Document:

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                                                                   EXHIBIT 10.40

                          GENERAL RELEASE OF ALL CLAIMS

         In consideration of the payments and benefits to be received by me, I,
Anjali Joshi, on behalf of heirs executors administrators successors, assigns,
and myself hereby make the following agreements and acknowledgements:

I.       TERMS OF THE AGREEMENT

         A. My employment with Covad will end effective November 30, 2003 (the
"Termination Date"). I will have no right to employment with the Company after
the Termination Date and the Company will have no obligation to employ me after
that date. Until the Termination Date, I will assist you with the transition of
my job duties as needed.

         B. Covad will provide one lump sum payment of $150,000, less applicable
taxes and withholdings, on the Termination Date. In accordance with the 1997
Covad Stock Option Plan, I will retain the right to exercise all vested option
till December 30, 2003.

         C. I am eligible for Q3 bonus if payable but will not be eligible for
any bonuses thereafter.

         D. Covad will pay for temporary continuation coverage under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") for
me and, if applicable, my eligible dependents (such payments shall not include
COBRA coverage with respect to the Company's Section 125 health care
reimbursement plan) for six (6) months after the Termination Date, provided that
I and/or my eligible dependents, as applicable, am/are eligible for and elect
such continuation coverage.

II.      RELEASE AND WAIVER OF ALL CLAIMS

         A. I hereby agree that I fully and forever discharge, waive and release
any and all claims and causes of action of any kind that I may have had or now
have against Covad Communications Company, and any of its affiliates,
predecessors, successors, parents, subsidiaries or assigns and any of their
respective officers, directors, agents, employees, and representatives
(collectively, the "COMPANY" or "COVAD") arising out of or relating in any way
to (1) my employment with the Company and the termination thereof, including but
not limited to claims of wrongful discharge, breach of contract, breach of the
covenant of good faith and fair dealing, violation of public policy, defamation,
personal injury, infliction of emotional distress, claims under Title VII of the
1964 Civil Rights Act, as amended, the California Fair Employment and Housing
Act, the Equal Pay Act of 1963, the California Labor Code including Section
1197.5 thereof, the Age Discrimination in Employment Act of 1967, as amended,
the Americans with Disabilities Act, the Civil Rights Act of 1866, the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), WARN, and any
other local, state and federal laws and regulations relating to employment,
except any claims I may have for unemployment, workers' compensation insurance
and the compensation outlined in this Release.

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         B. I hereby agree that I fully and forever waive any and all rights and
benefits conferred upon me by the provisions of Section 1542 of the Civil Code
of the State of California, or analogous law of any other state, which states as
follows:

A general release does not extend to claims which the creditor [i.e., employee]
does not know or suspect to exist in his favor at the time of executing the
release, which if known by him must have materially affected his settlement with
the debtor [i.e., the Company].

         C. I understand that various lawsuits have been brought against the
Company alleging fraud and/or other legal violations relating to transactions in
the Company's securities, and that some of those cases have been brought as
purported class actions on behalf of various classes of persons who acquired
such securities. I have made my own determination as to whether I wish to
consult with the law firms purporting to represent such classes, and as to
whether I am eligible to and wish to participate in such cases. I understand
that by signing this Agreement I will be precluded from such participation, and
will be waiving any rights I might otherwise have had as a result of such
lawsuits.

                  I agree and understand that if, hereafter, I discover facts
different from or in addition to those which I now know or believe to be true,
that the waivers of this General Release of All Claims ("GENERAL RELEASE") shall
be and remain effective in all respects notwithstanding such different or
additional facts or the discovery thereof.

III.     CONFIDENTIAL INFORMATION & COMPANY EMPLOYEES

                  I hereby agree and understand that:

         A. I am required to return to the Company immediately upon my
termination of employment all Company Information, including but not limited to
notebooks, notes, manuals, memoranda, records, diagrams, blueprints, bulletins,
formulas, reports, computer programs, or other data or memorializations of any
kind, as well as any Company property or equipment, that I have in my possession
or under my control. I further agree and understand that I am not entitled or
authorized to keep any portions, summaries or copies of Company Information, and
that I am under a continuing obligation to keep all Company Information
confidential and not to disclose it to any third party in the future. I
understand that the term "COMPANY INFORMATION" includes, but is not limited to,
the following:

                  -        Trade secret, information, matter or thing of a
         confidential, private or secret nature, connected with the actual or
         anticipated products, research, development or business of the Company
         or its customers, including information received from third parties
         under confidential conditions; and

                  -        Other technical, scientific, marketing, business,
         product development or financial information, the use or disclosure of
         which might reasonably be determined to be contrary to the interests of
         the Company.

         B. I am prohibited for a period of one (1) year after the termination
of my employment, from soliciting for employment, whether as an employee,
independent contractor, or agent, any

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Company employee; and for that same time period I am prohibited from encouraging
or otherwise enticing any Company employee to terminate his or her employment
with the Company.

IV.      NON DISPARAGEMENT OF COMPANY/CONFIDENTIALITY

         A.       I warrant that I have and will keep the fact, amount and terms
of this Agreement completely confidential and will not hereafter disclose any
information concerning this Agreement to anyone, provided however, that I may
disclose the fact, amount, and/or terms of the Agreement to a governmental
entity insofar as such disclosure is required by law and is necessary for
legitimate law enforcement or compliance purposes. I may also make disclosures
regarding the terms of this Agreement to accountants, lawyers, tax preparers in
connection with preparation of financial statements or tax returns or reports or
other financial or legal advice and to immediate family members or as required
by law, provided such disclosures are made in confidence and are accompanied by
a written notification to the third-party that there is a confidentiality
provision with respect to this settlement and that I cannot repeat such
information to anyone. If asked by other third parties regarding my employment
with the Company, the parties may only state that the matter was amicably
resolved and that they are unable to provide further information or details; and

         B.       I warrant that I have not and agree that I shall not, directly
or indirectly, engage in any conduct that involves the making or publishing of
written or oral statements or remarks (including, without limitation, the
repetition or distribution of derogatory rumors, allegations, or remarks
regarding the events underlying my employment, or negative reports or comments)
which are disparaging, deleterious or damaging to the integrity, reputation or
goodwill of the Company, its employees, officers, vendors, customers, agents,
and attorneys.

         C.       The promises and agreements of this Section III and IV are a
material inducement to the Company to provide me with the payments and benefits,
for the breach thereof, the Company will be entitled to pursue its legal and
equitable remedies against me, including, without limitation, the right to
immediately cease payments made pursuant to the General Release and/or seek
injunctive relief; provided, however, this General Release will remain in full
force and effect.

