Document:

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                                                                    EXHIBIT 10.1

                           PURCHASE AND SALE AGREEMENT

         THIS PURCHASE AND SALE AGREEMENT (this "Agreement") is made by and
between Purchaser and Seller as of the Effective Date.

         In consideration of the mutual covenants and representations herein
contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Seller and Purchaser agree as
follows:

                                       1.
                                   DEFINITIONS

         1.1 As used herein, the following terms shall have the meanings set
forth below in this Section 1.1:

         Agent shall mean Trammell Crow Company.

         Approval Period shall mean the period commencing on the Effective Date
and ending at 5:00 p.m., Scottsdale, Arizona time, on July 27, 2000.

         Casualty Amount shall mean $500,000.00

         Closing shall mean the act of settlement of the purchase and sale of
the Property in accordance with this Agreement at which, among other matters,
title to the Property is conveyed from Seller to Purchaser and the Purchase
Price is paid by Purchaser to Seller.

         Closing Date shall mean seven (7) business days after the later of (i)
the last day of the Approval Period or (ii) the last day of Seller's Cure
Period.

         Contracts shall mean all contracts pertaining to the Property and not
cancelable on thirty (30) days' notice without penalty or premium, including,
but not limited to, management contracts, service contracts, equipment leases
and maintenance contracts.

         Earnest Money shall mean Five Hundred Thousand and 00/100 DOLLARS
($500,000.00), plus any interest earned thereon.

         Effective Date shall mean the first date the Title Company is in
receipt of both this Agreement executed by Purchaser and Seller (whether in
counterparts or not) and the Earnest Money.

         Improvements shall mean all improvements and related amenities known as
"Mt. View Shopping Center" in and on the Land, and located at the Southeast
corner of Mt. View and Hayden Roads, Scottsdale, Arizona.

         Inspection Materials shall mean copies of the Contracts (to the extent
in the possession of Seller or its property manager), copies of the Leases and a
Rent Roll.

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         Land shall mean that certain tract of land located in the City of
Scottsdale, Maricopa County, Arizona, being more particularly described on
Exhibit A attached hereto and made a part hereof.

         Owner's Policy shall mean the Owner's Policy of Title Insurance in the
standard form in use in the State, naming Purchaser as insured, in the amount of
the Purchase Price, insuring that Purchaser owns good and marketable fee simple
title to the Property, subject only to the Permitted Encumbrances.

         Property shall have the meaning provided in Section 2.1 of this
Agreement.

         Purchase Price shall mean Seven Million Six Hundred Eighty Thousand and
00/100 DOLLARS ($7,680,000.00).

         Purchaser shall mean Central One, Inc., an Arizona corporation, and
James H. Kaufman, as tenants in common, whose address for notice under this
Agreement is as follows:

                                    512 E. Van Buren, Building 5
                                    Phoenix, Arizona 85004
                                    Attention: James. H. Kaufman
                                    Tel: 602-264-2455
                                    Fax: 602-264-7377

                                    with a copy to:

                                    Dillingham & Reynolds L.L.P.
                                    5080 N. 40th Street, Suite 335
                                    Phoenix, Arizona 85018
                                    Attention: James Reynolds
                                    Tel: 602-468-1811
                                    Fax: 602-468-0442

         Rent Roll shall mean a rent roll in the form attached hereto as Exhibit
L and made a part hereof.

         Seller shall mean Murray Income Properties I, Ltd., a Texas limited
partnership, whose address for notice under this Agreement is as follows:

                                    Murray Income Properties
                                    5550 LBJ Freeway, Suite 675
                                    Dallas, Texas 75240
                                    Attention: Mitchell Armstrong
                                    Tel: 972-991-9085
                                    Fax: 972-991-9086

                                    with a copy to:

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                                    Murray Income Properties
                                    299 S. 9th Street, Suite 204
                                    Oxford, Mississippi 38655
                                    Attention: Brent Buck
                                    Tel: 662-281-8778
                                    Fax: 662-281-8773

                                    and

                                    Locke Liddell & Sapp LLP
                                    2200 Ross Avenue, Suite 2200
                                    Dallas, Texas 75201
                                    Attention: Robert J. Banta
                                    Tel: 214-740-8509
                                    Fax: 214-740-8800

         State shall mean the State of Arizona.

         Survey shall mean a current ALTA survey of the Property prepared in
accordance with the Minimum Standard Detail Requirements for ALTA/ACSM Land
Title Survey, including items 3, 7(a), 9 and 10 from Table A, and containing the
surveyor's certification in form reasonably satisfactory to Purchaser in favor
of Seller, Purchaser, Purchaser's lender, if any and the Title Company.

         Title Commitment shall mean a Commitment for Owner's Policy of Title
Insurance with respect to the Property issued by the Title Company together with
legible copies of any restrictive covenants, easements and other items listed as
title exceptions in such Commitment.

         Title Company shall mean Stewart Title & Trust of Phoenix, Inc., whose
address for notice under this Agreement is as follows:

                                    244 West Osborn Road
                                    Phoenix, Arizona 85013
                                    Attention: Tammy Betzer
                                    Tel: 602-248-8444
                                    Fax: 602-230-7641

                                       2.
                                PURCHASE AND SALE

         2.1 Purchase and Sale. Subject to the terms and conditions of this
Agreement, Seller hereby agrees to sell and convey to Purchaser, and Purchaser
hereby agrees to purchase from Seller, all of the Seller's assignable and
transferable right, title and interest in and to the following described
property (herein collectively called the "Property"):

               (a) Land. The Land.

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               (b) Easements. All easements, if any, benefiting the Land or the
         Improvements.

               (c) Rights and Appurtenances. All rights and appurtenances
         pertaining to the Land, including any right, title and interest of
         Seller in and to adjacent streets, alleys or rights-of-way.

               (d) Improvements. The Improvements.

               (e) Leases. All leases (the "Leases") of space in the
         Improvements, concession leases and all tenant security deposits for
         which landlord has liability to Tenants under the Leases on the Closing
         Date.

               (f) Tangible Personal Property. All appliances, fixtures,
         equipment, machinery, furniture, carpet, drapes and other personal
         property, if any, owned by Seller and located on or about the Land and
         the Improvements (the "Tangible Personal Property").

               (g) Contracts. To the extent assignable without the consent of
         third parties, all Contracts.

               (h) Intangible Property. To the extent assignable without the
         consent of third parties, all intangible property (the "Intangible
         Property"), if any, owned by Seller and pertaining to the Land, the
         Improvements, or the Tangible Personal Property including, without
         limitation, any trademark or tradename used in connection with the
         Improvements, transferable utility contracts, transferable telephone
         exchange numbers, plans and specifications, engineering plans and
         studies, floor plans and landscape plans.

         2.2 Independent Consideration. Upon execution of this Agreement,
Purchaser has delivered to Seller, and Seller acknowledges receipt of, FIFTY AND
NO/100 DOLLARS ($50.00) (the "Independent Consideration"), as consideration for
Purchaser's right to purchase the Property and for Seller's execution, delivery
and performance of this Agreement. The Independent Consideration is in addition
to and independent of any other consideration or payment provided for in this
Agreement, is non-refundable and shall be retained by Seller notwithstanding any
other provision of this Agreement.

                                       3.
                                 PURCHASE PRICE

         3.1 Purchase Price. The Purchase Price shall be paid in cash by
Purchaser to Seller at the Closing by wire transfer in accordance with wire
transfer instructions to be provided by Seller.

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                                       4.
                                  EARNEST MONEY

         4.1 Earnest Money. Purchaser shall deliver the Earnest Money to the
Title Company within three (3) business days after the date a fully-executed
copy of this Agreement is delivered to the Title Company, by wire transfer in
accordance with wire transfer instructions provided by the Title Company. Seller
shall have the option of terminating this Agreement if the full amount of
Earnest Money is not delivered to the Title Company as prescribed in this
Section 4.1. Purchaser agrees to promptly deliver or cause the Title Company to
deliver written acknowledgment by the Title Company that the executed copy of
this Agreement and the Earnest Money have been received by and are being held by
the Title Company pursuant to the terms of this Agreement. The Earnest Money
shall be invested by the Title Company in an interest-bearing account as
Purchaser and Seller shall direct. If the sale of the Property is consummated
under this Agreement, the Earnest Money shall be paid to Seller and applied to
the payment of the Purchase Price at Closing. If Purchaser terminates this
Agreement in accordance with any right to terminate granted to Purchaser by the
terms of this Agreement, the Earnest Money shall be immediately returned to
Purchaser, and no party hereto shall have any further obligations under this
Agreement except for such obligations which by their terms expressly survive the
termination of this Agreement (the "Surviving Obligations"). Purchaser agrees to
deliver to Seller copies of all Reports (as defined in Section 5.2 hereof) at
the time the notice to terminate this Agreement is given. The obligations to
deliver the Reports shall survive the termination of this Agreement. In no event
shall any Earnest Money be returned to Purchaser hereunder until all Reports
have been delivered to Seller.

