Document:

Exhibit 10.1

 

March 28, 2008

 

Michael Barrow

 

Dear Michael,

 

It is my pleasure to
extend you an offer to join International Rectifier. Subject to Board approval,
your initial position will be EXECUTIVE VICE
PRESIDENT AND CHIEF OPERATIONS OFFICER, reporting to Oleg Khaykin,
CEO, at a starting annual rate of $350,000.

 

This offer includes the
following:

 

·                  Stock Options:  When the company is again current in its SEC reporting
obligations, management will recommend to Compensation Committee of the Board
of Directors that you be granted an option to purchase 75,000 (seventy-five thousand)  shares of IR common stock.  The exercise price of the options would equal
to the fair market value of a share of the company’s common stock as of the
actual date of grant.  Any grant is
subject to the approval of the committee and will also be subject to the terms
and conditions of the company’s 2000 Incentive Plan and the company’s standard
vesting requirements and form of option agreement for employee stock option
grants under the plan.

 

·                  Restricted Shares:  When the company is again current in its SEC reporting
obligations, management will recommend to Compensation Committee of the Board
of Directors that you be granted an award of 25,000
restricted stock units. The restricted stock units shall be paid,
upon vesting, in an equal number of shares of the company’s common stock. 
Any grant is subject to the approval of the Compensation Committee and will
also be subject to the terms and conditions of the company’s 2000 Incentive
Plan and the company’s standard vesting requirements and form of agreement for
restricted stock units issued under the plan.

 

·                  Incentive Plan:  You will participate in the semi-annual executive
incentive plan, with a target payout of seventy
(70%) percent of your base salary.  The incentive objectives include corporate
and individual objectives and are established by your manager and the
Compensation Committee of the Board of Directors.

 

·                  Car Allowance: 
If you relocate to El Segundo, CA or Temecula, CA, you will receive $560.00 a month car allowance.  Employees receiving a car allowance must
purchase insurance coverage and provide evidence of such insurance to the
Corporate Treasury department.  Insurance
maintained by the employee on the vehicle should be no less than $100,000.00
bodily injury, each person 300,000.00 each accident and $50,000.00 property
damage each accident.

 

·                  International Rectifier’s Executive
Relocation package:  A copy of the company’s standard
relocation policy is included for your reference.  The relocation package must be used within
twelve (12) months of your start date.  
As a supplement to the company’s standard policy, you will be eligible
for the following:

 

·                  Temporary Living
Assistance:  International Rectifier will provide you
with up to four (4) months of temporary living assistance not to exceed
$3000.00 per month, while you and your family make the transition to the Los
Angeles/Southern California area.

 

·                  Closing assistance on the sale of
your current residence: International Rectifier will reimburse you a maximum of six (6%)
percent towards closing costs on the sale of your current residence (maximum
reimbursable sales price of US$600,000 will apply).

 

·                  Closing assistance on
the purchase of a home in the Los Angeles/Southern California area:  International Rectifier will reimburse you up to two
(2%) percent for closing costs on the purchase of a home in the Los
Angeles/Southern California area (maximum reimbursable purchase price of
US$1,000,000 will apply).

 

·                  Tax Relief: 
Items related to your relocation package which are considered taxable
will be grossed up to offset tax liabilities you may incur.

 

·                  Reimbursement: In accordance with the company’s
standard relocation policy, if you terminate employment with the company within
12 months of your hire date, you will be held responsible for reimbursing the
company  for 100% of the relocation expenses
incurred in association with the above supplemental relocation benefits.  If you terminate employment within two years,
you will be responsible for 50% of such costs.

 

 

·                  International Rectifier
Benefits:  This offer includes paid time off, medical,
dental, life insurance, 401(k) plan, stock purchase plan, and all other
benefits in accordance with standard company plans and any revisions thereof.

 

Employment at
International Rectifier is contingent upon proof of legal right to work in the
United States, satisfactorily completing a post-offer physical examination,
drug test and background check. Arrangements will be made to accomplish this
upon the acceptance of this offer. Your employment is at will and can be
terminated by either party at any time, for any reason, with or without cause.
International Rectifier reserves the right to change the terms and conditions
of anyone’s employment at any time.

 

New Hire Orientation will
be held from 9:15am - 3:00pm on your first day. Please report to the first floor
reception area at 101 N. Sepulveda Blvd. El Segundo, CA 90245.

 

Your acceptance of this
offer and the conditions upon which it is made will be confirmed by your
signing and returning this agreement. This
offer will expire if not accepted by March 31, 2008.

 

Please let me know if you
have any questions.  We’re looking
forward to you joining the IR senior leadership team.

 

Sincerely,

 

L. P. Quiggle

Vice President, Human
Resources

 

Acknowledgement &
acceptance

 

Your acceptance of this
offer and the conditions upon which it is made will be confirmed by your
signing and returning this agreement

 

	
   

  	
   

  	
   

  	
   

  
	
  Michael Barrow

  	
  L. P. Quiggle 

  
	
   

  	
  Vice President, Human
  Resources

  
	
  3/30/08

  	
   

  	
  3/31/08

  	
   

  
	
  Date

  	
  DateExhibit 10.166

 

EXECUTION COPY

 

 

PURCHASE AND SALE AGREEMENT

[Portfolio #2]

 

 

by and between

 

 

SUNTRUST BANK,

A GEORGIA BANKING CORPORATION

 

 

and

 

 

INLAND REAL ESTATE ACQUISITIONS, INC.,

AN ILLINOIS CORPORATION

 

 

Effective Date: As of October 17, 2007

 

 

TABLE OF
CONTENTS

 

	
   

  	
  Page

  
	
  ARTICLE 1. CERTAIN DEFINITIONS

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2.
  SALE OF PROPERTY; PROPERTY LEASES; MASTER LEASE

  	
  10

  
	
   

  	
   

  	
   

  
	
  Section 2.1

  	
  Purchase and
  Sale

  	
  10

  
	
   

  	
   

  	
   

  
	
  Section 2.2

  	
  Master Lease

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 2.3

  	
  Relationship
  to Property Leases and Master Agreements

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3. PURCHASE
  PRICE

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 3.2

  	
  Earnest Money
  Deposits

  	
  12

  
	
   

  	
   

  	
   

  
	
  Section 3.3

  	
  Cash at
  Closing

  	
  13

  
	
   

  	
   

  	
   

  
	
  Section 3.4

  	
  Allocated
  Purchase Price

  	
  13

  
	
   

  	
   

  	
   

  
	
  Section 3.5

  	
  Independent
  Consideration

  	
  13

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4. TITLE MATTERS

  	
  13

  
	
   

  	
   

  	
   

  
	
  Section 4.1

  	
  Title to
  Real Property

  	
  13

  
	
   

  	
   

  	
   

  
	
  Section 4.2

  	
  Title Defects

  	
  14

  
	
   

  	
   

  	
   

  
	
  Section 4.3

  	
  Title
  Insurance

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5.
  BUYER’S DUE DILIGENCE/CONDITION OF THE PROPERTY

  	
  16

  
	
   

  	
   

  	
   

  
	
  Section 5.1

  	
  Buyer’s Due
  Diligence

  	
  16

  
	
   

  	
   

  	
   

  
	
  Section 5.2

  	
  As-Is Sale

  	
  16

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6.
  ADJUSTMENTS AND PRORATIONS; CLOSING COSTS

  	
  17

  
	
   

  	
   

  	
   

  
	
  Section 6.1

  	
  Prorations

  	
  17

  
	
   

  	
   

  	
   

  
	
  Section 6.2

  	
  Transaction
  Taxes and Closing Costs

  	
  17

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7. CLOSING

  	
  19

  
	
   

  	
   

  	
   

  
	
  Section 7.1

  	
  Closing Date

  	
  19

  
	
   

  	
   

  	
   

  
	
  Section 7.2

  	
  Title
  Transfer and Payment of Purchase Price

  	
  19

  
	
   

  	
   

  	
   

  
	
  Section 7.3

  	
  Seller’s
  Closing Deliveries

  	
  20

  
	
   

  	
   

  	
   

  
	
  Section 7.4

  	
  Buyer’s
  Closing Deliveries

  	
  21

  
	
   

  	
   

  	
   

  
	
  Section 7.5

  	
  Contracts,
  Personal Property, Intangible Property and Excluded Items

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8.
  CONDITIONS TO CLOSING

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 8.1

  	
  Conditions
  to Seller’s Obligations

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 8.2

  	
  Conditions
  to Buyer’s Obligations

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 8.3

  	
  Waiver of Failure
  of Conditions Precedent

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 8.4

  	
  Approvals
  Not a Condition to Buyer’s Performance

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 8.5

  	
  Effect of
  Termination with respect to One or More Properties

  	
  24

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9.
  REPRESENTATIONS AND WARRANTIES

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 9.1

  	
  Buyer’s
  Representations

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 9.2

  	
  Seller’s
  Representations

  	
  27

  
	
   

  	
   

  	
   

  
	
  Section 9.3

  	
  General
  Provisions

  	
  28

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10. COVENANTS

  	
  29

  
										

 

i

 

	
  Section 10.1

  	
  Buyer’s
  Covenants

  	
  29

  
	
   

  	
   

  	
   

  
	
  Section 10.2

  	
  Seller’s
  Covenants

  	
  30

  
	
   

  	
   

  	
   

  
	
  Section 10.3

  	
  Mutual Covenants

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11. DEFAULT

  	
  31

  
	
   

  	
   

  	
   

  
	
  Section 11.1

  	
  Buyer
  Default

  	
  31

  
	
   

  	
   

  	
   

  
	
  Section 11.2

  	
  Seller
  Default

  	
  32

  
	
   

  	
   

  	
   

  
	
  Section 11.3

  	
  Waiver of
  Lis Pendens

  	
  33

  
	
   

  	
   

  	
   

  
	
  ARTICLE 12.
  CONDEMNATION/CASUALTY

  	
  33

  
	
   

  	
   

  	
   

  
	
  Section 12.1

  	
  Condemnation

  	
  33

  
	
   

  	
   

  	
   

  
	
  Section 12.2

  	
  Destruction or
  Damage

  	
  34

  
	
   

  	
   

  	
   

  
	
  Section 12.3

  	
  Insurance

  	
  35

  
	
   

  	
   

  	
   

  
	
  Section 12.4

  	
  Excluded
  Property

  	
  35

  
	
   

  	
   

  	
   

  
	
  Section 12.5

  	
  Waiver

  	
  35

  
	
   

  	
   

  	
   

  
	
  ARTICLE 13. ESCROW
  PROVISIONS

  	
  35

  
	
   

  	
   

  	
   

  
	
  ARTICLE 14.
  DISCLAIMERS AND WAIVERS

  	
  36

  
	
   

  	
   

  	
   

  
	
  Section 14.1

  	
  NO RELIANCE
  ON DOCUMENTS

  	
  36

  
	
   

  	
   

  	
   

  
	
  Section 14.2

  	
  AS-IS SALE;
  DISCLAIMERS

  	
  37

  
	
   

  	
   

  	
   

  
	
  Section 14.3

  	
  RELEASE FROM
  LIABILITY

  	
  38

  
	
   

  	
   

  	
   

  
	
  Section 14.4

  	
  Hazardous
  Materials

  	
  39

  
	
   

  	
   

  	
   

  
	
  Section 14.5

  	
  Environmental
  Requirements

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 14.6

  	
  ACKNOWLEDGMENT

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 14.7

  	
  SURVIVAL OF
  DISCLAIMERS

  	
  40

  
	
   

  	
   

  	
   

  
	
  ARTICLE 15.
  MISCELLANEOUS

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 15.1

  	
  Buyer’s
  Assignment

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 15.2

  	
  Designation
  Agreement

  	
  42

  
	
   

  	
   

  	
   

  
	
  Section 15.3

  	
  Survival/Merger

  	
  42

  
	
   

  	
   

  	
   

  
	
  Section 15.4

  	
  Integration;
  Waiver

  	
  42

  
	
   

  	
   

  	
   

  
	
  Section 15.5

  	
  Captions Not
  Binding; Schedules

  	
  43

  
	
   

  	
   

  	
   

  
	
  Section 15.6

  	
  Binding
  Effect

  	
  43

  
	
   

  	
   

  	
   

  
	
  Section 15.7

  	
  Severability

  	
  43

  
	
   

  	
   

  	
   

  
	
  Section 15.8

  	
  Notices

  	
  43

  
	
   

  	
   

  	
   

  
	
  Section 15.9

  	
  Counterparts

  	
  44

  
	
   

  	
   

  	
   

  
	
  Section 15.10

  	
  No
  Recordation

  	
  45

  
	
   

  	
   

  	
   

  
	
  Section 15.11

  	
  Additional
  Agreements; Further Assurances

  	
  45

  
	
   

  	
   

  	
   

  
	
  Section 15.12

  	
  Construction

  	
  45

  
	
   

  	
   

  	
   

  
	
  Section 15.13

  	
  Maximum
  Aggregate Liability

  	
  45

  
	
   

  	
   

  	
   

  
	
  Section 15.14

  	
  Time of
  Essence

  	
  45

  
	
   

  	
   

  	
   

  
	
  Section 15.15

  	
  WAIVER OF
  JURY TRIAL

  	
  45

  
	
   

  	
   

  	
   

  
	
  Section 15.16

  	
  Facsimile
  and .PDF Signatures

  	
  45

  
	
   

  	
   

  	
   

  
	
  Section 15.17

  	
  Radon Gas

  	
  46

  
	
   

  	
   

  	
   

  
	
  Section 15.18

  	
  Energy-Efficiency
  Information Brochure

  	
  46

  
						

 

ii

 

 

	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule
  1

  	
   

  	
  Property
  Schedule

  
	
   

  	
   

  	
   

  
	
  Schedule
  7.3(a)

  	
   

  	
  Form of
  Deed

  
	
   

  	
   

  	
   

  
	
  Schedule
  7.3(b)

  	
   

  	
  Form of
  Property Lease

  
	
   

  	
   

  	
   

  
	
  Schedule
  7.3(c)

  	
   

  	
  Form of
  Master Agreement

  
	
   

  	
   

  	
   

  
	
  Schedule
  7.3(d)

  	
   

  	
  Form of
  Memorandum of Lease

  
	
   

  	
   

  	
   

  
	
  Schedule
  7.3(e)

  	
   

  	
  Form of
  FIRPTA Affidavit

  
	
   

  	
   

  	
   

  
	
  Schedule
  7.3(h)

  	
   

  	
  Form of
  Title Affidavit

  
	
   

  	
   

  	
   

  
	
  Schedule
  7.3(l)

  	
   

  	
  Form of
  Seller’s Closing Certificate

  
	
   

  	
   

  	
   

  
	
  Schedule
  7.4(j)

  	
   

  	
  Form of
  Buyer’s Closing Certificate

  
	
   

  	
   

  	
   

  
	
  Schedule
  10.3(a)-1

  	
   

  	
  Access
  Agreement Addendum

  
	
   

  	
   

  	
   

  
	
  Schedule
  10.3(a)-2

  	
   

  	
  Confidentiality
  Agreement

  
	
   

  	
   

  	
   

  
	
  Schedule
  X

  	
   

  	
  Additional
  Information with Respect to Certain Properties

  

 

iii

 

EXECUTION COPY

 

PURCHASE AND SALE AGREEMENT

[Portfolio #2]

 

THIS PURCHASE AND SALE AGREEMENT [Portfolio #2]  (this “Agreement”)
is made to be effective as of October 17, 2007, by and between SUNTRUST
BANK,  a Georgia banking corporation (“Seller”), and INLAND
REAL ESTATE ACQUISITIONS, INC.,  an Illinois corporation (“Buyer”).

 

W I T N E S S E T H:

 

In
consideration of the mutual covenants and agreements set forth herein the
parties agree as follows:

 

ARTICLE 1. CERTAIN DEFINITIONS

 

As
used herein, the following terms shall have the following meanings:

 

“Access
Agreement Addendum” means, collectively, the terms and conditions set forth
in Schedule 10.3(a)-1, attached hereto and incorporated herein by this
reference.

 

“Allocated
Purchase Price” is defined in Section 3.4.

 

“Business
Day” means any day other than Saturday, Sunday, any Federal holiday, or any
holiday in the State of Georgia. If any period expires on a day which is not a
Business Day or any event or condition is required by the terms of this
Agreement to occur or be fulfilled on a day which is not a Business Day, such
period shall expire or such event or condition shall occur or be fulfilled, as
the case may be, on the next succeeding Business Day.

 

“Buyer’s
Reports” means the results of any examinations, inspections, investigations,
tests, studies, analyses, appraisals, evaluations and/or investigations
previously or hereafter prepared by or for or otherwise obtained by any Buyer’s
Representatives in connection with Buyer’s Due Diligence.

 

“Buyer’s
Representatives” means Buyer, any direct or indirect owner of any
beneficial interest in Buyer, and any officers, directors, employees, agents,
representatives and attorneys of Buyer or any such direct or indirect owner of
any beneficial interest in Buyer.

 

“Closing”
means (i) with respect to the First Property Group, the First Closing, and
(ii) with respect to the Second Property Group, the Second Closing.

 

“Closing
Date” means (i) with respect to the First Property Group, the First
Closing Date, and (ii) with respect to the Second Property Group, the
Second Closing Date.

 

“Closing
Documents” means all documents and instruments executed and delivered by
Buyer or Seller pursuant to the terms of this Agreement or otherwise in
connection 

 

 

with
the Transaction or this Agreement, including, without limitation, the documents
and instruments required pursuant to the terms of Article 7.

 

“Confidential
Materials” means any books, computer software, records or
files (whether in a printed or electronic format) that consist of or contain
any of the following: appraisals; budgets (other than the budget for calendar
year 2007 or 2008); strategic plans for any Property or Properties; internal
analyses; information regarding the marketing of any Property or Properties for
sale; submissions relating to obtaining internal authorization for the sale of
any Property or Properties by Seller, any direct or indirect owner of any
beneficial interest in Seller or any Seller Party; attorney and accountant work
product; attorney-client privileged documents; internal correspondence of
Seller, any direct or indirect owner of any beneficial interest in Seller, any
Seller Party or any of their respective affiliates and correspondence between
or among such parties; or other information in the possession or control of
Seller or any direct or indirect owner of any beneficial interest in Seller or
any Seller Party which such party deems proprietary or confidential. Without
limitation on the foregoing, the term “Confidential Materials” also includes
all books, records and other materials generated, used or maintained by Seller
or any affiliate of Seller in the conduct of its banking and other businesses,
including customer records.

