Document:

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                                                                   Exhibit 10.46

                                                                 RITE AID - SACO
                                                             LOAN NO. 50-2854685

                                 PROMISSORY NOTE

$2,000,000.00                                                   January 27, 2006

     FOR VALUE RECEIVED, the undersigned, COLE RA SACO ME, 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 AND NO/100 DOLLARS ($2,000,000.00), 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 February 11, 2031.

          (d) "Fixed Rate Tranche A" shall mean One Million Three Hundred
Seventy-Five Thousand and No/100 Dollars ($1,375,000.00) 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 Six Hundred Twenty-Five
Thousand and No/100 Dollars ($625,000.00) 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 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 six and fifty-three one-hundredths percent
(6.53%) 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.

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          (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 February 11, 2011.

          (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 February 11, 2011.

          (o) "Optional Prepayment Determination Date" shall mean December 11,
2010.

          (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 York County,
Maine.

     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

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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 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 April 27, 2006 (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 eighty-two one-hundredths percent (5.82%) (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,

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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 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 March 11, 2006 (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 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

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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 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

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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 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 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,

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               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
               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

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               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.

          (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

<PAGE>

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 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, 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

<PAGE>

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 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.

<PAGE>

     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 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 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.

<PAGE>

     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 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,

<PAGE>

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.

     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

<PAGE>

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, 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 20-1676647.

             [THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

<PAGE>

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

                                        MAKER:

                                        COLE RA SACO ME, 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

<TABLE>
<S>                                                  <C>
Original Principal Amount                            $1,375,000.00
Note Rate % (Per Annum)                              5.820%
Original Amortization Term (Months)                  999
Monthly Payment Amount (Excluding IO Period)         $6,722.25
Note Date                                            1/27/2006
First Pay Date                                       3/11/2006
Original Loan Term (Months)                          60
Scheduled Maturity Date                              2/11/2011
Interest Accrual Basis During Amortization Periods   ACTUAL/360
Interest Only (IO) Periods (Months)                  60
Interest Accrual Basis During IO Period              ACTUAL/360
</TABLE>

COLE RITE AID SACO ME 502854685

<TABLE>
<CAPTION>
                                             INTEREST   PRINCIPAL
                                            COMPONENT   COMPONENT
                      ACCRUAL                   OF          OF      ENDING UNPAID
  PAY                 DAYS IN   SCHEDULED   SCHEDULED   SCHEDULED     PRINCIPAL
PERIOD    PAY DATE     PERIOD    PAYMENT     PAYMENT     PAYMENT       BALANCE
------   ----------   -------   ---------   ---------   ---------   -------------
<S>      <C>          <C>       <C>         <C>         <C>         <C>
   0      2/11/2006      15     $    0.00   $3,334.35     $0.00     $1,375,000.00
   1      3/11/2006      28     $6,224.17   $6,224.17     $0.00     $1,375,000.00
   2      4/11/2006      31     $6,891.04   $6,891.04     $0.00     $1,375,000.00
   3      5/11/2006      30     $6,668.75   $6,668.75     $0.00     $1,375,000.00
   4      6/11/2006      31     $6,891.04   $6,891.04     $0.00     $1,375,000.00
   5      7/11/2006      30     $6,668.75   $6,668.75     $0.00     $1,375,000.00
   6      8/11/2006      31     $6,891.04   $6,891.04     $0.00     $1,375,000.00
   7      9/11/2006      31     $6,891.04   $6,891.04     $0.00     $1,375,000.00
   8     10/11/2006      30     $6,668.75   $6,668.75     $0.00     $1,375,000.00
   9     11/11/2006      31     $6,891.04   $6,891.04     $0.00     $1,375,000.00
  10     12/11/2006      30     $6,668.75   $6,668.75     $0.00     $1,375,000.00
  11      1/11/2007      31     $6,891.04   $6,891.04     $0.00     $1,375,000.00
  12      2/11/2007      31     $6,891.04   $6,891.04     $0.00     $1,375,000.00
  13      3/11/2007      28     $6,224.17   $6,224.17     $0.00     $1,375,000.00
  14      4/11/2007      31     $6,891.04   $6,891.04     $0.00     $1,375,000.00
  15      5/11/2007      30     $6,668.75   $6,668.75     $0.00     $1,375,000.00
  16      6/11/2007      31     $6,891.04   $6,891.04     $0.00     $1,375,000.00
  17      7/11/2007      30     $6,668.75   $6,668.75     $0.00     $1,375,000.00
  18      8/11/2007      31     $6,891.04   $6,891.04     $0.00     $1,375,000.00
  19      9/11/2007      31     $6,891.04   $6,891.04     $0.00     $1,375,000.00
  20     10/11/2007      30     $6,668.75   $6,668.75     $0.00     $1,375,000.00
  21     11/11/2007      31     $6,891.04   $6,891.04     $0.00     $1,375,000.00
  22     12/11/2007      30     $6,668.75   $6,668.75     $0.00     $1,375,000.00
</TABLE>

<PAGE>

<TABLE>
<S>  <C>          <C>     <C>             <C>           <C>             <C>
23    1/11/2008      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
24    2/11/2008      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
25    3/11/2008      29   $    6,446.46   $  6,446.46   $        0.00   $1,375,000.00
26    4/11/2008      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
27    5/11/2008      30   $    6,668.75   $  6,668.75   $        0.00   $1,375,000.00
28    6/11/2008      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
29    7/11/2008      30   $    6,668.75   $  6,668.75   $        0.00   $1,375,000.00
30    8/11/2008      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
31    9/11/2008      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
32   10/11/2008      30   $    6,668.75   $  6,668.75   $        0.00   $1,375,000.00
33   11/11/2008      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
34   12/11/2008      30   $    6,668.75   $  6,668.75   $        0.00   $1,375,000.00
35    1/11/2009      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
36    2/11/2009      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
37    3/11/2009      28   $    6,224.17   $  6,224.17   $        0.00   $1,375,000.00
38    4/11/2009      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
39    5/11/2009      30   $    6,668.75   $  6,668.75   $        0.00   $1,375,000.00
40    6/11/2009      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
41    7/11/2009      30   $    6,668.75   $  6,668.75   $        0.00   $1,375,000.00
42    8/11/2009      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
43    9/11/2009      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
44   10/11/2009      30   $    6,668.75   $  6,668.75   $        0.00   $1,375,000.00
45   11/11/2009      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
46   12/11/2009      30   $    6,668.75   $  6,668.75   $        0.00   $1,375,000.00
47    1/11/2010      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
48    2/11/2010      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
49    3/11/2010      28   $    6,224.17   $  6,224.17   $        0.00   $1,375,000.00
50    4/11/2010      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
51    5/11/2010      30   $    6,668.75   $  6,668.75   $        0.00   $1,375,000.00
52    6/11/2010      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
53    7/11/2010      30   $    6,668.75   $  6,668.75   $        0.00   $1,375,000.00
54    8/11/2010      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
55    9/11/2010      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
56   10/11/2010      30   $    6,668.75   $  6,668.75   $        0.00   $1,375,000.00
57   11/11/2010      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
58   12/11/2010      30   $    6,668.75   $  6,668.75   $        0.00   $1,375,000.00
59    1/11/2011      31   $    6,891.04   $  6,891.04   $        0.00   $1,375,000.00
60    2/11/2011      31   $1,381,891.04   $  6,891.04   $1,375,000.00   $        0.00
60                1,826   $1,780,904.54   $405,904.54   $1,375,000.00
</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 LOGO)

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

J.L. Smith                                                       Date __________
1000

          S.R Smith
          1234 Sample Street
          Any Where, USA 12345

PAY TO THE
ORDER OF _________________________________________________ $____________________

__________________________________________________________ DOLLARS

Memo ___________________________________________________________________________

: 000000000 :    10000001234567   1000

ROUTING #       ACCOUNT #

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>

                                                                   Exhibit 10.47

                AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY
                          AND JOINT ESCROW INSTRUCTIONS

     This Agreement of Purchase and Sale of Real Property and Joint Escrow
Instructions ("AGREEMENT") is dated, for reference purposes only, November 16,
2005 and is made by and between Shadrall Associates, a New York General
Partnership ("SELLER"), and Cole Takedown, LLC, a Delaware limited liability
company and/or its assignee ("BUYER"). Seller and Buyer shall individually
hereinafter be referred to as a "PARTY" and collectively as the "PARTIES".

                                    RECITALS

     A. Seller is the owner of certain improved real property commonly known as
4827 & 4887 S. Wadsworth Way, Denver, Colorado 80124, the legal description of
which is described in EXHIBIT "A" attached hereto (together with all buildings,
structures and improvements located thereon, the "REAL PROPERTY"). The Seller
may also be the owner of certain tangible personal property (the "PERSONAL
PROPERTY") located on and/or used in connection with the Real Property. The Real
Property, all permits, licenses and other matters related to the Real Property,
the Leases, the Personal Property, to the extent that the same exist and are
owned and transferable by Seller, and rights appurtenant thereto are referred to
collectively herein as the "PROPERTY"; and

     B. Seller desires to sell the Property to Buyer, and Buyer desires to
purchase the Property from Seller, all on the terms and conditions contained
herein.

                                    AGREEMENT

1.   PURCHASE AND SALE.

     1.1 AGREEMENT TO BUY AND SELL. On the terms and conditions contained in
this Agreement, Seller agrees to sell the Property to Buyer, and Buyer agrees to
purchase the Property from Seller, at the "CLOSING" (as hereinafter defined).

     1.2 PURCHASE PRICE. The Purchase Price for the Property shall be Nineteen
Million One Hundred and Fifty Thousand Dollars ($19,150,000.00, the "PURCHASE
PRICE"). Buyer's purchase of the Property shall not be contingent on Buyer
obtaining any funds or financing commitments from any person or entity, and
Buyer shall have no right to terminate this Agreement based on any inability or
difficulty on its part to fund the Purchase Price or any part thereof.

     1.3 PAYMENT OF THE PURCHASE PRICE. The Purchase Price shall be payable by
Buyer as follows:

     (a) Within five (5) business days after the execution of this Agreement and
     delivery by each Party to the other of an executed original or copy thereof
     (with such date of delivery being hereinafter referred to as the "EFFECTIVE
     DATE"), Buyer shall deposit for disbursement in accordance with the terms
     and provisions set forth herein the sum of Five Hundred Thousand Dollars
     ($500,000.00) (the "INITIAL DEPOSIT"). The Initial Deposit shall be
     non-refundable, subject only to the terms of this Agreement. The Initial
     Deposit shall be held by "ESCROW" (as hereinafter defined) in an
     interest-bearing account in accordance with the terms of this Agreement,
     and the Initial Deposit, together with any interest accruing thereon, shall
     hereinafter be referred to as the "ACCRUED DEPOSIT".

     (b) Prior to the Closing, Buyer shall deliver or cause to be delivered to
     Escrow, for the benefit of Seller, wire-transferred funds in the amount of
     the balance of the Purchase Price and all other amounts payable by Buyer
     hereunder, calculated by adjusting the Purchase Price for the sum of (i)
     the Accrued Deposit and (ii) the amount, if any, by which credits to Buyer
     exceed or are less than debits to Buyer by reason of the prorations set
     forth in Section 4.2 of this Agreement.

