Document:

First Lien Deed of Trust

 Exhibit 10.10 

 

			
	 Prepared by, and after
recording return to:
 DAVID M. SHAW, ESQUIRE
 HAILE, SHAW & PFAFFENBERGER, PA
 660 U.S. HIGHWAY ONE, THIRD
FLOOR
 NORTH PALM BEACH, FLORIDA 33409

 
	 	 

 FIRST LIEN DEED OF TRUST,
SECURITY AGREEMENT AND 
 FINANCING STATEMENT 
 WELLS CORE REIT – ROYAL RIDGE V, LLC, a Delaware limited liability company 

Grantor, 
 having
an office and mailing address at 
 c/o Wells Real Estate Funds 

6200 The Corners Parkway 
 Norcross, Georgia 30092 
 to 

Rebecca Conrad, Trustee 
 c/o Chicago Title Insurance Company 
 2001 Bryan Street 

Dallas, Texas 75201 
 for the benefit of 
 JACKSON NATIONAL LIFE INSURANCE COMPANY,

 a Michigan corporation, 
 Beneficiary, 
 having an office and mailing address of 

c/o PPM Finance, Inc. 
 225 W. Wacker Drive, Suite 1200 
 Chicago, Illinois 60606 

Loan Amount: $11,100,000.00 
 Premises: ROYAL RIDGE, DALLAS COUNTY, DALLAS, TEXAS 
 PPM Loan No. 10-03801

  
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 Exhibit 10.10

 FIRST LIEN DEED OF TRUST, SECURITY AGREEMENT AND FINANCING STATEMENT 

  THIS FIRST LIEN DEED OF TRUST, SECURITY AGREEMENT AND FINANCING STATEMENT (this “Security
Instrument”) is executed on the date(s) set forth in the acknowledgment(s) below to be effective as of the
6th day of October, 2010, by WELLS CORE REIT – ROYAL
RIDGE V, LLC, a Delaware limited liability company (“Grantor”), as Grantor, to Rebecca Conrad (“Trustee”), as Trustee, for the benefit of the hereinafter described Beneficiary. 

TERMS: The following terms or provisions are used in this Security Instrument, and are incorporated by reference herein.

  

			
	 Grantor’s Mailing Address:
	  	 Wells Core REIT-Royal Ridge V, LLC

		  	 c/o Wells Real Estate Funds

		  	 6200 The Corners Parkway

		  	 Norcross, Georgia 30092

		
	 Grantor’s Organization Number:
	  	 100943962 4877161

		
	 Beneficiary’s Mailing Address:
	  	 225 W. Wacker Drive, Suite 1200

		  	 Chicago, Illinois 60606

		
	 Trustee’s Mailing Address:
	  	 Rebecca Conrad

		  	 c/o Chicago Title Insurance Company

		  	 2001 Bryan Street

		  	 Dallas, Texas 75201

		
	 Note (selected terms):
	  	
		
	     Date:
	  	 Of even date herewith

		
	     Original principal amount:
	  	 $11,100,000.00

		
	     Maker:
	  	 Grantor

		
	     Noteholder:
	  	 Beneficiary

		
	     Maturity Date:
	  	 November 1, 2012

1.        CONVEYANCE AND SECURED OBLIGATIONS. 

  1.1        Conveyance. For purposes of securing payment
and performance of the Secured Obligations defined and described in Section 1.2 of this Security Instrument, Grantor has GRANTED, BARGAINED, SOLD and CONVEYED, and by these presents does GRANT, BARGAIN, SELL and CONVEY, unto Trustee, in
trust, all of Grantor’s rights, title and interest in and to the Project (hereafter defined), subject, however, to the liens, easements, restrictions, security 

  
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interests and other title matters (if any) as reflected on the loan policy of title insurance accepted by Beneficiary with respect to this Security Instrument (the “Permitted
Exceptions”), all estate, right, title and interest which Grantor now has or may later acquire in and to the following property (all or any part of such property, or any interest in all or any part of it, as the context may require, the
“Project”): 
   (a)        the real property
more particularly described in Exhibit A attached hereto, together with all existing and future easements and rights affording access to it (the “Land”); 

  (b)        all buildings, structures and improvements now located or
later to be constructed on the Land (the “Improvements”); 

  (c)        all existing and future appurtenances, privileges,
easements, franchises and tenements of the Land, including all minerals, oil, gas, other hydrocarbons and associated substances, sulfur, nitrogen, carbon dioxide, helium and other commercially valuable substances which may be in, under or produced
from any part of the Land, all development rights and credits, air rights, water, water rights (whether riparian, appropriative or otherwise, and whether or not appurtenant) and water stock, and any land lying in the streets, roads or avenues, open
or proposed, in front of or adjoining the Land and Improvements; 

  (d)        all existing and future leases, subleases, subtenancies,
licenses, occupancy agreements and concessions (“leases,” as defined in the Assignment of Rents described in Section 2 herein, executed and delivered to Beneficiary contemporaneously herewith) relating to the use and
enjoyment of all or any part of the Land and Improvements, and any and all guaranties and other agreements relating to or made in connection with any of such leases; 

  (e)        all goods, materials, supplies, chattels, furniture,
fixtures, equipment and machinery now or later to be attached to, placed in or on, or used in connection with the use, enjoyment, occupancy or operation of all or any part of the Land and Improvements, whether stored on the Land or elsewhere,
including all pumping plants, engines, pipes, ditches and flumes, and also all gas, electric, cooking, heating, cooling, air conditioning, lighting, refrigeration and plumbing fixtures and equipment, all of which shall be considered to the fullest
extent of the law to be real property for purposes of this Security Instrument; 

  (f)        all building materials, equipment, work in process or
other personal property of any kind, whether stored on the Land or elsewhere, which have been or later will be acquired for the purpose of being delivered to, incorporated into or installed in or about the Land or Improvements; 

  (g)        all of Grantor’s interest in and to the Loan funds,
whether disbursed or not, the Escrow Accounts (as defined in Section 3.1 of the Loan Agreement) and any of Grantor’s funds now or later to be held by or on behalf of Beneficiary; 

  (h)        all rights to the payment of money, accounts, accounts
receivable, reserves, deferred payments, refunds, cost savings, payments and deposits, whether now or later to be received from third parties (including all earnest money sales deposits) or deposited by Grantor with third parties (including all
utility deposits), contract rights, development and use rights, governmental permits and licenses, applications, architectural and engineering plans, specifications and drawings, as-built drawings, chattel paper, instruments, documents, promissory
notes and drafts (whether tangible or 

  
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electronic), and letters of credit (other than letters of credit in favor of Beneficiary), which arise from or relate to construction on the Land or to any business now or later to be conducted
on it, or to the Land and Improvements generally; 

  (i)        all proceeds, including all claims to and demands for
them, of the voluntary or involuntary conversion of any of the Land, Improvements or the other property described above into cash or liquidated claims, including proceeds of all present and future fire, hazard or casualty insurance policies and all
condemnation awards or payments now or later to be made by any public body or decree by any court of competent jurisdiction for any taking or in connection with any condemnation or eminent domain proceeding, and all causes of action and their
proceeds for any damage or injury to the Land, Improvements or the other property described above or any part of them, or breach of warranty in connection with the construction of the Improvements, including causes of action arising in tort,
contract, fraud or concealment of a material fact; 

  (j)        all books and records pertaining to any and all of the
property described above, including computer-readable memory and any computer hardware or software necessary to access and process such memory (“Books and Records”); 

  (k)        (i) all agreements heretofore or hereafter entered
into relating to the construction, ownership, operation, management, leasing or use of the Land or Improvements; (ii) any and all present and future amendments, modifications, supplements, and addenda to any of the items described in
clause (i) above; (iii) any and all guarantees, warranties and other undertakings (including payment and performance bonds) heretofore or hereafter entered into or delivered with respect to any of the items described in
clauses (i) through (ii) above; (iv) all trade names, trademarks, logos and other materials used to identify or advertise, or otherwise relating to the Land or Improvements; and (v) all building permits, governmental
permits, licenses, variances, conditional or special use permits, and other authorizations (collectively, the “Permits”) now or hereafter issued in connection with the construction, development, ownership, operation, management,
leasing or use of the Land or Improvements, to the fullest extent that the same or any interest therein may be legally assigned by Grantor; and 
   (l)        all proceeds of, additions and accretions to, substitutions and replacements for, and changes in any of the property described above.

 TO HAVE AND TO HOLD the Project unto Trustee, forever, and Grantor does hereby bind itself, its successors, and assigns to
WARRANT AND FOREVER DEFEND the title to the Project unto Trustee against every person whomsoever lawfully claiming or to claim the same or any part thereof; provided, however, that if Grantor shall pay (or cause to be paid) the Secured Obligations
as and when the same shall become due and payable and shall fully perform and discharge (or cause to be fully performed and discharged) the Secured Obligations on or before the date same are to be performed and discharged, then the liens, security
interests, estates, and rights granted by the Loan Documents shall terminate, in accordance with the provisions hereof, otherwise same shall remain in full force and effect. A certificate or other written statement executed on behalf of Trustee or
Beneficiary confirming that the Secured Obligations have not been fully paid, performed or discharged shall be sufficient evidence thereof for the purpose of reliance by third parties on such fact. 

  
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Capitalized terms used above and elsewhere in this Security Instrument without definition have the meanings given them in
the Loan Agreement referred to in Section 1.2 below. 

  1.2        Secured Obligations. This Security
Instrument is made for the purpose of securing the following obligations (the “Secured Obligations”) in any order of priority that Beneficiary may choose: 

  (a)        Payment of all obligations at any time owing under that
certain promissory note (the “Note”) as set forth in the Terms section above, and bearing interest and being payable as set forth therein, and maturing on the Maturity Date, and all modifications, increases, refinancings, renewals,
rearrangements, reinstatements, enlargements and extensions thereof (or of any promissory note or notes given in renewal, substitution or replacement thereof); and 

  (b)        Payment and performance of all obligations of Grantor
under a Loan Agreement of even date herewith by and between Grantor and Beneficiary (the “Loan Agreement”); and 
   (c)        Payment and performance of all obligations of Grantor under this Security Instrument; and 

  (d)        Payment and performance of any obligations of Grantor
under any Loan Documents (as defined in the Loan Agreement) which are executed by Grantor; and 

  (e)        Payment and performance of all future advances and other
obligations that Grantor or any successor in ownership of all or part of the Project may agree to pay and/or perform (whether as principal, surety or guarantor) for the benefit of Beneficiary, when a writing evidences the parties’ agreement
that the advance or obligation be secured by this Security Instrument; and 

  (f)        Payment and performance of all modifications, amendments,
extensions and renewals, however evidenced, of any of the Secured Obligations. 
 All persons who may have or acquire an
interest in all or any part of the Project will be considered to have notice of, and will be bound by, the terms of the Secured Obligations and each other agreement or instrument made or entered into in connection with each of the Secured
Obligations. These terms include any provisions in the Note or the Loan Agreement which provide that the interest rate on one or more of the Secured Obligations may vary from time to time. 

2.        ASSIGNMENT OF RENTS. As an inducement to Beneficiary to make the loan
evidenced by the Note and the Loan Agreement, Grantor has contemporaneously herewith executed and delivered to Beneficiary an Assignment of Rents with respect to the Project. The terms thereof are incorporated herein by reference, with the parties
acknowledging that the assignment contained therein is a present and absolute assignment and not a collateral assignment of Grantor’s interest in the Rents described therein. 

3.        GRANT OF SECURITY INTEREST. 

  3.1        Security Agreement. The parties acknowledge
that some of the Project and some or all of the Rents (as defined in the Assignment of Rents) may be determined under applicable law to be personal property or fixtures. To the extent that any Project or Rents may be personal property,

  
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Grantor as debtor hereby grants Beneficiary as secured party a security interest in all of Grantor’s interest in such Project and Rents, to secure payment and performance of the Secured
Obligations. This provision is not in derogation of the absolute assignment of the Rents contained in such Assignment of Rents and incorporated herein by reference in Section 2 above. This Security Instrument constitutes a security
agreement under the Uniform Commercial Code in effect from time to time in the State of where the Grantor is formed (the “Code”), covering all such Project and Rents. Any term used or defined in the Code, and not defined in this
Security Instrument, shall have the meaning given to the term in the Code, when used in this Security Instrument. 
   3.2        Financing Statements. Grantor hereby authorizes Beneficiary to file such financing statements and such other documents as
Beneficiary may from time to time reasonably require to perfect or continue the perfection of Beneficiary’s security interest in any Project or Rents. Grantor hereby authorizes Beneficiary at any time and from time to time to file any initial
financing statements, amendments thereto and continuation statements with or without the signature of Grantor as authorized by applicable law, as applicable to the Project. Grantor shall pay all fees and costs that Beneficiary may incur in filing
such documents in public offices and in obtaining such record searches as Beneficiary may reasonably require; and if Grantor fails to do so within ten (10) days after request therefor, Grantor hereby appoints Beneficiary as its true and lawful
attorney-in-fact to execute any such documents on its behalf. 

  3.3        Notice of Changes. Grantor shall not change
Grantor’s name or business structure, including Grantor’s state of organization or registration, without in each instance the prior written consent of Beneficiary, which consent shall not be unreasonably withheld, delayed or conditioned.
Beneficiary’s consent will, however, be conditioned upon, among other things, the delivery of additional financing statements, security agreements and other instruments which may be necessary to effectively evidence or perfect
Beneficiary’s security interest in the Project as a result of such changes. Grantor’s principal place of business and its chief executive office as of the date hereof are located at the address set forth in the initial paragraph of this
Security Instrument. 
   3.4        Fixture
Filing. This Security Instrument constitutes a financing statement filed as a fixture filing under Sections 9-334 and 9-502 of the Code, as amended, as recodified or as in effect from time to time, covering any of the Project which now
is or later may become fixtures attached to the Land or the Improvements. The mailing addresses of Grantor, as debtor under the Code, and Beneficiary, as secured party under the Code, respectively, are as set forth in the Terms section above.

 4.        REPRESENTATIONS, COVENANTS AND AGREEMENTS. 

  4.1        Good Title. Grantor covenants that it is
lawfully seized of the Project, that the Project is unencumbered except for the Permitted Exceptions (as defined in the Loan Agreement), and that it has good right, full power and lawful authority to convey and mortgage the same, and that it will
warrant and forever defend the Project and the quiet and peaceful possession of the same against the lawful claims of all persons whomsoever. 
   4.2        Insurance; Condemnation. In the event of any loss or damage to any portion of the Project due to fire or other casualty, or a
taking of any portion of the Project by condemnation or under the power of eminent domain, the settlement of all insurance and condemnation claims and 

  
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awards and the application of insurance and condemnation proceeds shall be governed by Section 5 of the Loan Agreement. 

  4.3        Stamp Tax. If, by the laws of the United
States of America, or of any state or political subdivision having jurisdiction over Grantor, any tax is due or becomes due in respect of the issuance of the Note, or recording of this Security Instrument, Grantor covenants and agrees to pay such
tax in the manner required by any such law. Grantor further covenants to hold harmless and agrees to indemnify Beneficiary, its successors or assigns, against any liability incurred by reason of the imposition of any tax on the issuance of the Note,
or recording of this Security Instrument. 

  4.4        Changes in Taxation. In the event of the
enactment after this date of any law of the State in which the Project is located or any political subdivision thereof deducting from the value of land for the purpose of taxation any lien thereon, or imposing upon Beneficiary the payment of the
whole or any part of the taxes or assessments or charges or liens herein required to be paid by Grantor, or changing in any way the laws relating to the taxation of mortgages or debts secured by mortgages or the Beneficiary’s interest in the
Project, or the manner of collection of taxes, so as to affect this Security Instrument or the Secured Obligations, then Grantor, upon demand by Beneficiary, shall pay such taxes or assessments, or reimburse Beneficiary therefor; provided, however,
that if in the opinion of counsel for Beneficiary (i) it might be unlawful to require Grantor to make such payment or (ii) the making of such payment might result in the imposition of interest beyond the maximum amount permitted by law,
then Beneficiary may elect, by notice in writing given to Grantor, to declare all of the Secured Obligations to be and become due and payable sixty (60) days from the giving of such notice. 

  4.5        Subrogation. Beneficiary shall be subrogated
to the liens of all encumbrances, whether released of record or not, which are discharged in whole or in part by Beneficiary in accordance with this Security Instrument or with the proceeds of any loan secured by this Security Instrument.

   4.6        Notice of Change. Grantor shall
give Beneficiary prior written notice of any change in: (a) the location of its place of business or its chief executive office if it has more than one place of business; (b) the location of any of the Project, including the Books and
Records; and (c) Grantor’s name or business structure. Unless otherwise approved by Beneficiary in writing, the Project that consists of personal property (other than the Books and Records) will be located on the Land and all Books and
Records will be located at Grantor’s place of business or chief executive office if Grantor has more than one place of business. 
   4.7        Releases, Extensions, Modifications and Additional Security. From time to time, Beneficiary may perform any of the following
acts without incurring any liability or giving notice to any person: (i) release any person liable for payment of any Secured Obligation; (ii) extend the time for payment of any Secured Obligation; (iii) accept additional real or
personal property of any kind as security for any Secured Obligation, whether evidenced by deeds of trust, mortgages, security agreements or any other instruments of security; (iv) alter, substitute or release any property securing the Secured
Obligations; (v) consent, if such consent is required or requested to be given by Grantor, to the making of any plat or map of the Project or any part of it; (vi) join, if such joinder is required or requested by Grantor to be given, in
granting any easement or creating any restriction 

  
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affecting the Project; or (vii) join in any subordination or other agreement affecting this Security Instrument or the lien of it. 

