Document:

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                                                                    Exhibit 10.9

                                    AGREEMENT

                              BANK OF AMERICA, N.A.
                                   ("Seller")

                                       and

                     AMERICAN FINANCIAL RESOURCE GROUP, LLC
                                  ("Purchaser")

                            DATED: NOVEMBER 22, 2000

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                               TABLE OF CONTENTS

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                                                                                       Page
<S>                                                                                    <C>
      PRELIMINARY STATEMENT .........................................................    1

1.    DEFINED TERMS .................................................................    1

2.    TERM OF AGREEMENT .............................................................    3

3.    SALE AND PURCHASE OF CLOSED PROPERTIES ........................................    4

4.    CLOSED PROPERTIES - REAL AND PERSONAL ASSETS ..................................    4

5.    CLOSED FEE PROPERTIES PRICE; PROCEDURE FOR DETERMINATION ......................    5

6.    ADDITIONAL PURCHASE PRICE PAYMENT ON RESALE OF CLOSED FEE PROPERTIES ..........    6

7.    CLOSED LEASEHOLD PROPERTIES; ASSUMPTION PAYMENT ...............................    8

8.    SETTLEMENT ....................................................................   10

9.    TITLE .........................................................................   11

10.   SERVICE AND MAINTENANCE CONTRACTS .............................................   13

11.   DOCUMENTS TO BE DELIVERED BY SELLER AT SETTLEMENT .............................   13

12.   DOCUMENTS TO BE DELIVERED BY PURCHASER AT SETTLEMENT ..........................   14

13.   POSSESSION ....................................................................   15

14.   ADJUSTMENTS ...................................................................   15

15.   EXPENSES ......................................................................   16

16.   DEFAULT .......................................................................   16

17.   RISK OF LOSS ..................................................................   17

18.   BROKERS .......................................................................   18

19.   CLOSED PROPERTIES "AS-IS." ....................................................   18

20.   DISCLAIMER ....................................................................   18

21.   DUE DILIGENCE PERIOD; PURCHASER'S ACCESS TO CLOSED PROPERTIES .................   21

22.   NOTICES AND ASSESSMENTS: TAX APPEALS ..........................................   23

23.   NOTICES .......................................................................   23

24.   NO SURVIVAL ...................................................................   23

25.   FURTHER ASSURANCES ............................................................   23

26.   DEPOSIT .......................................................................   24

27.   MISCELLANEOUS .................................................................   24

28.   PURCHASER'S REPRESENTATIONS ...................................................   27

29.   SELLER'S REPRESENTATIONS ......................................................   27

30.   INDEMNIFICATION ...............................................................   28

31.   CONFIDENTIALITY ...............................................................   29

32.   NO OFFER ......................................................................   29

33.   NO LIABILITY ..................................................................   29
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                                      -i-

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                                    AGREEMENT

     THIS AGREEMENT ("Agreement"), made this November 22, 2000, between BANK OF
AMERICA, N.A., a national banking association, having an address at
NC1-007-52-02, 100 North Tryon Street, Suite 5210, Charlotte, NC 28255
("Seller") and AMERICAN FINANCIAL RESOURCE GROUP, LLC, a Delaware limited
liability company, having an address at 1725 The Fairway, Jenkintown,
Pennsylvania 19046 ("Purchaser").

                              Preliminary Statement

     WHEREAS, Seller owns various properties (individually, a "Fee Property,"
and collectively, the "Fee Properties," as hereinafter described) located in the
Designated Territory (as hereinafter defined); and

     WHEREAS, Seller owns various leasehold estates (individually, a "Leasehold
Property" and collectively, the "Leasehold Properties," as hereinafter
described), located in the Designated Territory; and

     WHEREAS, Seller desires to sell to Purchaser those Fee Properties that
Seller, in its sole and absolute discretion, has determined or may determine to
be surplus properties and transfer to Purchaser (by way of assignment) those
Leasehold Properties that Seller, in its sole and absolute discretion, has
determined or may determine to be surplus properties on an ongoing basis, and
Purchaser desires to purchase such Fee Properties and assume Seller's leasehold
interests in such Leasehold Properties from Seller on an ongoing basis, all on
the terms and conditions hereinafter provided.

     NOW, THEREFORE, in consideration of the covenants and mutual promises
contained herein and other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), Seller and Purchaser, intending
to be legally bound hereby, agree as follows:

     1. Defined Terms. The following terms shall have the meanings set forth
below when used in this Agreement:

        (a) "Bank Branch Property" means a Fee Property or a Leasehold Property
that is configured to operate, without material modification, as a bank branch
and contains a teller counter, vault, safe deposit boxes (unless removed by
Seller as permitted by Section 3 hereof) and other customary bank branch
installations and equipment. A Fee Property or a Leasehold Property shall not
qualify as a Bank Branch Property unless at least 25% of its gross building area
is used or is readily usable without material modification for direct bank
branch operations.

        (b) "Closed Fee Properties" means those surplus Fee Properties within
the Designated Territory (except for "Excluded Properties") that Seller, in
Seller's sole and absolute discretion, has previously closed or determines from
time to time to close and/or dispose of during the term of this Agreement.

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        (c) "Closed Leasehold Properties" means those surplus Leasehold
Properties within the Designated Territory (except for "Excluded Properties")
that Seller, in Seller's sole and absolute discretion, has previously closed or
determines from time to time to close and/or dispose of during the term of this
Agreement.

        (d) "Closed Properties" means those Closed Fee Properties and Closed
Leasehold Properties within the Designated Territory that Seller becomes
obligated to sell and/or assign to Purchaser, and Purchaser becomes obligated to
purchase and/or assume from Seller, during the term of this Agreement. A Fee
Property or a Leasehold Property shall not become a Closed Property unless and
until, if ever, Seller has issued a Closed Property Designation Notice (as
defined below) with respect to the same.

        (e) "Closed Property Designation Notice" means a written designation by
Seller of a Fee Property or Leasehold Property as a Closed Property and which
sets forth, at a minimum, (i) the location and street address of the Closed
Property, (ii) whether the Closed Property is a Fee Property or a Leasehold
Property, (iii) whether or not the Closed Property is a Bank Branch Property and
(iv) the actual or anticipated Operations Closing Date (as hereinafter defined)
for the Closed Property or, if Seller desires to continue business operations at
the Closed Property after Settlement (as hereinafter defined) with Purchaser
thereon, Seller's proposed terms and conditions for such continued use and
occupancy.

        (f) "Closed Property Notification Date" means as to any Fee Property and
any Leasehold Property the date on which Seller notifies Purchaser of Seller's
designation of such Fee Property or Leasehold Property as a Closed Property by
giving Purchaser a Closed Property Designation Notice with respect to such Fee
Property or Leasehold Property.

        (g) "Designated Territory" means Virginia, Maryland, District of
Columbia, North Carolina, South Carolina, Georgia, Tennessee, Florida, Texas,
New Mexico, Illinois, Missouri, Iowa, Arkansas, Oklahoma and Kansas.

        (h) "Excluded Properties" means surplus Fee Properties and surplus
Leasehold Properties that are in one or more of the following categories:

            (i)   properties that Seller is required to dispose of by any
applicable governmental law or regulation;

            (ii)  properties that Seller elects to dispose of to another
financial institution as an operating bank branch with customer deposits;

            (iii) properties that Seller at any time elects (even after
designation as a

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Closed Property) to continue to use itself;

            (iv)   properties that Seller at any time elects (even after
designation as a Closed Property) to convey or lease to an affiliate of Seller
for use by such affiliate;

            (v)    properties in which Seller has a leasehold interest with
seven years or less of remaining term, including unexercised renewals;

            (vi)   properties that Seller elects to convey or lease to someone
other than Purchaser after a Closed Property Designation Notice has been issued
by Seller, provided that (A) such right to designate shall be exercised, if at
all, on or before the 30th day following the Closed Property Notification Date,
(B) Seller may not identify more than two Closed Properties per state in the
Designated Territory in any given calendar year (with any partial calendar years
during which the term of this Agreement shall commence or terminate being
considered as a full calendar year for the purposes of this provision and
provided further that Seller may carry over any unused exclusions from year to
year), (C) Seller shall reimburse Purchaser for Purchaser's actual, reasonable,
out-of-pocket costs and expenses (to the extent documented, to Seller's
reasonable satisfaction, by copies of paid invoices and bills and cancelled
checks) for all title, survey, environmental, structural analysis and other
physical conditions investigative costs incurred by Purchaser with respect to
such Excluded Properties, and (D) copies of any title, survey and other due
diligence reports and evaluations for such Excluded Properties obtained by
Purchaser shall be delivered to Seller, without representation or warranty and
with a disclaimer of reliance;

            (vii)  Fee Properties or Leasehold Properties that are not Bank
Branch Properties, unless Purchaser, within 15 business days following the
Closed Property Notification Date therefor, notifies Seller in writing of
Purchaser's election to acquire such non-Bank Branch Properties as Closed
Properties (the date on which Purchaser so notifies Seller of Purchaser's
election to acquire a non-Bank Branch Property, the "Purchaser Acceptance
Date"); or

            (viii) properties for which Seller has not issued a Closed Property
Designation Notice.

        (i) "Operations Closing Date" means the date on which Seller ceases its
business operations at a Closed Property.

     2. Term of Agreement. The term of this Agreement shall commence on the date
hereof and shall expire on December 31, 2002. Thereafter, the Term shall
continue on a year to year basis, subject to a right by either party to
terminate this Agreement at any time, without cause, upon 90 days prior written
notice to the other. Either party may terminate this Agreement at any time for
cause in accordance with the provisions contained in Section 16 hereof.
Purchaser shall

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have the right and obligation as herein expressed to acquire all Fee Properties
and Leasehold Properties within the Designated Territory (other than Excluded
Properties) that become Closed Properties prior to the expiration or earlier
termination of the term of this Agreement.

     3. Sale and Purchase of Closed Properties. On the terms and conditions
hereinafter provided, Seller shall convey and/or assign to Purchaser, and
Purchaser shall acquire from Seller, Seller's right, title and interest in and
to all Fee Properties and Leasehold Properties (other than Excluded Properties)
that become Closed Fee Properties and Closed Leasehold Properties during the
term of this Agreement, but not thereafter, provided that Purchaser shall not be
obligated to acquire, nor shall Seller be obligated to sell, any (i) Closed
Leasehold Properties withdrawn from this Agreement because Purchaser and Seller
are unable to obtain a required Landlord's Consent (as hereinafter defined) as
expressed in Section 7(c) hereof, (ii) Closed Fee Properties or Closed Leasehold
Properties withdrawn from this Agreement because Seller elects not (or otherwise
fails) to either perform or authorize a Phase II Study (as hereinafter defined)
or remediate an identified environmental condition as expressed in Section 21(b)
below or (iii) Closed Fee Properties withdrawn from this Agreement because
Seller elects not to pay the repair or restoration costs in excess of the
Individual Repair Threshold (as hereinafter defined) as expressed in Section
21(c) hereof. Within 30 days following the Closed Property Notification Date for
a Closed Property, Seller and Purchaser shall execute an addendum to this
Agreement, identifying the subject property and confirming the Closed Property
Notification Date, Operations Closing Date, Settlement Date (as hereinafter
defined) and such other dates and periods of time as may be readily determined
once the Closed Property Notification Date has been established and, as to each
Bank Branch Property, whether or not Seller intends to remove the safe deposit
boxes from such Bank Branch Property at or prior to Settlement and whether or
not Seller desires to impose a Permanent Use Restriction (as hereinafter
defined) and the applicable term thereof. The Addendum shall be in substantially
the form attached hereto as Exhibit A. Failure or refusal by either party to
execute the Addendum shall not affect or modify any of the rights and
obligations of the parties as provided in this Agreement. Purchaser acknowledges
that Seller has no obligation to designate a minimum number of Closed Properties
during the term of this Agreement.

     4. Closed Properties - Real and Personal Assets.

        (a) The term "Closed Property" shall mean Seller's fee or leasehold
interest in all those certain identified tracts or parcels of land ("Parcels")
with the buildings ("Buildings"), and all other improvements erected on the
Parcels and fixtures and equipment attached thereto, including, without
limitation, the existing teller counters, drive-through facilities and
equipment, safe deposit boxes (unless removed by Seller as permitted by Section
3 hereof), bank vaults and the wiring for the security systems, and all
building, plans, licenses and permits to the extent transferrable, and
warranties and guaranties to the extent transferable, together with all rights,
privileges, tenements, hereditaments, rights of way, easements, appendages and
appurtenances of such land. Excluded as part of a Closed Property are the
following: (a) the Automated Teller Machine ("ATM") machines connected to or
located within the Buildings or situated as freestanding structures on the
Parcels, (b) alarms and security equipment, telecommunication

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equipment, computers, computer terminals and computer equipment, supplies,
documents, records, cash, coin and signage (including pylons, but excluding
pylon base poles and foundations), (c) any office equipment (whether leased or
owned) located in the Buildings including, without limitation, furniture,
furnishings and artwork, and (d) any personal property belonging to any tenant
occupying any portion of the Closed Property.

        (b) Prior to the Settlement Date for each Closed Fee Property, Seller
and Purchaser shall identify any and all fixtures, equipment and other personal
property included as part of such Closed Fee Property (collectively, "Personal
Property") and allocate a portion of the Purchase Price (as hereinafter defined)
for such Closed Fee Property to the value of the Personal Property. If the
parties cannot agree upon an appropriate allocation, they shall retain Price
Waterhouse Consulting or another qualified consultant agreed to by Seller and
Purchaser to advise them as to the proper allocation of the Purchase Price. The
cost of the allocation and valuation report shall be divided equally by Seller
and Purchaser.

        (c) If so requested by Seller, Purchaser shall permit Seller to install,
maintain and operate, at Seller's sole cost and expense (but without the payment
of any rent, fees or other charges, other than the cost of electricity and other
utilities, if any, consumed by Seller in connection with its ATM operations), an
ATM at each Closed Property from and after the Settlement Date therefor so long
as the same does not materially interfere, in Purchaser's sole discretion, with
Purchaser's alteration, renovation or use of the Closed Property and/or is not
objected to by any person to whom Purchaser sells, leases or subleases the
Closed Property in such person's sole discretion. Seller's rights, and
Purchaser's obligations, under this Section 4(c) shall end upon the expiration
or sooner termination of the term of this Agreement.

     5. Closed Fee Properties Price; Procedure for Determination. The purchase
price ("Purchase Price") of each Closed Fee Property shall be 97% of the Fair
Market Value ("FMV") of such property, established by an appraisal valuation
("Appraisal") made as described below by Price Waterhouse Coopers or such other
qualified, independent appraiser agreed to by Seller and Purchaser (the
"Appraiser"). The Appraisal shall be certified to Seller and Purchaser and shall
be in substantially the form attached hereto as Exhibit B. The cost of the
Appraisal shall be paid by Seller.

        (a) The FMV of a Closed Fee Property that is a Bank Branch Property
shall be determined by an Appraiser instructed to value such Closed Fee Property
for both its (i) continued bank use and (ii) highest and best use other than
continued bank use, except that for a Bank Branch Property that is also a Deed
Restricted Property (as hereinafter defined), the Appraiser shall be instructed
to value such Deed Restricted Property only pursuant to clause (ii) above. The
continued bank use valuation described in clause (i) above shall be adjusted to
take into account the temporary loss of use and income during the Dark Period
(as hereinafter defined), if any. The highest and best use other than continued
bank use valuation described in clause (ii) above shall be adjusted to take into
account a cost factor, if any, for conversion of the existing building and other
improvements to non-bank use, provided, however, in no event shall the cost of
conversion include the complete

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demolition of the existing building or the construction of a new building. For
Deed Restricted Properties, the valuation described in clause (ii) above also
shall be adjusted to take into account the effect on valuation, if any,
resulting from the imposition of the Permanent Use Restrictions. Except for Deed
Restricted Properties for which there is only one valuation, the FMV of a Closed
Fee Property that is a Bank Branch Property shall equal the average of the two
above described valuations.

        (b) The FMV of a Closed Fee Property that is not a Bank Branch Property
shall be determined by an Appraiser instructed to value such Closed Fee Property
for its highest and best use. If the Appraiser determines that the highest and
best use is other than the current use, the valuation shall be adjusted to take
into account a cost factor, if any, for conversion of the existing building and
other improvements to such use.

        (c) Within ten days following the Closed Property Notification Date for
a Closed Fee Property (or ten days following the Purchaser's Acceptance Date for
a Closed Fee Property that is not a Bank Branch Property), Purchaser shall
select an Appraiser in accordance with this Section 5 and order the Appraisal
for such property. Promptly following its receipt of same, Purchaser shall
submit an original of the completed Appraisal to Seller. If Purchaser fails to
select an Appraiser within such ten day period, Seller may, at any time
thereafter, select the Appraiser.

        (d) Purchaser and Seller shall each have a period of 30 days following
Seller's receipt of the Appraisal to either reject or approve the FVM of the
Closed Fee Property as set forth in the Appraisal. If either party rejects the
FMV of the Closed Fee Property as set forth in an Appraisal, such party shall
during such 30 day period order, at its own expense, a re-appraisal
("Re-Appraisal") of the affected Closed Fee Property using the same methodology
and assumptions as required to be used for the Appraisal. If there is a
disparity between the Re-Appraisal and the Appraisal by an amount greater than
10% of the Appraisal, then the average of the two appraisals will prevail;
otherwise, the original appraised value will be considered as the FMV. If both
parties reject the value, then both parties shall within the 30 day period,
agree on and select a single appraiser to conduct the Re-Appraisal and the
expense of such Re-Appraisal shall be paid for in equal shares by the parties.
The Re-Appraisal amount shall be the final appraised value for such Closed Fee
Property.

     6. Additional Purchase Price Payment on Resale of Closed Fee Properties.
Subject to the limitations hereinafter expressed, if Purchaser sells or enters
into a long term lease on a Closed Fee Property within two years following the
Settlement Date therefor (such two year period, the "Resale Period"), Purchaser
shall be obligated to promptly notify Seller and to pay to Seller a supplemental
purchase price payment for such Closed Fee Property ("Additional Purchase Price
Payment"), calculated as follows.

        (a) If a Closed Fee Property is sold during the Resale Period for a Net
Adjusted Resale Price (as hereinafter defined) that is 130% or more of the Gross
Adjusted Purchase Price (as

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hereinafter defined) paid by Purchaser to Seller for such Closed Fee Property,
Purchaser shall pay to Seller at the closing of such sale an Additional Purchase
Price Payment equal to 1/3 of the amount by which the Net Adjusted Resale Price
exceeds the Gross Adjusted Purchase Price for such Closed Fee Property.

        (b) If a Closed Fee Property is leased during the Resale Period for a
net annual rental that is 12% or more of the Gross Adjusted Purchase Price paid
by Purchaser to Seller for such Closed Fee Property, Purchaser shall pay to
Seller at rent commencement under the lease an Additional Purchase Price Payment
equal to the lesser of (i) 10% of the FMV for such Closed Fee Property or (ii)
the product of (A) the net annual rental paid to Purchaser for such Closed Fee
Property minus 12% of the Gross Adjusted Purchase Price multiplied by (B) the
number of years (excluding renewals) in the initial term(s) of the lease(s)
entered into by Purchaser for such Closed Fee Property.

        (c) "Gross Adjusted Purchase Price" shall mean the Purchase Price for a
Closed Fee Property decreased by the amount of any credits actually received by
Purchaser for structural or environmental conditions and increased by
Purchaser's actual, out-of-pocket due diligence and closing costs, including,
without limitation, title, survey, environmental, structural evaluation and
realty transfer tax costs, plus Purchaser's actual, out-of-pocket post-closing
expenditures for owning, operating, managing, leasing or selling the Closed Fee
Property, including, without limitation, all debt service (excluding principal
payments), real estate taxes, repairs (including capital repairs), improvements
(including tenant improvements), insurance and brokerage costs with respect to
such Closed Fee Property (but only until the date of closing for Closed Fee
Properties that are sold and only until the rent commencement date for Closed
Fee Properties that are leased), decreased by the amount of any rent and other
charges collected from tenants. "Net Adjusted Resale Price" shall mean the
purchase price for the sale of a Closed Fee Property decreased by the amount of
any credits and adjustments given the buyer and further decreased by the amount
of any brokerage commissions, realty transfer taxes and other normal and
customary closing charges paid by Purchaser as seller in connection therewith.

