Document:

Exhibit 10.25

PROPERTY MANAGEMENT AGREEMENT

This Property
Management Agreement (the “Agreement”) made as of the 16th day of
October, 2006, by and between TRT Eagle Creek East LLC, a Delaware limited
liability company (“Owner”), and Opus Northwest Management, L.L.C., a
Delaware limited liability company (“Property Manager”).

Owner desires to
retain the services of Property Manager, as an independent contractor, in
connection with the management and operation of the real property owned by
Owner identified on Exhibit A, attached hereto (“Property”) and
Property Manager desires to assume such responsibilities, upon the terms and
conditions set forth in this Agreement. If Exhibit A includes more than
one property, or if additional properties are added to this Agreement by the
written agreement of the parties from time to time, the term Property means one
property, some properties or all properties subject to the Agreement, as the
context may require.

In consideration
of the premises and the mutual promises and covenants herein contained, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Owner and Property Manager agree as follows:

1.             Appointment.  Subject to the terms and provisions of this
Agreement, Owner hereby grants to Property Manager, as an independent
contractor, the exclusive right to manage and operate the Property. Owner and
Property Manager have entered into this Agreement in reliance upon the unique
knowledge, experience, reputation and expertise of the other party and in
reliance upon the duties of loyalty and confidentiality which each party hereby
agrees to undertake. Except as otherwise expressly provided in this Agreement,
neither party shall be required to accept performance under this Agreement from
any person, including, without limitation, Owner or Property Manager, as the
case may be, should it become a debtor in possession under the United States
Bankruptcy Code, or any trustee of either appointed under the United States
Bankruptcy Code and any assignee of such party or trustee, other than the other
party.

2.             Term and Termination.

(a)           Initial Term.  The initial term of this Agreement shall
commence on October 16, 2006, or, if Owner is not the owner of the Property on
such date, on the date Owner closes on the purchase of the property, and except
as otherwise expressly provided in this Agreement, shall continue until one
year following the commencement of the term of this Agreement and from year to
year thereafter subject to termination as provided in subsection (b).
Owner shall have the right to terminate this Agreement at anytime prior to the
commencement of the initial term by providing Property Manager with written
notice of such termination.

(b)           Termination.  Notwithstanding anything to the contrary
contained in this Agreement, Property Manager may terminate this Agreement
without cause upon 60 days prior written notice to the Owner and Owner may
terminate this Agreement without cause upon 30 days prior written notice to the
Property Manager. Owner may from time to time, by written notice, without
affecting this Agreement with respect to any other Properties, delete
individual properties from this Agreement.

 	 Initials:  PM  
 	  
 	   Owner  
 	  
 

  
 

 

(c)           Effect of Expiration
or Termination.  Any expiration or
termination of this Agreement shall not affect or impair any rights or
obligations which have accrued to either party hereto prior to such expiration
or termination, including, without limitation, the rights of Property Manager
to receive payments provided for hereunder. Upon Owner’s delivery to Property
Manager of notice of termination of this Agreement under this Section 2, Owner
may send a transition team to the Property to participate in the day-to-day
operations of the Property and Property Manager shall cause its employees and
other personnel engaged in the management and operation of the Property to
cooperate with Owner’s transition team. Immediately upon the expiration of the
term hereof, Property Manager shall deliver to Owner all funds, including
tenant security deposits, tenant correspondence, property files, vendor
invoices and books and records of Owner related to the Property then in
possession or control of Property Manager. Within 60 days following expiration
or termination, Property Manager shall deliver to Owner a final accounting, in
writing, with respect to the operations of the Property.

(d)           Default.  Upon the occurrence of any breach of any term
or provision of this Agreement by a party (“defaulting party”), and after
giving notice of such breach and an opportunity to cure as provided below, the
nondefaulting party shall be entitled to terminate this Agreement immediately
in addition to any remedy such party may have at law or in equity. A defaulting
party shall be entitled to cure a monetary breach within 10 days after receipt
of written notice of such breach, or, in the case of a nonmonetary breach,
within 30 days after such notice provided that the defaulting party proceeds to
diligently cure such breach upon receipt of such notice.

(e)           Bankruptcy, Insolvency.  If either party shall file a petition in
bankruptcy or for a reorganization or arrangement or other relief under the
United States Bankruptcy Code or any similar statute, or if any such proceeding
shall be filed against either party and is not dismissed or vacated within 60
days after its filing, or if a court having jurisdiction shall issue an order
or decree appointing a receiver, custodian or liquidator for a substantial part
of the property of either party which decree or order remains in force undischarged
and unstayed for a period of 60 days, or if either party shall make an
assignment for the benefit of creditors or shall admit in writing its inability
to pay its debts as they become due, the other party may terminate this
Agreement upon five days written notice.

(f)            Termination by Mortgagee.  Notwithstanding anything to the contrary
contained in this Agreement, the holder or holders of any indebtedness of Owner
secured by a first lien mortgage or deed of trust encumbering the Property (a “Mortgagee,”
as provided for in Section 9 of this Agreement) shall have the right to
terminate this Agreement without cause upon thirty (30) days prior written
notice to Property Manager in the event such Mortgagee forecloses its lien on
the Property, or accepts a deed in lieu of foreclosure from Owner, or otherwise
becomes a mortgagee in possession of the Property.

3.             Compensation.

(a)           Management Fee.  As consideration for the performance by
Property Manager of all of its property management duties under this Agreement,
Owner agrees to pay to Property Manager for each individual property subject to
this Agreement and each month during the term of this Agreement that the
individual Property is subject to this Agreement, a property

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management fee equal to the greater of 3% of gross receipts or the minimum amount
as detailed on the attached Exhibit B – Schedule of Property Management
Fees (the “Management Fee”). The Management Fee shall be paid not
later than the tenth (10th) day of the month following the month for which such
fee is earned. “Gross Receipts” means all receipts of every kind and nature
derived from the operation of the Property during a specified period determined
on a cash basis, including, without limitation, rent, rent adjustments, utility
charges, parking charges, service charges, proceeds of rent interruption
insurance and tenant reimbursements for operating expenses, taxes and
insurance; excluding: (i) security deposits (to the extent not applied to
delinquent rents) and other refundable deposits; (ii) lump sum payments, which
are not amortized, for above-standard tenant improvements; (iii) interest on
bank accounts for the operation of the Property; (iv) proceeds from the sale or
refinancing of the Property, or any part thereof; (v) insurance proceeds or
dividends received from any insurance policies pertaining to physical loss or
damage to the Property or any part thereof (but not proceeds of rent
interruption insurance); (vi) condemnation awards or payments received in lieu
of condemnation of the Property or any part thereof; and (vii) any trade
discounts and rebates received in connection with the purchase of personal
property.

(b)           Payment of
Management Fee.  Provided that
Property Manager is not in default under this Agreement, Property Manager shall
be entitled to pay itself the monthly Management Fee from the Property bank
account referred to in Section 6(a) hereof.

(c)           Reimbursable and
Nonreimbursable Costs.  All costs
incurred by Property Manager in the performance of its duties under this Agreement
that are in accordance with the approved Budget or within $500 or 10% of the
applicable line items in the approved Budget shall be reimbursed by Owner.
Notwithstanding any other provision herein or in any Budget, the following
costs shall not be reimbursable by Owner to Property Manager:

(i)            costs relating to
bookkeeping services required to be performed by Property Manager hereunder
unless such costs are approved by Owner in writing to Property Manager;

(ii)           salaries and payroll
expenses of Property Manager’s executives, personnel, and employees of Property
Manager, except maintenance personnel billed on an hourly or other periodic
basis and subject to the limitations in the Budget;

(iii)          Property Manager’s
off-site overhead and general administrative expenses, except long distance
telephone, fax, overnight delivery, courier, registered mail, copying,
entertainment (subject to Owner’s prior approval in each instance), uniforms,
and two-way radios, where such charges are directly related to the operation of
the Property;

(iv)          premiums for insurance
required to be maintained by Property Manager or any subcontractors hereunder;
and

(v)           costs of Property
Manager’s principal and branch offices.

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4.             Duties.

(a)           General Management
Duties.  Subject to the availability
of funds provided under the Budget, Property Manager shall manage and operate
the Property in a manner consistent with the management and operation of
comparable properties, shall provide such services as are customarily provided
by a manager of properties of comparable class and standing, and shall consult
with Owner and keep Owner advised as to all material or extraordinary matters
and decisions affecting the Property. Specifically, Property Manager shall, at
Owner’s expense, perform the following services and duties for Owner in a
faithful, diligent and efficient manner:

(i)            Property Manager shall
timely prepare and deliver to Owner such accounting and operations reports as
and in the manner required pursuant to Owner’s standard reporting requirements,
as may be amended from time to time;

(ii)           Maintain businesslike
relations with tenants of the Property whose service requests shall be
received, considered and recorded in systematic fashion in order to show the
action taken with respect to each request. Complaints of a serious nature
shall, after thorough investigation, be reported to Owner with appropriate
recommendations for addressing such complaints;

(iii)          Exercise its best
efforts to collect all rents and other sums and charges due from tenants,
subtenants, licensees and concessionaires of the Property;

(iv)          Prepare or cause to be
prepared for execution and filing by Owner all forms, reports and returns, if
any, required by all federal, state, or local laws in connection with
unemployment insurance, workmen’s compensation insurance, disability benefits,
Social Security and other similar taxes now in effect or hereafter imposed, and
also any other requirements relating to the contracting of third party vendors
for the Property; however, Property Manager shall not be obligated to prepare
any of Owner’s local, state, or federal income tax returns;

(v)           Pay prior to
delinquency all real estate taxes, sales tax, personal property taxes and
assessments levied against the Property, or any part thereof; and

(vi)          Subject to the
limitations of the applicable approved Budget adopted pursuant to subsection
(b) hereof, perform such other acts as are reasonable, necessary and proper in
the discharge of its duties under this Agreement.

(b)           Budgets.

(i)            Budget Approval
Process.  Property Manager shall
submit by September 1st of each year during the term hereof (or such other
date as Owner may request) a proposed detailed, written estimate or projection
of all receipts and expenditures for the operation of the Property during the
next Fiscal Year, including, without limitation, all estimated rentals
(including fixed, percentage and escalation rents) and all estimated repairs,
maintenance and capital projects (“Budget”) for the ensuing Fiscal Year.
Property Manager shall submit the preliminary budget to Owner within 15 days
after the date hereof for the remainder of the Fiscal Year beginning on the
date of this Agreement. A “Fiscal Year” is a calendar year all or part
of which falls within the term of this Agreement. In the event Owner, in Owner’s
sole judgment,

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disapproves of any proposed Budget submitted by
Property Manager, Owner shall give Property Manager written notice thereof in
which event Property Manager shall make all revisions thereto which Owner shall
direct. Property Manager shall resubmit the revised proposed Budget to Owner
for approval. Until Owner has approved the revised approved Budget, Property
Manager may continue to operate pursuant to the last approved Budget except for
increased expenses relating to taxes, insurance and utilities which should be
paid on a current basis. In the absence of any written notice of approval
within 60 days after delivery of a proposed Budget to Owner, the proposed
Budget shall be deemed to have been approved by Owner.

(ii)           Payment of Budgeted
Expenses.  Property Manager shall
have the right to pay all expenses according to the approved Budget, including
the Management Fee. Notwithstanding any other provision in this Agreement,
without the prior written consent of Owner, Property Manager shall not incur or
permit to be incurred expenses under this Agreement (excluding only utility
expenses, general real estate taxes, insurance premiums, financing costs and
emergency expenses) that exceed 10% of the applicable line items in the Budget
(e.g., cleaning expenses, HVAC expenses, maintenance expenses, etc.) but in no
event that exceed $500.00. Property Manager shall promptly notify Owner
whenever Property Manager determines that the Budget or any expense item in the
Budget is insufficient to cover the expenses of operating the Property or the
applicable expense item.

(c)           Property Personnel.  Property Manager shall employ, supervise, and
discharge all employees required in connection with the operation and
management of the Property. All such personnel shall, in every instance, be
employees of Property Manager or independent contractors. Property Manager
shall provide and maintain, so long as this Agreement is in force, worker’s
compensation insurance in full compliance with all applicable state and federal
laws and regulations covering all employees of Property Manager performing work
in respect of the Property operations. The granting of unbudgeted employee
fringe benefits and plans not required by law or union contract shall be subject
to the reasonable prior written approval of Owner. Property Manager agrees to
comply with all governmental anti-discrimination laws and shall not, unless
acting at the direction of Owner, do any act, nor permit any act to be done
that would constitute a violation of any or all of such laws. Property Manager
shall indemnify and hold Owner harmless from and against any and all claims,
penalties, liabilities and expenses of whatsoever kind and nature which may be
asserted by any governmental body having authority or by any person claiming to
be aggrieved by reason of any acts or failure to act by Property Manager in
accordance with or in violation of any said anti-discrimination laws, as long
as such act or failure to act is not caused or directed by Owner.

