Document:

exv10w2

 

STRATOS INTERNATIONAL, INC.

MANAGEMENT RETENTION AGREEMENT

     This MANAGEMENT RETENTION AGREEMENT (the “Agreement”), entered into as of October 17, 2002, by
and between Stratos International, Inc., a Delaware corporation (the “Company”) and Richard C.E.
Durrant (“Executive”), is hereby amended and restated as of September 19, 2006. Certain
capitalized terms used in this Agreement are defined in Section 5 below.

R E C I T A L S:

     A. The Company from time to time may consider a Change of Control. The Board of Directors of
the Company (the “Board”) recognizes that such consideration can be a distraction to Executive and
may cause Executive to consider alternative employment opportunities. The Board has determined
that it is in the best interests of the Company and its stockholders to assure that the Company
will have the continued dedication and objectivity of Executive, notwithstanding the possibility,
threat or occurrence of a Change of Control.

     B. The Board believes that it is in the best interests of the Company and its stockholders to
provide Executive with an incentive to continue his employment and to motivate Executive to
maximize the value of the Company upon a Change of Control for the benefit of its stockholders.

     C. The Board believes that it is imperative to provide Executive with severance benefits upon
Executive’s termination of employment following a Change of Control which provides Executive with
enhanced financial security and incentive and encouragement to remain with the Company
notwithstanding the possibility of a Change of Control.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

     1. Term. This Agreement shall terminate upon the date that all obligations of the
parties hereto with respect to this Agreement have been satisfied.

     2. At-Will Employment. The Company and Executive acknowledge and agree that
Executive’s employment is and shall continue to be at-will, as defined under applicable law, and
may be terminated by either party at any time, with or without cause or notice. If Executive’s
employment terminates for any reason, including without limitation, any termination prior to a
Change of Control, Executive shall not be entitled to any payments, benefits, damages, awards or
compensation other than as provided by this Agreement, or as may otherwise be available in
accordance with the Company’s established employee plans or pursuant to other written agreements
with the Company.

     3. Severance Benefits.

     (a) Right to Severance Benefits. If Executive’s employment is terminated on or prior
to August 3, 2007: (i) involuntarily by the Company other than for Cause, death or Disability, or
(ii) voluntarily by Executive for any reason, provided that Executive has given the Company at

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least 45 days notice of such voluntary termination and provided that Executive does not resign
prior to April 30, 2007 other than for Good Reason; then Executive shall be entitled to the
following benefits:

     (i) A lump-sum cash payment, payable within ten (10) days after the termination of
Executive’s employment, equal to three hundred percent (300%) of the Executive’s Annual Base
Salary;

     (ii) A lump-sum cash payment, payable within ten (10) days after the termination of
Executive’s employment, equal to the aggregate amount of deferred matching incentive bonus
payments payable to Executive under the Company’s Key Employee Incentive Bonus Plan (or
similar incentive bonus plan) to which Executive would have been entitled if he had remained
in the employ of the Company for thirty-six (36) months after the termination of Executive’s
employment;

     (iii) A lump-sum cash payment, payable within ten (10) days after the termination of
Executive’s employment, equal to one fourth (1/4) of Executive’s estimated bonus for the
fiscal year in which Executive’s termination occurs, based on the Company’s projected
financial performance for such fiscal year as set forth in the most recent financial
forecast provided by management to the Company’s Board of Directors;

     (iv) One hundred percent (100%) of the unvested portion of any stock option, restricted
stock or other Company equity compensation held by Executive shall be automatically
accelerated in full so as to become completely vested and all outstanding stock options held
by Executive shall remain exercisable until the earlier of (A) thirty-six (36) months after
Executive’s termination of employment, or (B) the termination date specified for such
options at the time of their grant;

     (v) Company-paid health, long-term disability and life insurance coverage at the same
level of coverage as was provided to Executive immediately prior to the termination of
employment and at the same ratio of Company premium payment to Executive premium payment as
was in effect immediately prior to the termination of employment (the “Company-Paid
Coverage”). If such coverage included Executive’s dependents immediately prior to the
termination of employment, such dependents shall also be covered at the Company’s expense.
Company-Paid Coverage shall continue until the earlier of: (A) three (3) years from the
date of termination, or (B) the date upon which Executive and his dependents become covered
under another employer’s group health, long-term disability or life insurance plans that
provide Executive and his dependents with comparable benefits and levels of coverage. For
purposes of Title X of the Consolidated Budget Reconciliation Act of 1985 (“COBRA”), the
date of the “qualifying event” for Executive and his dependents shall be the date upon which
the Company-Paid Coverage commences, and each month of Company-Paid Coverage provided
hereunder shall offset a month of continuation coverage otherwise due under COBRA; and

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     (vi) A lump sum cash payment, payable within ten (10) days after the termination of
Executive’s employment, equal to three (3) times Executive’s annual car allowance.

     (b) Other Terminations of Employment. If (i) the Company terminates Executive for
Cause on or before August 3, 2007, (ii) Executive terminates employment because Executive dies on
or before August 3, 2007, (iii) Executive terminates employment because of a Disability on or
before August 3, 2007, or (iv) Executive terminates employment for any reason prior to April 30,
2007 other than for Good Reason or after August 3, 2007, then Executive shall not be entitled to
receive severance or other benefits except for those, if any, as may then be established under the
Company’s then existing severance and benefits plans or pursuant to other written agreements with
the Company.

     4. Parachute Payments.

     (a) Excise Tax Gross-Up Payment. If the total amounts Executive would receive on
account of or following a Change of Control would subject Executive to an excise tax under Section
4999 of the Internal Revenue Code of 1986, as amended (the “Code”), the Company will promptly pay
Executive, in addition to such severance benefits, a “Gross-up Payment.” The amount of the Gross-up
Payment will be equal to the entire excise tax Executive must pay, plus the entire amount necessary
to pay all federal, state, local, excise and payroll taxes that will be assessed on the Gross-up
Payment itself.

     (b) Determination of Gross-up Payment. Within thirty (30) days after the termination
of Executive’s employment, the independent auditors used by the Company immediately prior to the
Change of Control (the “Accountants”) will make an initial determination of whether the Company
must pay a, Gross-up Payment, and if so, the amount of such payment. The Accountants will provide
the Company and Executive with its determination and detailed supporting calculations and
documentation. The Company will pay the expense of the initial determination. Executive will have
the right to accept the determination, or to have the determination reviewed by an accounting firm
selected by Executive, at Executive’s expense. The determination of the second accounting firm
will be binding, final and conclusive on the Company and Executive. The Company will pay the
Gross-up Payment finally determined under this Section 4(b) to Executive within thirty (30) days
after it is finally determined.

     5. Definitions. The following terms referred to in this Agreement shall have the
following meanings:

     (a) “Annual Base Salary” shall mean an amount equal to Executive’s then current annual
base salary.

     (b) “Cause” shall mean (i) an act of personal dishonesty taken by the Executive in
connection with his responsibilities as an employee and intended to result in personal enrichment
of Executive, (ii) Executive being convicted of a felony, (iii) a willful act by Executive which
constitutes gross misconduct and which is injurious to the Company, (iv) the willful and continued
failure by Executive to substantially perform his duties with the Company after a demand for
substantial performance is delivered to him by the Board of Directors of the

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Company which specifically identifies the basis for the Board’s belief that Executive has not
substantially performed his duties. For the purposes of this paragraph, no act or failure to act
on Executive’s part will be considered “willful” if Executive acted (or failed to act) in good
faith or in the reasonable belief that his act or omission was in the best interests of the
Company.

     (c) “Change of Control” means the occurrence of any of the following events:

     (i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3
under said Act), directly or indirectly, of Company securities representing fifty percent
(50%) or more of the total voting power represented by the Company’s then outstanding voting
securities; or

     (ii) The consummation of the sale or disposition by the Company of all or substantially
all the Company’s assets; or

     (iii) The consummation of a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation which would result in the Company’s voting
securities outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity
or its parent) at least sixty percent (60%) of the total voting power represented by the
Company’s voting Securities or such surviving entity or its parent outstanding immediately
after such merger or consolidation; or

     (iv) A change in the composition of the Board occurring within a two-year period, as a
result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent
Directors” shall mean directors who either: (A) are directors of the Company as of the date
hereof, or (B) are elected, or nominated for election, to the Board with the affirmative
votes of at least a majority of those directors whose election or nomination was not in
connection with any transaction described in subsections (i), (ii), or (iii) above, or in
connection with an actual or threatened proxy contest relating to the election of directors
to the Company.

     (d) “Disability” shall mean that Executive has been unable to perform his Company
duties as the result of his incapacity due to physical or mental illness, and such inability, at
least 26 weeks after its commencement, is determined to be total and permanent by a physician
selected by the Company or its insurers and acceptable to Executive or Executive’s legal
representative (such agreement as to acceptability not to be unreasonably withheld). Termination
resulting from Disability may only be effected after at least 30 days’ written notice by the
Company of its intention to terminate Executive’s employment. If Executive resumes the performance
of substantially all of his duties before the termination of his employment becomes effective, the
notice of intent to terminate shall automatically be deemed to have been revoked.

     (e) “Good Reason” shall mean Executive voluntarily resigns after the occurrence of any
of the following that occur after September 15, 2006: (i) without Executive’s express written
consent, a significant change in the nature or scope of Executive’s duties, title, authority or
responsibilities, relative to Executive’s duties, title, authority or responsibilities as in effect

17

 

immediately prior to such change; (ii) without Executive’s express written consent, a
significant change, without good business reasons, of the facilities and perquisites (including
office space and location) available to Executive immediately prior to such change; (iii) a
reduction by the Company in Executive’s base salary as in effect immediately prior to such
reduction; (iv) a material reduction by the Company in the aggregate level of employee benefits,
including bonuses, to which Executive was entitled immediately prior to such reduction with the
result that Executive’s aggregate benefits package is materially reduced (other than a reduction
that generally applies to Company employees); (v) Executive’s relocation to a facility or a
location more than thirty-five (35) miles from Executive’s then present location, without
Executive’s express written consent; (vi) the Company’s failure to obtain the assumption of this
agreement by any successors contemplated in Section 7(a) below; (vii) any act or set of facts or
circumstances which would, under Illinois case law or statute constitute a constructive termination
of Executive; or (viii) any Change of Control occurring after September 15, 2006 through April 30,
2007.

     6. Non-Solicitation. In consideration for the severance benefits Executive is to
receive herein, if any, Executive agrees that he or she will not, at any time during the three (3)
years following his termination date, directly or indirectly solicit any individuals to leave the
Company’s (or any of its subsidiaries’) employ for any reason or interfere in any other manner with
the employment relationships at the time existing between the Company (or any of its subsidiaries)
and its current or prospective employees.

     7. Successors.

     (a) Company’s Successors. Any successor to the Company (whether direct or indirect
and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially
all of the Company’s business and/or assets shall assume the obligations under this Agreement and
agree expressly to perform the obligations under this Agreement in the same manner and to the same
extent as the Company would be required to perform such obligations in the absence of a succession.
For all purposes under this Agreement, the term “Company” shall include any such successor to the
Company’s business and/or assets which executes and delivers the assumption agreement described in
this Section 7(a) or which becomes bound by the terms of this Agreement by operation of law.

     (b) Executive’s Successors. The terms of this Agreement and all rights of the
Executive hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal or
legal representatives, executors, administrators, successors, heirs, distributees, devisees and
legatees.

     8. Notices.

     (a) General. Notices and all other communications contemplated by this Agreement
shall be in writing and shall be deemed to have been duly given when personally delivered or one
day following mailing via Federal Express or similar overnight courier service. In the case of
Executive, mailed notices shall be addressed to him at the home address which he most recently
communicated to the Company in writing. In the case of the Company, mailed notices

18

 

shall be addressed to its corporate headquarters, and all notices shall be directed to the
attention of its Secretary.

     (b) Notice of Termination. Any termination by the Company for Cause or voluntarily by
Executive shall be communicated by a notice of termination to the other party hereto given in
accordance with Section 8(a) of this Agreement. Any such notice from the Company shall indicate
the specific termination provision in this Agreement relied upon, shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination under the provision
so indicated, and shall specify the termination date (which shall be not more than 30 days after
the giving of such notice). The failure by Executive to include in the notice any fact or
circumstance which contributes to a showing of Good Reason shall not waive any right of Executive
hereunder or preclude Executive from asserting such fact or circumstance in enforcing his rights
hereunder.

     9. Miscellaneous Provisions.

     (a) No Duty to Mitigate. Executive shall not be required to mitigate the value of any
benefits contemplated by this Agreement, nor shall any such benefits be reduced by any earnings or
benefits that Executive may receive from any other source.

     (b) Amendment and Waiver. No provision of. this Agreement shall be amended, modified,
waived or discharged unless such amendment, modification, waiver or discharge is agreed to in
writing and signed by Executive and an authorized officer of the Company (other than Executive).
No waiver by either party of any breach of, or of compliance with, any condition or provision of
this Agreement by the other party shall be considered a waiver of any other condition or provision
or of the same condition or provision at another time.

     (c) Legal Fees and Expenses. The Company agrees to indemnify and promptly reimburse
Executive for all legal fees and expenses reasonably incurred by Executive to seek to obtain or
enforce any benefit or right provided by this Agreement.

     (d) Entire Agreement. No agreements, representations or understandings, whether oral
or written and whether express or implied, which are not expressly set forth in this Agreement have
been made or entered into by either party with respect to the subject matter hereof. This
Agreement represents the entire understanding of the parties hereto with respect to the subject
matter hereof and supersedes all prior arrangements and understandings regarding same.

     (e) Severability. The invalidity or unenforceability of any provision or provisions
of this Agreement shall not affect the validity or enforceability of any other provision hereof,
which shall remain in full force and effect.

     (f) Headings. All section headings herein are for convenience of reference only and
are not part of this Agreement, and no construction or reference shall be derived therefrom.

     (g) Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original, but all of which together will constitute one and the same instrument.

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     (h) Governing Law. This Agreement shall be governed and construed in accordance with
the laws of the State of Illinois, without regard to any applicable conflicts of law principles.

     IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year set forth below.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	STRATOS INTERNATIONAL, INC.	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Name: Phillip A. Harris	 	 	 	 	 	      Richard C.E. Durrant	 	 
	Title: Chief Executive Officer	 	 	 	 	 	 	 	 

20EX-10.1 PURCHASE AND SALE AGREEMENT TX-FROST

 

Exhibit 10.1

PURCHASE AND SALE AGREEMENT

BETWEEN

COUSINS PROPERTIES TEXAS LP

AND

TX-FROST TOWER LIMITED PARTNERSHIP

FROST BANK TOWER

AUSTIN, TEXAS

August 2, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE 1. DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 2. PURCHASE AND SALE
	 	 	8	 
	2.1. Agreement to Sell and Purchase
	 	 	8	 
	2.2. Earnest Money
	 	 	8	 
	2.3. Purchase Price
	 	 	9	 
	2.4. Closing
	 	 	9	 
	 
	 	 	 	 
	ARTICLE 3. PURCHASER’S INSPECTION AND REVIEW RIGHTS
	 	 	10	 
	3.1. Due Diligence Inspections
	 	 	10	 
	3.2. Seller’s Deliveries to Purchaser; Purchaser’s Access to Seller’s Property Records
	 	 	12	 
	3.3. Condition of the Property
	 	 	12	 
	3.4. Confidentiality
	 	 	13	 
	 
	 	 	 	 
	ARTICLE 4. TITLE AND PERMITTED EXCEPTIONS
	 	 	13	 
	4.1. Permitted Exceptions
	 	 	13	 
	4.2. Title Commitment; Survey
	 	 	13	 
	4.3. Delivery of Title
	 	 	14	 
	4.4. Purchaser’s Right to Accept Title
	 	 	15	 
	4.5. Cooperation
	 	 	15	 
	 
	 	 	 	 
	ARTICLE 5. REPRESENTATIONS, WARRANTIES AND OTHER AGREEMENTS
	 	 	15	 
	5.1. Representations and Warranties of Seller
	 	 	15	 
	5.2. Knowledge Defined
	 	 	19	 
	5.3. Covenants and Agreements of Seller
	 	 	19	 
	 
	 	 	 	 
	ARTICLE 6. CLOSING DELIVERIES, CLOSING COSTS AND PRORATIONS
	 	 	23	 
	6.1. Seller’s Closing Deliveries
	 	 	23	 
	6.2. Purchaser’s Closing Deliveries
	 	 	25	 
	6.3. Closing Costs
	 	 	26	 
	6.4. Prorations and Credits
	 	 	26	 
	 
	 	 	 	 
	ARTICLE 7. CONDITIONS TO CLOSING
	 	 	29	 
	7.1. Conditions Precedent to Purchaser’s Obligations
	 	 	29	 
	7.2. Conditions Precedent to Seller’s Obligations
	 	 	32	 

 

 

	 	 	 	 	 
	ARTICLE 8. CASUALTY AND CONDEMNATION
	 	 	34	 
	8.1. Casualty
	 	 	34	 
	8.2. Condemnation
	 	 	35	 
	 
