Document:

Purchase Agreement

 Exhibit 10.9 
  

 PURCHASE AGREEMENT 
 METROPOLITAN PARK NORTH 
 Seattle, Washington 
 SELLER: 
 MET PARK NORTH IV, L.L.C., 
 a Delaware limited liability company 
 BUYER: 
 ELPF MET PARK NORTH, L.L.C., 
 a Delaware limited liability company

 February 3, 2006 
  

 PURCHASE AGREEMENT 
 Metropolitan Park North, 1220 Howell Street, Seattle, Washington 
 THIS PURCHASE AGREEMENT (this
“Agreement”) is made as of February 3, 2006 (the “Effective Date”), by and between Met Park North IV, L.L.C., a Delaware limited liability company (“Seller”), and ELPF Met Park North, L.L.C., a
Delaware limited liability company (“Buyer”). 
 R E C I T A L S 
 Buyer desires to purchase, and Seller desires to sell, the Property (as hereinafter defined), on the terms and conditions set forth in this Agreement.

 NOW, THEREFORE, in consideration of the respective promises contained in this Agreement, Buyer and Seller agree as follows: 
 A G R E E M E N T S 
 1.
Purchase and Sale. Subject to the terms and conditions of this Agreement, Seller shall sell to Buyer, and Buyer shall purchase from Seller, all of Seller’s right, title and interest in and to the following (collectively, the
“Property”): (A) the land (the “Land”) located at 1220 Howell Street in the City of Seattle, County of King, State of Washington, as more particularly described in Exhibit A; (B) all improvements,
structures and fixtures located upon the Land (the “Improvements”); (C) all tangible personal property (the “Personal Property”) owned by Seller and located on and used solely in connection with the management,
operation or repair of the Improvements, other than those items of excluded Personal Property described on Exhibit B and that owned by tenants, the property manager and any other third parties; (D) the interest of the landlord in and to
all leases of space of all or any portion of the Improvements (the “Tenant Leases”) together with all guaranties thereof and security deposits; and (E) subject to the terms of Section 5C(2) and to the extent assignable
(i) all service contracts and equipment leases listed on Exhibit C (the “Contracts”), and (ii) the permits, licenses and warranties held solely for use in connection with all or any portion of the Improvements or
the Personal Property (the foregoing items together with the Contracts being the “Intangible Property”). 
 2.
Purchase Price. The purchase price for the Property shall be Eighty Eight Million Five Hundred Thousand and No/100 United States Dollars ($88,500,000.00) (the “Purchase Price”). 
 3. Payment of Purchase Price. The Purchase Price shall be paid to Seller by Buyer as follows: 
 A. Deposit. 
 (1)
Initial Deposit. On the Effective Date, Buyer will deliver to Chicago Title Insurance Company, 171 N. Clark Street, 3rd Floor, Chicago, Illinois 60601(the “Title Company”), Attention: Ms. Linda M. Tyrrell (pursuant
to wiring instructions provided to Buyer) a wire transfer of immediately available federal funds, in the amount of Two Million and No/100 United States Dollars ($2,000,000.00) as an earnest money deposit (which amount, together with the 

 

 1 

 
interest earned on such amount, is referred to in this Agreement as the “Initial Deposit”). The Initial Deposit shall be invested by Title
Company as instructed by Buyer and Seller in the Escrow Agreement (as hereinafter defined) which shall be executed by Buyer and Seller and delivered to Title Company (along with an executed copy of this Agreement) on the Effective Date. After the
successful completion of the Due Diligence Period (as defined in Section 5B), as evidenced by Buyer’s delivery of the “Acceptance Notice” as provided in Section 5D below, the Initial Deposit shall be non-refundable to Buyer
(except as otherwise specifically provided in this Agreement). 
 (2) Additional Deposit. If this Agreement is not terminated
in accordance with Section 5D prior to the expiration of the Due Diligence Period, Buyer shall deliver to Title Company on or before the day of the expiration of the Due Diligence Period, a wire transfer of immediately available federal funds,
in the amount of Three Million and No/100 Dollars ($3,000,000.00) (the “Additional Deposit”) as an additional earnest money deposit. The Initial Deposit and the Additional Deposit, together with the interest earned on such amount
while in Title Company’s possession, but minus the Independent Consideration (as hereinafter defined), are referred to collectively in this Agreement as the “Deposit.” The Deposit shall be non-refundable to Buyer (except as
otherwise specifically provided in this Agreement) and held by the Title Company in accordance with the terms of Section 3C below and the terms of a separate escrow agreement in the form of Exhibit D attached hereto and dated as of
the date hereof by and among Buyer, Seller and the Title Company (the “Escrow Agreement”). In addition to the foregoing, if this Agreement is not terminated in accordance with Section 5D hereof and Buyer fails to deliver the
Additional Deposit to Seller on or before the expiration of the Due Diligence Period, this Agreement may be terminated by Seller and the Initial Deposit shall be immediately and automatically delivered to Seller without the necessity of any further
instructions by Buyer and shall be treated as liquidated damages in accordance with the terms of Section 3C below, this Agreement shall be null and void and of no further force or effect, and the parties hereto shall have no further obligations
to each other (except for any obligations or liabilities that expressly survive termination of this Agreement). 
 (3) Independent
Consideration. The sum of One Hundred Dollars ($100.00) (the “Independent Consideration”) out of the Initial Deposit is independent of any other consideration provided hereunder, shall be fully earned by Seller upon the
Effective Date hereof, and is not refundable to Buyer under any circumstances. Accordingly, if this Agreement is terminated for any reason by either party, the Independent Consideration shall be paid by the Title Company to Seller. 
 B. Closing Payment. The balance of the Purchase Price, as adjusted by the Deposit and by the adjustments, prorations, credits and
allocations of income and expenses provided for in this Agreement, shall be delivered by Buyer to Title Company (to be disbursed by Title Company in accordance with Section 6 hereof) by wire transfer of immediately available funds at least one
(1) business day prior to the Closing Date. Such balance of the Purchase Price, as so adjusted, is herein called the “Closing Payment”. As used herein the “Closing Date” shall mean March 1, 2006; provided
that Buyer may, upon not less than three (3) business days’ written notice to Seller, extend the Closing Date to March 15, 2006. In the event that the Closing Date is so extended, Seller shall have the right, upon not less than three
(3) business days’ written notice to Buyer, to further extend the Closing Date up to March 31, 2006 for purposes of minimizing the interest payable in connection with the repayment of the loan currently encumbering the Property.

  

 2 

 C. REMEDIES; DAMAGES. 
 (1) BUYER AND SELLER RECOGNIZE THAT THE PROPERTY WILL BE REMOVED FROM THE MARKET DURING THE TERM OF THIS AGREEMENT AND THAT IF THE TRANSACTION IS NOT
CONSUMMATED BECAUSE OF BUYER’S DEFAULT, SELLER SHOULD BE COMPENSATED FOR SUCH DETRIMENT. IT IS EXTREMELY DIFFICULT AND IMPRACTICAL TO ASCERTAIN THE EXTENT OF THE DETRIMENT AND, TO AVOID THIS PROBLEM, BUYER AND SELLER AGREE THAT IF THIS
TRANSACTION IS NOT CONSUMMATED BECAUSE OF BUYER FAILS, WITHOUT LEGAL EXCUSE, TO COMPLETE THE PURCHASE OF THE PROPERTY, THE DEPOSIT SHALL BE FORFEITED TO SELLER AS THE SOLE AND EXCLUSIVE REMEDY FOR SUCH FAILURE AND, ACCORDINGLY, SELLER SHALL BE
ENTITLED TO RECOVER FROM BUYER AS LIQUIDATED DAMAGES THE AMOUNT OF THE DEPOSIT, AND UPON WRITTEN NOTICE FROM SELLER TO TITLE COMPANY, THIS AGREEMENT SHALL BE TERMINATED AND THE DEPOSIT SHALL BE IMMEDIATELY AND AUTOMATICALLY DELIVERED TO SELLER
WITHOUT THE NECESSITY OF ANY FURTHER INSTRUCTIONS BY BUYER, PROVIDED, HOWEVER, THAT THE FOREGOING PROVISION SHALL NOT LIMIT SELLER’S RIGHT TO RECEIVE REIMBURSEMENT FOR ATTORNEYS’ FEES PURSUANT TO SECTION 11F OF THIS AGREEMENT OR UNDER
ANY OTHER AGREEMENT EXECUTED IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED UNDER THIS AGREEMENT, NOR WAIVE OR AFFECT BUYER’S INDEMNITY OBLIGATIONS UNDER THIS AGREEMENT OR UNDER ANY OTHER AGREEMENT EXECUTED IN CONNECTION WITH THE TRANSACTIONS
CONTEMPLATED UNDER THIS AGREEMENT, NOR WAIVE OR AFFECT SELLER’S RIGHTS UNDER SUCH INDEMNITY OBLIGATIONS UNDER THIS AGREEMENT OR UNDER ANY OTHER AGREEMENT EXECUTED IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED UNDER THIS AGREEMENT, NOR WAIVE
OR AFFECT BUYER’S OBLIGATIONS TO RETURN OR PROVIDE TO SELLER DOCUMENTS, REPORTS OR OTHER INFORMATION PROVIDED TO OR PREPARED BY OR FOR BUYER PURSUANT TO APPLICABLE PROVISIONS OF THIS AGREEMENT, ALL OF WHICH OBLIGATIONS, INDEMNITIES AND RIGHTS
SHALL SURVIVE THE TERMINATION OF THIS AGREEMENT. THIS AMOUNT HAS BEEN AGREED UPON, AFTER NEGOTIATION, AS THE PARTIES’ BEST ESTIMATE OF SELLER’S DAMAGES. THE PARTIES AGREE THAT THE SUM STATED ABOVE AS LIQUIDATED DAMAGES SHALL BE IN LIEU OF
ANY OTHER RELIEF TO WHICH SELLER MIGHT OTHERWISE BE ENTITLED BY VIRTUE OF THIS AGREEMENT OR BY OPERATION OF LAW. UPON PAYMENT OR RELEASE OF SUCH AMOUNT, BUYER SHALL BE RELEASED OF ANY OTHER LIABILITY TO SELLER HEREUNDER, EXCEPT AS TO THOSE
OBLIGATIONS, AGREEMENTS, AND INDEMNITIES WHICH EXPRESSLY SURVIVE THE TERMINATION OF THIS AGREEMENT, AS PROVIDED IN THIS SECTION OR ELSEWHERE IN THIS AGREEMENT. THE PAYMENT OF SUCH AMOUNT AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR
PENALTY WITHIN THE MEANING OF APPLICABLE LAW, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER. 
  

 3 

							
		 	 /s/ DJW
	  	 /s/ PHS
	  	
		 	Seller’s Initials	  	Buyer’s Initials	  	

 (2) IF THE CLOSING DOES NOT OCCUR SOLELY FOR ANY REASON OTHER THAN BUYER’S OR
SELLER’S DEFAULT UNDER THIS AGREEMENT, THEN THIS AGREEMENT SHALL TERMINATE AND NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS TO EACH OTHER HEREUNDER, EXCEPT FOR (a) THE RIGHT OF BUYER TO THE RETURN OF THE DEPOSIT AND
(b) THOSE PROVISIONS OF THIS AGREEMENT WHICH EXPRESSLY SURVIVE A TERMINATION OF THIS AGREEMENT. 
 (3) IF THE CLOSING FAILS TO
OCCUR SOLELY BECAUSE OF SELLER’S DEFAULT, UNLESS SUCH DEFAULT IS CAPABLE OF BEING, AND IS, CURED IN ACCORDANCE WITH SECTION 11P HEREOF, THEN BUYER MAY ELECT AS ITS SOLE AND EXCLUSIVE REMEDY EITHER TO (a) BRING AN ACTION FOR SPECIFIC
PERFORMANCE OF THIS AGREEMENT, OR (b) TERMINATE THIS AGREEMENT BY WRITTEN NOTICE TO SELLER, IN WHICH CASE NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS TO EACH OTHER HEREUNDER, EXCEPT FOR (i) THE RIGHT OF BUYER TO THE RETURN
OF THE DEPOSIT, AND (ii) THOSE PROVISIONS OF THIS AGREEMENT WHICH EXPRESSLY SURVIVE A TERMINATION OF THIS AGREEMENT. ANY SUCH CLAIM FOR SPECIFIC PERFORMANCE MUST BE BROUGHT, IF AT ALL, WITHIN SIXTY (60) DAYS OF THE ALLEGED DEFAULT.

 (4) IF THE CLOSING OCCURS IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT, THE DEPOSIT SHALL BE APPLIED AS A CREDIT TOWARD THE PURCHASE
PRICE. THIS SECTION 3C SHALL SURVIVE THE TERMINATION OF THIS AGREEMENT AND NOTHING IN THIS SECTION 3C IS INTENDED TO LIMIT THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER SECTIONS 5C, 11A and 11F. 
  

							
		 	 /s/ DJW
	  	 /s/ PHS
	  	
		 	Seller’s Initials	  	Buyer’s Initials	  	

 4. Title. 
 A. Title Report. The Title Company has delivered to Buyer: (1) a title insurance commitment covering the Property; and (2) copies
of the documents evidencing the exceptions to title stated therein (collectively, the “Title Report”). Seller has delivered to Buyer a copy of the most recent survey (the “Survey”) of the Property dated
October 17, 2005. Buyer, at its expense, has ordered an update to the Survey (the Survey, as so updated, is herein called the “Updated Survey”). 
 B. Title Contingency. Buyer shall satisfy itself prior to expiration of the Due Diligence Period that an ALTA Form Owner’s Title Policy of title insurance (“Owner’s Policy”) in
the face amount of the Purchase Price is available on terms and conditions satisfactory to Buyer in its sole discretion. Unless Buyer gives written notice (“Title Disapproval Notice “) that it disapproves 
  

 4 

 
the exceptions to title shown on the Title Report or the matters disclosed by the Updated Survey, stating the exceptions so disapproved, not later than four
(4) days prior to the expiration of the Due Diligence Period, Buyer shall be conclusively deemed to have approved the Updated Survey and the Title Report. Upon receipt by Seller of a Title Disapproval Notice given in a timely manner, Seller
shall have until two (2) days from receipt of such Title Disapproval Notice within which to notify Buyer (being a “Seller Response Notice”) as to each properly disapproved matter either that: (i) Seller elects not to cause
such disapproved matter to be removed as of the Closing Date (or otherwise take any action with respect thereto), or (ii) Seller intends to either: (a) use commercially reasonable efforts to cause such disapproved matter to be removed or
released on the Closing Date; or (b) use commercially reasonable efforts to cause the Title Company to bond, insure or endorse over such disapproved matter; provided, however, Seller shall have no liability if for any reason, after electing
either choice under (ii) above, such additional disapproved matters are not removed, released, bonded, insured or endorsed over as aforesaid as of the Closing Date. If Seller has provided a Seller Response Notice to Buyer stating that Seller
will not remove, release or otherwise correct such disapproved exceptions or will not correct any disapproved Survey or Updated Survey matter or if Seller has not provided a Seller Response Notice to Buyer (which shall be deemed an election by
Seller not to take any action with respect to such items), then Buyer may elect in writing not later than the expiration of the Due Diligence Period, either to waive Buyer’s objection to such disapproved exceptions or Survey or Updated Survey
matter or to terminate this Agreement. If Buyer shall fail to make such election, then Buyer shall be deemed to have waived its objections to such disapproved exceptions or Updated Survey matters. In the event Buyer shall elect in writing to
terminate this Agreement, the Initial Deposit (minus the Independent Consideration) shall be promptly delivered by the Title Company to Buyer, and the parties shall have no further obligations or liabilities hereunder (except for any obligations or
liabilities that expressly survive termination of this Agreement). All exceptions in the Title Report and matters on the Updated Survey that are approved or deemed approved by Buyer pursuant to this subsection B are hereinafter collectively referred
to as “Permitted Exceptions.” Notwithstanding anything to the contrary set forth in this Agreement, Buyer shall be obligated to accept title to the Property, subject to (1) the Permitted Exceptions, (2) the “New
Matters” (as defined and approved, or deemed approved, pursuant to subsection C below), (3) real estate taxes and assessments not yet due and payable, (4) the printed exceptions which appear in the standard form owner’s policy of
title insurance issued by Title Company in the State of Washington, and (5) all building, signage and zoning ordinances, laws, regulations and restrictions by municipal and other governmental authorities (the foregoing being the
“Permitted Encumbrances”). Notwithstanding the foregoing or the terms of Section 4C below, on or before the Closing Date, Seller shall cause any liens securing the repayment of loans (together with any prepayment premiums), any
mechanic’s liens for work performed by Seller and any tax or judgment liens or mechanic’s lien against Seller to be removed as exceptions to title (or bond or obtain a title endorsement over the same). 
 C. New Matters. If an additional exception to title (“New Matter”) affecting the Property is first disclosed to Buyer after the
end of the Due Diligence Period, Buyer shall be deemed to have approved any such New Matter within five (5) days of Buyer’s receipt of written notice of such New Matter unless Buyer delivers to Seller within such time written notice of its
objection thereto. Notwithstanding the foregoing, any New Matter that is the result of the activities of Buyer shall be deemed approved by Buyer and Buyer shall have no right to object to such New Matter. Seller may elect to use reasonable efforts
to remove or cause the Title Company to bond or insure or endorse over such New Matter within ten (10) days from the date of receipt of notice from Buyer 
  

 5 

 
with respect to the New Matter (and the Closing Date shall be extended to accommodate such cure period). In the event that within such ten (10) day
period Seller (1) does not elect to remove or cause the Title Company to bond or insure or endorse over such New Matter, or (2) elects but fails to remove or cause the Title Company to bond or insure or endorse over such New Matter, then
upon the expiration of such period, Buyer, as its sole and exclusive remedy hereunder for such failure, shall elect in writing either (a) to terminate this Agreement by written notice to Seller, in which case the Deposit shall be returned to
Buyer, this Agreement shall be null and void and of no further force or effect and the parties hereto shall have no further obligations to each other (except for any obligations or liabilities that expressly survive termination of this Agreement),
or (b) to waive the foregoing right of termination and all other rights and remedies on account of such New Matter and to close the transaction contemplated by this Agreement, without any reduction or abatement of the Purchase Price. If Buyer
shall fail to make such election, then Buyer shall be deemed to have waived its objections to such disapproved New Matter. 
 D. Deed
Exceptions. Notwithstanding the foregoing, Seller shall convey the Property to Buyer through the form of bargain and sale deed attached hereto as Exhibit E (the “Deed”), which will convey the Property to Buyer subject to the
Permitted Encumbrances, as well as any matters disclosed by the public records (other than any such matters which are created by Seller), and any other exceptions to title, including, but not limited to, road, highway, pipeline, railroad and utility
easements, conditions and encroachments, which would be disclosed by an inspection and/or survey of the Property (together with the Permitted Encumbrances, the “Deed Exceptions”). After Closing, Seller shall have no liability to Buyer, and
Buyer and its successors and assigns shall make no claim against Seller for the Deed Exceptions. This provision shall survive the Closing. 
 E. Endorsements to Owner’s Policy. It is understood that Buyer may request a number of endorsements to or extended coverage for its Owner’s Policy. Buyer shall satisfy itself during the Due Diligence Period that the
Title Company will be willing to issue such endorsements or extended coverage in connection with the Owner’s Policy at Closing, and accordingly in no event shall the issuance of such endorsements or extended coverage constitute a condition to
Buyer’s obligations under this Agreement. In no event shall Seller be obligated to provide any indemnity or other document in order to issue the same other than the certificate in the form of Exhibit F (the “Seller’s Title
Certificate”). 
 5. Due Diligence. 
 A. Access to Property and Property Documents. Subject to the terms of the Tenant Leases, Seller shall provide Buyer with reasonable access to the Property during regular business hours upon not less than
two (2) business days’ notice to Seller. Subject to the provisions of this Section 5A, Seller has heretofore provided or shall provide Buyer with copies of or access to that portion of the information and documentation relating to the
Property (the “Property Documents”) in Seller’s possession. Notwithstanding anything to the contrary contained herein, Seller shall have no obligation to deliver to Buyer any property condition reports or any confidential or
proprietary materials, including, without limitation, the following: (1) information contained in Seller’s credit reports, credit authorizations, credit for financial analyses or projections, steering committee sheets, account summaries or
other internal documents relating to the Property, including any valuation documents and the book value of the Property; (2) material which is subject to 
  

 6 

 
attorney client privilege or which is attorney work product or may not be disclosed pursuant to any order or agreement in any arbitration, litigation or
other proceeding; (3) appraisal reports or letters; (4) financials or tax returns of Seller or any affiliate of Seller; or (5) material which Seller is legally required not to disclose. 
 B. Due Diligence Period. Except for title and Survey matters (which shall be governed by the provisions of Sections 4(A) and 4(B) above),
Buyer shall have until 5:00 p.m. Central Time on February 3, 2006 (the “Due Diligence Period”), to perform and complete, at its sole expense, its due diligence review, examination and inspection of all matters pertaining
to its acquisition of the Property, Tenant Leases, Contracts, Personal Property, Intangible Property, and all financial, physical, environmental and compliance matters, entitlements and other conditions respecting the Property. 
 C. Conduct of Due Diligence. Buyer shall at all times conduct such due diligence in compliance with applicable laws and the terms of the
Tenant Leases, and in a manner so as not to cause liability, damage, loss, cost or expense to Seller, any lender of Seller, the Property or any tenants, licensees, concessionaires or other persons using or occupying the Property or any part thereof,
or so as not to interfere with the operation or use of the Property (and including not interfering with or disturbing the operations or occupancy of any tenant at the Property), and Buyer shall indemnify, defend and hold Seller and the Property
harmless from and against any such liability, damage, loss, cost or expense (the foregoing obligation surviving any termination of this Agreement). Buyer shall conduct its investigations, reviews and examinations of the Property solely during normal
business hours (unless otherwise approved in writing by Seller) and upon at least two (2) business days’ prior written notice to Seller (provided, however, that Seller acknowledges that Buyer has conducted due diligence inspections on
January 4, 2006, and that with respect to such inspection, Buyer has delivered to Seller all required notice). Buyer’s right to enter hereunder shall terminate upon the termination of this Agreement. Without limitation on the foregoing, in
no event shall Buyer: (a) make any intrusive physical testing or investigation (environmental, structural or otherwise) at the Property (such as soil borings, water samplings or the like), or disclose the results of any physical testing or
investigation (environmental, structural or otherwise) at the Property, without Seller’s express written consent in its sole and absolute discretion the granting of such consent shall include the right to disclose such results to Buyer’s
lenders and attorneys; (b) contact any tenant of the Property without Seller’s express written or verbal consent to conduct a pre-scheduled appointment to be made by Seller; or (c) contact any governmental or quasi-governmental
authority having jurisdiction over the Property without Seller’s express written consent in its sole and absolute discretion. Notwithstanding the foregoing, Buyer shall have the right to conduct a Phase I environmental investigation at the
Property, provided that Seller shall have provided its prior written consent and approval, not to be unreasonably withheld, as to each of the following: (i) the contractor who will be conducting such testing; (ii) such contractor’s
insurance coverage; and (iii) the scope and nature of the testing to be performed by such contractor. Seller shall have the right, at its option, to cause a representative of Seller to be present at all interviews, inspections, reviews and
examinations conducted hereunder, and Buyer shall cooperate in good faith with Seller to schedule permitted interviews and inspections at a mutually agreeable time to Buyer and Seller. At Seller’s written request, Buyer shall promptly deliver
to Seller true, accurate and complete copies of any written reports relating to the Property prepared for or on behalf of Buyer by any third party; provided, however, that such documents shall be delivered subject to the terms thereof (including any
agreement relating to the preparation of the same) and without any representation or warranty of 
  

 7 

 
Buyer to Seller as to the accuracy of the information contained therein. In the event of any termination of this Agreement, Buyer shall return all documents
and other materials furnished by Seller or Seller’s representatives, agents, attorneys or brokers hereunder. Buyer shall keep all information regarding the contemplated sale of the Property and the proposed terms thereof, and data received or
discovered in connection with any of the interviews, inspections, reviews or examinations, strictly confidential in accordance with Section 11H; provided that Seller agrees that Buyer may disclose the contemplated sale of the Property to
Seller’s current parking garage operator in connection with Buyer’s negotiation of a parking operation agreement with such parking operator as long as Buyer instructs such parking operator to keep confidential such contemplated sale.

