Document:

Exhibit 10.4

REGISTRATION
RIGHTS AGREEMENT

Registration Rights Agreement (this “Agreement”) dated as of July
1, 2006, between Metro One Telecommunications, Inc., an Oregon corporation (the
“Company”), and Jingle Networks, Inc., a Delaware corporation (“Holder”
or “JNI”).

RECITALS

WHEREAS, pursuant to that certain Telecom Information
Services Agreement dated as of July 1, 2006, by and between the Company and
Holder (the “Services  Agreement”), Holder has been issued certain
warrants to purchase shares of Common Stock of the Company;

WHEREAS, the
warrants issued to Holder pursuant to the Services Agreement are in two
tranches each of which is exercisable upon satisfaction of certain conditions
therein specified, with the first tranche for up to 623,250 shares of the
Company’s Common Stock (the “First Tranche”) and the second tranche for
up to 870,075 shares of the Company’s Common Stock (the “Second Tranche”)
(the First Tranche and the Second Tranche being collectively referred to herein
as the “Warrants” and the share amounts stated in this Agreement reflect
a 1-for-4 reverse stock split effected by the Company on July 6, 2006);

WHEREAS, in connection with Services Agreement and
the Warrants, the Company agreed to provide certain rights to Holder to cause
the shares purchased upon proper exercise of the Warrants to be registered
pursuant to the Securities Act; and

WHEREAS, the parties hereto hereby desire to set
forth Holder’s rights and the Company’s obligations to cause the registration
of the Registrable Securities pursuant to the Securities Act;

NOW, THEREFORE, in consideration of the Services Agreement,
the Warrants, the mutual covenants herein contained, and for other good and
valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, the parties hereto agree as follows:

Section
1.               Definitions and Usage.

As used in this Agreement
the following capitalized terms shall have the following meanings:

1.1.      Definitions.

“Agent” shall mean
the principal placement agent on an agented placement of Registrable
Securities.

“Board” shall mean
the Board of Directors of the Company.

 1
 

 

“Business Day” shall
mean any day other than (A) Saturday or Sunday or (B) any other day in which
banks in Portland, Oregon are permitted or required to be closed.

“Commission” shall
mean the U.S. Securities and Exchange Commission.

“Common Stock” shall
mean (i) the common stock, no par value, of the Company, and (ii) shares of
capital stock of the Company issued by the Company in respect of or in exchange
for shares of such common stock in connection with any stock dividend or
distribution, stock split-up, recapitalization, recombination or similar
exchange by the Company generally of shares of such common stock.

“Demand Registration”
shall have the meaning set forth in Section 2.1.

“Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended.

“Form S-3” means such
form under the Securities Act as in effect on the date hereof or any successor
registration form under the Securities Act subsequently adopted by the SEC
which permits inclusion or incorporation of substantial information by
reference to other documents filed by the Company with the SEC.

“Form S-3 Registration”
shall have the meaning set forth in Section 3.1.

“Holder” shall mean
JNI and any subsequent transferee of Registrable Securities as permitted by Section 9
and the term “Holders” shall include Holder and transferees of
Registrable Securities with respect to the rights that such Transferees shall
have acquired in accordance with Section 9, at such times as such
Persons shall own Registrable Securities.

“Initiating Holders”
shall have the meaning set forth in Section 3.3.

“Person” shall mean
an individual, corporation, partnership, limited liability company, joint
venture, association, joint stock company, unincorporated syndicate,
unincorporated association, trust, trustee, executor, administrator or other
legal representative, governmental authority or agency, political subdivision,
or any group of Persons acting in concert.

“Piggyback Registration”
shall have the meaning set forth in Section 4.

“Register”, “registered”,
and “registration” shall refer to a registration effected by preparing
and filing a registration statement or similar document in compliance with the
Securities Act, and the declaration or ordering by the Commission of
effectiveness of such registration statement or document.

“Registrable Securities”
shall mean, subject to Section 9 and Section 11.3: (i) Shares
owned by a Holder from the proper exercise of all or any portion of the
Warrants on the date of determination; (ii) any shares of Common Stock or other
securities issued as (or issuable upon the conversion or exercise of any
warrant, right or other security which is issued as) a dividend or other
distribution with respect to, or in exchange by the Company generally for, 

 2
 

 

or
in replacement by the Company generally of, such Shares; and (iii) any
securities issued in exchange for Shares in any subsequent merger or
reorganization of the Company; provided, however, that Registrable
Securities shall not include any securities which have theretofore been
registered and sold pursuant to the Securities Act or which have been sold to
the public pursuant to Rule 144 or any similar rule promulgated by the
Commission pursuant to the Securities Act, and, provided  further,
the Company shall have no obligation under Section 2,  Section 3
or Section 4 to register any Registrable Securities of a Holder if the
Company shall deliver to the Holders requesting such registration an opinion of
counsel reasonably satisfactory to such Holders and their counsel to the effect
that the proposed sale or disposition of all of the Registrable Securities for
which registration was requested does not require registration under the
Securities Act for a sale or disposition, and offers to remove any and all
legends restricting transfer from the certificates evidencing such Registrable
Securities.  For purposes of this
Agreement, a Person will be deemed to be an owner of Registrable Securities
whenever such Person has the then-existing right to acquire such Registrable
Securities (by conversion, purchase or otherwise, including acquisition
pursuant to proper exercise of the Warrants), whether or not such acquisition
has actually been effected.

“Registrable Securities then
outstanding” shall mean, with respect to a specified determination date,
the Registrable Securities owned by all Holders on such date.

“Registration Expenses”
shall have the meaning set forth in Section 7.1.

“S-3 Notice” shall
have the meaning set forth in Section 3.1.

“SEC” shall mean the
U.S. Securities and Exchange Commission.

“Securities Act”
shall mean the Securities Act of 1933, as amended.

“Selling Holders”
shall mean, with respect to a specified registration pursuant to this
Agreement, Holders whose Registrable Securities are included in such
registration.

“Shares” shall mean
all shares of Common Stock issued by the Company to Holder upon proper exercise
of and pursuant to the Warrants.

“Shelf Registration”
shall have the meaning set forth in Section 3.3.

“Transfer” shall mean
and include the act of selling, giving, transferring, creating a trust (voting
or otherwise), conveying, assigning or otherwise disposing of (other than
pledging, hypothecating or otherwise transferring as security) (and correlative
words shall have correlative meanings); provided, however, that
any transfer or other disposition upon foreclosure or other exercise of
remedies of a secured creditor after an event of default under or with respect
to a pledge, hypothecation or other transfer as security shall constitute a “Transfer.”

“Underwriters’
Representative” shall mean the managing underwriter, or, in the case of a
co-managed underwriting, the managing underwriter designated as the
Underwriters’ Representative by the co-managers.

 3
 

 

“Violation” shall
have the meaning set forth in Section 8.1.

“Warrants” shall have
the meaning set forth in the Recitals, above.

1.2.      Usage.

(i)            When a reference is made in this
Agreement to a Section or Exhibit, such reference shall be to a Section or
Exhibit of this Agreement unless otherwise indicated or unless the context
otherwise requires.

(ii)           The headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

(iii)          Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed
by the words “without limitation.”

(iv)          References to a Person are also
references to its assigns and successors in interest (by means of merger,
consolidation or sale of all or substantially all the assets of such Person or
otherwise, as the case may be) permitted by the terms of this Agreement.

(v)           References to a document are to such
document as amended, waived and otherwise modified from time to time and
references to a statute or other governmental rule are to such statute or rule
as amended and otherwise modified from time to time (and references to any
provision thereof shall include references to any successor provision).

(vi)          The definitions set forth herein are
equally applicable both to the singular and plural forms and the feminine,
masculine and neuter forms of the terms defined.

(vii)         The term “hereof” and similar terms
refer to this Agreement as a whole.

(viii)        References to Registrable Securities “owned”
by a Holder shall include Registrable Securities beneficially owned by such
Person but which are held of record in the name of a nominee, trustee,
custodian, or other agent, but shall exclude shares of Common Stock held by a
Holder in a fiduciary capacity for customers of such Person.

(ix)           The “date of” any notice or request
given pursuant to this Agreement shall be determined in accordance with Section
14.2.

Section 2.               Demand Registration.

2.1.      (i)                At any time on or after the date
the Warrants shall be exercisable by Holder in accordance with their terms and
upon satisfaction of any requirements in the Warrants or in the Services
Agreement with respect to the disposition of the Warrants or of such Shares, if
one or more Holders that own an aggregate market value of $2,000,000 or more at
the time of the request of the Registrable Securities shall make a written
request to the Company, the Company shall cause there to be filed with the
Commission a registration statement meeting the requirements of the Securities
Act (a “Demand Registration”), and each Holder shall be entitled to have
included therein (subject to Section 2.6) all or such number of such
Holder’s Registrable Securities, as the 

 4
 

 

Holder
shall designate pursuant to Section 2.1(i) or (iii) in
writing.  Any request made pursuant to
this Section 2.1 shall be addressed to the attention of the Secretary of
the Company, and shall specify the number of Registrable Securities to be
registered, the intended methods of disposition thereof and that the request is
for a Demand Registration pursuant to this Section 2.1(i).

(ii)           The Company shall be entitled to
postpone for up to 90 days the filing of, or any Transfer under, any
registration statement otherwise required to be prepared and filed pursuant to
this Section 2.1, if the Company furnishes to the Holders a certificate
signed by the chief executive officer of the Company stating that in the
good-faith judgment of the Board of Directors of the Company, it would be materially
detrimental to the Company and its stockholders for such registration to be
effected or Transfer to be made at such time; provided, however,
that such right shall not be invoked more than once in any twelve month period.

(iii)          Whenever the Company shall have
received a demand pursuant to Section 2.1(i) to effect the registration
of any Registrable Securities, the Company shall promptly give written notice
of such proposed registration to all other Holders.  Any such Holder may, within 20 days after receipt
of such notice, request in writing that all of such Holder’s Registrable
Securities, or any portion thereof designated by such Holder, be included in
the registration.

2.2.      Following receipt of a
request for a Demand Registration the Company shall:

(i)            File the registration statement with
the Commission in accordance with Section 5 hereof as promptly as
practicable, and shall use its reasonable best efforts to have the registration
declared effective under the Securities Act as soon as reasonably practicable,
in each instance giving due regard to the need to prepare current financial
statements, conduct due diligence and complete other actions that are
reasonably necessary to effect a registered public offering.

(ii)           Use the Company’s reasonable best efforts
to keep the relevant registration statement continuously effective for up to 90
days or until such earlier date as of which all the Registrable Securities
under the Demand Registration statement shall have been disposed of in the
manner described in the registration statement.

2.3.      The Company shall be
obligated to effect no more than one Demand Registration. For purposes of the
preceding sentence, registration shall not be deemed to have been effected (i)
unless a registration statement with respect thereto has become effective, (ii)
if after such registration statement has become effective, such registration or
the related offer, sale or distribution of Registrable Securities thereunder is
interfered with by any stop order, injunction or other order or requirement of
the Commission or other governmental agency or court for any reason not
attributable to the Selling Holders and such interference is not thereafter
eliminated, or (iii) if the conditions to closing specified in the underwriting
agreement, if any, entered into in connection with such registration are not
satisfied or waived, other than by reason of a failure on the part of the
Selling Holders.  If the Company shall
have complied with its obligations under this Agreement, a right to demand a
registration pursuant to this Section 2 shall be deemed to have been
satisfied upon the earlier of (x) the date as of which all of the Registrable
Securities included therein shall have been disposed of pursuant to the
Registration Statement, and (y) the date as of which such Demand Registration
shall have been continuously effective for a period of 90 days.

 5
 

 

2.4.      A registration pursuant
to this Section 2 shall be on such appropriate registration form of the
Commission as shall (i) be selected by the Company and be reasonably acceptable
to the Selling Holders, and (ii) permit the disposition of the Registrable
Securities in accordance with the intended method or methods of disposition
specified in the request pursuant to Section 2.1(i) or Section 2.2,
respectively.

2.5.      If any registration
pursuant to Section 2 involves an underwritten offering (whether on a “firm”,
“best efforts” or “all reasonable efforts” basis or otherwise), or an agented
offering, the Company shall have the right to select the underwriter or
underwriters and manager or managers to administer such underwritten offering
or the Agent or Agents for such agented offering; provided, however,
that each Person so selected shall be reasonably acceptable to the Selling
Holders.

2.6.      Whenever the Company
shall effect a registration pursuant to this Section 2 in connection
with an underwritten offering by one or more Selling Holders of Registrable
Securities:  (i) if such Selling Holders
have requested the inclusion therein of more than one class of Registrable
Securities, and the Underwriters’ Representative or Agent advises each such
Selling Holder in writing that, in its opinion, the inclusion of more than one
class of Registrable Securities would adversely affect such offering, the
Holders holding at least a majority of the Registrable Securities (determined
by the relative market value as of the date on which a timely demand is last
received from Holder) proposed to be sold therein by them, shall decide which
class of Registrable Securities shall be included therein in such offering and
the related registration, and the other class shall be excluded; and (ii) if
the Underwriters’ Representative or Agent advises each such Selling Holder in
writing that, in its opinion, the amount of securities requested to be included
in such offering (whether by Selling Holders or others) exceeds the amount
which can be sold in such offering within a price range acceptable to the
Selling Holders, securities shall be included in such offering and the related
registration, to the extent of the amount which can be sold within such price
range, and on a pro rata basis among all Selling Holders: first for the account
of the Holder, and second by all other Selling Holders.

Section
3.               Form S-3 Registration.

3.1.      If the Company receives
a request from Holders of at least 10% of the Registrable Securities then
outstanding that the Company effect a registration on Form S-3 (a “Form
S-3 Registration”) with respect to all or a part of the Registrable
Securities owned by such Holders (the “Initiating Holders”), then the
Company shall:

(i)
within 10 days after the date such request is given, give notice of the
proposed registration to all Holders other than the Initiating Holders (the “S-3 Notice”); and

(ii)
as soon as practicable, use its commercially reasonable efforts to effect such
registration as would permit or facilitate the sale and distribution of all or
such portion of such Initiating Holders’ Registrable Securities as are
specified in such request, together with all or such portion of the Registrable
Securities of any other Holders joining in such request as are specified in a
request given to the Company within 15 days after the S-3 Notice is
given; provided, however, that the Company shall not be obligated
to effect any such registration pursuant to this Section 3 if:

 6
 

 

(a)           Form S-3 is not then available
for such offering by the Holders;

(b)           the Holders, together with the
holders of any other securities of the Company entitled to and requesting
inclusion in such registration, propose to sell Registrable Securities and such
other securities (if any) at an aggregate price to the public (net of any
underwriting discounts, selling commissions and state transfer taxes applicable
to the sale of Registrable Securities) of less than $2,000,000; or

(c)           the Company furnishes to the
Initiating Holders a certificate signed by the chief executive officer of the
Company stating that in the good faith judgment of the Board, it would be
materially detrimental to the Company and its shareholders for such Form S-3
registration to be effected at such time, in which event the Company shall have
the right to defer the filing of the Form S-3 registration statement for
a period of not more than 90 days after receipt of the request of the
Initiating Holders under this Section 3; provided, however,
that the Company shall not invoke this right more than once in any twelve month
period; and provided  further that the Company shall not register
any securities for its own account or that of any other stockholder during such
90 day period other than pursuant to (A) a registration relating to the sale of
securities to employees of the Company pursuant to a stock option, stock
purchase, or similar plan; (B) a registration on any form that does not include
substantially the same information as would be required to be included in a
registration statement covering the sale of the Registrable Securities on Form
S-3; or (C) a registration in which the only Common Stock being registered is
Common Stock issuable upon conversion of debt securities that are also being
registered.

3.2.      The Company shall be
obligated to effect no more than two S-3 Registrations pursuant to this Section
3, and no such registrations shall be counted as a Demand Registration
effected pursuant to Section 2.

3.3           Should any Form S-3
Registration pursuant to this Section 3 be a shelf registration pursuant
to Rule 415 under the Securities Act (the “Shelf Registration”), then
the registration statement to be filed in connection therewith shall provide
for the resale by Holders of all of the Registrable Securities affected thereby
in accordance with the manner of sale provisions set forth in Rule 144(f) under
the Securities Act or otherwise in customary brokerage transactions on the
Nasdaq Capital Market or other public market on which the Common Stock is
traded; provided, however, no more than 400,000 Registrable Securities can be
registered as Shelf Registrations at any given time.

3.4           The Company shall
use its reasonable best efforts to keep any Form S-3 Registration (other than a
Shelf Registration) continuously effective for up to 90 days or until such
earlier date as of which all the Registrable Securities under the registration
statement shall have been disposed of in the manner described in the registration
statement, and to keep any Shelf Registration continuously effective until the
date that is two years after the date hereof or such shorter period ending (i)
when the Registrable Securities cease to meet the definition of Registrable
Securities or (ii) the Company’s obligations hereunder terminate pursuant to
Section 14.9; provided, however, that the Company shall be
entitled to postpone Transfers under a registration statement filed under this
Section 3 on Form S-3 and to require Holders to discontinue any Transfers
covered by a Shelf Registration for a reasonable period of time due to 

 7
 

 

(A)
the existence of a material development or potential material development
involving the Company which the Company would be obligated to disclose in the
prospectus contained in the registration statement, which disclosure would in
the good faith judgment of the Board be premature or otherwise inadvisable at
such time and would have a material adverse affect upon the Company and its
shareholders, (B) it is necessary for the Company to supplement the prospectus
or make an appropriate filing under the Exchange Act so as to cause the
prospectus to become current, or (C) the Company is required under the
Securities Act and the regulations thereunder to amend the registration
statement in order to cause the prospectus to be current.  In the event that the Company determines that
a supplement to the prospectus, the filing of a report pursuant the Exchange
Act or an amendment to the registration statement under the Securities Act is
necessary, the Company will take such actions as soon as practicable; whereupon
it will notify the Initiating Holders of the filing of such supplement, report
or amendment, and, in the case of an amendment, the effectiveness thereof; provided
further, that the Company will not invoke this right more than once in
any twelve month period.

Section
4.               Piggyback Registration.