Employees
of the Property Manager or independent contractors shall include the following:

(i)            Property Manager.  A person who is primarily responsible for
overseeing the management of the Property hereunder and who is experienced in
the administration and operation of warehouse, and/or light industrial, and/or
service center facilities of the size, type, use, and quality of the Property;

(ii)           Others.  Such other personnel required to operate and
maintain the Property, including, but not limited to, an assistant property
manager, maintenance manager,

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administrative and accounting personnel, grounds
keepers, and janitorial and custodial persons, as Property Manager reasonably
deems necessary or consistent with the level of service provided by other
similarly situated property.

(d)           Contracts and
Supplies.  Property Manager shall, at
Owner’s expense, at the lowest cost as in its judgment is consistent with good
quality, workmanship and service standards, enter into contracts on behalf of
Owner for the furnishing to the Property of required utility services, heating
and air-conditioning services and other maintenance, pest control, and any
other services and concessions which are reasonably required in connection with
the maintenance and operation of the Property. Property Manager shall also
place purchase orders for services and Personal Property as are reasonably
necessary to properly maintain the Property. All such contracts and orders
shall be subject to the limitations set forth in the approved Budget. When
taking bids or issuing purchase orders, Property Manager shall use all
reasonable efforts to secure for and credit to Owner, any discounts,
commissions or rebates obtainable as a result of such purchases or services.
Property Manager shall use all reasonable efforts to make purchases and (where
necessary or desirable) let bids for necessary labor and materials at the
lowest possible cost as in its judgment is consistent with good quality,
workmanship and service standards. Property Manager shall not incur obligations
to any person or entity in which Property Manager or any of Property Manager’s
employees has a financial or other interest or with which Property Manager or
any such employee(s) is affiliated unless: i) the price or fee therefore is not
higher than that which would have been charged as a result of a bona fide
arms-length negotiation for goods or services of comparable quality; and ii)
Property Manager delivers to Owner prior written notice and Owner gives its
prior written approval of any such proposed transaction.

(e)           Alterations, Repairs
and Maintenance.

(i)            Budgeted
Repairs/Emergency Repairs.  Property
Manager shall, at Owner’s expense, perform or cause to be performed all
necessary or desirable repairs, maintenance, cleaning, painting and decorating,
alterations, replacements and improvements in and to the Property as are
customarily made by property managers in the operation of properties of the
kind, size, and quality of the Property; provided, however, that no unbudgeted
alterations, additions or improvements involving a fundamental change in the
character of the Property or constituting a major new construction program
shall be made without the prior written approval of Owner unless specifically
referenced in and performed pursuant to any lease previously approved by Owner.
In addition, no unbudgeted expenditure in excess of $250 per item or a total of
$1,000 per Fiscal Year shall be made for such purposes in connection with any
single Property without the prior written approval of Owner. Emergency repairs
involving manifest danger to life or property, or immediately necessary for the
preservation or the safety of the Property, or for the safety of the tenants of
the Property, or required to avoid the suspension of any necessary service to the
Property may be made, however, by the Property Manager without prior approval
and regardless of the cost limitations imposed by this subsection (e). Property
Manager shall as soon as practicable give written notice to Owner of any such
emergency repairs for which prior approval is not required.

(ii)           Capital Improvements.  In accordance with the terms of approved
Budgets and upon written request and/or approval of Owner, Property Manager
shall, from time to time

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during the term hereof, at Owner’s expense, make or
cause to be made all required capital improvements, replacements, or repairs to
the Property. All major repairs and capital replacements shall be managed by a
person who specializes in construction projects for the Property Manager (the “Construction
Manager”). The Property Manager shall be paid a construction management fee of:
5% of the total budgeted construction cost (excluding the construction
management fee) up to $50,000; 4% of the total budgeted construction cost
exceeding $50,001 and up to $200,000; and 3% of the total budgeted construction
costs exceeding $200,001 and up to $350,000; 2.5% of the total budgeted
construction costs exceeding $350,001 and up. For example and not by way of
limitation, the construction management fee for a $50,000 construction job
would be $2,500. The construction management fee shall be paid upon the
completion of the construction and written acceptance of the work by the Owner.
The construction management fee shall be based on the actual cost of the
project, including any change orders approved by Owner. Notwithstanding
anything in this Section 4(e)(ii) to the contrary, it is understood and agreed
that, instead of Property Manager making or causing to be made all required
capital improvements, replacements or repairs to the Property (“Construction
Work”) as provided above, Owner may elect to engage a third party consultant to
perform construction management with respect to all or any portion of such
Construction Work, and, with respect to such Construction Work managed by such
a third party consultant, (i) Property Manager shall not be required to make or
cause to be made such Construction Work, (ii) the Property Manager shall
continue to be responsible for handling activities associated with the
Construction Work (other than the actual design and construction activities),
including, without limitation, processing of invoices and coordination with
tenants, and (iii) the construction management fee payable to Property Manager
on construction projects which are the responsibility of a third party
consultant shall be equal to 2% of the actual cost of the project (and the fee
schedule provided above shall not be applicable to such construction projects).

(iii)          In connection with all
improvements, replacements, or repairs to the Property (the “Work”), the
Construction Manager shall do the following:

(A)          prepare a detailed list
of the Work to be performed and review the preparation of all plans for the
construction of all improvements and repairs to the Property. Except for any
Work which is less than $2,500, the plans for the Work to be performed shall be
submitted to the Owner for its approval;

(B)           except for any Work
which is less than $2,500, prepare all bid documents which shall be distributed
to at least three (3) contractors on the approved contractor list;

(C)           except for any Work
which is less than $2,500, receive all submitted bids and evaluate such bids.
In evaluating the submitted bids, Construction Manager shall evaluate the price
listed in the bid, the timeliness of the work to be performed as stated in the
bid, the reputation of the contractor submitting the bid, and any other
relevant factors that Construction Manager determines should be taken into
account when evaluating the submitted bids. Once Construction Manager evaluates
all the submitted bids, Construction Manager shall recommend to Owner the bid,
if any, it believes is the best and shall explain to Owner why the recommended
bid is the best. Once Owner

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determines which bid to
accept, Construction Manager shall contact the contractor with the approved bid
to award the contract;

(D)          review, inspect, and
oversee the construction of all improvements, replacements, or repairs to the
Property to ensure that all said improvements, replacements, and repairs comply
with the construction contract requirements and all applicable laws, including
but not limited to local building codes and ordinances;

(E)           ensure that all
improvements, replacements, or repairs to the Property are completed;

(F)           except for any Work
which is less than $2,500 or for Work for which a single payment will satisfy
the obligation, prepare a draw package for the disbursement of funds to the
Contractor. The draw package or single payment invoices shall be submitted to
Owner for its approval;

(G)           ensure that all
guaranties and warranties for the materials, labor, and for work in connection
with or relating to the Work shall be in the name of the Owner or shall be
assigned to Owner upon the completion of the Work; and

(H)          after receiving adequate
and complete lien waivers from all workers and suppliers and other applicable
parties in connection with the Work, after taking any and all steps necessary
to release and to otherwise prevent perfection or enforcement of any liens
filed or recorded against the Property in connection with the construction of
any and all improvements or replacements or repairs to the Property, and after
receiving written approval from Owner, disburse all funds to the proper and
correct parties.

The Construction Manager
shall provide written reports to Owner, no less frequently than once a month,
summarizing the repairs, improvements, and replacements being constructed on
the Property, as well as such other reports as Owner may reasonably request.
These reports shall, among other things, summarize any material problems or
issues which may arise in connection with said construction.

(iv)          Defects and
Warranties.  Property Manager shall
give Owner written notice of any material or latent defect in the Property and
all parts thereof known to Property Manager promptly after any of the foregoing
comes to Property Manager’s attention including, without limitation, material
defects in the roof, foundation and walls of the Property and in the sewer,
water, electrical, structural, plumbing, heating, ventilation and air
conditioning systems. Property Manager shall make periodic visual inspections
of the Property consistent with its employees’ and agents’ expertise as
referenced in Section 4(c)(i) hereinabove. Property Manager shall have no obligation
to discover any such condition or make any other inspections, but Property
Manager shall be required to ascertain the existence of any
contractor/subcontractor warranty or guaranty and to submit a request to the
appropriate contractor/subcontractor to repair the defect as necessary.

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(f)            Licenses and
Permits.  Property Manager shall, at
Owner’s expense, attempt to obtain and maintain in the name of Owner all
licenses and permits required of Owner or Property Manager in connection with
the management and operation of the Property. Owner agrees to execute and
deliver any and all applications and other documents and to otherwise cooperate
with Property Manager in applying for, obtaining and maintaining such licenses
and permits.

(g)           Compliance with laws.  To the extent permitted by the approved
Budget, Property Manager shall use best efforts to comply with all applicable
laws, regulations and requirements of any federal, state or municipal
government having jurisdiction with respect to the use or manner of use of the
Property or the maintenance or operation thereof.

(h)           Legal Proceedings.  Property Manager cannot and may not terminate
any lease, lock out a tenant, institute suit for rent or for use and occupancy,
or proceedings for recovery of possession, without the prior written approval
of Owner. In connection with such suits or proceedings only legal counsel
designated by Owner shall be retained, and all such suits or proceedings shall
be brought in the name of Owner and shall be handled in such manner as Owner
directs.

(i)            Inventory.  Property Manager shall maintain a current
inventory of all equipment supplies, furnishings, furniture and all other items
of personal property now or hereafter owned by Owner and located upon or used,
or useful for, or necessary or adapted for the operation of the Property.

(j)            Signs.  Property Manager may place one or more signs
on or about the Property stating, among other things, that Property Manager is
the management and leasing agent for the Property. All such signs and locations
thereof shall be subject to Owner’s prior written approval.

(k)           Third Party Vendors.  All third party vendors with whom Property
Manager contracts on behalf of Owner shall be required to submit certificates
of insurance evidencing that such vendor carries at least $1,000,000 in
comprehensive general liability insurance and such workers compensation
insurance as may be required by statute in the state in which the Property is
located. If required by other provisions of this Agreement, Owner shall be
added as an additional named insured on such policies of insurance.

(l)            Leases.  In accordance with the terms and provisions
of this Agreement, Property Manager shall use commercially reasonable efforts
to ensure that all tenants comply with the terms and provisions of their leases
and shall take customary actions to enforce such leases.

(m)          Additional Services.  If Property Manager shall perform such
additional services as Owner may reasonably request in writing, which are not
specifically provided for in this Section 4 above, Property Manager will be
compensated for such services on an hourly basis or on a negotiated fee basis.

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5.             Procedure For
Handling Receipts And Operating Capital.

(a)           Receipts.  All monies received by Property Manager for
or on behalf of Owner in connection with the operation and management of the
Property shall be promptly deposited by Property Manager in an operating
account or accounts established in Owner’s name at such bank as directed by
Owner (“Operating Accounts”). Periodically throughout the month, Owner,
in its sole discretion, may remove any excess funds from such Operating
Accounts.

(b)           Disbursements.  Owner shall deposit and maintain sufficient
funds in the Operating Accounts, and Property Manager shall withdraw and pay
from such account or accounts, such amounts at such times as the same are
required in connection with the management and operation of the Property in
accordance with the provisions of this Agreement.

(c)           Authorized
Signatories.  Certain officers and
employees of Property Manager, approved by Owner and designated on Exhibit C
hereto, shall be authorized signatories on the Operating Accounts and shall
have authority to make withdrawals from such Operating Accounts. In addition,
Owner shall have at least one officer or employee of Owner as an authorized
signatory on each Operating Account, which officer(s) or employee(s) of Owner
shall also be designated on Exhibit C hereto. Property Manager shall
cause all officers and employees of Property Manager who are so designated to
be bonded, at Property Manager’s expense, in an amount required by Owner, but
not less than $50,000. Property Manager shall also cause all other officers,
employees, affiliates or agents of Property Manager who in any way handle funds
for the Property to be bonded, at no expense to Owner, in an amount not less
than $50,000.

(d)           Security Deposits.  All security deposits of tenants of the
Property shall be maintained under the joint control of Owner and Property
Manager in such manner as Owner shall approve and as required by the applicable
state law.

