Document:

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                                                                   Exhibit 10.50

                                 PROMISSORY NOTE

U.S. $2,275,000.00                                              February 6, 2006

          FOR VALUE RECEIVED, Cole Operating Partnership II, LP, a Delaware
limited partnership ("Borrower"), hereby promises to pay to the order of Series
C, LLC, a Delaware limited liability company ("Lender"), at the office of Lender
located at 2555 East Camelback Road, Suite 400, Phoenix, AZ 85016, the principal
amount of $2,275,000.00, together with interest on the principal balance
outstanding hereunder, from (and including) the date of disbursement until (but
not including) the date of payment, at a per annum rate equal to the Stated
Interest Rate specified below or, to the extent applicable, the Default Interest
Rate specified below, in accordance with the following terms and conditions:

     1. Contracted For Rate of Interest. The contracted for rate of interest of
the indebtedness evidenced hereby, without limitation, shall consist of the
following:

          (a) The Stated Interest Rate (as hereinafter defined), as from time to
time in effect, calculated daily on the basis of actual days elapsed over a
360-day year, applied to the principal balance from time to time outstanding
hereunder;

          (b) The Default Interest Rate (as hereinafter defined), as from time
to time in effect, calculated daily on the basis of actual days elapsed over a
360-day year, applied to the principal balance from time to time outstanding
hereunder; and

          (c) All Additional Sums (as hereinafter defined), if any.

Borrower agrees to pay an effective contracted for rate of interest which is the
sum of the Stated Interest Rate referred to in Subsection 1(a) above, plus any
additional rate of interest resulting from the application of the Default
Interest Rate referred to in Subsection 1(b) above, and the Additional Sums, if
any, referred to in Subsection 1(c) above.

     2. Stated Interest Rate. Except as provided in Section 3 below, interest
shall accrue on the principal balance outstanding hereunder during each Interest
Period (as hereinafter defined) at the Stated Interest Rate. The Stated Interest
Rate shall be a rate per annum equal to the 1-month LIBOR plus 2.0%. "Interest
Period" means each period commencing on the first day of the calendar month and
ending on the first day of the next succeeding calendar month; provided (i) the
first Interest Period shall commence on the date hereof and (ii) any Interest
Period that would otherwise extend past the maturity date of this Note shall end
on the maturity date of this Note. "LIBOR" means, with respect to each Interest
Period, the rate for U.S. dollar deposits with a maturity equal to the number of
months specified above, as reported on Telerate page 3750 as of 11:00 a.m.,
London time, on the second London business day before such Interest Period
begins, or, in the case of the first Interest Period, the second London business
day before the first day of the calendar month during which such Interest Period
begins (or if not so reported, then as determined by the Lender from another
recognized source or interbank quotation).

     3. Default Interest Rate. The Default Interest Rate shall be the Stated
Interest Rate plus 4.0% per annum. The principal balance outstanding hereunder
from time to time shall bear interest at the Default Interest Rate from the date
of the occurrence of an Event of Default (as hereinafter defined) hereunder
until the earlier of: (a) the date on which the principal balance outstanding
hereunder, together with all accrued interest and other amounts payable
hereunder, are paid in full; or (b) the date on which such Event of Default is
timely cured in a manner satisfactory to Lender, (i) if Borrower is specifically
granted a right to cure such Event of Default in any of the Loan Documents (as
hereinafter defined) or (ii) if no such right to cure is specifically granted,
then Lender, in its sole and absolute discretion, permits such Event of Default
to be cured.

     4. Payment. Accrued interest under this Note shall be due and payable in
consecutive monthly payments, commencing on March 1, 2006, and continuing on the
same day of each month thereafter until the Note is

<PAGE>

paid in full. In any event, the principal balance outstanding hereunder,
together with all accrued interest and other amounts payable hereunder, if not
sooner paid as provided herein or in any of the Loan Documents, shall be due and
payable on December 31, 2006.

