Document:

EX-10.4

Exhibit 10.4

[FORM OF WARRANT]

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES
INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD,
TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH
COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.
NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

Metalico, Inc.

Warrant To Purchase Common Stock

Warrant No.: [?]

Number of Shares of Common Stock: [?]

Date of Issuance: [?], 2008 (“Issuance Date”)

Metalico, Inc., a Delaware corporation, (the “Company”), hereby certifies that, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [BUYERS], the
registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms
set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in
effect, upon surrender of this Warrant to Purchase Common Stock (including any Warrants to Purchase
Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or
times on or after the date hereof, but not after 11:59 p.m., New York Time, on the Expiration Date
(as defined below), [     ( )]1 fully paid nonassessable shares of
Common Stock (as defined below), as adjusted pursuant to the terms hereof (the “Warrant Shares”).
Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set
forth in Section 16. This Warrant is one of the Warrants to purchase Common Stock (the “SPA
Warrants”) issued pursuant to Section 1 of that certain Securities Purchase Agreement, dated as of
March 27, 2008 (the “Subscription Date”), by and among the Company and the investors (individually,
a “Buyer” and collectively, the “Buyers”) referred to therein (the “Securities Purchase
Agreement”).

1. EXERCISE OF WARRANT.

(a) Mechanics of Exercise. Subject to the terms and conditions hereof
(including, without limitation, the limitations set forth in Section 1(f)), this Warrant may be
exercised by the Holder on any day on or after the date hereof in whole or in part, by (i) delivery
of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”), of
the Holder’s election to exercise this Warrant and (ii) (A) payment to the Company of an amount
equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this
Warrant is being exercised (the “Aggregate Exercise Price”) in cash or by wire transfer of
immediately available funds or (B) by notifying the Company that this Warrant is being exercised
pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder shall not be required to
deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of
the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect
as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to
purchase the remaining number of Warrant Shares. On or before the first (1st) Business Day
following the date on which the Company has received each of the Exercise Notice and the Aggregate
Exercise Price (or notice of a Cashless Exercise) (the “Exercise Delivery Documents”), the Company
shall transmit by facsimile an acknowledgment of confirmation of receipt of the Exercise Delivery
Documents to the Holder and the Company’s transfer agent (the “Transfer Agent”). On or before the
third (3rd) Trading Day following the date on which the Company has received all of the Exercise
Delivery Documents (the “Share Delivery Date”), the Company shall (X) provided that the Transfer
Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer
Program, upon the request of the Holder, credit such aggregate number of shares of Common Stock to
which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance
account with DTC through its Deposit Withdrawal Agent Commission system, or (Y) if the Transfer
Agent or the Company is not participating in the DTC Fast Automated Securities Transfer Program,
issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a
certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise.
Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate
purposes to have become the holder of record of the Warrant Shares with respect to which this
Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the
Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as
the case may be. If this Warrant is submitted in connection with any exercise pursuant to this
Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is
greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall
as soon as practicable and in no event later than three (3) Business Days after any exercise and at
its own expense, issue a new Warrant (in accordance with Section 7(d)) representing the right to
purchase the number of Warrant Shares issuable immediately prior to such exercise under this
Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No
fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather
the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number.
The Company shall pay any and all taxes which may be payable with respect to the issuance and
delivery of Warrant Shares upon exercise of this Warrant.

(b) Exercise Price. For purposes of this Warrant, “Exercise Price” means
$12.65, subject to adjustment as provided herein.

(c) Company’s Failure to Timely Deliver Securities. If the Company shall
fail for any reason or for no reason to issue and deliver to the Holder within three (3) Trading
Days of receipt of the Exercise Delivery Documents, a certificate and register such shares of
Common Stock on the Company’s share register or credit the Holder’s balance account with DTC for
the number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise
hereunder or pursuant to the Company’s obligation pursuant to clause (ii) below, and if on or after
such Trading Day the Holder purchases (in an open market transaction or otherwise) shares of Common
Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable upon
such exercise that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company
shall, within three (3) Business Days after the Holder’s request and in the Holder’s discretion,
either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In
Price”), at which point the Company’s obligation to deliver such certificate (and to issue such
shares of Common Stock) or credit such Holder’s balance account with DTC shall terminate, or (ii)
promptly honor its obligation to deliver to the Holder a certificate or certificates representing
such shares of Common Stock or credit such Holder’s balance account with DTC and pay cash to the
Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such
number of shares of Common Stock, times (B) the Closing Bid Price on the date of exercise.

(d) Cashless Exercise. Notwithstanding anything contained herein to the
contrary, if, at any time following the six month anniversary of the date hereof, a Registration
Statement (as defined in the Registration Rights Agreement) covering the resale of the Warrant
Shares that are the subject of the Exercise Notice (the “Unavailable Warrant Shares”) is not
available for the resale of such Unavailable Warrant Shares, the Holder may, in its sole
discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment
otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate
Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of Common
Stock determined according to the following formula (a “Cashless Exercise”):

	 	 	 
	
 
	 	(A x B) — (A x C)
	
 
	 	 
	Net Number =

	 	B
	 

	 	 

For purposes of the foregoing formula:

A = the total number of shares with respect to which this Warrant is then being
exercised.

B = the Weighted Average Price of the shares of Common Stock (as reported by
Bloomberg) for the five(5) consecutive Trading Days ending on the date immediately
preceding the date of the Exercise Notice.

C = the Exercise Price then in effect for the applicable Warrant Shares at the
time of such exercise.

(e) Disputes. In the case of a dispute as to the determination of the
Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly
issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in
accordance with Section 12.

(f) Limitations on Exercises; Beneficial Ownership. The Company shall not
effect the exercise of this Warrant, and the Holder shall not have the right to exercise this
Warrant, to the extent that after giving effect to such exercise, such Person (together with such
Person’s affiliates) would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the
shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes
of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by
such Person and its affiliates shall include the number of shares of Common Stock issuable upon
exercise of this Warrant with respect to which the determination of such sentence is being made,
but shall exclude shares of Common Stock which would be issuable upon (A) exercise of the
remaining, unexercised portion of this Warrant beneficially owned by such Person and its affiliates
and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of
the Company beneficially owned by such Person and its affiliates (including, without limitation,
any convertible notes or convertible preferred stock or warrants) subject to a limitation on
conversion or exercise analogous to the limitation contained herein. Except as set forth in the
preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). For purposes of this Warrant, in determining the number of outstanding shares of Common
Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (1)
the Company’s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing
with the Securities and Exchange Commission, as the case may be, (2) a more recent public
announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting
forth the number of shares of Common Stock outstanding. For any reason at any time, upon the
written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally
and in writing to the Holder the number of shares of Common Stock then outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the
conversion or exercise of securities of the Company, including the SPA Warrants, by the Holder and
its affiliates since the date as of which such number of outstanding shares of Common Stock was
reported. By written notice to the Company, the Holder may from time to time increase or decrease
the Maximum Percentage to any other percentage not in excess of 9.99% specified in such notice;
provided that (i) any such increase will not be effective until the sixty-first (61st)
day after such notice is delivered to the Company, and (ii) any such increase or decrease will
apply only to the Holder and not to any other holder of SPA Warrants. The provisions of this
paragraph shall be construed and implemented in a manner otherwise than in strict conformity with
the terms of this Section 1(f) to correct this paragraph (or any portion hereof) which may be
defective or inconsistent with the intended beneficial ownership limitation herein contained or to
make changes or supplements necessary or desirable to properly give effect to such limitation.

(g) Insufficient Authorized Shares. If at any time while any of the
Warrants remain outstanding the Company does not have a sufficient number of authorized and
unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise
of the Warrants at least a number of shares of Common Stock equal to 100% (the “Required Reserve
Amount”) of the number of shares of Common Stock as shall from time to time be necessary to effect
the exercise of all Warrants then outstanding (an “Authorized Share Failure”), then the Company
shall immediately take all action necessary to increase the Company’s authorized shares of Common
Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for all
Warrants then outstanding. Without limiting the generality of the foregoing sentence, as soon as
practicable after the date of the occurrence of an Authorized Share Failure, but in no event later
than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall hold
a meeting of its stockholders for the approval of an increase in the number of authorized shares of
Common Stock. In connection with such meeting, the Company shall provide each stockholder with a
proxy statement and shall use its best efforts to solicit its stockholders’ approval of such
increase in authorized shares of Common Stock and to cause its board of directors to recommend to
the stockholders that they approve such proposal.

2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise
Price and the number of Warrant Shares shall be adjusted from time to time as follows:

(a) Adjustment upon Subdivision or Combination of shares of Common Stock.
If the Company at any time on or after the Subscription Date subdivides (by any stock split, stock
dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common
Stock into a greater number of shares, the Exercise Price in effect immediately prior to such
subdivision will be proportionately reduced and the number of Warrant Shares will be
proportionately increased. If the Company at any time on or after the Subscription Date combines
(by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of
Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to
such combination will be proportionately increased and the number of Warrant Shares will be
proportionately decreased. Any adjustment under this Section 2(b) shall become effective at the
close of business on the date the subdivision or combination becomes effective.

(b) Other Events. If any event occurs of the type contemplated by the
provisions of this Section 2 but not expressly provided for by such provisions (including, without
limitation, the granting of stock appreciation rights, phantom stock rights or other rights with
equity features), then the Company’s Board of Directors will make an appropriate adjustment in the
Exercise Price and the number of Warrant Shares so as to protect the rights of the Holder; provided
that no such adjustment pursuant to this Section 2(b) will increase the Exercise Price or decrease
the number of Warrant Shares as otherwise determined pursuant to this Section 2.

(c) Voluntary Adjustment By Company. The Company may at any time during the
term of this Warrant reduce the then current Exercise Price to any amount and for any period of
time deemed appropriate by the Board of Directors of the Company.

3. RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make
any dividend or other distribution of its assets (or rights to acquire its assets) to holders of
shares of Common Stock, by way of return of capital or otherwise (including, without limitation,
any distribution of cash, stock or other securities, property or options by way of a dividend, spin
off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case:

(a) any Exercise Price in effect immediately prior to the close of business on the
record date fixed for the determination of holders of shares of Common Stock entitled to receive
the Distribution shall be reduced, effective as of the close of business on such record date, to a
price determined by multiplying such Exercise Price by a fraction of which (i) the numerator shall
be the Closing Bid Price of the shares of Common Stock on the Trading Day immediately preceding
such record date minus the value of the Distribution (as determined in good faith by the Company’s
Board of Directors) applicable to one share of Common Stock, and (ii) the denominator shall be the
Closing Bid Price of the shares of Common Stock on the Trading Day immediately preceding such
record date; and

(b) the number of Warrant Shares shall be increased to a number of shares equal to
the number of shares of Common Stock obtainable immediately prior to the close of business on the
record date fixed for the determination of holders of shares of Common Stock entitled to receive
the Distribution multiplied by the reciprocal of the fraction set forth in the immediately
preceding paragraph (a); provided that in the event that the Distribution is of shares of common
stock (“Other Shares of Common Stock”) of a company whose common shares are traded on a national
securities exchange or a national automated quotation system, then the Holder may elect to receive
a warrant to purchase Other Shares of Common Stock in lieu of an increase in the number of Warrant
Shares, the terms of which shall be identical to those of this Warrant, except that such warrant
shall be exercisable into the number of shares of Other Shares of Common Stock that would have been
payable to the Holder pursuant to the Distribution had the Holder exercised this Warrant
immediately prior to such record date and with an aggregate exercise price equal to the product of
the amount by which the exercise price of this Warrant was decreased with respect to the
Distribution pursuant to the terms of the immediately preceding paragraph (a) and the number of
Warrant Shares calculated in accordance with the first part of this paragraph (b).

4. PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

(a) Purchase Rights. In addition to any adjustments pursuant to Section 2
above, if at any time the Company grants, issues or sells any Options, Convertible Securities or
rights to purchase stock, warrants, securities or other property pro rata to the record holders of
any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the
Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable
upon complete exercise of this Warrant (without regard to any limitations on the exercise of this
Warrant) immediately before the date on which a record is taken for the grant, issuance or sale of
such Purchase Rights, or, if no such record is taken, the date as of which the record holders of
shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

(b) Fundamental Transactions. The Company shall not enter into or be party
to a Fundamental Transaction unless (i)  the Successor Entity assumes in writing all of the
obligations of the Company under this Warrant and the other Transaction Documents in accordance
with the provisions of this Section (4)(b) pursuant to written agreements in form and substance
satisfactory to the Required Holders and approved by the Required Holders prior to such Fundamental
Transaction, including agreements to deliver to each holder of Warrants in exchange for such
Warrants a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant, including, without limitation, an adjusted exercise price
equal to the value for the shares of Common Stock reflected by the terms of such Fundamental
Transaction, and exercisable for a corresponding number of shares of capital stock equivalent to
the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard
to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and
satisfactory to the Required Holders and (ii) the Successor Entity (including its Parent Entity) is
a publicly traded corporation whose common stock is quoted on or listed for trading on an Eligible
Market. Upon the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to,
and be substituted for (so that from and after the date of such Fundamental Transaction, the
provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of
the Company under this Warrant with the same effect as if such Successor Entity had been named as
the Company herein. Upon consummation of the Fundamental Transaction, the Successor Entity shall
deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any
time after the consummation of the Fundamental Transaction, in lieu of the shares of the Common
Stock (or other securities, cash, assets or other property) issuable upon the exercise of this
Warrant prior to such Fundamental Transaction, such shares of the publicly traded Common Stock (or
its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have
been entitled to receive upon the happening of such Fundamental Transaction had this Warrant been
converted immediately prior to such Fundamental Transaction, as adjusted in accordance with the
provisions of this Warrant. In addition to and not in substitution for any other rights hereunder,
prior to the consummation of any Fundamental Transaction pursuant to which holders of shares of
Common Stock are entitled to receive securities or other assets with respect to or in exchange for
shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to
insure that the Holder will thereafter have the right to receive upon an exercise of this Warrant
at any time after the consummation of the Fundamental Transaction but prior to the Expiration Date,
in lieu of the shares of the Common Stock (or other securities, cash, assets or other property)
issuable upon the exercise of this Warrant prior to such Fundamental Transaction, such shares of
stock, securities, cash, assets or any other property whatsoever (including warrants or other
purchase or subscription rights) which the Holder would have been entitled to receive upon the
happening of such Fundamental Transaction had this Warrant been exercised immediately prior to such
Fundamental Transaction. Provision made pursuant to the preceding sentence shall be in a form and
substance reasonably satisfactory to the Required Holders. The provisions of this Section shall
apply similarly and equally to successive Fundamental Transactions and Corporate Events and shall
be applied without regard to any limitations on the exercise of this Warrant.