        (d) Notwithstanding the foregoing, (i) if Seller is qualified to receive
an Additional Purchase Price Payment for both a sale and a lease of a single
Closed Fee Property as described above, Seller shall receive the greater of the
two Additional Purchase Price Payments, but not both, (ii) Seller shall not be
entitled to receive any Additional Purchase Price Payment for any lease of a
Closed Fee Property with an initial term of 60 months or less (unless and until
the tenant, by renewal, extension of term or otherwise, actually leases the
Closed Fee Property for more than 60 months) or which is subject to termination
by the tenant thereunder within the first 60 months of the term (unless and
until such termination right is no longer effective) and (iii) Seller shall not
be entitled to receive any Additional Purchase Price Payments with respect to
any sales or lease agreements entered into by Purchaser following the earlier to
occur of (A) the expiration of the Resale Period or (B) if this Agreement is
terminated by Seller (other than for cause), the last day of the term of this
Agreement. The provisions of this Section 6 shall survive the expiration or
earlier

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termination of this Agreement and the Settlement for each Closed Fee Property
and delivery of the Deed.

     7. Closed Leasehold Properties; Assumption Payment. The liabilities for
each Closed Leasehold Property shall be transferred as set forth below:

        (a) Within ten days following the Closed Property Notification Date for
a Closed Leasehold Property (or ten days following the Purchaser's Acceptance
Date for a Closed Leasehold Property that is not a Bank Branch Property), Seller
shall deliver to Purchaser a lease abstract (if available), a copy of the lease
and copies of any agreements, correspondence or other documents relating to the
Closed Leasehold Property that are in the possession or control of Seller.

        (b) Within 30 days following the Closed Property Notification Date for a
Closed Leasehold Property (or ten days following the Purchaser's Acceptance Date
for a Closed Leasehold Property that is not a Bank Branch Property), Purchaser
and Seller shall mutually agree upon amount of the lease liability for the
Closed Leasehold Property, including, without limitation, all base rent, real
estate taxes, operating expenses and other amounts payable to the landlord of
each Closed Leasehold Property as rent or additional rent thereunder, but
excluding charges for utilities, after hours services and supplemental services
that are separately itemized and billed (such aggregate amount, the "Liability")
for the period commencing on the Settlement Date for such property and ending on
the last day of the existing term of the lease for such Closed Leasehold
Property, without giving effect to any unexercised renewal options (such period,
the "Remaining Lease Term"). In consideration of Purchaser's assumption of the
Liability for the Closed Leasehold Property for the Remaining Lease Term, Seller
shall pay to Purchaser at Settlement for the Closed Leasehold Property an amount
equal to 25% of the Liability for such property (such amount being referred to
as the "Discount") as follows. If Settlement for one or more Closed Fee
Properties occurs on the same Settlement Date as one or more Closed Leasehold
Properties, Purchaser shall receive a credit against the aggregate Purchase
Price for the Closed Fee Properties equal to the aggregate Discount for the
Closed Leasehold Properties having the same Settlement Date. If there are no
Settlements for Closed Fee Properties on the Settlement Date for the Closed
Leasehold Properties, or if the aggregate Discount for the Closed Leasehold
Properties exceeds the aggregate Purchase Price for the Closed Fee Properties,
Seller shall pay the excess of the Discount over the aggregate Purchase Price to
Purchaser at Settlement for the Closed Leased Properties by wire transfer of
funds to an account designated by Seller.

        (c) Prior to the Settlement Date for a Closed Leasehold Property,
Purchaser shall use commercially reasonable efforts (but at no cost to Seller or
Purchaser) to obtain from the landlord of the Closed Leasehold Property (i) the
landlord's consent, if required under the lease, to Seller's assignment of the
lease to Purchaser, (ii) the landlord's consent, if required under the lease, to
Purchaser's further assignment or subleasing of the Closed Leasehold Property to
a third party user and (iii) the landlord's agreement, if required under the
lease, that Purchaser's indefinite cessation of operations at the Closed
Leasehold Property pending recommencement of same by a third party user will not
be a default under the lease (such consents and agreements being referred to

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collectively as the "Landlord's Consent"). Purchaser also may, if desired by
Purchaser, obtain an estoppel from the landlord stating that the underlying
lease is in full force and effect and that Seller as tenant is not in default
thereunder ("Landlord's Estoppel").

        (d) Purchaser shall from time to time keep Seller advised regarding the
status of Purchaser's efforts to obtain the required Landlord's Consents. If by
the anticipated Settlement Date for a Closed Leasehold Property Purchaser has
not obtained the required Landlord's Consent for such Closed Leasehold Property,
Purchaser shall so notify Seller and indicate whether or not Purchaser needs
additional time to obtain the required Landlord's Consent. If Purchaser
indicates that it needs additional time to obtain the required Landlord's
Consent, the Settlement Date for such Closed Leasehold Property automatically
shall be extended for a period of 30 days. If Purchaser indicates that it does
not want additional time, or requests additional time but does not obtain the
required Landlord's Consent prior to the extended Settlement Date, the
Settlement Date for such Closed Leasehold Property automatically shall be
extended for a further period of 30 days to afford Seller time to obtain the
required Landlord's Consent, unless Seller notifies Purchaser of Seller's
election to withdraw the Closed Leasehold Property from this Agreement. If
during such 30 day period Seller is able to obtain a Landlord's Consent (at no
cost to Seller or Purchaser) from the landlord for a Closed Leasehold Property
that Purchaser was unable to obtain, the Discount for such Closed Leasehold
Property shall be reduced from 25% of the Liability to 17.5% of the Liability
for such Closed Leasehold Property. If Seller is not able to obtain the required
Landlord's Consent during such 30 day period, either Seller or Purchaser may at
any time thereafter withdraw the Closed Leasehold Property from this Agreement.
In the event of a withdrawal of a Closed Leasehold Property, Purchaser shall be
solely responsible for all of its due diligence and investigation costs and
other expenses incurred in connection therewith.

        (e) If by the Settlement Date for a Closed Leasehold Property Purchaser
has not obtained a written release ("Seller Release") of Seller from all of
Seller's obligations as "Tenant" under the lease at the Closed Leasehold
Property, Purchaser shall deliver to Seller, one or more of the following at
Purchaser's election (but subject to Seller's approval, not to be unreasonably
withheld): (i) cash; or (ii) an irrevocable letter of credit issued by a
domestic bank reasonably acceptable to Seller; or (iii) a pledge and assignment
of money market, mutual fund or similar accounts acceptable to Seller or
certificates of deposit or other instruments of reasonable liquidity acceptable
to Seller, pursuant to pledge and assignment agreements and related UCC-1
financing statements satisfactory to Seller, in an amount ("Secured Liability
Amount") equal to 12 months' Liability determined pursuant to Section 7(b)
above. The Secured Liability Amount for a Closed Leasehold Property shall be
annually adjusted on or before January 15 of each calendar year based upon the
rents to be in effect under the lease for the Closed Leasehold Property for the
12-month period commencing January 1 of such year. Upon the earlier to occur of
(i) the expiration or earlier termination of the lease for a Closed Leasehold
Property or (ii) if and when Purchaser obtains a Seller Release for the Closed
Leasehold Property, then the amount of the Secured Liability Amount shall be
correspondingly reduced. If the Security Liability Amount is funded by a letter
of credit, such letter of credit shall be in substantially the form attached
hereto as Exhibit C-1; if the Secured Liability Amount is funded by a pledge and
assignment of accounts, certificates of deposit or other instruments, such
pledge and assignment agreement (together with related UCC-1 Financing

                                       9

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Statements) shall be in substantially the form attached hereto as Exhibit C-2.
Purchaser shall pay all costs associated with the letter of credit and for the
filing of the UCC-1 Financing Statements. The provisions of this subparagraph
(e) shall survive the expiration or earlier termination of this Agreement. The
Secured Liability Amount posted by Purchaser for each Closed Leasehold Property
shall secure the liability and obligations of Purchaser under all Closed
Leasehold Properties hereunder.

        (f) Seller shall hold and apply the Secured Liability Amount as security
for Purchaser's timely and complete performance of its obligations under the
leases assumed for the Closed Leasehold Properties, as follows:

            (i) Seller may draw on the Secured Liability Amount upon the
happening of any of the following events:

                (A) If from and after the Settlement Date, the landlord of a
Closed Leasehold Property has made demand on Seller for payment of rent and/or
other sums due from and after such Settlement Date under the lease for such
Closed Leasehold Property and/or has made demand on Seller for performance of
any of the covenants to be performed by the tenant under such lease from and
after such Settlement Date, in which event, Seller may draw on the Secured
Liability Amount without limit, in part or in whole, to the extent necessary, in
Seller's reasonable judgment, to satisfy the demand provided that before doing
so, Seller gives Purchaser 15 days' prior written notice of its intention to so
draw and during, such 15 day period Purchaser fails to provide Seller with
satisfactory evidence of payment of all monetary sums demanded and, if
applicable, written confirmation from the landlord under the lease of full
compliance with all non-monetary demands; or

                (B) If Purchaser fails to deliver to Seller a replacement
instrument/security of Secured Liability Amount in proper form and amount at
least 15 days prior to the expiry date of the then current Secured Liability
Amount.

        (g) In the event the Secured Liability Account is insufficient to
satisfy in full any liability of Seller under the lease for such Closed
Leasehold Property, Purchaser shall remain fully liable to Seller for any such
deficiency and shall pay the same to Seller on demand. The provisions of this
subparagraph (g) shall survive the expiration or earlier termination of this
Agreement and the Settlement for each Closed Leasehold Property and delivery of
the Lease Assignment and Assumption Agreement.

     8. Settlement. The transfer of ownership of a Closed Fee Property and/or
the assignment and assumption of financial liability for a Closed Leasehold
Property ("Settlement") shall occur on the date ("Settlement Date") that is 30
days following the expiration of the Due Diligence Period (as hereinafter
defined) or, if later to occur and applicable, 30 days following

                                       10

<PAGE>

the Operations Closing Date for such Closed Property (subject to extension of
Settlement for specified Closed Properties pursuant to Sections 7(d), 9(e) and
21(b) hereof). All Settlements shall occur at the office of Morgan, Lewis &
Bockius LLP, 1701 Market Street, Philadelphia, Pennsylvania, or at such other
place as Seller and Purchaser may mutually agree, commencing at 10:00 AM on the
Settlement Date.

     9. Title.

        (a) As to each Closed Fee Property, the title conveyed shall be good and
indefeasible and such as will be insured by any reputable title insurance
company at regular rates, free and clear of all liens, judgments and similar
encumbrances, subject however to:

            (i)    the state of facts shown on an accurate survey of the Closed
Fee Property, other than a matter which would constitute an Objection (as
hereinafter defined) that Purchaser does not waive pursuant to Section 9(c)
below;

            (ii)   zoning regulations, municipal building restrictions and all
other laws, ordinances, regulations and restrictions of any duly constituted
public authority enacted prior to the Settlement Date;

            (iii)  grants to governmental entities or to utility and/or power
companies, the right of the public in sidewalks and abutting public
rights-of-way, and easements given to the public for water course maintenance,
slope rights or sight rights;

            (iv)   the lien of current taxes and assessments not yet due and
payable;

            (v)    special taxes and assessments becoming a lien on or after the
Settlement Date;

            (vi)   if applicable, tenant leases, and any other leases of the
Closed Fee Property entered into with Purchaser's consent pursuant to Section
10(b) below;

            (vii)  standard exceptions set forth in the form of title insurance
policy of the title insurance company selected by Purchaser; and

            (viii) any other matter which would constitute an Objection (as
hereinafter defined) that Purchaser waives pursuant to Section 9(c) below,
provided that with respect to any Monetary Objection (as hereinafter defined)
against Seller, same shall not constitute an Objection if

                                       11

<PAGE>

a title insurance company authorized to do business in the state in which the
affected Closed Fee Property is located agrees that it will insure title free of
such Monetary Objection or with affirmative insurance against the enforcement of
such Monetary Objection against the affected Closed Fee Property, and such
removal or affirmative coverage does not require Purchaser to defend an action
brought on any such judgment.

            (b) The term "Objection" shall mean any matter shown on the survey
obtained by Purchaser or which would be shown on a current survey or any
covenant, easement, restriction or other title defect or encumbrance (including
any lien), other than the matters referred to in Section 9(a) above, which
renders title to the Closed Fee Property either unmarketable or uninsurable at
regular rates, materially reduces the value of the Closed Fee Property or
impairs or restricts its use for the uses contemplated by the Appraisal.

            (c) As to each Closed Fee Property, Purchaser shall order, at
Purchaser's expense, a title commitment from a title insurance company
authorized to do business in the state in which such Closed Fee Property is
located and, if so desired by Purchaser, a survey. Purchaser shall deliver to
Seller a copy of the title commitment and, if applicable, survey for such Closed
Fee Property no later than 30 days after the date on which the FMV of the Closed
Fee Property is determined. Prior to the end of the Due Diligence Period for the
Closed Fee Property, Purchaser shall give written notice of any Objection
("Title Objection Notice") to Seller. Purchaser shall be deemed to have waived
any Objection existing on the last day of the Due Diligence Period and not
specified in such notice.

            (d) Seller shall have no obligation to bring any action or
proceeding or otherwise to incur any expense or liability (contingent or
otherwise) to remedy an Objection; provided, however, that if an Objection is a
monetary lien, judgment or encumbrance of an ascertainable amount (a "Monetary
Objection"), Seller shall be obligated at or prior to the Settlement Date, to
cause such Monetary Objection to be satisfied or to cause the title insurance
company to insure title free of such Monetary Objection or with affirmative
insurance against the enforcement of such Monetary Objection by delivery of an
acceptable indemnity. If Seller is unable to convey title to a Closed Fee
Property in accordance with this Agreement or does not elect to remedy an
Objection (other than a Monetary Objection), Purchaser may elect either (i) to
accept such title as Seller is able to convey at Settlement, without any
reduction of the Purchase Price or any credit or allowance on account thereof or
any other claim against Seller, or (ii) to terminate this Agreement as to such
Closed Fee Property. Such election shall be made by Purchaser within ten days
after written notice from Seller to Purchaser stating that Seller is unable to
convey title in accordance with this Agreement or does not elect to remedy an
Objection (other than a Monetary Objection), such notice from Seller to be given
within ten days after its receipt of the Title Objection Notice, in which event
this Agreement shall be null and void as to such Closed Fee Property and the
parties shall have no further liabilities or obligations hereunder with respect
to that Closed Fee Property only, but in all other respects this Agreement shall
continue in full force and effect as to all of the other Closed Properties.

                                       12

<PAGE>

        (e) Although Seller is not obligated to do so, Seller shall have the
right to remedy any Objection with respect to a Closed Fee Property on written
notice given to Purchaser within ten days after Seller's receipt of the Title
Objection Notice. For the purpose of remedying an Objection, Seller shall have
the right to one or more adjournments of the Settlement for such Closed Fee
Property for an aggregate period not to exceed 45 days. If Seller fails to
remedy the Objection prior to the adjourned Settlement, the provisions of
Section 9(d) above shall be applicable, and Seller shall be deemed to have
elected not to remedy the Objection.

        (f) The sale includes whatever right, title and interest Seller has in
and to the equipment and fixtures presently on each Closed Fee Property which
are appurtenant to or used in the operation thereof (subject to the exclusions
set forth in Section 4 above). Seller makes no representations as to the
quality, kind or condition thereof, and Purchaser agrees to take the same
"WHERE-IS" and "AS-IS."

    10. Service and Maintenance Contracts.

        (a) Seller has entered into certain maintenance and service contracts
for certain of the Closed Properties, all of which shall be terminated at or
prior to the Settlement for each such Closed Property. Seller shall indemnify,
defend and hold Purchaser harmless from and against all claims for payment by
such contractors for services with respect to such Closed Property rendered
prior to the date of the Settlement for such Closed Property. The foregoing
provisions of this Section 10(a) shall survive the Settlement for such Closed
Property and delivery of the Deed (as hereinafter defined) or Assignment (as
hereinafter defined), as applicable.

        (b) Seller hereby agrees that from and after the Closed Property
Notification Date Seller shall not enter into any leases of or contracts for any
Closed Property, the term of which leases or contracts extend beyond the
Settlement for such property without Purchaser's prior written consent, which
consent may be given or withheld in Purchaser's sole discretion.

    11. Documents to be Delivered by Seller at Settlement. At Settlement on each
Closed Property, Seller shall deliver to Purchaser:

        (a) for each Closed Fee Property, the customary form of special or
limited warranty deed (such that Seller shall only warrant for claims arising
by, through or under Seller, but none others) for the state for which the Closed
Fee Property is located (collectively, the "Deeds") shall be duly executed by
Seller, be in form for recordation, be accompanied by completed realty transfer
tax forms, if required, and, for Deed Restricted Properties, contain the
required Permanent Use Restrictions;

                                       13

<PAGE>

        (b) for each Closed Property, an assignment and assumption of lease in
the form attached hereto as Exhibit D ("Assignment"), pursuant to which Seller
shall assign and Purchaser shall assume Seller's interest as lessor in any
leases or subleases for each Closed Property;

        (c) bill of sale in the form attached hereto as Exhibit E ("Bill of
Sale"), pursuant to which Seller shall sell and transfer the personal property
at each Closed Property subject to this Agreement to Purchaser;

        (d) for each Closed Leasehold Property, an assignment and assumption of
lease in the form attached hereto as Exhibit F ("Lease Assignment and Assumption
Agreement") pursuant to which Seller shall assign and Purchaser shall assume
Seller's interest as lessee under the lease for such Closed Leasehold Property;

        (e) a closing statement showing the applicable Settlement adjustments,
duly executed by Seller;

        (f) FIRPTA affidavit in the form attached hereto as Exhibit G and the
customary form of mechanic's lien and possession affidavit, each duly executed
by Seller, together with such documents and other evidence as is reasonably
required by Purchaser's title insurance company to establish that Seller is
authorized to execute the closing documents;

        (g) a Certificate of Seller in the form attached hereto as Exhibit H,
confirming the truth, accuracy and completeness of the representations and
warranties of Section 29 hereof with respect to Seller;

        (h) a certified copy of the Bylaws adopted by the Board of Directors of
Seller confirming the authority of certain officers to execute documents and a
certified statement of incumbency of the officer of Seller executing the
documents described in this Section 11; and

        (i) originals, to the extent in Seller's possession, of surveys,
permits, licenses, leases, subleases, warranties and guarantees covered by this
Agreement.

    12. Documents to be Delivered by Purchaser at Settlement. At Settlement on
each Closed Property, Purchaser shall deliver to Seller:

        (a) the Purchase Price for each Closed Fee Property as described in
Section 5, as adjusted pursuant to Sections 14, 15, 17 and 21(c), by wire
transfer of immediately available funds;

                                       14

<PAGE>

        (b) for each Closed Property, the Assignment described in Section 11(b)
above duly executed by Purchaser;

        (c) for each Closed Leasehold Property, the applicable Lease Assignment
and Assumption Agreement described in Section 11(d) above duly executed by
Purchaser;

        (d) for each Closed Leasehold Property for which Purchaser was able to
obtain same, the Landlord's Consent and for each Closed Leasehold Property for
which Purchaser was able to obtain same, the Seller Release, each as described
in Sections 7(c) and 7(e);

        (e) for each Closed Leasehold Property for which Purchaser was not able
to obtain the Seller Release, the Secured Liability Amount described in Sections
7(e);

        (f) for each Closed Leasehold Property for which Purchaser was able to
obtain same, the Landlord's Estoppel described in Section 7(c);

        (g) a closing statement showing the applicable Settlement adjustments,
duly executed by Purchaser; and

        (h) a Certificate of Purchaser or Purchaser's permitted assignee, in the
form attached hereto as Exhibit H, confirming the truth, accuracy and
completeness of the representations and warranties of Section 28 hereof with
respect to Purchaser or such assignee, as applicable, and duly executed by
Purchaser or Purchaser's permitted assignee.

    13. Possession. At Settlement on each Closed Property, Seller shall give
Purchaser possession of the Closed Property, free and clear of all tenants
except for existing tenant leases and such other permitted leases pursuant to
Section 10(b) and the rights of Seller under Section 4(c), if applicable.