4.1.      If at any time during
the term of this Agreement the Company proposes to register (including for this
purpose a registration effected by the Company for shareholders of the Company
other than the Holders) securities under the Securities Act in connection with
the public offering solely for cash on Forms S-1 or S-3 (or any replacement or
successor forms), the Company shall promptly give each Holder written notice of
such registration (a “Piggyback Registration”).  Upon the written request of each Holder given
within 20 days following the date of such notice, the Company shall cause to be
included in such registration statement and use its reasonable best efforts to
be registered under the Securities Act all the Registrable Securities that each
such Holder shall have requested to be registered.  The Company shall have the absolute right to
withdraw or cease to prepare or file any registration statement for any
offering referred to in this Section 3 without any obligation or
liability to any Holder.

4.2.      If the Underwriters’
Representative or Agent shall advise the Company in writing (with a copy to
each Selling Holder) that, in its opinion, the amount of Registrable Securities
requested to be included in such registration would materially adversely affect
such offering, or the timing thereof, then the Company will include in such
registration, to the extent of the amount and class which the Company is so
advised can be sold without such material adverse effect in such offering:  first, all securities proposed to be sold by
the Company for its own account; and second, all other securities being
registered pursuant to the exercise of contractual rights comparable to the
rights granted in Section 2, Section 3 or Section 4, pro
rata based on the estimated gross proceeds from the sale thereof; provided,
however, that the Registrable Securities that have been requested to be
registered shall not be reduced below 40% of the shares included in such
registration unless such action is necessary to avoid a material adverse effect
on the Company taken as a whole.

4.3.      The Company shall be
obligated to effect no more than three Piggyback Registrations pursuant to this
Section 4.

4.4.      If the Company has
previously filed a registration statement with respect to Registrable
Securities pursuant to Section 2, Section 3 or this Section 4,
and if such previous registration has not been withdrawn or abandoned, the
Company need not file or cause to be 

 8
 

 

effected
any other registration of any of its equity securities or securities
convertible or exchangeable into or exercisable for its equity securities under
the Securities Act (except on Form S-3 or any successor form), whether on its
own behalf or at the request of any holder or holders of such securities, until
a period of 180 days has elapsed from the effective date of such a previous
registration.

Section
5.               Registration
Procedures.

Whenever
required under Section 2,  Section 3 or Section 4 to effect
the registration of any Registrable Securities, the Company shall, as
expeditiously as practicable:

5.1.      Prepare
and file with the Commission a registration statement with respect to such
Registrable Securities and use the Company’s reasonable best efforts to cause
such registration statement to become effective; provided, however,
that before filing a registration statement or prospectus or any amendments or
supplements thereto, including documents incorporated by reference after the
initial filing of the registration statement and prior to effectiveness
thereof, the Company shall furnish to one firm of counsel for the Selling
Holders copies of all such documents in the form substantially as proposed to
be filed with the Commission at least four Business Days prior to filing for
review and comment by such counsel.

5.2.      Prepare
and file with the Commission such amendments and supplements to such
registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the
Securities Act and rules thereunder with respect to the disposition of all
securities covered by such registration statement.  If the registration is for an underwritten offering,
the Company shall amend the registration statement or supplement the prospectus
whenever required by the terms of the underwriting agreement entered into
pursuant to Section 6.2.  If the
registration is for an underwritten offering, and if any event or development
occurs as a result of which the registration statement or prospectus contains a
misstatement of a material fact or omits to state a material fact required to
be stated therein or necessary to make the statements therein not misleading, the
Company shall promptly notify each Selling Holder, amend the registration
statement or supplement the prospectus so that each will thereafter comply with
the Securities Act and furnish to each Selling Holder of Registrable Securities
such amended or supplemented prospectus, which each such Holder shall
thereafter use in the Transfer of Registrable Securities covered by such
registration statement.  Pending such
amendment or supplement each such Holder shall cease making the offers or
Transfers of Registrable Securities pursuant to the prior prospectus.  In the event that any Registrable Securities
included in a registration statement subject to, or required by, this Agreement
remain unsold at the end of the period during which the Company is obligated to
use its reasonable best efforts to maintain the effectiveness of such
registration statement, the Company may file a post-effective amendment to the
registration statement for the purpose of removing such securities from
registered status.

5.3.      Furnish
to each Selling Holder of Registrable Securities, without charge, such numbers
of copies of the registration statement, any pre-effective or post-effective
amendment thereto, the prospectus, including each preliminary prospectus and
any amendments or supplements thereto, in each case in conformity with the
requirements of the Securities Act and the rules thereunder, and such other
related documents as any such Selling Holder may reasonably 

 9
 

 

request in order to facilitate the disposition of Registrable Securities
owned by such Selling Holder.

5.4.      Use
its reasonable best efforts (i) to register and qualify the securities covered
by such registration statement under such other securities or blue sky laws of
such states or domestic jurisdictions as shall be reasonably requested by the
Underwriters’ Representative or Agent (as applicable, or, if inapplicable, the
Selling Holders), and (ii) to obtain the withdrawal of any order suspending the
effectiveness of a registration statement, or the lifting of any suspension of
the qualification (or exemption from qualification) of the offer and transfer
of any of the Registrable Securities in any jurisdiction, at the earliest
possible moment; provided, however, that the Company shall not be
required in connection therewith or as a condition thereto to qualify to do
business, to subject itself to taxation or to file a general consent to service
of process in any such states or jurisdictions.

5.5.      In the event of any
underwritten or agented offering, enter into and perform the Company’s
obligations under an underwriting or agency agreement (including
indemnification and contribution obligations of underwriters or agents), in
usual and customary form, with the managing underwriter or underwriters of or
agents for such offering.  The Company
shall also cooperate with the Selling Holders, and the Underwriters’
Representative or Agent for such offering in the marketing of the Registrable
Securities, including making available the Company’s officers, independent
registered public accountants, counsel, premises, books and records for such
purpose, but the Company shall not be required to incur any out-of-pocket
expense pursuant to this sentence.

5.6.      Promptly notify each
Selling Holder of any stop order issued or threatened to be issued by the
Commission in connection therewith and take all reasonable actions required to
prevent the entry of such stop order or to remove it if entered.

5.7.      Make generally available
to the Company’s security holders copies of all periodic reports, proxy statements,
and other information referred to in Section 11.1 and, as soon as
reasonably practicable, an earnings statement satisfying the provisions of
Section 11(a) of the Securities Act covering the 12-month period beginning
within three months after the effective date of each registration statement
filed pursuant to this Agreement.

5.8.      Make available for
inspection by any Selling Holder, any underwriter participating in such
offering and the representatives of such Selling Holder and underwriter (but not
more than one firm of counsel to such Selling Holders), all financial and other
information as shall be reasonably requested by them, and provide the Selling
Holder, any underwriter participating in such offering and the representatives
of such Selling Holder and underwriter the opportunity to discuss the business
affairs of the Company with its appropriate officers and independent public
accountants who have certified the audited financial statements included in
such registration statement, in each case all as necessary to enable them to
exercise their due diligence responsibility under the Securities Act; provided,
however, that information that the Company determines, in good faith, to
be confidential, and which the Company advises such Person in writing is
confidential, shall not be disclosed unless such Person signs a confidentiality
agreement reasonably satisfactory to the Company or the related Selling Holder
of Registrable Securities agrees to be responsible for such Person’s breach of
confidentiality on terms satisfactory to the Company.

 10
 

 

5.9.      Use the Company’s
reasonable best efforts to obtain a so-called “comfort letter” from its
independent public accountants and legal opinions of counsel to the Company
addressed to the Selling Holders, in customary form and covering such matters
of the type customarily covered by such letters, and in a form that shall be
reasonably satisfactory to the Selling Holders. 
The Company shall furnish to each Selling Holder a signed counterpart of
any such comfort letter or legal opinion. 
Delivery of any such opinion or comfort letter shall be subject to the
recipient furnishing such written representations or acknowledgments as are
customarily provided by selling shareholders who receive such comfort letters
or opinions.

5.10.    Provide and cause to be
maintained a transfer agent and registrar for all Registrable Securities
covered by such registration statement from and after a date not later than the
effective date of such registration statement.

5.11.    Use all reasonable
efforts to cause the Registrable Securities covered by such registration
statement (i) if the Common Stock is then listed on a securities exchange or
included for quotation in a recognized trading market, to continue to be so
listed or included for a reasonable period of time after the offering, and (ii)
to be registered with or approved by such other United States or state
governmental agencies or authorities as may be necessary by virtue of the
business and operations of the Company to enable the Selling Holders of
Registrable Securities to consummate the disposition of such Registrable
Securities.

5.12.    Use the Company’s
reasonable efforts to provide a CUSIP number for the Registrable Securities
prior to the effective date of the first registration statement including
Registrable Securities.

5.13.    Take such other actions
as are reasonably required in order to expedite or facilitate the disposition
of Registrable Securities included in each such registration.

Section
6.               Holders’ Obligations.

It
shall be a condition precedent to the obligations of the Company to take any
action pursuant to this Agreement with respect to the Registrable Securities of
any Selling Holder of Registrable Securities that such Selling Holder shall:

6.1.      Furnish to the Company
such information regarding such Selling Holder, the number of the Registrable
Securities owned by it, and the intended method of disposition of such
securities as shall be required to effect the registration of such Selling
Holder’s Registrable Securities, and to cooperate with the Company in preparing
such registration.

6.2.      Agree to sell their
Registrable Securities to the underwriters (if any) at the same price and on
substantially the same terms and conditions as the Company or the other Persons
on whose behalf the registration statement was being filed have agreed to sell
their securities, and to execute the underwriting agreement (if any) agreed to
by the Selling Holders (in the case of a registration under Section 2 or
Section 3) or the Company and the Selling Holders (in the case of a
registration under Section 4).

 11
 

 

Section 7.               Expenses of Registration.

Expenses
in connection with registrations pursuant to this Agreement shall be allocated
and paid as follows:

7.1.      Except as otherwise
provided in this Section 7.1, with respect to a Demand Registration
pursuant to Section 2, the Company shall bear and pay all expenses
incurred in connection with any registration, filing, or qualification of
Registrable Securities with respect to such Demand Registration for each
Selling Holder (which right may be assigned to any Person to whom Registrable
Securities are Transferred as permitted by Section 9), including all
registration, filing and National Association of Securities Dealers, Inc. fees,
all fees and expenses of complying with securities or blue sky laws, all word
processing, duplicating and printing expenses, messenger and delivery expenses,
the reasonable fees and disbursements of counsel for the Company and of the
Company’s independent registered public accountants, including the expenses of “cold
comfort” letters required by or incident to such performance and compliance
(the “Registration Expenses”); provided, however, the
Company shall only be obligated for up to a maximum aggregate of the first one
hundred thousands dollars ($100,000) of such Registration Expenses, after which
point any remaining Registration Expenses for the Demand Registration shall be
borne pro rata by the Selling Holders; provided  further, that any
fees and disbursements of counsel for the Selling Holders and any underwriting
discounts and commissions relating to the Selling Holder’s Registrable
Securities shall be borne and paid exclusively by the Selling Holders.

7.2.      The Company shall bear
and pay all Registration Expenses incurred in connection with any Form S-3
Registrations pursuant to Section 3 or any Piggyback Registrations
pursuant to Section 4 for each Selling Holder (which right may be
Transferred to any Person to whom Registrable Securities are Transferred as
permitted by Section 9), but excluding underwriting discounts and
commissions relating to Registrable Securities and any fees and disbursements
of counsel for the Selling Holders (which shall be paid on a pro rata basis by
the Selling Holders of Registrable Securities).

7.3.      Any failure of the
Selling Holders or the Company to pay any Registration Expenses as required by
this Section 7 shall not relieve the Selling Holders or the Company, as
applicable, of its obligations under this Agreement.

Section 8.               Indemnification; Contribution.

If
any Registrable Securities are included in a registration statement under this
Agreement:

8.1.      To the extent permitted
by applicable law, the Company shall indemnify and hold harmless each Selling
Holder, each Person, if any, who controls such Selling Holder within the
meaning of the Securities Act, and each officer, director, partner, and
employee of such Selling Holder and such controlling Person, against any and
all losses, claims, damages, liabilities and reasonable expenses (joint or several),
including reasonable attorneys’ fees and disbursements and expenses of
investigation, incurred by such party pursuant to any actual or threatened
action, suit, proceeding or investigation, 
or to which any of the foregoing Persons may become subject under the
Securities Act, the Exchange Act or other federal or state laws, insofar as
such losses, claims, 

 12
 

 

damages,
liabilities and reasonable expenses arise out of or are based upon any of the
following statements, omissions or violations (collectively a “Violation”):

(i)            Any untrue
statement or alleged untrue statement of a material fact contained in such
registration statement, including any preliminary prospectus or final
prospectus contained therein, or any amendments or supplements thereto;

(ii)           The omission or
alleged omission to state therein a material fact required to be stated
therein, or necessary to make the statements therein not misleading; or

(iii)          Any violation or
alleged violation by the Company of the Securities Act, the Exchange Act, any
applicable state securities law or any rule or regulation promulgated under the
Securities Act, the Exchange Act or any applicable state securities law; provided,
however, that the indemnification required by this Section 8.1
shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or expense if such settlement is effected without the consent of the
Company, nor shall the Company be liable in any such case for any such loss,
claim, damage, liability or expense to the extent that it arises out of or is
based upon a Violation which occurs in reliance upon and in  conformity with written information furnished
by the indemnified party expressly for use in connection with such
registration; provided  further, that the indemnity agreement
contained in this Section 8 shall not apply to any underwriter to the
extent that any such loss is based on or arises out of an untrue statement or
alleged untrue statement of a material fact, or an omission or alleged omission
to state a material fact, contained in or omitted from any preliminary
prospectus if the final prospectus shall correct such untrue statement or
alleged untrue statement, or such omission or alleged omission, and a copy of
the final prospectus has not been sent or given to such person at or prior to
the confirmation of sale to such person if such underwriter was under an
obligation to deliver such final prospectus and failed to do so.  The Company shall also indemnify the Selling
Holders against claims asserted by underwriters, selling brokers, dealer
managers and similar securities industry professionals participating in the
distribution, their officers, directors, agents and employees and each person
who controls such persons (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) to the same extent as provided above
with respect to the indemnification of the Selling Holders.

8.2.      To the extent permitted
by applicable law, each Selling Holder shall indemnify and hold harmless the
Company, each of its directors, each of its officers who shall have signed the
registration statement, each Person, if any, who controls the Company within
the meaning of the Securities Act, any other Selling Holder, any controlling
Person of any such other Selling Holder and each officer, director, partner,
and employee of such other Selling Holder and such controlling Person, against
any and all losses, claims, damages, liabilities and expenses (joint and
several), including reasonable attorneys’ fees and disbursements and expenses
of investigation, incurred by such party pursuant to any actual or threatened
action, suit, proceeding or investigation, or to which any of the foregoing
Persons may otherwise become subject under the Securities Act, the Exchange Act
or other federal or state laws, insofar as such losses, claims, damages,
liabilities and expenses arise out of or are based upon any Violation, in each
case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with written information about such Selling
Holder furnished by such Selling Holder to the Company expressly for use in
connection with such registration; provided, however, that (x)
the indemnification required by this 

 13
 

 

Section
8.2 shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or
expense if settlement is effected without the consent of the relevant Selling
Holder of Registrable Securities, and (y) in no event shall the amount of any
indemnity under this Section 8.2 exceed the gross proceeds from the
applicable offering received by such Selling Holder.

8.3.      Promptly after receipt
by an indemnified party under this Section 8 of notice of the
commencement of any action, suit, proceeding, investigation or threat thereof made
in writing for which such indemnified party may make a claim under this Section
8, such indemnified party shall deliver to the indemnifying party a written
notice of the commencement thereof and the indemnifying party shall have the
right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume the
defense thereof with counsel mutually satisfactory to the parties.  The failure to deliver written notice to the
indemnifying party within a reasonable time following the commencement of any
such action, if prejudicial to its ability to defend such action, shall relieve
such indemnifying party of any liability to the indemnified party under this Section
8 but shall not relieve the indemnifying party of any liability that it may
have to any indemnified party otherwise than pursuant to this Section 8.  Any fees and expenses incurred by the
indemnified party (including any fees and expenses incurred in connection with
investigating or preparing to defend such action or proceeding) shall be paid
to the indemnified party, as incurred, within 30 days of written notice thereof
to the indemnifying party; provided, however, that such notice is
accompanied by an appropriate undertaking of the indemnified party to reimburse
the indemnifying party to the extent it is ultimately determined that such
party is not entitled to indemnification. 
Any such indemnified party shall have the right to employ separate
counsel in any such action, claim or proceeding and to participate in the
defense thereof, but the fees and expenses of such counsel shall be the
expenses of such indemnified party unless (i) the indemnifying party has agreed
to pay such fees and expenses or (ii) the indemnifying party shall have failed
to promptly assume the defense of such action, claim or proceeding.  No indemnifying party shall be liable to an
indemnified party for any settlement of any action, proceeding or claim without
the written consent of the indemnifying party.

8.4.      If the indemnification
required by this Section 8 from the indemnifying party is unavailable to
an indemnified party hereunder in respect of any losses, claims, damages,
liabilities or expenses referred to in this Section 8:

(i)            The indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the
amount paid or payable by such indemnified party as a result of such losses,
claims, damages, liabilities or expenses in such proportion as is appropriate
to reflect the relative fault of the indemnifying party and indemnified parties
in connection with the actions which resulted in such losses, claims, damages,
liabilities or expenses, as well as any other relevant equitable
considerations.  The relative fault of
such indemnifying party and indemnified parties shall be determined by
reference to, among other things, whether any Violation has been committed by,
or relates to information supplied by, such indemnifying party or indemnified
parties, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such Violation.  The amount paid or payable by a party as a
result of the losses, claims, damages, liabilities and expenses referred to
above shall be deemed to include, subject to the limitations set forth in Section
8.1 and Section 8.2, any legal or other fees or expenses reasonably
incurred by such party in connection with any investigation or proceeding.