                                       5.
                              CONDITIONS TO CLOSING

         5.1 Seller's Obligations. Seller shall deliver the Inspection Materials
to Purchaser, at Seller's expense, within three (3) days after the Effective
Date. Seller's failure to timely deliver the Inspection Materials to Purchaser
shall result in the extension of the Approval Period by one (1) day for each day
of delay in delivering the Inspection Materials. In addition, from and after the
Effective Date, Seller shall make available for inspection and copying by
Purchaser and/or its representatives, at Purchaser's expense, at the office of
Seller's property manager, during normal office hours and upon reasonable
advance notice, the following to the extent any of the same are in Seller's or
its property manager's possession: (i) copies of all engineering, environmental,
soils and technical reports commissioned by Seller relating to the Land or the
Improvements, (ii) copies of all plans, drawings and specifications relating to
the Improvements, (iii) copies of all licenses, permits, certificates of
occupancy and other governmental entitlements relating to use and occupancy of
the Improvements, (iv) copies of operating statements relating to the
Improvements for the most recent three-year period, (v) copies of the most
recent ad-valorem tax statements relating to the Property and (vi) copies of
files maintained by Seller in the ordinary course of business relating to
Tenants.

               5.1.1 Purchaser's Termination Right. If for any reason Purchaser
does not desire to purchase the Property, Purchaser may terminate this Agreement
by written notice to Seller at or before the expiration of the Approval Period;
and upon such termination, Purchaser shall be entitled to the return of the
Earnest Money (subject to Purchaser's delivery of the

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Reports to Seller), and neither party shall have any further obligation
hereunder except for the Surviving Obligations. If Purchaser does not deliver
written notice to Seller prior to the end of the Approval Period of Purchaser's
waiver of its termination right under this Section 5.1.1 and its intent to
consummate the purchase of the Property in accordance with this Agreement,
Purchaser will be deemed to have elected to terminate this Agreement, with the
same effect as if it had delivered a notice of termination prior to expiration
of the Approval Period.

               5.1.2 Title Commitment and Survey.

               (a) Seller shall order the Title Commitment and the Survey and
         cause the same to be delivered to Purchaser as promptly as reasonably
         practicable. In the event (i) the Survey shows any easement,
         right-of-way, encroachment, conflict, protrusion or other matter
         affecting the Property that is unacceptable to Purchaser, or (ii) any
         exceptions appear in the Title Commitment that are unacceptable to
         Purchaser, Purchaser shall within ten (10) business days after receipt
         of the Survey and the Title Commitment, notify Seller in writing of
         such facts and the reasons therefor ("Purchaser's Objections"). Upon
         the expiration of said ten (10) business day period, except for
         Purchaser's Objections if same are timely raised, Purchaser shall be
         deemed to have accepted the form and substance of the Survey and the
         Title Commitment. Notwithstanding anything to the contrary contained
         herein, Seller shall have no obligations to take any steps or bring any
         action or proceeding or otherwise to incur any effort or expense
         whatsoever to eliminate or modify any of the Purchaser's Objections.
         Seller may, within ten (10) business days after receipt of written
         notice of Purchaser's Objections ("Seller's Cure Period"), deliver to
         Purchaser written notice ("Seller's Cure Notice") setting forth which
         of Purchaser's Objections Seller will endeavor to cure prior to the
         Closing Date and which of Purchaser's Objections Seller cannot or does
         not intend to cure. If Seller has not given Seller's Cure Notice by the
         end of Seller's Cure Period, Seller shall be deemed to have given
         notice that it does not intend to cure any of Purchaser's Objections.
         If by the end of Seller's Cure Period, Seller has not cured or
         undertaken to cure all of Purchaser's Objections to the reasonable
         satisfaction of Purchaser, Purchaser may (as its sole and exclusive
         remedy) terminate this Agreement by delivering written notice thereof
         to Seller not later than 5:00 p.m., Dallas, Texas time, on the first
         business day following the end of Seller's Cure Period. If one (1)
         business day prior to the Closing Date, Seller has not cured to the
         reasonable satisfaction of Purchaser all of Purchaser's Objections
         which Seller has in Seller's Cure Notice undertaken to cure, Purchaser
         may (as its sole and exclusive remedy) terminate this Agreement by
         written notice to Seller on the Closing Date. In the event of a
         termination of this Agreement by Purchaser under this Section 5.1.2,
         neither party shall have any further obligations hereunder other than
         the Surviving Obligations.

               (b) The term "Permitted Encumbrances" as used herein includes:
         (i) any easement, right of way, encroachment, conflict, discrepancy,
         overlapping of improvements, protrusion, lien, encumbrance,
         restriction, condition, covenant, exception or other matter with
         respect to the Property that is reflected or addressed on the Survey or
         in the Title Commitment to which Purchaser fails to timely object
         pursuant to Section 5.1.2(a) of this Agreement; (ii) subject to
         Purchaser's termination rights provided in Section 5.1.2(a), (A) any
         Purchaser's Objection which in Seller's Cure Notice Seller has

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         undertaken to cure that remains uncured, for whatever reason, at the
         Closing Date; and (B) any Purchaser's Objections which by the end of
         the Seller's Cure Period, Seller has given, or is deemed to have given,
         notice that it cannot or does not intend to cure; and (iii) the rights
         and interests of parties claiming under the Leases.

               5.1.3 Limitations of Seller's Obligations. Notwithstanding
anything contained herein to the contrary, Seller shall have no obligation to
take any steps, bring any action or proceeding or incur any effort or expense
whatsoever to eliminate, modify or cure any objection Purchaser may have
pursuant to Section 5.1.1, Section 5.1.2 or Section 5.2.

         5.2 Inspection.

               (a) From and after the Effective Date through the Closing Date,
         subject to the limitations hereinafter provided in this Section 5.2,
         Purchaser and its authorized agents and representatives may enter upon
         the Land and Improvements to conduct such investigations, studies and
         tests as Purchaser shall deem necessary or desirable. Notwithstanding
         the foregoing, Purchaser must obtain Seller's written approval of the
         scope and method of any environmental testing or investigation (other
         than a Phase I environmental inspection) and any physical or invasive
         testing or inspection prior to Purchaser's commencement of such
         inspection or testing. Seller's prior written consent for physical or
         invasive inspection or testing may be conditioned upon receipt of a
         detailed description of the proposed physical or invasive inspection or
         testing, a list of contractors who will be performing the physical or
         invasive inspection or testing, evidence of insurance satisfactory to
         Seller and such other information as Seller reasonably requires in
         connection with such proposed inspection or testing.

               (b) All information provided by Seller to Purchaser or obtained
         by Purchaser relating to the Property in the course of Purchaser's
         review, including, without limitation, any environmental assessment or
         audit (collectively, the "Reports") shall be treated as confidential
         information by Purchaser, and Purchaser shall instruct all of its
         employees, agents, representatives and contractors as to the
         confidentiality of all such information.

               (c) In conducting any inspections, investigations or tests of the
         Property, Purchaser and its agents and representatives shall (i) not
         unreasonably interfere with the operation and maintenance of the
         Property, (ii) not unreasonably disturb any Tenant or unreasonably
         interfere with any Tenant's use of the Property pursuant to its
         respective Lease, (iii) not damage any part of the Property or any
         personal property owned or held by any Tenant or third party, (iv) not
         injure or otherwise cause bodily harm to Seller, the property manager
         or their respective guests, agents, invitees, contractors and employees
         or any Tenant or its guests or invitees, (v) maintain comprehensive
         general liability insurance in terms and amounts reasonably acceptable
         to Seller covering any accident arising in connection with the presence
         of Purchaser, its agents and representatives on the Property, and
         deliver a certificate of insurance verifying such coverage to Seller
         prior to entry upon the Property; (vi) promptly pay when due the costs
         of all tests, investigations and examinations done with regard to the
         Property; (vii) not permit any liens to attach to the Property or any
         part thereof by reason of the exercise of Purchaser's rights hereunder,
         (viii) fully restore the Property to the condition in which the same
         was found before any

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         such inspection or tests were undertaken; (ix) not reveal or disclose
         any information obtained concerning the Property to anyone outside
         Purchaser's organization; (x) permit Seller and its agents and
         representatives to be present during any such inspection, investigation
         or test; and (xi) not contact any leasing agent or property manager of
         the Property without Seller's prior written consent, which consent
         shall not be unreasonably withheld or delayed. Purchaser shall
         indemnify, defend and hold harmless Seller and its agents, employees,
         officers, directors, affiliates and asset managers from any liability,
         claim, damage, cost or expense incurred by any of them arising out of
         or resulting from inspections, investigations or tests of the Property
         conducted by Purchaser or its agents or representatives. The foregoing
         indemnification by Purchaser shall survive the Closing or the
         termination of this Agreement, as applicable.

