Document:

Purchase and Sale Agreement

 EXHIBIT 10.22 
 PURCHASE AND SALE AGREEMENT 
 BY AND BETWEEN 
 Fund XIII and Fund XIV Associates, 
 a Georgia joint venture partnership 
 AS SELLER 
 AND 
 AMB Institutional Alliance Fund III, L.P., 
 a
Delaware limited partnership 
 AS PURCHASER 
 FOR 
 7500 Setzler Parkway 
 Brooklyn Park, Minnesota 
 Dated as of January 12, 2007 

 PURCHASE AND SALE AGREEMENT 
 THIS PURCHASE AND SALE AGREEMENT (the “Agreement”) is made as of the 12th day of January, 2007 (the “Effective Date”) by and between Fund XIII and Fund XIV Associates, a Georgia joint
venture partnership (“Seller”), having an office 6200 The Corners Parkway, Norcross, Georgia 30092, and AMB Institutional Alliance Fund III, L.P., a Delaware limited partnership (“Purchaser”), having an office at 6250 North River
Road, Suite 1100, Rosemont, Illinois 60018. 
 ARTICLE I 
 PURCHASE AND SALE 
 1.1 Agreement of Purchase and Sale. Subject to the terms and conditions
hereinafter set forth, Seller agrees to sell and convey and Purchaser agrees to purchase the following: 
 (a) that certain tract or parcel of
land situated in Hennepin County, Minnesota, more particularly described on Exhibit A attached hereto and made a part hereof, together with all and singular the rights and appurtenances pertaining to such property, including any right,
title and interest of Seller in and to adjacent streets, alleys or rights-of-way (the property described in clause (a) of this Section 1.1 being herein referred to collectively as the “Land”); 
 (b) the buildings, structures, fixtures and other improvements on the Land, including specifically, without limitation, that certain warehouse building
located thereon having a street address of 7500 Setzler Parkway, Brooklyn Park, Minnesota (the property described in clause (b) of this Section 1.1 being herein referred to collectively as the “Improvements”); 
 (c) all of Seller’s right, title and interest in and to all tangible personal property upon the Land or within the Improvements, including
specifically, without limitation, appliances, furniture, carpeting, draperies and curtains, tools and supplies, and other items of personal property (excluding cash) used exclusively in connection with the operation of the Land and the Improvements
and only as specifically described on Exhibit B attached hereto and made a part hereof (the property described in clause (c) of this Section 1.1 being herein referred to collectively as the “Personal Property”);

 (d) all of Seller’s right, title and interest in and to that certain lease more fully described on Exhibit C (the “Lease
Schedule”) attached hereto and made a part hereof (the property described in clause (d) of this Section 1.1 being herein referred to as the “Lease”); and 
 (e) all of Seller’s right, title and interest in and to (i) the service agreements (collectively, the “Operating Agreements”) listed
and described on Exhibit D (the “Operating Agreements Schedule”) attached hereto and made a part hereof, to the extent assumed by Purchaser under Section 5.4(d), and (ii) all assignable existing warranties and guaranties
(expressed or implied) issued to Seller in connection with the Improvements or the Personal Property (the property described in this Section 1.1(e) being sometimes herein referred to collectively as the “Intangibles”). 

 1.2 Property Defined. The Land, the Improvements, the Personal Property, the Lease and the
Intangibles are hereinafter sometimes referred to collectively as the “Property.” 
 1.3 Permitted Exceptions. The Property
shall be conveyed subject to the matters which are, or are deemed to be, Permitted Exceptions pursuant to Article II hereof (herein referred to collectively as the “Permitted Exceptions”). 
 1.4 Purchase Price. Seller is to sell and Purchaser is to purchase the Property for a total of EIGHT MILLION NINE HUNDRED FIFTY THOUSAND DOLLARS
($8,950,000) (the “Purchase Price”). 
 1.5 Payment of Purchase Price. The Purchase Price, as increased or decreased by
prorations and adjustments as herein provided, shall be payable in full at Closing in cash by wire transfer of immediately available federal funds to a bank account designated by Seller in writing to Purchaser prior to the Closing. 
 1.6 Earnest Money. Within two (2) Business Days following the execution of this Agreement, Purchaser will deposit with Chicago Title
Insurance Company (the “Escrow Agent” or “Title Company”), having its office at 4170 Ashford Dunwoody Road, Suite 460, Atlanta, Georgia Attention: Judy Stillings, the sum of Two Hundred Fifty Thousand Dollars ($250,000) (the
“First Deposit”) in good funds, either by certified bank or cashier’s check or by federal wire transfer. If Purchaser does not exercise the right to terminate this Agreement in accordance with Section 2.3 or Section 3.2
hereof, Purchaser shall, on or before the last day of the Inspection Period (as such term is defined in Section 3.1 hereof), deposit with the Escrow Agent the additional sum of Two Hundred Thousand Dollars ($200,000) (the “Second
Deposit”) in good funds, either by certified bank or cashier’s check or by federal wire transfer as an additional deposit under this Agreement. The Escrow Agent shall hold the First Deposit and the Second Deposit in an interest-bearing
account in accordance with the terms and conditions of an escrow agreement entered into among Seller, Purchaser and Escrow Agent simultaneously with the execution of this Agreement. The First Deposit and the Second Deposit, together with all
interest earned on such sums, are herein referred to collectively as the “Earnest Money.” All interest accruing on such sums shall become a part of the Earnest Money and shall be distributed as Earnest Money in accordance with the terms of
this Agreement. Upon the expiration of the Inspection Period, the Earnest Money shall be non-refundable to Purchaser except as expressly set forth in this Agreement. If Purchaser fails to deliver the Second Deposit to the Escrow Agent within the
period specified above, this Agreement shall, at the option of Seller, terminate automatically. Upon such termination Escrow Agent shall deliver the Earnest Money to Seller promptly thereafter and neither party shall have any further rights,
obligations or liabilities hereunder except to the extent that any right, obligation or liability set forth herein expressly survives termination of this Agreement. Time is of the essence for the delivery of Earnest Money under this
Agreement. 
  

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 1.7 Delivery to Title Company. Upon mutual execution of this Agreement, the parties hereto shall
deposit an executed copy of this Agreement with Title Company and this Agreement shall (along with such supplementary instructions not inconsistent herewith as either party hereto may deliver to Title Company) serve as escrow instructions to Title
Company for the consummation of the purchase and sale contemplated hereby. Seller and Purchaser agree to execute such additional escrow instructions as Title Company may reasonably require and which are not inconsistent with the provisions hereof;
provided, however, that in the event of any conflict between the provisions of this Agreement and any supplementary escrow instructions, the terms of this Agreement shall control. 
 ARTICLE II 
 TITLE AND SURVEY 
 2.1 Title Examination; Commitment for Title Insurance. Seller has obtained from the Title Company and delivered, or shall obtain from the Title
Company and deliver, to Purchaser, a preliminary title report (the “Title Commitment”) covering the Land and Improvements. Purchaser shall pay the costs associated with the Title Commitment. Purchaser shall have until the last day of the
Inspection Period (as defined in Section 3.1 hereof) (the “Title Exam Deadline”) to review the Title Commitment. At Closing, at Purchaser’s sole expense, Purchaser may obtain from the Title Company an Owner’s Policy of Title
Insurance in the full amount of the Purchase Price pursuant to Section 2.4 hereof. 
 2.2 Survey. Seller has delivered or shall
deliver to Purchaser and the Title Company, Seller’s existing survey of the Property (the “Survey”). Purchaser may, at its sole cost and expense, update and recertify the Survey. Purchaser shall delivery a copy of any such Survey
update to Seller prior to the Closing. 
 2.3 Title Objections; Cure of Title Objections. Purchaser shall have until the Title Exam
Deadline to notify Seller, in writing, of such objections as Purchaser may have to anything contained in the Title Commitment or the Survey. Any item disclosed by the Title Commitment or the Survey to which Purchaser does not object prior to the
Title Exam Deadline shall be deemed a Permitted Exception. If Purchaser shall notify Seller of objections to title or to matters shown on the Survey prior to the Title Exam Deadline, Seller shall have the right, but not the obligation, to cure such
objections. Within ten (10) days after receipt of Purchaser’s notice of objections, Seller shall notify Purchaser in writing whether Seller elects to attempt to cure such objections. Seller’s failure to respond within said ten
(10) day period shall be deemed to be Seller’s election not to attempt to cure any such objections. If Seller elects to attempt to cure, and provided that Purchaser shall not have terminated this Agreement in accordance with
Section 3.2 hereof, Seller shall have until the date of Closing to attempt to remove, satisfy or cure the same. Seller shall not be obligated to expend any sums, commence any suits or take any other action to effect such cure or removal. If
Seller elects not to cure any objections specified in Purchaser’s notice, or if Seller is unable to effect a cure prior to the Closing after Seller notified Purchaser that it would cure such objection (or any date to which the Closing has been
adjourned), Purchaser shall have the following options: (i) to accept a conveyance of the Property subject to the Permitted Exceptions, specifically including any matter objected to by 

  

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Purchaser which Seller is unwilling or unable to cure, and without reduction of the Purchase Price; or (ii) to terminate this Agreement by sending
written notice thereof to Seller, and upon delivery of such notice of termination, this Agreement shall terminate and the Earnest Money shall be returned to Purchaser, and thereafter neither party hereto shall have any further rights, obligations or
liabilities hereunder except to the extent that any right, obligation or liability set forth herein expressly survives termination of this Agreement. If Seller notifies (or is deemed to have notified) Purchaser that Seller does not intend to attempt
to cure any title objection; or if, having commenced attempts to cure any objection, Seller later notifies Purchaser that Seller will be unable to effect a cure thereof; Purchaser shall, within five (5) days after such notice has been given,
notify Seller in writing whether Purchaser shall elect to accept the conveyance under clause (i) or to terminate this Agreement under clause (ii). Purchaser’s failure to notify Seller within said five (5) day period shall be deemed to
be Purchaser’s election to accept the conveyance under clause (i) above. Notwithstanding anything to the contrary contained herein, Seller shall be unconditionally obligated to take all steps; spend all necessary funds; institute and
prosecute any action or proceeding; and otherwise take any and all steps and measures to cure or remove the following title defects (the “Mandatory Cure Items”), whether described in the Title Commitment, or first arising or first
disclosed by the Title Company (or otherwise) to Purchaser after the date of the Title Commitment, and whether or not raised in Purchaser’s notice of title objection: (a) liens securing a mortgage, deed of trust or trust deed; (b) any
lien, encumbrance, covenant, easement or restriction arising as a result of, due to, or because of, any willful or intentional act or omission of any or all of Seller, its members, partners or shareholders and the officers, directors, employees,
agents or duly authorized managing agent of any or all of Seller, its members, partners or shareholders (collectively “Seller Parties”), which act or omission occurs after the Effective Date; (c) judgment liens against any or all of
Seller and the Seller Parties; tax liens; and broker’s liens; and (d) any mechanics liens, up to the maximum aggregate amount of Thirty Thousand Dollars ($30,000,) that are based upon a written agreement between either (x) the
claimant (a “Contract Claimant”) and any or all of Seller and the Seller Parties, or (y) the Contract Claimant and any other contractor, supplier or materialman with which any or all of Seller and the Seller Parties has a written
agreement. 
 2.4 Conveyance of Title. At Closing, Seller shall convey and transfer to Purchaser such title to the Land and
Improvements as will enable the Title Company to issue to Purchaser an ALTA Owner’s Policy of Title Insurance (the “Title Policy”) covering the Property, in the full amount of the Purchase Price. Notwithstanding anything contained
herein to the contrary, the Property shall be conveyed subject to the following matters, which shall be deemed to be Permitted Exceptions: 
 (a) the rights of tenant, as tenant only, under the Lease; 
 (b) the lien of all ad valorem real estate taxes and assessments not
yet due and payable as of the date of Closing, subject to adjustment as herein provided; and 
 (c) items appearing of record or shown on the
Survey and, in either case, not objected to by Purchaser or waived or deemed waived by Purchaser in accordance with Sections 2.3 or 2.5 hereof. 
  

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 2.5 Pre-Closing “Gap” Title Defects. Whether or not Purchaser shall have furnished to
Seller any notice of title objections pursuant to the foregoing provisions of this Agreement, Purchaser may, at or prior to Closing, notify Seller in writing of any objections to title first raised by the Title Company between (a) the
expiration of the Inspection Period, and (b) the date on which the transaction contemplated herein is scheduled to close. With respect to any objections to title set forth in such notice, Seller shall have the same option to cure and Purchaser
shall have the same option to accept title subject to such matters or to terminate this Agreement as those which apply to any notice of objections made by Purchaser before the Title Exam Deadline. 
 ARTICLE III 
 INSPECTION PERIOD

 3.1 Right of Inspection. 
 (a) During the period beginning upon the Effective Date and ending at 5:00 p.m. (local time at the Property) on January 22, 2007 (hereinafter referred to as the “Inspection Period”), Purchaser shall have the right to make a
physical inspection of the Property and to examine at such place or places at the Property, in the offices of the property manager or elsewhere as the same may be located, any operating files maintained by Seller or its property manager in
connection with the leasing, current maintenance and/or management of the Property, including, without limitation, the Lease, lease files, Operating Agreements, insurance policies, bills, invoices, receipts and other general records relating to the
income and expenses of the Property, correspondence, surveys, plans and specifications, warranties for services and materials provided to the Property and similar materials, but excluding materials not directly related to the leasing, current
maintenance and/or management of the Property such as, without limitation, Seller’s internal memoranda, financial projections, budgets, environmental reports, property condition reports, appraisals, accounting and tax records and similar
proprietary, elective or confidential information. In addition to the items described above, Seller shall deliver to Purchaser the documents described on Exhibit L attached hereto (collectively, the “Seller Deliveries”). Seller
acknowledges that it has delivered all of the Seller Deliveries in its possession or control to Purchaser as of the Effective Date of this Agreement. 
 (b) Purchaser understands and agrees that any on-site inspections of the Property shall be conducted upon at least twenty-four (24) hours’ prior written notice to Seller so as to provide Seller a reasonable
opportunity to have a representative of the Seller present for any on-site inspection; provided, however, that Seller’s failure to have a representative present shall not impair Purchaser’s right to enter the Property. Such physical
inspection shall not unreasonably interfere with the use of the Property by Seller or its tenants nor shall Purchaser’s inspection damage the Property in any respect. Such physical inspection shall not be invasive in any respect (unless
Purchaser obtains Seller’s prior written consent, which consent will not be unreasonably withheld), and in any event shall be conducted in accordance with standards customarily employed in the industry and in compliance with all governmental
laws, rules and regulations. Following each entry by Purchaser with respect to inspections and/or tests on the Property, Purchaser shall restore the Property to its original condition as existed prior to any such inspections and/or tests. Seller
shall cooperate with Purchaser in its due diligence but shall not 

  

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be obligated to incur any liability or expense in connection therewith. Purchaser shall not contact any tenants of the Property without prior notice to
Seller and allowing Seller the reasonable opportunity to participate, and shall not unreasonably disrupt Seller’s or any tenant’s activities on the Property. Purchaser shall not disclose any information obtained pursuant to any on-site
inspection or environmental report to Seller, provided that, upon written request from Seller, Purchaser shall be obligated to disclose any information to Seller obtained pursuant to any on-site inspection or environmental report within five
(5) days of such request. 
 (c) Purchaser agrees to indemnify against and hold Seller harmless from any claim for liabilities, costs,
expenses (including reasonable attorneys’ fees actually incurred) damages or injuries arising out of or resulting from the inspection of the Property by Purchaser or its agents, and notwithstanding anything to the contrary in this Agreement,
which obligation to indemnify and hold harmless Seller shall survive Closing or any termination of this Agreement. All inspections shall occur at reasonable times agreed upon by Seller and Purchaser. Prior to Purchaser entering the Property to
conduct the inspections and/or tests described above, Purchaser shall obtain and maintain, at Purchaser’s sole cost and expense, and shall deliver to Seller evidence of, the following insurance coverage, and shall cause each of its agents and
contractors to obtain and maintain, and, upon request of Seller, shall deliver to Seller evidence of, the following insurance coverage: general liability insurance, from an insurer reasonably acceptable to Seller, in the amount of at least Two
Million and No/100 Dollars ($2,000,000.00) combined single limit for personal injury and property damage per occurrence, such policy to name Seller as an additional insured party, which insurance shall provide coverage against any claim for personal
liability or property damage caused by Purchaser or its agents, employees or contractors in connection with such inspections and/or tests. 
 3.2 Right of Termination. Seller agrees that in the event Purchaser determines that the Property is not suitable for its purposes, in Purchaser’s sole discretion, Purchaser shall have the right to terminate this Agreement by
giving written notice thereof to Seller prior to the expiration of the Inspection Period. If Purchaser gives such notice of termination within the Inspection Period, this Agreement shall terminate and the Earnest Money shall be returned to
Purchaser. Time is of the essence with respect to the provisions of this Section 3.2. If Purchaser fails to give Seller a notice of termination prior to the expiration of the Inspection Period, Purchaser shall no longer have any right to
terminate this Agreement under this Section 3.2 and (subject to the provisions of Sections 2.3, 2.5 and 4.7 hereof) shall be bound to proceed to Closing and consummate the transaction contemplated hereby pursuant to the terms of this Agreement.

 ARTICLE IV 
 CLOSING

 4.1 Time and Place. The parties shall conduct an escrow closing (“Closing”) on February 7, 2007, or such earlier
date as may be agreed to by the parties, subject to extension pursuant to Section 7.1 hereof (the “Closing Date”). At Closing, Seller and Purchaser shall perform the obligations set forth in, respectively, Section 4.2 hereof and
Section 4.3 hereof, the performance of which obligations shall be concurrent conditions. Notwithstanding anything in 

  

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this Section 4.1 to the contrary, the parties agree to use commercially reasonable efforts to pre-close the transaction contemplated hereby
(i.e., sign documents into escrow) on the business day immediately preceding the then-scheduled Closing Date. 
 4.2 Seller’s
Obligations at Closing. At Closing, Seller shall deliver to the Title Company: 
 (a) a duly executed limited warranty deed in the form of
Exhibit E attached hereto, conveying the Land and Improvements, subject only to the Permitted Exceptions; the warranty of title in the Deed will be only as to claims made by, through or under Seller and not otherwise; 
 (b) four (4) duly executed counterparts of a bill of sale in the form of Exhibit F attached hereto; 
 (c) four (4) duly executed counterparts of an assignment and assumption agreement as to the Lease in the form of Exhibit G attached
hereto; 
 (d) four (4) duly executed counterparts of an assignment and assumption agreement as to the Assumed Operating Agreements and
other Intangibles in the form of Exhibit H attached hereto; 
 (e) the Tenant Estoppel (as defined in Section 5.4(b) hereof), to
the extent received by Seller; 
 (f) four (4) duly executed original of a notice in the form of Exhibit I attached hereto, a
copy of which Purchaser shall send to the tenant under the Lease informing such tenant of the sale of the Property and of the assignment to Purchaser of Seller’s interest in, and obligations under, the Lease (including, if applicable, any
security deposits) and directing that all rent and other sums payable under the Lease after the Closing shall be paid as set forth in the notice; 
 (g) four (4) originals of a certificate, dated as of the date of Closing and executed on behalf of Seller by a duly authorized officer thereof, stating that the representations and warranties of Seller contained in this Agreement are
true and correct in all material respects as of the date of Closing (with appropriate modifications of those representations and warranties made in Section 5.1 hereof to reflect any changes therein including without limitation any changes
resulting from actions under Section 5.4 hereof) or identifying any representation or warranty which is not, or no longer is, true and correct and explaining the state of facts giving rise to the change. In no event shall Seller be liable to
Purchaser for, or be deemed to be in default hereunder by reason of, any breach of representation or warranty which results from any change that (i) occurs between the Effective Date and the date of Closing and (ii) is expressly permitted
under the terms of this Agreement or is beyond the reasonable control of Seller to prevent; provided, however, that the occurrence of a change if adverse to Purchaser, constitute the non-fulfillment of the condition set forth in Section 4.7(b)
hereof; if, despite changes or other matters described in such certificate, the Closing occurs, Seller’s representations and warranties set forth in this Agreement shall be deemed to have been modified by all statements made in such
certificate; 
  

