Document:

EX-10.2

Exhibit 10.2

PEPSICO PERFORMANCE-BASED LONG-TERM INCENTIVE AWARD

STOCK OPTION / RESTRICTED STOCK UNITS TERMS AND CONDITIONS

These Terms and Conditions, along with the PepsiCo Performance-Based Long-Term Incentive Award
Summary (the “Award Summary”) delivered herewith and signed by the individual named on the Award
Summary (the “Participant”) shall constitute an Agreement made as of the Grant Date (as indicated
on the Award Summary), by and between PepsiCo, Inc., a North Carolina corporation having its
principal office at 700 Anderson Hill Road, Purchase, New York 10577 (“PepsiCo,” and with its
divisions and direct and indirect subsidiaries, the “Company”), and the Participant.

W I T N E S S E T H:

WHEREAS, the Board of Directors and shareholders of PepsiCo have approved the PepsiCo, Inc.
2007 Long-Term Incentive Plan (the “Plan”), for the purposes and subject to the provisions set
forth in the Plan; and

WHEREAS, pursuant to the authority granted to it in the Plan, the Compensation Committee of
the Board of Directors of PepsiCo (the “Committee”), by resolution duly adopted at a meeting held
on or prior to the Grant Date, authorized the grant to the Participant of the stock options and
restricted stock units set forth on the Award Summary; and

WHEREAS, awards granted under the Plan are to be evidenced by an Agreement in such form and
containing such terms and conditions as the Committee shall determine;

NOW, THEREFORE, it is mutually agreed as follows:

A. Terms and Conditions Applicable to Stock Options. These terms and conditions shall
apply with respect to the stock options granted to the Participant as indicated on the Award
Summary.

1. Grant. In consideration of the Participant remaining in the employ of the Company,
PepsiCo hereby grants to the Participant, on the terms and conditions set forth herein, the right
and option to purchase the number of shares of PepsiCo Common Stock, par value $.0167 per share,
indicated on the Award Summary, at the Grant/Exercise Price per share indicated on the Award
Summary (the “Option Exercise Price”), which was the Fair Market Value (as defined below) of
PepsiCo Common Stock on the Grant Date. The right to purchase each such share is referred to herein
as an “Option.” All Options granted hereunder shall be “Non-Qualified Stock Options” as defined in
the Plan.

2. Vesting and Exercisability. Subject to the terms and conditions set forth herein,
the Options shall become fully vested on the vesting date set forth in the Award Summary (the
“Vesting Date”) and shall be exercisable from the Vesting Date through the expiration date set
forth in the Award Summary (the “Expiration Date”). Options may vest only while the Participant is
actively employed by the Company. Once vested and exercisable, and until terminated, all or any
portion of the Options may be exercised from time to time and at any time under procedures that the
Committee or its delegate shall establish from time to time, including, without limitation,
procedures regarding the frequency of exercise and the minimum number of Options which may be
exercised at any time.

3. Exercise Procedure. Subject to terms and conditions set forth herein, Options may
be exercised by giving written notice of exercise to PepsiCo in the manner specified from time to
time by PepsiCo. The aggregate Option Exercise Price for the shares being purchased, together with
any amount which the Company may be required to withhold upon such exercise in respect of
applicable foreign, federal (including FICA), state and local taxes, must be paid in full at the
time of issuance of such shares.

4. Effect of Termination of Employment, Death, Retirement and Total Disability.

(a) Termination of Employment. Options may vest only while the Participant is actively
employed by the Company. Thus, no vesting shall occur following the termination of the
Participant’s active employment with the Company, and all unvested Options shall automatically be
forfeited and cancelled upon the date that the Participant’s active employment with the Company
terminates. Only vested Options may be exercised. Subject to subparagraphs 4(b), 4(c) and 4(d),
vested Options shall be exercisable until, and shall automatically be forfeited and cancelled upon,
the earlier of the Expiration Date and the date that is the last trading day on the New York Stock
Exchange during the 90-calendar day period after the date the Participant’s employment with the
Company terminates. It is intended that an authorized leave of absence may extend employment for
purposes of determining the period when vested Options may be exercised. However, an authorized
leave of absence will not be treated as active employment, and, as a result, vesting of unvested
Options will not be extended by any such period.

(b) Retirement Prior to Age 62. If the Participant’s employment terminates prior to
the Vesting Date, by reason of the Participant’s Retirement (as defined below) prior to attaining
at least age 62, then: (i) a portion of the Options shall vest on the Participant’s last day of
active employment with the Company, with such portion determined in proportion to the Participant’s
active service (measured in calendar days) during the period commencing on the Grant Date and
ending on the Vesting Date; (ii) the Options shall continue to become exercisable in accordance
with Paragraph A.2 of this Agreement, with no change in the earliest date of exercise as a result
of the vesting provided by this subparagraph 4(b); and (iii) the Options may be exercised by the
Participant prior to the Expiration Date in accordance with this Agreement.

(c) Death, Total Disability, or Retirement on or After Age 62. If the Participant’s
employment terminates by reason of the Participant’s death, Total Disability (as defined below), or
Retirement after attaining at least age 62, then: (i) the Options shall become fully vested on the
Participant’s last day of active employment with the Company (which, for purposes of Total
Disability, means the effective date of Total Disability); (ii) the Options shall continue to
become exercisable in accordance with Paragraph A.2 of this Agreement, with no change in the
earliest date of exercise as a result of the vesting provided by this subparagraph 4(c); and
(iii) the Options may be exercised by the Participant’s legal representative (or any person to whom
the Options may be transferred by will or the applicable laws of descent and distribution), in the
event of death, or the Participant, in the event of Retirement or Total Disability, prior to the
Expiration Date in accordance with this Agreement.

(d) Transfers to a Related Entity. In the event the Participant transfers to a Related
Entity (as defined below), as a result of actions by PepsiCo, the Options shall become fully vested
on the date of such transfer and shall become exercisable as soon as practicable thereafter and
shall otherwise remain outstanding and be exercisable in accordance with this Agreement.

5. Buy-Out of Option Gains. Except as provided in Paragraph C.3, at any time after any
Option becomes exercisable, the Committee shall have the right, in its sole discretion and without
the consent of the Participant, to cancel such Option and to cause PepsiCo to pay to the
Participant the excess of the Fair Market Value of the shares of Common Stock covered by such
Option over the Option Exercise Price of such Option as of the date the Committee provides written
notice (the “Buy Out Notice”) of its intention to exercise such right. Payments of such buy out
amounts pursuant to this provision shall be effected by PepsiCo as promptly as possible after the
date of the Buy Out Notice and shall be made in shares of Common Stock. The number of shares shall
be determined by dividing the amount of the payment to be made by the Fair Market Value of a share
of Common Stock at the date of the Buy Out Notice, and by rounding up any fractional share to a
whole share. Payments of any such buy out amounts shall be made net of the minimum applicable
foreign, federal (including FICA), state and local withholding taxes, if any.

6. No Rights as Shareholder. The Participant shall have no rights as a holder of
PepsiCo Common Stock with respect to the Options granted hereunder unless and until such Options
are exercised and the shares have been registered in the Participant’s name as owner.

B. Terms and Conditions Applicable to Restricted Stock Units. These terms and
conditions shall apply with respect to the restricted stock units granted to the Participant as
indicated on the Award Summary.

1. Grant. In consideration of the Participant remaining in the employ of the Company,
PepsiCo hereby grants to the Participant, on the terms and conditions set forth herein, the number
of restricted stock units indicated on the Award Summary (the “Restricted Stock Units”). All
Restricted Stock Units granted hereunder are intended to be Performance Awards (as defined in the
Plan) that satisfy the conditions for the Performance Based Exception (as defined in the Plan)
under Section 162(m) of the Code.

2. Payment. Subject to Paragraphs B.3 and B.4 below, the Restricted Stock Units shall
vest on the Vesting Date and be payable as soon as practicable after such date (the “Payment
Date”). Restricted Stock Units that become payable shall be settled in shares of PepsiCo Common
Stock with the Participant receiving one share of PepsiCo Common Stock for each Restricted Stock
Unit. No fractional shares shall be delivered under this Agreement, and so any fractional share
that may be payable shall be rounded to the nearest whole share. Any amount that the Company may be
required to withhold upon the settlement of Restricted Stock Units and/or the payment of dividend
equivalents (see Paragraph B.5 below) in respect of applicable foreign, federal (including FICA),
state and local taxes, must be paid in full at the time of the issuance of shares or payment of
cash. Unless the Participant makes other arrangements to satisfy this withholding obligation in
accordance with procedures approved by the Company in its discretion, the Company will withhold
shares to satisfy the required withholding obligation related to the settlement of Restricted Stock
Units.

3. Forfeiture of Restricted Stock Units. The number of Restricted Stock Units that are
payable shall be determined based on the achievement of performance targets. Subject to the terms
and conditions set forth herein, the Restricted Stock Units shall be subject to forfeiture as
follows:

(a) The payment of one-third of the Restricted Stock Units shall be determined based on the
achievement of specific {Year} performance targets. The specific performance targets and the
percentage of the one-third of the Restricted Stock Units that shall be forfeited if such targets
are not achieved shall be established by the Committee in the first ninety (90) days of {Year}.

(b) The payment of one-third of the Restricted Stock Units shall be determined based on the
achievement of specific {Year+1} performance targets. The specific performance targets and the
percentage of the one-third of the Restricted Stock Units that shall be forfeited if such targets
are not achieved shall be established by the Committee in the first ninety (90) days of {Year+1}.

(c) The payment of one-third of the Restricted Stock Units shall be determined based on the
achievement of specific {Year+2} performance targets. The specific performance targets and the
percentage of the one-third of the Restricted Stock Units that shall be forfeited if such targets
are not achieved shall be established by the Committee in the first ninety (90) days of {Year+2}.

(d) Notwithstanding the achievement of any performance targets established under Paragraphs
B.3(a), (b) and (c) above, the Committee has the discretion to reduce the number of Restricted
Stock Units paid, subject to and in accordance with the Plan. In the case of a Participant’s death
or Total Disability (as defined below), the Committee’s right to exercise this discretion shall
expire with respect to each one-third of the Restricted Stock Units at the later of: (i) the
Participant’s death or Total Disability (whichever applies), or (ii) the date the Committee
certifies the results for the specific performance targets that relate to such one-third of the
Restricted Stock Units. In all other cases, the Committee’s right to exercise this discretion with
respect to 100% of the Restricted Stock Units shall continue until the Payment Date. Accordingly,
except in the case of death or Total Disability, the Restricted Stock Units for which a Participant
has satisfied the performance criteria will be payable in one payment on the Payment Date.

4. Effect of Termination of Employment, Death, Retirement and Total Disability.

(a) Termination of Employment. Restricted Stock Units may vest and become payable only
while the Participant is actively employed by the Company. Thus, vesting ceases upon the
termination of the Participant’s active employment with the Company. Subject to subparagraphs 4(b),
4(c) and 4(d), all unvested Restricted Stock Units shall automatically be forfeited and canceled
upon the date that the Participant’s active employment with the Company terminates. An authorized
leave of absence will not be treated as active employment, and, as a result, the vesting of
Restricted Stock Units will not be extended by any such period.

(b) Retirement Prior to Age 62. If the Participant’s employment terminates prior to
the Vesting Date, by reason of the Participant’s Retirement (as defined below) prior to attaining
at least age 62, then a whole number of Restricted Stock Units shall vest on the Participant’s last
day of active employment with the Company, with such number determined in proportion to the
Participant’s active service (measured in calendar days) during the period commencing on the Grant
Date and ending on the Vesting Date. All Restricted Stock Units that vest in accordance with the
foregoing sentence shall remain subject to the payment and forfeiture provisions of Paragraphs B.2
and B.3.

(c) Death, Total Disability, or Retirement on or After Age 62. If the Participant’s
employment terminates by reason of the Participant’s death, Total Disability (as defined below), or
Retirement after attaining at least age 62, then the Restricted Stock Units shall become fully
vested on the Participant’s last day of active employment with the Company (which, for purposes of
Total Disability, means the effective date of Total Disability). All such vested Restricted Stock
Units shall remain subject to the payment and forfeiture provisions of Paragraphs B.2 and B.3,
except that in the case of death or Total Disability payment of each one-third of the Restricted
Stock Units will be made as soon as practicable after the Committee’s right to exercise discretion
with respect to such one-third expires in accordance with Paragraph B.3(d).

(d) Transfers to a Related Entity. In the event the Participant transfers to a Related
Entity (as defined below), as a result of actions by PepsiCo, the Restricted Stock Units shall
become fully vested on the Participant’s last day of active employment with the Company. All such
vested Restricted Stock Units shall remain subject to the payment and forfeiture provisions of
Paragraphs B.2 and B.3.

5. Dividend Equivalents. During the vesting period, the Participant shall accumulate
dividend equivalents with respect to the Restricted Stock Units, which dividend equivalents shall
be paid in cash (without interest) to the Participant only if and when the applicable Restricted
Stock Units vest and become payable. Dividend equivalents shall equal the dividends actually paid
with respect to PepsiCo Common Stock during the vesting period while (and to the extent) the
Restricted Stock Units remain outstanding and unpaid.

6. No Rights as Shareholder. The Participant shall have no rights as a holder of
PepsiCo Common Stock with respect to the Restricted Stock Units granted hereunder unless and until
such Restricted Stock Units have been settled in shares of Common Stock that have been registered
in the Participant’s name as owner.

C. Terms and Conditions Applicable to Stock Options and Restricted Stock Units.

1. Prohibited Conduct.

(a) The Participant agrees that, at any time prior to the exercise of the Options or payment
of the Restricted Stock Units granted hereunder, and for a period of twelve months after the later
of (i) completion of all such exercises of Stock Options, (ii) payment of Restricted Stock Units or
(iii) termination of the Participant’s employment with the Company for any reason whatsoever
(including Retirement or Total Disability), he or she will not engage in any of the following
activities anywhere in the world:

(1) Non-Competition. Participant shall not accept any employment, assignment, position
or responsibility, or acquire any ownership interest, which involves the Participant’s
Participation in a business entity that markets, sells, distributes or produces Covered Products,
unless such business entity makes retail sales or consumes Covered Products without in any way
competing with the Company.

(2) Raiding Employees. Participant shall not in any way, directly or indirectly
(including through someone else acting on the Participant’s recommendation, suggestion,
identification or advice), solicit any Company employee to leave the Company’s employment or to
accept any position with any other entity.

(3) Non-Disclosure. Participant shall not use or disclose to anyone any confidential
information regarding the Company other than as necessary in his or her position with the Company.
Such confidential information shall include all non-public information the Participant acquired as
a result of his or her positions with the Company which might be of any value to a competitor of
the Company, or which might cause any economic loss or substantial embarrassment to the Company or
its customers, bottlers, distributors or suppliers if used or disclosed. Examples of such
confidential information include, without limitation, non-public information about the Company’s
customers, suppliers, distributors and potential acquisition targets; its business operations and
structure; its product lines, formulas and pricing; its processes, machines and inventions; its
research and know-how; its financial data; and its plans and strategies.

(4) Misconduct. Participant shall not engage in any acts that are considered to be
contrary to the Company’s best interests, including, but not limited to, violating the Company’s
Code of Conduct, engaging in unlawful trading in the securities of PepsiCo or of any other company
based on information gained as a result of his or her employment with the Company, or engaging in
any other activity which constitutes gross misconduct.

(b) In the event the Company determines that the Participant has breached any term of
Paragraph C.1(a), in addition to any other remedies the Company may have available to it, the
Company may in its sole discretion:

(1) Cancel any unexercised Options or unpaid Restricted Stock Units granted hereunder;

(2) Require the Participant to pay to the Company all gains realized from the exercise of any
Options granted hereunder, which have been exercised within the twelve-month period immediately
preceding the date as of which the Participant has breached a provision of Paragraph C.1(a), as
determined by the Company; and/or

(3) Require the Participant to pay to the Company the value (determined as of the date the
forfeiture restrictions on the Restricted Stock Units lapse) of any Restricted Stock Units, which
have been paid within the twelve-month period immediately preceding the date as of which the
Participant has breached a provision of Paragraph C.1(a), as determined by the Company.

2. Adjustment for Change in Common Stock. In the event of any change in the
outstanding shares of PepsiCo Common Stock by reason of any stock split, stock dividend,
recapitalization, reorganization, merger, consolidation, combination or exchange of shares,
spin-off or other similar corporate change, (a) the number and type of shares which the Participant
may purchase pursuant to the Options and the Option Exercise Price at which the Participant may
purchase such shares shall be adjusted, and (b) the number and type of shares to which the
Restricted Stock Units held by the Participant relate shall be adjusted, in the case of (a) and
(b), as may be, and to such extent (if any), determined to be appropriate and equitable by the
Committee.

3. Effect of Change in Control. In the event of a Change in Control (as defined in the
Plan), the following provisions shall apply:

(a) If the successor corporation (or affiliate thereto) (1) assumes the outstanding Options
and Restricted Stock Units granted hereunder or (2) replaces the outstanding Options and Restricted
Stock Units with equity awards that preserve the existing value of such Options and Restricted
Stock Units at the time of the Change in Control and provide for subsequent payout in accordance
with a vesting schedule and performance targets, as applicable, that are the same or more favorable
to the Participant than the vesting schedule and performance targets applicable to such Options and
Restricted Stock Units, then the outstanding Options and Restricted Stock Units or such substitutes
thereof shall remain outstanding and be governed by their respective terms and the provisions of
the Plan, subject to Paragraph C.3(c) below.

(b) If the outstanding Options and Restricted Stock Units granted hereunder are not assumed or
replaced in accordance with Paragraph C.3(a) above, then upon the Change in Control, (1) the
outstanding Options granted hereunder shall immediately vest and become exercisable and shall
remain outstanding in accordance with their terms and the outstanding Restricted Stock Units
granted hereunder shall immediately vest and shall be payable, as if 100% of the performance
targets have been achieved, immediately in accordance with their terms or, if later, as of the
earliest permissible date under Code Section 409A and (2), notwithstanding Paragraph C.3(b)(1) but
after taking into account the accelerated vesting set forth therein, the Board may, in its sole
discretion, provide for cancellation of the outstanding Options and Restricted Stock Units at the
time of the Change in Control in which case a payment of cash, property or a combination thereof
shall be made to the Participant that is determined by the Board in its sole discretion and that,
in the case of the Restricted Stock Units, is at least equal to the value of the consideration that
would be received in such Change in Control by the holders of PepsiCo’s securities relating to such
awards and, in the case of the outstanding Options, is at least equal to the excess, if any, of the
value of such consideration over the Option Exercise Price for such Options.

(c) If the outstanding Options and Restricted Stock Units granted hereunder are assumed or
replaced in accordance with Paragraph C.3(a) and the Participant’s employment with the Company is
terminated by the Company for any reasons other than Cause or by the Participant for Good Reason,
in each case, within the two-year period commencing on the Change in Control, then, as of the date
of the Participant’s termination, (1) the outstanding Options granted hereunder shall immediately
vest and become exercisable and shall remain outstanding until the Expiration Date and (2) the
outstanding Restricted Stock Units granted hereunder shall immediately vest and shall be payable,
as if 100% of the performance targets have been achieved, immediately in accordance with their
terms or, if later, as of the earliest permissible date under Code Section 409A. For purposes of
this Paragraph C.3, “Cause” and “Good Reason” are defined in the Plan and a termination for Cause
or Good Reason is subject to the terms and conditions set forth in the Plan.

4. Nontransferability. Unless the Committee specifically determines otherwise: (a) the
Options and Restricted Stock Units are personal to the Participant and, with respect to Options,
during the Participant’s lifetime, such Options may be exercised only by the Participant, and
(b) the Options and Restricted Stock Units shall not be transferable or assignable, other than in
the case of the Participant’s death by will, the laws of descent and distribution.