V.       NON DISPARAGEMENT OF ANJALI JOSHI/CONFIDENTIALITY

         A.       The Company warrants that the Company has and will keep the
fact, amount and terms of this Agreement completely confidential and will not
hereafter disclose any information concerning this Agreement to anyone, provided
however, that the Company may disclose the fact, amount, and/or terms of the
Agreement on a need to know basis. If asked by other third parties regarding my
employment with the Company, the Company may only state that the matter was
amicably resolved and that they are unable to provide further information or
details; and

         B.       The Company warrants that the Company has not and agrees that
the Company shall not, directly or indirectly, engage in any conduct that
involves the making or publishing of written or oral statements or remarks
(including, without limitation, the repetition or distribution

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of derogatory rumors, allegations, or remarks regarding the events underlying my
employment, or negative reports or comments) which are disparaging, deleterious
or damaging to my integrity, reputation or goodwill.

         D. The promises and agreements of this Section V are a material
inducement to me to sign this Release and, for the breach thereof, I will be
entitled to pursue legal and equitable remedies against the Company, including,
without limitation, the right to seek injunctive relief.

VI.      ENTIRE AGREEMENT

                  I agree and understand that this General Release contains the
entire agreement between the Company and me with respect to any matters referred
to in the General Release, and supersedes any and all previous oral or written
agreements.

VII.     NO ADMISSION

                  I agree and understand that neither the fact nor any aspect of
this General Release is intended, should be deemed, or should be construed at
any time to be an admission of liability or wrongdoing by either myself or the
Company.

VIII.    SEVERABILITY

                  I agree and understand that if any provision, or portion of a
provision, of this General Release is, for any reason, held to be unenforceable,
that such unenforceability will not affect any other provision, or portion of a
provision, of this General Release and this General Release shall be construed
as if such unenforceable provision or portion had never been contained herein.

IX.      DISPUTE RESOLUTION

                  I hereby agree and understand that any and all disputes
regarding any alleged breach of this General Release shall be settled by final
and binding arbitration in the County of Santa Clara, California, or in the
County where I reside at the time the dispute arises, at my option, in
accordance with the National Rules for the Resolution of Employment Disputes of
the American Arbitration Association, or its successor, and judgment upon the
award rendered may be entered in any court with jurisdiction.

X.       WAIVER

                  By signing this Agreement, I acknowledge that:

                  a.       I have carefully read, and understand, this
                           Agreement;

                  b.       I have been given twenty-one (21) days to consider my
                           rights and obligations under this Agreement and to
                           consult with an attorney;

                  c.       The Company advised me to consult with an attorney
                           and/or any other advisors of my choice before signing
                           this Agreement;

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                  d.       I understand that this Agreement is legally binding
                           and by signing it I give up certain rights;

                  e.       I have voluntarily chosen to enter into this
                           Agreement and have not been forced or pressured in
                           any way to sign it;

                  f.       I knowingly and voluntarily release Covad, including
                           its affiliates, predecessors, successors, parents,
                           subsidiaries or assigns and any of their respective
                           officers, directors, agents, employees, and
                           representatives from any and all claims I may have,
                           known or unknown, in exchange for the payments I have
                           obtained by signing this Agreement, and that these
                           payments are in addition to any payments I would have
                           otherwise received if I did not sign this Agreement;

                  g.       The General Release in this Agreement includes a
                           waiver and release of all claims I may have under the
                           Age Discrimination in Employment Act of 1967 (29
                           U.S.C. Section 621 et seq.); and

                  h.       This Agreement does not waive any rights or claims
                           that may arise after this Agreement is signed and
                           becomes effective, which is eight (8) days after I
                           sign it.

XI.      OPPORTUNITY TO REVOKE AND EFFECTIVE DATE

                  I understand that this General Release will not become
effective until expiration of the seventh (7) day after I sign it; provided that
I do not revoke it during those seven (7) days, and that for a period of seven
(7) days after I sign this General Release, I may revoke it. I agree and
understand that if I decide to revoke this General Release after I sign it, I
can do so only by delivering a written notification of my revocation, no later
than the seventh day after I sign this General Release, to:

                  Leslie Ngai
                  Covad Communications Company
                  3420 Central Expressway
                  Santa Clara, CA 95051

XII.     MISCELLANEOUS ACKNOWLEDGEMENTS

         A. I hereby acknowledge that I understand that, but for my signing of
this General Release and failure to revoke it during seven (7) days thereafter,
I would not be entitled to nor would I be provided with any of the payments and
benefits under the General Release. I understand that no payments and benefits
will be provided to me until this General Release becomes effective. I
understand further that, even if I did not sign this General Release or if I
sign and then revoke it within seven (7) days thereafter, I would still be
entitled to:

                  1. All wages, including any paid vacation, less applicable
deductions, earned by me through my termination date; and

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                  2. The opportunity, if I am eligible, to elect to continue to
participate in (and, if applicable, my dependents are eligible to elect to
continue their participation in) the group health insurance plans provided by
the Company pursuant to the terms and conditions of the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended ("COBRA").

         B. I hereby acknowledge that any agreement that I signed in connection
with my employment with the Company regarding employee inventions, authorship,
proprietary and confidential information shall remain in full force and effect
following the termination of my employment.

                    EMPLOYEE'S ACCEPTANCE OF GENERAL RELEASE

BEFORE SIGNING MY NAME TO THIS GENERAL RELEASE, I STATE THAT: I HAVE READ IT; I
UNDERSTAND IT AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS; I AM AWARE OF MY
RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING IT; AND I HAVE SIGNED IT
KNOWINGLY AND VOLUNTARILY.

Date delivered to employee August 29, 2003

Signed this 29th day of August, 2003

                                                /s/ Anjali Joshi
                                           -------------------------------------
                                                       Anjali Joshi

                                                /s/ Michael Hanley
                                           -------------------------------------
                                               Covad Communications Company

                                                Michael Hanley
                                           -------------------------------------
                                           Covad Representative's Name (Printed)

                                       6<PAGE>

                                                                   EXHIBIT 10.01

                      FIRST AMENDMENT TO CONTRACT OF SALE

         THIS FIRST AMENDMENT TO CONTRACT OF SALE (this "FIRST AMENDMENT") is
made as of the 26th day of September, 2003, by and between SAVANNAH TEACHERS
PROPERTIES, INC, a Delaware corporation ("SELLER"), and TRIPLE NET PROPERTIES,
LLC, a Virginia limited liability company ("PURCHASER").