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 (h) such evidence as the Title Company may reasonably require as to the authority of the person or
persons executing documents on behalf of Seller; 
 (i) four (4) duly executed counterparts of an affidavit by Seller stating that
Seller is not a “foreign person” as defined in the Federal Foreign Investment in Real Property Tax Act of 1980 and the 1984 Tax Reform Act in the form of Exhibit J attached hereto; 
 (j) the Lease, Operating Agreements and licenses and permits, if any, in the possession of Seller or Seller’s agents, together with such leasing and
property files and records which are material in connection with the continued operation, leasing and maintenance of the Property; 
 (k)
such additional documents as shall be reasonably required to consummate the transaction expressly contemplated by this Agreement; 
 (l) if
required by the Title Company, an ALTA (or comparable) Statement, each executed by Seller and in form and substance acceptable to the Title Company; and 
 (m) the Tax Affidavit (as hereinafter defined); and 
 (n) possession and occupancy of the Property, subject
to the rights of tenant under the Lease and the Permitted Exceptions. 
 Purchaser shall cooperate with Seller, at Seller’s cost and expense, for a
period of three (3) year after the Closing in case of Seller’s need in response to any legal requirements, tax audits, tax return preparation or litigation threatened or brought against Seller, by allowing Seller and its agents or
representatives access, upon reasonable advance notice (which notice shall identify the nature of the information sought by Seller), at all reasonable times to examine and make copies of any and all instruments, files and records, which right shall
survive the Closing. 
 4.3 Purchaser’s Obligations at Closing. At Closing, Purchaser shall deliver to Title Company: 

(a) the full amount of the Purchase Price, as increased or decreased by prorations and adjustments as herein provided, in immediately available wire
transferred funds pursuant to Section 1.5 hereof, it being agreed that at Closing the Earnest Money shall be delivered to Seller and applied towards payment of the Purchase Price, and it being further understood that Title Company shall receive
such proceeds at its bank account no later than 2:00 p.m. Eastern time on the date of Closing, failing which the pro-rations shall be re-determined to coincide with the date on which said funds are received prior to 2:00 p.m. Eastern time (time
being of the essence with respect to this subparagraph); 
 (b) four (4) duly executed counterparts of the instruments described in
Sections 4.2(b), 4.2(c), 4.2(d) and 4.2(f) hereof; 
  

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 (c) such evidence as the Title Company may reasonably require as to the authority of the person or
persons executing documents on behalf of Purchaser; and 
 (d) such additional documents as shall be reasonably required to consummate the
transaction contemplated by this Agreement. 
 4.4 Title Company’s Obligations at Closing. Subject to the terms of any escrow
instructions received from counsel for either Purchaser or Seller which are not contradictory with this Agreement, at Closing, Title Company shall: 
 (a) at such time as Title Company holds and is irrevocably obligated to deliver the Purchase Price to Seller, record the Deed in the Official Records of Hennepin County, Minnesota. 
 (b) deliver to Seller the Purchase Price by wire transfer of immediately available federal funds to a bank account designated by Seller in writing to
Title Company prior to the Closing; 
 (c) deliver to Seller and Purchaser two (2) fully executed counterparts of the instruments
described in Sections 4.2(b), 4.2(c), 4.2(d), 4.2(f), 4.2(g) and 4.2(i) hereof; and 
 (d) deliver to Seller and Purchaser settlement
statements prepared by Title Company and approved by Seller and Purchaser not less than two (2) business days prior to the Closing. 
 4.5 Credits and Prorations. 
 (a) Seller shall prepare a schedule of tentative prorations, and Purchaser and Seller shall
endeavor to finalize such schedule no later than three (3) business days prior to Closing. The following shall be apportioned with respect to the Property as of 12:01 a.m., on the day of Closing, as if Purchaser were vested with title to the
Property during the entire day upon which Closing occurs: 
 (i) rents, if any, as and when collected (the term
“rents” as used in this Agreement includes all payments due and payable by tenant under the Lease); 
 (ii) taxes
(including personal property taxes on the Personal Property) and assessments levied against the Property; 
 (iii) payments
under the Assumed Operating Agreements; 
 (iv) gas, electricity and other utility charges for which Seller is liable, if any,
such charges to be apportioned at Closing on the basis of the most recent meter reading occurring prior to Closing; and 
  

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 (v) any other operating expenses or other items pertaining to the Property which are
customarily prorated between a purchaser and a seller in the area in which the Property is located. 
 (b) Notwithstanding anything contained
in the foregoing provisions: 
 (i) At Closing, (A) Seller shall, at Seller’s option, either deliver to Purchaser
any security deposits actually held by Seller pursuant to the Lease or credit to the account of Purchaser the amount of such security deposits (to the extent such security deposits are not applied against delinquent rents or otherwise as provided in
the Lease), (B) if Seller is holding letters of credit as a security deposit or portion thereof, then Seller shall either (1) if same are assignable, at Seller’s option either assign such letters of credit to Purchaser or deliver to
Purchaser the forms necessary to do so (completed and executed, to the extent required, by Seller), or (2) if not assignable, endeavor to cause such letters of credit to be re-issued in favor of Purchaser (and if any letter of credit cannot be
re-issued prior to Closing, then Seller shall escrow the applicable amount with the Escrow Agent until re-issuance); and (C) Purchaser shall credit to the account of Seller all refundable cash or other deposits posted with utility companies
serving the Property, or, at Seller’s option, Seller shall be entitled to receive and retain such refundable cash and deposits. 
 (ii) Any taxes paid at or prior to Closing shall be prorated based upon the amounts actually paid. If taxes and assessments for the current year are not yet due and payable and have not been paid before Closing, Seller shall be charged at
Closing an amount equal to that portion of such taxes and assessments which relates to the period before Closing and Purchaser shall pay the taxes and assessments prior to their becoming delinquent. Any such apportionment made with respect to a tax
year for which the tax rate or assessed valuation, or both, have not yet been fixed shall be based upon the tax rate and/or assessed valuation last fixed. To the extent that the actual taxes and assessments for the current year differ from the
amount apportioned at Closing, the parties shall make all necessary adjustments by appropriate payments between themselves following Closing. 
 (iii) Charges referred to in Section 4.5(a) hereof which are payable by any tenant to a third party shall not be apportioned hereunder, and Purchaser shall accept title subject to any of such charges unpaid and
Purchaser shall look solely to the tenant responsible therefor for the payment of the same. If Seller shall have paid any of such charges on behalf of any tenant relating to calendar year 2007 (and not prior year reconciliation obligations), and
shall not have been reimbursed therefor by the time of Closing, Purchaser shall credit to Seller an amount equal to all such charges so paid by Seller. If Seller shall have received payment for any of such charges on behalf of any tenant relating to
calendar year 2007 (and not prior year reconciliation obligations), and has not paid such expenses by the time of Closing, Seller shall credit to Purchaser an amount equal to all such payments 

  

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received by Seller; provided, however, to the extent Seller is charged for a real estate tax proration under Section 4.5(b)(ii) above, Seller shall be
deemed to have paid such real estate tax expense at Closing and Seller shall not incur an additional charge under this Section 4.5(b)(iii). 
 (iv) Seller shall receive the entire advantage of any discounts for the prepayment by it of any taxes, water rates or sewer rents. 
 (v) As to gas, electricity and other utility charges referred to in Section 4.5(a)(iv) hereof, Seller may on notice to Purchaser
elect to pay one or more of all of said items accrued to the date hereinabove fixed for apportionment directly to the person or entity entitled thereto, and to the extent Seller so elects, payment shall be made at or prior to a Closing and such item
shall not be apportioned hereunder, and Seller’s obligation to pay such item directly in such case shall survive the Closing. 
 (vi) Seller shall pay the amount of any and all sales or similar taxes payable in connection with the Personal Property and Seller shall execute and deliver any tax returns required of it in connection therewith, said obligations of Seller
to survive Closing. 
 (vii) Any time on or after the Closing Date, if Seller collects any rent for the Property (excluding
any payments or rent received by Seller with respect to a true-up for 2006), Seller shall deliver all such sums to Purchaser, within five (5) days after the receipt thereof. All rents and other charges received by Purchaser (whether from
tenants or Seller) after the Closing Date shall be first applied against current and past due obligations owed to, or for the benefit of, Purchaser, and any excess shall be delivered to Seller, within ten (10) days of receipt by Purchaser, but
only to the extent of amounts owed to, and for the benefit of, Seller for the period prior to the Closing Date. Purchaser will make a good faith effort after Closing to collect all rents in the usual course of Purchaser’s operation of the
Property, but Purchaser will not be obligated to institute any lawsuit or other collection procedures to collect delinquent rents. If there shall be any rents or other charges under the Lease which, although relating to a period prior to Closing, do
not become due and payable until after Closing or are paid prior to Closing but are subject to adjustment after Closing (such as year end common area expense reimbursements and the like), then any rents or charges of such type received by Purchaser
or its agents or Seller or its agents subsequent to Closing shall, to the extent applicable to a period extending through the Closing, be prorated between Seller and Purchaser as of Closing and Seller’s portion thereof shall be remitted
promptly to Seller by Purchaser. 
 (c) If a post closing true-up for 2007 is necessary, Purchaser shall work diligently with Seller to
finalize the prorations as soon as possible, but in no event later than forty-five (45) days after the close of the calendar year. Purchaser shall be responsible for billing and collecting, if necessary, any amounts owed by tenant as a result
of the true-up. Purchaser 

  

 11 

 
agrees to refund Seller’s portion of Landlord’s CAM reimbursement within thirty (30) days of receipt of funds. If any tenant is owed a refund,
Seller agrees to refund to Purchaser its proportionate share within forty-five (45) days after receiving notification from Purchaser of such amounts owed; Seller shall have the right to review the true-up and withhold any refund until the
completion of said review. Seller shall be solely responsible for a true-up for 2006. 
 (d) The provisions of this Section 4.5 shall
survive Closing. 
 4.6 Closing Costs. Seller shall pay: (a) the fees of any counsel representing it in connection with this
transaction; (b) one-half of any escrow fee which may be charged by the Escrow Agent or Title Company, (c) pay the fees for recording the Deed; and (d) pay any transfer tax, recordation tax, grantor’s tax, documentary stamp tax
or similar tax which becomes payable by reason of the transfer of the Property. Purchaser shall: (u) pay the fees of any counsel representing Purchaser in connection with this transaction; (v) pay or reimburse Seller for the amount of
(i) the fee for the title examination and (ii) the Title Commitment, and pay the premium for the Owner’s Policy of Title Insurance to be issued to Purchaser by the Title Company at Closing; (w) pay the cost of the Survey or any
Survey update (to the extent paid by Seller); and (x) pay one-half of any escrow fees charged by the Escrow Agent or Title Company. All other costs and expenses incident to this transaction and the closing thereof shall be paid by the party
incurring such costs and expenses. The provisions of this Section 4.6 shall survive the Closing or any early termination of this Agreement. 
 4.7 Conditions Precedent to Obligation of Purchaser. The obligation of Purchaser to consummate the transaction hereunder shall be subject to the fulfillment on or before the date of Closing of all of the following conditions, any or
all of which may be waived by Purchaser in its sole discretion: 
 (a) Seller shall have delivered to Purchaser all of the items required to
be delivered to Purchaser pursuant to the terms of this Agreement, including but not limited to, those provided for in Section 4.2 hereof. 
 (b) All of the representations and warranties of Seller contained in this Agreement shall be true and correct in all material respects as of the date of Closing. 
 (c) Seller shall have performed and observed, in all material respects, all covenants and agreements of this Agreement to be performed and observed by Seller as of the date of Closing. 
 (d) Purchaser’s receipt and approval of the completed Tenant Estoppel pursuant to the requirements of Section 5.4(b). 
 Purchaser acknowledges and agrees that its obligation to perform under this Agreement is not contingent upon Purchaser’s ability to obtain any (i) governmental
or quasi-governmental approvals or changes or modifications in use or zoning, (ii) modification of any existing land use restriction, (iii) consents to assignments of any Assumed Operating Agreements or (iv) endorsements to the Title
Policy. 
  

 12 

 4.8 Conditions Precedent to Obligation of Seller. The obligation of Seller to consummate the
transaction hereunder shall be subject to the fulfillment on or before the date of Closing of all of the following conditions, any or all of which may be waived by Seller in its sole discretion: 
 (a) Seller shall have received the Purchase Price as adjusted pursuant to and payable in the manner provided for in this Agreement. 
 (b) Purchaser shall have delivered to Title Company all of the items required to be delivered to Title Company pursuant to the terms of this Agreement,
including but not limited to, those provided for in Section 4.3 hereof. 
 (c) All of the representations and warranties of Purchaser
contained in this Agreement shall be true and correct in all material respects as of the date of Closing. 
 (d) Purchaser shall have
performed and observed, in all material respects, all covenants and agreements of this Agreement to be performed and observed by Purchaser as of the date of Closing. 
 ARTICLE V 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 5.1 Representations and Warranties of Seller. Seller hereby makes the following representations and warranties to Purchaser as of the Effective
Date: 
 (a) Organization and Authority. Seller has been duly organized and is validly existing under the laws of Georgia. Seller has
the full right, power and authority to enter into this Agreement and, to transfer all of the Property to be conveyed by Seller pursuant hereto and to consummate or cause to be consummated the transactions contemplated herein to be made by Seller.
The person signing this Agreement on behalf of Seller is authorized to do so. No consent of any creditor, investor, judicial or administrative body, governmental authority, or other governmental body or agency, or other party to such execution,
delivery and performance by Seller is required. Neither the execution of this Agreement nor the consummation of the transactions contemplated hereby will (i) result in a breach of, default under, or acceleration of, any agreement to which
Seller is a party or by which Seller or the Property are bound; or (ii) violate any restriction, court order, agreement or other legal obligation to which Seller and/or the Property is subject. 
 (b) Pending Actions. To Seller’s knowledge, there is no action, suit, arbitration, unsatisfied order or judgment, governmental investigation
or proceeding pending or threatened in writing against the Property or the transaction contemplated by this Agreement. 
 (c) Lease.
Seller is the lessor or landlord or the successor lessor or landlord under the Lease. Except as set forth in the Lease Schedule, to Seller’s knowledge, there are no other leases or occupancy agreements to which Seller is a party affecting the
Property. There are no free rent, operating expense abatements, incomplete tenant improvements, rebates, 

  

 13 

 
allowances, or other unexpired concessions under the Lease. The tenant under the Lease has not indicated to Seller either orally or in writing its intent to
terminate its Lease prior to expiration of the term of the Lease. No brokerage or similar fee is due or unpaid by Seller with respect to the Lease. No brokerage or similar fee shall be due or payable from and after the Closing with respect to the
Lease, including, without limitation, on account of the exercise of any renewal, extension or expansion options arising under the Lease. 
 (d) Condemnation. To Seller’s knowledge, no condemnation proceedings relating to the Property are pending or threatened. 
 (e) Not a Foreign Person. Seller is not a “foreign person” which would subject Purchaser to the withholding tax provisions of Section 1445 of the Internal Revenue Code of 1986, as amended. 
 (f) Employees. Seller has no employees at the Property. 
 (g) Contracts. Seller is not a party to any contracts of any kind relating to the management, leasing, operation, maintenance or repair of the Property, except the Operating Agreements. The Operating Agreements
are terminable, without penalty, on no more than thirty (30) days written notice. Seller has not received any written notice alleging that it has failed to timely perform all of the obligations required to be performed by it, nor alleging that
Seller is otherwise in default under, any of the Operating Agreements. 
 (h) Seller’s Knowledge. Bert Collins is the Associate,
Asset Manager, who has been actively involved in the management of Seller’s business with respect to the Property 
 (i) Other
Taxes. The sale of the Property to Purchaser hereunder is not subject to, and does not subject Purchaser to, any liability for income tax, retail sales tax or bulk sales obligation under the law of the state in which the Property is located.
Seller shall deliver to Purchaser at Closing an affidavit of Seller confirming such matters (the “Tax Affidavit”). 
 (j)
Compliance with Laws and Codes. Seller has not received any written notice advising or alleging that the entirety of the Property, and the use and operation thereof, are not in compliance with all applicable municipal and other governmental
laws, ordinances, rules, regulations, codes (including Environmental Laws), licenses, permits and authorizations, for which Seller has not cured or resolved the issue of noncompliance. 
 5.2 Knowledge Defined. References to the “knowledge” of Seller shall refer only to the actual knowledge of the Designated Employee (as
hereinafter defined) and shall not be construed, by imputation or otherwise, to refer to the knowledge of Seller, or any affiliate of Seller, to any property manager, or to any other officer, agent, manager, representative or employee of Seller or
any affiliate thereof or to impose upon such Designated Employee any duty to investigate the matter to which such actual knowledge, or the absence thereof, pertains. As used herein, the term “Designated Employee” shall refer to the
following person: Bert Collins. 
  

 14 

 5.3 Survival of Seller’s Representations and Warranties. The representations and warranties
of Seller set forth in Section 5.1 hereof as updated by the certificate of Seller to be delivered to Purchaser at Closing in accordance with Section 4.2(g) hereof, shall survive Closing for a period of one hundred and eighty
(180) days. No claim for a breach of any representation or warranty of Seller shall be actionable or payable (a) if the breach in question results from or is based on a condition, state of facts or other matter which was known to Purchaser
prior to Closing, (b) unless the valid claims for all such breaches collectively aggregate more than Fifty Thousand Dollars ($50,000), in which event the full amount of such claims shall be actionable, and (c) unless written notice
containing a description of the specific nature of such breach shall have been given by Purchaser to Seller prior to the expiration of said one hundred and eighty (180) day period and an action shall have been commenced by Purchaser against
Seller within ninety (90) days after the termination of the survival period provided for above in this Section 5.3. As used herein, the term “Cap” shall mean the total aggregate amount of 3% of the Purchase Price. In no
event shall Seller’s aggregate liability to Purchaser for breach of any representation or warranty of Seller in this Agreement or the certificate to be delivered by Seller at Closing pursuant to Section 4.2(g) hereof exceed the amount of
the Cap. 
 5.4 Covenants of Seller. Seller hereby covenants with Purchaser as follows: 
 (a) From the Effective Date hereof until the Closing or earlier termination of this Agreement, Seller shall use reasonable efforts to operate and maintain
the Property in a manner generally consistent with the manner in which Seller has operated and maintained the Property prior to the date hereof. 
 (b) Seller shall use reasonable efforts (but without obligation to incur any cost or expense) to obtain and deliver to Purchaser prior to Closing, a written estoppel certificate, in the form of Exhibit K attached hereto and made a
part hereof, signed by the tenant under the Lease. An estoppel certificate shall not be deemed unsatisfactory merely because any tenant qualifies any statement or certification therein by an “actual knowledge” standard or similar
provision. A signed certificate is referred to herein as a “Tenant Estoppel”. A Tenant Estoppel shall be acceptable to Purchaser so long as it confirms the following: (a) the documents encompassing the Lease in its entirety, including
any side letter agreements; (b) to tenants knowledge, neither the landlord nor tenant under the Lease are in material default under the Lease; (c) the lease term, current rental amounts, and date through which rent is paid are as
referenced in the Lease and rent rolls provided to Purchaser; (d) any remaining renewal options; and (e) any purchase rights, termination rights or expansion options. 
 (c) Seller will not modify or renew the Lease or any Operating Agreements or enter into any new leases or contracts affecting the occupancy or operations
of the Property without the prior written consent of Purchaser, which consent shall not be unreasonably withheld. 
 (d) Seller shall send
notices to terminate all contracts, except the Lease and the Operating Agreements with Electro Watchman, Inc. and Albrecht Company (together, the “Assumed Operating Agreements”), on or before the Closing Date. Purchaser shall pay for any
fees owing under the terminated Operating Agreements after the Closing up to one month’s service fee. 
  