    14. Adjustments. At each Settlement, Purchaser and Seller shall adjust for
real estate taxes and assessments on the Closed Property, municipal water and
sewer charges, fuel, utility charges, rent, and lease liabilities, such
adjustments to be calculated as of 11:59 PM on the day immediately preceding
Settlement. In addition, Seller shall account to and turn over to Purchaser any
and all security deposits paid by existing tenants of the Closed Property (where
Seller is landlord), and Purchaser shall reimburse Seller for any and all
security deposits held by landlords under leases for Closed Leasehold Properties
(where Seller is tenant). Prior to the Settlement, Seller shall have paid all
service providers under the service and maintenance contracts for the Closed
Property for services rendered up to the day prior to the Settlement. If the
Settlement shall occur before the tax rate or assessed valuation of the subject
Closed Property is fixed for the then-current year, the apportionment of real
estate taxes for the year of Settlement shall be upon the basis of the

                                       15

<PAGE>

most recent tax bills and the tax rate for the most recent tax year applied to
the latest assessed valuation. There shall be no post-Settlement reconciliations
or reprorations.

    15. Expenses. At each Settlement, Purchaser and Seller shall divide the
realty transfer taxes applicable to the conveyance of the Closed Fee Property,
if any, according to local custom for the state in which the Closed Fee Property
is located. Purchaser shall pay all escrow and closing charges of the settlement
or closing agent. Seller shall pay any recording fees for the satisfaction of
any mortgages, liens or judgments affecting the Closed Property and Purchaser
shall pay all recording fees in connection with the conveyances of the Closed
Fee Properties and assignments of the leasehold interests in the Closed
Leasehold Properties. Each party shall bear all other fees, charges and expenses
incurred by it, without contribution from the other, in connection with this
transaction.

    16. Default.

        (a) If Seller materially breaches this Agreement prior to or at any
Settlement, and if such default continues for more than ten business days
following written notice thereof to Seller, the sole liability of Seller shall
be and the sole remedy of Purchaser shall be limited to either (i) payment to
Purchaser, as liquidated damages, for each Closed Property for which Settlement
has not occurred and for which Purchaser has performed some or all of its
investigations pursuant to Sections 9 and 21, the sum equal to Purchaser's
actual, reasonable out-of-pocket costs and expenses incurred subsequent to the
date of this Agreement (to the extent documented to Seller's reasonable
satisfaction by copies of paid invoices and bills and canceled checks) for
title, survey and other due diligence reports and evaluations, whereupon
Purchaser shall deliver to Seller complete copies (with all appendices and
exhibits) of all (interim drafts as well as final reports, if any) due diligence
reports, evaluations, investigations, surveys and title searches in Purchaser's
possession or control (without representation or warranty and with a disclaimer
of reliance), and this Agreement shall become null and void and the parties
shall have no further liabilities or obligations hereunder; or (ii) a suit by
Purchaser for specific performance only.

        (b) If Purchaser materially breaches this Agreement prior to or at any
Settlement, and if such default continues for more than ten business days
following written notice thereof to Purchaser, Seller shall be entitled to
terminate this Agreement (either in its entirety or, at Seller's election, only
as to the Closed Properties for which Settlement did not occur as a result of
Purchaser's breach) and to receive out of the Deposit (as hereinafter defined)
liquidated damages in an amount equal to 10% of the Purchase Price for each
Closed Fee Property and 10% of the Discount for each Closed Leasehold Property
on which Purchaser fails to make Settlement, provided that (i) except as
provided in subsection (d) below, in no event shall the amount of Purchaser's
liability hereunder exceed, in the aggregate, the amount of the Deposit and (ii)
notwithstanding an election by Seller to terminate this Agreement in its
entirety as a result a material breach hereof by Purchaser, Purchaser shall
nevertheless remain entitled and obligated to complete Settlement on all Closed
Properties that become Closed Properties prior to the date of such termination
and Seller shall only be entitled to receive liquidated damages as aforesaid for
Closed

                                       16

<PAGE>

Properties if, as and when Purchaser fails to complete Settlement thereon as
required hereby. In addition to the foregoing, in the event of a termination of
this Agreement in its entirety by Seller following a material breach of this
Agreement by Purchaser, Seller shall be entitled to receive out of the Deposit
(but only to the extent such funds are available) additional liquidated damages
in the amount of $250,000.00 over and above the aforesaid liquidated damages for
each Closed Property. In addition, Purchaser shall deliver to Seller complete
copies (with all appendices and exhibits) of all (interim drafts as well as
final reports, if any) due diligence reports, evaluations, investigations,
surveys and title searches in Purchaser's possession or control (without
representation or warranty and with a disclaimer of reliance). The provisions of
this subparagraph (b) shall survive the expiration or earlier termination of
this Agreement. The parties acknowledge that the aforesaid liquidated damages
are reasonable and do not constitute a penalty and are being agreed upon due to
the difficulty of calculating the actual amount of damages that Seller might
sustain in the event of a default by Purchaser and termination of this
Agreement.

        (c) Notwithstanding anything to the contrary contained in Section 16(a),
in the event Seller's breach is caused by or arises out of regulatory issues,
Seller shall have no liability whatsoever to Purchaser; this Agreement shall
become null and void as to such affected Closed Properties only, and the parties
shall have no further liabilities or obligations hereunder with respect to such
affected Closed Properties; and this Agreement shall continue to be effective as
to the remaining Closed Properties.

        (d) Notwithstanding anything to the contrary contained in Section 16(b),
there shall be no limitation on Purchaser's liability under Sections 7(g) and
27(i) of this Agreement or under any Lease Assignment and Assumption Agreement
with respect to a Closed Leasehold Property, and Seller may recover from
Purchaser any amounts due thereunder that are not fully covered by the Deposit
or the Secured Liability Amount.

    17. Risk of Loss. If a condemnation proceeding is instituted against a
Closed Property or any portion thereof, or if a Closed Property is substantially
damaged by fire or other casualty, prior to Settlement, Purchaser may terminate
this Agreement as to such Closed Property upon written notice to Seller,
whereupon the parties shall have no further liabilities or obligations hereunder
with respect to such Closed Property, but this Agreement shall continue in full
force and effect as to the remaining Closed Properties. If Purchaser does not so
terminate this Agreement as to a Closed Property in the case of condemnation or
substantial damage by fire or other casualty, or if in the case of fire or other
casualty to a Closed Property there is less than substantial damage, then in
each of such cases, this Agreement shall continue to be effective as to such
Closed Property, and Seller shall assign to Purchaser at Settlement all of
Seller's right to receive any award for such condemnation or insurance proceeds
as a result of such damage (as the case may be), together with all of Seller's
rights to litigate such claim and to negotiate a settlement with the condemning
authority or the insurance carrier; provided, however, to the extent Seller
self-insures (including a deductible or any under-insured amount) against a
casualty, then the Purchase Price for the affected Closed Fee Property shall be
adjusted to reflect a credit in favor of Purchaser for the amount of such
under-insured amount. For purposes of this Section, a Closed Property shall be
deemed to have

                                       17

<PAGE>

been "substantially damaged" if such damage occurs at a Closed Fee Property or a
Closed Leasehold Property that Seller is responsible to restore and such
restoration either will require more than 120 days to complete or will cost in
excess of 25% of the Purchase Price of such Closed Fee Property. If the damage
occurs at a Closed Leasehold Property that the landlord is responsible to
restore, such Closed Leasehold Property shall be deemed to have been
"substantially damaged" if the landlord elects to terminate the lease in lieu of
restoration or elects to restore, but such restoration will require more than
120 days to complete. Seller agrees to maintain its current property insurance
policies on the Closed Properties during the pendency of this Agreement.

    18. Brokers. Each party represents and warrants to the other that it has not
dealt with any real estate broker, agent or finder in connection with this
Agreement. The parties agree to indemnify and hold one another harmless based
upon their actions and dealings from any claims or causes of action concerning
brokerage or finder's fees or commissions. If any claim against Seller is
asserted by any person, firm or corporation claiming a commission and/or
finder's fee with respect to the transactions contemplated by this Agreement,
and resulting from any act, representation or promise of Purchaser, Purchaser
shall indemnify, defend and save harmless Seller from such claim resulting from
any act, representation or promise of Purchaser. If any claim against Purchaser
is asserted by any person, firm or corporation claiming a commission and/or a
finder's fee with respect to the transactions contemplated by this Agreement,
and resulting from any act, representation or promise of Seller, Seller shall
indemnify, defend and save harmless Purchaser from such claim resulting form any
act, representation or promise of Seller. The terms of this Section 18 shall
survive the Settlement on each Closed Property and the delivery of the Deed or
Assignment, as applicable, and shall survive the expiration or earlier
termination of this Agreement.

    19. Closed Properties "AS-IS." Purchaser either (a) has heretofore inspected
each of the Closed Properties, or caused an inspection thereof to be made on
Purchaser's behalf, or (b) will have done so prior to the end of the Due
Diligence Period (as hereinafter defined) or (c) will have waived its right to
do so as hereinbelow set forth, so that, by the end of the Due Diligence Period
(as hereinafter defined), Purchaser shall be (or shall have had the opportunity
to become) acquainted with the condition of the Closed Properties and the
improvements located therein. Purchaser agrees to take the Closed Properties
"AS-IS," "WHERE-IS," and in their present condition, subject to reasonable use,
wear and tear, and (subject to Section 17 above) damage by fire and other
casualties, and (subject to Section 17 above) due to a taking by condemnation or
eminent domain, between the date hereof and the Settlement on each of the Closed
Properties. Until the Settlement, Seller agrees to maintain each Closed Fee
Property in its present condition, reasonable wear and tear excepted, and to
likewise maintain each Closed Leasehold Property but only to the extent it has
responsibility therefor under the lease for such Closed Leasehold Property.

    20. Disclaimer.

        (A) PURCHASER ACKNOWLEDGES AND AGREES THAT SELLER HAS NOT MADE, DOES NOT
MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES
(OTHER THAN THE WARRANTY OF TITLE AS SET

                                       18

<PAGE>

OUT IN THE DEED), PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR
CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT
OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO (A) THE VALUE, NATURE,
QUALITY OR CONDITION OF ANY CLOSED PROPERTY, INCLUDING, WITHOUT LIMITATION, THE
WATER, SOIL AND GEOLOGY; (B) THE INCOME TO BE DERIVED FROM THE PROPERTY; (C) THE
SUITABILITY OF THE CLOSED PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH
PURCHASER OR ANYONE ELSE MAY CONDUCT THEREON; (D) THE COMPLIANCE OF OR BY THE
CLOSED PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS
OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY; (E) THE HABITABILITY,
MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OF ANY CLOSED PROPERTY; (F) THE MANNER OR QUALITY OF THE CONSTRUCTION OR
MATERIALS, IF ANY, INCORPORATED INTO ANY CLOSED PROPERTY; (G) THE MANNER,
QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF ANY CLOSED PROPERTY; OR (H) ANY
OTHER MATTER WITH RESPECT TO ANY CLOSED PROPERTY, AND SPECIFICALLY, THAT SELLER
HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS
REGARDING COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION, ZONING OR
LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS, INCLUDING THE
EXISTENCE IN OR ON ANY CLOSED PROPERTY OF HAZARDOUS MATERIALS (AS DEFINED
BELOW). PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT, HAVING BEEN GIVEN THE
OPPORTUNITY TO INSPECT EACH CLOSED PROPERTY, PURCHASER IS RELYING SOLELY ON ITS
OWN INVESTIGATION OF EACH CLOSED PROPERTY AND NOT ON ANY INFORMATION PROVIDED OR
TO BE PROVIDED BY SELLER. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT ANY
INFORMATION PROVIDED OR TO BE PROVIDED WITH RESPECT TO EACH CLOSED PROPERTY WAS
OBTAINED FROM A VARIETY OF SOURCES AND THAT SELLER HAS NOT MADE ANY INDEPENDENT
INVESTIGATION OR VERIFICATION OF SUCH INFORMATION AND MAKES NO REPRESENTATIONS
AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. SELLER IS NOT LIABLE OR
BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR
INFORMATION PERTAINING TO EACH CLOSED PROPERTY, OR THE OPERATION THEREOF,
FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR OTHER PERSON. PURCHASER FURTHER
ACKNOWLEDGES AND AGREES THAT TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SALE OF
THE PROPERTY AS PROVIDED FOR HEREIN IS MADE ON AN "AS IS" CONDITION AND BASIS
WITH ALL FAULTS. ALL PROVISIONS OF THIS ARTICLE SHALL SURVIVE SETTLEMENT OR THE
EXPIRATION OR EARLIER TERMINATION OF THIS AGREEMENT WITHOUT SETTLEMENT, AS
APPLICABLE.

        (B) "Hazardous Materials" shall mean any substance which is or contains
(i) any "hazardous substance" as now or hereafter defined in the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended (42
U.S.C. (S)9601 et. seq.) "CERCLA") or any regulations promulgated under or
pursuant to CERCLA; (ii) any "hazardous waste" as now or

                                       19

<PAGE>

hereafter defined in the Resource Conservation and Recovery Act, as amended (42
U.S.C. (S) 6901 et seq.) ("RCRA") or regulations promulgated under or pursuant
to RCRA; (iii) any substance regulated by the Toxic Substances Control Act, as
amended (15 U.S.C. (S) 2601 et seq.); (iv) gasoline, diesel fuel, or other
petroleum hydrocarbons; (v) asbestos and asbestos containing materials, in any
form, whether friable or non-friable; (vi) polychlorinated biphenyls; (vii)
radon gas; and (viii) any additional substances or materials which are now or
hereafter classified or considered to be hazardous or toxic under Environmental
Requirements (as hereinafter defined) or the common law, or any other applicable
laws relating to each Closed Property. Hazardous Materials shall include,
without limitation, any substance, the presence of which on each Closed
Property, (A) requires reporting, investigation or remediation under
Environmental Requirements; (B) causes or threatens to cause a nuisance on the
Closed Property or adjacent property or poses or threatens to pose a hazard to
the health or safety of persons on the Closed Property or adjacent property; or
(C) which, if it emanated or migrated from the Closed Property, could constitute
a trespass.

        (C) "Environmental Requirements" shall mean all laws, ordinances,
statutes, codes, rules, regulations, agreements, judgments, orders, and decrees,
now or hereafter enacted, promulgated, or amended, of the United States, the
states, the counties, the cities, or any other political subdivisions in which
the Closed Property is located, and any other political subdivision, agency or
instrumentality exercising jurisdiction over the owner of the Closed Property,
the Closed Property or the use of the Closed Property, relating to pollution,
the protection or regulation of human health, natural resources, or the
environment, or the emission, discharge, release or threatened release of
pollutants, contaminants, chemicals, or industrial, toxic or hazardous
substances or waste or Hazardous Materials into the environment (including,
without limitation, ambient air, surface, water, ground water or soil).

        (D) Purchaser acknowledges that, subject to the termination rights set
forth in Section 21(b), Purchaser shall accept all Closed Properties (including
all improvements located thereon) at Settlement in their AS IS physical
condition WITH ALL FAULTS, including, without limitation, with the presence of
Hazardous Materials thereon or therein. Purchaser, on behalf of itself and its
successors and assigns, hereby waives, releases, acquits and forever discharges
Seller its current and former officers, directors, shareholders, employees,
agents, attorneys, representatives, and any other persons acting on behalf of
Seller and the successors and assigns of any of the preceding, of and from any
and all claims, actions, causes of action, demands, rights, damages, costs,
expenses or compensation whatsoever, direct and indirect, known or unknown,
foreseen or unforeseen, which Purchaser or its successors or assigns now has or
which may arise in the future on account of or in any way related to or in
connection with any past, present, or future physical characteristic or
condition of each Closed Property or the improvements thereon, including,
without limitation, any Hazardous Materials in, at, on, under or related to the
Closed Property or the improvements thereon or any violation or potential
violation of any Environmental Requirement applicable thereto and further
including, without limitation, any claim for contribution or indemnification
arising under any Environmental Requirements, common law or otherwise.
Notwithstanding anything to the contrary set forth herein, this release shall
survive the Settlement and the expiration or earlier termination of this
Agreement.

                                       20

<PAGE>

    21. Due Diligence Period; Purchaser's Access to Closed Properties. As to
each Closed Property, Purchaser shall have a period of 75 days from and after
the Closed Property Notification Date (or 75 days following the Purchaser's
Acceptance Date for Closed Properties that are not Bank Branch Properties) ("Due
Diligence Period") to perform such due diligence review and analysis of the
Closed Property as Purchaser deems necessary including, without limitation, to
investigate, review, survey and physically inspect the Closed Property, to
obtain a title search and survey, to conduct Phase I environmental studies and
engineering studies of each Closed Property as described below and, with respect
to a Closed Leasehold Property, to review the lease.

        (a) During the Due Diligence Period for each Closed Property, as same
may be extended with respect to such Closed Property pursuant to Sections 21(b)
and (c) hereof, Purchaser, its employees and agents, at Purchaser's sole cost
and expense, shall have the right to enter upon such Closed Property to inspect
such Closed Property. Purchaser shall give Seller prior written notice of its
entry upon the Closed Property and shall coordinate such entry and inspection
with Seller so that the entry is at a mutually convenient time. Prior to each
such entry, Purchaser shall provide certificates of insurance to Seller
evidencing liability insurance in the minimum amount of $2,000,000.00 combined
per occurrence limit carried by Purchaser and/or Purchaser's agents in order to
insure any loss arising out of or in connection with entry upon the Closed
Property. The aforesaid insurance shall be issued by an insurance company
licensed in the state where the Closed Property is located and said insurance
company shall be acceptable to Seller. Upon completion of any inspections,
Purchaser, shall restore the Closed Property to the condition in which it
existed prior to said inspections. Purchaser shall and hereby does indemnify,
defend, and save harmless Seller from and against any and all claims arising out
of the entry on and inspection of each and every Closed Property by Purchaser
and/or Purchaser's employees and agents, including, without limitation, Seller's
attorneys' fees and costs. Notwithstanding anything contained in this Agreement
to the contrary, the terms of this subsection shall survive (i) Settlement on
such Closed Property and the delivery of the Deed or Assignment, as applicable,
(ii) the termination of this Agreement as to such Closed Property and (iii) the
expiration or earlier termination of this Agreement.

        (b) Prior to the expiration of the Due Diligence Period for each Closed
Property, if Purchaser's environmental consultant, based on records and other
documentation obtained during its Phase I environmental investigation ("Phase I
Study"), determines that a Phase II environmental study ("Phase II Study") is
necessary with respect to such Closed Property, Purchaser shall give to Seller
written notice thereof, together with a complete copy of the Phase I Study and a
reasonably detailed explanation of the reasons therefor from Purchaser's
environmental consultant. Within ten days after receipt of such notice, Seller,
at its sole election, shall either (i) obtain the Phase II Study at Seller's
sole cost and expense, (ii) permit Purchaser to obtain a Phase II Study at
Seller's sole cost and expense, which shall be conducted by an environmental
consultant satisfactory to Seller in its reasonable judgment pursuant to a scope
of study satisfactory to Seller in its reasonable judgment; or (iii) withdraw
the Closed Property from this Agreement, and in the latter event, this Agreement
shall terminate and be null and void as to such withdrawn Closed Property, but
shall continue in full force and effect as to the remaining Closed Properties.
Unless Seller notifies Purchaser during such ten-day period of Seller's election
to obtain (or to permit Purchaser to obtain) a Phase II Study, Seller shall be
deemed to have elected to withdraw the Closed Property from this Agreement as

                                       21

<PAGE>

expressed in clause (iii) above. If Seller or Purchaser obtains a Phase II Study
for such Closed Property, as provided above, and if the Phase II Study
identifies one or more environmental conditions requiring remediation, then,
within ten days after Seller delivers the Phase II Study to Purchaser, or
Purchaser delivers the Phase II Study to Seller, as applicable, Seller, at its
sole election, shall either (i) agree to remediate and abate the disclosed
environmental condition(s) at Seller's sole cost and expense in conformity with
all applicable Environmental Requirements or (ii) withdraw the Closed Property
from this Agreement, and in the latter event, this Agreement shall terminate and
be null and void as to such withdrawn Closed Property, but shall continue in
full force and effect as to the remaining Closed Properties. Unless Seller
notifies Purchaser during such ten-day period of Seller's election to remediate
and abate the disclosed environmental condition(s), Seller shall be deemed to
have elected to withdraw the Closed Property from this Agreement as expressed in
clause (ii) above. Unless the Closed Property is withdrawn from this Agreement
by Seller as aforesaid, the Due Diligence Period and Settlement automatically
shall be extended for such time as is necessary for Seller or Purchaser, as
applicable, to complete the environmental investigations and remediations
described above. In the event of a withdrawal of a Closed Property pursuant to
this subparagraph or a termination of this Agreement as provided herein as to
such Closed Property, Purchaser shall be solely responsible for all of
Purchaser's due diligence and investigation costs and expenses.

