Document:

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                                                                   Exhibit 10.72
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                               PURCHASE CONTRACT
                               -----------------

          THIS PURCHASE CONTRACT ("Contract") is made and entered into as of the
Effective Date (as hereinafter defined) by and between DAVID BRALOVE, AS TRUSTEE
OF THE GAITHERSBURG REALTY TRUST, a Delaware business trust formed pursuant to
The Delaware Business Trust Act, 12 Del.C.c.38 ("Seller") and SANTA FE HOTEL,
INC., a Nevada corporation ("Purchaser").

                                   RECITALS:
                                   --------

     A.   Seller is the owner of real property located in the City of
Gaithersburg, Montgomery County, Maryland, which includes an office building
comprising approximately 341,692 of rentable square feet, situated on 51.57
acres, and being more particularly described on Exhibit "A" attached hereto and
                                                -----------
by this reference made a part hereof.

     B.   Seller desires to sell to Purchaser, and Purchaser desires to purchase
from Seller, the Property (as defined below) in accordance with the terms and
conditions hereinafter set forth.

     NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties hereto agree as follows:

Section 1.  Definitions and Certain Basic Provisions.
            ----------------------------------------

           (a)   For purposes of this Contract, the following capitalized terms
shall have the following meanings:

                 (i)    the "Agreements" shall mean all written contracts or
agreements (other than the GEIS Lease, as hereinafter defined) affecting all or
any part of the Property, as hereinafter defined;

                 (ii)   the "Improvements" shall mean all buildings, structures,
surface parking areas, fixtures, mechanical systems and other improvements
located on the Land, including all of Seller's rights therein;

                 (iii)  the "Land" shall mean the land situated in Gaithersburg,
Montgomery County, Maryland, as more particularly described in Exhibit "A"
                                                               -----------
attached hereto and by this reference made a part hereof, together with all of
Seller's right in and to all roads, water ways, lakes and easements belonging or
appurtenant to the Land, and all licenses and other rights and appurtenances
appertaining to the Land;

                 (iv)   the term "GEIS" means GE Information Services, Inc.

                 (v)    the "GEIS Lease" shall mean that certain lease between
GEIS and
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Seller dated for reference purposes as January 28, 1999;

          (vi)   the "Permits" shall mean all certificates of occupancy (other
than certificates of use and occupancy to the extent that they apply solely to
GEIS under the GEIS Lease), permits, licenses and approvals of any governmental
authority relating to the construction, use or operation of the Land and
Improvements, if any;

          (vii)  the "Personal Property" shall mean all equipment, machinery,
and other personal property, including but not limited to the systems furniture;
partitioning; office furniture; fitness equipment; kitchen, cafeteria and dining
furniture and equipment; maintenance equipment and all other materials and
equipment owned by Seller and located on the Real Property (as hereinafter
defined), and described in Exhibit "B" attached hereto and by this reference
                           -----------
made a part hereof (the parties acknowledge and agree that the Personal Property
is currently under the control and possession of GEIS pursuant to the terms of
the GEIS Lease and that the identification of the items on Exhibit "B" is for
                                                           ------------
convenience only and that no adjustments shall be made in the event that items
set forth in Exhibit "B" are missing or damaged at the time of Closing, as
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hereinafter defined);

          (viii) the "Records" shall mean documents, leases and financial
records relating to the Land and Improvements, of which any Trust Party (as
defined below) has knowledge (within the meaning of Section 11 hereof), and
which are in the actual possession of any Trust Party (or of an agent
representative or consultant, e.g. accountant, of either) as of and/or after the
Effective Date, and all of the Trust Parties' keys to the Improvements;

          (ix)   the term "right" with respect to the Improvements, Land,
Leases, Permits, Personal Property, Records, Studies and Plans, Warranties or
any other thing shall mean all of the referenced person's right, title, interest
or estate, legal, beneficial, equitable or otherwise, in, to, under or in
respect of the applicable item.

          (x)    the "Studies and Plans" shall mean all site plans, surveys,
architectural drawings, plans and specifications, engineering plans and studies,
environmental studies and reports, floor plans, landscape plans, and other plans
and studies of any kind relating to the Land and Improvements, of which any
Trust Party has knowledge (within the meaning of Section 11 hereof), and which
are in the actual possession of any Trust Party (or of an agent representative
or consultant, e.g. accountant, of either) as of and/or after the Effective
Date, excluding correspondence and/or other proprietary information;

          (xi)   the term "Trust Parties" shall mean Seller; REII-Gaithersburg,
Maryland, LLC; the Humphries Living Trust, Weldon Humphries, Trustee; and
Commercial, Analytic and Legal Services, L.L.C.; and

          (xii)  the "Warranties" shall mean all existing warranties (if any),
including contractor's and manufacturer's warranties which accrue to any Trust
Party and which are described in Exhibit "C" attached hereto and by this
                                 -----------
reference made a part hereof relating to the Improvements or the Personal
Property;

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            (b)   The property interests described in Sections (1)(a)(ii), (iii)
and (v) are hereinafter referred to collectively as the "Real Property." All of
the above-described interests are collectively referred to herein as the
"Property."

Section 2.  Sale and Purchase.
            -----------------

            (a)   In consideration of the Deposit (as hereinafter defined) and
the mutual rights and obligations hereunder, and with the recitals set forth
above hereby incorporated herein by reference, Seller desires to sell to
Purchaser, and Purchaser agrees to purchase the Property upon the terms and
conditions hereinafter set forth.

            (b)   Notwithstanding anything to the contrary contained herein, at
the time of Closing (as hereinafter defined), Seller shall possess good and
marketable fee title to the Real Property, free and clear of all liens, claims,
easements, rights-of-way, reservations, restrictions, encroachments, tenancies
and any other encumbrances of whatsoever nature (herein collectively called
"Encumbrances"), subject, however, to the "Permitted Encumbrances". The
"Permitted Encumbrances" shall consist of: (a) the lien of ad valorem, general
and special real estate and similar taxes and charges assessed against the
Property, water and sewer front-foot benefit charges, and special assessments to
the extent not yet due and payable; (b) zoning and applicable laws and
regulations (which shall not then be subject to any violation); (c) exceptions 1
-24 and 32-34 set forth in Schedule B of the Trust's owner's title insurance
policy No. Z539023 issued by First American Title Insurance Company, a copy of
which is attached hereto as Exhibit "D" (the "Title Commitment") (exceptions 25-
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31 relating to the Existing Debt (as hereinafter defined) shall be removed at
Closing following satisfaction of the Existing Debt (as hereinafter defined)
unless all or any part of the Existing Debt (as hereinafter defined) is assumed
by Purchaser, in which event Exceptions 25-31 shall be modified or removed, as
appropriate); (d) the City and related agreements (the "City and Related
Agreements") listed on Exhibit "D" hereto; and (e) any matters defined elsewhere
                       -----------
in this Contract as Permitted Encumbrances.

Section 3.  Purchase Price and Deposit.
            ---------------------------

            (a)   The purchase price ("Purchase Price") to be paid by Purchaser
at Closing for the Property is SIXTY TWO MILLION SIX HUNDRED THOUSAND DOLLARS
($62,600,000), subject to adjustments and prorations as set forth in this
Contract. In the event Purchaser elects to assume the outstanding principal
balance plus accrued and unpaid interest and exit fees on the existing
indebtedness to Starwood Financial Trust and others (the "Existing Debt") on the
Property the amount of the Existing Debt shall be credited against the Purchase
Price at Closing.

            (b)   At the Closing, the Title Company (as hereinafter defined)
shall deliver the Deposit, as hereinafter defined, as a credit against the
Purchase Price, to Seller in immediately available funds and in lawful money of
the United States of America and the balance of Purchase Price, as such amount
shall be adjusted for closing costs and prorations as set forth herein, shall be
paid to Seller in cash or in immediately available wire transfer funds in lawful
money of the United

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States of America.

          (c)  At Purchaser's option and expense, and subject to agreement by
the applicable lenders, at Closing Purchaser may assume any or all of the
Existing Debt in which event Purchaser shall enter into an assumption agreement
and/or other appropriate instruments with such lender(s) which shall provide in
part for: (i) the full and complete release of Seller and any guarantors of the
Existing Debt and from any and all obligations or liabilities under the portion
of the Existing Debt assumed by Purchaser. If the Existing Debt is not assumed
by Purchaser, Purchaser shall instruct the Title Company (as hereinafter
defined) to cause the Existing Debt to be satisfied and discharged from the
Purchase Price.

          (d)  (i)  Not later than 5:00 PM EST on the second business day
following Purchaser's receipt of a facsimile counterpart of this Contract signed
by Seller and Indemnitors (with each page intialed), Purchaser shall deliver to
First American Title Insurance Company, 1025 Connecticut Avenue, N.W., Suite
709, Washington, D.C. 20036 (the "Title Company") by wire transfer the amount of
THREE MILLION DOLLARS ($3,000,000) ("Deposit"), which Deposit shall be held in
escrow pursuant to the terms of an escrow agreement substantially and in all
material respects in the form attached hereto at Exhibit "E" and delivered by
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Title Company in accordance with the provisions of this Contract.  The Deposit
shall be invested by Title Company in an interest-bearing account in a federally
insured financial institution acceptable to Purchaser and Seller.  In the event
that Purchaser shall fail to deliver the Deposit, then Purchaser shall not be
deemed in breach hereof, but, rather, this Contract shall be deemed void.

              (ii)  In the event the Closing has not occurred on or before
February 26, 2001, and Seller has not consummated the sale of the portion of
Seller's Other Property (as that term is defined below) that contains the Edison
Technology Center, Purchaser shall, at Seller's option, instruct the Title
Company to release SIX HUNDRED SIXTY THOUSAND DOLLARS ($660,000.00) from the
Deposit to Seller on the condition that Seller has first delivered to the Title
Company (x) a written consent from the holder(s) of the Existing Debt
authorizing the release of this money to Seller and agreeing to release the
Property from its encumbrancing documents upon receipt of the balance of the net
sale proceeds due to Seller at the Closing and (y) executed counterparts of all
documents required to be signed by Seller, the Trust Parties and the Indemnitors
at Closing (and where appropriate, witnessed, notarized and/or in recordable
form) together with written irrevocable escrow instructions approved by
Purchaser for the Title Company to hold the same in escrow and record (where
appropriate) and deliver the same to Purchaser upon (A) execution and delivery
of all the documents required to be signed by Purchaser at Closing and (B)
payment of the balance of the Purchase Price due at Closing. In the event any of
the Deposit is released to Seller but the Closing does not occur due to a
default by Seller, Seller, the Trust Parties and the Indemnitors all jointly and
severally agree to immediately pay to Purchaser (or re-deposit the money with
the Title Company if Seller disputes Purchaser's entitlement to the same) the
Deposit released to Seller together with (a) interest at the lesser of eighteen
percent (18%) per annum or the highest rate allowed by law and (b) all costs
incurred by Seller in such collection efforts, including, without limitation,
attorney's fees and court costs.

          (e)  Purchaser anticipates that residual value insurance will be
required in

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connection with its financing of the Property and has budgeted One Million
Dollars ($1,000,000) in connection with its costs in obtaining such residual
value insurance. In the event that residual value insurance is not obtained by
Purchaser, then the Purchase Price shall be increased by One Million Dollars
($1,000,000).

