Document:

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                                                                   EXHIBIT 10.21

            ASSIGNMENT OF PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS

                            DANIEL ELSTEIN, AS SELLER
                                       AND
                             SERIES C, LLC, AS BUYER

      ASSIGNOR, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, does hereby assign all of its right, title and
interest in that certain Purchase Agreement and Escrow Instructions described
herein, to ASSIGNEE and its successors and assigns. The Purchase Agreement and
Escrow Instructions is described as follows:

     DATE OF AGREEMENT: September 19, 2005

     ORIGINAL BUYER:    Series C, LLC

     ASSIGNED TO:       Cole LO Enterprise AL, LLC

     PROPERTY ADDRESS:  1301 Boll Weevil Circle, Enterprise, Alabama

      ASSIGNOR acknowledges that it is not released from any and all obligations
or liabilities under said Purchase Agreement and Escrow Instructions with the
exception of the earnest money deposit which is currently in escrow.

      ASSIGNEE hereby agrees to assume and be responsible for all obligations
and liabilities under said Purchase Agreement and Escrow Instructions. This
Assignment shall be in full force and effect upon its full execution.

      Executed this 30th day of November, 2005.

ASSIGNOR:                                 ASSIGNEE:

SERIES C, LLC                             COLE LO ENTERPRISE AL, LLC

                                          By:  Cole REIT Advisors II, LLC
By:      /S/  John M. Pons                     its Manager
    --------------------------------
    John M. Pons
    Authorized Officer

                                               By:      /S/  John M. Pons
                                                     ---------------------------
                                                     John M. Pons
                                                     Senior Vice President
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                               PURCHASE AGREEMENT
                            AND ESCROW INSTRUCTIONS

                                    BETWEEN

                                 DANIEL ELSTEIN

                                   AS SELLER

                                      AND

                                 SERIES C, LLC

                                    AS BUYER

                               SEPTEMBER 19, 2005

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                   PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS

DATED:   Dated to be effective as of September 19, 2005 (the "Effective Date").

PARTIES: This Purchase Agreement and Escrow Instructions is between DANIEL
         ELSTEIN, as "Seller", and SERIES C, LLC, an Arizona limited liability
         company, as "Buyer".

      WHEREAS, as of the Effective Date, Seller is the fee title owner of that
certain improved property located at 1301 Boll Weevil Circle, Enterprise, Coffee
County, Alabama, as legally described on Exhibit A attached hereto (the "Real
Property");

      WHEREAS, as of the Effective Date, the Real Property is improved with a
building containing approximately 95,173 square feet (the "Building") which
Building is leased to Lowe's Companies, Inc. ("Tenant") in accordance with a
written lease (the "Lease"). The Real Property, the Building, the improvements
to the Real Property (the "Improvements"), the personal property, if any, of
Seller located on the Real Property and Seller's interest in the Lease and all
rents issued and profits due or to become due thereunder are hereinafter
collectively referred to as the "Property"; and

      WHEREAS, Buyer desires to purchase the Property from Seller and Seller
desires to sell the Property to Buyer free and clear of all liens, all as more
particularly set forth in this Purchase Agreement and Escrow Instructions (the
"Agreement").

      NOW THEREFORE, in consideration of the promises set forth in this
Agreement and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, Seller and Buyer (each, a "Party" and,
collectively, the "Parties") hereby agree as follows:

      1. INCORPORATION OF RECITALS. All of the foregoing Recitals are hereby
incorporated as agreements of the Parties.

      2. BINDING AGREEMENT. This Agreement constitutes a binding agreement
between Seller and Buyer for the sale and purchase of the Property subject to
the terms set forth in this Agreement. Subject to the limitations set forth in
this Agreement, this Agreement shall bind and inure to the benefit of the
Parties and their respective successors and assigns. This Agreement supersedes
all other written or verbal agreements between the Parties concerning any
transaction embodied in this Agreement. No claim of waiver or modification
concerning the provision of this Agreement shall be made against a Party unless
based upon a written instrument signed by such Party.

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      3. INCLUSIONS IN PROPERTY.

            (a) The Property. The term "Property" shall also include the
following:

                  (1) all tenements, hereditaments and appurtenances pertaining
to the Real Property;

                  (2) all mineral, water and irrigation rights, if any, running
with or otherwise pertaining to the Real Property;

                  (3) all interest, if any, of Seller in any road adjoining the
Real Property;

                  (4) all interest, if any, of Seller in any award made or to be
made or settlement in lieu thereof for damage to the Property by reason of
condemnation, eminent domain or exercise of police power;

                  (5) all of Seller's interest in the Building, the Improvements
and any other improvements and fixtures on the Real Property;

                  (6) all of Seller's interest, if any, in any equipment,
machinery and personal property on or used in connection with the Real Property
(the "Personalty");

                  (7) the Lease and security deposit, if any, now or hereafter
due thereunder; and,

                  (8) all of Seller's interest, to the extent transferable, in
all permits and licenses (the "Permits"), warranties, contractual rights and
intangibles (including rights to the name of the Improvements as well as
architectural/engineering plans) with respect to the operation, maintenance,
repair or improvement of the Property (collectively, the "Contracts").

                  (b) The Transfer Documents. Except for the Personalty which
shall be transferred by that certain bill of sale from Seller to Buyer, a
specimen of which is attached hereto as Exhibit B (the "Bill of Sale"), the
Lease which is to be transferred by that certain assignment and assumption of
lease, a specimen of which is attached hereto as Exhibit C (the "Assignment of
Lease"), the Permits and Contracts which are to be transferred by that certain
assignment agreement, a specimen of which is attached hereto as Exhibit D (the
"Assignment Agreement"), all components of the Property shall be transferred and
conveyed by execution and delivery of Seller's special warranty deed, a specimen
of which is attached hereto as Exhibit E (the "Deed"). The Bill of Sale, the
Assignment of Lease, the Assignment Agreement and the Deed are hereinafter
collectively referred to as the "Transfer Documents".

      4. PURCHASE PRICE. The price to be paid by Buyer to Seller for the
Property is SEVEN MILLION FOUR HUNDRED SEVENTY-FIVE THOUSAND and NO/100 Dollars
($7,475,000.00) (the "Purchase Price"), payable as follows:

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            (a) Seventy-Five Thousand and No/100 Dollars ($75,000.00) earnest
money (the "Earnest Money Deposit") to be deposited in escrow with Lawyers Title
Insurance Corporation, 1850 N. Central Avenue, Suite 300, Phoenix, Arizona
85004, Attention: Mr. Allen Brown ("Escrow Agent") not later than five (5)
business days following the receipt by Escrow Agent of a fully-executed original
of this Agreement (said receipt by Escrow Agent of both a fully-executed
original of this Agreement and the Earnest Money Deposit, the "Opening of
Escrow"), which Earnest Money Deposit is to be held by Escrow Agent until
released to Seller or Buyer as provided herein or paid to Seller at close of
escrow ("COE"); and

            (b) Seven Million Four Hundred Thousand and No/100 Dollars
($7,400,000.00) in additional cash, or other immediately available funds (as may
be increased or decreased by such sums as are required to take into account any
additional deposits, prorations, credits, or other adjustments required by this
Agreement), to be deposited in escrow with Escrow Agent on or before COE (the
"Additional Funds") which is to be held by Escrow Agent until cancellation of
this Agreement as provided herein or paid to Seller at COE.

      5. DISPOSITION OF EARNEST MONEY DEPOSIT. Seller and Buyer hereby instruct
Escrow Agent to place the Earnest Money Deposit in a federally insured
interest-bearing passbook account on behalf of Seller and Buyer. The Earnest
Money Deposit and interest thereon shall be applied as follows:

            (a) if Buyer cancels this Agreement as Buyer is so entitled to do as
provided in this Agreement, the Earnest Money Deposit and all interest earned to
the effective date of withdrawal shall be paid immediately to Buyer;

            (b) if the Earnest Money Deposit is forfeited by Buyer pursuant to
this Agreement, such Earnest Money Deposit and all interest earned to the date
of withdrawal shall be paid to Seller as Seller's agreed and total liquidated
damages, it being acknowledged and agreed that it would be difficult or
impossible to determine Seller's exact damages; and

            (c) if escrow closes, the Earnest Money Deposit and all interest
earned to COE shall be credited to Buyer, automatically applied against the
Purchase Price and paid to Seller at COE.

      6. PRELIMINARY TITLE REPORT AND OBJECTIONS. Within ten (10) days after the
Opening of Escrow, Escrow Agent shall deliver a current Preliminary Title Report
(the "Report") for an ALTA extended coverage title insurance policy (the
"Owner's Policy") on the Property to Buyer and Seller. The Report shall show the
status of title to the Property as of the date of the Report and shall also
describe the requirements of Escrow Agent for the issuance of the Owner's Policy
as described herein. The cost of the Owner's Policy shall be paid by the Seller.
Any additional costs for an extended coverage policy shall be paid by Buyer. In
addition to the Report, Escrow Agent shall simultaneously deliver to Buyer
legible copies of all documents identified in Part Two of Schedule B of the
Report. If Buyer is dissatisfied with any exception to title as shown in the
Report, then Buyer may either, by giving written notice thereof to Escrow Agent
(i) on or before expiration of the Study Period (as defined below) or (ii) ten
(10) days from Buyer's receipt of the Report, whichever is later, (a) cancel
this Agreement,

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whereupon the Earnest Money Deposit plus interest shall be returned to Buyer
together with all documents deposited in escrow by Buyer, or (b) provisionally
accept the title subject to Seller's agreement to cause the removal of any
disapproved exceptions or objections, in which case Seller shall (at its sole
cost) remove the exceptions or objections (or, if acceptable to Buyer, obtain
title insurance endorsements over the exceptions and objections) before COE.
Seller shall notify Buyer in writing within five (5) days after receiving
Buyer's written notice of disapproval of any exception, if Seller does not
intend to remove (or endorse over) any such exception and/or objection. Seller's
lack of response shall be deemed as Seller's affirmative commitment to remove
the objectionable exceptions (or obtain title insurance endorsements over said
exceptions and objections, if acceptable to Buyer) prior to COE. In the event
the Report is amended to include new exceptions that are not set forth in a
prior Report, Buyer shall have until the later of (i) the expiration of the
Study Period, or (ii) the date seven (7) days after Buyer's receipt of the
amended Report and copies of the documents identified in the new exceptions or
new requirements, within which to cancel this Agreement and receive a refund of
the Earnest Money Deposit plus interest or to provisionally accept the title
subject to Seller's agreement to cause the removal of any disapproved exceptions
or objections. If Seller serves notice to Buyer that Seller does not intend to
remove such exceptions and objections before COE, Buyer shall, within ten (10)
days thereafter, notify Seller and Escrow Agent in writing of Buyer's election
to either (i) terminate this Agreement, whereupon the Earnest Money Deposit plus
interest shall be returned to Buyer and all obligations shall terminate, or (ii)
Buyer may waive such objections and the transaction shall close as scheduled. If
written notice of dissatisfaction is not timely given by Buyer to Seller
pursuant to this Section 6, then Buyer shall be deemed to have disapproved of
the condition of the title of the Property as shown by the Report, and shall
have elected to terminate this Agreement.

      7. BUYER'S STUDY PERIOD.

            (a) The Study Period. Buyer shall have until the later of 5:00 p.m.
MST on (i) that day which is thirty (30) days after the Opening of Escrow, (ii)
that day which is thirty (30) days from Buyer's receipt of all deliveries of
Seller's Diligence Materials (as hereinafter defined), (iii) that day which is
ten (10) days from Buyer's receipt of the Report and legible copies of all
documents identified in Part Two of Schedule B of the Report, or (iv) that day
which is ten (10) days from Buyer's receipt of the Survey (as hereinafter
defined) (the "Study Period"), at Buyer's sole cost, within which to conduct and
approve any investigations, studies or tests deemed necessary by Buyer, in
Buyer's sole discretion, to determine the feasibility of acquiring the Property,
including, without limitation, Buyer's right to: (i) review and approve the
Survey, the Lease, Seller's operating statements with respect to the Property,
and the Contracts; (ii) meet and confer with Tenant; and, (iii) obtain, review
and approve an environmental study of the Real Property and Building
(collectively, "Buyer's Diligence").

            (b) Right of Entry. Subject to the prior rights of the Tenant in the
Property, Seller hereby grants to Buyer and Buyer's agents, employees and
contractors the right to enter upon the Property, at any time or times during
the Study Period, to conduct Buyer's Diligence. In consideration therefor, Buyer
shall and does hereby agree to indemnify and hold Seller harmless from any and
all liabilities, claims, losses or damages, including, but not limited to, court
costs and attorneys' fees, which may be incurred by Seller as a direct result of
Buyer's

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Diligence. Buyer's indemnity and hold harmless obligation shall survive
cancellation of this Agreement or COE.

            (c) Cancellation. Unless Buyer so notifies Seller or Escrow Agent,
in writing, on or before the end of the Study Period of Buyer's acceptance of
Buyer's Diligence and waiver of the contingencies as set forth in this Section
7, this Agreement shall be canceled and the Earnest Money Deposit plus interest
shall be returned immediately to Buyer and, except as otherwise provided in this
Agreement, neither of the Parties shall have any further liability or obligation
under this Agreement.