 (1) Buyer’s Insurance. Buyer shall provide Seller with certificates evidencing the commercial general liability
insurance policies which shall be maintained by Buyer and each consultant which Buyer will have present on the Property in connection with its investigations upon the Property prior to the date of entry upon the Property, with the limits, coverage
and insurer under such policies being satisfactory to Seller in its sole discretion. Without limitation on the foregoing, Buyer must maintain (i) commercial general liability insurance, in an amount not less than $2,000,000 combined limits for
any injuries, deaths or property damage sustained as a result of any one accident or occurrence, (ii) worker’s compensation insurance at statutory limits, and (iii) employer’s liability insurance in an amount not less than
$2,000,000 for each accident, disease per employee and disease policy limit. The commercial general liability insurance shall name each of Seller, its constituent partners, members and agents (including any property manager and lender of Seller) as
an additional insured. Any representative of Buyer which conducts environmental inspections of the Property shall also provide evidence of environmental liability insurance of not less than $2,000,000. In addition, Buyer and Buyer’s
representatives waive any claims against Seller and Seller’s partners, members, employees, representatives and agents for any injury to persons or damage to property arising out of any inspections or physical testing of the Property, including
any damage to the tools and equipment of Buyer and Buyer’s representatives, all of which shall be brought on the Property at the sole risk and responsibility of Buyer and Buyer’s representatives. Upon the completion of any inspection or
test, Buyer shall promptly restore the Property to its condition prior to such inspection or test. Buyer shall keep the Property free and clear of any liens and Buyer shall save, indemnify, protect, defend, and hold Seller, its constituent partners,
members, directors, shareholders, fiduciaries, officers, employees, agents, tenants, independent contractors, any lender and property manager of Seller and such other parties in interest as Seller may require, harmless from and against all claims
(including any claim for damage to property or injury to or death of any persons), liabilities, obligations, liens or encumbrances, losses, damages, costs or expenses, including reasonable attorney’s fees, whether or not legal proceedings are
instituted or asserted against Seller, any of the foregoing parties or the Property as a result of, or in any way arising from, any entry onto the Property by Buyer, its agents, employees or representatives. The indemnity obligations set forth in
this Section 5C(1) shall survive the Closing or the earlier termination of this Agreement. 
 (2) Service Contracts and
Equipment Leases. On the Closing Date, the Contracts, to the extent assignable without the need of consents (except to the extent that any such consents have been obtained as of the Closing Date), shall be assigned by Seller and assumed by Buyer
pursuant to the Bill of Sale, Assignment and Assumption (as defined in Section 6A(1)), with Buyer being responsible for the payment of any fee or other charge imposed by any party to any such Contract in connection with such transfer. If Buyer
desires to terminate any Contract at Closing 
  

 8 

 
and if such termination is permitted under the terms of the applicable Contract, or if any Contract cannot be assigned and is therefore terminated at
Closing, Buyer shall pay all termination, cancellation and other costs necessary to effect such termination and give the termination notice, if any, required under such Contract. 
 D. Buyer’s Election Not to Proceed. If, based upon such reviews, examinations or inspections, Buyer determines that it desires to
acquire the Property, Buyer shall notify Seller and the Title Company of such determination in writing prior to the expiration of the Due Diligence Period (the “Acceptance Notice”). If Buyer does not deliver the Acceptance Notice to
Seller and the Title Company, then this Agreement shall be terminated and of no further force or effect, and the parties hereto shall have no further obligations to each other (except for any obligations or liabilities that expressly survive
termination of this Agreement) and the Initial Deposit (less the Independent Consideration and less Buyer’s share of escrow cancellation costs, if any) shall be returned to Buyer at such time as Seller confirms in writing to the Title Company
that it has received any documents, reports, agreements and other materials to be delivered to Seller upon a termination of this Agreement pursuant to the terms hereof. If Buyer delivers the Acceptance Notice to Seller and the Title Company prior to
the expiration of the Due Diligence Period, this Agreement shall continue in full force and effect and thereafter the Initial Deposit shall be nonrefundable to Buyer and shall be applied by the Title Company in accordance with Section 3A. If
the Additional Deposit is not timely delivered, then Seller may terminate this Agreement, in which event the Initial Deposit and all interest thereon shall be immediately and automatically released and delivered by Title Company to Seller, without
the need for further action or instruction by Buyer or Seller (and notwithstanding any contrary instructions issued by Buyer), as liquidated damages in accordance with the terms of Section 3C. Notwithstanding anything to the contrary contained
herein, Buyer’s execution of this Agreement shall be deemed Buyer’s delivery of the Acceptance Notice. 
 E. Financing
Contingency. Buyer shall have until 5:00 p.m. Central Time on February 7, 2006 (the “Financing Contingency Period”) to determinate the availability of financing to Buyer in connection with the acquisition of the
Property. If Buyer reasonably determines that it cannot obtain such financing on terms reasonably satisfactory to Buyer and Buyer notifies Seller and the Title Company of such determination in writing prior to the expiration of the Financing
Contingency Period (the “Financing Termination Notice”), then this Agreement shall be terminated and of no further force or effect, and the parties hereto shall have no further obligations to each other (except for any obligations
or liabilities that expressly survive termination of this Agreement) and the Deposit (less the Independent Consideration and less Buyer’s share of escrow cancellation costs, if any) shall be returned to Buyer at such time as Seller confirms in
writing to the Title Company that it has received any documents, reports, agreements and other materials to be delivered to Seller upon a termination of this Agreement pursuant to the terms hereof. If Buyer does not deliver the Financing Termination
Notice to Seller and the Title Company prior to the expiration of the Financing Contingency Period, this Agreement shall continue in full force and effect and thereafter the Deposit shall be nonrefundable to Buyer and shall be applied by the Title
Company in accordance with Section 3A. 
 6. Closing. The sale and purchase herein provided shall be consummated through
escrow with all deliveries required hereunder being made to the Title Company at least one (1) business day prior to the Closing Date. Notwithstanding anything to the contrary contained in this Agreement, if any of the conditions to Closing set
forth in this Agreement are not satisfied on or 
  

 9 

 
before the Closing Date or if Buyer shall claim that Seller is in default or has otherwise breached its obligations under this Agreement, Seller shall have
the right, at its sole option, to extend the Closing Date for up to five (5) business days in order to attempt to satisfy such conditions or cure such default or breaches. 
 A. Escrow. Other than the Closing Payment, which may be delivered by Buyer to the Title Company on or before 11:00 a.m. Central Time on the
Closing Date, at least one (1) business day prior to the Closing Date, the parties shall deliver to the Title Company the following (the “Closing Documents”): 
 (1) By Seller. Seller shall deliver (a) a duly executed and acknowledged original Deed; (b) four (4) duly executed
counterpart originals of the bill of sale, assignment and assumption covering the Personal Property, the Contracts (subject to the terms of Section 5C(2)), the Tenant Leases and Intangible Property, in the form of Exhibit G (the
“Bill of Sale, Assignment and Assumption”); (c) four (4) duly executed originals of a certificate of Seller respecting the “non-foreign” status of Seller in the form of Exhibit H; (d) duly
executed counterpart originals of a form of notice to each tenant of the Property in the form of Exhibit I (collectively, the “Notice to Tenants”); (e) to the extent Seller or the manager of the Property has in its
possession original counterparts of the Tenant Leases, such original counterparts and guaranties thereof; (f) Seller’s counterpart of the Closing Statement (as hereinafter defined), dated as of the Closing Date and duly executed by Seller,
setting forth, among other things, all payments to and from the closing escrow in connection with the purchase and sale of the Property; (g) transfer tax declarations (“Transfer Declarations”) duly executed by Seller in the
form required by applicable governmental authorities; (h) the Seller’s Title Certificate, if applicable; (i) four (4) originals of the certificate of Seller (the “Seller Closing Certificate”) in the form of
Exhibit J updating the representations and warranties contained in Section 8B to the Closing Date and noting any changes thereto, it being understood that the specifying of such changes shall be deemed to modify the representations and
warranties made on the Effective Date; and (j) evidence reasonably satisfactory to the Title Company that all necessary authorizations of the transaction provided herein have been obtained by Seller, and such other documents and instruments as
may be reasonably requested by the Title Company in order to consummate the transaction contemplated hereby and to issue the Owner’s Policy (provided that the same do not materially decrease Seller’s rights or materially increase
Seller’s obligations hereunder); (k) evidence of termination of Seller’s property management and leasing agreements for the Property; and (l) evidence of termination of Seller’s parking management agreement. 
 (2) By Buyer. Buyer shall deliver (a) the Closing Payment by wire transfer of immediately available federal funds; (b) four
(4) duly executed counterpart originals of the Bill of Sale, Assignment and Assumption; (c) duly executed counterpart originals of the form of Notice to Tenants; (d) a duly executed counterpart of the Closing Statement; (e) duly
executed Transfer Declarations in the form required by applicable governmental authorities; (f) four (4) counterpart originals of the certificate of Buyer (“Buyer Closing Certificate”) in the form of Exhibit K
updating the representations and warranties contained in Section 8C to the Closing Date and noting any material changes thereto and confirming the release and other provisions contained in such Buyer Closing Certificate; and (g) evidence
reasonably satisfactory to the Title Company that all necessary authorizations of the transaction provided herein have been obtained by Buyer, and such other documents and instruments as may be reasonably requested by the Title Company in order to
consummate the transaction contemplated hereby and to issue the Owner’s Policy (provided that the same do not materially decrease Buyer’s rights or materially increase Buyer’s obligations hereunder). 
  

 10 

 B. Conditions to Closing; Delivery to Parties. The conditions to the closing of such escrow
shall be the Title Company’s receipt of funds and documents described in subsection A above and the items to be delivered by third parties all as described in the Escrow Agreement, with such modifications thereto as may be necessary to
reflect any modifications to the transactions hereunder and as may be reasonably agreed to by Buyer and Seller. Upon the satisfaction of the above conditions, then the Title Company shall deliver the items described in subsection A above in
accordance with the Escrow Agreement and take all other actions authorized by the Escrow Agreement. 
 C. Closing Costs. Buyer
shall pay (a) the title insurance premium for the Owner’s Policy and the cost of all endorsements to the Owner’s Policy requested by Buyer; (b)  1/2 of the escrow and closing fees; (c) the sales/use tax imposed on the transfer of the Personal Property; (d) the recording fees for the recording of the Deed;
(e) all recording fees in connection with any new loan obtained by Buyer; (f) all costs of updating the Survey, and (g) all fees, costs or expenses in connection with Buyer’s due diligence reviews hereunder. Seller shall pay
(a)  1/2 of the escrow and closing fees; (b) the real estate excise imposed on the transfer of Land and
Improvements; and (c) the recording fees for the release of any of Seller’s existing monetary liens. Seller and Buyer shall each pay their respective (i) legal fees and expenses (subject to Section 11F of this Agreement),
(ii) share of prorations (as provided below), and (iii) the cost of all of its performances under this Agreement. 
 D. Prorations. 
 (1) Items to be Prorated. The following shall be prorated between Seller and Buyer as
of the Closing Date: 
 (a) Taxes and Assessments. 
 (i) All real estate and personal property taxes and assessments on the Property for the tax year (the “Current Tax Year”) in which the
Closing occurs shall be initially prorated at Closing through the Closing Date based upon the latest available tax information for 2005 (with Seller and Buyer each being responsible for a pro rata share of such taxes and assessments based upon the
number of days in the Current Tax Year occurring before the Closing Date, in the case of Seller, and on and after the Closing Date, in the case of Buyer). If any assessments on the Property are payable in installments, then the installment for the
current period shall be prorated (with Buyer being allocated the obligation to pay any installments due on and after the Closing Date). Upon the Closing Date and subject to the credit given to Buyer as provided herein, Buyer shall be responsible for
real estate and personal property taxes and assessments on the Property payable on and following the Closing Date, including, without limitation, the 2005 calendar year taxes and any other taxes and assessments payable to the governmental
authorities in arrears on and after the Closing Date. 
 (ii) In no event shall Seller be charged with or be responsible for any increase in
the taxes or assessments on the Property resulting from the sale of the Property or from any improvements made or leases entered into at any time or for any reason. With 

  

 11 

 
respect to all periods for which Seller has paid taxes and assessments and for which an appeal has been filed as of the Effective Date, Seller hereby
reserves the right to continue any proceeding or proceedings for the reduction of the assessed valuation of the Property, and, in its sole discretion, to settle the same. Seller shall have sole authority to control the progress of, and to make all
decisions with respect to, such proceedings, provided, however, that such authority shall be limited to the proceedings and shall not extend to decisions or agreements for the period after the Closing Date. All net tax refunds and credits
attributable to any period prior to the Closing Date which Seller has paid or for which Seller has given a credit to Buyer shall belong to and be the property of Seller, provided, however, that any such refunds and credits that are the property of
Tenants under Tenant Leases shall, at Seller’s election, be promptly remitted by Seller directly to such Tenants or to Buyer for the credit of such Tenants. All net tax refunds and credits attributable to any period subsequent to the Closing
Date shall belong to and be the property of Buyer. 
 (b) Rents. All fixed and additional rentals under the Tenant Leases,
refundable security deposits and other tenant charges shall be prorated between Buyer and Seller, Seller being charged and credited for all of the same allocable to the period up to the Closing Date and Buyer being charged and credited for all of
the same allocable to the period from and after the Closing Date. Seller shall deliver or provide a credit in an amount equal to all prepaid rentals for periods from and after the Closing Date and all refundable security deposits listed on
Exhibit M-1 which are not applied or forfeited prior to the Closing Date pursuant to the applicable Tenant Leases to Buyer on the Closing Date. At Closing, Seller shall commence the transfer to Buyer of any security deposits which are held in
the form of letters of credit (the “SD Letters of Credit”) if the same are transferable at Closing; if any of the SD Letters of Credit are not transferable, Seller shall request the tenants obligated under such SD Letters of Credit
to cause new letters of credit to be issued in favor of Buyer in replacement thereof and in the event such existing letter of credit is not transferred or such new letter of credit is not issued in favor of Buyer by Closing, Buyer shall diligently
pursue such transfer or replacement, as applicable, after Closing and, until such transfer or issuance, Seller shall take all reasonable action, as directed by Buyer and at Buyer’s expense, in connection with the presentment of such SD Letters
of Credit for payment as permitted under the terms of the applicable Tenant Lease, and in consideration of Seller’s agreement as aforesaid, Buyer shall indemnify, defend and hold Seller harmless from any liability, damage, loss, cost or expense
arising out of the SD Letters of Credit after the Closing. Such indemnification shall survive the Closing. Rents that are delinquent as of the Closing Date shall not be prorated on the Closing Date. Buyer shall include such delinquencies in its
normal billing and shall diligently pursue the collection thereof in good faith after the Closing Date (but Buyer shall not be required to litigate or declare a default in any Tenant Lease). To the extent Buyer receives rents on or after the Closing
Date, such payments shall be applied first toward the payment of then current rent owed to Buyer in connection with the applicable Tenant Lease for which such payments are received, with Seller’s share thereof being promptly delivered to
Seller, and any excess monies received shall be applied toward any delinquent rents owed to Buyer and then any excess to Seller. Buyer may not waive any delinquent rents nor modify a Tenant Lease so as to reduce or otherwise affect amounts owed
thereunder for any period in which Seller is entitled to receive a share of charges or amounts without first obtaining Seller’s written consent. Buyer shall make commercially reasonable collection efforts with respect to delinquent rents and
any other amounts owed to Seller hereunder (but shall not be required to litigate or declare a default in any Tenant Lease). With respect to delinquent rents and any other amounts or other rights of any kind respecting tenants who are no longer
tenants of the Property as of the Closing Date, Seller shall retain all rights relating thereto. 
  

 12 

 (c) Expense Contributions. Payments by the tenants under the Tenant Leases for utility
costs, operating expenses, insurance costs and other escalation charges (excluding real estate tax payments and deposits) (collectively, “Expense Contributions”) shall be prorated as of the Closing Date by allocating each payment
ratably based on the number of days in the period to which the same apply, and shall be paid upon receipt to Buyer and Seller, as allocable. Buyer and Seller hereby acknowledge and agree that Expense Contributions are billed to, and paid by, tenants
on the basis of estimates of the expenses with respect to which Expense Contributions are payable. If the final reconciliation of utility costs, operating expenses, insurance costs and other escalation charges reveals a discrepancy from the Expense
Contributions made by tenants, as between Buyer and Seller, such discrepancy shall, as promptly as possible after the end of the current calendar year of each of the Tenant Leases, be allocated ratably on a per diem basis based on the period
(before, as to Seller, or from and after, as to Buyer, the Closing Date) to which it applies. If either party shall have collected more than its share of such rents and charges as allocated pursuant to this Section 6D(1)(c), such party shall
pay over to the other the amount of such excess as promptly as possible after such sums have been ascertained and paid. Notwithstanding the foregoing, as soon as reasonably practicable after each of the calendar year 2005 and the calendar year 2006,
Buyer shall deliver an accounting and substantiation reasonably acceptable to Seller covering all prorations under this Section 6D(1)(c), including any year-end or similar reconciliations of Expense Contributions. 
 (d) Operating Expenses; Utilities. All amounts payable under any Contracts (to the extent assumed by Buyer and subject to the terms of
Section 5C(2)); assignable 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 shall be prorated between Buyer and Seller, Seller being charged
and credited for all of the same allocable to the period up to the Closing Date and Buyer being charged and credited for all of the same allocable to the period from and after the Closing Date. 
 (e) Capital Expenses, Leasing Costs & Tenant Improvement Allowances. Buyer shall receive a credit at Closing from Seller for only
those capital expenses, tenant improvement allowances, leasing commissions and other leasing cost obligations set forth on Schedule 1 attached hereto (the “Current Leasing Costs”), unless, and to the extent, the same are paid
by Seller on or prior to Closing (Buyer being obligated to pay the same when due [and any other item for which Buyer receives a credit and which is payable after Closing]). Buyer shall be responsible for all of the tenant improvement costs, leasing
commissions and other leasing costs at the Property, including, without limitation, in connection with new Tenant Leases which are permitted hereunder and any renewals, extensions and expansions of Tenant Leases. 
 (2) Calculation; Reproration. The prorations and payments shall be made on the basis of a written statement submitted to Buyer and Seller
by Title Company (based on information provided to Title Company by Buyer and Seller) at least two (2) business days prior to the Closing and approved by Buyer and Seller. Any item which cannot be finally prorated because of the unavailability
of information shall be tentatively prorated on the basis of the best data then available and adjusted when the information is available in accordance with this subsection. The estimated closing statement as described in §1.6045-4(e)(3)(ii) of
the U.S. Treasury Regulations (the “Regulations”), prepared by Title Company and adjusted as aforesaid and approved in writing by the parties (which approval shall not be withheld if prepared in accordance with this Agreement) shall
be 
  

 13 

 
referred to herein as the “Closing Statement”. If the prorations and credits made under the Closing Statement shall prove to be incorrect or
incomplete for any reason, then either party shall be entitled to an adjustment to correct the same; provided, however, that any adjustment shall be made, if at all, within sixty (60) days after the Closing Date (except with respect to real
estate taxes and assessments and Expense Contributions, in which case such adjustment shall be made within ninety (90) days after the information necessary to perform such adjustment is available), and if a party fails to request an adjustment
to the Closing Statement by a written notice delivered to the other party within the applicable period set forth above (such notice to specify in reasonable detail the items within the Closing Statement that such party desires to adjust and the
reasons for such adjustment), then the prorations and credits set forth in the Closing Statement shall be binding and conclusive against such party. 
 (3) Items Not Prorated. Seller and Buyer agree that (a) none of the insurance policies relating to the Property will be assigned to Buyer and Buyer shall be responsible for arranging for its own
insurance as of the Closing Date; and (b) utilities, including telephone, electricity, water and gas, shall be read on the Closing Date and Buyer shall be responsible for all the necessary actions needed to arrange for utilities to be
transferred to the name of Buyer on the Closing Date, including the posting of any required deposits (it being understood, however, that Seller shall be entitled to a credit at the Closing in the amount of any utility deposits which it or its
predecessors have made prior to the Closing Date, to the extent the same are transferred to Buyer, and Seller shall be entitled to recover and retain from the providers of such utilities any refunds or overpayments to the extent applicable to the
period prior to the Closing Date, and any utility deposits for which it does not receive a credit hereunder). Accordingly, there will be no prorations for insurance or utilities (except to the extent provided above for utility deposits).
Notwithstanding the foregoing, in the event a meter reading is unavailable for any particular utility, such utility shall be prorated in the manner provided in Section 6D(1)(d) above. 
 (4) Indemnification. Buyer shall indemnify, protect, defend and hold Seller harmless from and against any Claim in any way arising from
the matters for which Buyer receives a credit or otherwise assumes responsibility pursuant to this Section 6D . 
 (5)
Survival. This Section 6D shall survive the Closing Date. 
 E. Allocation of Purchase Price. On
or prior to the Closing Date, Seller and Buyer shall reasonably agree upon the allocation of the Purchase Price between (i) Land and Improvements and (ii) Personal Property, and such allocation shall be reflected in the applicable Transfer
Declarations. 
 F. Audit; Regulatory Requirements. Seller agrees to provide Buyer’s auditors (or the auditors of
Buyer’s parent company) with reasonable access to Seller’s books and records relating solely to the Property as reasonably required to complete any SEC Regulation S-X Section 3-14 Audit. Buyer shall reimburse Seller any out-of-pocket
costs incurred by Seller in connection with its obligations under this provision. The obligation of Seller to provide such access shall survive the Closing for the ninety day period following the Closing Date. 
 7. Destruction/Condemnation of Property. In the event that all or any portion of the Land or Improvements is damaged or destroyed by any
casualty which would cost in excess of Five 
  

 14 

 
Million Dollars ($5,000,000) to repair as determined by a contractor mutually acceptable to Seller and Buyer in their reasonable discretion, or there is a
taking or condemnation of all or any portion of the Land or Improvements under the provisions of eminent domain law after the Effective Date but prior to the Closing Date that would materially interfere with the present use of such property as
determined by Seller in its reasonable discretion (a “Casualty/Condemnation Event”), Seller shall give Buyer prompt written notice of the same (“Casualty/Condemnation Notice”), but Seller shall have no obligation to
repair or replace any damage or destruction caused by the foregoing. In such event, Buyer shall have the right to terminate this Agreement by written notice thereof delivered to Seller within ten (10) days after Buyer has received notice from
Seller of the Casualty/Condemnation Event. If Buyer does not so timely elect to terminate this Agreement or the Casualty/Condemnation Event does not in fact meet or exceed the thresholds described above, Seller shall have no obligation to repair the
Land or Improvements or portion thereof so damaged, the Closing shall take place as provided herein, and Seller shall, upon consummation of the transaction herein provided, assign to Buyer all claims of Seller under or pursuant to any casualty
insurance coverage, or under the provisions of eminent domain law, as applicable, and all proceeds from any such casualty insurance (including all rent loss insurance applicable to any period after the Closing) or condemnation awards received by
Seller on account of any such casualty or condemnation, as the case may be (to the extent the same have not been applied by Seller prior to the Closing Date to repair the resulting damage), and there shall be no reduction of the Purchase Price
(except that in connection with a casualty covered by insurance, Buyer shall be credited with the lesser of the remaining cost to repair the damage or destruction caused by such casualty or the amount of the deductible under Seller’s casualty
insurance policy [except to the extent such deductible was expended by Seller to repair the resulting damage]). If Buyer does so elect to terminate this Agreement, then the Agreement shall be terminated and neither party shall have any rights or
obligations hereunder except that Buyer shall receive a return of the Deposit and the obligations expressly stated to survive shall survive such termination. Notwithstanding anything to the contrary stated in this Section 7, in the event the
deductible under Seller’s casualty policy in and/or any uninsured loss on account of such casualty shall exceed in the aggregate One Hundred Thousand Dollars ($100,000.00), then Seller may, at its option, elect to terminate this Agreement by
written notice to Buyer, given within five (5) business days after the delivery of the Casualty/Condemnation Notice (and if the Closing Date falls within such five (5) business day period, the Closing Date shall be extended until the day
after the expiration of such five (5) business day period), in which case Buyer may elect within five (5) business days of receipt of such notice from Seller to close the transaction without reduction of the Purchase Price in excess of One
Hundred Thousand Dollars ($100,000) or terminate this Agreement, in which case the Deposit shall be returned to Buyer, and this Agreement shall terminate and be of no further force and effect except for the provisions hereof which survive the
termination of this Agreement expressly as set forth herein. If the Closing Date falls within such five (5) business day period, the Closing Date shall be extended until the day after the expiration of such five (5) business day period.

 8. Representations and Warranties; Certain Covenants. 
 A. General Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN THE DOCUMENTS DELIVERED BY SELLER TO BUYER AT CLOSING, THE
SALE AND TRANSFER OF THE PROPERTY HEREUNDER IS AND WILL BE MADE ON AN “AS IS” BASIS, WITHOUT REPRESENTATIONS AND WARRANTIES OF ANY KIND OR NATURE, EXPRESS, IMPLIED OR OTHERWISE, 
  

 15 

 
INCLUDING ANY REPRESENTATION OR WARRANTY CONCERNING TITLE TO THE PROPERTY, THE PHYSICAL CONDITION OF THE PROPERTY (INCLUDING THE CONDITION OF THE SOIL OR
THE IMPROVEMENTS), THE ENVIRONMENTAL CONDITION OF THE PROPERTY (INCLUDING THE PRESENCE OR ABSENCE OF HAZARDOUS SUBSTANCES ON OR RESPECTING THE PROPERTY), THE COMPLIANCE OF THE PROPERTY WITH APPLICABLE LAWS, ENCUMBRANCES AND REGULATIONS (INCLUDING
ZONING, SIGNAGE, PARKING AND BUILDING CODES OR THE STATUS OF DEVELOPMENT, SIGNAGE AND USE RIGHTS RESPECTING THE PROPERTY), THE FINANCIAL CONDITION OF THE PROPERTY OR ANY OTHER REPRESENTATION OR WARRANTY RESPECTING ANY INCOME, EXPENSES, CHARGES,
LIENS OR ENCUMBRANCES, RIGHTS OR CLAIMS ON, AFFECTING OR PERTAINING TO THE PROPERTY OR ANY PART THEREOF. BUYER ACKNOWLEDGES THAT BUYER HAS (OR WILL HAVE PRIOR TO THE EXPIRATION OF THE DUE DILIGENCE PERIOD) EXAMINED, REVIEWED AND INSPECTED ALL
MATTERS WHICH IN BUYER’S JUDGMENT BEAR UPON THE PROPERTY AND ITS VALUE AND SUITABILITY FOR BUYER’S PURPOSES. EXCEPT AS TO MATTERS EXPRESSLY SET FORTH IN THIS AGREEMENT, BUYER WILL ACQUIRE THE PROPERTY SOLELY ON THE BASIS OF ITS OWN
PHYSICAL AND FINANCIAL EXAMINATIONS, REVIEWS AND INSPECTIONS AND THE TITLE INSURANCE PROTECTION AFFORDED BY THE OWNER’S POLICY. 
  

							
		 	 /s/ DJW
	  	 /s/ PHS
	  	
		 	Seller’s Initials	  	Buyer’s Initials	  	

 B. Representations and Warranties of Seller. Seller hereby represents and warrants
to Buyer as of the date of this Agreement, except as set forth in Exhibit L, as follows (for purposes of this Agreement, “Seller’s knowledge” (or any similar phrase) meaning the present actual knowledge, without taking
into account any constructive or imputed knowledge, of Douglas J. Welker, but such individual shall not have any liability in connection herewith, except that Seller shall cause the representations and warranties to be reviewed by its property
manager: 
 (1) Authority. Seller is a limited liability company, duly formed and validly existing and in good standing under
the laws of the State of Delaware. Seller has all requisite limited liability company power and authority to execute and deliver, and to perform all of its obligations under, this Agreement. 
 (2) Due Execution. The execution, delivery and performance of this Agreement has been duly authorized by all necessary action on the part
of Seller and does not and will not (a) require any consent or approval that has not been obtained, or (b) violate any provision of Seller’s organizational documents or any other documents to which it is a party. 
 (3) Enforceability. This Agreement constitutes a legal, valid and binding obligation of Seller enforceable against Seller in accordance
with its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights and general equitable principles. 

 

 16 

 (4) No Bankruptcy or Dissolution. No “Bankruptcy/Dissolution Event” (as
hereinafter defined) has occurred with respect to Seller. As used herein, a “Bankruptcy/Dissolution Event” means any of the following: (a) the commencement of a case under Title 11 of the United States Bankruptcy Code, as now
constituted or hereafter amended, or under any other applicable bankruptcy law or other similar law; (b) the appointment of a trustee or receiver of any substantial property interest; (c) an assignment for the benefit of creditors;
(d) an attachment, execution or other judicial seizure of a substantial property interest; (e) the taking of, failure to take, or submission to any action indicating an inability to meet its financial obligations as they accrue; or
(f) a dissolution or liquidation, death or incapacity. 
 (5) Tenant Leases. Except for any other leases which may be
executed pursuant to the provisions of this Agreement or may otherwise be approved in writing by Buyer, the Tenant Leases described in Exhibit M attached hereto constitute all of the leases and/or occupancy agreements currently in effect with
respect to the Property. Furthermore, attached as Exhibit M-1 is a list of security deposits currently held by Seller. Seller has delivered a true, correct and complete copy of each of the Tenant Leases to Buyer. 
 (6) Litigation. Except as may be set forth in Exhibit N, there is no action, litigation, condemnation or other proceeding not
covered by insurance currently filed against the Property and against Seller which has been served on Seller. 
 (7)
Compliance. Except as may be set forth in Exhibit O, to Seller’s knowledge, Seller has received no written notice from any governmental authority having jurisdiction over the Property to the effect that the Property is
currently not in compliance with applicable laws and ordinances. 
 (8) Contracts. The Contracts listed on
Exhibit C constitute all of the service contracts and equipment leases that are presently in effect with respect to the Property (other than Seller’s property management and leasing agreements for the Property and Seller’s
parking management agreement for the Property, all of which shall be terminated at Closing). 
 (9) Defaults. Except as may be
set forth in Exhibit P, Seller has neither given to, nor to Seller’s knowledge received from, a party to any Tenant Lease or Contract written notice that any material default currently exists under such Tenant Lease or Contract or
asserting any defense, or right of set-off, under such Tenant Lease or Contract. Seller shall be released of any liability with respect to the representation contained in this Section 8B(9) as to a particular Tenant Lease or Contract upon the
delivery to Buyer from the tenant under such Tenant Lease or the party (other than Seller) under such Contract of an estoppel certificate (but only to the extent such estoppel certificate is consistent with Seller’s representation), provided
that Seller is under no obligation to deliver such estoppel certificate. 
 (10) Environmental Matters. Except as set forth in
the reports described in Exhibit Q (the “Environmental Reports”) or as otherwise disclosed to Buyer during the Due Diligence Period, to Seller’s knowledge, there has been no release of any “Hazardous Substance”
at or upon the Property, in an amount which would, as of the date hereof, give rise to an “Environmental Compliance Cost”. The term “Hazardous Substance” shall mean asbestos, petroleum products, and any other hazardous
waste or substance which has, as of the date hereof, 
  

 17 

 
been determined to be hazardous or a pollutant by the U.S. Environmental Protection Agency, the U.S. Department of Transportation, or any instrumentality
authorized to regulate substances in the environment which has jurisdiction over the Property (“Environmental Agency”) which substance causes the Property (or any part thereof) to be in material violation of any applicable
environmental laws; provided, however, that the term “Hazardous Substance” shall not include (x) motor oil and gasoline contained in or discharged from vehicles not used primarily for the transport of motor oil or gasoline, or
(y) materials which are stored or used in the ordinary course of a tenant’s occupancy at (or Seller’s or Seller’s managing agents’ operation of) the Property. The term “Environmental Compliance Cost” means
any material out-of-pocket cost, fine, penalty, fee or expense incurred directly to satisfy any requirement imposed by an Environmental Agency to bring the Property into compliance with applicable federal, state and local laws and regulations
directly relating to the existence on the Property of any Hazardous Substance. 
 (11) Lease Obligations. Other than Current
Leasing Costs, (i) based solely on the tenant estoppel certificates delivered to Seller in connection with its acquisition of the Property, there are no outstanding obligations under the Tenant Leases for unpaid tenant improvement allowances,
other than in connection with renewals, extensions or expansions under the Tenant Leases or any new Tenant Lease permitted under this Agreement, and (ii) there are no outstanding leasing commissions pursuant to agreements entered into by Seller
with respect to any of the Tenant Leases. 
 (12) Condemnation. Seller has received no written notice from any governmental
authority having jurisdiction over the Land and Improvements that they are presently the subject of any condemnation or similar proceeding. 
 (13) No Employees. Seller does not have and as of Closing will not have, any employees or any employment agreements in connection with its operation of the Property. 
 (14) Books and Records; Financial Information. To Seller’s knowledge, the income and expense statements of the Property heretofore
maintained by Seller and furnished or made available to Buyer by Seller were prepared from financial books and records maintained in the ordinary course of the operation of the Property. Seller has not received any financial statements for the same
periods that reflect materially different financial results from the information in such statements. 
 (15) Parking. Seller
has not entered into nor is Seller or, to Seller’s knowledge after a review of the “Met Park East/West Tenant Leases” (as hereafter defined), the Property bound by any agreement with any named tenant under any existing lease at
Metropolitan Park East, 1730 Minor Avenue, Seattle, Washington (“Met Park East”) or Metropolitan Park West, 1701 Minor Avenue, Seattle Washington (“Met Park West”) (such leases hereinafter collectively called the
“Met Park East/West Tenant Leases”) which obligates Seller, as the owner of the Property, to make available to such tenants parking spaces at the “Parking Garage” (as defined in the Parking Easement). However,
notwithstanding the foregoing, Buyer hereby acknowledges that Buyer, as owner of the Property, shall have certain obligations to provide parking spaces (some at below-market rates) to tenants of Met Park East and Met Park West pursuant to that
certain Parking Easement Agreement (which does bind the Property), dated as of October 20, 2005, by and among Seller, Met Park West IV, L.L.C., a Delaware limited liability company, and Met Park East IV, 
  

 18 

 
L.L.C., a Delaware limited liability company, recorded in the Official Records of King County, Seattle on October 20, 2005 under recording number
20051020001631 (the “Parking Easement”) and the Covenant of Record described in Section 8F(2) hereof (which does bind the Property). Buyer agrees to comply with the provisions and requirements of the Parking Easement and the
Covenant of Record. The foregoing covenant shall survive the Closing. 
 (16) OFAC. 
 (a) Seller, and to Seller’s knowledge, all beneficial owners of Seller, are in compliance with all laws, statutes, rules and regulations of any
federal, state or local governmental authority in the United States of America applicable to such Persons (as hereinafter defined), including, the requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the
“Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Asset Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders in
respect thereof (the Order and such other rules, regulations, legislation, or orders are collectively called the “Orders”). For purposes of this subsection, “Person” shall mean any corporation, partnership, limited
liability company, joint venture, individual, trust, real estate investment trust, banking association, federal or state savings and loan institution and any other legal entity, whether or not a party hereto. 
 (b) Neither Seller nor, to the knowledge of Seller, any of the beneficial owners of Seller: 
 (i) is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other list of
terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the “Lists”); 
 (ii) has been arrested for money laundering or for predicate crimes to money laundering, convicted or pled nolo contendere to charges involving money
laundering or predicate crimes to money laundering; 
 (iii) has been determined by competent authority to be subject to the prohibitions
contained in the Orders; 
 (iv) is owned or controlled by, nor acts for or on behalf of, any Person on the Lists or any other Person who
has been determined by competent authority to be subject to the prohibitions contained in the Orders; 
 (v) shall transfer or permit the
transfer of any interest in Seller or such parties to any Person who is, or whose beneficial owners are, listed on the Lists; or 
 (vi)
shall assign this Agreement or any interest herein, to any Person who is listed on the Lists or who is engaged in illegal activities. 
 C. Representations and Warranties of Buyer. Buyer hereby represents and warrants the following to Seller (all of the representations and warranties contained in subsection 8C surviving indefinitely): 
 (1) Authority. Buyer is a limited liability company duly organized and validly existing and in good standing under the laws of the State of
Delaware Buyer has all requisite power and authority to execute and deliver, and to perform all its obligations under this Agreement. 
  