(c) Notwithstanding the foregoing, in the event of a Change of Control, at the
request of the Holder delivered before the ninetieth (90th) day after the consummation of such
Change of Control, the Company (or the Successor Entity) shall purchase this Warrant from the
Holder by paying to the Holder, within five (5) Business Days of such request (or, if later, on the
effective date of the Change of Control, cash in an amount equal to the Black Scholes Value of the
remaining unexercised portion of this Warrant on the date of such Change of Control.

5. WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise
specifically provided herein, the Holder, solely in such Person’s capacity as a holder of this
Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share
capital of the Company for any purpose, nor shall anything contained in this Warrant be construed
to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of
the rights of a stockholder of the Company or any right to vote, give or withhold consent to any
corporate action (whether any reorganization, issue of stock, reclassification of stock,
consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or
subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which
such Person is then entitled to receive upon the due exercise of this Warrant. In addition,
nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to
purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the
Company, whether such liabilities are asserted by the Company or by creditors of the Company.
Notwithstanding this Section 5, the Company shall provide the Holder with copies of the same
notices and other information given to the stockholders of the Company generally, contemporaneously
with the giving thereof to the stockholders.

6. NONCIRCUMVENTION. The Company hereby covenants and agrees that the
Company will not, by amendment of its Certificate of Incorporation, Bylaws or through any
reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, and will at all times in good faith carry out
all the provisions of this Warrant and take all action as may be required to protect the rights of
the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase
the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the
Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable shares of
Common Stock upon the exercise of this Warrant, and (iii) shall, so long as any of the SPA Warrants
are outstanding, take all action necessary to reserve and keep available out of its authorized and
unissued shares of Common Stock, solely for the purpose of effecting the exercise of the SPA
Warrants, 100% of the number of shares of Common Stock as shall from time to time be necessary to
effect the exercise of the SPA Warrants then outstanding (without regard to any limitations on
exercise).

7. REISSUANCE OF WARRANTS.

(a) Transfer of Warrant. If this Warrant is to be transferred, the Holder
shall surrender this Warrant to the Company, whereupon the Company will forthwith issue and deliver
upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the
Holder may request, representing the right to purchase the number of Warrant Shares being
transferred by the Holder and, if less than the total number of Warrant Shares then underlying this
Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder
representing the right to purchase the number of Warrant Shares not being transferred.

(b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of
evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by
the Holder to the Company in customary form and, in the case of mutilation, upon surrender and
cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in
accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying
this Warrant.

(c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon
the surrender hereof by the Holder at the principal office of the Company, for a new Warrant or
Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the
number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the
right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of
such surrender; provided, however, that no Warrants for fractional shares of Common Stock shall be
given.

(d) Issuance of New Warrants. Whenever the Company is required to issue a
new Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with
this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to
purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being
issued pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which,
when added to the number of shares of Common Stock underlying the other new Warrants issued in
connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is
the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

8. NOTICES. Whenever notice is required to be given under this Warrant,
unless otherwise provided herein, such notice shall be given in accordance with Section 9(f) of the
Securities Purchase Agreement. The Company shall provide the Holder with prompt written notice of
all actions taken pursuant to this Warrant, including in reasonable detail a description of such
action and the reason therefore. Without limiting the generality of the foregoing, the Company
will give written notice to the Holder (i) immediately upon any adjustment of the Exercise Price,
setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at
least fifteen (15) days prior to the date on which the Company closes its books or takes a record
(A) with respect to any dividend or distribution upon the shares of Common Stock, (B) with respect
to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase
stock, warrants, securities or other property to holders of shares of Common Stock or (C) for
determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation,
provided in each case that such information shall be made known to the public prior to or in
conjunction with such notice being provided to the Holder. 

9. AMENDMENT AND WAIVER. Except as otherwise provided herein, the
provisions of this Warrant may be amended and the Company may take any action herein prohibited, or
omit to perform any act herein required to be performed by it, only if the Company has obtained the
written consent of the Required Holders; provided that no such action may increase the exercise
price of any SPA Warrant or decrease the number of shares or class of stock obtainable upon
exercise of any SPA Warrant without the written consent of the Holder. No such amendment shall be
effective to the extent that it applies to less than all of the holders of the SPA Warrants then
outstanding.

10. GOVERNING LAW. This Warrant shall be governed by and construed and
enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Warrant shall be governed by, the internal laws of the State
of New York, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdictions) that would cause the application of
the laws of any jurisdictions other than the State of New York.

11. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly
drafted by the Company and all the Buyers and shall not be construed against any person as the
drafter hereof. The headings of this Warrant are for convenience of reference and shall not form
part of, or affect the interpretation of, this Warrant.

12. DISPUTE RESOLUTION. In the case of a dispute as to the determination of
the Exercise Price with respect to some or all of this Warrant or the arithmetic calculation of the
Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via
facsimile within two (2) Business Days of receipt of the Exercise Notice giving rise to such
dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon
such determination or calculation of the Exercise Price or the Warrant Shares within three (3)
Business Days of such disputed determination or arithmetic calculation being submitted to the
Holder, then the Company shall, within two (2) Business Days submit via facsimile (a) the disputed
determination of the Exercise Price to an independent, reputable investment bank selected by the
Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant
Shares to the Company’s independent, outside accountant. The Company shall cause at its expense
the investment bank or the accountant, as the case may be, to perform the determinations or
calculations and notify the Company and the Holder of the results no later than ten Business Days
from the time it receives the disputed determinations or calculations. Such investment bank’s or
accountant’s determination or calculation, as the case may be, shall be binding upon all parties
absent demonstrable error.

13. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The
remedies provided in this Warrant shall be cumulative and in addition to all other remedies
available under this Warrant and the other Transaction Documents, at law or in equity (including a
decree of specific performance and/or other injunctive relief), and nothing herein shall limit the
right of the Holder to pursue actual damages for any failure by the Company to comply with the
terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder
will cause irreparable harm to the Holder and that the remedy at law for any such breach may be
inadequate. The Company therefore agrees that, in the event of any such breach or threatened
breach, the holder of this Warrant shall be entitled, in addition to all other available remedies,
to an injunction restraining any breach, without the necessity of showing economic loss and without
any bond or other security being required.

14. TRANSFER. This Warrant may be offered for sale, sold, transferred or
assigned without the consent of the Company, except as may be required by Section 2(f) of the
Securities Purchase Agreement. The Holder shall give prompt notice to the Company of any such sale,
transfer or assignment.

15. SEVERABILITY. If any provision of this Agreement is prohibited by law
or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the
provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to
apply to the broadest extent that it would be valid and enforceable, and the invalidity or
unenforceability of such provision shall not affect the validity of the remaining provisions of
this Agreement so long as this Agreement as so modified continues to express, without material
change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially
impair the respective expectations or reciprocal obligations of the parties or the practical
realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable
provision(s) with a valid provision(s), the effect of which comes as close as possible to that of
the prohibited, invalid or unenforceable provision(s).

16. CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms
shall have the following meanings:

(a) "Black Scholes Value” means the value of this Warrant based on the Black and
Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day
of the closing of the applicable Fundamental Transaction for pricing purposes and reflecting (i) a
risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining
term of this Warrant as of such date of request, (ii) an expected volatility equal to the greater
of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the day
immediately following the public announcement of the applicable Fundamental Transaction and (iii)
the underlying price per share used in such calculation shall be the sum of the price per share
being offered in cash, if any, plus the value of any non cash consideration, if any, being offered
in the Fundamental Transaction.

(b) "Bloomberg” means Bloomberg Financial Markets.

(c) "Business Day” means any day other than Saturday, Sunday or other day on which
commercial banks in The City of New York are authorized or required by law to remain closed.

(d) “Change of Control” means any Fundamental Transaction other than (A) any
reorganization, recapitalization or reclassification of the Common Stock, in which holders of the
Company’s voting power immediately prior to such reorganization, recapitalization or
reclassification continue after such reorganization, recapitalization or reclassification to hold
publicly traded securities and, directly or indirectly, the voting power of the surviving entity or
entities necessary to elect a majority of the members of the board of directors (or their
equivalent if other than a corporation) of such entity or entities, or (B) pursuant to a migratory
merger effected solely for the purpose of changing the jurisdiction of incorporation of the
Company.

(e) "Closing Bid Price” and “Closing Sale Price” means, for any security as of any
date, the last closing bid price and last closing trade price, respectively, for such security on
the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an
extended hours basis and does not designate the closing bid price or the closing trade price, as
the case may be, then the last bid price or last trade price, respectively, of such security prior
to 4:00:00 p.m., New York Time, as reported by Bloomberg, or, if the Principal Market is not the
principal securities exchange or trading market for such security, the last closing bid price or
last trade price, respectively, of such security on the principal securities exchange or trading
market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not
apply, the last closing bid price or last trade price, respectively, of such security in the
over-the-counter market on the electronic bulletin board for such security as reported by
Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such
security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any
market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the
National Quotation Bureau, Inc.). If the Closing Bid Price or the Closing Sale Price cannot be
calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price
or the Closing Sale Price, as the case may be, of such security on such date shall be the fair
market value as mutually determined by the Company and the Holder. If the Company and the Holder
are unable to agree upon the fair market value of such security, then such dispute shall be
resolved pursuant to Section 12. All such determinations to be appropriately adjusted for any
stock dividend, stock split, stock combination or other similar transaction during the applicable
calculation period.

(f) "Common Stock” means (i) the Company’s shares of Common Stock, par value $0.001
per share, and (ii) any share capital into which such Common Stock shall have been changed or any
share capital resulting from a reclassification of such Common Stock.

(g) "Convertible Securities” means any stock or securities (other than Options)
directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock.

(h) "Eligible Market” means the Principal Market, The New York Stock Exchange, Inc.,
The NASDAQ Global Market, The NASDAQ Capital Market or The NASDAQ Global Select Market.

(i) "Expiration Date” means the date that is six (6) years following the date that
all of the Warrant Shares shall be issuable without restriction or limitation of the Exchange Cap
or, if such date falls on a day other than a Business Day or on which trading does not take place
on the Principal Market (a “Holiday”), the next day that is not a Holiday.

(j) "Fundamental Transaction” means that the Company shall directly or indirectly,
in one or more related transactions, (i) consolidate or merge with or into (whether or not the
Company is the surviving corporation) another Person, or (ii) sell, assign, transfer, convey or
otherwise dispose of all or substantially all of the properties or assets of the Company to another
Person, or (iii) allow another Person to make a purchase, tender or exchange offer that is accepted
by the holders of more than the 50% of the outstanding shares of Common Stock (not including any
shares of Common Stock held by the Person or Persons making or party to, or associated or
affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (iv)
consummate a stock purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby
such other Person acquires more than the 50% of the outstanding shares of Common Stock (not
including any shares of Common Stock held by the other Person or other Persons making or party to,
or associated or affiliated with the other Persons making or party to, such stock purchase
agreement or other business combination), or (v) reorganize, recapitalize or reclassify its Common
Stock, or (vi) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and
14(d) of the Exchange Act), become the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by
issued and outstanding Common Stock.

(k) "Options” means any rights, warrants or options to subscribe for or purchase
shares of Common Stock or Convertible Securities.

(l) "Parent Entity” of a Person means an entity that, directly or indirectly,
controls the applicable Person and whose common stock or equivalent equity security is quoted or
listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the
Person or Parent Entity with the largest public market capitalization as of the date of
consummation of the Fundamental Transaction.

(m) "Person” means an individual, a limited liability company, a partnership, a
joint venture, a corporation, a trust, an unincorporated organization, any other entity and a
government or any department or agency thereof.

(n) "Principal Market” means The American Stock Exchange.

(o) "Registration Rights Agreement” means that certain Registration Rights Agreement
dated as of the Subscription Date by and among the Company and the Buyers.

