Document:

Intercreditor Agreement

 Exhibit 10.2 
 INTERCREDITOR AGREEMENT 
 INTERCREDITOR AGREEMENT, dated as of April 23, 2004, among CONGRESS
FINANCIAL CORPORATION (CENTRAL) (“Congress”), as Credit Agent, DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee, DEUTSCHE BANK NATIONAL TRUST COMPANY, as Collateral Agent, DELCO REMY INTERNATIONAL, INC. and each SUBSIDIARY GUARANTOR
listed on Schedule I hereto. 
 W I T N E S S E T H : 
 WHEREAS, the Company (such term and each other capitalized term used herein having the meanings set forth in Section 1 below), certain of the Company’s Subsidiaries, certain lenders and Congress, as
administrative agent, are parties to the Second Amended and Restated Loan and Security Agreement dated as of April 23, 2004 (as further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”);

 WHEREAS, the Obligations of the Company under the Credit Agreement are secured by various assets of the Company and certain Subsidiaries
thereof; 
 WHEREAS, the Company, certain Subsidiaries of the Company and the Trustee have entered into the Indenture dated as of
April 23, 2004 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), pursuant to which the Notes shall be governed; and 
 WHEREAS, the Company, certain subsidiaries of the Company, the Trustee and the Credit Agent are entering into this Agreement to set forth, among other
things, certain rights and priorities with respect to the Senior Lender Collateral and the Noteholder Collateral; 
 Now, THEREFORE, in
consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound,
hereby agree as follows: 
 Section 1. (a) Definitions. As used in this Agreement, the following terms have the
meanings specified below: 
 “Agreement” means this Agreement, as amended, renewed, extended, supplemented or otherwise
modified from time to time in accordance with the terms hereof. 
 “Bankruptcy Law” means Title 11 of the United States Code
and any similar Federal, state or foreign law for the relief of debtors. 
 “Business Day” means any day other than a
Saturday, a Sunday or a day that is a legal holiday under the laws of the State of New York or on which banking institutions in the State of New York are required or authorized by law or other governmental action to close. 

 “Cash Management Obligations” means, with respect to any Person, all obligations,
whether now owing or hereafter arising, of such Person in respect of overdrafts and related liabilities owed to any other Person that arise from treasury, depositary or cash management services, including any automated clearing house transfers of
funds or any similar transactions. 
 “Common Collateral” means all of the assets of any Grantor, whether real, personal or
mixed, constituting both Senior Lender Collateral and Noteholder Collateral. 
 “Company” means Delco Remy International,
Inc., a Delaware corporation, and its successors. 
 “Comparable Noteholder Collateral Document” means, in relation to any
Common Collateral subject to any Lien created under any Senior Collateral Document, that Noteholder Collateral Document that creates a Lien on the same Common Collateral, granted by the same Grantor. 
 “Credit Agent” means Congress, in its capacity as administrative agent under the Credit Agreement, and its successors as collateral
agent for the Senior Lenders (or if there is more than one such successor agent, such agent as is designated as “Credit Agent” by Senior Lenders holding a majority of the Senior Lender Claims then outstanding) under the Senior Credit
Agreement exercising substantially the same rights and powers. 
 “Deposit Account” has the meaning set forth in the Uniform
Commercial Code. 
 “Deposit Account Collateral” means that part of the Common Collateral comprised of or contained in
Deposit Accounts or Securities Accounts. 
 “DIP Financing” has the meaning set forth in Section 6.1. 
 “Discharge of Senior Lender Claims” means, except to the extent otherwise provided in Section 5.6, payment in full in cash of
(a) all Obligations in respect of all outstanding First-Lien Indebtedness and, with respect to letters of credit outstanding thereunder, delivery of cash collateral or backstop letters of credit in respect thereof in compliance with the Senior
Credit Agreement, in each case after or concurrently with termination of all commitments to extend credit thereunder and (b) any other Senior Lender Claims that are due and payable or otherwise accrued and owing at or prior to the time such
principal and interest are paid. 
 “First-Lien Indebtedness” means (a) all Indebtedness incurred by the Company and
its Subsidiaries pursuant to the Credit Agreement and secured by a Permitted Lien (as defined in the Indenture) described in clause (7) of the definition thereof, (b) all other Obligations (not constituting Indebtedness) of the Company and
its Subsidiaries under the agreements governing such Indebtedness and (c) all other Obligations of Parent, the Company and its Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services in connection
with such first-lien Indebtedness. 
 “Future First-Lien Indebtedness” means any First-Lien Indebtedness other than
Indebtedness incurred pursuant to the Credit Agreement. 
  

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 “Grantors” means the Company and each of the Subsidiaries that has executed and
delivered a Noteholder Collateral Document or a Senior Collateral Document. 
 “Hedging Obligations” means, with respect to
any Person, all obligations and liabilities, whether now owing or hereafter arising, of such Person in respect of (a) interest rate, commodity or currency swap agreements, interest rate, commodity or currency cap agreements, interest rate,
commodity or currency collar agreements or (b) other agreements or arrangements designed to protect such Person against fluctuations in interest rates, commodity prices and/or currency exchange rates. 
 “Indebtedness” means and includes all obligations that constitute “Indebtedness” within the meaning of the Indenture or the
Senior Credit Agreement. 
 “Indenture” has the meaning set forth in the recitals hereto. 
 “Insolvency or Liquidation Proceeding” means (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with
respect to any Grantor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Grantor or with
respect to any of its assets, (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy or (d) any assignment for the benefit of
creditors or any other marshalling of assets and liabilities of any Grantor. 
 “Lien” means, with respect to any asset, any
mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset. 
 “Noteholder Claims” means all Obligations in respect of the Notes or arising under the Noteholder Documents or any of them, including all fees and expenses of the Trustee thereunder. 
 “Noteholder Collateral” means all of the assets of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted
as security for any Noteholder Claim. 
 “Noteholder Collateral Documents” means the Noteholder Security Agreement, the
Noteholder Mortgages and any other document or instrument pursuant to which a Lien is granted by any Grantor to secure any Noteholder Claims or under which rights or remedies with respect to any such Lien are governed. 
 “Noteholder Documents” means (a) the Indenture, the Notes, the Noteholder Collateral Documents and (b) any other related
document or instrument executed and delivered pursuant to any Noteholder Document described in clause (a) above evidencing or governing any Obligations thereunder. 
 “Noteholder Mortgages” means a collective reference to each mortgage, deed of trust and any other document or instrument under which any Lien on real property owned by any Grantor is granted to secure
any Noteholder Claims or under which rights or remedies with respect o any such Liens are governed. 
  

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 “Noteholder Security Agreement” means the Collateral Agreement dated as of
April 23, 2004, among the Company, certain other domestic Grantors and the Trustee. 
 “Noteholders” means the Persons
holding Noteholder Claims. 
 “Notes” means (a) the initial $125.0 million in aggregate principal amount of
second-priority senior secured floating rate notes due 2009 to be issued by the Company pursuant to the Indenture, (b) the exchange notes issued in exchange therefor as contemplated by the Registration Rights Agreement dated as of
April 23, 2004, among the Company, certain Subsidiaries of the Company and the initial purchasers party thereto and (c) any additional notes issued under the Indenture by the Company, to the extent permitted by the Indenture and the Credit
Agreement. 
 “Obligations” means, with respect to any Indebtedness, any and all obligations, whether now owing or hereafter
arising, with respect to the payment of (a) any principal of or interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for post-filing interest is allowed in such
proceeding) or premium on any Indebtedness, including any reimbursement obligation in respect of any letter of credit, (b) any fees, indemnification obligations, expense reimbursement obligations or other liabilities payable under the
documentation governing such Indebtedness, (c) any obligation to post cash collateral in respect of letters of credit and any other obligations and (d) any Cash Management Obligations or Hedging Obligations owing to any of the Senior
Lenders or any affiliates thereof. 
 “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, entity or other party, including any government and any political subdivision, agency or instrumentality thereof. 
 “Pledged Collateral” means (a) the Common Collateral in the possession of the Credit Agent (or its agents or bailees), to the extent that possession thereof is necessary to perfect a Lien thereon
under the Uniform Commercial Code and (b) the “Pledged Collateral” under, and as defined in, the Noteholder Security Agreement that is Common Collateral. 
 “Recovery” has the meaning set forth in Section 6.4. 
 “Required
Lenders” means, with respect to any Senior Credit Agreement, those Senior Lenders the approval of which is required to approve an amendment or modification of, termination or waiver of any provision of or consent or departure from the
Senior Credit Agreement (or would be required to effect such consent under this Agreement if such consent were treated as an amendment of the Senior Credit Agreement). 
 “Securities Account” has the meaning set forth in the Uniform Commercial Code. 
 “Senior Collateral Documents” means the Credit Agreement and any other agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any Senior Lender Claims or under which rights or
remedies with respect to such Liens are at any time governed. 
  

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 “Senior Credit Agreement” means the Credit Agreement and any other agreement governing
Future First-Lien Indebtedness. 
 “Senior Lender Cash Management Obligations” means any Cash Management Obligations secured
by any Common Collateral under the Senior Collateral Documents. 
 “Senior Lender Claims” means (a) all First-Lien
Indebtedness outstanding, including any Future First-Lien Indebtedness and (b) all other Obligations (not constituting Indebtedness under any such First-Lien Indebtedness), including all Senior Lender Hedging Obligations and Senior Lender Cash
Management Obligations. Senior Lender Claims shall include all interest and expenses accrued or accruing (or that would, absent the commencement of an Insolvency or Liquidation Proceeding, accrue) after the commencement of an Insolvency or
Liquidation Proceeding in accordance with and at the rate specified in the relevant Senior Lender Document whether or not the claim for such interest or expenses is allowed as a claim in such Insolvency or Liquidation Proceeding. 
 “Senior Lender Collateral” means all of the assets of any Grantor, whether real, personal or mixed, with respect to which a Lien is
granted as security for any Senior Lender Claim. 
 “Senior Lender Documents” means the Senior Credit Agreement, the Senior
Collateral Documents and each of the other agreements, documents and instruments (including each agreement, document or instrument providing for or evidencing a Senior Lender Hedging Obligation or Senior Lender Cash Management Obligation) providing
for, evidencing or securing any Obligation under the Credit Agreement or any Future First-Lien Indebtedness and any other related document or instrument executed or delivered pursuant to any Senior Lender Document at any time or otherwise evidencing
or securing any Indebtedness arising under any Senior Lender Document. 
 “Senior Lender Hedging Obligations” means any
Hedging Obligations secured by any Common Collateral under the Senior Collateral Documents. 
 “Senior Lenders” means the
Persons holding Senior Lender Claims, including the Credit Agent. 
 “Subsidiary” means any “Subsidiary” of the
Company as defined in the Indenture. 
 “Trustee” means Deutsche Bank National Trust Company, in its capacity as trustee
under the Indenture and collateral agent under the Noteholder Collateral Documents, and its permitted successors. 
 “Uniform
Commercial Code” or “UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 
 (b) Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without 

  

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limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires
otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified
in accordance with this Agreement, (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to Sections of this Agreement and (e) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 Section 2. Lien Priorities. 
 2.1 Subordination. Notwithstanding the date, time, manner or order of filing or recordation of any document or instrument or grant, attachment or perfection of any Liens granted to the Trustee or the Noteholders on the Common
Collateral or of any Liens granted to the Credit Agent or the Senior Lenders on the Common Collateral and notwithstanding any provision of the UCC, or any applicable law or the Noteholder Documents or the Senior Lender Documents or any other
circumstance whatsoever, the Trustee, on behalf of itself and the Noteholders, hereby agrees that: (a) any Lien on the Common Collateral securing any Senior Lender Claims now or hereafter held by or on behalf of the Credit Agent or any Senior
Lenders or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over and be senior in all respects and prior to any Lien on the Common Collateral
securing any of the Noteholder Claims and (b) any Lien on the Common Collateral securing any Noteholder Claims now or hereafter held by or on behalf of the Trustee or any Noteholders or any agent or trustee therefor regardless of how acquired,
whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Common Collateral securing any Senior Lender Claims. All Liens on the Common Collateral securing any Senior
Lender Claims shall be and remain senior in all respects and prior to all Liens on the Common Collateral securing any Noteholder Claims for all purposes, whether or not such Liens securing any Senior Lender Claims are subordinated to any Lien
securing any other obligation of the Company, any other Grantor or any other Person. 
  

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 2.2 Prohibition on Contesting Liens. Each of the Trustee, for itself and on behalf of each
Noteholder, and the Credit Agent, for itself and on behalf of each Senior Lender, agrees that it shall not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation
Proceeding), the validity, perfection, priority, validity or enforceability of (a) a Lien securing any Senior Lender Claims held (or purported to be held) by or on behalf of the Credit Agent or any of the Senior Lenders in any Senior Lender
Collateral or (b) a Lien securing any Noteholder Claims held (or purported to be held) by or on behalf of any of the Noteholders in the Common Collateral, as the case may be; provided, however, that nothing in this Agreement shall
be construed to prevent or impair the rights of the Credit Agent or any Senior Lender to enforce this Agreement, including the priority of the Liens securing the Senior Lender Claims as provided in Section 2.1. 
 2.3 No New Liens. Subject to Section 11.03 of the Indenture, so long as the Discharge of Senior Lender Claims has not occurred, the parties
hereto agree that, after the date hereof, if the Trustee shall hold any Lien on any assets of the Company or any other Grantor securing any Noteholder Claims that are not also subject to the first-priority Lien in respect of the Senior Lender Claims
under the Senior Lender Documents, the Trustee, upon demand by the Credit Agent or the Company, will assign such Lien to the Credit Agent as security for the Senior Lender Claims (in which case the Trustee may retain a junior lien on such assets
subject to the terms hereof). 
 2.4 Perfection of Liens. Neither the Credit Agent nor the Senior Lenders shall be responsible for
perfecting and maintaining the perfection of Liens with respect to the Common Collateral for the benefit of the Trustee and the Noteholders. The provisions of this Intercreditor Agreement are intended solely to govern the respective Lien priorities
as between the respective Senior Lenders and the Noteholders and shall not impose on the Credit Agent, the Trustee, the Noteholders or the Senior Lenders any obligations in respect of the disposition of proceeds of any Common Collateral which would
conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. 
 Section 3. Enforcement. 
 3.1 Exercise of Remedies. 
 (a) So long as the Discharge of Senior Lender Claims has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or
against the Company or any other Grantor, (i) the Trustee and the Noteholders will not (x) exercise or seek to exercise any rights or remedies (including set-off) with respect to any Common Collateral in respect of any Noteholder
Claims, institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure), (y) contest, protest or object to any foreclosure proceeding or action brought with respect to the Common Collateral by
the Credit Agent or any Senior Lender in respect of Senior Lender Claims, the exercise of any right under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement to which the Trustee or
any Noteholder either is a party or may have rights as a third party beneficiary, or any other exercise by any such party, of any rights and remedies relating to the Common Collateral under the Senior Lender Documents or otherwise in respect of

  

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Senior Lender Claims, or (z) object to the forbearance by the Senior Lenders from bringing or pursuing any foreclosure proceeding or action or any other
exercise of any rights or remedies relating to the Common Collateral in respect of Senior Lender Claims and (ii) except as otherwise provided herein, the Credit Agent and the Senior Lenders shall have the exclusive right to enforce rights,
exercise remedies (including set-off and the right to credit bid their debt) and make determinations regarding the release, disposition, or restrictions with respect to the Common Collateral without any consultation with or the consent of the
Trustee or any Noteholder; provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against the Company, the Trustee may file a claim or statement of interest with respect to the Noteholder Claims
and (B) the Trustee may take any action (not adverse to the prior Liens on the Common Collateral securing the Senior Lender Claims, or the rights of the Credit Agent or the Senior Lenders to exercise remedies in respect thereof) in order to
preserve or protect the perfection and priority (vis-a-vis Persons other than the Senior Lenders) of its Lien on the Common Collateral. In exercising rights and remedies with respect to the Senior Lender Collateral, the Credit Agent and the Senior
Lenders may enforce the provisions of the Senior Lender Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall include the
rights of an agent appointed by them to sell or otherwise dispose of Common Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured lender under the Uniform
Commercial Code of any applicable jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction. 
 (b) So long
as the Discharge of Senior Lender Claims has not occurred, the Trustee, on behalf of itself and the Noteholders, agrees that it will not, in the context of its role as secured creditor, take or receive any Common Collateral or any proceeds of Common
Collateral in connection with the exercise of any right or remedy (including set-off) with respect to any Common Collateral in respect of Noteholder Claims. Without limiting the generality of the foregoing, unless and until the Discharge of Senior
Lender Claims has occurred, except as expressly provided in the proviso in clause (ii) of Section 3.1 (a), the sole right of the Trustee and the Noteholders with respect to the Common Collateral is to hold a Lien on the Common Collateral
in respect of Noteholder Claims pursuant to the Noteholder Documents for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after the Discharge of the Senior Lender Claims has occurred. 

(c) Subject to the proviso in clause (ii) of Section 3.l(a), (i) the Trustee, for itself and on behalf of the Noteholders, agrees that
the Trustee and the Noteholders will not take any action that would hinder any exercise of remedies undertaken by the Credit Agent or the Senior Lenders with respect to the Common Collateral under the Senior Loan Documents, including any sale,
lease, exchange, transfer or other disposition of the Common Collateral, whether by foreclosure or otherwise, and (ii) the Trustee, for itself and on behalf of the Noteholders, hereby waives any and all rights it or the Noteholders may have as
a junior lien creditor or otherwise to object to the manner in which the Credit Agent or the Senior Lenders seek to enforce or collect the Senior Lender Claims or the Liens granted in any of the Common Collateral in respect of Senior Lender Claims,
regardless of whether any action or failure to act by or on behalf of the Credit Agent or Senior Lenders is adverse to the interest of the Noteholders. 
  

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 (d) The Trustee hereby acknowledges and agrees that no covenant, agreement or restriction contained in
any Noteholder Document shall be deemed to restrict in any way the rights and remedies of the Credit Agent or the Senior Lenders with respect to the Common Collateral as set forth in this Agreement and the Senior Lender Documents. 
 3.2 Cooperation. Subject to the proviso in clause (ii) of Section 3. l(a), the Trustee, on behalf of itself and the Noteholders, agrees
that, unless and until the Discharge of Senior Lender Claims has occurred, it will not commence, or join with any Person (other than the Senior Lenders and the Credit Agent upon the request thereof) in commencing, any enforcement, collection,
execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the Common Collateral under any of the Noteholder Documents or otherwise in respect of the Noteholder Claims. 
 Section 4. Payments. 
 4.1
Application of Proceeds. After an event of default under the First-Lien Indebtedness has occurred with respect to which the Credit Agent has provided written notice to the Trustee, and until such event of default is cured or waived, so long
as the Discharge of Senior Lender Claims has not occurred, the Common Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, such Common Collateral upon the exercise of remedies, shall be
applied by the Credit Agent to the Senior Lender Claims in such order as specified in the relevant Senior Lender Documents until the Discharge of Senior Lender Claims has occurred. Upon the Discharge of the Senior Lender Claims, the Credit Agent
shall deliver promptly to the Trustee any proceeds of Common Collateral held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Trustee to the
Noteholder Claims in such order as specified in the relevant Noteholder Documents. 
 4.2 Payments Over. Any Common Collateral or
proceeds thereof received by the Trustee or any Noteholder in connection with the exercise of any right or remedy (including set-off) relating to the Common Collateral in contravention of this Agreement shall be segregated and held for the benefit
of and forthwith paid over to the Credit Agent for the benefit of the Senior Lenders in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The Credit Agent is hereby authorized to
make any such endorsements as agent for the Trustee or any such Noteholder. This authorization is coupled with an interest and is irrevocable. 
  

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 Section 5. Other Agreements. 
 5.1 Releases. 
 (a) If, at any time
any Grantor or the holder of any Senior Lender Claim delivers notice to the Trustee that any specified Common Collateral (including, without limitation all or substantially all of the equity interests of a Grantor or any of its Subsidiaries) is
sold, transferred or otherwise disposed of: 
 (i) by the owner of such Common Collateral in a transaction permitted under the
Senior Credit Agreement and the Indenture; or 
 (ii) during the existence of any Event of Default under (and as defined in)
the Senior Credit Agreement to the extent the Credit Agent has consented to such sale, transfer or disposition: 
 then (whether or not any Insolvency or
Liquidation Proceeding is pending at the time) the Liens in favor of the Trustee upon such Collateral will automatically be released and discharged as and when and to the extent such Liens on such Collateral securing Senior Lender Claims are
released and discharged. Upon delivery to the Trustee of a notice from the Credit Agent stating that any release of Liens securing or supporting the Senior Lender Claims has become effective, the Trustee will promptly execute and deliver such
instruments, releases, termination statement or other documents confirming such release on customary terms. In the case of the sale of all or substantially all of the capital stock of a Grantor or any of its Subsidiaries, the guarantee in favor of
the Noteholders, if any, made by such Grantor or Subsidiary will automatically be released and discharged as and when, but only to the extent the guarantee by such Grantor or Subsidiary of Senior Lender Claims is released and discharged. 

(b) The Trustee, for itself and on behalf of the Noteholders, hereby irrevocably constitutes and appoints the Credit Agent and any officer or agent of
the Credit Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Trustee or such holder or in the Credit Agent’s own name, from time to time in
the Credit Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the
purposes of this Section 5.1, including any termination statements, endorsements or other instruments of transfer or release. 
 (c)
Unless and until the Discharge of Senior Lender Claims has occurred, the Trustee, for itself and on behalf of the Noteholders, hereby consents to the application, whether prior to or after default, of Deposit Account Collateral or proceeds of Common
Collateral to the repayment of Senior Lender Claims pursuant to the Senior Credit Agreement; provided that nothing in this Section 5.1(c) shall be construed to prevent or impair the rights of the Trustee or the Noteholders to receive proceeds
in connection with the Noteholder Claims not otherwise in contravention of this agreement. 
 5.2 Insurance. Unless and until the
Discharge of Senior Lender Claims has occurred, the Credit Agent and the Senior Lenders shall have the sole and exclusive right, subject 

  

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to the rights of the Grantors under the Senior Lender Documents, to adjust settlement for any insurance policy covering the Common Collateral in the event of
any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Common Collateral. Unless and until the Discharge of Senior Lender Claims has occurred, all proceeds of any such policy and any such award
if in respect of the Common Collateral shall be paid to the Credit Agent for the benefit of the Senior Lenders to the extent required under the Senior Lender Documents in respect of the Senior Lender Claims and thereafter to the Trustee for the
benefit of the Noteholders to the extent required under the applicable Noteholder Documents and then to the owner of the subject property or as a court of competent jurisdiction may otherwise direct. If the Trustee or any Noteholder shall, at any
time, receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, it shall pay such proceeds over to the Credit Agent in accordance with the terms of Section 4.2. 
 5.3 Amendments to Noteholder Collateral Documents. 
 (a) Without the prior written consent of the Credit Agent and the Required Lenders, no Noteholder Collateral Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment,
supplement or modification, or the terms of any new Noteholder Collateral Document, would be prohibited by or inconsistent with any of the terms of this Agreement. The Trustee agrees that each Noteholder Collateral Document shall include the
following language (or language to similar effect approved by the Credit Agent): 
 “Notwithstanding anything herein to the contrary,
(i) the liens and security interests granted to the Trustee pursuant to this Agreement are expressly subject and subordinate to the liens and security interests granted to Congress Financial Corporation (Central), as agent, for the benefit of
the lenders referred to below, pursuant to the Second Amended and Restated Loan and Security Agreement, dated as of April 23, 2004 (as restated, amended, modified or supplemented) by and among Delco Remy International, Inc., the other
“Borrowers” named therein, Congress Financial Corporation (Central), as Administrative Agent and US Collateral Agent, and the lenders party thereto and (ii) the exercise of any right or remedy by the Trustee hereunder is subject to
the limitations and provisions of the Intercreditor Agreement, dated as of April 23, 2004 (as amended, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), by and among Congress Financial
Corporation Central (Central), as Credit Agent, Deutsche Bank National Trust Company, as Trustee, Delco Remy International, Inc. and the subsidiary guarantors party thereto. In the event of any conflict between the terms of the Intercreditor
Agreement and the terms of this Agreement, the terms of the Intercreditor Agreement shall govern.” 
 (b) In the event that the Credit
Agent or the Senior Lenders enter into any amendment, waiver or consent in respect of any of the Senior Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any
Senior Collateral Document or changing in any manner the rights of the Credit Agent, the Senior Lenders, the Company or any other Grantor thereunder (including, without limitation, the release of any Liens in Senior Lender Collateral), then such
amendment, waiver or consent shall apply automatically to any comparable provision of the Comparable Noteholder Collateral Document without the consent of the Trustee or the Noteholders and without any 

  

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action by the Trustee or the Company; provided, however, that (A) if any such amendment, waiver or consent could reasonably be expected to
be adverse to the Noteholders or the interest of the Noteholders in the Noteholder Collateral, such amendment, waiver or consent shall not apply to any Noteholder Collateral Document unless, at the time of such amendment, waiver or consent, Bank
Indebtedness (as defined in the Indenture) (including commitments in respect thereof to the extent that such commitments are subject only to borrowing base requirements or other reasonable and customary funding conditions and are then available to
be funded at the election of the Company) of no less than $35.0 million (after giving effect to all borrowing base calculations, as reasonably determined by the Credit Agent) is then outstanding and (B) written notice of such amendment, waiver
or consent shall have been given to the Trustee. Notwithstanding the foregoing, no such amendment, waiver or consent shall have the effect of releasing assets subject to the Lien of the Noteholder Collateral Document, except to the extent that a
release of such Lien is permitted by Section 11.03 of the Indenture. 
 5.4 Rights As Unsecured Creditors. Notwithstanding
anything to the contrary in this Agreement, the Trustee and the Noteholders may exercise rights and remedies as an unsecured creditor against the Company or any Subsidiary that has guaranteed the Noteholder Claims in accordance with the terms of the
Noteholder Documents and applicable law. Nothing in this Agreement shall prohibit the receipt by the Trustee or any Noteholders of the required payments of interest and principal so long as such receipt is not the direct or indirect result of the
exercise by the Trustee or any Noteholder of rights or remedies as a secured creditor in respect of Common Collateral or enforcement in contravention of this Agreement of any Lien in respect of Noteholder Claims held by any of them. In the event the
Trustee or any Noteholder becomes a judgment lien creditor in respect of Common Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Noteholder Claims, such judgment lien shall be subordinated to the Liens
securing Senior Lender Claims on the same basis as the other Liens securing the Noteholder Claims are so subordinated to such Liens securing Senior Lender Claims under this Agreement. Nothing in this Agreement impairs or otherwise adversely affects
any rights or remedies the Credit Agent or the Senior Lenders may have with respect to the Senior Lender Collateral. 
 5.5 Bailee for
Perfection. 
 (a) The Credit Agent agrees to hold the Pledged Collateral that is part of the Common Collateral in its possession or
control (or in the possession or control of its agents or bailees) as bailee for the Trustee and any assignee solely for the purpose of perfecting the security interest granted in such Pledged Collateral pursuant to the Noteholder Security
Agreement, subject to the terms and conditions of this Section 5.5. 
 (b) The Credit Agent agrees to hold the Deposit Account
Collateral that is part of the Common Collateral and controlled by the Credit Agent for the Trustee and any assignee solely for the purpose of perfecting the security interest granted in such Deposit Account Collateral pursuant to the Noteholder
Security Agreement, subject to the terms and conditions of this Section 5.5. 
 (c) Except as otherwise specifically provided herein
(including, without limitation, Sections 3.1 and 4.1), until the Discharge of Senior Lender Claims has occurred, the 

  

 12 

 
Credit Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the Senior Lender Documents as if the Liens under the
Noteholder Collateral Documents did not exist. The rights of the Trustee and the Noteholders with respect to such Pledged Collateral shall at all times be subject to the terms of this Agreement. 
 (d) The Credit Agent shall have no obligation whatsoever to the Trustee or any Noteholder to assure that the Pledged Collateral is genuine or owned by
the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the Common Collateral except as expressly set forth in this Section 5.5. The duties or responsibilities of the Credit Agent under this
Section 5.5 shall be limited solely to holding the Pledged Collateral as bailee for the Trustee for purposes of perfecting the Lien held by the Trustee. 
 (e) The Credit Agent shall not have by reason of the Noteholder Collateral Documents or this Agreement or any other document a fiduciary relationship in respect of the Trustee or any Noteholder and the Trustee and the
Noteholders hereby waive and release the Credit Agent from all claims and liabilities arising pursuant to the Credit Agent’s role under this Section 5.5, as agent and bailee with respect to the Common Collateral. 
 (f) Upon the Discharge of Senior Lender Claims, the Credit Agent shall deliver to the Trustee, to the extent that it is legally permitted to do so, the
remaining Pledged Collateral (if any) and the Deposit Account Collateral (if any) together with any necessary endorsements (or otherwise allow the Trustee to obtain control of such Pledged Collateral and Deposit Account Collateral) or as a court of
competent jurisdiction may otherwise direct. The Company shall take such further action as is required to effectuate the transfer contemplated hereto and shall indemnify the Credit Agent for loss or damage suffered by the Credit Agent as a result of
such transfer except for loss or damage suffered by the Credit Agent as a result of its own wilful misconduct or bad faith. The Credit Agent has no obligation to follow instructions from the Trustee in contravention of this Agreement. 
 (g) Neither the Credit Agent nor the Senior Lenders shall be required to marshal any present or future collateral security for the Company’s or its
Subsidiaries’ obligations to the Credit Agent or the Senior Lenders under the Senior Credit Agreement or the Senior Collateral Documents or to resort to such collateral security or other assurances of payment in any particular order, and all of
their rights in respect of such collateral security shall be cumulative and in addition to all other rights, however existing or arising. 
 5.6 When Discharge of Senior Lender Claims Deemed to Not Have Occurred. If at any time after the Discharge of Senior Lender Claims has occurred the Company incurs and designates any Future First-Lien Indebtedness, then such Discharge
of Senior Lender Claims shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge
of Senior Lender Claims), and the applicable agreement governing such Future First-Lien Indebtedness shall automatically be treated as the Senior Credit Agreement for all purposes of this Agreement, including for purposes of the Lien priorities and
rights in respect of Common Collateral set forth herein. Upon receipt of notice of such designation (including the identity of the new Credit Agent), the Trustee shall promptly (i) enter into such documents and agreements (at the expense of the
Company), including amendments or 

  

 13 

 
supplements to this Agreement, as the Company or such new Credit Agent shall reasonably request in writing in order to provide the new Credit Agent the
rights of the Credit Agent contemplated hereby and (ii) deliver to the Credit Agent the Pledged Collateral that is Common Collateral together with any necessary endorsements (or otherwise allow such Credit Agent to obtain control of such
Pledged Collateral). 
 Section 6. Insolvency or Liquidation Proceedings. 
 6.1 Financing Issues. If the Company or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding and the Credit Agent shall
desire to permit the use of cash collateral or to permit the Company or any other Grantor to obtain financing under Section 363 or Section 364 of Title 11 of the United States Code or any similar provision in any Bankruptcy Law
(“DIP Financing”), then the Trustee, on behalf of itself and the Noteholders, agrees that it will raise no (a) objection to such use of cash collateral or DIP Financing and will not request adequate protection or any other
relief in connection therewith (except to the extent permitted by the proviso in clause (ii) of Section 3.1(a) and Section 6.3) and, to the extent the Liens securing the Senior Lender Claims under the Senior Credit Agreement or, if no
Senior Credit Agreement exists, under the other Senior Lender Documents are subordinated or pari passu with such DIP Financing, will subordinate its Liens in the Common Collateral to such DIP Financing (and all Obligations relating thereto)
on the same basis as the other Liens securing the Noteholder Claims are so subordinated to Liens securing Senior Lender Claims under this Agreement, (b) objection and will not otherwise contest any motion for relief from the automatic stay or
from any injunction against foreclosure or enforcement in respect of Senior Lender Claims made by Credit Agent or any holder of Senior Lender Claims, (c) objection and will not otherwise contest any lawful exercise by any holder of Senior
Lender Claims of the right to credit bid Senior Lender Claims at any sale in foreclosure of Senior Lender Collateral, (d) objection or otherwise contest any other request for judicial relief made in any court by any holder of Senior Lender
Claims relating to the lawful enforcement of any Lien on Senior Lender Collateral or (e) objection or otherwise contest any order relating to a sale of assets of any Grantor for which the Credit Agent has consented that provides, to the extent
the sale is to be free and clear of Liens, that the Liens securing the Senior Lender Claims and the Noteholder Claims will attach to the proceeds of the sale on the same basis of priority as the Liens securing the Senior Lender Collateral rank to
the Liens securing the Noteholder Collateral in accordance with this Agreement. 
 6.2 Relief from the Automatic Stay. Until the
Discharge of Senior Lender Claims has occurred, the Trustee, on behalf of itself and the Noteholders, agrees that none of them shall seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the
Common Collateral, without the prior written consent of the Credit Agent and the Required Lenders. 
 6.3 Adequate Protection. The
Trustee, on behalf of itself and the Noteholders, agrees that none of them shall contest (or support any other Person contesting) (a) any request by the Credit Agent or the Senior Lenders for adequate protection or (b) any objection by the
Credit Agent or the Senior Lenders to any motion, relief, action or proceeding based on the Credit Agent’s or the Senior Lenders’ claiming a lack of adequate protection. Notwithstanding the foregoing, in any Insolvency or Liquidation
Proceeding, (i) if the Senior Lenders (or any subset 

  

 14 

 
thereof) are granted adequate protection in the form of additional collateral in connection with any DIP Financing or use of cash collateral under
Section 363 or Section 364 of Title 11 of the United States Code or any similar Bankruptcy Law, then the Trustee, on behalf of itself and any of the Noteholders, may seek or request adequate protection in the form of a replacement Lien on
such additional collateral, which Lien is subordinated to the Liens securing the Senior Lender Claims and such DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Noteholder Claims are so
subordinated to the Liens securing Senior Lender Claims under this Agreement and (ii) in the event the Trustee, on behalf of itself and the Noteholders, seeks or requests adequate protection and such adequate protection is granted in the form
of additional collateral, then the Trustee, on behalf of itself or any of the Noteholders, agrees that the Credit Agent shall also be granted a senior Lien on such additional collateral as security for the Senior Lender Claims and any such DIP
Financing and that any Lien on such additional collateral securing the Noteholder Claims shall be subordinated to the Liens on such collateral securing the Senior Lender Claims and any such DIP Financing (and all Obligations relating thereto) and
any other Liens granted to the Senior Lenders as adequate protection on the same basis as the other Liens securing the Noteholder Claims are so subordinated to such Liens securing Senior Lender Claims under this Agreement. 
 6.4 Preference Issues. If any Senior Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to
the estate of the Company or any other Grantor (or any trustee, receiver or similar person therefor), because the payment of such amount was declared to be fraudulent or preferential in any respect or for any other reason, any amount (a
“Recovery”), whether received as proceeds of security, enforcement of any right of set-off or otherwise, then the Senior Lender Claims shall be reinstated to the extent of such Recovery and deemed to be outstanding as if such
payment had not occurred and the Senior Lenders shall be entitled to a Discharge of Senior Lender Claims with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be
reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. 
 6.5 Application. This Agreement shall be applicable prior to and after the commencement of any Insolvency or Liquidation Proceeding. All references herein to any Grantor shall apply to any trustee for such
Person and such Person as debtor in possession. The relative rights as to the Collateral and proceeds thereof shall continue after the filing thereof on the same basis as prior to the date of the petition, subject to any court order approving the
financing of, or use of cash collateral by, any Grantor. 
 6.6 506(c) Claims. Until the Discharge of Senior Lender Claims, the
Trustee on behalf of itself and the Noteholders will not assert or enforce any claim under § 506(c) of the United States Bankruptcy Code senior to or on a parity with the Liens securing the Senior Lender Claims for costs or expenses of
preserving or disposing of any Common Collateral. 
 Section 7. Reliance; Waivers; etc. 
 7.1 Reliance. The consent by the Senior Lenders to the execution and delivery of the Noteholder Documents to which the Senior Lenders have
consented and all loans and other extensions of credit made or deemed made on and after the date hereof by the Senior 

  

 15 

 
Lenders to the Company or any Subsidiary shall be deemed to have been given and made in reliance upon this Agreement. The Trustee, on behalf of itself and
the Noteholders, acknowledges that it and the Noteholders have, independently and without reliance on the Credit Agent or any Senior Lender, and based on documents and information deemed by them appropriate, made their own credit analysis and
decision to enter into the Indenture, this Agreement and the transactions contemplated hereby and thereby and they will continue to make their own credit decision in taking or not taking any action under the Indenture or this Agreement. 

