Document:

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                                                                    EXHIBIT 10.2

                                                    TRACTOR SUPPLY - PARKERSBURG
                                                             LOAN NO. 50-2853260

                                 PROMISSORY NOTE

 $2,607,000.00                                                September 26, 2005

      FOR VALUE RECEIVED, the undersigned, COLE TS PARKERSBURG WV, LLC, a
Delaware limited liability company ("Maker"), having an address at 2555 East
Camelback Road, Suite 400, Phoenix, Arizona 85016, promises to pay to the order
of WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association
("Payee"), at the office of Payee at Commercial Real Estate Services, 8739
Research Drive URP - 4, NC 1075, Charlotte, North Carolina 28262, or at such
other place as Payee may designate to Maker in writing from time to time, the
principal sum of TWO MILLION SIX HUNDRED SEVEN THOUSAND AND NO/100 DOLLARS
($2,607,000.00), together with interest on so much thereof as is from time to
time outstanding and unpaid, from the date of the advance of the principal
evidenced hereby and as allocated to Fixed Rate Tranche A and Floating Rate
Tranche B (as each term is hereinafter defined) for each such tranche, at the
Note Rate (as hereinafter defined), together with all other amounts due
hereunder or under the other Loan Documents (as defined herein), in lawful money
of the United States of America, which shall at the time of payment be legal
tender in payment of all debts and dues, public and private.

                        ARTICLE I -- TERMS AND CONDITIONS

      1.1 Definitions. The following terms, as used in this Note, shall have the
following meanings, which meanings shall be applicable equally to the singular
and the plural of the terms defined:

         (a) "Business Day" shall mean a day of the year on which banks are not
required or authorized to close in Charlotte, North Carolina.

         (b) "Determination Date" shall mean a date on which the LIBOR-Based
Rate shall be selected as the applicable interest rate in respect of Floating
Rate Tranche B, which date shall be the day that is two (2) London Business Days
prior to the commencement of an Interest Period or, with respect to the first
Interest Period, the date the Loan shall be advanced by Payee.

         (c) "Extended Maturity Date" shall mean October 11, 2035.

         (d) "Fixed Rate Tranche A" shall mean One Million Seven Hundred
Ninety-Three Thousand and No/100 Dollars ($1,793,000.00) of the aggregate amount
of the Loan which shall bear interest as set forth in Section 1.3 hereof.

         (e) "Floating Rate Tranche B" shall mean Eight Hundred Fourteen
Thousand and No/100 Dollars ($814,000.00) of the aggregate amount of the Loan
which shall bear interest at the LIBOR-Based Rate (as hereinafter defined).

         (f) "Interest Period" shall mean initially, the period commencing on
the date hereof and ending on and including the day of
the tenth (10th) day of the calendar month

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following the date of this Note, unless principal is advanced on the tenth
(10th) of a month, in which case the first Interest Period shall consist only
such tenth (10th) day. Each Interest Period thereafter shall commence on the
eleventh (11th) day of each calendar month during the term of this Note and
shall end on and include the tenth (10th) day of the next occurring calendar
month. Interest shall accrue from the date on which funds are advanced hereunder
(regardless of the time of day) through and including the day on which funds are
credited pursuant to Section 1.4 hereof.

         (g) "LIBOR-Based Rate" shall mean (i) for the first Interest Period, an
interest rate per annum equal to _______________ percent (______%) and (ii) for
each succeeding Interest Period until Floating Rate Tranche B is satisfied, an
interest rate per annum equal at all times to two hundred (200) basis points
above the one-month LIBOR, in each case as determined by Payee prior to the
commencement of each Interest Period.

         (h) "LIBOR" shall mean with respect to each day during each Interest
Period, the rate for U.S. dollar deposits of that many months maturity as
reported on Telerate page 3750 as of 11:00 a.m., London time, on the second
London Business Day before the relevant Interest Period begins (or if not so
reported, then as determined by Payee from another recognized source or
interbank quotation), rounded up to the nearest one-eighth of one percent
(1/8%).

         (i) "Loan" shall mean that certain loan made by Payee to Maker in
respect of the Property which is evidenced by this Note and secured by, among
other things, the Security Instrument and all other Loan Documents.

         (j) "Loan Documents" shall mean the Security Instrument, this Note and
all other documents now or hereafter evidencing, securing, guarantying,
modifying or otherwise relating to the indebtedness evidenced hereby.

         (k) "London Business Day" shall mean a day of the year on which
dealings in United States dollars are carried on in the London interbank market
and banks are not required or authorized to close in London or in New York, New
York.

         (l) "Maturity Date" shall mean October 11, 2015.

         (m) "Monthly Payment Amount" shall mean the sum of (A) from and
including the First Payment Date through the Maturity Date, an amount equal to
the interest payable under this Note on the portion allocated as Fixed Rate
Tranche A at the Fixed Interest Rate in the amounts for each such Payment Date
set forth on Annex 1 attached hereto and incorporated herein by this reference
or as provided by Payee to Maker in connection with the initial Fixed Interest
Rate Interest Period, plus (B) through and until Floating Rate Tranche B is
satisfied, an amount equal to the interest payable under this Note on the
portion allocated as Floating Rate Tranche B at the LIBOR-Based Rate pursuant to
the provisions of Section 1.2 hereof. Annex 1 is for reference purposes only and
any payment incorrectly referenced thereon or omitted therefrom shall not limit
or reduce Maker's obligations for actual amounts due under this Note in
accordance with its payment terms, and Maker agrees that Payee may substitute a
replacement Annex 1 in the event the attached does not accurately reflect
Maker's scheduled payment obligations.

         (n) "Optional Prepayment Date" shall mean October 11, 2015.

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         (o) "Optional Prepayment Determination Date" shall mean August 11,
2015.

         (p) "Security Instrument" shall mean that certain mortgage, deed of
trust or deed to secure debt and security agreement from Maker for the benefit
of Payee, dated of even date herewith, covering property located in Wood County,
West Virginia.

      Each of the capitalized terms not otherwise defined in this Note shall
have the respective meaning ascribed to it in the Security Instrument of even
date herewith from Maker to Payee.

      1.2 LIBOR-Based Rate; Pay-Down Date. (a) From the date of the advance of
the principal evidenced hereby through the Pay-Down Date (as hereinafter
defined) for Floating Rate Tranche B, Floating Rate Tranche B shall bear
interest at the LIBOR-Based Rate. The LIBOR-Based Rate shall remain in effect,
subject to the provisions hereof, from and including the first day of the
Interest Period to and excluding the last day of the Interest Period for which
it is determined.

         (b) If requested by Payee, Maker shall immediately confirm the
LIBOR-Based Rate and the duration of the applicable Interest Period by
acknowledging receipt of a written confirmation of the LIBOR-Based Rate and
Interest Period delivered by Payee to Maker. Only one Interest Period may be in
effect at any given time.

         (c) Without limiting the effect of any other provision of this Note,
Maker shall pay to Payee on the last day of each and every Interest Period, so
long as and to the extent that Payee (or its source of funds) may directly or
indirectly be required to maintain reserves against "Eurocurrency liabilities"
under Federal Reserve Regulation D (as at any time amended), additional interest
(as determined by Payee and disclosed to Maker) for each such Interest Period at
an interest rate per annum equal, at all times during such Interest Period for
the principal balance of Floating Rate Tranche B, to the excess of (i) the rate
obtained by dividing LIBOR for such Interest Period by a percentage equal to
100% minus the reserve percentage applicable during such Interest Period under
regulations issued from time to time by the Board of Governors of the Federal
Reserve System (or if more than one such percentage is so applicable, minus the
daily average of such percentages for those days in such Interest Period during
which any such percentage shall be so applicable) for determining the maximum
reserve requirement (including, without limitation, any marginal reserve
requirement) for Payee (or its source of funds) in respect of liabilities or
assets consisting of or including "Eurocurrency liabilities" under Federal
Reserve Regulation D (as at any time amended) having a term equal to such
Interest Period over (ii) LIBOR for such Interest Period. Terms used in
Regulation D shall have the same meanings when used herein. Each such
determination made by Payee and each such notification by Payee to Maker under
this subparagraph of the amount of additional interest payable hereunder shall
be conclusive as to the matters set forth therein.

         (d) In addition to the payment of interest and fees as aforesaid, Maker
shall, from time to time, upon demand by Payee pay to Payee amounts as shall be
sufficient to compensate Payee for (i) any loss, cost, fee, breakage or other
expense incurred or sustained directly or indirectly by reason of the
liquidation or reemployment of deposits or other funds acquired by Payee to fund
or maintain Floating Rate Tranche B during any Interest Period as a result of
any prepayment of Floating Rate Tranche B or any portion thereof or any attempt
by

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Maker to rescind the selection of the LIBOR-Based Rate as the applicable
interest rate for Floating Rate Tranche B and (ii) any increased costs incurred
by Payee, by reason of:

            (x) taxes (or the withholding of amounts for taxes) of any nature
      whatsoever, including, without limitation, income, excise and interest
      equalization taxes (other than United States or state income taxes) as
      well as all levies, imports, duties, or fees whether now in existence or
      as the result of a change in, or promulgation of, any treaty, statute or
      regulation or interpretation thereof, or any directive, guideline or
      otherwise, by a central bank or fiscal authority or any other entity
      (whether or not having the force of law) or a change in the basis of, or
      time of payment of, such taxes and other amounts resulting therefrom;

            (y) any reserve or special deposit requirements against or with
      respect to assets or liabilities or deposits outstanding under LIBOR
      (including, without limitation, those imposed under the Monetary Control
      Act of 1978) currently required by, or resulting from a change in, or the
      promulgation of, such requirements by treaty, statute, regulation,
      interpretation thereof, or any directive, guidelines, or otherwise by a
      central bank or fiscal authority (whether or not having the force of law);
      and

            (z) any other costs resulting from compliance with treaties,
      statutes, regulations, interpretations or any directives or guidelines or
      otherwise, promulgated by or of a central bank or fiscal authority or
      other entity with similar authority (whether or not having the force of
      law).

A certificate as to the amount of any such costs prepared by Payee, signed by an
authorized officer of Payee and submitted to Maker shall be conclusive as to the
matters therein set forth.

      (e) The selection at any time of an interest rate based upon LIBOR shall
be expressly conditioned upon the existence of an adequate and fair means of
determining LIBOR and the absence of any legal prohibition against the charging
of interest based on LIBOR.

      (f) On or prior to December 26, 2005 (the "Pay-Down Date"), Maker shall
fully prepay the principal balance of this Note allocated as Floating Rate
Tranche B. Floating Rate Tranche B shall not be deemed to have been paid and/or
satisfied in full until all such additional costs, in addition to the principal
balance thereof and all interest thereon and all other sums due and payable
under the Loan Documents in regards to Floating Rate Tranche B, shall have been
paid.

      1.3 Note Rate; Computation of Interest. The term "Note Rate" as used in
this Note shall mean (a) for Fixed Rate Tranche A, from the date of this Note
through but not including the Optional Prepayment Date, a rate per annum equal
to five and fifty-seven one-hundredths percent (5.57%) (the "Fixed Interest
Rate"), (b) for Floating Rate Tranche B, from the date of this Note through the
Pay-Down Date and satisfaction of Floating Rate Tranche B, a rate per annum
equal to the LIBOR-Based Rate, and (c) from the Optional Prepayment Date through
and including the date this Note is paid in full, a rate per annum equal to the
greater of (i) the Fixed Interest Rate plus two (2%) percent or (ii) the
Treasury Constant Maturity Yield Index (as hereinafter defined) plus two (2%)
percent ((i) or (ii), as applicable, the "Revised Interest Rate"). Interest
shall be computed hereunder based on a 360-day year and based on the actual
number of

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days elapsed for any period in which interest is being calculated. For purposes
of this Section 1.3, the term "Treasury Constant Maturity Yield Index" shall
mean the average yield for "This Week" as reported by the Federal Reserve Board
in Federal Statistical Release H.15 (519) published during the second full week
preceding the Optional Prepayment Date for instruments having a maturity
coterminous with the remaining term of this Note. If there is no Treasury
Constant Maturity Yield Index for instruments having a maturity coterminous with
the remaining term of this Note, then the index shall be equal to the weighted
average yield to maturity of the Treasury Constant Maturity Yield Indices with
maturities next longer and shorter than such remaining average life to maturity,
calculated by averaging (and rounding upward to the nearest whole multiple of
1/100 of 1% per annum, if the average is not such a multiple) the yields of the
relevant Treasury Constant Maturity Yield Indices (rounded, if necessary, to the
nearest 1/100 of 1% with any figure of 1/200 of 1% or above rounded upward). If
such Release is not available or no longer published, Payee may refer to another
recognized source of financial market information.

      1.4 Payment of Principal and Interest. Payments in federal funds
immediately available at the place designated for payment received by Payee
prior to 2:00 p.m. local time on a day on which Payee is open for business at
said place of payment shall be credited prior to close of business, while other
payments, at the option of Payee, may not be credited until immediately
available to Payee in federal funds at the place designated for payment prior to
2:00 p.m. local time on a day on which Payee is open for business. Interest only
shall be payable in consecutive monthly installments of the Monthly Payment
Amount, beginning on November 11, 2005 (the "First Payment Date"), and
continuing on the eleventh (11th) day of each and every calendar month
thereafter (each, a "Payment Date"). On the Maturity Date or the Optional
Prepayment Date, the entire outstanding principal balance hereof, together with
all accrued but unpaid interest thereon, shall be due and payable in full
provided, however, that in the event that such amounts are not paid on such
date, the Maturity Date shall be extended to the Extended Maturity Date. In
computing the number of days during which interest accrues, the day on which
funds are initially advanced shall be included regardless of the time of day
such advance is made, and the day on which funds are repaid shall be included
unless repayment is credited prior to close of business. Payments in federal
funds immediately available in the place designated for payment received by
Payee prior to 2:00 p.m. local time on a Business Day at said place of payment
shall be credited prior to close of business, while other payments, at the
option of Payee, may not be credited until immediately available to Payee in
federal funds in the place designated for payment prior to 2:00 p.m. local time
at said place of payment on a Business Day.

      1.5 Application of Payments. So long as no Event of Default (as
hereinafter defined) exists hereunder or under any other Loan Document, each
such monthly installment shall be applied, prior to the Optional Prepayment
Date, first, to any amounts hereafter advanced by Payee hereunder or under any
other Loan Document, second, to any late fees and other amounts payable to
Payee, third, to the payment of accrued interest and last to reduction of
principal, and from and after the Optional Prepayment Date, as provided in
Section 2.2 of this Note.

      1.6 Payment of "Short Interest". If the advance of the principal amount
evidenced by this Note is made on a date on or after the first (1st) day of a
calendar month and prior to the eleventh (11th) day of a calendar month, Maker
shall pay to Payee contemporaneously with the

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execution hereof interest at the Note Rate for a period from the date hereof
through and including the tenth (10th) day of this calendar month. If the
advance of the principal amount evidenced by this Note is made on a date after
the eleventh (11th) day of a calendar month and prior to or on the last day of a
calendar month, Maker shall pay to Payee contemporaneously with the execution
hereof interest at the Note Rate for a period from the date hereof through and
including the tenth (10th) day of the immediately succeeding calendar month.

      1.7 Prepayment; Defeasance.

      (a) This Note may not be prepaid, in whole or in part (except as otherwise
specifically provided herein), at any time prior to the Optional Prepayment
Date. In the event that Maker wishes to have the Security Property (as
hereinafter defined) released from the lien of the Security Instrument prior to
the Optional Prepayment Date, Maker's sole option shall be a Defeasance (as
hereinafter defined) upon satisfaction of the terms and conditions set forth in
Section 1.7(d) hereof. This Note may be prepaid in whole but not in part without
premium or penalty on any of the three (3) Payment Dates occurring immediately
prior to the Maturity Date provided (i) written notice of such prepayment is
received by Payee not more than ninety (90) days and not less than thirty (30)
days prior to the date of such prepayment, and (ii) such prepayment is
accompanied by all interest accrued hereunder through and including the date of
such prepayment and all other sums due hereunder or under the other Loan
Documents. If, upon any such permitted prepayment on any of the three (3)
Payment Dates occurring immediately prior to the Maturity Date, the aforesaid
prior written notice has not been timely received by Payee, there shall be due a
prepayment fee equal to, an amount equal to the lesser of (i) thirty (30) days'
interest computed at the Note Rate on the outstanding principal balance of this
Note so prepaid and (ii) interest computed at the Note Rate on the outstanding
principal balance of this Note so prepaid that would have been payable for the
period from, and including, the date of prepayment through the Maturity Date of
this Note as though such prepayment had not occurred.