 14
 

 

(ii)           The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 8.4
were determined by pro rata allocation or by any other method of allocation
which does not take into account the equitable considerations referred to in Section
8.4(i).  No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation.

8.5.      If indemnification is
available under this Section 8, the indemnifying parties shall indemnify
each indemnified party to the full extent provided in this Section 8
without regard to the relative fault of such indemnifying party or indemnified
party or any other equitable consideration referred to in Section 8.4.

8.6.      The obligations of the
Company and the Selling Holders of Registrable Securities under this Section
8 shall survive the completion of any offering of Registrable Securities
pursuant to a registration statement under this Agreement or otherwise.

Section 9.               Transfer of Registration Rights.

Subject
to restrictions in the Warrants and in the Services Agreement on the right to
transfer the Shares, including, without limitation, the right of first refusal
in favor of the Company and the prohibition of transfer to any competitor or
reasonably foreseeable competitor of the Company, rights with respect to the
Shares constituting Registrable Securities may be transferred by JNI with
respect to more than 400,000 Shares to any third party transferee (other than a
competitor or potential competitor of the Company). Any transferee to whom
rights under this Agreement are so transferred shall, as a condition to such
transfer, have executed and delivered to the Secretary of the Company a
properly completed agreement substantially in the form of Exhibit A, and
the transferor shall have delivered to the Secretary of the Company, no later
than 15 days following the date of the Transfer, written notification of such
Transfer setting forth the name of the transferor, name and address of the
transferee, and the number of Registrable Securities which shall have been so
transferred.

Section 10.             Holdback.

Each
Holder entitled pursuant to this Agreement to have Registrable Securities
included in a registration statement prepared pursuant to this Agreement, if so
requested by the Underwriters’ Representative or Agent in connection with an
offering of any Registrable Securities, shall not effect any public sale or
distribution of shares of Common Stock or any securities convertible into or
exchangeable or exercisable for shares of Common Stock, including a sale
pursuant to Rule 144 under the Securities Act (except as part of such
underwritten or agented registration), during the 30 day period prior to, and
during the 90 day period beginning on, the date such registration statement is
declared effective under the Securities Act by the Commission, provided,
however, that such Holder is timely notified of such effective date in
writing by the Company or such Underwriters’ Representative or Agent.  In order to enforce the foregoing covenant,
the Company shall be entitled to impose stop-transfer instructions with respect
to the Registrable Securities of each Holder until the end of such period.

 15
 

 

Section 11.             Covenants of the Company.

The
Company hereby agrees and covenants as follows:

11.1.    The Company shall file as
and when applicable, on a timely basis, all reports required to be filed by it
under the Exchange Act.  If the Company
is not required to file reports pursuant to the Exchange Act, upon the request
of any Holder of Registrable Securities, the Company shall make publicly
available the information specified in subparagraph (c)(2) of Rule 144 of the
Securities Act, and take such further action as may be reasonably required from
time to time and as may be within the reasonable control of the Company, to
enable the Holders to transfer Registrable Securities without registration
under the Securities Act within the limitation of the exemptions provided by
Rule 144 under the Securities Act or any similar rule or regulation hereafter
adopted by the Commission.

11.2.    The Company shall not
effect any public sale or distribution of any shares of Common Stock or any
securities convertible into or exchangeable or exercisable for shares of Common
Stock, during the five Business Days prior to, and during the 90-day period
beginning on, the commencement of a public distribution of the Registrable
Securities pursuant to any registration statement prepared pursuant to this
Agreement.  The Company shall not effect
any registration of its securities (other than on Forms S-4 or Forms S-8 or any
successor forms or pursuant to such other registration rights agreements as may
be approved in writing by the Selling Holders), or effect any public or private
sale or distribution of any of its securities, including a sale pursuant to
Regulation D under the Securities Act, whether on its own behalf or at the
request of any holder or holders of such securities from the date of a request
for a Demand Registration pursuant to Section 2.1 until the earlier of
(x) 90 days following the date as
of which all securities covered by such Demand Registration shall have been
Transferred, and (y) 180 days following the effective date of such Demand
Registration, unless the Company shall have previously notified in writing all
Selling Holders of the Company’s desire to do so, and Selling Holders owning a
majority of the Registrable Securities or the Underwriters’ Representative, if
any, shall have consented thereto in writing.

11.3.    The Company shall not,
directly or indirectly, (x) enter into any merger, consolidation or
reorganization in which the Company shall not be the surviving corporation or
(y) transfer or agree to transfer all or substantially all the Company’s
assets, unless prior to such merger, consolidation, reorganization or asset
Transfer, the surviving corporation or the transferee, respectively, shall have
agreed in writing to assume the obligations of the Company under this
Agreement, and for that purpose references hereunder to “Registrable Securities”
shall be deemed to include the securities which the Holders of Registrable
Securities would be entitled to receive in exchange for Registrable Securities
pursuant to any such merger, consolidation or reorganization.

Section 12.             Amendment, Modification and
Waivers; Further Assurances.

(i)            This Agreement may
be amended with the consent of the Company, and the Company may take any action
herein prohibited, or omit to perform any act herein required to be performed
by it, only if the Company shall have obtained the written consent of Holders
owning Registrable Securities possessing a majority in number of the
Registrable Securities then outstanding to such amendment, action or omission
to act.

 16
 

 

(ii)           No waiver of any
terms or conditions of this Agreement shall operate as a waiver of any other
breach of such terms and conditions or any other term or condition, nor shall
any failure to enforce any provision hereof operate as a waiver of such
provision or of any other provision hereof. 
No written waiver hereunder, unless it by its own terms explicitly
provides to the contrary, shall be construed to effect a continuing waiver of
the provisions being waived, and no such waiver in any instance shall
constitute a waiver in any other instance or for any other purpose or impair
the right of the party against whom such waiver is claimed in all other
instances or for all other purposes to require full compliance with such
provision.

(iii)          Each of the parties
hereto shall execute all such further instruments and documents and take all
such further action as any other party hereto may reasonably require in order
to effectuate the terms and purposes of this Agreement.

Section 13.             Assignment; Benefit.

This
Agreement and all of the provisions hereof shall be binding upon and shall
inure to the benefit of the parties hereto and their permitted successors and
assigns.  A Holder may transfer its
rights hereunder to a successor in interest to the Registrable Securities owned
by such assignor only as permitted by Section 9.

Section 14.             Miscellaneous.

14.1.    Governing Law.  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER
APPLICABLE PRINCIPLES OF CONFLICT OF LAWS.

14.2.    Notices.  All notices and other communications
hereunder shall be in writing and shall be deemed given if delivered
personally, sent by overnight courier (with delivery confirmed) or telecopied
(with a confirmatory copy sent by overnight courier) to the parties at the
following addresses (or at such other address for a party as shall be specified
by like notice):

(i)        if to Company, to:

Metro One
Telecommunications, Inc.

11200 Murray Scholls Place

Beaverton, OR 97008

Attn:  Chief Executive Officer

Telecopy
No.:  503-521-8443

            with a copy (which
shall not constitute notice) to:

Heller Ehrman LLP

333 South Hope Street, 39th Floor

Los Angeles, CA  90071

Attn:  Neal H. Brockmeyer, Esq.

Telecopy
No.:  213-614-1868

 17
 

 

(ii)       if to the original
Holder, to:

Jingle Networks, Inc..

New England Executive Park,
West Wing 3rd Floor

Burlington, MA 01803

Attn: Chief Technology
Officer

Telecopy
No.: 707-202-3399

            with a copy (which
shall not constitute notice) to:

Ropes & Gray LLP

One Embarcadero, Suite 220

San Francisco, CA 94111

Attn:  Christopher Austin

Telecopy No.: 415-315-6350

In
the event of a Transfer of any Registrable Securities, notices given pursuant
to this Agreement to a subsequent Holder shall be delivered to the relevant
address specified in the relevant agreement in the form of Exhibit A
whereby such Holder became bound by the provisions of this Agreement.

Except
as otherwise provided in this Agreement, the date of each such notice and
request shall be deemed to be, and the date on which each such notice and
request shall be deemed given shall be: 
at the time delivered, if personally delivered or mailed; when receipt
is acknowledged, if sent by telecopy; and the next Business Day after timely
delivery to the courier, if sent by overnight air courier guaranteeing next
Business Day delivery.

14.3.    Entire Agreement;
Integration.  This Agreement
supersedes all prior agreements between or among any of the parties hereto with
respect to the subject matter contained herein, and embodies the entire
understanding among the parties relating to such subject matter.

14.4.    Injunctive Relief.  Each of the parties hereto acknowledges that
in the event of a breach by any of them of any material provision of this
Agreement, the aggrieved party may be without an adequate remedy at law.  Each of the parties therefore agrees that in
the event of such a breach hereof the aggrieved party may elect to institute
and prosecute proceedings in any court of competent jurisdiction to enforce
specific performance or to enjoin the continuing breach hereof.  By seeking or obtaining any such relief, the
aggrieved party shall not be precluded from seeking or obtaining any other
relief to which it may be entitled.

14.5.    Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be an original, and all of which shall
together constitute one and the same instrument.  All signatures need not be on the same
counterpart.

14.6.    Severability.  If any provision of this Agreement shall be
invalid or unenforceable, such invalidity or unenforceability shall not affect
the validity and enforceability of the remaining 

 18
 

 

provisions
of this Agreement, unless the result thereof would be unreasonable, in which
case the parties hereto shall negotiate in good faith as to appropriate
amendments hereto.

14.7.    Filing.  A copy of this Agreement and of all
amendments thereto shall be filed at the principal executive office of the
Company with the corporate secretary of the Company.

14.8.    Termination.  This Agreement may be terminated at any time
by a written instrument signed by the parties hereto.  Unless sooner terminated in accordance with
the preceding sentence, this Agreement (other than Section 8 hereof)
shall terminate in its entirety on such date as there shall be no Registrable
Securities outstanding, provided, however, that any shares of
Common Stock previously subject to this Agreement shall not be Registrable
Securities following the sale of any such shares in an offering registered
pursuant to this Agreement; and provided  further that a Holder
shall cease to be a Holder under this Agreement for all purposes if such Holder
(i) is provided with an opinion of counsel of the Company which is reasonably
satisfactory to Holder to the effect that such Holder may sell all of the
Registrable Securities owned by it without registration under the Securities
Act and (ii) enters into an agreement with the Company pursuant to which the
Company agrees to remove all legends and “stop transfers” relating to such
Registrable Securities.

14.9.    Attorneys’ Fees.  In any action or proceeding brought to
enforce any provision of this Agreement, or where any provision hereof is
validly asserted as a defense, the successful party shall be entitled to
recover reasonable attorneys’ fees (including any fees incurred in any appeal)
in addition to its costs and expenses and any other available remedy.

14.10.  No Third Party
Beneficiaries.   Nothing herein
expressed or implied is intended to confer upon any person, other than the
parties hereto or their respective permitted successors and assigns, any
rights, remedies, obligations or liabilities under or by reason of this
Agreement, except as expressly
provided in this Agreement.

 19
 

 

IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the
date and year first written above.

	
  

  	
  METRO ONE
  TELECOMMUNICATIONS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gary E.
  Henry

  
	
   

  	
  Name:

  	
  Gary E. Henry

  
	
   

  	
  Title:

  	
  President and
  CEO

  
	
   

  	
   

  	
   

  
	
   

  	
  JINGLE NETWORKS,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Scott A.
  Kliger

  
	
   

  	
  Name:

  	
  Scott A. Kliger

  
	
   

  	
  Title:

  	
  CTO

  

 

SIGNATURE PAGE TO

REGISTRATION RIGHTS AGREEMENT

 20

 

EXHIBIT A

to Registration

Rights Agreement

AGREEMENT TO BE BOUND

BY THE REGISTRATION RIGHTS AGREEMENT

The undersigned, being the transferee of ______ shares of the common
stock, no par value (the “Registrable Securities”), of Metro One
Telecommunications, Inc., an Oregon corporation (the “Company”), as a
condition to the receipt of such Registrable Securities, acknowledges that
matters pertaining to the registration of such Registrable Securities is
governed by the Registration Rights Agreement dated as of July 1, 2006,
initially among the Company and the Holder referred to therein (the “Agreement”),
and the undersigned hereby (1) acknowledges receipt of a copy of the Agreement,
and (2) agrees to be bound as a Holder by the terms of the Agreement, as the
same has been or may be amended from time to time.

Agreed to this __ day of ______________, 200_.

_________________________________

_________________________________*

_________________________________*

*Include address for notices.

 

 A-1Exhibit
10.12

AGREEMENT OF SALE

This AGREEMENT OF SALE is made this 23rd day of
June, 2006, between BRANDYWINE  
OPERATING PARTNERSHIP, L.P. having its principal office at 401 Plymouth
Road, Suite 500, Plymouth Meeting, PA 19462 (“Seller”), and BALA POINTE
OWNER LP, a Delaware limited partnership, having a principal
office c/o Dividend Capital Total Realty Trust, 7 Times Square, Suite
3503, New York, New York 10036 (“Buyer”).

BACKGROUND

The
Background of this Agreement is as follows:

A.            Seller is the owner of
a certain tract of land being comprised of one parcel of property as more fully
described on Exhibit “A” attached hereto (the “Land”),
together with the building and improvements 
thereon, including an office building containing approximately 172,894
square feet, commonly known as Bala Pointe Office Centre (the “Improvements”), and located  at 111 Presidential Boulevard, Bala Cynwyd,
Lower Merion Township, Montgomery County, Pennsylvania ; and

B.            Seller desires to sell
to Buyer and Buyer desires to purchase from Seller the Property (as defined
below) referred to in this Agreement, upon the terms and conditions set forth
herein.

TERMS AND CONDITIONS

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained
herein, and with the preceding Background paragraphs incorporated by reference,
the parties hereto, intending to be legally bound hereby, covenant and agrees
as follows:

1.             PROPERTY
BEING SOLD.

Seller
shall sell, transfer and convey to Buyer on the Closing Date (as hereinafter
defined) all of Seller’s interest in:

1.1           Real
Property.  (i)  the Land, (ii) the Improvements and (iii) all
of the easements, licenses, rights of way, privileges, hereditaments,
appurtenances, inuring to the benefit of 
the Land and the Improvements and (iv) rights to any land lying in the
beds of any street, road or avenue, open or proposed, adjoining the Land and
any gores and gores adjacent to the Land (all items in clauses (i) through (iv)
above hereinafter collectively referred to as the “Premises”).

1.2           Personal
Property.  All equipment, fixtures,
machinery and personalty of every description attached to or specifically used
in connection with the Premises (and not owned by tenants under leases of the
Premises) (hereinafter collectively referred to as “Personal
Property”).

 1
 

 

1.3           Intangible
Property  (i) all service, equipment,
supply, maintenance, utility and other contracts and agreements in effect on
the date hereof and listed on Exhibit “C” attached hereto (the “Existing Contracts”) and any new
contracts entered into after the date hereof in accordance with this Agreement,
( the “New Contracts” and together with
the Existing Contracts, the “Service Contracts”),
(ii)_all rights, guaranties and warranties of any nature, all architects’,
engineers’, surveyors’ and other real estate professionals’ plans,
specifications, certifications, reports, data or other technical descriptions,
reports or audits, including any electronic copies thereof, all without
warranty as to completeness or accuracy (together with the Service Contracts,
the “Contract Documents”), (iii) all
governmental permits, licenses, certificates, and approvals in connection with
the ownership of the Premises (“Licenses”),
(iv) all escrow accounts, deposits, instruments, documents of title, general
intangibles, all rights to the name “Bala Pointe” and any other names used in
connection with the Premises to the extent assignable and all of Seller’s
rights, claims, and causes of action if any, to the extent they are assignable,
under any warranties and/or guarantees of manufacturers, contractors or
installers, all rights against tenants and others relating to the Premises or
the operation or maintenance thereof, including to the extent applicable, any
warranties from any previous owners of the Premises (all items in clauses (i)
through (iv) above hereinafter collectively referred to as “Intangible Property”); and

1.4           Leases.  All leases, licenses and other agreements,
occupancy or otherwise  for any part of
the Premises, including all amendments, modifications and the like which are in
effect as of the date hereof and listed on Exhibit “E-1” (the “Existing Leases”) attached hereto
or which are entered into after the date hereof in accordance with the terms of
this Agreement (the “New Leases”,
and together with the Existing Leases, the “Leases”)
, and all prepaid rent and unapplied security deposits (the “Security  Deposits”).

The
Premises, the Leases, the Security Deposits, Intangible Property and Personal
Property are sometimes hereinafter referred to as “Property.”

2.             PURCHASE
PRICE AND MANNER OF PAYMENT.

2.1           Purchase
Price.  Buyer shall pay the total sum
of Thirty Four Million, Nine Hundred, Eighteen Thousand and 00/100 Dollars
($34,918,000.00) (the “Purchase Price”)
subject to adjustment.

2.2           Manner of Payment.  The Purchase Price shall be paid in the
following manner:

2.2.1        Deposit.  No later than two (2) business days after the
full execution of this Agreement, Buyer shall deposit One Million and 00/100
Dollars ($1,000,000.00) to Fidelity National Title Insurance Company
(hereinafter referred to as “Escrow Agent”
or “Escrowee”).  This sum and all other sums paid by Buyer to
the Escrow Agent under this Agreement (together with any and all interest
accrued thereon, hereinafter referred to as the “Deposit”)
shall be held by Escrow Agent in a [federally-insured, segregated money market
account] at an institution to be designated by Buyer until the release of the
Deposit pursuant to Section 16 of this Agreement.  Interest on the Deposit shall be credited to
Buyer at Closing, or otherwise paid to the party entitled to the Deposit in

 2
 

 

the event of the
termination of this Agreement prior to Closing. 
If Buyer does not elect to terminate this Agreement pursuant to Section
6 below prior to the Inspection Period Expiration Date (as hereinafter
defined), the Deposit shall automatically become non-refundable unless the
Closing fails to occur by reason of (i) Seller’s default, (ii) Seller’s
inability to deliver title without Title Objections, (iii) the failure of any
condition precedent to Buyer’s obligation to close set forth in Section 12.2
below or (iv) a termination pursuant to Article 8 or Article 9 below, in which
event (i.e. the occurrence of (i), (ii), (iii) or (iv) above), the Deposit
shall be returned to Buyer in accordance with the terms of this Agreement.