         5.3 Purchaser's Representations and Warranties. Purchaser represents
and warrants to Seller that (a) if Purchaser is a partnership, corporation or
limited liability company, it is duly organized and in good standing under the
laws of the State of its organization, is qualified to do business in the State
and has the power to enter into this Agreement and to execute and deliver this
Agreement and to perform all duties and obligations imposed upon it hereunder,
and Purchaser has obtained all necessary partnership, corporate or limited
liability company, as the case may be, authorizations required in connection
with the execution, delivery and performance contemplated by this Agreement and
has obtained the consent of all entities and parties necessary to bind Purchaser
to this Agreement, and (b) neither the execution nor the delivery of this
Agreement, nor the consummation of the purchase and sale contemplated hereby,
nor the fulfillment of or compliance with the terms and conditions of this
Agreement conflict with or will result in the breach of any of the terms,
conditions, or provisions of any agreement or instrument to which Purchaser, or
any partner or related entity or affiliate of Purchaser, is a party or by which
Purchaser, any partner or related entity or affiliate of Purchaser, or any of
Purchaser's assets is bound. The Purchaser's representations and warranties set
forth in this Section 5.3 shall survive the Closing or termination of this
Agreement. Purchaser's representations and warranties contained herein must be
true and correct through the Closing Date, the breach of same being a default by
Purchaser under this Agreement.

         5.4 Seller's Representations, Warranties and Covenants.

               (a) Seller represents and warrants to, and covenants with,
         Purchaser that:

                    (i) Seller has full right, power and authority to execute
               and deliver this Agreement and to consummate the purchase and
               sale transactions provided for herein without obtaining any
               further consents or approvals from, or the taking of any other
               actions with respect to, any third parties. This Agreement, when
               executed and delivered by Seller and Purchaser, will constitute
               the valid and binding agreement of Seller, enforceable against
               Seller in accordance with its terms.

                    (ii) All bills and other payments due with respect to the
               ownership, operation and maintenance of the Property for the
               period of Seller's ownership of the Property shall be paid by
               Seller in the ordinary course of business.

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                    (iii) From the Effective Date until the Closing Date, Seller
               shall: (A) maintain and operate the Property in substantially the
               same manner as Seller has heretofore done; (B) continue all
               Leases and Contracts in full force and effect; and prior to the
               end of the Approval Period, neither cancel, amend or renew any of
               the same nor enter into a new Lease or Contract other than in the
               ordinary course of Seller's business, or from and after the end
               of the Approval Period, neither cancel, amend or renew any Lease
               or Contract nor enter into any new Lease or Contract without
               Purchaser's prior written approval, which approval will not be
               unreasonably withheld, conditioned or delayed; (C) not commit or
               permit to be committed any physical waste to the Property; and
               (D) not remove any item of the Tangible Personal Property from
               the Land or Improvements unless it is replaced with an item of at
               least equal value that is properly suited for its intended
               purpose.

                    (iv) With respect to each Tenant, except as reflected in the
               Rent Roll or in the Lease: (A) to Seller's Knowledge, such
               Tenant's Lease is in full force and effect and no uncured breach
               or default exists on the part of the landlord or Tenant
               thereunder; (B) Seller has received no written notice that such
               Tenant is asserting any claim of offset or other defense in
               respect of its or the landlord's obligations under its Lease; and
               (C) Seller is the owner of the entire lessor's interest in such
               Tenant's Lease and neither the landlord's interest in and to the
               Leases nor the rents payable thereunder have been assigned,
               pledged or encumbered in any manner by Seller, except to Seller's
               mortgage lender which assignments and encumbrances will be
               released at or prior to Closing.

                    (v) Except as disclosed on Exhibit G, none of the Tangible
               Personal Property is held by Seller under a lease or installment
               sale contract, and Seller owns title to the Tangible Personal
               Property reflected on the inventory to be delivered to Purchaser
               herein, free and clear of any liens or claims, except liens to be
               released at Closing.

                    (vi) Except as disclosed on Exhibit H, Seller has received
               no written notice of any action, suit, proceeding or claim
               presently pending in any court or before any federal, state,
               county or municipal department, commission, board, bureau or
               agency or other governmental instrumentality or before any
               arbitration, tribunal or panel, affecting (A) the Property, or
               any portion thereof, (B) Seller's title, use, operation or
               ownership of the Property, or (C) Seller's ability to perform its
               obligations under this Agreement, nor, to Seller's Knowledge is
               any such action, suit, proceeding or claim threatened.

                    (vii) To Seller's Knowledge, there is no attachment,
               execution, general assignment for the benefit of creditors, or
               voluntary or involuntary bankruptcy proceedings, or proceedings
               under any debtor relief laws, contemplated by or pending or
               threatened against Seller or the Property.

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                    (viii) To Seller's Knowledge, Seller has received no written
               notice of any condemnation, eminent domain or similar proceedings
               being instituted or threatened against the Property by any
               governmental authority having jurisdiction over the Property.

                    (ix) Except as disclosed on Exhibit I, Seller has received
               no written notice from any governmental authority having
               jurisdiction over the Property that the Improvements and the
               current operation thereof violate any law, regulation, ordinance,
               rule, order or other requirement of any governmental authority
               having jurisdiction over the Property.

                    (x) To Seller's Knowledge, Seller has received no written
               notice from any governmental authority having jurisdiction over
               the Property of any proposed new assessment against the Property.

                    (xi) To Seller's Knowledge, the copies of Leases delivered
               to Purchaser as a part of the Inspection Materials are true,
               correct and complete copies of all Leases of any space in the
               Improvements. To Seller's Knowledge, the copies of Contracts
               delivered to Purchaser as a part of the Inspection Materials, a
               schedule of which is attached hereto as Exhibit M and made a part
               hereof, are true, correct and complete copies of all Contracts
               pertaining to the Property.

               When used herein, the phrase "to Seller's Knowledge" or
               derivations thereof shall mean the current actual knowledge of
               Brent Buck, without any obligation to make any investigation or
               inquiry regarding the Property, and without obligation to make
               any investigation of the files, documents or studies in the
               possession of the property manager or other persons, and shall
               not include any knowledge which may be imputed to Seller or of
               any other person. Purchaser acknowledges that the individual
               named above is named solely for the purpose of defining and
               narrowing the scope of Seller's knowledge and not for the purpose
               of imposing any liability on or creating any duties running from
               such individual to Purchaser. Purchaser covenants that it will
               bring no action of any kind against such individual, related to
               or arising out of these representations and warranties.

               (b) Seller's representations and warranties set forth in Section
         5.4(a) shall not be deemed to be merged into or waived by the
         instruments of Closing, but shall survive the Closing for a period of
         nine (9) months (the "Survival Period"). No broker, agent or party
         other than Seller is authorized to make any representation or warranty
         for or on behalf of Seller. Purchaser shall have the right to bring an
         action against Seller for the breach of a representation or warranty
         hereunder, but only on the following conditions: (1) Purchaser first
         learns of the breach after Closing and files such action within the
         Survival Period, and (2) Purchaser shall not have the right to bring a
         cause of action for a breach of a representation or warranty unless the
         damage to Purchaser on account of such breach (individually or when
         combined with damages from other breaches) equals or exceeds
         $50,000.00. Notwithstanding any other provision of this Agreement, any
         agreement contemplated by this Agreement, or any rights which Purchaser
         might

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         otherwise have at law, equity, or by statute, whether based on contract
         or some other claim, any liability of Seller to Purchaser will be
         limited in the aggregate to $300,000. The general or limited partners,
         employees, agent or affiliates of Seller will not in any manner be
         personally or individually liable for the obligations of Seller
         hereunder or for any claims related to this Agreement, any agreement
         contemplated by this Agreement or the Property. Seller shall not have
         any liability after Closing for the breach of a representation or
         warranty hereunder of which Purchaser had knowledge as of Closing. The
         provisions of this Section 5.4(b) shall survive Closing.

