Document:

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                                                                   EXHIBIT 10.25

                                    GUARANTY

     THIS GUARANTY ("GUARANTY") is executed as of September 12, 2006 by Triple
Net Properties, LLC, a Virginia limited liability company (singularly and
collectively referred to as "GUARANTOR"), for the benefit of LASALLE BANK
NATIONAL ASSOCIATION, a national banking association, its successors and assigns
("LENDER").

     A. NNN Crawfordsville, LLC, a Delaware limited liability company
("BORROWER"), are indebted to Lender with respect to a loan (the "LOAN")
pursuant to that certain Promissory Note dated of even date herewith, payable to
the order of Lender in the original principal amount of $4,264,000.00 (together
with all renewals, modifications, increases and extensions thereof, the "NOTE"),
which is secured by the liens and security interests of a Mortgage, Security
Agreement and Fixture Filing, of even date herewith (the "SECURITY INSTRUMENT"),
and further evidenced, secured or governed by the other Loan Documents (as
defined in the Note). Capitalized terms used in this Guaranty and not otherwise
defined shall have the meanings assigned in the Security Instrument.

     B. Lender is not willing to make the Loan, or otherwise extend credit, to
Borrower unless Guarantor unconditionally guarantees payment and performance to
Lender of the Guaranteed Obligations (as herein defined).

     C. Guarantor will directly benefit from Lender's making the Loan to
Borrower.

     D. Subsequent to the closing of the Loan, subject to the terms of PARAGRAPH
15 of the Security Instrument, Borrower may transfer undivided tenant in common
interests in the Property (provided, however, there may be no more than
thirty-five (35) tenants in common in the aggregate), including Borrower, with
the consent of Lender, as more specifically set forth in one or more Loan
Assumption, Ratification and Consent Agreement(s) by and between Borrower,
Guarantor, the tenant(s) in common and Lender executed concurrently herewith or
subsequently hereafter.

     NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrower
thereunder, and to extend such additional credit as Lender may from time to time
agree to extend under the Loan Documents, and for other good and valuable
consideration, the receipt and legal sufficiency of which are hereby
acknowledged, the parties do hereby agree as follows:

                                   ARTICLE 1
                          NATURE AND SCOPE OF GUARANTY

     1.1 GUARANTY OF OBLIGATIONS. Guarantor hereby irrevocably and
unconditionally guarantees to Lender (and its successors and assigns), jointly
and severally, the payment and performance of the Guaranteed Obligations as and
when the same shall be due and payable, whether by lapse of time, by
acceleration of maturity or otherwise. Guarantor hereby irrevocably and
unconditionally covenants and agrees that it is liable, jointly and severally,
for the Guaranteed Obligations as a primary obligor, and that each Guarantor
shall fully perform, jointly and severally, each and every term and provision
hereof.

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     1.2 DEFINITION OF GUARANTEED OBLIGATIONS. As used herein, the term
"GUARANTEED OBLIGATIONS" shall mean the unpaid balance of the Loan (as defined
in the Note) in the event of (a) any fraud, willful misconduct or material
intentional misrepresentation by Borrower or any Guarantor in connection with
the Loan, (b) Borrower's failure to make the first scheduled monthly payment due
under the Note, (c) a breach of the terms of Paragraphs 15 or 16 of the Security
Instrument or (d) the voluntary filing by Borrower, or the filing against
Borrower by any Guarantor or any affiliate of any Guarantor, or an involuntary
bankruptcy filing against Borrower in which Borrower or Guarantor acts in
collusion with the filing party with respect to the filing, of any proceeding
for relief under any federal or state bankruptcy, insolvency or receivership
laws or any assignment for the benefit of creditors made by Borrower. In
addition, the Guaranteed Obligations shall also include and Guarantor shall also
be liable for, and shall indemnify, defend and hold Lender harmless from and
against, any and all loss, liability, damage, cost, expense, claim or other
obligation (including without limitation reasonable attorney's fees and costs of
defense) incurred or suffered by Lender and arising out of or in connection with
the matters listed in subparagraphs (i) through (vi) immediately below:

               (i) any waste of the Property caused by act(s) or omission(s) of
          Borrower, its agents, affiliates, officers and employees; or the
          removal or disposal of any portion of the Property after an Event of
          Default under the Loan Documents to the extent such Property is not
          replaced by Borrower with like property of equivalent value, function
          and design;

               (ii) the misapplication, misappropriation or conversion of: (A)
          any rents, security deposits, proceeds or other funds; (B) any
          insurance proceeds paid by reason of any loss, damage or destruction
          to the Property and not used by Borrower for restoration or repair of
          the Property when and as permitted by the Loan Documents; and/or (C)
          any awards or amounts received in connection with the condemnation of
          all or any portion of the Property and not used by Borrower for
          restoration or repair of the Property when and as permitted by the
          Loan Documents;

               (iii) Borrower's failure to deliver any security deposits
          collected with respect to the Property to Lender or any other party
          entitled to receive such security deposits under the Loan Documents
          following an Event of Default; and any rents (including advanced or
          prepaid rents), issues, profits, accounts or other amounts generated
          by or related to the Property attributable to, or accruing after an
          Event of Default, which amounts were collected by Borrower or any
          other party on its behalf or for its benefit and not turned over to
          the Lender or used to pay unaffiliated third parties for reasonable
          and customary operating expenses and capital expenditures for the
          Property, taxes and insurance premiums with respect to the Property or
          any other amounts permitted or required to be paid under the Loan
          Documents with respect to the Property;

               (iv) the breach of the obligations set forth in that certain
          Hazardous Substances Indemnification Agreement from Borrower and
          Guarantor to Lender of even date herewith, as hereinafter amended, if
          at all; and

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               (v) the filing by Borrower, its members, managers, managing
          members or vice presidents of any action to partition any portion of
          the Property and any action to compel any sale thereof.

     1.3 NATURE OF GUARANTY. This Guaranty is an irrevocable, absolute,
continuing guaranty of payment and performance, is joint and several and is not
a guaranty of collection. This Guaranty may not be revoked by Guarantor and
shall continue to be effective with respect to any Guaranteed Obligations
arising or created after any attempted revocation by Guarantor and after (if
Guarantor is a natural person) Guarantor's death (in which event this Guaranty
shall be binding upon Guarantor's estate and Guarantor's legal representatives
and heirs). The fact that at any time or from time to time the Guaranteed
Obligations may be increased or reduced shall not release or discharge the
obligation of Guarantor to Lender with respect to Guaranteed Obligations. This
Guaranty may be enforced by Lender and any subsequent holder of the Note and
shall not be discharged by the assignment or negotiation of all or part of the
Note.

     1.4 GUARANTEED OBLIGATIONS NOT REDUCED BY OFFSET. The Guaranteed
Obligations and the liabilities and obligations of Guarantor to Lender
hereunder, shall not be reduced, discharged or released because or by reason of
any existing or future offset, claim or defense of Borrower, or any other party,
against Lender or against payment of the Guaranteed Obligations, whether such
offset, claim or defense arises in connection with the Guaranteed Obligations
(or the transactions creating the Guaranteed Obligations) or otherwise.

     1.5 PAYMENT BY GUARANTOR. If all or any part of the Guaranteed Obligations
shall not be punctually paid when due, whether at maturity or earlier by
acceleration or otherwise, Guarantor shall, immediately upon demand by Lender,
and without presentment, protest, notice of protest, notice of non-payment,
notice of intention to accelerate the maturity, notice of acceleration of the
maturity, or any other notice whatsoever, pay in lawful money of the United
States of America, the amount due on the Guaranteed Obligations to Lender at
Lender's address as set forth herein. Such demand(s) may be made at any time
coincident with or after the time for payment of all or part of the Guaranteed
Obligations, and may be made from time to time with respect to the same or
different items of Guaranteed Obligations. Such demand shall be deemed made,
given and received in accordance with the notice provisions hereof.