  4.8        Letter of Credit Rights. If Grantor is at
any time a beneficiary under a letter of credit relating to the properties, rights, titles and interests referred to in Section 1.1 of this Security Instrument now or hereafter issued in favor of Grantor, Grantor shall promptly notify
Beneficiary thereof and, at the request and option of Beneficiary, Grantor shall, pursuant to an agreement in form and substance satisfactory to Beneficiary, either (i) arrange for the issuer and any confirmer of such letter of credit to
consent to an assignment to Beneficiary of the proceeds of any drawing under the letter of credit, or (ii) arrange for Beneficiary to become the transferee beneficiary of the letter of credit, with Beneficiary agreeing, in each case, that the
proceeds of any drawing under the letter of credit are to be held by Beneficiary for purposes of securing payment and performance of the Secured Obligations (and with respect to any letter of credit given by tenant in conjunction with a lease, the
letter of credit shall be released by Beneficiary upon the timely performance of all lease obligations by such tenant and the absence of any Event of Default under the Loan Documents, except as otherwise required by applicable law or pursuant to the
terms of the subject lease), and upon the occurrence of an Event of Default, are to be applied as provided in Section 5.5 of this Security Instrument. 
 5.        DEFAULTS AND REMEDIES. 
   5.1        Events of Default. An “Event of Default,” as defined in the Loan Agreement, shall constitute an Event of
Default hereunder. 
   5.2        Beneficiary’s
Remedies Upon Default. Upon the occurrence of an Event of Default or any event or circumstance which, with the lapse of time, or the giving of notice, or both, would constitute an Event of Default, Beneficiary may, at Beneficiary’s
option, and by or through Trustee, by Beneficiary itself or otherwise, do any one or more of the following: 

  (a)        Right to Perform Grantor’s Covenants. If
Grantor has failed to keep or perform any covenant whatsoever contained in this Security Instrument or the other Loan Documents, Beneficiary may, but shall not be obligated to any person to do so, perform or attempt to perform said covenant, and any
payment made or expense incurred in the performance or attempted performance of any such covenant shall be and become a part of the Secured Obligations, and Grantor promises, upon demand, to pay to Beneficiary, at the place where the Note is
payable, all sums so advanced or paid by Beneficiary, with interest from the date when paid or incurred by Beneficiary at the Default Rate. No such payment by Beneficiary shall constitute a waiver of any Event of Default. In addition to the liens
and security interests hereof, Beneficiary shall be subrogated to all rights, titles, liens, and security interests securing the payment of any debt, claim, tax, or assessment for the payment of which Beneficiary may make an advance, or which
Beneficiary may pay. 
   (b)        Right of Entry.
Beneficiary may, prior or subsequent to the institution of any foreclosure proceedings, subject to the rights of tenants under leases, enter upon the Project, or any part thereof, and take exclusive possession of the Project and of all books,
records, and accounts relating thereto and to exercise without interference from Grantor any and all rights which Grantor has with respect to the management, possession, operation, protection, or preservation of the Project, including without
limitation the right to rent the same for the account of Grantor and to 

  
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deduct from such Rents all costs, expenses, and liabilities of every character incurred by the Beneficiary in collecting such Rents and in managing, operating, maintaining, protecting, or
preserving the Project and to apply the remainder of such Rents on the Secured Obligations in such manner as Beneficiary may elect. All such costs, expenses, and liabilities incurred by the Beneficiary in collecting such Rents and in managing,
operating, maintaining, protecting, or preserving the Project, if not paid out of Rents as hereinabove provided, shall constitute a demand obligation owing by Grantor and shall bear interest from the date of expenditure until paid at the Default
Rate, all of which shall constitute a portion of the Secured Obligations. If necessary to obtain the possession provided for above, the Beneficiary may invoke any and all legal remedies to dispossess Grantor, including specifically one or more
actions for forcible entry and detainer, trespass to try title, and restitution. In connection with any action taken by the Beneficiary pursuant to this subsection, the Beneficiary shall not be liable for any loss sustained by Grantor resulting from
any failure to let the Project, or any part thereof, or from any other act or omission of the Beneficiary in managing the Project unless such loss is caused by the willful misconduct of the Beneficiary, nor shall the Beneficiary be obligated to
perform or discharge any obligation, duty, or liability under any lease or under or by reason hereof or the exercise of rights or remedies hereunder. Grantor shall and does hereby agree to indemnify the Beneficiary for, and to hold the
Beneficiary harmless from, any and all liability, loss, or damage, which may or might be incurred by the Beneficiary under any such lease or under or by reason hereof or the exercise of rights or remedies hereunder, and from any and all claims and
demands whatsoever which may be asserted against the Beneficiary by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained in any such lease. Should the
Beneficiary incur any such liability, the amount thereof, including without limitation costs, expenses, and reasonable attorneys’ fees, together with interest thereon from the date of expenditure until paid at the Default Rate, shall be secured
hereby, and Grantor shall reimburse the Beneficiary therefor promptly upon demand. Nothing in this subsection shall impose any duty, obligation, or responsibility upon the Beneficiary for the control, care, management, leasing, or repair of the
Project, nor for the carrying out of any of the terms and conditions of any such lease; nor shall it operate to make the Beneficiary responsible or liable for any waste committed on the Project by the tenants or by any other parties, or for any
Hazardous Substance on or under the Project, or for any dangerous or defective condition of the Project or for any negligence in the management, leasing, upkeep, repair, or control of the Project resulting in loss or injury or death to any tenant,
licensee, employee, or stranger. Grantor hereby assents to, ratifies, and confirms any and all actions of the Beneficiary with respect to the Project taken under this subsection. Notwithstanding anything in this Security Instrument to the contrary,
the indemnity provided under this Section 5.2(b) will not apply to any liability, loss, cost, expense or damage (including reasonable attorney fees) to the extent that they result from the gross negligence, willful misconduct or bad
faith of Beneficiary. 
   In no event shall the terms and provisions of this
Section 5.2(b) amend, modify, expand or supplement, and this Section 5.2(b) shall be subject to, the terms and provisions of Section 9.18 of the Loan Agreement. 

  (c)        Right to Accelerate. Beneficiary may, without
notice, demand, presentment, notice of nonpayment or nonperformance, protest, notice of protest, notice of intent to accelerate, notice of acceleration, or any other notice or any other action, all of which are hereby waived by Grantor and all other
parties obligated in any manner whatsoever on the Secured Obligations, declare the entire 

  
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unpaid balance of the Secured Obligations immediately due and payable, and upon such declaration, the entire unpaid balance of the Secured Obligations shall be immediately due and payable. The
failure to exercise any remedy available to the Beneficiary shall not be deemed to be a waiver of any rights or remedies of the Beneficiary under the Loan Documents, at law or in equity. 

  (d)        Foreclosure-Power of Sale. Beneficiary may request
Trustee to proceed with foreclosure as set forth in below. 

  (e)        Beneficiary’s Judicial Remedies. Beneficiary,
or Trustee, upon written request of Beneficiary, may proceed by suit or suits, at law or in equity, to enforce the payment of the Secured Obligations and the performance and discharge of the Secured Obligations in accordance with the terms hereof,
of the Note, and the other Loan Documents, to foreclose the liens and security interests of this Security Instrument as against all or any part of the Project, and to have all or any part of the Project sold under the judgment or decree of a court
of competent jurisdiction. This remedy shall be cumulative of any other nonjudicial remedies available to the Beneficiary with respect to the Loan Documents. Proceeding with a request or receiving a judgment for legal relief shall not be or be
deemed to be an election of remedies or bar any available nonjudicial remedy of the Beneficiary. 

  (f)        Beneficiary’s Right to Appointment of
Receiver. Beneficiary, as a matter of right and without regard to the sufficiency of the security for repayment of the Secured Obligations and performance and discharge of the Secured Obligations, without notice to Grantor and without any
showing of insolvency, fraud, or mismanagement on the part of Grantor, and without the necessity of filing any judicial or other proceeding other than the proceeding for appointment of a receiver, shall be entitled to the appointment of a receiver
or receivers of the Project or any part thereof, and of the Rents, and Grantor hereby irrevocably consents to the appointment of a receiver or receivers. Any receiver appointed pursuant to the provisions of this subsection shall have the usual
powers and duties of receivers in such matters. 

  (g)        Beneficiary’s Uniform Commercial Code
Remedies. The Beneficiary may exercise its rights of enforcement with respect to fixtures and personalty under the Code, and in conjunction with, in addition to or in substitution for the rights and remedies under the Code: 

  (i)        the Beneficiary may, without demand or
notice to Grantor, enter upon the Project to take possession of, assemble, receive, and collect the personalty, or any part thereof, or to render it unusable; and 

  (ii)       the Beneficiary may require Grantor to assemble
the personalty and make it available at a place the Beneficiary designates which is mutually convenient to allow the Beneficiary to take possession or dispose of the personalty; and 

  (iii)      written notice mailed to Grantor as provided herein
at least ten (10) days prior to the date of public sale of the personalty or prior to the date after which private sale of the personalty will be made shall constitute reasonable notice; and 

  (iv)      any sale made pursuant to the provisions of this
subsection shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the sale of the other Project under power of sale as provided herein

  
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upon giving the same notice with respect to the sale of the personalty hereunder as is required for such sale of the other Project under power of sale, and such sale shall be deemed to be
pursuant to a security agreement covering both real and personal property under Section 9.604 of the Code; and 
   (v)        in the event of a foreclosure sale, whether made by the Trustee under the terms hereof, or under judgment of a court, the personalty and the
other Project may, at the option of the Beneficiary, be sold as a whole; and 

  (vi)       it shall not be necessary that the Beneficiary
take possession of the personalty, or any part thereof, prior to the time that any sale pursuant to the provisions of this subsection is conducted, and it shall not be necessary that the personalty or any part thereof be present at the location of
such sale; and 
   (vii)      prior to application of
proceeds of disposition of the personalty to the Secured Obligations, such proceeds shall be applied to the reasonable expenses of retaking, holding, preparing for sale or lease, selling, leasing and the like, and the reasonable attorneys’ fees
and legal expenses incurred by the Beneficiary; and 

  (viii)     after notification, if any, hereafter provided in this
subsection, Beneficiary may sell, lease, or otherwise dispose of the personalty, or any part thereof, in one or more parcels at public or private sale or sales, at Beneficiary’s offices or elsewhere, for cash, on credit, or for future delivery.
Upon the request of Beneficiary, Grantor shall assemble the personalty and make it available to Beneficiary at any place designated by Beneficiary that is reasonably convenient to Grantor and Beneficiary. Grantor agrees that Beneficiary shall not be
obligated to give more than ten (10) days’ written notice of the time and place of any public sale or of the time after which any private sale may take place and that such notice shall constitute reasonable notice of such matters. Grantor
shall be liable for all expenses of retaking, holding, preparing for sale, or the like, and all attorneys’ fees, legal expenses, and all other costs and expenses incurred by Beneficiary in connection with the collection of the Secured
Obligations and the enforcement of Beneficiary’s rights under the Loan Documents. Beneficiary shall apply the proceeds of the sale of the personalty against the Secured Obligations in accordance with the provisions of Section 5.5 of
this Security Instrument. Grantor shall remain liable for any deficiency if the proceeds of any sale or disposition of the personalty are insufficient to pay the Secured Obligations in full. Grantor waives all rights of marshalling in respect of the
personalty; and 
   (ix)       any and all
statements of fact or other recitals made in any bill of sale or assignment or other instrument evidencing any foreclosure sale hereunder, the nonpayment of the Secured Obligations, the occurrence of any Event of Default, the Beneficiary having
declared all or a portion of such Secured Obligations to be due and payable, the notice of time, place, and terms of sale and of the properties to be sold having been duly given, or any other act or thing having been duly done by the Beneficiary,
shall be taken as prima facie evidence of the truth of the facts so stated and recited; and 
   (x)        the Beneficiary may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by
the Beneficiary, including 

  
 11 

 
the sending of notices and the conduct of the sale, but in the name and on behalf of the Beneficiary. 

  (h)        Rights Relating to Rents.
Beneficiary shall have and may exercise any and all other rights and remedies which Beneficiary may have under the foregoing Assignment of Rents with respect to the rights of Beneficiary thereunder. 

  (i)        Other Rights. Beneficiary shall have
and may exercise any and all other rights and remedies which Beneficiary may have at law or in equity, or by virtue of any Loan Document or under the Code, or otherwise. 

  (j)        Beneficiary as Purchaser.
Beneficiary may be the purchaser of the Project or any part thereof, at any sale thereof, whether such sale be under the power of sale herein vested in Trustee or upon any other foreclosure of the liens and security interests hereof, or otherwise,
and Beneficiary shall, upon any such purchase, acquire good title to the Project so purchased, free of the liens and security interests hereof, unless the sale was made subject to an unmatured portion of the Secured Obligations. The Beneficiary, as
purchaser, shall be treated in the same manner as any third party purchaser and the proceeds of the Beneficiary’s purchase shall be applied in accordance with Section 5.5 of this Security Instrument. 

  5.3        Other Rights of Beneficiary. Should any part
of the Project come into the possession of Beneficiary, whether before or after default, Beneficiary may (for itself or by or through other persons, firms, or entities) hold, lease, manage, use, or operate the Project for such time and upon such
terms as Beneficiary may deem prudent under the circumstances (making such repairs, alterations, additions, and improvements thereto and taking such other action as Beneficiary may from time to time deem necessary or desirable) for the purpose of
preserving the Project or its value, pursuant to the order of a court of appropriate jurisdiction or in accordance with any other rights held by Beneficiary in respect of the Project. Grantor covenants to promptly reimburse and pay to Beneficiary on
demand, at the place where the Note is payable, the amount of all reasonable expenses (including without limitation the cost of any insurance, Impositions, or other charges) incurred by Beneficiary in connection with Beneficiary’s custody,
preservation, use, or operation of the Project, together with interest thereon from the date incurred by Beneficiary at the Default Rate; and all such expenses, costs, taxes, interest, and other charges shall be and become a part of the Secured
Obligations. It is agreed, however, that the risk of loss or damage to the Project is on Grantor, and Beneficiary shall have no liability whatsoever for decline in value of the Project, for failure to obtain or maintain insurance, or for failure to
determine whether insurance in force is adequate as to amount or as to the risks insured. Possession by the Beneficiary shall not be deemed an election of judicial relief, if any such possession is requested or obtained, with respect to any Project
or collateral not in Beneficiary’s possession. 

  5.4        Possession After Foreclosure. If the liens
or security interests hereof shall be foreclosed by power of sale granted herein, by judicial action, or otherwise, the purchaser at any such sale shall receive, as an incident to purchaser’s ownership, immediate possession of the property
purchased, and if Grantor or Grantor’s successors shall hold possession of said property or any part thereof subsequent to foreclosure, Grantor and Grantor’s successors shall be considered as tenants at sufferance of the purchaser at
foreclosure sale (without limitation of other rights or 

  
 12 

 
remedies, at a reasonable rental per day, due and payable daily, based upon the value of the portion of the Project so occupied and sold to such purchaser), and anyone occupying such portion of
the Project, after demand is made for possession thereof, shall be guilty of forcible detainer and shall be subject to eviction and removal, forcible or otherwise, with or without process of law, and all damages by reason thereof are hereby
expressly waived. 
   5.5        Application of
Proceeds. The proceeds from any sale, lease, or other disposition made pursuant to this Section 5 shall be applied by Trustee, or by Beneficiary, as the case may be, to the Secured Obligations in the following order and priority:
(1) to the payment of all expenses of advertising, selling, and conveying the Project or part thereof, and/or prosecuting or otherwise collecting Rents, proceeds, premiums or other sums including reasonable attorneys’ fees and a reasonable
fee or commission to Trustee, not to exceed five percent of the proceeds thereof or sums so received; (2) to that portion, if any, of the Secured Obligations with respect to which no person or entity has personal or entity liability for payment
(the “Exculpated Portion”), and with respect to the Exculpated Portion as follows: first, to accrued but unpaid interest, second, to matured principal, and third, to unmatured principal in inverse order of maturity; (3) to the
remainder of the Secured Obligations as follows: first, to the remaining accrued but unpaid interest, second, to the matured portion of principal of the Note, and third, to prepayment of the unmatured portion, if any, of principal of the Note
applied to installments of principal in inverse order of maturity; (4) the balance, if any or to the extent applicable, remaining after the full performance and discharge of the Secured Obligations to the holder or Beneficiary of any inferior
liens covering the Project, if any, in order of the priority of such inferior liens (Trustee and Beneficiary shall hereby be entitled to rely exclusively on a commitment for title insurance issued to determine such priority); and (5) the cash
balance, if any, to the Grantor. The application of proceeds of sale or other proceeds as otherwise provided herein shall be deemed to be a payment of the Secured Obligations like any other payment. The balance of the Secured Obligations remaining
unpaid, if any, shall remain fully due and owing in accordance with the terms of the Note or the other Loan Documents (subject, however, to the terms and provisions of Section 7.13 herein). 

  5.6        Abandonment of Sale. In the event a
foreclosure hereunder is commenced by Trustee in accordance with Subsection 5.2(d) hereof, at any time before the sale, Trustee may abandon the sale, and Beneficiary may then institute suit for the collection of the Secured Obligations
and for the foreclosure of the liens and security interests hereof and of the Loan Documents. If Beneficiary should institute a suit for the collection of the Secured Obligations and for a foreclosure of the liens and security interests, Beneficiary
may, at any time before the entry of a final judgment in said suit, dismiss the same and require Trustee to sell the Project or any part thereof in accordance with the provisions of this Security Instrument. 

  5.7        Payment of Fees. If the Note or any other
part of the Secured Obligations shall be collected or if any of the Secured Obligations shall be enforced by legal proceedings, whether through a probate or bankruptcy court or otherwise, or shall be placed in the hands of an attorney for collection
after maturity, whether matured by the expiration of time or by an option given to the Beneficiary to mature same, or if Beneficiary becomes a party to any suit where this Security Instrument or the Project or any part thereof is involved, Grantor
agrees to pay Beneficiary’s attorneys’ fees and expenses incurred, and such fees and expenses shall be and become a part of the Secured Obligations and shall bear interest from the date such costs are incurred at the Default Rate.

  
 13 

  

  5.8        Miscellaneous. 

  (a)        In case Beneficiary shall have proceeded to invoke any
right, remedy, or recourse permitted under the Loan Documents and shall thereafter elect to discontinue or abandon same for any reason, Beneficiary shall have the unqualified right so to do and, in such event, Grantor and Beneficiary shall be
restored to their former positions with respect to the Secured Obligations, the Loan Documents, the Project or otherwise, and the rights, remedies, recourses and powers of Beneficiary shall continue as if same had never been invoked. 

  (b)        In addition to the remedies set forth herein, upon the
occurrence of an Event of Default, the Beneficiary and Trustee shall, in addition, have all other remedies available to them at law or in equity. 
   (c)        All rights, remedies, and recourses of Beneficiary granted in the Note, this Security Instrument, the other Loan Documents, any other pledge
of collateral, or otherwise available at law or equity: (i) shall be cumulative and concurrent; (ii) may be pursued separately, successively, or concurrently against Grantor, the Project, or any one or more of them, at the sole discretion
of Beneficiary; (iii) may be exercised as often as occasion therefor shall arise, it being agreed by Grantor that the exercise or failure to exercise any of same shall in no event be construed as a waiver or release thereof or of any other
right, remedy, or recourse; (iv) shall be nonexclusive; (v) shall not be conditioned upon Beneficiary exercising or pursuing any remedy in relation to the Project prior to Beneficiary bringing suit to recover the Secured Obligations or
suit on the Secured Obligations; and (vi) in the event Beneficiary elects to bring suit on the Secured Obligations and/or the Secured Obligations and obtains a judgment against Grantor prior to exercising any remedies in relation to the
Project, all liens and security interests, including the lien of this Security Instrument, shall remain in full force and effect and may be exercised at Beneficiary’s option. 

  (d)        Beneficiary may release, regardless of consideration, any
part of the Project without, as to the remainder, in any way impairing, affecting, subordinating, or releasing the lien or security interests evidenced by this Security Instrument or the other Loan Documents or affecting the obligations of Grantor
or any other party to pay the Secured Obligations or perform and discharge the Secured Obligations. For payment of the Secured Obligations, Beneficiary may resort to any of the collateral therefor in such order and manner as Beneficiary may elect.
No collateral heretofore, herewith, or hereafter taken by Beneficiary shall in any manner impair or affect the collateral given pursuant to the Loan Documents, and all collateral shall be taken, considered, and held as cumulative. 

  (e)        Grantor hereby irrevocably and unconditionally waives and
releases: (i) all benefits that might accrue to Grantor by virtue of any present or future law exempting the Project from attachment, levy or sale on execution or providing for any appraisement, valuation, stay of execution, exemption from
civil process, redemption, or extension of time for payment; (ii) all notices of any Event of Default (other than notices expressly provided for under the Loan Documents); (iii) all notices of Trustee’s exercise of any right, remedy,
or recourse provided for under the Loan Documents (other than notices required under applicable law); and (iv) any right to a marshalling of assets or a sale in inverse order of alienation. 

