all title insurance company charges, survey charges, attorneys’ fees and other out-of-pocket costs
incurred in connection with the transactions contemplated by this Agreement, all obligations,
liabilities and rights of the parties under this Agreement shall terminate.

Section 14. Conditions to Seller’s Obligations. Seller’s obligation to deliver
title to the Property shall be subject to compliance by Buyer with the following conditions
precedent on and as of the date of Closing:

(a) Buyer shall deliver to Seller on the Closing Date the remainder of the Purchase Price,
less that portion of the Purchase Price allocated to the “Columbia Property” (as
hereinafter defined), which amount will be delivered on the Columbia Closing Date (as hereinafter
defined), subject to adjustment of such amount pursuant to Section 2 hereof;

(b) Buyer shall deliver to Seller on or before the Closing the items set forth in Section 10
above that Buyer is obligated to deliver; and

(c) The representations and warranties of Buyer contained in this Agreement shall have been
true when made and shall be true in all material respects at and as of the date of Closing as if
such representations and warranties were made at and as of the Closing, and Buyer shall have
performed and complied in all material respects with all covenants, agreements and conditions
required by this Agreement to be performed or complied with by Buyer prior to or at the Closing.

Section 15. Notices. Unless otherwise provided herein, all notices and other
communications which may be or are required to be given or made by any party to the other in
connection herewith shall be in writing and shall be deemed to have been properly given and
received: (i) upon receipt if delivered in person, (ii) upon receipt if deposited in the United
States mail, registered or certified, return receipt requested, or (iii) on the second business day
following deposit with a nationally recognized overnight courier, to the addresses set out in
Section 1, or at such other addresses as specified by written notice delivered in accordance
herewith. Notices may be given on a party’s behalf by its attorney.

Section 16. Seller Covenants. Seller agrees that pending Closing for a Property,
with respect to that property it: (a) shall continue to operate and manage the Property in the
same manner in which Seller has previously operated and managed the Property; (b) shall, subject to
Section 7 hereof and subject to reasonable wear and tear, maintain the Property in the same (or
better) condition as exists on the date hereof; and (c) shall not, without Buyer’s prior written
consent, enter into any new lease, license agreement or other occupancy agreement with respect to
the Property. Seller shall promptly inform Buyer in writing of any material event adversely
affecting the ownership, use, occupancy or maintenance of the Property, whether insured or not.

Section 17. Bulk Transfer Tax Clearance. The parties acknowledge that the laws of
the state in which the Property is located may require that, as a result of the sale of the
Property to Buyer, certain governmental agencies or authorities be notified in advance of the
Closing Date, of the proposed assignment and transfer of the Property by Seller to Buyer, and
further may require that Seller (and in certain circumstances, Seller’s direct or indirect owners)
obtain and/or deliver to Buyer a clearance certificate evidencing the payment by Seller of certain
taxes and assessments. Seller will timely give such applicable notices (if any) to such
governmental agencies or authorities, in advance of Closing, as required under such laws, and shall
use their its best efforts to promptly obtain and deliver to Buyer such applicable clearance
certificates, if any, by the Closing Date. The parties further acknowledge that, as a result of
procedures for the administration of applications for such clearance certificate, and anticipated
delays therein, it may not be possible for Seller to obtain and deliver such clearance certificate
as of the Closing Date, or for some period of time thereafter. Seller shall nevertheless deliver
to Buyer at Closing evidence reasonably acceptable to Buyer and to the Title Insurer that such
applicable notices (in proper form) have been timely delivered and, if such notices are statutorily
required, that all tax returns for periods prior to the tax fiscal year(s) in which the Closing
occurs have been filed with and all taxes paid to all applicable governmental authorities. Seller
also shall promptly request and upon receipt (but at lease three (3) business days before the
Closing Date) deliver to Buyer a Tax Lien Certificate, issued by the Department of Revenue of the
State in which the Property is located evidencing that no liens or claims for unpaid taxes have
been assessed against Seller or the Property. Seller agrees to act in good faith and with
reasonable diligence to apply for, obtain and (upon receipt) deliver to Buyer (with copies to the
Title Insurer) all statutorily required clearance certificates at or as soon after the Closing Date
as is reasonably possible. If any such clearance certificate is not available at the Closing, the
failure to deliver such clearance certificate shall not constitute a deficiency in the quality of
title that Seller is required by this Agreement to convey, provided that the Title Insurer shall
raise no exception therefor in the title policy, and provided further that (i) no liens or claims
for unpaid taxes shall then have been assessed against Seller or the Property, and (ii) Seller
delivers to the Title Insurer and Buyer at Closing a written indemnification agreement in form and
content, and issued by Seller and/or a party, reasonably acceptable to Buyer and its counsel
relating to liabilities that may arise against Buyer and the Property as a result of the Seller’s
failure to obtain and deliver such clearance certificates as of the Closing.