     5. Application and Place of Payments. Payments received by Lender with
respect to the indebtedness evidenced hereby shall be applied in such order and
manner as Lender in its sole and absolute discretion may elect. Unless otherwise
elected by Lender, all such payments shall first be applied to accrued and
unpaid interest at the Stated Interest Rate and, to the extent applicable, the
Default Interest Rate, next to the principal balance then outstanding hereunder,
and the remainder to any Additional Sums or other costs or added charges
provided for herein or in any of the Loan Documents. Payments hereunder shall be
made at the address for Lender first set forth above, or at such other address
as Lender may specify to Borrower in writing.

     6. Prepayments. Payments of principal hereof may be made at any time, or
from time to time, in whole or in part, without penalty, provided that all
previously matured interest and other charges accrued to the date of prepayment
are also paid in full. Notwithstanding any partial prepayment of principal
hereof, there will be no change in the due date or amount of scheduled payments
due hereunder unless Lender, in its sole and absolute discretion, agrees in
writing to such change.

     7. Events of Default; Acceleration. The occurrence of any one or more of
the following events shall constitute an "Event of Default" hereunder, and upon
such Event of Default, the entire principal balance outstanding hereunder,
together with all accrued interest and other amounts payable hereunder, at the
election of Lender, shall become immediately due and payable, without any notice
to Borrower:

          (a) Nonpayment of principal, interest or other amounts when the same
shall become due and payable hereunder;

          (b) The failure of Borrower to comply with any provision of this Note;

          (c) The failure of Borrower to comply with any provision of any
document, instrument or agreement executed in connection with the indebtedness
evidenced hereby including, without limitation, the Security Agreement, of even
date herewith, executed by Borrower, as grantor, and Lender, as secured party,
wherein Borrower granted a security interest in all of its right, title and
interest in the limited liability company membership interests of Cole MT Denver
CO, LLC ("Cole MT Denver"), or any other security document executed in
connection with this Note (collectively, the "Loan Documents") if such failure
is not cured within 30 days after written notice by Lender to Borrower, as
applicable;

          (d) The dissolution, winding-up or termination of the existence of
Borrower or Cole MT Denver;

          (e) The calling of a meeting of the creditors of Borrower or Cole MT
Denver or the making by Borrower or Cole MT Denver of an assignment for the
benefit of its creditors; or

          (f) The filing by Borrower or Cole MT Denver of a petition or
application for relief under federal bankruptcy law or any similar state or
federal law.

     8. Additional Sums. All fees, charges, goods, things in action or any other
sums or things of value, other than the interest resulting from the Stated
Interest Rate and the Default Interest Rate, as applicable, paid or payable by
Borrower (collectively, the "Additional Sums"), whether pursuant to this Note,
the Loan Documents or any other document or instrument in any way pertaining to
this lending transaction, or otherwise with respect to this lending transaction,
that, under the laws of the State of Arizona, may be deemed to be interest with
respect to this lending transaction, for the purpose of any laws of the State of
Arizona that may limit the maximum amount of interest to be charged with respect
to this lending transaction, shall be payable by Borrower as, and shall be
deemed to be, additional interest, and for such purposes only, the agreed upon
and "contracted for rate of interest" of this lending transaction shall be
deemed to be increased by the rate of interest resulting from the Additional
Sums. Borrower understands and believes that this lending transaction complies
with the usury laws of the State of

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Arizona; however, if any interest or other charges in connection with this
lending transaction are ever determined to exceed the maximum amount permitted
by law, then Borrower agrees that: (a) the amount of interest or charges payable
pursuant to this lending transaction shall be reduced to the maximum amount
permitted by law; and (b) any excess amount previously collected from Borrower
in connection with this lending transaction that exceeded the maximum amount
permitted by law, will be credited against the principal balance then
outstanding hereunder. If the outstanding principal balance hereunder has been
paid in full, the excess amount paid will be refunded to Borrower.