      8. DELIVERY OF SELLER"S DILIGENCE MATERIALS.

            (a) Deliveries to Buyer. Seller agrees to deliver to Buyer
contemporaneously with the Opening of Escrow all information in Seller's
possession or control relating to the leasing, operating, maintenance,
construction (including the Certificate of Occupancy for the Property), repair,
zoning (including any zoning verification letters), platting, engineering, soil
tests, water tests, environmental tests, master planning, architectural drawings
and like matters regarding the Property (collectively, "Seller's Diligence
Materials"), all at no cost to Buyer. The foregoing deliveries shall include,
but not be limited to, copies of all: (i) books of account and records for the
Property for the last twenty-four (24) months (including year-end Tenant CAM
expense reconciliations); (ii) the Lease, including any amendments thereto and a
copy of the leasehold title insurance policy delivered to Tenant; (iii) a
detailed listing of all capital expenditures on the Property for the last
thirty-six (36) months; (iv) the maintenance history of the Property for the
last twenty-four (24) months; (v) current maintenance, management, and listing
contracts for the Property including any amendments thereto; (vi) all claims or
suits by Tenant or third parties involving the Property or the Lease or any
Contracts (whether or not covered by insurance); (vii) a list of all claims or
suits by or against Seller regarding the Property for the last thirty-six (36)
months; (viii) any appraisals of the Property; (ix) the site plan with respect
to the Property; and (x) any other documents or other information in the
possession of Seller or its agents pertaining to the Property that Buyer may
reasonably request in writing.

            (b) Delivery by Buyer. If this Agreement is canceled for any reason,
except Seller's willful default hereunder, Buyer agrees to deliver to Seller
upon payment by Seller to Buyer of Buyer's cost thereof, copies of those
investigations, studies and/or tests which Buyer may have elected to obtain.

      9. THE SURVEY. Seller, at Seller's cost, shall, within fifteen (15) days
of Opening of Escrow, or as soon thereafter as possible, cause a certified ALTA
survey of the Real Property, Building and Improvements (the "Survey") to be
completed by a surveyor licensed in the State of Alabama and delivered to Escrow
Agent and Buyer, whereupon the legal description in the Survey shall control
over the description in Exhibit A attached hereto to the extent they may be
inconsistent. The Survey shall set forth the legal description and boundaries of
the Property and all easements, encroachments and improvements thereon.

      10. IRS SECTION 1445. Seller shall furnish to Buyer in escrow by COE a
sworn affidavit (the "Non-Foreign Affidavit") stating under penalty of perjury
that Seller is not a

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"foreign person" as such term is defined in Section 1445(f)(3) of the Internal
Revenue Code of 1986, as amended (the "Code"). If Seller does not timely furnish
the Non-Foreign Affidavit, Buyer may withhold (or direct Escrow Agent to
withhold) from the Earnest Money Deposit and/or the Additional Funds, an amount
equal to the amount required to be so withheld pursuant to Section 1445(a) of
the Code, and such withheld funds shall be deposited with the Internal Revenue
Service as required by such Section 1445(a) and the regulations promulgated
thereunder. The amount withheld, if any, shall nevertheless be deemed to be part
of the Purchase Price paid to Seller.

      11. DELIVERY OF POSSESSION. Seller shall deliver possession of the
Property to Buyer at COE subject only to the rights of Tenant under the Lease as
approved by Buyer as part of Buyer's Diligence.

      12. BUYER'S CONDITIONS PRECEDENT. In addition to all other conditions
precedent set forth in this Agreement, Buyer's obligations to perform under this
Agreement and to close escrow are expressly subject to the following:

            (a) the delivery by Seller to Escrow Agent, for delivery to Buyer at
COE, of the executed original Transfer Documents;

            (b) the issuance of the Owner's Policy (or a written commitment
therefor) subject only to those matters approved or deemed approved by Buyer
pursuant to this Agreement;

            (c) the delivery by Seller to Buyer at COE of all security deposits
and pre-paid/abated rents under the Lease, if any, in the form of a credit in
favor of Buyer against the Additional Funds;

            (d) the deposit by Seller with Buyer prior to expiration of the
Study Period of (i) an original estoppel certificate naming Buyer (or its
designee) and Wachovia Bank, National Association as addressees, which
certificate must be reasonably acceptable to Buyer, in Tenant's standard form,
and (ii) a subordination, non-disturbance and attornment agreement,
substantially similar to the form of SNDA attached as an exhibit to the Lease,
for the benefit of Wachovia Bank, National Association, both executed by Tenant
under the Lease;

            (e) the deposit with Escrow Agent and Buyer prior to the expiration
of the Study Period of an executed waiver by Tenant of any right of first
refusal under the Lease;

            (f) the deposit with Escrow Agent of an executed affidavit of Seller
and such other documentation as may be reasonably required by Escrow Agent to
allow for the deletion of the mechanics' lien exception from the Owner's Policy;

            (g) the delivery by Seller to Buyer of the Certificate of Occupancy
for the Improvements, or a copy thereof if the original is unavailable;

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            (h) the deposit with Escrow Agent of a letter from Seller to Tenant
      requesting that future rent under the Lease be paid to Buyer;

            (i) delivery of the SEC Filing Information (as hereinafter defined)
      and the SEC Filings Letter (as hereinafter defined) by Seller to Buyer not
      less than five (5) days prior to COE; and

            (j) delivery to Buyer of originals of the Lease, the Contracts and
Permits, if any, in the possession of Seller or Seller's agents, and any
correspondence with respect thereto, together with such non-proprietary leasing
and property manuals, files and records which are material in connection with
the continued operation, leasing and maintenance of the Property.

If the foregoing conditions have not been satisfied by the specified date or COE
as the case may be, then Buyer shall have the right, at Buyer's sole option, by
giving written notice to Seller and Escrow Agent, to cancel this Agreement,
whereupon the Earnest Money Deposit plus interest shall be paid immediately by
Escrow Agent to Buyer and, except as otherwise provided in this Agreement,
neither of the Parties shall have any further liability or obligation under this
Agreement.

      13. SELLER'S WARRANTIES. Seller hereby represents and warrants to Buyer as
of the Effective Date and again as of COE that:

            (a) there are no unrecorded leases (other than the Lease), liens or
encumbrances which may affect title to the Property;

            (b) to Seller's knowledge, no notice of violation has been issued
with regard to any applicable regulation, ordinance, requirement, covenant,
condition or restriction relating to the present use or occupancy of the
Property by any person, authority or agency having jurisdiction;

            (c) to Seller's knowledge, there are no intended public improvements
which will or could result in any charges being assessed against the Property
which will result in a lien upon the Property;

            (d) to Seller's knowledge, there is no impending or contemplated
condemnation or taking by inverse condemnation of the Property, or any portion
thereof, by any governmental authorities;

            (e) there are no suits or claims pending or to Seller's knowledge,
threatened with respect to or in any manner affecting the Property, nor does
Seller know of any circumstances which should or could reasonably form the basis
for any such suits or claims which have not been disclosed in writing to Buyer
by Seller;

            (f) Seller has not entered into and there is not existing any other
agreement, written or oral, under which Seller is or could become obligated to
sell the Property, or any portion thereof, to a third party and Seller will not
enter into nor execute any such agreement without Buyer's prior written consent;

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            (g) Seller has not and will not, without the prior written consent
of Buyer, take any action before any governmental authority having jurisdiction
thereover, the object of which would be to change the present zoning of or other
land-use limitations, upon the Property, or any portion thereof, or its
potential use, and, to Seller's knowledge after due inquiry, there are no
pending proceedings, the object of which would be to change the present zoning
or other land-use limitations;

            (h) this transaction will not in any way violate any other
agreements to which Seller is a party;

            (i) Seller has full power and authority to execute, deliver and
perform under this Agreement as well as under the Transfer Documents, specimens
of which are attached hereto as Exhibits;

            (j) no default of Seller exists under any of the Contracts and, to
Seller's knowledge after due inquiry, no default of the other parties exists
under any of the Contracts;

            (k) no consent of any third party is required in order for Seller to
enter into this Agreement and perform Seller's obligations hereunder;

            (l) except for any item to be prorated at COE in accordance with
this Agreement, all bills or other charges, costs or expenses arising out of or
in connection with or resulting from Seller's use, ownership, or operation of
the Property up to COE shall be paid in full by Seller;

            (m) all general real estate taxes, assessments and personal property
taxes that have become due with respect to the Property (except for those that
will be prorated at COE) have been paid or will be so paid by Seller prior to
COE;

            (n) from the Effective Date hereof until COE or the earlier
termination of this Agreement, Seller shall (i) operate and maintain the
Property in a manner generally consistent with the manner in which Seller has
operated and maintained the Property prior to the date hereof, and shall perform
in all material respects, its obligations under the Lease, (ii) not amend,
modify or waive any material rights under the Lease, and (iii) maintain the
existing or comparable insurance coverage, if any, for the Improvements which
Seller is obligated to maintain under the Lease;

            (o) Seller has no actual knowledge that there exists or has existed,
and Seller itself has not caused any generation, production, location,
transportation, storage, treatment, discharge, disposal, release or threatened
release upon, under or about the Property of any Hazardous Materials. "Hazardous
Materials" shall mean any flammables, explosives, radioactive materials,
hazardous wastes, hazardous and toxic substances or related materials, asbestos
or any material containing asbestos (including, without limitation, vinyl
asbestos tile), or any other substance or material, defined as a "hazardous
substance" by any federal, state, or local environmental law, ordinance, rule or
regulation including, without limitation, the Federal

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Comprehensive Environmental Response Compensation and Liability Act of 1980, as
amended, the Federal Hazardous Materials Transportation Act, as amended, the
Federal Resource Conservation and Recovery Act, as amended, and the rules and
regulations adopted and promulgated pursuant to each of the foregoing;

            (p) to Seller's actual knowledge, there is not now, nor has there
ever been, on or in the Property underground storage tanks, any
asbestos-containing materials or any polychlorinated biphenyls, including those
used in hydraulic oils, electric transformers, or other equipment. Seller hereby
assigns to Buyer, effective as of COE, all claims, counterclaims, defenses, or
actions, whether at common law, or pursuant to any other applicable federal or
state or other laws which Seller may have against any third parties relating to
the existence of any Hazardous Materials in, at, on, under or about the Property
(including Hazardous Materials released on the Property prior to COE and
continuing in existence on the Property at COE);

            (q) to Seller's knowledge, there are no proceedings pending for the
increase of the assessed valuation of the Real Property;

            (r) should Seller receive notice or knowledge of any information
regarding any of the matters set forth in this Section 13 after the Effective
Date and prior to COE, Seller will immediately notify Buyer of the same in
writing;

            (s) the execution, delivery and performance of this Agreement and
the Transfer Documents, specimens of which are attached hereto as Exhibits, have
not and will not constitute a breach or default under any other agreement, law
or court order under which Seller is a party or may be bound; and

            (t) all representations made in this Agreement by Seller shall
survive the execution and delivery of this Agreement and COE. Seller shall and
does hereby indemnify against and hold Buyer harmless from any loss, damage,
liability and expense, together with all court costs and attorneys' fees which
Buyer may incur, by reason of any material misrepresentation by Seller or any
material breach of any of Seller's warranties. Seller's indemnity and hold
harmless obligations shall survive COE.

      14. BUYER'S WARRANTIES. Buyer hereby represents to Seller as of the
Effective Date and again as of COE that:

            (a) Buyer has full power and authority to execute, deliver and
perform under this Agreement as well as under the Transfer Documents, specimens
of which are attached hereto as Exhibits;

            (b) there are no actions or proceedings pending or to Buyer's
knowledge, threatened against Buyer which may in any manner whatsoever affect
the validity or enforceability of this Agreement or any of the documents,
specimens of which are attached hereto as Exhibits;

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            (c) the execution, delivery and performance of this Agreement and
the Transfer Documents, specimens of which are attached hereto as Exhibits, have
not and will not constitute a breach or default under any other agreement, law
or court order under which Buyer is a party or may be bound;

            (d) should Buyer receive notice or knowledge of any information
regarding any of the matters set forth in this Section 14 after the Effective
Date and prior to COE, Buyer will promptly notify Seller of the same in writing;
and

            (e) all representations made in this Agreement by Buyer shall
survive the execution and delivery of this Agreement and COE. Buyer shall and
does hereby indemnify against and hold Seller harmless from any loss, damage,
liability and expense, together with all court costs and attorneys' fees, if
awarded by a court of law, which Seller may incur, by reason of any material
misrepresentation by Buyer or any material breach of any of Buyer's warranties.
Buyer's indemnity and hold harmless obligations shall survive COE.

      15. RENTS AND DEPOSITS. Seller and Buyer agree that, in addition to all
other conditions and covenants contained herein, Seller shall deliver to Buyer
and Escrow Agent not later than the day immediately prior to COE information,
certified by Seller to be true and accurate as of the date thereof and as of the
date of COE, with respect to (i) the amount of Tenant's security deposit under
the Lease, if any, and (ii) prepaid and/or abated rents, including, without
limitation, the amount thereof and the date to which such rents have been paid.

      16. BROKER'S COMMISSION. Concerning any brokerage commission, the Parties
agree as follows:

            (a) the Parties warrant to one another that they have not dealt with
any finder, broker or realtor in connection with this Agreement except Gill
Warner of Stan Johnson Company ("Seller's Broker");

            (b) if any person shall assert a claim to a finder's fee or
brokerage commission on account of alleged employment as a finder or broker in
connection with this Agreement (including Seller's Broker), the Party under whom
the finder or broker is claiming shall indemnify and hold the other Party
harmless from and against any such claim and all costs, expenses and liabilities
incurred in connection with such claim or any action or proceeding brought on
such claim, including, but not limited to, counsel and witness fees and court
costs in defending against such claim. The provisions of this subsection shall
survive cancellation of this Agreement or COE; and

            (c) Seller shall be responsible for payment of a commission to
Seller's Broker pursuant to a separate written agreement between Seller and
Seller's Broker, which commission shall be paid at COE.