7.2 No Warranties or Liability. The Trustee, on behalf of itself and the Noteholders, acknowledges and agrees that each of the Credit Agent and
the Senior Lenders have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Senior Lender Documents, the ownership of any
Common Collateral or the perfection or priority of any Liens thereon. The Senior Lenders will be entitled to manage and supervise their respective loans and extensions of credit under the Senior Lender Documents in accordance with law and as they
may otherwise, in their sole discretion, deem appropriate, and the Senior Lenders may manage their loans and extensions of credit without regard to any rights or interests that the Trustee or any of the Noteholders have in the Common Collateral or
otherwise, except as otherwise provided in this Agreement. Neither the Credit Agent nor any Senior Lender shall have any duty to the Trustee or any of the Noteholders to act or refrain from acting in a manner that allows, or results in, the
occurrence or continuance of an event of default or default under any agreements with the Company or any Subsidiary thereof (including the Noteholder Documents), regardless of any knowledge thereof that they may have or be charged with. Except as
expressly set forth in this Intercreditor Agreement, the Credit Agent, the Senior Lenders, the Trustee and the Noteholders have not otherwise made to each other nor do they hereby make to each other any warranties, express or implied, nor do they
assume any liability to each other with respect to (a) the enforceability, validity, value or collectibility of any of the Noteholder Claims, the Senior Lender Claims or any guarantee or security which may have been granted to any of them in
connection therewith, (b) the Company’s title to or right to transfer any of the Common Collateral or (c) any other matter except as expressly set forth in this Intercreditor Agreement. 
 7.3 Obligations Unconditional. All rights, interests, agreements and obligations of the Credit Agent and the Senior Lenders and the Trustee and
the Noteholders, respectively, hereunder shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability
of any Senior Lender Documents or any Noteholder Documents; 
 (b) any change in the time, manner or place of payment of, or in any other
terms of, all or any of the Senior Lender Claims or Noteholder Claims, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of the Senior Credit
Agreement or any other Senior Lender Document or of the terms of the Indenture or any other Noteholder Document; 
  

 16 

 (c) any exchange of any security interest in any Common Collateral or any other collateral, or any
amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Lender Claims or Noteholder Claims or any guarantee thereof; 
 (d) the commencement of any Insolvency or Liquidation Proceeding in respect of the Company or any other Grantor; or 
 (e) any other circumstances that otherwise might constitute a defense available to, or a discharge of, the Company or any other Grantor in respect of the
Senior Lender Claims, or of the Trustee or any Noteholder in respect of this Agreement. 
 Section 8. Miscellaneous. 

8.1 Conflicts. Subject to Section 8.19, in the event of any conflict between the provisions of this Agreement and the provisions of the
Senior Lender Documents or the Noteholder Documents, the provisions of this Agreement shall govern. 
 8.2 Continuing Nature of this
Agreement; Severability. Subject to Section 6.4 hereof, this Agreement shall continue to be effective until the Discharge of Senior Lender Claims shall have occurred. This is a continuing agreement of lien subordination and the Senior
Lenders may continue, at any time and without notice to the Trustee or any Noteholder, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any other Grantor constituting Senior Lender Claims in
reliance hereon. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not
invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 8.3 Amendments; Waivers. No amendment, modification or waiver of any of the provisions of this Agreement by the Trustee or the Credit Agent shall
be deemed to be made unless the same shall be in writing signed on behalf of the party making the same or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair
the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. The Company and the other Grantors shall not have any right to consent to or approve any amendment,
modification or waiver of any provision of this Agreement except to the extent their rights are affected. 
 8.4 Information Concerning
Financial Condition of the Company and the Subsidiaries. The Credit Agent, the Senior Lenders, the Trustee and the Noteholders, shall each be responsible for keeping themselves informed of (a) the financial condition of the Company and the
Subsidiaries and all endorsers and/or guarantors of the Noteholder Claims or the Senior Lender Claims and (b) all other circumstances bearing upon the risk of nonpayment of the Noteholder Claims or the Senior Lender Claims. The Credit Agent,
the Senior Lenders, the Trustee and the Noteholders shall have no duty to advise any other party hereunder of 

  

 17 

 
information known to it or them regarding such condition or any such circumstances or otherwise. In the event that the Credit Agent, any of the Senior
Lenders, the Trustee, or any of the Noteholders, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to any other party, it or they shall be under no obligation (w) to make, and the
Credit Agent, the Senior Lenders, the Trustee and the Noteholders shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided,
(x) to provide any additional information or to provide any such information on any subsequent occasion, (y) to undertake any investigation or (z) to disclose any information that, pursuant to accepted or reasonable commercial finance
practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 
 8.5 Subrogation. The
Trustee, on behalf of itself and the Noteholders, hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior Lender Claims has occurred. 
 8.6 Application of Payments. Except as otherwise provided herein, all payments received by the Senior Lenders may be applied, reversed and
reapplied, in whole or in part, to such part of the Senior Lender Claims as the Senior Lenders, in their sole discretion, deem appropriate, consistent with the terms of the Senior Lender Documents. Except as otherwise provided herein, the Trustee,
on behalf of itself and the Noteholders, assents to any such extension or postponement of the time of payment of the Senior Lender Claims or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release
of any security that may at any time secure any part of the Senior Lender Claims and to the addition or release of any other Person primarily or secondarily liable therefor. 
 8.7 Consent to Jurisdiction; Waivers. The parties hereto consent to the jurisdiction of any state or federal court located in New York, New York,
and consent that all service of process may be made by registered mail directed to such party as provided in Section 8.8 for such party. Service so made shall be deemed to be completed three days after the same shall be posted as aforesaid. The
parties hereto waive any objection to any action instituted hereunder in any such court based on forum non conveniens, and any objection to the venue of any action instituted hereunder in any such court. Each of the parties hereto waives any
right it may have to trial by jury in respect of any litigation based on, or arising out of, under or in connection with this Agreement, or any course of conduct, course of dealing, verbal or written statement or action of any party hereto in
connection with the subject matter hereof. 
 8.8 Notices. All notices to the Noteholders and the Senior Lenders permitted or required
under this Agreement may be sent to the Trustee and the Credit Agent, respectively. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally
served, telecopied, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or electronic mail or upon receipt via U.S. mail
(registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto, or, as to each party, at such
other address as may be designated by such party in a written notice to all of the other parties. The Credit 

  

 18 

 
Agent hereby agrees to deliver the notice contemplated in Section 11.09 of the Indenture to the Trustee promptly upon payment in full in cash of all
Indebtedness under the Credit Agreement. 
 8.9 Further Assurances. Each of the Trustee, on behalf of itself and the Noteholders, and
the Credit Agent, on behalf of itself and the Senior Lenders, agrees that each of them shall take such further action and shall execute and deliver to the Credit Agent and the Senior Lenders such additional documents and instruments (in recordable
form, if requested) as the Credit Agent or the Senior Lenders may reasonably request to effectuate the terms of and the lien priorities contemplated by this Agreement. 
 8.10 Governing Law. This Agreement has been delivered and accepted at and shall be deemed to have been made at New York, New York and shall be interpreted, and the rights and liabilities of the parties bound
hereby determined, in accordance with the laws of the State of New York. 
 8.11 Binding on Successors and Assigns. This Agreement
shall be binding upon the Credit Agent, the Senior Lenders, the Trustee, the Noteholders, the Company, the Company’s Subsidiaries party hereto and their respective permitted successors and assigns. 
 8.12 Specific Performance. The Credit Agent may demand specific performance of this Agreement. The Trustee, on behalf of itself and the
Noteholders, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in any action that may be brought by the Credit Agent. 
 8.13 Section Titles. The section titles contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever
and are not a part of this Agreement. 
 8.14 Counterparts. This Agreement may be executed in one or more counterparts, including by
means of facsimile, each of which shall be an original and all of which shall together constitute one and the same document. 
 8.15
Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. The Credit Agent represents and
warrants that this Agreement is binding upon the Lenders. The Trustee represents and warrants that this Agreement is binding upon the Noteholders. 
 8.16 No Third Party Beneficiaries; Successors and Assigns. This Agreement and the rights and benefits hereof shall inure to the benefit of, and be binding upon, each of the parties hereto and their respective successors and assigns
and shall inure to the benefit of each of, and be binding upon, the holders of Senior Lender Claims and Noteholder Claims. No other Person shall have or be entitled to assert rights or benefits hereunder. 
 8.17 Effectiveness. This Agreement shall become effective when executed and delivered by the parties hereto. This Agreement shall be effective
both before and after the commencement of any Insolvency or Liquidation Proceeding. All references to the Company or 

  

 19 

 
any other Grantor shall include the Company or any other Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other
Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. 
 8.18 Credit Agent and Trustee. It is understood and
agreed that (a) Congress is entering into this Agreement in its capacity as administrative agent and the provisions of Section 12 of the Credit Agreement applicable to Congress as administrative agent thereunder shall also apply to
Congress as Credit Agent hereunder and (b) Deutsche Bank National Trust Company is entering in this Agreement in its capacity as Trustee and the provisions of Article 7 of the Indenture applicable to the Trustee thereunder shall also apply to
the Trustee hereunder. 
 8.19 Relative Rights. Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement
is intended to or will (a) amend, waive or otherwise modify the provisions of the Senior Credit Agreement or the Indenture or any other Senior Lender Documents or Noteholder Documents entered into in connection with the Senior Credit Agreement
or the Indenture or permit the Company or any Subsidiary to take any action, or fail to take any action, to the extent such action or failure would otherwise constitute a breach of, or default under, the Senior Credit Agreement or any other Senior
Lender Documents entered into in connection with the Senior Credit Agreement or the Indenture or any other Noteholder Documents entered into in connection with the Indenture, (b) change the relative priorities of the Senior Lender Claims or the
Liens granted under the Senior Lender Documents on the Common Collateral (or any other assets) as among the Senior Lenders, (c) otherwise change the relative rights of the Senior Lenders in respect of the Common Collateral as among such Senior
Lenders or (d) obligate the Company or any Subsidiary to take any action, or fail to take any action, that would otherwise constitute a breach of, or default under, the Senior Credit Agreement or any other Senior Lender Document entered into in
connection with the Senior Credit Agreement or the Indenture or any other Noteholder Documents entered into in connection with the Indenture. 
 8.20 Indenture Reference. Notwithstanding anything to the contrary in this Agreement, any references contained herein to any Section, clause, paragraph, definition or other provision of the Indenture (including any definition
contained therein) shall be deemed to be a reference to such Section, clause, paragraph, definition or other provision as in effect on the date of this Agreement; provided that any reference to any such Section, clause, paragraph or other
provision shall refer to such Section, clause, paragraph or other provision of the Indenture (including any definition contained therein) as amended or modified from time to time if such amendment or modification has been (1) made in accordance
with the Indenture and (2) approved in writing by, or on behalf of, the requisite holders of Senior Lender Claims as are needed under the terms of the Senior Credit Agreement to approve such amendment or modification. 
  

 20 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

					
	 CREDIT AGENT:
  
 CONGRESS FINANCIAL CORPORATION (CENTRAL),

		
	By:	 	/s/ Anthony Vizgirda
		 	Name:	 	ANTHONY VIZGIRDA
		 	Title:	 	First Vice President
			
		 	Address:	 	Congress Financial Corporation (Central) 150 S. Wacker Drive, Suite 2200 Chicago, IL 60606

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

					
	 TRUSTEE:
  
 DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee,

		
	By:	 	/s/ Safet Kalabovic
		 	Name:	 	Safet Kalabovic
		 	Title:	 	Vice President
		 	Address:
	
	 COLLATERAL AGENT:
  
 DEUTSCHE BANK NATIONAL TRUST COMPANY, as Collateral Agent,

		
	By:	 	/s/ Safet Kalabovic
		 	Name:	 	Safet Kalabovic
		 	Title:	 	Vice President
		 	Address:

 The foregoing Intercreditor Agreement is hereby confirmed and accepted as of the date first above
written. 
  

					
	DELCO REMY INTERNATIONAL, INC.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Secretary
		
		 	Address:
	
	DELCO REMY AMERICA, INC.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President & Secretary
	
	NABCO, INC.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Secretary
	
	POWER INVESTMENTS, INC.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Secretary
	
	FRANKLIN POWER PRODUCTS, INC.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Secretary
	
	INTERNATIONAL FUEL SYSTEMS, INC.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Secretary

					
	POWER INVESTMENTS MARINE, INC.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Treasurer & Secretary

  

					
	MARINE CORPORATION OF AMERICA,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Treasurer & Secretary

  

					
	POWRBILT PRODUCTS, INC.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Secretary

  

					
	WORLD WIDE AUTOMOTIVE, L.L.C.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Secretary

  

					
	BALLANTRAE CORPORATION,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Secretary

  

					
	WILLIAMS TECHNOLOGIES, INC.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Secretary

  

					
	REMY POWERTRAIN, L.P.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Finance & Secretary

					
	M & M KNOPF AUTO PARTS, L.L.C.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Secretary
	
	REMAN HOLDINGS, L.L.C.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Secretary
	
	REMY INTERNATIONAL, INC.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Secretary
	
	JAX REMAN, L.L.C.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & Assistant Secretary
	
	REMY REMAN, L.L.C.,
		
	By:	 	/s/ David E. Stoll
		 	Name:	 	David E. Stoll
		 	Title:	 	Vice President, Treasurer & SecretaryPurchase and Sale Agreement

 Exhibit 10.1 
 PURCHASE AND SALE AGREEMENT 
 BETWEEN AND AMONG 
 FUND IV AND FUND V ASSOCIATES 
 AND

 FUND VI, FUND VII AND FUND VIII ASSOCIATES, 
 AS SELLERS 
 AND 
 TRANSATLANTIC INVESTMENT MANAGEMENT, INC., 
 AS PURCHASER 
 10375 AND 10407 CENTURION PARKWAY NORTH 
 JACKSONVILLE, FLORIDA 
 January 23, 2006 

 TABLE OF CONTENTS 
  

							
	ARTICLE 1.	  	1
	ARTICLE 2	  	8
		 	2.1	    	Agreement to Sell and Purchase the Property	  	8
		 	2.2	    	Permitted Exceptions	  	9
		 	2.3	    	Earnest Money	  	9
		 	2.4	    	Purchase Price	  	10
		 	2.5	    	Independent Contract Consideration	  	11
		 	2.6	    	Closing	  	11
	ARTICLE 3	  	11
		 	3.1	    	Due Diligence Inspections	  	11
		 	3.2	    	Deliveries by Sellers to Purchaser; Purchaser's Access to Property Records of Seller.	  	12
		 	3.3	    	Condition of the Property	  	14
		 	3.4	    	Title and Survey	  	15
		 	3.5	    	Service Contracts	  	15
		 	3.6	    	Termination of Agreement	  	16
		 	3.7	    	Confidentiality	  	16
	ARTICLE 4	  	17
		 	4.1	    	Representations and Warranties of Seller	  	17
		 	4.2	    	Knowledge Defined	  	21
		 	4.3	    	Covenants and Agreements of Sellers	  	21
		 	4.4	    	Representations and Warranties of Purchaser	  	24
	ARTICLE 5	  	24
		 	5.1	    	Sellers’ Closing Deliveries	  	24
		 	5.2	    	Purchaser’s Closing Deliveries	  	27
		 	5.3	    	Closing Costs	  	27
		 	5.4	    	Prorations and Credits	  	28
	ARTICLE 6	  	30
		 	6.1	    	Conditions Precedent to Purchaser’s Obligations	  	30
		 	6.2	    	Conditions Precedent to Sellers’ Obligations	  	31
	ARTICLE 7	  	31
		 	7.1	    	Casualty	  	31
		 	7.2	    	Condemnation	  	32
	ARTICLE 8	  	33
		 	8.1	    	Purchaser’s Default	  	33
		 	8.2	    	Sellers’ Default	  	34
	ARTICLE 9	  	34
		 	9.1	    	Assignment	  	34
	ARTICLE 10	  	35
		 	10.1	    	Broker	  	35
	ARTICLE 11	  	35
		 	11.1	    	Indemnification by Seller	  	35
		 	11.2	    	Indemnification by Purchaser	  	35
		 	11.3	    	Limitations on Indemnification	  	36

							
		 	11.4	    	Anti-Terrorism Law	  	36
		 	11.5	    	Survival	  	36
		 	11.6	    	Indemnification as Sole Remedy	  	36
	 ARTICLE 12
	  	37
		 	12.1	    	Notices	  	37
		 	12.2	    	Possession	  	38
		 	12.3	    	Time Periods	  	38
		 	12.4	    	Publicity	  	38
		 	12.5	    	Discharge of Obligations	  	38
		 	12.6	    	Severability	  	38
		 	12.7	    	Construction	  	39
		 	12.8	    	Sale Notification Letters	  	39
		 	12.9	    	Access to Records Following Closing	  	39
		 	12.10	    	General Provisions	  	39
		 	12.11	    	Like-Kind Exchange	  	39
		 	12.12	    	Attorney’s Fees	  	40
		 	12.13	    	Counterparts	  	40
		 	12.14	    	Effective Agreement	  	40
		 	12.15	    	Radon Gas Disclosure	  	40
		 	12.16	    	Jurisdiction	  	40

  

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 SCHEDULE OF EXHIBITS 
  

			
	Exhibit “A-1”	  	Description of Funds IV and V Land
	Exhibit “A-2”	  	Description of Funds VI, VII and VIII Land
	Exhibit “B”	  	List of Personal Property
	Exhibit “C”	  	List of Existing Commission Agreements
	Exhibit “D”	  	Form of Escrow Agreement
	Exhibit “E”	  	List of Existing Environmental Reports
	Exhibit “F”	  	Existing Surveys
	Exhibit “G”	  	List of Leases
	Exhibit “H”	  	Title Exceptions
	Exhibit “I”	  	Exception Schedule
	Exhibit “J”	  	List of Service Contracts
	Exhibit “K”	  	Form of Tenant Estoppel Certificate
	Exhibit “L”	  	Property Tax Appeals
	Exhibit “M”	  	Management Agreement(s)

 Schedule of Exhibits 
 Page 1 

 SCHEDULE OF CLOSING DOCUMENTS 
  

			
	Schedule 1	  	Form of Assignment and Assumption of Lease
		
	Schedule 2	  	Form of Assignment and Assumption of Service Contracts
		
	Schedule 3	  	Form of Bill of Sale to Personal Property
		
	Schedule 4	  	Form of General Assignment of Seller’s Interest in Intangible Property
		
	Schedule 5	  	Form of Seller’s Affidavit (for Purchaser’s Title Insurance Purposes)
		
	Schedule 6	  	Form of Seller’s Certificate (as to Seller’s Representations and Warranties)
		
	Schedule 7	  	Form of Seller’s FIRPTA Affidavit
		
	Schedule 8	  	Form of Purchaser’s Certificate (as to Purchaser’s Representations and Warranties)

 PURCHASE AND SALE AGREEMENT 
 10375 AND 10407 CENTURION PARKWAY NORTH 
 JACKSONVILLE, FLORIDA

 THIS PURCHASE AND SALE AGREEMENT (the “Agreement”), made and entered into as of the 23rd day of January, 2006, between and among FUND IV AND FUND V ASSOCIATES, a Georgia joint venture (“Funds IV and V
JV”) and FUND VI, FUND VII AND FUND VIII ASSOCIATES, a Georgia joint venture (“Funds VI, VII and VIII JV”) (each as “Seller” and collectively as “Sellers”), and
TRANSATLANTIC INVESTMENT MANAGEMENT, INC., a Massachusetts corporation (together with its permitted successors and assigns, “Purchaser”). 
 W I T N E S S E T H: 
 WHEREAS, Funds IV and V JV desires to sell that certain improved real property
commonly known as “Centurion Centre” located at 10407 Centurion Parkway North, Jacksonville, Duval County, Florida, together with certain related personal and intangible property, and Purchaser desires to purchase such real, personal and
intangible property; and 
 WHEREAS, Funds VI, VII and VIII JV desires to sell that certain improved real property commonly known as the
“BellSouth Building” located at 10375 Centurion Parkway North, Jacksonville, Duval County, Florida, together with certain related personal and intangible property, and Purchaser desires to purchase such real, personal and intangible
property; and 
 WHEREAS, the parties hereto desire to provide for said sale and purchase on the terms and conditions set forth in this
Agreement; 
 NOW, THEREFORE, for and in consideration of the premises, the mutual covenants and agreements hereinafter set forth, and for
other good and valuable consideration, the receipt, adequacy, and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby covenant and agree as follows: 
 ARTICLE 1. 
 DEFINITIONS 
 For purposes of this Agreement, each of the following capitalized terms shall have the meaning ascribed to such terms as set forth below: 
 “Additional Earnest Money” shall mean the sum of Five Hundred Thousand and No/100 Dollars ($500,000.00 U.S.). 
 “Anti-Terrorism Law” shall have the meaning ascribed thereto in Section 11.6 hereof. 
 “Assignment and Assumption of Leases” shall mean the form of assignment and assumption of Leases and Security Deposits and obligations
under the Commission Agreements to be executed and delivered by Purchaser and the applicable Seller as to the Leases, Security Deposits and Commission Agreements with respect to the Property owned by such Seller, at the Closing in the form attached
hereto as SCHEDULE 1. 

 “Assignment and Assumption of Service Contracts” shall mean the form of assignment and
assumption of Service Contracts to be executed and delivered by Purchaser and the applicable Seller as to the Service Contracts with respect to the Property owned by such Seller, at the Closing in the form attached hereto as
SCHEDULE 2. 
 “Association” shall mean the Deerwood Park Owners Association, Inc., a Florida
non-profit corporation. 
 “Association Estoppel” shall have the meaning ascribed thereto in Section 4.3(f) hereof.

 “Basket Limitation” shall mean an amount equal to Fifty Thousand and No/100 Dollars ($50,000.00 U.S.). 
 “Bill of Sale” shall mean the form of bill of sale to the Personal Property to be executed and delivered to Purchaser by the applicable
Seller with respect to the Personal Property owned by such Seller and used in connection with the Property of such Seller, at the Closing in the form attached hereto as SCHEDULE 3. 
 “Business Day” shall mean any day other than a Saturday, Sunday or other day on which banking institutions in the State of Florida are
authorized by law or executive action to close. 
 “Cap Limitation” shall mean an amount equal to Seven Hundred Forty-Four
Thousand and No/100 Dollars ($744,000.00 U.S.). 
 “Closing” shall mean the consummation of the purchase and sale of the
Properties pursuant to the terms of this Agreement. 
 “Closing Date” shall have the meaning ascribed thereto in Section
2.6 hereof. 
 “Closing Documents” shall mean any certificate, instrument or other document delivered pursuant to this
Agreement. 
 “Commission Agreements” shall have the meaning ascribed thereto in Section 4.1(g) hereof, and such
agreements are more particularly described on EXHIBIT “C” attached hereto and made a part hereof.  
 “Due Diligence Deliveries” shall have the meaning, with respect to each Property, ascribed thereto in Section 3.2 hereof. 
 “Due Diligence Material” shall have the meaning, with respect to each Property, ascribed thereto in Section 3.7 hereof. 
 “Earnest Money” shall mean the Initial Earnest Money, together with any Additional Earnest Money actually paid by Purchaser to Escrow
Agent hereunder, and further together with all interest which accrues thereon as provided in Section 2.3 hereof and in the Escrow Agreement. 
 “Effective Date” shall mean the date upon which Sellers and Purchaser shall have delivered a fully executed counterpart of this Agreement to the other, which date shall be inserted in the space provided on the cover page
and page 1 hereof. For the purposes of determining the Effective Date, a facsimile or other electronic signature shall be deemed an original signature. 
  

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 “Environmental Law” shall mean any law, ordinance, rule, regulation, order, judgment,
injunction or decree now or hereafter relating to pollution or substances or materials which are considered to be hazardous or toxic, including, without limitation, the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the
Comprehensive Environmental Response, Compensation and Liability Act (codified in various sections of 26 U.S.C., 33 U.S.C., 42 U.S.C. and 42 U.S.C. § 9601 et seq.), the Hazardous Materials Transportation Act (49 U.S.C. § 1801 et seq.), the
Clean Water Act (33 U.S.C. § 1251 et seq.), the Safe Drinking Water Act (21 U.S.C. § 349, 42 U.S.C. § 201 et seq. and § 300 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2061 et seq.), the Emergency Planning and
Community Right to Know Act (42 U.S.C. § 1100 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Occupational Safety & Health Act (29 U.S.C. § 655 et seq.), and any state and local environmental laws, all amendments and
supplements to any of the foregoing and all regulations and publications promulgated or issued pursuant thereto. 
 “Escrow
Agent” shall mean Chicago Title Insurance Company, at its office at 4170 Ashford Dunwoody Road, Suite 460, in Atlanta, Georgia, 30319. 
 “Escrow Agreement” shall mean that certain Escrow Agreement in the form attached hereto as EXHIBIT “D” entered into among Sellers, Purchaser and Escrow Agent with
respect to the Earnest Money. 
 “Existing Environmental Reports” shall mean, as the context may permit or require, with
respect to each Property, those certain reports, correspondence and related materials, if any, in the possession or control of the applicable Seller and obtained by such Seller in connection with the Land owned by such Seller, as more particularly
described on EXHIBIT “E” attached hereto and made a part hereof. 
 “Existing Survey” and
“Existing Surveys” shall mean, with respect to each Property, those certain surveys with respect to the applicable Land, as more particularly described on EXHIBIT “F” attached hereto and made a part
hereof. 
 “First Adjourned Closing Date” shall have the meaning ascribed thereto in Section 2.6 hereof. 

