Document:

EX-10.4

EXHIBIT 10.4

FORM OF PLEDGE AGREEMENT

THIS PLEDGE AGREEMENT dated as of September 14, 2007, executed and delivered by each of the
parties identified on the signature page hereto as “Pledgor” (each a “Pledgor” and collectively,
the “Pledgors”) in favor of (a) WACHOVIA BANK, NATIONAL ASSOCIATION, in its capacity as Agent (the
“Agent”) for the Lenders under that certain Credit Agreement dated as of September 14, 2007 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
by and among U-Store-It, L.P. (the “Borrower”), U-Store-It Trust, the financial institutions party
thereto and their assignees under Section 11.5. thereof (the “Lenders”), the Agent, and the other
parties thereto, and (b) the Lenders.

WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make available to the
Borrower certain financial accommodations on the terms and conditions set forth in the Credit
Agreement; and

WHEREAS, each Pledgor’s execution and delivery of this Pledge Agreement is a condition to the
Lenders making such financial accommodations to the Borrower.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows:

Section 1. Pledge. As security for the prompt performance and payment in full of the
Secured Obligations, each Pledgor hereby pledges, hypothecates, assigns, transfers, sets over and
delivers unto the Agent, for its own benefit and for the benefit of the Lenders, and grants to the
Agent, for its own benefit and for the benefit of the Lenders, a security interest in, all of such
Pledgor’s right, title and interest in, to and under the following (collectively, the “Pledged
Collateral”):

(a) the Pledged Interests;

(b) all distributions, cash, securities, interest, dividends, rights and other property at any
time and from time to time received, receivable or otherwise distributed in respect of or in
exchange for any or all thereof to which such Pledgor shall at any time be entitled in respect of
the Pledged Interests;

(c) all other payments due or to become due to such Pledgor in respect of any of the
foregoing;

(d) all of such Pledgor’s claims, rights, powers, privileges, authority, puts, calls, options,
security interests, liens and remedies, if any, in respect of any of the foregoing;

(e) all of such Pledgor’s rights to exercise and enforce any and every right, power, remedy,
authority, option and privilege of such Pledgor relating to any of the foregoing including, without
limitation, any power to (i)  terminate, cancel or modify any agreement, (ii) execute any
instruments and to take any and all other action on behalf of and in the name of such

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Pledgor in respect of any of the foregoing and the applicable Issuer thereof, (iii) exercise voting
rights or make determinations, (iv) exercise any election (including, but not limited to, election
of remedies), (v) exercise any “put”, right of first offer or first refusal, or other option,
(vi) exercise any right of redemption or repurchase, (vii) give or receive any notice, consent,
amendment, waiver or approval, (viii) demand, receive, enforce, collect or receipt for any of the
foregoing, (ix) enforce or execute any checks, or other instruments or orders, (x) file any claims
and to take any action in connection with any of the foregoing, or (xi) otherwise act as if such
Pledgor were the absolute owner of such Pledged Interests and all rights associated therewith;

(f) all certificates and instruments representing or evidencing any of the foregoing;

(g) all other property hereafter delivered in substitution for or in addition to any of the
foregoing;

(h) all other rights, titles, interests, powers, privileges and preferences pertaining to any
of the foregoing; and

(i) all Proceeds of any of the foregoing.

Section 2. Representations and Warranties. Each Pledgor hereby represents and
warrants to the Agent and the Lenders as follows:

(a) Title and Liens. Such Pledgor is, and will at all times continue to be, the legal
and beneficial owner of the Pledged Collateral of such Pledgor. None of the Pledged Collateral is
subject to any adverse claim or other Lien other than Permitted Liens. No Person has control of
any of the Pledged Collateral other than the Agent.

(b) Authorization. Such Pledgor has the right and power, and has taken all necessary
action to authorize it, to execute, deliver and perform this Agreement in accordance with its
terms. The execution, delivery and performance of this Agreement in accordance with its terms,
including the granting of the security interest hereunder, do not and will not, by the passage of
time, the giving of notice, or both: (i) require any governmental approval or violate any
applicable law relating to such Pledgor; (ii) conflict with, result in a breach of or constitute a
default under the organizational documents of such Pledgor, or any indenture, agreement or other
instrument to which such Pledgor is a party or by which it or any of the Pledged Collateral of such
Pledgor or its other property may be bound; or (iii) result in or require the creation or
imposition of any Lien upon or with respect to any of the Pledged Collateral of such Pledgor or
such Pledgor’s other property whether now owned or hereafter acquired.

(c) Validity and Perfection of Security Interest. This Agreement is effective to
create in favor of the Agent, for the benefit of the Lenders, a legal, valid and enforceable
security interest in the Pledged Collateral. Such security interest will be perfected (i) with
respect to any such Pledged Collateral that is a “security” (as such term is defined in the UCC)
and is evidenced by a certificate, when such Pledged Collateral is delivered to the Agent with duly
executed stock powers with respect thereto, (ii) with respect to any such Pledged Collateral that
is a “security” (as such term is defined in the UCC) but is not evidenced by a certificate, when
UCC financing

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statements in appropriate form are filed in the appropriate filing offices in the jurisdiction of
organization of the Pledgors or when control is established by the Agent over such interests in
accordance with the provision of Section 8-106 of the UCC, or any successor provision, and
(iii) with respect to any such Pledged Collateral that is not a “security” (as such term is defined
in the UCC), when UCC financing statements in appropriate form are filed in the appropriate filing
offices in the jurisdiction of organization of the Pledgors. Except as set forth in this
subsection, no action is necessary to perfect the security interest granted by any Pledgor under
this Agreement.

(d) Pledged Equity Interests. The information set forth on Schedule 1 hereto with
respect to the Pledged Collateral of such Pledgor is true and correct.

(e) Name, Organization, Etc. Such Pledgor’s exact legal name, type of legal entity,
jurisdiction of formation, organizational identification number and location of its chief executive
office are as set forth on Schedule 1. Except as set forth on such Schedule, since the date of
such Pledgor’s formation, such Pledgor has not changed its name or merged with or otherwise
combined its business with any other Person.

(f) Validly Issued, etc. All of the Pledged Interests have been duly authorized, are
duly authorized, validly issued, fully paid and nonassessable and are not subject to preemptive
rights of any Person.

(e) Interests in Partnerships and LLCs. None of the Pledged Collateral consisting of
an interest in a partnership or in a limited liability company (i) is dealt in or traded on a
securities exchange or in securities markets, (ii) by its terms expressly provides that it is a
security governed by Article 8 of the UCC, (iii) is an investment company security, (iv) otherwise
constitutes a security or (v) constitutes a financial asset.

Section 3. Covenants. Each Pledgor hereby unconditionally covenants and agrees as
follows:

(a) No Liens; No Sale of Pledged Collateral. Such Pledgor will not create, assume,
incur or permit or suffer to exist or to be created, assumed or incurred, any Lien on any of the
Pledged Collateral (or any interest therein), nor, without the prior written consent of the Agent,
sell, lease, assign, transfer or otherwise dispose of all or any portion of the Pledged Collateral
(or any interest therein).

(b) Change of Name, Etc. Without giving the Agent at least 30-days’ prior written
notice and to the extent such action is not otherwise prohibited by any of the Loan Documents, such
Pledgor shall not: (i) change its name; (ii) reorganize or otherwise become formed under the laws
of another jurisdiction or (iii) become bound by a security agreement of another Person under
Section 9-203(d) of the UCC.

(c) Defense of Title. Such Pledgor will warrant and defend its title to and ownership
of the Pledged Collateral of such Pledgor, at its sole cost and expense, against the claims of all
Persons.

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(d) Delivery of Certificates, Etc. If a Pledgor shall receive any certificate
(including, without limitation, any certificate representing a stock and/or liquidating dividends,
other distributions in property, return of capital or other distributions made on or in respect of
the Pledged Collateral, whether resulting from a subdivision, combination or reclassification of
outstanding Equity Interests or received in exchange for Pledged Collateral or any part thereof or
as a result of any merger, consolidation, acquisition or other exchange of assets or on the
liquidation, whether voluntary or involuntary, or otherwise), instrument, option or rights in
respect of any Pledged Collateral, whether in addition to, in substitution of, as a conversion of,
or in exchange for, any Pledged Collateral, or otherwise in respect thereof, such Pledgor shall
hold the same in trust for the Agent and the Lenders and promptly deliver the same to the Agent in
the exact form received, duly indorsed by such Pledgor to the Agent, if required, together with an
undated stock power covering such certificate (or other appropriate instrument of transfer) duly
executed in blank by such Pledgor and with, if the Agent so requests, signature guaranteed, to be
held by the Agent, subject to the terms of this Agreement, as Pledged Collateral.

(e) Uncertificated Securities. With respect to any Pledged Collateral that
constitutes a security and is not represented or evidence by a certificate or instrument, such
Pledgor shall cause the Issuer thereof either (i) to register the Agent as the registered owner of
such security or (ii) to agree in writing with the Agent and such Pledgor that such Issuer will
comply with the instructions with respect to such security originated by the Agent without further
consent of such Pledgor.

(f) Additional Shares. Such Pledgor shall not permit any Issuer to issue any
additional Equity Interests unless such Equity Interests are pledged hereunder as provided herein.
Further, such Pledgor shall not permit any Issuer to amend or modify its articles or certificate of
incorporation, articles of organization, certificate of limited partnership, by-laws, operating
agreement, partnership agreement or other comparable organizational instrument in a manner which
would adversely affect the voting, liquidation, preference or other similar rights of any holder of
the Equity Interests pledged hereunder.

(g) Issuer Acknowledgment. Such Pledgor shall, upon the Agent’s request therefor,
cause each Issuer of Pledged Collateral and which Issuer is not a Pledgor itself, to execute and
deliver to the Agent an Acknowledgment and Consent substantially in the form of Schedule 2 attached
hereto.

Section 4. Registration in Nominee Name, Denominations. The Agent shall have the
right (in its sole and absolute discretion) to hold any Equity Interests which are part of the
Pledged Collateral in its own name as pledgee, the name of its nominee (as Agent or as sub-agent)
or the name of the Pledgor thereof, endorsed or assigned in blank or in favor of the Agent. Such
Pledgor will promptly give to the Agent copies of any notices or other communications received by
it with respect to any such Equity Interests constituting Pledged Collateral registered in the name
of such Pledgor. The Agent shall at all times have the right to request that each Issuer of any
Pledged Collateral issue certificates representing the Pledged Collateral and to exchange the
certificates representing such Pledged Collateral for certificates of smaller or larger numbers of
shares for any purpose consistent with this Agreement.

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Section 5. Voting Rights; Dividends, etc.

(a) So long as no Event of Default exists:

(i) each Pledgor shall be entitled to exercise any and all voting and/or consensual
rights and powers accruing to an owner of the Pledged Collateral or any part thereof for any
purpose not inconsistent with the terms and conditions of any of the Loan Documents or any
agreement giving rise to or otherwise relating to any of the Secured Obligations;
provided, however, that no Pledgor shall exercise, or refrain from
exercising, any such right or power if any such action would have a material adverse effect
on the value of such Pledged Collateral in the judgment of the Agent; and

(ii) each Pledgor shall be entitled to retain and use any and all cash distributions
paid on the Pledged Collateral, but any and all equity and/or liquidating distributions,
other distributions in property, return of capital or other distributions made on or in
respect of Pledged Collateral, whether resulting from a subdivision, combination or
reclassification of outstanding Equity Interests which are pledged hereunder or received in
exchange for Pledged Collateral or any part thereof or as a result of any merger,
consolidation, acquisition or other exchange of assets or on the liquidation, whether
voluntary or involuntary, of any Issuer, or otherwise, shall be and become part of the
Pledged Collateral pledged hereunder and, if received by such Pledgor, shall forthwith be
delivered to the Agent to be held as collateral subject to the terms and conditions of this
Agreement.

The Agent agrees to execute and deliver to each Pledgor, or cause to be executed and delivered to
such Pledgor, as appropriate, at the sole cost and expense of such Pledgor, all such proxies,
powers of attorney, dividend orders and other instruments as such Pledgor may reasonably request
for the purpose of enabling such Pledgor to exercise the voting and/or consensual rights and powers
which such Pledgor is entitled to exercise pursuant to clause (i) above and/or to receive the
distributions and other amounts which such Pledgor is authorized to retain pursuant to clause (ii)
above.

(b) If an Event of Default exists, all rights of the Pledgors to exercise the voting and/or
consensual rights and powers which the Pledgors are entitled to exercise pursuant to subsection
(a)(i) above and/or to receive the distributions and other amounts which the Pledgors are
authorized to receive and retain pursuant to subsection (a)(ii) above shall cease, and all such
rights thereupon shall become immediately vested in the Agent, which shall have the sole and
exclusive right and authority to exercise such voting and/or consensual rights and powers which the
Pledgors shall otherwise be entitled to exercise pursuant to subsection (a)(i) above and/or to
receive and retain the distributions and other amounts which the Pledgors shall otherwise be
authorized to retain pursuant to subsection (a)(ii) above. Any and all money and other property
paid over to or received by the Agent pursuant to the provisions of this subsection (b) shall be
retained by the Agent as additional collateral hereunder and shall be applied in accordance with
the provisions of Section 9. If any Pledgor shall receive any distributions or other property
which it is not entitled to receive under this Section, such Pledgor shall hold the same in trust
for

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the Agent and the Lenders, without commingling the same with other funds or property of or held by
such Pledgor, and shall promptly deliver the same to the Agent in the identical form received,
together with any necessary endorsements.