        (c) Prior to the expiration of the Due Diligence Period for each Closed
Fee Property, if Purchaser's consultant, based on physical inspection, records
and other documentation obtained during its physical conditions investigation,
determines that the Closed Fee Property requires repairs to the structural
and/or mechanical systems of the Building that under generally accepted
accounting principles (i.e., "GAAP") would be categorized as a capital
expenditure and if the reasonably estimated cost of same exceeds $10,000.00
("Individual Repair Threshold"), Purchaser shall give written notice thereof and
a copy of the consultant's reports to Seller. Within ten days after receipt of
such notice and the report, Seller shall, at its sole election, by written
notice to Purchaser, either (i) subject to the provisions of the following
sentence of this Section 21(c), agree to allow a credit against the Purchase
Price for such Closed Fee Property in the reasonably estimated cost of such
capital repairs in excess of the Individual Repair Threshold or (ii) withdraw
such Closed Fee Property from this Agreement, and in the latter event, this
Agreement shall terminate as to such withdrawn Closed Fee Property, but shall
continue in full force and effect as to the remaining Closed Properties. If the
reasonably estimated cost of such capital repairs for a Closed Fee Property is
less than the Individual Repair Threshold, Purchaser and Seller shall proceed to
the Settlement with respect to each such Closed Fee Property, with no abatement
of the Purchase Price for same. In the event of a withdrawal of a Closed Fee
Property pursuant to this subparagraph or a termination of this Agreement as
provided herein as to such Closed Fee Property, Purchaser shall be solely
responsible for all of Purchaser's due diligence and investigation costs and
expenses.

        (d) Within 15 days following the Closed Property Notification Date (or
15 days following the Purchaser's Acceptance Date for each Closed Property that
is not a Bank Branch Property), for each Closed Property, Seller shall make
available to Purchaser for inspection and copying at Purchaser's expense all
documents and records relating to the Closed Property which to Seller's best
knowledge, Seller has in its possession, such documents to be made available to

                                       22

<PAGE>

Purchaser at the location or locations where such documents are kept in the
ordinary course of Seller's business.

    22. Notices and Assessments: Tax Appeals.

        (a) Seller shall (i) comply with the requirements of any and all notices
relating to each Closed Property which may be issued by municipal or other
public authorities prior to the date of this Agreement and (ii) pay for all work
and improvements done or ordered to be done prior to the date of this Agreement
by any such authority which results in the imposition of a confirmed lien
against a Closed Property prior to Settlement. If Settlement takes place as to
such Closed Property, all other requirements and notices shall be complied with
by Purchaser and all other work or improvements done or ordered done shall be
performed and paid for Purchaser.

        (b) Seller agrees that from and after each Closed Property Notification
Date it will not file any real estate tax assessment appeal with respect to any
Closed Property prior to Settlement on such Closed Property without Purchaser's
prior written consent.

    23. Notices. All notices hereunder shall be in writing and shall be deemed
to have been properly given if personally delivered, sent via facsimile or sent
by private overnight express carrier, such as Federal Express, next business day
delivery, charges prepaid, addressed to Seller at Bank of America,
NC1-007-52-02, 100 North Tryon Street, Suite 5210, Charlotte, NC 28255,
Attention: Robert Patterson, facsimile number (704) 386-0372; with a copy to
Bank of America, N.A., TX1-492-68-01, 901 Main Street, Dallas, TX 75202,
Attention: Michael Hord, Esquire, facsimile number (214) 209-0871; addressed to
Purchaser at 1725 The Fairway, Jenkintown, PA 19046, Attention: Mr. Nicholas
Schorsch, facsimile number (215) 887-2585; with a copy to Morgan, Lewis Bockius
LLP, 1701 Market Street, Philadelphia, PA 19103, Attention: Edward J. Matey Jr.,
Esquire, facsimile number (215) 963-5299. Notices by the parties may be given on
their behalf by their respective counsel. Notice shall be deemed to have been
given upon the date of delivery, if personally delivered, or sent via facsimile
or one business day after the date of deposit if sent by private overnight
express carrier, next business day delivery.

    24. No Survival. Except as otherwise provided, none of the provisions of
this Agreement shall survive any Settlement and delivery of any of the Deeds or
Assignments, as applicable.

    25. Further Assurances. From time to time and at the request of either
Seller or Purchaser (whether before, at or after the Settlement for a Closed
Property), the other party shall execute, acknowledge and deliver such other and
further documents as the requesting party may reasonably request to effectuate
the provisions of this Agreement. The provisions of this Section 25 shall
survive the expiration or earlier termination of this Agreement.

                                       23

<PAGE>

    26. Deposit.

        (a) As of the date hereof, Purchaser has deposited as security for the
performance of Purchaser's obligations hereunder the sum of $250,000.00
("Initial Deposit") to be held in escrow and disbursed as herein provided. In
addition, within three business days following the establishment of the Purchase
Price for a Closed Fee Property as expressed in Section 5 hereof, Purchaser
shall deposit as further security for the performance of Purchaser's obligations
hereunder an amount equal to 10% of the Purchase Price for such Closed Fee
Property (each such amount, a "Supplemental Deposit" and, together with the
Initial Deposit, the "Deposit"), provided that no Supplemental Deposit shall be
due or payable when or to the extent that the funding of such Supplemental
Deposit would cause the aggregate amount of the Supplemental Deposit to be more
than $750,000.00. As and when either (i) Settlement occurs on a Closed Fee
Property or (ii) a Closed Fee Property is withdrawn from this Agreement as
expressed in Sections 21(b) or (c) hereof, the aggregate amount of the
Supplemental Deposits shall be recomputed to equal the lesser of (i) 10% of the
aggregate amount of the Purchase Prices for all Closed Fee Properties for which
Settlement has not yet occurred or (ii) $750,000.00.

        (b) At Purchaser's election, but subject to Seller's reasonable
approval, the form of the Deposit shall be one of the following: (i) cash
deposited with Commonwealth Land Title Insurance Company ("Escrow Agent") to be
held and disbursed by the Escrow Agent pursuant to the terms and conditions of
this Agreement and the escrow provisions set forth in Exhibit J-1 attached
hereto; (ii) an irrevocable letter of credit issued by a domestic bank
reasonably acceptable to Seller and substantially in the form attached hereto as
Exhibit J-2; or (iii) a pledge and assignment of money market, mutual fund or
similar accounts reasonably acceptable to Seller or certificates of deposit or
other instruments of reasonable liquidity issued by a domestic bank reasonably
acceptable to Seller, which pledge and assignment agreements shall be
substantially in the form attached hereto as Exhibit K-3. The Deposit shall be
in addition to, and separate from, the collateral tendered by Purchaser to
secure the Secured Liability Amount under Section 7(e).

        (c) The interest earned (if any) on the Deposit shall be part of the
Deposit. Provided Purchaser is not in default hereunder, the interest earned on
the Deposit shall be paid to the Purchaser on each one-year anniversary date of
this Agreement. The Deposit shall be paid to the Seller as provided in Section
16(b) if the Purchaser defaults or if the Seller terminates this Agreement for
cause as provided in Section 2 and Section 16(b). On the last to occur of (i)
the date of expiration or earlier termination of this Agreement, (ii) the
Settlement Date for the last of the Closed Properties subject to this Agreement
or (iii) the expiration of the Dark Period for the last of the Closed Properties
subject to this Agreement, the Deposit shall be paid to the Purchaser.

        (d) If the Deposit is in the form of a letter of credit, the Seller also
may draw on the letter of credit if the Purchaser fails to deliver to the Seller
a replacement letter of credit or replacement instrument/security in proper form
and amount at least 15 days prior to the expiry date of the then current letter
of credit.

    27. Miscellaneous.

                                       24

<PAGE>

        (a) This Agreement shall not be recorded in the office for the recording
of deeds or in any other office or place of public record. Prior to Settlement,
this Agreement shall not be deemed or construed to give Purchaser any equitable
ownership of, or title to, any Closed Property, Fee Property or Leasehold
Property.

        (b) This Agreement and the exhibits attached hereto contain the entire
agreement between Seller and Purchaser and there are no other terms,
obligations, covenants, representations, statements or conditions, oral or
otherwise, of any kind or nature whatsoever. This Agreement may be modified only
by an agreement in writing between the parties hereto.

        (c) This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, personal and legal representatives,
successors and permitted assigns; provided, however, that Purchaser shall not
assign or otherwise transfer this Agreement without the prior written consent of
Seller, which Seller may grant or deny in its sole discretion. Notwithstanding
anything to the contrary in the preceding sentence, Purchaser, may, with
Seller's prior written consent, not to be unreasonably withheld, assign this
Agreement in its entirety to a partnership, limited liability company or
corporation which is an "Affiliate" of Purchaser and in which Nicholas Schorsch
is the principal. Purchaser's request for consent to the assignment to an
Affiliate must be accompanied by evidence satisfactory to Seller of the
relationship among Purchaser, such Affiliate, and Nicholas Schorsch. For
purposes hereof, the term "Affiliate" shall mean a partnership, limited
liability company, or corporation that is owned by or is under common control
and ownership with, Purchaser. In no event shall any assignment of this
Agreement relieve Purchaser named herein from liability hereunder.

        (d) This Agreement shall be governed and construed in accordance with
the laws of the State of North Carolina.

        (e) Whenever in this Agreement a period of time is stated as a number of
days, it shall be construed to mean calendar days; provided, however, that when
any period of time so stated would end upon a Saturday, Sunday, or legal
holiday, such period shall be deemed to end upon the next day following which is
not a Saturday, Sunday or legal holiday.

        (f) The date and time for the performance of all obligations hereunder
shall be deemed to be of the essence of this Agreement.

        (g) If any term or provision of this Agreement shall, to any extent, be
invalid or unenforceable, the remainder of this Agreement shall not be affected
and each such remaining provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law.

        (h) This Agreement may be executed in two or more counterparts, each of
which

                                       25

<PAGE>

shall be deemed to be an original, but all of which taken together shall
constitute one and the same instrument. The date of this Agreement shall be the
date of Seller's execution hereof.

        (i) Each Closed Property shall be subject to Seller's requirement that
neither Purchaser nor any of Purchaser's Responsible Parties (as hereinafter
defined) shall display any on-site signage advertising a banking facility or
open for business or conduct any on-site operations as a banking facility on any
Closed Property for the period equal to the lesser of (i) six months following
the Settlement Date or (ii) any such shorter period as may from time to time be
required by Seller (such lesser period, the "Dark Period"), provided that with
respect to Closed Leasehold Properties, all such requirements shall be suspended
to the extent inconsistent with and subject to the limitations, if any,
presented by so-called "continuous operations" clauses contained in the leases
for such Closed Leasehold Properties. If Purchaser or any of Purchaser's
Responsible Parties violates the foregoing Dark Period restrictions at a Closed
Property, Purchaser shall pay to Seller and Seller shall be entitled to receive
out of the Deposit liquidated damages in an amount equal to $5,000.00 for each
day that such violation continues at such Closed Property and, in the event that
Purchaser or any of Purchaser's Responsible Parties violates the Dark Period
restrictions at more than one Closed Property, the $5,000.00 per day liquidated
damages amount shall apply to each Closed Property at such violation exists. The
foregoing Dark Period restriction shall survive Settlement on each Closed
Property, shall survive the expiration or earlier termination of this Agreement
and shall constitute a covenant running with the Closed Property for the benefit
of Seller and its successors and assigns. Purchaser shall be responsible to
advise its transferees, tenants, licensees, subsidiaries, affiliates,
successors, assigns and other occupants (herein collectively referred to as
"Purchaser's Responsible Parties") of the Closed Property of this restriction.
The parties acknowledge that the aforesaid liquidated damages are reasonable and
do not constitute a penalty and are being agreed upon due to the difficulty of
calculating the actual amount of damages that Seller might sustain in the event
of a violation of any of the Dark Period restriction. Seller shall notify
Purchaser promptly following Seller becoming aware that Purchaser or any of
Purchaser's Responsible Parties is in violation the Dark Period restrictions,
provided that the notice and cure provisions contained in Section 16(b) shall
not apply to violations of the Dark Period restrictions.

        (j) Any other provision of this Agreement to the contrary
notwithstanding, Seller may from time to time elect to convey Closed Fee
Properties to Purchaser subject to the express condition that such Closed Fee
Properties not be used for a specified period (not to exceed 30 years following
the Settlement Date )as a "financial institution" ("Permanent Use Restriction"),
provided that (A) such right to impose Permanent Use Restrictions shall be
exercised, if at all, on or before the 30/th/ day following the Closed Property
Notification Date for such Closed Fee Property, (B) Seller may not impose
Permanent Use Restrictions on more than 15% (rounded to the nearest whole
number) of the Closed Fee Properties identified at any one time on a Closed
Property Designation Notice and (C) the FMV for all Closed Fee Properties
subject to Permanent Use Restrictions shall be determined by single valuation as
expressed in Section 5(a) hereof. The Permanent Use Restrictions shall be in a
form attached hereto as Exhibit K and survive Settlement on the Closed Fee
Property, shall constitute a covenant running with the Closed Fee Property for
the benefit of Seller and its successors and assigns and shall be set forth in
the Deed for the Closed Fee Property.

                                       26

<PAGE>

    28. Purchaser's Representations. Purchaser (and, if applicable, Purchaser's
Affiliate) represents to Seller, which representations shall be true, correct
and complete as of each Settlement Date hereunder and which shall survive each
Settlement, as follows:

        (a) Purchaser is, and at the Settlement shall be, a corporation (or
limited liability company, or limited partnership, as applicable) duly
organized, validly existing, and in good standing under the laws of the state of
formation, and as of each Settlement, with full power and authority to conduct
its business affairs in the state where the Closed Property is located.

        (b) The execution, delivery and performance of this Agreement, in
accordance with its terms, do not violate Purchaser's articles of incorporation,
by-laws, or any contract, agreement, commitment, order, judgment or decree to
which Purchaser is a party or by which it is bound.

        (c) The execution and delivery of this Agreement and the performance by
Purchaser of its obligations hereunder have been duly authorized by all required
action of Purchaser and the officers of Purchaser in full compliance with the
provisions of Purchaser's articles of incorporation and by-laws. The person
executing this Agreement on behalf of Purchaser is duly authorized to do so.

        (d) Purchaser has the right, power and authority to make and perform its
obligations under this Agreement and this Agreement is a valid and binding
obligation of Purchaser enforceable against Purchaser in accordance with its
terms.

        (e) Purchaser executing this Agreement is wholly owned and controlled by
Nicholas Schorsch.

    29. Seller's Representations. Seller represents to Purchaser, which
representations shall be true, correct and complete as of each Settlement Date
hereunder and which shall survive each Settlement, as follows:

        (a) Seller is, and at the Settlement shall be, a national banking
association, duly organized and validly existing, with full power and authority
to conduct its business affairs in the state in which the Closed Property is
located.

        (b) The execution, delivery and performance of this Agreement by Seller,
in accordance with its terms, do not violate Seller's articles of incorporation,
by-laws, or any contract, agreement, commitment, order, judgment or decree to
which Seller is a party or by which it is bound (except for the potential
violation of the terms of a lease for a Closed Leasehold Property as a result of
a transfer to Purchaser without the Landlord's consent or the operation of the
Dark Period).

                                       27

<PAGE>

        (c) The execution and delivery of this Agreement and the performance by
Seller of its obligations hereunder have been duly authorized by all required
action of Seller and the officers of Seller in full compliance with the
provisions of Seller's articles of incorporation and by-laws. The person
executing this Agreement on behalf of Seller is duly authorized to do so.

        (d) Seller has the right, power and authority to make and perform its
obligations under this Agreement and this Agreement is a valid and binding
obligation of Seller enforceable against Seller in accordance with its terms.

    30. Indemnification. With respect to and following the Settlement on each
Closed Property.

        (a) Purchaser shall indemnify and hold Seller harmless from and against
all claims, lawsuits, costs (including reasonable counsel fees), losses, damages
and liabilities that arise out of or relate to (i) the presence of any Hazardous
Materials in, on or at a Closed Property (or any improvements) at the time of
Settlement, but only to the extent that the presence of such Hazardous Materials
were disclosed in a Phase I Study or Phase II Study obtained by either Seller of
Purchaser, (ii) transactions or operations at the Closed Property on and after
the Settlement Date or (iii) any breach by Purchaser of any representation,
warranty or covenant of Purchaser contained in this Agreement that survives the
Settlement. If any claim or lawsuit is made or commenced as to which Seller
proposes to demand such indemnification, it shall notify Purchaser with
reasonable promptness; provided, however, that any failure of Seller to notify
Purchaser shall not relieve Purchaser from its obligations hereunder, except to
the extent Purchaser is actually prejudiced by such failure to give notice.
Purchaser shall have the option of defending such claim or lawsuit with counsel
of its own choosing at its own cost and expense and such counsel shall, to the
extent consistent with its professional responsibilities, cooperate with Seller
and any counsel designated by Seller. Purchaser shall be liable for any
settlement of any claim or lawsuit against Seller made with Purchaser's written
consent, which consent shall not be unreasonably withheld.

        (b) Seller shall indemnify and hold Purchaser harmless from and against
all claims, lawsuits, costs (including reasonable counsel fees), losses, damages
and liabilities that arise out of or relate to (i) transactions or operations at
the Closed Property before the Settlement Date, but specifically excluding any
matter relating to the physical condition of the Closed Property or the presence
of any Hazardous Materials in, on or at a Closed Property (or any improvements)
at the time of Settlement, and (ii) any breach by Seller of any representation,
warranty or covenant of Seller contained in this Agreement that survives the
Settlement. If any claim or lawsuit is made or commenced as to which Purchaser
proposes to demand such indemnification, it shall notify Seller with reasonable
promptness; provided, however, that any failure of Purchaser to notify Seller
shall not relieve Seller from its obligations hereunder, except to the extent
that Seller is actually prejudiced by such failure to give notice. Seller shall
have the option of defending such claim or lawsuit with counsel of its own
choosing at its own cost and expense and such counsel shall, to the extent
consistent with its professional responsibilities, cooperate with Purchaser and
any counsel designated by Purchaser. Seller shall be liable for any settlement
of any claim or lawsuit against

                                       28

<PAGE>

Purchaser made with Seller's written consent, which consent shall not be
unreasonably withheld.

    31. Confidentiality.

        (a) Purchaser agrees that this Agreement and any and all information
obtained by Purchaser, its agents, representatives and employees, in connection
with any examinations and inspections of the Closed Properties will be held in
strict confidence by Purchaser and its agents, representatives and employees and
will not be disclosed to anyone other than Purchaser's investors and its and
their professional advisers on a "need to know " basis, without the prior
written consent of Seller. No news release, public or private announcement,
denial or confirmation relating to this Agreement or any part of the
transactions contemplated herein shall be made without the prior written consent
of Seller. In the event this Agreement is terminated prior to the Settlement on
a Closed Property, Purchaser will return to Seller any documents and other
materials received from Seller with respect to such Closed Property. Purchaser
shall indemnify, defend and hold Seller harmless from any loss, damages, costs
or expenses (including reasonable attorney's fees) arising as a result of
Purchaser's breach of this Section 31.

        (b) Notwithstanding anything to the contrary contained in Section 31(a)
above, from and after the 31st day after the Closed Property Notification Date
(or 31 days following the Purchaser's Acceptance Date for each Closed Property
that is not a Bank Branch Property), for a Closed Property, Purchaser may market
such Closed Property to Purchaser's contacts (including persons who Purchaser
believes may be interested in using such Closed Property and persons, including
brokers, who may have contacts and relationships with such users), but in doing
so, shall not publicly market or advertise or promote in any manner the
availability of such Closed Property for sale, lease or other disposition.

    32. No Offer. This Agreement shall neither be deemed an offer to sell nor
shall it bind, obligate or be effective against Seller unless and until (a) the
Agreement has been approved in writing by Seller's appropriate management
authority and (b) this Agreement has been fully executed by Seller and Purchaser
and an executed copy is delivered to Seller.

    33. No Liability. No individual officers, directors, shareholders, agents or
representatives of Seller or of Purchaser shall have any personal liability
under this Agreement, either for the observance or performance of such party's
rights, duties or obligations hereunder, or for the default of such party to
observe and perform its obligations hereunder, or under any document executed in
connection with the transactions contemplated hereby, or otherwise.

                                       29

<PAGE>

    IN WITNESS WHEREOF, the parties hereto, intending to be legally bound
hereby, have executed this Agreement as of the date first written above.

                                   SELLER

                                   BANK OF AMERICA, N.A.