     1.4 EXPECTED CLOSING DATE. Subject to Section 2.9, the Closing shall be
December 28, 2005 (the "EXPECTED CLOSING DATE"). Buyer may extend the Closing
for up to an additional twenty (20) days upon delivery of written notice to
extend the Closing to Escrow and Seller prior to the original Closing Date and
by depositing an

<PAGE>

additional Two Hundred Fifty Thousand and no/100 Dollars ($250,000.00) of
earnest money with Escrow. For purposes of this Agreement, any additional
earnest money deposited with Escrow pursuant to this Section 1.4 shall be added
to and become a part of the Accrued Deposit.

2.   ESCROW; TITLE; BUYER'S AND SELLER'S RIGHTS AND OBLIGATIONS.

     2.1 ESCROW. The terms and conditions set forth in this Agreement shall
constitute both an agreement between Seller and Buyer and Escrow instructions
for Escrow. If Escrow requires separate or additional Escrow instructions
("ADDITIONAL INSTRUCTIONS"), Seller and Buyer shall execute and deliver them to
Escrow promptly after any such request from Escrow. If there is any conflict or
inconsistency between this Agreement and the Additional Instructions, this
Agreement shall prevail. Escrow shall promptly place the Initial Deposit, when
received, in an interest-bearing account. At the Closing hereunder, the Accrued
Deposit shall be paid to Seller, and shall be a credit against the Purchase
Price. In the event of a default by Seller, or proper termination of this
Agreement by Buyer, the Accrued Deposit shall be paid to the Buyer; in the event
of default by Buyer or Closing pursuant to this Agreement, the Accrued Deposit
shall be paid to Seller. If either Buyer or Seller makes a written demand upon
Escrow for payment of the Accrued Deposit pursuant to this Agreement, Escrow
shall give written notice of such demand to the other Party; if no written
objection from such notified Party is received by Escrow within four (4)
business days thereafter, Escrow may make the payment so demanded. As used
herein, the term "ESCROW" or "ESCROW AGENT" shall refer to First American Title
Insurance Company, 2425 East Camelback Road, Suite 300, Phoenix, Arizona 85016,
Attention: Mr. Tom Anzaldua, Tel. No. (602) 567-8113, Fax No. (602) 567-8101.

     2.2 CONDITION OF TITLE; TITLE INSURANCE. Within the time period set forth
in Section 2.4, below, Seller shall, at Seller's cost and expense, obtain from
First American Title Company ("TITLE COMPANY") and deliver to Buyer a current
preliminary title report for an ALTA extended coverage title insurance policy
for the Real Property, together with legible copies of all documents reflected
as exceptions to title to the Real Property (collectively, the "PRELIMINARY
TITLE REPORT"). Buyer shall, on or before the Due Diligence Expiration Date,
notify Seller and Escrow in writing of any objections which Buyer has to the
EXCEPTIONS to title, if any. "EXCEPTIONS" shall mean any exceptions in the
Preliminary Title Report other than (a) real estate taxes not yet due and
payable, (b) financing documents to which Seller is a party which shall be
removed at the Closing, and (c) any Exception arising from the action, inaction
or status of Buyer. If written notice of objection is not timely given by Buyer
to Seller pursuant to this Section 2.2, then Buyer shall be deemed to have
objected to all Exceptions. Seller shall have the right, but not the obligation,
to clear all disapproved Exceptions within ten (10) days after Seller's receipt
of Buyer's written objections thereto or, in the alternative, agree in writing
within such ten (10) day period that such Exceptions shall be cleared prior to
or at the Closing. Seller shall deliver at the Closing discharges, releases
and/or terminations of any financing documents to which Seller is a party and
which are of record and the same shall not be deemed PERMITTED EXCEPTIONS, as
such term is defined below. Seller shall not voluntarily place any lien,
encumbrance or other recorded document placed on record after the Effective Date
(hereinafter, the "POST-EFFECTIVE DATE LIEN(S)") that materially and adversely
affect the Real Property or the interest to be acquired by Buyer prior to the
Closing, and if any involuntary Post-Effective Date Liens are placed on the Real
Property, Seller shall forthwith notify Buyer and Seller shall use commercially
reasonable efforts to cause all said Post-Effective Date Liens to be
extinguished prior to Closing, and if Seller is unable to do so, Buyer may
terminate this Agreement. Notwithstanding the foregoing, if, at any time prior
to the Closing, Seller discovers that an involuntary or non-consensual lien in
excess of Fifty Thousand Dollars ($50,000.00) has been placed against the
Property, which lien Seller is unwilling to remove, Seller shall so notify Buyer
in writing, and Buyer shall have the option, as its sole and exclusive remedies
to either (a) terminate this Agreement, or (b) waive its objections to the
lien(s) in question. The failure by Buyer to give notice of its termination of
this Agreement within five (5) business days after receipt of such Seller's
notice shall be deemed to be Buyer's election to terminate this Agreement. If
Buyer elects to terminate this Agreement, the provisions of Section 2.6 shall
apply. At the Closing, the Title Company shall issue an ALTA extended coverage
policy of title insurance in an amount equal to the Purchase Price (the "OWNER'S
POLICY"). Those Exceptions to title set forth in the Preliminary Title Report to
which Buyer has not objected (or for which Buyer has waived its objection) shall
be referred to as the "PERMITTED EXCEPTIONS". Notwithstanding anything to the
contrary herein, the lien and encumbrance restrictions on Seller set forth in
this Section shall be lifted and of no further force or effect if the Closing
has not occurred prior to the date that is ninety (90) days after the Effective
Date.

     2.3 CONDITION OF PROPERTY/ AS IS, WHERE IS CONDITION. It is understood,
acknowledged and agreed by Buyer that, except as otherwise herein expressly
provided, Seller is not making, and specifically disclaims, any

<PAGE>

representations, warranties or covenants of any kind or character, express or
implied, with respect to the economic, functional, environmental and physical
condition of the Property, including, but not limited to, representations,
warranties or covenants as to: (i) matters of title (other than Seller's
warranty of title set forth in the grant deed to be delivered at the Close of
Escrow), zoning, tax consequences, physical or environmental conditions,
availability of access, ingress or egress, operating history or projections,
valuation, governmental approvals, governmental regulations or any other matter
or thing relating to or affecting the economical, functional, environmental, or
physical condition of the Property; (ii) the value, condition, merchantability,
marketability, profitability, suitability or fitness for a particular use or
purpose of the Property; (iii) the manner or quality of the construction or
materials incorporated into any of the Property; (iv) the manner, quality, state
of repair, or lack of repair of the Property. Buyer further agrees that with
respect to the Property, except as expressly set forth in this Agreement, Buyer
has not relied upon and will not rely upon, either directly or indirectly, any
representation or warranty of Seller and/or any agent, representative or servant
of Seller regarding any environmental obligations, liabilities, conditions or
other matters ("ENVIRONMENTAL MATTERS"), including but not limited to any
matters under the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, 42 U.S.C. Section 9601 et seq, as amended or as it may
hereafter be amended, supplemented or replaced, and any other federal, state or
local environmental law, statute, ordinance, code, rule, regulation or order now
or hereafter in effect. Buyer represents and warrants to Seller that: (i) Buyer
is a knowledgeable purchaser of real estate; (ii) except for those
representations and warranties of Seller expressly set forth in this Agreement,
Buyer is relying solely on Buyer's own expertise and that of Buyer's consultants
with respect to the economic, functional, environmental and physical condition
of the Property; (iii) Buyer has conducted such inspections, tests, studies and
investigations of the Property (including, but not limited to, the physical and
environmental conditions thereof) as Buyer has deemed appropriate and shall rely
upon the same; and (iv) upon Closing, Buyer shall assume the risk that adverse
matters (including, but not limited to, adverse physical or environmental
conditions) may not have been revealed by Buyer's inspections, tests, studies
and investigations of the Property. BUYER ACKNOWLEDGES AND AGREES THAT UPON
CLOSING, SELLER SHALL SELL AND CONVEY TO BUYER, AND BUYER SHALL ACCEPT THE
PROPERTY IN AN "AS IS, WHERE IS" CONDITION WITH ALL FAULTS, AND THAT, EXCEPT FOR
ANY CLAIM OR CLAIMS ARISING OUT OF A BREACH BY SELLER OF ANY REPRESENTATION OR
WARRANTY OF SELLER EXPRESSLY SET FORTH IN THIS AGREEMENT, BUYER RELEASES SELLER
FROM, AND WAIVES ALL RIGHTS AND CLAIMS AGAINST SELLER ARISING FROM, RELATING TO
OR IN CONNECTION WITH SUCH MATTERS (INCLUDING, BUT NOT LIMITED TO, ALL CLAIMS
FOR INDEMNITY AND/OR CONTRIBUTION, HOWEVER ARISING, INCLUDING ALL CLAIMS RELATED
TO ENVIRONMENTAL MATTERS) AND THAT THERE ARE NO ORAL AGREEMENTS,
REPRESENTATIONS, WARRANTIES OR COVENANTS COLLATERAL TO OR AFFECTING THE
PROPERTY, BY SELLER AND/OR ANY AGENT, REPRESENTATIVE OR SERVANT OF SELLER OR BY
ANY OTHER PERSON. BUYER EXPRESSLY AGREES THAT THE TERMS AND CONDITIONS OF THIS
SECTION SHALL SURVIVE CLOSING OR ANY TERMINATION OF THIS AGREEMENT BEFORE
CLOSING, AND THAT SELLER IS NOT LIABLE OR BOUND IN ANY MANNER WHATSOEVER BY ANY
VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS, OR INFORMATION PERTAINING TO THE
PROPERTY FURNISHED BY ANY REAL ESTATE BROKER, AGENT, EMPLOYEE, SERVANT OR OTHER
PERSON, UNLESS THE SAME ARE EXPRESSLY SET FORTH AND REFERRED TO HEREIN. FURTHER,
IF BUYER, PRIOR TO THE CLOSING, DISCOVERS THAT ANY WARRANTY OR REPRESENTATION
MADE BY SELLER IS UNTRUE, INACCURATE AND/OR INCOMPLETE, OR THAT SELLER HAS
BREACHED ANY TERM CONTAINED IN THIS AGREEMENT, AND BUYER ELECTS TO PROCEED WITH
THE ACQUISITION OF THE PROPERTY AND DOES, IN FACT, ACQUIRE TITLE TO THE
PROPERTY, THEN BUYER SHALL BE DEEMED TO HAVE WAIVED ANY CLAIMS IT HAD OR MAY
HAVE IN REGARD TO THE WARRANTY, REPRESENTATION OR BREACH DISCOVERED,
NOTWITHSTANDING ANY STATEMENT OF PROTEST, NON-WAIVER OR PRESERVATION OF RIGHTS
BY BUYER, THE FILING BY IT OF LITIGATION OR ANY OTHER ACT TAKEN OR STATEMENT
MADE BY BUYER IN AN ATTEMPT TO AVOID THE FOREGOING ABSOLUTE WAIVER OF RIGHTS.
BUYER ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS THE FOREGOING PROVISIONS IN
THIS SECTION 2.3, AND BY ITS INITIALS IMMEDIATELY BELOW, AGREES TO BE BOUND BY
ITS TERMS.