Section 6. Event of Default Defined. For purposes of this Agreement, “Event of
Default” shall mean any of the following events, whatever the reason for such event and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment or
order of any court or any order, rule or regulation of any governmental or nongovernmental body:
(i) the failure of any Pledgor to comply with any of the terms and provisions of this Agreement;
(ii) the occurrence of an “Event of Default” as such term is defined in the Credit Agreement; or
(iii) any action is taken by the Issuer of any Pledged Interests or the members or trustees thereof
to amend or modify the Organizational Documents in a manner that would adversely affect (A) the
voting, liquidation, preference, redemption or other similar rights of any holder of the Pledged
Interests or, (B) the Agent’s or the Lenders’ rights or remedies under this Pledge Agreement.

Section 7. Remedies upon Default.

(a) In addition to any right or remedy that the Agent or any Lender may have under the Credit
Agreement or any other Loan Document or otherwise under applicable law, if an Event of Default
shall exist, the Agent may exercise any and all the rights and remedies of a secured party under
the Uniform Commercial Code as in effect in any applicable jurisdiction and may otherwise sell,
assign, transfer, endorse and deliver the whole or, from time to time, any part of the Pledged
Collateral at a public or private sale or on any securities exchange, for cash, upon credit or for
other property, for immediate or future delivery, and for such price or prices and on such terms as
the Agent in its discretion shall deem appropriate. The Agent shall be authorized at any sale (if
it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who
will represent and agree that they are purchasing the Pledged Collateral for their own account in
compliance with the Securities Act and upon consummation of any such sale the Agent shall have the
right to assign, transfer, endorse and deliver to the purchaser or purchasers thereof the Pledged
Collateral so sold. Each purchaser at any sale of Pledged Collateral shall take and hold the
property sold absolutely free from any claim or right on the part of any Pledgor, and each Pledgor
hereby waives (to the fullest extent permitted by applicable law) all rights of redemption, stay
and/or appraisal which such Pledgor now has or may at any time in the future have under any
applicable law now existing or hereafter enacted. Each Pledgor agrees that, to the extent notice
of sale shall be required by applicable law, at least 5 days’ prior written notice to such Pledgor
of the time and place of any public sale or the time after which any private sale is to be made
shall constitute reasonable notification, but notice given in any other reasonable manner or at any
other reasonable time shall also constitute reasonable notification. Such notice, in case of
public sale, shall state the time and place for such sale, and, in the case of sale on a securities
exchange, shall state the exchange on which such sale is to be made and the day on which the
Pledged Collateral, or portion thereof, will first be offered for sale at such exchange. Any such
public sale shall be held at such time or times within ordinary business hours and at such place or
places as the Agent may fix and shall state in the notice or publication (if any) of such sale. At
any such sale, the Pledged Collateral, or portion thereof to be sold, may be sold in one lot as an
entirety or in separate parcels, as the Agent may determine in its sole and

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absolute discretion. Neither the Agent nor any Lender shall be obligated to make any sale of the
Pledged Collateral if it shall determine not to do so regardless of the fact that notice of sale of
the Pledged Collateral may have been given. The Agent or may, without notice or publication,
adjourn any public or private sale or cause the same to be adjourned from time to time by
announcement at the time and place fixed for sale, and such sale may, without further notice, be
made at the time and place to which the same was so adjourned. In case the sale of all or any part
of the Pledged Collateral is made on credit or for future delivery, the Pledged Collateral so sold
may be retained by the Agent until the sale price is paid by the purchaser or purchasers thereof,
but neither the Agent nor any Lender shall incur any liability to any Pledgor in case any such
purchaser or purchasers shall fail to take up and pay for the Pledged Collateral so sold and, in
case of any such failure, such Pledged Collateral may be sold again upon like notice. At any
public sale made pursuant to this Agreement, the Agent or any Lender and any other holder of any of
the Secured Obligations, to the extent permitted by applicable law, may bid for or purchase, free
from any right of redemption, stay and/or appraisal on the part of any Pledgor (all said rights
being also hereby waived and released to the extent permitted by applicable law), any part of or
all the Pledged Collateral offered for sale and may make payment on account thereof by using any
claim then due and payable to the Agent or any Lender from any Pledgor as a credit against the
purchase price, and the Agent and the Lenders may, upon compliance with the terms of sale and to
the extent permitted by applicable law, hold, retain and dispose of such property without further
accountability to any Pledgor therefor. For purposes hereof, a written agreement to purchase all
or any part of the Pledged Collateral shall be treated as a sale thereof; the Agent shall be free
to carry out such sale pursuant to such agreement and no Pledgor shall be entitled to the return of
any Pledged Collateral subject thereto, notwithstanding the fact that after the Agent shall have
entered into such an agreement all Events of Default may have been remedied or the Secured
Obligations may have been paid in full as herein provided. Each Pledgor hereby waives any right to
require any marshaling of assets and any similar right.

(b) In addition to exercising the power of sale herein conferred upon it, the Agent shall also
have the option to proceed by suit or suits at law or in equity to foreclose this Agreement and
sell the Pledged Collateral or any portion thereof pursuant to judgment or decree of a court or
courts having competent jurisdiction.

(c) The rights and remedies of the Agent and the Lenders under this Agreement are cumulative
and not exclusive of any rights or remedies which they would otherwise have.

Section 8. Application of Proceeds of Sale and Cash. The proceeds of any sale of the
whole or any part of the Pledged Collateral, together with any other moneys held by the Agent or
any Lender under the provisions of this Agreement, shall be applied in accordance with the Credit
Agreement. The Pledgor shall remain liable and will pay, on demand, any deficiency remaining in
respect of the Secured Obligations.

Section 9. Agent Appointed Attorney-in-Fact. Each Pledgor hereby constitutes and
appoints the Agent as the attorney-in-fact of such Pledgor with full power of substitution either
in the Agent’s name or in the name of such Pledgor to do any of the following: (a) to perform any
obligation of such Pledgor hereunder in such Pledgor’s name or otherwise; (b) to ask for, demand,
sue for, collect, receive, receipt and give acquittance for any and all moneys due or to

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become due under and by virtue of any Pledged Collateral; (c) to prepare, execute, file, record or
deliver notices, assignments, financing statements, continuation statements, applications for
registration or like papers to perfect, preserve or release the Agent’s security interest in the
Pledged Collateral or any of the documents, instruments, certificates and agreements described in
Section 13.(b); (d) to verify facts concerning the Pledged Collateral in its own name or a
fictitious name; (e) to endorse checks, drafts, orders and other instruments for the payment of
money payable to such Pledgor, representing any interest or dividend or other distribution payable
in respect of the Pledged Collateral or any part thereof or on account thereof and to give full
discharge for the same; (f) to exercise all rights, powers and remedies which such Pledgor would
have, but for this Agreement, under the Pledged Collateral; and (g) to carry out the provisions of
this Agreement and to take any action and execute any instrument which the Agent may deem necessary
or advisable to accomplish the purposes hereof, and to do all acts and things and execute all
documents in the name of the Pledgor or otherwise, deemed by the Agent as necessary, proper and
convenient in connection with the preservation, perfection or enforcement of its rights hereunder.
Nothing herein contained shall be construed as requiring or obligating the Agent or any Lender to
make any commitment or to make any inquiry as to the nature or sufficiency of any payment received
by it, or to present or file any claim or notice, or to take any action with respect to the Pledged
Collateral or any part thereof or the moneys due or to become due in respect thereof or any
property covered thereby, and no action taken by the Agent or any Lender or omitted to be taken
with respect to the Pledged Collateral or any part thereof shall give rise to any defense,
counterclaim or offset in favor of any Pledgor or to any claim or action against the Agent or any
Lender. The power of attorney granted herein is irrevocable and coupled with an interest.

Section 10. Agent’s Duty of Care. Other than the exercise of reasonable care to
ensure that safe custody of the Pledged Collateral while being held by the Agent hereunder, the
Agent shall have no duty or liability to preserve rights pertaining thereto, it being understood
and agreed that each Pledgor shall responsible for preservation of all rights of such Pledgor in
the Pledged Collateral. The Agent shall be deemed to have exercised reasonable care in the custody
and preservation of the Pledged Collateral in its possession if such Pledged Collateral is accorded
treatment substantially equal to that which the Agent accords its own property, it being understood
that the Agent shall not have responsibility for (a) ascertaining or taking action with respect to
calls, conversions, exchanges, maturities, tenders or other matters relating to any Pledged
Collateral, whether or not the Agent has or is deemed to have knowledge of such matters or (b)
taking any necessary steps to preserve rights against any parties with respect to any Pledged
Collateral.

Section 11. Reimbursement of Agent. Each Pledgor agrees to pay upon demand to the
Agent the amount of any and all reasonable expenses, including the reasonable fees disbursements
and other charges of its counsel and of any experts or agents, and its fully allocated internal
costs, that the Agent may incur in connection with (a) the administration of this Agreement,
(b) the custody or preservation of, or any sale of, collection from, or other realization upon, any
of the Pledged Collateral, (c) the exercise or enforcement of any of the rights of the Agent or the
Lenders hereunder, or (d) the failure by such Pledgor to perform or observe any of the provisions
hereof. Any such amounts payable as provided hereunder shall be Secured Obligations.

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Section 12. Further Assurances. Each Pledgor shall, at its sole cost and expense,
take all action that may be necessary or desirable in the Agent’s sole discretion, so as at all
times to maintain the validity, perfection, enforceability and priority of the Agent’s security
interest in the Pledged Collateral, or to enable the Agent or the Lenders to exercise or enforce
their respective rights hereunder, including without limitation (a) delivering to the Agent,
endorsed or accompanied by such instruments of assignment as the Agent may specify, any and all
chattel paper, instruments, letters of credit and all other advices of guaranty and documents
evidencing or forming a part of the Pledged Collateral and (b) executing and delivering pledges,
designations, notices and assignments, in each case in form and substance satisfactory to the
Agent, relating to the creation, validity, perfection, priority or continuation of the security
interest granted hereunder. Each Pledgor agrees to take, and authorizes the Agent to take on such
Pledgor’s behalf, any or all of the following actions with respect to any Pledged Collateral as the
Agent shall deem necessary to perfect the security interest and pledge created hereby or to enable
the Agent to enforce their respective rights and remedies hereunder: (i) to register in the name of
the Agent any Pledged Collateral in certificated or uncertificated form; (ii) to endorse in the
name of the Agent any Pledged Collateral issued in certificated form; and (iii) by book entry or
otherwise, identify as belonging to the Agent a quantity of securities or partnership interests
that constitutes all or part of the Pledged Collateral registered in the name of the Agent.
Notwithstanding the foregoing, each Pledgor agrees that Pledged Collateral which is not in
certificated form or is otherwise in book-entry form shall be held for the account of the Agent.
Each Pledgor hereby authorizes the Agent to file in all necessary and appropriate jurisdictions (as
determined by the Agent) one or more financing or continuation statements (or any other document or
instrument referred to in the immediately preceding clause (b)) in the name of such Pledgor. To
the extent permitted by applicable law, a carbon, photographic, xerographic or other reproduction
of this Agreement or any financing statement is sufficient as a financing statement. Any property
comprising part of the Pledged Collateral required to be delivered to the Agent pursuant to this
Pledge Agreement shall be accompanied by proper instruments of assignment duly executed by the
Pledgors and by such other instruments or documents as the Agent may reasonably request.

Section 13. Securities Act. In view of the position of any Pledgor in relation to
the Pledged Collateral, or because of other current or future circumstances, a question may arise
under the Securities Act or any similar applicable law hereafter enacted analogous in purpose or
effect (such Act and any such similar applicable law as from time to time in effect being called
the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral
permitted hereunder. Each Pledgor understands that compliance with the Federal Securities Laws
might very strictly limit the course of conduct of the Agent if the Agent were to attempt to
dispose of all or any part of the Pledged Collateral in accordance with the terms hereof, and might
also limit the extent to which or the manner in which any subsequent transferee of any Pledged
Collateral could dispose of the same. Similarly, there may be other legal restrictions or
limitations affecting the Agent in any attempt to dispose of all or part of the Pledged Collateral
in accordance with the terms hereof under applicable Blue Sky or other state securities laws or
similar applicable law analogous in purpose or effect. Each Pledgor recognizes that in light of
the foregoing restrictions and limitations the Agent may, with respect to any sale of the Pledged
Collateral, limit the purchasers to those who will agree, among other things, to acquire such

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Pledged Collateral for their own account, for investment, and not with a view to the distribution
or resale thereof. Each Pledgor acknowledges and agrees that in light of the foregoing
restrictions and limitations, the Agent, in its sole and absolute discretion, may, in accordance
with applicable law, (a) proceed to make such a sale whether or not a registration statement for
the purpose of registering such Pledged Collateral or part thereof shall have been filed under the
Federal Securities Laws and (b) approach and negotiate with a single potential purchaser to effect
such sale. Each Pledgor acknowledges and agrees that any such sale might result in prices and
other terms less favorable to the seller than if such sale were a public sale without such
restrictions. In the event of any such sale, neither the Agent nor any Lender shall incur any
responsibility or liability for selling all or any part of the Pledged Collateral in accordance
with the terms hereof at a price that the Agent, in its sole and absolute discretion, may in good
faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially
higher price might have been realized if the sale were deferred until after registration as
aforesaid or if more than a single purchaser were approached. The provisions of this Section will
apply notwithstanding the existence of public or private market upon which the quotations or sales
prices may exceed substantially the price at which the Agent sell.