  (f)        Grantor and Beneficiary mutually agree that there are no,
nor shall there be any, implied covenants of good faith and fair dealing or other similar covenants or agreements in this 

  
 14 

 
Security Instrument and the other Loan Documents. All agreed contractual duties are set forth in this Security Instrument, the Note, and the other Loan Documents. 

  (g)        The remedies in Section 5.2(d) are available
under and governed by the real property laws of Texas and are not governed by the personal property laws of Texas [Delaware], in accordance with the provisions of Section 9.604 of the Code, including, the power to dispose of personal property
in a commercially reasonable manner under Section 9.627 of the Code or the application of proceeds under Section 9.615 of the Code. No action by Beneficiary taken pursuant to this subsection shall be deemed to be an acceptance of
collateral in satisfaction of obligations under Section 9.620 of the Code. Any receipt of consideration received by Beneficiary pursuant to Section 5.2(d) shall be immediately credited against the Secured Obligations (in the inverse
order of maturity) and the value of said consideration shall be treated like any other payment against the Secured Obligations. 
   (h)        If the Project consists of more than one lot, parcel or item of property, Beneficiary may: 

  (i)        designate the order in which the lots,
parcels and/or items shall be sold or disposed of or offered for sale or disposition; and 

  (ii)       elect to dispose of the lots, parcels and/or
items through a single consolidated sale or disposition to be held or made under or in connection with judicial proceedings, or by virtue of a judgment and decree of foreclosure and sale, or pursuant to the power of sale contained herein; or through
two or more such sales or dispositions; or in any other manner Beneficiary may deem to be in its best interests (any foreclosure sale or disposition as permitted by the terms hereof is sometimes referred to herein as a “Foreclosure Sale;”
and any two or more such sales, “Foreclosure Sales”). 
   If it chooses to have more than
one Foreclosure Sale, Beneficiary at its option may cause the Foreclosure Sales to be held simultaneously or successively, on the same day, or on such different days and at such different times and in such order as it may deem to be in its best
interests. No Foreclosure Sale shall terminate or affect the liens of this Security Instrument on any part of the Project which has not been sold, until all of the Secured Obligations have been paid in full. 

6.        RELEASE OF LIEN. If Grantor shall fully pay and perform all of the
Secured Obligations and comply with all of the other terms and provisions hereof and the other Loan Documents to be performed and complied with by Grantor, then Beneficiary shall promptly release this Security Instrument and the lien thereof by
proper instrument upon payment, performance and discharge of all of the Secured Obligations and payment by Grantor of any filing fee in connection with such release. 
 7.        MISCELLANEOUS PROVISIONS. 
   7.1        Additional Provisions. The Loan Documents fully state all of the terms and conditions of the parties’ agreement regarding
the matters mentioned in or incidental to this Security Instrument. The Loan Documents also grant further rights to Beneficiary and contain further agreements and affirmative and negative covenants by Grantor which apply to this Security Instrument
and the Project. 

  
 15 

  

  7.2        Giving of Notice. Any notice, demand, request
or other communication which any party hereto may be required or may desire to give hereunder shall be given as provided in Section 9.3 of the Loan Agreement. 

  7.3        Remedies Not Exclusive. No action for the
enforcement of the lien or any provision hereof shall be subject to any defense which would not be good and available to the party interposing same in an action at law upon the Note. Beneficiary shall be entitled to enforce payment and performance
of any of the Secured Obligations and to exercise all rights and powers under this Security Instrument or other agreement or any laws now or hereafter in force, notwithstanding some or all of the Secured Obligations may now or hereafter be otherwise
secured, whether by Security Instrument, deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Security Instrument nor its enforcement, whether by court action or other powers herein contained, shall prejudice or in
any manner affect Beneficiary’s right to realize upon or enforce any other security now or hereafter held by Beneficiary, it being agreed that Beneficiary shall be entitled to enforce this Security Instrument and any other remedy herein or by
law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. No waiver of any default of the Grantor hereunder shall be implied
from any omission by the Beneficiary to take any action on account of such default if such default persists or is repeated, and no express waiver shall affect any default other than the default specified in the express waiver and that only for the
time and to the extent therein stated. No acceptance of any payment of any one or more delinquent installments which does not include interest at the penalty or Default Rate from the date of delinquency, together with any required late charge, shall
constitute a waiver of the right of Beneficiary at any time thereafter to demand and collect payment of interest at such Default Rate or of late charges, if any. 

  7.4        Waiver of Statutory Rights. To the extent
permitted by law, Grantor hereby agrees that it shall not and will not apply for or avail itself of any appraisement, valuation, stay, extension or exemption laws, or any so-called “Moratorium Laws,” now existing or hereafter enacted, in
order to prevent or hinder the enforcement or foreclosure of this Security Instrument, but hereby waives the benefit of such laws. Grantor for itself and all who may claim through or under it waives any and all right to have the property and estates
comprising the Project marshaled upon any foreclosure of the lien hereof and agrees that any court having jurisdiction to foreclose such lien may order the Project sold as an entirety. Grantor hereby waives any and all rights of redemption from sale
under the power of sale contained herein or any order or decree of foreclosure of this Security Instrument on its behalf and on behalf of each and every person, except decree or judgment creditors of Grantor, acquiring any interest in or title to
the Project subsequent to the date of this Security Instrument. 

  7.5        Estoppel Affidavits. Grantor, within five
(5) business days after written request from Beneficiary, shall furnish a written statement, duly acknowledged, setting forth the unpaid principal of, and interest on, the Secured Obligations and stating whether or not any offset or defense
exists against such Secured Obligations, and covering such other matters as Beneficiary may reasonably require. 

  7.6        Merger. No merger shall occur as a result of
Beneficiary’s acquiring any other estate in or any other lien on the Project unless Beneficiary consents to a merger in writing. 

  
 16 

  

  7.7        Binding on Successors and Assigns. This
Security Instrument and all provisions hereof shall be binding upon Grantor and all persons claiming under or through Grantor, and shall inure to the benefit of Beneficiary and its successors and assigns. 

  7.8        Captions. The captions and headings of
various paragraphs of this Security Instrument are for convenience only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 

  7.9        Severability. If all or any portion of any
provision of this Security Instrument shall be held to be invalid, illegal or unenforceable in any respect, then such invalidity, illegality or unenforceability shall not affect any other provision hereof or thereof, and such provision shall be
limited and construed as if such invalid, illegal or unenforceable provision or portion thereof was not contained herein. 
   7.10      Effect of Extensions of Time and Amendments. If the payment of the Secured Obligations or any part thereof be extended or varied or if any
part of the security be released, all persons now or at any time hereafter liable therefor, or interested in the Project, shall be held to assent to such extension, variation or release, and their liability and the lien and all provisions hereof
shall continue in full force, the right of recourse, if any, against all such persons being expressly reserved by Beneficiary, notwithstanding such extension, variation or release. Nothing in this Section 7.10 shall be construed as
waiving any provision contained herein or in the Loan Documents which provides, among other things, that it shall constitute an Event of Default if the Project be sold, conveyed, or encumbered. 

  7.11      Beneficiary’s Lien for Service Charge and
Expenses. At all times, regardless of whether any proceeds of the loan secured hereby have been disbursed, this Security Instrument secures (in addition to the amounts secured hereby) the payment of any and all Loan commissions, service
charges, liquidated damages, expenses and advances due to or incurred by Beneficiary in connection with the Loan; provided, however, that in no event shall the total amount secured hereby exceed two hundred percent (200%) of the face amount of
the Note. 
   7.12      Applicable Law. This Security
Instrument shall be governed by and construed under the internal laws of the State in which the Project is located. 
   7.13      Limitation of Liability. The provisions of Section 9.18 of the Loan Agreement are hereby incorporated by reference.

   7.14      Entire Agreement; Amendment. THIS SECURITY
INSTRUMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER
HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO UNWRITTEN OR ORAL AGREEMENTS AMONG THE PARTIES HERETO. The provisions of
this Security Instrument and the Loan Documents may be amended or waived only by an instrument in writing signed by the Grantor and Beneficiary. 

  
 17 

  

  7.15      Instrument. This Security Instrument shall be deemed to
be and shall be enforceable as a deed of trust, leasehold deed of trust, security agreement and financing statement. 
   7.16      Due on Sale. As more fully set forth in the Loan Agreement, the assignment, sale, conveyance, pledge, transfer or encumbrance of the
Project, or any interest therein, or the transfer of an interest in Grantor, except for the permitted transfers set forth in Section 6.3 of the Loan Agreement, without prior written consent of Beneficiary, shall constitute an Event of
Default. 
   7.17      Time is of the Essence. Time is of
the essence with respect to each and every covenant, agreement and obligation of Grantor under this Security Instrument, the Note and the other Loan Documents. 
   7.18      Recordation. Grantor forthwith upon the execution and delivery of this Security Instrument, and thereafter from time to time, will cause
this Security Instrument, and any security instrument creating a lien or evidencing the lien hereof upon the Project, or any portion thereof, and each instrument of further assurance, to be filed, registered or recorded in such manner and in such
places as may be required by any present or future law in order to publish notice of and fully to protect the lien hereof upon, and the interest of Beneficiary in, the Project. 

  Grantor will pay all filing, registration or recording fees and taxes, and all expenses incident to the
preparation, execution and acknowledgment of this Security Instrument, any Security Instrument supplemental hereto, any security instrument with respect to the Project and any instrument of further assurance, and all federal, state, county and
municipal stamp taxes, duties, impositions, assessments and charges arising out of or in connection with the execution and delivery of the Note, this Security Instrument, any Security Instrument supplemental hereto, any security instrument, any
other Loan Documents or any instrument of further assurance. 

  7.19      Modifications. This Security Instrument may not be
changed or terminated except in writing signed by both parties. The provisions of this Security Instrument shall extend and be applicable to all renewals, amendments, extensions, consolidations, and modifications of the other Loan Documents, and any
and all references herein to the Loan Documents shall be deemed to include any such renewals, amendments, extensions, consolidations or modifications thereof. 
   7.20      Independence of Security. Grantor shall not by act or omission permit any building or other improvement on any premises not subject to the
lien of this Security Instrument to rely on the Project or any part thereof or any interest therein to fulfill any municipal or governmental requirement, and Grantor hereby assigns to Beneficiary any and all rights to give consent for all or any
portion of the Project to rely on any premises not subject to the lien of this Security Instrument or any interest therein to fulfill any municipal or governmental requirement. Grantor shall not by act or omission impair the integrity of the Project
as a single zoning lot, and as one or more complete tax parcels, separate and apart from all other premises. Any act or omission by Grantor which would result in a violation of any of the provisions of this Section 7.21 shall be void.

   7.21      Joint and Several Liability. If Grantor
consists of more than one person, each shall be jointly and severally liable for the faithful performance of all of Grantor’s obligations under this Security Instrument. 

  
 18 

  

  7.22        WAIVER OF JURY TRIAL. GRANTOR AND BENEFICIARY
EACH HEREBY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING
RELATIONSHIP WHICH IS THE SUBJECT OF THIS AGREEMENT AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 
 8.        CONCERNING THE TRUSTEE. 
   8.1        No Required Action. Trustee shall not be required to take any action toward the execution and enforcement of the trust hereby
created or to institute, appear in, or defend any action, suit, or other proceeding in connection therewith where, in his opinion, such action would be likely to involve him in expense or liability, unless requested so to do by a written instrument
signed by Beneficiary and, if Trustee so requests, unless Trustee is tendered security and indemnity satisfactory to Trustee against any and all cost, expense, and liability arising therefrom. Trustee shall not be responsible for the execution,
acknowledgment, or validity of the Loan Documents, or for the proper authorization thereof, or for the sufficiency of the lien and security interest purported to be created hereby, and Trustee makes no representation in respect thereof or in respect
of the rights, remedies, and recourses of Beneficiary. 

  8.2        Certain Rights. With the approval of
Beneficiary, Trustee shall have the right to take any and all of the following actions: (i) to select, employ, and advise with counsel (who may be, but need not be, counsel for Beneficiary) upon any matters arising hereunder, including the
preparation, execution, and interpretation of the Loan Documents, and shall be fully protected in relying as to legal matters on the advice of counsel, (ii) to execute any of the trusts and powers hereof and to perform any duty hereunder either
directly or through his agents or attorneys, (iii) to select and employ, in and about the execution of his duties hereunder, suitable accountants, engineers and other experts, agents and attorneys-in-fact, either corporate or individual, not
regularly in the employ of Trustee, and Trustee shall not be answerable for any act, default, negligence, or misconduct of any such accountant, engineer or other expert, agent or attorney-in-fact, if selected with reasonable care, or for any error
of judgment or act done by Trustee in good faith, or be otherwise responsible or accountable under any circumstances whatsoever, except for Trustee’s gross negligence or bad faith, and (iv) any and all other lawful action as Beneficiary
may instruct Trustee to take to protect or enforce Beneficiary’s rights hereunder. Trustee shall not be personally liable in case of entry by Trustee, or anyone entering by virtue of the powers herein granted to Trustee, upon the Project for
debts contracted for or liability or damages incurred in the management or operation of the Project. Trustee shall have the right to rely on any instrument, document, or signature authorizing or supporting any action taken or proposed to be taken by
Trustee hereunder, believed by Trustee in good faith to be genuine. Trustee shall be entitled to reimbursement for expenses incurred by Trustee in the performance of Trustee’s duties hereunder and to reasonable compensation for such of
Trustee’s services hereunder as shall be rendered. Grantor will, from time to time, pay the compensation due to Trustee hereunder and reimburse Trustee for, and save Trustee harmless against, any and all liability and expenses which may be
incurred by Trustee in the performance of Trustee’s duties. 

  
 19 

  

  8.3        Retention of Money. All moneys received by
Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other moneys (except to the extent required by applicable law) and Trustee
shall be under no liability for interest on any moneys received by Trustee hereunder. 

  8.4        Successor Trustees. Trustee may resign by
the giving of notice of such resignation in writing or verbally to Beneficiary. If Trustee shall die, resign, or become disqualified from acting in the execution of this trust, or if, for any reason, Beneficiary shall prefer to appoint a substitute
trustee or multiple substitute trustees, or successive substitute trustees or successive multiple substitute trustees, to act instead of the aforenamed Trustee, Beneficiary shall have full power to appoint a substitute trustee (or, if preferred,
multiple substitute trustees) in succession who shall succeed (and if multiple substitute trustees are appointed, each of such multiple substitute trustees shall succeed) to all the estates, rights, powers, and duties of the aforenamed Trustee. Such
appointment may be executed by any authorized agent of Beneficiary, and if such Beneficiary be a corporation and such appointment be executed in its behalf by any officer of such corporation, such appointment shall be conclusively presumed to be
executed with authority and shall be valid and sufficient without proof of any action by the board of directors or any superior officer of the corporation. Grantor hereby ratifies and confirms any and all acts which the aforenamed Trustee, or his
successor or successors in this trust, shall do lawfully by virtue hereof. If multiple substitute Trustees are appointed, each of such multiple substitute Trustees shall be empowered and authorized to act alone without the necessity of the joinder
of the other multiple substitute trustees, whenever any action or undertaking of such substitute trustees is requested or required under or pursuant to this Security Instrument or applicable law. 

  8.5        Perfection of Appointment. Should any deed,
conveyance, or instrument of any nature be required from Grantor by any Trustee or substitute Trustee to more fully and certainly vest in and confirm to the Trustee or substitute Trustee such estates, rights, powers, and duties, then, upon request
by the Trustee or substitute Trustee, any and all such deeds, conveyances and instruments shall be made, executed, acknowledged, and delivered and shall be caused to be recorded and/or filed by Grantor. 

  8.6        Succession Instruments. Any substitute
Trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed, or conveyance, become vested with all the estates, properties, rights, powers, and trusts of its or his predecessor in the rights hereunder with like
effect as if originally named as Trustee herein; but nevertheless, upon the written request of Beneficiary or of the substitute Trustee, the Trustee ceasing to act shall execute and deliver any instrument transferring to such substitute Trustee,
upon the trusts herein expressed, all the estates, properties, rights, powers, and trusts of the Trustee so ceasing to act, and shall duly assign, transfer and deliver any of the property and moneys held by such Trustee to the substitute Trustee so
appointed in the Trustee’s place. 

  8.7        No Representation by Trustee or Beneficiary.
By accepting or approving anything required to be observed, performed, or fulfilled or to be given to Trustee or Beneficiary pursuant to the Loan Documents, including without limitation, any officer’s certificate, balance sheet, statement of
profit and loss or other financial statement, survey, appraisal, or insurance policy, neither Trustee nor Beneficiary shall be deemed to have warranted, consented to, or affirmed the sufficiency, legality, effectiveness, or legal effect of the same,
or of any term, provision, or condition thereof, 

  
 20 

 
and such acceptance or approval thereof shall not be or constitute any warranty or affirmation with respect thereto by Trustee or Beneficiary. 

  8.8        Single or Multiple Foreclosure Sales. If the
Project consists of more than one lot, parcel or item of property, Beneficiary may: 

  (a)        designate the order in which the lots, parcels and/or
items shall be sold or disposed of or offered for sale or disposition; and 

  (b)        elect to dispose of the lots, parcels and/or items through
a single consolidated sale or disposition to be held or made under or in connection with judicial proceedings, or by virtue of a judgment and decree of foreclosure and sale, or pursuant to the power of sale contained herein; or through two or more
such sales or dispositions; or in any other manner Beneficiary may deem to be in its best interests (any foreclosure sale or disposition as permitted by the terms hereof is sometimes referred to herein as a “Foreclosure Sale;” and any two
or more such sales, “Foreclosure Sales”). 
   If it chooses to have more than one
Foreclosure Sale, Beneficiary at its option may cause the Foreclosure Sales to be held simultaneously or successively, on the same day, or on such different days and at such different times and in such order as it may deem to be in its best
interests. No Foreclosure Sale shall terminate or affect the liens of this Security Instrument on any part of the Project which has not been sold, until all of the Secured Obligations have been paid in full. 

9.        SPECIAL STATE PROVISIONS. 

  9.1        Inconsistencies. In the event of any
inconsistencies between the terms and conditions of this Section 9 and the other provisions of this Security Instrument, the terms and conditions of this Section 9 shall control and be binding. 

  9.2        Foreclosure-Power of Sale. Beneficiary may
request Trustee to proceed with foreclosure under the power of sale which is hereby conferred, such foreclosure to be accomplished in accordance with the following provisions: 

      (i)        Public Sale. Trustee is
hereby authorized and empowered, and it shall be Trustee’s special duty, upon such request of Beneficiary, to sell the Property, or any part thereof, at public auction to the highest bidder for cash, with or without having taken possession of
same. Any such sale (including notice thereof) shall comply with the applicable requirements, at the time of the sale, of Section 51.002 of the Texas Property Code or, if and to the extent such statute is not then in force, with the applicable
requirements, at the time of the sale, of the successor statute or statutes, if any, governing sales of Texas real property under powers of sale conferred by deeds of trust. If there is no statute in force at the time of the sale governing sales of
Texas real property under powers of sale conferred by deeds of trust, such sale shall comply with applicable law, at the time of the sale, governing sales of Texas real property under powers of sale conferred by deeds of trust. 