2.2.3        Cash Balance.  The balance by delivery to the Seller on the
Closing Date, by bank cashier’s, title company, or certified check, or by wire
transfer, subject to adjustment as herein provided.

3.             TITLE.  On the Closing Date, Seller shall convey to
Buyer good and marketable fee simple title to the Premises subject only to the
Permitted Exceptions (as defined in Section 6.1 below), which title shall be
insurable at regular rates by a reputable title insurance company (“Title Company”) under an ALTA 1992
Owner’s Policy of Title Insurance in the amount of the Purchase Price (“Title Policy”).

4.             COVENANTS.  In addition to the covenants contained in the
other Sections of this Agreement, Seller covenants that, between the date
hereof and the Closing Date, it shall:

4.1           Maintenance.  Maintain the Property in good condition and
repair, reasonable wear and tear alone excepted, operate the Property in
substantially the same management practices and leasing standards as operated
prior to the date hereof, and pay in the normal course of business prior to
Closing, all sums due for work, materials or service furnished or otherwise
incurred in the ownership and operation prior to Closing.

4.2           Alterations.  Not make or permit to be made any
alterations, improvements or additions to the Property without the prior
written consent of Buyer, except those made by Seller if required by applicable
law or ordinance, or as required under any Lease or under this Agreement.

4.3           Lease.  Not enter into any New Lease or amend,
modify, renew, terminate, grant any consent or waive any material right under
any Existing Lease without Buyer’s consent, such consent to be given or
withheld within three (3) business days of receipt of a leasing proposal and/or
a copy of any proposed New Lease or amendment, modification, renewal,
termination consent or waiver in respect of any Existing Lease, which consent
(i) shall not be unreasonably withheld if the leasing proposal (and
documentation if not substantially in the same form as the proposed document)
is received by Buyer at least three (3) business days prior to the Inspection
Period Expiration Date and (ii) may be withheld in Buyer’s sole discretion if
same is received after the date that is three (3) business days prior to the
Inspection Period Expiration Date, provided that Buyer shall not unreasonably
withhold consent to the final documentation of a lease to the extent that Buyer
has approved a proposal and the documentation evidencing the terms of such
proposal is on  the terms set forth in
such proposal and substantially in the same form as the standard form of
document previously delivered to Buyer.  
Buyer agrees that it would not be reasonable to withhold consent if

 3
 

 

Buyer previously
approved the proposal and the documentation evidencing the terms of such
proposal are substantially similar to both the proposal and the standard form
of document previously delivered to Buyer. 
If Buyer does not affirmatively give or withhold its consent within such
three business day period, then such New Lease or amendment, modification,
renewal, termination consent or waiver in respect of any Existing Lease shall
be deemed rejected by Buyer.

4.4           Security Deposits.  Not apply any Tenant’s (as defined in Section
6.3 below) security deposit to the discharge of such Tenant’s obligations,
without Buyer’s consent, which shall not be unreasonably withheld.

4.5           Bill Tenants.  Timely bill all Tenants for all rent billable
under Leases, and use its best efforts to collect any rent in arrears.

4.6           Notice to Buyer.  Notify Buyer promptly of the occurrence of
any of the following: (i) a fire or other casualty causing damage to the
Property, or any portion thereof; (ii) receipt of notice of eminent domain
proceedings or condemnation of or affecting the Property, or any portion
thereof;  (iii) receipt of notice from
any governmental authority or insurance underwriter relating to the condition,
use or occupancy of the Property, or any portion thereof, or any real property
adjacent to any of the Property, or setting forth any requirements with respect
thereto; (iv) receipt or delivery of any default or termination notice or
notice of intent to vacate or claim of offset or defense to the payment of rent
from any tenant; (v) receipt of any notice of default from the holder of any
lien or security interest in or encumbering the Property, or any portion
thereof; (vi) a change in the occupancy of the leased portions of the Property;
(vii) notice of any actual or threatened litigation against Seller or affecting
or relating to the Property, or any portion thereof; or (viii) the commencement
of any strike, lock-out, boycott or other labor trouble affecting the
Property, or any portion thereof.

4.7           No New Agreements;
Amendments .  Except for agreements which can be terminated on not more than thirty
(30) days prior notice without penalty or payment of any kind not (i) enter
into any other agreements which affect the Property or the transactions
contemplated by this Agreement, without the prior written consent of Buyer;
(ii) permit the creation of any liability, easement, restriction, encumbrance
or lien which shall bind Buyer or the Premises after Closing and (iii) amend,
modify, renew or terminate any Contract Document without the prior written consent
of Buyer, provided that Seller shall terminate on or prior to Closing any
Service Contacts that Buyer, during the Inspection Period requests in writing
that Seller terminate.

4.8           Estoppels .  Seller shall use commercially reasonable
efforts to obtain Estoppels (as
hereinafter defined) from each Tenant in the form of Exhibit “F”
attached hereto. Seller shall forward a
request for Estoppels to each of the Tenants; provided, however, that other
than delivery of Required Estoppels (as hereinafter defined) pursuant to
Section 12.2.3 hereof, delivery of such Estoppels shall not be a condition
to Buyer’s obligations hereunder and shall not relieve Buyer’s obligation to
close.  Seller shall provide copies of
the estoppel certificates that are sent to each Tenant prior to the Inspection
Period Expiration Date.

 4
 

 

4.9           No Transfers  . 
Seller shall not transfer, sell or otherwise dispose of any of the
Property without the prior written consent of Buyer, except for the use and
consumption of supplies and the replacement of worn out, obsolete or defective
tools, equipment and appliances, in the ordinary course of business, provided
such items are replaced with items of no lesser quality.

4.10         Licenses. Keep all
Licenses in full force and effect.

4.11         Applicable Laws.  Comply in all material respects with all
applicable laws, rules and regulations.

4.12         Taxes;
Charges; Etc.  Continue to pay or
cause to be paid all taxes and assessments, water and sewer charges, utilities
and obligations under the Contract Documents.

4.13         Active Deals.  
Seller shall use commercially reasonable efforts to obtain a new lease
with Resolutions Consultants for 2,313 rentable square feet of the
Premises.  Seller shall be responsible
for any tenant improvement allowance or broker commission due in connection
with such new lease.

5.             REPRESENTATIONS
AND WARRANTIES.  In order to induce
Buyer to enter into this Agreement, each Seller hereby represents and warrants
to Buyer that the following representations and warranties are true now and
will be substantially true at Closing:

5.1           Seller’s Authority For Binding Agreement.  Seller is a duly authorized and validly
existing limited partnership formed under the laws of Delaware.  Seller has full power, right and authority to
own its properties, to carry on its business as now conducted, and to enter
into and fulfill its obligations under this Agreement.  Each of the persons or entities executing
this Agreement on behalf of Seller is authorized to do so.  This Agreement is the valid and legally
binding obligation of Seller, enforceable against Seller in accordance with its
terms.  The execution and delivery of
this Agreement and compliance with its terms will not conflict with or result
in the breach of any law, judgment, order, writ, injunction, decree, rule or
regulation, or conflict with or result in the breach of any other agreement,
document or instrument to which Seller is a party or by which it or the
Property is bound or affected.  No
consent, license, approval, order, permit or authorization of, or registration,
filing or declaration with, any court, administrative agency or commission or
other Governmental Authority or instrumentality, domestic or foreign, is
required to be obtained or made in connection with the execution, delivery and
performance of this Agreement or any of the transactions required or
contemplated hereby.

5.2           Employment on “At-Will”
Basis.  All persons and entities
presently employed in connection with the operation and maintenance of the
Premises are employed on an “at will” basis; are dischargeable upon thirty (30)
days notice, and, unless otherwise directed by Buyer, shall be terminated by
Seller as of Closing.  There are no labor
disputes pending, nor to the best of Seller’s knowledge, contemplated
pertaining to the operation or maintenance of the Premises, or any part
thereof.  Seller has no employment
agreements, either written or oral, with any person which would require Buyer
to employ any person after the date hereof.

 5
 

 

5.3           Service Contracts.  Exhibit “C” attached hereto is a list
of all Service Contracts, and except as stated on Exhibit “C” each of
such Service Contracts is terminable at will upon no more than thirty (30) days
notice.  No written notice of default or
breach by Seller in the terms of any of such Service Contracts have been
received by Seller.  Seller has
performed, and at Closing shall have performed, all obligations which it has
under the Service Contracts.  All Service
Contracts will be assigned to Buyer at Closing unless Buyer requests during the
Inspection Period that Seller terminate any such Service Contracts at Closing.

5.4           Condemnation.  There is no condemnation or eminent domain
proceeding pending with regard to any part of the Property, and to the best of
Seller’s knowledge, no such proceedings are proposed.

5.5           No Lawsuits.  There are no claims, lawsuits or proceedings
pending, or to the best of the Seller’s knowledge, threatened (i) against or
relating to the Property or (ii) against the Seller which could affect its
ability to transfer title to the Property, in any court or before any
governmental agency, except for actions for possession, damages and or rent, if
any, against defaulted tenants as disclosed in Exhibit “D”.

5.6           No Tax Assessments.   There are no public improvements in the
nature of off-site improvements, or otherwise, which have been ordered to be
made and/or which have not heretofore been assessed, and, to Seller’s
knowledge, there are no special or general assessments currently affecting or
pending against the Property, except as set forth in the Title Binder.

5.7           Leases.

5.7.1        Other than as set forth on Exhibit “E-1”
or Exhibit “E-2” which list sets forth a true, complete and correct rent
roll for the Property, (A) there are no oral or written leases or rights of
occupancy or grants or claims of right, title or interest in any portion of the
Premises, (B) no person or entity has any right of occupancy to all or any
portion of the Property except pursuant to the Leases.  Other than as set forth in the Leases, to
Seller’s knowledge (A) there are no lease “buy out” or “takeover” agreements or
assumed lease liabilities in connection with the Leases, (B) no tenant has any
right of first refusal, option or other preferential right to purchase the
Property or any portion thereof or any interest therein, and (C) there are no
consents to sublease in effect with respect to any of the subtenants of any
tenant under a Lease.

5.7.2        Except as specifically noted otherwise on Exhibit
“E-1”, (A) each of the Leases is in full force and effect in accordance
with its terms and has not been amended or modified in any respect, (B) to
Seller’s knowledge, no default on the part of the tenant under any of the
Leases has occurred and is continuing, (C) no default on the part of the
landlord under any of the Leases has occurred and is continuing, (D) no written
notice of a default on the part of the tenant under any of the Leases has been
sent by Seller (E) no written notice of a default on the part of the landlord
under any of the Leases has been received by Seller, (F) Seller has not
received any written notice from any tenant under any Lease terminating its
Lease or notifying Seller of such tenant’s intention to vacate its premises at
the end of its current term, and (J) Seller has not delivered to any
tenant under a Lease a notice terminating such tenant’s Lease.

 6
 

 

5.7.3        If an to the extent that the Required Estoppels
(as hereinafter defined)  confirm the
truth and accuracy of one or more specific representations or warranties made
by Seller under this Section 5.7, then Seller shall have not further liability
solely with respect to a breach of any such representation or warranty so
confirmed in the Required Estoppels.

5.8           Compliance with Law.

(i)            Seller has received no
notice alleging that the Property is in violation of applicable laws, rules or
regulations, and, to Seller’s knowledge, the Property, and the operation of the
Property, is and will at the Closing be in compliance in all material respects
with all applicable laws, rules or regulations.

(ii)           To the best of Seller’s
knowledge without independent investigation and based solely on any notices
received thereafter, there are no Hazardous Substances (defined below) and no
Hazardous Wastes (defined below) are present on the Property including, without
limitation, asbestos, flammable substances, explosives, radioactive materials,
hazardous wastes, toxic substances, pollutants, pollution, contaminant,
polychlorinated bypheryls (“PCBs”), urea formaldehyde foam insulation, radon,
corrosive, irritant, biologically infectious materials, petroleum product,
garbage, refuse, sludge, hazardous or waste materials.  Seller has not been identified in any
litigation, administrative proceeding or investigation as a responsible party
or potentially responsible party for any liability for clean-up costs, natural
resource damages or other damages or liability for prior disposal or release of
Hazardous Substances, Hazardous Wastes or other environmental pollutants or
contaminants at the Property, and no lien or superlien has been recorded, filed
or otherwise asserted against any real or personal property of Seller for any
clean-up costs or other responses costs incurred in connection with any
environmental contamination that is attributable, in whole or in part, to
Seller.  For purposes of this Agreement, “Hazardous
Substances” means those elements and compounds which are designated as such in
Section 101(14) of the Comprehensive Response, Compensation and Liability Act
(CERCLA), 42 U.S.C. Section 9601 (14), as amended, all petroleum products and
by-products, and any other hazardous substances as that term may be further
defined in any and all applicable federal, state and local laws; and “Hazardous
Wastes” means any hazardous waste, residential or household waste, solid waste,
or other waste as defined in applicable federal, state and local laws.  Except as otherwise disclosed by Seller,
Seller has not received any summons, citation, directive, letter or other
communication, written or oral, from any governmental or quasi-governmental authority
concerning any intentional or unintentional action or omission on Seller’s part
which (a) resulted in the releasing, spilling, leaking, pumping, pouring,
emitting, emptying or dumping of Hazardous Substances or Hazardous Wastes at
the Property, or (b) related in any way to the generation, storage, transport,
treatment or disposal of Hazardous Substances or Hazardous Wastes by Seller at
the Property.   There are no underground
storage tanks on the Property and to Seller’s knowledge, no underground storage
tank has been removed from the Property by Seller or Seller’s predecessor in
title.

5.9           No Brokers.  Except as set forth in Exhibit “K”
attached hereto, to Seller’s knowledge, no brokerage or leasing commission or
other compensation is now, or will at Closing be, due or payable to any person,
firm, corporation, or other entity with respect to or on account of any of the
leases, or any extensions or renewals thereof. 
Seller shall be responsible for the lease

 7
 

 

commissions due to
a broker in connection with the following: (a) Celeren Corporation 6,853 rsf
lease (b) David Freeman 2,335 rsf  (month
to month renewal); (c) Becker Associates renewal and (d) new lease with
Resolutions Consultants for 2,313 rsf.

5.10         All Taxes and
Assessments Paid.  Seller will have
paid prior to Closing, all taxes and assessments, including assessments payable
in installments, which are to become due and payable and/or a lien on the
Property, except for taxes for the current year which shall be prorated at
Closing.

5.11         FIRPTA.  Seller is not a “foreign person” as such term
is defined in Section 1445(f)(3) of the Internal Revenue Code of 1954, as
amended (the “Code”).

5.12         Mechanic’s Liens.  No work has been performed or is in progress
at, and no materials have been furnished to the Property which, though not
presently the subject of, might give rise to construction, mechanic’s,
materialmen’s, municipal or other liens against the Property or any portion
thereof, except that for which full and complete releases have been obtained.  If any lien for any such work is filed before
or after Closing, Seller shall promptly discharge the same.

5.13         Insurance.  Seller has insurance in full force and effect
which covers full replacement value of the Property.

5.14         Bankruptcy.          No insolvency proceeding
of any character (including bankruptcy, receivership, reorganization,
composition or arrangement with creditors (including any assignment for the
benefit of creditors)), voluntary or involuntary, relating to Seller or the
Property is pending, or, to Seller’s knowledge, is being threatened against
Seller by any Person.

5.15         Due Diligence
Materials.  All of the due diligence
information to be provided by Seller to Buyer for its review pursuant to
Section 6 hereof, including financial statements and related data, constitutes
all of the material documents relating to the Property and the operation
thereof, which to Seller’s knowledge are in the possession or under the control
of Seller and all copies of such due diligence information furnished to Buyer
to Seller’s knowledge are true, correct and complete.

5.16         Financial
Representations.  To Seller’s
knowledge, there are no:

(i)                                     irregularities
involving any member of management or employees that would have a materially
adverse effect on the statement of operating income for the Property provided
to Buyer;

(ii)                                  written
notices of material violations of laws or regulations, the effects of which
should be considered for disclosure in the financial statements or as a basis
for recording a loss contingency;

(iii)                               material
events that have occurred that would require material adjustment to the
statement of operating income provided to Buyer.

 8

 

(iv)                              material
transactions that have not been properly recorded in all material respects in
the accounting records underlying the financial statements.

5.17         Personal Property.  The Personal Property is owned by Seller free
and clear of any conditional bills of sale, chattel mortgages, security
agreements, pledge agreements, financing statements or other security
interests, and any liens, claims or encumbrances of any kind.

Except as
expressly set forth in this Agreement, Seller has not made and does not hereby
make any representations, warranties or other statements as to the condition of
the Property and Buyer acknowledges that at Closing it is purchasing the
Property on an “AS IS, WHERE IS” basis and without relying on any
representations and warranties of any kind whatsoever, express or implied, from
Seller, its agents or brokers as to any matters concerning the Property.  Except as expressly set forth in this
Agreement, no representations or warranties have been made or are made and no
responsibility has been or is assumed by Seller or by any partner, officer,
person, firm, agent or representative acting or purporting to act on behalf of
Seller as to the condition or repair of the Property or the value, expense of
operation, or income potential thereof or as to any other fact or condition
which has or might affect the Property or the condition, repair, value, expense
of operation or income potential of the Property or any portion thereof.  The parties agree that all understandings and
agreements heretofore made between them or their respective agents or
representatives are merged in this Agreement and the Schedules and Exhibits
hereto annexed, which alone fully and completely express their agreement, and
that this Agreement has been entered into after full investigation, or with the
parties satisfied with the opportunity afforded for investigation, neither
party relying upon any statement or representation by the other unless such
statement or representation is specifically embodied in this Agreement or the Exhibits
annexed hereto.  Buyer acknowledges that
Seller has requested Buyer to inspect fully the Property and investigate all
matters relevant thereto and, with respect to the condition of the Property, to
rely solely upon the results of Buyer’s own inspections or other information
obtained or otherwise available to Buyer, rather than any information that may
have been provided by Seller to Buyer.   The phrase “to Seller’s
knowledge” or any similar knowledge qualification shall be deemed to mean, and
shall be limited to, the actual knowledge (as distinguished from implied,
constructive or imputed knowledge) of Tim
McNally (former property manager) Les Santaniello (current property manager)
and George Hasenecz, Vice President of Investment  Services,
without such persons having made or having any obligation to make any independent inquiry
or investigation.