     BUYER: JMP

<PAGE>

     2.4 PROPERTY DOCUMENTS. Not later than five (5) days after the Effective
Date, Seller shall deliver to Buyer or Buyer's agent, or make available to them,
copies of the documents and other records hereinafter described (to the extent
that same are in Seller's possession or reasonably under its control) that
relate to the Real Property, all of which documents and records shall
collectively hereinafter be referred to as the "PROPERTY DOCUMENTS". The
Property Documents referred to herein, all of which are to be delivered to Buyer
without warranty as to their content, accuracy or completeness, are:

     (a) TITLE. The Preliminary Title Report.

     (b) LEASES, RENTAL STATEMENTS, CONTRACTS. All leases, lease amendments,
     renewals and rental agreements relating to any space within the Real
     Property currently leased or licensed to any person or entity
     (collectively, the "LEASES"); rental statements reflecting the Leases,
     including, to the extent such information is kept in the normal course of
     business by or on behalf of Seller, the names and locations of each tenant
     (each, a "TENANT"), the scheduled rent, the actual collected rent, the
     dates of any rental increases, aging reports for each Tenant, and the
     amounts of any security and other types of deposits; and all service and
     related contracts (including, but not limited to, personnel contracts,
     janitorial and laundry agreements, landscaping, trash removal, parking lot
     maintenance, management and insurance contracts) affecting the Real
     Property.

     (c) FINANCIAL AND OTHER RECORDS. For the twelve (12) month period
     immediately preceding the Effective Date: Seller's IRS Forms 825; existing
     income and expense operating statements for the Property kept in the normal
     course of business by or on behalf of Seller; utility bills; CAM
     reconciliation worksheets; and the property tax bills, including appeals
     and pending or threatened assessments, if any. Seller shall also provide: a
     written inventory of personal property, including furniture and appliances,
     at the Real Property or used in conjunction with its maintenance; and a
     schedule, including a brief summary/explanation of all pending or
     threatened litigation with respect to the Property.

     (d) RECORDS, PLANS AND DRAWINGS. Any soils, environmental and/or geological
     reports; architectural and engineering building plans, permits,
     entitlements and notices received from any governmental entity for the two
     (2) year period immediately preceding the Effective Date; and any drawings,
     documents and/or correspondence relating to any planned, pending or
     conceptualized development of the Real Property.

     (e) SURVEY. The ALTA/ACSM Land Title Survey Prepared for Shadrall
     Associates and Others Dated September 22, 2000 and Revised October 16, 2000
     (the "SURVEY"), a copy of which has been delivered to Buyer. Buyer may, at
     Buyer's sole cost and expense, obtain an update to the Survey. The legal
     description in the Survey, as and if updated, shall control over the
     description in Exhibit "A" attached hereto to the extent, if any, such
     descriptions may be inconsistent.

     2.5 BUYER'S INSPECTION/TESTING. Buyer shall have the right, but not the
obligation, at its sole cost and expense, but not as a condition of this
Agreement, to obtain the following (all of which, collectively, shall
hereinafter be referred to as "BUYER'S INSPECTIONS"): (a) a soils' test report;
(b) an ALTA title supplement based upon the Survey; (c) an inspection of the
physical aspects and condition of the Real Property; (d) a report on the
applicable zoning ordinances affecting the Real Property or the use thereof; and
(e) a review of the Property Documents and the financial feasibility of Buyer's
potential acquisition of the Property. As an additional Buyer's Inspection,
Buyer shall have the option, at its sole cost and expense, to obtain, prior to
the Due Diligence Expiration Date, a Phase I Hazardous Substance Conditions
Report concerning the Real Property and relevant adjoining properties (as used
herein, a "HAZARDOUS SUBSTANCE" shall mean any substance whose nature and/or
quantity of existence, use, manufacture, disposal or effect render it subject to
federal, state or local regulation, investigation, remediation or removal as
potentially injurious to public health or welfare, and shall further 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). Buyer shall undertake all such inspections and
testing in a manner which is not

<PAGE>

disruptive to any Tenant's activities at the Real Property; such inspections and
testing shall be non-destructive; and Buyer shall immediately repair any and all
damage caused by such inspections or testing or caused by Buyer, or its agents,
contractors or employees, and Buyer shall, at its sole cost and expense, restore
the Real Property to the condition in which it existed immediately prior to the
testing or inspection or Buyer's entry onto the Real Property. Seller shall use
commercially reasonable efforts to allow Buyer to have access to the Real
Property (with Seller reserving the right to be present on all occasions
whenever Buyer is at the Real Property), however, Seller shall not be
responsible or liable for any failure or refusal by any of the Tenants at the
Real Property to allow Buyer to have access to all or any portion of the Real
Property. All persons and entities performing any testing at the Real Property
(hereinafter, the "CONTRACTORS") shall be properly licensed and qualified, shall
have obtained all permits necessary to conduct such testing.

     2.6 TERMINATION BY BUYER. If Buyer timely elects to terminate this
Agreement in accordance with Sections 2.2, 2.7(a), 3.1(b) or (d), 3.3 or 6.1 of
this Agreement, Buyer shall so notify Seller and Escrow in writing, whereupon
(a) Seller and Escrow shall immediately and without any further instructions
return to Buyer the Accrued Deposit net of disbursements, if any, (b) this
Agreement shall terminate, and (c) neither Party shall have any further rights
or obligations under this Agreement, except for such indemnity obligations and
other obligations that have been expressly declared herein to survive the
termination of this Agreement. Buyer shall be responsible for all of its
expenses and costs incurred through the termination of Escrow as well as Buyer's
share of the costs under Section 4.3, below, which costs may include any
cancellation charges assessed by Escrow and/or the Title Company. Except as set
forth in Sections 2.2, 2.7(a), 3.1(b) or (d), 3.3 or 6.1, Buyer shall have no
right to terminate this Agreement. Upon a termination of this Agreement for any
reason, and at Seller's request and Seller's sole cost and expense, Buyer shall:
(x) execute and deliver to Seller such instruments, including a quitclaim deed,
as are necessary or convenient to confirm such termination as well as the fact
that Buyer has no right to possession of nor maintains any interest in or to the
Property; and (y) inform Seller of the existence of any reports, tests,
materials, studies and the like in Buyer's possession that relate to the Real
Property and/or Buyer's Inspections, including, but not limited to, the Phase I
Hazardous Substance Conditions Report referenced in Section 2.5, above
(collectively, "BUYER'S REPORT(S)"), the cost thereof and a general overview or
summary of the results or findings contained in Buyer's Reports. At Seller's
request and upon payment by Seller to Buyer of one-half of Buyer's acquisition
cost for each Buyer's Report requested by Seller, Buyer shall deliver to Seller
a copy of each Buyer's Report requested,. Buyer shall also return to Seller all
of the Property Documents that were previously provided or made available to
Buyer.

     2.7 OPERATION OF THE PROPERTY; RISK OF LOSS.

     (a) RISK OF LOSS. Until Closing, risk of loss to the Real Property shall
     remain with Seller. If the Real Property shall suffer damage prior to
     Closing whereby Seller reasonably estimates that the cost of repair will be
     less than One Hundred Thousand Dollars ($100,000.00) and require less than
     ninety (90) days to rebuild, repair or restore, then Seller, at its
     election, may either (i) repair and restore the Real Property to the
     condition existing prior to the casualty (as near as practicable), or (ii)
     assign to Buyer the right to receive insurance proceeds relating to the
     damage (including any available rent loss insurance proceeds covering
     post-Closing losses, to the extent that Buyer sustains or will sustain any
     such losses, but under no circumstances shall the assigned insurance
     proceeds exceed the Purchase Price), in which event Buyer shall accept
     possession of the Real Property at Closing "AS IS, WHERE IS." If Seller
     reasonably estimates that the cost of repair will be One Hundred Thousand
     Dollars ($100,000.00) or more or require ninety (90) or more days to
     rebuild, repair or restore, and Buyer is not then in default hereunder
     beyond any applicable cure period, Buyer, at its option to be exercised by
     written notice given to Seller within five (5) business days after Buyer's
     receipt of written notice from Seller of such damage and the estimated cost
     of and time to repair the damage, may either (i) terminate this Agreement
     and receive the return of the Accrued Deposit, or (ii) waive such right to
     terminate and proceed to Closing in accordance with the provisions of this
     Section 2.7. If Buyer does not give timely notice of its intent to waive
     its right to terminate pursuant to sub-part (ii) above, Buyer shall be
     deemed to have terminated this Agreement pursuant to sub-part (i) above, in
     which case the provisions of Section 2.6 of this Agreement shall control.
     If Buyer waives its right to terminate this Agreement, this Agreement shall
     remain in full force and effect, and as Seller's sole obligation hereunder,
     Seller shall assign to Buyer the right to receive any applicable insurance
     proceeds, effective and contingent upon the transfer of title to Buyer, and
     Buyer shall accept the Property "AS IS, WHERE IS". In the event that Seller
     assigns insurance proceeds to Buyer pursuant to this Section, but such
     proceeds are, (i) subject to a deductible, and (ii) insufficient, after
     reducing the proceeds by the deductible,

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     to repair the damage and/or compensate Buyer for the loss, then Seller
     shall, at Closing, credit Buyer with the amount of the deductible (to the
     extent necessary to fully compensate Buyer for the damage or loss), but
     under no circumstances shall such credit exceed Twenty-Five Thousand
     Dollars ($25,000.00).

     (b) ONGOING OPERATIONS. During the pendency of this Agreement, but subject
     to the limitations set forth below, Seller shall carry on its businesses
     and activities relating to the Real Property substantially in the same
     manner as it did before the Effective Date of this Agreement.

     (c) NEW AND EXISTING CONTRACTS. Until such time as Buyer has waived all of
     its rights to terminate this Agreement, Seller may, without Buyer's
     consent, enter into contracts relating to the Real Property, provided that
     Seller shall provide Buyer with written notice if such contracts will
     remain in effect after the Close of Escrow. Following the Due Diligence
     Expiration Date and through the Close of Escrow, and provided Buyer is not
     in default or breach hereunder and has not terminated this Agreement,
     Seller will not enter into any contract that will be an obligation
     affecting the Real Property subsequent to the Close of Escrow (except
     contracts entered into in the ordinary course of business that are
     terminable without cause on thirty (30) days' notice or less) without the
     prior written consent of the Buyer, which consent shall not be unreasonably
     withheld, delayed or conditioned. Buyer shall assume the obligations of
     Seller, and hold Seller harmless from any obligations arising from and
     after the Closing Date of any existing or new contract entered into by
     Seller or that relate to the Real Property. Seller shall hold Buyer
     harmless from any obligations arising before the Closing Date of any
     existing or new contract entered into by Seller or that relate to the Real
     Property. Prior to the Closing, Seller shall provide to Buyer copies of all
     such new contracts that relate to the Real Property. Notwithstanding
     anything to the contrary herein, the restrictions on Seller set forth in
     this Section shall be lifted and of no further force or effect if the
     Closing has not occurred prior to the date that is ninety (90) days after
     the Effective Date.

