Document:

EX-10.1

AGREEMENT FOR PURCHASE AND SALE

OF REAL PROPERTY AND ESCROW INSTRUCTIONS

(Defeasance)

THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS (“Agreement”) between
NNN Enclave Parkway, LLC, a Delaware limited liability company (“Enclave”) as to an undivided
7.000% interest, and the tenant in common entities listed on Exhibit G attached hereto and
incorporated herein, as their interests may appear, each a Delaware limited liability company
(collectively, “Seller”), and Parkway Properties Office Fund, L.P., a Delaware limited partnership
(“Buyer”), is made and entered into as of the later of (i) the date this Agreement is executed by
Seller, and (ii) the date this Agreement is executed by Buyer (the “Effective Date”), with
reference to the following facts:

	A.	 	Seller owns certain real property located in Houston, Texas, and more specifically described
in Exhibit A attached hereto (the “Land”), commonly known as 1401 Enclave Parkway and
such other assets, as the same are herein described.

	B.	 	Subject to the terms and conditions in this Agreement, Seller desires to sell to Buyer and
Buyer desires to purchase from Seller the Land and the associated assets.

NOW, THEREFORE, in consideration of the mutual covenants, premises and agreements herein contained,
the parties hereto do hereby agree as follows:

1. Purchase and Sale. The purchase and sale includes, and at Closing (hereinafter defined)
Seller shall sell, assign, grant and transfer to Buyer, all of Seller’s right and title, estate
interest in and to all of the following (hereinafter sometimes collectively, the “Property”):

1.1 The Land, together with all structures, buildings, improvements, machinery, fixtures, and
equipment affixed or attached to the Land and all easements and rights appurtenant thereto,
including: (i) all easements, privileges and rights belonging or in any way appurtenant to the
Land, (ii) any land lying in the bed of any street, road, alley or right-of-way, open or closed,
adjacent to or abutting the Land, and (iii) any and all air rights, subsurface rights, development
rights, and water rights permitting to the Land (all of the foregoing being collectively referred
to herein as the “Land” or “Real Property”);

1.2 All leases (the “Leases”), including associated amendments, with all persons (“Tenants”)
leasing the Real Property or any part thereof or hereafter entered into in accordance with the
terms hereof prior to Closing, together with all security deposits, other deposits held in
connection with the Leases, and all of Seller’s right, title and interest in and to all guarantees,
letters of credit and other similar credit enhancements providing additional security for such
Leases;

1.3 All tangible and intangible personal property owned by Seller located on or used in
connection with the Real Property, including, specifically, without limitation, all sculptures,
paintings and other artwork, all equipment, life safety and support systems (if any), furniture,
tools and supplies, all plans and specifications and other architectural and engineering drawings,
if any, with respect to the Land and the Improvements, and any other personal property and all
related intangibles as are owned by Seller and currently located in, on or about or are used for
the operation, maintenance, administration or repair of the Real Property, including Seller’s
interest, if any, in the common name of the Real Property (the “Personal Property”);

1.4 All service contracts, agreements, warranties and guaranties relating to the operation of
the Property as of the Effective Date, to the extent assignable, and any other service and
operating agreements pertaining to the Property that are entered into by Seller after the date of
this Agreement and prior to the Closing in accordance with the terms of this Agreement, in each
case to the extent approved by Buyer in accordance with this Agreement (collectively, the
“Contracts”); provided, however, any Contracts not so approved by Buyer on or before April 23,
2007, shall be terminated by Seller, at Seller’s expense, on or before the Closing; and

1.5 To the extent transferable, all building permits, certificates of occupancy and other
certificates, permits, consents, authorizations, variances or waivers, dedications, subdivision
maps, licenses and approvals from any governmental or quasi-governmental agency, department, board,
commission, bureau or other entity or instrumentality relating to the Property (the “Permits”).

2. Purchase Price. Subject to the charges, prorations and other adjustments set forth in
this Agreement, the total Purchase Price of the Property shall be Forty-Six Million Five Hundred
Thousand and 00/100 Dollars ($46,500,000.00) (“Purchase Price”) payable as follows:

2.1 Deposit/Further Payments/Down Payment. Concurrent with Opening of Escrow (as
hereinafter defined), Buyer shall deposit into Escrow the amount of Five Hundred Thousand and
00/100 Dollars ($500,000.00) and within one (1) business day following expiration of the Inspection
Period, provided Buyer has not terminated this Agreement in accordance with its terms, an
additional amount of Five Hundred Thousand and 00/100 Dollars ($500,000.00) (together with any and
all interest earned thereon, collectively, the “Deposit”), in the form of a wire transfer payable
to LandAmerica Commercial Services, Attn: Gale Hunt, 1920 Main Street, 12th Floor, Irvine,
California 92614 (“Escrow Holder” or “Title Company”). Escrow Holder shall place the Deposit into
an interest bearing money market account at a bank or other financial institution reasonably
satisfactory to Buyer, and interest thereon shall be credited to Buyer’s account. The Deposit shall
be credited toward the Purchase Price at Closing, or shall be retained by Seller as nonrefundable
liquidated damages if Buyer fails to acquire the Property for any reason after expiration of the
Inspection Period due to a default by Buyer and not due to Seller’s default under this Agreement.

2.2 Independent Consideration. Seller and Buyer acknowledge and agree that One
Hundred and No/100 Dollars ($100.00) of the Escrow Deposit shall be paid to Seller if this
Agreement is terminated for any reason (the “Independent Contract Consideration”). Moreover,
Seller and Buyer acknowledge and agree that the Independent Contract Consideration has been
bargained for and agreed to as additional consideration for Seller’s execution and delivery of this
Agreement. At Closing (defined below) the Independent Contract Consideration shall be applied to
the Purchase Price. In the event this Agreement is terminated for any reason, Seller shall be
entitled to the Independent Contract Consideration.

2.3 On or before the day which is two (2) business days prior to the Closing Date, Buyer shall
deposit into Escrow the balance of the Purchase Price (subject to adjustments and prorations as set
forth herein) by wire transfer payable to Escrow Holder.

3. Title to Property. During the Inspection Period (hereafter defined) Buyer shall review
and approve the Title Documents (hereinafter defined) and the Survey (hereinafter defined). If the
Title Documents or Survey reflect or disclose any defect, exception or other matter affecting the
Property (“Title Defects”) that is unacceptable to Buyer, then at least three (3) business days
prior to the expiration of the Inspection Period, Buyer shall provide Seller with written notice of
Buyer’s objections. Seller may, at its sole option, elect to cure or remove the objections made by
Buyer. Should Seller elect to attempt to cure or remove the objection, it shall be a condition
precedent to Buyer’s obligation to acquire the Property that Seller cures such title objection
prior to the Closing. Unless Seller provides written notice to Buyer at least one (1) business day
before the expiration of the Inspection Period that Seller intends to cure Buyer’s title
objections, Seller shall be deemed to have elected not to cure or remove Buyer’s title objections,
and Buyer shall be entitled, as Buyer’s sole and exclusive remedy, either to (i) terminate this
Agreement and obtain a refund of the Deposit by providing written notice of termination to Seller
before the end of the Inspection Period and returning the Due Diligence Items (hereinafter defined)
or (ii) waive the objections and close this transaction as otherwise contemplated herein. The
Property is currently encumbered by an existing security instrument that secures acquisition
financing, which existing financing has been transferred into a “real estate mortgage investment
conduit” (the “Existing Loan”). Seller intends to undertake a defeasance of the Existing Loan in
order to release the Property from the lien held by the current holder thereof. Buyer shall
reasonably cooperate with Seller in such efforts, provided, however, that Buyer shall not be
required to assume any liability or incur any expense with respect to the Existing Loan, except as
outlined in Section 7.7.4 herein. If Buyer shall fail to terminate this Agreement during the
Inspection Period, all matters shown on the Survey and all matters described in the Title
Commitment, except for monetary liens for indebtedness of Seller and any matters Seller has agreed
to cure in writing or matters Escrow Holder agrees to insure over, shall be deemed “Permitted
Exceptions.”

4. Due Diligence Items.

4.1 Seller has delivered to Buyer, to the extent the same are available, and Buyer hereby
acknowledges receipt of the following items (together with the items described in Section 4.2,
collectively, the “Due Diligence Items”):

4.1.1 Any existing survey of the Property, in Seller’s possession or control (the “Survey”);

4.1.2 A current title commitment (the “Title Commitment”) for the issuance of a standard
coverage owner’s policy of title insurance, with standard provisions and exceptions (the “Title
Policy”) to Buyer from the Escrow Holder, together with copies of all documents constituting
exceptions to the title as reflected in the Title Commitment (collectively referred to hereinafter
as the “Title Documents”);

4.1.3 A list of all Leases and contracts, including service contracts, warranties, management,
maintenance, leasing commission or other agreements affecting the Property, if any, together with
true and complete copies (in all material respects) of the same;

4.1.4 True and correct copies of the real estate and personal property tax statements covering
the Property or any part thereof for each of the two (2) years prior to the current year and, if
available, for the current year;

4.1.5 A schedule of all current or pending litigation with respect to the Property or any
part, thereof, if any;

4.1.6 Operating statements for the most recent two full calendar years and monthly operating
statements for the calendar year to date, including a current delinquency report;

4.1.7 An inventory of all personal property located on the Property, used in the maintenance
of the Property or stored for future use at the Property and an inventory of all furniture and
appliances used in the units, if any.