Section 4.  Seller's Cooperation for Due Diligence.
            --------------------------------------

            Seller acknowledges that although Purchaser has conducted its due
diligence on the Property, Purchaser's prospective lender(s) (the "New Lender")
will conduct its own due diligence; provided, however, Purchaser's obligations
under this Contract are not contingent upon the New Lender's satisfaction with
its due diligence. Seller and the Trust Parties agree to cooperate with the New
Lender in its review, inspection, testing and study of the Property and promptly
comply with all reasonable and good faith requests to provide or otherwise make
available for inspection and copying all Leases, Permits, Warranties, Studies
and Plans, Records and Agreements. Without limiting the foregoing, Seller
represents that it has previously furnished to Purchaser, one complete copy of
each of the following: the existing title policy for the Property (with copies
of referenced exceptions); the Agreements; the GEIS Lease; the documents
evidencing the Existing Debt, the Studies and Plans; the Other City Related
Documents; any existing environmental reports or studies; all pleadings in
connection with the Tax Contest (as hereinafter defined) and the organizational
documents of REII, CALS, Humphries and Seller. Seller, the Trust Parties and the
Indemnitors have no actual knowledge of any inaccuracies or false statements
contained in any documents furnished Purchaser and hereby disclaim any
affirmative representation or warranty with respect to the accuracy or
completeness of such documents other than for the Agreements, the GEIS Lease,
the Other City Related Documents; the organizational documents of REII, CALS,
Humphries and Seller. The New Lender shall conduct its review at no cost and
expense to Seller and neither the Seller nor any of the Trust Parties shall be
required to incur any out-of-pocket expense in cooperating with the New Lender's
review other than travel related expenses for meetings which Seller or any of
the Trust Parties determines are necessary or desired. Without limiting the
generality of the foregoing, Seller shall not be responsible for any fees or
expenses, if any, of professionals, consultants or other third parties consulted
by the New Lender in connection with its review.

Section 5.  Purchaser's Objections to Title.
            -------------------------------

            (a)     Purchaser has reviewed the title to the Property and makes
objections to title set forth on Exhibit "F" attached hereto and by this
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reference made a part hereof (the "Objections").

            (b)     Within five (5) business days after the date hereof, Seller
shall have the option, at Seller's sole election, either to cure or not to cure
the Objections and shall notify Purchaser of its election in writing ("Seller's
First Notice"). Purchaser's failure to receive Seller's First Notice within such
five (5) business day period shall be deemed to be an election by Seller not to
cure said Objections, and Seller's First Notice shall be deemed to have been
given as of the last day of such five (5) business day period. If Seller elects
not to cure the Objections, Purchaser shall have five (5) business days from
receipt of such notice (if given) or the expiration of such five (5) business
day period (if Seller is deemed to have elected not to cure), as the case may
be, to determine by written

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notice to Seller, either (i) to accept and purchase the Property subject to the
uncured Objections (in which event such uncured Objections shall constitute
additional Permitted Encumbrances), or (ii) to terminate this Contract. If
Purchaser fails to give notice within such five (5) business day period,
Purchaser shall be deemed to have elected to terminate this Contract. If Seller
elects to cure the Objections, Seller shall use reasonable efforts to timely
cure the same prior to Closing. If, however, Seller, in its sole discretion,
shall determine prior to Closing that its efforts to cure the Objections will
not be successful, or if Seller has cured the Objections, Seller shall promptly
give Purchaser written notice ("Seller's Second Notice") to that effect. If
Seller gives Seller's Second Notice (other than notice that Seller has cured the
Objections), then Purchaser shall have five (5) business days from receipt of
such Seller's Second Notice to determine by written notice to Seller, either (i)
to accept and purchase the Property subject to the uncured Objections (in which
event such uncured Objections shall thereafter constitute additional Permitted
Encumbrances), with no abatement of the Purchase Price, or (ii) to terminate
this Contract. If Purchaser fails to give notice within such five (5) business
day period, Purchaser shall be deemed to have elected to terminate this
Contract.

            (c)  If this Contract is terminated pursuant to this Section 5, the
Deposit shall be returned to Purchaser within five (5) business days after
Seller's receipt of Purchaser's notice of termination and thereafter the parties
shall be relieved of all liability to each other under this Contract, except as
otherwise provided in this Contract.

Section 6.  New Objections.
            --------------

            In the event that any revised Title Commitment or endorsement by the
Title Commitment, or any up-date of any lien, judgment or similar searches,
contains any exception which was not contained in the original Title Commitment
or searches (a "New Exception"), Purchaser shall have the right to object
thereto by giving Seller notice of such objection(s) within five (5) business
days after receiving the endorsement or revised Title Commitment or search
containing the New Exception(s) (or, if later, after receiving all title back-up
applicable thereto and after having its surveyor locate same on its survey, if
applicable). Seller shall have the right to cure said objection(s) within twenty
(20) business days after receiving the same and if Seller is unable to cure an
objection to any New Exception, Purchaser shall have the same rights with
respect thereto as are afforded to it by Section 5 with regard to uncured
objections to exceptions reported in the original Title Commitment.

Section 7.  Termination, Default and Remedies.
            ---------------------------------

            (a)  If Purchaser fails or refuses to consummate the purchase of the
Property pursuant to this Contract at the Closing for any reason other than
termination of this Contract by Purchaser pursuant to a right so to terminate
expressly set forth in this Contract, or Seller's failure to perform Seller's
obligations under this Contract, then Seller, as Seller's sole and exclusive
remedy, shall have the right to terminate this Contract by giving written notice
thereof to Purchaser, whereupon neither party hereto shall have any further
rights or obligations hereunder, and Title Company shall deliver the Deposit to
Seller as liquidated damages, and not as a penalty, free of any claims by
Purchaser or any other person with respect thereto, the parties agreeing that
Seller's damages in the event of a breach hereof would be difficult to determine
but that the Deposit is a fair

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and reasonable estimate of said damages. It is agreed that the Deposit to which
the Seller is entitled hereunder shall constitute full satisfaction of
Purchaser's obligations hereunder to the Seller and all Trust Parties. However,
forfeiture of the Deposit shall be in addition to, and not in lieu of, any other
rights and remedies which might be available to Seller, at law or in equity for
any breach or default by Purchaser in its obligations under Section 9 (with
respect to its representation and warranty as to the engagement of any agent,
broker or other similar party) and Section 10 (with respect to its obligations
in conducting its review of the Property).

            (b)  If the Seller fails or refuses to consummate the sale of the
Property pursuant to this Contract at Closing, or fails to perform any of their
other obligations hereunder either prior to or at the Closing, for any reason
other than the termination of this Contract by Seller pursuant to a right so to
terminate expressly set forth in this Contract or Purchaser's failure to perform
Purchaser's obligations under this Contract, then Purchaser shall have the
right, as its sole remedy, either (i) to enforce specific performance of the
obligations of the Seller under this Contract , or (ii) to terminate this
Contract by giving written notice thereof to Seller prior to or at the Closing
whereupon the Deposit shall be returned to Purchaser. In the case of a willful
or intentional breach hereof by a Seller (e.g., any further encumbrancing of all
or any part of the Property, and/or the making of any amendment, modification or
waiver with respect to the GEIS Lease, or any Agreement or Permit, without
Purchaser's prior written consent) that results in an election by Purchaser to
terminate the Contract, Purchaser may seek such other relief as may be available
at law and/or in equity, including, but not limited to, actual (but not
consequential or punitive) damages up to a maximum amount (inclusive of legal
fees and costs) equal to the amount of the Deposit at the time of Purchaser's
election of its remedy. Purchaser shall make its remedy election pursuant to
this Section 7(b) by giving written notice thereof to Seller prior to or at the
Closing.

            (c)  In the event either Seller or Purchaser becomes entitled to the
Deposit upon cancellation or termination of this Contract in accordance with any
of its terms, Purchaser and Seller covenant and agree to deliver a letter of
instruction to the Title Company directing disbursement of the Deposit to the
party entitled thereto. In the event either party hereto fails or refuses to
sign or deliver such an instruction letter when the other party is entitled to
disbursement of the Deposit, such party shall pay, upon the final order of a
court with appropriate jurisdiction, all reasonable attorney's fees and court
costs incurred by the party so entitled to the Deposit in connection with the
recovery thereof.

Section 8.  Closing.
            -------

            (a)  The Closing ("Closing") of the sale of the Property by Seller
to Purchaser (and of the other related transactions contemplated hereby) shall
occur through the office of the Title Company in Washington, DC at: (i) 10:00
a.m. on February 7, 2001; or (ii) or at such other location and time as the
parties shall mutually agree upon, subject to adjournments as expressly provided
for in this Contract (the "Closing Date"). In the event that the Closing Date
would otherwise occur during any periods described in Sections 5(b) and/or 6
while Purchaser and/or Seller are considering, undertaking and/or reviewing any
actual or potential objection or breach (and/or any purported cure thereof), or
during any Seller period therein for curing or electing to cure, or during any
period therein for Purchaser to make any election with respect thereto, then
such Closing Date shall be

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extended to such date as is five (5) business days following the later of (x)
the last day that Purchaser may make such objection or declare such breach, (y)
the last day that Seller may affect or notify Purchaser of such cure and/or (z)
the last date Purchaser may make any election with respect thereto. A pre-
closing conference (the "Pre-Closing Conference") shall be held on the business
day immediately preceding the Closing Date at 10:00 a.m. at the offices of the
Title Company (or at such other location as the parties shall mutually agree
upon).

          (b)  (i)  Purchaser shall exercise its good faith business efforts to
cause New Lender to close the purchase money loan to Purchaser on or before
February 7, 2001.  However, in the event the New Lender has not completed its
due diligence or is otherwise not prepared to close the purchase money loan in
favor of Purchaser on or before February 7, 2001, Purchaser shall so notify
Seller in writing and the Closing Date shall be extended March 7, 2001.

               (ii) In the event the outside Closing Date has been extended
until March 7, 2001, Purchaser shall exercise its good faith business efforts to
cause New Lender to close the purchase money loan to Purchaser on or before
March 7, 2001. In the event the New Lender has not completed its due diligence
or is otherwise not prepared to close the purchase money loan in favor of
Purchaser on or before March 7, 2001, Purchaser shall so notify Seller in
writing and the Closing Date shall be extended until April 6, 2001.

          (c)  Rents paid or payable under the GEIS Lease and accrued but unpaid
interest under the Existing Debt (if assumed by Purchaser) shall be prorated at
Closing and all amounts of rent and other sums received from GEIS or others in
respect of the Property from and after the Closing Date shall be owned for the
benefit of Purchaser (and the Seller shall forward all such amounts received by
any of them, or by any agent of it, to or for the benefit of Purchaser).

          (d)  At the Pre-Closing Conference, all of the following shall occur,
all of which shall be deemed concurrent conditions:

               (i)   Seller, at Seller's sole cost and expense shall deliver or
cause to be delivered into escrow with the Title Company the following:

                     (A)  A special warranty deed conveying the Real Property
from Seller to Purchaser;

                     (B)  A special warranty bill of sale conveying the Personal
Property from Seller to Purchaser.

                     (C)  An assignment of the GEIS Lease from Seller to
Purchaser with full warranty of title.

                     (D)  An assignment of all of Seller's interest in and to
all Permits, Agreements, Warranties, Studies and Plans and Records.

                     (E)  To the extent that the same have not been previously
delivered

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to Purchaser and are available, the originals of the GEIS Lease, Permits,
Warranties, Agreements, Studies and Plans and Records;

                    (F)  The customary affidavits required by the Title Company
signed by Seller and/or any Trust Party (which affidavits shall at a minimum be
sufficient to allow the Title Company to issue affirmative coverage over
mechanics' and materialmans' liens);

                    (G)  Any instrument necessary to release any monetary liens
against the Property, other than Permitted Encumbrances; such instruments shall
include termination statements terminating any UCC-1 financing statements or
other evidence of monetary liens filed against the Property;

                    (H)  Appropriate evidence reasonably satisfactory to the
Title Company and Purchaser's counsel of Seller's and Trust Parties' authority
to consummate the transactions contemplated by this Contract;

                    (I)  An Estoppel Certificate from GEIS in form substantially
and in all material respects in the form attached hereto at Exhibit "G", or in
                                                            -----------
the form delivered by tenant in connection with the Existing Debt;

                    (J)  Letter to GEIS advising GEIS of the Closing and
instructions regarding all future payments of rent and other amounts to be paid
to or for the benefit of Purchaser;

                    (K)  Any other documents or instruments reasonably required
to consummate the transactions contemplated in this Contract.