         5.5 Defective Condition Extension; Termination. The obligations of
Seller hereunder are subject to and contingent upon the following:

               In the event that subsequent to the execution of this Agreement
         Seller obtains knowledge of, or Purchaser's inspection of the Property
         reveals, either (i) the presence of any Hazardous Materials (as defined
         in Section 6.2 hereof) or the violation or potential violation of any
         Environmental Requirements (as defined in Section 6.3 hereof) or (ii)
         any structural or other defect in the Improvements, whether or not in
         violation of any applicable law, ordinance, code, regulation or decree
         of any governmental authority having jurisdiction over the Property
         (collectively, a "Defective Condition"), which Seller, in its sole
         judgment, determines could constitute a potential liability to Seller
         after the Closing or should be remedied prior to the sale of the
         Property, Seller shall have the right upon written notice to Purchaser
         on or before the scheduled Closing Date either (i) to extend the
         Closing Date for the period of time necessary to complete such
         remediation at Seller's sole cost and expense, or (ii) to terminate
         this Agreement upon written notice to Purchaser, in which event the
         Earnest Money shall be refunded to Purchaser and neither party shall
         have any further right or obligation hereunder other than the Surviving
         Obligations. The terms of this Section 5.5 are solely for the benefit
         of Seller, and Purchaser shall have no additional right or remedy
         hereunder as a result of the exercise by Seller of its rights under
         this Section.

                                       6.
                   NO REPRESENTATIONS OR WARRANTIES BY SELLER;
                             ACCEPTANCE OF PROPERTY

         6.1 Disclaimer. PURCHASER ACKNOWLEDGES AND AGREES THAT EXCEPT AS
EXPRESSLY SET FORTH IN THIS AGREEMENT, SELLER HAS NOT MADE, DOES NOT MAKE AND
SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES (OTHER THAN
THE SPECIAL WARRANTY OF TITLE AS SET OUT IN THE DEED, AS DEFINED BELOW),
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 VALUE, NATURE, QUALITY
OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND
GEOLOGY, (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF
THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER OR ANY TENANT
MAY CONDUCT

                                       11
<PAGE>   12

THEREON, (D) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY
LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY
OR BODY, (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR
FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, (F) THE MANNER OR QUALITY OF
THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY, (G) THE
MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY, OR (H)
COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES,
REGULATIONS, ORDERS OR REQUIREMENTS, INCLUDING THE EXISTENCE IN OR ON THE
PROPERTY OF HAZARDOUS MATERIALS (AS DEFINED BELOW) OR (I) ANY OTHER MATTER WITH
RESPECT TO THE PROPERTY. ADDITIONALLY, NO PERSON ACTING ON BEHALF OF SELLER IS
AUTHORIZED TO MAKE, AND BY EXECUTION HEREOF OF PURCHASER ACKNOWLEDGES THAT NO
PERSON HAS MADE, ANY REPRESENTATION, AGREEMENT, STATEMENT, WARRANTY, GUARANTY OR
PROMISE REGARDING THE PROPERTY OR THE TRANSACTION CONTEMPLATED HEREIN; AND NO
SUCH REPRESENTATION, WARRANTY, AGREEMENT, GUARANTY, STATEMENT OR PROMISE IF ANY,
MADE BY ANY PERSON ACTING ON BEHALF OF SELLER SHALL BE VALID OR BINDING UPON
SELLER UNLESS EXPRESSLY SET FORTH HEREIN. PURCHASER FURTHER ACKNOWLEDGES AND
AGREES THAT HAVING BEEN GIVEN THE OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER
IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE PROPERTY AND NOT ON ANY
INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER AND AGREES TO ACCEPT THE
PROPERTY AT THE CLOSING AND WAIVE ALL OBJECTIONS OR CLAIMS AGAINST SELLER
(INCLUDING, BUT NOT LIMITED TO, ANY RIGHT OR CLAIM OF CONTRIBUTION) ARISING FROM
OR RELATED TO THE PROPERTY OR TO ANY HAZARDOUS MATERIALS ON THE PROPERTY.
PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT ANY INFORMATION PROVIDED OR TO BE
PROVIDED WITH RESPECT TO THE PROPERTY WAS OBTAINED FROM A VARIETY OF SOURCES AND
THAT SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH
INFORMATION AND MAKES NO REPRESENTATIONS AS TO THE ACCURACY, TRUTHFULNESS OR
COMPLETENESS OF SUCH INFORMATION. SELLER IS NOT LIABLE OR BOUND IN ANY MANNER BY
ANY VERBAL OR WRITTEN STATEMENT, REPRESENTATION OR INFORMATION PERTAINING TO THE
PROPERTY, OR THE OPERATION THEREOF, FURNISHED BY ANY REAL ESTATE BROKER,
CONTRACTOR, AGENT, EMPLOYEE, SERVANT OR OTHER PERSON. PURCHASER FURTHER
ACKNOWLEDGES AND AGREES THAT TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SALE OF
THE PROPERTY AS PROVIDED FOR HEREIN IS MADE ON AN "AS IS" CONDITION AND BASIS
WITH ALL FAULTS. IT IS UNDERSTOOD AND AGREED THAT THE PURCHASE PRICE HAS BEEN
ADJUSTED BY PRIOR NEGOTIATION TO REFLECT THAT ALL OF THE PROPERTY IS SOLD BY
SELLER AND PURCHASED BY PURCHASER SUBJECT TO THE FOREGOING. PURCHASER HEREBY
AGREES TO INDEMNIFY, PROTECT, DEFEND, SAVE AND HOLD HARMLESS SELLER FROM AND
AGAINST ANY AND ALL DEBTS, DUTIES, OBLIGATIONS, LIABILITIES, SUITS, CLAIMS,
DEMANDS, CAUSES OF ACTION,

                                       12
<PAGE>   13

DAMAGES, LOSSES, FEES AND EXPENSES (INCLUDING, WITHOUT LIMITATION, ATTORNEYS'
FEES AND EXPENSES AND COURT COSTS) IN ANY WAY RELATING TO, OR IN CONNECTION WITH
OR ARISING OUT OF PURCHASER'S ACQUISITION, OWNERSHIP, LEASING, USE, OPERATION,
MAINTENANCE AND MANAGEMENT OF THE PROPERTY. THE PROVISIONS OF THIS SECTION 6
SHALL SURVIVE THE CLOSING OR ANY TERMINATION HEREOF.

         6.2 Hazardous Materials. "Hazardous Materials" shall mean any substance
which is or contains (i) any "hazardous substance" as now or hereafter defined
in Section 101(14) of the Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, as amended (42 U.S.C. Section 9601 et seq.)
("CERCLA") or any regulations promulgated under CERCLA; (ii) any "hazardous
waste" as now or hereafter defined in the Resource Conservation and Recovery Act
(42 U.S.C. Section 6901 et seq.) ("RCRA") or regulations promulgated under RCRA;
(iii) any substance regulated by the Toxic Substances Control Act (15 U.S.C.
Section 2601 et seq.); (iv) gasoline, diesel fuel, or other petroleum
hydrocarbons; (v) asbestos and asbestos containing materials, in any form,
whether friable or non-friable; (vi) polychlorinated biphenyls; (vii) radon gas;
and (viii) any additional substances or materials which are now or hereafter
classified or considered to be hazardous or toxic under Environmental
Requirements (as hereinafter defined) or the common law, or any other applicable
laws relating to the Property. Hazardous Materials shall include, without
limitation, any substance, the presence of which on the Property, (A) requires
reporting, investigation or remediation under Environmental Requirements; (B)
causes or threatens to cause a nuisance on the Property or adjacent property or
poses or threatens to pose a hazard to the health or safety of persons on the
Property or adjacent property; or (C) which, if it emanated or migrated from the
Property, could constitute a trespass.

         6.3 Environmental Requirements. "Environmental Requirements" shall mean
all laws, ordinances, statutes, codes, rules, regulations, agreements,
judgments, orders, and decrees, now or hereafter enacted, promulgated, or
amended, of the United States, the states, the counties, the cities, or any
other political subdivisions in which the Property is located, and any other
political subdivision, agency or instrumentality exercising jurisdiction over
the owner of the Property, the Property, or the use of the Property, relating to
pollution, the protection or regulation of human health, natural resources, or
the environment, or the emission, discharge, release or threatened release of
pollutants, contaminants, chemicals, or industrial, toxic or hazardous
substances or waste or Hazardous Materials into the environment (including,
without limitation, ambient air, surface water, ground water or land or soil).

