Document:

Exhibit
10.48

 

PROPERTY MANAGEMENT AGREEMENT

 

THIS PROPERTY MANAGEMENT
AGREEMENT (this “Agreement”) is made and entered into as of January 24, 2007,
between TRT Alliance Skokie, LLC, a Delaware limited liability company
(hereafter referred to as “Owner”), and Jones Lang LaSalle Americas (Illinois)
L.P., an Illinois limited partnership (hereinafter referred to as “Property
Manager”);

 

RECITALS:

 

A.                                   Owner has acquired an approximately 105,924 square
foot building located at 40 Skokie Boulevard, Northbrook, Illinois 60062 (the “Premises”).

 

B.                                     The Property Manager is experienced in the
management, operation and maintenance of properties similar to the Premises;

 

C.                                     Owner desires to engage the Property Manager
as an independent contractor to manage, operate and maintain the Premises and
to provide certain financial statements and reports to Owner with respect to
the Premises and Property Manager desires to accept such engagement, all
subject to the terms and conditions of this Agreement.

 

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

 

ARTICLE 1

APPOINTMENT AND AUTHORITY OF THE
PROPERTY MANAGER

 

The Owner hereby retains the
Property Manager as the exclusive property manager for the Premises commencing
upon the date hereof, which shall also be the date the Property Manager accepts
such appointment on the terms and conditions hereinafter set forth. The
Property Manager hereby represents to the Owner that it is properly licensed in
the State of Illinois to perform all of the services required of it pursuant to
this Agreement.

 

ARTICLE 2

THE PROPERTY MANAGER’S AGREEMENT

 

2.1                                 Duties of Manager. The Property Manager agrees to manage,
maintain and operate the Premises so that the improvements thereon shall be
operated and maintained in keeping with building structures of its type and age
and the Budget (as defined below), to comply with the Owner’s accounting and
other instructions, to utilize the Property Manager’s staff as necessary to
manage the Premises in the best interests of the Owner, and in connection
therewith:

 

(a)                                  To enter into, make and perform or supervise
the performance of such contracts, agreements, and other undertakings, and to
do such other acts, as it deems necessary or advisable for the operation,
maintenance and management of the Premises pursuant to the terms of this
Agreement. All such contracts, agreements and undertakings shall be between the
Property Manager, acting as agent for the Owner, and the service provider and shall
provide that they are terminable upon the earlier of thirty (30) days notice or
a sale of the Premises. Property Manager will not enter into any contract,
agreement or undertaking with any entity affiliated with Property Manager
unless such contract, agreement or undertaking is on commercially reasonable
terms and 

 

 

the nature of the
affiliation has been disclosed in writing to Owner and Owner has approved the
contract, agreement or undertaking;

 

(b)                                 To select, employ, pay, supervise, direct and
discharge all employees used in the operation and maintenance of the Premises,
and to deduct from their compensation and keep a record of, all withholding and
other taxes, contributions and deductions required by law or contract; to carry
Employer’s Liability Insurance in an amount not less than $500,000 per
occurrence and Worker’s Compensation Insurance covering such employees in an
amount sufficient to provide statutory benefits as required by the laws of the
State of Illinois or $500,000, whichever is greater, and to use reasonable care
in the selection of such employees. All persons employed in connection with the
operation and maintenance of the Premises shall be employees of the Property
Manager and subject to control by the Property Manager only and any wages,
salaries or benefits payable to such employees shall be the responsibility of
Property Manager with no right of reimbursement from Owner unless otherwise
expressly approved by Owner.

 

(c)                                  To employ or engage such managers, building
engineers, accountants, and other persons necessary or appropriate to manage
and operate the Premises and to prepare the Reports (as hereinafter defined),
consistent with the Budget; all space, services, equipment and software used,
or any part thereof, shall be obtained, employed and paid for by the Property
Manager, with no right of reimbursement from the Owner unless otherwise
expressly approved by Owner;

 

(d)                                 At Owner’s request and upon express mutual
agreement of the parties as to reasonable compensation to Property Manager therefore,
to coordinate, supervise and arrange for the installation of improvements as
may be requested by Owner or required by any now or thereafter existing leases
of any portion of the Premises (each singly a “Lease” and collectively, the “Leases”)
with the tenants thereunder (each singly a “Tenant” and collectively, the “Tenants”)
at the inception of each Lease in accordance with plans and specifications
approved by the Owner in writing prior to the commencement of such
installation; to coordinate, supervise and arrange for the making of ordinary
repairs, improvements and alterations and performing other services to the
Premises, in accordance with plans and specifications approved by the Owner in
writing prior to the commencement of such repairs, improvements and alterations
(such installation, making of repairs, improvements and alterations is
hereinafter referred to as “Tenant Work”); provided that Owner and Property
Manager have not previously agreed to any additional compensation for this work
as above set forth and Property Manager desires to do the same, the Property
Manager may collect a fee from the Tenant for the supervision of such
work,  subject to the Owner’s prior
written approval,  which shall not be
unreasonably withheld; and the Property Manager shall hold the Owner harmless
from any and all claims which may be advanced by any such Tenant in connection
with Tenant Work performed under the Property Manager’s supervision.

 

(e)                                  Not to perform any Tenant Work unless
otherwise agreed between the parties;

 

(f)                                    Not to employ or otherwise contract with any
corporation or other entity in which the Property Manager (or any subsidiary,
affiliate, or related corporation) shall have a financial interest for the
purpose of performing the Tenant Work (unless otherwise expressly approved by
Owner);

 

(g)                                 To maintain current and accurate records
reflecting the status of taxes, assessments, and other charges which are or may
become a lien upon any of the Premises, the status of mortgage payments and
ground lease payments (if any) and the status of insurance premiums and fire
and hazard insurance coverage with respect to any of the Premises; if requested
by the Owner, to obtain, from time to time, all bills for the payment of such
charges (including renewal premiums); and to pay 

 

 

all taxes, assessments and
other charges which are or may become a lien upon any of the Premises and, if
requested by the Owner, all insurance premiums, mortgage payments and ground
lease payments, prior to the applicable penalty or termination date, provided
that the Property Manager has knowledge of such insurance premiums, mortgages
or ground leases;

 

(h)                                 To handle complaints and requests from
Tenants; and to notify the Owner promptly of any significant or repetitive
complaint made by Tenants in the Premises, to include all work orders as an
attachment to the monthly report and to notify the Owner promptly (together
with copies of supporting papers) of any notice of violation of any
governmental requirements, any defect in the Premises, any fire or other
material damage to the Premises and, in the case of any fire or other material
damage within the coverage of any insurance policies thereon, to notify the
insurance carrier promptly in accordance with the requirements of the insurance
policies and within such time that an insurance adjuster may view the damage
before any repairs are started, and to complete customary loss reports in
connection with fire or other damage to the Premises;

 

(i)                                     To notify the Owner promptly of any personal
injury or property damage occurring on the Premises and which gives rise to, or
might give rise to, a claim by the Owner, any Tenant or a third party; and to
immediately forward to the Owner any summons, subpoena, or other legal document
served upon the Property Manager relating to actual or alleged potential
liability of the Owner, the Property Manager, or the Premises;

 

(j)                                     To advise the Owner of pertinent covenants in
Leases in which the Tenants agree to hold the Owner harmless with respect to
liability from any accidents and/or to replace broken glass, and to secure from
such Tenants and forward to the Owner any certificates of insurance, and
renewals thereof, required to be furnished by the terms of such Leases;

 

(k)                                  To instruct each Tenant to send all rents,
revenues and other payments due or to become due under the Leases directly to
the Depository Account, or to such other address as Owner may direct;

 

(l)                                     To receive and collect rent, revenues and
other payments due or to become due to the Owner by all Tenants and licensees
in the Premises and all other payments, cash or income of any kind or nature
due or to become due to the Owner on account of the Premises which for any
reason are not sent by the Tenants to the Depository Account and to deposit the
same promptly in the Depository Account, as provided in Section 2.2 hereof, not
later than the Business Day (as hereinafter defined) following the receipt
thereof. For the purposes of this Agreement “Business Day” shall mean any day
other than (i) a Saturday or Sunday, or (ii) a day on which banks generally are
authorized or obligated by law or executive order to be closed. In the event
state law requires that Tenant security deposits be held in a separate account
or if instructed to do so by the Owner, such account shall be established by
the Property Manager, as approved by the Owner;

 

(m)                               To disburse funds from the Operating Account (as hereinafter defined)
to pay costs and expenses incurred in connection with the Premises, subject to
the Budget (as hereinafter defined) or otherwise as authorized by the Owner;

 

(n)                                 To institute with the prior approval of the
Owner, all legal actions or proceedings for the collection of rent or other
income from the Premises, for the enforcement of any obligations of Tenants,
licensees or others, or for the ousting or dispossessing of Tenants or other
persons therefrom. The Owner reserves the right to designate counsel and to
control litigation of any character affecting or arising out of the leasing or
operation of the Premises, the enforcement of rent or other obligations, and
the ousting or dispossessing of Tenants or other persons therefrom;

 

 

(o)                                 To advise the Owner regarding the need, in
the Property Manager’s reasonable opinion, to challenge the real estate taxes
for the Premises. The Property Manager shall furnish the Owner with copies of
all assessments notices and receipted tax bills;

 

(p)                                 To notify the Owner immediately of any fire
or other casualty, lawsuit or threat thereof involving the Premises, and to notify
the Owner of any alleged violations under governmental laws, rules,
regulations, ordinances, or like provisions, whether or not relative to the
use, repair and maintenance of the Premises; the Property Manager will not bear
responsibility for any such violation or noncompliance unless such violation or
noncompliance is due to the negligence of the Property Manager or its
employees, including the failure of the Property Manager to notify the Owner
and to take appropriate action with respect to such violations or noncompliance
of which the Property Manager has actual knowledge (to the extent authorized by
the approved Budget for such year);

 

(q)                                 To reasonably comply with (i) all laws, ordinances, orders, rules,
regulations and requirements of all federal, state, municipal or other
governmental authorities, courts, commissions, boards and officers, and (ii) the provisions of any contract which
may be applicable to the Premises and the operation or management thereof and
of which the Property Manager has received a copy; and

 

(r)                                    To make application for all consents, permits
and approvals required pursuant to applicable zoning laws as approved by the
Owner;

 

Notwithstanding anything
herein to the contrary, the Property Manager may not enter into any Lease or
amend, modify, waive or vary the terms of any Lease.

 

2.2                                 Bank Accounts. The Owner has established a depository
account (the “Depository Account”) at the bank named on Exhibit A
attached hereto and made a part hereof (which bank or any replacement bank named
by the Owner is the “Bank”), to which Depository Account all Tenants are to
send all rents, revenues and payments due or to become due under the Leases. The
Owner has instructed the Bank to deposit the funds so received into the Deposit
Account; the Owner has further instructed the Bank to transfer sufficient funds
from the applicable Deposit Account for the Premises to a separate Operating
Account for the Premises (the “Operating Account”), as established by the Owner
at the Bank, sufficient to cover the disbursements from the Operating Account. The
Owner shall have the right to approve the persons having signing authority with
respect to the Operating Accounts; and provided further that any check or
withdrawal for an amount of $5,000.00 or more shall require two signatures.

 

2.3                                 Reports. The Property Manager agrees to render to the Owner, on or before the
fifth (5th) day of each month for the preceding month in a form as reasonably
required and detailed in advance from time to time by the Owner, the statements
and the other reports listed in Exhibit C attached hereto as to the
Premises (the “Reports”).

 

2.4                                 Records. The Property Manager agrees to maintain, in its offices in Chicago,
Illinois, current and accurate records and accounts of all transactions
pertaining to the operation of the Premises and the funds received and
disbursed incident thereto, such records and accounts to be maintained on an
accrual and cash basis in accordance with generally accepted accounting
principles applied on a consistent basis from year to year, using a
computerized property management software system approved by the Owner. Such
files, books and records shall at all times be the property of Owner. After the
termination or expiration of this Agreement, the Property Manager shall retain
canceled checks as to the Premises (except canceled checks 

 

 

forwarded to the Owner in lieu of receipts),
all employment records, and all other records with respect to the management or
operation of the Premises as provided in Section 6.3 hereof.

 

At all times and from time
to time during the term of this Agreement and at all times and from time to
time during the period following the expiration or termination of this
Agreement while the records are to be retained by the Property Manager in accordance
with Section 6.2 hereof, the Owner and its duly authorized agents,
representatives or employees may, upon reasonable prior notice to the Property
Manager, examine, audit and copy (at Owner’s expense), during business hours or
at such other times as might be reasonable under applicable circumstances, any
and all of the books, records, files or other information of the Property
Manager, or held by another for the Property Manager or on its behalf,
concerning this Agreement, the Premises or the Owner.

 

This Section 2.4 shall
survive the termination or expiration of this Agreement.

 

2.5                                 Accounting Controls. The Property Manager shall ensure such
control over accounting and financial transactions as is reasonably required to
protect the Owner’s assets from loss or diminution due to error or fraudulent
activity on the part of the Property Manager’s associates or employees.

 

2.6                                 Proposed Operating Budgets. Not later than September 1, as to the
succeeding calendar year, the Property Manager shall prepare and submit to the
Owner, at the addresses set forth in Exhibit A, a proposed operating
budget for the promotion, operation, repair and maintenance of the Premises. It
is understood and agreed that, in order to prepare said operating budgets, the
Property Manager must have received a budget of leasing expenses from the
leasing agent for the Premises and the Owner will cause the leasing agents
(other than the Property Manager) to provide to the Property Manager a budget
of leasing expenses not later than each August 15th, commencing
August 15, 2007, as to the succeeding fiscal year.

 

2.7                                 Approved Budget. The Owner will consider the proposed
budgets and will then consult with the Property Manager in the ensuing period
prior to the commencement of the next succeeding calendar year in order to
agree on an approved budget (the “Budget”) for the Premises for the next
succeeding calendar year. If by January 1 of each fiscal year, the Owner has
not authorized an approved Budget as to the Premises for such year, the Property
Manager shall operate and maintain the Premises for which no Budget has been
approved pursuant to the Budget for such Premises of the preceding calendar
year, except that expenses permitted by the previous year’s Budget for such
Premises shall be increased by an additional five percent (5%) of said previous
year’s Budget for such Premises for expenses until such approval is obtained.

 

The Property Manager shall
secure the Owner’s prior written approval for any expenditure that would result
in an excess of ten percent (10%) over the Budgeted amount for Premises in any
one accounting category of the Budget for the Premises; provided, however, in
the event the Property Manager reasonably believes that an expenditure in
excess of such permitted amounts is necessary to prevent imminent harm to
persons or property or to prevent an imminent threat of suspension of services
to the Premises, the Property Manager is authorized to incur and pay such sum
on behalf of the Owner, in which case the Property Manager shall notify the
Owner with reasonable details within 24 hours after the action was taken.

 

During each calendar year
the Property Manager shall promptly inform the Owner of any major increases in
costs and expenses that were not foreseen during the budget preparation period
and thus were not reflected in the Budget for the Premises and the Owner shall
promptly consider in good faith whether the Budget should be amended by reason
thereof.

 

2.8                                 Tenant Relations. The Property Manager agrees to use the
Property Manager’s best efforts to maintain tenant relations and to induce
Tenants to renew their Leases for the Premises. Both parties acknowledge that
the Property Manager is not performing brokerage or leasing services pursuant
to this 

 

 

Agreement and that the Owner may from time to
time engage one or more real estate brokers or leasing agents for this purpose,
which may or may not be the Property Manager or an affiliate of the Property
Manager, at the sole discretion of the Owner.

 

ARTICLE 3

THE OWNER’S AGREEMENTS

 

3.1                                 Documents and Records. The Owner shall promptly furnish the
Property Manager with all documents and records required to properly manage the
Premises, including but not limited to Leases, records of rental payments, loan
payment information, and copies of existing service contracts, to the extent in
the Owner’s possession.

 

3.2                                 Direct Payments. The Owner, at its option, and upon notice
to the Property Manager, may pay directly all taxes, special assessments,
insurance premiums, mortgage payments, ground lease payments and rent for the
real property in which the Premises are located.

 

ARTICLE 4

INSURANCE AND INDEMNITY

 

4.1                                 Insurance Coverage. The Property Manager shall consult with the
Owner and shall recommend to the Owner insurance companies and policies for
such insurance coverage as the Owner and the Owner’s lender or lenders may
require. During the term of this Agreement, the Owner will obtain and keep in
full force insurance meeting the requirements set forth on Exhibit D
attached hereto (or as Owner shall otherwise determine. Such insurance shall be
primary in coverage to any similar insurance maintained by property Manager and
shall name Property Manager as an additional insured. The Property Manager, at
its sole cost and expense, shall procure and maintain the fidelity bond or comprehensive
crime insurance and the insurance, as described on Exhibit D, in amounts
not less than the amounts set forth on Exhibit D.

 

4.2                                 Information. The Property Manager shall furnish whatever information is reasonably
requested by the Owner and in Property Manager’s possession for the purpose of
determining the proper levels of insurance coverage.

 

4.3                                 Owner Indemnity. The Property Manager agrees to use a degree
of care that would be exercised by a prudent property manager in the same or
similar circumstances in the performance of its duties and obligations
hereunder. The Owner agrees to indemnify, defend, and hold Property Manager
harmless from and against any and all loss, damage, or expense, including court
costs and reasonable attorneys’ fees, arising out of, or resulting from the
good faith exercise of Property Manager’s judgment, consistent with said
standard of care, with respect to such duties and obligations, and the Owner
shall have no claim against the Property Manager (a) by reason of any act or
omission in such exercise of such judgment relative to the performance of said
duties and obligations, provided the Property Manager was not negligent or
guilty of willful misconduct or (b) for any loss for which Owner has otherwise
been reimbursed by the insurance required under Section 4.1.

 

4.4                                 Property Manager Indemnity. The Property Manager shall indemnify and
save harmless the Owner against and from all liability, suits, claims, demands
and costs by or on behalf of any third parties, including persons, firms, or corporations,
due to or arising out of any negligence or willful misconduct on the part of
the Property Manager, its employees, or the Property Manager’s breach of its
obligations under this Agreement.

 

4.5                                 Waiver of Claims. If any applicable insurance policy is not
invalidated by such waiver and release, the Owner and the Property Manager
hereby waive and release any claim, demand or right, including 

 

 

all rights of subrogation, they and all
others under them, including any insurer, might otherwise have to recover from
the other party, or their contractors or employees, for damage to or
destruction of any of their real or personal property situated on the Premises.
resulting from the negligence of the other party, or their contractors or
employees, to the extent that the Owner or the Property Manager, as the case
may be, is compensated by insurance for such damage or destruction and
including any deductibles, self insurance or self insured retentions irrespective
of the cause thereof. If necessary, the Owner and the Property Manager shall
obtain any necessary waiver from their respective insurers.

 

ARTICLE 5

MANAGEMENT FEES

 

5.1                                 Management Fees. As management fees for services to be
performed by the Property Manager in managing, operating and maintaining the
Premises in accordance with the provisions of this Agreement, the Owner agrees
to pay to the Property Manager compensation on the basis specified in Exhibit
B.

 

ARTICLE 6

MISCELLANEOUS

 

6.1                                 Termination. Notwithstanding anything herein to the contrary, this Agreement will
terminate as to the Premises upon the earlier of: (i) the date on which title
to the Premises ceases, for any reason, including without limitation a sale, a
foreclosure or a conveyance in lieu of foreclosure, to be owned by the Owner;
(ii) the earliest of (A) thirty (30) days after Property Manager receives
written notice of a default in its performance of any of the terms and
conditions of this Agreement provided that such default is continuing and
remains uncured thirty (30) days after receipt of such written notice, of (B)
the date on which Property Manager makes any assignment for the benefit of
creditors, commits any act of bankruptcy, or files a petition under any
bankruptcy or insolvency law, or (C) sixty (60) days after a petition is filed
against Property Manager by another party, provided such petition remains
undismissed sixty (60) days after such filing, or (iii) thirty (30) days after
Owner or Property Manager receives written notice of termination of this
Agreement from the other party hereto without cause.

 

6.2                                 Record Retention. Upon the expiration or termination of this
Agreement for any reason, the parties will cooperate with each other to effect
an efficient and smooth transition of responsibility with respect to the
management and recordkeeping of the Premises and the Property Manager, as
directed by the Owner, either will (i) at the Owner’s expense, immediately
deliver all documents, files, books, paper, accounts and computer files and/or
software (if such software is owned by the Owner) relating to the Premises that
are in the Property Manager’s possession or under the Property Manager’s
control (the “Records”) to the control of the Owner, or (ii) at the Owner’s
expense, hold the Records for not less than twelve (12) months, provided,
however, that (i) if the Property Manager intends to dispose of the Records at
any time after twelve (12) months following the expiration or termination of
this Agreement, the Property Manager shall first give the Owner written notice
of its intent to dispose of the Records and offer to deliver the Records to the
Owner; unless the Owner requests that the Property Manager dispose of the
Records, by written notice to the Property Manager within thirty (30) days
following such notice from the Property Manager, the Property Manager shall
deliver the Records to the Owner immediately following the end of such thirty
(30) day period; and (ii) at any time while the Property Manager is holding the
Records following the expiration or termination of this Agreement, the Property
Manager shall deliver the Records to the Owner immediately following written
request therefore from the Owner. The Property Manager may make and maintain
copies of such records for its files at the Property Manager’s expense. At the
Owner’s request, the 

 

 

Property Manager shall notify all Tenants of
any change in payment instructions and all other parties, including but not
limited to tax authorities, of any change in billing address.

 

6.3                                 Authorized Representatives. The Owner from time to time shall designate
to the Property Manager in writing the duly authorized representative or
representatives of the Owner (the initial designation being contained in Exhibit
A hereto) for the purpose of this Agreement and any statement, notice
recommendation, request, demand, consent or approval under this Agreement shall
be in writing and shall be deemed given by the Owner when signed by such
designated person or persons (as to the Owner) and (a) delivered personally to
a representative of the Property Manager (b) when mailed by Certified Mail,
Return Receipt Requested, postage prepaid, addressed to the Property Manager at
the last designated address given to the Owner or (c) by fax with confirmation
of receipt, or if directed to the Owner, it shall be deemed given when (a)
delivered personally to,(b) when mailed by Certified Mail, Return Receipt
requested, postage prepaid, addressed to the Owner’s designated representative
at the last address furnished to the Property Manager or (c) by fax with
confirmation of receipt. Either party may, by written notice, from time to time
designate a different address or different individuals as its authorized
representative or representatives.

 

6.4                                 Assignment. This Agreement may not be assigned by either party except upon
written consent of the other party and cannot be changed orally, but only by a
writing signed by both parties.

 

6.5                                 Limited Liability. Each party’s liability hereunder shall be
limited to its assets; and no partner, director, officer, agent, servant,
employee, representative or affiliate of either party shall have any personal
liability in connection with the Agreement. Neither party shall be liable to
the other for, and each party hereby waives any and all rights to claims
against the other party, any consequential, punitive or exemplary damages in
connection with this Agreement, including, but not limited to, lost revenue or
profits, even if a party has knowledge of the possibility of such damages; and
except for Manager’s indemnification obligations set forth above, in no event
shall Manager’s liability to Owner hereunder exceed an amount equal to the
greater of annual fees paid to it or One Million Dollars.

 

6.6                                 Counterparts. This Agreement may be executed in
counterparts, all of which, when taken together, shall constitute one and the
same original.

 

6.7                                 Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Illinois, without giving
effect to the conflict of law principles of such state.

 

[Remainder of Page Intentionally Left Blank]

 

 

IN WITNESS WHEREOF, the
parties have executed this Master Property Management Agreement as of the date
first above written.

 

	
   

  	
  OWNER:

  
	
   

  	
   

  
	
   

  	
  TRT Alliance Skokie, LLC,
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By: TRT Alliance JV II GP,
  a Delaware general partnership

  
	
   

  	
  Its: sole member

  
	
   

  	
   

  
	
   

  	
  By: 40 Skokie Associates,
  LLC, a Colorado limited liability 

  company

  
	
   

  	
  Its: managing general
  partner

  
	
   

  	
   

  
	
   

  	
  By: Alliance Real Estate
  Value Fund III, LLC, a Delaware limited

  liability company

  
	
   

  	
  Its: manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: AVF Management, LLC, a
  Colorado limited liability company

  
	
   

  	
  Its: managing member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  [ILLEGIBLE]

  
	
   

  	
  Its:

  	
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PROPERTY MANAGER:

  
	
   

  	
   

  
	
   

  	
  Jones Lang LaSalle
  Americas (Illinois), L.P., an Illinois limited partnership

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  [ILLEGIBLE]

  
	
   

  	
  Its:

  	
  Managing Director

  

 

 

EXHIBIT A

 

1.                                       Name of Bank:

 

Bank of America

 

2.                                       The Owner’s representative and address is:

 

TRT Alliance Skokie, LLC

c/o Alliance Commercial
Partners, LLC

165 South Union Boulevard,
Suite 510

Lakewood, CO 80228

Attn:  Douglas McCormick

Fax: 303-986-7990

 

3.                                       The Property Manager’s representative and
address is:

 

Jones Lang LaSalle Americas
(Illinois), L.P.

200 E. Randolph Drive

Chicago, IL 60601

Attn: Steve Zsigray

Fax: 312-782-4339

 

With a copy to:

 

Jones Lang LaSalle Americas
(Illinois), L.P.

200 East Randolph Drive

Chicago, IL 60601

Attn: Americas General
Counsel

Fax: 312-228-2277

 

4.                                       Addresses of the Premises:

 

40 Skokie Boulevard

Northbrook, IL 60062

 

 

EXHIBIT B

 

COMPENSATION FOR MANAGEMENT
SERVICES

 

1.                                       Management fees: As full compensation and reimbursement for
performing the management services provided for in the Agreement, the Owner
agrees to pay the Property Manager during the term of this Agreement, as
management fees, a monthly amount equal to two and a half percent (2.5%) of the
monthly gross rental collections from the Premises.

 

2.                                       Construction Management Fees.
In the event Owner requests Property Manager to provide construction management
and/or construction administrative services in connection with Tenant Work and
building capital expenditures, Owner agrees to pay Property Manager a fee as
outlined in the following schedule:

 

For projects between $10,000 and $200,000, a fee of
3.0% of the total construction cost;

 

For projects between $201,000 and $300,000, a fee of
2.5% of the total construction cost;

 

For projects between $301,000 and $500,000, a fee of
2.0% of the total construction cost;

 

For projects above $500,000, a fee to be negotiated
by Owner and Property Manager.