 

“Confidentiality
Agreement” means that certain agreement executed by Buyer
previously or contemporaneously with this Agreement, a copy of which is
attached hereto as Schedule 10.3(a)-2 and incorporated herein by
this reference, the terms of which shall continue and be fully applicable
during the term of this Agreement and, if longer, the term therein specified.

 

“Consultant
Reports” means, as of any relevant time, all reports and
studies prepared by third parties with respect to any Property or Properties
that have been made available to Buyer or any Buyer’s Representative, including
all such reports and studies on the Portfolio Website, including but not
limited to environmental reports, zoning letters, certificate of occupancy
letters and (with respect to office buildings only) property condition reports.

 

“Contracts” means all
service, supply, maintenance, utility and commission agreements, all equipment
leases, and all other contracts, subcontracts and agreements relating to any
Property or Properties and the Personal Property (including all contracts,
subcontracts and agreements relating to the construction of any unfinished
tenant improvements) to which Seller is a party and which relate to the
ownership, use or operation of any Property or Properties.

 

“Deed” is defined in Section 7.3.

 

“deemed
to know” (or words of similar import) shall have the
following meaning:

 

(a)                                  Buyer shall be “deemed to
know” of the existence of a fact or

circumstance
to the extent that:

 

(i)                                     any Buyer’s
Representative knows of such fact or circumstance, or

 

2

 

(ii)           such fact or
circumstance is disclosed by this Agreement, the Closing Documents executed by
Seller, the Documents, any of Buyer’s Reports, or on Schedule X hereto.

 

(b)                                 Buyer shall be “deemed
to know” that any Seller’s Warranty is untrue, inaccurate or incorrect to
the extent that:

 

(i)            any Buyer’s
Representative has knowledge of information which is inconsistent with such
Seller’s Warranty, or 

 

(ii)           this Agreement,
the Closing Documents executed by Seller, the Documents, or any of Buyer’s
Reports contains information which is inconsistent with such Seller’s Warranty.

 

“Deferred
Property” is defined in Section 4.2(a)(iv).

 

“Deposit”
is defined in Section 3.2.

 

“Deposit
Reimbursement Amount” is defined in Section 8.5.

 

“Designated
Representatives” means Douglas Sinclair and Susan Gallienne.

 

“Documents”
means the documents and instruments applicable to any Property or Properties
that any of Seller Parties has delivered or made available to any Buyer’s
Representative on or prior to the Effective Date, or delivers or makes
available to any Buyer’s Representative prior to the applicable Closing, or
which are otherwise obtained by any Buyer’s Representative prior to the
applicable Closing, including, but not limited to the Consultant Reports, the
Title Commitments, the Surveys and the Title Documents, and all other documents
and instruments applicable to any Property or Properties made available on the
Portfolio Website.

 

“Due Diligence” means examinations,
inspections, investigations, tests, studies, analyses, appraisals, evaluations
and/or investigations with respect to any Property or Properties, the
Documents, and other information and documents regarding any Property or
Properties, including, without limitation, examination and review of title
matters, applicable land use and zoning Laws and other Laws applicable to any
Property or Properties, the physical condition of any Property or Properties,
and the economic status of any Property or Properties.

 

“Effective
Date” means October 17, 2007, the effective date of this Agreement.

 

“Election
Notice” is defined in Section 12.2.

 

“Environmental
Requirements” is defined in Section 14.5.

 

“Escrow
Agent” means First American Title Insurance Company, in its capacity as
escrow agent.

 

“Escrow
Deposits” is defined in Article 13.

 

3

 

“Excluded
Items” means (i) the Personal Property, the Intangible Property, the
Contracts, and the Existing Leases, if any, and (ii) without limitation on
the foregoing, all trade fixtures, equipment, furniture, furnishings, supplies,
records, documents, cash, coin, and other items of moveable personal property
relating to the operation of Seller’s business, including, without limitation,
all safe deposit boxes, modular vaults, vault doors, safes, Seller
identification signage, automated teller machines (“ATM”) connected to
or located within any Property or situated as freestanding structures on any
Property and ATM equipment, telecommunication equipment, security systems and
equipment, satellite dishes and antennas, computers, computer terminals and
computer equipment, and any office equipment (whether leased or owned) located
in the Improvements. “Excluded Items” shall include any of the
foregoing notwithstanding that such item constitutes real property or an
interest in real property under applicable State law. Notwithstanding the
foregoing, “Excluded Items” does not include heating,
ventilation and air conditioning systems, elevators, plumbing and plumbing
fixtures, and other mechanical and electrical equipment or fixtures which are
necessary for the proper functioning of a building (as opposed to equipment and
fixtures which serve the business conducted in any Property, including branch
banks or banking offices).

 

“Excluded
Property” means any Property with respect to which this
Agreement has been terminated or deemed terminated (i) by Buyer under Section 4.2(a)(ii)  or Section 8.2(a), or (ii) by
Buyer or Seller under Section 12.1 or Section 12.2. Any Property
which becomes an Excluded Property under Section 4.2(a)(ii) is subject to
the terms of Section 4.2(a)(iv).

 

“Existing
Leases” means all leases (if any) for tenants of any Property or Properties on
the applicable Closing Date. Immediately upon the Closing for any Property, any
such Existing Leases will become subleases under the Property Leases. Seller
agrees to provide Buyer with copies of the written Existing Leases as promptly
as practical following the full execution of this Agreement and Buyer’s funding
of the Deposit.

 

“First
Closing” means the closing of the Transaction with respect
to the First Property Group on the First Closing Date.

 

“First
Closing Date” means December 20, 2007, as the same may be
extended pursuant to the express terms of this Agreement.

 

“First
Deposit” is defined in Section 3.2.

 

“First
Property Group” means, collectively, those Properties in Property
Pools 1, 2, 3 and 4(1).

 

(1)    Prior
to October 24, 2007, Seller may, at Seller’s option, elect to change the
Property Pools in the First Property Group and the Second Property Group by
written notice to Purchaser, provided that (i) there shall be four
(4) Property Pools in the First Property Group and eight (8) Property
Pools in the Second Property Group, (ii) Seller may not change the
Properties in the individual Property Pools and (iii) promptly following
such election, Seller and Purchaser shall enter into an amendment to this
Agreement which reflects such changes in Property Groups, including
(A) the revised Purchase Price for each Property Group (which shall be, for
each Property Group the sum of the Allocated Purchase Prices of the Properties
within such Property Group, as revised), and (B) the amount of the Second
Deposit (which shall be equal to an amount that, when added to the First
Deposit, will equal five percent (5.0%) of the Purchase Price for the Second
Property Group, as revised.

 

4

 

“Florida
Assignment” is defined in Section 2.1.

 

“Florida
Expenses” is defined in Section 2.1.

 

“Florida
Property” is defined in Section 2.1.

 

“Florida
Subsidiary” is defined in Section 2.1.

 

“GAAP”
means generally accepted accounting principles in the United States of America
in effect from time to time.

 

“Governmental
Authority” means any United States national, federal, state or local
government, governmental regulatory or administrative authority, agency,
instrumentality or commission or any court, tribunal, or
judicial or arbitral body or self-regulated entity.

 

“Hazardous
Materials” is defined in Section 14.4.

 

“Inland
Company” is defined in Section 15.1.

 

“Intangible
Property” means, collectively, Seller’s interest in and to all of the following:

 

(a)                                  The Contracts;
and

 

(b)                                 To the extent
that the same are in effect as of the applicable Closing Date, any licenses,
permits and other written authorizations necessary for the use, operation or
ownership of any Property or Properties, together with any tradenames,
trademarks or logos relating to Seller; and

 

(c)                                  Any guaranties
and warranties in effect with respect to any Property or Properties or the
Personal Property as of the applicable Closing Date.

 

“Law”
means any municipal, county, State or Federal statute, code, ordinance, law,
rule or regulation. “Laws” means all municipal, county, State or
Federal statutes, codes, ordinances, laws, rules or regulations.

 

“Liabilities”
means, collectively, any and all problems, conditions, losses, costs, damages,
claims, causes of action, liabilities, expenses, demands or obligations of any
kind or nature whatsoever.

 

“Lien” means any lien, mortgage, pledge,
security interest, claim, option, right of first offer or refusal, charge,
conditional or installment sale contract, claims of third parties of any kind
or other encumbrances.

 

“Liquidated
Damages Amount” is defined in Section 11.2.

(..continued)

 

5

 

“Material
Adverse Change” means a reduction in the rating of Seller’s
long-term unsecured noncredit-enhanced debt securities to a rating of lower
than Aa2 by Standard & Poor’s Corporation or to a rating lower than
AA- by Moody’s Investor Services, Inc.

 

“Master
Agreement” is defined in Article 2.  

 

“Material Casualty” is defined in Section 12.2.

 

“Non-Material
Casualty” is defined in Section 12.2.

 

“Owner’s
Title Policy” means an ALTA owner’s title insurance policy for
each Property (or such other comparable form of title insurance policy as is
available in the State in which the applicable
Property is located), in the amount of the Allocated Purchase Price for such
Property.

 

“Permitted
Exceptions”, with respect to any Property, means and includes
all of the following: (a) applicable Laws including zoning and building
ordinances and land use regulations, (b) any deed, easement, restriction,
covenant or other matter affecting title to such Property caused or created by
Seller and approved by Buyer in accordance with the terms of Section 4.2(b), (c) such
state of facts as are disclosed on the Surveys, (d) the Lien of taxes and
assessments not yet due and payable, (e) any exceptions caused by any Buyer’s
Representative, (f) such other exceptions as are set forth in the Title
Commitment for such Property, including all Title Documents, (g) the
rights of the tenants under the Existing Leases, if any, (h) any matters
about which Buyer knows or is deemed to know as of the Effective Date, and
(i) any matters deemed to constitute additional Permitted Exceptions under
Section 4.2(a) hereof.
Notwithstanding any provision to the contrary contained in this Agreement or
any of the Closing Documents, to the extent that any of the Permitted
Exceptions are omitted by Seller in the Deed for any Property (whether through
oversight of the parties or at Buyer’s request), such omission shall not give
rise to any liability of Seller, irrespective of any covenant or warranty of
Seller that may be contained in the Deed (which provisions shall survive the
applicable Closing and not be merged therein).

 

“Permitted
Inland Affiliate” is defined in Section 15.1.

 

“Personal
Property” means, collectively, (a) all tangible personal
property owned by Seller that is located on the Properties and used in the
ownership, operation and maintenance of the Properties, and (b) all books,
records and files of Seller relating to the Properties or the Existing Leases.

 

“Portfolio
Website” mean, collectively, (i) that certain
electronic data site and internet website (including all data and information
contained therein) established for the Properties and certain other properties
by STRH at www.peracon.com, Username: jinland, Password: jinland7, and
(ii) the Title Company Website, in each case as it has been or may
hereafter be updated from time to time.

 

“Properties” means,
collectively, each and every Property, but excluding any Property which becomes
an Excluded Property in accordance with this Agreement. (Where the

 

6

 

context
requires or permits, the term “Properties” also may mean more than one
Property but not necessarily every Property, but in all cases shall be
construed consistent with the intent that Seller shall sell to Buyer and lease
back from Buyer, and Buyer shall purchase from Seller and lease back to Seller,
each and every Property, other than any Property which becomes an Excluded
Property in accordance with this Agreement). When used in connection with a
Property Group, the term “Properties” means, collectively, each and
every Property included in such Property Group, but excluding any Property
which becomes an Excluded Property in accordance with this Agreement.

 

“Property”
means each parcel or group of contiguous parcels of land described as a
separate “Property” in the Property Schedule, together with all buildings,
improvements and fixtures located thereon and owned by Seller as of the
applicable Closing Date and all right, title and interest, if any, that Seller
may have in and to all rights, privileges and appurtenances pertaining thereto
including all of Seller’s right, title and interest, if any, in and to all
rights-of-way, open or proposed streets, alleys, easements, strips or gores of
land adjacent thereto, and together with all other rights running with such
land which, under applicable State law, constitute real property or an interest
in real property; provided, however, that the term “Property”
shall not include any Excluded Items, whether or not such Excluded Items
constitute real property or interests in real property under applicable State
law; provided, further, that in the event of any condemnation or
casualty that occurs after the Effective Date, the term “Property” shall
not include any of the foregoing that is destroyed or taken as a result of any
such condemnation proceeding prior to the applicable Closing.

 

“Property
Group” means the First Property Group or the Second Property Group, as
applicable.

 

“Property
Lease” is defined in Article 2.

 

“Property
Material Adverse Effect” is defined is Section 9.2(c).

 

“Property
Pool” means each of the twelve (12) pools of Properties, into which the
Properties are divided and which are identified by Property Pool identification
number on the Property Schedule. Each such pool of Properties shall be subject
to a separate and independent Master Agreement(2). The First Property Group
consists of four (4) Property Pools and the Second Property Group consists
of eight (8) Property Pools.

 

“Property
Schedule” means Schedule 1 attached hereto and incorporated herein
by this reference. The Property Schedule identifies each Property by Property
identification number and street address, city, county and state. In addition,
the Property Schedule sets out for each Property (1) the
Property Pool identification number for each Property, (2) the Allocated

 

(2)   The
Property Schedule includes a column entitled “Property Pool”. The designation
of Property Pools is provided solely for administrative purposes and to
determine which Master Agreement shall govern each Property and to identify the
Properties within each Property Group. The inclusion of the “Property Pool”
column in the Property Schedule is not intended in any way to provide for an
allocation of the Deposit among the Properties in the separate pools, and there
shall be no allocation of the Deposit (or any allocation of liquidated damages)
among the Property Pools or the Properties for any reason, other than as
expressly provided with respect to a Deferred Property, if any, in Section 4.2.(a)(iv) and
with respect to any Deposit Reimbursement Amount pursuant to Section 8.5.

 

7

 

Purchase
Price for such Property, (3) the Annual Basic Rent for each Property
during the first lease year under the Property Lease for such Property, and
(4) the Title Commitment number for each Property, including the current
posting date of such Title Commitment as it appears on the Title Company
Website. For purposes of this Agreement, the legal description of each Property
shall, except as otherwise noted in the Property Schedule, be the legal
description for the Property contained in the Title Commitment for such
Property identified in the Property Schedule.

 

“Property
Threshold Amount” is defined in Section 12.2.

 

“Purchase
and Sale Agreement [Portfolio #1]” means that certain Purchase and Sale
Agreement, dated as of September 27, 2007, by and between Buyer and
Seller, with respect to certain other properties of Seller.

 

“Purchase
Price” is defined in Section 3.1.

 

“Realization
Costs” is defined in Section 12.2.

 

“Release”
is defined is Section 10.3(b).

 

“Remove”
with respect to any exception to title means that Seller causes the Title
Company to remove or affirmatively insure over the same as an exception to the
Owner’s Title Policy for the benefit of Buyer, without any additional cost to
Buyer, whether such removal or insurance is made available in consideration of
payment, bonding, indemnity of Seller or otherwise.

 

“Reporting
Requirements” is defined in Section 15.2.

 

“Required
Cure Exceptions” means, collectively, the following:

 

(a)                                  any Title
Objections to the extent (and only to the extent) that the same (i)

have
not been caused by any of Buyer’s Representatives, and (ii) constitute any
of the following:

 

(A)                              Liens
evidencing monetary encumbrances (other than liens for non-delinquent real
estate taxes and assessments) (“Monetary Liens”) that are or have been
created as a result of the intentional acts or omissions of Seller or its
agents and affiliates; or

 

(B)                                Liens or
encumbrances other than Monetary Liens created by Seller or its agents and
affiliates after the Effective Date in violation of Section 4.2(b).

 

(b)                                 any exception
to title that Seller has specifically agreed in writing to Remove pursuant to
the terms of Section 4.2(a)(ii).

 

“Second
Closing” means the closing of the Transaction with respect to the Second
Property Group on the Second Closing Date.

 

8

 

“Second
Closing Date” means March 28, 2008, as the same may be
extended pursuant to the express terms of this Agreement.

 

“Second
Deposit” is defined in Section 3.2.

 

“Second
Property Group” means, collectively, those Properties in Property
Pools 5, 6, 7, 8, 9, 10, 11 and 12(3).

 

“Seller
Parties” means and includes, collectively, (a) Seller;
(b) its counsel; (c) STRH; (d) any officer, director, employee,
or agent of Seller, its counsel or STRH; and (e) any other entity or
individual affiliated or related in any way to any of the foregoing.

 

“Seller’s
knowledge” or words of similar import shall refer only to the
actual knowledge of the Designated Representatives and shall not be construed
to refer to the knowledge of any other Seller Party, or to impose or have
imposed upon the Designated Representatives any duty to investigate the matters
to which such knowledge, or the absence thereof, pertains, including, but not
limited to, the contents of the files, documents and materials made available
to or disclosed to Buyer or the contents of files maintained by the Designated
Representatives. There shall be no personal liability on the part of the
Designated Representatives arising out of any of Seller’s Warranties.

 

“Seller’s
Warranties” means Seller’s representations and warranties set
forth in Section 9.2 and the Closing Documents
executed by Seller, as such representations and warranties may be deemed
modified or waived by Buyer pursuant to the terms of this Agreement.

 

“State” means, with
respect to each Property, the state in which the Property is located, provided
that in the case of any Property located in the District of Columbia, the term “State” means the
District of Columbia.

 

“STRH” means SunTrust
Robinson Humphrey, a division of SunTrust Capital Markets, Inc.

 

“Substitute
Property” is defined in Section 8.5. “Substitute
Properties” means, collectively, more than one Substitute
Property.

 

“Surveys” means those
surveys of the Properties previously made available to Buyer by any Seller
Party or on the Portfolio Website and any other surveys obtained for the
benefit of Buyer.

 

“Title
Commitment” means, for each Property as of any relevant time,
the commitment to issue an Owner’s Title Policy with respect to such Property,
a copy of which has been made available to Buyer on the Portfolio Website.

 

“Title
Company” means First American Title Insurance Company.

 

(3)   See note on definition of “First Property
Group”.