“First Closing Date” shall have the meaning ascribed thereto in Section 2.6. hereof. 
 “FIRPTA Affidavit” shall mean the form of FIRPTA Affidavit to be executed and delivered to Purchaser at Closing by each Seller as to the
Land and Improvements owned by such Seller in the form attached hereto as SCHEDULE 7. 
 “Funds IV and V
Improvements” shall mean all buildings, structures and improvements now or on the Closing Date situated on the Funds IV and V Land, including, without limitation, all parking areas and facilities, improvements and fixtures located on said
land. 
 “Funds IV and V Intangible Property” shall mean all intangible property, if any, owned by Funds IV and V JV and
related to the Funds IV and V Land and Funds IV and V Improvements, including, without limitation, the rights and interests, if any, in and to the following (to the extent assignable): (i) all assignable plans and specifications and other
architectural and engineering plans for the Funds IV and V Land and Funds IV and V Improvements located thereon; (ii) all assignable warranties and guaranties given or made in respect of the Funds IV and V Improvements or Funds IV 
  

 3 

 and V Personal Property; (iii) all transferable consents, authorizations, variances or waivers, licenses, permits and
approvals from any governmental or quasi-governmental agency, department, board, commission, bureau or other entity or instrumentality solely in respect of the Funds IV and V Land or Funds IV and V Improvements located thereon; and (iv) all of the
right, title and interest of Funds IV and V JV in and to all assignable Service Contracts with respect to the Funds IV and V Property that Purchaser agrees to assume (or is deemed to have agreed to assume). 
 “Funds IV and V Land” shall mean that certain tract or parcel of real property located at 10407 Centurion Parkway North, in
Jacksonville, Duval County, Florida (according to the street numbering system currently in effect in said locale), all as more particularly described on Exhibit “A–1” attached hereto and made a part hereof, together with all
rights, privileges and easements appurtenant to said real property, and all right, title and interest, if any, of Funds IV and V JV in and to any land lying in the bed of any street, road, alley or right-of-way, open or closed, adjacent to or
abutting the Funds IV and V Land. 
 “Funds IV and V Personal Property” shall mean all furniture (including common area and
interior landscaping items), carpeting, draperies, appliances, personal property (excluding any computer software which is either licensed to a Wells Affiliate or which such Wells Affiliate deems proprietary), machinery, apparatus and equipment
owned by Funds IV and V JV and currently used exclusively in the operation, repair and maintenance of the Funds IV and V Land and Funds IV and V Improvements situated thereon, including, without limitation, those specific items of personal property
(if any) more particularly described on Exhibit “B” attached hereto and made a part hereof, and all non-confidential books, records and files (excluding any appraisals, budgets, strategic plans, internal analyses, information
regarding the marketing of the Funds IV and V Property for sale, submissions relating to obtaining of corporate or partnership authorization, attorney and accountant work product, attorney-client privileged documents, or similar information in the
possession or control of any Wells Affiliate or any Wells Affiliate property manager which such Wells Affiliate reasonably deems proprietary) relating to the Funds IV and V Land and Funds IV and V Improvements. The Funds IV and V Personal Property
does not include any property owned by tenants, contractors or licensees, and shall be conveyed to Purchaser subject to depletions, replacements and additions in the ordinary course of Funds IV and V JV’s business. 
 “Funds IV and V Property” shall mean the Funds IV and V Land, the Funds IV and V Improvements, the Funds IV and V Personal Property, the
Funds IV and V Intangible Property, and all right, title and interest of Funds IV and V as “landlord” or “lessor” in and to the Leases, any guaranties of the Leases and the Security Deposits with respect to the Funds IV and V
Land and Funds IV and V Improvements. 
 “Funds VI, VII and VIII Improvements” shall mean all buildings, structures and
improvements now or on the Closing Date situated on the Funds VI, VII and VIII Land, including, without limitation, all parking areas and facilities, improvements and fixtures located on said land. 
 “Funds VI, VII and VIII Intangible Property” shall mean all intangible property, if any, owned by Funds VI, VII and VIII JV and related
to the Funds VI, VII and VIII Land and Funds VI, VII and VIII Improvements, including, without limitation, the rights and interests, if any, in and to the following (to the extent assignable): (i) all assignable plans and specifications and other
architectural and engineering plans for the Funds VI, VII and VIII Land and Funds VI, VII and VIII Improvements located thereon; (ii) all assignable warranties and guaranties given or made in respect of the Funds VI, VII and VIII Improvements or
Funds VI, VII and VIII Personal Property; (iii) all 
  

 4 

 transferable consents, authorizations, variances or waivers, licenses, permits and approvals from any governmental or
quasi-governmental agency, department, board, commission, bureau or other entity or instrumentality solely in respect of the Funds VI, VII and VIII Land or Funds VI, VII and VIII Improvements located thereon; and (iv) all of the right, title and
interest of Funds VI, VII and VIII JV in and to all assignable Service Contracts with respect to the Funds VI, VII and VIII Property that Purchaser agrees to assume (or is deemed to have agreed to assume). 
 “Funds VI, VII and VIII Land” shall mean that certain tract or parcel of real property located at 10375 Centurion Parkway North, in
Jacksonville, Duval County, Florida (according to the street numbering system currently in effect in said locale), all as more particularly described on Exhibit “A–2” attached hereto and made a part hereof, together with all
rights, privileges and easements appurtenant to said real property, and all right, title and interest, if any, of Funds VI, VII and VIII JV in and to any land lying in the bed of any street, road, alley or right-of-way, open or closed, adjacent to
or abutting the Funds VI, VII and VIII Land. 
 “Funds VI, VII and VIII Personal Property” shall mean all furniture
(including common area and interior landscaping items), carpeting, draperies, appliances, personal property (excluding any computer software which is either licensed to a Wells Affiliate or which such Wells Affiliate deems proprietary), machinery,
apparatus and equipment owned by Funds VI, VII and VIII JV and currently used exclusively in the operation, repair and maintenance of the Funds VI, VII and VIII Land and Funds VI, VII and VIII Improvements situated thereon, including, without
limitation, those specific items of personal property (if any) more particularly described on Exhibit “B” attached hereto and made a part hereof, and all non-confidential books, records and files (excluding any appraisals, budgets,
strategic plans, internal analyses, information regarding the marketing of the Funds VI, VII and VIII Property for sale, submissions relating to obtaining of corporate or partnership authorization, attorney and accountant work product,
attorney-client privileged documents, or similar information in the possession or control of any Wells Affiliate or any Wells Affiliate property manager which such Wells Affiliate reasonably deems proprietary) relating to the Funds VI, VII and VIII
Land and Funds V, VII and VIII Improvements. The Funds VI, VII and VIII Personal Property does not include any property owned by tenants, contractors or licensees, and shall be conveyed to Purchaser subject to depletions, replacements and
additions in the ordinary course of Funds VI, VII and VIII JV’s business. 
 “Funds VI, VII and VIII Property” shall
mean the Funds VI, VII and VIII Land, the Funds VI, VII and VIII Improvements, the Funds VI, VII and VIII Personal Property, the Funds VI, VII and VIII Intangible Property, and all right, title and interest of Funds VI, VII and VIII JV as
“landlord” or “lessor” in and to the Leases, any guaranties of Leases and Security Deposits with respect to the Funds VI, VII and VIII Land and Funds VI, VII and VIII Improvements. 
 “General Assignment” shall mean an assignment by each Seller of its interest in Intangible Property owned by such Seller (being such
Seller’s interest in the Intangible Property being conveyed as a part of such Seller’s Property), to be executed by such Seller at Closing, substantially in the form attached hereto as SCHEDULE 4 and made a part
hereto, with such changes thereto as may be agreed upon by such Seller and Purchaser to convey such Seller’s Intangible Property associated with the Property of such Seller. 
 “Guaranty Agreements” shall mean with respect to each Seller the guaranty agreements, if any, listed on Exhibit
“G” attached hereto which relate to the Leases entered into by such Seller. 
  

 5 

 “Hazardous Substances” shall mean any and all pollutants, contaminants, toxic or
hazardous wastes or any other substances that might pose a hazard to health or safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer,
use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized under any Environmental Law (including, without limitation, lead paint, asbestos, urea formaldehyde foam insulation,
petroleum and polychlorinated biphenyls). 
 “Improvements” shall mean, as the context may permit or require, the Funds IV
and V Improvements and/or the Funds VI, VII and VIII Improvements. 
 “Initial Earnest Money” shall mean the sum of Five
Hundred Thousand and No/100 Dollars ($500,000.00 U.S.). 
 “Inspection Period” shall mean the period expiring at 5:00 P.M.
Eastern Standard Time on February 3, 2006. 
 “Intangible Property” shall mean, as the context may permit or require,
the Funds IV and V Intangible Property and/or the Funds VI, VII and VIII Intangible Property. 
 “Land” shall mean, as the
context may permit or require, the Funds IV and V Land and/or the Funds VI, VII and VIII Land. 
 “Leases” shall mean with
respect to each Seller the leases identified on EXHIBIT”G” attached hereto which have been entered into with respect to the Improvements owned by such Seller. 
 “Losses” shall have the meaning ascribed thereto in Section 11.1 hereof. 
 “Major Tenant” and “Major Tenants” shall mean (a) with respect to the Funds IV and V Property, (i) ADP, Inc., a
Delaware corporation, and (ii) Synovus Financial Corp., a Georgia corporation, and (b) with respect to the Funds VI, VII and VIII Property, (i) American Express Travel Related Services Company, Inc., a Delaware corporation, and (ii) Bellsouth
Advertising & Publishing Corporation, a Georgia corporation.  
 “Monetary Objection” or “Monetary
Objections”, with respect to each Property, shall mean (a) any mortgage, deed to secure debt, deed of trust or similar security instrument encumbering all or any part of such Property, (b) any mechanic’s, materialman’s or similar
lien (unless resulting from any act or omission of Purchaser or any of its agents, contractors, representatives or employees or any tenant of such Property), (c) the lien of ad valorem real or personal property taxes, assessments and governmental
charges affecting all or any portion of such Property which are delinquent, and (d) any judgment of record against the Seller of such Property in the county or other applicable jurisdiction in which such Property is located. 
 “Other Notices of Sale” shall have the meaning ascribed thereto in Section 5.1(r) hereof. 
 “Outside Closing Date” shall mean March 22, 2006, unless Sellers, in their sole discretion, elect to extend the outside date for
Closing to a later date designated by Sellers in writing to Purchaser. 
  

 6 

 “Permitted Exceptions” shall mean, with respect to each Property, (a) liens for taxes,
assessments and governmental charges not yet due and payable or due and payable but not yet delinquent with respect to the applicable Land and Improvements owned by Funds IV and V JV and by Funds VI, VII and VIII, respectively, (b) the applicable
Leases affecting the Property of each Seller, (c) such state of facts as would be disclosed by a current survey of such Seller’s Land, (d) the matters set forth on EXHIBIT “H” attached hereto and made part hereof
or otherwise disclosed in the Title Commitment issued with respect to such Land and the Improvements thereon, and (e) such other easements, restrictions and encumbrances with respect to such Land and Improvements that do not constitute Monetary
Objections, and that are approved (or are deemed approved) by Purchaser in accordance with the provisions of Section 3.4 hereof. 
 “Personal Property” shall mean, as the context may permit or require, the Funds IV and V Personal Property and/or the Funds VI, VII and VIII Personal Property. 
 “Proceeding” shall have the meaning ascribed thereto in Section 12.16 hereof. 
 “Property” and “Properties” shall have the meanings ascribed thereto in Section 2.1 hereof. 
 “Protective Covenants” shall mean that certain Restatement of Protective Covenants of Deerwood Park, dated September
    , 1988 (sic), recorded in Official Records Book 6575, Page 2276, in the public records of Duval County, Florida (as the same have been and may be modified, amended and supplemented from time to time).

 “Purchase Price” shall be the amount specified in Section 2.4 hereof. 
 “Purchaser-Related Entities” shall have the meaning ascribed thereto in Section 11.1 hereof. 
 “Purchaser Waived Breach” shall have the meaning ascribed thereto in Section 11.3 hereof. 
 “Purchaser’s Broker” shall have the meaning ascribed thereto in Section 10.1 hereof. 
 “Purchaser’s Certificate” shall have the meaning ascribed thereto in Section 5.2(c) hereof. 
 “Purchaser’s Counsel” shall mean Davis Malm & D’Agostine P.C., One Boston Place, Boston, Massachusetts 02108, Attention:
Paul L. Feldman, Esquire. 
 “Seller” and “Sellers” shall mean, as the context permits or requires, Funds
IV and V JV and/or Funds VI, VII and VIII JV. 
 “Seller-Related Entities” shall have the meaning ascribed thereto in
Section 11.2 hereof. 
 “Seller’s Affidavit” shall mean the form of owner’s affidavit to be given by each
Seller at Closing to the Title Company with respect to such Seller’s Property, in the form attached hereto as SCHEDULE 5. 
 “Sellers’ Broker” shall mean Cushman & Wakefield of Florida, Inc., a Florida corporation, as set forth in Section 10.1 hereof. 
 “Seller’s Certificate” shall mean the form of certificate to be executed and delivered by each Seller to Purchaser at the Closing
with respect to the truth and accuracy of such Seller’s warranties and representations contained in this Agreement (modified and updated as the circumstances require), in the form attached hereto as SCHEDULE 6. 

 

 7 

 “Sellers’ Counsel” shall mean Troutman Sanders LLP, Bank of America Plaza, Suite
5200, 600 Peachtree Street, N.E., Atlanta, Georgia 30308-2216, Attention: Leslie Fuller Secrest. 
 “Service Contracts”
shall mean with respect to each applicable Seller and the Property of such Seller all those certain contracts and agreements more particularly described as Service Contracts on EXHIBIT “J” attached hereto and made a
part hereof relating to the repair, maintenance or operation of the Land, Improvements or Personal Property owned by such Seller which will extend beyond the Closing Date, including, without limitation, all equipment leases.  
 “SNDA” and “SNDAs” shall have the meaning ascribed thereto in Section 4.3(g) hereof. 
 “Special Warranty Deed” shall have the meaning ascribed thereto in Section 5.1(a). 
 “Survey” and “Surveys” shall have the meaning ascribed thereto in Section 3.4 hereof. 
 “Taxes” shall have the meaning ascribed thereto in Section 5.4(a) hereof. 
 “Tenant Estoppel Certificate” or “Tenant Estoppel Certificates” shall mean the certificates to be sought from the
tenants under the Leases in substantially the form attached hereto as EXHIBIT ”K”; provided, however, if any Lease provides for the form or content of an estoppel certificate from the tenant thereunder, the Tenant
Estoppel Certificate with respect to such Lease may be in the form as called for therein. 
 “Tenant Inducement Costs” shall
mean any out-of-pocket payments required under a Lease to be paid by the landlord thereunder to or for the benefit of the tenant thereunder which is in the nature of a tenant inducement, including specifically, but without limitation, tenant
improvement costs, lease buyout payments, and moving, design, refurbishment and costs.  
 “Tenant Notices of Sale”
shall have the meaning ascribed thereto in Section 5.1(q) hereof. 
 “Title Company” shall mean Chicago Title
Insurance Company. 
 “Title Commitment” and “Title Commitments” shall have the meaning ascribed thereto in
Section 3.4 hereof. 
 “Title Notice” shall have the meaning ascribed thereto in Section 3.4 hereof.

 “Wells Affiliate” and “Wells Affiliates” shall mean each and every one of Funds IV and V JV, Funds VI,
VII and VIII JV, and each of their respective joint venture partners, Wells Capital, Inc., a Georgia corporation, and Wells Management, Inc., a Georgia corporation. 
 ARTICLE 2 
 PURCHASE AND SALE 
 2.1 Agreement to Sell and Purchase the Property. Subject to and in accordance with the terms and provisions of this Agreement: 

(a) Funds IV and V JV agrees to sell and Purchaser agrees to purchase, the following property (collectively, the “Funds IV and V
Property”): 
  

	 	(i)	the Funds IV and V Land; 

  

 8 

	 	(ii)	the Funds IV and V Improvements; 

  

	 	(iii)	all right, title and interest of Funds IV and V JV as “landlord” or “lessor” in and to the Leases affecting the Funds IV and V Improvements;

  

	 	(iv)	the Funds IV and V Personal Property; and 

  

	 	(v)	the Funds IV and V Intangible Property; and 

 (b) Funds
VI, VII and VIII JV agrees to sell and Purchaser agrees to purchase, the following property (collectively, the “Funds VI, VII and VIII Property”): 
  

	 	(i)	the Funds VI, VII and VIII Land; 

  

	 	(ii)	the Funds VI, VII and VIII Improvements; 

  

	 	(iii)	all right, title and interest of Funds VI, VII and VIII JV as “landlord” or “lessor” in and to the leases affecting the Funds VI, VII and VIII Improvements;

  

	 	(iv)	the Funds VI, VII and VIII Personal Property; and 

  

	 	(v)	the Funds VI, VII and VIII Intangible Property. 

 The Funds IV and V
Property and the Funds VI, VII and VIII Property are herein referred to individually as a “Property” and collectively as the “Properties”. 
 2.2 Permitted Exceptions. Each Property shall be conveyed subject to the matters which are, or are deemed to be, Permitted Exceptions with
respect to such Property. 
 2.3 Earnest Money. 
 (a) Within three (3) Business Days following the execution and delivery of this Agreement by Sellers and Purchaser, Purchaser shall deliver the Initial Earnest Money to Escrow Agent by federal wire transfer, which
Initial Earnest Money shall be held and released by Escrow Agent in accordance with the terms of the Escrow Agreement. The parties hereto mutually acknowledge and agree that time is of the essence in respect of Purchaser’s timely deposit of the
Initial Earnest Money with Escrow Agent. If Purchaser fails to timely deposit the Initial Earnest Money with Escrow Agent, then, at the option of Sellers, exercisable by written notice to Purchaser and Escrow Agent, this Agreement shall terminate,
and no party hereto shall have any further rights or obligations hereunder, except those provisions of this Agreement which by their express terms survive the termination of this Agreement. 
 (b) On or before the expiration of the Inspection Period, Purchaser shall deliver the Additional Earnest Money to Escrow Agent by federal wire transfer,
which Additional Earnest 
  

 9 

 Money shall be held and released by Escrow Agent in accordance with the terms of the Escrow Agreement. Sellers and
Purchaser mutually acknowledge and agree that time is of the essence in respect of Purchaser’s timely deposit of the Additional Earnest Money with Escrow Agent. If Purchaser fails to timely deposit the Additional Earnest Money with Escrow
Agent, then, at the option of Sellers, exercisable by written notice to Purchaser and Escrow Agent, this Agreement shall terminate, Escrow Agent shall return the Earnest Money actually deposited with Escrow Agent (and any interest earned thereon) to
Purchaser, and no party hereto shall have any further rights or obligations hereunder, except those provisions of this Agreement which by their express terms survive the termination of this Agreement. 
 (c) The Earnest Money shall be applied to the Purchase Price at the Closing and shall otherwise be held, refunded, or disbursed in accordance with the
terms of the Escrow Agreement and this Agreement. Interest and other income from time to time earned on the Earnest Money shall be earned for the account of Purchaser, and shall be a part of the Earnest Money; and the Earnest Money hereunder shall
be comprised of the Initial Earnest Money and the Additional Earnest Money (to the extent actually deposited by Purchaser with Escrow Agent as provided herein) and all such interest and other income. 
 2.4 Purchase Price. Subject to adjustment and credits as otherwise specified in this Section 2.4 and elsewhere in this
Agreement, the aggregate purchase price (the “Purchase Price”) to be paid by Purchaser to Sellers for the Properties shall be the sum of TWENTY-FOUR MILLION EIGHT HUNDRED THOUSAND AND NO/100 DOLLARS ($24,800,000.00 U.S.). The
Purchase Price shall be paid by Purchaser to Sellers at the Closing as follows: 
 (a) The Earnest Money shall be paid by Escrow Agent to
Sellers at Closing; and 
 (b) At Closing, the balance of the Purchase Price, after applying, as partial payment of the Purchase Price the
Earnest Money paid by Escrow Agent to Sellers, and subject to prorations and other adjustments specified in this Agreement, shall be paid by Purchaser in immediately available funds to the Title Company, for further delivery to an account or
accounts designated by Sellers. If the amount due from Purchaser pursuant to this Agreement is not received by the Title Company on or before the later of 3:00 p.m. Eastern Standard Time or in sufficient time for reinvestment on the Closing Date,
then the Closing shall be delayed by one (1) Business Day, but in no event whatsoever beyond the Outside Closing Date; provided, however, that if the day set for Closing is the outside date for Closing (after taking into account all applicable
extensions of such date pursuant to this Agreement; it being understood and agreed, however, that in no event shall the Closing Date occur later than the Outside Closing Date), then in such event, (x) the Closing shall not be delayed but shall occur
on such day so long as the amount due from Purchaser is received by the Title Company in immediately available funds by the close of business on such day, and Purchaser shall reimburse Sellers for loss of interest due to the inability to reinvest
Sellers’ funds on the Closing Date, calculated at the rate of eight percent (8%) per annum (calculated on a per diem basis, using a 365-day year), or (y) if the amount due from Purchaser has not been received by the Title Company in immediately
available funds by the close of business on such day, Closing shall not be delayed, Purchaser shall be in default hereunder, and Sellers may exercise any and all remedies available to Sellers on account of such default. Notwithstanding the
foregoing, as long as all wires necessary to pay amounts due from Purchaser as aforesaid (which are wired to the Title Company as set forth above), are initiated by noon on the First Closing Date, the First Adjourned Closing Date or the Outside
Closing Date, as applicable, and Purchaser has authorized the Title Company to disburse the amounts received from Purchaser upon receipt of said funds, Purchaser shall not be responsible for interest as set forth in subsection (x) above or in
default as set forth in subsection (y) above. The provisions of the preceding sentence of this Section 2.4(b) shall survive the Closing. 
  

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 2.5 Independent Contract Consideration. In addition to, and not in lieu of the delivery to
Escrow Agent of the Earnest Money, concurrently with Purchaser’s execution and delivery of this Agreement to Sellers, Purchaser shall deliver to Sellers Purchaser’s check, payable to the order to Sellers, in the amount of Ten and No/100
Dollars ($10.00). Sellers and Purchaser hereby mutually acknowledge and agree that said sum represents adequate bargained for consideration for Sellers’ execution and delivery of this Agreement and Purchaser’s right to inspect the
Properties pursuant to Article 3. Said sum is in addition to and independent of any other consideration or payment provided for in this Agreement and is nonrefundable in all events. 
 2.6 Closing. The consummation of the sale by Sellers and purchase by Purchaser of the Properties (the
“Closing”) shall be held on or before February 21, 2006 (the “First Closing Date”); provided, however that Purchaser shall have the right, by written notice to Sellers delivered no later than February 15,
2006, to adjourn the Closing to a date specified in Purchaser’s notice, but not later than the First Adjourned Closing Date of March 8, 2006, if Purchaser’s lender is not prepared to close by February 21, 2006 any loan or loans to be
obtained by Purchaser; provided further, however, that if and only if (a) Purchaser shall have delivered to Sellers no later than February 6, 2006 the completed forms of all SNDAs to be submitted by Sellers to each applicable tenant and (b)
Purchaser has not received an executed SNDA in a form reasonably acceptable to Purchaser’s lender from each of the Major Tenants prior to the First Adjourned Closing Date, Purchaser shall have the right by written notice to Sellers delivered no
later than the First Adjourned Closing Date, to adjourn the Closing to a date specified in Purchaser’s notice, but not later than the earlier to occur of (i) the Outside Closing Date of March 22, 2006, or (ii) two (2) Business Days after
Purchaser’s receipt of SNDAs from the Major Tenants. Subject to the foregoing, the Closing shall take place at an office in the metropolitan Atlanta, Georgia, area, and at such specific place, time and date (the “Closing Date”)
as shall be designated by Purchaser in a written notice to Sellers not less than three (3) Business Days prior to Closing. If Purchaser fails to give such notice of the Closing Date, the Closing shall be at the offices of the Title Company, 4170
Ashford Dunwoody Road, Suite 460, Atlanta, Georgia 30399, at 10:00 a.m. on February 21, 2006 (unless Purchaser shall elect by written notice timely given as set forth above to adjourn the Closing to a date not later than the First Adjourned Closing
Date or the Outside Closing Date, as the case may be). It is contemplated that the transaction shall be closed with the concurrent delivery of the documents of title and the payment of the Purchase Price. Notwithstanding the foregoing, there shall
be no requirement that Sellers and Purchaser physically meet for the Closing, and all documents and funds to be delivered at the Closing shall be delivered to the Title Company unless the parties hereto mutually agree otherwise. Sellers and
Purchaser agree to use reasonable efforts to complete all requirements for the Closing prior to the Closing Date. 
 ARTICLE 3

 PURCHASER’S INSPECTION AND REVIEW RIGHTS 
 3.1 Due Diligence Inspections. 
 (a) From and after the Effective Date until the Closing
Date or earlier termination of the inspection rights of Purchaser under this Agreement, Sellers shall permit Purchaser and its authorized representatives to inspect the Properties, to perform due diligence and environmental investigations, to
examine the records of Sellers with respect to the Properties, and make copies 
  

 11 

 thereof, at such times during normal business hours as Purchaser or its representatives may request. All such inspections
shall be nondestructive in nature, and specifically shall not include any physically intrusive testing. All such inspections shall be performed in such a manner to minimize any interference with the business of the tenants under the Leases, and, in
each case, in compliance with the rights and obligations of Sellers as landlord under their respective Leases. Purchaser agrees that Purchaser shall make no contact with and shall not interview any tenants without at least two (2) Business
Days’ advance written notice to Sellers. All inspection fees, appraisal fees, engineering fees and all other costs and expenses of any kind incurred by Purchaser relating to the inspection of the Properties shall be solely Purchaser’s
expense. Sellers reserve the right to have a representative present at the time of making any such inspection and at the time of any such interviews with the tenants. Purchaser shall notify Sellers not less than two (2) Business Days in advance of
making any such inspection. 
 (b) If the Closing is not consummated hereunder, Purchaser shall promptly deliver to Sellers (if contractually
permitted to do so) copies of all reports, surveys and other information furnished to Purchaser by third parties in connection with such inspections; provided, however, that delivery of such copies and information shall be without warranty or
representation whatsoever, express or implied, including, without limitation, any warranty or representation as to ownership, accuracy, adequacy or completeness thereof or otherwise. Purchaser shall use commercially reasonable efforts to avoid any
contractual obligations prohibiting the delivery to Sellers of copies of such reports, surveys and information. This Section 3.1(b) shall survive the termination of this Agreement. 
 (c) To the extent that Purchaser or any of its representatives, agents or contractors damages or disturbs either Property or any portion thereof,
Purchaser shall return the same to substantially the same condition which existed immediately prior to such damage or disturbance. Purchaser hereby agrees to and shall indemnify, defend and hold harmless each Seller from and against any and all
expense, loss or damage which such Seller may incur (including, without limitation, reasonable attorney’s fees actually incurred) as a result of any act or omission of Purchaser or its representatives, agents or contractors. Said
indemnification shall not extend to pre-existing conditions merely discovered by Purchaser. Said indemnification agreement shall survive the Closing, or earlier termination of this Agreement. Purchaser shall maintain and shall ensure that
Purchaser’s consultants and contractors maintain commercial general liability insurance in an amount not less than $2,000,000, combined single limit, and in form and substance adequate to insure against all liability of Purchaser and its
consultants and contractors, respectively, and each of their respective agents, employees and contractors, arising out of inspections and testing of the Properties or any part thereof made on Purchaser’s behalf. Purchaser agrees to provide to
Sellers a certificate of insurance with regard to each applicable liability insurance policy prior to any entry upon either Property by Purchaser or its consultants or contractors, as the case may be, pursuant to this Section 3.1. 

3.2 Deliveries by Sellers to Purchaser; Purchaser’s Access to Property Records of Seller. 
 (a) Sellers and Purchaser acknowledge that all of the following (the “Due Diligence Deliveries”) either have been or shall
be delivered or made available to Purchaser to the extent the same are in the possession of Sellers (and Purchaser further acknowledges that no additional items are required to be delivered by Sellers to Purchaser except as may be expressly set
forth in other provisions of this Agreement):  
  

	 	(i)	Copies of current property tax bills with respect to each Property. 

  

 12 

	 	(ii)	Copies of operating and capital budgets (as contained in the Offering Memorandum previously provided to Purchaser), and building operating and capital expenses for 2003, 2004 and
2005 with respect to each Property. 

  

	 	(iii)	Copies of the Leases and any guarantees relating thereto existing as of the Effective Date. 

  

	 	(iv)	Copies of the Commission Agreements. 

  

	 	(v)	Copies of all Service Contracts currently in place. 

  

	 	(vi)	Copies of the Existing Surveys. 

  

	 	(vii)	Copies of the Existing Environmental Reports. 

  

	 	(viii)	Copies of existing correspondence in the possession of each Seller with respect to the compliance of the Property owned by such Seller with zoning regulations applicable to such
Property. 

  

	 	(ix)	Copies of Sellers’ existing title policies. 

  

	 	(x)	Copies of maintenance, repair and replacement records for all building systems for 2005. 

  

	 	(xi)	Copies of certificates of occupancy in the possession of each Seller with respect to the Property owned by such Seller; it being acknowledged by Sellers that as of the Effective
Date, Sellers have not located copies of any certificate of occupancy for the Funds VI, VII and VIII Improvements. Fund VI, VII and VIII JV agrees to use diligent good faith efforts to locate any such certificate of occupancy and to deliver copies
of the same to Purchaser promptly upon obtaining the same. 

 (b) From the Effective Date until the last Closing Date under
this Agreement, or earlier termination of this Agreement, Sellers shall allow Purchaser and Purchaser’s representatives, on reasonable advance notice and during normal business hours, to have access to each such Seller’s existing
non-confidential books, records and files relating to the Property owned by such Seller, at the office of Sellers at 6200 The Corners Parkway, Norcross, Georgia 30092, for the purpose of inspecting and (at Purchaser’s expense) copying the same,
including, without limitation, copies of any financial statements or other financial information of the tenants under the Leases (and the lease guarantors, if any), written information relative to the tenants’ payment history, and tenant
correspondence, to the extent the applicable Seller has the same in its possession; available surveys, construction plans and specifications, copies of any permits, licenses or other similar documents, available records of any operating costs and
expenses and similar materials relating to the construction, operation, maintenance, repair, management and leasing of the Property owned by such Seller, to the extent any or all of the same are in the possession of such Seller or such Seller’s
attorneys, advisors or consultants, subject, however, to the limitations of any confidentiality or nondisclosure agreement to which such Seller may be bound, and provided that such Seller shall not be required to deliver or make available to
Purchaser any appraisals, third party property condition 
  

 13 

 reports (other than the Existing Environmental Reports) obtained by such Seller in connection with the Property owned by
such Seller, strategic plans for the Property owned by such Seller, internal analyses, information regarding the marketing for sale of the Property owned by such Seller, submissions relating to such Seller’s obtaining of corporate or
partnership authorization, attorney and accountant work product, attorney-client privileged documents, or other information in the possession or control of such Seller which such Seller reasonably deems confidential or proprietary. Alternatively, at
Purchaser’s request and at Purchaser’s cost and expense, and subject to the provisions hereof, such Seller will make copies of non-confidential and non-proprietary due diligence materials relating to the Property of such Seller as may be
reasonably requested by Purchaser in writing and as may be in such Seller’s possession, and will deliver the same to Purchaser. Purchaser acknowledges and agrees, however, that neither Seller makes any representation or warranty of any nature
whatsoever, express or implied, with respect to the ownership, enforceability, accuracy, adequacy or completeness or otherwise of any of such records, evaluations, data, investigations, reports or other materials. If the Closing contemplated
hereunder fails to take place for any reason, Purchaser shall promptly return (or certify as having destroyed) all copies of materials copied from the books, records and files of Sellers or furnished by Sellers or Sellers’ representatives
relating to the Properties. It is understood and agreed that Sellers shall not have any obligation to obtain, commission or prepare any such books, records, files, reports or studies not now in the possession or control of Sellers. 
 3.3 Condition of the Property. 
 (a) Each Seller recommends that Purchaser employ one or more independent engineering and/or environmental professionals to perform engineering, environmental and physical assessments on Purchaser’s behalf in respect of the Properties
and the condition thereof. Purchaser and Sellers mutually acknowledge and agree that the Properties are being sold in an “AS IS” condition and “WITH ALL FAULTS,” known or unknown, contingent or existing. Purchaser has the sole
responsibility to fully inspect the Properties, to investigate all matters relevant thereto, including, without limitation, the condition of the Properties, and to reach its own, independent evaluation of any risks (environmental or otherwise) or
rewards associated with the ownership, leasing, management and operation of the Properties. Effective as of the Closing and except as expressly set forth in this Agreement, Purchaser hereby waives and releases each Seller and its officers,
directors, shareholders, partners, agents, affiliates, employees and successors and assigns from and against any and all claims, obligations and liabilities arising out of or in connection with the Property owned by such Seller. 
 (b) To the fullest extent permitted by law, Purchaser does hereby unconditionally waive and release each Seller and its officers, directors,
shareholders, partners, agents, affiliates and employees from any present or future claims and liabilities of any nature arising from or relating to the presence or alleged presence of Hazardous Substances in, on, at, from, under or about the
Property owned by such Seller or any adjacent property, including, without limitation, any claims under or on account of any Environmental Law, regardless of whether such Hazardous Substances are located in, on, at, from, under or about the Property
or any adjacent property prior to or after the date hereof (collectively, “Environmental Liabilities”); provided, however, that the foregoing release as it applies to each Seller, its officers, directors, shareholders, partners,
agents, affiliates and employees, shall not release such Seller or its general partners from any Environmental Liabilities of (i) such Seller relating to any Hazardous Substances which may be placed, located or released on the Property by such
Seller after the date of Closing, or (ii) the general partners of such Seller relating to any Hazardous Substances which may be placed, located or released on the Property by such Seller after the date of Closing. The terms and provisions of this
Section 3.3 shall survive the Closing. 
  