      17. CLOSE OF ESCROW. COE shall be on or before 5:00 p.m. MST on the
thirtieth (30th) day after the expiration of the Study Period or such earlier
date as Buyer may choose by giving not less than five (5) days prior written
notice to Seller and Escrow Agent. Buyer may

                                       11

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extend the COE date for up to an additional thirty (30) days upon delivery of
written notice to extend the COE date to Escrow Agent prior to the original COE
date and by depositing an additional Fifty Thousand and no/100 Dollars
($50,000.00) of earnest money with Escrow Agent. For purposes of this Agreement,
any additional earnest money deposited with Escrow Agent pursuant to this
Section 17 shall be added to and become a part of the Earnest Money Deposit.
Additionally, in the event an extension is needed to accommodate Seller's
prepayment of any existing loan encumbering the Property, Seller may extend the
COE date for up to an additional sixty (60) days upon delivery of written notice
to extend the COE date to Escrow Agent and Buyer prior to the original COE date.

      18. ASSIGNMENT. This Agreement may not be assigned by Seller without the
prior written consent of Buyer which consent shall not be unreasonably withheld.
Buyer may assign its rights under this Agreement to an affiliate of Buyer
without seeking or obtaining Seller's consent. Such assignment shall not become
effective until the assignee executes an instrument whereby such assignee
expressly assumes each of the obligations of Buyer under this Agreement,
including specifically, without limitation, all obligations concerning the
Earnest Money Deposit. Buyer may also designate someone other than Buyer, as
grantee and/or assignee, under the Transfer Documents by providing written
notice of such designation at least five (5) days prior to COE. No assignment
shall release or otherwise relieve Buyer from any obligations hereunder.

      19. RISK OF LOSS. Seller shall bear all risk of loss, damage or taking of
the Property which may occur prior to COE. In the event of any loss, damage or
taking prior to COE, Buyer may, at Buyer's sole option, by written notice to
Seller and Escrow Agent, cancel this Agreement whereupon the Earnest Money
Deposit plus interest shall be paid immediately by Escrow Agent to Buyer and,
except as otherwise provided in this Agreement, neither of the Parties shall
have any further liability or obligation hereunder. In the alternative, Buyer
may attempt to negotiate an appropriate downward adjustment of the Price. If
Seller and Buyer cannot agree upon such a downward adjustment within a
reasonable period (not to exceed ten (10) days from the date Buyer receives
notice of the loss) Buyer may cancel this Agreement as provided above. If Buyer
waives any such loss or damage to the Property and closes escrow, Seller shall
at COE and as a condition precedent thereto, pay Buyer or credit Buyer against
the Additional Funds the amount of any insurance or condemnation proceeds, or
assign to Buyer, as of COE and in a form acceptable to Buyer, all rights or
claims for relief to the same.

      20. REMEDIES.

            (a) Seller's Breach. If Seller breaches this Agreement, Buyer may,
at Buyer's sole option, either: (i) by written notice to Seller and Escrow
Agent, cancel this Agreement whereupon the Earnest Money Deposit plus interest
shall be paid immediately by Escrow Agent to Buyer and, except as otherwise
provided in this Agreement, neither of the Parties shall have any further
liability or obligation hereunder; or, (ii) seek specific performance against
Seller in which event COE shall be automatically extended as necessary.
Notwithstanding the foregoing, if specific performance is unavailable as a
remedy to Buyer because of Seller's affirmative acts, Buyer shall be entitled to
pursue all rights and remedies available at law or in equity.

                                       12

<PAGE>

            (b) Buyer's Breach. If Buyer breaches this Agreement, as its sole
remedy Seller shall be entitled to retain the Earnest Money Deposit in
accordance with subsection 5(b) as Seller's agreed and total liquidated damages.
Seller hereby waives any right to seek any equitable or legal remedies against
Buyer.

      21. ATTORNEYS' FEES. If there is any litigation to enforce any provisions
or rights arising herein in accordance with Section 20(a), the unsuccessful
party in such litigation, as determined by the court, agrees to pay the
successful party, as determined by the court, all costs and expenses, including,
but not limited to, reasonable attorneys' fees incurred by the successful party,
such fees to be determined by the court.

      22. NOTICES.

            (a) Addresses. Except as otherwise required by law, any notice
required or permitted hereunder shall be in writing and shall be given by
personal delivery, or by deposit in the U.S. Mail, certified or registered,
return receipt requested, postage prepaid, addressed to the Parties at the
addresses set forth below, or at such other address as a Party may designate in
writing pursuant hereto, or tested telex, or telegram, or telecopies (fax), or
any express or overnight delivery service (e.g., Federal Express), delivery
charges prepaid:

if to Seller:               Dr. Daniel Elstein
                            3187 Bellview Ave.
                            Syracuse, NY 13219
                            Tel.: (315) 478-3159
                            Fax: (315) 487-0796

if to Buyer:                Series C, LLC
                            2555 E. Camelback Road, Suite 400
                            Phoenix, AZ  85016
                            Attn: Legal Department
                            Tel.: (602) 778-8700
                            Fax: (602) 778-8780

with copies to:             Bennett Wheeler Lytle & Cartwright, PLC
                            3838 North Central Avenue, Suite 1120
                            Phoenix, AZ 85012
                            Attn: Kevin T. Lytle, Esq.
                            Tel.: (602) 445-3434
                            Fax: (602) 266-9119

                                       13

<PAGE>

If to Escrow Agent:         Lawyers Title Insurance Corporation
                            1850 N. Central Avenue, Suite 300
                            Phoenix, AZ 85004
                            Attn: Mr. Allen Brown
                            Tel.: (602) 287-3522
                            Fax: (602) 266-0433

            (b) Effective Date of Notices. Notice shall be deemed to have been
given on the date on which notice is delivered, if notice is given by personal
delivery, telex, telegrams or telecopies, and on the date of deposit in the
mail, if mailed or deposited with the overnight carrier, if used. Notice shall
be deemed to have been received on the date on which the notice is received, if
notice is given by personal delivery, and on the second (2nd) day following
deposit in the U.S. Mail, if notice is mailed. If escrow has opened, a copy of
any notice given to a party shall also be given to Escrow Agent by regular U.S.
Mail or by any other method provided for herein.

      23. CLOSING COSTS.

            (a) Closing Costs. Seller and Buyer agree to pay closing costs as
indicated in this Agreement and in the escrow instructions attached hereto as
Exhibit F, and by this reference incorporated herein (the "Escrow
Instructions"). At COE, Seller shall pay (i) the costs of releasing all liens,
judgments, and other encumbrances that are to be released and of recording such
releases, (ii) one-half of the fees and costs due Escrow Agent for its services,
(iii) the transfer tax associated with the sale of the Property, if any, and
(iv) all other costs to be paid by Seller under this Agreement. Except as
otherwise provided for in this Agreement, Seller and Buyer will each be solely
responsible for and bear all of their own respective expenses, including,
without limitation, expenses of legal counsel, accountants, and other advisors
incurred at any time in connection with pursuing or consummating the transaction
contemplated herein. Real estate taxes shall be prorated based upon the current
valuation and latest available tax rates. All prorations shall be calculated
through escrow as of COE based upon the latest available information, including,
without limitation, a credit to Buyer for any rent prepaid by Tenant for the
period beginning with and including the date on which the closing occurs through
and including the last day of the month in which the closing occurs. All other
credits to Buyer shall be similarly prorated. Any other closing costs not
specifically designated as the responsibility of either Party in the Escrow
Instructions or in this Agreement shall be paid by Seller and Buyer according to
the usual and customary allocation of the same by Escrow Agent. Seller agrees
that all closing costs payable by Seller shall be deducted from Seller's
proceeds otherwise payable to Seller at COE. Buyer shall deposit with Escrow
Agent sufficient cash to pay all of Buyer's closing costs. Except as provided in
this Section 23(a), Seller and Buyer shall each bear their own costs in regard
to this Agreement.

            (b) Post-Closing Adjustment. If after COE, the parties discover any
errors in adjustments and apportionments or additional information becomes
available which would render the closing prorations materially inaccurate, the
same shall be corrected as soon after their discovery as possible. The provision
of this Section 23(b) shall survive COE except that no adjustment shall be made
later than two (2) months after COE unless prior to such date the Party

                                       14

<PAGE>

seeking the adjustment shall have delivered a written notice to the other Party
specifying the nature and basis for such claim. In the event that such claim is
valid, the Party against whom the claim is sought shall have ten (10) days in
which to remit any adjustment due.

            (c) Instructions. This Agreement, together with the Escrow
Instructions, shall constitute escrow instructions for the transaction
contemplated herein. Such escrow instructions shall be construed as applying
principally to Escrow Agent's employment.

      24. ESCROW CANCELLATION CHARGES. If escrow fails to close because of
Seller's default, Seller shall be liable for any cancellation charges of Escrow
Agent. If escrow fails to close because of Buyer's default, Buyer shall be
liable for any cancellation charges of Escrow Agent. If escrow fails to close
for any other reason, Seller and Buyer shall each be liable for one-half of any
cancellation charges of Escrow Agent. The provisions of this Section 24 shall
survive cancellation of this Agreement.

      25. APPROVALS. Concerning all matters in this Agreement requiring the
consent or approval of any Party, the Parties agree that any such consent or
approval shall not be unreasonably withheld unless otherwise provided in this
Agreement.

      26. RELEASES. Except as expressly provided in this Agreement, Seller and
anyone claiming through Seller hereby releases Tenant from any and all claims of
whatever kind or nature, in law or equity, whether now known or unknown to
Seller, whether contingent or matured, that Seller may now have or hereafter
acquire against Tenant for any costs, loss, liability, damage, expenses, demand,
action or cause of action arising from or related to the Lease arising from
events occurring prior to COE.

      27. ADDITIONAL ACTS. The Parties agree to execute promptly such other
documents and to perform such other acts as may be reasonably necessary to carry
out the purpose and intent of this Agreement.

      28. GOVERNING LAW/JURISDICTION/VENUE. This Agreement shall be governed by
and construed or enforced in accordance with the laws of the State of Alabama.

      29. CONSTRUCTION. The terms and provisions of this Agreement represent the
results of negotiations among the Parties, each of which has been represented by
counsel of its own choosing, and neither of which has acted under any duress or
compulsion, whether legal, economic or otherwise. Consequently, the terms and
provisions of this Agreement shall be interpreted and construed in accordance
with their usual and customary meanings, and the Parties each hereby waive the
application of any rule of law which would otherwise be applicable in connection
with the interpretation and construction of this Agreement that ambiguous or
conflicting terms or provisions contained in this Agreement shall be interpreted
or construed against the Party whose attorney prepared the executed Agreement or
any earlier draft of the same.

      30. TIME OF ESSENCE. Time is of the essence of this Agreement. However, if
this Agreement requires any act to be done or action to be taken on a date which
is a Saturday,

                                       15

<PAGE>

Sunday or legal holiday, such act or action shall be deemed to have been validly
done or taken if done or taken on the next succeeding day which is not a
Saturday, Sunday or legal holiday, and the successive periods shall be deemed
extended accordingly.

      31. INTERPRETATION. If there is any specific and direct conflict between,
or any ambiguity resulting from, the terms and provisions of this Agreement and
the terms and provisions of any document, instrument or other agreement executed
in connection herewith or in furtherance hereof, including any Exhibits hereto,
the same shall be consistently interpreted in such manner as to give effect to
the general purposes and intention as expressed in this Agreement which shall be
deemed to prevail and control.

      32. HEADINGS. The headings of this Agreement are for reference only and
shall not limit or define the meaning of any provision of this Agreement.

      33. FAX AND COUNTERPARTS. This Agreement may be executed by facsimile
and/or in any number of counterparts. Each party may rely upon any facsimile or
counterpart copy as if it were one original document.

      34. INCORPORATION OF EXHIBITS BY REFERENCE. All Exhibits to this Agreement
are fully incorporated herein as though set forth at length herein.

      35. SEVERABILITY. If any provision of this Agreement is unenforceable, the
remaining provisions shall nevertheless be kept in effect.

      36. ENTIRE AGREEMENT. This Agreement contains the entire agreement between
the Parties and supersedes all prior agreements, oral or written, with respect
to the subject matter hereof. The provisions of this Agreement shall be
construed as a whole and not strictly for or against any Party.

      37. SEC S-X 3-14 Audit. Seller acknowledges that Buyer may elect to assign
all of its right, title and interest in and to this Agreement to a publicly
registered company ("Registered Company") promoted by the Buyer. In the event
Buyer's assignee under this Agreement is a Registered Company, such Registered
Company will be required to make certain filings with the U.S. Securities and
Exchange Commission required under SEC Rule S-X 3-14 (the "SEC Filings") that
relate to the most recent pre-acquisition fiscal year (the "Audited Year") for
the Property. To assist the Registered Company with the preparation of the SEC
Filings, Seller agrees to provide Buyer with financial information regarding the
Property for the Audited Year requested by Buyer and/or Buyer's auditors. Such
information may include, but is not limited to, bank statements, operating
statements, general ledgers, cash receipts schedules, invoices for expenses and
capital improvements, insurance documentation, and accounts receivable aging
related to the Property ("SEC Filing Information"). Seller shall deliver the SEC
Filing Information requested by Buyer prior to the expiration of the Study
Period, and Seller agrees to cooperate with Buyer and Buyer's auditors regarding
any inquiries by Buyer or Buyer's auditors following receipt of such
information, including delivery by Seller of an executed representation letter
prior to COE in form and substance requested by Buyer's auditors ("SEC Filings
Letter"). A sample SEC Filings Letter is attached to the Purchase Agreement as
Exhibit G; however,

                                       16

<PAGE>

Buyer's auditors may require additions and/or revisions to such letter following
review of the SEC Filing Information provided by Seller. Seller consents to the
disclosure of the SEC Filing Information in any SEC Filings by the Registered
Company. Buyer shall reimburse Seller for Seller's reasonable costs associated
with providing the SEC Filing Information. The provisions of this Section 37
shall survive the COE for a period of one (1) year.

