Document:

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                                 EXHIBIT 10.41

                AGREEMENT FOR THE PURCHASE AND SALE OF PROPERTY

                            FOR THE METRIS BUILDING
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                AGREEMENT FOR THE PURCHASE AND SALE OF PROPERTY
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     THIS AGREEMENT FOR THE PURCHASE AND SALE OF PROPERTY (the "Agreement"), is
made and entered into as of the 14th day of July, 1999, by and between MERIDIAN
TULSA L.L.C., an Oklahoma limited liability company ("Seller") and WELLS
CAPITAL, INC., a Georgia corporation ("Purchaser").

                             W I T N E S S E T H:
                             - - - - - - - - - -

     WHEREAS, Seller desires to sell and Purchaser desires to purchase the
Property (as hereinafter defined) subject to the terms and conditions
hereinafter set forth.

     NOW, THEREFORE, for and in consideration of the premises, the mutual
agreements contained herein, the sum of Ten Dollars ($10.00) in hand paid by
Purchaser to Seller at and before the sealing and delivery of these presents and
for other good and valuable consideration, the receipt, adequacy, and
sufficiency which are hereby expressly acknowledged by the parties hereto, the
parties hereto do hereby covenant and agree as follows:

     1.   Purchase and Sale of Property. Subject to and in accordance with
          -----------------------------
the terms and provisions of this Agreement, Seller hereby agrees to sell to
Purchaser and Purchaser hereby agrees to purchase from Seller, the Property,
which term "Property" shall mean and include the following:

          (a) all that tract or parcel of land (the "Land") located in Tulsa,
Oklahoma, containing approximately 14.641 acres, having an address of 4848 South
129 th East Avenue, and being more particularly described on Exhibit "A" hereto;
                                                             -----------
and

          (b) all rights, privileges, and easements appurtenant to the Land,
including all water rights, mineral rights, reversions, or other appurtenances
to said Land to the extent owned by Seller, 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 proposed, adjacent to or abutting the Land; and

          (c) all buildings, structures, and improvements situated on the Land,
including, without limitation, that certain two story building containing
approximately 100,000 square feet of leasable space, the parking areas
containing approximately 700 parking spaces and other amenities to be
constructed on the Land and owned by Seller, and all apparatus, built-in
appliances, equipment, pumps, machinery, plumbing, heating, air conditioning,
electrical and other fixtures relating thereto (all of which are
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herein collectively referred to as the "Improvements"); and

          (d) all personal property now owned by Seller and located on or to be
located on or in, the Land and Improvements ("Personal Property"); and

          (e) all of Seller's right, title, and interest, as landlord or lessor,
in and to that certain lease agreement (the "Lease") with METRIS DIRECT,
INC.("Tenant"),dated March 3, 1999; and

          (f) all of Seller's right, title, and interest in and to the plans and
specifications with respect to the Improvements and any guarantees, trademarks,
rights of copyright, warranties, or other rights related to the ownership of or
use and operation of the Land, Personal Property, or Improvements, all
governmental licenses and permits, and all intangibles associated with the Land,
Personal Property, and Improvements, including the name of the Improvements and
the logo therefor, if any; and

          (g) all of Seller's right, title and interest in and to the contracts
described on Exhibit "B" hereto (the "Contracts"), to the extent the same
             -----------
survive Closing or require performance after Closing.

     2.   Earnest Money. Within two (2) business days after the full
          -------------
execution of this Agreement, Purchaser shall deliver to American Guaranty Title
Company ("Escrow Agent"), whose offices are at 4040 North Tulsa, Oklahoma City,
Oklahoma 73112, ph: #(405)942-4848, Purchaser's check, payable to Escrow Agent,
in the amount of $250,000.00 (the "Earnest Money"), which Earnest Money shall be
held and disbursed by Escrow Agent in accordance with this Agreement. The
Earnest Money shall be paid by Escrow Agent to Seller at Closing (as hereinafter
defined) and shall be applied as a credit to the Purchase Price (as hereinafter
defined), or shall otherwise be paid to Seller or refunded to Purchaser in
accordance with the terms of this Agreement. All interest and other income from
time to time earned on the Earnest Money shall belong to Purchaser and shall be
disbursed to Purchaser at any time or from time to time as Purchaser shall
direct Escrow Agent. In no event shall any such interest or other income be
deemed a part of the Earnest Money.

     3.   Purchase Price. Subject to adjustment and credits as otherwise
          --------------
specified in this Agreement, the purchase price (the "Purchase Price") to be
paid by Purchaser to Seller for the Property shall be TWELVE MILLION SEVEN
HUNDRED THOUSAND AND 00/100 DOLLARS ($12,700,000.00). The Purchase Price shall
be paid by Purchaser to Seller at the Closing (as hereinafter defined) by

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wire transfer of immediately available federal funds, less the amount of Earnest
Money and subject to prorations, adjustments and credits as otherwise specified
in this Agreement.

     4.   Purchaser's Inspection and Review Rights. Subject to the rights of
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the Tenant (as hereinafter defined), Purchaser and its agents, engineers, or
representatives, with Seller's reasonable, good faith cooperation, shall have
the privilege of going upon the Property as needed to inspect, examine, test,
and survey the Property at all reasonable times and from time to time provided
Landlord's construction activities are in no manner impaired by Purchaser.
Purchaser hereby agrees to hold Seller harmless from any liens, claims,
liabilities, and damages incurred through the exercise of such privilege, and
Purchaser further agrees to repair any damage to the Property caused by the
exercise of such privilege. At all reasonable times prior to the Closing (as
hereinafter defined), Seller shall make available to Purchaser, or Purchaser's
agents and representatives, for review and copying, all books, records, and
files in Seller's possession relating to the ownership and operation of the
Property, including, without limitation, title matters, surveys, tenant files,
service and maintenance agreements, and other contracts, books, records,
operating statements, and other information relating to the Property. Seller
further agrees to in good faith assist and cooperate with Purchaser in coming to
a thorough understanding of the books, records, and files relating to the
Property. Seller further agrees to provide to Purchaser prior to the date which
is five (5) days after the effective date of this Agreement the most current
surveys of the Land and Improvements and any title insurance policies, building
inspection reports and environmental reports relating thereto and in the
possession or under the control of Seller.

     5.   Special Condition to Closing. Purchaser shall have thirty (30)
          -----------------------------
days from the effective date of this Agreement (the "Inspection Period") to make
investigations, examinations, inspections, market studies, feasibility studies,
lease reviews, and tests relating to the Property and the operation thereof in
order to determine, in Purchaser's sole opinion and discretion, the suitability
of the Property for acquisition by Purchaser.  Purchaser shall have the right to
terminate this Agreement at any time prior to the expiration of the Inspection
Period by giving written notice to Seller of such election to terminate.  In the
event Purchaser so elects to terminate this Agreement, Seller shall be entitled
to receive and retain the sum of Twenty-Five Dollars ($25.00) of the Earnest
Money, and the balance of the Earnest Money shall be promptly refunded by Escrow
Agent to Purchaser, whereupon, except as expressly provided to the contrary in
this Agreement, no party hereto shall have any other or further

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rights or obligations under this Agreement. Seller acknowledges that the sum of
$25.00 is good and adequate consideration for the termination rights granted to
Purchaser hereunder.

     6.   General Conditions Precedent to Purchaser's Obligations Regarding
          -----------------------------------------------------------------
the Closing. In addition to the conditions to Purchaser's obligations set forth
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in Paragraph 5 above, the obligations and liabilities of Purchaser hereunder
shall in all respects be conditioned upon the satisfaction of each of the
following conditions, any of which may be waived by written notice from
Purchaser to Seller:

          (a)  Seller shall have complied in all material respects with and
otherwise performed in all material respects each of the covenants and
obligations of Seller set forth in this Agreement, as of the date of Closing (as
hereinafter defined).

          (b)  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
Closing.

          (c)  There shall have been no adverse change to the title to the
Property which has not been cured and the Title Company (as hereinafter defined)
shall have issued the Title Commitment (as hereinafter defined) on the Land and
Improvements without exceptions other than as described in paragraph 7 and the
Title Company shall be prepared to issue to Purchaser upon the Closing a fee
simple owner's title insurance policy on the Land and Improvements pursuant to
such Title Commitment.

          (d)  Purchaser shall have received the Final Tenant Estoppel
Certificate (as elsewhere defined herein),duly executed by the Tenant (as
hereinafter defined) at least five (5) days prior to the date of Closing.

          (e)  Intentionally Omitted.

          (f)  Seller shall have caused the Lease to be amended so that Sections
35 and 37 shall have been deleted therefrom.

          (g)  Seller shall have caused the Architect to execute and deliver to
Purchaser, its certificate setting forth the number of rentable square feet in
the building and stating that the Improvements have been substantially completed
in accordance with the Plans and Specifications and comply with all applicable
zoning laws, ordinances and regulations.

          (h)  Seller shall have delivered to Purchaser the certificate of the
applicable governing authority stating the

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zoning classification of the Property and that the Improvements constructed on
the Property are in compliance with all applicable zoning laws, rules and
regulations.

     7.   to the Title and Survey. Seller covenants and agrees that Seller,
          ------------------------
at its sole cost and expense, shall, on or before ten (10) days after the
Effective Date of this Agreement, cause American Guaranty Title Company, or such
other such title insurance company acceptable to Purchaser (herein referred to
as the "Title Company"), to deliver to Purchaser its commitment (herein referred
to as the "Title Commitment") to issue to Purchaser, upon the recording of the
Deed conveying title to the Property from Seller to Purchaser, the payment of
the Purchase Price, and the payment to the Title Company of the policy premium
therefor, an owner's policy of title insurance, in the amount of the Purchase
Price, insuring marketable fee simple record title to the Property to be in
Purchaser subject only to the Permitted Exceptions (as hereinafter defined),
with affirmative coverage over any mechanic's, materialman's and subcontractor's
liens and with full extended coverage over all general exceptions, and
containing the following endorsements: zoning, survey, contiguity, access and
compliance with recorded covenants and restrictions. Such Title Commitment shall
not contain any exception for rights of parties in possession other than an
exception for the right of the Tenant (as hereinafter defined)under the Lease.
If the Title Commitment shall contain an exception for the state of facts which
would be disclosed by a survey of the Property or an "area and boundaries"
exception, the Title Commitment shall provide that such exception will be
deleted upon the presentation of an ALTA/ASCM  survey acceptable to Title
Company, in which case the Title Commitment shall be amended to contain an
exception only for the matters shown on the as-built survey which Seller shall
obtain at its sole cost and expense for the benefit of Purchaser. Said survey
shall include a certification that the Property is zoned in a classification
which will permit the operating of the Property as an office building and any
conditions to the granting of such zoning have been satisfied. Seller shall also
cause to be delivered to Purchaser together with such Title Commitment, legible
copies of all documents and instruments referred to therein.  Purchaser, upon
receipt of the Title Commitment and the copies of the documents and instruments
referred to therein, shall then have 15 days during which to examine the same,
after which Purchaser shall notify Seller of any defects or objections affecting
the marketability of the title to the Property. Seller shall then have until the
Closing to cure such defects and objections and shall, in good faith, exercise
reasonable diligence to cure such defects and objections.

     8.   Representations and Warranties of Seller. Seller hereby
          ----------------------------------------

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makes the following representations and warranties to Purchaser, each of which
shall be deemed material:

          (a)  Lease. Attached hereto as Exhibit "C" is a true and accurate copy
               -----                     -----------
of the only lease in effect relating to the Property, together with all
modifications and amendments (other than Amendment required by this Agreement)
to such lease (such lease, as modified and amended, being herein referred to as
the "Lease"). Seller is the "landlord" under the Lease and owns unencumbered
legal and beneficial title to the Lease and the rents and other income
thereunder, subject only to the collateral assignment of the Lease and the rents
thereunder in favor of the holder of an existing mortgage or deed of trust
encumbering the Property, which mortgage or deed of trust shall be cancelled and
satisfied by Seller at the Closing.

          (b)  Lease - Assignment. To the best of Seller's knowledge, the Tenant
               ------------------
has not assigned its interest in the Lease or sublet any portion of the premises
leased to the Tenant under the Lease.

          (c)  Lease - Default.(I) Seller has not received any notice of
               ---------------
termination or default under the Lease,(ii) there are no existing or uncured
defaults by Seller or by the Tenant under the Lease, (iii) to the best of
Seller's knowledge, there are no events which with the passage of time or
notice, or both, would constitute a default by Seller or by the Tenant, and
Seller has complied with each and every undertaking, covenant, and obligation of
Seller under the Lease, and (iv) Tenant has not asserted any defense, set-off,
or counterclaim with respect to its tenancy or its obligation to pay rent,
additional rent, or other charges pursuant to the Lease.

          (d)  Lease - Rents and Special Consideration. Tenant:(I) has not
               ---------------------------------------
prepaid rent for more than the current month under the Lease, (ii) has not
received and is not entitled to receive any rent concession in connection with
its tenancy under the Lease other than as described in the Lease, (iii) except
for the construction of the improvements described therein, is not entitled to
any special work (not performed prior to the Closing Date),or consideration (not
yet given) in connection with its tenancy under the Lease, and (iv) does not
have any deed, option, or other evidence of any right or interest in or to the
Property, except for the Tenant's tenancy as evidenced by the express terms of
the Lease, and except for the rights under Sections 35 and 37 which shall be
extinguished on or before Closing.

          (e)  Lease - Commissions. All commissions payable under, relating to,
               -------------------
or as a result of the Lease will be cashed-out

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and paid and satisfied in full by Seller at or prior to Closing.