             (ii)   Purchaser, at Purchaser's sole cost and expense, shall
deliver or cause to be delivered in escrow with the Title Company the following:

                    (A)  Wired funds in lawful money of the United States of
America in the amount required pursuant to Section 3(b) above;

                    (B)  Appropriate evidence reasonably satisfactory to the
Title Company and Seller of Purchaser's legal existence, good standing and
authority to consummate the transactions contemplated by this Contract;

                    (C)  The customary affidavits required by the Title Company;

                    (D)  Any other documents or instruments reasonably necessary
to consummate the transactions contemplated by this Contract.

             (iii)  At the Pre-Closing Conference, the parties shall instruct
the Title Company to, first, verify that title to the Property remains as
required hereby, then to record the special warranty deed referenced in Section
8(c)(i)(A) above and then to simultaneously on the Closing Date (a) deliver the
Deposit by wire transfer to Seller which Deposit shall be applied to the

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Purchase Price, (b) deliver to Seller, Purchaser and other parties entitled
thereto all other payments, documents, and other items to be delivered to such
parties under the terms of this Contract (c) deliver to the holder(s) of the
Existing Debt such amount as is required to satisfy and discharge so much of the
Existing Debt that has not been assumed by Purchaser pursuant to Section 3(c),
and (d) deliver to Purchaser the bill of sale and assignments referenced in
Section 8(c)(i)(B), (C) and (D) above. Closing shall be deemed to have occurred
upon the payment of the Purchase Price to Seller and the recordation and
delivery of all such documents and other items in accordance with this Contract.

                 (iv) Except as set forth in the following sentence, Seller and
Purchaser shall each pay (x) one-half (1/2) of any transfer, recordation, deed
or similar tax, (y) their respective attorneys' fees and (z) one-half (1/2) of
all escrow fees.  Purchaser shall pay the recordation fee, if any, imposed by
reason of any financing placed upon the Property.

                 (v)  Purchaser shall pay the premium required by the Title
Company to issue to Purchaser at the Closing an ALTA extended coverage owners
title insurance policy insuring Purchaser's title to the Property subject only
to the Permitted Encumbrances. Title Company's irrevocable and unconditional
commitment to issue such title policy shall be a condition precedent to
Purchaser's obligation to close escrow; if such condition is not satisfied,
Purchaser shall be entitled to terminate this Contract and receive a refund of
the Deposit.

            (e)  Upon completion of the Closing, Purchaser will have actual
possession of the Property free and clear of all tenancies and/or encumbrances
of every kind, and parties in possession, except for the GEIS Lease and
Permitted Encumbrances, with the Property in substantially the same condition as
on the Effective Date subject to normal wear and tear, natural changes, casualty
and condemnation.

Section 9.  Agents.
            ------

            Seller and Purchaser each hereby represent and warrant to the other
that except as expressly provided for below, it has not engaged the services of
any agent, broker or other similar party in connection with this transaction.
Each party hereby agrees to indemnify and hold the other harmless from the
claims of any agent, broker or other similar party claiming by, through or under
the indemnifying party.  The foregoing indemnities shall survive Closing or
termination of this Contract without limitation as to time.  Seller hereby
acknowledges Scheer Partners, Inc. as the listing agent with respect to this
Contract and Concord Partners, LLC (working with Advantis Real Estate Services)
as a cooperating broker with respect to this Contract and agrees to pay Scheer
Partners, Inc. and Concord Partners, LLC such commissions as may be due in
accordance with a separate agreement between Seller and Scheer Partners, Inc.

Section 10. New Lender's Due Diligence.
            --------------------------

            Prior to Closing, Purchaser, the New Lender and their respective
agents and consultants, at Purchaser's sole cost and risk, shall have the right
to go on to the Property to make inspections, surveys, structural analyses and
engineering inspections and other tests.  Notwithstanding any other provision of
this Contract, none of Purchaser's activities on the Property shall render any
portion of the Property unsafe or interfere with the use and enjoyment of the
Property by Seller or GEIS under the GEIS Lease.  Purchaser shall indemnify,
hold harmless, and,

                                       10
<PAGE>

upon request by Seller, defend Seller against all damages, liability, claims,
and expense, including reasonable attorneys' fees and litigation costs (whether
or not litigation is initiated), incurred by Seller as a result of Purchaser's
or the New Lender's (or their respective agents', contractors' or employees' or
prospective tenants') activities upon the Property pursuant to this Section 10.
If the sale of the Property is not consummated pursuant hereto for any reason,
Purchaser shall restore or cause to be restored the Property to as near the
condition thereof existing prior to any activity performed by Purchaser pursuant
to this Section 10. Notwithstanding anything to the contrary, the Purchaser's
obligations under this Contract are not conditioned upon the New Lender's
completion of or satisfaction with its due diligence.

Section 11.  Representations of Indemnitors.
             ------------------------------

             (a)  Each individual representation and warranty of Weldon
Humphries and Heinz-Dieter Kals (the "Indemnitors") (i) is material and is being
relied upon by Purchaser, (ii) is true in all material respects as of the date
hereof and shall be true in all material respects as the of Closing and (iii)
shall be a condition to Purchaser's obligations at the Closing. Whenever a
representation or warranty in this Section 11 is limited to the knowledge of
Indemnitors, such representation shall not be deemed to imply that Indemnitors
have undertaken any investigation with respect thereto unless expressly so
stated and shall be limited to the actual knowledge of Weldon Humphries, Heinz
Dieter Kals or David H. Bralove.

             (b)  The following representations and warranties of Indemnitors
are collectively referred to as "Entity Warranties":

                  (i)    Seller has full power and authority to enter into this
Contract and to consummate the transaction described herein, without obtaining
any further approvals or consents. Neither the entering into of this Contract
nor the consummation of the transaction contemplated herein will constitute or
result in a violation or breach by Seller, or any Trust Party under its
respective organizational documents, or a breach or violation by Seller or any
Trust Party of any judgment, order, writ, injunction, or decree issued against
or imposed upon it or any agreement to which it is a party or by which it or any
of its property is bound.

                  (ii)   Seller is duly formed and in good standing under the
laws of the State of Delaware and this Contract is legally binding on, and
enforceable against, Seller in accordance with its terms. Seller has taken all
action required by its organizational documents, by law or otherwise, to
authorize its execution and delivery of this Contract and the documents
contemplated herein, and to carry out its obligations contemplated hereby. This
Contract has been duly executed and delivered by Seller.

                  (iii)  REII is duly formed and in good standing under the laws
of the State of Delaware and to the extent that this Contract imposes any
obligations upon REII, the same are legally binding on, and enforceable against
REII in accordance therewith.

                  (iv)   There is no existing litigation or judgements against
any Trust Party, or the Property or, to the best knowledge of Seller or
Indemnitors, threatened, with respect to the Property, the Contract, or any
Trust Party, nor has any Trust Party, Seller or Indemnitor

                                       11
<PAGE>

received written assertion of same.

               (v)    Neither Seller nor any Trust Party have made an assignment
for the benefit of creditors, nor have any such persons filed, or to the best of
such persons' knowledge, had filed against it, any petition in bankruptcy.

               (vi)   This Contract is legally binding on, and enforceable
against, Seller and the Trust Parties (to the extent the Trust Parties have any
obligations hereunder) in accordance with its terms. Seller and the Trust
Parties have taken all action required by its organizational documents, by law
or otherwise, to authorize its execution and delivery of this Contract and the
documents contemplated herein, and to carry out their respective obligations
contemplated hereby. This Contract has been duly executed and delivered by
Seller and the Trust Parties.

               (vii)  Seller has no employees.

               (viii) Seller is not a "foreign person" as defined in Section
1445 of the Internal revenue Code of 1986, as amended.

          (c)  The following representations and warranties of Indemnitors are
collectively referred to as "Property Warranties":

               (i)    To the best of Indemnitors' knowledge, Seller has fee
simple title to the Property free and clear of all encumbrances except the
Permitted Encumbrances.

               (ii)   Neither Seller, Trust Parties nor Indemnitors have
received from any governmental authority a written notice of any pending or
threatened condemnation with respect to the Property.

               (iii)  Neither Seller, Trust Parties nor Indemnitors have
received from any governmental authority or any other party a written notice of
liens or special assessment with respect to the Property.

               (iv)   Except as pursuant to the GEIS Lease and Permitted
Encumbrances, no person, firm, corporation, or other entity has any right,
title, interest or estate, legal, beneficial, equitable or otherwise, in, to,
under or in respect of all or any part of the Property and no person whatsoever
has any contractual right or option to acquire any leasehold, tenancy, or other
possessory rights or interests in the Property.

               (v)    Neither Seller, Trust Parties nor Indemnitors have
received from any governmental authority a written notice of (i) any violation
of any ordinance, regulation, law or statute pertaining to the Property or any
portion thereof, or (ii) the need to obtain a governmental license or permit or
building, safety, fire, health, environmental, or similar governmental approval,
which has not been obtained, and which is necessary to operate the Property in
the manner in which it is being operated as of the Effective Date.

               (vi)   To the best of Indemnitors' knowledge, Seller is not in
breach of

                                       12
<PAGE>

any of its obligations under the GEIS Lease and GEIS is not more than thirty
(30) days in arrears with respect to rent or in breach with respect to any
material obligations under the GEIS Lease.

               (vii)   All taxes assessed and payable against the Property and
Personal Property have been paid in full.

               (viii)  To the best of Indemnitors' knowledge, none of the
Personal Property is subject to any financing statements.

               (ix)    Neither Seller, Trust Parties nor Indemnitors have
entered into any leases with respect to the Property other than the GEIS Lease
and to the best of Seller, Trust Parties and Indemnitors' knowledge, there are
no leases or other agreements for occupancy in effect with respect to the
Property other than the GEIS Lease and subleases which GEIS under the GEIS Lease
may have entered into;

               (x)     Neither Seller, Trust Parties nor Indemnitors have
received any written notices from its insurers, tenants or any governmental
entities of defect in the Improvements.

               (xi)    Neither Seller, Trust Parties nor Indemnitors have
received notice of and to the best of Seller, Trust Parties and Indemnitors'
knowledge, there are no violations of any required county and local permits
necessary to operate the Property in the manner in which it is being operated as
of the Effective Date.

               (xii)   There are no commissions due any real estate agents,
brokers or other similar parties in connection with any leasing activity at the
Property.

               (xiii)  To the best of Indemnitors' knowledge, there are no
utility moratoriums that apply to the Property.

               (xiv)   Edison Park Drive is a publicly dedicated right-of-way.

               (xv)    All utility meters on the Property are registered in the
name of GEIS, and none are in Seller's name.

               (xvi)   GEIS has not paid any operating expenses (such as real
estate taxes or common area maintenance) to Seller.

               (xvii)  As of the Closing, there shall be no Agreements affecting
the Property.

          (d)  In the event that Purchaser shall have actual knowledge that any
representation or warranty made by Indemnitors is in fact untrue, then Purchaser
shall advise Indemnitors of such fact as though same were a New Objection under
Section 6 above and Indemnitors shall enjoy the same cure rights of Seller as
set forth in such Section 6. To the extent that Purchaser has actual knowledge
prior to the Closing Date that Indemnitors' representations and warranties are
inaccurate, untrue, or incorrect in any way and Purchaser fails to object or
notify Seller of the same, such representations and warranties shall be deemed
modified to reflect Purchaser's actual knowledge. The mere presence in any
document or other material delivered to Purchaser by any party of any

                                       13
<PAGE>

statement or other disclosure indicating that any representation or warranty of
Seller, Indemnitors or any Trust Party is inaccurate, untrue or incorrect shall
not by itself constitute evidence that Purchaser has actual knowledge of the
same.