                                   By:__________________________________________
                                        Robert Patterson, Senior Vice President

                                   Date of Execution:_________________

                                   PURCHASER

                                   AMERICAN FINANCIAL RESOURCE GROUP, LLC

                                   By:__________________________________________
                                        Nicholas Schorsch, Manager

                                   Date of Execution:_________________

                                       30

<PAGE>

                              LIST OF EXHIBITS/1/

Exhibit A          Form of Addendum

Exhibit B          Form of Appraisal

Exhibit C-1        Form of Letter of Credit for Secured Liability

Exhibit C-2        Form of Pledge Agreement for Secured Liability

Exhibit D          Form of Lease Assignment and Assumption Agreement with Seller
                   as Lessor

Exhibit E          Form of Bill of Sale

Exhibit F          Form of Lease Assignment and Assumption Agreement with Seller
                   as Lessee

Exhibit G          FIRPTA Affidavit

Exhibit H          Seller's Certificate of Representations and Warranties

Exhibit I          Purchaser's Certificate of Representations and Warranties

Exhibit J-1        Escrow Instructions

Exhibit J-2        Form of Letter of Credit for Deposit

Exhibit J-3        Form of Pledge Agreement for Deposit

Exhibit K          Form of Permanent Use Restrictions

__________________________

NOTE: All Exhibits not attached and initialed upon execution of this Agreement
shall be prepared, agreed upon, initialed and attached to this Agreement within
ten business days after the date of this Agreement. Should the parties be unable
to agree upon the form of all Exhibits within the aforesaid time, either party
shall have the right to terminate this Agreement by written notice to the other.

                                       31<PAGE>

                                                                   Exhibit 10.10

                         AGREEMENT OF SALE AND PURCHASE

                              BANK OF AMERICA, N.A.
                                   ("Seller")

                                       and

                            FIRST STATES GROUP, L.P.
                                  ("Purchaser")

DATED: FEBRUARY 14, 2003

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
<S>                                                                         <C>
    PRELIMINARY STATEMENT ................................................     1

1.  DEFINED TERMS ........................................................     1

2.  SALE AND PURCHASE OF PROPERTIES ......................................     6

3.  PROPERTIES - REAL AND PERSONAL ASSETS ................................     7

4.  PURCHASE PRICE .......................................................     8

5.  RETAINED PREMISES LEASE ..............................................     8

6.  SETTLEMENT; SETTLEMENT PROCEDURE .....................................     9

7.  TITLE ................................................................    10

8.  SERVICE AND MAINTENANCE CONTRACTS ....................................    12

9.  DOCUMENTS TO BE DELIVERED BY SELLER AT SETTLEMENT ....................    13

10. DOCUMENTS TO BE DELIVERED BY PURCHASER AT SETTLEMENT .................    15

11. POSSESSION; RELEASE SPACE ............................................    15

12. ADJUSTMENTS ..........................................................    16

13. EXPENSES .............................................................    17

14. DEFAULT ..............................................................    18

15. RISK OF LOSS .........................................................    19

16. BROKERS ..............................................................    19

17. PROPERTIES "AS-IS." ..................................................    20

18. DISCLAIMER ...........................................................    20

19. DUE DILIGENCE PERIOD; PURCHASER'S ACCESS TO PROPERTIES ...............    22

20. NOTICES AND ASSESSMENTS; TAX APPEALS .................................    26

21. NOTICES ..............................................................    26

22. NO SURVIVAL ..........................................................    27

23. FURTHER ASSURANCES ...................................................    27

24. ESTOPPEL CERTIFICATES; SNDA ..........................................    27

25. MISCELLANEOUS ........................................................    27

26. PURCHASER'S REPRESENTATIONS ..........................................    29

27. SELLER'S REPRESENTATIONS .............................................    29

28. INDEMNIFICATION ......................................................    30

29. MARKETING ............................................................    31

30. NO OFFER .............................................................    31

31. NO LIABILITY .........................................................    31

32. RADON NOTICE .........................................................    31
</TABLE>

                                       -i-

<PAGE>

                         AGREEMENT OF SALE AND PURCHASE

         THIS AGREEMENT OF SALE AND PURCHASE ("Agreement"), made as of February
14, 2003, between BANK OF AMERICA, N.A., a national banking association, having
an address at 100 North Tryon Street, Suite 5210, NC1-007-52-02, Charlotte, NC
28255 ("Seller"), and FIRST STATES GROUP, L.P., a Delaware limited partnership,
having an address at 1725 The Fairway, Jenkintown, Pennsylvania 19046
("Purchaser").

                              Preliminary Statement

         WHEREAS, Seller owns various Parcels, Buildings and Appurtenances more
particularly described on Exhibit A attached hereto (hereinafter collectively
referred to as the "Properties" and individually as a "Property");

         WHEREAS, Purchaser is the operating partnership of American Financial
Realty Trust, a Maryland real estate investment trust; and

         WHEREAS, Seller desires to sell the Properties to Purchaser and
Purchaser desires to purchase the Properties from Seller, all on the terms and
conditions hereinafter provided.

         NOW, THEREFORE, in consideration of the covenants and mutual promises
contained herein and other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), Seller and Purchaser, intending
to be legally bound hereby, agree as follows:

         1.    Defined Terms. The following terms shall have the meanings set
forth below when used in this Agreement:

               (a) "Additional Properties" shall have the meaning given such
term in Section 2(b).

               (b) "Agreement" shall have the meaning given such term in the
parties paragraph.

               (c) "Approved Closing Costs" shall have the meaning given such
term in Section 13(b).

               (d) "Appurtenances" shall have the meaning given such term in
Section 3(ii).

               (e) "Assignment" shall have the meaning given such term in
Section 9(d).

               (f) "ATM" shall have the meaning given such term in the last
paragraph of Section

<PAGE>

         (g) 3.

         (h) "Bill of Sale" shall have the meaning given such term in Section
9(b).

         (i) "BOMA Standard" shall have the meaning given such term in Section
19(f).

         (j) "Buildings" shall have the meaning given such term in Section
3(iii).

         (k) "CERCLA" shall have the meaning given such term in Section 18(b).

         (l) "Deeds" shall have the meaning given such term in Section 9(a).

         (m) "Due Diligence Indemnity" shall have the meaning given such term in
Section 19(e).

         (n) "Due Diligence Inspections" shall have the meaning given such term
in Section 19(a).

         (o) "Due Diligence Objection" shall have the meaning given such term in
Section 19(e).

         (p) "Due Diligence Period" means the period that ends seventy-five (75)
days following the date on which Seller and Purchaser agree on and confirm in
writing the definitive form of the Retained Premises Lease.

         (q) "Environmental Requirements" shall have the meaning given such term
in Section 18(b).

         (r) "Escrow Agent" means Chicago Title Insurance Company, 1601 Market
Street, Philadelphia, Pennsylvania 19103, Attention: Edwin G. Ditlow.

         (s) "Escrow Closing Documents" shall have the meaning given such term
in Section 6(c).

                                       2

<PAGE>

         (t) "Excluded Items" shall have the meaning given such term in the last
paragraph of Section 3.

         (u) "Gap Notice" shall have the meaning given such term in Section
7(c).

         (v) "Hazardous Materials" shall have the meaning given such term in
Section 18(b).

         (w) "Initial Settlement Date" means May 30, 2003.

         (x) "Initial Settlement Properties" shall have the meaning given such
term in Section 6(b).

         (y) "Intangible Personal Property" shall have the meaning given such
term in Section 3(v).

         (z) "Intangible Property Assignment" shall have the meaning given such
term in Section 9(c).

         (aa) "Knowledge" shall mean, with respect to Seller, the actual
knowledge, after due investigation and inquiry, of Robert M. Patterson, Michael
F. Hord, Chuck Dunn and James A. Mezzanotte.

         (bb) "Lease Files" shall have the meaning given such term in Section
9(d).

         (cc) "Leases" means those leases for tenants occupying space in the
Properties as set forth on the Rent Roll and including the Retained Premises
Lease for each Property.

         (dd) "Measurement" shall have the meaning given such term in Section
19(f).

         (ee) "Monetary Objection" shall have the meaning given such term in
Section 7(d).

         (ff) "NBV" shall have the meaning given such term in Section 4.

         (gg) "NBV Purchase Price" shall have the meaning given such term in
Section 4.

                                       3

<PAGE>

         (hh) "Operating Expense" shall have the meaning given such term in
Section 19(g)(ii).

         (ii) "Outside Settlement Date" means October 30, 2003.

         (jj) "Parcels" shall have the meaning given such term in Section 3(i).

         (kk) "Phase I Study" shall have the meaning given such term in Section
13(d).

         (ll) "Phase II Study" shall have the meaning given such term in Section
13(d).

         (mm) "Purchaser" shall have the meaning given to such term in the
parties paragraph.

         (nn) "Purchase Price" shall have the meaning given such term in Section
4.

         (oo) "Purchaser's Broker" shall have the meaning given such term in
Section 13(a)(i).

         (pp) "Purchaser's Closing Costs" shall have the meaning given such term
in Section 13(a).

         (qq) "Purchaser's Closing Documents" shall have the meaning given such
term in Section 10.

         (rr) "RCRA" shall have the meaning given such term in Section 13(b).

         (ss) "Release Space" shall have the meaning given such term in
Section11(b).

         (tt) "Remediation Conditions' shall have the meaning given such term in
Section 13(d).

         (uu) "Rent Roll" means the rent roll attached hereto as Exhibit L.

                                       4

<PAGE>

         (vv) "Retained Premises" means the aggregate rentable square feet
located in each Property as set forth on Exhibit B, which shall be leased by
Seller from Purchaser for a term commencing on the Settlement Date for each
Property pursuant to the terms of the Retained Premises Lease. The Retained
Premises shall exclude the Released Space.

         (ww) "Retained Premises Lease" shall have the meaning given such term
in Section 5.

         (xx) "SEC" shall have the meaning given such term in Section 29(a).

         (yy) "Seller" shall have the meaning given such term in the parties
paragraph.

         (zz) "Seller's Broker" shall have the meaning given such term in
Section 13(b)(i).

         (aaa) "Seller's Closing Documents" shall have the meaning given such
term in Section 9.

         (bbb) "Seller's Documentation" shall have the meaning given such term
in Section 13(c).

         (ccc) "Service Contracts" shall have the meaning given such term in
Section 8(a).

         (ddd) "Settlement" shall have the meaning given such term in Section
6(a).

         (eee) "Settlement Date" with respect to a Property shall mean the date
of Settlement for such Property.

         (fff) "Settlement Designation Notice" shall have the meaning given such
term in Section 6(b).

         (ggg) "SNDA" shall have the meaning given such term in Section 24(b).

         (hhh) "Substitute Property" shall have the meaning given such term in
Section 2(b).

         (iii) "Successor" shall have the meaning given such term in Section
7(a)(viii).

                                       5

<PAGE>

         (jjj) "Tangible Personal Property" shall have the meaning given such
term in Section 3(iv).

         (kkk) "Tenant Estoppel" shall have the meaning given such term in
Section 24(a).

         (lll) "Tenant Pass-Throughs" shall have the meaning given such term in
Section 12(b).

         (mmm) "Tenant Security Deposits" shall have the meaning given such term
in Section 12(a).

         (nnn) "Termination Notice" shall have the meaning given such term in
Section 19(c).

         (ooo) "Title Objection Notice" shall have the meaning given such term
in Section 7(c).

         (ppp) "Uncured Objection" shall have the meaning given such term in
Section 7(d).

     2.  Sale and Purchase of Properties.

         (a) On the terms and conditions hereinafter provided, Seller shall
convey to Purchaser, and Purchaser shall acquire from Seller, Seller's right,
title and interest in and to all of the Properties.

         (b) During the Due Diligence Period, Seller may (i) substitute one or
more Properties with one or more real properties identified by Seller and
approved by Purchaser (individually, a "Substitute Property", and collectively,
the "Substitute Properties") in accordance with the provisions of this Section
2(b), (ii) remove one or more Properties covered by this Agreement, however,
Seller shall not, in the aggregate, remove Properties from this Agreement which
decrease the NBV Purchase Price by more than 20%, without Purchaser's prior
written consent, which consent may be withheld in Purchaser's sole discretion,
or (iii) add one or more properties to this Agreement ("Additional Properties").
If Seller elects to convey Substitute Properties or Additional Properties to
Purchaser, Seller shall deliver to Purchaser written notice containing the
information contained on Exhibit A regarding such Property, Seller's net book
value for each Property, and all other information required by this Agreement
("Substitute Property Information"). For Substitute Properties and Additional
Properties, Purchaser shall have ten (10) days to review the Substitute Property
Information and approve the Substitute Property or Additional Property, as
applicable. Purchaser shall disapprove of a Substitute Property or Additional
Property by delivering written notice to Seller prior to the expiration of the
10-day

                                       6

<PAGE>

period. If Purchaser fails to deliver written notice within the 10-day period,
Purchaser shall be deemed to have approved the Substitute Property or Additional
Property. The Due Diligence Period for the Substitute Properties and Additional
Properties shall begin one business day after the date Purchaser receives the
Substitute Property Information for each Substitute or Additional Property. For
each Substitute Property and Additional Property added to this Agreement, the
NBV Purchase Price shall be adjusted by subtracting from the NBV Purchase Price
the NBV of each Property removed by Seller, and adding to the NBV Purchase Price
the NBV of each Substitute Property and Additional Property. In addition, the
Average Rent Factor (as such term is defined in Exhibit C) shall be adjusted to
reflect any changes in Seller's initial Occupancy Percentage (as such term is
defined in Exhibit C) as a result of differences in the size of each Substitute
and Additional Property. For each Property removed or substituted pursuant to
this Section 2(b), Seller shall reimburse Purchaser for all out-of-pocket
expenses incurred by Purchaser in connection with the Due Diligence Inspections
for such Property removed or substituted from this Agreement, such expenses
shall be included as an Approved Closing Cost pursuant to Section 13(b) below.

   3. Properties - Real and Personal Assets. The conveyance to Purchaser
by Seller of each Property shall include Seller's right, title and interest, if
any, in and to the following:

         (i) except as set forth on Exhibit M attached hereto, all tracts, lots
or parcels of land identified on Exhibit A ("Parcels") regardless of whether
Seller allocates or provide a NBV for the Parcels; all parking lots, areas,
garages, parking decks or other facilities used in connection with the
Properties;

         (ii) all rights, privileges and easements appurtenant to the Parcels,
including, without limitation, all of Seller's right, title and interest, if
any, in and to all minerals, oil, gas and other hydrocarbon substances,
development rights, land use entitlements, including without limitation building
permits, licenses, permits and certificates, utilities commitments, air rights,
water, water rights, sewerage allocations, riparian rights and water stock
relating to the Properties and any rights-of-way or other appurtenances used in
connection with the beneficial use and enjoyment of the Properties, and all of
Seller's right, title and interest in and to all roads, easements, rights of way
and alleys adjoining or servicing the Properties (collectively,
"Appurtenances");

         (iii) all improvements and fixtures located on the Parcels or
Appurtenances, including, without limitation, the buildings and other
improvements ("Buildings") erected or existing thereon; all other improvements
integral to the use or operation of the Properties, regardless of whether such
improvements are located on the Properties; all apparatus, fixtures, equipment,
and appliances attached to or located on the Properties or used in connection
with the operations or occupancy of the Properties, such as heating and air
conditioning systems and facilities used to provide any utility, refrigeration,
ventilation, garbage disposal, recreation or other services on the Properties;

         (iv) except as set forth on Exhibit N attached hereto and as set forth
below, all tangible personal property owned by Seller and located on and used in
connection with the Properties, including, without limitation, all building
plans; all common area furnishings and

                                       7

<PAGE>

equipment; all pylons, monuments and other signage; all maintenance tools,
vehicles and equipment; all cafeterias or commissaries, including, without
limitation, all fixtures, equipment and appliances used in connection therewith;
any gymnasiums, fitness or exercise centers, including, without limitation, all
equipment, fixtures and furnishings therein located; and, at all properties that
include retail banking facilities, all vaults, vault doors, drive-through
facilities and equipment, teller counters and equipment and under-counter steel
(collectively, "Tangible Personal Property");

               (v) all intangible personal property now or hereafter owned by
Seller and used in the ownership, use or operation or development of the
Property or the Tangible Personal Property, including, without limitation, all
building licenses and permits to the extent transferable; all warranties and
guaranties to the extent transferable, together with all tenant leases,
agreements, records, substantive correspondence and other documents affecting in
any way a right to occupy any portion of the Properties and all guaranties
thereof and all amendments thereto (collectively, "Intangible Personal
Property").

Notwithstanding the foregoing, the conveyance to Purchaser by Seller of each
Property shall specifically exclude the following (collectively, "Excluded
Items"): (i) any Tangible Personal Property that is located in or used
exclusively in connection with the Retained Premises and (ii) all trade
fixtures, equipment, furniture, furnishings, supplies, records, documents, cash,
coin, and other items of moveable personal property relating to the operation of
Seller's business, including, without limitation, all safe deposit boxes (but
not the nests or frames thereof), safes, Seller identification signage,
automated teller machines ("ATM") connected to or located within the Buildings
or situated as freestanding structures on the Property and ATM equipment,
telecommunication equipment, security systems and equipment, satellite dishes
and antennas, computers, computer terminals and computer equipment, any office
equipment (whether leased or owned) located in the Buildings, framed artwork not
permanently affixed to the Property, and any personal property belonging to any
tenant occupying any portion of the Property. All of the Excluded Items are
hereby excluded from the Properties to be conveyed hereunder and shall remain
the property of Seller.

     4. Purchase Price. The total purchase price ("Purchase Price") of the
Properties shall be the sum of (i) $710,801,910, representing the net book value
for each Property ("NBV") as set forth on Exhibit A attached hereto less any
depreciation taken by Seller from the date of such NBV on Exhibit A and February
28, 2003, as such NBV may be adjusted from time to time pursuant to Section 2(b)
(the "NBV Purchase Price") and (ii) the Approved Closing Costs. The Purchase
Price shall be allocated among each Property (including therein an additional
allocation between real and all Tangible and Intangible Personal Property) as
set forth on Exhibit A attached hereto.

     5. Retained Premises Lease. Seller and Purchaser acknowledge that Seller
currently occupies space in certain of the Properties and following Settlement
will continue to occupy space in the Retained Premises pursuant to a lease
agreement the material terms and conditions of which are set forth on Exhibit C
(the "Retained Premises Lease"). The rent and other consideration to be paid by
Seller to Purchaser under the Retained Premises Lease for each of the Retained
Premises is

                                       8

<PAGE>

set forth on Exhibit B. Seller and Purchaser shall use their respective best
efforts to agree on and finalize the form of the Retained Premises Lease not
later than February 28, 2003. In the event that Seller and Purchaser fail or are
unable to agree on and finalize the form of the Retained Premises Lease by such
date, either party may terminate this Agreement by written notice to the other
party on or before March 3, 2003.

     6.   Settlement; Settlement Procedure.

          (a) Settlement shall be the meeting at which Seller transfers
ownership of the Properties to Purchaser by deed and Purchaser pays the Purchase
Price (as adjusted in accordance with this Agreement) to Seller ("Settlement").
All Settlements shall occur at the office of Morgan, Lewis & Bockius LLP, 1701
Market Street, Philadelphia, Pennsylvania, or at such other place as Seller and
Purchaser may mutually agree.

          (b) Fifteen days prior to the Initial Settlement Date, Seller and
Purchaser shall identify those Properties for which Purchaser has approved or
otherwise waived all Due Diligence Inspections (the "Initial Settlement
Properties"). The Initial Settlement Properties shall be identified in a written
notice executed by Purchaser and Seller ("Settlement Designation Notice"), which
notice shall include (i) the specific name or other identifying information of
each Initial Settlement Property, (ii) the NBV Purchase Price for each Initial
Settlement Property, and (iii) an allocation of the Approved Closing Costs in a
manner jointly acceptable to Purchaser and Seller. Settlement for the Initial
Settlement Properties shall occur on the Initial Settlement Date.