 19 

 (2) Due Execution. The execution, delivery and performance of this Agreement has been duly
authorized by all necessary action on the part of Buyer and does not and will not (a) require any consent or approval that has not been obtained or (b) violate any provision of Buyer’s organizational documents. 
 (3) Enforceability. This Agreement constitutes a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with
its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights and general equitable principles. 
 (4) No Bankruptcy/Dissolution Event. No Bankruptcy/Dissolution Event has occurred with respect to Buyer, or if Buyer is a partnership, any
of the general partners in Buyer. Buyer has sufficient capital or net worth to meet its obligations, including payment of the Purchase Price, under this Agreement. 
 (5) ERISA. Neither (i) any assets of Buyer, nor (ii) any funds to be used by Buyer with respect to the transactions contemplated pursuant to this Agreement, are or at Closing will be pursuant
to ERISA or the Code considered for any purpose of ERISA or Section 4975 of the Code to be assets of a Plan. Buyer is not executing this Agreement and will not be performing its obligations or exercising its rights or remedies under the
Agreement on behalf of or for the benefit of any Plan. Neither the execution or delivery of this Agreement by Buyer, nor the performance by Buyer of its obligations or the exercise of its rights or remedies under this Agreement, nor any transaction
contemplated under this Agreement, is or will be a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Code. For the purposes hereof the following terms shall have the following meanings:
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended (and any successor statute and any applicable regulations or guidance promulgated thereunder); and “Plan” shall mean a
“plan” as that term is defined in Section 3(3) of ERISA or Section 4975 of the Code. 
 (6) OFAC.

 (a) Buyer, and to Buyer’s knowledge, all beneficial owners of Buyer, are in compliance with all laws, statutes, rules and regulations
of any federal, state or local governmental authority in the United States of America applicable to such Persons (as hereinafter defined), including, the requirements of the Order and other similar requirements contained in the rules and regulations
of the OFAC and in any enabling legislation or other Executive Orders in respect thereof. For purposes of this subsection, “Person” shall mean any corporation, partnership, limited liability company, joint venture, individual,
trust, real estate investment trust, banking association, federal or state savings and loan institution and any other legal entity, whether or not a party hereto. 
 (b) Neither Buyer nor, to the knowledge of Buyer, any of the beneficial owners of Buyer: 
 (i) is listed on
the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other Lists; 
  

 20 

 (ii) has been arrested for money laundering or for predicate crimes to money laundering, convicted or
pled nolo contendere to charges involving money laundering or predicate crimes to money laundering; 
 (iii) has been determined by
competent authority to be subject to the prohibitions contained in the Orders; 
 (iv) is owned or controlled by, nor acts for or on behalf
of, any Person on the Lists or any other Person who has been determined by competent authority to be subject to the prohibitions contained in the Orders; 
 (v) shall transfer or permit the transfer of any interest in Buyer or such parties to any Person who is, or whose beneficial owners are, listed on the Lists; or 
 (vi) shall assign this Agreement or any interest herein, to any Person who is listed on the Lists or who is engaged in illegal activities. 

If Buyer or any beneficial owner of Buyer become listed on the Lists or are indicted, arraigned, or custodially detained on charges involving money laundering or
predicate crimes to money laundering, Buyer shall immediately notify Seller. Buyer shall have ten (10) business days to remove such party from any interest in Buyer or Seller may terminate this Agreement upon written notice to Buyer, whereupon
the Deposit shall be returned to Buyer and neither party shall have any further obligation hereunder except for those obligations which expressly survive a termination of this Agreement. 
 D. Survival. Any cause of action with respect to a breach of the representations and warranties set forth in Subsections
8B(5) through 8B(15), inclusive, shall survive for a period of twelve (12) months from the Closing Date, at which time such representations and warranties (and any cause of action resulting from a breach thereof not then the subject of a
written claim by Buyer) shall terminate. Notwithstanding the foregoing, Seller shall have no liability, and Buyer shall make no claim against Seller, for (and Buyer shall be deemed to have waived any failure of a condition hereunder by reason of) a
breach of any representation or warranty, covenant or other obligation of Seller under this Agreement or any document executed by Seller in connection with this Agreement (a) if the breach in question constitutes or results from a condition,
state of facts or other matter that was known to Buyer, prior to the end of the Due Diligence Period, (b) if the breach in question constitutes or results from a condition, state of facts or other matter that was known to Buyer and Buyer
proceeds with the Closing, or (c) to the extent, in the case of a representation and warranty of Seller, the same is confirmed by the Tenant Estoppel Certificate (as hereinafter defined) with respect to the applicable Tenant Lease. The
representations and warranties set forth in Subsections 8B(1) through 8B(4), inclusive, and Subsection 8C shall survive indefinitely. 
 E. Certain Limitations. Notwithstanding anything to the contrary in this Agreement and without limitation upon the limitations elsewhere in this Agreement, Seller shall have no liability (and Buyer shall make no claim
against Seller) for a breach of any representation or warranty or any other obligation of Seller under this Agreement or any document executed by Seller 
  

 21 

 
in connection with this Agreement unless (a) the valid claims for all such breaches collectively aggregate to more than Fifty Thousand Dollars
($50,000), and (b) the liability of Seller under this Agreement and such documents does not exceed, in the aggregate, the amount of One Million Dollars ($1,000,000) (the “Cap”) (it being understood that, notwithstanding
anything to the contrary in this Agreement or any other document, Seller’s liability under this Agreement and the documents executed by Seller in connection herewith shall in no event exceed, in the aggregate, the amount of the Cap). In no
event shall Seller be liable for any consequential or punitive damages. Seller agrees to make adequate provision so that it may meet its obligations hereunder. 
 F. Certain Interim Covenants of Seller. Until the Closing Date or the sooner termination of this Agreement, except as otherwise expressly provided below: 
 (1) Property Maintenance. Seller shall use commercially reasonable efforts to maintain the Property in the same manner as prior hereto
pursuant to its normal course of business (such maintenance obligation not including extraordinary capital expenditures or expenditures not incurred in such normal course of business), subject to reasonable wear and tear and further subject to
destruction by casualty or eminent domain or other events beyond the control of Seller, including changes in laws, rules, ordinances and regulations. 
 (2) Contracts and Agreements. After the successful conclusion of the Due Diligence Period, Seller shall not enter into any additional service contracts or other similar agreements affecting the Property
that will be binding on Buyer after the Due Diligence Period without the prior consent of Buyer (not to be unreasonably withheld, conditioned or delayed); provided, however, that Seller may, without the consent of Buyer, enter into service contracts
and agreements which are cancelable on thirty (30) days’ notice without penalty. Buyer’s failure to approve or disapprove such service contracts within three (3) business days after Buyer’s receipt of Seller’s written
request for such approval shall be deemed approval of the same. Prior to the expiration of the Due Diligence Period, Seller shall provide Buyer with a copy of any new contract or agreement entered into by Seller during the Due Diligence Period.
Notwithstanding the foregoing, Buyer acknowledges and agrees that Seller may, on or prior to the Closing Date, enter into and record a covenant of record (the “Covenant of Record”) which shall reflect: (i) Seller’s
acknowledgement and agreement that certain tenants of Met Park East and Met Park West are parking, and may continue to park, at the Property at below-market rates in an amount and for the period of time set forth on Exhibit R, and
(ii) Seller’s agreement to permit tenants of Met Park East and Met Park West to use parking spaces at the Property in excess of the 418 parking spaces provided for under the Parking Easement at market rates and on an as-available basis,
subject to termination upon thirty (30) days’ written notice effective at the end of the month in which such 30-day period shall expire. 
 (3) Tenant Leases. 
 (a) Seller shall continue to offer the Property for lease in the same manner as prior hereto
pursuant to its normal course of business and shall keep Buyer reasonably informed as to the status of leasing prior to the Closing Date. In the event that Seller enters into any new Tenant Leases or modifications of existing Tenant Leases prior to
the expiration of the Due Diligence Period in the normal course of business, Seller shall provide Buyer with written notice thereof together with a copy of the new Tenant Lease or amendment of an existing Tenant Lease, as the case may be.

  

 22 

 (b) If this Agreement is in effect after the expiration of the Due Diligence Period, Seller shall not
enter into any new Tenant Leases or material modifications of existing Tenant Leases thereafter without the consent of Buyer (which consent will not be unreasonably withheld, conditioned or delayed). Buyer’s failure to approve or disapprove
such Tenant Leases within three (3) business days after Buyer’s receipt of Seller’s written request for such approval shall be deemed approval of the same. In no event shall Seller have any obligation to enter into any new Tenant
Lease or modify any existing Tenant Lease. 
 (4) If this Agreement is in effect after the expiration of the Due Diligence Period,
Seller will not cause any Unpermitted Exception to be recorded against the Property. 
 (5) Seller agrees to cause the owners of Met
Park East and Met Park West to enter into an agreement with Buyer concurrently with Closing whereby such owners shall agree only with respect to new leases at Met Park East and Met Park West entered into after the Closing Date, to give Buyer
forty-five (45) days’ notice before Buyer is required to provide usage of the parking spaces at the Property that Buyer shall be required to provide pursuant to the Parking Easement. Seller covenants to cause the owners of Met Park East
and Met Park West to use commercially reasonable efforts to obtain the consent of record of their respective lenders to the foregoing provision. In the event that such lenders shall not execute such consent, Seller shall cause the owners of Met Park
East and Met Park West to place such covenant of record prior to selling Met Park East and Met Park West, as applicable. The foregoing covenant shall survive the Closing. 
 9. DISCLAIMER, RELEASE AND ASSUMPTION. AS AN ESSENTIAL INDUCEMENT TO SELLER TO ENTER INTO THIS AGREEMENT, AND AS PART OF THE DETERMINATION OF THE PURCHASE PRICE, BUYER ACKNOWLEDGES, UNDERSTANDS AND AGREES AS
OF THE DATE HEREOF AND AS OF THE CLOSING DATE AS FOLLOWS: 
 A. DISCLAIMER. 
 (1) AS-IS, WHERE IS. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT OR IN THE DOCUMENTS DELIVERED BY SELLER TO BUYER AT CLOSING, THE
SALE OF THE PROPERTY HEREUNDER IS AND WILL BE MADE ON AN “AS IS, WHERE IS” BASIS. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT OR IN THE DOCUMENTS DELIVERED BY SELLER AT CLOSING, SELLER HAS NOT MADE, DOES NOT MAKE AND
SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES 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 PROPERTY OR ANY
OTHER MATTER WHATSOEVER, 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, 
  

 23 

 
SIGNAGE, LANDSCAPING, PARKING FACILITIES AND THE ELECTRICAL, MECHANICAL, HVAC, PLUMBING, SEWAGE, AND UTILITY SYSTEMS, FACILITIES AND APPLIANCES, THE
SQUARE FOOTAGE WITHIN THE IMPROVEMENTS ON THE PROPERTY AND THE IMPROVEMENTS 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 AND OTHER LEGAL STATUS OF THE PROPERTY, THE IMPROVEMENTS AND 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” (AS
HEREINAFTER DEFINED) ON, UNDER OR ABOUT THE PROPERTY OR THE ADJOINING OR NEIGHBORING PROPERTY, (viii) THE QUALITY OF ANY LABOR AND MATERIALS USED IN ANY IMPROVEMENTS ON THE PROPERTY, (ix) THE CONDITION OF TITLE TO THE PROPERTY,
(x) THE LEASES, CONTRACTS, OR OTHER AGREEMENTS AFFECTING THE PROPERTY AND THE IMPROVEMENTS, AND (xi) ECONOMICS OF THE OPERATION OF THE PROPERTY AND THE IMPROVEMENTS OR THE FINANCIAL CONDITION OF ANY TENANT OF THE PROPERTY. 

(2) SOPHISTICATION OF BUYER. BUYER ACKNOWLEDGES AND AGREES THAT IT IS A SOPHISTICATED BUYER WHO IS FAMILIAR WITH THE OWNERSHIP AND
OPERATION OF REAL ESTATE PROJECTS SIMILAR TO THE PROPERTY, AND THAT BUYER HAS BEEN GIVEN OR WILL BE GIVEN BEFORE THE END OF THE DUE DILIGENCE PERIOD, A FULL OPPORTUNITY TO INSPECT AND INVESTIGATE EACH AND EVERY ASPECT OF THE PROPERTY AND ANY AND ALL
MATTERS RELATING THERETO, EITHER INDEPENDENTLY OR THROUGH AGENTS OF BUYER’S CHOOSING, INCLUDING, WITHOUT LIMITATION: 
 (a)
ALL MATTERS RELATING TO TITLE, TOGETHER WITH ALL GOVERNMENTAL AND OTHER LEGAL REQUIREMENTS SUCH AS TAXES, ASSESSMENTS, ZONING, USE PERMIT REQUIREMENTS AND BUILDING CODES. 
 (b) THE PHYSICAL CONDITION AND ASPECTS OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE INTERIOR, THE EXTERIOR, THE SQUARE FOOTAGE WITHIN THE
IMPROVEMENTS AND WITHIN EACH TENANT SPACE THEREIN, THE STRUCTURE, SEISMIC ASPECTS OF THE PROPERTY, THE PAVING, THE UTILITIES, AND ALL OTHER PHYSICAL AND FUNCTIONAL ASPECTS OF THE PROPERTY. SUCH EXAMINATION OF THE PHYSICAL CONDITION OF THE PROPERTY
SHALL INCLUDE AN EXAMINATION 

  

 24 

 
FOR THE PRESENCE OR ABSENCE OF HAZARDOUS MATERIALS, WHICH SHALL BE PERFORMED OR ARRANGED BY BUYER AT BUYER’S SOLE EXPENSE. FOR PURPOSES OF THIS
AGREEMENT, “HAZARDOUS MATERIALS” SHALL MEAN MOLD, FUNGI, BACTERIA AND/OR BIOLOGICAL GROWTH OR BIOLOGICAL GROWTH FACTORS, INFLAMMABLE EXPLOSIVES, RADIOACTIVE MATERIALS, ASBESTOS, POLYCHLORINATED BIPHENYLS, LEAD, LEAD-BASED PAINT, 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.), AND ANY OTHER APPLICABLE FEDERAL, STATE OR LOCAL LAWS. 
 (c) ANY EASEMENTS, PARKING, USAGE AND/OR SIGNAGE OR ACCESS RIGHTS AFFECTING THE PROPERTY. 
 (d) THE TENANT LEASES AND ALL MATTERS IN CONNECTION THEREWITH, INCLUDING, WITHOUT LIMITATION, THE ABILITY OF THE TENANTS TO PAY THE RENT AND THE
ECONOMIC VIABILITY OF THE TENANTS. 
 (e) ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THE CONTRACTS AND ANY OTHER DOCUMENTS
OR AGREEMENTS OF SIGNIFICANCE AFFECTING THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY RECIPROCAL EASEMENT AGREEMENTS OR ANY OPERATING AGREEMENTS AFFECTING THE PROPERTY. 
 (f) ALL FINANCIAL EXAMINATIONS AND OTHER MATTERS OF SIGNIFICANCE AFFECTING THE PROPERTY, THE TENANTS OF THE PROPERTY, OR OTHERWISE RELATING TO THE
ACQUISITION BY BUYER OF THE PROPERTY. 
 BUYER WILL ACQUIRE THE PROPERTY SOLELY ON THE BASIS OF AND IN RELIANCE UPON SUCH EXAMINATIONS AND THE TITLE
INSURANCE PROTECTION AFFORDED BY THE OWNER’S POLICY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER (OTHER THAN IN THE REPRESENTATIONS AND WARRANTIES OF SELLER EXPRESSLY PROVIDED IN THIS AGREEMENT). 
 (3) PASSIVE OWNER. SELLER HAS DELEGATED THE DAY-TO-DAY MANAGEMENT AND OPERATION OF THE PROPERTY TO A THIRD PARTY MANAGER OF THE PROPERTY.

  

 25 

 (4) DUE DILIGENCE MATERIALS. ANY INFORMATION PROVIDED OR TO BE PROVIDED WITH RESPECT TO THE
PROPERTY IS SOLELY FOR BUYER’S CONVENIENCE AND WAS OR WILL BE OBTAINED FROM A VARIETY OF SOURCES AND SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION AND, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS
AGREEMENT OR IN THE DOCUMENTS DELIVERED BY SELLER TO BUYER AT CLOSING, MAKES NO REPRESENTATIONS AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. EXCEPT FOR A BREACH OF A REPRESENTATION EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN THE DOCUMENTS
DELIVERED BY SELLER TO BUYER AT CLOSING, SELLER SHALL NOT BE LIABLE FOR ANY NEGLIGENT MISREPRESENTATION OR ANY FAILURE TO INVESTIGATE THE PROPERTY NOR SHALL SELLER BE BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS,
APPRAISALS, ENVIRONMENTAL ASSESSMENT REPORTS, OR OTHER INFORMATION PERTAINING TO THE PROPERTY OR THE OPERATION THEREOF, FURNISHED BY SELLER OR BY ANY MANAGER, REAL ESTATE BROKER, AGENT, REPRESENTATIVE, AFFILIATE, EMPLOYEE, SERVANT, CONSTITUENT
PARTNER OF SELLER, AFFILIATE OF SELLER, OR OTHER PERSON OR ENTITY ACTING ON SELLER’S BEHALF (COLLECTIVELY, “SELLER RELATED PARTIES”). 
 (5) CONSPICUOUS DISCLAIMERS. TO THE EXTENT REQUIRED TO BE OPERATIVE, THE DISCLAIMERS OF WARRANTIES CONTAINED HEREIN ARE “CONSPICUOUS” DISCLAIMERS FOR PURPOSES OF ANY APPLICABLE LAW, RULE,
REGULATION OR ORDER. 
 B. RELEASE. EXCEPT WITH RESPECT TO MATTERS EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE CLOSING
DOCUMENTS GIVING RISE TO LIABILITY OF SELLER TO BUYER OR EXCEPT TO THE EXTENT BUYER NEEDS TO NAME SELLER AS A THIRD PARTY DEFENDANT FOR MATTERS ARISING DURING SELLER’S OWNERSHIP OF THE PROPERTY, BUYER, ON BEHALF OF ITSELF AND ITS SUCCESSORS AND
ASSIGNS, HEREBY WAIVES ITS RIGHT TO RECOVER FROM, AND FOREVER RELEASES AND DISCHARGES, SELLER AND ALL 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, ATTORNEYS’ FEES AND COSTS), WHETHER DIRECT OR INDIRECT, KNOWN OR UNKNOWN, FORESEEN OR UNFORESEEN (“CLAIMS”), WHICH ANY BUYER OR ANY PARTY RELATED TO OR
AFFILIATED WITH BUYER (A “BUYER RELATED PARTY”) HAS OR MAY HAVE ARISING FROM OR RELATED TO ANY MATTER OR THING RELATED TO OR IN CONNECTION WITH THE PROPERTY INCLUDING THE DOCUMENTS AND INFORMATION REFERRED TO HEREIN, THE TENANT LEASES AND
THE TENANTS THEREUNDER, SIGNAGE AND OTHER USAGE RIGHTS, ENTITLEMENTS, ZONING, PARKING, TITLE DOCUMENTS OR DEFECTS, ANY CONSTRUCTION DEFECTS, ERRORS OR OMISSIONS IN THE DESIGN OR CONSTRUCTION AND ANY ENVIRONMENTAL CONDITIONS, AND BUYER SHALL NOT LOOK
TO ANY SELLER RELATED PARTIES IN CONNECTION 
  

 26 

 
WITH THE FOREGOING FOR ANY REDRESS OR RELIEF. THIS RELEASE SHALL BE GIVEN FULL FORCE AND EFFECT ACCORDING TO EACH OF ITS EXPRESSED TERMS AND PROVISIONS,
INCLUDING THOSE RELATING TO UNKNOWN AND UNSUSPECTED CLAIMS, DAMAGES AND CAUSES OF ACTION. THE FOREGOING PROVISIONS OF THIS SECTION 9B SHALL NOT LIMIT, HOWEVER, SELLER’S EXPRESS OBLIGATIONS UNDER THIS AGREEMENT AND THE DOCUMENTS EXECUTED IN
CONNECTION HEREWITH. 
  

					
		 	 /s/ PHS
	 	
		 	INITIALS OF BUYER	 	

 C. SURVIVAL. THIS SECTION 9 SHALL SURVIVE THE CLOSING DATE OR THE EARLIER
TERMINATION OF THIS AGREEMENT AND SHALL NOT BE DEEMED TO HAVE MERGED INTO ANY OF THE DOCUMENTS EXECUTED OR DELIVERED AT CLOSING. 
  

					
		 	 /s/ PHS
	 	
		 	INITIALS OF BUYER	 	

 D. CERTAIN PROPERTY DISCLOSURES. WITH RESPECT TO ALL OF THE FOLLOWING MATTERS IN
THIS SECTION 9D AND WITHOUT LIMITATION ON ANY OTHER PROVISIONS OF THIS AGREEMENT, BUYER SHALL EVALUATE SUCH MATTERS DURING THE DUE DILIGENCE PERIOD IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5. BUYER SHALL ASSUME ALL RESPONSIBILITY FOR SUCH
MATTERS AND SHALL NOT SEEK ANY PAYMENT OR OTHER ACTION FROM SELLER (AND SELLER SHALL HAVE NO OBLIGATION) WITH RESPECT TO SUCH MATTERS; ANY DISCLOSURE OF SUCH MATTERS BY TENANTS OR OTHERS SHALL NOT BE A CAUSE FOR OBJECTION BY BUYER; PROVIDED,
HOWEVER, THAT NOTWITHSTANDING THE FOREGOING, BUYER MAY TERMINATE THIS AGREEMENT PRIOR TO THE EXPIRATION OF THE DUE DILIGENCE PERIOD AS PROVIDED IN SECTION 5D; AND SUCH MATTERS SHALL NOT BE DEEMED TO EXPAND IN ANY MANNER THE LIMITED REPRESENTATIONS
AND WARRANTIES OF SELLER CONTAINED HEREIN. WITHOUT LIMITATION ON THE GENERALITY OF THE FOREGOING: 
 (1) ENVIRONMENTAL MATTERS.
SELLER HAS DELIVERED TO BUYER (AND BUYER ACKNOWLEDGES RECEIPT OF) THE ENVIRONMENTAL REPORTS. SELLER SHALL HAVE NO OBLIGATION IN CONNECTION WITH THE MATTERS ADDRESSED IN SUCH DOCUMENTS OR, EXCEPT AS EXPRESSLY SET FORTH IN SECTION 8B(10), WITH RESPECT
TO ANY OTHER ENVIRONMENTAL MATTERS. 
 (2) LAND USE, ZONING, ENTITLEMENT AND DEVELOPMENT ISSUES. BUYER SHALL DETERMINE DURING
THE DUE DILIGENCE PERIOD WHETHER IT IS SATISFIED WITH THE STATUS AND COMPLIANCE OF THE PROPERTY WITH RESPECT TO ANY AND ALL LAND USE, ZONING, ENTITLEMENT AND DEVELOPMENT LAWS, RULES, ORDINANCES, REGULATIONS, RESTRICTIONS, STANDARDS, AGREEMENTS AND
SIMILAR ITEMS AFFECTING THE PROPERTY. 
  

 27 

 (3) NORDSTROM RIGHT OF FIRST OPPORTUNITY. BUYER SHALL DETERMINE DURING THE DUE DILIGENCE
PERIOD WHETHER IT IS SATISFIED WITH THE RIGHT OF FIRST OPPORTUNITY (THE “ROFO”) TO PURCHASE THE PROPERTY CONTAINED IN SECTION 42 OF THAT CERTAIN OFFICE LEASE (THE “NORDSTROM LEASE”) DATED MARCH 15, 2001 EXECUTED BY NORDSTROM,
INC., A WASHINGTON CORPORATION (“NORDSTROM”) AND ANY WAIVER THEREOF. 
  