             (e)  Entity Warranties and all other representations and warranties
of Seller, Trust Parties or Indemnitors set forth in this Contract (other than
Property Warranties) shall survive the Closing for a period of three (3) years,
except in the case of a fraudulent representation or warranty on the part of the
Seller, any of the Trust Parties or the Indemnitors (a "Fraud Claim") or a
representation or warranty concerning taxes paid or payable (a "Tax Claim"). No
legal action for breach of Entity Warranties may be brought after three (3)
years from the Closing Date, except for: (i) a Fraud Claim, in which event the
time for commencement of such legal action shall be the applicable statue of
limitations under Maryland law; and (ii) a Tax Claim, in which event the time
for commencement of such legal action shall be ninety (90) days after the
expiration of the applicable statute of limitations for the applicable taxing
authority to commence any action under Maryland law, or federal law, as the case
may be.

             (f)  Property Warranties shall survive the Closing for a period of
one (1) year, except in the case of a Fraud Claim or a Tax Claim. Except for a
Fraud Claim or a Tax Claim, no legal action for breach of Property Warranties
may be brought after one (1) year from the Closing Date, unless prior to the
expiration of said one (1) year period, Purchaser shall have given notice to
Seller of a potential or threatened action (a "Property Warranty Notice"). The
Property Warranty Notice shall identify the threatened or potential legal action
with specificity and, to the extent then known by Purchaser, disclose the nature
of the claim, the names of the claimants and the amount in controversy. If
Purchaser shall have timely sent a Property Warranty Notice, then Purchaser
shall have an additional thirty (30) days beyond the one (1) year anniversary
from the Closing Date to bring a legal action with respect to the matters
identified in such Property Warranty Notice. In the case of a Fraud Claim, the
time for commencement of a legal action shall be the applicable statue of
limitations under Maryland law. In the case of a Tax Claim, the time for
commencement of a legal action shall be ninety (90) days after the expiration of
the applicable statute of limitations for the applicable taxing authority to
commence any action under Maryland law, or federal law, as the case may be.

Section 12.  Representations and Covenants of Purchaser.
             -------------------------------------------

             Purchaser hereby makes the following representations, covenants and
warranties. Each individual representation and warranty (i) is being relied upon
by Seller, (ii) is true in all material respects as of the date hereof and shall
be true in all material respects as of the Closing and (iii) shall be a
condition to Seller's obligations at the Closing.

             (a)    Purchaser is a corporation duly formed and in good standing
under the laws of Nevada and has full legal power and authority to: (i) execute
and deliver this Contract and all other documents executed and delivered by it
in connection with this transaction, and (ii) perform all obligations arising
under this Contract and such other documents, and this Contract is legally
binding on, and enforceable against, Purchaser in accordance with its terms.
Purchaser has taken all action required by its organizational documents and/or
by law to authorize the execution and delivery of

                                       14
<PAGE>

this Contract and such other documents related hereto and to carry out the
transaction contemplated hereby, including, without limitation, the execution
and delivery of all instruments and documents required to be executed by
Purchaser in order for Purchaser to enter into this Contract or any other
document referred to herein or to fully perform all of its obligations under
this Contract or under any other document referred to herein.

             (b)  There are no actions, suits, claims, or other proceedings,
governmental or otherwise, pending nor, to the best of Purchaser's knowledge,
contemplated or threatened against Purchaser which will affect this Contract.

             (c)  Purchaser has not made an assignment for the benefit of
creditors, nor has Purchaser filed, or to the best of its knowledge had filed
against it, any petition in bankruptcy.

             (d)  Purchaser shall, within five (5) business days after the
Effective Date, submit an application for a new loan to Lehman Brothers (or its
affiliate) ("Lehman") for a purchase money loan secured by the Property in an
amount of not less than Fifty Four Million Dollars ($54,000,000.00), and provide
reasonable evidence to Seller of the same, including payment of an application
fee.  If Purchaser fails to provide such evidence within such time period,
Seller shall have the right to terminate this Contract upon written notice to
Purchaser.  If Seller elects to terminate this Contract pursuant to this Section
12(d), all of the Deposit shall be returned to Purchaser and this Contract shall
be void.  Purchaser shall exercise its good faith efforts to cause Lehman to
close the loan on or before February 7, 2001, but failure of Lehman to do so
shall not constitute a default by Purchaser.

Section 13.  Indemnitors' Covenants.
             -----------------------

            (a)   From the Effective Date until the Closing, Indemnitors shall
cause Seller to maintain in force property and liability insurance with respect
to damage or injury to person or property occurring on the Property in at least
such amounts as are maintained by the Trust as of the Effective Date.

             (b)  From the Effective Date until the Closing, and except as
otherwise expressly provided in this Contract, Indemnitors shall not permit
Seller to voluntarily create or suffer any additional Encumbrances with respect
to the Property without Purchaser's prior written approval.

             (c)  Indemnitors shall not permit Seller to enter into any other
agreements affecting the Property (including, without limitation, leases) after
the Effective Date which will remain in effect following the Closing Date (or
for which any termination or similar fee must be paid in order to terminate same
on or before the Closing Date), nor amend, modify or waive any provision (nor
consent to any assignment or sublease) of the GEIS Lease, or any Agreement,
Warranty and/or Permitted Encumbrance, or any of the documents evidencing the
Existing Debt (other than an agreement extending the maturity date of the
Existing Debt) without the prior written consent of Purchaser, which consent
shall not be unreasonably withheld, conditioned or delayed.

             (d)  Indemnitors shall cause the Seller to comply with and maintain
in full force and effect the GEIS Lease and all Agreements, Leases, Permits,
Permitted Encumbrances and Warranties.

                                       15
<PAGE>

             (e)  From the Effective Date to the Closing Date, Indemnitors shall
promptly notify Purchaser of any transaction or occurrence that would make any
of the covenants, representations, or warranties of Seller contained in this
Contract untrue in any material respect or which would or could constitute a
grounds for Purchaser being excused from closing hereunder.

Section 14.  Condition of Property.
             ---------------------

             (a)  Purchaser has inspected the Property or will have the
opportunity to inspect the Property prior to Closing and is, or shall become,
fully familiar with its zoning, subdivision, and development status and its
physical and environmental condition and characteristics. At the time of
Closing, Purchaser shall accept the Property in its then existing "as is"
condition, subject to the express terms, conditions, representations,
warranties, and covenants contained herein, which shall not be modified,
restricted, or limited by the terms of this Section 14. In entering into this
Contract, Purchaser has not been induced by and has not relied upon any
representations, warranties, or statements about the Property, whether express
or implied, oral or written, made by Seller, the Trust Parties, Indemnitors or
any agent or representative of Seller, the Trust Parties or Indemnitors which
are not expressly set forth in this Contract.

             (b)  Without limiting the generality of Section 14(a), Purchaser
acknowledges that Seller, the Trust Parties and Indemnitors do not make any
representation or warranty with respect to the value, profitability, or
marketability of the Property.

            (c)   Notwithstanding any other provision of this Contract, except
as set forth in Section 4, Seller, the Trust Parties and Indemnitors make no
representation or warranty to Purchaser as to the accuracy, completeness, or
reliability of any of the Studies and Plans regarding the condition or
characteristics of the Property provided to Purchaser by Seller, the Trust
Parties or Indemnitors. Purchaser acknowledges that all such Studies and Plans
are provided to Purchaser as an accommodation to Purchaser, and that Seller, the
Trust Parties and Indemnitors shall have no liability to Purchaser in connection
therewith. Except as otherwise provided in this Contract, Seller, the Trust
Parties and Indemnitors make no representation or warranty to Purchaser as to
the enforceability or status of any of the Permits or Warranties and, except as
otherwise provided herein (e.g., Section 13(d)), Seller, the Trust Parties and
Indemnitors shall have no liability to Purchaser in connection therewith.

            (d)   Seller, the Trust Parties and Indemnitors have not released
any hazardous substances on the Property and have no actual knowledge of any
violations of environmental protection, pollution or land use laws, rules, or
regulations (collectively "Environmental Laws"), except as may be set forth in
the environmental reports furnished to Purchaser by Seller prior to the
Effective Date. Except for the foregoing, Seller, the Trust Parties and
Indemnitors do not and will not make any representations or warranties with
regard to compliance with any Environmental Laws, provided, however, that
nothing in this Contract shall be deemed to release Seller from any liability
(including, not limited to, any claim for reasonable attorneys' fees and
litigation costs) incurred by Purchaser in connection with claims asserted
against any one or more of them by third parties for any period on or prior to
Closing.

                                       16
<PAGE>

Section 15.  Notices.
             -------

             (a)  Any notice required or permitted to be given hereunder by one
party to the other shall be in writing and the same shall be given when
addressed to such party at the address hereinafter specified and delivered: (i)
in person (when accompanied by a signed receipt or an affidavit of delivery) and
shall be deemed to have been given on the date receipt is indicated on the
receipt for delivery; (ii) by recognized same day or overnight delivery service,
and shall be deemed to have been given on the date receipt is indicated on the
receipt for delivery (unless the address is outside of the United States, in
which event it shall be deemed given on the next day following the date notice
was received for delivery by the same day or overnight delivery service); or
(iii) by telecopy so long as a hard copy of same is sent in accordance with
Section 15(a)(ii) hereof for same day or overnight delivery. Notices sent by
telecopy in accordance with this Section 15 shall be deemed given and received
on the date of receipt electronically indicated on the recipient's telecopy
pages, unless such date is clearly erroneous as a result of a malfunction or
system error of the telecopy device.

             (b)    The address of Seller for all purposes and notices hereunder
shall be:

                    The Gaithersburg Realty Trust
                    7361 Calhoun Place
                    Suite 300
                    Rockville, MD 20855
                    Attention: David H. Bralove, Owner Trustee
                    Telephone:  (301) 610-9717 X104
                    Telecopy:   (301) 610-9718

With copies to:     Weldon Humphries
--------------
                    2118 Sondra Court
                    Silver Spring, MD 20905
                    Telephone:  (301) 421-1246
                    Fax:        (301) 421-1017

                    Commercial, Analytic and Legal Services, L.L.C.
                    7361 Calhoun Place
                    Suite 300
                    Rockville, MD 20855
                    Attention: Heinz-Dieter Kals
                    Telephone:  (301) 610-9717 X104
                    Fax:        (301) 610-9718

                    David H. Bralove, Esq.
                    The Bralove Group
                    5335 Wisconsin Avenue, N.W.
                    Suite 440
                    Washington, DC 20015
                    Telephone:  (202) 363-6100

                                       17
<PAGE>

                    Telecopy:   (202) 363-6846

and:                Dr. Heinz-Dieter Kals
---
                    Otto Wels Strasse, 33
                    D52477, Alsdorf
                    GERMANY
                    Telephone:  01149240490650
                    Fax:        011492404906550

               (e)  The address of Purchaser for all purposes and notices
                    hereunder shall be:

                    Santa Fe Hotel, Inc.
                    3221 South Torrey Pines
                    Las Vegas, NV 89149
                    Attention: David Lowden
                    Telephone:  (702) 871-9492
                    Fax:        (702) 871-4244

With copies to:     American Safety Financial Corp.
--------------
                    11766 Wilshire Boulevard
                    Suite 1270
                    Los Angeles, CA 90025
                    Attention: Steve Sirang
                    Telephone:  (310) 445-9100
                    Fax:        (310) 312-8800

and:                Leo Rose, Esq.
---
                    Schreeder, Wheeler & Flint, LLP
                    The Candler Building
                    127 Peachtree Street, NE
                    Atlanta, GA 30303-1845
                    Telephone:  (404) 954-9823
                    Fax:        (404) 681-1046

               (d)  From time to time either party may designate another address
for all purposes of this Contract by giving the other party not less than ten
(10) days advance written notice of such change of address in accordance with
the provisions hereof.

                                       18
<PAGE>

Section 16.  Entire Contract.
             ---------------

             This Contract (including the exhibits hereto) contains the entire
contract between Seller and Purchaser, and no oral statements or prior written
matter not specifically incorporated herein shall be of any force and effect.
No variations, modifications, or changes hereof shall be binding on either party
hereto unless set forth in a document executed by such parties.