6.             Accounting.

(a)           Books and Records.  In accordance with the guidelines and
operating procedures established by Owner, Property Manager shall maintain, at
the central office of Property Manager, a comprehensive system of office
records, books, computer files and data and accounts pertaining to the Property
(using such property management accounting software that Owner may choose),
which system currently is MRI. Owner also has a website, xdrive.com, which
Property Manager shall also be required to maintain and/or access for
additional required forms and reports. Such systems (MRI & xdrive.com),
records, books, computer files and data and accounts shall be available for
examination, copying and audit by Owner and its agents, accountants and
attorneys during regular business hours. Property Manager, during the term,
shall preserve all records, books, computer files and data and accounts for a
period of three years and at the end of such period shall deliver or make
available to Owner such records, books, computer files and data and accounts.
All such records, books and computer files and data shall, at all times, be the
property of Owner.

(b)           Periodic Statements;
Audits.

(i)            Periodic Statements.  Property Manager shall timely prepare and
deliver to Owner such accounting and operations reports as and in the manner
required pursuant to Owner’s standard reporting requirements, as may be amended
from time to time.

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(ii)           Data Processes.  Property Manager shall timely meet all
designated deadlines for inputting and maintaining data on Owner’s MRI system
(or other system hereafter designated by Owner) so that Owner may download such
data from Property Manager’s computers to Owner’s computers on such designated deadlines.

(iii)          Audit.  In the event that Owner requires an audit,
the audit shall be at Owner’s expense and the Property Manager shall cooperate
with the auditors.

(iv)          Other Statements.  Owner may request and Property Manager shall
provide when available such monthly, quarterly and/or annual leasing and
management reports that relate to the operations of the Property as Property
Manager customarily provides the owners of other properties it manages.

(c)           Return of Computer
Hardware and Software.  Immediately
following the termination of this Agreement by either Owner or Property
Manager, Property Manager shall return and/or deliver to Owner, in good
condition and working order, all hardware, software, documentation, backup
tapes, signature cartridges and all other computer hardware and software
purchased or otherwise provided by Owner to Property Manager for Property
Manager’s use during the term of this Agreement.

7.             Insurance.

(a)           Insurance by Owner.  Owner, at its expense, will obtain and keep
in force adequate insurance against physical damage (e.g., fire and extended
coverage endorsement, boiler, and machinery, etc.) and not less than $5,000,000
Occurrence and Aggregate general liability insurance against liability for
loss, damage, or injury to property or persons which might arise out of the
occupancy, management, operating, or maintenance of the Property covered by
this Agreement. Property Manager will be covered as an insured in its capacity
as a Real Estate Manager on all commercial general liability insurance obtained
by Owner. Owner shall save Property Manager harmless from any liability on
account of loss, damage, or injury, to the extent actually insured against by
Owner provided:

(i)            Property Manager
notifies Owner within twenty-four hours after Property Manager receives notice
of any such loss, damage or injury;

(ii)           Property Manager takes
no action (such as admission of liability) which bars Owner from obtaining any
protection afforded by any policy Owner may hold; and

(iii)          Property Manager agrees
that Owner shall have the exclusive right, at its option, to conduct the
defense to any claim, demand or suit within limits prescribed by the policy or
policies of insurance.

The Property Manager
shall furnish whatever information is requested by Owner for the purpose of
establishing the placement of insurance coverages and shall aid and cooperate
in every reasonable way with respect to such insurance and any loss thereunder.
Owner shall include in its hazard policy covering the Property, the personal property,
fixtures and equipment located thereon (owned by either Property Manager or
Owner), appropriate clauses pursuant to

 11
 

 

which the
insurance carriers shall waive the rights of subrogation with respect to losses
payable under such policies.

(b)           Indemnity.  Owner agrees to indemnify, defend and hold
Property Manager harmless from and against any and all loss, cost, damage,
liability or expense (including, without limitation, attorneys’ fees,
accountants’ fees, consultants’ fees, court costs and interest) resulting from
bodily injury or tangible property damage and arising in connection with the
Property to the extent the same were caused by the negligence or willful
misconduct of Owner, or its officers or employees.

(c)           Property Manager’s
Insurance.  Property Manager shall
maintain, at its expense, insurance coverages in the following amounts:

(i)            Worker’s Compensation – Coverage A: statutory
amount

Coverage B: Employer’s Liability insurance:

$500,000 Each Accident

$500,000 Disease, Policy Limit

$500,000 Disease, Each Employee

(ii)           Commercial General Liability, on an
occurrence basis, including Bodily Injury and Property Damage Liability,
Personal and Advertising Injury Liability for the following limits:

	
  General Aggregate

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Products -
  Completed Operations Aggregate

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Each Occurrence

  	
   

  	
  $

  	
  1,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Personal and
  Advertising Injury Liability

  	
   

  	
  $

  	
  1,000,000

  	
   

  

 

(iii)          Owned, Hired and Non-Owned Business Automobile liability insurance in
an amount no less than $1,000,000 per accident Combined Single Limit for bodily
injury and property damage

(iv)          Property Manager’s Errors & Omissions Insurance in an amount not
less than $1,000,000 per loss, aggregate.

(v)           Employee Theft Insurance in an amount not less than $1,000,000.
Employee Theft Insurance policy shall provide coverage for theft of Owner’s
money, securities and other property by employees of Property Manager.

(vi)          Property Insurance coverage for personal property of Property Manager.

 12
 

 

All
coverage shall be provided by insurance companies with a current Best’s Rating
of A VIII or higher. At the commencement of the Agreement, Property Manager
shall furnish Owner with Certificates of Insurance. All insurance policies
shall provide for 30 days’ written notice to Owner prior to the cancellation or
any material change to any provisions therein. Certificates of Insurance shall
be modified so the words “endeavor to”, “but failure to mail such notice shall
impose no obligation or liability of any kind upon the company, its agents or
representatives”, and all provisions of similar effect shall be deleted from
the certificate form’s cancellation provision. At least ten (10) days prior to
the expiration of any such policy, Property Manager will provide to Owner evidence
of the renewal or replacement of the aforesaid policies.

(d)           Indemnification of Owner. 
Property Manager agrees to defend and hold and save Owner free and
harmless from and against all expenses, claims, liabilities, losses, judgments
or damages, including reasonable attorneys’ fees actually incurred (except to
the extent covered by insurance carried by Owner), which Owner may suffer or
incur as a result of any gross negligence or willful misconduct of Property
Manager or its agents, employees, independent contractors or others under the
direction or control of Property Manager, any claim by or relating to any
employee of Property Manager against Owner that is predicated on the claim that
such employee is the employee of Owner and not of Property Manager or acts
outside the scope of Property Manager’s authority hereunder, and agrees to
retain legal counsel reasonably acceptable to Owner and at Property Manager’s
sole expense to defend promptly and diligently any claim, action or proceeding
brought against Owner or Property Manager, jointly or severally, arising out of
or in connection with any of the foregoing. Owner shall have the right to be
represented by advisory counsel of its own selection and at its own expense.

It is
expressly understood and agreed that the provisions of Section 7(b) hereinabove
and the provisions of this Section 7(d) shall survive the termination of this
Agreement to the extent of any cause of action arising from events occurring
prior to such termination.

(e)           Subcontractor’s Insurance. 
Property Manager shall require that all subcontractors brought onto the
Property have insurance coverage, at the subcontractor’s expense, in the
following minimum amounts (which amounts may be increased at Owner’s written
request, depending on the work to be performed):

(i)            Workman’s Compensation – statutory amount;

(ii)           Employer’s Liability - $500,000/$500,000/$500,000 minimum;

(iii)          Broad Form Commercial General Liability (naming Owner and Property
Manager as additional insureds) - $1,000,000 per occurrence Combined Single
Limit; $2,000,000 aggregate (i.e., such insurance shall include contractual
liability, personal injury protection and completed operations coverage and
hold harmless provision in favor or Owner and Property Manager);

(iv)          Auto Liability - $1,000,000 minimum; and

 13
 

 

(v)           Property Insurance coverage for tools and equipment brought onto
        and/or used on the
Property by the subcontractor – an amount equal to the replacement costs of all
such tools and equipment.

All
such general liability policies of insurance shall name Owner, Property Manager
and all other parties and/or entities required by Owner as additional insureds
thereunder, as their respective interests may appear.

Property
Manager must obtain Owner’s prior permission to waive any of the above
requirements. Property Manager shall obtain and keep on file a certificate of
insurance that shows the contractor is so insured.

8.             Subordination to
Mortgages.

(a)           Subordination.  This Agreement and Property Manager’s
interest and rights hereunder, are subject and subordinate to the lien of any
first mortgage, whether now existing or hereafter created on or against the
Property, and all amendments, restatements, renewals, modifications,
consolidations, refinancings, assignments and extensions thereof (“Mortgage”),
without the necessity of any further instrument or act on the part of the
Property Manager. Property Manager agrees, at request of the holder of any such
Mortgage (the “Mortgagee”), to attorn to the Mortgagee
and/or to execute such documentation as the Mortgagee may reasonably require to
evidence that Property Manager’s interest and rights hereunder are and shall be
subject and subordinate at all times to the lien of the Mortgage. The term “Mortgage”
as used herein shall be deemed to include deeds of trust, security agreements,
assignments and any other encumbrances, and any reference to the “Mortgagee” of
a Mortgage shall be deemed to include the beneficiary under a deed of trust.
Notwithstanding the foregoing, nothing herein shall obligate the Property
Manager to continue its performance under this Agreement unless it continues to
be paid in accordance with the terms of this Agreement.

(b)           Rights after Events
of Default.  In the event of any
default under any Mortgage, the Property Manager shall continue to perform its
obligation under this Agreement until the termination of this Agreement by the
Mortgagee, which may occur in the Mortgagee’s sole discretion, as provided for
in Section 2(f) of this Agreement.

9.             Miscellaneous Provisions.

(a)           Notices.  All notices, waivers, demands, requests, or
other communications, except for those approvals required under this Agreement
which shall be sent by facsimile or regular mail to the asset manager for that
individual Property, required or permitted hereunder shall, unless otherwise
expressly provided, be in writing and be deemed to have been properly given,
served and received (i) if delivered by messenger, when delivered, (ii) if
mailed, upon deposit in the United States mail, certified or registered,
postage prepaid, return receipt requested, (iii) if telexed, telegraphed, or
telecopied, if such dispatch is followed by delivery pursuant to (iv) below the
next business day, or (v) if delivered by reputable overnight express courier,
freight prepaid, the next business day after delivery to such courier; in every
case addressed to the party to be notified as follows:

 14
 

 

 

	
  To Property Manager:

  	
  Opus Northwest Management, L.L.C.

  
	
   

  	
  10350 Bren Road West

  
	
   

  	
  Minnetonka, MN 55343

  
	
   

  	
  Attn: Michael E. Dwyer

  
	
   

  	
  Telephone:

  	
  952-656-4550

  
	
   

  	
  Telefax:

  	
  952-352-8550

  
	
   

  	
   

  
	
   

  	
  With a copy to:

  
	
   

  	
   

  
	
   

  	
  Opus Corporation

  
	
   

  	
  10350 Bren Road West

  
	
   

  	
  Minnetonka, MN 55343

  
	
   

  	
  Attn: Legal

  
	
   

  	
   

  
	
  To Owner:

  	
  TRT Eagle Creek East LLC

  
	
   

  	
  c/o DCT Industrial Fund II LLC

  
	
   

  	
  518 17th St, Ste 1700

  
	
   

  	
  Denver, CO 80202

  
	
   

  	
  Attn: Bonnie Micus

  
	
   

  	
  Telephone:

  	
  303-228-2200

  
	
   

  	
  Telefax:

  	
  303-228-2201

  

 

or to such other
address(es) or addressee(s) as any party entitled to receive notice hereunder
shall designate to the others in the manner provided herein for the service of
notices. Rejection or refusal to accept or inability to deliver because of
changed address or because no notice of changed address was given, shall be
deemed receipt.

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

(c)           No Joint Venture or
Partnership.  Owner and Property
Manager hereby renounce the existence of any joint venture or partnership
between them and agree that nothing contained herein or in any document
executed in connection herewith shall be construed as making Property Manager
and Owner joint venturers or partners.

(d)           Modification,
Termination.  This Agreement may be
amended or modified only by a written instrument executed by Property Manager
and Owner.

(e)           Total Agreement.  This Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof.

(f)            Article and Section
Headings.  Article and Section
headings contained in this Agreement are for reference only and shall not be
deemed to have any substantive effect or to limit or define the provisions
contained herein.

 15
 

 

(g)           Successors and
Assigns.  This Agreement shall be
binding on the parties hereto, and their successors and permitted assigns.
Property Manager may not assign or otherwise transfer its interest hereunder
without the prior written consent of Owner, which consent may be withheld
arbitrarily in Owner’s sole discretion. This Agreement is freely assignable by
Owner.

(h)           Governing Law.  This Agreement shall be construed in
accordance with the internal laws of the state in which the Property is
located.

