Document:

EX-10.5

PROMISSORY NOTE

$23,500,000.00 October 25, 2007

For value received, NNN VF 7777 BONHOMME AVENUE, LLC, a Delaware limited liability company
(“Borrower”), promises and agrees to pay to the order of GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation (“Lender”), in lawful money of the United States of
America, the principal sum of TWENTY-THREE MILLION FIVE HUNDRED AND NO/100 DOLLARS ($23,500,000.00)
or so much thereof as may be outstanding under the Loan Agreement of even date herewith between
Borrower and Lender (the “Loan Agreement”), with interest on the unpaid principal sum owing
thereunder at the rate or rates or in the amounts computed in accordance with the Loan Agreement,
together with all other amounts due Lender under the Loan Agreement, all payable in the manner and
at the time or times provided in the Loan Agreement. Capitalized terms used herein, but not
defined, shall have the meanings assigned to them in the Loan Agreement.

If not sooner due and payable in accordance with the Loan Agreement, Borrower shall pay to
Lender all amounts due and unpaid under the Loan Agreement on October 31, 2010, or on any earlier
Maturity Date as set forth in the Loan Agreement. Unless otherwise specified in writing by Lender,
all payments hereunder shall be paid to Lender at c/o GEMSA Loan Services, L.P., File 59229, Los
Angeles, California 90074-9229. Lender reserves the right to require any payment on this Note,
whether such payment is a regular installment, prepayment or final payment, to be by wired federal
funds or other immediately available funds. All payments to Lender shall be drawn on an account
owned by Borrower or another Person approved in writing in advance by Lender and maintained at a
banking institution organized under the laws of the United States or one of its constituent States,
or at a federally-regulated securities broker-dealer.

Borrower, co-makers, sureties, endorsers and guarantors, and each of them, expressly waive
demand and presentment for payment, notice of nonpayment, protest, notice of protest, notice of
dishonor, notice of intent to accelerate the maturity hereof, notice of the acceleration of the
maturity hereof, bringing of suit and diligence in taking any action to collect amounts called for
hereunder and in the handling of securities at any time existing in connection herewith; such
parties are and shall be jointly, severally, directly and primarily liable for the payment of all
sums owing and to be owing hereon, regardless of and without any notice, diligence, act or omission
as or with respect to the collection of any amount called for hereunder or in connection with any
right, lien, interest or property at any and all times had or existing as security for any amount
called for hereunder.

This Note evidences all advances made, interest due and all amounts otherwise owed to Lender
under the Loan Agreement. This Note is executed in conjunction with the Loan Agreement and is
secured by the liens and security interests created under the Loan Documents (including those
arising under the Mortgage). Reference is made to the Loan Agreement for provisions relating to
repayment of the indebtedness evidenced by this Note, including mandatory repayment, acceleration
following default, late charges, default rate of interest, limitations on interest, restrictions on
prepayment, and participation interest (if any).

If this Note is placed in the hands of an attorney for collection, by suit or otherwise, or to
enforce its collection, or to protect the security of its payment, the undersigned shall pay all
reasonable costs of collection including reasonable attorneys’ fees.

The right to plead any and all statutes of limitation as a defense to any demand on this Note,
or any guaranty hereof, or any agreement to pay the same, or any demand secured by the Loan
Documents, or any and all obligations or liabilities arising out of or in connection with this Note
or in the Loan Documents, is expressly waived by Borrower, co-makers, sureties, endorsers and
guarantors to the fullest extent permitted by law.

Borrower’s liability hereunder is subject to the limitation on liability provisions of Article
13 of the Loan Agreement. This Note has been executed and delivered in and shall be construed in
accordance with and governed by the laws of the State of Missouri and of the United States of
America.

Oral agreements or commitments to loan money, extend credit or to forbear from enforcing
repayment of a debt including promises to extend or renew such debt are not enforceable. To
protect you (borrower[s]) and us (creditor) from misunderstanding or disappointment, any agreements
we reach covering such matters are contained in this writing, which is the complete and exclusive
statement of the agreement between us, except as we may later agree in writing to modify it.

Executed as of the date first written above.

NNN VF 7777 BONHOMME AVENUE, LLC,

a Delaware limited liability company

	 	 	 	 	 
	By:	 	NNN 2003 VALUE FUND, LLC,
	 	 	a Delaware limited liability company,
	
 
	 	Sole Member
	 	

	
 
	 	By:
	 	TRIPLE NET PROPERTIES, LLC,

a Virginia limited liability company,

Manager

By: /s/ Richard Hutton

Name: Richard Hutton

Title: Executive Vice PresidentEX-10.6

Loan No. 69-0080865

THIS DEED OF TRUST AND SECURITY AGREEMENT SECURES FUTURE ADVANCES AND FUTURE OBLIGATIONS AND

IS TO BE GOVERNED BY SECTION 443.055 REVISED STATUTES OF MISSOURI. $23,500,000.00 IS THE TOTAL

PRINCIPAL AMOUNT OF ALL OBLIGATIONS WHICH ARE SECURED HEREBY.

NNN VF 7777 BONHOMME AVENUE, LLC

(Grantor)

to

STEVEN M. LEIGH

(Trustee)

for the benefit of

GENERAL ELECTRIC CAPITAL CORPORATION

(Beneficiary)

___________________________________________________________

DEED OF TRUST, SECURITY AGREEMENT

AND FIXTURE FILING

___________________________________________________________

Dated as of October 25, 2007

Property Location: St. Louis, St. Louis County, Missouri

DOCUMENT PREPARED BY AND WHEN RECORDED, RETURN TO:

Andrews Kurth LLP

1717 Main Street, Suite 3700

Dallas, Texas 75201

Attention: Charles T. Marshall, Esq.