 14 

 3.4 Title and Survey. Prior to execution of this Agreement, Sellers ordered from the Title
Company a preliminary owner’s title commitment with respect to each of the Properties issued in favor of Purchaser (each, a “Title Commitment,” and together, the “Title Commitments”). Sellers have requested
that the Title Company make copies of the Title Commitments, and copies of all underlying recorded exceptions referenced in the Title Commitments, available to Purchaser on the Title Company’s website. In addition, prior to the execution of
this Agreement, Sellers have delivered updated as-built surveys of each Property (each, a “Survey” and together, the “Surveys”) to Purchaser. Purchaser shall have the responsibility for obtaining any revisions or
updates to the Title Commitments and Surveys as Purchaser may deem necessary or desirable. Purchaser shall have until January 30, 2006 to give written notice (the “Title Notice”) to the applicable Seller of such objections as
Purchaser may have to any exceptions to title disclosed in the Title Commitments or in the Surveys or otherwise in Purchaser’s examination of title. Sellers shall have the right, but not the obligation (except as to Monetary Objections
affecting such Seller’s Property), to attempt to remove, satisfy or otherwise cure any exceptions to title to which the Purchaser so objects. Within three (3) Business Days after receipt of Purchaser’s Title Notice, each Seller shall give
written notice to Purchaser informing the Purchaser of Seller’s election with respect to such objections. If such Seller fails to give written notice of election within such three (3) Business Day period, such Seller shall be deemed to have
elected not to attempt to cure the objections (other than Monetary Objections affecting such Seller’s Property). If such Seller elects to attempt to cure any objections, Sellers shall be entitled to one or more reasonable adjournments of the
Closing of up to but not beyond the tenth (10th) day following the initial date set for the Closing to attempt such
cure (subject to the Outside Closing Date), but, except for Monetary Objections affecting such Seller’s Property, such Seller shall not be obligated to expend any sums, commence any suits or take any other action to effect such cure. Except as
to Monetary Objections affecting such Seller’s Property, if such Seller elects, or is deemed to have elected, not to cure any exceptions to title to which Purchaser has objected or if, after electing to attempt to cure, such Seller determines
that it is unwilling or unable to remove, satisfy or otherwise cure any such exceptions, Purchaser’s sole remedy hereunder in such event shall be either (i) to accept title to each Property subject to such exceptions as if Purchaser had not
objected thereto and without reduction of the Purchase Price, or (ii) to terminate this Agreement within three (3) Business Days after receipt of written notice from either Seller either of Seller’s election not to attempt to cure any objection
or of such Seller’s determination, having previously elected to attempt to cure, that such Seller is unable or unwilling to do so, whereupon Escrow Agent shall return the Earnest Money to Purchaser. Notwithstanding anything to the contrary
contained elsewhere in this Agreement, each Seller shall be obligated to cure or satisfy all Monetary Objections affecting such Seller’s Property at or prior to Closing, and Sellers may use the proceeds of the Purchase Price at Closing for such
purpose. 
 3.5 Service Contracts. Prior to the expiration of the Inspection Period, Purchaser will designate in a written
notice to Sellers which Service Contracts Purchaser will assume and which Service Contracts will be terminated by the applicable Seller at Closing; provided, however, that Sellers shall not be obligated to terminate, and Purchaser shall assume each
Seller’s obligations arising from and after Closing under, all Service Contracts which cannot be terminated by such Seller upon no more than thirty (30) days prior notice or which can be terminated by such Seller only upon payment of a fee,
premium, penalty or other form of early termination compensation. Purchaser will assume the obligations arising from and after the Closing Date under those Service 
  

 15 

 Contracts which Purchaser has designated will not be terminated. Each Seller, without cost to Purchaser, shall terminate
at Closing all Service Contracts that are not so assumed, to the extent any relates to the Property owned by such Seller. If Purchaser fails to notify either Seller in writing on or prior to the expiration of the Inspection Period of any Service
Contracts that Purchaser does not desire to assume at Closing, Purchaser shall be deemed to have elected to assume all such Service Contracts and to have waived its right to require such Seller to terminate such Service Contracts at Closing.

 3.6 Termination of Agreement. Purchaser shall have until the expiration of the Inspection Period to determine, in
Purchaser’s sole opinion and discretion, the suitability of the Properties for acquisition by Purchaser or Purchaser’s permitted assignee. Purchaser shall have the right to terminate this Agreement at any time on or before said time and
date of expiration of the Inspection Period by giving written notice to Sellers of such election to terminate. If Purchaser so elects to terminate this Agreement pursuant to this Section 3.6, Escrow Agent shall pay the Earnest Money to
Purchaser, whereupon, except for those provisions of this Agreement which by their express terms survive the termination of this Agreement, no party hereto shall have any other or further rights or obligations under this Agreement. If Purchaser
fails to so terminate this Agreement prior to the expiration of the Inspection Period, Purchaser shall have no further right to terminate this Agreement pursuant to this Section 3.6. The parties acknowledge that this Agreement shall not be
void or voidable for lack of mutuality. 
 3.7 Confidentiality. All information acquired by Purchaser or any of its designated
representatives (including by way of example, but not in limitation, the officers, directors, shareholders and employees of Purchaser, and Purchaser’s engineers, consultants, counsel and potential lenders, and the officers, directors,
shareholders and employees of each of them) with respect to the Properties, whether delivered by Sellers or any representatives of Sellers or obtained by Purchaser as a result of its inspection and investigation of the Properties, examination of the
books, records and files of such Seller in respect of the Property owned by such Seller, or otherwise (collectively, the “Due Diligence Material”) shall be used solely for the purpose of determining whether the Properties are
suitable for Purchaser’s acquisition and ownership thereof and for no other purpose whatsoever. Prior to Closing, the terms and conditions which are contained in this Agreement and all Due Diligence Material which is not published as public
knowledge or which is not generally available in the public domain shall be kept in strict confidence by Purchaser and shall not be disclosed to any individual or entity other than to those authorized representatives of Purchaser and
Purchaser’s prospective and actual counsel, accountants, professionals, consultants, attorneys and lenders and lenders’ attorneys, consultants, counsel and advisors, who need to know the information for the purpose of assisting Purchaser
in evaluating the Properties for Purchaser’s potential acquisition thereof; provided, however, that Purchaser shall have the right to disclose any such information if required by applicable law or as may be necessary in connection with any
court action or proceeding with respect to this Agreement. Purchaser shall and hereby agrees to indemnify and hold each Seller harmless from and against any and all loss, liability, cost, damage or expense that either such Seller may suffer or incur
(including, without limitation, reasonable attorneys’ fees actually incurred) as a result of the unpermitted disclosure of any of the Due Diligence Material to any individual or entity other than an appropriate representative of Purchaser and
Purchaser’s prospective and actual counsel, accountants, professionals, consultants, attorneys and lenders and lenders’ attorneys, consultants, counsel and advisors and/or the use of any Due Diligence Material for any purpose other than as
herein contemplated and permitted. The foregoing indemnity shall not extend to disclosure of any Due Diligence Material (i) as may be required by applicable law to be 
  

 16 

 disclosed, or (ii) that is or becomes public knowledge other than by virtue of a breach of Purchaser’s covenant
under this Section 3.7. If Purchaser or Sellers elect to terminate this Agreement pursuant to any provision hereof permitting such termination, or if the Closing contemplated hereunder fails to occur for any reason, Purchaser will promptly
return to Sellers all Due Diligence Material in the possession of Purchaser and any of its representatives, and destroy all copies, notes or abstracts or extracts thereof, as well as all copies of any analyses, compilations, studies or other
documents prepared by Purchaser or for its use (whether in written or electronic form) containing or reflecting any Due Diligence Material. In the event of a breach or threatened breach by Purchaser or any of its representatives of this Section
3.7, Sellers shall be entitled, in addition to other available remedies, to an injunction restraining Purchaser or its representatives from disclosing, in whole or in part, any of the Due Diligence Material and any of the terms and conditions of
this Agreement. Nothing contained herein shall be construed as prohibiting or limiting Sellers from pursuing any other available remedy, in law or in equity, for such breach or threatened breach. The provisions of this Section shall survive any
termination of this Agreement. 
 ARTICLE 4 
 REPRESENTATIONS, WARRANTIES AND OTHER AGREEMENTS 
 4.1 Representations and Warranties of
Seller. Each Seller, individually, solely as to such Seller and not as to the other Seller, hereby makes the following representations and warranties to Purchaser: 
 (a) Organization, Authorization and Consents. 
  

	 	(i)	Generally. Seller has the right, power and authority to enter into this Agreement and to sell the Property of such Seller in accordance with the terms and provisions of this
Agreement, to engage in the transaction contemplated in this Agreement and to perform and observe all of the terms and provisions hereof. 

  

	 	(ii)	Fund IV and V JV. Fund IV and V JV is a duly organized and validly existing joint venture under the laws of the State of Georgia, whose joint venture partners are Wells Real
Estate Fund IV, L.P. and Wells Real Estate Fund V, L.P. 

  

	 	(iii)	Funds VI, VII and VIII JV. Funds VI, VII and VIII Associates is a duly organized and validly existing joint venture under the laws of the State of Georgia, whose joint
venture partners are Wells Real Estate Fund VI, L.P., Wells Real Estate Fund VII, L.P. and Wells Real Estate Fund VIII, L.P. 

  

	 	(iv)	General Partners of Funds IV and V JV. Each of Wells Real Estate Fund IV, L.P. and Wells Real Estate Fund V, L.P. is a duly organized and validly existing limited partnership
under the laws of the State of Georgia, whose general partners are Leo F. Wells, III and Wells Partners, L.P., a Georgia limited partnership. 

  

	 	(v)	General Partners of Funds VI, VII and VIII JV. Each of Wells Real Estate Fund VI, L.P., Wells Real Estate Fund VII, L.P. and Wells Real Estate Fund VIII, L.P. is a duly
organized and validly existing limited partnership under the laws of the State of Georgia, whose general partners are Leo F. Wells, III and Wells Partners, L.P., a Georgia limited partnership. 

  

 17 

	 	(vi)	Wells Partners, L.P. Wells Partners, L.P. is a duly formed and validly existing limited partnership under the laws of the State of Georgia, whose general partner is Wells
Capital, Inc. 

  

	 	(vii)	Wells Capital, Inc. Wells Capital, Inc. is a duly organized and validly existing corporation under the laws of the State of Georgia. 

 (b) Action of Seller, Etc. Such Seller has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and
upon the execution and delivery of any document to be delivered by such Seller on or prior to the Closing, this Agreement and such document shall constitute the valid and binding obligation and agreement of such Seller, enforceable against such
Seller in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting the rights and remedies of creditors. 
 (c) No Violations of Agreements. Neither the execution, delivery or performance of this Agreement by such Seller, nor compliance with the terms
and provisions hereof, will result in any breach of the terms, conditions or provisions of, or conflict with or constitute a default under, or result in the creation of any lien, charge or encumbrance upon the Property of such Seller or any portion
thereof pursuant to the terms of any judicial order or governmental approval of which such Seller has knowledge or pursuant to any indenture, deed to secure debt, mortgage, deed of trust, note, evidence of indebtedness or any other agreement or
instrument by which such Seller is bound. 
 (d) Litigation. To such Seller’s knowledge, and except as disclosed on
EXHIBIT ”I” attached hereto, such Seller has not received written notice of any pending or threatened suit, action or proceeding, which (i) if determined adversely to such Seller, materially and adversely affects the
use or value of the Property owned by such Seller, or (ii) questions the validity of this Agreement or any action taken or to be taken pursuant hereto, or (iii) involves condemnation or eminent domain proceedings involving the Property owned by such
Seller, or any portion thereof. 
 (e) Existing Leases and Guaranty Agreements. Other than the Leases and Guaranty Agreements listed
on EXHIBIT ”G” attached hereto, such Seller has not entered into any contract or agreement with respect to the occupancy of the Property owned by such Seller or any portion or portions thereof which will be binding on
Purchaser or such Property after the Closing. The copies of the Leases and Guaranty Agreements heretofore delivered or made available by such Seller to Purchaser are true, correct and complete copies thereof in all material respects, and the Leases
and Guaranty Agreements have not been amended except as evidenced by amendments similarly delivered and listed on EXHIBIT ”G” attached hereto and constitute the entire agreement between such Seller and the tenants
thereunder. Except as set forth in EXHIBIT “I” attached hereto, such Seller has not given or received any written notice of any party’s default or failure to comply with the terms and provisions of the Leases or
Guaranty Agreements which remains uncured and to such Seller’s knowledge, Seller is not in default under any Lease or Guaranty Agreement which remains uncured and knows of no default on behalf of any Tenant. A true and accurate accounting of
any and all security deposits, prepaid rents, rental adjustments, letters of credit and other collateral held by such Seller as the landlord under the Leases and Guaranty Agreements shall be made at the Closing. 
  

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 (f) Service Contracts. To such Seller’s knowledge, other than the Service Contracts set forth
on EXHIBIT “J” attached hereto, such Seller has not entered into any contract or agreement with respect to maintenance, utility or any other services provided to the Property by such Seller or any portion or portions
thereof which will be binding on Purchaser or such Property after Closing. Except as set forth in EXHIBIT “I” attached hereto, such Seller has not given or received any written notice of any party’s default or
failure to comply with the terms and provisions of the Service Contracts which remains uncured; and to such Seller’s knowledge, such Seller is not in default under any Service Contract and knows of no default on behalf of any party providing
such services thereunder. 
 (g) Leasing Commissions. To such Seller’s knowledge, there are no lease brokerage agreements,
leasing commission agreements or other agreements providing for payments of any amounts for leasing activities or procuring tenants with respect to the Property owned by such Seller or any portion or portions thereof other than as disclosed in
EXHIBIT “C” attached hereto (the “Commission Agreements”), and all leasing commissions and brokerage fees accrued or due and payable under the Commission Agreements with respect to the Property owned
by such Seller as of the date hereof and at the Closing have been or shall be paid in full. Notwithstanding anything to the contrary contained herein, Purchaser shall be responsible for the payment of all leasing commissions payable for (a) any new
leases entered into after the Effective Date that have been approved (or deemed approved) by Purchaser, and (b) the renewal, expansion or extension of any Lease existing as of the Effective Date and exercised or effected after the Effective Date;
provided however, that Purchaser shall be obligated to pay such leasing commissions as aforesaid only if the transactions contemplated under this Agreement close and the Closing occurs. In the event that the Closing does not occur, the applicable
Seller shall remain solely liable for the payment of such commissions. 
 (h) Management Agreements. Except for those certain
management agreements more particularly described on EXHIBIT ”M” attached hereto and made a part hereof (each, a “Management Agreement”), there is no agreement currently in effect relating to the
management of the Property owned by such Seller by any third party management company; and such Seller shall cause such Management Agreements to be terminated as of the Closing Date without cost or liability to Purchaser. 
 (i) Taxes and Assessments. Except as may be set forth on EXHIBIT “L” attached hereto and made a part hereof, such
Seller has not filed, and has not retained anyone to file, notices of protests against, or to commence action to review, real property tax assessments against the Property owned by such Seller. 
 (j) Compliance with Laws. To such Seller’s knowledge, and except as set forth on EXHIBIT “I”, such Seller has
received no written notice alleging any violations of law (including any Environmental Law), municipal or county ordinances, or other legal requirements with respect to the Property owned by such Seller where such violations remain outstanding.

 (k) Other Agreements. To such Seller’s knowledge, except for the Leases, the Service Contracts, the Commission Agreements, the
Management Agreement, and the Permitted Exceptions affecting the Property of such Seller, there are no leases, management agreements, brokerage agreements, leasing agreements or other agreements or instruments in force or effect that grant to any
person or any entity (other than to such Seller) any right, title, interest or benefit in and to all or any part of the Property owned by such Seller or any rights relating to the use, operation, management, maintenance or repair of all or any part
of such Property which will survive the 
  

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 Closing or be binding upon Purchaser other than those which Purchaser has agreed in writing to assume prior to the
expiration of the Inspection Period (or is deemed to have agreed to assume) or which are terminable upon thirty (30) days notice without payment of premium or penalty. 
 (l) Seller Not a Foreign Person. Such Seller is not a “foreign person” which would subject Purchaser to the withholding tax provisions of Section 1445 of the Internal Revenue Code of 1986, as amended.

 (m) Association Expenses. To such Seller’s knowledge, such Seller (i) is not in default or violation with respect to the
payment of any assessments (whether annual, periodic or special) to an Association with respect to the Property owned by such Seller; (ii) has no knowledge of any default by such Seller under the Protective Covenants; and (iii) has no knowledge of
any increase in the assessments (whether annual, periodic or special) (other than as may be provided in the Protective Covenants) or any special assessments that will be required to be paid by the Sellers to the Association within the next year.

 (n) Employees. Such Seller has no employees to whom by virtue of such employment Purchaser will have any obligation after the
Closing. 
 (o) Environmental. To such Seller’s knowledge, or except as may be set forth in the Existing Environmental Reports or
other written Due Diligence Material or as alleged in the correspondence from Keasler Law Firm to Wells Management Company, Inc. dated December 20, 2005, (i) such Seller has no knowledge of the presence of any Hazardous Substances on the Property
owned by such Seller, other than such Hazardous Substances and in such amounts as are commonly used, stored and disposed of in the operation, repair and maintenance of an office building, or as may be used, stored and disposed of by the tenants
under the Leases in the conduct of their businesses at the Property owned by such Seller; (ii) such Seller has not used and has no knowledge that any other person has used the Property owned by such Seller for the generation, recycling, use, reuse,
sale, storage, handling, transportation and/or disposal of any Hazardous Substances on such Property (except for such Hazardous Substances and in such amounts as are commonly used, stored and disposed of in the operation, maintenance and repair of
an office building, or as may be used, stored and disposed of by the tenants under the Leases in the conduct of their businesses at the Property owned by such Seller); and (iii) Seller has not received any written notification from any governmental
authority as to any violations of or failure to comply with any Environmental Law with respect to the Property owned by such Seller. 
 The
representations and warranties made in this Agreement by each Seller shall be continuing and shall be deemed made as of the date hereof and remade by such Seller as of the Closing Date in all material respects, with the same force and effect as if
made on, and as of, such date, subject to such Seller’s right to update such representations and warranties by written notice to Purchaser and in the certificate of such Seller to be delivered pursuant to Section 5.1(i) hereof.

 Except as otherwise expressly provided in this Agreement or in any documents to be executed and delivered by such Seller to Purchaser at
the Closing, such Seller has not made, and Purchaser has not relied on, any information, promise, representation or warranty, express or implied, regarding the Properties, whether made by such Seller, on behalf of such Seller, or otherwise,
including, without limitation, the physical condition of the Properties, the financial condition of the tenants under the Leases, title to or the boundaries of the Properties, pest control matters, soil conditions, the presence, existence or absence
of hazardous wastes, toxic substances or 
  

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 other environmental matters, compliance with building, health, safety, land use and zoning laws, regulations and orders,
structural and other engineering characteristics, traffic patterns, market data, economic conditions or projections, past or future economic performance of the tenants or the Properties, and any other information pertaining to the Properties or the
market and physical environments in which the Properties are located. Purchaser acknowledges (i) that Purchaser has entered into this Agreement with the intention of making and relying upon its own investigation or that of Purchaser’s own
consultants and representatives with respect to the physical, environmental, economic and legal condition of the Properties and (ii) that Purchaser is not relying upon any statements, representations or warranties of any kind, other than those
specifically set forth in this Agreement or in any document to be executed and delivered by Sellers to Purchaser at the Closing, made (or purported to be made) by Sellers or anyone acting or claiming to act on behalf of Sellers. Purchaser will
inspect the Properties and become fully familiar with the physical condition thereof and, subject to the terms and conditions of this Agreement, shall purchase the Properties in their “as is” condition, “with all faults,” on the
Closing Date. The provisions of this paragraph shall survive the Closing until September 30, 2006, subject to Article 11 hereof. 
 4.2 Knowledge Defined. All references in this Agreement to the “knowledge of such Seller” or “to such Seller’s knowledge” shall refer only to the actual knowledge of Steve Campbell, Vice President,
Asset Management, and Mike Watson, Vice President, Construction, who have been actively involved in the management of each Seller’s business in respect of the Property owned by such Seller in the capacity as Asset Manager and Construction
Manager, respectively, for each Seller. Sellers each further represent and warrant that Steve Campbell and Mike Watson are the most qualified employees of Wells Real Estate regarding the knowledge of Sellers with respect to the operation,
management, condition and maintenance of the Properties on behalf of the Sellers. The term “knowledge of such Seller” or “to such Seller’s knowledge” shall not be construed, by imputation or otherwise, to refer to the
knowledge of the other Seller, or any affiliate of either Seller, or to any other partner, beneficial owner, officer, director, agent, manager, representative or employee of such Seller, or any of their respective affiliates, or to impose on either
of the individuals named above any duty to investigate the matter to which such actual knowledge, or the absence thereof, pertains. There shall be no personal liability on the part of either of the individuals named above arising out of any
representations or warranties made herein or otherwise. 
 4.3 Covenants and Agreements of Sellers. 
 (a) Leasing Arrangements. During the pendency of this Agreement, neither Seller will enter into any lease affecting the Property owned by such
Seller, or modify or amend in any material respect, or terminate, the existing Leases without Purchaser’s prior written consent in each instance, which consent, prior to the end of the Inspection Period, shall not be unreasonably withheld,
delayed or conditioned and which shall be deemed given unless withheld by written notice to such Seller given within five (5) Business Days after Purchaser’s receipt of such Seller’s written request therefor, each of which requests shall
be accompanied by a copy of any proposed modification or amendment of an existing Lease or of any new lease that such Seller wishes to execute between the Effective Date and the Closing Date, including, without limitation, a description of any
Tenant Inducement Costs and leasing commissions associated with any proposed renewal or expansion of an existing Lease or with any such new lease, as well as any additional information regarding such proposed transaction as Purchaser may reasonably
request. If Purchaser fails to notify such Seller in writing of its approval or disapproval within said five (5) Business Day period, such failure by Purchaser shall be deemed to be the approval of Purchaser. After the end of the Inspection Period,
neither Seller shall enter into any lease affecting the Property owned by such Seller, or modify or amend in 
  

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 any respect, or terminate the existing Leases without Purchaser’s prior written consent in each instance, which
consent may be withheld in Purchaser’s sole discretion. At Closing, Purchaser shall reimburse the applicable Seller for any Tenant Inducement Costs or leasing commissions actually incurred by such Seller pursuant to a renewal or expansion of
any existing Lease after the Effective Date or new lease approved (or deemed approved) by Purchaser hereunder, and Purchaser shall assume any such new lease and shall assume the obligations of such Seller thereunder, including the obligation to pay
any Tenant Inducement Costs and leasing commissions. Purchaser’s obligation to pay the Tenant Inducement Costs and leasing commissions as provided for in this paragraph shall only apply if the transactions contemplated under this Agreement
close and the Closing occurs. 
 (b) New Contracts. During the pendency of this Agreement, neither Seller will enter into any
contract, or modify, amend, renew or extend any existing contract, that will be an obligation affecting the Property owned by such Seller or any part thereof subsequent to the Closing without Purchaser’s prior written consent in each instance
(which Purchaser agrees not to withhold or delay unreasonably with respect to any new contract to be signed during the Inspection Period, but with respect to any contract or amendment to be executed after the Inspection Period, Purchaser may
withhold such consent in its sole discretion and neither Seller shall execute, modify or amend such contract without Purchaser’s prior written consent), except contracts entered into in the ordinary course of business that are terminable
without cause (and without penalty or premium) on thirty (30) days (or less) notice. 
 (c) Operation of Property. During the pendency
of this Agreement, each Seller shall continue to operate the Property owned by such Seller in a good and businesslike fashion consistent with such Seller’s past practices. Funds IV and V JV shall also keep Purchaser apprised of the action taken
by such Seller to repair the damage caused by the intrusion of water into the premises leased by the tenant known as Keasler Law Firm and to correct the conditions that allowed the intrusion of water into such tenant’s premises. 
 (d) Insurance. During the pendency of this Agreement, each Seller shall, at such Seller’s expense, continue to maintain the insurance
policies covering the Improvements owned by such Seller as required by the terms of the Leases. 
 (e) Tenant Estoppel Certificates.
Each Seller shall endeavor in good faith (but without obligation to incur any material, unusual or extraordinary cost or expense) to obtain and deliver to Purchaser, at or prior to Closing, a written Tenant Estoppel Certificate in the form attached
hereto as EXHIBIT ”K” signed by each of the tenants under the Leases affecting the Property owned by such Seller; provided that delivery of such signed Tenant Estoppel Certificates shall be a condition of Closing only
to the extent set forth in Section 6.1(c) hereof; and in no event shall the inability or failure of such Seller to obtain and deliver said Tenant Estoppel Certificates (such Seller having used its good faith efforts as set forth above as to
the tenants under Leases) be a default of such Seller hereunder. The Tenant Estoppel Certificate that Funds IV and V JV shall endeavor to obtain from the tenant known as Keasler Law Firm under this Section 4.3(e) shall also include an express
confirmation by such tenant that, to such tenant’s knowledge, (i) the “Landlord” has completed the repairs to such tenant’s premises caused by the intrusion of water into such tenant’s premises, (ii) the “Landlord”
has completed the work and improvements designed to correct the conditions that allowed the intrusion of water into such tenant’s premises, and (iii) such tenant’s premises, including the portion thereof affected by such intrusion of
water, are again tenantable. 
  

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 (f) Association Estoppel Certificate. Sellers shall endeavor in good faith (but without any
obligation to incur any material, unusual or extraordinary cost or expense) to obtain and deliver to Purchaser, at or prior to Closing a written estoppel certificate (the “Association Estoppel Certificate”) signed on behalf of the
Association and addressed to Sellers and Purchaser, (i) to be dated within thirty (30) days prior to the Closing Date, and (ii) to confirm (A) the absence of any material defaults or violations by the applicable Seller with respect to the payment of
any assessments (whether annual, periodic or special) to such Association with respect to the Property owned by such Seller, (B) the amount of any annual, periodic or special assessments to become payable with respect to each Property by the owner
thereof, and (C) the absence, to the knowledge of the Association, of any defaults by either Seller under the Protective Covenants; provided that the delivery of such signed Association Estoppel Certificate shall not be a condition of Closing, and
in no event shall the inability or failure of Sellers to obtain and deliver said Association Estoppel Certificate (Sellers having used their good faith efforts as set forth above) be a default of Sellers hereunder. 
 (g) SNDAs. Sellers shall endeavor in good faith (but without obligation to incur any material, unusual or extraordinary cost or expense) to obtain
from the Major Tenants of the Properties subordination, nondisturbance and attornment agreements in the form reasonably requested by Purchaser’s lender or in the form attached to such tenants’ respective Leases (“SNDA” or
“SNDAs”); provided, however, that in no event shall the inability or failure of either Seller to obtain and deliver said SNDAs (such Seller having used its good faith efforts as set forth above) be a default of such Seller
hereunder. 
 (h) Commission Agreements with Commercial Jacksonville, Inc. Notwithstanding anything contained in this Agreement to the
contrary, Purchaser may elect, by written notice given to Sellers at any time prior to the date which is ten (10) days before Closing, not to assume the Commission Agreements with Commercial Jacksonville, Inc. (“CJI”) listed in Items 1A
and 2A of Exhibit “C” attached hereto. If Purchaser timely makes such election not to assume the Commission Agreements with CJI, Sellers shall cause such Commission Agreements with CJI to be terminated effective as of the date of
Closing. Sellers and Purchaser acknowledge that each of the Commission Agreements with CJI provide in Section 8.2 thereof that, within fifteen (15) days after the expiration or earlier termination of such Commission Agreements, CJI shall deliver to
the “Owner” thereunder a list of all parties with whom CJI has submitted a bona fide proposal in writing for lease regarding the possible leasing of space in the project prior to the termination date, and that the applicable Seller will
pay the commission that would otherwise be due in accordance with Section 8.1 of the Commission Agreement in the event the applicable Seller or its successors or assigns enter into any lease with any prospective tenant included in CJI’s list or
any affiliate thereof, or enter into any renewal, extension or expansion of any existing tenant lease included in CJI’s list within ninety (90) days after the expiration or termination of such Commission Agreement. In the event Purchaser shall
elect not to assume the Commission Agreements with CJI as provided in this Section 4.3(h), Purchaser shall nevertheless assume the Sellers’ obligations to pay the commission(s) that would otherwise be due to CJI pursuant to the terms of Section
8.2 of each such Commission Agreement with CJI, and Purchaser shall indemnify and hold Sellers harmless from any failure of Purchaser to pay any such commissions payable to CJI pursuant to Section 8.2 of the aforesaid Commission Agreements with CJI.
This Section 4.3(h) shall survive the Closing. 
  

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 4.4 Representations and Warranties of Purchaser. 
 (a) Organization, Authorization and Consents. Purchaser is a duly organized and validly existing corporation under the laws of the Commonwealth of
Massachusetts. Purchaser has or shall have prior to the expiration of the Inspection Period the right, power and authority to enter into this Agreement and to purchase the Property in accordance with the terms and conditions of this Agreement, to
engage in the transactions contemplated in this Agreement and to perform and observe the terms and provisions hereof. 
 (b) Action of
Purchaser, Etc. Purchaser has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and upon the execution and delivery of any document to be delivered by Purchaser on or prior to the Closing, this
Agreement and such document shall constitute the valid and binding obligation and agreement of Purchaser, enforceable against Purchaser in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws of general application affecting the rights and remedies of creditors. 
 (c) No Violations of Agreements.
Neither the execution, delivery or performance of this Agreement by Purchaser, nor compliance with the terms and provisions hereof, will result in any breach of the terms, conditions or provisions of, or conflict with or constitute a default under
the terms of any indenture, deed to secure debt, mortgage, deed of trust, note, evidence of indebtedness or any other agreement or instrument by which Purchaser is bound. 
 (d) Litigation. To Purchaser’s knowledge, Purchaser has received no written notice that any action or proceeding is pending or threatened, which questions the validity of this Agreement or any action taken
or to be taken pursuant hereto. 
 The representations and warranties made in this Agreement by Purchaser shall be continuing and shall be
deemed remade by Purchaser as of the Closing Date, with the same force and effect as if made on, and as of, such date subject to Purchaser’s right to update such representations and warranties by written notice to Sellers and in
Purchaser’s certificate to be delivered pursuant to Section 5.2(e) hereof. The provisions of this paragraph shall survive the Closing until September 30, 2006, subject to Article 11 hereof. 
 ARTICLE 5 
 CLOSING DELIVERIES,
CLOSING COSTS AND PRORATIONS 
 5.1 Sellers’ Closing Deliveries. For and in consideration of, and as a condition
precedent to Purchaser’s delivery to Sellers of the Purchase Price, each Seller shall obtain or execute and deliver to Purchaser at Closing the following documents with respect to the Property owned by such Seller, all of which shall be duly
executed, acknowledged and notarized where required: 
 (a) Special Warranty Deed. A special warranty deed in the form customarily used
in the State of Florida pursuant to which a grantor warrants title only as to parties claiming by, through or under the grantor but not otherwise, from such Seller with respect to the Land and Improvements owned by such Seller (the
“Special Warranty Deed”), subject only to the Permitted Exceptions, and executed and acknowledged by such Seller. The legal description of the Land owned by such Seller set forth in the Special Warranty Deed shall be
based upon and conform to the applicable legal description attached hereto as EXHIBIT “A-1” or EXHIBIT “A-2”, as the case may be. If and to the extent that any of the Permitted
Exceptions requires the recitation or incorporation in any deed of any provisions of such Permitted Exception, the Special Warranty may conform to such requirements; 
  

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 (b) Quitclaim Deed. Upon request, such Seller shall deliver a quitclaim deed in the form
customarily used in Florida to convey the Property owned by such Seller by reference to the metes and bounds legal description of such Property as reflected on the Survey for such Property; 
 (c) Assignment and Assumption of Leases. Two (2) counterparts of an assignment and assumption of such Leases and Security Deposits with respect to
the Property owned by such Seller and, to the extent required elsewhere in this Agreement, the obligations of such Seller under the Commission Agreements with respect to the Property of such Seller in the form attached hereto as
SCHEDULE 1 (the “Assignment and Assumption of Lease”), executed and acknowledged by such Seller; 
 (d) Assignment and Assumption of Service Contracts. Two (2) counterparts of an assignment and assumption of Service Contracts with respect to the Property owned by such Seller in the form attached hereto as SCHEDULE
2 (the “Assignment and Assumption of Service Contracts”), executed and acknowledged by such Seller; 
 (e) Bill of
Sale. A bill of sale from each Seller for the Personal Property of such Seller in the form attached hereto as SCHEDULE 3 (the “Bill of Sale”), without warranty as to the title or condition of the Personal
Property, executed by such Seller; 
 (f) General Assignment. An assignment of the Intangible Property of such Seller in the form
attached hereto as SCHEDULE 4 (the “General Assignment”), executed and acknowledged by Seller; 
 (g)
Seller’s Affidavit. An owner’s affidavit from each Seller substantially in the form attached hereto as SCHEDULE 5 (“Seller’s Affidavit”), stating that there are no known boundary disputes
with respect to the Property owned by such Seller, that there are no parties in possession of the Property of such Seller other than such Seller and the tenants under the Leases of such Property, that any improvements or repairs made by, or for the
account of, or at the instance of such Seller to or with respect to the Property of such Seller within ninety-five (95) days (or such longer period as may be required by the Title Company to comply with the lien laws of Florida) prior to the Closing
have been paid for in full (or that adequate provision has been made therefore to the reasonable satisfaction of the Title Company), and including such other matters as may be reasonably requested by the Title Company; 
 (h) Seller’s Certificate. A certificate from each Seller in the form attached hereto as SCHEDULE 7
(“Seller’s Certificate”), evidencing the reaffirmation of the truth and accuracy in all material respects of such Seller’s representations and warranties set forth in Section 4.1 hereof, with such modifications
thereto as may be appropriate in light of any change in circumstance since the Effective Date; 
 (i) FIRPTA Certificate. A FIRPTA
Certificate from each Seller in the form attached hereto as SCHEDULE 7, or in such other form as applicable laws may require; 
 (j) Evidence of Authority. Such documentation as may reasonably be required by the Title Company to establish that this Agreement, the transactions contemplated herein, and the execution and delivery of the documents required
hereunder, are duly authorized, executed and delivered on behalf of each Seller; 
  