     9. Waivers. Except as set forth in this Note or the Loan Documents, to the
extent permitted by applicable law, Borrower, and each person who is or may
become liable hereunder, severally waive and agree not to assert: (a) any
exemption rights; (b) demand, diligence, grace, presentment for payment,
protest, notice of nonpayment, nonperformance, extension, dishonor, maturity,
protest and default; and (c) recourse to guaranty or suretyship defenses
(including, without limitation, the right to require the Lender to bring an
action on this Note). Lender may extend the time for payment of or renew this
Note, release collateral as security for the indebtedness evidenced hereby or
release any party from liability hereunder, and any such extension, renewal,
release or other indulgence shall not alter or diminish the liability of
Borrower or any other person or entity who is or may become liable on this Note
except to the extent expressly set forth in a writing evidencing or constituting
such extension, renewal, release or other indulgence.

     10. Costs of Collection. Borrower agrees to pay all reasonable costs of
collection, including, without limitation, attorneys' fees, whether or not suit
is filed, and all costs of suit and preparation for suit (whether at trial or
appellate level), in the event any payment of principal, interest or other
amount is not paid when due. In the event of any court proceeding, attorneys'
fees shall be set by the court and not by the jury and shall be included in any
judgment obtained by Lender.

     11. No Waiver by Lender. No delay or failure of Lender in exercising any
right hereunder shall affect such right, nor shall any single or partial
exercise of any right preclude further exercise thereof.

     12. Governing Law. This Note shall be construed in accordance with and
governed by the laws of the State of Arizona, without regard to the choice of
law rules of the State of Arizona.

     13. Time of Essence. Time is of the essence of this Note and each and every
provision hereof.

     14. Amendments. No amendment, modification, change, waiver, release or
discharge hereof and hereunder shall be effective unless evidenced by an
instrument in writing and signed by the party against whom enforcement is
sought.

     15. Severability. If any provision hereof is invalid or unenforceable, the
other provisions hereof shall remain in full force and effect and shall be
liberally construed in favor of Lender in order to effectuate the other
provisions hereof.

     16. Binding Nature. The provisions of this Note shall be binding upon
Borrower and the heirs, personal representatives, successors and assigns of
Borrower, and shall inure to the benefit of Lender and any subsequent holder of
all or any portion of this Note, and their respective successors and assigns.
Lender may from time to time transfer all or any part of its interest in this
Note and the Loan Documents, without notice to Borrower.

     17. Notice. Any notice or other communication with respect to this Note
shall: (a) be in writing; (b) be effective on the day of hand-delivery thereof
to the party to whom directed, one day following the day of deposit thereof with
delivery charges prepaid, with a national overnight delivery service, or two
days following the day of deposit thereof with postage prepaid, with the United
States Postal Service, by regular first class, certified or registered mail; (c)
if directed to Lender, be addressed to Lender at the office of Lender set forth
above, or to such other address as Lender shall have specified to Borrower by
like notice; and (d) if directed to Borrower, be addressed to Borrower at the
address for Borrower set forth below Borrower's name, or to such other address
as Borrower shall have specified by like notice.

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     18. Section Headings. The section headings set forth in this Note are for
convenience only and shall not have substantive meaning hereunder or be deemed
part of this Note.

     19. Construction. This Note shall be construed as a whole, in accordance
with its fair meaning, and without regard to or taking into account any
presumption or other rule of law requiring construction against the party
preparing this Note.

     IN WITNESS WHEREOF, Borrower has executed this Note as of the date first
set forth above.