 

 

EXHIBIT C

 

List of Reports

 

All books, records, and reports must be in
accordance with U.S. GAAP

 

PROPERTY
NAME

Owner’s
Monthly Report Transmittal Form

Property
Name

For the
Month Ended XX/XX/20XX

 

	
  ITEM

  	
   

  	
  INCLUDED

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GAAP (Books on XX/31 basis):

  	
   

  	
   

  	
   

  
	
  Balance Sheet (Accrual Basis)

  	
   

  	
  X

  	
   

  
	
  Summary Income Statement (Accrual Basis)

  	
   

  	
  X

  	
   

  
	
  Detail Income Statement (Accrual Basis)

  	
   

  	
  X

  	
   

  
	
  Trial Balance (MTD & YTD)

  	
   

  	
  X

  	
   

  
	
  General Ledger (Accrual Basis)

  	
   

  	
  X

  	
   

  
	
  Bank Reconciliations

  	
   

  	
  X

  	
   

  
	
  Accounts Receivable Aging

  	
   

  	
  X

  	
   

  
	
  A/R Aging Explanations - Over 90 Days

  	
   

  	
  X

  	
   

  
	
  Allowance for Uncollectible Rent Schedule

  	
   

  	
  X

  	
   

  
	
  Accounts Payable Aging

  	
   

  	
  X

  	
   

  
	
  Security Deposit Report

  	
   

  	
  X

  	
   

  
	
  Rent Roll

  	
   

  	
  X

  	
   

  
	
  Reconciliation of Rent Roll to Billing

  	
   

  	
  X

  	
   

  
	
  Management Fee Calculation

  	
   

  	
  X

  	
   

  
	
  Supporting Schedules for all remaining Balance Sheet
  Accounts

  	
   

  	
  X

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BUDGET (Books on 12/31 basis):

  	
   

  	
   

  	
   

  
	
  Property Overview

  	
   

  	
  X

  	
   

  
	
  Balance Sheet (Cash Basis)

  	
   

  	
  X

  	
   

  
	
  Summary Income Statement (Cash Basis)

  	
   

  	
  X

  	
   

  
	
  Detail Income Statement (Cash Basis)

  	
   

  	
  X

  	
   

  
	
  General Ledger (Cash Basis)

  	
   

  	
  X

  	
   

  
	
  Variance Analysis

  	
   

  	
  X

  	
   

  
	
  Leasing Report

  	
   

  	
  X

  	
   

  
	
  Lease Expirations

  	
   

  	
  X

  	
   

  

 

 

EXHIBIT C-1

 

	
   

  	
   

  	
  Master
  Chart of Accounts

  	
   

  	
   

  
	
   

  	
   

  	
  Version
  040903

  	
   

  	
   

  

 

	
   

  	
   

  	
  ASSETS

  	
   

  	
  Header

  
	
   

  	
   

  	
  CURRENT ASSETS

  	
   

  	
  Header

  
	
  1000

  	
   

  	
  Suspense - balance should
  always be zero

  	
   

  	
   

  
	
  1001

  	
   

  	
  Cash - Property
  Operating Account

  	
   

  	
   

  
	
  1002

  	
   

  	
  Cash - Partnership
  Operating Account

  	
   

  	
   

  
	
  1003

  	
   

  	
  Cash - Money Market
  Investment Account

  	
   

  	
   

  
	
  1004

  	
   

  	
  Cash - Petty Cash

  	
   

  	
   

  
	
  1005

  	
   

  	
  Cash - Payroll

  	
   

  	
   

  
	
  1006

  	
   

  	
  Cash - Other
  Unrestricted Account

  	
   

  	
   

  
	
  1000-1010

  	
   

  	
  Total Unrestricted Cash

  	
   

  	
  Total

  
	
  1011

  	
   

  	
  Cash - Security
  Deposits Held

  	
   

  	
   

  
	
  1012

  	
   

  	
  Cash - Debt Reserve
  Account

  	
   

  	
   

  
	
  1013

  	
   

  	
  Cash - Replacement
  Reserve Account

  	
   

  	
   

  
	
  1014

  	
   

  	
  Cash - Tax Escrow
  Account

  	
   

  	
   

  
	
  1015

  	
   

  	
  Cash - Insurance Escrow
  Account

  	
   

  	
   

  
	
  1016

  	
   

  	
  Cash - Interest Reserve
  Escrow

  	
   

  	
   

  
	
  1017

  	
   

  	
  Cash - Lockbox Account

  	
   

  	
   

  
	
  1018

  	
   

  	
  Cash - Utility Deposits

  	
   

  	
   

  
	
  1019

  	
   

  	
  Cash - Other Restricted
  Account

  	
   

  	
   

  
	
  1011-1025

  	
   

  	
  Total Restricted Cash

  	
   

  	
  Total

  
	
  1026

  	
   

  	
  Prepaid Sales Taxes

  	
   

  	
   

  
	
  1027

  	
   

  	
  Prepaid Property Taxes

  	
   

  	
   

  
	
  1028

  	
   

  	
  Prepaid Income Taxes

  	
   

  	
   

  
	
  1029

  	
   

  	
  Prepaid Excise Taxes

  	
   

  	
   

  
	
  1030

  	
   

  	
  Prepaid Liquor Taxes

  	
   

  	
   

  
	
  1031

  	
   

  	
  Prepaid Occupancy Taxes

  	
   

  	
   

  
	
  1032

  	
   

  	
  Prepaid County Taxes

  	
   

  	
   

  
	
  1033

  	
   

  	
  Prepaid Other Taxes

  	
   

  	
   

  
	
  1034

  	
   

  	
  Prepaid State Wage
  Taxes

  	
   

  	
   

  
	
  1035

  	
   

  	
  Prepaid Federal Wage
  Taxes

  	
   

  	
   

  
	
  1036

  	
   

  	
  Prepaid FICA Wage Taxes
  -Employee

  	
   

  	
   

  
	
  1037

  	
   

  	
  Prepaid FICA Wage Taxes
  -Employer

  	
   

  	
   

  
	
  1026-1045

  	
   

  	
  Total Prepaid Taxes

  	
   

  	
  Total

  
	
  1046-1050

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1051

  	
   

  	
  Prepaid Casualty
  Insurance

  	
   

  	
   

  
	
  1052

  	
   

  	
  Prepaid Liability
  Insurance

  	
   

  	
   

  
	
  1053

  	
   

  	
  Prepaid Other Insurance

  	
   

  	
   

  
	
  1051-1060

  	
   

  	
  Total Prepaid Insurance

  	
   

  	
  Total

  
	
  1061

  	
   

  	
  Accounts Receivable -
  Tenants

  	
   

  	
   

  
	
  1062

  	
   

  	
  Asset Manager Defined

  	
   

  	
   

  
	
  1063

  	
   

  	
  Asset Manager Defined

  	
   

  	
   

  
	
  1064

  	
   

  	
  Asset Manager Defined

  	
   

  	
   

  
	
  1065

  	
   

  	
  Under Collection of CAM
  Costs

  	
   

  	
   

  
	
  1061-1075

  	
   

  	
  Total Accounts Receivables
  (Tenant / Lease Related)

  	
   

  	
  Total

  

 

 

	
  1076

  	
   

  	
  Allowance for
  Uncollectable Tenant Receivables

  	
   

  	
   

  
	
  1076-1080

  	
   

  	
  Allowance for Uncollectable
  Tenant Receivables

  	
   

  	
  Total

  
	
  1081

  	
   

  	
  Accounts Receivables
  Others (non related)

  	
   

  	
   

  
	
  1082

  	
   

  	
  Accounts Receivable -
  Property Manager

  	
   

  	
   

  
	
  1086-1090

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1081-1090

  	
   

  	
  Other Receivables

  	
   

  	
  Total

  
	
  1091

  	
   

  	
  Allowance for
  Uncollectable Other Receivables

  	
   

  	
   

  
	
  1091-1095

  	
   

  	
  Allowance for Uncollectable
  Other Receivables

  	
   

  	
  Total

  
	
  1096-1130

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1131-1150

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1151

  	
   

  	
  Accounts Receivable -
  Asset Manager

  	
   

  	
   

  
	
  1152

  	
   

  	
  Accounts Receivable -
  Dividend

  	
   

  	
   

  
	
  1153

  	
   

  	
  Accounts Receivable -
  Other Capital Partners

  	
   

  	
   

  
	
  1151-1160

  	
   

  	
  Total Accounts Receivables
  -Related Party

  	
   

  	
  Total

  
	
  1161

  	
   

  	
  Prepaid Dues

  	
   

  	
   

  
	
  1162

  	
   

  	
  Prepaid Expenses

  	
   

  	
   

  
	
  1163

  	
   

  	
  Other Current Assets

  	
   

  	
   

  
	
  1161-1170

  	
   

  	
  Total Other Current Assets

  	
   

  	
  Total

  
	
  1171-1180

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1181-1200

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
   

  	
   

  	
  Total Current Assets

  	
   

  	
  Total

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Long Term Assets

  	
   

  	
  Header

  
	
   

  	
   

  	
  Fixed Assets

  	
   

  	
  Header

  
	
  1201

  	
   

  	
  Land

  	
   

  	
   

  
	
  1202

  	
   

  	
  Site Improvements

  	
   

  	
   

  
	
  1203

  	
   

  	
  Air Rights

  	
   

  	
   

  
	
  1204

  	
   

  	
  Permanent Impairment in
  Land Value (Contra Asset)

  	
   

  	
   

  
	
  1201-1210

  	
   

  	
  Total Land

  	
   

  	
  Total

  
	
  1211

  	
   

  	
  Architect Fees

  	
   

  	
   

  
	
  1212

  	
   

  	
  Developer Fees

  	
   

  	
   

  
	
  1213

  	
   

  	
  General Contractor Fees

  	
   

  	
   

  
	
  1214

  	
   

  	
  Other Professional Fees

  	
   

  	
   

  
	
  1215

  	
   

  	
  Capitalized Interest

  	
   

  	
   

  
	
  1216

  	
   

  	
  Other Capitalized
  Lending Costs

  	
   

  	
   

  
	
  1217

  	
   

  	
  Appraisal Fees

  	
   

  	
   

  
	
  1218

  	
   

  	
  Legal Fees

  	
   

  	
   

  
	
  1219

  	
   

  	
  Property Taxes

  	
   

  	
   

  
	
  1220

  	
   

  	
  Environment and other
  Studies

  	
   

  	
   

  
	
  1221

  	
   

  	
  Inspections

  	
   

  	
   

  
	
  1222

  	
   

  	
  Permits

  	
   

  	
   

  
	
  1223

  	
   

  	
  Off Site Charges

  	
   

  	
   

  
	
  1224

  	
   

  	
  On Site Charges

  	
   

  	
   

  
	
  1225

  	
   

  	
  Engineering

  	
   

  	
   

  
	
  1226

  	
   

  	
  Surveyor

  	
   

  	
   

  
	
  1227

  	
   

  	
  Insurance

  	
   

  	
   

  
	
  1228

  	
   

  	
  Interior Design

  	
   

  	
   

  
	
  1229

  	
   

  	
  Utilities

  	
   

  	
   

  
	
  1230

  	
   

  	
  Construction/Sales
  Trailer

  	
   

  	
   

  
	
  1231

  	
   

  	
  Grand Opening Costs

  	
   

  	
   

  

 

 

	
  1232

  	
   

  	
  Cleaning/Maintenance/Security

  	
   

  	
   

  
	
  1233

  	
   

  	
  Marketing Costs

  	
   

  	
   

  
	
  1234

  	
   

  	
  Hard Costs -
  Constructions

  	
   

  	
   

  
	
  1235

  	
   

  	
  Hard Costs - Site Work

  	
   

  	
   

  
	
  1211-1250

  	
   

  	
  Total Construction In Progress

  	
   

  	
  Total

  
	
  1251

  	
   

  	
  Building Costs

  	
   

  	
   

  
	
  1252

  	
   

  	
  Permanent Impairment in
  Building Value(Contra Asset)

  	
   

  	
   

  
	
  1251-1260

  	
   

  	
  Building

  	
   

  	
   

  
	
  1261

  	
   

  	
  Building Improvements -
  HVAC Renovation

  	
   

  	
   

  
	
  1262

  	
   

  	
  Building Improvements -
  Common Areas

  	
   

  	
   

  
	
  1263

  	
   

  	
  Building Improvements -
  Model/Spec Space/Landlord Work

  	
   

  	
   

  
	
  1264

  	
   

  	
  Building Improvements -
  Renovations

  	
   

  	
   

  
	
  1265

  	
   

  	
  Building Improvements -
  Parking Area

  	
   

  	
   

  
	
  1266

  	
   

  	
  Building Improvements -
  Roof Replacement

  	
   

  	
   

  
	
  1267

  	
   

  	
  Building Improvements -
  Miscellaneous Improvements

  	
   

  	
   

  
	
  1261-1275

  	
   

  	
  Total Building Improvements

  	
   

  	
  Total

  
	
  1276-1280

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1281

  	
   

  	
  Computer

  	
   

  	
   

  
	
  1282

  	
   

  	
  Furniture and Fixtures

  	
   

  	
   

  
	
  1283

  	
   

  	
  Office Equipment

  	
   

  	
   

  
	
  1284

  	
   

  	
  Shop Equipment

  	
   

  	
   

  
	
  1285

  	
   

  	
  Vehicles

  	
   

  	
   

  
	
  1281-1290

  	
   

  	
  Total Furniture Fixtures &
  Equipment

  	
   

  	
  Total

  
	
  1291-1300

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1301-1310

  	
   

  	
  Acquired Leases - Origination
  Value

  	
   

  	
   

  
	
  1311-1320

  	
   

  	
  Capitalized Leasing Commissions

  	
   

  	
   

  
	
  1321

  	
   

  	
  Tenant Improvements
  Completed

  	
   

  	
   

  
	
  1322

  	
   

  	
  Tenant Improvements
  Work in Progress

  	
   

  	
   

  
	
  1321-1330

  	
   

  	
  Capitalized Tenant Improvements

  	
   

  	
  Total

  
	
  1331

  	
   

  	
  Loan Acquisition Costs

  	
   

  	
   

  
	
  1332

  	
   

  	
  Loan Hedge Premiums

  	
   

  	
   

  
	
  1331-1340

  	
   

  	
  Capitalized Loan Costs

  	
   

  	
   

  
	
  1341-1350

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1351-1400

  	
   

  	
  Investment In Related Real
  Estate Company

  	
   

  	
  Total

  
	
   

  	
   

  	
  Total Investments in Related
  Real Estate Companies

  	
   

  	
  Total

  
	
  1401

  	
   

  	
  Investment in Senior
  Loan-Qualifying

  	
   

  	
   

  
	
  1402

  	
   

  	
  Investment in Mezzanine
  Loan-Qualifying

  	
   

  	
   

  
	
  1403

  	
   

  	
  Investment in Debt
  Securities-Qualifying

  	
   

  	
   

  
	
  1404

  	
   

  	
  Investment in Mortgage
  Pools-Qualifying

  	
   

  	
   

  
	
  1405

  	
   

  	
  Investment in
  Other-Qualifying

  	
   

  	
   

  
	
  1401-1405

  	
   

  	
  Investments In Debt
  Instruments-Qualifying

  	
   

  	
  Total

  
	
  1406

  	
   

  	
  Investment in Senior
  Loan-Non Qualifying

  	
   

  	
   

  
	
  1407

  	
   

  	
  Investment in Mezzanine
  Loan-Non Qualifying

  	
   

  	
   

  
	
  1408

  	
   

  	
  Investment in Debt
  Securities-Non Qualifying

  	
   

  	
   

  
	
  1409

  	
   

  	
  Investment in Mortgage
  Pools-Non Qualifying

  	
   

  	
   

  
	
  1410

  	
   

  	
  Investment in Other-Non
  Qualifying

  	
   

  	
   

  
	
  1406-1410

  	
   

  	
  Investments In Debt Instruments-Non
  Qualifying

  	
   

  	
  Total

  
	
  1411

  	
   

  	
  Accrued Interest Senior
  Loans-Qualifying

  	
   

  	
   

  
	
  1412

  	
   

  	
  Accrued Interest
  Mezzanine Loans-Qualifying

  	
   

  	
   

  
	
  1413

  	
   

  	
  Accrued Debt Security
  Income-Qualifying

  	
   

  	
   

  

 

 

	
  1414

  	
   

  	
  Accrued Interest
  Mortgage Pools-Qualifying

  	
   

  	
   

  
	
  1415

  	
   

  	
  Accrued Interest
  Other-Qualifying

  	
   

  	
   

  
	
  1411-1415

  	
   

  	
  Accrued Debt Investment
  Income-Qualifying

  	
   

  	
  Total

  
	
  1416

  	
   

  	
  Accrued Interest Senior
  Loans-Non Qualifying

  	
   

  	
   

  
	
  1417

  	
   

  	
  Accrued Interest
  Mezzanine Loans-Non Qualifying

  	
   

  	
   

  
	
  1418

  	
   

  	
  Accrued Debt Security
  Income-Non Qualifying

  	
   

  	
   

  
	
  1419

  	
   

  	
  Accrued Interest
  Mortgage Pools-Non Qualifying

  	
   

  	
   

  
	
  1420

  	
   

  	
  Accrued Interest
  Other-Non Qualifying

  	
   

  	
   

  
	
  1416-1420

  	
   

  	
  Accrued Debt Investment
  Income-Non Qualifying

  	
   

  	
  Total

  
	
  1421-1541

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
   

  	
   

  	
  Accumulated Depreciation and
  Amortization

  	
   

  	
  Header

  
	
  1542

  	
   

  	
  Accum Deprec Site
  Improvements

  	
   

  	
   

  
	
  1542-1550

  	
   

  	
  Accum Deprec Land Improvements

  	
   

  	
  Total

  
	
  1551

  	
   

  	
  Accum Deprec Building

  	
   

  	
   

  
	
  1561

  	
   

  	
  Accum Deprec HVAC
  Renovation

  	
   

  	
   

  
	
  1562

  	
   

  	
  Accum Deprec Common
  Areas

  	
   

  	
   

  
	
  1563

  	
   

  	
  Accum Deprec
  Model/Spec/Landlord Work

  	
   

  	
   

  
	
  1564

  	
   

  	
  Accum Deprec Renovations

  	
   

  	
   

  
	
  1565

  	
   

  	
  Accum Deprec Parking
  Area

  	
   

  	
   

  
	
  1566

  	
   

  	
  Accum Deprec Roof
  Replacement

  	
   

  	
   

  
	
  1567

  	
   

  	
  Accum Deprec
  Miscellaneous Improvements

  	
   

  	
   

  
	
  1561-1575

  	
   

  	
  Accum Depreciation Building
  Improvements

  	
   

  	
  Total

  
	
  1576-1580

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1581

  	
   

  	
  Accum Deprec Computer

  	
   

  	
   

  
	
  1582

  	
   

  	
  Accum Deprec Furniture
  and Fixtures

  	
   

  	
   

  
	
  1583

  	
   

  	
  Accum Deprec Office
  Equipment

  	
   

  	
   

  
	
  1584

  	
   

  	
  Accum Deprec Shop
  Equipment

  	
   

  	
   

  
	
  1585

  	
   

  	
  Accum Deprec Vehicles

  	
   

  	
   

  
	
  1581-1590

  	
   

  	
  Accum Depreciation FF&E

  	
   

  	
  Total

  
	
  1591-1600

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1601-1610

  	
   

  	
  Accum Amortization Acquired
  Leases - Origination Value

  	
   

  	
   

  
	
  1611-1620

  	
   

  	
  Accum Amortization Leasing
  Commissions

  	
   

  	
   

  
	
  1621-1630

  	
   

  	
  Accum Amortization Tenant
  Improvements

  	
   

  	
   

  
	
  1631

  	
   

  	
  Accum Amortization of
  Loan Acquisition Costs

  	
   

  	
   

  
	
  1632

  	
   

  	
  Accum Amortization of
  Loan Hedge Premiums

  	
   

  	
   

  
	
  1631-1640

  	
   

  	
  Accum Amortization of Loan
  Costs

  	
   

  	
  Total

  
	
  1641-1645

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1646-1650

  	
   

  	
  Mark to Market Gain on
  Financing Hedge

  	
   

  	
   

  
	
  1651-1700

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1701

  	
   

  	
  Organization Costs
  -(Call before using this account)

  	
   

  	
   

  
	
  1702

  	
   

  	
  Amortization of
  Organization Costs (Call before using this account)

  	
   

  	
   

  
	
  1703-1710

  	
   

  	
  Net Organization Costs
  - RESERVED

  	
   

  	
   

  
	
  1701-1710

  	
   

  	
  Net Organization Costs

  	
   

  	
  Total

  
	
  1711

  	
   

  	
  Long Term Receivable
  (Unrelated Party Qualifying)

  	
   

  	
   

  
	
  1712

  	
   

  	
  Long Term Receivable
  (Related Party Qualifying)

  	
   

  	
   

  
	
  1711-1712

  	
   

  	
  Long Term Receivable Qualifying

  	
   

  	
  Total

  
	
  1713

  	
   

  	
  Long Term Receivable
  (Unrelated Party Non Qualifying)

  	
   

  	
   

  
	
  1714

  	
   

  	
  Long Term Receivable
  (Related Party Non Qualifying)

  	
   

  	
   

  
	
  1713-1714

  	
   

  	
  Long Term Receivable Non
  Qualifying

  	
   

  	
  Total

  
	
  1715

  	
   

  	
  Other Long Term Assets

  	
   

  	
   

  

 

 

	
  1715

  	
   

  	
  Other Long Term Assets

  	
   

  	
  Total

  
	
  1716-1720

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  1721

  	
   

  	
  Deferred Rent - Free
  Rent

  	
   

  	
   

  
	
  1722

  	
   

  	
  Deferred Rent -
  Straight Line vs. Actual

  	
   

  	
   

  
	
  1721-1730

  	
   

  	
  Deferred Rent

  	
   

  	
  Total

  
	
  1731-1740

  	
   

  	
  Deferred Market Rent Asset -
  Acquired Leases

  	
   

  	
   

  
	
   

  	
   

  	
  Total Long Term Assets

  	
   

  	
  Total

  
	
   

  	
   

  	
  Total Assets

  	
   

  	
  Total

  
	
  1741-2000

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Liabilities

  	
   

  	
   

  
	
   

  	
   

  	
  Current Liabilities

  	
   

  	
   

  
	
  2001

  	
   

  	
  Accounts Payable -Trade

  	
   

  	
   

  
	
  2002

  	
   

  	
  Accounts Payable -
  Property Manager

  	
   

  	
   

  
	
  2003

  	
   

  	
  Accounts Payable -
  Other

  	
   

  	
   

  
	
  2004

  	
   

  	
  Excess Collection of
  CAM Costs

  	
   

  	
   

  
	
  2001-2020

  	
   

  	
  Accounts Payable

  	
   

  	
  Total

  
	
  2021-2090

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  2091

  	
   

  	
  Accounts Payable -
  Asset Manager

  	
   

  	
   

  
	
  2092

  	
   

  	
  Accounts Payable -
  Dividend

  	
   

  	
   

  
	
  2093

  	
   

  	
  Accounts Payable -
  Other Capital Partners

  	
   

  	
   

  
	
  2094

  	
   

  	
  Accounts
  Payable/Receivable - Inter-Deal Related Parties

  	
   

  	
   

  
	
  2095

  	
   

  	
  Accounts
  Payable/Receivable - Intra Legal Entity

  	
   

  	
   

  
	
  2098-2100

  	
   

  	
  Accounts Payable -
  Related Parties RESERVED

  	
   

  	
   

  
	
  2091-2100

  	
   

  	
  Accounts Payable - Related
  Parties

  	
   

  	
  Total

  
	
  2101-2150

  	
   

  	
  Accrued Expenses Payable

  	
   

  	
   

  
	
  2151-2190

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  2191

  	
   

  	
  Sales Taxes Payable

  	
   

  	
   

  
	
  2192

  	
   

  	
  Property Taxes Payable

  	
   

  	
   

  
	
  2193

  	
   

  	
  Federal Income Taxes
  Payable

  	
   

  	
   

  
	
  2194

  	
   

  	
  State Income Taxes
  Payable

  	
   

  	
   

  
	
  2195

  	
   

  	
  Provincial Income Taxes
  Payable

  	
   

  	
   

  
	
  2196

  	
   

  	
  Excise Taxes Payable

  	
   

  	
   

  
	
  2197

  	
   

  	
  Liquor Taxes Payable

  	
   

  	
   

  
	
  2198

  	
   

  	
  Occupancy Taxes Payable

  	
   

  	
   

  
	
  2199

  	
   

  	
  County Taxes Payable

  	
   

  	
   

  
	
  2200

  	
   

  	
  Other Taxes Payable

  	
   

  	
   

  
	
  2201

  	
   

  	
  State Wage Taxes
  Payable

  	
   

  	
   

  
	
  2202

  	
   

  	
  Federal Wage Taxes
  Payable

  	
   

  	
   

  
	
  2203

  	
   

  	
  FICA Wage Taxes
  Payable- Employee

  	
   

  	
   

  
	
  2204

  	
   

  	
  FICA Wage Taxes
  Payable- Employer

  	
   

  	
   

  
	
  2191-2210

  	
   

  	
  Taxes Payable

  	
   

  	
  Total

  
	
  2211-2220

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  2221

  	
   

  	
  Security Deposits Held

  	
   

  	
   

  
	
  2301-2310

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  2311

  	
   

  	
  Prepaid Rent

  	
   

  	
   

  
	
  2391-2600

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
   

  	
   

  	
  Total Current Liabilities

  	
   

  	
  Header

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Long Term Liabilities

  	
   

  	
  Header

  

 

 

	
  2601

  	
   

  	
  First Mortgage Payable

  	
   

  	
   

  
	
  2602

  	
   

  	
  Accrued First Mortgage
  Interest

  	
   

  	
   

  
	
  2601-2610

  	
   

  	
  First Mortgage Obligation

  	
   

  	
  Total

  
	
  2611

  	
   

  	
  Second Mortgage Payable

  	
   

  	
   

  
	
  2612

  	
   

  	
  Second Mortgage Accrued
  Interest

  	
   

  	
   

  
	
  2611-2620

  	
   

  	
  Second Mortgage Obligation

  	
   

  	
  Total

  
	
  2621

  	
   

  	
  Dividend First Loan to
  Joint Venture

  	
   

  	
   

  
	
  2622

  	
   

  	
  Accrued Interest on
  Dividend First Loan

  	
   

  	
   

  
	
  2621-2625

  	
   

  	
  Dividend Loan Obligation -
  First Mortgage

  	
   

  	
  Total

  
	
  2626

  	
   

  	
  Dividend Second Loan to
  Joint Venture

  	
   

  	
   

  
	
  2627

  	
   

  	
  Accrued Interest on
  Dividend Second Loan

  	
   

  	
   

  
	
  2626-2630

  	
   

  	
  Dividend Loan Obligation -
  Second Mortgage

  	
   

  	
  Total

  
	
  2631

  	
   

  	
  Other Claims

  	
   

  	
   

  
	
  2641-2645

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  2646-2650

  	
   

  	
  Mark to Market Loss on
  Financing Hedge

  	
   

  	
   

  
	
  2651-2660

  	
   

  	
  Capital Lease Obligations

  	
   

  	
   

  
	
  2661-2730

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  2731-2740

  	
   

  	
  Deferred Market Rent Liability
  - Acquired Leases

  	
   

  	
   

  
	
  2741-2999

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
   

  	
   

  	
  Total Long Term Liabilities

  	
   

  	
  Total

  
	
   

  	
   

  	
  Total Liabilities

  	
   

  	
  Total

  
	
  3000

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  3001

  	
   

  	
  Other Owner Preferred
  Equity Contributions

  	
   

  	
   

  
	
  3002

  	
   

  	
  Other Owner Preferred
  Equity Accrual trade-to-date

  	
   