4.2 Seller shall make the following available for inspection by Buyer during ordinary business
hours at Seller’s management office:

4.2.1 All site plans, leasing plans, as-built plans, drawings, environmental, mechanical,
electrical, structural, soils and similar reports and/or audits and plans and specifications
relative to the Property in the possession of Seller, if any.

4.2.2 The tenant files, books and records relating to the ownership and operation of the
Property.

5. Inspections.

5.1 Buyer shall have a temporary non-exclusive license to enter and conduct non-invasive
feasibility, environmental, and physical studies collectively of the Property that Buyer may deem
necessary or advisable (the “Inspections”) at any time during the Inspection Period, on the terms
set forth in this Section 5. Buyer shall not conduct invasive testing of any kind (including
without limitation, “Phase II” environmental testing) without Seller’s consent. Buyer’s right to
conduct the Inspections shall be subject to rights of Tenants and shall be subject to such
conditions as may be reasonably imposed by Seller in order to avoid disruption at the Property.

5.2 Buyer must arrange all Inspections of the Property with Seller at least two (2) business
days in advance of any Inspections. Buyer and its agents shall maintain equipment and other
materials in an orderly manner while they are located on the Property and to maintain them in
locations specified by Seller. Buyer agrees to remove all debris and trash resulting from the
Inspections on a daily basis and to remove all equipment and other materials used by Buyer or its
agents as soon as the activity for which such equipment and other materials are used is completed.
Buyer and its agents shall take all appropriate measures for the safety of persons and property on
the Property and shall comply with all applicable legal requirements. Buyer shall restore any
damage to the Property resulting from the Inspections including but not limited to repair of
surface openings resulting from tests. Buyer shall promptly provide to Seller a copy of all
reports and test results prepared or furnished in connection with the Inspections.

5.3 In the event that the Inspections show any fact, matter or condition to exist with respect
to the Property that is unacceptable to Buyer, in Buyer’s sole subjective discretion, then Buyer
shall be entitled, as its sole and exclusive remedy, to (1) terminate this Agreement and obtain a
refund of the Deposit, less Buyer’s share of Escrow Holder’s cancellation charges, if any, or (2)
waive the objection, and close the transaction as otherwise contemplated herein. Buyer agrees to
promptly discharge any liens that may be imposed against the Property as a result of the
Inspections.

5.4 Buyer shall indemnify, save and hold Seller and Seller’s officers, agents, employees,
directors, trustees, invitees, successors, and assigns (collectively “Indemnitees”) harmless
against all losses, costs, expenses, liabilities, claims, litigation, demands, proceedings and
damages (including but not limited to attorney’s fees) suffered or incurred by Seller or any such
Indemnitees arising out of and limited to the Inspections, provided that Buyer shall not incur any
liability due to its discovery, without exacerbation of the condition of any Hazardous Materials or
other circumstances at the Property. Buyer waives any claims against Seller arising out of the
Inspections or this Agreement other than claims that are solely caused by or solely arise from any
gross negligence or willful misconduct of Seller. Buyer hereby assume all responsibility for
claims against Seller by the contractors, subcontractors, employees, and agents of Buyer other than
claims that are solely caused by or solely arise from Seller’s gross negligence or willful
misconduct.

5.5 Buyer shall, during the term of this Agreement and at all times during which access is
available to it, require its subcontractors and agents, to maintain insurance, in form and
substance reasonably satisfactory to Seller, with insurance companies acceptable to Seller, the
following insurance: Comprehensive General Liability or Commercial General Liability Insurance,
with limits of not less than One Million Dollars ($1,000,000) combined single limit per occurrence
and not less than Two Million Dollars ($2,000,000) on a general aggregate basis, for bodily injury,
death and property damage, and Excess (umbrella) liability insurance with liability insurance with
limits of not less than Five Million Dollars ($5,000,000) per occurrence. Each policy of insurance
shall name Seller as an additional insured. Further, each policy of insurance shall state that
such policy is primary and noncontributing with any insurance carried by Seller. Such policy shall
contain a provision that the naming of the additional insured shall not negate any right the
additional insured would have had as a claimant under the policy if not so named and shall contain
severability of interest and cross-liability clauses. A certificate, together with any
endorsements to the policy required to evidence the coverage which is to be obtained hereunder,
shall be delivered to Seller prior to entry on the Property. The certificate shall expressly
provide that no less than thirty (30) days prior written notice shall be given Seller in the event
of any material alteration to or cancellation of the coverages evidenced by said certificate. A
renewal certificate for each of the policies required in this Section shall be delivered to Seller
not less than thirty (30) days prior to the expiration date of the term of such policy. Any
policies required by the provisions of this Section may be made a part of a blanket policy of
insurance with a “per property, per location endorsement” so long as such blanket policy contains
all of the provisions required herein and does not reduce the coverage, impair the rights of the
other party to this Agreement or negate the requirements of this Agreement.

5.6 During the course of its performance of the Inspections, Buyer will acquire knowledge
concerning the Property or Seller, or knowledge of other matters of a sensitive business nature
(collectively, “Privileged Information”). Except as described below, neither Buyer nor its agents
shall disclose to any third party, publicize or suffer or permit any of their respective employees
to so disclose or publicize any such Privileged Information, other than to consultants, lender,
attorneys and agents as necessary for Buyer’s inspection and analysis of the Property. In the
event that Buyer believes in good faith that it is required by any legal requirement to disclose
any such Privileged Information, then Buyer shall immediately notify Seller of such belief and the
reasons for such belief. If Seller within five (5) days after receipt of such notice, advises the
party that sent the notice that Seller shall itself disclose the information, then Buyer shall not
make such disclosure (unless either such party reasonably believes that it must disclose such
information by law). If Buyer reasonably believes that such disclosure is required to be made in
less than the five (5)-day period, then the notice to Seller shall so state and Seller’s time to
respond will be reduced accordingly.

5.7 The obligations of Buyer described in this Section shall survive the Closing or any
termination of this Agreement.

6. Approval.

6.1 Buyer shall have until May 11, 2007 (“Inspection Period”) to approve or disapprove the
Inspections. If Buyer shall fail to notify Seller and Escrow Holder of its disapproval of the
Inspections in writing within the Inspection Period, the condition of the Property shall be deemed
approved. If Buyer shall disapprove the Inspections within the Inspection Period, this Agreement
and the Escrow shall thereupon be terminated. Buyer shall not be entitled to purchase the
Property, Seller shall not be obligated to sell the Property to Buyer and the parties shall be
relieved of any further obligation to each other with respect to the Property, except as provided
in Section 5.

6.2 Notwithstanding anything to the contrary contained herein, Buyer hereby agrees that, in
the event this Agreement is terminated for any reason, then Buyer shall promptly and at its sole
expense return to Seller all Due Diligence Items which have been delivered by Seller to Buyer in
connection with the Inspections, along with copies of all reports, drawings, plans, studies,
summaries, surveys, maps and other data prepared by third parties relating to the Property, subject
to restrictions on Buyer’s ability to make any such materials available to Seller that are imposed
in any agreement with a third party consultant preparing any such reports or materials (“Buyer’s
Reports”); provided, however, that delivery of such copies and information by Buyer shall be
without warranty or representation whatsoever, express or implied, including without limitations,
any warranty or representation as to ownership, accuracy, adequacy or completeness thereof or
otherwise. Buyer shall cooperate with Seller at no expense to Buyer in order to obtain a waiver of
any such restrictions.

6.3 On or before the end of the Inspection Period, Buyer will designate in a written notice to
Seller which Contracts Buyer will assume and which Contracts must be terminated by Seller at
Closing, in accordance with Section 1.4 herein. Taking into account any credits or prorations to
be made pursuant to this Agreement for payments coming due after Closing but accruing prior to
Closing, Buyer will assume the obligations arising from and after the Closing Date under those
Contracts which Buyer has designated will not be terminated. Seller shall terminate all Contracts
that are not to be assumed, following Seller’s receipt of Buyer’s notice and effective as of
Closing.

7. Escrow.

7.1 Opening. The purchase and sale of the Property shall be consummated through an
escrow (“Escrow”) to be opened with Escrow Holder within two (2) business days after the Effective
Date. Escrow shall be deemed to be opened as of the date fully executed copies (or counterparts)
of this Agreement are delivered to Escrow Holder by Buyer and Seller (“Opening of Escrow”). This
Agreement shall be considered as the Escrow instructions between the parties, with such further
instructions as Escrow Holder shall require in order to clarify its duties and responsibilities.
If Escrow Holder shall require further Escrow instructions, Escrow Holder may prepare such
instructions on its usual form. Such further instructions shall be promptly signed by Buyer and
Seller and returned to Escrow Holder within three (3) business days of receipt thereof. In the
event of any conflict between the terms and conditions of this Agreement and such further
instructions, the terms and conditions of this Agreement shall control.

7.2 Closing.

7.2.1 Escrow shall close (“Closing” or “Closing Date”) on May 24, 2007, or such earlier date
as shall be mutually agreed to by the parties.

