Document:

<PAGE>

Exhibit 10.2

                          PURCHASE AND SALE AGREEMENT

                                  DATED AS OF

                                April 28, 2000

                                    BETWEEN

                                N'TANDEM TRUST

                                      AND

                          WINDSOR PARK PROPERTIES 6,
                       A CALIFORNIA LIMITED PARTNERSHIP
<PAGE>

                          PURCHASE AND SALE AGREEMENT

PURCHASE AND SALE AGREEMENT, dated April 28, 2000, between N'Tandem Properties,
L.P., a Delaware limited Partnership (the "Buyer"), N'Tandem Trust, an
unincorporated California business trust and the sole general partner of the
Partnership ("N'Tandem"), and Windsor Park Properties 6, A California Limited
Partnership (the "Seller"), relating to the purchase by the Buyer from the
Seller of certain real property and ownership interests in real property, as
more particularly described herein.  The Buyer and the Seller hereby agree as
follows:

                                 ARTICLE VIII

                 PURCHASE OF PROPERTY AND OWNERSHIP INTERESTS

     8.1  Purchase of Property and Ownership Interests. At the Closing described
          --------------------------------------------
          in Paragraph 2.1, the Buyer will purchase the real property owned in
          fee simple (the "Property") and the ownership interests in real
          properties (the "Ownership Interests") described in Exhibit A hereto,
                                                              ---------
          and the Seller shall transfer the Property and the Ownership
          Interests to the Buyer free and clear of all liens (the "Sales").

     8.2  Purchase Price. The aggregate purchase price for the Property and the
          Ownership Interests is $15,438,100, which represents the aggregate
          appraised value for the Property and the Ownership Interests less the
          aggregate discount applicable to the Ownership Interests, and is
          subject to the adjustments set forth in this Paragraph 1.2 (as so
          adjusted, the "Purchase Price"). To the extent that the Property, or
          any real property underlying any Ownership Interest (each, an
          "Underlying Property"), fails to be free and clear of all mortgage
          indebtedness and/or other liens, the Buyer shall receive at the
          Closing a credit against the Purchase Price (i) in the case of
          mortgage indebtedness and/or other liens encumbering the Property as
          of the closing date, in an amount equal to such mortgage indebtedness
          and/or other liens (or in the case of mortgage indebtedness and/or
          other liens relating to the Property encumbering more than one real
          property, in an amount equal to the product of the amount of such
          mortgage indebtedness and/or other liens times the ratio that the
          appraised value of the Property bears to the aggregate appraised
          values of all real properties encumbered by such mortgage indebtedness
          and/or other liens), and (ii) in the case of mortgage indebtedness
          and/or other liens encumbering any Underlying Property as of the
          closing date, in an amount equal to such mortgage indebtedness and/or
          other liens (or in the case of mortgage indebtedness and/or other
          liens relating to an Underlying Property
<PAGE>

          encumbering more than one real property, in an amount equal to the
          product of the amount of such mortgage indebtedness and/or other liens
          times the ratio that the appraised value of such Underlying Property
          bears to the aggregate appraised values of all real properties
          encumbered by such mortgage indebtedness and/or other liens) times the
          percentage ownership of such Underlying Property allocable or
          attributable to the Ownership Interest.

                                  ARTICLE IX

                                  THE CLOSING

     9.1  Time and Place of Closing. The closing (the "Closing") of the purchase
          -------------------------
          of the Property and the Ownership Interests will take place at the
          offices of LandAmerica National Commercial Services, 3636 North
          Central Avenue, Suite 350, Phoenix, Arizona, at 2:00 P.M. Phoenix
          time, on May 31, 2000 or such other date as may be agreed to by the
          Buyer and the Seller (the "Closing Date").

     9.2  Seller's Actions at Closing. At the Closing, the Seller shall deliver
          ---------------------------
          to the Buyer (i) deeds of conveyance in proper form for recording
          relating to the Property and the Town and Country Estates, Carefree
          Village and Garden Walk Ownership Interests, (ii) an Assignment
          Agreement, in form and substance satisfactory to the Buyer, assigning
          to the Buyer all of the Seller's right, title and interest in and to
          the Rancho Margate and Winter Haven Ownership Interests, and (iii)
          such other documents and instruments, and take such other action, as
          may be necessary or desirable to effect the transfer of the Properties
          and the Ownership Interests to the Buyer, in accordance with this
          Agreement.