6.             BUYER’S REVIEW AND
APPROVAL OF TITLE AND SURVEY.

6.1           Title Binder; Survey
.  Attached as Exhibit “B” to
this Agreement is a copy of Seller’s title insurance policy, including all
exceptions to title, such exceptions to title shall hereafter be referred to as
“Permitted Exceptions” unless Buyer
notifies Seller of an objection to any of such exceptions as set forth
herein.  As promptly as practical after
the date of this Agreement, Buyer shall secure a current title commitment (the “Title Binder”) from a title company acceptable to Buyer.

 9
 

 

Buyer shall
provide Seller with a copy of its title commitment within such stated time
period.  Within one (1) day after the
date of this Agreement, Seller shall deliver to Buyer any historic survey of
the Property in Seller’s possession, and, Buyer, may order an updated ALTA
survey  (the “Survey”), prepared
by a duly licensed land surveyor acceptable to Buyer.

6.2           Title Objections .  In the event Buyer’s Title Binder, as updated
to closing, or Buyer’s Survey  identifies
any title exceptions or defects in title of which Buyer does not approve or
which render title unmarketable or which unreasonably interferes with Buyer’s
intended use of the Property (“Title
Objections”), Buyer shall notify Seller (the “Title Report Objection Notice”) and
Seller shall elect by written notice to Buyer (“Seller’s Disposition Notice”) within five (5) business
days of a Title Report Objection Notice whether to correct such defects prior
to Closing.  If Seller fails to deliver
the Seller’s Disposition Notice to Buyer within five (5) business days of
receipt a Title Report Objection Notice, Seller shall be deemed to have
objected affirmatively to all matters set forth in the Title Report Objection
Notice and the same shall constitute Seller’s refusal to correct, on or before
the date of Closing, all title matters to which Buyer objected in the Title
Report Objection Notice, subject to Seller’s obligation to cure certain
exceptions pursuant to this Section 6.2. 
In the event Seller cannot correct such defects by Closing or chooses
not to correct such defects subject to Seller’s obligation to cure certain
exceptions pursuant to this Section 6.2, then Buyer may accept title as is
without abatement or reduction of Purchase Price or Buyer may cancel this
Agreement upon notice to Seller and receive a full refund of the Deposit.  Upon delivery of Buyer’s notice canceling
this Agreement, this Agreement shall thereupon be deemed canceled and become
void and of no further effect, and neither party shall have any obligations of
any nature to the other hereunder or by reason hereof, except for those
provisions herein which by their terms expressly survive.  Seller shall not be required to take or bring
any action or proceeding or any other steps to remove any defect in or
objection to title or to fulfill any condition or to expend any moneys
therefor, nor shall Buyer have any right of action against Seller therefor, at
law or in equity, provided, however, that, notwithstanding
anything to the contrary contained herein, Seller shall remove or cause to be
removed of record (i) the lien of any mortgage, security agreement, financing
statement or any other instrument which evidences or secures indebtedness and
affects the Property and (ii) any other liens or encumbrances against the
Property, including without limitation mechanics liens, which were not caused
by the acts or omissions of Buyer, its agents, contractors or representatives
and which can be cured by the payment of money in liquidated amounts.

6.3   Physical and Financial Inspection.  For a period (the “Inspection Period”)
commencing on the date of execution of this Agreement by Buyer and expiring
thirty (30) days thereafter (such date is herein referred to as the “Inspection
Period Expiration Date”), Buyer shall have the right to obtain financing
for the Property and have performed a physical and mechanical inspection,
measurement and audit of the Property and an inspection of all books and
records and financial information pertaining thereto, and Seller shall
cooperate with Buyer and shall furnish to Buyer such information, materials and
documents as Buyer may reasonably request and shall have its accountant available
throughout such period to assist in Buyer’s inspection and review.  The inspection, audit and measurement of the
Property’s operation, condition and maintenance shall include, without
limitation, such environmental and engineering inspections, reviews and
assessments that Buyer deems appropriate. Buyer shall also be entitled to
contact and meet with any tenants under any of the Leases (“Tenants”) during the Inspection
Period provided such
contact and

 10
 

 

meeting is coordinated by Seller and Seller accompanies Buyer.  If Buyer, at Buyer’s sole and absolute
discretion, shall find such inspection(s) to be unsatisfactory, or for any
other reason whatsoever, Buyer shall have the right, at its option, to
terminate this Agreement on or before the Inspection Period Expiration Date,
and upon such termination, the Deposit shall be immediately refunded to the
Buyer, and thereupon the parties hereto shall have no further liabilities one
to the other with respect to the subject matter of this Agreement.  Buyer agrees that it shall not unreasonably
interfere with tenants in performing its inspection.

Seller
shall provide the following material to Buyer within one (1) business day
following full execution of this Agreement, all of which shall be true correct
and complete to the best of Seller’s knowledge:

1.                                       Historic
title reports and documentation of title for the Property, in addition to the
title policy attached hereto as Exhibit “B”, within Seller’s possession;

2.                                       Historic
survey and as-built plans and specification for the Property, within Seller’s
possession;

3.                                       Copies
of all Leases and subleases for the Property and all amendments thereto;

4.                                       Current
and historical operating reports with supporting financial documentation for
the Property for the current year and the prior two years;

5.                                       Historic
evidence of compliance with zoning for the Property, within Seller’s
possession, including, to the extent available, copies of all certificates of
occupancy and building permits;

6.                                       Information
pertaining to any pending or threatened litigation involving the Property;

7.                                       All
service and maintenance contracts, employment agreements, collective bargaining
agreements, equipment leases, utility agreements, management agreements and the
like, if any,  for the Property, within
Seller’s possession;

8.                                       Real
estate tax bills for the current year, if available, and the last three years;

9.                                       Copies
of insurance bills and policies if specific to the Property and not covering
Seller’s portfolio;

10.                                 Copies
of all pending agreements that will be binding on Buyer after closing;

11.                                 Copies
of all proposals, letters of intent and leases out for signature at the time
this Agreement is executed;

 11
 

 

12.                                 Aged
delinquency report; and

13.                                 Copies
of all environmental and engineering reports within Seller’s control or
possession.

Notwithstanding anything herein to the contrary, in the event that
Buyer does not terminate this Agreement prior to the Inspection Period
Expiration Date, after the Inspection Period Expiration Date, Buyer shall
continue to have the right to inspect the Property, meet with Tenants (with
Seller’s coordination and accompaniment) 
and perform such other tasks permitted in this Section 6.3 but Buyer
shall no longer have a right to terminate this Agreement based upon the results
of any such investigation.

7.             SURVIVAL OF
REPRESENTATIONS AND WARRANTIES.  The
representations and warranties of Buyer and Seller set forth herein shall
survive the Closing and delivery of the deed for a period of one (1) year from
date of closing.

8.             FIRE OR OTHER
CASUALTY.

8.1           Maintain Insurance.  Seller shall maintain in effect until the
Closing Date the insurance policies (or like policies) now in effect with
respect to the Premises and Personal Property.

8.2           Minimal Damage.  If prior to the Closing Date any portion of
the Property is damaged or destroyed by fire or other casualty, Seller shall
give prompt notice of such casualty to Buyer. 
If the cost of repair or restoration thereof shall be $250,000 or less
(as established by good faith estimates obtained by Buyer), this Agreement
shall remain in force and, upon Buyer’s consent, Seller shall commence to
repair any such damage prior to Closing, if the commencement of such repairs is
possible prior to Closing.

8.3           Substantial Damage.  If prior to the Closing Date any portion of
the Property is damaged or destroyed by fire or other casualty, Seller shall
give prompt notice of such casualty to Buyer. 
If the cost of repair or restoration thereof shall be more than $250,000
(as established by good faith estimates obtained by Buyer), Buyer may within
thirty (30) days after receipt of such notice from Seller (“Damage Notice”)
of said damage or destruction, terminate this Agreement by giving written
notice thereof to Seller (“Buyer’s Notice of Election”), and if this Agreement
is so terminated, then the Deposit shall be immediately refunded to Buyer, and
thereafter neither party shall have any further liability hereunder
thereafter.  If Buyer does not so
terminate this Agreement, it shall remain in full force and effect, and the
provisions of Section 8.4 below shall apply.

8.4           Closing After
Substantial Damage.  So long as this
Agreement shall remain in force under Section 8.2 or 8.3, then (i) the sum of
(a) all proceeds of insurance collected prior to Closing, (b) the amount of
deductible under Seller’s insurance policy and (c) the cost of repair or
restoration (as established by good faith estimates obtained by Buyer) for any
uninsured casualty, shall be credited to Buyer against the Purchase Price
payable by Buyer at Closing, and (ii) all unpaid claims and rights in
connection with losses shall be assigned to Buyer at Closing.  Buyer shall have a right to participate in
any proceedings in connection with the adjustment of any insurance proceeds.

 12
 

 

9.             CONDEMNATION.  If, prior to the Closing Date, all or any
portion of the Premises is taken by eminent domain or a notice of any eminent
domain proceedings with respect to the Premises or any part thereof is received
by the Seller, then Seller shall within five (5) days thereafter give notice
thereof to Buyer and Buyer shall have the option to (a) complete the purchase
hereunder or (b) if such taking, in Buyer’s sole and absolute discretion,
adversely affects the Premises or its current economic viability, terminate
this Agreement, in which event the Deposit shall be immediately refunded to
Buyer, and this Agreement shall be null and void.  Buyer shall deliver written notice of its
election to the Seller within twenty (20) days after the date upon which the
Buyer receives written notice of such eminent domain proceedings.  If notice of condemnation is received by
Buyer and it fails to deliver said written notice of its election within said
time period, such failure shall constitute a waiver by Buyer of its right to
terminate this Agreement.  If this
Agreement is not so terminated, Buyer shall be entitled to all awards or
damages by reason of any exercise of the power of eminent domain or
condemnation with respect to or for the taking of the Premises or any portion
thereof, and until such time as closing has occurred, or this Agreement
terminates.  Any negotiation for, or
agreement to, and all contests of any offers and awards relating to eminent
domain proceedings shall be conducted with the joint approval and consent of
the Seller and the Buyer.

10.           Expense Allocations.

10.1         Seller shall pay one half
of the applicable realty transfer taxes related to the execution, delivery and
recording of the Deed.  Seller shall pay
the broker commission.

10.2         Buyer shall pay one half
of the applicable realty transfer taxes related to the execution, delivery and
recording of the Deed and all of the cost of Buyer’s title examination, its
environmental report, its survey and title premiums and endorsements and any
other costs incurred by Buyer in connection with its inspection of the
Property.

10.3         Buyer and Seller shall be
responsible for paying their own attorney’s fees in connection with this
transaction.

10.4         All other closing
expenses shall be paid in accordance with the custom of the State and County in
which the Premises are located.

11.           CLOSING.

11.1         Time and Date and
Place.  The Closing on the sale of
the Property (herein referred to as the “Closing”) shall take place on a date
specified by Buyer in writing to Seller (the “Closing
Date”) at least five (5) days prior to the specified Closing
Date, but in any event no later than thirty (30) days following the Inspection
Period Expiration Date, at the offices of Brandywine Realty Trust, 401 Plymouth
Road Suite 500 Plymouth Meeting, PA 19462, commencing at 10:00 a.m. or at such other location and time as may be
required by Buyer’s lender, or by mail if mutually agreed upon by Buyer, Seller
and Title Company.

 13
 

 

11.2         Documents.  At or prior to Closing, the parties indicated
shall simultaneously execute and deliver the following:

11.2.1      Seller’s Documents and
Other Items.  Seller shall execute
and deliver or cause to be executed and delivered to Buyer in proper form for
recording where necessary:

11.2.1.1            Deed.  A special warranty deed in the form attached hereto
as Exhibit “G” (the “Deed”), conveying the Premises to Buyer, duly
executed by Seller for recording.  The
Deed description shall be based upon the metes and bounds description attached
as Exhibit “A.

11.2.1.2            Bill of Sale.  A bill of sale in the form attached hereto as
Exhibit “H”, assigning, conveying and transferring to Buyer, all of the
Personal Property, free and clear of all liens, encumbrances and interests
whatsoever.

11.2.1.3            Original Licenses, Contract Documents
and Other Personal Property.  All
original Licenses, Leases, Contract Documents, and other Personal Property and
Intangible Property described in Section 1.2 and Section 1.3 of this Agreement,
and copies of any other property files maintained by Seller and reasonably
requested by Buyer.

11.2.1.4            Assignment of  Licenses, Contract Documents and Other
Intangible Property.  An executed
counterpart of an general assignment and assumption agreement in the form
attached hereto as Exhibit “I”, assigning, conveying and transferring to
Buyer the Licenses, Contracts Documents and other Intangible Property (the “Assignment of Contracts”).

11.2.1.5            Assignment of  Leases and Security Deposits.  An executed counterpart of an assignment and
assumption of leases agreement in the form attached hereto as Exhibit “J”,
assigning, conveying and transferring to Buyer the Leases and any Security
Deposits in the form of letters of credit (the “Assignment
of Leases”).

11.2.1.6            FIRPTA 
and Certificates Required by Law. 
All certificate(s) required under Section 1445 of the Code.

11.2.1.7            Title Insurance Certificates.  A standard limited partnership affidavit of
title from Seller to Buyer and such affidavits of title or other certifications
as shall be reasonably required by the Title Company to insure Buyer’s title to
the Premises as set forth in Section 3.

11.2.1.8            Seller Certificate.  A written certification confirming that as of
Closing no representation or warranty of Seller contained in this Agreement,
nor any document or certificate delivered to Buyer pursuant to this Agreement
or in connection with the transaction contemplated hereby, contains any untrue
statement of a material fact or knowingly omits to state a material fact
necessary to make any representation or warranty contained herein misleading.

 14
 

 

11.2.1.9            Keys.  All keys, combinations and security codes for
all locks and security devices on the Property;

11.2.1.10          Tenant Letter.  Letters to each tenant advising of the change
in ownership and directing the payment of rent to such party as the Buyer shall
designate, said letter to be in form acceptable to Buyer.  

11.2.1.11          Seller’s Authority.  Proof satisfactory to Buyer and its counsel
of Seller’s good standing and authority to enter into this transaction and
proof of existence and authority of Brandywine Realty Trust to act on behalf of
the Seller as its general partner. 
Without limiting the generality of the foregoing, Seller shall deliver a
certificate from an authorized officer of the Trust as the general partner of
Seller confirming the incumbency of the signatories and the current form and
effect of the resolution authorizing the transaction.

11.2.2      Buyer’s Deliveries .  Buyer shall deliver or cause to be delivered
to Seller the following:

11.2.2.1            The amounts required to be paid to Seller
pursuant to this Agreement;

11.2.2.2            Confirmation of the existence and
subsistence of Buyer, and the authority of those executing for Buyer,
including, without limitation, the following documents issued no earlier than
thirty (30) days prior to Closing: a certificate from the secretary of Buyer
confirming the incumbency of the signatories and the current force and effect
of the resolution authorizing their execution of the documents required under
this Agreement;

11.2.2.3            An executed counterpart of the Assignment
of Contracts; and

11.2.2.4            An executed counterpart of the Assignment of
Leases.

11.2.3      Necessary Documents.  Buyer and Seller shall execute and deliver
such other documents and instruments as may be reasonably necessary to complete
the transaction contemplated by this Agreement.

12.           CONDITIONS PRECEDENT
TO CLOSING.

12.1         Seller Conditions.  Notwithstanding
anything to the contrary contained herein, the obligation of Seller to close
title in accordance with this Agreement is expressly conditioned upon the fulfillment
by and as of the time of Closing of each of the conditions listed below;
provided that Seller, at its election, evidenced by written notice delivered to
Buyer at or prior to the Closing, may waive any of such conditions:

 15
 

 

12.1.1      Buyer shall have executed and delivered to Seller all of the deliveries
required under Section 11.2.2 and shall have paid all sums of money required to
be paid under this Agreement.

12.1.2      All representations and warranties made by Buyer in this Agreement
shall be true and correct in all material respects as of the Closing Date.

12.2         Buyer Conditions.  Notwithstanding
anything to the contrary contained herein, the obligation of Buyer to close
title in accordance with this Agreement is expressly conditioned upon the
fulfillment by and as of the time of the Closing of each of the conditions
listed below; provided that Buyer, at its election, evidenced by written notice
delivered to Seller at or prior to the Closing, may waive all or any of such
conditions:

12.2.1      Seller shall have executed and delivered to Buyer all of the documents,
and shall have taken or caused to be taken all of the other action, required of
Seller under this Agreement.

12.2.2      Seller shall have delivered to Buyer estoppel
certificates (individually, an “Estoppel”
and, collectively, the “Estoppels”)
from Tenants occupying no less than eighty (80%) percent of the leased rentable
square feet of the Improvements existing as of the date of this Agreement (the “Required Percentage”), including
Estoppels from Clear Channel Broadcast and Celeren Corporation, all dated not
more that thirty days prior to the Closing Date, in the form attached hereto as
Exhibit “F” and made a part hereof or certifying as to the matters set
forth on Exhibit “F” on
such other form as may be provided by any Tenant, provided that in each case
such Estoppels are substantially the same as those estoppel certificates that
were delivered to Buyer prior to the Inspection Period Expiration Date in
accordance with Section 4.7 
(collectively, the “Required
Estoppels”).  
Notwithstanding the foregoing in the event that Seller delivers
Estoppels from Tenants occupying more than sixty-five (65%) percent the of
leased rentable square feet of the Improvements existing as of the date of this
Agreement, including  Clear Channel
Broadcast and Celeren, but less than the Required Percentage, Buyer’s condition
set forth in this Section 12.2.2 shall be satisfied in the event that Seller
shall have delivered one or more certificates in substantially the same form as
the form of Estoppel attached hereto as Exhibit “F” confirming in all
material respects the matters set forth in the form estoppel certificate
certificates that were delivered to Buyer prior to the Inspection Period
Expiration Date (each, a “Seller’s Certificate”)
so that, when combined with the Required Estoppels, Seller shall delivered
Seller’ Certificates and Required Estoppels from Tenants occupying the Required
Percentage. Seller’s failure to deliver Required Estoppels (or Seller’s
Certificates in lieu thereof to the extent permitted herein) under this Section
12.2.3 shall constitute only a failure of a condition to Buyer’s obligations
hereunder (in respect of which there shall be deemed to be no covenant on
Seller’s part to be performed) and not a default by Seller, and Buyer shall not
be entitled to specific performance of such obligation of Seller to deliver
such Required Estoppels.  In addition,
Seller’s failure to obtain the Required Estoppels (not including Seller’s
Certificates) shall not entitle Buyer to the remedies under Section 13.3
hereof.