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 (k) Settlement Statement. A settlement statement setting forth the amounts paid by or on behalf of
and/or credited to each of Purchaser and such Seller pursuant to this Agreement; 
 (l) Surveys and Plans. Such surveys, site plans,
plans and specifications, and other matters relating to the Property owned by such Seller as are in the possession of such Seller to the extent not theretofore delivered to Purchaser; 
 (m) Certificates of Occupancy. To the extent the same are in the possession of such Seller, original or photocopies of certificates of occupancy
for all space within the Improvements located on the Property owned by such Seller; 
 (n) Leases and Guaranty Agreements. To the
extent the same is in the possession or control of each Seller, an original executed counterpart of each of the Leases affecting the Property owned by such Seller and any Guaranty Agreement provided in connection with the Leases; 
 (o) Tenant Estoppel Certificates. Any originally executed Tenant Estoppel Certificates as may be in the possession of such Seller; 
 (p) SNDAs. Any originally executed SNDAs as may be in the possession of such Seller; 
 (q) Notices of Sale to Tenants. Each Seller will join with Purchaser in executing a notice, in form and content reasonably satisfactory to such
Seller and Purchaser (each, a “Tenant Notice of Sale”), which Purchaser shall send to the tenants under the Leases informing the tenants of the sale of the Property and of the assignment to and assumption by Purchaser of such
Seller’s interest in the Leases and directing that all rent and other sums payable for periods after the Closing under the Leases shall be paid as set forth in said notice; 
 (r) Notices of Sale to Service Contractors and Leasing Agents. Each Seller will join with Purchaser in executing notices, in form and content
reasonably satisfactory to such Seller and Purchaser (the “Other Notices of Sale”), which Purchaser shall send to each service provider and leasing agent under the Service Contracts and Commission Agreements (as the case may be)
assumed by Purchaser at Closing informing such service provider or leasing agent (as the case may be) of the sale of the Property and of the assignment to and assumption by Purchaser of such Seller’s obligations under the Service Contracts and
Commission Agreements arising after the Closing Date and directing that all future statements or invoices for services under such Service Contracts and/or Commission Agreements for periods after the Closing be directed to such Seller or Purchaser as
set forth in said notices; 
 (s) Association Estoppel Certificate. An original counterpart of the Association Estoppel Certificate,
to the extent the same may be in the possession of either Seller; 
 (t) Keys and Records. All of the keys to any door or lock on the
Property owned by such Seller and the original tenant files and other non-confidential books and records (excluding any appraisals, budgets, third party reports obtained by such Seller in connection with the Property of such Seller (other than the
Existing Environmental Reports), strategic plans for the Property of such Seller, internal analyses, information regarding the marketing of the Property of such Seller for sale, 
  

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 submissions relating to such Seller’s obtaining of corporate or partnership authorization, attorney and accountant
work product, attorney-client privileged documents, or other information in the possession or control of such Seller which such Seller reasonably deems proprietary) relating to the Property in the possession of such Seller; and 
 (u) Other Documents. Such other documents as shall be reasonably requested by the Title Company or Purchaser’s Counsel to effectuate the
purposes and intent of this Agreement. 
 5.2 Purchaser’s Closing Deliveries. Purchaser shall obtain or execute and
deliver to each applicable Seller at Closing the following documents, all of which shall be duly executed, acknowledged and notarized where required: 
 (a) Assignment and Assumption of Leases. Two (2) counterparts of the Assignment and Assumption of Leases, executed and acknowledged by Purchaser; 
 (b) Assignment and Assumption of Service Contracts. Two (2) counterparts of the Assignment and Assumption of Service Contracts, executed and
acknowledged by Purchaser; 
 (c) Purchaser’s Certificate. A certificate in the form attached hereto as
SCHEDULE 8 (“Purchaser’s Certificate”), evidencing the reaffirmation of the truth and accuracy in all material respects of Purchaser’s representations and warranties contained in Section 4.4
hereof, with such modifications thereto as may be appropriate in light of any change in circumstances since the Effective Date; 
 (d)
Notices of Sale to Tenants. The Tenant Notices of Sale, executed by Purchaser, as contemplated in Section 5.1(q) hereof; 
 (e)
Notices of Sale to Service Contractors and Leasing Agents. The Other Notices of Sale to service providers and leasing agents, as contemplated in Section 5.1(r) hereof; 
 (f) Settlement Statement A settlement statement setting forth the amounts paid by or on behalf of and/or credited to each of Purchaser and the
applicable Seller pursuant to this Agreement; 
 (g) Evidence of Authority. A copy of resolutions of the Board of Directors of
Purchaser, certified by the Secretary or Assistant Secretary of Purchaser to be in force and unmodified as of the date and time of Closing, authorizing the purchase contemplated herein, the execution and delivery of the documents required hereunder,
and designating the signatures of the persons who are to execute and deliver all such documents on behalf of Purchaser or if Purchaser is not a corporation, such documentation as Seller may reasonably require to establish that this Agreement, the
transaction contemplated herein, and the execution and delivery of the documents required hereunder, are duly authorized, executed and delivered; and 
 (h) Other Documents. Such other documents as shall be reasonably requested by the Title Company or Seller’s Counsel to effectuate the purposes and intent of this Agreement. 
 5.3 Closing Costs. Sellers shall pay the attorneys’ fees of Sellers, the brokerage commission due Sellers’ Broker pursuant to
Section 10.1 of this Agreement with respect to the sale of such Seller’s Property, the cost of the documentary stamps or transfer taxes imposed upon the conveyance of the Property of such Seller, the cost of recording the Special
Warranty Deed of such Seller, one-half of the cost of title examination fees and expenses and one-half of the title insurance 
  

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 premiums for the basic owner’s title insurance policy issued by the Title Company to Purchaser in accordance with
the Title Commitment (exclusive of endorsements thereto), one-half of the cost of endorsements to such owner’s title insurance policy issued by the Title Company to Purchaser, provided that Sellers’ share of the cost of such endorsements
(calculated before any Butler rebate) shall not exceed $2,996.25, and all other costs and expenses incurred by such Seller in closing and consummating the purchase and sale of the Property of such Seller pursuant hereto. Such Seller and Purchaser
shall each pay one-half of any escrow closing fees charged by the Title Company, one-half of the cost or the most recent Existing Environmental Reports listed on the attached Exhibit “E” and one-half of the cost of the most recent
Surveys listed on the attached Exhibit “F”. Purchaser shall pay the costs of all commissions due to Purchaser’s Broker, if any, one-half of the cost of all title examination fees and expenses and one-half of the title insurance
premiums payable with respect to the basic owner’s title insurance policy issued by the Title Company to Purchaser, the cost of all endorsements to Purchaser’s owner’s title insurance policy (less the Seller’s share thereof as
provided above), the costs of issuing and title insurance premiums for any mortgagee title insurance policy obtained by Purchaser, all other recording fees on all instruments to be recorded in connection with these transactions, the attorneys’
fees of Purchaser, and all other costs and expenses incurred by Purchaser in the performance of Purchaser’s due diligence inspection of the Properties (including without limitation appraisal costs, environmental audit and assessment costs, and
engineering review costs) and in closing and consummating the purchase and sale of the Properties pursuant hereto. The parties acknowledge that the amount of the premium for the basic owner’s coverage in the amount of the Purchase Price quoted
by Chicago Title Insurance Company is $55,925.00. Seller and Purchaser shall each be entitled to receipt of fifty percent (50%) of the Butler rebate in the amount of $34,562.50 (each party’s share shall be $17,281.25) for a total base premium
of $21,362.50; and Purchaser shall be entitled to one hundred percent (100%) of any additional rebate or reduction in the title premiums above that amount. Seller and Purchaser shall also each be entitled to the receipt of fifty percent (50%) of the
Butler rebate attributable to the cost of the endorsements to the owner’s title insurance policy, provided that the Seller’s share of such Butler rebate shall not exceed $2,097.38, 
 5.4 Prorations and Credits. The following items in this Section 5.4 shall be adjusted and prorated between each Seller and Purchaser
as of 11:59 P.M. on the day preceding the Closing, based upon the actual number of days in the applicable month or year: 
 (a) Taxes.
All general real estate taxes imposed by any governmental authority (“Taxes”) for the year in which the Closing occurs shall be prorated between Purchaser and such Seller with respect to the Property of such Seller as of the
Closing. If the Closing occurs prior to the receipt by such Seller of the tax bill for the Property of such Seller for the calendar year or other applicable tax period in which the Closing occurs, Taxes with respect to such Property shall be
prorated for such calendar year or other applicable tax period based upon the prior year’s tax bill. Notwithstanding the foregoing, Taxes shall not be prorated with respect to any Property if the tenants under the Leases with respect to such
Property is obligated to pay Taxes directly to the applicable taxing authority. 
 (b) Reproration of Taxes. Within thirty (30) days
of receipt of final bills for Taxes, the party receiving said final tax bills shall furnish copies of the same to the other party and shall prepare and present to such other party a calculation of the reproration of such Taxes based upon the actual
amount of such Taxes for the year. The parties shall make the appropriate adjusting payment between them within thirty (30) days after presentment to such Seller of Purchaser’s calculation and appropriate back-up information. The provisions of
this Section 5.4(b) shall survive the Closing for a period of one (1) year after the Closing Date. 
  

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 (c) Rents, Income and Other Expenses. As to each Seller, rents and any other amounts paid to such
Seller by the tenants under the Leases (and any new lease entered into in accordance with the terms of this Agreement) with respect to the Property of such Seller shall be prorated as of the Closing Date and be adjusted against the Purchase Price on
the basis of a schedule which shall be prepared by such Seller and delivered to Purchaser for Purchaser’s review and approval prior to Closing. Each Seller and Purchaser shall prorate all rents, additional rent, common area maintenance charges,
operating expense contributions, tenant reimbursements and escalations, and all other payments under the Leases with respect to the Property of such Seller (and any such new lease) received as of the Closing Date so that at Closing such Seller will
receive monthly basic rent payments through the day prior to the Closing Date and so that such Seller will receive reimbursement for all expenses paid by such Seller through the day prior to the Closing Date for which such Seller is entitled to
reimbursement under the Leases (and any such new lease) (including, without limitation, Taxes) (such expenses shall be reasonably estimated if not ascertainable as the Closing Date and then shall be re-adjusted as provided in (f) below when actual
amounts are determined), and so that the excess, if any, is credited to Purchaser. Purchaser agrees to pay to each applicable Seller, upon receipt, any rents or other payments by the tenants under the Leases with respect to the Property of such
Seller that apply to periods prior to Closing but which are received by Purchaser after Closing; provided, however, that any rents or other payments by such tenants received by Purchaser after Closing shall be applied first to any current amounts
then owed to Purchaser by such tenants, with the balance, if any, paid over to the applicable Seller to the extent of delinquencies existing on the date of Closing to which such Seller is entitled. It is understood and agreed that Purchaser shall
not be legally responsible to either Seller for the collection of any rents or other charges payable with respect to the Leases of such Seller or any portion thereof which are delinquent or past due as of the Closing Date; but Purchaser agrees that
Purchaser shall send monthly notices for a period of three (3) consecutive months in an effort to collect any rents and charges not collected as of the Closing Date. Each Seller hereby retains its right to pursue the tenants under the Leases of such
Seller for sums due such Seller for periods attributable to such Seller’s ownership of the Property. The provisions of this Section 5.4(c) shall survive the Closing. 
 (d) Tenant Inducement Costs. Each Seller shall pay all such Tenant Inducement Costs and leasing commissions payable under the Leases of such
Seller with respect to all expansions or renewals of any Lease exercised prior to the Effective Date. If said amounts have not been paid in full on or before Closing, Purchaser shall receive a credit against the Purchase Price in the aggregate
amount of all such Tenant Inducement Costs and leasing commissions remaining unpaid at Closing, and Purchaser shall assume the obligation to pay amounts payable after Closing up to the amount of such credit received at Closing. Without limiting the
generality of the foregoing, to the extent the same has not been paid prior to Closing, at Closing, Purchaser shall receive a credit against the Purchase Price in the amount of $525,648.00 (or so much thereof as may not have been paid prior to
Closing), in payment of the Tenant Inducement Costs payable to American Express Travel Related Services Company, Inc. upon such tenant’s completion of construction of its tenant improvements in accordance with such tenant’s Lease, together
with a credit in the amount of $174,009.00 (or so much thereof as may not have been paid prior to Closing) in payment of the balance of the leasing commission payable to Trammell Crow and Commercial Jacksonville in connection with the renewal of the
American Express Travel Related Services Company Lease; and Purchaser shall assume the obligation to pay such amounts to said tenant and leasing agents when due in accordance with said Lease and Commission Agreement. Except as may be specifically
provided to the contrary elsewhere in this Agreement, if the transactions consummated under this Agreement close and the Closing occurs, Purchaser shall be responsible for the payment of all Tenant Inducement Costs and leasing 
  

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 commissions (i) as a result of any renewals or extensions or expansions of the existing Leases entered into after the
Effective Date hereof with the approval of Purchaser as set forth in this Agreement, and (ii) under any new leases approved or deemed approved by Purchaser in accordance with Section 4.3(a). If for any reason the Closing does not occur, the
applicable Seller shall remain solely liable for the payment of the Tenant Inducement Costs. The provisions of this Section 5.4(d) shall survive the Closing. 
 (e) Security Deposits. Purchaser shall receive at Closing a credit with respect to the Purchase Price for all security deposits transferred and assigned to Purchaser at Closing in connection with the Leases
affecting the Property of such Seller, together with a detailed inventory of such security deposits certified by such Seller at Closing. 
 (f) Operating Expenses; Year End Reconciliation. As to each Seller, personal property taxes, installment payments of special assessment liens, vault charges, sewer charges, utility charges, and normally prorated operating expenses
actually paid or payable by such Seller as of the Closing Date with respect to the Property owned by such Seller shall be prorated as of the Closing Date and adjusted against the Purchase Price, provided that within ninety (90) days after the
Closing, Purchaser and such Seller will make a further adjustment for such expenses which may have accrued or been incurred prior to the Closing Date, but which were not paid as of the Closing Date, and after such further adjustment, there shall be
no subsequent adjustment with respect to such items. The provisions of this Section 5.4(f) shall survive the Closing. 
 ARTICLE 6

 CONDITIONS TO CLOSING 
 6.1 Conditions Precedent to Purchaser’s Obligations. The obligations of Purchaser hereunder to consummate the transaction contemplated hereunder shall in all respects be conditioned upon the satisfaction of each of the
following conditions prior to or simultaneously with the Closing, any of which may be waived by Purchaser in its sole discretion by written notice to Sellers at or prior to the Closing Date: 
 (a) Sellers shall have performed, in all material respects, all covenants, agreements and undertakings of Sellers contained in this Agreement; 

(b) All representations and warranties of each Seller as set forth in this Agreement shall be true and correct in all material respects as of the date
of this Agreement and as of Closing, provided that solely for purposes of this subparagraph such warranties and representations shall be deemed to be given without being limited to such Seller’s knowledge and without modification (by update or
otherwise, as provided in Section 5.1(h) hereof); and 
 (c) Tenant Estoppel Certificates from each of the Major Tenants shall have
been delivered to Purchaser, with each such estoppel certificate (i) to be substantially in the form attached hereto as EXHIBIT “K” (or if the Lease provides for a particular form of estoppel certificate to be given
by the tenant thereunder, the Tenant Estoppel Certificate with respect to such Lease may be in the form as called for therein); (ii) to be dated within thirty (30) days prior to the First Closing Date, (iii) to confirm the terms of the applicable
Lease as contained in the copies of the Leases obtained by or delivered to Purchaser, and (iv) to confirm the absence of any defaults under the applicable Lease as of the date thereof; provided however, that if the Closing of the purchase and sale
of the Properties is adjourned or postponed beyond the First Closing Date set forth in Section 2.6 hereof 
  

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 for any reason permitted under this Agreement or as otherwise may be agreed to by Sellers and Purchaser and Sellers
theretofore shall have obtained and delivered a Tenant Estoppel Certificate meeting the requirements of this Section 6.1(c) and dated within thirty (30) days of the First Closing Date, then this condition shall be deemed satisfied and Sellers
shall be under no obligation to obtain an updated Tenant Estoppel Certificate to comply with clause (ii) hereinabove. The delivery of said Tenant Estoppel Certificates from the Major Tenants under the Leases shall be a condition of Closing, and the
failure or inability of either Seller to obtain and deliver said Tenant Estoppel Certificates from any Major Tenant, such Seller having used its good faith efforts to obtain the same from such Major Tenant(s) under the Leases, shall not constitute a
default by such Seller under this Agreement. 
 In the event any condition in this Section 6.1 has not been satisfied (or otherwise waived in writing
by Purchaser) prior to or on the Closing Date (as the same may be extended or postponed as provided in this Agreement), Purchaser shall have the right, in its sole discretion, to terminate this Agreement by written notice to Sellers given prior to
the Closing, whereupon (i) Escrow Agent shall return the Earnest Money to Purchaser; and (ii) except for those provisions of this Agreement which by their express terms survive the termination of this Agreement, no party hereto shall have any other
or further rights or obligations under this Agreement. 
 6.2 Conditions Precedent to Sellers’ Obligations. The
obligations of Sellers hereunder to consummate the transactions contemplated hereunder shall in all respects be conditioned upon the satisfaction of each of the following conditions prior to or simultaneously with the Closing (or at such earlier
time as may be provided below), any of which may be waived by Sellers in Sellers’ sole discretion by written notice to Purchaser at or prior to the Closing Date: 
 (a) Purchaser shall have paid and Sellers shall have received the Purchase Price, as adjusted pursuant to the terms and conditions of this Agreement, which Purchase Price shall be payable in the amount and in the
manner provided for in this Agreement; 
 (b) Purchaser shall have performed, in all material respects, all covenants, agreements and
undertakings of Purchaser contained in this Agreement; and 
 (c) All representations and warranties of Purchaser as set forth in this
Agreement shall be true and correct in all material respects as of the date of this Agreement and as of Closing, provided that solely for purposes of this subparagraph such warranties and representations shall be deemed to be given without being
limited to Purchaser’s knowledge and without modification (by update or otherwise, as provided in Section 5.2(e) hereof). 
 ARTICLE 7 
 CASUALTY AND CONDEMNATION 
 7.1 Casualty. Risk of loss up to and including the Closing Date shall be borne by Sellers. In the event of any immaterial damage or destruction to the Property owned by such Seller or any portion
thereof, Sellers and Purchaser shall proceed to close under this Agreement, and Purchaser will receive (and the applicable Seller or Sellers whose Property or Properties was or were the subject of such damage or destruction will assign to Purchaser
at the Closing such Seller’s rights under insurance policies to receive) any insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due such Seller as a result of such damage or destruction
(less any amounts reasonably expended for restoration or collection of proceeds) and 
  

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 assume responsibility for such repair, and Purchaser shall receive a credit at Closing for any deductible amount under
said insurance policy or policies. For purposes of this Agreement, the term “immaterial damage or destruction” shall be applied on a Property by Property basis and shall mean such instances of damage or destruction of the subject
Property: (i) which can be repaired or restored at a cost of $250,000.00 or less; (ii) which can be restored and repaired within one hundred eighty (180) days from the date of such damage or destruction; (iii) which are not so extensive as to allow
any Major Tenant of such Property to terminate its Lease or abate or reduce rent payable thereunder (unless business loss or rent insurance shall be available in the full amount of such abatement or reduction, subject to applicable deductibles) on
account of such damage or destruction; and (iv) in which such Seller’s rights under its rent loss insurance policies covering the subject Property are assignable to Purchaser and will continue pending restoration and repair of the damage or
destruction. 
 In the event of any material damage or destruction to any Property or any portion thereof, Purchaser may, at its option, by
notice to Sellers given within the earlier of twenty (20) days after Purchaser is notified by Sellers of such damage or destruction, or the Closing Date, but in no event less than ten (10) days after Purchaser is notified by Sellers of such damage
or destruction (and if necessary the Closing Date shall be extended to give Purchaser the full 10-day period to make such election): (i) terminate this Agreement, whereupon Escrow Agent shall immediately return the Earnest Money to Purchaser, or
(ii) proceed to close under this Agreement, receive (and such Seller will assign to Purchaser at the Closing the rights of such Seller under insurance policies to receive) any insurance proceeds (including any rent loss insurance applicable to the
period on or after the Closing Date) due such Seller as a result of such damage or destruction (less any amounts reasonably expended for restoration), and assume responsibility for such repair, and Purchaser shall receive a credit at Closing for any
deductible amount under said insurance policies. If Purchaser fails to deliver to Sellers notice of its election within the period set forth above, Purchaser will conclusively be deemed to have elected to proceed with the Closing as provided in
clause (ii) of the preceding sentence. If Purchaser elects clause (ii) above, each applicable Seller will cooperate with Purchaser after the Closing to assist Purchaser in obtaining the insurance proceeds from the insurers of such Seller. For
purposes of this Agreement “material damage or destruction” shall mean all instances of damage or destruction that are not immaterial, as defined herein. 
 7.2 Condemnation. If, prior to the Closing, all or any part of the Property of a Seller is subjected to a bona fide threat of condemnation by a body having the power of eminent domain or is taken by
eminent domain or condemnation (or sale in lieu thereof), or if such Seller has received written notice that any condemnation action or proceeding with respect to the Property of such Seller is contemplated by a body having the power of eminent
domain (collectively, a “Taking”), such Seller shall give Purchaser immediate written notice of such Taking. In the event of any immaterial Taking with respect to the Property of such Seller or any portion thereof, Sellers and
Purchaser shall proceed to close under this Agreement. For purposes of this Agreement, the term “immaterial Taking” shall mean such instances of Taking of a Property: (i) which do not result in a taking of any portion of the
building structure of the building occupied by tenants on such Property; (ii) which do not result in a decrease in the number of parking spaces at such Property (taking into account the number of additional parking spaces that can be provided within
180 days of such Taking); and (iii) which are not so extensive as to allow any Major Tenant to terminate its Lease or abate or reduce rent payable thereunder [unless business loss or rent insurance (subject to applicable deductibles) or condemnation
award proceeds shall be available in the full amount of such abatement or reduction, and Purchaser shall receive a credit at Closing for such deductible amount] on account of such Taking. 
  

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 In the event of any material Taking of either Property or any portion thereof, Purchaser may, at its
option, by written notice to Sellers given within thirty (30) days after receipt of such notice from Sellers, elect to terminate this Agreement, or Purchaser may choose to proceed to close. If Purchaser chooses to terminate this Agreement in
accordance with this Section 7.2, then the Earnest Money shall be returned immediately to Purchaser by Escrow Agent and the rights, duties, obligations, and liabilities of the parties hereunder shall immediately terminate and be of no further
force and effect, except for those provisions of this Agreement which by their express terms survive the termination of this Agreement. For purposes of this Agreement “material Taking “ shall mean all instances of a Taking that are
not immaterial, as defined herein. 
 If Purchaser does not elect to, or has no right to, terminate this Agreement in accordance herewith on
account of a Taking, this Agreement shall remain in full force and effect and the sale of the Properties contemplated by this Agreement, less any interest taken by eminent domain or condemnation, or sale in lieu thereof, shall be effected with no
further adjustment and without reduction of the Purchase Price, and at the Closing, each applicable Seller shall assign, transfer, and set over to Purchaser all of the right, title, and interest of such Seller in and to any awards applicable to the
Property of such Seller that have been or that may thereafter be made for such taking. At such time as all or a part of either Property is subjected to a bona fide threat of condemnation and Purchaser shall not have elected to terminate this
Agreement as provided in this Section 7.2, and provided that the Inspection Period has expired, (i) Purchaser shall thereafter be permitted to participate in the proceedings as if Purchaser were a party to the action, and (ii) Sellers shall
not settle or agree to any award or payment pursuant to condemnation, eminent domain, or sale in lieu thereof without obtaining Purchaser’s prior written consent thereto in each case. 
 ARTICLE 8 
 DEFAULT AND REMEDIES 
 8.1 Purchaser’s Default. If Purchaser fails to consummate this transaction for any reason other than the default of one or both
Sellers, failure of a condition to Purchaser’s obligation to close, or the exercise by Purchaser of an express right of termination granted herein, Sellers shall be entitled, as their sole remedy hereunder, to terminate this Agreement and to
receive and retain the Earnest Money as full liquidated damages for such default of Purchaser, the parties hereto acknowledging that it is impossible to estimate more precisely the damages which might be suffered by Sellers upon Purchaser’s
default, and that said Earnest Money is a reasonable estimate of the probable loss of Sellers in the event of default by Purchaser. The retention by Sellers of said Earnest Money is intended not as a penalty, but as full liquidated damages. The
right to retain the Earnest Money as full liquidated damages is the sole and exclusive remedy of Sellers in the event of default hereunder by Purchaser, and Sellers hereby waive and release any right to (and hereby covenant that they shall not) sue
the Purchaser: (a) for specific performance of this Agreement, or (b) to recover actual damages in excess of the Earnest Money. The foregoing liquidated damages provision shall not apply to or limit Purchaser’s liability for
Purchaser’s obligations under Sections 3.1(b), 3.1(c), 3.7 and 10.1 of this Agreement or for Purchaser’s obligation to pay to Sellers all attorneys’ fees and costs of Sellers to enforce the provisions of
this Section 8.1. Purchaser hereby waives and releases any right to (and hereby covenants that it shall not) sue Sellers or seek or claim a refund of said Earnest Money (or any part thereof) on the grounds it is unreasonable in amount and
exceeds the actual damages of Sellers or that its retention by Sellers constitutes a penalty and not agreed upon and reasonable liquidated damages. 
  

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 8.2 Sellers’ Default. If either Seller fails to perform any of its obligations under
this Agreement for any reason other than Purchaser’s default or the permitted termination of this Agreement by Sellers or Purchaser as expressly provided herein, Purchaser shall be entitled, as its sole remedy, either (a) to receive the return
of the Earnest Money from Escrow Agent, which return shall operate to terminate this Agreement and release Sellers from any and all liability hereunder, or (b) to enforce specific performance of the obligation of Sellers to execute and deliver the
documents required to convey the Properties to Purchaser in accordance with this Agreement; it being specifically understood and agreed that the remedy of specific performance shall not be available to enforce any other obligation of Sellers
hereunder. Purchaser expressly waives its rights to seek damages in the event of the default of either or both Sellers hereunder. Purchaser shall be deemed to have elected to terminate this Agreement and to receive a return of the Earnest Money from
Escrow Agent if Purchaser fails to file suit for specific performance against the applicable Seller who is in breach of its obligations hereunder in a court having jurisdiction, on or before sixty (60) days following the date upon which the Closing
was to have occurred. 
 ARTICLE 9 
 ASSIGNMENT 
 9.1 Assignment. Subject to the next following sentence, this Agreement and all rights and
obligations hereunder shall not be assignable by any party without the written consent of the other which consent shall not be unreasonably withheld, conditioned or delayed, except in accordance with Section 12.11. Notwithstanding the
foregoing to the contrary, this Agreement and all of Purchaser’s rights hereunder may be transferred and assigned to any entity controlled by Purchaser. An assignment or transfer of this Agreement and Purchaser’s rights hereunder to any
entity which is not controlled by Purchaser shall be subject to Sellers’ prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed so long as the identity, reputation and creditworthiness of such other
proposed assignee or nominee is approved by Sellers. If Purchaser notifies Sellers in writing prior to the expiration of the Inspection Period (no later than 6:00 P.M. EST on February 3, 2006) of a proposed assignment or transfer of this Agreement
and Sellers do not consent to said assignment or transfer (regardless of when Sellers may give any such notice to Purchaser that Sellers do not consent to said proposed assignment or transfer), then the Earnest Money shall be returned to Purchaser
and this Agreement shall be terminated without recourse to any party. If Purchaser notifies Sellers in writing after the expiration of the Inspection Period of a proposed assignment or transfer and Sellers do not consent to said assignment or
transfer, then the Earnest Money shall be delivered to Sellers and this Agreement shall be terminated without recourse to any party. Any assignee or transferee under any such assignment or transfer by Purchaser as to which the written consent of
Sellers has been given or as to which the consent of Sellers is not required hereunder shall expressly assume all of Purchaser’s duties, liabilities and obligations under this Agreement (whether arising or accruing prior to or after the
assignment or transfer) by written instrument delivered to Sellers as a condition to the effectiveness of such assignment or transfer. No assignment or transfer shall relieve the original Purchaser of any duties or obligations hereunder, and the
written assignment and assumption agreement shall expressly so provide. For purposes of this Section 9.1, the term “control” shall mean the ownership of at least fifty percent (50%) of the applicable entity. Subject to the
foregoing, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective legal representatives, successors and permitted assigns. This Agreement is not intended and shall not be construed to create
any rights in or to be enforceable in any part by any other persons. 
  

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 ARTICLE 10 
 BROKERAGE COMMISSIONS 
 10.1 Broker. Upon the Closing, and only in the event the
Closing occurs, (a) Sellers shall pay a brokerage commission to Cushman & Wakefield of Florida, Inc., a Florida corporation (“Sellers’ Broker”), pursuant to a separate agreement between Sellers and Broker; and (b) Purchaser
shall pay a brokerage commission to any broker or agent representing Purchaser in this transaction (“Purchaser’s Broker”), if applicable, pursuant to a separate agreement between Purchaser and Purchaser’s Broker, if
applicable. Sellers’ Broker is representing Sellers in this transaction, and Purchaser represents to Seller that there is no Purchaser’s Broker. Each Seller shall and does hereby indemnify and hold Purchaser harmless from and against any
and all liability, loss, cost, damage, and expense, including reasonable attorneys’ fees actually incurred and costs of litigation, Purchaser shall ever suffer or incur because of any claim by any agent, salesman, or broker, whether or not
meritorious, for any fee, commission or other compensation with regard to this Agreement or the sale and purchase of the Properties contemplated hereby, and arising out of any acts or agreements of Sellers, including any claim asserted by
Sellers’ Broker. Likewise, Purchaser shall and does hereby indemnify and hold Sellers free and harmless from and against any and all liability, loss, cost, damage, and expense, including reasonable attorneys’ fees actually incurred and
costs of litigation, Sellers or either of them shall ever suffer or incur because of any claim by any agent, salesman, or broker, whether or not meritorious, for any fee, commission or other compensation with respect to this Agreement or the sale
and purchase of the Properties contemplated hereby and arising out of the acts or agreements of Purchaser. This Section 10.1 shall survive the Closing until the expiration of any applicable statute of limitations and shall survive any earlier
termination of this Agreement. 
 ARTICLE 11 
 INDEMNIFICATION 
 11.1 Indemnification by Seller. Following the Closing and subject to
Sections 11.3 and 11.4, each Seller shall indemnify and hold Purchaser, its shareholders, officers, directors, employees, representatives, agents, affiliates, managers, members and partners, and the partners, shareholders, officers,
directors, employees, representatives and agents of each of the foregoing (collectively, “Purchaser-Related Entities”) harmless from and against any and all costs, fees, expenses, damages, deficiencies, interest and penalties
(including, without limitation, reasonable attorneys’ fees and disbursements) suffered or incurred by any such indemnified party in connection with any and all losses, liabilities, claims, damages and expenses (“Losses”),
arising out of, or in any way relating to, (a) any breach of any representation or warranty of such Seller contained in this Agreement or in any Closing Document, and (b) any breach of any covenant of such Seller or of Sellers jointly contained in
this Agreement which survives the Closing or in any Closing Document. 
 11.2 Indemnification by Purchaser. Following the
Closing and subject to Sections 11.3 and 11.4, Purchaser (and Purchaser’s permitted assignees to whom any rights of Purchaser are assigned pursuant to Section 9.1 hereof) shall indemnify and hold Sellers, their respective
affiliates, members and partners, and the partners, shareholders, officers, directors, employees, representatives and agents of each of the foregoing (collectively, “Seller-Related Entities”) harmless from any and all Losses arising
out of, or in any way relating to, (a) any breach of any representation or warranty by Purchaser contained in this Agreement or in any Closing Document, and (b) any breach of any covenant of Purchaser contained in this Agreement which survives the
Closing or in any Closing Documents. 
  