                                    RECITALS

         WHEREAS, Purchaser and Seller entered into that certain Contract of
Sale (the "AGREEMENT"), dated as of August 26, 2003, with respect to the
purchase and sale of certain real property commonly known as 824 Market Street
in Wilmington, Delaware, more particularly described in EXHIBIT "A" attached to
the Agreement. Capitalized terms used and not defined in this First Amendment
shall have the meaning ascribed to them in the Agreement.

         WHEREAS, the Due Diligence Period under the Agreement was heretofore
extended by letter agreements between Seller and Purchaser;

         WHEREAS, Purchaser and Seller have agreed to modify certain terms of
the Agreement, as described below.

                                    AGREEMENT

         NOW, THEREFORE, for and in consideration of the foregoing Recitals, and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

         1.       Paragraph 3 of the Agreement shall be modified by deleting
"Thirty Three Million Two Hundred Fifty Thousand and 00/100 ($33,250,000)"
therefrom and inserting "Thirty One Million Nine Hundred Thousand and 00/100
Dollars ($31,900,000.00)" in its place.

         2.       Paragraph 4 of the Agreement shall be modified by inserting
after Paragraph 4(h) the following paragraph:

                  "(i)     A title affidavit in the form attached hereto as
                           EXHIBIT "J"."

         3.       Paragraph 18 of the Agreement is hereby deleted in its
entirety and "Intentionally Omitted" inserted in its place.

         4.       Paragraph 29 of the Agreement shall be modified by deleting
"September 30, 2003" therefrom and inserting "October 9, 2003" in its place.

         5.       EXHIBIT "J" attached hereto is hereby added as a new exhibit
to the Agreement.

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         6.       Purchaser hereby acknowledges and agrees that the Due
Diligence Period has expired and Purchaser's right to terminate the Agreement
pursuant to Paragraph 44 of the Agreement is null and void and of no further
force and effect.

         7.       As modified hereby, the Agreement is in full force and effect
in accordance with its terms. In the event of any conflict between the terms of
this First Amendment and the terms of the Agreement, the terms of this First
Amendment shall control.

         8.       This First Amendment may be executed in any number of
counterparts and all counterparts shall be deemed to constitute a single
agreement. The execution and delivery of any counterpart by any authorized
person shall have the same force and effect as if that person had executed and
delivered all other counterparts. The electronic facsimile transmittal of a
copy hereof bearing any person's signature shall have the same force and effect
as the physical delivery to the same recipient of a copy hereof bearing such
person's original signature.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

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         IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment as of the date first above written.

                                     SELLER:
                                     SAVANNAH TEACHERS PROPERTIES, INC.
                                     a Delaware Corporation

                                     By: /s/ HARRY ST. CLAIR
                                        ---------------------------------
                                     Name: HARRY ST. CLAIR
                                     Title: ASSISTANT SECRETARY

                                     PURCHASER:
                                     TRIPLE NET PROPERTIES, LLC,
                                     a Virginia limited liability company

                                     By: /s/ Tony Thompson
                                        ------------------------------
                                     Name: TONY THOMPSON
                                     Title: CEO/PRESIDENT

1st Amend to Contract - 824 Market (2)

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                       SAVANNAH TEACHERS PROPERTIES, INC.
                                730 Third Avenue
                            New York, New York 10017

September 18, 2003

VIA FACSIMILE
Triple Net Properties, LLC
1551 North Tustin Avenue
Suite 200
Santa Ana, CA 92705
Attn: Jon Skaalen

         Re: 824 Market Street, Wilmington, Delaware

Dear Mr. Skaalen:

         Reference is made to that certain Contract of Sale, as amended, dated
August 26, 2003 (the "Contract") between Savannah Teachers Properties, Inc. and
Triple Net Properties, LLC, relating to the referenced property. Capitalized
terms used and not otherwise defined herein shall have the meanings ascribed to
them in the Contract.

         The Due Diligence Period is scheduled to expire today. This letter
shall confirm our agreement to extend the Diligence Expiration Date until
September 23 All other terms and provisions of the Contract shall remain
unchanged.

         Please confirm your agreement with the foregoing by executing this
letter where indicated below and returning it via facsimile to the attention of
Oscar A. Zamora, Esq. (fax no. 212-916-6392).

                                     Sincerely

                                     SAVANNAH TEACHERS
                                     PROPERTIES, INC.

                                     By: /s/ HARRY ST. CLAIR
                                         ------------------------
                                     Name: HARRY ST. CLAIR
                                     Title: ASSISTANT SECRETARY

Agreed this 18th day of September

TRIPLE NET PROPERTIES, LLC

By: /s/ TONY THOMPSON
   -----------------------
Name: TONY THOMPSON
Title: CEO/PRESIDENT

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                                CONTRACT OF SALE

         This Contract of Sale ("CONTRACT") is made as of this 26 day of August,
2003 between SAVANNAH TEACHERS PROPERTIES, INC. a Delaware corporation, with
offices at 730 Third Avenue, New York, New York 10017 (hereinafter called
"SELLER"), and TRIPLE NET PROPERTIES, LLC, a Virginia limited liability company
with offices at 1551 N. Tustin Avenue, Suite 200, Santa Ana, California 92705
(hereinafter called "PURCHASER").

                              W I T N E S S E T H:

         1.       Seller agrees to sell and convey and Purchaser agrees to
purchase certain real property situated in the City of Wilmington, State of
Delaware, as more particularly described in "EXHIBIT A" attached hereto and made
a part hereof.

                  TOGETHER WITH the after-acquired title or reversion, if any,
in and to the beds of the ways, streets, avenues, and alleys adjoining the
premises;

                  TOGETHER WITH all of Seller's right, title and interest in and
to the leases affecting the premises, together with any security deposits
hereunder and/or any guaranties thereof, if any;

                  TOGETHER WITH all and singular the tenements, hereditaments,
easements, appurtenances, passages, waters, water courses, riparian rights,
other rights, liberties and privileges hereof or in any way now or hereafter
appertaining, including any claim at law or in equity as well as any
after-acquired title, franchise or license and the reversion and reversions,
remainder and remainders thereof;

                  TOGETHER WITH all of Seller's right, title and interest in and
to all development rights, all documents and agreements relating thereto, all
applications, licenses,

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permits, water and sewer taps, sanitary or storm sewer capacity or reservations
thereon and rights under utility agreements and similar rights applicable to
such parcels and improvements, all trade names and trade marks associated with
the parcels and the improvements thereon, the plans and specifications for the
improvements, warranties, indemnities, claims against third parties, agreement
rights related to the construction, operation, ownership or management of the
parcels and the improvements thereon that are expressly assumed by Purchaser
pursuant to this Contract; and

                  TOGETHER WITH all buildings and improvements of every kind and
description now erected or placed thereon (the "IMPROVEMENTS") and all fixtures
and articles of personal property which may be owned by Seller and attached to
or contained in and used in connection with the real property and the
Improvements thereon.