5. Definitions. As used in this Agreement, the following terms shall have the meanings
set forth below:

(a) “Covered Products” means any product which falls into one or more of the following
categories, so long as the Company is producing, marketing, selling or licensing such product
anywhere in the world: beverages, including without limitation carbonated soft drinks, tea, water,
juice drinks, sports drinks, coffee drinks, and value added dairy drinks; juices and juice
products; snacks, including salty snacks, sweet snacks, meat snacks, granola and cereal bars, and
cookies; hot cereals; pancake mixes; value-added rice products; pancake syrup; value-added pasta
products; ready-to-eat cereals; dry pasta products; or any product or service which the Participant
had reason to know was under development by the Company during the Participant’s employment with
the Company.

(b) “Fair Market Value” of a share of PepsiCo Common Stock on any date shall mean an amount
equal to the mean of the high and low sales prices for a share of PepsiCo Common Stock as reported
on the composite tape for securities listed on The New York Stock Exchange, Inc. on the date in
question (or if no sales of Common Stock were made on said Exchange on such date, on the next
preceding day on which sales were made on such Exchange), rounded up to nearest one-fourth.

(c) “Participation” shall be construed broadly to include, without limitation: (i) serving as
a director, officer, employee, consultant or contractor with respect to such a business entity;
(ii) providing input, advice, guidance or suggestions to such a business entity; or (iii) providing
a recommendation or testimonial on behalf of such a business entity or one or more products it
produces.

(d) “Related Entity” shall mean any entity as to which the Company directly or indirectly owns
20% or more of the entity’s voting securities, general partnership interests, or other voting or
management rights.

(e) “Retirement” shall mean (i) early, normal or late retirement under the U.S. pension plan
of the Company in which the Participant participates (if any), (ii) retirement as explicitly set
out in an individual agreement between the Company and the Participant for this purpose in effect
on the Grant Date, (iii) termination of employment after attaining at least age 55 with at least
10 years of service with the Company (or, if earlier, after attaining at least age 65 and
completing at least five years of service with the Company), or (iv) retirement as otherwise
determined by the Committee.

(f) “Total Disability” shall mean becoming totally and permanently disabled, as determined for
purposes of the Company’s Long Term Disability Plan (or in the absence of such Disability Plan
being applicable to the Participant, as determined by the Committee in its sole discretion).

6. Notices. Any notice to be given to PepsiCo in connection with the terms of this
Agreement shall be addressed to PepsiCo at Purchase, New York 10577, Attention: Vice President,
Compensation, or such other address as PepsiCo may hereafter designate to the Participant. Any such
notice shall be deemed to have been duly given when personally delivered, addressed as aforesaid,
or when enclosed in a properly sealed envelope or wrapper, addressed as aforesaid, and deposited,
postage prepaid, with the federal postal service.

7. Binding Effect.

(a) This Agreement shall be binding upon and inure to the benefit of any assignee or successor
in interest to PepsiCo, whether by merger, consolidation or the sale of all or substantially all of
PepsiCo’s assets. PepsiCo will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of
PepsiCo expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that PepsiCo would be required to perform it if no such succession had taken place.

(b) This Agreement shall be binding upon and inure to the benefit of the Participant or his or
her legal representative and any person to whom the Options and Restricted Stock Units may be
transferred by will or the applicable laws of descent and distribution.

8. No Contract of Employment; Agreement’s Survival. This Agreement is not a contract
of employment, nor does it impose on the Company any obligation to retain the Participant in its
employ. This Agreement shall survive the termination of the Participant’s employment for any
reason.

9. Registration, Listing and Qualification of Shares. The Committee may require that
the Participant make such representations and agreements and furnish such information as the
Committee deems appropriate to assure compliance with or exemption from the requirements of any
securities exchange, any foreign, federal, state or local law, any governmental regulatory body, or
any other applicable legal requirement, and PepsiCo Common Stock shall not be issued unless and
until the Participant makes such representations and agreements and furnished such information as
the Committee deems appropriate.

10.  Amendment; Waiver. The terms and conditions of this Agreement may be amended in
writing by the chief personnel officer or chief legal officer of PepsiCo (or either of their
delegates), provided, however, that (i) no such amendment shall be adverse to the Participant
(except to the extent the Committee reasonably determines that such amendment is necessary or
appropriate to comply with applicable law, including the provisions of Code Section 409A and the
regulations thereunder pertaining to the deferral of compensation, or the rules and regulations of
any stock exchange on which PepsiCo Common Stock is listed or quoted); and (ii) the amendment must
be permitted under the Plan. The failure to exercise, or any delay in exercising, any right, power
or remedy under this Agreement shall not waive any right, power or remedy which the Board, the
Committee or the Company has under this Agreement.

11. Severability or Reform by Court. In the event that any provision of this Agreement
is deemed by a court to be broader than permitted by applicable law, then such provision shall be
reformed (or otherwise revised or narrowed) so that it is enforceable to the fullest extent
permitted by applicable law. If any provision of this Agreement shall be declared by a court to be
invalid or unenforceable to any extent, the validity or enforceability of the remaining provisions
of this Agreement shall not be affected.

12. Prospectus and Award Acceptance. The Participant has been provided a copy of
PepsiCo’s Prospectus relating to the Plan, the Options and the shares covered thereby, and the
Restricted Stock Units. By signing the Award Summary, the Participant agrees that he or she has
reviewed the Prospectus, and fully understands his or her rights under the Plan. Unless and until
the Participant signs the Award Summary and returns the Agreement to the Company, notwithstanding
the other terms of this Agreement, the Participant shall not be entitled to the proceeds of any
Option exercise or Restricted Stock Unit payment.

13. Plan Controls. The Options, Restricted Stock Units and the terms and conditions
set forth herein are subject in all respects to the terms and conditions of the Plan and any
guidelines, policies or regulations which govern administration of the Plan, which shall be
controlling. The Board reserves its rights to amend or terminate the Plan at any time without the
consent of the Participant; provided, however, that Options and Restricted Stock Units outstanding
under the Plan at the time of such action shall not be adversely affected thereby (except to the
extent the Committee reasonably determines that such amendment is necessary or appropriate to
comply with applicable law, including the provisions of Code Section 409A and the regulations
thereunder pertaining to the deferral of compensation, or the rules and regulations of any stock
exchange on which PepsiCo Common Stock is listed or quoted). All interpretations or determinations
of the Committee or its delegate shall be final, binding and conclusive upon the Participant (and
his or her legal representatives and any recipient of a transfer of the Options or Restricted Stock
Units permitted by this Agreement) on any question arising hereunder or under the Plan or other
guidelines, policies or regulations which govern administration of the Plan.

14. Participant Acknowledgement. By entering into this Agreement, the Participant
acknowledges and agrees that:

(a) the Option and/or Restricted Stock Unit grant will be exclusively governed by the terms of
the Plan, including the right reserved by the Company to amend or cancel the Plan at any time
without the Company incurring liability to the Participant (except for Options and Restricted Stock
Units already granted under the Plan);

(b) stock options and restricted stock units are not a constituent part of the Participant’s
salary and that the Participant is not entitled, under the terms and conditions of his/her
employment, or by accepting or being awarded the Options and/or Restricted Stock Units pursuant to
this Agreement to require options, restricted stock units or other awards to be granted to him/her
in the future under the Plan or any other plan;

(c) upon exercise of the Options or vesting of Restricted Stock Units the Participant will
arrange for payment to the Company an estimated amount to cover employee payroll taxes resulting
from the exercise and/or, to the extent necessary, any balance may be withheld from the
Participant’s wages;

(d) benefits received under the Plan will be excluded from the calculation of termination
indemnities or other severance payments;

(e) in the event of termination of the Participant’s employment, a severance or notice period
to which the Participant may be entitled under local law and which follows the date of termination
specified in a notice of termination will not be treated as active employment for purposes of this
Agreement and, as a result, vesting of unvested Options or Restricted Stock Units will not be
extended by any such period;

(f) the Participant will seek all necessary approval under, make all required notifications
under and comply with all laws, rules and regulations applicable to the ownership of stock options
and stock and the exercise of stock options, including, without limitation, currency and exchange
laws, rules and regulations; and, in the event that any of the Participant’s Options or Restricted
Stock Units, including any such awards previously granted, become subject to the Indian fringe
benefit tax (“FBT”), the Participant will be responsible for the FBT imposed on such awards and
consents to provide payment to the Company of the applicable FBT at the time such FBT is due in
accordance with the procedures specified from time to time by the Company; and

(g) this Agreement will be interpreted and applied so that the Options and Restricted Stock
Units will not be subject to Code Section 409A. If notwithstanding the preceding sentence, the
Restricted Stock Units become subject to Code Section 409A, then the specified time of payment of
the Restricted Stock Units for purposes of Code Section 409A shall be the calendar year in which
the short-term deferral period expires with respect to the Restricted Stock Unit (or by such later
time as may be permitted by Code Section 409A under the circumstances).

15. Governing Law. This Agreement shall be governed by, construed and enforced in
accordance with the laws of North Carolina, without giving effect to conflict of laws principles.

16. Entire Agreement. This Agreement constitutes the entire understanding between the
parties to this Agreement.

1

PepsiCo Performance-Based Long-Term Incentive Award Summary

Executive Name:

Grant Date:

Grant Price: $

CORE ANNUAL AWARD

Restricted Stock Units:

Stock Options:

CORE ANNUAL AWARD DETAILS

RESTRICTED STOCK UNITS AWARD

US Dollar Value Core Annual Award:

Percentage RSU:

Restricted Stock Unit Award Value:

Grant Price: $

Number of Restricted Stock Units Granted:

Vesting Date*:

STOCK OPTIONS AWARD

US Dollar Value Core Annual Award:

Percentage Stock Options:

Stock Option Award Value:

Conversion Factor: 4x

Stock Option Award Face Value:

Option Exercise (Grant) Price: $

Number of Options Granted:

Vesting Date*:

Expiration Date:

* Vesting and exercisability are subject to the terms and conditions of the award

I accept my PepsiCo Performance-Based Long-Term Incentive Award as described above, subject to all
the terms and conditions set forth in the attached.

	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 

{Executive Name}

Date:

 

	 	 
	 	 

 

 

 
	 	

 
	 	

 

{Name/Title of PepsiCo Officer}

Sign and date this page. Fax entire agreement to PepsiCo Executive Compensation Dept. no later
than {Date}. Fax number {x-xxx-xxx-xxxx}.

2EX-10.1

 AGREEMENT OF SALE

By and among

TRIPLE NET PROPERTIES, LLC.,

as Buyer,

and

TST OVERLAND PARK, L.P.,

TST EL PASO PROPERTIES, LTD.,

TST JACKSONVILLE II, LLC,

TST TAMPA BAY, LTD.,

TST LARGO ASC, LTD.,

TST BRANDON, LTD., and

TST LAKELAND, LTD.

as Sellers

1

TABLE OF CONTENTS

	1.	 	SALE AND PURCHASE	 

	2.	 	PURCHASE PRICE	 

	3.	 	CLOSING	 

	4.	 	CONDITION OF TITLE	 

	5.	 	POSSESSION, ASSIGNMENT OF AGREEMENTS AND LEASES	 

	6.	 	APPORTIONMENTS	 

	7.	 	CLOSING COSTS	 

	8.	 	MUNICIPAL IMPROVEMENTS/NOTICES	 

	9.	 	SELLER’S REPRESENTATIONS	 

	10.	 	DELIVERY OF PREMISES DOCUMENTS	 

	11.	 	BUYER REPRESENTATIONS	 

	12.	 	CONDITIONS PRECEDENT TO CLOSING	 

	13.	 	DELIVERIES AT CLOSING	 

	14.	 	DEFAULT	 

	15.	 	NOTICES; COMPUTATION OF PERIODS	 

	16.	 	FIRE OR OTHER CASUALTY	 

	17.	 	CONDEMNATION	 

	18.	 	ASSIGNABILITY	 

	19.	 	INSPECTIONS/INSPECTION PERIOD	 

	20.	 	BROKERS	 

	21.	 	CONDITION OF PREMISES	 

	22.	 	SURVIVAL OF PROVISIONS	 

	23.	 	MISCELLANEOUS	 

	24.	 	SOPHISTICATION OF THE PARTIES	 

	25.	 	LIMITED LIABILITY	 

	26.	 	MARKETING/PUBLIC ANNOUNCEMENTS	 

	29.	 	ENFORCEMENT	 

30. RADON GAS...............................................................................31

EXHIBITS

	 	 	 	 	 
	Exhibit “A”

Exhibit “B”

Exhibit “C”

Exhibit “D”

Exhibit “E”

Exhibit “F”

Exhibit “G”

Exhibit “H”

Exhibit “I”

Exhibit “J”

Exhibit “K”

Exhibit “L”

Exhibit “M”

Exhibit “N”

Exhibit “O”

Exhibit “P”

Exhibit “Q”

Exhibit “R”

Exhibit “S”

Exhibit “T”

Exhibit “U”

Exhibit “V”

Exhibit “W”

Exhibit “X”

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	 	Real Property Descriptions

Personal Property Descriptions

Purchase Price Allocation

Completion Obligations

Certain Permitted Encumbrances

Transfer Restrictions

Transfer Restriction Consents

Existing Leases

Existing Agreements

Tenant Security Deposits

Litigation

Tenant Estoppel Certificates

Bill of Sale

General Assignment and Assumption Agreement

Seller’s Affidavit

Non-Foreign Affidavit

Tenant Notices

Ground Lease Assignment

Escrow Agreement

List of Environmental Reports

Additional Due Diligence Materials

SNDA

Audit Letter

Energy Efficiency Rating Disclosure

2

AGREEMENT OF SALE

This AGREEMENT (the “Agreement”) is made and entered into as of the 19th day of December, 2007 (the
“Effective Date”) by and among TST OVERLAND PARK, L.P., a Kansas limited partnership (“TST
Overland”), TST EL PASO PROPERTIES, LTD., a Texas limited partnership (“TST El Paso”), TST
JACKSONVILLE II, LLC, a Delaware limited liability company (“TST Jacksonville”), TST TAMPA BAY,
LTD., a Florida limited partnership (“TST Tampa Bay”), TST LARGO ASC, LTD., a Florida limited
partnership (“TST Largo ASC”), TST BRANDON, LTD., a Florida limited partnership (“TST Brandon”),
and TST LAKELAND, LTD., a Florida limited partnership (“TST Lakeland”) (each a “Seller,” and
collectively “Sellers”), and TRIPLE NET PROPERTIES, LLC, a Virginia limited liability company
(“Buyer”).

RECITALS

A. Sellers own interests in and to the Properties (as hereinafter defined).

B. Each Seller desires to sell, assign, transfer and convey its Respective Property (as
hereinafter defined) to Buyer or its designee in accordance with the terms and provisions of this
Agreement, and Buyer desires to purchase or to cause its designee to purchase from each of Sellers
its Respective Property, subject to the terms and conditions more particularly set forth in this
Agreement.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein
contained, the parties hereto covenant and agree as follows:

1. Sale and Purchase. Each Seller hereby agrees to sell, assign and convey to Buyer,
and Buyer hereby agrees to purchase from such Seller, upon the terms and conditions hereinafter set
forth, all of such Seller’s right, title and interest in and to the following (collectively, with
respect to each Seller, the below is hereinafter referred to as such Seller’s “Respective Property”
and collectively, all of the Respective Property together is referred to herein as the “Property”):

(a) Real Property. That real property interest owned by such Seller, a description of
which is set forth opposite such Seller’s name on Exhibit “A” attached hereto and a legal
description of which is annexed thereto (with respect to each Seller, the “Respective Premises”,
and collectively, the “Premises”), together with all the rights and appurtenances pertaining to
such Seller’s Respective Premises and, to the extent applicable, all buildings, structures and
improvements situated thereon (the “Improvements”), including any right, title and interest of such
Seller (if any) in and to streets and rights-of-way adjacent to such Seller’s Respective Premises;

(b) Personal Property. The fixtures, furnishings, equipment and other items of
personal property, if any, now or hereafter owned by such Seller and located on or used in
connection with the ownership, use, operation, occupancy, maintenance or development of such
Seller’s Respective Premises, including, without limitation, the items, if any, listed opposite
such Seller’s name on Exhibit “B” attached hereto (with respect to each Seller, the
Respective Personal Property and collectively, the “Personal Property”; and

(c) Intangible Property. To the extent transferable all intangible personal Property
now or hereafter owned by each Seller, if any, and used in the ownership, use, operation,
occupancy, maintenance or development of the Property, including, without limitation (i) all
licenses, permits, certificates, approvals, authorizations and other entitlements issued, (ii) all
warranties and guaranties from manufacturers, contractors, subcontractors, suppliers and
installers, (iii) all reports, test results, environmental assessments, surveys, plans and
specifications, (iv) all building and property names, logos, trademarks, trade names, service
marks, building signs, domain names and other rights used in connection with the Property, and (iv)
all software, software licenses and electronic data, in each case which relate to the Respective
Property being conveyed to Buyer by such Seller.

(d) Leases and Deposits. All “Existing Leases” (as defined below), together with all
deposits held in connection with the Existing Leases, including, without limitation, all security
deposits, prepaid rent, guaranties, letters of credit and similar charges and credit enhancements
providing additional security for the Existing Leases.

2. Purchase Price. The aggregate purchase price to be paid by Buyer for the Property
is the sum of $61,350,000.00 (the “Purchase Price”), as the same may be adjusted in accordance with
Section 2(e) and Section 6 hereof, exclusive of any and all applicable transfer
taxes, recording charges, title insurance premiums and other charges to be paid by Sellers or Buyer
in accordance with Section 7 hereof. Subject to such adjustments, the aggregate Purchase
Price shall be allocated among the Sellers and paid to each Seller in the amount set forth opposite
such Seller’s name on Exhibit “C” attached hereto (with respect to each Seller and its
Respective Property, the “Allocated Purchase Price”). The Allocated Purchase Price to be paid to
each Seller shall be allocated among such Seller’s Property as set forth on the allocation
schedules annexed to Exhibit “C” (with respect to each Seller, an “Allocation,” and
collectively the “Allocations”) and such Seller and Buyer agree that all tax returns and reports
and all financial statements shall be prepared in a manner consistent with (and neither Buyer nor
such Seller shall otherwise file a tax return position inconsistent with) such Allocation. If the
Allocation with respect to any Seller’s Property is disputed by any governmental entity, including,
without limitation, any United States federal, state or local and any foreign governmental
political subdivision, regulatory or administrative authority, agency or commission, board, or any
court or administrative tribunal, the Buyer or Seller receiving notice of such dispute shall
promptly notify the other of the existence thereof, and they shall cooperate in resolving such
dispute. Notwithstanding the foregoing, such Allocations shall be modified as a result of the
exclusion of Excluded Properties pursuant to the provisions of this Agreement. The Purchase Price
shall be paid as follows:

(a) Deposit. On or before the Effective Date, Buyer shall have deposited the sum of
$2,000,000.00 (together with all interest earned thereon, the “Deposit”) with LandAmerica National
Commercial Services, a division of LandAmerica Financial Group, Inc, a corporation of the
Commonwealth of Virginia (the “Title Company”) in its capacity as escrow agent (the “Escrow Agent”)
pursuant to that certain Escrow Agreement dated as of December 7, 2007 by and among Buyer, Sellers
and Escrow Agent (the “Escrow Agreement”) a copy of which is attached hereto as Exhibit
“S”. Seller and Buyer hereby acknowledge and agree that $1,000,000.00 of the Deposit shall be
allocated prorata to (i) Doctors’ Medical Building, 10550 Quivira Road, Overland Park, Johnson
County, KA (the “Overland Park Property”), (ii) Largo Medical Arts Center, 1345 West Bay Drive,
Largo, Pinellas County, FL, (iii) West Bay Surgery Center, 1401 West Bay Drive, Largo, Pinellas
County, FL, (iv) Brandon Medical Plaza, 427 Parsons Avenue, Brandon, Hillsborough County, FL, and
(v) Central Florida SurgiCenter, 900 Griffen Road, Lakeland, Polk County, FL (collectively,
properties (i) through (v) shall be know as the “REIT Properties”) and $1,000,000.00 shall be
allocated prorate to the (vi) Memorial Healthcare Plaza I, 3901 University Blvd. South,
Jacksonville, Duval County, FL, and (vii) Memorial Healthcare Plaza II, 3901 University Blvd.
South, Jacksonville, Duval County, FL (collectively, properties (vi) and (vii) shall be know as the
“Jacksonville Properties”). On or before the Effective Date, if Buyer’s board of directors
approves of the transaction contemplated by this Agreement, then a portion of the Deposit in the
amount of $250,000 shall be released to Seller in connection with the REIT Properties and $250,000
shall be released to Seller in connection with the Jacksonville Properties; provided that such
portion of the Deposit shall remain subject to the provisions of this Agreement and returned to
Buyer, together with the balance of the Deposit, if required pursuant to the provisions of this
Agreement. The Title Company shall hold the balance of the Deposit ($1,500,000) in escrow in an
interest bearing account in accordance with the terms and provisions of the Escrow Agreement and
subject to the terms hereof. All interest earned on the Deposit shall be added to and made a part
of the Deposit for all purposes hereof. Any interest earned on the Deposit (less any fees or
charges in connection with such account) shall be paid to the party or parties entitled to the
Deposit, pro rata in accordance with their interests therein as set forth in Section 2(b),
at the Applicable Closing and the party or parties receiving such interest shall pay any income
taxes thereon. In the event of (a) a termination of this Agreement by Buyer in accordance with any
right to so terminate provided for under this Agreement, (b) the failure of any “Buyer’s Condition”
(as defined in Section 12(a) below), or (c) a Seller default, the Deposit, including any
portion thereof released directly to the Sellers, shall be refunded to Buyer; otherwise, the
Deposit shall not be refunded to Buyer. In the event that Buyer’s board of directors fails to
approve this Agreement, Buyer may terminate this Agreement, in which case the Deposit will be
refunded to Buyer, and neither party shall have any further obligations hereunder, except for
Buyer’s indemnity obligations under Section 20 of this Agreement.