 

9

 

“Title
Company Website” means the electronic data site and internet website
maintained by the Title Company (including all data and information contained
therein) with respect to the Properties and certain other properties, at http://eaglepro.firstam.com,
Username: jinland, Password: jinland7, as it has been or may hereafter be
updated from time to time.

 

“Title
Documents” mean, for each Property as of any relevant time,
all recorded documents referred to on Schedule B of the Title Commitment as
exceptions to coverage and any other recorded documents relating to such
Property that have been made available to Buyer on the Portfolio Website.

 

“Title
Objections” means any exceptions to title to which Buyer is
entitled to object and timely objects in accordance with the terms of Section 4.2(a)(i).

 

“Transaction” means,
collectively, the purchase and sale of the Properties, the lease of the
Properties pursuant to the Property Leases and the Master Agreements, and all
other transactions contemplated in this Agreement. When used with respect to a
Property Group, the “Transaction” means, collectively, the
purchase and sale of the Properties in such Property Group, the lease of the
Properties in such Property Group pursuant to the applicable Property Leases
and Master Agreements, and all other transactions contemplated in this
Agreement with respect to Properties in such Property Group.

 

ARTICLE 2. SALE OF PROPERTY;
PROPERTY LEASES; MASTER LEASE

 

Section 2.1 Purchase and
Sale. Seller agrees to sell, transfer and assign and Buyer agrees to
purchase, accept and assume, subject to the terms and conditions set forth in
this Agreement and the Closing Documents, all of Seller’s right, title and
interest in and to the Properties. Notwithstanding the immediately preceding
sentence, at Seller’s election, with respect to any or all of the Properties in
a Property Group or a Property Pool located in the State of Florida, Seller may
convey title to such Properties free and clear of any mortgages and secured
debt financing to newly-formed, wholly-owned, limited liability company
subsidiaries of Seller (each a “Florida Subsidiary”) at least two
(2) days prior to the applicable Closing (and, in any event, no Florida
Subsidiary will receive Properties which are in separate Property Groups unless
the parties agree otherwise in writing) and then assign to Buyer at such
Closing all of the membership interests in the Florida Subsidiary (“Florida
Assignment”). In such case, no further real property transfer of
any Properties located in the State of Florida (the “Florida Properties”) by the Florida
Subsidiaries shall be required. Buyer agrees to cooperate with Seller in
connection with this proposed structure relating to the Properties located in
the State of Florida, provided  that
(i) Seller shall bear any and all costs, expenses and fees in connection
with such proposed structure (“Florida Expenses”), (ii) no
delay in the applicable Closing shall occur as a result thereof and
(iii) Buyer and Seller shall share equally in any transfer tax or document
stamp savings from such proposed structure provided  that
such sharing will be net of all Florida Expenses incurred by Seller, with
Seller providing Buyer with a credit against the Allocated Purchase Price for
the Florida Properties at such Closing. In connection with this proposed
structure, at each Closing, Seller shall provide, with respect to the Florida
Subsidiaries, an indemnification against liabilities incurred or assumed by the
Florida Subsidiaries accruing during the period prior to such Closing, in form
and substance reasonably satisfactory to Buyer.

 

10

 

In
the event that it is determined after such Closing that any transfer tax or
document tax is due in connection with the Florida Assignment, Buyer and Seller
shall each be responsible to pay such transfer tax or document stamp tax up to
the amount of their respective savings referenced above and Seller shall be
responsible for, the payment of any additional tax, interest or other penalties
related thereto and Seller agrees to indemnify Buyer for any costs, expenses,
claims or litigations incurred by Buyer in excess of Buyer’s share of the
savings as provided above.

 

Section 2.2 Master Lease. Commencing on
the applicable Closing Date, Buyer, as landlord, shall lease to Seller, as
tenant, the Properties in the applicable Property Group pursuant to (i) a
separate lease agreement for each Property in the form attached as Schedule
7.3(b) hereto (individually a “Property Lease” and,
collectively, the “Property Leases”) and (ii) a separate Master
Agreement Regarding Leases (each a “Master Agreement”) for each applicable
Property Pool in the form attached as Schedule 7.3(c) hereto. Each
Property Pool will be subject to a separate Master Agreement which Master
Agreement shall be separate and independent from each other Master Agreement in
respect of a different Property Pool. Each Property Lease shall have an initial
term of ten (10) years, provided that if the applicable Closing Date is
not the first day of a month, the first lease year of the initial term of each
Property Lease shall include the partial month in which such Closing occurs and
the next full twelve (12) months. Seller shall have the right to renew the term
of each Property Lease for up to forty (40) additional years (i.e., a first
renewal term of 10 years and 6 additional renewal terms of 5 years each). The
Annual Basic Rent for the first lease year under each Property Lease shall be
the amount set forth as “Annual Rent Year 1” in the Property Schedule. Annual
Basic Rent under each Property Lease shall be increased by 1.5% annually during
the Initial Term and each of the first three Renewal Terms. Annual Basic Rent
during each Renewal Term thereafter shall be the fair market rental value of
the Properties at the commencement of such Renewal Term and shall be increased
by 1.5% annually during the remainder of such Renewal Term. (The terms “Annual
Basic Rent,” “Initial Term” and “Renewal Term” have the same meanings in this
Agreement as in the form of Property Lease attached as Schedule 7.3(a).)
In the event of any conflict or inconsistency between the terms of this
Agreement and the terms of the Property Leases and the Master Agreements which
relate to the period from and after a Closing, the applicable Property Leases
and the Master Agreements shall control, including without limitation with
respect to the environmental indemnities made by Seller, as tenant, under
Section 5.3 of each Property Lease.

 

Section 2.3 Relationship to Property Leases
and Master Agreements. Notwithstanding anything to the contrary contained
in this Agreement, nothing contained in this Agreement shall in any way reduce
or limit Seller’s obligations, or release Seller in any way from any liability,
or excuse Seller in any way from performance, arising from and after the
applicable Closing in its capacity as tenant under the Property Leases or the
Master Agreements.

 

ARTICLE 3. PURCHASE PRICE

 

In
consideration of the sale of the Properties to Buyer, Buyer shall pay to Seller
an amount equal to the Purchase Price, as prorated and adjusted as set forth in
Article 6, Section 7.2, or as otherwise provided under
this Agreement. The Purchase Price shall be paid as follows:

 

11

 

Section 3.1 Purchase Price. The purchase
price for the Properties (the “Purchase Price”) means the
sum of THREE HUNDRED FIFTY SEVEN MILLION TWO HUNDRED SEVENTY EIGHT THOUSAND TWO
HUNDRED NINETEEN AND 91/100 DOLLARS ($357,278,219.91). The Purchase Price for
each Property Group is as follows (and any reference herein to the Purchase
Price for a Property Group shall mean the amount set forth below for such
Property Group):

 

	
  First
  Property Group

  	
   

  	
  $

  	
  126,044,669.16

  
	
   

  	
   

  	
   

  	
   

  
	
  Second
  Property Group

  	
   

  	
  $

  	
  231,233,550.75

  
	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  357,278,219.91

  

 

Section 3.2 Earnest Money
Deposits.

 

(a)                                       Payment of
First Deposit. Within three (3) Business Days after
the Effective Date and as a condition precedent to the effectiveness of this
Agreement, Buyer shall make an initial earnest money deposit (the “First
Deposit”) with the Escrow Agent in an amount equal to EIGHT
MILLION NINE HUNDRED THIRTY ONE THOUSAND NINE HUNDRED FIFTY FIVE AND 50/100
DOLLARS ($8,931,955.50) [Note:
This amount is equal to Two and one half percent (2.5%) of the Purchase Price
for all Properties - i.e., both First Property Group and Second Property
Group].  Notwithstanding
any provision in this Agreement to the contrary, if Buyer fails to timely make
the First Deposit as provided herein, then Seller shall have the right to
terminate this Agreement by written notice to Buyer given at any time prior to
the time Buyer makes the First Deposit, and following any such termination, the
parties shall have no further rights or obligations hereunder except for
obligations which expressly survive the termination of this Agreement(4).

 

(b)                                      Payment of
Second Deposit. At the First Closing and as a requirement of
such First Closing, (i) the Escrow Agent shall retain the First Deposit
(which shall not be applied to the Purchase Price for the First Closing)
and (ii) Buyer shall make an additional earnest money deposit (the “Second
Deposit”) with the Escrow Agent in an amount equal to TWO
MILLION SIX HUNDRED TWENTY NINE THOUSAND SEVEN HUNDRED TWENTY TWO AND 04/100
DOLLARS ($2,629,722.04) [Note:
This amount will be sufficient to bring the aggregate of the First Deposit and
the Second Deposit to Five percent (5%) of the Purchase Price for the Second
Property Group].  As
used herein, “Deposit” means, (i) prior to
the First

 

(4)
The Property Schedule
includes columns entitled “First Deposit” and “Second Deposit”. Such columns
refer to the First Deposit and Second Deposit as described herein and are
provided solely at the request of Buyer as a convenience for Buyer for
administrative purposes. The inclusion of such columns in the Property Schedule
is not intended in any way to provide for an allocation of the Deposit among
the Properties, and there shall be no allocation of the Deposit (or any
allocation of liquidated damages) among the Properties for any reason, other
than as expressly provided with respect to a Deferred Property, if any, in Section 4.2(a)(iv) and with respect to any Deposit
Reimbursement Amount pursuant to Section 8.5.

 

12

 

Closing,
the First Deposit, to the extent the same is deposited by Buyer in accordance
with the terms of this Section 3.2, and
(ii) following the First Closing, the sum of the First Deposit and the
Second Deposit.

 

(c)                                  Application of
Entire Deposit at Second Closing. Each installment of the Deposit
shall be paid to Escrow Agent in immediately available funds by wire transfer.
Except as expressly otherwise set forth herein, the Deposit shall be held and
delivered by Escrow Agent in accordance with the provisions of Article 13. No portion of
the Deposit shall be applied to the Purchase Price for the First Property Group
at the First Closing. Except as expressly otherwise set forth herein, at the
Second Closing the entire Deposit (i.e. the First Deposit and the Second
Deposit) shall be applied against the Purchase Price for the Second Property
Group.

 

Section 3.3 Cash at Closing. On the Closing
Date for each Property Group, Buyer shall pay to Seller through Escrow Agent an
amount equal to the Purchase Price for such Property Group in immediately
available funds by wire transfer as more particularly set forth in Section 7.2, as prorated
and adjusted as set forth in Article 6,
Section 7.2, or as otherwise provided under this Agreement.

 

Section 3.4 Allocated Purchase Price. Seller and
Buyer hereby agree that (i) the Purchase Price shall be allocated between
the First Property Group and the Second Property Group as set forth in Section 3.1, and
(ii) the Purchase Price shall be allocated among the Properties as set
forth on the Property Schedule (the portion of the Purchase Price so allocated
to each Property being identified as “Sales Price” in the Property Schedule and
referred to herein as the “Allocated
Purchase Price” for such Property). Such allocations shall apply
for federal, state, local and foreign tax purposes in accordance with
applicable U.S. federal tax Laws and analogous provisions of foreign, state or
local Laws. Seller and Buyer shall file all tax returns and related tax
documents consistent with the allocations set forth in Section 3.1 on the
Property Schedule as such allocations may be adjusted by agreement of Seller
and Buyer.

 

Section 3.5 Independent
Consideration. If Buyer is entitled to have the Deposit returned
to it pursuant to any provision of this Agreement, then One Hundred Dollars ($100.00) of the
Deposit shall nevertheless be paid to Seller as good and sufficient
consideration for entering into this Agreement. In addition, Seller and Buyer
acknowledge and agree that Buyer will devote internal resources and incur
expenses in evaluating the Properties and Seller will devote internal resources
and incur expenses in connection with this Agreement, and that such efforts and
expenses of Buyer and Seller also constitute good, valuable and sufficient
consideration for this Agreement.

 

ARTICLE 4.
TITLE MATTERS

 

Section 4.1 Title to Real
Property. Seller has made available to Buyer pursuant
to the Portfolio Website copies of the Title Commitments, the Title Documents,
and the Surveys for each of the Properties.

 

13

 

Section 4.2 Title Defects.

 

(a)               Buyer’s Objections
to Title; Seller’s Obligations and Rights.

 

(i)                                          Buyer
acknowledges and agrees that all of the Title Documents other than Required
Cure Exceptions are Permitted Exceptions. Buyer shall have the right to object
in writing to any title matters which are not Permitted Exceptions and which
materially and adversely affect Buyer’s title to any Property that may first
appear on any supplemental title reports or updates to the Title Commitment or
Survey made available to Buyer or obtained by Buyer after the Effective Date so
long as such objection is made by Buyer within five (5) Business Days
after Buyer becomes aware of the same (but, in any event, prior to the
applicable Closing Date).

 

(ii)                                       To the extent
that any Title Objection does not constitute a Required Cure Exception, Seller
may elect (but shall not be obligated) to Remove or cause to be Removed any
such Title Objection and Seller shall notify Buyer in writing within five
(5) Business Days after receipt of Buyer’s notice of Title Objections
(but, in any event, prior to the applicable Closing Date) whether Seller elects
to Remove the same. Failure of Seller to respond in writing within such period
shall be deemed an election by Seller not to Remove such Title Objections. Any
Title Objection that Seller elects in writing to Remove shall be deemed a
Required Cure Exception. If Seller elects not to Remove any Title Objection,
then, within five (5) Business Days after Seller’s election (but, in any
event, prior to the applicable Closing Date), Buyer may elect in writing either
(A) to terminate this Agreement with respect to the applicable Property,
in which event such Property shall be an Excluded Property and the parties
shall have no further rights or obligations hereunder with respect to such
Excluded Property except for obligations which expressly survive the
termination of this Agreement, or (B) waive such Title Objection and
proceed to the applicable Closing. Failure of Buyer to respond in writing
within such period shall be deemed an election by Buyer to waive such Title
Objection and proceed to the Closing. Any Title Objection so waived (or deemed
waived) by Buyer shall be deemed to constitute a Permitted Exception and the
applicable Closing shall occur as herein provided without any reduction of or
credit against the Purchase Price.

 

(iii)                                    If this
Agreement is not terminated as to a Property by Buyer in accordance with the
provisions hereof, Seller shall, at the applicable Closing, Remove or cause to
be Removed any Required Cure Exceptions with respect to such Property. Seller
may use any portion of the Purchase Price to satisfy any Required Cure
Exceptions that exist as of the applicable Closing Date, provided Seller shall
cause the Title Company to Remove the same.

 

(iv)                                   Seller shall be
entitled to a reasonable adjournment of the applicable Closing (not to exceed
thirty (30) days) for the purpose of the Removal of any exceptions to title.
Further, if Buyer elects to terminate this Agreement with respect to any
Property pursuant to clause (A) of Section 4.2(a)(ii), then Seller
may elect, within ten (10) days after receipt of such notice of
termination, to adjourn the applicable Closing for up to thirty (30) days
solely with respect to such Property (in such case, a “Deferred
Property”) for the purpose of Removing the applicable Title
Objections with respect to such Deferred

 

14

 

Property,
in which event, the Parties shall proceed to the Closing with respect to all
other Properties in such Property Group, the Allocable Deposit shall be
retained by Escrow Agent as earnest money solely with respect to the Deferred
Property (with the balance of the Deposit to be retained by Escrow Agent at the
First Closing or applied to the Purchase Price at the Second Closing as
provided herein) and, if Seller is able to Remove the applicable Title
Objections with respect to the Deferred Property, then the Deferred Property
shall not be an Excluded Property and the parties shall conduct a separate
closing with respect to the Deferred Property. (“Allocable Deposit”
means, for any Deferred Property, a portion of the Deposit equal to (i) at
any time prior to the First Closing, 2.5% of the Allocated Purchase Price for
such Deferred Property, and (ii) at any time after the First Closing, 5.0%
of the Allocated Purchase Price for such Deferred Property.) At any time after
the applicable Closing Date, to the extent the Closing with respect to a
Deferred Property has been adjourned for up to thirty (30) days, the maximum
aggregate liability of the Seller Parties, and the maximum aggregate amount
which may be awarded to and collected by Buyer, solely in connection with any
such Deferred Property during such thirty (30) days and until the time of
Closing with respect to such Deferred Property, shall be no more than the
greater of (i) One Hundred Thousand Dollars ($100,000) or (ii) 2.5%
of the Allocated Purchase Price for such Deferred Property).

 

(b)                                 No New
Exceptions. From and after the Effective Date, and except with
respect to easements and other matters necessary for the operation of any
Property, Seller shall not execute any deed, easement, restriction, covenant or
other matter affecting title to any Property unless Buyer has received a copy
thereof and has approved the same in writing. If Buyer fails to object in
writing to any such proposed instrument within five (5) Business Days
after receipt of the aforementioned notice, Buyer shall be deemed to have
approved the proposed instrument. Buyer’s consent shall not be unreasonably withheld,
conditioned or delayed with respect to any such instrument that is proposed by
Seller.

 

Section 4.3 Title Insurance. If
Buyer elects to obtain title insurance with respect to the Properties, Buyer
shall be required to obtain such title insurance from the Title Company. If
Buyer makes such election, then at each Closing, the Title Company shall issue
an Owner’s Title Policy to Buyer with respect to each Property in the
applicable Property Group, insuring that fee simple title each Property is
vested in Buyer subject only to the Permitted Exceptions. Buyer shall be
entitled to request that the Title Company provide such endorsements (or
amendments) to the Owner’s Title Policy as Buyer may reasonably require,
provided that (a) such endorsements (or amendments) shall be at no cost
to, and shall impose no additional liability on, Seller, (b) Buyer’s
obligations under this Agreement shall not be conditioned upon Buyer’s ability
to obtain such endorsements and, if Buyer is unable to obtain such
endorsements, Buyer shall nevertheless be obligated to proceed to close the
Transaction without reduction of or set off against the Purchase Price, and
(c) such Closing shall not be delayed as a result of Buyer’s request.

 

15

 

ARTICLE
5. BUYER’S DUE DILIGENCE/CONDITION OF THE PROPERTY

 

Section 5.1 Buyer’s
Due Diligence.