                                       7.
                                     CLOSING

         7.1 Closing. The Closing shall be held at the offices of the Title
Company on the Closing Date, unless the parties mutually agree in writing upon
another place, time or date.

         7.2 Possession. Possession of the Property shall be delivered to
Purchaser at the Closing, subject to the Permitted Encumbrances.

                                       13
<PAGE>   14

         7.3 Proration.

               (a) Seller and Purchaser agree to adjust, as of 11:59 p.m. on the
         day immediately preceding the Closing Date, the following
         (collectively, the "Proration Items"): real estate and personal
         property taxes and assessments (subject to the terms of Section 7.3(d)
         below), utility bills (except as hereinafter provided), collected Rents
         (subject to the terms of Section 7.3(b) below) and Operating Expenses
         (subject to the terms of Section 7.3(c) below) payable by the owner of
         the Property. Seller will be charged and credited for the amount of all
         of the Proration Items relating to the period up to and including the
         Closing Date, and Purchaser will be charged and credited for all of the
         Proration Items relating to the period after the Closing Date. Such
         preliminary estimated Closing prorations shall be set forth on a
         preliminary closing statement to be prepared by Seller and submitted to
         Purchaser for Purchaser's written approval prior to the Closing Date
         (the "Closing Statement"). The Closing Statement, once agreed upon,
         shall be signed by Purchaser and Seller and delivered to Title Company
         for purposes of making the proration adjustment at Closing. The
         proration shall be paid at Closing by Purchaser to Seller (if the
         prorations result in a net credit to Seller) or by Seller to Purchaser
         (if the prorations result in a net credit to Purchaser) by increasing
         or reducing the cash to be delivered by Purchaser in payment of the
         Purchase Price at the Closing. If the actual amounts of the Proration
         Items are not known as of the Closing Date, the prorations will be made
         at Closing on the basis of the best evidence then available; such
         prorations shall be conclusive and binding on the parties without
         further adjustment. No prorations will be made in relation to insurance
         premiums, and Seller's insurance policies will not be assigned to
         Purchaser. Final readings and final billings for utilities will be made
         if possible as of the Closing Date, in which event no proration will be
         made at Closing with respect to utility bills. Seller will be entitled
         to all deposits presently in effect with the utility providers, and
         Purchaser will be obligated to make its own arrangements for deposits
         with the utility providers. "Rents" shall mean and include fixed
         monthly rentals, additional rentals, percentage rentals, escalation
         rentals (which include each Tenant's proportionate share of building
         operation and maintenance costs and expenses as provided for under the
         applicable Lease, to the extent the same exceeds any expense stop
         specified in such Lease), retroactive rentals, all administrative
         charges, utility charges, tenant or real property association dues,
         storage rentals, special event proceeds, temporary rents, telephone
         receipts, locker rentals, vending machine receipts and other sums and
         charges payable by Tenants under the Leases or from other occupants or
         users of the Property, but excluding amounts received from Tenants
         under Leases for Operating Expenses. "Operating Expenses" shall mean
         operating expenses and common area maintenance charges, including
         utilities, insurance and other charges, under the Leases whether deemed
         additional rent or otherwise, but excluding Rents.

               (b) Purchaser will receive a credit on the Closing Statement for
         the prorated amount (as of 11:59 p.m. of the day immediately preceding
         the Closing Date) of all Rents previously paid to or collected by
         Seller and attributable to any period following Closing. Rents are
         "Delinquent" when they were due prior to the Closing Date, and payment
         thereof has not been made on or before the Closing Date. Delinquent
         Rents will not be prorated. All sums collected by Purchaser from and
         after Closing from each Tenant will be applied first to current amounts
         owed by such Tenant to Purchaser and then to

                                       14
<PAGE>   15

         Delinquent Rents owed by such Tenant to Seller. Any sums due Seller
         will be promptly remitted to Seller. Purchaser shall not have an
         exclusive right to collect any sums due Seller from Tenants under the
         Leases, and Seller hereby retains the right to pursue any Tenant under
         the Leases for any sums due such Seller for periods attributable to
         Seller's ownership of the Property; provided, however, Seller (1) shall
         be required to notify Purchaser in writing of Seller's intention to
         commence or pursue any legal proceedings; (2) shall only be permitted
         to commence or pursue legal proceedings after the date which is three
         (3) months after Closing; and (3) shall not be permitted to commence or
         pursue any legal proceedings against any Tenant seeking eviction of
         such Tenant or the termination of such Tenant's Lease. The provisions
         of this Section 7.3(b) will survive the Closing for one year.

               (c) All Additional Rents (as defined below) which have been
         received in respect to the month in which the Closing Date occurs (the
         "Current Month") shall be prorated as of the Closing Date. Such
         Additional Rents for the Current Month which have been received as of
         the Closing Date shall be prorated on a per diem basis based upon the
         number of days in the Current Month prior to, but not including, the
         Closing Date (which shall be allocated to Seller) and the number of
         days in the Current Month from and after the Closing Date (which shall
         be allocated to Purchaser). In addition, Seller shall be credited on
         the Closing Date with its share of Rents and other Tenant charges and
         Additional Rents for the Current Month and for all periods prior to the
         Current Month which have not been received as of the Closing Date.
         Purchaser shall be solely responsible, after the Closing Date, for
         collecting unpaid Additional Rents. Additional Rents for calendar year
         2000 are paid on an estimated basis in monthly installments. At least
         five (5) business days prior to the Closing Date, Seller shall cause to
         be prepared and delivered to Purchaser a reconciliation ("Additional
         Rents Reconciliation") of (1) actual operating and similar expense of
         the Property upon which Additional Rents are based ("Additional Rent
         Expenses") for the period commencing on January 1, 2000 and ending on
         the last day of the Current Month ("Additional Rents Reconciliation
         Period"), it being understood that certain Additional Rents Expenses
         for the Additional Rents Reconciliation Period, if not based on actual
         amounts (such as certain operating expenses for the Current Month), may
         be reasonably estimated by Seller; and (2) Additional Rents collected
         by Seller for that portion of the Additional Rents Reconciliation
         Period prior to the Current Month and Additional Rents payable for the
         Current Month. Any amount shown to be owed by Seller to the Tenants
         under the Additional Rents Reconciliation shall be credited to
         Purchaser at the Closing, and any amounts shown to be owed to Seller by
         Tenants of the Property under the Additional Rents Reconciliation shall
         be credited to Seller at the Closing. For purposes of this Section
         7.3(c), "Additional Rents" shall mean any and all amounts due from
         Tenants for Operating Expenses and any other Tenant charges other than
         Rents.

               (d) All ad valorem real estate and personal property taxes with
         respect to the Property (to the extent not prorated in Section 7.3(a)
         above) shall be prorated as of 11:59 p.m. of the day immediately
         preceding the Closing Date on a cash basis for the calendar year in
         which the Closing occurs, regardless of the year for which such taxes
         are assessed.

                                       15
<PAGE>   16

               (e) Purchaser shall receive a credit against Purchase Price at
         Closing for all security deposits for which landlord has liability to
         Tenants under the Leases on the Closing Date and for all Rents made in
         advance (to the extent not prorated as set forth in Section 7.3(b)
         above).

               (f) Purchaser shall receive a credit against the Purchase Price
         at Closing for all payments due or owing under any Contract for periods
         prior to the Closing Date, which amounts shall be prorated as of 11:59
         p.m. of the day immediately preceding the Closing Date. If Seller has
         paid any amounts under any Contract for periods after 11:59 p.m. of the
         day immediately preceding the Closing Date, Purchaser shall pay such
         amounts to Seller at Closing in addition to the Purchase Price. If any
         Contract requires more than thirty (30) days prior notice to terminate,
         then Purchaser must either (1) assume such Contracts pursuant to the
         Bill of Sale, or (2) pay to Seller at Closing, in addition to the
         Purchase Price, any amounts that will be due or owing under any such
         Contract for periods from and after the Closing Date until such
         Contract is terminable.