(b) Deposit Paid to Sellers. On the Applicable Closing Date, provided that a Seller
shall have complied with its obligations hereunder, that its Respective Property is not an Excluded
Property as of the Applicable Closing Date and that such Seller shall have satisfied the conditions
set forth in Section 12(a) hereof for Closing, Buyer shall pay such Seller the Allocated
Purchase Price, as adjusted in accordance with Section 6 and Section 2(e), less
that portion of the Deposit (including accrued interest thereon) as specified in this Section
2(b) and any other credits to which Buyer is entitled pursuant to this Agreement, and at the
Applicable Closing, Escrow Agent shall release and pay to each Seller such portion of the Deposit.
For purposes of this Section 2(b), the portion of the Deposit allocated to each of the
Sellers shall be that portion which is in proportion to the Allocated Purchase Prices set forth
opposite their names on Exhibit “C”.

(c) Closing Payments. All monies to be paid by Buyer to Sellers under this Agreement
shall be payable in accordance with the terms of this Agreement by wire transfer of immediately
available federal funds for credit to such bank account or accounts, and divided into such amounts
as may be required to consummate the transactions contemplated by this Agreement, as Sellers shall
designate in writing.

(d) Completion Obligations. Sellers represent, warrant and covenant that the tenant
improvements set forth on Exhibit “D” attached hereto (i) are the only tenant improvements
currently being constructed at the Properties (ii) are being constructed by the tenants pursuant to
their underlying leases, and (iii) will either (A) be completed prior to the Applicable Closing in
compliance with the applicable lease or (B) be fully funded through a credit to Buyer from Sellers
at the Applicable Closing.

(e)  Reductions in Purchase Price — Excluded Properties. Pursuant to the terms and
conditions of this Agreement, Buyer, in Buyer’s sole and absolute discretion, has certain rights,
upon delivery of written notice to a Seller as specifically set forth in this Agreement (and in no
event later than the Closing Date), to exclude certain Property or Properties from conveyance
pursuant to this Agreement (any of such Properties so excluded by Buyer being an “Excluded
Property”). In the event that a Property is an Excluded Property, any and all of each party’s
rights, liabilities, obligations, representations and warranties with respect to the Excluded
Property shall be void and of no further force and effect; provided, however, such
rights, liabilities and obligations, together with all of the terms of this Agreement, shall remain
in full force and effect with respect to all Properties other than any Excluded Properties (the
“Conveyed Properties”). The Purchase Price and the Deposit shall be reduced by the value allocated
to any Excluded Property in the allocation described in this Section 2. Notwithstanding
anything to the contrary, in the event that Buyer shall become entitled to exclude either of the
Jacksonville Properties pursuant to the provisions referenced in this Section, Buyer shall have the
option, in Buyer’s sole and absolute discretion, to exclude both Jacksonville Properties from
conveyance pursuant to the terms of this Agreement. In the event that Buyer shall become entitled
to exclude the Overland Park Property pursuant to the provisions referenced in this Section, Buyer
shall have the option, in Buyer’s sole and absolute discretion, to exclude all of the properties
subject to this Agreement, with the exception of the Jacksonville Properties (the “Other
Properties”) from conveyance pursuant to the terms of this Agreement.

3. Closings.

(a) Closing. Except as otherwise set forth herein, the closing of the transfers
contemplated in this Agreement with respect to the REIT Properties shall be held and completed on
or before February 1, 2008, and with respect to the Jacksonville Properties shall be held and
completed on or before March 1, 2008 (with respect to each Respective Property, the “Applicable
Closing” and collectively the “Closings”), or at such date and time as reasonably specified in a
notice by Buyer to Sellers at least seven (7) days prior thereto (with respect to each Property,
the “Applicable Closing Date” and collectively the “Closing Dates”), through an escrow with the
Title Company or in another mutually agreeable manner and location. In the event that Seller does
not deliver a Transfer Restriction Consent (defined in paragraph 4(h) below) with respect to the
Property owned by TST Lakeland prior to the Closing Date, Buyer and Sellers agree to extend the
Closing Date with respect to such Property only until expiration of the applicable sixty (60) day
notice period applicable to the Transfer Restriction.

(b) Closing Time. With respect to each Property, time shall be of the essence in
respect of the Applicable Closing, which shall be satisfied provided such Applicable Closing occurs
within seventy-two hours of the Applicable Closing Date. The Closing on each Property shall be
deemed to occur at 5:00 p.m. Birmingham, Alabama time (6:00 p.m. Eastern Time) on the Applicable
Closing Date.

4. Condition of Title.

(a) Title to Premises. Title to the Respective Premises of each Seller shall be
conveyed by such Seller to Buyer at the completion of the Applicable Closing by a Deed (as
hereinafter defined), subject only to the Permitted Encumbrances (hereinafter defined), or in the
case of the TST Tampa Bay, Ltd. property, the TST El Paso Properties, Ltd. property and the TST
Jacksonville II, LLC Property (collectively the “Ground Leased Properties”), a Ground Lease
Assignment (as defined in Section 14(a)(xiii)). Each Seller’s interest in its Respective
Personal Property shall be conveyed by such Seller to Buyer at the completion of the Applicable
Closing by a Bill of Sale (as hereinafter defined). Title to the Respective Premises of each
Seller shall be good and marketable title and such as will be insured by the Title Company as
provided herein pursuant to the most current standard ALTA form of Owner’s, or Leasehold, as
applicable, Title Insurance Policy in use in each Respective State by the Title Company. In any
event, Seller covenants to cause to be released and reconveyed from the Property, and to remove as
exceptions to title on or prior to the Applicable Closing, all standard exceptions regarding rights
of tenants, and all “Liens” (as defined below) (collectively, “Pre-Disapproved Exceptions”). The
Title Policy (as defined below) shall be free and clear of all exceptions except for the Permitted
Encumbrances. The term “Permitted Encumbrances” shall mean, with respect to each Respective
Property, (i) tenants under Existing Leases (as hereinafter defined) as tenants only, with no
rights of first refusal or any options to purchase all or any portion of the insured property, in
effect as of the Applicable Closing Date, except for Transfer Restrictions contained in such
Existing Leases which shall be governed by Section 4(h), (ii) the additional matters
affecting each Respective Premises as set forth on Exhibit “E” attached hereto, (iii) any
matters set forth in the Title Commitment and/or reflected on the Existing Survey as to which Buyer
does not timely object in accordance with this Section 4 which shall be deemed waived by
the Buyer, (iv) any matters reflected on any update of the Title Commitment or Existing Survey as
to which Buyer does not timely object in accordance with this Section 4, and (v) the ground
leases affecting the Ground Leased Properties (the “Ground Leases”). Title to each Seller’s
Respective Personal Property, if any, shall also be subject to the Permitted Encumbrances, to the
extent applicable.

(b) Survey. Within five (5) days following the Effective Date, with respect to each
of the Premises, Sellers shall order from a licensed surveyor a physical survey (with respect to
each of the Premises, the “Survey Plan”) of each of the Respective Premises, to be certified to the
Seller of such Premises, Buyer and the Title Company as being in accordance with current ALTA/ACSM
“minimum detail” standards. Each survey shall be “as built.” Nothing contained in this Agreement,
including the provisions of Section 1(a) or the descriptions on Exhibit A, shall
constitute any warranty, representation or agreement by any Seller as to the location of separate
lots in, or acreage of, any of the Premises. Recertification of existing surveys delivered to
Buyer by Seller (each, an “Existing Survey”) dated not earlier than August 8, 2007 shall be deemed
compliance with this paragraph (b).

(c) Title Defects. Within ten (10) days following the Effective Date, with respect to
each of the Premises, Sellers shall order an ALTA title insurance commitment (with respect to each
of the Premises, the “Title Commitment”) for an owner’s title insurance policy in the amount of the
Purchase Price allocated to the Seller of such Premises from Jefferson Title Corporation in
accordance with the provisions of Section 4(a) above. Jefferson Title Corporation shall
serve as “Referring Title Agent” to the Title Company and shall receive a referral fee from the
Title Company pursuant to a separate agreement with the Title Company; provided that the Title
Company delivers to Buyer an “Insured Closing Protection Letter” from Lawyers Title Insurance
Corporation. The Title Commitment shall show Seller to be vested with good and marketable and
insurable fee simple, or in the case of the Ground Leased Properties, leasehold, title to the
Respective Premises and fee interest in all improvements and fixtures located on the Respective
Premises, or in the case of the Ground Leased Properties, a fee for a period of time under the
provisions of the Ground Leases, in an amount equal to the Allocated Purchase Price, free and clear
of all Liens (as defined below), covenants, conditions, and rights-of-way other than the Permitted
Exceptions. Buyer shall be deemed to have waived its right to object to any encumbrance or other
title exception or matter reflected in the Title Commitments and any matter reflected on the
Existing Survey (a “Title Defect”) unless Buyer shall have given the Seller of the Premises to
which the objection relates a specific written notice of its objection to any such matter that is
not a Permitted Encumbrance (a “Title Notice”) prior to the end of the day that is fifteen (15)
days after the Effective Date (the “Title Review Period”). Upon Buyer’s failure to timely object
to any encumbrance or other title exception or matter reflected on the respective Title Commitment
or the respective Existing Survey, and any update thereof, such encumbrance or other title
exception or matter shall thereafter be deemed a Permitted Encumbrance. Each Seller shall have the
right to, at its sole option, elect, by written notice given to Buyer (“Seller’s Cure Notice”)
within three (3) Business Days following the conclusion of the Title Review Period (“Seller’s
Notice Period”), to cure or remove the Title Defect identified by Buyer in Buyer’s Title Notice;
provided, however, Seller shall in all events have the obligation to (i) act in
good faith in making such election and use commercially reasonable efforts to cure any Title
Defects that Seller elects to cure, (ii) specifically remove the Pre-Disapproved Exceptions, and
(iii) remove any new Title Defect that attaches to the Real Property subsequent to the conclusion
of the Title Review Period. The failure of such Seller to deliver a Seller’s Cure Notice during
the Seller’s Notice Period shall be deemed an election by such Seller not to cure such exceptions.
Should such Seller elect to attempt to cure or remove any objection, such Seller shall have until
two (2) Business Days prior to the Applicable Closing Date (“Cure Period”) in which to accomplish
the cure. In the event Seller elects (or is deemed to have elected) not to cure or remove any
Title Defect, or in any event Seller fails to cure or remove any Title Defect which Seller agrees
or is required to cure within the Cure Period, then Buyer shall be entitled, as Buyer’s sole and
exclusive remedies, either to (i) upon written demand by Buyer to such Seller and Escrow Agent, to
treat such Sellers Property as an Excluded Property hereunder, or (ii) waive any Title Defects that
Seller has not elected to cure and close this transaction as otherwise contemplated herein. The
failure of Buyer to provide written notice to Seller within three (3) Business Days following the
expiration of the Seller’s Notice Period waiving any objections Seller has not elected to cure
shall be deemed an election by Buyer to waive Title Defects under clause (ii) above. The term
“Lien(s)” as defined herein shall mean, with respect to each Seller, liens and other encumbrances,
assessments and/or indebtedness (including the existing mortgage, deeds of trust, but excluding any
Permitted Encumbrances) including without limitation, labor, materialmens, mechanics’ liens,
judgments and federal, state and municipal tax liens.

(d) New Title Defects. If at anytime prior to the Applicable Closing, Buyer receives
an update or supplement to the Title Commitment or Existing Survey and such update or supplement
discloses one or more Title Defects that are not Permitted Exceptions (in each case, a “New Title
Defect”) and any New Title Defect is unacceptable to Buyer, Buyer may, within three (3) Business
Days after receiving such update or supplement to the Title Commitment or Existing Survey, as the
case may be, deliver to the applicable Seller another Title Notice with respect to any New Title
Defect only and the process described in Section 4(c) shall apply thereto.

(e) Intentionally Deleted.

(f) Removal of Liens. In addition to the provisions of Section 4(c), in lieu
of satisfying any liens or encumbrances required to be satisfied under this Agreement, a Seller may
deposit with the Title Company such sum of money or deliver to the Title Company such customary
affidavits and/or certificates as may be determined by the Title Company as being sufficient to
induce the Title Company (i) to affirmatively insure Buyer and to agree to affirmatively insure
Buyer’s successors and assigns against collection of liens and/or encumbrances required to be
eliminated by such Seller out of or against such Seller’s Respective Property, and (ii) to omit
such liens and encumbrances from any title insurance policy issued to Buyer and any lenders of
Buyer and Buyer’s successors and assigns and the successors and assigns of such lenders, without
additional charge or premium, and provided further that (a) the Title Company agrees, in writing,
to defend any action commenced by the holder of any lien or encumbrance so insured against to
enforce or collect the same at the sole cost and expense of the Title Company, in which event such
liens and encumbrances shall not be objections to title and (b) each such Seller obtains Buyer’s
consent to such remedy, which shall be granted, conditioned or denied in Buyer’s sole discretion.

(g) Intentionally Deleted.

(h) Transfer Restrictions. Each of the parties hereto acknowledges and agrees that
the sale of certain of the Properties is subject to the rights of first offer, rights of first
refusal and other transfer restrictions described with respect to such Properties on Exhibit
“F” attached hereto (the “Transfer Restrictions”). Seller shall obtain and deliver to Buyer
written consents or waivers from the beneficiaries of such Transfer Restrictions, the form of such
waiver or consent and any changes thereto shall be subject to the approval of Buyer and Escrow
Agent. Seller will send (with a copy to Buyer) such consents and/or waivers (each a “Transfer
Restriction Consent” and each as attached hereto as composite Exhibit “G”) and shall make
written and telephonic requests of each Transfer Restriction beneficiary to execute such consent
and/or waiver forms. In the event that the applicable Seller cannot fully comply with the process
and requirements for any Transfer Restriction two (2) Business Days prior to Closing, and the
beneficiary of such Transfer Restriction fails to respond to the request to execute the waiver
and/or consent form, and if any required time period or periods in which said beneficiary may
exercise such rights expire two (2) Business Days prior to the Applicable Closing, then the
applicable Seller shall provide to Buyer and Escrow Agent a written certification in recordable
form of the compliance with the process and requirements for release or waiver of any Transfer
Restriction sufficient for the Escrow Agent, in the Escrow Agent’s sole discretion, to insure in
the Title Policy relating to such Seller’s Respective Property that said Transfer Restriction does
not apply to or has been waived or deemed waived by the expiration of the relevant right of first
offer or right of first refusal period with respect to the transfer of the applicable Property to
Buyer. Such certification shall be recorded at the time of the Applicable Closing. In the event
the applicable Seller is unable to obtain the required waiver or consent from a beneficiary of the
Transfer Restrictions or the written evidence of compliance with the Transfer Restriction
provisions pursuant to this Section 4(h), then at Buyer’s sole discretion, Buyer may have
any applicable Property (or Properties) excluded from the conveyance of the Properties pursuant to
this Agreement, such Property (or Properties) shall be an Excluded Property for all purposes
hereof, and Sellers shall reimburse Buyer for that portion of expenses and costs incurred by Buyer
attributable to the Excluded Properties, including, without limitation, all attorneys fees and due
diligence fees and costs, which portion of expenses attributable to any Excluded Property shall be
determined by multiplying Buyer’s total accrued and out-of-pocket expenses by a fraction, the
numerator or which consists of the aggregate rentable square feet of the Excluded Property, and the
denominator of which consists of the aggregate rentable square feet of all the Properties.

5. Possession, Assignment of Agreements and Leases.

(a) Existing Leases. Possession of each Seller’s Respective Premises and Respective
Personal Property is to be given by such Seller to Buyer at the completion of the Applicable
Closing by delivery of the Deed and Bill of Sale relating thereto, the General Assignment and
Assumption Agreement and, as applicable, the Ground Lease Assignment (as defined in Section
14(a)(x)). At the Applicable Closing, pursuant to the General Assignment and Assumption
Agreement, each Seller shall assign to Buyer the Existing Leases. During the period from the date
hereof through Closing (or earlier termination of this Agreement or default by Buyer hereunder),
none of the Sellers shall enter into new leases for portions of the Premises now vacant or for
portions of the Premises which may become vacant, or enter into any amendments of any Existing
Leases or consent to any renewals, extensions or expansions of Existing Leases (other than those to
which the tenant is entitled pursuant to the terms of the Existing Leases) without first submitting
(i) all relevant supporting documentation, as reasonably determined by Buyer and (ii) a term sheet
containing the proposed material terms of the lease or lease amendment (including any renewal,
extension or expansion as to which the lessor’s consent is required) to Buyer for Buyer’s approval.
If Buyer does not disapprove in writing such proposed lease or amendment (or renewal, extension or
expansion agreement) as described in the term sheet within five (5) business days of Buyer’s
receipt of such term sheet, Buyer shall be deemed to have approved the proposed lease or amendment
(or renewal, extension or expansion agreement). Notwithstanding anything to the contrary, Buyer
shall have the right to approve the final form of any such document and provide comments prior to
execution thereof. With respect to each Property, all such new leases and modifications approved
or deemed approved by Buyer (and renewals, extensions or expansions approved or deemed approved by
Buyer or as to which the lessor’s consent is not required) and the presently existing leases that
are listed on Exhibit “H” hereto with respect to such Property are collectively herein
called the “Existing Leases”.

(b) Assignment/Existing Agreements. At each Closing, pursuant to a General Assignment
and Assumption Agreement, the Seller or Sellers conveying Property at such Closing shall assign to
Buyer, to the extent assignable, all of such Seller’s right, title and interest in, to and under
the existing agreements of such Seller listed on Exhibit “I” hereto (together with any
other agreements entered into by such Seller in accordance with this Section 5(b)
hereinafter collectively called the “Existing Agreements”). During the period from the Effective
Date through the Applicable Closing (or earlier termination of this Agreement or default by Buyer
hereunder), none of the Sellers shall have any right to enter into new service or maintenance
agreements that cannot be terminated within thirty days without penalty or modify any existing
service or maintenance agreements in any material respect without Buyer’s approval, and shall be
deemed given if Buyer does not disapprove within five (5) business days of a written request for
approval delivered to Buyer. The termination of any of the Existing Agreements prior to the
Applicable Closing by reason of the expiration of its term or by reason of a default thereunder
shall not excuse Buyer from its obligation to complete the Applicable Closing and to pay the full
Purchase Price.