      (ii)        Right to Require Proof of
Financial Ability and/or Cash Bid. At any time during the bidding, the Trustee may require a bidding party (A) to disclose its full name, state and city of residence, occupation, and specific business office location, and the name and
address of the principal the bidding party is representing (if applicable), and (B) to demonstrate reasonable 

  
 21 

 
evidence of the bidding party’s financial ability (or, if applicable, the financial ability of the principal of such bidding party), as a condition to the bidding party submitting bids at
the foreclosure sale. If any such bidding party (the “Questioned Bidder”) declines to comply with the Trustee’s requirement in this regard, or if such Questioned Bidder does respond but the Trustee, in Trustee’s sole and
absolute discretion, deems the information or the evidence of the financial ability of the Questioned Bidder (or, if applicable, the principal of such bidding party) to be inadequate, then the Trustee may continue the bidding with reservation; and
in such event (1) the Trustee shall be authorized to caution the Questioned Bidder concerning the legal obligations to be incurred in submitting bids, and (2) if the Questioned Bidder is not the highest bidder at the sale, or if having
been the highest bidder the Questioned Bidder fails to deliver the cash purchase price payment promptly to the Trustee, all bids by the Questioned Bidder shall be null and void. The Trustee may, in Trustee’s sole and absolute discretion,
determine that a credit bid may be in the best interest of the Grantor and Beneficiary, and elect to sell the Property for credit or for a combination of cash and credit; provided, however, that the Trustee shall have no obligation to accept any bid
except an all cash bid. In the event the Trustee requires a cash bid and cash is not delivered within a reasonable time after conclusion of the bidding process, as specified by the Trustee, but in no event later than 3:45 p.m. local time on the day
of sale, then said contingent sale shall be null and void, the bidding process may be recommenced, and any subsequent bids or sale shall be made as if no prior bids were made or accepted. 

      (iii)      Sale Subject to Unmatured Secured
Obligations. In addition to the rights and powers of sale granted under the preceding provisions of this subsection, if default is made in the payment of any installment of the Secured Obligations, Beneficiary may, at Beneficiary’s option,
at once or at any time thereafter while any matured installment remains unpaid, without declaring the entire Secured Obligations to be due and payable, orally or in writing direct Trustee to enforce this trust and to sell the Property subject to
such unmatured Secured Obligations and to the rights, powers, liens, security interests, and assignments securing or providing recourse for payment of such unmatured Secured Obligations, in the same manner, all as provided in the preceding
provisions of this subsection. Sales made without maturing the entirety of the Secured Obligations may be made hereunder whenever there is a default in the payment of any installment of the Secured Obligations, without exhausting the power of sale
granted hereby, and without affecting in any way the power of sale granted under this subsection, the unmatured balance of the Secured Obligations or the rights, powers, liens, security interests, and assignments securing or providing recourse for
payment of the Secured Obligations. 

      (iv)      Partial Foreclosure. Sale of a part
of the Property shall not exhaust the power of sale, but sales may be made from time to time until the entirety of the Secured Obligations is paid and the Secured Obligations are performed and discharged in full. It is intended by each of the
foregoing provisions of this subsection that Trustee may, after any request or direction by Beneficiary, sell not only the Land and the Improvements, but also the fixtures and personalty and other interests constituting a part of the Property or any
part thereof, along with the Land and the Improvements or any part thereof, as a unit and as a part of a single sale, or may sell at any time or from time to time any part or parts of the Property separately from the remainder of the Property. It
shall not be necessary to have present or to exhibit at any sale any specific portion of the Property. 

      (v)        Trustee’s Deeds.
After any sale under this subsection, Trustee shall make good and sufficient deeds, assignments, and other conveyances to the purchaser or purchasers 

  
 22 

 
thereunder in the name of Grantor, conveying the Property or any part thereof so sold to the purchaser or purchasers with general warranty of title by Grantor. It is agreed that in any deeds,
assignments or other conveyances given by Trustee, any and all statements of fact or other recitals therein made as to the identity of Beneficiary, the occurrence or existence of any Event of Default, the notice of intention to accelerate, or
acceleration of, the maturity of the Secured Obligations, the request to sell, notice of sale, time, place, terms and manner of sale, and receipt, distribution, and application of the money realized therefrom, the due and proper appointment of a
substitute trustee, and without being limited by the foregoing, any other act or thing having been duly done by or on behalf of Beneficiary or by or on behalf of Trustee, shall be taken by all courts of law and equity as prima facie
evidence that such statements or recitals state true, correct, and complete facts and are without further question to be so accepted, and Grantor does hereby ratify and confirm any and all acts that Trustee may lawfully do in the premises by virtue
hereof. 

      (vi)       Beneficiary’s Judicial
Remedies. Beneficiary, or Trustee, upon written request of Beneficiary, may proceed by suit or suits, at law or in equity, to enforce the payment of the Secured Obligations and the performance and discharge of the Secured Obligations in
accordance with the terms hereof, of the Note, and the other Loan Documents, to foreclose the liens and security interests of this Mortgage as against all or any part of the Property, and to have all or any part of the Property sold under the
judgment or decree of a court of competent jurisdiction. This remedy shall be cumulative of any other nonjudicial remedies available to the Beneficiary with respect to the Loan Documents. Proceeding with a request or receiving a judgment for legal
relief shall not be or be deemed to be an election of remedies or bar any available nonjudicial remedy of the Beneficiary. 
   9.3        Abandonment of Sale. In the event a foreclosure hereunder is commenced by Trustee in accordance with this Mortgage, at any time
before the sale, Trustee may abandon the sale, and Beneficiary may then institute suit for the collection of the Secured Obligations and for the foreclosure of the liens and security interests hereof and of the Loan Documents. If Beneficiary should
institute a suit for the collection of the Secured Obligations and for a foreclosure of the liens and security interests, Beneficiary may, at any time before the entry of a final judgment in said suit, dismiss the same and require Trustee to sell
the Property or any part thereof in accordance with the provisions of this Mortgage. 

  9.4        Payment of Fees. If the Note or any other
part of the Secured Obligations shall be collected or if any of the Secured Obligations shall be enforced by legal proceedings, whether through a probate or bankruptcy court or otherwise, or shall be placed in the hands of an attorney for collection
after maturity, whether matured by the expiration of time or by an option given to the Beneficiary to mature same, or if Beneficiary becomes a party to any suit where this Mortgage or the Property or any part thereof is involved, Grantor agrees to
pay Beneficiary’s attorneys’ fees and expenses incurred, and such fees and expenses shall be and become a part of the Secured Obligations and shall bear interest from the date such costs are incurred at the Default Rate. 

  
 23 

  

  IN WITNESS WHEREOF, Grantor has executed this Security Instrument as of the date first written above.

 NOTICE OF INDEMNIFICATION:      GRANTOR HEREBY ACKNOWLEDGES AND AGREES THAT THIS
SECURITY INSTRUMENT CONTAINS CERTAIN INDEMNIFICATION PROVISIONS PURSUANT TO SECTIONS 4.3 AND 5.2(b) HEREOF. 
  

					
	 GRANTOR:

	
	 WELLS CORE REIT – ROYAL RIDGE V, LLC,

a Delaware limited liability company

		
	 By:    
	 	 Wells Core Office Income Operating Partnership, L.P.

		 	 a Delaware limited partnership, its sole member

			
		 	 By:
	 	 Wells Core Office Income REIT, Inc.

		 		 	 a Maryland corporation, its general partner

			
		 		 	 By: /s/ Douglas P. Williams

		 		 	 Name: Douglas P. Williams

		 		 	 Title: Executive Vice President

  

					
	 STATE OF Georgia            
	  	 )
	  	
		  	 )
	  	     ss.:

	 COUNTY OF Gwinnett
	  	 )
	  	

 Before me, L.A.
Hunt                             , a notary public in and for the State of Georgia, on this day
personally appeared Douglas P. Williams                    , the Executive
VP                    , of Wells Core Office Income REIT, Inc., the general partner of Wells Core Office Income Operating Partnership, L.P., the
sole member of Wells Core REIT – Royal Ridge V, LLC, known to me (or proved to me through his/her driver’s license) to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he/she executed the same
in the capacity therein stated and for the purposes and consideration therein expressed. 
 Given under my hand and seal of
office this 6th day of October, 2010. 
  

					
		 		 	  /s/ L A Hunt

		 		 	 Printed Name: L A Hunt

		 		 	 My Commission expires: 6/10/14

  
 24 

  
 EXHIBIT A

 LEGAL DESCRIPTION 
 Tract 1: 
 Lot 3 of Royal Ridge Carr, Phase 2, Second Revision, an
addition to the City of Irving, Dallas County, Texas, according to the plat thereof recorded under Clerk’s File No. 20060009070 Map Records, Dallas County, Texas. 

Tract 2: 
 Easement Estate, as created in that Reciprocal Access Easement Agreement dated October 5, 2004, filed for record on October 25, 2004, executed by Carr Texas OP, L.P., recorded in Volume 2004207,
page 4214, Deed Records, Dallas County, Texas. 
 TO BE CONFIRMED BY TITLE COMMITMENT AND SURVEY 

  
 25Agreement for the Purchase and Sale of Property

  
 Exhibit 10.11

 AGREEMENT FOR THE PURCHASE AND SALE OF PROPERTY 

THIS AGREEMENT FOR THE PURCHASE AND SALE OF PROPERTY (the “Agreement”), is made and entered into as of the 12th
day of October, 2010 (the “Effective Date”), by and between HP HAMILTON WOODS I, L.L.C., an Illinois limited liability company (hereinafter referred to as “Seller”) and WELLS REAL ESTATE ADVISORY SERVICES III, LLC, a Georgia
limited liability company (hereinafter referred to as “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 and
No/100 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 of 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 located in the City of
Bloomingdale, DuPage County, Illinois containing approximately 7.01 acres, and being more particularly described on Exhibit “A” attached hereto (hereinafter referred to as the “Land”); and 

(b)      all rights, privileges, and easements appurtenant to the Land,
including all water rights, mineral rights, development rights, air rights, reversions, or other appurtenances to said Land, 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 three story office building containing approximately 71,053 square feet of leasable floor area, all parking areas and other amenities located on the Land, and all of Seller’s right, title and interest
in all apparatus, elevators, built-in appliances, equipment, pumps, machinery, plumbing, heating, air conditioning, and electrical and other fixtures located on the Land (all of which are together hereinafter referred to as the
“Improvements”); and 
 (d)      all tangible personal
property now owned or hereafter acquired by Seller and located on or to be located on or in, or used in connection with, the Land and Improvements, including, without limitation, the items set forth and described on

 
Exhibit “B” attached hereto, and all other equipment, supplies, tools, furniture, furnishings, office equipment, fittings, appliances, shades, wall-to-wall carpet,
draperies, screens and screening, art, awnings, plants, shrubbery, landscaping, lawn care and building maintenance equipment, vending machines and other furnishings or items of personal property owned by Seller and used or to be used in connection
with the operation of the Land and Improvements (all of which are together hereinafter referred to as the “Personal Property”); and 
 (e)      all of Seller’s right, title, and interest, as landlord or lessor, in and to each of the Leases (as hereinafter defined) and any and all guaranties of the
Leases; and 
 (f)      to the extent assignable or transferable,
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, or warranties related to the ownership of or use and operation of the Land,
Personal Property, or Improvements, all governmental licenses and permits associated with the Land, Personal Property, and Improvements. 
 2.      Earnest Money. 
 (a)      Within three (3) business days after the Effective Date of this Agreement, Purchaser shall deliver to Stewart Title Guaranty (“Escrow Agent”) as
initial earnest money (the “Initial Earnest Money”), the amount of One Hundred Fourteen Thousand Five Hundred Dollars ($114,500), which Initial Earnest Money shall be held and disbursed by Escrow Agent in accordance with the terms of a
written Escrow Agreement, a copy of which is attached hereto as Exhibit “C”. At the Closing (as hereinafter defined), the Initial Earnest Money shall be applied as partial payment of the Purchase Price due and payable at
Closing pursuant to Paragraph 3 below. 
 (b)      Unless this
Agreement is terminated by Purchaser pursuant to Paragraph 5 hereof, Purchaser shall deliver a check to Escrow Agent in the amount of One Hundred Fourteen Thousand Five Hundred Dollars ($114,500) (said amount being herein referred to as the
“Additional Earnest Money”) within one (1) business day after the expiration of the Inspection Period. If Purchaser fails to pay such Additional Earnest Money on or before the date which is one (1) business days after the
expiration of the Inspection Period, Purchaser shall be deemed to have terminated this Agreement under Paragraph 5 hereof and Escrow Agent shall promptly disburse the Earnest Money in accordance with Paragraph 5 hereof and this Agreement shall
automatically terminate, and except as expressly provided to the contrary in this Agreement, no party hereto shall have any other or further rights or obligations under this Agreement. 

(c)      For the purposes of this Agreement the term “Earnest
Money” shall mean whatever sums have been delivered to Escrow Agent as earnest money hereunder, including without limitation the Initial Earnest Money and the Additional Earnest Money, if any. The Earnest Money shall be applied to the Purchase
Price at the Closing, and shall otherwise be held, refunded, or disbursed in accordance with the terms of this Agreement. All interest and other income from time to time earned on the Earnest Money shall belong to Purchaser

  
 2 

 
and shall be disbursed to Purchaser at any time or from time to time as Purchaser shall direct Escrow Agent, all as provided in the Escrow Agreement. 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 Eleven Million Four Hundred
Fifty Thousand Dollars ($11,450,000). The Purchase Price shall be paid by Purchaser to Seller at the Closing (as hereinafter defined) by 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. 

(a)      Commencing on the Effective Date of this Agreement and subject to
the rights of the Tenants (as hereinafter defined), Purchaser and its agents, engineers, or representatives, with Seller’s full cooperation, shall have the privilege of going upon the Property as needed to inspect, examine, test, and survey the
Property. Purchaser must provide Seller with at least twenty-four (24) hours’ prior notice (which notice may be made by telephone, facsimile or e-mail) of Purchaser’s desire to enter onto the Property to conduct any such surveys,
assessments, studies, tests, inspections or examinations, and all such surveys, assessments, studies, tests, inspections and examinations shall be conducted in the presence of Seller or its representative(s) and at reasonable times. Without limiting
the foregoing, prior to any entry to perform physically intrusive testing, Purchaser shall give Seller two (2) business days’ prior notice thereof (which notice may be made by telephone, facsimile or e-mail), including the identity of the
company or persons who will perform such testing and the proposed scope of the testing. Seller shall approve or disapprove the scope and methodology of such proposed testing within such two (2) business day period after receipt of such notice,
such approval not to be unreasonably withheld; Seller’s failure to notify Purchaser of its disapproval shall be deemed to be Seller’s disapproval thereof. In addition, Purchaser’s right to conduct the surveys, assessments, studies,
tests, inspections and examinations described above shall be subject to the condition that Purchaser shall first have provided Seller with a certificate of insurance evidencing Purchaser’s (or its contractor’s, agent’s or
representative’s) procurement of the commercial general liability insurance coverages described below. Purchaser and its employees, agents and representatives shall not contact any Tenant without first obtaining Seller’s prior consent
(which consent may be by telephone, facsimile or e-mail). 

(b)      Purchaser shall maintain or shall cause to be maintained at all
times during its entry upon the Property, commercial general liability insurance with limits of not less than One Million and No/100 Dollars ($1,000,000.00) per occurrence combined single limit. Such policy of insurance shall name Seller as an
additional insured, and such policy shall be primary with respect to the activities of Purchaser and its agents, engineers or representatives at the Property, whether or not Seller holds other policies of insurance. A certificate issued by the
insurance carrier of such policy shall be delivered to Seller prior to entry upon the Property by Purchaser or its agents, engineers or representatives. 

  
 3 

  
 (c)      Purchaser hereby agrees to hold Seller harmless from any liens, claims, liabilities, and damages incurred through the exercise of such privilege (but excluding any
liability arising out of the existing environmental condition of the Property or the presence of toxic or hazardous substances thereon and excluding any claims arising out of a release of existing or in-place hazardous or toxic substances on or
under the Property), and Purchaser further agrees to repair any damage to the Property caused by the exercise of such privilege (excluding any damage arising out of a release of existing or in-place hazardous or toxic substances on or under the
Property). Purchaser’s obligations as set forth in the preceding sentences shall survive any termination of this Agreement. 
 (d)      Within three (3) business days after the Effective Date, Seller shall deliver to Purchaser a copy of all tenant files, tenant credit information, leasing
commission agreements, current service and maintenance agreements, maintenance records for HVAC and other equipment and the roof(s) on the Improvements, operating statements for calendar years 2007, 2008, 2009 and year to date 2010, and the most
current environmental report in Seller’s possession. Purchaser hereby acknowledges and agrees that Purchaser shall have no right to receive or review any financial or other information regarding Seller or its owners or any internal appraisals,
analyses, summaries, reports or other documents generated internally by Seller or its owners. 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 three (3) business days after the Effective Date of this Agreement, to the extent the same are in the possession of or under the control of Seller,
as-built plans and specifications, the most current boundary and “as-built” surveys of the Land and Improvements and any title insurance policies, certificates of occupancy, building permits, zoning letters and instruments reflecting the
approval of any association governing the Property or relating thereto. At no cost to Seller, Seller shall use commercially reasonable efforts to cause the authors of environmental reports to issue reliance letters addressed to Purchaser and
Purchaser’s lender, if any, in form and substance reasonably acceptable to Purchaser. 

(e)      Seller acknowledges that Purchaser may be required by the
Securities and Exchange Commission to file audited financial statements for one (1) to three (3) years with regard to the Property. At no cost or liability to Seller, Seller shall (i) cooperate with Purchaser, its counsel,
accountants, agents, and representatives, provide them with access to Seller’s books and records with respect to the ownership, management, maintenance, and operation of the Property for the applicable period, and permit them to copy the same,
and (ii) execute a form of “rep” letter in form and substance reasonably satisfactory to Seller. Purchaser will pay the costs associated with any such audit, including Seller’s internal accounting charges. 

5.      Special Condition to Closing.    Purchaser shall have
until 5:00 p.m. central time on October 22, 2010 (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 

  
 4 

 
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 retain the sum of Twenty-Five Dollars ($25.00) of the Earnest Money, and the balance of the Earnest Money shall be refunded to
Purchaser, whereupon, except as expressly provided to the contrary in this Agreement, no party hereto shall have any other or further 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 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 prior to or simultaneously with the Closing, any of which may be waived by written notice from Purchaser to Seller: 

(a)      Seller has complied with and otherwise performed each of the
covenants and obligations of Seller set forth in this Agreement. 

(b)      All representations and warranties of Seller as set forth in this
Agreement shall be in all respects true and correct when made and as of the date of Closing as though such representations and warranties were made on and as of the date of Closing (and as if made without limitation or qualification as to
Seller’s knowledge). 
 (c)      The Title Insurer is prepared
to issue to Purchaser upon the Closing a fee simple owner’s title insurance policy on the Land and Improvements which shall include only the Permitted Exceptions. 