     (d) LEASING ARRANGEMENTS. Following the Effective Date and through the
     Close of Escrow, and provided Buyer is not in default or breach hereunder
     and has not terminated this Agreement, and except for any leasing action
     involving a leasable area within the Real Property having a total square
     footage of twenty-five hundred (2,500) square feet or less (which spaces
     will be exempt from the consent requirement hereinafter described), Seller
     shall obtain Buyer's written consent, which Buyer shall not unreasonably
     withhold, condition or delay, before entering into any new Lease for space
     in the Real Property and before entering into a Lease amendment, expansion,
     or renewal of any Lease. At the Closing, Buyer shall, on a pro-rata basis
     based on the amount of time from the date the expense was incurred through
     the Closing Date, as compared to the amount of time remaining on the Lease
     following the Closing Date, reimburse Seller for all commissions, legal
     fees, the cost of tenant improvements, and all other leasing costs and
     expenses paid or incurred by Seller with respect to all Lease amendments,
     expansions, renewals or new Leases that were entered into after the
     Effective Date, and, at the Closing, Buyer shall assume in writing Seller's
     obligations and hold Seller harmless from any obligations arising from or
     after the Closing Date under all existing and new Leases and Leases
     amendments, expansions or renewals, while Seller shall remain liable for
     and hold Buyer harmless from all obligations under the Leases that arose
     and were required to be performed by Seller prior to the Closing Date.
     Notwithstanding anything to the contrary herein, the restrictions on Seller
     set forth in this Section shall be lifted and of no further force or effect
     if the Closing has not occurred prior to the date that is ninety (90) days
     after the Effective Date.

     2.8 DELIVERIES BY SELLER TO BUYER AT CLOSING. Prior to, and as a condition
of, the Closing, Seller shall deliver to Escrow (a) a duly executed general bill
of sale and assignment of all items of tangible and intangible Personal
Property, if any (the "BILL OF SALE"); (b) a duly executed and acknowledged
grant deed (the "DEED"); (c) financing document lien releases for Seller's
mortgage, if any; (d) a duly executed assignment and assumption of lease, in
recordable form, with respect to each of the Leases; (e) a duly executed
assignment and assumption of all permits, warranties, guaranties (including,
without limitation, any guaranty of a Tenant's obligations under one of the
Leases) and contracts relating to the Real Property; (f) a letter from Seller to
each Tenant requesting that future rent under the Leases be paid to Buyer; (g) a
non-foreign seller affidavit, as required by Section 1445 of the Internal
Revenue Code: (h) the final Certificate of Occupancy for all buildings,
structures and improvements comprising the Real Property (or, if unavailable, a
copy thereof); (i) an executed affidavit of Seller and such other documentation
as may be reasonably required by Escrow to allow for the deletion of the
mechanics' lien exception from the Owner's Policy; (j) delivery of the SEC
Filing Information and the SEC Filings Letter by Seller to Buyer not less than
five (5)

<PAGE>

days prior to Closing; (k) originals of the Leases, the contracts, warranties,
guaranties and permits, if any, in the possession of Seller or Seller's agents,
and any correspondence with respect thereto, together with such non-proprietary
leasing and property manuals, files and records which are material in connection
with the continued operation, leasing and maintenance of the Property; and (l)
such other closing documents as are contemplated or necessary under the terms of
this Agreement or as may reasonably be requested by Escrow to effect the Closing
hereof, all of the foregoing being herein referred to as the "CLOSING
DOCUMENTS".

     2.9 CLOSING. The terms "CLOSING", "CLOSE OF ESCROW" and "CLOSING DATE"
shall mean the date on which the Deed is recorded in the official records of the
County of Arapahoe, Closing Documents are delivered to or at the direction of
Escrow and the balance of the Purchase Price and any other monies due Seller at
the Closing are delivered by Escrow to Seller. Closing shall occur on the
Expected Closing Date, but notwithstanding the foregoing, the Closing may occur
on such other date as Buyer and Seller may hereafter agree. Buyer and Seller may
modify the manner or time of Closing only by written agreement.

     2.10 BUYER'S INDEMNITY AND RELATED OBLIGATIONS. Buyer agrees to indemnify
and hold Seller and its general and limited partners, officers, directors,
shareholders, members, managers, beneficiaries, successors, related entities,
agents and employees (collectively hereinafter the "SELLER RELEASEES") harmless
from any and all injuries, losses, liens, claims, judgments, obligations,
liabilities, costs, expenses or damages (including reasonable attorney's fees
and court costs) sustained by the Seller Releasees to the extent same results
from or arises out of any of Buyer's Inspections or by any of its
representatives pursuant to Section 2.5, above; provided, however, Buyer shall
not have any indemnification obligation or liability to Seller or any third
parties for merely discovering any preexisting condition at the Real Property.
The covenants contained in this Section shall survive the Close of Escrow and
the termination of this Agreement.

3.   CONDITIONS TO CLOSING.

     3.1 SELLER'S OBLIGATIONS. Except as set forth in Section 3.1(d), below, the
Closing and Buyer's obligation to perform at Closing pursuant to this Agreement
are conditioned upon the fulfillment of each and all of the following:

     (a) DUE PERFORMANCE. Seller shall have timely delivered to Escrow such
     Closing Documents as are contemplated or necessary under the terms of this
     Agreement or as may reasonably be requested by Escrow to effect the Closing
     hereof, and Seller shall have duly performed all of Seller's obligations
     under this Agreement.

     (b) CONDEMNATION. No condemnation or eminent domain action which would
     materially and adversely affect the Real Property shall have been
     commenced, and no notice of intent to so commence an action, to acquire the
     Real Property or any portion of the Real Property, shall have been received
     by Seller; provided, however, that in the event a condemnation or eminent
     domain action is commenced or notice of intent to so commence has been
     received by Seller against the Real Property or any portion of the Real
     Property, then Seller may terminate this Agreement by written notice to
     Buyer, or in the event Seller does not terminate this Agreement, Buyer may,
     at its option (i) terminate this Agreement by giving written notice within
     five (5) business days of receipt of notice by Buyer of such action or
     intention from Seller, or (ii) elect (in writing) to close Escrow and have
     all condemnation proceeds payable to Buyer. Notwithstanding the foregoing,
     neither Seller nor Buyer shall have the right to terminate this Agreement
     if the proposed taking (x) does not materially and adversely affect any of
     the buildings, structures or improvements that comprise the Real Property,
     (y) does not have a material adverse affect on any point of ingress, egress
     or access to or from the Real Property, and (z) amounts to less than ten
     percent (10%) of the actual square footage of the unimproved land
     comprising the Real Property.

     (c) BANKRUPTCY. No action or proceeding shall have been commenced by or
     against Seller under the federal bankruptcy code or any state law for the
     relief of debtors, nor shall the Property be subject to an action for the
     enforcement of the rights of creditors.

     (d) TENANT ESTOPPEL CERTIFICATES. As of the Effective Date, there are two
     Tenants occupying the Real Property. The Parties acknowledge that Seller
     may be unable to provide a "TENANT ESTOPPEL

<PAGE>

     CERTIFICATE" (in substantially the same form and substance as the Tenant's
     Estoppel Certificate attached hereto as EXHIBIT "B") from both Tenants
     prior to the Closing, and the Parties agree that Seller's failure to obtain
     such a Tenant Estoppel Certificate from both Tenants shall not be a default
     under this Agreement, however, Buyer shall have the right to terminate this
     Agreement pursuant to Section 2.6, above, in the event that either or both
     Tenants fail to deliver a Tenant Estoppel Certificate not less than three
     (3) business days prior to the Closing. Seller shall use commercially
     reasonable efforts to obtain and deliver to Buyer, prior to the Closing, a
     Tenant Estoppel Certificate from each Tenant dated no earlier than thirty
     (30) calendar days prior to the Closing Date, confirming the rent and other
     payments due and alleging no defaults, offsets, or claims against Seller,
     or if there any, setting forth such defaults, offsets, or claims against
     Seller. If both Tenant Estoppel Certificates are timely delivered to Buyer
     and both reflect terms materially consistent with the terms of each such
     Tenant's Lease, and neither of such Tenant Estoppel Certificates alleges a
     material variance from any rent roll delivered to Buyer or a material
     default by Seller under a Lease (unless such variance and/or default was
     disclosed, in writing, to Buyer not later than five (5) business days prior
     to the Due Diligence Expiration Date), then Buyer shall have no right to
     terminate this Agreement under this Subsection 3.1(d). Additionally, and if
     requested by Buyer, Seller shall request that each Tenant execute and
     return to Seller, Buyer and/or Escrow, not later than five (5) business
     days prior to Closing, a subordination, non-disturbance and attornment
     agreement, in form and substance reasonably acceptable to such Tenant (the
     "SNDA"), for the benefit of Wachovia Bank, National Association, however,
     the execution and/or delivery of the SNDA by each Tenant shall not be a
     condition or contingency of this Agreement.

     (e) WAIVER OF RIGHT OF FIRST REFUSAL. The deposit with Escrow and Buyer
     prior to the Due Diligence Expiration Date of an executed waiver by each
     Tenant of any right of first refusal under such Tenant's Lease.

     (f) ISSUANCE OF OWNER'S POLICY. The issuance of the Owner's Policy (or a
     written commitment therefor) subject only to those matters approved or
     deemed approved by Buyer pursuant to this Agreement.

     (g) DELIVERY OF SECURITY DEPOSITS AND/OR PREPAID RENTS. The delivery by
     Seller to Buyer at Closing of all security deposits and pre-paid/abated
     rents under the Leases, if any, in the form of a credit in favor of Buyer
     against the Purchase Price.

     3.2 BUYER'S OBLIGATIONS. The Closing and Seller's obligation to perform at
Closing pursuant to this Agreement are conditioned upon the fulfillment of the
following:

     (a) PAYMENT OF PURCHASE PRICE. Buyer shall have timely delivered to Escrow
     the Purchase Price, adjusted as provided in this Agreement.

     (b) DUE PERFORMANCE. Buyer shall have timely delivered to Escrow originals
     of the documents described in Section 2.8(d) and (e), duly executed
     originals by Buyer, and such Closing Documents as are contemplated or
     necessary under the terms of this Agreement or as may reasonably be
     requested by Escrow to effect the Closing hereof, and Buyer shall have duly
     performed all of Buyer's obligations under this Agreement.

     3.3 DUE DILIGENCE CONTINGENCY. The "DUE DILIGENCE CONTINGENCY PERIOD" means
the period commencing on the Effective Date and ending at 6:00 p.m. (Colorado
time) on December 5, 2005 (such latter time and date being hereinafter known as
the "DUE DILIGENCE EXPIRATION DATE"). Buyer, at any time during the Due
Diligence Contingency Period, may, in its sole and absolute discretion, by
written notice to Seller and Escrow, terminate this Agreement and receive back
its Accrued Deposit. If Buyer does not, prior to the expiration of the Due
Diligence Expiration Date, give Escrow and Seller written notice of Buyer's
approval of the Property and election to waive the contingency set forth in this
Section 3.3 (and which notice must be received by Escrow and Seller prior to the
Due Diligence Expiration Date), Buyer will be conclusively deemed to have
elected to terminate the Agreement under this Section, in which case the
provisions of Section 2.6 of this Agreement shall control. Buyer shall have the
right, in the exercise of its sole discretion, to end the Due Diligence
Contingency Period prior to the Due Diligence Expiration Date by delivering not
less than forty-eight (48) hours' prior written notice to Seller of Buyer's
election to waive this contingency.