                                        COLE OPERATING PARTNERSHIP II, LP,
                                        a Delaware limited partnership

                                        By: Cole Credit Property Trust II, Inc.,
                                            a Maryland corporation, its
                                            general partner

                                        By: /s/ John M. Pons
                                            ------------------------------------
                                        Name: John M. Pons
                                        Title: Secretary

                                        Address of Borrower:
                                        2555 E. Camelback Road, Suite 400
                                        Phoenix, AZ 85016<PAGE>

                                                                   Exhibit 10.51

                               SECURITY AGREEMENT

     THIS SECURITY AGREEMENT (this "Agreement") is made and entered into as of
February 6, 2006, by and between Cole Operating Partnership II, LP, a Delaware
limited partnership ("Grantor"), whose address is 2555 East Camelback Road,
Suite 400, Phoenix, Arizona 85016, and Series C, LLC, a Delaware limited
liability company ("Lender"), whose address is 2555 East Camelback Road, Suite
400, Phoenix, Arizona 85016.

1.   SECURITY INTEREST

     Grantor, as collateral security for the payment and performance of the
Secured Obligations (as defined below), hereby grants to Lender a security
interest (the "Security Interest") in all of Grantor's right, title and interest
in the limited liability company membership interests of Cole MT Denver CO, LLC,
a Delaware limited liability company (the "Cole MT Denver"), whether now owned
or hereafter acquired, whether now existing or hereafter arising, and wherever
located, together with all of the following, whether now owned or hereafter
acquired, whether now existing or hereafter arising, and wherever located: (a)
all of Grantor's membership interests, or any other interest, in the Cole MT
Denver; (b) all rights, benefits and privileges held by Grantor under the
Limited Liability Company Agreement of Cole MT Denver CO, LLC dated as of
February 6, 2006, as it may be amended, modified or restated from time to time,
including all voting rights and rights to receive dividends, distributions and
other payments from the Cole MT Denver; (c) all proceeds of the above-described
property; and (d) all books and records pertaining to the above-described
property, including any computer readable memory and computer hardware or
software necessary to process such memory (collectively, the "Collateral").

2.   SECURED OBLIGATIONS

     The Collateral shall secure, in such order of priority as Lender may elect,
the following (collectively, the "Secured Obligations"):

          (a) payment and performance of all obligations of Grantor under the
terms of the Promissory Note of even date herewith (the "Note"), in the original
principal amount of $2,275,000.00, executed by the Grantor in favor of Lender,
together with all extensions, modifications, substitutions or renewals thereof,
or other advances made thereunder;

          (b) payment and performance of every obligation, covenant and
agreement of Grantor contained in this Agreement, together with all extensions,
modifications, substitutions or renewals hereof; and

          (c) payment and performance of every obligation, covenant and
agreement of Grantor and Cole MT Denver contained in each of the Loan Documents
(as defined in the Note), together with all extensions, modifications,
substitutions or renewals thereof.

3.   REPRESENTATIONS AND WARRANTIES OF GRANTOR

     Grantor hereby represents and warrants to Lender that:

     3.1 Other Agreements. The execution, delivery and performance by Grantor of
this Agreement and all other documents and instruments relating to the Secured
Obligations will not result in any breach of the terms and conditions or
constitute a default under any agreement or instrument under which Grantor is a
party or is obligated.

     3.2 Priority. The Security Interest in the Collateral granted to Lender
constitutes, and hereafter will constitute, a security interest of first
priority.

     3.3 Title. Grantor is the owner of, and has good title to, the Collateral
free of all security interests or other encumbrances, and no financing statement
covering the Collateral is filed or recorded in any public office.

<PAGE>

     3.4 Authority. Grantor has the full power, authority and legal right to
grant to Lender the Security Interest, and no further consent, authorization,
approval or other action is required for the grant of the Security Interest or
for Lender's exercise of its rights and remedies under this Agreement, except as
may be required in connection with the sale of the Collateral by Lender by the
laws affecting the offering and sale of securities.

     3.5 State of Organization; Name. Grantor is organized under the laws of the
State of Delaware and the exact legal name of Grantor is "Cole Operating
Partnership II, LP".