  	
   

  
	
  3003

  	
   

  	
  Other Owner Preferred
  Equity Payments trade-to-date

  	
   

  	
   

  
	
  3004-3015

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  3001-3015

  	
   

  	
  Other Owner Preferred Equity

  	
   

  	
  Total

  
	
  3016

  	
   

  	
  Dividend Preferred
  Equity Contributions

  	
   

  	
   

  
	
  3017

  	
   

  	
  Dividend Preferred
  Equity Accrual trade-to-date

  	
   

  	
   

  
	
  3018

  	
   

  	
  Dividend Preferred
  Equity Payments trade-to-date

  	
   

  	
   

  
	
  3019-3020

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  3016-3020

  	
   

  	
  Dividend Preferred Equity

  	
   

  	
  Total

  
	
  3021

  	
   

  	
  Other Owner’s # 1
  contributed Capital

  	
   

  	
   

  
	
  3022

  	
   

  	
  Other Owner’s # 2
  contributed Capital

  	
   

  	
   

  
	
  3023

  	
   

  	
  Other Owner’s # 3
  contributed Capital

  	
   

  	
   

  
	
  3024

  	
   

  	
  Other Owner’s # 4
  contributed Capital

  	
   

  	
   

  
	
  3025

  	
   

  	
  Other Owner’s # 5
  contributed Capital

  	
   

  	
   

  
	
  3026

  	
   

  	
  Other Owner’s # 6
  contributed Capital

  	
   

  	
   

  
	
  3027

  	
   

  	
  Other Owner’s # 7
  contributed Capital

  	
   

  	
   

  
	
  3028

  	
   

  	
  Other Owner’s # 8
  contributed Capital

  	
   

  	
   

  
	
  3029

  	
   

  	
  Other Owner’s # 9
  contributed Capital

  	
   

  	
   

  
	
  3030

  	
   

  	
  Other Owner’s # 10
  contributed Capital

  	
   

  	
   

  
	
  3021-3035

  	
   

  	
  Other Owner’s Contributed
  Capital

  	
   

  	
  Total

  
	
  3036-3045

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  3046

  	
   

  	
  Cargill Contributed Capital

  	
   

  	
   

  
	
  3051

  	
   

  	
  Other Owner’s #1
  Distributions

  	
   

  	
   

  
	
  3052

  	
   

  	
  Other Owner’s #2
  Distributions

  	
   

  	
   

  
	
  3053

  	
   

  	
  Other Owner’s #3
  Distributions

  	
   

  	
   

  
	
  3054

  	
   

  	
  Other Owner’s #4
  Distributions

  	
   

  	
   

  
	
  3055

  	
   

  	
  Other Owner’s #5
  Distributions

  	
   

  	
   

  

 

 

	
  3056

  	
   

  	
  Other Owner’s #6
  Distributions

  	
   

  	
   

  
	
  3057

  	
   

  	
  Other Owner’s #7
  Distributions

  	
   

  	
   

  
	
  3058

  	
   

  	
  Other Owner’s #8
  Distributions

  	
   

  	
   

  
	
  3059

  	
   

  	
  Other Owner’s #9
  Distributions

  	
   

  	
   

  
	
  3060

  	
   

  	
  Other Owner’s #10
  Distributions

  	
   

  	
   

  
	
  3051-3065

  	
   

  	
  Other Owner’s Distributions

  	
   

  	
  Total

  
	
  3066

  	
   

  	
  Cargill Distributions

  	
   

  	
   

  
	
  3071

  	
   

  	
  Other Owner’s #1
  Retained Earnings

  	
   

  	
   

  
	
  3072

  	
   

  	
  Other Owner’s #2
  Retained Earnings

  	
   

  	
   

  
	
  3073

  	
   

  	
  Other Owner’s #3
  Retained Earnings

  	
   

  	
   

  
	
  3074

  	
   

  	
  Other Owner’s #4
  Retained Earnings

  	
   

  	
   

  
	
  3075

  	
   

  	
  Other Owner’s #5
  Retained Earnings

  	
   

  	
   

  
	
  3076

  	
   

  	
  Other Owner’s #6 Retained
  Earnings

  	
   

  	
   

  
	
  3077

  	
   

  	
  Other Owner’s #7
  Retained Earnings

  	
   

  	
   

  
	
  3078

  	
   

  	
  Other Owner’s #8
  Retained Earnings

  	
   

  	
   

  
	
  3079

  	
   

  	
  Other Owner’s #9
  Retained Earnings

  	
   

  	
   

  
	
  3080

  	
   

  	
  Other Owner’s #10
  Retained Earnings

  	
   

  	
   

  
	
  3071-3085

  	
   

  	
  Other Owner’s Retained Earnings

  	
   

  	
  Total

  
	
  3086

  	
   

  	
  Dividend Retained Earnings

  	
   

  	
   

  
	
  3091-3098

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  3099

  	
   

  	
  Total Retained Earnings - YE
  close out entry

  	
   

  	
   

  
	
  3100

  	
   

  	
  Retained Earnings OFFSET

  	
   

  	
   

  
	
  3071-3100

  	
   

  	
  Retained Earnings

  	
   

  	
  Total

  
	
  3101

  	
   

  	
  Past Retained Earnings

  	
   

  	
   

  
	
  3102

  	
   

  	
  Other Comprehensive Income

  	
   

  	
   

  
	
  3103

  	
   

  	
  Prior Period Adjustment

  	
   

  	
   

  
	
  3101-3110

  	
   

  	
  Other Adjustments to Equity

  	
   

  	
   

  
	
  3111

  	
   

  	
  Other Owner’s #1
  Capital Adjustment

  	
   

  	
   

  
	
  3112

  	
   

  	
  Other Owner’s #2
  Capital Adjustment

  	
   

  	
   

  
	
  3113

  	
   

  	
  Other Owner’s #3
  Capital Adjustment

  	
   

  	
   

  
	
  3114

  	
   

  	
  Other Owner’s #4
  Capital Adjustment

  	
   

  	
   

  
	
  3115

  	
   

  	
  Other Owner’s #5
  Capital Adjustment

  	
   

  	
   

  
	
  3116

  	
   

  	
  Other Owner’s #6
  Capital Adjustment

  	
   

  	
   

  
	
  3117

  	
   

  	
  Other Owner’s #7
  Capital Adjustment

  	
   

  	
   

  
	
  3118

  	
   

  	
  Other Owner’s #8
  Capital Adjustment

  	
   

  	
   

  
	
  3119

  	
   

  	
  Other Owner’s #9
  Capital Adjustment

  	
   

  	
   

  
	
  3120

  	
   

  	
  Other Owner’s #10
  Capital Adjustment

  	
   

  	
   

  
	
  3111-3125

  	
   

  	
  Other Owner’s Capital
  Adjustment

  	
   

  	
  Total

  
	
  3126

  	
   

  	
  Dividend Capital Adjustment

  	
   

  	
   

  
	
  3101-3130

  	
   

  	
  Total Capital Adjustments

  	
   

  	
  Total

  
	
  3131

  	
   

  	
  Other Owner’s #1
  Current Earnings

  	
   

  	
   

  
	
  3132

  	
   

  	
  Other Owner’s #2
  Current Earnings

  	
   

  	
   

  
	
  3133

  	
   

  	
  Other Owner’s #3 Current
  Earnings

  	
   

  	
   

  
	
  3134

  	
   

  	
  Other Owner’s #4
  Current Earnings

  	
   

  	
   

  
	
  3135

  	
   

  	
  Other Owner’s #5
  Current Earnings

  	
   

  	
   

  
	
  3136

  	
   

  	
  Other Owner’s #6
  Current Earnings

  	
   

  	
   

  
	
  3137

  	
   

  	
  Other Owner’s #7
  Current Earnings

  	
   

  	
   

  
	
  3138

  	
   

  	
  Other Owner’s #8
  Current Earnings

  	
   

  	
   

  
	
  3139

  	
   

  	
  Other Owner’s #9 Current
  Earnings

  	
   

  	
   

  
	
  3140

  	
   

  	
  Other Owner’s #10
  Current Earnings

  	
   

  	
   

  

 

 

	
  3131-3145

  	
   

  	
  Other Owner’s Current Earnings

  	
   

  	
   

  	
   

  
	
  3146

  	
   

  	
  Dividend Current Earnings

  	
   

  	
   

  	
   

  
	
  3150

  	
   

  	
  Current Earnings OFFSET

  	
   

  	
   

  	
   

  
	
  3131-3150

  	
   

  	
  Current Earnings

  	
   

  	
   

  	
  Total

  
	
  3151-3999

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Income

  	
   

  	
   

  	
  Header

  
	
   

  	
   

  	
  Operating Income

  	
   

  	
   

  	
  Header

  
	
  4000

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  	
   

  
	
  4001

  	
   

  	
  Gross Potential Income

  	
   

  	
   

  	
   

  
	
  4026

  	
   

  	
  Vacancy                            (Contra
  Revenue)

  	
   

  	
   

  	
   

  
	
  4051

  	
   

  	
  Loss to Lease                    (Contra
  Revenue)

  	
   

  	
   

  	
   

  
	
  4141

  	
   

  	
  Model/Employee Unit     (Contra
  Revenue)

  	
   

  	
   

  	
   

  
	
  4151

  	
   

  	
  Base Rent

  	
   

  	
   

  	
   

  
	
  4241

  	
   

  	
  Base Rent Abatement
  (Contra Revenue)

  	
   

  	
   

  	
   

  
	
  4331

  	
   

  	
  CPI Rent Adjustments

  	
   

  	
   

  	
   

  
	
  4001-4420

  	
   

  	
  Contracted Rent

  	
   

  	
   

  	
  Total or Line Entry

  
	
  4421-4490

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  	
   

  
	
  4491

  	
   

  	
  Deferred Market Rent Revenue -
  Acquired Leases

  	
   

  	
   

  	
   

  
	
  4501

  	
   

  	
  Straight Line adjustments of
  Rents

  	
   

  	
   

  	
   

  
	
  4511-4600

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  	
   

  
	
  4601

  	
   

  	
  Percent Rents

  	
   

  	
   

  	
   

  
	
  4641

  	
   

  	
  Parking Revenue

  	
   

  	
   

  	
   

  
	
  4731

  	
   

  	
  Parking Expense
  (Contra)

  	
   

  	
   

  	
   

  
	
  4641-4740

  	
   

  	
  Parking Income

  	
   

  	
   

  	
   

  
	
  4741

  	
   

  	
  Late Fee Income

  	
   

  	
   

  	
   

  
	
  4742

  	
   

  	
  NSF Fees

  	
   

  	
   

  	
   

  
	
  4743

  	
   

  	
  Application Fee Income

  	
   

  	
   

  	
   

  
	
  4744

  	
   

  	
  Cable

  	
   

  	
   

  	
   

  
	
  4745

  	
   

  	
  Pet Charges

  	
   

  	
   

  	
   

  
	
  4746

  	
   

  	
  Vending Income

  	
   

  	
   

  	
   

  
	
  4747

  	
   

  	
  Corporate Unit Income

  	
   

  	
   

  	
   

  
	
  4748

  	
   

  	
  Laundry Income

  	
   

  	
   

  	
   

  
	
  4749

  	
   

  	
  Forfeited Security
  Deposits

  	
   

  	
   

  	
   

  
	
  4750

  	
   

  	
  Rent Refunds                   
  (Contra Revenue)

  	
   

  	
   

  	
   

  
	
  4751

  	
   

  	
  Sign Rental Income

  	
   

  	
   

  	
   

  
	
  4752

  	
   

  	
  Antenna Income

  	
   

  	
   

  	
   

  
	
  4753

  	
   

  	
  Storage Income

  	
   

  	
   

  	
   

  
	
  4754

  	
   

  	
  Miscellaneous Income

  	
   

  	
   

  	
   

  
	
  4755

  	
   

  	
  Tenant Billed Water
  Income

  	
   

  	
   

  	
   

  
	
  4756

  	
   

  	
  Energy Charge

  	
   

  	
   

  	
   

  
	
  4757

  	
   

  	
  deleted, can be used

  	
   

  	
   

  	
   

  
	
  4770-4775

  	
   

  	
  Other Income RESERVED -
  DO NOT USE

  	
   

  	
   

  	
   

  
	
  4741-4775

  	
   

  	
  Total Other Income

  	
   

  	
   

  	
  Total

  
	
  4776-4780

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  	
   

  
	
  4781

  	
   

  	
  Recoveries - Operating Expenses

  	
   

  	
   

  	
   

  
	
  4791

  	
   

  	
  Recoveries - Property Taxes

  	
   

  	
   

  	
   

  
	
  4801

  	
   

  	
  Recoveries - Insurance

  	
   

  	
   

  	
   

  
	
  4806-4949

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  	
   

  
	
  4950

  	
   

  	
  Related Real Estate Company
  Net Income

  	
   

  	
   

  	
   

  

 

 

	
   

  	
   

  	
  Total Property Revenue

  	
   

  	
  Total

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Operating Expenses

  	
   

  	
  Header

  
	
  5000

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  5001

  	
   

  	
  Gas

  	
   

  	
   

  
	
  5002

  	
   

  	
  Electric

  	
   

  	
   

  
	
  5003

  	
   

  	
  Water

  	
   

  	
   

  
	
  5004

  	
   

  	
  Sewer

  	
   

  	
   

  
	
  5005

  	
   

  	
  Gas - Non-Recoverable

  	
   

  	
   

  
	
  5006

  	
   

  	
  Electric -
  Non-Recoverable

  	
   

  	
   

  
	
  5007

  	
   

  	
  Water - Non-Recoverable

  	
   

  	
   

  
	
  5008

  	
   

  	
  Sewer - Non-Recoverable

  	
   

  	
   

  
	
  5011-5015

  	
   

  	
  Utilities - RESERVED -
  DO NOT USE

  	
   

  	
   

  
	
  5001-5015

  	
   

  	
  Utilities

  	
   

  	
  Total

  
	
  5016

  	
   

  	
  Plumbing Repair

  	
   

  	
   

  
	
  5017

  	
   

  	
  Electrical Repair

  	
   

  	
   

  
	
  5018

  	
   

  	
  Structural Repairs

  	
   

  	
   

  
	
  5019

  	
   

  	
  Lighting Repairs

  	
   

  	
   

  
	
  5020

  	
   

  	
  Doors & Window
  Repair

  	
   

  	
   

  
	
  5021

  	
   

  	
  Floor Repair

  	
   

  	
   

  
	
  5022

  	
   

  	
  Roof & Ceiling
  Repair

  	
   

  	
   

  
	
  5023

  	
   

  	
  Pest Control

  	
   

  	
   

  
	
  5024

  	
   

  	
  Other Repairs

  	
   

  	
   

  
	
  5025

  	
   

  	
  Small Tools and
  Equipment

  	
   

  	
   

  
	
  5026

  	
   

  	
  Elevator Repair

  	
   

  	
   

  
	
  5027

  	
   

  	
  Elevator Maintenance
  Contract

  	
   

  	
   

  
	
  5028

  	
   

  	
  HVAC Repairs

  	
   

  	
   

  
	
  5029

  	
   

  	
  Parking Lot Repair

  	
   

  	
   

  
	
  5030

  	
   

  	
  Painting and Decorating

  	
   

  	
   

  
	
  5031

  	
   

  	
  Signs & Directories

  	
   

  	
   

  
	
  5032

  	
   

  	
  Non-Recoverable Repair
  Expenses

  	
   

  	
   

  
	
  5041-5050

  	
   

  	
  General Repairs and
  Maintenance - RESERVED - DO NOT USE

  	
   

  	
   

  
	
  5016-5050

  	
   

  	
  General Repairs and Maintenance

  	
   

  	
  Total

  
	
  5051

  	
   

  	
  Waste Removal

  	
   

  	
   

  
	
  5052

  	
   

  	
  Cleaning Supplies

  	
   

  	
   

  
	
  5053

  	
   

  	
  Carpet Cleaning

  	
   

  	
   

  
	
  5054

  	
   

  	
  Janitorial Service

  	
   

  	
   

  
	
  5055

  	
   

  	
  Window Washer

  	
   

  	
   

  
	
  5051-5060

  	
   

  	
  Cleaning

  	
   

  	
  Total

  
	
  5061

  	
   

  	
  Landscaping Service
  Contract

  	
   

  	
   

  
	
  5062

  	
   

  	
  Parking Lot Maintenance

  	
   

  	
   

  
	
  5063

  	
   

  	
  Parking Lot Sweeping

  	
   

  	
   

  
	
  5064

  	
   

  	
  Parking Lot Plowing

  	
   

  	
   

  
	
  5065

  	
   

  	
  Landscaping Supplies

  	
   

  	
   

  
	
  5066

  	
   

  	
  Ground Sprinklers

  	
   

  	
   

  
	
  5071-5075

  	
   

  	
  Grounds/Landscaping/Parking
  Lot - RESERVED - DO NOT USE

  	
   

  	
   

  
	
  5061-5075

  	
   

  	
  Grounds/Landscaping/Parking Lot

  	
   

  	
  Total

  
	
  5076

  	
   

  	
  Security Patrol

  	
   

  	
   

  
	
  5077

  	
   

  	
  Alarms

  	
   

  	
   

  
	
  5078

  	
   

  	
  Locks & Keys

  	
   

  	
   

  

 

 

	
  5079

  	
   

  	
  Sprinkler System

  	
   

  	
   

  	
   

  
	
  5080

  	
   

  	
  Environmental Abatement

  	
   

  	
   

  	
   

  
	
  5086-5090

  	
   

  	
  Security/Fire/ Safety -
  RESERVED - DO NOT USE

  	
   

  	
   

  	
   

  
	
  5076-5090

  	
   

  	
  Security/Fire/ Safety

  	
   

  	
   

  	
  Total

  
	
  5091

  	
   

  	
  Casualty Insurance

  	
   

  	
   

  	
   

  
	
  5092

  	
   

  	
  Liability Insurance

  	
   

  	
   

  	
   

  
	
  5093

  	
   

  	
  Earthquake Insurance

  	
   

  	
   

  	
   

  
	
  5094

  	
   

  	
  Boiler Insurance

  	
   

  	
   

  	
   

  
	
  5095

  	
   

  	
  Other Insurance

  	
   

  	
   

  	
   

  
	
  5096-5100

  	
   

  	
  Insurance - RESERVED -
  DO NOT USE

  	
   

  	
   

  	
   

  
	
  5091-5100

  	
   

  	
  Insurance

  	
   

  	
   

  	
   

  
	
  5101

  	
   

  	
  Sales Taxes

  	
   

  	
   

  	
   

  
	
  5102

  	
   

  	
  Property Taxes

  	
   

  	
   

  	
   

  
	
  5103

  	
   

  	
  Income Taxes

  	
   

  	
   

  	
   

  
	
  5104

  	
   

  	
  Excise Taxes

  	
   

  	
   

  	
   

  
	
  5105

  	
   

  	
  Liquor Taxes

  	
   

  	
   

  	
   

  
	
  5106

  	
   

  	
  Occupancy Taxes

  	
   

  	
   

  	
   

  
	
  5107

  	
   

  	
  County Taxes

  	
   

  	
   

  	
   

  
	
  5108

  	
   

  	
  Other Taxes

  	
   

  	
   

  	
   

  
	
  5109

  	
   

  	
  Capital Tax

  	
   

  	
   

  	
   

  
	
  5110

  	
   

  	
  QST

  	
   

  	
   

  	
   

  
	
  5111

  	
   

  	
  PST

  	
   

  	
   

  	
   

  
	
  5112

  	
   

  	
  Real Estate Tax Appeal
  Fee

  	
   

  	
   

  	
   

  
	
  5113

  	
   

  	
  Business Tax

  	
   

  	
   

  	
   

  
	
  5114

  	
   

  	
  Local Tax

  	
   

  	
   

  	
   

  
	
  5115

  	
   

  	
  Asset Manager Defined

  	
   

  	
   

  	
   

  
	
  5116

  	
   

  	
  Asset Manager Defined

  	
   

  	
   

  	
   

  
	
  5117

  	
   

  	
  Asset Manager Defined

  	
   

  	
   

  	
   

  
	
  5118

  	
   

  	
  Property Tax Refunds
  (Contra acct #5102)

  	
   

  	
   

  	
   

  
	
  5119-5125

  	
   

  	
  Taxes - RESERVED - DO
  NOT USE

  	
   

  	
   

  	
   

  
	
  5101-5125

  	
   

  	
  Taxes

  	
   

  	
   

  	
  Total

  
	
  5126

  	
   

  	
  Wages                                              Other

  	
   

  	
   

  	
   

  
	
  5127

  	
   

  	
  FICA Wage Taxes -
  Employer                  Other

  	
   

  	
   

  	
   

  
	
  5128

  	
   

  	
  State Unemployment
  Taxes                  Other

  	
   

  	
   

  	
   

  
	
  5129

  	
   

  	
  Federal Unemployment
  Taxes                  Other

  	
   

  	
   

  	
   

  
	
  5130

  	
   

  	
  Employee Health
  Insurance                  Other

  	
   

  	
   

  	
   

  
	
  5131

  	
   

  	
  Employee Life Insurance
                   Other

  	
   

  	
   

  	
   

  
	
  5132

  	
   

  	
  Employee Long Term
  Disability Insurance         Other

  	
   

  	
   

  	
   

  
	
  5133

  	
   

  	
  Worker’s Compensation
                   Other

  	
   

  	
   

  	
   

  
	
  5134

  	
   

  	
  Bonuses                                           Other

  	
   

  	
   

  	
   

  
	
  5135

  	
   

  	
  Employee Inducements                 Other

  	
   

  	
   

  	
   

  
	
  5136

  	
   

  	
  Wages                                           Admin

  	
   

  	
   

  	
   

  
	
  5137

  	
   

  	
  FICA Wage Taxes -
  Employer      Admin

  	
   

  	
   

  	
   

  
	
  5138

  	
   

  	
  State Unemployment
  Taxes          Admin

  	
   

  	
   

  	
   

  
	
  5139

  	
   

  	
  Federal Unemployment
  Taxes        Admin

  	
   

  	
   

  	
   

  
	
  5140

  	
   

  	
  Employee Health
  Insurance            Admin

  	
   

  	
   

  	
   

  
	
  5141

  	
   

  	
  Employee Life Insurance
               Admin

  	
   

  	
   

  	
   

  
	
  5142

  	
   

  	
  Employee Long Term
  Disability Insurance        Admin

  	
   

  	
   

  	
   

  
	
  5143

  	
   

  	
  Worker’s Compensation                 Admin

  	
   

  	
   

  	
   

  
	
  5144

  	
   

  	
  Bonuses                
  Admin

  	
   

  	
   

  	
   

  

 

 

	
  5145

  	
   

  	
  Employee Inducements Admin             Admin

  	
   

  	
   

  
	
  5161-5200

  	
   

  	
  Salaries and Benefits -
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  5126-5200

  	
   

  	
  Salaries and Benefits

  	
   

  	
  Total

  
	
  5201

  	
   

  	
  Office Supplies

  	
   

  	
   

  
	
  5202

  	
   

  	
  Telephones/Fax/Radios

  	
   

  	
   

  
	
  5203

  	
   

  	
  Courier/Postage

  	
   

  	
   

  
	
  5204

  	
   

  	
  Dues/Subscriptions

  	
   

  	
   

  
	
  5205

  	
   

  	
  Seminars/Training

  	
   

  	
   

  
	
  5206

  	
   

  	
  Equipment Leases

  	
   

  	
   

  
	
  5207

  	
   

  	
  Travel

  	
   

  	
   

  
	
  5208

  	
   

  	
  Uniforms

  	
   

  	
   

  
	
  5209

  	
   

  	
  Automobile Expenses

  	
   

  	
   

  
	
  5210

  	
   

  	
  Licenses & Permits

  	
   

  	
   

  
	
  5211

  	
   

  	
  Property Owners Dues

  	
   

  	
   

  
	
  5212

  	
   

  	
  Credit Check Expense

  	
   

  	
   

  
	
  5213

  	
   

  	
  Collection Service

  	
   

  	
   

  
	
  5214

  	
   

  	
  Meals/Entertainment

  	
   

  	
   

  
	
  5215

  	
   

  	
  On-Site Office Rent

  	
   

  	
   

  
	
  5216

  	
   

  	
  Cable TV

  	
   

  	
   

  
	
  5217

  	
   

  	
  Asset Manager Defined

  	
   

  	
   

  
	
  5218

  	
   

  	
  Asset Manager Defined

  	
   

  	
   

  
	
  5219

  	
   

  	
  Asset Manager Defined

  	
   

  	
   

  
	
  5220

  	
   

  	
  Asset Manager Defined

  	
   

  	
   

  
	
  5221

  	
   

  	
  Loan Servicing Fees

  	
   

  	
   

  
	
  5222-5230

  	
   

  	
  Administrative -
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  5201-5230

  	
   

  	
  Administrative

  	
   

  	
  Total

  
	
  5231

  	
   

  	
  Property Management Fee

  	
   

  	
   

  
	
  5241

  	
   

  	
  Franchise Fee

  	
   

  	
   

  
	
  5246-5250

  	
   

  	
  Franchise Fee -
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  5241-5250

  	
   

  	
  Franchise Fee

  	
   

  	
  Total

  
	
  5251

  	
   

  	
  Signage

  	
   

  	
   

  
	
  5252

  	
   

  	
  Apartment Locator

  	
   

  	
   

  
	
  5253

  	
   

  	
  Advertising

  	
   

  	
   

  
	
  5254

  	
   

  	
  Referral Fee

  	
   

  	
   

  
	
  5251-5260

  	
   

  	
  Promotion

  	
   

  	
  Total

  
	
  5261-5270

  	
   

  	
  Ground Lease

  	
   

  	
  Total

  
	
  5271-5999

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
   

  	
   

  	
  Total Operating Expenses

  	
   

  	
  Total

  
	
   

  	
   

  	
  Net Operating Income

  	
   

  	
  Total

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6000

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  6001-6006

  	
   

  	
  Misc Interest Income

  	
   

  	
  Total

  
	
  6007-6008

  	
   

  	
  Mortgage Interest Income on
  Qualifying Assets

  	
   

  	
  Total

  
	
  6009-6010

  	
   

  	
  Mortgage Interest Income on Non
  - Qualifying Assets

  	
   

  	
  Total

  
	
  6011-6014

  	
   

  	
  Interest Expense - Non-Dividend
  - First Mortgage

  	
   

  	
   

  
	
  6015-6016

  	
   

  	
  Interest Expense - Non-Dividend
  - Second Mortgage

  	
   

  	
   

  
	
  6017-6018

  	
   

  	
  Interest Expense - Dividend
  First Mortgage

  	
   

  	
   

  
	
  6019-6020

  	
   

  	
  Interest Expense - Dividend
  Second Mortgage

  	
   

  	
   

  
	
  6021-6041

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  6042

  	
   

  	
  Site Improvements
  Depreciation

  	
   

  	
   

  

 

 

	
  6042-6050

  	
   

  	
  Land Improvement Depreciation

  	
   

  	
   

  
	
  6051

  	
   

  	
  Building Depreciation

  	
   

  	
   

  
	
  6051-6060

  	
   

  	
  Building Depreciation

  	
   

  	
   

  
	
  6061

  	
   