<PAGE>

4.   INSTRUCTIONS ON CLOSING.

     4.1 RECORDATION AND DELIVERY. When all conditions precedent to the Closing
have been satisfied or waived as provided herein:

     (a) GRANT DEED. Escrow shall cause the Deed to be recorded in the official
     records of the County of Arapahoe.

     (b) PURCHASE PRICE. Escrow shall deliver to Seller funds in the amount of
     the Purchase Price, less or plus the net debit or credit to Seller by
     reason of the proration and allocation of Closing Costs provided for in
     this Agreement.

     (c) CLOSING DOCUMENTS. Escrow shall deliver to Buyer and/or Seller the
     other Closing Documents as appropriate.

     4.2 PRORATIONS. The prorations set forth below shall be made as of the date
of Closing, on which date Seller shall be deemed to own the Property:

     (a) COLLECTED AND UNCOLLECTED RENT. All collected and uncollected rent
     (including, without limitation, all base rents, additional rents and
     retroactive rents (hereinafter collectively referred to as "RENT") for the
     Leases at the Real Property in effect on the Closing Date shall be prorated
     as of the Close of Escrow. Any prepaid Rent for the period following the
     Closing Date shall be paid over or credited by Seller to Buyer

     (b) OPERATING COSTS AND ADDITIONAL RENT RECONCILIATION. Seller, as landlord
     under the Leases, is or may be collecting from the Tenants an additional
     estimated amount of Rent to cover common area maintenance charges,
     insurance, taxes and related expenses ("OPERATING COSTS", with the
     estimated additional amounts paid by the Tenants hereinafter referred to as
     "ADDITIONAL RENT") in connection with the ownership, operations,
     maintenance and management of the Real Property. To the extent that any
     Additional Rent is paid by the Tenants to the Seller under the Leases based
     on an estimated payment basis for which a future reconciliation of actual
     Operating Costs to estimated payments is required to be performed at the
     end of a reconciliation period, Buyer and Seller shall make an adjustment
     to the Purchase Price at the Close of Escrow for the applicable
     reconciliation period based on a comparison of the actual Operating Costs
     to the estimated payments at the Close of Escrow. If, as of the Close of
     Escrow, Seller has received Operating Costs' payments in excess of the
     amount that the Tenants will be required to pay, based on the actual
     Operating Costs as of the Close of Escrow, Buyer shall receive a credit in
     the amount of such excess. If, as of the Close of Escrow, Seller has
     received Operating Costs' payments that are less that the amount that the
     Tenants would be required to pay based on the actual Operating Costs as of
     the Close of Escrow, the Purchase Price shall be increased by the estimated
     amount of the underpayments. Operating Costs that are not payable by the
     Tenants either directly or reimbursable under the Leases shall be prorated
     between Seller and Buyer and shall be reasonably estimated by the Parties
     if final bills are not available.

     (c) TAXES AND ASSESSMENTS. Real estate taxes and assessments imposed by any
     governmental authority ("TAXES") with respect to the Real Property for the
     relevant tax year in which the Real Property is being sold that are not yet
     due and payable or that have not yet been paid and that are not (and will
     not be) payable or reimbursable by the Tenants under their Leases as
     Operating Costs shall be prorated as of the Close of Escrow based upon the
     most recent ascertainable assessed values and tax rates and based upon the
     number of days Buyer and Seller will have owned the Real Property during
     such relevant tax year. Seller shall receive a credit for any Taxes paid by
     Seller and applicable to any period after the Close of Escrow.

     (d) LEASING COMMISSIONS AND TENANT IMPROVEMENTS. At the Close of Escrow,
     Buyer shall assume the obligation to pay all (i) leasing costs that are due
     or become due on or after the Closing Date to the extent that the same
     arise from a new Lease or any Lease amendment, extension or expansion
     hereafter entered into by Seller pursuant to Section 2.7(d), above and (ii)
     leasing costs that are due after the Closing Date (subject to Buyer's
     consent rights pursuant to Section 2.7(d), above).

<PAGE>

     (e) TENANT DEPOSITS. The Tenants' security deposits, if any, not heretofore
     applied to their obligations under their respective Leases shall be
     transferred or credited to Buyer at the Close of Escrow. As of the Close of
     Escrow, Buyer shall assume all of Seller's obligations related to the
     security deposits.

     (f) UTILITIES AND UTILITY DEPOSITS. Utilities for the Real Property
     (excluding utilities for which payment is made directly by Tenants),
     including water, sewer, electric, and gas, based upon the last reading of
     meters prior to the Close of Escrow, shall be prorated. Seller shall be
     entitled to a credit for all security deposits and Owner Deposits (as
     hereinafter defined) held by any of the utility companies providing service
     to the Real Property; provided, however, Seller must deliver evidence of
     such deposits reasonably satisfactory to Buyer and to Escrow not later than
     five (5) business days prior to Closing to receive such credit. Seller
     shall endeavor to obtain meter readings on the day before the Closing Date,
     and if such readings are obtained, there shall be no proration of such
     items and Seller shall pay at Close of Escrow the bills therefor through
     the Closing Date, and Buyer shall pay the bills therefor for the period
     subsequent thereto. If the utility company will not issue separate bills,
     Buyer will receive a credit against the Purchase Price for Seller's portion
     and will pay the entire bill prior to delinquency after Close of Escrow.
     Buyer shall be responsible for paying any security deposits and Owner
     Deposits required by utility companies providing service to the Real
     Property.

     (g) OWNER DEPOSITS. Seller shall receive a credit at the Close of Escrow
     for all bonds, deposits, letters of credit, set aside letters or other
     similar items, if any, that are outstanding with respect to the Real
     Property that have been provided by Seller or any of its affiliates to any
     governmental agency, public utility or similar entity (collectively, "OWNER
     DEPOSITS") to the extent assignable to Buyer. To the extent any Owner
     Deposits are not assignable to Buyer, Buyer shall replace such Owner
     Deposits and obtain the release of Seller (or its affiliates) from any
     obligations under such Owner Deposits. To the extent that any funds are
     released as a result of the termination of any Owner Deposits for which
     Seller did not get a credit, such funds shall be delivered to Seller
     immediately upon their receipt.

     (h) FINAL ADJUSTMENT AFTER CLOSING. If final prorations cannot be made at
     the Close of Escrow for any item being prorated under this Section 4.2,
     then for any such proration ("POST CLOSING PRORATION"), Buyer and Seller
     agree to allocate such items on a fair and equitable basis as soon as
     invoices or bills are available and applicable reconciliation with Tenants
     have been completed, with final adjustment and payment to be made as soon
     as reasonably possible after the Close of Escrow (but in no event later
     than sixty (60) days after the Close of Escrow), to the effect that income
     and expenses are received and paid by the Parties on a accrual basis with
     respect to their period of ownership.

     4.3 PAYMENT OF CLOSING COSTS. Except as may be expressly set forth in this
Agreement to the contrary, Seller shall pay: the recording and/or filing fees
necessary to discharge liens pursuant to Seller's obligations in Section 2.2,
above; the cost of the Preliminary Title Report, if any; the cost of a standard
coverage owner's policy of title insurance, subject to Section 2.2, above; all
city and county documentary transfer taxes; and one-half of the amount of all
fees and costs charged by Escrow, including the cost of recording the Deed.
Buyer shall pay: all costs incurred by Buyer in investigating the Property and
preparing to take title to the Real Property; the excess cost of an ALTA
extended coverage policy of title insurance, as compared to the cost of a
standard coverage policy; and one-half of the amount of all fees and costs
charged by Escrow, including the cost of recording the Deed.

5.   REPRESENTATIONS, WARRANTIES AND COVENANTS.

     5.1 SELLER. Seller makes the following representations and warranties to
Buyer, which representations and warranties shall be true and correct both as of
the date of this Agreement and as of the Closing, and upon which representations
and warranties Buyer shall be entitled to rely except to the extent that any
inspection or investigation made by Buyer reveals information to the contrary:

     (a) AUTHORITY. This Agreement and all Closing Documents shall be duly
     authorized and executed and when delivered by Seller will be valid, binding
     and enforceable obligations of Seller, and that Seller has the legal
     authority and ability to sell the Property pursuant to this Agreement.

<PAGE>

     (b) COMPLIANCE WITH LAWS. Except as set forth herein, Seller has received
     no written notice that any governmental agency considers the Real Property
     or the operation or use thereof to have failed to comply with any law,
     ordinance, regulation or order.

     (c) STATUS OF PROPERTY. Seller has received no written notice regarding
     cancellation of any casualty insurance on the Real Property, or requiring
     performance of any repairs, alterations or other work thereon in order to
     obtain or maintain casualty insurance on the Real Property.

     (d) NO SUITS OR CLAIMS. To Seller's actual knowledge and without
     investigation or inquiry, there are no suits or claims pending or to
     Seller's knowledge, threatened with respect to or in any manner affecting
     the Property, nor does Seller have actual knowledge of any circumstances
     which should or could reasonably form the basis for any such suits or
     claims which have not been disclosed in writing to Buyer by Seller.

     (e) NO ACTION TO CHANGE ZONING OR PERMITTED USES. Seller has not and will
     not, without the prior written consent of Purchaser, take any action before
     any governmental authority having jurisdiction thereover, the object of
     which would be to change the present zoning of or other land-use
     limitations, upon the Property, or any portion thereof, or its potential
     use,. Notwithstanding anything to the contrary herein, the restrictions on
     Seller set forth in this Section shall be lifted and of no further force or
     effect if the Closing has not occurred prior to the date that is ninety
     (90) days after the Effective Date.

     (f) PAYMENT OF PROPERTY EXPENSES. Except for any item to be prorated at
     Closing or paid by Buyer 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
     Closing shall be paid in full by Seller.

     (g) PAYMENT OF TAXES. All general real estate taxes, assessments and
     personal property taxes that have become due with respect to the Property
     (except for those that will be prorated at Closing) have been paid or will
     be so paid by Seller prior to Closing.

     (h) NO UNRECORDED TITLE DEFECTS. To Seller's actual knowledge, and except
     as is disclosed in the Preliminary Title Report, there are no unrecorded
     leases (other than the Leases), liens or encumbrances which may affect
     title to the Property.

     (i) NO INTENDED PUBLIC IMPROVEMENTS. To Seller's actual knowledge, Seller
     has not received any written notice that there are any intended public
     improvements which will or could result in any charges being assessed
     against the Property which will result in a lien upon the Property.

     (j) NO CONDEMNATION. To Seller's actual knowledge, Seller has not received
     any written notice that there is any impending or contemplated condemnation
     or taking by inverse condemnation of the Property, or any portion thereof,
     by any governmental authorities.