          (f)  Lease - Acceptance of Premises. On or before Closing (I) Tenant
               ------------------------------
will have accepted its leased premises located within the Property, including
any and all work performed therein or thereon pursuant to the Lease, (ii) Tenant
will be in full and complete possession of its premises under the Lease, and
(iii) Seller will not have received notice from the Tenant that the Tenant's
premises are not in full compliance with the terms and provisions of Tenant's
Lease or are not satisfactory for Tenant's purposes.

          (g)  No Other Agreements.  Other than the Lease, the Contracts and the
               -------------------
Permitted Exceptions, there are no leases, service contracts, management
agreements, or other agreements or instruments in force and effect, oral or
written, to which Seller is a party and that grant to any person whomsoever or
any entity whatsoever any right, title, interest or benefit in or 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.

          (h)  No Litigation. There are no actions, suits, or proceedings
               -------------
pending, or, to the best of Seller's knowledge, threatened by any organization,
person, individual, or governmental agency against Seller with respect to the
Property or against the Property, nor does Seller know of any basis for such
action.  Seller has no knowledge of any pending or threatened application for
changes in the zoning applicable to the Property or any portion thereof.

          (I)  Condemnation. No condemnation or other taking by eminent domain
               ------------
of the Property or any portion thereof has been instituted and, to the best of
Seller's knowledge, there are no pending or threatened condemnation or eminent
domain proceedings (or proceedings in the nature or in lieu thereof) affecting
the Property or any portion thereof or its use.

          (j)  Proceedings Affecting Access. The Property is served by curb cuts
               ----------------------------
for direct vehicular access to and from South 129th East Avenue and East 48th
Street South adjoining the Property. Said streets are public streets. There are
no pending or, to the best of Seller's knowledge, threatened proceedings that
could have the effect of impairing or restricting access between the Property
and either of such adjacent public roads.

          (k)  No Assessments. To the best of Seller's knowledge, no assessments
               --------------
have been made against the Property that are unpaid, whether or not they have
become liens.

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          (l)  Conditions of Improvements. Upon "Completion of Construction" (as
               --------------------------
elsewhere defined herein), there will be no structural or other defects, in the
Improvements, the heating, ventilating, air conditioning, electrical, plumbing,
water, elevator(s), roofing, storm drainage and sanitary sewer systems at or
servicing the Land and Improvements will be in good condition and working order,
and there will be no defects or deficiencies, latent or otherwise, therein.

          (m)  Certificates. Upon Completion of Construction, there will be in
               ------------
effect permanent certificates of occupancy, licenses, and permits as may be
required for the Property, and the use and occupancy of the Property will be in
compliance and conformity with the certificates of occupancy and all licenses
and permits, and there will be no notice or request of any municipal department,
insurance company or board of fire underwriters (or organization exercising
functions similar thereto), or mortgagee directed to Seller and requesting the
performance of any work or alteration to the Property which has not been
complied with.

          (n)  Violations. To the best of Seller's knowledge, there are no
               ----------
violations of law, municipal or county ordinances, or other legal requirements
with respect to the Property, and upon Completion of Construction, the
Improvements thereon will comply with all applicable legal requirements with
respect to the use, occupancy, and construction thereof.

          (o)  Utilities. All utilities and utility equipment, facilities and
               ---------
services necessary for the operation of the Improvements as contemplated by the
Plans and Specifications (as elsewhere defined herein) will be installed and
connected pursuant to valid permits and will meet the requirements of Tenant
pursuant to the Lease, including water, sanitary sewer, storm sewer and
electricity.

          (p)  Tax Returns. All property tax returns required be filed by Seller
               -----------
relating to the Property under any law, ordinance, rule, regulation, order, or
requirement of any governmental authority have been, or will be, as the case may
be, truthfully, correctly, and timely filed.  Seller shall pay, or cause to be
paid, all installments of general real estate taxes, special taxes or
assessments, service charges, water and sewer charges, private maintenance
charges, and other prior lien charges by whatever name called, which are due and
payable on or prior to the Closing Date.

          (q)  Bankruptcy. Seller is "solvent as said term is defined by
               ----------
bankruptcy law" and has not made a general assignment for the benefit of
creditors nor been adjudicated a bankrupt or

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insolvent, nor has a receiver, liquidator, or trustee for any of Seller's
properties (including the Property)been appointed or a petition filed by or
against Seller for bankruptcy, reorganization, or arrangement pursuant to the
Federal Bankruptcy Act or any similar Federal or state statute, or any
proceeding instituted for the dissolution or liquidation of Seller.

          (r)  Pre-existing Right to Acquire. Other than Purchaser, no person or
               -----------------------------
entity has any right or option to acquire the Property or any portion thereof
which will have any force or effect after the execution of this Agreement, other
than Tenant, which rights will be extinguished by lease amendment.

          (s)  Effect of Certification. To the best of Seller's knowledge,
               -----------------------
neither this Agreement nor the transactions contemplated herein will constitute
a breach or violation of, or default under, or will be modified, restricted, or
precluded by the Lease or the Permitted Exceptions.

          (t)  Authorization. Seller is a duly organized and validly existing
               -------------
limited liability company under the laws of the State of Oklahoma. This
Agreement has been duly authorized and executed on behalf of Seller and
constitutes the valid and binding agreement of Seller, enforceable in accordance
with its terms, and all necessary action on the part of Seller to authorize the
transactions herein contemplated has been taken, and no further action is
necessary for such purpose.

          (u)  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.

          (v)  Year 2000 Compliance. Seller has taken all necessary and
               --------------------
appropriate steps to assure that all building systems and material computer
applications will recognize correctly and perform date sensitive functions
involving certain dates prior to and after December 31, 1999.

          (w)  Plans and Specifications. Attached hereto as Exhibit "D" is a
               ------------------------                     -----------
complete list (to date) of all Plans and Specifications relating to the
Improvements, including all change orders, shop drawings, bulletins and other
documents varying or interpreting the architectural or other drawings. The
Improvements, when completed in accordance with the Plans and Specifications,
and when fully equipped with all of the building equipment will be ready for use
and in conformity in all material respects with all applicable laws, rules,
regulations, ordinances

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and statutes and the Lease. Seller shall cause all amendments to the Plans and
Specifications to be prepared in compliance in all material respects with (I)
the requirements and standards set forth in the Lease, (ii) all applicable
governmental requirements, and (iii) all private covenants, conditions and
restrictions of record that encumber all or any part of the Land. Seller shall
not amend the Plans and Specifications in any manner which would have a material
adverse effect on the value of the Property or without the consent of the Tenant
without the prior written consent of Purchaser, except as otherwise expressly
permitted herein. Purchaser's approval of the Plans and Specifications shall not
constitute, and shall not be deemed to constitute, an acknowledgment by
Purchaser that the Plans and Specifications comply with the requirements of the
immediately preceding sentence, nor shall Purchaser's approval of the Plans and
Specifications in any way constitute a waiver of (or diminish Seller's
obligation to satisfy fully) the requirements of the immediately preceding
sentence.

          (x)  Approvals. The requirements of all covenants, conditions and
               ---------
restrictions of record relating to the development or construction of the
Improvements, including all covenants requiring consent from any third party,
have been, or on the Closing Date will be, fully satisfied and complied with in
all material respects.

          (y)  Contracts. Attached hereto as Exhibit "B" is a complete list and
               ---------                     -----------
description of all contracts and agreements known to Seller or to which Seller
is a party relating to or affecting the Land or the development or construction
of the Improvements thereon, including without limitation any contracts or
agreements with the Architect, General Contractor, any construction manager,
other professionals or specialists, or utility companies. All such contracts or
agreements listed on said Exhibit "B" are in full force and effect. To Seller's
                          -----------
knowledge, neither party to any such contract is in default thereunder and no
event has occurred which, with the mere passage of time or the delivery of
notice or both, would constitute a default or breach thereunder. Except as
otherwise herein expressly provided, Seller shall not enter into any service,
management or maintenance contract, or amend, cancel or otherwise revise any
such contract or agreement currently in effect, without the prior written
consent of Purchaser, except that Seller shall have the right, without the
consent of Purchaser, to enter into any such contracts which are either
terminable by Seller (or, after the Closing Date, by Purchaser) upon not more
than thirty (30) days notice, or which, by their terms, have been fully
performed, complied with or terminated (and are of no further force or effect)
on or as of the Closing Date.

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          (z)  Inducements. To Seller's knowledge, there are no donations of
               -----------
monies or land or payments (other than general real estate taxes) for schools,
parks, fire departments or any other public facilities or for any other reason
which are or will be required to be made by an owner of the Improvements, and
there are no obligations burdening the Improvements created by any so-called
"recapture agreement" involving refund for sewer or water extension or other
improvement to any sewer or water systems, oversizing utility, lighting or like
expense or charge for work or services done upon or relating to the Improvements
which will bind the Purchaser or the Improvements from and after the closing.

At Closing, Seller shall represent and warrant to Purchaser that all
representations and warranties of Seller in this Agreement remain true and
correct as of the date of the Closing, except for any changes in any such
representations or warranties that occur and are disclosed by Seller to
Purchaser expressly and in writing at any time and from time to time prior to
Closing upon their occurrence, which disclosures shall thereafter be updated by
Seller to the date of Closing.  Each and all of the express warranties,
covenants, and indemnifications made and given by Seller to Purchaser herein
shall survive the execution and delivery of the Warranty Deed by Seller to
Purchaser for one year. If there is any change in any representations or
warranties and Seller does not cure or correct such changes prior to Closing,
then Purchaser may, at Purchaser's option, (I) close and consummate the
transaction contemplated by this Agreement, except that after such closing and
consummation Purchaser shall have the right to seek monetary damages from Seller
for any such changes willfully caused by Seller or any such representations or
warranties willfully breached by Seller, or (ii) terminate this Agreement by
written notice to Seller, whereupon the Earnest Money shall be immediately
returned by Escrow Agent to Purchaser, and thereafter the parties hereto shall
have no further rights or obligations hereunder, except only (1) for such rights
or obligations that, by the express terms hereof, survive any termination of
this Agreement, and (2) that Purchaser shall have the right to seek monetary
damages from Seller for any changes in such representations and warranties
willfully caused by Seller or any such representations and warranties willfully
breached by Seller and not within the actual knowledge of Purchaser at the time
of Closing.

     9.   Seller's Additional Covenants. Seller does hereby further covenant
          -----------------------------
and agree as follows:

          (a)  Operation of Property.  Seller hereby covenants that, from the
               ---------------------
date of this Agreement up to and including the date

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of Closing, Seller shall: (I) not negotiate with any third party respecting the
sale of the Property or any interest therein, (ii) not modify, amend, or
terminate the Lease or enter into any new lease, contract, or other agreement
respecting the Property, except as required hereunder, (iii) not grant or
otherwise create or consent to the creation of any easement, restriction, lien,
assessment, or encumbrance respecting the Property, other than utility easements
or ingress/egress easements necessary for the Property's development, and (iv)
cause the Property to be operated, maintained, and repaired in the same manner
as the Property is currently being operated, maintained, and repaired.

          (b)  Preservation of Lease. Seller shall, from and after the date of
               ---------------------
this Agreement to the date of Closing, use its good faith efforts to perform and
discharge all of the duties and obligations and shall otherwise comply with
every covenant and agreement of the landlord under the Lease, at Seller's
expense, in the manner and within the time limits required thereunder.
Furthermore, Seller shall, for the same period of time, use diligent and good
faith efforts to cause the Tenant under the Lease to perform all of its duties
and obligations and otherwise comply with each and every one of its covenants
and agreements under such Lease and shall take such actions as are reasonably
necessary to enforce the terms and provisions of the Lease. Seller hereby agrees
that from and after full execution of this Agreement, Seller shall not credit
any portion of the security deposit, if any, against defaults or delinquencies
of the Tenant under the Lease. On or before Closing, Seller shall cause the
Lease to be amended to reflect as the legal description of the Land (as defined
in the Lease), the legal description attached hereto as Exhibit A.

          (c)  Tenant Estoppel Certificate.  At least five (5) days prior to the
               ---------------------------
end of the Inspection Period, Seller shall obtain and deliver to Purchaser a
fully completed estoppel certificate with respect to the Lease in substantially
the form of Exhibit "E" (the "Initial Tenant Estoppel Certificate"), duly
            -----------
executed by the Tenant thereunder.  At least five (5) days prior to Closing,
Seller shall obtain and deliver to Purchaser a fully completed estoppel
certificate with respect to the Lease in substantially the form of Exhibit "F"
                                                                   -----------
(the "Final Tenant Estoppel Certificate"), duly executed by the Tenant
thereunder.

          (d)  Insurance. From and after the date of this Agreement to the date
               ---------
and time of Closing, Seller shall, at its expense,  cause to be maintained in
full force and effect the insurance coverage described in Exhibit "G".
                                                          -----------

          (e)  Permits, etc. At least five (5) days prior to the
               -------------

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Closing Date, Seller shall obtain and deliver to Purchaser copies of (I) all
building permits and other necessary governmental licenses or approvals required
in connection with the development and operation of the Improvements (to the
extent such permits are issuable as of the Closing Date); (ii) true and correct
copies of the most recent real estate tax bills and notices of assessed
valuation pertaining to the Improvements; (iii) true and correct copies of all
insurance policies and certificates of insurance in Seller's possession relating
to the Improvements or delivered to Seller by Tenant.

          (f)  CAD Disk. On or before the Closing Date, Seller shall deliver to
               --------
Purchaser as built drawings depicting the Improvements as constructed, such
drawings to be delivered on a CAD disk.

          (g)  Assignment of Contracts. With respect to the Contracts and
               -----------------------
warranties which are being assigned to Purchaser, there shall have been
delivered to Purchaser, at or prior to the Closing, written instruments from the
contracting parties whereby they consent to the assignment of the contract,
warranties and guaranties.