1

DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE FILING

This Deed of Trust, Security Agreement and Fixture Filing (this “Deed of Trust”) is
executed as of October 25, 2007, by NNN VF 7777 BONHOMME AVENUE, LLC, a Delaware limited liability
company (“Grantor”), whose address for notice hereunder is c/o Triple Net Properties, LLC,
1551 N. Tustin, Suite 200, Santa Ana, California 92705, to STEVEN M. LEIGH, Trustee
(“Trustee”), whose address is c/o Martin Leigh Laws & Fritzlen, PC, 1044 Main, Suite 900,
Kansas City, MO 64105, for the benefit of GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware
corporation (“Beneficiary”), whose address for notice is 16479 Dallas Parkway, Suite 500,
Two Bent Tree Tower, Addison, Texas 75001-2512.

ARTICLE 1

DEFINITIONS

Section 1.1 Definitions. As used herein, the following terms shall have the following
meanings:

“Indebtedness”: The sum of all (1) principal, interest and other amounts due under or
secured by the Loan Documents, (2) principal, interest, and other amounts which may hereafter be
loaned by Beneficiary, its successors or assigns, to or for the benefit of the owner of the
Mortgaged Property, when evidenced by a promissory note or other instrument which, by its terms, is
secured hereby, and (3) all other indebtedness, obligations and liabilities now or hereafter
existing of any kind of Grantor to Beneficiary under documents which recite that they are intended
to be secured by this Deed of Trust.

“Loan Documents”: The (1) Loan Agreement of even date between Grantor and Beneficiary
(the “Loan Agreement”), (2) Promissory Note of even date, executed by Grantor, payable to
the order of Beneficiary, in the stated principal amount of $23,500,000.00 (the “Note”),
which matures on October 31, 2010, but the maturity thereof may be extended to October 31, 2011, as
provided in the Loan Agreement, (3) this Deed of Trust, (4) all other documents now or hereafter
executed by Grantor, or any other person or entity to evidence or secure the payment of the
Indebtedness or the performance of the Obligations, and (5) all modifications, restatements,
extensions, renewals and replacements of the foregoing; provided however, in no event shall the
term “Loan Documents” include that certain Hazardous Materials Indemnity Agreement dated the date
hereof in favor of Beneficiary.

“Mortgaged Property”: all estate, right, title, interest, claim and demand whatsoever
which Grantor now has or hereafter acquires, either in law or in equity, in possession or
expectancy, of, in and to (a) the real property described in Exhibit A attached hereto and
made a part hereof (the “Land”), (b) all buildings, structures and other improvements, now
or at any time situated, placed or constructed upon the Land (the “Improvements”), (c) all
materials, supplies, appliances, equipment (as such term is defined in the UCC), apparatus and
other items of personal property now owned or hereafter attached to, installed in or used in
connection with any of the Improvements or the Land, and water, gas, electrical, storm and sanitary
sewer facilities and all other utilities whether or not situated in easements (the
“Fixtures”), (d) all goods, inventory, accounts, general intangibles, software, investment
property, instruments, letters of credit, letter-of-credit rights, deposit accounts, documents,
chattel paper and supporting obligations, as each such term is presently or hereafter defined in
the UCC, and all other personal property of any kind or character, now or hereafter affixed to,
placed upon, used in connection with, arising from or otherwise related to the Land and
Improvements or which may be used in or relating to the planning, development, financing or
operation of the Mortgaged Property, including, without limitation, furniture, furnishings,
equipment, machinery, money, insurance proceeds, accounts, contract rights, software, trademarks,
goodwill, promissory notes, electronic and tangible chattel paper, payment intangibles, documents,
trade names, licenses and/or franchise agreements, rights of Grantor under leases of Fixtures or
other personal property or equipment, inventory, all refundable, returnable or reimbursable fees,
deposits or other funds or evidences of credit or indebtedness deposited by or on behalf of Grantor
with any governmental authorities, boards, corporations, providers of utility services, public or
private, including specifically, but without limitation, all refundable, returnable or reimbursable
tap fees, utility deposits, commitment fees and development costs, and commercial tort claims
arising from the development, construction, use, occupancy, operation, maintenance, enjoyment,
acquisition or ownership of the Mortgaged Property (the “Personalty”), (e) all reserves,
escrows or impounds required under the Loan Agreement and all deposit accounts (including accounts
holding security deposits) maintained by Grantor with respect to the Mortgaged Property, (f) all
plans, specifications, shop drawings and other technical descriptions prepared for construction,
repair or alteration of the Improvements, and all amendments and modifications thereof (the
“Plans”), (g) all leases, subleases, licenses, concessions, occupancy agreements or other
agreements (written or oral, now or at any time in effect) which grant a possessory interest in, or
the right to use, all or any part of the Mortgaged Property, together with all related security and
other deposits (the “Leases”), (h) all of the rents, revenues, income, proceeds, profits,
security and other types of deposits, lease cancellation payments and other benefits paid or
payable by parties to the Leases other than Grantor for using, leasing, licensing, possessing,
operating from, residing in, selling, terminating the occupancy of or otherwise enjoying the
Mortgaged Property (the “Rents”), (i) all other agreements, such as construction contracts,
architects’ agreements, engineers’ contracts, utility contracts, maintenance agreements, management
agreements, service contracts, permits, licenses, certificates and entitlements in any way relating
to the development, construction, use, occupancy, operation, maintenance, enjoyment, acquisition or
ownership of the Mortgaged Property (the “Property Agreements”), (j) all rights,
privileges, tenements, hereditaments, rights-of-way, easements, appendages and appurtenances
appertaining to the foregoing, and all right, title and interest, if any, of Grantor in and to any
streets, ways, alleys, strips or gores of land adjoining the Land or any part thereof, (k) all
accessions, replacements and substitutions for any of the foregoing and all proceeds thereof, (l)
all right, title and interest of Grantor under insurance policies (regardless of whether required
by Beneficiary) as to the Mortgaged Property, unearned premiums therefor and proceeds from such
policies covering any of the above property now or hereafter acquired by Grantor, (m) all mineral,
water, oil and gas rights relating to all or any part of the Mortgaged Property, and (n) any
awards, remunerations, reimbursements, settlements or compensation heretofore made or hereafter to
be made by any governmental authority pertaining to the Land, Improvements, Fixtures or Personalty.
As used in this Deed of Trust, the term “Mortgaged Property” shall mean all or, where the context
permits or requires, any portion of the above or any interest therein, wherever located.