      38. 1031 EXCHANGE. Seller is selling or may sell the Property as part of a
1031 exchange. In connection with Seller's 1031 Exchange, Buyer agrees to assist
and cooperate in such exchange for the benefit of Seller and will execute any
and all documents, subject to the reasonable approval of its counsel, as are
reasonably necessary in connection with the exchange; provided Buyer shall incur
no liability, cost or expense in connection therewith.

               [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

<PAGE>

         IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement as of
the Effective Date.

SELLER:                                /S/  Daniel Elstein
                              -----------------------------------------------
                              DANIEL ELSTEIN,
                              An individual resident of the State of  New York

BUYER:                        SERIES C, LLC, an Arizona limited
                              liability company

                              By:      /S/  John M. Pons
                                   ------------------------------------------
                                       John M. Pons
                              Its:     Authorized Officer

                                       18

<PAGE>

                            ESCROW AGENT'S ACCEPTANCE

      The foregoing fully executed Agreement together with the Earnest Money
Deposit is accepted by the undersigned this 23 day of September, 2005, which for
the purposes of this Agreement shall be deemed to be the date of Opening of
Escrow. Escrow Agent hereby accepts the engagement to handle the escrow
established by this Agreement in accordance with the terms set forth in this
Agreement.

                                    LAWYERS TITLE INSURANCE CORPORATION

                                    By:  /S/  Allen S. Brown
                                         ----------------------------
                                    Title:  Accounts Administrator

                                       19

<PAGE>

                         AMENDMENT TO PURCHASE AGREEMENT

      This Amendment to Purchase Agreement (this "Amendment") is made and
entered into effective as of the 18th day of October, 2005, by and between
DANIEL ELSTEIN ("Seller") and SERIES C, LLC ("Buyer") and provides as follows:

                                   WITNESSETH:

      WHEREAS, Seller and Buyer entered into that certain Purchase Agreement and
Escrow Instructions dated as of September 19, 2005 (the "Purchase Agreement");
and

      WHEREAS, Seller and Buyer desire to amend the Purchase Agreement as
hereinafter set forth.

      NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and intending to be legally bound,
the parties hereto hereby agree as follows:

      1. Section 7(a) of the Purchase Agreement is hereby amended by deleting
the entirety thereof and substituting the following in lieu thereof:

         The Study Period. Buyer shall have until 5:00 p.m. MST on October 27,
         2005 (the "Study Period"), at Buyer's sole cost, within which to
         conduct and approve any investigations, studies or tests deemed
         necessary by Buyer, in Buyer's sole discretion, to determine the
         feasibility of acquiring the Property, including, without limitation,
         Buyer's right to: (i) review and approve the Survey, the Lease,
         Seller's operating statements with respect to the Property, and the
         Contracts; (ii) meet and confer with Tenant; and, (iii) obtain, review
         and approve an environmental study of the Real Property and Building
         (collectively, "Buyer's Diligence").

      2. Section 17 of the Purchase Agreement is hereby amended by deleting the
entirety thereof and substituting the following in lieu thereof:

         COE shall be on December 1, 2005. Buyer may extend the COE date for up
         to an additional thirty (30) days upon delivery of written notice to
         extend the COE date to Escrow Agent prior to the original COE date and
         by depositing an additional Fifty Thousand and no/100 Dollars
         ($50,000.00) of earnest money with Escrow Agent. For purposes of this
         Agreement, any additional earnest money deposited with Escrow Agent
         pursuant to this Section 17 shall be added to and become a part of the
         Earnest Money Deposit.

      3. Except as specifically amended herein, all of the terms and provisions
of the Purchase Agreement are hereby ratified and affirmed to be in full force
and effect as of the date hereof. To the extent of any conflict between the
Purchase Agreement and this Amendment, the terms and provisions of this
Amendment shall govern and control.

      4. This Amendment may be executed in one or more counterparts, each of
which shall be an original, but all of which when taken together shall
constitute one and the same

<PAGE>

instrument binding on all parties. Delivery of a signed counterpart by facsimile
transmission shall be effective as delivery of a manually signed counterpart of
this Agreement.

      IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date set forth above.

BUYER:                                       SELLER:

SERIES C, LLC, an Arizona limited
liability company

By:       /S/  John M. Pons                    /S/  Daniel Elstein
    --------------------------------    ----------------------------------------
      John M. Pons                      DANIEL ELSTEIN, an individual resident
      Its Authorized Officer            of the State of New York

                                        2<PAGE>

                                                                   EXHIBIT 10.22

                                                              LOWES - ENTERPRISE
                                                             LOAN NO. 50-2853782

                                 PROMISSORY NOTE

$5,980,000.00                                                   December 1, 2005

      FOR VALUE RECEIVED, the undersigned, COLE LO ENTERPRISE AL, LLC, a
Delaware limited liability company ("Maker"), having an address at 2555 East
Camelback Road, Suite 400, Phoenix, Arizona 85016, promises to pay to the order
of WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association
("Payee"), at the office of Payee at Commercial Real Estate Services, 8739
Research Drive URP - 4, NC 1075, Charlotte, North Carolina 28262, or at such
other place as Payee may designate to Maker in writing from time to time, the
principal sum of FIVE MILLION NINE HUNDRED EIGHTY THOUSAND AND NO/100 DOLLARS
($5,980,000.00), together with interest on so much thereof as is from time to
time outstanding and unpaid, from the date of the advance of the principal
evidenced hereby and as allocated to Fixed Rate Tranche A and Floating Rate
Tranche B (as each term is hereinafter defined) for each such tranche, at the
Note Rate (as hereinafter defined), together with all other amounts due
hereunder or under the other Loan Documents (as defined herein), in lawful money
of the United States of America, which shall at the time of payment be legal
tender in payment of all debts and dues, public and private.

                        ARTICLE I -- TERMS AND CONDITIONS

      1.1 Definitions. The following terms, as used in this Note, shall have the
following meanings, which meanings shall be applicable equally to the singular
and the plural of the terms defined:

            (a) "Business Day" shall mean a day of the year on which banks are
not required or authorized to close in Charlotte, North Carolina.

            (b) "Determination Date" shall mean a date on which the LIBOR-Based
Rate shall be selected as the applicable interest rate in respect of Floating
Rate Tranche B, which date shall be the day that is two (2) London Business Days
prior to the commencement of an Interest Period or, with respect to the first
Interest Period, the date the Loan shall be advanced by Payee.

            (c) "Extended Maturity Date" shall mean December 11, 2030.

            (d) "Fixed Rate Tranche A" shall mean Four Million Eight Hundred
Fifty-Nine Thousand and No/100 Dollars ($4,859,000.00) of the aggregate amount
of the Loan which shall bear interest as set forth in Section 1.3 hereof.

            (e) "Floating Rate Tranche B" shall mean One Million One Hundred
Twenty-One Thousand and No/100 Dollars ($1,121,000.00) of the aggregate amount
of the Loan which shall bear interest at the LIBOR-Based Rate (as hereinafter
defined).

            (f) "Interest Period" shall mean initially, the period commencing on
the date hereof and ending on and including the day of the tenth (10th) day of
the calendar month

<PAGE>

following the date of this Note, unless principal is advanced on the tenth
(10th) of a month, in which case the first Interest Period shall consist only
such tenth (10th) day. Each Interest Period thereafter shall commence on the
eleventh (11th) day of each calendar month during the term of this Note and
shall end on and include the tenth (10th) day of the next occurring calendar
month. Interest shall accrue from the date on which funds are advanced hereunder
(regardless of the time of day) through and including the day on which funds are
credited pursuant to Section 1.4 hereof.

            (g) "LIBOR-Based Rate" shall mean (i) for the first Interest Period,
an interest rate per annum equal to six and twenty-one one hundredths percent
(6.21%) and (ii) for each succeeding Interest Period until Floating Rate Tranche
B is satisfied, an interest rate per annum equal at all times to two hundred
(200) basis points above the one-month LIBOR, in each case as determined by
Payee prior to the commencement of each Interest Period.

            (h) "LIBOR" shall mean with respect to each day during each Interest
Period, the rate for U.S. dollar deposits of that many months maturity as
reported on Telerate page 3750 as of 11:00 a.m., London time, on the second
London Business Day before the relevant Interest Period begins (or if not so
reported, then as determined by Payee from another recognized source or
interbank quotation), rounded up to the nearest one-eighth of one percent
(1/8%).

            (i) "Loan" shall mean that certain loan made by Payee to Maker in
respect of the Property which is evidenced by this Note and secured by, among
other things, the Security Instrument and all other Loan Documents.

            (j) "Loan Documents" shall mean the Security Instrument, this Note
and all other documents now or hereafter evidencing, securing, guarantying,
modifying or otherwise relating to the indebtedness evidenced hereby.

            (k) "London Business Day" shall mean a day of the year on which
dealings in United States dollars are carried on in the London interbank market
and banks are not required or authorized to close in London or in New York, New
York.

            (l) "Maturity Date" shall mean December 11, 2010.

            (m) "Monthly Payment Amount" shall mean the sum of (A) from and
including the First Payment Date through the Maturity Date, an amount equal to
the interest payable under this Note on the portion allocated as Fixed Rate
Tranche A at the Fixed Interest Rate in the amounts for each such Payment Date
set forth on Annex 1 attached hereto and incorporated herein by this reference
or as provided by Payee to Maker in connection with the initial Fixed Interest
Rate Interest Period, plus (B) through and until Floating Rate Tranche B is
satisfied, an amount equal to the interest payable under this Note on the
portion allocated as Floating Rate Tranche B at the LIBOR-Based Rate pursuant to
the provisions of Section 1.2 hereof. Annex 1 is for reference purposes only and
any payment incorrectly referenced thereon or omitted therefrom shall not limit
or reduce Maker's obligations for actual amounts due under this Note in
accordance with its payment terms, and Maker agrees that Payee may substitute a
replacement Annex 1 in the event the attached does not accurately reflect
Maker's scheduled payment obligations.

            (n) "Optional Prepayment Date" shall mean December 11, 2010.

                                       2

<PAGE>

            (o) "Optional Prepayment Determination Date" shall mean October 11,
2010.

            (p) "Security Instrument" shall mean that certain mortgage, deed of
trust or deed to secure debt and security agreement from Maker for the benefit
of Payee, dated of even date herewith, covering property located in Coffee
County, Alabama.

      Each of the capitalized terms not otherwise defined in this Note shall
have the respective meaning ascribed to it in the Security Instrument of even
date herewith from Maker to Payee.

      1.2 LIBOR-Based Rate; Pay-Down Date. (a) From the date of the advance of
the principal evidenced hereby through the Pay-Down Date (as hereinafter
defined) for Floating Rate Tranche B, Floating Rate Tranche B shall bear
interest at the LIBOR-Based Rate. The LIBOR-Based Rate shall remain in effect,
subject to the provisions hereof, from and including the first day of the
Interest Period to and excluding the last day of the Interest Period for which
it is determined.

            (b) If requested by Payee, Maker shall immediately confirm the
LIBOR-Based Rate and the duration of the applicable Interest Period by
acknowledging receipt of a written confirmation of the LIBOR-Based Rate and
Interest Period delivered by Payee to Maker. Only one Interest Period may be in
effect at any given time.

            (c) Without limiting the effect of any other provision of this Note,
Maker shall pay to Payee on the last day of each and every Interest Period, so
long as and to the extent that Payee (or its source of funds) may directly or
indirectly be required to maintain reserves against "Eurocurrency liabilities"
under Federal Reserve Regulation D (as at any time amended), additional interest
(as determined by Payee and disclosed to Maker) for each such Interest Period at
an interest rate per annum equal, at all times during such Interest Period for
the principal balance of Floating Rate Tranche B, to the excess of (i) the rate
obtained by dividing LIBOR for such Interest Period by a percentage equal to
100% minus the reserve percentage applicable during such Interest Period under
regulations issued from time to time by the Board of Governors of the Federal
Reserve System (or if more than one such percentage is so applicable, minus the
daily average of such percentages for those days in such Interest Period during
which any such percentage shall be so applicable) for determining the maximum
reserve requirement (including, without limitation, any marginal reserve
requirement) for Payee (or its source of funds) in respect of liabilities or
assets consisting of or including "Eurocurrency liabilities" under Federal
Reserve Regulation D (as at any time amended) having a term equal to such
Interest Period over (ii) LIBOR for such Interest Period. Terms used in
Regulation D shall have the same meanings when used herein. Each such
determination made by Payee and each such notification by Payee to Maker under
this subparagraph of the amount of additional interest payable hereunder shall
be conclusive as to the matters set forth therein.