 15 

 (e) Any insurance policies maintained by Seller relating to the Property shall remain continuously in
force through and including the Closing Date. 
 5.5 Representations and Warranties of Purchaser. Purchaser hereby represents and
warrants to Seller: 
 (a) Organization and Authority. Purchaser has the full right, power and authority to purchase the Property as
provided in this Agreement and to carry out Purchaser’s obligations hereunder, and all requisite action necessary to authorize Purchaser to enter into this Agreement and to carry out its obligations hereunder have been, or by the Closing will
have been, taken. The person signing this Agreement on behalf of Purchaser is authorized to do so. 
 (b) Pending Actions. There is no
action, suit, arbitration, unsatisfied order or judgment, government investigation or proceeding pending against Purchaser which, if adversely determined, could individually or in the aggregate materially interfere with the consummation of the
transaction contemplated by this Agreement. 
 5.6 Survival of Purchaser’s Representations and Warranties. The representation and
warranties of Purchaser set forth in Section 5.5(a) hereof shall survive Closing and shall be a continuing representation and warranty without limitation. All other representations and warranties of Purchaser shall survive Closing for a period
of one hundred and eighty (180) days. No claim for a breach of any representation or warranty of Purchaser shall be actionable or payable (a) if the breach in question results from or is based on a condition, state of facts or other matter
which was known to Seller prior to Closing, (b) unless the valid claims for all such breaches collectively aggregate more than Fifty Thousand Dollars ($50,000), in which event the full amount of such claims shall be actionable, and
(c) unless written notice containing a description of the specific nature of such breach shall have been given by Seller to Purchaser prior to the expiration of said one hundred and eighty (180) day period and an action shall have been
commenced by Seller against Purchaser within ninety (90) days after the termination of the survival period provided for above in this Section 5.6. In no event shall Purchaser’s aggregate liability to Seller for breach of any
representation or warranty of Purchaser in this Agreement exceed the amount of the Cap. 
 5.7 Covenants of Purchaser. Purchaser
hereby covenants with Seller that Purchaser shall, in connection with its investigation of the Property during the Inspection Period, inspect the Property for the presence Hazardous Materials, and upon a termination of this Agreement not caused by
the default of Seller, shall, upon the request of Seller, furnish to Seller copies of any reports received by Purchaser in connection with any such inspection. Upon a termination of this Agreement not caused by the default of Seller and upon request
of Seller, Purchaser shall also furnish to Seller copies of any other reports received by Purchaser relating to any other inspections of the Property conducted on Purchaser’s behalf, if any (including, specifically, without limitation, any
reports analyzing compliance of the Property with the provisions of the Americans with Disabilities Act (“ADA”), 42 U.S.C. §12101, et seq., if applicable). The provisions of this Section shall survive Closing or any
early termination of this Agreement. 
  

 16 

 ARTICLE VI 
 DEFAULT 
 6.1 Default by Purchaser. IF THE SALE OF THE PROPERTY IS NOT CONSUMMATED DUE TO ANY
DEFAULT BY PURCHASER HEREUNDER, THEN SELLER SHALL HAVE THE RIGHT TO TERMINATE THIS AGREEMENT AND TO RETAIN THE EARNEST MONEY AS LIQUIDATED DAMAGES. THE PARTIES HAVE AGREED THAT SELLER’S ACTUAL DAMAGES, IN THE EVENT OF A FAILURE TO CONSUMMATE
THIS SALE DUE TO PURCHASER’S DEFAULT, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE
EARNEST MONEY IS A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR IN SUCH EVENT. BY PLACING THEIR INITIALS BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS MADE ABOVE AND THE FACT THAT EACH PARTY WAS REPRESENTED BY
COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION. THE FOREGOING IS NOT INTENDED TO LIMIT PURCHASER’S INDEMNITY OBLIGATIONS UNDER OTHER SECTIONS HEREOF. 
  

							
	 SELLER:
	  	 /s/ DW
	  	PURCHASER:	  	 /s/ MAS

 6.2 Default by Seller. If Seller fails to consummate this Agreement for any reason other
than Purchaser’s default or the permitted termination of this Agreement by Seller or Purchaser as herein expressly provided, Purchaser shall be entitled, as its sole remedy, either (a) to receive the return of the Earnest Money and Seller
shall reimburse Purchaser for all of Purchaser’s third-party, out-of-pocket expenses in connection with its negotiation and performance of this Agreement (including, without limitation, reasonable attorney’s fees) in an amount not to
exceed Thirty Thousand and 00/100 Dollars ($30,000.00), which return and reimbursement shall operate to terminate this Agreement and release Seller from any and all liability hereunder, or (b) to enforce specific performance of Seller’s
obligation to execute the documents required to convey the Property to Purchaser, it being understood and agreed that the remedy of specific performance shall not be available to enforce any other obligation of Seller hereunder. Purchaser expressly
waives its rights to seek damages in the event of Seller’s default hereunder. Purchaser shall be deemed to have elected to terminate this Agreement and receive back the Earnest Money and its third-party expenses if Purchaser fails to file suit
for specific performance against Seller in a court having jurisdiction in the county and state in which the Property is located, on or before fifteen (15) days following the date upon which Closing was to have occurred. 
  

 17 

 ARTICLE VII 
 RISK OF LOSS 
 7.1 Minor Damage. In the event of loss or damage to the Property or any portion
thereof which is not “major” (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs or, at Seller’s option, assigns to Purchaser all of Seller’s right, title
and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. If Seller elects to perform repairs upon the Property, Seller shall use reasonable
efforts to complete such repairs promptly and the date of Closing shall be extended up to a maximum of fifteen (15) days in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the
Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy and any self-insurance amount. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser. 
 7.2 Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this Agreement by written notice to
the other party, in which event the Earnest Money shall be returned to Purchaser. If neither Seller nor Purchaser elects to terminate this Agreement within ten (10) days after Seller sends Purchaser written notice of the occurrence of major
loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of
Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. If Seller elects to perform repairs upon the Property,
Seller shall use reasonable efforts to complete such repairs promptly. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy and
any self-insurance amount. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser. 
 7.3 Definition of
“Major” Loss or Damage. For purposes of Sections 7.1 and 7.2 hereof, “major” loss or damage refers to the following: (i) loss or damage to the Property or any portion thereof such that the cost of repairing or restoring
the premises in question to a condition substantially identical to that of the premises in question prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by Purchaser, equal to or greater
than TWO HUNDRED FIFTY THOUSAND and No/100 Dollars ($250,000), and (ii) any loss due to a condemnation which permanently and materially impairs the current use of the Property. If Purchaser does not give notice to Seller of Purchaser’s
reasons for disapproving an architect within five (5) business days after receipt of notice of the proposed architect, Purchaser shall be deemed to have approved the architect selected by Seller. 
  

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 ARTICLE VIII 
 COMMISSIONS 
 8.1 Brokerage Commissions. In the event the transaction contemplated by this
Agreement is consummated, but not otherwise, Seller agrees to pay to Northstar Partners (the “Broker”) at Closing a brokerage commission pursuant to a separate written agreement between Seller and Broker. Each party agrees that should any
claim be made for brokerage commissions or finder’s fees by any broker or finder other than the Broker by, through or on account of any acts of said party or its representatives, said party will indemnify and hold the other party free and
harmless from and against any and all loss, liability, cost, damage and expense in connection therewith. The provisions of this Section 8.1 shall survive Closing or earlier termination of this Agreement. 
 ARTICLE IX 
 DISCLAIMERS AND WAIVERS

 9.1 No Reliance on Documents. Except as expressly stated herein, Seller makes no representation or warranty as to the truth,
accuracy or completeness of any materials, data or information delivered by Seller to Purchaser in connection with the transaction contemplated hereby. Purchaser acknowledges and agrees that all materials, data and information delivered by Seller to
Purchaser in connection with the transaction contemplated hereby are provided to Purchaser as a convenience only and that any reliance on or use of such materials, data or information by Purchaser shall be at the sole risk of Purchaser, except as
otherwise expressly stated herein. Without limiting the generality of the foregoing provisions, Purchaser acknowledges and agrees that (a) any environmental or other report with respect to the Property which is delivered by Seller to Purchaser
shall be for general informational purposes only, (b) Purchaser shall not have any right to rely on any such report delivered by Seller to Purchaser, but rather will rely on its own inspections and investigations of the Property and any reports
commissioned by Purchaser with respect thereto, and (c) neither Seller, any affiliate of Seller nor the person or entity which prepared any such report delivered by Seller to Purchaser shall have any liability to Purchaser for any inaccuracy in
or omission from any such report or in verbal communication. 
 9.2 Disclaimers. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, IT
IS UNDERSTOOD AND AGREED THAT SELLER IS NOT MAKING AND HAS NOT AT ANY TIME MADE ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESSED OR IMPLIED, WITH RESPECT TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR
REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE (OTHER THAN SELLER’S LIMITED WARRANTY OF TITLE TO BE SET FORTH IN THE DEED), ZONING, TAX CONSEQUENCES, LATENT OR PATENT PHYSICAL OR ENVIRONMENTAL
CONDITION, UTILITIES, OPERATING HISTORY OR PROJECTIONS, VALUATION, GOVERNMENTAL APPROVALS, THE COMPLIANCE OF THE PROPERTY WITH GOVERNMENTAL LAWS, THE TRUTH, ACCURACY OR 

  

 19 

 
COMPLETENESS OF THE PROPERTY DOCUMENTS OR ANY OTHER INFORMATION PROVIDED BY OR ON BEHALF OF SELLER TO PURCHASER, OR ANY OTHER MATTER OR THING REGARDING THE
PROPERTY. PURCHASER ACKNOWLEDGES AND AGREES THAT UPON CLOSING SELLER SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER SHALL ACCEPT THE PROPERTY “AS IS, WHERE IS, WITH ALL FAULTS”, EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN THIS
AGREEMENT. PURCHASER HAS NOT RELIED AND WILL NOT RELY ON, AND SELLER IS NOT LIABLE FOR OR BOUND BY, ANY EXPRESSED OR IMPLIED WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY OR RELATING THERETO (INCLUDING
SPECIFICALLY, WITHOUT LIMITATION, PROPERTY INFORMATION PACKAGES DISTRIBUTED WITH RESPECT TO THE PROPERTY) MADE OR FURNISHED BY SELLER, THE MANAGER OF THE PROPERTY, OR ANY REAL ESTATE BROKER OR AGENT REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO
WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING, UNLESS SPECIFICALLY SET FORTH IN THIS AGREEMENT. PURCHASER REPRESENTS TO SELLER THAT PURCHASER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE
PROPERTY, INCLUDING BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS PURCHASER DEEMS NECESSARY TO SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OF CURATIVE ACTION TO BE TAKEN WITH
RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTY, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER OR ITS AGENTS OR EMPLOYEES WITH RESPECT THERETO, OTHER THAN SUCH
REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER AS ARE EXPRESSLY SET FORTH IN THIS AGREEMENT. EXCEPT AS SET FORTH IN THIS AGREEMENT, PURCHASER, UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER (AND SELLER’S
OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES AND AGENTS) FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT), LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING ATTORNEYS’ FEES AND COURT
COSTS) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH PURCHASER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER (AND SELLER’S OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES AND AGENTS) AT ANY TIME BY REASON OF OR ARISING OUT OF ANY
LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF ANY APPLICABLE LAWS (INCLUDING, WITHOUT LIMITATION, ANY ENVIRONMENTAL LAWS) AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY.
AS PART OF THE PROVISIONS OF THIS SECTION 9.2, BUT NOT AS A LIMITATION THEREON, PURCHASER HEREBY AGREES, REPRESENTS AND WARRANTS THAT THE MATTERS RELEASED HEREIN ARE NOT LIMITED TO MATTERS WHICH ARE KNOWN OR DISCLOSED. 
  

 20 

 9.3 Effect and Survival of Disclaimers. Seller and Purchaser acknowledge that the compensation to
be paid to Seller for the Property has been decreased to take into account that the Property is being sold subject to the provisions of this Article IX. Seller and Purchaser agree that the provisions of this Article IX shall survive Closing.

 ARTICLE X 
 MISCELLANEOUS 
 10.1 Confidentiality. Purchaser and its representatives shall hold in strictest confidence all data
and information obtained with respect to Seller or its business, whether obtained before or after the execution and delivery of this Agreement, and shall not disclose the same to others; provided, however, that it is understood and agreed that
Purchaser may disclose such data and information to the employees, consultants, accountants and attorneys of Purchaser advises such person in writing to treat such data and information confidentially. Purchaser’s obligations under this
Section 10.1 shall not apply to information which (i) is or becomes generally available to the public other than as a result of a disclosure by Purchaser; or (ii) was within the possession of the Purchaser prior to its being furnished
to the Purchaser by or on behalf of Seller, provided that the source of such information was not known or reasonably suspected by the Purchaser to be bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation of
confidentiality to, Seller with respect to such information. In the event this Agreement is terminated or Purchaser fails to perform hereunder, Purchaser shall promptly return to Seller any statements, documents, schedules, exhibits or other written
information obtained from Seller in connection with this Agreement or the transaction contemplated herein. In the event of a breach or threatened breach by Purchaser or its agents or representatives of this Section 10.1, Seller shall be
entitled to an injunction restraining Purchaser or its agents or representatives from disclosing, in whole or in part, such confidential information. Nothing herein shall be construed as prohibiting Seller from pursuing any other available remedy at
law or in equity for such breach or threatened breach. 
 10.2 Public Disclosure. Prior to Closing, any release to the public of
information with respect to the sale contemplated herein or any matters set forth in this Agreement will be made only in the form approved by Purchaser and Seller and their respective counsel. Neither Seller nor Purchaser will object to any such
release required by law or regulation of any governmental authority or self-regulatory organization (i.e., NYSE, NASD). 
 10.3 Discharge
of Obligations. The acceptance of the Deed by Purchaser shall be deemed to be a full performance and discharge of every representation and warranty made by Seller herein and every agreement and obligation on the part of Seller to be performed
pursuant to the provisions of this Agreement, except those which are herein specifically stated to survive Closing. 
 10.4
Assignment. Seller shall not have the right to convey, transfer or assign its interest in this Agreement or in the Property. Purchaser may assign its rights under this Agreement to any entity which Purchaser controls or any entity that is
under common control with Purchaser. For purposes of this Section, the term “control” means the possession, directly 

  

 21 

 
or indirectly, of the power to direct or cause the direction of the management and policies of the entity in question, whether by the ownership of voting
securities, contract or otherwise. Except as provided above, Purchaser may not assign its rights under this Agreement without first obtaining Seller’s written approval, which approval may be given or withheld in Seller’s sole discretion.

 10.5 Notices. Any notice pursuant to this Agreement shall be given in writing by (a) personal delivery, or (b) reputable
overnight delivery service with proof of delivery, or (c) United States Mail, postage prepaid, registered or certified mail, return receipt requested, or (d) legible facsimile transmission sent to the intended addressee at the address set
forth below, or to such other address or to the attention of such other person as the addressee shall have designated by written notice sent in accordance herewith, and shall be deemed to have been given either at the time of personal delivery, or,
in the case of expedited delivery service or mail, as of the date of first attempted delivery at the address and in the manner provided herein, or, in the case of facsimile transmission, as of the date of the facsimile transmission provided that an
original of such facsimile is also sent to the intended addressee by means described in clauses (a), (b) or (c) above. Unless changed in accordance with the preceding sentence, the addresses for notices given pursuant to this Agreement
shall be as follows: 
  

							
	If to Seller:	 	c/o Wells Real Estate Funds, Inc.	 	
		 	 6200 The Corners Parkway, Suite 250
 Norcross, Georgia 30092
	 	
		 	Attention: F. Parker Hudson, Managing Director of Dispositions	 	
		 	Telecopy: (770) 243-4684	 		 	
				
	with a copy to:	 	DLA Piper US LLP	 		 	
		 	 203 N. LaSalle, Suite 1900
 Chicago, Illinois
60601
	 		 	
		 	Attention: Peter B. Ross, Esq.	 		 	
		 	Telecopy: (312) 630-7332	 		 	
				
	with an additional copy to:	 	DLA Piper US LLP	 		 	
		 	 1200 19th Street, N.W.
 Washington, D.C.
20036-2412
	 		 	
		 	Attention: Jeffrey R. Keitelman, Esq.	 	
		 	Telecopy: (202) 689-7460	 		 	
				
	If to Purchaser:	 	AMB Property II, L.P.	 		 	
		 	One O’Hare Centre	 		 	
		 	 6250 North River Road, Suite 1100
 Rosemont, Illinois 60018
	 	
		 	Attention: Brian Scruggs	 		 	
		 	Fax No.: (847) 556-6574	 		 	

  

 22 

							
	with a copy to:	 	Dykema Gossett PLLC	 		 	
		 	 39577 Woodward Avenue, Suite 300
 Bloomfield Hills, Michigan 48304
	 	
		 	Attention: Kyle R. Hauberg, Esq.	 	
		 	Fax No.: (248) 203-0763	 		 	
			
	If to Escrow Agent:	 	Chicago Title Insurance Company	 	
		 	 4170 Ashford Dunwoody Road, Suite 460
 Atlanta, GA 30319
	 	
		 	Attention: Judy Stillings	 		 	
		 	Telecopy: (404) 303-6307	 		 	

 10.6 Binding Effect. This Agreement shall not be binding in any way upon Seller unless and
until Seller shall execute and deliver the same to Purchaser. 
 10.7 Modifications. This Agreement cannot be changed orally, and no
executory agreement shall be effective to waive, change, modify or discharge it in whole or in part unless such executory agreement is in writing and is signed by the parties against whom enforcement of any waiver, change, modification or discharge
is sought. 
 10.8 Time of the Essence. All times, wherever specified herein for the performance by Seller or Purchaser of their
respective obligations hereunder, are of the essence of this Agreement. 
 10.9 Calculation of Time Periods. Unless otherwise
specified, in computing any period of time described in this Agreement, 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, unless
such last day is a Saturday, Sunday or legal holiday under the laws of the State in which the Property is located, in which event the period shall run until the end of the next day which is neither a Saturday, Sunday or legal holiday. The final day
of any such period shall be deemed to end at 5 p.m., local time. 
 10.10 Successors and Assigns. The terms and provisions of this
Agreement are to apply to and bind the permitted successors and assigns of the parties hereto. 
 10.11 Entire Agreement. This
Agreement, including the Exhibits, contains the entire agreement between the parties pertaining to the subject matter hereof and fully supersedes all prior written or oral agreements and understandings between the parties pertaining to such subject
matter. 
 10.12 Further Assurances. Each party agrees that it will without further consideration execute and deliver such other
documents and take such other action, whether prior or subsequent to Closing, as may be reasonably requested by the other party to consummate more effectively the purposes or subject matter of this Agreement. Without limiting the generality of the
foregoing, Purchaser shall, if requested by Seller, execute acknowledgments of receipt with respect to any materials delivered by Seller to Purchaser with respect to the Property. 
 10.13 Reporting Requirements. Title Company is designated the “real estate reporting person” for purposes of Section 6045 of Title
26 of the United States Code and Treasury 

  

 23 

 
Regulation 1.6045-4 and any instructions or settlement statement prepared by Escrow Company shall so provide. Upon the consummation of the transaction
contemplated by this Agreement, Title Company shall file Form 1099 information return and send the statement to Seller as required under the aforementioned statute and regulation. 
 10.14 Counterparts. This Agreement may be executed in counterparts, and all such executed counterparts shall constitute the same agreement. It
shall be necessary to account for only one such counterpart in proving this Agreement. 
 10.15 1031 Exchange. If so requested by
either Purchaser or Seller, the other party agrees to cooperate with the requesting party in effectuating the purchase and sale of the Property by means of an exchange of “like kind” property under Section 1031 of the Internal Revenue
Code of 1986, as amended. 
 10.16 Severability. If any provision of this Agreement is determined by a court of competent jurisdiction
to be invalid or unenforceable, the remainder of this Agreement shall nonetheless remain in full force and effect. 
 10.17 Applicable
Law. THIS AGREEMENT IS PERFORMABLE IN THE STATE OF MINNESOTA AND SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE SUBSTANTIVE FEDERAL LAWS OF THE UNITED STATES AND THE STATE OF MINNESOTA. SELLER AND PURCHASER HEREBY
IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN THE STATE OF MINNESOTA IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR
PROCEEDING SHALL BE HEARD AND DETERMINED IN A STATE OR FEDERAL COURT SITTING IN THE STATE OF MINNESOTA. PURCHASER AND SELLER AGREE THAT THE PROVISIONS OF THIS SECTION 10.17 SHALL SURVIVE THE CLOSING OF THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT.

 10.18 No Third Party Beneficiary. The provisions of this Agreement and of the documents to be executed and delivered at Closing are
and will be for the benefit of Seller and Purchaser only and are not for the benefit of any third party (including, without limitation, Title Company and Broker), and accordingly, no third party shall have the right to enforce the provisions of this
Agreement or of the documents to be executed and delivered at Closing. 
 10.19 Exhibits and Schedules. The following schedules or
exhibits attached hereto shall be deemed to be an integral part of this Agreement: 
  

	 	(a)	Exhibit A  -      Legal Description of the Land 

  

	 	(b)	Exhibit B  -      Personal Property 

  

	 	(c)	Exhibit C  -      Lease Schedule 

  

	 	(d)	Exhibit D  -      Operating Agreements Schedule 

  

 24 

	 	(e)	Exhibit E          Deed 

  

	 	(f)	Exhibit F          Bill of Sale 

  

	 	(g)	Exhibit G         Assignment of the Lease 

  

	 	(h)	Exhibit H         Assignment of Operating Agreements and Intangibles 

  

	 	(i)	Exhibit I           Notice to Tenant 

  

	 	(j)	Exhibit J           FIRPTA Certificate 

  

	 	(k)	Exhibit K         Tenant Estoppel 

  

	 	(l)	Exhibit L          Seller Deliveries 

 10.20 Captions. The section headings appearing in this Agreement are for convenience of reference only and are not intended, to any extent and for any purpose, to limit or define the text of any section or any
subsection hereof. 
 10.21 Construction. The parties acknowledge that the parties and their counsel have reviewed and revised this
Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any exhibits or amendments hereto. 
 10.22 Termination of Agreement. It is understood and agreed that if either Purchaser or Seller terminates this Agreement pursuant to a right of
termination granted hereunder, such termination shall operate to relieve Seller and Purchaser from all obligations under this Agreement, except for such obligations as are specifically stated herein to survive the termination of this Agreement.