     9.3  Buyer's Actions at Closing. At the Closing, the Buyer will deliver to
          --------------------------
          the Seller a certified or bank cashier's check, or evidence of a wire
          transfer of immediately available funds to an account specified by the
          Seller at least 24 hours before the Closing, in an amount equal to the
          Purchase Price.

     9.4  Closing Costs.  With respect to the Property and the Town and Country
          -------------
          Estates, Carefree Village and Garden Walk Ownership Interests, the
          Seller shall pay at the Closing such closing costs as are customarily
          paid by sellers of real property in Colorado. The Buyer shall be
          responsible for all other closing costs relating to the transfer of
          the Property and the Ownership Interests payable at the Closing.
<PAGE>

                                   ARTICLE X

                        REPRESENTATIONS AND WARRANTIES

     10.1     Buyer's Representations and Warranties.  The Buyer represents and
              --------------------------------------
          warrants to the Seller as follows:

     (a)  The Buyer is a limited partnership duly formed and validly existing
          under the laws of the State of Delaware.

     (b)  The Buyer has all trust power and authority necessary to enable it to
          enter into this Agreement and carry out the transactions contemplated
          by this Agreement. All partnership actions necessary to authorize the
          Buyer to enter into this Agreement and carry out the transactions
          contemplated by it have been taken. This Agreement has been duly
          executed by the Buyer and is a valid and binding agreement of the
          Buyer, enforceable against the Buyer in accordance with its terms.

                                  ARTICLE XI

                         ACTIONS PRIOR TO THE CLOSING

     11.1     Activities Until Closing Date. From the date of this Agreement to
              -----------------------------
          the Closing Date, the Seller will, except with the written consent of
          N'Tandem or the Buyer, operate its businesses in the ordinary course
          and in a manner consistent with the manner in which they are being
          operated at the date of this Agreement.

     11.2     Seller's Efforts to Fulfill Conditions. The Seller will use its
              --------------------------------------
          best efforts to cause all the conditions set forth in Paragraph 5.1 to
          be fulfilled prior to or at the Closing.

     11.3     Buyer's Efforts to Fulfill Conditions. The Buyer will use its best
              -------------------------------------
          efforts to cause all the conditions contained in Paragraph 5.1 to be
          fulfilled prior to or at the Closing.

                                  ARTICLE XII

                        CONDITIONS PRECEDENT TO CLOSING

     12.1     Conditions to Buyer's Obligations. The obligations of the Buyer at
              ---------------------------------
          the Closing are subject to the approval of the Sales by the holders of
          not less than a majority of the issued and outstanding units of
          limited partner interest of the Seller.
<PAGE>

                                 ARTICLE XIII

                                  TERMINATION

     13.1     Right to Terminate. This Agreement may be terminated at any time
              ------------------
          prior to the Closing:

     (a)  By mutual consent of N'Tandem, the Buyer and the Seller;

     (b)  By either the Buyer or the Seller if, without fault of the terminating
          party, the Closing does not occur on or before August 31, 2000; or

     (c)  By the Buyer or the Seller if the condition in Paragraph 5.1 is not
          satisfied on or before the Closing Date.

     13.2     Effect of Termination. If this Agreement is terminated pursuant to
              ---------------------
          Paragraph 6.1, after this Agreement is terminated, no party hereto
          will have any further rights or obligations under this Agreement.
          Nothing contained in this Paragraph will, however, relieve any party
          of liability for any breach of this Agreement which occurs before this
          Agreement is terminated.

                                  ARTICLE XIV

                                    GENERAL

     14.1     Expenses. Except as otherwise provided herein, the Buyer and the
              --------
          Seller will each pay its own expenses in connection with the
          transactions which are the subject of this Agreement, including legal
          fees.