               (g) Seller shall receive a credit for any and all Reimbursable
         Lease Expenses (hereinafter defined) as set forth in Section 7.9 of
         this Agreement and for any and all Reimbursable Capital Expenses, to
         the extent that the same have been paid by Seller prior to Closing.
         Each party shall make available to the other all records, bills,
         vouchers and other data in such party's control verifying Reimbursable
         Capital Expenses and the payment thereof. "Reimbursable Capital
         Expenses" shall mean costs or expenses for any capital expenditures or
         improvements made by Seller after the Effective Date hereof but before
         Closing as to which Purchaser has agreed in writing to reimburse
         Seller, or as otherwise listed on Exhibit J. "Reimbursable Lease
         Expenses" shall mean, collectively, those fees, costs and expenses
         listed on Exhibit K or otherwise as to which Purchaser has agreed in
         writing to reimburse Seller. Reimbursable Lease Expenses shall include,
         without limitation, (i) brokerage commissions and fees to effect any
         such leasing transaction (including, without limitation, any fees owed
         to any property manager), (ii) expenses incurred for repairs,
         improvements, equipment, painting, decorating, partitioning and other
         items to satisfy the Tenant's requirements with regard to such leasing
         transaction, (iii) legal fees for services in connection with the
         preparation of documents and other services rendered in connection with
         the effectuation of the leasing transaction, and (iv) expenses incurred
         for the purpose of satisfying or terminating the obligations of a
         tenant under a New Lease to the landlord under another lease (whether
         or not such other lease covers space in the Property). "New Lease"
         shall mean any Lease entered into in accordance with this Agreement
         between the Effective Date and the Closing Date.

         7.4 Closing Costs. Except as otherwise expressly provided herein,
Seller shall pay, on the Closing Date, the title insurance premium for the
Owner's Policy allocable to standard owner's coverage, the cost of the Survey,
one-half (1/2) of any escrow fees and other customary charges of the Title
Company, and Purchaser shall pay, on the Closing Date, the incremental cost of
extended coverage and any endorsements to the Owner's Policy, any documentary
stamp taxes or transfer taxes applicable to sale of the Property, all recording
costs, one-half (1/2) of any escrow fees and other customary charges of the
Title Company. Except as otherwise provided herein, each party shall pay its own
attorneys' fees.

                                       16
<PAGE>   17

         7.5 Seller's Obligations at the Closing. At the Closing, Seller shall
deliver to Purchaser the following:

               (a) Deed. Special Warranty Deed (the "Deed") conveying the Land
         and the Improvements to Purchaser subject to no exceptions other than
         the Permitted Encumbrances, in the form attached to this Agreement as
         Exhibit B.

               (b) Title Policy. The Owner's Policy. Purchaser, at Purchaser's
         sole expense, may elect to cause the Title Company to amend the survey
         exception to read "any shortages in area."

               (c) Evidence of Authority. Such organizational and authorizing
         documents of Seller as shall be reasonably required by the Title
         Company to evidence Seller's authority to consummate the transactions
         contemplated by this Agreement.

               (d) Foreign Person. An affidavit of Seller in the form of Exhibit
         E certifying that Seller is not a "foreign person," as defined in the
         federal Foreign Investment in Real Property Tax Act of 1980, and the
         1984 Tax Reform Act, as amended.

               (e) Leases. The originals of all of the Leases.

               (f) Contracts. The originals of all of the Contracts, if any, in
         Seller's possession.

               (g) Tenant Estoppel Certificates. Tenant Estoppel Certificates
         substantially in the form of Exhibit D executed by "Wild Oats" and
         Childtime Children Center and by Tenants, which together with Wild Oats
         and Childtime Children Center, represent at least ninety percent (90%)
         of the rentable square feet of space in the Improvements (collectively,
         the "Tenant Estoppel Certificates") together with Seller Estoppel
         Certificates (herein so called) substantially in the form of Exhibit D
         with respect to any Lease not covered by a Tenant Estoppel Certificate,
         provided that in the Seller Estoppel Certificate, the representation in
         subpart (f) (as to Tenant defaults) and subpart (g) shall be given to
         Seller's knowledge; and as to the representation in subpart (f)
         regarding Landlord defaults, Seller shall represent that it has not
         received written notice from the Tenant and otherwise has no actual
         knowledge of a Landlord default under the Lease. In the event that (x)
         Seller is unable to deliver the requisite number of Tenant Estoppel
         Certificates substantially in the form of Exhibit D or (y) with respect
         to any Lease not covered by a Tenant Estoppel Certificate, Purchaser
         has knowledge of facts or disputes at variance in any material respect
         from those required to be certified in a Tenant Estoppel Certificate or
         of any alleged default under the Lease, then Purchaser may, as its sole
         and exclusive remedy, terminate this Agreement by written notice to
         Seller, whereupon the Earnest Money shall be returned to Purchaser and
         neither party shall have any further obligations hereunder except for
         Surviving Obligations. Prior to any such termination, Purchaser shall
         give Seller written notice of any such material variance or alleged
         default, and Seller shall have the right for a period of seven (7) days
         following such notice to remedy or cure such variation or default to
         Purchaser's reasonable satisfaction. Any representation made by Seller
         in a Seller Estoppel Certificate shall be treated as a

                                       17
<PAGE>   18

         representation made by Seller in Section 5.4(a) of the Agreement and
         shall be subject to all of the limitations provided in Section 5.4(b)
         of this Agreement.

               (h) Other. To the extent in the possession of Seller or its
         property manager, (i) plans, drawings and specifications relating to
         the Improvements; (ii) all transferable licenses, permits, certificates
         of occupancy and other governmental entitlements relating to use and
         occupancy of the Improvements; (iii) files maintained by Seller in the
         ordinary course of business relating to Tenants and (iv) leasing and
         marketing materials pertaining to the Improvements.

         7.6 Purchaser's Obligations at the Closing. At the Closing, Purchaser
shall deliver to Seller the following:

               (a) Purchase Price. The Purchase Price by wire transfer of
         immediately available funds.

               (b) Evidence of Authority. Such organizational and authorizing
         documents of Purchaser as shall be reasonably required by Seller and/or
         the Title Company authorizing Purchaser's acquisition of the Property
         pursuant to this Agreement and the execution of this Agreement and any
         documents to be executed by Purchaser at the Closing.

         7.7 Documents to be Executed by Seller and Purchaser. At the Closing,
Seller and Purchaser shall also execute and deliver the following:

               (a) Tenant Notices. Signed statements or notices to all tenants
         of the Property notifying such tenants that the Property has been
         transferred to Purchaser and that Purchaser is responsible for security
         deposits (specifying the amounts of such deposits).

               (b) Bill of Sale, Assignment and Assumption of Personal Property,
         Contracts, Warranties and Leases. The Bill of Sale (herein so called)
         in the form attached to this Agreement as Exhibit C.

         7.8 Purchaser's Assumption of Obligations. As additional consideration
for the purchase and sale of the Property, Purchaser covenants and agrees that
from and after Closing it will: (i) assume and perform all of the covenants and
obligations of Seller, Seller's predecessors in title and Seller's affiliates
(A) pursuant to the Leases and Contracts, including without limitation, those
relating to any security deposits, to the extent arising on or after the Closing
Date and (B) pursuant to the Leases regarding the physical, environmental or
legal compliance status of the Property, whether arising before, on or after the
Closing Date; (ii) assume and agree to discharge, perform and comply with each
and every liability, duty, covenant, debt or obligation of Seller of any of its
affiliates resulting from, arising out of, or in any way related to any licenses
and permits and arising on or after the Closing Date; and (iii) assume Seller's
obligations to pay, when due (whether on a stated due date or accelerated) any
Reimbursable Lease Expenses in accordance with Section 7.9 or any Reimbursable
Capital Expenses that are unpaid as of the Closing Date. Purchaser hereby
indemnifies and holds Seller harmless from and against any and all claims,
liens, damages, demands, causes of action, liabilities, lawsuits, judgments,
losses, costs and expenses (including but not limited to attorneys' fees and
expenses) asserted against or incurred by Seller and arising out of the failure
of Purchaser to perform its

                                       18
<PAGE>   19

obligations pursuant to this Section 7.8. The provisions of this Section 7.8
shall survive the Closing without limitation.

         7.9 Lease Expenses. At Closing, Purchaser shall reimburse Seller for
any and all Reimbursable Lease Expenses to the extent that the same have been
paid by Seller prior to Closing. In addition, at Closing, Purchaser shall assume
Seller's obligations to pay, when due (whether on a stated due date or by
acceleration) any Reimbursable Lease Expenses unpaid as of the Closing, and
Purchaser hereby agrees to indemnify and hold Seller harmless from and against
any and all claims for such Reimbursable Lease Expenses which remain unpaid for
any reason at the time of Closing, which obligations of Purchaser shall survive
the Closing and shall not be merged therein. Each party shall make available to
the other all records, bills, vouchers and other data in such party's control
verifying Reimbursable Lease Expenses and the payment thereof.