(c) Terminated Agreements. On or before the end of the Title Review Period, Buyer may
deliver written notice to the Seller (the “Agreement Termination Notice”) specifying any Existing
Agreements with respect to which Buyer requires Seller deliver notices of termination at the
Closing (the “Terminated Agreements”) whereupon the Terminated Agreements shall not be assigned to,
nor assumed by, the Buyer. To the extent that any Terminated Agreements may not be terminated upon
thirty (30) days notice and require payment of a penalty or premium for cancellation, the Buyer
shall be solely responsible for the payment of any such cancellation fees or penalties. If Buyer
fails to deliver the Agreement Termination Notice on or before the expiration of the Title Review
Period, there shall be no Terminated Agreements and the Buyer shall assume all Existing Agreements
at the Closing. Notwithstanding anything to the contrary set forth in this section, prior to the
Closing the Seller shall terminate any and all management agreements and employment agreements
pertaining to the Properties and that certain agreement for janitorial services at the Largo
Medical Arts Building referenced and contemplated by an Interoffice Memorandum dated January 1,
2005, from Amy Lynton to Janitorial File-TST Tampa.

6. Apportionments.

(a) Generally. Lienable water and sewer rentals, sums paid to or paid or payable by
any Seller under the Existing Agreements, license, permit and inspection fees, and rentals, sales
tax and other sums paid to and received by any Seller under the Existing Leases, the Ground Leases
and otherwise shall be apportioned as of the Applicable Closing Date between Buyer and such Seller
so that Sellers, with respect to each of their Respective Properties, shall be responsible for
those items of expense and credited with those items of income that are attributable to the period
before the Applicable Closing Date and Buyer shall be responsible for those items of expense and
credited with those items of income that are attributable to the period on or after the Applicable
Closing in accordance with the terms of this Section 6.

(b) Rent. Rent, including, without limitation, fixed rent, prepaid rent, percentage
rent, if applicable, and additional rent (including, but not limited to, such sums which are to be
paid by tenants under Existing Leases with respect to common area expenses, operating expenses or
additional charges of any other nature and including, but not limited to, Ground Lease rent if
applicable), shall be apportioned as of the Applicable Closing Date in accordance with the
provisions of this Section 6. With respect to any rent arrearages arising under the
Existing Leases for the period prior to the Applicable Closing Date, Buyer shall pay to the Seller
on the Effective Date hereof any rent or payment actually collected after the Applicable Closing,
less any costs of collection, which is designated as applicable to the period preceding the
Applicable Closing Date. All rent under the Existing Leases collected by Buyer after the
Applicable Closing that is not so designated shall be applied first to the current month’s rent,
then to then to unpaid rent accruing on or after the Applicable Closing Date, and then to unpaid
rent accruing prior to the Applicable Closing Date. During the twelve (12) month period following
the Applicable Closing, Buyer shall use its commercially reasonable efforts to recover any rent (or
other tenant charge) arrearages in respect of the period prior to the Applicable Closing Date,
provided that Buyer shall not be required to incur any expenses over and above Buyer’s own regular
collection expenses or commence any legal or equitable remedies in connection therewith and such
efforts shall be limited to rent arrearages of not more than thirty (30) days.

(c) Leasing Costs. Each Seller shall pay all leasing commissions and Tenant Costs (as
defined below) in connection with all Existing Leases entered into by such Seller prior to the
Effective Date to the extent unpaid as of the Applicable Closing. Each Seller shall provide Buyer
with invoices and evidence of payment of such costs or Buyer shall receive a credit for such costs
at the Applicable Closing. Each Seller, with respect to its Respective Premises, shall indemnify,
defend and hold Buyer harmless with respect to all installments of such leasing commissions and
Tenant Costs for which such Seller is responsible under the terms of this Agreement. Each Seller
shall receive a credit at the Closing for all “pro-rata” leasing commissions and Tenant Costs
previously paid by Seller with respect to all new leases and renewals, extensions or expansions of
the Existing Leases that are approved by Buyer pursuant to this Agreement, which approval included
approval of the Tenant Costs and entered into (or, in the case of renewals, extensions and
expansions, exercised) on or after the Effective Date. Buyer shall indemnify, defend and old each
of Seller’s harmless with respect thereto. Sellers “pro-rata” share shall be equal to a fraction
which has as its numerator the number of months left in the base term of the Existing Lease after
the Applicable Closing Date and which has as its denominator the number of months in the base term
of the Existing Lease. Notwithstanding anything to the contrary and except with respect to any new
leases approved by Buyer under the terms of this Agreement, to the extent that any free rent,
abatements or other unexpired concessions under any Existing Leases (collectively, “Abatements”)
apply to any period after the Applicable Closing Date, Buyer shall receive a credit against the
Purchase Price for the amount of any such Abatements from each Seller with respect to its
Respective Premises. As used in this Agreement, the phrase “Tenant Costs” shall mean, with respect
to each Seller’s Respective Premises, any payments agreed to be paid by landlord under the Existing
Leases to or for the benefit of the tenant thereunder which is in the nature of a tenant
inducement, including, without limitation, tenant improvement costs (exclusive of those described
in Section 2(d) hereof) and, if the lease so provides, moving costs, design costs incurred
by the tenant, lease buyout costs and similar tenant inducement costs.

(d) Other Apportionments. All operating expenses (including all charges under the
Existing Agreements assumed by Buyer and other operation and maintenance expenses and other
recurring costs of the Respective Premises of each Seller) shall be prorated, and as to each
service provider, operating expenses payable or paid to such service provider in respect to the
billing period of such service provider in which the Closing occurs (the “Current Billing Period”),
shall be prorated on a per diem basis based upon the number of days in the Current Billing Period
prior to the Closing and the number of days in the Current Billing Period from and after the
Closing, and assuming that all charges are incurred uniformly during the Current Billing Period.
If actual bills for the Current Billing Period are unavailable as of the Closing, then such
proration shall be made on an estimated basis based upon the most recently issued bills, subject to
readjustment upon receipt of actual bills.

(e) Taxes.

(i) Taxes. All real estate taxes accruing and attributable to the Premises of any
Seller that have been established by the applicable taxing authority prior to the Closing and all
penalties and interest thereon shall be paid by such Seller at or before the Applicable Closing.
Any taxes or assessments in respect of such Premises accruing and attributable to the period after
the Applicable Closing shall be the responsibility of Buyer and such Seller shall have no further
liability for such taxes or assessments. With respect to the Premises of each Seller, Buyer shall
receive a credit against the Allocated Purchase Price paid at the Applicable Closing for all real
estate taxes collected from tenants of such Seller’s Respective Property since the due date of the
last installment of such taxes. In the event the real estate taxes for the year of the Applicable
Closing are unknown, the tax proration shall be based upon one hundred and ten percent (110%) of
such real estate taxes for the prior year and, at the request of either party, reprorated and
adjusted when the tax bill for the year of Closing is received and the actual amount of real estate
taxes is known.

(ii) Notwithstanding anything contained in Section 6(e)(i) above, no Seller assumes
any liability for any portion of such real estate taxes that is payable directly by a tenant of any
Premises to the taxing authority. Each Seller expressly reserves the right to commence and
conduct, at its sole cost and expense, any tax certiorari or reduction proceedings relating to its
Respective Premises in respect of the real estate tax years prior to 2008 for which it has any
liability hereunder provided that each such Seller provides Buyer with copies of all communications
with the applicable taxing authority. All net tax refunds and credits attributable to any period
prior to the Closing which each Seller has paid or for which such Seller has given a credit to
Buyer shall belong to and be the property of such Seller, provided, however, that
any such refunds and credits that are the property of tenants under Existing Leases shall be
promptly remitted by each Seller directly to such tenants or to Buyer for the credit of such
tenants. All net tax refunds and credits attributable to any period subsequent to the Closing
shall belong to and be the property of Buyer. Buyer agrees to reasonably cooperate with each
Seller in all such proceedings.

(f) Intentionally Deleted.

(g) CAM Expenses. To the extent that tenants are reimbursing the landlord for common
area maintenance and other operating expenses (collectively, “CAM Charges”), CAM Charges shall be
prorated at Closing and again subsequent to Closing, as of the date of Closing on a lease-by-lease
basis with each party being entitled to receive a portion of the CAM Charges payable under each
Existing Lease for the “CAM Lease Year” (as defined below) in which Closing occurs, which portion
shall be equal to the actual CAM Charges incurred during the party’s respective periods of
ownership of each Property during the CAM Lease Year. As used herein, the term “CAM Lease Year”
means the twelve (12) month period as to which annual CAM Charges are owed under each Existing
Lease. Five (5) days prior to Closing each Seller shall submit to Buyer an itemization of its
actual CAM Charges operating expenses through such date and the amount of CAM Charges received by
each Seller as of such date, together with an estimate of CAM Charges to be incurred to, but not
including, the Closing. In the event that the Seller has received CAM Charges payments in excess
of its actual CAM Charges operating expenses, the Buyer shall be entitled to receive a credit
against the Purchase Price for the excess. In the event that each Seller has received CAM Charges
payments less than its actual CAM Charges operating expenses, to the extent that the Existing
Leases provide for a “true up” at the end of the CAM Lease Year, each Seller shall be entitled to
receive any deficit to the extent the Buyer has received such deficit amount from any true up with
the tenant. Upon receipt by either party of any CAM Charge true up payment from a tenant, the
party receiving the same shall provide to the other party its allocable share of the “true up”
payment within five (5) days of the receipt thereof.

To assist the Buyer in preparing “true up” reconciliation at the end of the CAM Lease Year,
each Seller shall deliver to the Buyer at Closing records of all of the Seller’s CAM Charge
expenditures.

(h) Closing Adjustments. For each Closing, the Escrow Agent shall prepare a closing
statement, which Buyer and the respective Seller shall approve (the “Closing Statement”) on the
basis of the Existing Leases, Existing Agreements, real estate taxes and other sources of income
and expenses, and shall deliver information to Escrow Agent to include on such Closing Statement on
or prior to the Applicable Closing Date. The Closing Statement and the apportionments and/or
prorations reflected therein shall be based upon actual figures to the extent available. If any of
the apportionments and/or prorations cannot be calculated accurately based on actual figures on the
Applicable Closing Date, then (other than with respect to the determination of real estate taxes
and operating expenses that shall be computed as set forth in Section 6(d) and Section
6(e) above) they shall be calculated based on Sellers’ and Buyer’s good faith estimates
thereof, subject to reconciliation as hereinafter provided.

(i) Post-Closing Reconciliation. If there is an error on the Closing Statement or, if
after the actual figures are available as to any items that were estimated on the Closing Statement
(including, without limitation, real estate taxes that were computed in accordance with Section
6(e) above), it is determined that any actual proration or apportionment varies from the amount
thereof reflected on the Applicable Closing Statement, the proration or apportionment for such item
shall be adjusted based on the actual figures as soon as feasible but not later than twelve (12)
months after the Closing Date. Any party owing another party a sum of money based on such
subsequent proration(s) shall pay said sum to such other party within thirty (30) days of the date
of such determination.

(j) Tenant Security Deposits; Prepaid Rents. At the Applicable Closing, each Seller
shall deliver, or cause its property manager to deliver, to Buyer (or give Buyer a credit for),
without consideration, all deposits, including, without limitation, all prepaid rentals, damage,
and other tenant charges and security deposits (including any portion thereof which may be
designated as prepaid rent) under the Existing Leases, if and to the extent that such deposits are
in Seller’s actual possession or control and have not been otherwise applied by each Seller to any
obligations of any tenants under the Existing Leases and any interest earned thereon which by law
or the terms of the Existing Leases could be required to be paid or refunded to tenants, shall be
assigned to Buyer and either delivered to Buyer or, at Buyer’s option, credited to Buyer against
the Purchase Price, and upon the Closing, Buyer shall assume full responsibility for all security
deposits to be refunded to the tenants under the Existing Leases (to the extent the same are
required to be refunded by the terms of such Existing Leases). In the event that any security
deposits are in a form other than cash (the instrument constituting such security deposits shall be
known as, the “Non-Cash Security Deposits”), each Seller will, at Closing cause Buyer to be named
as beneficiary under the Non-Cash Security Deposits. Buyer will not receive a credit against the
Purchase Price for such security deposits. In the event that Buyer cannot be named the beneficiary
under the Non-Cash Security Deposits as of the Closing Date, a cash escrow equal to the amount of
the Non-Cash Security Deposit will be established at the Closing until the Non-Cash Security
Deposits are reissued in Buyer’s name. Prior to such time of reissue, Buyer shall be entitled to
draw from such cash escrow in the event the terms of the relevant lease entitle the Buyer, as
landlord, to draw on the Non-Cash Security Deposit.

(k) Utility Readings. Each Seller shall use reasonable efforts to obtain readings of
the water and electric meters, if any, on its Respective Premises to a date no sooner than ten (10)
days prior to the Applicable Closing Date. At or prior to the Applicable Closing, each Seller,
with regard to its Respective Premises, shall pay all charges based upon such meter readings.
However, if after reasonable efforts of any such Seller it is unable to obtain readings of any
meters prior to the Applicable Closing, such Applicable Closing shall be completed without such
readings and upon the obtaining thereof after Closing, such Seller shall pay the charges incurred
prior to the Applicable Closing as reasonably determined by such Seller and Buyer based upon such
readings.

(l) Intentionally Deleted.

(m) Survival. The provisions of this Section 6 shall survive the Closings and
delivery of the Deeds.

7. Closing Costs.

(a) Buyer’s Costs. Buyer shall pay (i) the costs of its counsel, inspecting
architects, engineers and other professionals and consultants, if any, hired, retained or engaged
by Buyer or any affiliate of Buyer, (ii) any recording and filing fees relating to the transfer of
such Seller’s Respective Property (iii) any mortgage tax, and (iv) one-half of any escrow charges
imposed by the Escrow Agent, and (v) all Title Company charges and premiums incurred in connection
with any mortgagee policy and endorsements.

(b) Sellers’ Costs. Each Seller, with respect to its Respective Premises, shall pay
(i) the costs of its counsel and other professionals and consultants (including, without
limitation, Cain Brothers), if any, hired, retained or engaged by such Seller or any affiliate of
such Seller, (ii) the costs of the Surveys ordered pursuant to Section 4(b), (iii) all
title Company charges and premiums incurred in connection with the owners’ policies with extended
coverage in the full amount of the total consideration for each Property and endorsements, (iv)
state and local transfer taxes and deed stamps, and (v) one-half of any escrow charges imposed by
the Escrow Agent.

8. Assessmentss.

(a) Assessments. With respect to each Seller’s Respective Premises, Seller shall pay
(or give Buyer a credit for) all unpaid installments or assessments which are assessed against the
Respective Premises for periods prior to the Applicable Closing, but becoming due on or after the
Applicable Closing Date in respect of assessments against any of such Premises or any part thereof
for improvements, services, maintenance or other work (including any fines, interest or penalties
thereon due to the non-payment thereof), and shall indemnify, defend and save the Buyer of such
Premises harmless from any claims therefor or any liability, loss, cost or expenses arising
therefrom. With respect to each Seller’s Respective Premises, Seller shall pay all unpaid
installments or assessments becoming due prior to the Applicable Closing Date in respect of
assessments against any of such Premises or any part thereof for improvements, services,
maintenance or other work (including any fines, interest or penalties thereon due to the
non-payment thereof), and shall indemnify, defend and save the Buyer harmless from any claims
therefor or any liability, loss, cost or expenses arising therefrom. As used herein, the terms
installments or assessments shall include any amounts levied or assessed against Seller’s
Respective Premises by any entity having jurisdiction over such Premises including, without
limitation, governmental entities, nongovernmental entities, condominium associations, master
associations or special purpose districts or entities..

(b) Survival. The provisions of this Section 8 shall survive the Closings and
delivery of the Deeds.

9. Sellers’ Representations.

(a) Representations. Each Seller hereby represents to Buyer, as of the date hereof
and as of the Applicable Closing by appropriate certificate to Buyer, and as applicable to such
Seller’s Respective Property, as follows:

(i) Organization and Authorization. Such Seller is duly organized and validly
existing under the laws of its state of organization and has all requisite limited liability
company or partnership, as applicable, power and authority to carry on its business as now
conducted. Such Seller has full power and authority to enter into this Agreement, to perform this
Agreement and to consummate the transactions contemplated hereby. The execution, delivery and
performance of this Agreement and all documents contemplated hereby by such Seller have been duly
and validly authorized by all necessary action on the part of such Seller and all required consents
and approvals have been duly obtained and will not result in a breach of any of the terms or
provisions of, or constitute a default under, any indenture, agreement or instrument to which such
Seller is a party or otherwise bound. This Agreement is a legal, valid and binding obligation of
such Seller, enforceable against such Seller in accordance with its terms, subject to the effect of
applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws
affecting the rights of creditors generally.

(ii) Intentionally Deleted.

(iii) No Condemnation. There are no existing or, to such Seller’s knowledge, pending
condemnation proceedings affecting such Seller’s Respective Premises.

(iv) Existing Leases. To such Seller’s knowledge, (A) the information with respect to
the Existing Leases set forth in Exhibit “H” hereto is true, correct and complete in all
material respects and (B) neither such Seller, nor any tenant under any Existing Lease, is in
default under any Existing Lease. Such Seller has not given to any tenant any written notice of
default under any of the Existing Leases that remains uncured. Such Seller represents that (1) at
the time of the Applicable Closing, such Seller shall have accepted no prepayment of rent or other
payments under any of the Existing Leases (except for rental for the current month and payments
that are required to be made in advance pursuant to the terms and provisions of the Existing
Leases) in advance for more than one month and no rent, prepaid rent, cash security deposit or
security deposit in a form other than cash are held by such Seller, except the deposits described
on Exhibit “J” and rent for the current month, (2) at the time of the Applicable Closing,
such Seller shall not have terminated any of the Existing Leases by agreement with the tenant
(except by reason of a default by the tenant thereunder or except for notices given to indicate the
landlord’s intention not to permit the term of the lease to continue or be renewed for an
additional term), (3) such Seller has or will deliver to Buyer true, correct and complete in all
material respects (including all material amendments thereto) copies of all Existing Leases, (3)
except as disclosed on Exhibit “H”, the Existing Leases contain no free rent period, rental
concession, rental abatement or other benefit granted to tenants under the Existing Leases which
extend beyond the Applicable Closing Date, (4) there are no options or rights to renew, extend or
terminate the Existing Leases or expand any Existing Lease premises, except as shown in the Rent
Roll and the Leases, (5) no brokerage commission or similar fee is due or unpaid by such Seller
with respect to any Existing Leases, and there are no written or oral agreements that will obligate
Buyer, as such Seller’s assignee, to pay any such commission or fee under any Existing Leases or
extension, expansion or renewal thereof, and (6) the Existing Leases and any guaranties thereof are
in full force and effect, and are subject to no defenses, setoffs or counterclaims for the benefit
of the tenant’s therunder.

(v) Tenant Improvements. Each Seller (A) has paid, or shall have paid as of the
Applicable Closing, all Tenant Costs incurred by such Seller on or prior to the Applicable Closing
Date, including, without limitation, such costs associated with any and all tenancies for which
Tenant Costs are currently in process in accordance with Section 6(c), and (B) has completed or
will complete all tenant improvements to be performed in connection with the Tenant Costs incurred
prior to the Applicable Closing Date, except that the tenant improvements set forth on Exhibit
“D” shall be completed in accordance with Section 2(d).