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 11.3 Limitations on Indemnification. Notwithstanding the foregoing provisions of
Section 11.1, (a) no party shall be required to indemnify the other party or the Purchaser-Related Entities or the Seller-Related Entities (as applicable) under this Agreement unless the aggregate of all amounts for which an indemnity would
otherwise be payable by the responsible party under Section 11.1 or Section 11.2 above (as applicable) exceeds the Basket Limitation and in such event, the responsible party shall be responsible for the entire amount including all
amounts representing the Basket Limitation, (b) in no event shall the liability of Sellers, on the one hand, or Purchaser, on the other hand, with respect to the indemnification provided for in Section 11.1 or Section 11.2 (as
applicable) above exceed in the aggregate the Cap Limitation, (c) if prior to the Closing, Purchaser obtains knowledge in writing of any inaccuracy or breach of any representation, warranty or covenant of either or both Sellers contained in this
Agreement (a “Purchaser Waived Breach”) and nonetheless proceeds with and consummates the Closing, then Purchaser and any Purchaser-Related Entities shall be deemed to have waived and forever renounced any right to assert a claim
for indemnification under this Article 11 for, or any other claim or cause of action under this Agreement, at law or in equity on account of any such Purchaser Waived Breach, and (d) notwithstanding anything herein to the contrary, the Basket
Limitation and the Cap Limitation shall not apply with respect to Losses suffered or incurred as a result of breaches of any covenant or agreement of Purchaser, Sellers or either Seller set forth in Section 5.3, Section 5.4,
Section 10.1 or Section 11.6 of this Agreement. 
 11.4 Survival. The representations, warranties and covenants
contained in this Agreement and the Closing Documents shall survive until September 30, 2006, unless a longer or shorter survival period is expressly provided for in this Agreement, or unless on or before September 30, 2006, Purchaser or Sellers (or
either of them), as the case may be, delivers written notice to the other party of such alleged breach specifying with reasonable detail the nature of such alleged breach and files an action with respect thereto within one hundred twenty (120) days
after the giving of such notice. 
 11.5 Indemnification as Sole Remedy. If the Closing has occurred, the sole and exclusive
remedy available to a party in the event of a breach by the other party to this Agreement of any representation, warranty, or covenant or other provision of this Agreement or any Closing Document which survives the Closing shall be the
indemnifications provided for under Section 3.1(c), Section 10.1, and this Article 11. 
 11.6 Anti-Terrorism
Law. Each party hereto represents and warrants to the other that such party is not, and is not acting, directly or indirectly, for or on behalf of, any person or entity named as a “specially designated national and blocked
person” (as defined in Presidential Executive Order 13224) on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control, and that such party is not engaged in this transaction, directly or indirectly, on
behalf of, and is not facilitating this transaction, directly or indirectly, on behalf of, any such person or entity. Each party also represents and warrants to the other that neither such party nor its constituents or affiliates are in violation of
any laws relating to terrorism or money laundering, including the aforesaid Executive Order and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56), as
amended. In addition, neither Purchaser nor Sellers nor to the knowledge of Purchaser or such Seller, any person holding a direct or indirect ownership interest in Purchaser or such Seller is 
  

 36 

 described in, covered by or specially designated pursuant to, or affiliated with any person described in, covered by or
specially designated pursuant to, any Anti-Terrorism Law or any list issued by any department or agency of the United States of America in connection with any Anti-Terrorism Law. For purposes hereof, “Anti-Terrorism Law” shall mean
Executive Order 13224, as amended; the International Emergency Economic Powers Act, 50 U.S.C. Sections 1701-06 et seq.; the Iraqi Sanctions Act, Pub.L. 101-513, 104 Stat. 2047-55; the United Nations Participation Act, 22 U.S.C. Section 287c; the
Antiterrorism and Effective Death Penalty Act; the International Security and Development Cooperation Act, 22 U.S.C. Section 2349 aa-9; the Terrorism Sanctions Regulations, 31 C.F.R. Part 595; the Terrorism List Governments Sanctions Regulations, 31
C.F.R. Part 596; and the Foreign Terrorist Organizations Sanctions Regulations, 31 C.F.R. Part 597. Each party hereby agrees to defend, indemnify and hold harmless the other party from and against any and all claims, damages, losses, risks,
liabilities and expenses (including reasonable attorneys’ fees and costs actually incurred) arising from or related to any breach of the foregoing representations and warranties by the indemnifying party, which indemnity shall survive the
Closing until the expiration of any applicable statute of limitations. 
 ARTICLE 12 
 MISCELLANEOUS 
 12.1
Notices. Wherever any notice or other communication is required or permitted hereunder, such notice or other communication shall be in writing and shall be delivered by overnight courier, hand, facsimile or other electronic transmission,
or sent by U.S. registered or certified mail, return receipt requested, postage prepaid, to the addresses or facsimile numbers set out below or at such other addresses as are specified by written notice delivered in accordance herewith: 

 

			
	PURCHASER:	  	Transatlantic Investment Management, Inc.
		  	222 Third Street
		  	Cambridge, Massachusetts 02142
		  	Attention: Mr. Tony Goschalk
		  	Facsimile: 617.868.4882
		  	Email: tonyg@transatlantic-invest.com
		
	with a copy to:	  	Davis Malm & D’Agostine P.C.
		  	One Boston Place
		  	Boston, Massachusetts 02108
		  	Attention: Paul L. Feldman, Esquire
		  	Facsimile: 617.305.3131
		  	Email: pfeldman@davismalm.com
		
	SELLERS:	  	Fund IV and Fund V Associates
		  	Fund VI, Fund VII and Fund VIII Associates
		  	c/o Wells Real Estate Funds
		  	6200 The Corners Parkway
		  	Norcross, Georgia 30092
		  	Attention: Mr. F. Parker Hudson
		  	Facsimile: 770.243.4684
		  	Email: parker.hudson@wellsref.com

  

 37 

			
	with a copy to:	  	Troutman Sanders LLP
		  	Suite 5200
		  	600 Peachtree Street, N.E.
		  	Atlanta, Georgia 30308-2216
		  	Attn: Leslie Fuller Secrest
		  	Facsimile: 404.962.6577 and 404.962.6678
		  	Email: leslie.secrest@troutmansanders.com

 Any notice or other communication (i) mailed as hereinabove provided shall be deemed effectively given or received
on the third (3rd) Business Day following the postmark date of such notice or other communication, (ii) sent by
overnight courier or by hand shall be deemed effectively given or received upon receipt, and (iii) sent by facsimile or other electronic transmission shall be deemed effectively given or received on the day of such electronic transmission of such
notice or other communication and confirmation of such transmission if transmitted and confirmed prior to 6:00 p.m. local Atlanta, Georgia time on a Business Day and otherwise shall be deemed effectively given or received on the first Business Day
after the day of transmission of such notice and confirmation of such transmission. Refusal to accept delivery shall be deemed delivered. 
 12.2 Possession. Full and exclusive possession of the Property of each Seller, subject to the Permitted Exceptions applicable to such Property and the rights of the tenants under the Leases affecting such Property shall be
delivered by each Seller to Purchaser on the Closing Date. 
 12.3 Time Periods. If the time period by which any right, option,
or election provided under this Agreement must be exercised, or by which any act required hereunder must be performed, or by which the Closing must be held, expires on a Saturday, Sunday, or holiday, then such time period shall be automatically
extended through the close of business on the next regularly scheduled Business Day. 
 12.4 Publicity. The parties agree that,
prior to Closing, and except for disclosures required by law or governmental regulations applicable to such party, no party shall, with respect to this Agreement and the transactions contemplated hereby, contact or conduct negotiations with public
officials, make any public announcements or issue press releases regarding this Agreement or the transactions contemplated hereby to any third party without the prior written consent of the other party hereto. No party shall record this Agreement or
any notice hereof. 
 12.5 Discharge of Obligations. The acceptance by Purchaser of the Special Warranty Deed hereunder shall
be deemed to constitute the full performance and discharge of each and every warranty and representation made by the Seller of such Property and Purchaser herein and every agreement and obligation on the part of such Seller and Purchaser to be
performed pursuant to the terms of this Agreement, except those warranties, representations, covenants and agreements which are specifically provided in this Agreement to survive Closing. 
 12.6 Severability. This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws,
ordinances, rules and regulations. If any provision of this Agreement, or the application thereof to any person or circumstance, shall, for any reason and to any extent be invalid or unenforceable, the remainder of this Agreement and the application
of such provision to other persons or circumstances shall not be affected thereby but rather shall be enforced to the greatest extent permitted by law. 
  

 38 

 12.7 Construction. This Agreement shall not be construed more strictly against one party
than against the other merely by virtue of the fact that this Agreement may have been prepared by counsel for one of the parties, it being mutually acknowledged and agreed that Sellers and Purchaser and their respective counsel have contributed
substantially and materially to the preparation and negotiation of this Agreement. Accordingly, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the
interpretation of this Agreement or any exhibits or amendments hereto. 
 12.8 Sale Notification Letters. Promptly following
the Closing, Purchaser shall deliver the Tenant Notices of Sale to the tenants under the Leases, and the Other Notices of Sale to each service provider and leasing agent, the obligations under whose respective Service Contracts and Commission
Agreements Purchaser has assumed at Closing. 
 12.9 Access to Records Following Closing. Purchaser agrees that for a period of
twenty-four (24) months following the Closing, Sellers shall have the right during regular business hours, on five (5) days’ written notice to Purchaser, and at Sellers’ sole cost, to examine and review at Purchaser’s office (or, at
Purchaser’s election, at the respective Properties), the books and records of Sellers relating to the ownership and operation of the Properties which were delivered by Sellers to Purchaser at the Closing. Likewise, Sellers agree that for a
period of twenty-four (24) months following the Closing, Purchaser shall have the right during regular business hours, on five (5) days’ written notice to Sellers, and at Purchaser’s sole cost, to examine and review at Sellers’
office, all books, records and files, if any, retained by Sellers relating to the ownership and operation by Sellers prior to the Closing of the Property. The provisions of this Section shall survive the Closing for a period of twenty-four (24)
months year after the Closing Date. 
 12.10 General Provisions. No failure of either party to exercise any power given
hereunder or to insist upon strict compliance with any obligation specified herein, and no custom or practice at variance with the terms hereof, shall constitute a waiver of either party’s right to demand exact compliance with the terms hereof.
This Agreement contains the entire agreement of the parties hereto, and no representations, inducements, promises, or agreements, oral or otherwise, between the parties not embodied herein shall be of any force or effect. Any amendment to this
Agreement shall not be binding upon Sellers or Purchaser unless such amendment is in writing and executed by Sellers and Purchaser. Subject to the provisions of Section 9.1 hereof, the provisions of this Agreement shall inure to the benefit
of and be binding upon the parties hereto and their respective heirs, legal representatives, successors, and permitted assigns. Time is of the essence in this Agreement. The headings inserted at the beginning of each paragraph are for convenience
only, and do not add to or subtract from the meaning of the contents of each paragraph. This Agreement shall be construed, interpreted and enforced under the laws of the State of Florida. Except as otherwise provided herein, all rights, powers, and
privileges conferred hereunder upon the parties shall be cumulative but not restrictive to those given by law. All personal pronouns used in this Agreement, whether used in the masculine, feminine, or neuter gender shall include all genders, and all
references herein to the singular shall include the plural and vice versa. 
 12.11 Like-Kind Exchange. Any of the parties
hereto may desire, and each other party is willing to cooperate (subject to the limitations set forth below), to effectuate the sale of the Property by means of an exchange of “like-kind” property which will qualify as such under Section
1031 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. Each party expressly reserves the right to assign its rights, but not its obligations, hereunder to a qualified intermediary as provided in I.R.C.
Reg. 1.1031(k)-1(g)(4) on or before the date of Closing. Upon 
  

 39 

 written notice from any party (a “Requesting Party”) to the other, the party to whom such notice is
given (the “Other Party”) agrees to cooperate with such Requesting Party to effect one or more like-kind exchanges with respect to either or both of the Properties, provided that such cooperation shall be subject to the following
conditions: (a) such exchange shall not delay the Closing and shall occur either simultaneously with the Closing or the purchase money proceeds payable to such Seller shall be paid, upon such Seller’s prior written direction to Purchaser, to a
third party escrow agent or intermediary such that Purchaser shall not be required to participate in any subsequent closing, (b) the Other Party shall not be obligated to spend any sums or incur any expenses in excess of the sums and expenses which
would have been spent or incurred by the Other Party if there had been no exchange, and (c) Purchaser shall not be obligated to acquire or accept title to any property other than the Properties, and Sellers shall not be obligated to acquire or
accept title to any property. The Other Party makes no representation or warranty that the conveyance of any Property made pursuant to this Section 12.11 shall qualify for a like-kind exchange. Once Purchaser has paid the purchase money
proceeds as directed by Sellers (if either Seller is the Requesting Party), or such Seller has conveyed the Property of such Seller as directed by Purchaser (if Purchaser is the Requesting Party), the Other Party shall have no further obligation
hereunder with respect to such “like-kind” exchange. Each Requesting Party hereby indemnifies and holds the Other Party harmless from and against any costs, liabilities and expenses incurred or suffered by the Other Party in connection
with the “like-kind” exchange or exchanges described herein with respect to the Properties, which indemnity shall survive the Closing until the expiration of any applicable statute of limitations. 
 12.12 Attorney’s Fees. If Purchaser or Sellers bring an action at law or equity against the other in order to enforce the provisions
of this Agreement or as a result of an alleged default under this Agreement, the prevailing party in such action shall be entitled to recover court costs and reasonable attorney’s fees actually incurred from the other. 
 12.13 Counterparts. This Agreement may be executed in one or more counterparts, each of which when taken together shall constitute one and
the same original. To facilitate the execution and delivery of this Agreement, the parties may execute and exchange counterparts of the signature pages by facsimile, and the signature page of either party to any counterpart may be appended to any
other counterpart. 
 12.14 Effective Agreement. The submission of this Agreement for examination is not intended to nor shall
constitute an offer to sell, or a reservation of, or option or proposal of any kind for the purchase of the Property. In no event shall any draft of this Agreement create any obligation or liability, it being understood that this Agreement shall be
effective and binding only when a counterpart of this Agreement has been executed and delivered by each party hereto. 
 12.15 Radon
Gas Disclosure. In compliance with Section 404.056 Florida Statutes, Purchaser is hereby made aware of the following: RADON GAS IS A NATURALLY OCCURRING RADIOACTIVE GAS THAT, WHEN IT HAS ACCUMULATED IN A BUILDING IN SUFFICIENT
QUANTITIES, MAY PRESENT HEALTH RISKS TO PERSONS WHO ARE EXPOSED TO IT OVER TIME. LEVELS OF RADON THAT EXCEED FEDERAL AND STATE GUIDELINES HAVE BEEN FOUND IN BUILDINGS IN FLORIDA. ADDITIONAL INFORMATION REGARDING RADON AND RADON TESTING MAY BE
OBTAINED FROM YOUR COUNTY PUBLIC HEALTH UNIT. 
 12.16 Jurisdiction. With respect to any suit, action or proceedings relating
to this Agreement (each, a “Proceeding”), Sellers and Purchaser irrevocably (a) submit to the non-exclusive 
  

 40 

 jurisdiction of the state and federal courts having jurisdiction in Duval County, Florida, and (b) waive any objection
which either Seller or Purchaser may have at any time to the laying of venue of any Proceeding brought in any such court, waive any claim that any Proceeding has been brought in an inconvenient forum and further waive the right to object, with
respect to such Proceeding, that such court does not have jurisdiction over such party. Sellers and Purchaser further agree and consent that, in addition to any methods of service of process provided for under applicable law, all service of process
in any proceeding in any State of Florida or United States Court sitting in Jacksonville, Florida may be made by certified or registered mail, return receipt requested, directed to Sellers or Purchaser, as applicable, at the address set forth in
this Agreement, and service so made shall be complete upon receipt; except that if Sellers or Purchaser shall refuse to accept delivery, service shall be deemed complete five (5) days after the same shall have been so mailed. 
 [Signatures commence on following page] 
  

 41 

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

											
	SELLERS:
	
	FUND IV AND FUND V ASSOCIATES,
	a Georgia joint venture
		
	By:	 	Wells Real Estate Fund IV, L.P.
		 	a Georgia limited partnership,
		 	venture partner
			
		 	By:	 	Wells Partners, L.P.
		 		 	a Georgia limited partnership,
		 		 	general partner
				
		 		 	By:	 	Wells Capital, Inc.
		 		 		 	a Georgia corporation,
		 		 		 	general partner
					
		 		 		 	By:	 	 /s/ Douglas P. Williams

		 		 		 	Name:	 	Douglas P. Williams
		 		 		 	Title:	 	Senior Vice President
		
	By:	 	Wells Real Estate Fund V, L.P.
		 	a Georgia limited partnership,
		 	venture partner
				
		 		 	By:	 	Wells Partners, L.P.
		 		 		 	a Georgia limited partnership,
		 		 		 	general partner
					
		 		 		 	By:	 	Wells Capital, Inc.
		 		 		 		 	a Georgia corporation,
		 		 		 		 	general partner
						
		 		 		 		 	By:	 	 /s/ Douglas P. Williams

		 		 		 		 	Name:	 	Douglas P. Williams
		 		 		 		 	Title:	 	Senior Vice President

 [Signatures continued on following page] 
  

 42 

 [Signatures continued from previous page] 
  

									
	FUND VI, FUND VII AND FUND VIII
ASSOCIATES,
	a Georgia joint venture
		
	By:	 	Wells Real Estate Fund VI, L.P.
		 	a Georgia limited partnership,
		 	venture partner
			
		 	By:	 	Wells Partners, L.P.
		 		 	a Georgia limited partnership,
		 		 	general partner
				
		 		 	By:	 	Wells Capital, Inc.
		 		 		 	a Georgia corporation,
		 		 		 	general partner
					
		 		 		 	By:	 	 /s/ Douglas P. Williams

		 		 		 	Name:	 	Douglas P. Williams
		 		 		 	Title:	 	Senior Vice President
		
	By:	 	Wells Real Estate Fund VII, L.P., a
		 	Georgia limited partnership, venture partner
			
		 	By:	 	Wells Partners, L.P., a Georgia
		 		 	limited partnership, general partner
				
		 		 	By:	 	Wells Capital, Inc., a Georgia
		 		 		 	corporation, general partner
					
		 		 		 	By:	 	 /s/ Douglas P. Williams

		 		 		 	Name:	 	Douglas P. Williams
		 		 		 	Title:	 	Senior Vice President
		
	By:	 	Wells Real Estate Fund VIII, L.P., a
		 	Georgia limited partnership, venture partner
			
		 	By:	 	Wells Partners, L.P., a Georgia
		 		 	limited partnership, general partner
				
		 		 	By:	 	Wells Capital, Inc., a Georgia
		 		 		 	corporation, general partner
					
		 		 		 	By:	 	 /s/ Douglas P. Williams

		 		 		 	Name:	 	Douglas P. Williams
		 		 		 	Title:	 	Senior Vice President

 [Signatures continued on following page] 
  

 43 

 [Signatures continued from previous page] 
  

			
	PURCHASER:
	
	 TRANSATLANTIC INVESTMENT
 MANAGEMENT, INC., a Massachusetts corporation

		
	By:	 	 /s/ Anthony Goschalk

	Name:	 	Anthony Goschalk
	Title:	 	President

  

 44 

 EXHIBIT “A-1” 
 LEGAL DESCRIPTION OF 
 FUNDS IV AND V LAND 
 ALL THAT TRACT OR PARCEL of land lying and being in Section 13, Township 3 South, Range 27 East, Duval County, Florida, and being more particularly
described as follows: 
 TO FIND THE POINT OF BEGINNING, commence at the corner common to Sections 7, 12, 13 and 18, Township 3 South, Range
27 East, Duval County, Florida; thence leave said common corner and run along the line which is common to the above referenced Sections 13 and 18 South 00 degrees 36 minutes 35 seconds East a distance of 150.02 feet to an iron pin found on the
southerly right-of-way line of J. Turner Butler Boulevard (300-foot right-of-way); thence leave said common line and run along said southerly right-of-way line of J. Turner Butler Boulevard North 89 degrees 45 minutes 45 seconds West a distance of
1166.59 feet to an iron pin set which marks the POINT OF BEGINNING; FROM THE POINT OF BEGINNING AS THUS ESTABLISHED, thence leaving said southerly right-of-way line of J. Turner Butler Boulevard and running South 00 degrees 14 minutes 15 seconds
West a distance of 627.65 feet to an iron pin set on the northerly right-of-way line of Centurion Parkway North (100-foot right-of-way as established according to Deed of Dedication recorded in Official Records Volume 6746, Page 2705, as re-recorded
in Official Records Volume 6751, Page 1688, Public Records of Duval County, Florida); running thence along said northerly right-of-way line of Centurion Parkway North along an arc of a curve to the left (said arc being subtended by a chord bearing
North 87 degrees 38 minutes 39 seconds West a chord distance of 411.72 feet and having a radius of 757.12 feet) an arc distance of 416.97 feet to an iron pin set; thence leaving said northerly right-of-way line of Centurion Parkway North and running
North 00 degrees 14 minutes 15 seconds East a distance of 612.43 feet to an iron pin set on the southerly right-of-way line of J. Turner Butler Boulevard; running thence along said southerly right-of-way line of J. Turner Butler Boulevard South 89
degrees 45 minutes 45 seconds East a distance of 411.43 feet to an iron pin set which marks the POINT OF BEGINNING; said property containing 247,247 square feet or 5.676 acres, more or less, according to a Boundary and Topographic Survey prepared by
Sunshine State Surveyors, Inc., certified by Roy A. Wegener, Jr., Florida Registered Land Surveyor No. 4271, dated April 21, 1992, last revised June 5, 1992. 

 EXHIBIT “A-2” 
 LEGAL DESCRIPTION OF 
 FUNDS VI, VII AND VIII LAND 
 A portion of Section 13, Township 3 South, Range 27 East, Duval County, Florida, being more particularly described as follows: 
 For a Point of Reference, commence at the Northeast corner of the aforementioned Section 13, said corner lying in the centerline of J. Turner Butler
Boulevard, as now established for a width of 300 feet at this point; thence South 00 degrees 36 minutes 35 seconds East, along the Easterly line of said Section 13, a distance of 150.02 feet to a point in the Southerly right-of-way line of said J.
Turner Butler Boulevard; thence North 89 degrees 45 minutes 45’ seconds West, along said Southerly right-of-way line, a distance of 1578.02 feet to the Northwest corner of lands described and recorded in Official Records Volume 7350, Page 115,
of the Public Records of said Duval County, said Northwest corner being the POINT OF BEGINNING for this description. 
 FROM THE POINT OF
BEGINNING THUS DESCRIBED, thence South 00 degrees 14 minutes 15 seconds West, departing the aforementioned Southerly right-of-way line of J. Turner Butler Boulevard and along the Westerly line of said lands described in Official Records Volume 7350,
Page 115, a distance of 612.43 feet to the Southwest corner of said lands, said Southwest corner lying in a curve defining the Northerly right-of-way line of Centurion Parkway North, a 100 foot right-of-way as established and formerly known as
Perimeter Drive North Phase II, according to Deed of Dedication recorded in Official Records Volume 6746, Page 2075, as re-recorded in Official Records Volume 6751, Page 1688, Public Records, Duval County, Florida, said curve being concave to the
Southeast and having a radius of 757.12 feet; thence Southwesterly, along said Northerly right-of-way line and around the arc of said curve, through a central angle of 19 degrees 16 minutes 29 seconds, for an arc distance of 254.70 feet, said arc
being subtended by a chord which bears South 66 degrees 56 minutes 27 seconds West, 253.50 feet; thence North 21 degrees 38 minutes 08 seconds West, departing said Northerly right-of-way line of Centurion Parkway North, a distance of 690.86 feet to
a point lying in the aforementioned Southerly right-of-way line of J. Turner Butler Boulevard; thence North 67 degrees 07 minutes 56 seconds East, along said Southerly right-of-way line, a distance of 180.62 feet to a point lying South 67 degrees 07
minutes 56 seconds West, 1.74 feet from an angle point in said Southerly right-of-way line; thence South 00 degrees 14 minutes 15 seconds West, departing said Southerly right-of-way line, a distance of 39.82 feet; thence South 89 degrees 45 minutes
45 seconds East, parallel with the Southerly right-of-way line of J. Turner Butler Boulevard, a distance of 138.20 feet; thence North 00 degrees 14 minutes 15 seconds East, a distance of 40.50 feet to a point lying in the Southerly right-of-way line
of said J. Turner Butler Boulevard, as established for a width of 300 feet at this point; thence South 89 degrees 45 minutes 45 seconds East, along said Southerly right-of-way line, a distance of 185.89 feet to the POINT OF BEGINNING. 
  

 Page 1 

 EXHIBIT “B” 
 LIST OF PERSONAL PROPERTY 
  

	1.	List of Funds IV and V Personal Property (Centurion Centre) 

  

	(1)	4’ ladder 

	(1)	6’ ladder 

	(1)	8’ ladder 

	(1)	Laptop Computer w/ Tracer Summit 

	(1)	Personal Computers w/ Tracer Summit 

	(1)	Hewlett Packard Fax Machine 

	(1)	Leased Xerox Copier Machine w/ Cabinet 

	(1)	Desk w/ chair 

	(1)	4 drawer Filing Cabinet 

	(1)	Cordless Phone 

	(1)	Corded Phone 

	(1)	Conference Room Table w/ 5 chairs 

	(2)	Bookshelves 

	(1)	Computer Table 

	(1)	Small Table 

	(1)	Picture of a Wolf 

	(1)	Small Toolbox w/ Misc. tools 

	(1)	Square Shovel 

	(2)	Push Brooms 

	(1)	Fire Proof Cabinet 

	(2)	5 gallon Gas Cans 

	(3)	Funnels 

	(1)	Hose Reel w/ Garden Hose 

	(1)	Wreaths (1) Garland – Holiday Decorations 

	(1)	Shop Vacuum 

	(2)	6’ Display Tables 

	(1)	Mop and Bucket 

	(1)	Self Contained Portable A/C unit for the telephone room 

	(1)	Hand Held Packing Tape Dispenser 

	(2)	Key Lock Boxes 

 Misc. Office Supplies 
 Misc. HVAC stock 
 Ceiling Tiles 

Window Glass Stock 
 Light Bulbs

 As Builts and Manuals for Building Operation 

	(1)	Straw Broom & Dust Pan 

	(1)	Ladder on the roof for Tower Maintenance 

  

 Page 1 

	2.	List of Funds VI, VII and VIII Personal Property (BellSouth Building) 

  

	(1)	4’ ladder 

	(1)	8’ ladder 

	(1)	Personal Computer w/ Tracer Summit 

	(1)	Wreath (1) Garland – Holiday Decorations 

	(2)	6’ Display Tables 

	(1)	Ladder on the roof for Tower Maintenance 

 Window Glass
Stock 
 Ceiling Tiles 
 Light
Bulbs 
  

 Page 2 

 EXHIBIT “C” 
 LIST OF COMMISSION AGREEMENT[S] 
  

	1.	List of Commission Agreements Affecting Funds IV and V Property (Centurion Centre) 

  

	 	A.	Leasing Agreement dated January 1, 2006 by and between Fund IV and Fund V Associates, a Georgia joint venture, as “Owner” and Commercial Jacksonville, Inc., as
“Agent” as supplemented by that certain Letter from Charles D. White, Chief Executive Officer of Commercial Jacksonville, Inc. to Parker Hudson dated January 9, 2006 

  

	 	B.	Brokerage Agreement dated March     , 2005 (sic) by and between Wells Real Estate Funds, as “Landlord” and Newmark Southern Region, LLC,
as “Broker” 

  

	2.	List of Commission Agreements Affecting Funds VI, VII and VIII Property (BellSouth Building) 

  

	 	A.	Leasing Agreement dated January 1, 2006 by and between Fund VI, Fund VII and Fund VIII Associates, a Georgia joint venture, as “Owner” and Commercial Jacksonville, Inc.,
as “Agent” as supplemented by that certain Letter from Charles D. White, Chief Executive Officer of Commercial Jacksonville, Inc. to Parker Hudson dated January 9, 2006 

  

	 	B.	Letter of Intent (10375 Centurion Parkway, Jacksonville, Florida) dated September 23, 2005 by and between Fund IV and Fund V Associates, as “Landlord” and American Express
Travel Related Services, as “Tenant” (See Section 5.4(d) of Agreement). [Note: The “Landlord” identified in such Letter of Intent is in error. The owner of the BellSouth Building, and thus the “Landlord” under the
subject Lease, is Fund VI, Fund VII and Fund VIII Associates.] 

 EXHIBIT “D” 
 FORM OF ESCROW AGREEMENT 
 ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT (the “Agreement”), made and entered into this      day of January, 2006, by and
among TRANSATLANTIC INVESTMENT MANAGEMENT, INC., a Massachusetts corporation (“Purchaser”), FUND IV AND FUND V ASSOCIATES, a Georgia joint venture, and FUND VI, FUND VII AND FUND VIII ASSOCIATES, a
Georgia joint venture (collectively, as “Sellers”), and CHICAGO TITLE INSURANCE COMPANY (“Escrow Agent”). 
 W I T N E S S E T H: 
 WHEREAS, Purchaser and Sellers have entered into that certain Purchase and Sale Agreement, dated as
of January     , 2006 (the “Contract”) regarding the purchase and sale of certain real properties owned by Sellers, which are located at 10375 and 10407 Centurion Parkway North, Jacksonville, Duval County,
Florida (each, a “Property” and together, the “Properties”); and 
 WHEREAS, Paragraph 2.3 of the Contract
provides for Purchaser’s payment to Escrow Agent, within three (3) business days following execution and delivery by Sellers and Purchaser of the Contract, of Five Hundred Thousand and No/100 Dollars ($500,000.00 U.S.) as the Initial Earnest
Money Deposit (as defined in the Contract) to be held and applied by said Escrow Agent in accordance with this Agreement and the Contract; and 
 WHEREAS, the Contract provides for Purchaser’s payment to Escrow Agent, no later than the expiration of the Inspection Period (as defined in the Contract) of the additional sum of Five Hundred Thousand and No/100 Dollars ($500,000.00
U.S.) as the Additional Earnest Money Deposit (as defined in the Contract); and 
 WHEREAS, the parties hereto desire to set forth the terms
and conditions of Escrow Agent’s holding, investment and disbursement of the Escrow Funds (as hereinafter defined). 
 NOW, THEREFORE,
for and in consideration of the agreements set forth in the Contract and the mutual covenants set forth herein, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Escrow Agent does hereby acknowledge receipt of a wire transfer, payable to the order of Escrow Agent, in the amount of Five Hundred Thousand and
No/100 Dollars ($500,000.00 U.S.) as the Initial Earnest Money Deposit (as defined in the Contract). Said Initial Earnest Money Deposit, together with any additional earnest money actually deposited by Purchaser with Escrow Agent pursuant to the
terms of the Contract, all interest and other income earned on the Initial Earnest Money Deposit, any such additional earnest money and interest thereon, is herein referred to as the “Escrow Funds”. Escrow Agent hereby agrees to
hold, 

 administer and disburse the Escrow Funds pursuant to this Agreement and the Contract. Escrow Agent shall invest the
Escrow Funds in a Cash Investment Account at Wachovia Bank of Georgia, in Atlanta, Georgia. All interest or other income shall be earned for the account of Purchaser and shall be held, invested and disbursed as a part of the Escrow Funds hereunder.
Purchaser’s Federal Identification Number is #04-3368321; and Funds IV and V JV’s Federal Identification Number is # 58-2022624 and Funds VI, VII and VIII JV’s Federal Identification Number is #58-2174097. Escrow Agent’s fee, if
any, for services rendered hereunder shall be paid one-half (1/2) by Purchaser and one-half (1/2) by Sellers. 
 2. At such time as Escrow
Agent receives written notice from either Purchaser or Sellers, or any of them, setting forth the identity of the party to whom such Escrow Funds (or portions thereof) are to be disbursed and further setting forth the specific section or paragraph
of the Contract pursuant to which the disbursement of such Escrow Funds (or portions thereof) is being requested, Escrow Agent shall disburse such Escrow Funds pursuant to such notice; provided, however, that if such notice is given by
either Purchaser or Sellers but not both, Escrow Agent shall (i) promptly notify the other party (either Purchaser or Sellers, as the case may be) that Escrow Agent has received a request for disbursement, and (ii) withhold disbursement of such
Escrow Funds for a period of ten (10) days after receipt of such notice of disbursement and if Escrow Agent receives within said ten (10) day period either (A) a written notice from the party that submitted the request for disbursement which notice
countermands the earlier notice of disbursement, or (B) a written notice from the other party that conflicts with the request for disbursement given by the party submitting such request, then Escrow Agent shall withhold such disbursement until
Purchaser and Sellers can agree upon a disbursement of such Escrow Funds. Purchaser and Sellers hereby agree to send to the other, pursuant to Paragraph 6 below, a duplicate copy of any written notice sent to Escrow Agent and requesting any such
disbursement or countermanding a request for disbursement. 
 3. In performing any of its duties hereunder, Escrow Agent shall not incur any
liability to anyone for any damages, losses, or expenses, except for willful default, gross negligence, fraud or breach of trust, and it shall accordingly not incur any such liability with respect to (i) any action taken or omitted in good faith
upon advice of its legal counsel given with respect to any questions relating to the duties and responsibilities of Escrow Agent under this Agreement, or (ii) any action taken or omitted in reliance upon any instrument, including any written notice
or instruction provided for in this Agreement, not only as to its due execution and the validity and effectiveness of its provisions but also as to the truth and accuracy of any information contained therein, which Escrow Agent shall in good faith
believe to be genuine, to have been signed or presented by a proper person or persons, and to conform with the provisions of this Agreement. 
 4. Notwithstanding the provisions of Paragraph 2 above, in the event of a dispute between or among Purchaser and Sellers sufficient in the sole discretion of Escrow Agent to justify its doing so or in the event that Escrow Agent has not
disbursed the Escrow Funds on or before March 10, 2006, Escrow Agent shall be entitled to tender the Escrow Funds into the registry or custody of any court of competent jurisdiction, together with such legal pleadings as it may deem appropriate, and
thereupon be discharged from all further duties and liabilities under this Agreement. Any such legal action may be brought in such court as Escrow Agent shall determine to have jurisdiction thereof. The actual and reasonable costs and expenses
(including actual and reasonable attorneys’ fees) incurred by Escrow Agent in connection with tendering the Escrow Funds to such court may be deducted from the Escrow Funds. 
  