Section 14. Investment Property. The Pledgor shall not, and shall not allow any
issuer of any Pledged Collateral, to the extent such issuer is a limited liability company or a
partnership, to elect that Pledged Interests, except as directed or requested by the Agent, be
securities governed by Article 8 of the Uniform Commercial Code. No issuer of any Pledged
Collateral has made such an election.

Section 15. Security Interest Absolute. All rights of the Agent hereunder, the grant
of a security interest in the Pledged Collateral and all obligations of the Pledgor hereunder,
shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of
any Loan Document, any agreement with respect to any of the Secured Obligations or any other
agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or
place of the payment of, or in any other term of, all or any of the Secured Obligations, or any
other amendment or waiver of or any consent to any departure from any of the documents, instruments
or agreements evidencing any of the Secured Obligations, (c) any exchange, release or nonperfection
of any other collateral, or any release or amendment or waiver of or consent to or departure from
any guaranty, for all or any of the Secured Obligations or (d) any other circumstance that might
otherwise constitute a defense available to, or a discharge of, the Pledgor in respect of the
Secured Obligations or in respect of this Agreement (other than the indefeasible payment in full of
all the Secured Obligations).

Section 16. Continuing Security Interest. This Agreement shall create a continuing
security interest in the Pledged Collateral and shall remain in full force and effect until it
terminates in accordance with its terms. The Pledgors or the Agent hereby agree that the security
interest created by this Agreement in the Pledged Collateral shall not terminate and shall continue
and remain in full force and effect notwithstanding the transfer to the Pledgors or any person
designated by it of all or any portion of the Pledged Collateral.

Section 17. No Waiver. Neither the failure on the part of the Agent or any Lender to
exercise, nor the delay on its part in exercising any right, power or remedy hereunder, nor any

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course of dealing between the Agent or any Lender and any Pledgor shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power, or remedy hereunder
preclude any other or the further exercise thereof or the exercise of any other right, power or
remedy.

Section 18. Notices. All notices, requests and other communications hereunder shall
be in writing (including facsimile transmission or similar writing) and shall be given (a) to the
Pledgor at its address set forth below its signature hereto, (b) to the Agent or any Lender at its
respective address for notices provided for in the Credit Agreement, or (c) as to each such party
at such other address as such party shall designate in a written notice to the other parties. Each
such notice, request or other communication shall be effective (i) if mailed, when received or when
receipt is refused; (ii) if telecopied, when transmitted; or (iii) if hand delivered, when
delivered; provided, however, that any notice of a change of address for notices shall not be
effective until received.

SECTION 19. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH CAROLINA APPLICABLE TO CONTRACTS EXECUTED, AND TO
BE FULLY PERFORMED, IN SUCH STATE.

Section 20. Amendments. No amendment or waiver of any provision of this Agreement
nor consent to any departure by any Pledgor herefrom shall in any event be effective unless the
same shall be in writing and signed by the parties hereto, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given.

Section 21. Binding Agreement; Assignment. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and permitted assigns,
except that no Pledgor shall be permitted to assign this Agreement or any interest herein or in the
Pledged Collateral, or any part thereof, or any cash or property held by the Agent or any Lender as
collateral under this Agreement, and any such assignment by a Pledgor shall be null and void absent
the prior written consent of the Agent.

Section 22. Termination. Upon indefeasible payment in full of all of the Secured
Obligations, this Agreement shall terminate. Upon termination of this Agreement in accordance with
its terms the Agent agrees to take such actions as the Pledgors may reasonably request, and at the
sole cost and expense of the Pledgors to evidence the termination of this Agreement.

Section 23. Severability. Whenever possible, each provision of this Agreement shall
be interpreted in such a manner as to be effective and valid under applicable law, but if any
provision of this Agreement shall be prohibited by or invalid under applicable law, such provisions
shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of such provisions or the remaining provisions of this Agreement.

Section 24. Headings. Section headings used herein are for convenience only and are
not to affect the construction of or be taken into consideration in interpreting this Agreement.

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11

Section 25. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original and all of which shall constitute but one
agreement.

Section 26. Definitions.

(a) As used herein, the following terms have the indicated meanings:

“Equity Interests” means all securities, shares, units, options, warrants, interests,
participations, or other equivalents (regardless of how designated) of or in a corporation,
partnership, limited liability company, or similar entity, whether voting or nonvoting,
certificated or uncertificated, including general partner partnership interests, limited partner
partnership interests, common stock, preferred stock, or any other “equity security” (as such term
is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and
Exchange Commission under the Securities Exchange Act of 1934).

“Event of Default” has the meaning set forth in Section 7.

“Issuer” means a Person which issued any Equity Interest that constitutes any part of
the Pledged Collateral.

“Organizational Documents” means any declaration of trust, operating agreement,
partnership agreement, by-laws, articles or certificate of incorporation, articles of organization,
certificate of limited partnership, or other similar agreement or document.

“Person” means an individual, corporation, partnership, limited liability company,
association, trust or unincorporated organization, or a government or any agency or political
subdivision thereof.

“Pledged Interests” means, with respect to each Pledgor, such Pledgor’s right, title
and interest in the Equity Interests of the Issuers as described on Schedule 1, whether now owned
or hereafter acquired.

“Proceeds” means all proceeds (including proceeds of proceeds) of any of the Pledged
Collateral including all: (a) rights, benefits, distributions, premiums, profits, dividends,
interest, cash, instruments, documents of title, accounts, contract rights, inventory, equipment,
general intangibles, payment intangibles, deposit accounts, chattel paper, and other property from
time to time received, receivable, or otherwise distributed in respect of or in exchange for, or as
a replacement of or a substitution for, any of the Pledged Collateral, or proceeds thereof
(including any cash, Equity Interests, or other instruments issued after any recapitalization,
readjustment, reclassification, merger or consolidation with respect to the Issuers and any
security entitlements, as defined in Section 8-102(a)(17) of the UCC, with respect thereto);
(b) “proceeds,” as such term is defined in Section 9-102(a)(64) of the UCC; (c) proceeds of any
insurance, indemnity, warranty, or guaranty (including guaranties of delivery) payable from time to
time with respect to any of the Pledged Collateral, or proceeds thereof; and (d) payments (in any
form whatsoever) made or due and payable to a Pledgor from time to time in connection with any
requisition,

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12

confiscation, condemnation, seizure or forfeiture of all or any part of the Pledged Collateral, or
proceeds thereof.

“Secured Obligations” means, collectively, the unpaid principal of and interest on all
Loans and all other indebtedness, liabilities, obligations, covenants and duties of the Borrower
owing to any Lender of any kind, nature or description, under or in respect of the Credit
Agreement, any other Loan Document to which the Borrower is a party, whether direct or indirect,
absolute or contingent, due or to become due, contractual or tortious, liquidated or unliquidated,
and including all interest (including interest that accrues after the filing of a case under the
Bankruptcy Code) and any and all costs, fees (including attorneys fees), and expenses which the
Borrower is required to pay pursuant to any of the foregoing, under Applicable Law, or otherwise

(b) Terms not otherwise defined herein are used herein with the respective meanings given to
them in the Credit Agreement. Terms which are defined in the North Carolina Uniform Commercial
Code have the meanings given such terms therein.

[Signatures on Next Page]

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IN WITNESS WHEREOF, each Pledgor has executed and delivered this Pledge Agreement under
seal as of this the date first written above.

PLEDGORS:

U-STORE-IT, L.P.

By: U-Store-It Trust, its general partner

By:

Name:

Title:

Address for Notices for all Pledgors:

c/o U-Store-It Trust

50 Public Square, Suite 2800

Cleveland, OH  44113

Attn: Secretary

Telephone: (216) 274-1340

Telecopy: (216) 274-1360

c/o U-Store-It Trust

460 Swedesford Road, Suite 3000

Wayne, PA 19087

Attn: Chief Financial Officer

Telephone: (610) 293-5700

Telecopy: (610) 293-5720

Agreed to, accepted and acknowledged

as of the date first written above,

AGENT:

WACHOVIA BANK, NATIONAL ASSOCIATION

By:

Name:

Its:

14

SCHEDULE 1 TO PLEDGE AGREEMENT

Pledged Equity Interests:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Jurisdiction of	 	Class of Equity	 	Certificate Number	 	Percentage of
	Pledgor	 	Issuer	 	Formation of Issuer	 	Interest	 	(if any)	 	Ownership
	U-Store-It, L.P
..
	 	YSI RT LLC
	 	Delaware
	 	Membership Interests
	 		N/A		 		100	%

Pledgor Information:

 

	 	 	 	 	 	 	 	 	 
	 	 	Jurisdiction of	 	Organizational ID	 	 
	Pledgor	 	Formation	 	No.	 	Location of Chief Executive Office
	U-Store-It, L.P.

	 	Delaware
	 	 	2647415	 	 	50 Public Square, Suite 2800

Cleveland, OH  44113

15EX-10.1

PURCHASE AGREEMENT

This Agreement (“Agreement”), dated as of August 1, 2007 (the “Effective Date”), is between
LEXINGTON VALLEY FORGE L.P., a Delaware limited partnership (“Seller”), and TRIPLE NET PROPERTIES,
LLC, a Virginia limited liability company (“Buyer”).

ARTICLE 1

PURCHASE AND SALE OF PROPERTY

Section 1.1 Property Sold. Seller agrees to sell to Buyer, and Buyer agrees to purchase from
Seller, subject to the terms, covenants and conditions set forth herein, the following property
(collectively, the “Property”):

(a) Real Property. Fee simple title to that certain real property commonly
known as 2750 Monroe Boulevard, Valley Forge, Pennsylvania, as more particularly
described in Exhibit A attached hereto and made a part hereof, together with
(1) all buildings, parking lots, sidewalks, landscaping and other improvements
located thereon, including, without limitation, all of Seller’s interest in all
mechanical systems, fixtures and equipment; electrical systems, fixtures and
equipment; heating fixtures, systems and equipment; and plumbing fixtures, systems
and equipment (the “Improvements”), and (2) all of Seller’s right, title and
interest in and to all rights, benefits, privileges, easements, tenements,
herditaments, rights-of-way and other appurtenances thereon or in any way
appertaining thereto (collectively, the “Real Property”).

(b) Lease. All of the landlord’s interest in and to the Office Space Lease
(the “Lease”) dated November 30, 2000, between Seller (as successor to Berwind
Property Group, Ltd. and 2750 Monroe Boulevard Associates, L.P.), as Landlord and
Quest Diagnostics Incorporated (“Quest”), as Tenant.

(c) Documents. All of Seller’s right, title and interest in and to all
architectural and engineering plans in Seller’s possession, and service, maintenance
and management contracts to which Seller is a party, if any, (collectively,
“Contracts”) currently existing with respect to all or any party of the Property
(“Documents”) and which Buyer elects to or is deemed to assume pursuant to the terms
of Section 2.3 below.

(d) Personal Property. Any tangible or intangible personal property now or
hereafter owned by Seller and situated on the Real Property (“Personal Property”).

(e) Licenses. To the extent that the same may be assigned without the consent
of any third parties, all permits, Certificates of Occupancy, approvals or other
governmental authorizations possessed by Seller, if any, with regard to the
operation of the Real Property or Personal Property (“Licenses”).

Section 1.2 Purchase Price.

(a) The purchase price of the Property is TWENTY-SIX MILLION SEVEN HUNDRED
THOUSAND DOLLARS ($26,700,000.00) (the “Purchase Price”).

(b) The Purchase Price will be paid as follows:

(1) Initial Deposit. Within three (3) Business Days after the execution of
this Agreement by Seller and Buyer, Buyer shall deposit in escrow with Land America
Title Company (the “Title Company” or as the context requires “Escrow Agent”), Two
Grand Central Tower, 140 East 45th Street-22nd Floor, New
York, New York 10017, Attention: Douglas Forsyth, the amount of Seven Hundred Fifty
Thousand Dollars ($750,000.00) (the “Initial Deposit”) to held in accordance with
this Agreement, including the provisions of Section 10.17 herein. The Initial
Deposit shall be held in an interest bearing account and all interest thereon shall
be deemed a part of the Initial Deposit. If Buyer fails to fund the Initial Deposit
as set forth in this Section 1.2(b)(1) then, without further notice or demand by
Seller, this Agreement will automatically lapse and terminate by reason of the
failure of a condition precedent, and Buyer and Seller will be released and relieved
from all obligations and liabilities hereunder, except that the Buyer will return
all of the Property Information to Seller, and Buyer and Seller will continue to be
liable for those obligations that expressly survive the cancellation or termination
of this Agreement. Should Buyer elect to cancel and terminate this Agreement
pursuant to Section 3.3 below, then the Initial Deposit will be immediately returned
to Buyer.