(vi) Litigation. Other than as set forth on Exhibit “K”, no litigation,
whether legal or administrative or in mediation or arbitration, is pending or, to Seller’s
knowledge, threatened, at law or in equity, against Seller and affecting any portion of Seller’s
Respective Property, and there are no judgments, decrees or orders entered on a suit or proceeding
against Seller or an adverse decision which might or does affect any portion of the Seller’s
Respective Property, or which seeks to restrain, prohibit, invalidate, set aside, rescind, prevent
or make invalid the transactions contemplated hereby.

(vii) Possession. Such Seller has not granted to any party any license, lease, or
other right relating to the use or possession of such Seller’s Respective Premises or any part
thereof, except tenants under the Existing Leases.

(viii) Purchase Rights. Except as set forth on Exhibits “E” and Exhibit
“F”, such Seller has not granted to any person or entity any options or other agreements of any
kind, whereby any person or entity other than Buyer will have acquired or will have any right to
acquire title to all or any portion of such Seller’s Respective Premises.

(ix) Existing Agreements. Other than the Existing Agreements, such Seller has not
entered into any contracts, subcontracts, arrangements, licenses, concessions, easements, or other
agreements, either recorded or unrecorded, written or oral, affecting all or any portion of the
Respective Property. Seller has not delivered or received any notice alleging any default in the
performance or observance of any of the covenants, conditions or obligations to be kept, observed
or performed under any of the Existing Agreements. Such Seller has delivered to Buyer a true,
correct and complete copy of each of the Existing Agreements (including all amendments thereto).
The copies of the Existing Agreements delivered to or made available to Buyer are true, correct and
complete in all material respects.

(x) Municipal Assessment/Notices. Such Seller represents to Buyer that (A) there are
no outstanding unpaid municipal assessment notices against such Seller’s Respective Premises, (B)
all municipal improvements that were completed between the date of such Seller’s acquisition of
title to such Seller’s Respective Premises and the date hereof and with respect to which such
Seller’s Respective Premises can be assessed have been paid in full and (C) it has not received any
written notice from any public authority concerning the existence of any presently uncorrected
violation of any ordinance, public regulation or statute of any municipal, state or federal
government or agency with respect to such Seller’s Respective Premises.

(xi) Violations. To such Seller’s knowledge, there are no violations of any federal,
state, local or other applicable governmental or judicial law, order, rule or regulation
(including, without limitation, the U.S. Americans With Disabilities Act) relating to such Seller’s
Respective Property and such Seller has not received notice from any governmental entity or
instrumentality indicating that such Seller’s Respective Premises violate or fail to comply with
any federal, state, local or other applicable governmental or judicial law, order, rule or
regulation.

(xii) Solvency. As of the date hereof, such Seller is financially solvent, able to
pay its debts as they mature and possessed of sufficient working capital to perform its obligations
hereunder.

(xiii) Ground Lease. Each seller of a Ground Leased Property` represents and warrants
that a true and complete copy of the Ground Lease relating to its Respective Premises has been made
available to Buyer. To the knowledge of such Seller (i) there exists no default (or event,
condition or act that with the giving of notice or lapse of time, or both, would become a default)
of a party under such Ground Lease, (ii) such Ground Lease is in full force and effect and (iii)
all rents, additional rents and sums payable pursuant to such Ground Lease that were or are due and
payable have been paid. Each applicable Seller., as the lessee under a Ground Lease, is the owner
of the fee simple interest in all improvements located on the real property subject to the
reversionary interest of any Ground lessor, except for such furniture, fixtures and equipment owned
by a tenant of such Seller.

(xiv) Sales Tax. Such Seller has timely paid all sales tax due and payable under any
and all of the Existing Leases.

(xv) No Conflicts. The execution and delivery by such Seller of, and the performance
of and compliance by such Seller with, the terms and provisions of this Agreement, do not (1)
conflict with, or result in a breach of, the terms, conditions or provisions of, or constitute a
default under, such Seller’s Articles of Organization, Operating Agreement of Partnership
Agreement, as applicable, or any other agreement or instrument to which such Seller is a party or
by which all or any part of each Respective Property is bound, (2) violate any restriction,
requirement, covenant or condition to which all or any part of each Respective Property is bound,
(3) to the knowledge of such Seller, constitute a violation of any applicable code, resolution,
law, statute, regulation, ordinance or rule applicable to such Seller or the Respective Property,
(4) constitute a violation of any judgment, decree or order applicable to such Seller or
specifically applicable to the Respective Property, or (5) require the consent, waiver or approval
of any third party

(xvi) Compliance with Laws and Environmental Conditions. Except as previously
disclosed to Buyer in those prior reports described on Exhibit “T”, such Seller has not
received any written notice from any governmental or quasi-governmental authority of any violations
of any applicable federal, state or local laws, statutes, rules, regulations, ordinances, orders or
requirements (collectively, “Laws”) noted or issued by any governmental authority having
jurisdiction over or affecting each Respective Property, including, without limitation, Laws
relating to “Hazardous Materials”. For purposes of this Agreement, “Hazardous Materials” are
substances defined as: “toxic substances,” “toxic materials,” “hazardous waste,” “hazardous
substances,” “pollutants,” or “contaminants” as those terms are defined in the Resource,
Conservation and Recovery Act of 1976, as amended (42 U.S.C. § 6901 et. seq.), the
Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended (42 U.S.C.
§ 9601 et. seq.), the Hazardous Materials Transportation Act, as amended (49 U.S.C.
§ 1801 et. seq.), the Toxic Substances Control Act of 1976, as amended (15 U.S.C. §
2601 et. seq.), the Clean Air Act, as amended (42 U.S.C. § 1251 et.
seq.) and any other federal, state or local law, statute, ordinance, rule, regulation,
code, order, approval, policy and authorization relating to health, safety or the environment;
asbestos or asbestos-containing materials; lead or lead-containing materials; oils;
petroleum-derived compounds; pesticides; or polychlorinated biphenyls. No part of the Respective
Property has been previously used by such Seller, or to the knowledge of such Seller, by any other
person or entity, for the storage, manufacture or disposal of Hazardous Materials, except as may be
disclosed in those prior reports described on Exhibit “T”. Except as previously disclosed
to Buyer in those prior reports described on Exhibit “T”, to the knowledge of such Seller,
there are no underground storage tanks of any nature located on any of the Respective Property.
Those prior reports described on Exhibit “T” are all the reports in such Seller’s
possession or control dealing with environmental matters relating to the Respective Property.

(xvii) FIRPTA. Such Seller is not a “foreign person” within the meaning of Section
1445(f) of the Internal Revenue Code of 1986, as amended (the “Code”).

(xviii) OFAC. Such Seller is not a “Prohibited Person” (as defined below). As used
herein, a “Prohibited Person” is (i) a person or entity that is listed in the Annex to, or is
otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing (effective
September 24, 2001) (the “Executive Order”), (ii) a person or entity owned or controlled by, or
acting for or on behalf of any person or entity that is listed in the Annex to, or is otherwise
subject to the provisions of, the Executive Order, (iii) a person or entity that is named as a
“specially designated national” or “blocked person” on the most current list published by the U.S.
Treasury Department’s Office of Foreign Assets Control (“OFAC”) at its official website,
http://www.treas.gov/offices/enforcement/ofac, (iv) a person or entity that is otherwise the target
of any economic sanctions program currently administered by OFAC, or (v) a person or entity that is
affiliated with any person or entity identified in clauses (i), (ii), (iii) and/or (iv) of this
Section 9(a)(xviii).

(xix) Employees. There are no on-site employees of such Seller at the each Respective
Property, and following the Closing, Buyer shall have no obligation to employ or continue to employ
any individual employed by such Seller or its affiliates in connection with each Respective
Property.

(xx) Intentionally Omitted.

(xxi) Personal Property. Each Seller has good title to all their Respective Personal
Property and the execution and delivery to Buyer of the Bill of Sale shall vest good title to all
of the Respective Personal Property in Buyer, free and clear of liens, encumbrances and adverse
claims.

(xxii) Operating Statements. The operating statements for each Respective Property
furnished to Buyer in connection with or pursuant to this Agreement (a) are the only operating
statements for such Respective Property for the operating period to which they relate that have
been prepared by or for such Seller (b) accurately reflect the financial condition of such
Respective Property as of the date thereof and (c) do not fail to state any material liability,
contingent or otherwise, or any other facts the omission of which would be misleading.

(xxiii) Rights. Neither such Seller nor to such Seller’s knowledge any previous owner
of the Respective Property has, except by operation of law, sold, transferred, conveyed, or entered
into any agreement regarding “air rights,” “excess floor area ratio,” or other rights or
restrictions relating to the Respective Property except as otherwise expressly set forth in the
Title Policy for the Respective Property.

(xxiv) Due Diligence Items. To such Seller’s knowledge, the Initial Due Diligence
Materials provided to Buyers constitute all of the material documents, information, data, reports
or written materials that are related to each Respective Property in Seller’s possession, control
or known to Seller and to Seller’s knowledge, do not contain any material inaccuracies.

(xxv) Assessments. Seller represents to Buyer that (A) there are no outstanding
unpaid installment or assessment notices or installments or assessments against such Seller’s
Respective Premises, (B) all installments and assessments that have been levied or assessed have
been paid in full, and (C) Seller has not received any written notice from any governmental
entities, nongovernmental entities, condominium associations, master associations or special
purpose districts concerning the existence of any presently uncorrected violation of any ordinance,
public regulation, statute of any municipal, state or federal government or agency, or restriction,
covenant or rule encumbering or governing such Seller’s Respective Premises. As used herein, the
terms installments or assessments shall include any amounts levied or assessed against Seller’s
Respective Premises by any entity having jurisdiction over such Premises including, without
limitation, governmental entities, nongovernmental entities, condominium associations, master
associations or special purpose districts or entities.

(b) Sellers’ Knowledge. All references in this Section 9 or elsewhere in this
Agreement and/or in any other document or instrument executed by such Seller in connection with or
pursuant to this Agreement to “Seller’s knowledge” or “to the knowledge of Sellers” and words of
similar import shall refer solely to facts within the actual, current knowledge of Rance M. Sanders
and David Baylot (the “Designated Representatives”). Seller hereby represents and warrants that
the Designated Representatives have knowledge of the day-to-day operations of each of the
Respective Premises, which shall not be construed to refer to the knowledge of any other employee,
officer, director, shareholder or agent of any Seller or any affiliate of any Seller, and the
Designated Representatives are the persons who would, in the ordinary course of their
responsibilities as a principal and agent of such Seller, receive notice from other principals,
agents or employees of such Seller or from other persons or entities of any of the matters
described in the representations and warranties in this Agreement which are limited by the
knowledge of such Seller. Notwithstanding anything to the contrary contained herein, neither Rance
M. Sanders and David Baylot, nor any of their respective agents, representatives or designees shall
be personally liable for any inaccuracy or breach by any Seller of the representations and
warranties contained in this Section 9 and any inquiries into any matters pertaining to
this Section 9.

10. Delivery of Due Diligence Documents.

(a) Sellers’ Deliveries. Each Seller, with respect to its Respective Property, shall
furnish or make available to Buyer the Initial Due Diligence Materials (as defined in Section
20(c)(ii)) within its possession or control within three (3) Business Days following the
execution of this Agreement.

(b) NO WARRANTY. NOTWITHSTANDING THE PROVISIONS OF THIS SECTION 10 TO THE
CONTRARY, BUYER ACKNOWLEDGES AND UNDERSTANDS THAT SOME OF THE MATERIALS DELIVERED BY EACH SELLER
HAVE BEEN PREPARED BY PARTIES OTHER THAN SUCH SELLER OR SUCH SELLER’S CURRENT PROPERTY MANAGER.
EXCEPT AS OTHERWISE PROVIDED FOR IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED BY BUYER AND
DELIVERED IN CONNECTION WITH THE CLOSING, NONE OF THE SELLERS MAKE ANY REPRESENTATION OR WARRANTY
WHATSOEVER, EXPRESS OR IMPLIED, AS TO THE COMPLETENESS, CONTENT OR ACCURACY OF THE DELIVERED
MATERIALS WHICH WERE NOT PREPARED BY SUCH SELLER.

(c) Delivery of Reports. In the event that Buyer terminates this Agreement or a
property is considered an Excluded Property, then Buyer shall, with respect to each Seller’s
Property provide to such Seller, within five (5) Business Days following such termination or
exclusion, at no cost to such Seller, copies of all third party reports, investigations and
studies, other than economic analyses (collectively, the “Buyer Reports” and individually, a “Buyer
Report”) prepared for Buyer in connection with its due diligence review of the Properties,
including, without limitation, any and all Buyer Reports involving zoning or entitlements,
structural or geological conditions, environmental, hazardous waste or hazardous substances
contamination of the Property, if any. The Buyer Reports will be delivered to such Seller without
any representation or warranty as to the completeness or accuracy of the Buyer Reports or any other
matter relating thereto.

11. Buyer Representations. Buyer hereby represents to each Seller, as of the date
hereof and as of the date of the Applicable Closing relating to such Seller, as follows:

(a) Organization. Buyer is a corporation, duly organized and validly existing under
the laws of the State of Virginia, and has all requisite power and authority to carry on its
business as now conducted.

(b) Authorization. This Agreement constitutes the legal, valid and binding obligation
of Buyer, enforceable against Buyer in accordance with its terms. Buyer has taken all necessary
action to authorize and approve the execution and delivery of this Agreement and the consummation
of the transactions contemplated by this Agreement.

(c) Pending Litigation. No litigation, whether legal or administrative or in
mediation or arbitration, is pending or, to Buyer’s knowledge, threatened, at law or in equity,
against Buyer which would prevent Buyer from performing its obligations pursuant to this Agreement,
and there are no judgments, decrees or orders entered on a suit or proceeding against Buyer or an
adverse decision which might or does adversely affect Buyer’s ability to perform its obligations
pursuant to, or the rights of any Seller under, this Agreement, or which seeks to restrain,
prohibit, invalidate, set aside, rescind, prevent or make invalid the transactions contemplated
hereby.

(d) No Conflicts. To Buyer’s knowledge, the execution and delivery of this Agreement
and the performance by Buyer of its obligations hereunder do not and will not conflict with or
violate any federal, state or local law, rule, judgment, regulation, order, writ, injunction or
decree of any court or governmental or quasi-governmental entity with jurisdiction over Buyer, or
any decision or ruling of any arbitrator to which Buyer is a party or by which Buyer is bound.

As used herein or elsewhere in this Agreement and/or in any other document or instrument
executed by Buyer in connection with or pursuant to this Agreement to “Buyer’s knowledge” or “to
the knowledge of Buyer” and words of similar import shall refer solely to facts within the actual
(and not constructive or imputed), current knowledge of Danny Prosky, without duty of investigation
or inquiry (the “Designated Representative”). Notwithstanding anything to the contrary contained
herein, neither the Designated Representative, nor any of the Designated Representative’s agents,
representatives or designees, shall be personally liable for any inaccuracy or breach by Buyer of
the representations and warranties contained herein or elsewhere in this Agreement and/or any other
document or instrument executed by Buyer in connection with our pursuant to this Agreement.

12. Conditions Precedent to Closing.

(a) Buyer shall not be obligated to close with respect to a Seller’s Respective Property under
this Agreement unless such Property is not an Excluded Property and unless each of the following
conditions shall be satisfied or waived by Buyer on or prior to the Applicable Closing Date with
respect to such Property (each of the following, a “Buyer’s Condition” and collectively, the
"Buyer’s Conditions”):

(i) Title Policy. The Title Company shall be unconditionally obligated and prepared
to issue, upon payment of the title premium therefor, a title insurance policy, in current ALTA
owner’s or leasehold, as applicable, extended coverage form and without creditor’s rights,
arbitration and general exceptions, with respect to the Premises of such Seller in the amount of
the Purchase Price allocable to such Premises in accordance with the Title Commitment subject only
to the Permitted Encumbrances and otherwise as described in and in accordance with Section
4(a) of this Agreement (the “Title Policy”).

(ii) Accuracy of Representations. The representations and warranties made by the
Seller of such Respective Property in this Agreement shall be true and correct in all material
respects as of the Applicable Closing Date.

(iii) Compliance with Covenants. The Seller of such Respective Property shall have
performed all of its other material obligations required to be performed by such Seller under this
Agreement as of the Applicable Closing Date.

(iv) Consents and Approvals. The Seller of such Respective Property shall have
obtained all appropriate consents and approvals necessary for consummation of the transactions
contemplated by this Agreement including the Transfer Restriction Consents.

(v) Tenant Estoppel Certificates. The Sellers shall have delivered to Buyer, at least
seven (7) days before the Applicable Closing, a written statement dated no more than thirty (30)
days from the Applicable Closing from (A) each tenant occupying in excess of 2,000 square feet
(“Required Tenants”) and (B) other tenants occupying an aggregate of no less than eighty percent
(80%) of the square feet of the total rentable square footage of the Premises occupied by tenants
under the Existing Leases (the “Estoppel Percentage”), in substantially the form of, and as
qualified by, the form of tenant estoppel certificate set forth on Exhibit “L” attached
hereto and made a part hereof (“Tenant Estoppel Certificate”). Should any of the Tenant Estoppel
Certificates (i) contain a material discrepancy (as determined by Buyer in Buyer’s good faith
business judgment) from the Rent Roll prepared by Seller and given to Buyer pursuant to this
Agreement or from the applicable Existing Lease, (ii) disclose an alleged material breach (as
determined by Buyer in Buyer’s good faith business judgment) by Seller, as landlord, under any
Existing Lease, or (iii) disclose an unsatisfactory condition (as determined by Buyer in Buyer’s
good faith business judgment) not discovered by Buyer during the Inspection Period, then Buyer may
disapprove the Tenant Estoppel Certificates and elect to treat the Respective Premises as an
Excluded Property hereunder, by giving written notice of its disapproval within three (3) Business
Days after receipt of the Tenant Estoppel Certificates. If Buyer does not give written notice of
its disapproval of the Tenant Estoppel Certificates within such three (3) Business Day period, then
Buyer shall be deemed to have approved of the Tenant Estoppel Certificates. In determining whether
the Estoppel Percentage has been satisfied, Buyer agrees not to object to (i) any non-material (as
determined in Buyer’s reasonable judgment) qualifications or modifications which a tenant may make
to the form of Tenant Estoppel Certificate and (ii) any modification to a Tenant Estoppel
Certificate to conform it to the form of tenant estoppel the tenant is required to give under its
lease. As to the twenty (20%) percent of the Premises for which Tenant Estoppel Certificates were
not obtained, the Seller of each Respective Premises shall execute estoppel certificates, in
substantially the form of Exhibit “L” hereto (“Landlord Estoppel Certificate”). If, after
delivery of the Landlord Estoppel Certificate, a Tenant Estoppel Certificate is delivered for a
tenant covered under the Landlord Estoppel Certificate, such Tenant Estoppel Certificate shall
supersede and replace any statements made by landlord with respect to such tenant or the applicable
lease in the Landlord Estoppel Certificate, and such Seller shall have no liability hereunder with
respect to any representations or information set forth in the Landlord Estoppel Certificate with
respect to such tenant. If any tenant of a Property indicates in its Tenant Estoppel Certificate
that it has a claim which would entitle it to set-off the amount of the claim against rent due
under its lease and the amount of such claim is ascertainable, the Seller of such Property shall
give Buyer a credit against the Allocated Purchase Price in the amount of the claim or to deliver
an indemnity, reasonably acceptable to Buyer, with respect thereto, in which event, Buyer may, in
its sole discretion, either complete the Applicable Closing with respect to such Property and take
subject to such claim or terminate this Agreement. Notwithstanding the foregoing provisions of
this Section 12(a)(v), each Seller agrees to request a Tenant Estoppel Certificate from
each of the tenants under the Existing Leases.