Section 17.  Assigns.
             -------

             This Contract shall inure to the benefit of and be binding on the
parties hereto and their respective legal representatives, successors, and
assigns.  Neither party (the "Assignor Party") may assign its rights hereunder
prior to Closing to any other person or entity without the prior written consent
of the non-assigning party (the "Non-Assigning Party"), which may be withheld in
the Non-Assigning Party's subjective, and absolute discretion (an entity so
approved by the Non-Assigning Party being referred to in this Contract as an
"Approved Assignee").  Any Approved Assignee shall, prior to the Closing, assume
in writing, for the benefit of the Non-Assigning Party, the Assignor Party's
obligations under this Contract.  Seller hereby consents to the assignment of
Purchaser's interest in this Contract to (i) an entity that is formed as a
single purpose entity in connection with the loan from the New Lender or (ii) an
entity that is majority-owned by Purchaser or one of its affiliated entities.
Notwithstanding any assignment to an Approved Assignee, or otherwise, the
Assignor Party shall remain primarily liable for the performance of its
obligations under this Contract.

Section 18.  Effective Date.
             --------------

             The "Effective Date" of this Contract shall be the date this
Contract has been executed by all parties and upon which each has received a
fully executed original hereof (with all Exhibits attached).

Section 19.  Time of the Essence.
             -------------------

             Time is of the essence for each and every provision of this
Contract.

Section 20.  Destruction, Damage or Taking Prior to Closing.
             ----------------------------------------------

            (a)  Prior to Closing, risk of loss or risk of a total or partial
taking with regard to the Property shall be borne by Seller.

            (b)  In the event the Property, or any material portion thereof, is
condemned by governmental authority under right of eminent domain or otherwise
prior to Closing (or notice of such condemnation is received), Purchaser may, in
Purchaser's sole discretion, either (i) terminate this Contract by giving
written notice to Seller before the Closing Date, and receive back the Deposit,
and neither party hereto shall have any further rights or obligations hereunder,
except as otherwise provided in this Contract, or (ii) proceed with the Closing
of the transaction, in which event the Purchase Price shall not be reduced and
Seller shall assign to Purchaser all rights to receive the proceeds of the
condemnation award. For purposes of this Section 20, a condemnation of all or a
material portion of the Property shall be deemed to have occurred only if (i)
the taking is for twenty five percent (25%) or more of the Land; (ii) the taking
is for all or any portion of the building located

                                       19
<PAGE>

on the Land which would render the use of such building infeasible; or (iii) the
taking would materially and adversely affect access to the Property.

Section 21.  Terminology.
             ------------

             The captions beside the sections numbers of this Contract are for
reference only and shall not modify or affect this Contract in any manner
whatsoever.  Wherever required by the context, any gender shall include any
other gender, the singular shall include the plural, and the plural shall
include the singular.

Section 22.  Governing Law.
             --------------

             This Contract shall be governed by and construed in accordance with
the laws of the State of Maryland. The parties hereto hereby consent that venue
of any action brought under this Contract shall be in Montgomery County,
Maryland or the U.S. District Court for the District of Maryland.

Section 23.  Severability.
             -------------

             In case any one or more of the provision contained in this Contract
shall for any reason be held to be invalid, illegal, or unenforceable in any
respect, such invalidity, illegality, or unenforceability shall not affect any
other provision hereof, and this Contract shall be construed as if such invalid,
illegal, or unenforceable provision had never been contained herein.

Section 24.  Construction.
             ------------

             The parties acknowledge that each party and its counsel have
reviewed this Contract and that the normal rule of construction to the effect
that any ambiguities are to be resolved against the drafting party shall not be
employed in the interpretation of this Contract or any amendments or exhibits
hereto.

Section 25.  Attorney's Fees.
             ---------------

             If any action at law or in equity is necessary to enforce or
interpret the terms of this Contract, the prevailing party or parties shall be
entitled to reasonable attorney's fees, costs and necessary disbursements in
addition to any other relief to which such party or parties may be entitled.

Section 26.  Business Days.
             -------------

             If the Closing Date or the day for performance of any act required
under this Contract falls on a Saturday, Sunday or legal holiday (including any
date upon which Seller's, Purchaser's or the Title Company's bank is closed),
then the Closing Date or the day for such performance, as the case may be, shall
be the next following regular business day.

Section 27.  Confidentiality.
             ---------------

             Seller and Purchaser, and their respective, employees, officers,
directors, agents, consultants and attorneys, shall maintain in absolute
confidence the terms of this Contract, all due diligence material obtained by
Purchaser hereunder, except as otherwise agreed to in writing by the parties
hereto.  Notwithstanding the foregoing, Purchaser may make such disclosures as
may be

                                       20
<PAGE>

reasonably required in connection with obtaining equity investment or financing
for the purchase of the Property. All obligations of the parties under this
Section 27 shall terminate upon the Closing of this transaction or termination
of this Contract.

Section 28.  Counterparts and Facsimile Signatures.
             -------------------------------------

             This Contract may be executed in multiple counterparts, each of
which shall, for all purposes, be deemed an original, but which together shall
constitute one and same instrument. The parties hereto may execute this Contract
(including all Exhibits) by facsimile signature, it being the intent of the
parties hereto that such signatures constitute originals thereof. The parties
shall, as soon as reasonably practicable after the date hereof, exchange
originally signed counterpart signature pages of this Contract (including all
Exhibits).

Section 29.  Miscellaneous.
             -------------

             (a)  The terms and provisions of this Contract shall not survive
the Closing and none of such terms or provisions shall be merged in the deed;
provided, however, that representations and warranties contained in this
Contract shall survive the Closing as provided herein.

             (b)  This Contract is intended for the exclusive benefit of the
parties hereto and shall not create any rights in, or be enforceable by, any
other person.

             (c)  No partnership or joint venture exists between Seller and
Purchaser, and nothing in this Contract or any of the documents contemplated
herein shall be deemed to create any partnership or joint venture between Seller
and Purchaser.

             (d)  Trustee is executing this Contract in its representative
capacity as "Trustee" with respect to Seller and shall not have any personal
liability hereunder or in connection herewith.

             (e)  Notwithstanding anything to the contrary set forth herein, the
parties agree that all of the rights and obligations of the Purchaser under this
Contract may be assigned by Purchaser prior to the Closing to a "qualified
intermediary" for purposes of enabling the Purchaser to qualify the exchange of
the Property for other property as a tax-deferred exchange under Section 1031 of
the Internal Revenue Code; provided, however, that such transfer shall not
relieve Purchaser of any obligation of Purchaser under this Contract. Seller
agrees to cooperate in connection with any proposed exchange of Property
provided, however, (i) the acquisition and exchange of the Property for
designated exchange property shall not impose upon the Seller, the Trust Parties
or Indemnitors any additional financial obligations, representations or
warranties; and (ii) Purchaser shall indemnify and hold Seller harmless from any
and all liabilities, claims, losses or actions which Seller incurs or to which
Seller may be exposed as a result of Seller's participation in the contemplated
exchange.

Section 30.  Purchaser's and Seller's Continuing Obligations.
             -----------------------------------------------

             (a)  The owner of the Property shall remain liable after the
Closing Date to perform all obligations under the Permitted Encumbrances first
arising and accruing on and after the Closing Date, including, without
limitation, all City Related Agreements. With respect the Agreement to Adjust
Property Configuration, Seller, the Trust Parties and Indemnitors represent and

                                       21
<PAGE>

warrant that all material obligations required of the Seller have been satisfied
except for the receipt of "Road Option #3 Substituted Parcel" by Seller or its
designee;

             (b)  Seller acknowledges that certain real property owned by Seller
other than the Property ("Seller's Other Property") is subject to certain
covenants, conditions and restrictions as set forth in the GEIS Lease, (the
"GEIS Restrictions"). Seller shall (and Indemnitors shall cause Seller), at
Closing, to record in the appropriate real property records a notice of the
existence of the GEIS Restrictions that affect the Seller's Other Property.
Seller and Indemnitors shall indemnify and protect Purchaser from any loss,
cost, damage, liability or expense (including, without limitation, attorney's
fees and court costs) suffered or incurred by the failure of any applicable
party to comply with the GEIS Restrictions (the "GEIS Restriction Indemnity").
The GEIS Restriction Indemnity shall survive Closing without limitation as to
time.

             (c)  Seller and Purchaser agree to enter into and record an
agreement at Closing of mutual cooperation for the granting and vacating of
easements and rights of way which may be necessary or desirable in connection
with the development and enjoyment of the Property and the Seller's Other
Property. Such agreement shall provide that neither party shall unreasonably
withhold the grant or vacation of an easement or right-of-way, and neither party
shall impose any charge on the other for such action above actual out-of-pocket
charges incurred to third parties.

Section 31.  Mutual Indemnifications.
             -----------------------

        (a)  Purchaser hereby agrees to indemnify and hold Seller, Trustee and
Indemnitors harmless from and against any and all loss, cost, liability, damage,
claim or expense (including reasonable attorneys' fees) in connection with,
arising out of or in any way related to: (i) Purchaser's representations and
warranties set forth in this Contract; and (ii) any liability under this
Contract first arising and accruing after the Closing Date and relating to the
ownership, operation, management and maintenance of the Property.
Notwithstanding the foregoing, the Purchaser's liability under this Section
31(a) shall be limited to FIVE HUNDRED THOUSAND DOLLARS ($500,000), except for:
(i) liability arising out of a fraudulent representation or warranty on the part
of the Purchaser and liability arising out of Purchaser's indemnity under
Section 29(e), in which events there shall no limit on the amount of the
Purchaser's liability.

        (b)  Indemnitors hereby agree to indemnify and hold Purchaser harmless
from and against any and all loss, cost, liability, damage, claim or expense
(including reasonable attorneys' fees) in connection with, arising out of or in
any way related to: (i) Indemnitors' representations, warranties and covenants
set forth in this Contract; and (ii) the ownership, operation, management and
maintenance of the Property prior to the Closing Date. Notwithstanding the
foregoing, except in the case of a Fraud Claim(s), the GEIS Restriction
Indemnity or a breach of the Entity Warranties, the Indemnitors' liability under
this Section 31 shall be limited to FIVE HUNDRED THOUSAND DOLLARS ($500,000) in
the aggregate (with the separate limit of liability for each of the Indemnitors
equal to one-half (1/2) of the overall aggregate liability). In the case of a
Fraud Claim(s), a breach of the Entity Warranties, or the GEIS Restriction
Indemnity, there shall be no limit on the amount of Indemnitors' liability other
than a separate limit of liability for each of the Indemnitors equal to one-half
(1/2) of the aggregate liability for the Fraud Claim(s), breach of the Entity
Warranties or the GEIS Restriction Indemnity.

                                       22
<PAGE>

        (c)  Notwithstanding any other provision herein to the contrary, in the
event of a loss or claim of any kind or nature by a party entitled to
indemnification pursuant to this Section 31 (the "Indemnitee") which loss or
claim is covered by insurance maintained by the Indemnitee, then the Indemnitee
shall look first to its insurance coverage for recovery and diligently file and
pursue a claim for such loss.  The indemnifying party under this Section 31
shall be responsible only for such amounts as are not covered by insurance.  In
the event that an Indemnitee has filed a claim with its insurance carrier as
provided for in this Section 31(c), then any applicable time limits for bringing
legal action against the indemnifying party shall be tolled until the carrier
has rendered its determination in writing with respect to such filed claim.

Section 32.  FAR's.
             ------

        Seller and Purchaser acknowledge and agree that with respect to the
700,000 square feet (FAR) as set forth in the Addendum No. 1 to Annexation
Agreement -GE Technology Park, 550,000 square feet of additional FAR shall be
allocated to the Property and 150,000 square feet of additional FAR shall be
allocated to Seller's Other Property. Seller and Purchaser agree to enter into
and record an agreement at Closing which documents the foregoing allocation.