(p) "Required Holders” means the holders of the SPA Warrants representing at least
sixty percent (60%) of the shares of Common Stock underlying the SPA Warrants then outstanding.

(q) "Successor Entity” means the Person (or, if so elected by the Required Holders,
the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person
(or, if so elected by the Required Holders, the Parent Entity) with which such Fundamental
Transaction shall have been entered into.

(r) "Trading Day” means any day on which the Common Stock is traded on the Principal
Market, or, if the Principal Market is not the principal trading market for the Common Stock, then
on the principal securities exchange or securities market on which the Common Stock is then traded;
provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to
trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is
suspended from trading during the final hour of trading on such exchange or market (or if such
exchange or market does not designate in advance the closing time of trading on such exchange or
market, then during the hour ending at 4:00:00 p.m., New York Time).

(s) "Weighted Average Price” means, for any security as of any date, the dollar
volume-weighted average price for such security on the Principal Market during the period beginning
at 9:30:01 a.m., New York Time (or such other time as the Principal Market publicly announces as
the official open of trading), and ending at 4:00:00 p.m., New York Time (or such other time as the
Principal Market publicly announces is the official close of trading) as reported by Bloomberg
through its “Volume at Price” function, or, if the foregoing does not apply, the dollar
volume-weighted average price of such security in the over-the-counter market on the electronic
bulletin board for such security during the period beginning at 9:30:01 a.m., New York Time (or
such other time as such market publicly announces is the official open of trading), and ending at
4:00:00 p.m., New York Time (or such other time as such market publicly announces is the official
close of trading) as reported by Bloomberg, or, if no dollar volume-weighted average price is
reported for such security by Bloomberg for such hours, the average of the highest closing bid
price and the lowest closing ask price of any of the market makers for such security as reported in
the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the
Weighted Average Price cannot be calculated for a security on a particular date on any of the
foregoing bases, the Weighted Average Price of such security on such date shall be the fair market
value as mutually determined by the Company and the Holder. If the Company and the Holder are
unable to agree upon the fair market value of such security, then such dispute shall be resolved
pursuant to Section 12. All such determinations are to be appropriately adjusted for any stock
dividend, stock split, stock combination or other similar transaction during the applicable
calculation period.

[Signature Page Follows]

1

IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be duly
executed as of the Issuance Date set out above.

METALICO, INC

By:

Name:

Title:

2

EXHIBIT A

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

METALICO, INC.

The undersigned holder hereby exercises the right to purchase      of the shares
of Common Stock (“Warrant Shares”) of Metalico, Inc., a Delaware corporation (the “Company”),
evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”). Capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

1. Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be
made as:

	 	 	 
	     

	 	a “Cash Exercise” with respect to      Warrant Shares; and/or
	
 
	 	 
	     

	 	a “Cashless Exercise” with respect to      Warrant Shares.
	
 
	 	 

2. Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with
respect to some or all of the Warrant Shares to be issued pursuant hereto, the holder shall pay the
Aggregate Exercise Price in the sum of $     to the Company in accordance with the
terms of the Warrant.

3. Delivery of Warrant Shares. The Company shall deliver to the holder      Warrant
Shares in accordance with the terms of the Warrant.

Date:      ,      

Name of Registered Holder

By:

Name:

Title:

	1	 	Insert 40% of the number of Common Shares
purchased by the Holder pursuant to the Securities Purchase Agreement.

3

ACKNOWLEDGMENT

The Company hereby acknowledges this Exercise Notice and hereby directs [Insert Stock Transfer
Agent] to issue the above indicated number of shares of Common Stock in accordance with the
Transfer Agent Instructions dated [?], 2008 from the Company and acknowledged and agreed to by
[Insert Stock Transfer Agent].

METALICO, INC.

By:

Name:

Title:

4EX-10.1

AGREEMENT FOR PURCHASE AND SALE

OF REAL PROPERTY AND ESCROW INSTRUCTIONS

THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS (this
“Agreement”) is made and entered into as of March 6, 2008 (the “Effective Date”),
by and between Epler Parke, LLC, an Indiana Limited Liability Company (“Seller”) and Grubb
& Ellis Realty Investors, LLC, a Virginia limited liability company (“Buyer”), with
reference to the following facts:

	 	A.	 	Seller owns that certain real property commonly known as 5550 S. East Street,
City of Indianapolis, Marion County, State of Indiana, as more particularly described
on Exhibit A attached hereto (the “Land”), commonly known as Epler
Parke Building B and such other assets, as more particularly described in this
Agreement.

	 	B.	 	Seller desires to sell to Buyer and Buyer desires to purchase from Seller the
Land and the associated assets.

NOW, THEREFORE, in consideration of the mutual covenants, premises and agreements herein
contained, the parties hereto do hereby agree as follows:

1. Purchase and Sale.

	 	1.1.	 	At the “Close of Escrow” (as defined below) Seller hereby agrees to
sell and convey to Buyer and Buyer hereby agrees to purchase from Seller, subject to
the terms and conditions of this Agreement, all of Seller’s right, title, estate and
interest in and to all of the following (collectively, the “Property”):

	 	1.1.1.	 	The Land;

	 	1.1.2.	 	All rights, privileges and easements appurtenant to the Land, including,
without limitation, all of Seller’s right, title and interest, if any, in
minerals, oil, gas and other hydrocarbon substances on the Land, as well as all
development rights, air rights, water rights and water stock owned by Seller
relating to the Land, and any easements, rights of way or other appurtenances
of Seller used in connection with the beneficial use and enjoyment of the Land
(collectively, the “Appurtenances”);

	 	1.1.3.	 	All of Seller’s right, title and interest in all improvements and fixtures
located on the Land, including, without limitation, all buildings and
structures owned by Seller presently located on the Land, all apparatus,
equipment and appliances used in connection with the operation or occupancy of
the Land, such as heating, air conditioning, and lighting systems and other
facilities used to provide any utility services, refrigeration, ventilation,
garbage disposal, or other services on the Land (all of which are collectively
referred to as the “Improvements,” and together with the Land, the
Appurtenances and the Improvements are collectively referred to herein as the
“Real Property”);

	 	1.1.4.	 	All tangible personal property now or hereafter owned by Seller and located
on or in, or used in connection with, the Real Property (the “Personal
Property”);

	 	1.1.5.	 	All leases, licenses and other occupancy agreements together with all
associated amendments, modifications, extensions or supplements thereto set
forth on Exhibit B attached hereto and any other lease, license or
occupancy agreement entered into in accordance with the terms of this Agreement
prior to the Close of Escrow (collectively, the “Leases”) with all
persons or entities occupying the Real Property or any part thereof pursuant to
the Leases (“Tenants”), together with all deposits held in connection
with the Leases, including, without limitation, all security deposits, prepaid
rent, guaranties, letters of credit and other similar charges and credit
enhancements providing additional security for the Leases, as set forth on
Exhibit C attached hereto;

	 	1.1.6.	 	To the extent assignable, all intangible personal property now or hereafter
owned by Seller and used in the ownership, use, operation, occupancy,
maintenance or development of the Real Property and Personal Property,
including, without limitation (i) all licenses, permits, certificates,
approvals, authorizations and other entitlements issued (the
“Permits”); (ii) all reports, test results, environmental assessments,
surveys, plans, specifications (the “Plans”); (iii) all warranties and
guaranties from manufacturers, contractors, subcontractors, suppliers and
installers (“Warranties”); (iv) all trade names, trademarks, service
marks, building and property names and building signs used in connection with
the Real Property, including the name “Epler Parke Building B” and the
non-exclusive right to use the name “Epler Parke” and all variations thereof
(the “Tradenames”); (v) all telephone numbers, domain names, e-mail
addresses and other means of contact utilized in connection with the Real
Property; and (vi) all other intangible property related to the Real Property
(collectively the “Intangible Property”);

	 	1.1.7.	 	All assignable equipment leases, service, utility, supply, maintenance, and
concession contracts, agreements and other continuing contractual obligations
affecting the use, operation, maintenance, development and repair of the Real
Property or the Personal Property which shall extend beyond the date of Closing
and which the Buyer elects to assume (the “Contracts”).

2. Purchase Price. The total Purchase Price of the Property shall be Five Million
Eight Hundred Fifty Thousand and No/100 Dollars ($5,850,000.00) (“Purchase Price”), and
payable as follows:

	 	2.1.	 	Deposit/Further Payments.

	 	2.1.1.	 	Within two (2) business days following the date a fully executed original of
this Agreement is received by the Escrow Holder, as defined below (the date the
fully executed original of this Agreement is received by the Escrow Holder
shall hereinafter be referred to as the “Effective Date”), Buyer shall
deposit into Escrow (hereinafter defined) the amount of Two Hundred Fifty
Thousand and No/100 Dollars ($250,000.00) (the “Deposit”), in the form
of a wire transfer payable to Land America Title Company, 915 Wilshire
Boulevard, Suite 2100, Los Angeles California 90017, Attn: Lois McAuley
(“Escrow Holder”). Escrow Holder shall place the Deposit into an
interest bearing money market account at a bank or other financial institution
reasonably satisfactory to Buyer, and interest thereon shall be credited to
Buyer’s account and shall be deemed to be part of the Deposit.

	 	2.1.2.	 	On or before Close of Escrow, Buyer shall deposit with the Escrow Holder to
be held in Escrow the balance of the Purchase Price, in immediately available
funds by wire transfer made payable to Escrow Holder.

	 	2.1.3.	 	Escrow Holder shall deposit the Deposit in a non-commingled trust account and
shall invest the Deposit in an insured, interest bearing money market accounts,
certificates of deposit, United States Treasury Bills or such other instruments
as directed by Buyer and reasonably acceptable to Seller and interest thereon
shall be credited to Buyer’s account and deemed to be part of the Deposit. In
the event of the consummation of the purchase and sale of the Property as
contemplated hereunder, the Deposit shall be paid to Seller and credited
against the Purchase Price at the “Close of Escrow” (as defined below).
In the event the sale of the Property is not consummated because of the
termination of this Agreement by Buyer in accordance with any right to so
terminate provided herein, or the failure of any Buyer’s Conditions (as defined
below), or for any other reason, except for a default by Buyer under
Section 13.2, then the Deposit shall be immediately and automatically
paid over to Buyer without the need for any further action by either party
hereto. In the event the sale of the Property is not consummated because of a
default by Buyer under Section 13.2, the Deposit shall be promptly paid
to and retained by Seller in accordance with Section 13.2.

3. Title to Property; Survey.

	 	3.1.	 	Title Insurance.

Seller will, cause Land America Title Company (the “Title Company”) to issue
an Extended Coverage ALTA Owner’s Policy of Title Insurance (the “Title
Policy”) for and on behalf of Buyer in the total amount of the Purchase Price
and obtainable at standard rates not to exceed $5,850 insuring good, marketable and
insurable title in and to the Real Property. The Title Policy shall provide full
coverage against mechanics’ and materialmens liens and shall contain such
endorsements as Buyer may reasonably require (the “Endorsements”). Seller
shall pay up to $5,850 for the basic insurance coverage and Buyer shall pay the cost
of all endorsements. In any event, Seller covenants to cause to be released and
reconveyed from the Property, and to remove as exceptions to title on or prior to
the Close of Escrow the following (the “Pre-Disapproved Exceptions”): all
labor, materialmens and mechanics liens, mortgages, deeds of trust, and other
monetary encumbrances, assessments and/or indebtedness, except for the current
installment of non-delinquent real property taxes and assessments payable as part of
the real property tax bill. The Title Policy shall be free and clear of exceptions
except as follows:

	 	3.1.1.	 	Real property taxes and assessments, which are a lien not yet due;

	 	3.1.2.	 	The “Permitted Exceptions” (as defined in Section 3.2)
included in such policy and approved by Buyer as herein described.

	 	3.2.	 	Procedure for Approval of Title.

Seller shall, no later than three (3) days following the Effective Date, provide to
Buyer a title insurance commitment and/or preliminary title report for the Real
Property (the “Commitment”) dated no earlier than thirty (30) days prior to
the Effective Date, together with legible copies of all items identified as
exceptions therein (the “Title Documents”). Buyer shall have thirty (30)
days following the later of (a) the Effective Date; and (b) the receipt of the later
of the Title Documents and the “Survey” (as defined in Section
4.1.1) to review and approve, in writing, the condition of the title to the Real
Property (“Title Review Period”). If the Title Documents or the Survey
reflect or disclose any defect, exception or other matter affecting the Real
Property (“Title Defects”) that is unacceptable to Buyer, then Buyer shall
provide Seller with written notice of Buyer’s objections no later than the
conclusion of the Title Review Period; provided, however, if Buyer shall fail to
notify Seller in writing within the Title Review Period either that the condition of
title is acceptable or of any specific objections to the state of title to the Real
Property, then Buyer shall be deemed to have accepted all exceptions to title or
other conditions or matters which are shown on the Survey or described in the Title
Documents. Seller may, at its sole option, elect, by written notice given to Buyer
within five (5) business days following the conclusion of the Title Review Period
(“Seller’s Notice Period”), to cure or remove the objections made by Buyer;
provided, however, Seller shall in all events have the obligation to (i) act in good
faith in making such election and curing any Title Defects that Seller elects to
cure, (ii) specifically remove the Pre-Disapproved Exceptions, and (iii) remove any
Title Defect that attaches to the Real Property subsequent to the conclusion of the
Title Review Period. The failure of Seller to deliver written notice electing to
cure any or all such objected to exceptions during the Seller’s Notice Period shall
be deemed an election by Seller not to cure such exceptions. Should Seller elect to
attempt to cure or remove any objection, Seller shall have fifteen (15) days from
the conclusion of the Title Review Period (“Cure Period”) in which to
accomplish the cure. In the event Seller elects (or is deemed to have elected) not
to cure or remove any objection, or in any event Seller fails to cure or remove any
objection which Seller agrees or is required to cure within the Cure Period, then
Buyer shall be entitled, as Buyer’s sole and exclusive remedies, either to (i)
terminate this Agreement and obtain a refund of the Deposit or (ii) waive any
objections that Seller has not elected to cure and close this transaction as
otherwise contemplated herein. The failure of Buyer to provide written notice to
Seller within ten (10) days following the expiration of the Seller’s Notice Period
waiving any objections Seller has not elected to cure shall be deemed an election by
Buyer to terminate this Agreement. Any exceptions to title accepted by Buyer
pursuant to the terms of this Section shall be deemed “Permitted
Exceptions.” If at anytime prior to the Close of Escrow, Buyer receives an
update or supplement to the Commitment or Survey and such update or supplement
discloses one or more Title Defects that are not Permitted Exceptions (in each case,
a “New Title Defect”) and any New Title Defect is unacceptable to Buyer,
Buyer may, within three (3) business days after receiving such update or supplement
to the Commitment or Survey, as the case may be, deliver to the Seller another
written notice of Buyer’s objections with respect to any New Title Defect only and
the process described in this Section shall apply thereto.