(vi) REA/Association Estoppel Certificate. Each Seller shall use commercially
reasonable efforts to obtain and deliver to Buyer no later than seven (7) days prior to the
Applicable Closing, estoppel certificates from all parties to or owners of property subject to any
reciprocal construction, easement, operating or similar agreement affecting each Respective
Property and from the declarant, architectural committee and/or association, as applicable, under
any declaration of covenants, conditions or restrictions affecting each Respective Property (the
"REA/Association Estoppel Certificate”), in all cases on forms provided by (or otherwise approved
by) Buyer dated no more than thirty (30) days prior to the Applicable Closing. The matters
certified in the REA/Association Estoppel Certificate and any modifications to the same shall be
subject to Buyer’s reasonable approval. Should Seller not obtain a satisfactory REA/Association
Estoppel Certificate in accordance with this Section, then Buyer may elect to treat the Respective
Premises as an Excluded Property hereunder, by giving written notice to Seller prior to the
Applicable Closing.

(vii) Condominium Termination. Each Seller of the Jacksonville Properties shall
deliver, promptly upon the request of either the Title Company or Buyer, and without further
consideration, execute, acknowledge and deliver in proper form any instruments, and take such other
actions, as either the Title Company or the Buyer may request, in order to terminate the
Declaration of Condominium applicable to the Jacksonville Properties.

(viii) SNDAs. The Sellers shall have delivered to Buyer, at least seven (7) days
before the Applicable Closing, an original executed Subordination, Non-Disturbance and Attornment
Agreement (“SNDA”) in the form set forth on Exhibit “V” attached hereto and made a part
hereof dated no more than thirty (30) days from the Applicable Closing from (a) all Required
Tenants and (B) other tenants occupying an aggregate of no less than eighty percent (80%) of the
square feet of the total rentable square footage of the Premises occupied by tenants under the
Existing Leases (the “SNDA Percentage”). Commencing promptly after Buyer’s delivery to Seller of
Buyer’s and/or Buyer’s lender form SNDA, Seller agrees to request from each Existing Tenant, and to
use commercially reasonable efforts, but without being required to incur any expense (other than
the administrative expense customarily incurred in distributing and collecting the SNDA) to obtain
executed SNDAs; provided, however, that if Seller is unable to obtain and deliver
to Buyer SNDAs from the Existing Tenants in accordance with this Section 12(a)(viii), then
Buyer may treat any Respective Premises as an Excluded Property under this Agreement, by giving
written notice thereof to Seller prior to the Applicable Closing.

(ix) Ground Lease Estoppels. Each Seller shall use good faith, commercially
reasonable efforts to obtain and deliver to Buyer a ground lessor’s estoppel certificate and
agreement in the form required by Buyer’s lender (the “Ground Lease Estoppel Certificate”) from
each ground lessor under the Ground Leases (the “Ground Lessor”). Said certificate shall be
delivered no later than seven (7) days before the Applicable Closing and shall be dated no earlier
than fifteen (15) Business Days prior to the Applicable Closing. Each Seller hereby expressly
acknowledges and agrees that the obligation of each Seller of a Ground Leased Property to deliver
the Ground Lease Estoppel Certificate to Buyer is a condition precedent to Buyer’s obligation to
close the transaction contemplated by this Agreement and if each Seller of a Ground Leased Property
does not timely deliver the Ground Lease Estoppel Certificate to Buyer, then Buyer shall have the
right to treat any Respective Premises as an Excluded Property under this Agreement.

(x) Ground Lease Assignment and Consent. Each Seller shall use good faith,
commercially reasonable efforts to obtain and deliver to Buyer a fully executed Assignment and
Assumption of Ground Lease and Grant, Bargain and Sale of Improvements, which shall contain an
attached consent executed by each Ground Lessor (“Ground Lease Assignment”) in a form mutually
agreed upon between Buyer and each Seller of a Ground Lease Property. Each Seller hereby expressly
acknowledges and agrees that the obligation of each Seller of a Ground Leased Property to deliver a
Ground Lease Assignment to Buyer is a condition precedent to Buyer’s obligation to close the
transaction contemplated by this Agreement and if each Seller of a Ground Leased Property does not
timely deliver a Ground Lease Assignment to Buyer, then Buyer shall have the right to treat any
Respective Premises as an Excluded Property under this Agreement.

(xi) Amendments to Ground Lease. To the extent any Ground Lease does not contain
mortgagee protection language or if the existing mortgagee protection language is not sufficient to
enable Buyer to mortgage any Ground Lease, the applicable Seller agrees to cooperate in good faith
with Buyer and use commercially reasonable efforts to obtaining an amendment to the Ground Lease
that will enable Buyer to mortgage the Ground Lease. Seller hereby expressly acknowledges and
agrees that if any Ground Lease does not contain mortgagee protection language sufficient to enable
Buyer to mortgage the Ground Lease upon the Applicable Closing Date, then Buyer shall have the
right to treat any Respective Premises as an Excluded Property under this Agreement.

(xii) Management and Employment Agreements. Unless Seller receives notice from Buyer
at least thirty (30) days prior to the Closing, effective as of the Closing, all management
agreements and employment agreements affecting the Property shall be terminated by Seller and any
and all termination fees incurred as a result thereof shall be the sole obligation of Seller.

(xiii) Non-Cash Security Deposits. All Non-Cash Security Deposits, if any, must be
reissued in Buyer’s name as of the Closing or else a cash escrow equal to all Non-Cash Security
Deposits must be established at the Closing until all Non-Cash Security Deposits are reissued in
Buyer’s name. Prior to such time as all Non-Cash Security Deposits are reissued, Buyer shall be
entitled to draw from such cash escrow in the event the terms of the relevant lease entitle the
Buyer, as landlord, to draw on the Non-Cash Security Deposits. The provisions of this section
shall survive the Closing.

(xiv) Bankruptcy. As of the Closing, Seller shall not have commenced (within the
meaning of any Bankruptcy Law) a voluntary case, nor shall there have been commenced against Seller
an involuntary case, nor shall Seller have consented to the appointment of a Custodian of it or for
all or any substantial part of its property, nor shall a court of competent jurisdiction have
entered an order or decree under any Bankruptcy Law that is for relief against Seller in an
involuntary case or appoints a Custodian of Seller for all or any substantial part of its property.
The term “Bankruptcy Law” means Title 11, U.S. Code, or any similar state law for the relief of
debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar
official under any Bankruptcy Law.

(xv) No Default. Seller shall not be in default hereunder.

(xvi) Phase II Report. Buyer shall receive a Phase II Environmental Report with
respect to the Jacksonville Properties and such Phase II Report shall neither (a) disclose any
violation of applicable Laws noted or issued by any governmental authority having jurisdiction over
or affecting such Properties relating to Hazardous Materials nor (b) be deemed unacceptable to
Buyer’s lender. Buyer has ordered such report prior to the Effective Date.

(xvii) Board Approval. Notwithstanding anything to the contrary contained in this
Agreement, Buyer’s obligation to purchase the Properties is conditioned upon the approval by
Buyer’s board of directors, which approval may be given or denied in its sole and absolute
discretion. In the event such approval is given, Buyer shall give written notice thereof to Seller
no later than the Effective Date (the “Buyer Approval Notice”). If Buyer fails to deliver the
Buyer Approval Notice to Seller, then such approval shall be deemed to have been denied, this
Agreement shall terminate and Seller and Buyer shall thereupon be discharged from any further
liability to the other arising from this Agreement (except with respect to provisions of this
Agreement which recite that they survive termination).

(xviii) Overland Park Leasing Obligations. TST Overland, as landlord, and Overland
Park Regional Medical Center, as tenant, shall fully execute a valid lease for (A) the entire
fourth floor of the building located on the Overland Park Property (the “Overland Park Building”)
for a term of at least ten (10) years with an initial base rent of no less than $24.25 per
[rentable] square foot and three percent (3%) annual base rent increases, and (B) Suite 350 located
on the third floor of the Overland Park Building for a term of at least five (5) years with an
initial base rent of no less than $22.50 per [rentable] square foot and 3% annual base rent
increases (collectively, the “Overland Park Leases”). Notwithstanding the above, TST Overland
hereby agrees to use Buyer’s form of lease, negotiate the Overland Park Leases with input from
Buyer and obtain Buyer’s approval, which approval shall not be unreasonably withheld, conditioned
or delayed, prior to executing the Overland Park Leases.

(b) With respect to its Respective Property, a Seller shall not be obligated to close under
this Agreement unless each of the following conditions shall be satisfied or waived by such Seller
prior to the Applicable Closing Date:

(i) Accuracy of Representations. The representations and warranties made by Buyer in
this Agreement shall be true and correct in all material respects as of the Applicable Closing
Date; and

(ii) No Default. Buyer shall not be in default hereunder.

13. Loan Assumption. On or before the expiration of the Title Review Period, Buyer
shall elect to either (a) assume all of such Seller’s right, title and interest in, and all of such
Seller’s obligations and liabilities under, that certain existing mortgage loan to TST Jacksonville
by Wells Fargo Bank, N.A., as Trustee (“Lender”), in the approximate amount of $7,000,000
(“Existing Loan”) in the form of a loan assumption or transfer (“Loan Assignment”) pursuant to the
"Assumption Agreement” (defined below) or (ii) defease the Existing Loan. The parties acknowledge
that the Loan Assignment is subject to Lender’s approval and agree to use commercially reasonable
efforts to obtain the consent of Lender to such assumption, and the principal amount of the Loan
assumed shall be applied as a credit to the Purchase Price. Seller shall provide to Buyer, within
three (3) Business Days after the Effective Date, a complete loan transcript containing copies of
all loan documents, title policies, surveys and other documents executed or prepared in connection
with the Existing Loan to be assumed or defeased by Buyer hereunder (“Existing Loan Documents”).
Within three (3) Business Days after Buyer’s election to either assume or defease the Existing
Loan, the applicable Seller shall contact Lender and notify Lender such election and of the
conveyance of the Property to Buyer. Buyer and Seller shall reasonably cooperate with each other
and Lender in expediting the Loan Assignment or defeasance approval process. Buyer shall promptly
furnish all information and pay all amounts reasonably requested by Lender in connection therewith
and shall cooperate with Seller in Seller’s direct communication with Lender. Buyer shall pay any
processing fees and expenses and any assumption fee (or any fees and expenses incurred in
connection with prepayment or defeasance of the Existing Loan in the event that Buyer elects not to
assume such Existing Loan) imposed by Lender when due. In connection with the Loan Assignment, the
parties will endeavor in good faith to fully negotiate an assumption agreement in form and
substance satisfactory to Buyer and Lender (the “Assumption Agreement”) including:

(a) The consent and agreement of Lender to: (i) the conveyance of the Seller’s Respective
Property by applicable Seller to Buyer, (ii) an assumption by Buyer of all obligations and
liabilities of such Seller under or with respect to the Existing Loan that relate to events that
occur on or after the Applicable Closing Date, (iii) a release of such Seller from all obligations
and liabilities with respect to the Existing Loan that relate to events that occur on or after the
Applicable Closing Date, (iv) Seller’s assignment to Buyer, and Buyer’s acceptance and assumption,
of the escrowed sums, and (v) the deletion of any “other indebtedness”, “cross-default”,
“cross-collateralization” or other provision that is unacceptable to Buyer in Buyer’s reasonable
discretion; and

(b) An estoppel from Lender stating (i) that the Existing Loan Documents constitute all of the
documents that evidence, secure or relate to the Existing Loan, (ii) that Lender is the owner and
holder of the Existing Loan Documents, (iii) that there is no uncured breach or default by the
applicable Seller nor any event or circumstance that may result in a default under the Existing
Loan Documents, (iv) the unpaid principal balance on the Existing Loan as of the Applicable Closing
Date (which is approximately $7,000,000) and the date through which all payments due under the
Existing Loan Documents have been paid, (v) the amount of all escrowed sums as of the Applicable
Closing Date, (vi) that there are no overdue installments of interest or principal under the
Existing Loan Documents, and (vii) that the Existing Loan Documents are in full force and effect.

In the event that the Loan Assumption or defeasance, as applicable, is not completed by the Closing
Date, Buyer and Sellers agree that the Closing Date for the Jacksonville Properties shall be
extended for such time as shall reasonably be necessary to either (i) complete the Loan Assumption
or (ii) defease or prepay the Existing Loan.

14. Deliveries at Closing.

(a) Sellers’ Deliveries. One Business Day prior to the Applicable Closing Date (or
such other specifically noted time period), each Seller shall deliver to Buyer or, at Buyer’s
direction, to the Title Company, the following:

(i) Deed. A “special” warranty deed with respect to such Seller’s Respective
Premises, duly executed and notarized, conveying good, marketable and insurable fee simple title to
such Seller’s Respective Premises, subject only to the Permitted Encumbrances in a form reasonably
acceptable to Buyer.

(ii) Bill of Sale. A duly executed “limited” or “special” bill of sale with respect
to such Seller’s Respective Personal Property, if any, in substantially the form attached hereto as
Exhibit “M” (the “Bill of Sale”).

(iii) General Assignment and Assumption Agreement. A duly executed general assignment
and assumption agreement with respect to the Existing Leases and Existing Agreements in
substantially the form of Exhibit “N” attached hereto (the “General Assignment and
Assumption Agreement”).

(iv) Existing Leases. A list of Existing Leases with respect to the Premises in
substantially the form of Exhibit “H” attached hereto, certified, to such Seller’s
knowledge, as true and correct in all material respects.

(v) Seller’s Affidavit. A duly executed seller’s affidavit with respect to such
Seller’s Respective Premises in substantially the form of Exhibit “O” attached hereto and
such other affidavits as required by the Title Company to delete the so-called standard exceptions
and to delete the “gap”.

(vi) Authority Documents. An authorizing resolution, an incumbency certificate and
such other documents as may be reasonably necessary to evidence the authority and capacity of such
Seller to enter into the transactions contemplated hereby applicable to such Seller and the
authority of the signatory for such Seller to execute documents on behalf of such Seller.

(vii) Non-Foreign Affidavit. A duly executed affidavit, with respect to such Seller’s
Respective Premises, in the form attached hereto as Exhibit “P” with respect to compliance
with the Foreign Investment in Real Property Tax Act (Internal Revenue Code Sec. 1445, as amended,
and the regulations issued thereunder).

(viii) Estoppel Certificates. The Tenant Estoppel Certificates delivered in
accordance with Section 12(a)(v) above.

(ix) REA/Association Estoppel Certificate. A duly executed REA/Association Estoppel
Certificate delivered in accordance with Section 12(a)(vi) above.

(x) Condo Estoppel Certificate. A duly executed Condo Estoppel Certificate delivered
in accordance with Section 12(a)(vii) above.

(xi) SNDAs. Duly executed SNDAs delivered in accordance with Section
12(a)(viii) above.

(xii) Ground Lease Estoppel. A duly executed Ground Lease Estoppel delivered in
accordance with Section 12(a)(ix) above.

(xiii) Ground Lease Assignment. A Ground Lease Assignment delivered in accordance with
Section 12(a)(x) above for all Ground Leased Properties, duly executed and notarized,
conveying good, marketable and insurable leasehold interest to the Ground Leases and fee interest
for a period of time under the provisions of the Ground Leases in all Improvements located on the
Ground Leased Properties.

(xiv) Transfer Restriction Consent. A duly executed Transfer Restriction Consent
delivered in accordance with Section 4(h) above.

(xv) Tenant Notices. Written notice from such Seller to each tenant of such Seller’s
Respective Premises under the Existing Leases in substantially the form attached hereto as
Exhibit “Q”.

(xvi) Possession and Keys. Possession of such Seller’s Respective Premises free and
clear of all parties in possession except tenants under the Existing Leases, and (to the extent in
such Seller’s possession or control or the possession or control of such Seller’s property manager)
all keys, codes and other security devices for each parcel of such Seller’s Respective Property.

(xvii) Books and Records. Copies (to the extent in Seller’s possession or control or
the possession or control of such Seller’s property manager) of all books and records reasonably
required for the orderly transition of operation of such Seller’s Respective Premises.

(xviii) Original Documents. The originals (to the extent in such Seller’s possession
or control or the possession or control of such Seller’s property manager) or, if unavailable,
copies certified, to Seller’s knowledge, to be true, correct and complete in all material respects,
of all Existing Leases and the Existing Agreements and (to the extent in such Seller’s possession
or control or the possession or control of such Seller’s property manager) copies of as-built plans
and specifications for the improvements at the Seller’s Respective Premises, permits, licenses and
other agreements and approvals relating to the maintenance and operation of such Seller’s
Respective Property.

Location at such Seller’s Respective Premises on the date of the Applicable Closing of any of the
materials referred to in subsections (xii) and (xiii) of this Section 14(a) shall be deemed
delivery to Buyer.

(xix) Other Documents. Any other documents which Seller is obligated to deliver to
Buyer pursuant to this Agreement, that may be requested by the Title Company in order to issue the
Title Policies or as may reasonably be required to carry out the terms and intent of this
Agreement.

(b) Buyer’s Deliveries. One Business Day prior to the Applicable Closing Date (or
such other specifically noted time period), Buyer will deliver to each Seller, as applicable, or,
at such Seller’s direction, to the Title Company, the following:

(i) General Assignment and Assumption Agreement. At each Closing, a General
Assignment and Assumption Agreement, applicable to the Sellers conveying Property at such Closing,
duly executed.

(ii) Ground Lease Assignment. At Closing of the Ground Leased Properties, the Ground
Lease Assignments.

(iii) Authority Documents. An authorizing resolution, an incumbency certificate, and
such other documents as may be reasonably necessary to evidence the authority and capacity of Buyer
to enter into the transactions contemplated hereby applicable to Buyer and the authority of the
signatory for Buyer to execute documents on behalf of Buyer.

(iv) Purchase Price. The Allocated Purchase Price after credit for the Deposit and
any other credits to which Buyer is entitled pursuant to this Agreement.

(v) Other Documents. Any other documents which Buyer is obligated to deliver to such
Seller pursuant to this Agreement, that may be requested by the Title Company in order to issue the
Title Policies, or as may reasonably be required to carry out the terms and intent of this
Agreement.

(c) Defeasance. The parties recognize and acknowledge that Buyer has the option to
defease the Existing Loan and that in accordance with customary defeasance practice (and depending
on the defeasance manager) will require that all of the closing documents be delivered to the Title
Company either one or two Business Days prior the Applicable Closing Date. Accordingly, if Buyer
decides to defease the Existing Loan, the parties hereby represent and warrant to cooperate in good
faith to effectuate the defeasance, including, without limitation, modifying the dates by which the
parties are obligated to deliver their respective closing documents and complete prorations.

15. Default.

(a) Buyer Default. If Buyer defaults under this Agreement at or prior to the
Applicable Closing Date by failing to complete the Applicable Closing in accordance with the terms
of this Agreement or in any other material respect which remains uncured after five (5) days
written notice from Seller to Buyer identifying such default, then if such default relates to a
particular Seller’s Property, the portion of the Deposit relating to such Property shall
immediately be paid to the Seller of such Property thereof by the Escrow Agent. The amounts
received by such Seller shall be retained by it as liquidated damages and not as a penalty. The
retention of such amounts shall be such Seller’s sole remedy in the event of Buyer’s default at or
prior to the Applicable Closing Date, and such Seller in such event hereby waives any right, unless
the Applicable Closing is completed, to recover the balance of the Allocated Purchase Price. Each
Seller and Buyer agree that the actual damages to such Seller in the event of such breach are
impractical to ascertain as of the date of this Agreement and the amounts to be paid to such Seller
hereunder is a reasonable estimate thereof. Upon payment of the sums provided in this Section
15(a) to such Seller as liquidated damages, such Seller’s Property shall become Excluded
Property hereunder. If Buyer’s default does not relate to a particular Seller’s Property then the
foregoing shall apply to each and every Seller with respect to its Property and this Agreement
shall, upon the payments by Buyer to Seller specified herein, be terminated in full. The foregoing
notwithstanding, no right to cure shall extend the Applicable Closing Date.