Section 33.  Schedule of Exhibits.
             ---------------------

             Exhibit "A"   -   the Land
             -----------
             Exhibit "B"   -   Personal Property
             -----------
             Exhibit "C"   -   Warranties
             -----------
             Exhibit "D"   -   Specific Permitted Exceptions
             -----------
             Exhibit "D-1" -   Trust's Title Insurance Policy
             -------------
             Exhibit "D-2" -   City and Related Agreements
             -------------
             Exhibit "E"   -   Form of Escrow Agreement
             -----------
             Exhibit "F"   -   Title Objections Notice
             -----------
             Exhibit "G"   -   Tenant Estoppel Certificate
             -----------

                        [SIGNATURES ON FOLLOWING PAGE]

                                       23
<PAGE>

IN WITNESS WHEREOF, this Contract is hereby executed as of the Effective Date.

                              SELLER:
                              ------

                              The Gaithersburg Realty Trust

Dated: February 28, 2001           By:  /s/ David H. Bralove
                                        --------------------
                                   David H. Bralove, not individually but solely
                                   in his capacity as owner trustee

                              with the consent of:
                              -------------------

                              The Humphries Living Trust

Dated: February 28, 2001           By:  /s/ Weldon Humphries
                                        --------------------
                                   Weldon Humphries
                                   Trustee

                              Commercial, Analytic and Legal Services, L.L.C.

Dated: February 28, 2001           By:  /s/ Heinz-Dieter Kals
                                        ---------------------
                                   Heinz-Dieter Kals
                                   Member and Operating Manager

                              REII-Gaithersburg, Maryland, L.L.C.,
                              a Delaware limited liability company

Dated: February 28, 2001           By:  /s/ Heinz-Dieter Kals
                                        ---------------------
                                   Heinz-Dieter Kals
                                   Member, Board of Managers

Dated: February 28, 2001           By:  /s/ Weldon Humphries
                                        --------------------
                                   Weldon Humphries
                                   Member, Board of Managers

                  [SIGNATURES CONTINUED ON FOLLOWING PAGES.]

                                       24
<PAGE>

               [SIGNATURE PAGE OF PURCHASE CONTRACT CONTINUED.]

                              PURCHASER:
                              ---------

                              Santa Fe Hotel, Inc.

Dated: February 28, 2001           By:  /s/ Paul W. Lowden
                                   -----------------------
                                   Paul W. Lowden
                                   Chairman of the Board of Directors

                   [SIGNATURES CONTINUED ON FOLLOWING PAGE].

                                       25
<PAGE>

               [SIGNATURE PAGE OF PURCHASE CONTRACT CONTINUED.]

                         INDEMNITORS:
                         -----------

                         The Indemnitors execute this Contract solely and
                         exclusively to acknowledge their obligations under
                         Section 3, 4, 11, 13, 30 and 31(b) and for no other
                         purpose.

Dated: February 28, 2001      /s/ Weldon Humphries
                              --------------------
                              Weldon Humphries

Dated: February 28, 2001      /s/ Heinz-Dieter Kals
                              ---------------------
                              Heinz-Dieter Kals

                                       26<PAGE>

                                                                   Exhibit 10.73

                                PROMISSORY NOTE

$55,434,006.00

                                                               February 28, 2001

     FOR VALUE RECEIVED, SFHI, LLC, a Delaware limited liability company, as
maker, having its principal place of business at 4336 Losee Road, #9, North Las
Vegas, Nevada 89030 ("Borrower"), hereby unconditionally promises to pay to the
order of LEHMAN BROTHERS HOLDINGS INC., D/B/A LEHMAN CAPITAL, A DIVISION OF
LEHMAN BROTHERS HOLDINGS INC., a Delaware corporation, having an address at
Three World Financial Center, 200 Vesey Street, New York, New York 10285
("Lender"), or at such other place as the holder hereof may from time to time
designate in writing, the principal sum of FIFTY-FIVE MILLION FOUR HUNDRED
THIRTY FOUR THOUSAND SIX AND 00/100 ($55,434,006.00) DOLLARS, in lawful money of
the United States of America with interest thereon to be computed from the date
of this Note at the Applicable Interest Rate (defined below), and to be paid in
installments as provided herein.

1.   CERTAIN DEFINED TERMS

     As used herein the following terms shall have the meanings set forth below:

     (a)  "Accrual Period" means the period commencing on the eleventh (11th)
day of a calendar month and ending on the tenth (10th) day of the succeeding
calendar month; provided that if this Note is dated as of any date other than
the eleventh (11th) day of a month, the first Accrual Period shall (i) consist
of only the date hereof, if the date hereof is the tenth (10th) day of a month,
or (ii) commence on the date hereof and shall end on the next tenth (10th) day
of a calendar month to occur after the date hereof.

     (b)  "Applicable Interest Rate" shall mean an interest rate equal to 7.01%
per annum.

     (c)  "Monthly Payment" shall mean, for the Monthly Payment Date occurring
on April 11, 2001, a payment equal to $392,835.07, and for each Monthly Payment
Date falling within each of the periods set forth below, a payment in the amount
set forth next to such period Monthly Payment Dates listed below, including the
Monthly Payment Dates listed next to the applicable amount:

<TABLE>
          <S>                                     <C>
           (1)  May 11, 2001--April 11, 2002:     $402,655.95
           (2)  May 11, 2002--April 11, 2003:     $412,722.35
           (3)  May 11, 2003--April 11, 2004:     $423,040.41
           (4)  May 11, 2004--April 11, 2005:     $433,616.42
           (5)  May 11, 2005--April 11, 2006:     $444,456.83
           (6)  May 11, 2006--April 11, 2007:     $455,568.25
           (7)  May 11, 2007--April 11, 2008:     $466,957.46
           (8)  May 11, 2008--April 11, 2009:     $478,631.39
           (9)  May 11, 2009--April 11, 2010:     $490,597.18
          (10)  May 11, 2010--April 11, 2011:     $502,862.11
          (11)  May 11, 2011--April 11, 2012:     $515,433.66
          (12)  May 11, 2012--April 11, 2013:     $528,319.50
          (13)  May 11, 2013--March 11, 2014:     $541,527.49
</TABLE>

     (d)  "Loan" shall mean the loan evidenced by this Note.

     (e)  "Loan Documents" shall mean this Note, the Security Instrument, and
any other documents or instruments which now or shall hereafter wholly or
partially secure or guarantee payment of this Note or which have otherwise been
executed by Borrower and/or any other person in connection with the Loan.

     (f)  "Lockout Period Expiration Date" shall mean the earlier of (a) the
fourth (4th) anniversary of the date hereof, and (b) two years and one day from
the "startup day" of any "real estate mortgage investment conduit" (as such
terms are defined in Sections 860G and 860D, respectively, of the
<PAGE>

Internal Revenue Code of 1986, as amended or any successor statute thereto)
which may acquire the Loan.

     (g)  "Maturity Date" shall mean April 11, 2014.

     (h)  "Monthly Payment Date" shall mean the eleventh (11th) day of each
calendar month prior to the Maturity Date commencing on (i) the eleventh (11th)
day of the next succeeding calendar month after the date hereof if this Note is
dated on or prior to the eleventh (11th) day of a month; or (ii) the eleventh
(11th) day of the second succeeding calendar month after the date hereof if this
Note is dated after the eleventh (11th) day of a month.

     (i)  "Security Instrument" shall mean the Deed of Trust and Security
Agreement dated the date hereof in the principal sum of FIFTY-FIVE MILLION FOUR
HUNDRED THIRTY FOUR THOUSAND SIX AND 00/100 ($55,434,006.00) DOLLARS given by
Borrower to (or for the benefit of) Lender covering the fee estate of Borrower
in certain premises located in Montgomery County, State of Maryland, and other
property, as more particularly described therein (collectively, the "Property").

2.   PAYMENT TERMS

     (a)  If this Note is dated as of a date other than the eleventh (11th) day
of a calendar month, a payment shall be due from Borrower to Lender on the date
hereof on account of all interest scheduled to accrue on the principal sum from
and after the date hereof through and including the last day of the current
Accrual Period. The Monthly Payment shall be due from Borrower to Lender on each
Monthly Payment Date, with each Monthly Payment to be applied as follows: (i)
first, to the payment of interest which has accrued during the preceding Accrual
Period computed at the Applicable Interest Rate, and (ii) the balance toward the
reduction of the principal sum. The balance of the principal sum and all
interest thereon shall be due and payable on the Maturity Date. Interest on the
principal sum of this Note shall be calculated by multiplying the actual number
of days elapsed in the period for which interest is being calculated by a daily
rate based on a 360-day year.

     (b)  Unless payments are made in the required amount in immediately
available funds at the place where this Note is payable, remittances in payment
of all or any part of the Debt (defined below) shall not, regardless of any
receipt or credit issued therefor, constitute payment until the required amount
is actually received by Lender in funds immediately available at the place where
this Note is payable (or any other place as Lender, in Lender's sole discretion,
may have established by delivery of written notice thereof to Borrower) and
shall be made and accepted subject to the condition that any check or draft may
be handled for collection in accordance with the practice of the collecting bank
or banks.

3.   DEFAULT AND ACCELERATION

     (a)  The whole of the principal sum of this Note, (b) interest, default
interest, late charges and other sums, as provided in this Note, the Security
Instrument or the other Loan Documents, (c) all other monies agreed or provided
to be paid by Borrower in this Note, the Security Instrument or the other Loan
Documents, (d) all sums advanced pursuant to the Security Instrument to protect
and preserve the Property and the lien and the security interest created
thereby, and (e) all sums advanced and costs and expenses incurred by Lender in
connection with the Debt (defined below) or any part thereof, any renewal,
extension, or change of or substitution for the Debt or any part thereof, or the
acquisition or perfection of the security therefor, whether made or incurred at
the request of Borrower or Lender (all the sums referred to in (a) through (e)
above shall collectively be referred to as the "Debt") shall without notice
become immediately due and payable at the option of Lender if any payment
required in this Note prior to the Maturity Date is not paid on the date when
due or on the happening of any other default, after the expiration of any
applicable notice and grace periods, herein or under the terms of the Security
Instrument or any of the other Loan Documents (collectively, an "Event of
Default"). Notwithstanding anything contained herein to the contrary, no Event
of Default shall occur due to any failure to pay any Monthly Payment resulting
solely from the failure by Lender to receive the monthly rent payment under the
Net Lease intended to be applied to the payment of such Monthly Payment, until
the date which is five (5) days from the date of Lender's notice to Borrower of
Lender's failure to receive such monthly rent payment on the first day of a
calendar month. For the purposes of the preceding sentence, the rent payable
under the Net Lease in any particular month shall be deemed to be intended to be
applied to the Monthly Payment due in that month (for example, the monthly rent
payment due under the Net Lease in April, 2001 is deemed to be intended to be
applied to the Monthly Payment due on April 11, 2001).

                                       2
<PAGE>

4.   DEFAULT INTEREST

     Borrower does hereby agree that upon the occurrence of an Event of Default,
Lender shall be entitled to receive and Borrower shall pay interest on the
entire unpaid principal sum at a rate (the "Default Rate") equal to (i) the
greater of (a) the Applicable Interest Rate plus three percent (3%) and (b) the
Prime Rate (as hereinafter defined) plus four percent (4%) or (ii) the maximum
interest rate that Borrower may by law pay, whichever is lower. The Default Rate
shall be computed from the occurrence of the Event of Default until the earlier
of the date upon which the Event of Default is cured or the date upon which the
Debt is paid in full. Interest calculated at the Default Rate shall be added to
the Debt, and shall be deemed secured by the Security Instrument. This
provision, however, shall not be construed as an agreement or privilege to
extend the date of the payment of the Debt, nor as a waiver of any other right
or remedy accruing to Lender by reason of the occurrence of any Event of
Default.