	 	3.3.	 	Survey. 

Seller shall obtain an ALTA survey of the Real Property dated no earlier than thirty
(30) days prior to the Effective Date (the “Survey”). Seller shall order
the survey within three (3) days after the Effective Date and shall obtain such
survey within fifteen (15) days after the Effective Date.

4. Due Diligence Items.

	 	4.1.	 	Seller shall, on or before three (3) days after the Effective Date (the
“Delivery Date”), deliver to Buyer each of the following (collectively, the
“Due Diligence Items”):

	 	4.1.1.	 	A copy of the most recent survey of the Real Property in Seller’s possession;

	 	4.1.2.	 	Copies of all Leases presently in effect with respect to the Real Property,
together with any amendments or modifications thereof;

	 	4.1.3.	 	A “Rent Roll” with respect to the Real Property for the calendar
month immediately preceding the Effective Date, showing with respect to each
Tenant of the Real Property: (1) the name of the Tenant, (2) the number of
rentable square feet in Tenant’s premises as set forth in Tenant’s Lease, (3)
the current monthly base rental payable by such Tenant, (4) the term of the
Lease, (5) any available options for the Tenant under the Lease; and (6) the
amount of any security deposit;

	 	4.1.4.	 	A Rent Roll current as of December, 2006, 2007 and 2008 year to date;

	 	4.1.5.	 	An aging report showing, with respect to each Tenant of the Real Property,
the date through which such Tenant has paid rent and a Tenant by Tenant monthly
aging report for the preceding 24 months;

	 	4.1.6.	 	Copies of all contracts, including, without limitation, service contracts,
warranties, management, maintenance, leasing commission or other agreements
affecting the Property;

	 	4.1.7.	 	All site plans, leasing plans, as-built plans, drawings, environmental,
mechanical, electrical, structural, soils and similar reports and/or audits and
plans and specifications relative to the Real Property in the possession of
Seller or under the control of Seller, if any;

	 	4.1.8.	 	True and correct copies of the real estate and personal property tax
statements covering the Property or any part thereof for each of the two (2)
years prior to the current year and, if available, for the current year;

	 	4.1.9.	 	A schedule of all current or pending litigation with respect to the Real
Property or any part thereof, if any, or otherwise with respect to Seller that
might have a material adverse effect on Seller’s ability to perform hereunder,
together with a brief description of each such proceeding;

	 	4.1.10.	 	Operating statements for the Real Property for the two prior calendar years
and the current year to date, or if shorter, for any periods during which
Seller was owner of the Real Property;

	 	4.1.11.	 	Copies of Tenant files and records relating to the ownership and operation
of the Real Property;

	 	4.1.12.	 	An inventory of all personal property located on the Real Property which is
used in the maintenance of the Real Property or stored for future use with the
Real Property;

	 	4.1.13.	 	Copies of existing loan documents and notes affecting the Real Property, if
loan is to be assumed;

	 	4.1.14.	 	Copies of utility bills for the Real Property for the two prior calendar
years and the current year to date or if shorter, for any periods during which
the Seller was the owner of the Property;

	 	4.1.15.	 	Any existing report from a licensed pest control contractor regarding the
presence on the Real Property of dry rot or termite infestation;

	 	4.1.16.	 	Any existing report from a licensed HVAC contractor concerning the condition
of HVAC equipment and its capacity to service the Real Property;

	 	4.1.17.	 	Any existing Environmental Impact Report for the Real Property; and

	 	4.1.18.	 	Any existing report from a licensed roofer concerning the water-proofness
and condition of the roof for the Real Property.

5. Inspections.

	 	5.1.	 	Procedure; Indemnity.

Buyer, at its sole expense, shall have the right to conduct feasibility,
environmental, engineering and physical studies of the Real Property at any time
from and after Effective Date and for a period of thirty (30) days thereafter (the
“Due Diligence Period”); provided, however, if the Due Diligence Items are
not delivered on or before the Delivery Date, Buyer shall give Seller written notice
within ten (10) business days after the Delivery Date identifying the Due Diligence
Items that have not been delivered to Buyer, in which event the Due Diligence Period
shall be extended for a period equal to the associated delay in delivery of such
materials beyond the Delivery Date. Buyer and its duly authorized agents or
representatives shall be permitted to enter upon the Real Property at all reasonable
times during the Due Diligence Period (but without disrupting Tenant’s operations)
in order to conduct tenant interviews, engineering studies, soil tests and any other
inspections and/or tests that Buyer may deem necessary or advisable (collectively,
the “Inspections”). Buyer agrees to promptly discharge any liens that may
be imposed against the Real Property as a result of Buyer’s Inspections and to
defend, indemnify and hold Seller harmless from all claims, suits, losses, costs,
expenses (including without limitation court costs and attorneys’ fees),
liabilities, judgments and damages (collectively, “Claims”) incurred by
Seller as a result of any Inspections performed by Buyer, except for any Claims
against Seller based upon any obligations and liabilities of Seller.

	 	5.2.	 	Approval.

	 	5.2.1.	 	Buyer shall have until the conclusion of the Due Diligence Period (as the
same may be extended in accordance with the terms of Section 5.1 above)
to approve or disapprove of the Inspections and the Due Diligence Items
enumerated in Section 4. If Buyer shall fail to deliver a written
notice to Seller and Escrow Holder within the Due Diligence Period approving
the condition of the Real Property this Agreement shall thereupon be
automatically terminated, Buyer shall not be entitled to purchase the Real
Property, Seller shall not be obligated to sell the Real Property to Buyer and
the parties shall be relieved of any further obligation to each other with
respect to the Real Property. Upon termination, Escrow Holder shall, without
any further action required from any party, return all documents and funds,
including the Deposit, to the parties who deposited same and no further duties
shall be required of Escrow Holder.

	 	5.2.2.	 	Notwithstanding anything to the contrary contained herein, Buyer hereby
agrees that in the event this Agreement is terminated for any reason, then
Buyer shall promptly and at its sole expense return to Seller all Due Diligence
Items which have been delivered by Seller to Buyer in connection with Buyer’s
inspection of the Real Property within one (1) business day following the
termination of this Agreement

	 	5.2.3.	 	On or before the expiration of the Due Diligence Period, the Buyer may
deliver written notice to the Seller (the “Contracts Notice”)
specifying any Contracts with respect to which Buyer requires Seller deliver
notices of termination at the Closing (the “Terminated Contracts”)
whereupon the Terminated Contracts shall not be assigned to, or assumed by, the
Buyer. To the extent that any such Terminated Contract requires payment of a
penalty or premium for cancellation, the Seller shall be solely responsible for
the payment of any such cancellation fees or penalties. If the Buyer fails to
deliver the Contracts Notice on or before the expiration of the Due Diligence
Period, there shall be no Terminated Contracts and the Buyer shall assume all
Contracts set forth on Exhibit D at the Closing. Notwithstanding
anything to the contrary set forth in this section, prior to the Closing Date
the Seller shall terminate any and all management contracts pertaining to the
Property.

6. Escrow.

	 	6.1.	 	Opening.

Purchase and sale of the Property shall be consummated through an escrow
(“Escrow”) to be opened with Escrow Holder within two (2) business days
after the execution of this Agreement by Seller and Buyer. This Agreement shall be
considered as the Escrow instructions between the parties, with such further
consistent instructions as Escrow Holder shall require in order to clarify its
duties and responsibilities. If Escrow Holder shall require further Escrow
instructions, Escrow Holder may prepare such instructions on its usual form. Such
further instructions shall, so long as not inconsistent with the terms of this
Agreement, be promptly signed by Buyer and Seller and returned to Escrow Holder
within three (3) business days of receipt thereof. In the event of any conflict
between the terms and conditions of this Agreement and any further Escrow
instructions, the terms and conditions of this Agreement shall control.

	 	6.2.	 	Close of Escrow.

The “Close of Escrow” shall occur on the date that is thirty (30) days after
the expiration of the Due Diligence Period (as such period may be extended pursuant
to Section 5.1 hereof); or on such other date mutually approved in writing
by Seller and Buyer (the “Closing Date”); provided, however, that Buyer
shall have the right to set the Closing Date at any date prior to the thirty (30)
days after the expiration of the Due Diligence Period without Seller’s consent
within five (5) days’ notice to Seller. The foregoing notwithstanding, Buyer may,
at Buyer’s election, and upon payment of Fifty Thousand and No/100 Dollars
($50,000.00) (the “Extension Deposit”) to Escrow Holder, extend the Close of
Escrow for thirty (30) days. In the event an Extension Deposit is paid to Escrow
Holder, all references to the Deposit in this Agreement shall include the Extension
Deposit. The Extension Deposit shall be non-refundable except as otherwise set
forth herein.

	 	6.3.	 	Buyer Required to Deliver. On or before the Close of Escrow, Buyer
shall deliver to Escrow the following:

	 	6.3.1.	 	In accordance with Section 2, the Deposit;

	 	6.3.2.	 	On or before Close of Escrow, by 5:00 p.m. (Eastern Time) of the Closing
Date, the balance of the Purchase Price; provided, however that Buyer shall not
be required to deposit the balance of the Purchase Price into Escrow until
Buyer has been notified by Escrow Holder that (i) Seller has delivered to
Escrow each of the documents and instruments to be delivered by Seller in
connection with Buyer’s purchase of the Property, (ii) Title Company has
committed to issue and deliver the Title Policy to Buyer, and (iii) the only
impediment to Close of Escrow is delivery of such amount by or on behalf of
Buyer;

	 	6.3.3.	 	One (1) original Indiana Sales Disclosure pursuant to Indiana Code Section
6-1.1-5.5 (“Sales Disclosure”), duly executed and acknowledged by Buyer
and in proper form for recording.

	 	6.3.4.	 	On or before Close of Escrow, such other documents as the Title Company may
require from Buyer in order to issue the Title Policy;

	 	6.3.5.	 	Two (2) originals of an Assignment and Assumption Agreement in the form
attached hereto as Exhibit E (the “Assignment Agreement”), duly
executed by Buyer assigning all of Seller’s right, title and interest in and to
the Leases, Personal Property, Contracts, which Buyer elects to assume, and
Permits from and after the Close of Escrow to Buyer; and

	 	6.3.6.	 	Such other documents as may be required by this Agreement or as may
reasonably be required to carry out the terms and intent of this Agreement,
provided that such documents shall not increase Buyer’s liability or result in
a material expense to Buyer.

	 	6.3.7.	 	A written undertaking, reasonably satisfactory to Seller, under which Buyer
agrees to maintain, in good condition and repair, the paved drives and the
drainage pond located on the Property within easements pursuant to that certain
Declaration of Easements dated February 28, 2003 and recorded on March 5, 2003
in the office of the recorder of Marion County, Indiana as Instrument Number
2003-0045941.

	 	6.4.	 	Seller Required to Deliver.

	 	6.4.1.	 	No later than one (1) business day prior to the Close of Escrow (unless an
earlier date is specified), Seller shall deliver to Escrow Holder the
following:

	 	(a)	 	One (1) original Limited Warranty Deed in the
form attached hereto as Exhibit F (the “Deed”), duly
executed and acknowledged by Seller and in proper form for recording,
conveying fee title to the Real Property to Buyer;

	 	(b)	 	One (1) original Sales Disclosure, duly
executed and acknowledged by Seller and in proper form for recording.