 

(a)                                       Access to
Documents and the Properties. Commencing prior to the
Effective Date and continuing to the Closing Date for each Property Group,
Seller has made and will continue to make or cause to be made available to
Buyer on the Portfolio Website, Consultant Reports, Title Commitments, Title
Documents, Surveys and any other Documents located on the Portfolio Website
with respect to the Properties in such Property Group. In addition, commencing
prior to the Effective Date and continuing to the applicable Closing Date,
Seller has allowed and will continue to allow Buyer’s Representatives access to
the Properties upon the terms and conditions set forth in the Access Agreement
Addendum. The terms and conditions of the Access Agreement Addendum, including
without limitation all indemnification provisions and insurance requirements,
are incorporated in this Agreement in their entirety and shall govern access to
and inspection of the Properties by Buyer and Buyer’s Representatives.

 

(b)                                      Limit on
Government Contacts. Seller shall be entitled to have a representative
present when any Buyer’s Representatives has any contact with any governmental
official or representative relating to the Properties. Where practical, Buyer
shall provide reasonable advance notice to Seller of contact with any
governmental official or representative relating to the Properties, so as to
enable Seller to make a determination of whether it wishes to be present for
such contact.

 

(c)                                       Other
Inspection Obligations of Buyer. All inspections by Buyer’s
Representatives shall be at Buyer’s sole expense and shall be in accordance
with applicable Laws, including without limitation, Laws relating to worker
safety and the proper disposal of discarded materials. Buyer shall cause each
of Buyer’s Representatives to be aware of the terms of this Agreement as it
relates to the conduct of Buyer’s inspections and the obligations of such
parties hereunder.

 

(d)                                      Waiver and
Release. Buyer, for itself and all of the other Buyer’s Representatives,
hereby waives and releases Seller and each of Seller Parties from all claims
resulting directly or indirectly from access to, entrance upon, or inspection
of any Property or Properties by Buyer’s Representatives.

 

Section 5.2 As-Is
Sale. Buyer acknowledges and agrees as follows:

 

(a)                                       Buyer has
previously conducted, or has waived its right to conduct, such Due Diligence as
Buyer has deemed or shall deem necessary or appropriate. Buyer acknowledges and
agrees that its obligation to perform under this Agreement is not contingent
upon any further Due Diligence.

 

(b)                                      The Properties
shall be sold, and Buyer shall accept possession of the Properties in each
Property Group on the applicable Closing Date, “AS IS, WHERE IS, WITH ALL
FAULTS”, with no right of setoff or reduction in the Purchase Price.

 

16

 

(c)                                       Except for
Seller’s Warranties, none of Seller Parties have or shall be deemed to have
made any verbal or written representations, warranties, promises or guarantees
(whether express, implied, statutory or otherwise) to Buyer with respect to any
Property or Properties, any matter set forth, contained or addressed in the
Documents (including, but not limited to, the accuracy and completeness
thereof), the adequacy of the design or construction of any improvements, or
the results of Buyer’s Due Diligence.

 

(d)                                      Buyer expressly
understands and acknowledges that it is possible that unknown Liabilities may
exist with respect to the Properties and that Buyer explicitly took that
possibility into account in determining and agreeing to the Purchase Price, and
that a portion of such consideration, having been bargained for between parties
with the knowledge of the possibility of such unknown Liabilities shall be
given in exchange for a full accord and satisfaction and discharge of all such
Liabilities.

 

(e)                                       Buyer understands
that Seller, as tenant under each Property Lease, will provide Buyer, as
landlord thereunder, with environmental indemnities as set forth in
Section 5.3 of such Property Lease.

 

ARTICLE 6. ADJUSTMENTS AND
PRORATIONS; CLOSING COSTS

 

Section 6.1
Prorations. The operating and utility expenses
associated with the Properties and the real estate taxes and assessments levied
against the Properties shall not be prorated at either Closing. Seller shall be
responsible for the payment of such operating and utility expenses and taxes
and assessments for the period prior to the applicable Closing and, as provided
in each Property Lease, for the term of such Property Lease. The first monthly
installment of Annual Basic Rent under each Property Lease (or a prorated
portion thereof if the applicable Closing Date is not the first day of a
calendar month) shall be paid by Seller to Buyer at such Closing.

 

Section 6.2 Transaction
Taxes and Closing Costs.

 

(a)                                       Seller and
Buyer shall execute such returns, questionnaires and other documents as shall
be required with regard to all applicable real property transaction taxes
imposed by applicable federal, state or local law or ordinance.

 

(b)                                      Seller shall
pay the fees of any counsel representing Seller in connection with this
transaction. Seller shall also pay the following costs and expenses:

 

(i)                           the cost of all
Surveys and Title Commitments included on the Portfolio Website, but not the
costs of any updates or revisions of the Surveys and Title Commitments that
Buyer may elect to obtain (provided, however, that Seller will cooperate with
Buyer to require that the Surveys are updated and revised by the survey company
to the extent of Seller’s negotiated agreement with such survey company, at no
additional cost to Seller);

 

(ii)                        the costs of
all Consultant Reports included on the Portfolio Website, including the
certification of such Consultant Reports to Buyer in the same form as

 

17

 

currently
certified to Seller (or by means of reliance letters containing the same
certification provided to Seller and otherwise reasonably acceptable to Buyer),
but not any additional costs for additional reports or updates commissioned by
Buyer or for any other form of certification of the Consultant Reports to
Buyer;

 

(iii)                               transfer,
documentary stamp or similar taxes, if applicable, which become payable by
reason of the transfer of the Properties located in the following States:
Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia (Grantor
tax only) and the District of Columbia (Seller portion of DC transfer tax
only);

 

(iv)                              the cost of all
recording fees for the Deeds and documents, if any, recorded to satisfy the
Required Cure Exceptions and the costs of all recording fees and, if
applicable, transfer taxes for the Memoranda of Lease (provided, however, that
the decision to record any Memorandum of Lease shall be at the sole and
absolute discretion of Seller);

 

(v)                                 any advisory
fees payable to STRH; and

 

(vi)                              one half of the
escrow or closing fee, if any, which may be charged by the Escrow Agent or
Title Company.

 

(c)                                  Buyer shall pay
the fees of any counsel representing Buyer in connection with this transaction.
Buyer shall also pay the following costs and expenses:

 

(i)                                     one half of the
escrow or closing fee, if any, which may be charged by the Escrow Agent or
Title Company;

 

(ii)                                  the premium for
the Owner’s Title Policies to be issued to Buyer at such Closing, together with
the cost of any premiums or additional costs attributable to endorsements or
additional title insurance coverage;

 

(iii)                               the cost of any
updates or revisions to the Surveys (other than as provided in Section 6.2(b)(i)
above) or Title Commitments that Buyer may obtain;

 

(iv)                              all Due
Diligence costs incurred by Buyer, including, without limitation, costs
incurred to obtain any new environmental reports, property condition assessment
reports or engineering reports or to update the Consultant Reports included on
the Portfolio Website;

 

(v)                                 transfer,
documentary stamp, deed recording or similar tax which becomes payable by
reason of the transfer of the Properties located in the following
jurisdictions: Tennessee, Virginia (Grantee tax only) and the District of
Columbia (recordation tax);

 

(vi)                              any mortgage
tax, documentary stamp tax, intangibles tax or similar tax which becomes
payable by reason of any security instrument caused by Buyer to be recorded on
any Property or Properties;

 

18

 

(vii)                           all costs and
expenses related to or arising from any financing obtained by Buyer, including
but not limited to rate lock fees, commitment fees, loan fees, attorney fees,
Lender’s title insurance costs, appraisals, and other loan transaction costs;

 

(viii)                        costs of any
consultants, advisors, brokers and other agents or independent contractors
engaged by Buyer; and

 

(ix)                                recording fees
for any and all documents to be recorded other than those set forth in Section 6.2(b)(v) hereof.

 

(d)                                 All costs and
expenses incident to the Transaction for such Property Group and such Closing,
and not specifically described above, shall be paid by the party inclining
same.

 

(e)                                  The provisions
of this Section 6.2 shall survive each Closing.

 

ARTICLE
7. CLOSING

 

Buyer
and Seller hereby agree that the Transaction shall be consummated as follows:

 

Section 7.1 Closing Date.

 

(a)                                  The Closing for
the First Property Group shall occur on the First Closing Date, and the Closing
for the Second Property Group shall occur on the Second Closing Date.

 

(b)                                 The parties
shall endeavor to conduct each Closing as an escrow-style closing through the
Escrow Agent so that it will not be necessary for any party to attend such
Closing. If, however, either Buyer or Seller determines in good faith that such
an escrow closing is not practical for either the First Closing or the Second
Closing, then Buyer and Seller shall conduct a “pre-closing” at 10:00 a.m.
Eastern Time on the last Business Day prior to the applicable Closing Date at
the offices of Seller’s attorney in Atlanta, Georgia with title transfer and
payment of the Purchase Price to be completed on the applicable Closing Date as
set forth in Section 7.2. TIME IS OF THE ESSENCE WITH
RESPECT TO EACH CLOSING.

 

Section 7.2                                      Title Transfer and Payment
of Purchase Price. Provided all conditions precedent to
Seller’s obligations hereunder have been satisfied, Seller agrees to convey the
applicable Properties (and, if applicable, the membership interests in the
applicable Florida Subsidiary) to Buyer at each Closing upon (i) confirmation
of receipt of the Purchase Price by the Escrow Agent as set forth below, and
(ii) written acknowledgement from the Escrow Agent that Buyer has
authorized the Escrow Agent to disburse, and that Escrow Agent is irrevocably
and unconditionally committed to disburse, the Purchase Price to Seller. Buyer
shall deliver to Escrow Agent the full amount of the applicable Purchase Price
prior to 10:00 a.m. Eastern Time on the applicable Closing Date, in
immediately available federal funds wire transferred to a bank account of
Escrow Agent designated by Escrow Agent in writing to Buyer prior to such
Closing. Provided all conditions precedent to Buyer’s obligations hereunder
with respect to the applicable Property Group have been satisfied, Buyer shall
deliver to Escrow Agent written instructions to immediately disburse the
Purchase Price for such Property Group to Seller.

 

19

 

Section 7.3 Seller’s
Closing Deliveries. At the Closing for each Property Group, Seller shall
deliver or cause to be delivered the following with respect to the Properties
in such Property Group:

 

(a)                                       Deed. For each
Property, a special warranty deed or limited warranty deed, as applicable, in
the form of Schedule 7.3(a) attached hereto and incorporated herein
by this reference (“Deed”) executed and acknowledged by Seller (or with
respect to the Properties located in the State of Florida, if applicable, an
assignment and assumption of membership interests in the Florida Subsidiary).

 

(b)                                      Property Lease. For each
Property, a Property Lease in the form of Schedule 7.3(b) attached
hereto and incorporated herein by this reference executed and acknowledged by
Seller.

 

(c)                                       Master
Agreement. For each Property Pool, a Master Agreement in the
form of Schedule 7.3(c) attached hereto and incorporated herein by
this reference executed and acknowledged by Seller.

 

(d)                                      Memorandum of
Lease. For each Property, a short form lease or memorandum of lease, as
applicable, in the form set forth for the applicable State in Schedule 7.3(d) attached
hereto and incorporated herein by this reference (each, a “Memorandum of
Lease”), executed and acknowledged by Seller.

 

(e)                                       Non-Foreign
Status Affidavit. A non-foreign status affidavit in the form of Schedule
7.3(e) attached hereto and incorporated herein by this reference, as
required by Section 1445 of the Internal Revenue Code, executed by Seller.

 

(f)                                         Evidence of
Authority. Documentation to establish to Escrow Agent’s
reasonable satisfaction the due authorization of Seller’s sale of the
Properties, lease of the Properties from Buyer under the Property Leases and
the Master Agreements, and the consummation of the Transaction.

 

(g)                                      Legal Opinion. A legal
opinion by counsel to Seller, addressed to Buyer and reasonably acceptable to
Buyer in form and content, as to the legal existence and authority of Seller
and the authorization, execution and delivery by Seller of the Deeds, the
Property Leases, the Master Agreements and the Memoranda of Lease.

 

(h)                                      Other Documents. A title
affidavit in the form of Schedule 7.3(h) attached hereto and
incorporated herein by this reference and such other documents as may be agreed
upon by Seller and Buyer to consummate the Transaction.

 

(i)                                          Tax Returns. If
applicable, duly completed and signed real estate transfer tax or sales tax
returns.

 

(j)                                          Closing
Statement. Seller’s form of closing statement, setting forth
the prorations and adjustments to the Purchase Price payable in connection with
such Closing (the “Closing Statement”), executed by Seller.

 

20

 

(k)                                  Withholding
Certificate. Such certificate or affidavit, if any, as is
required in any State under applicable provisions of State Law, to assure
Escrow Agent that State income or sales tax withholding is not required.

 

(1)                                  Seller’s
Closing Certificate. A certificate (“Seller’s Closing Certificate”)
dated as of the applicable Closing Date and duly executed by Seller, in the
form of Schedule 7.3(1) hereto, stating that the representations and
warranties of Seller contained in Section 9.2 of this Agreement are
true and correct in all material respects as of such Closing Date (with
appropriate modifications to reflect any changes therein or identifying any
representation or warranty which is not, or no longer is, true and correct in
explaining the state of facts giving rise to the change; and provided that
Seller shall not be required to make any such certifications at the Second
Closing with respect to the Properties in the First Property Group). The
inclusion of any change or exception in such certificate shall not prejudice
Buyer’s rights under this Agreement with respect to the subject matter of such
change or exception.

 

(m)                                    Insurance
Certificate. An insurance certificate (or certificates) issued
by Seller’s insurance carrier in customary form evidencing that Seller has, as
of such Closing, insurance in place with respect to each Property complying
with the terms of each Property Lease (provided that, to the extent that Seller
as of such Closing elects pursuant to the Property Lease with respect to any
Property, to self-insure any risk for which insurance would otherwise be
required under such Property Lease, Seller may as an alternative provide a
certification by Seller that Seller has elected to self-insure with respect to
such Property in accordance with such Property Lease).

 

(n)                                      Estoppels, SNDAs.
If (i) Buyer is closing mortgage financing on all or any of the Properties
concurrent with such Closing, and (ii) Buyer advises Seller at least ten
(10) Business Days prior to such Closing of the name of the mortgage
lender for each relevant Property, then Seller agrees to deliver at such
Closing, with respect to each Property for which such mortgage financing is
being so obtained, the following:

 

(i)                                     An estoppel
certificate with respect to each Property Lease for such Property in the form
attached as Exhibit C to the Property Lease (each a “Lease
Estoppel Certificate”), executed by Seller; and

 

(ii)                                  A
subordination, non-disturbance and attornment agreement with respect to each
Property Lease for such Property in the form attached as Exhibit B
to the Property Lease (each an “SNDA”) , executed by Seller.

 

The
items to be delivered by Seller in accordance with the terms of Sections 7.3(a) through
7.3(k) shall be delivered to Escrow Agent no later than
5:00 p.m. Eastern Time on the last Business Day prior to the applicable
Closing Date.

 

Section 7.4 Buyer’s Closing Deliveries.
At the Closing for each Property Group, Buyer shall deliver or cause to be delivered
the following with respect to the Properties in such Property Group:

 

(a)                        Purchase Price. The Purchase
Price for such Property Group.

 

21

 

(b)                                      Property Lease. For each
Property, a Property Lease, executed and acknowledged by Buyer.

 

(c)                                       Master
Agreement. For each Property Pool, a Master Agreement,
executed and acknowledged by Buyer.

 

(d)                                      Memorandum of
Lease. For each Property, the Memorandum of Lease executed and acknowledged
by Buyer.

 

(e)                                       Evidence of
Authority. Documentation to establish to Seller’s reasonable
satisfaction the due authorization of Buyer’s acquisition of the Properties,
lease of the Properties to Seller under the Property Leases and the Master
Agreements, and the consummation of the Transaction.

 

(f)                                         Legal Opinion. A legal
opinion by counsel to Buyer, addressed to Seller and reasonably acceptable to
Seller in form and content, as to the legal existence and authority of Buyer
and the authorization, execution and delivery of the Property Leases, the
Master Agreements and Memoranda of Lease by Buyer.

 

(g)                                      Other Documents. Such other
documents as may be agreed upon by Seller and Buyer to consummate the
Transaction.

 

(h)                                      Tax Returns. If
applicable, duly completed and signed real estate transfer tax or sales tax
returns.

 

(i)                                          Closing
Statement. The Closing Statement for such Property Group,
executed by Buyer.

 

(j)                                     Buyer’s Closing
Certificate. A certificate (“Buyer’s Closing Certificate”)
dated as of such Closing Date and duly executed by Buyer, in the form of Schedule
7.4(j) hereto, stating that the representations and warranties of
Buyer contained in Section 9.2 of this Agreement are true and
correct in all material respects as of such Closing Date (with appropriate
modifications to reflect any changes therein or identifying any representation
or warranty which is not, or no longer is, true and correct in explaining the
state of facts giving rise to the change). The inclusion of any change or
exception in such certificate shall not prejudice Seller’s rights under this
Agreement with respect to the subject matter of such change or exception.

 

(k)                                  Estoppel, SNDAs. If
(i) Buyer is closing mortgage financing on all or any of the Properties
concurrent with such Closing, and (ii) Buyer has requested that Seller
deliver the same, then Buyer agrees to deliver at such Closing, with respect to
each Property for which such mortgage financing is being so obtained, the
following:

 

(i)                                     An SNDA for such
Property, executed by Buyer.

 

The
Purchase Price shall be paid in accordance with the terms of Section 7.2
hereof and the items to be delivered by Buyer in accordance with the terms of Sections
7.4(b) through 7.4(i) shall be delivered to Escrow Agent
no later than 5:00 p.m. Eastern Time on the last Business Day prior to the
applicable Closing Date.

 

22

 

Section 7.5 Contracts,
Personal Property, Intangible Property and Excluded Items. Following each
Closing, Seller will be the tenant of each Property in the applicable Property
Group under the applicable Property Lease and will be responsible for the
operation, management and administration of each Property, including all
expenses of the operation, management and administration of each Property,
pursuant to the terms of the applicable Property Lease. Accordingly, Seller
shall retain and reserve at each Closing, and shall not convey to Buyer, all
Contracts, Existing Leases (if any), Personal Property and Intangible Property,
as well as all other Excluded Items (including any Excluded Items which, under
applicable State law, constitute real property or an interest in real property)
related to the Properties conveyed at such Closing. This Section 7.5 shall survive
each Closing.