 2 

 5. Purchaser and Sellers hereby jointly and severally agree to indemnify and hold Escrow Agent harmless
against any and all losses, claims, damages, liabilities, and expenses, including, without limitation, reasonable costs of investigation and legal counsel fees, which may be imposed upon Escrow Agent or incurred by Escrow Agent in connection with
the performance of its duties hereunder, including, without limitation, any litigation arising from this Agreement or involving the subject matter hereof. 
 6. Wherever any notice or other communication is required or permitted hereunder, such notice or other communication shall be in writing and shall be delivered by overnight courier, hand delivery, facsimile or other
electronic transmission, or sent by U.S. registered or certified mail, return receipt requested, postage prepaid, to the addresses set out below or at such other addresses as are specified by written notice delivered in accordance herewith:

  

			
	PURCHASER:	  	Transatlantic Investment Management, Inc.
		  	222 Third Street
		  	Cambridge, Massachusetts 02142
		  	Attention: Mr. Tony Goschalk
		  	Telephone: 617.492.1247
		  	Facsimile: 617.868.4882
		  	Email: tonyg@transatlantic-invest.com
		
	with a copy to:	  	Davis Malm & D’Agostine, P.C.
		  	One Boston Place
		  	Boston, Massachusetts 02108
		  	Attention: Paul L. Feldman, Esquire
		  	Telephone: 617.589.3831
		  	Facsimile: 617.305.3131
		  	Email: pfeldman@davismalm.com
		
	SELLER:	  	Fund IV and Fund V Associates
		  	Fund VI, Fund VII and Fund VIII Associates
		  	c/o Wells Real Estate Funds
		  	6200 The Corners Parkway
		  	Suite 250
		  	Norcross, Georgia 30092
		  	Attention: Mr. Parker Hudson
		  	Telephone: 770.243.4684
		  	Facsimile: 770.243.8540
		  	Email: parker.hudson@wellsref.com

  

 3 

			
	with a copy to:	  	Troutman Sanders LLP
		  	Suite 5200
		  	600 Peachtree Street, N.E.
		  	Atlanta, Georgia 30308-2216
		  	Attention: Ms. Leslie Fuller Secrest
		  	Telephone: 404.885.3286
		  	Facsimile: 404.962.6698
		  	Email: leslie.secrest@troutmansanders.com
		
	ESCROW AGENT:	  	Chicago Title Insurance Company
		  	4170 Ashford Dunwoody Road
		  	Suite 460
		  	Atlanta, Georgia 30319
		  	Attention: Ms. Judy A. Stillings
		  	Telephone: 404.419.3224
		  	Facsimile: 404.303.6307
		  	Email: judy.stillings@ctt.com

 Any notice or other communication (i) mailed as hereinabove provided shall be deemed effectively given or received
on the third (3rd) business day following the postmark date of such notice or other communication, (ii) sent by
overnight courier or by hand shall be deemed effectively given or received upon receipt, and (iii) sent by facsimile or other electronic transmission shall be deemed effectively given or received on the first business day after the day of
transmission of such notice and confirmation of such transmission. 
 7. This Agreement shall be binding upon and shall inure to the benefit
of the parties hereto and their respective heirs, executors, administrators, personal representatives, successors, and assigns. Any and all rights granted to any of the parties hereto may be exercised by their agents or personal representatives.

 8. Time is of the essence of this Agreement. 
 9. If proceedings shall be instituted before any court of competent jurisdiction for the resolution of any dispute arising under this Agreement between any parties hereto, then upon final resolution of such dispute,
the prevailing party in such dispute shall be promptly paid by the nonprevailing party therein all of such prevailing party’s attorneys’ fees and expenses, court costs and costs of appeal actually incurred in connection with such
proceeding. 
 10. This Agreement is governed by and is to be construed under the laws of the State of Florida and may be executed in several
counterparts, each of which shall be deemed an original, and all such counterparts together shall constitute one and the same instrument. 
 [Signatures begin on next page] 
  

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized
representatives as of the day, month and year first above written. 
  

									
	SELLERS:
	
	FUND IV AND FUND V ASSOCIATES,
	a Georgia joint venture
		
	By:	 	Wells Real Estate Fund IV, L.P.
		 	a Georgia limited partnership,
		 	venture partner
			
		 	By:	 	Wells Partners, L.P.
		 		 	a Georgia limited partnership,
		 		 	general partner
				
		 		 	By:	 	Wells Capital, Inc.
		 		 		 	a Georgia corporation,
		 		 		 	general partner
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

		
	By:	 	Wells Real Estate Fund V, L.P.
		 	a Georgia limited partnership,
		 	venture partner
			
		 	By:	 	Wells Partners, L.P.
		 		 	a Georgia limited partnership,
		 		 	general partner
				
		 		 	By:	 	Wells Capital, Inc.
		 		 		 	a Georgia corporation,
		 		 		 	general partner
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

 [Signatures continued on next page] 
  

 5 

 [Signatures continued from previous page] 
  

											
	FUND VI, FUND VII AND FUND VIII
ASSOCIATES,
	a Georgia joint venture
		
	By:	 	Wells Real Estate Fund VI, L.P.
		 	a Georgia limited partnership,
		 	venture partner
			
		 	By:	 	Wells Partners, L.P.
		 		 	a Georgia limited partnership,
		 		 	general partner
				
		 		 	By:	 	Wells Capital, Inc.
		 		 		 	a Georgia corporation,
		 		 		 	general partner
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

		
	By:	 	Wells Real Estate Fund VII, L.P., a
		 	Georgia limited partnership, venture partner
			
		 	By:	 	Wells Partners, L.P., a Georgia
		 		 	limited partnership, general partner
				
		 		 	By:	 	Wells Capital, Inc., a Georgia
		 		 		 	corporation, general partner
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

		
	By:	 	Wells Real Estate Fund VIII, L.P., a
		 	Georgia limited partnership, venture partner
			
		 	By:	 	Wells Partners, L.P., a Georgia
		 		 	limited partnership, general partner
				
		 		 	By:	 	Wells Capital, Inc., a Georgia
		 		 		 	corporation, general partner
						
		 		 		 	By:	 		 	  

		 		 		 	Name:	 		 	  

		 		 		 	Title:	 		 	  

 [Signatures continued on next page] 
  

 6 

 [Signatures continued from previous page] 
  

			
	PURCHASER:
	
	 TRANSATLANTIC INVESTMENT MANAGEMENT, INC., a Massachusetts
 corporation

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signatures continue on next page] 
  

 7 

 [Signatures continued from previous page] 
  

			
	ESCROW AGENT:
	
	CHICAGO TITLE INSURANCE COMPANY
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 8 

 EXHIBIT “E” 
 LIST OF EXISTING ENVIRONMENTAL REPORTS 
  

	1.	List of Existing Environmental Reports for the Funds IV and V Property (Centurion Centre) 

  

	 	•	 	Phase I Environmental Site Assessment Report - Centurion Centre, 10407 Centurion Parkway, Jacksonville, Florida 32256 - prepared by LandAmerica Assessment Corporation for Wells Real
Estate Funds, dated December 5, 2005, as LAC Project Number 05-33124.1 

  

	 	•	 	Report of a Geotechnical Exploration, Proposed IBM Office Building, Deerwood Park, Jacksonville, Florida, prepared by Law Engineering, Inc. for ADEVCO Corporation, dated April 15,
1992, as LAW Project No. 442-06661-01 

  

	 	•	 	Report of a Preliminary Environmental Site Assessment, Deerwood Park, Jacksonville, Florida, prepared by Law Engineering and Environmental Services, Inc. for Gate Lands Company,
dated July 28, 1989, as LAW Job No. JE-5877 

  

	2.	List of Existing Environmental Reports for the Funds VI, VII and VIII Property (BellSouth Building) 

  

	 	•	 	Phase I Environmental Site Assessment Report - BellSouth Building, 10375 Centurion Parkway, Jacksonville, Florida 32256 - prepared by LandAmerica Assessment Corporation for Wells
Real Estate Funds, dated December 5, 2005, as LAC Project Number 05-33124.2 

  

	 	•	 	Update of Preliminary Environmental Site Assessment Report, Proposed BAPCO Site, Deerwood Park, Jacksonville, Florida, prepared for Wells Real Estate Fund VI, Fund VII and Fund VIII
by Law Engineering, Inc., dated March 28, 1995 (Addressees revised April 11, 1995), as Law Engineering Project No. 444-07493.01 

  

	 	•	 	Report of Geotechnical Exploration, BAPCO Office Building, Jacksonville, Florida, prepared by Atlanta Testing & Engineering for ADEVCO Corporation, dated March 6, 1995, as
AT&E Job. No. J5781, Report No. 001 

  

	 	•	 	Report of a Preliminary Environmental Site Assessment, Deerwood Park, Jacksonville, Florida, prepared by Law Engineering and Environmental Services, Inc. for Gate Lands Company,
dated July 28, 1989, as LAW Job No. JE-5877 

 EXHIBIT “F” 
 EXISTING SURVEYS 
  

	1.	Existing Survey of the Funds IV and V Property (Centurion Centre) 

  

	 	•	 	ALTA/ASCM Land Title Survey of Centurion Centre, prepared for Wells Real Estate Funds, Inc. by MKAssociates, Inc., dated December 2, 2005, last revised
            , 2006, and certified on             , 2006, by Stacy L. Brown, Florida Professional Surveyor and
Mapper No. 6516, as Project No. 1122-05-0892:001 (2 sheets) 

  

	 	•	 	Map showing Boundary and Topographic Survey, prepared by Sunshine State Surveyors, Inc., dated April 21, 1992, and certified to G.L. National, Inc., Commonwealth Land Title
Insurance Company, Wells & Associates, Inc. et al., by Roy A. Wegener, Jr., Florida Registered Survey No. 4271. 

  

	2.	Existing Survey of the Funds VI, VII and VIII Property (BellSouth Building) 

  

	 	•	 	ALTA/ASCM Land Title Survey of Bellsouth (Building), prepared for Wells Real Estate Funds, Inc. by MKAssociates, Inc., dated December 2, 2005, last revised
            , 2006, and certified on             , 2006, by Stacy L. Brown, Florida Professional Surveyor and
Mapper No. 6516, as Project No. 1122-05-0892:002 (2 sheets) 

  

	 	•	 	Map showing Boundary Survey, prepared by Sunshine State Surveyors, Inc., dated September 28, 1994, and certified to Old Republic Title Insurance Company, Nationsbank of Georgia,
N.A., as agent for Fund VI, Fund VII and Fund VIII Associates et al., by William G. Smith, III, Florida Registered Survey No. 5145. 

 EXHIBIT “G” 
 LIST OF LEASES 
  

	A.	Leases Affecting Funds IV and V Improvements at Centurion Centre, 10407 Centurion Parkway North 

 1. Lease Agreement, dated December 30, 2003, between Fund IV and Fund V Associates, as landlord, and Synovus Financial Corp., a Georgia corporation, as
tenant; as affected by Acknowledgment, Acceptance and Amendment, dated October 14, 2004, as modified and amended by: 
 (a)
First Amendment to Lease, dated as of May 26, 2004, between Fund IV and Fund V Associates, as landlord, and Synovus Financial Corp., as tenant. 
 2. Lease Agreement, dated June 1, 2004, between Fund IV and Fund V Associates, as landlord, and Commercial Jacksonville, Inc., a Florida corporation, as tenant; as affected by Acknowledgment, Acceptance and Amendment, dated October 14,
2004. 
 3. Lease Agreement, dated August 17, 2005, between Fund IV and Fund V Associates, as landlord, and Keasler Law Firm, Inc., as
tenant; as affected by Acknowledgment, Acceptance and Amendment, dated October 5, 2005. 
 4. Lease Agreement, dated March 31, 2004, between
Fund IV and Fund V Associates, as landlord, and ADP, Inc., a Delaware corporation, as tenant; as affected by Acknowledgment, Acceptance and Amendment, dated September 28, 2004, as modified and amended by: 
 (a) First Amendment to Lease, dated as of May 20, 2005, between Fund IV and Fund V Associates, as landlord, and ADP, Inc., as tenant.

  

	B.	Leases Affecting Funds VI, VII and VIII Improvements at 10375 Centurion Parkway North (BellSouth Building) 

 1. Lease Agreement, dated May 20, 1996, between Wells Real Estate Fund VI, VII & VIII, L.P., as landlord, and Bellsouth Advertising & Publishing
Corporation, as tenant, as modified and amended by: 
 (a) First Amendment to Lease Agreement, dated December 6, 1996, between
Fund VI, Fund VII and Fund VIII Associates, as landlord, and Bellsouth Advertising & Publishing Corporation, as tenant; and 
 (b) Second Amendment to Lease Agreement, dated as of May 11, 2005, between Fund VI, Fund VII and Fund VIII Associates, as landlord, and Bellsouth Advertising & Publishing Corporation, as tenant; and 

 (c) Third Amendment to Lease Agreement, dated as of October 31, 2005, between Fund VI,
Fund VII and Fund VIII Associates, as landlord, and Bellsouth Advertising & Publishing Corporation, as tenant. 
 2. Lease Agreement,
dated March     , 1996, between The Bank of New York, as successor to NationsBank of Georgia, N.A., as Agent for Wells Real Estate Fund VII, L.P., as landlord, and American Express Travel Related Services Company, Inc., as
tenant, as modified and amended by: 
 (a) First Amendment to Lease Agreement, dated as of July 25, 2001, between Fund VI,
Fund VII and Fund VIII Associates, as landlord, and American Express Travel Related Services company, Inc., as tenant; and 
 (b) Second Amendment to Lease Agreement, dated as of October 31, 2005, between Fund VI, Fund VII and Fund VIII Associates, as landlord, and American Express Travel Related Services Company, Inc., as tenant. 
  

 - 2 - 

 EXHIBIT “H” 
 TITLE EXCEPTIONS 
  

	A.	Title Exceptions Affecting the Funds IV and V Property 

  

	 	1.	Taxes and assessments for the year 2006 and subsequent years. 

  

	 	2.	Easements, Restrictions and Covenants in Warranty Deeds to the Jacksonville Expressway Authority, recorded in Official Records Book 3168, Page 839 and Official Records Book 3168,
Page 845, in the public records of Duval County, Florida. 

  

	 	3.	Grant of Easement to City of Jacksonville for water and sewer recorded in Official Records Book 5849, Page 1757, aforesaid records. 

  

	 	4.	Restatement of the Protective Covenants of Deerwood Park recorded in Official Records Book 6575, Page 2276, aforesaid records (restating and amending certain Protective Covenants
recorded in Official Records Book 6087, Page 1669, aforesaid records); as amended by Supplement to Protective Covenants of Deerwood Park for Issuance and Transfer of Development Rights recorded in Official Records Book 6575, Page 2305, aforesaid
records; as further amended by Quit-Claim Deed and Designation of Successor Developer recorded in Official Records Book 6575, Page 2312, aforesaid records; as amended by Allocations of Development Rights recorded in the aforesaid records at Official
Records Book 6575, Page 2315, Official Records Book 6575, Page 2376, Official Records Book 6863, Page 543, Official Records Book 7029, Page 1243, Official Records Book 7068, Page 1896, Official Records Book 7068, Page 1908, Official Records Book
7350, Page 122, Official Records Book 7362, Page 750, Official Records Book 7458, Page 1990, Official Records Book 7653, Page 1358, Official Records Book 7653, Page 1383, Official Records Book 7852, Page 673, Official Records Book 8032, Page 1204,
and Official Records Book 8085, Page 1997; as amended by First Amendment to Supplement in Official Records Book 6863, Page 539, aforesaid records; as further amended by First Declaration of Conversion of Development Rights in Official Records Book
6863, Page 541, aforesaid records; as further amended by Second Declaration of Conversion of Development Rights in Official Records Book 7362, Page 730, aforesaid records; as further amended by Third Declaration of Conversion of Development Rights
in Official Records Book 7653, Page 1362, aforesaid records; as further amended by Fourth Declaration of Conversion of Development Rights in Official Records Book 8032, Page 1194, aforesaid records; as further amended by Variation to Building Site
Requirements in Official Records Book 7012, Page 1849, aforesaid records; as further amended by Approval of Plans in Official Records Book 7343, Page 254, aforesaid records; as further amended by First Amendment to Restatement of the Protective
Covenants in Official Records Book 7362, Page 739, aforesaid records; as further amended by Amendment No. 1 to Lake Easement Agreement, et al. in Official Records Book 7029, Page 1224, aforesaid records; as further amended by Consent and Grant to
Use in Official Records Book 7448, Page 768, aforesaid records; as further 

 amended by Transfer of Previously Allocated Development Rights recorded in Official Records Book 7588,
Page 1639, aforesaid records; as further amended by Option Agreement in Official Records Book 7653, Page 1390, aforesaid records; and as further amended by Protective Covenant Variance contained in Special Warranty Deed recorded in Official Records
Book 8085, Page 1984, aforesaid records. 
  

	 	5.	Notice of Development Order recorded in Official Records Book 6408, Page 118, aforesaid records; Restatement of the Protective Covenants of Deerwood Park recorded in Official
Records Book 6575, Page 2276, aforesaid records (restating and amending certain Protective Covenants recorded in Official Records Book 6087, Page 1669, aforesaid records); as amended by Supplement to Protective Covenants of Deerwood Park for
Issuance and Transfer of Development Rights recorded in Official Records Book 6575, Page 2305, aforesaid records; as further amended by Quit-Claim Deed and Designation of Successor Developer recorded in Official Records Book 6575, Page 2312,
aforesaid records; as amended by Allocations of Development Rights recorded in the aforesaid records at Official Records Book 6575, Page 2315, Official Records Book 6575, Page 2376, Official Records Book 6863, Page 543, Official Records Book 7029,
Page 1243, Official Records Book 7068, Page 1896, Official Records Book 7068, Page 1908, Official Records Book 7350, Page 122, Official Records Book 7362, Page 750, Official Records Book 7458, Page 1990, Official Records Book 7653, Page 1358,
Official Records Book 7653, Page 1383, Official Records Book 7852, Page 673, Official Records Book 8032, Page 1204, and Official Records Book 8085, Page 1997; as amended by First Amendment to Supplement in Official Records Book 6863, Page 539,
aforesaid records; as further amended by First Declaration of Conversion of Development Rights in Official Records Book 6863, Page 541, aforesaid records; as further amended by Second Declaration of Conversion of Development Rights in Official
Records Book 7362, Page 730, aforesaid records; as further amended by Third Declaration of Conversion of Development Rights in Official Records Book 7653, Page 1362, aforesaid records; as further amended by Fourth Declaration of Conversion of
Development Rights in Official Records Book 8032, Page 1194, aforesaid records; as further amended by Variation to Building Site Requirements in Official Records Book 7012, Page 1849, aforesaid records; as further amended by Approval of Plans in
Official Records Book 7343, Page 254, aforesaid records; as further amended by First Amendment to Restatement of the Protective Covenants in Official Records Book 7362, Page 739, aforesaid records; as further amended by Amendment No. 1 to Lake
Easement Agreement, et al. in Official Records Book 7029, Page 1224, aforesaid records; as further amended by Consent and Grant to Use in Official Records Book 7448, Page 768, aforesaid records; as further amended by Transfer of Previously Allocated
Development Rights recorded in Official Records Book 7588, Page 1639, aforesaid records; as further amended by Option Agreement in Official Records Book 7653, Page 1390, aforesaid records; and as further amended by Protective Covenant Variance
contained in Special Warranty Deed recorded in Official Records Book 8085, Page 1984, aforesaid records. 

  

	 	6.	Limited access, egress and ingress via J. Turner Butler Boulevard and/or Southside Boulevard. 

	 	7.	Jacksonville Electric Authority Easement recorded in Official Records Book 6744, Page 304, aforesaid records. 

  

	 	8.	Jacksonville Electric Authority Easement recorded in Official Records Book 6840, Page 2099, aforesaid records. 

  

	 	9.	Non-Exclusive Grant of Easement between GL National, Inc. and Southern Bell Telephone and Telegraph Company, recorded in Official Records Book 6863, Page 1666, and Official Records
Book 6863, Page 1674, aforesaid records. 

  

	 	10.	Protective Covenant Variance recited in Special Warranty Deed dated June 8, 1992 and recorded June 9, 1992, in Official Records Book 7350, Page 115, aforesaid records.

  

	 	11.	Consent and Grant To Use (Deerwood Park) to City of Jacksonville, Florida, dated as of October 30, 1992, recorded in Official Records Book 7448, Page 768, aforesaid records.

  

	 	12.	All matters that would be disclosed by a current and accurate survey of the subject property. 

  

	 	13.	The rights of tenants under those certain leases affecting the Funds IV and V Land and Funds IV and V Improvements more particularly described on Exhibit “G”
attached hereto and made a part hereof. 

 B. Title Exceptions Affecting the Funds VI, VII and VIII Property 
  

	1.	Taxes and assessments for the year 2006 and subsequent years. 

  

	2.	Grant of Easement to City of Jacksonville for water and sewer recorded in Official Records Book 5849, Page 1757, of the public records of Duval County, Florida.

  

	3.	Grant of Easement to City of Jacksonville for water and sewer recorded in Official Records Book 5888, Page 644, aforesaid records. 

  

	4.	Restatement of the Protective Covenants of Deerwood Park recorded in Official Records Book 6575, Page 2276, aforesaid records (restating and amending certain Protective Covenants
recorded in Official Records Book 6087, Page 1669, aforesaid records); as amended by Supplement to Protective Covenants of Deerwood Park for Issuance and Transfer of Development Rights recorded in Official Records Book 6575, Page 2305, aforesaid
records; as further amended by Quit-Claim Deed and Designation of Successor Developer recorded in Official Records Book 6575, Page 2312, aforesaid records; as amended by Allocations of Development Rights recorded in the aforesaid records at Official
Records Book 6575, Page 2315, Official Records Book 6575, Page 2376, Official Records Book 6863, Page 543, Official Records Book 7029, Page 1243, Official Records Book 7068, Page 1896, Official Records Book 7068, Page 1908, Official Records Book
7350, Page 122, Official Records Book 7362, Page 750, Official Records Book 7458, Page 1990, Official Records Book 7653, Page 1358, Official Records Book 7653, Page 1383, Official Records Book 7852, Page 673, Official Records Book 8032, Page 1204,
and Official Records Book 8085, Page 1997; as amended by First Amendment to Supplement in Official Records Book 6863, Page 539, aforesaid records; as further amended by First Declaration of Conversion of Development Rights in Official Records Book
6863, Page 541, aforesaid records; as further amended by Second Declaration of Conversion of Development Rights in Official Records Book 7362, Page 730, aforesaid records; as further amended by Third Declaration of Conversion of Development Rights
in Official Records Book 7653, Page 1362, aforesaid records; as further amended by Fourth Declaration of Conversion of Development Rights in Official Records Book 8032, Page 1194, aforesaid records; as further amended by Variation to Building Site
Requirements in Official Records Book 7012, Page 1849, aforesaid records; as further amended by Approval of Plans in Official Records Book 7343, Page 254, aforesaid records; as further amended by First Amendment to Restatement of the Protective
Covenants in Official Records Book 7362, Page 739, aforesaid records; as further amended by Amendment No. 1 to Lake Easement Agreement, et al. in Official Records Book 7029, Page 1224, aforesaid records; as further amended by Consent and Grant to
Use in Official Records Book 7448, Page 768, aforesaid records; as further amended by Transfer of Previously Allocated Development Rights recorded in Official Records Book 7588, Page 1639, aforesaid records; as further amended by Option Agreement in
Official Records Book 7653, Page 1390, aforesaid records; and as further amended by Protective Covenant Variance contained in Special Warranty Deed recorded in Official Records Book 8085, Page 1984, aforesaid records. 

	5.	Notice of Development Order recorded in Official Records Book 6408, Page 118, aforesaid records; Restatement of the Protective Covenants of Deerwood Park recorded in Official
Records Book 6575, Page 2276, aforesaid records (restating and amending certain Protective Covenants recorded in Official Records Book 6087, Page 1669, aforesaid records); as amended by Supplement to Protective Covenants of Deerwood Park for
Issuance and Transfer of Development Rights recorded in Official Records Book 6575, Page 2305, aforesaid records; as further amended by Quit-Claim Deed and Designation of Successor Developer recorded in Official Records Book 6575, Page 2312,
aforesaid records; as amended by Allocations of Development Rights recorded in the aforesaid records at Official Records Book 6575, Page 2315, Official Records Book 6575, Page 2376, Official Records Book 6863, Page 543, Official Records Book 7029,
Page 1243, Official Records Book 7068, Page 1896, Official Records Book 7068, Page 1908, Official Records Book 7350, Page 122, Official Records Book 7362, Page 750, Official Records Book 7458, Page 1990, Official Records Book 7653, Page 1358,
Official Records Book 7653, Page 1383, Official Records Book 7852, Page 673, Official Records Book 8032, Page 1204, and Official Records Book 8085, Page 1997; as amended by First Amendment to Supplement in Official Records Book 6863, Page 539,
aforesaid records; as further amended by First Declaration of Conversion of Development Rights in Official Records Book 6863, Page 541, aforesaid records; as further amended by Second Declaration of Conversion of Development Rights in Official
Records Book 7362, Page 730, aforesaid records; as further amended by Third Declaration of Conversion of Development Rights in Official Records Book 7653, Page 1362, aforesaid records; as further amended by Fourth Declaration of Conversion of
Development Rights in Official Records Book 8032, Page 1194, aforesaid records; as further amended by Variation to Building Site Requirements in Official Records Book 7012, Page 1849, aforesaid records; as further amended by Approval of Plans in
Official Records Book 7343, Page 254, aforesaid records; as further amended by First Amendment to Restatement of the Protective Covenants in Official Records Book 7362, Page 739, aforesaid records; as further amended by Amendment No. 1 to Lake
Easement Agreement, et al. in Official Records Book 7029, Page 1224, aforesaid records; as further amended by Consent and Grant to Use in Official Records Book 7448, Page 768, aforesaid records; as further amended by Transfer of Previously Allocated
Development Rights recorded in Official Records Book 7588, Page 1639, aforesaid records; as further amended by Option Agreement in Official Records Book 7653, Page 1390, aforesaid records; and as further amended by Protective Covenant Variance
contained in Special Warranty Deed recorded in Official Records Book 8085, Page 1984, aforesaid records. 

  

	6.	Jacksonville Electric Authority Easement recorded in Official Records Volume 6840, Page 2099, aforesaid records. 

  

	7.	Non-Exclusive Grant of Easement between G.L. National, Inc. and Southern Bell Telephone and Telegraph Company recorded in Official Records Volume 6863, Page 1666, and Official
Records Volume 6863, Page 1674, aforesaid records. 

  

	8.	Easement granted to Jacksonville Electric Authority recorded August 4, 1989, in Official Records Volume 6744, Page 304, aforesaid records. 

	9.	Easement granted to Jacksonville Electric Authority recorded February 8, 1990, in Official Records Volume 6840, Page 2113, aforesaid records. 

  

	10.	Consent and Grant to Use (Deerwood Park) to City of Jacksonville, Florida dated as of October 30, 1992, recorded in Official Records Book 7448, Page 768, aforesaid records.

  

	11.	Limited access, egress and ingress via J. Turner Butler Boulevard and/or Southside Boulevard. 

  

	12.	All matters that would be disclosed by a current and accurate survey of the subject property. 

  

	13.	The rights of tenants under those certain leases affecting the Funds VI, VII and VIII Land and Funds VI, VII and VIII Improvements more particularly described on Exhibit
“G” attached hereto and made a part hereof. 

 EXHIBIT “I” 
 EXCEPTION SCHEDULE 
  

	A.	Exception Schedule as to Funds IV and V Property (Centurion Centre): 

  

	 	•	 	With respect to the representation and warranty contained in Section 4.1(e), captioned “Existing Leases and Guaranty Agreements”, exception is taken for that certain
letter, dated December 20, 2005, from Keasler Law Firm to Wells Management Company, Inc., pursuant to the terms of which said tenant asserted certain claims or potential claims relating to water intrusion and mold in said tenant’s conference
room. 

  

	B.	Exception Schedule as to Funds VI, VII and VIII Property (BellSouth Building): 

 NONE 

 EXHIBIT “J” 
 LIST OF SERVICE CONTRACTS 
  

	A.	List of Service Contracts Affecting the Funds IV and V Property (Centurion Centre) 

  

	 	1.	Southland Waste Systems, Inc. 

 P.O. Box 56110,
Jacksonville, FL 32241 
  

	 	2.	Foliage Design Systems 

 5995-2 Phillips Highway,
Jacksonville, FL 32216 
  

	 	3.	Jacksonville Sound & Communications, Inc. 

 5021 Stepp
Avenue, Jacksonville, FL 32216 
  

	 	4.	ACCU-Air Cooling Service, Inc. 

 8544 Alicanta Avenue,
Orange Park, FL 32073 
  

	 	5.	ABM Janitorial Service 

 5871 St. Augustine Road,
Jacksonville, FL 32207 
  

	 	6.	Cushman & Wakefield of Florida, Inc. 

 8663 Baypine
Road, Ste. 115, Jacksonville, FL 32256 
  

	 	7.	ValleyCrest Landscape Maintenance 

 1854 West Road,
Jacksonville, FL 32216 
 (to be assigned prior to Closing from Funds VI, VII and VIII JV to Funds IV and V JV) 
  

	 	8.	McCall Service, Inc. 

 2861 College Street, Jacksonville,
FL 32205 
  

	B.	List of Service Contracts Affecting the Funds VI, VII and VIII Property  

 (BellSouth Building) 
  

	 	1.	Southland Waste Systems, Inc. 

 P.O. Box 56110,
Jacksonville, FL 32241 
  

	 	2.	Jacksonville Sound & Communications, Inc. 

 5021 Stepp
Avenue, Jacksonville, FL 32216 
  

	 	3.	ACCU-Air Cooling Service, Inc. 

 8544 Alicanta Avenue,
Orange Park, FL 32073 
  

	 	4.	ABM Janitorial Service 

 5871 St. Augustine Road,
Jacksonville, FL 32207 

	 	5.	Cushman & Wakefield of Florida, Inc. 

 8663 Baypine
Road, Ste. 115, Jacksonville, FL 32256 
  

	 	6.	ValleyCrest Landscape Maintenance 

 1854 West Road,
Jacksonville, FL 32216 
  

	 	7.	Foliage Design Systems 

 5995-2 Phillips Highway,
Jacksonville, FL 32216 
  

	 	8.	McCall Service, Inc. 

 2861 College Street, Jacksonville,
FL 32205 
  

 2 

 EXHIBIT “K” 
 FORM OF TENANT ESTOPPEL CERTIFICATE 
                     , 2006 
 Transatlantic Investment Management, Inc. 
 222 Third Street 
 Cambridge, Massachusetts 02142 
 Attn: Mr. Anthony M. Goschalk, President 
 [Seller] 
 6200 The Corners Parkway 
 Norcross, Georgia 30092 
 Attn:    Mr. F. Parker Hudson 
     Managing Director, Dispositions 
  

			
	RE: Lease:
                                        
                        	  	
		
	Premises:	  	_____________
	Commencement Date:	  	_____________
	Expiration Date:	  	_____________
	Current Monthly Base Rent:	  	$ ____________
	Current Monthly Additional Rent:	  	$ ____________
	Base Year or Expense Stop (if applicable):	  	_____________
	Security Deposit:	  	$ ____________
	Monthly Base Rent Paid Through:	  	                    , 2006
	Monthly Additional Rent Paid Through:	  	                    , 2006

 Ladies and Gentlemen: 
 We are the Tenant under the lease described above. We give you this certificate to permit you and your successors or assigns to rely on it as conclusive evidence of the matters stated below, in evaluating and completing the purchase by you
or your assignee of the property known as                      Centurion Parkway North, in Jacksonville, Florida, which includes the Premises.
We certify to you and your successors and assigns, as follows: 
  

	1.	We are the Tenant at the Premises and are in sole possession of and are occupying the Premises. Tenant has not subleased all or any part of the Premises or assigned the Lease, or
otherwise transferred its interest in the Lease or the Premises. 