(i)            Sarbanes Oxley Act.  Property Manager, at it sole expense, shall
comply with all requirements set forth in the Sarbanes Oxley Act of 2002 with
respect to the Project. Specifically, Property Manager will be required to
produce documentation of all accounting policies and procedures which identify
all key controls and describes in detail the processes which ultimately affect
the Project financial statements. In addition, Property Manager may be required
to perform periodic testing of such identified controls and remediate any
control weaknesses identified through such test work. All policies and
procedures, documentation and test work will be performed to the specification
of the Owner including but not limited to, implementation of appropriate
controls, scope of test work including such as sample size, measures to be
taken from remediation, etc.

(j)            Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same instrument.

SIGNATURES
BEGIN ON NEXT PAGE

 16
 

 

SIGNATURE PAGE TO PROPERTY MANAGEMENT AGREEMENT DATED
June 6, 2006

BETWEEN DCT Eagle Creek LLC AND Opus Northwest Management, L.L.C.

IN WITNESS WHEREOF, this Agreement has been executed
as of the date first above written.

	
  

  	
  OWNER:

  
	
   

  	
   

  
	
   

  	
  TRT
  EAGLE CREEK EAST LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By: DCT
  Industrial Fund II LLC, a Delaware limited

  liability company, pursuant to written agreement

  
	
   

  	
   

  
	
   

  	
   

  	
  By:
  Dividend Capital Operating Partnership LP, a

  Delaware limited partnership, its sole member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:
  Dividend Capital Trust Inc., a Maryland corporation, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Teresa
  L. Corral

  
	
   

  	
   

  	
  Sr. Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  PROPERTY
  MANAGER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Opus Northwest
  Management, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  
												

 

 17
 

 

EXHIBIT A

to Property Management Agreement dated October 16, 2006

by and between TRT Eagle Creek East LLC and Opus Northwest Management, L.L.C.

LIST OF PROPERTIES COVERED BY THIS AGREEMENT

Addresses:

1.    12800 South Highway 13 Savage, MN

Which
property(ies) are more particularly described as follows:

1. Lot 1, Block 4, SAVAGE
BUSINESS PARK SECOND ADDITION, except the West 61.29 feet thereof, Scott
County, Minnesota.

 18
 

 

EXHIBIT B

to Property Management Agreement dated October 16, 2006

by and between TRT Eagle Creek East LLC and Opus Northwest Management, L.L.C.

SCHEDULE OF PROPERTY MANAGEMENT FEES

	
  Property Address

  	
   

  	
  Monthly Minimum

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  12800 South Highway 13
  Savage, MN

  	
   

  	
  3% or $1,530

  	
   

  

 

 19
 

 

EXHIBIT C

to Property Management Agreement dated October 16, 2006

by and between TRT Eagle Creek East LLC and Opus Northwest Management, L.L.C.

DESIGNATED SIGNATORIES

TRT Eagle
Creek LLC, a Delaware limited liability company

	
  Matthew T. Murphy, Vice
  President

  
	
   

  
	
   

  

 

Opus
Northwest Management, L.L.C.

Michael E. Dwyer

Vicki M. Ribich

Joanne Lehrke

 20Exhibit 10.26

PURCHASE AND SALE AGREEMENT

Between

DCT EAGLE CREEK LLC

and

TRT EAGLE CREEK WEST LLC

Dated as of October 31, 2006

PURCHASE
AND SALE AGREEMENT

THIS
PURCHASE AND SALE AGREEMENT (this “Agreement”),
dated as of October 31, 2006, by and between DCT EAGLE CREEK LLC, a Delaware
limited liability company (“Seller”)
and TRT EAGLE CREEK WEST LLC, a Delaware limited liability company (“Buyer”).

RECITALS:

A.            Seller holds title to the property
commonly known as 8401 Eagle Creek Parkway, Savage, Minnesota and legally
described on Exhibit A (the “Real Property”).

B.            Seller desires to sell the Property
(hereinafter defined) and Buyer desires to buy the Property on the terms and
conditions hereafter set forth.

NOW,
THEREFORE, in consideration of the premises, the mutual covenants set forth
herein, and other good and valuable consideration, the receipt and sufficiency
of which the parties hereby acknowledge, the parties hereto agree as follows:

ARTICLE I

PROPERTY

SECTION
1.1.  Certain Basic Terms.

	
  (a)

  	
  Seller Notice
  Address:

  	
  With copies to:

  
	
   

  	
   

  
	
  c/o DCT Leasing
  Corp.

  518 17th Street

  Suite 1700

  Denver, Colorado 80202

  Attention:  Teresa L. Corral

  Telephone: 303/228-2200

  Facsimile: 303/228-2201

  E-mail: tcorral@dividendcapital.com

  	
  Mayer, Brown, Rowe & Maw LLP

  Attn: Milos Markovic

  71 South Wacker Drive

  Chicago, Illinois 60606

  Telephone: 312/701-7202

  Facsimile: 312/706-8505

  E-mail: mmarkovic@mayerbrownrowe.com

  
	
   

  	
   

  
	
  (b)

  	
  Buyer Notice
  Address:

  	
  With a copy to:

  
	
   

  	
   

  	
   

  
	
  c/o Dividend
  Capital Total Realty Trust

  518 17th Street

  Suite 1700

  Denver, Colorado 80202

  Attention:  Greg Moran

  Telephone: 303/228-2200

  Facsimile: 303/996-8486

  E-mail: gmoran@dividendcapital.com

  	
  Heller Ehrman LLP

  Attn: Steven C. Koppell

  Times Square Tower

  7 Times Square

  New York, NY 10036

  Telephone: 212.847.8782

  Facsimile: 212.763.7600

  email: steven.koppel@hellerehrman.com

  

 

 

(c)           Purchase Price:     $9,938,500.00.

 

(d)           Closing Date:                        The date hereof (the “Closing Date”).

SECTION
1.2.  Properties.  The term “Property”
shall mean:

(a)           Fee Simple title to, or as
applicable, a leasehold interest in, (i) the land (“Land”)
comprising the applicable Property and (ii) the improvements located thereon (“Improvements”), together with all
rights, privileges, easements, servitudes and appurtences thereunto belonging
or appertaining, including all right, title and interest, if any, of Seller in
and to oil, gas, mineral and other subterranean rights, the streets, alleys and
rights-of-way adjacent to the Land (the Land and the Improvements being,
collectively, the “Real Property”).

(b)           All right, title and interest of the
Seller in and to all fixtures, furniture, equipment, and other tangible
personal property, if any, owned, directly or indirectly, by Seller (the “Personal Property”) presently
located on such Real Property, but excluding any items of personal property
owned by tenants.

(c)           All interest of Seller, as landlord,
in all executed leases under which a tenant occupies or is to occupy such
Property or a portion thereof, and all amendments thereto (all such leases and
all amendments thereto being the “Leases”).

(d)           All right, title and interest, if
any, of Seller in and to all of the following items, to the extent assignable
and, except as provided herein, without warranty (the “Intangible
Personal Property”):  (i)
licenses, and permits relating to the operation of the Real Property, (ii) the
right to use the name of the Real Property (if any) in connection with the Real
Property (but excluding any tradenames, trademarks or goodwill of the relevant
Seller or any of their Affiliates), (iii) if still in effect, guaranties and
warranties received by or assigned to Seller from any contractor, manufacturer
or other person in connection with the construction or operation of the
Property, and (iv) if any of the guaranties and warranties described in clause
(iii) (the “Contractor Guaranties”) are
unassignable, the beneficial interest of Seller in such Contractor Guaranty, to
the extent the assignment of such beneficial interest does not void such
Contractor Guaranty.

ARTICLE II

INSPECTION OF PROPERTIES

SECTION
2.1.  Property Information.  Seller has made or will make available to
Buyer copies of, or access to with the right to copy, the following (“Property Information”) for the
Property: 

(a)           copies of the existing Leases for the
Property, a schedule of which is attached hereto as Exhibit B;

(b)           a current rent roll and aging report
for the Property, indicating rents collected, scheduled rents and concessions,
delinquencies, and security deposits held (the “Rent
Roll”);

(c)           operating statements for the two
previous fiscal years, or such lesser period of ownership as may be available,
and year to date (the “Operating Statements”),
true and complete copies of which are attached hereto as Exhibit C;

 2
 

 

(d)           a list of Personal Property, if any,
and a list and copies of any, and service or maintenance agreements, if any,
relating to such Property (“Service Contracts”),
a schedule of which is attached hereto as Exhibit D;

(e)           a statement detailing projected cash
flow for such Property over ten (10) years (the “Cash
Flow Projection”);

(f)            a policy of title insurance for such
Property (the “Existing Title Policy”);

(g)           a land title survey for such Property
(the “Existing Survey”); and

(h)           all environmental, engineering or
physical condition reports relating to such Property and delivered to Seller or
its Affiliates by the seller of such Property at the time such Property was
acquired by Seller or its Affiliates, or obtained by Seller or any of its
Affiliates at the time such Property was acquired by Seller or its Affiliates,
or prepared by or on behalf of Seller or any of its Affiliates since the date
such Property was acquired by Seller or its Affiliates, a true and complete
listing of which is attached hereto as Exhibit E.

Except as otherwise expressly provided in Section 9,
Seller makes no representations or warranties as to the accuracy or
completeness of the Property Information.

SECTION
2.2.  Confidentiality.  The Property Information and all other
information, other than matters of public record or matters generally known to
the public, furnished to, or obtained through inspection of the Property by,
Buyer, its affiliates, employees, attorneys, accountants and other
professionals or agents relating to the Property, will be treated by Buyer, its
affiliates, employees and agents as confidential, and will not be disclosed to
anyone other than on a need-to-know basis, which persons may include persons or
entities considering an investment, directly or indirectly, in Buyer, and to
Buyer’s consultants who agree to maintain the confidentiality of such
information. The confidentiality provisions of this Section 2.2
shall not apply to any disclosures made by Buyer as required by law, by court
order or in connection with any subpoena served upon Buyer, provided Buyer
shall provide Seller with written notice before making any such disclosure, and
in connection with the enforcement of this Agreement. The obligations of the
parties under this Section 2.2 are in addition to the obligations of the
parties under Section 8.3.

SECTION
2.3.  “AS-IS” Transaction.  Except for Seller’s representations and warranties
expressly provided herein, and any representations and warranties contained in
any other document or instrument executed and delivered by Seller at the
Closing (“Seller’s Warranties”), the
sale of the Property to Buyer will be made without representation, covenant or
warranty of any kind (whether express or implied, or, to the maximum extent
permitted by applicable law, statutory) by Seller or any of Seller’s
Affiliates. As a material part of the consideration for this Agreement, Buyer
acknowledges and agrees that it will accept the Property on an “as is” and “where
is” basis, with all faults, and without any representation or warranty, all of
which Seller hereby disclaims, except for Seller’s Warranties. Except for
Seller’s Warranties, no warranty or representation is made by Seller as to
fitness for any particular purpose, merchantability, design, quality,
condition, operation or income, compliance with drawings or specifications,
absence of defects, absence of hazardous or toxic substances, absence of
faults, flooding, or compliance with

 3
 

 

laws and regulations including, without limitation,
those relating to health, safety, and the environment. The provisions of this Section
2.3 shall survive indefinitely the Closing or termination of this Agreement
and shall not be merged into the Closing documents.

ARTICLE III

TITLE AND SURVEY REVIEW

SECTION
3.1.  Delivery of Title Report.  Seller has caused to be delivered to Buyer
prior to the date hereof, (i) a preliminary report or title commitment
(collectively, the “Title Commitment”) issued by
Fidelity National Title Insurance Partnership (the “Title
Company”), covering the Real Property, together with copies of
all documents referenced in the Title Commitment, and (ii) a ALTA-ACSM Urban
survey of the Property (collectively, the “Surveys”)
together with an affidavit of “no change” executed by Seller addressed to Buyer
and the Title Company. 

SECTION
3.2.  Title Review and Cure.  On the Closing Date, Seller shall convey to
Buyer good and indefeasible fee simple title to the Property subject only to
the Permitted Exceptions (as defined below), which title shall be insurable at
regular rates by Escrow Agent (in such capacity, “Title
Company”) under a standard form of Owner’s Policy of Title
Insurance, without exception for creditor’s rights (“Title
Policy”).