	 	 	 	 
	ARTICLE 9. DEFAULT AND REMEDIES
	 	 	36	 
	9.1. Purchaser’s Default
	 	 	36	 
	 
	 	 	 	 
	ARTICLE 10. ASSIGNMENT
	 	 	37	 
	10.1. Assignment
	 	 	37	 
	 
	 	 	 	 
	ARTICLE 11. BROKERAGE COMMISSIONS
	 	 	37	 
	11.1. Broker and Advisor
	 	 	37	 
	 
	 	 	 	 
	ARTICLE 12. INDEMNIFICATION
	 	 	37	 
	12.1. Indemnification by Seller
	 	 	38	 
	12.2. Indemnification by Purchaser
	 	 	38	 
	12.3. Limitations on Indemnification
	 	 	38	 
	12.4. Survival
	 	 	39	 
	12.5. Indemnification as Sole Remedy
	 	 	39	 
	 
	 	 	 	 
	ARTICLE 13. MISCELLANEOUS
	 	 	40	 
	13.1. Notices
	 	 	40	 
	13.2 Possession
	 	 	41	 
	13.3 Time Periods
	 	 	41	 
	13.4 Publicity
	 	 	41	 
	13.5 Discharge of Obligations
	 	 	42	 
	13.6 Severability
	 	 	42	 
	13.7 Construction
	 	 	42	 
	13.8 Sale Notification Letters
	 	 	42	 
	13.9 Access to Records Following Closing
	 	 	42	 
	13.10 Submission to Jurisdiction
	 	 	42	 
	13.11 Entire Agreement
	 	 	43	 
	13.12 General Provisions
	 	 	43	 
	13.13 Attorney’s Fees
	 	 	43	 
	13.14 Counterparts
	 	 	43	 
	13.15 Effective Agreement
	 	 	44	 

ii

 

SCHEDULE OF EXHIBITS

	 	 	 
	Exhibit “A-1”

	 	Description of Land
	 
	 	 
	Exhibit “A-2”

	 	Description of Leasehold Estate
	 
	 	 
	Exhibit “B”

	 	List of Personal Property
	 
	 	 
	Exhibit “B-1”

	 	Personal Property Exclusions
	 
	 	 
	Exhibit “C”

	 	List of Existing Commission Agreements
	 
	 	 
	Exhibit “D”

	 	Form of Escrow Agreement
	 
	 	 
	Exhibit “E”

	 	List of Existing Environmental Reports
	 
	 	 
	Exhibit “F”

	 	List of Leases
	 
	 	 
	Exhibit “G”

	 	Title Exceptions
	 
	 	 
	Exhibit “H”

	 	Exception Schedule
	 
	 	 
	Exhibit “I”

	 	List of Service Contracts
	 
	 	 
	Exhibit “J-1”

	 	Form of Tenant Estoppel Certificate
	 
	 	 
	Exhibit “J-2”

	 	Form of Seller Estoppel
	 
	 	 
	Exhibit “K”

	 	Form of Ground Lessor Estoppel Certificate
	 
	 	 
	Exhibit “L”

	 	Property Tax Appeals
	 
	 	 
	Exhibit “M”

	 	Description of Terms of Prospective New Leases, Lease
Terminations and Lease Amendments
	 
	 	 
	Exhibit “N”

	 	Unpaid Tenant Inducement Costs and Leasing Commissions

iii

 

SCHEDULE OF CLOSING DOCUMENTS

	 	 	 
	Schedule 1

	 	Form of Special Warranty Deed
	 
	 	 
	Schedule 2

	 	Form of Assignment and Assumption of Leases and Security Deposits and
Leasing Commission Obligations
	 
	 	 
	Schedule 3

	 	Form of Bill of Sale to Personal Property
	 
	 	 
	Schedule 4

	 	Form of Assignment and Assumption of Service Contracts
	 
	 	 
	Schedule 5

	 	Form of General Assignment of Seller’s Interest in Intangible Property
	 
	 	 
	Schedule 6

	 	Form of Assignment and Assumption of Ground Lease
	 
	 	 
	Schedule 7

	 	Form of Seller’s Certificate (as to Seller’s Representations and Warranties)
	 
	 	 
	Schedule 8

	 	Form of Seller’s FIRPTA Affidavit
	 
	 	 
	Schedule 9

	 	Form of Purchaser’s Certificate (as to Purchaser’s Representations and
Warranties)
	 
	 	 
	Schedule 10

	 	Intentionally Omitted
	 
	 	 
	Schedule 11

	 	Form of New Management Agreement

iv

 

PURCHASE AND SALE AGREEMENT

FROST BANK TOWER

     THIS PURCHASE AND SALE AGREEMENT (the “Agreement”), made and entered into this 2nd day
of August, 2006 (the “Effective Date”), by and between COUSINS PROPERTIES TEXAS LP, a Texas limited
partnership (“Seller”), and TX-FROST TOWER LIMITED PARTNERSHIP, a Delaware limited
partnership (“Purchaser”).

W I T N E S E T H:

     WHEREAS, Seller desires to sell certain improved real property commonly known as “Frost Bank
Tower” located at 401 Congress Avenue, Austin, Travis County, Texas, together with certain related
personal and intangible property, and Purchaser desires to purchase such real, personal and
intangible property; and

     WHEREAS, the parties hereto desire to provide for said sale and purchase on the terms and
conditions set forth in this Agreement;

     NOW, THEREFORE, for and in consideration of the premises, the mutual covenants and agreements
hereinafter set forth, and for other good and valuable consideration, the receipt, adequacy, and
sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby
covenant and agree as follows:

ARTICLE 1.

DEFINITIONS

     For purposes of this Agreement, each of the following capitalized terms shall have the meaning
ascribed to such terms as set forth below:

     “Assignment and Assumption of Ground Lease” shall mean the form of assignment and
assumption of Ground Lease to be executed and delivered by Seller and Purchaser at the Closing in
the form attached hereto as Schedule 6.

     “Assignment and Assumption of Leases” shall mean the form of assignment and assumption
of Leases and Security Deposits and obligations under the Commission Agreements to be executed and
delivered by Seller and Purchaser at the Closing in the form attached hereto as Schedule 2.

     “Assignment and Assumption of Service Contracts” shall mean the form of assignment and
assumption of the Service Contracts to be executed and delivered by Seller and Purchaser at the
Closing in the form attached hereto as Schedule 4.

     “Basket Limitation” shall mean an amount equal to $100,000.00;

 

 

     “Bill of Sale” shall mean the form of bill of sale to the Personal Property to be
executed and delivered by Seller to Purchaser at the Closing in the form attached hereto as
Schedule 3.

     “Broker” shall have the meaning ascribed thereto in Section 11.1 hereof.

     “Business Day” shall mean any day other than a Saturday, Sunday or other day on which
banking institutions in the State of Texas or Georgia are authorized by law or executive action to
close.

     “Cap Limitation” shall mean an amount equal to two percent (2%) of the Purchase Price.

     “Closing” shall mean the consummation of the purchase and sale of the Property
pursuant to the terms of this Agreement.

     “Closing Date” shall have the meaning ascribed thereto in Section 2.4 hereof.

     “Closing Documents” shall mean any certificate, instrument or other document delivered
pursuant to this Agreement.

     “Commission Agreements” shall have the meaning ascribed thereto in Section 5.1(g)
hereof, and such agreements are more particularly described on Exhibit “C” attached hereto
and made a part hereof.

     “Cousins” shall mean Cousins Properties Incorporated, a Georgia corporation.

     “Cousins Services” shall mean Cousins Properties Services LP, a Texas limited
partnership.

     “Dewey” shall mean Dewey Ballantine LLP.

     “Due Diligence Period” shall have the meaning ascribed thereto in Section 3.1(a)
hereof.

     “Due Diligence Material” shall have the meaning ascribed thereto in Section 3.4
hereof.

     “Earnest Money” shall mean the Initial Earnest Money, together with all interest which
accrues thereon as provided in Section 2.2(b) hereof and in the Escrow Agreement.

     “Effective Date” shall mean the date set forth on the first page of this Agreement.

     “Environmental Law” shall mean any law, ordinance, rule, regulation, order, judgment,
injunction or decree now or hereafter relating to pollution or substances or materials which are
considered to be hazardous or toxic, including, without limitation, the Resource Conservation and
Recovery Act (42 U.S.C. § 6901 et seq.), the Comprehensive Environmental Response, Compensation and
Liability Act (codified in various sections of 26 U.S.C., 33 U.S.C., 42 U.S.C. and 42 U.S.C. § 9601
et seq.), the Hazardous Materials Transportation Act (49 U.S.C. § 1801 et seq.), the Clean Water
Act (33 U.S.C. § 1251 et seq.), the Safe Drinking Water Act (21 U.S.C.

2

 

§ 349, 42 U.S.C. § 201 et seq. and § 300 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2061 et seq.), the Emergency
Planning and Community Right to Know Act (42 U.S.C. § 1100 et seq.), the Clean Air Act (42 U.S.C. §
7401 et seq.), the Occupational Safety & Health Act (29 U.S.C. § 655 et seq.), and any state and
local environmental laws, all amendments and supplements to any of the foregoing and all
regulations and publications promulgated or issued pursuant thereto.

     “Escrow Agent” shall mean the Title Company, at its office at 401 Congress Avenue,
Suite 1500, Austin, Texas 78701.

     “Escrow Agreement” shall mean that certain Escrow Agreement in the form attached
hereto as Exhibit “D” entered into among Seller, Purchaser and Escrow Agent with respect
to the Earnest Money.

     “Exchange” shall have the meaning ascribed thereto in Section 13.4 hereof.

     “Existing Environmental Reports” shall mean those certain reports, correspondence and
related materials, if any, more particularly described on Exhibit “E” attached hereto and
made a part hereof.

     “Existing Survey” shall mean that certain survey with respect to the Land and the
Improvements prepared by Kimley-Horn & Associates, Inc. dated May 24, 2006.

     “Extension Option” shall have the meaning ascribed thereto in Section 2.4 hereof.

     “FIRPTA Affidavit” shall mean the form of FIRPTA Affidavit to be executed and
delivered by Seller to Purchaser at Closing in the form attached hereto as Schedule 8.

     “Gap Notice” shall have the meaning ascribed thereto in Section 4.2(c)
hereof.

     “General Assignment” shall mean an assignment by Seller of its interest in the
Intangible Property (being Seller’s interest in the Intangible Property being conveyed as a part of
the Property), to be executed by Seller at Closing, substantially in the form attached hereto as
Schedule 5 and made a part hereof.

     “Ground Lease” shall mean the First Amended and Restated Ground Lease Agreement dated
July 16, 2001 to be effective as of June 1, 2001 by and between Bloor Property Partnership, a Texas
joint venture, and Seller.

     “Ground Lessor” shall mean Bloor Property Partnership, a Texas joint venture.

     “Ground Lessor Estoppel Certificate” shall have the meaning ascribed thereto in
Section 7.1(e) hereof.

     “Hazardous Substances” shall mean any and all pollutants, contaminants, toxic or
hazardous wastes or any other substances that might pose a hazard to health or safety, the removal
of which may be required or the generation, manufacture, refining, production,

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processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge,
spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized under
any Environmental Law (including, without limitation, lead paint, asbestos, urea formaldehyde foam
insulation, petroleum and polychlorinated biphenyls).

     “Improvements” shall mean, collectively, all buildings, structures and improvements
now or on the Closing Date situated on the Land, including without limitation, all parking areas
and facilities located on the Land and, to the extent owned by Seller, all built-in appliances,
machinery, equipment and fixtures located on the Land.

     “Initial Earnest Money” shall mean the sum of Five Million and No/100 Dollars ($
5,000,000 U.S.).

     “Intangible Property” shall mean all intangible property, if any, owned by Seller and
related to the Land and Improvements, including without limitation, Seller’s rights and interests,
if any, in and to the following (to the extent assignable): (a) all assignable plans and
specifications and other architectural and engineering drawings for the Land and Improvements; (b)
all assignable warranties or guaranties given or made in respect of the Improvements or Personal
Property; (c) the name “Frost Bank Tower”, (d) all transferable consents, authorizations, variances
or waivers, licenses, permits and approvals from any governmental or quasi-governmental agency,
department, board, commission, bureau or other entity or instrumentality solely in respect of the
Land or Improvements; and (e) all of Seller’s right, title and interest in and to all assignable
Service Contracts that Purchaser agrees to assume (or is deemed to have agreed to assume); but
expressly excluding all rights with respect to any insurance proceeds or settlements for events
occurring prior to Closing (subject to Section 8.1 below). Intangible Property shall also include
any assignable environmental insurance policy pertaining to the Land and/or Improvements in the
event Purchaser elects by written notice to Seller at least fifteen (15) days prior to Closing to
take an assignment of such policy.

     “Land” shall mean those certain tracts or parcels of real property located in the City
of Austin, Travis County, Texas, which are more particularly described on Exhibit “A-1"
attached hereto and made a part hereof, together with all rights, privileges and easements
appurtenant to said real property, and all right, title and interest of Seller, if any, in and to
any land lying in the bed of any street, road, alley or right-of-way, open or closed, adjacent to
or abutting the Land.

     “Lease” and “Leases” shall mean the leases, license agreements or occupancy
agreements which are more particularly identified on Exhibit “F”  attached hereto, and any
amended or new leases entered into pursuant to Section 5.3(a) of this Agreement, which as of the Closing affect
all or any portion of the Land or Improvements.

     “Leasehold Estate” shall mean all of Seller’s right, title and interest in the
leasehold estate in the land described on Exhibit “A-2” attached hereto.

     “Lists” shall have the meaning ascribed thereto in Section 5.1(p) hereof.

     “LOC Documents” shall have the meaning ascribed thereto in Section 6.4(f) hereof.

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     “Losses” shall have the meaning ascribed thereto as Section 12.1 hereof.

     “MACTEC” MACTEC Engineering and Consulting, Inc.

     “Major Tenant” or “Major Tenants” shall mean The Frost National Bank, Graves,
Dougherty, Hearon & Moody, P.C., Winstead Sechrest & Minick P.C. and Jenkens & Gilchrist, A
Professional Corporation.

     “Monetary Objection “ or “Monetary Objections” shall mean (a) any mortgage,
deed to secure debt, deed of trust or similar security instrument encumbering all or any part of
the Property, (b) any mechanic’s, materialman’s or similar lien (unless resulting from any act or
omission of Purchaser or any of its agents, contractors, representatives or employees or any tenant
of the Property), (c) the lien of ad valorem real or personal property taxes, assessments and
governmental charges affecting all or any portion of the Property which are delinquent, (d) any
judgment of record against Seller in the county or other applicable jurisdiction in which the
Property is located, or (e) any exception to title to the Property created by the affirmative act
of Seller after the Effective Date.

     “OFAC” shall have the meaning ascribed thereto in Section 5.1(p) hereof.

     “Objection Date” shall have the meaning ascribed thereto in Section 4.2(b) hereof.

     “Order” and “Orders” shall have the meanings ascribed thereto in Section
5.1(p) hereof.

     “Other Agreement” shall have the meaning ascribed thereto in Section 7.3(a) hereof.

     “Other Notices of Sale” shall have the meaning ascribed thereto in Section 6.1(j)
hereof.

     “Parking and Access License Agreement” shall have the meaning ascribed thereto in
Section 7.1(f) hereof.

     “Parking and Access License Agreement Estoppel Certificate” shall have the meaning
ascribed thereto in Section 7.1(f) hereof.

     “Permitted Exceptions” shall mean, collectively, (a) liens for taxes, assessments and
governmental charges not yet due and payable, and (b) the rights of tenants, as tenants only, under
the Leases.

     “Personal Property” shall mean all furniture (including common area furnishings and
interior landscaping items), carpeting, draperies, appliances, personal property (excluding any
management office and development office computer hardware and software), machinery, apparatus and
equipment owned by Seller and currently used exclusively in the operation, repair and maintenance
of the Land and Improvements and situated thereon, as generally described on Exhibit “B”
attached hereto and made a part hereof, and all non-confidential books, records and files
(excluding any appraisals, budgets, strategic plans for the Property, internal analyses,
information regarding the marketing of the Property for sale, submissions relating to Seller’s

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obtaining of corporate authorization, attorney and accountant work product, attorney-client
privileged documents, or other information in the possession or control of Seller or Seller’s
property manager which Seller deems proprietary) relating to the Land and Improvements. The
Personal Property does not include the items described on Exhibit “B-1” attached hereto
and made a part hereof and any property owned by tenants, contractors or licensees. The Personal
Property shall be conveyed by Seller to Purchaser subject to depletions, replacements and additions
in the ordinary course of Seller’s business.

     “Property” shall have the meaning ascribed thereto in Section 2.1 hereof.

     “Protected Tenant” shall have the meaning ascribed thereto in Section 6.4(h) hereof.

     “Purchaser’s Affiliate” shall have the meaning ascribed thereto in Section 7.3(a) hereof.

     “Purchase Price” shall be the amount specified in Section 2.3 hereof.

     “Purchaser Related Entities” shall have the meaning ascribed thereto in Section 12.1
hereof.

     “Purchaser Board Approval” shall have the meaning ascribed thereto in Section 7.1(i)
hereof.

     “Purchaser Waived Breach” shall have the meaning ascribed thereto in Section 12.3
hereof.