          (h)  Covenant to Satisfy Conditions; Effect of Failure to Satisfy.
               ------------------------------------------------------------
Seller hereby agrees to use commercially reasonable efforts to cause each of the
conditions precedent to the obligations of Purchaser to be fully satisfied,
performed and discharged, on and as of the Closing Date.

          (I)  Completion of Construction. Seller agrees that it shall, with
               --------------------------
diligence and continuity, cause the Improvements to be completed in accordance
with the Plans and Specifications and the Lease.

          (j)  Action with Respect to the Property. Seller shall not in any
               -----------------------------------
manner sell, convey, assign, transfer or encumber the Improvements or the Lease
or any part thereof or interest therein (except to secure, refinance or extend
any existing construction loan which shall be paid off on or before Closing), or
otherwise dispose of the Improvements or the Lease, or any part thereof or
interest therein, or alter or amend the zoning classification of the
Improvements, or otherwise perform or permit any act or deed which shall
materially diminish, encumber or affect Seller's rights in and to the
Improvements or prevent it from performing fully its obligations hereunder, nor
enter into any agreement to do so.

          (k)  Books and Records. Seller shall maintain, or cause to be
               -----------------
maintained, complete books and records with respect to the

                                      -13-
<PAGE>

Improvements. At all reasonable times, and upon prior notice, Purchaser shall
have the right, from time to time upon request therefor, to inspect and make
copies of all books and records of Seller relating to the Improvements, and
Seller agrees to cause the same to be made available to Purchaser for such
purpose during regular business hours at the principal offices or, at Seller's
option after notice to Purchaser, at or in the vicinity of the Improvements.

          (l)  Purchaser's Access. At all reasonable times and upon the request
               ------------------
by Purchaser, Seller shall grant to Purchaser and its engineers, architects and
other agents or representatives of Purchaser, access to the Improvements for the
purpose of making a physical inspection thereof, and each of its component
parts; provided, however, all such persons shall comply with reasonable safety
requirements of Seller, and Seller shall have no liability or obligation to any
of such persons for any injury or loss suffered while said persons are upon the
Improvements. Purchaser shall restore the Land to its condition existing
immediately before Purchaser's entry upon the Land, and Purchaser shall
indemnify and defend Seller against and hold Seller harmless from all claims,
demands, liabilities, losses, damages, costs and expenses, including reasonable
attorneys' fees and disbursements (collectively, "Claims"), in any manner
                                                  ------
arising from or caused by Purchaser in connection with entry on the Land by
Purchaser pursuant hereto; provided, however, Purchaser's foregoing obligations
shall not include any obligation or duty with respect to Claims (including
Claims that the Land has declined in value) arising out of, resulting from or
incurred in connection with (I) the discovery or presence of any Hazardous
Substances on the Land not brought on the Land by Purchaser or the Release
(other than by Purchaser) of any Hazardous Substances on the Land, or (ii) the
results, findings, tests or analyses of Purchaser's environmental investigation
of the Land.

          (m)  Progress Reports.  Seller shall report to Purchaser   in writing,
               ----------------
from time to time, but not less frequently than monthly, as to (I) the progress
of construction of the Improvements (such reports to include, without
limitation, an updated construction schedule, photographs of construction
progress to date and a monthly progress report of the General Contractor); and
(ii) such other information with respect to the Improvements and its operation
as Purchaser may reasonably request from time to time.  Seller shall report to
Purchaser in writing any construction defects or material deviations from the
Plans and Specifications promptly upon Seller becoming aware of same, which
notice shall describe the nature of such defect or deviation in reasonable
detail.

                                      -14-
<PAGE>

          (n)  Default Notices.  Seller shall deliver or cause to   be delivered
               ---------------
to Purchaser, promptly upon receipt thereof by Seller, copies of any written
notices of default, or the occurrence of any event which could result in a
default, under any construction loan, mortgage, lease, contract or agreement now
or at any time hereafter in effect with respect to the Improvements, and shall
report to Purchaser, from time to time, the status of any alleged default
thereunder. Seller shall advise Purchaser in writing, promptly upon obtaining
actual knowledge of the occurrence of any event or circumstance which
constitutes a breach of any of the representations or warranties or covenants of
Seller herein contained, which notice shall describe the nature of such event or
circumstance in reasonable detail.  Seller agrees that it will use commercially
reasonable efforts at all times to correct any such event or circumstance within
Seller's reasonable control and, to the extent the same is within the reasonable
control of Seller, to cause all representations and warranties of Seller herein
contained to be true and correct on and as of the Closing Date, and to cause
Seller to be in compliance with its covenants and obligations hereunder. Seller
shall advise Purchaser promptly in writing of the receipt, by Seller or any of
its affiliates, of notice of:  (I) the institution or threatened institution of
any judicial, quasi-judicial or administrative inquiry or proceeding with
respect to the Improvements; (ii) any notice of violation issued by any
governmental or quasi-governmental authority with respect to the Improvements,
(iii) any proposed special assessments, or (iv) any defects or inadequacies in
the Improvements or any part thereof issued by any insurance company or fire
rating bureau.

          (o)  Warranties. With respect to any warranties or guaranties relating
               ----------
to the Improvements which are assigned, or required to be assigned, to Purchaser
pursuant to Section 1(f), or otherwise, and which, by their terms or otherwise
expire, terminate or lapse at any time prior to the date which is one year
following the Substantial Completion Date (as defined in the Lease) (the
"Warranty Date"), Seller hereby assumes and agrees to pay, perform and discharge
all of the liabilities and obligations of the various contractors, suppliers and
others providing warranties or guarantees as above provided for the period from
the date of expiration thereof to and including the Warranty Date, it being the
intention of the parties hereto that such guarantees or warranties which have
expired, terminated or lapsed prior to the Warranty Date shall be extended by
the provisions of this Subsection and shall be the liability and obligation of
Seller during such extended period.

          (p)  Punch List Work.  The parties acknowledge that
               ---------------

                                      -15-
<PAGE>

certain portions of the building and the building equipment constituting a part
of the Improvements may not have been finally completed on the Closing Date.
Accordingly, the Architect shall determine the amount (the "Punch List Amount")
as may be necessary to (I) satisfactorily complete any items of construction, or
to provide any items of building equipment, required by the Plans and
Specifications which, while substantially complete, have not been finally
completed or provided on the Closing Date, other than the Seasonal Punch List
Work referred to below (the "Regular Punch List Work"); (ii) satisfactorily
complete any landscaping required by the Plans and Specifications which cannot
then be completed on account of weather or the season (the "Seasonal Punch List
Work"); and (iii) correct any material defects ("Defects") in the design or
construction of the Improvements or the materials incorporated therein (the
Defects, together with the Regular Punch List Work and the Seasonal Punch List
Work being collectively called the "Punch List Work"). If the Punch List Amount
exceeds One Hundred Thousand Dollars ($100,000), the Closing may, at the option
of Purchaser, be deferred until such time as a sufficient amount of work shall
have been performed with respect to the Seasonal Punch List Work, the Defects or
the Regular Punch List Work so that the Punch List Amount shall be reduced to an
amount within the limit prescribed. As expeditiously and prudently as possible
after the Closing Date, Seller shall complete, or cause to be completed, all of
the Punch List Work. Seller's covenant to complete the Punch List Work shall
survive the Closing and any release of construction holdbacks by Tenant under
the Lease.

          (q)  As-Built Survey. Not less than fifteen (15) days prior to the
               ---------------
Closing, Seller shall deliver to Purchaser a new, "as built" survey of the Land
and the Building (the "As-built Survey") dated not more than thirty (30) days
prior to the Closing certified to Purchaser and to the Title Company showing the
boundaries and the legal description of the Land, which survey shall be made in
compliance with the "Minimum Standard Detail Requirements for Land Title
Surveys" established by the ALTA/ACSM and currently in effect and shall contain
and disclose the matters and information set forth in Exhibit "H". The As-built
                                                      ----------
Survey shall disclose no encroachments or improvements from or upon adjoining
properties, shall show the availability of all utility services at the perimeter
of the Land, and shall otherwise be in form and content sufficient to enable the
Title Company to issue its standard form of survey modification endorsement
modifying the general exception for matters of survey. The costs of each survey
delivered by Seller pursuant hereto shall be borne entirely by Seller.

     10.  Closing.  Provided that all of the conditions set forth in this
          -------
Agreement are theretofore fully satisfied or performed, it

                                      -16-
<PAGE>

being fully understood and agreed, however, that Purchaser may expressly waive
in writing, at or prior to Closing, any conditions that are unsatisfied or
unperformed at such time, the consummation of the sale by Seller and purchase by
Purchaser of the Property (herein referred to as the "Closing") shall be held at
9:00 a.m., local time, on the fifth (5th) business day following Completion of
Construction, at the offices of Title Company, or at such earlier time as shall
be designated by Purchaser in a written notice to Seller not less than two (2)
business days prior to Closing; and the Purchase Price shall arrive in good
funds no later than noon Central Standard Time on the Closing Date, or proration
shall be adjusted by one day. The Closing shall take place through an escrow
established with the Title Company (the "Escrow") by means of a so-called New
York style closing, with the concurrent delivery of Seller's deed and other
documents of title, the delivery of the Title Policy (or marked title
commitment) described below, and the payment of the Purchase Price.

     11.  Seller's Closing Documents. For and in consideration of, and as a
          --------------------------
condition precedent to, Purchaser's delivery to Seller of the Purchase Price
described in Paragraph 3 hereof, Seller shall obtain or execute, at Seller's
expense, and deliver to Purchaser at Closing the following documents (all of
which shall be duly executed, acknowledged, and notarized where required and
shall survive the Closing):

          (a)  Special Warranty Deed. A Special Warranty Deed conveying to
               ---------------------
Purchaser insurable fee simple title to the Land and Improvements, together with
all rights, easements, and appurtenances thereto, subject only to the Permitted
Exceptions. The legal description set forth in the Warranty Deed shall be as set
forth on Exhibit "A". In the event Purchaser shall obtain a new or updated
         -----------
survey of the Land and Improvements and the legal description set forth in
Purchaser's survey shall differ from the legal description set forth on Exhibit
                                                                        -------
"A", the Special Warranty Deed shall convey title by the legal description based
---
upon such survey;

          (b)  Bill of Sale. A Bill of Sale conveying to Purchaser marketable
               ------------
title to the Personal Property in the form and substance of Exhibit "I";
                                                            -----------

          (c)  Blanket Transfer. A Blanket Transfer and Assignment in the form
               ----------------
and substance of Exhibit "J";
                 -----------

          (d)  Assignment and Assumption of Lease. An Assignment and Assumption
               ----------------------------------
of Lease in the form and substance of Exhibit "K",assigning to Purchaser all of
                                      -----------
Seller's right, title, and interest in and to the Lease and the rents thereunder
and pursuant

                                      -17-
<PAGE>

to which Purchaser shall assume all obligations under the Lease accruing after
the date of said assignment;

          (e) Seller's Affidavit. A customary seller's affidavit in the form
              ------------------
required by the Title Company;

          (f) FIRPTA Certificate. A FIRPTA Certificate in such form as Purchaser
              ------------------
shall reasonably approve;

          (g) Certificates of Occupancy. The original Certificates of occupancy
              -------------------------
for all space within the Improvements;

          (h) Marked Title Commitment. The Title Commitment, marked to change
              -----------------------
the effective date thereof through the date and time of recording the Special
Warranty Deed from Seller to Purchaser, to reflect that Purchaser is vested with
the fee simple title to the Land and the Improvements, and to reflect that all
requirements for the issuance of the final title policy pursuant to such Title
Commitment have been satisfied;

          (I) Keys and Records.  The original tenant files and other books and
              ----------------
records (other than matters solely between Seller and the general contractor
relating to the construction contract) relating to the Property in Seller's
possession;

          (j) Tenant Notice. Notice from Seller to the Tenant of the sale of the
              -------------
Property to Purchaser in such form as Purchaser shall reasonably approve;

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

          (l) Other Documents. Such other documents as shall be reasonably
              ---------------
required by Purchaser's counsel.

     12.  Purchaser's Closing Documents. Purchaser shall obtain or execute
          -----------------------------
and deliver to Seller at Closing the following documents, all of which shall be
duly executed and acknowledged where required and shall survive the Closing:

          (a) Blanket Transfer. The Blanket Transfer and Assignment;
              ----------------

          (b) Assignment and Assumption of Lease. The Assignment and Assumption
              ----------------------------------
of Lease;

          (c) Settlement Statement. A settlement statement setting forth the
              --------------------
amounts paid by or on behalf of and/or credited

                                      -18-
<PAGE>

to each of Purchaser and Seller pursuant to this Agreement; and

          (d) Other Documents. Such other documents as shall be reasonably
required by Seller's counsel.

     13.  Closing Costs.  Seller shall pay the cost of the Title Commitment
          -------------
(excluding endorsements), including the cost of the examination of title to the
Property made in connection therewith, the premium (excluding endorsements) for
the owner's policy of title insurance issued pursuant thereto, the cost of any
transfer or documentary tax imposed by any jurisdiction in which the Property is
located, the cost of the as-built survey, the attorneys' fees of Seller, 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 endorsements to the Title Policy, the attorneys' fees of Purchaser, and all
other costs and expenses incurred by Purchaser in closing and consummating the
purchase and sale of the Property pursuant hereto.  Each party shall pay one-
half of any escrow fees.

     14.  Prorations.  The following items shall be prorated and/or credited
          ----------
between Seller and Purchaser as of Midnight preceding the date of Closing:

          (a) Rents. Rents, additional rents, and other income of the Property
              -----
(other than security deposits, which shall be assigned and paid over to
Purchaser) collected by Seller from Tenant for the month of Closing. Purchaser
shall also receive a credit against the Purchase Price payable by Purchaser to
Seller at Closing for any rents or other sums (not including security deposits)
prepaid by Tenant to Seller for any period following the month of Closing, or
otherwise.