            (d) In addition to the payment of interest and fees as aforesaid,
Maker shall, from time to time, upon demand by Payee pay to Payee amounts as
shall be sufficient to compensate Payee for (i) any loss, cost, fee, breakage or
other expense incurred or sustained directly or indirectly by reason of the
liquidation or reemployment of deposits or other funds acquired by Payee to fund
or maintain Floating Rate Tranche B during any Interest Period as a result of
any prepayment of Floating Rate Tranche B or any portion thereof or any attempt
by

                                       3

<PAGE>

Maker to rescind the selection of the LIBOR-Based Rate as the applicable
interest rate for Floating Rate Tranche B and (ii) any increased costs incurred
by Payee, by reason of:

            (x) taxes (or the withholding of amounts for taxes) of any nature
      whatsoever, including, without limitation, income, excise and interest
      equalization taxes (other than United States or state income taxes) as
      well as all levies, imports, duties, or fees whether now in existence or
      as the result of a change in, or promulgation of, any treaty, statute or
      regulation or interpretation thereof, or any directive, guideline or
      otherwise, by a central bank or fiscal authority or any other entity
      (whether or not having the force of law) or a change in the basis of, or
      time of payment of, such taxes and other amounts resulting therefrom;

            (y) any reserve or special deposit requirements against or with
      respect to assets or liabilities or deposits outstanding under LIBOR
      (including, without limitation, those imposed under the Monetary Control
      Act of 1978) currently required by, or resulting from a change in, or the
      promulgation of, such requirements by treaty, statute, regulation,
      interpretation thereof, or any directive, guidelines, or otherwise by a
      central bank or fiscal authority (whether or not having the force of law);
      and

            (z) any other costs resulting from compliance with treaties,
      statutes, regulations, interpretations or any directives or guidelines or
      otherwise, promulgated by or of a central bank or fiscal authority or
      other entity with similar authority (whether or not having the force of
      law).

A certificate as to the amount of any such costs prepared by Payee, signed by an
authorized officer of Payee and submitted to Maker shall be conclusive as to the
matters therein set forth.

      (e) The selection at any time of an interest rate based upon LIBOR shall
be expressly conditioned upon the existence of an adequate and fair means of
determining LIBOR and the absence of any legal prohibition against the charging
of interest based on LIBOR.

      (f) On or prior to March 1, 2006 (the "Pay-Down Date"), Maker shall fully
prepay the principal balance of this Note allocated as Floating Rate Tranche B.
Floating Rate Tranche B shall not be deemed to have been paid and/or satisfied
in full until all such additional costs, in addition to the principal balance
thereof and all interest thereon and all other sums due and payable under the
Loan Documents in regards to Floating Rate Tranche B, shall have been paid.

      1.3 Note Rate; Computation of Interest. The term "Note Rate" as used in
this Note shall mean (a) for Fixed Rate Tranche A, from the date of this Note
through but not including the Optional Prepayment Date, a rate per annum equal
to five and fifty-two one hundredths percent (5.52%) (the "Fixed Interest
Rate"), (b) for Floating Rate Tranche B, from the date of this Note through the
Pay-Down Date and satisfaction of Floating Rate Tranche B, a rate per annum
equal to the LIBOR-Based Rate, and (c) from the Optional Prepayment Date through
and including the date this Note is paid in full, a rate per annum equal to the
greater of (i) the Fixed Interest Rate plus two (2%) percent or (ii) the
Treasury Constant Maturity Yield Index (as hereinafter defined) plus two (2%)
percent ((i) or (ii), as applicable, the "Revised Interest Rate"). Interest
shall be computed hereunder based on a 360-day year and based on the actual
number of days elapsed for

                                       4

<PAGE>

any period in which interest is being calculated. For purposes of this Section
1.3, the term "Treasury Constant Maturity Yield Index" shall mean the average
yield for "This Week" as reported by the Federal Reserve Board in Federal
Statistical Release H.15 (519) published during the second full week preceding
the Optional Prepayment Date for instruments having a maturity coterminous with
the remaining term of this Note. If there is no Treasury Constant Maturity Yield
Index for instruments having a maturity coterminous with the remaining term of
this Note, then the index shall be equal to the weighted average yield to
maturity of the Treasury Constant Maturity Yield Indices with maturities next
longer and shorter than such remaining average life to maturity, calculated by
averaging (and rounding upward to the nearest whole multiple of 1/100 of 1% per
annum, if the average is not such a multiple) the yields of the relevant
Treasury Constant Maturity Yield Indices (rounded, if necessary, to the nearest
1/100 of 1% with any figure of 1/200 of 1% or above rounded upward). If such
Release is not available or no longer published, Payee may refer to another
recognized source of financial market information.

      1.4 Payment of Principal and Interest. Payments in federal funds
immediately available at the place designated for payment received by Payee
prior to 2:00 p.m. local time on a day on which Payee is open for business at
said place of payment shall be credited prior to close of business, while other
payments, at the option of Payee, may not be credited until immediately
available to Payee in federal funds at the place designated for payment prior to
2:00 p.m. local time on a day on which Payee is open for business. Interest only
shall be payable in consecutive monthly installments of the Monthly Payment
Amount, beginning on January 11, 2006 (the "First Payment Date"), and continuing
on the eleventh (11th) day of each and every calendar month thereafter (each, a
"Payment Date"). On the Maturity Date or the Optional Prepayment Date, the
entire outstanding principal balance hereof, together with all accrued but
unpaid interest thereon, shall be due and payable in full provided, however,
that in the event that such amounts are not paid on such date, the Maturity Date
shall be extended to the Extended Maturity Date. In computing the number of days
during which interest accrues, the day on which funds are initially advanced
shall be included regardless of the time of day such advance is made, and the
day on which funds are repaid shall be included unless repayment is credited
prior to close of business. Payments in federal funds immediately available in
the place designated for payment received by Payee prior to 2:00 p.m. local time
on a Business Day at said place of payment shall be credited prior to close of
business, while other payments, at the option of Payee, may not be credited
until immediately available to Payee in federal funds in the place designated
for payment prior to 2:00 p.m. local time at said place of payment on a Business
Day.

      1.5 Application of Payments. So long as no Event of Default (as
hereinafter defined) exists hereunder or under any other Loan Document, each
such monthly installment shall be applied, prior to the Optional Prepayment
Date, first, to any amounts hereafter advanced by Payee hereunder or under any
other Loan Document, second, to any late fees and other amounts payable to
Payee, third, to the payment of accrued interest and last to reduction of
principal, and from and after the Optional Prepayment Date, as provided in
Section 2.2 of this Note.

      1.6 Payment of "Short Interest". If the advance of the principal amount
evidenced by this Note is made on a date on or after the first (1st) day of a
calendar month and prior to the eleventh (11th) day of a calendar month, Maker
shall pay to Payee contemporaneously with the execution hereof interest at the
Note Rate for a period from the date hereof through and including

                                       5

<PAGE>

the tenth (10th) day of this calendar month. If the advance of the principal
amount evidenced by this Note is made on a date after the eleventh (11th) day of
a calendar month and prior to or on the last day of a calendar month, Maker
shall pay to Payee contemporaneously with the execution hereof interest at the
Note Rate for a period from the date hereof through and including the tenth
(10th) day of the immediately succeeding calendar month.

      1.7 Prepayment; Defeasance.

      (a) This Note may not be prepaid, in whole or in part (except as otherwise
specifically provided herein), at any time prior to the Optional Prepayment
Date. In the event that Maker wishes to have the Security Property (as
hereinafter defined) released from the lien of the Security Instrument prior to
the Optional Prepayment Date, Maker's sole option shall be a Defeasance (as
hereinafter defined) upon satisfaction of the terms and conditions set forth in
Section 1.7(d) hereof. This Note may be prepaid in whole but not in part without
premium or penalty on any of the three (3) Payment Dates occurring immediately
prior to the Maturity Date provided (i) written notice of such prepayment is
received by Payee not more than ninety (90) days and not less than thirty (30)
days prior to the date of such prepayment, and (ii) such prepayment is
accompanied by all interest accrued hereunder through and including the date of
such prepayment and all other sums due hereunder or under the other Loan
Documents. If, upon any such permitted prepayment on any of the three (3)
Payment Dates occurring immediately prior to the Maturity Date, the aforesaid
prior written notice has not been timely received by Payee, there shall be due a
prepayment fee equal to, an amount equal to the lesser of (i) thirty (30) days'
interest computed at the Note Rate on the outstanding principal balance of this
Note so prepaid and (ii) interest computed at the Note Rate on the outstanding
principal balance of this Note so prepaid that would have been payable for the
period from, and including, the date of prepayment through the Maturity Date of
this Note as though such prepayment had not occurred.

      (b) If, prior to the fourth (4th) anniversary of the First Payment Date
(the "Lock-out Expiration Date"), the indebtedness evidenced by this Note shall
have been declared due and payable by Payee pursuant to Article III hereof or
the provisions of any other Loan Document due to a default by Maker, then, in
addition to the indebtedness evidenced by this Note being immediately due and
payable, there shall also then be immediately due and payable a sum equal to the
interest which would have accrued on the principal balance of this Note at the
Note Rate from the date of such acceleration to the Lock-out Expiration Date,
together with a prepayment fee in an amount equal to the Yield Maintenance
Premium (as hereinafter defined) based on the entire indebtedness on the date of
such acceleration. If such acceleration is on or following the Lock-out
Expiration Date, the Yield Maintenance Premium shall also then be immediately
due and payable as though Maker were prepaying the entire indebtedness on the
date of such acceleration. In addition to the amounts described in the two
preceding sentences, in the event of any such acceleration or tender of payment
of such indebtedness occurs or is made on or prior to the first (1st)
anniversary of the date of this Note, there shall also then be immediately due
and payable an additional prepayment fee of three percent (3%) of the principal
balance of this Note. The term "Yield Maintenance Premium" shall mean an amount
equal to the greater of (A) two percent (2.0%) of the principal amount being
prepaid, and (B) the present value of a series of payments each

                                       6

<PAGE>

equal to the Payment Differential (as hereinafter defined) and payable on each
Payment Date over the remaining original term of this Note and on the Maturity
Date, discounted at the Reinvestment Yield (as hereinafter defined) for the
number of months remaining as of the date of such prepayment to each such
Payment Date and the Maturity Date. The term "Payment Differential" shall mean
an amount equal to (i) the Note Rate less the Reinvestment Yield, divided by
(ii) twelve (12) and multiplied by (iii) the principal sum outstanding under
this Note after application of the constant monthly payment due under this Note
on the date of such prepayment, provided that the Payment Differential shall in
no event be less than zero. The term "Reinvestment Yield" shall mean an amount
equal to the lesser of (i) the yield on the U.S. Treasury issue (primary issue)
with a maturity date closest to the Maturity Date, or (ii) the yield on the U.S.
Treasury issue (primary issue) with a term equal to the remaining average life
of the indebtedness evidenced by this Note, with each such yield being based on
the bid price for such issue as published in the Wall Street Journal on the date
that is fourteen (14) days prior to the date of such prepayment set forth in the
notice of prepayment (or, if such bid price is not published on that date, the
next preceding date on which such bid price is so published) and converted to a
monthly compounded nominal yield. In the event that any prepayment fee is due
hereunder, Payee shall deliver to Maker a statement setting forth the amount and
determination of the prepayment fee, and, provided that Payee shall have in good
faith applied the formula described above, Maker shall not have the right to
challenge the calculation or the method of calculation set forth in any such
statement in the absence of manifest error, which calculation may be made by
Payee on any day during the fifteen (15) day period preceding the date of such
prepayment. Payee shall not be obligated or required to have actually reinvested
the prepaid principal balance at the Reinvestment Yield or otherwise as a
condition to receiving the prepayment fee.

      (c) Partial prepayments of this Note shall not be permitted, except for
(i) partial prepayments resulting from Payee's election to apply insurance or
condemnation proceeds to reduce the outstanding principal balance of this Note
as provided in the Security Instrument, in which event no prepayment fee or
premium shall be due unless, at the time of either Payee's receipt of such
proceeds or the application of such proceeds to the outstanding principal
balance of this Note, an Event of Default shall have occurred, which Event of
Default is unrelated to the applicable casualty or condemnation, in which event
the applicable prepayment fee or premium shall be due and payable based upon the
amount of the prepayment or (ii) any partial prepayment required on or prior to
the Pay-Down Date pursuant to Section 1.2(f) above, in which event no prepayment
fee or premium shall be due. No notice of prepayment shall be required under the
circumstances specified in subclause (i) of the preceding sentence. No principal
amount repaid may be reborrowed. Any such partial prepayments of principal under
subclause (i) above shall be applied to the unpaid principal balance evidenced
hereby but such application shall not reduce the amount of the fixed monthly
installments required to be paid pursuant to Section 1.4 above. Except as
otherwise expressly provided herein, the prepayment fees provided above shall be
due, to the extent permitted by applicable law, under any and all circumstances
where all or any portion of this Note is paid prior to the Maturity Date,
whether such prepayment is voluntary or involuntary, including, without
limitation, if such prepayment results from Payee's exercise of its rights upon
Maker's default and acceleration of the Maturity Date of this Note (irrespective
of whether foreclosure proceedings have been commenced), and shall be in
addition to any other sums due hereunder or under any of the other Loan
Documents. No tender of a prepayment of this Note

                                       7

<PAGE>

with respect to which a prepayment fee is due shall be effective unless such
prepayment is accompanied by the applicable prepayment fee.