Section 18. Performance on Business Days. Computation of Time; Performance on
Business Days. In computing any period of time pursuant to this Agreement, the day of the act or
event from which the designated period of time begins to run will not be included. The last day of
the period so computed will be included, unless it is a Saturday, Sunday or a Holiday, in which
event the period runs until the end of the next day which is not a Saturday, Sunday or such legal
holiday. The term “business day” shall mean Monday through Friday, except for a Holiday. The term
“Holiday” shall mean Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Day and
New Year’s Day. All references to a period of days herein shall be deemed to refer to calendar
days unless the term “business day” is used.

Section 19. Entire Agreement. This Agreement constitutes the sole and entire
agreement among the parties hereto and no modification of this Agreement shall be binding unless in
writing and signed by Seller and Buyer. No signature of Title Insurer shall be required to amend
this Agreement except for an amendment modifying the terms of Section 8 of this Agreement. No
prior agreement or understanding pertaining to the subject matter hereof (including, without
limitation, any letter of intent executed prior to this Agreement) shall be valid or of any force
or effect from and after the date hereof. Any rule of construction which provides that ambiguities
are to be resolved against the drafting party shall not apply to the interpretation of this
Agreement.

Section 20. Severability. If any provision of this Agreement, or the application
thereof to any person or circumstance, shall be invalid or unenforceable, at any time or to any
extent, then the remainder of this Agreement, or the application of such provision to persons or
circumstances other than those as to which it is invalid or unenforceable, shall not be affected
thereby. Each provision of this Agreement shall be valid and enforced to the fullest extent
permitted by law

Section 21. Applicable Law. This Agreement shall be construed under the laws of the
State in which the Property is located, without giving effect to any state’s conflict of laws
principles.

Section 22. Broker’s Commissions. Buyer and Seller each hereby represent that,
except for the Broker listed herein, there are no other brokers involved or that have a right to
proceeds in this transaction. Seller shall be responsible for payment of commissions to the Broker
pursuant to a separate written agreement executed by Seller. Seller and Buyer each hereby agree to
indemnify and hold the other harmless from all loss, cost, damage or expense (including reasonable
attorneys’ fees at both trial and appellate levels) incurred by the other as a result of any claim
arising out of the acts of the indemnifying party (or others on its behalf) for a commission,
finder’s fee or similar compensation made by any broker, finder or any party who claims to have
dealt with such party (except that Buyer shall have no obligations hereunder with respect to any
claim by Broker). The representations, warranties and indemnity obligations contained in this
section shall survive the Closing or the earlier termination of this Agreement.

Section 23. Assignment. Buyer may assign its rights under this Agreement, provided,
however, that no such assignment shall relieve Buyer of any of its obligations hereunder until
Closing is complete. If this Agreement relates to more than one Property, Buyer may assign this
Agreement in part with respect to individual Properties to facilitate the acquisition of each
Property by a separate entity formed by Buyer.

Section 24. Attorneys’ Fees. In any action between Buyer and Seller as a result of
a party’s failure to perform or a default under this Agreement, the prevailing party shall be
entitled to recover from the other party, and the other party shall pay to the prevailing party,
the prevailing party’s attorneys’ fees and disbursements and court costs incurred in such action.