     (k) NO OTHER AGREEMENTS. 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, and Seller will not enter into nor execute any such agreement
     without Buyer's prior written consent. Notwithstanding anything to the
     contrary herein, the restriction on Seller set forth in this Section shall
     be lifted and of no further force or effect on the occurrence of the
     earliest of the following events: (i) Buyer's termination of this
     Agreement; or (ii) if the Closing has not occurred by January 17, 2006
     (unless the Parties have agreed, in writing, to extend the Closing Date to
     a later date, in which event the restriction on Seller shall be lifted on
     the day immediately following the extended Closing Date).

     (L) ENVIRONMENTAL. Except as otherwise disclosed in the Property Documents,
     and to Seller's actual knowledge, Seller has not received any written
     notice that there exists or has existed, or that Seller itself has caused
     any generation, production, location, transportation, storage, treatment,
     discharge, disposal, release or threatened release upon, under or about the
     Property of any Hazardous Substances.

<PAGE>

     (m) To Seller's actual knowledge, except as otherwise disclosed in the
     Property Documents, Seller has not received any written notice that there
     is now, or there has ever been, on or in the Property any underground
     storage tanks, any asbestos-containing materials or any polychlorinated
     biphenyls, including those used in hydraulic oils, electric transformers,
     or other equipment. Seller hereby assigns to Purchaser, effective as of
     Closing, 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 Closing
     and continuing in existence on the Property at Closing).

     (m) NO INCREASED ASSESSED VALUATION. To Seller's actual knowledge, there
     are no proceedings pending for the increase of the assessed valuation of
     the Property.

     (n) DUTY TO SUPPLEMENT. Should Seller receive notice or knowledge of any
     information regarding any of the matters set forth in this Section 5.1
     after the Effective Date and prior to Closing, Seller will immediately
     notify Purchaser of the same in writing.

     5.2 BUYER. Buyer represents and warrants that this Agreement and all
Closing Documents shall be duly authorized and executed and when delivered by
Buyer will be valid, binding and enforceable obligations of Buyer, and that
Buyer has the legal authority and ability to purchase the Property pursuant to
this Agreement.

     5.3 SURVIVAL. Seller's representations, warranties and covenants, if any,
set forth in Sections 2.4, 3.1 and 5.1 shall terminate and be of no further
force or effect immediately upon the Closing. The representations and
warranties, if any, of Seller elsewhere contained in this Agreement shall
survive for a period of twelve (12) months following the Closing Date.

6.   REMEDIES.

     6.1 BUYER'S REMEDIES. In the event that Seller fails to consummate this
Agreement for any reason, except Buyer's default or a termination of this
Agreement by Buyer or Seller pursuant to a right to do so under the provisions
hereof, Buyer shall have one, but not both, of the following remedies, and no
others:

               (A) BUYER MAY TERMINATE THIS AGREEMENT, IN WHICH CASE AND UPON
EXECUTION OF CANCELLATION INSTRUCTIONS BY BUYER, ESCROW SHALL IMMEDIATELY RETURN
THE ACCRUED DEPOSIT TO BUYER, AND SELLER SHALL PAY ANY ESCROW CANCELLATION
CHARGES.

               (B) BUYER MAY BRING AN ACTION FOR SPECIFIC PERFORMANCE AGAINST
SELLER WITH RESPECT TO THIS AGREEMENT, BUT IN SUCH EVENT, AND EXCEPT FOR THE
ATTORNEY'S FEES AND COSTS ALLOWABLE UNDER SECTION 7.3, BELOW, BUYER MAY NOT SEEK
ANY DAMAGES, GENERAL, SPECIAL OR CONSEQUENTIAL, SUFFERED OR CLAIMED TO HAVE BEEN
SUFFERED BY IT, AND THE COURT SHALL NOT HAVE ANY POWER OR RIGHT TO AWARD ANY
SUCH DAMAGES. ANY CLAIM OR DEMAND FOR SPECIFIC PERFORMANCE SHALL BE ABSOLUTELY
BARRED UNLESS BUYER COMMENCES AN ACTION THEREON WITHIN NINETY (90) DAYS AFTER
THE DATE OF THE INACTION, OMISSION, EVENT, OR DEFAULT OF SELLER THAT GAVE RISE
TO SUCH CLAIM FOR SPECIFIC PERFORMANCE. BUYER ACKNOWLEDGES AND UNDERSTANDS,
AFTER HAVING CONSULTED WITH ITS LEGAL COUNSEL, THAT THE PURPOSE OF THE FOREGOING
IS TO SHORTEN THE PERIOD WITHIN WHICH BUYER WOULD OTHERWISE HAVE TO BRING A
CLAIM FOR SPECIFIC PERFORMANCE.

     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, HOWEVER, IN SUCH
EVENT, BUYER'S DAMAGES SHALL BE LIMITED TO THE LESSER OF ITS ACTUAL DAMAGES OR
FIVE HUNDRED THOUSAND DOLLARS ($500,000.00), AND NO TRIBUNAL

<PAGE>

OR COURT SHALL HAVE JURISDICTION OR AUTHORITY TO ISSUE AN AWARD IN EXCESS OF
SUCH AMOUNT .

     6.2 SELLER'S REMEDIES. THE PARTIES AGREE THAT SELLER WILL SUFFER DAMAGES IN
THE EVENT OF BUYER'S DEFAULT UNDER OR BREACH OF THE TERMS OF THIS AGREEMENT,
ALTHOUGH THE AMOUNT OF SUCH DAMAGES IS DIFFICULT OR IMPOSSIBLE TO DETERMINE. IF
BUYER SHOULD FAIL TO CONSUMMATE THIS AGREEMENT AS A RESULT OF BUYER'S DEFAULT
UNDER OR BREACH OF THE TERMS OF THIS AGREEMENT, THEN SELLER MAY TERMINATE THIS
AGREEMENT BY NOTIFYING BUYER AND ESCROW AND SELLER SHALL RECEIVE OR RETAIN THE
ACCRUED DEPOSIT AS LIQUIDATED DAMAGES, BUT NOT AS A PENALTY. THE PARTIES AGREE
THAT THE AMOUNT OF THE ACCRUED DEPOSIT IS A REASONABLE ESTIMATE OF SELLER'S LOSS
IN THE EVENT OF BUYER'S DEFAULT. SELLER HEREBY ACKNOWLEDGES AND AGREES THAT
EXCEPT FOR BUYER'S REPAIR AND INDEMNITY OBLIGATIONS SET FORTH IN SECTIONS 2.5
AND 2.10 AND ELSEWHERE IN THIS AGREEMENT, AND EXCEPT FOR THE ATTORNEY'S FEES AND
COSTS ALLOWABLE UNDER SECTION 7.3, BELOW, SUCH LIQUIDATED DAMAGES SHALL
CONSTITUTE SELLER'S SOLE AND EXCLUSIVE REMEDY AGAINST BUYER.

          SELLER AND BUYER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE
FOREGOING PROVISIONS IN SECTIONS 6.1 AND 6.2, AND BY THEIR INITIALS IMMEDIATELY
BELOW, AGREE TO BE BOUND BY THEIR TERMS.

                    SELLER: SW   BUYER: JMP

     6.3 LIMITATION OF SELLER'S LIABILITY. Notwithstanding anything to the
contrary in this Agreement, any judgment obtained by Buyer against Seller shall
be satisfied only out of Seller's interest in the Real Property and the rents
receivable by Seller therefrom. The Seller Releasees shall not have any personal
liability for any matter in connection with this Agreement or for the
obligations of the Seller. Buyer shall not institute, seek or enforce any
personal or deficiency judgment against Seller or any of the Seller Releasees,
and none of their property, except the Real Property, shall be available to
satisfy any judgment hereunder. The covenants contained in this Section shall
survive the Close of Escrow and the termination of this Agreement.

     6.4 BUYER'S GENERAL INDEMNITY. Buyer will defend, indemnify and hold the
Seller Releasees harmless from and against: (a) any and all injuries, losses,
liens, claims, judgments, obligations, liabilities, costs, expenses or damages
arising from any breach of the warranties or representations of Buyer contained
in this Agreement; and (b) any and all injuries, losses, liens, claims,
judgments, obligations, liabilities, costs, expenses or damages arising after
the Closing Date regarding the Property or arising as a result of Buyer's
failure to pay all taxes, assessments, fees and other government charges levied
upon or otherwise relating or attributable to the Property or the operations
conducted thereon arising after the Closing Date. The covenants contained in
this Section shall survive the Close of Escrow and the termination of this
Agreement.

     6.5 SELLER'S GENERAL INDEMNITY. Seller will defend, indemnify and hold the
Buyer and its general and limited partners, officers, directors, shareholders,
members, managers, beneficiaries, successors, related entities, agents and
employees (collectively hereinafter the "BUYER RELEASEES") harmless from and
against: (a) any and all injuries, losses, liens, claims, judgments,
obligations, liabilities, costs, expenses or damages arising from any breach of
the warranties or representations of Seller contained in this Agreement; and (b)
any and all injuries, losses, liens, claims, judgments, obligations,
liabilities, costs, expenses or damages arising prior the Closing Date regarding
the Property or arising as a result of Seller's failure to pay all taxes,
assessments, fees and other government charges levied upon or otherwise relating
or attributable to the Property or the operations conducted thereon arising
prior to the Closing Date. The covenants contained in this Section shall survive
the Close of Escrow and the termination of this Agreement. Notwithstanding the
foregoing, Seller shall have no obligation to defend, indemnify or hold the
Buyer Releasees harmless from or against any condition, injury, claim, loss,
expense, cost or damage for which, under Section 2.3, above, Buyer has released
Seller.

7.   GENERAL PROVISIONS.

<PAGE>

     7.1 BROKERS AND FINDERS. Seller and Buyer each represent that other than as
set forth herein, neither has dealt with any broker or finder with regard to the
within described transaction or the Property. Seller and Buyer shall each
indemnify the other and the Property from and against any loss, damage or
expense resulting from any claims by any other person or other legal entity with
which such indemnifying Party has had contact, discussion or negotiations
pertaining to the Property for any such brokerage commissions or fees alleged to
have been earned at the request of such indemnifying Party. Seller has used the
services of Patrick Devereaux of Cushman & Wakefield of Colorado, Inc.
("BROKER"), and Buyer has not used the services of any real estate broker or
salesperson in connection with this transaction, and upon the successful Close
of Escrow pursuant to the terms contained herein, Seller shall pay to Broker a
commission pursuant to a separate agreement as Broker's total, and sole,
compensation for the brokerage services rendered in connection with this
Agreement. Broker shall return the foregoing commission upon Seller's demand in
the event that after the Close of Escrow, (a) Seller and Buyer agree to a
rescission of the Agreement and/or a court of competent jurisdiction orders the
rescission of this Agreement, and (b) title to the Property is returned to
Seller. Nothing herein is intended to give Broker any rights under this
Agreement, and Broker shall not be deemed to be a third party beneficiary
hereunder.