(a)           In the event the Title Commitment, as
updated to Closing, or the Survey identifies any title exceptions or defects in
title that are unacceptable to Buyer (“Title Objections”),
Buyer shall notify Seller of such Title Objections prior to Closing. If Seller
fails to timely respond to any Title Objection(s), Seller shall be deemed to
have notified Buyer that Seller has elected not to cure the Title Objection(s)
in question. In the event Seller cannot correct such defects by Closing or
chooses not to correct (or is deemed to have elected not to correct) such
defects, then Buyer may accept title as is without abatement or reduction of
Purchase Price or Buyer may cancel this Agreement and receive a full refund of
the Deposit being held by Escrow Agent. Notwithstanding anything herein to the
contrary, at or prior to Closing, Seller, at its expense, shall (i) release any
mortgage lien secured by the Property and all related financing statements and
other instruments related to such financing, (ii) release any mechanic’s lien,
if any, arising directly from work performed at the request of Seller pursuant
to a written agreement with Seller (which liens may be insured around with the
Title Company), and (iii) satisfy all matters on Schedule C to the Title
Commitment that are applicable to Seller (all of the foregoing being herein
collectively referred to as “Mandatory Cure Items”).
As used herein, the term “Permitted Exceptions” means all matters shown in
Schedule B to the Title Commitment or on the Survey, except (i) those matters,
if any, with respect to which Buyer timely sends a Title Objection and that
Seller has agreed in writing to cure prior to Closing or which are waived by
Buyer in accordance with this Section 3.2(a), and (ii) the
Mandatory Cure Items.

(b)           Buyer may, at or prior to Closing,
notify Seller in writing (“Gap Notice”)
of any objections to title (a) raised by the Title Company between the
Inspection Period Expiration Date and the Closing Date and (b) not previously
disclosed by the Title Company. If Buyer sends a Gap Notice to Seller, Buyer
and Seller shall have the same rights and obligations with respect to such
notice as apply under Section 3.2(a) hereof.

 4
 

 

SECTION
3.3.  Physical and Financial Inspection.  Seller has provided to
Seller, prior to the date of this Agreement, the Property Information. For a
period (the “Inspection Period”)
commencing on the effective date hereof and expiring at the Closing (such date
is herein referred to as the “Inspection Period
Expiration Date”), Buyer has had the right to perform a physical
and mechanical inspection, measurement and audit of the Property and an
inspection of all books and records and financial information pertaining
thereto and to perform such other studies and evaluations to determine the
suitability of the Property for Buyer’s needs, and Seller has cooperated with
Buyer and has furnished to Buyer such information, materials and documents as
Buyer may reasonably request. The inspection, audit and measurement of the
Property’s operation, condition and maintenance shall include, without
limitation, such environmental and engineering inspections, reviews and
assessments that Buyer has deemed appropriate. If Buyer, at Buyer’s sole and
absolute discretion, shall find such inspection(s), studies or evaluations to
be unsatisfactory for any reason whatsoever, Buyer shall have the right, at its
option, to terminate this Agreement on or before the Inspection Period
Expiration Date, and upon such termination, the Property Information shall be
returned to Seller, and upon such return of the Property Information, and
thereupon the parties hereto shall have no further liabilities one to the other
with respect to the subject matter of this Agreement, except for the provisions
of this Agreement which expressly survive a termination hereof. Buyer shall
defend, indemnify and hold Seller harmless from and against any claims and
liabilities asserted against Seller arising out of Buyer’s inspections;
provided, however, the indemnity shall not extend to claims or liabilities
arising out of the discovery of any existing Property condition. This indemnity
shall survive the Closing and any termination of this Agreement.

ARTICLE IV

OPERATIONS AND RISK OF LOSS

SECTION
4.1.  Ongoing Operations and Maintenance.  From the date of this Agreement through the
Closing Date or earlier termination of this Agreement, in relation to each
Property (i) Seller shall carry on its business and activities relating to
such Property, substantially in the same manner as it did before the date of
this Agreement, and (ii) Seller shall not sell or encumber such Property or any
material portion thereof or interest therein. At all times prior to the Closing
Date, Seller shall maintain the Property in good condition and repair,
reasonable wear and tear excepted, operate the Property in accordance with
substantially the same management practices and leasing standards as currently
done, and pay in the normal course of business prior to Closing, all sums due
for work, materials or service furnished or otherwise incurred in the ownership
and operation of the Property prior to Closing.

SECTION
4.2.  Performance under Leases and
Service Contracts. 
From the date of this Agreement through the Closing Date or earlier termination
of this Agreement, Seller will perform its material obligations under the
Leases and Service Contracts and other agreements that may affect the
Properties.

SECTION
4.3.  New Contracts.  Except for agreements which can be terminated
on not more than thirty (30) days notice without penalty or termination fee,
from the date of this Agreement through the Closing Date or earlier termination
of this Agreement, neither Seller will not enter into any contract that will be
an obligation affecting a Property subsequent to the Closing, without the prior
consent of Buyer, which shall not be unreasonably withheld or delayed. 

 5
 

 

SECTION
4.4.  Termination of Service Contracts.  From the date of this Agreement through the
Closing or earlier termination of this Agreement, other than in the ordinary
course of business, Seller shall not terminate any Service Contract without
Buyer’s prior consent, which shall not be unreasonably withheld or delayed.
Seller shall notify Buyer of any Service Contract that is terminated by Seller
in the ordinary course of business.

SECTION
4.5.  Damage or Condemnation.  Risk of loss resulting from any condemnation
or eminent domain proceeding which is commenced or has been threatened before
the Closing, and risk of loss to any Property due to fire, flood or any other
cause before the Closing, shall remain with Seller. If before the Closing any
Property or any portion thereof shall be materially damaged, or if any Property
or any portion thereof shall be subjected to a bona
fide threat of condemnation or shall become the subject of any
proceedings, judicial, administrative or otherwise, with respect to the taking
by eminent domain or condemnation, then Buyer may elect to exclude such
Property from this Agreement, and Seller may propose a substitute real property
for consideration as a Property hereunder. 

SECTION
4.6.  Material Change.  If before the Closing there is an event not
covered by Section 4.6 above that materially reduces the value of any
Property, then Buyer may elect to exclude such Property from this Agreement,
and Seller may propose a substitute real property for consideration as a
Property hereunder. 

SECTION
4.7.  Security Deposits.  Except in the ordinary course, Seller shall
not apply any tenant’s security deposit to the discharge of such tenant’s
obligations, without Buyer’s consent, which shall not be unreasonably withheld.

SECTION
4.8.  Bill Tenants.  Seller shall timely bill all tenants for all
rent billable under Leases and use its commercially reasonable efforts to
collect any rent in arrears.

SECTION
4.9.  Notice to Buyer.  Seller shall notify Buyer promptly of the
occurrence of any of the following:  (i)
a fire or other casualty causing damage to the Property, or any portion
thereof; (ii) receipt of notice of eminent domain proceedings or condemnation
of or affecting the Property, or any portion thereof; (iii) receipt of notice
from any governmental authority relating to the condition, use or occupancy of
the Property, or any portion thereof, or any real property adjacent to any of
the Property, or setting forth any requirements with respect thereto; (iv)
receipt or delivery of any default or termination notice or claim of offset or
defense to the payment of rent from any tenant; (v) receipt of any notice of
default from the holder of any lien or security interest in or encumbering the
Property, or any portion thereof; (vi) a change in the occupancy of the leased
portions of the Property; or (vii) notice of any actual or threatened
litigation against Seller or affecting or relating to the Property, or any
portion thereof.

ARTICLE V

FIRE OR OTHER CASUALTY

SECTION
5.1.  Maintain Insurance.  Seller shall maintain in effect until the
Closing Date the insurance policies (or like policies) now in effect with
respect to the Property.

 6
 

 

SECTION
5.2.  Minimal Damage.  If prior to the Closing Date any portion of
the Property is damaged or destroyed by fire or other casualty, and the cost of
repair or restoration thereof shall be $500,000 or less (as established by good
faith estimates obtained by Buyer which are reasonably satisfactory to Seller),
this Agreement shall remain in force and Seller shall commence to repair any
such damage prior to Closing, if possible.

SECTION
5.3.  Substantial Damage.  If prior to the Closing Date any portion of
the Property is damaged or destroyed by fire or other casualty, and the cost of
repair or restoration thereof shall be more than $500,000 (as established by
good faith estimates obtained by Buyer which are reasonably satisfactory to
Seller), Buyer may within thirty (30) days after receipt of notice of said
damage or destruction, terminate this Agreement by giving written notice
thereof to Seller, and if this Agreement is so terminated, then the Deposit
shall be immediately refunded to Buyer, and thereafter neither party shall have
any further liability hereunder thereafter, except for the provisions hereof
which expressly survive a termination of this Agreement. If Buyer does not so
terminate this Agreement, it shall remain in full force and effect, and the
provisions of Section 5.4 below shall apply.

SECTION
5.4.  Closing After Substantial Damage.  So long as this Agreement shall remain in
force under Section 5.2 or 5.3, then (i) all proceeds of
insurance collected prior to Closing, plus the amount of deductible under
Seller’ insurance policy, shall be adjusted subject to Buyer’s approval and
participation in any adjustment, and shall be credited to Buyer against the
Purchase Price payable by Buyer at Closing and, in the case of a fire or other
casualty described in Section 5.2, the Purchase Price shall be
further credited by the amount of an uninsured loss which has not been repaired
by Seller, and (ii) all unpaid claims and rights in connection with losses
shall be assigned to Buyer at Closing.

ARTICLE VI

EXPENSE ALLOCATIONS

SECTION
6.1.  Buyer shall
pay for all recording charges for the Deed and any financing documents relating
to Buyer’s financing, any endorsements to the Title Policy, any update of the
Survey and any other costs incurred by Buyer in connection with its inspection
of the Property.

SECTION
6.2.  The following
expenses shall be split between Buyer and Seller in accordance with local
custom: (i) the basic premium for the Title Policy, (ii) any recording fees for
the release of liens released by Seller, (iii) documents required to effect any
cure of Title Objections that Seller has elected to cure in accordance with
this Agreement and (iv) documentary stamp taxes, transfer taxes or similar
taxes which become payable by reason of the Deed from Seller to Buyer.

SECTION
6.3.  The parties
shall be responsible for paying their own attorney’s fees in connection with
this transaction. Each of Buyer and Seller shall be responsible for payment of
fifty percent (50%) of the escrow fees.

 7
 

 

ARTICLE VII

CLOSING

SECTION
7.1.  Closing.  The sale of the Property to Buyer (the “Closing”) shall occur on the Closing
Date at such location upon which the parties shall agree. 

SECTION
7.2.  Conditions to the Parties’
Obligations to Close. 
The obligation of Seller and Buyer to consummate the transactions
contemplated hereunder is contingent upon the following:

(a)           The other party’s representations and
warranties contained herein shall be true and correct in all material respects
as of the date of this Agreement and the Closing Date;

(b)           As of the Closing Date, the other
party shall have performed its obligations hereunder in all material respects
and all deliveries to be made at Closing have been tendered;

(c)           The Property will be in substantially
the same condition as existed on the date of the engineering report listed on Exhibit E of this Agreement,
subject to ordinary wear and tear;

(d)           There shall exist no material
violation of any law, rule or regulation affecting or relating to the Property
or its use, including any environmental law or regulation;

(e)           There shall exist no actions, suits,
arbitrations, claims, attachments, proceedings, assignments for the benefit of
creditors, insolvency, bankruptcy, reorganization or other proceedings, pending
or threatened against the other party (including, in the case of Seller, each
Affiliate) that would materially and adversely affect the other party’s ability
to perform its obligations under this Agreement;

(f)            There shall exist no pending or
threatened action, suit or proceeding with respect to the Property or the other
party before or by any court or administrative agency which seeks to restrain
or prohibit, or to obtain damages or a discovery order with respect to, this
Agreement or the consummation of the transaction contemplated hereby; 

(g)           With respect to each of the Leases,
Seller shall have delivered to Buyer (i) an estoppel certificate executed by
Seller in the form of Exhibit F
hereto (the “Seller’s Estoppel”) or (ii) a
tenant estoppel in the form of Exhibit G
hereto or the form required by the applicable Lease (each such certificate
being a “Tenant Estoppel”). To the
extent that Seller Estoppels are delivered with respect to any Lease, such
estoppel shall be deemed of no further force or effect upon the delivery of a
Tenant Estoppel from the applicable tenant which is not inconsistent with the
Seller Estoppel.

(h)           The Buyer shall not be obligated to
close the transactions contemplated by this Agreement unless upon the sole
condition of payment of the premium, at Closing, the Title Company shall
irrevocably commit to issue to Buyer, as the case may be, an ALTA Owner’s
Policy of title insurance, with extended coverage (i.e., with ALTA General
Exceptions 1 through 5 deleted), dated as of the date and time of the recording
of the Deed, in the amount of the Purchase Price, insuring the Buyer as owner
of good, marketable and indefeasible fee simple title to the Property, free and
clear

 8
 

 

of liens, subject only to permitted exceptions, and
containing the endorsements that the Title Company agreed to issue during the
Inspection Period (the “Title Policy”).