  	
  Building Improvement
  Depreciation - HVAC

  	
   

  	
   

  
	
  6062

  	
   

  	
  Building Improvement
  Depreciation - Common Areas

  	
   

  	
   

  
	
  6063

  	
   

  	
  Building Improvement
  Depreciation - Model/Spec Space/Landlord Work

  	
   

  	
   

  
	
  6064

  	
   

  	
  Building Improvement
  Depreciation - Renovations

  	
   

  	
   

  
	
  6065

  	
   

  	
  Building Improvement
  Depreciation - Parking Area

  	
   

  	
   

  
	
  6066

  	
   

  	
  Building Improvement
  Depreciation - Roof Replacement

  	
   

  	
   

  
	
  6067

  	
   

  	
  Building Improvement
  Depreciation- Miscellaneous Improvements

  	
   

  	
   

  
	
  6061-6075

  	
   

  	
  Building Improvement
  Depreciation

  	
   

  	
   

  
	
  6076-6080

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  6081

  	
   

  	
  FF&E Depreciation -
  Computer

  	
   

  	
   

  
	
  6082

  	
   

  	
  FF&E Depreciation -
  Furniture and Fixtures

  	
   

  	
   

  
	
  6083

  	
   

  	
  FF&E Depreciation -
  Office Equipment

  	
   

  	
   

  
	
  6084

  	
   

  	
  FF&E Depreciation -
  Shop Equipment

  	
   

  	
   

  
	
  6085

  	
   

  	
  FF&E Depreciation -
  Vehicles

  	
   

  	
   

  
	
  6081-6090

  	
   

  	
  FF&E Depreciation

  	
   

  	
   

  
	
  6042-6090

  	
   

  	
  Depreciation

  	
   

  	
  Total

  
	
  6091-7000

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  7001-7010

  	
   

  	
  Amortization of Acquired Leases
  - Origination Value

  	
   

  	
   

  
	
  7011-7020

  	
   

  	
  Leasing Cost
  Amortization

  	
   

  	
   

  
	
  7021-7030

  	
   

  	
  Tenant Improvement
  Amortization

  	
   

  	
   

  
	
  7031

  	
   

  	
  Financing Cost
  Amortization

  	
   

  	
   

  
	
  7032

  	
   

  	
  Hedge Premium
  Amortization

  	
   

  	
   

  
	
  7033-7040

  	
   

  	
  Financing Cost
  Amortization

  	
   

  	
   

  
	
  7041-7101

  	
   

  	
  Amortization - RESERVED
  DO NOT USE

  	
   

  	
   

  
	
  7102

  	
   

  	
  Organization Cost
  Amortization

  	
   

  	
   

  
	
  7103-7110

  	
   

  	
  Amortization - RESERVED
  DO NOT USE

  	
   

  	
   

  
	
  7001-7110

  	
   

  	
  Amortization

  	
   

  	
  Total

  
	
  7111-7125

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  7126

  	
   

  	
  Legal Fees

  	
   

  	
   

  
	
  7127

  	
   

  	
  Audit Fees

  	
   

  	
   

  
	
  7128

  	
   

  	
  Accounting Fees

  	
   

  	
   

  
	
  7129

  	
   

  	
  Other Professional Fees

  	
   

  	
   

  
	
  7126-7135

  	
   

  	
  Legal & Professional Fees

  	
   

  	
  Total

  
	
  7136

  	
   

  	
  Provision for Bad Debts

  	
   

  	
   

  
	
  7141

  	
   

  	
  Sundry Expenses

  	
   

  	
   

  
	
  7142

  	
   

  	
  Property Damage

  	
   

  	
   

  
	
  7143

  	
   

  	
  Franchise Tax

  	
   

  	
   

  
	
  7144

  	
   

  	
  Bank Fees

  	
   

  	
   

  
	
  7141-7145

  	
   

  	
  Miscellaneous Expenses

  	
   

  	
  Total

  
	
  7146-7155

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  7156

  	
   

  	
  Asset Management Fee

  	
   

  	
   

  
	
  7161

  	
   

  	
  Incentive Management Fee

  	
   

  	
   

  
	
  7166

  	
   

  	
  Disposition Costs

  	
   

  	
   

  
	
  7176

  	
   

  	
  Gross Proceeds from Sale of
  Assets

  	
   

  	
   

  
	
  7177

  	
   

  	
  Gross Proceeds of Assets
  Disposed

  	
   

  	
   

  
	
  7181

  	
   

  	
  Gross Cost of Assets Sold

  	
   

  	
   

  
	
  7182

  	
   

  	
  Gross Costs of Assets Sold /
  Disposed

  	
   

  	
   

  

 

 

	
  7186

  	
   

  	
  Accum Depreciation of Assets Sold / Disposed

  	
   

  	
   

  
	
  7187

  	
   

  	
  Accum Amortization of Assets Sold / Disposed

  	
   

  	
   

  
	
  7161-7190

  	
   

  	
  Gain/<Loss> on Sale of Assets

  	
   

  	
  Total

  
	
  7191

  	
   

  	
  Impairment Loss on Asset Value

  	
   

  	
   

  
	
  7196

  	
   

  	
  Unrealized Hedge Mark to Market Gain/Loss

  	
   

  	
   

  
	
   

  	
   

  	
  Total Non-Operating Expenses

  	
   

  	
   

  
	
  7201-9979

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
  9980

  	
   

  	
  Cash Adjustments (used for Budget purposes only)

  	
   

  	
   

  
	
  9981-9989

  	
   

  	
  RESERVED - DO NOT USE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Net GAAP Profit/Loss

  	
   

  	
  Total

  
	
  9990

  	
   

  	
  Office/Retail/Industrial/Mixed Use/Land Square
  Footage

  	
   

  	
   

  
	
  9991

  	
   

  	
  Office/Retail/Industrial/Mixed Use/Land Square
  Footage Occupied

  	
   

  	
   

  
	
  9992

  	
   

  	
  Office/Retail/Industrial/Mixed Use/Land Square
  Footage Sublease

  	
   

  	
   

  
	
  9993

  	
   

  	
  Apartment/Self-Storage Units Available

  	
   

  	
   

  
	
  9994

  	
   

  	
  Apartment/Self-Storage Units Rented

  	
   

  	
   

  
	
  9995

  	
   

  	
  Hotel Room Nights Available

  	
   

  	
   

  
	
  9996

  	
   

  	
  Hotel Room Nights Rented

  	
   

  	
   

  
	
  9997

  	
   

  	
  Reserved Do Not Use

  	
   

  	
   

  
	
  9998

  	
   

  	
  Reserved Do Not Use

  	
   

  	
   

  
	
  9999

  	
   

  	
  Unit Offset Account

  	
   

  	
   

  

 

 

EXHIBIT D

 

Insurance Requirements

 

1.             At the Owner’s expense, the following insurance (unless
otherwise directed by the Owner) shall be maintained by the Owner and shall
name Property Manager as an additional insured:

 

(a)                                  an all risk property insurance policy,
including flood, earthquake and boiler and machinery coverages in an amount
equal to the full replacement cost of the Premises, subject to a full
replacement cost endorsement and deductibles no greater than $50,000.00 per
occurrence other than for flood or earthquake;

 

(b)                                 a commercial general liability policy
including broad form contractual and non-owned vehicle liability coverages,
which policy shall be written on an occurrence and not a claims made basis,
containing policy limits and deductibles acceptable to the Owner, but in no
event shall coverage be less than $5 million per occurrence and
$50 million annual aggregate or be subject to a per occurrence deductible
of more than $50,000.

 

(c)                                  coverage for rent loss or business interruption
and other usual and customary coverages in amounts designated by the Owner;

 

(d)                                 if requested by the Owner, environmental
liability insurance in amounts and with coverages determined by the Owner; and

 

(e)                                  Such other insurance, coverages or limits as may
be required by the Owner.

 

The Owner or the Property
Manager, as the case may be, who maintains the insurance coverages will provide
to the other party a certificate of such insurance coverages (which such
changes as are approved by the Owner), which certificate shall indicate that at
least thirty (30) days prior written notice shall be given to the Owner and the
Property Manager of cancellation or of any material changes in policy terms or
coverages.

 

2.             At the Property Manager’s expense:

 

(a)                                  a fidelity bond containing broad form
coverage or comprehensive crime insurance policy covering all employees in any
capacity for the Premises with respect to the Premises or any handling of
funds, money documents or papers related thereto, which bond or policy shall
protect and insure the Property Manager and the Owner against losses, including
theft, embezzlement and fraud; and

 

(b)                                 a professional liability or errors and
omissions insurance policy to include coverage for all officers or employees of
Property Manager  acting in any capacity
for the management of and with respect to the Premises.. Any such professional
liability or errors and omissions policy shall 
respond to Owner’s claims  against
losses arising from  the rendering of or
failure to render professional services as a property manager.

 

Such bond or crime policy
shall be in the amount of at least $2,000,000.00. The  professional liability or errors and omissions
policy shall have a limit of not less than  $1 million .

 

 

The Property Manager shall deliver
to the Owner a certificate of such insurance coverages indicating that insurers
will endeavor to provide at least thirty (30) days prior written notice to the
Owner and the Property Manager of cancellation. Any deductibles of
Property Manager’s insurance shall be the sole responsibility of Property
Manager.

 

3. Contractors’ Insurance.
Property Manager shall require that all contractors brought onto any Premises
have insurance coverage, at the contractor’s expense, in the following minimum
amounts:

 

(a)                                  Worker’s Compensation - statutory
amount;

 

(b)                                 Employer’s
Liability - minimum of $500,000 each accident; $500,000 disease, policy limit;
$500,000 disease, per employee;

 

(c)                                  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);

 

(d)                                 Auto
Liability (if deemed appropriate by Manager)(1) - $1,000,000 minimum; and

 

(e)                                  Property
Insurance coverage for tools and equipment brought onto and/or used on any
Property by the contractor - an amount equal to the replacement costs of all
such tools and equipment.

 

Property Manager must obtain the Owner’s prior
permission to waive any of the above requirements or to accept lower limits. Property
Manager shall obtain and keep on file a certificate of insurance for each contractor which shows
that  such contractor is so insured.

 

(1) Consult with Risk Management as to when
circumstances require auto liability insurance for contractors.Exhibit
10.49

 

AGREEMENT OF
PURCHASE AND SALE

 

between

 

NewTower Trust
Company, a Maryland chartered trust company, as successor to Riggs National
Bank of Washington D.C., as Trustee of the NewTower Trust Company
Multi-Employer Property Trust, a collective investment fund operating under 12
C.F.R. Section 9.18, as SELLER,

 

and

 

Alliance
Commercial Partners, LLC,

 

a Colorado limited
liability company, as BUYER

 

Dated as of:
December 26, 2006

 

Washington Commons
Phase I

 

 

TABLE
OF CONTENTS

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE I PURCHASE AND SALE OF PROPERTY

  	
  1

  
	
   

  	
   

  
	
  Section 1.1

  	
  Sale

  	
  1

  
	
  Section 1.2

  	
  Purchase Price

  	
  2

  
	
   

  	
   

  	
   

  
	
  ARTICLE II CONDITIONS

  	
  3

  
	
   

  	
   

  
	
  Section 2.1

  	
  Buyer’s Conditions Precedent

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE III BUYER’S EXAMINATION

  	
  4

  
	
   

  	
   

  
	
  Section 3.1

  	
  Representations and Warranties of Seller

  	
  4

  
	
  Section 3.2

  	
  No Liability for Exception Matters

  	
  6

  
	
  Section 3.3

  	
  Survival of Representations and Warranties of Sale

  	
  6

  
	
  Section 3.4

  	
  Seller’s Knowledge

  	
  7

  
	
  Section 3.5

  	
  Representations and Warranties of Buyer

  	
  7

  
	
  Section 3.6

  	
  Buyer’s Independent Investigation

  	
  8

  
	
  Section 3.7

  	
  Release

  	
  10

  
	
  Section 3.8

  	
  Survival

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV TITLE

  	
  10

  
	
   

  	
   

  
	
  Section 4.1

  	
  Conditions of Title

  	
  10

  
	
  Section 4.2

  	
  Evidence of Title

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE V RISK OF LOSS AND INSURANCE PROCEEDS

  	
  13

  
	
   

  	
   

  
	
  Section 5.1

  	
  Minor Loss

  	
  13

  
	
  Section 5.2

  	
  Major Loss

  	
  13

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI BROKERS AND EXPENSES

  	
  14

  
	
   

  	
   

  
	
  Section 6.1

  	
  Brokers

  	
  14

  
	
  Section 6.2

  	
  Expenses

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII LEASES AND OTHER AGREEMENTS

  	
  15

  
	
   

  	
   

  
	
  Section 7.1

  	
  Buyer’s Approval of New Leases and Agreements
  Affecting the Property

  	
  15

  
	
  Section 7.2

  	
  Tenant Improvement Costs, Leasing Commissions and
  Concessions

  	
  15

  
	
  Section 7.3

  	
  Tenant Notices

  	
  16

  
	
  Section 7.4

  	
  Maintenance of Improvements and Operation of
  Property; Removal of Tangible Personal Property

  	
  16

  

 

i

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  Section 7.5

  	
  New Management Contract

  	
  16

  
	
  Section 7.6

  	
  Service Contracts

  	
  16

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII CLOSING AND ESCROW

  	
  16

  
	
   

  	
   

  
	
  Section 8.1

  	
  Intentionally Omitted

  	
  16

  
	
  Section 8.2

  	
  Closing

  	
  16

  
	
  Section 8.3

  	
  Deposit of Documents

  	
  17

  
	
  Section 8.4

  	
  Estoppel Certificates

  	
  18

  
	
  Section 8.5

  	
  Prorations

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX MISCELLANEOUS

  	
  21

  
	
   

  	
   

  
	
  Section 9.1

  	
  Notices

  	
  21

  
	
  Section 9.2

  	
  Entire Agreement

  	
  22

  
	
  Section 9.3

  	
  Entry and Indemnity

  	
  23

  
	
  Section 9.4

  	
  Time

  	
  24

  
	
  Section 9.5

  	
  Attorneys’ Fees

  	
  24

  
	
  Section 9.6

  	
  Assignment

  	
  24

  
	
  Section 9.7

  	
  Counterparts

  	
  24

  
	
  Section 9.8

  	
  Governing Law

  	
  24

  
	
  Section 9.9

  	
  Confidentiality and Return of Documents

  	
  24

  
	
  Section 9.10

  	
  Interpretation of Agreement

  	
  25

  
	
  Section 9.11

  	
  Limited Liability

  	
  25

  
	
  Section 9.12

  	
  Amendments

  	
  25

  
	
  Section 9.13

  	
  No Recording

  	
  26

  
	
  Section 9.14

  	
  Drafts Not an Offer to Enter into a Legally Binding
  Contract

  	
  26

  
	
  Section 9.15

  	
  Intentionally Omitted

  	
  26

  
	
  Section 9.16

  	
  No Partnership

  	
  26

  
	
  Section 9.17

  	
  No Third Party Beneficiary

  	
  26

  
	
  Section 9.18

  	
  Buyer’s Condition Precedent

  	
  26

  
	
  Section 9.19

  	
  Limitation on Liability

  	
  27

  
	
  Section 9.20

  	
  Illinois Bulk Sales

  	
  27

  
	
  Section 9.21

  	
  Calculation of Time Periods

  	
  27

  

 

ii

 

Exhibits

 

Exhibit A                Real
Property Description

 

Exhibit B                Strict
Joint Order Escrow Trust Instructions

 

Exhibit C                List
of Tenant Leases

 

Exhibit D                Deed

 

Exhibit E                 Bill
of Sale

 

Exhibit F                 Assignment
of Leases

 

Exhibit G                Assignment
of Warranties and Other Intangible Property

 

Exhibit H                Estoppel
Certificate

 

Schedules

 

Schedule 1.1(c)                     Tangible Personal Property

 

Schedule 3.1                          Disclosure Items

 

Schedule 4.1(b)                     Objections

 

 

AGREEMENT OF
PURCHASE AND SALE

 

This Agreement, dated as of December 26, 2006, is
between NewTower Trust Company, a Maryland chartered trust company, as
successor to Riggs National Bank of Washington D.C., as Trustee of the NewTower
Trust Company Multi-Employer Property Trust, a collective investment fund
operating under 12 C.F.R. Section 9.18 (“Seller”), and
the undersigned buyer (“Buyer”).

 

ARTICLE
I

PURCHASE AND SALE OF PROPERTY

 

Section
1.1            Sale.

 

Seller agrees to sell to Buyer, and Buyer agrees to
purchase from Seller, subject to the terms, covenants and conditions set forth
herein, all of Seller’s right, title and interest in and to the following
property (collectively, the “Property”):

 

(a)           Real Property. That certain real property commonly known
as “Washington Commons I” and located at 750-900 Diehl Road, in the City of
Naperville, State of Illinois, as more particularly described in Exhibit A attached hereto and made a part
hereof (the “Land”), together with
(1) all improvements located thereon (the “Improvements”),
(2) all rights, benefits, privileges, easements, tenements, hereditaments,
rights-of-way and other appurtenances thereon or in any way appertaining
thereto, including all mineral rights, development rights, air and water
rights, and (3) all strips and gores and any land lying in the bed of any
street, road or alley, open, proposed or vacated, adjoining such Land
(collectively, the “Real Property”);

 

(b)           Leases. All of the landlord’s interest in and to all of the Leases (as
defined in Section 2.1(b) below) of the Real Property, including Leases entered
into after the date of this Agreement as permitted by this Agreement;

 

(c)           Tangible Personal Property. All of the equipment, machinery, furniture,
furnishings, supplies and other tangible personal property, if any, owned by
Seller and now or hereafter located on, and used exclusively in, the operation,
ownership or maintenance of the Real Property (collectively, the “Tangible Personal Property”), but
specifically excluding from the Tangible Personal Property (1) any items of
personal property owned by tenants of the Property, (2) any items of personal
property in Seller’s property management office, if any, located on the Real
Property, (3) any items of personal property owned by third parties and leased
to Seller, and (4) proprietary computer software, systems and equipment and
related licenses used in connection with the operation or management of the
Property. A complete list of the Tangible Personal Property is attached hereto
as Schedule 1.1(c); and

 

(d)           Intangible Personal Property. To the extent assignable at no cost to
Seller, all intangible personal property, if any, owned by Seller and related
to the Real Property and the Improvements, including, without limitation:
Seller’s rights to the name “Washington Commons,” any other trade names and
trademarks associated with the Real Property and the Improvements, any plans
and specifications and other architectural and engineering drawings for

 

 

the Improvements, any
telephone number associated with the Improvements and any warranties; and other
contract rights related to the Property (but only to the extent Seller’s
obligations thereunder are expressly assumed by Buyer pursuant to the
Assignment of Intangible Property as defined in Section 8.3(a)(4) below); and
any governmental permits, approvals and licenses (including any pending
applications) (collectively, the “Intangible
Personal Property”). If the assignment of any Intangible Personal
Property shall require Seller to incur an out-of-pocket cost, Seller shall be
obligated to assign such Intangible Personal Property only if Buyer reimburses
Seller for such cost at Closing.

 

Section
1.2            Purchase Price.

 

(a)           The purchase price of the Property is Nine
Million Eight Hundred Thousand and no/100 Dollars ($9,800,000.00) (the “Purchase Price”).

 

(b)           The Purchase Price shall be paid as follows:

 

(1)           On or before December 28, 2006, Buyer shall
deposit in escrow with Chicago Title and Trust Company (the “Title Company”) the amount of Two Hundred
Forty Thousand and no/100 Dollars ($240,000) (the “Deposit”) in cash or other immediately available funds. The
Deposit shall be held by the Title Company pursuant to the terms of the Strict
Joint Order Escrow Trust Instructions in the form attached hereto as Exhibit B.

 

The Deposit shall be held in
an interest bearing account and all interest thereon, less investment fees, if
any, shall be deemed a part of the Deposit. If the sale of the Property as
contemplated hereunder is consummated, then the Deposit shall be paid to Seller
at the Closing (as hereinafter defined) and credited against the Purchase
Price. IF THE SALE OF THE PROPERTY IS NOT CONSUMMATED DUE
TO SELLER’S DEFAULT HEREUNDER, THEN BUYER MAY ELECT, AS BUYER’S SOLE AND
EXCLUSIVE REMEDY, EITHER TO: (1) TERMINATE THIS AGREEMENT AND RECEIVE A REFUND
OF THE DEPOSIT AND TO RECOVER THE RECOVERY LIMIT (AS HEREINAFTER DEFINED), IN
WHICH EVENT NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS
HEREUNDER EXCEPT AS PROVIDED IN SECTIONS 6.1, 9.3 AND 9.9 BELOW, OR (2) ENFORCE
SPECIFIC PERFORMANCE OF THIS AGREEMENT. BUYER SHALL NOT HAVE ANY OTHER RIGHTS
OR REMEDIES HEREUNDER AS A RESULT OF ANY DEFAULT BY SELLER PRIOR TO CLOSING,
AND BUYER HEREBY WAIVES ANY OTHER SUCH REMEDY AS A RESULT OF A DEFAULT
HEREUNDER BY SELLER. IF THE SALE IS NOT CONSUMMATED DUE TO ANY DEFAULT BY BUYER
HEREUNDER, THEN SELLER SHALL RETAIN THE DEPOSIT AS LIQUIDATED DAMAGES. SELLER
HEREBY WAIVES ANY OTHER REMEDY, INCLUDING ANY RIGHT TO RECOVER ANY OTHER
DAMAGES FROM BUYER. THE PARTIES HAVE AGREED THAT SELLER’S ACTUAL DAMAGES, IN
THE EVENT OF A FAILURE TO CONSUMMATE THIS SALE DUE TO BUYER’S DEFAULT PRIOR TO
CLOSING, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER
NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES
EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE DEPOSIT IS A
REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR IN

 

2

 

SUCH EVENT. BY PLACING THEIR
INITIALS BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS
MADE ABOVE AND THE FACT THAT EACH PARTY WAS REPRESENTED BY COUNSEL WHO
EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS
LIQUIDATED DAMAGES PROVISION. THE FOREGOING IS NOT INTENDED TO LIMIT BUYER’S
OBLIGATIONS UNDER SECTIONS 6.1, 9.3 AND 9.9.

 

	
  INITIALS:

  	
  SELLER

  	
  POM

  	
   

  	
  BUYER

  	
  DR

  	
   

  

 

IF THE SALE OF THE PROPERTY IS
NOT CONSUMMATED AND THE FAILURE TO CONSUMMATE IS NOT DUE TO EITHER SELLER’S DEFAULT
OR BUYER’S DEFAULT, THIS AGREEMENT SHALL BE DEEMED TERMINATED AND BUYER SHALL
RECEIVE A REFUND OF THE DEPOSIT, IN WHICH EVENT NEITHER PARTY SHALL HAVE ANY
FURTHER RIGHTS OR OBLIGATIONS HEREUNDER EXCEPT AS PROVIDED IN SECTIONS 6.1, 9.3
AND 9.9 BELOW.

 

(2)           The balance of the Purchase Price, which is
Nine Million Five Hundred Sixty Thousand and no/100 Dollars ($9,560,000) (plus
or minus the prorations pursuant to Section 8.5 hereof) shall be paid to Seller
in cash or other immediately available funds at the consummation of the
purchase and sale contemplated hereunder (the “Closing”).

 

ARTICLE
II

DUE DILIGENCE MATERIALS

 

Section
2.1            Due Diligence Materials.

 

Subject to the provisions of Section 9.3 hereof,
Seller has provided Buyer and its consultants and other agents and
representatives with access to the Property to perform Buyer’s inspections and
review and determine the present condition of the Property. Seller has
delivered or made available to Buyer, copies of all documents, reports,
studies, surveys and other materials related to the Property in Seller’s
possession (the “Due Diligence Materials”), except
that the Due Diligence Materials expressly excludes (i) any reports,
presentations, summaries, projections, budgets and the like prepared for any of
Seller’s boards, committees, partners, financiers or investors in connection
with its consideration of the acquisition of the Real Property, construction of
the Improvements, financing of the Property or sale of the Property, (ii) any
proposals, letters of intent, draft contracts or the like prepared by or for
other prospective purchasers of the Property or any part thereof, (iii)
Seller’s internal memoranda, attorney-client privileged materials, internal
appraisals; and (iv) any information which is the subject of a confidentiality
agreement between Seller and a third party (the items described in clauses (i),
(ii) (iii) and (iv) being collectively referred to as the “Confidential
Information”).

 

3

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

 

Section
3.1            Representations and Warranties of Seller.

 

Subject to the disclosures contained in Schedule 3.1 attached hereto and
made a part hereof (the “Disclosure Items”),
Seller hereby makes the following representations and warranties with respect
to the Property.

 

(a)           Seller has not (i) made a general assignment
for the benefit of creditors, (ii) filed any voluntary petition in bankruptcy
or suffered the filing of any involuntary petition by Seller’s creditors, (iii)
suffered the appointment of a receiver to take possession of all or any part of
the Property or all, or substantially all, of Seller’s assets, (iv) suffered
the attachment or other judicial seizure of all or any part of the Property or
all, or substantially all, of Seller’s assets, (v) admitted in writing its
inability to pay its debts as they come due, or (vi) made an offer of
settlement, extension or composition to its creditors generally.

 

(b)           Seller is not a “foreign person” as defined
in Section 1445 of the Internal Revenue Code of 1986, as amended (the “Code”) and any related regulations.

 

(c)           This Agreement (i) has been, and all
documents executed by Seller which are to be delivered to Buyer at Closing will
be, duly authorized, executed and delivered by Seller, and (ii) does not and
such other documents will not violate any provision of any agreement or
judicial order to which Seller is a party or to which Seller or the Property is
subject. This Agreement constitutes, and all documents executed by Seller which
are to be delivered to Buyer at Closing will constitute, the valid and binding
agreement of Seller, enforceable in accordance with its terms, except as such
enforceability is limited by bankruptcy, insolvency and other similar laws
affecting the enforcement of creditors’ rights generally.

 

(d)           Seller has the power and authority to enter
into this Agreement and all documents executed by Seller which are to be
delivered to Buyer at Closing and to perform its obligations hereunder and
thereunder.

 

(e)           The only tenant leases, guaranties thereof
and any other occupancy agreements, and all amendments and modifications
thereof affecting the Property (collectively, the “Leases”)  in force for
the Property are set forth in a tenant list attached hereto as Exhibit C and made a part hereof. Seller
has not sent any written notice of any default with respect to such Leases or
by any tenant under such Leases, which has not been cured. To the best of
Seller’s knowledge, Seller has not received any written notice of any default
by Seller with respect to such Leases which has not been cured. To the best of
Seller’s knowledge, the copies of the Leases that Seller has provided, or will
provide, to Buyer are true, correct and complete copies of such Leases.

 

(f)            Intentionally Omitted.

 

(g)           To the best of Seller’s knowledge, there is
no litigation or governmental proceeding (including, but not limited to any
condemnation proceeding) or proceeding to change

 

4

 

the zoning classification of
the Property or to include the Property in any special governmental district or
to exclude the Property from any special governmental district in which it is
presently located) pending or threatened with respect to the Property, or with
respect to Seller which impairs Seller’s ability to perform its obligations
under this Agreement, except for any personal injury or property damage action
for which there is adequate insurance coverage. Seller has not commenced any
such litigation or governmental proceeding still pending.