     “Purchaser’s Certificate” shall mean the form of certificate to be executed and
delivered by Purchaser to Seller at the Closing with respect to the truth and accuracy of
Purchaser’s warranties and representations contained in this Agreement (modified and updated as the
circumstances require), in the form attached hereto as Schedule 9.

     “Replacement Estoppel” shall have the meaning ascribed thereto in Section 7.1(d)
hereof.

     “Required Estoppels” shall have the meaning ascribed thereto in Section 7.1(d) hereof.

     “Security Deposits” shall mean any security deposits, rent or damage deposits or
similar amounts (other than rent paid for the month in which the Closing occurs) actually held by
Seller with respect to any of the Leases.

     “Seller Board Approval” shall have the meaning ascribed thereto in Section 7.2(f)
hereof.

     “Seller Estoppels” shall have the meaning ascribed thereto in Section 7.1(d) hereof.

     “Seller Related Entities” shall have the meaning ascribed thereto in Section 12.2
hereof.

     “Seller’s Affidavit” shall mean the form of owner’s affidavit to be given by Seller at
Closing to the Title Company in the form reasonably required by the Title Company.

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     “Seller’s Affiliate” shall have the meaning ascribed thereto in Section 7.3(a) hereof.

     “Seller’s Certificate” shall mean the form of certificate to be executed and delivered
by Seller to Purchaser at the Closing with respect to the truth and accuracy of Seller’s warranties
and representations contained in this Agreement (modified and updated as the circumstances
require), in the form attached hereto as Schedule 7.

     “Service Contracts” shall mean all those certain contracts and agreements more
particularly described on Exhibit “I” attached hereto and made a part hereof .

     “Special Warranty Deed” shall mean the form of deed attached hereto as Schedule
1.

     “Taking” shall have the meaning ascribed thereto in Section 8.2 hereof.

     “Taxes” shall have the meaning ascribed thereto in Section 6.4(a) hereof.

     “Tenant Estoppel Certificate” or “Tenant Estoppel Certificates” shall mean
certificates to be sought from the tenants under the Leases substantially in the form attached
hereto as Exhibit “J-1”; provided, however, if any Lease provides for the form or content
of an estoppel certificate from the tenant thereunder, the Tenant Estoppel Certificate with respect
to such Lease may be in the form (or may contain such content) as called for therein.

     “Tenant Inducement Costs” shall mean any out-of-pocket payments required under a Lease
to be paid by the landlord thereunder to or for the benefit of the tenant thereunder which is in
the nature of a tenant inducement, including specifically, but without limitation, tenant
improvement costs, lease buyout payments, and moving, design, refurbishment and club membership
allowances and costs. The term “Tenant Inducement Costs” shall not include loss of income
resulting from any free rental period, it being understood and agreed that Seller shall bear the
loss resulting from any free rental period until the Closing Date and that Purchaser shall bear
such loss from and after the Closing Date.

     “Tenant Notices of Sale” shall have the meaning ascribed thereto in Section 6.1(p)
hereof.

     “Title Commitment” shall mean that certain title insurance commitment with respect to
the Land and Improvements issued by the Title Company in favor of Purchaser and having an effective
date of May 25, 2006.

     “Title Company” shall mean Heritage Title Company of Austin, Inc.

     “Title Policy” shall mean an owner’s title insurance policy issued by the Title
Company on the standard form in use in the State of Texas insuring Purchaser’s indefeasible fee
simple title to the Land described in Exhibit “A-1” attached hereto and a leasehold estate in the
land described in Exhibit “A-2” attached hereto, in an amount equal to the Purchase Price and

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containing no exceptions except the Permitted Exceptions and the standard printed exceptions
therein, except: (i) if requested by Purchaser, the exception relating to discrepancies, conflicts
or shortages in area or boundary lines or any encroachment or overlapping of improvements which a
survey might show shall be deleted except for “shortages in area” with the premium for such
deletion to be paid for by Purchaser, and (ii) the blank in the taxes exception shall show the year
of the Closing.

     “Trust” shall have the meaning ascribed thereto in Section 13.4 hereof.

ARTICLE 2.

PURCHASE AND SALE

     2.1. Agreement to Sell and Purchase. Subject to and in accordance with the terms and
provisions of this Agreement, Seller agrees to sell and Purchaser agrees to purchase, the following
property (collectively, the “Property”):

	 	(a)	 	the Land;
	 
	 	(b)	 	the Leasehold Estate
	 
	 	(c)	 	the Improvements;
	 
	 	(d)	 	all of Seller’s right, title and interest as “landlord” or “lessor” in and to
the Leases, any guaranties of the Leases and the Security Deposits;
	 
	 	(e)	 	the Personal Property; and
	 
	 	(f)	 	the Intangible Property.

     2.2. Earnest Money.

     (a) Within one (1) Business Day after the Effective Date, Purchaser shall deliver the Initial
Earnest Money to Escrow Agent by federal wire transfer, payable to Escrow Agent, which Initial
Earnest Money shall be held and released by Escrow Agent in accordance with the terms of the Escrow
Agreement. The failure of Purchaser to timely deliver the Initial Earnest Money shall be a
material default and shall entitle Seller, at Seller’s sole option and prior to the time the
Initial Earnest Money is received by Escrow Agent, to terminate this Agreement immediately upon
written notice thereof to Purchaser, in which case neither party shall have any further rights or
obligations under this Agreement except those that expressly survive termination.

     (b) The Earnest Money shall be applied to the Purchase Price at the Closing and shall
otherwise be held, refunded, or disbursed in accordance with the terms of the Escrow Agreement and
this Agreement. All interest and other income from time to time earned on the Initial Earnest Money
shall be earned for the account of Purchaser, and shall be a part of the Earnest Money; and the
Earnest Money hereunder shall be comprised of the Initial Earnest Money and all such interest and
other income.

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     2.3. Purchase Price. Subject to adjustment and credits as otherwise specified in this
Section 2.3 and elsewhere in this Agreement, the purchase price (the “Purchase Price”) to
be paid by Purchaser to Seller for the Property shall be One Hundred Eighty-Eight Million and
no/100 DOLLARS ($188,000,000.00 U.S.). The Purchase Price shall be paid by Purchaser to Seller at
the Closing as follows:

     (a) The Earnest Money shall be paid by Escrow Agent to Seller at Closing; and

     (b) At Closing, the balance of the Purchase Price, after applying the Earnest Money as partial
payment of the Purchase Price, and subject to prorations and other adjustments specified in this
Agreement, shall be paid by Purchaser in immediately available funds to the Title Company, for
further delivery to an account designated by Seller.

     2.4. Closing. The consummation of the sale by Seller and purchase by Purchaser of the
Property (the “Closing”) shall be held at 11:00 a.m. Central Time on September 12, 2006 at
the offices of the Title Company, 401 Congress Avenue, Suite 1500, Austin, Texas 78701 (the
“Closing Date”); and the Closing shall be held simultaneously with the “Closing” under the
Other Agreement. It is contemplated that the transaction shall be closed with the concurrent
delivery of the documents of title and the payment of the Purchase Price. Notwithstanding the
foregoing, if Seller has not received the Required Estoppels and the Ground Lessor Estoppel
Certificate as of the date that is two (2) Business Days before the Closing Date, then Seller shall
have one option (the “Extension Option”) to postpone the Closing Date to a date no later
than September 19, 2006. To exercise the Extension Option, Seller must deliver written notice to
Purchaser by 5:00 p.m. Central time on the date that is one (1) Business Day before the original
Closing Date. The failure by Seller to timely deliver written notice of its exercise of the
Extension Option shall be deemed a waiver by Seller of its right to exercise the Extension Option.
Notwithstanding the foregoing, there shall be no requirement that Seller and Purchaser physically
meet for the Closing, and all documents to be delivered at the Closing shall be delivered to the
Title Company unless the parties hereto mutually agree
otherwise. Seller and Purchaser agree to use reasonable efforts to complete all requirements for
the Closing at least one (1) Business Day prior to the Closing Date.

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ARTICLE 3.

PURCHASER’S INSPECTION AND REVIEW RIGHTS

     3.1. Due Diligence Inspections.

     (a) Purchaser shall have until 5:00 p.m., Chicago time on August 22, 2006 (the “Due
Diligence Period”) within which to inspect the Property, obtain any necessary internal
approvals to the transaction, and satisfy itself as to all matters relating to the Property,
including, but not limited to, environmental, engineering, structural, financial, title and survey
matters. If Purchaser determines (in its sole discretion) that the Property is unsuitable for its
purposes for any reason or no reason, then Purchaser may terminate this Agreement by written notice
to Seller given at any time prior to the expiration of the Due Diligence Period. If Purchaser so
terminates this Agreement, then the Earnest Money shall be returned to Purchaser, and neither party
shall have any further rights or obligations under this Agreement except those which expressly
survive termination of this Agreement. Purchaser’s failure to so terminate this Agreement within
the Due Diligence Period shall be deemed a waiver by Purchaser of the condition contained in this
Section 3.1(a).

     (b) From and after the Effective Date until the Closing Date or earlier termination of the
inspection rights of Purchaser under this Agreement, Seller shall permit Purchaser and its
authorized representatives to enter upon the Property in order to inspect the Property, to perform
due diligence and environmental investigations, to examine the records of Seller with respect to
the Property, and make copies thereof, at such times during normal business hours as Purchaser or
its representatives may request. Purchaser acknowledges that certain secured areas within the
premises leased by tenants may be visited or inspected by Purchaser only if the applicable tenant
consents thereto. All such inspections shall be nondestructive in nature, and specifically shall
not include any physically intrusive testing. All such inspections shall be performed in such a
manner to minimize any interference with the business of the tenants under the Leases, and, in each
case, in compliance with the rights and obligations of Seller as landlord under the Leases.
Purchaser agrees that Purchaser shall make no contact with and shall not interview any tenants
without the prior consent thereto, which consent shall not be unreasonably withheld, conditioned or
delayed, by Tim Hendricks on behalf of Seller. All inspection fees, appraisal fees, engineering
fees and all other costs and expenses of any kind incurred by Purchaser relating to the inspection
of the Property shall be solely Purchaser’s expense. Seller reserves the right to have a
representative present at the time of making any such inspection and at the time of any permitted
interviews with tenants. Purchaser shall notify Seller not less than one (1) Business Day in
advance of making any such inspection.

     (c) To the extent that Purchaser or any of its representatives, agents or contractors damages
or disturbs the Property or any portion thereof, Purchaser shall return the same to substantially
the same condition which existed immediately prior to such damage or disturbance. Purchaser hereby
agrees to and shall indemnify, defend and hold harmless Seller from and against any and all
expense, loss or damage which Seller may incur (including, without limitation,
reasonable attorney’s fees actually incurred) as a result of any act or omission of

10

 

Purchaser or its representatives, agents or contractors; provided, however, in no event shall Purchaser be
liable for any damages, including without limitation any perceived loss of economic value in the
Property, solely as a result of Purchaser’s discovery of any pre-existing conditions affecting the
Property. Said indemnification agreement shall survive the Closing until the expiration of any
applicable statute of limitations and shall survive any earlier termination of this Agreement.
Purchaser shall maintain and shall ensure that Purchaser’s consultants and contractors maintain
commercial general liability insurance in an amount not less than $2,000,000, combined single
limit, and in form and substance adequate to insure against all liability of Purchaser and its
consultants and contractors, respectively, and each of their respective agents, employees and
contractors, arising out of inspections and testing of the Property or any part thereof made on
Purchaser’s behalf. Purchaser agrees to provide to Seller a certificate of insurance with regard
to each applicable liability insurance policy prior to any entry upon the Property by Purchaser or
its consultants or contractors, as the case may be, pursuant to this Section 3.1.

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     3.2. Purchaser’s Access to Seller’s Property Records. From the Effective Date until
the Closing Date or earlier termination of this Agreement, Seller shall allow Purchaser and
Purchaser’s representatives, on reasonable advance notice and during normal business hours, to have
access to Seller’s existing non-confidential books, records and files relating to the Property, at
Seller’s on-site management office at the Property or at Seller’s office at 401 Congress Avenue,
Suite 1170, Austin, TX 78701, for the purpose of inspecting and (at Purchaser’s expense) copying
the same, including, without limitation, all information and documentation related to any property
tax appeals with respect to the Property, copies of any financial statements or other financial
information of the tenants under the Leases (and the Lease guarantors, if any), written information
relative to the tenants’ payment history and tenant correspondence, to the extent Seller has the
same in its possession, available surveys, plans and specifications, copies of any permits,
licenses or other similar documents, available records of any operating costs and expenses and
similar materials relating to the operation, maintenance, repair, management and leasing of the
Property, all to the extent any or all of the same are in the possession of Seller; subject,
however, to the limitations of any confidentiality or nondisclosure agreement to which Seller may
be bound, and provided that Seller shall not be required to deliver or make available to Purchaser
any appraisals, strategic plans for the Property, internal analyses, information regarding the
marketing of the Property for sale, submissions relating to Seller’s obtaining of corporate
authorization, attorney and accountant work product, attorney-client privileged documents, or other
information in the possession or control of Seller which Seller deems confidential or proprietary.
Purchaser acknowledges and agrees, however, that Seller makes no representation or warranty of any
nature whatsoever, express or implied, with respect to the ownership, enforceability, accuracy,
adequacy or completeness or otherwise of any of such records, evaluations, data, investigations,
reports or other materials, except as otherwise expressly set forth in this Agreement. If the
Closing contemplated hereunder fails to take place for any reason other than a default by Seller,
then upon request by Seller Purchaser shall promptly (and as a condition to the refund of the
Earnest Money) return (or certify as having destroyed) all copies of materials copied from Seller’s
books, records and files of Seller or furnished by Seller or Seller’s representatives relating to
the Property. It is understood and agreed that Seller shall have no obligation to obtain, commission
or prepare any such books, records, files, reports or studies not now in Seller’s possession.

     3.3. Condition of the Property.

     (a) Seller recommends that Purchaser employ one or more independent engineering and/or
environmental professionals to perform engineering, environmental and physical assessments on
Purchaser’s behalf in respect of the Property and the condition thereof and/or to review and
evaluate any of the foregoing assessments in Seller’s possession. Purchaser and Seller mutually
acknowledge and agree that the Property is being sold in an “AS IS” condition and “WITH ALL
FAULTS,” known or unknown, contingent or existing. Purchaser has the sole responsibility to fully
inspect the Property, to investigate all matters relevant thereto, including, without limitation,
the condition of the Property, and to reach its own, independent evaluation of any risks
(environmental or otherwise) or rewards associated with the ownership, leasing, management and
operation of the Property. Effective as of the Closing and except as expressly set forth in this
Agreement, Purchaser hereby waives and releases Seller and its partners and their respective
officers, directors, shareholders, agents, affiliates, employees and successors and assigns

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from and against any and all claims, obligations and liabilities arising out of or in connection with
the Property.

     (b) To the fullest extent permitted by law, Purchaser does hereby unconditionally waive and
release Seller and its partners and their respective officers, directors, shareholders, agents,
affiliates and employees from any present or future claims and liabilities of any nature arising
from or relating to the presence or alleged presence of Hazardous Substances in, on, at, from,
under or about the Property or any adjacent property, including, without limitation, any claims
under or on account of any Environmental Law, regardless of whether such Hazardous Substances are
located in, on, at, from, under or about the Property or any adjacent property prior to or after
the date hereof. The terms and provisions of this Section 3.3 shall survive the Closing hereunder
until the expiration of any applicable statute of limitations.

     3.4. Confidentiality. While this Agreement is in effect, Purchaser shall adhere to
the obligations of the “Recipient” as set forth in that certain Confidentiality Agreement dated as
of May 26, 2006 relating to the Property.

ARTICLE 4.

TITLE AND PERMITTED EXCEPTIONS

     4.1. Permitted Exceptions. The Property shall be sold and is to be conveyed, and
Purchaser agrees to purchase the Property, subject to the Permitted Exceptions.

     4.2. Title Commitment; Survey.

     (a) Seller has heretofore caused to be delivered to Purchaser: (i) the Title Commitment (ii)
available copies of all title exception documents referred to in the Title Commitment; and (iii)
the Existing Survey. At Closing, Purchaser shall cause the Title Commitment to be updated.
Purchaser may, if it so elects and at its sole cost and expense, arrange for the preparation of a
revised, updated or recertified version of the Existing Survey. Upon receipt of any revised or
updated version of the Existing Survey, Purchaser shall promptly deliver a copy of same to Seller.