(d)      Purchaser shall have received the Tenant Estoppel Certificate
referred to in Paragraph 10 hereof, duly executed by the Bridgestone Retail Operations, LLC (“BFS”). 
 (e)      No Tenant shall be in material default (without regard to the expiration of any applicable cure period provided in the Lease with such Tenant) under the terms of
such Tenant’s Lease as of the date of Closing. 
 In the event Purchaser shall terminate this Agreement as a result of the
non-satisfaction of any of the foregoing conditions, Purchaser shall be entitled to an immediate return of the Earnest Money from Escrow Agent. 
 7.      Title to the Property.    Good and marketable fee simple record title to the Land and Improvements shall be conveyed by Seller to Purchaser
by Special Warranty Deed, free and clear of all liens, easements, restrictions, and encumbrances whatsoever, excepting only the Permitted Exceptions. 
 (a) Title.    No later than five (5) business days following the Effective Date, Seller, at Seller’s sole cost and expense, shall obtain and deliver a commitment
(“Title Commitment”) for the 

  
 5 

 
issuance of an ALTA Form B owner’s policy of title insurance issued by Stewart Title Guaranty (the “Title Insurer”) in the amount of the Purchase Price, showing title in the
Seller’s name, with extended coverage over the so-called general or standard exceptions arising from the actions of Seller but not any Tenant which are a part of the printed form of the policy, and including the following endorsements
(collectively, the “Endorsements”): Comprehensive, Separate Tax Parcel Number, Access, Subdivision (if applicable), Contiguity (if applicable), Survey/Location, Zoning, Utility Facility, Modification of Arbitration Clause, Environmental
Protection Lien, Gap, Restrictions (as applicable) and Encroachment (as applicable), together with a true, correct and complete copy of every document and instrument of record reflected therein. If Purchaser objects to any exceptions to title shown
in any Title Commitment, Purchaser shall give Seller notice of such objection within ten (10) business days following Purchaser’s receipt of such Title Commitment and all such documents and instruments of record. Any exceptions to title
shown on the Title Commitment to which Purchaser does not so object shall be “Permitted Exceptions”; provided, however, that in no event shall the Permitted Title Exceptions include, and Purchaser shall not be required to notify Seller of
its objection to, any mortgage, deed of trust or financing statement relating thereto that encumbers the Property or any tax, mechanic’s lien or judgment lien relating to or arising from the acts of Seller but not any Tenant. If the Title
Commitment discloses exceptions to title other than Permitted Exceptions and liens securing indebtedness of a definite and ascertainable amount which will be released on the Date of Closing by Seller, Seller shall have five (5) business days
from the date of Purchaser’s notice of objection to have such exceptions removed from the Title Commitment (or, with the consent of Purchaser, to have the Title Insurer commit to insure for the full amount of said policy against loss or damage
that may be occasioned by such unpermitted exceptions) and provide evidence thereof to Purchaser, and, if Seller fails to have such exceptions removed (or with the consent of Purchaser insured over), Purchaser may elect, on or before the date of
Closing, as its sole remedy with respect to such matters (i) to terminate this Agreement, in which event this Agreement shall be null and void and neither party shall have any rights or obligations hereunder except those that expressly survive
such termination, or (ii) to accept title subject to such unpermitted exceptions with the further right of to pay at Closing the existing first mortgage indebtedness secured by the Property, and cause the Title Insurer to issue its endorsement
insuring against damage caused by any such unpermitted exceptions caused by Seller after the Effective Date and require Seller to pay at Closing the cost of the premiums and security provided for said endorsement. On the date of Closing, Seller
shall cause the Title Insurer to issue an owner’s title insurance policy or prepaid commitment therefor, pursuant to and in accordance with the Title Commitment, insuring fee simple title in the Purchaser as of the date of Closing, subject only
to the Permitted Exceptions. 
 (b) Survey.    No later than five (5) business
days following the Effective Date, Seller shall obtain and deliver, at Seller’s sole cost and expense, an as-built survey of the Property dated no earlier than one hundred eighty (180) days prior to the date of Closing, prepared by a
surveyor licensed by the state of the Property and certified to Purchaser, the Title Insurer and such other parties as Purchaser shall designate, to be prepared in accordance with the Land Title Surveys of American Land Title Association National
Society of Professional Surveyors promulgated in 2005, including Table A Items 1-4, 6, 7(a), 8-10, and 11(a) (the “Survey”). If the Survey discloses any encroachments onto the Land from any adjacent property, encroachments by or from the
Land onto any adjacent property, violations of or encroachments upon any recorded building lines, restrictions 

  
 6 

 
or easements affecting the Land or exceptions to title (other than the Permitted Exceptions) or matters to which Purchaser objects, Purchaser shall give Seller notice of such objection within
ten (10) business days following Purchaser’s receipt of the Survey, and Seller shall have five (5) business days from the date of such notice to have such encroachments, violations, unpermitted exceptions or other matters so objected
to by Purchaser removed or, with the consent of Purchaser, insured over by the Title Insurer and provide evidence thereof to Purchaser, and if Seller fails to have the same removed or, with the consent of Purchaser, insured over, Purchaser may
elect, on or before the date of Closing, as its sole remedy with respect to such matters, (i) to terminate this Agreement, in which event this Agreement shall be null and void and neither party shall have any rights or obligations hereunder
except those that expressly survive such termination, or (ii) accept the Property subject to such encroachments, violations or unpermitted exceptions with the further right to cause the Title Insurer to issue its endorsement insuring against
damage caused by any such encroachments, violations or unpermitted exceptions caused by Seller after the Effective Date and require Seller to pay at Closing the cost of the premiums provided for said endorsement. 

8.      Representations and Warranties of Seller.    Seller
hereby makes the following representations and warranties to Purchaser, each of which shall be deemed material: 
 (a)      Leases.    Attached hereto as Exhibit “D” is a complete list setting forth all leases in effect relating to the
Property and all modifications and amendments to such leases (such leases, as modified and amended, being herein collectively referred to as the “Leases” or individually as “Lease”). Seller has delivered to Purchaser complete and
accurate copies of all of the Leases. Seller is the “landlord” under all of the Leases and owns unencumbered legal and beneficial title to all of the Leases and the rents and other income thereunder, subject only to the collateral
assignment of the Leases and 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. The lessees or tenants
identified in the Leases are hereinafter collectively referred to as “Tenants” or individually as “Tenant”. To the best of Seller’s knowledge, there are no existing or uncured defaults by any Tenant or Seller under the
Leases. No Tenant has prepaid rent for more than the current month under such Tenant’s Lease, or is entitled to any special work (not yet performed) or consideration (not yet given) in connection with its tenancy, except for a tenant
improvement allowance of $617,380 owed to BFS (the “BFS Allowance”) and any improvements or allowances in connection with BFS’ election to expand its premises. All commissions currently due and payable under, relating to, or as a
result of the Leases have been cashed-out and paid and satisfied in full by Seller or by Seller’s predecessor in title to the Property, and no further commissions shall be due or payable as a result of any Lease or any extension of the term of
any Lease or any expansion of the space leased thereunder pursuant to any option contained in any Lease except as disclosed on Exhibit “E”. 

(b)      Contracts.    Attached hereto as
Exhibit “E” is a complete and accurate list and description of all written or oral (i) service, maintenance, operating, repair, collective bargaining, employment, employee benefit, management, leasing, brokerage, supply,
purchase, consulting, professional service, advertising, promotion, public relations, construction contracts and commitments, and equipment warranties (excluding the Leases) 

  
 7 

 
which have been entered into by or are binding upon Seller or the Property; (ii) equipment leases; and (iii) guarantees and warranties which benefit Seller in effect with respect to the
Property or any portion thereof. (said agreements being herein collectively referred to as the “Contracts”). Seller has provided Purchaser with complete and accurate copies of all Contracts. All such Contracts are in full force and effect
in accordance with their respective provisions, all payments required to be made by Seller or the “Owner” thereunder have been paid in full, and, to the best of Seller’s knowledge, there is no default, or claim of default, or any
event which the passage of time or notice, or both, would constitute a default on the part of any party to any of such Contracts. All such Contracts are terminable without penalty or obligation to pay any severance or similar compensation on no more
than thirty (30) days’ notice, except as expressly set forth on Exhibit “E”. Seller agrees to cancel, effective no later than the Closing, any of the Contracts terminable without penalty or obligation to pay any
severance or similar compensation on no more than thirty (30) days’ notice specified by Purchaser in a written notice to Seller given at least ten (10) days prior to the Closing. Seller has cancelled or will cancel, effective as of
the Closing, any agreement in the nature of a management agreement or service contract between Seller and any partner or member of Seller or any party affiliated with or related to Seller or any partner or member of Seller. 

(c)      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 also has no knowledge of any pending or threatened application for changes in the zoning applicable to the Property or any portion thereof. 

(d)      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. 

(e)      No Roll-Back Taxes.    The Property has
not been classified under any designation authorized by law to obtain a special low ad valorem tax rate or to receive a reduction, abatement or deferment of ad valorem taxes which, in such case, will result in additional, catch-up or
roll-back ad valorem taxes in the future in order to recover the amounts previously reduced, abated or deferred. 
 (f)      Compliance with Applicable Laws.    Seller has not received any written notice of any alleged violation of or nonconformity with any law
relating to, or any restriction, condition, covenant, commitment, contract or agreement concerning, the ownership, operation, use and/or occupancy of the Property that has not been heretofore corrected. 

(g)      Operating Expense Statement.    Seller
has delivered to Purchaser an “Operating Expense Statement” prepared on a cash basis which is a complete, true, and 

  
 8 

 
accurate list and description of all income received and all operating expenses paid during the period from January 1, 2007 through August 31, 2010. 

(h)      Employees.    There are no employment,
collective bargaining, or similar agreements or arrangements between Seller and any of its employees or others which will be binding on Purchaser or any of Purchaser’s successors in title. 

(i)      Effect of Certification.    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 Leases, the Contracts, or the Permitted Exceptions. 

(j)      Authorization.    Seller is a duly
organized and validly existing limited liability company under the laws of the State of Illinois. This Agreement has been duly authorized and executed on behalf of Seller, 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, and this Agreement constitutes the valid and binding agreement of Seller, enforceable in accordance with its terms, subject to bankruptcy, insolvency and
similar laws affecting generally the enforcement of creditor’s rights. Neither the execution and delivery of this Agreement nor the consummation of the transaction contemplated hereby will (i) be in violation of Seller’s Articles of
Organization or Operating Agreement, (ii) conflict with or result in the breach or violation of any law, regulation, writ, injunction or decree of any court or governmental instrumentality applicable to Seller, or (iii) constitute a breach
of any evidence of indebtedness or agreement of which Seller is a party or by which Seller is bound. 
 (k)      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. 

(l)      Licenses.    To Seller’s knowledge,
Exhibit “F” contains a complete list of all licenses issued by any governmental authority and relating to the Seller’s (and not any tenant’s) operation, ownership and maintenance of the Property or any part thereof
including elevator permits, and machinery permits (the “Licenses”). Neither Seller nor any of its agents or employees has received notice (i) of any intention on the part of the issuing authority to cancel, suspend or modify any of
the Licenses or to take any action or institute any proceedings to effect such a cancellation, suspension or modification or (ii) that Seller fails to hold any license, franchise, certification, authorization, approval or permit required by any
governmental or quasi-governmental authority for the use and operation of the Property by Seller as the same is presently used and operated. 
 At Closing, Seller shall represent and warrant to Purchaser that all such 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 

  
 9 

 
all of the express representations and warranties made and given by Seller to Purchaser herein shall survive the execution and delivery of the Special Warranty Deed by Seller to Purchaser for a
period of one (1) year after the Closing, except to the extent that a notice of breach of any representation or warranty has been given prior to such expiration. 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, and as its sole remedy with respect to such matters (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 after the Effective Date 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 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 after the Effective Date or any such representations and warranties willfully breached by Seller. 
 References to the “knowledge” of Seller shall refer only to the current actual knowledge of Patrick J. McKillen, without any independent investigation or inquiry. 

EXCEPT AS EXPRESSLY SET FORTH IN PARAGRAPH 8, PURCHASER HEREBY ACKNOWLEDGES AND AGREES THAT PURCHASER IS PURCHASING AND
ACQUIRING THE PROPERTY “AS-IS”, “WHERE IS”, AND WITH ALL FAULTS, AND THAT EXCEPT AS EXPRESSLY STATED IN PARAGRAPH 8 AND IN ANY DOCUMENTS TO BE DELIVERED TO PURCHASER BY SELLER AT CLOSING, SELLER HAS NOT MADE AND DOES NOT MAKE ANY
REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES, WHETHER EXPRESS OR IMPLIED, WRITTEN OR ORAL, BY OPERATION OF LAW OR OTHERWISE, OF ANY KIND OR NATURE WHATSOEVER WITH RESPECT TO THE PROPERTY OR AS TO, CONCERNING OR WITH
RESPECT TO (A) THE VALUE, NATURE, QUANTITY, QUALITY OR CONDITION OF THE PROPERTY, (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF THE PROPERTY FOR ANY OR ALL ACTIVITIES AND USES THAT PURCHASER MAY CONDUCT
THEREON, (D) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, (E) THE STATUS OF TITLE TO THE PROPERTY, (F) THE MANNER, QUALITY,
STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY, (G) THE ZONING OF THE PROPERTY, (H) THE STATUS OR CONTENT OF ANY PLANS, PERMITS, SURVEYS, OR OTHER DOCUMENTS RELATING TO THE PROPERTY, (I) THE CONTENT, COMPLETENESS OR ACCURACY OF THE
TITLE COMMITMENT OR THE DUE DILIGENCE MATERIALS FURNISHED TO (OR TO BE FURNISHED TO) OR OBTAINED BY (OR TO BE OBTAINED BY) PURCHASER; (J) THE CONFORMITY OF THE IMPROVEMENTS TO ANY PLANS OR SPECIFICATIONS FOR THE PROPERTY, INCLUDING WITHOUT
LIMITATION ANY PLANS AND SPECIFICATIONS THAT MAY HAVE BEEN OR MAY BE PROVIDED TO PURCHASER; (K) THE CONFORMITY OF THE 

  
 10 

 
PROPERTY TO PAST, CURRENT OR FUTURE APPLICABLE ZONING OR BUILDING REQUIREMENTS; OR (L) ANY OTHER ASPECT OR COMPONENT OF THE PROPERTY. WITHOUT LIMITING THE FOREGOING, PURCHASER HEREBY
ACKNOWLEDGES THAT IT UNDERSTANDS AND AGREES THAT SELLER MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, SUITABILITY, HABITABILITY, AND/OR MERCHANTABILITY WITH RESPECT TO THE PROPERTY OR ANY ASPECT OR
CONDITION THEREOF. EXCEPT TO THE EXTENT SELLER BREACHES ANY OF ITS REPRESENTATIONS OR WARRANTIES UNDER THIS AGREEMENT, PURCHASER AGREES NOT TO MAKE OR BRING ANY CLAIMS, SUITS OR ACTIONS FOR CONTRIBUTION WITH RESPECT TO THE COMPLIANCE OF THE PROPERTY
WITH ENVIRONMENTAL LAWS. PURCHASER HEREBY AGREES THAT SELLER IS NOT LIABLE OR BOUND BY ANY GUARANTEES, PROMISES, STATEMENTS, REPRESENTATIONS, OR INFORMATION PERTAINING TO THE PROPERTY MADE OR FURNISHED BY ANY REAL ESTATE AGENT, BROKER, EMPLOYEE,
SERVANT OR OTHER PERSON REPRESENTING OR PURPORTING TO REPRESENT SELLER’S INTERESTS, EXCEPT AS EXPRESSLY SET FORTH IN PARAGRAPH 8 ABOVE. PURCHASER FURTHER ACKNOWLEDGES THAT, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES SET FORTH IN PARAGRAPH 8,
PURCHASER IS RELYING SOLELY ON ITS OWN INSPECTIONS AND INVESTIGATIONS, IF ANY, WITH RESPECT TO ALL MATTERS REGARDING THE PROPERTY AND ALL ASPECTS AND COMPONENTS THEREOF. 

9.      Representations and Warranties of
Purchaser.    Purchaser hereby makes the following representations and warranties to Seller, each of which shall be deemed material: 

(a)      Authorization.    Purchaser is a duly
organized and validly existing limited liability company under the laws of the State of Georgia. This Agreement has been duly authorized and executed on behalf of Purchaser, 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, and this Agreement constitutes the valid and binding agreement of Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency and
similar laws affecting generally the enforcement of creditor’s rights. Neither the execution and delivery of this Agreement nor the consummation of the transaction contemplated hereby will (i) be in violation of Purchaser’s Articles
of Organization or Operating Agreement, (ii) conflict with or result in the breach or violation of any law, regulation, writ, injunction or decree of any court or governmental instrumentality applicable to Purchaser, or (iii) constitute a
breach of any evidence of indebtedness or agreement of which Purchaser is a party or by which Purchaser is bound. 
 10.    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 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,

  
 11 

 
or terminate any of the Leases or enter into any new lease, contract, or other agreement respecting the Property without Purchaser’s prior consent, which consent shall not be unreasonably
withheld, conditioned or delayed prior to the expiration of the Inspection Period, but after the expiration of the Inspection Period may be withheld in Purchaser’s sole and absolute discretion, (iii) not waive any rights of Seller under
any Lease or contract without Purchaser’s prior consent, which consent shall not be unreasonably withheld, conditioned or delayed prior to the expiration of the Inspection Period, but after the expiration of the Inspection Period may be
withheld in Purchaser’s sole and absolute discretion, (iv) not grant or otherwise create or consent to the creation of any easement, restriction, lien, assessment, or encumbrance respecting the Property, and (v) cause the Property to
be operated, maintained, and repaired in the same manner as the Property is currently being operated, maintained, and repaired. 
 (b)      Removal of Personal Property.    Seller shall neither transfer nor remove any Personal Property or fixtures from the Property after the
date of this Agreement except for the purposes of replacement thereof, in which case such replacements shall be promptly installed and shall be comparable in quality to the items being replaced. 

(c)      Preservation of Leases.    Seller shall,
from and after the date of this Agreement to the date of Closing, use its best efforts to perform and discharge all of the duties and obligations and shall otherwise comply with every covenant and agreement of the landlord or lessor under the Leases
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 (but shall not be required to institute any suits) to cause the Tenants under the Leases to
perform all of their respective duties and obligations and otherwise comply with each and every one of their covenants and agreements under such Leases and shall take such actions as are reasonably necessary to enforce the terms and provisions of
such Leases. Seller hereby agrees that from and after full execution of this Agreement, Seller shall not credit any portion of the security deposits, if any, against defaults or delinquencies of the Tenants under the Leases. 

(d)      Tenant Estoppel Certificates.    Prior
to Closing, Seller shall use commercially reasonable efforts to obtain and deliver to Purchaser a fully completed estoppel certificate with respect to each of the Leases in all material respects in the form attached hereto as
Exhibit “G” or in another form reasonably acceptable to Purchaser (herein referred to as the “Tenant Estoppel Certificates”), duly executed by the Tenant thereunder. The Tenant Estoppel Certificates shall be executed
as of October 15, 2010 or later. Purchaser’s obligations under this Agreement shall be conditioned upon Purchaser receiving an executed Tenant Estoppel Certificates from BFS prior to Closing that is in form and content acceptable to
Purchaser. 
 (e)      Subordination, Non-Disturbance and
Attornment Agreement.    Prior to Closing, Seller shall use commercially reasonable efforts to obtain and deliver to Purchaser a fully completed subordination, non-disturbance and attornment agreement with respect to each of
the Leases in all material respects in the form acceptable to Purchaser’s lender 

  
 12 

 
(herein referred to as the “SNDA”), duly executed by the Tenant thereunder. The SNDA shall be executed as of October 15, 2010 or later. Purchaser’s obligations under this
Agreement shall be conditioned upon Purchaser receiving an executed SNDA from BFS prior to Closing that is in form and content acceptable to Purchaser’s lender. 