 

(h)           To the best of Seller’s knowledge, Seller has
received no written notice from any governmental authority (including, without
limitation, regulatory authorities) or other person or entity of any violation
of any law applicable to the Property (including, without limitation, any
Environmental Law as defined in Section 3.6(a)(2) below) that has not been
corrected.

 

(i)            To the best of Seller’s knowledge, all of the
Due Diligence Materials delivered or made available by Seller to Buyer in
connection with the Property are true and complete copies of such items in
Seller’s possession which are used by Seller in the operation of the Property.

 

(j)            Seller has been duly organized, validly
exists, and is in good standing in the jurisdiction in which it was formed,
and, to the extent required by law, is qualified to do business in the state in
which the Real Property is located.

 

(k)           Neither Seller nor any person holding a
direct or indirect ownership interest in Seller is described in, covered by or
specially designated pursuant to, or affiliated with any person described in,
covered by or specially designated pursuant to, any Anti-Terrorism Law or any
list issued by any department or agency of the United States of America in
connection with any Anti-Terrorism Law. For purposes hereof, Anti-Terrorism
Law” shall mean Executive Order 13224, as amended; the International Emergency
Economic Powers Act, 50 U.S.C. Sections 1701-06 et seq.; the Iraqi Sanctions
Act, Pub.L. 101-513, 104 Stat. 2047-55; the United Nations Participation Act,
22 U.S.C. Section 287c; the Antiterrorism and Effective Death Penalty Act; the
International Security and Development Cooperation Act, 22 U.S.C. Section 2349
aa-9; the Terrorism Sanctions Regulations, 31 C.F.R. Part 595; the Terrorism
List Governments Sanctions Regulations, 31 C.F.R. Part 596; and the Foreign
Terrorist Organizations Sanctions Regulations, 31 C.F.R. Part 597.

 

(l)            Seller owns, or at Closing will own, the
interest in the Leases and Intangible Personal Property to be assigned to Buyer
at Closing free and clear of any claims to the Seller’s ownership interest in
said Leases and Intangible Personal Property.

 

Each of the representations and warranties of Seller
contained in this Section 3.1:  (1) shall
be true in all material respects as of the date of Closing, subject in each
case to (A) any Exception Matters (as defined below), (B) the Disclosure Items,
and (C) other matters expressly permitted in this Agreement or otherwise
specifically approved by Buyer in writing; and (2) shall survive the Closing as
provided in Section 3.3 below.

 

5

 

Section
3.2            No Liability for Exception Matters.

 

As used herein, the term “Exception Matter”
shall refer to a matter which would make a representation or warranty of Seller
contained in this Agreement untrue or incorrect and which is specifically
disclosed to Buyer in writing identified as an Exception Matter or is actually
discovered by Buyer before the Closing, including, without limitation, matters
disclosed in any tenant estoppel certificate or from interviews with tenants,
property managers or any other person. If Buyer first obtains knowledge of any
material Exception Matter prior to Closing, Buyer’s sole remedy shall be to
terminate this Agreement on the basis thereof, by written notice to Seller
within five (5) business days following Buyer’s discovery of such Exception
Matter or the Closing, which ever occurs first, in which event the Deposit
shall be returned to Buyer, unless within five (5) business days after receipt
of such notice or the Closing, whichever first occurs, Seller notifies Buyer in
writing that it elects to cure or remedy such Exception Matter. Seller shall be
entitled to extend the Closing Date (as defined in Section 8.2 below) for up to
ten (10) business days in order to cure or remedy any Exception Matter. Buyer’s
failure to give notice within five (5) business days after it has obtained
knowledge of a material Exception Matter shall be deemed a waiver by Buyer of
such Exception Matter. Seller shall have no obligation to cure or remedy any
Exception Matter, unless Seller has notified Buyer of Seller’s election to cure
or remedy any Exception Matter (except as specifically provided in Section
4.1(c) hereof). Subject to Buyer’s right to terminate this Agreement as set
forth above, if Seller elects not to cure any Exception Matter, Seller shall
have no liability whatsoever to Buyer with respect to any Exception Matters,
except that if Seller intentionally, or with gross negligence, refused or
failed to deliver, or make available to Buyer, Due Diligence Material which
would have disclosed an Exception Matter or, if by reason of Seller’s act or
omission after the date hereof, a warranty or representation which is true as
of the date hereof, becomes untrue, Buyer shall have the right, if it
terminates this Agreement, to recover from Seller all of the reasonable,
verifiable, third party out of pocket costs incurred by Buyer in negotiating
and entering into this Agreement and investigating the Property, not to exceed
$50,000 in the aggregate (the “Recovery Limit”).
Upon any termination of this Agreement, neither party shall have any further
rights or obligations hereunder, except as provided in this Section 3.2 or in
Sections 6.1, 9.3 and 9.9 below. If Buyer obtains actual knowledge of any
Exception Matter not disclosed by Seller to Buyer in writing before the
Closing, but nonetheless elects to proceed with the acquisition of the
Property, Seller shall have no liability with respect to such Exception Matter,
notwithstanding any contrary provision, covenant, representation or warranty
contained in this Agreement or in any Other Documents (as defined in Section
9.19 below).

 

Section
3.3            Survival of Representations and Warranties of
Sale.

 

The representations and warranties of Seller contained
herein or in any Other Documents shall survive for a period of nine (9) months
after the Closing. Any claim which Buyer may have at any time against Seller
for a breach of any such representation or warranty, whether such breach is
known or unknown, which is not specifically asserted by written notice to
Seller within such nine (9) month period, shall not be valid or effective, and
Seller shall have no liability with respect thereto.

 

6

 

Section
3.4            Seller’s Knowledge.

 

For purposes of this Agreement and any document
delivered at Closing, whenever the phrase “to the best of Seller’s
knowledge” or the “knowledge” of
Seller or words of similar import are used, they shall be deemed to mean and
are limited to the current actual knowledge only of Robert Coulman, at the
times indicated only, and not any implied, imputed or constructive knowledge of
such individual(s) or of Seller or any Seller Related Parties (as defined in
Section 3.7 below), and without any independent investigation or inquiry having
been made or any implied duty to investigate, make any inquiries or review the
Due Diligence Materials. Seller represents and warrants to Buyer that Robert
Coulman is Seller’s employee with primary responsibility for operations of the
Property and the person with the greatest knowledge of the matters stated in
Seller’s representations and warranties set forth in Section 3.1 above.
Furthermore, it is understood and agreed that such individual(s) shall have no
personal liability for the untruth or incorrectness of any representation or
warranty of Seller.

 

Section
3.5            Representations and Warranties of Buyer.

 

Buyer represents and warrants to Seller as follows:

 

(a)           This Agreement and all documents executed by
Buyer which are to be delivered to Seller at Closing do not and at the time of
Closing will not violate any provision of any agreement or judicial order to
which Buyer is a party or to which Buyer is subject.

 

(b)           Buyer has not (i) made a general assignment
for the benefit of creditors, (ii) filed any voluntary petition in bankruptcy
or suffered the filing of any involuntary petition by Buyer’s creditors, (iii)
suffered the appointment of a receiver to take possession of all, or
substantially all, of Buyer’s assets, (iv) suffered the attachment or other
judicial seizure of all, or substantially all, of Buyer’s assets, (v) admitted
in writing its inability to pay its debts as they come due, or (vi) made an
offer of settlement, extension or composition to its creditors generally.

 

(c)           Buyer has been duly organized, validly exists
and is in good standing in the state in which it was formed, and is qualified
to do business in the state in which the Real Property is located to the extent
such qualification is required by the laws of such state. This Agreement has
been, and all documents executed by Buyer which are to be delivered to Seller
at Closing will be, duly authorized, executed and delivered by Buyer. This
Agreement constitutes, and all documents executed by Buyer which are to be
delivered to Seller at Closing will constitute, the valid and binding agreement
of Buyer, enforceable in accordance with its terms, except as such
enforceability is limited by bankruptcy, insolvency and other similar laws
affecting the enforcement of creditors’ rights generally.

 

(d)           Neither Buyer nor any person holding a direct
or indirect ownership interest in Buyer is described in, covered by or
specially designated pursuant to, or affiliated with any person described in,
covered by or specially designated pursuant to, any Anti-Terrorism Law or any
list issued by any department or agency of the United States of America in
connection with any Anti-Terrorism Law.

 

Each of the representations and warranties of Buyer
contained in this Section shall be deemed remade by Buyer as of the Closing and
shall survive the Closing. The representations

 

7

 

and warranties of Buyer
contained in this Agreement shall survive for a period of nine (9) months after
the Closing. Any claim which Seller may have at any time against Buyer for a
breach of any such representation or warranty, whether such breach is known or
unknown, which is not specifically asserted by written notice to Buyer within
such nine (9) month period, shall not be valid or effective, and Buyer shall
have no liability to Seller with respect thereto.

 

Section
3.6            Buyer’s Independent Investigation.

 

(a)           Buyer acknowledges and agrees that it has
been given a full opportunity to inspect and investigate each and every aspect
of the Property, either independently or through agents of Buyer’s choosing,
including, without limitation:

 

(1)           All matters relating to title and survey,
together with all governmental and other legal requirements such as taxes,
assessments, zoning, use permit requirements and building codes.

 

(2)           The physical condition and aspects of the
Property, including, without limitation, the interior, the exterior, the square
footage within the improvements on the Real Property and within each tenant
space therein, the structure, seismic aspects of the Property, the foundation,
roof, paving, parking facilities, utilities, and all other physical and
functional aspects of the Property and including the opportunity to examine the
physical condition of the Property for the presence or absence of Hazardous
Materials, as defined below. For purposes of this Agreement, “Hazardous Materials” shall mean inflammable
explosives, radioactive materials, asbestos, asbestos–containing materials,
polychlorinated biphenyls, lead, lead-based paint, radon, under and/or above
ground tanks, hazardous materials, hazardous wastes, hazardous substances, oil,
or related materials, which are listed or regulated in the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended (42
U.S.C. Sections 6901, et seq.), the Resources Conservation and Recovery Act of
1976 (42 U.S.C. Section 6901, et seq.), the Clean Water Act (33 U.S.C. Section
1251, et seq.), the Safe Drinking Water Act (14 U.S.C. Section 1401, et seq.),
the Hazardous Materials Transportation Act (49 U.S.C. Section 1801, et seq.),
and the Toxic Substance Control Act (15 U.S.C. Section 2601, et seq.)  (collectively, “Environmental Laws”).

 

(3)           Any easements and/or access rights affecting
the Property.

 

(4)           The Leases, including, without limitation,
the ability of the tenants to pay the rent and the economic viability of the
tenants.

 

(5)           Intentionally Omitted.

 

(6)           All other matters of material significance
affecting the Property.

 

(b)           Except as expressly stated herein, Seller
makes no representation or warranty as to the truth, accuracy or completeness
of any materials, data or information delivered by Seller to Buyer in
connection with the transaction contemplated hereby. Buyer acknowledges and
agrees that all materials, data and information delivered by Seller to Buyer in
connection with the transaction contemplated hereby are provided to Buyer as a
convenience only and that any reliance on or use of such materials, data or
information by Buyer shall be at the sole risk of

 

8

 

Buyer, except as otherwise
expressly stated herein. Without limiting the generality of the foregoing
provisions, Buyer acknowledges and agrees that (a) any environmental or other
report with respect to the Property which is delivered by Seller to Buyer shall
be for general informational purposes only, (b) Buyer shall not have any right
to rely on any such report delivered by Seller to Buyer, but rather will rely
on its own inspections and investigations of the Property and any reports
commissioned by Buyer with respect thereto, and (c) neither Seller, any
affiliate of Seller nor the person or entity which prepared any such report
delivered by Seller to Buyer shall have any liability to Buyer for any
inaccuracy in or omission from any such report.

 

(c)           EXCEPT AS EXPRESSLY SET FORTH IN SECTION 3.1
ABOVE AND ELSEWHERE IN THIS AGREEMENT AND THE DOCUMENTS DELIVERED BY SELLER TO
BUYER AT CLOSING, BUYER SPECIFICALLY ACKNOWLEDGES AND AGREES THAT SELLER IS
SELLING AND BUYER IS PURCHASING THE PROPERTY ON AN “AS IS WITH ALL FAULTS”
BASIS AND THAT BUYER IS NOT RELYING ON ANY REPRESENTATIONS OR WARRANTIES OF ANY
KIND WHATSOEVER, EXPRESS OR IMPLIED, FROM SELLER, ANY SELLER RELATED PARTIES,
OR THEIR AGENTS OR BROKERS, OR ANY OTHER PERSON ACTING OR PURPORTING TO ACT ON
BEHALF OF SELLER, AS TO ANY MATTERS CONCERNING THE PROPERTY, INCLUDING WITHOUT
LIMITATION:  (i) the quality, nature,
adequacy and physical condition and aspects of the Property, including, but not
limited to, the structural elements, seismic aspects of the Property,
foundation, roof, appurtenances, access, landscaping, parking facilities and
the electrical, mechanical, HVAC, plumbing, sewage, and utility systems,
facilities and appliances, the square footage within the improvements on the
Real Property and within each tenant space therein, (ii) the quality, nature,
adequacy, and physical condition of soils, geology and any groundwater, (iii)
the existence, quality, nature, adequacy and physical condition of utilities
serving the Property, (iv) the development potential of the Property, and the
Property’s use, habitability, merchantability, or fitness, suitability, value
or adequacy of the Property for any particular purpose, (v) the zoning or other
legal status of the Property or any other public or private restrictions on use
of the Property, (vi) the compliance of the Property or its operation with any
applicable codes, laws, regulations, statutes, ordinances, covenants,
conditions and restrictions of any governmental or quasi-governmental entity or
of any other person or entity, (vii) the presence of Hazardous Materials on,
under or about the Property, (viii) the quality of any labor and materials used
in any improvements on the Real Property, (ix) the condition of title to the
Property, (x) the Leases or other documents or agreements affecting the
Property, or any information contained in any rent roll furnished to Buyer for
the Property, (xi) the value, economics of the operation or income potential of
the Property, or (x) any other fact or condition which may affect the Property,
including without limitation, the physical condition, value, economics of operation
or income potential of the Property. In addition, Seller shall have no legal
obligation to apprise Buyer regarding any event or other matter involving the
Property which occurs after the Effective Date, unless and until an event or
other matter which would cause Seller to be unable to remake any of its
representations or warranties contained in this Agreement occurs.
Notwithstanding the foregoing, Seller agrees to deliver subsequent Due
Diligence Materials (if any) to Buyer as such Due Diligence Materials come into
Seller’s possession.

 

9

 

Section
3.7            Release.

 

Without limiting the above,
and subject to the representations and warranties of Seller contained in
Section 3.1 hereof and elsewhere in this Agreement and the documents delivered
by Seller to Buyer at Closing. Buyer on behalf of itself and its successors and
assigns waives its right to recover from, and forever releases and discharges,
Seller, Seller’s affiliates, Seller’s investment advisor, the partners,
trustees, beneficiaries, shareholders, members, managers, directors, officers,
employees and agents and representatives of each of them, and their respective
heirs, successors, personal representatives and assigns (collectively, the “Seller Related Parties”), from any and all
demands, claims, legal or administrative proceedings, losses, liabilities,
damages, penalties, fines, liens, judgments, costs or expenses whatsoever
(including, without limitation, court costs and attorneys’ fees and disbursements),
whether direct or indirect, known or unknown, foreseen or unforeseen, that may
arise on account of or in any way be connected with (i) the physical condition
of the Property including, without limitation, all structural and seismic
elements, all mechanical, electrical, plumbing, sewage, heating, ventilating,
air conditioning and other systems, the environmental condition of the Property
and the presence of Hazardous Materials on, under or about the Property, or
(ii) any law or regulation applicable to the Property, including, without
limitation, any Environmental Law and any other federal, state or local law.

 

Section
3.8            Survival.

 

The provisions of this Article III shall survive the
Closing subject to the limitations and qualifications contained in such
provisions and in Sections 9.11 and 9.19 hereof.

 

ARTICLE
IV

TITLE

 

Section
4.1            Conditions of Title.

 

(a)           Seller has delivered to Buyer a preliminary
title report or commitment (the “Title Report”)
from the Title Company, together with copies of all underlying documents
relating to title exceptions referred to therein. Seller has previously
furnished to Buyer any existing survey of the Property in Seller’s possession.
Buyer has ordered a plat or survey of the Property or an update thereto from a
duly licensed surveyor (the “Survey”).
Buyer shall provide Seller with a copy of the Survey, which shall be certified
to the Title Company and Buyer. Buyer shall pay the entire cost of the Survey.
If Closing does not occur, and Seller is not in default hereunder, Buyer shall,
if Seller so requests, assign, without warranty or recourse, to Seller all
contract rights Buyer has with the surveyor and Seller shall reimburse Buyer
for the cost of the Survey.

 

(b)           Buyer has heretofore furnished Seller with a
written statement of objections to the title to the Property, including,
without limitation, any objections to any matter shown on the Survey
(collectively, “Objections”) as
set forth in Schedule 4.1(b) hereof. In the event the Title Company amends or
updates the Title Report after the Title Review Date (each, a “Title Report Update”), Buyer shall furnish
Seller with a written statement of Objections to any

 

10

 

matter first raised in a
Title Report Update within five (5) business days after its receipt of such
Title Report Update (each, a “Title Update
Review Period”). Should Buyer fail to notify Seller in writing of
any Objections first disclosed in a Title Report Update prior to the Title
Update Review Period, Buyer shall be deemed to have approved such matters which
shall be considered to be “Conditions of
Title” as defined in Section 4.1(e) below.

 

(c)           Seller shall have the right, but not the
obligation, except as provided below in this Section 4.1(c), to elect to cure
any such matter by giving written notice to Buyer (“Seller’s Response”), within five (5) business days after the
date hereof (“Seller’s Response Period”),
and may extend the Closing Date for up to ten (10) business days to allow such
cure. If Seller does not give any Seller’s Response, Seller shall be deemed to
have elected not to cure any such matters. Notwithstanding the foregoing,
Seller shall in any event be obligated to cure all matters or items (i) that
are mortgage or deed of trust liens or security interests against the Property,
in each case granted by Seller or prior owners of the Property (and not tenants
of the Property or other third parties), (ii) real estate tax liens, other than
liens for taxes and assessments not yet delinquent, (iii) that have been
voluntarily placed or permitted against the Property by Seller (and not tenants
of the Property or other third parties) after the date of this Agreement and
(iv) that are mechanic’s, materialman’s or similar liens (unless resulting from
any act or omission of Buyer or any of its agents, contractors, representatives
or employees or any tenant of the Property). Seller shall be entitled to apply
the Purchase Price towards the payment or satisfaction of such liens, and may
cure any Objection by causing the Title Company to insure against collection of
the same out of the Property. More specifically, Seller shall be required to
obtain Title Company endorsements against liens arising by reason of tenants’
acts or omissions, if the Title Company will issue such endorsements based on
Seller’s indemnity without requirement of a monetary deposit. In the event
Seller cannot obtain such endorsements by Closing, Buyer may either
(x) proceed to Closing without Seller’s failure to obtain such
endorsements being a default by Seller under this Agreement or
(y) terminate this Agreement, in which event, the Deposit shall be
returned to Buyer and neither party shall have any further rights or
obligations hereunder, except as provided in Sections 4.1(d), 6.1, 9.3 and 9.9
below.

 

(d)           If (i) Seller elects (or is deemed to
have elected) not to cure any Objections raised in any notice timely delivered
by Buyer to Seller pursuant to Section 4.1(b), or if (ii) Seller notifies
Buyer that it elects to cure any such Objection but then does not for any
reason effect such cure on or before the Closing Date as it may be extended
hereunder, then Buyer, as its sole and exclusive remedy, shall have the option
of terminating this Agreement by delivering written notice thereof to Seller within
three (3) business days after (as applicable) (A) its receipt of Seller’s
Response stating that Seller will not cure any such Objection or (B) the
expiration of Seller’s Response Period if Seller does not deliver a Seller’s
Response or (C) Seller’s failure to cure by the Closing Date (as it may be
extended hereunder) any Objection which Seller has previously elected to cure
pursuant to a Seller’s Response. In the event of such a termination, the
Deposit shall be returned to Buyer, and neither party shall have any further
rights or obligations hereunder except as provided in Sections 6.1, 9.3 and 9.9
below. In addition, in the event Buyer terminates this Agreement pursuant to
the events listed in clause (ii) or as set forth in the last sentence of
Section 4.1(c), Buyer shall have the right to recover from Seller all of
the reasonable, verifiable, third-party out of pocket costs incurred by Buyer
in negotiating and entering into this Agreement and investigating the Property,
not to exceed the Recovery Limit in the aggregate. If no such termination
notice is timely received by Seller

 

11

 

hereunder, Buyer shall be
deemed to have waived all such Objections in which event those Objections shall
become “Conditions of Title” under
Section 4.1(e). If the Closing is not consummated due to Buyer’s default
hereunder, Buyer shall be responsible for any title or escrow cancellation
charges.

 

(e)           At the Closing, Seller shall convey title to
the Property to Buyer by deed in the form of Exhibit
D attached hereto (the “Deed”)
subject to no exceptions other than:

 

(i)            Interests of tenants in possession under the
Leases;

 

(ii)           Specific matters created by or with the
written consent of Buyer;

 

(iii)          Non-delinquent liens for real estate taxes
and assessments; and

 

(iv)          Any exceptions disclosed by the Title Report
and any Title Report Update which is approved or deemed approved by Buyer in
accordance with this Article IV above.

 

All of the foregoing exceptions shall be referred to
collectively as the “Conditions of Title.”  Subject to the terms and conditions contained
elsewhere in this Agreement, by acceptance of the Deed and the Closing of the
purchase and sale of the Property, (x) Buyer agrees that it shall acquire the
Property subject to any obligations of the owner of the Property from and after
the Closing set forth in the Conditions of Title, and (y) Buyer agrees that
Seller shall have conclusively satisfied its obligations with respect to title
to the Property. The provisions of this Section shall survive the Closing.

 

Section
4.2            Evidence of Title.

 

Delivery of title in accordance with the foregoing
shall be evidenced by the willingness (as reasonably determined by Buyer) of
the Title Company to issue, at Closing, its Owner’s ALTA Policy of Title
Insurance in the amount of the Purchase Price showing title to the Real
Property vested in Buyer, subject to the Conditions of Title (the “Title Policy”). The Title Policy may contain the
endorsements set forth in Schedule 4.1(b) and issuance of such endorsements
shall be a condition to Buyer’s obligations hereunder. Buyer shall pay the
costs for all such endorsements. Seller shall have no obligation to provide any
endorsements (except endorsements procured by Seller to cure Objections Seller
is required or elects to cure hereunder) or any indemnity or agreement to the
Title Company or Buyer to support the issuance of the Title Policy except
indemnities and agreements customarily provided by sellers of commercial
properties in the Chicago metropolitan area, such as, without limitations, an
affidavit and/or indemnity as to the existing tenants of the Property and any
ongoing construction work at the Property and the absence of any claims or
basis for claims for any mechanic’s, materialman’s or similar liens.

 

12

 

ARTICLE
V

RISK OF LOSS AND INSURANCE PROCEEDS

 

Section
5.1            Minor Loss.

 

Buyer shall be bound to purchase the Property for the
full Purchase Price as required by the terms hereof, without regard to the
occurrence or effect of any damage to the Property or destruction of any
improvements thereon or condemnation of any portion of the Property, provided
that:  (a) the cost to repair any such
damage or destruction does not exceed Four Hundred Thousand and no/100 Dollars
($400,000.00) in the estimate of an architect or contractor selected by Seller
and reasonably acceptable to Buyer or in the case of a condemnation, the
diminution in the value of the remaining Property as a result of a partial
condemnation is not material (as hereinafter defined) and (b) upon the Closing,
there shall be a credit against the Purchase Price due hereunder equal to the
amount of any insurance proceeds or condemnation awards collected by Seller as
a result of any such damage or destruction or condemnation, plus the amount of
any insurance deductible, less any sums reasonably
expended by Seller toward the collection of such proceeds or awards or to
protect the Property from further damage. In addition, if any applicable laws
or provisions of any Leases or other contractual obligations of Seller require
Seller to commence restoration or repair of the Property prior to the Closing,
Seller and Buyer shall negotiate reasonably and in good faith and agree upon
the procedure, plans and specifications, contractor and construction contract,
and schedule for the making of such restoration or repair of the Property, in
which event the sums thereafter expended by Seller in making such restoration
or repair of the Property shall be deducted from the credit to Buyer against
the Purchase Price at the Closing. If the consent or approval of any lender
then holding a mortgage that encumbers the Property is required with respect to
the plans and specifications, contractor, construction contract and/or schedule
for making such restoration or repair of the Property, Seller shall be
responsible for obtaining such consent or approval. If Seller is not required
by any applicable laws or provisions of any Leases or other contractual obligations
of Seller to commence restoration or repair of the Property prior to the
Closing, then Seller shall not make any restoration or repair of the Property
without Buyer’s prior written consent, which Buyer may withhold in its sole and
absolute discretion. If the proceeds or awards have not been collected as of
the Closing, then such proceeds or awards shall be assigned to Buyer, except to
the extent needed to reimburse Seller for sums expended to collect such
proceeds or awards or to repair or restore the Property as set forth above and
Seller shall retain the rights to such proceeds and awards to such extent.

 

Section
5.2            Major Loss.

 

If the cost to repair the damage or destruction as
specified above equals or exceeds Four Hundred Thousand and no/100 Dollars
($400,000.00) in the estimate of an architect or contractor selected by Seller
and reasonably acceptable to Buyer or the diminution in the value of the
remaining Property as a result of a condemnation is material, then Buyer may,
at its option to be exercised within five (5) business days of Seller’s notice
of the occurrence of the damage or destruction or the commencement of
condemnation proceedings, either terminate this Agreement or consummate the
purchase for the full Purchase Price as required by the terms hereof. If Buyer
elects to terminate this Agreement by delivering written notice thereof to
Seller or fails to give

 

13

 

Seller notice within such
five (5) business day period that Buyer will proceed with the purchase, then
this Agreement shall terminate, the Deposit shall be returned to Buyer and
neither party shall have any further rights or obligations hereunder except as
provided in Sections 6.1, 9.3 and 9.9 below. If Buyer elects to proceed with the
purchase, then upon the Closing, there shall be a credit against the Purchase
Price due hereunder equal to the amount of any insurance proceeds or
condemnation awards collected by Seller as a result of any such damage or
destruction or condemnation, plus the amount of any insurance deductible, less
any sums reasonably expended by
Seller toward the collection of such proceeds or awards or to protect the
Property from further damage. In addition, if any applicable laws or provisions
of any Leases or other contractual obligations of Seller require Seller to
commence restoration or repair of the Property prior to the Closing, Seller and
Buyer shall negotiate reasonably and in good faith and agree upon the
procedure, plans and specifications, contractor and construction contract, and
schedule for the making of such restoration or repair of the Property, in which
event the sums thereafter expended by Seller in making such restoration or
repair of the Property shall be deducted from the credit to Buyer against the
Purchase Price at the Closing. If the consent or approval of any lender then
holding a mortgage that encumbers the Property is required with respect to the
plans and specifications, contractor, construction contract and/or schedule for
making such restoration or repair of the Property, Seller shall be responsible
for obtaining such consent or approval. If Seller is not required by any
applicable laws or provisions of any Leases or other contractual obligations of
Seller to commence restoration or repair of the Property prior to the Closing,
then Seller shall not make any restoration or repair of the Property without
Buyer’s prior written consent, which Buyer may withhold in its sole and
absolute discretion. If the proceeds or awards have not been collected as of
the Closing, then such proceeds or awards shall be assigned to Buyer, except to
the extent needed to reimburse Seller for sums expended to collect such
proceeds or awards or to repair or restore the Property as set forth above and
Seller shall retain the rights to such proceeds and awards to such extent at
Closing. A condemnation shall be deemed material if any portion of any net
rentable area of the Property or any parking is taken, or the existing access
to the Property is materially and adversely affected, permanently, or for any
period longer than sixty (60) days, or if such condemnation shall entitle any
tenant under the Leases to terminate its lease.