 16
 

 

13.           DEFAULT; REMEDIES

13.1         In the event that any of
Seller’s representations, warranties or covenants contained in this Agreement
are not true in all material respects or if Seller shall have failed to have
performed any of the covenants and/or agreements contained in this Agreement
which are to be performed by Seller, on or before the date set forth in this
Agreement for the performance thereof, or if any of the conditions precedent to
Buyer’s obligation to consummate the transaction contemplated by this Agreement
shall have failed to occur, Buyer may, at its option, rescind this Agreement by
giving written notice of such rescission to Seller and Escrow Agent shall
immediately thereafter return the Deposit, and thereupon, subject to the
provisions of Section 13.3 below, the parties shall have no further liability
to each other hereunder.  In the
alternative, but without limiting Buyer’s right upon any default by Seller
hereunder to receive the prompt return of the Deposit, Buyer may seek to
enforce specific performance of this Agreement.

13.2         In the event Buyer shall default in the performance of Buyer’s
obligations under this Agreement and the Closing does not occur as a result
thereof, Seller’s sole and exclusive remedy shall be, and Seller shall be
entitled, to retain the Deposit as
and for full and complete liquidated and agreed damages for Buyer’s default,
and Buyer shall be released from any further liability to Seller hereunder,
except for those provisions herein which by their terms expressly survive.

13.3         Buyer’s Out-of-Pocket
Costs.  In the event of Seller’s breach or default hereunder
which results in Buyer’s termination of this Agreement, or in the event that
Seller shall fail to perform any term, covenant or agreement, or satisfy any
condition herein stipulated (including, without limitation, a failure of title,
but not including the failure to obtain from third party Tenants the Required
Estoppels), then, in any such event, upon termination by Buyer hereunder, in
addition to receiving the immediate return of the Deposit, anything in the
Agreement contained to the contrary notwithstanding, Buyer shall also receive
from Seller, upon demand, Buyer’s actual, documented out-of-pocket costs and
expenses associated with this Agreement and Buyer’s anticipated acquisition of
the Property including, without limitation, Buyer’s reasonable counsel fees and
costs, title expenses, survey costs, and other costs and expenses associated
with Buyer’s due diligence, including, without limitation, legal, financial and
accounting due diligence, Buyer’s structural inspection of the Property and
Buyer’s environmental assessment of the Property (collectively, “Transaction
Costs”).  The foregoing list is not
intended to be exclusive, but representative of the costs and expenses that the
parties anticipate that Buyer will incur in anticipation of this
transaction.  Seller’s maximum
reimbursement liability under this Section 13.3 shall not exceed $150,000.00
plus the amount of losses, if any, incurred by Buyer and actually paid as a
result of any hedge contracts of Buyer.  NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT TO THE CONTRARY,
SELLER’S TOTAL LIABILITY FOR DAMAGES FOR BREACH OF THE COVENANTS, AGREEMENTS,
WARRANTIES AND REPRESENTATIONS UNDER THIS AGREEMENT TO THE EXTENT BUYER CLOSES
HEREUNDER, COLLECTIVELY, SHALL NEVER EXCEED ONE MILLION DOLLARS
($1,000,000.00), AND IN NO EVENT SHALL SELLER BE LIABLE FOR SPECIAL, EXEMPLARY,
CONSEQUENTIAL OR PUNITIVE DAMAGES.

 17

 

14.           PRORATIONS.

14.1         Revenues and  Operating
Expenses.  The following items shall
be prorated at Closing, as of 11:59 pm of the day immediately preceding Closing
“Adjustment Date”:

14.1.1      Rents.     (a)           Fixed rents (including electricity, if applicable) payable by Tenants
which are collected on or prior to the Closing in respect of the month (or
other applicable collection period) in which the Closing occurs (the “Current Month”), on a per diem basis
based upon the number of days in the Current Month prior to the Closing Date
(which shall be allocated to Seller) and the number of days in the Current
Month on and after the Closing Date (which shall be allocated to Buyer).

(b)           If, at the Closing, any such fixed rent, including rent in respect of
the Current Month, is past due by any Tenant, Buyer agrees that the first
moneys received by it from such Tenant shall be received and held by Buyer in
trust, and shall be disbursed as follows:

(i)            First, to Seller and Buyer, in an amount
equal to the fixed rent for the Current Month, apportioned as of the date of
Closing;

(ii)           Next, to Buyer in an amount equal to all other fixed rent which is then
due and owing by such Tenant to Buyer in respect of all periods after the
Current Month;

(iii)          Next, to Seller  in an amount
equal to all other fixed rent owing by such Tenant to Seller in respect of all
periods prior to the Current Month; and

(iv)          The balance, if any, to Buyer.

Each
party agrees to remit reasonably promptly to the other the amount of such rents
to which such party is so entitled and to account to the other party monthly in
respect of same.  Buyer shall have the
right from time to time for a period of sixty (60) days following the Closing,
on reasonable prior notice to Seller, to review Seller’s rental records with respect
to the Property to ascertain the accuracy of such accountings.  The rent received by Seller after the Closing
shall be apportioned and remitted, if applicable, as hereinabove provided.

(c)           If the Closing shall occur prior to the time when any rental payments
for fuel pass-alongs, so-called escalation rent or charges based upon real
estate taxes, operating expenses, labor costs, cost of living or consumer price
increases, a percentage of sales or like items (collectively, “Overage Rent”) are payable for any
period which includes the period prior to the Closing, then such Overage Rent
for the applicable accounting period in which the Closing occurs shall be
apportioned subsequent to the Closing, but no such apportionments shall be made
more than sixty (60) days after Closing. 
Buyer agrees that it will receive in trust and pay over to

 18
 

 

Seller, within thirty (30)
days after Buyer’s receipt thereof, a pro-rated amount of such Overage Rent
paid subsequent to the Closing by such Tenant based upon the portion of such
accounting period which occurs prior to the Closing (to the extent not
theretofore collected by Seller on account of such Overage Rent prior to the
Closing), and shall account to Seller in respect of the same.  If, prior to the Closing, Seller shall
collect any sums on account of Overage Rent or fixed rent for a year or other
period, or any portion of such year or other period, beginning prior but ending
subsequent to the Closing, such sums shall be apportioned at the Closing as of
the date of the Closing.

(d)           Overage Rent prepaid by Tenants or otherwise payable by Tenants based
on an estimated amount and subject to adjustment or reconciliation pursuant to
the related Leases subsequent to the Closing shall be apportioned as provided
in Section 14.1.1(c) hereof and shall be re-apportioned as and when the
related Tenant’s actual obligation for such Overage Rent is reconciled pursuant
to the related Lease.  Buyer and Seller
shall jointly determine whether the items constituting Overage Rent have been
overbilled or underbilled with respect to accounting periods prior to or in
which the Closing occurs.  If Buyer and
Seller determine (subject to any protest rights of any Tenant) that there has
been an overbilling and an overbilled amount has been received, Buyer shall
reimburse or credit against Overage Rent next coming due such amount to the
Tenants which paid the excess amount and the parties shall contribute to such
reimbursement in the respective proportions in which the applicable overbilled
Overage Rents were previously apportioned between the parties as provided in
Section 14.1.1(c).  If Buyer and Seller
determine (subject to any protest rights of any Tenant) that there has been an
underbilling, the additional amount may be billed to the Tenants who are
determined to owe such additional amount, and the parties shall apportion such
amount(s) so received in the respective proportions in which Overage Rents were
previously apportioned between the parties as provided in Section 14.1.1(c).

(e)           All unapplied security deposits and advance rentals in the nature of
security deposits made by Tenants under Leases, if any, which are in the
possession or control of Seller on the date of the Closing shall be credited to
the Purchase Price upon Closing.  With
respect to any security deposit which is wholly or partially comprised of a
letter of credit, all original letters of credit, with all amendments thereto,
actually held by Seller accompanied by appropriate instruments (if made
available after reasonable request
by Seller) executed by Seller to transfer the letters of credit to Buyer shall
be delivered to Buyer at Closing.  Any
transfer fees or charges due in respect of the assignment and/or replacement of
any unapplied security deposit comprised of a letter of credit shall be paid by
50% by Seller and 50% by Buyer, except to the extent expressly required to be
paid by a Tenant pursuant to its respective Lease.  Seller and Buyer shall reasonably cooperate
with each other following the Closing so as to complete the transfer of the
letters of credit and cause Buyer to be the beneficiary thereunder.  The provisions of this Section 14.1.1(e)
shall survive the Closing.

14.1.2      Taxes.  Real estate taxes, unmetered water and sewer
charges and any and all other municipal or governmental assessments of any and
every nature levied or

 19
 

 

imposed upon the Property in
respect of the current fiscal year of the applicable taxing authority in which
the Closing Date occurs (the “Current Tax
Year”), on a per diem basis based upon the number of days in the
Current Tax Year prior to the Closing Date (which shall be allocated to Seller)
and the number of days in the Current Tax Year on and after the Closing Date
(which shall be allocated to Buyer); provided, however, that there shall be no
adjustment of real estate taxes, water and sewer charges and any other
municipal or governmental assessments payable by any Tenant directly to the
taxing authority under any Lease.  If the
Closing shall occur before the tax rate for the Current Tax Year is fixed, the apportionment of real
estate taxes shall be upon the basis of the tax rate for the next preceding
fiscal period applied to the latest assessed valuation.  Promptly after the new tax rate is fixed for
the fiscal period in which the Closing takes place, the apportionment of real
estate taxes shall be recomputed.  Upon
the Closing Date and subject to the adjustment provided above, Buyer shall be
responsible for real estate taxes and assessments levied or imposed upon the
Property payable in respect of the Current Tax Year and all periods after the
Current Tax Year.  In the event that any
assessments levied or imposed upon the Property are payable in installments,
the installment for the Current Tax Year shall be prorated in the manner set
forth above and Buyer hereby assumes the obligation to pay any such
installments due on and after the Closing Date.

14.1.3      Deposits. 
Tax and utility company deposits, if any, shall be credited to Seller if such amounts remain on deposit after the
Closing for the benefit of Buyer.

14.1.4      Water and Sewer Charges.  Water and sewer charges and fire protection
and inspection services based upon meter readings to be obtained by Seller
effective as of the Adjustment Date, or if not so obtainable, a date not more
than ten (10) days prior to the Adjustment Date, and the unfixed meter charges
based thereon for the intervening period shall be apportioned on the basis of
such last reading.  Upon the taking of a
subsequent actual reading, such apportionment shall be readjusted and Seller or
Buyer, as the case may be, will promptly deliver to the other the amount
determined to be so due upon such readjustment. 
If Seller is unable to furnish such prior reading, any reading
subsequent to the Closing will be apportioned on a per diem basis from the date
of such reading immediately prior thereto and Seller shall pay the
proportionate charges due up to the date of Closing.

14.1.5      Assigned Contracts.  Amounts paid or payable in respect of any
service and maintenance contracts assigned to Buyer in accordance herewith, if
any, in respect of the billing period
of the related service provider in which the Closing Date occurs (the  “Current
Billing Period”) on a per diem basis based upon the number of
days in the Current Billing Period prior to the Closing Date (which shall be
allocated to Seller) and the number of days in the Current Billing Period on
and after the Closing Date (which shall be allocated to Buyer) and assuming
that all charges are incurred uniformly during the Current Billing Period.  Calculations hereunder shall be based upon
the most recent invoice rendered to Seller by the applicable service provider
and, after an actual bill covering the period ending on the Closing Date is
received, the apportionment of such charges hereunder shall be recomputed.

 20
 

 

14.1.6      Electricity, gas, steam
and fuel.  Electricity, gas and steam
and fuel oil, if any, based on meter readings or a fuel company letter showing
measurement on the day immediately preceding Closing, and valued at current
prices.

14.1.7      Landlord Work Credit.  Seller shall credit to Buyer at Closing the
estimated cost of completing of Suite 203 comprising 6,676 rentable square feet
as a “white box”.

14.2         Custom and Practice.  Except as set forth in this Agreement, the
customs of the State and County in which the Premises are located shall govern
prorations.

14.3         Future Installments of
Taxes.  If at Closing, the Property
or any part thereof shall be or shall have been affected by an assessment or
assessments which are or may become payable in installments, then for purposes
of this Agreement, all unpaid installments of any such assessment, including
those which are to become due and payable and to be liens upon the Property
shall be paid and discharged by Seller at Closing.

14.4         Application of
Prorations.  If such prorations
result in a payment due Buyer, the cash payable at Closing shall be reduced by
such sum.  If such prorations result in a
payment due Seller, the same shall be paid by Buyer at Closing.

14.5         Schedule of Prorations.  The parties shall endeavor to jointly prepare
a schedule of prorations for the Property no less than five (5) days prior to
Closing.

14.6         Readjustments.  The parties shall correct any errors in
prorations as soon after the Closing as amounts are finally determined but no
later than sixty (60) days following the Closing Date.

15.           BROKERS.  Except for CB Richard Ellis, Inc.’s fee which
shall be paid by Seller pursuant to a separate agreement, each party hereby
represents and warrants to the other that it has not employed or retained any
broker or finder in connection with the transactions contemplated by this
Agreement, and that neither has had any dealings with any other person or party
which may entitle that person or party to a fee or commission.  Each party shall indemnify the other of and
from any claims for commissions by any person or party claiming such commission
by or through the indemnifying party.

16.           ESCROW AGENT.  The parties hereto have requested that the
Deposit be held in escrow by the Escrow Agent to be applied at the Closing or
prior thereto in accordance with this Agreement.  The Escrow Agent will deliver the Deposit to
Seller or to Buyer, as the case may be under the following conditions:

16.1         Payment to Seller.  To Seller on the Closing Date upon the
consummation of Closing;

 21
 

 

16.2         Payment to a Party.  To a party as specified in a document signed
by Seller and Buyer or their attorneys, including without limitation this
Agreement.

16.3         Notice of Dispute.  If either Seller or Buyer believes that it is
entitled to the Deposit or any part thereof, it shall make written demand
therefor upon the Escrow Agent.  The
Escrow Agent shall promptly mail a copy thereof to the other party in the
manner specified in Section 17.1 below. 
The other party shall have the right to object to the delivery of the
Deposit, by filing written notice of such objections with the Escrow Agent at
any time within ten (10) days after the mailing of such copy to it in the
manner specified in Section 17.1 below, but not thereafter.  Such notice shall set forth the basis for
objection to the delivery of the Deposit. 
Upon receipt of such notice, the Escrow Agent shall promptly deliver a
copy thereof to the party who filed the written demand.  Notwithstanding the foregoing, in the event
that (i) prior to the Inspection Period Expiration Date, Escrow Agent receives
a copy of a notice from Buyer to Seller that Buyer has elected to terminate
this Agreement or (ii) Escrow Agent receives a copy of Buyer’s notice to
terminate this Agreement pursuant to Section 8.3 or Section 9 of this
Agreement, Escrow Agent shall immediately return the Deposit to Buyer and
Seller shall have no right to object thereto.

16.4         Escrow Subject to
Dispute.  In the event the Escrow
Agent shall have received the notice of objection provided for in 16.2 above of
this Section, in the manner and within the time therein prescribed, the Escrow
Agent shall continue to hold the Deposit until (i) the Escrow Agent receives
written notice from both Seller and Buyer directing the disbursement of the
Deposit in which case the Escrow Agent shall then disburse said Deposit in
accordance with said direction, or (ii) litigation arises between Seller and
Buyer, in which event the Escrow Agent shall deposit the Deposit with the Clerk
of the Court in which said litigation is pending, or (iii) the Escrow Agent
takes such affirmative steps as the Escrow Agent may, at the Escrow Agent’s
option elect in order to terminate the Escrow Agent’s duties including, but not
limited to, deposit in Court and an action for interpleader.

16.5         Escrow Agent’s Rights
and Liabilities. Escrow Agent shall not be required to determine questions
of fact or law, and may act upon any instrument or other writing believed by it
in good faith to be genuine and to be signed and presented by the proper
person, and shall not be liable in connection with the performance of any
duties imposed upon Escrow Agent by the provisions of this Agreement, except
for Escrow Agent’s own willful default or gross negligence.  Escrow Agent shall have no duties or
responsibilities except those set forth herein. 
Escrow Agent shall not be bound by any modification of this Agreement,
unless the same is in writing and signed by Buyer and Seller, and, if Escrow
Agent’s duties hereunder are affected, unless Escrow Agent shall have given
prior written consent thereto.  In the
event that Escrow Agent shall be uncertain as to Escrow Agent’s duties or
rights hereunder, or shall receive instructions from Buyer or Seller which, in
Escrow Agent’s opinion, are in conflict with any of the provisions hereof,
Escrow Agent shall be entitled to hold and apply the Deposit, pursuant to
Section 16.3, and may decline to take any other action.