“Obligations”: All of the agreements, covenants, conditions, warranties, representations and
other obligations (other than to repay the Indebtedness) made or undertaken by Grantor or any other
person or entity to Beneficiary, Trustee or others as set forth in the Loan Documents.

“Permitted Encumbrances”: The outstanding liens, easements, restrictions, security interests
and other exceptions to title set forth in the policy of title insurance insuring the lien of this
Deed of Trust, together with the liens and security interests in favor of Beneficiary created by
the Loan Documents, none of which, individually or in the aggregate, materially interferes with the
benefits of the security intended to be provided by this Deed of Trust, materially and adversely
affects the value of the Mortgaged Property, impairs the use or operations of the Mortgaged
Property or impairs Grantor’s ability to pay its obligations in a timely manner.

“UCC”: The Uniform Commercial Code as enacted and in effect in the state where the Land is
located (and as it may from time to time be amended); provided that, to the extent that the UCC is
used to define any term herein or in any other Loan Document and such term is defined differently
in different Articles or Divisions of the UCC, the definition of such term contained in Article or
Division 9 shall govern; provided further, however, that if, by reason of mandatory provisions of
law, any or all of the attachment, perfection or priority of, or remedies with respect to, any
security interest herein granted is governed by the Uniform Commercial Code as enacted and in
effect in a jurisdiction other than the state where the Land is located, the term “UCC” shall mean
the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for the
purposes of the provisions thereof relating to such attachment, perfection, priority or remedies
and for purposes of definitions related to such provisions.

ARTICLE 2

GRANT

Section 2.1 Grant. To secure the full and timely payment of the Indebtedness and the
full and timely performance of the Obligations, Grantor GRANTS, BARGAINS, SELLS, CONFIRMS, and
CONVEYS, to Trustee the Mortgaged Property, subject, however, to the Permitted Encumbrances, TO
HAVE AND TO HOLD, IN TRUST, WITH POWER OF SALE, and Grantor does hereby bind itself, its successors
and assigns to WARRANT AND FOREVER DEFEND the title to the Mortgaged Property unto Trustee. THIS
DEED OF TRUST SECURES FUTURE ADVANCES UNDER R.S.Mo. Section 443.055 UP TO THE MAXIMUM AGGREGATE
AMOUNT OF $23,500,000.00.

ARTICLE 3

WARRANTIES, REPRESENTATIONS AND COVENANTS

Grantor warrants, represents and covenants to Beneficiary as follows:

Section 3.1 Title to Mortgaged Property and Lien of This Instrument. Grantor owns the
Mortgaged Property free and clear of any liens, claims or interests, except the Permitted
Encumbrances, and has rights and the power to transfer each item of the Mortgaged Property. This
Deed of Trust creates valid, enforceable first priority liens and security interests against the
Mortgaged Property. Where any of the Mortgaged Property is in the possession of a third party,
Grantor will join with Beneficiary in notifying the third party of Beneficiary’s security interest
and obtaining an acknowledgment from the third party that it is holding such Mortgaged Property for
the benefit of Beneficiary. Grantor will cooperate with Beneficiary in obtaining control (for lien
perfection purposes under the UCC) with respect to any Mortgaged Property consisting of deposit
accounts, investment property, letter of credit rights or electronic chattel paper.

Section 3.2 First Lien Status. Grantor shall preserve and protect the first lien and
security interest status of this Deed of Trust and the other Loan Documents. If any lien or
security interest other than the Permitted Encumbrances is asserted against the Mortgaged Property,
Grantor shall promptly, and at its expense, (a) give Beneficiary a detailed written notice of such
lien or security interest (including origin, amount and other terms), and (b) pay the underlying
claim in full or take such other action so as to cause it to be released or contest the same in
compliance with the requirements of the Loan Agreement (including the requirement of providing a
bond or other security satisfactory to Beneficiary).

Section 3.3 Payment and Performance. Grantor shall pay the Indebtedness when due
under the Loan Documents and shall perform the Obligations in full when they are required to be
performed.

Section 3.4 Replacement of Fixtures and Personalty. Grantor shall not, without the
prior written consent of Beneficiary, permit any of the Fixtures or Personalty to be removed at any
time from the Land or Improvements, unless the removed item is removed temporarily for maintenance
and repair or, if removed permanently, is obsolete and is replaced by an article of equal or better
suitability and value, owned by Grantor subject to the liens and security interests of this Deed of
Trust and the other Loan Documents, and free and clear of any other lien or security interest
except such as may be first approved in writing by Beneficiary. Grantor shall not incorporate into
the Mortgaged Property any item of personalty, fixtures or other property that is not owned by
Grantor free and clear of all liens or security interests except the liens and security interests
in favor of Beneficiary created by the Loan Documents.

Section 3.5 Maintenance of Rights of Way, Easements and Licenses. Grantor shall
maintain all rights of way, easements, grants, privileges, licenses, certificates, permits,
entitlements, and franchises necessary for the use of the Mortgaged Property and will not, without
the prior consent of Beneficiary, consent to any public restriction (including any zoning
ordinance) or private restriction as to the use of the Mortgaged Property. Grantor shall comply
with all restrictive covenants affecting the Mortgaged Property, and all zoning ordinances and
other public or private restrictions as to the use of the Mortgaged Property.

Section 3.6 Inspection. Grantor shall permit Trustee and Beneficiary, and their
agents, representatives and employees, upon reasonable prior notice to Grantor, to inspect the
Mortgaged Property and conduct such environmental and engineering studies as Beneficiary may
require, provided that such inspections and studies shall not materially interfere with the use and
operation of the Mortgaged Property.