      (b) If, prior to the fourth (4th) anniversary of the First Payment Date
(the "Lock-out Expiration Date"), the indebtedness evidenced by this Note shall
have been declared due and payable by Payee pursuant to Article III hereof or
the provisions of any other Loan Document due to a default by Maker, then, in
addition to the indebtedness evidenced by this Note being immediately due and
payable, there shall also then be immediately due and payable a sum equal to the
interest which would have accrued on the principal balance of this Note at the
Note Rate from the date of such acceleration to the Lock-out Expiration Date,
together with a prepayment fee in an amount equal to the Yield Maintenance
Premium (as hereinafter defined) based on the entire indebtedness on the date of
such acceleration. If such acceleration is on or following the Lock-out
Expiration Date, the Yield Maintenance Premium shall also then be immediately
due and payable as though Maker were prepaying the entire indebtedness on the
date of such acceleration. In addition to the amounts described in the two
preceding sentences, in the event of any such acceleration or tender of payment
of such indebtedness occurs or is made on or prior to the first (1st)
anniversary of the date of this Note, there shall also then be immediately due
and payable an additional prepayment fee of three percent (3%) of the principal
balance of this Note. The term "Yield Maintenance Premium" shall mean an amount
equal to the greater of (A) two percent (2.0%) of the principal amount being
prepaid, and (B) the present value of a series of

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payments each equal to the Payment Differential (as hereinafter defined) and
payable on each Payment Date over the remaining original term of this Note and
on the Maturity Date, discounted at the Reinvestment Yield (as hereinafter
defined) for the number of months remaining as of the date of such prepayment to
each such Payment Date and the Maturity Date. The term "Payment Differential"
shall mean an amount equal to (i) the Note Rate less the Reinvestment Yield,
divided by (ii) twelve (12) and multiplied by (iii) the principal sum
outstanding under this Note after application of the constant monthly payment
due under this Note on the date of such prepayment, provided that the Payment
Differential shall in no event be less than zero. The term "Reinvestment Yield"
shall mean an amount equal to the lesser of (i) the yield on the U.S. Treasury
issue (primary issue) with a maturity date closest to the Maturity Date, or (ii)
the yield on the U.S. Treasury issue (primary issue) with a term equal to the
remaining average life of the indebtedness evidenced by this Note, with each
such yield being based on the bid price for such issue as published in the Wall
Street Journal on the date that is fourteen (14) days prior to the date of such
prepayment set forth in the notice of prepayment (or, if such bid price is not
published on that date, the next preceding date on which such bid price is so
published) and converted to a monthly compounded nominal yield. In the event
that any prepayment fee is due hereunder, Payee shall deliver to Maker a
statement setting forth the amount and determination of the prepayment fee, and,
provided that Payee shall have in good faith applied the formula described
above, Maker shall not have the right to challenge the calculation or the method
of calculation set forth in any such statement in the absence of manifest error,
which calculation may be made by Payee on any day during the fifteen (15) day
period preceding the date of such prepayment. Payee shall not be obligated or
required to have actually reinvested the prepaid principal balance at the
Reinvestment Yield or otherwise as a condition to receiving the prepayment fee.

      (c) Partial prepayments of this Note shall not be permitted, except for
(i) partial prepayments resulting from Payee's election to apply insurance or
condemnation proceeds to reduce the outstanding principal balance of this Note
as provided in the Security Instrument, in which event no prepayment fee or
premium shall be due unless, at the time of either Payee's receipt of such
proceeds or the application of such proceeds to the outstanding principal
balance of this Note, an Event of Default shall have occurred, which Event of
Default is unrelated to the applicable casualty or condemnation, in which event
the applicable prepayment fee or premium shall be due and payable based upon the
amount of the prepayment or (ii) any partial prepayment required on or prior to
the Pay-Down Date pursuant to Section 1.2(f) above, in which event no prepayment
fee or premium shall be due. No notice of prepayment shall be required under the
circumstances specified in subclause (i) of the preceding sentence. No principal
amount repaid may be reborrowed. Any such partial prepayments of principal under
subclause (i) above shall be applied to the unpaid principal balance evidenced
hereby but such application shall not reduce the amount of the fixed monthly
installments required to be paid pursuant to Section 1.4 above. Except as
otherwise expressly provided herein, the prepayment fees provided above shall be
due, to the extent permitted by applicable law, under any and all circumstances
where all or any portion of this Note is paid prior to the Maturity Date,
whether such prepayment is voluntary or involuntary, including, without
limitation, if such prepayment results from Payee's exercise of its rights upon
Maker's default and acceleration of the Maturity Date of this Note (irrespective
of whether foreclosure proceedings have been commenced), and shall be in
addition to any other sums due hereunder or under any of the other Loan
Documents. No tender of a prepayment of this Note

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with respect to which a prepayment fee is due shall be effective unless such
prepayment is accompanied by the applicable prepayment fee.

      (d) (i) On any Payment Date on or after the later to occur of (x) the
      Lock-out Expiration Date, and (y) the day immediately following the date
      which is two (2) years after the "startup day," within the meaning of
      Section 860G(a)(9) of the Internal Revenue Code of 1986, as amended from
      time to time or any successor statute (the "Code"), of a "real estate
      mortgage investment conduit," within the meaning of Section 860D of the
      Code, that holds this Note, and provided no Event of Default has occurred
      hereunder or under any of the other Loan Documents, at Maker's option,
      Payee shall cause the release of the Security Property from the lien of
      the Security Instrument and the other Loan Documents (a "Defeasance") upon
      the satisfaction of the following conditions:

                  (A) Maker shall give not more than ninety (90) days' or less
         than sixty (60) days' prior written notice to Payee specifying the date
         Maker intends for the Defeasance to be consummated (the "Release
         Date"), which date shall be a Payment Date.

                  (B) All accrued and unpaid interest and all other sums due
         under this Note and under the other Loan Documents up to and including
         the Release Date shall be paid in full on or prior to the Release Date.

                  (C) Maker shall deliver to Payee on or prior to the Release
         Date:

                  (1) a sum of money in immediately available funds (the
            "Defeasance Deposit"), equal to the outstanding principal balance of
            this Note plus an amount, if any, which together with the
            outstanding principal balance of this Note, shall be sufficient to
            enable Payee to purchase, through means and sources customarily
            employed and available to Payee, for the account of Maker, direct,
            non-callable obligations of the United States of America that
            provide for payments prior, but as close as possible, to all
            successive monthly Payment Dates occurring after the Release Date
            and to the Maturity Date, with each such payment being equal to or
            greater than the amount of the corresponding installment of
            principal and/or interest required to be paid under this Note
            (including, but not limited to, all amounts due on the Maturity
            Date) for the balance of the term hereof (the "Defeasance
            Collateral"), each of which shall be duly endorsed by the holder
            thereof as directed by Payee or accompanied by a written instrument
            of transfer in form and substance satisfactory to Payee in its sole
            discretion (including, without limitation, such instruments as may
            be required by the depository institution holding such securities or
            the issuer thereof, as the case may be, to effectuate book-entry
            transfers and pledges through the book-entry facilities of such
            institution) in order to perfect upon the delivery of the Defeasance
            Security Agreement (as hereinafter defined) the first priority
            security interest in the Defeasance Collateral in

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            favor of Payee in conformity with all applicable state and federal
            laws governing granting of such security interests;

                  (2) a pledge and security agreement, in form and substance
            satisfactory to a prudent lender, creating a first priority security
            interest in favor of Payee in the Defeasance Collateral (the
            "Defeasance Security Agreement"), which shall provide, among other
            things, that any excess received by Payee from the Defeasance
            Collateral over the amounts payable by Maker hereunder shall be
            refunded to Maker promptly after each monthly Payment Date;

                  (3) a certificate of Maker certifying that all of the
            requirements set forth in this Section 1.7(d)(i) have been
            satisfied;

                  (4) one or more opinions of counsel for Maker in form and
            substance and delivered by counsel which would be satisfactory to a
            prudent lender stating, among other things, that (i) Payee has a
            perfected first priority security interest in the Defeasance
            Collateral and that the Defeasance Security Agreement is enforceable
            against Maker in accordance with its terms, (ii) in the event of a
            bankruptcy proceeding or similar occurrence with respect to Maker,
            none of the Defeasance Collateral nor any proceeds thereof will be
            property of Maker's estate under Section 541 of the U.S. Bankruptcy
            Code or any similar statute and the grant of security interest
            therein to Payee shall not constitute an avoidable preference under
            Section 547 of the U.S. Bankruptcy Code or applicable state law,
            (iii) the release of the lien of the Security Instrument and the
            pledge of Defeasance Collateral will not directly or indirectly
            result in or cause any REMIC Trust that then holds this Note to fail
            to maintain its status as a REMIC Trust and (iv) the defeasance will
            not cause any REMIC Trust to be an "investment company" under the
            Investment Company Act of 1940;

                  (5) evidence in writing from the applicable rating agencies to
            the effect that the collateral substitution will not result in a
            downgrading, withdrawal or qualification of the respective ratings
            in effect immediately prior to such defeasance event for any
            securities issued in connection with the securitization which are
            then outstanding;

                  (6) a certificate in form and scope acceptable to Payee in its
            sole discretion from an acceptable accountant certifying that the
            Defeasance Collateral will generate amounts sufficient to make all
            payments of principal and interest due under this Note (including
            the scheduled outstanding principal balance of the Loan due on the
            Maturity Date);

                  (7) Maker and any guarantor or indemnitor of Maker's
            obligations under the Loan Documents for which Maker has personal

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            liability executes and delivers to Payee such documents and
            agreements as Payee shall reasonably require to evidence and
            effectuate the ratification of such personal liability and guaranty
            or indemnity, respectively;

                  (8) such other certificates, documents or instruments as Payee
            may reasonably require;

                  (9) payment of all fees, costs, expenses and charges incurred
            by Payee in connection with the Defeasance of the Security Property
            and the purchase of the Defeasance Collateral, including, without
            limitation, all legal fees and costs and expenses incurred by Payee
            or its agents in connection with release of the Security Property,
            review of the proposed Defeasance Collateral and preparation of the
            Defeasance Security Agreement and related documentation, any
            revenue, documentary, stamp, intangible or other taxes, charges or
            fees due in connection with transfer of the Note, assumption of the
            Note, or substitution of collateral for the Security Property shall
            be paid on or before the Release Date. Without limiting Maker's
            obligations with respect thereto, Payee shall be entitled to deduct
            all such fees, costs, expenses and charges from the Defeasance
            Deposit to the extent of any portion of the Defeasance Deposit which
            exceeds the amount necessary to purchase the Defeasance Collateral;
            and

                  (10) in the event the Amendment (as defined in Section 4.35 of
            the Security Instrument) has been executed, evidence satisfactory to
            Payee that following the Defeasance of this Loan, the minimum debt
            service coverage ratio for each of the Additional Loans (as defined
            in Section 4.35 of the Security Instrument) shall be 1.75 to 1.00
            and the maximum loan to value percentage for each of the Additional
            Loans shall be 65%.

                  (D) In connection with the Defeasance Deposit, Maker hereby
         authorizes and directs Payee using the means and sources customarily
         employed and available to Payee to use the Defeasance Deposit to
         purchase for the account of Maker the Defeasance Collateral.
         Furthermore, the Defeasance Collateral shall be arranged such that
         payments received from such Defeasance Collateral shall be paid
         directly to Payee to be applied on account of the indebtedness of this
         Note. Any part of the Defeasance Deposit in excess of the amount
         necessary to purchase the Defeasance Collateral and to pay the other
         and related costs Maker is obligated to pay under this Section 1.7
         shall be refunded to Maker.

        (ii) Upon compliance with the requirements of Section 1.7(d)(i), the
      Security Property shall be released from the lien of the Security
      Instrument and the other Loan Documents, and the Defeasance Collateral
      shall constitute collateral which shall secure this Note and all other
      obligations under the Loan Documents. Payee will, at Maker's expense,
      execute and deliver any agreements reasonably requested by Maker to
      release the lien of the Security Instrument from the Security Property.

                                       10
<PAGE>

            (iii) Upon the release of the Security Property in accordance with
      this Section 1.7(d), Maker shall assign all its obligations and rights
      under this Note, together with the pledged Defeasance Collateral, to a
      newly created successor entity which complies with the terms of Section
      1.33 of the Security Instrument designated by Maker and approved by Payee
      in its sole discretion. Such successor entity shall execute an assumption
      agreement in form and substance satisfactory to Payee in its sole
      discretion pursuant to which it shall assume Maker's obligations under
      this Note and the Defeasance Security Agreement. As conditions to such
      assignment and assumption, Maker shall (x) deliver to Payee an opinion of
      counsel in form and substance and delivered by counsel satisfactory to a
      prudent lender stating, among other things, that such assumption agreement
      is enforceable against Maker and such successor entity in accordance with
      its terms and that this Note and the Defeasance Security Agreement, as so
      assumed, are enforceable against such successor entity in accordance with
      their respective terms, and (y) pay all costs and expenses (including, but
      not limited to, legal fees) incurred by Payee or its agents in connection
      with such assignment and assumption (including, without limitation, the
      review of the proposed transferee and the preparation of the assumption
      agreement and related documentation). Upon such assumption, Maker shall be
      relieved of its obligations hereunder, under the other Loan Documents
      other than as specified in Section 1.7(d)(i)(C)(7) above and under the
      Defeasance Security Agreement.

      1.8 Security. The indebtedness evidenced by this Note and the obligations
created hereby are secured by, among other things, the Security Instrument. All
of the terms and provisions of the Loan Documents are incorporated herein by
reference. Some of the Loan Documents are to be filed for record on or about the
date hereof in the appropriate public records.

                ARTICLE II -- OPTIONAL PREPAYMENT DATE PROVISIONS

      2.1 Optional Prepayment Determination Date. The following subsections
shall apply from and after the Optional Prepayment Determination Date:

      (a) [Reserved].

      (b) For the calendar year in which the Optional Prepayment Determination
Date occurs and for each calendar year thereafter, Maker shall submit to Payee
for Payee's written approval an annual budget (an "Annual Budget") not later
than (i) the Optional Prepayment Determination Date for the calendar year in
which the Optional Prepayment Determination occurs and (ii) sixty (60) days
prior to the commencement of each calendar year thereafter, in form satisfactory
to Payee setting forth in reasonable detail budgeted monthly operating income
and monthly operating capital and other expenses for the Mortgaged Property.
Each Annual Budget shall contain, among other things, limitations on management
fees, third party service fees and other expenses as Maker may reasonably
determine. Payee shall have the right to approve such Annual Budget and in the
event that Payee objects to the proposed Annual Budget submitted by Maker, Payee
shall advise Maker of such objections within fifteen (15) days after receipt
thereof (and deliver to Maker a reasonably detailed description of such
objections) and Maker shall, within three (3) days after receipt of notice of
any such objections, revise such Annual Budget and resubmit the same to Payee.
Payee shall advise Maker of any objections to such revised Annual Budget within
ten (10) days after receipt

                                       11
<PAGE>

thereof (and deliver to Maker a reasonably detailed description of such
objections) and Maker shall revise the same in accordance with the process
described in this subsection until Payee approves an Annual Budget, provided,
however, that if Payee shall not advise Maker of its objections to any proposed
Annual Budget within the applicable time period set forth in this subsection,
then such proposed Annual Budget shall be deemed approved by Payee. Each such
Annual Budget approved by Payee in accordance with terms hereof shall
hereinafter be referred to as an "Approved Annual Budget." Until such time that
Payee approves a proposed Annual Budget, the most recently Approved Annual
Budget shall apply; provided, that such Approved Annual Budget shall be adjusted
to reflect actual increases in real estate taxes, insurance premiums and
utilities expenses.

      (c) In the event that Maker must incur an extraordinary operating expense
or capital expense not set forth in the Annual Budget (an "Extraordinary
Expense"), then Maker shall promptly deliver to Payee a reasonably detailed
explanation of such proposed Extraordinary Expense for Payee's approval.

      (d) For the purposes of this Note, "Cash Expenses" shall mean, for any
period, the operating expenses for the operation and maintenance of the
Mortgaged Property as set forth in an Approved Annual Budget to the extent that
such expenses are actually incurred by Maker excluding payments into the Impound
Account and expenses for which Maker shall be reimbursed from, or which shall be
paid for out of, any such account or reserve.

      (e) Notwithstanding the other provisions of this Section 2.1, in the event
that, prior to the Optional Prepayment Determination Date, Maker delivers to
Payee either (i) a written commitment (the "Commitment") for the refinancing of
the loan evidenced by this Note from a Qualified Institutional Lender (as
hereinafter defined), which reasonably provides for the consummation of such
refinance prior to the Optional Prepayment Date or (ii) other evidence in form
and substance satisfactory to Payee in its sole determination of Maker's ability
to refinance the loan evidenced by this Note prior to the Optional Prepayment
Date, then, solely in either such event, the terms of Section 2.1(a), (b), (c)
and (d) of this Note shall be inoperative, provided, however, that upon (x) the
failure of such refinance to be consummated in accordance with the terms of the
Commitment or such other evidence, as applicable, (y) the termination of the
Commitment for any reason or (z) any adverse change in circumstances with
respect to Maker or any principals of Maker, the Mortgaged Property, the
proposed lender or otherwise, as determined by Payee in its sole determination,
which, in Payee's reasonable judgment, significantly decreases the likelihood of
such refinance being consummated prior to the Optional Prepayment Date, the
terms of Section 2.1(a), (b), (c) and (d) of this Note shall immediately become
operative and Maker shall immediately comply with any of the terms thereof
which, except for the operation of this subsection (e), Maker would theretofore
have been obligated to comply. "Qualified Institutional Lender" shall mean a
financial institution or other lender with a long term credit rating which is
not less than investment grade. The determination of whether the conditions set
forth in clause (i) or (ii) above, shall be made and notice of such
determination shall be delivered to Maker, within ten (10) business days
following Payee's receipt of the items set forth in such clauses.