	 	 	 	 	 	 	 
	7.3	 	Buyer Required to Deliver. Buyer shall deliver to Escrow the following:
	 
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	
 
	 	 	7.3.1	 	 	Concurrently with the Opening of Escrow, the Deposit;

7.3.2 On or before the day which is two (2) business days prior to the Closing Date, the
Purchase Price, subject to the closing adjustments, credits and prorations contemplated hereby;

7.3.3 On or before the day which is (2) business days prior to the Closing Date, such other
documents as Title Company may reasonably require from Buyer in order to issue the Title Policy;

7.3.4 On or before the day which is two (2) business days prior to the Closing Date, an
original counterpart executed by Buyer of an assignment and assumption agreement (the “Assignment
and Assumption Agreement”) in substantially the form attached hereto as Exhibit B, whereby
Seller assigns and conveys to Buyer all of Seller’s right, title and interest in and Buyer assumes
all of Seller’s obligations under, the Leases and the Contracts and the Permits;

7.3.5 On or before the day which is two (2) business days prior to the Closing Date, a draft
closing statement (the “Closing Statement”) setting forth the Purchase Price and all amounts
charged against Buyer pursuant to Section 7.7 of this Agreement, the final of which shall be
delivered on the Closing Date; and

7.3.6 Once Seller has delivered the items enumerated in Section 7.4.1 through 7.4.7, Buyer’s
deliveries to Escrow pursuant to this Section 7.3 shall be irrevocable, subject only to any
unsatisfied conditions of Closing set forth in Section 10.1.

7.4 Seller Required to Deliver. On or before Closing, Seller shall deliver to Escrow
the following:

7.4.1 On or before the day which is two (2) business days prior to the Closing Date, a duly
executed and acknowledged special warranty deed, conveying fee title to the Property in favor of
Buyer (the “Deed”)

7.4.2 On or before the day which is two (2) business days prior to the Closing Date, an
executed certificate of non-foreign status;

7.4.3 On or before the day which is two (2) business days prior to the Closing Date, a bill of
sale of the Personal Property, if any, without warranty (the “Bill of Sale”), in favor of Buyer and
duly executed by Seller, in substantially the form attached hereto as Exhibit C;

7.4.4 On or before the day which is two (2) business days prior to the Closing Date, an
original counterpart executed by Seller of the Assignment and Assumption Agreement;

7.4.5 On or before the day which is two (2) business days prior to the Closing Date, a draft
Closing Statement setting forth the Purchase Price and all amounts charged against Seller pursuant
to Section 7.7 of this Agreement, the final of which shall be delivered on the Closing Date;

7.4.6 On or before the day which is two (2) business days prior to the Closing Date, such
other documents as Title Company may reasonably require from Seller in order to issue the Title
Policy (provided advance notice is given to enable Seller to provide such documents two (2)
business days prior to Closing);

7.4.7 On or before the day which is two (2) business days prior to the Closing Date, a letter
from Seller addressed to each Tenant informing such Tenant of the change in ownership and directing
that future rent payments be made to Buyer;

7.4.8 All keys to all buildings and other improvements located on the Property, combinations
to any safes thereon, and security devices therein in Seller’s possession;

7.4.9 All records and files relating to the management or operation of the Property,
including, without limitation, all insurance policies, all security contracts, all Tenant files
(including correspondence), property tax bills, and all calculations used to prepare statements of
rental increases under the Leases and statements of common area charges, insurance, property taxes
and other charges which are paid by Tenants of the Property; and

	 	 	 	 	 	 	 
	7.5	 	Buyer’s Costs. Buyer shall pay the following:
	 
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	
 
	 	 	7.5.1	 	 	Fifty percent (50%) of Escrow Holder’s fees, costs and expenses;

7.5.2 The cost of recording any documents relating to Buyer’s financing and any and all costs
related to Buyer’s financing;

7.5.3 Fifty percent (50%) of Title Company’s premium for the basic Title Policy, not including
the cost of any endorsements, the cost of deleting the survey exception or the cost of the lender’s
policy; and,

7.5.4 Title Company’s extended coverage premium for the Title Policy, together with any other
title costs, including without limitation any endorsements, the cost of deleting the survey
exception, and the cost of lender’s policy; and,

7.5.5 All other costs customarily borne by Buyers of real property in the county in which the
Property is located.

	 	 	 	 	 	 	 
	7.6	 	Seller’s Costs. Seller shall pay the following:
	 
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	
 
	 	 	7.6.1	 	 	All transfer taxes;
	 
	 	 	 	 	 	 
	
 
	 	 	7.6.2	 	 	Fifty percent (50%) of Escrow Holder’s fees, costs and expenses;

7.6.3 Fifty percent (50%) of Title Company’s premium for the basic Title Policy, not including
the cost of any endorsements, the cost of deleting the survey exception or the cost of the lender’s
policy; and,

7.6.4 All other costs not itemized above which are customarily borne by sellers of real
property in the county in which the Property is located.

7.7 Prorations.

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

(a) Taxes and Assessments. All non-delinquent real property taxes, assessments and
other governmental impositions of any kind or nature, including, without limitation, any special
assessments or similar charges (collectively, “Taxes”), which relate to the tax year within which
the Closing occurs based upon the actual number of days in the tax year. Seller shall be
responsible for all taxes relating to prior years. With respect to any portion of the Taxes which
are payable by any Tenant directly to the authorities, no proration or adjustment shall be made.
The proration for Taxes shall be based upon the most recently issued tax bill for the Property, and
shall be calculated based upon the maximum early payment discount available. The prorations for
taxes and assessments which are made at Closing shall be final, and not subject to reproration
after Closing. Upon the Closing, Buyer shall be responsible for real estate taxes and assessments
on the Property payable from and after the Closing. In no event shall Seller be charged with or be
responsible for any increase in the taxes or assessments on the Property resulting from the sale of
the Property or from any improvements made or leases entered into after the Closing. With respect
to all periods for which Seller has paid Taxes, Seller hereby reserves the right to institute or
continue any proceeding or proceedings for the reduction of the assessed valuation of the Property,
and, in its sole discretion, to settle the same. Seller shall have sole authority to control the
progress of, and to make all decisions with respect to, such proceedings but shall provide Buyer
with copies of all communications with the taxing authorities. All net tax refunds and credits
attributable to any period prior to the Closing which Seller has paid or for which Seller has given
a credit to Buyer shall belong to and be the property of Seller, provided, however, that any such
refunds and credits that are the property of Tenants under Leases shall be promptly remitted by
Seller directly to such Tenants or to Buyer for the credit of such Tenants. All net tax refunds
and credits attributable to any period subsequent to the Closing shall belong to and be the
property of Buyer. Buyer agrees to cooperate with Seller in connection with the prosecution of any
such proceedings and to take all steps, whether before or after the Closing, as may be necessary to
carry out the intention of this subsection, including the delivery to Seller, upon demand, of any
relevant books and records, including receipted tax bills and cancelled checks used in payment of
such taxes, the execution of any and all consent or other documents, and the undertaking of any
acts necessary for the collection of such refund by Seller. Buyer agrees that, as a condition to
the transfer of the Property by Buyer, Buyer will cause any transferee to assume the obligations
set forth herein.

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

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

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

(e) Security Deposits; Prepaid Rents. Prepaid rentals and other Tenant charges and
security deposits (including any portion thereof which may be designated as prepaid rent) under
Tenant Leases, if and to the extent that such deposits are in Seller’s actual possession or control
and have not been otherwise applied by Seller to any obligations of any Tenants under the Tenant
Leases, shall be credited against the Purchase Price, and upon the Closing, Buyer shall assume full
responsibility for all security deposits to be refunded to the Tenants under the Tenant Leases in
the amounts credited to Buyer at Closing (to the extent the same are required to be refunded by the
terms of such Tenant Leases or applicable). In the event that any security deposits are in the
form of letters of credit or other financial instruments (the “Non-Cash Security Deposits”), after
the Closing, Seller will cooperate with Buyer to have Buyer named as beneficiary under the Non-Cash
Security Deposits; provided that such cooperation shall be at no cost or expense to Seller. Buyer
will not receive a credit against the Purchase Price for the Non-Cash Security deposits.

(f) Leasing Costs. Seller shall receive a credit at the Closing for all leasing
costs, including Tenant improvement costs and allowances, and its pro-rata leasing commissions,
previously paid by Seller in connection with any Lease or modification to any existing Tenant Lease
which was entered into after the Effective Date and which is approved or deemed approved by Buyer
pursuant to this Agreement, which approval included approval of the Tenant improvement costs.
Seller’s pro-rata share shall be equal to a fraction which has as its numerator the number of
months left in the base term of the Lease after the Closing and which has as its denominator the
number of months in the base term of the Lease. Seller shall pay for all Tenant improvement
allowances and leasing commissions with respect to the premises leased as of the Effective Date by
the Tenants pursuant to the Tenant Leases in effect as of the Effective Date, to the extent that
such improvement allowances and leasing commissions are unpaid as of the Closing. Buyer shall not
receive a credit for any unexpired rent concessions under any of the Leases.