                                       8.
                                  RISK OF LOSS

         8.1 Condemnation. If, prior to the Closing, action is initiated to take
any of the Property by eminent domain proceedings or by deed in lieu thereof,
Purchaser may either at or prior to Closing (a) terminate this Agreement, or (b)
consummate the Closing, in which latter event all of Seller's assignable right,
title and interest in and to the award of the condemning authority shall be
assigned to Purchaser at the Closing and there shall be no reduction in the
Purchase Price.

         8.2 Casualty. Except as provided in Sections 5.2 and 6.1 of this
Agreement, Seller assumes all risks and liability for damage to or injury
occurring to the Property by fire, storm, accident, or any other casualty or
cause until the Closing has been consummated. If the Property, or any part
thereof, suffers any damage in excess of the Casualty Amount prior to the
Closing from fire or other casualty, which Seller, at its sole option, does not
elect to repair, Purchaser may either at or prior to Closing (a) terminate this
Agreement, or (b) consummate the Closing, in which latter event all of Seller's
right, title and interest in and to the proceeds of any insurance covering such
damage (less an amount equal to any expenses and costs incurred by Seller to
repair or restore the Property and any portion of such proceeds paid or to be
paid on account of the loss of rents or other income from the Property for the
period prior to and including the Closing Date, all of which shall be payable to
Seller), to the extent the amount of such insurance does not exceed the Purchase
Price, shall be assigned to Purchaser at the Closing. If the Property, or any
part thereof, suffers any damage less than the Casualty Amount prior to the
Closing, Purchaser agrees that it will consummate the Closing and accept the
assignment of the proceeds of any insurance covering such damage plus an amount
equal to Seller's deductible under its insurance policy and there shall be no
reduction in the Purchase Price.

                                       9.
                                     DEFAULT

         9.1 Breach by Seller. Except as Purchaser's remedies may otherwise be
expressly limited by the terms of this Agreement (including, without limitation,
the terms of Section 5.4):

                                       19
<PAGE>   20

               (a) In the event that Seller shall default in any of its
         obligations hereunder to be performed prior to Closing, for any reason
         other than Purchaser's default or a termination of this Agreement by
         Purchaser or Seller pursuant to a right to do so under the provisions
         hereof, Purchaser, as its sole and exclusive remedy, may terminate this
         Agreement, receive a refund of the Earnest Money and, subject to the
         provisions of Section 9.1(c) below, pursue Seller for actual damages
         incurred by Purchaser as a result of such default.

               (b) If Purchaser discovers prior to Closing that any
         representation or warranty made by Seller in Section 5.4(a) has been
         breached, then Purchaser may extend the Closing for up to thirty (30)
         days to investigate the pertinent facts, and Seller shall exercise
         reasonable, good faith efforts to remedy or cure such breach. In the
         event that such breach has not been cured or remedied to Purchaser's
         satisfaction prior to Closing, as the same may be extended, the sole
         and exclusive remedy of Purchaser shall be to either waive the breach
         and proceed to Closing or terminate this Agreement by written notice to
         Seller. Upon a termination of this Agreement under this Section 9.1(b),
         the Earnest Money shall be returned to Purchaser, and neither party
         shall have any further obligations hereunder except for Surviving
         Obligations.

               (c) Notwithstanding the foregoing, in no event shall the
         aggregate amount of actual damages which Purchaser may be entitled to
         recover against Seller pursuant to Sections 9.1(a) above exceed an
         amount equal to the amount of the Earnest Money and in no event shall
         Seller be liable to Purchaser for any punitive, speculative or
         consequential damages or to the remedy of specific performance.

         9.2 Breach by Purchaser.

               (a) If Purchaser fails to comply with Section 7 of this
         Agreement, Seller may terminate this Agreement and thereupon shall be
         entitled to the Earnest Money as liquidated damages (and not as a
         penalty) and as Seller's sole remedy and relief hereunder (except for
         the Surviving Obligations). Seller and Purchaser have made this
         provision for liquidated damages because it would be difficult to
         calculate, on the date hereof, the amount of actual damages for such
         breach, and Seller and Purchaser agree that these sums represent
         reasonable compensation to Seller for such breach.

               (b) In the event of any default by Purchaser under this
         Agreement, other than Purchaser's failure to comply with Section 7 of
         this Agreement, Seller shall have any and all rights and remedies
         available at law or in equity by reason of such default.

         The provisions of this Section 9.2 shall not limit or affect any of
Purchaser's indemnities as provided in other Sections of this Agreement.

                                      10.
                                  MISCELLANEOUS

         10.1 Notices. All notices, demands and requests which may be given or
which are required to be given by either party to the other, and any exercise of
a right of termination

                                       20
<PAGE>   21

provided by this Agreement, shall be in writing and shall be deemed effective
either: (a) on the date personally delivered to the address specified in Section
1.1 above, as evidenced by written receipt therefore, whether or not actually
received by the person to whom addressed; (b) on the third (3rd) business day
after being sent, by certified or registered mail, return receipt requested,
addressed to the intended recipient at the address specified in Section 1.1
above; (c) on the first (1st) business day after being deposited into the
custody of a nationally recognized overnight delivery service such as Federal
Express Corporation, Emery or Purolator, addressed to such party at the address
specified in Section 1.1 above; or (d) on the date sent by facsimile to the fax
number specified in Section 1.1 above to the attention of the appropriate
person, with a copy of the receipt being forwarded by overnight delivery service
as herein provided. A party may change its address for notice by written notice
to all other parties as herein provided.

         10.2 Real Estate Commissions. Seller shall pay to the Agent upon the
Closing of the transaction contemplated hereby, and not otherwise, a cash
commission in the amount agreed on in a separate listing agreement between
Seller and Agent. Said commission shall in no event be payable unless and until
the transaction contemplated hereby is closed in accordance with the terms of
this Agreement; if such transaction is not closed for any reason, including,
without limitation, failure of title or default by Seller or Purchaser or
termination of this Agreement pursuant to the terms hereof, then such commission
will be deemed not to have been earned and shall not be due or payable. Except
as set forth above with respect to Agent, neither Seller nor Purchaser has
authorized any broker or finder to act on Purchaser's behalf in connection with
the sale and purchase hereunder and neither Seller nor Purchaser has dealt with
any broker or finder purporting to act on behalf of any other party. Purchaser
agrees to indemnify and hold harmless Seller from and against any and all
claims, losses, damages, costs or expenses of any kind or character arising out
of or resulting from any agreement, arrangement or understanding alleged to have
been made by Purchaser or on Purchaser's behalf with any broker or finder in
connection with this Agreement or the transaction contemplated hereby. Seller
agrees to indemnify and hold harmless Purchaser from and against any and all
claims, losses, damages, costs or expenses of any kind or character arising out
of or resulting from any agreement, arrangement or understanding alleged to have
been made by Seller or on Seller's behalf with any broker or finder in
connection with this Agreement or the transaction contemplated hereby.
Notwithstanding anything to the contrary contained herein, this Section 10.2
shall survive the Closing or any earlier termination of this Agreement.

         10.3 Entire Agreement. This Agreement embodies the entire agreement
between the parties relative to the subject matter hereof, and there are no oral
or written agreements between the parties, nor any representations made by
either party relative to the subject matter hereof, which are not expressly set
forth herein.

         10.4 Amendment. This Agreement may be amended only by a written
instrument executed by the party or parties to be bound thereby.

         10.5 Headings. The captions and headings used in this Agreement are for
convenience only and do not in any way limit, amplify, or otherwise modify the
provisions of this Agreement.

         10.6 Time of Essence. Time is of the essence of this Agreement;
however, if the final date of any period which is set out in any provision of
this Agreement falls on a Saturday,

                                       21
<PAGE>   22

Sunday or legal holiday under the laws of the United States, the State of Texas
or the State, then, in such event, the time of such period shall be extended to
the next day which is not a Saturday, Sunday or legal holiday.

         10.7 Governing Law. This Agreement shall be governed by the laws of the
State and the laws of the United States pertaining to transactions in the State.