Section 3.7 Insurance. Pursuant to Mo. Rev. Stat. §427.120, Grantor acknowledges
receipt of the following notice: “Unless you [Grantor] provide evidence of the insurance coverage
required by your agreement with us [Beneficiary], we may purchase insurance at your expense to
protect our interests in your collateral. This insurance may, but need not, protect your
interests. The coverage that we purchase may not pay any claim that you make or any claim that is
made against you in connection with the collateral. You may later cancel any insurance purchased
by us, but only after providing evidence that you have obtained insurance as required by our
agreement. If we purchase insurance for the collateral, you will be responsible for the costs of
that insurance, including the insurance premium, interest and any other charges we may impose in
connection with the placement of the insurance, until the effective date of the cancellation or
expiration of the insurance. The costs of the insurance may be added to your total outstanding
balance or obligation. The costs of the insurance may be more than the cost of insurance you may
be able to obtain on your own.

Section 3.8 Other Covenants. All of the covenants in the Loan Agreement are
incorporated herein by reference and, together with covenants in this Article 3, shall be covenants
running with the land. The covenants set forth in the Loan Agreement include, among other
provisions, except as expressly set forth in the Loan Agreement: (a) the prohibition against the
further sale, transfer or encumbering of any of the Mortgaged Property , (b) the obligation to pay
when due all taxes on the Mortgaged Property or assessed against Beneficiary with respect to the
Loan, (c) the right of Beneficiary to inspect the Mortgaged Property, (d) the obligation to keep
the Mortgaged Property insured as Beneficiary may require, (e) the obligation to comply with all
legal requirements (including environmental laws), maintain the Mortgaged Property in good
condition, and promptly repair any damage or casualty, and (f) except as otherwise permitted under
the Loan Agreement, the obligation of Grantor to obtain Beneficiary’s consent prior to entering
into, modifying or taking other actions with respect to Leases.

Section 3.9 Condemnation Awards and Insurance Proceeds.

(a) Condemnation Awards. Grantor assigns all awards and compensation for any
condemnation or other taking, or any purchase in lieu thereof, to Beneficiary and authorizes
Beneficiary to collect and receive such awards and compensation and to give proper receipts and
acquittances therefor, subject to the terms of the Loan Agreement.

(b) Insurance Proceeds. Grantor assigns to Beneficiary all proceeds of any insurance
policies insuring against loss or damage to the Mortgaged Property. Grantor authorizes Beneficiary
to collect and receive such proceeds and authorizes and directs the issuer of each of such
insurance policies to make payment for all such losses directly to Beneficiary, instead of to
Grantor and Beneficiary jointly.

ARTICLE 4

DEFAULT AND FORECLOSURE

Section 4.1 Remedies. If an Event of Default (as defined in the Loan Agreement)
exists, Beneficiary may, at Beneficiary’s election and by or through Trustee or otherwise, exercise
any or all of the following rights, remedies and recourses to the fullest extent permitted by
applicable law:

(a) Acceleration. Declare the Indebtedness to be immediately due and payable, without
further notice, presentment, protest, notice of intent to accelerate, notice of acceleration,
demand or action of any nature whatsoever (each of which hereby is expressly waived by Grantor),
whereupon the same shall become immediately due and payable.

(b) Entry on Mortgaged Property. To the extent permitted by law without first having
a receiver appointed, enter the Mortgaged Property and take exclusive possession thereof and of all
books, records and accounts relating thereto. If Grantor remains in possession of the Mortgaged
Property after an Event of Default and without Beneficiary’s prior written consent, Beneficiary may
invoke any legal remedies to dispossess Grantor.

(c) Operation of Mortgaged Property. Hold, lease, develop, manage, operate or
otherwise use the Mortgaged Property upon such terms and conditions as Beneficiary may deem
reasonable under the circumstances (making such repairs, alterations, additions and improvements
and taking other actions, from time to time, as Beneficiary deems necessary or desirable), and
apply all Rents and other amounts collected by Trustee in connection therewith in accordance with
the provisions of Section 4.7.

(d) Foreclosure and Sale. Sell or offer for sale the Mortgaged Property in such
portions, order and parcels as Beneficiary may determine, with or without having first taken
possession of same, to the highest bidder for cash at public auction. Such sale shall be made in
accordance with the laws of the state where the Land is located relating to the sale of real estate
or by Chapter 9 of the UCC relating to the sale of collateral after default by a debtor (as such
laws now exist or may be hereafter amended or succeeded), or by any other present or subsequent
articles or enactments relating to same. With respect to any notices required or permitted under
the UCC, Grantor agrees that five (5) days’ prior written notice shall be deemed commercially
reasonable. At any such sale (i) whether made under the power herein contained, the UCC, any other
legal requirement or by virtue of any judicial proceedings or any other legal right, remedy or
recourse, it shall not be necessary for Trustee to be physically present at or to have constructive
possession of the Mortgaged Property (Grantor shall deliver to Trustee any portion of the Mortgaged
Property not actually or constructively possessed by Trustee immediately upon demand by Trustee),
and the title to and right of possession of any such property shall pass to the purchaser thereof
as completely as if Trustee had been actually present and delivered to purchaser at such sale, (ii)
each instrument of conveyance executed by Trustee shall contain a general warranty of title,
binding upon Grantor, (iii) each recital contained in any instrument of conveyance made by Trustee
shall conclusively establish the truth and accuracy of the matters recited therein, including,
without limitation, nonpayment of the Indebtedness, advertisement and conduct of such sale in the
manner provided herein and otherwise by law, and appointment of any successor Trustee hereunder,
(iv) any prerequisites to the validity of such sale shall be conclusively presumed to have been
performed, (v) the receipt of Trustee or other party making the sale shall be a sufficient
discharge to the purchaser or purchasers for his or their purchase money and no such purchaser or
purchasers, or his or their assigns or personal representatives, shall thereafter be obligated to
see to the application of such purchase money or be in any way answerable for any loss,
misapplication or nonapplication thereof, and (vi) to the fullest extent permitted by law, Grantor
shall be completely and irrevocably divested of all of its right, title, interest, claim, equity,
equity of redemption, and demand whatsoever, either at law or in equity, in and to the property
sold and such sale shall be a perpetual bar both at law and in equity against Grantor, and against
all other persons claiming or to claim the property sold or any part thereof, by, through or under
Grantor. Beneficiary may be a purchaser at such sale and if Beneficiary is the highest bidder, may
credit the portion of the purchase price that would be distributed to Beneficiary against the
Indebtedness in lieu of paying cash. In connection with any foreclosure sale: (A) Beneficiary
shall have no obligation to clean up, repair or otherwise prepare the Mortgaged Property for sale;
(B) Grantor waives any right it may have to require Beneficiary to pursue any third party for any
of the Indebtedness; (C) Beneficiary may comply with any applicable state or federal law
requirements in connection with a disposition of the Mortgaged Property; (D) Beneficiary may
specifically disclaim any warranties of title or the like; (E) if Beneficiary sells any of the
Mortgaged Property on credit, Grantor will be credited only with payments actually made by
purchaser, received by Beneficiary and applied to the indebtedness of the purchaser; and (F)
Beneficiary may apply any noncash proceeds of a disposition of the Mortgaged Property in any
commercially reasonable manner selected by Beneficiary. Compliance by Beneficiary with the
standards set forth in the foregoing sentence shall not be deemed to adversely affect the
commercial reasonableness of any sale of the Mortgaged Property or portion thereof.