					
		 	 /s/ PHS
	 	
		 	INITIALS OF BUYER	 	

 10. Conditions to Closing. 
 A. Seller’s Conditions to Closing. In addition to the conditions provided in other provisions of this Agreement, Seller’s
obligations to perform its undertakings provided in this Agreement (including its obligation to sell the Property) are conditioned on the following (any of which may be waived in writing by Seller): 
 (1) Performance by Buyer. The due performance by Buyer of each and every undertaking and agreement to be performed by it hereunder
(including the delivery to Seller of the items specified to be delivered by Buyer in Section 6 hereof). 
 (2)
Representations and Warranties. The truth of each representation and warranty made by Buyer in this Agreement in all material respects at the time as of which the same is made and as of the Closing Date as if made on and as of the Closing
Date. 
 B. Buyer’s Conditions to Closing. In addition to the conditions provided in other provisions of this Agreement,
Buyer’s obligations to perform its undertakings provided in this Agreement (including its obligation to purchase the Property) are conditioned on the following (any of which may be waived in writing by Buyer): 
 (1) Performance by Seller. The due performance by Seller of each and every undertaking and agreement to be performed by it hereunder
(including the delivery to Buyer of the items specified to be delivered by Seller in Section 6). 
 (2) Accuracy of
Representations and Warranties. The representations and warranties of Seller are true and correct in all material respects as of the Closing Date as if made on such Closing Date. Notwithstanding the foregoing, in the event a material change of
circumstances not otherwise contemplated by this Agreement and which was not caused by Seller’s intentional breach of any of its obligations hereunder occurs on or prior to the Closing Date which causes any of Seller’s representations or
warranties set forth in Section 8B above to become materially untrue or in the event of an unintentional breach or unintentional default by Seller which causes any of Seller’s 
  

 27 

 
covenants to be materially untrue (a “Change of Circumstances”), and, in either case, in the event that Buyer is not willing to waive its
objection thereto, Seller shall have a period of ten (10) days from the date of the discovery by Seller of such Change of Circumstances to elect, at its sole option, to cure or otherwise compensate Buyer to Buyer’s reasonable satisfaction
(including, without limitation, the right to bond over or indemnify Buyer with respect to the subject matter) for such untrue fact, condition or covenant (and the Closing Date shall be extended to accommodate such cure period). In the event that
Seller does not cure such Change of Circumstances within such ten (10) day period, Buyer shall have the right, as Buyer’s sole and exclusive remedy hereunder for such failure, either (a) to terminate this Agreement by written notice
to Seller, in which case this Agreement shall be null and void and of no further force or effect and the parties hereto shall have no further obligations to each other and the Deposit shall be refunded to Buyer, or (b) to waive the foregoing
right of termination and all other rights and remedies on account of such breach or default and to close the transaction contemplated by this Agreement. Notwithstanding anything in this Section 10B(2) to the contrary, the foregoing procedure
with respect to a Change of Circumstances shall not be applicable to the intentional breach by Seller of any of its obligations hereunder, it being understood that the remedy for such a breach by Seller shall be in accordance with Section 3C
hereof. 
 (3) Tenant Estoppel Certificates. At least one (1) business day prior to the Closing Date, receipt of an
estoppel certificate (“Tenant Estoppel Certificate”) from Nordstrom and 24 Hour Fitness, addressed to Seller, Buyer and their lenders, shall be a condition precedent to Buyer’s obligation to acquire the Property hereunder. The
Tenant Estoppel Certificate shall only be sent out to Nordstrom and 24 Hour Fitness after the successful completion of the Due Diligence Period. Except as otherwise provided herein, the Tenant Estoppel Certificate shall be substantially in the form
attached to Exhibit S (as to Nordstrom) (except that Nordstrom shall not be required to make the statements set forth in Paragraph 7 of such Tenant Estoppel Certificate regarding the applicability of the ROFO to future transfers or sales, or
foreclosure of a mortgage or pledge of ownership interest to a third party or a deed-in-lieu of foreclosure or deed-in-lieu of pledge agreement to a third party, and delivery of the Tenant Estoppel Certificate by Nordstrom without the foregoing
statements shall be deemed to satisfy the delivery of a Tenant Estoppel Certificate from Nordstrom as a condition precedent of Buyer’s obligation to acquire the Property hereunder), and Exhibit S-1 (as to 24 Hour Fitness). In addition,
those provisions of the Tenant Estoppel Certificates respecting defaults, defenses, disputes, claims, offsets, abatements, concessions and recaptures against rent and other charges may be limited to the knowledge of Nordstrom and 24 Hour Fitness,
respectively. Seller’s sole obligation hereunder shall be to utilize commercially reasonable efforts to obtain the Tenant Estoppel Certificate from Nordstrom and 24 Hour Fitness (and, as used in this Agreement, commercially reasonable efforts
shall not include any obligation to institute legal proceedings or to expend any monies). Seller shall deliver to Buyer the Tenant Estoppel Certificates it receives promptly after receipt. If on or before one (1) business day prior to the
Closing Date, such condition is not satisfied (or waived by Buyer), then this Agreement shall terminate (and no party hereto shall have any further obligation in connection herewith except under those provisions that expressly survive a termination
of this Agreement); provided, however, that Seller shall have the unilateral right (at its option) to extend the period for satisfying such condition (and, accordingly, the Closing Date) by up to five (5) business days in order to satisfy such
condition. Without limitation on the foregoing, if the Tenant Estoppel Certificates disclose matters which are materially adverse to the Property (as reasonably determined by Buyer and described in written notice delivered to Seller, if at all,
within 3 business days from Buyer’s receipt of the Tenant 
  

 29 

 
Estoppel Certificates) and inconsistent with the Nordstrom Lease or 24 Hour Fitness Tenant Lease, respectively, and which have not otherwise been disclosed
to Buyer and are not cured or satisfied by Seller (at Seller’s sole discretion without obligation to do so) on or before the Closing Date (provided, however, that if Seller elects to cure or satisfy the same, the Closing Date shall be extended
for a reasonable period of time, not to exceed ten (10) days, to allow for such cure or satisfaction), then as its sole remedy hereunder Buyer shall have the right to terminate this Agreement on or before the Closing Date (and, if Buyer so
terminates this Agreement, then no party hereto shall have any further obligation in connection herewith except under those provisions that expressly survive a termination of this Agreement, and in which case the Deposit shall be refunded to Buyer).
If Buyer fails to provide written notice to Seller as described in the immediately preceding sentence with respect to the Tenant Estoppel Certificate, Buyer shall be deemed to have waived the condition contained in this Section with respect to the
Tenant Estoppel Certificate. Seller shall use commercially reasonable efforts to obtain a Tenant Estoppel Certificate from each tenant at the Property (other than Nordstrom and 24 Hour Fitness) in the form attached as Exhibit S-2; provided,
however, that receipt of Tenant Estoppel Certificates from such other tenants shall not be a condition precedent to Buyer’s obligation to acquire the Property hereunder. 
 11. Miscellaneous. 
 A.
Brokerage Issues. 
 (1) Generally. Except as provided in subsection (2) below, Seller represents and warrants
to Buyer, and Buyer represents and warrants to Seller, that no broker or finder has been engaged by it, respectively, in connection with any of the transactions contemplated by this Agreement or to its knowledge is in any way connected with any of
such transactions. In the event of a claim for broker’s or finder’s fee or commissions in connection herewith, then Seller shall indemnify, protect, defend and hold Buyer harmless from and against the same if it shall be based upon any
statement or agreement alleged to have been made by Seller, and Buyer shall indemnify, protect, defend and hold Seller harmless from and against the same if it shall be based upon any statement or agreement alleged to have been made by Buyer. This
Section 11A shall survive the Closing Date. 
 (2) Broker’s Commission. Eastdil Realty Company, LLC, R.M. Watson Co.
and TSC Real Estate, LLC (collectively, “Broker”) has been engaged in connection with the transaction contemplated by this Agreement, and without limitation on the foregoing provisions of this Section, if and only if the transaction
contemplated hereby shall close in accordance with the terms of this Agreement, Seller shall pay Broker the commission (the “Commission”) pursuant to a separate agreement between Seller and Broker. 
 B. Limitation of Liability. No constituent partner or member in or agent of Seller, nor any present or future partner, member, manager,
trustee, beneficiary, director, officer, shareholder, employee, advisor, affiliate or agent of any partnership, limited liability company, corporation, trust or other entity that has or acquires a direct or indirect interest in Seller or any
affiliate of Seller shall have any personal liability, directly or indirectly, under or in connection with this Agreement or any agreement made or entered into under or in connection with the provisions of this Agreement, or any amendment or
amendments to any of the foregoing made at any time or times, heretofore or hereafter, and Buyer and its successors and assigns and, without limitation, all 
  

 30 

 
other persons and entities, shall look solely to Seller for the payment of any claim or for any performance, and Buyer on behalf of itself and its successors
and assigns hereby waives any and all such personal liability. For purposes of this subsection B, no negative capital account or any contribution or payment obligation of any partner or member in Seller shall constitute an asset of Seller. The
limitations of liability contained in this Section shall survive the termination of this Agreement or the Closing Date, as applicable, and are in addition to, and not in limitation of, any limitation on liability applicable to Seller provided
elsewhere in this Agreement or by law or by any other contract, agreement or instrument. 
 C. Additional Limitation on
Remedies. Without limitation on the other limitations on remedies contained herein, in the event of any dispute between the parties respecting this Agreement or the transactions herein contemplated, Buyer hereby waives (i) any right to
record or file a lis pendens or other similar notice of suit against the Property unless required by law in connection with a suit for specific performance that has been filed in good faith by Buyer, and (ii) any right to assert any claim
affecting the right of possession or title to the Property. In no event shall this Agreement (or any short form or memorandum thereof) be recorded. 
 D. Successors and Assigns. Buyer may not assign or transfer its rights or obligations under this Agreement (or make an offer or enter into negotiations to do so) without the prior written consent of Seller (in which event such
transferee shall assume in writing all of the transferor’s obligations hereunder, but such transferor shall not be released from its obligations hereunder). Any change in control or majority ownership of Buyer constitutes an assignment for
purposes of this subsection. No consent given by Seller to any transfer or assignment of Buyer’s rights or obligations hereunder shall be construed as a consent to any other transfer or assignment of Buyer’s rights or obligations
hereunder. In addition, Buyer shall not re-sell the Property or assign its rights or obligations under this Agreement (or make an offer or enter into negotiations to do so) through a “double escrow” or other similar mechanism without
Seller’s prior written consent. No transfer or assignment in violation of the provisions hereof shall be valid or enforceable. Subject to the foregoing, this Agreement and the terms and provisions hereof shall inure to the benefit of and shall
be binding upon the successors and assigns of the parties. 
 E. Notices. Any notice which a party is required or may desire to
give the other party shall be in writing and may be delivered (1) personally, (2) by United States registered or certified mail, postage prepaid, (3) by Federal Express or other reputable courier service regularly providing evidence
of delivery (with charges paid by the party sending the notice); or (4) by facsimile, provided that such facsimile shall be immediately followed by delivery of such notice pursuant to clause (1), (2) or (3) above. Any such notice
shall be addressed as follows (subject to the right of a party to designate a different address for itself by notice similarly given): 
  

 31 

 To Buyer: 
 ELPF Met Park North, L.L.C. 
 c/o LaSalle Investment Management, Inc. 
 200 East Randolph Drive 
 Chicago, Illinois 60601 
 Attention:        Erick Paulson 
 Telephone:      (312) 228-2625 
 Telecopier:      (312) 601-1638 
 With Copy To: 
 Katten Muchin Rosenman LLP 
 525 West Monroe Street 
 Chicago, Illinois 60661 
 Attention:        Daniel J. Perlman, Esq. 
 Telephone:      (312) 902-5532 
 Telecopier:      (312) 577-8668 
 To Seller: 
 Met Park North IV, L.L.C. 
 c/o Walton Street Capital, L.L.C. 
 900 North Michigan Avenue, Suite 1900 
 Chicago, Illinois 60611 
 Attention:        Mr. Douglas J. Welker 
 Telephone:      (312) 915-2357 
 Telecopier:      (312) 915-2881 
 With Copy To: 
 Pircher, Nichols & Meeks 
 1925 Century Park East, Suite 1700 
 Los Angeles, California 90067 
 Attention:        Real Estate Notices (SCS/PLP) 
 Telephone:      (310) 201-8924 
 Telecopier:      (310) 201-8922 
  

 32 

 To Title Company: 
 Chicago Title Insurance Company. 
 171 N. Clark Street, 3rd Floor 
 Chicago, Illinois 60601 
 Attention:        Ms. Linda M. Tyrrell 
 Telephone:      (312) 223-2361 
 Telecopier:      (312) 223-4857 
 Any notice so given by mail shall be deemed to have been given as of the date of delivery (whether accepted or refused) established by U.S. Post Office return receipt or the overnight carrier’s proof of delivery,
as the case may be. Any such notice not so given shall be deemed given upon actual receipt of the same by the party to whom the same is to be given. Notices given by facsimile transmission and shall be deemed given upon the actual receipt of the
same by the individual to which they are addressed. The attorneys for any party hereto shall be entitled to provide any notice that a party desires to give or is required to give hereunder. 
 F. Legal Costs. In the event any action be instituted by a party to enforce this Agreement, the prevailing party in such action (as
determined by the court, agency or other authority before which such suit or proceeding is commenced), shall be entitled to such reasonable attorneys’ fees, costs and expenses as may be fixed by the decision maker. The foregoing includes, but
is not limited to, reasonable attorneys’ fees, expenses and costs of investigation incurred in (1) appellate proceedings; (2) in any post-judgment proceedings to collect or enforce the judgment; (3) establishing the right to
indemnification; and (4) any action or participation in, or in connection with, any case or proceeding under Chapter 7, 11 or 13 of the Bankruptcy Code (11 United States Code Sections 101 et seq.), or any successor statutes. This
provision is separate and several and shall survive the consummation of the transaction contemplated by Agreement or the earlier termination of this Agreement. 
 G. Jurisdiction; Venue. Each party consents to the jurisdiction of any state or federal court located within Illinois, waives personal service of any and all process upon it, consents to the service of
process by registered mail directed to it at the address stated in Section 11E, and acknowledges that service so made shall be deemed to be completed upon actual delivery thereof (whether accepted or refused). In addition, each party consents
and agrees that venue of any action instituted under this Agreement or any agreement executed in connection herewith shall be proper in Cook County, Illinois, and each party waives any objection to venue. 
 H. Confidentiality. The terms of the transfers contemplated in this Agreement, including the Purchase Price and all other financial terms,
as well as the information delivered by Seller (or Seller’s representative, agents, attorneys or broker) or discovered by Buyer and its agents in connection with its due diligence investigation of the Property shall remain confidential and
shall not be disclosed by Buyer without the written consent of Seller except (1) to Buyer’s directors, officers, partners, members, employees, legal counsel, accountants, engineers, architects, financial advisors and similar professionals
and consultants (together with Buyer, the “Buyer Parties”) to the extent Buyer deems it necessary or appropriate in connection with the transaction contemplated hereunder (and Buyer shall inform each of the foregoing parties of such
party’s obligations under this Section and shall secure the agreement of such parties to be bound by the terms hereof); or (2) as 
  

 33 

 
otherwise required by law or regulation. Buyer shall indemnify, defend and hold Seller and the Seller Related Parties harmless from and against any claims
arising from a breach by any of the Buyer Parties of this Section 11H. The restrictions in this Section 11H shall survive a termination of this Agreement but shall terminate upon the purchase of the Property by Buyer. 
 I. Further Instruments. Each party will, whenever and as often as it shall be requested so to do by the other, cause to be executed,
acknowledged or delivered any and all such further instruments and documents as may be necessary or proper, in the reasonable opinion of the requesting party, in order to carry out the intent and purpose of this Agreement. 
 J. Matters of Construction. 
 (1) Incorporation of Exhibits. All exhibits attached and referred to in this Agreement are hereby incorporated herein as fully set forth in (and shall be deemed to be a part of) this Agreement. 
 (2) Entire Agreement. This Agreement contains the entire agreement between the parties respecting the matters herein set forth and
supersedes all prior agreements between the parties hereto respecting such matters except the Escrow Agreement. 
 (3) Time of the
Essence. Subject to subsection (4) below, time is of the essence of this Agreement. Buyer acknowledges and agrees that the Closing Date is of extreme importance to Seller as the Purchase Price is needed by Seller on the Closing Date in
order to satisfy certain obligations of Seller and its affiliates, and that Buyer’s covenant to close the transaction contemplated by this Agreement on the Closing Date constitutes a material inducement to the entry by Seller into this
Agreement. 
 (4) Non-Business Days. Whenever action must be taken (including the giving of notice or the delivery of
documents) under this Agreement during a certain period of time (or by a particular date) that ends (or occurs) on a non-business day, then such period (or date) shall be extended until the immediately following business day. As used herein,
“business day” means any day other than a Saturday, Sunday or federal holiday. 
 (5) Severability. If any
term or provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Agreement, or the application of such term or provision to persons or circumstances
other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each such term and provision of this Agreement shall be valid and be enforced to the fullest extent permitted by law. 
 (6) Interpretation. Words used in the singular shall include the plural, and vice-versa, and any gender shall be deemed to include the
other. Whenever the words “including”, “include” or “includes” are used in this Agreement, they should be interpreted in a non-exclusive manner. The captions and headings of the Sections of this Agreement are for
convenience of reference only, and shall not be deemed to define or limit the provisions hereof. Except as otherwise indicated, all Exhibit and Section references in this Agreement shall be deemed to refer to the Exhibits and Sections in this
Agreement. Each party acknowledges that it has had counsel of its own choosing in connection with the negotiation of this Agreement, and further acknowledges and agrees 
  

 34 

 
that this Agreement (a) has been reviewed by it and its counsel; (b) is the product of negotiations between the parties, and (c) shall not be
deemed prepared or drafted by any one party. In the event of any dispute between the parties concerning this Agreement, the parties agree that any ambiguity in the language of the Agreement is not to be resolved against Seller or Buyer, but shall be
given a reasonable interpretation in accordance with the plain meaning of the terms of this Agreement and the intent of the parties as manifested hereby. 
 (7) No Waiver. Waiver by one party of the performance of any covenant, condition or promise of the other party shall not invalidate this Agreement, nor shall it be deemed to be a waiver by such party of
any other breach by such other party (whether preceding or succeeding and whether or not of the same or similar nature). No failure or delay by one party to exercise any right it may have by reason of the default of the other party shall operate as
a waiver of default or modification of this Agreement or shall prevent the exercise of any right by such party while the other party continues to be so in default. 
 (8) Consents and Approvals. Except as otherwise expressly provided herein, any approval or consent provided to be given by a party hereunder may be given or withheld in the absolute discretion of such
party. 
 (9) Governing Law. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE
OF WASHINGTON (WITHOUT REGARD TO CONFLICTS OF LAW). 
 (10) Third Party Beneficiaries. Except as otherwise expressly provided
in this Agreement, Seller and Buyer do not intend by any provision of this Agreement to confer any right, remedy or benefit upon any third party (express or implied), and no third party shall be entitled to enforce or otherwise shall acquire any
right, remedy or benefit by reason of any provision of this Agreement. 
 (11) Amendments. This Agreement may be amended by
written agreement of amendment executed by all parties hereto, but not otherwise. 
 (12) Survival. Unless otherwise expressly
provided for in this Agreement, the covenants and conditions of the parties set forth in this Agreement shall not survive the consummation of the transaction contemplated by this Agreement and the delivery and recordation of the Deed.
Notwithstanding the foregoing (a) all indemnification obligations in this Agreement shall survive the closing of the transaction on the Closing Date; and (b) the indemnification obligations set forth in Sections 5C, 11A and 11H shall
survive the termination of this Agreement. 
 K. Press Releases. The parties agree that following Closing either party may
issue a press release regarding this Agreement or the transaction contemplated, provided that at least two (2) business days prior to the issuance of any press release, the disclosing party has given the other party a draft of such release and
the opportunity to comment thereon, and in the event that the non-disclosing party has comments on such press release, such press release shall not be issued unless the parties have mutually agreed upon the terms of the same. 
 L. Buyer’s Delivery of Certain Information. Buyer shall promptly inform Seller of all material defects in any aspect of the Property
discovered by Buyer in connection with its 
  

 35 

 
investigations provided for in Section 5, and Buyer shall provide Seller with such supporting information regarding such material defects in its
possession as Seller shall reasonably request. In the event the transaction contemplated hereby shall fail to close for any reason other than a default by Seller hereunder, Buyer shall, at its expense, promptly deliver to Seller (1) all
existing originals and copies of the written information and materials supplied to Buyer by Seller, the on-site property manager or their respective agents; and (2) true, accurate and complete copies of any written information concerning the
Property prepared on behalf of Buyer by third parties in connection with its investigations hereunder (including any reports, audits and appraisals prepared by any third parties). Seller shall not hold Buyer responsible for the accuracy of any
information prepared by third parties which is delivered to Seller in connection with this Section. 
 M. Post Closing Access.
For a period of three (3) year subsequent to the Closing Date, Seller and its employees, agents and representatives shall be entitled to access during business hours to all documents, books and records given to Buyer by Seller at the Closing
for tax and audit purposes, regulatory compliance, and cooperation with governmental investigations upon reasonable prior notice to Buyer, and shall have the right to make copies of such documents, books and records at Seller’s expense.

 N. Indemnification Obligations. The indemnification obligations under this Agreement shall be subject to the following
provisions: 
 (1) The party seeking indemnification (“Indemnitee”) shall notify the other party
(“Indemnitor”) of any Claim against Indemnitee within forty-five (45) days after it has notice of such Claim, but failure to notify Indemnitor shall in no case prejudice the rights of Indemnitee under this Agreement unless
Indemnitor shall be prejudiced by such failure and then only to the extent of such prejudice. Should Indemnitor fail to discharge or undertake to defend Indemnitee against such liability (with counsel approved by Indemnitee), within thirty
(30) days after Indemnitee gives Indemnitor written notice of the same, then Indemnitee may defend and settle such Claim, and Indemnitor’s liability to Indemnitee shall be conclusively established by such settlement, the amount of such
liability to include both the settlement consideration and the reasonable costs and expenses, including attorneys’ fees, incurred by Indemnitee in effecting such settlement. Indemnitee shall have the right to employ its own counsel in any such
case, but the fees and expenses of such counsel shall be at the expense of Indemnitee unless: (a) the employment of such counsel shall have been authorized in writing by Indemnitor in connection with the defense of such action,
(b) Indemnitor shall not have employed counsel to direct the defense of such action or any such counsel employed by Indemnitor shall have failed to commence or pursue such defense, or (c) Indemnitee shall have reasonably concluded that
there may be defenses available to it which are different from or additional to those available to Indemnitor (in which case Indemnitor shall not have the right to direct the defense of such action or of Indemnitee), in any of which events such fees
and expenses shall be borne by Indemnitor. 
 (2) The indemnification obligations under this Agreement shall cover the costs and
expenses of Indemnitee, including reasonable attorneys’ fees, related to any actions, suits or judgments incident to any of the matters covered by such indemnities. 
 (3) The indemnification obligations of Indemnitor under this Agreement shall also benefit any present or future advisor, trustee, director, officer, partner, member, manager, employee, beneficiary, shareholder,
participant and agent of or in Indemnitee or any entity now or hereafter having a direct or indirect ownership interest in Indemnitee. 
  

 36 

 O. No Recordation. In no event shall this Agreement or any document or other memorandum
related to the subject matter of this Agreement be recorded without the prior written consent of Seller, to be given or withheld in Seller’s sole and absolute discretion. 
 P. Cure Rights. In the event that either party is in default of any of its obligations hereunder (the “Defaulting Party”),
the other party (the “Non-Defaulting Party”) shall give the Defaulting Party written notice of such default (the “Notice of Default”). Except as otherwise expressly provided herein, the Defaulting Party shall
thereafter have two (2) business days after receipt of such written Notice of Default to cure such default and the Closing Date shall be extended, if necessary, by no more than two (2) business days to cure such default. The foregoing
notice obligation and cure right shall not apply to the delivery by Buyer of the Initial Deposit, Additional Deposit or the Closing Payment to Title Company, or to the obligations of the parties to deliver any Closing Document. 
 Q. Exclusivity. From the Effective Date through the Closing Date or the earlier termination of this Agreement, Seller shall not solicit
offers to and otherwise negotiate with other parties for the purchase and sale of the Property. 
 R. Counterparts/Facsimiles.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to constitute an original, but all of which, when taken together, shall constitute one and the same instrument, with the same effect as if all of the parties
to this Agreement had executed the same counterpart. Signatures to this Agreement transmitted by facsimile shall be valid and effective to bind the party so signing, provided that each party agrees to promptly deliver an execution original to this
Agreement with its actual signature to the other party, but a failure to do so shall not affect the enforceability of this Agreement, it being expressly agreed that each party to this Agreement shall be bound by its own facsimile signature and shall
accept the facsimile signature of the other party to this Agreement. 
 [CONTINUED ON FOLLOWING PAGE] 
  

 37 

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

 SELLER: 
 MET PARK NORTH IV, L.L.C., 
 a Delaware limited liability company 
  

	By:	Met Park North Mezz IV, L.L.C., 

	    	a Delaware limited liability company, 

	    	its Sole Member 

  

	 	By:	Walton Acquisition REOC Holdings IV, LLC, 

	 	    	a Delaware limited liability company, 

	 	    	its Sole Member 

  

	 	By:	Walton Street Real Estate Fund IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its Managing Member 

  

	 	By:	Walton Street Managers IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its General Partner 

  

	 	By:	WSC Managers IV, Inc., 

	 	    	a Delaware corporation, 

	 	    	its General Partner 

  

					
		 	By:	 	/s/ Douglas J. Welker
		 	Name:	 	Douglas J. Welker
		 	Title:	 	Vice President

  
  

 38 

 BUYER: 
 ELPF MET
PARK NORTH, L.L.C., 
 a Delaware limited liability company 
  

	By:	Excelsior LaSalle Property Fund, Inc., 

	    	a Maryland corporation 

  

	 	By:	LaSalle Investment Management, Inc. 

	 	    	a Maryland corporation, 

	 	    	its advisor 

  

					
		 	By:	 	 /s/ Peter H. Schaff

		 	Name:	 	Peter H. Schaff
		 	Title:	 	

  

 39 

 PURCHASE AGREEMENT 
 EXHIBIT LIST 
  

							
	 Exhibit A
	  	-  	  		  	Description of Land
	 Exhibit B
	  	-  	  		  	Excluded Property
	 Exhibit C
	  	-  	  		  	List of Contracts
	 Exhibit D
	  	-  	  		  	Form of Escrow Agreement
	 Exhibit E
	  	-  	  		  	Form of Bargain and Sale Deed
	 Exhibit F
	  	-  	  		  	Form of Seller’s Title Certificate
	 Exhibit G
	  	-  	  		  	Form of Bill of Sale, Assignment and Assumption
	 Exhibit H
	  	-  	  		  	Form of Certificate of “Non-Foreign” Status
	 Exhibit I
	  	-  	  		  	Form of Notice to Tenants
	 Exhibit J
	  	-  	  		  	Form of Seller Closing Certificate
	 Exhibit K
	  	-  	  		  	Form of Buyer Closing Certificate
	 Exhibit L
	  	-  	  		  	Exceptions to Seller’s Representations and Warranties
	 Exhibit M
	  	-  	  		  	List of Tenant Leases
	 Exhibit M-1
	  	-  	  		  	List of Security Deposits
	 Exhibit N
	  	-  	  		  	List of Litigation
	 Exhibit O
	  	-  	  		  	List of Non-Compliance Notices
	 Exhibit P
	  	-  	  		  	List of Tenant Lease and Contract Defaults
	 Exhibit Q
	  	-  	  		  	List of Environmental Reports
	 Exhibit R
	  	-  	  		  	List of Below-Market Parking Fees
	 Exhibit S
	  	-  	  		  	Nordstrom Estoppel Form
	 Exhibit S-1
	  	-  	  		  	24 Hour Fitness Estoppel Form
	 Exhibit S-2
	  	-  	  		  	Form of Tenant Estoppel Certificate
	 Schedule 1
	  	-  	  		  	CE/TI/LC Obligations and Other Lease Costs

 EXHIBIT A 
 DESCRIPTION OF LAND 
 LOTS 7, 8, 9, 10, 11 AND 12, BLOCK 55, SECOND ADDITION TO THE TOWN OF SEATTLE AS LAID OFF BY
THE HEIRS OF SARAH A. BELL (DECEASED), (COMMONLY KNOWN AS HEIRS OF SARAH A. BELL’S SECOND ADDITION TO THE CITY OF SEATTLE), ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 1 OF PLATS, PAGE(S) 121, IN KING COUNTY, WASHINGTON; 
 EXCEPT THE NORTHWESTERLY 7 FEET OF SAID LOT 7 CONDEMNED FOR STEWART STREET BY THE CITY OF SEATTLE ON JULY 29, 1908 UNDER KING COUNTY SUPERIOR COURT CAUSE NUMBER 58229 AS
PROVIDED FOR IN CITY OF SEATTLE ORDINANCE NUMBER 14881. 

 EXHIBIT B 
 EXCLUDED PROPERTY 
 A piece of artwork described as follows: “A Moment” - hot sculptured glass by Martin
Blank. 