      2.2 Failure to Prepay On or Before Optional Prepayment Date. In the event
that Maker does not prepay the entire principal balance of this Note and any
other amounts outstanding under this Note or any of the other Loan Documents on
or prior to the Optional Prepayment Date,

                                       12
<PAGE>

the provisions of Section 2.1(b), (c) and (d) as set forth above shall remain in
full force and effect, and the following subsections also shall apply:

      (a) From and after the Optional Prepayment Date, interest shall accrue on
the unpaid principal balance from time to time outstanding under this Note at
the Revised Interest Rate. Interest accrued at the Revised Interest Rate and not
paid pursuant to this Section 2.2 shall be deferred and added to the principal
balance of this Note and shall earn interest at the Revised Interest Rate to the
extent permitted by applicable law (such accrued interest is hereinafter
referred to as "Accrued Interest"). All of the unpaid principal balance of this
Note, including, without limitation, any Accrued Interest, shall be due and
payable on the Extended Maturity Date.

      (b) Maker shall be obligated to pay, and Payee shall collect from the Rent
Account (as defined in the Security Instrument) to the extent of funds on
deposit in such account, on the Optional Prepayment Date and on the eleventh
(11th) day of each calendar month thereafter to and including the Extended
Maturity Date the following payments from Rents (as defined in the Security
Instrument) received on or before such day in the listed order of priority:

            (i) First, the payment of the Monthly Payment Amount with interest
      computed at the Fixed Interest Rate;

            (ii) Second, payments to the Impound Account (as defined in the
      Security Instrument) in accordance with the terms and conditions of the
      Security Instrument;

            (iii) [Reserved];

            (iv) Fourth, payments for monthly Cash Expenses, less management
      fees payable to affiliates of Maker, pursuant to the terms and conditions
      of the related Approved Annual Budget;

            (v) Fifth, payment for Extraordinary Expenses approved by Payee, if
      any;

            (vi) Sixth, payments to Payee of the balance of the funds then on
      deposit in the Rent Account to be applied to (x) any other amounts due
      under the Loan Documents, (y) Accrued Interest and (z) the reduction of
      the outstanding principal balance of this Note until such principal
      balance is paid in full in whatever proportion and priority as Payee may
      determine.

      (c) Nothing in this Article II shall limit, reduce or otherwise affect
Maker's obligations to make payments of the Monthly Payment Amount (including
interest on the Note as provided in Section 1.3 hereof) payments to the Impound
Account and payments of other amounts due hereunder and under the other Loan
Documents, whether or not Rents (as defined in the Security Instrument) are
available to make such payments.

                             ARTICLE III -- DEFAULT

      3.1 Events of Default. It is hereby expressly agreed that should any
default occur in the

                                       13
<PAGE>

payment of principal or interest as stipulated above and such payment is not
made on the date such payment is due, or should any other default not cured
within any applicable grace or notice period occur under any other Loan
Document, then an event of default (an "Event of Default") shall exist
hereunder, and in such event the indebtedness evidenced hereby, including all
sums advanced or accrued hereunder or under any other Loan Document, and all
unpaid interest accrued thereon, shall, at the option of Payee and without
notice to Maker, at once become due and payable and may be collected forthwith,
whether or not there has been a prior demand for payment and regardless of the
stipulated date of maturity.

      3.2 Late Charges. In the event that any payment is not received by Payee
on the date when due, then, in addition to any default interest payments due
hereunder, Maker shall also pay to Payee a late charge in an amount equal to
five percent (5%) of the amount of such overdue payment.

      3.3 Default Interest Rate. So long as any Event of Default exists
hereunder, regardless of whether or not there has been an acceleration of the
indebtedness evidenced hereby, and at all times after maturity of the
indebtedness evidenced hereby (whether by acceleration or otherwise), interest
shall accrue on the outstanding principal balance of this Note, from the date
due until the date credited, at a rate per annum equal to four percent (4%) in
excess of the Note Rate, or, if such increased rate of interest may not be
collected under applicable law, then at the maximum rate of interest, if any,
which may be collected from Maker under applicable law (the "Default Interest
Rate"), and such default interest shall be immediately due and payable.

      3.4 Maker's Agreements. Maker acknowledges that it would be extremely
difficult or impracticable to determine Payee's actual damages resulting from
any late payment or default, and such late charges and default interest are
reasonable estimates of those damages and do not constitute a penalty. The
remedies of Payee in this Note or in the Loan Documents, or at law or in equity,
shall be cumulative and concurrent, and may be pursued singly, successively or
together, in Payee's discretion.

      3.5 Maker to Pay Costs. In the event that this Note, or any part hereof,
is collected by or through an attorney-at-law, Maker agrees to pay all costs of
collection, including, but not limited to, reasonable attorneys' fees.

      3.6 Exculpation. Notwithstanding anything in this Note or the Loan
Documents to the contrary, but subject to the qualifications hereinbelow set
forth, Payee agrees that:

      (a) Maker shall be liable upon the indebtedness evidenced hereby and for
the other obligations arising under the Loan Documents to the full extent (but
only to the extent) of the security therefor, the same being all properties
(whether real or personal), rights, estates and interests now or at any time
hereafter securing the payment of this Note and/or the other obligations of
Maker under the Loan Documents (collectively, the "Security Property");

      (b) if a default occurs in the timely and proper payment of all or any
part of such indebtedness evidenced hereby or in the timely and proper
performance of the other obligations of Maker under the Loan Documents, any
judicial proceedings brought by Payee against Maker shall

                                       14
<PAGE>

be limited to the preservation, enforcement and foreclosure, or any thereof, of
the liens, security titles, estates, assignments, rights and security interests
now or at any time hereafter securing the payment of this Note and/or the other
obligations of Maker under the Loan Documents, and no attachment, execution or
other writ of process shall be sought, issued or levied upon any assets,
properties or funds of Maker other than the Security Property, except with
respect to the liability described below in this section; and

      (c) in the event of a foreclosure of such liens, security titles, estates,
assignments, rights or security interests securing the payment of this Note
and/or the other obligations of Maker under the Loan Documents, no judgment for
any deficiency upon the indebtedness evidenced hereby shall be sought or
obtained by Payee against Maker, except with respect to the liability described
below in this section; provided, however, that, notwithstanding the foregoing
provisions of this section, Maker shall be fully and personally liable and
subject to legal action (i) for proceeds paid under any insurance policies (or
paid as a result of any other claim or cause of action against any person or
entity) by reason of damage, loss or destruction to all or any portion of the
Security Property, to the full extent of such proceeds not previously delivered
to Payee, but which, under the terms of the Loan Documents, should have been
delivered to Payee, (ii) for proceeds or awards resulting from the condemnation
or other taking in lieu of condemnation of all or any portion of the Security
Property, to the full extent of such proceeds or awards not previously delivered
to Payee, but which, under the terms of the Loan Documents, should have been
delivered to Payee, (iii) for all tenant security deposits or other refundable
deposits paid to or held by Maker or any other person or entity in connection
with leases of all or any portion of the Security Property which are not applied
in accordance with the terms of the applicable lease or other agreement, (iv)
for rent and other payments received from tenants under leases of all or any
portion of the Security Property paid more than one (1) month in advance, (v)
for rents, issues, profits and revenues of all or any portion of the Security
Property received or applicable to a period after the occurrence of any Event of
Default hereunder or under the Loan Documents, which are not either applied to
the ordinary and necessary expenses of owning and operating the Security
Property or paid to Payee, (vi) for waste committed on the Security Property,
damage to the Security Property as a result of the intentional misconduct or
gross negligence of Maker or any of its principals, officers, general partners
or members, any guarantor, any indemnitor, or any agent or employee of any such
person, or any removal of all or any portion of the Security Property in
violation of the terms of the Loan Documents, to the full extent of the losses
or damages incurred by Payee on account of such occurrence, (vii) for failure to
pay any valid taxes, assessments, mechanic's liens, materialmen's liens or other
liens which could create liens on any portion of the Security Property which
would be superior to the lien or security title of the Security Instrument or
the other Loan Documents, to the full extent of the amount claimed by any such
lien claimant except, with respect to any such taxes or assessments, to the
extent that funds have been deposited with Payee pursuant to the terms of the
Security Instrument specifically for the applicable taxes or assessments and not
applied by Payee to pay such taxes and assessments, (viii) for all obligations
and indemnities of Maker under the Loan Documents relating to hazardous or toxic
substances or radon or compliance with environmental laws and regulations to the
full extent of any losses or damages (including, but not limited to, those
resulting from diminution in value of any Security Property) incurred by Payee
as a result of the existence of such hazardous or toxic substances or radon or
failure to comply with environmental laws or regulations, and (ix) for fraud,
material misrepresentation or failure to disclose a material fact by Maker or
any of its principals, officers, general partners or members, any

                                       15
<PAGE>

guarantor, any indemnitor or any agent, employee or other person authorized or
apparently authorized to make statements, representations or disclosures on
behalf of Maker, any principal, officer, general partner or member of Maker, any
guarantor or any indemnitor, to the full extent of any losses, damages and
expenses of Payee on account thereof.

      References herein to particular sections of the Loan Documents shall be
deemed references to such sections as affected by other provisions of the Loan
Documents relating thereto. Nothing contained in this section shall (1) be
deemed to be a release or impairment of the indebtedness evidenced by this Note
or the other obligations of Maker under the Loan Documents or the lien of the
Loan Documents upon the Security Property, or (2) preclude Payee from
foreclosing the Loan Documents in case of any default or from enforcing any of
the other rights of Payee except as stated in this section, or (3) limit or
impair in any way whatsoever (A) any Indemnity and Guaranty Agreements (the
"Indemnity Agreements") or (B) the Environmental Indemnity Agreement (the
"Environmental Indemnity Agreement"), executed and delivered in connection with
the indebtedness evidenced by this Note or release, relieve, reduce, waive or
impair in any way whatsoever, any obligation of any party to the Indemnity
Agreements or the Environmental Indemnity Agreement.

      Notwithstanding the foregoing, the agreement of Payee not to pursue
recourse liability as set forth in subsection (c) above SHALL BECOME NULL AND
VOID and shall be of no further force and effect (i) in the event of a default
by Maker or Indemnitor (as defined in the Security Instrument) of any of the
covenants set forth in Section 1.13 or Section 1.33 of the Security Instrument,
or (ii) if the Security Property or any part thereof shall become an asset in
(A) a voluntary bankruptcy or insolvency proceeding of Maker, or (B) an
involuntary bankruptcy or insolvency proceeding of Maker which is not dismissed
within sixty (60) days of filing.

      Notwithstanding anything to the contrary in this Note, the Security
Instrument or any of the other Loan Documents, Payee shall not be deemed to have
waived any right which Payee may have under Section 506(a), 506(b), 1111(b) or
any other provisions of the U.S. Bankruptcy Code to file a claim for the full
amount of the indebtedness evidenced hereby or secured by the Security
Instrument or any of the other Loan Documents or to require that all collateral
shall continue to secure all of the indebtedness owing to Payee in accordance
with this Note, the Security Instrument and the other Loan Documents.

                        ARTICLE IV -- GENERAL CONDITIONS

      4.1 No Waiver; Amendment. No failure to accelerate the indebtedness
evidenced hereby by reason of default hereunder, acceptance of a partial or past
due payment, or indulgences granted from time to time shall be construed (i) as
a novation of this Note or as a reinstatement of the indebtedness evidenced
hereby or as a waiver of such right of acceleration or of the right of Payee
thereafter to insist upon strict compliance with the terms of this Note, or (ii)
to prevent the exercise of such right of acceleration or any other right granted
hereunder or by any applicable laws; and Maker hereby expressly waives the
benefit of any statute or rule of law or equity now provided, or which may
hereafter be provided, which would produce a result contrary to or in conflict
with the foregoing. No extension of the time for the payment of this Note or any
installment due hereunder made by agreement with any person now or hereafter
liable for the payment of this Note shall operate to release, discharge, modify,
change or affect the original liability of Maker under this

                                       16
<PAGE>

Note, either in whole or in part, unless Payee agrees otherwise in writing. This
Note may not be changed orally, but only by an agreement in writing signed by
the party against whom enforcement of any waiver, change, modification or
discharge is sought.

      4.2 Waivers. Presentment for payment, demand, protest and notice of
demand, protest and nonpayment and all other notices are hereby waived by Maker.
Maker hereby further waives and renounces, to the fullest extent permitted by
law, all rights to the benefits of any moratorium, reinstatement, marshaling,
forbearance, valuation, stay, extension, redemption, appraisement, exemption and
homestead now or hereafter provided by the Constitution and laws of the United
States of America and of each state thereof, both as to itself and in and to all
of its property, real and personal, against the enforcement and collection of
the obligations evidenced by this Note or the other Loan Documents.

      4.3 Limit of Validity. The provisions of this Note and of all agreements
between Maker and Payee, whether now existing or hereafter arising and whether
written or oral, including, but not limited to, the Loan Documents, are hereby
expressly limited so that in no contingency or event whatsoever, whether by
reason of demand or acceleration of the maturity of this Note or otherwise,
shall the amount contracted for, charged, taken, reserved, paid or agreed to be
paid ("Interest") to Payee for the use, forbearance or detention of the money
loaned under this Note exceed the maximum amount permissible under applicable
law. If, from any circumstance whatsoever, performance or fulfillment of any
provision hereof or of any agreement between Maker and Payee shall, at the time
performance or fulfillment of such provision shall be due, exceed the limit for
Interest prescribed by law or otherwise transcend the limit of validity
prescribed by applicable law, then, ipso facto, the obligation to be performed
or fulfilled shall be reduced to such limit, and if, from any circumstance
whatsoever, Payee shall ever receive anything of value deemed Interest by
applicable law in excess of the maximum lawful amount, an amount equal to any
excessive Interest shall be applied to the reduction of the principal balance
owing under this Note in the inverse order of its maturity (whether or not then
due), in which event no prepayment fee or premium shall be due, or, at the
option of Payee, be paid over to Maker, and not to the payment of Interest. All
Interest (including any amounts or payments judicially or otherwise under the
law deemed to be Interest) contracted for, charged, taken, reserved, paid or
agreed to be paid to Payee shall, to the extent permitted by applicable law, be
amortized, prorated, allocated and spread throughout the full term of this Note,
including any extensions and renewals hereof until payment in full of the
principal balance of this Note so that the Interest thereon for such full term
will not exceed at any time the maximum amount permitted by applicable law. To
the extent United States federal law permits a greater amount of interest than
is permitted under the law of the State in which the Security Property is
located, Payee will rely on United States federal law for the purpose of
determining the maximum amount permitted by applicable law. Additionally, to the
extent permitted by applicable law now or hereafter in effect, Payee may, at its
option and from time to time, implement any other method of computing the
maximum lawful rate under the law of the State in which the Security Property is
located or under other applicable law by giving notice, if required, to Maker as
provided by applicable law now or hereafter in effect. This Section 4.3 will
control all agreements between Maker and Payee.

      4.4 Use of Funds. Maker hereby warrants, represents and covenants that no
funds disbursed hereunder shall be used for personal, family or household
purposes.

                                       17
<PAGE>

      4.5 Unconditional Payment. Maker is and shall be obligated to pay
principal, interest and any and all other amounts which become payable hereunder
or under the other Loan Documents absolutely and unconditionally and without any
abatement, postponement, diminution or deduction and without any reduction for
counterclaim or setoff. In the event that at any time any payment received by
Payee hereunder shall be deemed by a court of competent jurisdiction to have
been a voidable preference or fraudulent conveyance under any bankruptcy,
insolvency or other debtor relief law, then the obligation to make such payment
shall survive any cancellation or satisfaction of this Note or return thereof to
Maker and shall not be discharged or satisfied with any prior payment thereof or
cancellation of this Note, but shall remain a valid and binding obligation
enforceable in accordance with the terms and provisions hereof, and such payment
shall be immediately due and payable upon demand.

      4.6 GOVERNING LAW. THIS NOTE SHALL BE INTERPRETED, CONSTRUED AND ENFORCED
ACCORDING TO THE LAWS OF THE STATE IN WHICH THE SECURITY PROPERTY IS LOCATED.

      4.7 WAIVER OF JURY TRIAL. MAKER, TO THE FULL EXTENT PERMITTED BY LAW,
HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF
COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY
RELATING TO THE DEBT EVIDENCED BY THIS NOTE OR ANY CONDUCT, ACT OR OMISSION OF
PAYEE OR MAKER, OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, PARTNERS,
MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH
PAYEE OR MAKER, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT,
TORT OR OTHERWISE.