      (d) (i) On any Payment Date on or after the later to occur of (x) the
      Lock-out Expiration Date, and (y) the day immediately following the date
      which is two (2) years after the "startup day," within the meaning of
      Section 860G(a)(9) of the Internal Revenue Code of 1986, as amended from
      time to time or any successor statute (the "Code"), of a "real estate
      mortgage investment conduit," within the meaning of Section 860D of the
      Code, that holds this Note, and provided no Event of Default has occurred
      hereunder or under any of the other Loan Documents, at Maker's option,
      Payee shall cause the release of the Security Property from the lien of
      the Security Instrument and the other Loan Documents (a "Defeasance") upon
      the satisfaction of the following conditions:

                        (A) Maker shall give not more than ninety (90) days' or
                  less than sixty (60) days' prior written notice to Payee
                  specifying the date Maker intends for the Defeasance to be
                  consummated (the "Release Date"), which date shall be a
                  Payment Date.

                        (B) All accrued and unpaid interest and all other sums
                  due under this Note and under the other Loan Documents up to
                  and including the Release Date shall be paid in full on or
                  prior to the Release Date.

                        (C) Maker shall deliver to Payee on or prior to the
                  Release Date:

                        (1) a sum of money in immediately available funds (the
                  "Defeasance Deposit"), equal to the outstanding principal
                  balance of this Note plus an amount, if any, which together
                  with the outstanding principal balance of this Note, shall be
                  sufficient to enable Payee to purchase, through means and
                  sources customarily employed and available to Payee, for the
                  account of Maker, direct, non-callable obligations of the
                  United States of America that provide for payments prior, but
                  as close as possible, to all successive monthly Payment Dates
                  occurring after the Release Date and to the Maturity Date,
                  with each such payment being equal to or greater than the
                  amount of the corresponding installment of principal and/or
                  interest required to be paid under this Note (including, but
                  not limited to, all amounts due on the Maturity Date) for the
                  balance of the term hereof (the "Defeasance Collateral"), each
                  of which shall be duly endorsed by the holder thereof as
                  directed by Payee or accompanied by a written instrument of
                  transfer in form and substance satisfactory to Payee in its
                  sole discretion (including, without limitation, such
                  instruments as may be required by the depository institution
                  holding such securities or the issuer thereof, as the case may
                  be, to effectuate book-entry transfers and pledges through the
                  book-entry facilities of such institution) in order to perfect
                  upon the delivery of the Defeasance Security Agreement (as
                  hereinafter defined) the first priority security interest in
                  the Defeasance Collateral in

                                       8

<PAGE>

                  favor of Payee in conformity with all applicable state and
                  federal laws governing granting of such security interests;

                        (2) a pledge and security agreement, in form and
                  substance satisfactory to a prudent lender, creating a first
                  priority security interest in favor of Payee in the Defeasance
                  Collateral (the "Defeasance Security Agreement"), which shall
                  provide, among other things, that any excess received by Payee
                  from the Defeasance Collateral over the amounts payable by
                  Maker hereunder shall be refunded to Maker promptly after each
                  monthly Payment Date;

                        (3) a certificate of Maker certifying that all of the
                  requirements set forth in this Section 1.7(d)(i) have been
                  satisfied;

                        (4) one or more opinions of counsel for Maker in form
                  and substance and delivered by counsel which would be
                  satisfactory to a prudent lender stating, among other things,
                  that (i) Payee has a perfected first priority security
                  interest in the Defeasance Collateral and that the Defeasance
                  Security Agreement is enforceable against Maker in accordance
                  with its terms, (ii) in the event of a bankruptcy proceeding
                  or similar occurrence with respect to Maker, none of the
                  Defeasance Collateral nor any proceeds thereof will be
                  property of Maker's estate under Section 541 of the U.S.
                  Bankruptcy Code or any similar statute and the grant of
                  security interest therein to Payee shall not constitute an
                  avoidable preference under Section 547 of the U.S. Bankruptcy
                  Code or applicable state law, (iii) the release of the lien of
                  the Security Instrument and the pledge of Defeasance
                  Collateral will not directly or indirectly result in or cause
                  any REMIC Trust that then holds this Note to fail to maintain
                  its status as a REMIC Trust and (iv) the defeasance will not
                  cause any REMIC Trust to be an "investment company" under the
                  Investment Company Act of 1940;

                        (5) evidence in writing from the applicable rating
                  agencies to the effect that the collateral substitution will
                  not result in a downgrading, withdrawal or qualification of
                  the respective ratings in effect immediately prior to such
                  defeasance event for any securities issued in connection with
                  the securitization which are then outstanding;

                        (6) a certificate in form and scope acceptable to Payee
                  in its sole discretion from an acceptable accountant
                  certifying that the Defeasance Collateral will generate
                  amounts sufficient to make all payments of principal and
                  interest due under this Note (including the scheduled
                  outstanding principal balance of the Loan due on the Maturity
                  Date);

                        (7) Maker and any guarantor or indemnitor of Maker's
                  obligations under the Loan Documents for which Maker has
                  personal

                                       9

<PAGE>

                  liability executes and delivers to Payee such documents and
                  agreements as Payee shall reasonably require to evidence and
                  effectuate the ratification of such personal liability and
                  guaranty or indemnity, respectively;

                        (8) such other certificates, documents or instruments as
                  Payee may reasonably require; and

                        (9) payment of all fees, costs, expenses and charges
                  incurred by Payee in connection with the Defeasance of the
                  Security Property and the purchase of the Defeasance
                  Collateral, including, without limitation, all legal fees and
                  costs and expenses incurred by Payee or its agents in
                  connection with release of the Security Property, review of
                  the proposed Defeasance Collateral and preparation of the
                  Defeasance Security Agreement and related documentation, any
                  revenue, documentary, stamp, intangible or other taxes,
                  charges or fees due in connection with transfer of the Note,
                  assumption of the Note, or substitution of collateral for the
                  Security Property shall be paid on or before the Release Date.
                  Without limiting Maker's obligations with respect thereto,
                  Payee shall be entitled to deduct all such fees, costs,
                  expenses and charges from the Defeasance Deposit to the extent
                  of any portion of the Defeasance Deposit which exceeds the
                  amount necessary to purchase the Defeasance Collateral.

                        (D) In connection with the Defeasance Deposit, Maker
            hereby authorizes and directs Payee using the means and sources
            customarily employed and available to Payee to use the Defeasance
            Deposit to purchase for the account of Maker the Defeasance
            Collateral. Furthermore, the Defeasance Collateral shall be arranged
            such that payments received from such Defeasance Collateral shall be
            paid directly to Payee to be applied on account of the indebtedness
            of this Note. Any part of the Defeasance Deposit in excess of the
            amount necessary to purchase the Defeasance Collateral and to pay
            the other and related costs Maker is obligated to pay under this
            Section 1.7 shall be refunded to Maker.

            (ii) Upon compliance with the requirements of Section 1.7(d)(i), the
      Security Property shall be released from the lien of the Security
      Instrument and the other Loan Documents, and the Defeasance Collateral
      shall constitute collateral which shall secure this Note and all other
      obligations under the Loan Documents. Payee will, at Maker's expense,
      execute and deliver any agreements reasonably requested by Maker to
      release the lien of the Security Instrument from the Security Property.

            (iii) Upon the release of the Security Property in accordance with
      this Section 1.7(d), Maker shall assign all its obligations and rights
      under this Note, together with the pledged Defeasance Collateral, to a
      newly created successor entity which complies with the terms of Section
      1.33 of the Security Instrument designated by Maker and approved by Payee
      in its sole discretion. Such successor entity shall execute an assumption
      agreement in form and substance satisfactory to Payee in its sole
      discretion pursuant to which it shall assume Maker's obligations under
      this Note and the Defeasance Security Agreement. As

                                       10

<PAGE>

      conditions to such assignment and assumption, Maker shall (x) deliver to
      Payee an opinion of counsel in form and substance and delivered by counsel
      satisfactory to a prudent lender stating, among other things, that such
      assumption agreement is enforceable against Maker and such successor
      entity in accordance with its terms and that this Note and the Defeasance
      Security Agreement, as so assumed, are enforceable against such successor
      entity in accordance with their respective terms, and (y) pay all costs
      and expenses (including, but not limited to, legal fees) incurred by Payee
      or its agents in connection with such assignment and assumption
      (including, without limitation, the review of the proposed transferee and
      the preparation of the assumption agreement and related documentation).
      Upon such assumption, Maker shall be relieved of its obligations
      hereunder, under the other Loan Documents other than as specified in
      Section 1.7(d)(i)(C)(7) above and under the Defeasance Security Agreement.

      1.8 Security. The indebtedness evidenced by this Note and the obligations
created hereby are secured by, among other things, the Security Instrument. All
of the terms and provisions of the Loan Documents are incorporated herein by
reference. Some of the Loan Documents are to be filed for record on or about the
date hereof in the appropriate public records.

                ARTICLE II -- OPTIONAL PREPAYMENT DATE PROVISIONS

      2.1 Optional Prepayment Determination Date. The following subsections
shall apply from and after the Optional Prepayment Determination Date:

      (a) [Reserved].

      (b) For the calendar year in which the Optional Prepayment Determination
Date occurs and for each calendar year thereafter, Maker shall submit to Payee
for Payee's written approval an annual budget (an "Annual Budget") not later
than (i) the Optional Prepayment Determination Date for the calendar year in
which the Optional Prepayment Determination occurs and (ii) sixty (60) days
prior to the commencement of each calendar year thereafter, in form satisfactory
to Payee setting forth in reasonable detail budgeted monthly operating income
and monthly operating capital and other expenses for the Mortgaged Property.
Each Annual Budget shall contain, among other things, limitations on management
fees, third party service fees and other expenses as Maker may reasonably
determine. Payee shall have the right to approve such Annual Budget and in the
event that Payee objects to the proposed Annual Budget submitted by Maker, Payee
shall advise Maker of such objections within fifteen (15) days after receipt
thereof (and deliver to Maker a reasonably detailed description of such
objections) and Maker shall, within three (3) days after receipt of notice of
any such objections, revise such Annual Budget and resubmit the same to Payee.
Payee shall advise Maker of any objections to such revised Annual Budget within
ten (10) days after receipt thereof (and deliver to Maker a reasonably detailed
description of such objections) and Maker shall revise the same in accordance
with the process described in this subsection until Payee approves an Annual
Budget, provided, however, that if Payee shall not advise Maker of its
objections to any proposed Annual Budget within the applicable time period set
forth in this subsection, then such proposed Annual Budget shall be deemed
approved by Payee. Each such Annual Budget approved by Payee in accordance with
terms hereof shall hereinafter be referred to as an "Approved Annual Budget."
Until such time that Payee approves a proposed Annual Budget, the most recently

                                       11

<PAGE>

Approved Annual Budget shall apply; provided, that such Approved Annual Budget
shall be adjusted to reflect actual increases in real estate taxes, insurance
premiums and utilities expenses.

      (c) In the event that Maker must incur an extraordinary operating expense
or capital expense not set forth in the Annual Budget (an "Extraordinary
Expense"), then Maker shall promptly deliver to Payee a reasonably detailed
explanation of such proposed Extraordinary Expense for Payee's approval.

      (d) For the purposes of this Note, "Cash Expenses" shall mean, for any
period, the operating expenses for the operation and maintenance of the
Mortgaged Property as set forth in an Approved Annual Budget to the extent that
such expenses are actually incurred by Maker excluding payments into the Impound
Account and expenses for which Maker shall be reimbursed from, or which shall be
paid for out of, any such account or reserve.

      (e) Notwithstanding the other provisions of this Section 2.1, in the event
that, prior to the Optional Prepayment Determination Date, Maker delivers to
Payee either (i) a written commitment (the "Commitment") for the refinancing of
the loan evidenced by this Note from a Qualified Institutional Lender (as
hereinafter defined), which reasonably provides for the consummation of such
refinance prior to the Optional Prepayment Date or (ii) other evidence in form
and substance satisfactory to Payee in its sole determination of Maker's ability
to refinance the loan evidenced by this Note prior to the Optional Prepayment
Date, then, solely in either such event, the terms of Section 2.1(a), (b), (c)
and (d) of this Note shall be inoperative, provided, however, that upon (x) the
failure of such refinance to be consummated in accordance with the terms of the
Commitment or such other evidence, as applicable, (y) the termination of the
Commitment for any reason or (z) any adverse change in circumstances with
respect to Maker or any principals of Maker, the Mortgaged Property, the
proposed lender or otherwise, as determined by Payee in its sole determination,
which, in Payee's reasonable judgment, significantly decreases the likelihood of
such refinance being consummated prior to the Optional Prepayment Date, the
terms of Section 2.1(a), (b), (c) and (d) of this Note shall immediately become
operative and Maker shall immediately comply with any of the terms thereof
which, except for the operation of this subsection (e), Maker would theretofore
have been obligated to comply. "Qualified Institutional Lender" shall mean a
financial institution or other lender with a long term credit rating which is
not less than investment grade. The determination of whether the conditions set
forth in clause (i) or (ii) above, shall be made and notice of such
determination shall be delivered to Maker, within ten (10) business days
following Payee's receipt of the items set forth in such clauses.

      2.2 Failure to Prepay On or Before Optional Prepayment Date. In the event
that Maker does not prepay the entire principal balance of this Note and any
other amounts outstanding under this Note or any of the other Loan Documents on
or prior to the Optional Prepayment Date, the provisions of Section 2.1(b), (c)
and (d) as set forth above shall remain in full force and effect, and the
following subsections also shall apply:

      (a) From and after the Optional Prepayment Date, interest shall accrue on
the unpaid principal balance from time to time outstanding under this Note at
the Revised Interest Rate. Interest accrued at the Revised Interest Rate and not
paid pursuant to this Section 2.2 shall be deferred and added to the principal
balance of this Note and shall earn interest at the Revised

                                       12

<PAGE>

Interest Rate to the extent permitted by applicable law (such accrued interest
is hereinafter referred to as "Accrued Interest"). All of the unpaid principal
balance of this Note, including, without limitation, any Accrued Interest, shall
be due and payable on the Extended Maturity Date.

