Document:

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                                                                    Exhibit 10.6

                              INDYMAC BANK, F.S.B.
                           DEFERRED COMPENSATION PLAN

            (AMENDED AND RESTATED EFFECTIVE AS OF SEPTEMBER 15, 2003)

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                               TABLE OF CONTENTS

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HISTORY AND PURPOSE..............................................................................     1

ARTICLE 1     DEFINITIONS........................................................................     1

ARTICLE 2     SELECTION, ENROLLMENT, ELIGIBILITY.................................................     8
    2.1     Selection by Committee...............................................................     8
    2.2     Enrollment Requirements..............................................................     8
    2.3     Eligibility; Commencement of Participation...........................................     8
    2.4     Termination of Participation and/or Deferrals........................................     8

ARTICLE 3     DEFERRAL COMMITMENTS/CREDITING/TAXES...............................................     9
    3.1     Minimum Deferral:....................................................................     9
    3.2     Maximum Deferral:....................................................................     9
    3.3     Election to Defer; Effect of Election Form:..........................................    10
    3.4     Withholding of Annual Deferral Amounts...............................................    11
    3.5     Annual Company Matching Amount.......................................................    11
    3.6     Rollover Amount......................................................................    11
    3.7     Investment of Trust Assets...........................................................    11
    3.8     Vesting..............................................................................    11
    3.9     Crediting of Account Balances........................................................    13
    3.10    FICA and Other Taxes.................................................................    14

ARTICLE 4     SHORT-TERM PAYOUT; UNFORESEEABLE FINANCIAL
EMERGENCIES; WITHDRAWAL ELECTION.................................................................    14
    4.1     Short-Term Payout....................................................................    14
    4.2     Other Benefits Take Precedence Over Short-Term.......................................    15
    4.3     Withdrawal Payout/Suspensions for Unforeseeable
            Financial Emergencies................................................................    15
    4.4     Withdrawal Election..................................................................    15

ARTICLE 5     RETIREMENT BENEFIT.................................................................    16
    5.1     Retirement Benefit...................................................................    16
    5.2     Payment of Retirement Benefit........................................................    16
    5.3     Death Prior to Completion of Retirement Benefit......................................    16

ARTICLE 6     PRE-RETIREMENT SURVIVOR BENEFIT....................................................    16
    6.1     Pre-Retirement Survivor Benefit......................................................    16
    6.2     Payment of Pre-Retirement Survivor Benefit...........................................    16
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ARTICLE 7     TERMINATION BENEFIT................................................................    17
    7.1     Termination Benefit..................................................................    17
    7.2     Payment of Termination Benefit.......................................................    17

ARTICLE 8     DISABILITY WAIVER AND BENEFIT......................................................    17
    8.1     Disability Waiver:...................................................................    17
    8.2     Continued Eligibility; Disability Benefit............................................    18

ARTICLE 9     BENEFICIARY DESIGNATION............................................................    18
    9.1     Beneficiary..........................................................................    18
    9.2     Beneficiary Designation; Change; Spousal Consent.....................................    18
    9.3     Acknowledgment.......................................................................    19
    9.4     No Beneficiary Designation...........................................................    19
    9.5     Doubt as to Beneficiary..............................................................    19
    9.6     Discharge of Obligations.............................................................    19

ARTICLE 10    LEAVE OF ABSENCE...................................................................    19
    10.1    Paid Leave of Absence................................................................    19
    10.2    Unpaid Leave of Absence..............................................................    19

ARTICLE 11    TERMINATION, AMENDMENT OR MODIFICATION.............................................    20
    11.1    Termination..........................................................................    20
    11.2    Amendment............................................................................    20
    11.3    Plan Agreement.......................................................................    21
    11.4    Effect of Payment....................................................................    21

ARTICLE 12    ADMINISTRATION.....................................................................    21
    12.1    Committee Duties.....................................................................    21
    12.2    Agents...............................................................................    21
    12.3    Binding Effect of Decisions..........................................................    21
    12.4    Indemnity of Committee...............................................................    21
    12.5    Employer Information.................................................................    22

ARTICLE 13    OTHER BENEFITS AND AGREEMENTS......................................................    22
    13.1    Coordination with Other Benefits.....................................................    22

ARTICLE 14    CLAIMS PROCEDURES..................................................................    22
    14.1    Presentation of Claim................................................................    22
    14.2    Notification of Decision.............................................................    22
    14.3    Review of a Denied Claim.............................................................    23
    14.4    Decision on Review...................................................................    23
    14.5    Legal Action.........................................................................    23
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ARTICLE 15    TRUST..............................................................................    23
    15.1    Establishment of the Trust...........................................................    23
    15.2    Interrelationship of the Plan and the Trust..........................................    23
    15.3    Distributions From the Trust.........................................................    23

ARTICLE 16    MISCELLANEOUS......................................................................    24
    16.1    Status of Plan.......................................................................    24
    16.2    Unsecured General Creditor...........................................................    24
    16.3    Employer's Liability.................................................................    24
    16.4    Nonassignability.....................................................................    24
    16.5    Not a Contract of Employment.........................................................    24
    16.6    Furnishing Information...............................................................    25
    16.7    Terms................................................................................    25
    16.8    Captions.............................................................................    25
    16.9    Governing Law........................................................................    25
    16.10   Notice...............................................................................    25
    16.11   Successors...........................................................................    25
    16.12   Spouse's Interest....................................................................    25
    16.13   Validity.............................................................................    25
    16.14   Incompetent..........................................................................    26
    16.15   Court Order..........................................................................    26
    16.16   Distribution in the Event of Taxation:...............................................    26
    16.17   Insurance............................................................................    26
    16.18   Legal Fees To Enforce Rights After Change in Control.................................    27
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                              INDYMAC BANK, F.S.B.
                           DEFERRED COMPENSATION PLAN
            (AMENDED AND RESTATED EFFECTIVE AS OF SEPTEMBER 15, 2003)

                               HISTORY AND PURPOSE

         The IndyMac Bank, F.S.B. Deferred Compensation Plan was established
effective as of July 1, 1997 as the IndyMac, Inc. Deferred Compensation Plan and
was assumed by IndyMac Bank, F.S.B. ("IndyMac Bank"), formerly known as First
Federal Savings and Loan Association of San Gabriel Valley ("First Federal")
effective as of July 1, 2000 following IndyMac Bancorp, Inc.'s ("IndyMac
Bancorp") (formerly known as INMC Mortgage Holdings, Inc.) acquisition of SGV
Bancorp, Inc., parent company of First Federal, to provide specified benefits to
a select group of management and highly compensated employees and directors who
contribute materially to the continued growth, development, and future business
success of IndyMac Bank and its affiliates. Effective as of January 1, 2001, the
INMC Mortgage Holdings, Inc. Deferred Compensation Plan was merged into this
Plan and IndyMac Bancorp adopted the Plan for the benefit of a select group of
its employees and directors. Effective as of September 15, 2003 (the
"Restatement Date"), the Plan was amended, restated, and continued in the form
set forth below. Each Participant's Cash Account Balance on the Restatement Date
will be substituted for the Participant's Account Balance immediately prior to
the Restatement Date, and each Participant's Cash Deferral Account on the
Restatement Date will equal the Participant's Deferral Account immediately prior
to the Restatement Date. This Plan shall be unfunded for tax purposes and for
purposes of Title I of ERISA.

                                   ARTICLE 1
                                   DEFINITIONS

         For purposes of this Plan, unless otherwise clearly apparent from the
context, the following phrases or terms shall have the following indicated
meanings:

1.1      "Annual Bonus" shall mean any annual cash compensation, in addition to
         Base Annual Salary and Commissions, relating to services performed
         during any calendar year, whether or not paid in such calendar year,
         payable to a Participant under any Employer's annual bonus and cash
         incentive plans.

1.2      "Annual Cash Deferral Amount" shall mean that portion of a
         Participant's Base Annual Salary, Annual Bonus, Commissions, and/or
         Directors Fees payable in cash that a Participant elects to have, and
         is deferred, in accordance with Article 3, for any one Plan Year, plus
         Dividends payable on Stock Compensation that a Non-Employee Director
         elects to have, and is deferred, in accordance with Article 3, for any
         one Plan Year, and Dividends payable during any one Plan Year on Stock
         Units previously credited to a Participant's Stock Deferral Account. In
         the event of a Participant's Retirement, Disability (if deferrals cease
         in accordance with Section 8.1), death or a Termination of Employment
         prior to the end of a Plan Year, such year's Annual Cash Deferral
         Amount shall be the actual amount withheld prior to such event.

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1.3      "Annual Company Matching Amount" shall mean, for any one Plan Year, the
         amount determined in accordance with Section 3.5.

1.4      "Annual Installment Method" shall mean equal annual installments, with
         the first installment being paid within the time limits set forth in
         this Plan for the various benefits available, and the next annual
         installment, and all annual installments thereafter, being paid on
         December 31 of each Plan Year or within a reasonable period of time
         thereafter. For example, if a Participant Retires on June 30, 2001, and
         he or she elects the Annual Installment Method, the first equal
         installment shall be payable no later than 60 days after Retirement,
         the next equal installment shall be payable on December 31, 2001, and
         each remaining equal installment shall be payable on December 31 of
         each consecutive year.

1.5      "Annual Stock Deferral Amount" shall mean that portion of a
         Non-Employee Director's Stock Compensation that a Non-Employee Director
         elects to have, and is deferred, in accordance with Article 3, for any
         one Plan Year.

1.6      "Bancorp" shall mean IndyMac Bancorp, Inc. (formerly known as IndyMac
         Mortgage Holdings, Inc. and INMC Mortgage Holdings, Inc.), a Delaware
         corporation.

1.7      "Base Annual Salary" shall mean the annual cash compensation paid
         during any calendar year, excluding the Annual Bonuses, Commissions,
         overtime, fringe benefits, relocation expenses, incentive payments,
         non-monetary awards, directors fees and other fees, automobile and
         other allowances paid to a Participant for employment services rendered
         (whether or not such allowances are included in the Employee's gross
         income). Base Annual Salary shall be calculated before reduction for
         compensation voluntarily deferred or contributed by the Participant
         pursuant to all qualified or non-qualified plans of any Employer and
         shall be calculated to include amounts not otherwise included in the
         Participant's gross income under Code Sections 125, 402(e)(3), 402(h),
         or 403(b) pursuant to plans established by any Employer; provided,
         however, that all such amounts will be included in compensation only to
         the extent that, had there been no such plan, the amount would have
         been payable in cash to the Employee.

1.8      "Beneficiary" shall mean one or more persons, trusts, estates or other
         entities, designated in accordance with Article 9, that are entitled to
         receive benefits under this Plan upon the death of a Participant.

1.9      "Beneficiary Designation Form" shall mean the form established from
         time to time by the Committee that a Participant completes, signs and
         returns to the Committee to designate one or more Beneficiaries.

1.10     "Board" shall mean the board of directors of the Company.

1.11     "Cash Account Balance" shall mean, with respect to a Participant, the
         sum of: (i) the Cash Deferral Account; (ii) the vested portion of the
         Company Matching Account balance; and (iii) the Rollover Account
         balance. This account, and each other specified account, shall be a
         bookkeeping entry only and shall be utilized solely as a

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         device for the measurement and determination of the amounts to be paid
         to a Participant, or his or her designated Beneficiary, pursuant to
         this Plan.

1.12     "Cash Deferral Account" shall mean: (i) the sum of all of a
         Participant's Annual Cash Deferral Amounts; plus (ii) amounts credited
         in accordance with all the applicable crediting provisions of this Plan
         that relate to the Participant's Cash Deferral Account; less (iii) all
         distributions made to the Participant or his or her Beneficiary
         pursuant to this Plan that relate to his or her Cash Deferral Account.

1.13     "CCI" shall mean Countrywide Credit Industries, Inc., a Delaware
         corporation.

1.14     "Change in Control" shall mean:

         (a)      Approval by the shareholders of the Company and/or Bancorp of
                  the dissolution or liquidation of the Company and/or Bancorp;

         (b)      Approval by the shareholders of the Company and/or Bancorp of
                  an agreement of merger or consolidation, or other
                  reorganization, with or into one or more entities that are not
                  subsidiaries or affiliates, as a result of which less than
                  twenty-five percent (25%) of the outstanding voting securities
                  of the surviving or resulting entity immediately after the
                  reorganization are, or will be, owned by shareholders of the
                  Company and/or Bancorp immediately before such reorganization
                  (assuming for purposes of such determination that there is no
                  change in the record ownership of the Company's and/or
                  Bancorp's securities from the record date for such approval
                  until such reorganization);

         (c)      Approval by the shareholders of the Company and/or Bancorp of
                  the sale of substantially all of the Company's and/or
                  Bancorp's business and/or assets to a person or entity which
                  is not a subsidiary or other affiliate;

         (d)      Any "person" (as such term is used in Sections 13(d) and 14(d)
                  of the Securities Exchange Act of 1934 ("Exchange Act")
                  becomes the "beneficial owner" (as defined in Rule 13d-3 under
                  the Exchange Act), directly or indirectly, of securities of
                  the Company and/or Bancorp representing more than twenty-five
                  percent (25%) of the combined voting power of the Company's
                  and/or Bancorp's then outstanding securities entitled to then
                  vote generally in the election of directors of the Company
                  and/or Bancorp; or

         (e)      During any period not longer than two consecutive years,
                  individuals who at the beginning of such period constituted
                  the Board and/or Board of Directors of Bancorp cease to
                  constitute at least a majority thereof, unless the election,
                  or the nomination for election by the Company's and/or
                  Bancorp's shareholders, of each new board member was approved
                  by a vote of at least a majority of the board members then
                  still in office who were board members at the beginning of
                  such period (including for these purposes, new members whose
                  election or nomination was so approved, but, in the case of
                  successors to such new members, without duplication).

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1.15     "Claimant" shall have the meaning set forth in Section 14.1.

1.16     "Code" shall mean the Internal Revenue Code of 1986, as amended.

1.17     "Commissions" shall mean any cash compensation, in addition to Base
         Annual Salary and Annual Bonus, paid in a calendar year by any Employer
         to a Participant in the form of commissions.

1.18     "Committee" shall mean the committee described in Article 12.

1.19     "Company" shall mean IndyMac Bank, F.S.B. (the successor in interest to
         IndyMac, Inc.), a federally chartered savings bank, and any successor
         to all or substantially all of the Company's assets or business.

1.20     "Company Matching Account" shall mean: (i) the sum of the Participant's
         Annual Company Matching Amounts; plus (ii) amounts credited in
         accordance with all the applicable crediting provisions of this Plan
         that relate to the Participant's Company Matching Account; less (iii)
         all distributions made to the Participant or his or her Beneficiary
         pursuant to this Plan that relate to the Participant's Company Matching
         Account.

1.21     "Deduction Limitation" shall mean the following described limitation on
         a benefit that may otherwise be distributable pursuant to the
         provisions of this Plan. Except as otherwise provided, this limitation
         shall be applied to all distributions that are "subject to the
         Deduction Limitation" under this Plan. If an Employer determines in
         good faith prior to a Change in Control that there is a reasonable
         likelihood that any compensation paid to a Participant for a taxable
         year of the Employer would not be deductible by the Employer solely by
         reason of the limitation under Code Section 162(m), then to the extent
         deemed necessary by the Employer to ensure that the entire amount of
         any distribution to the Participant pursuant to this Plan prior to the
         Change in Control is deductible, the Employer may defer all or any
         portion of a distribution under this Plan. Any amounts deferred
         pursuant to this limitation shall continue to be credited with
         additional amounts in accordance with Section 3.9 below, even if such
         amount is being paid out in installments. The amounts so deferred and
         amounts credited thereon shall be distributed to the Participant or his
         or her Beneficiary (in the event of the Participant's death) at the
         earliest possible date, as determined by the Employer in good faith, on
         which the deductibility of compensation paid or payable to the
         Participant for the taxable year of the Employer during which the
         distribution is made will not be limited by Section 162(m), or if
         earlier, the effective date of a Change in Control. Notwithstanding
         anything to the contrary in this Plan, the Deduction Limitation shall
         not apply to any distributions made after a Change in Control.

1.22     "Director" shall mean any member of the board of directors of any
         Employer.

1.23     "Directors Fees" shall mean the annual fees paid in cash compensation
         to a Participant by any Employer, including retainer fees and meeting
         fees, as compensation for serving on the board of directors.

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1.24     "Disability" shall mean a period of disability during which a
         Participant qualifies for permanent disability benefits under the
         Participant's Employer's long-term disability plan, or, if a
         Participant does not participate in such a plan, a period of disability
         during which the Participant would have qualified for permanent
         disability benefits under such a plan had the Participant been a
         participant in such a plan, as determined in the sole discretion of the
         Committee. If the Participant's Employer does not sponsor such a plan,
         or discontinues to sponsor such a plan, Disability shall be determined
         by the Committee in its sole discretion.

1.25     "Disability Benefit" shall mean the benefit set forth in Article 8.

1.26     "Dividends" shall mean the dividends payable on the shares of Stock
         equal to the number of Stock Units credited to a Participant's Stock
         Deferral Account.

1.27     "Election Form" shall mean the form established from time to time by
         the Committee that a Participant completes, signs and returns to the
         Committee to make an election under the Plan.

1.28     "Employee" shall mean a person who is an employee of any Employer.

1.29     "Employer(s)" shall mean the Company and/or any of its affiliates (now
         in existence or hereafter formed or acquired) that have been designated
         by the Committee to participate in the Plan.

1.30     "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
         as amended.

1.31     "Fair Market Value" shall have the same meaning as that phrase is used
         in the IndyMac Bancorp, Inc. 2002 Incentive Plan (or any successor
         plan).

1.32     "Non-Employee Director" shall mean each Director who is not an employee
         of the Company or any affiliate of the Company.

1.33     "Participant" shall mean any Employee or Director (i) who is selected
         to participate in the Plan, (ii) who elects to participate in the Plan,
         (iii) who signs a Plan Agreement, an Election Form and a Beneficiary
         Designation Form, (iv) whose signed Plan Agreement, Election Form and
         Beneficiary Designation Form are accepted by the Committee, (v) who
         commences participation in the Plan, and (vi) whose Plan Agreement has
         not terminated. A spouse or former spouse of a Participant shall not be
         treated as a Participant in the Plan or have an account balance under
         the Plan, even if he or she has an interest in the Participant's
         benefits under the Plan as a result of applicable law or property
         settlements resulting from legal separation or divorce.

1.34     "Plan" shall mean the IndyMac Bank, F.S.B. Deferred Compensation Plan,
         which shall be evidenced by this instrument and by each Plan Agreement,
         as they may be amended from time to time.

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1.35     "Plan Agreement" shall mean a written agreement, as may be amended from
         time to time, which is entered into by and between a Participant and
         the Participant's Employer. The Plan Agreement(s) executed by a
         Participant and the Participant's Employer(s) shall provide for the
         entire benefit to which such Participant is entitled under the Plan;
         should there be more than one Plan Agreement with an Employer, the Plan
         Agreement bearing the latest date of acceptance by that Employer shall
         supersede all previous Plan Agreements with that Employer in their
         entirety and shall govern such entitlement. The terms of any Plan
         Agreement may be different for any Participant, and any Plan Agreement
         may provide additional benefits not set forth in the Plan or limit the
         benefits otherwise provided under the Plan; provided, however, that any
         such additional benefits or benefit limitations must be agreed to by
         both the Participant and the Participant's Employer.