      4.8 Secondary Market. Payee may sell, transfer and deliver the Loan
Documents to one or more investors in the secondary mortgage market. In
connection with such sale, Payee may retain or assign responsibility for
servicing the loan evidenced by this Note or may delegate some or all of such
responsibility and/or obligations to a servicer, including, but not limited to,
any subservicer or master servicer, on behalf of the investors. All references
to Payee herein shall refer to and include, without limitation, any such
servicer, to the extent applicable.

      4.9 Dissemination of Information. If Payee determines at any time to sell,
transfer or assign this Note, the Security Instrument and the other Loan
Documents, and any or all servicing rights with respect thereto, or to grant
participations therein (the "Participations") or issue mortgage pass-through
certificates or other securities evidencing a beneficial interest in a rated or
unrated public offering or private placement (the "Securities"), Payee may
forward to each purchaser, transferee, assignee, servicer, participant,
investor, or their respective successors in such Participations and/or
Securities (collectively, the "Investor") or any Rating Agency rating such
Securities, each prospective Investor and each of the foregoing's respective
counsel, all documents and information which Payee now has or may hereafter
acquire relating to the debt evidenced by this Note and to Maker, any guarantor,
any indemnitor and the Security Property,

                                       18
<PAGE>

which shall have been furnished by Maker, any guarantor or any indemnitor as
Payee determines necessary or desirable.

                      ARTICLE V -- MISCELLANEOUS PROVISIONS

      5.1 Miscellaneous. The terms and provisions hereof shall be binding upon
and inure to the benefit of Maker and Payee and their respective heirs,
executors, legal representatives, successors, successors-in-title and assigns,
whether by voluntary action of the parties or by operation of law. As used
herein, the terms "Maker" and "Payee" shall be deemed to include their
respective heirs, executors, legal representatives, successors,
successors-in-title and assigns, whether by voluntary action of the parties or
by operation of law. If Maker consists of more than one person or entity, each
shall be jointly and severally liable to perform the obligations of Maker under
this Note. All personal pronouns used herein, whether used in the masculine,
feminine or neuter gender, shall include all other genders; the singular shall
include the plural and vice versa. Titles of articles and sections are for
convenience only and in no way define, limit, amplify or describe the scope or
intent of any provisions hereof. Time is of the essence with respect to all
provisions of this Note. This Note and the other Loan Documents contain the
entire agreements between the parties hereto relating to the subject matter
hereof and thereof and all prior agreements relative hereto and thereto which
are not contained herein or therein are terminated.

      5.2 Maker's Tax Identification Number is 20-1676382.

             [THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       19
<PAGE>

      IN WITNESS WHEREOF, Maker has executed this Note as of the date first
written above.

                                     MAKER:

                                     COLE TS PARKERSBURG WV, LLC,
                                     a Delaware limited liability company

                                     By: Cole REIT Advisors II, LLC,
                                         a Delaware limited liability company,
                                         its manager

                                         By: /S/ John M. Pons
                                             -----------------------------------
                                             John M. Pons, Senior Vice President

<PAGE>

                                   Schedule A

                                   LOAN TERMS

Original Principal Amount                             $1,793,000.00

Note Rate % (Per Annum)                                      5.570%

Original Amortization Term (Months)                             999

Monthly Payment Amount (Excluding IO Period)              $8,322.51

Note Date                                                 9/26/2005

First Pay Date                                           11/11/2005

Original Loan Term (Months)                                     120

Scheduled Maturity Date                                  10/11/2015

Interest Accrual Basis During Amortization Periods       ACTUAL/360

Interest Only (IO) Periods (Months)                             120

Interest Accrual Basis During IO Period                  ACTUAL/360

COLE TRACTOR SUPPLY PARKERSBURG WV                                     502853260

<TABLE>
<CAPTION>
                                                         INTEREST         PRINCIPAL          ENDING UNPAID
                         ACCRUAL                        COMPONENT        COMPONENT OF          PRINCIPAL
 PAY                     DAYS IN      SCHEDULED        OF SCHEDULED    SCHEDULED PAYMENT        BALANCE
Period    PAY DATE       PERIOD        PAYMENT           PAYMENT
<S>      <C>             <C>        <C>               <C>              <C>                   <C>
  0      10/11/2005        15       $        0.00     $    4,161.30      $        0.00       $1,793,000.00
  1      11/11/2005        31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
  2      12/11/2005        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
  3      1/11/2006         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
  4      2/11/2006         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
  5      3/11/2006         28       $    7,767.67     $    7,767.67      $        0.00       $1,793,000.00
  6      4/11/2006         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
  7      5/11/2006         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
  8      6/11/2006         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
  9      7/11/2006         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 10      8/11/2006         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 11      9/11/2006         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 12      10/11/2006        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 13      11/11/2006        31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 14      12/11/2006        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 15      1/11/2007         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 16      2/11/2007         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 17      3/11/2007         28       $    7,767.67     $    7,767.67      $        0.00       $1,793,000.00
 18      4/11/2007         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 19      5/11/2007         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 20      6/11/2007         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 21      7/11/2007         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 22      8/11/2007         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 23      9/11/2007         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
</TABLE>

<PAGE>

<TABLE>
<S>      <C>               <C>      <C>               <C>                <C>                 <C>
 24      10/11/2007        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 25      11/11/2007        31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 26      12/11/2007        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 27      1/11/2008         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 28      2/11/2008         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 29      3/11/2008         29       $    8,045.09     $    8,045.09      $        0.00       $1,793,000.00
 30      4/11/2008         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 31      5/11/2008         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 32      6/11/2008         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 33      7/11/2008         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 34      8/11/2008         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 35      9/11/2008         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 36      10/11/2008        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 37      11/11/2008        31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 38      12/11/2008        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 39      1/11/2009         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 40      2/11/2009         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 41      3/11/2009         28       $    7,767.67     $    7,767.67      $        0.00       $1,793,000.00
 42      4/11/2009         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 43      5/11/2009         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 44      6/11/2009         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 45      7/11/2009         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 46      8/11/2009         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 47      9/11/2009         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 48      10/11/2009        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 49      11/11/2009        31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 50      12/11/2009        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 51      1/11/2010         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 52      2/11/2010         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 53      3/11/2010         28       $    7,767.67     $    7,767.67      $        0.00       $1,793,000.00
 54      4/11/2010         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 55      5/11/2010         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 56      6/11/2010         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 57      7/11/2010         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 58      8/11/2010         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 59      9/11/2010         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 60      10/11/2010        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 61      11/11/2010        31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 62      12/11/2010        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 63      1/11/2011         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 64      2/11/2011         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 65      3/11/2011         28       $    7,767.67     $    7,767.67      $        0.00       $1,793,000.00
 66      4/11/2011         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 67      5/11/2011         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 68      6/11/2011         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 69      7/11/2011         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 70      8/11/2011         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 71      9/11/2011         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
</TABLE>

<PAGE>

<TABLE>
<S>      <C>               <C>      <C>               <C>                <C>                 <C>
 72      10/11/2011        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 73      11/11/2011        31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 74      12/11/2011        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 75      1/11/2012         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 76      2/11/2012         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 77      3/11/2012         29       $    8,045.09     $    8,045.09      $        0.00       $1,793,000.00
 78      4/11/2012         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 79      5/11/2012         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 80      6/11/2012         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 81      7/11/2012         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 82      8/11/2012         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 83      9/11/2012         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 84      10/11/2012        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 85      11/11/2012        31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 86      12/11/2012        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 87      1/11/2013         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 88      2/11/2013         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 89      3/11/2013         28       $    7,767.67     $    7,767.67      $        0.00       $1,793,000.00
 90      4/11/2013         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 91      5/11/2013         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 92      6/11/2013         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 93      7/11/2013         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 94      8/11/2013         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 95      9/11/2013         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 96      10/11/2013        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 97      11/11/2013        31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
 98      12/11/2013        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
 99      1/11/2014         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
100      2/11/2014         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
101      3/11/2014         28       $    7,767.67     $    7,767.67      $        0.00       $1,793,000.00
102      4/11/2014         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
103      5/11/2014         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
104      6/11/2014         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
105      7/11/2014         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
106      8/11/2014         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
107      9/11/2014         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
108      10/11/2014        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
109      11/11/2014        31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
110      12/11/2014        30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
111      1/11/2015         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
112      2/11/2015         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
113      3/11/2015         28       $    7,767.67     $    7,767.67      $        0.00       $1,793,000.00
114      4/11/2015         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
115      5/11/2015         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
116      6/11/2015         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
117      7/11/2015         30       $    8,322.51     $    8,322.51      $        0.00       $1,793,000.00
118      8/11/2015         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
119      9/11/2015         31       $    8,599.93     $    8,599.93      $        0.00       $1,793,000.00
</TABLE>

<PAGE>

<TABLE>
<S>      <C>               <C>      <C>               <C>                <C>                 <C>
120      10/11/2015        30       $1,801,322.51     $    8,322.51      $1,793,000.00       $        0.00
120                        3,652    $2,806,127.04     $1,013,127.04      $1,793,000.00
</TABLE>
<PAGE>
                             AUTO DRAFT INFORMATION

If you would like to sign up for our automatic payment drafting service, fill
out and return the enclosed authorization form along with a voided check and
mail to the address listed below. Please continue to send your monthly payments
until you receive written confirmation that the auto-draft service has begun.
You will receive written notification confirming your auto-draft setup and first
auto-draft date within 7 business days of the 15th of the month submitted.

NOTE: REQUESTS MUST BE RECEIVED BY THE 15TH TO BE SET UP FOR THE FOLLOWING
MONTH.

Wachovia Securities
Attention: Customer Service Department
8739 Research Drive - URP4
Charlotte, NC 28288-1075

<PAGE>

WACHOVIA
SECURITIES

                                 AUTO DRAFT FORM

I hereby request and authorize Wachovia Bank, National Association, doing
business as Wachovia Securities ("Wachovia Securities"), to draft my account
specified below made payable to the order of Wachovia Securities located in
Charlotte, NC, provided there are sufficient funds in said account to pay the
same upon presentation. I agree that your rights in respect to each such draft
shall be the same as if it were a check drawn on Wachovia Securities and signed
personally by me. This authorization is to remain in effect until revoked by me
in writing and until Wachovia Securities actually receives such notice. I agree
that Wachovia Securities shall be fully protected in honoring any such drafts.

LOAN NUMBER                                 NAME OF BORROWING ENTITY
--------------------------------            ---------------------------
Wachovia Loan # (9 digits)                  Borrower Name

BANK'S ROUTING NUMBER FROM CHECK            ACCOUNT # TO BE DRAFTED
--------------------------------            ---------------------------
Bank Routing Number (9 digits)              Bank Account # (from check)

NAME OF BANK TO BE DRAFTED                  LOCATION OF THE BANK
-----------------------------               ---------------------------
Name of Bank                                City and State

                  PLEASE INCLUDE A VOIDED CHECK WITH THIS FORM

                                 [VOIDED CHECK]

BORROWER'S SIGNATURE                        BORROWER'S NAME
---------------------------------           ---------------------
Authorized Signature                        Print Name
(as it appears on bank documents)

                                            TODAY'S DATE
                                            ---------------------
                                            Date

DAY OF MONTH PAYMENT WILL DRAFT             BORROWER'S FAX NUMBER
---------------------------------           ---------------------
Draft Date (Payment due date)               Fax #

TERMS AND CONDITIONS

EFFECTIVE DATE OF DRAFT: The draft will occur on the payment due date, unless
otherwise agreed upon by borrower and servicer. The borrower will receive a
confirmation letter to insure auto-draft set-up and to confirm draft date.

REVOCATION OF THIS AUTHORITY: The authority of Wachovia Securities to transfer
funds from the borrowers account will not cease until Wachovia Securities
receives written notification revoking this authorization agreement. Wachovia
Securities must receive this notice at least 15 days prior to the date on which
you wish the arrangement to end.

DISHONOR: Wachovia Securities shall be under no liability whatsoever if a
transfer of funds cannot be made, whether or not such failure is caused by the
act of omission of the borrower.

INSUFFICIENT FUNDS: If the automatic withdrawal is returned due to insufficient
funds both Wachovia Securities and the borrower's financial institution may
assess a fee.

ERRORS: The borrower has the right to have the amount of any incorrect deduction
immediately corrected by the borrower's financial institution provided the
borrower sends the appropriate notice to the financial institution.

AMOUNT OF DRAFT: Wachovia Securities will withdraw the amount of the current
monthly receivable. This amount may vary due to escrow analyses, interest rate
changes or reserve requirements as applicable.

ACH ROUTING NUMBER: Please contact the financial institution from which the
money will be drafted for this information.

Wachovia Securities is the trade name under which Wachovia Corporation conducts
its investment banking, capital markets and institutional securities business
through First Union Securities, Inc. ("FUSI"), Member NYSE, NASD, SIPC, and
through other bank and non-bank and broker-dealer subsidiaries of Wachovia
Corporation.<PAGE>

                        ASSIGNMENT OF PURCHASE AGREEMENT
                             AND ESCROW INSTRUCTIONS

                       BRAINERD DRUGSTORE, LLC, AS SELLER
                                       AND
                             SERIES A, LLC, AS BUYER

      ASSIGNOR, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, does hereby assign all of its right, title and
interest in that certain Purchase Agreement and Escrow Instructions (the
"Purchase Agreement") described herein, to ASSIGNEE and its successors and
assigns. The Purchase Agreement is described as follows:

      DATE OF AGREEMENT:  August 18, 2005, as amended on August 26, 2005,
                          September 1, 2005, and September 7, 2005

      ORIGINAL BUYER:     Series A, LLC

      ASSIGNED TO:        Cole WG Brainerd MN, LLC

      PROPERTY ADDRESS:   340 W. Washington St., Brainerd, MN  56401

      ASSIGNOR acknowledges that it is not released from any and all obligations
or liabilities under said Purchase Agreement with the exception of the earnest
money deposit which is currently in escrow.

      ASSIGNEE hereby agrees to assume and be responsible for all obligations
and liabilities under said Purchase Agreement. This Assignment shall be in full
force and effect upon its full execution.

      Executed this 28th day of September, 2005.

ASSIGNOR:                                 ASSIGNEE:

SERIES A, LLC,                            COLE WG BRAINERD MN, LLC,
an Arizona limited liability company      a Delaware limited liability company

                                          By: COLE REIT ADVISORS II, LLC, a
                                            Delaware limited liability company,
                                            its Manager
By: /s/ John M. Pons
    ----------------------
      John M. Pons
      Authorized Officer

                                              By: /s/ John M. Pons
                                                  ------------------------------
                                                    John M. Pons
                                                    Senior Vice President
<PAGE>

                                                                    EXHIBIT 10.3

                               PURCHASE AGREEMENT
                             AND ESCROW INSTRUCTIONS

                                     BETWEEN

                             BRAINERD DRUGSTORE, LLC

                                    AS SELLER

                                       AND

                                  SERIES A, LLC

                                    AS BUYER

                                 AUGUST 18, 2005

                                       1
<PAGE>

                   PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS

DATED:      Dated to be effective as of August 18, 2005 (the "Effective Date").

PARTIES:    This Purchase Agreement and Escrow Instructions (this "Agreement")
            is between Brainerd Drugstore, LLC, a Colorado limited liability
            company, as "Seller", and Series A, LLC, an Arizona limited
            liability company, as "Buyer".

      WHEREAS, as of the Effective Date, Seller is the owner of that certain
improved property located at 340 West Washington Street, Brainerd, Minnesota,
that is legally described on Exhibit A attached (the "Real Property");

      WHEREAS, as of the Effective Date, the Real Property is improved with a
building containing approximately 15,076 square feet (the "Building"), which
Building is leased to Walgreen Co., an Illinois corporation ("Tenant") in
accordance with a written lease dated May 17, 1999 as amended by an Amendment to
Lease dated November 12, 1999 (collectively, the "Lease"). The Real Property,
the Building, the improvements to the Real Property (the "Improvements"), the
personal property, if any, of Seller located on the Real Property and Seller's
interest in the Lease and all rents issued and profits due or to become due
under the Lease are collectively referred to as the "Property"; and

      WHEREAS, Buyer desires to purchase the Property from Seller and Seller
desires to sell the Property to Buyer, all as more particularly set forth in
this Purchase Agreement and Escrow Instructions (this "Agreement").

      NOW THEREFORE, in consideration of the promises set forth in this
Agreement and other good and valuable consideration, the receipt and sufficiency
of which are acknowledged, Seller and Buyer (collectively, the "Parties" or
individually, a "Party") agree as follows:

      1. INCORPORATION OF RECITALS. All of the Recitals are incorporated as
agreements of the Parties.

      2. BINDING AGREEMENT. This Agreement constitutes a binding agreement
between Seller and Buyer for the sale and purchase of the Property subject to
the terms set forth in this Agreement. Subject to the limitations set forth in
this Agreement, this Agreement shall bind and inure to the benefit of the
Parties and their respective successors and assigns. This Agreement supersedes
all other written or verbal agreements between the Parties concerning any
transaction embodied in this Agreement. No claim of waiver or modification
concerning the provisions of this Agreement shall be made against a Party unless
based upon a written instrument signed by such Party.