 10.23 Survival. The provisions of the following Sections of this Agreement shall survive Closing and shall not be merged into the
execution and delivery of the Deed: 3.1(c); the last paragraph of Section 4.2; 4.5; 4.6, 5.3; 5.6; 5.7; 8.1; 9.3; 10.1; 10.2, 10.12; 10.13; 10.17; and 10.18. 
 10.24 Title Company’s Agreement. Title Company, as escrow agent, is executing this Agreement to confirm its agreement to serve as escrow agent hereunder in accordance with the terms set forth in this
Agreement and the separate escrow agreement referenced in Section 1.6 hereof. 
 [SIGNATURE PAGE TO FOLLOW] 
  

 25 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the Effective Date.

 SELLER: 
  

							
	 Fund XIII and Fund XIV Associates,
 a Georgia
joint venture partnership

		
	By:	 	 Wells Real Estate Fund XIII, L.P.,
 a Georgia limited partnership, its Joint Venture Partner

			
		 	By:	 	 Wells Capital, Inc.,
 a Georgia corporation, as General Partner

				
		 		 	By:	 	 /s/ Douglas P. Williams

		 		 	Name:	 	Douglas P. Williams
		 		 	Title:	 	Senior Vice President
		
	By:	 	 Wells Real Estate Fund XIV, L.P.,
 a Georgia limited partnership, its Joint Venture Partner

			
		 	By:	 	 Wells Capital, Inc.,
 a Georgia corporation,
as General Partner

				
		 		 	By:	 	 /s/ Douglas P. Williams

		 		 	Name:	 	Douglas P. Williams
		 		 	Title:	 	Senior Vice President

  

 26 

 PURCHASER: 
  

							
	 AMB Institutional Alliance Fund III, L.P.,
 a
Delaware limited partnership

		
	By:	 	 AMB Property, L.P., a Delaware limited partnership,
 its general partner

			
		 	By:	 	 AMB Property Corporation, a Maryland corporation
 its general partner

				
		 		 	By:	 	 /s/ Mark A. Saturno

		 		 	Name:	 	Mark A. Saturno
		 		 	Its:	 	Senior Vice President

  

			
	TITLE COMPANY:
	
	Chicago Title Insurance Company:
	
	 Subject to the attached Conditions of Escrow

		
	By:	 	 /s/ Judy A. Stillings

	Its:	 	 Judy A. Stillings

  

 27 

 Exhibit A 
 LEGAL DESCRIPTION OF THE LAND 
 Real property in the City of Brooklyn Park, County of Hennepin, State of Minnesota,
described as follows: 
 Parcel 1: 
 Lot 1, Block 1, Crosstown
North Business Center 7, according to the recorded plat thereof (filed for record in the Registrar of Titles Office November 14, 2003, as Doc. No. 3876452, and in the County Recorder’s Office November 17, 2003, as Doc.
No. 8227296), Hennepin County, Minnesota. 
 (Abstract and Torrens property, Certificate No. 1117784) 
 Parcel 2: 
 Nonexclusive private driveway easement for the benefit of Parcel
1 for vehicular and pedestrian ingress and egress pursuant to Declaration of Private Driveway Easement dated October 30, 2003, recorded November 14, 2003, as Registrar of Titles Document No. 3876453 and recorded November 17,
2003, as County Recorder Document No. 8227294. 
 (Affects Abstract and Torrens property, Certificate No. 1117785) 
  

 1Purchase and Sale Agreement

 EXHIBIT 10(y) 
 PURCHASE AND SALE AGREEMENT 
 BETWEEN 
 WELLS REAL ESTATE FUND I 
 AND 
 CLOVERLEAF VILLAGE, LLC 
 Black Oak
Plaza Shopping Center 
 Knoxville, Tennessee 
 November 17, 2006 

 TABLE OF CONTENTS 
  

					
	ARTICLE 1. DEFINITIONS	  	1
		
	ARTICLE 2. PURCHASE AND SALE	  	6
			
	  2.1.	    	PARTIES COMPRISING SELLER; AGREEMENT TO SELL AND PURCHASE	  	6
			
	  2.2.	    	PERMITTED EXCEPTIONS	  	6
			
	  2.3.	    	EARNEST MONEY	  	6
			
	  2.4.	    	PURCHASE PRICE	  	7
		
	ARTICLE 3. PURCHASER’S INSPECTION AND REVIEW RIGHTS	  	8
			
	  3.1.	    	DUE DILIGENCE INSPECTIONS	  	8
			
	  3.2.	    	SELLER’S DELIVERIES TO PURCHASER	  	9
			
	  3.3.	    	CONDITION OF THE PROPERTY	  	10
			
	  3.4.	    	TITLE AND SURVEY	  	11
			
	  3.5.	    	OPERATING AGREEMENTS	  	12
			
	  3.6.	    	TERMINATION OF AGREEMENT	  	12
			
	  3.7.	    	CONFIDENTIALITY	  	12
		
	ARTICLE 4. REPRESENTATIONS, WARRANTIES AND OTHER AGREEMENTS	  	13
			
	  4.1.	    	REPRESENTATIONS AND WARRANTIES OF SELLER	  	13
			
	  4.2.	    	KNOWLEDGE DEFINED	  	16
			
	  4.3.	    	COVENANTS AND AGREEMENTS OF SELLER	  	16
		
	ARTICLE 5. CLOSING DELIVERIES, CLOSING COSTS AND PRORATIONS	  	18
			
	  5.2.	    	PURCHASER’S CLOSING DELIVERIES	  	20
			
	  5.3.	    	CLOSING COSTS	  	21
			
	  5.4.	    	PRORATIONS AND CREDITS	  	21
		
	ARTICLE 6. CONDITIONS TO CLOSING	  	23
			
	  6.1.	    	CONDITIONS PRECEDENT TO PURCHASER’S OBLIGATIONS	  	23
			
	  6.2.	    	CONDITIONS PRECEDENT TO SELLER’S OBLIGATIONS	  	24
		
	ARTICLE 7. CASUALTY AND CONDEMNATION	  	25
			
	  7.1.	    	CASUALTY	  	25
			
	  7.2.	    	CONDEMNATION	  	25
		
	ARTICLE 8. DEFAULT AND REMEDIES	  	26

  

 i 

					
			
	  8.1.	    	PURCHASER’S DEFAULT	  	26
			
	  8.2.	    	SELLER’S DEFAULT	  	27
		
	ARTICLE 9. ASSIGNMENT	  	27
			
	  9.1.	    	ASSIGNMENT	  	27
		
	ARTICLE 10. BROKERAGE COMMISSIONS	  	28
			
	  10.1.	    	BROKER	  	28
		
	ARTICLE 11. INDEMNIFICATION	  	28
			
	  11.1.	    	INDEMNIFICATION BY SELLER	  	28
			
	  11.2.	    	INDEMNIFICATION BY PURCHASER	  	29
			
	  11.3.	    	LIMITATIONS ON INDEMNIFICATION	  	29
			
	  11.4.	    	SURVIVAL	  	29
			
	  11.5.	    	INDEMNIFICATION AS SOLE REMEDY	  	30
		
	ARTICLE 12. MISCELLANEOUS	  	30
			
	  12.1.	    	NOTICES	  	30
			
	  12.2	    	POSSESSION	  	31
			
	  12.3	    	TIME PERIODS	  	31
			
	  12.4	    	PUBLICITY	  	31
			
	  12.5	    	DISCHARGE OF OBLIGATIONS	  	31
			
	  12.6	    	SEVERABILITY	  	31
			
	  12.7	    	CONSTRUCTION	  	31
			
	  12.8	    	ACCESS TO RECORDS FOLLOWING CLOSING	  	32
			
	  12.9	    	GENERAL PROVISIONS	  	32
			
	  12.10	    	LIKE KIND EXCHANGE	  	32
			
	  12.11	    	ATTORNEY’S FEES	  	33
			
	  12.12	    	COUNTERPARTS	  	33
			
	  12.13	    	EFFECTIVE AGREEMENT	  	33

  

 ii 

 SCHEDULE OF EXHIBITS 
  

			
	Exhibit “A”	  	Description of Property
		
	Exhibit “B”	  	List of Personal Property
		
	Exhibit “C”	  	List of Existing Commission Agreements
		
	Exhibit “D”	  	Form of Escrow Agreement
		
	Exhibit “E”	  	Intentionally Omitted
		
	Exhibit “F”	  	Rent Roll
		
	Exhibit “G”	  	Exception Schedule
		
	Exhibit “H”	  	List of Operating Agreements
		
	Exhibit “I”	  	Form of Tenant Estoppel Certificate
		
	Exhibit “J”	  	Property Tax Appeals
		
	Exhibit “K”	  	Unpaid Tenant Inducement Costs and Leasing Commissions re current tenants for which Seller is responsible
		
	Exhibit “L”	  	List of Existing Exceptions

  

 iii 

 SCHEDULE OF CLOSING DOCUMENTS 
  

			
	Schedule 1	  	Form of Special Warranty Deed
		
	Schedule 2	  	Form of Bill of Sale to Personal Property
		
	Schedule 3	  	Form of Assignment and Assumption of Leases and Security Deposits and Leasing Commission Obligations arising after Closing
		
	Schedule 4	  	Form of Assignment and Assumption of Operating Agreements
		
	Schedule 5	  	Form of General Assignment of Seller’s Interest in Intangible Property
		
	Schedule 6	  	Form of Seller’s Affidavit (for Purchaser’s Title Insurance Purposes)
		
	Schedule 7	  	Form of Seller’s Certificate (as to Seller’s Representations and Warranties)
		
	Schedule 8	  	Form of Seller’s FIRPTA Affidavit
		
	Schedule 9	  	Form of Purchaser’s Certificate (as to Purchaser’s Representations and Warranties)
		
	Schedule 10	  	Form of Seller’s Estoppel (as to Leases)

  

 iv 

 PURCHASE AND SALE AGREEMENT 
 BLACK OAK SHOPPING CENTER 

 THIS PURCHASE AND SALE AGREEMENT (the “Agreement”), made and entered into this
17th day of November, 2006, by and between WELLS REAL ESTATE FUND I, a Georgia limited partnership, and CLOVERLEAF
VILLAGE, LLC a Georgia limited liability company (“Purchaser”). 
 W I T N E S
E T H : 
 WHEREAS, Seller desires to sell certain improved real property located at 6900-6945 Maynardville Highway,
City of Knoxville, Knox County, Tennessee, together with certain related personal and intangible property, and Purchaser desires to purchase such real, personal and intangible property; and 
 WHEREAS, the parties hereto desire to provide for said sale and purchase on the terms and conditions set forth in this Agreement; 
 NOW, THEREFORE, for and in consideration of the premises, the mutual covenants and agreements hereinafter set forth, and for other good and valuable
consideration, the receipt, adequacy, and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby covenant and agree as follows: 
 ARTICLE 1. 
 DEFINITIONS 
 For purposes of this Agreement, each of the following capitalized terms shall have the meaning ascribed to such terms as set forth below: 
 “Additional Earnest Money” shall mean the sum of One Hundred Thousand and No/100 Dollars ($100,000.00 U.S.). 
 “Ancillary Closing Documents” shall mean, collectively, the Assignment and Assumption of Leases, the Assignment and Assumption of
Operating Agreements, the General Assignment, and the Seller’s Certificate. 
 “Assignment and Assumption of Leases”
shall mean the form of assignment and assumption of Leases and Security Deposits and obligations under the Commission Agreements to be executed and delivered by Seller and Purchaser at the Closing in the form attached hereto as
SCHEDULE 2. 
 “Assignment and Assumption of Operating Agreements” shall mean the form of assignment
and assumption of the Operating Contracts to be executed and delivered by Seller and Purchaser at the Closing in the form attached hereto as SCHEDULE 4. 
  

 - 1 - 

 “Basket Limitation” shall mean an amount equal to Ten Thousand and No/100 Dollars
($10,000.00 U.S.). 
 “Bill of Sale” shall mean the form of bill of sale to the Personal Property to be executed and
delivered by Seller to Purchaser at the Closing in the form attached hereto as SCHEDULE 3. 
 “Business
Day” shall mean any day other than a Saturday, Sunday or other day on which banking institutions in the State of Tennessee are authorized by law or executive action to close. 
 “Cap Limitation” shall mean an amount equal to one percent (1%) of the Purchase Price. 
 “Closing” shall mean the consummation of the purchase and sale of the Property pursuant to the terms of this Agreement. 
 “Closing Date” shall have the meaning ascribed thereto in Section 2.5 hereof. 
 “Commission Agreements” shall have the meaning ascribed thereto in Section 4.1(d) hereof, and such agreements are more
particularly described on EXHIBIT “C” attached hereto and made a part hereof. 
 “Due Diligence
Material” shall have the meaning ascribed thereto in Section 3.7 hereof. 
 “Earnest Money” shall mean
the Initial Earnest Money, together with any Additional Earnest Money actually paid by Purchaser to Escrow Agent hereunder. 
 “Effective Date” shall mean the date upon which Purchaser and Seller shall have delivered a fully executed counterpart of this Agreement to the other which date shall be inserted in the space provided on the cover page and
page 1 hereof. For purposes of determining the Effective Date, a facsimile or other electronic signature shall be deemed an original signature. 
 “Environmental Law” shall mean any law, ordinance, rule, regulation, order, judgment, injunction or decree now or hereafter relating to pollution or substances or materials which are considered to be hazardous or toxic,
including, without limitation, the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the Comprehensive Environmental Response, Compensation and Liability Act (codified in various sections of 26 U.S.C., 33 U.S.C., 42 U.S.C., and
42 U.S.C. § 9601 et seq.), the Hazardous Materials Transportation Act (49 U.S.C. § 1801 et seq.), the Clean Water Act (33 U.S.C. § 1251 et seq.), the Safe Drinking Water Act (21 U.S.C. § 349, 42 U.S.C.
§ 201 et seq. and § 300 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.), the Emergency Planning and Community Right to Know Act (42 U.S.C. § 1100 et seq.), the Clean Air Act (42 U.S.C.
§ 7401 et seq.), the Occupational Safety & Health Act (29 U.S.C. § 655 et seq.), the Noise Control Act (42 U.S.C. § 4901 et seq.), and any state and local environmental laws, all amendments and supplements to
any of the foregoing and all regulations and publications promulgated or issued pursuant thereto. 
  

 - 2 - 

 “Environmental Liabilities” shall have the meaning ascribed thereto in
Section 3.3(b) hereof. 
 “Escrow Agent” shall mean Chicago Title Insurance Company, at its office at 4170
Ashford Dunwoody Road, Suite 460, in Atlanta, Georgia, 30319. 
 “Escrow Agreement” shall mean that certain Escrow Agreement
in the form attached hereto as EXHIBIT “D” entered into contemporaneously with the execution and delivery of this Agreement by Seller, Purchaser and Escrow Agent with respect to the Earnest Money. 
 “Existing Survey” shall mean that certain survey with respect to the Land and the Improvements prepared by T.J. Hatmaker, Surveyor,
dated August 22, 1986, and last revised September 11, 1986, Drawing No. 33764. 
 “FIRPTA Affidavit” shall
mean the form of FIRPTA Affidavit to be executed and delivered by Seller to Purchaser at Closing in the form attached hereto as SCHEDULE 8. 
 “General Assignment” shall have the meaning ascribed thereto in Section 5.1(f) hereof. 
 “Hazardous Substances” shall mean any and all pollutants, contaminants, toxic or hazardous wastes or any other substances that might pose a hazard to health or safety, the removal of which may be required or the generation,
manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized under any
Environmental Law (including, without limitation, lead paint, asbestos, urea formaldehyde foam insulation, petroleum and polychlorinated biphenyls). 
 “Improvements” shall mean all buildings, structures and improvements now or on the Closing Date situated on the Land, including without limitation, all parking areas and facilities, improvements and
fixtures located on the Land. 
 “Initial Earnest Money” shall mean the sum of Fifty Thousand and No/100 Dollars ($50,000.00
U.S.). 
 “Inspection Period” shall mean the period commencing on the Effective Date and expiring at 5:00 P.M. Eastern
Standard Time on the date fifteen (15) days after the Effective Date. 
 “Intangible Property” shall mean all
intangible property, if any, owned by Seller and related to the Land and Improvements (to the extent assignable). 
 “Land”
shall mean those certain tracts or parcels of real property located in the City of Knoxville, Knox County, Tennessee, which are more particularly described on EXHIBIT “A” attached hereto and made a part hereof,
together with all rights, privileges and easements appurtenant to said real property, and all right, title and interest of Seller, if any, in and to any land lying in the bed of any street, road, alley or right-of-way, open or closed, adjacent to or
abutting the Land. 
  

 - 3 - 

 “Lease” and “Leases” shall mean the leases or occupancy agreements,
including those in effect on the Effective Date which are more particularly identified on EXHIBIT “F” attached hereto, and any amended or new leases entered into pursuant to Section 4.3(a) of this
Agreement, which as of the Closing affect all or any portion of the Land or Improvements. 
 “Losses” shall have the meaning
ascribed thereto in Section 11.1 hereof. 
 “Monetary Objection “ or “Monetary Objections”
shall mean (a) any mortgage, deed to secure debt, deed of trust or similar security instrument encumbering all or any part of the Property, (b) any mechanic’s, materialman’s or similar lien (unless resulting from any act or
omission of Purchaser or any of its agents, contractors, representatives or employees or any tenant of the Property), (c) the lien of ad valorem real or personal property taxes, assessments and governmental charges affecting all or any portion
of the Property which are delinquent, and (d) any judgment of record against Seller in the county or other applicable jurisdiction in which the Property is located. 
 “Operating Agreements” shall mean all those certain contracts and agreements more particularly described on EXHIBIT “H” attached hereto and made a part hereof relating
to the repair, maintenance or operation of the Land, Improvements or Personal Property which will extend beyond the Closing Date, including, without limitation, all equipment leases. 
 “Other Notices of Sale” shall have the meaning ascribed thereto in Section 5.1(o) hereof. 
 “Permitted Exceptions” shall mean, collectively, (a) liens for taxes, assessments and governmental charges not yet due and payable
or due and payable but not yet delinquent, (b) the Leases, and (c) those matters described on Exhibit “L” attached hereto and made a part hereof that do not constitute Monetary Objections. 
 “Personal Property” shall mean all personal property, machinery, apparatus and equipment owned by Seller and currently located on the
Land. The Personal Property does not include any property owned by tenants, contractors or licensees, and shall be conveyed by Seller to Purchaser subject to depletions, replacements and additions in the ordinary course of Seller’s
business. 
 “Property” shall mean the Land, the Improvements, the Personal Property, and the Intangible Property, and all
right, title and interest of Seller as “landlord” or “lessor” in and to the Leases, any guaranties of the Leases. 
 “Property Documents” shall have the meaning ascribed thereto in Section 3.2 hereof. 
 “Purchase Price” shall be the amount specified in Section 2.4 hereof. 
  