(g) Percentage Rent. Any percentage rents due or paid under any of the Leases
(“Percentage Rent”) shall be prorated between Buyer and Seller outside of Closing as of the Closing
on a Lease-by-Lease basis, as follows; (a) Seller shall be entitled to receive the portion of the
Percentage Rent under each Lease for the Lease Year in which Closing occurs, which portion shall be
the ratio of the number of days of said Lease Year in which Seller was Landlord under the Lease to
the total number of days in the Lease Year, and (b) Buyer shall receive the balance of Percentage
Rent paid under each Lease for the Lease Year. As used herein, the term “Lease Year” means the
twelve (12) month period as to which annual Percentage Rent is owed under each Lease. Upon receipt
by either Buyer or Seller of any gross sales reports (“Gross Sales Reports”) and any full or
partial payment of Percentage Rent from any Tenant of the Property, the party receiving the same
shall provide to the other party a copy of the Gross Sales Report and a check for the other party’s
prorata share of the Percentage Rent within ten (10) days of the receipt thereof. In the event
that the Tenant only remits a partial payment, then the amount to be remitted to the other party
shall be its prorata share of the partial payment. Nothing contained herein shall be deemed or
construed to require either Buyer to Seller to pay to the other party its prorata share of the
Percentage Rent prior to receiving the Percentage Rent from the Tenant, and the acceptance or
negotiation of any check for Percentage Rent by either party shall not be deemed a waiver of that
party’s right to contest the accuracy or amount of the Percentage Rent paid by the Tenant.

7.7.2 Calculation; Reproration. Prior to Closing the parties shall jointly prepare an
estimated closing statement which shall set forth the costs payable under Sections 7.5 and 7.6 and
the prorations and credits provided for in Section 7.7.1 and elsewhere in this Agreement. Any item
which cannot be finally prorated because of the unavailability of information shall be tentatively
prorated on the basis of the best data then available and adjusted when the information is
available in accordance with this subsection. The estimated closing statement as adjusted as
aforesaid and approved in writing by the parties shall be referred to herein as the “Closing
Statement”. If the prorations and credits made under the Closing Statement shall prove to be
incorrect or incomplete for any reason, then either party shall be entitled to an adjustment to
correct the same; provided, however, that any adjustment shall be made, if at all, within one
hundred eighty (180) days after the Closing, at which time all prorations shall be binding and
conclusive.

7.7.3 Items Not Prorated. Seller and Buyer agree that (a) on the Closing, the
Property will not be subject to any financing arranged by Seller; (b) none of the insurance
policies relating to the Property will be assigned to Buyer and Buyer shall responsible for
arranging for its own insurance as of the Closing; and (c) utilities, including telephone,
electricity, water and gas, shall be read on the Closing and Buyer shall be responsible for all the
necessary actions needed to arrange for utilities to be transferred to the name of Buyer on the
Closing, including the posting of any required deposits and Seller shall be entitled to recover and
retain from the providers of such utilities any refunds or overpayments to the extent applicable to
the period prior to the Closing, and any utility deposits which it or its predecessors may have
posted. Accordingly, there will be no prorations for debt service, insurance or utilities. In the
event a meter reading is unavailable for any particular utility, such utility shall be prorated in
the manner provided in subsection (1)(d) above.

7.7.4 Defeasance Related Expenses. All costs incurred in the payoff or defeasance of
Seller’s existing financing of the Property will be the sole cost and expense of Seller, and no
fees or expenses related to Seller’s defeasance shall be charged to Buyer. At Closing, Buyer shall
receive a credit to be calculated as follows: (a) the amount of interest which Buyer would incur
during the two (2) business days before Closing (or longer if the Closing is delayed because of
some action or failure to act of Seller) on a loan in the amount of the Purchase Price at an annual
rate of six percent (6%), less (b) the amount of interest Buyer actually receives from the Escrow
Holder’s investment of any Buyer funds held in Escrow. Buyer shall not be entitled to said credit,
however, if Buyer does not (x) deposit the Purchase Price into Escrow on the day which is two (2)
business days prior to Closing and (y) cooperate with Escrow Holder as reasonably required to
enable Escrow Holder to invest the Purchase Price into an interest bearing money market account at
a bank or other financial institution reasonably satisfactory to Buyer during said two (2) business
day period.

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

7.7.6 Survival. This Section 7.7 shall survive the Closing.

8. Representations, Warranties, and Covenants.

8.1 Representations of Seller. Seller hereby represents and warrants as of the
Effective Date to Buyer as follows:

8.1.1 Enclave is a limited liability company duly formed and validly existing under the laws
of the State of Delaware. Subject to receipt of the approval described in Section 10.2.2, Seller
has full power and authority to enter into this Agreement, to perform this Agreement and to
consummate the transactions contemplated hereby. This Agreement is a legal, valid and binding
obligation of Seller, enforceable against Seller in accordance with its terms, subject to the
effect of applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or other
similar laws affecting the rights of creditors generally.

8.1.2 Seller is not a “foreign person” within the meaning of Section 1445(f) of the Internal
Revenue Code of 1986, as amended (the “Code”).

8.1.3 To the best of Seller’s knowledge, except as disclosed in writing by Seller pursuant to
Section 4.1.5, Seller has received no written notice of any pending or threatened private or
governmental litigation or any order or judgment against Seller relating to the Property that
might, if adversely determined, result in a material adverse change in the Property, their
operation or the validity of this Agreement.

8.1.4 The list of Leases attached hereto and incorporated herein as Exhibit D, is a
true, complete and correct list of Leases (including modifications and amendments thereto)
affecting the Property.

8.1.5 The list of Contracts attached hereto and incorporated herein as Exhibit E, is a
true, complete and correct list of Contracts (including modifications and amendments thereto)
affecting the Property.

8.1.6 To Seller’s actual knowledge, the documents which have been delivered to

Buyer by or on behalf of Seller under this Agreement are those used by Seller in the ordinary
course of its business, and are true and complete copies of such documents.

In making the foregoing representations and warranties, Seller has not made or undertaken to make
any investigation as to factual matters or as to the accuracy or completeness of any
representation, warranty, data or any other information related thereto and hereby disclaims
liability for any unintentional misstatement. Whenever the term “to Seller’s knowledge” or similar
language is used herein with respect to the existence or absence of facts, it signifies that Seller
has not undertaken any independent investigation of facts, but instead has based its representation
solely upon the current actual knowledge of Robert Munson, Asset Manager of the Property, after
inquiry of the Property Manager, and Seller disclaims any obligation to conduct any independent
investigation with respect to such matters.

8.2 Approval of Property; Limitations on Seller Representations and Warranties.

8.2.1 Except as may be specifically provided in Section 8.1 of this Agreement, Seller makes no
representations or warranties as to the truth, accuracy, completeness, methodology of preparation
or otherwise concerning any engineering or environmental reports, audits, the materials prepared by
Seller, or any other materials, data or other information whatsoever supplied to Buyer in
connection with Buyer’s inspection of the Property. It is the parties’ express understanding and
agreement that such materials are provided only for Buyer’s convenience in making its own
examination and determination prior to the expiration of the Inspection Period as to whether it
wishes to purchase the Property, and, in doing so, Buyer shall rely exclusively on its own
independent investigation and evaluation of every aspect of the Property and not on any materials
supplied by Seller. Except as may be specifically provided elsewhere in this Agreement, Buyer
expressly disclaims any intent to rely on any such materials provided to it by Seller in connection
with its inspection and agrees that it shall rely solely on its own independently developed or
verified information. Except with respect to all obligations in this Agreement (including without
limitation Seller’s express representations and warranties) that are expressly stated to survive
Closing, the indemnity provisions contained in the documents delivered in connection with the
Closing of the transactions contemplated by this Agreement (collectively, the “Surviving
Obligations”), Buyer hereby releases Seller and its agents, representatives, and employees from any
and all claims, demands, and causes of action, past, present, and future that Buyer may have
relating to (a) the condition of the Property at any time, before or after the Closing, including
without limitation, the presence of any hazardous materials, or (b) any other matter pertaining to
the Property. This release shall survive the Closing or the termination of this Agreement.

8.2.2 In the event of any breach by Seller of any of the preceding representations or
warranties or any other breach by Seller of any other provision of this Agreement which is
discovered prior to Closing, Buyer’s sole remedy shall be to elect in writing to terminate this
Agreement or waive such breach and proceed with the Closing. In the event of any material breach by
Seller of any of such representations or warranties or any other material breach by Seller of any
other provision of this Agreement or any agreement delivered in connection herewith discovered
after Closing, Seller shall be liable only for direct and actual damages suffered by Buyer on
account of Seller’s breach, up to the applicable limits described hereunder, and shall in no event
be liable for consequential or punitive damages. Any liability of Seller hereunder for breach of
any such representations or warranties shall be limited to (a) claims in excess of an aggregate of
Fifty Thousand Dollars ($50,000), and (b) a maximum aggregate cap of Five Hundred Thousand Dollars
($500,000). Notice of such claim must be delivered to Seller in writing within six (6) months of
the Closing Date. In no event shall Seller be liable for any consequential or punitive damages on
account of Seller’s breach of any representation or warranty contained in this Agreement.
Additionally, notwithstanding the foregoing, if Buyer becomes aware prior to the Closing that any
representation or warranty hereunder is untrue, or any covenant or condition to Closing has not
been fulfilled or satisfied (if not otherwise waived by Buyer), and Buyer nonetheless proceeds to
close on the purchase of the Property, then Buyer shall be deemed to have irrevocably and
absolutely waived, relinquished and released all rights and claims against Seller for any damage or
other loss arising out of or resulting from such untrue representation or warranty or such
unfulfilled or unsatisfied covenant or condition. Seller’s representations and warranties set
forth in Section 8.1 shall survive the Closing for a period of six (6) months.