 22
 

 

17.           GENERAL PROVISIONS.

17.1         Notices.  All notices or other communications required
or permitted to be given under the terms of this Agreement shall be in writing,
and shall be deemed effective when (i) sent by nationally-recognized overnight
courier, (ii) facsimile with original following by regular mail, or (iii)
deposited in the United States mail and sent by certified mail, postage
prepaid, addressed as follows:

If to Seller,
addressed to:

Brandywine Operating Partnership, L.P..

c/o Brandywine Realty Trust

401 Plymouth Road, Suite 500

Plymouth Meeting, PA  19462

Attn:       George
Hasenecz, Vice President

                 Lisa
H. Barber, Associate General Counsel

If to Buyer,
addressed to:

Amerimar
Enterprises, Inc.

The Rittenhouse

Suite 1900

210 West Rittenhouse Square

Philadelphia, PA 19103

Attn: Stephen J. Gleason

and

Dividend Capital Total
Realty Trust

7 Times Square, Suite 3503
New York, New York 10036
Attn: Marc J. Warren

With a copy to:

Solomon and Weinberg LLP

900 Third Avenue, 29th Floor
New York, New York 10022
Attention:              Joseph
D. D’Angelo, Esq.
Telecopier:            (212)
605-0999

If to Escrow Agent, addressed to:

Fidelity National Title Insurance Company

8450 E. Crescent Parkway, Suite
410
Greenwood Village, CO 80111
Attention:              Robert
Masten
Telecopier:            (720)
489-7592

 23
 

 

or to such-other
address or addresses and to the attention of such other person or persons as
any of the parties may notify the other in accordance with the provisions of
this Agreement.

17.2         Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, successors and assigns.

17.3         Entire Agreement.  All Exhibits attached to this Agreement are
incorporated herein and made a part hereof. 
This Agreement constitutes the entire agreement between the parties
hereto and supersedes all prior negotiations, understandings and agreements of
any nature whatsoever with respect to the subject matter hereof.  This Agreement may not be modified or amended
other than by an agreement in writing. 
The captions included in this Agreement are for convenience only and in
no way define, describe or limit the scope or intent of the terms of this
Agreement.

17.4         Governing Law.  This Agreement shall be construed and
interpreted in accordance with the laws of the Commonwealth of Pennsylvania.

17.5         No Recording.  This Agreement shall not be recorded in the
Clerk’s Office or in any other office or place of public record.

17.6         Tender. The simultaneous tender of deed by Seller for purchase price from
Buyer  are hereby mutually waived.  It being understood that closing shall occur
through the offices of a title company and the deed and purchase price shall be
delivered to the title company for Closing.

17.7         Execution in
Counterparts.  This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an
original as against any party whose signature appears thereon, and all of which
shall together constitute one and the same instrument.  This Agreement shall become binding when one
or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories.

17.8         Further Instruments.  Seller will, whenever and as often as it
shall be reasonably request so to do by Buyer, and Buyer will, whenever and as
often as it shall be reasonably requested so to do by Seller, execute,
acknowledge and deliver, or cause to be executed, acknowledged and delivered,
any and all conveyances, assignments, correction instruments and all other
instruments and documents as may be reasonably necessary in order to complete
the transaction provided for in this Agreement and to carry out the intent and
purposes of this Agreement.  All such
instruments and documents shall be satisfactory to the respective attorneys for
Buyer and Seller.  The provisions of this
Article shall survive the Closing.

17.9         Time.  Time is of the essence.  In the event the last day permitted for the
performance of any act required or permitted under this Agreement falls on a
Saturday, Sunday, or legal holiday of the United States or the Commonwealth of
Pennsylvania, the time for such

 24
 

 

performance will
be extended to the next succeeding business day.  Time periods under this Agreement will
exclude the first day and include the last day of such time period.

17.10       Effective Date.  Whenever the term or phrase “effective date
hereof” or “date hereof” or other similar phrases describing the date this
Agreement becomes binding on Seller and Buyer are used in this Agreement, such
terms or phrases shall mean and refer to the date on which a counterpart or
counterparts of this Agreement executed by Seller and Buyer are deposited with
the Escrow Agent.

17.11       Time for Acceptance.  This Agreement shall constitute an offer to
buy or sell the Property, as case may be, on the terms herein set forth only
when executed by the Seller or Buyer. 
This Agreement may be accepted by the party receiving such executed
Agreement only by executing this Agreement and delivering an original signed
copy hereof to the Escrow Agent and an originally signed copy hereof to the
other party hereto within three (3) business days after such receipt.  Failure to accept in the manner and within
the time specified shall constitute a rejection and termination of such officer.

18.           EXCULPATION.  No recourse shall be had for any obligation
of Brandywine Realty Trust or Seller under this Agreement or under any document
executed in connection herewith or pursuant hereto, or for any claim based
thereon or otherwise in respect thereof, against any past, present or future
trustee, shareholder, officer or employee of Brandywine Realty Trust or Seller,
whether by  virtue of any statute or rule
of law, or by the enforcement of any assessment or penalty or otherwise, all
such liability being expressly waived and released by the Buyer and all parties
claiming by, through or under Buyer.

19.           ENTRY AND BUYER
INDEMNITY.  In connection with any
entry by Buyer, or its agents, employees or contractors onto the Property,
Buyer shall give Seller reasonable advance notice of such entry and shall
conduct such entry and any inspections in connection therewith so as to
minimize, to the greatest extent possible, interference with Seller’s property
management of the Property and the business of Seller’s tenants and otherwise
in a commercially reasonable manner. 
Without limiting the foregoing, prior to any entry to perform any
on-site testing, Buyer shall give Seller notice thereof, including the identity
of the company or persons who will perform such testing and the proposed scope
of the testing.  If Buyer or its agents,
employees or contractors take any sample from the Property in connection with
any such approved testing, upon Seller’s request, Buyer shall provide to Seller
a portion of such sample being tested to allow Seller, if it so chooses, to
perform its own testing.  Seller or its
representative may be present to observe any testing or other inspection
performed on the Property.  Buyer shall
maintain, and shall assure that its contractors maintain, public liability and
property damage insurance in amounts and in form and substance adequate to
insure against all liability of Buyer, its agents, employees or contractors,
arising out of any entry or inspections of the Property pursuant to the
provisions hereof, and Buyer shall provide Seller with evidence of such
insurance coverage upon request by Seller. 
Buyer shall indemnify, defend and hold Seller harmless from and against
any costs, damages, liabilities, losses, expenses, liens or claims (including,
without limitation, reasonable attorney’s fees) arising out of or relating to
any entry on the Property by Buyer, its agents, employees or contractors in the
course of performing the inspections, testings or inquiries provided for in
this Agreement, including without limitation

 25
 

 

damage to the
Property or release of hazardous substances or materials onto the Property,
excluding, however, any costs incurred by Seller in supervising Buyer’s
testing.  The foregoing indemnity shall
survive beyond the Closing, or if the sale is not consummated, beyond the
termination of this Agreement for a period of one year.

20.           RELEASE.  Except to the extent of the representations
warranties and covenants of Seller expressly set forth in this Agreement, and
except to the extent of a breach by Seller of applicable laws, and except as
otherwise set forth in this Agreement, Buyer, on behalf of itself and its
successors and assigns, waives its right to recover from, and forever releases
and discharges, Seller, Seller’s affiliates, Seller’s investment manager, the
partners, trustees, shareholders, directors, officers, employees and agents of
each of them, and their respective heirs, successors, personal representatives
and assigns (collectively, the “Seller Related Parties”),
from any and all demands, claims, legal or administrative proceedings, losses,
liabilities, damages, penalties, fines, liens, judgments, costs or expenses
whatsoever (including, without limitation, attorneys’ fees and costs), whether
direct or indirect, known or unknown, foreseen or unforeseen, which may arise
on account of or in any way be connected with the physical condition of the
Property or any law or regulation applicable thereto, including, without
limitation, the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended (42 U.S.C. Sections 9601 et  seq.),
the Resources Conservation and Recovery Act of 1976 (42 U.S.C. Section 6901 et
seq.), the Clean Water Act (33 U.S.C. Section 466 et  seq.),
the Safe Drinking Water Act (14 U.S.C. Sections 1401-1450), the Hazardous
Materials Transportation Act (49 U.S.C. Section 1801 et  seq.),
and the Toxic Substance Control Act (15 U.S.C. Sections 2601-2629).

21.           CONFIDENTIAL
INFORMATION.  The parties acknowledge
that the transaction described herein is of a confidential nature and shall not
be disclosed except to affiliates, members, partners, employees, directors,
officers, consultants, investors, advisors, attorneys, accountants, potential
debt and equity financing sources and other representatives of either party, or
as required by law, regulation or any legal or judicial process.  No party will make any public disclosure of
the specific terms of this Agreement, except as required by law, regulation or
any legal or judicial process.  Without
limiting the generality of the foregoing, any press release or other public
disclosure regarding this Agreement or the transactions contemplated herein,
and the wording of same, must be approved in advance by both parties, except
for disclosures required by law, regulation or any legal or judicial
process.  In connection with the
negotiation of this Agreement and the preparation for the consummation of the
transactions contemplated hereby, each party acknowledges that it will have
access to confidential information relating to the other party.  Each party shall treat such information as
confidential, preserve the confidentiality thereof, and not duplicate or use
such information, except to advisors, consultants, investors and affiliates in
connection with the transactions contemplated hereby.  In the event of the termination of this
Agreement for any reason whatsoever, Buyer will return to Seller, at Seller’s
request, all documents, work papers, and other material (including all copies
thereof) obtained from Seller in connection with the transactions contemplated
hereby, and each party shall use its best efforts, including instructing its
employees and others who have had access to such information, to keep
confidential and not to use any such information.  The provisions of this Section will survive
the Closing or, if the purchase and sale is not consummated, any termination of
this Agreement.

 26
 

 

22.           OFAC.

Buyer
represents, warrants and covenants that neither Buyer nor any of its partners,
officers, directors, or members (i) is listed on the Specially Designated
Nationals and Blocked Persons List maintained by the Office of Foreign Asset
Control, Department of the Treasury (“OFAC”) pursuant to Executive Order No.
13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (“Order”) and all applicable
provisions of Title III of the USA Patriot Act (Public Law No. 107-56 (October
26, 2001)); (ii) is listed on the Denied Persons List and Entity List
maintained by the United States Department of Commerce; (iii) is listed on the
List of Terrorists and List of Disbarred Parties maintained by the United
States Department of State, (iv) is listed on any list or qualification of “Designated
Nationals” as defined in the Cuban Assets Control Regulations 31 C.F.R. Part
515; (v) is listed on any other publicly available list of terrorists,
terrorist organizations or narcotics traffickers maintained by the United
States Department of State, the United States Department of Commerce or any
other governmental authority or pursuant to the Order, the rules and
regulations of OFAC (including without limitation the Trading with the Enemy
Act, 50 U.S.C. App. 1-44; the International Emergency Economic Powers Act, 50
U.S.C. §§ 1701-06; the unrepealed provision of the Iraq Sanctions Act, Publ.L.
No. 101-513; the United Nations Participation Act, 22 U.S.C. § 2349 as-9; The
Cuban Democracy Act, 22 U.S.C. §§ 60­01-10; The Cuban Liberty and Democratic
Solidarity Act, 18 U.S.C. §§ 2332d and 233; and The Foreign Narcotic Kingpin
Designation Act, Publ. L. No. 106-120 and 107-108, all as may be amended from
time to time); or any other applicable requirements contained in any enabling
legislation or other Executive Orders in respect of the Order (the Order and
such other rules, regulations, legislation or orders are collectively called
the “Orders”); (vi) is engaged in activities prohibited in the Orders; or (vii)
has been convicted, pleaded nolo contendere, indicted, arraigned or custodially
detained on charges involving money laundering or predicate crimes to money
laundering, drug trafficking, terrorist-related activities or other money
laundering predicate crimes or in connection with the Bank Secrecy Act (31
U.S.C. §§ 5311 et. seq.).  Buyer hereby
agrees to defend, indemnify, and hold harmless Seller from and against any and
all claims, damages, losses, risks, liabilities, and expenses (including
attorney’s fees and costs) arising from or related to any breach of the
foregoing representation, warranty and covenant.  The breach of this representation, warranty
and covenant by Buyer shall entitle Seller to terminate this Agreement and be
awarded the Deposit as liquidated damages.

23.           INFORMATION AND
AUDIT COOPERATION.  At any time
within ninety (90) days after the Closing, Seller shall allow Buyer’s auditors
access to the books and records of Seller and the working papers of Seller’s
independent auditors relating to the operation of the Property for three (3)
years prior to Closing to enable Buyer to comply with any financial reporting
requirements applicable to Buyer.

 27

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed the
day and year first above written.

	
   

  	
  [SELLER]

  
	
   

  	
   

  
	
   

  	
  BRANDYWINE OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  
	
   

  	
  By: Brandywine Realty Trust, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [BUYER]

  
	
   

  	
   

  
	
   

  	
  BALA POINTE OWNER LP

  
	
   

  	
   

  
	
   

  	
  By: Bala Pointe GP, LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Agreed to by Escrow Agent with regard

  	
   

  
	
  to the obligations, terms, covenants

  	
   

  
	
  and conditions contained in this

  	
   

  
	
  Agreement relating to Escrow Agent.

  	
   

  
	
   

  	
   

  
	
  FIDELITY NATIONAL TITLE INSURANCE COMPANY

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
									

 28
 

 

Exhibits to
Agreement of Sale

“A”         -               Legal Description

“B”         -               Seller’s Historic Title

“C”         -               Service Contracts

“D”         -               Litigation

“E-1”      -               Existing Leases

“E-2”      -               Rent Roll

“F”          -               Form of Estoppel

“G”         -               Form of Deed

“H”         -               Form of Bill of Sale

“I”           -               Form of Assignment of Contracts

“J”          -               Form of Assignment of Leases

“K”         -               Brokerage Agreements

 29
 

 

AGREEMENT
OF SALE

between

BRANDYWINE
OPERATING PARTNERSHIP, L.P.

and

BALA POINTE OWNER LP

Dated:
June    , 2006

 30
 

 

EXHIBIT “A”

Legal Description

See Attached

 31
 

 

EXHIBIT “B”

Seller’s Historic Title

See Attached

 32
 

 

EXHIBIT “C”

List of Service Contracts

ThyssenKrupp Elevator Corporation – elevator maintenance

Custom Metal Restoration – metal maintenance

Genserve, Inc. – generator service

Worth & Company – HVAC

Hoffman Design Group – Interior landscaping

Allan Industries – janitorial

Charles Friel, Inc. – exterior landscaping

Hoffman Design Group – holiday decorations

ZAP – pest control

Militia Hill Security – security

Charles Friel, Inc. – snow removal

A&S Sprinkler co – sprinkler

Onyx Waste Services – trash removal

Southampton Window Cleaning – window cleaning (part of global contract)

 33
 

 

EXHIBIT “D”

Litigation

NONE

 34
 

 

EXHIBIT “E-1”

Existing Leases

1.               American Board of
Ophthalmology Agreement of Lease dated May 16, 1990

a.               1st Amendment to Lease dated June 5, 1992

b.              2nd Amendment to Lease dated September 4, 1996

c.               3rd Amendment to Lease dated January 29, 1999

d.              4th Amendment to Lease dated June 18, 2001

e.               5th Amendment to Lease undated (2004)

2.               American Liver
Foundation

a.               Lease dated June
19, 2002

b.              1st Amendment to Lease dated March 2005

3.               Jayne Antonowsky

a.               Lease dated
December 1, 1995

b.              1st Amendment to Lease dated June 1, 2000

c.               2nd Amendment dated October 21, 2005

d.              3rd Amendment to Lease dated November 17, 2005

4.               Assignment Ready
Inc.

a.               Lease dated January
12, 2006

5.               Becker Corporation

a.     Lease dated October 23, 1999

b.     1st Amendment to Lease dated August 22, 2001

c.     2nd Amendment to Lease dated April 28, 2003

d.     3rd Amendment to Lease dated June 5, 2004

e.     4th Amendment to Lease dated May 2005

f.                 5th Amendment to Lease dated February 16, 2006

6.               Steven Berger, Esq.

a.     Lease dated April 30, 2002

b.     1st Amendment to Lease dated May 13, 2003

c.               2nd Amendment dated June 17, 2005

7.               Capital Management
Systems, Inc. (CMS)

a.               Lease dated October
15, 2004

8.               Celeren Corporation

a.     Lease Agreement dated
February 13, 2006

9.               Clear Channel
Broadcasting, Inc.

a.               Lease dated
September 2004

 35
 

 

10.         CMA Philadelphia / JM
Consulting

a.               Lease dated
September 9, 2002

11.          Connectechs, LLC

a.     Lease Agreement dated October
7, 2004

12.         Crane Communications

a.               Lease dated August
5, 2004

13.         Dash & Love

a.               Lease dated July 9,
2004

14.         Engineering Environmental
Management (E2M)

a.               Lease dated
November 11, 2003

15.         Dr. Eli Harmon

a.               Agreement to Lease
dated June 26, 1992

b.              1st Amendment to Lease dated September 12, 1997

c.               2nd Amendment to Lease dated February 10, 2000

d.              3rd Amendment to Lease dated March 31, 2003

e.               4th Amendment to Lease dated July 7, 2004

f.                 5th Amendment to Lease dated July 19, 2005

16.         Equichoice

a.               Lease dated may 17,
2005

17.         ESC Consulting

a.               Lease dated
September 17, 2001

18.         Freedman Consulting

a.               Lease dated August
25, 2001

b.              1st Amendment to Lease dated September 19, 2001

c.               Sublease dated
September 20, 2002

d.              Consent to Sublease
dated August 25, 2001

19.         FXpress Corporation

a.               Agreement of Lease
dated September 30, 1997

b.              1st Amendment to Lease dated May 16, 2001

c.               2nd Amendment to Lease dated September 22, 2004

d.              3rd Amendment to Lease dated April 7, 2005

20.         Gallagher Medical Group

a.               Lease dated April
17, 2002

 

 36
 

 

b.              First Amendment to
Lease dated May 23, 2003

c.               2nd Amendment to Lease Agreement dated May 23,
2005

21.         Gravco Inc.

a.               Lease dated
September 30, 2000

b.              Amendment to Lease
dated August 15, 2002

22.         HMA Advisors

a.               Lease dated
September 17, 2002

23.         HSBC Center

a.               Agreement of Lease
dated August 8, 1996

b.              1st Amendment to Lease dated June 18, 2001

c.               Sublease between
HSBC and Resolutions Consulting dated October 27, 2003