 - 4 - 

 “Purchaser’s Broker” shall mean Andy Radford. 
 “Purchaser’s Certificate” shall have the meaning ascribed thereto in Section 5.2(d) hereof. 
 “Purchaser-Related Entities” shall have the meaning ascribed thereto in Section 11.1 hereof. 
 “Purchaser Waived Breach” shall have the meaning ascribed thereto in Section 11.3 hereof. 
 “Rent Roll” shall mean EXHIBIT “F” attached to this Agreement and made a part hereof. 
 “Security Deposits” shall mean any security deposits, rent or damage deposits or similar amounts (other than rent paid for the month in
which the Closing occurs) actually held by Seller with respect to any of the Leases. 
 “Seller-Related Entities” shall have
the meaning ascribed thereto in Section 11.2 hereof. 
 “Seller’s Affidavit” shall mean the form of
owner’s affidavit to be given by Seller at Closing to the Title Company in the form attached hereto as SCHEDULE 6. 
 “Seller’s Broker” shall mean Realty Investment Services of Knoxville and Nashville Commercial Real Estate Services, LLC, a Tennessee limited liability company. 
 “Seller’s Certificate” shall mean the form of certificate to be executed and delivered by Seller to Purchaser at the Closing with
respect to the truth and accuracy of Seller’s warranties and representations contained in this Agreement (modified and updated as the circumstances require), in the form attached hereto as SCHEDULE 7. 
 “Seller’s Estoppel” shall mean the form of estoppel that may be executed and delivered by Seller at Closing in substantially the
form attached hereto as SCHEDULE 10, as contemplated in Section 6.1(b) hereof. 
 “SNDA” shall mean the Subordination, Non-Disturbance and Attornment Agreement to be sought from the tenants under the Leases in a commercially reasonable form provided by a mortgagee providing financing to Purchaser for the
acquisition of the Property. 
 “Survey” and “Surveys” shall have the meaning ascribed thereto in
Section 3.4 hereof. 
 “Taxes” shall have the meaning ascribed thereto in Section 5.4(a) hereof.

 “Tenant Estoppel Certificate” or “Tenant Estoppel Certificates” shall mean certificates to be sought
from the tenants under the Leases in substantially the form attached hereto as EXHIBIT “I”; provided, however, if any Lease provides for the form or content of an estoppel certificate from the tenant thereunder,
the Tenant Estoppel Certificate with respect to such Lease may be in the form as called for therein. 
  

 - 5 - 

 “Tenant Inducement Costs” shall mean any out-of-pocket payments required under a Lease
to be paid by the landlord thereunder to or for the benefit of the tenant thereunder which is in the nature of a tenant inducement, including specifically, but without limitation, tenant improvement costs, lease buyout payments, and moving, design
and refurbishment costs. 
 “Tenant Notices of Sale” shall have the meaning ascribed thereto in Section 5.1(n)
hereof. 
 “Title Company” shall mean Chicago Title Insurance Company . 
 “Title Commitment” shall have the meaning ascribed thereto in Section 3.4 hereof. 
 “Special Warranty Deed” shall mean the form of deed attached hereto as SCHEDULE 1. 
 “Wells Affiliate” and “Wells Affiliates” shall mean each and every one of Seller, Wells Capital, Inc., a Georgia
corporation, Wells Real Estate Investment Trust, Inc., a Maryland corporation and Wells Management, Inc., a Georgia corporation. 
 ARTICLE
2. 
 PURCHASE AND SALE 
 2.1. Agreement to Sell and Purchase. Subject to and in accordance with the terms and provisions of this Agreement, Seller agrees to sell and Purchaser agrees to purchase, the Property. 
 2.2. Permitted Exceptions. The Property shall be conveyed subject to the matters which are, or are deemed to be, Permitted Exceptions.

 2.3. Earnest Money. 
 (a) Within three (3) Business Days of the Effective Date of this Agreement, Purchaser shall deliver the Initial Earnest Money to Escrow Agent by federal wire transfer or by Purchaser’s check, payable to Escrow Agent, which Initial
Earnest Money shall be held and released by Escrow Agent in accordance with the terms of the Escrow Agreement. The parties hereto mutually acknowledge and agree that time is of the essence in respect of Purchaser’s timely deposit of the Initial
Earnest Money with Escrow Agent. If Purchaser fails to deposit the Initial Earnest Money with Escrow Agent within the time parameters set forth in this Section 2.3(a), this Agreement shall terminate and neither party hereto shall have any
further rights or obligations hereunder, except those provisions of this Agreement which by their express terms survive the termination of this Agreement. 
 (b) On or before the expiration of the Inspection Period, Purchaser shall deposit the Additional Earnest Money with Escrow Agent which Additional Earnest Money shall be held and released by Escrow Agent in accordance
with the terms of the Escrow Agreement. The 

  

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parties hereto mutually acknowledge and agree that time is of the essence in respect of Purchaser’s timely deposit of the Additional Earnest Money with
Escrow Agent prior to the expiration of the Inspection Period; and that if Purchaser fails to deposit the Additional Earnest Money with Escrow Agent prior to the expiration of the Inspection Period, this Agreement shall terminate, and Escrow Agent
shall return the Initial Earnest Money to Purchaser, and neither party hereto shall have any further rights or obligations hereunder, except those provisions of this Agreement which by their express terms survive the termination of this Agreement.

 (c) The Earnest Money shall be applied to the Purchase Price at the Closing and shall otherwise be held, refunded, or disbursed in
accordance with the terms of the Escrow Agreement and this Agreement. All interest and other income from time to time earned on the Earnest Money shall be disbursed to Purchaser. 
 2.4. Purchase Price. Subject to adjustment and credits as otherwise specified in this Section 2.4 and elsewhere in this Agreement, the
purchase price (the “Purchase Price”) to be paid by Purchaser to Seller, in cash, for the Property shall be FOUR MILLION FIFTY THOUSAND AND NO/DOLLARS ($4,050,000.00 U.S.). The Purchase Price shall be paid by Purchaser to Seller at
the Closing as follows: 
 (a) The Earnest Money shall be paid by Escrow Agent to Seller at Closing; and 
 (b) At Closing, the balance of the Purchase Price, after applying, as partial payment of the Purchase Price the Earnest Money paid by Escrow Agent to
Seller, and subject to prorations and other adjustments specified in this Agreement, shall be paid by Purchaser in immediately available funds to the Title Company, for further delivery to an account or accounts designated by Seller. If the Closing
occurs, but the amount due from Purchaser pursuant to this Agreement is not received by Seller on or before the later of 3:00 p.m. local Atlanta, Georgia time or in sufficient time for reinvestment on the Closing Date, Purchaser shall reimburse
Seller for loss of interest due to the inability to reinvest Seller’s funds on the Closing Date, calculated at the rate of eight percent (8%) per annum (calculated on a per diem basis, using a 365-day year). The provisions of the preceding
sentence of this Section 2.4(b) shall survive the Closing. 
 2.5 Independent Contract Consideration. In addition
to, and not in lieu of the delivery to Escrow Agent of the Earnest Money, concurrently with Purchaser’s execution and delivery of this Agreement to Seller, Purchaser shall deliver to Seller Purchaser’s check, payable to the order to
Seller, in the amount of One Hundred and No/100 Dollars ($100.00). Seller and Purchaser hereby mutually acknowledge and agree that said sum represents adequate bargained for consideration for Seller’s execution and delivery of this Agreement
and Purchaser’s right to inspect the Property pursuant to Article 3. Said sum is in addition to and independent of any other consideration or payment provided for in this Agreement and is nonrefundable in all events. 
 2.6 Closing. The consummation of the sale by Seller and purchase by Purchaser of the Property (the “Closing”) shall be
held on or before December 28, 2006 (but not earlier than the expiration of the Inspection Period unless Seller consents to such earlier Closing). Subject to the foregoing, the Closing shall take place at an office in the metropolitan Atlanta,
Georgia area, 

  

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and at such specific place, time and date (the “Closing Date”) as shall be designated by Purchaser in a written notice to Seller not less
than three (3) Business Days prior to Closing. If Purchaser fails to give such notice of the Closing Date, the Closing shall be at the offices of the Title Company, 4170 Ashford Dunwoody Road, Suite 460, Atlanta, Georgia 30319, at 10:00 a.m. on
December 28, 2006. It is contemplated that the transaction shall be closed with the concurrent delivery of the documents of title and the payment of the Purchase Price. Notwithstanding the foregoing, there shall be no requirement that Seller
and Purchaser physically meet for the Closing, and all documents and funds to be delivered at the Closing shall be delivered to the Title Company unless the parties hereto mutually agree otherwise. Seller and Purchaser agree to use reasonable
efforts to complete all requirements for the Closing prior to the Closing Date. 
 ARTICLE 3. 
 PURCHASER’S INSPECTION AND REVIEW RIGHTS 
 3.1. Due Diligence Inspections. 
 (a) From and after the Effective Date until the Closing Date or earlier termination
of the inspection rights of Purchaser under this Agreement, Seller shall permit Purchaser and its authorized representatives to inspect the Property to perform due diligence and environmental investigations, to examine the records of Seller with
respect to the Property, and make copies thereof, at such times during normal business hours as Purchaser or its representatives may request. All such inspections shall be at Purchaser’s sole cost and expense and shall be nondestructive in
nature, and specifically shall not include any physically intrusive testing except with Seller’s prior written consent, not to be unreasonably withheld. All such inspections shall be performed in such a manner to minimize any interference with
the business of the tenants under the Leases at the Property and, in each case, in compliance with Seller’s rights and obligations as landlord under the Leases. Purchaser agrees that Purchaser shall make no contact with and shall not interview
any tenant of the Property without the express prior approval of Seller, which approval shall not be unreasonably withheld, delayed or conditioned. All inspection fees, appraisal fees, engineering fees and all other costs and expenses of any kind
incurred by Purchaser relating to the inspection of the Property shall be solely Purchaser’s expense. Seller reserves the right to have a representative present at the time of making any such inspection. Purchaser shall notify Seller not less
than three (3) Business Days in advance of making any such inspection. 
 (b) If the Closing is not consummated hereunder, Purchaser
shall promptly deliver to Seller copies of all reports, surveys and other information furnished to Purchaser by third parties in connection with such inspections; provided, however, that delivery of such copies and information shall be without
warranty or representation whatsoever, express or implied, including, without limitation, any warranty or representation as to ownership, accuracy, adequacy or completeness thereof or otherwise. This Section 3.1(b) shall survive the
termination of this Agreement. 
 (c) To the extent that Purchaser or any of its representatives, agents or contractors damages or disturbs
the Property or any portion thereof, Purchaser shall return the same to substantially the same condition which existed immediately prior to such damage or disturbance. 
  

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 Purchaser hereby agrees to and shall indemnify, defend and hold harmless Seller from and against any and all expense,
loss or damage which Seller may incur (including, without limitation, reasonable attorney’s fees actually incurred) as a result of any act or omission of Purchaser or its representatives, agents or contractors. Said indemnification shall not
extend to pre-existing conditions merely discovered by Purchaser. Said indemnification agreement shall survive the Closing or earlier termination of this Agreement. Purchaser shall maintain and shall ensure that Purchaser’s consultants and
contractors maintain commercial general liability insurance in an amount not less than $2,000,000, combined single limit, and in form and substance adequate to insure against all liability of Purchaser and its consultants and contractors,
respectively, and each of their respective agents, employees and contractors, arising out of inspections and testing of the Property or any part thereof made on Purchaser’s behalf. Purchaser agrees to provide to Seller a certificate of
insurance with regard to each applicable liability insurance policy prior to any entry upon the Property by Purchaser or its consultants or contractors, as the case may be, pursuant to this Section 3.1. 
 3.2. Seller’s Deliveries to Purchaser. 
 (a) Seller will deliver the following within three (3) Business Days after the Effective Date (and Purchaser further acknowledges that no additional items are required to be delivered by Seller to Purchaser
except as may be expressly set forth in other provisions of this Agreement), all to the extent the same are in the possession of Seller: 
  

	 	(i)	Copies of the current property tax bills with respect to the Property. 

  

	 	(ii)	Copies of operating statements for 2004, 2005 and 2006 (year to date) with respect to the Property. 

  

	 	(iii)	Copies of all Leases, guarantees, any amendments and letter agreements relating thereto existing as of the Effective Date. 

  

	 	(iv)	2004 and 2005 year end CAM reconciliation statements. 

  

	 	(v)	All Operating Agreements currently in place at the Property. 

  

	 	(vi)	A copy of Seller’s current policy of title insurance with respect to the Land and Improvements. 

  

	 	(vii)	A copy of the Existing Survey (together with any other materials delivered by Seller to Purchaser being herein referred to collectively as the “Property Documents”).

 (b) From the Effective Date until the Closing Date, or earlier termination of this Agreement, Seller shall allow Purchaser
and Purchaser’s representatives, on reasonable advance notice and during normal business hours, to have access to Seller’s existing non-confidential books, records and files relating to the Property, at the office of Seller at 6200 The
Corners Parkway, Norcross, Georgia 30092, for the purpose of inspecting and (at Purchaser’s expense) 

  

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copying the same, including, without limitation, copies of any financial statements or other financial information of the tenants under the Leases (and the
lease guarantors, if any), written information relative to the tenants’ payment history, and tenant correspondence, to the extent Seller has the same in its possession; available surveys, available records of any operating costs and expenses
and similar materials relating to the operation, maintenance, repair, management and leasing of the Property, to the extent any or all of the same are in the possession of Seller, subject, however, to the limitations of any confidentiality or
nondisclosure agreement to which Seller may be bound, and provided that Seller shall not be required to deliver or make available to Purchaser any appraisals, third party property condition reports obtained by Seller in connection with the Property
(including without limitation reports, correspondence and related materials relating to the environmental condition or status of the Property), strategic plans for the Property, internal analyses, information regarding the marketing for sale of the
Property, submissions relating to Seller’s obtaining of corporate or partnership authorization, attorney and accountant work product, attorney-client privileged documents, or other information in the possession or control of Seller which Seller
reasonably deems confidential or proprietary. Alternatively, at Purchaser’s request and at Purchaser’s cost and expense, and subject to the provisions hereof, Seller will make copies of non-confidential and non-proprietary due diligence
materials relating to the Property as may be reasonably requested by Purchaser in writing and as may be in Seller’s possession, and will deliver the same to Purchaser. Purchaser acknowledges and agrees, however, that Seller makes no
representation or warranty of any nature whatsoever, express or implied, with respect to the ownership, enforceability, accuracy, adequacy or completeness or otherwise of any of such records, evaluations, data, investigations, reports or other
materials. If the Closing contemplated hereunder fails to take place for any reason, Purchaser shall promptly return (or certify as having destroyed) all copies of materials copied from the books, records and files of Seller or furnished by Seller
or Seller’s representatives relating to the Property. It is understood and agreed that Seller shall not have any obligation to obtain, commission or prepare any such books, records, files, reports or studies not now in the possession or control
of Seller. 
 3.3. Condition of the Property. 
 (a) Seller recommends that Purchaser employ one or more independent engineering and/or environmental professionals to perform engineering, environmental and physical assessments on Purchaser’s behalf in respect
of the Property and the condition thereof. Purchaser and Seller mutually acknowledge and agree that the Property is being sold in an “AS IS condition and “WITH ALL FAULTS,” known or unknown, contingent or existing. Purchaser has the
sole responsibility to fully inspect the Property, to investigate all matters relevant thereto, including, without limitation, the condition of the Property, and to reach its own, independent evaluation of any risks (environmental or otherwise) or
rewards associated with the ownership, leasing, management and operation of the Property. Effective as of the Closing and except as expressly set forth in this Agreement, Purchaser hereby waives and releases Seller and its partners and their
respective officers, directors, shareholders, partners, agents, affiliates, employees and successors and assigns from and against any and all claims, obligations and liabilities arising out of or in connection with the Property. 
  

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 (b) To the fullest extent permitted by law, Purchaser does hereby unconditionally waive and release
Seller and its partners and their respective officers, directors, shareholders, partners, agents, affiliates and employees from any present or future claims and liabilities of any nature arising from or relating to the presence or alleged presence
of Hazardous Substances in, on, at, from, under or about the Property or any adjacent property, including, without limitation, any claims under or on account of any Environmental Law, regardless of whether such Hazardous Substances are located in,
on, at, from, under or about the Property or any adjacent property prior to or after the date hereof (collectively, “Environmental Liabilities”); provided, however, that the foregoing release as it applies to Seller and its partners
and their respective officers, directors, shareholders, partners, agents, affiliates and employees, shall not release Seller from any Environmental Liabilities of Seller relating to any Hazardous Substances which may be placed, located or released
on the Property by Seller after the date of Closing. The terms and provisions of this Section 3.3 shall survive the Closing. 
 3.4. Title and Survey. Promptly upon execution of this Agreement, Purchaser shall order, at its expense, from the Title Company a preliminary title commitment with respect to the Property (the “Title
Commitment”). Purchaser shall direct the Title Company to send a copy of the Title Commitment to Seller concurrently with the delivery of the Title Commitment to Purchaser. Promptly upon execution of this Agreement, Purchaser may arrange,
also at its expense, for the preparation of one or more updates of the Existing Survey (each and together, the “Survey”). Purchaser likewise shall make copies of any such Survey available to Seller prior to Closing. Purchaser shall
have until two (2) Business Days prior to the expiration of the Inspection Period to give written notice (the “Title Notice”) to Seller of such objections as Purchaser may have to any exceptions to title disclosed in the Title
Commitment or in any Survey or otherwise in Purchaser’s examination of title. Seller shall have the right, but not the obligation (except as to Monetary Objections), to attempt to remove, satisfy or otherwise cure any exceptions to title to
which the Purchaser so objects. Within one (1) Business Day after receipt of Purchaser’s Title Notice, Seller shall give written notice to Purchaser informing the Purchaser of Seller’s election with respect to such objections. If
Seller fails to give written notice of election within such one (1) Business Day period, Seller shall be deemed to have elected not to attempt to cure the objections (other than Monetary Objections). If Seller elects to attempt to cure any
objections, Seller shall be entitled to one or more reasonable adjournments of the Closing of up to but not beyond the thirtieth (30th) day following the initial date set for the Closing to attempt such cure, but, except for Monetary
Objections, Seller shall not be obligated to expend any sums, commence any suits or take any other action to effect such cure. Except as to Monetary Objections, if Seller elects, or is deemed to have elected, not to cure any exceptions to title to
which Purchaser has objected or if, after electing to attempt to cure, Seller determines that it is unwilling or unable to remove, satisfy or otherwise cure any such exceptions, Purchaser’s sole remedy hereunder in such event shall be either
(i) to accept title to the Property subject to such exceptions as if Purchaser had not objected thereto and without reduction of the Purchase Price, or (ii) to terminate this Agreement within one (1) Business Day after receipt of
written notice from Seller either of Seller’s election not to attempt to cure any objection or of Seller’s determination, having previously elected to attempt to cure, that Seller is unable or unwilling to do so, whereupon Escrow Agent
shall return the Earnest Money to Purchaser. Notwithstanding anything to the contrary contained elsewhere in this Agreement, Seller shall be obligated to cure or satisfy all Monetary Objections at or prior to Closing, and Seller may use the proceeds
of the Purchase Price at Closing for such purpose. 
  