          (b) Property Taxes. Except for such taxes which are the responsibility
              --------------
of Tenant, City, state, county, and school district ad valorem taxes based on
the ad valorem tax bills for the Property, if then available, or if not, then on
the basis of the latest available tax figures and information. Should such
proration be based on such latest available tax figures and information and
prove to be inaccurate upon receipt of the ad valorem tax bills for the Property
for the year of Closing, either Seller or Purchaser, as the case may be, may
demand at any time after Closing a payment from the other correcting such
malapportionment. In addition, if after Closing there is an adjustment or
reassessment by any governmental authority with respect to, or affecting, any ad
valorem taxes for the Property for the year of Closing or any prior year, any
additional tax payment for the Property required to be paid with respect to the

                                      -19-
<PAGE>

year of Closing shall be prorated between Purchaser and Seller and any such
additional tax payment for the Property for any year prior to the year of
Closing shall be paid by Seller. This agreement shall expressly survive the
Closing.

          (c) Utility Charges. Except for utilities which are the responsibility
              ---------------
of Tenant, Seller shall pay all utility bills received prior to Closing and
shall be responsible for utilities furnished to the Property prior to Closing.
Purchaser shall be responsible for the payment of all bills for utilities
furnished to the Property subsequent to the Closing. Seller and Purchaser hereby
agree to prorate and pay their respective shares of all utility bills received
subsequent to Closing, which agreement shall survive Closing.

     The information to be furnished by Seller on which the computation of
prorations is based shall be true, correct and complete in all respects.

     15.  Purchaser's Default. In the event of default by Purchaser under
          -------------------
the terms of this Agreement, Seller's sole and exclusive remedy shall be to
receive the Earnest Money as liquidated damages and thereafter the parties
hereto shall have no further rights or obligations hereunder whatsoever. It is
hereby agreed that Seller's damages will be difficult to ascertain and that the
Earnest Money constitutes a reasonable liquidation thereof and is intended not
as a penalty, but as fully liquidated damages. Seller agrees that in the event
of default by Purchaser, it shall not initiate any proceeding to recover damages
from Purchaser, but shall limit its recovery to the retention of the Earnest
Money.

     Seller's Initial ILLEGIBLE        Purchaser's Initials ILLEGIBLE
                      ---------                             ---------

     16.  Seller's Default.  In the event of default by Seller under the
          ----------------
terms of this Agreement, at Purchaser's option: (I) if any such defects or
objections consist of taxes, mortgages, deeds of trust, deeds to secure debt,
mechanic's or materialman's liens, or other such monetary encumbrances,
Purchaser shall have the right to cure such defects or objections, in which
event the Purchase Price shall be reduced by an amount equal to the reasonable
third-party out-of-pocket costs and expenses incurred by Purchaser in connection
with the curing of such defects or objections, and upon such curing, the Closing
hereof shall proceed in accordance with the terms of this Agreement; or (ii)
Purchaser shall have the right to terminate this Agreement by giving written
notice of such termination to Seller, whereupon Escrow Agent shall promptly
refund all Earnest Money to Purchaser, and Purchaser and Seller shall have no
further rights, obligations, or liabilities

                                      -20-
<PAGE>

hereunder, except as may be expressly provided to the contrary herein; or (iii)
Purchaser shall have the right to accept title to the Property subject to such
defects and objections with no reduction in the Purchase Price, in which event
such defects and objections shall be deemed "Permitted Exceptions"; or (iv)
Purchaser may elect to seek specific performance of this Agreement.

     17.  Condemnation.  If, prior to the Closing, all or any part of the
          ------------
Property (which part allows the Tenant under the Lease to terminate the Lease or
otherwise reduce the rent payable thereunder) is subjected to a bona fide threat
of condemnation by a body having the power of eminent domain or is taken by
eminent domain or condemnation (or sale in lieu thereof), or if Seller has
received notice that any condemnation action or proceeding with respect to the
Property is contemplated by a body having the power of eminent domain, Seller
shall give Purchaser immediate written notice of such threatened or contemplated
condemnation or of such taking or sale, and Purchaser may by written notice to
Seller given within thirty (30) days of the receipt of such notice from Seller,
elect to cancel this Agreement. If Purchaser chooses to cancel this Agreement in
accordance with this Paragraph 17, 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. If Purchaser does not elect to cancel this
Agreement in accordance herewith, 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
that have been or that may thereafter be made for such taking.

     18.  Damage or Destruction.  If any of the Improvements shall be
          ---------------------
destroyed or damaged prior to the Closing, and the estimated cost of repair or
replacement exceeds One Hundred Thousand Dollars ($100,000.00) or if the Lease
shall terminate as a result of such damage, Purchaser may, by written notice
given to Seller within twenty (20) days after receipt of written notice from
Seller of such damage or destruction, elect to terminate this Agreement, in
which event the Earnest Money shall immediately be returned by Escrow Agent to
Purchaser and except as expressly provided herein to the contrary, the rights,
duties, obligations, and liabilities of all parties hereunder shall immediately
terminate and be of no further force or effect. If Purchaser does not elect to
terminate this Agreement pursuant to this Paragraph

                                      -21-
<PAGE>

18, or has no right to terminate this Agreement (because the damage or
destruction does not exceed $100,000.00 and the Lease remains in full force and
effect), and the sale of the Property is consummated, Purchaser shall be
entitled to receive all insurance proceeds paid or payable to Seller by reason
of such destruction or damage under the insurance required to be maintained by
Seller pursuant to Paragraph 9(d) hereof (less amounts of insurance theretofore
received and applied by Seller to restoration). If the amount of said casualty
or rent loss insurance proceeds is not settled by the date of Closing, Seller
shall execute at Closing all proofs of loss, assignments of claim, and other
similar instruments to ensure that Purchaser shall receive all of Seller's
right, title, and interest in and under said insurance proceeds.

     19.  Hazardous Substances.  Seller hereby warrants and represents, to
          --------------------
the best of Seller's knowledge that, except as may be disclosed in that certain
Phase I Environmental Assessment dated February 18, 1999, revised March 5, 1999
performed by A&M Engineering and Environmental Services, Inc., Project No. 1659-
001, (I) no "hazardous substances", as that term is defined in the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended, 42
U.S.C. Section 9601, et. seq., the Resource Conservation and Recovery Act, as
                     --  ---
amended, 42 U.S.C. Section 6901 et. seq., and the rules and regulations
                                --  ---
promulgated pursuant to these acts, any so-called "super-fund" or "super-lien"
laws or any applicable state or local laws, nor any other pollutants, toxic
materials, or contaminants have been or shall prior to Closing be discharged,
disbursed, released, stored, treated, generated, disposed of, or allowed to
escape on the Property, (ii) no asbestos or asbestos containing materials have
been installed, used, incorporated into, or disposed of on the Property, (iii)
no polychlorinated biphenyls are located on or in the Property, in the form of
electrical transformers, fluorescent light fixtures with ballasts, cooling oils,
or any other device or form, (iv) no underground storage tanks are located on
the Property or were located on the Property and subsequently removed or filled,
(v) no investigation, administrative order, consent order and agreement,
litigation, or settlement with respect to Hazardous Substances is proposed,
threatened, anticipated or in existence with respect to the Property, and (vi)
the Property has not previously been used as a landfill, cemetery, or as a dump
for garbage or refuse. Seller hereby indemnifies Purchaser and holds Purchaser
harmless from and against any loss, cost, damage, liability or expense due to or
arising out of the breach of any representation or warranty contained in this
Paragraph.

     20.  Assignment.  Purchaser's rights and duties under this Agreement
          ----------
shall not be assignable except to an affiliate of Purchaser without the consent
of Seller which consent shall not be

                                      -22-
<PAGE>

unreasonably withheld.

     21.  Broker's Commission. Seller has by separate agreement agreed to
          -------------------
pay a brokerage commission to First Fidelity Mortgage Corp.(the "Broker").
Purchaser and Seller hereby represent each to the other that they have not
discussed this Agreement or the subject matter hereof with any real estate
broker or agent other than Broker so as to create any legal right in any such
broker or agent to claim a real estate commission with respect to the conveyance
of the Property contemplated by this Agreement. Seller shall and does hereby
indemnify and hold harmless Purchaser from and against any claim, whether or not
meritorious, for any real estate sales commission, finder's fees, or like
compensation in connection with the sale contemplated hereby and arising out of
any act or agreement of Seller, including any claim asserted by Brokers and any
broker or agent claiming under Broker.  Likewise, Purchaser shall and does
hereby indemnify and hold harmless Seller from and against any claim, whether or
not meritorious, for any real estate sales commission, finder's fees, or like
compensation in connection with the sale contemplated hereby and arising out of
any act or agreement of Purchaser, except any such claim asserted by Broker and
any broker or agent claiming under Brokers.  This Paragraph 21 shall survive
the Closing or any termination of this Agreement.

     22.  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, by hand, or sent by U.S. registered
or certified mail, return receipt requested, postage prepaid, to the addresses
set out below or at such other addresses as are specified by written notice
delivered in accordance herewith:

PURCHASER:                       c/o Wells Capital, Inc.
                                 3885 Holcomb Bridge Road
                                 Norcross, Georgia 30092
                                 Attn: Mr. Leo F. Wells, III

with a copy to:                  O'Callaghan & Stumm LLP
                                 127 Peachtree Street, N. E., Suite 1330
                                 Atlanta, Georgia 30303
                                 Attn: William L. O'Callaghan, Esq.

SELLER:                          c/o TOLD Development Company
                                 6900 Wedgewood Road, Suite 100
                                 Maple Grove, Minnesota 55311
                                 Attn: Thomas M. Burke

with a copy to :                 c/o TOLD Development Company

                                      -23-
<PAGE>

                                 20800 Swenson Drive, Suite #490
                                 Waukesha, WI 53186
                                 Attn:  Michael D. Arneson

Any notice or other communication mailed as hereinabove provided shall be deemed
effectively given or received on the date of delivery, if delivered by hand or
by overnight courier, or otherwise on the third (3rd) business day following the
postmark date of such notice or other communication.

     23.  Possession.  Possession of the Property shall be granted by
          ----------
Seller to Purchaser on the date of Closing, subject only to the Lease and the
Permitted Exceptions.

     24.  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.

     25.  Indemnities.  Seller hereby agrees to indemnify, defend and hold
          -----------
Purchaser free and harmless of and from any and all claims of any kind or
nature, arising out of or based on any failure of Seller to perform all
obligations of Seller in accordance with the Lease or any contracts or permits
relating to the construction, ownership, operation, leasing of the Improvements
(or any event by Seller or condition that, after notice or the passage of time,
or both, would constitute a breach, default or violation by Seller) under any of
the foregoing arising on or prior to the Closing Date, or any personal injury or
property damage (other than damage to the Land, the building or the building
equipment) occurring in, on or about the Improvements before the Closing Date,
except to the extent any of the foregoing shall be expressly assumed by
Purchaser pursuant to the provisions hereof.  With respect to any liabilities or
obligations which, after the Closing Date, are the liabilities or obligations of
Purchaser under the provisions of this Agreement, or which have been expressly
assumed in writing by Purchaser, or which arise solely as a result of the acts
of Purchaser, Purchaser shall indemnify, defend, and hold Seller, free and
harmless from any and all claims in connection therewith.

     26.  Survival of Provisions.  All covenants, warranties, and
          ----------------------
agreements set forth in this Agreement shall survive the execution or delivery
of any and all deeds and other documents at any time executed or delivered
under, pursuant to, or by reason of this Agreement, and shall survive the
payment of all monies made under,

                                      -24-
<PAGE>

pursuant to, or by reason of this Agreement for a period of one year from
Closing except with respect to paragraph 19 which shall survive for an unlimited
time.

     27.  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.

     28.  Authorization.  Purchaser represents to Seller that this
          -------------
Agreement has been duly authorized and executed on behalf of Purchaser and
constitutes the valid and binding agreement of Purchaser, enforceable in
accordance with its terms, and all necessary action on the part of Purchaser to
authorize the transactions herein contemplated has been taken, and no further
action is necessary for such purpose.

     29.  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. 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. Any amendment to this Agreement shall not be binding upon the parties
hereto unless such amendment is in writing and executed by all parties hereto.
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 assigns. Time is of the essence of this Agreement. This
Agreement may be executed in multiple counterparts, each of which shall
constitute an original, but all of which taken together shall constitute one and
the same 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 Oklahoma.  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

                                      -25-
<PAGE>

and vice versa.

     30.  Effective Date.  The "effective date" of this Agreement shall be
          --------------
deemed to be the date this Agreement is fully executed by both Purchaser and
Seller and a fully executed original counterpart of this Agreement has been
received by both Purchaser and Seller.