     (b) If the Title Commitment (or any update thereto) or Existing Survey (or any update or
revision thereto) discloses exceptions or matters other than the Permitted Exceptions, then on or
before August 15, 2006 “Objection Date”), Purchaser shall notify Seller of any such
exceptions or matters to which it objects. Any such exceptions or matters not objected to by
Purchaser as aforesaid shall become “Permitted Exceptions”. If Purchaser timely objects to any
such exceptions or matters, then Seller shall, on or before August 18, 2006, deliver notice to
Purchaser indicating whether Seller shall cause the removal of such exceptions or matters (which
removal may be by way of waiver or endorsement by Title Insurer). Failure by Seller to deliver
notice on or before such date shall be deemed to be an election by Seller not to cause the removal
of such exceptions or matters. If Seller elects (or is deemed to have elected) not to cause the
removal of any such exceptions or matters as aforesaid, Purchaser shall, prior to the expiration of
the Due Diligence Period, have the option, as its sole and exclusive remedy, to either (a) waive
the unsatisfied objections and close, or (b) terminate this Agreement by written

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notice to Seller given prior to the expiration of the Due Diligence Period. If Purchaser so terminates this
Agreement, then the Earnest Money shall be returned to Purchaser, and neither party shall have any
further rights or obligations under this Agreement except those which expressly survive termination
of this Agreement. If Purchaser does not so terminate this Agreement, then Purchaser shall
consummate the Closing and accept title to the Property subject to all such exceptions and matters
(in which event, all such exceptions and matters shall be deemed “Permitted Exceptions”).

     (c) Between the Objection Date and the Closing Date, Purchaser may notify Seller in writing
(the “Gap Notice”) of objections to exceptions to title that were not disclosed by the Title
Commitment (or an update thereto received by Purchaser prior to the Objection Date); provided,
however, Purchaser must notify Seller of each such objection within five (5) Business Days after
receiving written notice from Title Company of the existence of same. If Purchaser delivers a Gap
Notice to Seller, Purchaser and Seller shall have the same rights and obligations with respect to
the objections contained within the Gap Notice as with respect to the objections made, if any,
prior to the Objection Date; provided, however, that Seller shall have two (2) Business Days to
respond to any Gap Notice and Purchaser shall have two (2) Business Days thereafter to elect either
to waive any unsatisfied objection and close, or terminate, in accordance with the provisions of
subsection 4.2(b) above, with the Closing Date being extended as necessary to accommodate such
response periods.

     4.3. Delivery of Title.

     (a) Notwithstanding anything to the contrary contained herein, at the Closing, Seller shall
obtain releases of any Monetary Objections. Other than as set forth above, Seller shall not be
required to take or bring any action or proceeding or any other steps to remove any title
exception or to expend any moneys therefor, nor shall Purchaser have any right of action against
Seller, at law or in equity, for Seller’s inability to convey title subject only to the Permitted
Exceptions.

     (b) Notwithstanding the foregoing, in the event that Seller is unable to convey title subject
only to the Permitted Exceptions, and Purchaser has not, prior to the Closing Date, given written
notice to Seller that Purchaser is willing to waive objection to each title exception which is not
a Permitted Exception, Seller shall have the right, in Seller’s sole and absolute discretion, to
(i) take such action as Seller shall deem advisable to attempt to discharge each such title
exception which is not a Permitted Exception or (ii) terminate this Agreement. In the event of a
termination of this Agreement pursuant to this subsection 4.3(b), the Earnest Money shall be
refunded to Purchaser and neither party shall have any further rights or obligations hereunder
except for those that expressly survive the termination of this Agreement. Nothing in this
subsection 4.3(b) shall require Seller, despite any election by Seller to attempt to discharge any
title exceptions, to take or bring any action or proceeding or any other steps to remove any title
exception or to expend any moneys therefor. Nothing in this subsection 4.3(b) shall limit or
qualify Seller’s obligations under subsection 4.3(a) or give Seller the right to adjourn the
Closing Date or to terminate this Agreement as a result of Seller’s failure or refusal to discharge
Monetary Objections as to which Seller is required to obtain releases as provided in subsection
4.3(a).

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     4.4. Purchaser’s Right to Accept Title. Notwithstanding the foregoing provisions of
this Article 4, Purchaser may, by written notice given to Seller at any time prior to the earlier
of (x) the Closing Date and (y) the termination of this Agreement, elect to accept such title as
Seller can convey, notwithstanding the existence of any title exceptions which are not Permitted
Exceptions. In such event, this Agreement shall remain in effect and the parties shall proceed to
Closing but Purchaser shall not be entitled to any abatement of the Purchase Price, any credit or
allowance of any kind or any claim or right of action against Seller for damages or otherwise by
reason of the existence of any title exceptions which are not Permitted Exceptions, except for
title exceptions as to which Seller has an obligation to obtain releases as provided in Section
4.3(a).

     4.5. Cooperation. In connection with obtaining the Title Policy, Purchaser and
Seller, as applicable, and to the extent requested by the Title Company, will deliver to the Title
Company (a) evidence sufficient to establish (i) the legal existence of Purchaser and Seller and
(ii) the authority of the respective signatories of Seller and Purchaser to bind Seller and
Purchaser, as the case may be, and (b) a certificate of good standing of Seller.

ARTICLE 5.

REPRESENTATIONS, WARRANTIES AND OTHER AGREEMENTS

     5.1. Representations and Warranties of Seller. Seller hereby makes the following
representations and warranties to Purchaser:

     (a) Organization, Authorization and Consents. Seller is a duly organized and validly
existing limited partnership under the laws of the State of Texas whose general partner is Cousins
Texas GP Inc., a Georgia corporation. Seller has the right, power and authority to enter into this
Agreement and to convey the Property in accordance with the terms and conditions of this Agreement,
to engage in the transactions contemplated in this Agreement and to perform and observe the terms
and provisions hereof.

     (b) Action of Seller, Etc. Seller has taken all necessary action to authorize the
execution, delivery and performance of this Agreement, and upon the execution and delivery of any
document to be delivered by Seller on or prior to the Closing, this Agreement and such document
shall constitute the valid and binding obligation and agreement of Seller, enforceable against
Seller in accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws of general application affecting the rights
and remedies of creditors.

     (c) No Violations of Agreements. Neither the execution, delivery or performance of
this Agreement by Seller, nor compliance with the terms and provisions hereof, will result in any
breach of the terms, conditions or provisions of, or conflict with or constitute a default under,
or result in the creation of any lien, charge or encumbrance upon the Property or any portion
thereof pursuant to the terms of any indenture, deed to secure debt, mortgage, deed of trust, note,
evidence of indebtedness or any other agreement or instrument by which Seller is bound.

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     (d) Litigation. Except as disclosed on Exhibit “H” attached hereto, Seller
has not received written notice of any pending suit, action or proceeding, which (i) if determined
adversely to Seller, materially and adversely affects the use or value of the Property, or (ii)
questions the validity of this Agreement or any action taken or to be taken pursuant hereto, or
(iii) involves condemnation or eminent domain proceedings involving the Property or any portion
thereof.

     (e) Existing Leases. Other than the Leases listed on Exhibit “F” attached
hereto, Seller has not entered into any contract or agreement with respect to the occupancy of the
Property or any portion or portions thereof which will be binding on Purchaser after the Closing.
The copies of the Leases heretofore delivered by Seller to Purchaser are true, correct and complete
copies thereof, and the Leases have not been amended except as evidenced by amendments similarly
delivered and listed on Exhibit “F” attached hereto and constitute the entire agreement
between Seller and the tenants thereunder. Except as set forth in Exhibit “H” attached
hereto, Seller has not received any written notice of Seller’s default or failure to comply with
the terms and provisions of the Leases which remain uncured.

     (f) Right of First Offer. No tenant has any right or option (including any right of
first refusal or right of first offer) to purchase all or any part of the Property or any interest
therein.

     (g) Leasing Commissions. There are no lease brokerage agreements, leasing commission
agreements or other agreements providing for payments of any amounts for leasing
activities or procuring tenants with respect to the Property or any portion or portions thereof
other than as disclosed in Exhibit “C” attached hereto (the “Commission
Agreements”), and all leasing commissions and brokerage fees accrued or due and payable under
the Commission Agreements as of the date hereof and at the Closing have been or shall be paid in
full. Notwithstanding anything to the contrary contained herein, Purchaser shall be responsible
for the payment of all leasing commissions payable for (a) any new leases entered into after the
Effective Date that have been approved (or deemed approved) by Purchaser, and (b) the renewal,
expansion or extension of any Leases existing as of the Effective Date and exercised or effected
after the Effective Date.

     (h) Management Agreement. Except for the existing management agreement between Seller
and Cousins Services which will be terminated by Seller at the Closing, there is no agreement
currently in effect relating to the management of the Property by any third-party management
company.

     (i) Taxes and Assessments. Except as may be set forth on Exhibit “L”
attached hereto and made a part hereof, Seller has not filed, and has not retained anyone to
file, notices of protests against, or to commence action to review, real property tax assessments
against the Property.

     (j) Compliance with Laws. To Seller’s knowledge and except as set forth on
Exhibit “H”, Seller has received no written notice alleging any violations of law
(including any Environmental Law), municipal or county ordinances, or other legal requirements with
respect to the Property where such violations remain outstanding.

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     (k) Other Agreements. To Seller’s knowledge, except for the Leases, the Service
Contracts, the Commission Agreements, and the Permitted Exceptions, there are no leases, management
agreements, brokerage agreements, leasing agreements or other agreements or instruments in force or
effect that grant to any person or any entity (other than Seller) any right, title, interest or
benefit in and to all or any part of the Property or any rights relating to the use, operation,
management, maintenance or repair of all or any part of the Property which will survive the Closing
or be binding upon Purchaser other than those which Purchaser is agreeing herein to assume or which
are terminable upon thirty (30) days notice without payment of premium or penalty.

     (l) Seller Not a Foreign Person. Seller is not a “foreign person” which would subject
Purchaser to the withholding tax provisions of Section 1445 of the Internal Revenue Code of 1986,
as amended.

     (m) Employees. Seller has no employees to whom by virtue of such employment Purchaser
will have any obligation after the Closing.

     (n) Service Contracts. To Seller’s knowledge, (i) all Service Contracts which Seller
has delivered or shall deliver to Purchaser pursuant this Agreement are and shall be complete
copies of the same in Seller’s possession in all material respects, and (ii) the list of Service
Contracts attached hereto as Exhibit “I” is true, correct and complete as of the Effective
Date.

     (o) ERISA. The Property does not constitute the assets of any employee benefit plan
within the meaning of 29 CFR 2501.3-101(a)(2).

     (p) OFAC. To the best of Seller’s knowledge, Seller is in compliance with the
requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 23, 2001) (the
“Order”) and other similar requirements contained in the rules and regulations of the
Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and in any enabling
legislation or other Executive Orders or regulations in respect thereof (the Order and such other
rules, regulations, legislation, or orders are collectively called the “Orders”). Seller
hereby represents and warrants that Seller:

     (i) is not listed on the Specially Designated Nationals and Blocked Persons List
maintained by OFAC pursuant to the Order or on any other list of terrorists or terrorist
organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to
any other applicable Orders (such lists are collectively referred to as the
“Lists”); and

     (ii) is not a person who has been determined by competent authority to be subject to
the prohibitions contained in the Orders.

     Seller hereby covenants and agrees that if Seller obtains knowledge that Seller becomes listed
on the Lists or is indicted, arraigned, or custodially detained on charges involving money
laundering or predicate crimes to money laundering, Seller shall immediately notify Purchaser in

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writing, and in such event, Purchaser shall have the right to terminate this Agreement without
penalty or liability to Seller immediately upon delivery of written notice thereof to Seller. In
such event the Earnest Money shall be returned to Purchaser.

     The representations and warranties made in this Agreement by Seller shall be continuing and
shall be deemed remade by Seller as of the Closing Date, with the same force and effect as if made
on, and as of, such date, subject to Seller’s right to update such representations and warranties
by written notice to Purchaser and in Seller’s Certificate to be delivered pursuant to Section
6.1(h) hereof.

     PURCHASER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS
AGREEMENT OR IN ANY DOCUMENTS TO BE EXECUTED AND DELIVERED BY SELLER TO PURCHASER AT THE CLOSING,
SELLER HAS NOT MADE, AND PURCHASER HAS NOT RELIED ON, ANY INFORMATION, PROMISE, REPRESENTATION OR
WARRANTY, EXPRESS OR IMPLIED, REGARDING THE PROPERTY, WHETHER MADE BY SELLER, ON SELLER’S BEHALF OR
OTHERWISE, INCLUDING, WITHOUT LIMITATION, THE PHYSICAL CONDITION OF THE PROPERTY, THE SUITABILITY
OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, THE
HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OF THE PROPERTY, THE FINANCIAL CONDITION OF THE TENANTS UNDER THE LEASES, TITLE TO OR THE
BOUNDARIES OF THE PROPERTY, PEST CONTROL MATTERS, SOIL CONDITIONS, THE PRESENCE, EXISTENCE OR
ABSENCE OF HAZARDOUS WASTES, TOXIC SUBSTANCES OR OTHER ENVIRONMENTAL MATTERS, COMPLIANCE WITH
BUILDING, HEALTH, SAFETY, LAND USE AND ZONING LAWS, REGULATIONS AND ORDERS, INCLUDING, WITHOUT
LIMITATION, THE AMERICANS WITH DISABILITIES ACT AND ANY RULES AND REGULATIONS PROMULGATED
THEREUNDER OR IN CONNECTION THEREWITH, AND THE TEXAS ARCHITECTURAL BARRIERS ACT AND ANY RULES AND
REGULATIONS PROMULGATED THEREUNDER OR IN CONNECTION THEREWITH, STRUCTURAL AND OTHER ENGINEERING
CHARACTERISTICS, TRAFFIC PATTERNS, MARKET DATA, ECONOMIC CONDITIONS OR PROJECTIONS, PAST OR FUTURE
ECONOMIC PERFORMANCE OF THE TENANTS OR THE PROPERTY, AND ANY OTHER INFORMATION PERTAINING TO THE
PROPERTY OR THE MARKET AND PHYSICAL ENVIRONMENTS IN WHICH THE PROPERTY IS LOCATED, AND SPECIFICALLY
THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS REGARDING
SOLID WASTE, AS DEFINED BY THE U.S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40 C.F.R., PART
261, OR THE DISPOSAL OR EXISTENCE, IN OR ON THE PROPERTY, OF ANY HAZARDOUS SUBSTANCE, AS DEFINED BY
THE COMPREHENSIVE ENVIRONMENTAL RESPONSE COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED, AND
APPLICABLE STATE LAWS, AND REGULATIONS PROMULGATED THEREUNDER. PURCHASER FURTHER ACKNOWLEDGES (I)
THAT PURCHASER HAS ENTERED INTO THIS AGREEMENT WITH THE INTENTION OF MAKING AND RELYING UPON ITS
OWN INVESTIGATION OR THAT OF PURCHASER’S OWN CONSULTANTS AND REPRESENTATIVES AND/OR MACTEC WITH
RESPECT TO THE PHYSICAL,

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ENVIRONMENTAL, ECONOMIC AND LEGAL CONDITION OF THE PROPERTY AND (II) THAT
PURCHASER IS NOT RELYING UPON ANY STATEMENTS, REPRESENTATIONS OR WARRANTIES OF ANY KIND, OTHER THAN
THOSE SPECIFICALLY SET FORTH IN THIS AGREEMENT OR IN ANY DOCUMENT TO BE EXECUTED AND DELIVERED BY
SELLER TO PURCHASER AT THE CLOSING, MADE (OR PURPORTED TO BE MADE) BY SELLER OR ANYONE ACTING OR
CLAIMING TO ACT ON SELLER’S BEHALF. PURCHASER WILL INSPECT THE PROPERTY AND BECOME FULLY FAMILIAR
WITH THE PHYSICAL CONDITION THEREOF AND, SUBJECT TO THE TERMS AND CONDITIONS OF THIS AGREEMENT,
SHALL PURCHASE THE PROPERTY IN ITS “AS IS” CONDITION, “WITH ALL FAULTS,” ON THE CLOSING DATE. THE
PROVISIONS OF THE FOREGOING PROVISIONS OF THIS PARAGRAPH SHALL SURVIVE THE CLOSING UNTIL THE
EXPIRATION OF ANY APPLICABLE STATUTE OF LIMITATIONS.

     5.2. Knowledge Defined. All references in this Agreement to “the knowledge of Seller”
or “to Seller’s knowledge” shall refer only to the actual (and not constructive) knowledge of
Sammie Baker, Tim Hendricks and Jack A. LaHue, each of whom has been actively involved in the
management of Seller’s business in respect of the Property in the capacities of Senior Property
Manager, Senior Vice President and Senior Vice President,
respectively, of Cousins, without inquiry or any imputed or constructive knowledge. The term
“knowledge of Seller” or “to Seller’s knowledge” shall not be construed, by imputation or
otherwise, to refer to the knowledge of Seller, or any affiliate of Seller, or to any other
partner, beneficial owner, officer, director, agent, manager, representative or employee of Seller,
or any of their respective affiliates, or to impose on any of the individuals named above any duty
to investigate the matter to which such actual knowledge, or the absence thereof, pertains. There
shall be no personal liability on the part of the individuals named above arising out of any
representations or warranties made herein or otherwise.