                                       2
<PAGE>

      3. INCLUSIONS IN PROPERTY.

            (a) The Property. The term "Property" also shall include the
following:

                  (1) all tenements, hereditaments and appurtenances pertaining
to the Real Property;

                  (2) all mineral, water and irrigation rights, if any, running
with or otherwise pertaining to the Real Property;

                  (3) all interest, if any, of Seller in any road adjoining the
Real Property;

                  (4) all interest, if any, of Seller in any award made or to be
made or settlement in lieu of such award for damage to the Property by reason of
condemnation, eminent domain or exercise of police power;

                  (5) all of Seller's interest in the Building, the Improvements
and any other improvements and fixtures on the Real Property;

                  (6) all of Seller's interest, if any, in any equipment,
machinery and personal property on or used in connection with the Real Property
(the "Personalty");

                  (7) the Lease and security deposit, if any, now or hereafter
due under the Lease; and,

                  (8) all of Seller's interest, to the extent transferable, in
any permits and licenses (the "Permits"), warranties, contractual rights and
intangibles with respect to the operation, maintenance, repair or improvement of
the Property (the "Contracts").

            (b) The Transfer Documents. Except for the Personalty which shall be
transferred by that certain bill of sale from Seller to Buyer, a specimen of
which is attached as Exhibit B (the "Bill of Sale"), the Lease which is to be
transferred by that certain assignment and assumption of lease, a specimen of
which is attached as Exhibit C (the "Assignment of Lease"), the Permits and
Contracts which are to be transferred by that certain assignment agreement, a
specimen of which is attached as Exhibit D (the "Assignment Agreement"), all
components of the Property shall be transferred and conveyed by execution and
delivery of Seller's limited warranty deed, a specimen of which is attached as
Exhibit E (the "Deed"). The Bill of Sale, the Assignment of Lease, the
Assignment Agreement and the Deed are hereinafter collectively referred to as
the "Transfer Documents".

      4. PURCHASE PRICE. The price to be paid by Buyer to Seller for the
Property is Four Million Three Hundred Twenty-Eight Thousand Five Hundred and
no/100 Dollars ($4,328,500.00) (the "Purchase Price"), payable as follows:

                                       3
<PAGE>

            (a) Fifty Thousand and no/100 Dollars ($50,000.00) earnest money
(the "Earnest Money Deposit") to be deposited by Buyer in escrow with First
American Title Insurance Company, 2425 E. Camelback Road, Suite 300, Phoenix,
Arizona 85016, Attention: Carol Peterson ("Escrow Agent") within one business
day after receipt of written confirmation of execution of this Agreement by
Seller along with a copy of the fully-executed original of this Agreement (the
"Opening of Escrow"), which Earnest Money Deposit is to be held by Escrow Agent
until released as provided in this Agreement or paid to Seller at close of
escrow ("COE");

            (b) Ten Thousand and no/100 ($10,000.00) of the Earnest Money
Deposit (the "Non-Refundable Deposit") will be non-refundable to Buyer from and
after August 26, 2005, except as specifically provided in this Agreement;

            (c) The Earnest Money Deposit is to be increased by an additional
Fifty Thousand and no/100 Dollars ($50,000.00) (bringing the total Earnest Money
Deposit to $100,000.00) to be deposited with the Escrow Agent by Buyer within
one business day following the expiration of the Due Diligence Period (as
defined below) unless Buyer elects to cancel this Agreement on or before the
last day of the Due Diligence Period under Section 6 or Section 7(c). If Buyer
does not so cancel the Agreement on or before the last day of the Due Diligence
Period, the entire Earnest Money Deposit shall become non-refundable to Buyer
except as specifically provided in this Agreement; and

            (d) Four Million Two Hundred Twenty-Eight Thousand Five Hundred and
no/100 Dollars ($4,228,500.00) in additional cash, or other immediately
available funds (as may be increased or decreased by such sums as are required
to take into account any additional deposits, prorations, credits, or other
adjustments required by this Agreement), to be deposited in escrow with Escrow
Agent one day prior to the COE (the "Additional Funds") which are to be held by
Escrow Agent until cancellation of this Agreement as provided in this Agreement
or paid to Seller at COE.

      5. DISPOSITION OF EARNEST MONEY DEPOSIT. Seller and Buyer hereby instruct
Escrow Agent to place the Earnest Money Deposit in a federally insured
interest-bearing passbook account on behalf of Seller and Buyer. The Earnest
Money Deposit and interest on the Earnest Money Deposit shall be applied as
follows:

            (a) if Buyer cancels this Agreement prior to August 26, 2004, as
Buyer is so entitled to do as provided in this Agreement, the Earnest Money
Deposit and all interest earned to the effective date of withdrawal shall be
paid immediately to Buyer;

            (b) if Buyer cancels this Agreement after August 26, 2004, but prior
to the expiration of the Due Diligence Period, as Buyer is so entitled to do as
provided in this Agreement, the Earnest Money Deposit and all interest earned to
the effective date of withdrawal less the Non-Refundable Deposit shall be paid
immediately to Buyer and the Non-Refundable Deposit shall be paid to Seller,
except as specifically set forth in this Agreement;

            (c) if the Earnest Money Deposit is forfeited by Buyer pursuant to
this Agreement, such Earnest Money Deposit and all interest earned to the date
of withdrawal shall

                                       4
<PAGE>

be paid to Seller as Seller's agreed and total liquidated damages, it being
acknowledged and agreed that it would be difficult or impossible to determine
Seller's exact damages; and

            (d) if escrow closes, the Earnest Money Deposit and all interest
earned to COE shall be credited to Buyer, automatically applied against the
Purchase Price and paid to Seller upon Closing.

      6. TITLE COMMITMENT AND OBJECTIONS.

            (a) Evidence of Title. Within ten days after the Effective Date,
Escrow Agent shall deliver a current title commitment (the "Commitment") for an
ALTA standard coverage title insurance policy (the "Owner's Policy") on the Real
Property to Buyer and Seller. The Commitment shall show the status of title to
the Real Property as of the date of the Commitment and shall also describe the
requirements of Escrow Agent for the issuance of the Owner's Policy as described
in this Agreement. The cost of a standard Owner's Policy will be paid for by
Seller; Buyer shall pay any additional cost for the extended coverage policy and
any endorsements to the policy if such policy or endorsements are required by
Buyer or its lender. In addition to the Commitment, Escrow Agent shall deliver
simultaneously to Buyer and Seller copies of all documents identified in Part
Two of Schedule B of the Commitment (the "Title Documents").

            (b) Defects of Title. If on or before August 31, 2005, Buyer asserts
the existence of any encumbrance, encroachment on or defect in, or objection to
title to, any portion of the Real Property based on Buyer's examination of the
Commitment and the Title Documents, or any other information received by Buyer
(any of which is called a "Defect in Title"), Buyer will give written notice
thereof to Seller on or before August 31, 2005, and then Seller may, at Seller's
sole election either: (i) notify Buyer in writing that it does not intend to
correct or cure the Defect in Title, or (ii) attempt to correct or cure the
Defect in Title on or before the COE by (A) attempting to obtain title insurance
over such Defect in Title, or (B) otherwise using reasonable efforts to remove
the Defect in Title. Seller's lack of response within a period of one business
day after receipt of Buyer's notice shall be deemed as Seller's election not to
correct or cure the Defect in Title prior to COE. If Seller does not elect or is
deemed not to have elected o correct or cure the Defect in Title, Buyer shall
have the right to cancel this Agreement by delivering written notice to Seller
on or before the last day of the Due Diligence Period, or to waive any such
Defect in Title and elect to close under this Agreement.. If Seller elects to
attempt to correct or cure the Defect in Title, but the Defect in Title cannot,
through the exercise of reasonable diligence, be corrected or cured on or before
the COE, the COE shall be automatically extended for a time period not to exceed
15 days in order to allow Seller to correct or cure such matter. If Seller
elects to attempt to correct or cure the Defect in Title and if such Defect in
Title cannot be corrected or cured within the 15-day extension of the COE, then
Buyer will have the right to either: (x) waive any such Defect in Title and
elect to close under this Agreement, or (y) cancel this Agreement by delivering
written notice to Seller on or before the date of the COE (as it may be
extended). If Buyer elects to cancel this Agreement due to Seller's election to
not correct or cure any Defect in Title, Buyer will receive a prompt refund of
the Earnest Money Deposit plus interest less the Non-Refundable Deposit and the
Parties will be relieved of all further obligations under this Agreement, except
that the indemnities contained in Sections 7(b) and 16(b) shall survive such
termination. If, after Seller notifies Buyer of its intent

                                       5
<PAGE>

to correct or cure any Defect in Title but is subsequently unable to correct or
cure any Defect in Title within the 15-day extension of COE and Buyer terminates
due to such inability, Buyer will receive a prompt refund of the entirety of the
Earnest Money Deposit plus interest and the Parties will be relieved of all
further obligations under this Agreement, except that the indemnities contained
in Sections 7(b) and 16(b) shall survive such termination.

            (c) Permitted Exceptions. The Lease, the title exceptions shown on
the Commitment not made the subject of any objection to title by Buyer, any
title exceptions otherwise approved by Buyer in writing on or before the last
day of the Due Diligence Period, and any Defect in Title waived by Buyer as
provided in Sections 6(b) and 6(d), will be deemed to be approved by Buyer and
will be referred to as "Permitted Exceptions" under this Agreement. At COE,
Seller will convey the Property to Buyer free and clear of all liens, claims,
pledges and encumbrances arising by, through or under Seller, subject the
Permitted Exceptions.

            (d) Change in Title. In the event on or before COE any supplement to
the Commitment discloses any change or addition to the Permitted Exceptions
which, in Buyer's sole judgment, could have a material adverse effect on the
condition of title to the Property or on Buyer's ability to operate the Property
in the manner in which it currently is being operated, other than changes caused
by Buyer (an "Additional Exception"), Buyer may object in writing to such
Additional Exception in which case Seller may, at Seller's sole election,
either: (i) notify Buyer in writing that it does not intend to correct or cure
the Defect in Title, or (ii) attempt to correct or cure the Additional Exception
on or before the COE by (A) attempting to obtain title insurance over such
Additional Exception, or (B) otherwise using reasonable efforts to remove the
Additional Exception. Seller's lack of response within a period of one business
day of receipt of Buyer's notice shall be deemed as Seller's election not to
correct or cure the Defect in Title prior to COE. In the event the Defect in
Title cannot, through the exercise of reasonable diligence, be corrected or
cured on or before the COE, the COE shall be automatically extended for a time
period not to exceed 15 days in order to allow Seller to correct or cure such
matter. If Seller does not elect to correct or cure the Additional Exception or
if such Additional Exception cannot be corrected or cured within the 15-day
extension of the COE, then Buyer will have the right to either: (x) waive any
such Additional Exception and elect to close under this Agreement, or (y) cancel
this Agreement by delivering written notice to Seller on or before the date of
the COE (as it may be extended). If Buyer elects to cancel this Agreement due to
Seller's election to not correct or cure any Additional Exception, Buyer will
receive a prompt refund of the Earnest Money Deposit plus interest less the
Non-Refundable Deposit and the Parties will be relieved of all further
obligations under this Agreement, except that the indemnities contained in
Sections 7(b) and 16(b) shall survive such termination. If, after Seller
notifies Buyer of its intent to correct or cure any Additional Exception but is
subsequently unable to correct or cure any Additional Exception within the
15-day extension of COE and Buyer terminates due to such inability, Buyer will
receive a prompt refund of the entirety of the Earnest Money Deposit plus
interest and the Parties will be relieved of all further obligations under this
Agreement, except that the indemnities contained in Sections 7(b) and 16(b)
shall survive such termination.

      7. BUYER'S DUE DILIGENCE PERIOD.

            (a) The Due Diligence Period. Buyer shall have until 10:00 a.m.
Denver, Colorado time on September 6, 2005 (the "Due Diligence Period"), at
Buyer's sole cost, within

                                       6
<PAGE>

which to conduct and approve any investigations, studies or tests deemed
necessary by Buyer, in Buyer's sole discretion, to determine the feasibility of
acquiring the Property (the "Studies"). The Studies shall include, but not be
limited to, Buyer's right to: (i) review and approve the Survey (as defined
below), the Lease, Seller's operating statements with respect to the Property,
and the Contracts; (ii) meet and confer with Tenant; and, (iii) obtain, review
and approve an environmental study of the Real Property and Building.

            (b) Right of Entry. Subject to the prior rights of the Tenant of the
Property, Seller hereby grants to Buyer and Buyer's agents, employees and
contractors the right to enter upon the Property, at any reasonable time or
times during the Due Diligence Period and after reasonable prior notice to
Seller, to conduct the Studies. In conducting the Studies, Buyer shall use
commercially reasonable efforts to not interfere with any of the operations or
business of the Tenant of the Property. In consideration of the license granted
to Buyer in this Section, Buyer hereby indemnifies and holds Seller harmless
from any and all liabilities, claims, losses or damages, including, but not
limited to, court costs and attorneys' fees, which may be incurred by Seller as
a direct result of the Studies. Buyer's indemnity and hold harmless obligation
shall survive cancellation of this Agreement or COE.

            (c) Cancellation. Unless Buyer so notifies Seller and Escrow Agent,
in writing, on or before the end of the Due Diligence Period of Buyer's
acceptance of the Studies and waiver of the contingencies as set forth in this
Section 7, this Agreement shall be canceled. If Buyer notifies Seller and Escrow
Agent that it desires to cancel this Agreement on or before August 26, 2005, the
Earnest Money Deposit plus interest shall be returned immediately to Buyer and
the Parties will be relieved of all further obligations under this Agreement,
except that the indemnities contained in Sections 7(b) and 16(b) shall survive
such termination. If Buyer notifies Seller and Escrow Agent that it desires to
cancel this Agreement after August 26, 2005 but prior to the expiration of the
Due Diligence Period, or if Buyer is deemed to have canceled this Agreement
pursuant to the first sentence of this subsection 7(c), the Earnest Money
Deposit plus interest less the Non-Refundable Deposit shall be returned
immediately to Buyer and the Parties will be relieved of all further obligations
under this Agreement, except that the indemnities contained in Sections 7(b) and
16(b) shall survive such termination. If this Agreement is canceled for any
reason, then (x) to the extent reasonably practicable, Buyer shall, within ten
days after cancellation, repair any damage caused by any of those visits,
inspections or studies so as to restore the Property to as near its same
condition as before the damage as is reasonably possible, (y) within the same
ten-day period Buyer will return to Seller all Property Documents, and (z) Buyer
will maintain in confidence any information it obtained about the Property. The
provisions of this paragraph will survive COE.

            (d) Right of First Refusal. If at any time prior to or following the
expiration of the Due Diligence Period the Tenant validly exercises its right of
first refusal contained in the Lease, this Agreement will terminate, and Buyer
will receive a prompt refund of the Earnest Money Deposit plus interest and the
Parties will be relieved of all further obligations under this Agreement, except
that the indemnities contained in Sections 7(b) and 16(b) shall survive such
termination.

                                       7
<PAGE>

      8. DELIVERY OF STUDIES.

            (a) Deliveries to Buyer. The Parties agree that prior to the
Effective Date, Seller has delivered to Buyer copies of the following documents:
the executed Lease including any amendments to the Lease; the Geotechnical
Exploration Report dated October 20, 1998; the Phase I Environmental Site
Assessment dated November 12, 1998; the Phase I Environmental Site Assessment
Update dated September 15, 1999; the Phase I Environmental Site Assessment dated
June 18, 2001; an existing ALTA survey of the Real Property and the Building; an
existing owner's title policy for the Real Property; site plans; the roof
warranty; a zoning letter dated June 2001; a certificate of occupancy dated
April 20, 2000; the Architect/Developer Project Specifications dated July 17,
1999; and Walgreen's Statements of Receipts for July 1, 2002 through June 30,
2003 and July 1, 2003 through June 30, 2004 (the "Property Documents"). Seller
makes no representation or warranty regarding, and does not assume liability or
responsibility for, the truth, accuracy or completeness of any reports,
material, tests or information prepared by third parties.

            (b) Delivery by Buyer. If this Agreement is canceled for any reason,
except Seller's willful default hereunder, Buyer agrees to deliver to Seller all
Property Documents received by Buyer.

      9. THE SURVEY. Buyer, at Buyer's cost, shall, at any time after the
Opening of Escrow, have the option to cause a certified ALTA survey of the Real
Property, Building and Improvements, or an update of Seller's existing survey,
(either being referred to as the "Survey") to be completed by a surveyor
licensed in the State of Minnesota and deposited with Escrow Agent. The Survey
shall set forth the legal description and boundaries of the Property and all
easements, encroachments and improvements thereon.