     31.  Duties as Escrow Agent.  In performing its duties hereunder, Escrow
          ----------------------
          Agent shall not incur any liability to anyone for any damages, losses
          or expenses, except for its gross negligence or willful misconduct,
          and it shall accordingly not incur any such liability with respect to
          any action taken or omitted in good faith upon advice of its counsel
          or in reliance upon any instrument, including any written notice or
          instruction provided for in this Agreement, not only as to its due
          execution and the validity and effectiveness of its provision, but
          also as to the truth and accuracy of any information contained therein
          that Escrow Agent shall in good faith believe to be genuine, to have
          been signed or presented by a proper person and to conform to the
          provisions of this Agreement. Seller and Purchaser hereby agree to
          indemnify and hold harmless Escrow Agent against any and all losses,
          claims, damages, liabilities and expenses, including reasonable costs
          of investigation and legal fees and disbursements, that may be imposed
          upon Escrow Agent or incurred by Escrow Agent in connection with its
          acceptance or performance of its duties hereunder as escrow agent,
          including without limitation, any litigation arising out of this
          Agreement. If any dispute shall arise between Seller and Purchaser
          sufficient in the discretion of Escrow Agent to justify its doing so,
          Escrow Agent shall be entitled to tender into the registry or custody
          of the clerk of the Court for the county in which the Property is
          located or the clerk for the United States District Court having
          jurisdiction over the county in which the Property is located, any or
          all money (less any sums required to pay Escrow Agent's attorneys'
          fees in filing such action), property or documents in its hands
          relating to this Agreement, together with such pleadings as it shall
          deem appropriate, and thereupon be discharged from all further duties
          under this Agreement. Seller and Purchaser shall bear all costs and
          expenses of any such legal proceedings.

                                      -26-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed and their respective seals to be affixed hereunto as of the
day, month and year first above written.

              "SELLER":

              MERIDIAN TULSA L.L.C.,
              an Oklahoma limited liability company

              By:  /s/ Bryant J. Wangard
                   ---------------------------------
                   Bryant J. Wangard
              Its: Manager

              "PURCHASER":

              WELLS CAPITAL, INC.

              By:  /s/ Leo F. Wells
                   ---------------------------------

              Its: President
                   ---------------------------------

              "ESCROW AGENT":

              AMERICAN GUARANTY TITLE COMPANY

              By:  /s/ ILLEGIBLE
                   ---------------------------------

              Its: Sr. Vice President
                   ---------------------------------

                                      -27-
<PAGE>

                              Schedule of Exhibits
                              --------------------

     Exhibit "A"   -    Description of Land
     Exhibit "B"   -    Contracts
     Exhibit "C"   -    Copy of Lease
     Exhibit "D"   -    List of Plans and Specifications
     Exhibit "E"   -    Form of Initial Tenant Estoppel Certificate
     Exhibit "F"   -    Form of Final Tenant Estoppel Certificate
     Exhibit "G"   -    Schedule of Insurance Policies
     Exhibit "H"   -    Survey Requirements
     Exhibit "I"   -    Bill of Sale Form
     Exhibit "J"   -    Blanket Transfer and Assignment Form
     Exhibit "K"   -    Assignment and Assumption of Lease Form

                                      -28-
<PAGE>

          EXHIBIT "A"
          LEGAL DESCRIPTION

                                      -29-
<PAGE>

                                  EXHIBIT "A"
                                  -----------

Beginning at the Northwest corner of Lot 2, Block 1 of the AmberJack
Subdivision, an addition to the City of Tulsa, Tulsa County, Oklahoma. According
to the recorded plat thereof; thence along a curve to the left, having a central
angle of 25-02-41 and a radius of 384.0 feet, a distance of 167.85 feet; thence
S 89-55-46 E, a distance of 233.89 feet; thence along a curve to the left,
having a central angle of 06-37-00 and a radius of 1022.0 feet, a distance of
118.02 feet; thence N 83-27-14 E, a distance of 136.06 feet; thence along a
curve to the right, having a central angle of 06-37-00 and a radius of 978.0
feet, a distance of 112.94 feet; thence S 89-55-46 E, a distance of 62.16 feet;
thence along a curve to the right, having a central angle of 90-00-00 and a
radius of 30.0 feet, a distance of 47.12 feet; thence S 00-04-14 W, a distance
of 818.30 feet to the Southeast corner of said Lot 2; thence S 00-04-14 W, a
distance of 255.06 feet; thence N 89-55-39 W, a distance of 40.76 feet; thence
along a curve to the right, having a central angle of 64-20-01 and a radius of
150.0 feet, a distance of 168.43 feet; thence N 25-35-38 W, a distance of 61.30
feet; thence along a curve to the left, having a central angle of 30-52-07 and a
radius of 350.0 feet, a distance of 188.57 feet; thence N 56-27-45 W, a distance
of 457.44 feet; thence along a curve to the right, having a central angle of
45-52-49 and a radius of 225.0 feet, a distance of 180.17 feet; thence N
10-34-56 W, a distance of 235.91 feet; thence N 25-32-15 E, a distance of 50.89
feet; thence N 10-34-56 W, a distance of 156.31 feet to the point of beginning.
Containing 14.641 acres, more or less.
<PAGE>

                                  EXHIBIT "B"
                               LIST OF CONTRACTS
                               -----------------

1.   Standard form of Agreement between Owner and Architect - Meridian
     Properties Real Estate Development LLC, as Owner, KKE Architects, as
     Architect dated August 8, 1998 (Consent of Architect necessary for
     assignment).

2.   Standard form of Agreement between Owner and Contractor (with GMAX) between
     Meridian Tulsa L.L.C. (Owner) and Manhattan Construction Company,
     Contractor dated February 26, 1999.<PAGE>

                                 EXHIBIT 10.42

                     ASSUMPTION AND MODIFICATION AGREEMENT

                              FOR THE METRIS LOAN
<PAGE>

THIS ASSUMPTION AND MODIFICATION AGREEMENT REDUCES THE MAXIMUM PRINCIPAL AMOUNT
OF A LOAN THAT WAS MADE ON MARCH 29, 1999 AND IS SECURED BY A MORTGAGE RECORDED
ON APRIL 8, 1999 FROM $10,250,000 TO $8,000,000 AND EXTENDS THE SCHEDULED FINAL
MATURITY DATE OF SUCH LOAN FROM JUNE 29, 2000 TO FEBRUARY 11, 2003

                     ASSUMPTION AND MODIFICATION AGREEMENT
                     -------------------------------------

     THIS ASSUMPTION AND MODIFICATION AGREEMENT (this "Agreement") is made as of
the 11th day of February, 2000, by and among M&I MARSHALL & ILSLEY BANK, a
Wisconsin banking corporation ("Lender"), having its principal office and place
of business at 770 North Water Street, Milwaukee, Wisconsin 53201-2035, MERIDIAN
TULSA L.L.C., an Oklahoma limited liability company ("Borrower"), having its
principal office and place of business at 6385 Old Shady Oak Road, Suite 120,
Eden Prairie, Minnesota 55344 and WELLS OPERATING PARTNERSHIP, L.P., a Delaware
limited partnership ("Assignee") having its principal office and place of
business at 6200 The Corners Parkway, Suite 250, Norcross, Georgia 30092.

                             W I T N E S S E T H:
                             -------------------

     WHEREAS, Lender has made a construction loan to the Borrower pursuant to
the terms of a Loan Agreement dated as of March 29, 1999 between Lender's
predecessor in interest, Richter-Schroeder Company, Inc. ("Richter-Schroeder")
and Borrower (the "Loan Agreement"); and

     WHEREAS, the Borrower has satisfied the conditions set forth in the Loan
Agreement for the conversion of the construction loan to a three-year term loan
(in either instance, the "Loan"); and

     WHEREAS, the Loan is secured by, among other things, (i) that certain
Mortgage and Security Agreement and Fixture Financing Statement, dated March 29,
1999 (the "Mortgage"), made by the Borrower and recorded on April 8, 1999, in
the office of the Clerk for Tulsa County, Oklahoma as Document No. 99040529,
encumbering the real property legally described on Exhibit A attached hereto and
                                                   ---------
incorporated herein by this reference (the "Mortgaged Property") and (ii) that
certain Assignment of Rents, Leases and Profits dated March 29, 1999 (the
"Assignment of Rents"), recorded on April 8, 1999, in the office of the Clerk
for Tulsa County, Oklahoma as Document No.99040530, also made by Borrower with
respect to the Mortgaged Property.  The promissory note evidencing the Loan, the
Loan Agreement, the Mortgage, the Assignment of Rents and the related financing
statements were assigned by Richter-Schroeder to the Lender pursuant to an
Assignment of Mortgage and Related Documents dated March 29,
<PAGE>

1999, recorded on April 8, 1999, in the office of the Clerk for Tulsa County,
Oklahoma as Document No. 99040558, and are hereinafter collectively referred to
as the "Original Loan Documents." This Agreement and the other documents
executed and/or delivered by and/or among Borrower and/or Lender and/or Assignee
in connection with modification of the terms of the Loan pursuant to this
Agreement are hereinafter collectively referred to as the "Modification
Documents." The Original Loan Documents and the Modification Documents are
hereinafter collectively referred to as the "Loan Documents";

     WHEREAS, by deed dated February 11, 2000, and recorded in the office of the
Clerk for Tulsa County, Oklahoma, Borrower has transferred and conveyed to
Assignee title to the Mortgaged Property;

     WHEREAS, Borrower and Assignee have requested that Lender (i) consent to
Borrower's transfer and conveyance to Assignee of title to the Mortgaged
Property, (ii) permit Borrower to assign to Assignee all of Borrower's
obligations under the Loan Documents, (iii) permit Assignee to assume the Loan
and all of the terms, covenants and conditions of the Loan Documents, (iv)
release the Borrower and the Guarantors from their obligations with respect to
the Loan once the Assignee assumes the Borrower's obligations and (v) amend the
Loan Documents to reduce the principal amount of the Loan and make certain other
changes as hereinafter set forth;

     WHEREAS, as of the date of this Agreement, the Original Loan Documents are
in full force and effect, without any defenses, claims or offsets of any kind or
nature whatsoever; and

     WHEREAS, subject to strict compliance with the terms, provisions,
conditions, covenants and requirements set forth in this Agreement, Lender is
willing to agree to these requests by Borrower and Assignee; and

     WHEREAS, capitalized terms that are not otherwise defined herein shall have
the meanings attributed to them in the Loan Agreement;

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

                                   ARTICLE I
                       GENERAL COVENANTS AND PROVISIONS

Section 1.01.  Borrower and Assignee each hereby acknowledge and agree that the
------------
foregoing recitals are true, accurate and correct, and are incorporated herein
by this reference.

                                       2
<PAGE>

Section 1.02.  To the extent not otherwise defined herein to the contrary, all
------------
terms and phrases used in this Agreement shall have the respective meanings
ascribed to them in the Loan Documents.

Section 1.03.  Borrower hereby assigns to Assignee all of Borrower's duties,
------------
responsibilities and obligations under the Loan Documents.

Section 1.04.  Assignee hereby (a) assumes and agrees to repay the Loan at the
------------
times, in the manner and in all respects as provided in the Loan Documents (as
modified by this Agreement), as fully and as if Assignee were the original
borrower thereof; (b) assumes and agrees to perform each and every covenant,
agreement and obligation of the Borrower under the Loan Agreement (as amended by
this Agreement), the Term Note (as amended by this Agreement), the Mortgage (as
amended by this Agreement), the Assignment of Rents (as amended by this
Agreement) and, at the time, in the manner and in respects as provided in each
of such documents; and (c) agrees to be bound by each and every term and
provision of the Loan Agreement (as amended by this Agreement), the Term Note
(as amended by this Agreement), the Mortgage (as amended by this Agreement) and
the Assignment of Rents (as amended by this Agreement).

Section 1.05.  In addition to all other representations, warranties, covenants
------------
and agreements contained in this Agreement, Borrower hereby represents,
warrants, covenants and agrees as follows:

(a)  The outstanding principal balance of the Loan, effective as of the date
     hereof, is $8,000,000, and interest has been paid on such principal balance
     to the date hereof.

(b)  The Borrower's obligation with respect to the Loan is not subject to any
     defenses, offsets, claims or counterclaims.

(c)  To the fullest extent permitted by applicable law, Borrower waives and
     releases any and all defenses, whether legal or equitable in nature, which
     it may have or allege to have to the enforcement by Lender of its rights
     and remedies under the Loan Documents.

(d)  The covenants and obligations set forth in this Agreement benefit and are
     in the best interest of Borrower.

(e)  The consideration received and to be received by Borrower pursuant to this
     Agreement is adequate and sufficient in all respects.

(f)  This Agreement and all documents signed by Borrower in connection with this
     Agreement are entered into by Borrower without duress, and Borrower has
     relied upon the advice of competent independent legal counsel in entering
     into such documents.

                                       3
<PAGE>

(g)  Borrower agrees that the Mortgage and all other documents securing the
     payment of the Loan continue in full force and effect, and that nothing
     herein contained shall affect or impair the validity or priority of the
     liens and security interests held by Lender; rather, the validity and
     priority of such liens and security interests are hereby expressly
     acknowledged and confirmed by Borrower as being superior to any and all
     other rights in and to the Mortgage Property.

(h)  This Agreement is a legal, valid and binding obligation of Borrower,
     enforceable against Borrower in accordance with its terms.

(i)  Borrower agrees to indemnify and hold Lender harmless from and against any
     losses, damages, claims, costs or expenses (including reasonable attorneys'
     fees and court costs) incurred by Lender as a direct or indirect result of
     a breach of any representation or warranty by Borrower set forth in this
     Agreement or any documents referenced herein.

(j)  Borrower is not in default under any of the Loan Documents.

(k)  Borrower agrees to indemnify and hold Assignee harmless from and against
     any losses, damages, claims, costs or expenses (including reasonable
     attorneys' fees and court costs) incurred by Assignee as a direct or
     indirect result of a breach of any representation or warranty by Borrower
     set forth in this Agreement or any documents referenced herein and with
     respect to matters concerning the Original Loan Documents arising on or
     prior to the date hereof.

Section 1.06.  In addition to all other representations, warranties, covenants
------------
and agreements contained in this Agreement, Assignee hereby represents,
warrants, covenants and agrees as follows:

(a)  The indebtedness evidenced by the Term Note is valid and subsisting and is
     not subject to any defenses, offsets, claims or counterclaims.