      (b) Maker shall be obligated to pay, and Payee shall collect from the Rent
Account (as defined in the Security Instrument) to the extent of funds on
deposit in such account, on the Optional Prepayment Date and on the eleventh
(11th) day of each calendar month thereafter to and including the Extended
Maturity Date the following payments from Rents (as defined in the Security
Instrument) received on or before such day in the listed order of priority:

            (i) First, the payment of the Monthly Payment Amount with interest
      computed at the Fixed Interest Rate;

            (ii) Second, payments to the Impound Account (as defined in the
      Security Instrument) in accordance with the terms and conditions of the
      Security Instrument;

            (iii) [Reserved];

            (iv) Fourth, payments for monthly Cash Expenses, less management
      fees payable to affiliates of Maker, pursuant to the terms and conditions
      of the related Approved Annual Budget;

            (v) Fifth, payment for Extraordinary Expenses approved by Payee, if
      any;

            (vi) Sixth, payments to Payee of the balance of the funds then on
      deposit in the Rent Account to be applied to (x) any other amounts due
      under the Loan Documents, (y) Accrued Interest and (z) the reduction of
      the outstanding principal balance of this Note until such principal
      balance is paid in full in whatever proportion and priority as Payee may
      determine.

      (c) Nothing in this Article II shall limit, reduce or otherwise affect
Maker's obligations to make payments of the Monthly Payment Amount (including
interest on the Note as provided in Section 1.3 hereof) payments to the Impound
Account and payments of other amounts due hereunder and under the other Loan
Documents, whether or not Rents (as defined in the Security Instrument) are
available to make such payments.

                             ARTICLE III -- DEFAULT

      3.1 Events of Default. It is hereby expressly agreed that should any
default occur in the payment of principal or interest as stipulated above and
such payment is not made on the date such payment is due, or should any other
default not cured within any applicable grace or notice period occur under any
other Loan Document, then an event of default (an "Event of Default") shall
exist hereunder, and in such event the indebtedness evidenced hereby, including
all sums advanced or accrued hereunder or under any other Loan Document, and all
unpaid interest accrued thereon, shall, at the option of Payee and without
notice to Maker, at once become due and payable and may be collected forthwith,
whether or not there has been a prior demand for payment and regardless of

                                       13

<PAGE>

the stipulated date of maturity.

      3.2 Late Charges. In the event that any payment is not received by Payee
on the date when due, then, in addition to any default interest payments due
hereunder, Maker shall also pay to Payee a late charge in an amount equal to
five percent (5%) of the amount of such overdue payment.

      3.3 Default Interest Rate. So long as any Event of Default exists
hereunder, regardless of whether or not there has been an acceleration of the
indebtedness evidenced hereby, and at all times after maturity of the
indebtedness evidenced hereby (whether by acceleration or otherwise), interest
shall accrue on the outstanding principal balance of this Note, from the date
due until the date credited, at a rate per annum equal to four percent (4%) in
excess of the Note Rate, or, if such increased rate of interest may not be
collected under applicable law, then at the maximum rate of interest, if any,
which may be collected from Maker under applicable law (the "Default Interest
Rate"), and such default interest shall be immediately due and payable.

      3.4 Maker's Agreements. Maker acknowledges that it would be extremely
difficult or impracticable to determine Payee's actual damages resulting from
any late payment or default, and such late charges and default interest are
reasonable estimates of those damages and do not constitute a penalty. The
remedies of Payee in this Note or in the Loan Documents, or at law or in equity,
shall be cumulative and concurrent, and may be pursued singly, successively or
together, in Payee's discretion.

      3.5 Maker to Pay Costs. In the event that this Note, or any part hereof,
is collected by or through an attorney-at-law, Maker agrees to pay all costs of
collection, including, but not limited to, reasonable attorneys' fees.

      3.6 Exculpation. Notwithstanding anything in this Note or the Loan
Documents to the contrary, but subject to the qualifications hereinbelow set
forth, Payee agrees that:

      (a) Maker shall be liable upon the indebtedness evidenced hereby and for
the other obligations arising under the Loan Documents to the full extent (but
only to the extent) of the security therefor, the same being all properties
(whether real or personal), rights, estates and interests now or at any time
hereafter securing the payment of this Note and/or the other obligations of
Maker under the Loan Documents (collectively, the "Security Property");

      (b) if a default occurs in the timely and proper payment of all or any
part of such indebtedness evidenced hereby or in the timely and proper
performance of the other obligations of Maker under the Loan Documents, any
judicial proceedings brought by Payee against Maker shall be limited to the
preservation, enforcement and foreclosure, or any thereof, of the liens,
security titles, estates, assignments, rights and security interests now or at
any time hereafter securing the payment of this Note and/or the other
obligations of Maker under the Loan Documents, and no attachment, execution or
other writ of process shall be sought, issued or levied upon any assets,
properties or funds of Maker other than the Security Property, except with
respect to the liability described below in this section; and

                                       14

<PAGE>

            (c) in the event of a foreclosure of such liens, security titles,
estates, assignments, rights or security interests securing the payment of this
Note and/or the other obligations of Maker under the Loan Documents, no judgment
for any deficiency upon the indebtedness evidenced hereby shall be sought or
obtained by Payee against Maker, except with respect to the liability described
below in this section; provided, however, that, notwithstanding the foregoing
provisions of this section, Maker shall be fully and personally liable and
subject to legal action (i) for proceeds paid under any insurance policies (or
paid as a result of any other claim or cause of action against any person or
entity) by reason of damage, loss or destruction to all or any portion of the
Security Property, to the full extent of such proceeds not previously delivered
to Payee, but which, under the terms of the Loan Documents, should have been
delivered to Payee, (ii) for proceeds or awards resulting from the condemnation
or other taking in lieu of condemnation of all or any portion of the Security
Property, to the full extent of such proceeds or awards not previously delivered
to Payee, but which, under the terms of the Loan Documents, should have been
delivered to Payee, (iii) for all tenant security deposits or other refundable
deposits paid to or held by Maker or any other person or entity in connection
with leases of all or any portion of the Security Property which are not applied
in accordance with the terms of the applicable lease or other agreement, (iv)
for rent and other payments received from tenants under leases of all or any
portion of the Security Property paid more than one (1) month in advance, (v)
for rents, issues, profits and revenues of all or any portion of the Security
Property received or applicable to a period after the occurrence of any Event of
Default hereunder or under the Loan Documents, which are not either applied to
the ordinary and necessary expenses of owning and operating the Security
Property or paid to Payee, (vi) for waste committed on the Security Property,
damage to the Security Property as a result of the intentional misconduct or
gross negligence of Maker or any of its principals, officers, general partners
or members, any guarantor, any indemnitor, or any agent or employee of any such
person, or any removal of all or any portion of the Security Property in
violation of the terms of the Loan Documents, to the full extent of the losses
or damages incurred by Payee on account of such occurrence, (vii) for failure to
pay any valid taxes, assessments, mechanic's liens, materialmen's liens or other
liens which could create liens on any portion of the Security Property which
would be superior to the lien or security title of the Security Instrument or
the other Loan Documents, to the full extent of the amount claimed by any such
lien claimant except, with respect to any such taxes or assessments, to the
extent that funds have been deposited with Payee pursuant to the terms of the
Security Instrument specifically for the applicable taxes or assessments and not
applied by Payee to pay such taxes and assessments, (viii) for all obligations
and indemnities of Maker under the Loan Documents relating to hazardous or toxic
substances or radon or compliance with environmental laws and regulations to the
full extent of any losses or damages (including, but not limited to, those
resulting from diminution in value of any Security Property) incurred by Payee
as a result of the existence of such hazardous or toxic substances or radon or
failure to comply with environmental laws or regulations and (ix) for fraud,
material misrepresentation or failure to disclose a material fact by Maker or
any of its principals, officers, general partners or members, any guarantor, any
indemnitor or any agent, employee or other person authorized or apparently
authorized to make statements, representations or disclosures on behalf of
Maker, any principal, officer, general partner or member of Maker, any guarantor
or any indemnitor, to the full extent of any losses, damages and expenses of
Payee on account thereof.

      References herein to particular sections of the Loan Documents shall be
deemed references to such sections as affected by other provisions of the Loan
Documents relating thereto. Nothing contained in this section shall (1) be
deemed to be a release or impairment of the indebtedness

                                       15

<PAGE>

evidenced by this Note or the other obligations of Maker under the Loan
Documents or the lien of the Loan Documents upon the Security Property, or (2)
preclude Payee from foreclosing the Loan Documents in case of any default or
from enforcing any of the other rights of Payee except as stated in this
section, or (3) limit or impair in any way whatsoever (A) any Indemnity and
Guaranty Agreements (the "Indemnity Agreements") or (B) the Environmental
Indemnity Agreement (the "Environmental Indemnity Agreement"), executed and
delivered in connection with the indebtedness evidenced by this Note or release,
relieve, reduce, waive or impair in any way whatsoever, any obligation of any
party to the Indemnity Agreements or the Environmental Indemnity Agreement.

      Notwithstanding the foregoing, the agreement of Payee not to pursue
recourse liability as set forth in subsection (c) above SHALL BECOME NULL AND
VOID and shall be of no further force and effect (i) in the event of a default
by Maker or Indemnitor (as defined in the Security Instrument) of any of the
covenants set forth in Section 1.13 or Section 1.33 of the Security Instrument,
or (ii) if the Security Property or any part thereof shall become an asset in
(A) a voluntary bankruptcy or insolvency proceeding of Maker, or (B) an
involuntary bankruptcy or insolvency proceeding of Maker which is not dismissed
within sixty (60) days of filing.

      Notwithstanding anything to the contrary in this Note, the Security
Instrument or any of the other Loan Documents, Payee shall not be deemed to have
waived any right which Payee may have under Section 506(a), 506(b), 1111(b) or
any other provisions of the U.S. Bankruptcy Code to file a claim for the full
amount of the indebtedness evidenced hereby or secured by the Security
Instrument or any of the other Loan Documents or to require that all collateral
shall continue to secure all of the indebtedness owing to Payee in accordance
with this Note, the Security Instrument and the other Loan Documents.

                        ARTICLE IV -- GENERAL CONDITIONS

      4.1 No Waiver; Amendment. No failure to accelerate the indebtedness
evidenced hereby by reason of default hereunder, acceptance of a partial or past
due payment, or indulgences granted from time to time shall be construed (i) as
a novation of this Note or as a reinstatement of the indebtedness evidenced
hereby or as a waiver of such right of acceleration or of the right of Payee
thereafter to insist upon strict compliance with the terms of this Note, or (ii)
to prevent the exercise of such right of acceleration or any other right granted
hereunder or by any applicable laws; and Maker hereby expressly waives the
benefit of any statute or rule of law or equity now provided, or which may
hereafter be provided, which would produce a result contrary to or in conflict
with the foregoing. No extension of the time for the payment of this Note or any
installment due hereunder made by agreement with any person now or hereafter
liable for the payment of this Note shall operate to release, discharge, modify,
change or affect the original liability of Maker under this Note, either in
whole or in part, unless Payee agrees otherwise in writing. This Note may not be
changed orally, but only by an agreement in writing signed by the party against
whom enforcement of any waiver, change, modification or discharge is sought.

      4.2 Waivers. Presentment for payment, demand, protest and notice of
demand, protest and nonpayment and all other notices are hereby waived by Maker.
Maker hereby further waives and renounces, to the fullest extent permitted by
law, all rights to the benefits of any moratorium, reinstatement, marshaling,
forbearance, valuation, stay, extension, redemption, appraisement,

                                       16

<PAGE>

exemption and homestead now or hereafter provided by the Constitution and laws
of the United States of America and of each state thereof, both as to itself and
in and to all of its property, real and personal, against the enforcement and
collection of the obligations evidenced by this Note or the other Loan
Documents.

      4.3 Limit of Validity. The provisions of this Note and of all agreements
between Maker and Payee, whether now existing or hereafter arising and whether
written or oral, including, but not limited to, the Loan Documents, are hereby
expressly limited so that in no contingency or event whatsoever, whether by
reason of demand or acceleration of the maturity of this Note or otherwise,
shall the amount contracted for, charged, taken, reserved, paid or agreed to be
paid ("Interest") to Payee for the use, forbearance or detention of the money
loaned under this Note exceed the maximum amount permissible under applicable
law. If, from any circumstance whatsoever, performance or fulfillment of any
provision hereof or of any agreement between Maker and Payee shall, at the time
performance or fulfillment of such provision shall be due, exceed the limit for
Interest prescribed by law or otherwise transcend the limit of validity
prescribed by applicable law, then, ipso facto, the obligation to be performed
or fulfilled shall be reduced to such limit, and if, from any circumstance
whatsoever, Payee shall ever receive anything of value deemed Interest by
applicable law in excess of the maximum lawful amount, an amount equal to any
excessive Interest shall be applied to the reduction of the principal balance
owing under this Note in the inverse order of its maturity (whether or not then
due), in which event no prepayment fee or premium shall be due, or, at the
option of Payee, be paid over to Maker, and not to the payment of Interest. All
Interest (including any amounts or payments judicially or otherwise under the
law deemed to be Interest) contracted for, charged, taken, reserved, paid or
agreed to be paid to Payee shall, to the extent permitted by applicable law, be
amortized, prorated, allocated and spread throughout the full term of this Note,
including any extensions and renewals hereof until payment in full of the
principal balance of this Note so that the Interest thereon for such full term
will not exceed at any time the maximum amount permitted by applicable law. To
the extent United States federal law permits a greater amount of interest than
is permitted under the law of the State in which the Security Property is
located, Payee will rely on United States federal law for the purpose of
determining the maximum amount permitted by applicable law. Additionally, to the
extent permitted by applicable law now or hereafter in effect, Payee may, at its
option and from time to time, implement any other method of computing the
maximum lawful rate under the law of the State in which the Security Property is
located or under other applicable law by giving notice, if required, to Maker as
provided by applicable law now or hereafter in effect. This Section 4.3 will
control all agreements between Maker and Payee.