(f)      Insurance.    From and after the date of
this Agreement to the date and time of Closing, Seller shall, at its expense, continue to maintain the same special form/“all risk” insurance covering the Property which is currently in force and effect. 

(g)      Cooperation with Purchaser’s Auditors and SEC Filing
Requirements.    Seller shall provide to Purchaser (at Purchaser’s expense) copies of, or shall provide Purchaser access to, such factual information as may be reasonably requested by Purchaser, and in the possession or
control of Seller, or its property manager or accountants, to enable Purchaser (or Wells Core Office Income REIT, Inc.) to file its Form 8-K, if, as and when such filing may be required by the Securities and Exchange Commission (“SEC”). At
Purchaser’s sole cost and expense, Seller shall allow Purchaser’s auditor (Frazier & Deeter or any successor auditor selected by Purchaser) to conduct an audit of the income statements of the Property for the last complete fiscal
year immediately preceding year, and shall cooperate (at no cost to Seller) with Purchaser’s auditor in the conduct of such audit. In addition, Seller agrees to provide to Purchaser’s auditor a letter of representation in the form attached
hereto as Exhibit “H”, and, if requested by such auditor, historical financial statements for the Property, including income and balance sheet data for the Property, whether required before or after Closing. Without limiting the foregoing,
(i) Purchaser or its designated independent or other auditor may audit Seller’s operating statements of the Property, at Purchaser’s expense, and Seller shall provide such documentation as Purchaser or its auditor may reasonably
request in order to complete such audit, and (ii) Seller shall furnish to Purchaser such financial and other information as may be reasonably required by Purchaser to make any required filings with the SEC or other governmental authority.
Notwithstanding anything contained herein to the contrary, the foregoing obligations of Seller shall be limited to providing such information or documentation as may be in the possession of, or reasonably obtainable by, Seller, its property manager
or accountants, at no cost to Seller, and in the format that Seller (or its property manager or accountants) have maintained such information. At no cost to Seller, and at the specific request of Buyer, Seller shall cooperate reasonably with Buyer
to arrange for interviews of Tenants and governmental authorities in connection with the Property. 

11.      Closing.    Provided that all of the conditions set
forth in this Agreement are theretofore fully satisfied or performed, it being fully understood and agreed, however, that Purchaser may waive expressly and 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 on or before October 30, 2010, at the offices of the Title Company. Notwithstanding the
foregoing, Purchaser shall have the right to extend the date of Closing to a date not later than November 30, 2010, by giving written 

  
 13 

 
notice of such extension to Seller and depositing with the Escrow Agent additional Earnest Money of Two Hundred Twenty-Nine Thousand dollars($229,000) on or before October 28, 2010.

 12.    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)      Deed.    A Special Warranty Deed conveying to Purchaser marketable 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 Special Warranty Deed shall be identical to Exhibit “A” attached hereto. In the event the as-built
survey of the Land and Improvements obtained by Seller as provided in Paragraph 7(b) hereof shall differ from the legal description set forth on Exhibit “A” hereto, Seller shall execute and deliver to Purchaser a quitclaim
deed containing a legal description based upon such as-built 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” attached hereto; 
 (c)      Blanket Transfer.    A Blanket Transfer and Assignment in the form and substance of Exhibit “J” attached hereto;

 (d)      Assignment and Assumption of
Leases.    An Assignment and Assumption of Leases in the form and substance of Exhibit “K” attached hereto, assigning to Purchaser all of Seller’s right, title, and interest in and to the Leases and
the rents thereunder; 
 (e)      Seller’s
Certificate.    A certificate evidencing the reaffirmation of the truth and accuracy of Seller’s representations, warranties, and agreements set forth in Paragraph 8 hereof; 

(f)      Seller’s Affidavit.    A customary
Seller’s Affidavit in the form required by the Title Insurer; 

(g)      FIRPTA Certificate.    A FIRPTA
Certificate in the form and substance of Exhibit “L” attached hereto; 

(h)      Surveys and Plans.    To the extent not
previously delivered to Purchaser, such site plans, plans and specifications, and other matters relating to the Property as are described in subparagraph (a) of the Blanket Transfer and Assignment and are in the possession or control of Seller;

  
 14 

  
 (i)      Certificates of Occupancy.    To the extent not previously delivered to Purchaser, Original Certificates of Occupancy for all space within
the Improvements, to the extent same are in the possession or control of Seller; 

(j)      Leases.    To the extent not previously
delivered to Purchaser, an original executed counterpart or certified copy of each Lease and any guaranties thereof; 
 (k)     Contracts.    To the extent not previously delivered to Purchaser, an original executed counterpart or certified copy of each Contract;

 (l)      Estoppel Certificates.    To
the extent not previously delivered to Purchaser, the Tenant Estoppel Certificates referred to in Paragraph 10(d) hereof; 
 (m)    Keys and Records.    All of the keys to any doors or locks on the Property; 

(n)     Tenant Notices.    Notice from Seller to the
Tenants of the sale of the Property to Purchaser in such form as Purchaser shall reasonably approve; 
 (o)     Marked Title Commitment.    The Title Commitment, marked to change the Effective Date thereof through the date and time of recording of the Deed
from Seller to Purchaser, to reflect that Purchaser is vested with the fee simple title to the Land and Improvements, and to reflect that all requirements for the issuance of the final title policy pursuant to such Title Commitment have been
satisfied; 
 (p)     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; 

(q)     Transfer Declarations.    State, county and
municipal documentary stamp declarations; 
 (r)      Bulk Sales
Release.    A release of this transaction under, 35 ILCS 5/902(d) (“Section 902(d)”) of the Illinois Income Tax Act (“Bulk Sales”) or an indemnity from Seller reasonably satisfactory to Purchaser in lieu
thereof which indemnity will be released upon delivery of appropriate waivers or releases. (Should a Bulk Sales stop order be issued by the Illinois Department of Revenue prior to Closing, Seller shall have the option of holding the amount provided
in the stop order in Escrow with the title insurer to secure payment of said amount. The aforesaid escrow funds will be held until a Bulk Sales release is issued by the Illinois Department of Revenue and upon such event the aforesaid escrow deposit
shall be returned to Seller); and 
 (t)      Other
Documents.    Such other documents as shall be reasonably required by Purchaser’s counsel. 

  
 15 

  

13.    Purchaser’s Closing Documents.    Purchaser shall obtain or
execute, at Purchaser’s expense, 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.    A Blanket Transfer
and Assignment in the form and substance of Exhibit “J” attached hereto; 

(b)      Assignment and Assumption of
Leases.    The Assignment and Assumption of Leases in the form and substance of Exhibit “K” attached hereto; 

(c)      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; 
 (d)      Transfer Declarations.    State, county and municipal documentary stamp declarations; 

(e)      Purchaser’s Certificate.    A
certificate evidencing the reaffirmation of the truth and accuracy of Purchaser’s representations, warranties, and agreements set forth in Paragraph 9 hereof; and 

(g)      Other Documents.    Such other documents
as shall be reasonably required by Seller’s counsel. 
 14.    Closing
Costs.    Seller shall pay the cost of the Title Commitment, including the cost of the examination of title to the Property made in connection therewith, the premium for the owner’s policy of title insurance issued
pursuant thereto (except for any additional cost attributable to the Endorsements), the cost of the as-built survey obtained by Seller as provided in Paragraph 7(b) hereof, the cost of all transfer taxes imposed upon the conveyance of the
Property pursuant hereto, 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 recording fees on the
Special Warranty Deed of the Property from Seller to Purchaser to be recorded in connection with this transaction, the additional cost of the Title Policy attributable to the Endorsements, 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. 
 15.    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, operating costs, and other income of the Property (other than security deposits) collected by Seller from the Tenants 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 the Tenants for any period following the month of Closing. Purchaser shall receive a credit against the Purchase Price payable by Purchaser to Seller at Closing for the

  
 16 

 
total sum of all cash security deposits paid by Tenants under Leases and not theretofore applied to delinquent rent and other charges payable by the applicable Tenant. Seller shall deliver to
Purchaser at Closing any security deposit which is in a form other than cash. In either case, Purchaser shall assume all responsibility for the security deposits from and after the Closing and Seller shall have no further liability or responsibility
therefor. Seller hereby acknowledges that Purchaser shall not be legally responsible to Seller for the collection of any uncollected rent or other income under any of the Leases that is past due or otherwise due and payable as of the date of
Closing. Purchaser will make a reasonable good faith effort (without any obligation to expend money) after the Closing to collect such delinquent rents in the ordinary course of Purchaser’s operation of the Property. Purchaser agrees that if
(i) a Tenant is in arrears on the date of Closing in the payment of rent or other charges under such Tenant’s Lease, and (ii) upon Purchaser’s receipt of any rental or other payment from such Tenant, such Tenant is, or after
application of a portion of such payment will be, current under such Lease in the payment of all accrued rental and other charges that become due and payable on the date of Closing or thereafter and in the payment of any other obligations of such
Tenant to Purchaser, then Purchaser shall refund to Seller, out of and to the extent of the portion of such payment remaining after Purchaser deducts therefrom any and all sums due and owing it from such Tenant from and after the date of Closing, an
amount up to the full amount of any arrearage existing on the date of Closing. 

(b)      Property Taxes.    Seller shall pay all
Taxes (as defined below) on the Property payable prior to the Closing and Purchaser shall be responsible for all Taxes on the Property payable on or after the Closing. Taxes payable in 2010 shall be prorated as of the date of Closing based on the
actual number of days in the calendar year of Closing and Seller shall receive a credit at Closing for the period from the date of Closing to the last day of the year. As used herein, the term “Taxes” shall mean any and all 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. In addition, if after Closing there is an
adjustment or reassessment by any governmental authority with respect to, or affecting, any Taxes for the Property payable in the year of Closing or any prior year, any additional tax payment for the Property required to be paid in the 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. Subject to the rights of the Tenants under the Leases, Seller shall be
entitled to any and all refunds of Taxes attributable to periods for which Seller or its predecessors paid the Taxes. In the event any certiorari or similar proceeding of Seller relating solely to a period prior to the date of Closing continues or
is pending after the date of Closing, upon notice to Seller, Purchaser shall be entitled to prosecute or settle such proceeding on Seller’s behalf. This agreement shall expressly survive the Closing. 

(c)      Utility Charges.    Except for utilities
which are the direct responsibility of the Tenants to the applicable public or private utilities supplier, 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 as 

  
 17 

 
of midnight preceding the date of Closing and pay their respective shares of all utility bills received subsequent to Closing (if they include a service period prior to the date of Closing),
which agreement shall survive Closing. Seller shall be entitled to all deposits presently in effect with the utility providers. If the relevant utility credits Purchaser’s account with the amount of any prepaid deposits previously made by
Seller, at Closing, Purchaser shall succeed to the ownership of, and the Purchase Price shall be adjusted by, the amount of any and all such deposits for such utilities. 

(d)      Contracts.    Charges under the
Contracts shall be prorated as of Midnight preceding the date of Closing. 

(e)      Other Tenant Charges.    At Closing
Seller shall deliver to Purchaser all expense deposits collected from Tenants (other than any relating to Taxes) for the year in which the Closing occurs less only the amount of expenses for such year actually paid by Seller (including those sums
properly paid the property manager). Seller shall be responsible for preparing any required expense or Tax pass through reconciliation for each calendar year prior to the calendar year in which the Closing occurs, and if Seller owes any Tenant any
funds for the period, Seller shall forthwith pay the same to Purchaser for reimbursement to the Tenant. Purchaser shall be responsible for preparing any required expense or Tax pass through reconciliation for the calendar year in which the Closing
occurs. Purchaser shall use commercially reasonable efforts to bill Tenants in accordance with their respective Leases for expense or Tax pass throughs for the period of the current calendar year during Seller’s ownership and upon receipt of
the same from Tenants shall reimburse Seller for Seller’s proportionate share based on the expenses or Taxes for the respective periods of ownership. Upon Purchaser completing the reconciliation, if Seller owes any Tenant any funds for the
period of its ownership, Seller shall forthwith pay the same to Purchaser for reimbursement to the Tenant. 
 (f)      Prepaid Insurance.    Seller shall not transfer to Purchaser any insurance policies or coverage and Purchaser shall make its own
arrangements for all insurance. 
 (g)      Tenant Inducements
and Unpaid Commissions.    Seller shall pay all leasing commissions in connection with any Lease executed before the Effective Date and Purchaser shall pay (or reimburse Seller if previously paid by Seller) all leasing
commissions in connection with any Lease executed on or after the Effective Date (including leasing commissions attributable to the exercise by the Tenants of any expansion or extension options set forth in the Lease which are not exercised until on
or after the Effective Date). Purchaser shall be entitled to a credit against the Purchase Price for the total sum of any remaining improvement allowances under Leases executed prior to the Effective Date, the payment of which may become the
obligation of the landlord or lessor under the Leases after the Closing, but Purchaser shall receive no such credit against the Purchase Price for (i) the BFS Allowance (ii) any improvement allowances payable by the landlord or lessor
under the Leases as a result of the exercise by a Tenant on or after the Effective Date of any expansion or extension option in such Tenant’s Lease. Seller shall 

  
 18 

 
receive a credit for the $91,975 improvement allowance paid to Bridgestone Retail Operations, LLC with respect to its expansion into Suite 115. 

16.      Purchaser’s Default.    Except as provided in this
Paragraph 16, 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 a default by Purchaser, it shall not initiate any proceeding to recover damages from Purchaser, but shall limit its recovery to the receipt and retention of the Earnest Money. The limitations on
Purchaser’s liability under this Paragraph 16 shall be inapplicable to the liability of Purchaser for payments, if any, due by Purchaser to Seller under Paragraphs 4, 15, 22 and 29 hereof. However, the foregoing provisions of this
Paragraph 16 shall not be deemed to prohibit or limit Seller’s right to seek actual, compensatory damages, post-Closing, with respect to Purchaser’s breach of Purchaser’s representations or warranties under this Agreement, and shall
not be deemed to prohibit or limit Seller’s right to seek damages, the remedy of specific performance (other than the right to seek specific performance of the purchase itself), injunction or other appropriate relief with respect to any breach
of Purchaser’s obligations under Paragraph 15 or under any provision of this Agreement pursuant to which Purchaser has agreed to indemnify, defend, or hold harmless Seller, its affiliates and/or successors for any matters. 

17.      Seller’s Default.    In the event of default by
Seller under the terms of this Agreement, except as otherwise specifically set forth herein, at Purchaser’s option: (i) Purchaser may terminate this Agreement by written notice to Seller, receive the return of the Earnest Money and recover
from Seller its actual out-of-pocket costs not to exceed One Hundred Thousand Dollars ($100,000), whereupon the parties hereto shall have no further rights or obligations hereunder whatsoever, except for those rights and obligations which by their
terms expressly survive any such termination, (ii) enforce specific performance of Seller’s obligations to execute and deliver to Purchaser the documents required to transfer and convey the Property to Buyer and otherwise perform all of
its obligations under this Agreement (together with recovery of all costs and attorneys’ fees incurred in connection with such lawsuit), or (iii) waive the breach and proceed with Closing. The foregoing provisions of this Paragraph 17
shall not be deemed to prohibit or limit Purchaser’s right to seek actual, compensatory damages, post-Closing, with respect to Seller’s breach of Seller’s representations or warranties under this Agreement. Except for payments, if
any, due by Seller to Purchaser under Paragraphs 15, 22 and 29 hereof, the parties hereto hereby agree that Seller’s aggregate liability for any actual or alleged default or breach of this Agreement and the conveyance documents to be delivered
by Seller pursuant hereto shall not exceed Seven Hundred Fifty Thousand Dollars ($750,000). 

18.      Condemnation.    If, prior to the Closing, all or any
part of the Property 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 

  
 19 

 
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 18, then the Earnest Money shall be returned immediately to Purchaser and the rights, duties, obligations, and liabilities of the
parties hereunder shall immediately terminate and be of no further force and effect except those that expressly survive such termination. 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. At such time as all or a part of
the Property is subjected to a bona fide threat of condemnation and Purchaser shall not have elected to terminate this Agreement as hereinabove provided, Purchaser shall be permitted to participate in the proceedings as if Purchaser were a party to
the action. Seller shall not settle or agree to any award or payment pursuant to condemnation, eminent domain, or sale in lieu thereof without obtaining Purchaser’s prior written consent thereto in each case. 

19.      Damage or Destruction.    If any of the Improvements
shall be destroyed or damaged prior to the Closing, and if either the estimated cost of repair or replacement exceeds Two Hundred Fifty Thousand Dollars ($250,000.00) or the damage results in the termination of one or more of the Leases, 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 to
Purchaser and the rights, duties, obligations, and liabilities of all parties hereunder shall immediately terminate and be of no further force or effect except those that expressly survive such termination. If Purchaser does not elect to terminate
this Agreement pursuant to this Paragraph 19, or has no right to terminate this Agreement (because the damage or destruction does not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) and has not resulted in the termination of one or more
of the Leases), 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 10 hereof (less amounts of insurance theretofore received and applied by Seller to costs actually incurred for restoration). Seller shall not settle or release any damage or destruction claims without obtaining
Purchaser’s prior written consent in each case. All said insurance proceeds received by Seller by the date of Closing shall be paid by Seller to Purchaser at Closing, together with the lesser of (iii) that amount necessary to cover any
difference between the amount of such proceeds and the estimated cost of repair or replacement, or (iv) the amount of the deductible under Seller’s property damage insurance policy. In addition, at Closing, Seller shall pay over to
Purchaser, and assign to Purchaser, all proceeds of any rent loss insurance for the period of time commencing on the date of Closing, if any. 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 in order that Purchaser receive all of Seller’s right, title, and interest in and under said insurance proceeds. 

20.      Intentionally Omitted. 

  
 20 

  

21.      Assignment.    This Agreement and Purchaser’s
rights, duties, and obligations hereunder may not be delegated, transferred, or assigned by Purchaser without the prior written consent of Seller, and any assignee or transferee proposed by Purchaser shall expressly assume all of Purchaser’s
duties, liabilities and obligations under this Agreement by written instrument delivered to Seller. Notwithstanding the foregoing to the contrary, this Agreement, and Purchaser’s rights and duties hereunder, may be freely assigned and
transferred to Wells Core Office Income REIT, Inc. (“Core REIT”), or any affiliate of Purchaser or Core REIT. In the event of any such transfer or assignment, Purchaser shall remain liable for the performance of all obligations, covenants,
conditions, and agreements imposed upon Purchaser pursuant to the terms of this Agreement. 

22.      Broker’s Commission.    Upon the Closing, Seller
shall pay any commission owed to Jones Lang LaSalle Americas, Inc. (“Broker”). 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 asserted by Roy L. Splansky of Venture One Real Estate, LLC (“Splansky”) and arising out of any act or agreement of Seller, including any claim
asserted by 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 or Splansky. This Paragraph 22 shall survive the Closing or any termination of this Agreement. 