(e) Receiver. Make application to a court of competent jurisdiction for, and obtain
from such court as a matter of strict right and without notice to Grantor or regard to the adequacy
of the Mortgaged Property for the repayment of the Indebtedness, the appointment of a receiver of
the Mortgaged Property, and Grantor irrevocably consents to such appointment. Any such receiver
shall have all the usual powers and duties of receivers in similar cases, including the full power
to rent, maintain and otherwise operate the Mortgaged Property upon such terms as may be approved
by the court, and shall apply such Rents in accordance with the provisions of Section 4.7.

(f) Other. Exercise all other rights, remedies and recourses granted under the Loan
Documents or otherwise available at law or in equity (including an action for specific performance
of any covenant contained in the Loan Documents, or a judgment on the Note either before, during or
after any proceeding to enforce this Deed of Trust).

Section 4.2 Separate Sales. The Mortgaged Property may be sold in one or more parcels
and in such manner and order as Trustee, in its sole discretion, may elect; the right of sale
arising out of any Event of Default shall not be exhausted by any one or more sales.

Section 4.3 Remedies Cumulative, Concurrent and Nonexclusive. Beneficiary shall have
all rights, remedies and recourses granted in the Loan Documents and available at law or equity
(including the UCC), which rights (a) shall be cumulative and concurrent, (b) may be pursued
separately, successively or concurrently against Grantor or others obligated under the Note and the
other Loan Documents, or against the Mortgaged Property, or against any one or more of them, at the
sole discretion of Beneficiary, (c) may be exercised as often as occasion therefor shall arise, and
the exercise or failure to exercise any of them shall not be construed as a waiver or release
thereof or of any other right, remedy or recourse, and (d) are intended to be, and shall be,
nonexclusive. No action by Beneficiary or Trustee in the enforcement of any rights, remedies or
recourses under the Loan Documents or otherwise at law or equity shall be deemed to cure any Event
of Default.

Section 4.4 Release of and Resort to Collateral. Beneficiary may release, regardless
of consideration and without the necessity for any notice to or consent by the holder of any
subordinate lien on the Mortgaged Property, any part of the Mortgaged Property without, as to the
remainder, in any way impairing, affecting, subordinating or releasing the lien or security
interests created in or evidenced by the Loan Documents or their stature as a first and prior lien
and security interest in and to the Mortgaged Property. For payment of the Indebtedness,
Beneficiary may resort to any other security in such order and manner as Beneficiary may elect.

Section 4.5 Waiver of Redemption, Notice and Marshalling of Assets. To the fullest
extent permitted by law, Grantor hereby irrevocably and unconditionally waives and releases (a) all
benefit that might accrue to Grantor by virtue of any present or future statute of limitations or
law or judicial decision exempting the Mortgaged Property from attachment, levy or sale on
execution or providing for any appraisement, valuation, stay of execution, exemption from civil
process, redemption or extension of time for payment, (b) all notices of any Event of Default or of
Beneficiary’s or Trustee’s election to exercise or the actual exercise of any right, remedy or
recourse provided for under the Loan Documents, and (c)any right to a marshalling of assets or a
sale in inverse order of alienation.

Section 4.6 Discontinuance of Proceedings. If Beneficiary shall have proceeded to
invoke any right, remedy or recourse permitted under the Loan Documents and shall thereafter elect
to discontinue or abandon it for any reason, Beneficiary shall have the unqualified right to do so
and, in such an event, Grantor and Beneficiary shall be restored to their former positions with
respect to the Indebtedness, the Obligations, the Loan Documents, the Mortgaged Property and
otherwise, and the rights, remedies, recourses and powers of Beneficiary shall continue as if the
right, remedy or recourse had never been invoked, but no such discontinuance or abandonment shall
waive any Event of Default which may then exist or the right of Beneficiary thereafter to exercise
any right, remedy or recourse under the Loan Documents for such Event of Default.