     5.3. Covenants and Agreements of Seller.

     (a) Leasing Arrangements. During the pendency of this Agreement, Seller will not
enter into any lease affecting the Property, or modify or amend in any material respect, or
terminate, any of the existing Leases (other than an amendment, restatement, modification or
renewal of any existing Lease pursuant to a right granted the tenant under such existing Lease)
without Purchaser’s prior written consent in each instance, which consent may be granted or
withheld in Purchaser’s sole discretion (unless such request for approval is received by Purchaser
on or before the date that is three (3) Business Days prior to the expiration of the Due Diligence
Period, in which case Purchaser shall not unreasonably withhold, delay or condition its consent)
and which consent shall be deemed given unless withheld by written notice to Seller given within
three (3) Business Days after Purchaser’s receipt of Seller’s written request therefor, each of
which requests shall be accompanied by a copy of any proposed modification or amendment of an
existing Lease or of any new Lease that Seller wishes to execute between the Effective Date and the
Closing Date, including, without limitation, a description of any Tenant Inducement Costs and
leasing commissions associated with any proposed renewal or expansion of an existing Lease or with
any such new Lease. If Purchaser fails to notify Seller in writing of its approval or disapproval
within said three (3) Business Day period, such failure by Purchaser

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shall be deemed to be the approval of Purchaser. At Closing, Purchaser shall reimburse Seller
for any Tenant Inducement Costs, leasing commissions or other expenses, including reasonable attorneys’
fees, actually incurred by Seller pursuant to a renewal or expansion of any existing Lease or new Lease approved
(or deemed approved) by Purchaser hereunder. Notwithstanding anything contained herein to the
contrary, Purchaser acknowledges and agrees that at or prior to Closing, Seller may enter into
those certain terminations and/or amendments to the Leases and the new leases which are described
on Exhibit “M” attached hereto, provided that each such termination, amendment and/or new
lease shall be consistent with the terms set forth on Exhibit “M” attached hereto.

     (b) New Contracts. During the pendency of this Agreement, Seller will not enter into
any contract, or modify, amend, renew or extend any existing contract, that will be an obligation
affecting the Property or any part thereof subsequent to the Closing without Purchaser’s prior
written consent in each instance, which consent may be granted or withheld in Purchaser’s sole
discretion (unless such request for approval is received by Purchaser on or before the date that is
three (3) Business Days prior to the expiration of the Due Diligence Period, in which case
Purchaser shall not unreasonably withhold, delay or condition its consent), except contracts
entered into in the ordinary course of business that are terminable without cause (and without
penalty or premium) on 30 days (or less) notice.

     (c) Operation of Property. During the pendency of this Agreement, Seller shall
continue to operate the Property in a good and businesslike fashion consistent with Seller’s past
practices.

     (d) Insurance. During the pendency of this Agreement, Seller shall, at its expense,
continue to maintain the fire insurance policy covering the Improvements which is currently in
force and effect.

     (e) Tenant Estoppel Certificates. Seller shall endeavor in good faith (but without
obligation to incur any cost or expense) to obtain and deliver to Purchaser prior to Closing a
written Tenant Estoppel Certificate in the form attached hereto as Exhibit “J-1” signed by
each tenant under each of the Leases (or if the applicable lease provides for a particular form of
estoppel certificate to be given by the tenant thereunder, the Tenant Estoppel Certificate with
respect to such Lease may be in the form as called for therein); provided that delivery of such
signed Tenant Estoppel Certificates shall be a condition of Closing only to the extent set forth in
Section 7.1(d) hereof; and in no event shall the inability or failure of Seller to obtain and
deliver said Tenant Estoppel Certificates (Seller having used its good faith efforts as set forth
above) be a default of Seller hereunder.

     (f) Ground Lessor Estoppel Certificate. Seller shall endeavor in good faith (but
without obligation to incur any cost or expense) to obtain and deliver to Purchaser prior to
Closing a written Ground Lessor Estoppel Certificate in the form attached hereto as Exhibit
“K” signed by Ground Lessor; provided that delivery of such signed Ground Lessor Estoppel
Certificate shall be a condition of Closing only to the extent set forth in Section 7.1(e) hereof;
and in no event shall the inability or failure of Seller to obtain and deliver said Ground Lessor

20

 

Estoppel Certificate (Seller having used its good faith efforts as set forth above) be a default of
Seller hereunder.

     (g) License for Operation of Fitness Center. During the pendency of this Agreement,
Seller shall, at its expense, continue to maintain the non-transferable license necessary for
operation of the fitness center located within the Improvements. Purchaser acknowledges that it
will have to obtain its own license for operation of the fitness center, and as part of such
licensing process will post any necessary bond, as Seller’s bond is non-transferable and will be
cancelled as of the Closing Date.

     5.4. Representations and Warranties of Purchaser. Purchaser hereby makes the
following representations and warranties to Seller:

     (a) Organization, Authorization and Consents. Purchaser is a duly organized and
validly existing limited partnership under the laws of the State of Delaware. Purchaser has the
right, power and authority to enter into this Agreement and to purchase the Property in
accordance with the terms and conditions of this Agreement, to engage in the transactions
contemplated in this Agreement and to perform and observe the terms and provisions hereof, subject
to obtaining Purchaser Board Approval as set forth in Section 7.1 (h) hereof.

     (b) Action of Purchaser, Etc. Subject to obtaining Purchaser Board Approval,
Purchaser has taken all necessary action to authorize the execution, delivery and performance of
this Agreement, and upon the execution and delivery of any document to be delivered by Purchaser on
or prior to the Closing, this Agreement and such document shall constitute the valid and binding
obligation and agreement of Purchaser, enforceable against Purchaser in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws of general application affecting the rights and remedies of creditors.

     (c) No Violations of Agreements. Neither the execution, delivery or performance of
this Agreement by Purchaser, nor compliance with the terms and provisions hereof, will result in
any breach of the terms, conditions or provisions of, or conflict with or constitute a default
under the terms of any indenture, deed to secure debt, mortgage, deed of trust, note, evidence of
indebtedness or any other agreement or instrument by which Purchaser is bound.

     (d) Litigation. To Purchaser’s knowledge, Purchaser has received no written notice
that any action or proceeding is pending or threatened, which questions the validity of this
Agreement or any action taken or to be taken pursuant hereto.

     (e) ERISA. Purchaser’s rights under this Agreement and the assets it shall use to
acquire the Property do not and, upon its acquisition by Purchaser, the Property itself, shall not,
constitute plan assets within the meaning of 29 C.F.R. §2510.3-101, and Purchaser is not a
“governmental plan” within the meaning of section 3(32) of the Employee Retirement Income Security
Act of 1974, as amended, and the execution of this Agreement and the purchase of the Property by
Purchaser is not subject to state statutes regulating investments of and fiduciary obligations with
respect to governmental plans.

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     (f) OFAC. Purchaser is in compliance with the requirements of the Order and other
similar requirements contained in the rules and regulations of OFAC and in any Orders.
Purchaser hereby represents and warrants that Purchaser:

     (i) is not listed on the Lists; and

     (ii) is not a person who has been determined by competent authority to be subject to
the prohibitions contained in the Orders.

     Purchaser hereby covenants and agrees that if Purchaser obtains actual knowledge that
Purchaser becomes listed on the Lists or is indicted, arraigned, or custodially detained on charges
involving money laundering or predicate crimes to money laundering, Purchaser shall immediately
notify Seller in writing, and in such event, Seller shall have the right to terminate this
Agreement without penalty or liability to Purchaser immediately upon delivery of written notice
thereof to Purchaser. In such event the Earnest Money shall be returned to Purchaser.

     The representations and warranties made in this Agreement by Purchaser shall be continuing and
shall be deemed remade by Purchaser as of the Closing Date, with the same force and effect as if
made on, and as of, such date subject to Purchaser’s right to update such representations and
warranties by written notice to Seller and in Purchaser’s Certificate to be delivered pursuant to
Section 6.2(c) hereof.

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ARTICLE 6.

CLOSING DELIVERIES, CLOSING COSTS AND PRORATIONS

     6.1. Seller’s Closing Deliveries. For and in consideration of, and as a condition
precedent to Purchaser’s delivery to Seller of the Purchase Price, Seller shall obtain or execute
and deliver to Purchaser (either through escrow or as otherwise provided below) at Closing the
following documents, all of which shall be duly executed, acknowledged and notarized where
required:

     (a) Special Warranty Deed. A special warranty deed with respect to the Land and
Improvements, in the form attached hereto as Schedule 1 (the “Special Warranty
Deed”), subject only to the Permitted Exceptions, and executed and acknowledged by Seller. The
legal descriptions of the Land set forth in said Special Warranty Deed shall conform to the legal
descriptions attached hereto as Exhibit “A-1”;

     (b) Assignment and Assumption of Ground Lease. With respect to the Property described
on Exhibit “A-2”, an assignment and assumption of the Ground Lease, in the form attached hereto as
Schedule 6 (the “Assignment and Assumption of Ground Lease”), assigning all of
Seller’s leasehold interest in and to the real property described in the attached Exhibit “A-2”,
subject only to the Permitted Exceptions, and executed and acknowledged by Seller.

     (c) Bill of Sale. The Bill of Sale for the Personal Property without warranty as to
the title or condition of the Personal Property;

     (d) Assignment and Assumption of Leases and Security Deposits. Two (2) counterparts
of the Assignment and Assumption of Leases, executed by Seller;

     (e) Assignment and Assumption of Service Contracts. Two (2) counterparts of the
Assignment and Assumption of Service Contracts, executed by Seller. At Purchaser’s request, Seller
will cause its affiliate Cousins Services assign the Management Agreement with BWO Acquisition Ltd.
for the operation of the fitness center at the Property to Purchaser’s taxable REIT subsidiary;

     (f) General Assignment. The General Assignment, executed and acknowledged by Seller;

     (g) Seller’s Affidavit. The Seller’s Affidavit, executed by an authorized officer of
a general partner of Seller;

     (h) Seller’s Certificate. The Seller’s Certificate, executed by Seller;

     (i) FIRPTA Affidavit. The FIRPTA Affidavit, executed by Seller;

     (j) Evidence of Authority. Such documentation as may reasonably be required by
Purchaser’s title insurer to establish that this Agreement, the transactions contemplated herein,

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and the execution and delivery of the documents required hereunder, are duly authorized, executed
and delivered on behalf of Seller.

     (k) Settlement Statement. A settlement statement reasonably approved by Purchaser and
Seller setting forth the amounts paid by or on behalf of and/or credited to each of Purchaser and
Seller pursuant to this Agreement;

     (l) Surveys and Plans. Such surveys, site plans, plans and specifications, and other
matters relating to the Property as are in the possession of Seller to the extent not theretofore
delivered to Purchaser (all of which may be delivered to Purchaser outside of escrow);

     (m) Certificates of Occupancy. To the extent the same are in Seller’s possession,
original or photocopies of certificates of occupancy for all space within the Improvements located
on the Property (which may be delivered to Purchaser outside of escrow);

     (n) Leases. To the extent the same are in Seller’s possession, original executed
counterparts of the Leases (which may be delivered to Purchaser outside of escrow);

     (o) Estoppel Certificates. All originally executed Tenant Estoppel Certificates as
may be in Seller’s possession, together with such Seller Estoppels as Seller may elect to execute
and deliver as provided in Section 7.1(d) hereof and the originally executed Ground Lessor Estoppel
Certificate;

     (p) Notices of Sale to Tenants. Seller will join with Purchaser in executing a
notice, in form and content reasonably satisfactory to Seller and Purchaser (the “Tenant
Notices of Sale”), which Seller shall send to the tenants under the Leases informing the
tenants of the sale of the Property and of the assignment to and assumption by Purchaser of
Seller’s interest in the Leases and the Security Deposits and directing that all rent and other
sums payable for periods after the Closing under such Lease shall be paid as set forth in said
notices;

     (q) Notices of Sale to Service Contractors and Leasing Agents. Seller will join with
Purchaser in executing notices, in form and content reasonably satisfactory to Seller and Purchaser
(the “Other Notices of Sale”), which Seller shall send to each service provider and leasing
agent under the Service Contracts and Commission Agreements (as the case may be) assumed by
Purchaser at Closing informing such service provider or leasing agent (as the case may be) of the
sale of the Property and of the assignment to and assumption by Purchaser of Seller’s obligations
under the Service Contracts and Commission Agreements arising after the Closing Date and directing
that all future statements or invoices for services under such Service Contracts and/or Commission
Agreements for periods after the Closing be directed to Seller or Purchaser as set forth in said
notices;

     (r) Keys and Records. All of the keys to any door or lock on the Property and the
original tenant files and other non-confidential books and records (excluding any appraisals,
budgets, strategic plans for the Property, internal analyses, information regarding the marketing
of the Property for sale, submissions relating to Seller’s obtaining of corporate authorization,
attorney and accountant work product, attorney-client privileged documents, or other

24

 

information in
the possession or control of Seller which Seller deems proprietary) relating to the Property in
Seller’s possession (all of which may be delivered to Purchaser outside of escrow);

     (s) Termination of Existing Leasing Agreement and Management Agreement. Evidence of
the termination by Seller of the Leasing Agreement and Seller’s existing management agreement with
Cousins Services;

     (t) New Management Agreement. A new management agreement with Cousins Services in the
form attached hereto as Schedule 11;

     (u) The LOC Documents (as hereinafter defined); and

     (v) Other Documents. Such other documents as shall be reasonably requested by the
Title Company to effectuate the purposes and intent of this Agreement.

     6.2. Purchaser’s Closing Deliveries. Purchaser shall obtain or execute and deliver to
Seller at Closing the following documents, all of which shall be duly executed, acknowledged and
notarized where required:

     (a) Special Warranty Deed. One counterpart of the Special Warranty Deed, executed by
Purchaser.

     (b) Assignment and Assumption of Ground Lease. Two (2) counterparts of the Assignment
and Assumption of Ground Lease.

     (c) Assignment and Assumption of Leases. Two (2) counterparts of the Assignment and
Assumption of Leases, executed by Purchaser;

     (d) Assignment and Assumption of Service Contracts. Two (2) counterparts of the
Assignment and Assumption of Service Contracts, executed by Purchaser (or Purchaser’s taxable REIT
subsidiary with respect to the assignment and assumption of the Management Agreement with BWO
Acquisition Ltd. for the operation of the fitness center at the Property if Purchaser elects to
have such Management Agreement assigned to Purchaser’s taxable REIT subsidiary pursuant to Section
6.1(e) hereof);

     (e) Purchaser’s Certificate. The Purchaser’s Certificate, executed by Purchaser;

     (f) Notice of Sale to Tenants. The Tenant Notices of Sale, executed by Purchaser, as
contemplated in Section 5.1(p) hereof;

     (g) Notices of Sale to Service Contractors and Leasing Agents. The Other Notices of
Sale to service providers and leasing agents, as contemplated in Section 5.1(q) hereof;

     (h) New Management Agreement. Two (2) counterparts of the new management agreement
with Cousins Services in the form attached hereto as Schedule 11;

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     (i) Settlement Statement A settlement statement reasonably approved by Purchaser and
Seller setting forth the amounts paid by or on behalf of and/or credited to each of Purchaser and
Seller pursuant to this Agreement;

     (j) Other Documents. Such other documents as shall be reasonably requested by
Seller’s counsel to effectuate the purposes and intent of this Agreement.

     6.3. Closing Costs. Seller shall pay the attorneys’ fees of Seller, one-half of any
escrow closing fees charged by the Title Company, any transfer fees payable upon the transfer of
any letter of credit, the cost of the Existing Survey, the premium for the Title Policy (other than
the premium for extended coverage and any endorsements requested by Purchaser), recording fees to
record documents to remove Monetary Objections, and all other costs and expenses incurred by Seller
in closing and consummating the purchase and sale of the Property pursuant hereto. Purchaser shall
pay the cost of any update or re-certifications of the Existing Survey, the attorneys’ fees of
Purchaser, one-half of any escrow closing fees charged by the Title Company, the premium for
extended coverage and any endorsements to the Title Policy requested by Purchaser and search and
examination fees charged by the Title Company (but only if not included in the premium for the
Title Policy), recording fees (except those to record documents to remove Monetary Objections) and
all other costs and expenses incurred by Purchaser in the performance of Purchaser’s due diligence
inspection of the Property and in closing and consummating the purchase and sale of the Property
pursuant hereto.

     6.4. Prorations and Credits. The following items in this Section 6.4 shall be
adjusted and prorated between Seller and Purchaser as of 11:59 P.M. on the day preceding the
Closing, based upon the actual number of days in the applicable month or year:

     (a) Taxes. All general real estate taxes imposed by any governmental authority
(“Taxes”) for the year in which the Closing occurs shall be prorated between Seller and
Purchaser as of the Closing. If the Closing occurs prior to the receipt by Seller of the tax bill
for the calendar year or other applicable tax period in which the Closing occurs, Taxes shall be
prorated for such calendar year or other applicable tax period based upon the prior year’s tax
bill.

     (b) Reproration of Taxes. Within forty-five (45) days of receipt of final bills for
Taxes, the party receiving said final bills shall furnish copies of the same to the other party and
shall prepare and present to the other party a calculation of the reproration of such Taxes, based
upon the actual amount of such Taxes for the year in which the Closing occurs. The parties shall
make the appropriate adjusting payment between them within thirty (30) days after presentment of
such calculation and appropriate back-up information. The provisions of this Section 6.4(b) shall
survive the Closing for a period of one (1) year after the Closing Date.