         (All of the foregoing, hereinafter collectively called the "PREMISES").

         2.       The Premises are sold and are to be conveyed subject to:

                  a)  Any restrictions or regulations affecting the Premises as
                      to building upon or using the Premises by virtue of any
                      law, ordinance, or other lawful action of any municipal or
                      other public authority now or hereafter adopted or in
                      force; and

                  b)  All notes or notices of violations of law or municipal
                      ordinances, orders, or requirements noted in or issued by
                      the Departments of Housing and Buildings, Fire, Labor,
                      Health, or other State, County or Municipal Department as
                      well as by the Federal or State Environmental Protection
                      Agency having jurisdiction against or affecting the
                      Premises on the date hereof; and

                  c)  Covenants, restrictions and easements, if any, contained
                      in prior instruments of record affecting the Premises; and

                  d)  Rights, if any, acquired by any utility company to
                      maintain and operate lines, wires, cables and distribution
                      boxes in, over, and upon the Premises; and

                  e)  Any state of facts which an accurate survey may show; and

                  f)  Rights, options and claims of tenants and lessees set
                      forth in the rent roll shown in "EXHIBIT B" attached
                      hereto and by this reference made a part hereof as
                      contained in the leases and agreements with such tenants

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                      and lessees, subject to prorations and adjustments of
                      tenants and security deposits, if any, as hereinafter
                      provided for; and

                  g)  Current taxes and sewer charges not now due and payable;
                      and

                  h)  Rights and claims of any subtenants or subleases or any
                      other party in possession; and

                  i)  Those items set forth in "EXHIBIT C" attached hereto and
                      made a part hereof.

         3.       The purchase price is THIRTY THREE MILLION TWO HUNDRED FIFTY
THOUSAND AND 00/100 ($33,250,000) DOLLARS (the "PURCHASE PRICE") all cash, net
to Seller and payable as follows:

                  a)  Simultaneously with the execution of this Contract by
                      Purchaser, Purchaser shall deliver to Commonwealth Land
                      Title Insurance Company, 350 Commerce Drive, Suite 150,
                      Irvine, CA 92602 ("ESCROW AGENT" or "TITLE COMPANY") the
                      amount of TWO HUNDRED FIFTY THOUSAND AND 00/100 ($250,000)
                      DOLLARS by wire transfer of immediately available federal
                      funds (such deposit when made, the "INITIAL DEPOSIT");

                  b)  On or prior to the expiration of the Due Diligence Period,
                      time being of the essence, Purchaser shall deliver to
                      Escrow Agent, the amount of THREE HUNDRED FIFTY THOUSAND
                      AND 00/100 ($350,000) DOLLARS by wire transfer of
                      immediately available federal funds (such deposit when
                      made, the "Additional Deposit"; the Initial Deposit and
                      the Additional Deposit, collectively, the "Deposit").
                      Purchaser shall not be obligated to deliver the Additional
                      Deposit if Purchaser shall have timely exercised its right
                      to terminate this Contract pursuant to Paragraph 44. If
                      (x) Purchaser shall not have timely exercised its right to
                      terminate this Contract pursuant to Paragraph 44 and (y)
                      Purchaser fails to deliver the Additional Deposit to
                      Escrow Agent in the manner and at the time provided for in
                      this Paragraph, time being of the essence, then Seller
                      shall have the right to terminate this Contract by
                      delivering notice thereof to Purchaser. In the event of
                      the termination of this Contract by Seller pursuant to the
                      preceding sentence, Seller shall be entitled to receive
                      the Initial Deposit (together with all interest accrued
                      thereon) as liquidated damages for Purchaser's default
                      under this Paragraph (it being agreed that monetary
                      damages by reason of such default are difficult if not
                      impossible to ascertain) and neither Seller nor Purchaser
                      shall have any further rights or obligations hereunder,
                      except those which expressly survive the termination
                      hereof.

                                       3

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                  c)  The balance will be delivered by wire transfer of
                      immediately available federal funds as hereinafter
                      provided simultaneously with the delivery of the Deed.

         Purchaser agrees that the balance of the Purchase Price (plus or minus
any adjustments as hereinafter provided) shall be delivered to Seller
simultaneously with the delivery of the Deed by federal wire transfer of
immediate available funds.

         The Deposit shall be held by Escrow Agent pursuant to that certain
escrow agreement (the "ESCROW AGREEMENT") of even date herewith among Seller,
Purchaser and Escrow Agent. The interest earned on the Deposit shall be paid to
the party entitled to receive same as provided in this Contract and the Escrow
Agreement.

         4.       Seller, at Closing (defined below), upon receiving the
payments at the times and in the manner set forth, hereby agrees to execute,
acknowledge, and deliver to Purchaser or Purchaser's assigns the following:

                  a)  Deed in the form attached as "EXHIBIT D" so as to convey
                      to the Purchaser title to the Premises free and clear of
                      all encumbrances except as permitted herein;

                  b)  An Assignment and Assumption Agreement in the form
                      attached hereto as "EXHIBIT E" (the "ASSIGNMENT"),
                      together with (i) the original, signed Leases and (ii) the
                      original signed service contracts with those service
                      providers listed in the Schedule attached to "EXHIBIT F"
                      (the "SERVICE CONTRACTS");

                  c)  A certification duly executed by Seller under penalty of
                      perjury stating that Seller is not a "FOREIGN PERSON" in
                      the form attached hereto as "EXHIBIT G";

                  d)  Evidence of the authority of the incumbency of any
                      individuals to execute any instruments executed and
                      delivered of by Seller at Closing, together with a
                      certificate of good standing of Seller;

                  e)  "BILL OF SALE" in form attached as "EXHIBIT H".

                  f)  Books and records maintained by Seller relating to the
                      operation of the Premises, to the extent in Seller's
                      possession;

                  g)  All keys, lock combinations and security device codes
                      necessary for the ongoing operation of the Premises.