	 	(c)	 	Two (2) original Assignment Agreements, duly
executed by Seller, assigning all of Seller’s right, title and interest
in and to the Leases, Personal Property, Contracts, which Buyer elects
to assume, and Permits to Buyer from and after the Close of Escrow;

	 	(d)	 	One (1) original certification as to Seller’s
non-foreign status which complies with the provisions of Section
1445(b)(2) of the Internal Revenue Code of 1986, as amended, any
regulations promulgated thereunder, and any revenue procedures or other
officially published announcements of the Internal Revenue Service or
the U.S. Department of the Treasury in connection therewith (the
“FIRPTA”);

	 	(e)	 	One (1) original letter, in a form acceptable
to Buyer, duly executed by Seller, advising the tenants under the
Leases of the change in ownership of the Real Property;

	 	(f)	 	No later than ten (10) days prior to Close of
Escrow, Tenant’s estoppel certificates as required by and provided for
in Section 9.1.6 and “SNDA,” as defined in, required by and
provided for in Section 9.1.6;

	 	(g)	 	Such other documents and instruments, executed
and properly acknowledged by Seller, if applicable, as Title Company
may require from Seller in order to issue the Title Policy;

	 	(h)	 	Such other documents as may be required by this
Agreement or as may reasonably be required to carry out the terms and
intent of this Agreement, provided that such documents shall not
increase Seller’s liability or result in a material expense to Seller;

	 	(i)	 	A current Rent Roll certified by the Seller as
being true and accurate as of the Closing Date; and

	 	6.4.2.	 	Within one (1) business day after the Close of Escrow, Seller shall make
available to Buyer or its agent the following:

	 	(a)	 	All keys to all buildings and other
improvements located on the Real Property, combinations to any safes
thereon, and security devices therein in Seller’s possession;

	 	(b)	 	A letter from Seller addressed to each Tenant
informing such Tenant of the change in ownership;

	 	(c)	 	The original Leases, Contracts and Permits; and

	 	(d)	 	All records and files relating to the
management or operation of the Real Property, including, without
limitation, all insurance policies, all service contracts, all tenant
files (including correspondence), property tax bills, and all
calculations used to prepare statements of rental increases under the
Leases and statements of common area charges, insurance, property taxes
and other charges which are paid by Tenants of the Real Property.

	 	 	 	 	 
	6.5.

	 	Buyer’s Costs.
	 	

	 	 	 
	 	 	Buyer shall pay the following:
	
 
	 	6.5.1.

6.5.2.

6.5.3.
	 	One half (1/2) of Escrow Holder’s fee, costs and expenses;

Buyer’s attorneys’ fees; and

The cost of any Title Policy endorsements requested by Buyer; and

	 	6.5.4.	 	All other costs customarily borne by buyers of real property in Marion
County, Indiana.

	 	6.6.	 	Seller’s Costs.

Seller shall pay the following:

	 	6.6.1.	 	One half (1/2) of Escrow Holder’s fee, costs and expenses; provided, however,
Seller shall only be required to pay $500 of the Escrow Holder’s fee, costs and
expenses;

	 	6.6.2.	 	Seller’s attorney fees;

	 	6.6.3.	 	The cost of recording the Deed;

	 	6.6.4.	 	Recording fees for any document(s) required by the Title Company in order to
release Title Defects or New Title Defects;

	 	6.6.5.	 	Escrow Holder premium for the basic Title Policy up to $5,850;

	 	6.6.6.	 	The cost of the Survey and any updates thereto; provided, however, that if
the Close of Escrow does not occur for any reason other than a default by
Seller, Buyer shall be responsible for the cost of the Survey and any updates
thereto and shall immediately reimburse Seller for the cost thereof.

	 	6.6.7.	 	All costs associated with removing any debt encumbering the Real Property;
and

	 	6.6.8.	 	All other costs customarily borne by sellers of real property in Marion
County, Indiana.

	 	6.7.	 	Prorations.

	 	6.7.1.	 	Items to be Prorated. The following shall be prorated between Seller
and Buyer as of the Close of Escrow with the Buyer being deemed the owner of
the Property as of the Close of Escrow:

	 	(a)	 	Taxes and Assessments. Buyer assumes
and agrees to pay all assessments for municipal improvements made after
the Close of Escrow, and all real estate taxes (“Taxes”) due
and payable after Close of Escrow. The parties intend to prorate Taxes
on a cash basis not an accrual basis. Consequently, at the time of
Close of Escrow Buyer shall receive as a credit on the cash payment
required at Close of Escrow an amount equal to the percentage of the
Taxes payable in 2008 after the Close of Escrow equivalent to the
portion of 2008 (after any tax payment date) that the Property was
owned by Seller. By way of example, if the Taxes payable in 2008 are
$60,000, none of which have been paid at the Close of Escrow, and the
Seller has owned the Property for ninety (90) days in 2008 then Buyer
shall receive a credit of 90/365 x $60,000 or $14,794.52. If the
actual tax rate is not known on the Closing Date, the Taxes shall be
prorated based upon the prior years tax rate and re-prorated within
thirty (30) days after the actual tax rate is published by the
appropriate governmental authority. In no event shall Seller be
charged with or be responsible for any increase in the taxes or
assessments on the Property resulting from the sale of the Property or
from any improvements made or leases entered into after the Close of
Escrow.

The foregoing notwithstanding, Tenant reimbursements for Taxes paid
by Seller prior to the Close of Escrow or for which Buyer receives a
credit from Seller hereunder shall by payable to Seller and if
received by Buyer from a Tenant shall be promptly accounted for and
remitted to Seller.

Seller shall be responsible for all Taxes due prior to the Close of
Escrow, including any increases in the Taxes assessed in 2006,
payable in 2007, as a result of a pending reassessment of the
Property. Escrow Holder shall withhold Twenty Thousand Dollars
($20,000) of the Purchase Price and place such money into an escrow
(“Tax Escrow”) with Escrow Holder pursuant to a separate
escrow agreement, the terms of which shall be mutually satisfactory
to Seller, Buyer and Escrow Holder, which shall be used solely to pay
the potential increase in the Taxes assessed in 2006 and payable in
2007. Buyer shall promptly bill Tenants who occupied space in the
Property in 2007 for their pro-rata share of any such increased
amount of Taxes and shall remit such amounts collected from Tenants
to Seller.

With respect to all periods for which Seller has paid Taxes, Seller
hereby reserves the right to institute or continue any proceeding or
proceedings for the reduction of the assessed valuation of the
Property, and, in its sole discretion, to settle the same. Seller
shall have sole authority to control the progress of, and to make all
decisions with respect to, such proceedings but shall provide Buyer
with copies of all communications with the taxing authorities. All
net tax refunds and credits attributable to any period prior to the
Close of Escrow which Seller has paid or for which Seller has given a
credit to Buyer shall belong to and be the property of Seller,
provided, however, that any such refunds and credits that are the
property of Tenants under Leases shall be promptly remitted by Seller
directly to such Tenants or to Buyer for the credit of such Tenants.
All net tax refunds and credits attributable to any period subsequent
to the Close of Escrow shall belong to and be the property of Buyer.
Buyer agrees to cooperate with Seller in connection with the
prosecution of any such proceedings and to take all steps, whether
before or after the Close of Escrow, as may be necessary to carry out
the intention of this subsection, including the delivery to Seller,
upon demand, of any relevant books and records, including receipted
tax bills and cancelled checks used in payment of such taxes, the
execution of any and all consent or other documents, and the
undertaking of any acts necessary for the collection of such refund
by Seller. Buyer agrees that, as a condition to the transfer of the
Property by Buyer, Buyer will cause any transferee to assume the
obligations set forth herein.

	 	(b)	 	Rents. Buyer will receive a credit at
closing for all rents collected by Seller prior to the Closing and
allocable to the period from and after the Close of Escrow based upon
the actual number of days in the month. No credit shall be given the
Seller for accrued and unpaid rent or any other non-current sums due
from Tenants until these sums are paid, and Seller shall retain the
right to collect any such rent or other amounts provided Seller does
not sue to evict any tenants or terminate any Leases. Buyer shall
cooperate with Seller after Closing to collect any rent or other
amounts due under the Leases which has accrued as of the Closing;
provided, however, Buyer shall not be obligated to sue any Tenants or
exercise any legal remedies under the Leases or to incur any expense
over and above its own regular collection expenses. All payments
collected from Tenants after Closing shall first be applied to the
month in which the Closing occurs, then to any rent due to Buyer for
the period after Closing and finally to any rent due to Seller for the
period prior to Closing; provided, however, notwithstanding the
foregoing, if Seller collects any payments from Tenants after Closing
through its own collection efforts, Seller may first apply such
payments to rent due the Seller for the period prior to Closing.

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

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

	 	(d)	 	Operating Expenses. All operating
expenses (including all charges under the service contracts and
agreements assumed by Buyer) shall be prorated, and as to each service
provider, operating expenses payable or paid to such service provider
in respect to the billing period of such service provider in which the
Close of Escrow occurs (the “Current Billing Period”), shall be
prorated on a per diem basis based upon the number of days in the
Current Billing Period prior to the Close of Escrow and the number of
days in the Current Billing Period from and after the Close of Escrow,
and assuming that all charges are incurred uniformly during the Current
Billing Period. If actual bills for the Current Billing Period are
unavailable as of the Close of Escrow, then such proration shall be
made on an estimated basis based upon the most recently issued bills,
subject to readjustment upon receipt of actual bills.

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

	 	(f)	 	Leasing Costs. Seller shall receive a
credit at the Closing for all leasing costs, including tenant
improvement costs and allowances, and its pro-rata leasing commissions,
previously paid by Seller in connection with any Lease or modification
to an existing Lease which was entered into after the Effective Date
and which is approved or deemed approved by Buyer pursuant to this
Agreement, which approval included approval of the tenant improvement
costs. The Seller’s pro-rata share shall be equal to a fraction which
has as its numerator the number of months left in the base term of the
Lease after the Close of Escrow and which has as its denominator the
number of months in the base term of the Lease. Seller shall pay for
all tenant improvement allowances and leasing commissions with respect
to the premises leased as of the Effective Date by the Tenants pursuant
to the Leases in effect as of the Effective Date, to the extent that
such improvement allowances and leasing commissions are unpaid as of
the Close of Escrow.

	 	(g)	 	Percentage Rent. Any percentage rents
due or paid under any of the Leases (“Percentage Rent”) shall
be prorated between Buyer and Seller outside of Closing as of the Close
of Escrow on a Lease-by-Lease basis, as follows; (a) Seller shall be
entitled to receive the portion of the Percentage Rent under each Lease
for the Lease Year in which Closing occurs, which portion shall be the
ratio of the number of days of said Lease Year in which Seller was
Landlord under the Lease to the total number of days in the Lease Year,
and (b) Buyer shall receive the balance of Percentage Rent paid under
each Lease for the Lease Year. As used herein, the term “Lease
Year” means the twelve (12) month period as to which annual
Percentage Rent is owed under each Lease. Upon receipt by either Buyer
or Seller of any gross sales reports (“Gross Sales Reports”)
and any full or partial payment of Percentage Rent from any tenant of
the Property, the party receiving the same shall provide to the other
party a copy of the Gross Sales Report and a check for the other
party’s prorata share of the Percentage Rent within five (5) days of
the receipt thereof. In the event that the Tenant only remits a
partial payment, then the amount to be remitted to the other party
shall be its prorata share of the partial payment. Nothing contained
herein shall be deemed or construed to require either Buyer to Seller
to pay to the other party its prorata share of the Percentage Rent
prior to receiving the Percentage Rent from the Tenant, and the
acceptance or negotiation of any check for Percentage Rent by either
party shall not be deemed a waiver of that party’s right to contest the
accuracy or amount of the Percentage Rent paid by the Tenant.

	 	6.7.2.	 	Calculation; Reproration. Seller shall prepare and deliver to Buyer
no later than three (3) business days prior to the Closing Date an estimated
closing statement which shall set forth all costs payable, and the prorations
and credits provided for in this Agreement. Buyer and Seller shall cooperate
on revisions to the closing statement following Seller delivery of the
estimated closing statement. Any item which cannot be finally prorated because
of the unavailability of information shall be tentatively prorated on the basis
of the best data then available and adjusted when the information is available
in accordance with this subsection. Buyer shall notify Seller within two (2)
days after its receipt of such estimated closing statement of any items which
Buyer disputes, and the parties shall attempt in good faith to reconcile any
differences not later than one (1) day before the Close of Escrow. The
estimated closing statement as adjusted as aforesaid and approved in writing by
the parties (which shall not be withheld if prepared in accordance with this
Agreement) shall be referred to herein as the “Closing Statement.” If
the prorations and credits made under the Closing Statement shall prove to be
incorrect or incomplete for any reason, then either party shall be entitled to
an adjustment to correct the same; provided, however, that any adjustment shall
be made, if at all, within sixty (60) days after the Close of Escrow (except
with respect to CAM Charges and Taxes, in which case such adjustment shall be
made within thirty (30) days after the information necessary to perform such
adjustment is available), and if a party fails to request an adjustment to the
Closing Statement by a written notice delivered to the other party within the
applicable period set forth above (such notice to specify in reasonable detail
the items within the Closing Statement that such party desires to adjust and
the reasons for such adjustment), then the prorations and credits set forth in
the Closing Statement shall be binding and conclusive against such party.