23.      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, facsimile transmission or sent by U.S. 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:
	  	 Wells Core Office Income REIT, Inc
 6200 The Corners Parkway

		  	 Suite 250
 Norcross, Georgia 30092

		  	 Attn: Peter Mitchell
 Facsimile No. (770) 243-8510

		
	 with a copy to:
	  	 DLA Piper LLP (US)

		  	 203 North LaSalle St., Suite 1500
 Chicago, Illinois 60601

		  	 Attn: Peter Ross
 Facsimile No.: (312) 630-7332

  
 21 

  

			
	 SELLER:
	  	 HP Hamilton Woods I, L.L.C.
 300 Park Boulevard
 Itasca, Illinois 6143

		  	 Attention: Patrick J. McKillen

		  	 Facsimile: (630) 250-8521

		
	 with a copy to:
	  	 Seyfarth Shaw LLP
 131 South Dearborn Street

		  	 Suite 2400
 Chicago, Illinois 60603

		  	 Attention: Jeffrey B. Schamis
 Facsimile: (312) 460-7648

 Any notice or other communication
(i) mailed as hereinabove provided shall be deemed effectively given or received on the third (3rd) business day following the postmarked date of such notice or other communication, (ii) sent by overnight courier or by hand shall be
deemed effectively given or received on the date of delivery, and (iii) sent by facsimile transmission shall be deemed effectively given or received on the first business day after the date of transmission of such notice and confirmation of
such transmission. 

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

25.      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. 

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, pursuant to, or by reason of this Agreement; provided, however, that the representations and warranties contained in Paragraph 8 hereof and the covenants contained in Paragraph 10 hereof shall automatically expire on the date
which is one (1) year after the date of Closing and any obligations under Paragraph 15 hereof shall automatically expire on the date which is two (2) years after the date of Closing, except to the extent that a notice of breach of any
representation or warranty has been given prior to such expiration. 

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.

  
 22 

  

28.      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. To facilitate the execution and delivery of this Agreement, the parties may execute and exchange counterparts of the signature pages by facsimile or other electronic means, and the
signature page of either party to any counterpart may be appended to any other counterpart. 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. The exhibits attached to this Agreement are an integral part of this Agreement and are hereby incorporated herein by this reference. This Agreement shall be construed and interpreted under the laws of the State of Illinois. Except as
otherwise provided herein, all rights, powers, and privileges conferred hereunder upon the parties shall be cumulative but not restrictive to those given by law. All personal pronouns used in this Agreement, whether used in the masculine, feminine,
or neuter gender shall include all genders, and all references herein to the singular shall include the plural and vice versa. 
 29      Attorneys’ Fees and Costs.    In the event suit or action is instituted to interpret or enforce the terms of this Agreement, or in
connection with any arbitration or mediation of any dispute, the prevailing party shall be entitled to recover from the other party such sum as the court, arbitrator or mediator may adjudge reasonable as such party’s costs and attorney’s
fees, including such costs and fees as are incurred in any trial, on any appeal, in any bankruptcy proceeding (including the adjudication of issues peculiar to bankruptcy law) and in any petition for review. 

30      Public Disclosure.    Prior to and after the Closing,
any release to the public of information with respect to the sale contemplated herein or any matters set forth in this Agreement will be made only in the form approved by Purchaser and Seller. The provisions of this Section 10.2 shall survive
the Closing or any termination of this Agreement. 
 31.      Seller’s
Post-Closing Obligations.    As security for Seller’s post-closing obligations under this Agreement, at Closing Seller shall deposit into a joint order escrow account (the “Post-Closing Escrow”) the sum of
$750,000 to be held by Escrow Agent. The Post-Closing Escrow shall provide that if Purchaser claims that Seller owes Purchaser any amount pursuant to or arising out of a breach of this Agreement it may send a request for payment to the escrow holder
(a “Post-Closing Claim”). The escrow holder will deliver a copy of the Post-Closing Claim to Seller. If Seller does not sent a notice disputing the Post-Closing Claim within ten (10) days of receipt, then the escrow holder shall pay
the amount of the request. If Seller does send a notice disputing the 

  
 23 

 
Post-Closing Claim, the escrow holder shall continue to hold the deposit until it receives a joint direction from Purchaser and Seller or an order of court directing the payment of funds from the
Post-Closing Escrow. In the event that Purchaser has not delivered a Post-Closing Claim or any all previously delivered Post-Closing Claims have been resolved on or prior to the expiration of the one (1) year period following the Closing, the
sum held in the Post-Closing Escrow account shall be released to Seller. 
 [Signatures commenced on following page] 

  
 24 

  
 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”:

	
	 HP Hamilton Woods I, L.L.C., an Illinois limited liability company

		
	 By:
	 	 /s/ Pat McKillen

			
	 Name:
	 	 Pat McKillen

			
	 Title:
	 	 Managing Member

 [Signatures continued on following page] 

  
 25 

  
 [Signatures continued
from previous page] 
  

			
	 “PURCHASER”:

	
	 Wells Real Estate Advisory Services III, LLC,

a Georgia limited liability company

	
	 By: /s/ Randy Fretz

	 Name: Randy Fretz

	 Title: Senior Vice President

  
 26 

  
 Schedule of Exhibits

  

					
	 Exhibit “A”
	 	-	    	 Description of Land

			
	 Exhibit “B”
	 	-	    	 Description of Personal Property

			
	 Exhibit “C”
	 	-	    	 Escrow Agreement Form

			
	 Exhibit “D”
	 	-	    	 List of Leases

			
	 Exhibit “E”
	 	-	    	 List of Contracts

			
	 Exhibit “F”
	 	-	    	 List of Licenses

			
	 Exhibit “G”
	 	-	    	 Tenant Estoppel Certificate Form

			
	 Exhibit “H”
	 	-	    	 Form of Representation Letter to Purchaser’s Auditor

			
	 Exhibit “I”
	 	-	    	 Bill of Sale Form

			
	 Exhibit “J”
	 	-	    	 Blanket Transfer and Assignment Form

			
	 Exhibit “K”
	 	-	    	 Assignment and Assumption of Leases Form

			
	 Exhibit “L”
	 	-	    	 FIRPTA Affidavit Form

  
 27 

  

EXHIBIT “A” 
 DESCRIPTION OF LAND 
 LOT 1 IN HAMILTON WOODS ASSESSMENT PLAT NO. 2, OF
PART OF SECTIONS 13 AND 14, TOWNSHIP 40 NORTH, RANGE 10, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED SEPTEMBER 19, 2002 AS DOCUMENT R2002-241820, IN DU PAGE COUNTY, ILLINOIS. 

  

EXHIBIT “B” 
 DESCRIPTION OF PERSONAL PROPERTY 
  

			
	 Engineering Office
	  	 Lobby/Outdoor Personal Property

		
	 1 - Dell Computer
	  	 2 - Leather chairs

	 1 - HP printer
	  	 1 - Accent table

	 1 - Panasonic fax machine
	  	 1 - Bench

	 1 - Digital amp meter
	  	 1 - Accent rug

	 1 - Toro snow blower
	  	 2 - Pieces of artwork

	 1 - 2.5 gas can
	  	 1 - Bench (outdoors)

	 1 - Salt spreader
	  	 1 - Picnic table

	 Wood clamps
	  	 2 - Ashtrays

	 1 - Fire cabinet
	  	
	 1 - Wet vacuum
	  	
	 1 - Push broom
	  	
	 1 - Sweep broom snow shovel
	  	
	 1 - First aid kit
	  	
	 1 - Burn kit
	  	
	 1 - Eye wash station
	  	
	 Safety cones
	  	
	 3- 6 foot ladders
	  	
	 2- 8 foot Ladder
	  	
	 1 - 20 foot extension ladder
	  	
	 2 wheel dolly
	  	
	 4 wheel dolly
	  	
	 200 feet garden hose
	  	
	 1 - Bench grinder
	  	
	 1 - Bench vise
	  	
	 1 - Microwave
	  	
	 Screwdriver 6 way
	  	
	 1 - Channel locks
	  	
	 Wire stripers
	  	
	 Allen keys
	  	
	 1 - Adjustable wrench 12 inch
	  	
	 1 - Tape measure
	  	
	 1 - Sloan adjustable wrench
	  	
	 1/4 drive socket set
	  	

  

EXHIBIT “C” 
 ESCROW AGREEMENT FORM 
 See attached form. 

  
 

 
 ESCROW NUMBER:
                     
 STRICT JOINT ORDER ESCROW 
  

					
	 Property Address:
	  	  
	  	
			
		  	  
	  	
			
		  	  
	  	

 Deposits: 
 Certified, uncertified, cashier check(s) or wire(s) in the amount of
$                                 or other
                                         
                                         
                   is hereby deposited with Stewart Title Company as ESCROWEE to be delivered by it only upon the joint written order of the undersigned or
their respective legal representatives or assigns. 
 Stewart Title Company, as ESCROWEE, is hereby expressly authorized to
disregard, in its sole discretion, any and all unilateral notices or warnings given by any of the parties hereto, or by any other person or corporation, but said ESCROWEE is hereby expressly authorized to regard and to comply with and obey any and
all orders, judgments or decrees entered or issued by any court with or without jurisdiction, and in case the said ESCROWEE obeys or complies with any such order, judgment or decree of any court it shall not be liable to any of the parties hereto or
any other person, firm or corporation by reason of such compliance, notwithstanding any such order, judgment or decree being entered without jurisdiction or being subsequently reversed, modified, annulled, set aside or vacated. 

In case of any suit or proceeding regarding this escrow, to which said ESCROWEE is or may at any time become a party, it shall have a
lien on the contents hereof for any and all costs, attorneys’ and solicitors’ fees, whether such attorneys or solicitors shall be regularly retained or specially employed, and any other expenses which it may have incurred or become liable
for on account thereof, and it shall be entitled to reimburse itself therefore out of said deposit, and the undersigned jointly and severally agree to pay said ESCROWEE upon demand all such costs, fees and expenses so incurred. 

  
 In no case shall the
above-mentioned deposits be surrendered except on an order signed by the parties hereto, their respective legal representatives or assigns, or in obedience of the process or order to court as aforesaid. 

Deposits made pursuant to these instructions may be invested on behalf of any party or parties thereto: Provided, that any direction to
ESCROWEE for such investment shall be expressed in writing and contain the consent of all other parties to these escrow and also provided that you are in receipt of the tax payer’s identification number and investment forms as required.

 ESCROWEE will, upon request furnish information concerning its procedures and fee schedules for investment. 

Billing Instructions: 
 Escrow fee will be billed as follows. 
 An annual maintenance fee will be billed
commencing:
                                         
                   . 
 Except
as to deposits of funds for which ESCROWEE has received express written direction concerning investment to other handling, the parties hereto agree that the ESCROWEE shall be under no duty to invest or reinvest any deposits at any time held by it
thereunder: and, further that ESCROWEE may commingle such deposits with other deposits or with its own funds in the manner provided for the administration of funds under Section 2-8 of the Corporate Fiduciary Act (ILL. Rev. State 1992 205ILES
620/2-8) and may use any part or all such funds for its own benefit without obligation to any party for interest or earning derived thereby, if any. Provided, however, nothing herein shall diminish Escrowee’s obligation to apply the full amount
of the deposits in accordance with the terms of the Agreement. 
 In the event the ESCROWEE is requested to invest deposits
hereunder, Stewart Title Company is not to be held responsible for any loss of principal or interest which may be incurred as a result of making the investments or redeeming said investment for the purposes of these escrow instructions. 

  
 2 

  
 ESCROW NUMBER:
                     
  

									
		 		 		 	 Signed By:
	 	  

				
	  
	 		 	 Address:
	 	  

					
		 		 		 		 	  

					
		 		 		 		 	  

					
		 		 		 	 Phone:
	 	  

					
		 		 		 	 Fax:
	 	  

					
		 		 		 	 Signed By:
	 	  

				
	  
	 		 	 Address:
	 	  

					
		 		 		 		 	  

					
		 		 		 		 	  

					
		 		 		 	 Phone:
	 	  

					
		 		 		 	 Fax:
	 	  

				
	 ACCEPTED:
	 		 		 	
				
	 Stewart Title Company
	 		 		 	
					
	 By:
	 	  
	 		 		 	

  
 3 

  

EXHIBIT “D” 
 LIST OF LEASES 
 Lease Agreement between Seller and BFS Retail &
Commercial Operations, LLC, a Delaware limited liability company, as successor in interest to Bridgestone/Firestone, Inc., an Ohio corporation, dated September 14, 2000, as amended by letters dated August 31, 2001, September 20,
2001, November 12, 2002, April 30, 2010, and May 11, 2010, that certain Second Amendment to Lease Agreement dated June 1, 2005, that certain Third Amendment to Lease Agreement dated March 15, 2007, and that certain
Fourth Amendment to Lease Agreement dated July 17, 2008. 

  
 EXHIBIT
“E” 
 LIST OF CONTRACTS 
  

																							
	BUILDING:	 	
                    333 Lake
Street
	 	  	 	AS
OF:                            7/1/2010
	SERVICE PROVIDED	 	 ACCOUNT  

CODING 
	 	CONTRACTOR	 	  

CONTACT NAME  
 & CONTRACTOR  
 PHONE  
	 	  
 CERT. OF INS.  
 EXPIRATION  

DATE  
	 	CONTRACT TERM	 	 FREQUENCY OF

SERVICE
	 	 MONTHLY

COST
	 	 	
    ANNUAL    
 COST
	 	 	CONTRACT CANCEL
CLAUSE
	ACCESS SYSTEM MAINTENANCE	 	530550	 	SMG SECURITY SYSTEMS INC.	 	 JOHN REIDY

(847) 593-0999
	 	1/1/2010	 	MONTH-TO-MONTH	 	MONTHLY	 	$	 170.00	  	 	$	 2,040.00	  	 	30 DAY NOTICE
	ALARM MAINTENANCE	 	530600	 	SMG SECURITY SYSTEMS INC.	 	 JOHN REIDY
 (847) 593-0999
	 	1/1/2010	 	MONTH-TO-MONTH	 	MONTHLY	 	$	 213.00	  	 	$	 2,556.00	  	 	30 DAY NOTICE
	CLEANING	 	515100	 	 AMERICAN BUILDING

MAINTENANCE
	 	 MARK DUNN

(630) 782-0282
	 	11/1/2010	 	4/1/09 -3/31/10	 	DAILY	 	$	        6,054.67	  	 	$	        72,656.04	  	 	30 DAY NOTICE
	CLEANING - NIGHT SUPERVISOR	 	515100	 	 AMERICAN BUILDING
 MAINTENANCE
	 	 MARK DUNN
 (630) 782-0282
	 	11/1/2010	 	4/1/09 -3/31/I0	 	DAILY	 	$	 376 05	  	 	$	4,512.60	  	 	30 DAY NOTICE
	CLEANING - DAY PORTER	 	5210	 	 AMERICAN BUILDING

MAINTENANCE
	 	 MARK DUNN

(630) 782-0282
	 	11/1/2010	 	4/1/09 -3/31/10	 	DAILY	 	$	 742.25	  	 	$	 8,907.00	  	 	30 DAY NOTICE
	CLEANING SUPPLIES	 	515200	 	NORTH AMERICAN PAPER	 	 MIKE O’HARA
 (630) 547-7700
	 	N/A	 	N. A.	 	MONTHLY	 	 	VARIES	  	 	$	 4,400.00	  	 	30 DAY NOTICE
	ELEVATOR MAINTENANCE  	 	520180	 	OTIS ELEVATOR COMPANY	 	 KEN CONNELLY

(630) 889-2806
	 	4/1/2010	 	4/15/02-4/14/12	 	MONTHLY	 	 	$2,411.76/QTR	  	 	$	 9,647.04	  	 	30 DAY NOTICE
	ELEVATOR PHONE MONITORING	 	520180	 	KINGS 111	 	 KARLA DITTOE
 (770) 971-7670
	 	N/A	 	MONTH-TO-MONTH	 	DAILY	 	 	$176.85/Qtr	  	 	$	707.40	  	 	30 DAY NOTICE
	ENERGY	 	510100	 	EXELON ENERGY	 	 RICK STABACK

(630) 250-4922
	 	N/A	 	5/1/10 TO 5/31/11	 	MONTHLY	 	 	VARIES	  	 	 	VARIES	  	 	 
	ENERGY CONSULTANT	 	510100	 	HAMILTON ENERGY	 	 RICK STABACK
 (630) 250-4922
	 	N/A	 	5/1/10 TO 5/31/11	 	MONTHLY	 	 	VARIES	  	 	 	VARIES	  	 	 
	HVAC	 	525100	 	 KOHLMAN/HILL MECHANICAL

SERVICES
	 	 KEVIN FLIGHT

(773) 404-3000
	 	5/31/2010	 	1/1/10-12/31/10	 	QUARTERLY	 	 	$2,339/Qtr	  	 	$	 9,356.00	  	 	30 DAYS NOTICE
	HVAC - BUILDING AUTOMATION SYSTEM	 	525100	 	CONTROL ENGINEERING CORP.	 	PHILLIP JACKSON (630) 954-1300	 	3/16/2010	 	7/31/2010	 	QUARTERLY	 	 	$1,761/Qtr	  	 	$	 7,044.00	  	 	30 DAYS NOTICE
	 IRRIGATION SYSTEM

MAINTENANCE
	 	530100	 	HP IRRIGATION. INC.	 	
STEVE GENDUSA 
 (630) 461-3544
	 	1/1/2010	 	4/1/10-11/30/10	 	JUNE/NOVEMBER	 	 	$500/$500	  	 	$	1,000.00	  	 	30 DAY NOTICE
	LANDSCAPING	 	530100	 	BRICKMAN	 	 STEVE NORMAN
 (847) 438-4725
	 	4/1/2010	 	4/1/10-11/30/15	 	MONTHLY (APR. - NOV.)  	 	$	 3,195.00	  	 	$	22,365.00	  	 	30 DAY NOTICE
	LOBBY PLANT MAINTENANCE	 	520100	 	MIMOSA INTERIOR LANDSCAPE	 	 PAUL ZACCARINE

(847) 640-7700
	 	1/15/2010	 	
YEARLY AUTOMATIC  
 RENEWAL  
	 	WEEKLY	 	$	184.00	  	 	$	2,208.00	  	 	 30 DAYS PRIOR TO 2/1 OF
 ANY YEAR

	METAL MAINTENANCE	 	520240	 	MILLARD METAL MAINT.	 	 JOHN PAUL HUCKO
 (847) 763-2091
	 	7/26/2010	 	1/1/2010 - 12/31/2010  	 	MONTHLY	 	$	 381.50	  	 	$	 4,578.00	  	 	30 DAYS NOTICE
	PEST CONTROL	 	520240	 	McCLOUD PEST CONTROL	 	 PAUL GOUGH

(847) 891-0654
	 	1/1/2010	 	CORPORATE CONTRACT	 	MONTHLY	 	$	 50.00	  	 	$	600.00	  	 	30 DAY NOTICE
	SECURITY (PARK)	 	230550	 	 SECURITY PARTNERS
 INTERNATIONAL
	 	 GORDON NIELSEN
 (630) 742-3706
	 	3/10/2010	 	 CORPORATE
 CONTRACT
	 	DAILY	 	$	 1,480.00	  	 	$	17,760.00	  	 	30 DAY NOTICE
	SNOW REMOVAL	 	530250	 	BRICKMAN	 	 STEVE NORMAN