1.36     "Plan Year" shall mean, a period beginning January 1 of each calendar
         year and continuing through December 31 of such calendar year.

1.37     "Pre-Retirement Survivor Benefit" shall mean the benefit set forth in
         Article 6.

1.38     "Restricted Stock", "Restricted Stock Unit" or "Stock Unit" shall have
         the same meanings as are used in the IndyMac Bancorp, Inc. 2002
         Incentive Plan (or any successor plan).

1.39     "Retirement", "Retire(s)" or "Retired" shall mean, with respect to an
         Employee, severance from employment from all Employers for any reason
         other than a leave of absence, death or Disability on or after the
         earlier of the attainment of (a) age sixty-two (62) or (b) age
         fifty-five (55) with five (5) Years of Service; and shall mean with
         respect to a Director who is not an Employee, severance of his or her
         directorships with all Employers on or after the later of (y) the
         attainment of age sixty (60), or (z) in the sole discretion of the
         Committee, an age later than age sixty (60). If a Participant is both
         an Employee and a Director, Retirement shall not occur until he or she
         Retires as both an Employee and a Director; provided, however, that
         such a Participant may elect, at least one year prior to Retirement and
         in accordance with the policies and procedures established by the
         Committee, to Retire for purposes of this Plan at the time he or she
         Retires as an Employee, which Retirement shall be deemed to be a
         Retirement as an Employee.

1.40     "Retirement Benefit" shall mean the benefit set forth in Article 5.

1.41     "Rollover Account" shall mean: (i) the sum of a Participant's Rollover
         Amount; plus (ii) amounts credited in accordance with all the
         applicable crediting provisions of this Plan that relate to the
         Participant's Rollover Account; less (iii) all distributions made to
         the Participant or his or her Beneficiary pursuant to this Plan that
         relate to his or her Rollover Account.

1.42     "Rollover Amount" shall mean the amount determined in accordance with
         Section 3.6.

1.43     "Short-Term Payout" shall mean the payout set forth in Section 4.1.

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1.44     "Stock" shall mean shares of Common Stock of Bancorp.

1.45     "Stock Deferral Account" or "Stock Account Balance" shall mean: (i) the
         sum of the Annual Stock Deferral Amounts; plus (ii) amounts credited in
         accordance with all the applicable crediting provisions of this Plan
         that relate to the Stock Deferral Account; less (iii) all distributions
         made to the Non-Employee Director or his or her beneficiary pursuant to
         this Plan that relate to the Stock Deferral Account. This account, and
         each other specified account, shall be a bookkeeping entry only and
         shall be utilized solely as a device for the measurement and
         determination of the amounts to be paid to a Participant, or his or her
         designated Beneficiary, pursuant to this Plan.

1.46     "Stock Compensation" shall mean compensation paid to a Participant by
         any Employer for services provided as a Non-Employee Director, in the
         form of Company Restricted Stock or Restricted Stock Units granted
         pursuant to the Director Equity Award provisions of the IndyMac
         Bancorp, Inc. 2002 Incentive Plan (or any successor plan).

1.47     "Termination Benefit" shall mean the benefit set forth in Article 7.

1.48     "Termination of Employment" shall mean the severing of employment with
         all Employers or service as a Director with all Employers, voluntarily
         or involuntarily, for any reason other than Retirement, Disability,
         death or an authorized leave of absence. If a Participant is both an
         Employee and a Director, a Termination of Employment shall occur only
         upon the termination of the last position held; provided, however, that
         such a Participant may elect, at least one year before Termination of
         Employment and in accordance with the policies and procedures
         established by the Committee, to be treated for purposes of this Plan
         as having experienced a Termination of Employment at the time he or she
         ceases employment with an Employer as an Employee.

1.49     "Trust" shall mean the Master Trust Agreement for IndyMac Bank, F.S.B.
         Deferred Compensation Plan.

1.50     "Unforeseeable Financial Emergency" shall mean an unanticipated
         emergency that is caused by an event beyond the control of the
         Participant that would result in severe financial hardship to the
         Participant resulting from (i) a sudden and unexpected illness or
         accident of the Participant or a dependent of the Participant, (ii) a
         loss of the Participant's property due to casualty, or (iii) such other
         extraordinary and unforeseeable circumstances arising as a result of
         events beyond the control of the Participant, all as determined in the
         sole discretion of the Committee.

1.51     Years of Service" shall mean the total number of full years in which a
         Participant has been employed by or in the service of one or more
         Employers. For purposes of this definition, a year of employment or
         service shall be a 12 month period that commences on the Employee's or
         Director's effective date of hire or service and that, for any
         subsequent year, commences on an anniversary of that effective date of
         hire or service. Any partial year of employment or service shall not be
         counted. For purposes of this definition, the total number of full
         years in which the Participant was employed

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         by or in the service of: (i) CCI prior to 1997; and/or (ii) Bancorp
         prior to 2001, shall be counted.

                                   ARTICLE 2
                       SELECTION, ENROLLMENT, ELIGIBILITY

2.1      SELECTION BY COMMITTEE. Participation in the Plan shall be limited to a
         select group of management and highly compensated Employees, and
         Directors, as determined by the Committee in its sole discretion. From
         that group, the Committee shall select, in its sole discretion,
         Employees and/or Directors to participate in the Plan.

2.2      ENROLLMENT REQUIREMENTS. As a condition to participation, each selected
         Employee and/or Director shall complete, execute and return to the
         Committee a Plan Agreement, an Election Form and a Beneficiary
         Designation Form, all within 30 days after he or she is selected to
         participate in the Plan. In addition, the Committee shall establish
         from time to time such other enrollment requirements as it determines
         in its sole discretion are necessary.

2.3      ELIGIBILITY; COMMENCEMENT OF PARTICIPATION. Provided an Employee and/or
         Director selected to participate in the Plan has met all enrollment
         requirements set forth in this Plan and required by the Committee,
         including returning all required documents to the Committee within the
         specified time period, that Employee and/or Director shall commence
         participation in the Plan on the first day of the month following the
         month in which the Employee and/or Director completes all enrollment
         requirements. If an Employee and/or Director fails to meet all such
         requirements within the period required, in accordance with Section
         2.2, that Employee and/or Director shall not be eligible to participate
         in the Plan until the first day of the Plan Year following the delivery
         to and acceptance by the Committee of the required documents.

2.4      TERMINATION OF PARTICIPATION AND/OR DEFERRALS. If the Committee
         determines in good faith that a Participant no longer qualifies as a
         member of a select group of management or highly compensated employees,
         as membership in such group is determined in accordance with Sections
         201(2), 301(a)(3) and 401(a)(1) of ERISA, the Committee shall have the
         right, in its sole discretion, to (i) terminate any deferral election
         the Participant has made for the remainder of the Plan Year in which
         the Participant's membership status changes, (ii) prevent the
         Participant from making future deferral elections and/or (iii)
         immediately distribute the Participant's then Cash Account Balance and
         Stock Account Balance as a Termination Benefit and terminate the
         Participant's participation in the Plan.

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                                   ARTICLE 3
                      DEFERRAL COMMITMENTS/CREDITING/TAXES

3.1      MINIMUM DEFERRAL:

         (a)      BASE ANNUAL SALARY, ANNUAL BONUS, COMMISSIONS, AND DIRECTORS
                  FEES. Subject to Section 3.3 below, for each Plan Year, a
                  Participant may elect to defer his or her Base Annual Salary,
                  Annual Bonus, Commissions, and/or Directors Fees, provided
                  that the amounts so elected for that Plan Year total, in the
                  aggregate, at least $2,000. If no election is made, the amount
                  deferred shall be zero.

         (b)      SHORT PLAN YEAR. If a Participant first becomes a Participant
                  after the first day of a Plan Year, the minimum deferral
                  pursuant to Section 3.1(a) above shall be an amount equal to
                  $2,000, multiplied by a fraction, the numerator of which is
                  the number of complete months remaining in the Plan Year and
                  the denominator of which is 12.

         (c)      NON-EMPLOYEE DIRECTOR STOCK COMPENSATION. Subject to Section
                  3.3 below, for each Plan Year, a Non-Employee Director may
                  elect to defer his or her Stock Compensation under the Plan.
                  For Stock Compensation deferred by a Non-Employee Director
                  pursuant to Section 3.3, the Non-Employee Director's Stock
                  Deferral Account shall be credited with Stock Units equal to
                  the number of shares of Stock as to which the Director has
                  elected deferred receipt. If no election is made, the amount
                  deferred shall be zero. For Stock Compensation deferred
                  pursuant to Section 3.3, the Dividends accrued and payable
                  with respect to such Stock Compensation from the date the
                  related Stock Compensation was granted to the Non-Employee
                  Director by an Employer through the date the Stock
                  Compensation is deferred by a Non-Employee Director pursuant
                  to Section 3.3, shall be credited to the Non-Employee
                  Director's Cash Deferral Account.

3.2      MAXIMUM DEFERRAL:

         (a)      For each Plan Year, a Participant may elect to defer as his or
                  her Annual Cash Deferral Amount, Base Annual Salary, Annual
                  Bonus, Commissions, and/or Directors Fees, and as his or her
                  Annual Stock Deferral Amount, Stock Compensation, up to the
                  following maximum percentages for each deferral elected:

                                       9
<PAGE>

<TABLE>
<CAPTION>
    Deferral            Maximum Amount
------------------      --------------
<S>                     <C>
Base Annual Salary            0%

Annual Bonus                 50%

Commissions                  50%

Directors Fees               50%

Stock Compensation          100%
</TABLE>

         (b)      Notwithstanding the foregoing, if a Participant first becomes
                  a Participant after the first day of a Plan Year, for that
                  Plan Year only, a Participant may elect to defer, as his or
                  her Annual Cash Deferral Amount, with respect to Base Annual
                  Salary, Annual Bonus, Commissions, and/or Directors Fees that
                  accrue after the date of entry into the Plan, a dollar amount
                  up to an amount equal to the limits set forth above multiplied
                  by such Participant's total amount of Base Annual Salary,
                  Annual Bonus, Commissions, and/or Directors Fees for the
                  entire Plan Year. However, if a Participant, prior to the
                  first date that he or she entered the Plan, performed services
                  related to the Annual Bonus that the Participant earned for
                  the Plan Year that he or she first entered the Plan, then such
                  Participant may not defer any portion of the Annual Bonus that
                  the Participant earned for the Plan Year that he or she first
                  entered the Plan.

3.3      ELECTION TO DEFER; EFFECT OF ELECTION FORM:

         (a)      FIRST PLAN YEAR. In connection with a Participant's
                  commencement of participation in the Plan, the Participant
                  shall make an irrevocable deferral election for the Plan Year
                  in which the Participant commences participation in the Plan,
                  along with such other elections as the Committee deems
                  necessary or desirable under the Plan. For these elections to
                  be valid, the election forms must be completed and signed by
                  the Participant, timely delivered to the Committee (in
                  accordance with Section 2.2 above) and accepted by the
                  Committee.

         (b)      SUBSEQUENT PLAN YEARS. For each succeeding Plan Year, an
                  irrevocable deferral election for that Plan Year, and such
                  other elections as the Committee deems necessary or desirable
                  under the Plan, shall be made by timely delivering to the
                  Committee, in accordance with its rules and procedures, before
                  the end of the Plan Year preceding the Plan Year for which the
                  election is made, a new Election Form. If no such Election
                  Form is timely delivered for a Plan Year, the Annual Cash
                  Deferral Amount and/or Annual Stock Deferral Amount shall be
                  zero for that Plan Year.

                                       10
<PAGE>

3.4      WITHHOLDING OF ANNUAL DEFERRAL AMOUNTS. For each Plan Year, the Base
         Annual Salary portion of the Annual Cash Deferral Amount shall be
         withheld from each regularly scheduled Base Annual Salary payroll in
         equal amounts, as adjusted from time to time for increases and
         decreases in Base Annual Salary. The Annual Bonus, Commissions,
         Directors Fees, and/or Dividends portion of the Annual Cash Deferral
         Amount shall be withheld at the time the Annual Bonus, Commissions,
         Directors Fees, and/or Dividends are or otherwise would be paid to the
         Participant, whether or not this occurs during the Plan Year itself.

3.5      ANNUAL COMPANY MATCHING AMOUNT. For each Plan Year, a Participant's
         Employer, in its sole discretion, may, but is not required to, credit
         any amount it desires to that Participant's Company Matching Account,
         which amount shall be for that Participant the Annual Company Matching
         Amount for that Plan Year. The amount so credited to a Participant may
         be smaller or larger than the amount credited to any other Participant,
         and the amount credited to a Participant for a Plan Year may be zero,
         even though one or more other Participants receive an Annual Company
         Matching Amount for that Plan Year. The Annual Company Matching Amount,
         if any, shall be credited as of the last day of the Plan Year. If a
         Participant is not employed by that Employer as of the last day of a
         Plan Year other than by reason of his or her Retirement or death while
         employed, the Annual Company Matching Amount for that Plan Year shall
         be zero.

3.6      ROLLOVER AMOUNT. If a Participant transfers employment from CCI to the
         Company, and if the Participant had an account balance in the
         Countrywide Credit Industries, Inc. Deferred Compensation Plan (the
         "CCI Plan") as of the date of such transfer, the Participant's CCI Plan
         account balance, as determined as of that date, shall be transferred on
         such date to and added to the Participant's Cash Account Balance, and
         shall thereafter be governed by the terms and conditions of this Plan,
         and shall be referred to as the "Rollover Amount." In addition, any
         elections made by the Participant with respect to his or her account
         balance under the CCI Plan shall apply to the Rollover Amount under
         this Plan and any elections made by the Participant with respect to his
         or her annual deferral amount for the plan year of transfer under the
         CCI Plan shall apply to the Participant's Annual Cash Deferral Amount
         for the Plan Year of transfer under this Plan.

3.7      INVESTMENT OF TRUST ASSETS. The trustees of the Trust shall be
         authorized, upon written instructions received from the Committee or
         investment manager appointed by the Committee, to invest and reinvest
         the assets of the Trust in accordance with the applicable Trust
         agreement, including the disposition of stock and reinvestment of the
         proceeds in one or more investment vehicles designated by the
         Committee.

3.8      VESTING

         (a)      CASH DEFERRAL ACCOUNT AND ROLLOVER ACCOUNT. A Participant
                  shall at all times be 100% vested in his or her Cash Deferral
                  Account and Rollover Account, except with respect to any
                  Dividends held in a Participant's Cash Deferral Account, which
                  shall vest in accordance with Section 3.8(c).

                                       11
<PAGE>

         (b)      COMPANY MATCHING ACCOUNT. Except as provided in Section
                  3.8(d), a Participant shall be vested in each of his or her
                  Annual Company Matching Amounts, if any, and interest thereon,
                  if any, as follows:

<TABLE>
<CAPTION>
                                   Vested Percentage of
                                      Annual Company
                                      Matching Amount
        Years of Service           and Interest Thereon
--------------------------------   --------------------
<S>                                <C>
        Less than 1 year                     0%
 1 year or more, but less than 2            20%
2 years or more, but less than 3            40%
3 years or more, but less than 4            60%
4 years or more, but less than 5            80%
         5 years or more                   100%
</TABLE>

                  Notwithstanding anything to the contrary contained in this
                  Section 3.8(b), in the event of his or her Retirement,
                  Disability or a Change in Control, a Participant's Company
                  Matching Account shall immediately become 100% vested.

         (c)      STOCK DEFERRAL ACCOUNT. Except as provided in Section 3.8(d),
                  a Participant shall be vested in each of his or her respective
                  Annual Stock Deferral Amounts, and the Dividends relating to
                  the Stock Units underlying such Annual Stock Deferral Amounts,
                  if any, as follows:

<TABLE>
<CAPTION>
     Years of Service Earned
      After the Grant Date         Vested Percentage of Each
       of Each Respective            Annual Stock Deferral
        Stock Unit Award                   Amount
--------------------------------   -------------------------
<S>                                <C>
        Less than 1 year                       0%
 1 year or more, but less than 2              33%
2 years or more, but less than 3              33%
         3 years or more                      34%
</TABLE>

                  Notwithstanding anything to the contrary contained in this
                  Section 3.8(c), in the event of his or her Death, Retirement,
                  Disability or a Change in Control, a Participant's Stock
                  Deferral Account shall immediately become 100% vested.

         (c)      FORFEITURE. Notwithstanding anything to the contrary contained
                  in Sections 3.8(b) or 3.8(c) above or any other Section of
                  this Plan that may be construed to the contrary, the
                  Participant's Employer, in its discretion, shall have the
                  right to suspend and/or cause the Participant to forfeit all
                  rights to

                                       12
<PAGE>

                  receive any or all payments otherwise due hereunder in respect
                  of such Participant's Company Matching Account or Stock
                  Deferral Account, if such Participant, at any time, whether or
                  not employed by that Employer:

                  (i)      works for or conducts or maintains any business,
                           enterprise, or organization that is in the same line
                           of business or enterprise as any of the Employers and
                           competes directly or indirectly with any of the
                           Employers, in violation of the terms of any
                           contractual provisions between the Company, or any
                           Employer, and the Participant;

                  (ii)     divulges confidential information of any Employer to
                           competitors of any Employer or any other party not
                           authorized to receive such information;

                  (iii)    is convicted of a misdemeanor which results in a jail
                           sentence of one year of more; or

                  (iv)     is convicted of a felony.

                  The foregoing shall apply without regard to whether the
                  Participant's work, business, release of information, or
                  conviction, as the case may be, has any demonstrable adverse
                  effect on the Company or any Employer. Any determination made
                  by the Participant's Employer with regard to suspension and/or
                  forfeitures under this Section 3.8(d) shall be final and
                  conclusive.

3.9      CREDITING OF ACCOUNT BALANCES. In accordance with, and subject to, the
         rules and procedures that are established from time to time by the
         Committee, in its sole discretion, amounts shall be credited to a
         Participant's Cash Account Balance or Stock Account Balance, if
         applicable, in accordance with the following rules:

         (a)      PRIOR TO DISTRIBUTION OF CASH ACCOUNT BALANCE. Prior to a
                  distribution of any portion of the Participant's Cash Account
                  Balance under Articles 4, 5, 6, 7, or 8 below, the
                  Participant's Cash Account Balance shall be credited with (a)
                  interest and such interest shall be credited daily, and (b)
                  Dividends, to the extent the distribution occurs after a
                  dividend record date but before the related dividend payment
                  date. The interest rate used to credit the Participant's Cash
                  Account Balance shall be the rate provided for in Section
                  3.9(d) below. If a distribution is made under this Plan, the
                  Participant's Cash Account Balance shall be credited with
                  interest until the date on which the distribution is made.

         (b)      PRIOR TO DISTRIBUTION OF STOCK ACCOUNT BALANCE. Prior to
                  distribution of any portion of the Stock Account Balance under
                  Articles 4, 5, 6, 7 or 8 below, in the event a stock dividend
                  or similar event has occurred since the date any Stock Units
                  were credited to the Participant's Stock Deferral Account, a
                  Participant's Stock Deferral Account will be adjusted in
                  accordance with the provisions of the IndyMac Bancorp, Inc.
                  2002 Incentive Plan (or any successor plan) relating to
                  adjustments to reflect mergers, consolidations, and changes in
                  capitalization of Bancorp.