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 3.5. Operating Agreements. At least thirty (30) days prior to Closing, Purchaser will
designate in a written notice to Seller which Operating Agreements Purchaser will assume and which Operating Agreements will be terminated by Seller at Closing; provided, however, that Seller shall not be obligated to terminate, and Purchaser shall
assume Seller’s obligations arising from and after Closing under, all Operating Agreements which cannot be terminated by Seller upon no more than thirty (30) days prior notice or which can be terminated by Seller only upon payment of a
fee, premium, penalty or other form of early termination compensation. Purchaser will assume the obligations arising from and after the Closing Date under those Operating Agreements which Purchaser has designated will not be terminated. Seller,
without cost to Purchaser, shall terminate at Closing all Operating Agreements that are not so assumed, to the extent any relates to the Property. If Purchaser fails to notify Seller in writing at least thirty (30) days prior to Closing of any
Operating Agreements that Purchaser does not desire to assume at Closing, Purchaser shall be deemed to have elected to assume all such Operating Agreements and to have waived its right to require Seller to terminate such Operating Agreements at
Closing. 
 3.6. Termination of Agreement. Purchaser shall have until the expiration of the Inspection Period to determine, in
Purchaser’s sole opinion and discretion, the suitability of the Property for acquisition by Purchaser or Purchaser’s permitted assignee. Purchaser shall have the right to terminate this Agreement at any time on or before said time and date
of expiration of the Inspection Period by giving written notice to Seller of such election to terminate. If Purchaser so elects to terminate this Agreement pursuant to this Section 3.6, Escrow Agent shall pay the Earnest Money to
Purchaser, whereupon, except for those provisions of this Agreement which by their express terms survive the termination of this Agreement, no party hereto shall have any other or further rights or obligations under this Agreement. If Purchaser
fails to so terminate this Agreement prior to the expiration of the Inspection Period, Purchaser shall have no further right to terminate this Agreement pursuant to this Section 3.6. The parties acknowledge that this Agreement shall not
be void or voidable for lack of mutuality. 
 3.7. Confidentiality. All information acquired by Purchaser or any of its
designated representatives (including by way of example, but not in limitation, the officers, directors, shareholders and employees of Purchaser, and Purchaser’s engineers, consultants, counsel and potential lenders, and the officers,
directors, shareholders and employees of each of them) with respect to the Property, whether delivered by Seller or any of Seller’s representatives as a part of the Property Documents, or obtained by Purchaser as a result of its inspection and
investigation of the Property, examination of Seller’s books, records and files in respect of the Property, or otherwise (collectively, the “Due Diligence Material”) shall be used solely for the purpose of determining whether
the Property is suitable for Purchaser’s acquisition and ownership thereof and for no other purpose whatsoever. Prior to Closing, the terms and conditions which are contained in this Agreement and all Due Diligence Material which is not
published as public knowledge or which is not generally available in the public domain shall be kept in strict confidence by Purchaser and shall not be disclosed to any individual or entity other than to those authorized representatives of Purchaser
and Purchaser’s prospective and actual counsel, 

  

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accountants, professionals, consultants, attorneys and lenders, who need to know the information for the purpose of assisting Purchaser in evaluating the
Property for Purchaser’s potential acquisition thereof; provided, however, that Purchaser shall have the right to disclose any such information if required by applicable law or as may be necessary in connection with any court action or
proceeding with respect to this Agreement. Purchaser shall and hereby agrees to indemnify and hold Seller harmless from and against any and all loss, liability, cost, damage or expense that Seller may suffer or incur (including, without limitation,
reasonable attorneys’ fees actually incurred) as a result of the unpermitted disclosure or use of any of the Due Diligence Material to any individual or entity other than an appropriate representative of Purchaser and Purchaser’s
prospective and actual counsel, accountants, professionals, consultants, attorneys and lenders and/or the use of any Due Diligence Material for any purpose other than as herein contemplated and permitted. The foregoing indemnity shall not extend to
disclosure of any Due Diligence Material (i) as may be required by applicable law to be disclosed, or (ii) that is or becomes public knowledge other than by virtue of a breach of Purchaser’s covenant under this
Section 3.7. If Purchaser or Seller elects to terminate this Agreement pursuant to any provision hereof permitting such termination, or if the Closing contemplated hereunder fails to occur for any reason, Purchaser will promptly return
to Seller all Due Diligence Material in the possession of Purchaser and any of its representatives, and destroy all copies, notes or abstracts or extracts thereof, as well as all copies of any analyses, compilations, studies or other documents
prepared by Purchaser or for its use (whether in written or electronic form) containing or reflecting any Due Diligence Material. In the event of a breach or threatened breach by Purchaser or any of its representatives of this
Section 3.7, Seller shall be entitled, in addition to other available remedies, to an injunction restraining Purchaser or its representatives from disclosing, in whole or in part, any of the Due Diligence Material and any of the terms
and conditions of this Agreement. Nothing contained herein shall be construed as prohibiting or limiting Seller from pursuing any other available remedy, in law or in equity, for such breach or threatened breach. The provisions of this Section shall
survive any termination of this Agreement. 
 ARTICLE 4. 
 REPRESENTATIONS, WARRANTIES AND OTHER AGREEMENTS 
 4.1. Representations and Warranties of
Seller. Seller hereby makes the following representations and warranties to Purchaser: 
 (a) Organization, Authorization and
Consents. 
 (i) Subject only to receiving the approval of Seller’s Investment Committee no later than November 28, 2006, Seller
has the right, power and authority to enter into this Agreement and to convey the Property in accordance with the terms and conditions of this Agreement, to engage in the transactions contemplated in this Agreement and to perform and observe the
terms and provisions hereof. 
 (ii) Seller is a duly organized and validly existing limited partnership under the laws of the State of
Georgia, whose general partners are Wells Capital, Inc. and Leo F. Wells, III. 
  

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 (iii) Wells Capital, Inc., is a duly organized and validly existing corporation under the laws of the
State of Georgia. 
 (b) Action of Seller, Etc. Subject only to receiving the approval of Seller’s Investment Committee, Seller
has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and upon the execution and delivery of any document to be delivered by Seller on or prior to the Closing, this Agreement and such document shall
constitute the valid and binding obligation and agreement of Seller, enforceable against Seller in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general
application affecting the rights and remedies of creditors. 
 (c) No Violations of Agreements. Neither the execution, delivery or
performance of this Agreement by Seller, nor compliance with the terms and provisions hereof, will result in any breach of the terms, conditions or provisions of, or conflict with or constitute a default under, or result in the creation of any lien,
charge or encumbrance upon the Property or any portion thereof pursuant to the terms of any indenture, deed to secure debt, mortgage, deed of trust, note, evidence of indebtedness or any other agreement or instrument by which Seller is bound.

 (d) Litigation. To Seller’s knowledge, Seller has received no written notice that any investigation, action or proceeding is
pending or threatened, which (i) if determined adversely to Seller, materially and adversely affects the use or value of the Property, or (ii) questions the validity of this Agreement or any action taken or to be taken pursuant hereto, or
(iii) involves condemnation or eminent domain proceedings involving the Property or any portion thereof. 
 (e) Existing Leases.
To Seller’s knowledge, (i) other than the Leases listed in the Rent Roll attached hereto as EXHIBIT “F”, Seller has not entered into any contract or agreement, written or oral, with respect to the occupancy
of the Property or any portion or portions thereof which will be binding on Purchaser after the Closing; (ii) the copies of the Leases heretofore delivered by Seller to Purchaser are true, correct and complete copies thereof and constitute the
entire agreement between Seller and the tenants thereunder. Except as set forth on Exhibit “G” attached hereto, Seller has not given or received any written notice of any party’s default or failure to comply with the terms and
provisions of each Lease which remains uncured. 
 (f) Leasing Commissions. To Seller’s knowledge, (i) there are no lease
brokerage agreements, leasing commission agreements or other agreements providing for payments of any amounts for leasing activities or procuring tenants with respect to the Property or any portion or portions thereof other than as disclosed in
EXHIBIT “C” attached hereto (the “Commission Agreements”), and (ii) except as expressly provided herein, there are no agreements currently in effect relating to the management and leasing of the
Property; and that all leasing commissions and brokerage fees accrued or due and payable under the Commission Agreements have been or shall be paid in full. Notwithstanding anything to the contrary contained herein, Purchaser shall be responsible
for the payment of all leasing commissions payable for (A) any new leases entered into after the Effective Date that have been approved (or deemed approved) by Purchaser, and (B) the renewal, expansion or extension of any Leases existing
as of the Effective Date and exercised or effected after the Effective Date. 
  

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 (g) Taxes and Assessments. Except as may be set forth on EXHIBIT “J”
attached hereto and made a part hereof, Seller has not filed, and has not retained anyone to file, notices of protests against, or to commence action to review, real property tax assessments against the Property. 
 (h) Compliance with Laws. To Seller’s knowledge and except as set forth on EXHIBIT “G”, Seller has received
no written notice alleging any violations of law (including any Environmental Law), municipal or county ordinances, or other legal requirements with respect to the Property where such violations remain outstanding. 
 (i) Other Agreements. To Seller’s knowledge, except for the Leases, the Commission Agreements, and the Permitted Exceptions, there are no
leases, Operating Agreements, management agreements, brokerage agreements, leasing agreements or other agreements or instruments in force or effect that grant to any person or any entity any right, title, interest or benefit in and to all or any
part of the Property or any rights relating to the use, operation, management, maintenance or repair of all or any part of the Property which will survive the Closing or be binding upon Purchaser other than those which Purchaser has agreed in
writing to assume prior to the expiration of the Inspection Period (or is deemed to have agreed to assume) or which are terminable upon thirty (30) days notice without payment of premium or penalty. 
 (j) Seller Not a Foreign Person. Seller is not a “foreign person” which would subject Purchaser to the withholding tax provisions of
Section 1445 of the Internal Revenue Code of 1986, as amended. 
 (k) Employees. Seller has no employees to whom, by virtue of
such employment, Purchaser will have any obligation after the Closing. 
 (l) Environmental. Seller has received no written notice
from any governmental authority that such authority has determined that there are any violations of an Environmental Law affecting the Property. Seller has received no written notice from any governmental authority that the Property has been
previously used as a landfill or as a dump for garbage or refuse. In the event, prior to Closing, Seller receives written notice from any governmental authority that such authority has determined there are any violations of an Environmental Law
affecting the Property, Seller shall immediately notify Purchaser thereof. 
 The representations and warranties made in this Agreement by
Seller shall be continuing and shall be deemed made as of the date hereof and remade by Seller as of the Closing Date in all material respects, with the same force and effect as if made on, and as of, such date, subject to Seller’s right to
update such representations and warranties by written notice to Purchaser and in Seller’s certificate to be delivered pursuant to Section 5.1(h) hereof. 
  

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 Except as otherwise expressly provided in this Agreement or in any documents to be executed and delivered
by Seller to Purchaser at the Closing, Seller has not made, and Purchaser has not relied on, any information, promise, representation or warranty, express or implied, regarding the Property, whether made by Seller, on behalf of Seller, or otherwise,
including, without limitation, the physical condition of the Property, the financial condition of the tenants under the Leases, title to or the boundaries of the Property, pest control matters, soil conditions, the presence, existence or absence of
hazardous wastes, toxic substances or other environmental matters, compliance with building, health, safety, land use and zoning laws, regulations and orders, structural and other engineering characteristics, traffic patterns, market data, economic
conditions or projections, past or future economic performance of the tenants under the Leases or the Property, and any other information pertaining to the Property or the market and physical environments in which the Property is located. Purchaser
acknowledges (i) that Purchaser has entered into this Agreement with the intention of making and relying upon its own investigation or that of Purchaser’s own consultants and representatives with respect to the physical, environmental,
economic and legal condition of the Property and (ii) that Purchaser is not relying upon any statements, representations or warranties of any kind, other than those specifically set forth in this Agreement or in any document to be executed and
delivered by Seller to Purchaser at the Closing, made (or purported to be made) by Seller or anyone acting or claiming to act on behalf of Seller. Purchaser will inspect the Property and become fully familiar with the physical condition thereof and,
subject to the terms and conditions of this Agreement, shall purchase the Property in its “as is” condition, “with all faults,” on the Closing Date. The provisions of this paragraph shall survive the Closing until the expiration
of any applicable statute of limitations. 
 4.2. Knowledge Defined. All references in this Agreement to the “knowledge of
Seller” shall refer only to the actual knowledge of Patricia T. Morris, Senior Vice President, Asset Management, who has been actively involved in the management of Seller’s business in respect of the Property. The term “knowledge of
Seller” or “to Seller’s knowledge” shall not be construed, by imputation or otherwise, to refer to the knowledge of Seller, or any affiliate of Seller, or to any other partner, beneficial owner, officer, director, agent, manager,
representative or employee of Seller, or any of their respective affiliates, or to impose on any of the individuals named above any duty to investigate the matter to which such actual knowledge, or the absence thereof, pertains. There shall be no
personal liability on the part of the individuals named above arising out of any representations or warranties made herein or otherwise. 
 4.3. Covenants and Agreements of Seller. 
 (a) Leasing Arrangements. During the pendency of this Agreement,
Seller will not enter into any lease affecting the Property, or modify or amend in any material respect, or terminate, any of the existing Leases without Purchaser’s prior written consent in each instance, which consent shall not be
unreasonably withheld, delayed or conditioned and which shall be deemed given unless withheld by written notice to Seller given within three (3) Business Days after Purchaser’s receipt of Seller’s written request therefor. If
Purchaser fails to notify Seller in writing of its approval or disapproval within said three (3) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller for
any Tenant Inducement Costs and leasing commissions including the obligation to pay any Tenant Inducement Costs and leasing commissions actually incurred by 

  

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Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved (or deemed approved) by Purchaser hereunder and Purchaser shall assume
any such new Lease and shall assume the obligations of Seller thereunder, including the obligation to pay any Tenant Inducement Costs and leasing commissions. 
 (b) New Contracts. During the pendency of this Agreement, Seller will not enter into any contract, or modify, amend, renew or extend any existing contract, that will be an obligation affecting the Property or
any part thereof subsequent to the Closing without Purchaser’s prior written consent in each instance (which Purchaser agrees not to withhold or delay unreasonably), except contracts entered into in the ordinary course of business that are
terminable without cause (and without penalty or premium) on thirty (30) days (or less) notice. 
 (c) Operation of Property.
During the pendency of this Agreement, Seller shall continue to operate the Property in a manner consistent with Seller’s past practices. 
 (d) Tenant Estoppel Certificates. Seller shall endeavor in good faith (but without obligation to incur any cost or expense) to obtain and deliver to Purchaser prior to Closing a written Tenant Estoppel Certificate in the form
attached hereto as EXHIBIT “I” signed by each tenant under each of the Leases; provided that delivery of such signed Tenant Estoppel Certificates shall be a condition of Closing only to the extent set forth in
Section 6.1(c) hereof; and in no event shall the inability or failure of Seller to obtain and deliver said Tenant Estoppel Certificates (Seller having used its good faith efforts as set forth above) be a default of Seller hereunder.

 (e) Subordination, Non-Disturbance and Attornment Agreement. At the request of a mortgage lender providing financing to Purchaser
for the acquisition of the Property, Seller shall endeavor in good faith (but without obligation to incur any cost or expense) to obtain and deliver to such mortgagee, on or before Closing, a written SNDA signed by each tenant under the Leases;
provided that delivery of such signed SNDA shall not be a condition of Closing; and in no event shall the inability or failure of Seller to obtain and deliver said SNDA (Seller having used its good faith efforts as set forth above as to each tenant
under the Leases) be a default of Seller hereunder. 
 4.4. Representations and Warranties of Purchaser. 
 (a) Organization, Authorization and Consents. Purchaser is a duly organized and validly existing limited liability company under the laws of the
State of Georgia. Purchaser has the right, power and authority to enter into this Agreement and to purchase the Property in accordance with the terms and conditions of this Agreement, to engage in the transactions contemplated in this Agreement and
to perform and observe the terms and provisions hereof. 
 (b) Action of Purchaser, Etc. Purchaser has taken all necessary action to
authorize the execution, delivery and performance of this Agreement, and upon the execution and delivery of any document to be delivered by Purchaser on or prior to the Closing, this Agreement and such document shall constitute the valid and binding
obligation and agreement of Purchaser, enforceable against Purchaser in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting the
rights and remedies of creditors. 
  

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 (c) No Violations of Agreements. Neither the execution, delivery or performance of this Agreement
by Purchaser, nor compliance with the terms and provisions hereof, will result in any breach of the terms, conditions or provisions of, or conflict with or constitute a default under the terms of any indenture, deed to secure debt, mortgage, deed of
trust, note, evidence of indebtedness or any other agreement or instrument by which Purchaser is bound. 
 (d) Litigation. To
Purchaser’s knowledge, Purchaser has received no written notice that any action or proceeding is pending or threatened, which questions the validity of this Agreement or any action taken or to be taken pursuant hereto. 
 The representations and warranties made in this Agreement by Purchaser shall be continuing and shall be deemed remade by Purchaser as of the Closing
Date, with the same force and effect as if made on, and as of, such date subject to Purchaser’s right to update such representations and warranties by written notice to Seller and in Purchaser’s certificate to be delivered pursuant to
Section 5.2(d) hereof. The provisions of this paragraph shall survive the Closing for a period of one hundred eighty (180) days following the Closing, subject to Article 11 hereof. 
 ARTICLE 5. 
 CLOSING DELIVERIES,
CLOSING COSTS AND PRORATIONS 
 5.1. Seller’s Closing Deliveries. For and in consideration of, and as a condition
precedent to Purchaser’s delivery to Seller of the Purchase Price, Seller shall obtain or execute and deliver to Purchaser at Closing the following documents, all of which shall be duly executed, acknowledged and notarized where required by
Seller: 
 (a) Warranty Deed. A special warranty deed to the Land and Improvements, in the form attached hereto as
SCHEDULE 1 (the “Special Warranty Deed”), subject only to the Permitted Exceptions, and executed, acknowledged and sealed by Seller. The legal descriptions of the Land set forth in the Special Warranty Deed
shall be based upon and conform to the applicable record title legal description contained in Seller’s vesting deed; in the event that the legal description set forth on the Survey differs from the record title legal description, Seller shall
also deliver to Purchaser a quitclaim deed containing the Survey legal description, executed, acknowledged and sealed by Seller. 
 (b)
Bill of Sale. A bill of sale for the Personal Property in the form attached hereto as SCHEDULE 2 (the “Bill of Sale”), without warranty as to the title or condition of the Personal Property; 

(c) Assignment and Assumption of Leases and Security Deposits. Two (2) counterparts of an assignment and assumption of Leases and Security
Deposits and, to the extent required elsewhere in this Agreement, the obligations of Seller under the Commission Agreements in the form attached hereto as SCHEDULE 3 (the “Assignment and Assumption of Leases”),
executed, acknowledged and sealed by Seller; 
  

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 (d) Updated Rent Roll. An update of the Rent Roll (with modifications as appropriate), certified
by Seller to be accurate in all material respects as of the date of Closing; 
 (e) Assignment and Assumption of Operating Agreements.
Two (2) counterparts of an assignment and assumption of Operating Agreements in the form attached hereto as SCHEDULE 4 (the “Assignment and Assumption of Operating Agreements”), executed, acknowledged and
sealed by Seller; 
 (f) General Assignment. An assignment of the Intangible Property in the form attached hereto as
SCHEDULE 5 (the “General Assignment”), executed, acknowledged and sealed by Seller; 
 (g)
Seller’s Affidavit. An owner’s affidavit substantially in the form attached hereto as SCHEDULE 6 (“Seller’s Affidavit”); 
 (h) Seller’s Certificate. A certificate in the form attached hereto as SCHEDULE 7 (“Seller’s
Certificate”); 
 (i) FIRPTA Certificate. A FIRPTA Certificate in the form attached hereto as SCHEDULE
8; 
 (j) Evidence of Authority. Such documentation as may reasonably be required by the Title Company to establish that this
Agreement, the transactions contemplated herein, and the execution and delivery of the documents required hereunder, are duly authorized, executed and delivered; 
 (k) Settlement Statement A settlement statement setting forth the amounts paid by or on behalf of and/or credited to each of Purchaser and Seller pursuant to this Agreement; 
 (l) Leases. To the extent the same are in Seller’s possession, original executed counterparts of the Leases; 
 (m) Tenant Estoppel Certificates. All originally executed Tenant Estoppel Certificates as may be in Seller’s possession; 
 (n) Notices of Sale to Tenants. Seller will join with Purchaser in executing a notice, in form and content reasonably satisfactory to Seller and
Purchaser (the “Tenant Notices of Sale”), which Purchaser shall send to each tenant under the Leases informing such tenant of the sale of the Property and of the assignment to and assumption by Purchaser of Seller’s interest in
the Leases and the Security Deposits and directing that all rent and other sums payable for periods after the Closing under such Lease shall be paid as set forth in said notices; 
  

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 (o) Notices of Sale to Service Contractors and Leasing Agents. Seller will join with Purchaser in
executing notices, in form and content reasonably satisfactory to Seller and Purchaser (the “Other Notices of Sale”), which Purchaser shall send to each service provider and leasing agent under the Operating Contracts and Commission
Agreements (as the case may be) assumed by Purchaser at Closing informing such service provider or leasing agent (as the case may be) of the sale of the Property and of the assignment to and assumption by Purchaser of Seller’s obligations under
the Operating Agreements and Commission Agreements arising after the Closing Date and directing that all future statements or invoices for services under such Operating Agreements and/or Commission Agreements for periods after the Closing be
directed to Seller or Purchaser as set forth in said notices; 
 (p) Keys and Records. All of the keys to any door or lock on the
Property and the original tenant files and other non-confidential books and records (excluding any appraisals, budgets, third party reports obtained by Seller in connection with the Property, strategic plans for the Property, internal analyses,
information regarding the marketing of the Property for sale, submissions relating to Seller’s obtaining of corporate authorization, attorney and accountant work product, attorney-client privileged documents, or other information in the
possession or control of Seller which Seller deems proprietary) relating to the Property in Seller’s possession; and 
 (q) Other
Documents. Such other documents as shall be reasonably requested by the Title Company to effectuate the purposes and intent of this Agreement. 
 5.2. Purchaser’s Closing Deliveries. Purchaser shall obtain or execute and deliver to Seller at Closing the following documents, all of which shall be duly executed, acknowledged and notarized where required: 