24.         International
Communications  Support Services, Inc.
(ICSS)

a.               Lease dated July
24, 2003

25.         Infinity Café (Man Young)

a.               Agreement of Lease
dated February 17, 1997

b.              1st Amendment to Lease dated February 11, 2002

c.               2nd Amendment to Lease dated December 1, 2003

d.              3rd Amendment to
Lease dated February 28, 2006

26.         ITM Associates Inc.

a.               Lease dated April
2005

27.         Jo-Dan Enterprises

a.               Agreement of Lease dated
March 6, 1995

b.              1st Amendment to Lease dated October 11, 1999

c.               2nd Amendment to Lease dated April 17, 2003

d.              3rd Amendment to Lease dated July 28, 2004

e.               4th Amendment to Lease dated May 6, 2005

28.         Dr. Kluft/Dr. Fine

a.               Lease dated June 3rd, 1997

b.              1st Amendment to Lease dated February 14, 2002

29.         Amy MacIntyre, MD &
Bryan MacIntyre

a.               Lease dated January
25, 2006

30.         Lerry C. McCrae Inc. –
Suite 232

a.               Lease dated
September 2002

31.         Moreland Development, LLC
– Suite 209

 37

 

a.               Lease dated May 31,
2005

32.         Net Revenue

a.               Lease Agreement
dated February 15, 2005

33.         Dr. Henri Parens

a.     Lease dated June 4, 1993

b.     1st Amendment to lease dated April 20, 1998

c.               2nd Amendment to Lease dated September 30, 2002

34.         The Parkinson Council

a.               Lease dated
December 1, 2005

35.         Pro-Care Medical Staffing

a.               Lease dated April
29, 2004

36.         Renal Care Group

a.               Lease dated May 2,
2005

37.         Jewish Republican
Coalition

a.               Lease dated April
8, 2005

38.         Richard Rosen

a.               Lease dated January
27, 2003

39.         SPH Investments Inc.

a.               Lease dated January
23, 2004

40.         Cheryl Sanfacon/D. Norris

a.               Lease dated June
26, 2003

41.         Sang Yong Han

a.               Lease dated
September 24, 1998

b.              1st Amendment to Lease dated December 18, 2002

42.         Security Search &
Abstract

a.               Lease dated January
26, 2005

43.         Software Galleria et all

a.               Lease dated
December 2004

44.         Systems Staffing Group,
Inc.

a.               Lease dated
December 20, 2005

45.         Treister & Co.

 38
 

 

a.     Lease dated August 19, 1988

b.              1st Amendment to Lease dated December 7, 1990

c.               2nd Amendment
to Lease dated January 29, 1991

d.              3rd Amendment to Lease dated December 2, 1993

e.               4th Amendment to Lease dated November 30, 1995

f.                 5th Amendment to Lease dated November 2, 1998

g.              6th Amendment to Lease dated November 26, 2003

46.         US LEC of PA

a.     Lease dated August 30, 1999

b.              1st Amendment to Lease dated December 19, 2003

47.         Wingstar Mortgage LLC

a.               Lease dated August
2, 2005

48.         Christopher H. Wright
& Assoc. Inc.

a.               Lease dated August
8, 2005

49.         Yipes Enterprise
Services, Inc.

a.               Lease dated
September 6, 2005

 39
 

 

EXHIBIT “E-2”

Rent Roll

See Attached

 40
 

 

EXHIBIT “F”

Form of
Estoppel

          
  , 2006

Brandywine
Operating Partnership, L.P.

401 Plymouth Road

Plymouth Meeting,
PA  19462

Attention: Lisa
Hunn Barber, Esquire

Re:                               Lease
between            and           ,
dated           , as amended                      
(“Lease”) for Suite         ,
located at                                   
(the “Property”)

To Whom it May
Concern:

The undersigned is
the holder of the Buyer’s interest under the Lease demising a portion of the
Property (the “Leased Premises”). 
We understand that BRANDYWINE OPERATING PARTNERSHIP, L.P., (“Brandywine”)
intends to transfer the Property to                                  ,
(“Buyer), and that                       
(“Lender”) may be the holder of a first mortgage on the Property, and that
Brandywine, Buyer and Lender require this certification from us.

Accordingly, we
hereby certify to Brandywine, Buyer and Lender as follows:

1.             The Lease is in full
force and effect and has not been modified, amended or supplemented in any way,
except as follows (Insert dates of all modifications, amendments, or
supplements; if none, write “None”):                                          .

2.             There are no other
representations, warranties, agreements, concessions, commitments, or other
understandings between the undersigned and the Landlord regarding the Property
other than as set forth in the Lease or paragraph 1 above.

3.             The landlord under
the Lease has completed and delivered, and the undersigned has accepted, the
Leased Premises in the condition required by the Lease and the term of the
Lease commenced on                     .  The Leased Premises consists of approximately
                 
square feet.  The undersigned has taken
possession of and is occupying the Leased Premises on a rent-paying basis and
the monthly base rent payable thereunder is $          ,
payable in advance.  All improvements and
work required under the Lease to be made by the landlord thereunder and all
facilities required under the Lease to be furnished to the Leased Premises have
been completed to the satisfaction of the undersigned, except as follows
(Insert description of any improvements and work to be completed by the
landlord under the Lease; if none, write “None”):                                        .

 41
 

 

4.             The fixed expiration
date set forth in the Lease, excluding renewals and extensions, is                     .  The undersigned neither has any option or
right to purchase the Property or any portion thereof nor does the undersigned
have any right or option to terminate the Lease or any of its obligations
thereunder in advance of the scheduled termination date of the Lease as noted
above, except as follows (Insert description of any purchase rights or options,
and/or any early termination rights; if none, write “None):                         .

5.             All rents, additional
rents and other sums due and payable under the Lease have been paid in full and
no rents, additional rents or other sums payable under the Lease have been paid
for more than one (1) month in advance of the due dates thereof.

6.             The landlord under
the Lease is not in default under any of the requirements, provisions, terms,
conditions or covenants of the Lease to be performed or complied with by the
landlord under the Lease, and no event has occurred or situation exists which
would, with the passage of time and/or the giving of notice, constitute a
default or an event of default by the landlord under the Lease.

7.             The undersigned is not
in default under any of the requirements, provisions, terms, conditions, or
covenants of the Lease to be performed or complied with by the undersigned, and
no event has occurred or situation exists which would, with the passage of time
and/or the giving of notice, constitute a default or an event of default by the
undersigned under the Lease.

8.             The undersigned has
paid to the landlord under the Lease a security deposit of $               .

9.             The undersigned has no existing offsets,
liens, claims or credits against the fixed rent or any additional rent, except
for the following offsets or credits or tenant allowances to which the
undersigned is entitled pursuant to the Lease (if none, write “None                   .

10.           There are no actions, voluntary or involuntary,
pending against the undersigned under the bankruptcy laws of the United States
or any State thereof.

11.           The undersigned hereby acknowledges and
agrees that this certificate may be relied upon by any mortgagee, Buyer or any
prospective purchaser, any prospective mortgagee, or assignee of any mortgage,
of landlord’s interest in the Premises or any part thereof.

 42
 

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 43
 

 

EXHIBIT “G”

Form Special
Warranty Deed

THIS INDENTURE made the      day of              ,
in the year of our Lord two thousand and six (2006),

BETWEEN BRANDYWINE OPERATING
PARTNERSHIP, L.P. a Delaware limited partnership having a place of
business at 401 Plymouth Road, Suite 500, Plymouth Meeting, PA 19462 (hereinafter called the Grantor),
of the one part, and                         
a                             
(hereinafter called the Grantee), of
the other part,

WITNESSETH That the said Grantor
for and in considera­tion of the sum of Thirty Four Million Nine Hundred and
Eighteen Thousand Dollars ($34,918,000), lawful money of the United States of
America, unto it well and truly paid by the said Grantee, its successors and assigns, at or
before the sealing and delivery hereof, the receipt whereof is hereby acknowledged,
has granted, bargained and sold, released and confirmed, and by these presents
does grant, bargain and sell, release and confirm unto the said Grantee, its successors and assigns, ALL THAT CERTAIN lot or
parcel of ground, situate in the Township of Lower Merion, City of Bala Cynwyd,
Montgomery County, Pennsylvania, more particularly bounded and described in
Exhibit “A” attached hereto and made part hereof.

TOGETHER with
all and singular the buildings and im­provements, ways, streets, alleys, driveways,
waters, water-courses, rights, liberties,
privileges, heredita­ments and appurtenances, whatsoever unto the hereby
granted premises belonging, or in any wise appertaining, and the reversions and
remainders, rents, issues, and profits thereof; and all the estate, right,
title, inter­est, property, claim and demand whatsoever of it, the said Grantor, as well at law as in equity, of, in, and to the
same.

TO HAVE AND TO HOLD the said lot or piece of ground above described, with the buildings
and improvements thereon erected, hereditaments and premises hereby granted, or
mentioned and intended so to be, with the appurtenances, unto the said Grantee, its successors and assigns, to and for the only
proper use and behoof of the said Grantee, its
successors and assigns forever.

AND the said Grantor, for itself, its successors and assigns, does
covenant, promise and agree, to and with the said Grantee,
its successors and assigns, by these presents, that it, the said Grantor and its successors and assigns, all and singular the
hereditaments and premises hereby granted or mentioned and intended so to be,
with the appurtenances, unto the said Grantee, its successors and assigns, against it, the said Grantor and its succes­sors, and against all and every
person and persons whom­soever lawfully claiming or to claim the same or any
part thereof, by, from or under it or any of them, shall and WILL SPECIALLY  WARRANT AND
FOREVER DEFEND.

 44
 

 

IN WITNESS WHEREOF, Grantor, has caused this Deed to be duly
executed as of the day and year first above written.

	
  Witness:

  	
  BRANDYWINE OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Brandywine Realty Trust, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COMMONWEALTH OF PENNSYLVANIA:

  
	
   

  
	
   

  	
   

  	
  :

  	
  SS

  
	
   

  	
   

  	
   

  	
   

  
	
  COUNTY
  OF MONTGOMERY

  	
   

  	
  :

  	
   

  
						

On this, the     th
day of             ,
2006, before me, a Notary Public in and for the State and County aforesaid, the
undersigned personally appeared, who acknowledged himself to be                       ,
the                  
of the general partner of the Grantor, and that he/she, being authorized to do
so, executed the foregoing instrument for the purposes therein contained by
himself/herself  as                     .

	
   

  	
  

  	
   

  
	
   

  	
  NOTARY PUBLIC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  My Commission
  Expires:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The address of
  the above named Grantee is:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  On behalf of the
  Grantee

  
				

 

 45
 

 

EXHIBIT “H”

Form of Bill of Sale

KNOW ALL MEN BY THESE PRESENTS THAT BRANDYWINE OPERATING PARTNERSHIP,
L.P. a Delaware limited partnership having a place of business at 401 Plymouth
Road, Suite 500, Plymouth Meeting, PA 19462 (“Seller”), for good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, has granted, bargained, sold, conveyed, transferred, assigned and
delivered to                                          ,
a                       
(“Buyer”), and by these presents does grant, bargain, sell, convey, transfer,
assign and deliver unto Buyer, its successors and assigns, all right, title and
interest in and to all machinery, equipment, supplies and fixtures owned by
Seller (the “Personal Property”) located at the real property described on
Exhibit “A” attached hereto.

TO HAVE AND TO HOLD, all and singular the Personal
Property by these presents granted, bargained, sold, conveyed, transferred,
assigned and delivered unto Buyer, its successors and assigns, forever.

Seller hereby represents and warrants to Buyer that
Seller holds good and marketable title to the Personal Property, the Personal
Property is being conveyed to Buyer free and clear of all liens and
encumbrances of any kind and nature, and Seller shall warrant and defend the
title to the Personal Property unto Buyer, its successors and assigns, against
any claims and demands of all persons claiming by, through or under the Seller,
but against none other.

IN WITNESS WHEREOF, Seller has caused this Bill of
Sale to be executed as of this     day of                 
2006.

	
   

  	
  SELLER:

  
	
  Witness:

  	
  BRANDYWINE OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Brandywine Realty Trust, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
					

 

 46
 

 

EXHIBIT “A” TO BILL OF
SALE

[Legal Description]

 47

 

EXHIBIT  “I”

Form of Assignment of

Licenses, Contract Documents and Intangible Property

THIS ASSIGNMENT (the “Agreement”) dated              
   , 2005, is made from BRANDYWINE OPERATING
PARTNERSHIP, L.P. a Delaware
limited partnership having a place of business at 401 Plymouth Road, Suite 500,
Plymouth Meeting, PA 19462 (“Assignor”), to                                       ,
a                                       (“Assignee”).

BACKGROUND

Pursuant to that certain Agreement of Sale dated                            
(the “Agreement of Sale”), Assignor has agreed to convey to Assignee certain
real property and the improvements located thereon (the “Property”) as more
particularly described on Exhibit “A” attached hereto and made a part
hereof.

Assignor has agreed to assign to Assignee all Licenses, Contract
Documents and other Intangible Property with respect to the Property.

NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good
and valuable consideration, the receipt of which is hereby acknowledged, and
intending to be legally bound hereby, Assignor agrees as follows:

1.             Assignment of
Licenses, Contract Documents and Intangibles.  Assignor hereby assigns, sets over and
transfers to Assignee all of its right, title and interest in, to and under  (i) all service, equipment, supply,
maintenance and other contracts and agreements listed on Exhibit “B” attached
hereto (ii) all rights, guaranties and warranties of any nature, all architects’,
engineers’, surveyors’ and other real estate professionals’ plans,
specifications, certifications, reports, data or other technical descriptions,
reports or audits, including any electronic copies thereof, all without
warranty as to completeness or accuracy existing with respect to the Property,
(iii) all governmental permits, licenses, certificates, and approvals in
connection with the ownership of the Property, (iv) all escrow accounts,
deposits, instruments, documents of title, general intangibles, all rights to
the name “Bala Pointe” and any other names used in connection with the Property
to the extent assignable and all of Assignor’s rights, claims, and causes of
action if any, to the extent they are assignable, under any warranties and/or
guarantees of manufacturers, contractors or installers, all rights against
tenants and others relating to the Property or the operation or maintenance
thereof, including to the extent applicable, any warranties from any previous
owners of the Property (collectively the “Assigned Personal Property”)

2.             Assumption.  Assignee shall and does hereby assume and
agree to observe and perform all obligations and duties of Assignor as landlord
under the Assigned Personal Property arising from and after the date hereof.

 48
 

 

3.             Indemnification.  Assignor shall indemnify and hold harmless Assignee
from and against any and all claims, suits, costs or expenses, including
attorneys’ fees, arising prior to the date hereof with respect to the Assigned
Personal Property, and Assignee shall indemnify and hold harmless Assignor from
and against any and all claims, suits, costs, or expenses, including attorneys,
fees, arising on or after the date hereof with respect to the Assigned Personal
Property.

IN WITNESS WHEREOF, the undersigned have executed this Agreement on and
as of the date first set forth above.

	
   

  	
  ASSIGNOR:

  
	
   

  	
   

  
	
   

  	
  BRANDYWINE
  OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  
	
   

  	
  By: Brandywine
  Realty Trust, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  ASSIGNEE:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
						

 

 49
 

 

EXHIBIT “J”

Form of Assignment of Leases and Security Deposits

THIS ASSIGNMENT (the “Agreement”) dated                 
   , 2005, is made from BRANDYWINE OPERATING
PARTNERSHIP, L.P. a Delaware
limited partnership having a place of business at 401 Plymouth Road, Suite 500,
Plymouth Meeting, PA 19462 (“Assignor”), to                   ,
a                 (“Assignee”).

BACKGROUND

Pursuant to that certain Agreement of Sale dated             ,
2006 (the “Agreement of Sale”), Assignor has agreed to convey to Assignee
certain real property and the improvements located thereon (the “Property”) as
more particularly described on Exhibit “A” attached hereto and made a
part hereof.

Assignor has agreed to assign to Assignee all leases and security
deposits with respect to the Property.

NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good
and valuable consideration, the receipt of which is hereby acknowledged, and
intending to be legally bound hereby, Assignor agrees as follows:

1.             Assignment of
Leases.  Assignor hereby assigns, sets
over and transfers to Assignee all of its right, title and interest in, to and
under all those certain leases, licenses and other occupancy agreements for any
part of the Property which are in effect as of the date hereof  (collectively, the “Existing Leases”).

2.             General Assignment.  Assignor does hereby assign, transfer, convey
and deliver to Assignor all of Assignor’s right, title and interest, if any, in
and to all deposits, security deposits
and/or advance payments made by the tenants or occupants under the Existing
Leases (“Deposits”).

3.             Assumption.  Assignee shall and does hereby assume and
agree to observe and perform all obligations and duties of Assignor as landlord
under the Existing Lease and Deposits arising from and after the date hereof.

4.             Indemnification. 
Assignor shall indemnify and hold harmless Assignee from and against any
and all claims, suits, costs or expenses, including attorneys’ fees, arising
prior to the date hereof with respect to the Existing Leases and Deposits, and
Assignee shall indemnify and hold harmless Assignor from and against any and
all claims, suits, costs, or

 50
 

 

expenses, including
attorneys, fees, arising on or after the date hereof with respect to the
Existing Leases and Deposits.

IN WITNESS WHEREOF, the undersigned have executed this Agreement on and
as of the date first set forth above.

	
   

  	
  ASSIGNOR:

  
	
   

  	
   

  
	
   

  	
  BRANDYWINE
  OPERATING PARTNERSHIP, L.P.

  
	
   

  	
   

  
	
   

  	
  By: Brandywine
  Realty Trust, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  ASSIGNEE:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
						

 

 51
 

 

EXHIBIT “K”

Brokerage
Agreements

Commission Agreement
between Seller and CB Richard Ellis regarding Equichoice LLC dated May 31, 2005

Expired Exclusive Agency
Agreement with Binswanger dated November, 2004 9coverage provided for 120 days
from expiration)

 52

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]