                                       4

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                  h)  A letter addressed to the tenants of the Premises in the
                      form attached hereto as "EXHIBIT I".

Purchaser at Closing shall execute, acknowledge and deliver, as appropriate, the
(i) Purchase Price, (ii) an Assignment and Assumption Agreement in the form
attached hereto as "EXHIBIT E" and Bill of Sale in the form of EXHIBIT I. (iii)
the Closing Statement and (iv) such other documentation as is reasonably
required to consummate this transaction in accordance with the terms of this
Contract.

         The delivery of the Deed together with the other closing documents
described above and the receipt of payment as above described is referred to as
the "CLOSING." Purchaser will transfer by federal wire transfer of immediately
available funds to the Escrow Agent's account all of the payments due hereunder,
and Seller will deposit the Deed, together with the other required closing
deliveries contemporaneously with receipt by the Escrow Agent of the aforesaid
wire transfer and said closing documents will be delivered to Purchaser upon
Seller's receipt of payment as described in paragraph 3 hereinabove all as set
forth in an escrow letter satisfactory to Seller, Purchaser and Escrow Agent.

         Purchaser's obligation to consummate the purchase and sale contemplated
herein shall be conditioned upon Seller's performing its obligations under this
Contract in all material respects.

         Title to the Premises is not conveyed, but is reserved in Seller until
the Closing.

         5.       Purchaser will be given the opportunity to examine the leases
and other documents affecting the Premises and by the expiration of the Due
Diligence Period will be satisfied with regard thereto. It is further understood
that by the expiration of the Due Diligence Period, Purchaser will have has
inspected the Premises or caused an inspection to be made thereof on Purchaser's
behalf and will be is familiar with the physical condition thereof.

                  PURCHASER AGREES TO TAKE THE PREMISES "AS IS" AND THAT NO
REPRESENTATIONS ARE MADE OR RESPONSIBILITIES ASSUMED BY SELLER AS TO THE
CONDITION OF THE PREMISES, AS TO THE TERMS OF ANY LEASES OR

                                       5

<PAGE>

OTHER DOCUMENTS OR AS TO ANY INCOME, EXPENSE, OPERATION OR ANY OTHER MATTER OR
THING AFFECTING OR RELATING TO THE PREMISES, NOW OR ON THE CLOSING DATE
(HEREINAFTER DEFINED). PURCHASER AGREES TO ACCEPT THE PREMISES IN THE CONDITION
EXISTING ON THE CLOSING DATE, USUAL WEAR AND TEAR EXCEPTED, SUBJECT TO ALL
FAULTS OF EVERY KIND AND NATURE WHATSOEVER WHETHER LATENT OR PATENT AND WHETHER
NOW OR HEREAFTER EXISTING. Purchaser represents that prior to the expiration of
the Due Diligence Period, Purchaser will have made a complete and independent
investigation of all facts and data which Purchaser deemed necessary in its
decisions to acquire the Premises, including, without limitation, all of the
facts and data pertaining to environmental conditions at, in, on, under, or
affecting the Premises and will accept the Premises subject to all federal,
state, county, and municipal laws, requirements, rules, orders, ordinances, and
regulations relating, in any manner, thereto. Purchaser further agrees that
Seller shall not be liable or bound in any manner by any express or implied
warranties, guarantees, promises, statements, representations or information
pertaining to the Premises made or furnished by any real estate broker, agent,
employee, servant or other person representing or purporting to represent Seller
unless such warranties, guarantees, promises, statements, representations or
other information pertaining to the Premises are expressly and specifically set
forth in this Contract which alone fully and completely expresses the agreement
between the parties.

         6.       In the event Seller shall be unable to convey the Premises in
accordance with the terms of this Contract, Purchaser shall, at Purchaser's
election, have the right to accept such title as Seller is able to convey
without any claim on the part of Purchaser for abatement in the Purchase Price
for any defects or objections of title; or, Purchaser shall have the right to
rescind this Contract, and upon such rescission pursuant to this paragraph,
Purchaser shall be entitled to a return of the Deposit, and upon such payment
being made, the parties hereto shall be deemed released of and from all
obligations by reason of this Contract in like manner as if this Contract had
not been made. Purchaser hereby acknowledges and agrees that the acceptance of
the Deed

                                       6
<PAGE>

by Purchaser shall be deemed to be full performance and discharge of every
agreement and obligation on the part of Seller to be performed under this
Contract except those, if any, which are herein specifically stated to survive
delivery of the Deed. Unless so specifically stated, no agreement or
representation made herein by Seller shall survive the delivery of the Deed.

         7.       Purchaser shall within at least ten (10) days prior to the
date set for delivery of the Deed notify the attorney for Seller in writing of
any objection to title other than those permitted in accordance with the terms
of this Contract. In the event Purchaser notifies the attorney for Seller of
such objections to title, Seller shall have a period of at least thirty (30)
days from the Closing Date, and this Contract shall automatically be extended
for such thirty (30) day period within which time Seller may dispose of such
objections, but Seller shall be under no obligation to remove or dispose of the
same.

         8.       The existence of mortgages, liens, or other encumbrances not
permitted hereby shall not be objections to title provided that properly
executed instruments in recordable form necessary to satisfy the same are
delivered to Purchaser at the Closing together with recording and/or filing fees
(or an appropriate credit against the Purchase Price given for such fees), and
Purchaser agrees that such mortgages, liens, or encumbrances may be paid out of
Seller's proceeds at Closing.

         9.       If on the Closing Date there shall be financing statements
which were filed or refiled on a day less than five (5) years prior to the
Closing Date, these shall not be deemed to be an objection to title provided
Seller executes and delivers to Purchaser an affidavit setting forth that the
property covered by such financing statements is no longer on the Premises or if
such property is still on the Premises, that such property has been fully paid
for and a satisfaction is delivered to Purchaser at the Closing.

         10.      Franchise taxes against owners in chain of title shall not be
an objection to title provided Seller obtains the agreement of the title company
insuring Purchaser's title to eliminate any exception as to franchise taxes or
to insure Purchaser against collection out of the Premises.