     The "Prime Rate" shall mean the annual rate of interest publicly announced
by Citibank, N.A. in New York, New York, as its base rate, as such rate shall
change from time to time. If Citibank, N.A. ceases to announce a base rate,
Prime Rate shall mean the rate of interest published in The Wall Street Journal
from time to time as the Prime Rate. If more than one Prime Rate is published in
The Wall Street Journal for a day, the average of the Prime Rates shall be used,
and such average shall be rounded up to the nearest one-quarter of one percent
(.25%). If The Wall Street Journal ceases to publish the "Prime Rate", the
Lender shall select an equivalent publication that publishes such "Prime Rate",
and if such prime rates are no longer generally published or are limited,
regulated or administered by a governmental or quasi-governmental body, then
Lender shall select a comparable interest rate index.

5.   PREPAYMENT; DEFEASANCE

     (a)  Borrower shall not have the right or privilege to prepay all or any
portion of the principal amount of this Note until the date which is fifteen
(15) days prior to the Maturity Date. From and after such date, provided no
Event of Default exists, the principal balance of this Note may be prepaid, in
whole but not in part, upon: (i) not less than fifteen (15) days prior written
notice (the "Prepayment Notice") to Lender specifying the earliest date on which
prepayment is to be made (the "Prepayment Date"); (ii) payment of all accrued
and unpaid interest on the outstanding principal balance of this Note to and
including the Prepayment Date together with a payment of all interest which
would have accrued on the principal balance of this Note to and including the
last day of the Accrual Period in which the Prepayment Date occurs; and (iii)
payment of all other sums then due under this Note, the Security Instrument and
the other Loan Documents. Lender shall not be obligated to accept any prepayment
of the principal balance of this Note unless it is accompanied by all sums due
in connection therewith.

     (b)  (i)  At any time from and after the Lockout Period Expiration Date and
provided no Event of Default exists at the time, Borrower may obtain the release
of the Property from the lien of the Security Instrument and the other Loan
Documents upon the satisfaction of the following conditions precedent:

        (1)  Borrower shall have provided Lender with not less than thirty (30)
             days and not more than sixty (60) days prior written notice
             specifying the date (the "Release Date") on which the Defeasance
             Deposit (hereinafter defined) is to be made;

        (2)  Borrower shall have paid to Lender all interest accrued and unpaid
             on the principal balance of this Note to and including the Release
             Date;

        (3)  Borrower shall have paid to Lender all other sums due and payable
             under this Note, the Security Instrument and the other Loan
             Documents through and including the Release Date (including, but
             not limited to, any Monthly Payment which may be due and payable on
             the Release Date);

        (4)  Borrower shall have paid to Lender the Defeasance Deposit
             (hereinafter defined);

        (5)  The transactions contemplated by this Section 5(b) shall not cause
             the Loan to lose its status as a "qualified mortgage" within the
             meaning of Sections 860D and 860G(a)(3)

                                       3
<PAGE>

             of the Internal Revenue Code of 1986, as amended, or any successor
             statute thereto; and

        (6)  Borrower shall have delivered to Lender the following:

          (A)   a security agreement, in form and substance satisfactory to
                Lender, creating a first priority lien on the Defeasance Deposit
                and the Government Securities (hereinafter defined) purchased on
                behalf of Borrower with the Defeasance Deposit in accordance
                with the provisions of this Section 5(b) (the "Pledge
                Agreement"), which Pledge Agreement shall provide, among other
                things, that any excess payments of principal and interest
                received by Lender under the Government Securities over the
                amount needed to make payments of principal and interest and
                other sums due from Borrower hereunder shall be refunded to
                Borrower;

          (B)   a release of the Property from the lien of the Security
                Instrument (for execution by Lender) in a form appropriate for
                the jurisdiction in which the Property is located;

          (C)   an officer's certificate of Borrower certifying that the
                requirements set forth in this Section 5(b) have been satisfied;

          (D)   a certificate by Borrower's independent public accountant
                certifying that the cash flow from the Government Securities
                will be sufficient to timely meet all Scheduled Defeasance
                Payments;

          (E)   an opinion of counsel for Borrower in form satisfactory to
                Lender stating, among other things, that Lender will have a
                perfected first priority security interest in the Defeasance
                Deposit and the Government Securities to be purchased on behalf
                of Borrower;

          (F)   evidence in writing from the applicable Rating Agencies (as
                defined in the Security Instrument) to the effect that such
                release will not result in a re-qualification, downgrade,
                reduction or withdrawal of any rating in effect immediately
                prior to such defeasance for any Securities (as defined in the
                Security Instrument); and

          (G)   such other certificates, documents or instruments as Lender may
                reasonably request.

The Defeasance Deposit shall be used to purchase Government Securities which
provide payments which are (A) payable on or prior to, but as close as possible
to, all successive Monthly Payment Dates after the Release Date and the Maturity
Date and (B) in amounts necessary to meet the scheduled payments of principal
and interest due under this Note on such dates (the "Scheduled Defeasance
Payments"). Borrower, pursuant to the Pledge Agreement or other appropriate
documents, shall authorize and direct that the payments received from the
Government Securities be made directly to Lender and applied to satisfy the
obligations of the Borrower under this Note.

          (ii)  Upon compliance with the requirements of this Section 5(b), the
Property shall be released from the lien of the Security Instrument and the
pledged Defeasance Deposit and the Government Securities purchased therewith
shall be the sole source of collateral securing this Note. In connection with
such release, Lender, or its designee, shall establish or designate a successor
entity (the "Successor Borrower") and Borrower shall transfer and assign all
obligations, rights and duties under and to this Note together with the pledged
Defeasance Deposit and/or Government Securities to such Successor Borrower. Such
Successor Borrower shall assume the obligations of Borrower under this Note and
the Pledge Agreement and Borrower shall be relieved of its obligations
thereunder. Borrower shall pay all costs and expenses incurred by Lender,
including Lender's attorneys' fees and expenses and any Rating Agency fees, if
any, incurred in connection with this Section 5(b).

          (iii) For purposes hereof, the following terms shall have the
following meanings:

                                       4
<PAGE>

          (1)   The term "Defeasance Deposit" shall mean an amount equal to the
                sum of (1) the amount which will be sufficient to purchase
                Government Securities necessary to meet the Scheduled Defeasance
                Payments and (2) any revenue, documentary stamp or intangible
                taxes or any other tax or charge due in connection with the
                transfer of this Note or otherwise required to accomplish the
                agreements of this Section 5(b), all fees, costs and expenses
                incurred or to be incurred by Lender in the purchase of such
                Government Securities and the assumption payments referred to
                above;

          (2)   The term "Government Securities" shall mean (A) U.S. Treasury
                Obligations and (B) Non U.S. Treasury Obligations;

          (3)   The term "U.S. Treasury Obligations" shall mean direct, non
                callable, fixed rate obligations of the United States of
                America; and

          (4)   The term "Non U.S. Treasury Obligations" shall mean non
                callable, fixed rate obligations, other than U.S. Treasury
                Obligations, that are "government securities" within the meaning
                of Section 2(a)(16) of the Investment Company Act of 1940, as
                amended.

     (c)  Simultaneously with each Default Repayment (defined herein) occurring
prior to the Maturity Date, Borrower shall pay to Lender an amount equal to the
greater of: (A) three (3%) percent of the principal amount of this Note being
prepaid; and (B) the present value of a series of payments each equal to the
Payment Differential (hereinafter defined) and payable on each Monthly Payment
Date over the remaining original term of this Note and on the Maturity Date
discounted at the Reinvestment Yield (hereinafter defined) for the number of
months remaining from the date of the Default Repayment (the "Repayment Date")
to each such Monthly Payment Date and the Maturity Date. The term "Reinvestment
Yield" as used herein shall be equal to the lesser of (a) the (i) yield on the
U.S. Treasury issue (primary issue) with the same maturity date as the Maturity
Date; or (ii) if no such U.S. Treasury issue is available, then the interpolated
yield on the two U.S. Treasury issues (primary issues) with maturity dates (one
prior to and one following) that are closest to the Maturity Date; or (b) the
(i) yield on the U.S. Treasury issue (primary issue) with a term equal to the
remaining average life of the Debt, or (ii) if no such U.S. Treasury issue is
available, then the interpolated yield on the two U.S. Treasury issues (primary
issues) with terms (one prior to and one following) that are closest to the
remaining average life of the Debt, with each such yield being based on the bid
price for such issue as published in The Wall Street Journal on the date that is
14 days prior to the Repayment Date (or, if such bid price is not published on
that date, the next preceding date on which such bid price is so published) and
converted to a monthly compounded nominal yield. The term "Payment Differential"
as used herein shall be equal to (x) the Applicable Interest Rate minus the
Reinvestment Yield, divided by (y) 12 and multiplied by (z) the principal sum
being repaid on such Repayment Date after application of the Monthly Payment (if
any) due on the date of the Default Repayment, provided that the Payment
Differential shall in no event be less than zero. In no event, however, shall
Lender be required to reinvest any repayment proceeds in U.S. Treasury
obligations or otherwise.

     For purposes of this Note, the term "Default Repayment" shall mean a
repayment of all or any portion of the principal amount of this Note made during
the continuance of any Event of Default or after an acceleration of the Maturity
Date under any circumstances, including, without limitation, a repayment
occurring in connection with reinstatement of the Security Instrument provided
by statute under foreclosure proceedings or exercise of a power of sale, any
statutory right of redemption exercised by Borrower or any other party having a
statutory right to redeem or prevent foreclosure, any sale in foreclosure or
under exercise of a power of sale or otherwise.

6.   SECURITY

     This Note is secured by the Security Instrument and the other Loan
Documents. The Security Instrument is intended to be duly recorded in the public
records of the county where the Property is located. All of the terms, covenants
and conditions contained in the Security Instrument and the other Loan Documents
are hereby made part of this Note to the same extent and with the same force as
if they were fully set forth herein.

                                       5
<PAGE>

7.   SAVINGS CLAUSE

     This Note is subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance due
hereunder at a rate which could subject Lender to either civil or criminal
liability as a result of being in excess of the maximum interest rate which
Borrower is permitted by applicable law to contract or agree to pay. If by the
terms of this Note, Borrower is at any time required or obligated to pay
interest on the principal balance due hereunder at a rate in excess of such
maximum rate, the Applicable Interest Rate or the Default Rate, as the case may
be, shall be deemed to be immediately reduced to such maximum rate and all
previous payments in excess of the maximum rate shall be deemed to have been
payments in reduction of principal and not on account of the interest due
hereunder. All sums paid or agreed to be paid to Lender for the use,
forbearance, or detention of the Debt, shall, to the extent permitted by
applicable law, be amortized, prorated, allocated, and spread throughout the
full stated term of the Note until payment in full so that the rate or amount of
interest on account of the Debt does not exceed the maximum lawful rate of
interest from time to time in effect and applicable to the Debt for so long as
the Debt is outstanding.

8.   LATE CHARGE

     If any sum payable under this Note is not paid on the date on which it is
due, regardless of whether such failure shall constitute an Event of Default,
Borrower shall pay to Lender upon demand an amount equal to the lesser of five
percent (5%) of the unpaid sum or the maximum amount permitted by applicable law
to defray the expenses incurred by Lender in handling and processing the
delinquent payment and to compensate Lender for the loss of the use of the
delinquent payment and the amount shall be secured by the Security Instrument
and the other Loan Documents.

9.   NO ORAL CHANGE

     This Note may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of
Borrower or Lender, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

10.  JOINT AND SEVERAL LIABILITY

     If Borrower consists of more than one person or party, the obligations and
liabilities of each person or party shall be joint and several.