8.2.3 Approval of Property. The consummation of the purchase and sale of the Property
pursuant to this Agreement shall be deemed Buyer’s acknowledgement that it has had an adequate
opportunity to make such legal, factual and other inspections, inquiries and investigations as it
deems necessary, desirable or appropriate with respect to the Property. Such inspections,
inquiries and investigations of Buyer shall be deemed to include, but shall not be limited to, any
leases and contracts pertaining to the Property, the physical components of all portions of the
Property, the physical condition of the Property, such state of facts as an accurate survey,
environmental report and inspection would show, the present and future zoning ordinance,
ordinances, resolutions. Buyer shall not be entitled to and shall not rely upon, Seller or Seller’s
agents with regard to, and Seller will not make any representation or warranty with respect to: (i)
the quality, nature, adequacy or physical condition of the Property including, but not limited to,
the structural elements, foundation, roof, appurtenances, access, landscaping, parking facilities,
or the electrical, mechanical, HVAC, plumbing, sewage or utility systems, facilities, or appliances
at the Property, if any; (ii) the quality, nature, adequacy or physical condition of soils or the
existence of ground water at the Property; (iii) the existence, quality, nature, adequacy or
physical condition of any utilities serving the Property; (iv) the development potential of the
Property, its habitability, merchantability, or the fitness, suitability, or adequacy of the
Property for any particular purpose; (v) the zoning or other legal status of the Property; (vi) the
Property or its operations’ compliance with any applicable codes, laws, regulations, statutes,
ordinances, covenants, conditions or restrictions of any governmental or quasi-governmental entity
or of any other person or entity; (vii) the quality of any labor or materials relating in any way
to the Property; or (viii) the condition of title to the Property or the nature, status and extent
of any right-of-way, lease, right of redemption, possession, lien, encumbrance, license,
reservation, covenant, condition, restriction, or any other matter affecting the Property except as
expressly set forth in this Agreement and the Deed. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT
AND THE DEED, SELLER HAS NOT, DOES NOT, AND WILL NOT MAKE ANY WARRANTIES OR REPRESENTATIONS (A)
WITH RESPECT TO THE PROPERTY, AND SELLER SPECIFICALLY DISCLAIMS ANY OTHER IMPLIED WARRANTIES OR
WARRANTIES ARISING BY OPERATION OF LAW, INCLUDING, BUT IN NO WAY LIMITED TO, ANY WARRANTY OF
CONDITION, MERCHANTABILITY, HABITABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OR USE, OR (B) WITH
REGARD TO COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION, OR LAND USE LAWS, RULES,
REGULATIONS, ORDERS, OR REQUIREMENTS INCLUDING, BUT NOT LIMITED TO, THOSE PERTAINING TO THE
HANDLING, GENERATING, TREATING, STORING OR DISPOSING OF ANY HAZARDOUS WASTE OR SUBSTANCE INCLUDING,
WITHOUT LIMITATION, ASBESTOS, PCB AND RADON. BUYER ACKNOWLEDGES THAT BUYER IS A SOPHISTICATED
BUYER FAMILIAR WITH THIS TYPE OF PROPERTY AND THAT, SUBJECT ONLY TO THE EXPRESS WARRANTIES SET
FORTH IN THIS AGREEMENT AND THE DEED, BUYER WILL BE ACQUIRING THE PROPERTY “AS IS AND WHERE IS,
WITH ALL FAULTS,” IN ITS PRESENT STATE AND CONDITION, SUBJECT ONLY TO NORMAL WEAR AND TEAR AND
BUYER SHALL ASSUME THE RISK THAT ADVERSE MATTERS AND CONDITIONS MAY NOT HAVE BEEN REVEALED BY
BUYER’S INSPECTIONS AND INVESTIGATIONS. BUYER ALSO ACKNOWLEDGES AND AGREES THAT THERE ARE NO ORAL
AGREEMENTS, WARRANTIES OR REPRESENTATIONS, COLLATERAL TO OR AFFECTING THE PROPERTY BY SELLER, ANY
AGENT OF SELLER OR ANY THIRD PARTY. THE TERMS AND CONDITIONS OF THIS SECTION SHALL SURVIVE THE
CLOSING AND SHALL NOT MERGE WITH THE PROVISIONS OF ANY CLOSING DOCUMENTS. SELLER SHALL NOT BE
LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION
PERTAINING TO THE PROPERTY FURNISHED BY ANY REAL ESTATE BROKER, AGENT, EMPLOYEE, SERVANT OR OTHER
PERSON, UNLESS THE SAME ARE SPECIFICALLY SET FORTH OR REFERRED TO IN THIS AGREEMENT. EXCEPT WITH
REGARD TO THE OBLIGATIONS EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE REPRESENTATIONS AND
WARRANTIES IN SECTION 8.1, BUYER HEREBY RELEASES SELLER AND ITS AGENTS, REPRESENTATIVES AND
EMPLOYEES FROM ANY AND ALL LIABILITY RELATING TO THE CONDITION OF THE PROPERTY BEFORE OR AFTER THE
CLOSING AND ANY OTHER MATTER RELATING TO THE PROPERTY, WHETHER KNOWN OR UNKNOWN AT THE TIME OF THE
CLOSING.

8.3 Intentionally Omitted.

8.4 Intentionally Omitted.

8.5 Covenants of Seller. Seller hereby covenants as follows:

8.5.1 At all times from the date hereof through the date of Closing, Seller shall cause to be
in force fire and extended coverage insurance upon the Property, and public liability insurance
with respect to damage or injury to persons or property occurring on the Property in at least such
amounts as are maintained by Seller on the Effective Date;

8.5.2 From the Effective Date through the date of Closing, Seller will not enter into any new
lease with respect to the Property, without Buyer’s prior written consent, which shall not be
unreasonably withheld. Exercise of an existing renewal option shall not be considered a new lease.
Any brokerage commission payable with respect to a new lease shall be paid by Buyer. Further,
Seller will not modify any existing Lease covering space in the Property without first obtaining
the written consent of Buyer which shall not be unreasonably withheld. Buyer shall have five (5)
business days in which to approve or disapprove of any new lease or lease modification for which it
has a right to consent. Failure to respond in writing within said time period shall be deemed to
be consent;

8.5.3 From the Effective Date through the date of Closing, Seller shall not sell, assign, or
convey any right, title or interest whatsoever in or to the Property, or create or permit to attach
any lien, security interest, easement, encumbrance, charge, or condition affecting the Property
(other than the Permitted Exceptions) without promptly discharging the same prior to Closing;

8.5.4 Seller shall not, without Buyer’s written approval, (a) amend or waive any right under
any Service Contract, or (b) enter into any agreement of any type affecting the Property that is
not terminable on 30 days notice without any additional fee;

8.5.5 Buyer shall have, in addition to any inspection or audit rights contained elsewhere in
this Agreement, the right to conduct a full audit of the books and records of Seller relating to
the operations and financial results of the Property, in such form and at such time, including up
to 270 days after Closing, as Buyer may reasonably determine is necessary to comply with applicable
securities laws requirements, including, without limitation, Regulation § 210.3-14 promulgated
under the Securities Exchange Act of 1934, as amended. All costs incurred as a result of Buyer
undertaking such audit shall be borne exclusively by Buyer; provided, however, Seller shall make
available such books, records and materials as may be reasonably requested by Buyer or its
accountants in order to conduct such audit. All such audit activities shall be conducted at
Seller’s or its agent’s place of business in a commercially reasonable fashion during normal
business hours and upon five (5) days prior notice from Buyer to Seller. If requested, Seller
shall provide copies of available information to Buyer, at the cost and expense of Buyer.

9. Representations, Warranties and Covenants of Buyer. Buyer hereby represents and
warrants to Seller as follows:

9.1 Buyer is a limited partnership duly organized and validly existing under the laws of the
State of Delaware. Buyer has full power and authority to enter into this Agreement, to perform
this Agreement and to consummate the transactions contemplated hereby. This Agreement is a legal,
valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms,
subject to the effect of applicable bankruptcy, insolvency, reorganization, arrangement, moratorium
or other similar laws affecting the rights of creditors generally.

9.2 The execution, delivery and performance by Buyer of this Agreement, and all other
agreements, instruments and documents referred to or contemplated herein or therein do not require
the consent, waiver, approval, license or authorization of any person or public authority which has
not been obtained and do not and will not contravene or violate (with or without the giving of
notice or the passage of time or both), the organizational documents of Buyer or any judgment,
injunction, order, law, rule or regulation applicable to Buyer. Buyer is not a party to, or subject
to or bound by, any judgment, injunction or decree of any court or governmental authority or any
lease, agreement, instrument or document which may restrict or interfere with the performance by
Buyer of this Agreement, or such other leases, agreements, instruments and documents.