 

ARTICLE 8. CONDITIONS TO CLOSING

 

Section 8.1 Conditions to
Seller’s Obligations. Seller’s obligation to close at each Closing
is conditioned on all of the following, any or all of which may be waived by
Seller by an express written waiver, at its sole option:

 

(a)                                            Representations
True. All representations and warranties made by Buyer in this Agreement
shall be true and correct in all material respects on and as of the applicable
Closing Date, as if made on and as of such date except to the extent they
expressly relate to an earlier date;

 

(b)                                           Buyer’s
Financial Condition. No petition has been filed by or against
Buyer under the Federal Bankruptcy Code or any similar State or Federal Law,
whether now or hereafter existing; and

 

(c)                                            Buyer’s
Deliveries Complete. Buyer shall have delivered the funds required
hereunder and all of the documents to be executed by Buyer set forth in Section 7.4 and shall have
performed all other covenants, undertakings and obligations, and complied with
all conditions required by this Agreement, to be performed or complied with by
Buyer at or prior to such Closing.

 

Section 8.2 Conditions to
Buyer’s Obligations. Buyer’s obligation to close is conditioned
on all of the following, any or all of which may be expressly waived by Buyer
in writing, at its sole option:

 

(a)                                  Representations
True. Subject to the provisions of Section 9.3, all representations
and warranties made by Seller in this Agreement, as the same may be amended as
provided in Section 9.3, shall be true and correct
in all material respects on and as of the applicable Closing Date, as if made
on and as of such date except to the extent that they expressly relate to an
earlier date; provided, however, that if the representation and warranty made
by Seller in Section 9.2(c) or Section 9.2(d) is not true and
correct in all material respects with respect to any Property on and as of such
Closing Date, as if made on and as of such date except to the extent they
expressly relate to an earlier date, then Buyer’s sole remedy shall be to
terminate this Agreement with respect to such Property by written notice
delivered to Seller on or before the earlier of (i) such Closing Date or
(ii) the tenth (10th) Business Day after Buyer first

 

23

 

knows
such representation or warranty is not true or correct, and upon such
termination such Property shall constitute an Excluded Property for purposes of
this Agreement.

 

(b)                                      Title
Conditions Satisfied. At the time of such Closing, title to the applicable
Properties shall be as provided in Article 4 of this
Agreement;

 

(c)                                       No Material
Adverse Change. No Material Adverse Change shall have occurred
and be continuing; and

 

(d)                                      Seller’s
Deliveries Complete. Seller shall have delivered all of the documents
and other items required pursuant to Section 7.3 and shall have
performed all other covenants, undertakings and obligations, and complied with
all conditions required by this Agreement, to be performed or complied with by
Seller at or prior to such Closing.

 

Section 8.3 Waiver of
Failure of Conditions Precedent. At any time or times on or before
the date specified for the satisfaction of any condition, Seller or Buyer may
elect in writing to waive the benefit of any such condition set forth in Section 8.1 or Section 8.2,  respectively.
By closing on any Property, Seller and Buyer shall be conclusively deemed to
have waived the benefit of any remaining unfulfilled conditions set forth in Section 8.1 and Section 8.2, respectively,
with respect to such Property. In the event any of the conditions set forth in Sections 8.1 or 8.2
are neither waived nor fulfilled, Seller or Buyer (as appropriate) may exercise
such rights and remedies, if any, as such party may have pursuant to the terms
of Article 11 hereof.

 

Section 8.4 Approvals Not a Condition to
Buyer’s Performance. Buyer acknowledges and agrees that its
obligation to perform under this Agreement is not contingent upon Buyer’s
ability to obtain any (a) governmental or quasi-governmental approval of
changes or modifications in use or zoning, (b) modification of any
existing land use restriction, assignments of any service contracts, management
agreements or other agreements which, (c) endorsements to the Owner’s
Title Policy, (d) financing for the transaction, or (e) any other
condition or contingency not expressly provided in this Agreement.

 

Section 8.5 Effect of
Termination with respect to One or More Properties.

 

(a)                                  If this
Agreement is terminated with respect to any Property or Properties pursuant to Section 4.2(a),
Section 8.2(a), Section 12.1 or Section 12.2, then (except
as otherwise provided in Section 8.5(c)):

 

(i)                           This Agreement
shall cease to have any further force or effect with respect to the Excluded
Properties;

 

(ii)                        This Agreement
shall continue in full force and effect with respect to all Properties other
than the Excluded Properties;

 

(iii)                     The Purchase Price shall be
reduced by an amount equal to the aggregate Allocated Purchase Prices of all
Excluded Properties;

 

24

 

(iv)                              Neither Buyer
nor Seller shall have any further rights or obligations hereunder with respect
to any Excluded Property other than any rights or obligations arising under any
section herein which expressly provides that it shall survive the termination
of this Agreement; and

 

(v)                       Buyer and
Seller shall jointly and in writing instruct the Escrow Agent to release to
Buyer the Allocable Deposit for any Excluded Property (other than for any
Deferred Property or any Excluded Property which is replaced by a Substitute
Property) (the amount of any Allocable Deposit released to Buyer pursuant to
this Section 8.5 being called the “Deposit Reimbursement Amount”).

 

(b)                                 If this
Agreement is terminated with respect to any Property or Properties pursuant to Section 4.2(a),
Section 8.2(a), Section 12.1 or Section 12.2,
then Seller may, but shall not be obligated to, propose to Buyer one or more
alternative properties of a comparable nature owned by Seller to take the place
of the Excluded Property or Excluded Properties, in which case Seller shall
provide Buyer with such information regarding the alternative property or
properties as Seller shall consider relevant, including the proposed Annual
Basic Rent for such property and due diligence information reasonably available
to Seller for such property. Buyer agrees to act in a commercially reasonable
manner in evaluating any alternative property proposed by Seller. If Buyer and
Seller agree on the terms for inclusion of any alternative property in the
Properties and the Transaction, then Buyer and Seller shall enter into a
written amendment to this Agreement providing the terms and conditions of such
inclusion (which shall include, among other things, the Allocated Purchase
Price and the Annual Basic Rent for such property) and the alternative property
shall be a “Substitute Property” and shall thenceforth be treated as a
“Property” for purposes of this Agreement, and the Allocated Purchase Price for
such Substitute Property shall be added to the Purchase Price.

 

(c)                                       If the
Allocated Purchase Prices of the Excluded Properties in a Property Group (after
deducting from such amount the Allocated Purchase Prices of all Substitute
Properties in such Property Group) exceeds 20% of the Purchase Price for such
Property Group, then either Buyer or Seller shall have the right to elect to
terminate this Agreement with respect to such Property Group by providing
written notice to the other party within five (5) Business Days after
Buyer or Seller, as applicable, has knowledge of such fact. Should such termination
be made (i) with respect to the First Property Group, then, Buyer shall at
the time of such termination make the Second Deposit to the Escrow Agent
pursuant to Section 3.2(b), (ii) with respect to the Second
Property Group, the Deposit shall be refunded to Buyer and the parties hereto
shall have no further rights or obligations under this Agreement, except those
which expressly survive such termination. In the event neither Buyer nor Seller
elects to terminate this Agreement pursuant to the preceding sentence, then
Buyer and Seller shall proceed to close on all of the Properties other than the
Excluded Properties. Buyer and Seller shall each make the election to terminate
this Agreement within five (5) Business Days after the right to terminate
arises or it will be deemed to have waived such termination right.

 

25

 

ARTICLE 9. REPRESENTATIONS AND
WARRANTIES

 

Section 9.1 Buyer’s
Representations. Buyer represents and warrants to, and
covenants with, Seller as follows:

 

(a)                                  Buyer’s
Authorization. Buyer (a) is duly organized (or
formed), validly existing and in good standing under the Laws of the State of
its organization and, to the extent required by Law, each State in which a
Property is located, (b) is authorized to consummate the Transaction and
fulfill all of its respective obligations hereunder and under all Closing
Documents to be executed by Buyer, and (c) has all necessary power to
execute and deliver this Agreement and all Closing Documents to be executed by
Buyer, and to perform all of Buyer’s obligations hereunder and thereunder. This
Agreement and all Closing Documents to be executed by Buyer have been duly
authorized by all requisite corporate or other required action on the part of
Buyer. Neither the execution and delivery of this Agreement and all Closing
Documents to be executed by Buyer, nor the performance of the obligations of
Buyer hereunder or thereunder will result in the violation of any Laws or any
provision of the organizational documents of Buyer or will conflict with any
order or decree of any court or governmental instrumentality of any nature by
which Buyer is bound.

 

(b)                                 Buyer’s
Financial Condition. No petition has been filed by or against
Buyer under the Federal Bankruptcy Code or any similar State or Federal Laws
(other than petitions filed by Buyer against debtors in proceedings in which
Buyer is a creditor).

 

(c)                                  Patriot Act
Compliance. BUYER AND ANY PERSON OR ENTITY DIRECTLY OR
INDIRECTLY OWNING ANY INTEREST IN THE BUYER (OTHER THAN ANY PUBLIC SHAREHOLDER)
IS NOT (I) ACTING, DIRECTLY OR INDIRECTLY FOR, OR ON BEHALF OF, ANY
PERSON, GROUP, ENTITY OR NATION NAMED BY ANY EXECUTIVE ORDER (INCLUDING THE
SEPTEMBER 24, 2001, EXECUTIVE ORDER BLOCKING PROPERTY AND PROHIBITING TRANSACTIONS
WITH PERSONS WHO COMMIT, THREATEN TO COMMIT, OR SUPPORT TERRORISM) OR THE
UNITED STATES TREASURY DEPARTMENT AS A TERRORIST, “SPECIALLY DESIGNATED
NATIONAL AND BLOCKED PERSON,” OR OTHER BANNED OR BLOCKED PERSON, ENTITY, OR
NATION PURSUANT TO ANY LAW THAT IS ENFORCED OR ADMINISTERED BY THE OFFICE OF
FOREIGN ASSETS CONTROL, AND IS NOT ENGAGING IN THIS TRANSACTION, DIRECTLY OR
INDIRECTLY, ON BEHALF OF, OR INSTIGATING OR FACILITATING THIS TRANSACTION,
DIRECTLY OR INDIRECTLY, ON BEHALF OF, ANY SUCH PERSON, GROUP, ENTITY OR NATION,
NOR (II) ENGAGED IN ANY DEALINGS OR TRANSACTIONS, DIRECTLY OR INDIRECTLY,
IN CONTRAVENTION OF ANY UNITED STATES, INTERNATIONAL OR OTHER APPLICABLE MONEY
LAUNDERING REGULATIONS OR CONVENTIONS, INCLUDING, WITHOUT LIMITATION, THE UNITED
STATES BANK SECRECY ACT, THE UNITED STATES MONEY LAUNDERING CONTROL ACT OF
1986, THE UNITED STATES INTERNATIONAL MONEY LAUNDERING ABATEMENT AND ANTI-TERRORIST
FINANCING ACT OF 2001, TRADING WITH THE ENEMY ACT (50 U.S.C. § 1 ET SEQ.,
AS AMENDED), OR ANY FOREIGN ASSET CONTROL REGULATIONS OF THE UNITED STATES
TREASURY DEPARTMENT (31 CFR, SUBTITLE B, CHAPTER V, AS AMENDED) OR ANY ENABLING
LEGISLATION OR EXECUTIVE ORDER RELATING

 

26

 

THERETO. WITHOUT LIMITATION ON ANY OTHER SURVIVAL PROVISION OF THIS
AGREEMENT, THIS SECTION
9.1 (C) SHALL
SURVIVE EACH CLOSING OR ANY TERMINATION OF THIS AGREEMENT.

 

(d)           Acquisition for
Own Account.  Buyer is acquiring the Properties for its
own account for investment and not with a view to any distribution (as such
term is used in Section 2(11) of the Securities Act of 1933, as amended (the “Securities Act”)) thereof, and if
in the future it should decide to dispose of any Property or Properties, it
understands that it may do so only in compliance with the Securities Act, if
applicable, and the rules and regulations of the Securities and Exchange
Commission (“SEC”) thereunder and any applicable state securities laws.

 

(e)           Offering.  Neither
Buyer nor anyone authorized by Buyer to do so on its behalf has offered,
directly or indirectly, any beneficial interest or security (as defined in Section 2(1) of
the Securities Act) relating to the Properties for sale to, or has solicited
any offer to acquire any such interest or security from, or has sold any such
interest or security to, any person in violation of the registration provisions
of the Securities Act, and neither Buyer nor anyone authorized by Buyer to do
so on its behalf has taken any action which would subject any such interest to
the registration requirements of Section 5 of the Securities Act, and
neither Buyer nor anyone authorized by Buyer to do so on its behalf has made
prior to the applicable Closing Date, directly or indirectly, any such offer,
solicitation or sale in violation of such provisions of the Securities Act.

 

(f)            Survival.  Buyer’s
representations and warranties in this Section 9.1 shall survive each Closing and not be
merged therein.

 

Section 9.2
Seller’s
Representations.  Seller
represents and warrants to Buyer as follows:

 

(a)           Seller’s
Authorization.  Seller (a) is duly organized (or
formed), validly existing and in good standing under the Laws of the State of
its organization and, to the extent required by Law, each State in which a Property
is located, (b) is authorized to consummate the Transaction and fulfill
all of its respective obligations hereunder and under all Closing Documents to
be executed by Seller, and (c) has all necessary power to execute and
deliver this Agreement and all Closing Documents to be executed by Seller, and
to perform all of Seller’s obligations hereunder and thereunder. This Agreement
and all Closing Documents to be executed by Seller have been duly authorized by
all requisite corporate or other required action on the part of Seller. Neither
the execution and delivery of this Agreement and all Closing Documents to be
executed by Seller, nor the performance of the obligations of Seller hereunder
or thereunder will result in any material violation of any Law or any provision
of the organizational documents of Seller or will conflict in any material way
with any order or decree of any court or governmental instrumentality of any
nature by which Seller is bound.

 

(b)           Litigation.  To
Seller’s knowledge, Seller has not received any written notice of any current
or pending litigation against Seller which would, in the reasonable judgment of
Seller, if determined adversely to Seller, cause a Material Adverse Change.

 

27

 

(c)           Legal Compliance.  Except as disclosed on Schedule
X, to Seller’s knowledge, Seller has not received written notice from any
Governmental Authority that any Property is in violation of Laws applicable to
such Property that remains uncured and that, if not cured, would have a
Property Material Adverse Effect with respect to such Property. “Property
Material Adverse Effect” means, with respect to any fact or circumstance
and any specific Property, that such fact or circumstance would individually or
in the aggregate have an adverse effect on title to such Property or any
portion thereof, on Seller’s ability to consummate the transaction contemplated
herein, or on the value or operation of the Property for its current use, which
results or could reasonably be expected to result in losses, costs, damages,
liabilities or expenditures in excess of two and one-half percent (2.5%) of the
Allocated Purchase Price of any individual Property.

 

(d)           Condemnation.  Except as disclosed on Schedule
X, to Seller’s knowledge, Seller has not received written notice from any
Governmental Authority of, or been served with legal process with respect to,
any pending condemnation proceedings relating to the Property that would have a
Property Material Adverse Effect with respect to such Property.

 

(e)           Seller’s Financial Condition.  No petition has been filed by or
against Seller under the Federal Bankruptcy Code or any similar State or
Federal Laws (other than petitions filed by Seller against debtors in
proceedings in which Seller is a creditor).

 

Section 9.3  General Provisions.

 

(a)           Seller’s Warranties Deemed Modified. To the extent that Buyer knows or is deemed
to know as of or prior to the Effective Date that Seller’s Warranties are
inaccurate, untrue or incorrect in any way, such representations and warranties
shall be deemed modified to reflect Buyer’s knowledge or deemed knowledge, as
the case may be.

 

(b)           Breach of Seller’s Warranties prior to
Closing.

 

(i)         If at or prior to either Closing, any Buyer’s Representative
obtains actual knowledge that any of Seller’s Warranties is untrue, inaccurate
or incorrect in any material respect, Buyer shall give Seller written notice
thereof within five (5) Business Days of obtaining such knowledge (but, in
any event, prior to such Closing). If at or prior to such Closing, Seller
obtains actual knowledge that any of Seller’s Warranties is untrue, inaccurate
or incorrect in any material respect, Seller shall give Buyer written notice
thereof within five (5) Business Days of obtaining such knowledge (but, in
any event, prior to such Closing). In either such event, Seller shall have the
right to cure such misrepresentation or breach and shall be entitled to a
reasonable adjournment of such Closing (not to exceed thirty (30) days) for the
purpose of such cure. If Seller chooses not to so cure, then Buyer’s rights
will be governed by Section 11.2 hereof.

 

(ii)        If any of Seller’s Warranties should prove to be untrue,
inaccurate or incorrect but such Seller’s Warranties are not, in the aggregate,
untrue, inaccurate or incorrect in any material respect, Buyer shall be deemed
to waive such misrepresentation or breach of warranty, and Buyer shall be
required to consummate the Transaction without any reduction of or credit
against the Purchase Price.

 

28

 

(c)           Survival:
Limitation on Seller’s Liability.  Seller’s Warranties in Section 9.2(a) (as
updated by the applicable Seller’s Closing Certificate) shall survive the
applicable Closing for the applicable statutory period. Seller’s Warranties in Section 9.2(b),
(c), (d) and (e) (as updated by the applicable Seller’s Closing
Certificate) shall survive the applicable Closing and shall not be merged
therein for a period of twelve (12) months and Seller shall only be liable to
Buyer hereunder for a breach of such Seller’s Warranty with respect to which a
claim is made by Buyer against Seller on or before the last day of the twelfth
(12th) month after the applicable Closing Date. Anything in this
Agreement to the contrary notwithstanding, the maximum aggregate liability of
Seller for breaches of Seller’s Warranties shall be limited as set forth in Section 15.13
hereof. Notwithstanding the foregoing, however, if a Closing occurs then, with
respect to the Properties conveyed at such Closing, Buyer hereby expressly
waives, relinquishes and releases any right or remedy available to it at law,
in equity, under this Agreement or otherwise to make a claim against Seller for
damages that Buyer may incur, or to rescind this Agreement and the Transaction
or any portion thereof, as the result of any of Seller’s Warranties being
untrue, inaccurate or incorrect if (a) Buyer knew or is deemed to know
that such representation or warranty was untrue, inaccurate or incorrect at the
time of such Closing, or (b) Buyer’s damages as a result of such
representations or warranties being untrue, inaccurate or incorrect are not
material.