(b) Sellers’ Default. If the sale of such Premises is not consummated because of a
default under this Agreement on the part of one or more Sellers which remains uncured after five
(5) days written notice from Buyer to Seller identifying such default and Buyer is ready, willing
and able to close, Buyer may either (i) elect to treat such Seller(s) Property(ies) as Excluded
Property hereunder, (ii) terminate this Agreement with respect to all Properties, or (iii) seek to
obtain specific performance of such Seller’s obligations hereunder, provided appropriate
proceedings are promptly commenced by Buyer and prosecuted with diligence and continuity. In
addition, Seller shall reimburse Buyer for Buyer’s actual out-of-pocket costs and expenses incurred
in connection with this transaction up to the amount of $100,000. The foregoing notwithstanding,
no right to cure shall extend the Applicable Closing Date.

16. Notices; Computation of Periods.

(a) Notices. All notices given by any party to another shall be in writing and shall
be sent either (i) by prepaid nationally recognized overnight courier service for next Business Day
(defined in Section 16(b)) delivery, addressed to the other party at the following
addresses listed below or (ii) via telecopier or facsimile transmission to the facsimile numbers
listed below; provided, however, that if such communication is given via telecopier
or facsimile transmission, an original counterpart of such communication shall concurrently be sent
in the manner specified in Section 16(a)(i) above. Addresses and facsimile numbers of the
parties are as follows:

As to Buyer:

Triple Net Properties, LLC

1551 North Tustin Avenue

Suite 650

Santa Ana, California 92705

Attn: Mr. Danny Prosky

Phone: (714) 836-5263

Fax: (714) 667-6860

E-Mail: dprosky@1031nnn.com

with a copy at the same time to:

Cox, Castle & Nicholson, LLP

2049 Century Park East, 28th Floor

Los Angeles, California 90067

Attn: Joseph E. Magri, Esq.

Phone: (310) 284-2262

Fax: (310) 277-7889

E-Mail: jmagri@coxcastle.com

and

As to Sellers:

The Sanders Trust, LLC

1000 Urban Center Drive, Suite 675

Birmingham, Alabama 35242

Attention: David M. Baylot

Phone: (205)298-0809

Fax: (205) 298-0810

E-Mail: dbaylot@sanderstrust.com

with a copy at the same time to:

Wallace, Jordan, Ratliff and Brandt, LLC

800 Shades Creek Parkway, Suite 400

Birmingham, Alabama 35209

Attention: Michael J. Brandt

Phone: (205) 870-0555

Fax: (205) 871-7534

E-Mail: mb@wallacejordan.com

As to Escrow Agent:

LandAmerica Commercial Services

915 Wilshire Blvd, Suite 2100

Los Angeles, CA 90017

Attn: Lois McCauley

Phone: (213) 330-3025

Fax: (213) 330-3099

E-Mail: lmccauley@landam.com

As to Title Company

LandAmerica Commercial Services

915 Wilshire Blvd, Suite 2100

Los Angeles, CA 90017

Attn: Laura Peters

Phone: (213) 330-3037

Fax: (213) 330-3116

E-Mail: lpeters@landam.com

or to such other address as the respective parties may hereafter designate by notice in writing in
the manner specified above. Any notice may be given on behalf of any party by its counsel.
Notices given in the manner aforesaid shall be deemed sufficiently served or given for all purposes
under this Agreement upon actual receipt (including receipt of a facsimile copy, but only if an
original of such facsimile is properly sent by overnight courier as provided above) or refusal by
the addressee.

(b) Computation of Periods. If the final day of any period of time in any provision
of this Agreement falls on a Saturday, Sunday, Monday or a holiday observed by federally insured
banks in the State of California, Alabama, or Florida or by the United States Postal Service, then,
the time of such period shall be extended to the next day which is not a Saturday, Sunday, Monday
or holiday (a “Business Day”). Unless otherwise specified, in computing any period of time
described in this Agreement, the day of the act or event after which the designated period of time
begins to run is not to be included and the last day of the period is so computed is to be
included, unless such last day is not a Business Day in which event the period shall run until the
end of the next day which is a Business Day.

17. Fire or Other Casualty.

(a) Condition of Premises. The Respective Premises shall be conveyed to Buyer in the
same condition as on the date of this Agreement, ordinary wear and tear excepted, free of all
tenancies or occupancies except the Existing Leases (or hereafter approved by Buyer in writing).
No Seller shall remove anything from the Respective Premises between the date of this Agreement and
Applicable Closing.

(b) Fire or Other Casualty. In the event that any Respective Premises is damaged or
destroyed by fire or other casualty prior to the Applicable Closing, Seller shall repair and
restore the Respective Premises to the same condition as before the fire or casualty, and the
closing shall be deferred for up to forty-five (45) days to permit such repair and restoration. If
Seller is unable to repair and restore within such forty-five (45) day period to Buyer’s
satisfaction, then Buyer shall have the option of: (i) extending the forty-five (45) day period for
up to forty-five (45) days, (ii) treating the Respective Premises as an Excluded Property, or (iii)
proceeding with the Applicable Closing, in which case Seller’s interest in all proceeds of
insurance, including, without limitation, all rental interruption insurance, payable by reason of
such casualty shall be assigned to Buyer as of the Applicable Closing Date or credited to Buyer if
previously received by Seller, and Buyer shall receive a credit toward the Purchase Price for any
cost of repair and/or restoration not covered by such insurance (whether by reason of insurance
deductible, co-insurance, uninsured casualty or otherwise).

18. Condemnation. Upon receipt of an offer or any notice or communication from any
governmental or quasi-governmental body seeking to take under its power of eminent domain all or
any portion of any Respective Premises, such Seller shall promptly notify Buyer of the receipt of
same and shall send such communication, or a copy of it, to Buyer. Upon receipt of such notice,
Buyer shall have the right to (i) treat such Respective Premises as an Excluded Property or (ii)
rescind this Agreement by delivery of written notice to Seller within sixty (60) days of Buyer’s
receipt of the communication from such Seller. In the event Buyer elects to rescind, then Buyer
shall receive a refund of the Deposit, in which case both parties shall be relieved of all further
obligations under this Agreement. In the event Buyer elects not to rescind, then Buyer shall be
entitled to all condemnation awards and settlements. Seller and Buyer agree to cooperate with each
other to obtain the highest and best price for the condemned property

19. Assignability.

(a) Assignments Prohibited. Prior to completing all of the Closings contemplated
hereunder, Buyer may not assign or suffer an assignment of this Agreement and/or its rights under
this Agreement, without the prior written consent of Sellers, which consent Sellers shall not
unreasonably withhold, condition or delay. Notwithstanding the foregoing, the consent of Sellers
shall not be required in respect of an assignment of the Buyer’s interest under this Agreement to
an entity or entities wholly-owned and/or controlled by Buyer or its parents, affiliates or its
other subsidiaries or a publicly registered company or the subsidiary of a publicly registered
company that is managed by, sponsored by or under common control with Buyer or Buyer’s principals.
No such assignment shall be effective, however, unless and until Buyer shall have furnished to
Sellers an executed copy of the assignment. In no event shall Buyer be relieved of any liability
hereunder by reason of an assignment of its rights hereunder and the express terms of any
assignment by Buyer shall reaffirm Buyer’s obligations hereunder. Seller acknowledges that Buyer
shall have the right, without assigning this Agreement, to cause Seller to grant title to the
Property to up to thirty-five (35) tenants-in-common (the “Nominees”) in lieu of granting title to
the Property to Buyer, provided that (i) Buyer notifies Seller, in writing, at least five (5)
business days prior to the Closing Date that Buyer wishes to cause Seller to grant title to the
Property to the Nominees, along with the names of the Nominees and any other information reasonably
required by Seller to prepare and complete the Deed and any other closing documents to reflect the
vesting of title to the Property in the Nominees, (ii) there is no additional cost, liability or
expense incurred by Seller in connection therewith, (iii) the Closing Date is not delayed in
connection therewith, and (iv) Buyer agrees to and hereby does indemnify and hold Seller harmless
from and against any and all liability, damage, and cost, including reasonably attorneys’ fees,
incurred by Seller by virtue of Seller’s granting of title to the Property to the Nominees. Seller
further acknowledges that it has been advised that Buyer may assign this Agreement to a publicly
registered company or the subsidiary of a publicly registered company that is managed by, sponsored
by or under common control with Buyer or Buyer’s principals and that in such event the assignee
will be required to make certain filings with the Securities and Exchange Commission (the “SEC
Filings”) that relate to the most recent pre-acquisition fiscal year (the “Audited Year”) and the
current fiscal year through the date of acquisition (the “Stub Period”) for the Property. To
assist the assignee in preparing the SEC Filings, the Seller agrees to provide the assignee with
the following: (i) access to bank statements for the Audited Year and Stub Period; (ii) rent roll
as of the end of the Audited Year and Stub Period; (iii) operating statements for the Audited Year
and Stub Period; (iv) access to the general ledger for the Audited Year and Stub Period; (v) cash
receipts schedule for each month in the Audited Year and Stub Period; (vi) access to invoices for
expenses and capital improvements in the Audited Year and Stub Period; (vii) accounts payable
ledger and accrued expense reconciliations in the Audited Year and Stub Period; (viii) check
register for the three (3) months following the Audited Year and Stub Period; (ix) the Lease and
five (5) year lease schedules, to the extent applicable; (x) copies of all insurance documentation
for the Audited Year and Stub Period; (xi) copies of accounts receivable aging as of the end of the
Audited Year and Stub Period along with an explanation for all accounts over thirty (30) days past
due as of the end of the Audited Year and Stub Period; and (xii) a signed representation letter in
the form attached hereto as Exhibit “W”. Buyer acknowledges that any Audit prepared
hereunder shall not cause or be considered an extension of the Inspection Period. The provisions
of the foregoing three (3) sentences shall survive the Closing.

(b) Prohibited Assignments. Notwithstanding the foregoing provisions of Section
19(a), Buyer shall have no right, under any circumstances, to assign this Agreement (i) to any
entity owned or controlled by an employee benefit plan if any Seller’s sale of its Respective
Premises to such entity would, in the reasonable judgment of such Seller or such Seller’s counsel,
either create, otherwise cause, or raise a material question as to whether it would create or
otherwise cause, a “prohibited transaction” under ERISA or (ii) to any person, or to any entity
which has as a direct or indirect owner or partial owner a person with a criminal record, currently
under a criminal indictment or who is not of good moral character.

(c) Successors and Assigns. Subject to the foregoing limitations, this Agreement
shall extend to, and shall bind, the respective heirs, executors, personal representatives,
successors and assigns of each of Sellers and of Buyer.

20. Inspections/Inspection Periods.

(a) Right to Inspect. With respect to each Seller’s Respective Property, Buyer, and
Buyer’s agents and representatives, have had the right, prior to the execution of this Agreement,
to enter upon any or all of the Premises of such Seller for the purpose of conducting visual
inspections of such Seller’s Property, testing machinery and equipment, taking measurements, making
surveys and generally for the reasonable ascertainment of matters relating to such Seller’s
Property, and Buyer has completed such inspections prior to the Effective Date. Notwithstanding
the foregoing, buyer shall have the right to enter upon the Premises owned by TST Jacksonville and
TST El Paso for the purpose of completing the Phase II Environmental Report described in paragraph
12(xvi); provided, however, that Buyer shall (i) give the Seller of such Premises
reasonable prior written notice of the time and place of such entry, in order to permit a
representative of such Seller to accompany Buyer; (ii) not unreasonably interfere with the
operations of such Premises or the rights or operations of any tenant thereof; (iii) restore such
Premises or any adjacent property (or any damage thereto) caused by such actions to its condition
prior to any such entry in the event that Buyer elects to terminate this Agreement prior to the end
of the Inspection Period; (iv) indemnify, defend and save such Seller and, as the case may be, its
members, partners, trustees, shareholders, directors, officers, employees and agents harmless of
and from any and all claims and/or liabilities which such Seller and its members, partners,
trustees, shareholders, directors, officers, employees and agents may suffer or be subject by
reason of or in any manner relating to such entry and such activities, including, without
limitation, any claims by tenants and/or invitees of the such Premises; (v) not enter into any
tenant’s leased premises or communicate with any tenant unless accompanied by such Seller or such
Seller’s agent in each instance; (vi) prior to entry onto the Premises, furnish such Seller with a
certificate of general liability and property damage insurance maintained by Buyer with single
occurrence coverage of at least One Million Dollars ($1,000,000), and aggregate coverage of Two
Million Dollars ($2,000,000), and naming such Seller as an additional insured; and (vii) not
conduct any environmental investigations or testing or any inspection which would materially alter
the physical condition of such Seller’s premises. All inspection rights under this Section
20(a) shall be subject to the rights of tenants under the Existing Leases.

(b) No Liens Permitted. Nothing contained in this Agreement shall be deemed or
construed in any way as constituting the consent or request of any Seller, express or implied by
inference or otherwise, to any party for the performance of any labor or the furnishing of any
materials to such Seller’s Respective Premises or any part thereof, nor as giving Buyer any right,
power or authority to contract for or permit the rendering of any services or the furnishing of any
materials that would give rise to the filing of any liens against such Seller’s Respective Premises
or any part thereof. Buyer agrees to promptly cause the removal of, and indemnify, defend and hold
each Seller harmless with respect to, any mechanic’s or similar lien filed against the such
Seller’s Respective Premises or any part thereof by any party performing any labor or services at
the such Seller’s Respective Premises or supplying any materials to such Seller’s Respective
Premises at Buyer’s request.

(c) Definitions. As used in this Agreement, the following terms have the meaning
ascribed to such term below:

(i) “Inspection Period” means, with respect to each Seller’s Respective Property, that period
commencing the parties execution of a letter of intent on November 13, 2007, and ending on the
Effective Date.

(ii) “Initial Due Diligence Materials” means, with respect to each Property, the following:
(A) a copy of Seller’s existing title insurance policies for the Premises and all exception
documents identified therein in Seller’s possession or control, (B) a copy of Seller’s existing
surveys for each Property, (C) the Existing Leases executed on or before the Effective Date, (D) a
copy of all environmental reports in the possession of, or controlled by Seller, for each of the
Properties, (E) a copy of all geo-tech reports in the possession of, or controlled by, the Seller
of such Property, (F) property level financial statements for the preceding twelve (12) calendar
month periods ending December 31, 2004, December 31, 2005 and December 31, 2006 and for the
year-to-date through September 30, 2007, (G) any capital expenditure budgets existing on the
Effective Date, (H) for any of the Properties that are part of a condominium governed by Chapter
718, Florida Statutes, all documents required to create, form, operate or maintain such Properties
as a condominium including, without limitation, declaration(s) of condominium, articles of
incorporation for the applicable condominium association(s), bylaws of the applicable condominium
association(s), rules, if any, of the applicable condominium association(s), and financial
information required by Florida Statutes Section 718.111, (I) for any of the Properties that are
part of a condominium governed by Chapter 718, Florida Statutes, any and all documents that are or
may come into the control or possession of the Seller as the “Developer” of such Properties
including, without limitation any and all documents required under Florida Statutes Section
718.111(12), Florida Statutes Section 718.302, and Part VI of Chapter 718, Florida Statutes, (J)
for any of the Properties that are subject to a set of covenants, conditions or restrictions
recorded in the public records of the county where such Properties are located that obligate the
owner of such Properties to pay assessments and become a member of a property owners association,
copies of the covenants, conditions or restrictions, copies of any amendments thereto, copies of
the current articles of incorporation for any property owners association(s), copies of the current
bylaws of any property owners association(s), copies of the current budget for any property owners
association(s), and copies of any other documents, whether recorded or otherwise, which govern or
impact the use of such Properties, and (K) any additional information described on Exhibit U
hereto.

(iii) “Property Information” means that information provided to Buyer prior to the execution
hereof, including, without limiting the foregoing, the information contained in the The Sanders
Trust Medical Office Portfolio – Confidential Offering Memorandum dated May 18, 2007 (the “Offering
Memorandum”) and the offering update letter dated October 18, 2007 prepared by Cain Brothers
receipt of which is hereby acknowledged by Buyer.

(d) No Shop. During the Inspection Period, the Sellers shall not seek or negotiate a
sale of the Properties to any party other than Buyer.

21. Brokers. Each of Sellers, on one hand, and Buyer, on the other, represents and
warrants to the other that it has dealt with no broker or other intermediary in connection with
this transaction other than Cain Brothers (as engaged by Sellers as a financial advisor) (the
“Disclosed Advisor”). If any broker or other intermediary other than the Disclosed Advisor claims
to be entitled to a fee or commission by reason of having dealt with any Seller or Buyer in
connection with this transaction, or having introduced any or all of the Premises to Buyer for
sale, or having been the inducing cause to the sale, the party with whom such broker claims to have
dealt shall indemnify, defend and save harmless the other party of and from any claim for
commission or compensation by such broker or other intermediary. Each Seller agrees to pay,
pursuant to a separate agreement between such Seller and the Disclosed Advisor, any commission
payable to the Disclosed Advisor in connection herewith if, as and when each Closing occurs from
the proceeds of the Purchase Price deposited by Buyer, and shall indemnify, defend and hold Buyer
harmless with respect thereto. This Section 21 shall survive the termination of this
Agreement and/or the Closings and delivery of the Deeds.

22. CONDITION OF PREMISES.

(a) NO WARRANTIES. THE ENTIRE AGREEMENT AMONG THE SELLERS AND BUYER WITH RESPECT TO
THE PREMISES AND THE PERSONAL PROPERTY AND THE SALE THEREOF IS EXPRESSLY SET FORTH IN THIS
AGREEMENT AND THE DEPOSIT ESCROW AGREEMENT. THE PARTIES ARE NOT BOUND BY ANY AGREEMENTS,
UNDERSTANDINGS, PROVISIONS, CONDITIONS, REPRESENTATIONS OR WARRANTIES (WHETHER WRITTEN OR ORAL AND
WHETHER MADE BY ANY SELLER OR ANY AGENT, EMPLOYEE OR PRINCIPAL OF ANY SELLER OR ANY OTHER PARTY)
OTHER THAN AS ARE EXPRESSLY SET FORTH AND STIPULATED IN THIS AGREEMENT OR ANY OTHER DOCUMENT
EXECUTED BY SELLER AND DELIVERED IN CONNECTION WITH THE CLOSING. WITHOUT IN ANY MANNER LIMITING
THE GENERALITY OF THE FOREGOING, BUYER ACKNOWLEDGES THAT IT AND ITS REPRESENTATIVES HAVE FULLY
INSPECTED THE PREMISES, THE PERSONAL PROPERTY, THE EXISTING LEASES AND EXISTING AGREEMENTS, OR WILL
BE PROVIDED WITH AN ADEQUATE OPPORTUNITY TO DO SO, ARE OR WILL BE FULLY FAMILIAR WITH THE FINANCIAL
AND PHYSICAL (INCLUDING, WITHOUT LIMITATION, ENVIRONMENTAL) CONDITION THEREOF, AND THAT THE
PREMISES, THE PERSONAL PROPERTY, THE EXISTING LEASES AND EXISTING AGREEMENTS HAVE BEEN OR WILL BE
PURCHASED BY BUYER IN AN “AS IS” AND “WHERE IS” CONDITION AND WITH ALL EXISTING DEFECTS (PATENT AND
LATENT) AS A RESULT OF SUCH INSPECTIONS AND INVESTIGATIONS AND NOT IN RELIANCE ON ANY AGREEMENT,
UNDERSTANDING, CONDITION, WARRANTY (INCLUDING, WITHOUT LIMITATION, WARRANTIES OF HABITABILITY,
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE) OR REPRESENTATION MADE BY ANY SELLER OR ANY
AGENT, EMPLOYEE OR PRINCIPAL OF ANY SELLER OR ANY OTHER PARTY (EXCEPT AS OTHERWISE EXPRESSLY
PROVIDED ELSEWHERE IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED BY BUYER AND DELIVERED IN
CONNECTION WITH THE CLOSING) AS TO THE FINANCIAL OR PHYSICAL (INCLUDING, WITHOUT LIMITATION,
ENVIRONMENTAL) CONDITION OF THE PREMISES OR THE PERSONAL PROPERTY OR THE AREAS SURROUNDING THE
PREMISES, OR AS TO ANY OTHER MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, AS TO ANY PERMITTED
USE THEREOF, THE ZONING CLASSIFICATION THEREOF OR COMPLIANCE THEREOF WITH FEDERAL, STATE OR LOCAL
LAWS, AS TO THE INCOME OR EXPENSE IN CONNECTION THEREWITH, OR AS TO ANY OTHER MATTER IN CONNECTION
THEREWITH. BUYER ACKNOWLEDGES THAT, EXCEPT AS OTHERWISE EXPRESSLY ELSEWHERE PROVIDED IN THIS
AGREEMENT OR ANY OTHER DOCUMENT EXECUTED BY SELLER AND DELIVERED IN CONNECTION WITH THE CLOSING,
NONE OF THE SELLERS, NOR ANY AGENT OR EMPLOYEE OF ANY OR ALL OF SELLERS, NOR ANY OTHER PARTY ACTING
ON BEHALF OF ANY OR ALL SELLERS HAS MADE OR SHALL BE DEEMED TO HAVE MADE ANY SUCH AGREEMENT,
CONDITION, REPRESENTATION OR WARRANTY EITHER EXPRESSED OR IMPLIED AND THAT BUYER ASSUMES THE RISK
THAT ADVERSE PHYSICAL, ENVIRONMENTAL, ECONOMIC OR LEGAL CONDITIONS MAY NOT HAVE BEEN REVEALED BY
BUYER’S INVESTIGATION. THIS SECTION SHALL SURVIVE THE CLOSINGS AND DELIVERY OF THE DEEDS, AND
SHALL BE DEEMED INCORPORATED BY REFERENCE AND MADE A PART OF ALL DOCUMENTS DELIVERED BY EACH OF
SELLERS TO BUYER IN CONNECTION WITH THE SALE OF THE PREMISES AND THE PERSONAL PROPERTY.