4.   COVENANTS OF GRANTOR

     4.1 Transfers. Grantor shall not sell, transfer, assign or otherwise
dispose of any Collateral or any interest therein (except as permitted herein)
without obtaining the prior written consent of Lender and shall keep the
Collateral free of all security interests or other encumbrances.

     4.2 Payments of Charges. Grantor shall pay when due all taxes, assessments
and other charges which may be levied or assessed against the Collateral.

     4.3 Notice to Lender. Grantor shall give Lender 45 days' prior written
notice of any change of the names under which it does business or the state of
its organization.

     4.4 Defense of Collateral. Grantor, at its cost and expense, shall protect
and defend this Agreement, all of the rights of Lender hereunder, and the
Collateral against all claims and demands of other parties, including defenses,
setoffs, claims and counterclaims asserted by any Obligor against Grantor and/or
Lender. Grantor shall pay all claims and charges that in the reasonable opinion
of Lender might prejudice, imperil or otherwise affect the Collateral or the
Security Interest.

     4.5 Perfection of Security Interest. The Security Interest, at all times,
shall be perfected and shall be prior to any other interests in the Collateral.
Grantor shall act and perform as necessary and shall execute and file all
security agreements, financing statements, continuation statements, control
agreements, and other documents requested by Lender to establish, maintain and
continue the perfected Security Interest. Grantor further authorizes Lender to
file an initial financing statement, including all necessary amendments, without
any signature of Grantor, to perfect the Security Interest in the Collateral.
Grantor, on written demand, shall promptly pay all costs and expenses of filing
and recording, including the costs of any searches, deemed necessary by Lender
from time to time to establish and determine the validity and the continuing
priority of the Security Interest.

     4.6 Payment of Charges. If Grantor fails to pay any taxes, assessments,
expenses or charges, or fails to keep all of the Collateral free from other
security interests, encumbrances or to perform otherwise as required herein,
Lender may advance the monies necessary to pay the same or to so perform.

5.   EVENTS OF DEFAULT; REMEDIES

     5.1 Events of Default. The occurrence of any of the following events or
conditions shall constitute an "Event of Default":

               (i) Any failure to pay any principal or interest or any other
part of the Secured Obligations when the same shall become due and payable.

               (ii) The occurrence of an "Event of Default" under and as defined
in the Note or any of the other Loan Documents.

     5.2 Remedies. Upon the occurrence of any Event of Default, and at any time
while such Event of Default is continuing, Lender shall have the following
rights and remedies and may do one or more of the following:

<PAGE>

               (i) Declare all or any part of the Secured Obligations to be
immediately due and payable, and the same, with all costs and charges, shall be
collectible thereupon by action at law.

               (ii) Without further notice or demand and without legal process,
take possession of the Collateral wherever found and, for this purpose, enter
upon any property occupied by or in the control of Grantor. Grantor, upon demand
by Lender, shall assemble the Collateral and deliver it to Lender or to a place
designated by Lender that is reasonably convenient to both parties.

               (iii) Pursue any legal or equitable remedy available to collect
the Secured Obligations, to enforce its title in and right to possession of the
Collateral and to enforce any and all other rights or remedies available to it.

               (iv) Upon obtaining possession of the Collateral or any part
thereof, after written notice to Grantor as provided in Section 5.4 hereof, sell
such Collateral at public or private sale either with or without having such
Collateral at the place of sale. The proceeds of such sale, after deducting
therefrom all reasonable expenses of Lender in taking, storing, repairing and
selling the Collateral (including attorneys' fees) shall be applied to the
payment of the Secured Obligations, and any surplus thereafter remaining shall
be paid to Grantor or any other person that may be legally entitled thereto. In
the event of a deficiency between such net proceeds from the sale of the
Collateral and the total amount of the Secured Obligations, Grantor, upon
demand, shall promptly pay the amount of such deficiency to Lender.