 EXHIBIT C 
 LIST OF CONTRACTS 
 [SEE ATTACHED] 

 EXHIBIT D 
 [FORM OF] 
 ESCROW AGREEMENT 
 January 26, 2006 
 Chicago Title Insurance Company. 
 171 N. Clark Street, 3rd Floor 
 Chicago, Illinois 60601 

	Attention:        	Ms. Linda M. Tyrrell 

  

	 	Re:	Metropolitan Park North, Seattle, Washington 

 Ladies and Gentlemen: 
 Please refer to that certain agreement captioned “PURCHASE AGREEMENT”,
dated as of January 26, 2006, by and between Met Park North IV, L.L.C. a Delaware limited liability company (“Seller”), and ELPF Met Park North, L.L.C., a Delaware limited liability company (“Buyer”)
(which agreement, together with all amendments or modifications thereto, is herein called the “Purchase Agreement”). Except as otherwise indicated, each capitalized term used herein shall have the meaning set forth for the same in
the Purchase Agreement. 
 This letter (this “Agreement”) will constitute your instructions with respect to the
“Funds” and “Documents” described below. 
 A. Delivery of Funds. Concurrently with the execution of this
Agreement, you will receive the Initial Deposit, and on or before the day of the expiration of the Due Diligence Period, Buyer may be wire-transferring to your escrow account the Additional Deposit. On or before February 16, 2006 (as such date
may be extended as provided in the Purchase Agreement, the “Closing Date”), Buyer will be wire-transferring to your escrow account sufficient funds (the “Closing Payment”) to enable you to make all payments noted on
the Closing Statement, including, without limitation, the “Seller Amount” (as hereinafter defined), pursuant to wiring instructions which you will provide us. 
 As used herein, the Initial Deposit, the Additional Deposit, and the Closing Payment are herein collectively called the “Funds”. 
 B. Delivery of Documents. 
 (1)
Recordation Document. On or before the Closing Date, Seller shall deliver to you an original of the Deed, executed and acknowledged by Seller. The foregoing documents shall be collectively referred to herein as the “Recordation
Documents”. 

 (2) Non-Recordation Documents. On or before the Closing Date, Buyer or Seller or both shall
deliver to you executed originals (which may be in counterpart) of the following documents (the “Non-Recordation Documents”): 
 (a) The Bill of Sale, Assignment and Assumption, executed by Seller and Buyer; 
 (b) The Certificate of Non-Foreign Status
executed by Seller; 
 (c) The Notice to Tenants, executed by Seller and Buyer; 
 (d) The Closing Statement, executed by Seller and Buyer; 
 (e) The Seller Closing Certificate, executed by Seller; 
 (f) The Buyer Closing Certificate, executed by
Buyer; and 
 (g) The Seller’s Title Certificate, executed by Seller. 
 C. Conditions to Close of Escrow. The Funds shall not be disbursed and none of the documents delivered hereunder shall be recorded (or filed) or
delivered to any person or entity until each of the following conditions is satisfied: 
 (1) You have received all of the Funds (and have
determined that you have received funds sufficient to pay all amounts noted on the Closing Statement) and you are unconditionally and irrevocably prepared to wire or otherwise disburse the same in accordance with paragraph D below. 

(2) You have received the Recordation Document, the Non-Recordation Documents (collectively, the “Documents”) and you are
unconditionally and irrevocably prepared to record the Recordation Document in accordance with paragraph D below. 
 (3) You are
unconditionally and irrevocably prepared to issue an Owner’s Policy in the form of the pro-forma title insurance policy agreed upon by you and Buyer prior to the expiration of the Due Diligence Period and to be attached hereto upon the
expiration of the Due Diligence Period as Exhibit “A.” 
 (4) You have received all information necessary for filing the forms (the
“Information Returns”) then required to be filed pursuant to Section 6045 of the Internal Revenue Code with respect to the transactions contemplated by the Purchase Agreement (including Seller’s written approval of the
amount of gross proceeds to be shown on the Information Returns) and you are unconditionally and irrevocably prepared to serve as the designated “reporting person” (with such term having the meaning prescribed in §1.6045-4(a) of the
Regulations) in accordance with §1.6045-4(e)(5) of the Regulations and, accordingly, (a) file all information returns required under the Regulations in respect of such transactions, and (b) furnish to the Seller any statements
required under the Regulations in respect of such transactions. 

 (5) You have received written authorization in the form of Exhibit ”B” attached hereto to
close the transaction from each of the following: 
 (a) Seller or a “Seller Closing Representative”. “Seller Closing
Representative” means Douglas J. Welker of Seller, or Stephanie C. Silvers or Pablo L. Petrozzi of Pircher, Nichols & Meeks; and 
 (b) Buyer or a “Buyer Closing Representative”. Buyer Closing Representative means Erick Paulson of Buyer or Daniel J. Perlman of Katten Muchin Rosenman LLP. 
 Without limitation on paragraph J below, Buyer and Seller agree, as between themselves, that the delivery of the foregoing authorizations is not an additional condition to the obligation of Buyer or Seller to close
the sale contemplated by the Purchase Agreement (the conditions to Closing being set forth in the Purchase Agreement). The purpose of the foregoing authorizations is simply to enable you to close this escrow (after satisfaction of the other
requirements in this paragraph C) without having to determine whether the conditions to Closing set forth in the Purchase Agreement have been satisfied. 
 D. Close of Escrow. If the conditions specified in paragraph C above are satisfied on the Closing Date, then you shall immediately deliver to Seller and Buyer a written confirmation of such satisfaction in the
form of Exhibit “C” hereto (which confirmation shall evidence your agreement to immediately take or cause to be taken the actions hereinafter specified and shall be deemed given by your taking any of the following actions), and thereafter
you shall immediately: 
 (1) Wire the amount due Seller (the “Seller Amount”) under the Closing Statement in accordance with
wiring instructions delivered to you by Seller (“Seller Wiring Instructions”). 
 PLEASE NOTE THAT the
Seller Wiring Instructions may not be revised except in accordance with written instructions from Seller. 
 (2) Deliver any other amounts
due to other third parties under the Closing Statement in accordance with the respective instructions from such third parties. 
 (3) Record,
or caused to be recorded, the Recordation Document with the appropriate recorder’s office. 
 (4) If after paying or delivering the
amounts specified in the clauses above (and after paying all Closing costs as specified herein), any portion of the Funds remain, then you are to deliver such remaining balance of the Funds (“Remaining Funds”), pursuant to
separate instructions to be delivered by Buyer to you. 
 (5) File all Information Returns and take all other actions described in
paragraph C(4) of this letter. 
 (6) Issue the Owner’s Policy and deliver the same to Buyer in accordance with instructions from
Buyer or its counsel. 

 (7) Deliver the Documents as required by paragraph E below. 
 E. Delivery of Documents. As soon as available, please deliver the Documents as follows: 
 (1) to Pircher, Nichols & Meeks at 900 North Michigan Avenue, Suite 1050, Chicago, Illinois 60091, Attention: Pablo L. Petrozzi, the
following: 
 (a) A copy of the recorded Deed. 
 (b) One original (or copy if original unavailable) of the other Documents including, without limitation, a copy of the Owner’s Policy. 
 (2) to Katten Muchin Rosenman LLP, Attention: Daniel J. Perlman, Esq.: 
 (a) One original recorded Deed. 
 (b) The original Owner’s Policy. 
 (c) One original (or copy if original unavailable) of each of the other Documents. 
 F. Closing Costs. All closing costs incurred in carrying out your duties under this letter are to be paid in accordance with the Closing
Statement. 
 G. Investment of Funds. As soon as you receive any portion of the Funds you should immediately notify Seller and Buyer
of such fact. No investment of the Funds shall be made that will cause you to fail to comply with the provisions of paragraph C above. If the transactions contemplated herein shall close but on the same day you are unable to deliver the Seller
Amount or any other portion of the Funds which represent amounts due Seller but which are, at Seller’s direction pursuant to the Closing Statement, used to pay third parties or other obligations of Seller (the Seller Amount and the other
amounts due Seller as aforesaid being herein collectively called the “Seller Funds”), you shall promptly notify Seller of such fact. If Seller gives you oral or written instructions to do so, you shall invest such Seller Funds in
treasury bills or treasury backed repurchase agreements (or such other short-term investment as may be authorized by Seller). Any investment of the Remaining Funds and any other portion of the Funds which represent additional amounts which are
Buyer’s obligations but which, pursuant to the Closing Statement, are to be used to pay third parties or other obligations of Buyer (the Remaining Funds and the other amounts payable by Buyer as aforesaid being herein collectively called the
“Buyer Funds”), shall be as directed by Buyer. All interest accrued on the Buyer Funds after the Closing, shall belong to Buyer and shall be delivered to Buyer in accordance with its separate instructions. All interest accrued on
the Seller Funds after the Closing of the transactions hereunder shall belong to Seller and shall be wire-transferred to Seller in accordance with the Seller Wiring Instructions. Without limitation on the foregoing, the Funds held by you hereunder
shall only be deposited at a major money center bank approved by Buyer and Seller. Each of Buyer and Seller agrees to execute and deliver to you a form W-9 Request for Taxpayer Identification Number and Certification for any investment made
hereunder on its behalf. 

 H. Disposition of Deposit. Escrow Holder shall hold and dispose of the Deposit in accordance with
the terms of this Agreement and the Purchase Agreement, or in accordance with any instruction or instructions which shall be signed jointly by both Seller and Buyer, or in accordance with separate instructions of like tenor signed by Seller and
Buyer. Once Escrow Holder has received its completed and signed directions to invest and W9, Seller and Buyer hereby instruct and authorize Escrow Holder to invest the Deposit in any of the following: (i) the investment described in Exhibit
“D” hereto; or (ii) such other investments as may be reasonably acceptable to Seller and Buyer. Without limitation on the foregoing, if Escrow Holder shall receive an instruction (hereinafter the “Instruction”) with
respect to the Deposit, or any part thereof, from Seller but not from Buyer, or from Buyer but not from Seller (the party giving the Instruction being hereinafter referred to as the “Instructing Party” and the party which shall not
have given the Instruction being hereinafter referred to as the “Non-Instructing Party”), Escrow Holder shall promptly transmit a copy of the Instruction received from the Instructing Party to the Non-Instructing Party. The
Instruction shall specify in detail the pertinent provisions of the Purchase Agreement that govern the Instructing Party’s instruction as to the Deposit, and if a default under the Purchase Agreement is alleged, the Instructing Party shall
specify in detail the nature of such default. Escrow Holder shall act in accordance with the Instruction unless within five (5) business days from receipt by Escrow Holder of the Instruction the Non-Instructing Party shall notify Escrow Holder
in writing that Escrow Holder is not to comply with the Instruction and specifying in detail the reasons for not complying with the Instruction, and if a default under the Purchase Agreement is alleged. If the Non-Instructing Party shall advise
Escrow Holder not to comply with the Instruction and specifies in detail the reason for such noncompliance as aforesaid, Escrow Holder shall not act in accordance with the Instruction, but may thereafter either: 
 (a) act solely in accordance with any of the following: 
 (i) a new Instruction signed jointly by Seller and Buyer; 
 (ii) separate Instructions of like tenor from
each of Seller and Buyer; or 
 (iii) a certified copy of a final court order from a court of competent jurisdiction ordering the
disposition of the Deposit; or 
 (b) deposit the Deposit with a court selected by Escrow Holder after giving Seller and Buyer ten
(10) days prior written notice that Escrow Holder intends to do the same, and in such event all liability and responsibility of Escrow Holder shall terminate upon such deposit having been made. Seller and Buyer hereby agrees to be severally
(and not jointly and severally) responsible for the reasonable costs incurred by Escrow Holder in connection with such deposit with a court. 
 (c) Notwithstanding the foregoing, if Escrow Holder shall receive written notice from Buyer requesting a return of the Initial Deposit, such notice to be given prior to the successful completion of the Due Diligence
Period (as such successful completion is evidenced by Buyer’s delivery of the Acceptance Notice to you and Seller), then without further action required by Seller, Escrow Holder shall send to Buyer by wire transfer the Initial Deposit and any
interest earned thereon on the first business day following receipt of Buyer’s notice. 

 (d) Notwithstanding anything to the contrary contained herein, if Escrow Holder shall receive a
Financing Termination Notice from Buyer prior to the expiration of the Financing Contingency Period, then without further action required by Seller, Escrow Holder shall send to Buyer by wire transfer the Deposit and any interest earned thereon on
the first business day following receipt of the Financing Termination Notice. 
 I. Cancellation of Instructions. Notwithstanding
anything to the contrary herein, if the conditions specified in paragraph C hereof are not satisfied on or before the Closing Date, then, if you receive written instructions to cancel this escrow from Seller or Buyer, the instructions set forth in
paragraphs A through E above shall be deemed canceled, you shall immediately (1) return the Closing Payment (and any interest thereon) to or as directed by Buyer, in accordance with separate written instructions of Buyer, (2) return the
Documents to the party depositing the same with you on the next business day thereafter, and (3) and dispose of the Deposit in accordance with Section 3 of the Purchase Agreement and the terms of Section H.(1) above. 
 J. Limitation of Liability. You are acting solely as escrow agent hereunder, and you shall be liable solely for your failure to comply with the
terms of this letter. 
 K. Conflict with Purchase Agreement. In the event of a conflict between this Agreement and the Purchase
Agreement, the Purchase Agreement shall control. Without limitation on the foregoing, nothing contained herein shall limit the obligations of the parties set forth in the Purchase Agreement. 
 L. Execution by Counterparts. This letter of instructions may be executed in two or more counterparts, each of which shall be an original, but all
of which shall constitute one and the same letter of instructions. 
 N. Notices. The provisions of Section 11E of the Purchase
Agreement are hereby incorporated herein by this reference as if herein set out in full. 

 Very truly yours, 
 SELLER: 
 MET PARK NORTH IV, L.L.C., 
 a Delaware limited liability company 
  

	By:	Met Park North Mezz IV, L.L.C., 

	    	a Delaware limited liability company, 

	    	its Sole Member 

  

	 	By:	Walton Acquisition REOC Holdings IV, LLC, 

	 	    	a Delaware limited liability company, 

	 	    	its Sole Member 

  

	 	By:	Walton Street Real Estate Fund IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its Managing Member 

  

	 	By:	Walton Street Managers IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its General Partner 

  

	 	By:	WSC Managers IV, Inc., 

	 	    	a Delaware corporation, 

	 	    	its General Partner 

  

					
		 	By:	 	  

		 	Name:	 	Douglas J. Welker
		 	Title:	 	Vice President

 BUYER: 
 ELPF MET
PARK NORTH, L.L.C., 
 a Delaware limited liability company 
  

	By:	Excelsior LaSalle Property Fund, Inc., 

	    	a Maryland corporation 

  

	 	By:	LaSalle Investment Management, Inc. 

	 	    	a Maryland corporation, 

	 	    	its advisor 

  

					
		 	By:	 	  

			
		 	Name:	 	  

			
		 	Title:	 	  

  
 ACCEPTED AND AGREED TO 
 as of the date first above written: 
 Chicago Title Insurance Company.

  

			
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT A 
 PRO-FORMA POLICY 
 [See attached] 

 EXHIBIT B 
 AUTHORIZATION LETTER 
 February     , 2006 
 Chicago Title Insurance Company. 
 171 N. Clark Street, 3rd Floor 

Chicago, Illinois 60601 

	Attention:        Ms.	Linda M. Tyrrell 

  

	 	Re:	Metropolitan Park North, Seattle, Washington 

 Ladies and Gentlemen: 
 Please refer to that certain letter (the “Letter of Instructions”)
captioned “ESCROW AGREEMENT”, as of January     , 2006 to you from Met Park North IV, L.L.C. a Delaware limited liability company, and ELPF Met Park North, L.L.C., a Delaware limited liability company,
regarding the referenced property. Except as otherwise indicated, each capitalized term used herein shall have the meaning set forth for the same in the Letter of Instructions. 
 This letter will constitute the authorization required under clause (5) of paragraph C of the Letter of Instructions, but shall not limit your
obligation to satisfy the other conditions under such paragraph C prior to disbursing the Funds. 
 Thank you for your cooperation.

  

	
	 Very truly yours,

	
	  

 EXHIBIT C 
 CONFIRMATION BY TITLE COMPANY 
 February     , 2006 
  

					
	VIA FACSIMILE (312) 577-8668	  	VIA FACSIMILE (310) 201-8922	  	
	Katten Muchin Rosenman LLP	  	Pircher, Nichols & Meeks	  	
	525 West Monroe Street	  	900 North Michigan Avenue, Suite 1050	  	
	Chicago, Illinois 60661	  	Chicago, Illinois 60091	  	
	Attention: Daniel J. Perlman, Esq.	  	Attention: Real Estate Notices (PLP)	  	

  

	 	Re:	Metropolitan Park North, Seattle, Washington 

 Ladies and Gentlemen: 
 Please refer to that certain letter (the “Letter of Instructions”)
captioned “ESCROW AGREEMENT”, dated as of January     , 2006, to us from Met Park North IV, L.L.C. a Delaware limited liability company, and ELPF Met Park North, L.L.C., a Delaware limited liability company.

 Pursuant to paragraph D of the Letter of Instructions, we hereby confirm that each of the conditions to disbursement and recordation set
forth in paragraph C of the Letter of Instructions has been satisfied. 
  

			
	Very truly yours,
	
	Chicago Title Insurance Company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT D 
 INVESTMENT INSTRUCTIONS 
 Treasury bills at 30 day increments 

 EXHIBIT E 
 FORM OF BARGAIN AND SALE DEED 
 WHEN RECORDED RETURN TO: 
 BARGAIN AND SALE DEED 
 THE GRANTOR, Met Park North IV, L.L.C., a Delaware
limited liability company, for and in consideration of Ten Dollars ($10.00) and other good and valuable consideration, in hand paid, bargains, sells and conveys to GRANTEE,
                    , the following described real estate, situated in the County of King, State of Washington: 
 See Exhibit A attached hereto and by this reference incorporated herein. 
 Subject to those matters set forth in Exhibit B attached hereto and by this reference incorporated herein. 
  

					
	Abbreviated Legal Description:	  	Lots 7 Thru 12, Block 55, Volume 1 Of Plats, Page 121	  	
			
	Assessor’s Tax Parcel ID Number:	  	066000-2381	  	

 DATED: As of
                        , 2006 
 [Signature page follows] 

 MET PARK NORTH IV, L.L.C., 
 a Delaware limited liability company 
  

	By:	Met Park North Mezz IV, L.L.C., 

	    	a Delaware limited liability company, 

	    	its Sole Member 

  

	 	By:	Walton Acquisition REOC Holdings IV, LLC, 

	 	    	a Delaware limited liability company, 

	 	    	its Sole Member 

  

	 	By:	Walton Street Real Estate Fund IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its Managing Member 

  

	 	By:	Walton Street Managers IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its General Partner 

  

	 	By:	WSC Managers IV, Inc., 

	 	    	a Delaware corporation, 

	 	    	its General Partner 

  

					
		 	By:	 	  

		 	Name:	 	Douglas J. Welker
		 	Title:	 	Vice President

 STATE OF ILLINOIS ) 
                             ) ss. 
 COUNTY OF COOK ) 
 I certify that I know or have satisfactory
evidence that Douglas J. Welker is the person who appeared before me, and said person acknowledged that he signed this instrument, on oath stated that he was authorized to execute the instrument and acknowledged it as the Vice President of WSC
MANAGERS IV, INC., to me known to be a General Partner of WALTON STREET MANAGERS IV, L.P., to me known to be a General Partner of WALTON STREET REAL ESTATE FUND IV, L.P., to me known to be a Managing Member of WALTON REIT IV, L.L.C., to me known to
be a Managing Member of WALTON REIT HOLDINGS IV, L.L.C., to me known to be the Sole Member of MET PARK NORTH MEZZ IV, L.L.C., to me known to be the Sole Member of MET PARK NORTH IV, L.L.C., to be the free and voluntary act and deed of said limited
liability company for the uses and purposes mentioned in the instrument. 
 WITNESS my hand and official seal hereto affixed on
                    , 2006 
  

	
	  

	(print
name)                                       
                          
	Notary Public in and for
the                                       
 
	State of
Illinois                                      
                      
	My appointment
expires                                       
       

 Exhibit A 
 Legal Description 
 LOTS 7, 8, 9, 10, 11 AND 12, BLOCK 55, SECOND ADDITION TO THE TOWN OF SEATTLE AS LAID OFF BY THE HEIRS
OF SARAH A. BELL (DECEASED), (COMMONLY KNOWN AS HEIRS OF SARAH A. BELL’S SECOND ADDITION TO THE CITY OF SEATTLE), ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 1 OF PLATS, PAGE(S) 121, IN KING COUNTY, WASHINGTON; 
 EXCEPT THE NORTHWESTERLY 7 FEET OF SAID LOT 7 CONDEMNED FOR STEWART STREET BY THE CITY OF SEATTLE ON JULY 29, 1908 UNDER KING COUNTY SUPERIOR COURT CAUSE NUMBER 58229 AS
PROVIDED FOR IN CITY OF SEATTLE ORDINANCE NUMBER 14881. 

 EXHIBIT B 
 Permitted Exceptions 

 EXHIBIT F 
 [FORM OF] 
 CERTIFICATE AS TO TITLE 
 The undersigned (“Owner”) hereby certifies to Chicago Title Insurance Company (“Title Company”) that, to Owner’s
knowledge: 
 1. Owner is the insured under Chicago Title Insurance Company Owner’s Policy No. 1167027 effective October 20,
2005, which insures that Owner is the owner of the “Subject Property” (which, as used herein, means the property described on Attachment ”A”). Owner understands that Title Company has issued title commitment
No.             (“Title Commitment”) with respect to the Subject Property and has requested this certificate in connection therewith. 
 2. Except as specified on Attachment “B”, payment for any labor, services or materials incurred by the undersigned in connection with the
construction or repair of any buildings or improvements on the above described premises performed within the last 120 days has been made or will be made in the ordinary course of business. 
 3. The only permitted occupants of the Property are tenants under leases or other occupancy agreements (and their subtenants) with rights of possession
only, as listed on the list of leases attached as Attachment “C” and any person or entity identified on Schedule “B” to the Title Commitment. The undersigned has not entered into any options to purchase the Subject
Property or rights of first refusal regarding the Subject Property either pursuant to written leases or by separate agreements. 
 The
undersigned makes these statements for the purpose of inducing the Title Company to issue the endorsements to one or more of the owner’s policies issued pursuant to the Title Commitment. 
 This Certificate is not intended to give any benefits, rights, privileges, actions or remedies to any person, partnership, firm, corporation or other
entity, other than the Title Company, as a third party beneficiary or otherwise under any theory of law. Further, this Certificate shall not be disclosed, released or quoted to or relied upon by any other person. 
 Any statement “to Owner’s knowledge” (or similar phrase) shall mean that the undersigned has no knowledge that such statement is untrue
(and, for this purpose, the undersigned’s knowledge shall mean the present actual knowledge (excluding constructive or imputed knowledge) of Douglas J. Welker of Seller, but such individual shall not have any personal liability in connection
therewith). Notwithstanding anything to the contrary herein, (1) any cause of action for a breach of this Certificate shall survive until 6 months after the date hereof, at which time the provisions hereof (and any obligation or liability of or
claims against Owner under this Certificate other than a cause of action resulting from any breach by Owner of this Certificate then in litigation in King County, Washington) shall terminate; and (2) to the extent the Title Company shall have
knowledge as of the date hereof that any of the statements contained herein is false or inaccurate, then the undersigned shall have no liability with respect to the same. Without limitation on item (2) above, Title Company shall be deemed to
have knowledge of any matters of record. 

 Neither the undersigned nor any present or future direct or indirect partner, member, advisor, trustee,
director, officer, employee, beneficiary, shareholder, participant or agent of the undersigned, shall have any personal liability, directly or indirectly, under or in connection with this Certificate; and the Title Company and its successors and
assigns, and, without limitation, all other persons and entities, shall look solely to the Subject Property for the payment of any claim or for any performance; and the Title Company hereby waives any and all such personal liability. The limitations
of liability provided in this Section are in addition to, and not in limitation of, any limitation on liability applicable provided by law or by any other contract, agreement or instrument. 
 This Certificate is executed as of the              day of
                    , 200_. 
 OWNER:

 MET PARK NORTH IV, L.L.C., 
 a Delaware limited liability
company 
  

	By:	Met Park North Mezz IV, L.L.C., 

	    	a Delaware limited liability company, 

	    	its Sole Member 

  

	 	By:	Walton Acquisition REOC Holdings IV, LLC, 

	 	    	a Delaware limited liability company, 

	 	    	its Sole Member 

  

	 	By:	Walton Street Real Estate Fund IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its Managing Member 

  

	 	By:	Walton Street Managers IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its General Partner 

  

	 	By:	WSC Managers IV, Inc., 

	 	    	a Delaware corporation, 

	 	    	its General Partner 

  

					
		 	By:	 	  

		 	Name:	 	Douglas J. Welker
		 	Title:	 	Vice President

 ATTACHMENT “A” 
 LEGAL DESCRIPTION 

 ATTACHMENT “B” 
 CERTAIN UNPAID AMOUNTS 
 [Specify amounts for which Buyer is responsible and amounts
being disputed in good faith] 

 ATTACHMENT “C” 
 LIST OF LEASES 
 [TO BE PROVIDED] 

 EXHIBIT G 
 FORM OF BILL OF SALE, ASSIGNMENT AND ASSUMPTION AGREEMENT 
 FOR VALUABLE CONSIDERATION, receipt and
adequacy of which is hereby acknowledged, as of the date hereof (the “Effective Date”), the undersigned, Met Park North IV, L.L.C. a Delaware limited liability company (“Assignor”), hereby sells, transfers,
assigns and conveys to                     , a
                    (“Assignee”), all right, title and interest of Assignor in and to the “Personal Property”, the
“Tenant Leases”, the “Contracts” and the “Intangible Property”, as each of the foregoing is defined in that certain agreement (“Purchase Agreement”) captioned “PURCHASE AGREEMENT”, dated as of
            , 2005, by and between Assignor and Assignee, providing for, among other things, the conveyance of the Personal Property, the Tenant Leases, the Contracts and the
Intangible Property. Unless otherwise defined herein, all terms used in a capitalized manner herein shall have the meaning set forth in the Purchase Agreement. 
 The covenants, agreements, representations, warranties, indemnities and limitations provided in the Purchase Agreement with respect to the property conveyed hereunder (including, without limitation, the limitations
provided in Sections 8, 9 and 11B of the Purchase Agreement), are hereby incorporated herein by this reference as if herein set out in full and shall inure to the benefit of and shall be binding upon Assignee and Assignor and their respective
successors and assigns. 
 Assignee hereby accepts the foregoing Bill of Sale, Assignment and Assumption and hereby agrees to assume and
discharge, in accordance with the terms thereof, all of the burdens and obligations of Assignor relating to the Personal Property, the Tenant Leases, the Contracts and the Intangible Property first arising and accruing on and after the Effective
Date. The foregoing assumption by Assignee shall not operate to release Assignor from the burdens and obligations of Assignor relating to the Personal Property, the Tenant Leases, the Contracts and the Intangible Property first arising and occurring
during Seller’s period of ownership of the Property. 
 The provisions of this instrument shall be binding upon and inure to the benefit
of Assignor and Assignee and their respective successors and assigns. 
 Said property is conveyed “as is” without warranty or
representation, except as expressly provided in (and subject to the limitations of) the Agreement. 
 [signatures on following page]

 IN WITNESS WHEREOF, Assignor and Assignee have executed this Bill of Sale, Assignment and Assumption as
of                         , 200  . 
 ASSIGNOR: 
 MET PARK NORTH IV, L.L.C., 
 a Delaware limited liability company 
  

	By:	Met Park North Mezz IV, L.L.C., 

	    	a Delaware limited liability company, 

	    	its Sole Member 

  

	 	By:	Walton Acquisition REOC Holdings IV, LLC, 

	 	    	a Delaware limited liability company, 

	 	    	its Sole Member 

  

	 	By:	Walton Street Real Estate Fund IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its Managing Member 

  

	 	By:	Walton Street Managers IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its General Partner 

  

	 	By:	WSC Managers IV, Inc., 

	 	    	a Delaware corporation, 

	 	    	its General Partner 

  

					
		 	By:	 	  

		 	Name:	 	Douglas J. Welker
		 	Title:	 	Vice President

  

	
	ASSIGNEE:
	  
                                       
                                        
              ,

	a                                      
                                        
            

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT H 
 FORM OF CERTIFICATE OF NON-FOREIGN STATUS 
 CERTIFICATION OF NON-FOREIGN STATUS 
 Section 1445 of the Internal Revenue Code provides that a transferee (buyer) of a U.S. real property interest must withhold tax if the transferor
(seller) is a foreign person. For U.S. tax purposes (including Section 1445), the owner of a disregarded entity (which has legal title to a U.S. real property interest under local law) will be the transferor of the property and not the
disregarded entity. To inform the transferee (buyer) that withholding of tax is not required upon the disposition of a U.S. real property interest by Walton Acquisition REOC Holdings IV, L.L.C. a Delaware limited liability company
(“Seller”), the undersigned hereby certifies the following on behalf of Seller: 
 1. Seller is not a foreign corporation,
foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations); 
 2. Seller is not a disregarded entity as defined in Section 1.1445-2(b)(2)(iii) of the Income Tax Regulations; 
 3.
Seller’s U. S. employer identification number is             ; and 
 4. Seller’s office address is: 
 c/o Walton Street Capital, L.L.C. 
 900 North Michigan Avenue, Suite 1900 
 Chicago, Illinois 60611 
 Seller understands that this certification may be disclosed to the Internal Revenue Service by the
transferee (buyer) and that any false statement contained herein could be punished by fine, imprisonment, or both. 
 [CONTINUED ON FOLLOWING
PAGE] 

 Under penalties of perjury, the undersigned declares that he has examined this certification and to the
best of his knowledge and belief it is true, correct and complete, and he further declares that he has the authority to sign this document on behalf of Seller. 
 Executed as of the         day of                     ,
200  . 
 SELLER: 
 Walton Acquisition
REOC Holdings IV, LLC, 
 a Delaware limited liability company, 
  

	By:	Walton Street Real Estate Fund IV, L.P., 

	    	a Delaware limited partnership, 

	    	its Managing Member 

  

	 	By:	Walton Street Managers IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its General Partner 

  

	 	By:	WSC Managers IV, Inc., 

	 	    	a Delaware corporation, 

	 	    	its General Partner 

  

					
		 	By:	 	  

		 	Name:	 	Douglas J. Welker
		 	Title:	 	Vice President

 EXHIBIT I 
 FORM OF NOTICE TO TENANTS 
 As of
            , 200   
  

			
	  
	 	
		
	  
 	 	 
		
	  
 	 	 
		
	 Attention:________________________________________________________________
	 	

  

	 	Re:	Your lease (“Lease”) for Suite             at  

	 	    	Metropolitan Park North, Seattle, Washington (the “Property”) 

 Dear Tenant: 
 We are
pleased to announce that, as of the date of this letter, Met Park North IV, L.L.C. a Delaware limited liability company (“Former Owner”), has sold its interest in the Property, the landlord’s interest in the Lease and the
current security deposit balance of $             under the Lease to             , a
             (“New Owner”); and New Owner has assumed and agreed to perform all of the landlord’s obligations under the Lease on and after such date.
Accordingly, all of your obligations under the Lease on and after such date (including your obligation to pay rent) shall be performable to and for the benefit of New Owner, and its successors and assigns; and all of the obligations of the landlord
under the Lease on and after such date shall be the binding obligations of New Owner, and its successors and assigns. 
 Unless and until you
are otherwise notified in writing by New Owner, the address of New Owner for all purposes under your Lease (including the giving of any notices provided for in your Lease) is as follows: 
  

					
		 	  
	 	
			
	  	 	  
 	 	  
			
	  	 	  
 	 	  
			
		 	Attention:______________________________________________________________	 	

 Until you are notified to the contrary by New Owner, the Property will be managed by
                    , and as in the past, your rental payment is due and payable on the first of each month. Except as otherwise notified by
New Owner, rent should be made payable to “                    ” and sent to the above address. 