	 	6.7.3.	 	Items Not Prorated. Seller and Buyer agree that (a) on the Close of
Escrow, the Property will not be subject to any financing arranged by Seller;
(b) none of the insurance policies relating to the Property will be assigned to
Buyer and Buyer shall be responsible for arranging for its own insurance as of
the Close of Escrow; and (c) utilities, including telephone, electricity, water
and gas, shall be read on the Close of Escrow and Buyer shall be responsible
for all the necessary actions needed to arrange for utilities to be transferred
to the name of Buyer on the Close of Escrow, including the posting of any
required deposits and Seller shall be entitled to recover and retain from the
providers of such utilities any refunds or overpayments to the extent
applicable to the period prior to the Close of Escrow, and any utility deposits
which it or its predecessors may have posted. Accordingly, there will be no
prorations for debt service, insurance or utilities. In the event a meter
reading is unavailable for any particular utility, such utility shall be
prorated in the manner provided in Section 6.7.2 above.

	 	6.7.4.	 	Indemnification. Buyer and Seller shall each indemnify, protect,
defend and hold the other harmless from and against any claim (including,
without limitation, reasonable attorneys’ fees and expenses) in any way arising
from the matters for which such party receives a credit or otherwise assumes
responsibility pursuant to this Section.

	 	6.7.5.	 	Survival. This Section shall survive the Close of Escrow.

	 	6.8.	 	Determination of Dates of Performance.

Promptly after delivery to Buyer of the Title Documents, Escrow Holder shall prepare
and deliver to Buyer and Seller a schedule which shall state each of the following
dates:

	 	6.8.1.	 	The Effective Date pursuant to Section 2.1.1;

	 	6.8.2.	 	The date of receipt of the Title Documents by Buyer;

	 	6.8.3.	 	The date by which title must be approved by Buyer pursuant to
Section 3.2;

	 	6.8.4.	 	The Delivery Date pursuant to Section 4.1;

	 	6.8.5.	 	The date by which the Inspections and Due Diligence Items must be approved by
Buyer pursuant to Section 3.2;

	 	6.8.6.	 	The date by which the amounts described in Section 2 must be
deposited by Buyer, for which determination Escrow Holder shall assume
satisfaction of the condition expressed in Section 2 on the last date stated
for its satisfaction; and

	 	6.8.7.	 	The date of Close of Escrow pursuant to Section 6.2.

If any events which determine any of the aforesaid dates occur on a date other than
the date specified or assumed for its occurrence in this Agreement, Escrow Holder
shall promptly redetermine as appropriate each of the dates of performance in the
aforesaid schedule and notify Buyer and Seller of the dates of performance, as
redetermined.

7. Seller Representations, Warranties, and Covenants.

	 	7.1.	 	Representations and Warranties.

Seller hereby represents and warrants as of the date hereof and as of the Close of
Escrow by appropriate certificate to Buyer as follows:

	 	7.1.1.	 	Organization and Authorization. Seller is a Limited Liability
Company duly formed and validly existing under the laws of the State of
Indiana. Seller has full power and authority to enter into this Agreement, to
perform this Agreement and to consummate the transactions contemplated hereby.
The execution, delivery and performance of this Agreement and all documents
contemplated hereby by Seller have been duly and validly authorized by all
necessary action on the part of Seller and all required consents and approvals
have been duly obtained and will not result in a breach of any of the terms or
provisions of, or constitute a default under, any indenture, agreement or
instrument to which Seller is a party or otherwise bound. This Agreement is a
legal, valid and binding obligation of Seller, enforceable against Seller in
accordance with its terms, subject to the effect of applicable bankruptcy,
insolvency, reorganization, arrangement, moratorium or other similar laws
affecting the rights of creditors generally.

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

	 	7.1.3.	 	Title. Seller has good and marketable title to the Real Property,
subject to the exceptions shown on the Title Policy. There are no outstanding
rights of first refusal, rights of reverter or options relating to the Real
Property or any interest therein. To Seller’s knowledge, there are no
unrecorded or undisclosed documents or other matters which affect title to the
Real Property. Subject to the Leases, Seller has enjoyed the continuous and
uninterrupted quiet possession, use and operation of the Real Property, without
material complaint or objection by any person.

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

	 	7.1.5.	 	Employees. There are no on-site employees of Seller at the Real
Property, and following the Close of Escrow, Buyer shall have no obligation to
employ or continue to employ any individual employed by Seller or its
affiliates in connection with the Real Property.

	 	7.1.6.	 	Litigation. Except as set forth on any schedule of litigation
delivered pursuant to Section 4.1.9, there are no actions, suits or
proceedings pending, or to the best of Seller’s knowledge, threatened against
Seller and affecting any portion of the Real Property, at law or in equity, or
before or by any federal, state, municipal, or other governmental court,
department, commission, board, bureau, agency, or instrumentality, domestic or
foreign.

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

	 	7.1.8.	 	Unpaid Claims. There are no unpaid bills, claims, or liens in
connection with any construction or repair of the Real Property except for
those that will be paid in the ordinary course of business prior to Close of
Escrow or which have been bonded over or the payment of which has otherwise
been adequately provided for to the satisfaction of Buyer.

	 	7.1.9.	 	Defects. Seller has not experienced any material physical or
mechanical defects in the buildings or any material settlement or earth
movement affecting the Real Property.

	 	7.1.10.	 	Zoning. To Seller’s knowledge, the zoning of the Real Property
permits the current building and use of the Real Property, and to Seller’s
knowledge there is no pending, or contemplated, rezoning. To Seller’s
knowledge, the Real Property complies with all applicable subdivision laws and
all local ordinances enacted thereunder and no subdivision or parcel map not
already obtained is required to transfer the Real Property to Buyer.

	 	7.1.11.	 	Leases. The information in the Rent Roll is true, correct, and
complete in all material respects. Seller has or will pursuant to Section
4 and Section 7.3 deliver to Buyer true, accurate and complete
copies of all of the Leases and there are no leases, subleases, licenses,
occupancies or tenancies in effect pertaining to any portion of the Real
Property, and no persons, tenants or entities occupy space in the Real
Property, except as stated in the Rent Roll. There are no options or rights to
renew, extend or terminate the Leases or expand any Lease premises, except as
shown in the Rent Roll and the Leases. No brokerage commission or similar fee
is due or unpaid by Seller with respect to any Lease, and there are no written
or oral agreements that will obligate Buyer, as Seller’s assignee, to pay any
such commission or fee under any Lease or extension, expansion or renewal
thereof except as set forth on Exhibit H attached hereto. The Leases
and any guaranties thereof are in full force and effect, and are subject to no
defenses, setoffs or counterclaims for the benefit of the Tenants thereunder.
Neither Seller nor, to Seller’s knowledge, any Tenant is in default under its
Lease. Seller is in full compliance with all of the landlord’s obligations
under the Leases, and Seller has no obligation to any Tenant under the Leases
to further improve such Tenant’s premises or to grant or allow any rent or
other concessions. No rent or other payments have been collected in advance
for more than one (1) month and no rents or other deposits are held by Seller,
except the security deposits described on the Rent Roll and rent for the
current month except as set forth on Exhibit H attached hereto. Each
rental concession, rental abatement or other benefit granted to Tenants under
the Leases will have been fully utilized prior to the Close of Escrow.

	 	7.1.12.	 	Condemnation Proceedings. To Seller’s knowledge, there are no
presently pending or contemplated proceedings to condemn the Real Property or
any part of it.

	 	7.1.13.	 	Utilities. To Seller’s knowledge, all water, sewer, gas, electric,
telephone and drainage facilities, and all other utilities required by law or
by the normal operation of the Real Property are connected to the Real Property
and are adequate to service the Real Property in its present use and normal
usage by the Tenants and occupants of the Real Property.

	 	7.1.14.	 	Permits. To Seller’s knowledge, Seller has all licenses, permits
(including, without limitation, all building permits and occupancy permits),
easements and rights-of-way which are required in order to continue the present
use of the Real Property and ensure adequate vehicular and pedestrian ingress
and egress to the Real Property.

	 	7.1.15.	 	Contracts. Except for the Leases set forth on Exhibit B and
the Contracts set forth on Exhibit D, to Seller’s knowledge, there are
no agreements, written or oral, relating to the management, leasing, operation,
maintenance and/or improvement of the Property or any portion thereof. Seller
has not delivered or received any notice alleging any default in the
performance or observance of any of the covenants, conditions or obligations to
be kept, observed or performed under any of the Contracts. To Seller’s
knowledge, Seller has delivered to Buyer a true, correct and complete copy of
each of the Contracts (including all amendments thereto).

	 	7.1.16.	 	Personal Property. Seller has good title to all the Personal
Property and the execution and delivery to Buyer of the Assignment and
Assumption Agreement shall vest good title to all of the Personal Property in
Buyer, free and clear of liens, encumbrances and adverse claims.

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

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

	 	7.1.19.	 	Patriot Act Compliance. To the extent applicable to Seller, Seller
has complied in all material respects with the International Money Laundering
Abatement and Anti-Terrorist Financing Act of 2001, which comprises Title III
of the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (the “Patriot
Act”) and the regulations promulgated thereunder, and the rules and
regulations administered by the U.S. Treasury Department’s Office of Foreign
Assets Control (“OFAC”), to the extent such Laws are applicable to
Seller. Seller is not included on the List of Specially Designated Nationals
and Blocked Persons maintained by the OFAC, or is a resident in, or organized
or chartered under the laws of, (A) a jurisdiction that has been designated by
the U.S. Secretary of the Treasury under Section 311 or 312 of the Patriot Act
as warranting special measures due to money laundering concerns or (B) any
foreign country that has been designated as non-cooperative with international
anti-money laundering principles or procedures by an intergovernmental group or
organization, such as the Financial Action Task Force on Money Laundering, of
which the United States is a member and with which designation the United
States representative to the group or organization continues to concur.

	 	7.1.20.	 	Indiana Responsible Property Transfer Law. None of the Real
Property is within the definition of the term “property” contained in IC
13-11-2-174 of the Indiana Responsible Property Transfer Law (“IRPTL”) (IC
13-25-3-1 et seq.) and Seller is not required to deliver a disclosure statement
under IRPTL to Buyer in connection with this transaction.

	 	7.2.	 	Indemnity; Survival.

The foregoing representations and warranties of Seller are made by Seller as of the
date hereof and again as of Close of Escrow and shall survive the Close of Escrow by
twelve (12) months and shall not be merged as of the date of the Close of Escrow
hereunder. Subject to the following limitations and the limitations set forth in
Section 13.1 to the greatest extent permissible by law, Seller shall reimburse,
indemnify, defend and hold harmless Buyer from any and all causes of action, claims,
demands, losses, liabilities, costs or expenses (including, without limitation,
reasonable attorneys’ fees and expenses) arising as a result of any breach of a
representation or warranty made in this Agreement by Seller, other than solely as a
result of the acts of Buyer and/or any of Buyer’s employees, agents,
representatives, contractors or invitees upon the Property prior to the Closing
Date. The terms of Seller’s indemnity set forth above with respect to the
representations and warranties made herein shall survive following the Close of
Escrow and shall expire twelve (12) months after the Close of Escrow.

	 	7.3.	 	Covenants of Seller. Seller hereby covenants from and after the
Effective Date as follows:

	 	7.3.1.	 	To cause to be in force fire and extended coverage insurance upon the Real
Property, and public liability insurance with respect to damage or injury to
persons or property occurring on the Real Property in at least such amounts,
and with the same deductibles, as are maintained by Seller on the date hereof.

	 	7.3.2.	 	To maintain any building constituting an improvement on the Real Property in
the same physical condition as it was at the date of Buyer’s inspection,
reasonable wear and tear excepted, and to perform all normal maintenance from
and after the Effective Date in the same fashion as prior to the Effective
Date.

	 	7.3.3.	 	To not enter into any new lease with respect to the Real Property, without
Buyer’s prior written consent. Exercise of a mandatory renewal option shall
not be considered a new lease. To the extent specifically disclosed to and
approved by Buyer in connection with any request for approval, any brokerage
commission and the cost of Tenant improvements or other allowances payable with
respect to a new Lease shall be prorated between Buyer and Seller in accordance
with their respective periods of ownership as it bears to the primary term of
the new Lease. Further, Seller will not modify or cancel any existing Lease
covering space in the Real Property without first obtaining the written consent
of Buyer. Buyer shall have five (5) business days following receipt of a
request for any consent pursuant to this Section in which to approve or
disapprove of any new Lease or any modification or cancellation of any existing
Lease. Failure to respond in writing within said time period shall be deemed
to be disapproval. Seller’s execution of a new lease or modification or
cancellation of an existing Lease following Buyer’s reasonable refusal to
consent thereto shall constitute a default hereunder. Before the expiration of
the Due Diligence Period, Buyer may not unreasonably withhold its consent under
this Section 7.3.3; after the expiration of the Due Diligence Period,
Buyer shall have sole discretion in all such matters.

	 	7.3.4.	 	To not sell, assign, or convey any right, title, or interest whatsoever in or
to the Real Property, or create or permit to attach any lien, security
interest, easement, encumbrance, charge, or condition affecting the Real
Property (other than the Permitted Exceptions).

	 	7.3.5.	 	To not, without Buyer’s written approval, (a) amend or waive any right under
any Contract, or (b) enter into any service, operating or maintenance agreement
affecting the Real Property that would survive the Close of Escrow.

	 	7.3.6.	 	To fully and timely comply with all obligations to be performed by it under
the Leases and Contracts, and all Permits, licenses, approvals and laws,
regulations and orders applicable to the Real Property.

	 	7.3.7.	 	To provide Buyer with monthly rent rolls containing the same information in
its Rent Roll delivered pursuant to Section 4.1.3.