Section 4.7 Application of Proceeds. The proceeds of any sale of, and the Rents and
other amounts generated by the holding, leasing, management, operation or other use of the
Mortgaged Property, shall be applied by Beneficiary or Trustee (or the receiver, if one is
appointed) in the following order unless otherwise required by applicable law:

(a) to the payment of the costs and expenses of taking possession of the Mortgaged Property
and of holding, using, leasing, repairing, improving and selling the same, including, without
limitation (i)trustee’s and receiver’s fees and expenses, (ii) court costs, (iii) attorneys’ and
accountants’ fees and expenses, (iv) costs of advertisement, and (v) the payment of all ground
rent, real estate taxes and assessments, except any taxes, assessments, or other charges subject to
which the Mortgaged Property shall have been sold;

(b) to the payment of all amounts (including interest), other than the unpaid principal
balance of the Note and accrued but unpaid interest, which may be due to Beneficiary under the Loan
Documents;

(c) to the payment of the Indebtedness and performance of the Obligations in such manner and
order of preference as Beneficiary in its sole discretion may determine; and

(d) the balance, if any, to the payment of the persons legally entitled thereto.

Section 4.8 Letting of Mortgage Property. Trustee hereby lets the Mortgaged Property
to Grantor until the occurrence of an Event of Default upon the following terms and conditions,
to-wit: Grantor and all persons claiming or possessing the Mortgaged Property by, through or under
Grantor shall pay rent therefor during said term at the rate of one cent ($.01) per month, payable
monthly upon demand, and shall surrender immediately peaceable possession of the Mortgaged Property
upon a default under the terms of this Deed of Trust.

Section 4.9 Occupancy After Foreclosure. The purchaser at any foreclosure sale
pursuant to Section 4.1(d) shall become the legal owner of the Mortgaged Property. All occupants
of the Mortgaged Property shall, at the option of such purchaser, become tenants of the purchaser
at the foreclosure sale and shall deliver possession thereof immediately to the purchaser upon
demand. It shall not be necessary for the purchaser at said sale to bring any action for
possession of the Mortgaged Property other than the statutory action of forcible detainer in any
justice court having jurisdiction over the Mortgaged Property.

Section 4.10 Additional Advances and Disbursements; Costs of Enforcement.

(a) If any Event of Default exists and is continuing, Beneficiary shall have the right, but
not the obligation, to cure such Event of Default in the name and on behalf of Grantor. All sums
advanced and expenses incurred at any time by Beneficiary under this Section 4.9, or otherwise
under this Deed of Trust or any of the other Loan Documents or applicable law, shall bear interest
from the date that such sum is advanced or expense incurred, to and including the date of
reimbursement, computed at the Default Rate (as defined in the Loan Agreement), and all such sums,
together with interest thereon, shall be secured by this Deed of Trust.

(b) Grantor shall pay all expenses (including reasonable attorneys’ fees and expenses) of or
incidental to the perfection and enforcement of this Deed of Trust and the other Loan Documents, or
the enforcement, compromise or settlement of the Indebtedness or any claim under this Deed of Trust
and the other Loan Documents, and for the curing thereof, or for defending or asserting the rights
and claims of Beneficiary in respect thereof, by litigation or otherwise.

Section 4.11 No Mortgagee in Possession. Neither the enforcement of any of the
remedies under this Article 4, the assignment of the Rents and Leases under Article 5, the security
interests under Article 6, nor any other remedies afforded to Beneficiary under the Loan Documents,
at law or in equity shall cause Beneficiary or Trustee to be deemed or construed to be a mortgagee
in possession of the Mortgaged Property, to obligate Beneficiary or Trustee to lease the Mortgaged
Property or attempt to do so, or to take any action, incur any expense, or perform or discharge any
obligation, duty or liability whatsoever under any of the Leases or otherwise.

ARTICLE 5

ASSIGNMENT OF RENTS AND LEASES

Section 5.1 Assignment. Grantor acknowledges and confirms that it has executed and
delivered to Beneficiary an Assignment of Rents and Leases of even date (the “Assignment of
Rents and Leases”), intending that such instrument create a present, absolute assignment to
Beneficiary of the Leases and Rents. Without limiting the intended benefits or the remedies
provided under the Assignment of Rents and Leases, Grantor hereby assigns to Beneficiary, as
further security for the Indebtedness and the Obligations, the Leases and Rents. While any Event
of Default exists, Beneficiary shall be entitled to exercise any or all of the remedies provided in
the Assignment of Rents and Leases and in Article 4 hereof, including the right to have a receiver
appointed. If any conflict or inconsistency exists between the assignment of the Rents and the
Leases in this Deed of Trust and the absolute assignment of the Rents and the Leases in the
Assignment of Rents and Leases, the terms of the Assignment of Rents and Leases shall control.

Section 5.2 No Merger of Estates. So long as any part of the Indebtedness and the
Obligations secured hereby remain unpaid and undischarged, the fee and leasehold estates to the
Mortgaged Property shall not merge, but shall remain separate and distinct, notwithstanding the
union of such estates either in Grantor, Beneficiary, any lessee or any third party by purchase or
otherwise.

ARTICLE 6

SECURITY AGREEMENT

Section 6.1 Security Interest. This Deed of Trust constitutes a “Security Agreement”
on personal property within the meaning of the UCC and other applicable law with respect to the
Personalty, Fixtures, Plans, Leases, Rents and Property Agreements. To this end, Grantor grants to
Trustee and Beneficiary, a first and prior security interest in the Personalty, Fixtures, Plans,
Leases, Rents and Property Agreements and all other Mortgaged Property which is personal property
to secure the payment of the Indebtedness and performance of the Obligations, and agrees that
Beneficiary shall have all the rights and remedies of a secured party under the UCC with respect to
such property. Any notice of sale, disposition or other intended action by Beneficiary with
respect to the Personalty, Fixtures, Plans, Leases, Rents and Property Agreements sent to Grantor
at least five (5) days prior to any action under the UCC shall constitute reasonable notice to
Grantor.