                                       13
<PAGE>

         (c)      INSTALLMENT DISTRIBUTION. If a Participant's Cash Account
                  Balance is to be paid under the Annual Installment Method,
                  such payments shall be determined by amortizing the
                  Participant's Cash Account Balance over the number of years
                  elected, using the interest rate specified in the following
                  sentence. The interest rate to be used to calculate
                  installment payment amounts shall be a fixed interest rate
                  that is determined by averaging the interest rate provided for
                  in Section 3.9(d) below for the Plan Year in which installment
                  payments commence and the interest rate provided for in
                  Section 3.9(d) below for the two preceding Plan Years. This
                  rate shall be treated as the nominal rate for making such
                  calculations. If a Participant has completed fewer than three
                  Plan Years, this average shall be determined using the
                  interest rate provided for in Section 3.9(d) below for the
                  Plan Years during which the Participant participated in the
                  Plan. If a Participant's Stock Account Balance is to be
                  distributed under the Annual Installment Method, such
                  distributions shall continue to be adjusted in accordance with
                  Section 3.9(b) above.

         (d)      INTEREST RATE. The rate of interest for a Plan Year shall be
                  determined and announced by the Committee before such Plan
                  Year.

3.10     FICA AND OTHER TAXES. Each Plan Year, the Participant's Employer shall
         determine the amount of FICA and other employment taxes that the
         Employer must withhold for such Participant. The Employer shall
         withhold this amount from that portion of the Participant's Base Annual
         Salary, Annual Bonus and/or Commissions that is not being deferred. If
         necessary, the Committee shall reduce the Annual Cash Deferral Amount
         and/or Annual Stock Deferral Amount in order to comply with this
         Section. In addition, the Participant's Employer and/or trustee of the
         Trust shall withhold from any payments made to the Participant under
         this Plan all federal, state and local income, employment and other
         taxes required to be withheld in connection with such payments, in
         amounts and in a manner to be determined in the sole discretion of that
         Employer.

                                    ARTICLE 4
             SHORT-TERM PAYOUT; UNFORESEEABLE FINANCIAL EMERGENCIES;
                              WITHDRAWAL ELECTION

4.1      SHORT-TERM PAYOUT. In connection with each election to defer an Annual
         Cash Deferral Amount or Annual Stock Deferral Amount, a Participant may
         irrevocably elect to receive a future "Short-Term Payout" from the Plan
         with respect to all of that Annual Cash Deferral Amount and/or Annual
         Stock Deferral Amount. Subject to the Deduction Limitation, the
         Short-Term Payout shall be equal to the sum of the Annual Cash Deferral
         Amount and the Annual Stock Deferral Amount elected to be paid as a
         Short-Term Payout, plus amounts credited in the manner provided in
         Section 3.9 above on that amount. The Short-Term Payout amount shall be
         payable in a lump sum. Subject to the other terms and conditions of
         this Plan, the lump sum payment shall be made, subject to the Deduction
         Limitation, within 60 days after the first day of the Plan Year elected
         by the Participant; provided that no election shall be effective unless
         the Plan Year elected is at least five Plan Years after the last day of
         the Plan

                                       14
<PAGE>

         Year to which the Annual Cash Deferral Amount and/or Annual Stock
         Deferral Amount relates. By way of example, if a Short-Term Payout is
         elected for amounts that are deferred in the Plan Year commencing
         January 1, 2001, the Short-Term Payout can become payable no earlier
         than the 60 day period commencing on January 1, 2006.

4.2      OTHER BENEFITS TAKE PRECEDENCE OVER SHORT-TERM. Should an event occur
         that triggers a benefit under Article 5, 6, 7 or 8, any Annual Cash
         Deferral Amount or Annual Stock Deferral Amount, plus amounts credited
         thereon, that is subject to a Short-Term Payout election under Section
         4.1 shall not be paid in accordance with Section 4.1 but shall be paid
         in accordance with the other applicable Article.

4.3      WITHDRAWAL PAYOUT/SUSPENSIONS FOR UNFORESEEABLE FINANCIAL EMERGENCIES.
         If the Participant experiences an Unforeseeable Financial Emergency,
         the Participant may petition the Committee to (i) suspend any deferrals
         required to be made by a Participant and/or (ii) receive a partial or
         full payout from the Plan. The payout shall not exceed the lesser of
         the sum of the Participant's Cash Account Balance and Stock Account
         Balance, calculated as if such Participant were receiving a Termination
         Benefit, or the amount reasonably needed to satisfy the Unforeseeable
         Financial Emergency. If, subject to the sole discretion of the
         Committee, the petition for a suspension and/or payout is approved,
         suspension shall take effect upon the date of approval and any payout
         shall be made within 60 days of the date of approval. The payment of
         any amount under this Section shall not be subject to the Deduction
         Limitation.

4.4      WITHDRAWAL ELECTION. A Participant (or, after a Participant's death,
         his or her Beneficiary) may elect, at any time, to withdraw all of his
         or her Cash Account Balance or Stock Account Balance, calculated as if
         there had occurred a Termination of Employment as of the day of the
         election, less a withdrawal penalty equal to 10% of such amount (the
         net amount shall be referred to as the "Withdrawal Amount"). This
         election can be made at any time, before or after Retirement,
         Disability, death or Termination of Employment, and whether or not the
         Participant (or Beneficiary) is in the process of being paid pursuant
         to an installment payment schedule. If made before Retirement,
         Disability or death, a Participant's Withdrawal Amount shall be the sum
         of his or her Cash Account Balance and Stock Account Balance calculated
         as if there had occurred a Termination of Employment as of the day of
         the election. No partial withdrawals of the Withdrawal Amount shall be
         allowed. The Participant (or his or her Beneficiary) shall make this
         election by giving the Committee advance written notice of the election
         in a form determined from time to time by the Committee. The
         Participant (or his or her Beneficiary) shall be paid the Withdrawal
         Amount within 60 days of his or her election. Once the Withdrawal
         Amount is paid, the Participant's participation in the Plan shall
         terminate and the Participant shall not be eligible to participate in
         the Plan again during the remainder of that Plan Year and the next
         three (3) Plan Years. The payment of this Withdrawal Amount shall not
         be subject to the Deduction Limitation.

                                       15
<PAGE>

                                   ARTICLE 5
                               RETIREMENT BENEFIT

5.1      RETIREMENT BENEFIT. Subject to the Deduction Limitation, a Participant
         who Retires shall receive, as a Retirement Benefit, his or her Cash
         Account Balance and Stock Account Balance to the extent that such
         balances are vested.

5.2      PAYMENT OF RETIREMENT BENEFIT. A Participant, in connection with his or
         her commencement of participation in the Plan, shall elect on an
         Election Form to receive the Retirement Benefit (i) in a lump sum, or
         (ii) pursuant to an Annual Installment Method of 5, 10, 15 or 20 years.
         The Participant may annually change his or her election to an allowable
         alternative payout period by submitting a new Election Form to the
         Committee, provided that any such Election Form is submitted at least
         one year prior to the Participant's Retirement and is accepted by the
         Committee in its sole discretion. The Election Form most recently
         accepted by the Committee shall govern the payout of the Retirement
         Benefit. If a Participant does not make any election with respect to
         the payment of the Retirement Benefit, then such benefit shall be
         payable in a lump sum. The lump sum payment shall be made, or
         installment payments shall commence, no later than 60 days after the
         date the Participant Retires. Any payment made shall be subject to the
         Deduction Limitation. A Participant shall only receive his or her Stock
         Account Balance in the form of shares of Stock. The Participant shall
         receive the number of shares of Stock equal to the number of vested
         Stock Units credited to his or her Stock Account Balance immediately
         prior to such distribution (with any fractional share of Stock settled
         in cash at its Fair Market Value).

5.3      DEATH PRIOR TO COMPLETION OF RETIREMENT BENEFIT. If a Participant dies
         after Retirement but before the Retirement Benefit is paid in full, the
         Participant's unpaid Retirement Benefit payments shall continue and
         shall be paid to the Participant's Beneficiary (a) over the remaining
         number of months and in the same amounts as that benefit would have
         been paid to the Participant had the Participant survived, or (b) in a
         lump sum, if requested by the Beneficiary and allowed in the sole
         discretion of the Committee, that is equal to the sum of the
         Participant's unpaid remaining Cash Account Balance and Stock Account
         Balance.

                                   ARTICLE 6
                         PRE-RETIREMENT SURVIVOR BENEFIT

6.1      PRE-RETIREMENT SURVIVOR BENEFIT. Subject to the Deduction Limitation,
         the Participant's Beneficiary shall receive a Pre-Retirement Survivor
         Benefit equal to the sum of the Participant's Cash Account Balance and
         Stock Account Balance if the Participant dies before he or she Retires,
         experiences a Termination of Employment or suffers a Disability.

6.2      PAYMENT OF PRE-RETIREMENT SURVIVOR BENEFIT. A Participant, in
         connection with his or her commencement of participation in the Plan,
         shall elect on an Election Form whether the Pre-Retirement Survivor
         Benefit shall be received by his or her Beneficiary in a lump sum or
         pursuant to an Annual Installment Method of 5, 10, 15

                                       16
<PAGE>

         or 20 years. The Participant may annually change this election to an
         allowable alternative payout period by submitting a new Election Form
         to the Committee, which form must be accepted by the Committee in its
         sole discretion. The Election Form most recently accepted by the
         Committee prior to the Participant's death shall govern the payout of
         the Participant's Pre-Retirement Survivor Benefit. If a Participant
         does not make any election with respect to the payment of the
         Pre-Retirement Survivor Benefit, then such benefit shall be paid in a
         lump sum. Despite the foregoing, if the sum of the Participant's Cash
         Account Balance and Stock Account Balance at the time of his or her
         death is less than $25,000, payment of the Pre-Retirement Survivor
         Benefit may be made, in the sole discretion of the Committee, in a lump
         sum or pursuant to an Annual Installment Method of not more than 5
         years. The lump sum payment shall be made, or installment payments
         shall commence, no later than 60 days after the date the Committee is
         provided with proof that is satisfactory to the Committee of the
         Participant's death. Any payment made shall be subject to the Deduction
         Limitation.

                                   ARTICLE 7
                               TERMINATION BENEFIT

7.1      TERMINATION BENEFIT. Subject to the Deduction Limitation, the
         Participant shall receive a Termination Benefit, which shall be equal
         to the sum of the Participant's Cash Account Balance and Stock Account
         Balance.

7.2      PAYMENT OF TERMINATION BENEFIT. If the sum of the Participant's Cash
         Account Balance and Stock Account Balance at the time of his or her
         Termination of Employment is less than $25,000, payment of his or her
         Termination Benefit shall be paid in a lump sum. If the sum of his or
         her Cash Account Balance and Stock Account Balance at such time is
         equal to or greater than that amount, the Committee, in its sole
         discretion, may cause the Termination Benefit to be paid in a lump sum
         or pursuant to an Annual Installment Method of not more than fifteen
         (15) years. The lump sum payment shall be made, or installment payments
         shall commence, no later than 60 days after the date the date of the
         Participant's Termination of Employment. Any payment made shall be
         subject to the Deduction Limitation.

                                   ARTICLE 8
                          DISABILITY WAIVER AND BENEFIT

8.1      DISABILITY WAIVER:

         (a)      WAIVER OF DEFERRAL. A Participant who is determined by the
                  Committee to be suffering from a Disability shall be excused
                  from fulfilling that portion of the Annual Cash Deferral
                  Amount and/or Annual Stock Deferral Amount commitment that
                  would otherwise have been withheld from a Participant's Base
                  Annual Salary, Annual Bonus, Commissions, Directors Fees and
                  Stock Compensation for the Plan Year during which the
                  Participant first suffers a Disability. During the period of
                  Disability, the Participant shall not be allowed

                                       17
<PAGE>

                  to make any additional deferral elections, but will continue
                  to be considered a Participant for all other purposes of this
                  Plan.

         (b)      RETURN TO WORK. If a Participant returns to employment or
                  service as an Employee or Director, with any Employer after a
                  Disability ceases, the Participant may elect to defer an
                  Annual Cash Deferral Amount and an Annual Stock Deferral
                  Amount for the Plan Year following his or her return to
                  employment or service and for every Plan Year thereafter while
                  a Participant in the Plan; provided such deferral elections
                  are otherwise allowed and an Election Form is delivered to and
                  accepted by the Committee for each such election in accordance
                  with Section 3.3 above.

8.2      CONTINUED ELIGIBILITY; DISABILITY BENEFIT. A Participant suffering a
         Disability shall, for benefit purposes under this Plan, continue to be
         considered to be employed or in the service of an Employer as a
         Director, and shall be eligible for the benefits provided for in
         Articles 4, 5, 6 or 7 in accordance with the provisions of those
         Articles. Notwithstanding the above, the Committee shall have the right
         to, in its sole and absolute discretion and for purposes of this Plan
         only, and must in the case of a Participant who is otherwise eligible
         to Retire, deem the Participant to have experienced a Termination of
         Employment, or in the case of a Participant who is eligible to Retire,
         to have Retired, at any time (or in the case of a Participant who is
         eligible to Retire, as soon as practicable) after such Participant is
         determined to be suffering a Disability, in which case the Participant
         shall receive a Disability Benefit equal to the sum of his or her Cash
         Account Balance and Stock Account Balance at the time of the
         Committee's determination; provided, however, that should the
         Participant otherwise have been eligible to Retire, he or she shall be
         paid in accordance with Article 5. The Disability Benefit shall be paid
         in a lump sum or, upon a Participant's request and in the Committee's
         sole discretion, installment payments over not more than 5 years. The
         lump sum payment shall be made, or installment payments shall commence,
         within 60 days of the Committee's exercise of its right to deem a
         Participant to have experienced a Termination of Employment. Any
         payment made shall be subject to the Deduction Limitation.

                                   ARTICLE 9
                             BENEFICIARY DESIGNATION

9.1      BENEFICIARY. Each Participant shall have the right, at any time, to
         designate his or her Beneficiary(ies) (both primary as well as
         contingent) to receive any benefits payable under the Plan to a
         beneficiary upon the death of a Participant. The Beneficiary designated
         under this Plan may be the same as or different from the Beneficiary
         designation under any other plan of the Participant's Employer in which
         the Participant participates.

9.2      BENEFICIARY DESIGNATION; CHANGE; SPOUSAL CONSENT. A Participant shall
         designate his or her Beneficiary by completing and signing the
         Beneficiary Designation Form, and returning it to the Committee or its
         designated agent. A Participant shall have the right to change a
         Beneficiary by completing, signing and otherwise complying with

                                       18
<PAGE>

         the terms of the Beneficiary Designation Form and the Committee's rules
         and procedures, as in effect from time to time. If the Participant
         names someone other than his or her spouse as a Beneficiary, a spousal
         consent, in the form designated by the Committee, must be signed by
         that Participant's spouse and returned to the Committee. Upon the
         acceptance by the Committee of a new Beneficiary Designation Form, all
         Beneficiary designations previously filed shall be canceled. The
         Committee shall be entitled to rely on the last Beneficiary Designation
         Form filed by the Participant and accepted by the Committee prior to
         his or her death.

9.3      ACKNOWLEDGMENT. No designation or change in designation of a
         Beneficiary shall be effective until received, accepted and
         acknowledged in writing by the Committee or its designated agent.

9.4      NO BENEFICIARY DESIGNATION. If a Participant fails to designate a
         Beneficiary as provided in Sections 9.1, 9.2 and 9.3 above or, if all
         designated Beneficiaries predecease the Participant or die prior to
         complete distribution of the Participant's benefits, then the
         Participant's designated Beneficiary shall be deemed to be his or her
         surviving spouse. If the Participant has no surviving spouse, the
         benefits remaining under the Plan to be paid to a Beneficiary shall be
         payable to the executor or personal representative of the Participant's
         estate.

9.5      DOUBT AS TO BENEFICIARY. If the Committee has any doubt as to the
         proper Beneficiary to receive payments pursuant to this Plan, the
         Committee shall have the right, exercisable in its discretion, to cause
         the Participant's Employer to withhold such payments until this matter
         is resolved to the Committee's satisfaction.

9.6      DISCHARGE OF OBLIGATIONS. The payment of benefits under the Plan to a
         Beneficiary shall fully and completely discharge all Employers and the
         Committee from all further obligations under this Plan with respect to
         the Participant, and that Participant's Plan Agreement(s) shall
         terminate upon such full payment of benefits.

                                   ARTICLE 10
                                LEAVE OF ABSENCE

10.1     PAID LEAVE OF ABSENCE. If a Participant is authorized by the
         Participant's Employer for any reason to take a paid leave of absence
         from the employment of the Employer, the Participant shall continue to
         be considered employed by that Employer and the Annual Cash Deferral
         Amount and Annual Stock Deferral Amount shall continue to be withheld
         during such paid leave of absence in accordance with Section 3.3.

10.2     UNPAID LEAVE OF ABSENCE. If a Participant is authorized by the
         Participant's Employer for any reason to take an unpaid leave of
         absence from the employment of the Employer, the Participant shall
         continue to be considered employed by that Employer and the Participant
         shall be excused from making deferrals until the earlier of the date
         the leave of absence expires or the Participant returns to a paid
         employment status. Upon such expiration or return, deferrals shall
         resume for the remaining portion of the Plan Year in which the
         expiration or return occurs, based on the deferral

                                       19
<PAGE>

         election, if any, made for that Plan Year. If no election was made for
         that Plan Year, no deferral shall be withheld.

                                   ARTICLE 11
                     TERMINATION, AMENDMENT OR MODIFICATION

11.1     TERMINATION. Each Employer reserves the right to discontinue its
         sponsorship of the Plan and/or to terminate the Plan at any time with
         respect to any or all of its participating Employees and Directors by
         action of its board of directors. Upon the termination of the Plan with
         respect to any Employer, the Plan Agreements of the affected
         Participants who are employed by that Employer or in the service of
         that Employer as a Director, shall terminate and their Cash Account
         Balances and Stock Account Balances, determined as if they had
         experienced a Termination of Employment on the date of Plan termination
         or, if Plan termination occurs after the date upon which a Participant
         was eligible to Retire, then with respect to that Participant as if he
         or she had Retired on the date of Plan termination, shall be paid to
         the Participants as follows: (a) prior to a Change in Control: (i) if
         the Plan is terminated with respect to all of its Participants, the
         Employer shall have the right, in its sole discretion, and
         notwithstanding any elections made by the Participant, to pay such
         benefits in a lump sum or pursuant to an Annual Installment Method of
         up to 15 years, with amounts credited during the installment period as
         provided herein; (ii) if the Plan is terminated with respect to less
         than all of its Participants, the Employer shall be required to pay
         such benefits in a lump sum; (b) after a Change in Control, the
         Employer shall be required to pay such benefits in a lump sum. The
         termination of the Plan shall not adversely affect any Participant or
         Beneficiary who has become entitled to the payment of any benefits
         under the Plan as of the date of termination; provided, however, that
         the Employer shall have the right to accelerate installment payments
         without a premium or prepayment penalty by paying the Cash Account
         Balance and Stock Account Balance in a lump sum or pursuant to an
         Annual Installment Method using fewer years (provided that the present
         value of all payments that will have been received by a Participant at
         any given point of time under the different payment schedule shall
         equal or exceed the present value of all payments that would have been
         received at that point in time under the original payment schedule).
         The applicable interest rate to be used as the discount rate for
         determining such present value shall be a reasonable discount rate
         selected by the Committee from time to time.