	 	7.3.8.	 	To provide Buyer with copies of (a) any default letters sent to or received
from Tenants and, (b) any copies of correspondence received from a Tenant that
it is discontinuing operations at the Property or seeking to re-negotiate its
lease and (c) notices of bankruptcy filings received with respect to any
Tenant.

	 	7.3.9.	 	To use diligent efforts to obtain subordination, attornment and
non-disturbance agreements and estoppel certificates from all tenants, on the
form provided by the Buyer.

	 	7.3.10.	 	To operate the Real Property from and after the date hereof in substantially
the same manner as prior thereto.

	 	7.3.11.	 	To deliver to Buyer copies of Tenant insurance certificates, prior to the
Close of Escrow.

	 	7.3.12.	 	To terminate the Terminated Contracts.

8. Buyer Representations and Warranties.

Buyer hereby represents and warrants to Seller as of the date hereof and as of the Close of
Escrow by appropriate certificate that:

	 	8.1.1.	 	Organization and Authorization. Buyer is a limited liability company
duly organized and validly existing under the laws of the Commonwealth of
Virginia. Buyer has full power and authority to enter into this Agreement, to
perform this Agreement and to consummate the transactions contemplated hereby.
This Agreement is a legal, valid and binding obligation of Buyer, enforceable
against Buyer in accordance with its terms, subject to the effect of applicable
bankruptcy, insolvency, reorganization, arrangement, moratorium or other
similar laws affecting the rights of creditors generally.

	 	8.1.2.	 	No Conflicting Agreements. The execution, delivery and performance
of this Agreement and all documents contemplated hereby by Buyer have been duly
and validly authorized by all necessary action on the part of Buyer and all
required consents and approvals have been duly obtained and will not result in
a breach of any of the terms or provisions of, or constitute a default under,
any indenture, agreement or instrument to which Buyer is a party or otherwise
bound.

9. Conditions Precedent to Close of Escrow.

	 	9.1.	 	Conditions Precedent.

The obligations of Buyer to purchase the Property pursuant to this Agreement shall,
at the option of Buyer, be subject to the following conditions precedent:

	 	9.1.1.	 	All of the representations, warranties and agreements of Seller set forth in
this Agreement shall be true and correct in all material respects as of the
date hereof and as of the Close of Escrow, and Seller shall not have on or
prior to the Close of Escrow, failed to meet, comply with or perform in any
material respect any covenants or agreements on Seller’s part as required by
the terms of this Agreement.

	 	9.1.2.	 	There shall be no change in the matters reflected in the Title Documents, and
there shall not exist any encumbrance or title defect affecting the Real
Property not described in the Title Documents except for the Permitted
Exceptions or matters to be satisfied at the Close of Escrow.

	 	9.1.3.	 	On the Closing Date, the Title Insurance Company shall be unconditionally
obligated and prepared, subject to the payment of the applicable title
insurance premium and other related charges, to issue to Buyer the Title
Policy.

	 	9.1.4.	 	Unless Seller receives notice from Buyer at least thirty (30) days prior to
the Close of Escrow, effective as of the Close of Escrow, any management
agreement affecting the Real Property shall be terminated by Seller and any and
all termination fees incurred as a result thereof shall be the sole obligation
of Seller.

	 	9.1.5.	 	No Major Tenant shall be in default under its Lease nor shall any Major
Tenant have given notice that it is discontinuing operations at the Real
Property nor shall a Major Tenant filed bankruptcy or sought any similar debtor
protective measure or be the subject of an involuntary bankruptcy.

	 	9.1.6.	 	Seller shall obtain and deliver to Buyer, no later than ten (10) days prior
to Close of Escrow, (a) estoppel certificates and subordination, nondisturbance
and attornment agreements (“SNDAs”) from all tenants occupying 5,000
square feet or more (each, a “Major Tenant”) and (b) SNDAs and estoppel
certificates from other tenants sufficient so that the Seller has delivered
estoppel certificates and SNDAs from tenants representing in the aggregate, at
least ninety percent (90%) of the occupied square footage of the Real Property.
Seller shall use commercially reasonable efforts to obtain and deliver to
Buyer, no later than ten (10) days prior to Close of Escrow, estoppel
certificates from all parties to or owners of property subject to any
reciprocal construction, easement, operating or similar agreement affecting the
Property and from the declarant, architectural committee and/or association, as
applicable, under any declaration of covenants, conditions or restrictions
affecting the Property, in all cases on forms provided by (or otherwise
approved by) Buyer dated no earlier than thirty (30) days prior to the Close of
Escrow. The matters certified in the estoppel certificates and any
modifications to the SNDA forms shall be subject to Buyer’s reasonable
approval. Buyer shall notify Seller within three (3) days after receipt of
Buyer’s approval or disapproval and the basis of such disapproval, if
disapproved. If Buyer disapproves of any estoppel certificate or SNDA, and
Seller is unable to deliver, in Buyer’s good faith business judgment, a
reasonably acceptable estoppel certificate or SNDA (as the case may be) prior
to the Close of Escrow, the Buyer shall have the right to terminate this
Agreement and to obtain a refund of the Deposit without any further action
required by any party, and neither party shall have any further obligation to
the other.

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

	 	9.1.8.	 	There shall be no change in the zoning classification or the zoning
ordinances or regulations affecting the Property from that existing as of the
conclusion of the Due Diligence Period.

	 	9.1.9.	 	Except as disclosed in the Due Diligence Items, on the Closing Date, no
action or proceeding shall have been instituted or be threatened before any
court or governmental authority (A) that relates to the Property and affects
the Property after the Close of Escrow in any material way or (B) that seeks to
restrain or prohibit, or to obtain substantial damages in respect of, or which
is related to or arises out of, this Agreement or the consummation of the
transactions contemplated herein, unless Seller has demonstrated, to Buyer’s
reasonable satisfaction, that any costs and liabilities to be incurred in
connection with such matters are fully covered by Seller’s insurance.

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

	 	9.2.	 	Effect of Failure.

If Buyer notifies Seller of a failure to satisfy the conditions precedent set forth
in this Section 9, Seller may, within five (5) days after receipt of Buyer’s
notice, agree to satisfy the condition by written notice to Buyer, and Buyer shall
thereupon be obligated to close the transaction provided (a) Seller so satisfies
such condition and (b) no such right to cure shall extend the Close of Escrow. If
Seller fails to agree to cure or fails to cure such condition by the Close of
Escrow, this Agreement shall be automatically terminated, the Deposit shall be
returned to Buyer without any further action required from either party and neither
party shall have any continuing obligations hereunder; provided, however, if such
failure constitutes a breach or default of its covenants, representations or
warranties Seller shall remain liable for such breach or default as otherwise set
forth in this Agreement.

10. Damage or Destruction Prior to Close of Escrow.

In the event that the Real Property should be damaged and/or destroyed by fire or any other
casualty prior to Close of Escrow, then Seller shall promptly provide Buyer with written
notice of such casualty. If the cost of repairing such damage, as estimated by an architect
or contractor retained pursuant to the mutual agreement of the parties (the “Cost of
Repairs”), is (a) less than One Hundred Thousand Dollars ($100,000), the Close of Escrow
shall proceed as scheduled and any insurance proceeds, plus the cash amount of any
associated deductible, shall be paid over to Buyer when received from the insurance company;
or (b) greater than One Hundred Thousand Dollars ($100,000), then Buyer may in its
discretion either (i) elect to terminate this Agreement, in which case the Deposit shall be
returned to Buyer without any further action required from either party, Buyer and Seller
shall each be liable for one-half of any escrow fees or charges and neither party shall have
any further obligation to the other or (ii) proceed to Close of Escrow in which event any
insurance proceeds, plus the cash amount of any associated deductible, shall be paid over to
Buyer when received from the insurance company. In the event that the casualty is
uninsured, the Buyer may terminate this Agreement unless the Buyer receives a credit against
the Purchase Price equal to the Cost of Repairs. The foregoing notwithstanding, in the
event any casualty results in the cancellation of, or rental abatement under, any Lease,
Buyer shall have the option to terminate this Agreement without regard to the cost of
repairs unless insurance coverage is available to provide for the lost rental. Any notice
required to terminate this Agreement pursuant to this Section shall be delivered no later
than thirty (30) days following Buyer’s receipt of Seller’s notice of such casualty.

11. Eminent Domain.

If, before the Close of Escrow, proceedings are commenced for the taking by exercise of the
power of eminent domain of all or a material part of the Real Property which, as reasonably
determined by Buyer, would render the Real Property unacceptable to Buyer or unsuitable for
Buyer’s intended use, Buyer shall have the right, by giving written notice to Seller within
thirty (30) days after Seller gives notice of the commencement of such proceedings to Buyer,
to terminate this Agreement, in which event this Agreement shall automatically terminate,
the Deposit shall be returned to Buyer without any further action required from either
party, Buyer and Seller shall each be liable for one half of any escrow fees or charges and
neither party shall have any continuing obligations hereunder. If, before the Close of
Escrow, proceedings are commenced for the taking by exercise of the power of eminent domain
of less than a material part of the Real Property, or if Buyer has the right to terminate
this Agreement pursuant to the preceding sentence but Buyer does not exercise such right,
then this Agreement shall remain in full force and effect and, on the Close of Escrow, the
condemnation award (or, if not theretofore received, the right to receive such portion of
the award) payable on account of the taking shall be assigned, or paid to, Buyer. Seller
shall give written notice to Buyer within three (3) business days after Seller’s receiving
notice of the commencement of any proceedings for the taking by exercise of the power of
eminent domain of all or any part of the Real Property. The foregoing notwithstanding, in
the event the taking results in the cancellation of, or rent abatement under, any Lease,
Buyer shall have the option to terminate this Agreement.

12. Notices.

All notices, demands, or other communications of any type given by any party hereunder,
whether required by this Agreement or in any way related to the transaction contracted for
herein, shall be void and of no effect unless given in accordance with the provisions of
this Section. All notices shall be in writing and delivered to the person to whom the
notice is directed, either (a) in person, (b) by United States Mail, as a registered or
certified item, return receipt requested, (c) by facsimile transmission (with confirmation
by a nationally recognized overnight delivery service), or (d) by a nationally recognized
overnight delivery service. Notices transmitted to the then designated facsimile number of
the party intended shall be deemed received upon electronic verification of receipt by the
sending machine (if it is a business day, or if not, then the next following business day),
notices sent by a nationally recognized overnight delivery service shall be deemed received
on the next business day and notices delivered by certified or registered mail shall be
deemed delivered three (3) days following posting. Notices shall be given to the following
addresses:

	 	 	 	Seller:

	 	 	 	Epler Parke, LLC

	 	 	 	c/o J. Greg Allen

	 	972	 	Emerson Parkway, Suite A

	 	 	 	Greenwood, Indiana 46143

	 	 	 	317-882-7850

	 	 	 	317-865-7201 Fax

	 	 	 	With Required Copy to:

	 	 	 	Robert Wildman

	 	972	 	Emerson Parkway, Suite A

	 	 	 	Greenwood, Indiana 46143

	 	 	 	317-882-7850

	 	 	 	317-865-7201 Fax

	 	 	 	Buyer:

	 	 	 	Grubb & Ellis Realty Investors, LLC

	 	1551	 	N. Tustin Avenue, Suite 200

	 	 	 	Santa Ana, CA 92705

	 	 	 	Attn: Danny Prosky, Vice President – Acquisitions and Mathieu Streiff, Esq.

	 	(714)	 	667-8252

	 	(714)	 	667-6816 Fax

	 	 	 	With Required Copy to:

	 	 	 	Cox, Castle & Nicholson LLP

	 	2049	 	Century Park East, Suite 2800

	 	 	 	Los Angeles, CA 90067

	 	 	 	Attn: David P. Lari, Esq.

	 	(310)	 	284-2240

	 	(310)	 	277-7889 Fax

13. Remedies.

	 	13.1.	 	Defaults by Seller. IF SELLER DEFAULTS IN PERFORMING ANY COVENANTS OR
AGREEMENTS TO BE PERFORMED BY SELLER UNDER THIS AGREEMENT OR IF SELLER BREACHES ANY
REPRESENTATIONS OR WARRANTIES MADE BY SELLER IN THIS AGREEMENT PRIOR TO CLOSE OF
ESCROW, FOLLOWING NOTICE TO SELLER AND TEN (10) DAYS THEREAFTER DURING WHICH PERIOD
SELLER MAY CURE THE DEFAULT, BUYER MAY, IN ITS SOLE AND ABSOLUTE DISCRETION, AVAIL
ITSELF OF ANY AND ALL RIGHTS AND REMEDIES AVAILABLE AT LAW OR IN EQUITY, INCLUDING,
WITHOUT LIMITATION, THE RIGHT TO TERMINATE THIS AGREEMENT AND RECOVER ALL DAMAGES
PROXIMATELY CAUSED BY SELLER’S BREACH OR DEFAULT LIMITED HOWEVER TO $250,000 AND THE
RIGHT TO CONTINUE THIS AGREEMENT PENDING BUYER’S ACTION FOR SPECIFIC PERFORMANCE AND/OR
DAMAGES HEREUNDER, AND NO SUCH REMEDY SHALL BE DEEMED EXCLUSIVE OR TO PRECLUDE THE
PURSUIT OF ANY OTHER REMEDY. ANY DAMAGES TO WHICH BUYER IS ENTITLED SHALL INCLUDE,
WITHOUT LIMITATION, ALL DUE DILIGENCE COSTS, TITLE, ESCROW, LEGAL AND INSPECTION FEES
AND ANY OTHER EXPENSES INCURRED BY BUYER IN CONNECTION WITH THE PERFORMANCE OF ITS DUE
DILIGENCE REVIEW OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ENVIRONMENTAL AND
ENGINEERING CONSULTANTS’ FEES AND THE FEES INCURRED IN CONNECTION WITH THE PREPARATION
AND NEGOTIATION OF THIS AGREEMENT, BUT SHALL EXCLUDE ANY CONSEQUENTIAL OR INDIRECT
DAMAGES EXCEPT IN THE CASE OF FRAUD OR WILLFUL MISCONDUCT. THE FOREGOING
NOTWITHSTANDING, SELLER’S LIABILITY FOR BUYER’S DAMAGES SHALL NOT EXCEED $250,000. THE
FOREGOING NOTWITHSTANDING, NO RIGHT TO CURE SHALL EXTEND THE CLOSE OF ESCROW.

NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OR IN ANY
EXHIBITS ATTACHED HERETO OR IN ANY DOCUMENTS EXECUTED OR TO BE EXECUTED IN
CONNECTION HEREWITH (COLLECTIVELY, INCLUDING THIS AGREEMENT, SAID EXHIBITS AND ALL
SUCH DOCUMENTS, THE “PURCHASE DOCUMENTS”), IT IS EXPRESSLY UNDERSTOOD AND
AGREED BY AND BETWEEN THE PARTIES HERETO THAT AFTER THE CLOSE OF ESCROW, BUYER SHALL
HAVE ANY AND ALL RIGHTS AND REMEDIES SET FORTH IN THIS AGREEMENT AND/OR AVAILABLE AT
LAW OR EQUITY AGAINST SELLER WITH RESPECT TO ANY ALLEGED BREACH BY OR ON THE PART OF
SELLER OF ANY REPRESENTATION, WARRANTY, COVENANT, UNDERTAKING, INDEMNITY OR
AGREEMENT CONTAINED IN ANY OF THE PURCHASE DOCUMENTS (COLLECTIVELY, “SELLER’S
UNDERTAKINGS”) SUBJECT TO THE FOLLOWING LIMITATIONS: (A) THE RECOURSE OF BUYER
SHALL BE LIMITED TO AN AMOUNT NOT TO EXCEED ONE MILLION DOLLARS ($1,000,000) IN THE
AGGREGATE; PROVIDED, HOWEVER, BUYER SHALL HAVE NO RIGHT TO FILE SUIT FOR RECOURSE
UNDER SELLER’S UNDERTAKINGS UNLESS AND UNTIL THE AGGREGATE AMOUNT OF SUCH RECOURSE
EXCEEDS, IN THE AGGREGATE, TEN THOUSAND DOLLARS ($10,000); AND (B) BUYER MUST
PROVIDE WRITTEN NOTICE TO SELLER THAT BUYER IS SEEKING RECOURSE UNDER SELLER’S
UNDERTAKINGS ON OR BEFORE THE DATE THAT IS ONE (1) YEAR FOLLOWING THE CLOSING DATE.

	 	13.2.	 	Defaults by Buyer. IN THE EVENT THE SALE OF THE PROPERTY IS NOT
CONSUMMATED SOLELY BECAUSE OF A DEFAULT UNDER THIS AGREEMENT ON THE PART OF BUYER
FOLLOWING NOTICE TO BUYER AND TEN (10) DAYS, DURING WHICH PERIOD BUYER MAY CURE THE
DEFAULT, SELLER MAY DECLARE THIS AGREEMENT TERMINATED, IN WHICH CASE, THE DEPOSIT SHALL
BE PAID TO AND RETAINED BY SELLER AS LIQUIDATED DAMAGES. THE PARTIES HAVE AGREED THAT
SELLER’S ACTUAL DAMAGES, IN THE EVENT THE SALE OF THE PROPERTY IS NOT CONSUMMATED
SOLELY BECAUSE OF A DEFAULT BY BUYER, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO
DETERMINE. THEREFORE, BY PLACING THEIR INITIALS BELOW, THE PARTIES ACKNOWLEDGE THAT
THE DEPOSIT HAS BEEN AGREED UPON, AFTER NEGOTIATION, AS THE PARTIES’ REASONABLE
ESTIMATE OF SELLER’S DAMAGES AND AS SELLER’S SOLE AND EXCLUSIVE REMEDY AGAINST BUYER,
AT LAW OR IN EQUITY, IN THE EVENT THE SALE OF THE PROPERTY IS NOT CONSUMMATED SOLELY
BECAUSE OF A DEFAULT UNDER THIS AGREEMENT ON THE PART OF BUYER AND EACH PARTY SHALL
THEREUPON BE RELIEVED OF ALL FURTHER OBLIGATIONS AND LIABILITIES, EXCEPT ANY WHICH
SURVIVE TERMINATION. THE FOREGOING NOTWITHSTANDING, NO RIGHT TO CURE SHALL EXTEND THE
CLOSE OF ESCROW.

INITIALS: Seller /s/ JGA Buyer /s/ ARB

14. Assignment.

Seller shall not assign any of its right, title or interest in or to this Agreement. Buyer
may assign any or all of its rights and obligations under this Agreement to any one or more
persons or entities upon notice to Seller; provided however, that absent the express
agreement of Seller, no such assignment shall release Buyer from its liabilities hereunder.
Seller acknowledges that Buyer shall have the right, without assigning this Agreement, to
cause Seller to grant title to the Property to up to thirty-five (35) tenants-in-common (the
“Nominees”) in lieu of granting title to the Property to Buyer, provided that (i)
Buyer notifies Seller, in writing, at least five (5) business days prior to the Closing Date
that Buyer wishes to cause Seller to grant title to the Property to the Nominees, along with
the names of the Nominees and any other information reasonably required by Seller to prepare
and complete the Deed and any other closing documents to reflect the vesting of title to the
Property in the Nominees, (ii) there is no additional cost, liability or expense incurred by
Seller in connection therewith, (iii) the Closing Date is not delayed in connection
therewith, and (iv) Buyer agrees to and hereby does indemnify and hold Seller harmless from
and against any and all liability, damage, and cost, including reasonably attorneys’ fees,
incurred by Seller by virtue of Seller’s granting of title to the Property to the Nominees.
Seller further acknowledges that it has been advised that Buyer may assign this Agreement to
a publicly registered company or the subsidiary of a publicly registered company that is
managed by, sponsored by or under common control with Buyer or Buyer’s principals and that
in such event the assignee will be required to make certain filings with the Securities and
Exchange Commission (the “SEC Filings”) that relate to the most recent
pre-acquisition fiscal year (the “Audited Year”) and the current fiscal year through
the date of acquisition (the “Stub Period”) for the Property. To assist the
assignee in preparing the SEC Filings, the Seller agrees to provide the assignee with the
following; provided, however, that if the following are not a part of Seller’s normal
records, Buyer will reimburse Seller for Seller’s reasonable costs to provide such items:
(i) access to bank statements for the Audited Year and Stub Period; (ii) rent roll as of the
end of the Audited Year and Stub Period; (iii) operating statements for the Audited Year and
Stub Period; (iv) access to the general ledger for the Audited Year and Stub Period; (v)
cash receipts schedule for each month in the Audited Year and Stub Period; (vi) access to
invoices for expenses and capital improvements in the Audited Year and Stub Period; (vii)
accounts payable ledger and accrued expense reconciliations in the Audited Year and Stub
Period; (viii) check register for the three (3) months following the Audited Year and Stub
Period; (ix) the Leases and five (5) year lease schedules, to the extent applicable; (x)
copies of all insurance documentation for the Audited Year and Stub Period; (xi) copies of
accounts receivable aging as of the end of the Audited Year and Stub Period along with an
explanation for all accounts over thirty (30) days past due as of the end of the Audited
Year and Stub Period; and (xii) a signed representation letter in the form attached hereto
as Exhibit G. The provisions of the foregoing two (2) sentences shall survive the
Closing.

15. Interpretation and Applicable Law.

This Agreement shall be construed and interpreted in accordance with the laws of the State
where the Real Property is located. Where required for proper interpretation, words in the
singular shall include the plural; the masculine gender shall include the neuter and the
feminine, and vice versa. The terms “successors and assigns” shall include the heirs,
administrators, executors, successors, and assigns, as applicable, of any party hereto.

16. Amendment.

This Agreement may not be modified or amended, except by an agreement in writing signed by
the parties. The parties may waive any of the conditions contained herein or any of the
obligations of the other party hereunder, but any such waiver shall be effective only if in
writing and signed by the party waiving such conditions and obligations.

17. Attorneys’ Fees.

In the event it becomes necessary for either party to file a suit to enforce this Agreement
or any provisions contained herein, the prevailing party shall be entitled to recover, in
addition to all other remedies or damages, reasonable attorneys’ fees and costs of court
incurred in such suit.

18. Entire Agreement; Survival.

This Agreement (and the items to be furnished in accordance herewith) constitutes the entire
agreement between the parties pertaining to the subject matter hereof and supersedes all
prior and contemporaneous agreements and understandings of the parties in connection
therewith. No representation, warranty, covenant, agreement, or condition not expressed in
this Agreement shall be binding upon the parties hereto nor shall affect or be effective to
interpret, change, or restrict the provisions of this Agreement. The obligations of the
parties hereunder and all other provisions of this Agreement shall survive the Close of
Escrow or earlier termination of this Agreement, except as expressly limited herein.

19. Counterparts.

This Agreement may be executed in any number of counterparts, all of which when taken
together shall constitute the entire agreement of the parties.

20. Time is of the Essence; Calculation of Time Periods.

Time is of the essence in this Agreement as to each provision in which time is an element of
performance. Unless otherwise specified, in computing any period of time described herein,
the day of the act or event after which the designated period of time begins to run is not
to be included and the last day of the period so computed is to be included, except that if
such last day falls upon a Saturday, Sunday, or legal holiday under the Federal law or laws
of the States of Indiana or California, then such period shall run until the end of the next
day that is neither a Saturday, Sunday, or legal holiday under Federal law or the laws of
the States of Indiana and California. The last day of any period of time described herein
shall be deemed to end at 11:59 p.m. Los Angeles, California time.

21. Real Estate Commission.

Seller and Buyer each represent and warrant to the other that neither Seller nor Buyer has
contacted or entered into any agreement with any real estate broker, agent, finder or any
other party in connection with this transaction, and that neither party has taken any action
which would result in any real estate broker’s, finder’s or other fees or commissions being
due and payable to any party with respect to the transaction contemplated hereby. Each
party hereby indemnifies and agrees to hold the other party harmless from any loss,
liability, damage, cost, or expense (including reasonable attorneys’ fees) resulting to the
other party by reason of a breach of the representation and warranty made by such party in
this Section.

22. Severability.

If any provision of this Agreement, or the application thereof to any person, place, or
circumstance, shall be held by a court of competent jurisdiction to be invalid,
unenforceable or void, the remainder of this Agreement and such provisions as applied to
other persons, places and circumstances shall remain in full force and effect.

23. Further Assurances.

Each party will, whenever and as often as it shall be reasonably requested to do so by the
other party, execute, acknowledge and deliver, or cause to be executed, acknowledged and
delivered any and all such further conveyances, assignments, approvals, consents and any and
all other documents and do any and all other acts as may be necessary to carry out the
intent and purpose of this Agreement, so long as it does not require the party to incur
material expense or any additional liability.

24. Exclusivity.

Until the Close of Escrow or the date that this Agreement is terminated, Seller shall not
enter into any contract, or enter into or continue any negotiations, to sell the Property to
any person or entity other than Buyer.

25. Exhibits. The following exhibits are attached hereto and incorporated herein by
this reference:

	 	 	 
	Exhibit A.

	 	Legal Description of the Land
	 

	 	

	Exhibit B.

	 	Leases
	 

	 	

	Exhibit C.

	 	Security Deposits
	 

	 	

	Exhibit D.

	 	Contracts
	 

	 	

	Exhibit E.

	 	Assignment and Assumption Agreement
	 

	 	

	Exhibit F.

	 	Deed
	 

	 	

	Exhibit G.

	 	Audit Letter
	 

	 	

	Exhibit H.

	 	Exceptions
	 

	 	

THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK

1

SIGNATURE PAGE FOR AGREEMENT FOR PURCHASE

AND SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS

SELLER:

EPLER PARKE, LLC,

an Indiana limited liability company

	 	 	By: /s/ J. Greg Allen

	 	 	Name: J. Greg Allen

Title: Manager

BUYER:

Grubb & Ellis Realty Investors, LLC,

a Virginia limited liability company

	 	 	By: /s/ Andrea R. Biller

	 	 	Name: Andrea R. Biller

Title: Executive Vice President

ESCROW HOLDER:

The undersigned Escrow Holder accepts the foregoing Agreement for Purchase and Sale of Real
Property and Escrow Instructions and agrees to act as Escrow Agent under this Agreement in strict
accordance with its terms.

LAND AMERICA Title Company

	 	 	By:

	 	 	Name:

	 	 	Title:

2

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