9.3 Buyer hereby covenants that Buyer shall cooperate with Seller’s defeasance of the
Property.

10. Conditions Precedent to Closing.

10.1 The obligations of Buyer pursuant to this Agreement shall, at the option of Buyer, be
subject to the following conditions precedent:

10.1.1 All of the representations, warranties and agreements of Seller set forth in this
Agreement shall be true and correct in all material respects as of the Effective Date, and Seller
shall not have on or prior to Closing, failed to meet, comply with or perform in any material
respect any conditions or agreements on Seller’s part as required by the terms of this Agreement.

10.1.2 There shall be no material adverse change in the matters reflected in the Title
Commitment, and there shall not exist any material adverse encumbrance or title defect affecting
the Property except for the Permitted Exceptions or matters to be satisfied at Closing.

10.1.3 Seller shall have obtained and delivered to Buyer estoppel certificates in
substantially the same form as Exhibit F attached hereto and incorporated herein, from
Tenants representing eighty-five percent (85%) of the square feet which are leased and occupied by
Tenants as of the Effective Date. Prior to delivery to Tenants, Seller shall provide copies of all
completed estoppel certificates to Buyer for review at least four (4) days prior to delivery to any
Tenant for review and execution. Buyer’s failure to review or respond to Seller regarding the
completed estoppel certificates during such four (4)-day time period shall be deemed approval of
the completed estoppel certificates, and Seller shall be authorized to deliver such estoppel
certificates to Tenants for execution; however, Buyer’s failure to review or comment on the
completed estoppel certificates within such review period shall not be deemed an approval of the
specific Tenant information reflected thereon or a waiver of any representations of Seller
hereunder. Estoppel certificates shall be deemed to satisfy this condition precedent unless they
disclose material adverse matters. If Buyer disapproves of an estoppel certificate because of a
material, adverse matter disclosed therein which is inconsistent with the Leases, and Seller is
unable to obtain a reasonably acceptable estoppel certificate prior to the Closing, this Agreement
shall terminate, Buyer shall be entitled to a refund of the Deposit, and neither party shall have
any further obligation to the other except Buyer’s indemnification obligations under Section 5.
Notwithstanding the foregoing, if a Tenant’s Lease provides for a different standard for an
estoppel certificate, compliance therewith by Seller shall be deemed to compliance herewith.

10.1.4 Escrow Holder shall be unconditionally prepared to issue the Title Policy in accordance
with the terms of this Agreement and the Title Commitment.

10.2 The obligations of Seller under this Agreement shall, at the option of Seller, be subject
to the following conditions precedent:

10.2.1 All of the representations, warranties and agreements of Buyer set forth in this
Agreement shall be true and correct in all material respects as of the Effective Date, and Buyer
shall not have on or prior to Closing, failed to meet, comply with or perform in any material
respect any conditions or agreements on Buyer’s part as required by the terms of this Agreement.

10.2.2 Seller shall have received approval of the sale from all entities and/or individuals
comprising Seller no later than fifteen (15) business days after the Effective Date. In the event
Seller does not receive approval from all necessary entities, Seller shall reimburse Buyer for its
direct, actual out-of-pocket costs and expenses relating to this transaction, not to exceed Fifty
Thousand Dollars ($50,000). Buyer’s reimbursement request shall include detailed, paid invoices
evidencing payment of such out-of-pocket costs actually incurred by Buyer.

10.3 If any such condition is not fully satisfied by Closing, the party in whose favor the
condition runs shall notify the other party and may terminate this Agreement by written notice
whereupon this Agreement may be canceled, the Due Diligence Items shall be returned, and the
Deposit shall be paid to Buyer and, thereafter, neither Seller nor Buyer shall have any continuing
obligations hereunder; provided, however, if Buyer notifies Seller of a failure to satisfy the
conditions precedent set forth in this Section, Seller may, within five (5) days after receipt of
Buyer’s notice (the “Notice Period”) agree to satisfy the condition by written notice to Buyer, and
Buyer shall thereupon be obligated to close the transaction provided Seller so satisfies such
condition within an additional five (5) day period (the “Extended Closing Date”). If Seller fails
to agree to cure such condition during the Notice Period or fails to cure such condition by the
Extended Closing Date, this Agreement shall be canceled, the Deposit shall be returned to Buyer,
the Due Diligence Items shall be returned to Seller and neither party shall have any further
liability hereunder, except as expressly set forth in this Agreement.

11. Damage or Destruction Prior to Closing. In the event that the Property should be
damaged by any casualty prior to the Closing, then if the cost of repairing such damage, as
reasonably estimated by Seller, is:

11.1 Less than Five Hundred Thousand Dollars ($500,000), the Closing shall proceed as
scheduled and any insurance proceeds shall be distributed to Buyer to the extent not expended by
Seller for restoration;

or if said cost is:

11.2 Greater than Five Hundred Thousand Dollars ($500,000), then either Seller or Buyer may
elect to terminate this Agreement, in which case the Due Diligence Items shall be returned and the
Deposit shall be returned to Buyer and neither party shall have any further obligation to the other
except for Buyer’s indemnification obligations under Section 5.

12. Eminent Domain.

12.1 If, before the Closing, proceedings are commenced for the taking by exercise of the power
of eminent domain of all or a material part of the Property which, as reasonably determined by
Buyer, would render the Property unacceptable to Buyer or unsuitable for Buyer’s intended use,
Buyer shall have the right, by giving notice to Seller within thirty (30) days after Seller gives
notice of the commencement of such proceedings to Buyer, to terminate this Agreement, in which
event this Agreement shall terminate, the Deposit shall be returned to Buyer and neither party
shall have any further obligation to the other except for Buyer’s indemnification under Section 5.
If, before the Closing, proceedings are commenced for the taking by exercise of the power of
eminent domain of less than such a material part of the Property, or if Buyer has the right to
terminate this Agreement pursuant to the preceding sentence but Buyer does not exercise such right,
then this Agreement shall remain in full force and effect and, at the Closing, the condemnation
award (or, if not therefore received, the right to receive such portion of the award) payable on
account of the taking shall be transferred in the same manner as title to the Property is conveyed.
Seller shall give notice to Buyer within three (3) business days after Seller’s receiving notice
of the commencement of any proceedings for the taking by exercise of the power of eminent domain of
all or any part of the Property.

13. Notices. All notices, demands, or other communications of any type given by any party
hereunder, whether required by this Agreement or in any way related to the transaction contracted
for herein, shall be void and of no effect unless given in accordance with the provisions of this
Section. All notices shall be in writing and delivered to the person to whom the notice is
directed, either in person, by telecopy or by reputable overnight delivery service. Notices by
telecopy must be followed by overnight delivery. Notices shall be given to the following
addresses:

	 	 	 	 	 
	Seller:
	 	Theresa Hutton

	 
	 	 	 	 
	 
	 	Triple Net Properties, LLC

	 
	 	1551 N. Tustin Avenue, Suite 200
	 
	 	Santa Ana, CA  92705

	 
	 	 	(714) 667-8252	 
	 
	 	(714) 667-6860  fax
	With Required Copy to:
	 	David Mellor

	 
	 	 	 	 
	 
	 	Triple Net Properties, LLC

	 
	 	1551 N Tustin Avenue, Suite 300
	 
	 	Santa Ana, CA 92705

	 
	 	 	(877) 888-7348	 
	 
	 	(714) 667-6860  fax
	With Required Copy to:
	 	Robert Munson

	 
	 	 	 	 
	 
	 	Triple Net Properties, LLC

	 
	 	1551 N Tustin Avenue, Suite 300
	 
	 	Santa Ana, CA 92705

	 
	 	 	(877) 888-7348	 
	 
	 	(714) 667-6860  fax
	With Required Copy to:
	 	Joseph J. McQuade, Esq.

	 
	 	 	 	 
	 
	 	Hirschler Fleischer

	 
	 	The Edgeworth Building

	 
	 	2100 East Cary Street
	 
	 	Richmond, VA  23223-7078

	 
	 	 	(804) 771-9502	 
	 
	 	(804) 644-0957  fax
	With Required Copy to:
	 	Carrie H. O’Malley, Esq.

	 
	 	 	 	 
	 
	 	Hirschler Fleischer

	 
	 	725 Jackson Street, Suite 200
	 
	 	Fredericksburg, VA 22401-5720

	 
	 	 	(540) 372-9425	 
	 
	 	(540) 372-9419  fax
	Buyer:
	 	Parkway Properties Office Fund, L.P.

	 
	 	 	 	 
	 
	 	Attention: James M. Ingram

	 
	 	188 East Capitol Street
	 
	 	Suite 1000, One Jackson Place

	 
	 	Jackson, Mississippi 39201

	 
	 	 	(601) 948-4091	 
	 
	 	(601) 949-4077 fax
	With Required Copy to:
	 	Forman Perry Watkins Krutz & Tardy LLP

	 
	 	 	 	 
	 
	 	Attention: Steven M. Hendrix

	 
	 	200 South Lamar Street
	 
	 	Suite 100, City Centre Building

	 
	 	Jackson, Mississippi 39201-4099

	 
	 	 	(601) 960-8603	 
	 
	 	(601) 960-8609 fax
	And to:
	 	Transwestern

	 
	 	 	 	 
	 
	 	Attention: Alan Grilliette

	 
	 	8200 IH-10 West
	 
	 	Suite 800

	 
	 	San Antonio, Texas 78230

	 
	 	 	(210) 253-2943	 
	 
	 	 	(210) 377-2797	 

14. Remedies.

14.1 Defaults by Seller. If there is any default by Seller under this Agreement,
following notice to Seller and seven (7) days, during which period Seller may cure the default,
Buyer may, as it sole options elect to either (a) declare this Agreement terminated in which case
the Deposit shall be returned to Buyer; or (b) treat this Agreement as being in full force and
effect and bring an action against Seller for specific performance.