     7.2 NOTICES. Any notice, request, demand, instruction or other document to
be given hereunder or pursuant hereto shall be in writing and shall be
personally delivered or sent by registered or certified mail, postage prepaid,
return receipt requested or by nationally recognized overnight delivery service
(such as Federal Express), or facsimile, as follows:

     If to Seller to:   c/o Auburndale Properties, Inc.
                        2951 28th Street, Suite 2050
                        Santa Monica, CA 90405
                        ATTN: Mrs. Chris Felix
                        Facsimile No.: (310) 396-8306
                        cfelix@aubproperties.com

                        With a copy to:

                        c/o Auburndale Properties, Inc.
                        50 Tice Boulevard
                        Woodcliff Lake, New Jersey 07675
                        ATTN: Mr. Shalom Wall
                        Facsimile No.: (201) 930-1833
                        swall@aubproperties.com

                        With a copy to:

                        Leo A. Schwarz, Esq.
                        P.O. Box 8340
                        Calabasas, CA 91372-8340
                        Facsimile No.: (818) 222-2993
                        leolaw@gte.net & wfigueroa@sbcglobal.net

     If to Buyer to:    Cole Takedown, LLC
                        2555 E. Camelback Road, Suite 400
                        Phoenix, AZ 85016
                        ATTN: Todd J. Weiss, Esq.
                        Facsimile No.: (602) 778-8780
                        TWeiss@ColeCapital.com

                        With a copy to:

                        Bennett Wheeler Lytle & Cartwright, PLC
                        3838 N. Central Avenue, Suite 1120
                        Phoenix, AZ 85012

<PAGE>

                        ATTN: Kevin T. Lytle, Esq.
                        Facsimile No.: (602) 266-9119
                        klytle@bwlclaw.com

     If to Escrow to:   First American Title Insurance Company
                        2425 E. Camelback Road, Suite 300
                        Phoenix, AZ 85016
                        ATTN:  Mr. Tom Anzaldua
                        Facsimile No.: (602) 567-8101
                        tanzaldua@firstam.com

     Notice shall be deemed to have been given upon receipt or refusal to accept
delivery. The addresses and addressees for purposes of this paragraph may be
changed by giving written notice of such change in the manner provided herein
for giving notice. Unless and until such written notice is received, the last
address and addressee stated by written notice, or provided herein if no written
change has been sent or received, shall be deemed to continue in effect for all
purposes hereunder. Any notice sent by facsimile shall be effective when
received, provided, however, the sending Party immediately thereafter delivers a
copy of the notice to the other Party via one of the other methods of providing
notice set forth above.

     7.3 ATTORNEY'S FEES. If there is any litigation to enforce any provisions
or rights arising herein, the unsuccessful party in such litigation, as
determined by the court, agrees to pay the successful party, as determined by
the court, all costs and expenses, including, but not limited to, reasonable
attorneys' fees incurred by the successful party, such fees to be determined by
the court.

     7.4 ENTIRE AGREEMENT. This Agreement is intended by the Parties as a final
expression and a complete and exclusive statement of the entire agreement of the
Parties with respect to the subject matter hereof, and, as such, this Agreement
supersedes all prior understandings and agreements, whether oral or in writing,
between the Parties respecting the subject matter of this Agreement.

     7.5 SEVERABILITY. In the event any portion of this Agreement shall be
declared by any court of competent jurisdiction to be invalid, illegal or
unenforceable, such portion shall be severed from this Agreement, and the
remaining parts hereof will remain in full force and effect, as fully as if such
invalid, illegal or unenforceable portion had never been part of this Agreement.

     7.6 AMENDMENTS. This Agreement may be amended at any time only by the
written agreement of Seller and Buyer. All amendments, changes, revisions and
discharges of this Agreement, in whole or in part, and from time to time, shall
be binding upon the Parties despite any lack of legal consideration, so long as
the same shall be in writing and executed by the Parties.

     7.7 NO THIRD PARTY BENEFIT. This Agreement is intended to benefit only the
Parties to this Agreement, their successors and assigns, and no person or entity
has or shall acquire any rights under this Agreement except other than such
successors or assigns.

     7.8 TIME OF THE ESSENCE. Time shall be of the essence as to all dates and
times of performance, whether contained in this Agreement or contained in any
Escrow instructions to be executed pursuant to this Agreement, and all Escrow
instructions shall be deemed to contain a provision to this effect. If any date
upon which any Party hereto is required to act shall fall on a Saturday, Sunday
or national holiday, the date as to which action applies shall be deemed to be
the next following business day.

     7.9 FURTHER ACTION. Each Party agrees to execute such further documents or
Escrow instructions and to take such further action as may be reasonably
necessary or desirable to effectuate the intent and purposes of this Agreement
and to consummate the transactions contemplated herein.

     7.10 COUNTERPARTS. This Agreement may be executed in counterparts, each of
which when executed shall be an original and all of which together shall
constitute one and the same Agreement. A signature transmitted

<PAGE>

by facsimile shall for all intents and purposes be treated as an original,
however, the Party transmitting such signature by facsimile shall concurrently
deliver to the other, by overnight delivery service, the executed original of
this Agreement.

     7.11 SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon, and
enforceable by and shall inure to the benefit of the successors and assigns of
the Parties hereto. Except as set forth in Section 7.15, below, Buyer shall not
assign this Agreement without the prior written consent of Seller, which consent
may be withheld by Seller for any reason or for no reason, provided, however
that Buyer may assign this Agreement to an entity wholly owned or controlled by
Buyer (hereinafter, a "RELATED ENTITY"), but in such event (a) the assignee
shall assume in writing all of Buyer's obligations and duties under this
Agreement, (b) Buyer shall provide to Seller evidence reasonably satisfactory to
Seller that the assignee is a Related Entity, and (c) Buyer shall promptly
provide Seller with written notice of such assignment, together with a true,
correct and complete copy of the assignment agreement. In no event shall Buyer
be released from or relieved of any of its obligations, duties or liabilities
hereunder for or on account of such assignment.

     7.12 CONSTRUCTION; CHOICE OF LAW. This Agreement shall be construed fairly
and equally as to Seller and Buyer and without regard to which Party drafted the
same. All exhibits to which reference is made in this Agreement are deemed
incorporated in this Agreement, whether or not actually attached. Section
headings contained in this Agreement are for the purposes of reference and
convenience only and shall not limit or otherwise affect the meaning hereof.
This Agreement has been executed and is to be performed in the County of
Arapahoe, and this Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Colorado.

     7.13 WAIVER OF JURY TRIAL. SELLER AND BUYER ACKNOWLEDGE AND AGREE THAT
RECENT CASES HAVE DETERMINED THAT CONTRACTUAL WAIVERS OF A PARTY'S RIGHT TO A
JURY TRIAL MAY BE INVALID, ALTHOUGH FURTHER REVIEW OF THESE HOLDINGS ARE OR MAY
BE PENDING. NOTWITHSTANDING THE ABOVE-REFERENCED HOLDINGS, SELLER AND BUYER EACH
DESIRE TO INCLUDE A JURY TRIAL WAIVER IN THIS AGREEMENT, AND EACH COVENANTS TO
DO SUCH FURTHER ACTS AND TAKE SUCH ADDITIONAL ACTION AS IS HEREAFTER REQUIRED TO
VALIDATE AND/OR ENFORCE THIS WAIVER. BY INITIALING BELOW, SELLER AND BUYER
HEREBY ACKNOWLEDGE THAT EACH WAIVES THE RIGHT TO A TRIAL BY JURY OF ANY ISSUE OR
ACTION BETWEEN THEM RELATING TO THIS AGREEMENT OR THE PROPERTY OR THE
NEGOTIATIONS THAT PRECEDED THIS AGREEMENT.

                    SW       JMP
                    SELLER   BUYER

     7.14 SELLER'S ELECTION OF IRC SECTION 1031 EXCHANGE. Seller may elect to
effect a tax-deferred exchange under Section 1031 of the Internal Revenue Code
by designating other real property (the "EXCHANGE PROPERTY") to be acquired by
an intermediary selected by Seller ("INTERMEDIARY") in exchange for the Real
Property. In such event, Seller shall enter into an exchange agreement with the
Intermediary prior to the Closing by the terms of which the Intermediary shall
receive the sale proceeds of the Real Property, and Seller may transfer this
Agreement to the Intermediary for such purpose, but all transfer documents shall
be executed by Seller and Seller shall remain solely responsible for Seller's
obligations under this Agreement. Notwithstanding Seller's election to effect a
tax-deferred exchange, such an exchange by Seller shall not interfere with or
excuse Seller's obligations under this Agreement, and Seller shall be required
to sell such Real Property to Buyer and Buyer shall be required to purchase the
Real Property for the price and on the terms set forth in this Agreement. In no
event shall Buyer be required (a) to take title to any property other than the
Real Property described herein, or (b) to pay funds in addition to those called
for elsewhere in this Agreement. Buyer shall execute such documents and
undertake such acts as are reasonably necessary and/or convenient to facilitate
the foregoing tax-deferred exchange, but Buyer shall not be required to be
involved in such exchange other than as specified herein.

     7.15 BUYER'S ELECTION OF IRC SECTION 1031 EXCHANGE. Buyer may elect to
effect a tax-deferred exchange under Section 1031 of the Internal Revenue Code
by designating an Intermediary to acquire the Real Property in exchange for
other real property owned by Buyer ("BUYER'S PROPERTY"). In such event, Buyer
shall enter into an exchange agreement with the Intermediary prior to the
Closing by the terms of which the Intermediary shall use the sale proceeds from
Buyer's Property to acquire the Real Property, and Buyer may transfer this

<PAGE>

Agreement to the Intermediary for such purpose, but all transfer documents shall
be executed by Buyer and Buyer shall remain solely responsible for Buyer's
obligations under this Agreement. Notwithstanding Buyer's election to effect a
tax-deferred exchange, such an exchange by Buyer shall not interfere with or
excuse Buyer's obligations under this Agreement, and Buyer shall be required to
buy the Real Property from Seller and Seller shall be required to sell the Real
Property for the price and on the terms set forth in this Agreement. In no event
shall Seller be required (a) to take title to any other property other, or (b)
to pay funds in addition to those called for elsewhere in this Agreement. Seller
shall execute such documents and undertake such acts as are reasonably necessary
and/or convenient to facilitate the foregoing tax-deferred exchange, but Seller
shall not be required to be involved in such exchange other than as specified
herein.

     7.16 CONFIDENTIALITY. Seller and Buyer and on behalf of their agents,
representatives and assigns, agree and warrant that they understand and agree
that as a material condition of this Agreement, and in exchange for
consideration hereunder, the negotiations preceding this Agreement and any that
may hereafter take place, the contents of the Property Documents and any other
documents hereafter disclosed to either Party, any financial information
provided to either Party by the other, and the existence of this Agreement
together with its terms and conditions (collectively, the "CONFIDENTIAL
INFORMATION"), are to remain strictly private and confidential to the extent
permitted by law. Seller and Buyer expressly agree that they will not disclose,
request or consent to disclosure or otherwise disseminate the Confidential
Information to anyone with the sole exceptions of their attorneys, accountants,
lenders or tax preparers, and they shall instruct their attorneys, accountants,
lenders or tax preparers not to disclose the Confidential Information to anyone,
unless specifically permitted or required by law, and in that event, only such
information as the law permits or requires to be disclosed. Seller and Buyer,
and on behalf of their agents, representatives and assigns, agree that they
shall not at any time do anything or take any action or make any statement,
written or oral, inconsistent with the terms and provisions of this Agreement.
Seller and Buyer understand that the "lid" on publicity and all other terms
hereof will be enforced and that a breach of this Agreement will make them
responsible for all damages occasioned thereby, including, but not limited to,
attorney's fees incurred therefrom. Notwithstanding the foregoing, each Party,
on or after the Closing, may issue a press release generally describing the sale
and/or acquisition of the Property, but the Purchase Price and financial terms
of this Agreement shall not be disclosed.