SECTION
7.3.  Seller’ Deliveries in Escrow.  On or before the Closing Date, Seller shall
cause to be delivered to Fidelity National Title Insurance Company, the
escrowee for the parties (the “Escrow Agent”),
the following:

(a)           Deed.  A special or limited warranty deed
(warranting title against any party claiming by, through or under the Seller)
in the form provided for under the law of the state where the Property is
located, or otherwise in conformity with the custom in such jurisdiction and
satisfactory to Buyer, executed and acknowledged by Seller, conveying Seller’s
title to the Property (the “Deed”);

(b)           Assignment of Leases and
Contracts and Bill of Sale. 
An Assignment of Leases and Service Contracts and Bill of Sale in the
form of Exhibit H attached hereto,
executed by Seller;

(c)           Agreements.  All agreements, instruments, certificates and
other documents required under this Agreement, executed by Seller or the Seller’s
Affiliates, if applicable.

(d)           State Law Disclosures.  Such disclosures and reports as are required
by applicable state and local law in connection with the conveyance of direct
or indirect interests in real property; 

(e)           Certificate of Non-Foreign
Status.  A certificate of
non-foreign status for Seller (and/or the relevant DCT Affiliate) sworn to by
Seller (and/or the relevant DCT Affiliate); and

(f)            Title Documents.  Such affidavits of title or other
certifications as shall be reasonably required by the Title Company to insure
Buyer’s title to the Property as set forth in Section 3.

(g)           RESERVED

(h)           Original Leases, Licenses,
Service Contracts and Other Personal Property.  All original Leases and licenses, Service
Contracts, and other Personal Property, which may be delivered outside of
escrow as otherwise directed by Buyer.

(i)            Keys.  All keys, combinations and security codes for
all locks and security devices on the Property, which may be delivered outside
of escrow as otherwise directed by Buyer.

(j)            Tenant Letter.  Letters to each tenant advising of the change
in ownership and directing the payment of rent to such party as the Buyer shall
designate, said letter to be in form reasonably acceptable to Buyer, which may
be handled outside of Closing.

(k)           Tenant Estoppel.  Seller shall deliver at Closing either Seller
Estoppels or Tenant Estoppels for each Lease. In addition, Seller agrees to
cooperate with Buyer in connection with delivering to the tenants
Subordination, Non Disturbance and Attornment Agreements (“SNDAs”)
which may be required by Buyer’s lender.

(l)            Seller’s Authority.  Proof reasonably satisfactory to Title
Company of Seller’s good standing and authority to enter into this transaction
and proof of existence and authority of the

 9
 

 

general partner, manager, member, or officer of the
Seller to act on behalf of Seller, which may include, as determined by the
Title Company: (i) the certificate of incorporation or formation of Seller
certified by the Secretary of State of the state in which Seller is formed or
incorporated as of a recent date and by an officer of Seller, (ii) the bylaws
or operating agreement of Seller, certified by an officer of Seller, (iii) a
certificate of good standing as of a recent date for Seller from the Secretary
of State of the state in which Seller is formed or incorporated. and (iv) a
certificate of an officer from Seller certifying resolutions of the board of
directors or members approving and authorizing the execution, delivery and
performance by Seller of this Agreement and the consummation of the
transactions contemplated hereby (together with an incumbency and signature
certificate regarding the officer(s) signing on behalf of Seller).

(m)          A closing statement acceptable to
Seller.

SECTION
7.4.  Buyer’s Deliveries in Escrow.  On or before the Closing Date, Buyer shall
deliver in escrow to the Escrow Agent the following:

(a)           Purchase Price.  Subject to adjustment pursuant to Article 6,
Buyer shall pay to Seller the Purchase Price and the costs associated with the
transaction.

(b)           Agreements.  All agreements, instruments, certificates and
other documents required under this Agreement, and counterparts to the Seller’s
deliveries above (to the extent applicable), executed by Buyer.

(c)           Authority Documentation.  Such evidence of authority for the
transactions contemplated hereby as shall be required by the Title Company,
including (i) the certificate of incorporation of Buyer certified by the
Secretary of State of Delaware as of a recent date and by its corporate
secretary or assistant secretary, (ii) the bylaws of Buyer, certified by its
corporate secretary or assistant secretary, (iii) a certificate of good
standing as of a recent date for Buyer from the Secretary of State of Delaware
and (iv) a certificate of Buyer’s corporate secretary or assistant secretary
certifying resolutions of the board of directors of Buyer approving and
authorizing the execution, delivery and performance by Buyer of this Agreement
and the consummation of the transactions contemplated hereby (together with an
incumbency and signature certificate regarding the officer(s) signing on behalf
of Buyer). 

ARTICLE VIII

EXPENSES AND PRORATIONS

SECTION
8.1.  Prorations.  Except as otherwise expressly provided for in
this Agreement, Seller shall be entitled to all revenue and shall be
responsible for all expenses for the period of time up to and including the day
before the Closing, and Buyer shall be entitled to all revenue and be
responsible for all expenses for the period of time on and after the date of
Closing. In each such proration set forth below, the portion thereof applicable
to periods beginning on the date of Closing shall be credited or charged to the
Buyer and the portion thereof applicable to periods ending as of the day before
the Closing shall be credited or charged to Seller. Net credits in favor of
Buyer shall be deducted from the balance of the Purchase Price at the Closing
and net credits in favor of Seller shall be added to the Purchase Price to be
paid by Buyer at the Closing.

 10
 

 

(a)           Collected Rent.  All collected rent (excluding tenant
reimbursements for Operating Expenses) and other collected income (and any
applicable state or local tax on rent) under Leases in effect on the Closing
Date shall be prorated between Seller and the Buyer as of the Closing. Seller
shall be charged with any rent and other income collected by Seller before
Closing but applicable to any period of time after Closing. Buyer shall apply
rent, operating expenses and other income from tenants that are collected after
the Closing first to the post Closing costs of collection and then to post
Closing obligations then owing under the Leases, and then remitting the
balance, if any, to Seller. Any prepaid rents collected by Seller before
Closing applicable to the period following the Closing Date shall be paid over
by Seller to the Buyer. The Buyer will make reasonable efforts, without suit,
to collect any rents applicable to the period before Closing. Seller may pursue
collection as to any rent not collected by the Buyer within six (6) months
following the Closing Date, provided that
Seller shall have no right to terminate any Lease or any tenant’s occupancy
under any Lease in connection therewith.

(b)           Operating Expenses.  (i) Seller, as landlord under the Leases, is
currently collecting from tenants under the Leases (to the extent not paid
directly by tenants) additional rent to cover taxes, insurance, utilities,
common area maintenance and other operating costs and expenses (collectively, “Operating Expenses”) in connection
with the ownership, operation, maintenance and management of the Property. At
Closing, Seller will deliver to the Buyer all such amounts collected from
tenants under the Leases to the extent not paid by Seller to the service
provider or collecting authority, together with evidence or a certificate
indicating the date(s) to which such reimbursable Operating Expenses have been
paid by such Tenants and the date(s) to which such reimbursable Operating
Expenses have been paid by Seller to the service provider or collecting
authority. Operating Expenses that are not payable by tenants either directly
or reimbursable under the Leases shall be prorated between Seller and Buyer as
of the Closing Date. In connection with such proration, Operating Expenses for
the period prior to the Closing Date shall be reasonably estimated by Seller
and Buyer if final bills are not available, and any final adjusting payments
shall be made pursuant to Section 8.2 below.

(c)           Taxes and Assessments.  Real estate taxes and assessments imposed by
governmental authority (“Property  Taxes”) that are not yet due and
payable and that are not reimbursable by tenants under the leases as Operating
Expenses shall be prorated between Seller and Buyer as of the Closing Date
based upon the most recent ascertainable assessed values and tax rates. Seller
shall receive a credit for any Property Taxes paid by Seller and applicable to
any period after the Closing. Seller shall be charged for any unpaid Property
Taxes owing and applicable to any period before closing Final adjusting
payments shall be made pursuant to Section 8.2, below.

SECTION
8.2.  Final Adjustment After Closing.  If final prorations are not made at Closing
for any item required to be prorated under Section 8.1, including
Property Taxes, then Seller and Buyer agree to allocate such items on a fair
and equitable basis in a final adjustment to be made promptly after December
31, 2006, to the effect that income and expenses are received and paid by
Seller and Buyer on an accrual basis (provided that real property taxes shall
be adjusted on the same basis upon which the Seller acquired the Property) with
respect to the periods before and after the Closing Date, respectively.
Payments in connection with the final adjustment shall be due within 30 days of
written notice. Seller shall have reasonable access to, and the right to
inspect, the books of Buyer. If by way of a tenant audit of Operating Expenses
or otherwise it is determined that

 11
 

 

a tenant under a Lease is entitled to reimbursement
for an Operating Expense collected under its Lease, the portion of such
reimbursement attributable to the period prior to the Closing shall be for the
account of Seller and shall be either paid by Seller to such tenant or promptly
reimbursed by Seller to Buyer if previously paid by Buyer to such tenant. If
any such tenant audit results in a payment to be made by such tenant and such
payment is attributable to a period prior to the Closing, such payment shall be
for the account of Seller.

SECTION
8.3.  Schedule of Prorations.  The parties have endeavored to jointly
prepare a schedule of prorations for the Property no less than five (5) days
prior to Closing.

SECTION
8.4.  Readjustments.  The parties shall correct any errors in
prorations as soon after the Closing as amounts are finally determined. The
provisions of this Article 8 shall survive the Closing.

SECTION
8.5.  Tenant Deposits.  All tenant security deposits in Seller
possession, as reflected on a final Rent Roll delivered to Buyer and not
theretofore applied to tenant obligations under the Leases, shall be credited
to Buyer, at Closing. Buyer shall assume Seller’s obligations related to such
tenant security deposits that are credited to Buyer. Buyer will indemnify,
defend, and hold Seller harmless from and against all demands and claims made
by tenants arising out of the improper failure or refusal of Buyer, to refund
to a tenant any security deposit of such tenant credited to Buyer and will
reimburse Seller for any reasonable expenses (including all reasonable attorneys’
fees) incurred or that may be incurred by Seller as a result of any such claims
or demands by tenants. The Seller will indemnify, defend and hold Buyer,
harmless from and against all demands and claims made by tenants arising out of
any security deposits not credited to Buyer and will reimburse Buyer, and for
any reasonable expenses (including all reasonable attorneys’ fees) incurred or
that may be incurred by Buyer, as a result of any such claims or demands by
tenants.

SECTION
8.6.  Deposits or Bonds.  Buyer shall be responsible for replacing or
crediting to the Seller at the Closing any other deposits or bonds that may be
outstanding relating to any Property on the Closing Date.

SECTION
8.7.  Leasing Commissions.  Any leasing commissions that may be owing to
brokers in connection with lease renewals, expansions and extensions that occur
in relation to the Property prior to Closing, to the extent not previously paid
by Seller, shall be the responsibility of the Buyer. Leasing commissions that
may be owing to brokers under existing commission agreements with Seller in
connection with renewals, expansions, and extensions that occur after Closing
shall, as between Seller and Buyer, be the responsibility of Buyer. All
existing commission agreements and leasing commissions that are owing in
relation to any Property are set forth on Exhibit I
attached to this Agreement. As between Buyer and Seller, Buyer will assume
these existing commission agreements with respect to leasing activities
occurring after Closing.]

SECTION
8.8.  Brokerage Commissions.  Except as expressly stated herein, Seller and
Buyer represent and warrant each to the other that they have not dealt with any
real estate broker, sales person or finder in connection with this transaction.
If any claim is made for broker’s or finder’s fees or commissions in connection
with the negotiation, execution or consummation of this Agreement or the
transactions contemplated hereby, each party shall defend, indemnify and hold

 12
 

 

harmless the other party from and against any such
claim based upon any statement, representation or agreement of such party.

ARTICLE IX

REPRESENTATIONS AND WARRANTIES

SECTION
9.1.  Seller’ Representations and
Warranties.  As a
material inducement to Buyer to execute this Agreement and consummate this
transaction, Seller represents and warrants to Buyer, that:

(a)           Organization and Authority.  Seller has been duly organized and is validly
existing as a limited liability company, in good standing in the State of
Delaware. Seller has the full right and authority and has obtained any and all
consents required to enter into this Agreement and to consummate or cause to be
consummated the transactions contemplated hereby. This Agreement has been, and
all of the documents, to be delivered by Seller, at the Closing will be,
authorized and properly executed and constitutes, or will constitute, as
appropriate, the valid and binding obligation of Seller, enforceable in
accordance with their terms, subject to applicable laws of bankruptcy or
insolvency and principles of equity. The execution, delivery and performance of
this Agreement by Seller does not in any material respect (i) violate any
decree or judgment of any court or governmental authority applicable to Seller
or the Property; (ii) violate any law (or regulation promulgated under any
law); (iii) violate or conflict with, or result in a breach of, or constitute a
default under (or an event with or without notice or lapse of time or both
would constitute a default) under any contract or agreement to which Seller is
a party or (iv) violate or conflict with any provision of the organizational
documents of Seller or any Seller’s Affiliate.