11.2     AMENDMENT. The Committee may, at any time, amend or modify the Plan in
         whole or in part; provided, however, that no amendment or modification
         shall be effective to decrease or restrict the value of a Participant's
         Cash Account Balance and Stock Account Balance in existence at the time
         the amendment or modification is made, calculated as if the Participant
         had experienced a Termination of Employment as of the effective date of
         the amendment or modification or, if the amendment or modification
         occurs after the date upon which the Participant was eligible to
         Retire, the Participant had Retired as of the effective date of the
         amendment or modification. The amendment or modification of the Plan
         shall not affect any Participant or Beneficiary who has become entitled
         to the payment of benefits under the Plan as of the date of the
         amendment or modification; provided, however, that the Employer

                                       20
<PAGE>

         shall have the right to accelerate installment payments by paying the
         Cash Account Balance and Stock Account Balance in a lump sum or
         pursuant to an Annual Installment Method using fewer years (provided
         that the present value of all payments that will have been received by
         a Participant at any given point of time under the different payment
         schedule shall equal or exceed the present value of all payments that
         would have been received at that point in time under the original
         payment schedule, using a reasonable discount rate selected by the
         Committee from time to time).

11.3     PLAN AGREEMENT. Despite the provisions of Sections 11.1 and 11.2 above,
         if a Participant's Plan Agreement contains benefits or limitations that
         are not in this Plan document, the Participant's Employer may only
         amend or terminate such provisions with the consent of the Participant.

11.4     EFFECT OF PAYMENT. The full payment of the applicable benefit under
         Articles 4, 5, 6, 7 or 8 of the Plan shall completely discharge all
         obligations to a Participant and his or her designated Beneficiaries
         under this Plan and the Participant's Plan Agreement shall terminate.

                                   ARTICLE 12
                                 ADMINISTRATION

12.1     COMMITTEE DUTIES. This Plan shall be administered by the Employee
         Benefits Fiduciary Committee (the "Committee"). Members of the
         Committee may be Participants under this Plan. The Committee shall also
         have the discretion and authority to (i) make, amend, interpret, and
         enforce all appropriate rules and regulations for the administration of
         this Plan and (ii) decide or resolve any and all questions including
         interpretations of this Plan, as may arise in connection with the Plan.
         Any individual serving on the Committee who is a Participant shall not
         vote or act on any matter relating solely to himself or herself. When
         making a determination or calculation, the Committee shall be entitled
         to rely on information furnished by a Participant or the Company.

12.2     AGENTS. In the administration of this Plan, the Committee may, from
         time to time, employ agents and delegate to them such administrative
         duties as it sees fit (including acting through a duly appointed
         representative) and may from time to time consult with counsel who may
         be counsel to any Employer.

12.3     BINDING EFFECT OF DECISIONS. The decision or action of the Committee
         with respect to any question arising out of or in connection with the
         administration, interpretation and application of the Plan and the
         rules and regulations promulgated hereunder shall be final and
         conclusive and binding upon all persons having any interest in the
         Plan.

12.4     INDEMNITY OF COMMITTEE. All Employers shall indemnify and hold harmless
         the members of the Committee, and any Employee to whom the duties of
         the Committee may be delegated, against any and all claims, losses,
         damages, expenses or liabilities arising from any action or failure to
         act with respect to this Plan, except in the case of willful misconduct
         by the Committee or any of its members or any such Employee.

                                       21
<PAGE>

12.5     EMPLOYER INFORMATION. To enable the Committee to perform its functions,
         each Employer shall supply full and timely information to the Committee
         on all matters relating to the compensation of its Participants, the
         date and circumstances of the Retirement, Disability, death or
         Termination of Employment of its Participants, and such other pertinent
         information as the Committee may reasonably require.

                                   ARTICLE 13
                          OTHER BENEFITS AND AGREEMENTS

13.1     COORDINATION WITH OTHER BENEFITS. The benefits provided for a
         Participant and Participant's Beneficiary under the Plan are in
         addition to any other benefits available to such Participant under any
         other plan or program for employees of the Participant's Employer. The
         Plan shall supplement and shall not supersede, modify or amend any
         other such plan or program except as may otherwise be expressly
         provided.

                                   ARTICLE 14
                                CLAIMS PROCEDURES

14.1     PRESENTATION OF CLAIM. Any Participant or Beneficiary of a deceased
         Participant (such Participant or Beneficiary being referred to below as
         a "Claimant") may deliver to the Committee a written claim for a
         determination with respect to the amounts distributable to such
         Claimant from the Plan. If such a claim relates to the contents of a
         notice received by the Claimant, the claim must be made within 60 days
         after such notice was received by the Claimant. All other claims must
         be made within 180 days of the date on which the event that caused the
         claim to arise occurred. The claim must state with particularity the
         determination desired by the Claimant.

14.2     NOTIFICATION OF DECISION. The Committee shall consider a Claimant's
         claim within a reasonable time, and shall notify the Claimant in
         writing:

         (a)      that the Claimant's requested determination has been made, and
                  that the claim has been allowed in full; or

         (b)      that the Committee has reached a conclusion contrary, in whole
                  or in part, to the Claimant's requested determination, and
                  such notice must set forth in a manner calculated to be
                  understood by the Claimant:

                  (i)      the specific reason(s) for the denial of the claim,
                           or any part of it;

                  (ii)     specific reference(s) to pertinent provisions of the
                           Plan upon which such denial was based;

                  (iii)    a description of any additional material or
                           information necessary for the Claimant to perfect the
                           claim, and an explanation of why such material or
                           information is necessary; and

                  (iv)     an explanation of the claim review procedure set
                           forth in Section 14.3 below.

                                       22
<PAGE>

14.3     REVIEW OF A DENIED CLAIM. Within 60 days after receiving a notice from
         the Committee that a claim has been denied, in whole or in part, a
         Claimant (or the Claimant's duly authorized representative) may file
         with the Committee a written request for a review of the denial of the
         claim. Thereafter, but not later than 30 days after the review
         procedure began, the Claimant (or the Claimant's duly authorized
         representative):

         (a)      may review pertinent documents;

         (b)      may submit written comments or other documents; and/or

         (c)      may request a hearing, which the Committee, in its sole
                  discretion, may grant.

14.4     DECISION ON REVIEW. The Committee shall render its decision on review
         promptly, and not later than 60 days after the filing of a written
         request for review of the denial, unless a hearing is held or other
         special circumstances require additional time, in which case the
         Committee's decision must be rendered within 120 days after such date.
         Such decision must be written in a manner calculated to be understood
         by the Claimant, and it must contain:

         (a)      specific reasons for the decision;

         (b)      specific reference(s) to the pertinent Plan provisions upon
                  which the decision was based; and

         (c)      such other matters as the Committee deems relevant.

14.5     LEGAL ACTION. A Claimant's compliance with the foregoing provisions of
         this Article 14 is a mandatory prerequisite to a Claimant's right to
         commence any legal action with respect to any claim for benefits under
         this Plan.

                                   ARTICLE 15
                                      TRUST

15.1     ESTABLISHMENT OF THE TRUST. The Company established the Trust, and each
         Employer may transfer over to the Trust such assets as the Employer
         determines, in its sole discretion.

15.2     INTERRELATIONSHIP OF THE PLAN AND THE TRUST. The provisions of the Plan
         and the Plan Agreement shall govern the rights of a Participant to
         receive distributions pursuant to the Plan. The provisions of the Trust
         shall govern the rights of the Employers, Participants and the
         creditors of the Employers to the assets transferred to the Trust. Each
         Employer shall at all times remain liable to carry out its obligations
         under the Plan.

15.3     DISTRIBUTIONS FROM THE TRUST. Each Employer's obligations under the
         Plan may be satisfied with Trust assets distributed pursuant to the
         terms of the Trust, and any such distribution shall reduce the
         Employer's obligations under this Plan.

                                       23
<PAGE>

                                   ARTICLE 16
                                  MISCELLANEOUS

16.1     STATUS OF PLAN. The Plan is intended to be a plan that is not qualified
         within the meaning of Code Section 401(a) and that "is unfunded and is
         maintained by an employer primarily for the purpose of providing
         deferred compensation for a select group of management or highly
         compensated employees" within the meaning of ERISA Sections 201(2),
         301(a)(3) and 40l(a)(1). The Plan shall be administered and interpreted
         to the extent possible in a manner consistent with that intent.

16.2     UNSECURED GENERAL CREDITOR. Participants and their Beneficiaries,
         heirs, successors and assigns shall have no legal or equitable rights,
         interests or claims in any property or assets of any Employer. For
         purposes of the payment of benefits under this Plan, any and all of an
         Employer's assets shall be, and remain, the general, unpledged assets
         of that Employer. An Employer's obligation under the Plan shall be
         merely that of an unfunded and unsecured promise to pay money in the
         future.

16.3     EMPLOYER'S LIABILITY. If an Employer enters into a Plan Agreement with
         a Participant, then only that Employer shall be liable for the benefits
         that the Participant earns during the time that the Plan Agreement is
         in effect with that Employer. The other Employers shall not be liable
         for any of the benefits that the Participant earns during this period.
         Notwithstanding the foregoing, the Company shall be liable for the
         benefits that the participants of the INMC Mortgage Holdings, Inc.
         Deferred Compensation Plan earned under such plan prior to January 1,
         2001, and the Company shall be liable for IndyMac Resources, Inc.'s
         obligations under the Plan in the event IndyMac Resources, Inc. fails
         to perform them.

16.4     NONASSIGNABILITY. Neither a Participant nor any other person shall have
         any right to commute, sell, assign, transfer, pledge, anticipate,
         mortgage or otherwise encumber, transfer, hypothecate, alienate or
         convey in advance of actual receipt, the amounts, if any, payable
         hereunder, or any part thereof, which are, and all rights to which are
         expressly declared to be, unassignable and non-transferable. No part of
         the amounts payable shall, prior to actual payment, be subject to
         seizure, attachment, garnishment or sequestration for the payment of
         any debts, judgments, alimony or separate maintenance owed by a
         Participant or any other person, be transferable by operation of law in
         the event of a Participant's or any other person's bankruptcy or
         insolvency or be transferable to a spouse as a result of a property
         settlement or otherwise.

16.5     NOT A CONTRACT OF EMPLOYMENT. The terms and conditions of this Plan
         shall not be deemed to constitute a contract of employment between any
         Employer and a Participant. Such employment is hereby acknowledged to
         be an "at will" employment relationship that can be terminated at any
         time for any reason, or no reason, with or without cause, and with or
         without notice, unless expressly provided in a written employment
         agreement. Nothing in this Plan shall be deemed to give a Participant
         the right to be retained in the service of any Employer as an Employee
         or a Director, or to interfere with the right of any Employer to
         discipline or discharge the Participant at any time.

                                       24
<PAGE>

16.6     FURNISHING INFORMATION. A Participant or his or her Beneficiary will
         cooperate with the Committee by furnishing any and all information
         requested by the Committee and take such other actions as may be
         requested in order to facilitate the administration of the Plan and the
         payments of benefits hereunder, including but not limited to taking
         such physical examinations as the Committee may deem necessary.

16.7     TERMS. Whenever any words are used herein in the masculine, they shall
         be construed as though they were in the feminine in all cases where
         they would so apply; and whenever any words are used herein in the
         singular or in the plural, they shall be construed as though they were
         used in the plural or the singular, as the case may be, in all cases
         where they would so apply.

16.8     CAPTIONS. The captions of the articles, sections and paragraphs of this
         Plan are for convenience only and shall not control or affect the
         meaning or construction of any of its provisions.

16.9     GOVERNING LAW. Subject to ERISA, the provisions of this Plan shall be
         construed and interpreted according to the internal laws of the State
         of California without regard to its conflicts of law principles.

16.10    NOTICE. Any notice or filing required or permitted to be given to the
         Committee under this Plan shall be sufficient if in writing and
         hand-delivered, or sent by registered or certified mail, to the address
         below:

                           Committee DCP
                           IndyMac Bank, F.S.B.
                           155 N. Lake Avenue
                           Pasadena, CA  91101

         Such notice shall be deemed given as of the date of delivery or, if
         delivery is made by mail, as of the date shown on the postmark on the
         receipt for registration or certification.

         Any notice or filing required or permitted to be given to a Participant
         under this Plan shall be sufficient if in writing and hand-delivered,
         or sent by mail, to the last known address of the Participant.

16.11    SUCCESSORS. The provisions of this Plan shall bind and inure to the
         benefit of the Participant's Employer and its successors and assigns
         and the Participant and the Participant's designated Beneficiaries.

16.12    SPOUSE'S INTEREST. The interest in the benefits hereunder of a spouse
         of a Participant who has predeceased the Participant shall
         automatically pass to the Participant and shall not be transferable by
         such spouse in any manner, including but not limited to such spouse's
         will, nor shall such interest pass under the laws of intestate
         succession.

16.13    VALIDITY. In case any provision of this Plan shall be illegal or
         invalid for any reason, said illegality or invalidity shall not affect
         the remaining parts hereof, but this Plan

                                       25
<PAGE>

         shall be construed and enforced as if such illegal or invalid provision
         had never been inserted herein.

16.14    INCOMPETENT. If the Committee determines in its discretion that a
         benefit under this Plan is to be paid to a minor, a person declared
         incompetent or to a person incapable of handling the disposition of
         that person's property, the Committee may direct payment of such
         benefit to the guardian, legal representative or person having the care
         and custody of such minor, incompetent, or incapable person. The
         Committee may require proof of minority, incompetence, incapacity or
         guardianship, as it may deem appropriate prior to distribution of the
         benefit. Any payment of a benefit shall be a payment for the account of
         the Participant and the Participant's Beneficiary, as the case may be,
         and shall be a complete discharge of any liability under the Plan for
         such payment amount.

16.15    COURT ORDER. The Committee is authorized to make any payments directed
         by court order in any action in which the Plan or the Committee has
         been named as a party. In addition, if a court determines that a spouse
         or former spouse of a Participant has an interest in the Participant's
         benefits under the Plan in connection with a property settlement or
         otherwise, the Committee, in its sole discretion, shall have the right,
         notwithstanding any election made by a Participant, to immediately
         distribute the spouse's or former spouse's interest in the
         Participant's benefits under the Plan to that spouse or former spouse.

16.16    DISTRIBUTION IN THE EVENT OF TAXATION:

         (a)      IN GENERAL. If, for any reason, all or any portion of a
                  Participant's benefits under this Plan becomes taxable to the
                  Participant prior to receipt, a Participant may petition the
                  Committee before a Change in Control, or the trustees of the
                  Trust after a Change in Control, for a distribution of that
                  portion of his or her benefit that has become taxable. Upon
                  the grant of such a petition, which grant shall not be
                  unreasonably withheld (and, after a Change in Control, shall
                  be granted), a Participant's Employer shall distribute to the
                  Participant immediately available funds in an amount equal to
                  the taxable portion of his or her benefit (which amount shall
                  not exceed the sum of a Participant's unpaid Cash Account
                  Balance and Stock Account Balance under the Plan). If the
                  petition is granted, the tax liability distribution shall be
                  made within 90 days of the date when the Participant's
                  petition is granted. Such a distribution shall affect and
                  reduce the benefits to be paid under this Plan.

         (b)      TRUST. If the Trust terminates in accordance with Section
                  3.6(e) of the Trust and benefits are distributed from the
                  Trust to a Participant in accordance with that Section, the
                  Participant's benefits under this Plan shall be reduced to the
                  extent of such distributions.

16.17    INSURANCE. The Employers, on their own behalf or on behalf of the
         trustees of the Trust, and, in their sole discretion, may apply for and
         procure insurance on the life of the Participant, in such amounts and
         in such forms as the Trust may choose. The

                                       26
<PAGE>

         Employers or the trustees of the Trust, as the case may be, shall be
         the sole owner and beneficiary of any such insurance. The Participant
         shall have no interest whatsoever in any such policy or policies, and
         at the request of the Employers shall submit to medical examinations
         and supply such information and execute such documents as may be
         required by the insurance company or companies to whom the Employers
         have applied for insurance.

16.18    LEGAL FEES TO ENFORCE RIGHTS AFTER CHANGE IN CONTROL. The Company and
         each Employer is aware that upon the occurrence of a Change in Control,
         the Board or the board of directors of a Participant's Employer (which
         might then be composed of new members) or a shareholder of the Company
         or the Participant's Employer, or of any successor corporation might
         then cause or attempt to cause the Company, the Participant's Employer
         or such successor to refuse to comply with its obligations under the
         Plan and might cause or attempt to cause the Company or the
         Participant's Employer to institute, or may institute, litigation
         seeking to deny Participants the benefits intended under the Plan. In
         these circumstances, the purpose of the Plan could be frustrated.
         Accordingly, if, following a Change in Control, it should appear to any
         Participant that the Company, the Participant's Employer or any
         successor corporation has failed to comply with any of its obligations
         under the Plan or any agreement thereunder or, if the Company, such
         Employer or any other person takes any action to declare the Plan void
         or unenforceable or institutes any litigation or other legal action
         designed to deny, diminish or to recover from any Participant the
         benefits intended to be provided, then the Company and the
         Participant's Employer irrevocably authorize such Participant to retain
         counsel of his or her choice at the expense of the Company and the
         Participant's Employer (who shall be jointly and severally liable) to
         represent such Participant in connection with the initiation or defense
         of any litigation or other legal action, whether by or against the
         Company, the Participant's Employer or any director, officer,
         shareholder or other person affiliated with the Company, the
         Participant's Employer or any successor thereto in any jurisdiction.

         IN WITNESS WHEREOF, the Company has amended and restated this Plan
document as of September 15, 2003.