  

	2.	The attached Lease is currently in full force and effect and constitutes the entire agreement between Landlord and Tenant. The Lease has not been amended, modified, or changed,
whether in writing or orally, except as may be stated in the copy of the Lease attached. 

	3.	The Commencement Date and Expiration Date of the term of the Lease are correctly stated above. Tenant has no remaining or unexercised options or rights to renew, extend, amend,
modify, or change the term of the Lease after the date hereof, except for the following:
                                        
                . 

  

	4.	The current monthly Base Rent under the Lease and the current monthly Additional Rent under the Lease are correctly stated above. Monthly Base Rent and monthly Additional Rent have
been paid through the respective dates stated above. No rent has been prepaid for more than one month. Tenant has not been given any free rent, partial rent, rebates, rent abatements, or rent concessions of any kind which Tenant remains entitled to
receive after the date hereof, except for the
following:                                      
                   . 

  

	5.	To Tenant’s knowledge, any construction, build-out, improvements, alterations, or additions to the Premises required under the Lease to have been performed by the Landlord have
been completed in accordance with the Lease. There are no unfunded allowances payable to Tenant under the Lease[, except as follows:
                                        
                ]. 

  

	6.	To Tenant’s knowledge, Landlord has fully performed all of its obligations under the Lease and is not in default under any term or provision of the Lease. In addition, to
Tenant’s knowledge, no circumstances exist under which Landlord may be deemed in default merely upon service of notice or passage of time. 

  

	7.	Tenant does not currently assert and, to Tenant’s knowledge, Tenant has no defenses, set-offs, or counterclaims to the payment of rent and all other amounts due from Tenant to
Landlord under the Lease. 

  

	8.	Tenant has not been granted and has not exercised any options or rights of expansion, or first refusal to lease concerning the Lease or the Premises which are exercisable after the
date hereof, except as follows:
                                        
                . Tenant has not been granted any options or rights to purchase, or first refusal to purchase, concerning the Premises, except as follows:
                                        
                . 

  

	9.	There are no actions, whether voluntary or involuntary or otherwise, pending or threatened against the Tenant or any guarantor of Tenant’s obligations under the Lease, pursuant
to the bankruptcy or insolvency laws of the United States or any similar state laws. Tenant does not intend to and is not contemplating filing for bankruptcy. 

  

	10.	The address for notices to Tenant under the Lease is correctly set forth in the Lease. 

  

 4 

	11.	The person signing this letter on behalf of Tenant is duly authorized to execute and deliver this certificate for and on behalf of the Tenant. 

  

			
	 Sincerely,

	
	  

		
	 By:
	 	  

	 Its:
	 	  

  

 5 

 EXHIBIT “L” 
 PROPERTY TAX APPEALS 
  

	A.	Property Tax Appeals as to the Funds IV and V Property: NONE 

  

	B.	Property Tax Appeals as to the Funds VI, VII and VIII Property: NONE 

 EXHIBIT “M” 
 MANAGEMENT AGREEMENT 
  

	A.	Management Agreement affecting the Funds IV and V Property (Centurion Centre) 

  

	 	•	 	Management Agreement, dated as of July 1, 2004,     , between Wells Management Company, Inc., managing agent for Fund IV and Fund V Associates, as
“Owner”, and Cushman & Wakefield of Florida, Inc., as “Manager” 

  

	B.	Management Agreement affecting the Funds VI, VII and VIII Property (BellSouth Building) 

  

	 	•	 	Management Agreement, dated as of July 1, 2004, between Wells Management Company, Inc., managing agent for Fund VI, Fund VII and Fund VIII Associates, as “Owner”, and
Cushman & Wakefield of Florida, Inc., as “Manager” 

 SCHEDULE 1 
 FORM OF ASSIGNMENT AND ASSUMPTION OF LEASES 
 ASSIGNMENT AND ASSUMPTION OF LEASES

 THIS ASSIGNMENT AND ASSUMPTION OF LEASES (“Assignment”) is made and entered into as of the
     day of                     , 2006, by and between [FUND IV AND FUND V ASSOCIATES] or [FUND VI, FUND VII AND
FUND VIII ASSOCIATES], a Georgia joint venture (“Assignor”), and
                            , a
                             (“Assignee”). 
 W I T N E S S E T H: 
 WHEREAS,
contemporaneously with the execution hereof, Assignor has conveyed to Assignee certain real property located in Jacksonville, Duval County, Florida, and more particularly described on Exhibit “A” attached hereto (the
“Property”) ; and 
 WHEREAS, in connection with said conveyance, Assignor desires to transfer and assign to Assignee
all of Assignor’s right, title and interest in and to certain leases affecting the Property, together with the security deposits and future leasing commission obligations associated therewith, and, subject to the terms and conditions hereof,
Assignee desires to assume Assignor’s right, title, interest and obligations in respect of said leases, security deposits and leasing commission obligations; 
 NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 Dollars ($10.00) in hand paid to Assignor by Assignee, Assignee’s purchase of the Property and other good and valuable consideration,
the receipt, adequacy and sufficiency of which are hereby acknowledged by Assignor and Assignee, Assignor and Assignee hereby covenant and agree as follows: 
 1. Assignor hereby unconditionally and absolutely assigns, transfers, sets over and conveys to Assignee, without warranty or representation of any kind, express or implied, except as set forth below and except for any
warranty or representation contained in that certain Purchase and Sale Agreement dated as of January     , 2006, among [Fund IV and Fund V Associates] [Fund VI, Fund VII and Fund VIII Associates] and Assignor, as
“Seller”, and Assignee, as “Purchaser” (the “Contract”), applicable to the property assigned herein, all of Assignor’s right, title and interest in, to and under (a) those certain leases set forth on
Exhibit “B” attached hereto and by this reference made a part hereof affecting or relating to the Property or the improvements thereon (the “Leases”), together with all rents, issues and profits under the Leases,
(b) all security deposits or other security held by or for the benefit of Assignor with respect to the Leases or the performance of the obligations of the tenants under the Leases; and (c) those certain leasing commission agreements more
particularly described on Exhibit “C” attached hereto and made a part hereof (the “Commission Agreements”), subject to the matters more particularly described on Exhibit “D” attached hereto
and made a part hereof. 
 2. Assignee, by acceptance hereof, hereby assumes and agrees to perform all of Assignor’s duties and
obligations under the Leases arising from and after the date hereof, 

 including, without limitation, Assignor’s obligations to pay leasing commissions due and payable in respect of any
renewal or expansion of the existing Leases, or any new lease with the tenant under the Leases, after the date hereof pursuant to the Commission Agreements, provided that any renewal or expansion of any existing Lease, or any new lease with a tenant
under an existing Lease that was entered into after the Effective Date of the Contract (as defined therein) and prior to the date hereof was approved (or deemed approved) by Purchaser as and to the extent required in the Contract. 
 3. Subject to the limitations set forth in Section 11.3 of the Contract, Assignor shall indemnify and hold harmless Assignee from and against any and all
losses, claims, suits, damages, costs or expenses, including without limitation, reasonable attorneys fees actually incurred, arising out of or in connection with any failure of Assignor to duly observe and perform all of the covenants, agreements,
obligations, provisions, terms and conditions of the Leases on the part of Assignor to be performed or observed prior to the Closing Date or any liabilities incurred by Assignor which matured, became due or accrued on or before the date of this
Assignment; provided however, the indemnity set forth in this paragraph 3 shall expire and be of no further force and affect on September 30, 2006, and provided further, prior to September 30, 2006, Assignee shall give Assignor written notice of any
alleged loss or claim under this paragraph 3 with reasonable detail as to the nature of such loss or claim and file an action against Assignor with respect thereto within one hundred eighty (180) days after the giving of such notice. If Assignee
does not provide Assignor with such written notice prior to September 30, 2006 or (having given timely notice as aforesaid) file an action against Assignor with respect thereto within one hundred eighty (180) days after the giving of such notice,
the indemnity set forth in this paragraph 3 shall expire and be of no further force or effect. 
 4. Subject to the limitations set forth in
Section 11.3 of the Contract, Assignee shall indemnify and hold harmless Assignor from and against any and all losses, claims, suits, damages, costs or expenses, including without limitation, reasonable attorneys fees actually incurred, arising out
of or in connection with any failure of Assignee to duly observe and perform all of the covenants, agreements, obligations, provisions, terms and conditions of the Leases on the part of Assignee to be performed or observed from and after the Closing
Date or any liabilities incurred by Assignee which matured, became due or accrued after the date of this Assignment; provided however, the indemnity set forth in this paragraph 4 shall expire and be of no further force and effect on September 30,
2006, and provided further, prior to September 30, 2006, Assignor shall give Assignee written notice of any alleged loss or claim under this paragraph 4 with reasonable detail as to the nature of such loss or claim and file an action against
Assignee with respect thereto within one hundred eighty (180) days after the giving of such notice. If Assignor does not provide Assignee with such written notice prior to September 30, 2006 or (having given timely notice as aforesaid) file an
action against Assignee with respect thereto within one hundred eighty (180) days after the giving of such notice, the indemnity set forth in this paragraph 4 shall expire and be of no further force or effect. 
 5. This Assignment shall inure to the benefit of and be binding upon Assignor and Assignee, their respective legal representatives, successors and
assigns. This Assignment may be executed in counterparts, each of which shall be deemed an original and all of such counterparts together shall constitute one and the same Assignment. 
  

 2 

 IN WITNESS WHEREOF, the duly authorized representatives of Assignor and Assignee have caused this
Assignment to be properly executed under seal as of this day and year first above written. 
  

					
	ASSIGNEE:	 	
		
	  
	 	,
	 a
	 	  
	 	
			
	 By:
	 	  
	 	
	 Name:
	 	  
	 	
	 Its:
	 	  
	 	
		
	“ASSIGNOR”	 	

  

 3 

 EXHIBIT A 
 Legal Description 

 EXHIBIT B 
 Leases 

 EXHIBIT C 
 Lease Commission Agreements 

 EXHIBIT D 
 Permitted Exceptions 

 SCHEDULE 2 
 FORM OF ASSIGNMENT AND ASSUMPTION OF SERVICE CONTRACTS 
 ASSIGNMENT AND ASSUMPTION OF
SERVICE CONTRACTS 
 THIS ASSIGNMENT AND ASSUMPTION OF CONTRACTS (“Assignment”) is made and entered into as of the
     day of                     , 2006, by and between [FUND IV AND FUND V ASSOCIATES] OR [FUND VI, FUND VII
AND FUND VIII ASSOCIATES], a Georgia joint venture (“Assignor”) and
                            , a
                             (“Assignee”). 
 W I T N E S S E T H: 
 WHEREAS,
contemporaneously with the execution hereof, Assignor has conveyed to Assignee certain real property located in Jacksonville, Duval County, Florida, and more particularly described on Exhibit “A” attached hereto (the
“Property”); and 
 WHEREAS, in connection with said conveyance, Assignor desires to transfer and assign to Assignee,
to the extent assignable, all of Assignor’s right, title and interest in and to certain service contracts related to the Property, and to the extent assignable, all guaranties and warranties given in connection with the operation, construction,
improvement, alteration or repair of the Property; and Assignee desires to assume Assignor’s obligations under said service contracts; 
 NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 Dollars ($10.00) in hand paid to Assignor by Assignee, the Premises and other good and valuable consideration, the receipt, adequacy and sufficiency of which are
hereby acknowledged by Assignor and Assignee, Assignor and Assignee hereby covenant and agree as follows: 
 1. Assignor hereby
unconditionally and absolutely assigns, transfers, sets over and conveys to Assignee, to the extent assignable, and without warranty or representation of any kind, express or implied, except as set forth below and except for any warranty or
representation contained in that certain Purchase and Sale Agreement dated as of January     , 2006, among [Fund IV and Fund V Associates] [Fund VI, Fund VII and Fund VIII Associates] and Assignor, as “Seller”,
and Assignee, as “purchaser” (the “Contract”) applicable to the property assigned herein, all of Assignor’s right, title and interest in, to and under those certain contracts set forth on Exhibit “B”
attached hereto and by this reference made a part hereof (the “Service Contracts”), subject to the matters set forth on Exhibit “C” attached hereto and by this reference made a part hereof. 
 2. Assignee, by acceptance hereof, hereby assumes and agrees to perform all of Assignor’s duties and obligations under the Service Contracts arising
from and after the date hereof. 

 3. Subject to the limitations set forth in Section 11.3 of the Contract, Assignor shall indemnify and
hold harmless Assignee from and against any and all losses, claims, suits, damages, costs or expenses, including without limitation, reasonable attorneys fees, arising out of or in connection with any failure of Assignor to duly observe and perform
all of the covenants, agreements, obligations, provisions, terms and conditions of the Leases on the part of Assignor to be performed or observed prior to the Closing Date or any liabilities incurred by Assignor which matured, became due or accrued
on or before the date of this Assignment; provided however, the indemnity set forth in this paragraph 3 shall expire and be of no further force and affect on September 30, 2006, and provided further, prior to September 30, 2006, Assignee shall give
Assignor written notice of any alleged loss or claim under this paragraph 3 with reasonable detail as to the nature of such loss or claim and file an action against Assignor with respect thereto within one hundred eighty (180) days after the giving
of such notice. If Assignee does not provide Assignor with such written notice prior to September 30, 2006 or (having given timely notice as aforesaid) file an action against Assignor with respect thereto within one hundred eighty (180) days after
the giving of such notice, the indemnity set forth in this paragraph 3 shall expire and be of no further force or effect. 
 4. Subject to
the limitations set forth in Section 11.3 of the Contract, Assignee shall indemnify and hold harmless Assignor from and against any and all losses, claims, suits, damages, costs or expenses, including without limitation, reasonable attorneys fees,
arising out of or in connection with any failure of Assignee to duly observe and perform all of the covenants, agreements, obligations, provisions, terms and conditions of the Leases on the part of Assignee to be performed or observed from and after
the Closing Date or any liabilities incurred by Assignee which matured, became due or accrued after the date of this Assignment; provided however, the indemnity set forth in this paragraph 4 shall expire and be of no further force and effect on
September 30, 2006, and provided further, prior to September 30, 2006, Assignor shall give Assignee written notice of any alleged loss or claim under this paragraph 4 with reasonable detail as to the nature of such loss or claim and file an action
against Assignee with respect thereto within one hundred eighty (180) days after the giving of such notice. If Assignor does not provide Assignee with such written notice prior to September 30, 2006 or (having given timely notice as aforesaid) file
an action against Assignee with respect thereto within one hundred eighty (180) days after the giving of such notice, the indemnity set forth in this paragraph 4 shall expire and be of no further force or effect. 
 5. This Assignment shall inure to the benefit and be binding upon Assignor and Assignee and their respective legal representatives, successors and
assigns. This Assignment may be executed in counterparts, each of which shall be deemed an original and all of such counterparts together shall constitute one and the same Assignment. 

 IN WITNESS WHEREOF, the duly authorized representatives of Assignor and Assignee have caused this
Assignment to be properly executed under seal as of this day and year first above written. 
  

					
	ASSIGNEE:	 	
		
	  
	 	,
	 a
	 	  
	 	
			
	 By:
	 	  
	 	
	 Name:
	 	  
	 	
	 Title:
	 	  
	 	
		
	“ASSIGNOR”	 	

 Exhibit A 
 Legal Description 

 Exhibit B 
 Assigned Contracts 

 SCHEDULE 3 
 FORM OF BILL OF SALE TO PERSONAL PROPERTY 
 BILL OF SALE 
 THIS BILL OF SALE (“Bill of Sale”) is made and entered into as of the      day of
                    , 2006, by [FUND IV AND FUND V ASSOCIATES] [FUND VI, FUND VII AND FUND VIII ASSOCIATES, a Georgia joint venture
(“Seller”), for the benefit of                             , a
                             (“Purchaser”). 
 W I T N E S S E T H: 
 WHEREAS,
contemporaneously with the execution hereof, Seller has conveyed to Purchaser certain improved real property commonly known as “[10375] [10407] Centurion Parkway North” located in Jacksonville, Duval County, Florida, and more particularly
described on Exhibit “A-1” attached hereto (hereinafter, together with all buildings, structures and improvements now situated on such land, including without limitation, all parking areas and facilities, improvements and fixtures
located on such land, referred to as the “Property”); and 
 WHEREAS, in connection with said conveyance, Seller
desires to transfer and convey to Purchaser all of Seller’s right, title and interest in and to certain tangible personal property, inventory and fixtures located in and used exclusively in connection with the ownership, maintenance or
operation of the Property; 
 NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 Dollars ($10.00) in hand paid to
Seller by Purchaser, the premises and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged by Seller and Purchaser, it is hereby agreed as follows: 
 1. All capitalized terms not defined herein shall have the meanings ascribed to such terms as set forth in that certain Purchase and Sale Agreement dated
as of January     , 2006, among [Fund IV and Fund V Associates] [Fund VI, Fund VII and Fund VIII Associates], Seller and Purchaser (the “Sales Contract”). 
 2. Seller hereby unconditionally and absolutely transfers, conveys and sets over to Purchaser, without warranty or representation of any kind, express or
implied, all right, title and interest of Seller in any and all furniture (including common area furnishings and interior landscaping items), fixtures, carpeting, draperies, appliances, personal property, machinery, apparatus equipment and tangible
personal property of every kind owned by Seller and currently used exclusively in the operation, repair and maintenance of the Property, including, without limitation, all of Seller’s right, title and interest in and to those items of tangible
personal property set forth on Exhibit “B” attached hereto and all non-confidential books, records and files (excluding any appraisals, strategic plans for the Property, internal analyses, information regarding the marketing
of the Property for sale, submissions relating to Seller’s obtaining of corporate or partnership authorization, attorney and accountant work product, attorney-client 

 privileged documents, or other similar information in the possession or control of Seller which Seller reasonably deems
confidential or proprietary) relating to the Property (the “Personal Property”). The Personal Property does not include any property owned by tenants, contractors or licensees. 
 3. The Personal Property is hereby transferred and conveyed subject to those certain matters more particularly described on Exhibit
“C” attached hereto and made a part hereof. 
 4. This Bill of Sale shall inure to the benefit of Purchaser, and be binding
upon Seller, and their respective legal representatives, transfers, successors and assigns. 
 [Remainder of Page Intentionally Left Blank]

  

 2 

 IN WITNESS WHEREOF, Seller has caused this Bill of Sale to be executed under seal as of this day and year
first above written. 
  

	
	“SELLER”

  

 3 

 Exhibit “A” 
 Legal Description 

 Exhibit “B” 
 List of Personal Property 

 SCHEDULE 4 
 FORM OF GENERAL ASSIGNMENT OF 
 SELLER’S INTEREST IN INTANGIBLE PROPERTY 

GENERAL ASSIGNMENT 
 THIS
GENERAL ASSIGNMENT (“Assignment”) is made and entered into as of the      day of
                    , 2006, by [FUND IV AND FUND V ASSOCIATES] [FUND VI, FUND VII AND FUND VIII ASSOCIATES], a Georgia joint venture
(“Assignor”) to                             , a
                             (“Assignee”). 
 W I T N E S S E T H: 
 WHEREAS,
contemporaneously with the execution hereof, Assignor has conveyed to Assignee certain real property located in Jacksonville, Duval County, Florida, and more particularly described on Exhibit “A” attached hereto and made a part
hereof (the “Property”); and 
 WHEREAS, in connection with said conveyance, Assignor desires to transfer and assign
to Assignee all of Assignor’s right, title and interest (if any) in and to all assignable trade names, entitlements and other intangible property used and owned by Assignor (if any) in connection with the Property, subject to the matters set
forth on Exhibit “B” attached hereto and made a part hereof; 
 NOW, THEREFORE, for and in consideration of the sum
of Ten and No/100 Dollars ($10.00) in hand paid to Assignor by Assignee, the premises and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged by Assignor and Assignee, Assignor and Assignee
hereby covenant and agree as follows: 
 1. Assignor hereby unconditionally and absolutely assigns, transfers, sets over and conveys to
Assignee, to the extent assignable, and without warranty or representation of any kind, express or implied, except as set forth below and except for any warranty or representation contained in that certain Purchase and Sale Agreement dated as of
January     , 2006, among [Fund IV and Fund V Associates] [Fund VI, Fund VII and Fund VIII Associates] and Assignor, as seller, and Assignee as purchaser (the “Contract”) applicable to the property
assigned herein, all of Assignor’s right, title and interest (if any) in and to all intangible property, if any, owned by Assignor related to the real property and improvements constituting the Property (excluding any computer software which
either is licensed to Assignor or Assignor deems proprietary), including, without limitation, Assignor’s rights and interests in and to the following (i) all assignable plans and specifications and other architectural and engineering drawings
for the Improvements (as defined in the Contract); (ii) all assignable warranties or guaranties given or made in respect of the Improvements or Personal Property (as defined in the Contract); (iii) all transferable consents, authorizations,
variances or waivers, licenses, permits and approvals from any governmental or quasi-governmental agency, department, board, commission, bureau or other entity or instrumentality solely in respect of the Land or Improvements; and (iv) any and all
intellectual property rights, if any, in the name associated with the Building, the land or the project of which the Building or the Property is a part (excluding any computer software which is either licensed to Assignor or which Assignor deems
proprietary). 

 2. This Assignment shall inure to the benefit of and be binding upon Assignor and Assignee and their
respective legal representatives, successors and assigns. The Assignment may be executed in multiple counterparts, each of which shall be deemed an original and all of such counterparts together shall constitute one and the same Assignment.

  

 2 

 IN WITNESS WHEREOF, the duly authorized representative of Assignor has caused this Assignment to
be properly executed under seal as of this day and year first above written. 
  

									
	“ASSIGNOR”
	
	 FUND VII AND FUND VIII ASSOCIATES,
 a Georgia
joint venture

		
	By:	 	 Wells Real Estate Fund VII, L.P., a
 Georgia limited partnership, venture partner

			
		 	By:	 	Wells Partners, L.P., a Georgia limited partnership, general partner
				
		 		 	By:	 	Wells Capital, Inc., a Georgia corporation, general partner
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

		
	By:	 	 Wells Real Estate Fund VIII, L.P., a
 Georgia limited partnership, venture partner

			
		 	By:	 	Wells Partners, L.P., a Georgia limited partnership, general partner
				
		 		 	By:	 	Wells Capital, Inc., a Georgia corporation, general partner
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

  

 3 

 EXHIBIT “A” 
 Legal Description 

 SCHEDULE 5 
 FORM OF SELLER’S AFFIDAVIT 
 (FOR PURCHASER’S TITLE INSURANCE PURPOSES)

 SELLER’S AFFIDAVIT 
 STATE OF
GEORGIA 
 COUNTY OF              
 Personally appeared before me, the undersigned deponent
                            , who being duly sworn, deposes and says on oath the following to the best
of his knowledge and belief: 
 1. That the undersigned is the
                                        
of Wells Capital, Inc., the general partner of Wells Partners, L.P., which is a general partner of each of [Wells Real Estate Fund IV, L.P. (“Fund IV”) and Wells Real Estate Fund V, L.P. (“Fund V”) with Fund IV and
Fund V being all of the joint venture partners of Fund IV and Fund V Associates, a Georgia joint venture] OR [Wells Real Estate Fund VI, L.P. (“Fund VI”)], Wells Real Estate Fund VI, Fund VII, L.P. (“Fund VII”) and
Wells Real Estate Fund VIII, L.P. (“Fund VIII”), with Fund VI, Fund VII and Fund VIII being all of the venture partners of FUND VII AND FUND VIII ASSOCIATES, a Georgia joint venture (hereinafter referred to as
“Owner”) and as such officer of such general partner of a general partner of each joint venture partner of the Owner, the undersigned has personal knowledge of the facts sworn to in this Affidavit. 
 2. That Owner is the owner of certain real property located in Duval County, Florida, being described on EXHIBIT A, attached hereto
and made a part hereof (hereinafter referred to as the “Property”), subject to those matters set forth on EXHIBIT B, attached hereto and made a part hereof. 
 3. That Owner is in possession of the Property, and to the best knowledge and belief of the undersigned, no other parties have any claim to possession of
the Property, except as set forth on EXHIBIT B hereto. 
 4. That the undersigned is not aware of and has received no
notice of any pending suits, proceedings, judgments, bankruptcies, liens or executions against the Owner which affect title to the Property except for any matters set forth on EXHIBIT B-1 hereto. 
 5. That except as may be set forth on EXHIBIT B hereto, there are no unpaid or unsatisfied security deeds, mortgages, deeds of
trust, claims of lien, special assessments for sewer or streets, or ad valorem taxes which constitute a lien against the Property or any part thereof. 

 6. That, except as may be set forth on EXHIBIT C attached hereto and made a part
hereof, no improvements or repairs have been made upon the Property at the instance of Owner within the ninety-five (95) days immediately preceding the date hereof for which the cost has not been paid; and, except as may be set forth on
EXHIBIT C hereto, there are no outstanding bills for labor or materials used in making improvements or repairs on the Property at the instance of Owner or for services of architects, surveyors, or engineers incurred in
connection therewith at the instance of Owner. 
 7. That Owner is not a foreign person, a foreign corporation, foreign partnership, foreign
trust or foreign estate, as those terms are defined in the Internal Revenue Code. Owner is not a disregarded entity as defined in §1.1445-2(b)(2)(iii) of the Income Tax Regulations. The federal employer identification number of the Owner is
[58-2022624 (as to Funds IV and V JV)] OR [58-2174097 (as to Funds VI, VII and VIII JV)] and Owner’s address is 6200 The Corners Parkway, Norcross, Georgia 30092. This statement is made by the undersigned in compliance with Section 1445 of the
Internal Revenue Code to exempt any transferee of the Property from withholding the tax required upon a foreign transferor’s disposition of a U.S. real property interest 
 8. That to Owner’s knowledge there are no boundary disputes affecting the Property. 
 9. That this Affidavit is made to induce Chicago Title Insurance Company to insure title to the Property, without exception other than as set forth on
EXHIBIT B hereto, relying on information in this document. 
 Sworn to and subscribed before me, 
 this      day of
                    , 2006. 
  

					
	  
	 	(SEAL)
	 Name:
	 	  
	 	
	 Title:
	 	  
	 	

  

	
	  

	 Notary Public

	
	 My Commission Expires:

	
	  

	 (NOTARIAL SEAL)

 EXHIBIT “A” 
 Legal Description 

 EXHIBIT “B” 
 Existing Encumbrances 

 Exhibit “B-1” 
 List of any Pending Actions regarding Tenant Matters 

 Exhibit “C” 
 List of any Contractors, Materialmen or Suppliers Not Yet Paid in Full 

 SCHEDULE 6 
 FORM OF SELLER’S CERTIFICATE 
 (AS TO SELLER’S REPRESENTATIONS AND WARRANTIES)

 SELLER’S CERTIFICATE AS TO REPRESENTATIONS 
 THIS SELLER’S CERTIFICATE AS TO REPRESENTATIONS (this “Certificate”) is given and made by [FUND IV AND FUND V ASSOCIATES] [FUND VI, FUND VII AND FUND VIII ASSOCIATES], a Georgia joint
venture (“Seller”), this      day of                     , 2006, for the benefit of
                            , a
                             (“Purchaser”). 
 Pursuant to the provisions of that certain Purchase and Sale Agreement, dated as of January __, 2006, among [Fund IV and Fund V Associates] [Fund VI,
Fund VII and Fund VIII Associates], Seller and Purchaser (the “Contract”), for the purchase and sale of the property described on EXHIBIT “A” attached hereto and made a part hereof (the
“Property”), Seller certifies that except as may be set forth to the contrary in EXHIBIT “B” attached hereto and made a part hereof, all of the representations and warranties of Seller contained in
Section 4.1 of the Contract remain true and correct in all material respects as of the date hereof. 
 The representations and
warranties contained herein and in Section 4.1 of the Contract shall survive for the period specified in Section 11.4 of the Contract, and upon the expiration of the applicable survival period, such representations and warranties of
Seller shall be of no further force or effect except that with respect to any particular alleged breach, Purchaser shall give Seller written notice prior to the expiration of the survival period of such alleged breach with reasonable detail as to
the nature of such breach and files an action against Seller with respect thereto within one hundred eighty (180) days after the giving of such notice. All obligations of Seller under this Certificate are subject to the terms and provisions of
Article 11 of the Contract. 
 Remainder of Page Intentionally Left Blank 

 IN WITNESS WHEREOF, Seller has caused this Certificate to be executed by its duly authorized
representatives as of the day and year first above written. 
  

	
	“ASSIGNOR”

 EXHIBIT “A” 
 LEGAL DESCRIPTION 

 EXHIBIT “B” 
 EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES 

 SCHEDULE 7 
 FORM OF SELLER’S FIRPTA AFFIDAVIT 
 CERTIFICATION OF NON-FOREIGN STATUS

 Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the
transferor is a foreign person. For U.S. tax purposes (including Section 1445), the owner of a disregarded entity (which has legal title to a U.S. real property interest under local law) will be the transferor of the property and not the disregarded
entity. To inform the transferee that withholding of tax is not required upon the disposition of a U.S. real property interest by [FUND IV AND FUND V ASSOCIATES] [FUND VI, FUND VII AND FUND VIII ASSOCIATES], a Georgia joint venture (the
“Seller”), the Seller hereby certifies as follows: 
 1. The Seller is not a foreign corporation, foreign partnership,
foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations); 
 2. Seller is not a
disregarded entity as defined in §1.1445-2(b)(2)(iii) of the Income Tax Regulations; 
 3. The Seller’s U.S. employer
identification number is [58-2022624 (as to Funds IV and V JV)] [58-2174097 (as to Funds VI, VII and VIII JV)]; and 
 4. The Seller’s
office address is 6200 The Corners Parkway, Norcross, Georgia 30092. 
 The undersigned understands that this Certification may be disclosed
to the Internal Revenue Service by transferee and that any false statement contained herein could be punished by fine, imprisonment, or both. 
 This Certificate is made with the knowledge that ____________________________, a________________________, will rely upon this Certificate in purchasing that certain real property from Seller more particularly described on Exhibit A
attached hereto. 
 Under penalties of perjury I declare that I have examined this Certification and to the best of my knowledge and belief,
it is true, correct and complete, and I further declare that I have authority to sign this document on behalf of the Seller. 
  

							
	 Date:
                        , 2006
	 	  
	 	(Seal)
		 	By:	 	  

 THIS CERTIFICATION MUST BE RETAINED UNTIL THE END OF THE FIFTH TAXABLE YEAR FOLLOWING THE TAXABLE YEAR IN WHICH
THE TRANSFER TAKES PLACE. 

 SCHEDULE 8 
 FORM OF PURCHASER’S CERTIFICATE 
 (AS TO PURCHASER’S REPRESENTATIONS AND
WARRANTIES) 
 PURCHASER’S CERTIFICATE AS TO REPRESENTATIONS 
 THIS PURCHASER’S CERTIFICATE AS TO REPRESENTATIONS (this “Certificate”) is given and made by
                                        
(“Purchaser”), this      day of                     , 2006, for the benefit of [FUND IV AND FUND V
ASSOCIATES] [FUND VI, FUND VII AND FUND VIII ASSOCIATES], a Georgia joint venture (“Seller”). 
 Pursuant to the provisions
of that certain Purchase and Sale Agreement, dated as of January __, 2006, among [Fund IV and Fund V Associates] [Fund VI, Fund VII and Fund VIII Associates], Seller and Purchaser (the “Contract”), for the purchase and sale of
certain real property more particularly described on EXHIBIT “A” attached hereto, Purchaser certifies that except as may be set forth to the contrary in EXHIBIT “B” attached hereto and
made a part hereof, all of the representations and warranties of Purchaser contained in Section 4.4 of the Contract remain true and correct in all material respects as of the date hereof. 
 The representations and warranties contained herein and in Section 4.4 of the Contract shall survive for the period specified in Section
11.4 of the Contract, and upon the expiration of the applicable survival period, such representations and warranties of Purchaser shall be of no further force or effect except that with respect to any particular alleged breach, Seller shall give
Purchaser written notice prior to the expiration of the survival period of such alleged breach with reasonable detail as to the nature of such breach and files an action against Purchaser with respect thereto within one hundred eighty (180) days
after the giving of such notice. All obligations of Purchaser under this Certificate are subject to the provisions of Article 11 of the Contract. 
 IN WITNESS WHEREOF, Purchaser has caused this Certificate to be executed by its duly authorized representative as of the day and year first above written. 
  

					
	“PURCHASER”	 	
		
	  
	 	 ,

	a
                                        
                                       
 	 	
			
	 By:
	 	  
	 	
	 Name:
	 	  
	 	
	 Title:
	 	  
	 	
		
	(CORPORATE SEAL)	 	

 EXHIBIT “A” 
 LEGAL DESCRIPTION 

 EXHIBIT “B” 
 EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES

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