Section 25. Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, and shall become a
binding agreement when one or more counterparts have been signed by each of the parties and
delivered to the other party. Signatures on this Agreement which are transmitted by electronically
shall be valid for all purposes, however any party shall deliver an original signature on this
Agreement to the other party upon request.

Section 26. Anti-Terrorism. Neither Buyer or Seller, nor any of their affiliates,
are in violation of any Anti-Terrorism Law (as hereinafter defined) or engages in or conspires to
engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or
attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. “Anti-Terrorism
Laws” shall mean any laws relating to terrorism or money laundering, including: Executive Order No.
13224; the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or may hereafter be,
renewed, extended, amended or replaced; the applicable laws comprising or implementing the Bank
Secrecy Act; and the applicable laws administered by the United States Treasury Department’s Office
of Foreign Asset Control (as any of the foregoing may from time to time be amended, renewed,
extended, or replaced).

Section 27. Columbia Closing. Buyer and Seller agree that the purchase of the
Columbia Property will not be consummated at Closing. The purchase of the Columbia Property shall
be consummated on the “Columbia Closing Date”, which shall be forty-five (45) days after
the later of (i) October 30, 2010, or (ii) the date that the long term acute care hospital operated
therefrom first establishes Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDAR) coverage of at least two (2) times the monthly rent for such location, as such rent is
described in the Master Lease (the “Rent Coverage Contingency”). When Seller’s operation
from the facility located on the Columbia Property satisfies the Rent Coverage Contingency, Seller
shall notify Buyer of same in writing. Upon Buyer’s receipt of such notice, it shall have thirty
(30) days to examine the Columbia Property pursuant to Section 6 of this Agreement, and Buyer shall
have all rights, including the right to terminate this Agreement relative only to the Columbia
Property, as set forth in Section 6, during said thirty (30) day period, in order to confirm that
there has been no material change to the Columbia Property following the end of the Due Diligence
Period. Provided Buyer does not terminate the Agreement relating to the Columbia Property during
said thirty (30) day period due to such a material change to the Columbia Property, Buyer shall
consummate the purchase of the Columbia Property on the Columbia Closing Date. In the event that
the long-term acute care hospital operated from the Columbia Property does not satisfy the Rent
Coverage Contingency on or before October 30, 2011, then Buyer shall elect either (i) not to
purchase the Columbia Property, or (ii) to purchase the Columbia Property despite the fact that the
Rent Coverage Contingency has not been satisfied. Buyer shall make such election in writing to
Seller on or before November 30, 2011, in which event the Columbia Closing Date shall be on a
mutually acceptable date during December, 2011. Buyer also may elect to consummate the Columbia
Closing on any date after October 30, 2010 and prior to December 31, 2011 even if the Rent Coverage
Contingency has not been satisfied.

Notwithstanding any language contained in this Agreement to the contrary, this secondary
closing shall not limit the application of the covenants and conditions contained in the Agreement
as relates to any of the Property, including but not limited to the Columbia Property; however,
where applicable, the term “Closing” shall be deemed to refer to the “Columbia Closing” as it
relates to the Columbia Property and this secondary closing.