                                   "Company"

                                   IndyMac Bank, F.S.B., a federally chartered
                                   savings bank

Date:  ______________________      By:__________________________________________

                                   Title:_______________________________________

                                       27<PAGE>

                                                                   EXHIBIT 10.01

                            AGREEMENT OF PURCHASE AND
                              SALE OF REAL PROPERTY
                             AND ESCROW INSTRUCTIONS

<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                     PAGE
                                                                                     ----
<S>      <C>                                                                         <C>
1.       PARTIES ...............................................................      -1-

2.       RECITALS ..............................................................      -1-

3.       AGREEMENT TO PURCHASE AND SELL PROPERTY ...............................      -1-

4.       PURCHASE PRICE AND TERMS ..............................................      -1-
         4.1      Payment of Purchase Price ....................................      -1-
         4.2      Investment of Deposit ........................................      -2-
         4.3      Assumption of First Trust Deed ...............................      -2-

5.       ESCROW; CLOSING DATE ..................................................      -3-
         5.1      Opening of Escrow ............................................      -3-
         5.2      Close of Escrow ..............................................      -3-
         5.3      Termination of Escrow ........................................      -3-
         5.4      No Liability for Escrow Holder ...............................      -4-
         5.5      No Withdrawal of Funds .......................................      -4-
         5.6      Delivery of Documents and Materials ..........................      -4-

6.       REPRESENTATIONS AND WARRANTIES OF BUYER ...............................      -4-

7.       REPRESENTATIONS AND WARRANTIES OF SELLER ..............................      -5-
         7.1      Seller's Representations .....................................      -5-
         7.2      Seller's Knowledge ...........................................      -6-
         7.3      AS-IS Conveyance .............................................      -6-
         7.4      No Additional Representations by Seller ......................      -6-
         7.5      Release ......................................................      -7-
         7.6      Breach of Representations and Warranties .....................      -7-

8.       REPRESENTATIONS AND WARRANTIES OF SELLER AND BUYER REGARDING BROKERS ..      -7-
         8.1      Brokers ......................................................      -7-
         8.2      Broker's Indemnity ...........................................      -7-

9.       CONTINGENCIES .........................................................      -8-
         9.1      Condition of Property ........................................      -8-
         9.2      Title ........................................................      -8-
         9.3      Ground Lease Estoppel ........................................      -9-

10.      MAINTENANCE OF THE PROPERTY ...........................................      -9-

11.      COVENANT TO CONVEY; TITLE INSURANCE ...................................     -10-
         11.1     Conveyance of Title ..........................................     -10-
         11.2     Title Policy .................................................     -10-
</TABLE>

                                       -i-

<PAGE>

<TABLE>
<S>      <C>                                                                         <C>
12.      DELIVERIES ............................................................     -10-
         12.1     Seller's Deliveries ..........................................     -10-
         12.2     Buyer's Deliveries ...........................................     -11-
         12.3     Escrow Holder's Deliveries ...................................     -11-

13.      PRORATIONS, COSTS .....................................................     -11-
         13.1     Items to be Prorated .........................................     -11-
         13.2     Costs ........................................................     -14-
         13.3     Cancellation Fees ............................................     -15-
         13.4     Commissions and Tenant Improvements ..........................     -15-

14.      CONDITIONS PRECEDENT ..................................................     -15-

15.      COOPERATION REGARDING TAX-DEFERRED EXCHANGE ...........................     -16-

16.      CASUALTY; CONDEMNATION ................................................     -16-
         16.1     Partial Damage ...............................................     -16-
         16.2     Material Damage or Condemnation ..............................     -17-

17.      LIQUIDATED DAMAGES ....................................................     -17-

18.      NOTICES ...............................................................     -17-

19.      FURTHER ASSURANCES ....................................................     -18-

20.      INDEMNIFICATION .......................................................     -18-

21.      ATTORNEYS' FEES .......................................................     -18-

22.      MISCELLANEOUS PROVISIONS ..............................................     -18-
         22.1     Entire Agreement .............................................     -18-
         22.2     Partial Invalidity ...........................................     -19-
         22.3     No Waiver of Breach ..........................................     -19-
         22.4     Amendments ...................................................     -19-
         22.5     Waiver of Conditions .........................................     -19-
         22.6     Assignments; Successors and Assigns ..........................     -19-
         22.7     Survival .....................................................     -19-
         22.8     Time .........................................................     -19-
         22.9     Remedies .....................................................     -19-
         22.10    Meaning of Certain Words .....................................     -19-
         22.11    California Law ...............................................     -19-
         22.12    Headings and Labels ..........................................     -19-
         22.13    Counterparts .................................................     -20-
         22.14    Exhibits .....................................................     -20-
         22.15    Construction .................................................     -20-
         22.16    Performance ..................................................     -20-
         22.17    No Third Party Beneficiaries .................................     -20-
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<S>      <C>                                                                         <C>
         22.18    Limitation of Liability of Buyer and Seller ..................     -20-
         22.19    Confidentiality ..............................................     -20-
         22.20    Cooperation with S-X 3-14 Audit ..............................     -20-
</TABLE>

                                      -iii-

<PAGE>

<TABLE>
<CAPTION>
Exhibits
--------
<S>             <C>
Exhibit A       Legal Description
Exhibit B       Schedule of Leases
Exhibit C       Ground Lease Estoppel Certificate
Exhibit D       Assignment of Ground Lease
Exhibit E       Quitclaim Deed
Exhibit F       Bill of Sale
Exhibit G       Assignment and Assumption of Leases
Exhibit H       Assignment of Service Contracts, Intangibles, Warranties and Guarantees
Exhibit I       Tenant Notices
</TABLE>

                                      -iv-

<PAGE>

                            AGREEMENT OF PURCHASE AND
                              SALE OF REAL PROPERTY
                             AND ESCROW INSTRUCTIONS

         1.       PARTIES. This Agreement of Purchase and Sale of Real Property
and Escrow Instructions ("AGREEMENT") dated for identification purposes July 16,
2003, is made and entered into by and between RPD Properties II, LLC, a
California limited liability company ("SELLER") and Triple Net Properties, LLC,
a Virginia limited liability company ("BUYER").

         2.       RECITALS.

         2.1      Seller is the current tenant under that certain State of
California Department of Transportation Amended Lease (the "GROUND LEASE") dated
August 19, 1996, by and between the State of California, acting by and through
its Department of Transportation ("CALTRANS" or "GROUND LESSOR") and Sutter
Square Galleria, a California limited partnership ("ORIGINAL TENANT"). A
Memorandum of Amended and Restated Ground Lease Agreement was executed by
Caltrans and Original Tenant as of August 19, 1996, and was recorded in the
Official Records of Sacramento County, California on August 29, 1996 as
Instrument No. 199608291714. The Original Tenant's interest under the Ground
Lease was assigned to Brookview, Inc., a Nevada corporation ("BROOKVIEW"),
pursuant to that certain Assignment of Ground Lease dated as of August 19, 1996.
Brookview's interest (the "LEASEHOLD INTEREST") under the Ground Lease was
subsequently assigned to Seller, pursuant to that certain Assignment and
Assumption of Ground Lease dated as of February 9, 1998, by and between
Brookview, as assignor, and Seller, as assignee, which was recorded in the
Official Records for Sacramento County, California, on February 19, 1998, as
Instrument No. 199802191128. The Ground Lease demises that certain real property
in Sacramento, California, more particularly described on Exhibit "A" attached
hereto (the "LAND"). Seller is also the owner of all improvements located on the
Land (the "IMPROVEMENTS"), excluding therefrom all portions of the Land occupied
by the supports and foundations of the freeway viaduct and that portion above a
horizontal plane four feet (4') below the underside of the freeway
superstructure of the viaduct, which plane extends to a line four feet (4'),
measured horizontally beyond the protrusion of the superstructure of said
freeway viaduct, as more particularly described in the Ground Lease.

         2.2      Buyer desires to purchase from Seller and Seller desires to
sell to Buyer the "PROPERTY" on the terms and conditions set forth herein. The
"PROPERTY" shall consist of (a) the Leasehold Interest under the Ground Lease;
(b) the Improvements, together with all rights and appurtenances thereto; (c)
all of Seller's right, title and interest in and to (i) all leases and occupancy
agreements regarding space in the Improvements (the "LEASES") including all
lease guaranties and security deposits, (ii) all items of removable personal
property located on the Land and used in connection with the operation of the
Improvements (the "PERSONAL PROPERTY"), (iii) all contracts and agreements not
being terminated as of the Closing Date related to the management, leasing,
operation or maintenance of the Land, the Leases or the Personal Property (the
"SERVICE CONTRACTS"), and (iv) all transferable warranties, guaranties, permits
and licenses relating to the Property, together with all other intangible rights
of Seller relating thereto, including any trade names and websites (the
"INTANGIBLE PROPERTY").

         3.       AGREEMENT TO PURCHASE AND SELL PROPERTY. Seller hereby agrees
to sell the Property to Buyer and Buyer hereby agrees to purchase the Property
from Seller on the terms and conditions of this Agreement.

                                       -2-

<PAGE>

         4.       PURCHASE PRICE AND TERMS.

         4.1      Payment of Purchase Price. The purchase price for the Property
(the"PURCHASE PRICE") shall be Eight Million Two Hundred Forty Thousand Dollars
($8,240,000.00), payable as follows:

                  (a)      Within two (2) business days after the mutual
execution of this Agreement, Buyer shall deposit with Escrow Holder immediately
available funds in the amount of One Hundred Thousand Dollars($100,000.00)(the
"INITIAL DEPOSIT") which shall be applied toward the Purchase Price upon the
Close of Escrow.

                  (b)      Within two (2) business days after the Contingency
Date (as defined in Paragraph 9.1 below), and provided Buyer has not previously
terminated (or has been deemed to have terminated) this Agreement, Buyer shall
deposit with Escrow Holder in immediately available funds an additional deposit
of Four Hundred Thousand Dollars ($400,000.00)(the "ADDITIONAL DEPOSIT") which
shall be applied against the Purchase Price upon the Close of Escrow. The
Initial Deposit and the Additional Deposit and any interest thereon are
collectively referred to herein as the "DEPOSIT".

                  (c)      Subject to the provisions of Paragraph 4.3, Buyer
shall assume the existing first priority leasehold trust deed dated February 19,
1998 (the "FIRST TRUST DEED") securing an Amended and Restated Promissory Note
dated October 8, 1998 in the original principal amount of Four Million Two
Hundred Fifty Thousand Dollars($4,250,000.00)("FIRST TRUST DEED NOTE") both
executed by Seller in favor of Bear, Steams Funding, Inc., a Delaware
corporation (the "LENDER"). The First Trust Deed Note bears interest at a fixed
rate of 6.885% per annum, is due and payable on October 1, 2008 and has an
outstanding principal balance of approximately $4,050,000.00 as of June 1, 2003.
If the outstanding principal balance of the First Trust Deed Note at the Close
of Escrow is more or less than $4,050,000.00, the amount of the cash portion of
the Purchase Price shall be increased or decreased accordingly.

                  (d)      Buyer shall deposit with Escrow Holder no later than
one (1) day prior to the Closing Date immediately available funds in the amount
of the balance of the Purchase Price.

         4.2      Investment of Deposit. Escrow Holder (as defined below) shall
invest the Deposit in an interest bearing, federal insured account approved by
Buyer. Any interest on the Deposit prior to the Close of Escrow shall be added
to the Deposit. If the purchase and sale of the Property is consummated, the
Deposit shall be applied against the Purchase Price. If the purchase and sale of
the Property is not consummated because of the failure of any of Buyer's
conditions precedent (as defined in Paragraph 14 below), the Deposit shall be
promptly refunded to Buyer. If the purchase and sale of the Property is not
consummated because of Buyer's default under this Agreement, the Deposit shall
be non-refundable and shall be paid to and retained by Seller as liquidated
damages pursuant to Paragraph 17 below.

         4.3      Assumption of First Trust Deed. Seller shall use Seller's
diligent efforts to cause the beneficiary of the First Trust Deed to consent to
the conveyance of the Property by Seller to Buyer and to agree to allow Buyer to
assume the obligations of the maker and trust or under the First Trust Deed and
the First Trust Deed Note, respectively, without any change in interest rates or
other economic terms. Within three (3) business days after the mutual execution
of this Agreement, Buyer shall submit

                                       -3-

<PAGE>

all required financial information to the Lender's loan servicer (GE Capital
Loan Services, Inc., P.O. Box 671568, Houston, Texas 77267-1568 [Telephone:
(800) 456-1443]) and pay the initial non-refundable application fee in the
amount of $2,000.00. Buyer shall pay any assumption fee and other costs related
to the proposed assumption, including a loan assumption fee not to exceed one
percent (1%) of the outstanding principal amount of the First Trust Deed Note
plus other out-of-pocket costs and expenses incurred by Lender including,
without limitation attorneys' fees and title endorsement costs. If Seller fails
to obtain such consent or agreement of the beneficiary of the First Trust Deed
on or before that date which is ninety (90) days after the mutual execution
hereof (the "LOAN ASSUMPTION DATE"), Buyer and Seller shall each have the right
to terminate this Agreement, upon written notice to the other at any time prior
to obtaining such approval. In such event the Deposit shall be returned to Buyer
and neither party shall have any further rights or obligations hereunder, except
for Buyer's obligations under Paragraphs 9.1 and 21 below. In addition to the
foregoing, Seller's obligation to complete the sale of the Property to Buyer is
expressly conditioned upon Seller obtaining, in its reasonable discretion, a
full release from all obligations under the loan documents(the "EXISTING LOAN
DOCUMENTS") evidencing the First Trust Deed and the First Trust Deed Note
(including a release of any guarantor or indemnitor in connection therewith). In
this regard, Buyer agrees that one or more principals or affiliates of Buyer
shall execute and deliver substitute guaranties/indemnities for the benefit of
Lender (in substantially the same form as the existing guaranties/indemnities).
Additionally, if required by the Lender, Buyer shall form a new "single-purpose
bankruptcy remote entity" for purposes of acquiring title to the Property. Buyer
acknowledges that Seller shall have no liability arising from the Lender's
failure to consent to the loan assumption.

         4.4      Waiver of Contingencies. Upon Buyer's approval (or deemed
approval) of the contingencies set forth in Paragraphs 9.1 and 9.2 below, the
Deposit shall be deemed fully earned and non-refundable unless (a) escrow fails
to close as a result of Seller's material default hereunder; (b)the Lender does
not consent to Buyer's assumption of the First Trust Deed and First Trust Deed
Note; (c)this Agreement is terminated pursuant to Paragraph 16; or(d) escrow
terminates as a result of a failure of the conditions precedent set forth in
Paragraph 14.1.

         5.       ESCROW; CLOSING DATE.

         5.1      Opening of Escrow. A copy of this Agreement executed by the
parties shall be deposited in an escrow ("ESCROW") with Commonwealth Land Title
Company, 350 Commerce Drive, Suite 150, Irvine, California 92602, Attn: Ms.
Michelle Mesh [Telephone: (714) 368-3209]("ESCROW HOLDER"), and shall serve as
the escrow instructions, together with such further instructions, if any, as the
parties shall provide by written agreement. The parties agree to execute such
further escrow instructions as Escrow Holder may require as long as Escrow
Holder shall not require the imposition of any additional obligations or
liabilities on the parties. Such further instructions shall not modify the
provisions of this Agreement unless otherwise expressly set forth therein.
Escrow shall be deemed "opened" on the date Escrow Holder accepts this Agreement
in writing or as of the date fully executed counterparts of any further escrow
instructions required by Escrow Holder are deposited, whichever occurs first.
The parties agree to perform all acts necessary to open Escrow within three (3)
business days of the execution of this Agreement. Escrow Holder shall promptly
give Buyer and Seller written notice of its acceptance of this Agreement and of
the date on which Escrow has opened.

         5.2      Close of Escrow. The terms "CLOSE OF ESCROW" and "CLOSING
DATE" shall mean that date on which the conveyance of the Property to Buyer
shall be consummated by the recording of the

                                       -4-

<PAGE>

Grant Deed, which date shall be the later of: (a) thirty (30) days after the
Contingency Date; and (ii) ten (10) days after the Lender has consented to the
loan assumption by Buyer and has delivered the final Loan Assumption Documents
(as defined below).

         5.3      Termination of Escrow. If Escrow Holder is unable to close
Escrow by the Closing Date in compliance with this Agreement, Escrow Holder
shall hold the Escrow open and effect closing as soon as it is able to do so in
compliance with this Agreement unless Escrow Holder receives a written demand to
terminate Escrow from either Buyer or Seller, whereupon Escrow Holder shall send
a copy of such demand to the other party. If the other party does not object to
the termination of Escrow within five (5) business days of its receipt of such
demand, then Escrow Holder shall terminate Escrow and return all of the
documents and funds then held by Escrow Holder to the party who has deposited
the same. If the other party objects to the termination of Escrow within such
five (5) day period, then Escrow Holder shall not terminate Escrow but shall
hold such documents and funds then held by Escrow Holder until Escrow Holder
shall have received instructions signed by both parties with respect to such
funds and documents. At any time after one party makes written demand for the
termination of Escrow and the other party objects thereto, Escrow Holder may
deposit all documents and funds then held by Escrow Holder in a court of
competent jurisdiction and, after giving written notice of the same to Buyer and
Seller, Escrow Holder's obligations hereunder shall terminate.

         5.4      No Liability for Escrow Holder. Escrow Holder is not to be
held liable for the sufficiency or correctness as to form, manner of execution
or validity of any instruments deposited with Escrow Holder, as to the identity,
authority or rights of any person executing the same, nor for any failure to
comply with any of the provisions of any agreement, contract or other instrument
referred to in this Agreement. Escrow Holder's duties hereunder shall be limited
to the safekeeping of any documents or monies received by it as Escrow Holder
and for the disposition of the same in accordance with the written instructions
of the parties hereto. Escrow Holder shall not be concerned with any agreements
contained herein not required by Escrow Holder to close the Escrow.

         5.5      No Withdrawal of Funds. No party shall have the right to
withdraw any monies or documents deposited by it with Escrow Holder prior to the
Close of Escrow or the termination thereof in accordance with the terms of this
Agreement.

         5.6      Delivery of Documents and Materials. Within five (5) business
days after the opening of Escrow, Seller shall deliver to Buyer the following
documents and materials if and to the extent the same are in Seller's possession
(collectively, the "MATERIALS"): (a) true and complete copies of the Ground
Lease and all Leases and Service Contracts relating to all or any portion of the
Property; (b) a current rent roll (the "CURRENT RENT ROLL") pertaining to the
Property for the calendar month immediately preceding the date of mutual
execution of this Agreement, showing with respect to each tenant of the Property
(individually a "TENANT" and collectively, the "TENANTS"): (i) the name of the
Tenant; (ii) the rentable square feet; (iii) the monthly base rent; (iv) the
term; (v) the number of options; and (vi) the security deposit; (c) an aging
report showing, with respect to each Tenant, the date through which such Tenant
has paid rent and a Tenant-by-Tenant monthly aging report for the preceding
twelve (12) months; (d) an income and expense statement for the previous twelve
(12) months (the "Income/Expense Statement"); (e) copies of the bills issued for
the most recent year for all utilities, real property taxes and personal
property taxes; (f) copies of all seismic and/or environmental/hazardous
material tests, studies, reports or analyses relating to the Property; and (g) a
copy of any existing survey for the Property. Additionally, prior to the
Contingency Date, Buyer shall have the right, during normal

                                       -5-

<PAGE>

business hours and at Buyer's sole cost and expense, to inspect and photocopy
all of Seller's books and records relating to the Property.

         6.       REPRESENTATIONS AND WARRANTIES OF BUYER. Buyer hereby
represents and warrants the following to Seller for the purpose of inducing
Seller to enter into this Agreement and to consummate the transactions
contemplated hereby, all of which shall be true as of the date hereof and as of
the Closing Date and shall survive the Close of Escrow and conveyance of title
to the Property hereunder:

                  (a)      Buyer has the legal power, right and authority to
enter into this Agreement and the instruments and documents referenced herein,
and to consummate the transaction contemplated hereby. The individuals executing
this Agreement and the instruments referenced herein on behalf of Buyer hereby
represent and warrant that they have the power, right and authority to bind
Buyer.

                  (b)      All requisite action has been taken by Buyer and all
requisite consents have been obtained in connection with the entering into this
Agreement and the instruments and documents referenced herein, and the
consummation of the transaction contemplated hereby, and no consent of any other
party is required.

                  (c)      This Agreement is, and all agreements, instruments
and documents to be executed by Buyer pursuant to this Agreement shall be duly
executed by and are, or shall be, valid and legally binding upon Buyer and
enforceable in accordance with their respective terms.

                  (d)      Neither the execution of this Agreement nor the
consummation of the transactions contemplated hereby shall result in a breach of
or constitute a default under any agreement, document, instrument or any other
obligation to which Buyer is a party or to which Buyer may be bound or affected,
or under any law, statute, ordinance, rule, governmental regulation or any writ,
injunction, order or decree of any court or governmental body, applicable to
Buyer or to the Property.