     5.3 Purchase of Collateral. Lender, so far as may be lawful, may purchase
all or any part of the Collateral offered at any public or private sale made in
the enforcement of Lender's rights and remedies hereunder.

     5.4 Notice. Any demand or notice of sale, disposition or other intended
action hereunder or in connection herewith, whether required by the Uniform
Commercial Code or otherwise, shall be deemed to be commercially reasonable and
effective if such demand or notice is given to Grantor at least ten days prior
to such sale, disposition or other intended action, in the manner provided
herein for the giving of notices.

     5.5 Costs and Expenses. Grantor shall pay all reasonable costs and expenses
of Lender, including costs of uniform commercial code searches, court costs and
reasonable attorneys' fees, incurred by Lender in enforcing payment and
performance of the Secured Obligations or in exercising the rights and remedies
of Lender hereunder. All such reasonable costs and expenses shall be secured by
this Agreement and by other lien and security documents securing the Secured
Obligations. In the event of any court proceedings, court costs and attorneys'
fees shall be set by the court and not by jury and shall be included in any
judgment obtained by Lender.

     5.6 Additional Remedies. In addition to any remedies provided herein for an
Event of Default, Lender shall have all the rights and remedies afforded a
secured party under the Uniform Commercial Code and all other legal and
equitable remedies allowed under applicable law. No failure on the part of
Lender to exercise any of its rights hereunder arising upon any Event of Default
shall be construed to prejudice its rights upon the occurrence of any other or
subsequent Event of Default. No delay on the part of Lender in exercising any
such rights shall be construed to preclude it from the exercise thereof at any
time while that Event of Default is continuing. Lender may enforce any one or
more rights or remedies hereunder successively or concurrently. By accepting
payment or performance of any of the Secured Obligations after its due date,
Lender shall not thereby waive the agreement contained herein that time is of
the essence, nor shall Lender waive either its right to require prompt payment
or performance when due of the remainder of the Secured Obligations or its right
to consider the failure to so pay or perform an Event of Default.

6.   MISCELLANEOUS PROVISIONS

     6.1 Power of Attorney. Grantor hereby appoints Lender as its true and
lawful attorney-in-fact, with full power of substitution to do the following:
(i) to demand, collect, receive, receipt for, sue and recover all sums of money
or other property which may now or hereafter become due, owing or payable from
the Collateral; (ii) to execute, sign and endorse any and all claims,
instruments, receipts, checks, drafts or warrants issued in payment for the
Collateral; (ii) to settle or compromise any and all claims arising under the
Collateral, and, in the place and stead

<PAGE>

of Grantor to execute and deliver its release and settlement for the claim; (iv)
to file any claim or claims or to take any action or institute or take part in
any proceedings, either in its own name or in the name of Grantor, or otherwise,
which in the reasonable discretion of Lender may seem to be necessary or
advisable; and (v) to execute any documents necessary to perfect or continue the
Security Interest; provided, however, that the powers specified in clauses (i)
through (iv) may not be exercised by Lender except during the continuance of an
Event of Default. This power is a power coupled with an interest and is given as
security for the Secured Obligations, and the authority hereby conferred is and
shall be irrevocable and shall remain in full force and effect until renounced
by Lender.

     6.2 Actions by Lender. Without notice or demand, without affecting the
obligations of Grantor hereunder, and without affecting the Security Interest or
the priority thereof, Lender, from time to time, may: (i) extend the time for
payment of all or any part of the Secured Obligations, accept a renewal note
therefor, reduce the payments thereon, release any person liable for all or any
part thereof, or otherwise change the terms of all or any part of the Secured
Obligations; (ii) take and hold other security for the payment or performance of
the Secured Obligations and enforce, exchange, substitute, subordinate, waive or
release any such security; (iii) join in any extension or subordination
agreement; or (iv) release any part of the Collateral from the Security
Interest.