14.2 Defaults by Buyer. If there is any default by Buyer under this Agreement,
following notice to Buyer and seven (7) days, during which period Buyer may cure the default, then
Seller may, as its sole remedy, declare this Agreement terminated, in which case the Deposit shall
be paid to Seller as liquidated damages and each party shall thereupon be relieved of all further
obligations and liabilities, except any which survive termination. Notwithstanding the foregoing,
Buyer’s right to cure shall not be applicable to a failure to close and the Closing shall in no
event be extended pursuant to this Section. In the event this Agreement is terminated due to the
default of Buyer hereunder, Buyer shall deliver to Seller, at no cost to Seller, the Due Diligence
Items and all of Buyer’s Reports.

14.3 ARBITRATION OF DISPUTES. ANY CLAIM, CONTROVERSY OR DISPUTE, WHETHER SOUNDING IN
CONTRACT, STATUTE, TORT, FRAUD, MISREPRESENTATION OR OTHER LEGAL THEORY, RELATED DIRECTLY OR
INDIRECTLY TO THIS AGREEMENT, WHENEVER BROUGHT AND WHETHER BETWEEN THE PARTIES TO THIS AGREEMENT OR
BETWEEN ONE OF THE PARTIES TO THIS AGREEMENT AND THE EMPLOYEES, AGENTS OR AFFILIATED BUSINESSES OF
THE OTHER PARTY, SHALL BE RESOLVED BY ARBITRATION AS PRESCRIBED IN THIS SECTION. THE FEDERAL
ARBITRATION ACT, 9 U.S.C. §§ 1-15, NOT STATE LAW, SHALL GOVERN THE ARBITRABILITY OF ALL CLAIMS, AND
THE DECISION OF THE ARBITRATOR AS TO ARBITRABILITY SHALL BE FINAL.

A SINGLE ARBITRATOR WHO IS A RETIRED FEDERAL OR CALIFORNIA JUDGE SHALL CONDUCT THE ARBITRATION
UNDER THE THEN CURRENT RULES OF THE AMERICAN ARBITRATION ASSOCIATION (THE “AAA”). THE ARBITRATOR
SHALL BE SELECTED BY MUTUAL AGREEMENT ON THE ARBITRATOR WITHIN THIRTY (30) DAYS OF WRITTEN NOTICE
BY ONE PARTY TO THE OTHER INVOKING THIS ARBITRATION PROVISION, IN ACCORDANCE WITH AAA PROCEDURES
FROM A LIST OF QUALIFIED PEOPLE MAINTAINED BY THE AAA. THE ARBITRATION SHALL BE CONDUCTED IN SANTA
ANA, CALIFORNIA AND ALL EXPEDITED PROCEDURES PRESCRIBED BY THE AAA RULES SHALL APPLY.

THERE SHALL BE NO DISCOVERY OTHER THAN THE EXCHANGE OF INFORMATION WHICH IS PROVIDED TO THE
ARBITRATOR BY THE PARTIES. THE ARBITRATOR SHALL HAVE AUTHORITY ONLY TO GRANT SPECIFIC PERFORMANCE
AND TO ORDER OTHER EQUITABLE RELIEF AND TO AWARD COMPENSATORY DAMAGES, BUT SHALL NOT HAVE THE
AUTHORITY TO AWARD PUNITIVE DAMAGES OR OTHER NONCOMPENSATORY DAMAGES OR ANY OTHER FORM OF RELIEF.
THE ARBITRATOR SHALL AWARD TO THE PREVAILING PARTY ITS REASONABLE ATTORNEYS’ FEES AND COSTS AND
OTHER EXPENSES INCURRED IN THE ARBITRATION, EXCEPT THE PARTIES SHALL SHARE EQUALLY THE FEES AND
EXPENSES OF THE ARBITRATOR. THE ARBITRATOR’S DECISION AND AWARD SHALL BE FINAL AND BINDING, AND
JUDGMENT ON THE AWARD RENDERED BY THE ARBITRATOR MAY BE ENTERED IN ANY COURT HAVING JURISDICTION
THEREOF.

15. Assignment. Buyer may assign its rights under this Agreement to an entity in which
Buyer has a legally controlling interest, provided, however, that Buyer shall have no such right
unless a written assignment is delivered to Seller no later than seven (7) business days before
Closing; and further provided that no such assignment shall relieve Buyer of its obligations
hereunder.

16. Interpretation and Applicable Law. This Agreement shall be construed and interpreted
in accordance with the laws of the state in which the Property is located (the “State”). Where
required for proper interpretation, words in the singular shall include the plural; the masculine
gender shall include the neuter and the feminine, and vice versa. The terms “successors and
assigns” shall include the heirs, administrators, executors, successors, and assigns, as
applicable, of any party hereto.

17. Amendment. This Agreement may not be modified or amended, except by an agreement in
writing signed by the parties. The parties may waive any of the conditions contained herein or any
of the obligations of the other party hereunder, but any such waiver shall be effective only if in
writing and signed by the party waiving such conditions and obligations.

18. Attorney’s Fees. In the event it becomes necessary for either party to file a suit or
arbitration to enforce this Agreement or any provisions contained herein, the prevailing party
shall be entitled to recover, in addition to all other remedies or damages, reasonable attorneys’
fees and costs of court incurred in such suit or arbitration.

19. Entire Agreement; Survival. This Agreement (and the items to be furnished in
accordance herewith) constitutes the entire agreement between the parties pertaining to the subject
matter hereof and supersedes all prior and contemporaneous agreements and understandings of the
parties in connection therewith. No representation, warranty, covenant, agreement, or condition
not expressed in this Agreement shall be binding upon the parties hereto nor affect or be effective
to interpret, change, or restrict the provisions of this Agreement. All of the obligations of the
parties hereunder and all other provisions of this Agreement shall be deemed to have merged into
the Deed and shall be extinguished at Closing or the earlier termination of this Agreement, except
as expressly provided herein.

20. Multiple Originals Only; Counterparts. Numerous agreements may be executed by the
parties hereto. Each such executed copy shall have the full force and effect of an original
executed instrument. This Agreement may be executed in any number of counterparts, all of which
when taken together shall constitute the entire agreement of the parties.

21. Acceptance. Time is of the essence of this Agreement. If the final date of any period
falls upon a Saturday, Sunday, or legal holiday under Federal law, the laws of the State or the
laws of the State of California, then in such event the expiration date of such period shall be
extended to the next day which is not a Saturday, Sunday, or legal holiday under Federal law, the
laws of the State or the State of California. Each day, as measured under this Agreement, shall
end as of 5:00 p.m. in the time zone where the Property is located.

22. Real Estate Commission. Seller and Buyer each represent and warrant to the other that
neither Seller nor Buyer has contracted or entered into any agreement with any real estate broker,
agent, finder or any other party in connection with this transaction, and that neither party has
taken any action which would result in any real estate broker’s, finder’s or other fees or
commissions being due and payable to any party with respect to the transaction contemplated hereby,
except that Seller has contracted with Transwestern, as its broker and will pay any commission due
to said broker under a separate agreement, if, but only if, Closing occurs pursuant to this
Agreement. Each party hereby indemnifies and agrees to hold the other party harmless from any
loss, liability, damage, cost, or expense (including reasonable attorneys’ fees) resulting to the
other party by reason of a breach of the representation and warranty made by such party in this
Section.

23. Exchange. Each entity comprising Seller reserves the right to structure the sale of
the Property as a like kind exchange pursuant to Section 1031 of the Internal Revenue Code of 1986,
as amended. In such event Seller shall have the right to assign its interest in this Agreement to
a qualified exchange intermediary of its choosing to effect such exchange. Buyer shall sign a
customary assignment and/or notice of assignment, however, such assignment shall at no cost or
expense to Buyer and shall not otherwise effect the term of this Agreement.

24. Patriot Act. Each party hereby represents, warrants and certifies that: (i) neither it
nor its officers, directors, or controlling owners is acting, directly or indirectly, for or on
behalf of any person, group, entity or nation named by any Executive Order, the United States
Department of Justice, or the United States Treasury Department as a terrorist, “Specifically
Designated National or Blocked Person,” or other banned or blocked person, entity, nation or
transaction pursuant to any law, order, rule or regulation that is enforced or administered by the
Office of Foreign Assets Control (“SDN”); (ii) neither it nor its officers, directors, or
controlling owners is engaged in this Transaction, directly or indirectly on behalf of, or
instigating or facilitating this Transaction, directly or indirectly on behalf of, any such person,
group, entity or nation; and (iii) neither it nor its officers, directors or controlling owners is
in violation of Presidential Executive Order 13224, the USA PATRIOT Act (Public Law 107-56), the
Bank Secrecy Act, the Money Laundering Control Act or any regulations promulgated pursuant thereto.
Each party hereby agrees to defend, indemnify and hold harmless the other party from and against
any and all claims, damages, losses, risks, liabilities and expenses (including reasonable
attorneys’ fees and costs) arising from or related to any breach of the foregoing representations,
warranties and certifications by the indemnifying party. The provisions of this Section shall
survive the termination of this Agreement or Closing and shall not merge into any deed delivered
and accepted upon Closing.