          (c) If on the Initial Settlement Date, (i) one or more Properties has
uncured problems objected to by Purchaser and raised during the Due Diligence
Inspections, or (ii) the Due Diligence Period for a Substitute Property or
Additional Property has not expired or otherwise been waived by Purchaser (each,
a "Delayed Property"), then Seller and Purchaser shall deliver their respective
closing documents for each Delayed Property (except that Purchaser shall not
deliver the Purchase Price and Seller and Purchaser shall not calculate the
adjustments contemplated by Section 12 for any Delayed Property until the actual
Settlement Date for such Delayed Property) to Escrow Agent (the "Escrow Closing
Documents"), who shall hold the Escrow Closing Documents pursuant to joint
written instructions of Purchaser and Seller. On or before the 15th day of each
calendar month subsequent to the Initial Settlement Date, Purchaser and Seller
shall execute a Settlement Designation Notice for each Delayed Property in which
all Due Diligence Inspections have been accepted or otherwise waived by
Purchaser. Settlement for each Delayed Property identified on a Settlement
Designation Notice shall occur on the second to last business day of each
calendar month subsequent to the Initial Settlement Date, at which time
Purchaser shall pay the Purchase Price and Seller and Purchaser shall calculate
the adjustments contemplated by Section 12 for all Delayed Properties for each
Delayed Property identified in the applicable Settlement Designation Notice.

          (d) Fifteen days before the Outside Settlement Date, Seller and
Purchaser shall execute a final Settlement Designation Notice. Any Delayed
Properties for which Settlement has not occurred by the Outside Settlement Date
and for which Seller fails to indemnify Purchaser in

                                       9

<PAGE>

accordance with Section 19 hereof shall be removed from this Agreement. On the
Outside Settlement Date, Purchaser and Seller shall reconcile all Properties for
which Settlement has occurred hereunder. Such reconciliation shall include,
without limitation, a true-up of escrows, post-closing deliverables (including
Estoppel Certificates), square footage measurements, Seller Occupancy
Percentages and any other open items or issues between Purchaser and Seller.

     7.   Title.

          (a)  As to each Property, on the Settlement Date, the title conveyed
shall be good, marketable, indefeasible and insurable by any reputable title
insurance company at regular rates, free and clear of all liens, judgments and
similar encumbrances, subject however to:

               (i)    the state of facts shown on an accurate survey of the
Property, other than a matter which would constitute an Objection that Purchaser
does not waive pursuant to Section 7(c) below;

               (ii)   zoning regulations, municipal building restrictions and
all other laws, ordinances, regulations and restrictions of any duly constituted
public authority enacted prior to the Settlement Date;

               (iii)  grants to governmental entities or to utility and/or power
companies, the right of the public in sidewalks and abutting public
rights-of-way, and easements given to the public for water course maintenance,
slope rights or sight rights, but only to the extent such rights do not impair
or restrict the use of the Property for the uses contemplated by Purchaser;

               (iv)   the lien of current taxes and assessments not due and
payable as of the Settlement Date;

               (v)    special taxes and assessments becoming a lien on or after
the Settlement Date;

               (vi)   if applicable, the Leases, and any other leases of the
Property entered into with Purchaser's consent pursuant to Section 8(b) below;

               (vii)  standard exceptions set forth in the form of title
insurance policy of the title insurance company selected by Purchaser; and

               (viii) any other matter which would constitute an Objection that
Purchaser waives pursuant to Section 7(c) below, provided that with respect to
any Monetary Objection against Seller, same shall not constitute an Objection if
a title insurance company authorized to do

                                       10

<PAGE>

business in the state in which the affected Property is located agrees that it
will insure title free of such Monetary Objection to Purchaser, their successors
and assigns, including without limitation, future purchasers ("Successor"), or
with affirmative insurance against the enforcement of such Monetary Objection
against the affected Fee Property to Purchaser and any Successor, and such
removal or affirmative coverage does not require Purchaser or any Successor to
defend an action brought on any such judgment.

Notwithstanding anything to the contrary contained in this Section 7(a), in no
event shall the provisions of this Section 7(a) be interpreted or otherwise
construed as requiring Seller to warrant title to the Property except as set
forth in the Deeds delivered pursuant to Section 9(a) below.

          (b) The term "Objection" shall mean any matter shown on the survey
obtained by Purchaser or any covenant, easement, restriction or other title
defect or encumbrance (including, without limitation, any lien or the lack of
direct access to a dedicated public road or street), other than the matters
referred to in Section 7(a) above, which renders title to the Property either
unmarketable or uninsurable at regular rates, reduces the value of the Property
or impairs or restricts the current use of the Property.

          (c) As to each Property, Purchaser shall order, at Purchaser's
expense, a title commitment from a title insurance company authorized to do
business in the state in which such Property is located and, if so desired by
Purchaser, a survey at Purchaser's expense. Within ten (10) days of Purchaser's
receipt thereof but in no event later than the expiration of the Due Diligence
Period, Purchaser shall deliver to Seller a copy of the title commitment and, if
applicable, survey for such Property, along with written notice of any Objection
("Title Objection Notice") to Seller. Purchaser shall be deemed to have waived
any Objection existing on the last day of the Due Diligence Period and not
specified in the Title Objection Notice. Purchaser may, at or prior to
Settlement, notify Seller in writing (the "Gap Notice") of any objections to
title (x) raised by the Title Company between the expiration of the Due
Diligence Period and the Settlement Date and that have been recorded on the land
records after the expiration of the Due Diligence Period or (y) known to Seller
and not otherwise disclosed to the Title Company or Purchaser. If Purchaser
sends a Gap Notice to Seller, Purchaser and Seller shall have the same rights
and obligations with respect to such notice as apply to a Title Objection Notice
in accordance with the provisions of this Section 7(c).

          (d) Seller shall have no obligation to bring any action or proceeding
or otherwise to incur any expense or liability (contingent or otherwise) to
remedy an Objection; provided, however, that if an Objection is a monetary lien,
judgment or encumbrance of an ascertainable amount (a "Monetary Objection"),
Seller shall be obligated at or prior to the Settlement Date, to cause such
Monetary Objection to be satisfied or to cause the title insurance company to
insure title free of such Monetary Objection or with affirmative insurance
against the enforcement of such Monetary Objection by delivery of an acceptable
indemnity. If Seller is unable to convey title to a Property in accordance with
this Agreement or does not elect to remedy an Objection (other than a Monetary
Objection), Purchaser may elect either (i) to accept such title as Seller is
able to convey at Settlement, without any reduction of the Purchase Price or any
credit or allowance on account

                                       11

<PAGE>

thereof or any other claim against Seller, or (ii) to terminate this Agreement
as to the Property encumbered or affected by the Objection. Such election shall
be made by Purchaser within ten (10) days after written notice from Seller to
Purchaser stating that Seller is unable to convey title in accordance with this
Agreement or does not elect to remedy an Objection (other than a Monetary
Objection) (an "Uncured Objection"), such notice of an Uncured Objection from
Seller to be given within ten (10) days after its receipt of the Title Objection
Notice, in which event this Agreement shall be null and void as to the Property
encumbered or affected by the Uncured Objection, and the parties shall have no
further liabilities or obligations hereunder, except as to those obligations
which expressly survive the termination of this Agreement.

          (e) Although Seller is not obligated to do so, Seller shall have the
right to remedy any Objection with respect to a Property on written notice given
to Purchaser within ten (10) days after Seller's receipt of the Title Objection
Notice. For the purpose of remedying an Objection, Seller shall have the right
to one or more adjournments of the Settlement for an aggregate period not to
exceed the Outside Settlement Date. If Seller fails to remedy the Objection
prior to the adjourned Settlement, the provisions of Section 7(d) above shall be
applicable, and Seller shall be deemed to have elected not to remedy the
Objection.

          (f) The sale includes whatever right, title and interest Seller has in
and to the equipment and fixtures presently on each Property which are
appurtenant to or used in the operation thereof (subject to the exclusions set
forth in Section 3 above). Seller makes no representations as to the quality,
kind or condition thereof, and Purchaser agrees to take the same "WHERE-IS" and
"AS-IS."

     8.   Service and Maintenance Contracts.

          (a) On or before March 15, 2003, as to the Properties listed on
Exhibit A (and, as to any Substitute or Additional Properties, within thirty
(30) days following the date on which such new Properties are added to this
Agreement by Seller), Seller shall identify for Purchaser in writing any and all
maintenance, service and other contracts for the Properties that Seller desires
Purchaser to assume at Settlement (the "Service Contracts"). At Settlement for
each Property, Seller shall assign to Purchaser, and Purchaser shall assume, all
previously identified Service Contracts relating to such Property, but only if
the Service Contracts are validly assignable. Any Service Contracts that, by
their terms, are not validly assignable to Purchaser shall be retained by
Seller. Seller shall indemnify, defend and hold Purchaser harmless from and
against all claims for payment by such contractors for services with respect to
such Property rendered prior to the date of the Settlement for such Property.
Purchaser may terminate (and Seller shall, at no cost to Seller, assist
Purchaser in terminating) any Service Contracts that Purchaser desires to
terminate, but Purchaser shall be solely responsible for paying, and shall
indemnify Seller against, any and all fees and other costs associated with any
such Service Contract terminations. The foregoing provisions of this Section
8(a) shall survive the Settlement for such Property and delivery of the Deed or
Assignment, as applicable.

          (b) Seller hereby agrees that from and after the date hereof, Seller
shall not enter

                                       12

<PAGE>

into any leases of or contracts for any Property, the term of which leases or
contracts extend beyond the Settlement for such property without Purchaser's
prior written consent, which consent for leases may be given or withheld in
Purchaser's sole discretion, but for contracts shall not be unreasonably
withheld. Purchaser shall object to any request for consent within five (5) days
of presentment by Seller or Purchaser shall be deemed to have consented to the
requested lease or contract (each an "Approved Lease"). Purchaser shall pay for
all tenant improvement, brokerage and other leasing costs in connection with any
Approved Leases to the extent such costs are not reflected in the calculation of
the NBV Purchase Price.

     9.   Documents to be Delivered by Seller at Settlement. At Settlement,
Seller shall deliver to Purchaser (collectively, "Seller's Closing Documents"):

          (a) for each Property, the customary form of special or limited
warranty deed (such that Seller shall only warrant for claims arising by,
through or under Seller, but none others) for the state for which the Property
is located (collectively, the "Deeds") shall be duly executed by Seller, be in
form for recordation, contain the permitted exceptions listed on Exhibit O
attached hereto, and be accompanied by completed realty transfer tax forms (to
be provided by Purchaser's title insurance company);

          (b) for each Property, a bill of sale in the form attached hereto as
Exhibit D ("Bill of Sale"), pursuant to which Seller shall sell and transfer the
personal property at each Property subject to this Agreement to Purchaser;

          (c) for each Property, two counterpart originals of an assignment and
assumption of intangible property in the form attached hereto as Exhibit E
("Intangible Property Assignment"), pursuant to which Seller shall assign and
Purchaser shall assume Seller's interest in the Intangible Personal Property;

          (d) for each Property, all originals of all Leases and tenant files in
Seller or Seller's agents possession (the "Lease Files") and two (2) counterpart
originals of an assignment and assumption of leases in the form attached hereto
as Exhibit F ("Assignment"), pursuant to which Seller shall assign and Purchaser
shall assume Seller's interest as lessor in the Leases; the Lease Files shall be
delivered to Purchaser at Settlement at Seller's offices in Charlotte, North
Carolina;

          (e) for each Property, notices to tenants under the Leases of the
occurrence of the sale of the Property in the form attached hereto as Exhibit G
duly executed by or on behalf of Seller;

          (f) at each Settlement, a closing statement (to be prepared by
Purchaser's title insurance company) showing the applicable Settlement
adjustments, duly executed by Seller;

          (g) at each Settlement, a FIRPTA affidavit in the form attached hereto
as Exhibit H

                                       13

<PAGE>

and the customary form of mechanic's lien and possession affidavit, each duly
executed by Seller, together with such documents and other evidence as is
reasonably required by Purchaser's title insurance company to establish that
Seller is authorized to execute the closing documents. A California Form 590
shall also be provided for each Property located in California. A Georgia
Broker's Lien Affidavit shall be provided for each Property located in Georgia;

          (h) at each Settlement, a Certificate of Seller in the form attached
hereto as Exhibit I, confirming the truth, accuracy and completeness of the
representations and warranties of Section 27 hereof with respect to Seller;

          (i) at the initial Settlement, a certified copy of the Bylaws adopted
by the Board of Directors of Seller confirming the authority of certain officers
to execute documents and a certified statement of incumbency of the officer of
Seller executing the documents described in this Section 9;

          (j) at each Settlement, originals, to the extent in Seller's
possession, of surveys, permits, licenses, leases, subleases, warranties and
guarantees covered by this Agreement;

          (k) at the Initial Settlement, four (4) counterpart originals of the
Retained Premises Lease in the form provided in Section 5 above and, at each
Settlement after the Initial Settlement, four (4) counterpart originals of an
amendment thereto that adds the new Retained Premises to the Retained Premises
Lease;

          (l) at the Initial Settlement, three (3) counterpart originals of the
SNDA and, at each Settlement after the Initial Settlement, three (3) counterpart
originals of an amendment thereto that adds the new Retained Premises to the
SNDA, all duly executed by Seller;

          (m) at each Settlement, a rent roll dated as of the Settlement Date
and certified to Purchaser as true, accurate and correct to the best of Seller's
Knowledge;

          (n) at each Settlement, Tenant Estoppels as required in Section 24
below; and

          (n) at each Settlement, for the space vacated or otherwise not
occupied pursuant to the Retained Premises Lease by Seller in each Property: all
keys and locks, alarm codes, vault or safe combinations, and all written
warranties or guaranties transferred hereunder.

Purchaser may waive compliance on Seller's part under any of the foregoing items
only by an instrument in writing.

                                       14

<PAGE>

     10. Documents to be Delivered by Purchaser at Settlement. At Settlement on
each Property, Purchaser shall deliver to Seller (collectively, "Purchaser's
Closing Documents"):

         (a) for each Property the Purchase Price as described in Section 4, as
adjusted pursuant to Sections 12, 13 and 15, by wire transfer of immediately
available funds;

         (b) for each Property, two (2) counterpart originals of the Intangible
Property Assignment described in Section 9(c) above duly executed by Purchaser;

         (c) for each Property, two (2) counterpart originals of the Assignment
described in Section 9(d) above duly executed by Purchaser;

         (d) at each Settlement, a closing statement (to be prepared by
Purchaser's title insurance company) showing the applicable Settlement
adjustments, duly executed by Purchaser;

         (e) at each Settlement, a Certificate of Purchaser or Purchaser's
permitted assignee, in the form attached hereto as Exhibit J, confirming the
truth, accuracy and completeness of the representations and warranties of
Section 26 hereof with respect to Purchaser or such assignee, as applicable, and
duly executed by Purchaser or Purchaser's permitted assignee;

         (f) at the Initial Settlement, four (4) counterpart originals of the
Retained Premises Lease in the form provided in Section 5 above and, at each
Settlement after the Initial Settlement, four (4) counterpart originals of an
amendment thereto that adds the new Retained Premises to the Retained Premises
Lease; and

         (g) at the Initial Settlement, three (3) counterpart originals of the
SNDA and, at each Settlement after the Initial Settlement, three (3) counterpart
originals of an amendment thereto that adds the new Retained Premises to the
SNDA, all duly executed by Purchaser and Purchaser's lender.

Seller may waive compliance on Purchaser's part under any of the foregoing items
only by an instrument in writing.

     11. Possession; Release Space.

         (a) At Settlement on each Property, Seller shall give Purchaser
possession of the Property, in broom clean condition, free and clear of all
tenants except for the Leases (including the Retained Premises Lease) and such
other permitted leases pursuant to Section 8(b).

         (b) The Retained Premises Lease shall grant Seller a period of twelve
months following the Settlement Date for each Property to vacate space in the
Property not covered by the Retained Premises Lease (the "Release Space").
During the initial six-month period following the Settlement Date for a
Property, Seller shall pay its proportionate share of Operating Expenses (as
such term is defined in Exhibit C) for the Release Space. During the seventh
through twelfth month following the Settlement Date for each Property, Seller
shall pay its proportionate share of Operating Expenses and Annual Basic Rent
(as such term is defined in Exhibit C) for such space.

                                       15

<PAGE>

Seller shall demise and return the Release Space to Purchaser in compliance with
the applicable provisions of the Retained Premises Lease. This Section 11(b)
shall survive the Outside Settlement Date or the earlier termination of this
Agreement.

     12. Adjustments.

         (a) At Settlement, Purchaser and Seller shall adjust for real estate
taxes and assessments on the Properties, municipal water and sewer charges,
fuel, utility charges, rent, and lease liabilities, such adjustments to be
calculated as of 11:59 PM on the day immediately preceding Settlement. In
addition, Seller shall (i) account to and turn over to Purchaser any and all
security deposits paid by existing tenants of the Properties ("Tenant Security
Deposits"), or (ii) provide Purchaser a credit against the Purchase Price in the
amount of the Tenant Security Deposits. Seller shall pay all service providers
under the service and maintenance contracts for the Properties for services
rendered up to the day prior to the Settlement. If the Settlement shall occur
before the tax rate or assessed valuation of a Property is fixed for the
then-current year, the apportionment of real estate taxes for the year of
Settlement shall be upon the basis of the most recent tax bills and the tax rate
for the most recent tax year applied to the latest assessed valuation. There
shall be no post-Settlement reconciliations or reprorations.

         (b) All rents (including operating expense and real estate tax
contributions or reimbursements and similar charges (collectively, "Tenant
Pass-Throughs"), credits, security deposits and set-offs due or required to be
paid under or by reason of the Leases shall be adjusted by appropriate credit to
the Seller or Purchaser (as the case may be) on the Settlement Date. If, at the
Settlement Date, any tenant is in arrears in the payment of rents, Seller will
disclose the same to Purchaser in writing or on the Rent Roll and such amounts
shall not be adjusted on the Settlement Date. Prior to the Settlement Date,
Seller shall use Seller's current business practices to collect such arrearages.
If Purchaser shall collect any such arrearages within ninety (90) days after the
Settlement Date, then Purchaser shall turn over to Seller the arrearages so
collected, less the reasonable cost of collection thereof, if any; provided,
however, Seller may continue to seek to collect the arrearages by legal action
following the Settlement Date. All rents collected by Purchaser after the
Settlement Date (except for amounts specifically billed and paid as end of year
reconciliation payments for Tenant Pass-Throughs, which shall be separately
accounted for and allocated, pro rata, between Seller and Purchaser as their
interest may appear) shall be first applied to rents payable after the
Settlement Date and only the excess thereof shall be paid over to Seller on
account of the arrearages. To the extent that items to be apportioned hereunder
may be required to be paid directly by a tenant under its Lease, same shall not
be apportioned, provided, however, that such items shall have been paid by such
tenant currently through the month including the Settlement Date. The provisions
of this subparagraph (b) shall survive the Settlement and the delivery of the
Deeds and Assignments.

         (c) Seller shall pay, at or prior to Settlement, all brokerage fees and
commissions for existing Leases entered into prior to the date hereof. If
Settlement takes place, all brokerage fees and commissions, if any, for
renewals, extensions and expansions of existing Leases exercised after the date
hereof, and for new Leases and modifications of existing Leases entered into

                                       16

<PAGE>

after the date hereof and approved by Purchaser as provided in Section 8(b)
above, shall be paid by Purchaser.

     13. Expenses.

         (a) At Settlement and if and only if the subject transaction closes,
Purchaser shall pay the following closing costs (collectively, "Purchaser's
Closing Costs"):

             (i)   Real estate brokerage commissions payable to Strategic
Alliance Realty, LLC ("Purchaser's Broker");

             (ii)  Phase I Environmental Study expenses for all Properties;

             (iii) All transfer taxes and recording fees as required by
applicable law;

             (iv)  Survey expenses for all Properties;

             (vi)  All title insurance search fees and premiums, and all escrow
and closing charges of the settlement or closing agent;

             (vii) Structural and physical inspection expenses for all
Properties;

             (ix)  All recording fees in connection with the conveyances of the
Properties;

             (x)   All out-of-pocket direct expenses incurred by Purchaser,
except for expenses incurred directly with any financing obtained by Purchaser;

             (xi)   All fees and costs paid in connection with the Bank of
America Corporate Real Estate Proposed Transaction - Consulting Proposal with J
& J Family Investments, LLC;

             (xi)  Miscellaneous expenses incurred by Purchaser and approved in
advance by Seller, including, without limitation, Seller's cost of Reimbursing
Purchaser for Purchaser's out-of-pocket expenses incurred in connection with
Purchaser's due diligence investigations of any Substitute Property as expressed
in Section 2(b).

Notwithstanding anything to the contrary contained in this Section 13(a) and
without inclusion in Purchaser's Closing Costs, Purchaser shall pay Purchaser's
legal fees and expenses, appraisal costs and all costs of Purchaser's financing,
if any.