         10.8 Successors and Assigns; Assignment. This Agreement shall bind and
inure to the benefit of Seller and Purchaser and their respective heirs,
executors, administrators, personal and legal representatives, successors and
permitted assigns. Subject to Section 10.16, Purchaser shall not assign
Purchaser's rights under this Agreement without the prior written consent of
Seller, which consent may be withheld absolutely. In the event Seller consents
to such assignment, Purchaser and such assignee shall execute and deliver an
Assignment of Purchase and Sale Agreement in the form attached hereto as Exhibit
F. Any subsequent assignment may be made only with the prior written consent of
Seller. No assignment of Purchaser's rights hereunder shall relieve Purchaser of
its liabilities under this Agreement. This Agreement is solely for the benefit
of Seller and Purchaser; there are no third party beneficiaries hereof. Any
assignment of this Agreement in violation of the foregoing provisions shall be
null and void. Notwithstanding the foregoing, without Seller's consent, James H.
Kaufman may assign this Agreement to a limited liability company of which he is
the sole member, provided no such assignment shall relieve James H. Kaufman of
any liability hereunder.

         10.9 Invalid Provision. If any provision of this Agreement is held to
be illegal, invalid or unenforceable under present or future laws, such
provision shall be fully severable; this Agreement shall be construed and
enforced as if such illegal, invalid or unenforceable provision had never
comprised a part of this Agreement; and, the remaining provisions of this
Agreement shall remain in full force and effect and shall not be affected by
such illegal, invalid, or unenforceable provision or by its severance from this
Agreement.

         10.10 Attorneys' Fees. In the event it becomes necessary for either
party hereto to file suit to enforce this Agreement or any provision contained
herein, the party prevailing in such suit shall be entitled to recover, in
addition to all other remedies or damages, as provided herein, reasonable
attorneys' fees incurred in such suit.

         10.11 Multiple Counterparts. This Agreement may be executed in a number
of identical counterparts which, taken together, shall constitute collectively
one (1) agreement; in making proof of this Agreement, it shall not be necessary
to produce or account for more than one such counterpart with each party's
signature.

         10.12 Exhibits. The following exhibits are attached to this Agreement
and are incorporated into this Agreement by this reference and made a part
hereof for all purposes:

         Exhibit A, the legal description of the Land.
         Exhibit B, the form of the Deed.
         Exhibit C, the form of the Bill of Sale, Assignment and Assumption of
         Personal Property, Contracts, Warranties and Leases.
         Exhibit D, the form of the Estoppel Certificate.

                                       22
<PAGE>   23

         Exhibit E, the form of the Non-Foreign Affidavit.
         Exhibit F, the form of Assignment of Purchase and Sale Agreement.
         Exhibit G, Tangible Personal Property Leases or Installment Sales
         Contracts
         Exhibit H, Pending Actions
         Exhibit I, Governmental Violations
         Exhibit J, Reimbursable Capital Expenses
         Exhibit K, Reimbursable Lease Expenses
         Exhibit L, Form of Rent Roll
         Exhibit M, Schedule of Contracts

         10.13 No Recordation. Seller and Purchaser hereby acknowledge that
neither this Agreement nor any memorandum or affidavit thereof shall be recorded
of public record. Should Purchaser ever record or attempt to record this
Agreement, or a memorandum or affidavit thereof, or any other similar document,
then, notwithstanding anything herein to the contrary, said recordation or
attempt at recordation shall constitute a default by Purchaser hereunder, and,
in addition to the other remedies provided for herein, Seller shall have the
express right to terminate this Agreement by filing a notice of said termination
in the county in which the Land is located.

         10.14 Merger Provision. Except as otherwise expressly provided herein,
any and all rights of action of Purchaser for any breach by Seller of any
representation, warranty or covenant contained in this Agreement shall merge
with the Deed and other instruments executed at Closing, shall terminate at
Closing and shall not survive Closing.

         10.15 Jury Waiver. PURCHASER AND SELLER DO HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THEIR RIGHT TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION BASED HEREON, OR ARISING OUT OF, OR UNDER OR IN CONNECTION WITH
THIS AGREEMENT, THE DOCUMENTS DELIVERED BY PURCHASER AT CLOSING OR SELLER AT
CLOSING, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ANY ACTIONS OF EITHER PARTY ARISING OUT OF OR RELATED IN
ANY MANNER WITH THIS AGREEMENT OR THE PROPERTY (INCLUDING WITHOUT LIMITATION,
ANY ACTION TO RESCIND OR CANCEL THIS AGREEMENT AND ANY CLAIMS OR DEFENSES
ASSERTING THAT THIS AGREEMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR
VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT FOR SELLER TO ENTER INTO AND
ACCEPT THIS AGREEMENT AND THE DOCUMENTS DELIVERED BY PURCHASER AT CLOSING AND
SHALL SURVIVE THE CLOSING OF TERMINATION OF THIS AGREEMENT.

         10.16 Exchange. Purchaser may wish to effect an IRC Section 1031
tax-deferred exchange, and Seller will cooperate to facilitate such an exchange;
provided, however, Seller shall not incur additional cost, liability, or expense
on the other party's behalf, or take title to any exchange or replacement
property, and shall not be required to advance or deposit monies in excess of
amounts required by this Agreement for purchase of the Property, and such
exchange shall not cause any delays in the time periods or Closing Date
specified in this Agreement. The

                                       23
<PAGE>   24

exchange must occur at such time and place as will conform to IRC Section 1031,
as may be amended from time to time.

                             Remainder of this Page
                            Left Blank Intentionally

                                      24
<PAGE>   25

PURCHASER:                             CENTRAL ONE, INC.,
                                       a Arizona corporation
Date of Execution
by Purchaser:                          By: /s/ James H. Kaufman
July 7, 2000                              --------------------------------------
                                       Name: James H. Kaufman
                                       Title: President

                                         /s/ James H. Kaufman
                                       -----------------------------------------
                                       James H. Kaufman

SELLER:                                MURRAY INCOME PROPERTIES I, LTD.,
                                       a Texas limited partnership

                                       By: Murray Realty Investors VIII, Inc., a
                                           Texas corporation
                                           General Partner
Date of Execution
by Seller:                                 By: /s/ Brent Buck
7-12-00                                        ---------------------------------
                                           Name: Brent Buck
                                           Title: Executive Vice President

The undersigned Title Company hereby acknowledges receipt of the Earnest Money
and a copy of this Agreement, and agrees to hold and dispose of the Earnest
Money in accordance with the provisions of this Agreement.

Date of Execution by                   STEWART TITLE & TRUST
Title Company:                         OF PHOENIX, INC.
7-12-00

                                       By: /s/ Tammy Betzer
                                          --------------------------------------
                                            Tammy Betzer,
                                            Authorized Officer<PAGE>   1
                                                                    EXHIBIT 10.2

                    AMENDMENT TO PURCHASE AND SALE AGREEMENT

DATE: July 27, 2000

PARTIES: JAMES H. KAUFMAN and CENTRAL ONE, INC., an Arizona corporation (the
         "Purchaser")

         MURRAY INCOME PROPERTIES I, LTD., a Texas limited partnership (the
         "Seller")

SUBJECT: PURCHASE AND SALE AGREEMENT (the "Agreement") executed by Seller on
         July 10, 2000 and by Purchaser on July 7, 2000, with an Effective Date
         of July 12, 2000, relating to the purchase and sale of Mt. View
         Shopping Center in Scottsdale, Arizona.

AGREEMENTS:

     For valuable consideration, the receipt of which is hereby acknowledged by
both parties hereto, Seller and Purchaser hereby amend the Agreement as follows:

     1. The "Approval Period" (as defined in section 1.1 of the Agreement) is
hereby extended for a period of seven (7) days and shall expire on August 3,
2000.

     2. The "Closing Date" (as defined in section 1.1 of the Agreement) is
hereby amended to mean five (5) business days after the later of (i) the last
day of the Approval Period or (ii) the last day of Seller's Cure Period.

     This Amendment may be executed in counterparts. Except as expressly
modified by this Amendment, the terms and conditions of the Agreement shall
remain in full force and effect.

<TABLE>
<CAPTION>
<S>                                      <C>
CENTRAL ONE, INC.,                       MURRAY INCOME PROPERTIES I, LTD.,
an Arizona corporation                   a Texas limited partnership

By: /s/ James Kaufman                    By: Murray Realty Investors VIII, Inc.,
   --------------------------                a Texas corporation
Name: James Kaufman                          General Partner
Title:  President

                                         By: /s/ Brent Buck
   /s/ James H. Kaufman                      ---------------------------------
----------------------------             Name:   Brent Buck
       James H. Kaufman                  Title:  Executive Vice President
</TABLE>

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