                                       7
<PAGE>

         11.      Work performed or to be performed by and on behalf of a tenant
or subtenant in the Premises under leases to which this Contract is subject,
shall not be Seller's responsibility, unless such work is the responsibility of
the Seller, as landlord under a lease with a tenant. Accordingly, notices of
commencement of work to be performed by contractors or subcontractors engaged by
such tenants or subtenants shall not constitute objections to title.
Additionally, mechanic's liens filed against the Premises shall not constitute
objections to title (a) if said mechanic's liens are for work performed by or on
behalf of any such tenant or subtenant as long as the lease is not terminated
and Seller has taken steps to cause the tenant or to cause tenant to cause its
subtenant to remove the lien; or (b) if said mechanic's liens are filed for work
performed for any other reason, if Seller posts a bond or gives other assurances
to the Title Company so as to enable the Title Company to omit such mechanic's
liens from Purchaser's title insurance policy for the Premises

         12.      The risk of loss or damage to the Premises by casualty up to
the earlier of the Closing Date or delivery to Purchaser of possession of the
Premises is retained by Seller.

         13.      The right and privilege are reserved to Seller to institute
summary proceedings against any tenant on any default or failure to perform by
any such tenant prior to the Closing, and it is agreed that no representations
have been made and no responsibility is assumed by Seller with respect to the
continued occupancy of premises or any part thereof by any tenant or tenants or
subtenant or subtenants now or hereafter in possession.

         14.      The following are to be apportioned on a pro-rata basis as to
ownership on the Closing Date (provided, however, that in the event that any of
the leases or subleases, if any, covering all or part of the Premises provide
that the tenants or subtenants thereunder are responsible for payment of any of
the expenses, such expenses shall not be apportioned as between Seller and
Purchaser):

                                       8
<PAGE>

                  a)       Property taxes shall be apportioned on the basis of
                           the fiscal period for which assessed. If the Closing
                           shall occur either before an assessment is made or a
                           tax rate is fixed for the tax period in which the
                           Closing occurs, the apportionment of such property
                           taxes based thereon shall be made on the basis of the
                           most recent tax bills available. There shall be no
                           re-proration of property taxes after the Closing;

                  b)       Rents as and when collected;

                  c)       Water, gas and electric and service contracts; and

                  d)       Sewer charges and water waste charges and any other
                           charges assessed against the Premises.

         15.      In the event the Premises or any part thereof shall be
affected by any assessment or assessments, whether or not the same become
payable in annual installments, Seller shall be responsible for any installments
due prior to the Closing and Purchaser shall be responsible for any installments
due from and after the Closing.

         16.      Monthly base rents and additional or escalation rent base
upon: (A) a percentage of sales or (B) increases in real estate taxes, operating
expenses, labor costs, costs of living indices or porter's wages (collectively,
"Rents") under the Leases shall be adjusted and pro rated on an if, as and when
collected basis. Rents collected by Purchaser or Seller after the Closing Date
from tenants who owe Rents for periods prior to the Closing Date, shall be
applied first to the month of Closing, second to amounts due Purchaser for
periods after the month in which the Closing Date occurred and third to amounts
due Seller for periods prior to the month in which the Closing occurred. The
party receiving such amount shall pay to the other party the portion to which it
is entitled, within 15 days of its receipt of same. Following the Closing,
Seller may bill tenants owing Rents for periods prior to the Closing Date and
may take all steps it deems appropriate, including litigation against the
tenant, to collect Rents which are due Seller. Purchaser shall receive a credit
for all prepaid Rents and security deposits, if any, paid by any tenants. The
following shall apply to the extent additional rent is billed on the basis of

                                       9
<PAGE>

Landlord's estimates or an annual budget, which is subject to subsequent
reconciliation and readjustment with each such Tenant at the end of the
applicable year:

(i)      Prior to the Closing Date, Seller shall provide Purchaser with a
reconciliation statement for calendar year 2003 through the Closing Date, with
all necessary supporting documentation, including without limitation, if
Purchaser so requests, access to applicable invoices and/or general ledgers for
the Premises in Seller possession, as to the additional rent paid by the Tenants
for calendar year 2003. Such reconciliation statement shall indicate any
difference between the additional rent paid by the Tenants (based on Seller's
annual 2003 budget for real estate taxes and operating expenses) and the amount
that should have been paid by the Tenants through the Closing Date (based on the
actual expenses covering such time period);

(ii)     If the Seller has collected more on account of such additional rent
than such actual amount for such time period, then the amount of such difference
shall be credited to Purchaser at the Closing

(iii)    If Seller has collected less from the Tenants for additional rents than
the actual amounts for such time period, then the amount of such difference
shall be credited to Seller at Closing.

         17.      All security deposits made by any of the tenants of the
Premises now held by Seller, as shown on "EXHIBIT B" attached hereto and made a
part hereof, shall be turned over or credited to Purchaser at the Closing, and
Purchaser shall sign an agreement in form reasonably satisfactory to Seller
holding Seller harmless and free from any liability in reference thereto.

         18.      At Closing, Seller shall grant Purchaser a credit against the
Purchase Price in the amount of $970,000.00.

         19.      If a search of the title discloses judgments, bankruptcies or
other returns against other persons having names the same as or similar to that
of Seller, Seller will, on request, deliver to Purchaser an affidavit showing
that such judgments, bankruptcies or other returns are not against Seller.

                                       10
<PAGE>

         20.      In no event will Purchaser have a lien against the Premises by
reason of any deposits made under this Contract or expenses incurred in
connection therewith and Purchaser waives any right that it might have to so
lien the Premises.

         21.      During the pendency of this Contract, Seller shall, upon and
to the extent received by Kevin Clark, cause the following to be delivered to
Purchaser: (a) default letters sent to or received from tenants of the Premises,
(b) correspondence received from a tenant relating to its discontinuing its
occupancy or operations at the Premises or request for a modification to its
lease and (c) written notices of bankruptcy filings received with respect to any
tenant. Seller shall advise the property manager for the Premises to forward all
such written documentation to Kevin Clark promptly upon its receipt (or
preparation) of same.

         22.      In the event of any default by Purchaser in the terms of this
Contract, then the damages due to Seller by reason of said default shall be
deemed liquidated in the amount of the Deposit and neither party shall have any
further rights hereunder against the other, except as otherwise set forth in
this Contract. In the event of any default by Seller in the terms of this
Contract, Purchaser's sole and absolute remedies shall be either to: (i) receive
a refund of the Deposit in full consideration of any claims Purchaser may have
against the Seller; or (ii) to immediately commence and diligently prosecute an
action in the nature of Specific Performance. In the event that an action in the
nature of Specific Performance is not an available remedy or if Purchaser elects
to commence such action and is unsuccessful in such action, then the Deposit
shall be returned to Purchaser and the parties released from their obligations
hereunder. Under no circumstances shall Purchaser have available to it an action
at law or otherwise for damages, except as otherwise set forth in this Contract.