         (b) At Settlement and if and only if the subject transaction closes,
Purchaser, as a component of the Purchase Price, shall pay the actual,
out-of-pocket amounts paid or incurred by Seller for the following closing costs
(collectively, the "Approved Closing Costs"):

             (i)   Real estate brokerage commissions payable to Trammell Crow
Corporate Services, Inc. and Jones Lang LaSalle (collectively, "Seller's
Broker");

                                       17

<PAGE>

             (ii)  All cost and expense of Measurement;

             (iii) any recording fees for the satisfaction of any mortgages,
liens or judgments affecting any Property; and

             (iv)  Miscellaneous expenses incurred by Seller and approved in
advance by Purchaser.

Notwithstanding the provisions of this Section 13(b) and without contribution
from Purchaser, Seller shall pay (A) expenses and costs for any Phase II and
Phase III environmental studies, testing and remediation required in Section
19(b), and (B) Seller's legal fees and expenses.

         (c) Purchaser shall have no obligation to provide a credit to Seller
for any costs associated with this transaction other than those specifically set
forth in Section 13(b)(i)-(iii) above. Purchaser shall have no obligation to
reimburse or otherwise pay Seller for the Approved Closing Costs incurred by
Seller or any third parties engaged by Seller in the event a Settlement does not
occur. Evidence of the actual amounts paid or to be paid by Purchaser for the
aforesaid items shall be provided by Seller to Purchaser at least five (5) days
before Settlement either in the form of paid receipts or invoices or by line
items to be disbursed at Settlement as shown on the Settlement Statement
together with detailed invoices supporting such unpaid items.

         (d) During the initial term of the Retained Premises Lease, Seller
shall pay Annual Closing Cost Basic Rent (as such term is defined in Exhibit C)
equal to the sum of the Approved Closing Costs and one-half of the Purchaser's
Closing Costs multiplied by 8.73%. Seller's payment of the Annual Closing Cost
Basic Rent shall be paid in accordance with the applicable provisions of the
Retained Premises Lease. This Section 13(d) shall survive the expiration or
earlier termination of this Agreement.

     14. Default.

         (a) If Seller breaches this Agreement prior to or at Settlement, the
sole liability of Seller shall be and the sole remedy of Purchaser shall be
limited to either (i) payment to Purchaser, as liquidated damages, for each
Property for which Settlement has not occurred and for which Purchaser has
performed some or all of its investigations pursuant to Sections 7 and 19, the
sum equal to Purchaser's actual, reasonable out-of-pocket costs and expenses
incurred subsequent to the date of this Agreement for title, survey and other
due diligence reports and evaluations, whereupon Purchaser shall deliver to
Seller complete copies (with all appendices and exhibits) of all due diligence
reports, evaluations, investigations, surveys and title searches in Purchaser's
possession or control (without representation or warranty and with a disclaimer
of reliance), and this Agreement shall become null and void and the parties
shall have no further liabilities or obligations hereunder; or (ii) a suit by
Purchaser for specific performance only.

                                       18

<PAGE>

         (b) If Purchaser breaches this Agreement prior to or at any Settlement,
Seller shall be entitled to terminate this Agreement in its entirety and to
receive as liquidated damages the sum of Seller's actual, out-of-pocket costs
and expenses incurred subsequent to the date of this Agreement (exclusive of
attorney's fees) for due diligence reports and evaluations, and this Agreement
shall become null and void and the parties shall have no further liabilities or
obligations hereunder. In addition, Purchaser shall deliver to Seller complete
copies (with all appendices and exhibits) of all due diligence reports,
evaluations, investigations, surveys and title searches in Purchaser's
possession or control (without representation or warranty and with a disclaimer
of reliance). The provisions of this subparagraph (b) shall survive the
expiration or earlier termination of this Agreement. The parties acknowledge
that the aforesaid liquidated damages are reasonable and do not constitute a
penalty and are being agreed upon due to the difficulty of calculating the
actual amount of damages that Seller might sustain in the event of a default by
Purchaser and termination of this Agreement.

         (c) Notwithstanding anything to the contrary contained in Section
14(a), in the event Seller's breach is caused by or arises out of regulatory
issues, Seller shall have no liability whatsoever to Purchaser; this Agreement
shall become null and void in its entirety, and the parties shall have no
further liabilities or obligations hereunder, except for those obligations which
expressly survive the termination of this Agreement.

     15. Risk of Loss. If a condemnation proceeding is instituted against a
Property or any portion thereof, or if a Property is substantially damaged by
fire or other casualty, prior to Settlement, Purchaser may terminate this
Agreement with respect to such Property upon ten (10) days written notice to
Seller, whereupon the parties shall have no further liabilities or obligations
hereunder, except for those obligations which expressly survive the termination
of this Agreement. If Purchaser does not so terminate this Agreement in the case
of condemnation or substantial damage by fire or other casualty, or if in the
case of fire or other casualty to a Property there is less than substantial
damage, then in each of such cases, this Agreement shall continue to be
effective as to all of the Properties, and Seller shall assign to Purchaser at
Settlement all of Seller's right to receive any award for such condemnation or
insurance proceeds as a result of such damage (as the case may be), together
with all of Seller's rights to litigate such claim and to negotiate a settlement
with the condemning authority or the insurance carrier; provided, however, to
the extent Seller self-insures (including a deductible or any under-insured
amount) against a casualty, then the Purchase Price for the affected Property
shall be adjusted to reflect a credit in favor of Purchaser for the amount of
such under-insured amount. For purposes of this Section 15, a Property shall be
deemed to have been "substantially damaged" if such damage occurs at a Property
that Seller is responsible to restore and such restoration either will require
more than one-hundred twenty (120) days to complete or will cost in excess of
twenty-five percent (25%) of the Purchase Price of such Property. Seller agrees
to maintain its current property insurance policies, if any, on the Properties
during the pendency of this Agreement.

     16. Brokers. Each party represents and warrants to the other that it has
not dealt with any real estate broker, agent or finder in connection with this
Agreement, other than Seller's Broker and Purchaser's Broker. The parties agree
to indemnify and hold one another harmless based upon their actions and dealings
from any claims or causes of action concerning brokerage or

                                       19

<PAGE>

finder's fees or commissions. If any claim against Seller is asserted by any
person, firm or corporation claiming a commission and/or finder's fee with
respect to the transactions contemplated by this Agreement, and resulting from
any act, representation or promise of Purchaser, Purchaser shall indemnify,
defend and save harmless Seller from such claim resulting from any act,
representation or promise of Purchaser. If any claim against Purchaser is
asserted by any person, firm or corporation claiming a commission and/or a
finder's fee with respect to the transactions contemplated by this Agreement,
and resulting from any act, representation or promise of Seller, Seller shall
indemnify, defend and save harmless Purchaser from such claim resulting form any
act, representation or promise of Seller. The terms of this Section 16 shall
survive the Settlement on each Property and the delivery of the Deed or
Assignment, as applicable, and shall survive the expiration or earlier
termination of this Agreement.

     17. Properties "AS-IS." Purchaser either (a) has heretofore inspected each
of the Properties, or caused an inspection thereof to be made on Purchaser's
behalf, or (b) will have done so prior to the end of the Due Diligence Period or
(c) will have waived its right to do so as hereinbelow set forth, so that, by
the end of the Due Diligence Period, Purchaser shall be (or shall have had the
opportunity to become) acquainted with the condition of the Properties and the
improvements located therein. Purchaser agrees to take the Properties "AS-IS,"
"WHERE-IS," and in their present condition, subject to reasonable use, wear and
tear, and (subject to Section 15 above) damage by fire and other casualties, and
(subject to Section 16 above) due to a taking by condemnation or eminent domain,
between the date hereof and the Settlement on each of the Properties. Until the
Settlement, Seller agrees to maintain each Property in its present condition,
reasonable wear and tear excepted. The provisions of this Section 17 shall
survive the Settlement and the delivery of the Deeds and Assignments.

     18. Disclaimer.

         (a) PURCHASER ACKNOWLEDGES AND AGREES THAT SELLER HAS NOT MADE, DOES
NOT MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES
(OTHER THAN THE WARRANTY OF TITLE AS SET OUT IN THE DEED), PROMISES, COVENANTS,
AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR
IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH
RESPECT TO (A) THE NATURE, QUALITY OR CONDITION OF ANY OF THE PROPERTIES,
INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY; (B) THE INCOME TO BE
DERIVED FROM ANY OF THE PROPERTIES; (C) THE SUITABILITY OF ANY OF THE PROPERTIES
FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER OR ANYONE ELSE MAY CONDUCT
THEREON; (D) THE COMPLIANCE OF OR BY ANY OF THE PROPERTIES OR THEIR OPERATION
WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL
AUTHORITY OR BODY; (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY,
PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF ANY OR THE PROPERTIES; (F)
THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED
INTO ANY OF THE PROPERTIES; (G) THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF
REPAIR OF ANY OF THE PROPERTIES; OR (H) ANY OTHER MATTER WITH RESPECT TO ANY

                                       20

<PAGE>

OF THE PROPERTIES, AND SPECIFICALLY, THAT SELLER HAS NOT MADE, DOES NOT MAKE AND
SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS REGARDING COMPLIANCE WITH ANY
ENVIRONMENTAL PROTECTION, POLLUTION, ZONING OR LAND USE LAWS, RULES,
REGULATIONS, ORDERS OR REQUIREMENTS, INCLUDING THE EXISTENCE IN OR ON ANY OF THE
PROPERTIES OF HAZARDOUS MATERIALS. PURCHASER FURTHER ACKNOWLEDGES AND AGREES
THAT, HAVING BEEN GIVEN THE OPPORTUNITY TO INSPECT EACH PROPERTY, PURCHASER IS
RELYING SOLELY ON ITS OWN INVESTIGATION OF EACH PROPERTY AND NOT ON ANY
INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER. SELLER IS NOT LIABLE OR BOUND
IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR
INFORMATION PERTAINING TO ANY OF THE PROPERTIES, OR THE OPERATION THEREOF,
FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR OTHER PERSON. PURCHASER FURTHER
ACKNOWLEDGES AND AGREES THAT TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SALE OF
PROPERTIES AS PROVIDED FOR HEREIN IS MADE ON AN "AS IS" CONDITION AND BASIS WITH
ALL FAULTS. ALL PROVISIONS OF THIS ARTICLE SHALL SURVIVE SETTLEMENT OR THE
EXPIRATION OR EARLIER TERMINATION OF THIS AGREEMENT WITHOUT SETTLEMENT, AS
APPLICABLE.

         (b) "Hazardous Materials" shall mean any substance which is or contains
(i) any "hazardous substance" as now or hereafter defined in the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended (42
U.S.C. (S)9601 et. seq.) "CERCLA") or any regulations promulgated under or
pursuant to CERCLA; (ii) any "hazardous waste" as now or hereafter defined in
the Resource Conservation and Recovery Act, as amended (42 U.S.C. (S) 6901 et
seq.) ("RCRA") or regulations promulgated under or pursuant to RCRA; (iii) any
substance regulated by the Toxic Substances Control Act, as amended (15 U.S.C.
(S) 2601 et seq.); (iv) gasoline, diesel fuel, or other petroleum hydrocarbons;
(v) asbestos and asbestos containing materials, in any form, whether friable or
non-friable; (vi) polychlorinated biphenyls; (vii) radon gas; and (viii) any
additional substances or materials which are now or hereafter classified or
considered to be hazardous or toxic under Environmental Requirements or the
common law, or any other applicable laws relating to each Property. Hazardous
Materials shall include, without limitation, any substance, the presence of
which on each Property, (A) requires reporting, investigation or remediation
under Environmental Requirements; (B) causes or threatens to cause a nuisance on
the Property or adjacent property or poses or threatens to pose a hazard to the
health or safety of persons on the Property or adjacent property; or (C) which,
if it emanated or migrated from the Property, could constitute a trespass.

         (c) "Environmental Requirements" shall mean all laws, ordinances,
statutes, codes, rules, regulations, agreements, judgments, orders, and decrees,
now or hereafter enacted, promulgated, or amended, of the United States, the
states, the counties, the cities, or any other political subdivisions in which
the Property is located, and any other political subdivision, agency or
instrumentality exercising jurisdiction over the owner of the Property, the
Property or the use of the Property, relating to pollution, the protection or
regulation of human health, natural resources, or the environment, or the
emission, discharge, release or threatened release of pollutants, contaminants,

                                       21

<PAGE>

chemicals, or industrial, toxic or hazardous substances or waste or Hazardous
Materials into the environment (including, without limitation, ambient air,
surface, water, ground water or soil).

             (d) Purchaser acknowledges that, subject to the termination rights
set forth in Section 19(b), Purchaser shall accept all Properties (including all
improvements located thereon) at Settlement in their AS IS physical condition
WITH ALL FAULTS, including, without limitation, with the presence of Hazardous
Materials thereon or therein. Purchaser, on behalf of itself and its successors
and assigns, hereby waives, releases, acquits and forever discharges Seller its
current and former officers, directors, shareholders, employees, agents,
attorneys, representatives, and any other persons acting on behalf of Seller and
the successors and assigns of any of the preceding, of and from any and all
claims, actions, causes of action, demands, rights, damages, costs, expenses or
compensation whatsoever, direct and indirect, known or unknown, foreseen or
unforeseen, which Purchaser or its successors or assigns now has or which may
arise in the future on account of or in any way related to or in connection with
any past, present, or future physical characteristic or condition of each
Property or the improvements thereon, including, without limitation, any
Hazardous Materials in, at, on, under or related to the Property or the
improvements thereon or any violation or potential violation of any
Environmental Requirement applicable thereto and further including, without
limitation, any claim for contribution or indemnification arising under any
Environmental Requirements, common law or otherwise. Notwithstanding anything to
the contrary set forth herein, this release shall survive the Settlement and the
expiration or earlier termination of this Agreement.

         This release includes claims of which Purchaser is presently unaware or
which Purchaser does not presently suspect to exist which, if known by
Purchaser, would materially affect Purchaser's release to Seller. Purchaser
specifically waives the provision of California Civil Code Section 1542, which
provides 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 the settlement with the debtor."

             (E) The provisions of this Section 18 shall survive the Settlement
and the delivery of the Deeds and Assignments.

         19. Due Diligence Period; Purchaser's Access to Properties. The
obligations of Seller and Purchaser under this Agreement shall be subject to and
contingent upon timely satisfaction of the following conditions, which
conditions, if not satisfied or waived as hereinafter provided, shall entitle
Seller or Purchaser, as the case may be, to terminate this Agreement in
accordance with (and within the time periods set forth in) this Section 19:

             (a) Access. During the Due Diligence Period, Purchaser shall be
granted access to each of the Properties in order to perform such due diligence
review and analysis of the Properties as Purchaser deems necessary including,
without limitation, to investigate, review, measure, survey and physically
inspect each Property, including, without limitation, the structural

                                       22

<PAGE>

and building elements of each Property, to obtain a title search and survey, to
conduct Phase I environmental studies and engineering studies of each Property
as described below, to review the Leases being assigned to Purchaser and other
documents requested by Purchaser in Section 19(g) below (collectively, the "Due
Diligence Inspections"). All Due Diligence Inspections of the Properties shall
be scheduled at times mutually convenient to Seller and Purchaser upon not less
than three (3) prior business days' notice to Seller, which notice shall
identify the nature of the investigation to be performed at each Property, when
Purchaser desires the investigations to occur and the person or entity engaged
by Purchaser to perform the investigation.

         (b) Insurance and Indemnity. During the Due Diligence Period for each
Property, as same may be extended with respect to such Property pursuant to
Sections 19(d) hereof, Purchaser, its employees and agents, at Purchaser's sole
cost and expense, shall have the right to enter upon such Property to conduct
the Due Diligence Inspections. Purchaser shall give Seller at least 48 hours
prior written notice of its desire to enter upon the Property and shall
coordinate such entry and Due Diligence Inspections with Seller so that the
entry is at a mutually convenient time. Purchaser shall conduct the Due
Diligence Inspections in a manner which shall not interfere with Seller's
business operations on the Property and notwithstanding anything to the contrary
contained in this Agreement, Purchaser shall not be permitted entry into any
vaults, safes, or other areas of the Buildings containing confidential or secure
property of Seller. Prior to Purchaser's start of the Due Diligence Inspections,
Purchaser shall provide certificates of insurance to Seller evidencing liability
insurance in the minimum amount of $2,000,000.00 combined per occurrence limit
carried by Purchaser and/or Purchaser's agents in order to insure any loss
arising out of or in connection with entry upon the Property. The aforesaid
insurance shall be issued by an insurance company licensed in the state where
the Property is located and said insurance company shall be reasonably
acceptable to Seller. Upon completion of the Due Diligence Inspections,
Purchaser, shall restore the Property to the condition in which it existed prior
to the Due Diligence Inspections. Purchaser shall and hereby does indemnify,
defend, and save harmless Seller from and against any and all claims arising out
of the entry on and inspection of each and every Property by Purchaser and/or
Purchaser's employees and agents, including, without limitation, Seller's
reasonable attorneys' fees and costs. Notwithstanding anything contained in this
Agreement to the contrary, the terms of this subsection shall survive (i)
Settlement on such Property and the delivery of the Deed, and (ii) the
expiration or earlier termination of this Agreement.

         (c) Physical Inspection/Diligence Review. During the Due Diligence
Period for each Property, Purchaser may, at its sole cost and expense, review
the documents requested in Section 19(g) ("Seller's Documentation") and the
physical and environmental condition of the Land and Improvements. Purchaser
shall have until the end of the Due Diligence Period to disapprove of the
Seller's Documentation and/or the physical and environmental condition of the
Properties and to terminate this Agreement by delivering a written notice (a
"Termination Notice") to Seller on or before the expiration of the Due Diligence
Period, with time being of the essence with respect to Purchaser's obligation to
deliver such notice. If for any reason whatsoever Purchaser determines, in its
sole discretion, that the Properties, the Seller's Documentation or any aspect
thereof is unsuitable for Purchaser's acquisition, Purchaser shall have the
right to terminate this Agreement by delivering said Termination Notice to
Seller prior to the expiration of the Due Diligence Period, and if Purchaser
gives such notice of termination within the Due Diligence Period, this Agreement
shall

                                       23

<PAGE>

terminate. If Seller does not receive a Termination Notice from Purchaser before
the end of the Due Diligence Period, with time being of the essence, Purchaser
shall be deemed to have approved of the Seller's Documentation and the physical
and environmental condition of the Properties and all other matters relating
thereto.

         (d) Environmental Inspection. Prior to the expiration of the Due
Diligence Period, if Purchaser's environmental consultant, based on records and
other documentation obtained during its Phase I environmental investigation
("Phase I Study"), determines that a Phase II environmental study ("Phase II
Study") is necessary with respect to a Property, Purchaser shall give to Seller
written notice thereof, together with a complete copy of the Phase I Study and a
reasonably detailed explanation of the reasons therefor from Purchaser's
environmental consultant. Within ten days after receipt of such notice, Seller,
at its sole election, shall either (i) obtain the Phase II Study at Seller's
sole cost and expense, (ii) permit Purchaser to obtain a Phase II Study at
Seller's sole cost and expense, which shall be conducted by an environmental
consultant satisfactory to Seller in its reasonable judgment pursuant to a scope
of study satisfactory to Seller in its reasonable judgment; or (iii) withdraw
the Closed Property from this Agreement, and in the latter event, this Agreement
shall terminate and be null and void as to such withdrawn Property, but shall
continue in full force and effect as to the remaining Properties. Unless Seller
notifies Purchaser during such ten-day period of Seller's election to obtain (or
to permit Purchaser to obtain) a Phase II Study, Seller shall be deemed to have
elected to withdraw the Property from this Agreement as expressed in clause
(iii) above. If Seller or Purchaser obtains a Phase II Study for such Property,
as provided above, and if the Phase II Study identifies one or more
environmental conditions requiring remediation ("Remediation Conditions"), then,
within ten days after Seller delivers the Phase II Study to Purchaser, or
Purchaser delivers the Phase II Study to Seller, as applicable, Seller, at its
sole election, shall either (A) agree to remediate and abate the Remediation
Condition(s) at Seller's sole cost and expense in conformity with all applicable
Environmental Requirements or (B) withdraw the Property from this Agreement, and
in the latter event, this Agreement shall terminate and be null and void as to
such withdrawn Property, but shall continue in full force and effect as to the
remaining Properties. Unless Seller notifies Purchaser during such ten-day
period of Seller's election to remediate and abate the disclosed environmental
condition(s), Seller shall be deemed to have elected to withdraw the Property
from this Agreement as expressed in clause (B) above. Unless the Property is
withdrawn from this Agreement by Seller as aforesaid, the Due Diligence Period
and Settlement automatically shall be extended for such time as is necessary for
Seller or Purchaser, as applicable, to complete the environmental investigations
and remediations described above. In the event of a withdrawal of a Property
pursuant to this subparagraph or a termination of this Agreement as provided
herein as to such Property, Seller shall be solely responsible for all of
Purchaser's out-of-pocket due diligence and investigation costs and expenses,
which costs shall be included as an Approved Closing Cost.