     1.6 NO DUTY TO PURSUE OTHERS. It shall not be necessary for Lender (and
Guarantor hereby waives any rights which Guarantor may have to require Lender),
in order to enforce such payment by Guarantor, first to (a) institute suit or
exhaust its remedies against Borrower or others liable on the Loan or the
Guaranteed Obligations or any other person, (b) enforce or exhaust any of
Lender's rights or remedies against any collateral which shall ever have been
given to secure the Loan, (c) enforce Lender's rights or remedies available to
Lender against any other guarantors of the Guaranteed Obligations, (d) join
Borrower or any others liable on the Guaranteed Obligations in any action
seeking to enforce this Guaranty, or (e) resort to any other means of obtaining
payment of the Guaranteed Obligations. Lender shall not be required to mitigate
damages or take any other action to reduce, collect or enforce the Guaranteed
Obligations.

     1.7 WAIVERS. Guarantor agrees to the provisions of the Loan Documents, and
hereby waives notice of (a) any loans or advances made by Lender to Borrower,
(b) acceptance of this

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Guaranty, (c) any amendment or extension of the Note or of any other Loan
Documents, (d) the execution and delivery by Borrower and Lender of any other
loan or credit agreement or of Borrower's execution and delivery of any
promissory notes or other documents arising under the Loan Documents or in
connection with the Property, (e) the occurrence of any breach by Borrower or
default, (f) Lender's transfer or disposition of the Guaranteed Obligations, or
any part thereof, (g) sale or foreclosure (or posting or advertising for sale or
foreclosure) of any collateral for the Guaranteed Obligations to the extent
permitted by law, (h) protest, proof of non-payment or default by Borrower, or
(i) any other action at any time taken or omitted by Lender, and, generally, all
demands and notices of every kind in connection with this Guaranty, the Loan
Documents, any documents or agreements evidencing, securing or relating to any
of the Guaranteed Obligations and the obligations hereby guaranteed.

     1.8 PAYMENT OF EXPENSES. In the event that Guarantor should breach or fail
to timely perform any provisions of this Guaranty, Guarantor shall, immediately
upon demand by Lender, pay Lender all costs and expenses (including court costs
and reasonable attorneys' fees) incurred by Lender in the enforcement hereof or
the preservation of Lender's rights hereunder. The covenant contained in this
paragraph shall survive the payment and performance of the Guaranteed
Obligations.

     1.9 EFFECT OF BANKRUPTCY. In the event that, pursuant to any insolvency,
bankruptcy, reorganization, receivership or other debtor relief law, or any
judgment, order or decision thereunder, Lender must rescind or restore any
payment, or any part thereof, received by Lender in satisfaction of the
Guaranteed Obligations, as set forth herein, any prior release or discharge from
the terms of this Guaranty given to Guarantor by Lender shall be without effect,
and this Guaranty shall remain in full force and effect. It is the intention of
Borrower and Guarantor that Guarantor's obligations hereunder shall not be
discharged except by Guarantor's performance of such obligations and then only
to the extent of such performance.

     1.10 DEFERMENT OF RIGHTS OF SUBROGATION, REIMBURSEMENT AND CONTRIBUTION.

          (a) Notwithstanding any payment or payments made by any Guarantor
     hereunder, no Guarantor will assert or exercise any right of Lender or of
     such Guarantor against Borrower to recover the amount of any payment made
     by such Guarantor to Lender by way of subrogation, reimbursement,
     contribution, indemnity, or otherwise arising by contract or operation of
     law, and such Guarantor shall not have any right of recourse to or any
     claim against assets or property of Borrower, whether or not the
     obligations of Borrower have been satisfied, all of such rights being
     herein expressly waived by such Guarantor. Each Guarantor agrees not to
     seek contribution or indemnity or other recourse from any other guarantor
     so long as the Loan is outstanding. If any amount shall nevertheless be
     paid to a Guarantor by Borrower or another Guarantor prior to payment in
     full of the Obligations (hereinafter defined), such amount shall be held in
     trust for the benefit of Lender and shall forthwith be paid to Lender to be
     credited and applied to the Obligations, whether matured or unmatured. The
     provisions of this paragraph shall survive the termination of this
     Guaranty, and any satisfaction and discharge of Borrower by virtue of any
     payment, court order or any applicable law.

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          (b) Notwithstanding the provisions of SUBPARAGRAPH 1.10(A), each
     Guarantor shall have and be entitled to (i) all rights of subrogation
     otherwise provided by applicable law in respect of any payment it may make
     or be obligated to make under this Guaranty and (ii) all claims it would
     have against Borrower in the absence of SUBPARAGRAPH 1.10(A) and to assert
     and enforce same, in each case on and after, but at no time prior to, the
     date (the "SUBROGATION TRIGGER DATE") which is ninety-one (91) days after
     the date on which all sums owed to Lender under the Loan Documents (the
     "OBLIGATIONS") have been paid in full, if and only if (x) no Event of
     Default of the type described in PARAGRAPH 20(F) of the Security Instrument
     with respect to any other Guarantor has existed at any time on and after
     the date of this Guaranty to and including the Subrogation Trigger Date and
     (y) the existence of each Guarantor's rights under this SUBPARAGRAPH
     1.10(B) would not make such Guarantor a creditor (as defined in the Code,
     as such term is hereinafter defined) of Borrower or any other Guarantor in
     any insolvency, bankruptcy, reorganization or similar proceeding commenced
     on or prior to the Subrogation Trigger Date.

     1.11 BANKRUPTCY CODE WAIVER. It is the intention of the parties that
Guarantor shall not be deemed to be a "creditor" or "creditors" (as defined in
Section 101 of the Bankruptcy Code) of Borrower, or any such guarantor, by
reason of the existence of this Guaranty, in the event that Borrower or any such
guarantor, becomes a debtor in any proceeding under the Bankruptcy Code, and in
connection herewith, Guarantor hereby waives any such right as a "creditor"
under the Bankruptcy Code. This waiver is given to induce Lender to make the
Loan evidenced by the Note to Borrower. After the Loan is paid in full and there
shall be no obligations or liabilities under this Guaranty outstanding, this
waiver shall be deemed to be terminated.

     1.12 "BORROWER." The term "BORROWER" as used herein shall include any new
or successor corporation, association, partnership (general or limited), joint
venture, trust or other individual or organization formed as a result of any
merger, reorganization, sale, transfer, devise, gift or bequest of Borrower or
any interest in Borrower.

                                   ARTICLE 2
                      EVENTS AND CIRCUMSTANCES NOT REDUCING
                     OR DISCHARGING GUARANTOR'S OBLIGATIONS

     Guarantor hereby consents and agrees to each of the following, and agrees
that Guarantor's obligations under this Guaranty shall not be released,
diminished, impaired, reduced or adversely affected by any of the following, and
waives any common law, equitable, statutory or other rights (including without
limitation rights to notice) which Guarantor might otherwise have as a result of
or in connection with any of the following:

     2.1 MODIFICATIONS. Any renewal, extension, increase, modification,
alteration or rearrangement of all or any part of the Guaranteed Obligations,
Note, Loan Documents, or other document, instrument, contract or understanding
between Borrower and Lender, or any other parties, pertaining to the Guaranteed
Obligations or any failure of Lender to notify Guarantor of any such action.

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     2.2 ADJUSTMENT. Any adjustment, indulgence, forbearance or compromise that
might be granted or given by Lender to Borrower or any Guarantor.