         23.      If a condemnation or eminent domain proceeding shall have been
commenced against the Premises, Purchaser shall complete the transaction
contemplated hereby without abatement or reduction in the Purchase Price, and
Seller shall assign to Purchaser all rights to receive the award payable as a
result of such proceedings.

                                       11
<PAGE>

         24.      No contracts will be entered into by Seller for the making of
leasehold improvements between the date of this Contract and the Closing Date
unless for usual and customary leasehold improvements without Purchaser's
approval, which approval shall not be unreasonably withheld or delayed.

         25.      Seller agrees that it shall not enter into any lease from and
after the date hereof prior to Closing without first obtaining the consent of
Purchaser. Such consent shall not be unreasonably withheld or delayed and any
disapproval shall be deemed unreasonable if the lease submitted to Purchaser for
its approval is on Seller's standard form, at market rents and for a term
(including options) not exceeding three (3) years. Purchaser shall be deemed to
have approved and consented to such lease unless objections are received by
Seller specifically setting forth the areas of objections within five (5) days
following receipt by Purchaser of the lease.

         26.      Upon the Closing, Purchaser shall assume and agree to perform
for the unexpired term those contracts more particularly described on "EXHIBIT
F" attached hereto and made a part hereof.

         27.      Purchaser represents to Seller that Purchaser's acquisition of
the Premises does not constitute a purchase of securities within the meaning of
federal or state securities laws, and Purchaser waives all rights, if any, to
make any claim in connection with any federal or state securities law. This
representation shall survive closing.

         28.      Purchaser hereby agrees to indemnify and hold Seller harmless
against any liability incurred by Seller because of non-payment of any tax which
may be imposed by any governmental agency upon the sale of any items of personal
property owned by Seller and included in this transaction. This paragraph shall
survive Closing.

         29.      The Closing shall be held through the Escrow Agent on
September 30, 2003, or such date as may be agreed upon in writing by the parties
(the "CLOSING DATE"), by delivering all closing deliveries to Escrow Agent,
provided that Escrow Agent shall deliver to Seller an insured closing letter in
form and substance satisfactory to Seller in its sole discretion and Escrow
Agent

                                       12
<PAGE>

agrees to record the Deed and deliver various closing documents to the parties
hereto when Seller has received from Purchaser all funds payable to it pursuant
to this Contract.

         30.      (a)      Purchaser represents to Seller that it has not dealt
or negotiated with, or engaged on its own behalf or for its benefit, any broker,
finder, consultant, advisor, or professional in the capacity of a broker or
finder (each a "Broker") in connection with this Agreement or the transactions
contemplated hereby other than Cushman & Wakefield, Inc. ("Seller's Broker").
Purchaser hereby agrees to indemnify, defend and hold Seller harmless from and
against any and all claims, demands, causes of action, losses, costs and
expenses (including reasonable attorneys' fees, court costs and disbursements)
arising from any claim for commission, fees or other compensation or
reimbursement for expenses made by a Broker (other than Seller's Broker) engaged
by or claiming to have dealt with Purchaser in connection with this Agreement or
the transactions contemplated hereby.

                  (b)      Seller represents to Purchaser that it has not dealt
or negotiated with, or engaged on its own behalf or for its benefit, any Broker
(other than Seller's Broker) in connection with this Agreement or the
transactions contemplated hereby. Seller hereby agrees to indemnify, defend and
hold Purchaser harmless from and against any and all claims, demands, causes of
action, losses, costs and expenses (including reasonable attorneys' fees, court
costs and disbursements) arising from any claim for commission, fees or other
compensation or reimbursement for expenses made by any Broker (including
Seller's Broker) engaged by or claiming to have dealt with Seller in connection
with this Agreement or the transactions contemplated hereby. The provisions of
this paragraph 30 shall survive the Closing.

         31.      Other than Seller's legal fees, 50% of any transfer taxes
payable on the Purchase Price up to $32,280,000, any brokerage commissions due
Seller's Broker, any apportionment that may be made pursuant to paragraph 14,
and expenses that Seller might incur in connection with its election to remove
any objections to title, Purchaser agrees to pay for any and all other costs and
expenses of this transaction including but not limited to 50% of any transfer
taxes on the Purchase Price up to $32,280,000 and all transfer taxes on any
portion of the Purchase Price

                                       13
<PAGE>

which exceeds $32,280,000, recording and filing fees, survey costs, title
examination costs, title insurance premiums, escrow charges and expenses.
Purchaser understands, acknowledges and agrees that the Purchase Price is
absolutely net to Seller except as hereinabove provided.

         32.      This Contract may not be modified in any respect except by an
instrument in writing and duly signed by the parties hereto. The parties agree
that this Contract contains all of the terms and conditions of the understanding
between the parties hereto and that there are no oral understandings whatsoever
between them.

         33.      All notices ("NOTICE" OR "NOTICES," as the case may be)
required or permitted hereunder shall be in writing and shall be sent:

                                               To Seller:
                                               Teachers Insurance and Annuity
                                               Association of America
                                               730 Third Avenue - 7th Floor
                                               New York, NY 10017
                                               Attention: Kevin Clark

                                               With a copy to:
                                               Oscar A. Zamora, Esq.
                                               Teachers Insurance and Annuity
                                               Association of America
                                               730 Third Avenue - 9th Floor
                                               New York, NY 10017

                                               To Purchaser:
                                               Anthony W. Thompson
                                               Triple Net Properties, LLC
                                               1551 N. Tustin Avenue, Suite 200
                                               Santa Ana, CA 92705

                                               With a copy to:
                                               Louis J. Rogers, Esq.
                                               Hirschler, Fleischer
                                               701 East Byrd Street, 15th Floor
                                               Richmond, Virginia 23219

                                       14
<PAGE>

         Notices must be sent by certified mail, return receipt requested or by
nationally recognized overnight delivery service that provides evidence of the
date of delivery, with all charges prepaid (for next morning delivery if sent by
overnight delivery service).

         All Notices given in accordance with this paragraph will be deemed to
have been received three (3) business days after having been deposited in any
mail depository regularly maintained by the United States postal service, if
sent by certified mail, or one (1) business day after having been deposited with
a nationally recognized overnight delivery service, if sent by overnight
delivery.