(2) Additional Deposit. As a material condition precedent to the continued
effectiveness of this Agreement, if Buyer has not elected to cancel and terminate
this Agreement pursuant to Section 3.3 below, then no later than the expiration of
the Contingency Period, as defined herein, Buyer will deposit with the Escrow Agent
an additional Two Hundred Fifty Thousand Dollars ($250,000.00) (the “Additional
Deposit”), which will be held by the Escrow Agent in an interest bearing account,
pursuant to Section 10.17 herein. If Buyer fails to pay the Additional Deposit to
the Escrow Agent within the time period required above, then, without further notice
or demand by Seller, this Agreement will automatically lapse and terminate by reason
of the failure of a condition precedent, the Initial Deposit will be paid by the
Escrow Agent to Buyer, and Buyer and Seller will be released and relieved from all
obligations and liabilities hereunder, except that the Buyer will return all of the
Property Information to Seller, and Buyer and Seller will continue to be liable for
those obligations that expressly survive the cancellation or termination of this
Agreement. The Initial Deposit and the Additional Deposit are referred to herein
collectively from time to time as the “Earnest Money.” If the Closing as
contemplated hereunder should occur, then the Earnest Money will be paid by the
Escrow Agent to Seller at the Closing, and the Earnest Money will be credited
against the Purchase Price payable by Buyer to Seller at the Closing. From and
after the expiration of the Contingency Period (as defined herein), all of the
Earnest Money will be non-refundable to Buyer in all respects; notwithstanding the
foregoing, all of the Earnest Money will be refundable to Buyer if this Agreement is
canceled and terminated by Buyer by reason of Section 9.7 (“Buyer’s Closing
Conditions”), or under Section 10.1 (“Remedies”), Section 3.3 (“Approval;
Non-Satisfaction), Section 5.3 (“Title Objections”), Section 6.1 (“Casualty”), or
Section 6.2 (“Condemnation”).

(3) Balance. The balance of the Purchase Price, subject to adjustment for all
credits, prorations and closing costs provided for in this Agreement, will be paid
to the Escrow Agent in cash or by wire transfer of other immediately available funds
at the Closing hereunder (as defined below).

(c) Seller represents that their federal employer identification numbers are
Texas Western Limited Partnership: 341935350; Lexington Bulverde L.P.: 43-2050788;
and Lexington Gears L.P.: 20-2549216 and Buyer represents that its federal employer
identification number is 33-0802019.

(d) No portion of the Purchase Price shall be attributed to the Personal
Property.

ARTICLE 2

REVIEW AND INSPECTIONS

Section 2.1 Documents to be Delivered. Prior to the Effective Date, Seller has delivered to
Buyer the items set forth on Schedule 2.1 annexed hereto and made a part hereof (herein
collectively the “Property Information”), to the extent in Seller’s possession, all of which has
been provided without any representations or warranties, except as otherwise specifically provided
for in Section 4.1 herein or Seller’s Closing Documents.

Section 2.2 Contingency Period. The period of time ending on 6:00 P.M. New York time on
August 6, 2007 is referred to herein as the “Contingency Period”. Notwithstanding the foregoing,
the Contingency Period shall be extended, only with respect to Buyer’s receipt of an update of the
Survey (hereinafter defined), for five (5) days after receipt of the updated Survey (inclusive of
the date of receipt), but in no event later than 6:00 P.M. New York time on August 13, 2007 (the
“Updated Survey Review Period”).

Section 2.3 Buyer’s Inspections and Review. From the date hereof, through the end of the
Contingency Period and thereafter in the event Buyer has not terminated this Agreement during the
Contingency Period, upon no less than two (2) business days advance written notice to Seller (or
such shorter period of time as may be approved by Seller), and subject at all times to the rights
of the Tenant and the requirements of the Lease, Buyer or its agents may make inspections, tests,
surveys, audits or reviews of the Property or the books and records of Seller related thereto,
other than Seller Documents (hereinafter defined), all at Buyer’s sole cost and expense, and
without disturbing or interfering with Tenant. Buyer shall also be permitted to interview the
Tenant under the Lease, accompanied by the Seller (if the Seller so chooses), upon no less than two
(2) business days advance written notice to Seller, at a time and place agreed to by Tenant.
Seller will allow Buyer and its agents reasonable access, upon such prior notice, to the Property
or such books and records (at the location at which they are presently housed) for said
inspections, other than Seller Documents. For purposes of this Agreement “Seller Documents” means:
(a) any agreement or document concerning Seller, but not the Property or any aspect thereof; (b)
Seller’s financial records unrelated to the Property, including all federal income tax returns of
Seller for the last three (3) years; (c) any agreements of Seller concerning the Property that are
no longer in effect as of the date of this Agreement; (d) Seller’s loan documents or other
financing agreements that encumber the Property and will be released at or prior to the Closing or
that do not encumber the Property; (e) all agreements and correspondence between Seller, its
officers, directors, partners or members and their respective financial or legal advisors or
counsel; (f) all agreements and correspondence between Seller and its accountants or other service
providers which are unrelated to the operation of the Property; and (g) all confidential
information. Buyer agrees to repair any physical damage to the Property caused by Buyer’s
activities under this Section, which obligation of Buyer will survive any termination of this
Agreement. Prior to, and as a condition to any entry on the Property by Buyer or its agents for
the purposes set forth in this Section 2.3, Buyer shall deliver to Seller a certificate of
insurance evidencing comprehensive general liability coverage (including coverage for contractual
indemnities) with a combined single limit of at least $1,000,000.00 and excess umbrella coverage
for bodily injury and property damage in the amount of $2,000,000.00, in a form reasonably
acceptable to Seller, covering any activity, accident or damage arising in connection with Buyer or
agents of Buyer on the Property, and naming Seller as an additional insured.

On or before the expiration of the Contingency Period, Buyer may deliver written notice to
Seller (the “Property Contract Notice”) specifying any Contract with respect to which the Buyer
desires to have Seller terminate before Closing (the “Terminated Contracts”) whereupon such
Terminated Contracts shall not be assigned to, or assumed by, Buyer and Seller shall terminate
such Terminated Contracts on or before Closing. To the extent that any such Terminated Contract
requires payment of a penalty or premium for cancellation, Seller shall be solely responsible for
the payment of any such cancellation fees or penalties. If Buyer fails to deliver the Property
Contracts Notice on or before the expiration of the Contingency Period, there shall be no
Terminated Contracts and Buyer shall assume all Contracts at the Close of Escrow. Notwithstanding
anything to the contrary set forth in this Section, prior to Closing, Seller shall terminate any
and all management contracts pertaining to the Property.

Section 2.4 Environmental Inspections. The inspections under Section 2.3 may include
non-invasive Phase I environmental inspections of the Real Property, but no Phase II environmental
inspections or other invasive inspections or sampling of soil, ground water or construction
materials will be performed without prior written consent of Seller, which consent may be withheld
in Seller’s sole discretion, and if consented to by Seller, the proposed scope of work and the
party who will perform the work will be subject to Seller’s approval. If this Agreement is
terminated by Buyer or Seller, Buyer will promptly deliver to Seller (at no cost to Seller) copies
of all environmental reports prepared by or for Buyer.

Section 2.5 Entry and Indemnity. In connection with any entry by Buyer, or its agents,
employees or contractors onto the Property, Buyer will give Seller reasonable advance notice of
such entry and will conduct such entry and any inspections in connection therewith (a) during
normal business hours, (b) so as to reasonably minimize interference with Seller’s business and the
business of Tenant, (c) in compliance with the Lease and all applicable laws, and (d) otherwise in
a reasonable manner as determined by Seller.

Buyer will indemnify and hold Seller, its partners, and each of their officers, directors,
agents and employees and Tenant and their officers, directors, agents, employees, licensees and
guests harmless from and against any costs, damages, liabilities, losses, expenses, liens or claims
(including, without limitation, court costs and reasonable attorneys’ fees and disbursements)
arising out of or relating to any entry on the Property by Buyer, its agents, employees or
contractors in the course of performing the inspections, testings or inquiries provided for in this
Agreement, including, without limitation, any damage to the Property.

Section 2.6 Buyer’s obligations under Section 2.4 of this Agreement and Buyer’s
indemnification obligations under Section 2.5 will survive any cancellation or termination of this
Agreement and the Closing under this Agreement.

ARTICLE 3

CONDITIONS

Section 3.1 Buyer’s Contingencies. Buyer’s obligations to Close and purchase the Property are
contingent upon the waiver or satisfaction of each of the following conditions precedent by the end
of the Contingency Period:

(a) Environmental. At Buyer’ sole cost, Buyer will have reviewed any existing
Phase I Report, and will have obtained such environmental assessments and studies of
the Property as deemed necessary by Buyer, disclosing that the environmental
condition of the Property is acceptable to Buyer, in its sole discretion.

(b) Inspection. Buyer will have determined, based on the inspections provided
in Section 2.3, and the review of the Property Information provided under Section
2.1, that the Property is acceptable to Buyer, in its sole discretion.

(c) Tenant Estoppel Certificate. Buyer will have received, reviewed and
approved a completed, executed tenant estoppel certificate substantially in the form
attached herein as Exhibit B, free from material and adverse exception,
qualification or modification (the “Tenant Estoppel Certificate”).

(d) Permitted Encumbrances. Buyer will have determined that the title
exceptions disclosed by the Commitment (as defined herein) are acceptable to Buyer,
in Buyer’s sole discretion.

Section 3.2 Cooperation. Seller and Buyer agree to use their good faith efforts to cooperate
with and assist each other in attempting to satisfy each of the foregoing contingencies.

Section 3.3 Approval; Non-Satisfaction. Buyer may waive the satisfaction of any one or more
of the foregoing contingencies, in Buyer’s sole discretion.

At any point prior to the end of the Contingency Period, Buyer may, by written notice to
Seller, for no reason or any reason, cancel and terminate this Agreement (“Buyer’s Cancellation
Notice”) and, upon Seller’s receipt of the Buyer’s Cancellation Notice, the Earnest Money, together
with any interest accrued thereon, will be refunded to Buyer, and the parties will be mutually
released from all liabilities and obligations hereunder, save and except that Buyer will promptly
return to Seller all copies of the Property Information provided to Buyer, and Buyer and Seller
will continue to be liable for those obligations that expressly survive cancellation or termination
of this Agreement. Buyer’s failure to timely deliver Buyer’s Cancellation Notice and deliver the
Additional Deposit to Escrow Agent shall also constitute a termination of this Agreement by reason
of the Contingencies set forth in Section 3.1 above, in which event the Earnest Money, together
with any interest accrued thereon, will be automatically refunded to Buyer from Escrow Agent, and
the parties will be mutually released from all liabilities and obligations hereunder, save and
except that Buyer will promptly return to Seller all copies of the Property Information provided to
Buyer, and Buyer and Seller will continue to be liable for those obligations that expressly survive
cancellation or termination of this Agreement.

ARTICLE 4

WARRANTIES

Section 4.1 Representations and Warranties of Seller. Seller hereby makes the following
representations and warranties to Buyer (herein collectively “Seller’s Warranties”).

(a) This Agreement has been, and all documents executed by Seller which are to
be delivered to Buyer at Closing will be, duly authorized, executed and delivered by
Seller, and this Agreement does not and such other documents will not violate any
provision of any agreement or judicial order to which Seller is a party or to which
Seller or the Property is subject. This Agreement is a legal, valid and binding
obligation of Seller, enforceable against Seller in accordance with its terms,
subject to the effect of applicable bankruptcy, insolvency, reorganization,
arrangement, moratorium or other similar laws affecting the rights of creditors
generally.

(b) Seller is a limited partnership duly organized, validly existing, and in
good standing in state of its formation, and is qualified to do business in the
State in which the Real Property is located. Seller has the power and authority to
enter into this Agreement and all documents executed by Seller which are to be
delivered to Buyer at Closing and to perform its obligations hereunder and
thereunder.

(c) True and complete copies of all documents and agreements evidencing the
Lease have been or will be provided to Buyer as part of the Property Information.
To Seller’s knowledge, the Lease is in full force and effect. Seller has not given
or received any written notice(s) of default under the Lease that have not been
cured. All leasing commissions due and payable with respect to the Lease have been
or will be paid prior to Closing, and there are no amounts due by Landlord under the
Lease for any tenant improvements, except in each case as may be disclosed in the
Tenant Estoppel Certificate. Except for the Lease or otherwise disclosed by the
Commitment, Seller has not granted any other leases, licenses or other occupancy
agreements with respect to the Property. No rent or other payments have been
collected in advance for more than one (1) month.