     2.3 CONDITION OF BORROWER OR GUARANTOR. The insolvency, bankruptcy,
arrangement, adjustment, composition, liquidation, disability, dissolution or
lack of power of Borrower, Guarantor or any other party at any time liable for
the payment of all or part of the Guaranteed Obligations; or any dissolution of
Borrower or Guarantor, or any sale, lease or transfer of any or all of the
assets of Borrower or Guarantor, or any changes in the shareholders, partners or
members of Borrower or Guarantor; or any reorganization of Borrower or
Guarantor.

     2.4 INVALIDITY OF GUARANTEED OBLIGATIONS. The invalidity, illegality or
unenforceability of all or any part of the Guaranteed Obligations, or any
document or agreement executed in connection with the Guaranteed Obligations,
for any reason whatsoever, including without limitation the fact that (a) the
Guaranteed Obligations, or any part thereof, exceeds the amount permitted by
law, (b) the act of creating the Guaranteed Obligations or any part thereof is
ultra vires, (c) the officers or representatives executing the Note or the other
Loan Documents or otherwise creating the Guaranteed Obligations acted in excess
of their authority, (d) the Guaranteed Obligations violate applicable usury
laws, (e) Borrower has valid defenses, claims or offsets (whether at law, in
equity or by agreement) which render the Guaranteed Obligations wholly or
partially uncollectible from Borrower, (f) the creation, performance or
repayment of the Guaranteed Obligations (or the execution, delivery and
performance of any document or instrument representing part of the Guaranteed
Obligations or executed in connection with the Guaranteed Obligations, or given
to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible
or unenforceable, or (g) the Note or any of the other Loan Documents have been
forged or otherwise are irregular or not genuine or authentic, it being agreed
that Guarantor shall remain liable hereon regardless of whether Borrower or any
other person be found not liable on the Guaranteed Obligations or any part
thereof for any reason.

     2.5 RELEASE OF OBLIGORS. Any full or partial release of the liability of
Borrower on the Guaranteed Obligations, or any part thereof, or of any
co-guarantors, or any other person or entity now or hereafter liable, whether
directly or indirectly, jointly, severally, or jointly and severally, to pay,
perform, guarantee or assure the payment of the Guaranteed Obligations, or any
part thereof, it being recognized, acknowledged and agreed by Guarantor that
Guarantor may be required to pay the Guaranteed Obligations in full without
assistance or support of any other party, and Guarantor has not been induced to
enter into this Guaranty on the basis of a contemplation, belief, understanding
or agreement that other parties will be liable to pay or perform the Guaranteed
Obligations, or that Lender will look to other parties to pay or perform the
Guaranteed Obligations.

     2.6 OTHER COLLATERAL. The taking or accepting of any other security,
collateral or guaranty, or other assurance of payment, for all or any part of
the Guaranteed Obligations.

     2.7 RELEASE OF COLLATERAL. Any release, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including without limitation
negligent, willful, unreasonable or unjustifiable impairment) of any collateral,
property or security, at any time existing in connection with, or assuring or
securing payment of, all or any part of the Guaranteed Obligations.

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     2.8 CARE AND DILIGENCE. The failure of Lender or any other party to
exercise diligence or reasonable care in the preservation, protection,
enforcement, sale or other handling or treatment of all or any part of such
collateral, property or security, including but not limited to any neglect,
delay, omission, failure or refusal of Lender (a) to take or prosecute any
action for the collection of any of the Guaranteed Obligations, or (b) to
foreclose, or initiate any action to foreclose, or, once commenced, prosecute to
completion any action to foreclose upon any security therefor, or (c) to take or
prosecute any action in connection with any instrument or agreement evidencing
or securing all or any part of the Guaranteed Obligations.

     2.9 UNENFORCEABILITY. The fact that any collateral, security, security
interest or lien contemplated or intended to be given, created or granted as
security for the repayment of the Guaranteed Obligations, or any part thereof,
shall not be properly perfected or created, or shall prove to be unenforceable
or subordinate to any other security interest or lien, it being recognized and
agreed by Guarantor that Guarantor is not entering into this Guaranty in
reliance on, or in contemplation of the benefits of, the validity,
enforceability, collectibility or value of any of the collateral for the
Guaranteed Obligations.

     2.10 OFFSET. Any existing or future right of offset, claim or defense of
Borrower against Lender, or any other party, or against payment of the
Guaranteed Obligations, whether such right of offset, claim or defense arises in
connection with the Guaranteed Obligations (or the transactions creating the
Guaranteed Obligations) or otherwise.

     2.11 MERGER. The reorganization, merger or consolidation of Borrower into
or with any other corporation or entity.

     2.12 PREFERENCE. Any payment by Borrower to Lender is held to constitute a
preference under bankruptcy laws, or for any reason Lender is required to refund
such payment or pay such amount to Borrower or someone else.

     2.13 OTHER ACTIONS TAKEN OR OMITTED. Any other action taken or omitted to
be taken with respect to the Loan Documents, the Guaranteed Obligations, or the
security and collateral therefor, whether or not such action or omission
prejudices Guarantor or increases the likelihood that Guarantor will be required
to pay the Guaranteed Obligations pursuant to the terms hereof, it is the
unambiguous and unequivocal intention of Guarantor that Guarantor shall be
obligated to pay the Guaranteed Obligations when due, notwithstanding any
occurrence, circumstance, event, action, or omission whatsoever, whether or not
contemplated, and whether or not otherwise or particularly described herein,
which obligation shall be deemed satisfied only upon the full and final payment
and satisfaction of the Guaranteed Obligations.

                                   ARTICLE 3
                         REPRESENTATIONS AND WARRANTIES

     To induce Lender to enter into the Loan Documents and extend credit to
Borrower, Guarantor represents and warrants to Lender as follows:

     3.1 BENEFIT. Guarantor has received, or will receive, direct or indirect
benefit from the making of this Guaranty with respect to the Guaranteed
Obligations.

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     3.2 FAMILIARITY AND RELIANCE. Guarantor is familiar with, and has
independently reviewed books and records regarding, the financial condition of
Borrower and is familiar with the value of any and all collateral intended to be
created as security for the payment of the Note or Guaranteed Obligations;
however, Guarantor is not relying on such financial condition or the collateral
as an inducement to enter into this Guaranty.

     3.3 NO REPRESENTATION BY LENDER. Neither Lender nor any other party has
made any representation, warranty or statement to Guarantor in order to induce
Guarantor to execute this Guaranty.

     3.4 GUARANTOR'S FINANCIAL CONDITION. As of the date hereof, and after
giving effect to this Guaranty and the contingent obligation evidenced hereby,
Guarantor is, and will be, solvent, and has and will have assets which, fairly
valued, exceed its obligations, liabilities (including contingent liabilities)
and debts, and has and will have property and assets sufficient to satisfy and
repay its obligations and liabilities. There have been no (a) assignment made
for the benefit of Guarantor's creditors, (b) appointment of a receiver for
Guarantor or for Guarantor's properties, or (c) bankruptcy, reorganization, or
liquidation proceeding instituted by or against Guarantor.

     3.5 LEGALITY. The execution, delivery and performance by Guarantor of this
Guaranty and the consummation of the transactions contemplated hereunder do not,
and will not, contravene or conflict with any law, statute or regulation
whatsoever to which Guarantor is subject or constitute a default (or an event
which with notice or lapse of time or both would constitute a default) under, or
result in the breach of, any indenture, mortgage, deed of trust, charge, lien,
or any contract, agreement or other instrument to which Guarantor is a party or
which may be applicable to Guarantor. This Guaranty is a legal and binding
obligation of Guarantor and is enforceable in accordance with its terms, except
as limited by bankruptcy, insolvency or other laws of general application
relating to the enforcement of creditors' rights.