 Please feel free to call
                     (            )
            -            , if you have any questions. 
 Very truly yours, 
 FORMER OWNER: 
 NEW OWNER: 
 MET PARK NORTH IV, L.L.C., 
 a Delaware limited liability company 
  

	By:	Met Park North Mezz IV, L.L.C., 

	    	a Delaware limited liability company, 

	    	its Sole Member 

  

	 	By:	Walton Acquisition REOC Holdings IV, LLC, 

	 	    	a Delaware limited liability company, 

	 	    	its Sole Member 

  

	 	By:	Walton Street Real Estate Fund IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its Managing Member 

  

	 	By:	Walton Street Managers IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its General Partner 

  

	 	By:	WSC Managers IV, Inc., 

	 	    	a Delaware corporation, 

	 	    	its General Partner 

  

					
		 	By:	 	  

		 	Name:	 	Douglas J. Welker
		 	Title:	 	Vice President

  

			
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT J 
 SELLER’S CLOSING CERTIFICATE 
 THIS CLOSING CERTIFICATE is made as of the
        day of                     , 200  , by Met Park North IV, L.L.C.
a Delaware limited liability company (“Seller”), to                 , a
                 (“Buyer”). 
 R E C I
T A L S : 
 A. Pursuant to that certain Purchase Agreement dated as of
                    , 2005 between Seller and Buyer (together with all amendments and addenda thereto, the “Agreement”),
Seller has agreed to sell to Buyer the Property (as defined in the Agreement). 
 B. The Agreement requires the delivery of this Closing
Certificate. 
 NOW THEREFORE, pursuant to the Agreement, Seller does hereby represent and warrant to Buyer that: 
 1. Except as specifically set forth below, each and all of the representations and warranties of Seller contained in Section 8B of the Agreement are
correct, in all material respects, as of the date hereof as if made on and as of the date hereof. 
 2. Exceptions: See Exhibit
“A” attached and made a part hereof. 
 This Certificate is subject to the terms and conditions of the Agreement (including all
limitations on liability and survival limitations contained therein). 
 [signature on following page] 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the day and year first above
written. 
 SELLER: 
 MET
PARK NORTH IV, L.L.C., 
 a Delaware limited liability company 
  

	By:	Met Park North Mezz IV, L.L.C., 

	    	a Delaware limited liability company, 

	    	its Sole Member 

  

	 	By:	Walton Acquisition REOC Holdings IV, LLC, 

	 	    	a Delaware limited liability company, 

	 	    	its Sole Member 

  

	 	By:	Walton Street Real Estate Fund IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its Managing Member 

  

	 	By:	Walton Street Managers IV, L.P., 

	 	    	a Delaware limited partnership, 

	 	    	its General Partner 

  

	 	By:	WSC Managers IV, Inc., 

	 	    	a Delaware corporation, 

	 	    	its General Partner 

  

					
		 	By:	 	  

		 	Name:	 	Douglas J. Welker
		 	Title:	 	Vice President

 EXHIBIT “A” 
 EXCEPTIONS TO SELLER’S REPRESENTATIONS AND WARRANTIES 
 [ADD EXCEPTIONS, INCLUDING SUBSTITUTION OF

 UPDATED EXHIBITS, IF APPROPRIATE] 

 EXHIBIT K 
 BUYER’S CLOSING CERTIFICATE 
 THIS CLOSING CERTIFICATE is made as of the
        day of                     , 200  , by
            , a              (“Buyer”), to Met Park North IV, L.L.C. a Delaware limited
liability company (“Seller”). 
 R E C I T A L S : 
 A. Pursuant to that certain Purchase Agreement dated as of
                        , 2005 between Seller and Buyer (together with all amendments and addenda thereto, the
“Agreement”), Seller has agreed to sell to Buyer the Property (as defined in the Agreement). 
 B. The Agreement requires
the delivery of this Closing Certificate. 
 NOW THEREFORE, pursuant to the Agreement, Buyer does hereby represent and warrant to Seller
that: 
 1. Except as specifically set forth below, each and all of the representations and warranties of Buyer contained in Section 8C
of the Agreement are correct, in all material respects, as of the date hereof as if made on and as of the date hereof. 
 Exceptions:
See Exhibit “A” attached and made a part hereof. 
 2. Buyer has had full access to and has (to Buyer’s satisfaction)
exercised its option to inspect and evaluate for potential purchase the Property and all files of Seller relating thereto which Buyer felt were important or material to Buyer. 
 3. Buyer has not relied upon and is not relying upon any document, representation or information provided to Buyer by Seller (except as expressly set
forth in the Agreement and the Closing Documents) or Seller’s agents. 
 4. Buyer acknowledges and confirms that Seller advised Buyer to
retain an attorney to review the Agreement, all related writings and closing documents and all due diligence matters (including the Title Report, the Updated Survey, the Contracts, the Tenant Leases and the Environmental Reports) and Buyer and its
attorneys have had the opportunity to review the Agreement, all related writings and closing documents, and all such due diligence matters. 

 5. BUYER HEREBY REAFFIRMS AND CONFIRMS THE PROVISIONS OF SECTION 9 OF THE AGREEMENT AS THOUGH
MADE AS OF THE DATE HEREOF AND THE PROVISIONS THEREOF ARE HEREBY INCORPORATED HEREIN AS IF SET FORTH IN FULL HEREIN. 
  

	
	  

	Buyer’s Initials

 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the day and year
first above written. 
  

			
	  
                                       
                                        
                                        
                  ,

	
	a                                      
                                        
                                        
                  
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
		 	“Buyer”

 EXHIBIT “A” 
 EXCEPTIONS TO BUYER’S REPRESENTATIONS AND WARRANTIES 

 EXHIBIT L 
 EXCEPTIONS TO SELLER’S REPRESENTATIONS AND WARRANTIES 
 None. 

 EXHIBIT M 
 LIST OF TENANT LEASES 
 [SEE ATTACHED] 

 EXHIBIT M-1 
 LIST OF SECURITY DEPOSITS 
  

				
	 Tenant Name
	  	Amount of Deposit
	 24 hour Fitness
	  	$	12,000
	 Subway Real Estate
	  	$	1,900
	 Reza’s Italian Café
	  	$	2,082
	 Jurga Martini, D.D.S
	  	$	8,358

 EXHIBIT N 
 LIST OF LITIGATION 
 None. 

 EXHIBIT O 
 LIST OF NON-COMPLIANCE NOTICES 
 None. 

 EXHIBIT P 
 LIST OF TENANT LEASE AND CONTRACT DEFAULTS 
 None. 

 EXHIBIT Q 
 LIST OF ENVIRONMENTAL REPORTS 
 Environmental Site Assessment, Metropolitan Park III, North Tower, 1220 Howell
Street, Seattle, Washington, dated August 31, 2005 and prepared by AllWest Environmental, Inc. 

 EXHIBIT R 
 LIST OF BELOW-MARKET PARKING FEES 
 [SEE ATTACHED] 

 EXHIBIT S 
 NORDSTROM ESTOPPEL FORM 
 January      , 2006 
 ELPF Met Park North, L.L.C. 
 c/o LaSalle Investment Management, Inc.

 200 East Randolph Drive 
 Chicago IL, 60601 
 Attention: Erick Paulson 
  

	 	Re:	Lease dated March 15, 2001, by and between Benaroya Capital Company, LLC, (“Landlord”), and Nordstrom, Inc (“Tenant”), covering approximately 135,855 square
feet (the “Premises”) in the real estate project located at 1220 Howell St., Seattle, WA 98101 (Metropolitan Park - North Tower) (the “Project”) (the “Lease”). 

 Ladies and Gentlemen: 
 The
undersigned, as Tenant, has been advised that the above described Lease may be assigned to you or your successors and assigns (“Buyer”) in connection with the proposed sale of the Project and, as an inducement therefor, we hereby certify
to Buyer and any prospective encumbrancers of the Project, including, without limitation, any lender of Buyer, together with such lender’s successors and assigns (“Lender”) the following: 
 1. Tenant is the tenant under the Lease and has unconditionally accepted possession of and now occupies the Premises pursuant to the terms of the Lease.
The Lease is in full force and effect and is the valid and binding obligation of Tenant, and rent payments thereunder have commenced. 
 2.
Any sums required to be paid by Landlord to Tenant in connection with the improvements (including, without limitation, any tenant allowance or rebate) have been paid in full with no exceptions. 
 3. As of the date hereof Landlord has performed all of its obligations under the Lease and neither Tenant nor, to Tenant’s knowledge, Landlord, is
currently in default under the Lease and, to Tenant’s knowledge, no event has occurred which with the giving of notice or passage of time would constitute such a default. 
 4. There have been no representations or promises made by Landlord to Tenant except as set forth in the Lease, and the Lease constitutes the entire
agreement between Landlord and Tenant and has not been modified, altered or amended (in writing or orally) except as follows: Building Entrance License Agreement (BELA) dated July 2, 2001, Storage Space Rental Agreement (SA) dated
August 22, 2001, Storage Space Rental Agreement (SA) dated August 22, 2001, First Amendment to Lease dated August 22, 2001, Antenna Site Lease Agreement (RA) dated April 6, 2004, Second Lease Amendment dated April 30, 2002.
Landlord has not provided financing for, or invested in, or obtained the right to invest in the business of Tenant, whether through the acquisition of warrants, shares, or otherwise. 

 5. Tenant is not currently a tenant in, and did not exercise its expansion option pursuant to
Section 44 of the Lease with respect to, the building located at 1100 Olive Way, Seattle, WA 98101 (Metropolitan Park - West Tower) or the building located at 1730 Minor Ave., Seattle, WA 98101 (Metropolitan Park - East Tower). 
 6. As of the date hereof, to Tenant’s knowledge there are no off-sets, defenses, claims, counterclaims, deductions, liens or credits against rentals
under the Lease or against the enforcement of (a) any right or remedy of Landlord under the Lease or (b) any duty or obligation of Tenant under the Lease. No rentals have been prepaid for more than one month in advance. 
 7. The Lease commenced on August 1, 2001, the Lease term expires on January 31, 2012 and there are two 5-year options exercisable in accordance
with the terms of the Lease. Except as provided in Section 42 of the Lease, Tenant has no purchase options or rights of first refusal to purchase the Project or any portion thereof, or any interest therein under the Lease or otherwise. Tenant
has no cancellation rights under the Lease. Tenant has no right of first refusal or first opportunity to lease or occupy additional space in the Property except as set forth in Section 42 of the Lease. Without limitation on the foregoing,
Tenant hereby acknowledges and agrees that its first opportunity to purchase the Project pursuant to Section 42 of the Lease does not apply to sale of the Project to Buyer because, pursuant to a letter dated November 28, 2005 to Landlord,
Tenant declined its opportunity to purchase the Project in response to Landlord’s notice to Tenant dated November 14, 2005, given pursuant to Section 42 of the Lease. The “Right of First Opportunity to Purchase the Building”
pursuant to Section 42 of the Lease shall not apply to any future transfers or sales by Buyer or its successors or assigns, and shall in no event apply to foreclosure of a mortgage or pledge of ownership interest to a third party or a
deed-in-lieu of foreclosure or deed-in-lieu of pledge agreement to a third party. 
 8. Tenant is the legal and equitable owner and holder of
the leasehold interest in the Lease and Tenant has not assigned, transferred or encumbered its interest under the Lease nor has Tenant sublet all or any portion of the Premises. 
 9. As of the date hereof, all base rental and other payments due under the Lease are current and the next base rental payment is due on
                        , 2006 in the amount of
$            . Currently, to Tenant’s knowledge, there is no free rental, rebates or other concessions due to Tenant under the Lease. 
 10. Additional rent for operating, maintenance, repair expenses, property taxes and assessments and other such expenses and charges (collectively, the
“Operating Expenses”) is payable as provided in the Lease. Tenant is required to pay its pro-rata share of all Operating Expenses. The next payment of Operating Expenses is due on
                        , 2006 in the amount of
$            . Except with respect to the amount, if any, which may be owed to Tenant in connection with the reconciliation of Operating Expenses for calendar year 2005, to
Tenant’s knowledge, Tenant is not entitled to any refund or reimbursement of any Operating Expenses previously paid by Tenant. 

 11. Landlord holds a security deposit pursuant to the Lease in the amount of $0.00. Landlord also holds
other deposits in the amount of $0.00. 
 12. To Tenant’s knowledge the Premises are in good order and condition, reasonable wear and
tear excepted. 
 13. There are no pending, or to Tenant’s best knowledge threatened, actions, voluntary or involuntary, against Tenant
under federal or state bankruptcy or insolvency laws, nor is Tenant the subject of any receivership, reorganization, assignment for the benefit of creditors or other similar proceedings. 
 14. The undersigned individual executing this letter on behalf of Tenant represents and warrants that he or she is duly authorized to execute and deliver
this letter on Tenant’s behalf. 
 15. Tenant’s current address for notices under the Lease is as follows: 
 1700 Seventh Avenue, Suite 1000 
 Seattle, Washington 98101-0097 
 Attention: Real Estate Notices 
 Phone: 206-303-4416 
 Fax: 206-303-4419 
 Tenant shall have no liability for damages to Landlord, Lender or their successors or assigns arising out of any intentional
inaccuracy or omissions of information in or from this certificate, but Tenant shall be estopped from taking a position against Landlord, Lender and their successors and assigns that is inconsistent with the statements made in this certificate.

  

			
	Very truly yours,
		
	By:	 	David G. Johansen
	Its:	 	Divisional Vice President & Counsel

 EXHIBIT S-1 
 24 HOUR FITNESS ESTOPPEL FORM 
 January     , 2006 
 ELPF Met Park North, L.L.C. 
 c/o LaSalle Investment Management, Inc.

 200 East Randolph Drive 
 Chicago IL, 60601 
 Attention: Erick Paulson 
  

	 	Re:	Lease dated April 21, 1999, by and between Benaroya Capital Company, LLC, (“Landlord”), and 24-Hour Fitness USA, Inc (“Tenant”), covering approximately
37,904 square feet (the “Premises”) in the real estate project located at 1220 Howell St., Seattle, WA 98101 (Metropolitan Park - North Tower) (the “Project”) (the “Lease”). 

 Ladies and Gentlemen: 
 The undersigned, as Tenant, has been
advised that the above described Lease may be assigned to you or your successors and assigns (“Buyer”) in connection with the proposed sale of the Project and, as an inducement therefor, we hereby certify to Buyer and any prospective
encumbrancers of the Project, including, without limitation, any lender of Buyer, together with such lender’s successors and assigns (“Lender”) the following: 
 1. Tenant is the tenant under the Lease and has accepted possession of and now occupies the Premises pursuant to the terms of the Lease. The Lease is in
full force and effect and is the valid and binding obligation of Tenant, and rent payments thereunder have commenced. 
 2. To Tenant’s
actual knowledge, as of the date hereof, all improvements, alterations and space required to be furnished according to the Lease have been completed to the satisfaction of Tenant. To Tenant’s actual knowledge, as of the date hereof, any sums
required to be paid by Landlord to Tenant in connection with the improvements (including, without limitation, any tenant allowance or rebate) have been paid in full with no exceptions. To Tenant’s actual knowledge, as of the date hereof, all
other conditions precedent to the commencement of the term of the Lease have been satisfied. To Tenant’s actual knowledge, as of the date hereof, the Premises comply with all warranties made by Landlord in the Lease. 
 3. As of the date hereof, to Tenant’s actual knowledge, Landlord has performed all of its obligations under the Lease and to Tenant’s actual
knowledge neither Tenant nor Landlord, is currently in default under the Lease and, to Tenant’s actual knowledge, no event has occurred which with the giving of notice or passage of time would constitute such a default. 
 4. There have been no representations or promises made by Landlord to Tenant except as set forth in the Lease, and the Lease constitutes the entire
agreement between Landlord and Tenant and has not been modified, altered or amended (in writing or orally) except as follows: First 

 
Amendment to Lease dated January 29, 2001, Amended and Restated First Amendment (A1) dated April 2, 2002, Second Lease Amendment dated
September 18, 2002, After-Hours Parking Letter (Letter) dated July 23, 2004. Landlord has not provided financing for, or invested in, or obtained the right to invest in the business of Tenant, whether through the acquisition of warrants,
shares, or otherwise. 
 5. To Tenant’s actual knowledge, as of the date hereof, there are no off-sets, defenses, claims, counterclaims,
deductions, liens or credits against rentals under the Lease or against the enforcement of (a) any right or remedy of Landlord under the Lease or (b) any duty or obligation of Tenant under the Lease. No rentals have been prepaid for more
than one month in advance except to the extent required by the Lease. Landlord has not agreed to assume the obligations of Tenant under any other lease in connection with Tenant entering into the Lease. 
 6. The Lease commenced on February 12, 2001, the Lease term expires on February 11, 2016 and there are no renewal or expansion options except
three 5-year options with 9 months notice at market rates. Tenant has no purchase options or rights of first refusal to purchase the Project or any portion thereof, or any interest therein under the Lease or otherwise. Tenant has no cancellation
rights (other than standard rights for damage, destruction, condemnation and the like) under the Lease except if Tenant ceases operation for more than six months, either party may terminate lease. The Termination fee includes: 9 months of rent and
additional rent, and all unamortized Tenant improvements at a 10% interest rate. Tenant has no right of first refusal or first opportunity to lease or occupy additional space in the Property. 
 7. Tenant is the legal and equitable owner and holder of the leasehold interest in the Lease and Tenant has not assigned, transferred or encumbered its
interest under the Lease nor has Tenant sublet all or any portion of the Premises. 
 8. As of the date hereof, all base rental and other
payments due under the Lease are current and the next base rental payment is due on                         , 2006 in the
amount of $            . There is no free rental, rebates or other concessions due to Tenant under the Lease. 
 9. Additional rent for operating, maintenance, repair expenses, property taxes and assessments and other such expenses and charges (collectively, the
“Operating Expenses”) is payable as provided in the Lease. Tenant is required to pay its pro-rata share of all Operating Expenses. The next payment of Operating Expenses is due on
                        , 2006 in the amount of
$            . Except with respect to the amount, if any, which may be owed to Tenant in connection with the reconciliation of Operating Expenses for calendar year 2005, Tenant is
not entitled to any refund or reimbursement of any Operating Expenses previously paid by Tenant. 
 10. Landlord holds a security deposit
pursuant to the Lease in the amount of $12,000.00. Landlord also holds other deposits in the amount of $0.00. 
 11. To Tenant’s actual
knowledge, as of the date hereof, the Premises are in good order and condition, reasonable wear and tear excepted. 
 12. There are no
pending, or to Tenant’s actual knowledge threatened, actions, voluntary or involuntary, against Tenant under federal or state bankruptcy or insolvency laws, nor is Tenant the subject of any receivership, reorganization, assignment for the
benefit of creditors or other similar proceedings. 

 13. This letter shall inure to the benefit of Buyer, Buyer’s designee or nominee, Buyer’s
Lender and their respective successors and assigns and shall be binding upon Tenant and Tenant’s heirs, personal representatives, successors and assigns. 
 14. The undersigned individual executing this letter on behalf of Tenant represents and warrants that he or she is duly authorized to execute and deliver this letter on Tenant’s behalf. 
 15. Tenant’s current address for notices under the Lease is as follows: 
 24 Hour Fitness USA, Inc. 
 12647 Alcosta Blvd., Suite 500 
 San Ramon, CA 94583 
 Attention: Property Management/Legal 
 Phone: (925) 543-3100 
 Fax:
(            ) 
 The above statements are made with the understanding
that Buyer and Buyer’s designee, nominee or lender will rely on them in connection with the above-mentioned acquisition. In the event of a conflict between this Estoppel Letter and the Lease, the terms of the Lease will prevail. Under no
circumstances is this Estoppel Letter intended to amend or modify the Lease. 
  

			
	Very truly yours,
	
	24 HOUR FITNESS USA, INC.
		
	By:	 	  

	Its:	 	  

 EXHIBIT S-2 
 FORM OF TENANT ESTOPPEL CERTIFICATE 
 The undersigned (“Tenant”), hereby states, certifies and
affirms the following with respect to the possible sale of the Property (as defined below) to ELPF MET PARK NORTH, L.L.C., a Delaware limited liability company, its successors or assigns (the “Purchaser”), and to
“Landlord” (as defined below), with the knowledge and intent that the Purchaser and Landlord shall rely hereon: 
  

	 	1.	The Tenant is the tenant under that certain lease dated
                                 (“Lease”), between
                (“Landlord”) and Tenant, whereby the Tenant leased approximately
             square feet located at 1220 Howell Street in the City of Seattle, situated in the County of King, State of Washington, and more particularly described in the Lease (the
“Leased Premises”). 

  

	 	2.	Attached to this Certificate as Exhibit A is a true, complete and correct copy of the Lease. The Lease has not been amended or modified in any respect whatsoever except for the
amendments or modifications attached hereto on Exhibit A attached hereto, if any, and constitutes the complete agreement between the Landlord and the Tenant with respect to the Leased Premises. The Lease is in full force and effect.

  

	 	3.	The minimum rent currently payable under the Lease is in the amount of $             per month which has been paid
through                         , 20    ; and except for the current month, no rent has been
paid in advance. Rental for the renewal term, if any, will be             , as set forth in the Lease. 

  

	 	4.	Tenant is required to pay             % of operating expenses of the Property’s real property taxes,
assessments and insurance costs. 

  

	 	5.	Tenant has no claims, counterclaims, defenses or setoffs against Landlord or to the payment of rent or other charges arising from the Lease or otherwise, nor is Tenant entitled to
any concession, rebate, allowance or free rent for any period after the date of this certification. 

  

	 	6.	All conditions to commencement of the Lease have been fulfilled. The Tenant has accepted and has been in possession of the Leased Premises since
                        ,         . The term of the Lease commenced on
                        ,         , and the current term shall expire on
                        , 20    . The Tenant has
             options to renew the Lease as follows: 

 ______________________________________________________________________________________________________________________________ 
 _____________________________________________________________________________________________________________________________. 

	 	7.	Tenant has no option, right of first refusal or otherwise to purchase the property or any portion thereof or any interest therein and the only interest of Tenant in the Property is
that of a tenant pursuant to the Lease. 

  

	 	8.	That all improvements and other work to be performed by Landlord as required under the Lease, if any, has been satisfactorily completed (including any repair or maintenance work
requested by the undersigned in the last ninety (90) days), and the Landlord is not required to contribute or pay any money with respect to any improvements to the Leased Premises. 

  

	 	9.	There is no event of default nor any fact or circumstance that, with the giving of notice or the passage of time or both, would constitute an event of default under the Lease by
either Landlord or Tenant. 

  

	 	10.	Tenant has paid to Landlord, and Landlord is holding on behalf of Tenant, a security deposit in the amount of $0.00. 

  

	 	11.	No actions, whether voluntary or otherwise, are pending against the undersigned under the bankruptcy laws of the United States or any state thereof. 

  

	 	12.	Neither the Lease nor the Leased Premises have been sublet, assigned, mortgaged or encumbered (in whole or in part) by Tenant. 

  

	 	13.	                     is the guarantor under the Lease

	 	    	(“Guarantor”). 

  

	 	14.	This certification shall be binding upon Tenant and shall inure to the benefit of Landlord, Purchaser and any lender (“Lender”) to Purchaser (or to Purchaser’s
owners), each of the respective successors and assigns of Landlord, Purchaser and Lender, and all parties claiming through or under such persons or any such successor or assign; and Tenant acknowledges that Purchaser is purchasing the Property in
reliance on this certification. 

 IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed as of
the        day of                     , 2006. 
 TENANT: 
  

	
	  

	  

  

					
	 By:
	 	  
	 	(SEAL)
	 Name:
	 	  
	 	
	 Title:
	 	  
	 	

 AGREEMENT OF GUARANTOR 
 The undersigned, being the guarantor of other surety of the obligation of Tenant under the Lease, does hereby ratify and affirm the obligations of the
undersigned as such guarantor and other surety of such obligations of the undersigned as such guarantor or surety are binding and enforceable against the undersigned and that the guaranty set forth in or attached to the Lease is in full force and
effect in accordance with its terms as of the date hereof. 
  

			
	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 EXHIBIT A TO TENANT ESTOPPEL CERTIFICATE 
 [ATTACHED IS A LEGIBLE, TRUE, CORRECT AND 
 COMPLETE COPY OF THE ORIGINAL LEASE AND ALL

 AMENDMENTS AND MODIFICATIONS TO THE LEASE.] 

 SCHEDULE 1 
 OUTSTANDING CAPITAL EXPENSES, TENANT IMPROVEMENTS, 
 LEASING COMMISSION OBLIGATIONS AND OTHER
LEASING COSTS 
 None.Exhibit 10.1

                            STOCK PURCHASE AGREEMENT

      This STOCK PURCHASE AGREEMENT (this "Agreement"), is entered as of April
3, 2006, by and among Energy Venture, Inc., a Delaware corporation
("Purchaser"), ABC Funding, Inc., a Nevada corporation (the "Company"), Harold
Barson (the "Primary Seller") and the Sellers (as such term is defined below).