11.  WAIVERS, ETC.

     All payments required hereunder shall be made irrespective of, and without
any deduction for, any setoff, defense or counterclaim. Borrower and all others
who may become liable for the payment of all or any part of the Debt do hereby
severally waive presentment and demand for payment, notice of dishonor, protest
and notice of protest and non-payment and all other notices of any kind, other
than notices specifically required by the terms of this Note, the Security
Instrument and the other Loan Documents. No release of any security for the Debt
or extension of time for payment of this Note or any installment hereof, and no
alteration, amendment or waiver of any provision of this Note, the Security
Instrument or the other Loan Documents made by agreement between Lender or any
other person or party shall release, modify, amend, waive, extend, change,
discharge, terminate or affect the liability of Borrower, and any other person
or entity who may become liable for the payment of all or any part of the Debt,
under this Note, the Security Instrument or the other Loan Documents. No notice
to or demand on Borrower shall be deemed to be a waiver of the obligation of
Borrower or of the right of Lender to take further action without further notice
or demand as provided for in this Note, the Security Instrument or the other
Loan Documents. In addition, acceptance by Lender of any payment in an amount
less than the amount then due shall be deemed an acceptance on account only, and
the failure to pay the entire amount then due shall be and continue to be an
Event of Default. If Borrower is a partnership, the agreements herein contained
shall remain in force and applicable, notwithstanding any changes in the
individuals comprising the partnership, and the term "Borrower," as used herein,
shall include any alternate or successor partnership, but any predecessor
partnership and their partners shall not thereby be released from any liability.
If Borrower is a corporation or limited liability company, the agreements
contained herein shall remain in full force and applicable notwithstanding any
changes in the shareholders or members comprising, or the officers and directors
or managers relating to, the corporation or limited

                                       6
<PAGE>

liability company, and the term "Borrower" as used herein, shall include any
alternative or successor corporation or limited liability company, but any
predecessor corporation or limited liability company shall not be relieved of
liability hereunder.  (Nothing in the foregoing sentence shall be construed as a
consent to, or a waiver of, any prohibition or restriction on transfers of
interests in a partnership, corporation or limited liability company  which may
be set forth in the Security Instrument or any other Loan Document.)

12.  TRANSFER

     Upon the transfer of this Note, Borrower hereby waiving notice of any such
transfer, Lender may deliver all the collateral mortgaged, granted, pledged or
assigned pursuant to the Security Instrument and the other Loan Documents, or
any part thereof, to the transferee who shall thereupon become vested with all
the rights herein or under applicable law given to Lender with respect thereto,
and Lender shall thereafter forever be relieved and fully discharged from any
liability or responsibility in the matter; but Lender shall retain all rights
hereby given to it with respect to any liabilities and the collateral not so
transferred.

13.  WAIVER OF TRIAL BY JURY

     BORROWER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT,
TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN, THE APPLICATION
FOR THE LOAN, THIS NOTE, THE SECURITY INSTRUMENT OR THE OTHER LOAN DOCUMENTS OR
ANY ACTS OR OMISSIONS OF LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN
CONNECTION THEREWITH.

14.  EXCULPATION

     (a)  Except as otherwise provided herein, in the Security Instrument or in
the other Loan Documents, Lender shall not enforce the liability and obligation
of Borrower to perform and observe the obligations contained in this Note or the
Security Instrument by any action or proceeding wherein a money judgment shall
be sought against Borrower, except that Lender may sell the Property under any
power of sale or right of non-judicial foreclosure or bring a foreclosure
action, confirmation action, action for specific performance or other
appropriate action or proceeding to enable Lender to enforce and realize upon
this Note, the Security Instrument, the other Loan Documents, and the interest
in the Property, the Rents (as defined in the Security Instrument) and any other
collateral given to Lender created by this Note, the Security Instrument and the
other Loan Documents; provided, however, that any judgment in any such action or
proceeding shall be enforceable against Borrower only to the extent of
Borrower's interest in the Property, in the Rents and in any other collateral
given to Lender. Lender, by accepting this Note and the Security Instrument,
agrees that it shall not, except as otherwise provided in Section 10.10 of the
Security Instrument, sue for, seek or demand any deficiency judgment against
Borrower in any such action or proceeding, under or by reason of or under or in
connection with this Note, the other Loan Documents or the Security Instrument.
The provisions of this Article shall not, however, (i) constitute a waiver,
release or impairment of any obligation evidenced or secured by this Note, the
other Loan Documents or the Security Instrument; (ii) intentionally deleted;
(iii) impair the right of Lender to name Borrower as a party defendant in any
action or suit for judicial foreclosure and sale under the Security Instrument;
(iv) affect the validity or enforceability of any indemnity, guaranty, master
lease or similar instrument made in connection with this Note, the Security
Instrument, or the other Loan Documents; (v) impair the right of Lender to
obtain the appointment of a receiver; (vi) impair the enforcement of the
Assignment of Leases and Rents executed in connection herewith; (vii) impair the
right of Lender to obtain a deficiency judgment or judgment on the Note against
Borrower if necessary to obtain any insurance proceeds or condemnation awards to
which Lender would otherwise be entitled under the Security Instrument; provided
however, Lender shall only enforce such judgment against the insurance proceeds
and/or condemnation awards; or (viii) impair the right of Lender to enforce the
provisions of Sections 10.10, 11.2 and 11.3 of the Security Instrument.

     (b)  Notwithstanding the provisions of this Article 14 to the contrary,
Borrower shall be personally liable to Lender for the Losses (as defined in the
Security Instrument) it incurs due to: (i) fraud or intentional
misrepresentation by Borrower, its agents or principals in connection with the
execution and the delivery of this Note, the Security Instrument or the other
Loan Documents,

                                       7
<PAGE>

(ii) Borrower's misapplication or misappropriation of (A) Rents received by
Borrower, (B) tenant security deposits or Rents collected in advance, or (C)
insurance proceeds or condemnation awards, (iii) Borrower's failure to pay Taxes
(as defined in the Security Instrument), Insurance Premiums (as defined in the
Security Instrument), Other Charges (as defined in the Security Instrument)
(except to the extent that sums sufficient to pay such amounts have been
deposited in escrow with Lender pursuant to the terms of the Security
Instrument), charges for labor or materials or other charges that can create
liens on the Property, provided that Borrower's liability under this clause
(iii) shall not exceed an amount equal to the net operating income of the
Property for the twelve (12) month period preceding the related failure to pay,
less the amount of all Monthly Payments and required reserve payments made by
Borrower in accordance with this Note, the Security Instrument and the other
Loan Documents during such twelve (12) month period, (iv) Borrower's failure to
comply with the provisions of Sections 3.6, 3.10 or 5.9 of the Security
Instrument, or (v) Borrower's or any other Indemnitor's failure to comply with
the provisions of the Environmental Indemnity (as defined in the Security
Instrument).

     (c)  Notwithstanding the foregoing, the agreement of Lender not to pursue
recourse liability as set forth in Subsection (a) above SHALL BECOME NULL AND
VOID and shall be of no further force and effect (i) in the event of Borrower's
default under Sections 4.1 or 8.2 of the Security Instrument, or (ii) if the
Property or any part thereof shall become an asset in (1) a voluntary bankruptcy
or insolvency proceeding, or (2) an involuntary bankruptcy or insolvency
proceeding (A) which is commenced by any party controlling, controlled by or
under common control with Borrower (which shall include, but not be limited to,
any creditor or claimant acting in concert with Borrower or any of the foregoing
parties)(the "Borrowing Group") or (B) in which any member of the Borrowing
Group objects to a motion by Lender for relief from any stay or injunction from
the foreclosure of the Security Instrument or any other remedial action
permitted hereunder or under the Security Instrument or the other Loan
Documents, or (iii) if a court of competent jurisdiction holds that the
granting, execution or delivery of the Security Instrument or any other Loan
Documents is or constitutes a fraudulent conveyance under any bankruptcy,
insolvency or fraudulent conveyance law or is otherwise voidable under any such
laws.

     (d)  Nothing herein shall be deemed to be a waiver of any right which
Lender may have under Sections 506(a), 506(b), 1111(b) or any other provisions
of the U.S. Bankruptcy Code to file a claim for the full amount of the Debt or
to require that all collateral shall continue to secure all of the Debt owing to
Lender in accordance with this Note, the Security Instrument and the other Loan
Documents.

15.  AUTHORITY

     Borrower (and the undersigned representative of Borrower, if any)
represents that Borrower has full power, authority and legal right to execute
and deliver this Note, the Security Instrument and the other Loan Documents and
that this Note, the Security Instrument and the other Loan Documents constitute
valid and binding obligations of Borrower.

16.  APPLICABLE LAW

     This Note shall be governed, construed, applied and enforced in accordance
with the laws of the state in which the Property is located and the applicable
laws of the United States of America.

17.  COUNSEL FEES

     In the event that it should become necessary to employ counsel to collect
the Debt or to protect or foreclose the security therefor, Borrower also agrees
to pay all reasonable fees and expenses of Lender, including, without
limitation, reasonable attorney's fees for the services of such counsel whether
or not suit be brought.

18.  NOTICES

     All notices or other written communications hereunder shall be deemed to
have been properly given (i) upon delivery, if delivered in person, (ii) one (1)
Business Day (defined below) after having been deposited for overnight delivery
with any reputable overnight courier service, or (iii) three (3) Business Days
after having been deposited in any post office or mail depository regularly
maintained by

                                       8
<PAGE>

the U.S. Postal Service and sent by registered or certified mail, postage
prepaid, return receipt requested, addressed as follows:

If to Borrower:     SFHI, LLC
                    4336 Losee Road, #9
                    North Las Vegas, Nevada  89030
                    Attention:   Chief Financial Officer

With a copy to:     Schreeder, Wheeler & Flint, LLP
                    127 Peachtree Street, N.E.
                    Atlanta, Georgia  30303-1845
                    Attention:  Leo Rose, Esq.

If to Lender:       Lehman Brothers Holdings Inc., d/b/a Lehman Capital
                    a division of Lehman Brothers Holdings Inc.
                    Three World Financial Center, 200 Vesey Street
                    New York, New York 10285
                    Attention:   Kenneth Cohen

With a copy to:     Stroock & Stroock & Lavan LLP
                    180 Maiden Lane
                    New York, New York 10038-4982
                    Attention:  William Campbell, Esq.

or addressed as such party may from time to time designate by written notice to
the other parties.

     Either party by notice to the other may designate additional or different
addresses for subsequent notices or communications.

     "Business Day" shall mean a day upon which commercial banks are not
authorized or required by law to close in New York, New York.

19.  MISCELLANEOUS

     (a)  Wherever pursuant to this Note (i) Lender exercises any right given to
it to approve or disapprove, (ii) any arrangement or term is to be satisfactory
to Lender, or (iii) any other decision or determination is to be made by Lender,
the decision of Lender to approve or disapprove, all decisions that arrangements
or terms are satisfactory or not satisfactory and all other decisions and
determinations made by Lender, shall be in the sole and absolute discretion of
Lender and shall be final and conclusive, except as may be otherwise expressly
and specifically provided herein.

     (b)  Whenever used, the singular shall include the plural, the plural shall
include the singular, and the words "Lender" and "Borrower" shall include their
respective successors, assigns, heirs, executors and administrators.

                           (Intentionally Left Blank)

                                       9
<PAGE>

     IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day and
year first above written.

                                            SFHI, LLC,
                                            a Delaware limited liability company

                                            By:  Sante Fe Hotel Inc.
                                                 its Manager

                                            By:
                                               ---------------------------
                                               Name: Paul W. Lowden
                                               Title:  Chairman of the Board

                                       10
<PAGE>

                                ACKNOWLEDGMENT

STATE OF MARYLAND

COUNTY OF MONTGOMERY

     I hereby certify on this ___ day of ______________, 2001 before me, the
undersigned, a notary public in and for the State and County aforesaid,
personally appeared __________________, the ____________ of Sante Fe Hotel Inc.,
the managing member of SFHI, LLC, the party who executed the foregoing
instrument, and acknowledged that he executed the same, on behalf of SFHI, LLC,
for the purposes contained therein.

     Witness my hand and official seal.

     _________________________________
     NOTARY PUBLIC

     My commission expires:

                                       11

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