     3.6 SURVIVAL. All representations and warranties made by Guarantor herein
shall survive the execution hereof.

     3.7 REVIEW OF DOCUMENTS. Guarantor has had the opportunity to examine the
Note and all of the Loan Documents.

     3.8 LITIGATION. Except as otherwise disclosed to Lender, there are no
proceedings pending or, so far as Guarantor knows, threatened before any court,
governmental or administrative agency which, if decided adversely to Guarantor,
would materially adversely affect the financial condition of Guarantor or the
authority of Guarantor to enter into, or the validity or enforceability of this
Guaranty. In addition, except as otherwise disclosed to Lender, (a) there are no
outstanding judgment(s) against or relating to Guarantor, (b) Guarantor has not
(i) had any property foreclosed upon, (ii) given a deed in lieu of foreclosure,
or (iii) been involved in any criminal proceedings where Guarantor was the
defendant and (c) Guarantor has not defaulted on any loan or other indebtedness.

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     3.9 TAX RETURNS. Guarantor has filed all required federal, state and local
tax returns and has paid all taxes as shown on such returns as they have become
due. No claims have been assessed and are unpaid with respect to such taxes.

     3.10 OFAC. Guarantor is not and will not become a person (individually, a
"PROHIBITED PERSON" and collectively "PROHIBITED PERSONS") listed on the
Specially Designated Nationals and Blocked Persons List maintained by the Office
of Foreign Asset Control, U.S. Department of the Treasury (the "OFAC LIST") or
otherwise subject to any other prohibitions or restriction imposed by laws,
rules, regulations or executive orders, including Executive Order No. 13224,
administered by OFAC (collectively the "OFAC RULES"). Guarantor represents and
covenants that it also (a) is not and will not become owned or controlled by a
Prohibited Person, (b) is not acting and will not act for or on behalf of a
Prohibited Person, (c) is not otherwise associated with and will not become
associated with a Prohibited Person, (d) is not providing and will not provide
any material, financial or technological support for or financial or other
service to or in support of acts of terrorism or a Prohibited Person. Guarantor
shall immediately notify Lender if Guarantor or any member, partner or
beneficial owner of Guarantor becomes a Prohibited Person or (i) is indicted on
or (ii) arraigned and held over on charges involving money laundering or
predicate crimes to money laundering. Guarantor will not enter into any
transaction or undertake any activities related to the Loan in violation of the
federal Bank Secrecy Act, as amended ("BSA"), 31 U.S.C. Section 5311, et seq. or
any federal or state laws, rules, regulations or executive orders, including,
but not limited to, 18 U.S.C. Sections 1956, 1957 and 1960, prohibiting money
laundering and terrorist financing (collectively "ANTI-MONEY LAUNDERING LAWS").
Guarantor shall (A) not use or permit the use of any proceeds of the Loan in any
way that will violate either the OFAC Rules or Anti-Money Laundering Laws, (B)
comply and cause all of its subsidiaries to comply with applicable OFAC Rules
and Anti-Money Laundering Laws, (C) provide information as Lender may require
from time to time to permit Lender to satisfy its obligations under the OFAC
Rules and/or the Anti-Money Laundering Laws and (D) not engage in or conspire to
engage in any transaction that evades or avoids, or has the purpose of evading
or avoiding, or attempts to violate, any of the foregoing. Guarantor shall
immediately notify Lender upon learning (but in no event later than ten (10)
days after obtaining such knowledge) that any Tenant becomes a Prohibited Person
or (1) is convicted of, (2) pleads nolo contendere to, (3) is indicted on, or
(4) is arraigned and held over on charges involving money laundering or
predicate crimes to money laundering.

     3.11 NET WORTH MAINTENANCE REQUIREMENTS. Guarantor hereby represents that
it has a net worth of at least $10,000,000.00 as of the date hereof. Guarantor
covenants and agrees that until such time as the Note is paid in full and all
obligations of Borrower and Guarantor under the Loan Documents are satisfied (a)
that Guarantor's net worth shall not fall below $10,000,000.00 for any sixty
(60) consecutive day period, and (b) at no time Guarantor's net worth fall below
$5,000,000.00. A breach of this provision or any of the other terms and
conditions set forth in this Guaranty shall be an "EVENT OF DEFAULT" under the
Loan Documents

     3.12 FOREIGN STATUS. Guarantor is not or will not be, held, directly or
indirectly, to be a "foreign corporation," "foreign partnership," "foreign
trust," "foreign estate," "foreign person," "affiliate" of a "foreign person" or
a "United States intermediary" of a "foreign person" within the meaning of IRC
Sections 897 and 1445, the Foreign Investments in Real Property Tax Act of 1980,
the International Investment and Trade in Services Survey Act, the Agricultural

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Foreign Investment Disclosure Act of 1978, the regulations promulgated pursuant
to such acts or any amendments to such acts.

                                   ARTICLE 4
                      SUBORDINATION OF CERTAIN INDEBTEDNESS

     4.1 SUBORDINATION OF ALL GUARANTOR CLAIMS. As used herein, the term
"Guarantor Claims" shall mean all debts and liabilities of Borrower to
Guarantor, whether such debts and liabilities now exist or are hereafter
incurred or arise, or whether the obligations of Borrower thereon be direct,
contingent, primary, secondary, several, joint and several, or otherwise, and
irrespective of whether such debts or liabilities be evidenced by note,
contract, open account, or otherwise, and irrespective of the person or persons
in whose favor such debts or liabilities may, at their inception, have been, or
may hereafter be created, or the manner in which they have been or may hereafter
be acquired by Guarantor. The Guarantor Claims shall include without limitation
all rights and claims of Guarantor against Borrower (arising as a result of
subrogation or otherwise) as a result of Guarantor's payment of all or a portion
of the Guaranteed Obligations to the extent the provisions of Paragraph 1.4
hereof are unenforceable. Upon the occurrence of an Event of Default or the
occurrence of an event which would, with the giving of notice or the passage of
time, or both, constitute an Event of Default, Guarantor shall not receive or
collect, directly or indirectly, from Borrower or any other party any amount
upon the Guarantor Claims.

     4.2 CLAIMS IN BANKRUPTCY. In the event of receivership, bankruptcy,
reorganization, arrangement, debtor's relief, or other insolvency proceedings
involving Guarantor as debtor, Lender shall have the right to prove its claim in
any such proceeding so as to establish its rights hereunder and receive directly
from the receiver, trustee or other court custodian dividends and payments which
would otherwise be payable upon Guarantor Claims. Guarantor hereby assigns such
dividends and payments to Lender. Should Lender receive, for application upon
the Guaranteed Obligations, any such dividend or payment which is otherwise
payable to Guarantor, and which, as between Borrower and Guarantor, shall
constitute a credit upon the Guarantor Claims, then upon payment to Lender in
full of the Guaranteed Obligations, Guarantor shall become subrogated to the
rights of Lender to the extent that such payments to Lender on the Guarantor
Claims have contributed toward the liquidation of the Guaranteed Obligations,
and such subrogation shall be with respect to that proportion of the Guaranteed
Obligations which would have been unpaid if Lender had not received dividends or
payments upon the Guarantor Claims.

     4.3 PAYMENTS HELD IN TRUST. In the event that, notwithstanding anything to
the contrary in this Guaranty, Guarantor should receive any funds, payment,
claim or distribution which is prohibited by this Guaranty, Guarantor agrees to
hold in trust for Lender an amount equal to the amount of all funds, payments,
claims or distributions so received, and agrees that it shall have absolutely no
dominion over the amount of such funds, payments, claims or distributions so
received except to pay them promptly to Lender, and Guarantor covenants promptly
to pay the same to Lender.