     (c) Rents, Income and Other Expenses. Rents and any other amounts payable by tenants
shall be prorated as of the Closing Date and be adjusted against the Purchase Price on the basis of
a schedule which shall be prepared by Seller and delivered to Purchaser for Purchaser’s review and
approval prior to Closing. Purchaser shall receive at Closing a credit for Purchaser’s pro rata
share of the rents, additional rent, common area maintenance charges, tenant reimbursements and
escalations, and all other payments payable for the month of Closing and for all other rents and

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other amounts that apply to periods from and after the Closing, but which are received by Seller
prior to Closing. Purchaser agrees to pay to Seller, promptly, any rents or other payments by
tenants under their respective Leases that apply to periods prior to Closing but are received by
Purchaser after Closing; provided, however, that any delinquent rents or other payments by tenants
shall be applied first to any current amounts owing by such tenants, then to delinquent rents in
the order in which such rents are most recently past due, with the balance, if any, paid over to
Seller to the extent of delinquencies existing at the time of Closing to which Seller is entitled;
it being understood and agreed that Purchaser shall not be legally responsible to Seller for the
collection of any rents or other charges payable with respect to the Leases or any portion thereof,
which are delinquent or past due as of the Closing Date; but Purchaser agrees that Purchaser shall
send monthly notices for a period of three (3) consecutive months in an effort to collect any rents
and charges not collected as of the Closing Date. Any reimbursements payable by any tenant under
the terms of any tenant lease affecting the Property as of the Closing Date, which reimbursements
pertain to such tenant’s pro rata share of increased operating expenses or common area maintenance
costs incurred with respect to the Property at any time prior to the Closing, shall be prorated
upon Purchaser’s actual receipt of any such reimbursements, on the basis of the number of days of
Seller and Purchaser’s respective ownership of the Property during the period in respect of which
such reimbursements are payable; and Purchaser agrees to pay to Seller Seller’s pro rata portion of
such reimbursements within forty-five (45) days after Purchaser’s receipt thereof. Conversely, if
any tenant under any such Lease shall become entitled at any time after Closing to a refund of
tenant reimbursements actually paid by such tenant prior to Closing, then, Seller shall, within
forty-five (45) days following Purchaser’s demand therefor, pay to Purchaser an amount equal to
Seller’s pro rata share of such reimbursement refund obligations, said proration to be calculated
on the same basis as hereinabove set forth. Seller hereby retains its right to pursue any tenant
under the Leases for sums due Seller for periods attributable to Seller’s ownership of the
Property; provided, however, that Seller (i) shall only be permitted to commence or pursue any
legal proceedings after the date which is three (3) months after Closing, except that Seller shall
be entitled to continue to pursue any legal proceedings commenced prior to Closing; and (ii) shall
not be permitted to commence or pursue any legal proceedings against any tenant seeking eviction of
such tenant or the termination of the applicable Lease. The provisions of this Section 6.4(c)
shall survive the Closing for a period of one (1) year after the Closing Date; provided, however,
that the provisions of this Section 6.4(c) relating to Seller’s retention of rights to pursue any
tenant under the Leases shall survive indefinitely.

     (d) Percentage Rents. Percentage rents, if any, collected by Purchaser from any
tenant under such tenant’s Lease for the percentage rent accounting period in which the Closing
occurs shall be prorated between Seller and Purchaser as of the Closing Date, as, if, and when
received by Purchaser, such that Seller’s pro rata share shall be an amount equal to the total
percentage rentals paid for such percentage rent accounting period under the applicable Lease
multiplied by a
fraction, the numerator of which shall be the number of days in such accounting period prior to
Closing and the denominator of which shall be the total number of days in such accounting period;
provided, however, that such proration shall be made only at such time as such tenant is current
or, after application of a portion of such payment, will be current in the payment of all rental
and other charges under such tenant’s Lease that accrue and become due and payable from and after
the Closing. The provisions of this Section 6.4(d) shall survive the Closing for a period of one
(1) year after the Closing Date.

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     (e) Tenant Inducement Costs. Set forth on Exhibit “N” attached hereto and
made a part hereof is a list of tenants at the Property with respect to which Tenant Inducement
Costs and/or leasing commissions have not been paid in full as of the Effective Date. The
responsibility for the payment of such Tenant Inducement Costs and leasing commissions shall be
allocated as between Seller and Purchaser as set forth on Exhibit “N”. All of such Tenant
Inducement Costs and leasing commissions set forth on Exhibit “N” become due and payable
after the scheduled date for Closing under this Agreement. Accordingly, except as otherwise set
forth in this Section 6.4(e), if said amounts which are the responsibility of Seller as set forth
on Exhibit “N” have not been paid in full on or before the Closing Date, Purchaser shall
assume such payment obligation at Closing, and Purchaser shall receive a credit against the
Purchase Price in the aggregate amount of the said unpaid Tenant Inducement Costs and leasing
commissions. Except as may be specifically provided to the contrary elsewhere in this Agreement,
Purchaser shall be responsible for the payment of all Tenant Inducement Costs and leasing
commissions which become due and payable (whether before or after Closing) as a result of any
renewals or extensions or expansions of existing Leases approved or deemed approved by Purchaser in
accordance with Section 5.3(a) hereof between the Effective Date and the Closing Date and under any
new Leases, approved or deemed approved by Purchaser in accordance with said Section 5.3(a) and,
Purchaser will credit Seller at Closing with an amount equal to any such Tenant Inducement Costs
and leasing commissions that are Purchaser’s responsibility that have been paid by Seller prior to
Closing. The provisions of this Section 6.4(e) shall survive the Closing.

     (f) Security Deposits. Purchaser shall receive at Closing a credit for all Security
Deposits transferred and assigned to Purchaser at Closing in connection with the Leases. No
Security Deposits shall be applied to any tenant default from and after the Effective Date through
the Closing Date. In addition, Seller shall deliver to Purchaser at Closing any and all original
letters of credit and other instruments held by Seller as security deposits under the Leases
together with properly executed assignment documents required by transfer such letters of credit
and other instruments to Purchaser (collectively, the “LOC Documents”). In the event any
letter of credit or other instrument held by Seller as security deposits under the Leases is not
assignable (such as a letter of credit that is not transferable), Seller shall use commercially
reasonable efforts to provide Purchaser, at no material cost to Seller, with the economic benefits
of such property by enforcing such property (solely at Purchaser’s discretion) for the benefit and
at the expense of Purchaser; provided Purchaser shall take all reasonable steps required (including
making a demand on the tenant) to effectively transfer or reissue to Purchaser such security
deposit promptly after Closing; and provided further that Purchaser shall indemnify, defend and
hold harmless Seller against all claims, liabilities or expenses (including reasonable attorney’s
fees) arising from a claim that Purchaser improperly exercised its rights under the letters of
credit at any
time after Closing. The obligations of Seller under this Section 7.1(g) shall survive the Closing
until the expiration of the term of the applicable letter of credit, and the obligations of
Purchaser under this Section 7.1(g) shall survive the Closing until the expiration of the
applicable statute of limitations. Seller shall receive a credit at Closing in the amount of all
refundable cash or other deposits posted with utility companies serving the Property which are duly
assigned to Purchaser at Closing.

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     (g) Operating Expenses. Personal property taxes, rent under the Ground Lease,
installment payments of special assessment liens, vault charges, sewer charges, utility charges,
and normally prorated operating expenses actually paid or payable as of the Closing Date shall be
prorated as of the Closing Date and adjusted against the Purchase Price, provided that within
ninety (90) days after the Closing, Purchaser and Seller will make a further adjustment for such
taxes, charges and expenses which may have accrued or been incurred prior to the Closing Date, but
not collected or paid at that date. In addition, within one hundred eighty (180) days after the
close of the fiscal year(s) used in calculating the pass-through to tenants of operating expenses
and/or common area maintenance costs under the Leases (where such fiscal year(s) include(s) the
Closing Date), Seller and Purchaser shall, upon the request of either, re-prorate on a fair and
equitable basis in order to adjust for the effect of any credits or payments due to or from tenants
for periods prior to the Closing Date. All prorations shall be made based on the number of
calendar days in such year or month, as the case may be. If possible, utility prorations will be
handled by final meter readings on the Closing Date. If final readings are not possible, or if any
such charges are not separately metered, such charges will be prorated on a fair and equitable
basis utilizing the billing information for the most recent period(s) for which costs are
available. Additionally, in the event Purchaser elects by written notice to Seller at least fifteen
(15) days prior to Closing to take an assignment of any assignable environmental insurance policy
pertaining to the Land and/or Improvements, the ten (10) year prepaid premium shall be prorated as
of the Closing Date and adjusted against the Purchase Price, such proration to be made based on the
number of days elapsed since the commencement of the policy. The provisions of this Section 6.4(g)
shall survive the Closing for a period of one (1) year after the Closing Date.

ARTICLE 7.

CONDITIONS TO CLOSING

     7.1. Conditions Precedent to Purchaser’s Obligations. The obligations of Purchaser
hereunder to consummate the transaction contemplated hereunder shall in all respects be conditioned
upon the satisfaction of each of the following conditions prior to or simultaneously with the
Closing, any of which may be waived by Purchaser in its sole discretion by written notice to Seller
at or prior to the Closing Date (as to the conditions set forth in subsections (a) through (g)) or
the expiration of the Due Diligence Period (as to the condition set forth in subsection (h)):

     (a) Seller shall have delivered to Purchaser all of the items required to be delivered to
Purchaser pursuant to Section 6.1 hereof;

     (b) Seller shall have performed or complied with, in all material respects, each obligation
and covenant required by this Agreement to be performed or complied with by Seller on or before the
Closing;

     (c) All representations and warranties of Seller as set forth in this Agreement shall be true
and correct in all material respects as of the date of this Agreement and as of Closing; provided,
that solely for purposes of this subparagraph (meaning solely to determine if the condition
precedent to Purchaser’s obligations under this Agreement set forth in this

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subparagraph 7.1(c)
have been satisfied and not with respect to whether Seller has breached any representation and
warranty) such representations and warranties shall be deemed to be given without being limited to
Seller’s knowledge and without modification (by update, or otherwise, as provided in Seller’s
Certificate);

     (d) Tenant Estoppel Certificates from each of the Major Tenants plus such additional tenants
which, together with the Major Tenants, lease 75% in the aggregate, of the leased floor area of the
Improvements (the “Required Estoppels”) shall have been delivered to Purchaser, with each
such Tenant Estoppel Certificate (i) to be substantially in the form attached hereto as Exhibit
“J-1” (or if the applicable Lease provides for a particular form of estoppel certificate to be
given by the tenant thereunder, the Tenant Estoppel Certificate with respect to such Lease may be
in the form as called for therein), (ii) to be dated within forty-five (45) days prior to the
Closing Date, (iii) to confirm the material terms of the applicable Lease, as contained in the
copies of the Leases obtained by or delivered to Purchaser, and (iv) to confirm the absence of any
defaults under the applicable Lease as of the date thereof. Seller shall deliver to Purchaser a
form of estoppel certificate for each of the Tenants, which shall be prepared by Seller on the form
attached hereto as Exhibit “J-1”, with all blanks filled in by Seller in a manner consistent with
the Leases. Within two (2) Business Days after its receipt of the proposed forms of tenant
estoppel as prepared by Seller, Purchaser shall advise Seller of Purchaser’s comments, if any, with
respect thereto, Seller shall incorporate Purchaser’s comments, to the extent such comments are
consistent with the standards for preparing the estoppel in the preceding sentence, and thereafter
Seller shall furnish the estoppel forms, including such revisions, to the tenants.
Notwithstanding any provision herein to the contrary, in no event shall Seller be required to
deliver an estoppel certificate from any licensee under any license agreement. The delivery of
said Required Estoppels shall be a condition of Closing; provided, however, in the
event Seller is unable to deliver all the Required Estoppels at the Closing, Seller shall have the
right (in its sole and absolute discretion, with no obligation) to deliver certificates executed by
Seller in the form attached hereto as Exhibit “J-2” (the “Seller Estoppels”),
which shall be dated as of the Closing Date and shall count towards the Required Estoppels;
provided further that Seller shall not be entitled to deliver Seller Estoppels for the
Major Tenants or for tenants occupying more than 10% of the leased floor area of the Improvements;
and provided further that if at any time, on or after Closing, Purchaser receives a Tenant
Estoppel Certificate (meeting requirements (i) through (iv) as set forth above) with respect to a
Lease for which Seller previously delivered a Seller Estoppel (a “Replacement Estoppel”),
the Replacement Estoppel shall supersede and replace the Seller
Estoppel and Seller shall have no further liability under the applicable Seller Estoppel.
Purchaser’s closing condition as set forth in this subsection 7.1(d) shall be deemed satisfied and
irrevocably waived by Purchaser with respect to a Required Estoppel from a particular tenant if a
Tenant Estoppel Certificate from such tenant has been delivered to Purchaser and Purchaser does not
object in a written notice to Seller specifying Purchaser’s objections to the form of such Tenant
Estoppel Certificate within five (5) Business Days after receipt thereof by Purchaser. The failure
or inability of Seller to obtain and deliver said Required Estoppels, Seller having used its good
faith efforts to obtain the same, shall not constitute a default by Seller under this Agreement;

     (e) a Ground Lessor Estoppel Certificate from the Ground Lessor shall have been delivered to
Purchaser, with such Ground Lessor Estoppel Certificate (i) to be substantially in

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the form
attached hereto as Exhibit “K” , (ii) to be dated within forty-five (45) days prior to the
Closing Date, (iii) to confirm the material terms of the Ground Lease, and (iv) to confirm the
absence of any defaults under the Ground Lease as of the date thereof (the “Ground Lessor
Estoppel Certificate”). The delivery of said Ground Lessor Estoppel Certificate shall be a
condition of Closing. Purchaser’s closing condition as set forth in this subsection 7.1(e) shall
be deemed satisfied and irrevocably waived by Purchaser with respect to the Ground Lessor Estoppel
Certificate when delivered to Purchaser and Purchaser does not object in a written notice to Seller
specifying Purchaser’s objections to the form of such Ground Lessor Estoppel Certificate within
five (5) Business Days after receipt thereof by Purchaser. The failure or inability of Seller to
obtain and deliver said Ground Lessor Estoppel Certificate, Seller having used its good faith
efforts to obtain the same, shall not constitute a default by Seller under this Agreement;

     (f) an estoppel certificate from Mexic-Arte Museum with respect to that certain Parking and
Access License Agreement by and between Block 42 Congress Partners, Ltd. and Mexic-Arte Museum
dated as of January 11, 2001 (the “Parking and Access License Agreement”) shall have been delivered
to Purchaser, with such estoppel certificate (i) to be dated within forty-five (45) days prior to
the Closing Date, (ii) to contain the information required under Section 8 of the Parking and
Access License Agreement, and (iii) to confirm that the Parking and Access License Agreement has
not been amended or assigned (the “Parking and Access License Agreement Estoppel
Certificate”). The delivery of said Parking and Access License Estoppel Certificate shall be a
condition of Closing. Purchaser’s closing condition as set forth in this subsection 7.1(f) shall
be deemed satisfied and irrevocably waived by Purchaser with respect to the Parking and Access
License Agreement Estoppel Certificate when delivered to Purchaser and Purchaser does not object in
a written notice to Seller specifying Purchaser’s objections to the form of such Parking and Access
License Agreement Estoppel Certificate within five (5) Business Days after receipt thereof by
Purchaser. The failure or inability of Seller to obtain and deliver said Parking and Access
License Agreement Estoppel Certificate, Seller having used its good faith efforts to obtain the
same, shall not constitute a default by Seller under this Agreement;

     (g) Title to the Property shall be delivered to Purchaser in the manner required under Section
4.1 hereof and the Title Company is prepared, upon payment of the policy premium (including the
premiums for endorsements), to issue to Purchaser upon the Closing the Title Policy;

     (h) The Closing under this Agreement shall be conditioned as set forth in Sections 7.3(c) and
7.3(e) hereof; and

     (i) As a condition precedent to Purchaser’s obligation to close hereunder, not later than the
expiration of the Due Diligence Period, the Board of Trustees, Executive Committee of the Board of
Trustees, or another committee, of Equity Office Properties Trust (an affiliate of Purchaser) shall
have approved the transactions contemplated herein (“Purchaser Board Approval”). In the
event Purchaser notifies Seller in writing by the expiration of the Due Diligence Period that
Purchaser Board Approval has not been obtained, this Agreement shall be null and void and neither
party shall have any further rights or obligations under this Agreement

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except (i) those that
expressly survive a termination of this Agreement as provided herein, and (ii) Seller shall return
and/or cause to be returned to Purchaser the Earnest Money, in which event neither Seller nor
Purchaser shall have any further obligation to the other, and this Agreement shall terminate and be
of no further force or effect except as to those provisions that expressly survive termination.

In the event any of the conditions in this Section 7.1 have not been satisfied (or otherwise waived
in writing by Purchaser) prior to or on the Closing Date (as same may be extended or postponed as
provided in this Agreement), Purchaser shall have the right to terminate this Agreement by written
notice to Seller given prior to the Closing, whereupon (i) Escrow Agent shall return the Earnest
Money to Purchaser; and (ii) except for those provisions of this Agreement which by their express
terms survive the termination of this Agreement, no party hereto shall have any other or further
rights or obligations under this Agreement.