 

ARTICLE 10. COVENANTS

 

Section 10.1 Buyer’s Covenants.  Buyer
hereby covenants as follows:

 

(a)           Confidentiality.  Buyer
acknowledges that any information heretofore or hereafter furnished to Buyer
with respect to any Property or Properties has been and will be so furnished on
the condition that Buyer maintain the confidentiality thereof. Accordingly,
Buyer shall hold, and shall cause the other Buyer’s Representatives to hold, in
strict confidence, and Buyer shall not disclose, and shall prohibit the other
Buyer’s Representatives from disclosing, to any other person without the prior
written consent of Seller: (a) the terms of this Agreement, and (b) any
of the information in respect of any Property or Properties delivered to or for
the benefit of Buyer whether by any of Buyer’s Representatives or by any of
Seller Parties, including, but not limited to, any information heretofore or
hereafter obtained by any Buyer’s Representatives in connection with its Due
Diligence. Buyer’s obligation under clause (a) of the immediately
preceding sentence shall survive each Closing and not be merged therein. In the
event either Closing does not occur or this Agreement is
terminated with respect to either Property Group or both Property Groups, Buyer
shall promptly return to Seller all copies of documents containing any of such
information relating to the unclosed portion of the Transaction without
retaining any copy thereof or extract therefrom. Notwithstanding anything to
the contrary hereinabove set forth, Buyer may disclose such information (i) on
a need-to-know basis to its employees, members of professional firms serving it
or potential lenders, (ii) as any governmental agency may require in order
to comply with applicable Laws or a court order, and (iii) to the extent
that such information is a matter of public record. The provisions of this Section 10.1(a) shall
survive any termination of this Agreement.

 

(b)           Buyer’s Indemnity.  Buyer
hereby agrees to indemnify, defend, and hold each of Seller Parties free and
harmless from and against any and all Liabilities (including

 

29

 

reasonable attorneys’ fees, expenses and disbursements) arising out of
or resulting from (a) the breach of the terms of Section 10.1(a) or (b) the entry on any Property or Properties and/or the conduct
of any Due Diligence by any Buyer’s Representatives at any time prior to each
Closing; provided,  however, that Buyer’s
obligations under this clause (b) shall not apply to the mere
discovery of a pre-existing environmental or physical condition at any
Property. The provisions of this Section shall survive each Closing (and
not be merged therein) or any earlier termination of this Agreement.

 

Section 10.2
Seller’s
Covenants. Seller hereby covenants as follows:

 

(a)           Maintenance of Properties. Except to the extent Seller is
relieved of such obligations by Article 12
hereof, between the Effective Date and the applicable Closing Date, Seller
shall maintain and keep the applicable Properties in a manner consistent with
Seller’s past practices with respect to the Properties; provided,  however, that, Buyer hereby agrees that, except for
breaches of this Section 10.2(a),
Buyer shall accept the Properties subject to, and Seller shall have no
obligation to cure, (a) any violations of Laws, or (b) any physical
conditions which would give rise to violations of Laws, whether the same now
exist or arise prior to the applicable Closing (except that Seller shall comply
with its obligations under the terms of each Property Lease from and after the
applicable Closing Date in its capacity as the tenant under such Property
Lease). Between the Effective Date and the applicable Closing Date, Seller will
advise Buyer of any written notice Seller receives after the Effective Date
from any governmental authority of the violation of any Laws regulating the
condition or use of the Properties.

 

Section 10.3
Mutual
Covenants.

 

(a)           Confidentiality; Access.

 

(i)            The Confidentiality Agreement and
the Access Agreement Addendum are hereby incorporated in this Agreement by
reference, and Seller and Buyer agree to continue to be bound by the terms of
such agreements binding on such parties, respectively.

 

(ii)           Buyer hereby agrees to indemnify,
defend, and hold Seller and each of the other Seller Parties free and harmless
from and against any and all Liabilities arising out of or resulting from the
breach by Buyer of the terms of the Confidentiality Agreement or the Access
Agreement Addendum, which indemnity shall survive each Closing (and not be
merged therein) or any earlier termination of this Agreement.

 

(b)           Publicity. Seller and Buyer each hereby covenant and agree that (a) prior
to the First Closing neither Seller nor Buyer shall issue any Release (as
hereinafter defined) with respect to the Transaction or any portion thereof
without the prior consent of the other, except to the extent required by
applicable Law, and (b) after the First Closing, any Release issued by
either Seller or Buyer shall be subject to the review and approval of both
parties (which approval shall not be unreasonably withheld, conditioned or
delayed), except to the extent required by applicable Law. If either Seller or
Buyer is required by applicable Law to issue a Release, such party shall, at
least three (3) Business Days prior to the issuance of the same, deliver a
copy of the proposed Release to the other party for its review. As used herein,
the term “Release” means

 

30

 

any
press release or public statement with respect to the Transaction or any
portion thereof or this Agreement.

 

(c)           Advisors and
Brokers. Seller and Buyer expressly acknowledge that STRH has acted as
Seller’s advisor with respect to the Transaction and with respect to this
Agreement. Seller shall pay any advisory fees due to STRH in accordance with
the separate agreement between Seller and STRH. Seller agrees to hold Buyer
harmless and indemnify Buyer from and against any and all Liabilities
(including reasonable attorneys’ fees, expenses and disbursements actually
incurred) suffered or incurred by Buyer as a result of any claims by STRH or
any other party claiming to have represented Seller as advisor or broker in
connection with the Transaction. Buyer agrees to hold Seller harmless and
indemnify Seller from and against any and all Liabilities (including reasonable
attorneys’ fees, expenses and disbursements actually incurred) suffered or
incurred by Seller as a result of any claims by any party claiming to have
represented Buyer as advisor or broker in connection with the Transaction and
Buyer shall be responsible for the payment of any fees, commissions or other
expenses with respect to any advisor or broker, if any, engaged by or through
Buyer.

 

(d)           Tax Protests; Tax
Refunds and Credits. Seller shall have the right to continue and to control
the progress of and to make all decisions with respect to any contest of the
real estate taxes and personal property taxes for each Property due and payable
during the Tax Year in which the applicable Closing occurs and all prior Tax
Years. Further, to the full extent permitted under each Property Lease, Seller
shall have the right to control the progress of and to make all decisions with
respect to any tax contest of the real estate taxes and personal property taxes
for the Properties due and payable during all Tax Years subsequent to the Tax
Year in which the applicable Closing occurs. All real estate and personal
property tax refunds and credits received after the applicable Closing with
respect to the Properties shall be applied in the following order of priority: first,
to pay the costs and expenses (including reasonable attorneys’ fees, expenses
and disbursements) incurred in connection with obtaining such tax refund or
credit; and second, to Seller.

 

(e)           Survival. The
provisions of this Section 10.3 shall survive each Closing (and not
be merged therein) or earlier termination of this Agreement.

 

ARTICLE 11. DEFAULT

 

Section 11.1 Buyer
Default.  If (i) either Closing fails to occur on or before
the applicable Closing Date by reason of Buyer’s breach of or default under
this Agreement, or (ii) prior to the First Closing, the “Closing” (as such
term is defined in the Purchase and Sale Agreement [Portfolio #1]) fails to occur on or before the “Closing Date” (as such term is defined
in the Purchase and Sale Agreement [Portfolio #1]) by reason of Buyer’s breach
of or default under the Purchase and Sale Agreement [Portfolio #1], and any such circumstance continues for five (5) Business Days
after written notice from Seller to Buyer, which written notice shall detail
such default, untruth or failure, as applicable, then Seller may elect to (a) terminate
this Agreement by written notice to Buyer, promptly after which the Deposit
shall be paid to Seller as

 

31

 

liquidated
damages and, thereafter, the parties shall have no further rights or
obligations hereunder except for obligations which expressly survive the
termination of this Agreement, or (b) waive the condition and proceed to
close the Transaction. Buyer and Seller acknowledge and agree that the
retention of the Deposit by Seller is not a penalty, it being agreed between
the parties hereto that the actual damages to Seller in the event of such
breach are impractical to ascertain and the amount of the Deposit is a
reasonable estimate thereof. Except in connection with the indemnification
obligations of Buyer hereunder and under the Closing Documents and Buyer’s
payment obligations under Section 15.19, Seller hereby waives and
releases any right to (and hereby covenants that it shall not) sue Buyer: (a) for
specific performance of this Agreement, or (b) to recover any damages of any nature or
description other than or in excess of the Deposit. Buyer hereby waives and
releases any right to (and hereby covenants that it shall not) sue Seller or
seek or claim a refund of the Deposit (or any part thereof) on the grounds it
is unreasonable in amount and exceeds Seller’s actual damages or that its
retention by Seller constitutes a penalty and not agreed upon and reasonable
liquidated damages.

 

Section 11.2 Seller Default.  If
(i) either Closing fails to occur on or before the applicable Closing Date
by reason of Seller’s breach of or default under this Agreement, or (ii) prior
to the First Closing, the “Closing” (as such term is defined in the Purchase
and Sale Agreement [Portfolio #1]) fails to occur on or before the “Closing
Date” (as such term is defined in the Purchase and Sale Agreement [Portfolio #1])
by reason of Seller’s breach of
or default under the Purchase and Sale Agreement [Portfolio #1], and any such
circumstance continues for five (5) Business Days after written notice
from Buyer to Seller, which written notice shall detail such failure, refusal
or untruth, then Buyer may elect to (a) terminate this Agreement by
written notice to Seller, after which Buyer will receive a full refund of the
Deposit and Seller shall promptly pay the Liquidated Damages Amount to Buyer as
liquidated damages and, thereafter, the parties shall have no further rights or
obligations hereunder except for obligations which expressly survive the
termination of this Agreement, or (b) waive the condition and proceed to
close the Transaction with no reduction in the Purchase Price. Seller and Buyer
acknowledge and agree that Buyer’s right to collect and retain the Liquidated
Damages Amount is not a penalty, it being agreed between the parties hereto
that the actual damages to Buyer in the event of such failure, refusal or
untruth are impractical to ascertain and the amount of the Liquidated Damages
Amount is a reasonable estimate thereof. Except in connection with the
indemnification obligations of Seller hereunder and under the Closing Documents
and Seller’s payment obligations under Section 15.19, Buyer hereby
waives and releases any right to (and hereby covenants that it shall not) sue
Seller: (A) for specific performance of this Agreement or injunctive
relief of any kind, (B) for any other remedy at law or in equity, other
than the Liquidated Damages Amount, or (C) to recover any damages of any
nature or description other than or in excess of the Liquidated Damages Amount.
Seller hereby waives and releases any right to (and hereby covenants that it
shall not) sue Buyer or seek or claim a refund or reduction of the Liquidated
Damages Amount (or any part thereof) on the grounds it is unreasonable in
amount and exceeds Buyer’s actual damages or that its retention by Buyer
constitutes a penalty and not agreed upon and reasonable liquidated damages.
The term “Liquidated Damages Amount” means (i) prior to the First
Closing, an amount equal to 2.5% of the aggregate Purchase Price for the First
Property Group and the Second Property Group and (ii) after the First
Closing, an amount equal to 2.5% of the Purchase Price for the Second Property
Group, which amount may be reduced by any Deposit Reimbursement Amount pursuant
to the terms of Section 8.5.

 

32

 

Section 11.3
Waiver of Lis Pendens. Without limitation on the foregoing provisions of
this Article 11, if this Agreement terminates for any reason,

 

(a)           Buyer
waives and releases any right it may have to file or record a notice of lis pendens or notice of pendency of
action or similar notice against any Property or Properties; and

 

(b)           If
Buyer or any party related to or affiliated with Buyer files a notice of lis pendens or notice of pendency of
action or similar notice against any Property or Properties or otherwise
asserts any claim or right to the Properties or any Property that would
otherwise delay or prevent Seller from having clear, indefeasible, and
marketable title to the Properties or any Property, then Seller shall have all
rights and remedies available at law or in equity (including, without
limitation, the right to seek a temporary restraining order or injunction to
protect Seller from exposure to immediate and irreparable harm resulting from
such action by Buyer) with respect to such assertion by Buyer and any loss,
damage or other consequence suffered by Seller as a result of such assertion.

 

(c)           This
Section 11.3 shall survive each Closing or any termination of this
Agreement.

 

ARTICLE
12. CONDEMNATION/CASUALTY 

 

Section 12.1
Condemnation.

 

(a)           Right
to Terminate. If, prior to the applicable Closing Date, all or any
significant portion (as hereinafter defined) of any Property is taken by
eminent domain (or is the subject of a pending taking in which Seller has been
served with legal process, but which has not yet been consummated), Seller
shall notify Buyer in writing of such fact promptly after obtaining knowledge
thereof, and, thereafter, either Buyer or Seller shall have the right to
terminate this Agreement with respect to such Property by giving written notice
to the other party no later than ten (10) days after Buyer’s receipt of
Seller’s notice, and the applicable Closing Date shall be extended, if
necessary, to provide sufficient time for each of Buyer and Seller to make such
election. The failure by Buyer or Seller to so elect in writing to terminate
this Agreement with respect to such Property within such ten (10) day
period shall be deemed an election by such party not to terminate this
Agreement with respect to such Property. For purposes hereof, a “significant
portion” of a Property shall mean any interest in such Property except an
interest the taking of which (i) has no material effect on the use, value
or operation of such Property, and (ii) does not cause such Property to be
a non-conforming use under applicable land use laws (other than a legal
non-conforming use) and does not otherwise cause such Property not to comply
with applicable Law.

 

(b)           Assignment
of Proceeds. If (i) neither Buyer nor Seller elects to terminate this
Agreement as aforesaid if all or any significant portion of any Property is taken, or (ii) a
portion of any Property not constituting a significant portion of such Property
is taken or becomes subject to a pending taking by eminent domain, then there
shall be no abatement of the Purchase Price and at the applicable Closing, the
parties shall enter into the Property Lease with respect to such Property with
no abatement of rent on account of such taking (and Seller, as

 

33

 

Tenant
under such Property Lease, shall undertake such repair and restoration as is
required under such Property Lease following such Closing); provided,
however, that, at such
Closing, Seller shall pay to Buyer the amount of any award for or other
proceeds on account of such taking which have been actually paid to Seller
prior to such Closing Date as a result of such taking (less all costs and
expenses, including attorneys’ fees and costs, incurred by Seller as of such
Closing Date in obtaining payment of such award or proceeds) and, to the extent
such award or proceeds have not been paid, Seller shall assign to Buyer at such
Closing (without recourse to Seller) the rights of Seller to, and Buyer shall
be entitled to receive and retain, all awards for the taking of the Property or
such portion thereof, except that nothing in this Section shall be deemed
to require Seller to assign to Buyer or entitle Buyer to any award or payment
relating to (i) Excluded Items, (ii) Seller’s business damages or the
loss of Seller’s business as the result of the taking, or (iii) relocation
and moving expenses, if any, and incidental out-of- pocket expenses.

 

Section 12.2 Destruction or Damage.

 

(a)           Property
Threshold Amount. The “Property
Threshold Amount” means, with
respect to any Property, the greater of (i) 25% of the Allocated
Purchase Price of such Property or (ii) $500,000.00.

 

(b)           Non-Material
Casualty. In the event any portion
of any Property is damaged or destroyed by casualty prior to the applicable
Closing Date, Seller shall notify Buyer in writing of such fact promptly after
obtaining knowledge thereof. If any such damage or destruction would cost less
than the Property Threshold Amount to repair or restore (a “Non-Material
Casualty”), then this Agreement
shall remain in full force and effect, there shall be no reduction in the
Purchase Price and Buyer shall acquire such Property upon the terms and
conditions set forth herein. If the Non-Material Casualty is an insured
casualty, then Seller, in its capacity as tenant under the applicable Property
Lease, shall pay all costs and expenses, including attorneys’ fees and costs,
incurred by Seller as of such Closing Date in connection with the negotiation
and/or settlement of the casualty claim with the insurer (the “Realization
Costs”), and Seller shall retain
(and, if necessary, Buyer shall at such Closing assign to Seller) all of Seller’s
right, title and interest in and to all additional proceeds of insurance on
account of such damage or destruction, to be applied in accordance with the
terms of such Property Lease toward the restoration and repair of the Property,
with any remaining proceeds to be retained by Seller (and Seller, as Tenant
under such Property Lease, shall undertake such repair and restoration as is
required under such Property Lease). If the Non-Material Casualty is an
uninsured casualty, then Seller, in its capacity as tenant under such Property
Lease, shall pay for the restoration and repair of the Property in accordance
with the terms of such Property Lease. In no event will there be a reduction in
the Purchase Price as a result of a Non-Material Casualty.

 

(c)           Casualty
in Excess of Property Threshold Amount. In the event any Property is damaged or
destroyed prior to the applicable Closing Date by a casualty and would cost
more than the Property Threshold Amount to repair or restore, (a “Material
Casualty”), then, notwithstanding
anything to the contrary set forth above in this Section, Buyer or Seller shall
have the right, at its option, to terminate this Agreement with respect to such
Property. Buyer or Seller shall have thirty (30) days after Seller notifies
Buyer that a casualty has occurred to make such election by delivery to the
other party of a written election notice (the “Election Notice”),

 

34

 

and such Closing Date shall be extended, if necessary, to provide
sufficient time for each of Buyer and Seller to make such election. The failure
by Buyer to deliver the Election Notice within such thirty (30) day period
shall be deemed an election not to terminate this Agreement with respect to
such Property. In the event neither Buyer nor Seller elects to terminate this Agreement
with respect to such Property as set forth above, then this Agreement shall
remain in full force and effect, there shall be no reduction in the Purchase
Price, and Buyer shall acquire such Property upon the terms and conditions set
forth herein, and

 

(i)            If the Material Casualty is an
insured casualty, then Seller, in its capacity as tenant under the applicable
Property Lease, shall pay all Realization Costs, and Seller shall retain (and,
if necessary, Buyer shall at such Closing assign to Seller) all of Seller’s
right, title and interest in and to all proceeds of insurance on account of
such damage or destruction, to be applied toward the restoration and repair of
the Property in accordance with the terms of such Property Lease, with any
remaining proceeds to be retained by Seller; and

 

(ii)           If the Material Casualty is an
uninsured casualty, then Seller, in its capacity as tenant under the applicable
Property Lease, shall pay for the restoration and repair of the Property in
accordance with the terms of such Property Lease.