      4.4 Use of Funds. Maker hereby warrants, represents and covenants that no
funds disbursed hereunder shall be used for personal, family or household
purposes.

      4.5 Unconditional Payment. Maker is and shall be obligated to pay
principal, interest and any and all other amounts which become payable hereunder
or under the other Loan Documents absolutely and unconditionally and without any
abatement, postponement, diminution or deduction and without any reduction for
counterclaim or setoff. In the event that at any time any payment received by
Payee hereunder shall be deemed by a court of competent jurisdiction to have
been a voidable preference or fraudulent conveyance under any bankruptcy,
insolvency or other debtor relief law, then the obligation to make such payment
shall survive any cancellation or

                                       17

<PAGE>

satisfaction of this Note or return thereof to Maker and shall not be discharged
or satisfied with any prior payment thereof or cancellation of this Note, but
shall remain a valid and binding obligation enforceable in accordance with the
terms and provisions hereof, and such payment shall be immediately due and
payable upon demand.

      4.6 GOVERNING LAW. THIS NOTE SHALL BE INTERPRETED, CONSTRUED AND ENFORCED
ACCORDING TO THE LAWS OF THE STATE IN WHICH THE SECURITY PROPERTY IS LOCATED.

      4.7 WAIVER OF JURY TRIAL. MAKER, TO THE FULL EXTENT PERMITTED BY LAW,
HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF
COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY
RELATING TO THE DEBT EVIDENCED BY THIS NOTE OR ANY CONDUCT, ACT OR OMISSION OF
PAYEE OR MAKER, OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, PARTNERS,
MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH
PAYEE OR MAKER, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT,
TORT OR OTHERWISE.

      4.8 Secondary Market. Payee may sell, transfer and deliver the Loan
Documents to one or more investors in the secondary mortgage market. In
connection with such sale, Payee may retain or assign responsibility for
servicing the loan evidenced by this Note or may delegate some or all of such
responsibility and/or obligations to a servicer, including, but not limited to,
any subservicer or master servicer, on behalf of the investors. All references
to Payee herein shall refer to and include, without limitation, any such
servicer, to the extent applicable.

      4.9 Dissemination of Information. If Payee determines at any time to sell,
transfer or assign this Note, the Security Instrument and the other Loan
Documents, and any or all servicing rights with respect thereto, or to grant
participations therein (the "Participations") or issue mortgage pass-through
certificates or other securities evidencing a beneficial interest in a rated or
unrated public offering or private placement (the "Securities"), Payee may
forward to each purchaser, transferee, assignee, servicer, participant,
investor, or their respective successors in such Participations and/or
Securities (collectively, the "Investor") or any Rating Agency rating such
Securities, each prospective Investor and each of the foregoing's respective
counsel, all documents and information which Payee now has or may hereafter
acquire relating to the debt evidenced by this Note and to Maker, any guarantor,
any indemnitor and the Security Property, which shall have been furnished by
Maker, any guarantor or any indemnitor as Payee determines necessary or
desirable.

                                       18

<PAGE>

                      ARTICLE V -- MISCELLANEOUS PROVISIONS

      5.1 Miscellaneous. The terms and provisions hereof shall be binding upon
and inure to the benefit of Maker and Payee and their respective heirs,
executors, legal representatives, successors, successors-in-title and assigns,
whether by voluntary action of the parties or by operation of law. As used
herein, the terms "Maker" and "Payee" shall be deemed to include their
respective heirs, executors, legal representatives, successors,
successors-in-title and assigns, whether by voluntary action of the parties or
by operation of law. If Maker consists of more than one person or entity, each
shall be jointly and severally liable to perform the obligations of Maker under
this Note. All personal pronouns used herein, whether used in the masculine,
feminine or neuter gender, shall include all other genders; the singular shall
include the plural and vice versa. Titles of articles and sections are for
convenience only and in no way define, limit, amplify or describe the scope or
intent of any provisions hereof. Time is of the essence with respect to all
provisions of this Note. This Note and the other Loan Documents contain the
entire agreements between the parties hereto relating to the subject matter
hereof and thereof and all prior agreements relative hereto and thereto which
are not contained herein or therein are terminated.

      5.2 Maker's Tax Identification Number is 20-1676647.

             [THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       19
<PAGE>

      IN WITNESS WHEREOF, Maker has executed this Note as of the date first
written above.

                                  MAKER:

                                  COLE LO ENTERPRISE AL, LLC,
                                  a Delaware limited liability company

                                  By:  Cole REIT Advisors II, LLC,
                                       a Delaware limited liability company,
                                       its manager

                                       By:        /S/  John M. Pons
                                             -----------------------------------
                                             John M. Pons, Senior Vice President

<PAGE>

                                   Schedule A

                                   LOAN TERMS

<TABLE>
<S>                                                          <C>
Original Principal Amount                                    $4,859,000.00
Note Rate % (Per Annum)                                             5.520%
Original Amortization Term (Months)                                    999
Monthly Payment Amount (Excluding IO Period)                    $22,351.40
Note Date                                                        12/1/2005
First Pay Date                                                   1/11/2006
Original Loan Term (Months)                                             60
Scheduled Maturity Date                                         12/11/2010
Interest Accrual Basis During Amortization Periods              ACTUAL/360
Interest Only (IO) Periods (Months)                                     60
Interest Accrual Basis During IO Period                         ACTUAL/360
</TABLE>

COLE LOWE'S ENTERPRISE AL                                              502853782

<TABLE>
<CAPTION>
                                                                 INTEREST        PRINCIPAL
                              ACCRUAL                         COMPONENT OF     COMPONENT OF
  PAY                         DAYS IN         SCHEDULED         SCHEDULED        SCHEDULED                ENDING UNPAID
 PERIOD    PAY DATE           PERIOD          PAYMENT            PAYMENT          PAYMENT               PRINCIPAL BALANCE
<S>          <C>              <C>           <C>               <C>              <C>                      <C>
      0      12/11/2005          10         $        0.00     $    7,450.50    $        0.00            $   4,859,000.00
      1      1/11/2006           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
      2      2/11/2006           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
      3      3/11/2006           28         $   20,861.31     $   20,861.31    $        0.00            $   4,859,000.00
      4      4/11/2006           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
      5      5/11/2006           30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
      6      6/11/2006           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
      7      7/11/2006           30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
      8      8/11/2006           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
      9      9/11/2006           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     10      10/11/2006          30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     11      11/11/2006          31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     12      12/11/2006          30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     13      1/11/2007           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     14      2/11/2007           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     15      3/11/2007           28         $   20,861.31     $   20,861.31    $        0.00            $   4,859,000.00
     16      4/11/2007           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     17      5/11/2007           30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     18      6/11/2007           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     19      7/11/2007           30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     20      8/11/2007           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     21      9/11/2007           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
</TABLE>

<PAGE>

<TABLE>
<S>          <C>              <C>           <C>               <C>              <C>                      <C>
     22      10/11/2007          30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     23      11/11/2007          31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     24      12/11/2007          30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     25      1/11/2008           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     26      2/11/2008           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     27      3/11/2008           29         $   21,606.35     $   21,606.35    $        0.00            $   4,859,000.00
     28      4/11/2008           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     29      5/11/2008           30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     30      6/11/2008           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     31      7/11/2008           30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     32      8/11/2008           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     33      9/11/2008           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     34      10/11/2008          30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     35      11/11/2008          31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     36      12/11/2008          30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     37      1/11/2009           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     38      2/11/2009           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     39      3/11/2009           28         $   20,861.31     $   20,861.31    $        0.00            $   4,859,000.00
     40      4/11/2009           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     41      5/11/2009           30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     42      6/11/2009           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     43      7/11/2009           30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     44      8/11/2009           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     45      9/11/2009           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     46      10/11/2009          30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     47      11/11/2009          31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     48      12/11/2009          30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     49      1/11/2010           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     50      2/11/2010           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     51      3/11/2010           28         $   20,861.31     $   20,861.31    $        0.00            $   4,859,000.00
     52      4/11/2010           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     53      5/11/2010           30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     54      6/11/2010           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     55      7/11/2010           30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     56      8/11/2010           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     57      9/11/2010           31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     58      10/11/2010          30         $   22,351.40     $   22,351.40    $        0.00            $   4,859,000.00
     59      11/11/2010          31         $   23,096.45     $   23,096.45    $        0.00            $   4,859,000.00
     60      12/11/2010          30         $4,881,351.40     $   22,351.40    $4,859,000.00            $           0.00

     60                       1,826         $6,219,455.34     $1,360,455.34    $4,859,000.00
</TABLE>

<PAGE>

                             AUTO DRAFT INFORMATION

If you would like to sign up for our automatic payment drafting service, fill
out and return the enclosed authorization form along with a voided check and
mail to the address listed below. Please continue to send your monthly payments
until you receive written confirmation that the auto-draft service has begun.
You will receive written notification confirming your auto-draft setup and first
auto-draft date within 7 business days of the 15th of the month submitted.

NOTE: REQUESTS MUST BE RECEIVED BY THE 15TH TO BE SET UP FOR THE FOLLOWING
MONTH.

Wachovia Securities
Attention: Customer Service Department
8739 Research Drive - URP4
Charlotte, NC 28288-1075

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[WACHOVIA SECURITIES LOGO]

                                 AUTO DRAFT FORM

I hereby request and authorize Wachovia Bank, National Association, doing
business as Wachovia Securities ("Wachovia Securities"), to draft my account
specified below made payable to the order of Wachovia Securities located in
Charlotte, NC, provided there are sufficient funds in said account to pay the
same upon presentation. I agree that your rights in respect to each such draft
shall be the same as if it were a check drawn on Wachovia Securities and signed
personally by me. This authorization is to remain in effect until revoked by me
in writing and until Wachovia Securities actually receives such notice. I agree
that Wachovia Securities shall be fully protected in honoring any such drafts.

LOAN NUMBER                                 NAME OF BORROWING ENTITY
Wachovia Loan # (9 digits)                  Borrower Name

BANK'S ROUTING NUMBER FROM CHECK            ACCOUNT # TO BE DRAFTED
Bank Routing Number (9 digits)              Bank Account # (from check)

NAME OF BANK TO BE DRAFTED                  LOCATION OF THE BANK
Name of Bank                                City and State

                  PLEASE INCLUDE A VOIDED CHECK WITH THIS FORM

J.L. Smith                                      Date__________
1000
               S.R. Smith
               1234 Sample Street
               Any Where, USA 12345

PAY TO THE
ORDER OF________________________________ $__________

___________________________________________DOLLARS

Memo________________________________________  __________________________________

:000000000: 10000001234567                    1000

       ROUTING #       ACCOUNT #

BORROWER'S SIGNATURE                                     BORROWER'S NAME
Authorized Signature (as it appears on bank documents)   Print Name

                                                         TODAY'S DATE
                                                         Date

DAY OF MONTH PAYMENT WILL DRAFT                          BORROWER'S FAX NUMBER
Draft Date (Payment due date)                            Fax #

TERMS AND CONDITIONS

EFFECTIVE DATE OF DRAFT: The draft will occur on the payment due date, unless
otherwise agreed upon by borrower and servicer. The borrower will receive a
confirmation letter to insure auto-draft set-up and to confirm draft date.

REVOCATION OF THIS AUTHORITY: The authority of Wachovia Securities to transfer
funds from the borrowers account will not cease until Wachovia Securities
receives written notification revoking this authorization agreement. Wachovia
Securities must receive this notice at least 15 days prior to the date on which
you wish the arrangement to end.

DISHONOR: Wachovia Securities shall be under no liability whatsoever if a
transfer of funds cannot be made, whether or not such failure is caused by the
act of omission of the borrower.

INSUFFICIENT FUNDS: If the automatic withdrawal is returned due to insufficient
funds both Wachovia Securities and the borrower's financial institution may
assess a fee.

ERRORS: The borrower has the right to have the amount of any incorrect deduction
immediately corrected by the borrower's financial institution provided the
borrower sends the appropriate notice to the financial institution.

AMOUNT OF DRAFT: Wachovia Securities will withdraw the amount of the current
monthly receivable. This amount may vary due to escrow analyses, interest rate
changes or reserve requirements as applicable.

ACH ROUTING NUMBER: Please contact the financial institution from which the
money will be drafted for this information.

Wachovia Securities is the trade name under which Wachovia Corporation conducts
its investment banking, capital markets and institutional securities business
through First Union Securities, Inc. ("FUSI"), Member NYSE, NASD, SIPC, and
through other bank and non-bank and broker-dealer subsidiaries of Wachovia
Corporation.

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