     6.3 Waivers. Grantor waives and agrees not to assert: (i) any right to
require Lender to proceed against any guarantor, to proceed against or exhaust
any other security for the Secured Obligations, to pursue any other remedy
available to Lender, or to pursue any remedy in any particular order or manner;
(ii) the benefits of any legal or equitable doctrine or principle of
marshalling; (iii) the benefits of any statute of limitations affecting the
enforcement hereof; (iv) demand, diligence, presentment for payment, protest and
demand, and notice of extension, dishonor, protest, demand and nonpayment,
relating to the Secured Obligations; and (v) any benefit of, and any right to
participate in, any other security now or hereafter held by Lender.

     6.4 Governing Law. This Agreement shall be construed in accordance with and
governed by the laws of the State of Arizona, without regard to the choice of
law rules of the State of Arizona.

     6.5 Counterparts. This Agreement may be executed in several counterparts,
each of which shall be deemed an original, but such counterparts shall together
constitute but one and the same agreement.

     6.6 Entire Agreement. This Agreement contains the entire agreement and
understanding of the parties with respect to the subject matter hereof,
supersedes all other prior understandings, oral or written, with respect to the
subject matter hereof, and are intended by Lender and Grantor as the final,
complete and exclusive statement of the terms agreed to by them.

     6.7 Amendments. No amendment, modification, change, waiver, release or
discharge hereof and hereunder shall be effective unless evidenced by an
instrument in writing and signed by the party against whom enforcement is
sought.

     6.8 Section Headings. The section headings set forth in this Agreement are
for convenience only and shall not have substantive meaning hereunder or be
deemed part of this Agreement.

     6.9 Time of Essence. Time is of the essence of this Agreement and each and
every provision hereof.

     6.10 Severability. If any provision hereof is invalid or unenforceable, the
other provisions hereof shall remain in full force and effect and shall be
liberally construed in favor of Lender in order to effectuate the other
provisions hereof.

     6.11 Binding Nature. The provisions of this Agreement shall be binding
upon, and shall inure to the benefit of, the parties hereto and their heirs,
personal representatives, successors and assigns. The provisions hereof shall
apply to the parties according to the context thereof and without regard to the
number or gender of words or expressions used.

<PAGE>

     6.12 Construction. This Agreement shall be construed as a whole, in
accordance with its fair meaning, and without regard to or taking into account
any presumption or other rule of law requiring construction against the party
preparing this Agreement. As used here, the words "include(s)" means
"include(s), without limitation," and the word "including" means "including, but
not limited to."

     6.13 Notices. Any notice or other communication with respect to this
Agreement shall: (a) be in writing; (b) be effective on the day of hand-delivery
thereof to the party to whom directed, one day following the day of deposit
thereof with delivery charges prepaid, with a national overnight delivery
service, or two days following the day of deposit thereof with postage prepaid,
with the United States Postal Service, by regular first class, certified or
registered mail; (c) if directed to Lender, be addressed to Lender at the office
of Lender set forth above, or to such other address as Lender shall have
specified to Grantor by like notice; and (d) if directed to Grantor, be
addressed to Grantor at the address for Grantor set forth above, or to such
other address as Grantor shall have specified by like notice.

                 [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK]

     IN WITNESS WHEREOF, this Agreement was executed by Grantor and Lender as of
the date first set forth above.

                                        "GRANTOR":

                                        COLE OPERATING PARTNERSHIP II, LP,
                                        a Delaware limited partnership

                                        By: Cole Credit Property Trust II, Inc.,
                                            a Maryland corporation,
                                            its general partner

                                        By: /s/ John M. Pons
                                            ------------------------------------
                                        Name: John M. Pons
                                        Title: Secretary

                                        "LENDER":

                                        SERIES C, LLC,
                                        a Delaware limited liability company

                                        By: /s/ Blair D. Koblenz
                                            ------------------------------------
                                        Name: Blair D. Koblenz
                                        Title: Executive Vice President

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