     14.2     Entire Agreement. This Agreement and the documents to be delivered
              ----------------
          in accordance with this Agreement contain the entire agreement between
          the Buyer and the Seller relating to the transactions which are the
          subject of this Agreement. There are no representations, warranties,
          understandings or
<PAGE>

          agreements concerning the transactions which are the subject of this
          Agreement other than those expressly set forth herein and therein.

     14.3     Captions. The captions of the articles and paragraphs of this
              --------
          Agreement are for reference only and do not affect the meaning or
          interpretation of this Agreement.

     14.4     Assignments. Neither this Agreement nor any right of any party
              -----------
          under it may be assigned.

     14.5     Notices and Other Communications. Any notice or other
              --------------------------------
          communication under this Agreement must be in writing and will be
          deemed given when delivered in person or sent by facsimile (with proof
          of receipt at the number to which it is required to be sent), or on
          the third business day after the day on which mailed by first class
          mail from within the United States of America, to the following
          addresses (or such other address as may be specified after the date of
          this Agreement by the party to which the notice or communication is
          sent):

     If to the Seller:

          Windsor Park Properties 6, A California
            Limited Partnership
          6160 South Syracuse Way
          Greenwood Village, Colorado 80111

     If to the Buyer:

          N'Tandem Trust
          N'Tandem Properties, L.P.
          6160 South Syracuse Way
          Greenwood Village, Colorado 80111

          with a copy to:

          Clifford Chance Rogers & Wells LLP
          200 Park Avenue
          New York, New York 10166
          Facsimile:  (212) 878-8375
          Attention: Jay L. Bernstein, Esq.
<PAGE>

     14.6     Governing Law. This Agreement will be governed by, and construed
              -------------
          under, the substantive laws of the State of Colorado.

     14.7     Amendments. This Agreement may be amended only by a document in
              ----------
          writing signed by both the Buyer and the Seller.

     14.8     Counterparts.  This Agreement may be executed in two or more
              ------------
          counterparts, some of which may be signed by fewer than all the
          parties or may contain facsimile copies of pages signed by some of the
          parties. Each of those counterparts may contain the signatures of
          fewer than all the parties or may contain facsimile copies of pages
          signed by some of the parties. Each of those counterparts will be
          deemed to be an original, but all of them together will constitute one
          and the same agreement.

     IN WITNESS WHEREOF, the Buyer and the Seller have executed this Agreement,
intending to be legally bound by it, on the day shown on the first page of this
Agreement.

SELLER:

WINDSOR PARK PROPERTIES 6,
A California Limited Partnership

By:  The Windsor Corporation,
     its General Partner

     By:  /s/Steven G Waite
          -----------------
          Steven G. Waite
          President

BUYER:

N'TANDEM PROPERTIES, L.P.

By:  N'Tandem Trust,
     its general partner

     By:  /s/Gary P. McDaniel
          -------------------
          Gary P. McDaniel
          Trustee

<PAGE>

                                   EXHIBIT A

<TABLE>
<CAPTION>
                                                                                            Debt
                                                                                        Attributable
                                                  Gross Purchase                        to Property        Net Purchase
                                                    Price of                            or Ownership           Price
                                                   Property or         Discount on        Interest          of Property
                                Nature of           Ownership           Ownership          as of           or Ownership
    Name        Ownership       Ownership         --------------       -----------      ------------       ------------
of Property     Percentage      Interest             Interest            Interest          4/28/00           Interest
-----------     ----------      ------------         --------            --------          -------           --------
<S>             <C>          <C>                  <C>                  <C>              <C>                <C>
Chisolm Creek      100%         Fee Simple          $ 2,940,000             --               --            $ 2,940,000
  Wichita, KS

Town & Country      58%       Tenant in Common/     $ 3,132,000        $   156,600      $   899,000        $ 2,076,400
Estates                         Joint Venture
   Tucson, AZ                     Interest

Carefree Village    44%       Tenant in Common/     $ 2,917,200        $   291,700      $ 1,531,200        $ 1,094,300
  Tampa, FL                     Joint Venture
                                  Interest
Rancho Margate      41%      Partnership Interest   $ 2,624,000        $   262,400      $ 1,313,100        $ 1,048,500
  Margate, FL