(b)           Conflicts and Pending
Action.  There is no agreement
to which any Seller is a party or to Seller’s knowledge binding on Seller which
is in conflict with this Agreement. There is no action or proceeding pending
or, to Seller’s knowledge, threatened against the Property, including
condemnation or re-zoning proceedings, or against Seller or any Seller’s
Affiliate which challenges or impairs Seller’s or ability to execute or perform
its obligations under this Agreement.

(c)           Compliance with Zoning Law.  Other than disclosed in the third party
diligence reports delivered by or on behalf of Seller to Buyer, to Seller’ knowledge,
no changes or alterations have been made to the Property or any improvements
thereon which render the same in violation of any applicable zoning ordinances.

(d)           Rent Roll.  The Rent Roll as attached to this Agreement
as Exhibit J is true, correct and
complete in all material respects as of the date hereof and lists all of the
leases and tenancies that affect the Property.

(e)           Leases. The
schedule of Leases attached to this Agreement is true, correct and complete.

(f)            Violations/Condemnation.
To Seller’s knowledge, (x) there is no litigation or proceedings pending
against or relating to the Property before any court or administrative body or

 13
 

 

agency and (y) no notice of any pending or threatened
condemnation or eminent domain proceedings which would affect the Property has
been received by Seller.

(g)           Environmental.  Other than disclosed in the third party
diligence reports delivered by or on behalf of any Seller to Buyer, to Seller’s
knowledge, the Property is not in violation of any existing and applicable law
or regulation pertaining to Hazardous Materials (including Environmental Laws)
and are not subject to any existing, pending or threatened investigation or
inquiry by any governmental or quasi-governmental authority and is not subject
to any remedial action or obligations under any law or regulation pertaining to
Hazardous Materials (including Environmental Laws). The term “Environmental Laws” includes without
limitation the Resource Conservation and Recovery Act and the Comprehensive
Environmental Response Compensation and Liability Act and other federal laws
governing the environment as in effect on the date of this Agreement together
with their implementing regulations and guidelines as of the date of this
Agreement, and all state, regional, county, municipal and other local laws,
regulations and ordinances that are equivalent or similar to the federal laws
recited above or that purport to regulate Hazardous Materials. The term “Hazardous Materials” includes
petroleum, including crude oil or any fraction thereof, natural gas, natural
gas liquids, liquefied natural gas, or synthetic gas usable for fuel (or
mixtures of natural gas or such synthetic gas), asbestos and asbestos
containing materials and any substance, material waste, pollutant or contaminant
listed or defined as hazardous or toxic under any Environmental Law.

(h)           Service Contracts:  The schedule of Service Contracts attached is
true, correct and complete. No written notice of default or breach by Seller in
the terms of any of such Service Contracts has been received by Seller. Seller
has performed, and at Closing shall have performed, all material obligations
which it has under said Service Contracts.

(i)            Condemnation:  There is no condemnation or eminent domain
proceeding pending with regard to any part of the Property, and to the best of
Seller’s knowledge, no such proceedings are proposed.

(j)            No Lawsuits:  There are no claims, lawsuits or proceedings
pending, or to Seller’ knowledge, threatened against or relating to the
Property in any court or before any governmental agency, except for actions for
possession, damages and or rent, if any, against defaulted tenants as disclosed
by Seller. Notwithstanding anything in this Agreement to the contrary, the
filing or threatened filing of any claim, lawsuit or proceeding described in
this Section 9.1(j) after the effective date of this Agreement
shall not be deemed to be a breach of this Section so long as (i) Seller
promptly notifies Buyer of such matter, and (ii) such proceeding is either a
claim covered by any Seller’ insurance or a claim against Buyer for which
Seller agrees to indemnify Buyer.

(k)           FIRPTA.  Seller is not a “foreign person” as such term
is defined in Section 1445(f)(3) of the Internal Revenue Code of 1954, as
amended (the “Code”).

(l)            Patriot Act.  To Seller’s knowledge, (a) it is in
compliance with the requirements of Executive Order No. 133224, 66 Fed. Reg.
49079 (Sept. 25, 2001) (the “Order”) and
other similar requirements contained in the rules and regulations of the Office
of Foreign Assets Control, Department of the Treasury (“OFAC”)
and in any enabling legislation or other Executive Orders or

 14
 

 

regulations in respect thereof (the Order and such
other rules, regulations, legislation, or orders are collectively called the “Orders”); and (b) Seller (i) is not
listed on the Specially Designated Nationals and Blocked Persons List
maintained by OFAC pursuant to the Order and/or on any other list of terrorists
or terrorist organizations maintained pursuant to any of the rules and
regulations of OFAC or pursuant to any other applicable Orders (such lists are
collectively referred to as the “Lists”), and (ii) is not a Person who has been
determined by competent authority to be subject to the prohibitions contained
in the Orders.

(m)          ERISA.  Seller is not an employee pension benefit
plan subject to the provisions of Title IV of ERISA or subject to the minimum
funding standards under Part 3, Subtitle B, Title I of ERISA or Section 412 of
the Code or Section 302 of ERISA, and none of its assets constitute assets of
any such employee benefit plan subject to Part 4, Subtitle B, Title I of ERISA
under 29 C.F.R. Section 2510.3-101. Seller is not a “governmental plan” within
the meaning of Section 3(32) of ERISA and none of its assets constitute assets
of any such governmental plan and are not subject to state statutes regulating
investments of and fiduciary obligations with respect to governmental plans.

(n)           No Insolvency.  As of the date hereof, and as of the Closing,
(a) Seller has not committed an act of bankruptcy, proposed a compromise or
arrangement to its creditors generally, taken any proceeding with respect to a
compromise or arrangement, taken any proceeding to have itself declared
bankrupt or wound-up, or taken any proceeding to have a receiver appointed in
connection with its ownership of the Property, and (b) to Seller’s knowledge,
Seller has not had any petition for a receiving order in bankruptcy filed
against it, had any encumbrancer take possession of its interest in the Property,
or had any execution or distress become enforceable or become levied upon its
interest in the Property.

(o)           “Seller’ knowledge”
means and is limited by the current actual knowledge of James Cochran and
Teresa Corral, who collectively have made inquiry of, and would in the ordinary
course of their representation as officers of Dividend Capital Trust Inc.,
receive notice from other officers, agents, employees or consultants of the
Seller regarding the matters set forth in this Section 9.1;

SECTION
9.2.  Buyer’s Representations and
Warranties.  As a
material inducement to Seller to execute this Agreement and consummate this
transaction, Buyer represents and warrants to Seller that:

(a)           Organization and Authority.  Buyer has been duly organized and is validly
existing as a Delaware corporation, in good standing in the State of Delaware.
Buyer has the full right and authority and has obtained any and all consents
required to enter into this Agreement and to consummate or cause to be
consummated the transactions contemplated hereby. This Agreement has been, and
all of the documents to be delivered by Buyer at the Closing will be,
authorized and properly executed and constitutes, or will constitute, as
appropriate, the valid and binding obligation of Buyer, enforceable in
accordance with their terms subject to applicable laws of bankruptcy or
insolvency and general principles of equity. The execution, delivery and
performance of this Agreement by Buyer do not in any material respect (i)
violate any decree or judgment of any court or governmental authority which may
be applicable to Buyer; (ii) violate any law (or regulation promulgated under
any law); (iii) violate or conflict with, or result in a breach of, or
constitute a default under (or an event with or without notice or lapse of time
or both would constitute a default)

 15
 

 

under any contract or agreement to which Buyer is a
party; or (iv) violate or conflict with any provision of the organizational
documents of Buyer.

(b)           Conflicts and Pending
Action.  There is no agreement
to which Buyer is a party or to Buyer’s knowledge binding on Buyer which is in
conflict with this Agreement. There is no action or proceeding pending or, to
Buyer’s knowledge, threatened against Buyer which challenges or impairs Buyer’s
ability to execute or perform its obligations under this Agreement or the
Partnership Agreement.

SECTION
9.3.  Survival of Representations and
Warranties and Limitation of Liability.  The representations and warranties set forth
in Article 9 are made as of the date of this Agreement and shall not be deemed
to be merged into or waived by the instruments of Closing, but shall survive
the Closing for a period of twelve (12) months. Seller and Buyer shall have the
right to bring an action thereon only if Seller or Buyer, as the case may be,
has given the other party written notice of the circumstances giving rise to
the alleged breach within such twelve (12) month period. Each party agrees to
defend and indemnify the other against any claim, liability, damage or expense
asserted against or suffered by such other party arising out of the breach or
inaccuracy of any such representation or warranty for which notice has been so
given. Notwithstanding anything in this Agreement or in the documents delivered
in connection with this Agreement, Seller’s aggregate collective liability for
claims arising out of matters that expressly survive the Closing shall be
limited and shall not exceed a sum equal to ten percent (10%) of the Purchase
Price.

ARTICLE X

MISCELLANEOUS

SECTION
10.1.  Parties Bound.  No party may assign this Agreement without
the prior written consent of the other parties, and any such prohibited
assignment shall be void. Subject to the foregoing, this Agreement shall be
binding upon and inure to the benefit of the respective legal representatives,
successors, assigns, heirs and devisees of the parties.

SECTION
10.2.  Default.  If any party defaults in its obligations
hereunder, the other parties may pursue any remedies available to them at law
or in equity; provided, however that Seller shall not be entitled
to pursue the remedy of specific performance against Buyer.

SECTION
10.3.  Confidentiality.  No party may issue a public announcement
concerning the transactions contemplated by this Agreement without the prior
written consent of the other parties, such consent not to be unreasonably
withheld or delayed, except as required by law or the rules of any securities
exchange on which securities of such party or one of its affiliates are listed.

SECTION
10.4.  Headings.  The article and section headings of this
Agreement are for convenience only and in no way limit or enlarge the scope or
meaning of the language hereof.

SECTION
10.5.  Invalidity and Waiver.  If any portion of this Agreement is held
invalid or inoperative, then so far as is reasonable and possible the remainder
of this Agreement shall be deemed valid and operative, and effect shall be
given to the intent manifested by the portion held invalid or inoperative. The
failure by a party to enforce against any other party any term or

 16
 

 

provision of this Agreement shall not be deemed to be
a waiver of such party’s right to enforce against the other party the same or
any other such term or provision in the future.

SECTION
10.6.  Governing Law.  This Agreement shall, in all respects, be
governed, construed, applied, and enforced in accordance with the law of the
State of Delaware.

SECTION
10.7.  No Third Party Beneficiary.  This Agreement is not intended to give or
confer any benefits, rights, privileges, claims, actions, or remedies to any
person or entity as a third party beneficiary or otherwise.

SECTION
10.8.  Entirety and Amendments.  This Agreement embodies the entire agreement
between the parties and supersedes all prior agreements and understandings
relating to the Properties except for any confidentiality agreement binding on
Buyer, which shall not be superseded by this Agreement. This Agreement may be
amended or supplemented only by an instrument in writing executed by the party
against whom enforcement is sought.

SECTION
10.9.  Notices.  Any notice or other communication provided
for or required by this Agreement shall be in writing and shall be delivered by
e-mail, by hand, by air courier service, by certified or registered mail,
return receipt requested, postage prepaid, or by facsimile transmission,
addressed to the person to whom such notice is intended to be given at such
address as such person may have previously furnished in writing to the
Partnership or to such person’s last known address. In the case of any
communication which requires a response within a specified period of time
pursuant to the terms of this Agreement, the time period in which such response
must be given shall commence upon the date of actual receipt of a hard copy
(including a facsimile copy) of any such communication. Delivery to any
officer, member, agent or employee of a party at the designated address of such
party shall constitute actual receipt for purposes hereof. Until receipt of
written notice to the contrary, the parties’ addresses for notices shall be
served on the parties at the addresses set forth in Section 1.1.

SECTION
10.10.  Construction.  The parties acknowledge that the parties and
their respective 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 or any exhibits or amendments hereto.

SECTION
10.11.  Indemnity.