(d) Except for the Contracts listed on Exhibit G annexed hereto, there
are no currently effective equipment leases, building service agreements, or other
agreements relating to the operation of the Property to which Seller is a party and
for which Buyer will be liable after the Closing and made a part hereof and
otherwise disclosed by the Commitment.

(e) Seller is not a “foreign person” as defined in Section 1445 of the Internal
Revenue Code of 1986, as amended and any related regulations.

(f) To Seller’s knowledge, there is no litigation or governmental proceeding
(including, but not limited to any condemnation proceeding) at law or in equity, or
before or by any federal, state, municipal, or other governmental court, department,
commission, board, bureau, agency, or instrumentality, domestic or foreign, pending
or, threatened, with respect to the Property or Seller which impairs Seller’s
ability to perform its obligations under this Agreement.

(g) The execution and delivery by Seller of, and the performance of and
compliance by Seller with, the terms and provisions of this Agreement, do not to
Seller’s knowledge (1) conflict with, or result in a breach of, the terms,
conditions or provisions of, or constitute a default under any agreement or
instrument to which Seller is a party or by which all or any part of the Property is
bound, (2) violate any restriction, requirement, covenant or condition to which all
or any part of the Property is bound, (3) constitute a violation of any applicable
code, resolution, law, statute, regulation, ordinance or rule applicable to Seller
or the Property, (4) constitute a violation of any judgment, decree or order
applicable to Seller or specifically applicable to the Property, or (5) require the
consent, waiver or approval of any third party.

(h) Seller is not the subject of any existing or, to Seller’s knowledge,
pending, threatened or contemplated bankruptcy, solvency or other debtor’s relief
proceeding.

(i) Seller is not acting, directly or indirectly for, or on behalf of, any
person, group, entity or nation named by any Executive Order of the President of the
United States of America (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit,
or Support Terrorism) or the United States Treasury Department, as a terrorist,
“Specially Designated National and Blocked Person,” or other banned or blocked
person, entity, or nation pursuant to any law that is enforced or administered by
the United States Office of Foreign Assets Control, and is not engaging in this
transaction, directly or indirectly, on behalf of, or instigating or facilitating
this transaction, directly or indirectly, on behalf of, any such person, group,
entity or nation.

(j) Except as expressly set forth in the Property Information, to Seller’s
knowledge, Seller has not received any written notice from any governmental,
quasi-governmental authority or other third party of any alleged violations of any
applicable federal, state or local laws, statutes, rules, regulations, ordinances,
orders or requirements (collectively, “Laws”) noted or issued by any
governmental authority having jurisdiction over or affecting the Property,
including, without limitation, Laws relating to Hazardous Materials (hereinafter
defined). For purposes of this Agreement, “Hazardous Materials” is defined as all
hazardous, toxic or radioactive matter including, without limitation, (a) petroleum,
petroleum products, gasoline, diesel fuel, motor oil, and their related additives,
and (b) any substance or material that may give rise to liability under: (i) the
Resources Conservation and Recovery Act of 1976 (42 U.S.C. §§ 6901 et seq.), and any
amendments thereto; (ii) the Comprehensive Environmental Response, Compensation and
Liability Act of 1980 (42 U.S.C. §§ 9601, et seq.), and any amendments thereto;
(iii) the Federal Water Pollution Control Act (33 U.S.C. § 1321 et seq.), and any
amendments thereto; (iv) the Clean Air Act (42 U.S.C. §§ 7401 et seq.), and any
amendments thereto; and (v) any similar local, state or federal laws, ordinances,
regulations or directives that concern the control of materials or substances known
or suspected to be toxic or hazardous (including, without limitation, methane,
volatile hydrocarbons, industrial solvents, asbestos and any radioactive substance).

(k) To Seller’s knowledge, the Property Information delivered to Buyer contains
true, correct and complete copies of such Property Information in Seller’s
possession and constitutes all the material documents in Seller’s possession.

Each of the representations and warranties of Seller contained in this Section 4.1 is true as
of the Effective Date and will be deemed remade by Seller, and will be true in all material
respects as of the date of Closing (other than the representations in Section 4.1(g), subject in
each case to any Exception Matters (as defined below)).

Section 4.2 Enforcement. Seller’s Warranties will be void, ab initio, and
will lapse and terminate if this Agreement terminates, or is terminated, under Sections 3.3, 5.3,
6.1 or 6.2. If the Closing occurs, Seller’s Warranties will survive the Closing hereunder, for the
benefit of Buyer, for a period ending at 5:00 p.m. on the six (6) month anniversary of the Date of
Closing (the “Warranty Expiration Date”). No claim for a breach of any Seller Warranties, or the
failure or default of a covenant or agreement of Seller that survives Closing, shall be actionable
or payable unless the actual damages for all such breaches collectively aggregate more than Fifty
Thousand and No/100 Dollars ($50,000.00) (the “Threshold Amount”), in which event the amount of
such claims in excess of the Threshold Amount shall be actionable, but in no event in an amount to
exceed One Million Five Hundred Thousand Dollars ($1,500,000.00) (“Seller’s Damage Cap”). Seller
will not be liable or responsible in any circumstances for any consequential damages or lost
profits, and Buyer hereby releases and waives all claims for consequential damages and lost
profits. If, on or prior to the Warranty Expiration Date, Buyer has not notified Seller, in
writing, of any claim Buyer has against Seller for breach of any of Seller’s Warranties and
commenced an action against Seller, Buyer will be forever barred and precluded from making a claim
based upon any breach of the Seller’s Warranties, and Seller will be deemed released from all
liabilities and obligations with respect thereto.

Section 4.3 No Liability for Exception Matters. As used herein, the term “Exception Matter”
will refer to (i) a fact, circumstance, potential claim, or other matter disclosed to Buyer by
Seller in writing before the expiration of the Contingency Period, or (ii) a fact, circumstance,
potential claim, or other matter actually discovered by Buyer before the expiration of the
Contingency Period, that would make a representation or warranty of Seller contained in this
Agreement untrue or incorrect, including matters disclosed in the Tenant Estoppel Certificate.
Buyer and Seller will promptly notify each other in writing of any Exception Matter of which either
obtains knowledge before the Closing. If Buyer obtains knowledge of any Exception Matter before
the Closing, but nonetheless elects to proceed with the acquisition of the Property, Buyer will
consummate the acquisition of the Property subject to and by accepting such Exception Matter and
Seller will have no liability with respect to such Exception Matter, notwithstanding any contrary
provision, covenant, representation or warranty contained in this Agreement.

Section 4.4 Seller’s Knowledge. For purposes of Seller’s Warranties whenever the phrase “to
the best of Seller’s knowledge” or the “knowledge” of Seller or words of similar import are used,
they will be deemed to mean and are limited to the current actual knowledge only of Andrew Zhong,
Seller’s asset manager for the Real Property, without any duty or obligation to investigate any
matter or examine any records or files related to Seller or the Property, and not any implied,
imputed or constructive knowledge of such individual or of Seller; it being understood and agreed
that such individual will have no personal liability in any manner whatsoever hereunder or
otherwise related to the transactions contemplated hereby.

Section 4.5 Representations and Warranties of Buyer. Buyer represents and warrants to Seller
as follows:

(a) Buyer represents and warrants to Seller that this Agreement and all
documents executed by Buyer which are to be delivered to Seller at Closing do not
and at the time of Closing will not violate any provision of any agreement or
judicial order to which Buyer is a party or to which Buyer is subject. There is no
action or proceeding pending or, to Buyer’s knowledge, threatened against Buyer
which challenges or impairs Buyer’s ability to execute or perform its obligations
under this Agreement.

(b) Buyer (or any permitted assignee) has been duly organized, is validly
existing and is in good standing in the state in which it was formed, and is, or
will be prior to Closing, qualified to do business in the state in which the Real
Property is located. This Agreement has been, and all documents executed by Buyer
which are to be delivered to Seller at Closing will be, duly authorized, executed
and delivered by Buyer. Buyer has the financial capability and business experience
to consummate the transactions contemplated by this Agreement.

(c) Buyer is not acting, directly or indirectly for, or on behalf of, any
person, group, entity or nation named by any Executive Order of the President of the
United States of America (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit,
or Support Terrorism) or the United States Treasury Department, as a terrorist,
“Specially Designated National and Blocked Person,” or other banned or blocked
person, entity, or nation pursuant to any law that is enforced or administered by
the United States Office of Foreign Assets Control, and is not engaging in this
transaction, directly or indirectly, on behalf of, or instigating or facilitating
this transaction, directly or indirectly, on behalf of, any such person, group,
entity or nation.

Section 4.6 Buyer’s Independent Evaluation. As of the expiration of the Contingency Period,
Buyer will have, or will have had ample opportunities to have:

(a) Examined and inspected the Property and will know and be satisfied with the
physical condition, quality, quantity and state of repair of the Property in all
respects, and by proceeding with this transaction following the expiration of the
Contingency Period will be deemed to have determined that the same is satisfactory
to Buyer;

(b) Reviewed the Lease and all other Property Information, and Buyer, by
proceeding with this transaction following the expiration of the Contingency Period,
will be deemed to have determined that the same and the information and data
contained therein and evidenced thereby are satisfactory to Buyer;

(c) Reviewed all applicable laws, ordinances, rules and governmental
regulations (including, but not limited to, those relating to building, zoning and
land use) affecting the development, use, occupancy or enjoyment of the Real
Property, and Buyer, by proceeding with this transaction following the expiration of
the Contingency Period, will be deemed to have determined that the same are
satisfactory to Buyer; and

(d) Investigated, examined and approved the presence or absence of Hazardous
Materials in, on or under the Property, and the presence of lead-containing dust in
the building, which investigations, examinations or audits will be performed or
arranged by Buyer, at Buyer’s sole expense, prior to the end of the Contingency
Period.

(1) AS-IS. EXCEPT FOR SELLER’S WARRANTIES IN SECTION 4.1 OF THIS AGREEMENT,
THIS SALE IS MADE WITHOUT REPRESENTATION, COVENANT, OR WARRANTY OF ANY KIND (WHETHER
EXPRESS OR IMPLIED) BY SELLER. AS A MATERIAL PART OF THE CONSIDERATION FOR THIS
AGREEMENT, BUYER AGREES TO ACCEPT THE PROPERTY ON AN “AS IS” AND “WHERE IS” BASIS,
WITH ALL FAULTS, AND WITHOUT ANY REPRESENTATION OR WARRANTY, ALL OF WHICH SELLER
HEREBY DISCLAIMS. EXCEPT FOR SELLER’S WARRANTIES, NO WARRANTY OR REPRESENTATION IS
MADE BY SELLER AS TO FITNESS FOR ANY PARTICULAR PURPOSE, MERCHANTABILITY, DESIGN,
QUALITY, CONDITION, OPERATION OR INCOME, COMPLIANCE WITH DRAWINGS OR SPECIFICATIONS,
ABSENCE OF DEFECTS, ABSENCE OF HAZARDOUS OR TOXIC SUBSTANCES, THE PRESENCE OF
LEAD-CONTAINING DUST, ABSENCE OF FAULTS, FLOODING, OR COMPLIANCE WITH LAWS AND
REGULATIONS INCLUDING, WITHOUT LIMITATION, THOSE RELATING TO HEALTH, SAFETY, AND THE
ENVIRONMENT (INCLUDING, WITHOUT LIMITATION, THE ADA). BUYER ACKNOWLEDGES THAT BUYER
HAS ENTERED INTO THIS AGREEMENT WITH THE INTENTION OF MAKING AND RELYING UPON ITS
OWN INVESTIGATION OF THE PHYSICAL, ENVIRONMENTAL, ECONOMIC USE, COMPLIANCE, AND
LEGAL CONDITION OF THE PROPERTY. EXCEPT AS EXPRESSLY SET FORTH HEREIN WITH RESPECT
TO SELLER’S REPRESENTATIONS AND WARRANTIES, BUYER EXPRESSLY RELEASES, AND WAIVES (TO
THE EXTENT ALLOWED BY APPLICABLE LAW) ANY CLAIMS UNDER FEDERAL LAW, STATE OR OTHER
LAW, WHETHER IN LAW OR EQUITY THAT BUYER MIGHT OTHERWISE HAVE AGAINST SELLER
RELATING TO THE USE, CHARACTERISTICS OR CONDITION OF THE PROPERTY WHETHER ARISING
BEFORE OR AFTER THE DATE OF CLOSING, INCLUDING, WITHOUT LIMITATION, ANY PHYSICAL,
ENVIRONMENTAL, ECONOMIC OR LEGAL CONDITION THEREOF AND ANY CLAIM FOR INDEMNIFICATION
OR CONTRIBUTION ARISING UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE,
COMPENSATION, AND LIABILITY ACT (42 U.S.C. SECTION 9601 ET SEQ.) OR ANY SIMILAR
FEDERAL, STATE OR LOCAL STATUTE, RULE OR ORDINANCE RELATING TO LIABILITY OF PROPERTY
OWNERS FOR ENVIRONMENTAL MATTERS.

     

Buyer’s Initials

Section 4.7 Buyer’s acceptance under Section 4.6 of this Agreement will not be deemed to
modify or limit any of Seller’s representations or warranties under this Agreement.