 

ARTICLE
VI

BROKERS AND EXPENSES

 

Section
6.1            Brokers.

 

Each party represents and warrants to the other that
it has not contracted with or engaged any broker or finder in connection with
this transaction except for CB Richard Ellis, Inc. (“Seller’s
Broker”), which has been engaged by Seller. At Closing, Seller shall
pay the commission due, if any, to Seller’s Broker, which shall be paid
pursuant to a separate agreement between Seller and Seller’s Broker. If any
other person brings a claim for a commission or finder’s fee based upon any
contract with or engagement by Buyer or Seller, then the party through whom
such person makes his claim shall defend the other party (the “Indemnified Party”) from such claim, and shall indemnify the
Indemnified Party and hold the Indemnified Party harmless from any and all
costs, damages, claims, liabilities or expenses (including without limitation,
court costs and reasonable attorneys’ fees and disbursements) incurred by the

 

14

 

Indemnified Party in
defending against the claim. The provisions of this Section 6.1 shall survive
the Closing or, if the purchase and sale is not consummated, any termination of
this Agreement.

 

Section
6.2            Expenses.

 

Except as provided in Article IV above, and Sections
8.5(a) (vi) and 9.5 below, each party hereto shall pay its own expenses incurred
in connection with this Agreement and the transactions contemplated hereby.

 

ARTICLE
VII

LEASES AND OTHER AGREEMENTS

 

Section
7.1            Buyer’s Approval of New Leases and Agreements
Affecting the Property.

 

Between the Effective Date and the Closing, Seller
shall continue to lease the Property in the same manner as before the making of
this Agreement, the same as though Seller were retaining the Property provided
that Seller shall not enter into any new Lease or other agreement affecting the
Property, or modify or terminate any existing Lease or other agreement
affecting the Property, which will be binding on the Property or Buyer after
Closing, except as required under any Lease and except for agreements which are
terminable on no more than sixty (60) days’ notice without payment of any
penalty or fee or other cost to Seller or Buyer, without first obtaining
Buyer’s approval of the proposed action, which Buyer may withhold in its sole
discretion. If Buyer fails to give Seller notice of its approval or disapproval
of any such proposed action requiring its approval under this Section 7.1
within three (3) business days after Buyer receives Seller’s notice of Seller’s
desire to take such action, then Buyer shall be deemed to have given its
approval. Any new Lease or other agreement or amendment shall be on Seller’s
standard forms for such documents.

 

Section
7.2            Tenant Improvement Costs, Leasing Commissions
and Concessions.

 

With respect to any new Lease or Lease modification
entered into by Seller between November 1, 2006 and the Closing Date, and
with respect to any renewal or extension of any Lease, whether through the
exercise of an option or otherwise, occurring between such date and the Closing
Date, the costs of all tenant improvement work required to be paid or provided
by the landlord, leasing commissions, grants of any free rent period or other
concessions to the tenant shall be prorated over the term of the lease, renewal
or extension. Seller’s share of such costs shall be based on the portion of the
lease term, renewal or extension, as the case may be, occurring prior to
Closing, which amount shall be a credit against the Purchase Price, and Buyer
shall be responsible for the remainder of such costs. Buyer shall reimburse
Seller for all such costs incurred by Seller to the extent Buyer is obligated
therefor pursuant to the provisions hereof. Pursuant to the Assignment of
Leases Buyer shall assume any then outstanding obligations with respect to such
tenant improvements, leasing commissions and concessions. The provisions of
this Section shall survive the Closing.

 

15

 

Section
7.3            Tenant Notices.

 

At the Closing, Seller shall furnish Buyer with a
signed notice to be given to each tenant of the Property. The notice shall
disclose that the Property has been sold to Buyer, that, after the Closing, all
rents should be paid to Buyer and that Buyer shall be responsible for the
entire tenant’s security deposit. The form of the notice shall be otherwise
reasonably acceptable to the parties.

 

Section
7.4            Maintenance of Improvements and Operation of
Property; Removal of Tangible Personal Property.

 

Seller agrees to keep its current property insurance
covering the Property in effect until the Closing, Seller shall maintain all
Improvements in their present condition (ordinary wear and tear and casualty
excepted), and shall operate and manage the Property in a manner consistent
with Seller’s practices in effect prior to the Effective Date, provided that
Seller shall in no event be obligated to make any capital expenditures, except
for those that are required to comply with any of the Leases or any applicable
laws. Seller shall not remove any Tangible Personal Property, except as may be
required for necessary repair or replacement, and replacement shall be of
substantially equal or better quality and quantity as the removed item of
Tangible Personal Property.

 

Section
7.5            Intentionally Omitted.

 

Section
7.6            Service Contracts.

 

All contracts pertaining to the operation of the Property,
including all management, leasing, service and maintenance agreements and
equipment leases in effect for the Property are hereinafter referred to as the
“Service Contracts”. Seller is not
assigning to Buyer, and Buyer is not assuming from Seller, any of the Service
Contracts, all of which Seller shall cancel effective as of the Closing.

 

ARTICLE
VIII

CLOSING AND ESCROW

 

Section
8.1            Intentionally Omitted.

 

Section
8.2            Closing.

 

The Closing hereunder shall be held and delivery of
all items to be made at the Closing under the terms of this Agreement and
pursuant to escrow instructions using the Title Company’s usual form of deed
and money escrow, modified as necessary to conform to the terms of this
Agreement, at the offices of the Title Company or as otherwise mutually agreed
commencing at 11:00 a.m. local time on February 1, 2007, or such other date and
time as Buyer and Seller may mutually agree upon in writing (the “Closing Date”).

 

16

 

Section
8.3            Deposit of Documents.

 

(a)           At or before the Closing, Seller shall
deposit into escrow the following items:

 

(1)           the duly executed and acknowledged Deed in
the form attached hereto as Exhibit D conveying
the Real Property to Buyer subject to the Conditions of Title;

 

(2)           four (4) duly executed counterparts of the
Bill of Sale in the form attached hereto as Exhibit
E (the “Bill of Sale”);

 

(3)           four (4) duly executed counterparts of an
Assignment and Assumption of Leases in the form attached hereto as Exhibit F pursuant to the terms of which
Buyer shall assume all of Seller’s obligations under the Leases from and after
the Closing Date (the “Assignment of Leases”);

 

(4)           four (4) duly executed counterparts of an
Assignment of Intangible Property in the form attached hereto as Exhibit G pursuant to the terms of which
Buyer shall assume all of Seller’s obligations from and after the Closing Date
under any documents and agreements evidencing the Intangible Property (the “Assignment of Intangible Property”); and

 

(5)           an affidavit pursuant to Section 1445(b)(2)
of the Code, and on which Buyer is entitled to rely, that Seller is not a
“foreign person” within the meaning of Section 1445(f)(3) of the Code.

 

(b)           At or before Closing, Buyer shall deposit
into escrow the following items:

 

(1)           immediately available funds necessary to
close this transaction, including, without limitation, the Purchase Price (less
the Deposit and interest thereon net of investment fees, if any, and less the
amount, if any, deposited in escrow pursuant to the terms of Section 9.20) and
funds sufficient to pay Buyer’s closing costs and share of prorations
hereunder;

 

(2)           four (4) duly executed counterparts of the
Bill of Sale; and

 

(3)           four (4) duly executed counterparts of the
Assignment of Leases; and

 

(4)           four (4) duly executed counterparts of the
Assignment of Intangible Property.

 

(c)           At least one (1) business days prior to
Closing, Seller and Buyer shall sign and deliver to the Title Company a closing
statement prepared by the Title Company, which may be signed in facsimile or
electronic mail counterparts. Seller and Buyer shall each execute and deposit
such transfer tax declarations and such other instruments as are reasonably
required by the Title Company or otherwise required to close the escrow and
consummate the acquisition of the Property in accordance with the terms hereof.
Seller and Buyer hereby designate Title Company as the “Reporting Person” for the transaction
pursuant to Section 6045(e) of the Code

 

17

 

and the regulations
promulgated thereunder and agree to execute such documentation as is reasonably
necessary to effectuate such designation.

 

(d)           On the Closing Date, Seller shall deliver or
make available at the Property to Buyer: originals of the Leases to the extent
in Seller’s possession, or copies of any Leases not in Seller’s possession
together with an affidavit from Seller as to such copies being true and
complete copies of the applicable Lease(s), copies of the tenant correspondence
files and originals of other Due Diligence Materials only copies of which had
been previously delivered to Buyer, and originals of any other items which
Seller was required to furnish Buyer copies of or make available at the
Property pursuant to Sections 2.1(b) or (e) above, to the extent in Seller’s
possession, including Seller’s general ledger, but excluding other internal
books or records which shall be retained by Seller. Seller shall deliver
possession of the Property to Buyer as required hereunder. Seller shall deliver
to Buyer or make available at the Property on the Closing Date keys to the
Property as are in Seller’s possession to the knowledge of Seller.

 

Section
8.4            Estoppel Certificates.

 

(a)           If in accordance with Article II of this
Agreement Buyer elects to proceed with the purchase of the Property, then
Seller shall use commercially reasonable efforts to obtain estoppel
certificates from each tenant of the Property substantially in the form
attached hereto as Exhibit H or,
if a tenant’s lease requires a different form, in the form required by the
tenant’s lease, or as otherwise provided in this paragraph below. It shall be a
condition to Buyer’s obligation to close the sale and purchase of the Property
that on or before the Closing, Buyer receives a signed estoppel certificate
substantially in such form from tenants occupying at least seventy-five percent
(75%) of the area of the Property and the Other Property as hereinafter defined
actually rented to tenants (the “Estoppel
Threshold”) which must include estoppel certificates from all
tenants of the Property and the Other Property who lease at least 10,000
sq. ft. in the Property or the Other Property. All estoppel certificates
shall be dated no more than forty-five (45) days prior to the Closing Date.

 

(b)           If Seller is unable to obtain and deliver
sufficient tenant estoppel certificates as required under Section 8.4(a), or if
the certificates received by Buyer contain material information or omissions
unacceptable to Buyer in its reasonable discretion and Buyer objects thereto by
written notice to Seller within two (2) business days after receipt by Buyer of
the objectionable estoppel, but in any event on or before the Closing Date,
then Seller will not be in default by reason thereof, and Seller may elect to
extend the Closing Date by up to ten (10) business days in order to satisfy the
requirement. A “knowledge” qualifier in paragraph 7 of Exhibit H shall be
acceptable to the Buyer. If Seller still cannot satisfy the requirement at the
end of such extended period, then Buyer may, by written notice given to Seller
before the Closing, elect to terminate this Agreement and receive a refund of
the Deposit or waive said condition. If Buyer so elects to terminate this
Agreement, neither party shall have any further rights or obligations hereunder
except as provided in Section 6.1 above and Sections 9.3 and 9.9 below. If no
such notice is delivered by Buyer, Buyer shall be deemed to have waived such
condition.

 

18

 

Section
8.5            Prorations.

 

(a)           (i)            Rents,
including, without limitation, percentage rents, if any, and any additional
charges and expenses payable by tenants under Leases, all as and when actually
collected; water, sewer and utility charges; amounts payable under any
agreements or documents that are intended to remain in effect after the
Closing; annual permits and/or inspection fees (calculated on the basis of the
period covered); and any other expenses of the operation and maintenance of the
Property (including, without limitation, expenses prepaid by Seller and
expenses already paid by Seller but which are being amortized over time by
Seller and with respect to which Seller shall receive a credit at Closing in
the amount of the prepaid or unamortized portion thereof), shall all be
prorated as of 12:01 a.m. on the date of Closing (i.e., Buyer is entitled to
the income and responsible for the expenses of the day of Closing), on the
basis of a 365-day year. Buyer shall pay or reimburse Seller for the tenant
improvement costs, leasing commissions, free rent and other concessions, as
provided in Section 7.2 and Seller shall credit Buyer for the tenant
improvements costs, leasing commissions, free rent and other concessions, as
provided in Section 7.2. Anything herein contained to the contrary
notwithstanding, there shall be no proration of real property taxes for the
years 2006 or 2007, payable in 2007 and 2008, respectively. Buyer shall
purchase the Property subject to the lien of such real property taxes, shall
pay such real property taxes when due with no recourse to Seller. In addition,
Buyer agrees not to invoice, or attempt to collect from, any tenant of the
Property who is a tenant under a Lease where Seller (rather than some prior
owner of the Property) is the landlord for 2006 real property taxes payable in
2007. Seller will furnish the tenants under the Leases with the 2007 budget of
expenses prior to December 31, 2006 and the invoices submitted by Seller to the
tenants under the Leases for rent and other amounts due Seller on January 1,
2007 shall reflect the expense shown in the 2007 budget.

 

(ii)           All rents collected after the Closing shall be applied and paid as
provided in this Section 8.5(a). If a tenant shall specifically designate a
payment as being attributable to a specific period of time or for a specific
purpose, including, without limitation, for operating expenses or real estate
tax payments which were not paid or were underpaid by such tenant or for
reimbursement for work performed by Seller on the tenant’s premises, such
payment shall be so applied. If there is no such designation, any payment
received from a tenant after Closing shall be deemed a payment of rent due
after the Closing until the tenant is current on rents and sums due under the
applicable Lease on or after the Closing, and then such payments shall be paid
to Seller to the extent of any rent or other sums owing to Seller for periods
prior to Closing. Buyer shall use reasonable efforts to collect such rents and other
sums owing to Seller, but shall have no obligation to threaten or pursue any
eviction or collection proceedings against any tenant. Seller retains the right
to collect any such rents and 

 

19

 

other sums (including payments due Seller on account of the
reconciliation of 2006 expenses as provided in Section 8.5(a) (iii)) from
tenants after Closing; provided, however, that Seller shall have no right to
cause any such tenant to be evicted or to threaten any tenant with eviction or
to exercise any other landlord remedy against such tenant other than to sue for
collection.

 

(iii)          Reconciliation of insurance charges and other expenses (including
taxes) owed by tenants under Leases for 2006 shall be prepared by Seller in accordance
with the requirements set forth in the Leases. Seller agrees to promptly pay
what is due tenants by reason of such reconciliation and shall be entitled to
all amounts due from tenants on account of such reconciliation for 2006.
Reconciliation of insurance charges and other expenses owed by tenants under
Leases for 2007 shall be prepared by Buyer in accordance with the requirements
set forth in the Leases. Buyer agrees to promptly pay what is due tenants by
reason of such reconciliation and shall be entitled to all amounts due from
tenants on account of such reconciliation for 2007. There shall be no such
reconciliation between Seller and Buyer with respect to 2007 expenses and Buyer
shall be solely responsible to tenants on account of reconciliation of 2007
expenses and shall be solely entitled to any payments owed by tenants on
account thereof.

 

(iv)          The amount of any cash security deposits held by Seller under Leases
shall be credited against the Purchase Price (and Seller shall be entitled to
retain such cash security deposits). Seller shall cause all necessary documents
(as reasonably determined by Buyer) and fees necessary to transfer security
deposits held in the form of letters of credit to be deposited by Seller in
escrow on or before the date of Closing, to be delivered to Buyer upon Closing.
Seller agrees to co-operate with Buyer post-Closing to effectuate the transfer
of security deposits held in the form of letters of credit. Seller shall
receive credits at Closing for the amount of any assignable utility or other
deposits with respect to the Property. Buyer shall cause all utilities to be
transferred into Buyer’s name and account at the time of Closing.

 

(v)           Seller and Buyer hereby agree that if any of the aforesaid prorations
and credits cannot be calculated accurately on the Closing Date or in the case
of rents or other charges payable by tenants, such amount have not been
collected, then the same shall be calculated as soon as reasonably practicable
after the Closing Date or the date such amounts have been collected, and either
party owing the other party a sum of money based on such subsequent
proration(s) or credits shall pay said sum to the other party within thirty
(30) days thereafter. Any amounts not paid within such thirty (30) day period
shall bear interest from the date actually received by the payor until paid at
the greater of (i) the rate of ten percent (10%) per annum or (ii) the prime
rate (or base rate) reported from time to time in the

 

20

 

“Money Rates” column or section of The Wall Street Journal as
being the base rate on corporate loans at larger United States money center
commercial banks plus two (2) percent. Upon request of either party, the
parties shall provide a detailed and accurate written statement signed by such
party confirming the payments received by such party from tenants from and
after Closing and to the manner in which such payments were applied, and shall
make their books and records available for inspection by the other party during
ordinary business hours upon reasonable advance notice.

 

(vi)          Seller agrees to pay (i) 1⁄2 the Title Company’s escrow and/or closing
fees (including 1⁄2 of the so-called New York Style Closing Fee), (ii) the cost
of the Title Report in the amount of the Purchase Price, including the cost of
Extended Coverage over all five general exceptions and including the cost of
any endorsements procured by Seller to cure any Objections which Seller is
obligated or permitted (and elects to) cure hereunder, (iii) state and county
transfer taxes and (iv) all recording fees and other costs as provided herein
with respect to clearing Seller’s title. Buyer agrees to pay (i) 1⁄2 the Title
Company’s escrow and/or closing fees (including 1⁄2 of the so-called New York
Style Closing Fee, (ii) the cost of title insurance beyond the costs to be paid
by the Seller, including the cost of any endorsements to the required by Buyer
other than extended coverage, (iii) all recording fees and taxes with respect
to the Deed, (iv) all costs of Buyer’s physical inspections of the Property
(environmental, engineering and so forth) and other due diligence activities,
(v) all municipal transfer taxes, payable in connection with this transaction,
and (vi) all costs of Survey. Except as otherwise specifically provided for in
this Agreement, each party is responsible for its own attorneys’ and other
professional fees. All other closing costs shall be allocated in accordance
with the prevailing local custom.

 

(b)           The parties will execute and deliver any
required transfer or other similar tax declarations to the appropriate
governmental entity at Closing.

 

(c)           The provisions of this Section 8.5 shall
survive the Closing.

 

ARTICLE
IX

MISCELLANEOUS

 

Section
9.1            Notices.

 

Any notices required or permitted to be given
hereunder shall be given in writing and shall be delivered (a) in person, (b)
by certified mail, postage prepaid, return receipt requested, (c) by facsimile
transmission with written evidence confirming transmission, (d) by electronic
mail, or (e) by a commercial overnight courier that guarantees next day
delivery and provides a receipt, and such notices shall be addressed as
follows:

 

21

 

	
  To
  Buyer:

  	
   

  	
  Alliance
  Commercial Partners, LLC

  165 South Union Boulevard, Suite 510

  Lakewood, CO  80228

  Attention:  Mr. Douglas McCormick

  Fax No.:  (303) 986-7990

  E-Mail Address:  dougm@alliancecp.com

  
	
   

  	
   

  	
   

  
	
  with
  a copy to:

  	
   

  	
  Holme
  Roberts & Owen LLP

  1700 Lincoln Street

  Suite 4100

  Denver, CO 80203-4541

  Attention:  Mr. Bruce L. Likoff

  Fax No.:  (303) 866-0345

  E-Mail Address: bruce.likoff@hro.com

  
	
   

  	
   

  	
   

  
	
  To
  Seller:

  	
   

  	
  NewTower
  Trust Company, a Maryland 

  chartered trust company, formerly known 

  as Riggs National Bank of Washington D.C., 

  as Trustee of the NewTower Trust Company 

  Multi-Employer Property Trust, a collective 

  investment fund operating under 12 C.F.R. 

  Section 9.18  

  c/o Kennedy Associates Real Estate Counsel, LP

  2400 Financial Center

  Seattle, Washington  98161-1085

  Attention:  Mr. Richard Hass, Senior
  Vice President

  Fax No.: 206-694-8826

  E-Mail Address: richh@KennedyUSA.com

  
	
   

  	
   

  	
   

  
	
  with
  a copy to:

  	
   

  	
  Seyfarth
  Shaw LLP

  131 South Dearborn Street, Suite 2400

  Chicago, IL 60603

  Attention:  Mr. Michael D. Miselman

  Fax No.: (312) 460-7635

  E-Mail Address:  mmiselman@seyfarth.com

  

 

or to such other
address as either party may from time to time specify in writing to the other
party. Any notice shall be effective only upon receipt or the date of written
evidence that acceptance of delivery has been refused.

 

Section
9.2            Entire Agreement.

 

This Agreement, together with the Exhibits and
schedules hereto, contains all representations, warranties and covenants made
by Buyer and Seller and constitutes the entire understanding between the
parties hereto with respect to the subject matter hereof. Any prior
correspondence, memoranda or agreements are replaced in total by this Agreement
together with the Exhibits and schedules hereto.

 

22

 

Section
9.3            Entry and Indemnity.

 

In connection with any entry by Buyer, or its agents,
employees or contractors onto the Property, Buyer shall give Seller reasonable
advance notice of such entry and shall conduct such entry and any inspections
in connection therewith (a) during normal business hours, (b) using all
commercially reasonable steps in order to minimize interference with Seller’s
business and the business of Seller’s tenants, and (c) in compliance with all
applicable laws. Without limiting the foregoing, prior to any entry to perform
any on-site testing, including but not limited to any borings, drillings or
samplings, Buyer shall give Seller written notice thereof, including the
identity of the company or persons who will perform such testing and the
proposed scope and methodology of the testing. Seller shall approve or
disapprove, in Seller’s sole but reasonable, discretion, the proposed testing
within three (3) business days after receipt of such notice. If Seller fails to
respond within such three (3) business day period, Seller shall be deemed to
have disapproved the proposed testing. If Buyer or its agents, employees or
contractors take any sample from the Property in connection with any such
approved testing, Buyer shall provide to Seller a portion of such sample being
tested to allow Seller, if it so chooses, to perform its own testing. Buyer
shall permit Seller or its representative to be present to observe any testing
or other inspection or due diligence review performed on or at the Property,
provided that Buyer shall not be required to postpone any testing or other
inspection or due diligence review if Seller is unable or unwilling to provide
a representative to be present. If Buyer terminates this Agreement, except due
to Seller’s default under this Agreement, Buyer shall, upon the request of
Seller, promptly deliver to Seller copies of any reports relating to any
testing or other inspection of the Property performed by Buyer or its agents,
representatives, employees, contractors or consultants. Notwithstanding
anything to the contrary contained herein, Buyer shall not contact any
governmental authority or any tenant without allowing Seller, at Seller’s
election, to have a representative participate in any telephone or other
contact made by Buyer to a governmental authority or tenant and to be present
at any meeting by Buyer with a governmental authority or tenant, provided that,
Buyer shall not be required to postpone any such contact if Seller is unable or
unwilling to provide a representative. Buyer shall maintain, and shall assure
that its contractors maintain, public liability and property damage insurance
in a coverage amount not less than Two Million Dollars ($2,000,000.00),
insuring against liability of Buyer and its agents, employees or contractors,
arising out of any entry or inspections of the Property pursuant to the
provisions hereof, and Buyer shall provide Seller with evidence of such
insurance coverage upon request by Seller. Buyer shall indemnify and hold
Seller harmless from and against any costs, damages, liabilities, losses,
expenses, liens or claims (including, without limitation, court costs and
reasonable attorneys’ fees and disbursements) arising out of or relating to any
entry on the Property by Buyer, its agents, employees or contractors in the
course of performing the inspections, testings or inquiries provided for in
this Agreement, including, without limitation, any release of Hazardous
Materials or any damage to the Property; provided that Buyer shall not be
liable to Seller solely as a result of the discovery by Buyer of a pre-existing
condition on the Property to the extent the activities of Buyer, its agents,
representatives, employees, contractors or consultants do not exacerbate the
condition. The provisions of this Section 9.3 shall be in addition to any
access or indemnity agreement previously executed by Buyer in connection with
the Property; provided that in the event of any inconsistency between this
Section 9.3 and such other agreement, the provisions of this Section 9.3 shall
govern. The foregoing indemnity shall survive for a period of nine (9) months
beyond the Closing, or, if the sale is not consummated, for a period of nine
(9) months beyond the termination of this Agreement. Any claim for such

 

23

 

indemnity that Seller may
have at any time, which is not specifically asserted by written notice to Buyer
within such nine (9) month period, shall not be valid or effective, and Buyer
shall have no liability to Seller with respect thereto. Buyer’s right of entry,
as provided in this Section 9.3, shall continue up through the date of Closing.

 

Section
9.4            Time.

 

Time is of the essence in the performance of each of
the parties’ respective obligations contained herein.

 

Section
9.5            Attorneys’ Fees.

 

If either party hereto fails to perform any of its
obligations under this Agreement or if any dispute arises between the parties
hereto concerning the meaning or interpretation of any provision of this
Agreement, whether prior to or after Closing, or if any party defaults in
payment of its post-Closing obligations under this Agreement, and either party
shall commence litigation in connection therewith, then the defaulting party or
the party not prevailing in such dispute, as the case may be, shall pay any and
all costs and expenses incurred by the other party on account of such default
and/or in enforcing or establishing its rights hereunder, including, without
limitation, court costs and reasonable attorneys’ fees and disbursements.

 

Section
9.6            Assignment.

 

Buyer’s rights and obligations hereunder shall not be
assignable without the prior written consent of Seller in Seller’s sole
discretion. Notwithstanding the foregoing, Buyer shall have the right, without
the necessity of obtaining Seller’s consent but with prior written notice to
Seller, to assign its right, title and interest in and to this Agreement to a
separate account, or an entity owned by a separate account, of Buyer, or an
entity controlling, controlled by or under common with the Buyer, at any time before
the Closing Date. Buyer shall in no event be released from any of its
obligations or liabilities hereunder in connection with any assignment. Seller
shall not assign or otherwise transfer its interest under this Agreement and
any such assignment or transfer shall be null and void and shall not confer any
rights upon the purported assignee or transferee.

 

Section
9.7            Counterparts.

 

This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same instrument.

 

Section
9.8            Governing Law.

 

This Agreement shall be governed by and construed in
accordance with the laws of the State in which the Real Property is located.

 

Section
9.9            Confidentiality and Return of Documents.