      10. IRS SECTION 1445. Seller shall furnish to Buyer in escrow by COE a
sworn affidavit (the "Non-Foreign Affidavit") stating under penalty of perjury
that Seller is not a "foreign person" as such term is defined in Section
1445(f)(3) of the Internal Revenue Code of 1986, as amended (the "Code"). If
Seller does not timely furnish the Non-Foreign Affidavit, Buyer may withhold (or
direct Escrow Agent to withhold) from the Earnest Money Deposit and/or the
Additional Funds, an amount equal to the amount required to be so withheld
pursuant to Section 1445(a) of the Code, and such withheld funds shall be
deposited with the Internal Revenue Service as required by such Section 1445(a)
and the regulations promulgated thereunder. The amount withheld, if any, shall
nevertheless be deemed to be part of the Purchase Price paid to Seller.

      11. DELIVERY OF POSSESSION. Seller shall deliver possession of the
Property to Buyer at COE subject only to the rights of Tenant under the Lease as
approved by Buyer as part of the Studies.

      12. CONDITIONS PRECEDENT. In addition to all other conditions precedent
set forth in this Agreement, Buyer's obligations to perform under this Agreement
and to close escrow are expressly subject to the following:

                                       8
<PAGE>

            (a) the delivery by Buyer and Seller to Escrow Agent, respectively,
for delivery to the other party at COE, of the executed original Transfer
Documents to the extent required to be executed by such Parties, and other
documents reasonably necessary to consummate the transaction contemplated
hereby, including without limitation an owner's affidavit;

            (b) the issuance of the Owner's Policy (or a written commitment
therefor) subject only to those Permitted Exceptions approved or deemed approved
by Buyer pursuant to this Agreement;

            (c) the delivery by Seller to Buyer at COE of all security deposits
and pre-paid/abated rents under the Lease, if any, in the form of a credit in
favor of Buyer against the Additional Funds;

            (d) upon expiration of the Due Diligence Period and Buyer's
acceptance of the Studies without cancellation of this Agreement as set forth in
Section 7 (or prior thereto at Seller's sole option), Seller shall request a
tenant estoppel certificate from the Tenant. Such certificate shall be on the
Tenant's standard form of certificate, which shall be substantially similar to
that on Exhibit F attached, shall state that the Lease is in full force and
effect and shall not identify any offset or abatement rights (except as are
stated in the Lease), punchlist items or defaults (the "Estoppel"). The Tenant
is not required under the Lease to list Buyer and its lender on the Estoppel;
however, Seller will make reasonable efforts to add Buyer and its lender,
Wachovia Bank, National Association, to the Estoppel. Seller makes no guarantee
on the timing of receipt of the Estoppel; therefore, if the Estoppel is not
received by two (2) business days prior to the scheduled date of COE pursuant to
Section 17 , the COE shall be extended to the date which is two (2) business
days after receipt of the Estoppel, provided such extension shall not exceed
thirty (30) days. If the Estoppel is not received within such 30-day extension
period, Buyer may terminate this Agreement upon written notice to Seller, which
termination shall have the effect set forth below in this Section 12;

            (e) the deposit with Escrow Agent of letter from Seller to Tenant
requesting that future rent under the Lease be paid to Buyer;

            (f) each Party shall have performed all covenants, agreements and
obligations required to be performed by it under this Agreement;

            (g) delivery by Seller of originals of the Lease, the Contracts and
Permits, if any such original documents are in the possession of Seller;

            (h) each Party shall have executed and delivered to the Escrow Agent
a certificate confirming the that all of the representations and warranties of
such Party set forth in Section 13 are accurate and complete in all material
respects as of the COE (with appropriate modifications as permitted under this
Agreement);

            (i) receipt of an express waiver of Tenant's right of first refusal
under the Lease or, in the alternative, the deposit with the Escrow Agent of
evidence satisfactory to Buyer, in its reasonable discretion, that Seller has
delivered the notice letter to the Tenant described in

                                       9
<PAGE>

Section 13(e)(5) together with an affidavit of Seller stating that the period
for Tenant's exercise of its right of first refusal provided in the Lease has
expired without Tenant having exercised such right; and

            (j) deposit with Escrow Agent by Buyer of the Additional Funds, by
wire transfer of immediately available funds;

Seller's obligations to perform under this Agreement and to close escrow are
expressly subject to the satisfaction by Buyer of the conditions set forth in
Section 12(a), (f), (h), (i) and (j) above. Either Party shall have the right,
in its sole and absolute discretion, to waive in writing of the foregoing
conditions that are included for the sole benefit for the waiving Party. If any
of the conditions described above which is not an obligation of Buyer has not
been satisfied by the COE as such date may be extended under the terms of this
Agreement, then Buyer shall have the right, at Buyer's sole option, by giving
written notice to Seller and Escrow Agent, to cancel this Agreement and Buyer
will receive a prompt refund of the Earnest Money Deposit plus interest and the
Parties will be relieved of all further obligations under this Agreement, except
that the indemnities contained in Sections 7(b) and 16(b) shall survive such
termination.

      13. SELLER'S WARRANTIES AND COVENANTS.

            (a) Seller represents and warrants to Buyer as of the Effective Date
that:

                  (1) to Seller's Actual Knowledge, no notice of violation has
been issued and delivered to Seller with regard to any applicable regulation,
ordinance, requirement, covenant, condition or restriction relating to the
present use or occupancy of the Property by any person, authority or agency
having jurisdiction;

                  (2) to Seller's Actual Knowledge, there is no impending or
contemplated condemnation or taking by inverse condemnation of the Property, or
any portion thereof, by any governmental authorities;

                  (3) to Seller's Actual Knowledge, there are no suits or claims
pending or threatened with respect to or in any manner affecting the Property;

                  (4) other than Tenant's right of first refusal set forth in
the Lease, Seller has not entered into and there is not existing any other
agreement, written or oral, under which Seller is or could become obligated to
sell the Property, or any portion thereof, to a third party, prior to
termination of this Agreement;

                  (5) this transaction will not in any way violate any other
agreements to which Seller is a party;

                  (6) Seller has full power and authority to execute, deliver
and perform under this Agreement as well as under the Transfer Documents,
specimens of which are attached as Exhibits;

                                       10
<PAGE>

                  (7) to Seller's Actual Knowledge, no default of Seller or of
the other parties exists under any of the Contracts;

                  (8) no consent of any third party is required in order for
Seller to enter into this Agreement and perform Seller's obligations hereunder
(subject to Tenant's election not to exercise Tenant's right of first refusal).
Without limiting the generality of the foregoing, to Seller's Actual Knowledge,
no consent of any third party is required in order for Seller to assign to Buyer
the Contracts or the Lease;

                  (9) the execution, delivery and performance of this Agreement
and the Transfer Documents, specimens of which are attached as Exhibits, have
not and will not constitute a breach or default under any other agreement or, to
Seller's Actual Knowledge, any law or court order under which Seller is a party
or may be bound;

                  (10) to Seller's Actual Knowledge, all general real estate
taxes, assessments and personal property taxes that have become due with respect
to the Property have been paid or will be so paid by Tenant pursuant to the
terms of the Lease;

                  (11) to Seller's Actual Knowledge and except as disclosed in
the Property Documents, Seller is not aware that there exists or has existed,
and Seller itself has not caused any generation, production, location,
transportation, storage, treatment, discharge, disposal, release or threatened
release upon, under or about the Property of any Hazardous Materials. "Hazardous
Materials" shall mean any flammables, explosives, radioactive materials,
hazardous wastes, hazardous and toxic substances or related materials, asbestos
or any material containing asbestos (including, without limitation, vinyl
asbestos tile), or any other substance or material, defined as a "hazardous
substance" by any federal, state, or local environmental law, ordinance, rule or
regulation including, without limitation, the Federal Comprehensive
Environmental Response Compensation and Liability Act of 1980, as amended, the
Federal Hazardous Materials Transportation Act, as amended, the Federal Resource
Conservation and Recovery Act, as amended, and the rules and regulations adopted
and promulgated pursuant to each of the foregoing ("Environmental Law)". Seller
hereby assigns to Buyer, effective as of COE, all claims, counterclaims,
defenses, or actions whether at common law, or pursuant to any other applicable
federal or state or other laws which Seller may have against any third parties
relating to the existence of any Hazardous Materials in, at, on, under or about
the Property (including Hazardous Materials released on the Property prior to
COE and continuing in existence on the Property at COE); and

                  (12) except for any item to be prorated at COE in accordance
with this Agreement, all bills or other charges, costs or expenses arising out
of or in connection with or resulting from Seller's use, ownership, or operation
of the Property up to COE shall be paid in full by Seller, except to the extent
payable by Tenant pursuant to the terms of the Lease.

            (b) all representations made in this Agreement by Seller shall
survive the execution and delivery of this Agreement and COE for a period of
four (4) months after COE, after which time they shall automatically terminate
and be of no further force or effect. Seller shall and does hereby indemnify
against and hold Buyer harmless from any loss, damage,

                                       11
<PAGE>

liability and expense, together with all court costs and attorneys' fees which
Buyer may incur, directly as a result of any material misrepresentation by
Seller or any material breach of any of Seller's warranties. Seller's indemnity
and hold harmless obligations shall survive COE for a period of four (4) months
after COE, after which time they shall automatically terminate and be of no
further force or effect. As used in this Agreement, the phrase "to Seller's
Actual Knowledge" or words of similar import shall mean the actual (and not
constructive or imputed) knowledge, without independent investigation or
inquiry, of Marcel J.C. Arsenault, as managing member of Seller.

            (c) In the event that any representation or warranty of Seller needs
to be modified due to changes since the Effective Date, Seller shall deliver to
Buyer a certificate dated as of the COE signed by Seller, identifying any
representation or warranty which is not, or no longer is, true and correct and
explaining the state of facts giving rise to the change. The occurrence of any
such change shall, if materially adverse to Purchaser, constitute the
non-fulfillment of the condition set forth in Section 12(h) entitling Buyer to
terminate this Agreement and Buyer will receive a prompt refund of the Earnest
Money Deposit plus interest and the Parties will be relieved of all further
obligations under this Agreement, except that the indemnities contained in
Sections 7(b) and 16(b) shall survive such termination. Such remedy shall be
Buyer's sole and exclusive remedy for any change in the foregoing
representations and warranties about which Seller provides such notice to Buyer,
or about which Buyer learns, before the COE, and Buyer hereby waives any and all
other remedies therefor. If the COE occurs despite such changes in Seller's
representations and warranties or other matters described in the Seller's
certificate, Seller's representations and warranties set forth in this Agreement
shall be deemed to have been modified by all statements made in the certificate.

            (d) With the sole exception of the representations set forth in this
Section 13, this Agreement is made without representation or warranty of any
kind by Seller; Seller makes no representation or warranty of any kind with
regard to the physical condition of the Property or any component thereof, with
regard to any restrictions, requirements, costs or constraints that may be
associated with the Property, with regard to the suitability of the Property for
Buyer's purposes or with regard to the accuracy or completeness of any of the
Property Documents furnished or made available to Buyer (including, without
limitation, any environmental or structural studies or reports), it being the
parties' express understanding and agreement that Buyer shall fully inspect the
Property and all aspects thereof during the Due Diligence Period and prior to
COE, and that Buyer will rely solely on its own inspection in determining the
physical condition and other features of the Property, any restrictions,
requirements, costs or constraints that may be associated with the Property, and
whether the Property is suitable for Buyer's intended purposes; and Buyer will
acquire the Property in "AS IS" and "WITH ALL FAULTS" condition. Without
limiting the generality of the foregoing, Buyer, for itself and its successors
and assigns, releases Seller and Seller's partners, agents, employees, managers,
members, brokers, contractors and representatives from, and waives any and all
causes of action or claims against any of such persons for, (i) any and all
liability attributable to any physical condition of or at the Property,
including, without limitation, the presence on, under or about the Property of
any Hazardous Materials; and (ii) any and all liability resulting from the
failure of the Property to comply with any applicable laws, including, without
limitation, any

                                       12
<PAGE>

Environmental Law (as defined below). This Section 13(d) shall survive the
execution and delivery of this Agreement and the COE.

            (e) Seller covenants with Buyer that Seller will perform and comply
with each of the following from and after the Effective Date, or the date the
Due Diligence Period expires without cancellation of this Agreement by Buyer, as
the case may be, until termination of this Agreement:

                  (1) from and after the Effective Date, Seller will not enter
into nor execute any agreement to grant a right of first refusal or option to
purchase the Property, or any portion of the Property, to a third party, without
Buyer's prior written consent; provided, however, that Seller shall be allowed
to enter into back-up contracts for the sale of the Property that are expressly
contingent upon the expiration or termination of this Agreement;

                  (2) from and after the Effective Date until termination of
this Agreement, Seller will not enter into or execute any employment, management
or service contract with respect to the Real Property without Buyer's prior
written consent, which consent shall not be unreasonably withheld or delayed,
provided that any such contract so entered by Seller with or without Buyer's
consent shall provide that such contract can be terminated by Seller, or
Seller's successor, at any time without penalty, upon not more than thirty (30)
days' prior written notice to the other party. When any such contracts are fully
executed, Seller shall deliver a copy thereof to Buyer;

                  (3) from and after the Effective Date until termination of
this Agreement, Seller shall not execute or enter into any lease with respect to
the Property, or terminate, amend, modify, extend or waive any rights under the
Lease without Buyer's prior written consent, which consent may be withheld at
Buyer's discretion;

                  (4) from and after the Effective Date until termination of
this Agreement, Seller, without Buyer's prior written consent which consent will
not be unreasonably withheld or delayed, shall not amend, modify or terminate
any Contract or waive any substantial right thereunder; and

                  (5) no later than the fifth business day after the Effective
Date, Seller will send a letter to Tenant notifying Tenant of Buyer's offer and
requesting that Tenant provide Seller with an signed waiver of Tenant's right of
first refusal under the Lease as to the transaction described in this Agreement,
it being understood that the Lease does not require Tenant to affirmatively
respond to a request by Seller for a written waiver and Tenant may elect to
waive by permitting the period for exercise of the right to expire. Seller will
provide Buyer with a copy of its letter to the Tenant.

      14. BUYER'S WARRANTIES AND COVENANTS.

            (a) Buyer hereby represents to Seller as of the Effective Date that:

                                       13
<PAGE>

                  (1) Buyer has full power and authority to execute, deliver and
perform under this Agreement as well as under the Transfer Documents, specimens
of which are attached as Exhibits;

                  (2) there are no actions or proceedings pending or to Buyer's
Actual Knowledge, threatened against Buyer which may in any manner whatsoever
affect the validity or enforceability of this Agreement or any of the documents,
specimens of which are attached as Exhibits; and

                  (3) the execution, delivery and performance of this Agreement
and the Transfer Documents, specimens of which are attached hereto as Exhibits,
have not and will not constitute a breach or default under any other agreement
or, to Buyer's Actual Knowledge, any law or court order under which Buyer is a
party or may be bound.

            (b) all representations made in this Agreement by Buyer shall
survive the execution and delivery of this Agreement and COE for a period of
four (4) months after COE, after which time they shall automatically terminate
and be of no further force or effect. Buyer shall and does hereby indemnify
against and hold Seller harmless from any loss, damage, liability and expense,
together with all court costs and attorneys' fees, if awarded by a court of law,
which Seller may incur directly as a result of any material misrepresentation by
Buyer or any material breach of any of Buyer's warranties. Buyer's indemnity and
hold harmless obligations shall survive COE for a period of four (4) months
after COE, after which time they shall automatically terminate and be of no
further force or effect. As used in this Agreement, the phrase "to Buyer's
Actual Knowledge" or words or similar import shall mean the actual (and not
constructive or implied) knowledge, without independent investigation or
inquiry, of John M. Pons as Authorized Officer of Buyer.

            (c) Buyer shall hold maintain as confidential (i) all data and
information received by Buyer from Seller that is not in the public domain or
known generally to the public with respect to the Property and the Seller or its
business, whether obtained before or after the execution and delivery of this
Agreement, and (ii) the terms and conditions of this Agreement, and Buyer shall
not disclose same to others, except that Buyer may make such disclosures to its
accountants, attorneys, lenders and consultants as Buyer reasonably deems
necessary or desirable in order to evaluate or obtain financing for the
transaction contemplated by this Agreement. The foregoing provisions
notwithstanding, if the COE occurs, then no such confidentiality obligation
shall apply thereafter. Under no circumstances shall Buyer market the Property
for sale to third parties or list the Property with a real estate broker or
agent for sale, prior to the end of the Due Diligence Period and before Buyer
has delivered to Seller the second $50,000 installment of the Earnest Money
Deposit due pursuant to Section 4(c). If Buyer breaches any provision of this
Section 14 (c), Seller shall have all of the remedies provided in Section 20(b)
of this Agreement.