 

(d)           If
there is a dispute as to whether the cost to repair or restore any damage or
destruction to a Property would exceed the Property Threshold Amount, then such
determination shall be made by a contractor or engineer acceptable to Seller
and Buyer.

 

Section 12.3 Insurance. Seller shall maintain
the property insurance coverage currently in effect for the Properties in each
Property Group (or substantially similar insurance coverage) through the
applicable Closing Date.

 

Section 12.4 Excluded Property. At such time as
either Buyer or Seller makes a timely election pursuant to Section 12.1 or Section 12.2, to terminate this Agreement with
respect to any Property, such Property shall constitute an Excluded Property
for purposes of this Agreement.

 

Section 12.5 Waiver. The provisions of this Article 12 supersede the
provisions of any applicable Laws with respect to the subject matter of this Article 12.

 

ARTICLE
13. ESCROW PROVISIONS

 

The Deposit and any other sums (including, without limitation, any
interest earned thereon) which the parties agree shall be held in escrow
(herein collectively called the “Escrow Deposits”), shall be held by the Escrow Agent, in
trust, and disposed of only in accordance with the following provisions:

 

Section 13.1 The Escrow Agent shall
invest the Escrow Deposits in government insured interest-bearing instruments
reasonably satisfactory to both Buyer and Seller, shall not commingle the
Escrow Deposits with any funds of the Escrow Agent or others, and shall
promptly provide Buyer and Seller with confirmation of the investments made.

 

35

 

Section 13.2
If the Second Closing occurs, the Escrow Agent shall deliver the Escrow Deposit
to, or upon the instructions of, Seller on the Second Closing Date.

 

Section 13.3
If for any reason either Closing does not occur on the applicable Closing Date,
either Seller or Buyer may deliver written notice to Escrow Agent and the other
party stating that the this Agreement has terminated and that such party is
entitled to disbursement of the Earnest Money pursuant to the this Agreement.
The receiving party shall have ten (10) business days after receipt of
such notice to object to such claim by notifying the requesting party and the
Escrow Agent in writing of such objection. If no such notice of objection is
received by the Escrow Agent within the time period specified above and the
Escrow Agent received the evidence that the receiving party has received the
aforesaid notice from the requesting party, the Escrow Agent shall disburse
funds equal to the amount specified in the requesting party’s notice promptly
after the expiration of the ten (10) business day period. If a notice of
objection is received by the Escrow Agent, the Escrow Agent shall take no
action until it shall have received (i) written instructions signed by the
Seller and the Buyer or (ii) a decision by a court of competent
jurisdiction directing the Escrow Agent to take certain action.

 

Section 13.4 The parties acknowledge
that the Escrow Agent is acting solely as a stakeholder at their request and
for their convenience, that the Escrow Agent shall not be deemed to be the
agent of either of the parties, and that the Escrow Agent shall not be liable
to either of the parties for any action or omission on its part taken or made
in good faith, and not in disregard of this Agreement, but shall be liable for
its negligent acts and for any Liabilities (including reasonable attorneys’
fees, expenses and disbursements) incurred by Seller or Buyer resulting from
the Escrow Agent’s mistake of law respecting the Escrow Agent’s scope or nature
of its duties. Seller and Buyer shall jointly and severally indemnify and hold
the Escrow Agent harmless from and against all Liabilities (including
reasonable attorneys’ fees, expenses and disbursements) incurred in connection
with the performance of the Escrow Agent’s duties hereunder, except with
respect to actions or omissions taken or made by the Escrow Agent in bad faith,
in disregard of this Agreement or involving negligence on the part of the
Escrow Agent.

 

Section 13.5 Buyer shall pay any income
taxes on any interest earned on the Escrow Deposits. Buyer represents and
warrants to the Escrow Agent that its taxpayer identification number is as set
forth adjacent to Buyer’s signature on the signature page to this
Agreement.

 

Section 13.6 The Escrow Agent has
executed this Agreement in the place indicated on the signature page hereof
in order to confirm that the Escrow Agent has received and shall hold the
Escrow Deposits in escrow, and shall disburse the Escrow Deposits pursuant to
the provisions of this Article 13.

 

The provisions of this Article 13 shall survive each
Closing (and not be merged therein) or earlier termination of this Agreement.

 

ARTICLE 14. DISCLAIMERS AND
WAIVERS

 

Section 14.1 NO RELIANCE ON
DOCUMENTS. EXCEPT AS EXPRESSLY STATED HEREIN, SELLER MAKES NO
REPRESENTATION OR WARRANTY AS TO THE TRUTH, ACCURACY OR COMPLETENESS OF ANY
MATERIALS, DATA OR

 

36

 

INFORMATION DELIVERED BY SELLER OR ANY SELLER PARTY TO BUYER IN
CONNECTION WITH THE TRANSACTION CONTEMPLATED HEREBY. BUYER ACKNOWLEDGES AND
AGREES THAT ALL MATERIALS, DATA AND INFORMATION DELIVERED BY SELLER TO BUYER IN
CONNECTION WITH THE TRANSACTION CONTEMPLATED HEREBY ARE PROVIDED TO BUYER AS A
CONVENIENCE ONLY AND THAT ANY RELIANCE ON OR USE OF SUCH MATERIALS, DATA OR
INFORMATION BY BUYER SHALL BE AT THE SOLE RISK OF BUYER, EXCEPT AS OTHERWISE
EXPRESSLY PROVIDED HEREIN. NEITHER SELLER, NOR ANY AFFILIATE OF SELLER, NOR THE
PERSON OR ENTITY WHICH PREPARED ANY REPORT OR REPORTS DELIVERED BY SELLER TO
BUYER SHALL HAVE ANY LIABILITY TO BUYER FOR ANY INACCURACY IN OR OMISSION FROM
ANY SUCH REPORTS.

 

Section 14.2 AS-IS SALE; DISCLAIMERS.
BUYER ACKNOWLEDGES AND AGREES THAT EXCEPT AS EXPRESSLY SET FORTH IN THIS
AGREEMENT, SELLER IS NOT MAKING, HAS NOT AT ANY TIME MADE, AND SPECIFICALLY
NEGATES AND DISCLAIMS, ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND OR
CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT TO ANY PROPERTY OR PROPERTIES,
INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO FITNESS
FOR A PARTICULAR PURPOSE. BUYER ACKNOWLEDGES AND AGREES THAT UPON EACH CLOSING
SELLER SHALL CONVEY TO BUYER AND BUYER SHALL ACCEPT EACH APPLICABLE PROPERTY “AS
IS, WHERE IS, WITH ALL FAULTS”, EXCEPT TO THE EXTENT EXPRESSLY PROVIDED
OTHERWISE IN THIS AGREEMENT, THE PROPERTY LEASES, THE MASTER AGREEMENTS OR IN
ANY OTHER DOCUMENT EXECUTED BY SELLER AND DELIVERED TO BUYER AT SUCH CLOSING.
BUYER HAS NOT RELIED AND WILL NOT RELY ON, AND SELLER IS NOT LIABLE FOR OR
BOUND BY, ANY EXPRESS OR IMPLIED WARRANTIES, GUARANTIES, STATEMENTS,
REPRESENTATIONS OR INFORMATION PERTAINING TO ANY PROPERTY OR PROPERTIES OR RELATING THERETO (INCLUDING
SPECIFICALLY, WITHOUT LIMITATION, OFFERING PACKAGES DISTRIBUTED WITH RESPECT TO
THE PROPERTIES) MADE OR FURNISHED BY SELLER, ANY SELLER PARTY, OR ANY ADVISOR,
REAL ESTATE BROKER OR AGENT REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO
WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING, UNLESS
SPECIFICALLY SET FORTH IN THIS AGREEMENT. BUYER ALSO ACKNOWLEDGES THAT THE
PURCHASE PRICE REFLECTS AND TAKES INTO ACCOUNT THAT THE PROPERTIES ARE BEING
SOLD “AS-IS.”

 

BUYER REPRESENTS TO SELLER THAT IT IS A KNOWLEDGEABLE, EXPERIENCED AND
SOPHISTICATED BUYER OF REAL ESTATE, AND THAT IT HAS CONDUCTED, OR WILL CONDUCT
PRIOR TO EACH CLOSING, SUCH INVESTIGATIONS OF THE APPLICABLE PROPERTIES,
INCLUDING BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS
THEREOF, AS BUYER DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE
CONDITION OF THE PROPERTIES AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE
ACTION TO BE TAKEN WITH

 

37

 

RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE
PROPERTIES, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION
PROVIDED BY OR ON BEHALF OF SELLER OR ITS AGENTS OR EMPLOYEES WITH RESPECT
THERETO, OTHER THAN SUCH REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER AS
ARE EXPRESSLY SET FORTH IN THIS AGREEMENT. UPON EACH CLOSING, BUYER SHALL
ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO,
CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT
HAVE BEEN REVEALED BY BUYER’S INVESTIGATIONS, AND EXCEPT WITH RESPECT TO
MATTERS WHICH BY THE EXPRESS TERMS OF THIS AGREEMENT SURVIVE SUCH CLOSING OR TO
THE EXTENT SEPARATELY ADDRESSED IN THE APPLICABLE PROPERTY LEASE, BUYER, UPON
SUCH CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER
(AND SELLER’S PARTNERS, OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES AND
AGENTS) FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION
(INCLUDING CAUSES OF ACTION IN TORT), LOSSES, DAMAGES, LIABILITIES, COSTS AND
EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES) OF ANY AND EVERY KIND OR
CHARACTER, KNOWN OR UNKNOWN, WHICH BUYER MIGHT HAVE ASSERTED OR ALLEGED
AGAINST SELLER (AND SELLER’S PARTNERS, OFFICERS, DIRECTORS, SHAREHOLDERS,
EMPLOYEES AND AGENTS) AT ANY TIME BY REASON OF OR ARISING OUT OF ANY LATENT OR
PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, ENVIRONMENTAL CONDITIONS,
VIOLATIONS OF ANY APPLICABLE LAWS AND ANY AND ALL OTHER FACTS, OMISSIONS,
EVENTS CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTIES.

 

SECTION 14.3
RELEASE FROM LIABILITY. BUYER ACKNOWLEDGES THAT IT HAS HAD THE
OPPORTUNITY TO INSPECT AND/OR INVESTIGATE THE PROPERTIES PRIOR TO THE
APPLICABLE CLOSING, AND DURING SUCH PERIOD, OBSERVE THE PHYSICAL
CHARACTERISTICS AND EXISTING CONDITIONS OF THE PROPERTIES AND THE OPPORTUNITY
TO CONDUCT SUCH INVESTIGATION AND STUDY ON AND OF THE PROPERTIES AND ADJACENT
AREAS AS BUYER DEEMS NECESSARY, AND EXCEPT AS EXPRESSLY PROVIDED IN THIS
AGREEMENT OR SEPARATELY ADDRESSED IN THE PROPERTY LEASES, BUYER HEREBY FOREVER
RELEASES AND DISCHARGES SELLER FROM ALL RESPONSIBILITY AND LIABILITY (INCLUDING
ALL REGULATORY, CIVIL AND COMMON LAW LIABILITIES AND THIRD PARTY CLAIMS)
ARISING AFTER SUCH CLOSING, WHETHER KNOWN OR UNKNOWN, RELATING TO THE PHYSICAL,
ENVIRONMENTAL CONDITION OF THE PROPERTIES OR LEGAL COMPLIANCE STATUS OF THE
PROPERTIES AND LIABILITIES UNDER ENVIRONMENTAL PROTECTION, POLLUTION, HUMAN
HEALTH AND SAFETY OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS
INCLUDING CERCLA, REGARDING THE CONDITION, VALUATION, SALABILITY OR UTILITY OF
THE PROPERTIES, OR ITS SUITABILITY FOR ANY PURPOSE WHATSOEVER (INCLUDING, BUT
NOT LIMITED TO, WITH RESPECT TO THE PRESENCE IN THE SOIL, AIR, STRUCTURES AND
SURFACE AND SUBSURFACE WATERS OF HAZARDOUS MATERIALS). AS BETWEEN SELLER AND
BUYER, AND

 

38

 

EXCEPT IN ACCORDANCE WITH THE EXPRESS TERMS OF THIS AGREEMENT OR AS
SEPARATELY ADDRESSED IN THE PROPERTY LEASES, BUYER FURTHER HEREBY ASSUMES THE
RISK OF CHANGES IN APPLICABLE LAWS AND REGULATIONS RELATING TO PAST, PRESENT
AND FUTURE ENVIRONMENTAL CONDITIONS ON THE PROPERTIES AND THE RISK THAT ADVERSE
PHYSICAL CHARACTERISTICS AND CONDITIONS, INCLUDING, WITHOUT LIMITATION, THE
PRESENCE OF HAZARDOUS MATERIALS OR OTHER CONTAMINANTS, MAY NOT HAVE BEEN
REVEALED BY ITS INVESTIGATION. BUYER FURTHER HEREBY WAIVES WITH RESPECT TO
SELLER AND ITS AFFILIATES (AND BY CLOSING THE TRANSACTIONS CONTEMPLATED
HEREUNDER WILL BE DEEMED TO HAVE WANED) ANY AND ALL OBJECTIONS AND COMPLAINTS
(INCLUDING, BUT NOT LIMITED TO, FEDERAL, STATE AND LOCAL STATUTORY AND COMMON
LAW BASED ACTIONS, AND ANY PRIVATE RIGHT OF ACTION UNDER ANY FEDERAL, STATE OR
LOCAL LAWS, REGULATIONS OR GUIDELINES TO WHICH ANY PROPERTY OR PROPERTIES ARE
OR MAY BE SUBJECT, INCLUDING, BUT NOT LIMITED TO, CERCLA), WHETHER KNOWN
OR UNKNOWN, CONCERNING THE PHYSICAL CHARACTERISTICS AND ANY EXISTING CONDITIONS
OF ANY PROPERTY OR PROPERTIES. BUYER FURTHER ACKNOWLEDGES AND AGREES THAT
EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT OR AS SEPARATELY ADDRESSED IN
THE PROPERTY LEASES, BUYER HEREBY FOREVER RELEASES AND DISCHARGES SELLER AND
ITS AFFILIATES FROM ALL RESPONSIBILITY AND LIABILITY (INCLUDING ALL REGULATORY,
CIVIL AND COMMON LAW LIABILITIES AND THIRD PARTY CLAIMS) ARISING BEFORE OR
AFTER THE APPLICABLE CLOSING, WHETHER KNOWN OR UNKNOWN, RELATING TO ANY
PROPERTY OR PROPERTIES, INCLUDING, WITHOUT LIMITATION, THE LEGAL COMPLIANCE
STATUS OF SELLER OR ANY CONTINUING OR SUCCESSOR LIABILITY OF SELLER.

 

Section 14.4 Hazardous Materials. “Hazardous Materials” means
any substance which is or contains (i) any “hazardous substance” as now or
hereafter defined in § 101(14) of the Comprehensive Environmental Response,
Compensation and Liability Act (42 U.S.C. §9601 et. seq. (“CERCLA”), or
any regulations promulgated under CERCLA; (ii) any “hazardous waste” as
now or hereafter defined in RCRA, or regulations promulgated under the Resource
Conservation and Recovery Act (42 U.S.C. §6901 et. seq.) (“RCRA”); (iii) any
substance regulated by the Toxic Substances Control Act, as amended (15 U.S.C.
§2601 et seq.); (iv) gasoline, diesel fuel, or other petroleum
hydrocarbons; (v) asbestos and asbestos containing materials, in any form,
whether friable or non friable; (vi) polychlorinated biphenyls; (vii) radon
gas; (viii) lead; and (ix) any additional substances or materials
which are now or hereafter classified or considered to be hazardous or toxic or
wastes, pollutants or contaminants under Environmental Requirements or the
common law, or any other applicable Laws relating to any Property. Hazardous
Materials shall include, without limitation, any substance, the presence of
which on any Property, (a) requires reporting, investigation or
remediation under Environmental Requirements; (b) causes or threatens to
cause a nuisance on any Property or adjacent property or poses or threatens to
pose a hazard to the health or safety of persons on any Property or adjacent
property; or (c) which, if it emanated or migrated from any Property,
could constitute a trespass.

 

39

 

Section 14.5 Environmental
Requirements. “Environmental Requirements” means all laws, ordinances, statutes, codes,
rules, regulations, agreements, judgments, orders, directives, agency guidances
and decrees now or hereafter enacted, promulgated, or amended, or issued by any
agency of the United States, the States, the counties, the cities or any other
political subdivisions in which any Property or Properties are located, and any
other political subdivision, agency or instrumentality exercising jurisdiction
over Seller or other owner of any Property, or the use of any Property,
relating to pollution, the protection or regulation of human health and safety,
natural resources or the environment, or the emission, discharge, release or
threatened release of pollutants, contaminants, chemicals or industrial, toxic
or hazardous substances or waste or hazardous materials into the environment
(including, without limitation, ambient air, surface water, ground water or
land or soil).

 

Section 14.6 ACKNOWLEDGMENT. BUYER ACKNOWLEDGES AND AGREES THAT THE
DISCLAIMERS AND OTHER AGREEMENTS SET FORTH HEREIN ARE AN INTEGRAL PART OF
THIS AGREEMENT AND THAT SELLER WOULD NOT HAVE ENTERED INTO THIS AGREEMENT WITH
BUYER WITHOUT THE DISCLAIMERS AND OTHER AGREEMENTS SET FORTH ABOVE.

 

Section 14.7 SURVIVAL OF DISCLAIMERS. THE PROVISIONS OF THIS ARTICLE 14 SHALL SURVIVE EACH CLOSING OR ANY
TERMINATION OF THIS AGREEMENT.

 

ARTICLE 15. MISCELLANEOUS

 

Section 15.1 Buyer’s Assignment.