(a) Assignment and Assumption of Leases. Two (2) counterparts of the Assignment and Assumption of Leases, executed, acknowledged and sealed
by Purchaser; 
 (b) Assignment and Assumption of Operating Agreements. Two (2) counterparts of the Assignment and Assumption of
Operating Agreements, executed, acknowledged and sealed by Purchaser; 
 (c) General Assignment. Two (2) counterparts of the
General Assignment, executed, acknowledged and sealed by Purchaser; 
 (d) Purchaser’s Certificate. A certificate in the form
attached hereto as SCHEDULE 9 (“Purchaser’s Certificate”); 
 (e) Notice of Sale to
Tenants. The Tenant Notices of Sale, executed by Purchaser, as contemplated in Section 5.1(n) hereof; 
 (f) Notices of
Sale to Service Contractors and Leasing Agents. The Other Notices of Sale to Service Contractors and Leasing Agents, as contemplated in Section 5.1(o) hereof; 
  

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 (g) Settlement Statement A settlement statement setting forth the amounts paid by or on behalf of
and/or credited to each of Purchaser and Seller pursuant to this Agreement; 
 (h) Evidence of Authority. Such documentation as Seller
may reasonably require to establish that this Agreement, the transaction contemplated herein, and the execution and delivery of the documents required hereunder, are duly authorized, executed and delivered; and 
 (i) Other Documents. Such other documents as shall be reasonably requested by Seller’s counsel to effectuate the purposes and intent of this
Agreement. 
 5.3. Closing Costs. Seller shall pay the cost of the attorneys’ fees of Seller, and all other costs and
expenses incurred by Seller in closing and consummating the purchase and sale of the Property pursuant hereto. Purchaser shall pay the cost of the documentary stamps or transfer taxes imposed by the State of Tennessee upon the conveyance of the
Property pursuant hereto, the Survey, all recording fees on all instruments to be recorded in connection with this transaction, the cost of the title examination fees and expenses, and the title insurance premium for the basic owner’s title
insurance policy issued by the Title Company to Purchaser in accordance with the Title Commitment, the cost of all endorsements to Purchaser’s owner’s title insurance policy, the attorneys’ fees of Purchaser, and all other costs and
expenses incurred by Purchaser in the performance of Purchaser’s due diligence inspection of the Property and in closing and consummating the purchase and sale of the Property pursuant hereto. Seller and Purchaser shall each pay one-half of any
escrow closing fees charged by the Title Company. 
 5.4. Prorations and Credits. The items in this Section 5.4
shall be prorated or credited, as specified, between Seller and Purchaser as of midnight of the day prior to Closing, so that Seller shall receive all income and pay all expenses through the day prior to the date of Closing, and Purchaser shall
receive all income and pay all expenses from and after the date of Closing: 
 (a) Taxes. All general real estate taxes imposed by any
governmental authority (“Taxes”) for the year in which the Closing occurs shall be prorated between Seller and Purchaser as of the Closing Date. If the Closing occurs prior to the receipt by Seller of the tax bill for the calendar
year or other applicable tax period in which the Closing occurs, Taxes shall be prorated for such calendar year or other applicable tax period based upon the prior year’s tax bill. 
 (b) Reproration of Taxes. Within thirty (30) days of Purchaser’s receipt of final bills for Taxes, Purchaser shall prepare and present
to Seller a calculation of the reproration of such Taxes based upon the actual amount of such Taxes for the year. The parties shall make the appropriate adjusting payment between them within thirty (30) days after presentment to Seller of
Purchaser’s calculation and appropriate back-up information. The provisions of this Section 5.4(b) shall survive the Closing for a period of one (1) year after the Closing Date. 
  

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 (c) Rents and Other Income. Rents and any other amounts paid to Seller by tenants shall be
prorated as of the Closing Date and be adjusted against the Purchase Price on the basis of a schedule which shall be prepared by Seller and delivered to Purchaser for Purchaser’s review and approval prior to Closing. Seller and Purchaser shall
prorate all rents, additional rent, common area maintenance charges, operating expense contributions, tenant reimbursements and escalations, and all other payments under the Leases received as of the Closing Date so that at Closing Seller will
receive monthly basic rent payments through the day prior to the Closing Date and so that Seller will receive reimbursement for all expenses paid by Seller through the day prior to the Closing Date for which Seller is entitled to reimbursement under
the Leases (including, without limitation, Taxes) (such expenses shall be reasonably estimated if not ascertainable as of the Closing Date and then shall be re-adjusted as provided in subsection (g) below when actual amounts are determined),
and so that the excess, if any, is credited to Purchaser. Purchaser agrees to pay to Seller, upon receipt, any rents or other payments by tenants under their respective Leases that apply to periods prior to Closing but which are received by
Purchaser after Closing; provided, however, that any rents or other payments by tenants received by Purchaser after Closing shall be applied first to any current amounts then owed to Purchaser by such tenants, with the balance, if any, paid over to
Seller to the extent of delinquencies existing on the date of Closing to which Seller is entitled. It is understood and agreed that Purchaser shall not be legally responsible to Seller for the collection of any rents or other charges payable with
respect to the Leases or any portion thereof which are delinquent or past due as of the Closing Date; but Purchaser agrees that Purchaser shall send monthly notices for a period of three (3) consecutive months in an effort to collect any rents
and charges not collected as of the Closing Date. Seller hereby retains its right to pursue any tenant under the Leases for sums due Seller for periods attributable to Seller’s ownership of the Property. The provisions of this
Section 5.4(c) shall survive the Closing. 
 (d) Percentage Rents. Percentage rents, if any, collected by Purchaser from
any tenant under such tenant’s Lease for the percentage rent accounting period in which the Closing occurs shall be prorated between Seller and Purchaser as of the Closing Date, as, if, and when received by Purchaser, such that Seller’s
pro rata share shall be an amount equal to the total percentage rentals paid for such percentage rent accounting period under the applicable Lease multiplied by a fraction, the numerator of which shall be the number of days in such accounting period
prior to Closing and the denominator of which shall be the total number of days in such accounting period; provided, however, that such proration shall be made only at such time as such tenant is current or, after application of a portion of such
payment, will be current in the payment of all rental and other charges under such tenant’s Lease that accrue and become due and payable from and after the Closing. The provisions of this Section 5.4(d) shall survive the Closing.

 (e) Tenant Inducement Costs. Set forth on EXHIBIT “K” attached hereto and made a part hereof is a
list of tenants at the Property with respect to which Tenant Inducement Costs and/or leasing commissions have not been paid in full as of the Effective Date. Seller shall pay all such Tenant Inducement Costs and leasing commissions set forth in
EXHIBIT “K” as and when the same are due and payable. If said amounts have not been paid in full on or before Closing, Purchaser shall receive a credit against the Purchase Price in the aggregate amount of all such
Tenant Inducement Costs and leasing commissions remaining unpaid at Closing, and Purchaser 

  

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shall assume the obligation to pay amounts payable after Closing up to the amount of such credit received at Closing. Except as may be specifically provided
to the contrary elsewhere in this Agreement, Purchaser shall be responsible for the payment of all Tenant Inducement Costs and leasing commissions which become due and payable (whether before or after Closing) (i) as a result of any renewals or
extensions or expansions of existing Leases approved or deemed approved by Purchaser in accordance with Section 4.3(a) hereof between the Effective Date and the Closing Date and under any new Leases, approved or deemed approved by
Purchaser in accordance with said Section 4.3(b), and (ii) all Tenant Inducement Costs and leasing commissions that first become due and payable after Closing. The provisions of this Section 5.4(e) shall survive the
Closing. 
 (f) Security Deposits. Purchaser shall receive at Closing a credit for all Security Deposits transferred and assigned to
Purchaser at Closing in connection with the Leases, together with a detailed inventory of such Security Deposits certified by Seller at Closing. 
 (g) Operating Expenses; Year End Reconciliation. Personal property taxes, installment payments of special assessment liens, vault charges, sewer charges, utility charges, and normally prorated operating expenses actually paid or
payable by Seller as of the Closing Date shall be prorated as of the Closing Date and adjusted against the Purchase Price, provided that within ninety (90) days after the Closing, Purchaser and Seller will make a further adjustment for such
expenses which may have accrued or been incurred prior to the Closing Date, but which were not paid as of the Closing Date. In addition, within ninety (90) days after the close of the fiscal year(s) used in calculating the pass-through to
tenants of operating expenses and/or common area maintenance costs under the Leases (where such fiscal year(s) include(s) the Closing Date), Seller and Purchaser shall re-prorate on a fair and equitable basis all rents and income prorated pursuant
to this Section 5.4 as well as all expenses prorated pursuant to this Section 5.4. All prorations of rent and other income shall be made based on the cumulative amounts collected from tenants in such fiscal year and applied
first to actual expense amounts paid by Seller prior to the Closing Date and then to Purchaser for actual expense amounts paid by Purchaser from and after the Closing Date. The provisions of this Section 5.4(g) shall survive the Closing.

 ARTICLE 6. 
 CONDITIONS TO CLOSING 
 6.1. Conditions Precedent to Purchaser’s Obligations. The obligations of
Purchaser hereunder to consummate the transaction contemplated hereunder shall in all respects be conditioned upon the satisfaction of each of the following conditions prior to or simultaneously with the Closing, any of which may be waived by
Purchaser in its sole discretion by written notice to Seller at or prior to the Closing Date: 
 (a) Seller shall have performed, in all
material respects, all covenants, agreements and undertakings of Seller contained in this Agreement. 
 (b) All representations and
warranties of Seller as set forth in this Agreement shall be true and correct in all material respects as of the date of this Agreement and as of Closing; 

  

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provided that solely for purposes of this subparagraph such warranties and representations shall be deemed to be given without being limited to Seller’s
knowledge and without modification (by update or otherwise, as provided in Section 5.1(h) hereof); and 
 (c) Tenant Estoppel
Certificates from tenants occupying not less than seventy percent (70%) of the occupied net rentable square footage of all of the Improvements located on the Property shall have been delivered to Purchaser. Notwithstanding anything to the
contrary contained herein, if Seller has been unable to obtain and deliver to Purchaser by Closing the applicable percentage of Tenant Estoppel Certificates meeting the requirements set forth above, then, at the option of Seller, this condition to
Closing may be satisfied by Seller’s execution and delivery to Purchaser at Closing, on behalf of any one or more tenants which have failed to provide the required Tenant Estoppel Certificate an estoppel certificate substantially in the form
attached hereto as SCHEDULE 10 (“Seller’s Estoppel”) (provided that Seller’s liability under any such Seller’s Estoppel so executed and delivered by Seller to Purchaser at Closing shall cease and
terminate upon the receipt by Purchaser after Closing of a duly executed Tenant Estoppel Certificate from the tenant under the applicable Lease covered in such Seller’s Estoppel. 
 In the event any of the conditions in this Section 6.1 have not been satisfied (or otherwise waived in writing by Purchaser) prior to or on the Closing Date (as same may be extended or postponed as
provided in this Agreement), Purchaser shall have the right to terminate this Agreement by written notice to Seller given prior to the Closing, whereupon (i) Escrow Agent shall return the Earnest Money to Purchaser; and (ii) except for
those provisions of this Agreement which by their express terms survive the termination of this Agreement, no party hereto shall have any other or further rights or obligations under this Agreement. 
 6.2. Conditions Precedent to Seller’s Obligations. The obligations of Seller hereunder to consummate the transaction contemplated
hereunder shall in all respects be conditioned upon the satisfaction of each of the following conditions prior to or simultaneously with the Closing, any of which may be waived by Seller in its sole discretion by written notice to Purchaser at or
prior to the Closing Date: 
 (a) The approval no later than November 28, 2006, of the transactions contemplated hereunder by the
Investment Committee of Seller; 
 (b) Purchaser shall have performed, in all material respects, all covenants, agreements and undertakings
of Purchaser contained in this Agreement; 
 (c) Purchaser shall have paid and Seller shall have received the Purchase Price, as adjusted
pursuant to the terms and conditions of this Agreement, which Purchase Price shall be payable in the amount and in the manner provided for in Section 2.4 hereof; and 
 (d) All representations and warranties of Purchaser as set forth in this Agreement shall be true and correct in all material respects as of the date of
this Agreement and as of Closing, provided that solely for purposes of this subparagraph such warranties and representations shall be deemed to be given without being limited to Purchaser’s knowledge and without modification (by update or
otherwise, as provided in Section 5.2(d) hereof). 
  

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 ARTICLE 7. 
 CASUALTY AND CONDEMNATION 
 7.1. Casualty. Risk of loss up to and including the Closing
Date shall be borne by Seller. In the event of any immaterial damage or destruction to the Property or any portion thereof, Seller and Purchaser shall proceed to close under this Agreement, and Seller will assign to Purchaser at the Closing
Seller’s rights to receive any insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due Seller as a result of such damage or destruction (less any amounts reasonably expended for
restoration or collection of proceeds), and Purchaser shall assume responsibility for such repair and shall receive a credit at Closing for any deductible amount under said insurance policies maintained by Seller. For purposes of this Agreement, the
term “immaterial damage or destruction” shall mean such instances of damage or destruction of the subject Property: (i) which can be repaired or restored at a cost of $300,000.00 or less; (ii) which can be restored and
repaired within one hundred eighty (180) days from the date of such damage or destruction; and (iii) which are not so extensive as to allow the tenants under the Leases to terminate such tenant’s Lease or abate or reduce rent payable
thereunder (unless business loss or rent loss insurance shall be available in the full amount of such abatement or reduction, subject to applicable deductibles) on account of such damage or destruction. 
 In the event of any material damage or destruction to the Property or any portion thereof, Purchaser may, at its option, by notice to Seller given within
the earlier of twenty (20) days after Purchaser is notified by Seller of such damage or destruction, or the Closing Date, but in no event less than ten (10) days after Purchaser is notified by Seller of such damage or destruction (and if
necessary the Closing Date shall be extended to give Purchaser the full 10-day period to make such election): (i) terminate this Agreement, whereupon Escrow Agent shall immediately return the Earnest Money to Purchaser, or (ii) proceed to
close under this Agreement, receive (and Seller will assign to Purchaser at the Closing Seller’s rights under insurance policies to receive) any insurance proceeds (including any rent loss insurance applicable to the period on or after the
Closing Date) due Seller as a result of such damage or destruction (less any amounts reasonably expended for restoration or collection of proceeds) and assume responsibility for such repair, and Purchaser shall receive a credit at Closing for any
deductible amount under said insurance policies. If Purchaser fails to deliver to Seller notice of its election within the period set forth above, Purchaser will conclusively be deemed to have elected to proceed with the Closing as provided in
clause (ii) of the preceding sentence. If Purchaser elects clause (ii) above, Seller will cooperate with Purchaser after the Closing to assist Purchaser in obtaining the insurance proceeds from Seller’s insurers. For purposes of this
Agreement “material damage or destruction” shall mean all instances of damage or destruction that are not immaterial, as defined herein. 
 7.2. Condemnation. If, prior to the Closing, all or any part of the Property is subjected to a bona fide threat of condemnation by a body having the power of eminent domain 

  

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or is taken by eminent domain or condemnation (or sale in lieu thereof), or if Seller has received written notice that any condemnation action or proceeding
with respect to the Property is contemplated by a body having the power of eminent domain (collectively, a “Taking”), Seller shall give Purchaser immediate written notice of such Taking. In the event of any immaterial Taking with
respect to the Property or any portion thereof, Seller and Purchaser shall proceed to close under this Agreement. For purposes of this Agreement, the term “immaterial Taking” shall mean such instances of Taking of the Property:
(i) which do not result in a taking of any portion of the building structure of the building occupied by any tenant under the Leases; (ii) which do not result in a decrease in the number of parking spaces on the Land (taking into account
the number of additional parking spaces that can be provided within 180 days of such Taking); and (iii) which are not so extensive as to allow any tenant under the Leases to terminate its Lease or abate or reduce rent payable thereunder [unless
business loss or rent insurance (subject to applicable deductibles) or condemnation award proceeds shall be available in the full amount of such abatement or reduction, and Purchaser shall receive a credit at Closing for such deductible amount] on
account of such Taking. 
 In the event of any material Taking of the Property or any portion thereof, Purchaser may, at its option, by written notice to
Seller given within thirty (30) days after receipt of such notice from Seller, elect to terminate this Agreement, or Purchaser may choose to proceed to close. If Purchaser chooses to terminate this Agreement in accordance with this
Section 7.2, then the Earnest Money shall be returned immediately to Purchaser by Escrow Agent and the rights, duties, obligations, and liabilities of the parties hereunder shall immediately terminate and be of no further force and
effect, except for those provisions of this Agreement which by their express terms survive the termination of this Agreement. For purposes of this Agreement “material Taking “ shall mean all instances of a Taking that are not
immaterial, as defined herein. 
 If Purchaser does not elect to, or has no right to, terminate this Agreement in accordance herewith on
account of a Taking, this Agreement shall remain in full force and effect and the sale of the Property contemplated by this Agreement, less any interest taken by eminent domain or condemnation, or sale in lieu thereof, shall be effected with no
further adjustment and without reduction of the Purchase Price, and at the Closing, Seller shall assign, transfer, and set over to Purchaser all of the right, title, and interest of Seller in and to any awards applicable to the Property that have
been or that may thereafter be made for such Taking. At such time as all or a part of the Property is subjected to a bona fide threat of condemnation and Purchaser shall not have elected to terminate this Agreement as provided in this
Section 7.2, and provided that the Inspection Period has expired, (i) Purchaser shall thereafter be permitted to participate in the proceedings as if Purchaser were a party to the action, and (ii) Seller shall not settle or
agree to any award or payment pursuant to condemnation, eminent domain, or sale in lieu thereof without obtaining Purchaser’s prior written consent thereto in each case. 
 ARTICLE 8. 
 DEFAULT AND REMEDIES 
 8.1. Purchaser’s Default. If Purchaser defaults under this Agreement or otherwise fails to consummate this transaction for any reason
other than the default of Seller, failure of a 

  

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condition to Purchaser’s obligation to close, or the exercise by Purchaser of an express right of termination granted herein, Seller shall be entitled,
as its sole remedy hereunder, to terminate this Agreement and to receive and retain the Earnest Money as full liquidated damages for such default of Purchaser, the parties hereto acknowledging that it is impossible to estimate more precisely the
damages which might be suffered by Seller upon Purchaser’s default, and that said Earnest Money is a reasonable estimate of Seller’s probable loss in the event of default by Purchaser. Seller’s retention of said Earnest Money is
intended not as a penalty, but as full liquidated damages. The right to retain the Earnest Money as full liquidated damages is the sole and exclusive remedy of Seller in the event of default hereunder by Purchaser, and Seller hereby waives and
releases any right to (and hereby covenants that Seller shall not) sue the Purchaser: (a) for specific performance of this Agreement, or (b) to recover actual damages in excess of the Earnest Money. The foregoing liquidated damages
provision shall not apply to or limit Purchaser’s liability for Purchaser’s obligations under Sections 3.1(b), 3.1(c), 3.7 and 10.1 of this Agreement or for Purchaser’s obligation to pay to Seller all attorneys’ fees and
costs of Seller to enforce the provisions of this Section 8.1. Purchaser hereby waives and releases any right to (and hereby covenants that it shall not) sue Seller or seek or claim a refund of said Earnest Money (or any part thereof) on the
grounds it is unreasonable in amount and exceeds Seller’s actual damages or that its retention by Seller constitutes a penalty and not agreed upon and reasonable liquidated damages. 
 8.2. Seller’s Default. If Seller fails to perform any of its obligations under this Agreement for any reason other than
Purchaser’s default or the permitted termination of this Agreement by Seller or Purchaser as expressly provided herein, Purchaser shall be entitled, as its sole remedy, either (a) to receive the return of the Earnest Money from Escrow
Agent, which return shall operate to terminate this Agreement and release Seller from any and all liability hereunder, or (b) to enforce specific performance of Seller’s obligation to execute and deliver the documents required to convey
the Property to Purchaser in accordance with this Agreement; it being specifically understood and agreed that the remedy of specific performance shall not be available to enforce any other obligation of Seller hereunder; provided, however, if Seller
shall have conveyed title to the Property to another party or intentionally and knowingly taken any other action to defeat the remedy of specific performance, Purchaser shall be entitled to seek actual damages from Seller. Purchaser expressly waives
its rights to seek damages in the event of Seller’s default hereunder. Purchaser shall be deemed to have elected to terminate this Agreement and to receive a return of the Earnest Money from Escrow Agent if Purchaser fails to file suit for
specific performance against Seller in a court having jurisdiction in the county and state in which the Property is located, on or before sixty (60) days following the date upon which the Closing was to have occurred. 
 ARTICLE 9. 
 ASSIGNMENT