     4.4 LIENS SUBORDINATE. Guarantor agrees that any liens, security interests,
judgment liens, charges or other encumbrances upon Borrower's assets securing
payment of the Guarantor Claims shall be and remain inferior and subordinate to
any liens, security interests, judgment

                                       10

<PAGE>

liens, charges or other encumbrances upon Borrower's assets securing payment of
the Guaranteed Obligations, regardless of whether such encumbrances in favor of
Guarantor or Lender presently exist or are hereafter created or attach. Without
the prior written consent of Lender, Guarantor shall not (a) exercise or enforce
any creditor's right it may have against Borrower, or (b) foreclose, repossess,
sequester or otherwise take steps or institute any action or proceedings
(judicial or otherwise, including without limitation the commencement of, or
joinder in, any liquidation, bankruptcy, rearrangement, debtor's relief or
insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security
interest, collateral rights, judgments or other encumbrances on assets of
Borrower held by Guarantor.

                                   ARTICLE 5
                                  MISCELLANEOUS

     5.1 WAIVER. No failure to exercise, and no delay in exercising, on the part
of Lender, any right hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right. The rights of Lender hereunder shall
be in addition to all other rights provided by law. No modification or waiver of
any provision of this Guaranty, nor consent to departure therefrom, shall be
effective unless in writing and no such consent or waiver shall extend beyond
the particular case and purpose involved. No notice or demand given in any case
shall constitute a waiver of the right to take other action in the same, similar
or other instances without such notice or demand.

     5.2 NOTICES. Any notice, demand, statement, request or consent made
hereunder shall be in writing and shall be deemed to be received by the
addressee on the first business day after such notice is tendered to a
nationally recognized overnight delivery service or on the third day following
the day such notice is deposited with the United States Postal Service first
class certified mail, return receipt requested, in either instance, addressed to
the address, as set forth below, of the party to whom such notice is to be
given, or to such other address as either party shall in like manner designate
in writing. The addresses of the parties hereto are as follows:

                                       11

<PAGE>

          GUARANTOR:

          Triple Net Properties, LLC
          1551 N. Tustin Avenue, Suite 200
          Santa Ana, California 92705
          Attn: Anthony W. Thompson/Theresa A. Hutton

          LENDER:

          LaSalle Bank National Association
          135 S. LaSalle Street
          Suite 3410
          Chicago, Illinois 60603
          Attn: Real Estate Capital Markets
          Re: Crawfordsville Medical Office

     5.3 GOVERNING LAW; JURISDICTION. THIS GUARANTY SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD
TO CONFLICTS OF LAW PRINCIPLES, AND THE APPLICABLE LAWS OF THE UNITED STATES OF
AMERICA. GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY COURT
OF COMPETENT JURISDICTION LOCATED IN THE CITY OF CHICAGO AND STATE OF ILLINOIS
IN CONNECTION WITH ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY.

     5.4 INVALID PROVISIONS. If any provision of this Guaranty is held to be
illegal, invalid, or unenforceable under present or future laws effective during
the term of this Guaranty, such provision shall be fully severable and this
Guaranty shall be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a part of this Guaranty, and the
remaining provisions of this Guaranty shall remain in full force and effect and
shall not be affected by the illegal, invalid or unenforceable provision or by
its severance from this Guaranty, unless such continued effectiveness of this
Guaranty, as modified, would be contrary to the basic understandings and
intentions of the parties as expressed herein.

     5.5 AMENDMENTS. This Guaranty may be amended only by an instrument in
writing executed by the party or an authorized representative of the party
against whom such amendment is sought to be enforced.

     5.6 PARTIES BOUND; ASSIGNMENT. This Guaranty shall be binding upon and
inure to the benefit of the parties hereto and their respective successors,
assigns, legal representatives, heirs, executors, and administrators; provided,
however, that Guarantor may not, without the prior written consent of Lender,
assign any of its rights, powers, duties or obligations hereunder.

     5.7 HEADINGS. The article, paragraph and subparagraph headings are for
convenience of reference only and shall in no way affect the interpretation of
this Guaranty.

                                       12

<PAGE>

     5.8 RECITALS. The recital and introductory paragraphs hereof are a part
hereof, form a basis for this Guaranty and shall be considered prima facie
evidence of the facts and documents referred to therein.

     5.9 COUNTERPARTS. To facilitate execution, this Guaranty may be executed in
as many counterparts as may be convenient or required. It shall not be necessary
that the signature or acknowledgment of, or on behalf of, each party, or that
the signature of all persons required to bind any party, or the acknowledgment
of such party, appear on each counterpart. All counterparts shall collectively
constitute a single instrument. It shall not be necessary in making proof of
this Guaranty to produce or account for more than a single counterpart
containing the respective signatures of, or on behalf of, and the respective
acknowledgments of, each of the parties hereto. Any signature or acknowledgment
page to any counterpart may be detached from such counterpart without impairing
the legal effect of the signatures or acknowledgments thereon and thereafter
attached to another counterpart identical thereto except having attached to it
additional signature or acknowledgment pages.

     5.10 FINANCIAL STATEMENTS: Guarantor shall furnish or cause to be furnished
to Lender the following:

          (a) within sixty (60) days after the close of each fiscal year of
     Guarantor, a balance sheet of Guarantor dated as of the close of such
     fiscal year;

          (b) within ten (10) days after its delivery to the Internal Revenue
     Service, copies of any and all tax returns, requests for extension and
     other similar items; and

          (c) from time to time, such additional financial statements and
     financial information as Lender shall reasonably require.

All balance sheets shall include, among other things, disclosure of all
contingent liabilities and changes in financial condition, together with such
supporting schedules and documentation as Lender shall require. All balance
sheets shall be certified by Guarantor. If audited financial statements are
required by Lender, Guarantor shall provide such audited financial statements to
Lender within the earlier to occur (i) 120 days after the end of Guarantor's
fiscal year or (ii) 20 days after Guarantor delivers its tax returns to the
Internal Revenue Service.

     5.11 RIGHTS AND REMEDIES. If Guarantor becomes liable for any indebtedness
owing by Borrower to Lender, by endorsement or otherwise, other than under this
Guaranty, such liability shall not be in any manner impaired or affected hereby
and the rights of Lender hereunder shall be cumulative of any and all other
rights that Lender may ever have against Guarantor. The exercise by Lender of
any right or remedy hereunder or under any other instrument, or at law or in
equity, shall not preclude the concurrent or subsequent exercise of any other
right or remedy.

     5.12 ENTIRETY. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF
GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR'S GUARANTY OF THE GUARANTEED
OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS,
REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL,

                                       13

<PAGE>

RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY GUARANTOR
AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THIS GUARANTY, AND
NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO
TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE
USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY
AGREEMENT. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND LENDER.

     5.13 WAIVER OF RIGHT TO TRIAL BY JURY. GUARANTOR HEREBY WAIVES ITS RIGHT TO
A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO
TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER
EXIST WITH REGARD TO THIS GUARANTY, THE SECURITY INSTRUMENT, OR THE OTHER LOAN
DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION
THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY,
INTENTIONALLY AND VOLUNTARILY BY GUARANTOR, AND IS INTENDED TO ENCOMPASS
INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY
JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS
PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY GUARANTOR.
GUARANTOR ACKNOWLEDGES THAT NEITHER LENDER NOR ANY PERSON ACTING ON BEHALF OF
LENDER HAS MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY
JURY OR HAS TAKEN ANY ACTION WHICH IN ANY WAY MODIFIES OR NULLIFIES ITS EFFECT.
GUARANTOR ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO
THE LOAN, THAT LENDER HAS RELIED ON THIS WAIVER IN ENTERING INTO THE LOAN
DOCUMENTS AND THAT LENDER WILL CONTINUE TO RELY ON THIS WAIVER IN ITS FUTURE
DEALINGS. GUARANTOR FURTHER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED (OR HAS
HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS GUARANTY AND ANY
OTHER LOAN DOCUMENTS THAT GUARANTOR HAS ENTERED INTO AND IN THE MAKING OF THIS
WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT
HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK -
                             SIGNATURE PAGE FOLLOWS]

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<PAGE>

     EXECUTED as of the day and year first above written.