Section 28. Cooperation with Audit. Seller acknowledges that Buyer intends to
assign all of its rights, title and interest in and to this Agreement The assignee may be
affiliated with a publicly registered company (“Registered Company”) promoted by Buyer.
Seller acknowledges that it has been advised that if the Buyer is affiliated with a Registered
Company, the assignee may be required to make certain filings with the Securities and Exchange
Commission (the “SEC Filings”) that relate to the three (3) most recent pre-acquisition
fiscal years (the “Audited Years”) and the current fiscal year through the date of
acquisition (the “stub period”) for the Property. To assist the assignee in preparing the
SEC Filings, the Seller covenants agrees to provide the assignee with the following during the Due
Diligence Period and any time thereafter until the first anniversary of the Closing Date: (i)
access to bank statements for the Audited Years and stub period; (ii) rent roll as of the end of
the Audited Years and stub period; (iii) operating statements for the Audited Years and stub
period; (iv) access to the general ledger for the Audited Years and stub period; (v) cash receipts
schedule for each month in the Audited Years and stub period; (vi) access to invoices for expenses
and capital improvements in the Audited Years and stub period; (vii) accounts payable ledger and
accrued expense reconciliations; (viii) check register for the 3-months following the Audited Years
and stub period; (ix) all leases and 5-year lease schedules; (x) copies of all insurance
documentation for the Audited Years and stub period; (xi) copies of accounts receivable aging as of
the end of the Audited Years and stub period along with an explanation for all accounts over 30
days past due as of the end of the Audited Years and stub period; (xii) signed representation
letter in the form attached hereto as Schedule “28-A” (“Representation Letter”),
and (xiii) to the extent necessary, the information set forth in the letter set forth in the form
attached hereto as Schedule “28-B”(“Audit Letter”). Seller also agrees to deliver
to Buyer a signed Representation Letter and the information requested in the Audit Letter within
five (5) business days prior to Closing, and such delivery shall be a condition to Closing so long
as such request is made during the Due Diligence Period. The provisions of this Section shall
survive Closing.

Section 29. Buyer’s Disclosures. Seller acknowledges that Buyer is the subsidiary
of a Real Estate Investment Trust (“REIT”) and that, as such, it is subject to certain
filing and reporting requirements in accordance with federal laws and regulations, including but
not limited to, regulations promulgated by the Securities and Exchange Commission. Accordingly,
and notwithstanding any provision of this Agreement or the provisions of any other existing
agreement between the parties hereto to the contrary, Buyer may publically file, disclose, report
or publish any and all information related to this transaction that may be reasonably interpreted
as being required by federal law or regulation after Closing.

Section 30. Defined Terms. Capitalized terms not defined in the body of this Agreement but
defined in the form of the Master Lease attached to this Agreement shall have the meaning given to
such terms in the Master Lease.

The remainder of this page is intentionally blank. Signatures pages follow this page.

1

SELLERS’ SIGNATURE PAGE

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

SELLERS:

“WHITE OAKS CG”:

WHITE OAKS REAL ESTATE INVESTMENTS

OF CAPE GIRARDEAU, LLC

a Missouri limited liability company

By: White Real Estate Investments, LLC

Its: Managing Member

By: /s/ William K. Kapp

Name: William K. Kapp

Title: President

Date June 18, 2010

“WHITE OAKS JOPLIN”:

WHITE OAKS REAL ESTATE INVESTMENTS

OF JOPLIN, LLC

a Missouri limited liability company

By: White Real Estate Investments, LLC

Its: Managing Member

By: /s/ William K. Kapp

Name: William K. Kapp

Title: President

Date June 18, 2010

“WHITE OAKS COLUMBIA”:

WHITE OAKS REAL ESTATE INVESTMENTS

OF COLUMBIA, LLC

a Missouri limited liability company

By: White Real Estate Investments, LLC

Its: Managing Member

By: /s/ William K. Kapp

Name: William K. Kapp

Title: President

Date June 18, 2010

“WHITE OAKS ATHENS”:

WHITE OAKS REAL ESTATE INVESTMENTS

OF ATHENS, LLC

a Georgia limited liability company

By: White Real Estate Investments, LLC

Its: Managing Member

By: /s/ William K. Kapp

Name: William K. Kapp

Title: President

Date June 18, 2010

BUYER’S SIGNATURE PAGE

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

BUYER:

“BUYER”:

GRUBB & ELLIS EQUITY ADVISORS, LLC,

A Delaware limited liability company

By: /s/ Andrea R. Biller

Name: Andrea R. Biller

Title: Executive Vice President

Date: June 17, 2010

2EX-10.2

FIRST AMENDMENT TO PURCHASE AND SALE

THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (the “Amendment”) is made this
22nd day of July, 2010, by and between GRUBB & ELLIS EQUITY ADVISORS, LLC, a Delaware
limited liability company (“Buyer”) and the following parties: WHITE OAKS REAL ESTATE INVESTMENTS,
LLC, a Missouri limited liability company (“White Oaks CG”), WHITE OAKS REAL ESTATE INVESTMENTS OF
JOPLIN LLC, a Missouri limited liability company (“White Oaks Joplin”), WHITE OAKS REAL ESTATE
INVESTMENTS OF COLUMBIA LLC, a Missouri limited liability company (“White Oaks Columbia”), and
WHITE OAKS REAL ESTATE INVESTMENTS OF GEORGIA LLC, a Georgia limited liability company (“White Oaks
Athens”). As the context requires, each of White Oaks CG, White Oaks Joplin, White Oaks Columbia
and White Oaks Athens individually are generically referred to herein as a “Seller”, and
collectively are referred to herein as “Seller”.

WITNESSETH

A. Seller and Purchaser are parties to that certain Purchase and Sale Agreement
dated June 18, 2010 relating to four (4) properties, three of which are located in the State of
Missouri and one of which is located in the State of Georgia, and the other property described
therein relating thereto (the “Agreement”).

B. Seller and Purchaser desire to amend the Agreement as provided in this Amendment.

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

1. SUBSTITUTION OF ENTITY. White Oaks Real Estate Investments, LLC is the
owner of the CG Real Property. Therefore, all references in Agreement to “White Oaks Real Estate
Real Estate Investment of Cape Girardeau, LLC” are hereby deleted and replaced with “White Oaks
Real Estate Investments, LLC”. By its execution of this Amendment, White Oaks Real Estate
Investments, LLC, ratifies and confirms its agreement to be bound by the terms and conditions
contained in the Agreement as modified by this Amendment.

2. EXTENSION OF DILIGENCE PERIOD.

A. CG Property, Athens Property and Joplin Property. Under the Agreement,
the term “Due Diligence Period” is defined as the period beginning upon the execution of the
Agreement and extending until July 22, 2010. The parties hereby agree that the Due Diligence
Period with respect to the CG Property, the Athens Property and the Joplin Property is hereby
extended to July 29, 2010. The rights and obligations of the parties with respect under the
Agreement, including without limitation the rights and obligations with respect to the Earnest
Money, that are established by the expiration of the Due Diligence Period shall be determined based
upon the expiration of the Due Diligence Period as extended by this Amendment.

B. Columbia Property. The fourth (4th) sentence of Section 27 of
the Agreement is hereby deleted and replaced with the following:

“Upon Buyer’s receipt of such notice, it shall have thirty (30) days to examine
the title to and condition of the Columbia Property pursuant to Section 6 of
this Agreement, and Buyer shall have all rights relative to the Columbia
Property as set forth in Section 6 during said thirty (30) day period, including
without limitation the unconditional right, for any reason or no reason, to
terminate this Agreement with respect to the Columbia Property by giving written
notice thereof to Seller before the expiration of said thirtieth
(30th) day, in which event Buyer shall receive a refund of the
Columbia Earnest Money (which right shall survive such termination), and all
rights, liabilities and obligations of the parties under this Agreement with
respect to the Columbia Property shall expire, except as otherwise expressly set
forth herein.”

3. CLOSING DATE. As used in the Agreement, the term “Closing Date” with
respect to the CG Property, the Athens Property and the Joplin Property shall mean August 23, 2010,
subject to the extension set forth in Section 10 of the Agreement.