      15. CONDEMNATION. Seller shall bear all risk of a taking or condemnation
of the Property which may occur prior to COE. If prior to COE any governmental
or other entity having condemnation authority institutes an eminent domain
proceeding or takes any steps preliminary thereto to condemn any portion of the
Real Property or Building, Buyer will have the right to terminate this Agreement
upon notice to Seller and Escrow Agent. If Buyer elects to

                                       14
<PAGE>

cancel this Agreement then Buyer will receive a prompt refund of the Earnest
Money Deposit plus interest and the Parties will be relieved of all further
obligations under this Agreement, except that the indemnities contained in
Sections 7(b) and 16(b) shall survive such termination. If Buyer does not so
terminate this Agreement, Buyer will proceed to COE without any reduction to the
Purchase Price, and Seller agrees to assign to Buyer at the COE, Seller's rights
to any compensation or damages relating to such taking.

      16. BROKER'S COMMISSION. Concerning any brokerage commission, the Parties
agree as follows:

            (a) The Parties warrant to one another that they have not dealt with
any finder, broker or realtor in connection with this Agreement except Anthon
Stauffer and Sage Investment Properties (collectively, "Broker");

            (b) If any person other than Broker shall assert a claim to a
finder's fee or brokerage commission on account of alleged employment as a
finder or broker in connection with this Agreement, the Party under whom the
finder or broker is claiming shall indemnify and hold the other Party harmless
from and against any such claim and all costs, expenses and liabilities incurred
in connection with such claim or any action or proceeding brought on such claim,
including, but not limited to, counsel and witness fees and court costs in
defending against such claim. The provisions of this Section shall survive
cancellation of this Agreement or COE; and

            (c) In the event of the COE, Seller shall be responsible for payment
of a commission to Broker in an amount equal to one percent (1.0 %) of the
Purchase Price, which commission shall be paid at COE.

      17. CLOSE OF ESCROW. COE shall be on October 6, 2005 or such earlier date
as Buyer and Seller may mutually agree in writing. Seller may extend the COE
date for up to an additional thirty (30) days upon delivery of written notice to
extend the COE to Escrow Agent prior to the original COE date, such period of
extension to run concurrently with any extension required by Seller pursuant to
the provisions of Sections 6(b) or (d). Notwithstanding any provision to the
contrary contained in this Agreement, Buyer will cooperate with Seller's loan
defeasance requirements by closing the Transfer Documents into escrow two
business days prior to the scheduled COE and funding the Additional Funds one
business day prior to the COE on or before 12:00 p.m. Denver, Colorado time on
such date.

      18. ASSIGNMENT. This Agreement may not be assigned by Seller without the
prior written consent of Buyer (which consent shall not be unreasonably
withheld), other than an Approved Assignee (defined below) or as part of an
Exchange (defined below). Buyer may not assign its rights under this Agreement
without Seller's consent, which consent may be withheld for any reason, other
than to an Approved Assignee. Any assignment by Buyer permitted under this
Agreement shall not become effective until the assignee executes an instrument
whereby such assignee expressly assumes each of the obligations of Buyer under
this Agreement, including specifically, without limitation, all obligations
concerning the Earnest Money Deposit. No assignment shall release or otherwise
relieve Buyer from any obligations hereunder. Subject

                                       15
<PAGE>

to the foregoing, this Agreement shall be binding upon, and inure to the benefit
of, the Parties and their respective successors, personal representatives, heirs
and permitted assigns. For purposes of this Agreement, an "Approved Assignee" is
any entity that controls, is controlled by or is under common control with, any
original Party executing this Agreement, with the word "control" meaning the
power to direct or cause the direction of the management or policies of such
Party or the assignee, as the case may be. An assignment, pledge or transfer of
the control of the original Buyer executing this Agreement, voluntarily,
involuntarily or by operation of law, will constitute an assignment of this
Agreement requiring Seller consent.

      19. RISK OF LOSS. Seller shall bear all risk of loss or damage to the
Property which may occur prior to COE. In the event any part of the Property is
damaged or destroyed prior to the COE, Seller shall notify Buyer of such event
in a written notice that includes a description of the damage and pertinent
insurance information. If the cost to repair any such damage or destruction or
to restore the Property exceeds Fifty Thousand Dollars ($50,000.00) Buyer may,
at Buyer's sole option, by written notice to Seller and Escrow Agent, cancel
this Agreement whereupon Buyer will receive a prompt refund of the Earnest Money
Deposit plus interest and the Parties will be relieved of all further
obligations under this Agreement, except that the indemnities contained in
Sections 7(b) and 16(b) shall survive such termination. If Buyer waives any such
loss or damage to the Property and closes escrow, Seller at COE shall pay Buyer
or credit Buyer against the Additional Funds the amount of any insurance
proceeds payable to Seller as a result of such casualty, or assign to Buyer, as
of COE and in a form acceptable to Buyer, all of Seller's rights or claims for
relief to the same.

      20. REMEDIES.

            (a) Seller's Breach. If Seller breaches this Agreement, Buyer may,
at Buyer's sole option and remedy, either: (i) by written notice to Seller and
Escrow Agent, cancel this Agreement whereupon the Earnest Money Deposit,
including the portion thereof constituting the Non-Refundable Deposit, plus
interest shall be paid immediately by Escrow Agent to Buyer and, except as
otherwise provided in this Agreement, neither of the Parties shall have any
further liability or obligation hereunder; or (ii) seek specific performance
against Seller in which event COE shall be automatically extended as necessary.
Notwithstanding the foregoing, if specific performance is unavailable as a
remedy to Buyer because of Seller's affirmative acts, Buyer shall be entitled to
pursue all rights and remedies available at law or in equity; provided, however,
that damages awarded to Buyer shall in no event exceed the amount of the Earnest
Money Deposit. Except for any damages incurred arising out of Seller's breach of
its warranty set forth in Section 16, a claim by Buyer for attorneys' fees
pursuant to this Agreement, or any other amounts owing from Seller to Buyer
pursuant to Seller's express indemnification of Buyer in this Agreement, the
remedies provided above in this Section for the breach of this Agreement by
Seller shall be Buyer's sole remedy.

            (b) Buyer's Breach. If Buyer breaches this Agreement, Seller may
terminate this Agreement and instruct the Escrow Agent to cancel the escrow
created hereunder in which case the Escrow Agent shall immediately pay over to
Seller the Earnest Money Deposit plus interest as liquidated damages, and not as
a penalty, in full satisfaction of Seller's claim. Promptly following Escrow
Agent's receipt of such instructions from Seller the Escrow Agent

                                       16
<PAGE>

shall cancel the escrow. The Parties acknowledge and agree that since it would
be extremely difficult to determine the actual amount of Seller's damages
arising out of a breach by Buyer, the amount of the liquidated damages provided
in this Section constitutes a fair estimate of those damages, which the Parties
have agreed upon in a good-faith effort to make damages certain. Except for any
damages that may be incurred arising out of any investigations, tests and
Studies with respect to the Property that Buyer may elect to undertake, any
damages incurred arising out of Buyer's breach of its warranty set forth in
Section 16, a claim by Seller for attorneys' fees pursuant to this Agreement, or
any other amounts owing from Buyer to Seller pursuant to Buyer's express
indemnification of Seller in this Agreement, the liquidated damages provided in
this Section for the breach of this Agreement by Buyer shall be Seller's sole
remedy.

      21. ATTORNEYS' FEES. In addition to the foregoing remedies, in the event
of litigation arising out of any alleged default or breach of this Agreement,
the prevailing party will be awarded all costs and expenses incurred in the
prosecution or defense of such litigation, including without limitation
reasonable in house and outside attorneys' and legal assistants' fees and
disbursements. For purposes of this Section, "prevailing party" will include,
but not be limited to, a party who withdraws or moves to dismiss a claim in
consideration for payment due, performance owed, or other consideration in
substantial satisfaction of the claim withdrawn or dismissed.

      22. NOTICES.

            (a) Addresses. Any notice or other written communication required or
permitted under this Agreement shall be in writing and shall be given (i) by
personal delivery, (ii) by deposit in the U.S. Mail, marked certified or
registered mail, return receipt requested, with postage prepaid, (iii) by
delivery to a reputable national overnight courier service, or (iv) by tested
telex, or telegram, or facsimile with electronic confirmation, in any case,
addressed to the Parties at the addresses and facsimile numbers set forth below,
or set forth in a notice given by a Party in accordance with this Section.

If to Seller:                 Brainerd Drugstore, LLC
                              c/o Colorado and Santa Fe Real Estate Company
                              2400 Industrial Lane, Suite 2100
                              Broomfield, CO 80020
                              Attn: Judy Lawson
                              Tel.: (303) 466-2500
                              Fax: (303) 466-4202

with copies to:               Colorado and Santa Fe Real Estate Company
                              2400 Industrial Lane, Suite 2100
                              Broomfield, CO 80020
                              Attn: Stephanie J. Griffin
                              Tel.: (303) 466-2500
                              Fax: (303) 466-4202

                                       17
<PAGE>

If to Buyer:                  Series A, LLC
                              2555 East Camelback Road
                              Suite 400
                              Phoenix, AZ 85016
                              Attn: Legal Department
                              Tel.: (602) 778-8700
                              Fax: (602) 778-8786

with copies to:               Bennett Wheeler Lytle & Cartwright, PLC
                              3838 N. Central Avenue, Suite 1120
                              Phoenix, AZ 85012
                              Attn: J. Craig Cartwright
                              Tel: (602) 445-3433
                              Fax: (602) 266-9119

If to Escrow Agent:           First American Title Insurance Company
                              2425 E. Camelback Road, Suite 300
                              Phoenix, AZ 85016
                              Attn: Carol Peterson
                              Tel: (602) 567-8100
                              Fax: (602) 567-8101

            (b) Effective Date of Notices. Any such notice to Seller or Buyer
will be deemed to be given and effective: (i) if personally delivered, then on
the date of such delivery, (ii) if sent via overnight courier, then one business
day after the date such notice is sent, (iii) if sent by registered or certified
mail, then three business days following the date on which such notice is
deposited in the United States mail addressed as aforesaid, or (iv) if sent by
telex, telegram or facsimile, then at the time and on the date set forth on the
electronic confirmation sheet, provided that if the time of delivery under
clause (iv) is after 6:00 p.m. Denver, Colorado time, delivery will be deemed
given on the next business day. For purposes of this Agreement, "business day"
will be deemed to mean a day of the week other than a Saturday or Sunday or
other holiday recognized by banking institutions of the State of Colorado. If
escrow has opened, a copy of any notice given to a Party also shall be given to
Escrow Agent by regular U.S. Mail or by any other method provided for in this
Section.

      23. CLOSING COSTS.

            (a) Closing Costs. Seller and Buyer agree to pay closing costs as
indicated in this Agreement and in the escrow instructions attached hereto as
Exhibit G, and by this reference incorporated herein (the "Escrow
Instructions"). At COE, Seller shall pay (i) the costs of releasing any
judgments and any liens and other encumbrances to secure financing and the cost
of recording such releases, (ii) one-half of the fees and costs due Escrow Agent
for its services, (iii) the premium for the standard coverage Owner's Policy,
(iv) all documentary fees, excise fees, transfer taxes and deed taxes assessed
against the Property including the Personalty in connection with this
transaction, and (v) any other costs to be paid by Seller under this Agreement.
At COE, Buyer shall pay (1) the costs of recording any of the Transfer Documents

                                       18
<PAGE>

and any documents in connection with any loan obtained by Buyer at COE, (2)
one-half of the fees and costs due Escrow Agent for its services, (3) the
premium to obtain extended coverage title insurance, if any, and the cost of any
endorsements requested by Buyer or Buyer's lender, (4) the cost of the Survey if
Buyer obtains one, and (5) any other costs to be paid by Buyer under this
Agreement. Except as otherwise provided for in this Agreement, Seller and Buyer
will each be solely responsible for and bear all of their own respective
expenses, including, without limitation, expenses of legal counsel, accountants,
and other advisors incurred at any time in connection with pursuing or
consummating the transaction contemplated by this Agreement.

            (b) Real Estate Taxes. To the extent not payable by the Tenant under
the Lease, real estate taxes shall be prorated based upon the current valuation
and latest available tax rates.

            (c) Rents. Current and prepaid rents which have been previously
collected under the Lease shall be apportioned to the date that is one business
day prior to COE with such date being Buyer's day for the purposes of such
calculations. Buyer shall receive a credit at Closing in the amount of any
security deposit held by Seller pursuant to the Lease.

            (d) Prorations. Prorations shall be calculated as of the date that
is one business day prior to COE based upon the latest available information,
including, without limitation, a credit to Buyer for any security deposits and
any rent prepaid by Tenant for the period beginning with and including the date
on which the closing occurs through and including the last day of the month in
which the closing occurs. All other credits to Buyer shall be similarly
prorated. Any other closing costs not specifically designated as the
responsibility of either Party in the Escrow Instructions or in this Agreement
shall be paid by Seller and Buyer according to the usual and customary
allocation of the same by Escrow Agent. Seller agrees that all closing costs
payable by Seller shall be deducted from Seller's proceeds otherwise payable to
Seller at COE. Buyer shall deposit with Escrow Agent sufficient cash to pay all
of Buyer's closing costs. Except as provided in this Section 23(a), Seller and
Buyer shall each bear their own costs in regard to this Agreement.

            (e) Post-Closing Adjustment. If after COE, the Parties discover any
errors in adjustments and apportionments or additional information becomes
available which would render the closing prorations materially inaccurate, the
same shall be corrected as soon after their discovery as possible. The provision
of this Section 23(e) shall survive COE except that no adjustment shall be made
later than two months after COE unless prior to such date the Party seeking the
adjustment shall have delivered a written notice to the other Party specifying
the nature and basis for such claim. In the event that such claim is valid, the
Party against whom the claim is sought shall have ten days in which to remit any
adjustment due.

            (f) Instructions. This Agreement, together with the Escrow
Instructions, shall constitute escrow instructions for the transaction
contemplated by this Agreement. Such escrow instructions shall be construed as
applying to Escrow Agent's engagement.

      24. ESCROW CANCELLATION CHARGES. If escrow fails to close because of
Seller's default, Seller shall be liable for any cancellation of Escrow Agent
charges. If escrow

                                       19
<PAGE>

fails to close because of Buyer's default, Buyer shall be liable for any
cancellation charges of Escrow Agent. If escrow fails to close for any other
reason, Seller and Buyer shall each be liable for one-half of any cancellation
charges of Escrow Agent. The provisions of this Section 24 shall survive
cancellation of this Agreement.

      25. APPROVALS. Concerning all matters in this Agreement requiring the
consent or approval of any Party, the Parties agree that any such consent or
approval shall not be unreasonably withheld unless otherwise provided in this
Agreement.

      26. ADDITIONAL ACTS. The Parties agree to execute promptly such other
documents and to perform such other acts as may be reasonably necessary to carry
out the purpose and intent of this Agreement.

      27. GOVERNING LAW/JURISDICTION/VENUE. This Agreement shall be governed by
and construed or enforced in accordance with the internal laws of the State of
Minnesota.

      28. CONSTRUCTION. The terms and provisions of this Agreement represent the
results of negotiations among the Parties, each of which has been represented by
counsel of its own choosing, and neither of which has acted under any duress or
compulsion, whether legal, economic or otherwise. Consequently, the terms and
provisions of this Agreement shall be interpreted and construed in accordance
with their usual and customary meanings, and the Parties each hereby waive the
application of any rule of law which would otherwise be applicable in connection
with the interpretation and construction of this Agreement that ambiguous or
conflicting terms or provisions contained in this Agreement shall be interpreted
or construed against the Party whose attorney prepared the executed Agreement or
portions of the Agreement or any earlier draft of the same.

      29. TIME OF ESSENCE. Time is of the essence with respect to the
performance of this Agreement. However, if this Agreement requires any act to be
done or action to be taken on a date which is not a business day (as defined in
Section 22(b)), such act or action shall be deemed to have been validly done or
taken if done or taken on the next succeeding day which is not a Saturday,
Sunday or legal holiday, and the successive periods shall be deemed extended
accordingly. References in this Agreement to a number of days will be deemed to
refer to calendar and not business days, unless the context clearly indicates
otherwise.

      30. INTERPRETATION. If there is any specific and direct conflict between,
or any ambiguity resulting from, the terms and provisions of this Agreement and
the terms and provisions of any document, instrument or other agreement executed
in connection with this Agreement or to effectuate this Agreement, including any
Exhibits hereto, the same shall be consistently interpreted in such manner as to
give effect to the general purposes and intention as expressed in this Agreement
which shall be deemed to prevail and control.

      31. HEADINGS. The headings of this Agreement are for reference only and
shall not limit or define the meaning of any provision of this Agreement.

                                       20
<PAGE>

      32. FAX AND COUNTERPARTS. This Agreement may be executed by facsimile
and/or in any number of counterparts. Each party may rely upon any facsimile or
counterpart copy as if it were one original document.

      33. INCORPORATION OF EXHIBITS BY REFERENCE. All Exhibits to this Agreement
are fully incorporated herein as though set forth at length in this Agreement.

      34. SEVERABILITY. If any provision of this Agreement is determined by a
court to be invalid or unenforceable, such provision shall be modified to the
minimum extent necessary to make it, or its application, valid and enforceable,
and the invalidity or lack of enforceability of one or more provisions shall not
affect the validity or enforceability of the remainder of this Agreement.