ARTICLE 5

TITLE MATTERS

Section 5.1 Commitment. Seller has ordered a current title commitment (“Commitment”) for an
ALTA Form B Owner’s Title Policy issued by the Title Company showing the status of title of the
Real Estate and all exceptions, including liens, encumbrances, easements, restrictions,
rights-of-way, covenants, reservations and other conditions, if any, affecting the Real Estate,
together with legible copies of all documents affecting the Property and referred to in the
Commitment and has requested that the foregoing be delivered as soon as possible to Buyer’s
attorney.

Section 5.2 Survey. If available, the current survey of the Property (the “Survey”) will be
delivered to Buyer as part of the Property Information. Buyer may have an updated Survey prepared
at Buyer’s sole cost and expense, to include the surveyor’s certification to Buyer, Buyer’s lender
and the Title Company dated subsequent to the date of this Agreement confirming that such Survey
has been prepared in full compliance with the most recent Survey Standards of the ALTA and ACSM.

Section 5.3 Title Objections. If the Commitment or the Survey shows exceptions or defects
that Buyer does not consent to, Buyer will provide Seller with written notice of the objections to
title raised by such matters by the expiration of the Contingency Period. Notwithstanding the
foregoing, Buyer may raise objections to title only with respect to new matters shown on the
updated Survey by the expiration of the Updated Survey Review Period. Buyer’s failure to make such
objections within said periods will constitute a waiver by Buyer of any objections to the
marketability of title; provided that Buyer will be permitted to raise as title objections (within
five (5) business days of Buyer’s notification thereof), matters affecting title which are first
notified to Buyer by an amendment, update or continuation of the Commitment. If Buyer does timely
provide written notice to Seller of objections to title as disclosed by the Commitment (or update
as aforesaid), then Seller will have fifteen (15) days after Buyer makes written objection to
Seller to use commercially reasonable efforts to (but no obligation to) cure such defects. Seller
will be deemed to have duly cured any such defects in title if Seller causes the title company to
agree to provide Buyer, at Closing (at no cost to Buyer), with specific title insurance insuring
Buyer over any loss occasioned by such defects, pursuant to an endorsement reasonably satisfactory
to Buyer. If Seller elects not to cure, or has not been able to cure, such title defects within
fifteen (15) days from the date of written objection thereto, as above provided, and Buyer does not
waive the curing of such defects, then this Agreement will be voidable, at Buyer’s option, upon
written notice to Seller given within five (5) business days of the expiration of the said fifteen
(15) day period, in which event the entire Earnest Money and interest earned thereon will be
immediately refunded to Buyer. Notwithstanding the foregoing, Seller agrees to satisfy any
mortgages created or assumed by Seller, and any other liens voluntarily created by Seller (but not
the Tenant under the Lease) that are curable solely by the payment of money not to exceed one
percent (1%) of the Purchase Price either prior to Closing or simultaneously with Closing by using
proceeds from the sale.

ARTICLE 6

RISK OF LOSS AND INSURANCE PROCEEDS

Section 6.1 Casualty.

(a) In the event of fire or other casualty, Seller will immediately notify
Buyer thereof. In the event such casualty results in the termination of the Lease,
or would, in the reasonable opinion of a general contractor selected by Seller, cost
in excess of One Million Three Hundred Thirty Five Thousand Dollars ($1,335,000.00)
to repair, either Seller or Buyer will have the option, exercisable within fifteen
(15) days of Seller’s notice, of either (i) declaring this Agreement terminated in
which event Title Company will refund to Buyer, with the interest earned thereon,
the entire Earnest Money whereupon this Agreement and all rights of Buyer hereunder
and to the Property will terminate and neither Seller nor Buyer will have any
further claim against the other (except for those obligations that expressly survive
cancellation or termination of this Agreement), or (ii) closing title in accordance
with this Agreement and paying in full the Purchase Price, without any abatement
thereof or claim against Seller for such loss or damage (except solely that Seller
will credit the purchase price by the amount of its insurance deductible, if Seller
maintains the property insurance), and accepting an assignment, without recourse, of
Seller’s rights, if any, to any payments to be made under any applicable hazard
insurance policies together with any payments under such policies made to Seller
prior to the Closing and not expended to repair or replace such loss, damage or
destruction and to reimburse Seller for all actual reasonable collection costs,
together with payment by Seller to Buyer of the amount of the applicable deductible,
if any is payable by Seller. If Buyer will have failed to timely make an election
pursuant to the foregoing sentence Buyer will be deemed to have elected to proceed
with the purchase of the Property in accordance with (ii) above.

(b) In the event a casualty occurs that does not result in the termination of
the Lease, the Closing shall occur in accordance with this Agreement and Buyer shall
pay full the Purchase Price, without any abatement thereof or claim against Seller
for such loss or damage (except solely that Seller will credit the purchase price by
the amount of its insurance deductible, if Seller maintains the property insurance),
and accepting an assignment, without recourse, of Seller’s rights, if any, to any
payments to be made under any applicable hazard insurance policies together with any
payments under such policies made to Seller prior to the Closing and not expended to
repair or replace such loss, damage or destruction and to reimburse Seller for all
actual reasonable collection costs, together with payment by Seller to Buyer of the
amount of the applicable deductible, if any is payable by Seller.

(c) This paragraph will govern to the extent inconsistent with any applicable
law.

Section 6.2 Condemnation. As of the date hereof, Seller represents and warrants that it has
no knowledge of any pending or contemplated condemnation proceedings affecting the Property or any
part thereof. If prior to the Closing, all of the Property will be taken by condemnation, eminent
domain or deed in lieu thereof or such a taking will be threatened in writing by the applicable
governmental authority having jurisdiction over the Property, this Agreement will be automatically
canceled, the entire Earnest Money together with any interest thereon will be returned to Buyer and
thereupon neither party will have any further liability or obligation to the other (except for
those obligations that expressly survive cancellation or termination of this Agreement). If, prior
to the Closing, a portion, but less than all, of the Property will be taken by condemnation,
eminent domain or deed in lieu thereof and Tenant elects to terminate the Lease, then in such event
Buyer may cancel this Agreement by sending written notice thereof to Seller within fifteen (15)
days of Buyer’s receipt of notice of such condemnation, eminent domain, or other taking, in which
event Title Company will return to Buyer the entire Earnest Money with interest thereon and
thereupon neither party will have any further liability or obligations to the other (except for
those obligations that expressly survive cancellation or termination of this Agreement). If this
Agreement is not canceled, Buyer will accept title to the Property subject to the condemnation,
eminent domain or taking, in which event on the Date of Closing the net proceeds of the award or
payment (after payment of all actual reasonable collection costs) will be assigned by Seller to
Buyer and net monies theretofore received by Seller in connection with such condemnation, eminent
domain, taking or change of grade will be paid over to Buyer or allowed as a credit against the
purchase price hereunder.

ARTICLE 7

BROKERS

Section 7.1 Warranty. The parties represent and warrant to each other that no broker or
finder was instrumental in arranging or bringing about this transaction except for Grubb & Ellis
(“Seller’s Broker”).

Section 7.2 Payment of Commission. At Closing, Seller will pay the commission due, if any, to
Seller’s Broker, which will be paid pursuant to a separate agreement between Seller and Seller’s
Broker.

Section 7.3 Indemnity. If any person (other than Seller’s Broker) brings a claim for a
commission or finder’s fee based upon any contact, dealings or communication with Buyer or Seller,
then the party through whom such person makes his claim will defend the other party (the
“Indemnified Party”) from such claim, and will indemnify the Indemnified Party and hold the
Indemnified Party harmless from any and all costs, damages, claims, liabilities or expenses
(including without limitation, court costs and reasonable attorneys’ fees and disbursements)
incurred by the Indemnified Party in defending against the claim. The provisions of this Section
will survive the Closing or, if the purchase and sale is not consummated, any termination of this
Agreement.

ARTICLE 8

OPERATIONS

Section 8.1 Ongoing Operations. During the pendency of this Agreement, but subject to the
limitations set forth below, Seller will (a) continue to maintain substantially the same insurance
as presently in effect in respect of the Property, (b) provide Buyer with copies of (i) any notices
of default, (ii) any copies of correspondence received from Tenant that it is discontinuing
operations at the Property or seeking to re-negotiate its lease, (iii) notices of bankruptcy
filings received with respect to Tenant and (iv) other material correspondence received from Tenant
under the Lease and (c) otherwise carry on its businesses and activities relating to the Real
Property substantially in the same manner as it did before the date of this Agreement, provided
that Seller shall not be required to make any capital repairs or improvements to the Property.

Section 8.2 Contracts. Following the Effective Date, Seller will not (i) enter into any lease
or contract that could create an obligation affecting the Real Property subsequent to the Closing,
or (ii) amend or waive any material right under any Contract without the prior consent of the
Buyer, which shall not be unreasonably withheld or delayed.

Section 8.3 Lease. Seller may not, without Buyer’s prior written consent, enter into
amendments, expansions or renewals of the Lease (other than as may be required by the Lease).

Section 8.4 SNDA. Seller shall deliver to Tenant and use commercially reasonable efforts
(without any cost and expense to Seller, and without commencing any proceedings or claiming any
default under the Lease) to obtain a subordination, attornment and non-disturbance agreement
(“SNDA”) from Tenant in favor of Buyer’s lender in the form attached as Exhibit H.

Section 8.5 No Showings. Following the Effective Date, Seller will not market, show or list
the Property to any other prospective buyer during the term of this Agreement as long as Buyer is
not in default hereunder and no party has sent a notice terminating this Agreement.

ARTICLE 9

CLOSING

Section 9.1 Closing Date. Provided that all conditions thereto have been satisfied in all
material respects, the consummation of the sale and purchase contemplated hereby will be held on or
before 2:00 pm New York time on the thirtieth (30th) day after the expiration of the Contingency
Period. The Closing will take place in escrow through the offices of the Title Company. The date
of Closing is herein referred to as the “Date of Closing” or the “Closing.”: Notwithstanding the
foregoing, Buyer acknowledges that Seller has advised it that the existing mortgage indebtedness on
the Property is being defeased in connection with this transaction. Anything in this Section 9.1 or
any other provision of this Agreement to the contrary notwithstanding, in the event that Seller
requires additional time to effect such defeasance in order to deliver title as required herein,
Seller shall have the right to adjourn the Date of Closing for up to an aggregate of thirty (30)
days by giving notice to Buyer to such effect not later than two (2) business days prior to the
then-scheduled Date of Closing. In addition, notwithstanding anything contained in this Agreement
to the contrary, in order to accommodate such defeasance, Seller and Purchaser agree that all of
Seller’s Closing Documents, Buyer’s Closing Documents and the balance of the Purchase Price shall
be deposited into escrow with the Escrow Agent not later than one (1) day prior to the Date of
Closing pursuant to an escrow agreement mutually agreeable to Seller and Buyer.

Section 9.2 Seller’s Closing Documents. Seller will deliver to Buyer at Closing (except as
otherwise indicated) all of the following items:

(a) A properly executed and acknowledged recordable limited warranty deed in
the form attached as Exhibit C conveying title to the Real Property and the
appurtenant easements to Buyer which shall (i) be in recordable form, and (ii) be
duly executed and acknowledged by Seller.

(b) A quit claim Bill of Sale in the form attached as Exhibit D, duly
executed and acknowledged by Seller, conveying to Buyer title to any Personal
Property.

(c) Seller’s properly executed title affidavits in the customary form
pertaining to liens, judgments, mechanic liens and bankruptcies, in each case
against Seller, brokerage fees, etc. which affect the Property.

(d) An Assignment and Assumption of the Lease duly executed and acknowledged by
Seller in the form attached as Exhibit E (“Lease Assignment”) together with
the original, executed Tenant Estoppel Certificate if delivered by the Tenant.

(e) An Assignment duly executed and acknowledged by Seller in the form attached
as Exhibit F by which Seller will assign, without recourse, all of Seller’s
rights to Buyer in and under: (i) all guaranties and warranties made by any
contractor, subcontractor, materialman, supplier, or other person or entity with
respect to the Improvements; (ii) the Contracts; (iii) the Documents; and (iv) the
Licenses (the “General Assignment”).

(f) A sworn statement provided by Seller that it is not a foreign person and
containing such other information as may be required by Section 1445 of the Internal
Revenue Code and regulations thereunder.

(g) A letter to the Tenant in the form provided by Buyer and reasonably
satisfactory to Seller, advising it of the sale and directing it to pay all future
rent to Buyer, at such address as Buyer directs.

(h) The original Lease if Seller’s possession and control, together with all
exhibits referenced therein (to be delivered to Buyer or its designee within three
(3) Business Days after Closing, which obligation shall survive the Closing).

(i) All original guaranties, warranties, licenses and Contracts in Seller’s
possession and control bearing on the Property (to be delivered to Buyer or its
designee within three (3) Business Days after Closing, which obligation shall
survive the Closing).

(j) All construction drawings, plans and specifications in Seller’s possession
or control (to be delivered to Buyer or its designee within three (3) Business Days
after Closing, which obligation shall survive the Closing).