     7.2. Conditions Precedent to Seller’s Obligations. The obligations of Seller
hereunder to consummate the transaction contemplated hereunder shall in all respects be conditioned
upon the satisfaction of each of the following conditions prior to or simultaneously with the
Closing, any of which may be waived by Seller in its sole discretion by written notice to Purchaser
at or prior to the Closing Date (as to the conditions set forth in subsections (a) through (e)) or
the expiration of the Due Diligence Period (as to the condition set forth in subsection (f)):

     (a) Purchaser shall have paid into escrow with the Title Company the Purchase Price, as
adjusted pursuant to the terms and conditions of this Agreement, and all other amounts then payable
by Purchaser to Seller hereunder, which Purchase Price and other amounts shall be payable in the
amount and in the manner provided for in this Agreement;

     (b) Purchaser shall have delivered to Seller all of the items required to be delivered to
Seller pursuant to Section 6.2 hereof;

     (c) Purchaser shall have performed or complied with, in all material respects, each obligation
and covenant required by the Agreement to be performed or complied with by Purchaser on or before
the Closing; and

     (d) All representations and warranties of Purchaser as set forth in this Agreement shall be
true and correct in all material respects as of the date of this Agreement and as of Closing.

     (e) The Closing under this Agreement shall be conditioned as set forth in Sections 7.3(c) and
7.3(d) hereof.

     (f) As a condition precedent to Seller’s obligation to close hereunder, the Executive
Committee of the Board of Directors of Seller shall have approved the transactions contemplated
herein (“Seller Board Approval”). In the event Seller notifies Purchaser in writing prior
to the expiration of the Due Diligence Period that Seller Board Approval has not been obtained,
this Agreement shall be null and void and neither party shall have any further rights or
obligations

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under this Agreement except (i) those that expressly survive a termination of this
Agreement as provided herein, and (ii) Seller shall return and/or cause to be returned to Purchaser
the Earnest Money, in which event neither Seller nor Purchaser shall have any further obligation to
the other, and this Agreement shall terminate and be of no further force or effect except as to
those provisions that expressly survive termination.

     7.3. Other Agreement; Additional Conditions Precedent to Purchaser’s and Seller’s
Obligations.

          (a) Other Agreement. Simultaneously with the execution and delivery of this
Agreement, GA-191 Peachtree, L.L.C., a Delaware limited liability company (with its successors and
assigns as seller under the Other Agreement, as defined below, the “Purchaser’s Affiliate”), as
seller, and CPI 191 LLC, a Georgia limited liability company (with its successors and assigns as
purchaser under the Other Agreement, as defined below, the “Seller’s Affiliate”), as purchaser,
have entered into that certain Purchase and Sale Agreement (the “Other Agreement”) of even date
herewith with respect to the purchase and sale of Purchaser’s Affiliate’s partnership interest in
the general partnership that currently owns the property known as 191 Peachtree Street in Atlanta,
Georgia.

          (b) Extensions of Time. Whenever either the Seller’s Affiliate or the Purchaser’s
Affiliate extends any date for effecting the “Closing” under the Other Agreement pursuant to a
right granted either party under the Other Agreement, then the date for effecting the Closing under
this Agreement shall be likewise extended without the necessity of any action being taken on the
part of Seller or Purchaser. Seller and Purchaser hereby acknowledge and agree that each desires
to effect the Closing hereunder simultaneously with the “Closing” under the Other Agreement.

          (c) Condition Precedent to Seller’s and Purchaser’s Obligations. The obligation of
each of Seller and Purchaser to effect the Closing is conditioned upon the closing of the purchase
and sale contemplated by the Other Agreement simultaneously with the Closing hereunder. Upon the
failure to effect the “Closing” under the Other Agreement as and when required thereby and/or the
termination of the Other Agreement, in either case for any reason other than a default of a party
as described in Section 7.3(d) or 7.3(e), then either Seller or
Purchaser may terminate this Agreement by notice to the other, whereupon the Earnest Money shall be
returned to Purchaser and neither party shall have any further rights or obligations under this
Agreement except those which expressly survive termination.

          (d) Condition Precedent to Seller’s Obligations. The obligation of Seller to effect
the Closing hereunder is conditioned upon there being no default by Purchaser’s Affiliate under the
Other Agreement. Upon the failure to effect the “Closing” under the Other Agreement and/or the
termination of the Other Agreement, in either case as a result of a default thereunder by
Purchaser’s Affiliate, then without limiting Seller’s Affiliate’s remedies under the Other
Agreement, Seller, at its option, may (i) terminate this Agreement at any time thereafter on or
before the Closing Date, whereupon the Earnest Money shall be delivered to Seller and neither party
shall have any further rights or obligations under this Agreement except those which expressly
survive termination, or (ii) proceed to Close the transaction contemplated under this

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Agreement.

          (e) Condition Precedent to Purchaser’s Obligations. The obligation of Purchaser to
effect the Closing hereunder is conditioned upon there being no default by Seller’s Affiliate under
the Other Agreement. Upon the failure to effect the “Closing” under the Other Agreement and/or the
termination of the Other Agreement, in either case as a result of a default thereunder by Seller’s
Affiliate, then without limiting Purchaser’s Affiliate’s remedies under the Other Agreement,
Purchaser at its option, may (i) terminate this Agreement at any time thereafter, whereupon the
Earnest Money shall be delivered to Purchaser and neither party shall have any further rights or
obligations under this Agreement except those which expressly survive termination, or (ii) proceed
to Close the transaction contemplated under this Agreement.

ARTICLE 8.

CASUALTY AND CONDEMNATION

     8.1. Casualty. Risk of loss up to and including the Closing Date shall be borne by
Seller. In the event of any immaterial damage or destruction to the Property or any portion
thereof, Seller and Purchaser shall proceed to close under this Agreement, and Purchaser will
receive (and Seller will assign to Purchaser at the Closing Seller’s rights under insurance
policies to receive and will cooperate with Purchaser following the Closing in Purchaser’s efforts
to collect) any insurance proceeds (including any rent loss insurance applicable to any period on
and after the Closing Date) due Seller as a result of such damage or destruction (less any amounts
reasonably expended for restoration or collection of proceeds) and assume responsibility for such
repair, Purchaser shall receive a credit at Closing for any deductible amount under said insurance
policies. For purposes of this Agreement, the term “immaterial damage or destruction”
shall mean such instances of damage or destruction: (i) which can be repaired or restored at a
cost of $2,000,000.00 or less; (ii) which can be restored and repaired within one hundred eighty
(180) days from the date of such damage or destruction; (iii) which are not so extensive as to
allow tenants leasing more than five percent (5%) in the aggregate of the leased floor area of the
Improvements to terminate their Leases on account of such damage or
destruction; and (iv) in which Seller’s rights under its rent loss insurance policy covering the
Property are assignable to Purchaser and will continue pending restoration and repair of the damage
or destruction.

     In the event of any material damage or destruction to the Property or any portion thereof,
Purchaser may, at its option, by notice to Seller given within the earlier of fifteen (15) days
after Purchaser is notified by Seller of such damage or destruction (which Seller shall provide, in
writing, promptly after Seller becomes aware of such damage or destruction), or the Closing Date,
but in no event less than ten (10) days after Purchaser is notified by Seller of such damage or
destruction (and if necessary the Closing Date shall be extended to give Purchaser the full 10-day
period to make such election): (i) terminate this Agreement, whereupon Escrow Agent shall
immediately return the Earnest Money to Purchaser, or (ii) proceed to close under this Agreement,
receive (and Seller will assign to Purchaser at the Closing Seller’s rights under insurance
policies to receive) any insurance proceeds (including any rent loss insurance applicable to the
period on or after the Closing Date) due Seller as a result of such damage or destruction (less any
amounts reasonably expended for restoration or collection of proceeds) and

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assume responsibility
for such repair, and Purchaser shall receive a credit at Closing for any deductible amount under
said insurance policies. If Purchaser fails to deliver to Seller notice of its election within the
period set forth above, Purchaser will conclusively be deemed to have elected to proceed with the
Closing as provided in clause (ii) of the preceding sentence. If Purchaser elects clause (ii)
above, Seller will cooperate with Purchaser after the Closing to assist Purchaser in obtaining the
insurance proceeds from Seller’s insurers. For purposes of this Agreement “material damage or
destruction” shall mean all instances of damage or destruction that are not immaterial, as
defined herein.

     8.2. Condemnation. If, prior to the Closing, all or any part of the Property is taken
by eminent domain or condemnation (or sale in lieu thereof), or if Seller has received written
notice that any condemnation action or proceeding with respect to the Property is contemplated by a
body having the power of eminent domain (collectively, a “Taking”), Seller shall give
Purchaser prompt written notice of such Taking. In the event of any immaterial Taking with respect
to the Property or any portion thereof, Seller and Purchaser shall proceed to close under this
Agreement. For purposes of this Agreement, the term “immaterial Taking” shall mean such
instances of Taking of a Property: (i) which do not result in a taking of any portion of the
building structure of the building occupied by tenants on the Property; (ii) which do not result in
a decrease in the number of parking spaces at the Property (taking into account the number of
additional parking spaces that can be provided within 180 days of such Taking); and (iii) which are
not so extensive as to allow a tenant to terminate its Lease or abate or reduce rent payable
thereunder unless business loss or rent insurance (subject to applicable deductibles) or
condemnation award proceeds shall be available in the full amount of such abatement or reduction,
and Purchaser shall receive a credit at Closing for such deductible amount on account of such
Taking.

     In the event of any material Taking of the Property or any portion thereof, Purchaser may, at
its option, by written notice to Seller given within fifteen (15) days after receipt of such notice
from Seller, elect to terminate this Agreement, or Purchaser may choose to proceed to close. If
Purchaser chooses to terminate this Agreement in accordance with this Section 8.2, then the Earnest
Money shall be returned immediately to Purchaser by Escrow Agent and the rights, duties,
obligations, and liabilities of the parties hereunder shall immediately terminate and be of no
further force and effect, except for those provisions of this Agreement which by their express
terms survive the termination of this Agreement. For purposes of this Agreement “material
Taking “ shall mean all instances of a Taking that are not immaterial, as defined herein.

     If Purchaser does not elect to, or has no right to, terminate this Agreement in accordance
herewith on account of a Taking, this Agreement shall remain in full force and effect and the sale
of the Property contemplated by this Agreement, less any interest taken by eminent domain or
condemnation, or sale in lieu thereof, shall be effected with no further adjustment and without
reduction of the Purchase Price, and at the Closing, Seller shall assign, transfer, and set over to
Purchaser all of the right, title, and interest of Seller in and to any awards applicable to the
Property that have been or that may thereafter be made for such Taking. At such time as all or a
part of the Property is subjected to a bona fide threat of condemnation and Purchaser shall not
have elected to terminate this Agreement as provided in this Section 8.2, (i) Purchaser shall
thereafter be permitted to participate in the proceedings as if Purchaser were a party to the

35

 

action, and (ii) Seller shall not settle or agree to any award or payment pursuant to condemnation,
eminent domain, or sale in lieu thereof without obtaining Purchaser’s prior written consent thereto
in each case.

ARTICLE 9.

DEFAULT AND REMEDIES

     9.1. Purchaser’s Default. If Purchaser fails to consummate this transaction for any
reason other than Seller’s default, failure of a condition to Purchaser’s obligation to close, or
the exercise by Purchaser of an express right of termination granted herein, Seller shall be
entitled, as its sole and exclusive remedy hereunder, to terminate this Agreement and to receive
and retain the Earnest Money as full liquidated damages for such default of Purchaser, the parties
hereto acknowledging that it is impossible to estimate more precisely the damages which might be
suffered by Seller upon Purchaser’s default, and that said Earnest Money is a reasonable estimate
of Seller’s probable loss in the event of default by Purchaser. The retention by Seller of said
Earnest Money is intended not as a penalty, but as full liquidated damages. The right to retain
the Earnest Money as full liquidated damages is Seller’s sole and exclusive remedy in the event of
default hereunder by Purchaser, and Seller hereby waives and releases any right to (and hereby
covenants that it shall not) sue the Purchaser: (a) for specific performance of this Agreement, or
(b) to recover actual damages in excess of the Earnest Money. The foregoing liquidated damages
provision shall not apply to or limit Purchaser’s liability for Purchaser’s obligations under
Sections 3.1(c), 3.4 and 11.1 of this Agreement or for Purchaser’s obligation to pay to Seller all
attorney’s fees and costs of Seller to enforce the provisions of this Section 9.1. Purchaser
hereby waives and releases any right to (and hereby covenants that it shall not) sue Seller or seek
or claim a refund of said Earnest Money (or any part thereof) on the grounds it is unreasonable in
amount and exceeds Seller’s actual damages or that
its retention by Seller constitutes a penalty and not agreed upon and reasonable liquidated
damages.

     9.2. Seller’s Default. If Seller fails to perform any of its obligations under this
Agreement for any reason other than Purchaser’s default or the permitted termination of this
Agreement by Seller or Purchaser as expressly provided herein, Purchaser shall be entitled, as its
sole and exclusive remedy, either (a) to receive the return of the Earnest Money from Escrow Agent,
which return shall operate to terminate this Agreement and release Seller from any and all
liability hereunder, or (b) to enforce specific performance of Seller’s obligation to execute and
deliver the documents required to convey the Property to Purchaser in accordance with this
Agreement; it being specifically understood and agreed that the remedy of specific performance
shall not be available to enforce any other obligation of Seller hereunder. Purchaser expressly
waives its rights to seek damages in the event of Seller’s default hereunder; provided, however, if
the remedy of specific performance is not legally available to Purchaser due to an intentional
breach by Seller or due to Seller’s transfer of the Property to a third party, Purchaser shall be
entitled to pursue its actual damages as a result of such breach (but not consequential, indirect
or punitive damages). Purchaser shall be deemed to have elected to terminate this Agreement and to
receive a return of the Earnest Money from Escrow Agent if Purchaser fails to file suit for
specific performance against Seller in a court having jurisdiction in the county and state in which
the Property is located, on or before one hundred twenty (120) days following the date upon which
the Closing was to have occurred.

36

 

ARTICLE 10.

ASSIGNMENT

     10.1. Assignment. Subject to the next following sentence and to Section 13.16, this
Agreement and all rights and obligations hereunder shall not be assignable by any party without the
written consent of the other. Notwithstanding the foregoing to the contrary, this Agreement and
Purchaser’s rights hereunder may be transferred and assigned to any entity controlled by Purchaser.
Any assignee or transferee under any such assignment or transfer by Purchaser as to which Seller’s
written consent has been given or as to which Seller’s consent is not required hereunder shall
expressly assume all of Purchaser’s duties, liabilities and obligations under this Agreement by
written instrument delivered to Seller as a condition to the effectiveness of such assignment or
transfer. No assignment or transfer shall relieve the original Purchaser of any duties or
obligations hereunder, and the written assignment and assumption instrument shall expressly so
provide. For purposes of this Section 10.1, the term “control” shall mean the ownership of at
least fifty percent (50%) of the applicable entity. Subject to the foregoing, this Agreement shall
be binding upon and shall inure to the benefit of the parties hereto and their respective legal
representatives, successors and permitted assigns. This Agreement is not intended and shall not be
construed to create any rights in or to be enforceable in any part by any other persons.

ARTICLE 11.

BROKERAGE COMMISSIONS

     11.1. Broker. Upon the Closing, and only in the event the Closing occurs, Seller
shall pay a brokerage commission to CB Richard Ellis, Inc. (the “Broker”) pursuant to a
separate agreement between Seller and Broker. Broker is representing Seller in this transaction.
Seller shall and does hereby indemnify and hold Purchaser harmless from and against any and all
liability, loss, cost, damage, and expense, including reasonable attorneys’ fees actually incurred
and costs of litigation, Purchaser shall ever suffer or incur because of any claim by any agent,
salesman, or broker, whether or not meritorious, for any fee, commission or other compensation with
regard to this Agreement or the sale and purchase of the Property contemplated hereby, and arising
out of any acts or agreements of Seller, including any claims asserted by Broker. Likewise,
Purchaser shall and does hereby indemnify and hold Seller free and harmless from and against any
and all liability, loss, cost, damage, and expense, including reasonable attorneys’ fees actually
incurred and costs of litigation, Seller shall ever suffer or incur because of any claim by any
agent, salesman, or broker, whether or not meritorious, for any fee, commission or other
compensation with respect to this Agreement or the sale and purchase of the Property contemplated
hereby and arising out of the acts or agreements of Purchaser. This Section 11.1 shall survive the
Closing until the expiration of any applicable statute of limitations and shall survive any earlier
termination of this Agreement.

ARTICLE 12.