(b)  To the fullest extent permitted by applicable law, Assignee waives and
     releases any and all defenses, whether legal or equitable in nature, which
     it may have or allege to have to the enforcement by Lender of its rights
     and remedies under the Loan Agreement, the Term Note, the Mortgage and all
     other Loan Documents.

(c)  The covenants and obligations set forth in this Agreement benefit and are
     in the best interest of Assignee.

(d)  The consideration received and to be received by Assignee pursuant to this
     Agreement is adequate and sufficient in all respects.

                                       4
<PAGE>

(e)  This Agreement and all documents signed by Assignee in connection with this
     Agreement are entered into by Assignee without duress, and Assignee has
     relied upon the advice of competent independent legal counsel in entering
     into such documents.

(f)  Assignee agrees that the Loan Agreement, the Term Note, the Mortgage and
     all other documents securing the payment of the Loan continue in full force
     and effect, and that nothing herein contained shall affect or impair the
     validity or priority of the liens and security interests held by Lender;
     rather, the validity and priority of such liens and security interests are
     hereby expressly acknowledged and confirmed by Assignee as being superior
     to any and all other rights in and to the Mortgage Property.

(g)  Assignee's United States taxpayer identification number is 58-2368838.

(h)  Assignee agrees to indemnify and hold Lender harmless from and against any
     losses, damages, claims, costs or expenses (including attorneys' fees and
     court costs) incurred by Lender as a direct or indirect result of a breach
     of any representation or warranty by Assignee set forth in this Agreement
     or, from and after the date hereof, any documents referenced herein.

Section 1.07  The Assignee acknowledges and agrees that the outstanding
------------
principal balance of the Note for which the Assignee shall be liable is, as of
the date hereof, $8,000,000 and that it will be liable for the payment of
interest on such sum from the date hereof.

Section 1.08.  Upon the effectiveness of this Agreement, Lender releases the
------------
Borrower and the Guarantor from their respective obligations with respect to the
Loan, and all references in the Loan Documents to "Borrower" (or other
appellations pertaining to the Borrower in this Agreement) shall be deemed
references to the Assignee under this Agreement.

                                  ARTICLE II
                 MODIFICATION OF LOAN AGREEMENT AND TERM NOTE

Section 2.01.  The form of Term Note attached to the Loan Agreement as Exhibit C
------------                                                           ---------
is hereby replaced in its entirety with the form of Term Note attached as
Exhibit B to this Agreement and all references to the "Note" or the "Term Note"
---------
hereafter shall mean references to the Term Note attached as Exhibit B hereto.
                                                             ---------

Section 2.02.  The provisions of Section 1(b) of the Loan Agreement requiring
------------
the Borrower to make monthly payments of principal with respect to the Term Loan
are hereby deleted.  The Borrower shall make payments of interest only monthly
during the term of the Term Loan, as more particularly described in the Term
Note.

Section 2.03.  All references to the Guarantors in the Loan Documents are
------------
deleted.

                                       5
<PAGE>

Section 2.04.  Except as provided below, Borrower shall not be personally liable
------------
for amounts due under the Loan Documents. Borrower shall be personally liable to
Lender for any deficiency, loss or damage suffered by Lender because of: (a) the
misapplication by Borrower of any funds derived from the Project, including
security deposits, insurance proceeds and condemnation awards; (b) any fraud or
misrepresentation by Borrower made in or in connection with the Loan Documents
or the Loan; (c) Borrower's collection of rents more than one month in advance
or entering into or modifying leases, or receipt of monies by Borrower in
connection with the modification of any leases, in violation of any of the Loan
Documents; (d) Borrower's failure to apply proceeds of rents or any other
payments in respect of the leases and other income of the Project or any other
collateral to the costs of maintenance and operation of the Project and to the
payment of taxes, lien claims, insurance premiums, debt service and other
amounts due under the Loan Documents; (e) Borrower's interference with Lender's
exercise of rights under the Assignment of Rents and Leases; (f) Borrower's
failure to maintain insurance as required by the Loan Documents or to pay any
taxes or assessments affecting the Project; (g) damage or destruction to the
Project caused by the acts or omissions of Borrower, its agents, employees, or
contractors; or (h) Borrower's obligations with respect to environmental matters
under Article 9 of the Mortgage. Nothing herein shall be deemed to be a waiver
of any right which Lender may have under Sections 506(a), 506(b), 1111(b) or any
other provision of the United States Bankruptcy Code, as such sections may be
amended, to file a claim for the full amount due to Lender under the Loan
Documents or to require that all collateral shall continue to secure the amounts
due under the Loan Documents.

                                  ARTICLE III
                           MODIFICATION OF MORTGAGE
                            AND ASSIGNMENT OF RENTS

Section 3.01.  The Mortgage is amended as follows:
------------

(a)  The name and address of the Mortgagor in the first paragraph of the
     Mortgage is hereby deleted and the following is inserted in lieu thereof:
     "WELLS OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, having
     its principal office and place of business at 6200 The Corners Parkway,
     Suite 250, Norcross, Georgia 30092;"

(b)  The name and address of the Mortgagee in the first paragraph of the
     Mortgage is hereby deleted and the following is inserted in lieu thereof:
     "M&I MARSHALL & ILSLEY BANK, a Wisconsin banking corporation, having its
     principal office and place of business at 770 North Water Street,
     Milwaukee, Wisconsin 53201-2035;"

(c)  The second paragraph of the Mortgage, beginning "WHEREAS, pursuant to the
     terms of the loan agreement . . . "  is hereby deleted and replaced with
     the following:

                                       6
<PAGE>

          "WHEREAS, pursuant to the terms of a loan agreement dated as March 29,
     1999 between Mortgagor's predecessor in interest, Meridian Tulsa L.L.C.,
     and Mortgagee's predecessor in interest, Richter-Schroeder Company, Inc.,
     as amended by an Assumption and Modification Agreement dated as of February
     11, 2000 between Mortgagor and Mortgagee (as the same may be further
     amended from time to time, the "Loan Agreement"), Mortgagor is indebted to
     Mortgagee in the principal sum of Eight Million and no/100 Dollars
     ($8,000,000.00), with interest thereon until paid, to evidence the payment
     of which Mortgagor has executed a promissory note dated as of February 11,
     2000, with a maturity date three years after the date thereof, payable to
     the order of Mortgagee at its office aforesaid or at such other place as
     the holder thereof may designate from time to time, to which promissory
     note reference is hereby made (the "Note"); and"

Section 3.02.  The Assignment of Rents is amended as follows:
------------

(a)  The name and address of the Assignor in the first paragraph of the
     Assignment of Rents is hereby deleted and the following is inserted in lieu
     thereof:  "WELLS OPERATING PARTNERSHIP, L.P., a Delaware limited
     partnership, having its principal office and place of business at 6200 The
     Corners Parkway, Suite 250, Norcross, Georgia 30092;"

(b)  The name and address of the Assignee in the first paragraph of the
     Assignment of Rents is hereby deleted and the following is inserted in lieu
     thereof:  "M&I MARSHALL & ILSLEY BANK, a Wisconsin banking corporation,
     having its principal office and place of business at 770 North Water
     Street, Milwaukee, Wisconsin 53201-2035;"

(c)  The second paragraph of the Assignment of Rents, beginning "WHEREAS,
     Assignor is indebted to Assignee . . . "  is hereby deleted and replaced
     with the following:

          "WHEREAS, pursuant to the terms of a loan agreement dated as March 29,
     1999 between Assignor's predecessor in interest, Meridian Tulsa L.L.C., and
     Assignee's predecessor in interest, Richter-Schroeder Company, Inc., as
     amended by an Assumption and Modification Agreement dated as of February
     11, 2000 between Assignor and Assignee (as the same may be further amended
     from time to time, the "Loan Agreement"), Assignor is indebted to Assignee
     in the principal sum of Eight Million and no/100 Dollars ($8,000,000.00),
     with interest thereon until paid, to evidence the payment of which Assignor
     has executed a promissory note dated as of February 11, 2000, with a
     maturity date three years after the date thereof, payable to the order of
     Assignee at its office aforesaid or at such other place as the holder
     thereof may designate from time to time, to which promissory note reference
     is hereby made (the "Note"); and"

(d)  The notice provisions in Section 15 on page 7 of the Assignment of Rents
     are hereby amended by deleting the addresses given for the Assignor and the
     Assignee and replacing them with the following:

                                       7
<PAGE>

          (a)  If to the Assignor:

               Wells Operating Partnership, L.P.
               6200 The Corners Parkway, Suite 250
               Norcross, Georgia 30092

          (b)  If to the Assignee:

               M&I Marshall & Ilsley Bank
               c/o Richter-Schroeder Company, Inc.
               1110 North Old World Third Street, Suite 320
               Milwaukee, Wisconsin  53203
               Attn: Ms. Lisa A. Lindsay

Section 3.03.  The Mortgage and the Assignment of Rents, as modified as set
------------
forth above, are each hereby ratified and confirmed by Assignee.

                                  ARTICLE IV
                           OTHER SECURITY DOCUMENTS

Section 4.01.  Assignee hereby adopts, ratifies and confirms the security
------------
interest granted in the Mortgage to Lender and as further evidence of such
security interest, Assignee hereby grants to Lender a security interest in all
of the personal property acquired by Assignee form Borrower as part of its
acquisition of the Mortgaged Property, which security interest shall be governed
by the terms, conditions, covenants and agreements set forth in the Mortgage.
Concurrently with its execution of this Agreement, Assignee and Borrower shall
also execute and deliver to Lender such financing statements or amendments to
financing statements as Lender may require in order to perfect the above-
referenced security interest and such financing statements shall be in form,
scope and substance acceptable to Lender, in its sole discretion.

Section 4.02.  After execution, delivery and recording of this Agreement,
------------
Assignee shall provide to Lender, at Assignee's cost, an endorsement to the Loan
Policy of Title Insurance held by Lender. The endorsement shall (a) extend the
effective date and time of the loan policy to a date and time after recording of
this Agreement, without further exception to title coverage, (b) change the name
of the owner of the Mortgaged Premises to "WELLS OPERATING PARTNERSHIP, L.P.",
(c) identify this Agreement in the description of the Mortgage set forth in
Schedule A, and (d) otherwise be in form, scope and substance satisfactory to
Lender, in its sole discretion. Lender's receipt of such an endorsement, in
form, scope and substance satisfactory to Lender, is a condition to the
effectiveness of Lender's covenants and agreements in this Agreement.

                                       8
<PAGE>

Section 4.03.  Borrower hereby relinquishes and transfers to Assignee all of
------------
Borrower's right, title and interest in any monies which may be held by Lender
for the benefit of Borrower, including, without limitation, any escrow deposits
for the purposes of application to taxes, assessments, fire and other insurance
premiums, or any other purposes for which deposits may have been required by
Lender. Assignee assumes liability for payment of any unpaid taxes, assessments,
fire and other insurance premiums, and agrees to continue to make monthly
deposits if required by Lender.

                                   ARTICLE V
                      ADDITIONAL COVENANTS AND PROVISIONS

Section 5.01.  Assignee's breach of, default under, or other failure to perform
------------
or observe any term, provision, covenant or condition of this Agreement shall
constitute a default by the Assignee under the Mortgage, as amended, and the
other Loan Documents. If any warranty, representation, certification, financial
statement or other information made or furnished at any time pursuant to any of
the Loan Documents by Assignee or any person or entity on behalf of Assignee
shall be materially false or misleading or furnished with knowledge of the false
nature thereof, the same shall constitute a default by Assignee under the
Mortgage, as amended, and the other Loan Documents.

Section 5.02.  All attorney's fees and costs incurred by Lender with respect to
------------
the preparation, execution and delivery of this Agreement shall be reimbursed to
Lender by Borrower on demand and, if not paid when due, shall bear interest at
the Default Rate set forth in the Term Note from the due date therefor until
paid in full. The foregoing reimbursement agreement is in addition to, and does
not supersede or otherwise affect, the Borrower's agreements in the Loan
Document to reimburse the Lender for costs and expenses in connection with any
collection or enforcement action.

Section 5.03.  Borrower shall pay when due or upon Lender's demand all
------------
reasonable closing costs including, but not limited to, recording fees, title
insurance premiums and title company closing fees incurred by virtue of the loan
modification evidenced by this Agreement.

Section 5.04.  Assignee hereby represents and warrants to Lender as follows:
------------

     a.   Assignee is a Delaware limited partnership, duly formed, validly
          existing and in good standing under the laws of such state.

     b.   This Agreement is duly authorized, executed and delivered by Assignee
          and constitutes a legal, valid and binding obligation of Assignee,
          fully enforceable in accordance with the terms hereof and Assignee
          hereby acknowledges, recognizes and confirms the existence and
          validity of the Loan, as evidenced and secured by the Loan Documents,
          and further agrees that the obligations of Assignee as

                                       9
<PAGE>

          mortgagee under the Loan Documents are fully enforceable and represent
          the legal, valid and binding obligations of Assignee.

     c.   Assignee is not aware of any defenses to the payment of the Note, the
          performance of the strict terms of the Mortgage or Loan Documents, or
          right of offset or claim against Lender. Assignee specifically
          acknowledges and agrees to the best of its knowledge that Lender has
          performed each and all of its obligations, commitments and agreements
          under the Loan Documents and all other agreements related to the
          indebtedness, both written and verbal, direct or implied, up to and
          including the date of this Agreement, that Lender is not in default in
          the observance or performance or any obligation, commitment, agreement
          or covenant, express or implied, including but not limited to,
          covenants of good faith and fair dealing to be observed or performed
          by it under the foregoing, and that no facts exist and no event has
          occurred which now or hereafter will authorize Assignee to fail or
          refuse to abide by the terms of the Loan Documents, or form the basis,
          in whole or in part, for a claim of any kind against Lender including,
          but not limited to, lack of good faith or fair dealing.

     d.   Subject to the terms, provisions, covenants and conditions of this
          Agreement, nothing contained in this Agreement invalidates, impairs or
          releases any of the terms, provisions, covenants and conditions
          contained in the Loan Documents, and the Loan Agreement, the Note and
          Mortgage, as modified hereby and herein, and the other Loan Documents
          shall continue in full force and effect and Assignee covenants and
          agrees to perform, comply with and abide by each and every of the
          terms, provisions, covenants and conditions contained in the Loan
          Documents.