                                        GUARANTOR:

                                        Triple Net Properties, LLC,
                                        a Virginia limited liability company

                                        By: /s/ Richard Hutton
                                            ------------------------------------
                                        Name: Richard Hutton
                                        Its: Executive Vice President<PAGE>

                                                                   EXHIBIT 10.26

                                    GUARANTY

                                (Securities Laws)

     THIS GUARANTY ("GUARANTY") is made as of this 12th day of September, 2006
in favor of LASALLE BANK NATIONAL ASSOCIATION, a national banking association,
having an address at 135 South LaSalle Street, Suite 3410, Chicago, Illinois
60603 (together with its successors and assigns, "LENDER") by TRIPLE NET
PROPERTIES, LLC, a Virginia limited liability company, having an address at 1551
North Tustin Avenue, Ste. 200, Santa Ana, California 92705 ("GUARANTOR").

                                   BACKGROUND

     A. Lender has agreed to loan the principal amount of Four Million Two
Hundred Sixty Four Thousand and No/100 Dollars ($4,264,000.00) ("LOAN") to NNN
Crawfordsville, LLC, a Delaware limited liability company, ("BORROWER"). The
Loan also will be evidenced by Borrower's promissory note to Lender of even date
herewith ("NOTE") and secured by, among other things, a mortgage, deed of trust,
deed to secure debt or similar security instrument made by Borrower to Lender
also of even date herewith ("SECURITY INSTRUMENT") which grants to Lender, among
other things, a first lien on the property described therein.

     B. Guarantor will derive substantial benefit from Lender's making of the
Loan.

     C. Lender requires as a condition to making the Loan that Guarantor execute
this Guaranty.

     NOW, THEREFORE, to induce Lender to make the Loan, and in consideration of
the substantial benefit Guarantor will derive from the Loan, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, Guarantor hereby agrees
as follows:

                                    ARTICLE 1

                                  DEFINED TERMS

     Section 1.01 Defined Terms. Capitalized terms used in this Guaranty and not
specifically defined in this Guaranty have the meaning provided in the Security
Instrument.

                                    ARTICLE 2

                              OBLIGATION GUARANTEED

     Section 2.01 Guaranty. Guarantor irrevocably and unconditionally guarantees
to Lender the prompt payment of all losses, expenses, and other liabilities
arising out of or attributable to (i) the violation of any applicable law
governing the sale of securities in connection with the structure, organization,
sale or syndication of membership interests in NNN Crawfordsville, LLC, or in
the sale or syndication of tenant in common ownership interests in the Property,
and (ii) the Securities Liabilities (as hereinafter defined) and any legal or
other expenses reasonably incurred by Lender, in investigating or defending the
Securities Liabilities,

                                        1

<PAGE>

to the extent such Securities Liabilities relate to any Securities and Exchange
Commission investigation, inquiry or proceeding relating to Triple Net
Properties, LLC or any of its affiliates (collectively, the "Guaranteed
Obligations"). As used herein, the term "Securities Liabilities" shall mean any
liability, obligation or other remedy (including, without limitation, any right
of rescission in favor of any Borrower or any member of any Borrower) arising
from or related to that certain investigation by the Securities and Exchange
Commission (the "SEC") captioned "In the matter of Triple Net Properties, LLC"
(as well as any subsequent related investigation involving any affiliate of
Triple Net Properties, LLC) pursuant to which the SEC has requested information,
including financial information, from Triple Net Properties, LLC relating to
disclosure in public and private securities offerings sponsored by Triple Net
Properties and its affiliates.

     Section 2.02 Continuing Obligation. This Guaranty is a continuing guaranty
and in full force and effect and will be discharged only if and when the Loan
has been paid in full, and all obligations under the Security Instrument and
other Loan Documents have been fully performed; provided, however, that
notwithstanding any of the foregoing to the contrary, this Guaranty shall remain
in full force and effect for so long as any payment hereunder may be voided in
bankruptcy proceedings as a preference or for any other reason.

     Section 2.03 Direct Action Against Guarantor. Guarantor's liability under
this Guaranty is a guaranty of payment and performance and not of collection.
Lender has the right to require Guarantor to pay, comply with and satisfy its
obligations and liabilities under this Guaranty, and shall have the right to
proceed immediately against Guarantor with respect thereto, without being
required to attempt recovery first from Borrower or any other party, without
first suing on the Note or any other Loan Document and without demonstrating
that the collateral for the Loan is inadequate security or that Lender has
exercised (to any degree) or exhausted any of Lender's other rights and remedies
with respect to Borrower or any collateral for the Loan.

                                    ARTICLE 3

                          GENERAL TERMS AND CONDITIONS

     Section 3.01 Payments Due; Interest on Amounts Payable Hereunder. Amounts
payable to Lender under this Guaranty shall be immediately due and payable on
Lender's written demand and shall be paid without reduction by set-off, defense,
counterclaim or cross-claim. Amounts not paid within ten (10) business days of
Lender's written demand shall, at Lender's option and without prejudice to
Lender's rights for failure to pay, bear interest at the Default Rate (as
defined in the Note) from the date of Lender's demand notice until paid in full.
Interest at the lower of the Default Rate (or the maximum interest rate
permitted by applicable law) also shall accrue on any judgment obtained by
Lender in connection with the enforcement or collection of amounts due under
this Guaranty until such judgment is paid in full. If interest paid or payable
hereunder is deemed to exceed the maximum rate permitted by law, then the amount
to be paid shall be immediately reduced to such maximum rate and thereafter
computed at such maximum rate. Lender may apply all money received by Lender in
such priority and proportions as Lender may elect.

                                        2

<PAGE>

     Section 3.02 Cumulative Remedies. Guarantor acknowledges, that following an
Event of Default with respect to the Loan, Lender shall be entitled to
accelerate the Loan and exercise all other rights and remedies as have been
provided to Lender hereunder, under the other Loan Documents, by law or in
equity including without limitation enforcement of this Guaranty. All rights and
remedies are cumulative and may be exercised independently, concurrently or
successively in Lender's sole discretion and as often as occasion therefor shall
arise. Lender's delay or failure to accelerate the Loan or exercise any other
remedy upon the occurrence of an Event of Default with respect to the Loan shall
not be deemed a waiver of such right as remedy. No partial exercise by Lender of
any right or remedy will preclude further exercise thereof. Notice or demand
given to Borrower in any instance will not entitle Borrower to notice or demand
in similar or other circumstances nor constitute Lender's waiver of its right to
take any future action in any circumstance without notice or demand (except
where expressly required by this Guaranty to be given). Lender may release other
security for the Loan, may release any party liable for the Loan, may grant
extensions, renewals or forbearances with respect thereto, may accept a partial
or past due payment or grant other indulgences, or may apply any other security
held by it to payment of the Loan, in each case without prejudice to its rights
under this Guaranty and without such action being deemed an accord and
satisfaction or a reinstatement of the Loan. Lender will not be deemed as a
consequence of its delay or failure to act, or any forbearances granted, to have
waived or be estopped from exercising any of its rights or remedies.