 

Buyer and Seller shall each maintain as confidential
this Agreement, the terms hereof and the transactions contemplated hereby.
Buyer shall maintain as confidential the Due Diligence Materials and any
reports or studies prepared for Buyer about the Property, and shall not
disclose

 

24

 

such information to any
third party. Except as may be required by law, Buyer will not divulge any such
information to other persons or entities including, without limitation,
appraisers, real estate brokers, or competitors of Seller. Notwithstanding the
foregoing, Buyer shall have the right to disclose information with respect to
the Property to its officers, directors, employees, attorneys, accountants,
environmental auditors, engineers, potential lenders, and permitted assignees
under this Agreement and other consultants to the extent necessary for Buyer to
evaluate its acquisition of the Property provided that Seller inform all such
persons that such information is confidential and such persons have agreed to
do so. Buyer shall be liable to Seller for any damages Seller may suffer by
reason of the failure of any such person to keep such information confidential.
If Buyer acquires the Property from Seller, either party shall have the right,
subsequent to the Closing of such acquisition, to publicize the transaction
(other than the parties to, or the specific economics of, the transaction) in
whatever manner it deems appropriate; provided that any press release or other
public disclosure regarding this Agreement or the transactions contemplated
herein, and the wording of same, must be approved in advance by the other
parties. The provisions of this Section shall survive any termination of this
Agreement, but shall terminate at Closing if Closing occurs, except with
respect to the issuance of any press release or other public disclosure
describing the transactions contemplated herein. In the event the transaction
contemplated by this Agreement does not close as provided herein, upon the
request of Seller, Buyer shall promptly return to Seller all Due Diligence
Materials provided to Buyer by Seller and, if such termination is not due to
Seller’s default under this Agreement, copies of any reports concerning the
physical condition of the Property obtained by Buyer (but the delivery of any
such reports by Buyer shall not be an assignment of any rights of Buyer with
respect to such reports or the making of any representation or warranty by
Buyer concerning such reports).

 

Section
9.10         Interpretation of Agreement.

 

The article, section and other headings of this
Agreement are for convenience of reference only and shall not be construed to
affect the meaning of any provision contained herein. Where the context so
requires, the use of the singular shall include the plural and vice versa and
the use of the masculine shall include the feminine and the neuter. The term “person” shall include any individual, partnership, joint
venture, corporation, trust, unincorporated association, any other entity and
any government or any department or agency thereof, whether acting in an
individual, fiduciary or other capacity.

 

Section
9.11         Limited Liability.

 

The obligations of Seller under this Agreement and
under all of the Other Documents are intended to be binding only on the
property of Seller and shall not be personally binding upon, nor shall any
resort be had to, the private properties of any Seller Related Parties.

 

Section
9.12         Amendments.

 

This Agreement may be amended or modified only by a
written instrument signed by Buyer and Seller.

 

25

 

Section
9.13         No Recording.

 

Neither this Agreement or any memorandum or short form
thereof may be recorded by Buyer, except that this Agreement may be recorded as
may be necessary in connection with the enforcement of Buyer’s rights under
this Agreement due to Seller’s default under this Agreement.

 

Section
9.14         Drafts Not an Offer to Enter into a Legally
Binding Contract.

 

The parties hereto agree that the submission of a
draft of this Agreement by one party to another is not intended by either party
to be an offer to enter into a legally binding contract with respect to the
purchase and sale of the Property. The parties shall be legally bound with respect
to the purchase and sale of the Property pursuant to the terms of this
Agreement only if and when the parties have been able to negotiate all of the
terms and provisions of this Agreement in a manner acceptable to each of the
parties in their respective sole discretion, and both Seller and Buyer have
fully executed and delivered to each other a counterpart of this Agreement (or
a copy by facsimile transmission) (the “Effective Date”).

 

Section
9.15         Intentionally Omitted.

 

Section
9.16         No Partnership.

 

The relationship of the parties hereto is solely that
of Seller and Buyer with respect to the Property and no joint venture or other
partnership exists between the parties hereto. Neither party has any fiduciary
relationship hereunder to the other.

 

Section
9.17         No Third Party Beneficiary.

 

The provisions of this Agreement are not intended to
benefit any third parties.

 

Section
9.18         Buyer’s Condition Precedent.

 

This Agreement shall not be binding or enforceable
against either of the parties hereto unless, concurrently with the execution of
this Agreement Buyer has entered into a contract or contracts satisfactory to
it for the purchase of real estate adjoining the Real Property located at
600-700 Diehl Road and 450-550 Diehl Road, Naperville, Illinois (the “Other Property”), owned by Washington Commons Phase II
Limited Partnership and Washington Commons Phase III Limited Partnership, both
Illinois limited partnerships, respectively (whether one or more contracts, the
“Other Contract”). Buyer shall not be
required to consummate the transactions contemplated by this Agreement, and
Buyer may terminate this Agreement by written notice to Seller, unless Buyer
has also consummated the transactions contemplated by the Other Contract.
Provided, however, that Buyer shall be required to consummate the transactions
contemplated by this Agreement if the reason the transactions contemplated by
the Other Contract do not close is Buyer’s default under the Other Contract. A
default by the sellers under the Other Contract shall not be a default by
Seller herein and a default by Buyer under the Other Contract shall not be a
default by Buyer herein. If Buyer terminates this Agreement pursuant to this
Section 9.18, the Deposit shall be returned promptly to Buyer, and neither party
shall have any further rights or obligations hereunder except as provided in
Sections 6.1, 9.3 and 9.9 above.

 

26

 

Section
9.19         Limitation on Liability.

 

Notwithstanding anything to the contrary contained herein,
after the Closing: (a) the maximum aggregate liability of Seller, and the
maximum aggregate amount which may be awarded to and collected by Buyer
(including, without limitation, for any breach of any representation, warranty
and/or covenant by Seller) under this Agreement or any documents executed
pursuant hereto or in connection herewith, including, without limitation, the
Deed, the Bill of Sale, the Assignment of Leases and Assignment of Warranties
and other Intangible Property (collectively, the “Other
Documents”, shall under no circumstances whatsoever exceed Five
Hundred Thousand Dollars ($500,000.00); 
and (b) no claim by Buyer alleging a breach by Seller of any
representation, warranty and/or covenant of Seller contained herein or in any
of the Other Documents may be made, and Seller shall not be liable for any
judgment in any action based upon any such claim, unless and until such claim,
either alone or together with any other claims by Buyer alleging a breach by
Seller of any such representation, warranty and/or covenant is for an aggregate
amount in excess of Twenty-Five Thousand Dollars ($25,000) (the “Floor Amount”), in which event Seller’s liability respecting
any final judgment concerning such claim or claims shall be for the entire
amount thereof, subject to the limitation set forth in clause (a) above;
provided, however, that if any such final judgment is for an amount that is
less than or equal to the Floor Amount, then Seller shall have no liability
with respect thereto.

 

Section
9.20         Illinois Bulk Sales.

 

At or prior to the Closing, Seller shall deliver to
Buyer evidence reasonably acceptable to Buyer that the sale of the Property to
Buyer hereunder is not subject to, and does not subject Buyer to liability
under 35 ILCS 5/902(d) or 35 ILCS 120/5j (herein collectively referred to as
the “Act”) and that no more than forty (40)
days prior to the Closing, Seller shall have notified the Illinois Department
of Revenue (herein referred to as the “Department”) of
the intended sale and provided the Department with all other information
required under the Act, including, without limitation, a copy of this
Agreement, and required by the Department to make a determination of how much
the Seller owes to the Department as provided in the Act, if anything. Seller
shall promptly provided Buyer with a copy of such notice to the Department and
with copies of all additional correspondence to and from the Department related
thereto. . Seller agrees that Buyer may, at the Closing, deduct and withhold
from the proceeds that are due Seller the amount necessary to comply with the
withholding requirements imposed by the Act as estimated or determined by the
Illinois Department of Revenue. Buyer shall deposit the amount so withheld in a
separate escrow at Seller’s expense with the Title Company, with such escrow to
contain terms and conditions complying with the Act and mutually satisfactory
to Seller and Buyer. Buyer’s FEIN is 06 - 1761767.

 

Section
9.21         Calculation of Time Periods.

 

Unless otherwise specified, in computing any period of
time described herein, the day of the act or event, after which the designated
period of time begins to run, is not to be included and the last day of the
period so computed is to be included, unless such last day is a Saturday, Sunday
or legal holiday, in which event the period shall run until the end of the next
day which is neither a Saturday, Sunday, nor legal holiday (i.e., a day on
which federally chartered banks are not open for business in Chicago,
Illinois). The last day of any period of time described herein

 

27

 

shall be deemed to end at
5 p.m. Chicago, Illinois time on the last day of such period of time. All days
other than Saturdays, Sundays and legal holidays in which federally chartered
banks are closed in Chicago, Illinois are business days hereunder.

 

28

 

The parties hereto have executed this Agreement as of
the date set forth in the first paragraph of this Agreement.

 

	
   

  	
  Seller:

  	
   

  	
  NewTower
  Trust Company, a Maryland chartered trust company, as successor to Riggs
  National Bank of Washington D.C., as Trustee of the NewTower Trust Company
  Multi-Employer Property Trust, a collective investment fund operating under
  12 C.F.R. Section 9.18

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   /s/
  Patrick O. Mayberry

  
	
   

  	
   

  	
   

  	
   

  	
   Patrick
  O. Mayberry, President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Buyer:

  	
   

  	
  Alliance
  Commercial Partners, LLC

  a Colorado limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  David E. Ramsay

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Member

  
						

 

29

LIST OF EXHIBITS
AND SCHEDULES

 

Exhibits

 

Exhibit A                Real
Property Description

 

Exhibit B                Strict
Joint Order Escrow Trust Instructions

 

Exhibit C                List
of Tenant Leases

 

Exhibit D                Deed

 

Exhibit E                 Bill
of Sale

 

Exhibit F                 Assignment
of Leases

 

Exhibit G                Assignment
of Warranties and Other Intangible Property

 

Exhibit H                Estoppel
Certificate

 

Schedules

 

Schedule 1.1(c)                     Tangible Personal Property

 

Schedule 3.1                          Disclosure Items

 

Schedule 4.1(b)                     Objections

 

 

Exhibit A

 

REAL PROPERTY
DESCRIPTION

 

Lot 1 in
Washington Commons Phase I, a Planned Unit Development, being a Subdivision of
part of the South 1⁄2 of Section 6, Township 38 North, Range 10, East of the
Third Principal Meridian, according to the Plat thereof recorded April 3, 1987
as Document R87-46471, in DuPage County, Illinois.

 

A-1

 

Exhibit B

 

STRICT JOINT ORDER ESCROW TRUST INSTRUCTIONS

 

CHICAGO TITLE AND
TRUST COMPANY

 

	
   

  	
  Refer
  to:

  	
   

  	
  Amanda
  Ray

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Phone
  no:

  	
   

  	
  312-223-2710

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Fax
  no

  	
   

  	
  312-223-4952

  

 

STRICT JOINT ORDER
ESCROW TRUST INSTRUCTIONS

 

	
  COMMITMENT NO.:
  880004063

  	
   

  	
  Date:

  	
  December 26,
  2006

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ESCROW NO.:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

To:          Chicago Title and Trust
Company, Escrow Trustee:

 

Customer
Identification:

 

Seller:                                     NewTower Trust
Company, a Maryland chartered trust company, as successor to Riggs National
Bank of Washington D.C., as Trustee of the NewTower Trust Company
Multi-Employer Property Trust, a collective investment fund operating under 12
C.F.R. Section 9.18

 

Purchaser:                             Alliance Commercial
Partners, LLC

 

Property

Address:                                750-900 Diehl Road,
Naperville, Illinois

 

Proposed disbursement date:            February
1, 2007

 

Deposits:

 

Wire transfer in
the amount of $240,000.00 representing earnest money deposit for the purchase
of the above-referenced property.

 

Delivery
of Deposits:

 

The
above-referenced escrow trust deposits (“deposits”) are (or will be) deposited
with the escrow trustee, to be delivered by it only upon the receipt of a joint
order of the undersigned or their respective legal representatives or assigns.

 

B-1

 

In no case shall
the above mentioned deposits be surrendered except upon the receipt of an order
signed by the parties hereto, their respective legal representatives or
assigns, or in obedience to the court order described below.

 

If either Seller
or Purchaser refuses to sign a joint order to Chicago Title and Trust Company,
then, upon demand of either Seller or Purchaser, Chicago Title and Trust
Company promptly shall interplead all deposits presently held by it with a
court having jurisdiction.

 

Billing
Instructions:

 

Escrow trust fee
will be billed:  1⁄2 to Seller and 1⁄2 to
Purchaser; investment fees are to be billed all to Purchaser. An annual
maintenance fee, as determined by the then current rate schedule, will commence
February 1, 2008 if Chicago Title and Trust Company retains any deposits as of
that date.

 

PLEASE NOTE:  The escrow trust fee for these joint order
escrow instructions is due and payable within 30 days from the projected
disbursement date (which may be amended by joint written direction of the
parties hereto). In the event no projected disbursement date is ascertainable,
said escrow trust fee is to be billed at acceptance and is due and payable
within 30 days from the billing date. Chicago Title and Trust Company hereby
waives the escrow trust fee for these joint order escrow trust instructions in
the event the funds on deposit herein are transferred to or disbursed in
connection with sale escrow trust instructions or an agency closing transaction
established at Chicago Title and Trust Company.

 

Investment:

 

Deposits made
pursuant to these instructions may be invested on behalf of any party or
parties hereto, provided, that any direction to escrow trustee for such
investment shall be expressed in writing and contain the consent of all other
parties to this escrow, and also provided that you are in receipt of the
taxpayer’s identification number and investment forms as required. Escrow
trustee will, upon request, furnish information concerning its procedures and
fee schedules for investment.

 

Except as to
deposits of funds for which escrow trustee has received express written
direction concerning investment or other handling, the parties hereto agree
that the escrow trustee shall be under no duty to invest or reinvest any
deposits at any time held by it hereunder; and, further that escrow trustee may
commingle such deposits with other deposits or with its own funds in the manner
provided for the administration of funds under Section 2-8 of the
Corporate Fiduciary Act (205 ILCS 620/2-8) and may use any part or all such
funds for its own benefit without obligation of any party for interest or
earning derived thereby, if any. Provided, however, nothing herein shall
diminish escrow trustee’s obligation to apply the full amount of the deposits
in accordance with the terms of these escrow trust instructions.

 

In the event the
escrow trustee is requested to invest deposits hereunder. Chicago Title and
Trust Company is not to be held responsible for any loss of principal or
interest which may accrue as a result of making the investments or redeeming
said investment for the purposes of the escrow trust instructions.

 

B-2

 

Compliance
With Court Order:

 

The undersigned
authorize and direct the escrow trustee to disregard any and all notices,
warnings or demands given or made by the undersigned (other than jointly) or by
any other person. The said undersigned also hereby authorize and direct the
escrow trustee to accept, comply with, and obey any and all writs, orders,
judgments or decrees entered or issued by any court with or without
jurisdiction; and in case the said escrow trustee obeys or complies with any
such writ, order, judgment or decree of any court, it shall not be liable to
any of the parties hereto or any other person, by reason of such compliance,
notwithstanding any such writ, order, judgment or decree be entered without
jurisdiction or be subsequently reversed, modified, annulled, set aside or vacated.
In case the escrow trustee is made a party defendant to any suit or proceedings
regarding this escrow trust, the undersigned, for themselves, their heirs,
personal representatives, successors, and assigns, jointly and severally, agree
to pay to said escrow trustee, upon written demand, all costs, attorney’s fees,
and expenses incurred with respect thereto. The escrow trustee shall have a
lien on the deposit(s) herein for any and all such costs, fees and expenses. If
said costs, fees and expenses are not paid, then the escrow trustee shall have
the right to reimburse itself out of said deposit(s).

 

Execution:

 

These escrow trust
instructions are governed by and are to be construed under the laws of the
State of Illinois. The escrow trust instructions, amendment or supplemental
instructions hereto, may be executed in counterparts, each of which shall be
deemed an original and all such counterparts together shall constitute one and
the same instrument.

 

	
  For Seller:

  	
   

  	
  For Purchaser:

  
	
   

  	
   

  	
   

  
	
  Firm/Name:

  	
  Seyfarth
  Shaw LLP

  	
   

  	
  Name:

  	
  Holme
  Roberts & Owen LLP

  
	
  Attn:

  	
  Michael
  D. Miselman

  	
   

  	
  Attn:

  	
  Bruce
  L. Likoff

  
	
  Address:

  	
  131
  S. Dearborn Street

  	
   

  	
  Address:

  	
  1700
  Lincoln Street

  
	
   

  	
  Suite
  2400

  	
   

  	
   

  	
  Suite
  4100

  
	
  City/State:

  	
  Chicago,
  IL 60603-5577

  	
   

  	
  City/State:

  	
  Denver,
  CO 80203-4541

  
	
  Phone
  No.:

  	
  (312)
  460-5635

  	
   

  	
  Phone
  No.:

  	
  (303)
  866-0345

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signature:

  	
   

  	
   

  	
  Signature:

  	
   

  
						

 

B-3

 

Accepted:  Chicago Title and Trust Company as Escrow
Trustee

 

 

	
  By:

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  

 

B-4

 

Exhibit C

 

LIST OF TENANT
LEASES

 

Washington
Commons Phase I

 

Schedule
of Leases and Amendments

 

	
  Tenant
  Name

  	
   

  	
  Lease /Amendment

  	
   

  	
  Lease Execution

  Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Avana
  Corporation

  750 E. Diehl, Suite 100

  	
   

  	
  Lease

  	
   

  	
  3/27/2002

  
	
   

  	
  Amendment

  	
   

  	
  7/12/2005

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Banner Personnel
  Service, Inc.

  800 E. Diehl, Suite 100

  	
   

  	
  Lease

  	
   

  	
  7/17/1989

  
	
   

  	
  Addendum

  	
   

  	
  8/25/1994

  
	
   

  	
  3rd Amendment

  	
   

  	
  6/15/2000

  
	
   

  	
  4th Amendment

  	
   

  	
  9/30/2002

  
	
   

  	
  5th Amendment

  	
   

  	
  9/22/2005

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CIMC
  Transportation Equipment, Inc.

  900 E. Diehl, Suite 160

  	
   

  	
  Lease

  	
   

  	
  6/1/2003

  
	
   

  	
  Amendment

  	
   

  	
  5/4/2006

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cognex
  Corporation

  850 E. Diehl, Suite 125

  	
   

  	
  Lease

  	
   

  	
  5/29/1997

  
	
   

  	
  1st Amendment

  	
   

  	
  12/8/1999

  
	
   

  	
  Lease

  	
   

  	
  5/31/2001

  
	
   

  	
  Amendment

  	
   

  	
  5/21/2003

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EDD Associates L.L.C.
  

  750 E. Diehl, Suite 111

  	
   

  	
  Lease

  	
   

  	
  9/28/2004

  
	
   

  	
  Cable License
  Agreement

  	
   

  	
  8/1/2005

  

 

C-1

 

	
  Tenant
  Name

  	
   

  	
  Lease /Amendment

  	
   

  	
  Lease Execution

  Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GlobalTech AC,
  Inc.

  900 E. Diehl, Suite 130

  	
   

  	
  Lease

  	
   

  	
  1/26/2005

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IC Haus
  Corporation

  750 E. Diehl, Suite 120

  	
   

  	
  Lease

  	
   

  	
  9/14/2005

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Katherine Shaw
  Bethea Hospital 

  	
   

  	
  Lease

  	
   

  	
  6/1/2005

  
	
  750 E. Diehl,
  Suite 127

  	
   

  	
  Amendment

  	
   

  	
  5/25/2006

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kawin
  International, Inc.

  750 E. Diehl, Suite 119

  	
   

  	
  Lease

  	
   

  	
  7/11/2005

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Meaden &
  Moore, L.L.C.

  750 E. Diehl, Suite 160

  	
   

  	
  Lease

  Amendment

  	
   

  	
  1/5/2002

  11/1/2004

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Medco Diagnostic
  Imaging, Inc.

  750 E. Diehl, Suite 141

  	
   

  	
  Lease

  	
   

  	
  6/30/2005

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Mercantech, Inc.

  900 E. Diehl, Suite 110

  	
   

  	
  Lease

  	
   

  	
  3/31/2004

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Numeric
  Technologies, Inc.

  	
   

  	
  Lease

  	
   

  	
  1/17/2001

  
	
   

  	
   

  	
  Amendment

  	
   

  	
  2/3/2004

  
	
   

  	
   

  	
  Second Amendment

  	
   

  	
  2/23/2005

  
	
   

  	
   

  	
  Third Amendment

  	
   

  	
  3/20/06

  

 

C-2

 

	
  Tenant
  Name

  	
   

  	
  Lease /Amendment

  	
   

  	
  Lease Execution

  Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FKA: Zenith 

  	
   

  	
  2nd Amendment

  	
   

  	
  2/23/2005

  
	
  750 E. Diehl,
  Suite 130

  	
   

  	
  3rd Amendment

  	
   

  	
  3/20/2006

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Optobionics
  Corporation 

  	
   

  	
  Lease

  	
   

  	
  7/10/2002

  
	
  750 E. Diehl,
  Suite 135

  	
   

  	
  1st Amendment

  	
   

  	
  11/14/2003

  
	
   

  	
   

  	
  2nd Amendment

  	
   

  	
  4/12/2006

  
	
   

  	
   

  	
  3rd Amendment

  	
   

  	
  10/9/2006

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Packaging
  Corporation of America

  900 E. Diehl, Suite 131

  	
   

  	
  Lease

  	
   

  	
  7/13/2005

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Reynolds, Smith
  & Hills, Inc. 

  	
   

  	
  Lease

  	
   

  	
  8/29/2001

  
	
  850 E. Diehl,
  Suite 120

  	
   

  	
  Amendment

  	
   

  	
  2/28/2005

  
	
   

  	
   

  	
  2nd Amendment

  	
   

  	
  10/9/2006

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Richards
  Group, Inc. 

  900 E. Diehl, Suite 181

  	
   

  	
  Lease

  	
   

  	
  12/19/2002

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Stewart Title of
  Illinois, Inc. 

  	
   

  	
  Lease

  	
   

  	
  1/30/1997

  
	
  800 E. Diehl,
  Suite 180

  	
   

  	
  1st Amendment

  	
   

  	
  5/14/1998

  
	
   

  	
   

  	
  2nd Amendment

  	
   

  	
  11/30/2001

  
	
   

  	
   

  	
  3rd Amendment

  	
   

  	
  5/1/2005

  
	
   

  	
   

  	
  4th Amendment

  	
   

  	
  6/30/2005

  

 

C-3

 

	
  Tenant
  Name

  	
   

  	
  Lease /Amendment

  	
   

  	
  Lease Execution

  Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Union
  Central Life Insurance Company

  	
   

  	
  Lease

  	
   

  	
  12/11/2003

  
	
  Sublet:
  Berkshire Life Insurance Company of America 

  900 E. Diehl, Suite 161

  	
   

  	
  Consent to
  sublease

  	
   

  	
  2/1/2005

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  United Financial
  of Illinois, Inc. 

  	
   

  	
  Lease

  	
   

  	
  5/3/1990

  
	
  800 E. Diehl,
  Suite 185

  	
   

  	
  Lease

  	
   

  	
  7/23/1993

  
	
   

  	
   

  	
  1st Amendment

  	
   

  	
  12/13/1994

  
	
   

  	
   

  	
  2nd Amendment

  	
   

  	
  1/14/1998

  
	
   

  	
   

  	
  3rd Amendment

  	
   

  	
  11/17/1998

  
	
   

  	
   

  	
  Fourth Amendment

  	
   

  	
  12/27/2000

  
	
   

  	
   

  	
  Fifth Amendment

  	
   

  	
  1/31/2001

  
	
   

  	
   

  	
  Lease

  	
   

  	
  12/26/2001

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  VanGuard Energy
  Services, L.L.C. 

  	
   

  	
  Lease

  	
   

  	
  2/25/2003

  
	
  850 E. Diehl,
  Suite 142

  	
   

  	
  Amendment

  	
   

  	
  3/31/2005

  
	
   

  	
   

  	
  Cable License
  Agreement

  	
   

  	
  4/20/2005

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wells Fargo
  Financial Illinois, Inc.

  800 E. Diehl, Suite 160

  	
   

  	
  Lease

  	
   

  	
  10/24/03

  

 

C-4

 

	
  Tenant
  Name

  	
   

  	
  Lease /Amendment

  	
   

  	
  Lease Execution

  Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wells Fargo
  Financial Illinois, Inc. 

  	
   

  	
  Lease &
  Addendum

  	
   

  	
  4/25/90

  
	
  900 E. Diehl,
  Suite 120

  	
   

  	
  1st
  Amendment

  	
   

  	
  9/12/1995

  
	
   

  	
   

  	
  2nd Amendment

  	
   

  	
  7/5/2000

  
	
   

  	
   

  	
  3rd Amendment

  	
   

  	
  4/30/2001

  
	
   

  	
   

  	
  4th Amendment

  	
   

  	
  10/24/2003

  
	
   

  	
   

  	
  5th Amendment

  	
   

  	
  3/10/2004

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  W.L. Gore & Associates,
  Inc. 

  	
   

  	
  Lease

  	
   

  	
  7/27/1989

  
	
  800 E. Diehl,
  Suite 160

  	
   

  	
  Addendum

  	
   

  	
  4/16/1992

  
	
   

  	
   

  	
  2nd Amendment

  	
   

  	
  5/1/1997

  
	
   

  	
   

  	
  3rd Amendment

  	
   

  	
  6/12/2002

  
	
   

  	
   

  	
  4th Amendment

  	
   

  	
  9/4/2002

  
	
   

  	
   

  	
  5th Amendment

  	
   

  	
  6/21/2005

  

 

C-5

 

Exhibit D

 

DEED

 

This Instrument
Prepared By:

 

Michael D.
Miselman

Seyfarth Shaw LLP

131 S. Dearborn St. 

Suite 2400

Chicago, Illinois  60603

 

Upon Recordation
Return To:

 

	
   

  
	
   

  
	
   

  

 

TRUSTEE’S DEED

 

THIS TRUSTEE’S DEED is made as of the      th
day of January, 2007 by NewTower Trust Company, a Maryland chartered trust
company, as successor to Riggs National Bank of Washington D.C., as Trustee of
the NewTower Trust Company Multi-Employer Property Trust, a collective
investment fund operating under 12 C.F.R. Section 9.18, Grantor, to                                                                                      
, Grantee.

 

WITNESSETH, that the Grantor, in consideration of the
sum of Ten and No/100s ($10.00) Dollars and other good and valuable
consideration in hand paid, receipt and sufficiency whereof is hereby
acknowledged, and in pursuance of the power and authority vested in the Grantor
as said Trustee and of every other power and authority the Grantor hereunto
enabling, does hereby CONVEY and QUITCLAIM unto the Grantee, in fee simple, the
described real estate, situated in the County of DuPage and the State of
Illinois described on Exhibit A attached hereto and made a part hereof subject
to general real estate taxes not yet due and payable and all matters of record,
together with the tenements, hereditaments and appurtenances thereunto
belonging or in any wise appertaining.

 

The Grantor executes this Deed not personally, but
solely as Trustee aforesaid. Nothing herein contained shall be construed as
creating any liability or responsibility upon Trustee, personally, and no
personal liability or responsibility is assumed by, nor shall at any time be
asserted or enforceable against Trustee, personally, on account of this Deed.