Winter Haven        41%      Partnership Interest   $ 1,521,100        $   152,100      $   814,700        $   544,500
  Winter Haven, FL

Garden Walk         31%          Tenant in          $ 3,518,500        $   351,900      $ 1,767,000        $ 1,399,600
  Palm Beach                    Common/Joint        -----------        -----------      -----------        -----------
  Gardens, FL                 Venture Interest

         Total                                      $16,652,800        $ 1,214,700      $ 6,325,000        $ 9,113,100
                                                    ===========        ===========      ===========        ===========
</TABLE>[HSBC Letterhead]

CONFIDENTIAL

The Talbots, Inc.
175 Beal Street
Hingham, MA 02043
USA                                                                 12 May 2000

Attn:    Mr. Edward L. Larsen
         Senior Vice President

Dear Sir

BANKING FACILITIES

We refer  to our  recent  discussion  and are  pleased  to  advise  that we have
reviewed  your  banking  facilities  and offer a renewal  within  the  following
revised limits.  These  facilities are subject to review at any time and, in any
event by 30 April 2001 and also subject to our  overriding  right of  withdrawal
and  repayment on demand,  including  the right to call for cash cover on demand
for prospective and contingent liabilities.

Uncommitted Import Letter of Credit Facility

LC Issuing Bank       :   The Hongkong and Shanghai Banking Corporation Limited.
                          (please also see "Other terms and conditions" below)

Borrower /
LC Applicant          :    The Talbots, Inc.

Facility Amount       :    USD50,000,000 (previously USD30,000,000)

Purpose               :    For the issuance of Letters of Credit (LC) at sight
                           or  with  usance  periods  of  up to 6  months,  with
                           validity period up to 1 year to finance the import of
                           general merchandise.

Pricing               :    On LC Applicant :
                           - LC Issuance :  Nil
                           - Amendments :  Nil

                           On LC Beneficiary :
                           - Payment of documents  presented via HSBC Branches :
                             Nil
                           - Payment of documents  presented via third party
                             bank : 0.125% (minimum : USD65.00)
                           - Payment  of documents  under  usance  LC : 0.5% per
                             annum

<PAGE>

Collateral            :    Nil

Documentation         :    1.        Facsimile Indemnity Letter
                           2.        Continuing  Commercial Letter of Credit and
                                     Security   Agreement   dated  15  May  1996
                                     together  with  amendment  letter  dated 19
                                     July 1999.
                           3.        Letter of Credit  Discrepancy  Waiver dated
                                     11 December 1996.
                           4.        Certified   copy   of   Corporate   Banking
                                     Resolution dated 31 May 1996.
                           5.        Board  Resolution  approving LC facility of
                                     USD30 million  (approval dates : 7 February
                                     1996  /  6   February   1997)   which  were
                                     certified on 21 June 1999.
                           6.        By-Laws of The Talbots, Inc.

Reporting             :    10Q and 10K within 90 days of period end
Requirement

Financial             :    Nil
Covenants

Other Terms           :    USD10m of  the  facility  is available with HSBC Bank
and Conditions             USA  until  30 September  2000  when all  LC issuance
                           should be transferred to Hong Kong.  (total LC
                           outstandings in both Hong Kong and the United States
                           however must not exceed overall facility limit of
                           USD50 million at all time).

Please  arrange  for the  authorised  signatories  to sign and  return to us the
duplicate copy of this letter to 1) signify your understanding and acceptance of
the terms and  conditions  under which the above  facility  is  granted,  and 2)
confirm the correctness and validity of all the documentation listed above.

This facility will remain open for acceptance  until the close of business on 29
May 2000 and if not accepted by that date will be deemed to have lapsed.

We are pleased to be of continued assistance.

Yours sincerely                             Accepted and Agreed to   :
                                            The Talbots, Inc.

PEARLY LAW                                  EDWARD L. LARSEN
                                            ----------------

Pearly Law
Relationship Manager

Enc

/jw

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