         34.      Purchaser shall not assign this Contract or its rights
hereunder without Seller's prior written consent, which may be withheld in
Seller's sole and absolute discretion, and any such assignment or transfer
without Seller's consent shall be null and void and of no effect. The foregoing
notwithstanding, title may be taken in the name of a nominee designated by
Purchaser by written notice to Seller and must be received by Seller at least
seven (7) business days prior to the Closing. Such designation of a nominee
shall not relieve Purchaser of any obligations under this Contract.

         35.      Purchaser and Seller hereby agree to complete, execute and
deliver to the appropriate governmental authorities any returns, affidavits or
other instruments that may be required with respect to any transfer, gains,
sales, stamps and similar taxes, if any, arising out of this transaction. The
provisions of this paragraph shall survive the Closing.

         36.      This Contract shall be governed by and construed in accordance
with the laws of the State of New York.

         37.      This Contract shall not constitute a binding agreement by and
between the parties hereto until such time as Initial Deposit has been delivered
to Escrow Agent and this Contract has been duly executed and delivered by each
of the respective parties to the other.

                                       15
<PAGE>

         38.      The agreements contained herein shall not be construed in
favor of or against either party, but shall be construed as if both parties
prepared this Contract.

         39.      This Contract may be executed in counterparts, each of which,
when taken together shall constitute fully executed originals.

         40.      If any portion of this Contract shall become or be held to be
illegal, null or void or against public policy, for any reason, the remaining
portions of this Contract shall not be affected thereby and shall remain in
force and effect to the fullest extent permissible by law.

         41.      No waiver by Purchaser or Seller of a breach of any of the
terms, covenants or conditions of this Contract by the other party shall be
construed or held to be a waiver of any succeeding or preceding breach of the
same or any other term, covenant or condition herein contained. No waiver of any
default by Purchaser or Seller hereunder shall be implied from any omission by
the other party to take any action on account of such default if such default
persists or is repeated, and no express waiver shall affect a default other than
as specified in such waiver. The consent or approval by Purchaser or Seller to
or of any act by the other party requiring the consent or approval of the first
party shall not be deemed to waive or render unnecessary such party's consent or
approval to or of any subsequent similar acts by the other party.

         42.      TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HEREBY
IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS CONTRACT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

         43.      Seller has not received internal corporate authority for the
consummation of the transaction contemplated by this Contract, and Seller does
not give Purchaser any assurances or make any representations with respect to
whether or not such approval will be obtained. Seller's obligation to proceed
with the transaction contemplated by this Contract is subject to internal
corporate authority. In the event Seller does not receive internal corporate
authority by the day immediately preceding the Closing, then Seller will return
the Deposit to Purchaser, this Contract will terminate and Seller and Purchaser
shall have no further rights or obligations to each other

<PAGE>

under this Contract (with the exception of those rights and obligations which
expressly survive termination).

         44.      Purchaser shall have the period (the "DUE DILIGENCE PERIOD")
commencing on August 1, 2003 and continuing until 5:00 p.m. (E.S.T.) on
September 12, 2003 (the "DILIGENCE EXPIRATION DATE"), time being of the essence,
during which to complete its review and due diligence of and inspect the
Premises. Purchaser agrees that prior to conducting any physical inspection of
the Premises, it shall be required to enter into Seller's standard form of Site
Access and Indemnification Agreement. In the event Purchaser decides not to
proceed with the transaction contemplated by this Contract, Purchaser may elect
to terminate this Contract by delivering notice (a "DUE DILIGENCE TERMINATION
NOTICE") thereof to Seller, which Due Diligence Termination Notice must be
received by Seller by the Diligence Expiration Date, time being of the essence,
in order to be effective. If Purchaser timely delivers a Due Diligence
Termination Notice, the Initial Deposit shall be promptly returned to the
Purchaser, and neither Purchaser nor Seller shall have any further rights or
obligations hereunder other than those which expressly survive the termination
of this Contract. The failure of Purchaser to deliver a Due Diligence
Termination Notice, as aforesaid, shall cause Purchaser's right to terminate
this Agreement pursuant to this PARAGRAPH 44 to be null and void and of no
further force and effect.

         45.      Purchaser has advised Seller that it may assign all of its
right, title and interest in and to this Contract to a publicly registered
company (a "Registered Company") promoted by the Purchaser, and if so, that such
Registered Company is required to make certain filings with the Securities and
Exchange Commission (the "SEC Filings") that relate to the most recent
preacquisition fiscal year (the "Audited Year") for the Premises. In connection
with the required SEC Filings, Seller agrees to provide the following at
Purchaser's request, to the extent relating solely to the Premises and in
Seller's possession (without any obligation to modify or supplement same), in
such form as Seller uses, as-is, where is without representation or warranty,
strictly for informational purposes, and without any expectation that the same
will be relied on for any purposes by Purchaser or otherwise, notwithstanding
the anticipated use thereof:

                                       17
<PAGE>

a.       access to bank statements for the Audited Year;

b.       rent roll as of the end of the Audited Year;

c.       operating statements for the Audited Year;

d.       access to the general ledger for the Audited Year;

e.       cash receipts schedule for each month in the Audited Year;

f.       access to invoices for expenses and capital improvements in the Audited
         Year; and

g.       copies of accounts receivable aging as of the end of the Audited Year.

                                       18
<PAGE>

                  IN WITNESS WHEREOF, this Contract has been duly executed by
the parties hereto.

                                               Seller

                                               SAVANNH TEACHERS PROPERTIES,
                                               INC.

                                               By: /s/ HARRY ST. CLAIR
                                                   -----------------------------
                                                         HARRY ST. CLAIR
                                                       ASSISTANT SECRETARY

                                               Purchaser

                                               TRIPLE NET PROPERTIES, LLC

                                               By: /s/ ANTHONY W. THOMPSON
                                                   -----------------------------
                                                   ANTHONY W. THOMPSON
                                                   PRESIDENT

                                       19
<PAGE>

                                    EXHIBITS

EXHIBIT A                  LEGAL DESCRIPTION

EXHIBIT B                  SCHEDULE OF EXISTING TENANTS

EXHIBIT C                  TITLE EXCEPTIONS

EXHIBIT D                  DEED

EXHIBIT E                  ASSIGNMENT AND ASSUMPTION AGREEMENT

EXHIBIT F                  LIST OF SERVICE CONTRACTS

EXHIBIT G                  FIRPTA AFFIDAVIT

EXHIBIT H                  BILL OF SALE

EXHIBIT I                  TENANT NOTICE LETTER

                                       20

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