         (e) Due Diligence Indemnity. If Seller elects to remediate and abate
the Remediation Conditions pursuant to clause (d)(i) above or Seller has been
unable to cure, remove or otherwise satisfy an Objection raised during
Purchaser's review of title and survey for each Property (collectively, a "Due
Diligence Objection") and such remediation, abatement, cure or satisfaction of
the Due Diligence Objection shall extend beyond the Outside Settlement Date,
Seller, at Seller's sole option, may indemnify, defend and protect Purchaser
against any claims, costs, judgments,

                                       24

<PAGE>

actions, liability, and expense, including without limitation reasonable
attorney's fees and costs arising from or in connection with the Seller's
actions to remediate, abate, cure, remove, or satisfy the Due Diligence
Objection (the "Due Diligence Indemnity"). If Seller provides Purchaser with a
Due Diligence Indemnity for a Property, Seller shall be deemed to have satisfied
such uncured Due Diligence Objections and the Property or Properties shall be
ready for Settlement pursuant to Section 6 above.

         (f) Measurement. Purchaser shall retain a consultant or firm reasonably
acceptable to Seller, which approval shall not be unreasonably conditioned or
delayed to measure the rentable square footage of each Building (the
"Measurement"). The Measurement shall be conducted in accordance with the Z65.1
Standard Method for Measuring Floor Area in Office Buildings promulgated and
issued by the Building Owners and Managers Association (the "BOMA Standard").
All cost and expense of the Measurement shall be paid by Purchaser as an
Approved Closing Cost pursuant to Section 13(b) above, provided that if
Settlement does not occur on a Property for which Measurement costs have been
incurred, such costs shall be paid by the party responsible for such Settlement
not to occur. The results of the Measurement shall be delivered to Purchaser and
Seller within ten (10) following completion thereof and, in any event,
Measurements for all Properties shall be completed no later than ten (10) days
before the Outside Settlement Date. The Measurement shall be binding on Seller
and Purchaser, unless prior to the Outside Settlement Date, either Seller or
Purchaser delivers written notice to the other party specifying deviations from
the BOMA Standard, in which event, the consultant shall be instructed to revise
the results of the Measurement to comply with the BOMA Standard and such
revision shall be binding on Seller and Purchaser.

         (g) Seller's Document Deliveries. On or before February 28, 2003, as to
the Properties listed on Exhibit A (and, as to any Substitute or Additional
Properties, within ten (10) days following the date on which such new Properties
are added to this Agreement by Seller), Seller shall make available to Purchaser
at the location or locations where such documents are kept in the ordinary
course of Seller's business for inspection and copying at Purchaser's expense
all of the following documents:

             (i) copies of (A) all existing and pending Leases, lease files and
tenant correspondence, (B) tenant financial statements, (C) a schedule of
outstanding leasing commission on a space by space basis, and (D) any bonds,
guaranties or letters of credit provided in lieu of a cash security deposit;

             (ii) all income and expense statements, year-end financial monthly
operating statements and year to dated statements for the Properties
(collectively, the "Operating Expense") for the three (3) most recent calendar
years prior to Settlement and, to the extent available, the current year, all of
which shall be certified by Seller as true and correct to the best of Seller's
Knowledge;

                                       25

<PAGE>

             (iii) to the extent available, a copy of the budget for each
Property for the current year;

             (iv)  a detailed summary of any litigation, investigation or
proceeding that is pending or threatened in writing against a Property, against
the Seller related to a Property or being prosecuted by Seller with respect to a
Property;

             (v)   copies of any and all existing and proposed easements,
covenants, restrictions, agreements or other documents which affect title to a
Property and which are not recorded or otherwise of record and in Seller's
possession; and

             (vi)  copies of all leasing and brokerage agreements pursuant to
which commissions remain owing or are anticipated to become owing after the
Settlement Date.

     20. Notices and Assessments; Tax Appeals.

         (a) Seller shall (i) comply with the requirements of any and all
notices relating to each Property which may be issued by municipal or other
public authorities prior to the Settlement Date and (ii) pay for all work and
improvements done or ordered to be done prior to the Settlement Date by any such
authority. If Settlement takes place as to such Property, all other requirements
and notices shall be complied with by Purchaser and all other work or
improvements done or ordered done shall be performed and paid for Purchaser.

         (b) Seller agrees that from and after Seller's execution of this
Agreement that Seller will not file any real estate tax assessment appeal with
respect to any Property prior to Settlement on such Property without Purchaser's
prior written consent.

     21. Notices. All notices hereunder shall be in writing and shall be deemed
to have been properly given if personally delivered, sent via facsimile or sent
by private overnight express carrier, such as Federal Express, next business day
delivery, charges prepaid, addressed to Seller at Bank of America, 100 North
Tryon Street, Suite 5210, NC1-007-52-02, Charlotte, NC 28255, Attention: Robert
M. Patterson, facsimile number (704) 386-0372; with a copy to Bank of America,
N.A., 901 Main Street, TX1-492-68-01, Dallas, TX 75202, Attention: Michael F.
Hord, Esquire, facsimile number (214) 209-0871; addressed to Purchaser at 1725
The Fairway, Jenkintown, PA 19046, Attention: Mr. Nicholas S. Schorsch,
facsimile number (215) 887-2585; with a copy to Morgan, Lewis Bockius LLP, 1701
Market Street, Philadelphia, PA 19103, Attention: Jeffrey P. Foster, Esquire,
facsimile number (215) 963-5001; and addressed to Escrow Agent at Chicago Title
Insurance Company, 1601 Market Street, Philadelphia, PA 19103, Attention: Edwin
G. Ditlow, facsimile number (215) 568-4880. Notices by the parties may be given
on their behalf by their respective counsel. Notice shall be deemed to have been
given upon the date of delivery, if personally delivered, or sent via facsimile
or one business day after the date of deposit if sent by private overnight
express carrier, next business day delivery.

                                       26

<PAGE>

     22. No Survival. Except as otherwise provided, none of the provisions of
this Agreement shall survive any Settlement and delivery of any of the Deeds or
Assignments, as applicable.

     23. Further Assurances. From time to time and at the request of either
Seller or Purchaser (whether before, at or after the Settlement), the other
party shall execute, acknowledge and deliver such other and further documents as
the requesting party may reasonably request to effectuate the provisions of this
Agreement. The provisions of this Section 23 shall survive the expiration or
earlier termination of this Agreement.

     24. Estoppel Certificates; SNDA.

         (a) At Settlement, Seller shall, as tenant under the Retained Premises,
execute and deliver to Purchaser and Purchaser's lender, a tenant estoppel in
substantially the form attached as Exhibit K hereto ("Tenant Estoppel"). Within
ten (10) days of Purchaser's receipt of the Rent Roll, Seller shall deliver a
Tenant Estoppel to those tenant's listed on the Rent Roll. Seller shall use
commercially reasonable efforts to obtain and deliver to Purchaser and
Purchaser's lender during the Due Diligence Period, Tenant Estoppels executed by
at least fifty-one percent (51%) of the tenants under the Leases (excluding the
Retained Premises Lease), provided that (i) Seller shall obtain and deliver to
Purchaser and Purchaser's lender (or give a Seller estoppel on the Outside
Settlement Date in connection with) at least one Tenant Estoppel from a third
party tenant in each Property that contains third-party tenants, (ii) Seller
shall obtain and deliver to Purchaser and Purchaser's lender (or give a Seller
estoppel on the Outside Settlement Date in connection with) all third party
Leases covering 50,000 or more rentable square feet and (iii) the fifty-one
percent (51%) shall be calculated on the basis of number of Leases or rentable
square feet occupied at each Building that has third party Leases, whichever is
greater. Seller shall use commercially reasonable efforts after the Settlement
of each Property as a post-closing obligation to obtain the required number of
Tenant Estoppels for each Property. If by the Outside Settlement Date, Seller is
unable to deliver the requisite number of Tenant Estoppels to Purchaser and
Purchaser's lender, Seller shall deliver to Purchaser an estoppel certificate
dated as of the Outside Settlement Date certifying to the best of Seller's
knowledge after due inquiry and investigation the matters set forth in the
Tenant Estoppel. The phrase "commercially reasonable efforts" as used in this
Section does not require Seller to declare a default or terminate any of the
Leases or initiate any litigation to compel the delivery of a Tenant Estoppel.

         (b) Seller, as tenant under the Retained Premises Lease, Purchaser, and
Purchaser's lender, shall execute and deliver to each other at each Settlement a
Subordination, Non-Disturbance and Attornment Agreement for the Retained
Premises Lease and any amendment thereto in the form reasonably agreed to by
Seller, Purchaser, and Purchaser's lender ("SNDA"). Purchaser shall obtain the
execution of each SNDA by Purchaser's lender and deliver the same to Seller at
Settlement.

     25. Miscellaneous.

         (a) This Agreement shall not be recorded in the office for the
recording of deeds or in any other office or place of public record. Prior to
Settlement, this Agreement shall not be

                                       27

<PAGE>

deemed or construed to give Purchaser any equitable ownership of, or title to,
any Property.

         (b) This Agreement and the exhibits attached hereto contain the entire
agreement between Seller and Purchaser and there are no other terms,
obligations, covenants, representations, statements or conditions, oral or
otherwise, of any kind or nature whatsoever. This Agreement may be modified only
by an agreement in writing between the parties hereto.

         (c) This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective heirs, personal and legal
representatives, successors and permitted assigns; provided, however, that
Purchaser shall not assign or otherwise transfer this Agreement without the
prior written consent of Seller, which Seller may grant or deny in its sole
discretion. Notwithstanding anything to the contrary in the preceding sentence,
Purchaser, may, with Seller's prior written consent, not to be unreasonably
withheld, conditioned or delayed, assign this Agreement to one or more
partnerships, limited liability companies or corporations which are an
"Affiliate" of Purchaser. Purchaser's request for consent to the assignment to
an Affiliate must be delivered to Seller at least ten (10) days prior to the
Settlement Date and accompanied by evidence reasonably satisfactory to Seller of
the relationship among Purchaser and such Affiliate. For purposes hereof, the
term "Affiliate" shall mean a partnership, limited liability company, or
corporation that is owned by or is under common control and ownership with,
Purchaser. In no event shall any assignment of this Agreement relieve Purchaser
named herein from liability hereunder.

         (d) This Agreement shall be governed and construed in accordance with
the laws of the State of North Carolina.

         (e) Whenever in this Agreement a period of time is stated as a number
of days, it shall be construed to mean calendar days; provided, however, that
when any period of time so stated would end upon a Saturday, Sunday, or legal
holiday, such period shall be deemed to end upon the next day following which is
not a Saturday, Sunday or legal holiday.

         (f) The date and time for the performance of all obligations hereunder
shall be deemed to be of the essence of this Agreement.

         (g) If any term or provision of this Agreement shall, to any extent, be
invalid or unenforceable, the remainder of this Agreement shall not be affected
and each such remaining provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law.

         (h) This Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original, but all of which taken together shall
constitute one and the same instrument. The date of this Agreement shall be the
date of Seller's execution hereof.

                                       28

<PAGE>

     26.  Purchaser's Representations. Purchaser (and, if applicable,
Purchaser's Affiliate) represents to Seller, which representations shall be
true, correct and complete as of each Settlement Date hereunder and which shall
survive each Settlement, as follows:

          (a)  Purchaser is, and at the Settlement shall be, a corporation (or
limited liability company, or limited partnership, as applicable) duly
organized, validly existing, and in good standing under the laws of the state of
formation, and as of each Settlement, with full power and authority to conduct
its business affairs each state where the Properties are located.

          (b)  The execution, delivery and performance of this Agreement, in
accordance with its terms, do not violate Purchaser's articles of incorporation,
by-laws, or any contract, agreement, commitment, order, judgment or decree to
which Purchaser is a party or by which it is bound.

          (c)  The execution and delivery of this Agreement and the performance
by Purchaser of its obligations hereunder have been duly authorized by all
required action of Purchaser and the officers of Purchaser in full compliance
with the provisions of Purchaser's articles of incorporation and by-laws. The
person executing this Agreement on behalf of Purchaser is duly authorized to do
so.

          (d)  Purchaser has the right, power and authority to make and perform
its obligations under this Agreement and this Agreement is a valid and binding
obligation of Purchaser enforceable against Purchaser in accordance with its
terms.

     27.  Seller's Representations. Seller represents to Purchaser, which
representations shall be true, correct and complete as of the Settlement Date
hereunder and which shall survive the Settlement, as follows:

          (a)  Seller is, and at the Settlement shall be, a national banking
association, duly organized and validly existing, with full power and authority
to conduct its business affairs in each state where the Properties are located.

          (b)  The execution, delivery and performance of this Agreement by
Seller, in accordance with its terms, do not violate Seller's articles of
incorporation, by-laws, or any contract, agreement, commitment, order, judgment
or decree to which Seller is a party or by which it is bound.

          (c)  The execution and delivery of this Agreement and the performance
by Seller of its obligations hereunder have been duly authorized by all required
action of Seller and the officers of Seller in full compliance with the
provisions of Seller's articles of incorporation and by-laws. The person
executing this Agreement on behalf of Seller is duly authorized to do so.

                                       29

<PAGE>

          (d)  Seller has the right, power and authority to make and perform its
obligations under this Agreement and this Agreement is a valid and binding
obligation of Seller enforceable against Seller in accordance with its terms.

          (e)  To Seller's Knowledge, the NBV listed on Exhibit A for each
Property is true, accurate and correct as of the date such schedule was
prepared.

     28.  Indemnification. With respect to and following the Settlement on the
Properties:

          (a)  Purchaser shall indemnify and hold Seller harmless from and
against all claims, lawsuits, costs (including reasonable counsel fees), losses,
damages and liabilities that arise out of or relate to (i) the presence of any
Hazardous Materials in, on or at a Property (or any improvements) at the time of
Settlement, but only to the extent that the presence of such Hazardous Materials
were disclosed in a Phase I Study or Phase II Study obtained by Purchaser, (ii)
transactions or operations at a Property on and after the Settlement Date or
(iii) any breach by Purchaser of any representation, warranty or covenant of
Purchaser contained in this Agreement that survives the Settlement. If any claim
or lawsuit is made or commenced as to which Seller proposes to demand such
indemnification, it shall notify Purchaser with reasonable promptness; provided,
however, that any failure of Seller to notify Purchaser shall not relieve
Purchaser from its obligations hereunder, except to the extent Purchaser is
actually prejudiced by such failure to give notice. Purchaser shall have the
option of defending such claim or lawsuit with counsel of its own choosing at
its own cost and expense and such counsel shall, to the extent consistent with
its professional responsibilities, cooperate with Seller and any counsel
designated by Seller. Purchaser shall be liable for any settlement of any claim
or lawsuit against Seller made with Purchaser's written consent, which consent
shall not be unreasonably withheld.

          (b)  Seller shall indemnify and hold Purchaser harmless from and
against all claims, lawsuits, costs (including reasonable counsel fees), losses,
damages and liabilities that arise out of or relate to (i) transactions or
operations at a Property before the Settlement Date, but specifically excluding
any matter relating to the physical condition of a Property or the presence of
any Hazardous Materials in, on or at a Property (or any improvements) at the
time of Settlement, and (ii) any breach by Seller of any representation,
warranty or covenant of Seller contained in this Agreement that survives the
Settlement. If any claim or lawsuit is made or commenced as to which Purchaser
proposes to demand such indemnification, it shall notify Seller with reasonable
promptness; provided, however, that any failure of Purchaser to notify Seller
shall not relieve Seller from its obligations hereunder, except to the extent
that Seller is actually prejudiced by such failure to give notice. Seller shall
have the option of defending such claim or lawsuit with counsel of its own
choosing at its own cost and expense and such counsel shall, to the extent
consistent with its professional responsibilities, cooperate with Purchaser and
any counsel designated by Purchaser. Seller shall be liable for any settlement
of any claim or lawsuit against Purchaser made with Seller's written consent,
which consent shall not be unreasonably withheld.

          (c)  The provisions of this Section 28 shall survive the Settlement
and the delivery of the Deeds and Assignments.

                                       30

<PAGE>

     29.  Marketing.

          (a)  Seller acknowledges and agrees that the terms of this Agreement
shall be included in Purchaser's S-11 Filing with the Securities and Exchange
Commission ("SEC") and shall be available for review by the public, including
access through the SEC's EDGAR internet search engine and document retrieval
system. In addition, in connection with Purchaser's planned initial public
offering of shares, Purchaser shall discuss and release the terms of this
Agreement with its shareholders, investors, potential investors, investment
bankers, investment advisors, money managers, and other interested or affected
parties. Seller authorizes Purchaser to release, distribute, and discuss the
terms and conditions of this Agreement as set forth in this Section 29(a)
without need for Seller's prior consent or approval.

          (b)  Notwithstanding anything to the contrary contained in Section
29(a) above, following expiration of the Due Diligence Period, Purchaser may
market space in the Properties not covered by the Retained Premises Lease or
otherwise occupied by Seller or any third-party tenant, to Purchaser's contacts
(including existing tenants occupying space in a Property and persons who
Purchaser believes may be interested in using such Property and persons,
including brokers, who may have contacts and relationships with such users), but
in doing so, shall not publicly market or advertise or promote in any manner the
availability of such Property for sale, lease or other disposition.

     30.  No Offer. This Agreement shall neither be deemed an offer to sell nor
shall it bind, obligate or be effective against Seller unless and until (a) the
Agreement has been approved in writing by Seller's appropriate management
authority and (b) this Agreement has been fully executed by Seller and Purchaser
and an executed copy is delivered to Seller.

     31.  No Liability. No individual officers, directors, shareholders, agents
or representatives of Seller or of Purchaser shall have any personal liability
under this Agreement, either for the observance or performance of such party's
rights, duties or obligations hereunder, or for the default of such party to
observe and perform its obligations hereunder, or under any document executed in
connection with the transactions contemplated hereby, or otherwise.

     32.  Radon Notice. RADON IS A NATURALLY OCCURRING RADIOACTIVE GAS THAT,
WHEN IT HAS ACCUMULATED IN A BUILDING IN SUFFICIENT QUANTITIES, MAY PRESENT
HEALTH RISKS TO PERSONS WHO ARE EXPOSED TO IT OVER TIME. LEVELS OF RADON THAT
EXCEED FEDERAL AND STATE GUIDELINES HAVE BEEN FOUND IN BUILDINGS IN FLORIDA.
ADDITIONAL INFORMATION REGARDING RADON AND RADON TESTING MAY BE OBTAINED FROM
YOUR COUNTY PUBLIC HEALTH UNIT.

                                       31

<PAGE>

     IN WITNESS WHEREOF, the parties hereto, intending to be legally bound
hereby, have executed this Agreement as of the date first written above.

                                SELLER

                                BANK OF AMERICA, N.A.

                                By: __________________________________________
                                    Michael F. Hord, Associate General Counsel

                                Date of Execution:  February 14, 2003

                                PURCHASER

                                FIRST STATES GROUP, L.P.
                                A Delaware limited partnership

                                By:  First States Group, LLC
                                     Its general partner

                                     By: _______________________________________
                                         Glenn Blumenthal, Senior Vice-President

                                Date of Execution: February 14, 2003

                                       32

<PAGE>

                                LIST OF EXHIBITS

Exhibit A     List of Properties

Exhibit B     Retained Premises Allocation and Rent Schedule

Exhibit C     Form of Retained Premises Lease

Exhibit D     Form of Bill of Sale

Exhibit E     Form of Intangible Property Assignment

Exhibit F     Form of Lease Assignment and Assumption Agreement

Exhibit G     Form of Notice to Tenants

Exhibit H     FIRPTA Affidavit

Exhibit I     Seller's Certificate of Representations and Warranties

Exhibit J     Purchaser's Certificate of Representations and Warranties

Exhibit K     Form of Tenant Estoppel

Exhibit L     Rent Roll

Exhibit M     Property Exclusion List

Exhibit N     Tangible Property Exclusion List

Exhibit O     List of Permitted Exceptions for the Deeds

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