Section 5.05.  This Agreement shall be effective only upon the satisfaction of
------------
each of the following conditions precedent: (a) execution and delivery of a
counterpart of this Agreement by each party hereto and (b) receipt by Lender of
(i) a certified copy of the Assignee's limited partnership certificate, limited
partnership agreement, certificate as to incumbency and resolutions and a
certificates of good standing from the Delaware Secretary of State's office and
the Oklahoma Secretary of State's office and (ii) an opinion of Assignee's
counsel satisfactory in form and substance to Lender regarding, among other
things, the authorization of the Assignee to enter into this Agreement, the
performance by the Assignee of this Agreement and the Loan Documents not
conflicting with the Assignee's limited partnership certificate, limited
partnership agreement or any agreement or decree to which Assignee is a party or
is subject and the enforceability of this Agreement and the Assignee's
obligations under the Loan Documents in accordance with their terms.

Section 5.06.  Assignee hereby acknowledges and agrees that this Agreement
------------
modifies the Loan Documents only to the extent and on the terms set forth
herein, and this Agreement is not, nor shall it be, construed as a commitment by
Lender to modify the Loan Documents in any other

                                       10
<PAGE>

respect. Assignee further agrees that Assignee is precluded from claiming that
any prior written or oral negotiations, discussions, comments, questions or
representations not specifically incorporated into this Agreement or the Loan
Documents are binding upon Lender. Furthermore, none of the same shall in any
manner whatsoever be deemed to modify or constitute a waiver of the rights and
obligations of the parties as stated in the Loan Documents or this Agreement.

Section 5.07.  This Agreement shall be binding upon and inure to the benefit of
------------
the parties hereto and their successors and assigns.

Section 5.08.  Assignee and Borrower each agree to execute and deliver such
------------
documents and to perform such other acts, promptly upon request, as Lender
requests and which are, in Lender's reasonable judgment, necessary or
appropriate to effectuate the purposes of this Agreement. This Agreement and any
memorandum hereof may be filed and recorded by Lender with any governmental
agency or other public office.

Section 5.09.  The waiver of any breach of any of the provisions of this
------------
Agreement by any party shall not constitute a continuing waiver or a waiver of
any subsequent breach by said party either of the same or of another provision
of this Agreement.

Section 5.10.  This Agreement contains the entire agreement between the parties
------------
with respect to the modification of the Loan Documents and no statement, promise
or inducement made by any party or the agent of any party that is not contained
in this Agreement shall be valid or binding. This Agreement may not be changed
or modified orally or in any other manner other than by an agreement in writing
signed by all the parties hereto, and any attempt to do the same shall be null
and void.

Section 5.11.  Assignee acknowledges and agrees that time is of the essence with
------------
respect to all dates for payment and performance as set forth in the Loan
Documents.

Section 5.12.  Invalidation of any of the provisions of this Agreement or any
------------
paragraph, sentence, clause, phrase or word herein, or the application thereof
in any given circumstance, shall not affect the validity of the remainder of
this Agreement, except that, in the event of passage, after the date hereof, of
any law, the effect of which is to prohibit the payment of any monetary sum to
Lender under the Term Note or Mortgage as modified, then Lender may, at its
option, declare the indebtedness evidenced by the amended Note immediately due
and payable.

Section 5.13.  This Agreement shall be construed in accordance with the laws of
------------
the State of Oklahoma.  Assignee hereby irrevocably submits to the jurisdiction
of the Courts of the State of Oklahoma in any suit, action or proceeding.
Assignee agrees that any and all service of process in any such suit, action or
proceeding mailed or delivered in the manner provided for the delivery of
notices in the Mortgage, as amended, shall be deemed in every respect effective
service of process upon Assignee.  Assignee and Lender each hereby waive any
rights that each may have to a jury trial in any controversy arising under this
Agreement or under any of the other Loan Documents.

                                       11
<PAGE>

Section 5.14.  This Agreement may be executed in any number of counterparts,
------------
each of which shall be deemed to be an original and all of which together shall
comprise but a single instrument.

     IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby,
have executed and delivered this Agreement as of the day and year first above
written.

                              LENDER:

                              M&I MARSHALL & ILSLEY BANK,
                              a Wisconsin banking corporation

                              By: /s/ Michael L. Acker
                                 -----------------------------------
                                Its:    Vice President

                              BORROWER:

                              MERIDIAN TULSA L.L.C.,
                               an Oklahoma limited liability company

                              By: /s/ Bryant J. Wangard
                                 -----------------------------------
                                    Bryant J. Wangard,
                                    its manager

                              ASSIGNEE:

                              WELLS OPERATING PARTNERSHIP, L.P.,
                              a Delaware limited partnership

                              By:   Wells Real Estate Investment Trust, Inc.,
                                    a Maryland corporation, as general partner

                                    By:  /s/ Leo F. Wells
                                        ----------------------------
                                       Its:    President

<PAGE>

STATE OF WISCONSIN    )
                            ) ss.
COUNTY OF MILWAUKEE   )

     I, the undersigned, a Notary Public, in and for said County in the State
aforesaid, do hereby certify that Michael L. Acker personally known to me to be
the Vice President of M&I Marshall & Ilsley Bank, whose name is subscribed to
the foregoing instrument, appeared before me this day in person and acknowledged
that he signed and delivered said instrument as his/her free and voluntary act,
as the free and voluntary act of said corporation, for the uses and purposes
therein set forth.

     Given under my hand and notarial seal this 8th day of February, 2000.

                              /s/ Joanne McSweeney
                              ---------------------------------------------
                              Notary Public

My Commission Expires:       [SEAL]
       9/23/01

STATE OF MINNESOTA  )
                        ) ss.
COUNTY OF HENNEPIN  )

     I, the undersigned, a Notary Public, in and for said County in the State
aforesaid, do hereby certify that Bryant J. Wangard, being the of MERIDIAN TULSA
L.L.C., personally known to me to be the same person whose name is subscribed to
the foregoing instrument, appeared before me this day in person and acknowledged
that he signed and delivered said instrument as his own free and voluntary act,
and as the free and voluntary act of said limited liability company, for the
uses and purposes therein set forth.

     Given under my hand and notarial seal this 3rd day of February, 2000.

                               /s/  Patricia A. Saxton
                              --------------------------------------
                              Notary Public

My Commission Expires:
_____________________

STATE OF GEORGIA       )                  [STAMP]
                       ) ss.
COUNTY OF GWINNETT     )

     I, the undersigned, a Notary Public, in and for said County in the State
aforesaid, do hereby certify that Leo F. Wells, III, being the President of
Wells Real Estate Investment Trust, Inc., the general partner of WELLS OPERATING
PARTNERSHIP, L.P., personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before me this day in person
and acknowledged that he signed and delivered said instrument as his own free
and voluntary act, and as the free and voluntary act of said corporation on
behalf of said limited partnership, for the uses and purposes therein set forth.

     Given under my hand and notarial seal this 7th day of February, 2000.

                               /s/  Judith Ann Miller
                              --------------------------------------
                              Notary Public

My Commission Expires:       [SEAL]
     4/21/2003

<PAGE>

This Instrument was prepared by
and after recording should be mailed to:

Charles H. McMullen, Esq.
Quarles & Brady LLP
411 East Wisconsin Avenue
Milwaukee WI 53202

                                      14

<PAGE>

                                   EXHIBIT A
                                   ---------

                               LEGAL DESCRIPTION
                               -----------------

All of METRIS CALL CENTER, a Subdivision in the City of Tulsa, Tulsa County,
Oklahoma, according to the recorded plat thereof, formerly known as:

               Part of Lots Two (2) and Three (3), Block One (1),
               of AmberJack, an Addition to the City of Tulsa,
               Tulsa County, Oklahoma, according to the recorded
               plat thereof, being more particularly described as
               follows, to-wit: Beginning at the Northwest corner
               of said Lot 2, Block 1; thence along a curve to
               the left, having a central angle of 25 degrees
               02'41" and a radius of 384.0 feet, a distance of
               167.85 feet; thence S 89 degrees 55'46" E, a
               distance of 233.89 feet; thence along a curve to
               the left, having a central angle of 06 degrees
               37'00" and a radius of 1022.0 feet, a distance of
               118.02 feet; thence N 83 degrees 27'14" E, a
               distance of 136.06 feet; thence along a curve to
               the right, having a central angle of 06 degrees
               37'00" and a radius of 978.0 feet, a distance of
               112.94 feet; thence S 89 degrees 55'46" E, a
               distance of 62.16 feet; thence along a curve to
               the right, having a central angle of 90 degrees
               00'00" and a radius of 30.0 feet, a distance of
               47.12 feet; thence S 00 degrees 04'14" W, a
               distance of 818.30 feet to the Southeast corner of
               said Lot 2; thence S 00 degrees 04'14" W, a
               distance of 162.00 feet; thence N 89 degrees
               54'00" W, a distance of 8.00 feet; thence S 00
               degrees 04'14" E, a distance of 93.06 feet; thence
               N 89 degrees 55'39" W, a distance of 32.76 feet;
               thence along a curve to the right, having a
               central angle of 64 degrees 20'01" and a radius of
               150.0 feet, a distance of 168.43 feet; thence N 25
               degrees 35'38" W, a distance of 61.30 feet; thence
               along a curve to the left, having a central angle
               of 30 degrees 52'07" and a radius of 350.0 feet, a
               distance of 188.57 feet; thence N 56 degrees
               27'45" W, a distance of 457.44 feet; thence along
               a curve to the right, having a central angle of 45
               degrees 52'49" and a radius of 225.0 feet, a
               distance of 180.17 feet; thence N 10 degrees
               34'56" W, a distance of 235.91 feet; thence N 25
               degrees 32'15" E, a distance of 50.89 feet; thence
               N 10 degrees 34'56" W, a distance of 156.31 feet
               to the point of beginning.

<PAGE>

                                   EXHIBIT B
                                   ---------

                                PROMISSORY NOTE
                               (Term Loan Note)

$8,000,000                                                  February 11, 2000

     FOR VALUE RECEIVED, the undersigned WELLS OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership ("Borrower"), promises to pay to the order of M&I
MARSHALL & ILSLEY BANK, a Wisconsin banking corporation ("Lender" which term
shall include subsequent holders hereof), on or before the date which is three
(3) years after the date of this Note (the "Maturity Date"), in the manner set
forth hereinafter, the principal sum of Eight Million Dollars ($8,000,000),
together with interest thereon from the date or dates of disbursement at a rate
hereinafter stated.

     1.  Definitions.  As used in this Note, the following terms shall have the
         -----------
following definitions:

         (a) "Advance or Advances" shall mean portions of the indebtedness
               -------------------
created by disbursements or advances by Lender pursuant to or as authorized
under the terms of the Loan Agreement.

         (b) "Business Day" shall mean a day of the year on which dealings are
               ------------
carried on in the London interbank market and banks are not required or
authorized to close in Milwaukee, Wisconsin.

         (c) "Contract Rate" shall mean, during such periods as an Advance is a
               -------------
LIBOR Rate Advance, interest upon the outstanding principal balance of each such
LIBOR Rate Advance during the applicable Interest Period equal to the LIBOR Rate
determined for such Interest Period plus one and three-quarters percent (1-3/4%)
per annum.

         (d) "Default" shall mean an event which with the passage of time or
               -------
giving of notice (or both) would become an Event of Default.

         (e) "Event of Default" shall have the meaning attributed to that term
               ----------------
in the Mortgage (as defined in Paragraph 4 hereof).

         (f) "Interest Period or Periods" shall mean, with respect to each
               --------------------------
LIBOR Rate Advance, a period of one month, commencing on the first day of each
calendar month with respect to outstanding LIBOR Advances and otherwise on the
day a LIBOR Advance is funded
<PAGE>

and ending, in each instance, on the last day of the calendar month in which it
began (or the Maturity Date, if sooner).

          (g) "Loan Agreement" shall mean that certain Loan Agreement dated as
               --------------
of Marcy 29, 1999 by and between Borrower's predecessor in interest and Lender's
predecessor in interest, as amended by an Assumption and Modification Agreement
of even date herewith by and between Lender and Borrower.

          (h) "Loan Documents" shall mean the Loan Agreement, this Note, the
               --------------
Mortgage and all other documents executed in connection with the Loan, as the
same may be amended and modified from time to time.

          (i) "LIBOR Advance" shall mean any Advance for which the LIBOR Rate
               -------------
applies.

          (j) "LIBOR Index Rate" shall mean, with respect to a LIBOR Rate
               ----------------
Advance, the rate of interest per annum determined by the Bank to be the rate at
which the Bank's eurodollar lending office is offered U.S. dollars for one month
deposits at or about 10:00 a.m., Milwaukee time, on the day two Business Days
prior to the first day of the applicable Interest Period and in an amount
substantially similar to the amount of the LIBOR Rate Advance to be outstanding
during such Interest Period.

          (k) "LIBOR Rate"  for any Interest Period shall mean a rate per annum
               ----------
equal to the quotient (rounded up to the next whole multiple of 1/100 of 1%) of
(a) the LIBOR Index Rate divided by (b) one minus the LIBOR Reserve Requirement
(expressed as a decimal).