      35. SELLER'S ACCEPTANCE. If a fully-executed original of this Agreement
has not been delivered by Seller to Buyer by 6:00 p.m. Denver, Colorado time on
August 18, 2005, for subsequent delivery to Escrow Agent along with the Earnest
Money Deposit, this Agreement shall automatically be deemed revoked and null and
void.

      36. NO ORAL UNDERSTANDINGS OR WAIVERS. There are and were no verbal or
written representations, warranties, understandings, stipulations, agreements,
or promises pertaining to the subject matter of this Agreement made by either
Party or any agent, employee, or other representative of either Party or by any
broker or any other person representing or purporting to represent either Party,
not incorporated in writing in this Agreement, and neither this Agreement nor
any of the terms, provisions, conditions, representations, or covenants
contained in this Agreement can be modified, changed, terminated, amended,
superseded, waived, or extended except by an appropriately written instrument
duly executed by the Parties. No waiver of any breach of any provision contained
in this Agreement will be deemed a waiver of any preceding or succeeding breach
of that provision or of any other provision contained in this Agreement. No
extension of time for performance of any obligations or acts will be deemed an
extension of the time for performance of any other obligations or acts.

      37. SECTION 1031 EXCHANGE. Each Party shall provide reasonable cooperation
requested by the other in implementing any tax deferred exchange under Section
1031 of the Internal Revenue Code or other exchange (the "Exchange"), including
the execution of reasonably necessary documentation in connection therewith,
including documents providing for an exchanging Party's assignment of this
Agreement to a qualified intermediary; provided that the cooperating Party shall
not be obligated to incur any additional expense or liability beyond its
existing obligations under this Agreement, and the exchange shall not delay the
COE. No assignment of this Agreement in connection with an Exchange shall
relieve the exchanging Party of any obligation under this Agreement.

      38. RECORDING. Neither this Agreement nor any memorandum or evidence of
this Agreement shall be filed for recording with any governmental body; provided
that, a Party may file a notice of lis pendens or equivalent document for
recording in connection with a lawsuit filed by such Party if such Party
determines that such filing is necessary to protect its rights to specific
performance under this Agreement. If Buyer records any portion of this
Agreement, then in addition to receiving the Earnest Money Deposit, Seller shall
be entitled to all remedies

                                       21
<PAGE>

available to it at law or in equity, notwithstanding Section 20(b) or any other
provision of this Agreement to the contrary. The provisions of this Section 38
shall survive the termination of this Agreement and the COE.

                                       22
<PAGE>

      IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement as of
the Effective Date.

SELLER:                                         BRAINERD DRUGSTORE, LLC

                                                By: /S/ Sharon K. Eshima
                                                    ----------------------------
                                                     Sharon K. Eshima
                                                Its: Manager

BUYER:                                          SERIES A, LLC

                                                By: /S/ John M. Pons
                                                    ----------------------------
                                                Name: John M. Pons
                                                Title: Authorized Officer

                                       23
<PAGE>

                            ESCROW AGENT'S ACCEPTANCE

      The foregoing fully executed Agreement together with the Earnest Money
Deposit is accepted by the undersigned this _____ day of August, 2005, which for
the purposes of this Agreement shall be deemed to be the date of Opening of
Escrow. Escrow Agent hereby accepts the engagement to handle the escrow
established by this Agreement in accordance with the terms set forth in this
Agreement.

                                          FIRST AMERICAN TITLE INSURANCE COMPANY

                                          By: /S/ Carol Peterson
                                              ----------------------------------
                                          Title: Escrow

                                       24

<PAGE>

                FIRST AMENDMENT TO PURCHASE AGREEMENT AND ESCROW
                                  INSTRUCTIONS

      THIS FIRST AMENDMENT TO PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS (this
"Amendment") is entered into by and between BRAINERD DRUGSTORE, LLC, a Colorado
limited liability company (the "Seller"), and SERIES A, LLC, an Arizona
liability company (the "Buyer").

                               W I T N E S E T H:

      WHEREAS, Seller and Buyer entered into that certain Purchase Agreement and
Escrow Instructions dated as of August 18, 2005 (the "Contract"), providing for
the sale by Seller to Buyer of a property located in Brainerd, Minnesota leased
to Walgreen's Co. (the "Property") and being more particularly described in the
Contract; and

      WHEREAS, Seller and Buyer desire to amend the Contract as hereinafter set
forth.

      NOW, THEREFORE, based on these facts and in consideration of the mutual
benefits to be obtained by this Amendment, Seller and Buyer agree as follows:

      1. Amending Provisions. The Contract is hereby amended as follows:

      (a) Sections 4(b) and 7(c) of the Contract are amended to change any date
that refers to August 26, 2005 from August 26 to August 29, 2005.

      (b) There are no other amendments.

      2. Consequence of Amendment. Nothing in this Amendment affects or modifies
any of the provisions of the Contract, except as expressly provided herein. The
Contract, as amended by this Amendment, will continue in full force and effect
and it ratified and affirmed by Seller and Buyer as if originally written as
herein amended.

      3. Miscel1aneous.

      (a) The section headings contained in this Amendment are for convenience
of reference only and are not intended to delineate or limit the meaning of any
provision of this Amendment or to be considered in construing or interpreting
the provisions of this Amendment. Capitalized terms used in this Amendment which
are not otherwise defined herein shall have the same meaning as given to them in
the Contract.

      (b) This Amendment may be executed in any number of counterparts,
separately or together, by Seller and Buyer. If counterparts hereof are executed
separately by Buyer and Seller, when taken together, same will constitute one
(1) original. If the same counterparts are executed by Buyer and Seller, then
each such counterpart shall constitute an original. Seller and/or Buyer may
execute and deliver this Amendment by telephone facsimile transmission, and the
receiving party may rely fully thereon as an original.

                                   Page 1 of 2

<PAGE>

      (c) This Amendment embodies the entire agreement and understanding between
Buyer and Seller with respect to its subject matter and supersedes all prior
agreements and understandings, written or oral, between Buyer and Seller related
to that subject matter. This Amendment may be amended, waived or discharged only
by an instrument in writing executed by the party against which enforcement of
the amendment, waiver or discharge is sought.

      (d) The determination that any provision of this Amendment is invalid or
unenforceable will not affect the validity or enforceability of the remaining
provisions or of that provision under other circumstances. In the event of any
determination of invalidity or unenforceability, this Amendment will be
construed as if the invalid or unenforceable provision were not included in this
Amendment.

      EXECUTED as of the [though not necessarily on] the 26th day of August,
2005.

SELLER:                                   BRAINERD DRUGSTORE, LLC

                                          By: /S/ Sharon K. Eshima
                                              ----------------------------------
                                               Sharon K. Eshima
                                          Its: Manager

BUYER:                                    SERIES A, LLC

                                          By: /S/ John M. Pons
                                              ----------------------------------
                                          Name: John M. Pons
                                          Title: Authorized Officer

                                   Page 2 of 2

<PAGE>

         SECOND AMENDMENT TO PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS

      THIS SECOND AMENDMENT TO PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS (this
"Amendment") is entered into by and between BRAINERD DRUGSTORE, LLC, a Colorado
limited liability company ("Seller"), and SERIES A, LLC, an Arizona limited
liability company ("Buyer").

                               W I T N E S E T H:

      WHEREAS, Seller and Buyer entered into that certain Purchase Agreement and
Escrow Instructions dated August 18, 2005, as amended by a First Amendment to
Purchase Agreement and Escrow Instructions dated as of August 26, 2005
(collectively, the "Contract"), providing for the sale by Seller to Buyer of a
property leased to Walgreen Co. located in Brainerd, Minnesota (the "Property")
and being more particularly described in the Contract; and

      WHEREAS, Seller and Buyer desire to amend the Contract as hereinafter set
forth.

      NOW, THEREFORE, based on these facts and in consideration of the mutual
benefits to be obtained by this Amendment, Seller and Buyer agree as follows:

      1. Amending Provisions. The Contract is hereby amended as follows:

      (a) Section 6(b) of the Contract is hereby amended to allow Seller until
5:00 p.m. Denver, Colorado time on September 2, 2005 to respond to Buyer's
written notice of Defects in Title dated August 31, 2005.

      (b) Section 7(a) of the Contract is amended to extend the Due Diligence
Period to 10:00 a.m. Denver, Colorado time on September 7, 2005.

      (c) There are no other amendments.

      2. Consequence of Amendment. Nothing in this Amendment affects or modifies
any of the provisions of the Contract, except as expressly provided herein. The
Contract, as amended by this Amendment, will continue in full force and effect
and is ratified and affirmed by Seller and Buyer as if originally written as
herein amended.

      3. Miscellaneous.

      (a) The section headings contained in this Amendment are for convenience
of reference only and are not intended to delineate or limit the meaning of any
provision of this Amendment or to be considered in construing or interpreting
the provisions of this Amendment. Capitalized terms used in this Amendment which
are not otherwise defined herein shall have the same meaning as given to them in
the Contract.

      (b) This Amendment may be executed in any number of counterparts,
separately or together, by Seller and Buyer. If counterparts hereof are executed
separately by Buyer and Seller, when taken

                                  Page 1 of 2
<PAGE>

together, same will constitute one (1) original. If the same counterparts are
executed by Buyer and Seller, then each such counterpart shall constitute an
original. Seller and/or Buyer may execute and deliver this Amendment by
telephone facsimile transmission, and the receiving party may rely fully thereon
as an original.

      (c) This Amendment embodies the entire agreement and understanding between
Buyer and Seller with respect to its subject matter and supersedes all prior
agreements and understandings, written or oral, between Buyer and Seller related
to that subject matter. This Amendment may be amended, waived or discharged only
by an instrument in writing executed by the party against which enforcement of
the amendment, waiver or discharge is sought.

      (d) The determination that any provision of this Amendment is invalid or
unenforceable will not affect the validity or enforceability of the remaining
provisions or of that provision under other circumstances. In the event of any
determination of invalidity or unenforceability, this Amendment will be
construed as if the invalid or unenforceable provision were not included in this
Amendment.

      EXECUTED as of the 1st day of September, 2005.

                                          SELLER:

                                          BRAINERD DRUGSTORE, LLC

                                          By: /S/ Sharon K. Eshima
                                              ----------------------------------
                                               Sharon K. Eshima
                                          Its: Manager

                                          BUYER:

                                          SERIES A, LLC

                                          By: /S/ John M. Pons
                                              ----------------------------------
                                          Name: John M. Pons
                                          Title: Authorized Officer

                                  Page 2 of 2
<PAGE>

                THIRD AMENDMENT TO PURCHASE AGREEMENT AND ESCROW
                         INSTRUCTIONS AND REINSTATEMENT

      THIS THIRD AMENDMENT TO PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS AND
REINSTATEMENT (this "Amendment") is entered into by and between BRAINERD
DRUGSTORE, LLC, a Colorado limited liability company ("Seller"), and SERIES A,
LLC, an Arizona limited liability company ("Buyer").

                               W I T N E S E T H:

      WHEREAS, Seller and Buyer entered into that certain Purchase Agreement and
Escrow Instructions dated August 18, 2005, as amended by a First Amendment to
Purchase Agreement and Escrow Instructions dated as of August 26, 2005, and a
Second Amendment to Purchase Agreement and Escrow Instructions dated as of
September 1, 2005 (collectively, the "Contract"), providing for the sale by
Seller to Buyer of a property leased to Walgreen Co. located in Brainerd,
Minnesota (the "Property") and being more particularly described in the
Contract; and

      WHEREAS, the Due Diligence Period expired September 7, 2005; and

      WHEREAS, Seller and Buyer desire to amend and reinstate the Contract as
hereinafter set forth.

      NOW, THEREFORE, based on these facts and in consideration of the mutual
benefits to be obtained by this Amendment, Seller and Buyer agree as follows:

      1. Amending Provisions. The Contract is hereby amended as follows:

      (a) Section 13 of the Contract is modified by the insertion of a new
subsection (f) as follows:

                  (f) Seller covenants and agrees to use commercially reasonable
      efforts to assist Buyer in its efforts to arrange for a recording in the
      real estate records of Crow Wing County, Minnesota of the Final
      Certificate (the "Certificate") in the condemnation proceeding known as
      State of Minnesota, by its Commissioner of Transportation v. Richard
      Ahrens, et al. (District Court Action CO-02-3229) (the "Condemnation") and
      thereafter to cause the title company to amend the legal description of
      the Real Property in the Commitment to exclude the portion of the Real
      Property taken in the Condemnation, remove the lis pendens exception on
      Schedule B-Section 2 and add to Schedule B-Section 2 an exception for the
      temporary easement created in the Condemnation. If the events described in
      the preceding sentence have not occurred by October 3, 2005, Buyer will
      have a one-time right to extend the COE until October 12, 2005 by giving
      Seller written notice of such extension no later than 5:00 p.m. Denver
      time on October 3, 2005. If Buyer exercises its right to extend the COE as
      herein

                                  Page 1 of 3
<PAGE>

      provided and the events described in the first sentence of this subsection
      have not occurred by October 12, 2005, the Parties shall, notwithstanding
      such non-occurrence, close the transactions contemplated by the Contract,
      but Seller shall cause the title company to hold open the Owner's Policy
      and Buyer's lender's loan policy until the Certificate is recorded and
      then to issue the Owner's Policy and loan policy with the modified legal
      description, deletion of the lis pendens exception and addition of the
      exception for the temporary easement, as described above. If the
      Certificate is not recorded within 45 days following COE, Seller shall
      cause the title company to issue the Owner's Policy and the loan policy in
      accordance with the Commitment but will pay the title insurance premiums,
      if any, charged by the title company to endorse such Owner's Policy and
      loan policy following the recording of the Certificate to reflect the
      changes identified in the first sentence of this Section (f).

      (b) If Buyer obtains a new survey of the Real Property or an update of
Seller's existing survey prior to the COE, Seller will reimburse Buyer for
one-half of the cost of such survey or survey update at Closing, if and only if
the COE occurs, up to a maximum reimbursement amount of $2,500.00.

      (c) Upon execution of this Amendment by Seller and Buyer, the Amendment
shall constitute Buyer's agreement to proceed to COE and waive its right to
terminate the Contract under provisions of Section 6 and 7 of the Contract.
Except as set forth in subsections (a) and (b) above and in Seller's response
letter dated September 2, 2005, all matters raised in Buyer's title and survey
objection letter dated August 31, 2005 and conditional acceptance letter dated
September 7, 2005, both issued by Bennett, Wheeler Lytle and Cartwright, shall
be deemed satisfied and waived. The Parties acknowledge that Buyer previously
has deposited with the Escrow Agent the $50,000 additional Earnest Money Deposit
required under Section 4(c). The Contract shall be deemed reinstated effective
as of the date of this Amendment, subject to the terms of this Amendment.

      (d) There are no other amendments.

      2. Consequence of Amendment. Nothing in this Amendment affects or modifies
any of the provisions of the Contract, except as expressly provided herein. The
Contract, as amended by this Amendment, will continue in full force and effect
and is ratified and affirmed by Seller and Buyer as if originally written as
herein amended.

      3. Miscellaneous.

      (a) The section headings contained in this Amendment are for convenience
of reference only and are not intended to delineate or limit the meaning of any
provision of this Amendment or to be considered in construing or interpreting
the provisions of this Amendment. Capitalized terms used in this Amendment which
are not otherwise defined herein shall have the same meaning as given to them in
the Contract.

                                  Page 2 of 3
<PAGE>

      (b) This Amendment may be executed in any number of counterparts,
separately or together, by Seller and Buyer. If counterparts hereof are executed
separately by Buyer and Seller, when taken together, same will constitute one
(1) original. If the same counterparts are executed by Buyer and Seller, then
each such counterpart shall constitute an original. Seller and/or Buyer may
execute and deliver this Amendment by telephone facsimile transmission, and the
receiving party may rely fully thereon as an original.

      (c) This Amendment embodies the entire agreement and understanding between
Buyer and Seller with respect to its subject matter and supersedes all prior
agreements and understandings, written or oral, between Buyer and Seller related
to that subject matter. This Amendment may be amended, waived or discharged only
by an instrument in writing executed by the party against which enforcement of
the amendment, waiver or discharge is sought.

      (d) The determination that any provision of this Amendment is invalid or
unenforceable will not affect the validity or enforceability of the remaining
provisions or of that provision under other circumstances. In the event of any
determination of invalidity or unenforceability, this Amendment will be
construed as if the invalid or unenforceable provision were not included in this
Amendment.

      EXECUTED as of (although not necessarily on) the 7th day of September,
2005.

                                          SELLER:

                                          BRAINERD DRUGSTORE, LLC

                                          By: /S/ Sharon K. Eshima
                                              ----------------------------------
                                               Sharon K. Eshima
                                          Its: Manager

                                          BUYER:

                                          SERIES A, LLC

                                          By: /S/ John M. Pons
                                              ----------------------------------
                                          Name: John M. Pons
                                          Title: Authorized Officer

                                  Page 3 of 3

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