     Section 3.03 Enforcement Costs. Guarantor hereby agrees to pay, on written
demand by Lender, all costs incurred by Lender in collecting any amount payable
under this Guaranty or enforcing or protecting its rights under the Guaranty in
each case whether or not legal proceedings are commenced. Such fees and expenses
include, without limitation, reasonable fees for attorneys, paralegals and other
hired professionals, a reasonable assessment of the cost of services performed
by Lender's default management staff, court fees, costs incurred in connection
with pre-trial, trial and appellate level proceedings (including discovery and
expert witnesses), costs incurred in post-judgment collection efforts or in any
bankruptcy proceeding. Amounts incurred by Lender shall be immediately due and
payable, and shall bear interest at the Default Rate from the date of
disbursement until paid in full, if not paid in full within ten (10) business
days after Lender's written demand for payment.

     Section 3.04 Unimpaired Liability. Guarantor acknowledges and agrees that
all obligations hereunder are and shall be absolute and unconditional under any
and all circumstances without regard to the validity, regularity or
enforceability of any or all of the Loan Documents or the existence of any other
circumstance which might otherwise constitute a legal or equitable discharge or
defense of a guarantor or surety. Without limiting the foregoing, Guarantor
acknowledges and agrees that its liability hereunder shall in no way be
released, terminated, discharged, limited or impaired by reason of any of the
following (whether or not Guarantor has any knowledge or notice thereof): (a)
the irregularity, invalidity or unenforceability, in whole or in part, of any of
the Loan Documents against Borrower or Lender; (b) Borrower's lack of authority
or lawful right to enter into any of the Loan Documents; (c) any modification,
supplement, extension, consolidation, restatement, waiver or consent provided by
Lender with respect to any of the Loan Documents including, without limitation,
approval of a Transfer or the grant of extensions of time for payment or
performance; (d) failure to record any Loan Document or to perfect any security
interest intended to be provided thereby or otherwise

                                        3

<PAGE>

to protect, secure or insure any collateral for the Loan; (e) Lender's failure
to exercise, or delay in exercising, any rights or remedies Lender may have
under the Loan Documents or under this Guaranty Agreement; (f) the release or
substitution, in whole or in part, of any collateral for the Loan or acceptance
of additional collateral for the Loan; (g) the release of Borrower from
performance, in whole or in part, under any of the other Loan Documents, in each
case whether by operation of law, Lender's voluntary act, or otherwise; (h) any
bankruptcy, insolvency, reorganization, adjustment, dissolution, liquidation or
other like proceeding involving or affecting Borrower, any member of Borrower,
any other Guarantor or Lender; (i) the termination or discharge of the Security
Instrument or the exercise of any power of sale or any foreclosure (judicial or
otherwise) or delivery or acceptance of a deed-in-lieu of foreclosure; (j) the
existence of any claim, setoff, counterclaim, defense or other rights which
Guarantor may have against Borrower, any member of Borrower, any other Guarantor
or Lender, whether in connection with the Loan or any other transaction; (k) the
accuracy or inaccuracy of the representations and warranties made by Guarantor
in this Guaranty; or (l) any other circumstance which might otherwise constitute
a legal or equitable discharge or defense of a guarantor.

     Section 3.05 Waivers. Guarantor hereby waives and relinquishes, to the
fullest extent permitted by law: (a) all rights or claims of right to cause a
marshalling of assets or to cause Lender to proceed against any of the
collateral for the Loan before proceeding under this Guaranty against it; (b)
all rights and remedies accorded by applicable law to sureties or guarantors,
except any rights of subrogation and contribution (the exercise of which are
subject to the terms of this Guaranty); (c) the right to assert a counterclaim,
other than a mandatory or compulsory counterclaim, in any action or proceeding
brought by or against it; (d) notice of acceptance of this Guaranty and of any
action taken or omitted in reliance hereon; (e) presentment for payment, demand,
protest, notice of nonpayment or failure to perform or observe, or any other
proof, notice or demand to which it might otherwise be entitled with respect to
its obligations hereunder; and (f) all homestead or exemption rights against the
obligations hereunder and the benefits of any statutes of limitation or repose.

     Section 3.06 Guarantor Bound by Judgment Against Borrower. Guarantor agrees
that it shall be bound conclusively, in any jurisdiction, by the judgment in any
action by Lender against Borrower in connection with the Loan Documents
(wherever instituted) as if Guarantor were a party to such action even if not so
joined as a party.

     Section 3.07 Certain Consequences of Borrower's Bankruptcy. (a) If Borrower
shall be subject to the protection of the Bankruptcy Code or any insolvency law
the effect of which is to prevent or delay Lender from taking any remedial
action against Borrower, including the exercise of any option Lender has to
accelerate and declare the Loan immediately due and payable, Lender may, as
against Guarantor, nevertheless declare the Loan due and payable and enforce any
or all of its rights and remedies against Guarantor as provided herein.

          (b) Any payment made on the Loan, whether made by Borrower or
Guarantor or any other Person, that is required to be refunded or recovered from
Lender as a preference or a fraudulent transfer or is otherwise set-aside
pursuant to the Bankruptcy Code or any insolvency or other debtor relief law
shall not be considered as a payment made on the Loan or under this Guaranty.
Guarantor's liability under this Guaranty shall continue with respect to any
such payment, or be deemed reinstated, with the same effect as if such payment
had not been received

                                        4

<PAGE>

by Lender, notwithstanding any notice of revocation of this Guaranty prior to
such avoidance or recovery or payment in full of the Loan, until such time as
all periods have expired within which Lender could be required to return any
amount paid at any time on account of the Guaranteed Obligations.

          (c) Until payment in full of the Loan (including interest accruing on
the Note after the commencement of a proceeding by or against Borrower under the
Bankruptcy Code, which interest the parties agree remains a claim that is prior
and superior to any claim of Guarantor notwithstanding any contrary practice,
custom or ruling in cases under the Bankruptcy Code generally), Guarantor agrees
not to accept any payment or satisfaction of any kind of indebtedness of
Borrower to Guarantor and hereby assigns such indebtedness to Lender, including
the right (but not the obligation) to file proof of claim and to vote in any
other bankruptcy or insolvency action, including the right to vote on any plan
of reorganization, liquidation or other proposal for debt adjustment under
Federal or state law.

     Section 3.08 Subrogation and Contribution. Guarantor agrees that no payment
by it under this Guaranty shall give rise to any rights of subrogation against
Borrower or the collateral for the Loan, unless and until Lender has received
full and indefeasible payment of the Loan. If the deferral of such rights shall
be unenforceable for any reason, Guarantor agrees that its rights of subrogation
shall be junior and subordinate to Lender's rights against Borrower and the
collateral for the Loan.

     Section 3.09 Subordination of Borrower's Obligations to Guarantor. Any
indebtedness of Borrower to Guarantor, now or hereafter existing, together with
any interest thereon, shall be and hereby is deferred, postponed and
subordinated to the prior payment in full of the Loan. Further, Guarantor agrees
that following the occurrence of an Event of Default, should Guarantor receive
any payment, satisfaction or security for any indebtedness owed by Borrower to
it, the same shall be delivered to Lender in the form received (endorsed or
assigned as may be appropriate) for application on account of, or as security
for, the Loan and until so delivered to Lender, shall be held in trust for
Lender as security for the Loan.

     Section 3.10 Lender Transferees; Secondary Market Activities. Guarantor
acknowledges and agrees that Lender, without notice to Guarantor or Guarantor's
prior consent, may assign all or any portion of its rights hereunder in
connection with any sale or assignment of the Loan or servicing rights related
to the Loan, each grant of participations in the Loan, a transfer of the Loan as
part of a securitization of the Loan (a "SECURITIZATION") in which Lender
assigns its rights to a securitization trustee, or a contract for the servicing
of the Loan, and that each such assignee, participant or servicer shall be
entitled to exercise all of Lender's rights and remedies hereunder. Guarantor
further acknowledges that Lender may provide to third parties with an existing
or prospective interest in the servicing, enforcement, ownership, purchase,
participation or Securitization of the Loan, including, without limitation, any
rating agency rating the securities issued in respect of a Securitization or
participation of the Loan, and any entity maintaining databases on the
underwriting and performance of commercial mortgage loans, any and all
information which Lender now has or may hereafter acquire relating to the Loan,
the Property or with respect to Borrower or Guarantor, as Lender determines
necessary or desirable. Guarantor irrevocably waives all rights it may have
under applicable law, if any, to prohibit such disclosure, including, without
limitation, any right of privacy.