 

(a)           Buyer shall not
assign this Agreement or its rights hereunder to any individual or entity
without the prior written consent of Seller, which consent Seller may grant or
withhold in its sole and absolute discretion, and any such assignment shall be
null and void ab initio. Any
transfer, directly or indirectly, of any stock, partnership interest or other
ownership interest in Buyer shall constitute an assignment of this Agreement;
provided, however, that the foregoing shall not be construed to prohibit the
transfer of stock in a publicly traded company.

 

(b)           Notwithstanding the
terms of paragraph (a), Buyer shall have the right to assign this Agreement
with respect to a Property Group at the applicable Closing to a Permitted
Inland Affiliate without Seller’s consent so long as Buyer complies with the terms
of paragraphs  (c) and (d) hereinbelow.
For purposes hereof, the term “Permitted Inland Affiliate” means any one of The Inland Real Estate
Group, Inc., Inland Real Estate Investment Corporation, Inland Western
Retail Real Estate Trust, Inc., Inland American Real Estate Trust, Inc.,
or Inland Real Estate Corporation (each, an “Inland Company”) or any directly or indirectly wholly owned
subsidiary of an Inland Company which (i) is solvent at the time of
assignment and at the time of the applicable Closing, (ii) is not rendered
insolvent by such assignment, and (iii) has sufficient assets to
consummate the transaction contemplated herein. In addition, Seller agrees that
it will not unreasonably withhold its consent to an assignment of this
Agreement with respect to a Property Group at the applicable Closing to an
entity which is a real estate investment fund sponsored by, or whose assets are
managed and controlled by, an Inland

 

40

 

Company. So long as Buyer complies with the terms of paragraphs (c) and
(d) hereinbelow and the assignee satisfies the requirements of clauses (i) through
(iii) above.

 

(c)           In
the event Buyer intends to assign its rights hereunder:

 

(i)            Buyer shall send Seller written
notice of its request at least ten (10) Business Days prior to the applicable
Closing Date, which notice shall include the legal name and structure of the
proposed assignee and evidence reasonably satisfactory to Seller of the valid
legal existence of Buyer’s assignee, its qualification (if necessary) to do
business in the jurisdictions in which the Properties are located and of the
authority of Buyer’s assignee to execute and deliver any and all documents
required of Buyer under the terms of this Agreement; and

 

(ii)           Buyer shall provide Seller any other
information that Seller may reasonably request with respect to the proposed
assignee; and

 

(iii)          Buyer and the proposed assignee shall
execute an assignment and assumption of this Agreement pursuant to which Buyer’s
obligations hereunder are expressly assumed by such assignee.

 

(d)           Notwithstanding
any provision in this Agreement to the contrary:

 

(i)            Any permitted assignment by Buyer
shall not relieve Buyer of any of its obligations and liabilities hereunder
including obligations and liabilities which survive either Closing or the
termination of this Agreement, nor shall any such assignment alter, impair or
relieve such assignee from the waivers, acknowledgements and agreements of
Buyer set forth herein, including, but not limited to, those set forth in Article 5, Article 9 and Article 10 and Article 14 hereof, all of
which will be binding upon any assignee of Buyer.

 

(ii)           No transfer by Buyer of any interest
in this Agreement and no transfers of direct or indirect interests in Buyer
shall be permitted if the same would cause the representations and warranties
made in Section 9.1(c) to be untrue, inaccurate or
incomplete and Buyer covenants to cooperate with Seller’s requests to provide
documentation reasonably necessary or desirable for Seller to verify that such
representations and warranties are true, accurate and complete at all times
prior to the applicable Closing. If Buyer fails to provide the requested
documentation to Seller at least ten (10) Business Days prior to the
applicable Closing Date, then any such assignment or transfer shall be null and
void.

 

(e)           Buyer
contemplates dividing the Properties into no more than eight portfolios, each
portfolio to be purchased by Buyer or a Permitted Inland Affiliate. To accommodate
Buyer, Seller agrees that Buyer may elect to make up to but no more than eight (8) partial
assignments of this Agreement (each to occur at the applicable Closing) with
each such partial assignment being to a Permitted Inland Affiliate designated
by Buyer, and with each such partial assignment being limited to a separate
portfolio of Properties, provided, however, (i) Buyer shall not thereby be
released or relieved of any of Buyer’s obligations in this Agreement,

 

41

 

(ii) Seller’s liability under this Agreement (in the aggregate or
with respect to any Property) shall not be increased in any respect, either
before or after either Closing, (iii) at all times up to and through the
applicable Closing, Seller shall be entitled to deal exclusively with, and to
rely exclusively on, the Buyer named on the first page of this Agreement,
and (iv) each such partial assignment and each assignee shall satisfy all
other requirements of this Section 15.1. In no event shall Buyer
assign this Agreement in whole or in part with respect to a Property Group
prior to the applicable Closing, and any partial assignment by Buyer at the
applicable Closing shall be made pursuant to an assignment and assumption
agreement approved by Seller, such approval not to be unreasonably withheld or
delayed.

 

Section 15.2 Designation Agreement.
Section 6045(e) of the United States Internal Revenue Code and the
regulations promulgated thereunder (herein collectively called the “Reporting
Requirements”) require an information return to be made to the United
States Internal Revenue Service, and a statement to be furnished to Seller, in
connection with the Transaction. Escrow Agent is either (x) the person
responsible for closing the Transaction (as described in the Reporting
Requirements) or (y) the disbursing title or escrow company that is most
significant in terms of gross proceeds disbursed in connection with the
Transaction (as described in the Reporting Requirements). Accordingly:

 

(a)          Escrow
Agent is hereby designated as the “Reporting Person” (as defined in the
Reporting Requirements) for the Transaction. Escrow Agent shall perform all
duties that are required by the Reporting Requirements to be performed by the
Reporting Person for the Transaction.

 

(b)         Seller
and Buyer shall furnish to Escrow Agent, in a timely manner, any information
requested by Escrow Agent and necessary for Escrow Agent to perform its duties
as Reporting Person for the Transaction.

 

(c)          Escrow
Agent hereby requests Seller to furnish to Escrow Agent Seller’s correct
taxpayer identification number. Seller acknowledges that any failure by Seller
to provide Escrow Agent with Seller’s correct taxpayer identification number
may subject Seller to civil or criminal penalties imposed by law. Accordingly,
Seller hereby certifies to Escrow Agent, under penalties of perjury, that
Seller’s correct taxpayer identification number is 58-0466330.

 

(d)         Each
of the parties hereto shall retain this Agreement for a period of four (4) years
following the calendar year during which the Second Closing occurs.

 

Section 15.3 Survival/Merger. Except
for the provisions of this Agreement which are explicitly stated to survive a
Closing, (a) none of the terms of this Agreement shall survive either
Closing, and (b) the delivery of the Purchase Price, the Deed and the
other Closing Documents with respect to any Property and the acceptance thereof
shall effect a merger, and be deemed the full performance and discharge of
every obligation on the part of Buyer and Seller to be performed with respect
to such Property.

 

Section 15.4 Integration; Waiver.
This Agreement, together with the Schedules hereto (including the Access
Agreement Addendum and the Confidentiality Agreement), embodies and constitutes
the entire understanding between the parties with respect to the Transaction
and all

 

42

 

prior
agreements, understandings, representations and statements, oral or written,
are merged into this Agreement. Neither this Agreement nor any provision hereof
may be waived, modified, amended, discharged or terminated except by an
instrument signed by the party against whom the enforcement of such waiver,
modification, amendment, discharge or termination is sought, and then only to
the extent set forth in such instrument. No waiver by either party hereto of
any failure or refusal by the other party to comply with its obligations
hereunder shall be deemed a waiver of any other or subsequent failure or
refusal to so comply.

 

(a)           Governing
Law. This Agreement shall be
governed by, and construed in accordance
with, the Laws of the State of Georgia.

 

Section 15.5 Captions Not Binding;
Schedules. The captions in
this Agreement are inserted for reference only and in no way define, describe
or limit the scope or intent of this Agreement or of any of the provisions
hereof. All Schedules attached hereto shall be incorporated by reference as if
set out herein in full.

 

Section 15.6 Binding Effect. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and
permitted assigns.

 

Section 15.7 Severability. If any term or provision of this Agreement
or the application thereof to any persons or circumstances shall, to any
extent, be invalid or unenforceable, the remainder of this Agreement or the
application of such term or provision to persons or circumstances other than
those as to which it is held invalid or unenforceable shall not be affected
thereby, and each term and provision of this Agreement shall be valid and
enforced to the fullest extent permitted by law.

 

Section 15.8 Notices. Any notice, request, demand, consent,
approval and other communications under this Agreement shall be in writing, and
shall be deemed duly given or made at the time and on the date when received by
facsimile or when personally delivered as shown on a receipt therefor (which
shall include delivery by a nationally recognized overnight delivery service)
or three (3) Business Days after being mailed by prepaid registered or
certified mail, return receipt requested, to the address for each party set
forth below. Any party, by written notice to the other in the manner herein
provided, may designate an address different from that set forth below.

 

IF TO BUYER:

 

Inland
Real Estate Acquisitions, Inc.

2901
Butterfield Road, Oak Brook, IL 60523

Attention:
G. Joseph Cosenza

Telephone:
630-218-4948

Telecopy
#:630-218-4935

E-Mail
Address: joe@inlandgroup.com

 

43

 

COPY TO:

 

Inland
Real Estate Group, Inc.

2901
Butterfield Road, Oak Brook, IL 60523

Attention:
Gary Pechter, Esq.

Telephone
#:630-645-2084

Telecopy
#:630-218-4900

E-Mail
Address: gpechter@inlandgroup.com

 

IF TO SELLER:

 

SunTrust
Bank

Corporate
Real Estate Department

303
Peachtree Center Avenue, 6th Floor

Suite 670

Atlanta,
Georgia 30303

Attention:
Douglas K. Sinclair

Telephone
#: 404-827-6600

Telecopy
#: 404-827-6572

Email:
doug.sinclair@suntrust.com

 

with a copy to:

 

SunTrust
Banks, Inc.

919
East Main Street

14th
Floor (Mail Code HDQ 8814)

Richmond,
VA 23219

Attention:
David W. Hagy

Telephone
#: 804-782-5035

Telecopy
#: 804-782-5889

Email:
david.hagy@suntrust.com

 

COPY TO:

 

King &
Spalding LLP

1180
Peachtree Street

Atlanta,
Georgia 30309

Attention:
David G. Williams/Dan L. Heller

Telephone
#: (404) 572-4600

Telecopy
#: (404) 572-5131

E-Mail
Address: dwilliams@kslaw.com/dheller@kslaw.com

 

Section 15.9 Counterparts. This Agreement may be executed in
counterparts, each of which shall be an original and all of which counterparts
taken together shall constitute one and the same agreement.

 

44

 

Section 15.10 No Recordation.
Seller and Buyer each agrees that neither this Agreement nor any memorandum or
notice hereof shall be recorded and Buyer agrees (a) not to file any
notice of pendency or other instrument (other than a judgment) against any
Property or Properties in connection herewith and (b) to indemnify Seller
against all Liabilities (including reasonable attorneys’ fees, expenses and
disbursements) incurred by Seller by reason of the filing by Buyer of such
notice of pendency or other instrument.

 

Section 15.11 Additional Agreements;
Further Assurances. Subject to the terms and conditions herein provided,
each of the parties hereto shall execute and deliver such documents as the
other party shall reasonably request in order to consummate and make effective
the Transaction; provided, however, that the execution and
delivery of such documents by such party shall not result in any additional
liability or cost to such party.

 

Section 15.12 Construction. The
parties acknowledge that each party and its counsel have reviewed and revised
this Agreement 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 Agreement, any amendment or modification
hereof or any of the Closing Documents.

 

Section 15.13 Maximum Aggregate
Liability. Notwithstanding any provision to the contrary contained in this
Agreement or the Closing Documents, but subject to Section 2.3, the
maximum aggregate liability of Seller Parties, and the maximum aggregate amount
which may be awarded to and collected by Buyer, in connection with the Transaction,
the Properties or any Property under this Agreement and under all Closing
Documents (including, without limitation, in connection with the breach of any
of Seller’s Warranties for which a claim is timely made by Buyer) shall not
exceed the Liquidated Damages Amount and shall be reduced by any Deposit
Reimbursement Amount released to Buyer pursuant to the terms of Section 8.5.
The provisions of this Section shall survive each Closing (and not be
merged therein) or any earlier termination of this Agreement.

 

Section 15.14 Time of Essence.
Time is of the essence with respect to this Agreement.

 

Section 15.15 WAIVER OF JURY TRIAL.
EACH PARTY HEREBY WAIVES TRIAL BY JURY IN ANY PROCEEDINGS BROUGHT BY THE OTHER
PARTY IN CONNECTION WITH ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH
THE TRANSACTION, THIS AGREEMENT, THE PROPERTY OR THE RELATIONSHIP OF BUYER AND
SELLER HEREUNDER. THE PROVISIONS OF THIS SECTION SHALL SURVIVE EACH
CLOSING (AND NOT BE MERGED THEREIN) OR ANY EARLIER TERMINATION OF THIS AGREEMENT.

 

Section 15.16 Facsimile and .PDF
Signatures. Signatures to this Agreement transmitted by telecopy or via
e-mail by .PDF file shall be valid and effective to bind the party so signing.
Each party agrees to promptly deliver an execution original to this Agreement
with its actual signature to the other party, but a failure to do so shall not
affect the enforceability of this Agreement, it being expressly agreed that
each party to this Agreement shall be bound by its own telecopied or e-mailed
signature and shall accept the telecopied or e-mailed signature of the other
party to this Agreement.

 

45

 

Section 15.17 Radon Gas. Pursuant to
Florida Statute 404.056 (Subsection 5), Buyer is hereby notified that radon is
a naturally occurring radioactive gas that, when accumulated in a building in
sufficient quantities, may present health risks to persons who are exposed to
it over time. Levels of radon that exceed federal and state guidelines have
been found in buildings in Florida. Additional information regarding radon and
radon testing may be obtained from your county health department.

 

Section 15.18 Energy-Efficiency
Information Brochure. With respect to each Property located in Florida,
Buyer acknowledges receipt of the energy efficiency information brochure and
acknowledges that it has the option for an energy efficiency rating on such
Properties.

 

Section 15.19 Attorneys’ Fees. Should
either Buyer or Seller employ attorneys to enforce any of the provisions hereof,
the party against whom final judgment is entered agrees to repay the prevailing
party all reasonable costs, charges and expenses, including attorneys’ fees and
expenses and court costs, expended or incurred in connection therewith.
Notwithstanding anything contained herein to the contrary, (i) “attorneys’
fees” are not, and shall not be, statutory attorneys’ fees under the Official
Code of Georgia (“O.C.G.A.”), (ii) if, under any circumstances either
Seller or Buyer is required hereunder to pay any or all of another party’s
attorneys’ fees and expenses, the responsible party shall be responsible only
for actual legal fees and out of pocket expenses actually incurred by the other
party at customary hourly rates for the work done, and (iii) neither
Seller nor Buyer shall be liable under any circumstances for additional
attorneys’ fees or expenses under O.C.G.A. Section 13-1-11.

 

[Remainder of page intentionally
blank]

 

46

 

IN WITNESS WHEREOF,  each party hereto has caused this Agreement
to be duly executed to be effective as of the day and year first above written.

 

	
   

   

  	
  SELLER:

   

  SUNTRUST
  BANK,

  a Georgia banking
  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Douglas K. Sinclair

  
	
   

  	
  Name:

  	
  Douglas
  K. Sinclair

  
	
   

  	
  Title:

  	
              S.V.P.

  
	
   

  	
   

  
	
   

  	
  FEIN:

  	
  58-0466330

  
						

 

 

This is a signature page to, and may be attached to a master
counterpart of the Purchase and Sale Agreement [Portfolio #2] between SunTrust
Bank, as Seller, and Inland Real Estate Acquisitions, Inc., as Purchaser, dated
as of October 17, 2007, with respect to certain properties located in the
District of Columbia, Florida, Georgia, Maryland, North Carolina, South
Carolina, Tennessee and Virginia.

 

First American Title insurance Company, as Escrow Agent, is a party to
such Purchase and Sale Agreement for the limited purposes set forth therein.

 

S-1

 

IN WITNESS WHEREOF, each party hereto has caused this Agreement
to be duly executed to be effective as of the day and year first above written.

 

	
   

  	
  BUYER:

  
	
   

  	
   

  
	
   

  	
  INLAND REAL ESTATE ACQUSITIONS, INC.,

  
	
   

  	
  an
  Illinois corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  G. Joseph Cosenza

  
	
   

  	
  Name:

  	
     G. Joseph Cosenza

  
	
   

  	
  Title:

  	
        President

  
	
   

  	
   

  
	
   

  	
  FEIN:

  	
     36-3614035

  
					

 

 

This is a signature page to, and may be attached
to a master counterpart of the Purchase and Sale Agreement [Portfolio #2]
between SunTrust Bank, as Seller, and Inland Real Estate Acquisitions, Inc.,
as Purchaser, dated as of October 17, 2007, with respect to certain
properties located in the District of Columbia, Florida, Georgia, Maryland,
North Carolina, South Carolina, Tennessee and Virginia.

 

First American Title Insurance Company, as Escrow
Agent, is a party to such Purchase and Sale Agreement for the limited purposes
set forth therein.

 

S-2

 

AGREEMENT OF ESCROW AGENT

 

The
undersigned has executed this Agreement solely to confirm its agreement to (a) hold
the Escrow Deposits in escrow in accordance with the provisions hereof and (b) comply
with the provisions of Article 13 and Section 15.2.

 

In witness whereof, the undersigned has executed
this Agreement as of October 17, 2007.

 

	
   

  	
  FIRST
  AMERICAN TITLE INSURANCE COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Kimberly Walters

  
	
   

  	
  Name:

  	
    Kimberly
  Walters

  
	
   

  	
  Title:

  	
    The
  Escrow Officer

  
					

 

 

This is a signature page to, and may be attached to a master
counterpart of the Purchase and Sale Agreement [Portfolio #2] between SunTrust
Bank, as Seller, and Inland Real Estate Acquisitions, Inc., as Purchaser, dated as of October 17,
2007, with respect to certain properties located in the District of Columbia,
Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee and
Virginia.

 

First American Title Insurance Company, as Escrow Agent, is a party to
such Purchase and Sale Agreement for the limited purposes set forth therein.

 

S-3

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