(k) All keys to the Property which are in Seller’s possession.

(l) Possession of the Property, subject only to the rights of the Tenant in
possession thereof.

(m) A 1099S form.

(n) The Title Company’s closing statement executed by Seller.

(o) Documents reasonably required by the Title Company to consummate the
transaction contemplated hereby, including such documentation as the Title Company
may reasonably require to evidence the authority of the Seller to convey the
Property to Buyer.

Section 9.3 Buyer’s Closing Documents. Buyer will deliver to Seller at Closing all of the
following items:

(a) Any documents, instruments or authorizations necessary so as to cause the
Title Company to forward the Earnest Money, and all interest earned thereon, to the
Seller by wire transfer.

(b) The cash payment required by Section 1.2 above, subject only to the
prorations, credits and adjustments specified herein.

(c) The Lease Assignment duly executed and acknowledged by Buyer.

(d) The General Assignment duly executed and acknowledged by Buyer.

(e) The Title Company’s closing statement executed by Buyer.

(f) Such other and further documentation reasonably required by the Title
Company.

Section 9.4 Closing Costs.

The following costs and expenses will be paid as follows in connection with the Closing:

(a) Seller will pay:

(1) The cost of preparation of the Deed(s) and other documents of conveyance.

(2) One half (1/2) of all State, County and City transfer taxes upon delivery
to Buyer of the Deed.

(3) Seller’s attorneys’ fees.

(4) All amounts required to obtain releases of any mortgages, contracts for
deed, mechanic’s liens, or other liens and encumbrances against the Property which
Seller is obligated to remove of record pursuant to the terms of this Agreement.

(5) Such other costs as are allocated to Seller under this Agreement.

(b) Buyer will pay:

(1) Any filing fee to record the Deed(s).

(2) The premium and all other costs and charges for any Owner’s Title Policy
and endorsements to be issued by the Title Company in the amount of the Purchase
Price, any lender’s title insurance policy and endorsements or supplemental coverage
obtained by Buyer.

(3) One half (1/2) of all State, County and City transfer taxes upon delivery
to Buyer of the Deed.

(4) Buyer’s attorneys’ fees.

(5) The cost to obtain any additional survey, if obtained.

(6) Any amounts for the Closing fee charged by the Title Company.

(7) Such other costs as are allocated to Buyer under this Agreement.

Section 9.5 Taxes and Special Assessments.

Real estate taxes and any other assessments affecting the Property shall be prorated as of the
Date of Closing (provided there shall be no proration of these charges to the extent they are paid
by the Tenant). If, on the Date of Closing, the Property or any part thereof shall be affected by
any assessment which is payable in installments, Seller shall have no liability for payment of any
installment becoming due on or after the Date of Closing. Assessments shall not be objections to
title whether or not the same constitute liens on the Date of Closing.

Section 9.6 Proration of Income and Expenses.

(a) Rents. All rent will be prorated by the parties on a per diem basis to the
Date of Closing by appropriate adjustments to the Closing Statement as follows:
Seller will be entitled to all income and rentals accrued prior to 11:59 p.m. on the
day prior to the Date of Closing and will be obligated for all expenses accruing
prior to the Date of Closing; and Buyer will be entitled to collect and retain all
rental due on and after the Closing and will be obligated to pay all expenses
accruing on and after the Closing.

(b) Utilities. Water, sewage, fire protection inspection services, electric,
telephone and all other utility charges will be prorated by the parties on a per
diem basis to the Date of Closing (provided there shall be no proration of these
charges if they are paid directly by Tenant).

(c) Subsequent Adjustments. If on the Date of Closing, the precise figures
necessary for any of the foregoing adjustments are not capable of determination,
then those adjustments will be made on the basis of the most recent bills, and final
adjustments will be made promptly after precise figures are determined or available.
The provisions of this Section 9.6 shall survive the Closing for one (1) year.

Section 9.7 Buyer’s Closing Conditions. Buyer’s obligations hereunder are subject to the
satisfaction of the following conditions precedent and the compliance by Seller with the following
covenants:

(a) Seller’s Deliveries. Seller shall have delivered to the Title
Company or the Buyer, as the case may be, on or before the date of Closing, all of
the documents called for by this Agreement, including without limitation Section 9.2
hereof.

(b) Seller’s Representations and Warranties. All of Seller’s
representations and warranties made in this Agreement shall be true and correct as
of the Effective Date and as of Date of Closing as if then made in all material
respects (other than the representations in Section 4.1(g)), and Seller shall have
performed all of its covenants and other obligations under this Agreement.

(c) Title Policy. The Title Company shall be prepared to issue at
Closing (or prepared to unconditionally commit to issue at Closing, with no “gap”)
its title policy to Buyer, in the form agreed to in accordance with Article 5
herein, subject only to the payment of its premiums (at standard rates) for such
policy as set forth herein.

Section 9.8 Seller’s Closing Conditions. Seller’s obligations hereunder are subject
to the satisfaction of the following conditions precedent and the compliance by Buyer with the
following covenants:

(a) Buyer’s Deliveries. Buyer shall have delivered to the Title
Company or the Seller, as the case may be, on or before the date of Closing, the
balance of the Purchase Price and all of the documents called for by this Agreement,
including, without limitation, Section 9.3 hereof.

(b) Buyer’s Representations and Warranties. All of Buyer’s
representations and warranties made in this Agreement shall be true and correct as
of the Effective Date and as of Date of Closing as if then made in all material
respects, and Buyer shall have performed all of its covenants and other obligations
under this Agreement.

ARTICLE 10

MISCELLANEOUS

Section 10.1 Remedies.

(a) If Buyer defaults under the terms of this Agreement, (and with respect only
to a non-monetary default, following notice to Buyer and five (5) days thereafter
during which period Buyer may cure the non-monetary default), Seller may terminate
this Agreement and the Title Company will pay Seller all of the Earnest Money which
Seller may retain, which amount is agreed upon by and between Seller and Buyer as
liquidated damages due to the difficulty and inconvenience of ascertaining and
measuring actual damages and the uncertainty thereof; and no other damages, rights
or remedies at law or in equity shall in any case be collectible, enforceable or
available to Seller, but Seller shall accept said cash payment as Seller’s total
damages and relief; provided, however, that Seller’s receipt and acceptance of the
Earnest Money will not prejudice, waive or in any manner affect any and all remedies
available at law, in equity, or hereunder with respect to enforcing Buyer’s
obligations that expressly survive cancellation or termination of this Agreement.

(b) If Seller defaults in the performance of this Agreement, (and with respect
only to a non-monetary default, following notice to Seller and five (5) days
thereafter during which period Seller may cure the non-monetary default), Buyer, as
its sole and exclusive remedy, may either: (i) cancel and terminate this Agreement
by written notice, and upon such termination, the Title Company will pay Buyer all
of the Earnest Money, and thereafter neither party shall have any further liability
hereunder except for Buyer and Seller’s obligations that expressly survive
cancellation or termination of this Agreement or, (ii) apply for and receive a
decree of specific performance to enforce performance of the terms hereof provided
that any suit for specific performance must be brought within forty-five (45) days
of Seller’s default, to the extent permitted by law, Buyer waiving the right to
bring suit at any later date. In no event will Seller be liable or responsible for
(and Buyer hereby waives) all claims to recover any monetary damages whatsoever,
whether general, special, incidental or consequential allegedly arising from any
breach of this Agreement by Seller (other than as set forth in Section 4.2 hereof).

Section 10.2 Notices. Any notices required or permitted to be given hereunder will be given
in writing, signed by the party giving the same, and will be delivered (a) in person, (b) by
certified mail, postage prepaid, return receipt requested, (c) by a commercial overnight courier
that guarantees next business day delivery and provides a receipt, or (d) by facsimile, and such
notices will be addressed as follows:

	 	 	 	 	 
	To Seller:
	 	Lexington Realty Trust
	 
	 	One Penn Plaza, Ste. 4015
	 
	 	New York, NY  10119-4015
	 
	 	Attention: Richard J. Rouse
	 
	 	Phone:  (212) 692-7220
	 
	 	Fax:  (212) 594-6600
	With copy to:
	 	Lexington Realty Trust
	 
	 	One Penn Plaza, Ste. 4015
	 
	 	New York, NY  10119-4015
	 
	 	Attention: Joseph Bonventre, Esquire
	 
	 	Phone:  (212) 692-7250
	 
	 	Fax:  (212) 594-6600
	with a copy to:
	 	Eiseman Levine Lehrhaupt & Kakoyiannis P.C.
	 
	 	805 Third Avenue
	 
	 	New York, New York 10022
	 
	 	Attention:  Jonathan Eiseman, Esquire
	 
	 	Phone:  (212) 752-1000
	 
	 	Fax:   (212) 355-4608
	To Buyer:
	 	Triple Net Properties, LLC
	 
	 	1551 N Tustin Avenue, Suite 200
	 
	 	Santa Ana, CA 92705
	 
	 	Attention: Mr. Danny Prosky
	 
	 	Managing Director, Health Care Properties
	 
	 	Phone: (714) 667-8252 ext 315
	 
	 	Fax: (714) 918-9102
	with a copy to:
	 	Cox, Castle & Nicholson LLP
	 
	 	2049 Century Park East
	 
	 	28th Floor
	 
	 	Los Angeles, California  90067-3284
	 
	 	Attention: David Lari, Esq.
	 
	 	Phone: (310) 284-2292
	 
	 	Fax: (310) 277-7889
	To Escrow Agent:
	 	Land America Title Company

Two Grand Central Tower

140 East 45th Street, 22nd Floor

New York, New York 10017

Attention: Douglas Forsyth

Phone: (212) 973-6210

Fax: (212) 856-9308

or to such other address as either party may from time to time specify in writing to the other
party. Any notice, personally delivered, will be effective upon delivery. Any such communication,
if mailed as provided herein, will be deemed to have been received on the expiration of three (3)
business days after mailing. Any such communication, if sent via overnight recognized courier
(e.g., Fedex, AirBorne) next day delivery as provided herein, will be deemed to have been received
on the expiration of one (1) business day after mailing. Any such communication, if sent via
facsimile, will be deemed to have been given and received on the day indicated on the confirmed
facsimile delivery transmission (provided duplicate copy is also sent via overnight courier). If
the last day of a period within which either party is required or allowed to provide a notice,
demand, offer, election, acceptance or other communication hereunder should fall upon a Saturday,
Sunday or legal holiday then, the next full business day will be included in such period and such
notice, offer, demand, request or communication may be made and given on such next full business
day. Notices may be delivered on behalf of the parties by their respective attorneys.

Section 10.3 Entire Agreement. This Agreement, together with the Exhibits and schedules
hereto, contains all representations, warranties and covenants made by Buyer and Seller and
constitutes the entire understanding between the parties hereto with respect to the subject matter
hereof. Any prior correspondence, memoranda or agreements are replaced in total by this Agreement
together with the Exhibits and schedules hereto.

Section 10.4 Attorneys’ Fees. If either party hereto fails to perform any of its obligations
under this Agreement or if any dispute arises between the parties hereto concerning the meaning or
interpretation of any provision of this Agreement, then the defaulting party or the party not
prevailing in such dispute, as the case may be, will pay any and all reasonable costs and expenses
incurred by the other party on account of such default and/or in enforcing or establishing its
rights hereunder, including, without limitation, court costs and reasonable attorneys’ fees and
disbursements. The provisions of this Section 10.4 shall survive the cancellation or termination
of this Agreement.

Section 10.5 Assignment. Buyer’s rights and obligations hereunder will not be assignable without
the prior written consent of Seller in Seller’s sole discretion. Notwithstanding the foregoing,
Buyer may assign all of its rights and obligations under this Agreement, without Seller’s prior
written consent, to (a) NNN Healthcare/Office REIT, Inc. or a wholly owned Affiliate (hereinafter
defined) thereof or (b) an entity that (i) directly or indirectly controls, is controlled by or is
under common control with Buyer or (ii) at least a majority of whose economic interest is owned by
Buyer (an “Affiliate”), provided that Buyer and the assignee execute an assignment and assumption
agreement pursuant to which the assignee expressly assumes all of Buyer’s obligations under this
Agreement. Additionally, Buyer shall have the right, without assigning this Agreement and without
Seller’s consent, to cause Seller to grant title to the Property to up to thirty-five (35)
Tenant-in-common (the “Nominees”) in lieu of granting title to the Property to Buyer, provided that
(i) Buyer notifies Seller, in writing, at least ten (10) business days prior to the Date of Closing
that Buyer wishes to cause Seller to grant title to the Property to the Nominees, along with the
names of the Nominees and any other information reasonably required by Seller to prepare and
complete the Deed, Assignment Agreement and any other closing documents to reflect the vesting of
title to the Property in the Nominees, (ii) there is no additional cost, liability or expense
incurred by Seller in connection therewith and Buyer pays all of Seller’s attorneys fees incurred
in connection with the preparation of the closing documents, (iii) the Date of Closing is not
delayed in connection therewith, (iv) Buyer agrees to and hereby does indemnify and hold Seller
harmless from and against any and all liability, damage, and cost, including reasonably attorneys’
fees, incurred by Seller by virtue of Seller’s granting of title to the Property to the Nominees
and (v) Buyer provides Seller with reasonable evidence that it is sponsoring the Nominees and
managing the Property on their behalf. Buyer will not be released from any of its obligations or
liabilities hereunder in connection with any assignment.