(b) CHANGE OF CONDITIONS. SUBJECT TO SELLERS’ OBLIGATIONS UNDER SECTION 22(d)
BELOW, BUYER SHALL ACCEPT THE PREMISES AND THE PERSONAL PROPERTY AT THE TIME OF APPLICABLE CLOSING
IN THE SAME CONDITION AS THE SAME ARE AS OF THE DATE OF THIS AGREEMENT, AS SUCH CONDITION SHALL
HAVE CHANGED BY REASON OF WEAR AND TEAR AND, SUBJECT TO SECTION 17 HEREOF, DAMAGE BY FIRE
OR OTHER CASUALTY. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, BUT SUBJECT TO SECTION
17 HEREOF, BUYER SPECIFICALLY ACKNOWLEDGES THAT THE FACT THAT ANY PORTION OF THE PREMISES OR
THE PERSONAL PROPERTY OR ANY EQUIPMENT OR MACHINERY THEREIN OR ANY PART THEREOF MAY NOT BE IN
WORKING ORDER OR CONDITION AT THE CLOSING DATES BY REASON OF WEAR AND TEAR OR DAMAGE BY FIRE OR
OTHER CASUALTY, OR BY REASON OF ITS PRESENT CONDITION, SHALL NOT RELIEVE BUYER OF ITS OBLIGATION TO
COMPLETE THE CLOSINGS UNDER THIS AGREEMENT AND PAY THE FULL PURCHASE PRICE. EXCEPT AS PROVIDED IN
SECTION 22(d) BELOW, SELLERS HAVE NO OBLIGATION TO MAKE ANY REPAIRS OR REPLACEMENTS
REQUIRED BY REASON OF WEAR AND TEAR OR FIRE OR OTHER CASUALTY, BUT MAY, AT THEIR OPTION AND THEIR
COST, MAKE ANY SUCH REPAIRS AND REPLACEMENTS PRIOR TO THE APPLICABLE CLOSING DATE.

(c) Condition of Delivery. Sellers have no obligation to deliver the Premises in a
“broom clean” condition, and at the Closings Sellers may leave in the Premises all items of
personal property and equipment, partitions and debris as are now presently therein.

(d) Seller Repairs. Between the date of the execution of this Agreement and the
Applicable Closing Date, each Seller shall perform all (i) customary ordinary repairs to the
Premises and the Personal Property as Seller has customarily previously performed to maintain them
in substantially the same condition as they are as of the date of this Agreement, as said condition
shall be changed by wear and tear, damage by fire or other casualty, or vandalism and (ii)
scheduled and budgeted maintenance on the Premises and the Personal Property. Notwithstanding the
foregoing, such Seller shall have no obligation to make any structural or extraordinary repairs,
except as set forth in Section 17 of this Agreement, or capital improvements between the date of
this Agreement and Applicable Closing.

(e) RELEASE. WITHOUT LIMITING THE PROVISIONS OF SECTION 22(a) ABOVE AND
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED
BY BUYER AND DELIVERED IN CONNECTION WITH THE CLOSING, BUYER HEREBY RELEASES EACH SELLER AND (AS
THE CASE MAY BE) SUCH SELLER’S OFFICERS, DIRECTORS, MEMBERS, TRUSTEES, PARTNERS, EMPLOYEES,
MANAGERS AND AGENTS FROM ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTIONS, LOSSES, DAMAGES,
LIABILITIES, COSTS AND EXPENSES (INCLUDING ATTORNEY’S FEES WHETHER THE SUIT IS INSTITUTED OR NOT)
WHETHER KNOWN OR UNKNOWN, LIQUIDATED OR CONTINGENT (HEREINAFTER COLLECTIVELY CALLED THE “CLAIMS”)
ARISING FROM OR RELATING TO (i) ANY DEFECTS (PATENT OR LATENT), ERRORS OR OMISSIONS IN THE DESIGN
OR CONSTRUCTION OF THE PREMISES WHETHER THE SAME ARE THE RESULT OF NEGLIGENCE OR OTHERWISE, OR (ii)
ANY OTHER CONDITIONS, INCLUDING ENVIRONMENTAL AND OTHER PHYSICAL CONDITIONS, AFFECTING THE PREMISES
WHETHER THE SAME ARE A RESULT OF NEGLIGENCE OR OTHERWISE. THE RELEASE SET FORTH IN THIS SECTION
SPECIFICALLY INCLUDES, WITHOUT LIMITATION, ANY CLAIMS UNDER ANY ENVIRONMENTAL LAWS OF THE UNITED
STATES, THE STATE IN WHICH THE PREMISES IS LOCATED OR ANY POLITICAL SUBDIVISION THEREOF OR UNDER
THE AMERICANS WITH DISABILITIES ACT OF 1990, AS ANY OF THOSE LAWS MAY BE AMENDED FROM TIME TO TIME
AND ANY REGULATIONS, ORDERS, RULES OF PROCEDURES OR GUIDELINES PROMULGATED IN CONNECTION WITH SUCH
LAWS, REGARDLESS OF WHETHER THEY ARE IN EXISTENCE OR THE STATUS OF COMPLIANCE WITH THE SAME ON THE
DATE OF THIS AGREEMENT. BUYER ACKNOWLEDGES THAT BUYER HAS BEEN REPRESENTED BY INDEPENDENT LEGAL
COUNSEL OF BUYER’S SELECTION AND BUYER IS GRANTING THIS RELEASE OF ITS OWN VOLITION AND AFTER
CONSULTATION WITH BUYER’S COUNSEL. THE RELEASE SET FORTH HEREIN DOES NOT APPLY TO THE
REPRESENTATIONS, WARRANTIES, COVENANTS OR INDEMNITIES OF ANY SELLER EXPRESSLY SET FORTH IN THIS
AGREEMENT OR IN ANY DOCUMENT DELIVERED BY SUCH SELLER IN CONNECTION WITH THE APPLICABLE CLOSING.

(f) Seller Reports. Except otherwise provided for in this Agreement or in any other
document executed by Seller in connection with the Closing, Buyer acknowledges that none of Sellers
makes any warranties or representations regarding the adequacy, accuracy or completeness of any of
Sellers’ environmental or engineering reports or other materials relating to the Premises made
available to Buyer (collectively, the “Seller Reports”) or other documents relating to the
Premises, and Buyer shall have no claim against any Seller based upon the Seller Reports or such
other documents relating to the Premises or any Seller’s failure to deliver any documents relating
to any of the Premises to Buyer. Buyer further acknowledges that Buyer has had full opportunity to
perform such physical inspections, environmental and engineering investigations and appraisals as
Buyer deems appropriate prior to each Closing, and Buyer obtained or shall obtain its own physical
inspections, environmental and engineering reports and appraisals of each of the Premises. Buyer
agrees to promptly provide each Seller (without any representation or warranty whatsoever and
without any liability with respect to the content thereof) with copies of all environmental and
engineering reports obtained by Buyer pursuant to Section 20 hereof with respect to such
Seller’s Respective Premises.

(g) Effect of Disclaimers. Buyer acknowledges and agrees that the Purchase Price has
been negotiated to take into account that the Premises and Personal Property are being sold subject
to the provisions of this Section 22 and that Sellers would have charged a higher purchase
price if the provisions in this Section 22 were not agreed upon by Buyer.

(h) Survival. The provisions of this Section 22 shall survive the Closings
and delivery of the Deeds.

23. Survival of Provisions.

(a) Intentionally Deleted.

(b) No Presumption. With respect to each Seller, any of Buyer’s obligations under
this Agreement that are expressly provided in this Agreement to survive the Applicable Closing or
that shall possibly imply performance or observance after the Applicable Closing Date shall survive
the Applicable Closing and delivery of the Deeds, notwithstanding any presumption to the contrary.

(c) Survival Period. Notwithstanding any provision to the contrary set forth in this
Agreement, the representations of each Seller expressly set forth in Section 9 and
Section 12(a)(iii) of this Agreement or in any Landlord Estoppel Certificate shall survive
the Applicable Closing under this Agreement for a period of nine (9) months (the “Survival
Period”).

(d) Sales Tax Indemnity. Seller shall and does indemnify and hold Buyer harmless from
any and all liability, including costs and attorneys’ fees, including those for appellate
proceedings, to the State of Florida for sales tax due on any rentals or sales prior to Closing,
under Florida Statutes Section 212.10.

(e) Warranty. No Seller shall have any liability to Buyer by reason of a breach or
default of any of such Seller’s representations, unless Buyer shall have given to such Seller
written notice (“Warranty Notice”) of such breach or default within the Survival Period, and shall
have given to such Seller an opportunity to cure any such breach or default within a reasonable
period of time after Buyer’s Warranty Notice. No claim for breach of and representation or warranty
shall be actionable or payable unless the valid claims for all such breaches collectively aggregate
more than Fifty Thousand Dollars ($50,000.00), in which event the full amount of all such breaches
shall be actionable up to the Cap (as hereinafter defined). In no event shall the aggregate
liability of Sellers to Buyer by reason of a breach or default of one or more of such Sellers’
representations, warranties or covenants under this Agreement or any document delivered by Seller
in connection with the Closing exceed One Million Two Hundred Twenty-Seven Dollars ($1,227,000.00)
(the “Cap”); provided, that, the Cap shall not be applicable to causes of action
and damages resulting from intentional misrepresentation or fraud. Each Seller’s liability shall
be limited to actual damages and shall not include consequential damages. Any litigation with
respect to any representation must be commenced within one hundred eighty (180) days from the
expiration of the Survival Period, and if not commenced within such time period, Buyer shall be
deemed to have waived its claims for such breach or default.

(f) Survival of this Section. The provisions of this Section 22 shall survive
the Closings and delivery of the Deeds.

24. Miscellaneous.

(a) Captions or Headings; Interpretation. The captions or headings of the sections
and subsections of this Agreement are for convenience only, and shall not control or affect the
meaning or construction of any of the terms or provisions of this Agreement. Wherever in this
Agreement the singular is used, the same shall include the plural and vice versa and the masculine
gender shall include the feminine gender and vice versa as the context shall require.

(b) Amendments and Waivers. No change, alteration, amendment, modification or waiver
of any of the terms or provisions of this Agreement shall be valid, unless the same shall be in
writing and signed by all of the parties hereto.

(c) Counterparts. This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original but together shall constitute one and the same instrument.

(d) Applicable Law, Jurisdiction and Venue. This Agreement shall be governed and
construed according to the laws of the State (the “Applicable State”) where the Respective Property
is located, without regard to any state’s laws related to choice or conflict of laws. Each party
to this Agreement hereby consents to the jurisdiction of each Applicable State, and agrees that
venue for any dispute relating to or arising out of the transactions contemplated by this Agreement
shall lie exclusively in an appropriate state or federal court located in or serving the county in
the Applicable State in which the Respective Property is located.

(e) Right to Waive Conditions or Contingency. Any party may waive any of the terms
and conditions of this Agreement made for its benefit provided such waiver is in writing and signed
by such party.

(f) Partial Invalidity. If any term, covenant, condition or provision of this
Agreement or the application thereof to any person or circumstance shall be invalid or
unenforceable, at any time or to any extent, the remainder of this Agreement, or the application of
such term or provision to persons or circumstances other than those as to which it is held invalid
or unenforceable, shall not be affected thereby, unless such invalidity or unenforceability
materially frustrates the intent of the parties as set forth herein. Each term, covenant,
condition and provision of this Agreement shall be valid and enforced to the fullest extent
permitted by law.

(g) Confidentiality. Buyer shall endeavor to treat all information received with
respect to the Properties, whether such information is obtained from a Seller or from Buyer’s own
due diligence investigations, in a confidential manner. Buyer shall endeavor not disclose any such
information to any third parties, other than such disclosure to Buyer’s counsel, consultants,
accountants and advisers as may be required in connection with the transactions contemplated hereby
(such disclosure to be made expressly subject to this confidentiality requirement). Buyer and each
of Sellers agree to endeavor to keep this Agreement confidential and not make any public
announcements or disclosures with respect to the subject matter of this Agreement as it related to
any Seller’s Property prior to the Applicable Closing without the written consent of the other
parties.

(h) Agreement Not To Be Recorded. Neither this Agreement nor any memorandum or notice
of this Agreement may be recorded in the applicable county recorders office by any party hereto
without the prior written consent of the other parties.

25. Sophistication of the Parties. Each party hereto hereby acknowledges and agrees
that it has consulted legal counsel in connection with the negotiation of this Agreement and that
it has bargaining power equal to that of the other parties hereto in connection with the
negotiation and execution of this Agreement. Accordingly, the parties hereto agree the rule of
contract construction to the effect that an agreement shall be construed against the drafter shall
have no application in the construction or interpretation of this Agreement.

26. Limited Liability. Prior to the Closing Date, the obligations of each Seller
under this Agreement or directly or indirectly arising out of this Agreement shall be limited
solely to such Seller’s interest in its Respective Premises and its Respective Personal Property,
and neither Buyer nor any one else claiming by or through Buyer shall have any claim against any
other asset of any Seller or any member of any Seller. After the Closing Date, the obligations of
Buyer under this Agreement or directly or indirectly arising out of this Agreement shall be limited
solely to the Buyer’s interest in the Respective Premises and its Respective Personal Property, and
neither Seller nor any one else claiming by or through Seller shall have any claim against any
other asset of any Buyer or any member of any Buyer.

27. Marketing/Public Announcements. Provided Buyer is not in default hereunder, each
of the Sellers agrees not to market its Respective Premises to any other prospective purchasers
during the period between the expiration of the Effective Date and the Applicable Closing Date.
Buyer agrees not to make any public or other announcements regarding the transaction contemplated
by this Agreement as it relates to each Seller’s Respective Property until after the Effective
Date, except as may be required by applicable law affecting Buyer or any parent, affiliate or
subsidiary of Buyer.

28. Enforcement. If any party hereto fails to perform any of its obligations under
this Agreement or if a dispute arises between the parties hereto concerning the meaning or
interpretation of any provision of this Agreement, then the defaulting party or the party not
prevailing in such dispute shall pay any and all costs and expenses incurred by any other party on
account of such default and/or in enforcing or establishing its rights hereunder, including,
without limitation, court costs and reasonable attorneys’ fees and disbursements. Any such
attorneys’ fees and other expenses incurred by any party in enforcing a judgment in its favor under
this Agreement shall be recoverable separately from and in addition to any other amount included in
such judgment, and such attorneys’ fees obligation is intended to be severable form the other
provisions of this Agreement and to survive and not be merged into any such judgment.

29. Further Assurances. The parties agree that after the Closings, they will, upon
the request of any other party hereto, and without further consideration, execute, acknowledge, and
deliver in proper form any further instruments, and take such other actions, as such other party
may reasonably request, in order to effectively carry out the intent of this Agreement.

30. Radon Gas Notice. Pursuant to Florida Statutes Section 404.056(5), Seller hereby
makes, and Purchaser hereby acknowledges, the following notification:

RADON GAS: Radon is a naturally occurring radioactive gas that, when it
has accumulated in a building in sufficient quantities, may present health
risks to persons who are exposed to it over time. Levels of radon that
exceed federal and state guidelines have been found in buildings in
Florida. Additional information regarding radon and radon testing may be
obtained from your county health department.

31. Energy-Efficiency Rating Disclosure. Pursuant to Section 553.996, Florida
Statutes, Buyer may request that Seller cause a State Certified Energy Rater to perform an
energy-efficiency rating on the Property. Buyer hereby releases Seller from any and all
responsibility or liability for the accuracy or level of rating and Buyer understands and agrees
that this Agreement is not contingent upon Buyer’s approval of the rating, that the rating is only
for Buyer’s own information and that the Florida Building Energy-Efficiency Rating System brochure
prepared by the Florida Department of Community Affairs in accordance with Section 553.996, Florida
Statutes, which Buyer is entitled to receive is attached as Exhibit “X” hereto. BUYER
ACKNOWLEDGES RECEIPT OF THE ENERGY-EFFICIENCY RATING BROCHURE DISTRIBUTED BY THE STATE OF FLORIDA
DEPARTMENT OF COMMUNITY AFFAIRS AND STATES THAT BUYER WAIVES THE OPPORTUNITY TO OBTAIN AN
ENERGY-EFFICIENCY RATING FOR THE PROPERTY. Seller is providing this disclosure statement to Buyer
in compliance with Section 553.996, Florida Statutes. This disclosure statement is intended for
the sole and exclusive use of Buyer for the transaction contemplated herein only and Seller shall
not be liable or responsible to any third party who has relied upon the information contained
herein. Buyer acknowledges its receipt, review and understanding of this disclosure statement
prior to, or at the time of, Buyer’s execution of this Agreement.

[Signatures on following pages]

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IN WITNESS WHEREOF, the parties hereto, intending legally to be bound hereby, have executed
this Agreement as of the date first above written.

SELLERS:

TST OVERLAND PARK, LTD.

By: TST Overland Park Management, LLC

Its General Partner

By: /s/ Rance M. Sanders

	 	 	Rance M. Sanders

Its Manager

TST EL PASO PROPERTIES, LTD.

By: TST El Paso Management, LLC

Its General Partner

By: /s/ Rance M. Sanders

Rance M. Sanders

Its Manager

TST JACKSONVILLE II, LLC

By: /s/ Rance M. Sanders

Rance M. Sanders

Its Manager

TST TAMPA BAY, LTD.

By TST Tampa Bay Management, LLC

Its General Partner

By: /s/ Rance M. Sanders

Rance M. Sanders

Its Manager

TST LARGO ASC, LTD.

By TST Largo ASC Management, LLC

Its General Partner

By: /s/ Rance M. Sanders

Rance M. Sanders

Its Manager

TST BRANDON, LTD.

By TST Brandon Management, LLC

Its General Partner

By: /s/ Rance M. Sanders

Rance M. Sanders

Its Manager

TST LAKELAND, LTD.

By TST Lakeland Management, LLC

Its General Partner

By: /s/ Rance M. Sanders

Rance M. Sanders

Its Manager

BUYER:

TRIPLE NET PROPERTIES, LLC

By: /s/ Andrea R. Biller

Printed: Andrea R. Biller

Title: Executive Vice President

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