4. ENVIRONMENTAL REPRESENTATION. Section 11(l) of the Agreement is hereby
deleted and replaced with the following:

“(l) Subject to Seller’s Disclosures, during the period of Seller’s ownership of
the Real Property and Improvements, no Hazardous Substances have been generated,
stored, released, treated or disposed of on, under, to, from or about the Real
Property or Improvements in violation of any law, rule, legal requirement or
regulation applicable to the Property which regulates or controls matters
relating to the environment or public health or safety (collectively,
“Environmental Laws”), and to Seller’s knowledge, prior to Seller’s ownership of
the Real Property and Improvements, no Hazardous Substances have been generated,
stored, released, treated or disposed of on, under, to, from or about the Real
Property or Improvements in violation of any Environmental Laws. Subject to
Seller’s Disclosures, Seller has not received any actual or threatened, written
or verbal notice, demand or claim from (nor delivered any notice to) any
federal, state, county, municipal or other governmental department, agency or
authority, or any third party, nor is Seller aware of any circumstances that
could give rise to any notice, demand or claim, concerning any petroleum product
or other Hazardous Substance release, discharge or seepage. As used in this
Agreement, the term “Seller’s Disclosures” shall mean those matters set forth in
Schedule 11(l), attached hereto and incorporated by reference, and those matters
contained in any of Seller’s Property Diligence Materials delivered to Purchaser
at least one (1) business day prior to the expiration of the Due Diligence
Period relative to each of the Properties. As used in this Agreement, the term
“Hazardous Substances” shall mean any substance or material which is listed,
defined or deemed to be a waste, contaminant or pollutant, or substance or
material potentially harmful, hazardous or toxic to human health or safety or
the environment pursuant to any Environmental Laws, including but without
limitation, petroleum, petroleum based product and any petroleum constituent.
To Seller’s best knowledge, there are no underground storage tanks located on
the Athens Property, and there is only one underground storage tank located on
each of the Cape Girardeau, Joplin and Columbia Properties, which underground
storage tanks are only used, and have only been used, to store diesel fuel for
operating the emergency generator at the Property. Should Purchase acquire a
Property with actual knowledge that a representation or warranty of Seller set
forth in this Section is untrue in any material respect, then Purchaser shall be
deemed to have waived its right to recover from Seller any damages resulting
from such breach of representation or warranty;”

5. MISCELLANEOUS. As amended by this Amendment, the parties hereto agree
that the Agreement remains in full force and effect. This Amendment may be executed in multiple
counterparts, each counterpart being executed by less than all of the parties hereto, and shall be
equally effective as if a single original had been signed by all parties; but all such counterparts
shall be deemed to constitute a single agreement, and this Amendment shall not be or become
effective unless and until each of the signatory parties below has signed at least one such
counterpart and caused the counterpart so executed to be delivered to the other party.

Signatures follow on the next page.

1

SELLERS’ SIGNATURE PAGE

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

SELLERS:

“WHITE OAKS CG”:

WHITE OAKS REAL ESTATE INVESTMENTS, LLC,

a Missouri limited liability company

By: /s/ William K. Kapp

Name: William K. Kapp

Title: Chairman

Date July 22, 2010

“WHITE OAKS JOPLIN”:

WHITE OAKS REAL ESTATE INVESTMENTS

OF JOPLIN, LLC

a Missouri limited liability company

By: White Real Estate Investments, LLC

Its: Managing Member

By: /s/ William K. Kapp

Name: William K. Kapp

Title: Chairman

Date July 22, 2010

“WHITE OAKS COLUMBIA”:

WHITE OAKS REAL ESTATE INVESTMENTS

OF COLUMBIA, LLC

a Missouri limited liability company

By: White Real Estate Investments, LLC

Its: Managing Member

By: /s/ William K. Kapp

Name: William K. Kapp

Title: Chairman

Date July 22, 2010

“WHITE OAKS ATHENS”:

WHITE OAKS REAL ESTATE INVESTMENTS

OF ATHENS, LLC

a Georgia limited liability company

By: White Real Estate Investments, LLC

Its: Managing Member

By: /s/ William K. Kapp

Name: William K. Kapp

Title: Chairman

Date July 22, 2010

BUYER’S SIGNATURE PAGE

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

BUYER:

“BUYER”:

GRUBB & ELLIS EQUITY ADVISORS, LLC,

A Delaware limited liability company

By: /s/ Jeffrey T. Hanson

Name: Jeffrey T. Hanson

Title: President and Chief Executive Officer

Date: July 22, 2010

2

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