         7.       REPRESENTATIONS AND WARRANTIES OF SELLER.

         7.1      Seller's Representations. Seller hereby represents and
warrants the following to Buyer for the purpose of inducing Buyer to enter into
this Agreement and to consummate the transactions contemplated hereby, all of
which shall be true as of the date hereof and as of the Closing Date (except as
otherwise set forth herein) and shall survive the closing and conveyance of
title to the Property hereunder.

                  (a)      Seller is a duly organized, validly existing limited
liability company in good standing under the laws of the State of California.
Seller has the legal power, right and authority to enter into this Agreement and
the instruments and documents referenced herein, and to consummate the
transaction contemplated hereby. The individuals executing this Agreement and
the instruments referenced herein on behalf of Seller hereby represent and
warrant that they have the power, right and authority to bind Seller.

                  (b)      All requisite action has been taken by Seller and all
requisite consents have been obtained in connection with the entering into this
Agreement and the instruments and documents

                                       -6-

<PAGE>

referenced herein, and the consummation of the transaction contemplated hereby,
and no consent of any other party is required.

                  (c)      This Agreement is, and all agreements, instruments
and documents to be executed by Seller pursuant to this Agreement shall be duly
executed by and are, or shall be, valid and legally binding upon Seller and
enforceable in accordance with their respective terms.

                  (d)      Neither the execution of this Agreement nor the
consummation of the transactions contemplated hereby shall result in a breach of
or constitute a default under any agreement, document, instrument, or other
obligation to which Seller is a party or by which Seller may be bound, or under
any law, statute, ordinance, rule, governmental regulation or any writ,
injunction, order or decree of any court or governmental body, applicable to
Seller or to the Property.

                  (e)      As of the date of this Agreement, there is no
litigation pending, or, to Seller's knowledge, threatened, against Seller which
relates to the Property or the transactions contemplated hereby, except as
previously disclosed to Buyer in writing.

                  (f)      As of the date of this Agreement, the Property is
subject to those certain Leases (the "LEASES") as shown on the Schedule of
Leases attached hereto as Exhibit "B." As of the date of this Agreement, the
Leases are in full force and effect, and, to Seller's knowledge, as of the date
of this Agreement, Seller is not aware of any default by the Tenants under any
of such Leases except as may be disclosed to Buyer or discovered by Buyer prior
to the Contingency Date, including, without limitation, the disclosure that
Seller has asserted claims against Quizno's and UC Davis with respect to the
payment of certain utility charges which have erroneously been omitted from
prior billings to such tenants.

                  (g)      There are no pending or, to Seller's knowledge,
contemplated condemnation or annexation proceedings affecting the Property or
any part thereof.

                  (h)      To Seller's knowledge, as of the date of this
Agreement, Seller has not received any written notice from any governmental
authority regarding any violation of any law, ordinance, regulation, order or
requirement applicable to the Property which has not been satisfied.

                  (i)      Following the Close of Escrow, Buyer shall have no
obligation to employ or continue to employ any individual employed by Seller or
its affiliates in connection with the Property.

                  (j)      To Seller's actual knowledge, as of the date of this
Agreement, the information in the Current Rent Roll is true and accurate.

                  (k)      To Seller's actual knowledge, as of the date of this
Agreement, the Income/Expense Statement is true and complete.

         7.2      Seller's Knowledge. As used herein, "to Seller's knowledge"
and phrases of similar import means the actual (not constructive) conscious
knowledge, without attribution and without any duty of independent investigation
or inquiry whatsoever and without undertaking any investigation or inquiry, of
A. Stuart Rubin. Seller represents and warrants that A. Stuart Rubin is the
principal of Seller having responsibility for the Property. It is the express
intention of Buyer and Seller that, in order for

                                       -7-

<PAGE>

Buyer to recover any damages or have any other remedies against Seller by reason
of an alleged breach of Seller's representations and/or warranties set forth
herein which are limited to Seller's actual knowledge, Buyer shall be required
to allege and prove that the foregoing individual had actual conscious knowledge
of the falsity of such representation and/or warranty when made. It is also
expressly agreed and understood that in no event shall Buyer be entitled to
bring any action(s) for damages or otherwise against the aforementioned
individual or any other officer, director, employee, agent, shareholder,
partner, member or principal of Seller. Any action against Seller based upon an
alleged breach of Seller's representations and warranties herein must be filed
within three hundred sixty five (365) days after the Closing Date, and failure
to timely file any such action shall be deemed Buyer's waiver and release of any
such action.

         7.3      AS-IS Conveyance. Except as otherwise expressly set forth in
this Agreement, Buyer expressly acknowledges and agrees: (a) Seller has (or will
have by the Contingency Date) made available to Buyer and Buyer's
representatives for their review and inspection all plans, drawings, reports and
other documents with respect to the Property which Buyer has requested; (b)
Seller is not making, has not made and expressly disclaims any representation or
warranty, express or implied, that such documents delivered by Seller or made
available for Buyer's review and inspection constitute all of the documents and
information in Seller's files relating to the Property; (c) Buyer has made (or
by the Contingency Date will make) such independent factual, physical and legal
examinations and inquiries as Buyer deems necessary and desirable with respect
to the Property and the transaction contemplated by this Agreement; (d) Buyer is
specifically purchasing the Property on an "AS-IS WITH ALL FAULTS BASIS" and is
relying solely upon Buyer's own independent factual, physical and legal
investigations, examinations and inquiries and the materials and information
prepared by Buyer or by third parties at Buyer's request in determining that the
Property and each portion thereof is suitable and adequate in all respects for
any and all activities and uses which Buyer may elect to conduct thereon; (e)
Seller is not making, has not made and expressly disclaims any representation,
warranty or other assurance whatsoever with respect to the Property or any
condition or feature thereof, including without limitation, any representation,
warranty or assurance regarding the validity or accuracy of any documents (or
the date contained therein) delivered by Seller to Buyer or made available for
Buyer's review and inspection (except as otherwise expressly set forth herein);
(f) Buyer shall verify the accuracy and reliability of such documents and date
with the third parties who prepared the same; and (g) Buyer is (or by the
Contingency Date will be) fully acquainted with the nature and condition, in all
respects, of the Property, including the existence or availability of all
permits and approvals from governmental authorities and the soil and geology
thereof. The provisions of this Paragraph 7.2 shall survive the Close of Escrow.

         7.4      No Additional Representations by Seller. Except as otherwise
expressly set forth in this Agreement, neither Seller nor any of its agents,
partners or employees has made and does not make any representations or
warranties, whether oral or written, expressed or implied, with respect to: (i)
any physical or environmental aspect or condition of the Property or any part
thereof (including, without limitation, the presence of any hazardous
materials); (ii) any dimension or specifications of the Property or any part
thereof, including, without limitation, the square footage or rentable area of
the improvements or the number or sufficiency of parking spaces on or about the
Property; (iii) feasibility, desirability, suitability, habitability or
convertibility of the Property and any part thereof into or for any particular
use or purpose; (iv) the zoning, building or land use restrictions applicable to
the Property or any part thereof; (v)the leases, the tenants, or the project
income or expenses, if any, for the Property; (vi) soil, seismic or other
geological conditions effecting the Property or any part thereof with any

                                       -8-

<PAGE>

applicable laws, rules or regulations, including, without limitation, use
permits, building codes, fire and safety codes and handicapped access codes and
regulations (including, without limitation, the Americans With Disabilities
Act); (vii) the truth, accuracy or completeness of any of the materials or
documents delivered to Buyer; (viii) the availability or unavailability of
governmental, quasi-governmental or other permits, approvals, licenses, or
entitlements, if any, in any way relating to the Property or any part thereof;
(ix) the availability or unavailability of water, sewer, electric, telephone or
other utility services, if any, for the Property or any part thereof; (x)the
operability, adequacy, state of repair or useful life of any fixture, equipment,
machinery or other apparatus of the Property; (xi) restrictions on hours of
operation, parking, types of tenants and uses, signage, architectural and other
Limitations imposed by zoning, use permits and other restrictions effecting
the Property; and (xii) any other matter of any nature whatsoever relating in
any way to the Property or to any of the documents delivered by Seller to Buyer.

         7.5      Release. As of the Close of Escrow, Buyer fully releases and
discharges Seller from and relinquishes all rights, claims and actions that
Buyer may have against Seller which arise out of or are in any way connected
with the Property at Closing, including but not limited to the existence or
presence on the Property of (i) construction, design or natural defects of any
kind or nature, whether patent or latent, (ii) hazardous materials, and (iii)
violations of any federal, state or local law or regulation applicable to the
physical condition of the Property. This release applies to all described
rights, claims and actions, whether known or unknown, foreseen or unforeseen,
present or future. Buyer specifically waives application of California Civil
Code Section 1542, which provided as follows:

                  "A general release does not extend to claims which the
                  creditor does not know or suspect to exist in his favor at the
                  time of executing the release, which if known by him must have
                  materially affected his settlement with the debtor."

                          [ILLEGIBLE]                    [ILLEGIBLE]
                        ----------------               -----------------
                        Buyer's Initials               Seller's Initials

Notwithstanding the foregoing, the release set forth above is not intended to,
and shall not, release or discharge: (a) any representations or warranties of
Seller pursuant to Paragraph 7.1 above; (b)claims relating to Seller's
indemnification under Paragraph 8.2 and Paragraph 15.1; and (c) claims relating
to post-closing prorations pursuant to Paragraph 13.1.

         7.6      Breach of Representations and Warranties. If prior to the
Close of Escrow, Buyer learns of any fact or circumstances which makes any of
Seller's representations or warranties materially untrue or misleading, Buyer's
sole remedy shall be to terminate this Agreement and to receive a refund of its
Deposit, it being understood that Buyer expressly waives any right to close
escrow and pursue any claims against Buyer for any breach of such
representations and warranties.

         8.       REPRESENTATIONS AND WARRANTIES OF SELLER AND BUYER REGARDING
BROKERS.

                                      -9-
<PAGE>

         8.1      Brokers. Each party represents and warrants that it has not
employed any brokers or finders in connection with the transactions contemplated
hereby other than CB Richard Ellis (the "SELLER's BROKER") and Triple Net
Realty, Inc. ("BUYER's BROKER").

         8.2      Broker's Indemnity. Except for the commission to be paid by
Seller to Seller's Broker pursuant to a separate agreement, and a commission of
$240,000.00 to be paid by Seller to Buyer's Broker if, and only if, Escrow
closes, each party shall indemnify, save, defend and hold the other party free
and harmless from and against any and all obligations or liabilities to pay any
real estate broker's commission, finder's fee, or other compensation to any
person, firm or corporation arising from or in connection with this Agreement or
the Property which results from any act or agreement of such party.

         9.       CONTINGENCIES. Notwithstanding anything to the contrary
contained in this Agreement, Buyer's obligation to purchase the Property and to
close Escrow hereunder is subject to Buyer's written approval or waiver of all
of the following matters:

         9.1      Condition of Property. Within thirty (30) days after the
mutual execution of this Agreement (the "CONTINGENCY DATE"), Buyer shall have
approved or disapproved in writing, the results of any and all inspections,
tests and studies with respect to the Property which Buyer may elect to make or
obtain. Buyer's failure to timely approve such results in writing shall be
deemed Buyer's disapproval thereof. Upon Buyer's written disapproval or deemed
disapproval of such results for any reason (or no reason)whatsoever, in Buyer's
sole discretion, this Agreement shall terminate, the Initial Deposit shall be
returned to Buyer and neither party shall have any further rights or obligations
hereunder except for Buyer's obligations under this Paragraph 9.1 and Paragraph
21 below. The cost of any such inspections, tests and studies shall be borne
entirely by Buyer. For the sole purpose of conducting such inspections, tests
and studies, Buyer and Buyer's representatives shall have the right, during
reasonable business hours, upon reasonable notice and prior to the Contingency
Date, to enter onto the Property provided that (i) Seller or a representative of
Seller is given at least forty-eight (48) hours prior notice of such entry and
an opportunity to accompany Buyer during such inspections; and (ii) Buyer does
not contact or otherwise communicate with any of the tenants unless Seller is
given at least forty-eight (48) hours prior notice of such communication and an
opportunity to be present during such communication. Buyer shall repair any
damage to, and remove any liens against, the Property caused by such tests,
inspections and studies. In the event that Buyer intends to perform any tests
which involve drilling, boring or other similar intrusive or invasive action on
or under the Property, Buyer shall first obtain Seller's written consent, which
consent may be withheld in Seller's sole discretion. In the event Seller
consents to such invasive testing, Buyer shall, prior to entry upon the Property
by Buyer or its agents, contractors or employees for purposes of such
intrusive/invasive testing, deliver to Seller a copy of the proposed testing
plan/schedule which identifies the environmental consultant and the number, type
and location of all borings. Seller shall have the right to reasonably approve
such testing plan prior to commencement thereof. Neither Buyer nor any of its
successors, assigns, officers, directors, partners, employees, attorneys,
consultants, lenders, affiliates, agents or representatives (collectively,
"PERSONNEL") shall provide to Seller or to any federal, state or local
regulatory agency or other governmental entity or any other person or entity any
results of any such environmental investigations unless specifically and
expressly requested by Seller or as required by law. In any event, prior to
entering onto the Property for any purpose, Buyer shall deliver to Seller an
original endorsement to Buyer's commercial general liability insurance policy
which evidences that Buyer is carrying a commercial general liability insurance
policy with a financially responsible insurance company acceptable to Seller
covering (x) activities of Buyer and Buyer's agents, contractors and employees,
and

                                      -10-

<PAGE>

(y) Buyer's indemnity obligations contained in this Paragraph 9.1. Such
endorsement shall evidence that such insurance shall have a per occurrence limit
of at least One Million Dollars($1,000,000), shall name Seller as an additional
insured, shall be primary insurance, and shall contain a cross liability
endorsement. Buyer hereby indemnifies, defends and holds Seller harmless from
and against any and all loss, cost, damage, liability and expense, including
without limitation attorney's fees and costs, arising out of the entry onto the
Property by Buyer or Buyer's representatives. If the transactions contemplated
by this Agreement shall fail to close for any reason other than a default by
Seller, Buyer shall, at Seller's request, assign and deliver to Seller, without
charge, immediately upon the termination of this Agreement copies of all work
product produced by or on behalf of Buyer with respect to the Property.

         9.2      Title. Within ten (10) days after the execution of this
Agreement, Seller shall cause First American Title Insurance Company, 520 North
Central Avenue, 5th Floor, Glendale, California 91203, Attn: Ms. Jeannie Quintal
[Telephone: (800) 668-4853, Ext. 5021] (the "TITLE COMPANY") to deliver to Buyer
a preliminary title report ("PTR") for the Property along with copies of all
items identified as exceptions in the PTR. If Buyer elects to obtain an extended
coverage policy of title insurance, Buyer shall notify Seller of such election
promptly after execution of this Agreement and shall obtain a survey of the
Property (or update the Seller's existing survey, if any), at Buyer's sole cost.
If Buyer elects to obtain a survey, the survey shall be sufficient to enable the
Title Company to update the PTR to: (i) delete the standard survey exceptions,
(ii)add any new title exceptions which are revealed by said survey and an
inspection of the Property, and (iii) enable the Title Company at Closing to
issue an extended owner's policy of title insurance. Buyer shall notify Seller
within ten (10) business days after the date of this Agreement of any exceptions
disapproved by Buyer on the PTR. Buyer's failure to timely disapprove of the PTR
in writing shall be deemed Buyer's approval thereof. If Buyer disapproves any
matters of title, then Seller shall have the right to specify the matters which
Seller shall address and the manner in which it will do so in a written notice
(the "SELLER's CURE NOTICE") delivered to Buyer within three (3) business days
after the receipt of Buyer's disapproval notice. Buyer shall have two (2)
business days after receipt of Seller's Cure Notice to elect in writing to
terminate this Agreement, in which case the Initial Deposit shall be returned to
Buyer and neither party shall have any further obligations hereunder except for
Buyer's obligations under Paragraphs 9.1 and 21. If Buyer does not so elect to
terminate this Agreement, then Buyer shall be deemed to have waived its
disapproval of all disapproved title matters except to the extent of Seller's
agreement to undertake any curative action asset forth in Seller's Cure Notice.
If Seller provides Buyer with a Seller's Cure Notice, Seller shall use
commercially reasonable efforts to complete the curative action set forth
therein on or before the Closing Date. It shall be a condition precedent, but
not a covenant of Seller, that all such curative action shall actually be
performed on or before the Closing Date. Those exceptions approved by Buyer, the
standard printed exceptions in the Title Policy and such items created by Buyer
shall be referred to herein as "PERMITTED EXCEPTIONS." If on the Closing Date,
there are any liens, assessments or encumbrances that Seller is obligated to pay
and discharge, Seller shall deposit with Escrow Holder sufficient monies(or
authorize Escrow Holder to use the cash portion of the Purchase Price),
acceptable to and required by Escrow Holder to insure the obtaining and
recording of such satisfactions and the issuance of the Title Policy either free
of any such liens, assessments and encumbrances, or with insurance against any
liens or damage that Buyer may suffer as a result thereof.

         9.3      Ground Lease Estoppel. Seller shall use commercially-
reasonable efforts to deliver to Buyer, on or before the Closing Date, an
estoppel certificate (the "GROUND LEASE ESTOPPEL CERTIFICATE")from Caltrans, as
lessor under the Ground Lease, substantially in the form attached hereto

                                      -11-

<PAGE>

as Exhibit "C". In an effort to assist Seller in obtaining the Ground Lease
Estoppel Certificate, Buyer shall supply Seller with such financial statements
as Caltrans may reasonably require. In the event Seller is unable to timely
deliver the Ground Lease Estoppel, Buyer can elect, within three (3) days after
its receipt of notice thereof, to terminate this Agreement by written notice to
Seller, and the Deposit shall be returned to Buyer.

         10.      MAINTENANCE OF THE PROPERTY. From and after the date hereof
until the Close of Escrow, Seller shall (a) maintain and operate the Property in
its present condition, normal wear and tear and damage or destruction excepted;
provided, however, Seller shall not be obligated to perform any capital
improvements; (b) not extend, renew, modify or replace any of the Service
Contracts without the prior written consent of Buyer (which consent shall not be
unreasonably withheld, conditioned or delayed); (c) maintain in effect all
casualty and liability insurance which is currently in place; (d) fully comply
with all of the Seller's obligations under the Leases and Service Contracts; and
(e) provide Buyer with any notices or other correspondence to/from any Tenant
relating to defaults under their respective Leases (as well as notice of any
bankruptcy filing or intention to discontinue operations). Additionally, from
and after the Contingency Date until the Close of Escrow, Seller shall not
modify, extend, terminate or otherwise change any of the terms, covenants or
conditions of the Leases or enter into new leases or any other obligations or
agreements affecting the Property without the prior written consent of Buyer,
which consent shall not be unreasonably withheld, delayed or conditioned. In the
event Buyer has not responded to Seller's written request for consent within
five (5) days after Seller's delivery to Buyer of all pertinent information
concerning such Lease, Buyer shall be deemed to have consented thereto.

         11.      COVENANT TO CONVEY; TITLE INSURANCE.

         11.1     Conveyance of Title. At the Close of Escrow, Seller shall
(a)assign to Buyer all of its rights and obligations under the Ground Lease; and
(b) convey fee simple title to the Improvements to Buyer by grant deed, subject
to all matters of record.