Section 6.2 Financing Statements. Grantor hereby irrevocably authorizes Beneficiary
at any time and from time to file in any filing office in any UCC jurisdiction one or more
financing or continuation statements and amendments thereto, relative to all or any part of the
Mortgaged Property, without the signature of Grantor where permitted by law. Grantor agrees to
furnish Beneficiary, promptly upon request, with any information required by Beneficiary to
complete such financing or continuation statements. If Beneficiary has filed any initial financing
statements or amendments in any UCC jurisdiction prior to the date hereof, Grantor ratifies and
confirms its authorization of all such filings. Grantor acknowledges that it is not authorized to
file any financing statement or amendment or termination statement with respect to any financing
statement without the prior written consent of Beneficiary, and agrees that it will not do so
without Beneficiary’s prior written consent, subject to Grantor’s rights under Section 9-509(d)(2)
of the UCC. Grantor shall execute and deliver to Beneficiary, in form and substance satisfactory
to Beneficiary, such additional financing statements and such further assurances as Beneficiary
may, from time to time, reasonably consider necessary to create, perfect and preserve Beneficiary’s
security interest hereunder and Beneficiary may cause such statements and assurances to be recorded
and filed, at such times and places as may be required or permitted by law to so create, perfect
and preserve such security interest.

Section 6.3 Fixture Filing. This Deed of Trust shall also constitute a “fixture
filing” for the purposes of the UCC against all of the Mortgaged Property which is or is to become
fixtures. Information concerning the security interest herein granted may be obtained at the
addresses of Debtor (Grantor) and Secured Party (Beneficiary) as set forth in the first paragraph
of this Deed of Trust.

ARTICLE 7

CONCERNING THE TRUSTEE

Section 7.1 Certain Rights. With the approval of Beneficiary, Trustee shall have the
right to select, employ and consult with counsel. Trustee shall have the right to rely on any
instrument, document or signature authorizing or supporting any action taken or proposed to be
taken by him hereunder, believed by him in good faith to be genuine. Trustee shall be entitled to
reimbursement for actual, reasonable expenses incurred by him in the performance of his duties
hereunder. Grantor shall, from time to time, pay the compensation due to Trustee hereunder and
reimburse Trustee for, and indemnify, defend and save Trustee harmless against, all liability and
reasonable expenses which may be incurred by him in the performance of his duties, including those
arising from the joint, concurrent, or comparative negligence of Trustee; however, Grantor shall
not be liable under such indemnification to the extent such liability or expenses result solely
from Trustee’s gross negligence or willful misconduct hereunder. Grantor’s obligations under this
Section 7.1 shall not be reduced or impaired by principles of comparative or contributory
negligence.

Section 7.2 Retention of Money. All moneys received by Trustee shall, until used or
applied as herein provided, be held in trust for the purposes for which they were received, but
need not be segregated in any manner from any other moneys (except to the extent required by law),
and Trustee shall be under no liability for interest on any moneys received by him hereunder.

Section 7.3 Successor Trustees. If Trustee or any successor Trustee shall die, resign
or become disqualified from acting in the execution of this trust, or Beneficiary shall desire to
appoint a substitute Trustee, Beneficiary shall have full power to appoint one or more substitute
Trustees and, if preferred, several substitute Trustees in succession who shall succeed to all the
estates, rights, powers and duties of Trustee. Such appointment may be executed by any authorized
agent of Beneficiary, and as so executed, such appointment shall be conclusively presumed to be
executed with authority, valid and sufficient, without further proof of any action.

Section 7.4 Perfection of Appointment. Should any deed, conveyance or instrument of
any nature be required from Grantor by any successor Trustee to more fully and certainly vest in
and confirm to such successor Trustee such estates, rights, powers and duties, then, upon request
by such Trustee, all such deeds, conveyances and instruments shall be made, executed, acknowledged
and delivered and shall be caused to be recorded and/or filed by Grantor.

Section 7.5 Trustee Liability. In no event or circumstance shall Trustee or any
substitute Trustee hereunder be personally liable under or as a result of this Deed of Trust,
either as a result of any action by Trustee (or any substitute Trustee) in the exercise of the
powers hereby granted or otherwise.

ARTICLE 8

MISCELLANEOUS

Section 8.1 Notices. Any notice required or permitted to be given under this Deed of
Trust shall be in writing and either shall be mailed by certified mail, postage prepaid, return
receipt requested, or sent by overnight air courier service, or personally delivered to a
representative of the receiving party, or sent by telecopy (provided an identical notice is also
sent simultaneously by mail, overnight courier, or personal delivery as otherwise provided in this
Section 8.1). All such communications shall be mailed, sent or delivered, addressed to the party
for whom it is intended at its address set forth on the first page of this Deed of Trust. Any
communication so addressed and mailed shall be deemed to be given on the earliest of (a) when
actually delivered, (b) on the first Business Day (as defined in the Loan Agreement) after deposit
with an overnight air courier service, or (c) on the third Business Day after deposit in the United
States mail, postage prepaid, in each case to the address of the intended addressee, and any
communication so delivered in person shall be deemed to be given when receipted for by, or actually
received by, Beneficiary or Grantor, as the case may be. If given by telecopy, a notice shall be
deemed given and received when the telecopy is transmitted to the party’s telecopy number specified
in the Loan Agreement and confirmation of complete receipt is received by the transmitting party
during normal business hours or on the next Business Day if not confirmed during normal business
hours, and an identical notice is also sent simultaneously by mail, overnight courier, or personal
delivery as otherwise provided in this Section 8.1. Any party may designate a change of address by
written notice to the other by giving at least ten (10) days prior written notice of such change of
address.

Section 8.2 Covenants Running with the Land. All Obligations contained in this Deed
of Trust are intended by Grantor, Beneficiary and Trustee to be, and shall be construed as,
covenants running with the Mortgaged Property. As used herein, “Grantor” shall refer to the party
named in the first paragraph of this Deed of Trust and to any subsequent owner of all or any
portion of the Mortgaged Property (without in any way implying that Beneficiary has or will consent
to any such conveyance or transfer of the Mortgaged Property). All persons or entities who may
have or acquire an interest in the Mortgaged Property shall be deemed to have notice of, and be
bound by, the terms of the Loan Agreement and the other Loan Documents; however, no such party
shall be entitled to any rights thereunder without the prior written consent of Beneficiary.