                                    RECITALS

      A. The Primary Seller owns nine million one hundred sixty thousand
(9,160,000) shares of common stock of the Company (the "Common Stock"); and

      B. The Purchaser desires to purchase nine million four hundred sixty-eight
thousand (9,468,000) shares of Common Stock from the Primary Seller and certain
other shareholders of the Company (the "Other Sellers," collectively with the
Primary Seller, the "Sellers"), on the terms and conditions set forth herein.

      NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

      1.1 Definitions. (a) As used in this Agreement, the following defined
terms shall have the meanings indicated below:

      "Affiliate" means, as applied to any person, any other person directly or
indirectly controlling, controlled by, or under common control with, that
person. For purposes of this definition control (including with correlative
meanings, the terms "controlling", "controlled by", and "under common control
with") as applied to any person, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of
that person or entity, whether through the ownership of voting securities, by
contract, or otherwise.

      "Assets and Properties" of any person means all assets and properties of
every kind, nature, character and description (whether real, personal or mixed,
whether tangible or intangible, whether absolute, accrued, contingent, fixed or
otherwise and wherever situated), including, without limitation, the goodwill
related to any of the foregoing, operated, owned or leased by or in the
possession of such person.

      "Books and Records" of any person means all files, documents, instruments,
papers, books and records relating to the business, operations, condition of
(financial or other), results of operations and assets and properties of such
person, including, without limitation, financial statements, Tax Returns and
related work papers and letters from accountants, budgets, pricing guidelines,

                                       1
<PAGE>

                                                                    Exhibit 10.1

ledgers, journals, deeds, title policies, minute books, stock certificates and
books, stock transfer ledgers, Contracts, licenses, customer and subscription
lists, computer files and programs, retrieval programs, editorial files,
operating data and plans and environmental studies and plans

      "Code" means the Internal Revenue Code of 1986, as amended.

      "Contract" means any agreement, lease, evidence of indebtedness, mortgage,
indenture, security agreement or other contract (whether written or oral).

      "Environmental Law" means any and all federal, state, local, provincial
and foreign, civil and criminal laws, statutes, ordinances, orders, common law,
codes, rules, regulations, Environmental Permits, policies, guidance documents,
judgments, decrees, injunctions, or agreements with any Governmental or
Regulatory Authority, relating to the protection of health and the Environment,
worker health and safety, and/or governing the handling, use, generation,
treatment, storage, transportation, disposal, manufacture, distribution,
formulation, packaging, labeling, or Release of Hazardous Materials, whether now
existing or subsequently amended or enacted, including but not limited to: the
Clean Air Act, 42 U.S.C. 7401 et seq.; the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, 42 U.S.C. 9601 et seq.; the Federal
Water Pollution Control Act, 33 U.S.C. 1251 et seq.; the Hazardous Material
Transportation Act 49 U.S.C. 1801 et seq.; the Federal Insecticide, Fungicide
and Rodenticide Act 7 U.S.C. 136 et seq.; the Resource Conservation and Recovery
Act of 1976, 42 U.S.C. 6901 et seq.; the Toxic Substances Control Act, 15 U.S.C.
2601 et seq.; the Occupational Safety & Health Act of 1970, 29 U.S.C. 651 et
seq.; the Oil Pollution Act of 1990, 33 U.S.C. 2701 et seq.; and the state
analogies thereto, all as amended or superseded from time to time; and any
common law doctrine, including but not limited to, negligence, nuisance,
trespass, personal injury, or property damage related to or arising out of the
presence, Release, or exposure to a Hazardous Material.

      "Environmental Permit" means any federal, state, local, provincial, or
foreign permits, licenses, approvals, consents or authorizations required by any
Governmental or Regulatory Authority under or in connection with any
Environmental Law and includes any and all orders, consent orders or binding
agreements issued or entered into by a Governmental or Regulatory Authority
under any applicable Environmental Law.

      "Executing Sellers" means the Primary Seller together with the other
Sellers who have executed this Agreement.

      "GAAP" means generally accepted accounting principles as currently in
effect in the United States and applied in a consistent manner.

      "Governmental or Regulatory Authority" means any court, tribunal,
arbitrator, authority, agency, commission, official or other instrumentality of
the United States, any foreign country or any domestic or foreign state, county,
city or other political subdivision.

                                       2
<PAGE>

                                                                    Exhibit 10.1

      "Hazardous Material" means petroleum, petroleum hydrocarbons or petroleum
products, petroleum by-products, radioactive materials, asbestos or
asbestos-containing materials, gasoline, diesel fuel, pesticides, radon, urea
formaldehyde, lead or lead-containing materials, polychlorinated biphenyls; and
any other chemicals, materials, substances or wastes in any amount or
concentration which are now or hereafter become defined as or included in the
definition of "hazardous substances", "hazardous materials", "hazardous wastes",
"extremely hazardous wastes", "restricted hazardous wastes", "toxic substances",
toxic pollutants", "pollutants", "regulated substances", "solid wastes", or
"contaminants" or words of similar import, under any Environmental Law.

      "Indemnified Party" means any person claiming indemnification under any
provision of Article IX.

      "Indemnifying Party" means any person against whom a claim for
indemnification is being asserted under any provisions of Article IX.

      "Post-Closing Period" means any taxable period or portion thereof
beginning after the Closing Date or, as the context may require, all such
periods. If a taxable period begins on or before the Closing Date and ends after
the Closing Date, then the portion of the taxable period that begins on the day
following the Closing Date shall constitute a Post-Closing Period.

      "Pre-Closing Period" means any taxable period or portion thereof ending on
or before the Closing Date or, as the context may require, all such periods. If
a taxable period begins on or before the Closing Date and ends after the Closing
Date, then the portion of the taxable period to the end of the Closing Date
shall constitute a Pre-Closing Period.

      "Release" means any spilling, leaking, pumping, pouring, emitting,
emptying, discharging, injecting, escaping, leaching, dumping, or disposing of a
Hazardous Material into the Environment.

      "Taxes" means all taxes, including without limitation all federal, state,
local, foreign and other income, franchise, sales, use, Transfer Taxes, payroll,
withholding, environmental, alternative or add-on minimum and other taxes,
assessments, charges, duties, fees, levies or other governmental charges of any
kind whatsoever, and all estimated taxes, deficiency assessments, additions to
tax, penalties, and interest, and any contractual or other obligation to
indemnify or reimburse any person with respect to any such assessment.

      "Tax Return" means any report, statement, return, declaration of estimated
tax or other information required to be supplied by or on behalf any person to a
taxing authority in connection with Taxes, or with respect to grants of tax
exemption, including any consolidated, combined, unitary, joint or other return
filed by any person that properly includes the income, deductions or other tax
information concerning any person.

      (b) Unless the context of this Agreement otherwise requires: (i) words of
any gender include each other gender; (ii) words using the singular or plural
number also include the plural or singular number, respectively; (iii) the terms
hereof, herein, hereby, hereto and derivative or similar words refer to this

                                       3
<PAGE>

                                                                    Exhibit 10.1

entire Agreement; and (iv) the terms Article or Section refer to the specified
Article or Section of this Agreement. All accounting terms used herein and not
expressly defined herein shall have the meanings given to them under GAAP.

                                   ARTICLE II

                         PURCHASE AND SALE OF THE SHARES

      2.1 Purchase and Sale of the Shares. On the terms and subject to the
conditions set forth in this Agreement, at the Closing, the Primary Seller shall
sell, transfer, convey, assign and deliver to the Purchaser, and cause the Other
Sellers to, and the Other Sellers shall, sell, transfer, convey, assign and
deliver to the Purchaser, and the Purchaser will purchase from the Sellers, free
and clear of all liens, pledges, encumbrances, charges, restrictions on
transfer, agreements or claims, all of the Sellers' right, title and interest in
and to an aggregate of nine million four hundred sixty eight thousand shares of
the Common Stock of the Company (the "Subject Shares"). The Sellers will include
the shareholders of the Company set forth on Exhibit A and each Seller will
sell, transfer, convey, assign and deliver to the Purchaser the shares of Common
Stock set forth opposite such Seller's name on Exhibit A, including such shares
that have been registered for sale under the Securities Act of 1933, as amended
(the "Securities Act"), as indicated on Exhibit A.

      2.2 Purchase Price. The aggregate purchase price (the "Purchase Price")
for the Subject Shares shall be Five hundred thousand dollars ($500,000), of
which $25,000 (the "Downpayment") shall be deposited by Purchaser into escrow
with Eaton & Van Winkle (the "Escrow Agent") simultaneously with the execution
of this Agreement.

      2.3 Closing. Subject to the provisions of this Agreement, the consummation
of the transactions contemplated by this Agreement (the "Closing") shall be held
at the offices of Eaton & Van Winkle LLP, 3 Park Avenue, New York, New York at
10:00 A.M. (New York, New York time), on April 5, 2006, or at such other date,
place or time as the parties shall otherwise mutually agree upon (the date of
the Closing being referred to herein as the "Closing Date") or in the absence of
such agreement on such date as Purchaser shall advise the Seller on no less than
three business days notice. All Closing transactions shall be deemed to take
place simultaneously, and no Closing transaction shall be deemed consummated
until all transactions to take place at the Closing have been consummated.

      2.4 Closing Deliveries. At the Closing, the Purchaser will pay each Seller
the portion of the Purchase Price allocable to the Subject Shares being
transferred by such Seller by check, subject to collection, or by wire transfer
of immediately available funds to such bank and account therein as each Seller
may reasonably direct by written notice delivered to the Purchaser at least two
(2) Business Days before the Closing Date. Simultaneously, each of the Sellers
will deliver or cause to be delivered to the Purchaser stock certificates
evidencing the Subject Shares to be sold by such Seller, duly endorsed in blank

                                       4
<PAGE>

                                                                    Exhibit 10.1

or accompanied by stock powers duly executed in blank, and the Company will
deliver or cause to be delivered to the Purchaser the minute books, stock
transfer books and corporate seal of the Company. At the Closing, there shall
also be delivered to Seller and Purchaser the certificates and other documents
and instruments required to be delivered under Article IX.

      2.5 Further Assurances; Post-Closing Cooperation. At any time or from time
to time after the Closing, at the Purchaser's request and without further
consideration other than reimbursement of reasonable expenses, the Sellers shall
execute and deliver to the Purchaser such other instruments of sale, transfer,
conveyance, assignment and confirmation, provide such materials and information
and take such other actions as the Purchaser may reasonably deem necessary or
desirable in order more effectively to transfer, convey and assign to the
Purchaser, and to confirm the Purchaser's title to, all of the Shares, and, to
the fullest extent permitted by Law, to assist the Purchaser in exercising all
rights with respect to the Shares.

                                   ARTICLE III

        REPRESENTATIONS AND WARRANTIES OF PRIMARY SELLER AND THE COMPANY

      The Executing Sellers and, by delivery of the certificates representing
their Subject Shares, each of the Other Sellers, represent and warrant to the
Purchaser, severally as to the matters set forth in Sections 3.1 through 3.3,
that the statements contained in this Article are correct and complete as of the
date hereof and will be correct and complete as of the Closing Date (as though
made then and as though the Closing Date were substituted for the date hereof
throughout this Article):

      3.1 Ownership of Subject Shares. (a) Each of the Sellers owns of record
and beneficially all of the Subject Shares set forth opposite such Seller's name
on Exhibit A hereto, free and clear of all liens, pledges, encumbrances,
charges, restrictions on transfer, agreements or claims, subscriptions, options,
warrants, calls, proxies, rights, commitments, restrictions or agreements of any
kind and has full power and legal right to sell, assign, transfer and deliver
the same. Such Seller is not a party to any voting trust, proxy or other
agreement with respect to any of the Subject Shares. Assuming the Purchaser has
the requisite power and authority to be the lawful owner of the Subject Shares,
upon delivery to the Purchaser of certificates representing the Subject Shares
(duly endorsed for transfer or with properly executed stock powers attached
thereto), and upon each of the Sellers receipt of his allocable portion of the
Purchase Price, good and valid title to the Subject Shares will pass to the
Purchaser, free and clear of all liens, pledges, encumbrances, charges,
restrictions on transfer, agreements or claims, subscriptions, options,
warrants, calls, proxies, rights, commitments, restrictions or agreements of any
kind.

      (b) All of the Subject Shares (i) are duly authorized, validly issued,
fully paid and non-assessable, (ii) were not issued in violation of any
preemptive or other rights, and (iii) were issued in compliance with all federal
and applicable state securities laws.

      (c) There are no outstanding offers, options, warrants, rights, calls,
commitments, obligations (verbal or written), conversion rights, plans or other
agreements (conditional or unconditional) of any character providing for,
requiring or permitting the offer, sale, purchase or issuance of any of the
Subject Shares owned by any Seller.

                                       5
<PAGE>

                                                                    Exhibit 10.1

      (d) None of the Sellers is party to any Contract, nor are the Subject
Shares subject to, or bound or affected by, any provision of the Company's
Articles of Incorporation, By-Laws or other corporate restriction, or any order,
judgment, decree, law, statute, ordinance, rule, regulation or other restriction
of any kind or character, which would, individually or in the aggregate,
adversely affect the Subject Shares.

      3.2 Due Execution and Delivery. Each of the Sellers signatory hereto has
full power and authority to execute, deliver and perform its obligations under
this Agreement and to consummate the transactions contemplated hereby. When
executed and delivered in the manner contemplated herein or confirmed by a
Seller by the delivery of the certificate representing his Subject Shares, this
Agreement will be duly and validly executed and delivered, or confirmed, by each
of the Sellers. This Agreement constitutes a valid and binding obligation of
each of the Sellers signatory hereto enforceable against each of them in
accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency or other similar laws affecting the enforcement of
creditor's rights generally.

      3.3 No Violation. The execution and delivery of this Agreement do not, and
the performance of this Agreement by each of the Sellers and the consummation by
each of the Sellers of the transactions contemplated hereby will not, with or
without the giving of notice and the lapse of time, or both, (a) violate any
provision of law, statute, rule, regulation or executive order to which any
Seller is subject; (b) violate any judgment, order, writ or decree of any court
applicable to any Seller; or (c) result in the breach of or conflict with any
term, covenant, condition or provision of, result in the modification or
termination of, constitute a default under, or result in the creation or
imposition of any lien, security interest, charge or encumbrance upon any Seller
pursuant to any corporate charter, by-law, commitment, contract or other
agreement or instrument, including any Contracts, to which any of the Sellers is
a party or by which any Seller or any Seller's Assets and Properties is or may
be bound or affected.

      The Executing Sellers, represent and warrant to the Purchaser, jointly and
severally as to the matters set forth in the remainder of this Article, that the
statements contained in the remainder of this Article are correct and complete
as of the date hereof and will be correct and complete as of the Closing Date
(as though made then and as though the Closing Date were substituted for the
date hereof throughout this Article):

      3.4 Organization, Good Standing, Power, Etc. The Company is a corporation
duly organized, validly existing and in good standing under the laws of Nevada.
The Company has all requisite corporate power and authority to (i) execute,
deliver and perform its obligations under this Agreement and to consummate the
transactions contemplated hereby and (ii) to own or lease and operate its
properties and assets, and carry on the business as it is presently being
conducted.

      3.5 Capital Stock.

                                       6
<PAGE>

                                                                    Exhibit 10.1

      (a) The Company has authorized capital stock consisting of (i) twenty four
million (24,000,000) shares of common stock, par value $.001 per share (the
"Common Stock"), of which ten million (10,000,000) shares are issued and
outstanding, and (ii) one million (1,000,000) shares of preferred stock, par
value $.001 per share, none of which are issued or outstanding.

      (b) All of the outstanding shares of Common Stock (i) are duly authorized,
validly issued, fully paid and non-assessable, (ii) were not issued in violation
of any preemptive or other rights, and (iii) were issued in compliance with all
federal and applicable state securities laws.

      (c) There are no outstanding offers, options, warrants, rights, calls,
commitments, obligations (verbal or written), conversion rights, plans or other
agreements (conditional or unconditional) of any character providing for,
requiring or permitting the offer, sale, purchase or issuance by the Company of
any shares of capital stock of the Company or any other securities (as such term
is defined in the Securities Act). There are no equity securities of the Company
that are reserved for issuance or are outstanding.

      (d) The Company is not a party to any voting trust, proxy or other
agreement with respect to any capital stock of the Company.

      3.6. Subsidiaries, Divisions and Affiliates. The Company does not
presently own or control, directly or indirectly, any interest in any other
corporation, partnership, trust, joint venture, association or other entity.

      3.7 Authorization of Agreement. The execution, delivery and performance of
this Agreement by the Company has been duly authorized, no other corporate or
other action being necessary, and this Agreement, when executed and delivered in
the manner contemplated herein, will be duly and validly executed and delivered
by the Company. This Agreement constitutes a valid and binding obligation of the
Company enforceable against it in accordance with its terms, except as such
enforcement may be limited by bankruptcy, insolvency or other similar laws
affecting the enforcement of creditor's rights generally.

      3.8 No Violation. The execution and delivery of this Agreement do not, and
the performance of this Agreement by the Company and the consummation by the
Company of the transactions contemplated hereby will not, with or without the
giving of notice and the lapse of time, or both, (a) violate any provision of
law, statute, rule, regulation or executive order to which the Company is
subject; (b) violate any judgment, order, writ or decree of any court applicable
to the Company; or (c) result in the breach of or conflict with any term,
covenant, condition or provision of, result in the modification or termination
of, constitute a default under, or result in the creation or imposition of any
lien, security interest, charge or encumbrance upon the Company's Assets and
Properties pursuant to any corporate charter, by-law, commitment, contract or
other agreement or instrument, including any Contracts, to which the Company is
a party or by which the Company or any of the Company's Assets and Properties is
or may be bound or affected or from which the Company derives benefit.

                                       7
<PAGE>

                                                                    Exhibit 10.1

      3.9 Restrictions. The Company is not a party to any Contract, nor is the
Company, the outstanding shares of Common Stock or any of the Company's Assets
and Properties subject to, or bound or affected by, any provision of the
Company's Articles of Incorporation, By-Laws or other corporate restriction, or
any order, judgment, decree, law, statute, ordinance, rule, regulation or other
restriction of any kind or character, which would, individually or in the
aggregate, materially adversely affect the Company's Assets and Properties.

      3.10 Governmental Consents. No consent, approval, order or authorization
of, or registration, qualification, designation, declaration or filing with, any
federal, states or local governmental authority is required on the part of the
Company or any Seller in order to enable the Sellers or the Company to execute,
deliver and perform their respective obligations under this Agreement, except
for such qualifications or filings under applicable securities laws as may be
required in connection with the transactions contemplated by this Agreement. All
such qualifications and filings will, in the case of qualifications, be
effective on the Closing and will, in the case of filings, be made within the
time prescribed by Law.

      3.11 Commission Filings and Financial Statements. (a) The Company has
filed all forms, reports and documents (the "SEC Documents") required to be
filed with the Securities and Exchange Commission (the "Commission") pursuant to
the Securities At of 1933, as amended (the "Securities Act") or the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), as the case may be, and
the rules and regulations of the Commission thereunder since December 7, 2004
through the date of this Agreement. As of their respective filing dates, the SEC
Documents complied in all material respects with the requirements of the
Securities Act or the Exchange Act, as the case may be, and the rules and
regulations of the Commission thereunder applicable to such SEC Documents, and
none of the SEC Documents contained any untrue statement of a material fact or
omitted to state a material fact required to stated therein or necessary in
order to make statements therein, in light of the circumstances under which they
were made, not misleading. As of their respective filing dates, the financial
statements of the Company included in the SEC Documents complied as to form in
all material respects with the applicable accounting requirements and the rules
and regulations of the Commission thereunder and were prepared in accordance
with GAAP and fairly presented, in all material respects, the financial position
of the Company as at the dates thereof and the results of operations and cash
flows of the Company for the periods then ended (subject, in the case of
unaudited statements, to normal, recurring audit adjustments not material in
scope or amount).

      (b) The shares included under the column "Number of Registered Shares to
be Sold" are the subject of the Company's registration statement with the SEC
No. 333-121070 (the "Registration Statement."). The Registration Statement has
been declared effective by the SEC and neither the SEC nor, to the best of the
Company's knowledge, any state regulatory authority has issued, or threatened to
issue, any order preventing or suspending the use of the Registration Statement
or the prospectus contained therein or has instituted or, to the best of the
Company's knowledge, threatened to institute any proceedings with respect to
such an order.

      3.12 Absence of Changes. Since December 31, 2005, there has not been (i)
any material adverse change in the business, Assets and Properties or financial
condition of the Company, (ii) any transaction that is material to the Company,

                                       8
<PAGE>

                                                                    Exhibit 10.1

except transactions entered into in the ordinary course of business, (iii) any
obligations, direct or contingent, that is material to the Company incurred by
the Company, except obligations incurred in the ordinary course of business,
(iv) any change in the capital stock or outstanding indebtedness of the Company
that is material to the Company, (v) any dividend or distribution of any kind
declared, paid or made on the capital stock of the Company, or (vi) any loss or
damage (whether or not insured) to the property of the Company which has been
sustained or will have been sustained which has a material adverse effect on the
business, Assets and Properties or financial condition of the Company.

      3.13 Title to Assets and Properties. The Assets and Properties the Company
owns are owned by the Company free and clear of all mortgages, deeds of trust,
liens, encumbrances and security interests except for statutory liens for the
payment of current taxes that are not yet delinquent and liens, encumbrances and
security interests which arise in the ordinary course of business and which do
not affect material Assets and Properties of the Company. With respect to Assets
and Properties the Company leases, the Company is in material compliance with
such leases.

      3.14 Insurance. All insurance policies owned or maintained by the Company
which provide coverage for the Assets and Properties of the Company are listed
on Schedule 3.14. All of the Assets and Properties of the Company which are
insurable are insured under valid and enforceable policies, and the Company is
not in default of any obligation under any such policy.

      3.15 Contracts. Except as set forth on Schedule 3.15 hereto, the Company
is not a party to, nor are any of its Assets and Properties bound by, any
Contracts.

      3.16 Compliance with Laws. The Company is not in violation or default of
any provisions of its Articles of Incorporation or Bylaws, both as amended, and
to the knowledge of the Primary Seller or the Company, except for any violations
that individually or in the aggregate would have no material adverse impact on
the Company or its Assets and Properties, the Company is in compliance with all
applicable statutes, laws, regulations and executive orders of the United States
and all states or other governmental bodies and agencies having jurisdiction
over the Company's business or Assets and Properties. The Company has not
received any notice of any violation of any such statute, law, regulation, or
order which has not been remedied prior to the date hereof. The execution,
delivery and performance of this Agreement and the consummation of the
transactions contemplated hereby will not result in any such violation or breach
or, with or without the passage of time or the giving of notice or both, the
Company's Articles of Incorporation or Bylaws, any judgment, order or decree of
any court or arbitrator to which the Company is a party or is subject, any
Contract of the Company that is material to the Company's business, or, to the
knowledge of the Primary Seller or the Company, a violation of any statute, law,
regulation or order or any event which results in the creation of any lien,
charge or encumbrance upon the Assets and Properties of the Company, except for
defaults and violations that individually or in the aggregate would have no
material adverse impact on the Company.

                                       9
<PAGE>

                                                                    Exhibit 10.1

      3.17 Litigation. There is no action, suit, proceeding, claim, arbitration
or investigation ("Litigation") pending, or to the knowledge of the Primary
Seller or the Company, currently threatened, against the Company, its
activities, Assets and Properties or, to the knowledge of the Primary Seller or
the Company, against any officer, director or employee of the Company in
connection with such officer's, director's or employee's relationship with, or
actions taken on behalf of, the Company, except for any such Litigation that
individually or in the aggregate would have not material adverse impact on the
Company.

      3.18 Books and Records. The Books and Records of the Company are in all
material respects complete, correct and up to date, with all necessary
signatures, and are in all material respects accurately reflected in the
Financial Statements.

      3.19 Employee Benefit Plans. Schedule 3.19 sets forth a correct and
complete list of each and every benefit plan, including but not limited to each
pension, profit sharing, welfare, stock bonus, stock option, stock appreciation,
bonus, deferred compensation, severance, change in control, stock purchase,
pay-to-stay or similar agreement or plan, individual employment agreement,
multiemployer plan, phantom stock, leave of absence, layoff, vacation, day or
dependent care, legal services, cafeteria, life, health, accident, disability,
workmen's compensation or other arrangement or policy, including but not limited
to any "employee benefit plan" within the meaning of Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), covering,
or which covered, current or former employees or consultants of the Company (the
"Employee Benefit Plans"), and except as described in Schedule 5.24 hereto, the
Company has no Employee Benefit Plans. No Employee Benefit Plan is a
multiemployer plan within the meaning of Section 3(37) of ERISA, nor a "defined
benefit plan" within the meaning of section 414(j) of the Code. No benefit under
any Employee Benefit Plan, including, without limitation, any severance or
parachute payment plan or agreement, will be established or become accelerated,
vested or payable by reason of any transaction contemplated under this
Agreement.

      3.20 Employees; Labor Relations. (a) Schedule 3.20 contains a list of the
names of all employees and consultants who are employed by or perform services
for the Company. All such individuals may be terminated as of the Closing date
with no further obligation to the Company.

      (b) Except as disclosed in Schedule 3.20, (i) no employee of the Company
is presently a member of a collective bargaining unit and, during the last five
years, the Company has not been involved in, and, to the knowledge of Primary
Seller and the Company, there are no threatened or contemplated attempts to
organize for collective bargaining purposes by any of the employees of the
Company and (ii) no unfair labor practice complaint or sex or age discrimination
claim has been brought during the last five years against the Company before the
National Labor Relations Board or any other Governmental or Regulatory
Authority. There has been no work stoppage, strike or other concerted action by
employees of the Company. The Company has complied in all material respects with
all applicable Laws relating to the employment of labor, including, without
limitation, those relating to wages, hours and collective bargaining.

                                       10
<PAGE>

                                                                    Exhibit 10.1

      3.21 Environmental Matters. (a) The Company is in compliance with all
material terms, limitations, restrictions, conditions, standards, prohibitions,
requirements, obligations, schedules and timetables contained in any applicable
Environmental Law or Environmental Permit.

      (b) No Hazardous Material has been used, handled, treated, generated,
stored, recycled, transported, disposed of or Released at, on, under or from any
property now owned or leased or formerly owned or leased by the Company, any
predecessor of the Company, or any entity previously owned by the Company.

      (c) No written notice, notification, demand, request for information,
citation, complaint, summons or order has been received by the Company, no
penalty has been assessed against the Company, and, to the knowledge of the
Primary Seller or the Company, no investigation or review is pending or,
threatened by any Governmental or Regulatory Authority with respect to: (i) any
alleged failure by the Company to have any Environmental Permit required in
connection with the conduct of its business; (ii) any use, handling, treatment,
generation, storage, recycling, transportation, disposal or Release of any
Hazardous Material by the Company; (iii) any Release of any Hazardous Material
generated by the Company; or (iv) any Release of any Hazardous Material at, on,
under or from any property now owned or leased or formerly owned or leased by
the Company.

      3.21 Taxes. (a) All Tax Returns required to have been filed on or before
the Closing Date by or with respect to the Company have been duly and timely
filed. Such Tax Returns, including amendments thereto, have been prepared in
good faith without negligence or willful misrepresentation and are true,
complete and accurate in all material respects. All Taxes owed by the Company
(whether or not shown on any Tax Return) have been paid, except those, if any,
currently being contested by the Company in good faith.

      (b) There are no agreements, waivers or other arrangements providing for
an extension of time with respect to the assessment of any Taxes or deficiency
against the Company or with respect to any Tax Return filed or to be filed by
the Company;

      (c) The Company has withheld and paid over all Taxes required to have been
withheld and paid over under applicable Law, and complied with all information
reporting and record-keeping requirements under applicable Law with respect to
any amounts paid or owing to any employee, creditor, independent contractor or
other third party.

      3.22 No Brokers or Finders. None of the Sellers or the Company nor any of
its officers, directors, employees, shareholders or affiliates has employed or
made any Contract with any person which obligates the Company or the Sellers or
any of their respective affiliates to pay any finder's fee, brokerage fees or
commission or similar payment in connection with the transactions contemplated
hereby

      3.22 Closing Date Net Worth. As of the Closing Date, immediately prior to
the consummation of the transaction contemplated hereby, the net worth of the
Company shall be no less than $-0- and there shall be no liability to the
Company arising as a result of the transaction contemplated hereby.