         11.2     Title Policy. On the Closing Date, the Title Company shall
issue to Buyer the Title Company's standard leasehold policy of title insurance
(or extended coverage if elected by Buyer pursuant to Paragraph 9.2 above)(the
"TITLE POLICY") with a liability limit in the amount of the Purchase Price
showing the Leasehold Interest vested in Buyer, subject only to the Permitted
Exceptions.

         12.      DELIVERIES.

         12.1     Seller's Deliveries. At least one (1) business day prior to
the Closing Date, Seller shall deliver to Escrow Holder the following documents,
fully executed and acknowledged where appropriate, and such other items as
follows:

                  (a)      An Assignment and Assumption of Ground Lease (the
"GROUND LEASE ASSIGNMENT") substantially in the form of Exhibit "D" hereto,
conveying the Leasehold Interest to Buyer;

                  (b)      A quitclaim deed ("DEED") substantially in the form
and substance of Exhibit "E" hereto, conveying title to the Improvements to
Buyer;

                                      -12-

<PAGE>

                  (c)      A bill of sale ("BILL OF SALE") substantially in the
form and substance of Exhibit "F" hereto, conveying to Buyer, without
representation or warranty all of the Personal Property and Intangible Property,
if any;

                  (d)      An Assignment and Assumption of Leases (the
"ASSIGNMENT OF LEASES") substantially in the form and substance of Exhibit "G"
hereto, assigning to Buyer all of Seller's right, title and interest as landlord
under the Leases;

                  (e)      An Assignment of Service Contracts (the "ASSIGNMENT
OF SERVICE CONTRACTS") substantially in the form and substance of Exhibit "H"
hereto, assigning to Buyer all of Seller's right, title and interest in and to
the Service Contracts and other property described in the Assignment of Service
Contracts;

                  (f)      Notices to the tenants under the Leases (the "TENANT
NOTICES") of the transfer of the Property to Buyer in the form and substance of
Exhibit "I" hereto;

                  (g)      The assumption documents ("LOAN ASSUMPTION
DOCUMENTS") prepared by the Lender relating to the assignment and assumption of
the Existing Loan Documents, in such reasonable form as the parties shall
mutually agree upon;

                  (h)      A certificate duly executed by Seller under penalty
of perjury certifying that Seller is not a "foreign person" in accordance with
and for the purpose of provisions of Section 1445 of the Internal Revenue Code
of 1986, as amended, and any regulations promulgated thereunder, together with
California Form 590;

                  (i)      Such funds as may be necessary to comply with
Seller's obligation hereunder regarding prorations, costs, expenses, assignment
of security deposits, and removal of liens or encumbrances, and payment of taxes
and assessments, or Seller's authorization to Escrow Holder to use the cash
portion of the Purchase Price to comply with such of Seller's obligations;

                  (j)      keys to the Property and all other records and files
in Seller's possession relating to the operation of the Property; provided,
however, the foregoing items may be delivered directly to Buyer (or made
available for pick up by Buyer) promptly after the Close of Escrow.

         12.2     Buyer's Deliveries. At least one (1) business day prior to the
Closing Date, Buyer shall deliver to Escrow Holder the following documents,
fully executed and acknowledged where appropriate, and such other funds and
items as follows:

                  (a)      A counterpart of the Ground Lease Assignment;

                  (b)      A counterpart of the Assignment of Leases;

                  (c)      A counterpart of the Assignment of Service Contracts;

                  (d)      A Preliminary Change of Ownership Statement in form
suitable for filing with the Sacramento County Tax Collector;

                                      -13-

<PAGE>

                  (e)      Immediately available funds in the amount of the
balance of the cash portion of the Purchase Price; and

                  (f)      A counterpart of the Loan Assumption Documents.

         12.3     Escrow Holder's Deliveries. On the Close of Escrow, subject to
Escrow Holder having received the documents and monies required to be deposited
into Escrow pursuant to this Agreement and Escrow having received no written
notice by a party that a condition precedent to its obligation to close has not
been satisfied, Escrow shall do each of the following:

                  (a)      Duly record the Assignment of Ground Lease, the Deed
and the Loan Assumption Documents, if applicable, and arrange for the delivery
to the parties conformed copies thereof as soon as available.

                  (b)      Deliver originals of the Assignment of Ground Lease,
Bill of Sale, Tenant Notices, Loan Assumption Documents, Assignment of Leases
and Assignment of Service Contracts to Buyer.

                  (c)      Deliver originals of the Assignment of Ground Lease,
Assignment of Leases, Assignment of Service Contracts, Loan Assumption Documents
and the Purchase Price to Seller.

                  (d)      Cause the Title Company to deliver the Title Policy
to Buyer and any endorsements required by the Lender to the Lender.

                  (e)      Deliver the original Loan Assumption Documents to
Lender.

         13.      PRORATIONS, COSTS.

         13.1     Items to be Prorated. The following shall be prorated between
Seller and Buyer as of the Closing Date with the Buyer being deemed the owner of
the Property as of the Closing Date:

                  (a)      Taxes and Assessments. All non-delinquent property
taxes, assessments and other governmental impositions of any kind or nature,
including, without limitation, any special assessments or similar charges
(collectively, "TAXES"), which relate to the tax year within which the Closing
occurs based upon the actual number of days in the tax year. With respect to any
portion of the Taxes which are payable by any Tenant directly to the
authorities, no proration or adjustment shall be made. The proration for Taxes
shall be based upon the most recently issued tax bill for the Property. Upon the
Closing Date and subject to the adjustment provided above, Buyer shall be
responsible for Taxes on the Property payable from and after the Closing Date.
In no event shall Seller be charged with or be responsible for any increase in
the Taxes on the Property resulting from the sale of the Property or from any
improvements made or leases entered into after the Closing Date. With respect to
all periods for which Seller has paid Taxes, Seller hereby reserves the right to
institute or continue any proceeding or proceedings for the reduction of the
assessed valuation of the Property, and, in its sole discretion, to settle the
same. Seller shall have sole authority to control the progress of, and to make
all decisions with respect to, such proceedings but shall provide Buyer with
copies of all communications with the taxing authorities. All net tax refunds
and credits attributable to any period prior to the Closing Date which Seller
has paid or for which Seller has given a credit to Buyer shall

                                      -14-

<PAGE>

belong to and be the property of Seller, provided, however, that any such
refunds and credits that are the property of Tenants under Leases shall be
promptly remitted by Seller directly to such Tenants or to Buyer for the credit
of such Tenants. All net tax refunds and credits attributable to any period
subsequent to the Closing Date shall belong to and be the property of Buyer.
Buyer agrees to cooperate with Seller in connection with the prosecution of any
such proceedings and to take all steps, whether before or after the Closing
Date, as may be necessary to carry out the intention of this subparagraph,
including the delivery to Seller, upon demand, of any relevant books and
records, including receipted tax bills and cancelled checks used in payment of
such taxes, the execution of any and all consent or other documents, and the
undertaking of any acts necessary for the collection of such refund by Seller.
Buyer agrees that, as a condition to the transfer of the Property by Buyer,
Buyer will cause any transferee to assume the obligations set forth herein.

                  (b)      Rents. Buyer will receive a credit at closing for all
rents collected by Seller prior to the Closing and allocable to the period from
and after the Closing Date based upon the actual number of days in the month. No
credit shall be given the Seller for accrued and unpaid rent or any other
non-current sums due from Tenants until these sums are paid, and Seller shall
retain the right to collect any such rent provided Seller does not sue to evict
any tenants or terminate any Tenant Leases. Buyer shall cooperate with Seller
after Closing to collect any rent under the Tenant Leases which has accrued as
of the Closing; provided, however, Buyer shall not be obligated to sue any
Tenants or exercise any legal remedies under the Tenant Leases or to incur any
expense over and above its own regular collection expenses. All payments
collected from Tenants after Closing shall first be applied to the month in
which the Closing occurs, then to any rent due to Buyer for the period after
Closing and finally to any rent due to Seller for the period prior to Closing;
provided, however, notwithstanding the foregoing, if Seller collects any
payments from Tenants after Closing through its own collection efforts, Seller
may first apply such payments to rent due the Seller for the period prior to
Closing.

                  (c)      CAM Expenses. To the extent that Tenants are
reimbursing the landlord for common area maintenance and other operating
expenses(collectively, "CAM CHARGES"), CAM Charges shall be prorated at Closing
and again subsequent to Closing, as of the date of Closing on a lease-by-lease
basis with each party being entitled to receive a portion of the CAM Charges
paid under each Lease for the CAM Lease Year in which Closing occurs, which
portion shall be equal to the actual CAM Charges incurred during the party's
respective periods of ownership of the Property during the CAM Lease Year. As
used herein, the term "CAM LEASE YEAR" means the twelve (12) -month period as to
which annual CAM Charges are owed under each Lease. Five (5) days prior to
Closing the Seller shall submit to Buyer an itemization of its actual CAM
Charges expenditures through such date and the amount of CAM Charges received by
the Seller as of such date, together with an estimate of CAM Charges to be
incurred to, but not including, the Closing Date. In the event that the Seller
has received CAM Charges payments in excess of its actual CAM Charges
expenditures, the Buyer shall be entitled to receive a credit against the
Purchase Price for the excess. In the event that the Seller has received CAM
Charges less than its actual CAM Charges expenditures, to the extent that the
Leases provide for a "true up" at the end of the CAM Lease Year, the Seller
shall be entitled to receive any deficit but only after the Buyer has received
any true up payment from the Tenant; provided, however, Buyer shall remain
responsible for CAM Charges owing to Seller (with respect to Seller's period of
ownership) if and to the extent Buyer collected CAM Charges in excess of its
actual CAM Charge expenditures (with respect to Buyer's period of ownership).
Upon receipt by either party of any CAM Charge true up payment from a Tenant,
the party receiving the same shall provide to the other party its allocable
share of the "true up" payment within five (5) days of the receipt thereof. To
assist the

                                      -15-

<PAGE>

Buyer in preparing "true up" reconciliation at the end of the CAM Lease Year,
the Seller shall deliver to the Buyer at Closing records of all of the Seller's
CAM Charge expenditures.

                  (d)      Operating Expenses. All operating expenses (including
all charges under the Service Contracts assumed by Buyer) shall be prorated, and
as to each service provider, operating expenses payable or paid to such service
provider in respect to the billing period of such service provider in which the
Closing Date occurs (the "CURRENT BILLING PERIOD"), shall be prorated on a per
diem basis based upon the number of days in the Current Billing Period prior to
the Closing Date and the number of days in the Current Billing Period from and
after the Closing Date, and assuming that all charges are incurred uniformly
during the Current Billing Period. If actual bills for the Current Billing
Period are unavailable as of the Closing Date, then such proration shall be made
on an estimated basis based upon the most recently issued bills, subject to
readjustment upon receipt of actual bills.

                  (e)      Security Deposits; Prepaid Rents. Prepaid rentals and
security deposits (including any portion thereof which may be designated as
prepaid rent) under Leases, if and to the extent that such deposits are in
Seller's actual possession or control and have not been otherwise applied by
Seller to any obligations of any Tenants under the Leases, shall be credited
against the Purchase Price, and upon the Closing, Buyer shall assume full
responsibility for all security deposits to be refunded to the Tenants under the
Leases (to the extent the same are required to be refunded by the terms of such
Tenant Leases or applicable). In the event that any security deposits are in the
form of letters of credit or other financial instruments (the "NON-CASH SECURITY
DEPOSITS"), Seller will, at Closing cause Buyer to be named as beneficiary under
the Non-Cash Security Deposits. Buyer will not receive a credit against the
Purchase Price for such Non-Cash Security Deposits. In the event that the Buyer
cannot be named the beneficiary under the Non-Cash Security Deposits as of the
Closing Date, an escrow shall be established at Closing in an amount equal to
all Non-Cash Security Deposits under which Buyer is not the beneficiary as of
the Closing Date.

                  (f)      Leasing Costs.

                           (i)      Seller shall receive a credit at the Closing
for all leasing costs, including tenant improvement costs and allowances, and
its pro-rata leasing commissions, previously paid by Seller in connection with
any Lease or modification to an existing Lease which was entered into after the
mutual execution of this Agreement and which is approved or deemed approved by
Buyer pursuant to this Agreement, which approval included approval of the tenant
improvement costs. Seller's pro-rata share shall be equal to a fraction which
has as its numerator the number of months (or partial months) left in the base
term of the Lease after the Closing Date and which has as its denominator the
number of months in the base term of the Lease.

                           (ii)     Seller shall pay for all tenant improvement
allowances and leasing commissions with respect to any portion of the Property
leased as of the mutual execution of this Agreement by the Tenants pursuant to
the Leases in effect as of the mutual execution of this Agreement, to the extent
that such improvement allowances and leasing commissions are due and payable as
of the Closing Date.

                  (g)      Percentage Rent. Any percentage rents due or paid
under any of the Leases ("PERCENTAGE RENT") shall be prorated between Buyer and
Seller outside of Escrow as of the Closing Date on a Lease-by-Lease basis, as
follows; (a) Seller shall be entitled to receive the portion of the

                                      -16-

<PAGE>

Percentage Rent under each Lease for the Lease Year in which Closing occurs,
which portion shall be the ratio of the number of days of said Lease Year in
which Seller was Landlord under the Lease to the total number of days in the
Lease Year, and (b) Buyer shall receive the balance of Percentage Rent paid
under each Lease for the Lease Year. As used herein, the term "LEASE YEAR" means
the twelve (12) -month period as to which annual Percentage Rent is owed under
each Lease. Upon receipt by either Buyer or Seller of any gross sales
reports("GROSS SALES REPORTS")and any full or partial payment of Percentage Rent
from any tenant of the Property, the party receiving the same shall provide to
the other party a copy of the Gross Sales Report and a check for the other
party's pro-rata share of the Percentage Rent within five (5) days of the
receipt thereof. In the event that the Tenant only remits a partial payment,
then the amount to be remitted to the other party shall be its pro-rata share of
the partial payment. Nothing contained herein shall be deemed or construed to
require either Buyer to Seller to pay to the other party its pro-rata share of
the Percentage Rent prior to receiving the Percentage Rent from the Tenant, and
the acceptance or negotiation of any check for Percentage Rent by either party
shall not be deemed a waiver of that party's right to contest the accuracy or
amount of the Percentage Rent paid by the Tenant.

                  (h)      Calculation; Reproration. Seller shall prepare and
deliver to Buyer no later than five (5) days prior to the Closing Date an
estimated closing statement which shall set forth the prorations and credits
provided for in this section. Any item which cannot be finally prorated because
of the unavailability of information shall be tentatively prorated on the basis
of the best data then available and adjusted when the information is available
in accordance with this subparagraph. Buyer shall notify Seller within two (2)
days after its receipt of such estimated closing statement of any items which
Buyer disputes, and the parties shall attempt in good faith to reconcile any
differences not later than one (1) day before the Closing Date. The estimated
closing statement as adjusted as aforesaid and approved in writing by the
parties (which shall not be withheld if prepared in accordance with this
Agreement)shall be referred to herein as the "CLOSING STATEMENT". If the
prorations and credits made under the Closing Statement shall prove to be
incorrect or incomplete for any reason, then either party shall be entitled to
an adjustment to correct the same; provided, however, that any adjustment shall
be made, if at all, within one hundred eighty (180) days after the Closing Date
(except with respect to CAM Charges and Taxes, in which case such adjustment
shall be made within thirty (30) days after the information necessary to perform
such adjustment is available), and if a party fails to request an adjustment to
the Closing Statement by a written notice delivered to the other party within
the applicable period set forth above (such notice to specify in reasonable
detail the items within the Closing Statement that such party desires to adjust
and the reasons for such adjustment), then the prorations and credits set forth
in the Closing Statement shall be binding and conclusive against such party.

                  (i)      Items Not Prorated. Seller and Buyer agree that (a)
on the Closing Date, the Property will not be subject to any financing arranged
by Seller; (b) none of the insurance policies relating to the Property will be
assigned to Buyer and Buyer shall responsible for arranging for its own
insurance as of the Closing Date; and (c) utilities, including telephone,
electricity, water and gas, shall be read on the Closing Date and Buyer shall be
responsible for all the necessary actions needed to arrange for utilities to be
transferred to the name of Buyer on the Closing Date, including the posting of
any required deposits and Seller shall be entitled to recover and retain from
the providers of such utilities any refunds or overpayments to the extent
applicable to the period prior to the Closing Date, and any utility deposits
which it or its predecessors may have posted. Accordingly, there will be no

                                      -17-

<PAGE>

prorations for debt service, insurance or utilities. In the event a meter
reading is unavailable for any particular utility, such utility shall be
prorated in the manner provided in subparagraph (d) above.

                  (j)      Indemnification. Buyer and Seller shall each
indemnify, protect, defend and hold the other harmless from and against any
claim in any way arising from the matters for which the other receives a credit
or otherwise assumes responsibility pursuant to this Paragraph.

                  (k)      Survival. This Paragraph shall survive the Closing
Date.

         13.2     Costs. Each party shall pay all attorneys' fees, accounting
fees, and other expenses incurred by it in connection with the transactions
contemplated hereby. Seller shall pay: (i) the CLTA portion of the premium for
the Title Policy, (ii) one-half (1/2) of all escrow fees, (iii)all recording
fees; and (iv) all documentary transfer taxes. Buyer shall pay: (a) one-half
(1/2) of all escrow fees, (b) the ALTA portion of the premium for the Title
Policy and the premiums and costs for any endorsements or extended coverages
obtained by Buyer in connection with the Title Policy or in connection with the
loan assumption; (c) the premiums for the lender's policy, if any; and (d)all
loan assumption fees and costs. All other closing costs shall be apportioned in
the manner customary in the county where the Property is located.

         13.3     Cancellation Fees. Notwithstanding the foregoing Paragraph
13.2, in the event of a default by Seller or Buyer hereunder, all cancellation
fees and other Escrow charges shall be borne by the defaulting party.

         13.4     Commissions and Tenant Improvements. Except for leasing
commissions and tenant improvements allowances which are currently due and
payable as of the date of this Agreement (which shall be paid by Seller), Buyer
shall pay all leasing commissions and tenant improvement allowances which (i)
relate to new leases executed after the Closing Date; (ii) relate to extensions,
expansions and modifications of existing leases executed after the Closing Date;
(iii) subject to the proration provisions set forth in Paragraph 13.1(f) above,
relate to new leases, or extensions, expansions or modifications of existing
Leases executed either (A) after the date of this Agreement but before the
Contingency Date; or (B) after the Contingency Date (but prior to Closing) if
the same have been approved (or deemed approved) by Buyer pursuant to Paragraph
10 above; (iv) relate to the exercise of expansion or renewal rights of Leases
where such exercise occurs after the mutual execution of this Agreement; and (v)
relate to refurbishment obligations of landlord under such Leases, where such
obligation arises after the mutual execution of this Agreement.

         14.      CONDITIONS PRECEDENT.

         14.1     The obligation of Buyer to consummate the conveyance of the
Property hereunder is subject to the satisfaction of each of the following
conditions precedent:

                  (a)      The representations and warranties of Seller
contained in Articles 7 and 8 shall be true on and as of the Close of Escrow as
if the same were made on and as of that date.