                                        5

<PAGE>

     Section 3.11 Financial Reports, Inspection of Records. Guarantor agrees to
furnish to Lender from time to time, by such dates as Lender may require (but no
more frequently than annually unless an Event of Default under the Security
Instrument or any other Loan Document exists, in which event Lender may require
same from time to time), Guarantor's Federal and State income tax returns, a
personal financial statement if Guarantor is an individual and a balance sheet
and statement of changes in Guarantor's financial position if Guarantor is not
an individual, in each case certified by such Guarantor as complete and
accurate. Such financial statements shall be in reasonable detail and prepared
in accordance with consistently applied accounting methods reasonably acceptable
to Lender.

                                    ARTICLE 4

                         REPRESENTATIONS AND WARRANTIES

     Section 4.01 Intentionally Omitted.

     Section 4.02 General. Guarantor individually represents and warrants that:

          (a) Authority. Guarantor has the full power and authority to execute
and deliver this Guaranty and to perform its obligations hereunder.

          (b) Valid and Binding Obligation. This Guaranty constitutes
Guarantor's legal, valid and binding obligation, enforceable against it in
accordance with its terms, except to the extent enforceability may be limited
under applicable bankruptcy and insolvency laws and similar laws affecting
creditors' rights generally and to general principles of equity.

          (c) No Conflict with Other Agreement. Guarantor's execution, delivery
and performance of this Guaranty will not (i) violate Guarantor's organizational
documents if Guarantor is not an individual, (ii) result in the breach of, or
conflict with, or result in the acceleration of, any obligation under any
guaranty, indenture, credit facility or other instrument to which Guarantor or
any of its assets may be subject, or (iii) violate any order, judgment or decree
to which Guarantor or any of its assets is subject.

          (d) No Pending Litigation. Except as otherwise disclosed to Lender, no
action, suit, proceeding or investigation currently is pending or, to the best
of Guarantor's knowledge, threatened against Guarantor which, either in any one
instance or in the aggregate, may have a material, adverse effect on Guarantor's
ability to perform its obligations under this Guaranty.

          (e) Consideration. Guarantor will derive substantial benefit from the
Loan to Borrower.

                                    ARTICLE 5

                                  MISCELLANEOUS

     Section 5.01 Notices. All notices and other communications under this
Guaranty are to be in writing and addressed in the case of Lender to the address
as set forth below and in the case

                                        6

<PAGE>

of Guarantor, as set forth below Guarantor's signature hereto. Default or demand
notices shall be deemed to have been duly given upon the earlier of: (a) actual
receipt; (b) one (1) business day after having been timely deposited for
overnight delivery, fee prepaid, with a reputable overnight courier service,
having a reliable tracking system; (c) one (1) business day after having been
sent by telecopier (with answer back acknowledged) provided an additional notice
is given pursuant to (b); or (d) three (3) business days after having been
deposited in any post office or mail depository regularly maintained by the U.S.
Postal Service and sent by certified mail, postage prepaid, return receipt
requested, and in the case of clause (b) and (d) irrespective of whether
delivery is accepted. A new address for notice may be established by written
notice to the other parties; provided, however, that no address change will be
effective until written notice thereof actually is received by the party to whom
such address change is sent. Lender's notice address is as follows:

          LaSalle Bank National Association
          135 South LaSalle Street, Suite 3410
          Chicago, Illinois 60603
          Attention: Real Estate Capital Markets
          Facsimile No.: (312) 904-0900

     Section 5.02 Entire Agreement; Modification. This Guaranty is the entire
agreement between the parties hereto with respect to the subject matter hereof,
and supersedes and replaces all prior discussions, representations,
communications and agreements (oral or written). This Guaranty shall not be
modified, supplemented, or terminated, nor any provision hereof waived, except
by a written instrument signed by the party against whom enforcement thereof is
sought, and then only to the extent expressly set forth in such writing.

     Section 5.03 Binding Effect; Joint and Several Obligations. This Guaranty
is binding upon and inures to the benefit of Guarantor, Lender and their
respective heirs, executors, legal representatives, successors, and assigns,
whether by voluntary action of the parties or by operation of law. Guarantor may
not delegate or transfer its obligations under this Guaranty. If, at any time
during the term of the Loan, there is more than one Guarantor, each Guarantor
shall be jointly and severally liable hereunder.

     Section 5.04 Unenforceable Provisions. Any provision of this Guaranty which
is determined by a court of competent jurisdiction or government body to be
invalid, unenforceable or illegal shall be ineffective only to the extent of
such determination and shall not affect the validity, enforceability or legality
of any other provision, nor shall such determination apply in any circumstance
or to any party not controlled by such determination.

     Section 5.05 Duplicate Originals; Counterparts. This Guaranty may be
executed in any number of duplicate originals, and each duplicate original shall
be deemed to be an original. This Guaranty (and each duplicate original) also
may be executed in any number of counterparts, each of which shall be deemed an
original and all of which together constitute a fully executed Guaranty even
though all signatures do not appear on the same document.

     Section 5.06 Construction of Certain Terms. Defined terms used in this
Guaranty may be used interchangeably in singular or plural form, and pronouns
shall be construed to cover all

                                        7

<PAGE>

genders. Article and section headings are for convenience only and shall not be
used in interpretation of this Guaranty. The words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Guaranty as a whole
and not to any particular section, paragraph or other subdivision; and the word
"section" refers to the entire section and not to any particular subsection,
paragraph of other subdivision; and "Guaranty" and each of the Loan Documents
referred to herein mean the agreement as originally executed and as hereafter
modified, supplemented, extended, consolidated, or restated from time to time.

     Section 5.07 GOVERNING LAW; JURISDICTION. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, WITHOUT
REGARD TO CONFLICTS OF LAW PRINCIPLES. INDEMNITORS HEREBY IRREVOCABLY SUBMIT TO
THE JURISDICTION OF ANY COURT OF COMPETENT JURISDICTION LOCATED IN THE CITY OF
CHICAGO AND STATE OF ILLINOIS IN CONNECTION WITH ANY PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT.

     Section 5.08 Intentionally Omitted

     SECTION 5.09 WAIVER OF JURY TRIAL. GUARANTOR AND LENDER HERERBY AGREE NOT
TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY
RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR
HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE SECURITY INSTRUMENT
OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING
IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN
KNOWINGLY AND VOLUNTARILY BY GUARANTOR AND LENDER, AND IS INTENDED TO ENCOMPASS
INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH RIGHT TO TRIAL BY JURY
WOULD OTHERWISE ACCRUE. GUARANTOR AND LENDER EACH ARE HEREBY AUTHORIZED TO FILE
A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER
BY EACH OTHER.

          [Remainder of page is blank; signatures appear on next page.]

                                        8

<PAGE>

     IN WITNESS WHEREOF, the undersigned hereby signs, seals and delivers this
Guaranty.

                                        TRIPLE NET PROPERTIES, LLC,
                                        a Virginia limited liability company

                                        By: /s/ Richard Hutton
                                            ------------------------------------
                                        Name: Richard Hutton
                                        Its: Executive Vice President

                                        Address for Notice:

                                        1551 North Tustin Avenue, Ste. 200
                                        Santa Ana, California 92705
                                        Fax: 714-667-0611

                                        9

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