          (l) "LIBOR Reserve Requirement" shall mean, with respect to each
               -------------------------
Interest Period, the stated rate of all reserve requirements (including all
basic, supplemental, marginal and other reserves and taking into account any
transitional adjustments or other scheduled changes in reserve requirements
during such Interest Period) that is specified on the first day of such Interest
Period by the Board of Governors of the Federal Reserve System for determining
the reserve requirement with respect to eurocurrency funding (currently referred
to as "Eurocurrency Liabilities" in Regulation D) applicable to the Bank.

          (m) "Maximum Legal Rate" shall mean the maximum lawful interest rate
               ------------------
which may be contracted for, charged, taken, received or reserved under this
Note by Lender in accordance with applicable state or United States federal law
(whichever provides for the highest permitted rate), taking into account all
items contracted for, charged or received in connection with the indebtedness
evidenced hereby which are treated as interest under the applicable state or
federal law, as such rate may change from time to time.  If the applicable state
or federal law provides that the amount of interest which may be contracted for,
charged or received on the indebtedness evidenced by this Note is unlimited or
imposes no limit, then the Maximum Legal Rate shall be considered infinite and
greater than any other interest rate referred to herein.

                                       2

<PAGE>

         (n) "Prime Rate" shall mean the interest rate established and quoted
              ----------
from day to day by the Lender as its prime rate for interest rate determination,
it being understood that such rate may not necessarily be the lowest rate it is
charging to all borrowers.  Changes in the Prime Rate (and as a result, changes
in the Contract Rate) shall be effective on the day the Prime Rate changes
without notice to Borrower, such notice being expressly hereby waived.

         (o) "Project" shall have the meaning attributed to that term in the
              -------
Loan Agreement.

     2.  Interest Rate Provisions.
         ------------------------

         (a)  Interest Rate.  The unpaid principal balance of this Note from
              -------------
time to time outstanding shall bear interest until this Note shall have been
paid in full, at an annual rate (the "Interest Rate") equal to the lesser of:

               (i)  The Contract Rate; or

               (ii) The Maximum Legal Rate.

     No Interest Period shall extend beyond the Maturity Date and Borrower shall
use its best efforts not to cause a prepayment of a LIBOR Rate Advance to occur
before the last day of an Interest Period (it being agreed that, if such
prepayment occurs despite such best efforts, such prepayment shall be subject to
Subparagraph 2(b)(iv) below).

         (b)  Agreements Relating to Interest Accruing at a Rate Based Upon the
              -----------------------------------------------------------------
LIBOR Rate.
----------

               (i) If, after the date of this Note, the introduction of, or any
     change in, any applicable law, rule or regulation or in the interpretation
     or administration thereof by any central bank or other governmental
     authority charged with the interpretation or administration thereof, or
     compliance by the Lender with any request or directive (whether or not
     having the force of law) of any such authority shall make it unlawful or
     impossible for the Lender to make, maintain or fund loans using the LIBOR
     Rate, Lender shall forthwith give notice thereof to the Borrower.  As of
     the date of receipt of such notice, Advances shall no longer bear interest
     based upon the LIBOR Rate, and the applicable interest rate for all
     existing LIBOR Rate Advances (to the extent it is unlawful or impossible to
     maintain such existing LIBOR Rates at the LIBOR Rate), shall be the Prime
     Rate plus 1/2% per annum (even though the current Interest Period has not
     expired); provided that as to outstanding LIBOR Rate Advances, Borrower
     shall have the option to prepay in full without notice, penalty or fee each
     such LIBOR Rate Advance together with accrued interest thereon, even though
     the Interest Period with respect to such LIBOR Rate may not have expired.

                                       3

<PAGE>

               (ii)   If due to either:  (i) the introduction of or any change
     (including, without limitation, any change by way of imposition or increase
     of capital adequacy or reserve requirements) in or in the interpretation of
     any law or regulation or (ii) the compliance by the Lender with any
     guideline or request from any central bank or other governmental authority
     (whether or not having the force of law), there shall be any increase in
     the cost to the Lender of agreeing to make or making, funding or
     maintaining Advances at the LIBOR Rate, then the Borrower shall from time
     to time, upon demand by Lender, pay to Lender additional amounts sufficient
     to indemnify the Lender against such increased cost.  A certificate as to
     the amount of such increased cost, submitted to the Borrower by Lender in
     good faith, shall be conclusive.  It shall be assumed, for purposes of
     computing any increased cost pursuant to this paragraph that (i) the making
     and maintaining of each LIBOR Rate Advance has been by the Lender through
     the principal office of the Bank in London, and (ii) the funding of each
     LIBOR Rate Advance by the Lender has been made through the London interbank
     market.

               (iii)  All payments of principal of and interest on each LIBOR
     Rate Advance shall be made without deduction for any present and future
     taxes, levies, imposts, deductions, charges or withholdings (other than any
     tax on or measured by the net income of Lender or the consolidated net
     worth of Lender or its affiliates), which amounts shall be paid by the
     Borrower. All stamp and documentary taxes, if any, shall be paid by the
     Borrower. If, notwithstanding anything in this Paragraph 2(b)(iii) to the
     contrary, Lender is required by law to pay any such taxes, the Borrower
     will, upon request, reimburse Lender for the amount paid. The Borrower
     will, upon request, furnish to Lender official tax receipts or other
     evidence of payment of all such taxes.

               (iv)   If, whether by acceleration or otherwise, (i) any payment
     of a LIBOR Rate Advance occurs on a date which is not the last day of an
     Interest Period, or (ii) a LIBOR Rate Advance is not made on the date
     specified in a notice to Lender under this Note, Borrower will indemnify
     Lender for any losses or costs incurred by Lender resulting therefrom,
     including, without limitation, any loss in liquidating or employing
     deposits required to fund or maintain the LIBOR Rate Advance.

          (c)  Usury Limit.  Notwithstanding anything herein to the contrary, if
               -----------
at any time the Contract Rate exceeds the Maximum Legal Rate, then the rate of
interest payable hereunder shall be limited to the Maximum Legal Rate.

          (d)  Default Rate.  Notwithstanding any other provisions hereof,
               ------------
during any period in which there exists an uncured Event of Default all amounts
then outstanding hereunder or under the Transaction Documents (as hereinafter
defined), including interest, if permitted by applicable law, shall, at the
option of Lender, bear interest at an annual rate (the "Default Rate") equal to
the lesser of (i) an annual rate equal to four percent (4%) in excess of the
Prime Rate, as it may fluctuate from time to time, but in any event not less
than 12% per annum or (ii) the Maximum Legal Rate. All such interest which
accrues at the Default Rate shall be due and

                                       4

<PAGE>

payable on demand. During any time in which the Default Rate is in effect,
Lender may, at its sole option, collect interest at a rate which is less than
the Default Rate, however any such forbearance on the part of Lender, or any
demand by Lender for less than the full amount of interest at the Default Rate,
shall not constitute a waiver of Lender's right to insist on the payment in full
of all interest accruing at the Default Rate both with respect to the period of
forbearance or any later period, and same shall not constitute or imply any
consent to a reduction in the Default Rate.

         (e)  Computation.  All interest hereunder shall be calculated on a
              -----------
daily basis and will be accrued on the number of days funds are actually
outstanding.  All changes in the Interest Rate resulting from a change in the
Contract Rate or Maximum Legal Rate, as the case may be, shall be effective on
the day the Contract Rate or Maximum Legal Rate changes without notice to Maker,
such notice being expressly hereby waived.  If the rate to be charged is to be
determined by reference to the Contract Rate, then the interest due for any
particular day shall be determined by multiplying the amount on which interest
is due for that day by the applicable annual rate and dividing by 360 days;
provided, however, that if such interest rate would exceed interest at the
Maximum Legal Rate, then the interest due for any particular day shall be
determined by multiplying the amount on which interest is due for the day by the
Maximum Legal Rate and dividing by 365 days (or 366 days in a leap year).

     3.  Payment of Principal and Interest.  On the first day of the first
         ---------------------------------
calendar month hereafter and on the first day of each month thereafter prior to
the Maturity Date, Borrower shall make monthly payments of all interest accrued
upon the outstanding principal balance of the loan evidenced by this Note from
time to time, from the date or dates of disbursement of loan funds, at the rate
aforesaid.  Prior to the end of each month, Lender shall forward written notice
to Borrower stating the amount of the monthly interest payment due as of the
first day of the following month.  If a payment is not received within fifteen
(15) days after it is due, then such a delinquency shall constitute an Event of
Default, at the option of Lender.  All accrued and unpaid interest shall be due
and payable on the Maturity Date.

     If any payment due hereunder shall be received and accepted by Lender after
the tenth (10th) day on which it is due, a late payment charge of five percent
(5%) of the amount due may be charged by the holder hereof for the purpose of
defraying the expense incident to handling such delinquent payment.

     4.  Transaction Documents.  This Note is issued in connection with, and is
         ---------------------
entitled to the benefits of,  the following instruments by and between
Borrower's predecessor in interest and Lender's predecessor in interest  dated
as of March 29, 1999, as amended by an Assumption and Modification Agreement of
even date herewith between Meridian Tulsa L.L.C., Borrower and Lender
(collectively, the "Transaction Documents"):  (a) a Mortgage and Security
Agreement and Fixture Financing Statement (the "Mortgage") granted to Lender by
Borrower upon real estate and property interests therein described; (b) an
Assignment of Rents, Leases, and Profits pertaining to the mortgaged property;
(c) a Loan Agreement; and (d) a Collateral Assignment of

                                       5
<PAGE>

Contracts and Development Rights. The terms and conditions of the Transaction
Documents are made a part hereof and incorporated herein by this reference.

     This Note represents an extension; continuation and modification of the
loan originally made pursuant to the Loan Agreement and does not constitute a
novation.  The indebtedness evidenced by this Note is entitled to the benefit of
the security provided by the Transaction Documents without diminution in
priority of any lien or security interest granted thereunder.

     5.  Prepayments.  This Note may only be prepaid in whole or in part at any
         ----------
time without premium or penalty.

     6.  Default.  If an Event of Default shall occur then, in any or all such
         -------
events, the entire amount of principal of this Note with all interest then
accrued, at the option of the holder of this Note and without notice (except any
notice required pursuant to Paragraph 7.2 of the Mortgage), shall become and be
due and payable, time being of the essence of this agreement.  The Lender may
proceed to protect and enforce its rights by suit in equity, action at law
and/or by any other appropriate proceeding, whether for the specific performance
of any covenant or agreement contained in this Note, in aid of the exercise of
any power granted in this Note, or may proceed to enforce payment of this Note,
or to enforce any other legal or equitable right.

     If this Note shall not be paid at maturity or strictly as above provided,
then it may be placed in the hands of an attorney-at-law for collection, and in
that event each party liable for the payment hereof, as maker, endorser,
guarantor, or otherwise, hereby agrees to pay the holder hereof, in addition to
the sums above stated, a reasonable sum as an attorney's fee for such collection
and costs of collection.  This Note shall be construed in all respects and
enforced according to the laws of the State of Oklahoma.

     7.  Waiver.  The Borrower and all other parties who may be or become liable
         ------
under this Note, for themselves and for their respective heirs, personal
representatives, successors, and assigns, hereby (a) severally waive presentment
for payment, protest, and demand, notice of protest, demand, and dishonor, and
nonpayment of this Note, and (b) consent that the holder hereof may extend the
time of payment or otherwise modify the terms of payment of any part or the
whole of the debt evidenced by this Note.  Such consent shall not alter nor
diminish the liability of the undersigned or of said other parties who may be or
become personally liable under this Note.

     8.  Limitation on Liability.  Except as provided below, Borrower shall not
         -----------------------
be personally liable for amounts due under the this Note or the other Loan
Documents.  Borrower shall be personally liable to Lender for any deficiency,
loss or damage suffered by Lender because of:   (a) the misapplication by
Borrower of any funds derived from the Project, including security deposits,
insurance proceeds and condemnation awards;  (b) any fraud or misrepresentation
by Borrower made in or in connection with the Loan Documents or the Loan;  (c)
Borrower's collection of rents more than one month in advance or entering into
or
                                       6

<PAGE>

modifying leases, or receipt of monies by Borrower in connection with the
modification of any leases, in violation of any of the Loan Documents; (d)
Borrower's failure to apply proceeds of rents or any other payments in respect
of the leases and other income of the Project or any other collateral to the
costs of maintenance and operation of the Project and to the payment of taxes,
lien claims, insurance premiums, debt service and other amounts due under the
Loan Documents; (e) Borrower's interference with Lender's exercise of rights
under the Assignment of Rents and Leases; (f) Borrower's failure to maintain
insurance as required by the Loan Documents or to pay any taxes or assessments
affecting the Project; (g) damage or destruction to the Project caused by the
acts or omissions of Borrower, its agents, employees, or contractors; or (h)
Borrower's obligations with respect to environmental matters under Article 9 of
the Mortgage. Nothing herein shall be deemed to be a waiver of any right which
Lender may have under Sections 506(a), 506(b), 1111(b) or any other provision of
the United States Bankruptcy Code, as such sections may be amended, to file a
claim for the full amount due to Lender under the Loan Documents or to require
that all collateral shall continue to secure the amounts due under the Loan
Documents.

     IN WITNESS WHEREOF, this Note has been executed as of the day and year
first above written.

                              WELLS OPERATING PARTNERSHIP, L.P.,
                              a Delaware limited partnership,

                              By:    Wells Real Estate Investment Trust, Inc., a
                                     Maryland corporation, as general partner

                                     By:_______________________________________
                                     Its:______________________________________

                                       7

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