                  (b)      Seller shall have performed and complied with all
agreements, covenants and conditions required by this Agreement to be performed
or complied with by Seller prior to or on the Close of Escrow.

                                      -18-

<PAGE>

                  (c)      The Title Company shall be unconditionally committed
to issue the Title Policy to Buyer subject only to the Permitted Exceptions.

                  (d)      There shall not have been filed by or against Seller
at any time prior to or on the Close of Escrow any bankruptcy, reorganization or
arrangement petition.

                  (e)      Buyer's timely approval or deemed approval of all
matters and items referred to in Article 9.

                  (f)      Satisfaction of the conditions relating to the
assumption of the Existing Loan Documents as set forth in Paragraph 4.3.

                  (g)      Seller shall have terminated all management
agreements effecting the Property.

         14.2     The obligation of Seller to consummate the conveyance of the
Property hereunder is subject to the satisfaction of each of the following
conditions precedent:

                  (a)      The representations and warranties of Buyer contained
in Articles 6 and 8 shall be true on and as of the Close of Escrow as if the
same were made on and as of that date.

                  (b)      Buyer shall have performed and complied with all
agreements, covenants and conditions required by this Agreement to be performed
or complied with by Buyer prior to or on the Close of Escrow.

                  (c)      There shall not have been filed by or against Buyer
at any time prior to the Close of Escrow any bankruptcy, reorganization or
arrangement petition.

                  (d)      Satisfaction of the conditions relating to the
assumption of the Existing Loan Documents as set forth in Paragraph 4.3.

         15.      COOPERATION REGARDING TAX-DEFERRED EXCHANGE.

         15.1     Although this Agreement is not conditioned upon the
consummation of a concurrent or delayed exchange in accordance with Section 1031
of the Internal Revenue Code of 1986, Buyer acknowledges that Seller may desire
to utilize all or a portion of the Purchase Price paid by Buyer for the Property
in this Escrow in connection with such an exchange. Seller shall have the right,
without the need of any further approval or consent of Buyer at all times during
the term of the Escrow and prior to the Close of Escrow, to convey all or a
portion of the Property and assign and delegate Seller's corresponding rights
and obligations under this Agreement to an intermediary party designated by
Seller for the purpose of effecting such an exchange. Seller hereby indemnifies
Buyer and holds Buyer harmless from and against all loss, cost, damage,
liability and expense (including without limitation reasonable attorneys' fees
and costs) arising out of or incurred in connection with Buyer's cooperation
with Seller pursuant to this Paragraph 15.1. Seller acknowledges and agrees that
Buyer shall cooperate with Seller as provided above as an accommodation to
Seller only, and Buyer makes no representations or warranties of any kind
regarding whether the consummation of this Agreement or

                                      -19-

<PAGE>

any other escrow of Seller shall result in any tax benefit to Seller or shall
qualify as a tax-deferred exchange under Section 1031 of the Internal Revenue
Code of 1986. Seller's failure to close any other escrow in connection with such
an exchange shall have no effect upon, delay or interfere with the Closing of
this Close of Escrow pursuant to this Agreement.

         15.2     Although this Agreement is not conditioned upon the
consummation of a concurrent or delayed exchange in accordance with Section 1031
of the Internal Revenue Code of 1986, Seller acknowledges that Buyer may acquire
the Property in connection with such an exchange. Buyer shall have the right,
without the need of any further approval or consent of Seller at all times
during the term of the Escrow, to assign and delegate Buyer's rights and
obligations under this Agreement to an intermediary party designated by Buyer
for the purpose of effecting such an exchange. Buyer hereby indemnifies Seller
and holds Seller harmless from and against all claims, loss, cost, damage,
liability and expense (including without limitation reasonable attorneys' fees
and costs)arising out of or incurred in connection with Seller's cooperation
with Buyer pursuant to this Paragraph 15.2. Buyer acknowledges and agrees that
Seller shall cooperate with Buyer as provided above as an accommodation to Buyer
only, and Seller makes no representations or warranties of any kind regarding
whether the consummation of this Agreement or any other escrow of Buyer shall
result in any tax benefit to Buyer or shall qualify as a tax-deferred exchange
under Section 1031 of the Internal Revenue Code of 1986. Buyer's failure to
close any other escrow in connection with such an exchange shall have no effect
upon, delay or interfere with the Close of Escrow pursuant to this Agreement.
Seller shall not have any obligation to incur any expense or liability,
including, without limitation, taking title to any other property in connection
with any such exchange by Buyer.

         16.      CASUALTY; CONDEMNATION.

         16.1     Partial Damage. In the event of the occurrence of any casualty
to the Property prior to the Close of Escrow which shall cost Two Hundred
Thousand Dollars ($200,000.00) or less to repair (as determined by an
independent contractor selected by Seller and reasonably approved by Buyer), the
obligations of the parties hereunder shall be unaffected and the parties shall
proceed to closing without reduction of the Purchase Price. In such case, Seller
shall assign to Buyer any available insurance proceeds, together with a credit
for any insurance deductible (or if uninsured, a credit for the reasonable
repair cost of such casualty).

         16.2     Material Damage or Condemnation. In the event of the
occurrence of any of the following prior to the Close of Escrow: (i) the
commencement of any eminent domain or condemnation proceedings with respect to
any portion of the Property, or(ii) any casualty which shall cost in excess of
Two Hundred Thousand Dollars ($200,000.00) to repair, either party may terminate
this Agreement and the rights and obligations of the parties on written notice
to the other party given prior to the Close of Escrow in which case Seller and
Buyer shall each be responsible for one-half (1/2) of any escrow costs and
cancellation fees. If neither party terminates in a timely manner pursuant to
this Paragraph 16.2, then the parties shall proceed to the Close of Escrow
without any reduction of the Purchase Price or other change in terms and Seller
shall assign to Buyer at closing all insurance or condemnation proceeds together
with a credit for any insurance deductible (exclusive of any earthquake
deductible).

         17.      LIQUIDATED DAMAGES. IF BUYER SHOULD DEFAULT OR BREACH ITS
OBLIGATIONS UNDER THIS AGREEMENT, SELLER SHALL BE ENTITLED TO RECEIVE AND
RETAIN, AS

                                      -20-

<PAGE>

LIQUIDATED DAMAGES, THE DEPOSIT PLUS ANY INTEREST EARNED THEREON. THE PARTIES
ACKNOWLEDGE THAT SAID SUM IS FAIR AND REASONABLE IN LIGHT OF ALL OF THE
CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, INCLUDING THE PARTIES'
ESTIMATION OF THE POSSIBLE RANGE OF DAMAGES TO SELLER IN THE EVENT OF SUCH A
DEFAULT OR BREACH BY BUYER, THE PARTIES HERETO HEREBY AGREEING THAT THE DAMAGES
TO SELLER IN THE EVENT OF BUYER'S DEFAULT OR BREACH WOULD BE IMPOSSIBLE TO
ACCURATELY DETERMINE AND THAT PROOF OF THE AMOUNT OF SUCH DAMAGES WOULD BE
COSTLY AND INCONVENIENT. SUCH LIQUIDATED DAMAGES SHALL BE SELLER'S SOLE AND
EXCLUSIVE REMEDY FOR BUYER'S DEFAULT OR BREACH AND BUYER SHALL HAVE NO OTHER OR
FURTHER OBLIGATION OR LIABILITY UNDER THIS AGREEMENT TO SELLER ON ACCOUNT OF
SUCH DEFAULT OR BREACH (EXCEPT FOR BUYER'S CONTINUING OBLIGATIONS UNDER
PARAGRAPHS 8.2, 9.1 AND 21). SELLER AND BUYER HEREBY AGREE, AND SO INSTRUCT
ESCROW HOLDER. BY INITIALING THIS PROVISION IN THE SPACE BELOW, SELLER AND BUYER
EACH SPECIFICALLY AFFIRM THEIR RESPECTIVE AGREEMENTS CONTAINED IN THIS ARTICLE
17.

BUYER'S INITIALS:  [ILLEGIBLE]                SELLER'S INITIALS: [ILLEGIBLE]
                   -----------                                   -----------
         18.      NOTICES. Any notice, demand or document which any party is
required or may desire to give, deliver or make to any other party shall be in
writing, and may be personally delivered or given or made by United States
registered or certified mail, return receipt requested, by overnight delivery
service (e.g., Federal Express), or by telecopied transmission addressed as
follows:

         To Seller:           RPD PROPERTIES II, LLC
                              11812 San Vicente Boulevard, Suite 210
                              Los Angeles, California 90049

                              Attn: Mr. A. Stuart Rubin
                              Fax: (310) 207-6490

         With copy to:        ROSENFELD, WOLFF, ARONSON & KLEIN
                              1901 Avenue of the Stars, Suite 500
                              Los Angeles, California 90067

                              Attn: David C. Klein, Esq.
                              Fax: (310) 556-0401

         TO Buyer:                     TRIPLE NET PROPERTIES
                              1551 North Tustin Avenue, Suite 650
                              Santa Ana, California 92705

                              Attn: Anthony W. Thompson
                              Fax: (714) 667-6860

         With a copy to:      HIRSCHLER FLEISCHER
                              701 East Byrd Street, 15th Floor
                              Richmond, Virginia 23219

                                      -21-

<PAGE>

                          Attn: Louis J. Rodgers, Esq.
                          Fax: (804) 644-0957

Any party may designate a different address for itself by notice similarly
given. Any notice, demand or document so given, delivered or made by United
States mail shall be deemed to have been given three (3) business days after the
same is deposited in the United States mail as registered or certified matter,
addressed as above provided, with postage thereon fully prepaid. Any notice,
demand or document delivered by overnight delivery service shall be deemed
complete upon actual delivery or attempted delivery, provided such attempted
delivery is made on a business day. Any such notice, demand or document given by
facsimile transmission shall be deemed made upon delivery of the same (as
verified by facsimile confirmation); provided, however, if the same is delivered
by facsimile on Saturday, Sunday or a federal holiday, or after 6:00 p.m. local
time, the same shall be deemed delivered on the next business day.

         19.      FURTHER ASSURANCES. Seller and Buyer agree that at any time or
from time to time after the execution of this Agreement and whether before or
after the closing they shall, upon request of each other, execute and deliver
such further documents and do such further acts and things as such party may
reasonably request in order to fully effect the purpose of this Agreement.

         20.      INDEMNIFICATION. Buyer hereby saves, indemnifies, defends and
holds harmless Seller and its successors and assigns from and against any and
all loss, cost, damage, liability and expenses (including without limitation
attorneys' fees and costs) resulting from or arising out of any failure or
breach of any of Buyer's warranties, representations, covenants, agreements or
obligations set forth in this Agreement or arising with respect to the Property
from and after the Close of Escrow. Seller shall notify Buyer of any such claim
within ten (10) days after Seller has notice of such claim, but failure to
notify Buyer shall in no case prejudice the rights of Seller under this
Agreement unless Buyer shall be prejudiced by such failure and then only to the
extent of such prejudice. Buyer shall have the right to defend such claim with
counsel of its own choice, subject to the reasonable written approval of such
counsel by Seller. Should Buyer fail to discharge or undertake to defend Seller
against such claim upon learning of the same, then Seller may settle such claim
and Buyer's liability to Seller shall be conclusively established by such
settlement, the amount of such liability to include both the settlement
consideration and the reasonable costs and expenses, including attorneys' fees,
incurred by Seller in effecting such settlement.

         21.      ATTORNEYS' FEES. In the event of any action for breach of, to
enforce the provisions of, or otherwise involving this Agreement, the court in
such action shall award a reasonable sum as attorneys' fees to the party who, in
the light of the issues litigated and the court's decision on those issues, was
more successful in the action. The more successful party need not be the party
who recovers a judgment in the action. If a party voluntarily dismisses an
action, a reasonable sum as attorneys' fees shall be awarded to the other party.

         22.      MISCELLANEOUS PROVISIONS.

         22.1     Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto pertaining to the subject matter hereof and
supersedes all prior agreements, oral or written, express or implied, and all
understandings, negotiations or discussions of the parties, whether

                                      -22-

<PAGE>

oral or written, and there are no warranties, representations or agreements
between the parties in connection with the subject matter hereof except as are
set forth herein.

         22.2     Partial Invalidity. If any term or provision of this Agreement
or the application thereof to any person or circumstance shall, to any extent,
be invalid or unenforceable, the remainder of this Agreement, or the application
of such term or provision to persons or circumstances other than those as to
which it is held invalid or unenforceable, shall not be affected thereby, and
each such term and provision of this Agreement shall be valid and be enforced to
the fullest extent permitted by law.

         22.3     No Waiver of Breach. No waiver by any party of any breach
hereunder shall be deemed a waiver of any other or subsequent breach.

         22.4     Amendments. This Agreement may not be altered, amended,
changed, waived, terminated or modified in any respect or particular unless the
same shall be in writing and signed by or on behalf of the party to be charged
therewith.

         22.5     Waiver of Conditions. Either party may, at any time or times,
at its election, waive any of the conditions to its obligations hereunder, but
any such waiver shall be effective only if contained in a writing signed by such
party. No waiver shall reduce the rights and remedies of such party by reason of
any breach of the other party.

         22.6     Assignments; Successors and Assigns. Buyer shall not assign
this Agreement without the prior written consent of Seller, which consent shall
not be unreasonably withheld; provided, however, Buyer shall have the right,
without Seller's consent (but with written notice to Seller at least five (5)
business days prior to the Closing Date), to assign this Agreement to an entity
managed or controlled by Buyer or to "Registered Company" as permitted pursuant
to Paragraph 22.20 below; provided that such assignee is acceptable to the
Lender and does not adversely affect or delay the loan assumption set forth in
Section 4.3. In the event of an assignment of this Agreement by Buyer in
accordance with the terms of this Section, the assignor shall not be released
from liability hereunder. Subject to the foregoing, this Agreement shall be
binding upon and inure to the benefit of the parties hereto and to their
respective successors and assigns.

         22.7     Survival. Except as specifically provided to the contrary in
this Agreement, each and every agreement, obligation, warranty, representation,
covenant and indemnification of Seller and Buyer contained herein shall survive
the closing hereunder and the transfer and conveyance of the Property and any
and all performances hereunder.

         22.8     Time. Time is of the essence of this Agreement

         22.9     Remedies. Except as otherwise specifically provided herein, no
remedy conferred upon a party in this Agreement is intended to be exclusive of
any other remedy herein or by law provided or permitted, but each shall be
cumulative and shall be in addition to every other remedy given hereunder or now
or hereafter existing at law or in equity or by statute.

         22.10    Meaning of Certain Words. Wherever appropriate in this
Agreement, the singular shall be deemed to refer to the plural and the plural to
the singular, and pronouns of certain genders shall be deemed to include either
or both of the other genders.

                                      -23-

<PAGE>

         22.11    California Law. This Agreement shall be construed and enforced
in accordance with the laws of the State of California.

         22.12    Headings and Labels. All article and paragraph titles or
captions are for convenience only and shall not be deemed a part of this
Agreement.

         22.13    Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but which when taken together shall
constitute one and the same instrument.

         22.14    Exhibits. All of the Exhibits attached to this Agreement are
incorporated herein as if set forth in full.

<TABLE>
<S>             <C>
Exhibit A       Legal Description
Exhibit B       Schedule of Leases
Exhibit C       Ground Lease Estoppel Certificate
Exhibit D       Assignment of Ground Lease
Exhibit E       Quitclaim Deed
Exhibit F       Bill of Sale
Exhibit G       Assignment and Assumption of Leases
Exhibit H       Assignment of Service Contracts, Intangibles, Warranties and Guarantees
Exhibit I       Tenant Notices
</TABLE>

         22.15    Construction. This Agreement shall not be construed as if it
had been prepared by one of the parties, but rather as if both parties had
prepared the same.

         22.16    Performance. If the date on which Buyer or Seller is required
to take any action under the terms of this Agreement occurs on a Saturday,
Sunday, or Federal or State Holiday, then the action shall be taken on the next
succeeding business day.

         22.17    No Third Party Beneficiaries. The parties do not intend to
confer any benefit hereunder on any person, firm or corporation other than the
parties hereto.

         22.18    Limitation of Liability of Buyer and Seller. Notwithstanding
any other provision of this Agreement to the contrary, in no event shall Seller
have any liability for speculative, special, consequential, punitive, or any
damages (including any damages from Buyer's failure to complete a 1031 exchange
or damages to Buyer's Broker) other than actual damages under any provision of
this Agreement.

         22.19    Confidentiality. This Agreement is being executed with the
understanding that Buyer and its affiliates and agents, if any, shall treat all
information herein (as well as all Materials, reports, tests, studies, plans and
other due diligence information obtained from Seller or by Buyer) as
confidential, and Buyer shall not disclose any such information or the terms or
conditions of the transaction contemplated by this Agreement without the express
written consent of Seller; provided, however, it is understood and agreed that
Buyer may disclose and discuss any matters pertaining to this Agreement or the
Property (a) to the extent required by law; and (b) to or with such party's
officers,

                                      -24-

<PAGE>

employees, agents, attorneys and consultants who also agree to maintain such
confidentiality. Buyer shall indemnify Seller and hold Seller harmless from and
against any loss incurred by Seller as a result of a breach of the foregoing.

         22.20    Cooperation with S-X 3-14 Audit. Seller acknowledges that
Buyer intends to assign all of its rights, title and interest in and to this
Agreement. The assignee may be a publicly registered company ("REGISTERED
COMPANY") promoted by Buyer. Seller acknowledges that it has been advised that
if the Buyer is a Registered Company, the assignee is required to make certain
filings with the Securities and Exchange Commission (the "SEC FILINGS")that
relate to the most recent pre-acquisition fiscal year (the "AUDITED YEAR") for
the Property. To assist the assignee in preparing the SEC Filings, Seller agrees
to provide the assignee with the following: (a) access to bank statements for
the Audited Year; (b) rent roll as of the end of the Audited Year; (c) operating
statements for the Audited Year; (d) access to the general ledger for the
Audited Year; (e)cash receipts schedule for each month in the Audited Year; (f)
access to invoice for expenses and capital improvements in the Audited Year; (g)
copies of all insurance documentation for the Audited Year; (h) copies of
accounts receivable aging as of the end of the Audited Year and an explanation
for all accounts over thirty (30) days past due as of the end of the Audited
Year, and (i) signed representation letter at the end of the field work.

         The provisions of this Paragraph 22.20 shall survive Closing.

                                      -25-

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement of
Purchase and Sale of Property and Escrow Instructions on the dates and at the
places set forth opposite their signatures below.

"SELLER"

RPD PROPERTIES II, LLC,
a California limited liability company

By:      RPD Properties, Inc.,
         a California corporation

         By: [ILLEGIBLE]
             ------------             Executed this 16th day of July, 2003,

         Its: ______________________  _____ at__________________________

"BUYER"

TRIPLE NET PROPERTIES, LLC,
a Virginia limited liability company

By: Anthony W. Thompson      Executed this 16 day of July, 2003,

Its: President               at [ILLEGIBLE]

"ESCROW"

ACKNOWLEDGED AND ACCEPTED THIS
18TH DAY OF JULY, 2003

COMMONWEALTH LAND TITLE
INSURANCE COMPANY

By:         [ILLEGIBLE]
    ----------------------------
            ARWEN ESTELLE
    Certified Senior Escrow Officer

                                      -26-

<PAGE>

Its: _______________________________

                                      -27-

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