INDEMNIFICATION

37

 

     12.1. Indemnification by Seller. Following the Closing and subject to Sections 12.3
and 12.4, Seller shall indemnify and hold Purchaser, and its affiliates, members, managers and
partners, and the members, managers, trustees, beneficiaries, partners, shareholders, officers,
directors, employees, representatives and agents of each of the foregoing, including, specifically,
but not by limitation, Equity Office Properties Trust, EOP Operating Limited Partnership and Equity
Office Management, L.L.C. (collectively, “Purchaser-Related Entities”) harmless from and
against any and all costs, fees, expenses, damages, deficiencies, interest and penalties
(including, without limitation, reasonable attorneys’ fees and disbursements) suffered or incurred
by any such indemnified party in connection with any and all losses, liabilities, claims, damages
and expenses (“Losses”), arising out of, or in any way relating to, (a) any breach of any
representation or warranty of Seller contained in this Agreement or in any Closing Document or in
any Seller Estoppel, and (b) any breach of any covenant of Seller contained in this Agreement which
survives the Closing or in any Closing Document or in any Seller Estoppel (including specifically,
but not limited to, the agreement to reprorate pursuant to Section 6.4). By its execution of the
Joinder attached to and made a part of this Agreement, Cousins hereby agrees to satisfy any actual
and valid liability of Seller to Purchaser after Closing which arises under this Agreement up to
but not in excess of the Cap Limitation in the event Seller has dissolved or does not have
sufficient assets to satisfy such liability. Except for the undertakings of Cousins pursuant to
the Joinder, no Seller-Related Entity, or any
entity that becomes a Seller-Related Entity, shall have any personal liability, directly or
indirectly, under or in connection with this Agreement or any agreement made or entered into under
or pursuant to the provisions of this Agreement, or any amendment or amendments to any of the
foregoing made at any time or times, heretofore or hereafter, and Purchaser and its successors and
assigns and, without limitation, all other persons and entities, shall look solely to Seller’s
assets for the payment of any claim or for any performance, and Purchaser, on behalf of itself and
its successors and assigns, hereby waives any and all such personal liability.

     12.2. Indemnification by Purchaser. Following the Closing and subject to Section
12.4, Purchaser shall indemnify and hold Seller, and its affiliates, members, managers and
partners, and the members, managers, trustees, beneficiaries, partners, shareholders, officers,
directors, employees, representatives and agents of each of the foregoing, including specifically,
but not by limitation, Cousins (collectively, “Seller-Related Entities”) harmless from any
and all Losses arising out of, or in any way relating to (a) any breach of any representation or
warranty by Purchaser contained in this Agreement or in any Closing Document, and (b) any breach of
any covenant of Purchaser contained in this Agreement which survives the Closing or in any Closing
Documents (including specifically, but not limited to, the agreement to reprorate pursuant to
Section 6.4).

     12.3. Limitations on Indemnification. Notwithstanding the foregoing provisions of
Section 12.1, (a) Seller shall not be required to indemnify Purchaser or any Purchaser Related
Entities under this Agreement unless the aggregate of all amounts for which an indemnity would
otherwise be payable by Seller under Section 12.1 above exceeds the Basket Limitation (in which
event Seller’s indemnity shall be for all such amounts), (b) in no event shall the liability of
Seller with respect to the indemnification provided for in Section 12.1 above exceed in the
aggregate the Cap Limitation, (c) if prior to the Closing, Purchaser obtains knowledge of any
inaccuracy or breach of any representation, warranty or covenant of Seller contained in this
Agreement (a “Purchaser Waived Breach”) and nonetheless proceeds with and consummates the

38

 

Closing, then Purchaser and any Purchaser-Related Entities shall be deemed to have waived and
forever renounced any right to assert a claim for indemnification under this Article 12 for, or any
other claim or cause of action under this Agreement, at law or in equity on account of any such
Purchaser Waived Breach, and (d) notwithstanding anything herein to the contrary, the Basket
Limitation and the Cap Limitation shall not apply with respect to Losses suffered or
incurred as a result of breaches of any covenant or agreement of Seller set forth in Section 6.3,
Section 6.4, or Section 11.1 of this Agreement.

     12.4. Survival. The representations, warranties and covenants contained in this
Agreement and the Closing Documents shall survive for a period of one (1) year after the Closing
unless a longer or shorter survival period is expressly provided for in this Agreement, or unless
on or before the date that is one (1) year following the Closing, Purchaser or Seller, as the case
may be, delivers written notice to the other party of such alleged breach specifying with
reasonable detail the nature of such alleged breach and files an action with respect thereto within
one hundred twenty (120) days after the giving of such notice.

     12.5. Indemnification as Sole Remedy. If the Closing has occurred, the sole and
exclusive remedy available to a party in the event of a breach by the other party to this Agreement
of any representation, warranty, or covenant or other provision of this Agreement for any Closing
Document which survives the Closing shall be the indemnifications provided for under Sections
3.1(c), Section 11.1 and this Article 12.

39

 

ARTICLE 13.

MISCELLANEOUS

     13.1. Notices. Wherever any notice or other communication is required or permitted
hereunder, such notice or other communication shall be in writing and shall be delivered by
overnight courier, hand, facsimile transmission, or sent by U.S. registered or certified mail,
return receipt requested, postage prepaid, to the addresses or facsimile numbers set out below or
at such other addresses as are specified by written notice delivered in accordance herewith:

	 	 	 
	     PURCHASER:

	 	TX-Frost Tower Limited Partnership
	 
	 	 
	 

	 	c/o Equity Office Management, L.L.C.
	 

	 	Two North Riverside Plaza
	 

	 	Suite 2100
	 

	 	Chicago, Illinois 60606
	 

	 	Attention: David Weinberg
	 

	 	Facsimile: (312) 279-9826
	 
	 	 
	     with a copy to:

	 	TX-Frost Tower Limited Partnership
	 

	 	c/o Equity Office Management, L.L.C.
	 

	 	Two North Riverside Plaza
	 

	 	Suite 2100
	 

	 	Chicago, Illinois 60606
	 

	 	Attention: Jeffrey S. Arnold
	 

	 	Facsimile: (312) 559-5209
	 
	 	 
	     SELLER:

	 	Cousins Properties Texas LP
	 

	 	c/o Cousins Properties Incorporated
	 

	 	2500 Windy Ridge Parkway
	 

	 	Suite 1600
	 

	 	Atlanta, Georgia 30339-5683
	 

	 	Attention: Corporate Secretary
	 

	 	Facsimile: (770) 303-2893
	 
	 	 
	     with a copy to:

	 	Cousins Properties Texas LP
	 

	 	401 Congress Avenue
	 

	 	Suite 1190
	 

	 	Austin, TX 78701
	 

	 	Attn: Tim Hendricks
	 

	 	Facsimile: (512) 477-3940

40

 

	 	 	 
	     with a copy to:

	 	Troutman Sanders LLP
	 

	 	Bank of America Plaza
	 

	 	600 Peachtree Street, N.E. — Suite 5200
	 

	 	Atlanta, Georgia 30308
	 

	 	Attn: James W. Addison
	 

	 	Facsimile: (404) 962-6500

Any notice or other communication (i) mailed as hereinabove provided shall be deemed effectively
given or received on the third (3rd) Business Day following the postmark date of such notice or
other communication, (ii) sent by overnight courier or by hand shall be deemed effectively given or
received upon receipt or upon refusal of delivery, and (iii) sent by facsimile transmission shall
be deemed effectively given or received on the day of such electronic transmission of such notice
and confirmation of such transmission if transmitted and confirmed prior to 5:00 p.m. Central time
on a Business Day and otherwise shall be deemed effectively given or received on the first Business
Day after the day of transmission of such notice and confirmation of such transmission.

     13.2 Possession. Full and exclusive possession of the Property, subject to the
Permitted Exceptions and the rights of the tenants under the Leases, shall be delivered by Seller
to Purchaser on the Closing Date.

     13.3 Time Periods. If the time period by which any right, option, or election
provided under this Agreement must be exercised, or by which any act required hereunder must be
performed, or by which the Closing must be held, expires on a Saturday, Sunday, or holiday, then
such time period shall be automatically extended through the close of business on the next
regularly scheduled Business Day.

     13.4 Publicity. The parties agree that, prior to Closing, except as may be required
by law and except as hereinafter provided, no party shall, with respect to this Agreement and the
transactions contemplated hereby, contact or conduct negotiations with public officials, make any
public announcements or issue press releases regarding this Agreement or the transactions
contemplated hereby to any third party without the prior written consent of the other party hereto.
Seller and Purchaser shall each have the right to approve the press release of the other party
issued in connection with the Closing, which approval shall not be unreasonably withheld; provided,
however, that the inclusion of the following information shall be expressly permitted in a press
release of either party without the consent of the other party: a description of the Property, the
Purchase Price, the name of the other party and the Closing Date. No party shall record this
Agreement or any notice hereof. Notwithstanding anything to the contrary contained herein, (i)
Purchaser may also make disclosures in accordance with, or as required by, the disclosure
requirements applicable to Equity Office Properties Trust (the “Trust”), which is an
indirect parent of Purchaser, or its affiliates, due to the Trust’s status as a publicly-held
company listed on the New York Stock Exchange or any other securities exchange (an
“Exchange”) (including, but not limited to, any disclosures in accordance with, or as
required by, the rules of, or any listing agreement with, an Exchange) and (ii) Seller may also
make disclosures in accordance with, or as required by, the disclosure requirements applicable to
Cousins, which is

41

 

an indirect parent of Seller, due to Cousins’ status as a publicly-held
company listed on an Exchange (including, but not limited to, any disclosures in accordance with,
or as required by, the rules of, or any listing agreement with, an Exchange).

     13.5 Intentionally Omitted.

     13.6 Severability. This Agreement is intended to be performed in accordance with, and
only to the extent permitted by, all applicable laws, ordinances, rules and regulations. If any
provision of this Agreement, or the application thereof to any person or circumstance, shall, for
any reason and to any extent be invalid or unenforceable, the remainder of this Agreement and the
application of such provision to other persons or circumstances shall not be affected thereby but
rather shall be enforced to the greatest extent permitted by law.

     13.7 Construction. This Agreement shall not be construed more strictly against one
party than against the other merely by virtue of the fact that this Agreement may have been
prepared by counsel for one of the parties, it being mutually acknowledged and agreed that Seller
and Purchaser and their respective counsel have contributed substantially and materially to the
preparation and negotiation of this Agreement. Accordingly, the normal rule of construction to the
effect that any ambiguities are to be resolved against the drafting party shall not be employed in
the interpretation of this Agreement or any exhibits or amendments hereto.

     13.8 Sale Notification Letters. Promptly following the Closing, Purchaser shall
deliver the Tenant Notices of Sale to each of the respective tenants under the Leases and the Other
Notices of Sale to each service provider and leasing agent, the obligations under whose respective
Service Contracts and Commission Agreements Purchaser has assumed at Closing. The provisions of
this Section shall survive the Closing.

     13.9 Access to Records Following Closing. Purchaser agrees that for a period of two
(2) years following the Closing, Seller shall have the right during regular business hours, on five
(5) days’ written notice to Purchaser, to examine and review at Purchaser’s office (or, at
Purchaser’s election, at the Property), the books and records relating to the ownership and
operation of the Property which were delivered by Seller to Purchaser at the Closing to the extent
still in Purchaser’s possession; provided nothing contained herein shall obligate Purchaser in any
way to retain such books and records. Likewise, Seller agrees that for a period of two (2) years
following the Closing, Purchaser shall have the right during regular business hours, on five (5)
days’ written notice to Seller, to examine and review at Seller’s office, all books, records and
files, if any, retained by Seller relating to the ownership and operation of the Property by Seller
prior to the Closing. The provisions of this Section shall survive the Closing for a period of two
(2) years after the Closing Date.

     13.10 Submission to Jurisdiction. Each of Purchaser and Seller irrevocably submits to
the jurisdiction of (a) the District Court of
Travis County, Texas located in Austin, Texas, and (b) the United States District Court for the
Western District of Texas for the purposes of any suit, action or other proceeding arising out of
this Agreement or any transaction contemplated hereby. Each of Purchaser and Seller further agrees
that service of any process, summons, notice or document by U.S. registered mail to such party’s
respective address set forth above shall be

42

 

effective service of process for any action, suit or
proceeding in Texas with respect to any matters to which it has submitted to jurisdiction as set
forth above in the immediately preceding sentence. Each of Purchaser and Seller irrevocably and
unconditionally waives trial by jury and irrevocably and unconditionally waives any objection to
the laying of venue of any action, suit or proceeding arising out of this Agreement or the
transactions contemplated hereby in (a) the District Court of Travis County, Texas located in
Austin, Texas, and (b) the United States District Court for the Western District of Texas, and
hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such
court that any such action, suit or proceeding brought in any such court has been brought in an
inconvenient forum.

     13.11 Entire Agreement . Except as provided in this Section 13.11, this Agreement
contains the entire agreement of the parties hereto, and no representations, inducements, promises,
or agreements, oral or otherwise, between the parties not embodied herein shall be of any force or
effect. The terms and provisions of that certain Access Agreement dated July 27, 2006, and that
certain Confidentiality Agreement dated May 26, 2006 by and between Seller and Purchaser are hereby
incorporated herein and shall remain in full force and effect, except that, to the extent of any
conflict or inconsistency between the terms of said Access and Confidentiality Agreement and this
Agreement, the terms of this Agreement shall govern and control.

     13.12 General Provisions. No failure of either party to exercise any power given
hereunder or to insist upon strict compliance with any obligation specified herein, and no custom
or practice at variance with the terms hereof, shall constitute a waiver of either party’s right to
demand exact compliance with the terms hereof. Any amendment to this Agreement shall not be
binding upon Seller or Purchaser unless such amendment is in writing and executed by both Seller
and Purchaser. Subject to the provisions of Section 10.1 hereof, the provisions of this Agreement
shall inure to the benefit of and be binding upon the parties hereto and their respective heirs,
legal representatives, successors, and permitted assigns. Time is of the essence in this
Agreement. The headings inserted at the beginning of each paragraph are for convenience only, and
do not add to or subtract from the meaning of the contents of each paragraph. This Agreement shall
be construed and interpreted under the laws of the State of Texas. Except as otherwise provided
herein, all rights, powers, and privileges conferred hereunder upon the parties shall be cumulative
but not restrictive to those given by law. All personal pronouns used in this Agreement, whether
used in the masculine, feminine, or neuter gender shall include all genders, and all references
herein to the singular shall include the plural and vice versa.

     13.13 Attorney’s Fees. If Purchaser or Seller brings an action at law or equity
against the other in order to enforce the provisions of this Agreement or as a result of an alleged
default under this Agreement, the prevailing party in such
action shall be entitled to recover court costs and reasonable attorney’s fees actually incurred
from the other.

     13.14 Counterparts. This Agreement may be executed in one or more counterparts, each
of which when taken together shall constitute one and the same original. To facilitate the
execution and delivery of this Agreement, the parties may execute and exchange counterparts of the
signature pages by facsimile, and the signature page of either party to any counterpart may be
appended to any other counterpart.

43

 

     13.15 Effective Agreement. The submission of this Agreement for examination is not
intended to nor shall constitute an offer to sell, or a reservation of, or option or proposal of
any kind for the purchase of the Property. In no event shall any draft of this Agreement create
any obligation or liability, it being understood that this Agreement shall be effective and binding
only when a counterpart of this Agreement has been executed and delivered by each party hereto.

     13.16 Section 1031 Exchange. Either Purchaser, Seller or both may elect that its
transfer or acquisition of the Property occur as part of a tax-deferred exchange under Section 1031
of the Internal Revenue Code, including a reverse exchange. Each of Purchaser and Seller shall
cooperate with the other and shall sign all documents reasonably necessary to accomplish any
exchange (including assignment of Purchaser’s rights in this Agreement and delivery of the deed to
a third party or facilitator), provided the cooperating party incurs no additional expense (above
ordinary copying, transmittal and document review time) and no liability, and the Closing is not
delayed, as a result thereof.

[Signatures commence on following page]

44

 

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day, month and
year first above written.

	 	 	 	 	 	 	 	 	 
	 	 	SELLER:
	 
	 	 	 	 	 	 	 	 
	 	 	COUSINS PROPERTIES TEXAS LP,

a Texas limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Cousins Texas GP Inc., a Georgia corporation, its general partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	     By:	 	/s/ Craig B. Jones
	 	 	 	 	 	 	
 

	 	 	 	 	     Name:	 	Craig B. Jones
	 	 	 	 	     Title:	 	Executive Vice President & Chief Administrative Officer
	 
	 	 	 	 	 	 	 	 
	 	 	PURCHASER:
	 	 	TX-FROST TOWER LIMITED PARTNERSHIP, a Delaware limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	TX-Frost Tower GP, L.L.C., a Delaware limited liability company, its general partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Equity Office Management, L.L.C., a Delaware limited liability company, its non-member manager
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ David Weinberg
	 

	 	 	 	 	 	 	 	
 

	 

	 	 	 	 	 	Name:
	 	David Weinberg
	 

	 	 	 	 	 	Title:
	 	Vice President — Investments

45

 

JOINDER OF COUSINS PROPERTIES INCORPORATED

     The undersigned, Cousins Properties Incorporated, a Georgia corporation, hereby joins in this
Agreement solely and exclusively for the purpose of obligating itself, jointly and severally with
Cousins Properties Texas LP, a Texas limited partnership, for the indemnification obligations of
Seller under Article 12 of this Agreement.

	 	 	 	 	 
	 	 	COUSINS PROPERTIES INCORPORATED,

a Georgia corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Craig B. Jones
	 

	 	 	 	
 

	 

	 	Name:
	 	Craig B. Jones
	 

	 	Title:
	 	Executive Vice President &
Chief Administrative Officer
	 

	 	 	 	 

46

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