 

This Deed is executed pursuant to and in exercise of
the power and authority granted to and vested in the Trustee by the terms of
the Trust above mentioned, and of every other power and authority thereunto
enabling.

 

[Signature
page follows]

 

D-1

 

IN WITNESS WHEREOF, the Grantor, as Trustee as
aforesaid, has hereunto set its hand and seal the day and year first above
written.

 

	
   

  	
   

  	
  NewTower Trust
  Company, a Maryland trust company, as Trustee of the NewTower Trust Company
  Multi-Employer Property Trust, a collective investment fund operating under
  12 C.F.R. Section 9.18

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
       Patrick
  O. Mayberry, President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  WASHINGTON

  	
  )

  	
   

  
	
   

  	
  )

  	
  SS

  
	
  DISTRICT OF
  COLUMBIA

  	
  )

  	
   

  

 

I, the undersigned, a Notary Public in and for said
County, in the State aforesaid, DO HEREBY CERTIFY that Patrick O. Mayberry,
President of NewTower Trust Company, a Maryland trust company, as Trustee of
the NewTower Trust Company Multi-Employer Property Trust, a collective
investment fund operating under 12 C.F.R. Section 9.18, personally known to me
to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed, sealed
and delivered the said instrument as his free and voluntary act on behalf of said
bank as Trustee as aforesaid, for the uses and purposes therein set forth.

 

GIVEN under my hand and official seal, this            
day of January, 2007

 

 

	
   

  	
   

  
	
   

  	
  Notary Public

  

 

D-2

 

EXHIBIT A TO DEED

 

Lot 1 in
Washington Commons Phase I, a Planned Unit Development, being a Subdivision of
part of the South 1⁄2 of Section 6, Township 38 North, Range 10, East of the
Third Principal Meridian, according to the Plat thereof recorded April 3, 1987
as Document R87-46471, in DuPage County, Illinois.

 

Permanent Real
Estate Index Number:  08-06-404-009

 

Address of Real
Estate: 750-900 Diehl Road, Naperville, Illinois 60563

 

D-3

 

Exhibit E

 

BILL OF SALE

 

This Bill of Sale (the “Bill of Sale”)
is made and entered into                         ,
20    , by and between                                                 
(“Assignor”), and                               
(“Assignee”).

 

In consideration of the sum of Ten Dollars ($10) and
other good and valuable consideration paid by Assignee to Assignor, the receipt
and sufficiency of which are hereby acknowledged, Assignor does hereby assign,
transfer, convey and deliver to Assignee, its successors and assigns, all items
of Tangible Personal Property (as defined in the Agreement referred to below)
and more particularly described on Exhibit A
attached hereto and made a part hereof for all purposes, including, without
limitation, the Tangible Personal Property identified in Exhibit B,
if any, attached hereto and made a part hereof for all purposes (the “Personal Property”).

 

Assignee acknowledges and agrees that, except as
expressly provided in, and subject to the limitations contained in, that
certain Agreement of Purchase and Sale dated                            ,
20    , by and between Assignor and Assignee (the “Agreement”), Assignor has not made, does not make and
specifically disclaims any representations, warranties, promises, covenants,
agreements or guaranties of any kind or character whatsoever, whether express
or implied, oral or written, past, present or future, of, as to, concerning or
with respect to (a) the nature, quality or conditions of the personal property,
(b) the income to be derived from the personal property, (c) the suitability of
the personal property for any and all activities and uses which Assignee may
conduct thereon, (d) the compliance of or by the personal property or its
operation with any laws, rules, ordinances or regulations of any applicable
governmental authority or body, (e) the quality, habitability, merchantability
or fitness for a particular purpose of any of the personal property, or (f) any
other matter with respect to the personal property. Assignee further
acknowledges and agrees that, having been given the opportunity to inspect the
personal property, Assignee is relying solely on its own investigation of the
personal property and not on any information provided or to be provided by
Assignor, except as specifically provided in the Agreement. Assignee further
acknowledges and agrees that any information provided or to be provided with
respect to the personal property was obtained from a variety of sources and
that Assignor has not made any independent investigation or verification of
such information. Assignee further acknowledges and agrees that the sale of the
personal property as provided for herein is made on an “as is, where is”
condition and basis “with all faults,” except as specifically provided in, and
subject to the limitations contained in, the Agreement.

 

The obligations of Assignor are intended to be binding
only on the property of Assignor and shall not be personally binding upon, nor
shall any resort be had to, the private properties of any Seller Related
Parties (as defined in the Agreement).

 

E-1

 

IN WITNESS WHEREOF, Assignor and Assignee have caused
this Bill of Sale to be executed on the date and year first above written.

 

	
   

  	
  Assignor:

  	
  NewTower
  Trust Company, a Maryland chartered trust company, as successor to Riggs
  National Bank of Washington D.C., as Trustee of the NewTower Trust Company
  Multi-Employer Property Trust, a collective investment fund operating under
  12 C.F.R. Section 9.18

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Kennedy
  Associates Real Estate

  Counsel,

  LP, Authorized Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  ,

  
	
   

  	
   

  	
  Its
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Assignee:

  	
   

  	
   

  
	
   

  	
   

  	
  a

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Its:

  	
   

  	
   

  

 

E-2

 

Exhibit F

 

ASSIGNMENT OF
LEASES

 

This Assignment of Leases (this “Assignment”)
is made and entered into                            ,
20    , by and between                                            
(“Assignor”),                                                                                     
                                          
(“Assignee”).

 

For good and valuable consideration paid by Assignee
to Assignor, the receipt and sufficiency of which are hereby acknowledged,
Assignor does hereby assign, transfer, set over and deliver unto Assignee all
of Assignor’s right, title, and interest in and to those certain leases listed
on Exhibit A attached hereto and made
a part hereof for all purposes except for Seller’s right to collect delinquent
rent and other delinquent sums owing under such Leases for the period prior to
the date hereof in accordance with the Agreement (as defined below), together
with all guarantees of such leases and all security deposits (whether in the
form of cash, letters of credit or any other form) (such leases, guarantees and
security deposits all hereinafter referred to as the “Leases”).

 

ASSIGNEE ACKNOWLEDGES AND AGREES, BY ITS ACCEPTANCE
HEREOF, THAT, EXCEPT AS EXPRESSLY PROVIDED IN, AND SUBJECT TO THE LIMITATIONS
CONTAINED IN, THAT CERTAIN AGREEMENT OF PURCHASE AND SALE, DATED AS OF                                           ,
20    , BY AND BETWEEN ASSIGNOR AND ASSIGNEE (THE “AGREEMENT”), THE ASSIGNED ITEMS ARE CONVEYED “AS IS, WHERE
IS” AND IN THEIR PRESENT CONDITION WITH ALL FAULTS, AND THAT ASSIGNOR HAS NOT
MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS, WARRANTIES,
PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER
WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR
FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO THE NATURE, QUALITY OR
CONDITION OF THE ASSIGNED ITEMS, THE INCOME TO BE DERIVED THEREFROM, OR THE
ENFORCEABILITY, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF THE
ASSIGNED ITEMS.

 

Except as otherwise expressly provided in Article VII
of the Agreement, by accepting this Assignment and by its execution hereof,
Assignee assumes the payment and performance of, and agrees to pay, perform and
discharge, all the debts, duties and obligations to be paid, performed or
discharged from and after the Closing Date (as defined in the Agreement) by the
“landlord” or the “lessor” under the terms, covenants and conditions of the
Leases, including, without limitation, brokerage commissions and compliance
with the terms of the Leases relating to tenant improvements and security deposits.
Assignee agrees to indemnify, hold harmless and defend Assignor from and
against any and all claims, losses, liabilities, damages, costs and expenses
(including, without limitation, court costs and reasonable attorneys’ fees and
disbursements) resulting by reason of the failure of Assignee to (i) pay,
perform or discharge any of the debts, duties or obligations assumed or agreed
to be assumed by Assignee hereunder arising out of or relating to, directly or
indirectly, in whole or in part, the Leases, from and after the Closing Date or
(ii) pay, perform or discharge any of its obligations under the Agreement
relative to the Leases or payment of real property taxes. Except as otherwise
expressly provided in Article VII and subject to the provisions of Sections 3.2
and 9.19 of the Agreement (which provisions are not modified in any way by the
following indemnity), Assignor agrees to protect,

 

F-1

 

indemnify, defend and
hold Assignee harmless from and against all claims, losses, damages, costs,
expenses, obligations and liabilities (including, without limitation, court
costs and reasonable attorneys’ fees and disbursements) (collectively, “Claims”) arising out of or relating to, directly or
indirectly, in whole or in part, (i) the Leases prior to the Closing Date or
(ii) Assignor’s failure to pay, perform or discharge any of its obligations
under the Agreement relative to the Leases or payment of real property taxes;
provided, however, that the foregoing indemnity shall not apply to any Claims
relating in any way to the physical, environmental or other condition of the
Property (as defined in the Agreement) or the compliance or non-compliance of
the Property with any legal requirements; and provided further that the
foregoing indemnity shall apply solely to Claims first raised after the Closing
Date and shall survive only for a period of nine (9) months after the Closing
Date. Any such Claim which Assignee may have at any time against Assignor,
whether known or unknown, which is not specifically asserted by written notice
to Assignor within such nine (9) month period shall not be valid or effective,
and neither Assignor nor any Seller Related Parties (as defined in the
Agreement) shall have any liability with respect thereto.

 

The obligations of Assignor are intended to be binding
only on the property of Assignor and shall not be personally binding upon, nor
shall any resort be had to, the private properties of any Seller Related
Parties.

 

All of the covenants, terms and conditions set forth
herein shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns.

 

IN WITNESS WHEREOF, Assignor and Assignee have caused
this Assignment to be executed on the day and year first above written.

 

	
   

  	
  Assignor:

  	
  NewTower Trust Company, a Maryland chartered trust company, as
  successor to Riggs National Bank of Washington D.C., as Trustee of the
  NewTower Trust Company Multi-Employer Property Trust, a collective investment
  fund operating under 12 C.F.R. Section 9.18

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Kennedy
  Associates Real Estate

  Counsel,

  LP, Authorized Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  ,

  
	
   

  	
   

  	
  Its
  

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Assignee:

  	
   

  
	
   

  	
   

  	
  a

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  
							

 

F-2

 

Exhibit G

 

ASSIGNMENT OF 

WARRANTIES AND OTHER INTANGIBLE PROPERTY

 

This Assignment of Warranties and Other Intangible
Property (this “Assignment”) is made and entered
into                           ,
2007, by and between                                                     
(“Assignor”),                                                     
                                                                              
(“Assignee”).

 

For good and valuable consideration paid by Assignee
to Assignor, the receipt and sufficiency of which are hereby acknowledged,
Assignor does hereby assign, transfer, set over and deliver unto Assignee all
of Assignor’s right, title, and interest in and to the following (collectively,
the “Assigned Items”): (i) those certain
warranties held by Assignor (the “Warranties”)
listed on Exhibit A, if any, attached hereto and
made a part hereof for all purposes, and (ii) all zoning, use, occupancy and
operating permits, and other permits, licenses, approvals and certificates,
maps, plans, specifications, and all other Intangible Personal Property (as
defined in the Agreement) owned by Assignor and used in the use or operation of
the Real Property and Personal Property (each as defined in the Agreement),
including, without limitation, any right of Assignor to use the name
“Washington Commons” and any other trade name owned by Assignor now used
exclusively in connection with the Real Property and any utility contracts or
other agreements or rights relating to the use and operation of the Real Property
and Personal Property (collectively, the “Other Intangible Property”).

 

ASSIGNEE ACKNOWLEDGES AND AGREES, BY ITS ACCEPTANCE
HEREOF, THAT, EXCEPT AS EXPRESSLY PROVIDED IN, AND SUBJECT TO THE LIMITATIONS
CONTAINED IN, THAT CERTAIN AGREEMENT OF PURCHASE AND SALE, DATED AS OF                           ,
20     , BY AND BETWEEN ASSIGNOR AND ASSIGNEE (THE “AGREEMENT”), THE ASSIGNED ITEMS ARE CONVEYED “AS IS, WHERE
IS” AND IN THEIR PRESENT CONDITION WITH ALL FAULTS, AND THAT ASSIGNOR HAS NOT
MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS, WARRANTIES,
PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER
WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR
FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO THE NATURE, QUALITY OR
CONDITION OF THE ASSIGNED ITEMS, THE INCOME TO BE DERIVED THEREFROM, OR THE
ENFORCEABILITY, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF THE
ASSIGNED ITEMS.

 

Except as otherwise expressly provided in Article VII
of the Agreement, by accepting this Assignment and by its execution hereof,
Assignee assumes the payment and performance of, and agrees to pay, perform and
discharge, all the debts, duties and obligations to be paid, performed or
discharged from and after the Closing Date (as defined in the Agreement) by the
owner under the Warranties and/or the Other Intangible Property. Assignee
agrees to indemnify, hold harmless and defend Assignor from and against any and
all claims, losses, liabilities, damages, costs and expenses (including,
without limitation, court costs and reasonable attorneys’ fees and
disbursements) resulting by reason of the failure of Assignee to pay, perform
or discharge any of the debts, duties or obligations assumed or agreed to be
assumed by Assignee hereunder arising out of or relating to, directly or
indirectly, in whole or in part, the Assigned Items, from and after the Closing
Date. Except as otherwise expressly provided in Article VII

 

G-1

 

and subject to the
provisions of Sections 3.2 and 9.19 of the Agreement (which provisions are not
modified in any way by the following indemnity), Assignor agrees to protect,
indemnify, defend and hold Assignee harmless from and against all claims, losses,
damages, costs, expenses, obligations and liabilities (including, without
limitation, court costs and reasonable attorneys’ fees and disbursements)
(collectively, “Claims”) arising out of or
relating to, directly or indirectly, in whole or in part, the Service Contracts
(as defined in the Agreement); provided, however, that the foregoing indemnity
shall not apply to any Claims relating in any way to the physical,
environmental or other condition of the Property (as defined in the Agreement)
or the compliance or non-compliance of the Property with any legal
requirements; and provided further that the foregoing indemnity shall apply
solely to Claims first raised after the Closing Date and shall survive only for
a period of nine (9) months after the Closing Date. Any such Claim which
Assignee may have at any time against Assignor, whether known or unknown, which
is not specifically asserted by written notice to Assignor within such nine (9)
month period shall not be valid or effective, and neither Assignor nor any
Seller Related Parties (as defined in the Agreement) shall have any liability
with respect thereto.

 

The obligations of Assignor are intended to be binding
only on the property of Assignor and shall not be personally binding upon, nor
shall any resort be had to, the private properties of any Seller Related
Parties.

 

All of the covenants, terms and conditions set forth
herein shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns.

 

IN WITNESS WHEREOF, Assignor and Assignee have caused
this Assignment to be executed on the day and year first above written.

 

	
   

  	
  Assignor:

  	
  NewTower
  Trust Company, a Maryland chartered trust company, as successor to Riggs
  National Bank of Washington D.C., as Trustee of the NewTower Trust Company
  Multi-Employer Property Trust, a collective investment fund operating under
  12 C.F.R. Section 9.18

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Kennedy
  Associates Real Estate

  Counsel,

  LP, Authorized Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  ,

  
	
   

  	
   

  	
  Its
  

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Assignee:

  	
   

  
	
   

  	
   

  	
  a

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  
							

 

G-2

 

Exhibit H

 

TENANT ESTOPPEL

 

The undersigned (“Tenant”) hereby
certifies to                                     
(“Seller”) and to                                     
(“Buyer”) and to                                     
(“Lender”) in connection with Buyer’s
proposed purchase of that certain           
building located at                                                                         ,
                                    
(the “Building”) that:

 

1.             Tenant is the lessee of certain space (the “Premises”) in the Building, containing approximately                   
square feet and known as Suite No.         ,
under a lease dated               ,
             
(the “Lease”) entered into between Tenant and
                                    ,
as lessor (“Lessor”).

 

2.             The Lease is presently in full force and
effect and Tenant is not in default thereunder.

 

3.             The Lease, in the form of Exhibit A attached hereto,
constitutes the entire agreement between the Lessor and Tenant and there has
been no amendment, written or oral, to the Lease except as included in Exhibit A. Tenant neither expects
nor has been promised any inducement, concession or consideration for entering
into the Lease, except as stated therein, and there are no side agreements or
understandings between Lessor and Tenant.

 

4.             Tenant has accepted the Premises and is
paying rent under the Lease.

 

5.             The term of the Lease commenced on                            ,
          , and will end on                ,
with         options to extend of successive
periods of            years
each. The monthly rental for lease year                   
-                   
is                   
Dollars ($                  ).
Except as expressly set forth in the Lease, Tenant has no cancellation rights
under the Lease. Tenant has no purchase options under the Lease with respect to
the Premises.

 

6.             Tenant is required to pay its pro rata share
of operating expenses of the Building and its pro rata share of the Building’s
real property taxes and insurance costs. Tenant’s pro-rata share of operating
expenses, real property taxes and insurance costs is               %.
The amount payable by Tenant on account of operating expenses, real property
taxes and insurance costs is calculated pursuant to the Lease without reference
to any base year or base amount (however identified).

 

7.             As of the date of this certificate, Lessor is
not in default under the Lease, nor has any event or circumstance occurred or
failed to occur that, with the passage of time or the giving of notice, or
both, would constitute a default under the Lease by Lessor.

 

8.             The amount of the security deposit paid under
the terms of the Lease is                                     
Dollars ($                  ).
No rent under the Lease has been paid more than one month in advance, and no
other sums have been deposited with Lessor. There is no unexpired free rental,
construction, improvement or refurbishment allowance or other allowance,
rebates or other rent concession due to Tenant under the Lease.

 

H-1

 

9.             The undersigned has not entered into any
sublease, assignment or any other agreement transferring any of its interest in
the Lease or the Premises except as follows:                                                       .

 

10.           Lessor has completed all improvements and
alterations to the Premises or the Building required to be performed or
furnished by Lessor according to the Lease. All sums required to be paid by
Lessor to or for the benefit of Tenant pursuant to the Lease for any
construction, improvement or refurbishment allowance or other allowance have
been paid in full.

 

11.           There are no offsets, defenses, claims,
counterclaims or credits against Lessor or against Lessor’s enforcement of
Tenant’s obligations under the Lease, including, without limitation, the
payment of rent. Lessor has not agreed to assume the obligations of Tenant
under any other lease in connection with Tenant entering into the Lease.

 

12.           Tenant is not insolvent and has not (i) made
a general assignment for the benefit of creditors, (ii) filed any voluntary
petition in bankruptcy or suffered the filing of any involuntary petition by
Tenant’s creditors, (iii) suffered the appointment of a receiver to take
possession of all or any part of the Premises or all, or substantially all, of
Seller’s assets, (iv) suffered the attachment or other judicial seizure of all
or any part of the Premises or all, or substantially all, of Tenant’s assets,
(v) admitted in writing its inability to pay its debts as they come due, or
(vi) made an offer of settlement, extension or composition to its creditors
generally.

 

13.           All exhibits attached hereto are by this
reference incorporated fully herein. The terms “this certificate” shall be
considered to include all such exhibits. The undersigned makes this statement
for the Buyer’s, Seller’s and Lender’s benefit and protection with the
understanding that Buyer (and any assignee of Buyer’s right to purchase the
Premises) and Lender intend to rely upon this statement in connection with
Buyer’s or its assignee’s intended purchase (and Lender’s financing of the
purchase) of the above described Premises from Seller. This certificate may not
be changed, waived or discharged orally, but only by an agreement in writing
signed by Tenant, Buyer, Seller and Lender.

 

 

	
  EXECUTED:
                                  ,
  20    .

  	
  TENANT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Its:

  	
   

  

 

H-2

 

Schedule 1.1(c)

 

TANGIBLE PERSONAL PROPERTY

 

3 ea. 6 foot
ladders

1 ea. 8 foot ladder

1 ea. Oxyacetylene set

1 ea. Vacuum pump

1 ea. Refrigerant recovery unit

1 ea. Pressure washer

1 ea. Map gas torch set up

1 ea. 12 inch portable fan

1 ea. 18 inch portable fan

1 ea. 7 piece hole saw kit

1 ea. rivet kit

1 ea. 1⁄2 inch drill

1 ea. 14 piece socket set

1 ea. electric impact wrench

1 ea. 30 lbs. r-22

1 ea. gallon vacuum pump oil

1 ea. set refrigerant gauges

3 ea. pipe wrenches

1 ea. 4 foot level

1 ea. set hand wrenches 1⁄2 inch-1 inch

1 ea. key making machine

1 ea. genie heat pump lift

1 ea. 277 volt 2.5 ton heat pump

1 ea. plow shovel

3 ea. metal snow shovels

1 ea. Rubbermaid cart

1 ea. 2 wheel cart

1 ea. metal storage cabinet

 

 

Schedule 3.1

 

DISCLOSURE ITEMS

 

1.             Landlord notice of default dated
September 29, 2006 to Kawin International, Inc., tenant at 750 E.
Diehl Road, Suite 119, Naperville, Illinois 60563.

 

 

Schedule 4.1(b)

 

OBJECTIONS

 

 

 

	
  

  	
   

  	
  Holme
  Roberts & Owen LLP

  Attorneys
  at Law

  	
   

  
	
   

  	
   

  	
   

  
	
  DENVER

  	
   

  	
  December 15, 2006

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Via Facsimile (630) 719-5570

  
	
   

  	
   

  	
   

  
	
  BOULDER

  	
   

  	
  Washington Commons Phase
  III Limited Partnership

  c/o Hamilton Partners

  1901 Butterfield Road

  Suite 270

  Downers Grove, IL 60515

  
	
  COLORADO SPRINGS

  	
   

  	
  Attention: Mr. Gary Mori

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Via Facsimile (312)
  460-7635

  
	
   

  	
   

  	
   

  
	
  LONDON

  	
   

  	
  Seyfarth Shaw LLP

  131 South Dearborn Street, Suite 2400

  Chicago, IL 60603

  Attention: Mr. Michael D. Miselman

  
	
   

  	
   

  	
   

  
	
  LOS ANGELES

  

  

  MUNICH

  	
   

  	
  Re:          Title and Survey Objections for Draft Agreement of
  Purchase and Sale between Washington Commons Phase III Limited Partnership
  (“Seller”) and Alliance Commercial Partners, LLC, a Colorado limited
  liability company (“Buyer”) (the “Agreement”) for the property known as Lot
  3. Washington Commons-Phase 1, Naperville, Illinois (the “Property”).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Gentlemen:

  
	
   

  	
   

  	
   

  
	
  SALT LAKE CITY

  	
   

  	
  On behalf of Buyer, we
  have reviewed Title Commitment No. 880004081 dated effective as of October
  24, 2006 (the “Title Commitment”) prepared by Chicago Title Insurance Company
  (the “Title Company”) and that certain ALTA/ASCM survey prepared by Cowhey,
  Gudmonson, Leder, LTD., Job No. 3642 dated November 28, 2006. (the “Survey”).

  
	
   

  	
   

  	
   

  
	
  SAN FRANCISCO

  	
   

  	
  We are aware that the
  Agreement is still in negotiations, but in the interest of moving due
  diligence items forward while negotiations are underway, we are sending you
  our objections to the Title Commitment and the Survey for your internal
  discussions and consideration.

  

 

1700 Lincoln Street, Suite 4100
Denver, Colorado 80203-4541 tel 303.861.7000 fax 303.866.0200

 

 

The Title Commitment

1.               Seller
shall satisfy any requirements directed to it listed under the Requirements
Section of the Title Commitment, including, but not limited to, the
reconveyance of the lien evidenced by the Deeds of Trust and related documents
listed in Items 5 through 7 and the Mechanic’s Liens listed as Items 9 and 10
of Schedule B of the Title Commitment.

2.               Buyer requires an
extended coverage ALTA Owner’s Policy of Title Insurance (the “Policy”).

3.               Buyer requires that general notes listed as
items 11, 13, 14, 15, 17, 21,32 under Schedule B be deleted from the Policy.

4.               With
regard to Item 12 under Schedule B of the Commitment, Purchaser requires Seller
to provide a certified rent roll for the tenants on the property to Title Company and
will request that the Title Company revise said Item 12 accordingly based upon
receipt of said rent roll.

5.               Buyer
objects to Item 16 under Schedule B of the Commitment, which takes exception to
an ordinance dated 1986 approving the plat for Washington Commons. Buyer
requests a certificate from the Seller that states that there are no
outstanding obligations, financial or otherwise, as to the Property, pursuant
to this Ordinance.

6.                 Buyer objects to Item
19 under Schedule B of the Commitment, which makes exception to as Pre-Annexation Agreement
dated July 1984, The term of this agreement expired in March of 1999 and Buyer
requires that this exception be deleted from the Policy.

7.                 Buyer objects to Item 20
under Schedule B of the Commitment, which takes exception to a Declaration of
Easements, Restrictions and Covenants recorded October 1988 for ingress,
egress, retention and detention ponds, storm sewer pipe easements, sanitary sewer easements and assessments Fees.  This Declaration was abrogated by the Declaration of
Easements described in Item 34 of the Commitment, and therefore is no longer
in effect. Buyer will require that the title company delete this exception from the Policy.

 

2

 

8.               Buyer objects to Item 28 under Schedule B of
the Commitment, which takes exception to a First Amendment to the Installment
Agreement for the System Development Charges for Washington Commons Phase II.
This Agreement only affects Lot 2, Washington Commons, and therefore Buyer will
require that the Title Company delete this exception from the Policy.

9.               Buyer objects to Item 29 under Schedule B of
the Commitment, which takes exception to a Alternative Payment Agreement for
Non-Residential Electrical System Infrastructure Availability Charge. Buyer
requests an estoppel from the Seller that states that there are no defaults
under this agreement and no outstanding obligations, financial or otherwise, as
to the Property under this Agreement.

10.         Buyer objects to Item 24 under Schedule B of
the Commitment, which takes exception to an encroachment of a sidewalk shown on
a survey dated 1996. This survey no longer accurately reflects the Property,
and Buyer will require that the Title Company delete this exception from the
Policy.

11.         Buyer objects to Item 30 under Schedule B of
the Commitment, which takes exception to the Declaration of Easements,
Restrictions and Covenants dated March 6, 2000. Buyer requests an estoppel from
the Association that states that there are no defaults under this agreement and
no outstanding obligations as to the Property under this Declaration. In
addition, Buyer will request that the Title Company add this document to the
legal description as an insured parcel.

12.         Buyer will require the following endorsements
be included as part of the Policy:

a.             ALTA Form 8.1;

b.             ALTA Form 9.2;

c.             Zoning Endorsement;

d.             Deletion of Arbitration and Creditors Rights;

e.             “Same as” survey endorsement; and

f.              Access Endorsement.

 

3

 

Please call with any
questions. Upon execution of the Agreement, we will send a formal title
objection letter to Seller, the Title Company and the Surveyor.

	
  Sincerely,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Jennifer E. Lathrop

  	
   

  
	
  Jennifer E. Lathrop

  	
   

  
	
  Paralegal

  	
   

  

 

cc:           David Ramsay (via facsimile)

Bruce L. Likoff, Esq. (via e-mail)

Dawn MacKinnon, Esq. (via e-mail)

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]