The following provisions govern actions for indemnity
under this Agreement. Promptly after receipt by an indemnitee of notice of any
claim, such indemnitee will, if a claim in respect thereof is to be made
against the indemnitor, deliver to the indemnitor written notice thereof and
the indemnitor shall have the right to participate in such proceeding and, if
the indemnitor agrees in writing that it will be responsible for any costs,
expenses, judgments, damages, and losses incurred by the indemnitee with
respect to such claim, to assume the defense thereof, with counsel mutually
satisfactory to the parties; provided,
however, that an indemnitee shall
have the right to retain its own counsel, with the fees and expenses to be paid
by the indemnitor, if the indemnitee reasonably believes that representation of
such indemnitee by the counsel retained by the indemnitor would be
inappropriate due to actual or potential differing interests between such
indemnitee and any other

 17
 

 

party represented by such counsel in such proceeding.
The failure of indemnitee to deliver written notice to the indemnitor within a
reasonable time after indemnitee receives notice of any such claim shall
relieve such indemnitor of any liability to the indemnitee under this indemnity
only if and to the extent that such failure is prejudicial to its ability to
defend such action, and the omission so to deliver written notice to the
indemnitor will not relieve it of any other liability that it may have to any
indemnitee. If an indemnitee settles a claim without the prior written consent
of the indemnitor, then the indemnitor shall be released from liability with
respect to such claim unless the indemnitor has unreasonably withheld such
consent.

SECTION
10.12.  Further Assurances.  Each of the parties hereto agrees to take
such actions and execute such further documents, instruments and other
agreements as may be reasonably requested by any other party hereto as may be
reasonably necessary to carry out and implement the intent of this Agreement.

SECTION
10.13.  Execution in Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original, and all of
such counterparts shall constitute one Agreement.

SECTION
10.14.  WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW,
THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

[Signature
Page Follows]

 18

 

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and
year written above.

SELLER:

DCT EAGLE
CREEK LLC, a Delaware limited liability company

By:
DCT Leasing Corp., a Delaware corporation, its sole member

	
  

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Teresa L. Corral

  
	
   

  	
  Its: Authorized Signatory

  

 

BUYER:

TRT EAGLE
CREEK WEST LLC, a Delaware limited liability company

By:                            DCTRT
Real Estate Holdco LLC, a Delaware limited liability company, its sole member

By:                            Dividend
Capital Total Realty Operating Partnership LP, a Delaware limited partnership,
its sole member

By:          Dividend Capital Total Realty Trust
Inc., a Maryland corporation, its general partner

	
  

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Michael J. Kelly

  
	
   

  	
  Its: Managing Director/Chief Acquisitions Officer

  

 

JOINDER

Subject
to the express limitations set forth in Section 9.3, the undersigned,
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, hereby duly executes with proper authority and joins in
the execution of this Agreement, and agrees that it is jointly and severally
liable, as a principal and not as a surety, for the Seller’s obligations under
the Agreement and the documents executed in connection therewith.

DCT
LEASING CORP., a Delaware corporation

	
  By:

  	
   

  	
   

  
	
  Name: Teresa L. Corral

  
	
  Its: Authorized Signatory

  

 

 S-1

EXHIBIT A

LEGAL DESCRIPTION OF REAL PROPERTY

Lot 2, Block 4, Savage Business Park Second Addition;

 

AND

 

The West 61.29 feet of Lot 1, Block 4, Savage Business Park Second
Addition, Scott County, Minnesota.

 

Abstract Property

 

 

EXHIBIT B

SCHEDULE OF LEASES

See Rent Roll
(Exhibit J)

 3
 

 

 

EXHIBIT C

OPERATING STATEMENTS

[See Attached]

 4
 

 

 

EXHIBIT D

SERVICE CONTRACTS

1.               Service Agreement
for parking lot sweeping services at Eagle Creek West with Greenside, Inc.
dated April 1, 2006.

2.               Service Agreement
for security services at Eagle Creek West with Trans-Alarm dated February 16,
2006.

3.               Service Agreement
for landscaping services at Eagle Creek West with Greenside, Inc. dated April
1, 2006.

4.               Service Agreement
for window washing at Eagle Creek West with City Heights, Inc. dated June 1,
2006.

5.               Service Agreement
for outdoor lighting at Eagle Creek West with Reluminate, Inc. dated September
1, 2006.

6.               Service Agreement
for snow removal services at Eagle Creek West with Greenside, Inc. dated
September 20, 2006.

 5
 

 

 

EXHIBIT E

REPORTS

1.               Phase I
Environmental Site Assessment for Eagle Creek Commerce Center by SECOR
International Incorporated dated June 2, 2006.

2.               Property Condition
Assessment for Eagle Creek Commerce Center East & West by Pond, Robinson
& Associates, LP dated May 2006.

 6
 

 

 

EXHIBIT F

SELLER’S ESTOPPEL

October 31, 2006

TRT EAGLE CREEK WEST LLC

c/o Dividend Capital Total Realty Trust

518 17th Street

Suite 1700

Denver, Colorado 80202

Attention: Greg Moran

Greg:

The undersigned is the sole owner of the landlord to
the tenants described in the       
(    ) Tenant Estoppel Certificates attached hereto as Exhibit
A.  Pursuant to Section 7.2(g)
of that certain Purchase and Sale Agreement (the “Purchase
Agreement”), dated as of October 31, 2006, by and between the
undersigned and TRT Eagle Creek West LLC (the “Buyer”)
the undersigned has agreed to deliver this Seller’s Estoppel for your benefit
as more particularly set forth in Section 7.2(g) of the Purchase
Agreement.

Accordingly, for good and valuable consideration and
in order to have you proceed with the Closing, the undersigned hereby certifies
the truth and accuracy of the factual statements set forth in the attached
Tenant Estoppel Certificates in all material respects, provided that with
respect to the matters covered in paragraph 12 we certify only to the actual
knowledge of the undersigned. 
Notwithstanding the foregoing, however, this Seller’s Estoppel shall be
superceded by the actual Tenant Estoppel Certificates if and when delivered by
the applicable tenants in accordance with Section 7.2(g) of the Purchase
Agreement.

The
undersigned is executing this certificate as an inducement for you to proceed
with the Closing.

[Signature
Follows]

 7
 

 

 

	
  

  	
  DCT LEASING CORP., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Teresa L. Corral

  
	
   

  	
  Its: Authorized Signatory

  

 

 8

 

EXHIBIT A TO SELLER’S ESTOPPEL

[attach Tenant Estoppels]

 

 

EXHIBIT G

TENANT ESTOPPEL CERTIFICATE

To:       [                                                    ]

                                                                   

                                                                   

             Attention:                                      

 

	
  Re:

  	
  Property Address:

  	
                                          ,

  
	
   

  	
   

  	
                      ,                          

  
	
   

  	
   

  	
  (the “Property”)

  

 

The undersigned
tenant (the “Tenant”) hereby certifies to you as follows:

1.             Tenant is a tenant at the Property under a lease (the “Lease”)
dated
                ,
between
                          
and
                        ,
a true, correct, and complete copy of which, including all amendments thereto
and guaranties thereof, is attached hereto as Exhibit A.  There are no other agreements, written or
oral, affecting or relating to Tenant’s lease of the leased premises described
in the Lease (the “Premises”) or any other portion of the Property.

2.             Tenant took possession of the Premises, consisting of
                                          
square feet, on
                    .  The Tenant currently has full possession of
the Premises, has not assigned the Lease or sublet any part of the Premises and
does not hold the Premises under an assignment or sublease [, except:
                      ].

3.             Tenant has accepted possession of the Premises, and all
work to be performed by Landlord for Tenant under the Lease has been performed
and has been accepted by Tenant [, except
                ].  All allowances to be paid to Tenant have been
paid, and there is no construction completed, ongoing, or planned for which
Landlord is obligated to reimburse Tenant.

4.             All base rent and additional rent under the Lease has
been paid through
                            ,
20      . 
There is no prepaid rent [except
              ].

5.             Base rent is currently payable in the amount of
$                      
per month.

6.             Tenant is currently paying estimated payments of
additional rent of
$                    
on account of real estate taxes, insurance, and common area maintenance expenses.  Select
correct alternative: A  Tenant
pays its full proportionate share of real estate taxes, insurance, and common
area maintenance expenses  OR  B 
Tenant pays Tenant’s proportionate share of the increase in real estate
taxes and insurance over the [base year/base amount] of
                          
and its full proportionate share of common area maintenance charges OR  C                                                                                  .

7.             The amount of security deposit is
$                
and to Tenant’s knowledge none of the security deposit has been applied by the
landlord to any obligation under the Lease.

8.             The Lease term expires on
                  ,
and Tenant has the following renewal or extension
option(s):                 .  The renewal or extension options for the
following periods have been
exercised:                                            .

9.             The Lease is in full force and effect, free from default
and, to Tenant’s knowledge, from any event which could become a default under
the Lease.  Tenant has no claims against
the landlord or offsets or defenses against rent, and there are no disputes
with the landlord.  Tenant is not
currently entitled to any rent abatement under the Lease.

 

 

10.           The Tenant has the following
expansion rights with respect to the Property:
                                                    .

11.           The Tenant has no rights or options
to purchase the Property.

12.           To the best of the Tenant’s
knowledge, no hazardous wastes have been generated, treated, stored, or
disposed of by or on behalf of the Tenant or anyone else on the Premises.

The undersigned
has executed this certificate with the knowledge and agreement that the
undersigned will be bound by the statements contained herein and that they may
be relied upon by the addressee, any mortgagee of the Property, and their
respective successors and assigns.

Dated this
             day of
                          ,
200    .

	
   

  	
  [TENANT’S NAME]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

 

 

EXHIBIT H

ASSIGNMENT OF LEASES AND CONTRACTS AND BILL OF SALE

This instrument is executed and delivered as of the
         day of
                  ,
200     pursuant to that certain Purchase and Sale
Agreement (“Contract”) dated
                        ,
200    , by and between
                    ,
a Delaware
                                  
(“Seller”), and                                                 ,
a
                                          
(“Buyer”), covering the real property described in Exhibit A
attached hereto (“Real Property”).

1.             Sale of Personalty.  For good and valuable consideration, Seller
hereby sells, transfers, sets over and conveys to Buyer the following (the “Personal
Property”):

(a)           Tangible Personalty.  All of Seller’s right, title and interest, in
and to all the furniture, fixtures, equipment, and other tangible personal
property owned by Seller and located in or on the Real Property except any such
personal property belonging to tenants under the Leases or the management
agent; and

(b)           Intangible
Personalty.  All the right, title and
interest of Seller, in and to assignable licenses and permits relating to the
operation of the Property, assignable guaranties and warranties from any
contractor, manufacturer or other person in connection with the construction or
operation of the Property, and the right to use the name of the Property (if
any), but specifically excluding any right, title or interest of Seller in any
trademarks, service marks and trade names of Seller and with reservation by
Seller to use such name in connection with other property owned by Seller in
the vicinity of the Property.

2.             Assignment of
Leases and Contracts.  For good and
valuable consideration, Seller hereby assigns, transfers, sets over and conveys
to Buyer, and Buyer hereby accepts the following:

(a)           Leases.  All of the landlord’s right, title and
interest in and to the tenant leases (“Leases”);

(b)           Service Contracts
and Commission Contracts.  Seller’s
right, title and interest in and to the service contracts and commission
Contracts described in Exhibit B attached hereto (the “Contracts”).

3.             Seller Indemnity.  Seller hereby agrees to indemnify, defend and
hold Buyer harmless from and against any and all claims, losses, costs, damages
and obligations arising by reason of the failure of Seller to fulfill, perform,
discharge, and observe its obligations with respect to the Contracts arising
before the Closing Date.

4.             Assumption.  Buyer hereby assumes the obligations of
Seller under the Leases and Contracts arising from and after the Closing Date
and shall defend, indemnify and hold harmless Seller from and against any
liability, damages, causes of action, expenses, and attorneys’ fees incurred by
Seller by reason of the failure of Buyer to fulfill, perform, discharge, and
observe its obligations with respect to the Leases or the Contracts arising
from and after the Closing Date

 

 

5.             Warranty of Title
to Leases and Contracts.  Seller
warrants that all Personal Property is free and clear of all liens,
encumbrances and interests whatsoever.

6.             Contract Applies.  The covenants, Contracts, disclaimers,
representations, warranties, indemnities and limitations provided in the
Contract with respect to the Property (including, without limitation, the
limitations of liability provided in the Contract), are hereby incorporated
herein by this reference as if herein set out in full and shall inure to the
benefit of and shall be binding upon Assignee and Assignor and their respective
successors and assigns.

 

 

IN WITNESS WHEREOF, the
undersigned have caused this instrument to be executed as of the date written
above.

	
  

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  [ENTITY]

  

 

 

	
  

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

	
  

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

	
  

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

 

[ACKNOWLEDGMENTS]

 

 

EXHIBIT I

LEASING
COMMISSIONS

None.

 

 

EXHIBIT J

RENT
ROLL

[See Attached]

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