     7.17 SEC S-X 3-14 AUDIT. Seller acknowledges that Buyer may elect to assign
all of its right, title and interest in and to this Agreement to a company that
is subject to the reporting requirements of the Securities Exchange Act of 1934,
as amended ("REGISTERED COMPANY"), promoted by the Buyer or to an affiliate of a
Registered Company (a "REGISTERED COMPANY AFFILIATE"). In the event Buyer's
assignee under this Agreement is a Registered Company or a Registered Company
Affiliate, the Registered Company will be required to make certain filings with
the U.S. Securities and Exchange Commission required under SEC Rule 3-14 of
Regulation S-X (the "SEC FILINGS") that relate to the most recent
pre-acquisition fiscal year (the "AUDITED YEAR") for the Property. To assist the
Registered Company with the preparation of the SEC Filings, Seller agrees to
provide Buyer and the Registered Company with financial information regarding
the Property for the Audited Year requested by Buyer, the Registered Company,
and/or Buyer's or the Registered Company's auditors. Such information may
include, but is not limited to, bank statements, operating statements, general
ledgers, cash receipts schedules, invoices for expenses and capital
improvements, insurance documentation, and accounts receivable aging related to
the Property ("SEC FILING INFORMATION"). Notwithstanding the foregoing, under no
circumstances shall Seller be required to deliver or disclose any of its tax
returns or any information that is privileged by law from disclosure, provided,
however, Seller agrees to deliver or disclose to Buyer such component
information used in connection with the preparation of said tax returns as is
necessary for Buyer to satisfy the SEC Filings requirements. Seller shall
deliver the SEC Filing Information requested by Buyer, the Registered Company
and/or Buyer's or the Registered Company's auditors prior to the expiration of
the Study Period, and Seller agrees to cooperate with Buyer, the Registered
Company and Buyer's or the Registered Company's auditors regarding any inquiries
by Buyer, the Registered Company and Buyer's or the Registered Company's
auditors following receipt of such information, including delivery by Seller of
an executed representation letter prior to COE in form and substance requested
by Buyer's or the Registered Company's auditors ("SEC FILINGS LETTER"). A sample
SEC Filings Letter is attached to the Purchase Agreement as Exhibit "C";
however, Buyer's and/or the Registered Company's auditors may require additions
and/or revisions to such letter following review of the SEC Filing Information
provided by Seller. Seller consents to the disclosure of the SEC Filing
Information in any SEC Filings by the Registered Company. Buyer shall reimburse
Seller for Seller's reasonable costs associated with providing the SEC Filing
Information. The provisions of this Section 7.17 shall survive the Closing for a
period of one (1) year.

<PAGE>

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date(s)
written below.

SELLER:   SHADRALL ASSOCIATES, A NEW YORK GENERAL
          PARTNERSHIP

          By its Managing General Partner,
          Shadrall Corp., a
          Massachusetts Corporation

          By: /s/ Shalom Wall
              -----------------------------------
              Shalom Wall, Vice President
          Dated: 11-16-05

BUYER:    COLE TAKEDOWN, LLC, A DELAWARE LIMITED
          LIABILITY COMPANY

          /s/ John M. Pons
          ---------------------------------------
          BY: John M. Pons
          ITS: Senior Vice President
          Dated: November 16, 2005

<PAGE>

                         AMENDMENT TO PURCHASE AGREEMENT

     This Amendment to Purchase Agreement (this "Amendment") is made and entered
into effective as of the 29th day of November, 2005, by and between SHADRALL
ASSOCIATES ("Seller") and COLE TAKEDOWN, LLC ("Buyer") and provides as follows:

                                   WITNESSETH:

     WHEREAS, Seller and Buyer entered into that certain Agreement for Purchase
and Sale of Real Property and Joint Escrow Instructions dated as of November 16,
2005 (the "Purchase Agreement"); and

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

     NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and intending to be legally bound,
the parties hereto hereby agree as follows:

     1. The first sentence of Section 3.3 of the Purchase Agreement is hereby
amended by deleting the entirety thereof and substituting the following in lieu
thereof:

          THE "Due Diligence Contingency Period" MEANS THE PERIOD COMMENCING ON
          THE EFFECTIVE DATE AND ENDING AT 6:00 P.M. (COLORADO TIME) ON DECEMBER
          7, 2005 (SUCH LATTER TIME AND DATE BEING HEREINAFTER KNOWN AS THE "Due
          Diligence Expiration Date").

     2. Except as specifically amended herein, all of the terms and provisions
of the Purchase Agreement are hereby ratified and affirmed to be in full force
and effect as of the date hereof. To the extent of any conflict between the
Purchase Agreement and this Amendment, the terms and provisions of this
Amendment shall govern and control.

     3. This Amendment may be executed in one or more counterparts, each of
which shall be an original, but all of which when taken together shall
constitute one and the same instrument binding on all parties. Delivery of a
signed counterpart by facsimile transmission shall be effective as delivery of a
manually signed counterpart of this Agreement.

[SIGNATURES ON FOLLOWING PAGE]

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date set forth above.

BUYER:                                   SELLER:

COLE TAKEDOWN, LLC, a Delaware limited   SHADRALL ASSOCIATES, a New York general
liability company                        partnership

By: /s/ John M. Pons                     By: Shadrall Corp., a Massachusetts
    ----------------------------------   corporation
    John M. Pons                         Its General Partner
    Its Senior Vice President

                                         By: /s/ Shalom Wall
                                             -----------------------------------
                                             Shalom Wall
                                             Its Vice President

<PAGE>

                     REINSTATEMENT OF AND FIRST AMENDMENT TO
                AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY
                          AND JOINT ESCROW INSTRUCTIONS

     THIS REINSTATEMENT OF AND FIRST AMENDMENT TO AGREEMENT FOR PURCHASE AND
SALE OF REAL PROPERTY AND JOINT ESCROW INSTRUCTIONS (this "Amendment") dated as
of the 3rd day of January, 2006, is executed by and between SHADRALL ASSOCIATES,
a New York general partnership ("Seller"), and COLE TAKEDOWN, LLC, a Delaware
limited liability company ("Buyer").

                                    RECITALS

     A. Seller and Buyer have heretofore entered into a certain Agreement for
Purchase and Sale of Real Property and Joint Escrow Instructions dated November
16, 2005 (the "Agreement"). Unless otherwise defined herein, terms used herein
with initial capital letters shall have the same meanings assigned to such terms
in the Agreement.

     B. Buyer did not approve the Property pursuant to Section 3.3 of the
Agreement or waive the contingencies set forth therein, which, pursuant to said
Section 3.3, was deemed to be an election by Buyer to terminate the Agreement.
Buyer and Seller acknowledge and agree, however, that the Accrued Deposit was
not returned to Buyer as contemplated by Section 2.6 of the Agreement and is
still held in escrow by Escrow.

     C. Seller and Buyer now wish to reinstate the Agreement and to amend
certain of the terms thereof.

     NOW, THEREFORE, for and in consideration of Ten Dollars ($10.00) and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Seller and Buyer hereby agree as follows:

1.   Seller and Buyer hereby reinstate the Agreement and acknowledge that the
     Agreement is in full force and effect as of the date hereof. Buyer hereby
     waives its right to terminate the Agreement pursuant to Section 3.3.

2.   The Purchase Price shall be $18,500,000.00.

3.   Not later than three (3) business days after the full execution and
     delivery of the Amendment to Escrow, Buyer shall deliver to Escrow
     additional earnest money in the amount of Five Hundred Thousand and No/100
     Dollars ($500,000.00), which amount shall be added to and be a part of the
     Accrued Deposit.

4.   Section 1.4 of the Agreement is deleted in its entirety and replaced by the
     following:

     "1.4 EXPECTED CLOSING DATE. Subject to Section 2.9, the Closing shall be
     January 17, 2006 (the "EXPECTED CLOSING DATE"). Buyer may extend the
     Closing for up to an additional twenty (20) days upon delivery of written
     notice to extend the Closing to Escrow and Seller prior to the original
     Closing Date."

5.   Seller's has responded to Buyer's written objections to the Exceptions
     pursuant to Section 2.2 of the Agreement by notifying Buyer that Seller
     will not cure, clear correct or remove any Exceptions to which Buyer
     objected. The parties hereby acknowledge and agree that Buyer shall have
     the option, exercisable by giving written notice thereof to Seller on or
     before 5 p.m. Phoenix, Arizona time on January 9, 2006, to terminate the
     Agreement under Section 2.2 if Buyer is unable to clear, correct or remove
     the Exceptions to which it has objected. If Buyer elects to terminate the
     Agreement, the provisions of Section 2.6 shall apply. If Buyer fails to
     provide timely written notice of its election to terminate the Agreement,
     Buyer shall be deemed to have waived its objections to the Exceptions.

6.   As reinstated and amended hereby, the Agreement remains in full force and
     effect.

<PAGE>

7.   In order to facilitate execution, (a) this Amendment may be executed in as
     many counterparts as may be convenient or required, (b) all counterparts
     shall collectively constitute a single instrument, (c) any signature page
     to any counterpart may be detached from such counterpart without impairing
     the legal effect of the signatures thereon and thereafter attached to
     another counterpart identical thereto except having attached to it
     additional signature pages and (d) delivery of an executed counterpart of
     this Amendment by facsimile shall be binding on the parties so delivering.

     EXECUTED AND DELIVERED as of the date first above written.

                                         SELLER:

                                         SHADRALL ASSOCIATES,
                                         a New York general partnership

                                         By its Managing General Partner,
                                         Shadrall Corp., a Massachusetts
                                         corporation

                                         By /s/ Shalom Wall
                                            ------------------------------------
                                            Shalom Wall, Vice President

                                         BUYER:

                                         COLE TAKEDOWN, LLC,
                                         a Delaware limited liability company

                                         By: /s/ John M. Pons
                                             -----------------------------------
                                         Print: John M. Pons
                                         Its: Senior Vice President

<PAGE>

    ASSIGNMENT OF AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AND JOINT
                               ESCROW INSTRUCTIONS

                         SHADRALL ASSOCIATES, AS SELLER
                                       AND
                          COLE TAKEDOWN, 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 Agreement for Purchase and Sale of Real Property and
Joint Escrow Instructions ("Purchase Agreement") described herein, to ASSIGNEE
and its successors and assigns. The Purchase Agreement is described as follows:

     DATE OF AGREEMENT:   November 16, 2005, as amended and reinstated

     ORIGINAL BUYER:      Cole Takedown, LLC

     ASSIGNED TO:         Cole MT Denver CO, LLC

     PROPERTY ADDRESS:    4827 and 4887 South Wadsworth Way, Denver, Colorado

     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 6th day of February, 2006.

ASSIGNOR:                               ASSIGNEE:

COLE TAKEDOWN, LLC                      COLE MT DENVER CO, LLC

                                        By: Cole REIT Advisors II, LLC,
                                            its Manager

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

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