(847) 438-4725
	 	 	 	11/1/10-11/30/15	 	SEASONAL	 	 	$5730 (5 MOS)	  	 	$	28,690.00	  	 	30 DAY NOTICE
	TRASHIRE CYCLING	 	515400	 	WASTE MANAGEMENT	 	 MARK LEYS
 (630) 761-2832
	 	1/1/2010	 	 CORPORATE
 CONTRACT
	 	3 TIMES PER WEEK	 	 
  
	Trash - $463

Recycling-$217
	  
   
	 	$	 6,960.00	  	 	30 DAY NOTICE
	WINDOW WASHING	 	515300	 	ABC WINDOW WASHING	 	 NICK BALABAN

(312) 486-2133
	 	10/1/2010	 	1/1/10- 12/31/10	 	SEMI-ANNUAL	 	 	$1,527	  	 	$	 3,054.00	  	 	30 DAY NOTICE

  

EXHIBIT “F” 
 LIST OF LICENSES 
 None 

  
 33 

  

EXHIBIT “G” 
 TENANT ESTOPPEL CERTIFICATE 
  

																			
		 		  		 		  	                     ,
200    
	  	
				
	  
	 		  		  	
	  
	 		  		  	
	  
	 		  		  	
		 	  
 RE:
	  	  
 Owner:
	 		  	  
	  	
		 		  	 Purchaser:
	 		  	  
	  	
		 		  	 Project:
	 		  	  
	  	
		 		  		 		  	  
	 	 ,
	  	  
	 	 ,
	  	  
	  	

																			
		 		  	  
 Tenant:
	 		  	  
	  	
		 		  	 Premises:
	 		  	 Suite:
	 	  
	  	

																	
		 		  		 		  	 Building:
	  	  
	  	

																	
		 		  		 		  	 Square Footage:
	  	  
	  	

																			
		 		  		 		  	 Original Landlord:
	 	  
	  	
		 		  		 		  	  
	  	

																			
		 		  	  
 Lease:
	 		  	  
 Dated:
	 	  
	  	

																			
		 		  		 		  	 Amendment(s) Dated:
	 	  
	  	

 Ladies and Gentlemen: 

As used herein the terms “Owner”, “Purchaser”, “Project”, “Tenant” and
“Premises” have the meanings set forth above; the term “Lease” means, collectively, all agreements pursuant to which Tenant leases the Leased Premises including any lease agreement and all addenda, amendments, modifications and
changes thereto; and the term “landlord” means the landlord under the Lease. 
 The undersigned Tenant
understands that Owner is the current landlord and intends to convey the Project to Purchaser. Tenant presently leases the Premises within the Project. 
 In connection with such conveyance, Tenant hereby acknowledges and agrees that: 
 1.      The documents attached hereto constitute complete and accurate copies of the Lease including all addenda, amendments, modifications, agreements, or other changes
thereto, and there are no other amendments or agreements to which Tenant is a party which are binding upon Owner and relate to the Project other than as expressly set forth in the Lease. 

  
 34 

					
	  
	 		 	
	                     ,
200    
	 		 	
	 Page 35
	 		 	

  

  

2.      The term of the Lease commenced on
                    ,         , and will terminate on
                    ,         . There are no options to extend or renew the Lease except as set
forth in the Lease. 
 3.      Tenant has no option or preferential right to
purchase all or any part of the Project or the land associated therewith. Tenant has no rights or interests with respect to the Project other than as a tenant under the Lease. 

4.      The Lease is in full force and effect and Tenant has not given Owner any notice of
termination or default thereunder. Likewise, Tenant has not exercised any right or option to terminate the Lease or to reduce the size of the Premises. 
 5.      To the best of Tenant’s knowledge, no uncured breaches or defaults exist under the Lease, no facts or circumstances exist which will constitute a breach or
default under the Lease and no offsets, defenses, or claims are presently available to Owner or Tenant under the Lease. 
 6.      Tenant is in full and complete possession of the Premises (subject to any subleases specified in item 11 below) and has accepted the same, including the work of the
landlord performed therein pursuant to any terms and provisions of the Lease, and all other improved areas located in or on the Project (including, without limitation, parking spaces, access ways, and landscaping) as being complete, in compliance
with the Lease, and satisfactory for Tenant’s purposes. 
 7.      Tenant is
currently paying minimum, base or basic rent under the Lease in the amount of $             per month, and such rent has been paid through
                    , 200    . Tenant is currently paying additional rent in the amount of
$             per month, and such additional rent has been paid through
                    , 200    . 

8.      All allowances of whatever nature payable to Tenant have been paid in full.

 9.      Tenant has not prepaid any rent or other charge under the Lease to
Owner other than the following:
                                         
                       . 
 10.      A security deposit in the amount of $             has been paid to and is presently held by the
landlord under the Lease, and Tenant has not rendered to the landlord any other security or similar deposit with respect to its tenancy under the Lease. 
 11.      Tenant has not assigned all or any part of its interest in and to the Lease, as security or otherwise, and has not subleased all or any part of the Premises leased
by Tenant under the Lease, except as follows:
                                        
                        . 

  
 35 

					
	  
	 		 	
	                     ,
200    
	 		 	
	 Page 36
	 		 	

  

  

12.      Upon Owner’s transfer of the Project to Purchaser, Tenant shall attorn to and
recognize Purchaser as landlord under the Lease and the Lease shall remain in full force and effect. 

13.      The undersigned is duly authorized to execute and deliver this certificate for and
on behalf of Tenant. 
 Tenant hereby acknowledges and agrees that Purchaser shall be entitled to rely on the
truth and accuracy of the foregoing certifications made by Tenant. Tenant further hereby agrees for a period of thirty (30) days from the date hereof to notify Purchaser in writing at Purchaser’s address set forth hereinabove of any
changes in the truth and accuracy of any of the certifications contained herein promptly upon Tenant learning of each such change. 
 Dated this
         day of                     , 200    . 

 

					
	 Very truly yours,
	 	
	  

“TENANT”:
	 	
	  

 
	 	
	  
 By:
	 	
 

					
	   Its:
	 	  

  
 36 

  

EXHIBIT “H” 
 FORM OF REPRESENTATION LETTER TO PURCHASER’S AUDITOR 
 [DATE] 

Frazier & Deeter, LLC 
 600 Peachtree
Street, N.E. 
 Suite 1900 
 Atlanta,
Georgia 30308 
 We are providing this letter in connection with your audit of the statement of revenues over certain operating
expenses for the year ended             , 20     (the “Statement”). The Statement was prepared by Wells Core Office Income REIT, Inc.
(“Wells Core Office Income REIT”), or its designee, with information provided by                      (the
“Seller”) in connection with Wells Core Office Income REIT’s purchase of the project known as                      (the
“Project”). We understand that you are auditing the Statement for the purpose of expressing an opinion as to whether the Statement presents fairly, in all material respects, the revenues over certain operating expenses in conformity
with accounting principles generally accepted in the United States. 
 The undersigned, the chief financial officer of Seller
confirms, to the best of her knowledge and belief, as of the date of this letter, the following as it relates to the accrual basis financial statements the Seller maintains for income tax purposes for the Project for the year ended
                    , 20     (“Operating Statement”). 

 

	 	1.	 We have made available to Wells Core Office Income REIT all relevant financial records and related data relating to the Project.

  

	 	2.	 There have been no communications from regulatory agencies or lenders concerning noncompliance with or deficiencies in Seller’s financial
practices. 

  

	 	3.	 There are no material transactions that have not been properly recorded in the accounting records underlying the Operating Statement.

  

	 	4.	 Seller has complied with all material aspects of contractual agreements that would have a material effect on the Operating Statement in the event of
noncompliance. 

  

	 	5.	 The accounting records underlying the Operating Statement accurately and fairly reflect, in reasonable detail, the operations of the Project in
accordance with the accrual basis of accounting for income tax purposes. 

 This letter is being delivered
pursuant to the terms of the Purchase and Sale Agreement and is subject to the terms and conditions thereof, including the limitations on claims against Seller with respect to subject matter, damages and time for making the claim, which limitations
are hereby incorporated herein. 

  

			
	 By:
	 	  

			
	 Name:
	 	  

		 	 Chief Financial Officer

  
 38 

  
 EXHIBIT
“I” 
 STATE OF              

COUNTY OF              

BILL OF SALE 
 KNOW ALL MEN BY THESE PRESENTS: 
 That HP HAMILTON WOOD I, L.L.C.,
an Illinois limited liability company (“Seller”), for and in consideration of the sum of Ten and No/100 Dollars ($10.00), in lawful money, and other good and valuable consideration unto it paid by
                                         
                                        
                                         
   (“Purchaser”), the receipt and sufficiency of which are hereby acknowledged by Seller, has granted, bargained, sold, transferred, set over and delivered, and by these presents does grant, bargain, sell, transfer, set over
and deliver unto Purchaser, its successors and assigns, all of Seller’s right, title, and interest in and to the items set forth and described on the inventory list attached hereto as Exhibit “A” and by this reference made
a part hereof, and all other equipment, supplies, tools, furniture, furnishings, office equipment, fittings, appliances, shades, wall-to-wall carpet, draperies, screens and screening, art, awning, plants, shrubbery, landscaping, lawn care and
building maintenance equipment, vending machines and other furnishings or items of personal property owned by Seller and used or to be used in connection with the ownership and operation of the premises known as 333 Lake Street, situated on that
certain real property located in Bloomingdale, DuPage County, Illinois, which real property is more particularly described on Exhibit “B” attached hereto and by reference incorporated herein (all of which are together
hereinafter referred to as the “Personal Property”). 
 And Seller, for itself and its successors and
assigns, hereby covenants to and with Purchaser, its successors and assigns, that Seller is the lawful owner of said Personal Property, that Seller has good right to sell the same, and that Seller will warrant and defend the Personal Property
against the lawful claims and demands of all persons whomsoever, except with respect to the Permitted Exceptions set forth on Exhibit “B” to the Special Warranty Deed from Seller to Purchaser of even date herewith conveying the real
property described in Exhibit “B” hereto. Seller makes no warranties, express or implied, as to the condition, merchantability or fitness for a particular purpose of the Personal Property and all such Personal Property is sold
in its “AS, WHERE IS” condition. 
 Any claims against Seller shall be limited as to subject matter,
damages and time for making the claim, as provided in the Purchase and Sale Agreement between Buyer and Seller, which limitations are hereby incorporated herein. 

  
 IN
WITNESS WHEREOF, Seller has caused this Bill of Sale to be executed under seal this          day of
                        , 200    . 

 

			
	 “SELLER”:

	
	 HP Hamilton Woods I, L.L.C., an Illinois limited liability
company

			
		
	 By:
	 	
 

			
	 Name:
	 	
 

			
	 Title:
	 	  

 

	
	  

	 Notary Public

	
	 My Commission Expires:

	
	  

	  
 (NOTARIAL SEAL)

  
 40 

  

EXHIBIT “J” 

STATE OF              
 COUNTY OF              
 BLANKET TRANSFER AND ASSIGNMENT 
 THIS BLANKET TRANSFER AND
ASSIGNMENT, made and entered into as of the          day of
                            , 200    , by and between HP HAMILTON WOOD I,
L.L.C., an Illinois limited liability company (hereinafter referred to as “Assignor”) and
                                        
                                        
                             (hereinafter referred to as “Assignee”). 

W I T N E S S E T H: 

For and in consideration of the sum of Ten and No/100 Dollars ($10.00), the premises, the conveyance by Assignor to
Assignee of the improved real property described on Exhibit “A” attached hereto and incorporated herein by this reference (hereinafter referred to as the “Property”), and the mutual covenants herein contained, the
receipt, adequacy, and sufficiency of the foregoing consideration being hereby acknowledged by the parties hereto, Assignor hereby transfers, grants, conveys, and assigns to Assignee, the following, to wit: 

(a)      All of the right, title, interest, and benefit of Assignor, to
the extent assignable or transferable, in, to, and under any and all site plans, construction and development drawings, plans and specifications, licenses, permits, zoning approvals, sewer and water permits and licenses, building permits,
certificates of occupancy, demolition and excavation permits, curb cut and right-of-way permits, utility permits, elevator permits, drainage rights, permits and agreements, and similar or equivalent private and governmental documents of every
kind and character whatsoever pertaining or applicable to or in any way connected with the development, construction, ownership, or operation of the Property, including all buildings and other improvements thereon or thereunder, and all right,
title, and interest of Assignor in and to all fees and deposits heretofore paid by Assignor with respect thereto; 
 (b)      All of the right, title, and interest of Assignor in and to the items of intangible personal property, including trademarks or tradenames, and other items, that are
owned by Assignor and, as of the date hereof, are used in connection with the Property; 

(c)      All of the right, title, interest, and benefit of Assignor in, to,
and under any and all guaranties, warranties, affidavits, lien waivers, and agreements given heretofore and with respect to the construction or composition of all improvements located in, on, upon or

 
under and comprising a part of the Property or with respect to any of the tangible and intangible property relating thereto; and 

(d)      All of the right, title, interest, and benefit of Assignor in, to,
and under the service agreements referred to on Exhibit “B” attached hereto and by reference made a part hereof (the “Contracts”). 

Assignee does hereby assume and agree to perform all of Assignor’s duties and obligations under the Contracts first
arising or accruing on or after the date hereof. 
 In furtherance of this Blanket Transfer and Assignment,
Assignor hereby acknowledges that from the date hereof, Assignee has succeeded to all of its right, title, and standing to: 
 (a)      receive all rights and benefits pertaining to all rights, title, interests, and benefits transferred and assigned hereby; 

(b)      institute and prosecute all proceedings and take all action that
Assignee, in its sole discretion, may deem necessary or proper to collect, assert, or enforce any claim, right, or title of any kind in and to any and all rights, title, interest, and benefits transferred and assigned hereby; and 

(c)      defend and compromise any and all such actions, suits, or
proceedings relating to such transferred and assigned rights, title, interest, and benefits and do all other such acts and things in relation thereto as Assignee, in its sole discretion, shall deem advisable. 

This Blanket Transfer and Assignment shall be governed by, and construed under, the laws of the State of Illinois.

 This Blanket Transfer and Assignment shall inure to the benefit of, and be binding upon, the respective legal
representatives, successors, and assigns of the parties hereto. 
 Any claims against Seller shall be limited as
to subject matter, damages and time for making the claim, as provided in the Purchase and Sale Agreement between Buyer and Seller, which limitations are hereby incorporated herein. 

  
 42 

  
 IN
WITNESS WHEREOF, Assignor and Assignee have caused this instrument to be properly executed and their respective seals affixed hereto the day, month and year first above written. 

 

			
	 “ASSIGNOR”:

	
	 HP Hamilton Woods I, L.L.C., an Illinois limited liability
company

			
		
	 By:
	 	
 

			
	 Name:
	 	
 

			
	 Title:
	 	  

	
	 “ASSIGNEE”:

	
	
 

			
		
	 By:
	 	
 

			
	 Name:
	 	
 

			
	 Title:
	 	  

		 	  
 (CORPORATE
SEAL)

  
 43 

  

EXHIBIT “K” 
 ASSIGNMENT AND ASSUMPTION OF LEASES 
 THIS ASSIGNMENT, made
and entered into this          day of                         ,
200    , by and between HP HAMILTON WOOD I, L.L.C., an Illinois limited liability company (hereinafter referred to as “Assignor”) and
                                         
                                

(hereinafter referred to as “Assignee”). 
 W I T N E S S E T H: 
 For and in consideration of the sum of Ten and No/100 Dollars ($10.00), the premises, the conveyance by Assignor to Assignee of all of the improved real property more particularly described on
Exhibit “A” attached hereto and incorporated herein by this reference (hereinafter referred to as the “Property”), and the mutual covenants herein contained, the receipt and sufficiency of the foregoing consideration
being hereby acknowledged by the parties hereto, Assignor hereby transfers, grants, conveys, and assigns to Assignee all of Assignor’s right, title, and interest in and to (i) those certain lease agreements more particularly described on
Exhibit “B” attached hereto and by this reference made a part hereof (herein collectively referred to as the “Leases”), together with all rents, issues, and profits under the Leases, (ii) all guarantees of or
relating to the Leases, (iii) any other security held by or for the benefit of Assignor with respect to the Leases or the performance of the obligations of the Tenants under the Leases, and (iv) all promissory notes, judgments, and other
documents and instruments to the extent any of same evidence any obligations of the Tenants under the Leases which arise or accrue on or after the date hereof. 
 Assignor does hereby warrant and represent that the rights, title, and interests of Assignor as landlord under the Leases are unencumbered. 

Assignee, by its acceptance hereof, does hereby assume and agree to perform any and all obligations and duties of
Assignor as landlord under the Leases first arising on or after the date hereof. Assignor indemnifies and agrees to hold Assignee harmless from and against any claims, defaults, or other liabilities (including, without limitation, court costs and
attorneys’ fees) under the Leases first arising or accruing before, or any events first occurring at any time before, the date hereof. Assignee indemnifies and agrees to hold Assignor harmless from and against any claims, defaults, or other
liabilities (including, without limitation, court costs and attorneys’ fees) under the Leases first arising or accruing on or after, or any events first occurring on or after, the date hereof . 

This Assignment shall inure to the benefit of, and be binding upon, the respective legal representatives, successors, and
assigns of the parties hereto. 

  
 44 

  
 Any
claims against Seller shall be limited as to subject matter, damages and time for making the claim, as provided in the Purchase and Sale Agreement between Buyer and Seller, which limitations are hereby incorporated herein. 

This Assignment shall be governed by, and construed under, the laws of the State of Illinois. 

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

			
	 “ASSIGNOR”:

	
	 HP Hamilton Woods I, L.L.C., an Illinois limited liability
company

			
		
	 By:
	 	
 

			
	 Name:
	 	
 

			
	 Title:
	 	  

	
	 “ASSIGNEE”:

					
		
	  
	 	

			
		
	 By:
	 	
 

			
	 Name:
	 	
 

			
	 Title:
	 	  

		 	  
 (CORPORATE
SEAL)

  
 45 

  

EXHIBIT “L” 
 A F F I D A V I T 
 Section 1445 of the Internal
Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. To inform the transferee that withholding of tax is not required upon the disposition of a U.S. real property interest
by
                                         
           , the undersigned hereby certifies the following on behalf of
                                         
                   : 
 1.
                                         
            is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations);

 2.
                                         
            ’s U.S. employer identification number is
                                ; and 

3.
                                         
            ’s office address is
                                         
                           .             
                                         
                                        understands
that this certification may be disclosed to the Internal Revenue Service by transferee and that any false statement contained herein could be punished by fine, imprisonment, or both. 

Under penalties of perjury, I declare that I have examined this certification and to the best of my knowledge and belief
it is true, correct and complete, and I further declare that I have authority to sign this document on behalf of
                             
                             . 

 

							
	 Sworn to and subscribed before me
	 		 	  

	 this              day of
                        , 200    
	 		 	 Name:
	 	  

		 		 	 Title:
	 	  

				
	  
	 		 		 	
	 Notary Public
	 		 		 	
				
	 My Commission Expires:
	 		 		 	
				
	  
	 		 		 	
	  
 (NOTARIAL SEAL)

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