25. Confidentiality. Buyer agrees that, prior to the Closing, all Property information
received by Buyer shall be kept confidential as provided in this Section. Without the prior
written consent of Seller, prior to the Closing, the Property information shall not be disclosed by
Buyer or its representatives, in any manner whatsoever, in whole or in part, except (1) to Buyer’s
representatives who need to know the Property information for the purpose of evaluating the
Property and who are informed by Buyer of the confidential nature of the Property information; (2)
as may be necessary for Buyer or Buyer’s representatives to comply with applicable laws, including,
without limitation, governmental, regulatory, disclosure, tax, securities and reporting
requirements; to comply with other requirements and requests of regulatory and supervisory
authorities and self-regulatory organizations having jurisdiction over Buyer or Buyer’s
representatives; to comply with regulatory or judicial processes; or to satisfy reporting
procedures and inquiries of credit rating agencies in accordance with customary practices of Buyer
or its affiliates; and (3) to prospective tenants of the Property.

26. Exhibits. The following exhibits are attached hereto and incorporated herein by
reference as if fully set forth herein:

Exhibit A – Legal Description

Exhibit B – Assignment and Assumption Agreement

Exhibit C – Bill of Sale

Exhibit D – List of Leases

Exhibit E – List of Contracts

Exhibit F – Form of Estoppel Certificate

Exhibit G – List of Sellers

{THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK. SIGNATURES APPEAR ON THE FOLLOWING

PAGE.}

1

SELLER’S SIGNATURE PAGE FOR

Agreement For Purchase And Sale

of Real Property And Escrow Instructions

(1401 Enclave Parkway, Houston, Texas)

EXECUTED as of April 24, 2007.

SELLER:

NNN ENCLAVE PARKWAY, LLC,

a Delaware limited liability company

	 	 	 
	By:

Its:

	 	Triple Net Properties, LLC,

a Virginia limited liability company

Manager

By: /s/ Richard Hutton

Name: Richard Hutton

Title: Executive Vice President

2

SELLER’S SIGNATURE PAGE CONTINUED FOR

Agreement For Purchase And Sale

of Real Property And Escrow Instructions

(1401 Enclave Parkway, Houston, Texas)

EXECUTED as of April 24, 2007.

NNN ENCLAVE PARKWAY 1, LLC,

NNN ENCLAVE PARKWAY 2, LLC,

NNN ENCLAVE PARKWAY 3, LLC,

NNN ENCLAVE PARKWAY 4, LLC,

NNN ENCLAVE PARKWAY 5, LLC,

NNN ENCLAVE PARKWAY 6, LLC,

NNN ENCLAVE PARKWAY 7, LLC,

NNN ENCLAVE PARKWAY 8, LLC,

NNN ENCLAVE PARKWAY 9, LLC,

NNN ENCLAVE PARKWAY 10, LLC,

NNN ENCLAVE PARKWAY 11, LLC,

NNN ENCLAVE PARKWAY 12, LLC,

NNN ENCLAVE PARKWAY 13, LLC,

NNN ENCLAVE PARKWAY 14, LLC,

NNN ENCLAVE PARKWAY 15, LLC,

NNN ENCLAVE PARKWAY 16, LLC,

NNN ENCLAVE PARKWAY 17, LLC,

NNN ENCLAVE PARKWAY 18, LLC,

NNN ENCLAVE PARKWAY 19, LLC,

NNN ENCLAVE PARKWAY 20, LLC,

NNN ENCLAVE PARKWAY 21, LLC,

NNN ENCLAVE PARKWAY 22, LLC,

each, a Delaware limited liability company

	 	 	 
	Each by:

Its:

	 	Triple Net Properties, LLC,

a Virginia limited liability company

Vice President

By: /s/ Richard Hutton

Name: Richard Hutton

Title: Executive Vice President

3

BUYER’S SIGNATURE PAGE FOR

Agreement For Purchase And Sale

of Real Property And Escrow Instructions

(1401 Enclave Parkway, Houston, Texas)

EXECUTED as of April 25, 2007.

BUYER:

PARKWAY PROPERTIES OFFICE FUND, L.P.,

a Delaware limited partnership

	 	 	 
	By:

Its:

	 	PKY Fund, LLC,

a Delaware limited liability company

Sole general partner
	 
	 	 
	
 
	 	By: /s/ James M. Ingram
	
 
	 	 
	
 
	 	Name: James M. Ingram
	
 
	 	 
	
 
	 	Title: EX VP & CIO
	
 
	 	 
	 
	 	 
	
 
	 	By: /s/ Thomas C. Maloney
	
 
	 	 
	
 
	 	Name: Thomas C. Maloney
	
 
	 	 

	 	 	Title: EVP & COO

4EX-10.2

FIRST AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE

OF REAL PROPERTY AND ESCROW INSTRUCTIONS

(Defeasance)

THIS FIRST AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS
(“Amendment”) between NNN Enclave Parkway, LLC, a Delaware limited liability company (“Enclave”) as
to an undivided 7.000% interest, and the tenant in common entities listed on Exhibit A
attached hereto and incorporated herein, as their interests may appear, each a Delaware limited
liability company (collectively, “Seller”), and Parkway Properties Office Fund, L.P., a Delaware
limited partnership (“Buyer”), is made and entered into as of the later of (i) the date this
Amendment is executed by Seller, and (ii) the date this Amendment is executed by Buyer (the
“Effective Date”), with reference to the following facts:

	A.	 	Pursuant to that certain Agreement for Purchase and Sale of Real Property and Escrow
Instructions dated as of April      , 2007 between Seller and Buyer (the “Agreement”), Seller
agreed to sell, and Buyer agreed to purchase, that certain real property located in Houston,
Texas, commonly known as 1401 Enclave Parkway and such other assets, all as more particularly
described in the Agreement.

	B.	 	Seller and Buyer desire to amend the Agreement as set forth in this Amendment.

NOW, THEREFORE, in consideration of the mutual covenants, premises and agreements herein contained,
and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto do hereby agree as follows:

1. Closing. Notwithstanding anything to the contrary contained in the Agreement, Escrow
(as defined in the Agreement) shall close on June 14, 2007, and, if Seller determines in its
reasonable discretion that it is necessary to delay closing in order to accommodate the defeasance
contemplated by the Agreement, Seller shall have the option to extend the close of Escrow to June
28, 2007 by providing written notice to Buyer on or before June 11, 2007.

2. Ratification. Except as provided in this Agreement, the Agreement remains unchanged and
unmodified, in full force and effect, and the parties hereto hereby ratify and affirm the same.

[Signature pages to follow.]

1

SELLER’S SIGNATURE PAGE CONTINUED FOR

First Amendment to Agreement For Purchase And Sale

of Real Property And Escrow Instructions

(1401 Enclave Parkway, Houston, Texas)

EXECUTED as of April 24, 2007.

NNN ENCLAVE PARKWAY 1, LLC,

NNN ENCLAVE PARKWAY 2, LLC,

NNN ENCLAVE PARKWAY 3, LLC,

NNN ENCLAVE PARKWAY 4, LLC,

NNN ENCLAVE PARKWAY 5, LLC,

NNN ENCLAVE PARKWAY 6, LLC,

NNN ENCLAVE PARKWAY 7, LLC,

NNN ENCLAVE PARKWAY 8, LLC,

NNN ENCLAVE PARKWAY 9, LLC,

NNN ENCLAVE PARKWAY 10, LLC,

NNN ENCLAVE PARKWAY 11, LLC,

NNN ENCLAVE PARKWAY 12, LLC,

NNN ENCLAVE PARKWAY 13, LLC,

NNN ENCLAVE PARKWAY 14, LLC,

NNN ENCLAVE PARKWAY 15, LLC,

NNN ENCLAVE PARKWAY 16, LLC,

NNN ENCLAVE PARKWAY 17, LLC,

NNN ENCLAVE PARKWAY 18, LLC,

NNN ENCLAVE PARKWAY 19, LLC,

NNN ENCLAVE PARKWAY 20, LLC,

NNN ENCLAVE PARKWAY 21, LLC,

NNN ENCLAVE PARKWAY 22, LLC,

each, a Delaware limited liability company

	 	 	 
	Each by:

Its:

	 	Triple Net Properties, LLC,

a Virginia limited liability company

Vice President

By: /s/ Richard Hutton

Name: Richard Hutton

Title: Executive Vice President

2

BUYER’S SIGNATURE PAGE FOR

First Amendment Agreement For Purchase And Sale

of Real Property And Escrow Instructions

(1401 Enclave Parkway, Houston, Texas)

EXECUTED as of April 25, 2007.

BUYER:

PARKWAY PROPERTIES OFFICE FUND, L.P.,

a Delaware limited partnership

	 	 	 
	By:

Its:

	 	PKY Fund, LLC,

a Delaware limited liability company

Sole general partner

By: /s/ James M. Ingram

Name: James M. Ingram

Title: EX VP & CIO

By: /s/ Thomas C. Maloney

Name: Thomas C. Maloney

Title: EVP & COO

3

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