Section 8.3 Attorney-in-Fact. Grantor hereby irrevocably appoints Beneficiary and its
successors and assigns, as its attorney-in-fact, which agency is coupled with an interest, (a) to
execute and/or record any notices of completion, cessation of labor, or any other notices that
Beneficiary deems appropriate to protect Beneficiary’s interest, if Grantor shall fail to do so
within ten (10) days after written request by Beneficiary, (b) upon the issuance of a deed pursuant
to the foreclosure of this Deed of Trust or the delivery of a deed in lieu of foreclosure, to
execute all instruments of assignment, conveyance or further assurance with respect to the Leases,
Rents, Personalty, Fixtures, Plans and Property Agreements in favor of the grantee of any such deed
and as may be necessary or desirable for such purpose, (c) to prepare, execute and file or record
financing statements, continuation statements, applications for registration and like papers
necessary to create, perfect or preserve Beneficiary’s security interests and rights in or to any
of the collateral, and (d) while any Event of Default exists, to perform any obligation of Grantor
hereunder; however: (1) Beneficiary shall not under any circumstances be obligated to perform any
obligation of Grantor; (2) any sums advanced by Beneficiary in such performance shall be added to
and included in the Indebtedness and shall bear interest at the Default Rate; (3) Beneficiary as
such attorney-in-fact shall only be accountable for such funds as are actually received by
Beneficiary; and (4) Beneficiary shall not be liable to Grantor or any other person or entity for
any failure to take any action which it is empowered to take under this Section.

Section 8.4 Successors and Assigns. This Deed of Trust shall be binding upon and
inure to the benefit of Beneficiary and Grantor and their respective successors and assigns.
Grantor shall not, without the prior written consent of Beneficiary, assign any rights, duties or
obligations hereunder.

Section 8.5 No Waiver. Any failure by Trustee or Beneficiary to insist upon strict
performance of any of the terms, provisions or conditions of the Loan Documents shall not be deemed
to be a waiver of same, and Trustee or Beneficiary shall have the right at any time to insist upon
strict performance of all of such terms, provisions and conditions.

Section 8.6 Subrogation. To the extent proceeds of the Note have been used to
extinguish, extend or renew any indebtedness against the Mortgaged Property, then Beneficiary shall
be subrogated to all of the rights, liens and interests existing against the Mortgaged Property and
held by the holder of such indebtedness and such former rights, liens and interests, if any, are
not waived, but are continued in full force and effect in favor of Beneficiary.

Section 8.7 Loan Agreement. If any conflict or inconsistency exists between this Deed
of Trust and the Loan Agreement, the Loan Agreement shall govern.

Section 8.8 Release or Reconveyance. Upon payment in full of the Indebtedness and
performance in full of the Obligations, Beneficiary, at Grantor’s expense, shall release the liens
and security interests created by this Deed of Trust or reconvey the Mortgaged Property to Grantor.

Section 8.9 Waiver of Stay, Moratorium and Similar Rights. Grantor agrees, to the
full extent that it may lawfully do so, that it will not at any time insist upon or plead or in any
way take advantage of any appraisement, valuation, stay, marshalling of assets, extension,
redemption or moratorium law now or hereafter in force and effect so as to prevent or hinder the
enforcement of the provisions of this Deed of Trust or the indebtedness secured hereby, or any
agreement between Grantor and Beneficiary or any rights or remedies of Beneficiary.

Section 8.10 Limitation on Liability. Grantor’s liability hereunder is subject to the
limitation on liability provisions of Article 13 of the Loan Agreement.

Section 8.11 Obligations of Grantor, Joint and Several. If more than one person or
entity has executed this Deed of Trust as “Grantor,” the obligations of all such persons or
entities hereunder shall be joint and several.

Section 8.12 Governing Law. This Deed of Trust shall be governed by the laws of the
State of Missouri.

Section 8.13 Headings. The Article, Section and Subsection titles hereof are inserted
for convenience of reference only and shall in no way alter, modify or define, or be used in
construing, the text of such Articles, Sections or Subsections.

Section 8.14 Counterparts. This Deed of Trust may be executed in counterparts, all of
which counterparts together shall constitute one and the same instrument (and original signature
pages and notary pages from each counterpart may be assembled into one original document to be
recorded).

Section 8.15 Incorporation of Loan Documents. The provisions contained in each Loan
Document are incorporated herein by reference.

2

EXECUTED as of the date first above written.

NNN VF 7777 BONHOMME AVENUE, LLC,

a Delaware limited liability company

	 	 	 	 	 
	By:	 	NNN 2003 VALUE FUND, LLC,
	 	 	a Delaware limited liability company,
	
 
	 	Sole Member
	 	

	
 
	 	By:
	 	TRIPLE NET PROPERTIES, LLC,

a Virginia limited liability company,

Manager

By: /s/ Richard Hutton

Name: Richard Hutton

Title: Executive Vice President

ACKNOWLEDGEMENT

	 	 	 	 	 	 	 	 	 
	STATE OF CALIFORNIA
	 	 	)	 	 	 	 	 
	      )SS.

	COUNTY OF ORANGE
	 	 	)	 	 	 	 	 

On October 19, 2007, before me, P.C. Han, Notary Public, personally appeared Richard T.
Hutton, personally known to me to be the person whose name is subscribed to the within instrument
and acknowledged to me that he executed the same in his authorized capacity, and that his signature
on the instrument the person, or the entity upon behalf of which person acted, executed the
instrument.

WITNESS my hand and official seal.

/s/ Phil C. Han

(Signature of Notary)

[Seal] P.C. Han

[Seal] Commission # 1753200

[Seal] Notary Public – California

[Seal] Orange County

[Seal] My Comm. Expires Jun 25, 2011

My Commission Expires:

June 25, 2011

3

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