Section 10.6 Cooperation with S-X 3-14 Audit. In the event that Buyer assigns all of its
rights, title and interest in and to this Agreement in accordance with Section 10.5 to a publicly
registered company (“Registered Company”) promoted by the Buyer, and Buyer determines in good faith
that it is required to file financial statements, pro formas and any other financial information in
compliance with (i) any or all of Rule 3-05 or Rule 3-14 of Regulation S-X of the Securities and
Exchange Commission or (ii) any registration statement, 424(b) prospectus, report or disclosure
statement filed with the Securities and Exchange Commission by such Registered Company, (the “SEC
Filings”) that related to the most recent pre-acquisition fiscal year and the current fiscal year
through the date of acquisition (the “Audited Year”) for the Property, upon reasonable advance
written notice from Buyer, Seller’s, at Buyer’s sole cost and expense, shall use its reasonable
efforts to provide the Registered Company with the following, to the extent (x) not already
provided to Buyer, (y) in the possession of Seller and (z) relevant and reasonably necessary to
enable the Registered Company to file such SEC Filings:

(1) Access to bank statements for the Audited year;

(2) Rent roll as of the end of the Audited Year;

(3) Operating Statements for the Audited Year;

(4) Access to the general ledger for the Audited Year;

(5) Cash receipts schedule for each month in the Audited Year;

(6) Access to invoice for expenses and capital improvements in the Audited Year;

(7) Accounts payable ledger and accrued expense reconciliations for the Audit Year;

(8) Check register for the 3-months following the Audited Year;

(9) Lease and 5-year lease schedules;

(10) Copies of all insurance documentation for the Audited Year;

(11) Copies of accounts receivable aging as of the end of the Audited Year and an explanation
for all accounts over 30 days past due as of the end of the Audited Year; and

(12) Signed audit representation letter in a form which would be reasonably sufficient to
enable the Registered Company’s independent registered public accounting firm to render an opinion
on the financial statement of the Property pertaining to the Audit Year.

Buyer shall reimburse Seller for all reasonable out-of-pocket costs and expenses incurred in
connection with fulfilling Seller’s obligations under this Section 10.6.

Seller’s obligations under this Section 10.6 shall survive the Closing for a period of time
commencing on effective date of the assignment to the Registered Company and continuing through the
date that is ninety (90) days after such date.

Section 10.7 Signatures in Counterparts and By Facsimile/E-mail. The undersigned agree that
this instrument may be signed in any number of counterparts, each of which will constitute an
original, and that a facsimile copy or e-mail copy of any signature of any party will be deemed as
enforceable and effective as an original signature. All such counterparts together will constitute
one and the same instrument.

Section 10.8 Further Assurances. Each party will, whenever and as often as it shall be
requested to do so by the other party, execute, acknowledge and deliver, or cause to be executed,
acknowledged and delivered any and all such further conveyances, assignments, approvals, consents
and any and all other documents and do any and all other acts as may be necessary to carry out the
intent and purpose of this Agreement.

Section 10.9 Governing Law. This Agreement will be governed by and construed in accordance
with the laws of the State in which the Property is located.

Section 10.10 Confidentiality and Return of Documents. Prior to Closing, Buyer and Seller
will each maintain as confidential any and all material obtained about the other or, in the case of
Buyer, about the Property, this Agreement or the transactions contemplated hereby, and will not
disclose such information to any third party except as set forth herein. Buyer will have the right
to disclose information with respect to the Property to the extent required by law and to its
officers, directors, employees, attorneys, accountants, environmental auditors, engineers,
potential lenders, and permitted assignees under this Agreement and other consultants to the extent
necessary for Buyer to evaluate its acquisition of the Property provided that all such persons are
told that such information is confidential and agree to keep such information confidential. If the
Closing occurs, each of Seller and Buyer will have the right, subsequent to the Closing, to
publicize the transaction (other than the economic terms unless required by law), provided that
neither Buyer nor Seller will use the name of the other (and Buyer will not use any derivative name
of Lexington Realty Trust) in any such press release without the express written consent of the
other.

The provisions of this paragraph will survive the Closing or any termination of this
Agreement.

Section 10.11 Interpretation of Agreement. The article, section and other headings of this
Agreement are for convenience of reference only and will not be construed to affect the meaning of
any provision contained herein. Where the context so requires, the use of the singular will
include the plural and vice versa and the use of the masculine will include the feminine and the
neuter. The term “person” will include any individual, partnership, joint venture, corporation,
trust, unincorporated association, any other entity and any government or any department or agency
thereof, whether acting in an individual, fiduciary or other capacity.

Section 10.12 Amendments. This Agreement may be amended or modified only by a written
instrument signed by Buyer and Seller.

Section 10.13 No Recording. This Agreement, a memorandum of this Agreement, or any other
document that would constitute an exception to Seller’s title shall not be recorded and the
provisions hereof shall not constitute a lien on the Property, except in connection with a specific
performance action to enforce this Agreement. In the event Buyer encumbers title to the Property
in violation of this Section 10.13, Seller shall be entitled to a payment by Buyer of liquidated
damages in the amount of the lesser of: (a) two (2) times the Earnest Money, or (b) the maximum
amount permitted by law, together with reasonable attorneys’ fees incurred in the enforcement of
this section; provided, however in the event Buyer removes any encumbrance against title to the
Property within ten (10) days after written demand from Seller, no such payment shall become due.
Such amount is agreed upon by and between Seller and Buyer as liquidated damages due to the
difficulty and inconvenience of ascertaining and measuring actual damages and the uncertainty
thereof associated with Buyer’s breach of this Section 10.13 of the Agreement. Buyer hereby
appoints Seller as Buyer’s true and lawful attorney-in-fact, coupled with an interest, for the
purposes of the execution of any documents and doing any acts as shall be necessary to affect the
discharge of the recording of this Agreement or any other exception to the Commitment or any update
thereof.

Section 10.14 No Third Party Beneficiary. The provisions of this Agreement are not intended
to benefit any third parties.

Section 10.15 §1031 Exchange. Notwithstanding Section 10.5, either Buyer or Seller may
designate the Property as part of a 1031 Exchange under the Internal Revenue Code of 1986, as
amended. In such event, Buyer and Seller respectively agree to cooperate with the other in such
transaction, including, but not limited to, executing any commercially reasonable documents
requested by the designating party and cooperating in a commercially reasonable manner with any
facilitator in such transaction, provided that (i) the nondesignating party shall not incur any
liability in connection with the exchange, (ii) the nondesignating party shall not be obligated to
take title to any real property, (iii) the Date of Closing shall not be extended to accommodate nor
shall the Closing be conditioned on consummation of the exchange, and (iv) any and all additional
costs and charges attributable to the exchange including, without limitation, actual attorneys’
fees, brokers’ commissions and other transaction-related expenses shall be paid for by the
designating party immediately upon demand by the nondesignating party.

Section 10.16 Survival. Except as expressly set forth to the contrary herein, no
representations, warranties, covenants or agreements of Seller contained herein will survive the
Closing.

Section 10.17 Escrow Agent. (i) The Escrow Agent shall accept the Earnest Money with the
understanding of the parties that Escrow Agent is not a party to this Agreement except to the
extent of its specific responsibilities hereunder, and does not assume or have any liability for
the performance or non-performance of Buyer or Seller hereunder to either of them.

(ii) The Escrow Agent shall be protected in relying upon the accuracy, acting in reliance upon
the contents, and assuming the genuineness of any notice, demand, certificate, signature,
instrument or other document which is given to the Escrow Agent without verifying the truth or
accuracy of any such notice, demand, certificate, signature, instrument or other document.

(iii) The Escrow Agent shall not be bound in any way by any other agreement or understanding
between the parties hereto, whether or not the Escrow Agent has knowledge thereof or consents
thereto unless such consent is given in writing.

(iv) The Escrow Agent’s sole duties and responsibilities under as escrow agent for the Earnest
Money shall be to hold and disburse the Earnest Money in accordance with this Agreement.

(v) The Escrow Agent shall not be liable for any action taken or omitted by the Escrow Agent
in good faith and believed by the Escrow Agent to be authorized or within its rights or powers
conferred upon it by this Agreement, except for damage caused by the fraud or gross negligence of
the Escrow Agent.

(vi) Upon the disbursement of the Earnest Money in accordance with this Agreement, the Escrow
Agent shall be relieved and released from any liability under this Agreement.

(vii) The Escrow Agent may resign at any time upon at least ten (10) days prior written notice
to the parties hereto. If, prior to the effective date of such resignation, the parties hereto
shall all have approved, in writing, a successor escrow agent, then upon the resignation of the
Escrow Agent, the Escrow Agent shall deliver the Earnest Money to such successor escrow agent.
From and after such resignation and the delivery of the Earnest Money to such successor escrow
agent, the Escrow Agent shall be fully relieved of all of its duties, responsibilities and
obligations under this Agreement, all of which duties, responsibilities and obligations shall be
performed by the appointed successor escrow agent. If for any reason the parties hereto shall not
approve a successor escrow agent within such period, the Escrow Agent may bring any appropriate
action or proceeding for leave to deposit the Earnest Money with a court of competent jurisdiction,
pending the approval of a successor escrow agent, and upon such deposit the Escrow Agent shall be
fully relieved of all of its duties, responsibilities and obligations under this Agreement.

(viii) Seller and Buyer hereby agree to, jointly and severally, indemnify, defend and hold the
Escrow Agent harmless from and against any liabilities, damages, losses, costs or expenses incurred
by, or claims or charges made against, the Escrow Agent (including reasonably attorneys’ fees,
expenses and court costs) by reason of the Escrow Agent’s acting or failing to act in connection
with any of the matters contemplated by this Agreement in its capacity as escrow agent for the
Earnest Money or in carrying out the terms of this Agreement, except as a result of the Escrow
Agent’s fraud or gross negligence.

(ix) If for any reason either Seller or Buyer makes a written demand upon Escrow Agent for
payment of the Earnest Money, or if Escrow Agent intends to pay such Earnest Money over to either
party, Escrow Agent shall give at least ten (10) days’ written notice to the other party of such
demand and of its intention to pay over the Earnest Money to the other party on a stated date. If
Escrow Agent does not receive a written objection to the proposed payment, Escrow Agent is hereby
authorized and directed to make such payment. If such other party delivers to Escrow Agent written
objection to such payment before the proposed payment date, Escrow Agent shall continue to hold the
Earnest Money until otherwise directed by written instructions by all parties or a final decision
of a court of competent jurisdiction. In the event of such dispute, Escrow Agent may deposit the
Earnest Money with an appropriate court of competent jurisdiction and, after giving written notice
of such action to the parties, Escrow Agent shall have no further obligations with respect to the
Earnest Money.

(x) The Escrow Agent shall not have any liability or obligation for loss of all or any portion
of the Earnest Money by reason of the insolvency or failure of the institution of depository with
whom the escrow account is maintained.

Section 10.18 Waiver of Jury Trial. The parties hereto waive trial by jury in any action,
proceeding or counterclaim arising out of this Agreement. The provisions of this section shall
survive the delivery of the Deed.

Section 10.19 TIME OF THE ESSENCE. Time is of the essence in this Agreement as to each
provision in which time is an element of performance. Unless otherwise specified and except as set
forth in Section 2.2, in computing any period of time described herein, the day of the act or event
after which the designated period of time begins to run is not to be included and the last day of
the period so computed is to be included, except that if such last day falls upon a Saturday,
Sunday, or legal holiday under the Federal law or laws of the States of Pennsylvania or New York,
then such period shall run until the end of the next day that is neither a Saturday, Sunday, or
legal holiday under Federal law or the laws of the States of Pennsylvania and New York.

Section 10.20 No Construction Against Drafter. The parties took an equal share in drafting
this Agreement; therefore no rule of contract construction that would operate to construe this
Agreement or any part thereof strictly against the drafter shall be applied in any action or
proceeding relating hereto.

Balance of the page left blank intentionally.

1

The parties hereto have executed this Agreement as of the date set forth in the first
paragraph of this Agreement.

	 
	SELLER: LEXINGTON VALLEY FORGE L.P.

By: Lexington Valley Forge II L.P., its general partner

By: Lex GP-1 Trust

By: /s/ Joseph s. Bonventre

	 

	Name: Joseph s. Bonventre

Title: Senior Vice President

	BUYER: TRIPLE NET PROPERTIES, LLC

By: /s/ Richard Hutton Aug. 1, 2007

	 

	Name: Richard Hutton

Title: Executive Vice President

The Agreement has been received by the Escrow Agent this      day of      , 2007. By
its execution of this Agreement, below, the Escrow Agent hereby and agrees to be bound by the terms
hereof to the extent that the Agreement imposes duties upon the Escrow Agent.

Land America Title Company

By:

Name:

Title:

2

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