                                       11
<PAGE>

                                                                    Exhibit 10.1

      3.23 Other Information. None of the information which has been or may be
furnished by Seller or the Company or any of their representatives to Purchaser
or any of its representatives in connection with the transactions contemplated
hereby, which is contained in this Agreement (including the Exhibits and
Schedules hereto) or any certificate or instrument delivered or to be delivered
by or on behalf of Seller and the Company in connection with the transactions
contemplated hereby or thereby, does or will contain any untrue statement of a
material fact or omit a material fact necessary to make the information
contained herein or therein not misleading.

                                   ARTICLE IV

                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

      The Purchaser hereby represents and warrants to each of the Sellers and
the Company as follows, each of which representations and warranties shall be
true as of the Closing Date:

      4.1 Organization. The Purchaser is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware. The
Purchaser has all requisite corporate power and authority to execute, deliver
and perform its obligations under this Agreement and to consummate the
transactions contemplated hereby.

      4.2 Authorization of Agreement. The execution, delivery and performance of
this Agreement by the Purchaser, and the consummation of the transactions
contemplated hereby, have been duly and effectively authorized by the Board of
Directors of the Purchaser. This Agreement has been duly and validly authorized,
executed and delivered on behalf of the Purchaser. This Agreement constitutes a
valid and binding obligation of the Purchaser, enforceable in accordance with
its terms, except that such enforcement may be limited by bankruptcy, insolvency
or other similar laws affecting the enforcement of creditors, rights generally.

      4.3 No Violation. The execution, delivery and performance of this
Agreement by the Purchaser, and the consummation of the transactions
contemplated hereby, will not, with or without the giving or notice and the
lapse of time, or both, (a) violate any provision of law, statute, rule,
regulation or executive order to which the Purchaser is subject; (b) violate any
judgment, order, writ or decree of any court applicable to the Purchaser; or (c)
result in the breach of or conflict with any term, covenant, condition or
provision of the organizational documents of the Purchaser or any commitment,
contract or other agreement or instrument to which the Purchaser is a party.

      4.4 Litigation. To the knowledge of the Purchaser, there are no actions,
suits, proceedings or governmental investigations or inquiries pending or
threatened against it which, in its reasonable judgment, would prevent the
consummation of the transactions contemplated hereby.

                                       12
<PAGE>

                                                                    Exhibit 10.1

      4.5 No Activities. To date the Company has conducted no business
activities other than those related to its organization and initial capital
raise.

      4.6 Compliance with Securities Laws. All offers and sales of securities of
the Purchaser made by the Purchaser have been made in compliance with the
Securities Act and all applicable state securities or "Blue Sky" laws, and,
where applicable, the laws or regulations of foreign jurisdictions.

      4.7 No Brokers or Finders. Neither the Purchaser nor any of its officers,
directors, employees, shareholders or affiliates has employed or made any
Contract with any person which obligates the Company or the Sellers or any of
their respective affiliates to pay any finder's fee, brokerage fees or
commission or similar payment in connection with the transactions contemplated
hereby.

                                    ARTICLE V

                      COVENANTS OF SELLERS AND THE COMPANY

      Each of the Primary Seller and the Company hereby covenants and agrees
with the Purchaser that each of them shall do, or cause to be done, the
following:

      5.1 Conduct of Business Until Closing Date. From the date hereof until the
Closing, the Primary Seller shall:

      (a) operate, or cause to be operated, the business of the Company only in
the usual, regular and ordinary manner, and use his best efforts to preserve the
present business organization of the Company intact;

      (b) maintain, or cause the Company to maintain, the Books and Records and
accounts of the Company in the usual, regular and ordinary manner, on the basis
consistent with prior periods;

      (c) duly comply, and cause the Company to duly comply, with all laws,
rules and regulations applicable to the Company and to the conduct of its
business;

      (d) perform, or cause to be performed, all of the obligations of the
Company without default, unless such default is of no significance to the
Company and could have no adverse impact on the Company, its Assets and
Properties or the Business;

      (e) neither (i) amend the Company's Articles of Incorporation or By-Laws
or (ii) merge with or into, consolidate, amalgamate or otherwise combine with,
any other entity, or cause the Company to do any of the foregoing;

                                       13
<PAGE>

                                                                    Exhibit 10.1

      (f) not, with respect to the Company, nor permit the Company in its own
right to, encumber, mortgage or voluntarily subject to lien any of the Company's
existing Assets and Properties or the Subject Shares; and

      (g) not, with respect to the Company, nor permit the Company in its own
right to, (i) make any distributions or dividends of Assets and Properties or
securities, or any changes to the capital structure of the Company; or (ii)
agree to make or make any sales of the Company's securities including the
issuance of any additional capital stock or rights or options or contracts to
acquire, or instruments convertible into, Common Stock.

      5.2 Approvals, Consents and Further Assurances. Each of the Primary Seller
and the Company shall use its best efforts to obtain in writing as promptly as
possible all approvals, consents and waivers required in order to effectuate the
transactions contemplated hereby, and shall deliver to the Purchaser copies,
reasonably satisfactory in form and substance to counsel to the Purchaser, of
such approvals and consents.

      5.3 Access to Properties, Records, Suppliers, Agents, Etc. The Primary
Seller and the Company shall give to the Purchaser and to the Purchaser's
counsel, financiers, accountants and other representatives access to and copies
of such of the Company's Books and Records, Tax Returns, Contracts, commitments
and records as such relate to the Assets and Properties; and shall furnish to
the Purchaser and such representatives all such additional instruments,
contracts, documents or other written obligations (certified by officers of the
Company, if so requested) and financial and other information concerning such
business, Assets and Properties as the Purchaser or its representatives may from
time to time reasonably request.

      5.4 Advice of Changes. If any Executing Seller or the Company becomes
aware of any fact or facts which, if known at the date hereof, would have been
required to be set forth or disclosed in or pursuant to this Agreement or which,
individually or in the aggregate, could materially adversely affect the
Business, Assets and Properties or Common Stock of the Company, such person
shall promptly advise Purchaser in writing thereof.

      5.5 Conduct. Except as permitted or required hereby, neither any of the
Executing Sellers nor the Company shall enter into any transaction or take any
action which would result in any of the representations and warranties of Seller
or the Company contained in this Agreement or in any Operative Agreement not to
be true and correct as of the time immediately after such transaction has been
entered into or such event has occurred and on the Closing Date.

      5.6 Securities Compliance. Primary Seller and the Company shall file such
reports and other documents as may be required under the Securities Act and the
Securities Exchange Act of 1934 (the "Exchange Act") including such
Post-effective Amendments as may be necessary to maintain the effectiveness of
the Company's registration statement on Form SB-2 which includes a portion of
the Subject Shares.

      5.7 Satisfaction of Conditions by the Sellers. The Primary Seller hereby
covenants and agrees with the Purchaser that, between the date of this Agreement
and the Closing Date or date of termination of this Agreement, as the case may
be, the Primary Seller shall use its best efforts to assure that the conditions
set forth in Article IX hereof are satisfied by the Closing Date.

                                       14
<PAGE>

                                                                    Exhibit 10.1

      5.8 Exclusivity. The Primary Seller and the Company will not (and will not
cause or permit any of their employees, directors and officers to) solicit,
initiate, or encourage the submission of any proposal or offer from any person
relating to the acquisition of all or substantially all of the equity interests
or assets of any of the Company (including any acquisition structured as a
merger, consolidation, or share exchange); provided, however, that the Sellers
and their directors and officers will remain free to participate in any
discussions or negotiations regarding, furnish any information with respect to,
assist or participate in, or facilitate in any other manner any effort or
attempt by any Person to do or seek any of the foregoing to the extent that such
actions are consistent with their fiduciary duties.

      Each of the Primary Seller and the Company hereby covenants and agrees
with the Purchaser that each of them shall do, or cause to be done, the items
set forth below and that the covenants contained in the remainder of this
Article shall survive the Closing:

      5.9 Securities Filings. Subsequent to the Closing the Primary Seller shall
cooperate in the Company's efforts to file its Report on Form 8-k.

                                   ARTICLE VI

                           COVENANTS OF THE PURCHASER

      6.1 Satisfaction of Conditions by the Purchaser. The Purchaser hereby
covenants and agrees with each of the Sellers that, between the date of this
Agreement and the Closing Date or the date of termination of this Agreement, as
the case may be, the Purchaser shall use its best efforts to cause the
conditions set forth in Article X hereof to be satisfied by the Closing Date.

      6.2 Exit from Business. No later than ninety days after the Closing Date
the Purchaser shall cause the Company to cease to operate as a mortgage broker.
Further, the Purchaser shall cooperate and cause the Company to cooperate (at
the expense of Harold Barson) in the transfer to Harold Barson of such licenses,
telephone numbers and other assets of the Company, other than cash and cash
equivalents, used in the operation of the Company's mortgage brokerage business.

                                   ARTICLE VII

              CONDITIONS PRECEDENT TO THE OBLIGATIONS OF PURCHASER

      The obligations of the Purchaser pursuant to this Agreement are subject to
the satisfaction at the Closing of each of the following conditions, any or all
of which conditions may be waived by the Purchaser in its sole discretion:

                                       15
<PAGE>

                                                                    Exhibit 10.1

      7.1 Accuracy of Representations and Warranties. All representations and
warranties made by the Primary Seller or the Company (contained in this
Agreement, any Exhibit or Schedule hereto, or any certificate or instrument
delivered to the Purchaser or its representatives by the Primary Seller or the
Company or any of their representatives) shall be true on and as of the Closing
Date with the same force and effect as though made on and as of the Closing
Date.

      7.2 Performance of Agreements. The Primary Seller and the Company shall
have performed and complied with all covenants, obligations and agreements to be
performed or complied with by them on or before the Closing Date pursuant to
this Agreement.

      7.3 Approvals and Consents. The Primary Seller and the Company shall have
obtained, and the Purchaser shall have received copies of, all of the approvals
and consents referred to in Section 5.2, each of which approvals and consents
shall be in full force and effect and reasonably satisfactory in form and
substance to the Purchaser and its counsel.

      7.4 Officer's Certificate. The Purchaser shall have received an accurate
certificate of the Primary Seller, as Chief Executive Officer and majority
shareholder of the Company, dated the Closing Date, satisfactory in form and
substance to the Purchaser and its counsel, certifying (a) as to the fulfillment
of the matters specified in Sections 7.1 through 7.2, (b) any changes that the
Purchaser is required to be notified of pursuant to Section 5.4, or that
previously had not been disclosed to the Purchaser, and (c) stating, among other
things, that he is not aware of any material omissions or facts that would
materially alter any of the financial statements, nor is he aware of any facts
or factors that are reasonably likely to occur, or if known to other parties,
that could have a material adverse effect on the condition (financial and
otherwise), business, operations, Assets and Properties, liabilities, management
or prospects of the Company.

      7.5 Releases. The Company shall have received from each of the individuals
set forth on Exhibit 7.5 a release in form and substance satisfactory to the
Purchaser.

      7.6 Board of Directors. The Company shall have received from Jeffrey Brown
his resignation from the Board of Directors of the Company effective no later
than the Closing and the Company shall have adopted all resolutions necessary
such that effective the Closing the Company shall have a Board of Directors
consisting only of Harold Barson, Alan Gaines and Steve Barrenechea and such
officers as the new directors shall appoint. Unless otherwise requested, Mr.
Barson will resign from the Board at such time as the Company ceases to engage
in the mortgage brokerage business.

      7.7 Contracts. The Company shall be party to no contract and shall have no
liabilities other than those specifically approved by Purchaser.

                                       16
<PAGE>

                                                                    Exhibit 10.1

                                  ARTICLE VIII

                CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLER

      The obligations of the Sellers under this Agreement are subject to the
satisfaction at the Closing of each of the following conditions:

      8.1 Accuracy of Representations and Warranties. All representations and
warranties by the Purchaser in this Agreement shall be true as of the Closing
Date with the same force and effect as though made on and as of the Closing
Date.

      8.2 Performance of Agreements. The Purchaser shall have performed and
complied in all material respects with all covenants, obligations and agreements
to be performed or complied with by it on or before the Closing Date pursuant to
this Agreement.

      8.3 No Injunction. No third party injunction, stay or restraining order
shall be in effect prohibiting the consummation of the transactions contemplated
hereby.

      8.4 Lock-up. The Purchaser and the other parties that acquire any of the
Subject Shares shall enter into lock-up agreements in favor of the Company in
the form of Exhibit C.

                                   ARTICLE IX

           SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION

      9.1 Survival. The representations and warranties set forth in this
Agreement, in any Exhibit or Schedule hereto and in any certificate or
instrument delivered in connection herewith shall survive for a period of two
(2) years after the Closing Date and shall thereupon terminate and expire and
shall be of no force or effect thereafter, except (i) with respect to any claim,
written notice of which shall have been delivered to the Purchaser, on the one
hand, or the Sellers, on the other hand, as the case may be, such claim shall
survive the termination of such period and shall survive for as long as such
claim is unsettled, and (ii) with respect to any litigation which shall have
been commenced to resolve such claim on or prior to such date. Notwithstanding
the foregoing, with respect to Taxes, Employee Benefit Plans and any
environmental matters, the period shall be the applicable statute of limitations
plus sixty (60) days.

                                       17
<PAGE>

                                                                    Exhibit 10.1

      9.2. Indemnity. (a) The Primary Seller shall indemnify the Purchaser and
its shareholders, directors, officers, employees, successors and assigns
(individually, a "Purchaser Indemnified Party") and hold them harmless from,
against and in respect of any and all costs, losses, claims, liabilities, fines,
penalties, damages and expenses (including interest, court costs and reasonable
fees and disbursements of counsel; collectively "Damages") incurred by any of
them resulting from any misrepresentation, breach of warranty or non-fulfillment
of any covenant, agreement or obligation of the Sellers or the Company contained
in this Agreement (including without limitation any Exhibit or Schedule hereto
and any certificate or instrument delivered in connection herewith).
Notwithstanding the foregoing, each Seller shall indemnify the Purchaser for a
breach of any of the representations contained in Sections 3.1 through 3.3
insofar as such representations pertain to it and for the failure of such Seller
to deliver the shares ascribed to such Seller on Exhibit A. The indemnity
provided in the immediately preceding sentence, in the case of the failure of
any Seller to deliver his Subject Shares, shall be in addition to the indemnity
of the Primary Seller for the breach of his agreement to cause such Subject
Shares to be delivered in accordance with the terms hereof.

      (b) The Purchaser shall indemnify each of the Sellers (individually, a
"Seller Indemnified Party") and hold them harmless from, against and in respect
of any and all Damages incurred by any of them resulting from any
misrepresentation, breach of warranty or non-fulfillment of any covenant,
agreement or obligation of the Purchaser contained in this Agreement.

      9.3. Right to Contest Third Party Claims. If a claim under this Article is
based upon an asserted liability or obligation to a person not a party to this
Agreement (nor a permitted successor or assign of same) then the Indemnified
Party will give prompt written notice of any such claim to the Indemnifying
Party (the "Notice of Third Party Claim"). The Indemnifying Party receiving such
Notice of Third Party Claim may defend or settle such claims or actions at their
expense with counsel chosen and paid by them by giving written notice (the
"Election to Defend") to the Indemnified Party within thirty (30) days after the
date the Notice of Third Party Claim is deemed received; provided, however, that
the Indemnifying Party receiving the Notice of Third Party Claim may not settle
such claims or actions without the consent of the Indemnified Party, which
consent will not be unreasonably withheld; and, provided further, if the
defendants in any action include both the Indemnifying Party and the Indemnified
Party, and the Indemnified Party shall have reasonably concluded that counsel
selected by the Indemnifying Party has a conflict of interest because of the
availability of different defenses to the parties, the Indemnified Party shall
cooperate in the defense of such claim, but the Indemnified Party shall have the
right to its own counsel and to control its defense and shall be entitled to be
reimbursed for all costs and expenses incurred in such defense. In no event will

                                       18
<PAGE>

                                                                    Exhibit 10.1

the provisions of this Article reduce or lessen the obligations of the parties
under this Article, if prior to the expiration of the foregoing thirty (30) day
notice period, the Indemnified Party furnishing the Notice of Third Party Claim
responds to a third party claim if such action is reasonably required to
minimize damages or avoid a forfeiture or penalty or because of any requirements
imposed by law. If the Indemnifying Party receiving the Notice of Third Party
Claim does not duly give the Election to Defend as provided above, then it will
be deemed to have irrevocably waived its right to defend or settle such claims,
but it will have the right, at its expense, to attend, but not otherwise
participate in, proceedings with such third parties; and if Indemnifying Party
does duly give the Election to Defend, then the Indemnified Party giving the
Notice of Third Party Claim will have the right at its expense, to attend, but
not otherwise participate in, such proceedings. The parties to this Agreement
will not be entitled to dispute the amount of any Damages (including reasonable
attorney's fees and expenses) related to such third party claim resolved as
provided above. The Indemnifying Party will be subrogated to all rights of the
Indemnified Party.

      9.4 Subrogation. If any Indemnified Party receives payment or other
indemnification from any Indemnifying Party hereunder, the Indemnifying Party
shall be subrogated to the extent of such payment or indemnification to all
rights in respect of the subject matter of such claim to which the Indemnified
Party may be entitled, to institute appropriate action for the recovery thereof,
and the Indemnified Party agrees reasonably to assist and cooperate with the
Indemnifying Party at no expense to the Indemnified Party in enforcing such
rights; provided, however, that the rights provided hereby shall not be so
construed as to permit the Sellers (as Indemnifying Party) to claim over against
the Company in respect of any loss of the Purchaser (as Indemnified Party) that
is or may be the subject of a claim for indemnification hereunder.

                                    ARTICLE X

                                   TAX MATTERS

      10.1 Allocation of Certain Taxes.

      (a) If the Company is permitted but not required under applicable state,
local or federal income tax laws to treat the Closing Date as the last day of a
taxable period, then the parties shall cause the Company to treat that day as
the last day of a taxable period.

      (b) In the case of Taxes arising in a taxable period of the Company that
includes but does not end on the Closing Date, the allocation of such Taxes
between the Pre-Closing Period and the Post-Closing Period shall be made on the
basis of an interim closing of the books as of the end of the Closing Date. For
the avoidance of doubt, for purposes of this Section 12.1, any Tax resulting
from the transactions contemplated by this Agreement is attributable to the
Pre-Closing Period.

      (c) In the case of any Taxes attributable to any taxable period that
includes but does not end on the Closing Date, the portion of such Taxes
attributable to the Pre-Closing Period shall be the amount of such Taxes for the
entire taxable period, multiplied by a fraction the numerator of which is the
number of calendar days in such taxable period ending on and including the
Closing Date and the denominator of which is the entire number of calendar days
in such taxable period.

      10.2 Preparation and Filing of Tax Returns. The Purchaser shall file or
cause to be filed all Tax Returns of the Company that are required to be filed
after the Closing Date, including the Tax Returns for the taxable period ending

                                       19
<PAGE>

                                                                    Exhibit 10.1

on the Closing Date. The Company shall pay all Taxes shown to be due thereon,
and the Primary Seller shall reimburse the Company for all Taxes attributable to
the Pre-Closing Period required to be paid with Tax Returns filed by the
Purchaser.

      10.3 Tax Sharing Agreements. All Tax sharing agreements or similar
agreements, if any, with respect to or involving the Company shall be terminated
as of the Closing Date and, after the Closing Date, the Company shall not be
bound thereby or have any liability thereunder.

                                   ARTICLE XI

                                  MISCELLANEOUS

      11.1 Expenses. Except as and to the extent otherwise provided in this
Agreement, whether or not the transactions contemplated by this Agreement are
consummated, each of the Sellers, on the one hand, and the Purchaser, on the
other hand, shall each pay their own respective expenses and the fees and
expenses of their respective counsel and other experts.

      11.2 Termination; Remedies. (a) This Agreement may be terminated, and the
transactions contemplated hereby may be abandoned at any time before the
Closing, by mutual written consent of Purchaser and the Primary Seller.

            (b) Should Purchaser breach this Agreement or refuse or fail to
purchase the Subject Shares as provided herein, Sellers' sole remedy shall be to
receive the benefit of the Downpayment which shall be paid by the Escrow Agent
to the Company.

Should the Company or any of the Sellers breach this Agreement or refuse or fail
to sell the Subject Shares as provided herein, Purchaser shall have the right to
receive the return of the Downpayment and to seek such other remedies as may be
available at law or in equity.

      11.3 Waivers. No action taken pursuant to this Agreement, including any
investigation by or on behalf of any party, shall be deemed to constitute a
waiver by the party taking such action of compliance with any representation,
warranty, covenant or agreement contained herein or in any other documents. The
waiver by any party hereto of a breach of any provision of this Agreement shall
not operate or be construed as a waiver of any subsequent breach. Any party
hereto may, at or before the Closing, waive any conditions to its obligations
hereunder which are not fulfilled.

      11.4 Binding Effect; Benefits. This Agreement shall inure to the benefit
of the parties hereto and shall be binding upon the parties hereto and their
respective successors and assigns. Except as otherwise set forth herein, nothing
in this Agreement, expressed or implied, is intended to confer on any person
other than the parties hereto or their respective successors and assigns any
rights, remedies, obligations, or liabilities under or by reason of this
Agreement.

                                       20
<PAGE>

                                                                    Exhibit 10.1

      11.5 Assignment. No party to this Agreement may assign its rights or
obligations hereunder without the prior written consent of all of the other
parties; provided, however, that Purchaser may assign the right to purchase all
or any portion of the Subject Shares to one or more individuals and entities,
provided that any such assignment shall not relieve Purchaser of any obligation
hereunder.

      11.6 Notices. All notices, requests, demands and other communications
which are required to be or may be given under this Agreement shall be in
writing and shall be deemed to have been duly given when delivered in person,
upon receipt when transmitted by facsimile or telex (confirmed via one of the
other methods of serving a notice), one business day after deposit with a
nationally recognized overnight courier, and three business days after deposit
in a facility of the United States mails, if sent by certified or registered
first class mail, postage prepaid, return receipt requested, in each case to the
party to whom the same is to be given or made at the following address:

      If to the Purchaser, to:

      Energy Venture, Inc.
      c/o Eaton & Van Winkle LLP
      3 Park Avenue
      New York, New York 10016
      Attn: Vincent J. McGill, Esq.

      If to the Company or any Seller, to:

      ABC Funding, Inc.
      9160 South 300 West
      Sandy, Utah 84070
      Attn: Mr. Harold Barson, Chief Executive Officer

      11.7 Entire Agreement. This Agreement (including the Exhibits and
Schedules hereto) constitutes the entire agreement and supersedes all prior
agreements and understandings, oral and written, among the parties hereto with
respect to the subject matter hereof and supersede all prior agreements,
representations, warranties, statements, promises and understandings, whether
written or oral, with respect to the subject matter hereof. No party hereto
shall be bound by or charged with any written or oral arguments,
representations, warranties, statements, promises or understandings no
specifically set forth in this Agreement or in any Exhibit or Schedule hereto,
or in certificates and instruments to be delivered pursuant hereto on or before
the Closing.

      11.8 Headings; Certain Terms. The section and other headings contained in
this Agreement are for reference purposes only and shall not be deemed to be a
part of this Agreement or to affect the meaning or interpretation of this
Agreement. As used in this Agreement, the term "including" means "including, but
not limited to" unless otherwise specified; the word "or" means "and/or", and
the word "person" means and refers to any individual, corporation, trust,
partnership, joint venture, government or governmental authority, or any other
entity; and the plural and singular forms are used interchangeably.

                                       21
<PAGE>

                                                                    Exhibit 10.1

      11.9 Counterparts. This Agreement may be executed in any number of
counterparts, each of which when executed, shall be deemed to be an original and
all of which together shall be deemed to be one and the same instrument.

      11.10 Governing Law. This Agreement shall be construed in accordance with
the laws of the State of New York, without giving effect to the choice of law
principles thereof.

      11.11 Severability. If any term or provision of this Agreement shall to
any extent be invalid or unenforceable, the remainder of this Agreement shall
not be affected thereby, and each term and provision of the agreement shall be
valid and enforced to the fullest extent permitted by law.

      11.12 Amendments. This Agreement may not be modified or changed except by
an instrument or instruments in writing signed by the party or parties against
whom enforcement of any such modification or amendment is sought.

      11.14 Section References. All references contained in this Agreement to
any section number are references to sections of this Agreement unless otherwise
specifically stated.

      11.15 Press Releases. None of the Sellers shall issue any press release or
make any public announcement with respect to the subject matter of this
Agreement. Neither the Company nor the Purchaser shall issue any press release
or make any public announcement relating to the subject matter of this Agreement
without the prior written approval of the other; provided, however, that the
Purchaser and the Company may make any public disclosure it believes in good
faith is required by applicable law or any listing or trading agreement
concerning its publicly-traded securities (in which case the disclosing party
will use its reasonable best efforts to advise the other party prior to making
such disclosure).

                [The remainder of page intentionally left blank]

                                       22
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have signed this Agreement, or have
caused this Agreement to be signed in their respective names by an officer
thereunder duly authorized, on the date first above written.

                                              ENERGY VENTURE, INC.

                                              By: /s/ Alan Gaines
                                                  ------------------------------
                                              Name:  Alan Gaines
                                              Title: Chief Executive Officer

                                              ABC FUNDING, INC.

                                              By: /s/ Harold Barson
                                                  ------------------------------
                                              Name:  Harold Barson
                                              Title: Chief Executive Officer

                                              SELLERS:

                                              /s/ Harold Barson
                                              ----------------------------------
                                              Harold Barson

                                              ----------------------------------
                                              Jeffrey Brown

                                              ----------------------------------
                                              K. Ivan Gothner

                                              ----------------------------------
                                              Gary B. Wolff

                                              ----------------------------------
                                              R. Bret Jenkins

                                              ----------------------------------
                                              Kelly Trimble

                                       23
<PAGE>

                                                                       EXHIBIT A

                            SHARES TO BE TRANSFERRED

--------------------------------------------------------------------------------
Name of Seller                Number of Unregistered        Number of Registered
                              Shares to be Sold             Shares to be Sold
--------------------------------------------------------------------------------
Harold Barson                 7,812,000                         916,000
--------------------------------------------------------------------------------
Jacqueline Jacobs                                                 4,000
--------------------------------------------------------------------------------
Adrian David Van Os                                               4,000
--------------------------------------------------------------------------------
Jill Chapman                                                      4,000
--------------------------------------------------------------------------------
Sherrie Reynolds                                                  4,000
--------------------------------------------------------------------------------
Larry Coates                                                      4,000
--------------------------------------------------------------------------------
Jennifer Baich                                                    4,000
--------------------------------------------------------------------------------
Jeremy Jones                                                      4,000
--------------------------------------------------------------------------------
Jonathan Jones                                                    4,000
--------------------------------------------------------------------------------
Terry Brady                                                       4,000
--------------------------------------------------------------------------------
Robert Westenskow                                                 4,000
--------------------------------------------------------------------------------
Scott Hansen                                                      4,000
--------------------------------------------------------------------------------
Matt White                                                        4,000
--------------------------------------------------------------------------------
Scott Rowan                                                       4,000
--------------------------------------------------------------------------------
Bruce Jones                                                       4,000
--------------------------------------------------------------------------------
Klaus Langheinrich                                                4,000
--------------------------------------------------------------------------------
Dan Gehrig                                                        4,000
--------------------------------------------------------------------------------
Kent Pratt                                                        4,000
--------------------------------------------------------------------------------
Jolene James                                                      4,000
--------------------------------------------------------------------------------
K. Ivan Gothner                                                  24,250
--------------------------------------------------------------------------------
Gary B. Wolff                                                    34,250
--------------------------------------------------------------------------------
Holly Bottega                                                    25,000
--------------------------------------------------------------------------------
R. Bret Jenkins                                                  24,250
--------------------------------------------------------------------------------
Stephen Schneer                                                   4,000
--------------------------------------------------------------------------------
Edward Heil                                                      24,250
--------------------------------------------------------------------------------
Elizabeth Davison                                                 4,000
--------------------------------------------------------------------------------
Jody Walker                                                       4,000
--------------------------------------------------------------------------------
Nancy Molesworth                                                  4,000
--------------------------------------------------------------------------------
Edward Sundberg                                                   4,000
--------------------------------------------------------------------------------
Glen Jensen                                                       4,000
--------------------------------------------------------------------------------
Jeremy Seitz                                                      4,000
--------------------------------------------------------------------------------
B. Alva Schoomer                                                  4,000
--------------------------------------------------------------------------------
Gail Morris Schoomer                                              4,000
--------------------------------------------------------------------------------
Total:                        7,812,000                       1,156,000
--------------------------------------------------------------------------------

                                       24
<PAGE>

                               [Schedules Omitted]

                                       25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]