 9.1. Assignment. Subject to the next following sentence, this Agreement and all rights and obligations hereunder shall
not be assignable by any party without the written consent of the other, except in accordance with Section 12.10. Notwithstanding the foregoing to the contrary, this Agreement and all of Purchaser’s rights hereunder may be
transferred and assigned 

  

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to any entity controlling, controlled by or under common control with Purchaser. An assignment or transfer of this Agreement and Purchaser’s rights
hereunder to any entity which is not controlled by Purchaser shall be subject to Seller’s prior written consent, which consent may be granted or withheld in Seller’s sole discretion. Any assignee or transferee under any such assignment or
transfer by Purchaser as to which the written consent of Seller has been given or as to which the consent of Seller is not required hereunder shall expressly assume all of Purchaser’s duties, liabilities and obligations under this Agreement
(whether arising or accruing prior to or after the assignment or transfer) by written instrument delivered to Seller as a condition to the effectiveness of such assignment or transfer. For purposes of this Section 9.1, the term
“control” shall mean the ownership of at least fifty percent (50%) of the applicable entity. Subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
legal representatives, successors and permitted assigns. This Agreement is not intended and shall not be construed to create any rights in or to be enforceable in any part by any other persons. 
 ARTICLE 10. 
 BROKERAGE COMMISSIONS

 10.1. Broker. Upon the Closing, and only in the event of the Closing and the funding of the Purchase Price by Purchaser,
Seller shall pay a brokerage commission to (a) Seller’s Broker pursuant to a separate agreement between Seller and Seller’s Broker and (b) Purchaser’s Broker pursuant to a separate agreement between Purchaser and
Purchaser’s Broker. Seller’s Broker is representing Seller in this transaction, and Purchaser’s Broker is representing Purchaser in this transaction. Seller shall and does hereby indemnify and hold Purchaser harmless from and against
any and all liability, loss, cost, damage, and expense, including reasonable attorneys’ fees actually incurred and costs of litigation, Purchaser shall ever suffer or incur because of any claim by any agent, salesman, or broker, whether or not
meritorious, for any fee, commission or other compensation with regard to this Agreement or the sale and purchase of the Property contemplated hereby, and arising out of any acts or agreements of Seller, including any claim asserted by Seller’s
Broker. Likewise, Purchaser shall and does hereby indemnify and hold Seller free and harmless from and against any and all liability, loss, cost, damage, and expense, including reasonable attorneys’ fees actually incurred and costs of
litigation, Seller shall ever suffer or incur because of any claim by any agent, salesman, or broker, whether or not meritorious, for any fee, commission or other compensation with respect to this Agreement or the sale and purchase of the Property
contemplated hereby and arising out of the acts or agreements of Purchaser, including any claim by Purchaser’s Broker. This Section 10.1 shall survive the Closing until the expiration of any applicable statute of limitations and
shall survive any earlier termination of this Agreement. 
 ARTICLE 11. 
 INDEMNIFICATION 
 11.1. Indemnification by Seller. Following the
Closing and subject to Sections 11.3 and 11.4, Seller shall indemnify and hold Purchaser, its affiliates, members and partners, and the partners, shareholders, officers, directors, employees, representatives and agents of each of the

  

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foregoing (collectively, “Purchaser-Related Entities”) harmless from and against any and all costs, fees, expenses, damages, deficiencies,
interest and penalties (including, without limitation, reasonable attorneys’ fees and disbursements) suffered or incurred by any such indemnified party in connection with any and all losses, liabilities, claims, damages and expenses
(“Losses”), arising out of, or in any way relating to, (a) any breach of any representation or warranty of Seller contained in this Agreement or in any Closing Document, and (b) any breach of any covenant of Seller
contained in this Agreement which survives the Closing or in any Closing Document. 
 11.2. Indemnification by Purchaser.
Following the Closing and subject to Sections 11.3 and 11.4, Purchaser (and Purchaser’s permitted assignees to whom any rights of Purchaser are assigned pursuant to Section 9.1 hereof) shall indemnify and hold Seller,
its affiliates, members and partners, and the partners, shareholders, officers, directors, employees, representatives and agents of each of the foregoing (collectively, “Seller-Related Entities”) harmless from any and all Losses
arising out of, or in any way relating to, (a) any breach of any representation or warranty by Purchaser contained in this Agreement or in any Closing Document, and (b) any breach of any covenant of Purchaser contained in this Agreement
which survives the Closing or in any Closing Documents. 
 11.3. Limitations on Indemnification. (a) Seller shall not be
required to indemnify Purchaser or any Purchaser-Related Entities under this Agreement unless the aggregate of all amounts for which an indemnity would otherwise be payable by Seller under Section 11.1 above exceeds the Basket Limitation
and in such event, Seller shall be responsible for only the amount in excess of the Basket Limitation, (b) in no event shall the liability of Seller with respect to the indemnification provided for in Section 11.1 above exceed in
the aggregate the Cap Limitation, (c) if prior to the Closing, Purchaser obtains knowledge in writing of any inaccuracy or breach of any representation, warranty or covenant of Seller contained in this Agreement (a “Purchaser Waived
Breach”) and nonetheless proceeds with and consummates the Closing, then Purchaser and any Purchaser-Related Entities shall be deemed to have waived and forever renounced any right to assert a claim for indemnification under this Article
11 for, or any other claim or cause of action under this Agreement, at law or in equity on account of any such Purchaser Waived Breach, and (d) notwithstanding anything herein to the contrary, the Basket Limitation and the Cap Limitation
shall not apply with respect to Losses suffered or incurred as a result of breaches of any covenant or agreement of Seller set forth in Section 5.3, Section 5.4 or Section 10.1 of this Agreement.

 11.4. Survival. The representations, warranties and covenants
contained in this Agreement and the Closing Documents shall survive for 180 days following the Closing, unless a longer or shorter survival period is expressly provided for in this Agreement, or unless on or before the date that is the
180th day following the Closing, Purchaser or Seller, as the case may be, delivers written notice to the other party
of such alleged breach specifying with reasonable detail the nature of such alleged breach and files an action with respect thereto within one hundred twenty (120) days after the giving of such notice. 
  

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 11.5. Indemnification as Sole Remedy. If the Closing has occurred, the sole and exclusive
remedy available to a party in the event of a breach by the other party to this Agreement of any representation, warranty, or covenant or other provision of this Agreement or any Closing Document which survives the Closing shall be the
indemnifications provided for under Section 3.1(c), Section 10.1, and this Article 11. 
 ARTICLE 12.

 MISCELLANEOUS 
 xxx 
 12.1. Notices. Wherever any notice or other communication is required or permitted hereunder, such notice or other communication shall be
in writing and shall be delivered by overnight courier, hand, facsimile or other electronic transmission, or sent by U.S. registered or certified mail, return receipt requested, postage prepaid, to the addresses or facsimile numbers set out below or
at such other addresses as are specified by written notice delivered in accordance herewith: 
  

			
	PURCHASER:	  	    Cloverleaf Village, LLC
		  	    c/o The Safeway Group
		  	    6961 Peachtree Industrial Blvd.
		  	    Suite 101
		  	    Norcross, Georgia 30092
		  	    Attention: Mr. Rafat Shaikh
		  	    Telephone: (404)313-8429
		  	    Facsimile: (770) 409-9982
		  	    Email: safewaygroup@bellsouth.net
		
	SELLER:	  	    Wells Real Estate Fund I
		  	    6200 The Corners Parkway
		  	    Suite 250
		  	    Norcross, Georgia 30092
		  	    Attention: Mr. Parker Hudson
		  	    Telephone: (770) 243-8692
		  	    Facsimile: (770) 243-8540
		  	    Email: parker.hudson@wellsref.com
		
	with a copy to:	  	    Troutman Sanders LLP
		  	    Suite 5200
		  	    600 Peachtree Street, N.E.
		  	    Atlanta, Georgia 30308-2216
		  	    Attn: Jeffrey F. Hetsko, Esq.
		  	    Telephone: (404) 885-3605
		  	    Facsimile: (404) 962-6585
		  	    Email: jeff.hetsko@troutmansanders.com

  

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 Any notice or other communication (i) mailed as hereinabove provided shall be deemed effectively given or received
on the third (3rd) Business Day following the postmark date of such notice or other communication, (ii) sent by overnight courier or by hand shall be deemed effectively given or received upon receipt, and (iii) sent by facsimile or
other electronic transmission shall be deemed effectively given or received on the day of such electronic transmission of such notice or other communication and confirmation of such transmission if transmitted and confirmed prior to 6:00 p.m. local
Atlanta, Georgia time on a Business Day and otherwise shall be deemed effectively given or received on the first Business Day after the day of transmission of such notice and confirmation of such transmission. Refusal to accept delivery shall be
deemed delivered. Any notice may be given by a party’s attorney. 
 12.2 Possession. Full and exclusive possession of the
Property, subject to the Permitted Exceptions and the rights of the tenants under the Leases, shall be delivered by Seller to Purchaser on the Closing Date. 
 12.3 Time Periods. If the time period by which any right, option, or election provided under this Agreement must be exercised, or by which any act required hereunder must be performed, or by which the
Closing must be held, expires on a Saturday, Sunday, or holiday, then such time period shall be automatically extended through the close of business on the next regularly scheduled Business Day. 
 12.4 Publicity. The parties agree that, prior to Closing, and except for disclosures required by law or governmental regulations applicable
to such party, no party shall, with respect to this Agreement and the transactions contemplated hereby, contact or conduct negotiations with public officials, make any public announcements or issue press releases regarding this Agreement or the
transactions contemplated hereby to any third party without the prior written consent of the other party hereto, which consent may be withheld in such party’s sole discretion. No party shall record this Agreement or any notice hereof.

 12.5 Discharge of Obligations. The acceptance by Purchaser of Seller’s Special Warranty Deed hereunder shall be deemed
to constitute the full performance and discharge of each and every warranty and representation made by Seller and Purchaser herein and every agreement and obligation on the part of Seller and Purchaser to be performed pursuant to the terms of this
Agreement, except those warranties, representations, covenants and agreements which are specifically provided in this Agreement to survive Closing. 
 12.6 Severability. This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances, rules and regulations. If any provision of this Agreement, or the
application thereof to any person or circumstance, shall, for any reason and to any extent be invalid or unenforceable, the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected
thereby but rather shall be enforced to the greatest extent permitted by law. 
 12.7 Construction. This Agreement shall not be
construed more strictly against one party than against the other merely by virtue of the fact that this Agreement may have been 

  

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prepared by counsel for one of the parties, it being mutually acknowledged and agreed that Seller and Purchaser and their respective counsel have contributed
substantially and materially to the preparation and negotiation of this Agreement. Accordingly, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the
interpretation of this Agreement or any exhibits or amendments hereto. 
 12.8 Access to Records Following Closing. Purchaser
agrees that for a period of twenty-four (24) months following the Closing, Seller shall have the right during regular business hours, on five (5) days’ written notice to Purchaser, and at Seller’s sole cost, to examine and review
at Purchaser’s office (or, at Purchaser’s election, at the Property), the books and records of Seller relating to the ownership and operation of the Property which were delivered by Seller to Purchaser at the Closing. Likewise, Seller
agrees that for a period of twenty-four (24) months following the Closing, Purchaser shall have the right during regular business hours, on five (5) days’ written notice to Seller, and at Purchaser’s sole cost, to examine and
review at Seller’s office, all books, records and files, if any, retained by Seller relating to the ownership and operation of the Property by Seller prior to the Closing. The provisions of this Section shall survive the Closing for a period of
twenty-four (24) months after the Closing Date. 
 12.9 General Provisions. No failure of either party to exercise any
power given hereunder or to insist upon strict compliance with any obligation specified herein, and no custom or practice at variance with the terms hereof, shall constitute a waiver of either party’s right to demand exact compliance with the
terms hereof. This Agreement contains the entire agreement of the parties hereto, and no representations, inducements, promises, or agreements, oral or otherwise, between the parties not embodied herein shall be of any force or effect. Any amendment
to this Agreement shall not be binding upon Seller or Purchaser unless such amendment is in writing and executed by both Seller and Purchaser. Subject to the provisions of Section 9.1 hereof, the provisions of this Agreement shall inure
to the benefit of and be binding upon the parties hereto and their respective heirs, legal representatives, successors, and permitted assigns. Time is of the essence in this Agreement. The headings inserted at the beginning of each paragraph are for
convenience only, and do not add to or subtract from the meaning of the contents of each paragraph. This Agreement shall be construed, interpreted and enforced under the laws of the State of Tennessee. Except as otherwise provided herein, all
rights, powers, and privileges conferred hereunder upon the parties shall be cumulative but not restrictive to those given by law. All personal pronouns used in this Agreement, whether used in the masculine, feminine, or neuter gender shall include
all genders, and all references herein to the singular shall include the plural and vice versa. 
 12.10 Like Kind Exchange.
Any of the parties hereto may desire, and each other party is willing to cooperate (subject to the limitations set forth below), to effectuate the sale of the Property by means of an exchange of “like-kind” property which will qualify as
such under Section 1031 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. Each party expressly reserves the right to assign its rights, but not its obligations, hereunder to a qualified intermediary
as provided in I.R.C. Reg. 1.1031(k)-1(g)(4) on or before the date of Closing. Upon written notice from any party (a “Requesting Party”) to the other, the party to whom such notice is given (the “Other Party”)
agrees to cooperate with 

  

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such Requesting Party to effect one or more like-kind exchanges with respect to the Property, provided that such cooperation shall be subject to the
following conditions: (a) such exchange shall not delay the Closing and shall occur either simultaneously with the Closing or the purchase money proceeds payable to Seller shall be paid, upon Seller’s prior written direction to Purchaser,
to a third party escrow agent or intermediary such that Purchaser shall not be required to participate in any subsequent closing, (b) the Other Party shall not be obligated to spend any sums or incur any expenses in excess of the sums and
expenses which would have been spent or incurred by the Other Party if there had been no exchange, and (c) Purchaser shall not be obligated to acquire or accept title to any property other than the Property, and Seller shall not be obligated to
acquire or accept title to any property. The Other Party makes no representation or warranty that the conveyance of any property made pursuant to this Section 12.10 shall qualify for a like-kind exchange. Once Purchaser has paid the
purchase money proceeds as directed by Seller (if Seller is the Requesting Party), or Seller has conveyed the Property as directed by Purchaser (if Purchaser is the Requesting Party), the Other Party shall have no further obligation hereunder with
respect to such “like-kind” exchange. Each Requesting Party hereby indemnifies and holds the Other Party harmless from and against any costs, liabilities and expenses incurred or suffered by the Other Party in connection with the
“like-kind” exchange or exchanges described herein with respect to the Property, which indemnity shall survive the Closing until the expiration of any applicable statute of limitations. 
 12.11 Attorney’s Fees. If Purchaser or Seller brings an action at law or equity against the other in order to enforce the provisions
of this Agreement or as a result of an alleged default under this Agreement, the prevailing party in such action shall be entitled to recover court costs and reasonable attorney’s fees actually incurred from the other. 
 12.12 Counterparts. This Agreement may be executed in one or more counterparts, each of which when taken together shall constitute one and
the same original. To facilitate the execution and delivery of this Agreement, the parties may execute and exchange counterparts of the signature pages by facsimile, and the signature page of either party to any counterpart may be appended to any
other counterpart. 
 12.13 Effective Agreement. The submission of this Agreement for examination is not intended to nor shall
constitute an offer to sell, or a reservation of, or option or proposal of any kind for the purchase of the Property. In no event shall any draft of this Agreement create any obligation or liability, it being understood that this Agreement shall be
effective and binding only when a counterpart of this Agreement has been executed and delivered by each party hereto. 
 [Signatures Contained
on Next Page] 
  

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

					
	SELLER:
	
	 WELLS REAL ESTATE FUND I,
 a Georgia limited
partnership

		
	By:	 	Wells Capital, Inc.,
		 		 	a Georgia corporation
		 		 	its General Partner

  

							
				
		 	By:	 	 /s/ Douglas P. Williams
	 	
		 	Name:	 	Douglas P. Williams	 	
		 	Title	 	Senior Vice President	 	
				
		 	By:	 	 /s/ Douglas P. Williams
	 	(SEAL)
		 		 	Leo F. Wells, III, general partner by and through Douglas P. Williams as attorney in fact Douglas P. Williams Senior Vice President	 	

 [Signatures Continued on Next Page] 

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 [Signatures Continued from Previous Page] 
  

					
	PURCHASER:
	
	 CLOVERLEAF VILLAGE, LLC,
 a Georgia limited
liability company

			
	By:	 	 /s/ Rafat U. Shaikh
	 	(SEAL)
	Name:	 	Rafat U. Shaikh	 	
	Title:	 	Member	 	

  

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 EXHIBIT “A” 
 DESCRIPTION OF LAND 
 Two tracts or parcels of land situated in District No. Six (6) of
Knox County, Tennessee, and without the corporate limits of the City of Knoxville, Tennessee, and being more fully described as follows: 
 Tract 1

 BEGINNING at an iron pin marking the point of intersection of the Western line of Maynardville Pike (US 441) and the Northern line of Neal Drive;
thence from said point of BEGINNING with Northern line of Neal Drive South 82 deg. 21 min. West, 455.14 feet to an iron pin; thence North 18 deg. 03 min. West, 536.07 feet to an iron pin; thence South 72 deg. West, 330 feet to an iron pin; thence
South 18 deg. East, 65 feet to an iron pin; thence South 72 deg. West, 290 feet to an iron pin; thence North 24 deg. 21 min. West, 384.66 feet to an iron pin; thence North 71 deg. 08 min. East, 108.27 feet to an iron pin; thence North 73 deg. 57
min. East, 295.5 feet to an iron pin; thence North 69 deg. 23 min. East, 255.36 feet to an iron pin; thence North 27 deg. 04 min. West, 165.8 feet to an iron pin in the Southern line of Cunningham Drive; thence with the Southern line of Cunningham
Drive North 66 deg. 54 min. East, 50 feet to an iron pin; thence South 27 deg. 00 min. East, 167.95 feet to an iron pin; thence North 69 deg. 23 min. East, 27.41 feet to an iron pin, common corner to Kroger; thence with the line of Kroger, the
following four (4) calls and distances; South 17 deg. 50 min. East, 253.12 feet to an iron pin; thence North 72 deg. East, 21 feet to an iron pin; thence South 18 deg. East, 250.67 feet to an iron pin; thence North 72 deg. East, 453.12 feet to
an iron pin in the Western line of Maynardville Pike (US 441); thence with the Western line of Maynardville Pike (US 441) South 5 deg. 18 min. East, 449.07 feet to an iron pin marking the point of BEGINNING as shown by survey of T. J. Hatmaker,
Surveyor, dated August 22, 1986, revised September 11, 1986, Drawing No. 33764. 
 TRACT 2 
 BEGINNING at an iron pin, said iron pin being located in the South right-of-way line of Cunningham Drive, said iron pin being located in a Southwesterly direction 268.94
feet from the point of intersection of the South line of Cunningham Drive with the West line of Maynardville Highway, said iron pin also marking common corner to property belonging to FFCA/IPI 1984 Property Co.; thence with the common dividing line
between the property described herein and property of FFCA/IPI, South 16 deg. 53 min. East, 139.24 feet to an iron pin, said iron pin marking common corner to other property of Knoxville Associates; thence with the line of other property of
Knoxville Associates, South 16 deg. 53 min. East, 46.98 feet to an iron pin, said iron pin being located in the North line of property of Kroger; thence with the Kroger line, South 69 deg. 23 min. West, 193.17 feet to an iron pin, said iron pin
marking common corner to Lot 2 in the Howerton Subdivision; thence with the dividing line between Lots 1 and 2 in Howerton Subdivision, North 26 deg. 44 min. West, 177.02 feet to an iron pin located in the South right-of-way line of Cunningham
Drive; thence with said right-of-way line North 66 deg. 54 min. East, 224. 38 feet to the point of BEGINNING, as shown by survey of T. J. Hatmaker, Surveyor, dated August 22, 1986, revised September 11, 1986, Drawing No. 33764.

 TOGETHER WITH the easements, restrictions, covenants and rights benefiting the above described property, and created and set forth in that certain
Reciprocal Easement Declaration made on August 29, 1980, and recorded in Deed Book 1718, page 286, in the Knox County Register’s Office as modified by Amendment dated May 29, 1981, and recorded in Deed Book 1734, page 575, in the Knox
County Register’s Office. 
 Being the same property conveyed to Wells Real Estate Fund I from Knoxville Associates by Special Warranty Deed dated
December 31, 1986, recorded in Book 1904, Page 314, Knox County Register’s Office. 
  

 - 2 -

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